United States
Securities and Exchange Commission
Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number: 811-05075

Thrivent Mutual Funds

(Exact name of registrant as specified in charter)

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Address of principal executive offices) (Zip code)

John D. Jackson, Secretary and Chief Legal Officer

Thrivent Mutual Funds

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (612) 844-7190

Date of fiscal year end: October 31

Date of reporting period:  October 31, 2023

Item 1. Report to Stockholders

(a)        A copy of the registrant’s report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”), as amended, is provided.

(b)        Not applicable.

Item 2. Code of Ethics

As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. No waivers were granted to such code of ethics during the period covered by this report.  A copy of this code of ethics is filed as an exhibit to 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)        Audit Fees

The aggregate fees billed by registrant’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for the fiscal year ended October 31, 2022 and the fiscal year ended October 31, 2023, for professional services rendered in connection with the audit of registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $639,405 and $625,508, respectively. 

(b)

Audit-Related Fees

The aggregate fees PwC billed to registrant for the fiscal year ended October 31, 2022 and the fiscal year ended October 31, 2023, for assurance and other services that are reasonably related to the performance of registrant’s audit and are not reported under Item 4(a), were $0 for each respective period.  The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal year ended October 31, 2022 and the fiscal year ended October 31, 2023, for assurance and other services directly related to the operations and financial reporting of registrant, were $0 for each respective period.

(c)

Tax Fees

The aggregate tax fees PwC billed to registrant for the fiscal year ended October 31, 2022 and for the fiscal year ended October 31, 2023, for tax compliance, tax advice and tax planning services, were $161,258 and $171,000, respectively.  These fees include payments for tax return compliance services, excise distribution review services, and other tax related matters.  The aggregate tax fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal year ended October 31, 2022 and the fiscal year ended October 31, 2023, for services directly related to the operations and financial reporting of registrant, were $0 for each respective period.

(d)

All Other Fees

The aggregate fees PwC billed to registrant for the last two fiscal years for products and services provided, other than the services reported in paragraphs (a) through (c) of this item, were $0 for each respective period. The aggregate fees PwC billed to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the registrant’s investment adviser for the fiscal year ended October 31, 2022 and the fiscal year ended October 31, 2023, for products and services provided, other than the services reported in paragraphs (a) through (c) of this item, were $4,150 and $0, respectively.  The 2022 payments were for access to a PwC-sponsored online library and disclosure checklist that provides interpretive guidance regarding U.S. and foreign accounting standards.  These figures are also reported in response to Item 4(g) below.

(e)

Registrant’s audit committee charter 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 October 31, 2023 were 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 ended October 31, 2022 and October 31, 2023 were $4,150 and $0 respectively.  These figures are also reported in response to Item 4(d) above.

(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.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a)

Registrant’s Schedule of Investments/Summary Schedule of Investments is included in the report to shareholders filed under Item 1. 

(b)

Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees implemented after the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures

(a)        Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)        There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, registrant’s internal control over financial reporting. 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable

Item 13. Exhibits

(a)(1)    

Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: See EX-99.CODE attached hereto.

(a)(2)    

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 attached hereto.

(a)(3)     Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(4)     Change in the registrant’s independent public accountant: Not applicable

(b)       

If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See EX-99.906CERT attached hereto.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: December 28, 2023

                      

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: December 28, 2023

                      

By:   /s/ Michael W. Kremenak                           

                    

        Michael W. Kremenak

                                                                                            President

                                                                                (principal executive officer)

Date: December 28, 2023

                      

By:   /s/ Sarah L. Bergstrom                              

                      

        Sarah L. Bergstrom

                                                                                            Treasurer and Principal Accounting Officer

                                                                                (principal financial officer)

Thrivent

Mutual

Funds

Annual

Report

Mutual

Funds

October

31,

2023

Table

of

Contents

Letter

from

the

President

2

Letter

from

the

Chief

Investment

Officer

4

Portfolio

Perspectives

Thrivent

Aggressive

Allocation

Fund

6

Thrivent

Balanced

Income

Plus

Fund

8

Thrivent

Global

Stock

Fund

10

Thrivent

Government

Bond

Fund

12

Thrivent

High

Income

Municipal

Bond

Fund

14

Thrivent

High

Yield

Fund

16

Thrivent

Income

Fund

18

Thrivent

International

Allocation

Fund

20

Thrivent

Large

Cap

Growth

Fund

22

Thrivent

Large

Cap

Value

Fund

24

Thrivent

Limited

Maturity

Bond

Fund

26

Thrivent

Low

Volatility

Equity

Fund

28

Thrivent

Mid

Cap

Growth

Fund

30

Thrivent

Mid

Cap

Stock

Fund

32

Thrivent

Mid

Cap

Value

Fund

34

Thrivent

Moderate

Allocation

Fund

36

Thrivent

Moderately

Aggressive

Allocation

Fund

38

Thrivent

Moderately

Conservative

Allocation

Fund

40

Thrivent

Money

Market

Fund

42

Thrivent

Municipal

Bond

Fund

44

Thrivent

Opportunity

Income

Plus

Fund

46

Thrivent

Small

Cap

Growth

Fund

48

Thrivent

Small

Cap

Stock

Fund

50

Shareholder

Expense

Example

52

Report

of

Independent

Registered

Public

Accounting

Firm

56

Schedule

of

Investments

Thrivent

Aggressive

Allocation

Fund

58

Thrivent

Balanced

Income

Plus

Fund

72

Thrivent

Global

Stock

Fund

108

Thrivent

Government

Bond

Fund

123

Thrivent

High

Income

Municipal

Bond

Fund

129

Thrivent

High

Yield

Fund

138

Thrivent

Income

Fund

151

Thrivent

International

Allocation

Fund

164

Thrivent

Large

Cap

Growth

Fund

180

Thrivent

Large

Cap

Value

Fund

182

Thrivent

Limited

Maturity

Bond

Fund

185

Thrivent

Low

Volatility

Equity

Fund

198

Thrivent

Mid

Cap

Growth

Fund

203

Thrivent

Mid

Cap

Stock

Fund

206

Thrivent

Mid

Cap

Value

Fund

208

Thrivent

Moderate

Allocation

Fund

210

Thrivent

Moderately

Aggressive

Allocation

Fund

247

Thrivent

Moderately

Conservative

Allocation

Fund

283

Thrivent

Money

Market

Fund

319

Thrivent

Municipal

Bond

Fund

322

Thrivent

Opportunity

Income

Plus

Fund

339

Thrivent

Small

Cap

Growth

Fund

372

Thrivent

Small

Cap

Stock

Fund

375

Statement

of

Assets

and

Liabilities

378

Statement

of

Operations

384

Statement

of

Changes

in

Net

Assets

390

Notes

to

Financial

Statements

398

Financial

Highlights

418

Additional

Information

434

Board

of

Trustees

and

Officers

435

2

Dear

Shareholder:

2

Recently,

I

have

often

thought

of

the

expression

“may

you

live

in

interesting

times.”

This

past

year

has

certainly

been

“interesting”

for

the

economy,

the

markets,

and

the

world

in

general.

We

at

Thrivent

Mutual

Funds

(the

“Funds”)

have

put

significant

effort

into

analyzing

what

I

refer

to

as

the

three

I’s

–

inflation,

interest

rates,

and

instability

–

and

how

they

impact

our

Funds

and,

most

importantly,

you

as

a

shareholder.

Over

the

past

couple

of

years,

inflation

has

been

well

above

the

Federal

Reserve’s

(Fed)

target

of

2%.

I’m

sure

that

you

have

seen

many

headlines

about

inflation,

and

I’m

also

sure

that

you

have

experienced

the

challenges

that

inflation

presents

for

almost

all

purchases

that

you

have

made.

Inflation

has

significantly

impacted

the

price

of

almost

all

goods

and

services

that

all

of

us

regularly

buy

and

created

financial

strains

for

many

hard-working

Americans.

In

an

effort

to

contain

inflation,

the

Federal

Reserve

has

significantly

increased

its

target

interest

rates.

That

has

had

numerous

impacts,

a

few

of

which

I’ll

comment

on

here.

First,

it

has

contributed

to

a

decrease

in

the

inflation

rate.

While

inflation

remains

above

the

Fed’s

target,

the

rate

has

decreased

throughout

this

year.

Second,

it

has

changed

the

performance

and

outlook

for

bonds

and

bond

funds.

In

the

short

term,

rising

interest

rates

have

been

challenging

for

the

performance

of

bond

funds

because

when

interest

rates

rise,

bond

prices

fall.

However,

rising

interest

rates

also

lead

to

bonds

paying

higher

yields.

As

you’ll

read

in

David’s

letter

in

this

Annual

Report,

the

period

of

rising

interest

rates

is

likely

near

its

end,

which

could

make

it

a

good

time

to

invest

in

bond

funds.

Third,

higher

interest

rates

make

it

more

expensive

for

consumers

to

borrow

for

many

important

purchases

like

homes

and

cars.

I

know

that

these

increased

borrowing

costs

add

to

the

financial

strains

presented

by

inflation.

In

addition

to

inflation

and

interest

rates,

our

shareholders

have

asked

many

questions

about

how

geopolitical

risks

could

impact

their

investments

this

year.

The

war

in

Ukraine,

the

war

in

the

Middle

East,

and

the

potential

for

a

U.S.

government

shutdown

are

some

of

the

events

on

all

our

minds.

I

am

fortunate

to

attend

the

weekly

Market

Meeting

at

which

the

portfolio

managers

of

our

Asset

Allocation

Funds

–

along

with

other

Thrivent

senior

investment

professionals

–

discuss

economic,

market,

and

other

events

and

how

they

impact

the

strategic

allocations

we

make

to

various

asset

classes

in

the

Asset

Allocation

Funds.

This

year

I

have

seen

extensive

data

and

listened

to

hours

of

discussion

about

how

inflation,

interest

rates,

and

geopolitical

risks

impact

how

we

manage

the

Funds.

As

a

shareholder,

I

find

it

comforting

to

know

that

the

portfolio

managers

of

the

Funds

are

continuously

analyzing

developments

in

the

markets

and

how

they

impact

the

Funds.

As

nearly

half

of

our

team

of

more

than

125

investment

professionals

have

at

least

20

years

of

investment

experience,

they

have

managed

the

Funds

through

previous

periods

of

inflation,

volatile

interest

rates,

and

geopolitical

uncertainty.

For

me,

it

is

assuring

to

know

that

my

Funds

are

being

actively

managed

by

experienced

and

knowledgeable

investment

professionals

through

times

like

these.

We

truly

appreciate

the

trust

you’ve

placed

in

Thrivent

by

investing

in

the

Funds.

If

you

ever

have

questions

about

how

the

Funds

can

help

you

achieve

your

financial

goals,

you

may

find

it

helpful

to

consult

with

your

financial

advisor.

Michael

Kremenak 

President

Thrivent Mutual

Funds

4

Dear

Shareholder:

4

The

long

period

of

rising

U.S.

interest

rates

is

likely

near

its

end.

However,

the

toll

that

higher

rates

extract

from

economic

growth

has

a

lagged

effect.

Therefore,

we

believe

the

impact

will

become

steadily

more

apparent

as

we

head

into

2024.

As

I

write

this

letter,

we’ve

just

come

out

of

a

difficult

October

for

financial

markets

–

U.S.

stocks

were

down,

and

U.S.

Treasury

yields

were

up

(pushing

their

prices

down).

Geopolitical

tension,

heightened

by

the

emerging

conflict

in

the

Middle

East,

was

a

factor

but

surging

Treasury

yields

dominated

sentiment

for

U.S.

markets.

Benchmark

10-year

Treasury

yields

marched

past

previous

2023

highs

and

briefly

pierced

the

psychologically

significant

5.0%

level,

before

closing

the

month

at

4.90%.

The

capital

loss

from

rising

yields

hurts

both

Treasury

bond

holdings

and

other

fixed-income

markets,

such

as

U.S.

corporate

bonds.

Higher

rates

also

take

their

toll

on

mortgage

rates,

with

30-year

fixed-rate

loans

vaulting

to

around

8%,

a

level

not

seen

in

more

than

20

years.

More

generally,

the

rising

Treasury

yields

amidst

relatively

stable

inflation

rates

have

only

further

solidified

high

real

yields

(the

yield

paid,

less

inflation),

tightening

financial

conditions

across

the

economy.

As

markets

accept

the

U.S.

Federal

Reserve’s

(Fed)

prognosis

that

rates

will

stay

higher

for

longer,

the

greater

cost

of

capital

is

a

dampener

on

the

outlook

for

corporate

profitability

in

the

long

term.

Economic

Review

The

good

news

was

that

the

U.S.

economy

continued

to

hum

along.

Third

quarter

Gross

Domestic

Product

(GDP)

surged

to

4.9%

(more

than

doubling

the

second

quarter’s

2.1%)

and

was

the

highest

quarterly

rate

seen

since

the

fourth

quarter

of

2021.

Unsurprisingly,

corporate

earnings

generally

beat

expectations

for

the

quarter.

With

the

third

quarter

GDP

surge

fueled

by

consumption,

there’s

concern

that

higher

interest

rates

could

eventually

take

their

toll

on

the

recently

more

audacious

consumer.

That

concern

may

be

warranted,

as

select

data

points

to

a

struggling

consumer.

For

example,

more

car

owners

have

become

delinquent

on

their

payments.

In

September,

6.1%

of

subprime

borrowers

were

at

least

60

days

past

due

on

a

car

payment,

according

to

Fitch

Ratings,

the

highest

delinquency

rate

in

nearly

30

years.

Also,

softer

employment

isn’t

helping.

While

the

September

jobs

data

was

strong,

adding

297,000

new

jobs,

growth

decelerated

to

150,000

jobs

added

in

October

and

the

unemployment

rate

ticked

up

to

3.9%,

the

highest

level

since

January

2022.

However,

average

hourly

earnings

slowed

their

gains

slightly,

rising

just

0.2%

over

the

month.

Nevertheless,

inflation

remains

high.

The

core

Consumer

Price

Index

(CPI),

which

excludes

the

more

volatile

food

&

energy

components,

increased

0.3%

month

over

month

in

September,

the

same

as

it

did

in

August,

and

rose

4.1%

versus

September

last

year.

With

the

core

Personal

Consumption

Index

(PCI),

the

Fed’s

preferred

measure,

up

3.7%

year

over

year

in

September,

inflation

remains

too

far

above

the

Fed’s

target

of

a

long-term

average

near

2.0%.

That

said,

the

Fed

again

chose

to

remain

on

pause

in

October,

for

the

second

consecutive

month,

leaving

rates

unchanged,

albeit

at

a

22-year

high.

No

additional

hikes

are

expected

this

year,

so

it’s

likely

interest

rates

will

end

2023

at

current

levels.

Market

Review

Coming

out

of

October,

U.S.

stocks

extended

their

slide.

The

S&P

500®

Index,

a

market-cap-weighted

index

that

represents

the

average

performance

of

a

group

of

500

U.S.

large

capitalization

stocks,

fell

2.20%,

from

4,288.05

at

the

September

close

to

4,193.80

at

the

end

of

October.

The

total

return

of

the

S&P

500

Index

(including

dividends)

for

the

month

was

-2.10%

and

10.69%

year

to

date.

Broad-based

weakness

continued

in

October,

with

10

of

the

11

sectors

generating

a

negative

return

(all

but

Utilities).

Energy

led

the

market

lower

in

October,

falling

5.97%.

Investors’

concern

about

slowing

growth

drove

the

weakness

in

the

more

cyclical

sectors

such

as

Consumer

Discretionary

(-4.47%),

Materials

(-3.18%),

and

Industrials

(

2.92%).

Even

the

Information

Technology

sector

which,

together

with

Communications

Services,

led

the

market

higher

over

the

year,

fell

a

modest

0.02%.

International

equities

dropped

again

in

October

on

continued

worries

about

the

economic

outlook

for

Europe

and

concern

about

the

impact

of

the

current

conflict

in

the

Middle

East.

The

MSCI

EAFE

Index

fell

4.10%

for

the

month,

from

2,031.26

at

the

end

of

September

to

1,947.91

at

the

October

close.

The

index,

which

tracks

developed-economy

stocks

in

Europe,

Asia,

and

Australia,

reduced

its

year-to-date

gains

to

8.50%

as

of

the

October

close.

In

the

bond

market,

the

yield

on

the

benchmark

10-year

U.S.

Treasury

continued

to

rise,

closing

October

at

4.90%

after

briefly

piercing

the

psychologically

significant

5.0%

level

mid-month.

The

rise

was

largely

attributed

to

sufficiently

robust

growth

to

prevent

the

Fed

from

cutting

rates

soon,

the

greater

Treasury

bond

issuance

planned

to

fund

the

budget

deficit,

and

concern

that

real

rates

(the

yield

a

bond

pays

after

subtracting

inflation)

may

stay

higher

for

longer.

Our

Outlook

Third

quarter

growth

and

earnings

results

were

encouraging,

but

we

continue

to

believe

U.S.

corporate

profit

margins

will

be

challenged

in

2024

with

slowing

growth.

Higher

inflation

helped

companies

raise

real

prices

over

the

past

year,

but

that

tailwind

of

inflation

enabling

higher

prices

is

dissipating

as

inflation

has

fallen

and

may

likely

continue

to

drift

lower.

Add

tighter

financial

conditions,

higher

borrowing

costs,

and

a

slowing

economy

on

top

of

a

loss

in

pricing

power,

and

we

think

it

will

be

difficult

for

profits

to

continue

to

beat

rosy

expectations

into

2024.

Should

the

economy

slow

more

abruptly

than

the

market

currently

expects,

the

Fed

could

relent

and

begin

talking

about

lowering

interest

rates.

However,

we

believe

they

will

be

very

reluctant

to

do

so

without

a

clear

and

significant

decline

in

inflation

or

a

great

deal

of

confidence

it

will

fall

in

the

near

term.

We

believe

the

Fed,

which

has

the

difficult

task

of

balancing

the

so-called

“dual

mandate”

of

simultaneously

targeting

lower

inflation

and

higher

employment,

currently

favors

the

former

and

will

do

so

until

they

are

confident

inflation

has

stabilized

at

appropriate

levels.

In

this

environment,

we

continue

to

think

bonds

broadly

can

be

compelling

long-term

investments.

Short-term

securities

issued

by

either

the

U.S.

Treasury

or

high-quality

companies

offer

attractive

5

yields

given

our

expectation

that

the

Fed

is

likely

to

keep

short-

term

interest

rates

high

into

next

year.

While

longer-dated

Treasury

bonds

have

been

volatile

recently,

they

offer

the

opportunity

to

lock

in

today’s

historically

high

yields

for

the

length

of

the

bond.

If

we

are

right

that

Treasury

yields

are

likely

near

their

peak,

then

the

total

return

realized

in

longer-dated

bonds

could

be

significant

as

the

capital

appreciation

gained

from

any

decline

in

rates

is

added

to

the

already

attractive

yield

earned

just

by

holding

them.

While

weakness

in

stocks

and

bonds

could

well

continue

in

the

months

ahead,

our

base

case

remains

that

significant

further

weakness

in

stocks

or

bonds

is

more

likely

to

be

short-lived

rather

than

longer-term.

While

the

short-term

effects

of

volatility

can

be

painful,

these

same

periods

can

also

offer

opportunities

for

actively

managed

portfolios

and

investors

who

have

heeded

our

words

of

caution

and

retained

some

flexibility

to

add

risk

when

valuations

become

attractive.

As

always,

we

thank

you

for

the

trust

you

have

placed

in

our

entire

team

of

professionals

at

Thrivent.

David

S.

Royal

Chief

Investment

Officer

Thrivent Asset

Management

The

views

expressed

are

as

of

Oct.

31,

2023,

may

change

as

market

or

other

conditions

change,

and

may

differ

from

views

expressed

by

other

Thrivent

Asset

Management,

LLC

associates.

Actual

investment

decisions

made

by

Thrivent

Asset

Management,

LLC

will

not

necessarily

reflect

the

views

expressed.

This

information

should

not

be

considered

investment

advice

or

a

recommendation

of

any

particular

security,

strategy

or

product.

Investment

decisions

should

always

be

made

based

on

an

investor's

specific

financial

needs,

objectives,

goals,

time

horizon,

and

risk

tolerance.

Thrivent

Aggressive

Allocation

Fund

6

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

David

S.

Royal, David

R.

Spangler,

CFA, and Stephen

D.

Lowe,

CFA, Portfolio

Co-Managers

The

Fund

seeks

long-term

capital

growth.

Investment

in

Thrivent

Aggressive

Allocation

Fund

involves allocation,

equity

security,

large

cap, conflicts

of

interest, derivatives,

emerging

markets,

foreign

currency,

foreign

securities,

growth

investing,

investment

adviser,

issuer,

market,

mid

cap,

other

funds,

quantitative

investing,

small

cap,

and

value

investing

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

Aggressive

Allocation

Fund

earned

a

return

of

4.63%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Aggressive

Allocation

Funds

category,

of

4.49%

The

Fund’s

market

benchmarks,

the

S&P

500®

Index,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

and

the

MSCI

All

Country

World

Index

ex-USA–USD

Net

Returns,

earned

returns

of

10.14%,

0.36%,

and

12.07%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

Fund’s

approximately

2%

overweighting

to

equities

benefited

performance

since

equities

materially

outperformed

fixed

income.

However,

the

Fund’s

approximately

4%

overweighting

to

domestic

equity

detracted

from

results

because

of

stronger

performance

in

developed

international

markets.

Within

the

domestic

equity

portfolio,

an

overweighting

to

small-

and

mid-cap

stocks

detracted.

In

aggregate,

managers

outperformed

their

respective

benchmarks

with

the

strongest

contribution

by

far

coming

from

the

large-cap

growth

manager,

followed

by

the

small-cap

value

and

international

managers,

while

underperforming

managers

included

mid-cap

stock,

small-

cap

growth,

small-cap

stock,

and

mid-cap

growth.

Among

the

various

market

factors,

an

overweighting

to

growth

benefited

performance

because

growth

materially

outperformed

value;

however,

the

low-volatility

strategy

detracted

from

performance.

In

early

January,

the

Fund’s

underweighting

to

international

was

reduced

by

half

from

a

4%

to

2%

underweighting.

The

Fund’s

equity

exposure

was

reduced

by

approximately

1%

in

early

February.

In

early

April,

the

Fund’s

overweighting

to

domestic

equity

was

increased

by

selling

1%

from

Europe

and

adding

1%

to

domestic.

In

early

August,

the

Fund’s

equity

overweighting

was

decreased

by

approximately

1.5%

toward

a

target

of

a

1%

overweighting.

In

addition,

the

low-volatility

strategy

is

being

removed

in

favor

of

broader

public

and

private

equity

exposures.

As

part

of

the

management

process,

we

employed

several

derivative

strategies

within

equity

for

the

purpose

of

adjusting

exposures

to

various

asset

classes

when

deemed

appropriate,

in

addition

to

more

efficiently

managing

cash

inflows

and

outflows.

The

fixed-income

portion

of

the

Fund

modestly

underperformed

due

to

overweighted

positions

in

Treasury

bonds

and

agency

mortgage-

back

securities

and

an

underweighting

in

corporate

bonds.

Interest-rate

positioning

positively

contributed

to

performance

as

did

security

selection

within

high-yield

corporates.

We

used

Treasury

futures

and

mortgage

options

to

help

manage

the

fixed-income

portfolio’s

interest-rate

exposure,

and

credit

default

swap

indexes

to

help

manage

credit

exposure.

What

is

your

outlook?

In

the

final

months

of

the

reporting

period,

the

Federal

Reserve’s

(Fed) higher-for-longer

rates

narrative,

labor

unrest,

political

uncertainty,

and

rapidly

rising

long-term

rates

increased

investor

anxiety

and

pushed

the

equity

market

into

a

tactically

oversold

position.

As

we

enter

another

earnings

season,

history

implies

the

potential

for

near-term

opportunities

with

enhanced

prospects

for

a

bullish

rebuttal

to

recent

stock

market

pessimism.

Overall,

Thrivent

Asset

Allocation

Funds

hold

a

moderate

equity

overweighting

and

a

bias

toward

adding

to

that

exposure

in

the

event

of

further

market

weakness.

However,

looking

to

2024,

we

remain

cautious

because

the

Fed’s

tightening

to

date

may

continue

to

constrain

the

U.S.

economy.

Within

equity,

the

Fund

remains

underweighted

in

international

overall,

primarily

in

Europe

and

emerging

markets,

because

globalization

has

likely

peaked,

Europe

is

more

at

risk

of

recession

than

other

regions,

and

international

economies

face

more

demographic

and

structural

headwinds.

Domestically,

we

see

a

higher

degree

of

innovation

and

a

more

favorable

regulatory

climate

for

businesses.

Nearer

term,

international

markets

may

provide

some

safety

on

a

relative

basis

in

the

event

the

largest

names

in

the

S&P

500

give

back

some

of

their

significant

year-to-date

gains;

however,

this

possibility

is

not

compelling

enough

for

us

to

reduce

the

Fund’s

international

underweighting

at

this

time.

Eurozone

economic

data

continues

to

weaken,

and

China’s

real

estate

issues

have

the

potential

to

impact

the

Chinese

economy

more

broadly

and

negatively.

Within

market

cap

segments,

small-

and

mid-cap

stocks

appear

more

attractive

than

earlier

this

year

from

a

valuation

and

technical

perspective.

However,

over

the

long

term,

we

maintain

a

preference

for

large

caps

over

small

caps

in

public

markets

because

of

the

increased

benefits

of

scale

for

larger

companies,

the

growth

of

private

markets,

and

the

trend

toward

smaller

companies

remaining

private

for

much

longer.

Within

fixed

income,

we

anticipate

interest-rate

volatility

will

remain

elevated

given

uncertainty

over

the

economy,

inflation,

and

the

timing

of

a

potential

Fed

rate

cut.

We

expect

the

Fed

to

hold

rates

steady

into

2024

but

cut

rates

in

the

second

half

due

to

a

slowing

economy.

Credit

spreads

are

likely

to

increase,

reflecting

greater

default

risks

as

the

economy

slows

because

of

the

lagged

impact

of

rate

hikes.

7

Portfolio

Composition

(%

of

Portfolio)

Large

Cap

45.9%

Short-Term

Investments

14.4%

International

13.2%

Small

Cap

12.2%

Mid

Cap

7.2%

Investment

Grade

Debt

5.1%

Multi-Cap

1.7%

Private

Equity

0.3%

Total

100.0%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Large

Cap

Growth

Fund,

Class

S

7.8%

Thrivent

International

Allocation

Fund,

Class

S

6.5%

Thrivent

Mid

Cap

Stock

Fund,

Class

S

5.1%

Thrivent

Large

Cap

Value

Fund,

Class

S

4.9%

Thrivent

Core

Mid

Cap

Value

Fund

2.8%

Thrivent

Core

International

Equity

Fund

2.6%

Thrivent

Global

Stock

Fund,

Class

S

2.4%

Thrivent

Small

Cap

Stock

Fund,

Class

S

2.2%

Thrivent

Core

Emerging

Markets

Equity

Fund

2.0%

Thrivent

Core

Low

Volatility

Equity

Fund

1.9%

These

securities

represent

38.2%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

illustrates

market

exposure

of

all

asset

classes,

including

long

and

short

derivatives.

Portfolio

composition

does

not

look-through

other

mutual

funds

held

to

their

underlying

assets,

but

rather

each

fund

is

assigned

an

asset

class.

Portfolio

Composition

excludes

collateral

held

for

securities

loaned.

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

4.63%

6.56%

7.10%

with

sales

charge

-0.09%

5.59%

6.60%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

4.76%

6.75%

7.38%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

invest-

ing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

those

Indexes,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

Bloomberg

U.S.

Aggregate

Bond

Index

is

an

index

that

measures

the

performance

of

U.S.

investment

grade

bonds.

***

The

MSCI

All

Country

World

Index

ex-USA

-

USD

Net

Returns

is

an

unmanaged

market

capitalization-weighted

index

that

is

designed

to

represent

the

performance

of

developed

and

emerging

stock

markets

throughout

the

world.

The

performance

of

the

Index

reflects

dividends

reinvested

after

the

deduction

of

withholding

taxes.

****

The

S&P

500

®

Index

is

an

index

that

represents

the

average

performance

of

a

group

of

500

widely

held,

publicly

traded

stocks.

“S&P

500

®

”

is

a

trade-

mark

of

The

McGraw-Hill

Companies,

Inc.

and

has

been

licensed

for

use

by

Thrivent

Financial

for

Lutherans.

The

product

is

not

sponsored,

endorsed

or

promoted

by

Standard

&

Poor’s

and

Standard

&

Poor’s

makes

no

representation

regarding

the

advisability

of

investing

in

the

product.

*****

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

Thrivent

Balanced

Income

Plus

Fund

8

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Stephen

D.

Lowe,

CFA,

David

R.

Spangler,

CFA, and

Theron

G.

Whitehorn,

CFA,

Portfolio

Co-Managers

The

Fund

seeks

long-term

total

return

through

a

balance

between

income

and

the

potential

for

long-term

capital

growth.

Investment

in

Thrivent

Balanced

Income

Plus

Fund

involves

risks

including

equity

security,

interest

rate,

credit,

allocation, conflicts

of

interest,

derivatives,

emerging

markets,

foreign

currency,

foreign

securities,

high

yield,

investment

adviser,

issuer,

large

cap,

liquidity,

market,

mortgage-

backed

and

other

asset-backed

securities,

other

funds,

prepayment,

quantitative

investing, and

sovereign

debt risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

Balanced

Income

Plus

Fund

earned

a

return

of

3.28%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Conservative

Allocation

Category,

of

2.73%.

The

Fund’s

market

benchmarks,

the

Morningstar

LSTA

US

Leveraged

Loan

Index,

the

MSCI

World

Index–USD

Net

Returns,

the

Bloomberg

U.S.

Mortgage-Backed

Securities

Index,

and

the

Bloomberg

U.S.

High

Yield

Ba/B

2%

Issuer

Capped

Index,

earned

returns

of

11.92%,

10.48%,

-0.82%

and

5.95%,

respectively.

What

factors

affected

the

Fund’s

performance?

Over

the

reporting

period,

the

Fund’s

approximately

2%

underweighting

to

equities

versus

the

Morningstar

peer

group

detracted

from

relative

performance

since

equities

outperformed

fixed

income.

The

Fund’s

overweighting

to

domestic

equity

also

detracted

from

performance

owing

to

stronger

performance

in

developed

international

markets.

Within

the

domestic

equity

portfolio,

a

slight

overweighting

in

small-

and

mid-cap

stocks

modestly

detracted

from

performance.

In

aggregate,

stock

selection

among

the

underlying

equity

funds

was

positive,

with

the

strongest

performance

coming

from

the

large-cap

growth

manager,

followed

by

the

international

manager.

The

mid-cap

stock

and

small-cap

stock

managers

lagged

their

respective

benchmarks.

In

the

international

equity

portfolio,

stock

selection

contributed

strongly

in

Japan

and

within

the

Health

Care,

Real

Estate,

and

Consumer

Discretionary

sectors

but

detracted

in

Germany

and

the

Consumer

Staples,

Financials,

and

Information

Technology

sectors.

Among

the

various

market

factors,

an

overweighting

to

growth

benefited

domestic

equity

performance,

while

overweighted

exposures

to

value

and

profitability

produced

the

strongest

gains

in

international

equity

markets.

We

continued

to

employ

derivatives

to

rebalance

domestic

and

international

equity

exposures

to

the

Fund’s

tactical

targets

and

to

facilitate

cash

flows.

The

fixed-income

portfolio

outperformed

driven

by

security

selection

in

the

securitized

segment,

particularly

among

nonagency

mortgage-

backed

securities

(MBS),

collateralized

loan

obligations

(CLOs),

asset-backed

securities

(ABS),

and

commercial

mortgage-backed

securities

(CMBS).

Overall

securitized

exposure

averaged

around

38%

of

the

fixed-income

portfolio,

with

about

two-thirds

invested

in

agency

MBS

and

the

rest

divided

among

nonagency

MBS

(5%),

CLOs

(4%),

ABS

(2%),

and

CMBS

(1%).

The

Fund

also

benefited

from

an

overweighting

to

emerging

market

(EM)

debt,

which

was

around

9%

of

the

fixed-income

portfolio,

and

an

underweighting

to

Treasuries,

which

represented

around

4%.

Corporate

exposure,

which

composed

40%

of

the

fixed-income

portfolio,

contributed

because

of

overweighted

exposures

in

high-yield

bonds

(17%)

and

leveraged

loans

(8%),

and

a

corresponding

underweighting

in

investment-

grade

corporate

bonds

(15%);

however,

security

selection

among

corporates

offset

some

of

the

positive

allocation

impact.

The

Fund’s

approximately

6%

out-of-index

allocation

to

convertible

securities

also

detracted,

as

this

equity-sensitive

segment

underperformed.

Treasury

futures

and

mortgage

options

were

used

to

manage

interest

rate

exposure

and

yield

curve

positioning

during

the

period,

which

had

little

impact

on

performance.

The

Fund

also

used

credit

default

swap

indexes

(CDX)

during

the

year

to

manage

credit

risk

exposure.

What

is

your

outlook?

The

Federal

Reserve’s

higher-for-longer

rates

narrative,

labor

unrest

and

political

uncertainty

have

increased

investor

anxiety

and

led

to

recent

market

volatility.

As

we

enter

another

earnings

season,

we

see

greater

prospects

for

a

bullish

rebuttal

to

the

recent

stock

market

pessimism.

While

the

Fund

remains

slightly

underweighted

in

equities,

we

have

a

bias

to

add

exposure

in

the

event

of

renewed

market

weakness.

The

outsized

year-to-date

gains

of

the

S&P

500’s

largest

stocks

make

that

segment

more

vulnerable

in

the

near

term,

while

small-cap

stocks

are

more

attractive

from

a

valuation

and

technical

perspective.

International

equity

exposure

remains

an

underweighting,

primarily

in

Europe

and

EM,

because

globalization

has

likely

peaked,

Europe

is

more

at

risk

of

recession

than

other

regions,

and

international

economies

face

more

demographic

and

structural

headwinds.

Within

fixed

income,

we

anticipate

interest

rate

volatility

will

remain

elevated

given

uncertainty

over

the

economy,

inflation,

and

the

Fed’s

path.

We

expect

the

Fed

to

hold

rates

steady

going

into

2024

but

cut

rates

in

the

second

half

as

the

economy

slows

and

inflation

declines.

Our

current

outlook

calls

for

a

bumpy

landing

for

the

U.S.

economy

but

not

a

severe

recession.

That

said,

defaults

will

likely

tick

higher

next

year

so

we

continue

to

favor

a

more

neutral

credit

risk

profile,

which

includes

lower

exposure

to

leveraged

loans,

high

yield,

preferred

securities,

and

EM

debt,

balanced

by

increased

allocations

to

Treasuries

and

agency

MBS.

We

have

shifted

interest

rate

positioning

to

a

slightly

longer

duration

and

a

bias

toward

a

steeper

yield

curve

as

the

Fed

is

at

or

near

the

end

of

its

rate

hike

cycle.

9

Portfolio

Composition

(%

of

Portfolio)

Long-Term

Fixed

Income

43.4%

Common

Stock

29.5%

Registered

Investment

Companies

11.9%

Short-Term

Investments

9.3%

Bank

Loans

5.2%

Preferred

Stock

0.7%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Mortgage-Backed

Securities

13.3%

U.S.

Affiliated

Registered

Investment

Companies

11.5%

Financials

10.5%

Information

Technology

8.7%

Consumer

Discretionary

6.1%

U.S.

Government

&

Agencies

4.9%

Consumer

Staples

4.6%

Communications

Services

4.4%

Asset-Backed

Securities

4.1%

Industrials

3.9%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Core

International

Equity

Fund

6.6%

Thrivent

Core

Emerging

Markets

Debt

Fund

4.9%

Microsoft

Corporation

1.4%

U.S.

Treasury

Bonds

0.9%

U.S.

Treasury

Notes

0.9%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

0.9%

U.S.

Treasury

Notes

0.8%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

0.8%

Alphabet,

Inc.,

Class

C

0.8%

Apple,

Inc.

0.8%

These

securities

represent

18.8%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

3.28%

3.47%

4.14%

with

sales

charge

-1.36%

2.52%

3.66%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

3.46%

3.73%

4.45%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

investing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

those

Indexes,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

Bloomberg

U.S.

Mortgage-Backed

Securities

Index

(MBS)

is

formed

by

grouping

the

universe

of

over

600,000

individual

fixed-rate

U.S.

government

agency

MBS

pools

into

approximately

3,500

generic

types

of

securities.

***

The

MSCI

World

Index

–

USD

Net

Returns

is

an

unmanaged

market-capitalization-weighted

index

that

represents

the

performance

of

large

and

mid-cap

stock

across

23

developed

market

countries.

The

performance

of

the

Index

reflects

dividends

reinvested

after

the

deduction

of

withholding

taxes.

****

The

Bloomberg

U.S.

High-Yield

Ba/B

2%

Issuer

Capped

Index

covers

the

USD

denominated,

non-investment

grade,

Ba

or

B

rated,

fixed-rate,

taxable

corporate

bond

market.

The

index

limits

issuer

exposures

to

a

maximum

2%,

redistributing

excess

market

value

index-wide

on

a

pro-rata

basis.

*****

The

Morningstar

LSTA

US

Leveraged

Loan

Index

is

a

market-value

weighted

index

representing

the

performance

of

the

universe

of

U.S.

dollar-denomi-

nated,

senior

secured,

syndicated

term

loans.

******

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Global

Stock

Fund

10

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Kurt

J.

Lauber,

CFA,

Lauri Brunner,

David

R.

Spangler,

CFA,

and Noah

J.

Monsen,

CFA,

Portfolio

Co-Managers

The

Fund

seeks

long-term

capital

growth.

Investment

in

Thrivent

Global

Stock

Fund

involves

risks

including equity

security,

allocation,

large

cap, derivatives,

emerging

markets,

foreign

currency,

foreign

securities,

futures

contract,

investment

adviser,

issuer,

market,

mid

cap,

other

funds,

quantitative

investing,

and

small

cap risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended October

31,

2023?

Thrivent

Global

Stock

Fund

earned

a

return

of

8.34%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Global

Large-

Stock

Blend

Funds

category,

of

7.94%.

The

Fund’s

market

benchmark,

the

MSCI

All

Country

World

Index-USD

Net

Returns,

earned

a

return

of

10.50%.

What

factors

affected

the

Fund’s

performance?

The

Fund’s

approximately

1%

to

2%

equity

overweighting

benefited

performance

with

equities

up

materially

over

cash.

However,

an

approximately

4%

to

5%

overweighting

to

domestic

equity

detracted

from

results

because

of

stronger

performance

in

developed

international

markets.

Also,

the

Fund’s

overweighting

to

small-cap

and

mid-cap

stocks

detracted

from

performance

as

these

segments

underperformed

large-cap

stocks

by

a

material

amount

during

the

period.

Managers,

in

aggregate,

outperformed

their

respective

benchmarks

with

the

largest

contribution

by

far

coming

from

the

large-cap

growth

manager,

followed

by

the

quantitative

small-cap

value

and

international

managers.

Among

the

various

market

factors,

an

overweighting

to

growth

added

to

performance

with

growth

materially

outperforming

value

by

approximately

17%

for

the

period.

As

part

of

the

management

process,

we

employed

several

derivative

strategies

for

the

purpose

of

adjusting

the

Fund’s

exposures

to

various

asset

classes

when

deemed

appropriate,

in

addition

to

more

efficiently

managing

cash

inflows

and

outflows.

The

Fund’s

equity

exposure

was

reduced

by

approximately

1%

in

early

February.

In

early

April,

the

Fund’s

domestic

and

international

mix

was

further

tilted

to

domestic

by

selling

1%

from

European

equities

and

adding

1%

to

U.S.

stocks.

In

mid-September,

the

Fund’s

overweighting

to

equity

was

decreased

to

a

target

of

1%,

by

selling

about

1.5%

across

both

domestic

and

international

equity.

Additionally,

over

the

past

year,

total

equity

exposure

was

adjusted

several

times

in

the

context

of

rebalancing

to

tactical

targets.

What

is

your

outlook?

In

the

final

months

of

the

reporting

period,

the

Federal

Reserve’s

(Fed)

higher-for-longer

rates

narrative,

labor

unrest,

political

uncertainty,

and

rapidly

rising

long-term

rates

increased

investor

anxiety

and

pushed

the

equity

market

into

a

tactically

oversold

position.

As

we

enter

another

earnings

season,

history

implies

the

potential

for

near-term

opportunities

with

enhanced

prospects

for

a

bullish

rebuttal

to

recent

stock

market

pessimism.

The

Global

Stock

Fund

holds

a

small

equity

overweighting

and

a

bias

toward

adding

to

that

exposure

in

the

event

of

further

market

weakness.

However,

looking

to

2024,

we

remain

cautious

because

the

Fed’s

tightening

to

date

may

continue

to

constrain

the

U.S.

economy.

Within

equity,

the

Fund

remains

underweighted

in

international

overall,

primarily

in

Europe

and

emerging

markets,

because

globalization

has

likely

peaked,

Europe

is

more

at

risk

of

recession

than

other

regions,

and

international

economies

face

more

demographic

and

structural

headwinds.

Domestically,

we

see

a

higher

degree

of

innovation

and

a

more

favorable

regulatory

climate

for

businesses.

Nearer

term,

international

markets

may

provide

some

safety

on

a

relative

basis

in

the

event

the

largest

names

in

the

S&P

500

give

back

some

of

their

significant

year-to-date

gains;

however,

this

possibility

is

not

compelling

enough

for

us

to

reduce

the

Fund’s

international

underweighting

at

this

time.

Eurozone

economic

data

continues

to

weaken,

and

we

see

the

potential

for

China’s

real

estate

issues

to

impact

the

Chinese

economy

more

broadly

and

negatively.

The

outsized

year-to-date

gains

of

the

S&P

500’s

largest

stocks

make

that

segment

more

vulnerable

in

the

near

term,

while

small-

and

mid-

cap

stocks

are

more

attractive

than

earlier

this

year

from

a

valuation

and

technical

perspective.

However,

over

the

long

term,

we

maintain

a

preference

for

large

caps

over

small

caps

in

public

markets

because

of

the

increased

benefits

of

scale

for

larger

companies,

the

growth

of

private

markets,

and

the

trend

toward

smaller

companies

remaining

private

for

much

longer.

11

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

76.5%

Short-Term

Investments

17.3%

Registered

Investments

Companies

6.2%

Preferred

Stock

<

0.1%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Information

Technology

12.7%

Financials

12.5%

Health

Care

10.5%

Industrials

9.9%

Consumer

Discretionary

8.3%

Communications

Services

5.0%

Energy

4.9%

U.S.

Affiliated

Registered

Investment

Companies

4.8%

Consumer

Staples

4.5%

Materials

3.8%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Core

Emerging

Markets

Equity

Fund

2.9%

Microsoft

Corporation

2.3%

Thrivent

Core

Small

Cap

Value

Fund

1.9%

Alphabet,

Inc.,

Class

C

1.6%

Amazon.com,

Inc.

1.3%

SPDR

S&P

500

ETF

Trust

1.2%

Meta

Platforms,

Inc.

0.9%

NVIDIA

Corporation

0.9%

Cisco

Systems,

Inc.

0.8%

Walmart,

Inc.

0.7%

These

securities

represent

14.5%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

8.34%

6.14%

6.60%

with

sales

charge

3.45%

5.17%

6.11%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

8.72%

6.51%

6.99%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

investing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

the

Index,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

MSCI

All

Country

World

Index

–

USD

Net

Returns

is

a

free

float-adjusted

market

capitalization

weighted

index

that

is

designed

to

measure

the

equity

market

performance

of

developed

and

emerging

markets.

***

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Government

Bond

Fund

12

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Kent

L. White,

CFA,

and

Jon-Paul

(JP)

Gagne, Portfolio

Co-Managers

The

Fund

seeks

total

return,

consistent

with

preservation

of

capital.

The

Fund’s

investment

objective

may

be

changed

without

shareholder

approval.

Investment

in

Thrivent

Government

Bond

Fund

involves

risks

including government

securities,

mortgage-backed

and

other

asset-backed

securities,

inflation-linked

security,

derivatives,

interest

rate, investment

adviser,

liquidity,

market,

portfolio

turnover

rate, redemption,

and

sovereign

debt risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

Government

Bond

Fund

earned

a

return

of

-1.43%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Intermediate

Government

Category,

of

-0.64%.

The

Fund’s

market

benchmarks,

the

Bloomberg

U.S.

Agency

Index

and

the

Bloomberg

U.S.

Treasury

Index,

earned

returns

of

2.71%

and

-0.63%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

Federal

Reserve

(Fed)

continued

its

rate-hiking

campaign

as

inflation

remained

stubbornly

high

amid

surprisingly

strong

U.S.

employment

and

economic

growth.

The

Fed

increased

rates

by

225

basis

points

during

the

period

before

pausing

in

September,

bringing

the

federal

funds

target

rate

to

5.25%

-

5.50%.

Interest

rates

rose

across

the

Treasury

yield

curve

and

the

curve

remained

inverted

with

shorter

maturities

yielding

more

than

longer

maturities,

which

has

historically

signaled

a

coming

recession.

The

yield

on

the

one-year

Treasury

increased

78

basis

points

to

5.44%

by

the

period

end,

while

30-year

Treasuries

rose

82

basis

points

to

end

at

5.04%.

Volatility

remained

high

across

U.S.

capital

markets

as

investors

fretted

over

the

potential

impacts

of

March’s

regional

banking

distress,

Fed

rate

hikes,

and

tighter

lending

conditions

on

the

economy.

With

inflation

still

above

its

long-term

target,

the

Fed

telegraphed

a

higher-for-

longer

rates

narrative

that

rattled

investors

in

September.

The

more

rate-sensitive

areas

of

the

fixed-income

market

such

as

Treasuries

and

mortgage-backed

securities

(MBS)

underperformed

in

this

environment.

The

Fund’s

interest

rate

positioning

contributed

to

its

underperformance

versus

its

Morningstar

peer

group

and

Bloomberg

benchmarks.

We

began

to

shift

the

Fund

to

a

longer

duration

and

away

from

its

flatter

yield

curve

bias

midway

through

the

period,

in

part

by

unwinding

the

Fund’s

substantial

short

position

in

Treasury

futures

that

had

been

used

to

underweight

the

front

end

of

the

curve.

In

hindsight,

this

repositioning

took

place

too

soon

as

Treasury

yields

surged

higher

and

bond

prices

dropped

following

sticky

inflation

prints

and

the

Fed’s

higher-for-longer

rates

narrative

in

the

final

months

of

the

period.

The

Fund’s

performance

was

also

negatively

impacted

by

its

increased

allocation

to

agency

MBS.

The

Fund

began

the

period

with

a

significant

underweighting

to

the

sector,

which

was

beneficial

last

year

as

mortgage

rates

rose

dramatically

and

fewer

homeowners

refinanced,

which

caused

the

durations

of

agency

MBS

to

meaningfully

extend.

Based

on

attractive

valuations

in

the

sector,

we

began

shifting

to

an

overweighting

in

agency

MBS

exposure

early

in

the

period.

However,

the

segment

was

negatively

impacted

by

technical

factors

in

March

as

regional

banking

turmoil

ignited

Treasury

market

volatility

and

led

banks

to

sell

agency

MBS,

which

weighed

on

the

segment.

On

the

positive

side,

however,

the

Fund

benefited

from

its

allocation

to

agency

commercial

mortgage-backed

securities

(CMBS),

which

remains

an

overweighting

relative

to

the

MBS

sector.

What

is

your

outlook?

While

the

U.S.

economy

has

begun

to

show

some

signs

of

slowing,

it

has

not

yet

felt

the

full

impact

of

higher

interest

rates

and

tighter

lending

standards.

At

the

same

time,

the

Fed

has

reiterated

that

its

primary

focus

is

to

bring

inflation

back

in

line

with

its

target.

We

anticipate

rate

volatility

will

remain

elevated

until

we

see

more

certainty

surrounding

the

economy,

inflation,

and

the

Fed’s

path.

We

expect

the

Fed

to

hold

rates

steady

going

into

2024

but

potentially

begin

to

cut

rates

in

the

second

half

as

the

economy

slows

and

inflation

declines.

However,

the

Fed

may

have

room

to

hold

out

longer

than

the

market

currently

anticipates

because

the

U.S.

job

market

remains

strong.

Our

current

outlook

calls

for

a

bumpy

landing

for

the

U.S.

economy

but

not

a

severe

recession.

The

Fund

ended

the

period

with

lower

overall

nominal

Treasury

and

government-related

exposure

at

around

30%

of

net

assets.

We

eliminated

exposure

to

Treasury

Inflation

Protected

Securities

(TIPS),

which

have

a

less

favorable

outlook

versus

a

year

ago

as

inflation

continues

to

trend

lower.

In

exchange,

we’ve

increased

the

Fund’s

securitized

exposure

in

areas

where

valuations

are

relatively

more

attractive,

particularly

in

the

agency

MBS

sector,

which

ended

the

period

around

55%

of

the

portfolio.

Within

the

Fund’s

approximately

5%

exposure

to

asset-backed

securities

(ABS),

we’ve

shifted

out

of

some

lower-quality,

consumer-related

names

that

may

be

more

vulnerable

in

a

slowing

or

recessionary

environment.

We

have

maintained

agency

CMBS

exposure

at

around

10%

and

believe

the

segment

continues

to

offer

good

long-term

value

and

helps

diversify

the

Fund’s

asset

mix.

With

yields

likely

to

come

down

in

the

coming

year,

particularly

at

the

short

end

of

the

Treasury

yield

curve,

we

will

continue

to

maintain

the

Fund’s

longer

duration

profile

and

steeper

yield

curve

bias,

using

Treasury

futures

to

increase

exposure

at

the

front

end

of

the

curve.

We

continue

to

position

the

Fund

as

a

conservative

and

defensive

investment

vehicle

that

could

help

investors

weather

an

economic

downturn

or

potential

recession.

13

Major

Market

Sectors

(%

of

Net

Assets)

Mortgage-Backed

Securities

46.8%

U.S.

Government

&

Agencies

29.8%

Collateralized

Mortgage

Obligations

11.4%

Commercial

Mortgage-

Backed

Securities

5.9%

Asset-Backed

Securities

5.7%

Top

10

Holdings

(%

of

Net

Assets)

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

6.7%

U.S.

Treasury

Notes

6.1%

U.S.

Treasury

Notes

4.9%

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2.9%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2.2%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2.2%

U.S.

Treasury

Notes

2.1%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2.0%

U.S.

Treasury

Notes

2.0%

U.S.

Treasury

Notes

1.8%

These

securities

represent

32.9%

of

the

total

net

assets

of

the

Fund.

Bond

quality

ratings

are

obtained

from

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

and

Standard

&

Poor’s

Ratings

Services

(“S&P”).

If

Moody’s

and

S&P

have

assigned

different

ratings

to

a

security,

the

lowest

rating

for

the

security

is

used.

Ratings

from

S&P,

when

used,

are

converted

into

their

equivalent

Moody’s

ratings.

Not

rated

may

include

cash.

Investments

in

derivatives

and

short-term

investments

are

not

reflected

in

the

table.

Major

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Bond

Quality

Ratings

Distributions

exclude

collateral

held

for

securities

loaned.

Quoted

Bond

Quality

Ratings

Distributions,

Major

Market

Sectors

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

-1.43%

-0.49%

0.27%

with

sales

charge

-3.44%

-0.88%

0.07%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

-1.21%

-0.32%

0.44%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

2%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

investing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

2.0%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

the

Index,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

Bloomberg

U.S.

Agency

Index

is

an

index

that

measures

the

performance

of

the

U.S.

investment-grade

fixed-income

securities

market.

***

The

Bloomberg

U.S.

Treasury

Index

is

an

index

that

measures

the

performance

of

the

U.S.

Treasury

bond

market.

****

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

Thrivent

High

Income

Municipal

Bond

Fund

14

*Investors

may

be

subject

to

state

taxes,

the

federal

alternative

minimum

tax

and

capital

gains

taxes.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Johan

A.

Akesson,

CFA,

and

Stephanie

L.

Woeppel, Portfolio

Co-Managers

The

Fund

seeks

a

high

level

of

current

income

exempt

from

federal

income

taxes.

The

Fund’s

investment

objective

may

be

changed

without

shareholder

approval.

Investment

in

the

Thrivent

High

Income

Municipal

Bond

Fund

involves

risks

including municipal

bond,

interest

rate,

high

yield,

credit, futures

contract, investment

adviser,

liquidity,

market,

redemption,

and

tax risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

High

Income

Municipal

Bond

Fund

earned

a

return

of

3.36%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

High

Yield

Municipal

Category,

of

1.60%.

The

Fund’s

market

benchmarks,

the

Bloomberg

High

Yield

Municipal

Bond

Index

and

the

Bloomberg

65%

High

Grade/35%

High

Yield

Bond

Index,

earned

returns

of

3.96%

and

3.11%,

respectively.

What

factors

affected

the

Fund’s

performance?

Inflation

remained

stubbornly

high

amid

surprisingly

strong

U.S.

employment

and

economic

growth,

prompting

the

Federal

Reserve

(Fed)

to

hike

rates

six

more

times

before

pausing

in

September.

Rates

rose

across

the

Treasury

yield

curve,

and

it

remained

inverted

with

shorter

maturities

yielding

more

than

longer

maturities,

which

has

historically

signaled

a

recession.

U.S.

capital

markets

remained

volatile

because

of

bank

distress,

sticky

inflation,

additional

Fed

moves,

and

tighter

lending

conditions.

In

the

municipal

bond

market,

the

period

started

on

a

strong

note

with

bonds

rallying

based

on

hopes

of

an

approaching

end

to

the

rate

hiking

cycle.

In

December

2022,

the

typically

upward-sloping

municipal

yield

curve

inverted

for

the

first

time

in

history

and

remained

that

way

for

the

remainder

of

the

period,

with

the

shortest

maturity

bonds

yielding

more

than

intermediate

and

longer

maturity

bonds

out

to

about

15

years.

In

the

second

half

of

the

period,

the

municipal

market

broadly

sold

off

as

yields

backed

up

across

the

curve,

particularly

following

the

hawkish

higher-for-longer

comments

by

the

Fed

in

September.

While

the

magnitude

of

the

yield

curve

inversion

decreased

by

year-end,

it

remained

to

some

degree

as

investors

continued

to

question

the

Fed’s

future

path.

Over

the

full

period,

yields

on

one-

year

municipals

increased

the

most

to

end

at

3.76%,

and

11-year

municipal

bond

yields

rose

the

least

to

end

at

3.68%;

however,

30-year

municipal

bonds

maintained

the

highest

absolute

yields,

ending

the

period

at

4.57%.

In

terms

of

the

technical

backdrop,

investor

demand

for

municipal

bond

mutual

funds

remained

generally

weak,

while

overall

tax-exempt

supply

remained

in

line

with

the

past

five

years

but

with

a

lot

less

issuance

of

high-yield

municipal

bonds.

The

Fund’s

longer

duration,

which

increased

its

interest-rate

sensitivity,

helped

performance

in

the

first

half

of

the

period

but

detracted

in

the

second

half.

However,

we

were

very

active

in

the

new

issue

market

throughout

the

period,

selling

lower

coupon

bonds

and

buying

new

issue

bonds,

which

turned

over

about

one-third

of

the

portfolio

during

the

year.

Spreads

were

much

wider

when

we

made

these

purchases

versus

at

the

period

end,

which

aided

performance

and

helped

offset

some

of

the

negative

impact

of

sharply

rising

rates

across

the

municipal

yield

curve

in

the

second

half.

We

used

a

short

position

on

long

Treasury

futures

to

help

maintain

duration

positioning.

In

terms

of

credit

sectors,

the

Fund

benefited

from

its

transportation,

education,

and

tobacco

bonds,

while

senior

living

bonds

haven’t

performed

well

since

the

Covid

pandemic

started.

Versus

the

peer

group,

our

results

were

aided

by

a

lack

of

exposure

to

bonds

from

the

Puerto

Rico

Electric

Power

Authority

(PREPA),

a

government-owned

utility

that

defaulted

during

the

period.

Performance

was

also

helped

by

greater

exposure

to

high-yield

bonds

during

the

year,

which

we

increased

to

35%

of

the

Fund’s

portfolio,

and

additions

within

the

BBB-rated

segment

of

investment

grade.

The

Fund

also

experienced

fairly

significant

inflows

during

the

period

that

we

used

to

capture

higher

yields

early

in

the

year,

while

many

other

funds

were

stressed

by

outflows.

Additionally,

the

Fund

experienced

no

defaults

or

impaired

credits.

What

is

your

outlook?

We

believe

the

U.S.

economy

will

continue

to

slow

as

it

feels

the

full

impact

of

significant

rate

increases

and

tighter

lending

standards.

We

expect

the

Fed

to

hold

rates

steady

going

into

2024

but

potentially

begin

to

cut

rates

in

the

second

half

as

the

economy

slows

and

inflation

declines.

While

our

current

outlook

calls

for

a

bumpy

landing

and

not

a

severe

recession,

we

anticipate

the

municipal

market

could

remain

volatile

until

we

see

more

clarity

surrounding

the

economy,

inflation,

and

the

Fed’s

path.

That

said,

the

budgets

of

state

and

local

municipal

bond

issuers

continue

to

hold

up

well

as

revenues

and

credit

quality

have

strengthened

in

recent

years.

With

an

election

year

approaching

in

2024,

we

believe

it

is

unlikely

we

will

see

any

legislation

or

tax

code

changes

that

could

have

a

significant

impact

on

our

market,

but

we

will

continue

to

monitor

the

situation

closely.

We

do

not

expect

a

significant

increase

in

municipal

bond

issuance

or

refinancings

in

the

coming

year

unless

absolute

yield

levels

reach

much

lower

levels.

We

continue

to

focus

on

maintaining

the

Fund’s

longer

duration

than

our

peer

group

to

pick

up

additional

yield.

With

the

economy

slowing

and

the

potential

for

a

recession

still

on

the

horizon,

we

continue

to

seek

out

issues

with

strong

covenants

and

security

packages.

We

believe

the

Fund

is

well

positioned

to

handle

a

moderate

downturn

as

we

remain

selective

regarding

credits,

avoiding

issuers

that

might

be

more

severely

impacted

by

an

economic

slowdown

such

as

certain

types

of

land

deals

and

financially

more

leveraged

state

and

local

governments.

15

Major

Market

Sectors

(%

of

Net

Assets)

Education

28.4%

Transportation

17.3%

Health

Care

15.6%

Other

Revenue

9.9%

Industrial

Development

Revenue

8.7%

General

Obligation

5.9%

Tax

Revenue

5.4%

Housing

Finance

4.7%

Water

&

Sewer

2.6%

Electric

Revenue

2.2%

Top

10

States

(%

of

Net

Assets)

New

York

9.3%

Texas

7.8%

California

7.7%

Florida

7.5%

Arizona

6.6%

Wisconsin

5.6%

Minnesota

4.8%

Colorado

4.8%

Illinois

3.8%

Georgia

2.6%

Investments

in

securities

in

these

States

represent

60.5%

of

the

total

net

assets

of

the

Fund.

Bond

quality

ratings

are

obtained

from

Moody’s

Investors

Service,

Inc.

(“Moody’s”),

Standard

&

Poor’s

Ratings

Services

(“S&P”)

and

Fitch

Solutions,

Inc.

(“Fitch”).

If

Moody’s,

S&P

and/or

Fitch

have

assigned

different

ratings

to

a

security,

the

highest

rating

for

the

security

is

used.

Ratings

from

S&P

or

Fitch,

when

used,

are

converted

into

their

equivalent

Moody’s

ratings.

Not

rated

may

include

cash.

Investments

in

derivatives

and

short-term

investments

are

not

reflected

in

the

table.

Major

Market

Sectors

and

Top

10

States

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Bond

Quality

Ratings

Distributions

exclude

collateral

held

for

securities

loaned.

Quoted

Bond

Quality

Ratings

Distributions,

Major

Market

Sectors

and

Top

10

States

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

From

Inception

Class

S

1-Year

5-Year

2/28/2018

Net

Asset

Value

3.36%

0.35%

0.45%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

The

Bloomberg

High

Yield

Municipal

Bond

Index

is

an

index

which

measures

the

non-investment

grade

and

non-rated

U.S.

tax-exempt

bond

market.

**

The

Bloomberg

65%High

Grade/35%

High

Yield

Bond

Index

is

an

index

which

measures

both

the

investment

grade

municipal

bond

market

with

matur-

ities

of

one

year

or

more,

and

the

non-investment

grade

and

non-rated

U.S.

tax-exempt

bond

markets.

***

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

High

Yield

Fund

16

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Paul

J.

Ocenasek,

CFA,

and

Paul

S.

Tommerdahl,

CFA, Portfolio

Co-Managers*

The

Fund

seeks

high

current

income

and,

secondarily,

growth

of

capital.

Investment

in

Thrivent

High

Yield

Fund

involves

risks

including

high

yield,

interest

rate,

credit,

convertible

securities, derivatives,

foreign

securities,

investment

adviser,

leveraged

loan,

liquidity,

market,

prepayment,

and

redemption risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

*

Effective

April

30,

2023,

Paul

S.

Tommerdahl,

CFA, has

been

named

as

a

portfolio

manager

of

the

Fund.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

High

Yield

Fund

earned

a

return

of

4.97%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

High

Yield

Bond

Category,

of

5.72%.

The

Fund’s

market

benchmark,

the

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index,

earned

a

return

of

6.23%.

What

factors

affected

the

Fund’s

performance?

The

Federal

Reserve

(Fed)

continued

its

rate-hiking

campaign

as

inflation

remained

stubbornly

high

amid

surprisingly

strong

U.S.

employment

and

economic

growth.

The

Fed

hiked

six

additional

times

before

pausing

in

September,

bringing

the

federal

funds

rate

to

5.25%

-

5.50%.

Late

in

the

period,

markets

were

rattled

by

the

Fed’s

higher-for-longer

narrative

as

many

forecasts

had

already

been

calling

for

rate

cuts

in

2024.

Rates

rose

across

the

Treasury

yield

curve

and

the

curve

remained

inverted

with

shorter

maturities

yielding

more

than

longer

maturities,

which

has

historically

signaled

a

coming

recession.

While

the

consumer

price

index

cooled

significantly

from

its

mid-

2022

peak,

inflation

remained

above

the

Fed’s

long-term

2%

target.

The

high-yield

segment

was

more

resilient

than

rate-sensitive

areas

of

the

market

such

as

Treasuries,

mortgage-backed

securities,

and

investment-grade

corporates.

Despite

bouts

of

volatility,

particularly

during

the

regional

banking

crisis

in

March,

high-yield

credit

spreads

ended

the

period

27

basis

points

tighter

at

437

basis

points

over

Treasuries.

Demand

for

high-yield

bonds

ebbed

as

the

retail

high-yield

market

experienced

outflows

of

$21.8

billion

from

mutual

funds

and

exchange-traded

funds

(ETFs)

year-to-date

in

2023.

However,

high-

yield

bond

issuance,

while

still

below

long-term

averages,

recovered

somewhat

from

last

year’s

very

low

level

of

$95

billion.

Year

to

date

2023,

new

issuance

has

totaled

$146

billion,

with

secured

bonds

representing

around

half

of

the

new

supply.

Despite

an

increase

in

the

default

rate

from

below

2%

to

just

shy

of

5%

over

the

period,

the

high-yield

market

and

spreads

held

up

surprisingly

well.

(Source:

Moody’s

Investors

Service

trailing

U.S.

dollar-weighted

12-month

default

rate.)

Within

the

Bloomberg

benchmark,

the

riskier,

lower-quality

CCC-rated

segment

performed

best

with

a

7.44%

return.

Higher-rated

BB-rated

bonds

returned

5.30%,

underperforming

both

CCCs

and

single

Bs

because

of

the

segment’s

generally

longer

duration,

which

makes

it

more

sensitive

to

interest

rates.

With

the

backdrop

of

a

relatively

strong

U.S.

economy,

more

cyclical

sectors

outperformed

including

building

materials,

home

construction,

metals

and

mining,

financial

companies,

consumer

cyclicals,

and

chemicals.

The

worst-performing

industries

within

the

high-yield

market

included

real

estate,

airlines,

electric,

and

cable.

The

Fund’s

main

detractor

was

its

higher-quality,

more

defensive

positioning

versus

both

its

peer

group

and

index,

particularly

an

approximately

3%

underweighting

in

the

CCC-rated

bucket.

In

terms

of

sectors,

an

underweighting

in

banking

and

finance

hurt

results

as

these

industries

snapped

back

following

March’s

regional

banking

crisis.

Also,

an

underweighting

in

Health

Care

hindered

results

because

of

the

strong

performance

of

this

sector

over

the

period.

Versus

the

index,

which

is

composed

of

all

high-yield

bonds,

the

Fund’s

5%

exposure

in

BBB-rated

bonds

and

1

-

2%

cash

position

detracted.

Conversely,

the

Fund’s

approximately

4%

exposure

in

leveraged

loans

during

the

period

contributed.

This

segment

continued

to

outperform

because

the

securities

have

floating-rate

coupons

that

reset

every

quarter

in

tandem

with

rising

rates.

Also,

the

Fund’s

modest

underweighting

to

the

poorly

performing

cable

sector

contributed.

In

addition,

the

Fund

benefited

from

increased

exposure

to

the

outperforming

oilfield

services

sector

during

the

year.

We

re-established

a

short

position

in

the

credit

default

swap

index

(CDX)

to

hedge

exposure

to

the

high-yield

market

in

the

event

of

spread

widening,

which

also

had

a

slightly

positive

impact

on

performance.

What

is

your

outlook?

We

do

not

believe

the

U.S.

economy

has

felt

the

full

impact

of

higher

interest

rates

and

tighter

lending

standards,

which

will

put

pressure

on

high-yield

market

fundamentals.

That

said,

the

high-yield

market

remains

better

positioned

to

withstand

economic

stress

because

of

its

much

higher-quality

profile

over

the

past

15

years

and

the

recent

shift

toward

more

issuance

of

secured

bonds.

High-yield

spreads

held

up

better

than

expected

this

past

year

and

are

closer

to

fair

value.

Given

the

increasing

possibility

of

at

least

a

mild

recession

in

2024,

we

expect

spreads

to

be

more

likely

to

be

pressured

wider,

but

we

aren’t

overly

bearish.

The

Fund

remains

more

defensively

positioned

with

underweightings

in

CCC-rated

securities

and

more

cyclical

industries,

which

could

come

under

pressure

if

the

economy

slows.

We

added

to

Health

Care

as

valuations

looked

attractive

after

performance

lagged

during

the

period,

but

the

sector

also

remains

underweighted.

The

Fund

maintains

overweightings

to

Energy,

particularly

oilfield

services,

and

more

stable

industries

such

as

food

and

beverage.

We

continue

to

reduce

leveraged

loan

exposure

because

these

securities

look

less

attractive

as

the

Fed

is

at

or

near

the

end

of

its

tightening

campaign.

We

are

maintaining

the

Fund’s

neutral

duration

versus

its

peers.

17

Major

Market

Sectors

(%

of

Net

Assets)

Consumer

Cyclical

17.4%

Energy

13.6%

Consumer

Non-Cyclical

12.8%

Communications

Services

12.4%

Capital

Goods

12.2%

Financials

7.8%

Basic

Materials

5.9%

Technology

5.4%

Utilities

2.9%

Transportation

2.8%

Top

10

Holdings

(%

of

Net

Assets)

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

2.2%

Herc

Holdings,

Inc.

0.7%

TransDigm,

Inc.

0.6%

Albertson's

Companies,

Inc.

0.6%

H&E

Equipment

Services,

Inc.

0.6%

SS&C

Technologies,

Inc.

0.6%

Tenet

Healthcare

Corporation

0.6%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

0.6%

Teva

Pharmaceutical

Finance

Netherlands

III

BV

0.5%

GFL

Environmental,

Inc.

0.5%

These

securities

represent

7.5%

of

the

total

net

assets

of

the

Fund.

Bond

quality

ratings

are

obtained

from

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

and

Standard

&

Poor’s

Ratings

Services

(“S&P”).

If

Moody’s

and

S&P

have

assigned

different

ratings

to

a

security,

the

lowest

rating

for

the

security

is

used.

Ratings

from

S&P,

when

used,

are

converted

into

their

equivalent

Moody’s

ratings.

Not

rated

may

include

cash.

Investments

in

derivatives

and

short-term

investments

are

not

reflected

in

the

table.

Major

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Bond

Quality

Ratings

Distributions

exclude

collateral

held

for

securities

loaned.

Quoted

Bond

Quality

Ratings

Distributions,

Major

Market

Sectors

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

4.97%

1.83%

2.69%

with

sales

charge

0.18%

0.89%

2.22%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

4.99%

2.06%

2.95%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

invest-

ing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

the

Index,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

Bloomberg

U.S.

Corporate

High

Yield

Bond

Index

is

an

index

which

measures

the

performance

of

fixed-rate

non-investment

grade

bonds.

***

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

Thrivent

Income

Fund

18

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Kent

L.

White,

CFA, and

Cortney

L.

Swensen,

CFA,

Portfolio

Co-Managers

The

Fund

seeks

high

current

income

while

preserving

principal

and,

secondarily,

long-term

growth

of

capital

in

order

to

maintain investors’

purchasing

power.

Investment

in

Thrivent

Income

Fund

involves

risks

including interest

rate,

credit,

high

yield, derivatives,

emerging

markets,

financial

sector,

foreign

securities,

government

securities,

investment

adviser,

issuer,

liquidity, market, mortgage-backed

and

other

asset-backed

securities,

and

redemption risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements. 

How

did

the

Fund

perform

during

the

12-month

period

ended October

31,

2023?

Thrivent

Income

Fund

earned

a

return

of

2.82%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Corporate

Bond

Category,

of

2.63%.

The

Fund’s

market

benchmark,

the

Bloomberg

U.S.

Corporate

Bond

Index,

earned

a

return

of

2.77%.

What

factors

affected

the

Fund’s

performance?

The

Federal

Reserve

(Fed)

continued

its

rate-hiking

campaign

as

inflation

remained

stubbornly

high

amid

surprisingly

strong

U.S.

employment

and

economic

growth.

The

Fed

increased

rates

by

225

basis

points

during

the

period

before

pausing

in

September,

bringing

the

federal

funds

target

rate

to

5.25%

-

5.50%.

Interest

rates

rose

across

the

Treasury

yield

curve

and

the

curve

remained

inverted

with

shorter

maturities

yielding

more

than

longer

maturities,

which

has

historically

signaled

a

coming

recession.

The

yield

on

the

two-year

Treasury

increased

56

basis

points

to

5.07%

by

the

period

end,

while

10-year

Treasuries

rose

78

basis

points

to

end

at

4.88%.

With

inflation

still

above

its

long-term

target,

the

Fed

telegraphed

a

higher-for-longer

rates

narrative

that

rattled

investors

in

September.

Volatility

remained

high

across

U.S.

capital

markets

as

investors

fretted

over

the

potential

impacts

of

bank

distress,

Fed

rate

hikes,

and

tighter

lending

conditions

on

the

economy.

Corporate

spreads

were

volatile

but

overall

held

up

surprisingly

well,

despite

an

increase

in

default

rates,

as

the

U.S.

economy

and

consumers

remained

resilient.

Both

investment-grade

and

high-yield

credit

spreads

ended

the

period

tighter,

with

high

yield

decreasing

from

464

basis

points

over

Treasuries

to

437

basis

points

by

the

period

end,

while

investment-grade

spreads

narrowed

from

158

basis

points

over

Treasuries

to

129

basis

points.

Money

continued

to

flow

out

of

risk

assets,

while

corporate

bond

issuance

recovered

somewhat

from

2022’s

extremely

low

level.

The

primary

factor

that

drove

the

Fund’s

outperformance

versus

its

Morningstar

peers

and

Bloomberg

benchmark

was

its

interest

rate

positioning.

Heading

into

this

reporting

period,

we

didn’t

believe

the

Fed

would

be

shifting

to

rate

cuts

in

2023

since

inflation

was

still

elevated,

and

the

labor

market

and

consumer

remained

strong.

Therefore,

we

maintained

the

Fund’s

shorter

duration

and

positioning

for

a

flatter

yield

curve,

which

helped

performance

by

buffering

the

portfolio

from

the

drop

in

bond

prices

as

rates

continued

to

rise

across

the

yield

curve,

particularly

at

the

short

end.

We

used

Treasury

futures

during

the

period

to

help

maintain

the

Fund’s

duration

and

yield

curve

positioning.

The

Fund

also

benefited

from

security

selection

in

investment-grade

credit.

During

the

regional

banking

turmoil

in

March,

we

took

advantage

of

the

dislocation

among

banks

and

added

positions

at

attractive

valuations

that

subsequently

performed

well.

However,

the

Fund

did

own

a

very

small

position

in

Credit

Suisse

Additional

Tier

1

(AT1)

securities

that

were

unexpectedly

written

down

to

zero

by

Swiss

regulators

as

part

of

the

company’s

rescue

merger

with

UBS

in

March.

Within

securitized,

an

approximately

3%

weighting

in

collateralized

loan

obligations

(CLOs),

which

are

floating-rate

securities

that

adjust

along

with

rates,

contributed

as

these

securities

recovered

during

the

risk-on

rally

from

the

prior

year’s

underperformance.

What

is

your

outlook?

While

the

U.S.

economy

has

begun

to

show

some

signs

of

slowing,

it

has

not

yet

felt

the

full

impact

of

higher

rates

and

tighter

lending

standards.

At

the

same

time,

the

Fed

has

reiterated

that

its

primary

focus

is

to

bring

inflation

back

in

line

with

its

target.

We

anticipate

rate

volatility

will

remain

elevated

until

we

see

more

certainty

surrounding

the

economy,

inflation,

and

the

Fed’s

path.

We

expect

the

Fed

to

hold

rates

steady

going

into

2024

but

potentially

begin

to

cut

rates

in

the

second

half

as

the

economy

slows

and

inflation

declines.

Our

current

outlook

calls

for

a

bumpy

landing

for

the

U.S.

economy

but

not

a

severe

recession.

We

continue

to

position

the

Fund

somewhat

defensively

in

terms

of

credit

risk

while

keeping

some

dry

powder

available

in

the

form

of

Treasuries

(4%)

and

cash

(3%).

We’ve

also

recently

increased

agency

mortgage-backed

securities

(MBS)

exposure

to

around

3%

as

relative

valuations

have

looked

more

attractive

and

the

segment

provides

liquidity

and

attractive

yields.

Investment-grade

credit

exposure

increased

over

the

period

to

about

83%

of

the

portfolio,

while

high-yield

corporate

exposure

fell

to

less

than

6%

mostly

due

to

rising

stars,

which

are

high-yield

bonds

upgraded

to

investment

grade.

We

also

continued

to

use

short

positions

in

the

credit

default

swap

index

(CDX)

to

help

hedge

exposure

to

the

high-yield

market

throughout

the

year.

With

valuations

in

the

corporate

market

currently

fair

to

slightly

rich,

we

will

wait

for

better

opportunities

to

add

credit

risk

if

we

see

the

economy

weaken

further.

We

continue

to

find

attractive

opportunities

in

the

Financials

sector,

particularly

among

large,

high-quality

banks,

but

remain

cautious

regarding

more

consumer-sensitive

areas.

We’ve

eliminated

leveraged

loans

and

reduced

CLO

exposure

to

around

1%

of

the

Fund’s

net

assets

because

both

segments

are

seeing

borrowing

rates

go

up

with

each

Fed

increase.

With

the

Fed

at

or

near

the

end

of

its

rate

hiking

cycle,

we

have

begun

to

lengthen

duration

and

position

the

Fund

to

benefit

from

a

steeper

yield

curve.

19

Major

Market

Sectors

(%

of

Net

Assets)

Financials

35.7%

Consumer

Non-Cyclical

10.9%

Utilities

7.7%

Consumer

Cyclical

7.4%

Communications

Services

7.3%

Energy

6.0%

Capital

Goods

4.3%

Technology

4.3%

U.S.

Government

&

Agencies

4.1%

Mortgage-Backed

Securities

3.2%

Top

10

Holdings

(%

of

Net

Assets)

U.S.

Treasury

Bonds

2.0%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1.8%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1.4%

U.S.

Treasury

Notes

0.8%

U.S.

Treasury

Bonds

0.7%

UBS

Group

AG

0.7%

Sprint

Capital

Corporation

0.6%

Boeing

Company

0.5%

Cheniere

Energy

Partners,

LP

0.5%

UBS

Group

AG

0.5%

These

securities

represent

9.5%

of

the

total

net

assets

of

the

Fund.

Bond

quality

ratings

are

obtained

from

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

and

Standard

&

Poor’s

Ratings

Services

(“S&P”).

If

Moody’s

and

S&P

have

assigned

different

ratings

to

a

security,

the

lowest

rating

for

the

security

is

used.

Ratings

from

S&P,

when

used,

are

converted

into

their

equivalent

Moody’s

ratings.

Not

rated

may

include

cash.

Investments

in

derivatives

and

short-term

investments

are

not

reflected

in

the

table.

Major

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Bond

Quality

Ratings

Distributions

exclude

collateral

held

for

securities

loaned.

Quoted

Bond

Quality

Ratings

Distributions,

Major

Market

Sectors

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

2.82%

0.87%

1.77%

with

sales

charge

-1.75%

-0.05%

1.30%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

3.12%

1.17%

2.10%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

investing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

the

Index,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

Bloomberg

U.S.

Corporate

Bond

Index

measures

the

investment

grade,

fixed-rate,

taxable

corporate

bond

market

and

includes

USD

denomi-

nated

securities

publicly

issued

by

US

and

non-US

industrial,

utility

and

financial

issuers.

***

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

Thrivent

International

Allocation

Fund

20

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Noah

J.

Monsen,

CFA,

Brian

W.

Bomgren,

CQF,

and

Jing

Wang,

CFA,

Portfolio

Co-Managers.*

The

Fund

seeks

long-term

capital

growth.

Investment

in

Thrivent

International

Allocation

Fund

involves

risks

including allocation,

equity

security,

foreign

securities, derivatives,

emerging

markets,

foreign

currency,

growth

investing,

investment

adviser,

issuer,

large

cap,

market,

mid

cap,

quantitative

investing,

small

cap,

and

value

investing risks. A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.  

*Effective

April

30,

2023,

Goldman

Sachs

Asset

Management,

L.P.

is

no

longer

a

subadvisor

of

the

Fund

and

Jing

Wang,

CFA,

and

Nick

Cai,

CFA,

FRM,

CAIA, have

been named

as

portfolio

managers

of

the

Fund.

Effective

November

1,

2023,

Nick

Cai,

CFA,

FRM,

CAIA

will

no

longer

serve

as

portfolio

manager

of

the

fund.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

International

Allocation

Fund

earned

a

return

of

11.89%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Foreign

Large

Blend

Funds

category,

of

13.03%.

The

Fund’s

market

benchmark,

the

MSCI

All

Country

World

Index

ex-USA–USD

Net

Returns,

earned

a

return

of

12.07%.

What

factors

affected

the

Fund’s

performance?

In

developed

international

markets,

the

European

Central

Bank

followed

the

U.S.

Federal

Reserve’s

footsteps

by

increasing

short-term

rates

from

2.0%

to

4.5%

over

the

course

of

the

period.

Economic

growth

and

stock

markets

in

Europe

were

relatively

weak,

however,

and

Europe

appears

to

be

in

more

immediate

danger

of

potentially

falling

into

recession

in

the

coming

year.

Corporate

earnings

growth

has

also

been

slower

than

in

the

U.S.,

with

expectations

for

around

0%

growth

in

2024.

As

a

result,

markets

anticipate

that

rates

in

Europe

have

already

peaked

and

will

likely

fall

in

the

coming

year

to

support

growth

as

inflation

has

abated.

The

faster

pace

of

rate

increases

in

Europe

also

helped

support

a

rise

in

both

the

euro

and

the

British

pound

relative

to

the

U.S.

dollar,

which

provided

a

boost

to

returns

for

U.S.-based

investors

in

European

equities.

In

Japan,

decades

of

deflation

have

been

the

biggest

concern

of

the

central

bank,

so

a

return

to

a

positive

inflation

rate

has

been

a

welcome

sign

for

the

economy

and

market.

Interest

rates

have

begun

to

rise,

albeit

at

a

much

slower

pace

than

in

the

U.S.

or

Europe.

As

a

result,

the

Japanese

yen

has

weakened

against

other

major

currencies,

hitting

its

lowest

level

versus

the

U.S.

dollar

since

the

early

1990s.

This

has

left

the

yen

near

levels

where

the

Japanese

government

has

previously

intervened

to

support

its

value,

which

has

historically

been

a

headwind

for

foreign

investors

in

Japanese

equities.

Over

the

period,

financial

stocks

led

the

Japanese

stock

market

as

investors

anticipated

that

the

potential

for

even

higher

rates

would

support

the

profitability

of

lenders.

In

emerging

markets,

China

has

continued

to

be

the

focus

of

investors

and

economists.

Chinese

consumer

demand

has

been

slow

to

recover

from

pandemic

lockdowns,

despite

the

complete

removal

of

restrictions

on

activity.

This

has

led

to

lackluster

economic

growth

and

underperformance

of

Chinese

stocks

compared

to

other

Asian

markets.

Chinese

stocks

have

also

been

hampered

by

risks

in

the

country’s

property

sector,

with

highly

leveraged

developers

facing

the

danger

of

default

due

to

the

overbuilding

of

residential

properties

financed

by

high

levels

of

debt.

In

addition,

the

U.S.

and

other

Western

countries

have

recently

focused

on

both

restricting

China’s

access

to

sensitive

technologies

and

building

supply

chains

that

are

less

reliant

on

Chinese

suppliers,

resulting

in

another

headwind

to

China’s

stock

market.

Meanwhile,

Asian

markets

outside

of

China

and

emerging

European

markets

benefited

from

this

near-shoring

dynamic,

as

Western

nations

sought

to

increase

economic

ties

with

countries

that

are

closer

both

geographically

and

politically.

By

contrast,

rising

political

instability

in

much

of

Latin

America

held

back

stock

market

returns

in

that

region.

In

Middle

Eastern

markets,

producers

were

forced

to

cut

oil

output

to

maintain

prices,

which

led

to

some

volatility

and

lower

overall

returns

in

the

region.

The

Fund

is

managed

as

an

allocation

product

with

distinct

strategies

in

developed

market

large-cap

stocks,

developed

market

small-cap

stocks,

and

emerging

market

stocks.

The

Fund’s

underperformance

relative

to

its

benchmark

was

due

to

the

allocations

among

these

strategies,

while

each

of

the

individual

strategies

outperformed

its

individual

benchmark.

The

Fund

had

a

greater

allocation

to

the

small-

cap

strategy

than

the

weighting

of

small-cap

stocks

in

the

benchmark;

therefore,

the

relative

underperformance

of

small-cap

versus

large-

cap

stocks

hurt

its

performance

for

the

year.

Across

all

the

individual

strategies,

we

employ

a

quantitative

stock

selection

model

based

on

factors

shown

to

help

forecast

returns.

Value

factors

were

the

strongest

drivers

of

returns

throughout

global

markets

over

the

past

year.

Momentum

factors

had

notably

weak

returns

in

emerging

markets,

where

they

typically

provide

consistent

outperformance.

The

Fund

uses

equity

index

futures

to

adjust

market

exposure

and

manage

cash

flows,

which

had

a

small

positive

impact

on

performance

for

the

year.

What

is

your

outlook?

In

developed

markets,

we

are

cautious

of

recession

risk

in

Europe,

where

slow

economic

growth

and

earnings

growth

are

not

expected

to

improve

materially

in

2024.

In

emerging

markets,

we

are

cautiously

optimistic

that

China’s

economic

growth

will

begin

to

accelerate

and

that

the

market

may

have

found

its

bottom.

In

evaluating

the

environment

for

quantitative

factor

investing,

we

use

valuation

to

inform

our

expectations

for

factor

returns.

In

Japan,

high-quality

factors

currently

display

attractive

valuations,

while

value

and

yield

factors

appear

expensive

compared

to

historical

norms

following

strong

returns

recently.

In

other

developed

markets,

value

factors

still

appear

to

be

attractive,

while

growth

factors

look

to

be

expensive.

Meanwhile,

momentum

and

quality

appear

to

be

favorable

over

low

volatility

in

emerging

markets.

21

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

95.1%

Short-Term

Investments

4.6%

Long-Term

Fixed

Income

0.2%

Preferred

Stock

0.1%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Financials

17.3%

Industrials

13.8%

Health

Care

12.1%

Consumer

Discretionary

11.6%

Information

Technology

10.5%

Materials

8.0%

Energy

6.3%

Consumer

Staples

6.1%

Communications

Services

4.5%

Utilities

2.9%

Top

10

Countries

(%

of

Net

Assets)

Japan

18.5%

United

Kingdom

10.6%

Canada

8.2%

France

6.5%

Switzerland

6.1%

Australia

5.6%

Germany

5.2%

Netherlands

4.7%

Denmark

3.4%

Italy

3.2%

Investments

in

securities

in

these

countries

represent

72.0%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Countries

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Countries

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

11.89%

2.46%

1.83%

with

sales

charge

6.87%

1.52%

1.37%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

12.15%

2.84%

2.24%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

invest-

ing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

the

Index,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

MSCI

All

Country

World

Index

ex-USA-

USD

Net

Returns

is

an

unmanaged

market

capitalization-weighted

index

that

is

designed

to

represent

the

performance

of

developed

and

emerging

stock

markets

throughout

the

world.

The

performance

of

the

Index

reflects

dividends

reinvested

after

the

deduction

of

withholding

taxes.

***

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

Thrivent

Large

Cap

Growth

Fund

22

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

 Lauri Brunner

and

Jaimin

Soni,

Portfolio

Co-Managers

The

Fund

seeks

long-term

capital

appreciation.

Investment

in

Thrivent

Large

Cap

Growth

Fund

involves

risks

including large

cap,

growth

investing,

equity

security, foreign

securities,

investment

adviser,

issuer,

market,

non-diversified,

and

technology-oriented

companies risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

Large

Cap

Growth

Fund

earned

a

return

of

21.60%,

compared

with

the

average

return

for

its

peer

group,

the

Morningstar

Large

Growth

Funds

category,

of

14.19%.

The

Fund’s

market

benchmarks,

the

Russell

1000®

Growth

Index

and

the

S&P

500®

Growth

Index,

earned

returns

of

18.95%

and

11.90%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

Fund’s

outperformance

of

its

benchmarks

and

peer

group

during

the

reporting

period

was

driven

by

stock

selection.

The

biggest

contributions

came

from

the

Communication

Services,

Industrials,

and

Information

Technology

sectors

while

Financials

and

Health

Care

lagged.

Within

Communication

Services,

Meta

Platforms

was

the

single

biggest

driver

of

outperformance

as

the

stock

benefited

from

a

combination

of

cost

discipline

and

revenue

acceleration.

The

company

was

able

to

show

a

balance

between

investing

in

near-term

growth

initiatives

like

Reels

and

click-to-message

ads,

as

well

as

longer-term

areas

like

artificial

intelligence

(AI)

while

managing

its

cost

structure

by

reducing

head

count.

Within

Industrials,

Uber

Technologies

was

the

main

driver

of

performance.

The

company

has

been

able

to

grow

revenues

faster

than

costs,

resulting

in

improved

profit

margins.

Also,

the

Fund

had

a

significant

underweighting

in

the

Information

Technology

sector

because

of

an

underweighted

position

in

Apple,

which

helped

add

to

performance.

Within

Information

Technology,

Nvidia

was

the

biggest

positive

contributor.

Demand

for

Nvidia’s

semiconductor

chips

used

for

AI

applications

has

been

very

strong,

resulting

in

revenues

and

profits

well

above

consensus

expectations.

PayPal

Holdings

in

the

Financials

sector

was

the

biggest

laggard

for

the

Fund.

PayPal

stock

has

remained

weak

as

the

company

undergoes

a

management

transition

while

facing

macro

pressures.

The

company

has

recently

appointed

a

new

CEO

and

CFO,

and

we

see

an

opportunity

for

PayPal

to

improve

its

growth

in

a

large

addressable

market.

The

Health

Care

sector

also

struggled,

partly

from

not

owning

Eli

Lilly,

which

benefited

from

strong

adoption

of

its

weight

loss

drugs,

and

partly

from

owning

Danaher,

which

continued

to

face

weak

demand.

Although

the

Fund

owns

Novo

Nordisk,

which

has

also

benefited

from

its

weight

loss

drugs,

the

gains

were

not

enough

to

offset

headwinds.

What

is

your

outlook?

Going

forward,

we

believe

investors

will

favor

large-cap

growth

companies

with

strong

organic

growth

opportunities,

large

and/or

expanding

target

addressable

markets,

and

operating

initiatives

that

reflect

data-driven

insights

to

serve

their

end

markets.

Over

the

past

12

months,

we

have

trimmed

positions

that

have

outperformed

and

continue

to

look

for

opportunities

in

names

where

we

see

long-term

growth

prospects.

Our

investment

process

continues

along

the

same

path

with

ongoing

refinements.

We

view

our

meetings

with

large-

cap

analysts

as

crucial

to

our

process

of

researching

existing

names

for

operating

developments

and

considering

new

names

to

add

to

the

Fund.

In

terms

of

refinements,

we

have

added

rigor

to

our

risk

management

process

by

including

weekly

reviews

of

Fund

positioning

based

on

quantitative

factors.

Our

commitment

to

adjust

position

sizes

based

on

a

company’s

execution

of

near-term

and

long-term

key

performance

indicators

remains

unchanged.

23

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

97.6%

Short-Term

Investments

2.4%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Information

Technology

34.5%

Consumer

Discretionary

14.6%

Health

Care

13.0%

Communications

Services

11.7%

Financials

9.7%

Industrials

6.1%

Consumer

Staples

3.2%

Energy

2.4%

Real

Estate

1.2%

Materials

1.2%

Top

10

Holdings

(%

of

Net

Assets)

Microsoft

Corporation

10.8%

Amazon.com,

Inc.

7.4%

Alphabet,

Inc.,

Class

C

6.8%

NVIDIA

Corporation

5.3%

Apple,

Inc.

3.8%

Meta

Platforms,

Inc.

3.5%

UnitedHealth

Group,

Inc.

2.7%

ServiceNow,

Inc.

2.5%

Tesla,

Inc.

2.5%

Home

Depot,

Inc.

2.4%

These

securities

represent

47.7%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

21.60%

11.95%

12.02%

with

sales

charge

16.09%

10.93%

11.51%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

21.97%

12.32%

12.41%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

investing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

the

Index,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

S&P

500

Growth

Index

is

a

market

capitalization-weighted

index

developed

by

Standard

and

Poor’s

consisting

of

those

stocks

within

the

S&P

500

®

Index

that

exhibit

strong

growth

characteristics.

***

The

Russell

1000

®

Growth

Index

measures

the

performance

of

large

cap

growth

stocks.

It

is

not

possible

to

invest

directly

in

the

Index.

****

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Large

Cap

Value

Fund

24

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Kurt

J.

Lauber,

CFA,

and

Thomas

C.

Lieu,

CFA,

Portfolio

Co-Managers

The

Fund

seeks

to

achieve

long-term

growth

of

capital.

Investment

in

Thrivent

Large

Cap

Value

Fund

involves

risks

including large

cap,

value

investing,

equity

security, foreign

securities,

investment

adviser,

issuer,

and

market risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

Large

Cap

Value

Fund

earned

a

return

of

0.46%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Large

Value

Funds

category,

of

0.68%.

The

Fund’s

market

benchmarks,

the

Russell

1000®

Value

Index

and

the

S&P

500®

Value

Index,

earned

returns

of

0.13%

and

7.69%,

respectively.

What

factors

affected

the

Fund’s

performance?

Positive

impacts

from

stock

selection

were

offset

by

poor

allocation

decisions

during

the

period,

resulting

in

the

Fund’s

in-line

performance

versus

its

Russell

benchmark.

The

most

significant

detractor

in

terms

of

allocation

was

the

Fund’s

underweighting

in

the

Information

Technology

sector

and

stock

selection

within

the

semiconductor

industry

specifically.

However,

the

Fund’s

overweighting

in

Alphabet

and

Meta

Platforms

in

the

Communication

Services

sector

offset

the

negative

impact

and

represented

the

largest

stock

selection

gain.

We

purchased

Meta

for

the

first

time

last

year

when

the

stock

was

under

pressure

due

to

weak

digital

advertising

spending

that

resulted

from

changes

Apple

made

to

data

tracking

rules

for

its

users.

We

liked

the

company’s

attractive

free

cash

flow

yield

and

anticipated

an

algorithm

fix

by

Meta

that

would

eventually

lead

to

a

recovery

in

ad

spend.

We

also

added

to

Alphabet

following

concerns

about

increased

competitive

pressures

in

the

search

area

from

Microsoft’s

launch

of

its

artificial

intelligence

(AI)

ChatGPT

product

because

Google

is

a

leader

in

generative

AI

and

could

also

benefit.

Stock

selection

was

also

strong

in

the

Utilities

and

Consumer

Discretionary

sectors.

In

Utilities,

Constellation

Energy

drove

the

outperformance

as

its

nuclear

utilities

are

benefiting

from

higher

power

prices

with

the

closing

of

carbon-based

plants.

The

company

could

also

potentially

benefit

from

the

consolidation

of

nuclear

assets.

Favorable

results

in

Consumer

Discretionary

were

driven

by

D.R.

Horton,

which

reported

better-than-expected

operating

performance

in

the

face

of

difficult

housing

trends,

and

Booking

Holdings,

which

benefited

from

strong

international

travel

and

market

share

gains

in

travel

reservations.

Security

selection

in

Financials

detracted

the

most

during

the

period,

including

positions

in

Financial

Services,

Inc., PayPal

Holdings,

and

Fidelity

National

Information

Services.

Also,

the

Fund

did

not

own

Berkshire

Hathaway,

which

well

outpaced

the

Financials

sector,

but

owned

Equitable

Holdings,

which

did

not.

Lastly,

Charles

Schwab

and

Raymond

James

Financial

underperformed

based

on

concerns

that

higher

funding

costs

would

negatively

impact

earnings.

We

exited

the

Fund’s

positions

in

Fidelity

National

Information

Services,

Equitable,

and

Truist

Financial,

while

adding

to

Wells

Fargo,

Charles

Schwab,

Comerica,

MetLife,

and

M&T

Bank.

What

is

your

outlook?

The

resilience

of

the

U.S.

economy

in

the

face

of

one

of

the

most

aggressive

Federal

Reserve

(Fed)

tightening

campaigns

in

history

has

left

investors

wondering

if

policymakers

could

somehow

pull

off

an

economic

“soft

landing.”

Although

it

is

a

possibility,

investors

haven’t

forgotten

that

this

is

the

same

Fed

that

called

inflation

“transitory”

not

too

long

ago.

As

we

noted

in

our

outlook

last

year,

this

Covid-led

recession

and

recovery

looks

very

different

from

the

previous

Great

Recession.

Consumer

and

enterprise

balance

sheets

were

in

much

better

positions

at

the

start,

while

economic

demand,

although

slowing,

has

remained

far

more

resilient

than

expected.

The

combination

of

near

0%

rates,

massive

quantitative

easing,

and

similarly

aggressive

fiscal

policy

has

had

a

far

more

lasting

impact

on

the

U.S.

economy

to

date

than

most

forecast.

Today,

employment

remains

robust,

inflation

continues

to

trend

lower,

and

some

fiscal

stimulus

like

the

Inflation

Reduction

Act

remains

in

front

of

us,

while

China

continues

to

step

up

its

own

stimulus

plans.

However,

these

favorable

factors

are

countered

by

a

federal

funds

rate

that

now

stands

at

5.25%

-

5.50%,

a

10-year

Treasury

yield

that

is

notably

higher

than

a

year

ago,

and

a

U.S.

savings

rate

that

is

now

below

pre-pandemic

levels.

As

a

result,

the

market

continues

to

vacillate

between

the

different

outcome

scenarios

for

the

U.S.

economy.

That

said,

our

Large

Cap

Value

Fund

team

looks

to

take

advantage

of

this

dislocation

and

confusion

through

our

stock

selection

process

that

focuses

on

ranking

companies

based

on

valuation,

operating

performance,

and

catalysts.

For

example,

an

inventory

buildup

from

supply

chains

reopening

combined

with

a

consumer

shift

to

services

consumption

recently

led

to

a

freight

recession,

which

allowed

the

Fund

to

add

exposure

in

this

area.

The

Fund

remains

overweighted

in

attractively

valued

stocks

and

focused

on

companies

that

can

improve

returns

above

those

already

priced

into

their

stock.

25

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

99.4%

Short-Term

Investments

0.6%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Financials

18.9%

Health

Care

14.8%

Industrials

11.6%

Information

Technology

10.1%

Energy

10.0%

Consumer

Staples

8.3%

Communications

Services

8.2%

Consumer

Discretionary

6.0%

Utilities

4.6%

Materials

4.1%

Top

10

Holdings

(%

of

Net

Assets)

Cisco

Systems,

Inc.

2.9%

Alphabet,

Inc.,

Class

C

2.4%

Wells

Fargo

&

Company

2.4%

Microsoft

Corporation

2.3%

J.P.

Morgan

Chase

&

Company

2.2%

Walmart,

Inc.

2.2%

ConocoPhillips

2.2%

Philip

Morris

International,

Inc.

2.0%

Verizon

Communications,

Inc.

1.9%

Exxon

Mobil

Corporation

1.9%

These

securities

represent

22.4%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

0.46%

7.91%

8.25%

with

sales

charge

-4.07%

6.92%

7.75%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

0.75%

8.26%

8.64%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

investing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

the

Index,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

S&P

500

Value

Index

is

a

market

capitalization-weighted

index

developed

by

Standard

and

Poor’s

consisting

of

those

stocks

within

the

S&P

500®

Index

that

exhibit

strong

value

characteristics.

***

The

Russell

1000®

Value

Index

measures

the

performance

of

large

cap

value

stocks.

****

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing

electricity,

food

and

transportation.

Thrivent

Limited

Maturity

Bond

Fund

26

Quoted

Fund

performance

is

for

Class

A

shares.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Cortney

L.

Swensen,

CFA,

and

Jon-Paul

(JP)

Gagne,

Portfolio

Co-Managers

The

Fund

seeks

a

high

level

of

current

income

consistent

with

stability

of

principal.

Investment

in

Thrivent

Limited

Maturity

Bond

Fund

involves

risks

including

government

securities,

mortgage-backed

and

other

asset-

backed

securities,

collateralized debt

obligations, credit,

futures

contract,

high

yield,

interest

rate,

investment

adviser,

issuer,

liquidity,

market,

and

redemption risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements. 

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

Limited

Maturity

Bond

Fund

earned

a

return

of

4.76%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Short-

Term

Bond

Category,

of

3.84%.

The

Fund’s

market

benchmark,

the

Bloomberg

Government/Credit

1-3

Year

Bond

Index,

earned

a

return

of

3.23%.

What

factors

affected

the

Fund’s

performance?

The

Federal

Reserve

(Fed)

continued

its

rate-hiking

campaign

as

inflation

remained

stubbornly

high

amid

surprisingly

strong

U.S.

employment

and

economic

growth.

The

Fed

increased

rates

by

225

basis

points

during

the

period

before

pausing

in

September,

bringing

the

federal

funds

target

rate

to

5.25%

-

5.50%.

Interest

rates

rose

across

the

Treasury

yield

curve

and

the

curve

remained

inverted

with

shorter

maturities

yielding

more

than

longer

maturities,

which

has

historically

signaled

a

coming

recession.

The

yield

on

the

two-year

Treasury

increased

56

basis

points

to

5.07%

by

the

period

end,

while

five-year

Treasuries

rose

55

basis

points

to

end

at

4.82%.

With

inflation

still

above

its

long-term

target,

the

Fed

telegraphed

a

higher-for-longer

rates

narrative

that

rattled

investors

in

September.

Volatility

remained

high

across

U.S.

capital

markets

as

investors

digested

Fed

comments

and

pushed

out

expectations

for

rate

cuts

further

in

2024.

Credit

spreads

in

the

one-

to

three-year

corporate

segment

fluctuated

from

a

high

of

130

basis

points

over

Treasuries

to

a

low

of

60

basis

points

but

ended

the

period

five

basis

points

tighter

at

96

basis

points

over

Treasuries.

Money

continued

to

flow

out

of

risk

assets,

while

corporate

bond

issuance

recovered

somewhat

from

2022’s

extremely

low

level.

The

Fund’s

overweighting

to

risk

assets

was

the

biggest

performance

contributor

versus

its

Morningstar

peers

and

the

Bloomberg

benchmark

during

the

period,

particularly

in

the

securitized

segment.

Following

significant

spread

widening

among

securitized

asset

classes

last

year,

most

areas

recovered

in

2023

as

the

U.S.

economy,

housing

market,

and

consumers

remained

relatively

resilient.

Within

securitized,

the

Fund

benefited

from

its

approximately

6%

exposure

to

collateralized

loan

obligations

(CLOs),

which

are

floating-

rate

securities

that

adjust

along

with

rates,

and

approximately

13%

weighting

in

nonagency

collateralized

mortgage

obligations

(CMOs).

For

comparison

purposes,

the

Bloomberg

benchmark

has

a

much

higher-quality

profile

with

approximately

77%

in

Treasuries

and

other

government-related

securities,

23%

in

investment-grade

corporates,

and

no

securitized

asset

exposure.

In

the

corporate

segment,

the

Fund

also

benefited

from

security

selection

in

the

Financials

sector.

During

the

regional

banking

turmoil

in

March,

we

took

advantage

of

the

dislocation

among

financials

and

added

exposure

that

subsequently

performed

well.

However,

the

Fund

did

own

a

very

small

position

in

Credit

Suisse

Additional

Tier

1

(AT-1)

securities

that

were

unexpectedly

written

down

to

zero

by

Swiss

regulators

as

part

of

the

company’s

rescue

merger

with

UBS

in

March.

In

addition,

the

Fund

had

an

overweighting

in

floating-rate

securities

versus

its

peers,

which

benefited

performance

as

rates

continued

to

rise.

Conversely,

the

Fund’s

underweighting

to

real

estate

investment

trusts

(REITs)

versus

its

peers

detracted

as

spreads

in

the

segment

recovered

somewhat

from

last

year’s

wide

levels.

Over

the

first

five

months

of

the

period,

we

positioned

the

Fund

for

a

flatter

yield

curve

by

shorting

two-year

Treasury

futures

but

eliminated

all

derivatives

usage

by

the

end

of

March.

Over

the

full

period,

duration

and

yield

curve

positioning

had

little

impact

on

the

Fund’s

performance.

What

is

your

outlook?

While

the

U.S.

economy

has

slowed,

it

has

not

yet

felt

the

full

impact

of

higher

interest

rates

and

tighter

lending

standards.

At

the

same

time,

the

Fed

has

reiterated

that

its

primary

focus

is

to

bring

inflation

back

in

line

with

its

target.

We

anticipate

rate

volatility

will

remain

elevated

until

we

see

more

certainty

surrounding

the

economy,

inflation,

and

the

Fed’s

path.

We

expect

the

Fed

to

hold

rates

steady

going

into

2024

but

cut

rates

in

the

second

half

due

to

a

slowing

economy

and

lower

inflation.

Our

current

outlook

calls

for

a

bumpy

landing

for

the

U.S.

economy

but

not

a

severe

recession.

Therefore,

we

continue

to

position

the

securitized

and

corporate

segments

more

defensively,

while

maintaining

a

Treasury

underweighting

of

less

than

8%

of

the

Fund’s

portfolio

for

the

time

being.

While

corporate

exposure

increased

to

nearly

65%

of

the

portfolio,

we

added

mostly

A-

and

BBB-rated

securities.

High-yield

corporate

exposure

continued

to

fall

to

less

than

3%

of

the

portfolio

mostly

due

to

rising

stars,

which

are

bonds

upgraded

to

investment

grade.

We

don’t

anticipate

adding

high-

yield

exposure

in

the

near

term

since

spreads

tightened

so

much

this

past

year.

In

securitized

exposure,

we

shortened

spread

duration

by

around

a

year,

reduced

CLO

and

agency

mortgage-backed

securities

(MBS)

exposure

to

less

than

5%

and

1%,

respectively,

and

eliminated

commercial

mortgage-backed

securities

(CMBS).

In

the

asset-backed

securities

(ABS)

segment,

we

are

shifting

out

of

esoteric

consumer

and

unsecured

bonds

and

adding

AAA-rated

securities,

which

are

more

liquid

in

the

event

of

market

stress.

We

continue

to

reduce

the

Fund’s

floating-rate

exposure

as

the

Fed

is

at

or

near

the

end

of

its

tightening

cycle.

We

have

recently

shifted

the

Fund’s

duration

and

yield

curve

exposure

to

a

more

neutral

stance.

The

Fund’s

goal

continues

to

be

to

provide

investors

with

a

yield

advantage

over

its

peer

group

with

less

volatility.

27

Major

Market

Sectors

(%

of

Net

Assets)

Financials

32.6%

Asset-Backed

Securities

17.1%

Collateralized

Mortgage

Obligations

9.4%

U.S.

Government

&

Agencies

7.5%

Consumer

Non-Cyclical

5.8%

Consumer

Cyclical

5.5%

Energy

4.5%

Utilities

4.4%

Technology

3.3%

Communications

Services

2.9%

Top

10

Holdings

(%

of

Net

Assets)

U.S.

Treasury

Notes

5.1%

U.S.

Treasury

Notes

0.9%

Avant

Credit

Card

Master

Trust

0.8%

Genesis

Sales

Finance

Master

Trust

0.7%

Sound

Point

CLO

XIV,

Ltd.

0.7%

Sound

Point

CLO

XV,

Ltd.

0.7%

Ares

XL

CLO,

Ltd.

0.7%

U.S.

Treasury

Notes

0.6%

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

0.5%

U.S.

Treasury

Notes

0.5%

These

securities

represent

11.2%

of

the

total

net

assets

of

the

Fund.

Bond

quality

ratings

are

obtained

from

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

and

Standard

&

Poor’s

Ratings

Services

(“S&P”).

If

Moody’s

and

S&P

have

assigned

different

ratings

to

a

security,

the

lowest

rating

for

the

security

is

used.

Ratings

from

S&P,

when

used,

are

converted

into

their

equivalent

Moody’s

ratings.

Not

rated

may

include

cash.

Investments

in

derivatives

and

short-term

investments

are

not

reflected

in

the

table.

Major

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Bond

Quality

Ratings

Distributions

exclude

collateral

held

for

securities

loaned.

Quoted

Bond

Quality

Ratings

Distributions,

Major

Market

Sectors

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

Net

Asset

Value

4.76%

1.38%

1.39%

Class

S

2

1-Year

5-Year

10-Year

Net

Asset

Value

5.01%

1.54%

1.58%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

shares

and

Class

S

shares

have

no

sales

load.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

investing

in

the

different

classes.

*

The

Bloomberg

Government/Credit

1-3

Year

Bond

Index

is

an

index

that

measures

the

performance

of

government

and

fixed-rate

debt

securities

with

maturities

of

1-3

years.

**

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

Thrivent

Low

Volatility

Equity

Fund

28

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Noah

J.

Monsen,

CFA, Brian

W.

Bomgren,

CQF,

and

Jing

Wang,

CFA, Portfolio

Co-Managers

The

Fund

seeks

long-term

capital appreciation

with

lower

volatility

relative

to

the global

equity

markets.

The

Fund’s

investment

objective

may

be

changed

without

shareholder

approval.

Investment

in

Thrivent

Low

Volatility

Equity

Fund

involves

risks

including

equity

security,

large

cap,

quantitative

investing, derivatives,

foreign

currency,

foreign

securities,

futures

contract,

investment

adviser,

issuer, market,

and

mid

cap risks. A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

Low

Volatility

Equity

Fund

earned

a

return

of

4.38%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Global

Large-Stock

Blend

Funds

category,

of

7.94%.

The

Fund’s

market

benchmark,

the

MSCI

World

Minimum

Volatility

Index–USD

Net

Returns,

earned

a

return

of

3.18%.

What

factors

affected

the

Fund’s

performance?

Ongoing

efforts

by

the

Federal

Reserve

(Fed)

to

lower

inflation

heavily

impacted

U.S.

markets

during

the

period.

The

Fed

increased

short-

term

rates,

bringing

the

federal

funds

target

rate

to

5.25%

-

5.50%.

Longer-term

interest

rates

also

rose,

with

the

10-year

Treasury

ending

the

period

at

4.88%.

As

a

result

of

Fed

actions,

inflation

remained

above

the

central

bank’s

long-term

2%

target

level.

While

investors

feared

the

rapid

rise

in

interest

rates

would

induce

a

U.S.

recession,

economic

growth

remained

positive

during

the

period,

even

showing

signs

of

accelerating.

Corporate

earnings

growth,

which

is

more

directly

correlated

to

stock

market

returns

than

economic

growth

data,

briefly

turned

negative

in

the

early

part

of

2023;

however,

companies

responded

to

sales

slowdowns

with

cost

reductions

that

returned

earnings

growth

to

positive.

The

market

now

anticipates

this

favorable

growth

trend

will

continue

into

2024,

with

less

likelihood

of

a

recession.

U.S.

market

returns

were

heavily

concentrated

in

the

largest

growth

stocks,

while

the

average

stock

underperformed

the

market

capitalization-weighted

indexes.

At

the

other

end

of

the

performance

spectrum,

high

dividend-paying

sectors

such

as

Real

Estate

and

Utilities

had

the

lowest

returns

in

the

face

of

rising

long-term

interest

rates,

particularly

in

the

final

three

months

of

the

period.

In

international

markets,

the

European

Central

Bank

followed

the

Fed’s

lead

by

increasing

short-term

rates

from

2.0%

to

4.5%

for

the

period.

However,

economic

growth

and

stock

markets

trailed

their

U.S.

counterparts,

and

Europe

appears

to

be

in

more

imminent

danger

of

falling

into

recession

in

the

coming

year.

Corporate

earnings

growth

has

also

been

slower

than

in

the

U.S.,

with

expectations

for

around

0%

growth

in

2024.

As

a

result,

markets

anticipate

that

rates

in

Europe

have

already

peaked

and

are

likely

to

fall

in

the

coming

year

to

support

growth

as

inflation

has

abated.

The

faster

pace

of

rate

increases

in

Europe

also

helped

support

a

rise

in

both

the

euro

and

the

British

pound

relative

to

the

U.S.

dollar,

which

provided

a

boost

to

returns

for

U.S.-based

investors

in

European

equities.

In

Japan,

decades

of

deflation

have

been

the

biggest

concern

of

the

central

bank,

so

a

return

to

a

positive

inflation

rate

has

been

a

welcome

sign

for

the

economy

and

market.

Interest

rates

have

begun

to

rise,

albeit

at

a

much

slower

pace

than

in

the

U.S.

or

Europe.

As

a

result,

the

Japanese

yen

weakened

against

other

major

currencies,

hitting

its

lowest

level

versus

the

U.S.

dollar

since

the

early

1990s.

This

has

left

the

yen

near

levels

where

the

Japanese

government

has

previously

intervened

to

support

its

value,

which

has

historically

been

a

headwind

for

foreign

investors

in

Japanese

equities.

Over

the

period,

financial

stocks

led

the

Japanese

market

as

investors

anticipated

that

the

potential

for

even

higher

rates

would

support

the

profitability

of

lenders.

Narrow

leadership

in

the

U.S.

market

and

rising

interest

rates

both

contributed

to

more

modest

returns

for

low-volatility

investing

versus

the

overall

market,

which

led

to

the

Fund’s

underperformance

versus

the

broader

Morningstar

peer

group.

The

low-volatility

segment

has

less

exposure

to

the

high-growth

stocks

that

led

U.S.

markets,

along

with

more

exposure

to

rate-sensitive

sectors,

such

as

Utilities

and

Real

Estate,

that

experienced

the

greatest

headwinds.

The

Fund

outperformed

its

market

benchmark

because

of

stock

selection

in

the

U.S.

and

Japan,

while

performance

in

European

stocks

closely

matched

the

benchmark’s

returns.

In

the

U.S.,

stock

selection

was

especially

strong

in

Utilities

and

Consumer

Staples,

but

notably

weak

in

Health

Care.

In

Japan,

the

Fund

benefited

from

selection

in

Industrials

and

Information

Technology

and

an

overweighting

in

Financials.

Using

our

quantitative

approach

to

stock

selection,

value

factors

contributed

the

most,

especially

in

Japan.

In

the

U.S.,

growth

factors

and

large

size

contributed,

while

the

quality

and

valuation

factors

we

emphasized

did

not

add

value.

The

Fund

used

equity

index

futures

to

manage

cash

flows,

which

did

not

materially

impact

returns

during

the

period.

What

is

your

outlook?

Stock

markets

have

rallied

recently

based

on

policy

commentary

and

economic

data

suggesting

an

end

to

rate

increases.

If

inflation

remains

in

check

and

central

banks

can

achieve

the

elusive

soft-landing

by

defeating

inflation

without

causing

a

recession,

then

we

would

expect

a

more

sustained

rally

in

risky

assets,

and

factors

such

as

high

leverage

and

high

volatility

to

perform

well.

However,

if

rate

cuts

are

needed

to

stimulate

growth

and

ward

off

a

recession,

we

would

expect

higher-quality

and

low-volatility

stocks

to

outperform

instead.

The

current

environment

appears

to

favor

the

soft-landing

scenario

in

the

U.S.

while

tilting

more

toward

recession

outside

the

U.S.

In

evaluating

the

environment

for

quantitative

factor

investing,

we

use

valuation

to

inform

our

expectations

for

factor

returns.

In

the

U.S.,

most

factors

are

at

moderate

valuations,

with

conditions

more

favorable

for

value,

large

size,

and

low

volatility.

In

Japan,

high-quality

factors

currently

display

attractive

valuations,

while

value

and

yield

factors

appear

expensive

compared

to

historical

norms

following

recent

strong

returns.

In

remaining

international

markets,

value

factors

still

appear

attractive,

while

growth

factors

appear

expensive.

29

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

98.1%

Short-Term

Investments

1.9%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Health

Care

20.1%

Information

Technology

13.8%

Consumer

Staples

13.4%

Financials

11.3%

Communications

Services

11.2%

Industrials

10.7%

Utilities

8.0%

Consumer

Discretionary

4.8%

Energy

2.5%

Materials

1.4%

Top

10

Countries

(%

of

Net

Assets)

United

States

61.0%

Japan

11.3%

Switzerland

5.4%

Canada

4.7%

France

2.4%

Germany

1.6%

Denmark

1.4%

Netherlands

1.4%

Hong

Kong

1.3%

Norway

1.3%

Investments

in

securities

in

these

countries

represent

91.8%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Countries

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Countries

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

From

Inception

Class

S

1-Year

5-Year

2/28/2017

Net

Asset

Value

4.38%

5.17%

5.46%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

Morgan

Stanley

Capital

International

(MSCI)

World

Minimum

Volatility

Index

-

USD

Net

Returns

measures

the

performance

characteristics

of

a

minimum

variance

strategy

applied

to

a

universe

of

large-

and

mid-cap

stocks

in

23

developed

market

countries.

It

is

an

optimized

version

of

the

MSCI

World

Index.

It

is

not

possible

to

invest

directly

in

the

Index.

The

performance

of

the

Index

reflects

dividends

reinvested

after

the

deduction

of

withholding

taxes.

**

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Mid

Cap

Growth

Fund

30

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Siddharth

Sinha,

CFA,

Michael

P.

Hubbard,

and

Mark

C.

Militello,

CFA, Portfolio

Co-Managers*

The

Fund

seeks

long-term

capital

growth.

Investment

in

Thrivent

Mid

Cap

Growth

Fund

involves

risks

including mid

cap,

growth

investing,

equity

security,

investment

adviser, issuer,

market,

and

technology-oriented

companies risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

*Effective

April

30,

2023,

David

J.

Lettenberger,

CFA, no

longer

serves as

portfolio

manager of

the

Fund

due

to

his

retirement.

Effective

August

31,

2023,

Mark

C.

Militello,

CFA,

has

been

named

as

a

portfolio

manager

of

the

Fund.

How

did

the

Fund

perform

during

the 12-month

period

ended October

31,

2023?

Thrivent

Mid

Cap

Growth

Fund

earned

a

return

of

-2.21%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Mid-Cap

Growth

Funds

category,

of

-0.45%.

The

Fund’s

market

benchmarks,

the

Russell

Midcap®

Growth

Index

and

the

S&P

MidCap

400®

Growth

Index,

earned

returns

of

3.35%

and

1.03%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

Fund

underperformed

the

Morningstar

Mid-Cap

Growth

Funds

category

and

the

Russell

Midcap®

Growth

Index

primarily

due

to

poor

stock

selection

in

the

Communication

Services,

Industrials,

Health

Care,

and

Financials

sectors.

Positive

stock

selection

and

performance

in

Consumer

Staples,

Energy,

and

Materials

aided

overall

performance.

The

reporting

period

was

characterized

by

modestly

positive

performance

in

the

Russell

Midcap®

Growth

Index,

while

performance

for

the

Morningstar

Mid-Cap

Growth

Funds

category

was

slightly

negative.

However,

the

market

experienced

reasonable

dispersion

in

returns

among

sectors

with

positive

results

in

Industrials,

Information

Technology,

and

Consumer

Discretionary

contrasted

with

negative

returns

in

Consumer

Staples,

Energy,

Health

Care,

and

Materials.

The

Communication

Services

sector

was

a

relative

underperformer

in

the

Russell

Midcap

Growth

Index,

and

the

Fund

lagged

further

due

to

poor

stock

selection.

ZoomInfo

Technologies

underperformed

as

a

pullback

in

spending

for

sales

lead

generation

within

its

customer

base

impacted

results.

Conversely,

the

Industrials

sector

was

one

of

the

best

performers

in

the

Russell

benchmark,

but

the

Fund’s

selections

detracted.

Chart

Industries

underperformed

following

its

acquisition

of

Howden,

which

added

a

significant

high-interest-rate

debt

burden

to

the

company.

Driven

Brands

Holdings,

an

operator

of

car

washes,

oil

change

stores,

and

collision

repair

centers,

also

lagged

as

the

company

cut

guidance

for

its

car

wash

segment.

However,

strong

performance

from

Industrials

sector

stocks,

such

as

Howmet

Aerospace

and

Advanced

Drainage

Systems,

aided

performance.

Health

Care

was

one

of

the

worst-performing

sectors

in

the

Russell

benchmark,

where

the

life

science

tools

and

services

sub-sector

was

negatively

impacted

by

the

destocking

of

consumables

and

equipment

inventories

post

the

Covid-induced

overordering.

Furthermore,

lower

funding

in

emerging

biotechnology

companies

weighed

on

sales

performance

in

this

sub-sector.

The

Fund’s

exposures

to

life

science

stocks

Bio-Techne

and

Maravai

LifeSciences

Holdings

hindered

results.

Meanwhile,

the

healthcare

equipment

sub-sector

started

2023

strong

because

of

a

recovery

in

surgical

procedures.

However,

the

obesity

trial

results

from

the

GLP-1

class

of

drugs

materially

impacted

the

performance

of

these

stocks

because

of

the

perceived

long-term

impact

on

surgical

procedure

volumes

if

these

drugs

see

wide-scale

adoption.

Therefore,

the

Fund’s

overweighted

position

in

healthcare

equipment

stocks

also

negatively

impacted

performance.

Information

Technology

was

the

best-performing

sector

in

the

Russell

benchmark,

but

the

Fund

slightly

underperformed

because

of

selection

within

the

software

industry,

including

weak

results

from

BILL

Holdings

and

Sprout

Social

that

were

partially

offset

by

stronger

returns

from

Synopsys,

Inc.,

Palo

Alto

Networks,

and

HubSpot.

However,

the

Fund

strongly

outperformed

the

benchmark

in

the

semiconductor

and

semiconductor

equipment

sub-sectors

driven

by

Lam

Research,

Entegris,

and

Monolithic

Power

Systems.

Consumer

Staples,

Energy,

and

Materials

were

all

relative

underperformers

in

the

Russell

benchmark,

but

the

Fund

outperformed

in

each

sector

due

to

stock

selection.

In

Consumer

Staples,

the

Fund

saw

strong

results

from

Celsius

Holdings,

a

rapidly

growing

brand

of

energy

drinks.

Also,

solid

ongoing

results

from

Casey’s

General

Stores

and

a

timely

exit

from

Lamb

Weston

Holdings

aided

performance

in

the

sector.

In

Energy,

the

Fund

outperformed

because

of

strong

performance

from

TechnipFMC

as

the

company’s

differentiated

subsea

technology

portfolio

helped

garner

strong

global

orders.

Additionally,

while

the

Materials

sector

was

a

significant

relative

underperformer

in

the

benchmark,

the

Fund

outperformed

because

of

a

positive

contribution

from

aggregates

provider

Martin

Marietta

Materials.

The

Consumer

Discretionary

sector

outperformed

in

the

Russell

benchmark

and

the

Fund’s

results

were

in

line

because

of

good

stock

selection

offset

by

an

underweighted

allocation.

Within

the

sector,

the

Fund

benefited

from

the

strong

performance

of

Five

Below

and

a

timely

exit

from

Ulta

Beauty.

The

Fund

initiated

a

new

position

in

Deckers

Outdoor

earlier

this

year,

which

also

aided

performance.

What

is

your

outlook?

Our

team

continues

to

identify

and

invest

in

companies

with

sustainable

growth

opportunities

and

strong

competitive

advantages

that

can

execute

regardless

of

the

market

or

economic

environment.

The

current

market

conditions

present

an

opportunity

to

evaluate

new

secular

growth

and

high-quality

stocks

that

have

underperformed

in

the

recent

past

as

they

wait

for

their

end

markets

to

recover.

31

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

96.6%

Short-Term

Investments

2.2%

Registered

Investments

Companies

1.2%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Information

Technology

25.6%

Health

Care

17.4%

Industrials

16.1%

Consumer

Discretionary

13.1%

Financials

9.8%

Consumer

Staples

4.0%

Real

Estate

3.6%

Materials

2.6%

Energy

2.5%

Communications

Services

2.2%

Top

10

Holdings

(%

of

Net

Assets)

Howmet

Aerospace,

Inc.

2.9%

Palo

Alto

Networks,

Inc.

2.8%

Synopsys,

Inc.

2.7%

Kinsale

Capital

Group,

Inc.

2.5%

Chipotle

Mexican

Grill,

Inc.

2.1%

Tyler

Technologies,

Inc.

2.0%

MSCI,

Inc.

1.9%

Five

Below,

Inc.

1.9%

PTC,

Inc.

1.9%

Arthur

J.

Gallagher

&

Company

1.8%

These

securities

represent

22.5%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

From

Inception

Class

S

1-Year

2/28/2020

Net

Asset

Value

-2.21%

5.55%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

The

Russell

Midcap

®

Growth

Index

is

an

unmanaged

market

capitalization-weighted

index

of

medium

capitalization

growth

oriented

stocks

of

U.S.

domiciled

companies

that

are

included

in

the

Russell

Midcap

Index.

**

The

S&P

Mid

Cap

400

Growth

Index

is

an

index

that

measures

the

performance

of

the

growth

stocks

in

the

S&P

Mid

Cap

400

®

Index.

***

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Mid

Cap

Stock

Fund

32

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Brian

J.

Flanagan,

CFA,

Vikram

Kaura,

and

J.P.

McKim,

CFA,

Portfolio

Co-Managers

The

Fund

seeks

long-term

capital

growth.

Investment

in

Thrivent

Mid

Cap

Stock

Fund

involves

risks

including

mid

cap,

equity

security,

market, investment

adviser,

and issuer

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

Mid

Cap

Stock

Fund

earned

a

return

of

-4.28%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Mid-Cap

Blend

Funds

category,

of

-0.80%.

The

Fund’s

market

benchmarks,

the

Russell

Midcap®

Index

and

the

S&P

MidCap

400®

Index,

earned

returns

of

-1.01%

and

-1.06%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

Fund

underperformed

the

Russell

Midcap®

Index

primarily

because

of

security

selection

in

the

Information

Technology,

Energy,

and

Health

Care

sectors.

In

Information

Technology,

semiconductor

manufacturer

Wolfspeed

suffered

from

execution

mishaps

as

the

company

ramped

up

its

silicon

carbide

material

and

device

production.

Also,

NICE

Systems

underperformed

its

software

peers

as

concerns

grew

that

generative

artificial

intelligence

(AI)

would

reduce

demand

for

the

company’s

products.

The

Middle

East

conflict

also

negatively

impacted

the

stock

as

the

company

is

headquartered

in

Israel.

Within

the

Health

Care

sector,

Maravai

LifeSciences

was

the

largest

detractor

during

the

period

as

declining

demand

for

the

Covid

vaccine

and

funding

challenges

for

its

customers

temporarily

lowered

sales.

Life

science

tools

company

Bio-Techne

Corporation

also

felt

the

biotechnology

funding

pain

as

well

as

slowing

research

spending

in

China.

Finally,

Revance

Therapeutics’

premium

pricing

versus

its

competitor

Botox

was

not

supported

in

the

marketplace

and

caused

sales

to

be

below

expectations.

Within

the

Energy

sector,

fears

that

declining

drillable

inventory

would

hurt

future

revenue

drove

shares

of

Devon

Energy

lower.

These

negative

results

were

somewhat

offset

by

positive

stock

selection

within

the

Industrials

and

Consumer

Staples

sectors.

In

Industrials,

United

Rentals

led

the

sector

as

the

company’s

superior

customer

service,

nationwide

reach,

and

specialty

product

focus

helped

it

capitalize

on

elevated

project

demand

across

the

United

States.

Consumer

Staples

company

Lamb

Weston

benefited

from

price

increases

and

an

improved

potato

crop,

which

allowed

the

company’s

price-to-cost

spread

to

turn

positive

and

improve

margins.

What

is

your

outlook?

Currently,

many

macro

indicators

are

flashing

conflicting

messages

as

the

Federal

Reserve

(Fed)

is

determined

to

bring

inflation

down

to

its

2%

target,

while

most

sentiment

factors

are

solidly

neutral.

To

begin,

valuation

spreads

are

in

the

middle

of

their

long-term

average,

which

offers

no

advantages

for

either

growth

or

value

companies.

Next,

the

three-month

to

30-year

Treasury

yield

curve

is

significantly

inverted,

which

has

historically

indicated

an

impending

recession.

The

Senior

Loan

Officer

Opinion

Survey

also

indicates

banks

have

incredibly

stringent

lending

standards,

making

it

tough

for

businesses

and

consumers

to

borrow

money.

However,

other

macro

indicators

do

not

support

the

recession

view.

Corporate

bond

spreads

are

narrow

relative

to

history

and

suggest

company

balance

sheets

are

healthy.

Unemployment

claims

remain

incredibly

low

as

job

openings

continue

to

exceed

the

unemployed

population.

Although

these

data

points

do

not

give

a

clear

picture

of

the

economy’s

direction,

the

Fed

continues

to

increase

rates

to

battle

inflation.

One

reason

rate

increases

may

not

have

slowed

economic

growth

as

much

as

expected

is

that

homeowners

locked

in

30-year

mortgage

rates

at

incredibly

low

levels.

Therefore,

the

increased

interest

rates

are

benefiting

many

consumers’

savings

accounts

much

more

than

they

are

negatively

impacting

their

mortgage

payments.

Finally,

corporate

insiders

seem

as

unsure

as

investors,

evidenced

by

a

neutral

corporate

insider

sell/buy

ratio.

Despite

this

uncertain

backdrop,

we

will

remain

focused

on

our

bottom-up

stock

selection

process.

We

continue

to

seek

out

companies

providing

sustainable

competitive

advantages

that

are

generating

significant

or

improving

return-on-invested

capital

and

trading

at

reasonable

valuations.

The

market

will

eventually

provide

more

direction

and

opportunities,

but

in

the

meantime,

we

remain

patient.

We

continue

to

believe

our

team’s

people,

process,

and

patience

will

be

the

keys

to

the

Fund’s

outperformance

over

long

time

periods.

33

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

95.2%

Short-Term

Investments

4.8%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Industrials

19.1%

Financials

16.1%

Consumer

Discretionary

13.2%

Information

Technology

10.7%

Materials

8.0%

Health

Care

7.9%

Energy

5.3%

Utilities

5.1%

Consumer

Staples

4.5%

Real

Estate

4.5%

Top

10

Holdings

(%

of

Net

Assets)

Arch

Capital

Group,

Ltd.

3.8%

Kinsale

Capital

Group,

Inc.

3.7%

NVR,

Inc.

3.3%

United

Rentals,

Inc.

3.1%

Steel

Dynamics,

Inc.

3.1%

Old

Dominion

Freight

Line,

Inc.

3.0%

PPG

Industries,

Inc.

2.8%

Chipotle

Mexican

Grill,

Inc.

2.7%

Advanced

Drainage

Systems,

Inc.

2.6%

Centene

Corporation

2.3%

These

securities

represent

30.4%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

-4.28%

6.99%

9.50%

with

sales

charge

-8.59%

6.01%

9.00%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

-4.05%

7.27%

9.84%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

investing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

the

Index,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

S&P

MidCap

400

®

Index

represents

the

average

performance

of

a

group

of

400

medium

capitalization

stocks.

***

The

Russell

Midcap

®

Index

is

an

index

that

measures

the

performance

of

the

smallest

800

securities

in

the

Russell

1000

®

Index,

as

ranked

by

total

mar-

ket

capitalization.

It

is

not

possible

to

invest

directly

in

these

Indexes.

The

performance

of

these

Indexes

does

not

reflect

deductions

for

fees,

expenses

or

taxes.

****

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Mid

Cap

Value

Fund

34

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Graham

Wong,

CFA,

and

Nicholas

E.

Griffith,

MD,

MBA,

CFA,

Portfolio

Co-Managers

The

Fund

seeks

long-term

capital

growth.

Investment

in

Thrivent

Mid

Cap

Value

Fund

involves

risks

including

mid

cap,

value

investing,

equity

security,

investment

adviser, issuer,

and

market risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

Mid

Cap

Value

Fund

earned

a

return

of

-2.40%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Mid-Cap

Value

Funds

category,

of

-1.15%.

The

Fund’s

market

benchmarks,

the

Russell

Midcap®

Value

Index

and

the

S&P

MidCap

400®

Value

Index,

earned

returns

of

-3.56%

and

-3.37%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

Fund

outperformed

its

benchmarks

over

the

past

year

but

slightly

underperformed

its

peer

group.

Relative

to

the

Russell

Midcap®

Value

benchmark,

stock

selection

contributed

the

most

to

outperformance

while

sector

allocation

was

only

slightly

positive,

which

reflects

our

investment

process

of

generating

outperformance

through

bottom-up

fundamental

company

research.

Stock

selection

was

positive

in

eight

out

of

11

sectors,

led

by

Information

Technology

and

Materials,

while

selection

in

the

Industrials

sector

was

weak.

In

Information

Technology,

Jabil,

an

electronic

manufacturing

services

company,

was

a

top

contributor

as

the

stock

nearly

doubled

over

the

past

year.

The

company

represents

a

good

example

of

our

investment

process.

Jabil

was

underappreciated

by

the

market

but

is

on

a

path

to

operational

improvement

driven

by

a

better

business

mix.

As

the

company

exited

its

lower-margin

iPhone

manufacturing

business

and

replaced

it

with

higher-margin

businesses

like

health

care,

market

sentiment

improved,

driving

the

stock

higher.

In

Materials,

the

Fund

experienced

strong

performance

in

chemicals,

led

by

specialty

chemical

company

Celanese.

We

knew

the

company

well

from

prior

research

but

were

waiting

for

its

valuation

to

become

attractive

before

buying.

Investor

sentiment

soured

after

cyclical

pressures

in

2022

and

a

large

acquisition,

creating

an

attractive

entry

point.

The

investment

has

since

paid

off

as

investors

are

once

again

appreciating

the

underlying

business

quality

of

Celanese.

Conversely,

stock

selection

detracted

in

Industrials.

Barnes

Group,

an

industrial

machinery

company,

underperformed

as

the

implementation

of

a

turnaround

plan

for

its

Industrials

segment

has

been

more

challenging

than

expected.

Sensata

Technologies,

an

electronic

components

company,

was

hurt

by

cyclical

weakness

in

its

Industrial

end

market

as

well

as

share

gains

by

Chinese

electric

vehicle

makers,

whose

cars

carry

fewer

of

Sensata’s

products.

We

have

spoken

to

both

management

teams

and

continue

to

monitor

developments

closely.

What

is

your

outlook?

Over

the

past

year,

the

aggressive

Federal

Reserve

(Fed)

rate

hikes

have

led

to

a

decline

in

corporate

profits,

particularly

of

smaller

businesses.

Higher

interest

rates

have

also

hurt

the

housing

market

due

to

higher

mortgage

rates,

and

the

banking

sector

because

of

higher

funding

costs.

Despite

this,

the

U.S.

economy

has

remained

generally

resilient

as

a

healthy

labor

market

has

helped

maintain

consumer

spending.

Going

forward,

higher

unemployment

could

weaken

the

U.S.

economy.

On

the

other

hand,

investor

sentiment

could

stay

positive

if

the

labor

market

holds

up

and

the

Fed

becomes

more

dovish,

leading

to

a

"soft

landing"

for

the

economy.

The

Mid

Cap

Value

Fund’s

process

is

based

on

bottom-up

stock

selection

rather

than

top-down

macroeconomic

predictions.

Regardless

of

the

economic

environment,

we

continue

to

seek

out

companies

with

a

plausible

path

to

operational

improvement

or

those

that

are

undervalued

relative

to

their

profitability

profile.

35

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

98.5%

Short-Term

Investments

1.5%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Financials

18.5%

Industrials

16.9%

Consumer

Discretionary

10.3%

Energy

8.9%

Information

Technology

7.8%

Materials

7.5%

Health

Care

7.4%

Consumer

Staples

7.2%

Utilities

5.8%

Real

Estate

5.4%

Top

10

Holdings

(%

of

Net

Assets)

General

Dynamics

Corporation

2.5%

Flowserve

Corporation

2.4%

Allstate

Corporation

2.4%

JB

Hunt

Transport

Services,

Inc.

2.1%

Laboratory

Corporation

of

America

Holdings

2.1%

Celanese

Corporation

2.0%

US

Foods

Holding

Corporation

2.0%

Sensata

Technologies

Holding

plc

1.9%

Carlyle

Group,

Inc.

1.9%

Berry

Plastics

Group,

Inc.

1.8%

These

securities

represent

21.1%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

From

Inception

Class

S

1-Year

2/28/2020

Net

Asset

Value

-2.40%

12.55%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

The

Russell

Midcap

®

Value

Index

is

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

value

characteristics.

**

The

S&P

Mid

Cap

400

Value

Index

is

an

index

that

measures

the

performance

of

the

value

stocks

in

the

S&P

Mid

Cap

400

®

Index.

***

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Moderate

Allocation

Fund

36

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

David

S.

Royal,

David

R.

Spangler,

CFA, and

Stephen

D.

Lowe,

CFA, Portfolio

Co-Managers

The

Fund

seeks

long-term

capital

growth

while

providing

reasonable

stability

of

principal.

Investment

in

Thrivent

Moderate

Allocation

Fund

involves

risks

including

allocation,

equity

security,

interest

rate, conflicts

of

interest,

credit,

derivatives,

emerging

markets,

foreign

currency,

foreign

securities, growth

investing,

high

yield,

investment

adviser,

issuer,

large

cap, market,

mid

cap, other

funds,

quantitative

investing,

small

cap,

and

value

investing risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended October

31,

2023?

Thrivent

Moderate

Allocation

Fund

earned

a

return

of

4.19%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Moderate

Allocation

Funds

category,

of

4.16%.

The

Fund’s

market

benchmarks,

the

S&P

500®

Index,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

and

the

MSCI

All

Country

World

Index

ex-USA–USD

Net

Returns,

earned

returns

of

10.14%,

0.36%,

and

12.07%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

Fund’s

approximately

2%

overweighting

to

equities

benefited

performance

since

equities

materially

outperformed

fixed

income.

However,

the

Fund’s

approximately

4%

overweighting

to

domestic

equity

detracted

from

results

because

of

stronger

performance

in

developed

international

markets.

Within

the

domestic

equity

portfolio,

an

overweighting

in

small-

and

mid-cap

stocks

detracted.

In

aggregate,

managers

outperformed

their

respective

benchmarks,

with

the

strongest

contribution

by

far

coming

from

the

large-cap

growth

manager,

followed

by

the

small-cap

value

and

international

managers,

while

underperforming

managers

included

mid-cap

stock,

small-

cap

growth,

small-cap

stock,

and

mid-cap

growth.

Among

the

various

market

factors,

an

overweighting

to

growth

benefited

performance

because

growth

materially

outperformed

value;

however,

the

low-volatility

strategy

detracted

from

performance.

In

early

January,

the

Fund’s

underweighting

to

international

was

reduced

in

half

from

a

4%

to

2%

underweighting.

The

Fund’s

equity

exposure

was

reduced

by

approximately

1%

in

early

February.

In

early

April,

the

Fund’s

overweighting

to

domestic

equity

was

increased

by

selling

1%

from

Europe

and

adding

1%

to

domestic.

In

early

August,

the

Fund’s

equity

overweighting

was

decreased

by

approximately

1.5%

toward

a

target

of

a

1%

overweighting.

In

addition,

the

low-volatility

strategy

is

being

removed

in

favor

of

broader

public

and

private

equity

exposures.

As

part

of

the

management

process,

we

employed

several

derivative

strategies

within

equity

to

adjust

exposures

to

various

asset

classes

when

deemed

appropriate,

in

addition

to

more

efficiently

managing

cash

inflows

and

outflows.

Within

the

fixed-income

market,

interest

rates

rose

sharply,

and

the

Treasury

yield

curve

flattened,

with

short-term

rates

rising

the

most

as

the

Federal

Reserve

(Fed)

raised

its

target

for

the

federal

funds

rate

at

a

rapid

pace.

Credit

spreads,

which

compensate

corporate

and

other

bondholders

for

risks

such

as

default,

decreased

moderately.

Returns

within

fixed

income

varied,

with

interest-rate

sensitive

segments

such

as

Treasury

bonds

and

high-quality

agency

mortgage-backed

securities

(MBS)

underperforming

with

negative

returns.

Lower-quality

credit

segments

with

less

interest-rate

sensitivity

outperformed,

including

high-yield

corporate

bonds,

and

leveraged

loans.

The

fixed-income

portion

of

the

Fund

outperformed

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

key

driver

of

positive

relative

performance

was

an

overweighted

position

in

corporate

securities,

including

high-yield

corporates,

investment-grade

corporates,

and

leveraged

loans.

Security

selection

within

securitized

assets

was

also

positive,

including

collateralized

loan

obligations

(CLOs)

and

non-

agency

mortgages.

Negative

contributors

included

interest

rate

and

Treasury

curve

positioning.

Additionally,

security

selection

within

high-yield

and

leveraged

loans

was

negative.

We

used

Treasury

futures

and

mortgage

options

to

help

manage

the

fixed-income

portfolio’s

interest-rate

exposure,

and

credit

default

swap

indexes

to

help

manage

credit

exposure.

Within

the

fixed-income

portfolio,

we

lowered

interest-rate

sensitivity

during

the

year

and

reduced

Treasury

holdings,

while

increasing

agency

MBS.

What

is

your

outlook?

The

Asset

Allocation

Funds

hold

a

moderate

equity

overweighting

and

a

bias

toward

adding

to

that

exposure

in

the

event

of

further

market

weakness.

However,

looking

to

2024,

we

remain

cautious

because

the

Fed’s

tightening

may

continue

to

constrain

the

U.S.

economy.

Within

equity,

the

Fund

remains

underweighted

in

international

overall,

primarily

in

Europe

and

emerging

markets,

because

globalization

has

likely

peaked,

Europe

is

more

at

risk

of

recession

than

other

regions,

and

international

economies

face

more

demographic

and

structural

headwinds.

Domestically,

we

see

a

higher

degree

of

innovation

and

a

more

favorable

regulatory

climate

for

businesses.

Nearer

term,

international

markets

may

provide

some

safety

on

a

relative

basis

in

the

event

the

largest

names

in

the

S&P

500

give

back

some

of

their

significant

year-to-date

gains;

however,

this

possibility

is

not

compelling

enough

for

us

to

reduce

the

Fund’s

international

underweighting

at

this

time.

Eurozone

economic

data

continues

to

weaken,

and

China’s

real

estate

issues

have

the

potential

to

impact

the

Chinese

economy

more

broadly

and

negatively.

Within

market

cap

segments,

small-

and

mid-cap

stocks

appear

more

attractive

than

earlier

this

year

from

a

valuation

and

technical

perspective.

However,

over

the

long

term,

we

maintain

a

preference

for

large

caps

over

small

caps

in

public

markets

because

of

the

increased

benefits

of

scale

for

larger

companies,

the

growth

of

private

markets,

and

the

trend

toward

smaller

companies

remaining

private

for

much

longer.

Within

fixed

income,

we

anticipate

interest-rate

volatility

will

remain

elevated

given

uncertainty

over

the

economy,

inflation,

and

the

timing

of

a

potential

Fed

rate

cut.

We

expect

the

Fed

to

hold

rates

steady

into

2024

but

cut

rates

in

the

second

half

due

to

a

slowing

economy.

Credit

spreads

are

likely

to

increase,

reflecting

greater

default

risks

as

the

economy

slows

because

of

the

lagged

impact

of

rate

hikes.

The

fixed-income

portfolio

is

positioned

for

lower

interest

rates

and

is

roughly

neutral

in

terms

of

credit

risk.

37

Portfolio

Composition

(%

of

Portfolio)

Large

Cap

40.2%

Investment

Grade

Debt

27.6%

Short-Term

Investments

12.9%

Small

Cap

4.3%

International

4.2%

Mid

Cap

3.9%

High

Yield

2.6%

Emerging

Markets

Debt

1.6%

Multi-Cap

1.3%

Floating

Rate

Debt

1.2%

Private

Equity

0.2%

Total

100.0%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Large

Cap

Growth

Fund,

Class

S

8.8%

Thrivent

Large

Cap

Value

Fund,

Class

S

8.8%

Thrivent

Mid

Cap

Stock

Fund,

Class

S

4.7%

Thrivent

International

Allocation

Fund,

Class

S

3.8%

Thrivent

Income

Fund,

Class

S

3.6%

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

2.2%

Thrivent

Global

Stock

Fund,

Class

S

2.1%

Thrivent

Core

Emerging

Markets

Debt

Fund

1.8%

Thrivent

Core

Small

Cap

Value

Fund

1.5%

Thrivent

Core

Low

Volatility

Equity

Fund

1.5%

These

securities

represent

38.8%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

illustrates

market

exposure

of

all

asset

classes,

including

long

and

short

derivatives.

Portfolio

composition

does

not

look-through

other

mutual

funds

held

to

their

underlying

assets,

but

rather

each

fund

is

assigned

an

asset

class.

Portfolio

Composition

excludes

collateral

held

for

securities

loaned.

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

4.19%

4.56%

4.81%

with

sales

charge

-0.48%

3.60%

4.33%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

4.42%

4.79%

5.09%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

invest-

ing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

those

Indexes,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

Bloomberg

U.S.

Aggregate

Bond

Index

is

an

index

that

measures

the

performance

of

U.S.

investment

grade

bonds.

***

The

MSCI

All

Country

World

Index

ex-USA

-

USD

Net

Returns

is

an

unmanaged

market

capitalization-weighted

index

that

is

designed

to

represent

the

performance

of

developed

and

emerging

stock

markets

throughout

the

world.

The

performance

of

the

Index

reflects

dividends

reinvested

after

the

deduction

of

withholding

taxes.

****

The

S&P

500®

Index

is

an

index

that

represents

the

average

performance

of

a

group

of

500

widely

held,

publicly

traded

stocks.

“S&P

500®”

is

a

trade-

mark

of

The

McGraw-Hill

Companies,

Inc.

and

has

been

licensed

for

use

by

Thrivent

Financial

for

Lutherans.

The

product

is

not

sponsored,

endorsed

or

promoted

by

Standard

&

Poor’s

and

Standard

&

Poor’s

makes

no

representation

regarding

the

advisability

of

investing

in

the

product.

*****

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

Thrivent

Moderately

Aggressive

Allocation

Fund

38

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

David

S.

Royal,

David

R.

Spangler,

CFA, and Stephen

D.

Lowe,

CFA,

Portfolio

Co-Managers

The

Fund

seeks

long-term

capital

growth.

Investment

in

Thrivent

Moderately

Aggressive

Allocation

Fund

involves

risks

including

allocation,

equity

security,

large

cap,

conflicts

of

interest,

credit,

derivatives,

emerging

markets,

foreign

currency,

foreign

securities,

growth

investing,

interest

rate,

investment

adviser,

issuer,

market,

mid

cap,

other

funds,

quantitative

investing,

small

cap,

and

value

investing

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

Moderately

Aggressive

Allocation

Fund

earned

a

return

of

4.43%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Moderately

Aggressive

Allocation

Funds

category,

of

4.49%.

The

Fund’s

market

benchmarks,

the

S&P

500®

Index,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

and

the

MSCI

All

Country

World

Index

ex-USA–USD

Net

Returns,

earned

returns

of

10.14%,

0.36%,

and

12.07%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

Fund’s

approximately

2%

overweighting

to

equities

benefited

performance

because

equities

materially

outperformed

fixed

income.

However,

the

Fund’s

approximately

4%

overweighting

to

domestic

equity

detracted

from

results

because

of

stronger

performance

in

developed

international

markets.

Within

the

domestic

equity

portfolio,

an

overweighting

in

small-

and

mid-cap

stocks

detracted.

Managers

generally

outperformed

their

respective

benchmarks,

with

the

strongest

contribution

by

far

coming

from

the

large-cap

growth

manager,

followed

by

the

small-cap

value

and

international

managers,

while

underperforming

managers

included

small-

and

mid-cap

stocks,

and

small-

and

mid-cap

growth.

Among

the

various

market

factors,

an

overweighting

to

growth

benefited

performance

because

growth

materially

outperformed

value;

however,

the

low-volatility

strategy

detracted

from

performance.

In

early

January,

the

Fund’s

underweighting

to

international

was

reduced

to

a

2%

underweighting.

The

Fund’s

equity

exposure

was

reduced

by

approximately

1%

in

early

February.

In

early

April,

the

Fund’s

overweighting

to

domestic

equity

was

increased

by

selling

1%

from

Europe

and

adding

1%

to

domestic.

In

early

August,

the

Fund’s

equity

overweighting

was

decreased

by

approximately

1.5%

toward

its

target

of

1%.

In

addition,

the

low-volatility

strategy

is

being

removed

in

favor

of

broader

public

and

private

equity

exposures.

As

part

of

the

management

process,

we

employed

several

derivative

strategies

within

equity

to

adjust

exposures

to

various

asset

classes

when

deemed

appropriate,

in

addition

to

more

efficiently

managing

cash

inflows

and

outflows.

Within

the

fixed-income

market,

interest

rates

rose

sharply,

and

the

Treasury

yield

curve

flattened,

with

short-term

rates

rising

the

most

as

the

Federal

Reserve

(Fed)

raised

its

target

for

the

federal

funds

rate

at

a

rapid

pace.

Credit

spreads,

which

compensate

bondholders

for

risks,

decreased.

Fixed

income

returns

varied,

with

interest-rate

sensitive

segments

such

as

Treasury

bonds

and

high-quality

agency

mortgage-backed

securities

(MBS)

underperforming.

Lower-quality

credit

segments

with

less

interest-rate

sensitivity

outperformed,

including

high-yield

corporate

bonds

and

leveraged

loans.

The

fixed-income

portion

of

the

Fund

outperformed

its

Bloomberg

benchmark.

The

key

driver

of

positive

relative

performance

was

an

overweighted

position

in

corporate

securities,

including

high-yield

corporates,

investment-grade

corporates,

and

leveraged

loans.

Security

selection

within

securitized

assets

was

also

positive,

including

collateralized

loan

obligations

(CLOs)

and

non-agency

mortgages.

Negative

contributors

included

interest

rate

and

Treasury

curve

positioning.

Additionally,

security

selection

within

high-yield

and

leveraged

loans

was

negative.

We

used

Treasury

futures

and

mortgage

options

to

help

manage

the

fixed-income

portfolio’s

interest-rate

exposure,

and

credit

default

swaps

to

help

manage

credit

exposure.

Within

the

fixed-

income

portfolio,

we

lowered

interest-rate

sensitivity

during

the

year

and

reduced

Treasury

holdings,

while

increasing

agency

MBS.

What

is

your

outlook?

The

Asset

Allocation

Funds

hold

a

moderate

equity

overweighting

and

a

bias

toward

adding

to

that

exposure

in

the

event

of

further

market

weakness.

However,

looking

to

2024,

we

remain

cautious

because

the

Fed’s

tightening

may

continue

to

constrain

the

U.S.

economy.

Within

equity,

the

Fund

remains

underweighted

in

international

overall,

primarily

in

Europe

and

emerging

markets,

because

globalization

has

likely

peaked,

Europe

is

more

at

risk

of

recession

than

other

regions,

and

international

economies

face

more

demographic

and

structural

headwinds.

Domestically,

we

see

a

higher

degree

of

innovation

and

a

more

favorable

regulatory

climate

for

businesses.

Nearer

term,

international

markets

may

provide

some

safety

on

a

relative

basis

in

the

event

the

largest

names

in

the

S&P

500

give

back

some

of

their

significant

year-to-date

gains;

however,

this

possibility

is

not

compelling

enough

for

us

to

reduce

the

Fund’s

international

underweighting

at

this

time.

Eurozone

economic

data

continues

to

weaken,

and

China’s

real

estate

issues

have

the

potential

to

impact

the

Chinese

economy

more

broadly

and

negatively.

Within

market

cap

segments,

small-

and

mid-cap

stocks

appear

more

attractive

than

earlier

this

year

from

a

valuation

and

technical

perspective.

However,

over

the

long

term,

we

maintain

a

preference

for

large

caps

over

small

caps

in

public

markets

because

of

the

increased

benefits

of

scale

for

larger

companies,

the

growth

of

private

markets,

and

the

trend

toward

smaller

companies

remaining

private

for

much

longer.

Within

fixed

income,

we

anticipate

interest-rate

volatility

will

remain

elevated

given

uncertainty

over

the

economy,

inflation,

and

the

timing

of

a

potential

Fed

rate

cut.

We

expect

the

Fed

to

hold

rates

steady

into

2024

but

cut

rates

in

the

second

half

due

to

a

slowing

economy.

Credit

spreads

are

likely

to

increase,

reflecting

greater

default

risks

as

the

economy

slows

because

of

the

lagged

impact

of

rate

hikes.

The

fixed-income

portfolio

is

positioned

for

lower

interest

rates

and

is

roughly

neutral

in

terms

of

credit

risk.

39

Portfolio

Composition

(%

of

Portfolio)

Large

Cap

43.9%

Investment

Grade

Debt

14.8%

Short-Term

Investments

13.3%

International

11.5%

Small

Cap

8.0%

Mid

Cap

4.0%

Multi-Cap

1.6%

High

Yield

1.3%

Emerging

Markets

Debt

0.8%

Floating

Rate

Debt

0.6%

Private

Equity

0.2%

Total

100.0%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Large

Cap

Growth

Fund,

Class

S

9.8%

Thrivent

Large

Cap

Value

Fund,

Class

S

9.1%

Thrivent

International

Allocation

Fund,

Class

S

6.7%

Thrivent

Mid

Cap

Stock

Fund,

Class

S

6.3%

Thrivent

Global

Stock

Fund,

Class

S

4.8%

Thrivent

Core

International

Equity

Fund

1.9%

Thrivent

Core

Low

Volatility

Equity

Fund

1.8%

Thrivent

Income

Fund,

Class

S

1.8%

Thrivent

Small

Cap

Stock

Fund,

Class

S

1.7%

Thrivent

Core

Emerging

Markets

Equity

Fund

1.6%

These

securities

represent

45.5%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

illustrates

market

exposure

of

all

asset

classes,

including

long

and

short

derivatives.

Portfolio

composition

does

not

look-through

other

mutual

funds

held

to

their

underlying

assets,

but

rather

each

fund

is

assigned

an

asset

class.

Portfolio

Composition

excludes

collateral

held

for

securities

loaned.

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

4.43%

5.31%

5.82%

with

sales

charge

-0.26%

4.34%

5.33%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

4.68%

5.54%

6.09%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

invest-

ing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

those

Indexes,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

Bloomberg

U.S.

Aggregate

Bond

Index

is

an

index

that

measures

the

performance

of

U.S.

investment

grade

bonds.

***

The

MSCI

All

Country

World

Index

ex-USA

-

USD

Net

Returns

is

an

unmanaged

market

capitalization-weighted

index

that

is

designed

to

represent

the

performance

of

developed

and

emerging

stock

markets

throughout

the

world.

The

performance

of

the

Index

reflects

dividends

reinvested

after

the

deduction

of

withholding

taxes.

****

The

S&P

500®

Index

is

an

index

that

represents

the

average

performance

of

a

group

of

500

widely

held,

publicly

traded

stocks.

“S&P

500®”

is

a

trade-

mark

of

The

McGraw-Hill

Companies,

Inc.

and

has

been

licensed

for

use

by

Thrivent

Financial.

The

product

is

not

sponsored,

endorsed

or

promoted

by

Standard

&

Poor’s

and

Standard

&

Poor’s

makes

no

representation

regarding

the

advisability

of

investing

in

the

product..

*****

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

Thrivent

Moderately

Conservative

Allocation

Fund

40

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

David

S.

Royal,

David

R.

Spangler,

CFA, and

Stephen

D.

Lowe,

CFA, Portfolio

Co-Managers

The

Fund

seeks

long-term

capital

growth

while

providing

reasonable

stability

of

principal.

Investment

in

Thrivent

Moderately

Conservative

Allocation

Fund

involves

risks

including allocation,

interest

rate,

equity

security, conflicts

of

interest,

credit,

derivatives,

emerging

markets,

foreign

currency,

foreign

securities,

government

securities,

high

yield,

investment

adviser,

issuer,

large

cap,

leveraged

loan,

market,

mid

cap,

mortgage-backed

and

other

asset-backed

securities,

other

funds,

prepayment,

and

quantitative

investing

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2023?

Thrivent

Moderately

Conservative

Allocation

Fund

earned

a

return

of

2.63%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Conservative

Allocation

Funds

category,

of

2.73%.

The

Fund’s

market

benchmarks,

the

S&P

500®

Index,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

and

the

MSCI

All

Country

World

Index

ex-USA–USD

Net

Returns,

earned

returns

of

10.14%,

0.36%,

and

12.07%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

Fund’s

approximately

2%

overweighting

to

equities

benefited

performance

since

equities

materially

outperformed

fixed

income.

However,

the

Fund’s

approximately

4%

overweighting

to

domestic

equity

detracted

from

results

because

of

stronger

performance

in

developed

international

markets.

Within

the

domestic

equity

portfolio,

an

overweighting

in

small-

and

mid-cap

stocks

detracted.

In

aggregate,

managers

outperformed

their

respective

benchmarks,

with

the

strongest

contribution

by

far

coming

from

the

large-cap

growth

manager,

followed

by

the

small-cap

value

and

international

managers,

while

underperforming

managers

included

mid-cap

stock,

small-

cap

growth,

small-cap

stock,

and

mid-cap

growth.

Among

the

various

market

factors,

an

overweighting

to

growth

benefited

performance

because

growth

materially

outperformed

value;

however,

the

low-volatility

strategy

detracted

from

performance.

In

early

January,

the

Fund’s

underweighting

to

international

was

reduced

in

half

from

a

4%

to

2%

underweighting.

The

Fund’s

equity

exposure

was

reduced

by

approximately

1%

in

early

February.

In

early

April,

the

Fund’s

overweighting

to

domestic

equity

was

increased

by

selling

1%

from

Europe

and

adding

1%

to

domestic.

In

early

August,

the

Fund’s

equity

overweighting

was

decreased

by

approximately

1.5%

toward

a

target

of

a

1%

overweighting.

In

addition,

the

low-volatility

strategy

is

being

removed

in

favor

of

broader

public

and

private

equity

exposures.

As

part

of

the

management

process,

we

employed

several

derivative

strategies

within

equity

to

adjust

exposures

to

various

asset

classes

when

deemed

appropriate,

in

addition

to

more

efficiently

managing

cash

inflows

and

outflows.

Within

the

fixed-income

market,

interest

rates

rose

sharply,

and

the

Treasury

yield

curve

flattened,

with

short-term

rates

rising

the

most

as

the

Federal

Reserve

(Fed)

raised

its

target

for

the

federal

funds

rate

at

a

rapid

pace.

Credit

spreads,

which

compensate

corporate

and

other

bondholders

for

risks

such

as

default,

decreased

moderately.

Returns

within

fixed

income

varied,

with

interest-rate

sensitive

segments

such

as

Treasury

bonds

and

high-quality

agency

mortgage-backed

securities

(MBS)

underperforming

with

negative

returns.

Lower-quality

credit

segments

with

less

interest-rate

sensitivity

outperformed,

including

high-yield

corporate

bonds,

and

leveraged

loans.

The

fixed-income

portion

of

the

Fund

outperformed

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

key

driver

of

positive

relative

performance

was

an

overweighted

position

in

corporate

securities,

including

high-yield

corporates,

investment-grade

corporates,

and

leveraged

loans.

Security

selection

within

securitized

assets

was

also

positive,

including

collateralized

loan

obligations

(CLOs)

and

non-

agency

mortgages.

Negative

contributors

included

interest

rate

and

Treasury

curve

positioning.

Additionally,

security

selection

within

high-yield

and

leveraged

loans

was

negative.

We

used

Treasury

futures

and

mortgage

options

to

help

manage

the

fixed-income

portfolio’s

interest-rate

exposure,

and

credit

default

swaps

to

help

manage

credit

exposure.

Within

the

fixed-income

portfolio,

we

lowered

interest-rate

sensitivity

during

the

year

and

reduced

Treasury

holdings,

while

increasing

agency

MBS.

What

is

your

outlook?

The

Asset

Allocation

Funds

hold

a

moderate

equity

overweighting

and

a

bias

toward

adding

to

that

exposure

in

the

event

of

further

market

weakness.

Within

equity,

the

Fund

remains

underweighted

in

international

overall,

primarily

in

Europe

and

emerging

markets,

because

globalization

has

likely

peaked,

Europe

is

more

at

risk

of

recession

than

other

regions,

and

international

economies

face

more

demographic

and

structural

headwinds.

Domestically,

we

see

a

higher

degree

of

innovation

and

a

more

favorable

regulatory

climate

for

businesses.

Nearer

term,

international

markets

may

provide

some

safety

on

a

relative

basis

in

the

event

the

largest

names

in

the

S&P

500

give

back

some

of

their

significant

year-to-date

gains;

however,

this

possibility

is

not

compelling

enough

for

us

to

reduce

the

Fund’s

international

underweighting

at

this

time.

Eurozone

economic

data

continues

to

weaken,

and

China’s

real

estate

issues

have

the

potential

to

impact

the

Chinese

economy

more

broadly

and

negatively.

Within

market

cap

segments,

small-

and

mid-cap

stocks

appear

more

attractive

than

earlier

this

year

from

a

valuation

and

technical

perspective.

However,

over

the

long

term,

we

maintain

a

preference

for

large

caps

over

small

caps

in

public

markets.

Within

fixed

income,

we

anticipate

interest-rate

volatility

will

remain

elevated

given

uncertainty

over

the

economy,

inflation,

and

the

timing

of

a

potential

Fed

rate

cut.

We

expect

the

Fed

to

hold

rates

steady

into

2024

but

cut

rates

in

the

second

half

due

to

a

slowing

economy.

Credit

spreads

are

likely

to

increase,

reflecting

greater

default

risks

as

the

economy

slows

because

of

the

lagged

impact

of

rate

hikes.

The

fixed-income

portfolio

is

positioned

for

lower

interest

rates

and

is

roughly

neutral

in

terms

of

credit

risk.

41

Portfolio

Composition

(%

of

Portfolio)

Investment

Grade

Debt

45.9%

Large

Cap

22.9%

Short-Term

Investments

10.1%

International

5.6%

High

Yield

4.6%

Small

Cap

2.9%

Emerging

Markets

Debt

2.8%

Mid

Cap

2.0%

Floating

Rate

Debt

2.0%

Multi-Cap

1.0%

Private

Equity

0.2%

Total

100.0%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Large

Cap

Value

Fund,

Class

S

9.1%

Thrivent

Income

Fund,

Class

S

6.6%

Thrivent

Large

Cap

Growth

Fund,

Class

S

5.4%

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

3.9%

Thrivent

Core

Emerging

Markets

Debt

Fund

3.2%

Thrivent

Mid

Cap

Stock

Fund,

Class

S

2.3%

Thrivent

High

Yield

Fund,

Class

S

2.3%

Thrivent

International

Allocation

Fund,

Class

S

2.0%

U.S.

Treasury

Notes

1.9%

Thrivent

Core

International

Equity

Fund

1.3%

These

securities

represent

38.0%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

illustrates

market

exposure

of

all

asset

classes,

including

long

and

short

derivatives.

Portfolio

composition

does

not

look-through

other

mutual

funds

held

to

their

underlying

assets,

but

rather

each

fund

is

assigned

an

asset

class.

Portfolio

Composition

excludes

collateral

held

for

securities

loaned.

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

2.63%

2.51%

3.14%

with

sales

charge

-1.99%

1.58%

2.67%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

2.88%

2.74%

3.41%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

invest-

ing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

those

Indexes,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

Bloomberg

U.S.

Aggregate

Bond

Index

is

an

index

that

measures

the

performance

of

U.S.

investment

grade

bonds.

***

The

MSCI

All

Country

World

Index

ex-USA

-

USD

Net

Returns

is

an

unmanaged

market

capitalization-weighted

index

that

is

designed

to

represent

the

performance

of

developed

and

emerging

stock

markets

throughout

the

world.

The

performance

of

the

Index

reflects

dividends

reinvested

after

the

deduction

of

withholding

taxes.

****

The

S&P

500

®

Index

is

an

index

that

represents

the

average

performance

of

a

group

of

500

widely

held,

publicly

traded

stocks.

“S&P

500

®

”

is

a

trade-

mark

of

The

McGraw-Hill

Companies,

Inc.

and

has

been

licensed

for

use

by

Thrivent

Financial

for

Lutherans.

The

product

is

not

sponsored,

endorsed

or

promoted

by

Standard

&

Poor’s

and

Standard

&

Poor’s

makes

no

representation

regarding

the

advisability

of

investing

in

the

product.

*****

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

Thrivent

Money

Market

Fund

42

An

investment

in

the

Thrivent

Money

Market

Fund

is

not

insured

or

guaranteed

by

the

FDIC

or

any

other

government

agency.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

is

possible

to

lose

money

by

investing

in

the

Fund.

Quoted

Fund

performance

is

for

Class

A

shares.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

William

D.

Stouten,

Portfolio

Manager

The

Fund

seeks

a

high

level

of

current

income,

while

maintaining

liquidity

and

a

constant

net

asset

value

of

$1.00

per

share.

Investment

in

Thrivent

Money

Market

Fund

involves

risks

including

money

market

fund,

government

securities,

interest

rate,

credit, investment

adviser, market,

and

repurchase

agreement

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

The

Fund

invests

at

least

99.5%

of

its

total

assets

in

government

securities,

cash,

and

repurchase

agreements

collateralized

fully

by

government

securities

or

cash.

How

did

the

Fund

perform

during

the

12-month

period

ended October

31,

2023?

Thrivent

Money

Market

Fund

earned

a

return

of

4.55%,

compared

with

the

average

net

return

of

its

peer

group,

the

Morningstar

Money

Market

Taxable

Category,

of

4.31%.

What

factors

affected

the

Fund’s

performance?

The

Federal

Reserve

(Fed)

continued

its

rate-hiking

campaign

as

inflation

remained

stubbornly

high

amid

surprisingly

strong

U.S.

employment

and

economic

growth.

The

Fed

hiked

six

additional

times

during

the

period

before

pausing

in

September,

bringing

the

federal

funds

target

rate

to

5.25%

-

5.50%.

Interest

rates

rose

across

the

Treasury

yield

curve

and

the

curve

remained

inverted

with

shorter

maturities

yielding

more

than

longer

maturities,

which

has

historically

signaled

a

coming

recession.

The

three-month

Treasury

bill

rate

increased

to

5.59%

by

period

end,

while

the

yield

on

the

10-year

Treasury

ended

at

4.88%.

Although

inflation

cooled

significantly

from

its

mid-2022

peak,

it

remained

above

the

Fed’s

long-term

2%

target.

As

a

result,

the

Fed

telegraphed

a

higher-for-longer

rates

narrative

that

rattled

financial

markets

in

the

final

weeks

of

the

period.

Volatility

remained

elevated

as

investors

digested

Fed

comments

and

pushed

out

expectations

for

rate

cuts

further

in

2024.

Attractive

yield

levels,

combined

with

ongoing

uncertainty

surrounding

the

economy

and

inflation,

led

investors

to

pour

record

amounts

into

money

market

funds

during

the

period.

As

a

result,

the

financial

system

remained

flooded

with

more

excess

cash

than

the

available

supply

of

short-term

securities,

which

continued

to

put

downward

pressure

on

the

rates

of

available

government

securities.

Rates

for

the

Fed’s

overnight

reverse

repo

program

(which

the

Fund

cannot

invest

in)

rose

to

5.30%

in

tandem

with

the

federal

funds

rate.

However,

demand

for

the

program

shrunk

considerably

to

$1.1

trillion

after

the

U.S.

Treasury

offered

a

deluge

of

new

Treasury

bill

issuance

to

refill

its

coffers

following

the

end

of

the

debt

ceiling

debate

in

early

June.

In

line

with

the

broader

money

market

industry,

the

Fund’s

net

assets

increased

dramatically

over

the

period

from

around

$945

million

to

more

than

$2

billion

as

of

October

31,

2023.

As

net

assets

grew,

we

maintained

the

Fund’s

flexibility

to

quickly

take

advantage

of

federal

fund

rate

increases;

however,

the

above-mentioned

supply/demand

dynamics

limited

our

ability

to

get

adequately

compensated

for

adding

investments

further

out

on

the

yield

curve.

Therefore,

we

kept

more

than

50%

of

the

Fund

in

floating-rate

government

securities

and

other

overnight

options,

while

maintaining

a

very

short

weighted

average

maturity

(WAM),

which

ended

the

period

at

10

days.

We

also

invested

around

8%

of

the

Fund

in

variable-rate

demand

notes

(VRDNs),

which

typically

have

weekly

resets

to

help

ensure

their

yields

reflect

the

current

rate

environment.

In

addition,

we

opportunistically

increased

Treasury

bill

exposure

to

around

14%

of

net

assets

after

the

segment

cheapened

in

the

wake

of

elevated

supply,

which

benefited

the

Fund

versus

its

peer

group.

We

targeted

a

longer

weighted

average

life

(WAL)

for

the

Fund,

which

is

required

to

be

120

days

or

less

for

government

money

market

funds,

by

purchasing

longer-dated,

floating-rate

notes

when

opportunities

arose.

What

is

your

outlook?

While

the

U.S.

economy

has

slowed,

it

has

not

yet

felt

the

full

impact

of

higher

interest

rates

and

tighter

lending

standards.

At

the

same

time,

the

Fed

has

reiterated

that

its

primary

focus

is

to

bring

inflation

back

in

line

with

its

target;

therefore,

we

don’t

believe

a

pivot

to

rate

cuts

will

happen

anytime

soon.

We

will

continue

to

maintain

the

Fund’s

conservative

profile

and

liquidity,

emphasizing

shorter

maturity

and

floating-rate

securities.

Once

we

believe

the

Fed

has

reached

the

end

of

its

rate

hiking

cycle,

we

anticipate

extending

the

Fund’s

WAM

by

shifting

into

longer-term,

fixed-rate

notes

to

lock

in

peak

levels.

Regardless

of

positioning,

higher

rates

continue

to

bode

well

for

Fund

shareholders

in

terms

of

higher

yields.

As

always,

we

will

continue

to

monitor

inflation,

economic

growth,

Fed

moves,

and

other

developments

that

could

affect

our

market.

In

2024,

the

money

market

fund

industry

and

this

Fund

will

be

subject

to

several

reforms

recently

adopted

by

the

Securities

and

Exchange

Commission

intended

to

improve

the

segment’s

resiliency,

liquidity,

and

transparency,

particularly

in

times

of

severe

market

stress.

The

most

notable

change

involves

significant

new

liquidity

requirements

intended

to

help

money

market

funds

manage

redemptions,

including

25%

of

assets

in

daily

liquid

investments

(up

from

10%)

and

at

least

50%

in

weekly

liquid

assets

(up

from

30%).

The

new

rules

should

further

enhance

our

ability

to

achieve

the

Fund’s

primary

goals

of

liquidity,

safety,

and

a

stable

$1.00

share

price.

43

Portfolio

Composition

(%

of

Portfolio)

U.S.

Government

Agency

Debt

77.5%

U.S.

Treasury

Debt

14.3%

U.S.

Treasury

Repurchase

Agreement,

if

collateralized

only

by

U.S.

Treasuries

(including

Strips)

and

cash

7.7%

Investment

Company

0.5%

Total

100.0%

Quoted

Portfolio

Composition

is

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

Net

Asset

Value

4.55%

1.50%

0.86%

Class

S

2

1-Year

5-Year

10-Year

Net

Asset

Value

4.56%

1.54%

0.93%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

shares

and

Class

S

shares

have

no

sales

load.

*

Seven-day

yields

of

Thrivent

Money

Market

Fund

refer

to

the

income

generated

by

an

investment

in

the

Fund

over

a

specified

seven-day

period.

Effective

yields

reflect

the

reinvestment

of

income.

A

yield

gross

of

waivers

represents

what

the

yield

would

have

been

if

the

Adviser

were

not

waiv-

ing

or

reimbursing

certain

expenses

associated

with

the

Fund.

Yields

are

subject

to

daily

fluctuation

and

should

not

be

considered

an

indication

of

future

results.

The

yield

quotation

more

closely

reflects

the

current

earnings

of

the

Thrivent

Money

Market

Fund

than

the

total

return

quotations.

Money

Market

Fund

Yields

*

As

of

October

31,

2023

Class

A

Class

S

7-Day

Yield

5.04%

5.02%

7-Day

Yield

Gross

of

Waivers

5.09%

5.02%

7-Day

Effective

Yield

5.17%

5.15%

7-Day

Effective

Yield

Gross

of

Waivers

5.22%

5.15%

Thrivent

Municipal

Bond

Fund

44

*Investors

may

be

subject

to

state

taxes,

the

federal

alternative

minimum

tax

and

capital

gains

taxes.

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Johan

A.

Akesson,

CFA,

and

Stephanie

L.

Woeppel,

Portfolio

Co-Managers

The

Fund

seeks

a

high

level

of

current

income

exempt

from

federal

income

taxes,

consistent

with

capital

preservation.

Investment

in

Thrivent

Municipal

Bond

Fund

involves

risks

including

municipal

bond,

interest

rate,

tax,

credit,

futures

contract, high

yield, investment

adviser, liquidity,

market,

and

redemption risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended October

31,

2023?

Thrivent

Municipal

Bond

Fund

earned

a

return

of

1.08%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Municipal

National

Long

Category,

of

2.12%.

The

Fund’s

market

benchmark,

the

Bloomberg

Municipal

Bond

Index,

earned

a

return

of

2.64%.

What

factors

affected

the

Fund’s

performance?

Inflation

remained

stubbornly

high

amid

surprisingly

strong

U.S.

employment

and

economic

growth,

prompting

the

Federal

Reserve

(Fed)

to

continue

hiking

rates

six

more

times

during

the

period

before

pausing

in

September.

Interest

rates

rose

across

the

Treasury

yield

curve

and

remained

inverted

with

shorter

maturities

yielding

more

than

longer

maturities,

which

has

historically

signaled

a

coming

recession.

Volatility

stayed

elevated

across

U.S.

capital

markets

as

investors

fretted

over

the

potential

impacts

of

bank

distress,

sticky

inflation,

additional

Fed

moves,

and

tighter

lending

conditions

on

the

U.S.

economy.

In

the

municipal

bond

market,

the

period

started

on

a

strong

note

with

bonds

rallying

based

on

hopes

of

an

approaching

end

to

the

rate

hiking

cycle.

In

December

2022,

the

typically

upward-sloping

municipal

yield

curve

inverted

for

the

first

time

in

history

and

remained

that

way

for

the

remainder

of

the

period,

with

the

shortest

maturity

bonds

yielding

more

than

intermediate

and

longer

maturity

bonds

out

to

about

15

years.

In

the

second

half

of

the

period,

the

municipal

market

broadly

sold

off

as

yields

backed

up

across

the

curve,

particularly

following

the

hawkish

higher-for-longer

comments

by

the

Fed

in

September.

While

the

magnitude

of

the

yield

curve

inversion

decreased

by

year-end,

it

remained

to

some

degree

as

investors

continued

to

question

the

Fed’s

future

path.

Over

the

full

period,

yields

on

one-

year

municipals

increased

the

most

to

end

at

3.76%,

and

11-year

municipal

bond

yields

rose

the

least

to

end

at

3.68%;

however,

30-year

municipal

bonds

maintained

the

highest

absolute

yields,

ending

the

period

at

4.57%.

In

terms

of

the

technical

backdrop,

investor

demand

for

municipal

bond

mutual

funds

remained

weak

with

investment-grade

mutual

funds

experiencing

outflows

totaling

$10

billion

year-to-

date

in

2023,

which

was

a

much

slower

pace

than

2022’s

record-breaking

outflows.

At

the

same

time,

overall

tax-exempt

supply

remained

generally

in

line

with

the

past

five

years

but

with

a

lot

less

issuance

of

high-yield

municipal

bonds.

The

Fund’s

longer

duration,

which

increased

its

interest-rate

sensitivity,

was

the

overriding

factor

in

the

shortfall

versus

the

Morningstar

peers

and

Bloomberg

benchmark

during

the

period.

Although

the

longer

duration

stance

helped

performance

in

the

first

half

of

the

period,

the

favorable

impact

was

more

than

offset

in

the

second

half

as

rates

rose

sharply

across

the

yield

curve

and

bond

prices

fell.

We

used

both

short

and

long

Treasury

futures

during

the

period

to

help

maintain

the

Fund’s

duration

positioning.

In

terms

of

sectors,

the

Fund’s

water

and

sewer

bonds,

which

tend

to

be

lower

yielding,

underperformed,

as

did

its

senior

living

(retirement

facilities)

bonds,

which

are

higher

yielding

but

haven’t

performed

well

since

the

Covid

pandemic

started.

On

the

positive

side,

the

Fund

benefited

from

its

overweightings

in

BBB-rated

and

A-rated

bonds,

which

were

the

top-performing

credit

quality

buckets

that

we

also

increased

exposure

to

throughout

the

period.

The

strongest

performing

credit

sectors

in

the

Fund

included

airport,

toll

road,

tobacco,

and

lease

appropriation

bonds.

Additionally,

the

Fund

continued

to

generate

a

higher

level

of

tax-exempt

income

than

its

peers

as

measured

by

its

12-month

distribution

yield

and

experienced

no

defaults

or

impaired

credits.

What

is

your

outlook?

We

believe

the

U.S.

economy

will

continue

to

slow

as

it

feels

the

full

impact

of

significant

rate

increases

and

tighter

lending

standards.

We

expect

the

Fed

to

hold

rates

steady

going

into

2024

but

potentially

begin

to

cut

rates

in

the

second

half

as

the

economy

slows

and

inflation

declines.

While

our

current

outlook

calls

for

a

bumpy

landing

and

not

a

severe

recession,

we

anticipate

the

municipal

market

could

remain

volatile

until

we

see

more

clarity

surrounding

the

economy,

inflation,

and

the

Fed’s

path.

That

said,

the

budgets

of

state

and

local

municipal

bond

issuers

continue

to

hold

up

well

as

revenues

and

credit

quality

have

strengthened

in

recent

years.

With

an

election

year

approaching

in

2024,

we

believe

it

is

unlikely

we

will

see

any

legislation

or

tax

code

changes

that

could

have

a

significant

impact

on

our

market,

but

we

will

continue

to

monitor

the

situation

closely.

We

do

not

expect

a

significant

increase

in

municipal

bond

issuance

or

refinancings

in

the

coming

year

unless

absolute

yield

levels

reach

much

lower

levels.

At

some

point,

however,

issuance

will

need

to

pick

up

as

funding

needs

increase

among

states

and

municipalities.

We

continue

to

focus

on

maintaining

the

Fund’s

longer

duration

than

the

benchmark

and

adding

exposure

to

BBB-rated

and

A-rated

bonds

to

pick

up

additional

yield.

With

the

economy

slowing

and

the

potential

for

a

recession

still

on

the

horizon,

we

continue

to

seek

out

issues

with

strong

covenants

and

security

packages.

We

believe

the

Fund

is

well

positioned

to

handle

a

moderate

downturn

as

we

remain

selective

regarding

credits,

avoiding

issuers

that

might

be

more

severely

impacted

by

an

economic

slowdown

such

as

certain

types

of

land

deals

and

financially

more

leveraged

state

and

local

governments.

45

Major

Market

Sectors

(%

of

Net

Assets)

Transportation

26.5%

Health

Care

19.4%

Education

19.2%

General

Obligation

8.3%

Water

&

Sewer

7.3%

Tax

Revenue

5.4%

Other

Revenue

4.4%

Electric

Revenue

3.4%

Industrial

Development

Revenue

2.1%

Housing

Finance

1.8%

Top

10

States

(%

of

Net

Assets)

Texas

12.2%

New

York

9.0%

California

6.7%

Illinois

6.0%

Florida

4.8%

Ohio

4.2%

Massachusetts

3.9%

Colorado

3.9%

Minnesota

3.8%

Michigan

3.4%

Investments

in

securities

in

these

States

represent

57.9%

of

the

total

net

assets

of

the

Fund.

Bond

quality

ratings

are

obtained

from

Moody’s

Investors

Service,

Inc.

(“Moody’s”),

Standard

&

Poor’s

Ratings

Services

(“S&P”)

and

Fitch

Solutions,

Inc.

(“Fitch”).

If

Moody’s,

S&P

and/or

Fitch

have

assigned

different

ratings

to

a

security,

the

highest

rating

for

the

security

is

used.

Ratings

from

S&P

or

Fitch,

when

used,

are

converted

into

their

equivalent

Moody’s

ratings.

Not

rated

may

include

cash.

Investments

in

derivatives

and

short-term

investments

are

not

reflected

in

the

table.

Major

Market

Sectors

and

Top

10

States

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Bond

Quality

Ratings

Distributions

exclude

collateral

held

for

securities

loaned.

Quoted

Bond

Quality

Ratings

Distributions,

Major

Market

Sectors

and

Top

10

States

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

1.08%

-0.03%

1.44%

with

sales

charge

-3.45%

-0.94%

0.97%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

1.32%

0.18%

1.67%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

investing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

the

Index,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

Bloomberg

Municipal

Bond

Index

is

a

market-value-weighted

index

of

investment-grade

municipal

bonds

with

maturities

of

one

year

or

more.

***

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

Thrivent

Opportunity

Income

Plus

Fund

46

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Stephen

D.

Lowe,

CFA,

Theron

G.

Whitehorn,

CFA, and

Kent

L.

White,

CFA,

Portfolio

Co-Managers

The

Fund

seeks

a

high

level

of

current

income

consistent

with

capital

preservation.

Investment

in

Thrivent

Opportunity

Income

Plus

Fund

involves

risks

including

interest

rate,

credit,

mortgage-backed

and

other

asset-backed

securities,

allocation,

conflicts

of

interest,

derivatives,

emerging

markets,

foreign

securities,

high

yield,

investment

adviser,

issuer,

liquidity,

market,

other

funds,

prepayment,

and sovereign

debt risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements. 

How

did

the

Fund

perform

during

the

12-month

period

ended October

31,

2023?

Thrivent

Opportunity

Income

Plus

Fund

earned

a

return

of

3.42%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Multisector

Bond

Category,

of

3.78%.

The

Fund’s

market

benchmarks,

the

Bloomberg

U.S.

High

Yield

Ba/B

2%

Issuer

Capped

Index,

the

Morningstar

LSTA

US

Leveraged

Loan

Index,

and

the

Bloomberg

U.S.

Mortgage-Backed

Securities

Index,

earned

returns

of

5.95%,

11.92%,

and

-0.82%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

Federal

Reserve

(Fed)

hiked

rates

six

times

before

pausing

in

September

as

inflation

remained

stubbornly

high

amid

surprisingly

strong

U.S.

employment

and

economic

growth.

Interest

rates

rose

across

the

Treasury

yield

curve,

and

the

curve

remained

inverted

with

shorter

maturities

yielding

more

than

longer

maturities,

which

has

historically

signaled

a

coming

recession.

The

yield

on

the

10-

year

Treasury

rose

78

basis

points

to

end

at

4.88%.

Volatility

remained

elevated

across

U.S.

capital

markets

as

investors

fretted

over

the

potential

impacts

of

bank

distress,

sticky

inflation,

additional

Fed

moves,

and

tighter

lending

conditions

on

the

U.S.

economy.

Corporate

spreads

were

volatile

but

overall

held

up

surprisingly

well,

despite

an

increase

in

default

rates,

as

the

economy

and

consumers

remained

resilient.

Both

investment-grade

and

high-yield

credit

spreads

tightened

over

the

period

to

end

at

129

basis

points

and

437

basis

points

over

Treasuries,

respectively.

Leveraged

loans

retained

their

spot

as

the

period’s

top-performing

asset

class,

benefiting

from

floating-rate

coupons

that

adjust

upward

with

each

Fed

increase.

More

rate-sensitive

areas

of

the

market

such

as

Treasuries

and

mortgage-backed

securities

(MBS)

underperformed

in

the

rising

rate

environment,

while

the

emerging

market

(EM)

debt

segment

recovered

somewhat

from

2022’s

record

sell

off,

despite

the

headwinds

from

higher

rates.

Corporate

credit

represented

half

of

the

Fund’s

portfolio

during

the

period,

including

around

25%

in

high-yield

corporate

bonds,

17%

in

investment-grade

corporates,

and

8%

in

leveraged

loans.

We

allocated

approximately

27%

to

securitized

assets

divided

among

agency

MBS

at

around

10%,

nonagency

MBS

at

8%,

collateralized

loan

obligations

(CLOs)

at

6%,

asset-backed

securities

(ABS)

at

2%,

and

commercial

mortgage-backed

securities

(CMBS)

at

1%.

EM

debt

represented

about

9%

of

net

assets,

preferred

securities

around

4%

with

the

remaining

4%

in

alternative

fixed

income

(convertible

securities

and

closed-end

funds).

The

primary

factor

that

drove

the

Fund’s

underperformance

versus

its

Morningstar

peer

group

was

security

selection

in

the

leveraged

loan

and

high-yield

sectors.

Although

overweighted

positions

in

both

sectors

benefited

results,

particularly

in

the

top-performing

loan

segment,

the

higher-quality

bias

among

Fund

holdings

detracted

as

B-rated

and

CCC-rated

securities

in

these

segments

outperformed.

We

continued

to

use

short

positions

in

the

credit

default

swap

index

(CDX),

an

index

that

tracks

a

basket

of

U.S.

and

emerging

markets

single-issuer

credit

default

swaps,

to

hedge

exposure

to

the

high-yield

market

during

the

year.

Interest

rate

positioning

also

detracted

as

we

began

to

shift

the

Fund

to

a

longer

duration

and

steeper

yield

curve

bias

midway

through

the

period.

However,

Treasury

yields

surged

higher

late

in

the

period

as

inflation

remained

sticky

and

the

Fed

telegraphed

higher-for-longer

rates.

We

continued

to

use

Treasury

futures

to

assist

with

duration

and

curve

positioning.

On

the

positive

side,

security

selection

was

strong

among

the

Fund’s

securitized

holdings,

particularly

CLOs

and

opportunistic

ABS

that

recovered

from

the

prior

year’s

underperformance

during

the

risk-on

rally.

Also,

the

Fund’s

overweighting

and

security

selection

in

the

EM

debt

segment

helped

as

the

Fund

recaptured

some

spread

widening

from

the

prior

year.

The

multi-asset

class

nature

of

the

Fund’s

portfolio,

along

with

its

higher

credit

quality

profile,

led

it

to

underperform

the

high-yield

and

leveraged

loan

indexes

since

the

lower-quality

segments

of

these

two

asset

classes

produced

the

strongest

returns.

Conversely,

the

Fund

outperformed

the

MBS

benchmark

because

spreads

widened

in

the

more

rate-sensitive

MBS

sector.

What

is

your

outlook?

Our

growth

outlook

remains

cautiously

optimistic

as

we

anticipate

a

so-called

soft

landing

for

the

economy.

Inflation

should

continue

to

come

down

gradually

as

the

higher

cost

of

borrowing

filters

through

the

economy.

However,

if

inflation

remains

above

the

Fed’s

desired

long-term

level,

interest

rates

could

stay

elevated

for

longer,

which

could

push

the

economy

into

a

recession.

The

market

is

currently

pricing

in

potential

Fed

rate

cuts

as

soon

as

the

first

quarter

of

2024.

Broadly

speaking,

fixed-income

markets

currently

offer

attractive

yields;

however,

some

sectors

like

corporate

bonds

and

leveraged

loans

appear

to

be

more

fully

valued

because

they

are

not

pricing

in

the

potential

for

spread

widening

in

the

event

of

an

economic

downturn.

We

continue

to

shift

the

Fund’s

portfolio

up

in

quality

by

increasing

exposure

to

agency

MBS,

Treasury

bonds,

and

cash,

while

rotating

out

of

segments

like

leveraged

loans,

high-yield

corporates,

CLOs,

and

non-agency

MBS

that

have

outperformed

and

look

fully

valued

on

a

historical

credit

spread

basis.

We

expect

rate

volatility

to

increase

in

the

coming

year

as

the

Fed

reaches

a

policy-inflection

point;

therefore,

we

continue

to

position

the

Fund

with

a

modestly

longer

duration

and

a

bias

for

a

steeper

yield

curve.

47

Major

Market

Sectors

(%

of

Net

Assets)

Financials

13.2%

Mortgage-Backed

Securities

12.1%

Asset-Backed

Securities

9.5%

U.S.

Affiliated

Registered

Investment

Companies

9.0%

Collateralized

Mortgage

Obligations

7.2%

Consumer

Cyclical

7.1%

Consumer

Non-Cyclical

6.4%

Communications

Services

5.1%

Energy

4.7%

Capital

Goods

4.5%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Core

Emerging

Markets

Debt

Fund

9.0%

U.S.

Treasury

Notes

2.2%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1.1%

U.S.

Treasury

Bonds

1.0%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

0.7%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

0.6%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

0.6%

Vanguard

Short-Term

Corporate

Bond

ETF

0.6%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

0.6%

U.S.

Treasury

Notes

0.6%

These

securities

represent

17.0%

of

the

total

net

assets

of

the

Fund.

Bond

quality

ratings

are

obtained

from

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

and

Standard

&

Poor’s

Ratings

Services

(“S&P”).

Ratings

from

S&P,

when

used,

are

converted

into

their

equivalent

Moody’s

ratings.

If

Moody’s

and

S&P

have

assigned

different

ratings

to

a

security,

the

lowest

rating

for

the

security

is

used.

Not

rated

may

include

cash.

Investments

in

derivatives

and

short-term

investments

are

not

reflected

in

the

table.

Major

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Bond

Quality

Ratings

Distributions

exclude

collateral

held

for

securities

loaned.

Quoted

Bond

Quality

Ratings

Distributions,

Major

Market

Sectors

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

3.42%

0.35%

1.62%

with

sales

charge

-1.19%

-0.57%

1.15%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

3.68%

0.62%

1.87%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

investing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

those

indices,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

Bloomberg

U.S.

High-Yield

Ba/B

2%

Issuer

Capped

Index

covers

the

USD

denominated,

non-investment

grade,

Ba

or

B

rated,

fixed-rate,

taxable

corporate

bond

market.

The

Index

limits

issuer

exposures

to

a

maximum

2%,

redistributing

excess

market

value

index-wide

on

a

pro-rata

basis.

***

The

Bloomberg

U.S.

Mortgage-Backed

Securities

Index

(MBS)

is

formed

by

grouping

the

universe

of

over

600,000

individual

fixed-rate

U.S.

government

agency

MBS

pools

into

approximately

3,500

generic

types

of

securities.

****

The

Morningstar

LSTA

US

Leveraged

Loan

Index

is

a

market-value

weighted

index

representing

the

performance

of

the

universe

of

U.S.

dollar-denomi-

nated,

senior

secured,

syndicated

term

loans.

*****

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Small

Cap

Growth

Fund

48

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Siddharth

Sinha,

CFA, Michael

P.

Hubbard,

and

Mark

C.

Militello,

CFA,

Portfolio

Co-Managers*

The

Fund

seeks

long-term

capital

growth.

The

Fund's

investment

objective

may

be

changed

without

shareholder

approval.

Investment

in

Thrivent

Small

Cap

Growth

Fund

involves

risks

including small

cap,

growth

investing,

equity

security, investment

adviser, issuer,

market,

and

technology-oriented

companies risks. A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

*Effective

April

30,

2023,

David

J.

Lettenberger,

CFA, no

longer

serves

as

portfolio

manager

of

the

Fund

due

to

his

retirement.

Effective

August

31,

2023,

Mark

C.

Militello,

CFA,

has

been

named

portfolio

manager

of

the

Fund.

How

did

the

Fund

perform

during

12-month

period

ended October

31,

2023?

Thrivent

Small

Cap

Growth

Fund

earned

a

return

of

-11.07%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Small

Cap

Growth

Funds

category,

of

-6.91%.

The

Fund’s

market

benchmarks,

the

Russell

2000®

Growth

Index

and

the

S&P

SmallCap

600®

Growth

Index,

earned

returns

of

-7.63%

and

-5.53%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

reporting

period

was

very

difficult

for

most

asset

classes.

The

confluence

of

many

events

since

the

outbreak

of

the

Covid

pandemic,

including

economic

stimulus,

supply-chain

difficulties,

structural

changes

in

labor

participation,

and

the

wars

in

Ukraine

and

Israel,

just

to

name

a

few,

continued

to

push

inflationary

forces

and

interest

rates

to

levels

this

country

and

the

world

have

not

experienced

for

decades.

Significantly

higher

interest

rates

have

been

a

major

headwind

for

all

asset

classes,

particularly

long-duration

asset

classes

such

as

small-

cap

growth

equities.

Many

small-cap

companies

invest

any

current

free

cash

flows

that

they

generate

back

into

their

businesses.

This

is

a

sound

strategy

as

these

companies

have

large

and

growing

end

markets

that

require

further

investments

in

innovation,

product

development,

and

go-to-

market

resources.

If

the

execution

of

the

strategy

is

successful,

these

investments

will

lead

to

much

greater

revenues

and

free

cash

flows

in

the

future.

In

an

environment

of

rising

interest

rates,

however,

future

cash

flows

are

discounted

back

at

a

much

higher

rate,

thereby

reducing

the

current

value

of

those

cash

flows

to

investors.

In

no

way

does

this

diminish

the

future

opportunity

of

these

companies,

but

this

factor

can

have

an

impact

on

valuations

in

the

short

run,

which

it

did

during

this

reporting

period.

Against

this

backdrop,

the

Fund

underperformed

both

the

Russell

2000®

Growth

Index

and

the

Morningstar

peer

group,

primarily

driven

by

stock

selection,

which

was

particularly

weak

in

the

Health

Care

and

Industrials

sectors.

In

Health

Care,

Silk

Road

Medical

significantly

underperformed

after

Medicare’s

reimbursement

rate

improved

for

a

competitor’s

device.

The

combination

of

a

long-duration

investment

thesis,

lack

of

near-term

cash

flow,

and

a

more

competitive

market

led

to

the

underperformance.

InMode,

a

profitable

medical

equipment

manufacturing

company,

was

negatively

impacted

as

higher

rates

and

tighter

credit

conditions

reduced

doctors’

ability

to

finance

the

company’s

machines.

Also,

geopolitical

concerns

contributed

to

negative

sentiment

surrounding

InMode

because

most

of

the

company’s

manufacturing

base

is

in

Israel.

Healthcare

services

provider

Agiliti

announced

a

CEO

change

that

led

to

a

strategy

change,

resulting

in

a

lower

margin

profile

than

originally

underwritten,

which

broke

the

investment

thesis.

In

Industrials,

Xometry,

a

marketplace

for

specialty

manufacturing

and

prototyping,

made

a

large

acquisition

in

an

adjacent

market

and

continued

to

spend

marketing

dollars

in

a

significantly

weakening

demand

environment,

which

increased

the

company’s

cash

burn.

Additionally,

in

Industrials,

Driven

Brands,

a

franchisor,

owner,

and

operator

of

various

automotive

services,

experienced

a

CFO

transition

and

drastically

reduced

its

growth

and

earnings

outlook.

Positive

stock

selection

in

Consumer

Staples

and

Financials

partially

offset

the

negative

impacts

of

Health

Care

and

Industrials.

In

Consumer

Staples,

e.l.f.

Beauty,

an

innovative

and

low-cost

producer

of

cosmetics,

continued

to

gain

significant

market

share,

which

drove

growth

ahead

of

expectations.

Also,

energy

drink

manufacturer

Celsius

Holdings

continued

to

gain

market

share

and

expand

its

addressable

market

with

new

products.

In

Financials,

Hamilton

Lane

and

Triumph

Financial

were

both

positive

contributors.

From

a

sector

standpoint,

the

Fund’s

underweightings

in

Health

Care,

Energy,

and

Materials

also

contributed

to

the

results.

What

is

your

outlook?

Because

of

the

current

level

of

business

uncertainty

and

continued

increases

in

the

federal

funds

rate

during

this

period,

the

market

remains

unsure

about

how

much

and

how

long

the

economy

will

be

impacted.

However,

investor

sentiment

about

the

economy

fluctuates

much

more

rapidly

and

with

greater

amplitude

than

actual

changes

in

economic

activity.

These

swings

in

sentiment

often

present

opportunities.

As

a

result,

we

added

to

or

initiated

positions

in

Industrials,

Information

Technology,

Health

Care,

and

Communication

Services,

while

reducing

or

selling

other

positions

as

investment

theses

played

out

or

proved

no

longer

valid

in

Health

Care

and

Materials.

Our

focus

remains

on

finding

quality

growth

companies

with

significant

opportunities

for

growth

in

sales,

income,

and

free

cash

flow.

49

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

97.8%

Short-Term

Investments

2.2%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Information

Technology

21.2%

Industrials

20.2%

Health

Care

15.4%

Consumer

Discretionary

11.2%

Financials

9.7%

Consumer

Staples

7.0%

Communications

Services

3.9%

Energy

3.3%

Real

Estate

2.9%

Materials

2.6%

Top

10

Holdings

(%

of

Net

Assets)

Guidewire

Software,

Inc.

2.2%

e.l.f.

Beauty,

Inc.

2.0%

Workiva,

Inc.

2.0%

RLI

Corporation

1.9%

TechnipFMC

plc

1.9%

Varonis

Systems,

Inc.

1.8%

ASGN,

Inc.

1.8%

Kinsale

Capital

Group,

Inc.

1.8%

Sprout

Social,

Inc.

1.8%

Houlihan

Lokey,

Inc.

1.8%

These

securities

represent

19.0%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

From

Inception

Class

S

1-Year

5-Year

2/28/2018

Net

Asset

Value

-11.07%

6.81%

7.01%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

S&P

SmallCap

600

Growth

Index

measures

growth

stocks

through:

sales

growth,

ratio

of

earnings

to

change

in

price,

and

momentum.

The

constituents

are

drawn

from

the

S&P

600

®

.

**

The

Russell

2000

®

Growth

Index

measures

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe.

***

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Small

Cap

Stock

Fund

50

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Matthew

D.

Finn,

CFA,

James

M.

Tinucci,

CFA,

and

Katelyn

R.

Young,

CPA, Portfolio

Co-Managers

The

Fund

seeks

long-term

capital

growth.

Investment

in

Thrivent

Small

Cap

Stock

Fund

involves

risks

including small

cap,

equity

security,

market, investment

adviser,

and issuer

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

12-month

period

ended October

31,

2023?

Thrivent

Small

Cap

Stock

Fund

earned

a

return

of

-7.53%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Small

Blend

Funds

category,

of

-4.86%.

The

Fund’s

market

benchmarks,

the

Russell

2000®

Index

and

the

S&P

SmallCap

600®

Index,

earned

returns

of

-8.57%

and

-7.65%,

respectively.

What

factors

affected

the

Fund’s

performance?

The

Fund

underperformed

versus

the

Morningstar

Small

Blend

Funds

category

due

to

stock

selection

but

outperformed

versus

the

Russell

2000®

Index

and

the

S&P

SmallCap

600®

Index

mainly

because

of

sector

allocation.

Compared

to

the

Morningstar

Small

Blend

Funds

category,

stock

selection

in

two

sectors

largely

detracted—Consumer

Discretionary

and

Energy.

Within

Consumer

Discretionary,

Everi

Holdings,

a

developer

and

manufacturer

of

equipment

and

technologies

for

the

gaming

industry,

was

the

biggest

detractor

as

gaming

revenue

growth

began

to

slow.

Compared

to

the

Russell

2000®

Index,

security

selection

was

strong

in

six

of

the

11

sectors,

led

by

Industrials

and

Materials,

while

two

sectors

largely

detracted—Consumer  Discretionary

and

Real

Estate.

In

Industrials,

the

standout

performer

was

Cimpress,

a

mass

customization

and

printing

company

with

an

improving

margin

outlook.

In

Materials,

United

States

Lime

&

Minerals

was

a

large

contributor

to

the

positive

stock

selection.

This

limestone

mining

company

has

benefited

from

both

increased

volumes

from

steel

and

construction

customers

as

well

as

the

ability

to

pass

through

price

increases

from

cost

inflation

experienced

over

the

past

few

years

due

to

a

strong

market

structure.

All

three

companies

are

still

held

in

the

Fund,

but

we

reduced

the

position

sizes

of

United

States

Lime

&

Minerals

and

Cimpress

to

help

manage

portfolio

risk.

The

Fund’s

sector

weightings

result

from

our

security

selection

process

based

on

bottom-up

industry

and

company

research,

with

Industrials

representing

the

largest

overweighting

in

the

portfolio,

followed

by

the

Materials

sector.

By

the

period's

end,

the

Fund’s

underweighting

in

Energy

had

increased

because

certain

securities

reached

our

objectives

and

were

reduced

or

sold.

The

Fund’s

overweighting

in

Industrials

increased

as

we

continued

to

find

companies

with

our

favored

combination

of

valuation,

quality,

and

a

promising

future

in

the

sector.

The

Fund’s

performance

benefited

from

an

underweighting

in

Health

Care,

which

was

one

of

the

weaker

sectors

of

the

market

during

the

period.

What

is

your

outlook?

Because

of

the

current

level

of

business

uncertainty

and

continued

increases

in

the

federal

funds

rate

during

this

period,

the

market

remains

unsure

about

how

much

and

how

long

the

economy

will

be

impacted.

However,

investor

sentiment

about

the

economy

fluctuates

much

more

rapidly

and

with

greater

amplitude

than

actual

changes

in

economic

activity.

These

swings

in

sentiment

often

result

in

sharp

movements

in

stock

prices,

which

can

present

opportunities.

Our

focus

remains

on

finding

solid

companies

that

are

attractively

priced

with

long

runways

ahead

of

them

for

growth

in

sales,

income,

and

free

cash

flow.

Short-term

price

changes

are

an

opportunity

for

investors

that

are

focused

on

the

long

term.

51

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

98.2%

Registered

Investments

Companies

0.9%

Short-Term

Investments

0.9%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Industrials

25.7%

Financials

15.3%

Information

Technology

15.1%

Consumer

Discretionary

9.3%

Health

Care

7.7%

Materials

7.2%

Real

Estate

5.3%

Consumer

Staples

4.6%

Communications

Services

2.8%

Utilities

2.4%

Top

10

Holdings

(%

of

Net

Assets)

TTM

Technologies,

Inc.

2.4%

RLI

Corporation

2.2%

Badger

Infrastructure

Solutions,

Ltd.

2.2%

Air

Lease

Corporation

1.8%

United

States

Lime

&

Minerals,

Inc.

1.8%

Plexus

Corporation

1.8%

Ally

Financial,

Inc.

1.7%

Houlihan

Lokey,

Inc.

1.7%

National

Storage

Affiliates

Trust

1.6%

Enovis

Corporation

1.6%

These

securities

represent

18.8%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2023

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

-7.53%

7.37%

8.95%

with

sales

charge

-11.69%

6.38%

8.46%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

-7.29%

7.66%

9.32%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

thriventfunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

thriventfunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

investing

in

the

different

classes.

*

As

you

compare

performance,

please

note

that

the

Fund’s

performance

reflects

the

maximum

4.5%

sales

charge,

while

the

benchmark

indices

do

not

reflect

any

such

charges,

deductions

for

fees,

expenses

or

taxes.

If

you

were

to

purchase

any

of

the

above

individual

securities

represented

in

the

Index,

any

charges

you

would

pay

would

reduce

your

total

return

as

well.

**

The

S&P

SmallCap

600

®

Index

represents

the

average

performance

of

a

group

of

600

small

capitalization

stocks.

The

product

is

not

sponsored,

en-

dorsed

or

promoted

by

Standard

&

Poor’s,

and

Standard

&

Poor’s

makes

no

representation

regarding

the

advisability

of

investing

in

the

product.

***

The

Russell

2000

®

Index

measures

the

performance

of

small

cap

stocks.

It

is

not

possible

to

invest

directly

in

the

Index.

The

performance

of

the

index

does

not

reflect

deductions

for

fees,

expenses

or

taxes.

****

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

52

Shareholder

Expense

Example

(unaudited)

As

a

shareholder

of

a

Fund,

you

incur,

depending

on

the

Fund

and

share

class,

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

purchase

payments;

and

(2)

ongoing

costs,

including

management

fees,

distribution

(12b-1)

fees

and

other

Fund

expenses.

This

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

your

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

from

May

1,

2023

through

October

31,

2023.

Actual

Expenses

In

the

table

below,

the

first

section,

labeled

“Actual,”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

from

the

appropriate

Class

line

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid.

A

semiannual

account

fee

of

$10

may

be

charged

to

Class

A

shareholder

accounts

if

the

value

falls

to

an

amount

of

$2,000

or

less,

in

the

case

of

a

non-qualified

account,

and

$1,000

or

less,

in

the

case

of

a

qualified

account.

This

fee

is

not

included

in

the

table

below.

If

it

were

and

you

were

assessed

such

a

fee,

the

expenses

you

paid

during

the

period

would

have

been

higher

and

the

ending

account

value

would

have

been

lower.

Hypothetical

Example

for

Comparison

Purposes

In

the

table

below,

the

second

section,

labeled

“Hypothetical,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

A

semiannual

account

fee

of

$10

may

be

charged

to

Class

A

shareholder

accounts

if

the

value

falls

to

an

amount

of

$2,000

or

less,

in

the

case

of

a

non-qualified

account,

and

$1,000

or

less,

in

the

case

of

a

qualified

account.

This

fee

is

not

included

in

the

table

below.

If

it

were

and

you

were

assessed

such

a

fee,

the

expenses

you

paid

during

the

period

would

have

been

higher

and

the

ending

account

value

would

have

been

lower.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

sales

charges

(loads).

Therefore,

the

second

section

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

Beginning

Account

Value

5/1/2023

Ending

Account

Value

10/31/2023

Expenses

Paid

During

Period

5/1/2023-

10/31/2023

*

Annualized

Expense

Ratio

Thrivent

Aggressive

Allocation

Fund

Actual

Class

A

$1,000

$977

$4.70

0.93%

Class

S

$1,000

$978

$3.85

0.76%

Hypothetical

**

Class

A

$1,000

$1,021

$4.80

0.93%

Class

S

$1,000

$1,022

$3.93

0.76%

Thrivent

Balanced

Income

Plus

Fund

Actual

Class

A

$1,000

$970

$4.97

0.99%

Class

S

$1,000

$971

$3.77

0.75%

Hypothetical

**

Class

A

$1,000

$1,020

$5.10

0.99%

Class

S

$1,000

$1,022

$3.87

0.75%

Thrivent

Global

Stock

Fund

Actual

Class

A

$1,000

$983

$4.91

0.97%

Class

S

$1,000

$985

$3.29

0.65%

Hypothetical

**

Class

A

$1,000

$1,021

$5.01

0.97%

Class

S

$1,000

$1,022

$3.35

0.65%

53

Beginning

Account

Value

5/1/2023

Ending

Account

Value

10/31/2023

Expenses

Paid

During

Period

5/1/2023-

10/31/2023

*

Annualized

Expense

Ratio

Thrivent

Government

Bond

Fund

Actual

Class

A

$1,000

$933

$3.69

0.75%

Class

S

$1,000

$934

$2.56

0.52%

Hypothetical

**

Class

A

$1,000

$1,022

$3.86

0.75%

Class

S

$1,000

$1,023

$2.68

0.52%

Thrivent

High

Income

Municipal

Bond

Fund

Actual

Class

S

$1,000

$944

$2.97

0.60%

Hypothetical

**

Class

S

$1,000

$1,022

$3.09

0.60%

Thrivent

High

Yield

Fund

Actual

Class

A

$1,000

$994

$4.09

0.80%

Class

S

$1,000

$995

$2.75

0.54%

Hypothetical

**

Class

A

$1,000

$1,021

$4.14

0.80%

Class

S

$1,000

$1,023

$2.79

0.54%

Thrivent

Income

Fund

Actual

Class

A

$1,000

$944

$3.77

0.76%

Class

S

$1,000

$947

$2.34

0.47%

Hypothetical

**

Class

A

$1,000

$1,022

$3.93

0.76%

Class

S

$1,000

$1,023

$2.43

0.47%

Thrivent

International

Allocation

Fund

Actual

Class

A

$1,000

$936

$5.62

1.14%

Class

S

$1,000

$938

$3.82

0.77%

Hypothetical

**

Class

A

$1,000

$1,020

$5.86

1.14%

Class

S

$1,000

$1,022

$3.99

0.77%

Thrivent

Large

Cap

Growth

Fund

Actual

Class

A

$1,000

$1,089

$5.56

1.04%

Class

S

$1,000

$1,090

$4.03

0.76%

Hypothetical

**

Class

A

$1,000

$1,020

$5.37

1.04%

Class

S

$1,000

$1,022

$3.90

0.76%

Thrivent

Large

Cap

Value

Fund

Actual

Class

A

$1,000

$979

$4.27

0.85%

Class

S

$1,000

$980

$2.80

0.55%

Hypothetical

**

Class

A

$1,000

$1,021

$4.36

0.85%

Class

S

$1,000

$1,023

$2.86

0.55%

54

Beginning

Account

Value

5/1/2023

Ending

Account

Value

10/31/2023

Expenses

Paid

During

Period

5/1/2023-

10/31/2023

*

Annualized

Expense

Ratio

Thrivent

Limited

Maturity

Bond

Fund

Actual

Class

A

$1,000

$1,007

$2.94

0.58%

Class

S

$1,000

$1,008

$2.18

0.43%

Hypothetical

**

Class

A

$1,000

$1,023

$2.97

0.58%

Class

S

$1,000

$1,023

$2.20

0.43%

Thrivent

Low

Volatility

Equity

Fund

Actual

Class

S

$1,000

$948

$4.72

0.95%

Hypothetical

**

Class

S

$1,000

$1,021

$4.89

0.95%

Thrivent

Mid

Cap

Growth

Fund

Actual

Class

S

$1,000

$940

$4.45

0.90%

Hypothetical

**

Class

S

$1,000

$1,021

$4.63

0.90%

Thrivent

Mid

Cap

Stock

Fund

Actual

Class

A

$1,000

$929

$4.77

0.97%

Class

S

$1,000

$931

$3.68

0.75%

Hypothetical

**

Class

A

$1,000

$1,021

$4.99

0.97%

Class

S

$1,000

$1,022

$3.85

0.75%

Thrivent

Mid

Cap

Value

Fund

Actual

Class

S

$1,000

$958

$4.49

0.90%

Hypothetical

**

Class

S

$1,000

$1,021

$4.63

0.90%

Thrivent

Moderate

Allocation

Fund

Actual

Class

A

$1,000

$977

$3.94

0.78%

Class

S

$1,000

$979

$2.78

0.55%

Hypothetical

**

Class

A

$1,000

$1,021

$4.03

0.78%

Class

S

$1,000

$1,023

$2.84

0.55%

Thrivent

Moderately

Aggressive

Allocation

Fund

Actual

Class

A

$1,000

$976

$4.00

0.79%

Class

S

$1,000

$978

$2.98

0.59%

Hypothetical

**

Class

A

$1,000

$1,021

$4.09

0.79%

Class

S

$1,000

$1,022

$3.05

0.59%

Thrivent

Moderately

Conservative

Allocation

Fund

Actual

Class

A

$1,000

$964

$4.09

0.82%

Class

S

$1,000

$964

$2.87

0.57%

Hypothetical

**

Class

A

$1,000

$1,021

$4.21

0.82%

Class

S

$1,000

$1,023

$2.96

0.57%

55

Beginning

Account

Value

5/1/2023

Ending

Account

Value

10/31/2023

Expenses

Paid

During

Period

5/1/2023-

10/31/2023

*

Annualized

Expense

Ratio

Thrivent

Money

Market

Fund

Actual

Class

A

$1,000

$1,025

$1.92

0.37%

Class

S

$1,000

$1,025

$1.88

0.36%

Hypothetical

**

Class

A

$1,000

$1,024

$1.92

0.37%

Class

S

$1,000

$1,024

$1.87

0.36%

Thrivent

Municipal

Bond

Fund

Actual

Class

A

$1,000

$935

$3.72

0.75%

Class

S

$1,000

$936

$2.52

0.51%

Hypothetical

**

Class

A

$1,000

$1,022

$3.89

0.75%

Class

S

$1,000

$1,023

$2.63

0.51%

Thrivent

Opportunity

Income

Plus

Fund

Actual

Class

A

$1,000

$977

$4.48

0.89%

Class

S

$1,000

$978

$3.21

0.64%

Hypothetical

**

Class

A

$1,000

$1,021

$4.58

0.89%

Class

S

$1,000

$1,022

$3.28

0.64%

Thrivent

Small

Cap

Growth

Fund

Actual

Class

S

$1,000

$896

$4.59

0.95%

Hypothetical

**

Class

S

$1,000

$1,021

$4.89

0.95%

Thrivent

Small

Cap

Stock

Fund

Actual

Class

A

$1,000

$913

$5.05

1.04%

Class

S

$1,000

$915

$3.93

0.81%

Hypothetical

**

Class

A

$1,000

$1,020

$5.33

1.04%

Class

S

$1,000

$1,021

$4.15

0.81%

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

186/365

to

reflect

the

one-half

year

period.

**

Assuming

5%

annualized

total

return

before

expenses.

56

To

the

Board

of

Trustees

of

Thrivent

Mutual

Funds

and

Shareholders

of

each

of

the

twenty-three

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(twenty-three

of

the

funds

constituting

Thrivent

Mutual

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2023,

the

related

statements

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

October

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

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

Funds

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.

Thrivent

Aggressive

Allocation

Fund

Thrivent

Mid

Cap

Growth

Fund

Thrivent

Balanced

Income

Plus

Fund

Thrivent

Mid

Cap

Stock

Fund

Thrivent

Global

Stock

Fund

Thrivent

Mid

Cap

Value

Fund

Thrivent

Government

Bond

Fund

Thrivent

Moderate

Allocation

Fund

Thrivent

High

Income

Municipal

Bond

Fund

Thrivent

Moderately

Aggressive

Allocation

Fund

Thrivent

High

Yield

Fund

Thrivent

Moderately

Conservative

Allocation

Fund

Thrivent

Income

Fund

Thrivent

Money

Market

Fund

Thrivent

International

Allocation

Fund

Thrivent

Municipal

Bond

Fund

Thrivent

Large

Cap

Growth

Fund

Thrivent

Opportunity

Income

Plus

Fund

Thrivent

Large

Cap

Value

Fund

Thrivent

Small

Cap

Growth

Fund

Thrivent

Limited

Maturity

Bond

Fund

Thrivent

Small

Cap

Stock

Fund

Thrivent

Low

Volatility

Equity

Fund

PricewaterhouseCoopers

LLP,

45

South

Seventh

Street,

Suite

3400,

Minneapolis,

MN

55402

T:

(612)

596

6000,

www.pwc.com/us

Report

of

Independent

Registered

Public

Accounting

Firm

57

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

October

31,

2023

by

correspondence

with

the

custodian,

agent

banks,

transfer

agents

and

brokers;

when

replies

were

not

received

from

agent

banks

and

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

Minneapolis,

Minnesota

December 18,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Thrivent

Financial

investment

company

complex

since

1987.

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

58

Shares

Registered

Investment

Companies

(

39.9%

)

Value

U.S.

Affiliated  (39.3%)

5,163,197

Thrivent

Core

Emerging

Markets

Equity

Fund

$

41,718,631

5,835,745

Thrivent

Core

International

Equity

Fund

53,221,995

3,448,295

Thrivent

Core

Low

Volatility

Equity

Fund

38,138,143

6,161,357

Thrivent

Core

Mid

Cap

Value

Fund

56,869,324

2,666,229

Thrivent

Core

Small

Cap

Value

Fund

22,689,609

1,997,330

Thrivent

Global

Stock

Fund,

Class

S

48,255,491

14,539,303

Thrivent

International

Allocation

Fund,

Class

S

133,470,800

10,100,443

Thrivent

Large

Cap

Growth

Fund,

Class

S

158,980,974

3,932,202

Thrivent

Large

Cap

Value

Fund,

Class

S

99,720,641

3,502,926

Thrivent

Mid

Cap

Stock

Fund,

Class

S

103,651,586

1,854,941

Thrivent

Small

Cap

Stock

Fund,

Class

S

45,817,038

Total

802,534,232

U.S.

Unaffiliated  (0.6%)

13,706

Communication

Services

Select

Sector

SPDR

Fund

887,052

1,725

Invesco

QQQ

Trust

Series

1

605,251

23,927

SPDR

S&P

500

ETF

Trust

10,006,272

13,062

SPDR

S&P

Biotech

ETF

865,096

2,105

SPDR

S&P

Oil

&

Gas

Exploration

ETF

305,688

Total

12,669,359

Total

Registered

Investment

Companies

(cost

$686,311,710)

815,203,591

Shares

Common

Stock

(

39.7%

)

Value

Communications

Services

(2.4%)

19,456

Alphabet,

Inc.,

Class

A

a

2,414,100

108,485

Alphabet,

Inc.,

Class

C

a

13,593,170

16,395

Altice

USA,

Inc.

a

47,382

5,616

AMC

Networks,

Inc.

a

66,269

2,238

Bumble,

Inc.

a

30,079

46

Cable

One,

Inc.

25,294

65,867

Cargurus,

Inc.

a

1,134,888

105,946

Comcast

Corporation

4,374,510

112,761

DISH

Network

Corporation

a

552,529

465

Electronic

Arts,

Inc.

57,562

6,040

Emerald

Holding,

Inc.

a

30,079

2,171

Entravision

Communications

Corporation

7,772

3,836

Frontier

Communications

Parent,

Inc.

a

68,741

13,658

iHeartMedia,

Inc.

a

32,096

3,629

Imax

Corporation

a

66,084

15,994

Integral

Ad

Science

Holding

Corporation

a

183,611

4,249

Interpublic

Group

of

Companies,

Inc.

120,672

9,132

Liberty

Global

plc,

Class

A

a

142,094

26,087

Liberty

Global

plc,

Class

C

a

442,435

6,377

Liberty

Latin

America,

Ltd.,

Class

A

a

43,555

Shares

Common

Stock

(39.7%)

Value

Communications

Services

(2.4%)

-

continued

3,230

Live

Nation

Entertainment,

Inc.

a

$

258,465

73,551

Lumen

Technologies,

Inc.

a

107,384

2,413

Match

Group,

Inc.

a

83,490

29,270

Meta

Platforms,

Inc.

a

8,818,173

3,626

Netflix,

Inc.

a

1,492,788

782

Omnicom

Group,

Inc.

58,580

207,729

QuinStreet,

Inc.

a

2,349,415

1,391

Roku,

Inc.

a

82,862

2,119

Sinclair,

Inc.

23,034

1,880

TechTarget,

Inc.

a

47,338

4,331

Telephone

and

Data

Systems,

Inc.

78,781

18,577

Trade

Desk,

Inc.

a

1,318,224

1,039

Tripadvisor,

Inc.

a

15,336

154,101

Verizon

Communications,

Inc.

5,413,568

120,483

Warner

Brothers

Discovery,

Inc.

a

1,197,601

151

Yelp,

Inc.

a

6,371

53,497

Ziff

Davis,

Inc.

a

3,234,429

Total

48,018,761

Consumer

Discretionary

(4.1%)

4,363

2U,

Inc.

a

9,250

114

Adient

plc

a

3,841

86,020

Amazon.com,

Inc.

a

11,448,402

837

American

Axle

&

Manufacturing

Holdings,

Inc.

a

5,650

11,389

American

Eagle

Outfitters,

Inc.

198,966

52,164

Aptiv

plc

a

4,548,701

4,803

Autoliv,

Inc.

440,195

92

AutoNation,

Inc.

a

11,967

1,273

Beazer

Homes

USA,

Inc.

a

30,794

1,668

Best

Buy

Company,

Inc.

111,456

1,131

Booking

Holdings,

Inc.

a

3,154,992

21,269

Boot

Barn

Holdings,

Inc.

a

1,478,195

732

Brunswick

Corporation

50,852

2,723

Buckle,

Inc.

91,956

29,993

Cedar

Fair,

LP

1,064,751

557

Chegg,

Inc.

a

4,194

2,140

Chipotle

Mexican

Grill,

Inc.

a

4,156,308

160,382

Clarus

Corporation

928,612

29,474

Columbia

Sportswear

Company

2,175,181

1,968

Container

Store

Group,

Inc.

a

3,641

74,190

Cooper-Standard

Holdings,

Inc.

a

921,440

15,717

Crocs,

Inc.

a

1,403,842

1,473

Culp,

Inc.

a

8,057

15,238

D.R.

Horton,

Inc.

1,590,847

11,166

Dana,

Inc.

128,186

2,192

Darden

Restaurants,

Inc.

319,002

2,767

Deckers

Outdoor

Corporation

a

1,652,065

6,077

Domino's

Pizza,

Inc.

2,060,042

377

DoorDash,

Inc.

a

28,256

364

Dorman

Products,

Inc.

a

22,634

4,658

eBay,

Inc.

182,733

1,505

Etsy,

Inc.

a

93,761

153,290

Everi

Holdings,

Inc.

a

1,653,999

17,366

Five

Below,

Inc.

a

3,021,337

20,910

Fox

Factory

Holding

Corporation

a

1,703,538

22,887

General

Motors

Company

645,413

9,362

Gentex

Corporation

268,502

6,440

Goodyear

Tire

&

Rubber

Company

a

76,636

6,656

Grand

Canyon

Education,

Inc.

a

787,604

2,027

Green

Brick

Partners,

Inc.

a

78,445

5,678

Harley-Davidson,

Inc.

152,454

9,343

Hilton

Worldwide

Holdings,

Inc.

1,415,745

14,892

Home

Depot,

Inc.

4,239,603

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

59

Shares

Common

Stock

(39.7%)

Value

Consumer

Discretionary

(4.1%)

-

continued

740

KB

Home

$

32,708

11,434

Laureate

Education,

Inc.

161,677

1,606

La-Z-Boy,

Inc.

46,959

3,870

Lear

Corporation

502,171

1,360

Lennar

Corporation

145,085

16,478

Lowe's

Companies,

Inc.

3,140,212

6,073

Lululemon

Athletica,

Inc.

a

2,389,604

1,053

M/I

Homes,

Inc.

a

86,420

31

Marriott

Vacations

Worldwide

Corporation

2,786

9,741

McDonald's

Corporation

2,553,798

10,706

Meritage

Homes

Corporation

1,220,698

5,905

MGM

Resorts

International

206,203

333

Modine

Manufacturing

Company

a

13,154

4,409

Mohawk

Industries,

Inc.

a

354,395

8,717

Nordstrom,

Inc.

b

121,864

688

NVR,

Inc.

a

3,723,883

709

ODP

Corporation

a

31,848

24,947

Papa

John's

International,

Inc.

1,622,054

2,749

PENN

Entertainment,

Inc.

a

54,238

2,827

Playa

Hotels

and

Resorts

NV

a

20,439

2,858

Polaris,

Inc.

246,988

4,006

Pool

Corporation

1,264,975

1,797

PulteGroup,

Inc.

132,241

30,981

Qurate

Retail,

Inc.

a

13,653

3,550

Ross

Stores,

Inc.

411,694

4,593

SeaWorld

Entertainment,

Inc.

a

197,866

944

Six

Flags

Entertainment

Corporation

a

18,786

37,042

Skyline

Champion

Corporation

a

2,171,772

24,375

Sony

Group

Corporation

ADR

2,024,344

115,821

Stoneridge,

Inc.

a

1,884,408

388

Taylor

Morrison

Home

Corporation

a

14,868

20,144

Tesla,

Inc.

a

4,045,721

236,654

ThredUp,

Inc.

a

762,026

276

TopBuild

Corporation

a

63,138

7,273

Travel

+

Leisure

Company

247,500

10

Ulta

Beauty,

Inc.

a

3,813

3,556

Upbound

Group,

Inc.

92,669

3,567

Urban

Outfitters,

Inc.

a

123,490

136

Vail

Resorts,

Inc.

28,866

130

Visteon

Corporation

a

14,967

11,857

Wendy's

Company

225,520

5,405

Wingstop,

Inc.

987,872

13,329

Wyndham

Hotels

&

Resorts,

Inc.

965,020

Total

84,744,438

Consumer

Staples

(2.1%)

19,767

Altria

Group,

Inc.

794,040

6,632

Archer-Daniels-Midland

Company

474,652

28,058

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,911,311

307

Boston

Beer

Company,

Inc.

a

102,523

791

Cal-Maine

Foods,

Inc.

35,840

11,451

Casey's

General

Stores,

Inc.

3,113,641

15,884

Celsius

Holdings,

Inc.

a

2,415,798

43,659

Coca-Cola

Company

2,466,297

2,277

Constellation

Brands,

Inc.

533,160

156,488

Coty,

Inc.

a

1,466,293

1,177

Darling

Ingredients,

Inc.

a

52,129

18,017

e.l.f.

Beauty,

Inc.

a

1,668,915

9,957

Flowers

Foods,

Inc.

218,357

615

Hain

Celestial

Group,

Inc.

a

6,796

220

Hershey

Company

41,217

6,956

J

&

J

Snack

Foods

Corporation

1,089,379

Shares

Common

Stock

(39.7%)

Value

Consumer

Staples

(2.1%)

-

continued

13,647

John

B.

Sanfilippo

&

Son,

Inc.

$

1,395,542

68,568

Kenvue,

Inc.

1,275,365

12,610

Kimberly-Clark

Corporation

1,508,660

3,593

Kroger

Company

163,014

25,606

Lamb

Weston

Holdings,

Inc.

2,299,419

11,946

Lancaster

Colony

Corporation

2,020,905

212

McCormick

&

Company,

Inc.

13,547

14,744

Mondelez

International,

Inc.

976,200

384

PepsiCo,

Inc.

62,700

39,459

Philip

Morris

International,

Inc.

3,518,164

44,188

Pilgrim's

Pride

Corporation

a

1,126,794

332

PriceSmart,

Inc.

20,747

94,604

Primo

Water

Corporation

1,235,528

6,773

Procter

&

Gamble

Company

1,016,153

1,902

Simply

Good

Foods

Company

a

70,926

850

SpartanNash

Company

19,116

30,855

Sysco

Corporation

2,051,549

79,586

Turning

Point

Brands,

Inc.

1,595,699

18,079

Tyson

Foods,

Inc.

837,962

21,335

US

Foods

Holding

Corporation

a

830,785

33,584

Walmart,

Inc.

5,487,961

Total

43,917,084

Energy

(2.0%)

8,131

APA

Corporation

322,963

2,756

Baker

Hughes

Company

94,862

47,420

BP

plc

ADR

1,734,624

1,006

Cactus,

Inc.

47,222

1,310

California

Resources

Corporation

68,893

2,716

Cheniere

Energy,

Inc.

451,997

17,790

Chesapeake

Energy

Corporation

1,531,363

9,050

Chevron

Corporation

1,318,857

674

Chord

Energy

Corporation

111,426

128

Civitas

Resources,

Inc.

9,655

621

Comstock

Resources,

Inc.

b

7,825

31,363

ConocoPhillips

3,725,924

1,149

CVR

Energy,

Inc.

37,630

54,386

Devon

Energy

Corporation

2,532,756

94,206

Enterprise

Products

Partners,

LP

2,453,124

2,626

Expro

Group

Holdings

NV

a

41,360

44,260

Exxon

Mobil

Corporation

4,684,921

461

Gran

Tierra

Energy,

Inc.

a,b

2,821

62,940

Halliburton

Company

2,476,060

1,717

Helmerich

&

Payne,

Inc.

67,942

3,896

HF

Sinclair

Corporation

215,760

4,707

International

Seaways,

Inc.

226,360

10,880

Liberty

Energy,

Inc.

214,336

1,946

Magnolia

Oil

&

Gas

Corporation

43,688

11,148

Marathon

Oil

Corporation

304,452

19,829

Marathon

Petroleum

Corporation

2,999,136

31,191

Matador

Resources

Company

1,924,173

3,774

Murphy

Oil

Corporation

169,339

137,079

NOV,

Inc.

2,736,097

852

ONEOK,

Inc.

55,550

5,688

Ovintiv,

Inc.

273,024

6,356

Par

Pacific

Holdings,

Inc.

a

208,604

1,722

Patterson-UTI

Energy,

Inc.

21,869

3,242

PBF

Energy,

Inc.

154,092

7,120

Phillips

66

812,178

12,918

Pioneer

Natural

Resources

Company

3,087,402

20,334

ProPetro

Holding

Corporation

a

213,100

9,053

RPC,

Inc.

75,321

5,420

SM

Energy

Company

218,534

1,122

Solaris

Oilfield

Infrastructure,

Inc.

10,367

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

60

Shares

Common

Stock

(39.7%)

Value

Energy

(2.0%)

-

continued

5,730

Talos

Energy,

Inc.

a

$

88,815

185,064

TechnipFMC

plc

3,982,577

6,177

U.S.

Silica

Holdings,

Inc.

a

74,556

9,196

Viper

Energy

Partners,

LP

261,902

5,247

Williams

Companies,

Inc.

180,497

Total

40,273,954

Financials

(6.0%)

11,870

Allstate

Corporation

1,520,903

109,783

Ally

Financial,

Inc.

2,655,651

2,651

Amalgamated

Financial

Corporation

48,354

1,340

Amerant

Bancorp,

Inc.

24,428

16,074

American

Express

Company

2,347,286

986

American

Financial

Group,

Inc.

107,829

34,724

American

International

Group,

Inc.

2,128,928

7,212

Ameriprise

Financial,

Inc.

2,268,679

407

Ameris

Bancorp

15,181

6,821

Annaly

Capital

Management,

Inc.

106,476

70

Apollo

Global

Management,

Inc.

5,421

32,534

Arch

Capital

Group,

Ltd.

a

2,820,047

7,487

Arthur

J.

Gallagher

&

Company

1,763,114

1,921

Artisan

Partners

Asset

Management,

Inc.

63,393

5,651

Associated

Banc-Corp

91,603

535

Assurant,

Inc.

79,662

1,337

Assured

Guaranty,

Ltd.

83,429

290

Atlantic

Union

Bankshares

Corporation

8,355

512

Axis

Capital

Holdings,

Ltd.

29,235

208

Axos

Financial,

Inc.

a

7,494

4,466

Banc

of

California,

Inc.

b

50,064

123,362

Bank

of

America

Corporation

3,249,355

724

Bank

of

Hawaii

Corporation

b

35,758

2,822

Bank

of

Marin

Bancorp

47,410

31,391

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

792,937

63,370

Bank

of

New

York

Mellon

Corporation

2,693,225

1,244

Bank

OZK

44,548

1,431

BankFinancial

Corporation

12,020

3,391

BankUnited,

Inc.

73,958

1,686

Banner

Corporation

71,166

459

BayCom

Corporation

9,088

2,680

BCB

Bancorp,

Inc.

27,550

6,095

Berkshire

Hathaway,

Inc.

a

2,080,406

2,907

Berkshire

Hills

Bancorp,

Inc.

57,006

1,028

BlackRock,

Inc.

629,424

4,640

Block,

Inc.

a

186,760

114

BOK

Financial

Corporation

7,469

73,475

Bridgewater

Bancshares,

Inc.

a

707,564

2,699

Brighthouse

Financial,

Inc.

a

122,265

4,487

Brookline

Bancorp,

Inc.

36,524

359

Brown

&

Brown,

Inc.

24,922

2,082

Business

First

Bancshares,

Inc.

40,682

11,374

Byline

Bancorp,

Inc.

215,765

2,178

Cadence

Bank

46,130

504

Camden

National

Corporation

14,697

14,177

Capital

One

Financial

Corporation

1,435,988

2,905

Capitol

Federal

Financial,

Inc.

15,106

12,800

Carlyle

Group,

Inc.

352,512

382

Cathay

General

Bancorp

12,954

12,078

Central

Pacific

Financial

Corporation

190,591

246

Central

Valley

Community

Bancorp

3,879

49,692

Charles

Schwab

Corporation

2,585,972

Shares

Common

Stock

(39.7%)

Value

Financials

(6.0%)

-

continued

15,532

Chubb,

Ltd.

$

3,333,478

9,021

Cincinnati

Financial

Corporation

899,123

8,262

Citigroup,

Inc.

326,266

11,707

Citizens

Financial

Group,

Inc.

274,295

2,052

CNB

Financial

Corporation

37,305

6,595

Columbia

Banking

System,

Inc.

129,724

38,373

Comerica,

Inc.

1,511,896

1,803

Commerce

Bancshares,

Inc.

79,080

320

Community

Bank

System,

Inc.

12,784

3,974

Community

Trust

Bancorp,

Inc.

149,263

2,439

ConnectOne

Bancorp,

Inc.

39,731

887

CrossFirst

Bankshares,

Inc.

a

9,384

913

Cullen/Frost

Bankers,

Inc.

83,074

1,863

Customers

Bancorp,

Inc.

a

74,911

910

CVB

Financial

Corporation

14,214

6,470

Dime

Community

Bancshares,

Inc.

118,983

12,959

Discover

Financial

Services

1,063,675

8,521

Eagle

Bancorp,

Inc.

165,989

3,138

East

West

Bancorp,

Inc.

168,260

844

Eastern

Bankshares,

Inc.

9,292

4,646

Ellington

Residential

Mortgage

REIT

24,531

1,109

Employers

Holdings,

Inc.

42,142

2,078

Enova

International,

Inc.

a

82,871

1,923

Enterprise

Financial

Services

Corporation

66,863

1,096

Equity

Bancshares,

Inc.

26,523

222

EVERTEC,

Inc.

7,055

99,707

F.N.B.

Corporation

1,065,868

2,840

FactSet

Research

Systems,

Inc.

1,226,568

38,514

Federated

Hermes,

Inc.

1,220,894

3,938

Fidelity

National

Information

Services,

Inc.

193,395

2,908

Fifth

Third

Bancorp

68,949

3,025

Financial

Institutions,

Inc.

47,916

924

First

Bancorp/Puerto

Rico

12,335

35

First

Citizens

BancShares,

Inc./NC

48,326

1,346

First

Financial

Bankshares,

Inc.

32,371

1,440

First

Financial

Corporation

49,550

8,274

First

Foundation,

Inc.

37,564

618

First

Hawaiian,

Inc.

11,081

18,660

First

Horizon

Corporation

200,595

1,378

First

Internet

Bancorp

22,558

363

First

Interstate

BancSystem,

Inc.

8,374

1,056

First

Merchants

Corporation

28,839

588

First

Mid-Illinois

Bancshares,

Inc.

16,064

3,279

First

of

Long

Island

Corporation

35,216

4,077

Fiserv,

Inc.

a

463,759

203

Five

Star

Bancorp

3,952

1,155

FleetCor

Technologies,

Inc.

a

260,071

3,565

Flushing

Financial

Corporation

43,992

6,841

Fulton

Financial

Corporation

88,865

7,466

Genworth

Financial,

Inc.

a

44,721

36,573

Glacier

Bancorp,

Inc.

1,104,139

1,310

Global

Life,

Inc.

152,432

3,760

Global

Payments,

Inc.

399,387

2,505

Great

Southern

Bancorp,

Inc.

124,549

2,043

Green

Dot

Corporation

a

22,841

14,761

Hamilton

Lane,

Inc.

1,241,695

1,789

Hancock

Whitney

Corporation

61,595

13,029

Hanmi

Financial

Corporation

191,266

1,565

Hanover

Insurance

Group,

Inc.

183,434

4,180

Hartford

Financial

Services

Group,

Inc.

307,021

46,010

Heartland

Financial

USA,

Inc.

1,260,674

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

61

Shares

Common

Stock

(39.7%)

Value

Financials

(6.0%)

-

continued

6,127

Heritage

Commerce

Corporation

$

50,119

7,696

Heritage

Financial

Corporation

125,214

72

Hingham

Institution

For

Savings

10,698

2,336

Home

BancShares,

Inc.

47,771

6,862

HomeStreet,

Inc.

33,143

4,140

Hometrust

Bancshares,

Inc.

85,325

23,773

Hope

Bancorp,

Inc.

208,252

4,836

Horizon

Bancorp,

Inc.

45,894

38,012

Houlihan

Lokey,

Inc.

3,820,966

14,175

Huntington

Bancshares,

Inc.

136,789

1,449

Independent

Bank

Corporation

70,711

3,687

Independent

Bank

Corporation/MI

73,556

38,283

Intercontinental

Exchange,

Inc.

4,113,126

315

International

Bancshares

Corporation

13,806

6,666

Invesco

Mortgage

Capital,

Inc.

45,529

14,712

Invesco,

Ltd.

190,815

44,779

J.P.

Morgan

Chase

&

Company

6,226,968

629

Jack

Henry

&

Associates,

Inc.

88,683

14,252

Janus

Henderson

Group

plc

328,794

4,857

Kearny

Financial

Corporation/MD

33,708

5,836

KeyCorp

59,644

22,595

Kinsale

Capital

Group,

Inc.

7,544,696

2,439

KKR

&

Company,

Inc.

135,121

4,048

Lazard,

Ltd.

112,413

12,900

M&T

Bank

Corporation

1,454,475

3,678

Marsh

&

McLennan

Companies,

Inc.

697,533

9,829

Mastercard,

Inc.

3,699,144

655

Mercantile

Bank

Corporation

21,576

28,850

MetLife,

Inc.

1,731,289

3,941

Metropolitan

Bank

Holding

Corporation

a,b

127,728

9,929

MFA

Financial,

Inc.

88,269

63,125

MGIC

Investment

Corporation

1,063,025

537

Mid

Penn

Bancorp,

Inc.

10,235

4,375

Midland

States

Bancorp,

Inc.

95,463

6,628

MidWestOne

Financial

Group,

Inc.

132,030

16,215

Morgan

Stanley

1,148,346

6,805

Mr.

Cooper

Group,

Inc.

a

384,687

5,384

MSCI,

Inc.

2,538,825

433

MVB

Financial

Corporation

8,508

25,224

Nasdaq,

Inc.

1,251,110

5,810

Navient

Corporation

92,437

1,186

NCR

Atleos

Corporation

a

26,163

13,190

New

York

Community

Bancorp,

Inc.

125,041

15,853

NMI

Holdings,

Inc.

a

433,580

1,942

Northfield

Bancorp,

Inc.

16,701

170

Northrim

BanCorp,

Inc.

7,091

25,066

NU

Holdings,

Ltd./Cayman

Islands

a

205,541

7,480

OceanFirst

Financial

Corporation

94,697

1,115

OFG

Bancorp

33,026

3,429

Old

National

Bancorp

46,977

2,999

Old

Republic

International

Corporation

82,113

2,182

Old

Second

Bancorp,

Inc.

29,588

8,232

OneMain

Holdings,

Inc.

295,776

454

Pacific

Premier

Bancorp,

Inc.

8,626

68,396

PayPal

Holdings,

Inc.

a

3,542,913

893

PCB

Bancorp

13,734

714

PennyMac

Financial

Services,

Inc.

47,981

1,097

Pinnacle

Financial

Partners,

Inc.

68,409

Shares

Common

Stock

(39.7%)

Value

Financials

(6.0%)

-

continued

214

PNC

Financial

Services

Group,

Inc.

$

24,497

1,587

Popular,

Inc.

103,219

2,969

Premier

Financial

Corporation

51,512

270

PROG

Holdings,

Inc.

a

7,395

1,304

Prosperity

Bancshares,

Inc.

71,120

4,415

Provident

Financial

Services,

Inc.

62,031

2,363

Prudential

Financial,

Inc.

216,073

41,842

Radian

Group,

Inc.

1,060,276

29,028

Raymond

James

Financial,

Inc.

2,770,432

3,594

Regions

Financial

Corporation

52,221

33,837

Rithm

Capital

Corporation

315,699

28,304

RLI

Corporation

3,771,225

768

S&T

Bancorp,

Inc.

19,784

2,670

Sandy

Spring

Bancorp,

Inc.

54,602

15,714

SEI

Investments

Company

843,213

1,892

Shore

Bancshares,

Inc.

19,412

554

Simmons

First

National

Corporation

7,872

414

SmartFinancial,

Inc.

8,632

235

Southern

First

Bancshares,

Inc.

a

6,345

1,034

SouthState

Corporation

68,347

4,018

Synchrony

Financial

112,705

7,418

Synovus

Financial

Corporation

193,387

1,789

T.

Rowe

Price

Group,

Inc.

161,905

1,439

Territorial

Bancorp,

Inc.

11,109

2,126

TPG,

Inc.

58,763

16,137

Tradeweb

Markets,

Inc.

1,452,491

44,912

Triumph

Financial,

Inc.

a

2,795,772

2,791

TrustCo

Bank

Corporation

NY

71,254

3,165

Trustmark

Corporation

63,648

6,460

Two

Harbors

Investment

Corporation

75,001

950

U.S.

Bancorp

30,286

360

UMB

Financial

Corporation

22,579

1,577

United

Bankshares,

Inc.

44,850

1,078

United

Community

Banks,

Inc.

23,813

3,158

Univest

Financial

Corporation

52,612

3,463

Unum

Group

169,341

7,366

Valley

National

Bancorp

57,307

3,524

Veritex

Holdings,

Inc.

60,683

11,055

Virtu

Financial,

Inc.

204,407

1,083

Visa,

Inc.

254,613

26,008

Voya

Financial,

Inc.

1,736,554

2,278

W.R.

Berkley

Corporation

153,583

3,050

WaFd,

Inc.

75,274

548

Walker

&

Dunlop,

Inc.

35,510

108

Webster

Financial

Corporation

4,101

109,084

Wells

Fargo

&

Company

4,338,271

1,510

Westamerica

Bancorporation

71,332

84,344

Western

Alliance

Bancorp

3,466,538

46,086

Western

Union

Company

520,311

876

WEX,

Inc.

a

145,836

136

Willis

Towers

Watson

plc

32,081

772

Wintrust

Financial

Corporation

57,661

251

WSFS

Financial

Corporation

8,885

1,818

XP,

Inc.

36,360

40,665

Zions

Bancorp

NA

1,254,515

Total

121,692,354

Health

Care

(5.1%)

19,021

Abbott

Laboratories

1,798,436

2,948

ACADIA

Pharmaceuticals,

Inc.

a

66,536

9,136

Agilent

Technologies,

Inc.

944,388

2,204

Agios

Pharmaceuticals,

Inc.

a

46,306

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

62

Shares

Common

Stock

(39.7%)

Value

Health

Care

(5.1%)

-

continued

2,395

Aldeyra

Therapeutics,

Inc.

a

$

4,095

9,531

Align

Technology,

Inc.

a

1,759,327

13,185

Alkermes

plc

a

318,945

5,843

Amgen,

Inc.

1,494,055

3,313

Amicus

Therapeutics,

Inc.

a

36,344

1,413

Amphastar

Pharmaceuticals,

Inc.

a

63,967

1,441

Anika

Therapeutics,

Inc.

a

28,099

6,993

Apellis

Pharmaceuticals,

Inc.

a

340,279

5,599

Argenx

SE

ADR

a

2,629,122

9,331

Ascendis

Pharma

AS

ADR

a

833,352

15,859

AstraZeneca

plc

ADR

1,002,765

1,545

Avanos

Medical,

Inc.

a

28,366

120,657

Avantor,

Inc.

a

2,103,052

6,153

Azenta,

Inc.

a

279,654

13,360

Baxter

International,

Inc.

433,265

7,794

Biogen,

Inc.

a

1,851,387

210

BioMarin

Pharmaceutical,

Inc.

a

17,105

272

Bio-Rad

Laboratories,

Inc.

a

74,876

38,178

Bio-Techne

Corporation

2,085,664

416

Blueprint

Medicines

Corporation

a

24,486

3,349

Bruker

Corporation

190,893

1,318

Cardinal

Health,

Inc.

119,938

25,391

Centene

Corporation

a

1,751,471

1,747

Charles

River

Laboratories

International,

Inc.

a

294,125

9,213

Cigna

Group

2,848,660

2,569

Codexis,

Inc.

a

4,265

4,419

Cooper

Companies,

Inc.

1,377,623

23,094

CVS

Health

Corporation

1,593,717

11,005

Danaher

Corporation

2,113,180

4,204

Deciphera

Pharmaceuticals,

Inc.

a

50,406

22,407

Dentsply

Sirona,

Inc.

681,397

14,713

Dexcom,

Inc.

a

1,306,956

8,749

Dynavax

Technologies

Corporation

a

124,323

34,739

Edwards

Lifesciences

Corporation

a

2,213,569

68,066

Elanco

Animal

Health,

Inc.

a

599,661

6,252

Elevance

Health,

Inc.

2,813,963

899

Eli

Lilly

&

Company

497,983

828

Enanta

Pharmaceuticals,

Inc.

a

7,469

64,341

Enovis

Corporation

a

2,953,252

6,700

Exelixis,

Inc.

a

137,953

33,881

Gilead

Sciences,

Inc.

2,661,014

3,347

Globus

Medical,

Inc.

a

152,991

4,468

GoodRx

Holdings,

Inc.

a

22,027

68,121

Halozyme

Therapeutics,

Inc.

a

2,307,258

6,772

HCA

Healthcare,

Inc.

1,531,420

5,929

Hologic,

Inc.

a

392,322

4,189

ICON

plc

a

1,021,948

135

IDEXX

Laboratories,

Inc.

a

53,928

74

Illumina,

Inc.

a

8,097

17,486

Immunocore

Holdings

plc

ADR

a

776,378

4,289

Inspire

Medical

Systems,

Inc.

a

631,169

5,366

Intuitive

Surgical,

Inc.

a

1,407,073

933

IQVIA

Holding,

Inc.

a

168,714

1,901

Jazz

Pharmaceuticals,

Inc.

a

241,465

17,425

Johnson

&

Johnson

2,584,825

14,352

Laboratory

Corporation

of

America

Holdings

2,866,525

31,390

Lantheus

Holdings,

Inc.

a

2,027,794

62

Ligand

Pharmaceuticals,

Inc.

a

3,242

891

LivaNova

plc

a

43,704

258,384

Maravai

LifeSciences

Holdings,

Inc.

a

1,772,514

29

Medpace

Holdings,

Inc.

a

7,037

Shares

Common

Stock

(39.7%)

Value

Health

Care

(5.1%)

-

continued

40,058

Medtronic

plc

$

2,826,492

46,876

Merck

&

Company,

Inc.

4,814,165

3,795

Molina

Healthcare,

Inc.

a

1,263,545

2,012

Myriad

Genetics,

Inc.

a

31,347

11,119

Natera,

Inc.

a

438,867

1,840

National

HealthCare

Corporation

123,942

3,378

Neogen

Corporation

a

50,298

18,477

Novo

Nordisk

AS

ADR

1,784,324

56,881

Option

Care

Health,

Inc.

a

1,577,310

483

OraSure

Technologies,

Inc.

a

2,492

2,393

Pacira

Pharmaceuticals,

Inc.

a

67,626

2,575

Pediatrix

Medical

Group,

Inc.

a

29,510

64,537

Pfizer,

Inc.

1,972,251

38,418

Phreesia,

Inc.

a

524,790

103,732

Progyny,

Inc.

a

3,201,170

1,723

PTC

Therapeutics,

Inc.

a

32,306

2,730

Qiagen

NV

a

102,184

10,628

QuidelOrtho

Corporation

a

649,158

96,096

R1

RCM,

Inc.

a

1,132,972

14,151

Repligen

Corporation

a

1,904,159

3,424

Revance

Therapeutics,

Inc.

a

27,015

4,002

Rocket

Pharmaceuticals,

Inc.

a

72,436

1,995

Royalty

Pharma

plc

53,606

11,650

Sarepta

Therapeutics,

Inc.

a

784,162

77,376

scPharmaceuticals,

Inc.

a

413,962

1,811

Sensus

Healthcare,

Inc.

a

3,966

6,366

ShockWave

Medical,

Inc.

a

1,313,051

2,616

Stryker

Corporation

706,896

752

Teleflex,

Inc.

138,932

3,265

TG

Therapeutics,

Inc.

a

25,238

3,582

Thermo

Fisher

Scientific,

Inc.

1,593,166

7,647

UnitedHealth

Group,

Inc.

4,095,427

1,522

Vanda

Pharmaceuticals,

Inc.

a

6,666

9,526

Veeva

Systems,

Inc.

a

1,835,755

5,636

Veracyte,

Inc.

a

116,778

37,675

Vericel

Corporation

a

1,325,407

1,141

Vertex

Pharmaceuticals,

Inc.

a

413,168

90,070

Viemed

Healthcare,

Inc.

a

568,342

3,085

Waters

Corporation

a

735,865

1,188

West

Pharmaceutical

Services,

Inc.

378,129

1,471

Zentalis

Pharmaceuticals,

Inc.

a

24,066

17,303

Zimmer

Biomet

Holdings,

Inc.

1,806,606

24,812

Zoetis,

Inc.

3,895,484

Total

103,489,151

Industrials

(6.0%)

3,206

A.O.

Smith

Corporation

223,651

1,062

Acuity

Brands,

Inc.

172,012

30,604

Advanced

Drainage

Systems,

Inc.

3,269,425

3,143

AECOM

240,597

4,112

AGCO

Corporation

471,482

57,123

Air

Lease

Corporation

1,978,169

4,725

Alight,

Inc.

a

31,374

1,840

Allison

Transmission

Holdings,

Inc.

92,773

11,190

AMETEK,

Inc.

1,575,216

398

Apogee

Enterprises,

Inc.

17,082

4,973

Armstrong

World

Industries,

Inc.

377,401

48,747

ASGN,

Inc.

a

4,068,425

5,751

Automatic

Data

Processing,

Inc.

1,254,983

4,751

Axon

Enterprise,

Inc.

a

971,532

1,643

AZZ,

Inc.

77,665

122,199

Badger

Infrastructure

Solutions,

Ltd.

3,236,610

37,277

Barnes

Group,

Inc.

774,989

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

63

Shares

Common

Stock

(39.7%)

Value

Industrials

(6.0%)

-

continued

10,536

Beacon

Roofing

Supply,

Inc.

a

$

749,847

41

Boise

Cascade

Company

3,844

74

Brady

Corporation

3,808

3,144

Builders

FirstSource,

Inc.

a

341,187

9,375

Carlisle

Companies,

Inc.

2,382,094

539

Caterpillar,

Inc.

121,841

13,350

Chart

Industries,

Inc.

a

1,551,670

14,825

Cimpress

plc

a

884,608

137,669

CNH

Industrial

NV

1,511,606

140

Columbus

McKinnon

Corporation

4,280

9,693

Conduent

Incorporated

a

30,921

1,075

CSW

Industrials,

Inc.

190,554

87,245

CSX

Corporation

2,604,263

6,170

Cummins,

Inc.

1,334,571

9,095

Curtiss-Wright

Corporation

1,808,177

1,058

Daseke,

Inc.

a

4,698

2,028

Deere

&

Company

740,950

49,943

Delta

Air

Lines,

Inc.

1,560,719

2,066

Donaldson

Company,

Inc.

119,126

33

Dover

Corporation

4,288

2,961

EMCOR

Group,

Inc.

611,891

245

Equifax,

Inc.

41,545

124,043

ExlService

Holdings,

Inc.

a

3,238,763

1,969

Expeditors

International

of

Washington,

Inc.

215,113

54,839

Fastenal

Company

3,199,307

8,882

Ferguson

plc

1,334,076

57,595

First

Advantage

Corporation

749,311

38,606

Flowserve

Corporation

1,417,612

37,314

Fluor

Corporation

a

1,242,183

549

Forrester

Research,

Inc.

a

12,737

3,504

Fortune

Brands

Innovations,

Inc.

195,523

1,875

Gates

Industrial

Corporation

plc

a

20,475

10,945

General

Dynamics

Corporation

2,641,138

1,614

Gibraltar

Industries,

Inc.

a

98,228

61

GMS,

Inc.

a

3,567

351

Gorman-Rupp

Company

10,372

28,434

Greenbrier

Companies,

Inc.

983,532

674

Griffon

Corporation

26,920

47,594

Helios

Technologies,

Inc.

2,461,562

1,233

Herc

Holdings,

Inc.

131,672

3,928

Hillman

Solutions

Corporation

a

25,768

12,645

Honeywell

International,

Inc.

2,317,323

134,604

Howmet

Aerospace,

Inc.

5,936,036

621

Hubbell,

Inc.

167,732

1,777

IDEX

Corporation

340,136

760

Ingersoll

Rand,

Inc.

46,117

1,829

Interface,

Inc.

16,260

233,195

Janus

International

Group,

Inc.

a

2,182,705

6,049

JB

Hunt

Transport

Services,

Inc.

1,039,642

9,645

JetBlue

Airways

Corporation

a

36,265

352

Johnson

Controls

International

plc

17,255

3,168

Kennametal,

Inc.

73,212

11,095

L3Harris

Technologies,

Inc.

1,990,554

1,635

Legalzoom.com,

Inc.

a

16,301

13,035

Lincoln

Electric

Holdings,

Inc.

2,278,518

21,845

ManpowerGroup,

Inc.

1,528,495

13,047

Masco

Corporation

679,618

91,627

Masterbrand,

Inc.

a

1,017,976

1,233

Matson,

Inc.

107,333

20,847

Maximus,

Inc.

1,557,688

19,365

Middleby

Corporation

a

2,185,728

29,027

Miller

Industries,

Inc.

1,055,712

8,142

Moog,

Inc.

944,879

Shares

Common

Stock

(39.7%)

Value

Industrials

(6.0%)

-

continued

1,802

MSC

Industrial

Direct

Company,

Inc.

$

170,739

440

MYR

Group,

Inc.

a

50,965

138

National

Presto

Industries,

Inc.

10,315

2,709

Northrop

Grumman

Corporation

1,277,104

4,234

nVent

Electric

plc

203,782

10,001

Old

Dominion

Freight

Line,

Inc.

3,766,977

14,597

Oshkosh

Corporation

1,280,595

1,876

Otis

Worldwide

Corporation

144,846

12,397

Owens

Corning,

Inc.

1,405,448

8,541

PACCAR,

Inc.

704,889

7,574

Parker-Hannifin

Corporation

2,794,124

699

Paycom

Software,

Inc.

171,234

778

Paylocity

Holding

Corporation

a

139,573

22,466

Pentair

plc

1,305,724

7,621

Quanta

Services,

Inc.

1,273,622

53,798

RB

Global,

Inc.

3,518,389

10,967

Regal

Rexnord

Corporation

1,298,602

2,555

Republic

Services,

Inc.

379,392

1,882

Resideo

Technologies,

Inc.

a

27,251

6,019

Saia,

Inc.

a

2,157,751

56,226

Schneider

National,

Inc.

1,424,205

13,112

Simpson

Manufacturing

Company,

Inc.

1,746,256

4,569

SiteOne

Landscape

Supply,

Inc.

a

629,471

4,327

SkyWest,

Inc.

a

182,470

184

Snap-On,

Inc.

47,461

2,678

Southwest

Airlines

Company

59,532

2,748

Standex

International

Corporation

394,530

529

Sterling

Construction

Company,

Inc.

a

38,538

17,867

Tennant

Company

1,326,089

2,790

Terex

Corporation

127,782

4,683

Textron,

Inc.

355,908

36,953

Timken

Company

2,554,191

1,162

Titan

Machinery,

Inc.

a

28,864

8,002

Trane

Technologies

plc

1,522,861

21,339

TransUnion

936,355

2,451

Trex

Company,

Inc.

a

137,771

41,891

Uber

Technologies,

Inc.

a

1,813,042

32

UniFirst

Corporation/MA

5,262

25,482

United

Parcel

Service,

Inc.

3,599,332

8,020

United

Rentals,

Inc.

3,258,285

373

Valmont

Industries,

Inc.

73,447

873

Veralto

Corporation

a

60,237

2,549

Vertiv

Holdings

Company

100,099

1,537

Wabash

National

Corporation

31,801

49,752

WillScot

Mobile

Mini

Holdings

Corporation

a

1,960,726

Total

123,479,055

Information

Technology

(7.8%)

7,852

8x8,

Inc.

a

18,688

6,743

Adobe,

Inc.

a

3,587,681

21,083

Advanced

Micro

Devices,

Inc.

a

2,076,675

1,005

Alpha

and

Omega

Semiconductor,

Ltd.

a

23,839

3,099

Amkor

Technology,

Inc.

64,645

31,723

Amphenol

Corporation

2,555,288

4,054

ANSYS,

Inc.

a

1,128,066

69,988

Apple,

Inc.

11,951,851

15,607

Applied

Materials,

Inc.

2,065,586

7,918

Arista

Networks,

Inc.

a

1,586,530

3,892

Autodesk,

Inc.

a

769,176

244

Broadcom,

Inc.

205,294

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

64

Shares

Common

Stock

(39.7%)

Value

Information

Technology

(7.8%)

-

continued

77,723

Calix,

Inc.

a

$

2,574,186

567

CDW

Corporation

113,627

44,104

Ciena

Corporation

a

1,861,189

169,570

Cisco

Systems,

Inc.

8,839,684

25,568

Cognex

Corporation

920,192

183

Cognizant

Technology

Solutions

Corporation

11,798

34,222

Cohu,

Inc.

a

1,031,451

9,669

CommScope

Holding

Company,

Inc.

a

14,310

126

CommVault

Systems,

Inc.

a

8,234

1,185

Corning,

Inc.

31,711

11,049

Crane

NXT

Company

574,548

2,178

Datadog,

Inc.

a

177,442

19,833

Descartes

Systems

Group,

Inc.

a

1,432,141

2,809

DocuSign,

Inc.

a

109,214

4,056

Dolby

Laboratories,

Inc.

328,293

100,065

Dropbox,

Inc.

a

2,631,709

28,726

Dynatrace

Holdings,

LLC

a

1,284,339

776

Elastic

NV

a

58,231

11,330

Enphase

Energy,

Inc.

a

901,641

4,809

EPAM

Systems,

Inc.

a

1,046,294

313

F5,

Inc.

a

47,448

40

Fair

Isaac

Corporation

a

33,835

25,387

Flex,

Ltd.

a

652,954

7,717

FormFactor,

Inc.

a

261,452

14,175

Fortinet,

Inc.

a

810,385

19

Gartner,

Inc.

a

6,309

76,061

Gilat

Satellite

Networks,

Ltd.

a

457,127

202

GoDaddy,

Inc.

a

14,792

88,875

Grid

Dynamics

Holdings,

Inc.

a

901,192

50,769

Guidewire

Software,

Inc.

a

4,575,810

51,561

Hackett

Group,

Inc.

1,149,295

17,093

Hewlett

Packard

Enterprise

Company

262,890

159

HP,

Inc.

4,186

3,165

HubSpot,

Inc.

a

1,341,232

3,974

Insight

Enterprises,

Inc.

a

569,474

1,863

IPG

Photonics

Corporation

a

160,032

1,282

JFrog,

Ltd.

a

28,832

12,755

Juniper

Networks,

Inc.

343,365

3,169

Keysight

Technologies,

Inc.

a

386,776

1,535

KLA

Corporation

720,989

81,078

Knowles

Corporation

a

1,053,203

5,927

Kyndryl

Holdings,

Inc.

a

86,712

2,151

Lam

Research

Corporation

1,265,261

35,416

Lattice

Semiconductor

Corporation

a

1,969,484

7,815

Littelfuse,

Inc.

1,693,276

4,968

LiveRamp

Holding,

Inc.

a

137,415

6,053

Marvell

Technology,

Inc.

285,823

553

Microchip

Technology,

Inc.

39,423

69,636

Microsoft

Corporation

23,544,628

1,871

MKS

Instruments,

Inc.

122,850

4,486

Monolithic

Power

Systems,

Inc.

1,981,646

279

Motorola

Solutions,

Inc.

77,690

2,373

NCR

Voyix

Corporation

a

36,283

4,418

NetApp,

Inc.

321,542

6,815

NICE,

Ltd.

ADR

a

1,051,895

10,016

Nova,

Ltd.

a

951,220

22,482

NVIDIA

Corporation

9,168,160

17,373

ON

Semiconductor

Corporation

a

1,088,245

156

OSI

Systems,

Inc.

a

16,266

35,800

PagerDuty,

Inc.

a

722,086

11,143

Palo

Alto

Networks,

Inc.

a

2,707,972

Shares

Common

Stock

(39.7%)

Value

Information

Technology

(7.8%)

-

continued

15,215

PDF

Solutions,

Inc.

a

$

403,654

17,887

Plexus

Corporation

a

1,758,650

12,708

PTC,

Inc.

a

1,784,457

5,079

Q2

Holdings,

Inc.

a

152,522

1,592

Qorvo,

Inc.

a

139,173

53,604

QUALCOMM,

Inc.

5,842,300

5,124

Rackspace

Technology,

Inc.

a,b

6,251

1,528

Rapid7,

Inc.

a

71,037

2,075

RingCentral,

Inc.

a

55,153

842

Roper

Industries,

Inc.

411,376

16,070

Salesforce,

Inc.

a

3,227,338

65,560

Samsung

Electronics

Company,

Ltd.

3,263,241

529

Sanmina

Corporation

a

26,910

5,690

ServiceNow,

Inc.

a

3,310,726

12,864

Silicon

Laboratories,

Inc.

a

1,185,804

3,734

Skyworks

Solutions,

Inc.

323,887

5,522

SolarWinds

Corporation

a

50,858

1,585

Sprinklr,

Inc.

a

21,540

75,128

Sprout

Social,

Inc.

a

3,251,540

4,336

SPS

Commerce,

Inc.

a

695,234

5,464

Synopsys,

Inc.

a

2,565,020

11,016

TE

Connectivity,

Ltd.

1,298,236

400

Teledyne

Technologies,

Inc.

a

149,836

457

Tenable

Holdings,

Inc.

a

19,244

3,072

Teradata

Corporation

a

131,236

107

Teradyne,

Inc.

8,910

18,333

Texas

Instruments,

Inc.

2,603,469

20,127

Trimble,

Inc.

a

948,586

288,374

TTM

Technologies,

Inc.

a

3,313,417

8,217

Tyler

Technologies,

Inc.

a

3,064,119

8,854

Unisys

Corporation

a

24,614

7,331

Universal

Display

Corporation

1,020,329

3,118

Upland

Software,

Inc.

a

10,414

70,490

Varonis

Systems,

Inc.

a

2,371,284

1,950

Verint

Systems,

Inc.

a

36,679

5,942

VeriSign,

Inc.

a

1,186,380

6,763

Viavi

Solutions,

Inc.

a

52,616

7,258

Vishay

Intertechnology,

Inc.

161,418

7,826

Vontier

Corporation

231,337

34,273

Wolfspeed,

Inc.

a

1,159,798

27,802

Workiva,

Inc.

a

2,421,276

1,377

Xerox

Holdings

Corporation

17,681

5,812

Yext,

Inc.

a

35,046

2,486

Zoom

Video

Communications,

Inc.

a

149,110

Total

159,994,714

Materials

(1.5%)

855

Albemarle

Corporation

108,397

27,737

Alcoa

Corporation

711,177

419

AptarGroup,

Inc.

51,231

63,841

Axalta

Coating

Systems,

Ltd.

a

1,674,549

33,231

Ball

Corporation

1,600,073

8,862

Berry

Plastics

Group,

Inc.

487,410

16,965

Carpenter

Technology

Corporation

1,064,045

4,586

Celanese

Corporation

525,143

27,069

CF

Industries

Holdings,

Inc.

2,159,565

13,696

Cleveland-Cliffs,

Inc.

a

229,819

4,408

Commercial

Metals

Company

186,414

3,206

Eagle

Materials,

Inc.

493,436

18,900

Eastman

Chemical

Company

1,412,397

114

Hawkins,

Inc.

6,547

11,266

Huntsman

Corporation

262,836

29,808

Ingevity

Corporation

a

1,200,666

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

65

Shares

Common

Stock

(39.7%)

Value

Materials

(1.5%)

-

continued

2,758

Innospec,

Inc.

$

270,284

98,210

Ivanhoe

Mines,

Ltd.

a

723,783

670

Kaiser

Aluminum

Corporation

38,056

2,288

Linde

plc

874,382

1,517

LSB

Industries,

Inc.

a

13,820

407

LyondellBasell

Industries

NV

36,728

3,814

Martin

Marietta

Materials,

Inc.

1,559,697

6,444

Mosaic

Company

209,301

812

Myers

Industries,

Inc.

13,617

3,098

Newmont

Corporation

116,082

21,762

Nucor

Corporation

3,216,206

3,865

O-I

Glass,

Inc.

a

59,714

2,140

Orion

SA

43,442

18,007

PPG

Industries,

Inc.

2,210,719

193,739

Ranpak

Holdings

Corporation

a

612,215

491

Reliance

Steel

&

Aluminum

Company

124,901

14,321

RPM

International,

Inc.

1,307,078

1,482

Ryerson

Holding

Corporation

43,052

2,211

Schnitzer

Steel

Industries,

Inc.

50,212

21,285

Steel

Dynamics,

Inc.

2,267,065

29,402

Summit

Materials,

Inc.

a

967,326

5,073

SunCoke

Energy,

Inc.

48,244

1,888

TimkenSteel

Corporation

a

38,383

697

TriMas

Corporation

16,874

4,649

Trinseo

plc

28,777

161,972

Tronox

Holdings

plc

1,731,481

9,078

United

States

Lime

&

Minerals,

Inc.

1,797,353

12,110

United

States

Steel

Corporation

410,408

2,195

Vulcan

Materials

Company

431,296

Total

31,434,201

Real

Estate

(1.6%)

54,937

Agree

Realty

Corporation

3,073,176

12,056

Alexandria

Real

Estate

Equities,

Inc.

1,122,775

8,180

Apartment

Income

REIT

Corporation

238,938

11,147

AvalonBay

Communities,

Inc.

1,847,504

7,186

Camden

Property

Trust

609,948

1,776

CareTrust

REIT,

Inc.

38,219

23,399

CBRE

Group,

Inc.

a

1,622,487

1,560

Centerspace

75,785

3,326

Chatham

Lodging

Trust

30,765

11,387

Compass,

Inc.

a

22,546

12,519

CoStar

Group,

Inc.

a

919,020

18,643

CubeSmart

635,540

170,348

Cushman

and

Wakefield

plc

a

1,255,465

4,103

DigitalBridge

Group,

Inc.

65,032

617

EastGroup

Properties,

Inc.

100,725

10,234

Elme

Communities

130,586

8,017

EPR

Properties

342,326

27,347

Equity

Commonwealth

517,952

11,724

Equity

Residential

648,689

32,763

Essential

Properties

Realty

Trust,

Inc.

719,148

962

Essex

Property

Trust,

Inc.

205,791

6,446

First

Industrial

Realty

Trust,

Inc.

272,666

7,838

FirstService

Corporation

1,108,842

12,072

Four

Corners

Property

Trust,

Inc.

257,134

2,363

Getty

Realty

Corporation

62,903

98,917

Healthcare

Realty

Trust,

Inc.

1,419,459

104,782

Host

Hotels

&

Resorts,

Inc.

1,622,025

1,397

Howard

Hughes

Holdings,

Inc.

a

92,663

91,521

Independence

Realty

Trust,

Inc.

1,133,945

Shares

Common

Stock

(39.7%)

Value

Real

Estate

(1.6%)

-

continued

15,213

Invitation

Homes,

Inc.

$

451,674

2,246

Kennedy-Wilson

Holdings,

Inc.

28,906

843

LTC

Properties,

Inc.

26,647

37,698

LXP

Industrial

Trust

298,191

3,432

Mid-America

Apartment

Communities,

Inc.

405,491

55,523

National

Storage

Affiliates

Trust

1,583,516

12,747

NetSTREIT

Corporation

181,645

7,269

NNN

REIT,

Inc.

264,083

8,474

Pebblebrook

Hotel

Trust

101,095

13,018

Phillips

Edison

and

Company,

Inc.

459,666

4,264

Public

Storage

1,017,859

3,975

Realty

Income

Corporation

188,335

12,257

Regency

Centers

Corporation

738,607

12,835

Rexford

Industrial

Realty,

Inc.

554,985

788

RMR

Group,

Inc.

17,746

11,217

Sabra

Health

Care

REIT,

Inc.

153,000

18,809

SBA

Communications

Corporation

3,924,122

20,678

Service

Properties

Trust

149,915

7,549

Terreno

Realty

Corporation

402,211

20,287

UDR,

Inc.

645,329

2,434

Welltower,

Inc.

203,507

Total

31,988,584

Utilities

(1.1%)

26,937

AES

Corporation

401,361

27,962

Alliant

Energy

Corporation

1,364,266

20,680

American

Electric

Power

Company,

Inc.

1,562,167

567

American

Water

Works

Company,

Inc.

66,708

1,301

Artesian

Resources

Corporation

51,129

893

Avista

Corporation

28,299

8,074

Black

Hills

Corporation

390,378

36,005

CenterPoint

Energy,

Inc.

967,815

26,498

Constellation

Energy

Corporation

2,992,154

22,985

Duke

Energy

Corporation

2,043,137

19,295

Entergy

Corporation

1,844,409

18,235

Evergy,

Inc.

896,068

461

NextEra

Energy

Partners,

LP

12,479

133,636

NiSource,

Inc.

3,362,282

20,091

Northwestern

Energy

Group,

Inc.

964,569

26,847

OGE

Energy

Corporation

918,168

32,517

Portland

General

Electric

Company

1,301,330

25,308

Public

Service

Enterprise

Group,

Inc.

1,560,238

13,092

Spire,

Inc.

728,308

23,898

UGI

Corporation

497,078

Total

21,952,343

Total

Common

Stock

(cost

$740,344,525)

810,984,639

Principal

Amount

Long-Term

Fixed

Income

(

5.2%

)

Value

Commercial

Mortgage-Backed

Securities

(0.1%)

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

200,000

3.500%, 

7/25/2032,

Ser.

K148,

Class

A2

c,d

170,434

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

66

Principal

Amount

Long-Term

Fixed

Income

(5.2%)

Value

Commercial

Mortgage-Backed

Securities

(0.1%)

-

continued

$

275,000

3.530%, 

8/25/2032,

Ser.

K149,

Class

A2

c

$

234,686

1,000,000

3.820%, 

12/25/2032,

Ser.

K-153,

Class

A2

c,d

869,077

Federal

Home

Loan

Mortgage

Corporation

Multifamily

WI

Certificates

250,000

4.500%, 

12/25/2033,

Ser.

K160,

Class

A2

227,932

Total

1,502,129

Mortgage-Backed

Securities

(2.8%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

601,263

2.000%, 

5/1/2051

445,521

950,154

2.500%, 

5/1/2051

733,147

842,675

3.500%, 

5/1/2052

702,766

662,277

4.000%, 

5/1/2052

577,421

1,411,877

3.500%, 

6/1/2052

1,178,347

197,788

5.000%, 

7/1/2053

183,029

1,557,144

5.500%, 

7/1/2053

1,480,709

938,773

5.000%, 

8/1/2053

870,470

1,997,186

5.500%, 

9/1/2053

1,898,291

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

232,063

2.500%, 

7/1/2030

214,524

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

598,240

3.000%, 

8/1/2038

521,596

737,160

3.500%, 

5/1/2040

636,418

490,846

2.500%, 

4/1/2042

394,630

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

905,009

3.000%, 

1/1/2052

730,493

219,788

2.000%, 

2/1/2051

163,039

124,725

2.000%, 

2/1/2051

92,368

703,122

2.500%, 

2/1/2051

545,099

537,092

2.500%, 

2/1/2051

415,289

1,425,747

2.000%, 

3/1/2051

1,055,343

1,988,311

4.000%, 

3/1/2051

1,753,348

938,086

3.000%, 

3/1/2052

753,369

540,514

3.000%, 

4/1/2051

434,379

586,113

3.000%, 

5/1/2050

475,033

256,777

2.000%, 

5/1/2051

189,592

466,303

3.000%, 

5/1/2051

380,741

389,615

3.000%, 

6/1/2050

319,324

149,225

5.000%, 

6/1/2053

138,183

766,095

2.500%, 

7/1/2051

591,249

599,306

3.500%, 

7/1/2051

509,398

643,794

3.500%, 

8/1/2050

547,971

3,821,578

4.500%, 

8/1/2052

e

3,434,573

1,244,919

5.000%, 

8/1/2053

1,152,798

428,055

3.500%, 

9/1/2052

358,757

1,021,084

5.000%, 

9/1/2052

942,183

3,092,163

4.500%, 

9/1/2053

2,764,502

1,137,390

4.500%, 

9/1/2053

1,020,077

1,121,287

4.000%, 

10/1/2052

972,279

257,108

2.000%, 

11/1/2051

189,967

700,000

7.000%, 

11/1/2053

e

707,492

Principal

Amount

Long-Term

Fixed

Income

(5.2%)

Value

Mortgage-Backed

Securities

(2.8%)

-

continued

$

1,058,252

2.000%, 

12/1/2050

$

783,968

886,456

2.500%, 

12/1/2051

685,440

1,278,194

4.500%, 

12/1/2052

1,149,277

6,625,000

5.500%, 

11/1/2040

e

6,283,398

900,000

6.500%, 

11/1/2040

e

894,511

10,200,000

6.000%, 

11/1/2041

e

9,924,954

1,725,000

4.000%, 

11/1/2048

e

1,489,969

1,275,000

4.500%, 

11/1/2048

e

1,138,415

4,150,000

5.000%, 

11/1/2048

e

3,825,781

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

498,815

2.500%, 

3/1/2062

369,620

351,858

3.500%, 

7/1/2061

289,637

564,552

4.000%, 

12/1/2061

487,870

Total

57,796,555

U.S.

Government

&

Agencies

(2.3%)

U.S.

Treasury

Bonds

2,000,000

1.625%, 

11/15/2050

979,609

3,850,000

4.000%, 

11/15/2052

3,217,457

190,000

5.250%, 

11/15/2028

193,139

3,240,000

1.375%, 

11/15/2040

1,826,170

2,291,000

2.500%, 

5/15/2046

1,452,011

U.S.

Treasury

Notes

5,700,000

3.000%, 

6/30/2024

5,606,484

960,000

2.250%, 

11/15/2024

929,212

1,930,000

2.125%, 

11/30/2024

1,863,505

1,000,000

5.000%, 

9/30/2025

998,164

540,000

2.625%, 

1/31/2026

512,768

4,295,000

2.500%, 

2/28/2026

4,062,130

1,490,000

2.250%, 

11/15/2027

1,347,810

200,000

0.750%, 

1/31/2028

168,687

900,000

3.500%, 

1/31/2028

853,348

2,400,000

3.625%, 

3/31/2028

2,284,219

4,500,000

2.875%, 

5/15/2028

4,138,770

3,000,000

4.125%, 

7/31/2028

2,910,352

3,700,000

4.375%, 

8/31/2028

3,629,469

125,000

0.875%, 

11/15/2030

95,562

70,000

1.375%, 

11/15/2031

53,725

8,000,000

2.875%, 

5/15/2032

6,864,688

4,000,000

3.375%, 

5/15/2033

3,536,875

Total

47,524,154

Total

Long-Term

Fixed

Income

(cost

$116,359,486)

106,822,838

Shares

Private

Equity

Funds

(

0.3%

)

Value

Secondary

(0.3%)

1

LCP

X

(Offshore),

LP

f*

6,635,748

Total

6,635,748

Total

Private

Equity

Funds

(cost

$4,500,000)

6,635,748

Shares

Collateral

Held

for

Securities

Loaned

(

<0.1%

)

Value

325,960

Thrivent

Cash

Management

Trust

325,960

Total

Collateral

Held

for

Securities

Loaned

(cost

$325,960)

325,960

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

67

+

Shares

or

Principal

Amount

Short-Term

Investments

(

16.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

500,000

5.275%,

11/10/2023

g,h

$

499,359

7,200,000

5.285%,

11/15/2023

g,h

7,185,634

6,000,000

5.300%,

12/6/2023

g,h

5,969,950

5,300,000

5.306%,

12/13/2023

g,h

5,268,163

10,000,000

5.315%,

12/15/2023

g,h

9,937,079

100,000

5.305%,

1/16/2024

g,h

98,913

2,600,000

5.330%,

1/17/2024

g,h

2,571,360

Thrivent

Core

Short-Term

Reserve

Fund

29,752,186

5.690%

297,521,856

U.S.

Treasury

Bills

300,000

5.307%,

12/14/2023

g,i

298,104

1,000,000

5.312%,

1/9/2024

g

989,875

Total

Short-Term

Investments

(cost

$330,261,630)

330,340,293

Total

Investments

(cost

$1,878,103,311)

101.3%

$2,070,313,069

Other

Assets

and

Liabilities,

Net

(1.3%)

(26,682,132)

Total

Net

Assets

100.0%

$2,043,630,937

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

g

The

interest

rate

shown

reflects

the

yield.

h

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

i

At

October

31,

2023,

$258,356

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Aggressive

Allocation

Fund

as

of

October

31,

2023

was

$6,635,748

or

0.32%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

October

31,

2023.

Security

Acquisition

Date

Cost

LCP

X

(Offshore),

LP 

10/25/2023

$

4,500,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Aggressive

Allocation

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Common

Stock

$

321,408

Total

lending

$321,408

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$325,960

Net

amounts

due

to

counterparty

$4,552

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$313,480,665

Gross

unrealized

depreciation

(135,355,431)

Net

unrealized

appreciation

(depreciation)

$178,125,234

Cost

for

federal

income

tax

purposes

$1,884,081,717

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

68

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Aggressive

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

48,018,761

48,018,761

–

–

Consumer

Discretionary

84,744,438

84,744,438

–

–

Consumer

Staples

43,917,084

43,917,084

–

–

Energy

40,273,954

40,273,954

–

–

Financials

121,692,354

121,692,354

–

–

Health

Care

103,489,151

103,489,151

–

–

Industrials

123,479,055

120,242,445

3,236,610

–

Information

Technology

159,994,714

156,731,473

3,263,241

–

Materials

31,434,201

30,710,418

723,783

–

Real

Estate

31,988,584

31,988,584

–

–

Utilities

21,952,343

21,952,343

–

–

Registered

Investment

Companies

U.S.

Affiliated

589,896,530

589,896,530

–

–

U.S.

Unaffiliated

12,669,359

12,669,359

–

–

Long-Term

Fixed

Income

Commercial

Mortgage-Backed

Securities

1,502,129

–

1,502,129

–

Mortgage-Backed

Securities

57,796,555

–

57,796,555

–

U.S.

Government

&

Agencies

47,524,154

–

47,524,154

–

Private

Equity

Funds

Secondary

6,635,748

–

–

6,635,748

Short-Term

Investments

32,818,437

–

32,818,437

–

Subtotal

Investments

in

Securities

$1,559,827,551

$1,406,326,894

$146,864,909

$6,635,748

Other

Investments  *

Total

Affiliated

Short-Term

Investments

297,521,856

U.S.

Affiliated

Registered

Investment

Cos.

212,637,702

Collateral

Held

for

Securities

Loaned

325,960

Subtotal

Other

Investments

$510,485,518

Total

Investments

at

Value

$2,070,313,069

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Aggressive

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

23,079,100

23,079,100

–

–

Total

Asset

Derivatives

$23,079,100

$23,079,100

$–

$–

Liability

Derivatives

Futures

Contracts

31,185,218

31,185,218

–

–

Total

Liability

Derivatives

$31,185,218

$31,185,218

$–

$–

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

69

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

presents

Aggressive

Allocation

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$31,530,458

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

4

December

2023

$

441,448

(

$

16,761)

CBOT

2-Yr.

U.S.

Treasury

Note

33

December

2023

6,707,699

(

27,777)

CBOT

5-Yr.

U.S.

Treasury

Note

15

December

2023

1,597,631

(

30,482)

CBOT

U.S.

Long

Bond

6

December

2023

722,330

(

65,705)

CME

E-mini

S&P

500

Index

1,981

December

2023

444,980,614

(

27,757,251)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

8

December

2023

1,022,836

(

122,336)

ICE

mini

MSCI

EAFE

Index

503

December

2023

52,813,521

(

3,164,906)

Total

Futures

Long

Contracts

$

508,286,079

(

$

31,185,218)

CME

E-mini

Russell

2000

Index

(606)

December

2023

(

$

56,477,194)

$

5,924,673

CME

E-mini

S&P

Mid-Cap

400

Index

(643)

December

2023

(

167,487,730)

14,768,800

CME

Euro

Foreign

Exchange

Currency

(142)

December

2023

(

19,095,035)

275,598

Eurex

Euro

STOXX

50

Index

(441)

December

2023

(

19,851,448)

794,597

ICE

US

mini

MSCI

Emerging

Markets

Index

(411)

December

2023

(

20,129,744)

1,240,184

Ultra

10-Yr.

U.S.

Treasury

Note

(12)

December

2023

(

1,381,186)

75,248

Total

Futures

Short

Contracts

(

$

284,422,337)

$23,079,100

Total

Futures

Contracts

$

223,863,742

($8,106,118)

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

Aggressive

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Foreign

Exchange

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

275,598

Total

Foreign

Exchange

Contracts

275,598

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

22,728,254

Total

Equity

Contracts

22,728,254

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

75,248

Total

Interest

Rate

Contracts

75,248

Total

Asset

Derivatives

$23,079,100

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

30,922,157

Total

Equity

Contracts

30,922,157

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

263,061

Total

Interest

Rate

Contracts

263,061

Total

Liability

Derivatives

$31,185,218

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

70

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Aggressive

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Options

Written

Net

realized

gains/(losses)

on

Written

option

contracts

12,234

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(208,899)

Total

Interest

Rate

Contracts

(196,665)

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

28,072,433

Total

Equity

Contracts

28,072,433

Foreign

Exchange

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

665,965

Total

Foreign

Exchange

Contracts

665,965

Total

$28,541,733

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Aggressive

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Foreign

Exchange

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

275,598

Total

Foreign

Exchange

Contracts

275,598

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

2,016,774

Total

Equity

Contracts

2,016,774

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

248,166

Total

Interest

Rate

Contracts

248,166

Total

$2,540,538

The

following

table

presents

Aggressive

Allocation

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$408,675,236

Futures

-

Short

(219,620,318)

Interest

Rate

Contracts

Futures

-

Long

6,259,737

Futures

-

Short

(3,944,931)

Options

Written

(407,946)

Foreign

Exchange

Contracts

Futures

-

Short

(11,005,301)

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

71

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Aggressive

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$36,980

$1,524

$–

$41,719

5,163

2.0%

Core

International

Equity

47,060

1,279

–

53,222

5,836

2.6

Core

Low

Volatility

Equity

74,334

7,438

38,000

38,138

3,448

1.9

Core

Mid

Cap

Value

–

58,000

–

56,869

6,161

2.8

Core

Small

Cap

Value

24,654

296

–

22,690

2,666

1.1

Global

Stock,

Class

S

44,383

1,559

–

48,255

1,997

2.4

High

Yield,

Class

S

6,532

338

6,971

–

–

–

Income,

Class

S

4,112

148

4,372

–

–

–

International

Allocation,

Class

S

119,015

2,725

–

133,471

14,539

6.5

Large

Cap

Growth,

Class

S

130,342

9,308

–

158,981

10,100

7.8

Large

Cap

Value,

Class

S

98,974

6,078

–

99,721

3,932

4.9

Limited

Maturity

Bond,

Class

S

7,073

185

7,421

–

–

–

Mid

Cap

Stock,

Class

S

108,031

2,976

–

103,652

3,503

5.1

Small

Cap

Stock,

Class

S

49,422

4,291

–

45,817

1,855

2.2

Total

U.S.

Affiliated

Registered

Investment

Companies

750,912

802,535

39.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

249,728

495,660

447,866

297,522

29,752

14.6

Total

Affiliated

Short-Term

Investments

249,728

297,522

14.6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

5,397

187,546

192,617

326

326

<0.1

Total

Collateral

Held

for

Securities

Loaned

5,397

326

<0.1

Total

Value

$1,006,037

$1,100,383

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$3,215

$–

$1,524

Core

International

Equity

–

4,883

–

1,279

Core

Low

Volatility

Equity

Fund

(774)

(4,860)

5,937

1,501

Core

Mid

Cap

Value

–

(1,131)

–

–

Core

Small

Cap

Value

–

(2,260)

–

296

Global

Stock,

Class

S

–

2,313

969

590

High

Yield,

Class

S

(1,168)

1,269

–

340

Income,

Class

S

(617)

729

–

148

International

Allocation,

Class

S

–

11,731

–

2,724

Large

Cap

Growth,

Class

S

–

19,331

9,308

–

Large

Cap

Value,

Class

S

–

(5,331)

4,270

1,808

Limited

Maturity

Bond,

Class

S

(333)

496

–

186

Mid

Cap

Stock,

Class

S

–

(7,355)

2,578

397

Small

Cap

Stock,

Class

S

–

(7,896)

4,085

206

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

–

–

–

15,448

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$26,447

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

16

Total

Affiliated

Income

from

Securities

Loaned,

Net

$16

Total

($2,892)

$15,134

$27,147

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

72

Principal

Amount

Bank

Loans

(

5.3%

)

a

Value

Basic

Materials

(0.1%)

Arsenal

AIC

Parent,

LLC,

Term

Loan

$

76,687

9.883%, 

(TSFR3M

+

4.500%),

8/18/2030

b

$

76,441

Grinding

Media,

Inc.,

Term

Loan

84,143

9.684%, 

(TSFR3M

+

4.000%),

10/12/2028

b,c

81,618

INEOS

US

Petrochem,

LLC,

Term

Loan

170,891

8.189%, 

(TSFR1M

+

2.750%),

1/29/2026

b

167,646

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

76,886

8.939%, 

(TSFR1M

+

3.500%),

6/30/2027

b

76,320

Spectrum

Group

Buyer,

Inc.,

Term

Loan

75,772

11.953%, 

(TSFR6M

+

6.500%),

5/19/2028

b

71,107

Total

473,132

Capital

Goods

(0.6%)

Ali

Group

North

America

Corporation,

Term

Loan

81,786

7.439%, 

(TSFR1M

+

2.000%),

7/22/2029

b

81,646

Brookfield

WEC

Holdings,

Inc.,

Term

Loan

184,107

8.189%, 

(TSFR1M

+

2.750%),

8/1/2025

b

183,790

BW

Holding,

Inc.,

Term

Loan

79,337

9.573%, 

(TSFR3M

+

4.000%),

12/14/2028

b

69,981

Chart

Industries,

Inc.,

Term

Loan

74,214

8.665%, 

(TSFR1M

+

3.250%),

3/17/2030

b

73,966

Charter

Next

Generation,

Inc.,

Term

Loan

212,721

9.189%, 

(TSFR1M

+

3.750%),

12/1/2027

b

206,871

Clydesdale

Acquisition

Holdings,

Inc.,

Term

Loan

213,834

9.599%, 

(TSFR1M

+

4.175%),

4/13/2029

b

206,547

Cornerstone

Building

Brands,

Inc.,

Term

Loan

213,359

8.685%, 

(TSFR1M

+

3.250%),

4/12/2028

b

202,247

Emerald

Debt

Merger

Sub,

LLC,

Term

Loan

130,465

8.324%, 

(TSFR1M

+

3.000%),

5/31/2030

b

130,118

Foley

Products

Company,

LLC,

Term

Loan

68,074

10.290%, 

(TSFR3M

+

4.750%),

2/16/2029

b

67,819

Proampac

PG

Borrower,

LLC,

Term

Loan

119,205

10.585%, 

(PRIME

+

3.500%),

9/26/2028

b

117,492

Quikrete

Holdings,

Inc.,

Term

Loan

76,208

8.064%, 

(TSFR1M

+

2.625%),

1/31/2027

b

75,996

Principal

Amount

Bank

Loans

(5.3%)

a

Value

Capital

Goods

(0.6%)

-

continued

$

168,293

8.189%, 

(TSFR1M

+

2.750%),

3/18/2029

b

$

168,102

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

160,249

9.674%, 

(TSFR1M

+

4.250%),

4/1/2029

b,c

160,249

TK

Elevator

U.S.

Newco,

Inc.,

Term

Loan

106,578

9.381%, 

(TSFR6M

+

3.500%),

7/31/2027

b

105,766

TransDigm,

Inc.,

Term

Loan

259,093

8.640%, 

(TSFR3M

+

3.250%),

8/24/2028

b

258,684

Vertiv

Group

Corporation,

Term

Loan

123,728

8.179%, 

(TSFR1M

+

2.750%),

3/2/2027

b

123,387

Total

2,232,661

Communications

Services

(0.7%)

Altice

France

SA/France,

Term

Loan

203,456

10.894%, 

(TSFR3M

+

5.500%),

8/31/2028

b

180,313

CCI

Buyer,

Inc.,

Term

Loan

66,152

9.390%, 

(TSFR3M

+

4.000%),

12/17/2027

b

64,663

Cengage

Learning,

Inc.,

Term

Loan

81,738

10.406%, 

(TSFR3M

+

4.750%),

7/14/2026

b

80,763

Charter

Communications

Operating,

LLC,

Term

Loan

227,855

7.133%, 

(TSFR1M

+

1.750%),

2/1/2027

b,d,e

227,233

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

228,933

9.145%, 

(TSFR3M

+

3.500%),

8/21/2026

b

219,393

CMG

Media

Corporation,

Term

Loan

155,600

8.990%, 

(TSFR3M

+

3.500%),

12/17/2026

b

139,651

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

75,286

10.429%, 

(TSFR1M

+

5.000%),

4/27/2027

b

75,160

115,902

10.679%, 

(TSFR1M

+

5.250%),

4/27/2027

b

115,757

DIRECTV

Financing,

LLC,

Term

Loan

213,155

10.439%, 

(TSFR1M

+

5.000%),

8/2/2027

b

207,103

Level

3

Financing,

Inc.,

Term

Loan

99,227

7.189%, 

(TSFR1M

+

1.750%),

3/1/2027

b

92,474

Lumen

Technologies,

Inc.,

Term

Loan

128,628

7.689%, 

(TSFR1M

+

2.250%),

3/15/2027

b

96,532

McGraw-Hill

Education,

Inc.,

Term

Loan

153,209

10.189%, 

(TSFR1M

+

4.750%),

7/30/2028

b

144,919

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

73

Principal

Amount

Bank

Loans

(5.3%)

a

Value

Communications

Services

(0.7%)

-

continued

MH

Sub

I,

LLC,

Term

Loan

$

192,754

9.574%, 

(TSFR1M

+

4.250%),

5/3/2028

b

$

183,972

NEP

Group,

Inc.,

Term

Loan

81,714

8.689%, 

(TSFR1M

+

3.250%),

10/20/2025

b

73,455

Playtika

Holding

Corporation,

Term

Loan

98,985

8.189%, 

(TSFR1M

+

2.750%),

3/11/2028

b

95,711

Radiate

Holdco,

LLC,

Term

Loan

161,756

8.689%, 

(TSFR1M

+

3.250%),

9/25/2026

b

133,480

RLG

Holdings,

LLC,

Term

Loan

79,336

9.689%, 

(TSFR1M

+

4.250%),

7/8/2028

b

73,138

SBA

Senior

Finance

II,

LLC,

Term

Loan

83,882

7.180%, 

(TSFR1M

+

1.750%),

4/11/2025

b,d,e

83,819

UPC

Financing

Partnership,

Term

Loan

60,639

8.374%, 

(TSFR1M

+

3.000%),

1/31/2029

b

59,376

Virgin

Media

Bristol,

LLC,

Term

Loan

150,678

7.949%, 

(TSFR1M

+

2.500%),

1/31/2028

b,d,e

146,253

Zayo

Group

Holdings,

Inc.,

Term

Loan

130,465

8.439%, 

(TSFR1M

+

3.000%),

3/9/2027

b

109,775

Ziggo

Financing

Partnership,

Term

Loan

127,000

7.949%, 

(TSFR1M

+

2.500%),

4/30/2028

b

124,159

Total

2,727,099

Consumer

Cyclical

(0.9%)

1011778

B.C.,

ULC,

Term

Loan

308,602

7.574%, 

(TSFR1M

+

2.250%),

9/21/2030

b

305,438

AlixPartners,

LLP,

Term

Loan

138,698

8.189%, 

(TSFR1M

+

2.750%),

2/4/2028

b

138,499

Allied

Universal

Holdco,

LLC,

Term

Loan

307,859

9.174%, 

(TSFR1M

+

3.750%),

5/14/2028

b

291,813

Alterra

Mountain

Company,

Term

Loan

75,339

8.939%, 

(TSFR1M

+

3.500%),

8/17/2028

b

75,245

Caesars

Entertainment,

Inc.,

Term

Loan

190,045

8.674%, 

(TSFR1M

+

3.250%),

2/6/2030

b

189,121

Carnival

Corporation,

Term

Loan

178,109

8.336%, 

(TSFR1M

+

3.000%),

8/8/2027

b

174,769

35,637

8.689%, 

(TSFR1M

+

3.250%),

10/18/2028

b

34,940

Principal

Amount

Bank

Loans

(5.3%)

a

Value

Consumer

Cyclical

(0.9%)

-

continued

Cinemark

USA,

Inc.,

Term

Loan

$

88,366

9.094%, 

(TSFR3M

+

3.750%),

5/24/2030

b

$

88,145

Clarios

Global,

LP,

Term

Loan

137,816

9.074%, 

(TSFR1M

+

3.750%),

5/4/2030

b,d,e

137,472

Delta

2

Lux

SARL,

Term

Loan

62,476

7.574%, 

(TSFR1M

+

2.250%),

1/15/2030

b

62,417

Ensemble

RCM,

LLC,

Term

Loan

74,611

9.233%, 

(TSFR3M

+

3.750%),

8/1/2026

b

74,552

Fertitta

Entertainment,

LLC/NV,

Term

Loan

75,236

9.324%, 

(TSFR1M

+

4.000%),

1/27/2029

b

73,478

First

Brands

Group,

LLC,

Term

Loan

80,852

10.881%, 

(TSFR6M

+

5.000%),

3/30/2027

b

79,605

GoDaddy

Operating

Company,

LLC,

Term

Loan

121,087

7.824%, 

(TSFR1M

+

2.500%),

11/10/2029

b

121,114

Great

Outdoors

Group,

LLC,

Term

Loan

172,242

9.402%, 

(TSFR3M

+

3.750%),

3/5/2028

b

170,699

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

152,429

8.189%, 

(TSFR1M

+

2.750%),

10/19/2027

b

150,348

IRB

Holding

Corporation,

Term

Loan

177,647

8.424%, 

(TSFR1M

+

3.000%),

12/15/2027

b

175,574

Light

&

Wonder

International,

Inc.,

Term

Loan

187,105

8.435%, 

(TSFR1M

+

3.000%),

4/14/2029

b

186,492

PetSmart,

LLC,

Term

Loan

240,400

9.174%, 

(TSFR1M

+

3.750%),

2/12/2028

b

237,145

Pilot

Travel

Centers,

LLC,

Term

Loan

208,336

7.424%, 

(TSFR1M

+

2.000%),

8/6/2028

b

208,207

Scientific

Games

Holdings,

LP,

Term

Loan

125,730

8.914%, 

(TSFR3M

+

3.500%),

4/4/2029

b

123,483

Staples,

Inc.,

Term

Loan

120,486

10.634%, 

(LIBOR

1M

+

5.000%),

4/12/2026

b

103,392

Stars

Group

Holdings

BV,

Term

Loan

73,253

7.902%, 

(TSFR3M

+

2.250%),

7/21/2026

b

73,175

Uber

Technologies,

Inc.,

Term

Loan

94,165

8.159%, 

(TSFR3M

+

2.750%),

3/3/2030

b

94,038

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

74

Principal

Amount

Bank

Loans

(5.3%)

a

Value

Consumer

Cyclical

(0.9%)

-

continued

UFC

Holdings,

LLC,

Term

Loan

$

101,064

8.399%, 

(TSFR3M

+

2.750%),

4/29/2026

b

$

100,910

Total

3,470,071

Consumer

Non-Cyclical

(0.9%)

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

240,425

9.082%, 

(TSFR1M

+

3.750%),

7/30/2028

b

235,591

Alltech,

Inc.,

Term

Loan

74,528

9.439%, 

(TSFR1M

+

4.000%),

10/15/2028

b,c

72,665

Amneal

Pharmaceuticals,

LLC,

Term

Loan

179,524

8.939%, 

(TSFR1M

+

3.500%),

5/4/2025

b

175,387

Bausch

+

Lomb

Corporation,

Term

Loan

194,035

8.755%, 

(TSFR3M

+

3.250%),

5/10/2027

b

185,455

88,006

9.324%, 

(TSFR1M

+

4.000%),

9/29/2028

b

84,486

Chobani,

LLC,

Term

Loan

76,922

8.939%, 

(TSFR1M

+

3.500%),

10/23/2027

b

76,706

Elanco

Animal

Health,

Inc.,

Term

Loan

97,647

7.165%, 

(TSFR1M

+

1.750%),

8/1/2027

b

95,292

Froneri

U.S.,

Inc.,

Term

Loan

189,046

7.674%, 

(TSFR1M

+

2.250%),

1/31/2027

b

187,904

Gainwell

Acquisition

Corporation,

Term

Loan

282,819

9.490%, 

(TSFR3M

+

4.000%),

10/1/2027

b

269,858

ICON

Luxembourg

SARL,

Term

Loan

196,588

7.902%, 

(TSFR3M

+

2.250%),

7/1/2028

b

196,633

Jazz

Financing

Lux

SARL,

Term

Loan

244,227

8.939%, 

(TSFR1M

+

3.500%),

5/5/2028

b

244,090

LifePoint

Health,

Inc.,

Term

Loan

71,084

0.000%, 

(TSFR3M

+

3.750%),

11/16/2025

b,d,e

70,531

75,930

11.157%, 

(TSFR3M

+

5.500%),

11/16/2028

b

71,600

Medline

Borrower,

LP,

Term

Loan

448,447

8.689%, 

(TSFR1M

+

3.250%),

10/21/2028

b

445,367

Organon

&

Company,

Term

Loan

224,887

8.451%, 

(TSFR1M

+

3.000%),

6/2/2028

b

224,156

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

73,435

9.152%, 

(TSFR3M

+

3.500%),

11/30/2027

b

72,425

Phoenix

Newco,

Inc.,

Term

Loan

184,066

8.689%, 

(TSFR1M

+

3.250%),

11/15/2028

b

181,719

Principal

Amount

Bank

Loans

(5.3%)

a

Value

Consumer

Non-Cyclical

(0.9%)

-

continued

PRA

Health

Sciences,

Inc.,

Term

Loan

$

48,980

7.902%, 

(TSFR3M

+

2.250%),

7/1/2028

b

$

48,991

Reynolds

Consumer

Products,

LLC,

Term

Loan

140,640

7.174%, 

(TSFR1M

+

1.750%),

2/4/2027

b

140,221

Select

Medical

Corporation,

Term

Loan

124,688

8.324%, 

(TSFR1M

+

3.000%),

3/6/2027

b

124,181

Sotera

Health

Holdings,

LLC,

Term

Loan

167,500

8.395%, 

(TSFR3M

+

2.750%),

12/11/2026

b

165,741

Star

Parent,

Inc.,

Term

Loan

182,400

9.386%, 

(TSFR3M

+

4.000%),

9/28/2030

b

173,577

Total

3,542,576

Energy

(0.2%)

Buckeye

Partners,

LP,

Term

Loan

123,728

7.666%, 

(TSFR1M

+

2.250%),

11/1/2026

b

123,561

CQP

Holdco,

LP,

Term

Loan

247,754

8.990%, 

(TSFR3M

+

3.500%),

6/4/2028

b

247,393

GIP

II

Blue

Holding,

LP,

Term

Loan

42,358

9.939%, 

(TSFR1M

+

4.500%),

9/29/2028

b

42,350

GIP

III

Stetson

I,

LP,

Term

Loan

66,170

9.574%, 

(TSFR1M

+

4.250%),

7/18/2025

b

66,107

Oryx

Midstream

Services

Permian

Basin,

LLC,

Term

Loan

56,560

8.692%, 

(TSFR1M

+

3.250%),

10/5/2028

b

56,435

Total

535,846

Financials

(0.4%)

Acrisure,

LLC,

Term

Loan

93,715

8.939%, 

(TSFR1M

+

3.500%),

2/15/2027

b

91,123

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

36,751

8.835%, 

(TSFR1M

+

3.500%),

11/6/2027

b,d,e

36,609

AmWINS

Group,

Inc.,

Term

Loan

150,678

7.689%, 

(TSFR1M

+

2.250%),

2/19/2028

b

149,258

Asurion,

LLC,

Term

Loan

64,730

8.689%, 

(TSFR1M

+

3.250%),

12/23/2026

b

62,464

144,750

9.674%, 

(TSFR1M

+

4.250%),

8/19/2028

b

138,011

Edelman

Financial

Engines

Center,

LLC,

Term

Loan

42,264

8.939%, 

(TSFR1M

+

3.500%),

4/7/2028

b

41,475

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

75

Principal

Amount

Bank

Loans

(5.3%)

a

Value

Financials

(0.4%)

-

continued

First

Eagle

Holdings,

Inc.,

Term

Loan

$

40,426

7.990%, 

(TSFR3M

+

2.500%),

2/2/2027

b

$

39,949

FleetCor

Technologies

Operating

Company,

LLC,

Term  Loan

98,988

7.174%, 

(TSFR1M

+

1.750%),

4/30/2028

b

98,713

Focus

Financial

Partners,

LLC,

Term

Loan

67,989

8.574%, 

(TSFR1M

+

3.250%),

6/30/2028

b,d,e

67,641

Howden

Group

Holdings,

Ltd.,

Term

Loan

36,751

8.750%, 

(LIBOR

1M

+

3.250%),

11/12/2027

b

36,421

HUB

International,

Ltd.,

Term

Loan

176,404

9.662%, 

(TSFR3M

+

4.250%),

6/20/2030

b

176,279

Hudson

River

Trading,

LLC,

Term

Loan

40,426

8.439%, 

(TSFR1M

+

3.000%),

3/18/2028

b

39,797

Jane

Street

Group,

LLC,

Term

Loan

84,527

8.189%, 

(TSFR1M

+

2.750%),

1/26/2028

b

84,252

Osaic

Holdings,

Inc.,

Term

Loan

44,610

9.824%, 

(TSFR1M

+

4.500%),

8/16/2028

b

44,353

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

87,063

9.074%, 

(TSFR1M

+

3.750%),

2/24/2028

b

86,682

Trans

Union,

LLC,

Term

Loan

106,484

7.689%, 

(TSFR1M

+

2.250%),

12/1/2028

b

106,224

USI,

Inc./NY,

Term

Loan

147,003

9.140%, 

(TSFR3M

+

3.750%),

11/22/2029

b

146,483

VFH

Parent,

LLC,

Term

Loan

64,314

8.427%, 

(TSFR1M

+

3.000%),

1/13/2029

b

63,792

Total

1,509,526

Technology

(1.1%)

Amentum

Government

Services

Holdings,

LLC,

Term  Loan

123,747

9.335%, 

(TSFR1M

+

4.000%),

2/15/2029

b

120,769

AthenaHealth

Group,

Inc.,

Term

Loan

337,422

8.577%, 

(TSFR1M

+

3.250%),

2/15/2029

b

326,395

Boxer

Parent

Company,

Inc.,

Term

Loan

156,279

9.189%, 

(TSFR1M

+

3.750%),

10/2/2025

b

156,035

Central

Parent,

Inc.,

Term

Loan

178,242

9.406%, 

(TSFR3M

+

4.000%),

7/6/2029

b

177,076

Principal

Amount

Bank

Loans

(5.3%)

a

Value

Technology

(1.1%)

-

continued

Cloud

Software

Group,

Inc.,

Term

Loan

$

193,913

9.990%, 

(TSFR3M

+

4.500%),

3/30/2029

b

$

183,997

Coherent

Corporation,

Term

Loan

93,715

8.189%, 

(TSFR1M

+

2.750%),

7/1/2029

b

93,393

CommScope,

Inc.,

Term

Loan

64,314

8.689%, 

(TSFR1M

+

3.250%),

4/4/2026

b

54,961

CoreLogic,

Inc.,

Term

Loan

75,340

8.939%, 

(TSFR1M

+

3.500%),

6/2/2028

b

68,398

Cornerstone

OnDemand,

Inc.,

Term

Loan

106,577

9.189%, 

(TSFR1M

+

3.750%),

10/15/2028

b

100,502

Dcert

Buyer,

Inc.,

Term

Loan

119,440

9.324%, 

(TSFR1M

+

4.000%),

10/16/2026

b

117,107

Dun

&

Bradstreet

Corporation,

Term

Loan

115,765

8.176%, 

(TSFR1M

+

2.750%),

2/8/2026

b

115,585

Gen

Digital,

Inc.,

Term

Loan

112,118

7.424%, 

(TSFR1M

+

2.000%),

9/12/2029

b

111,044

Genesys

Cloud

Services

Holdings

II,

LLC,

Term

Loan

99,056

9.439%, 

(TSFR1M

+

4.000%),

12/1/2027

b,d,e

98,891

GTCR

W

Merger

Sub,

LLC,

Term

Loan

192,942

0.000%, 

(TSFR1M

+

3.000%),

9/20/2030

b,d,e

191,414

Informatica,

LLC,

Term

Loan

123,744

8.189%, 

(TSFR1M

+

2.750%),

10/29/2028

b

123,241

Magenta

Buyer,

LLC,

Term

Loan

133,636

10.645%, 

(TSFR3M

+

5.000%),

7/27/2028

b

93,545

McAfee

Corporation,

Term

Loan

203,968

9.165%, 

(TSFR1M

+

3.750%),

3/1/2029

b

194,663

Mitchell

International,

Inc.,

Term

Loan

123,115

9.189%, 

(TSFR1M

+

3.750%),

10/15/2028

b

119,985

MKS

Instruments,

Inc.,

Term

Loan

222,750

7.819%, 

(TSFR1M

+

2.500%),

8/17/2029

b

220,707

Open

Text

Corporation,

Term

Loan

149,301

8.174%, 

(TSFR1M

+

2.750%),

1/31/2030

b

149,135

Peraton

Corporation,

Term

Loan

384,851

9.174%, 

(TSFR1M

+

3.750%),

2/1/2028

b

377,154

Polaris

Newco,

LLC,

Term

Loan

121,278

9.439%, 

(TSFR1M

+

4.000%),

6/4/2028

b

114,305

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

76

Principal

Amount

Bank

Loans

(5.3%)

a

Value

Technology

(1.1%)

-

continued

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan

$

159,000

10.074%, 

(TSFR1M

+

4.750%),

10/26/2030

b

$

154,106

Proofpoint,

Inc.,

Term

Loan

132,303

8.689%, 

(TSFR1M

+

3.250%),

8/31/2028

b

129,951

RealPage,

Inc.,

Term

Loan

101,065

8.439%, 

(TSFR1M

+

3.000%),

4/22/2028

b

98,686

Tempo

Acquisition,

LLC,

Term

Loan

91,877

8.074%, 

(TSFR1M

+

2.750%),

8/31/2028

b

91,734

UKG,

Inc.,

Term

Loan

209,480

8.764%, 

(TSFR3M

+

3.250%),

5/3/2026

b

208,194

Verscend

Holding

Corporation,

Term

Loan

182,137

9.439%, 

(TSFR1M

+

4.000%),

8/27/2025

b

181,871

Total

4,172,844

Transportation

(0.3%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

268,846

10.427%, 

(TSFR3M

+

4.750%),

4/20/2028

b

272,207

Air

Canada,

Term

Loan

235,243

9.128%, 

(TSFR3M

+

3.500%),

8/11/2028

b

234,831

Brown

Group

Holding,

LLC,

Term

Loan

98,918

8.174%, 

(TSFR1M

+

2.750%),

6/7/2028

b

97,022

Genesee

&

Wyoming,

Inc.,

Term

Loan

123,718

7.490%, 

(TSFR3M

+

2.000%),

12/30/2026

b

123,563

SkyMiles

IP,

Ltd.,

Term

Loan

211,887

9.166%, 

(TSFR3M

+

3.750%),

10/20/2027

b

216,788

United

Airlines,

Inc.,

Term

Loan

281,515

9.189%, 

(TSFR1M

+

3.750%),

4/21/2028

b

280,459

Total

1,224,870

Utilities

(0.1%)

PG&E

Corporation,

Term

Loan

182,261

8.439%, 

(TSFR1M

+

3.000%),

6/23/2025

b

181,805

Talen

Energy

Supply,

LLC,

Term

Loan

79,800

9.877%, 

(TSFR3M

+

4.500%),

5/17/2030

b

79,643

Total

261,448

Total

Bank

Loans

(cost

$20,254,768)

20,150,073

Principal

Amount

Long-Term

Fixed

Income

(

43.8%

)

Value

Asset-Backed

Securities

(4.1%)

510

Asset

Backed

Trust

$

200,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

f,g

$

169,382

257,038

2.116%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A1

f,g

237,657

200,000

4.090%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A2

f,g

169,595

720

East

CLO

I,

Ltd.

500,000

9.666%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

b,f

503,584

Affirm

Asset

Securitization

Trust

575,000

4.300%, 

5/17/2027,

Ser.

2022-A,

Class

1A

f

561,647

650,000

6.610%, 

1/18/2028,

Ser.

2023-A,

Class

A

f

646,324

225,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

f

225,083

Anchorage

Capital

CLO

21,

Ltd.

250,000

8.077%, 

(TSFR3M

+

2.662%),

10/20/2034,

Ser.

2021-21A,

Class

C

b,f

245,662

Ares

XL

CLO,

Ltd.

250,000

8.456%, 

(TSFR3M

+

3.062%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,f

244,421

Babson

CLO,

Ltd.

550,000

8.577%, 

(TSFR3M

+

3.162%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,f

543,652

Barings

CLO,

Ltd.

400,000

8.827%, 

(TSFR3M

+

3.412%),

1/20/2032,

Ser.

2016-2A,

Class

DR2

b,f

385,523

Business

Jet

Securities,

LLC

238,805

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

f

222,650

CarVal

CLO,

Ltd.

300,000

9.112%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

b,f

294,068

Cascade

Funding

Mortgage

Trust,

LLC

364,144

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

b,f

348,563

College

Avenue

Student

Loans,

LLC

71,826

7.089%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,f

71,963

Dewolf

Park

CLO,

Ltd.

350,000

8.506%, 

(TSFR3M

+

3.112%),

10/15/2030,

Ser.

2017-1A,

Class

DR

b,f

326,619

FirstKey

Homes

Trust

650,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

f

589,590

GMAC

Mortgage

Corporation

Loan

Trust

11,862

5.939%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,h

6,631

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

77

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Asset-Backed

Securities

(4.1%)

-

continued

Harley

Marine

Financing,

LLC

$

353,588

6.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

f

$

352,269

Longfellow

Place

CLO,

Ltd.

321,579

7.956%, 

(TSFR3M

+

2.562%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,f

321,067

Madison

Park

Funding

XVIII,

Ltd.

650,000

7.574%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

b,f

634,719

Neuberger

Berman

CLO,

Ltd.

350,000

8.656%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

b,f

332,477

OZLM

VIII,

Ltd.

300,000

7.314%, 

(TSFR3M

+

1.912%),

10/17/2029,

Ser.

2014-8A,

Class

A2R3

b,f

296,422

Pagaya

AI

Debt

Trust

275,416

7.556%, 

7/15/2030,

Ser.

2023-1,

Class

A

f

276,019

Pagaya

AI

Technology

in

Housing

Trust

400,000

4.250%, 

8/25/2025,

Ser.

2022-1,

Class

B

f

377,117

PPM

CLO

6,

Ltd.

600,000

9.916%, 

(TSFR3M

+

4.500%),

1/20/2031,

Ser.

2022-6A,

Class

C

b,f

599,519

Pretium

Mortgage

Credit

Partners,

LLC

425,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

f,g

381,371

225,000

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

f,g

173,776

250,000

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

f,g

189,646

292,323

2.487%, 

10/25/2051,

Ser.

2021-NPL5,

Class

A1

f,g

273,325

Progress

Residential

Trust

550,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

f

498,734

Sculptor

CLO,

Ltd.

425,000

8.077%, 

(TSFR3M

+

2.662%),

1/20/2035,

Ser.

28A,

Class

C

b,f

409,478

Silver

Point

CLO

2,

Ltd.

500,000

8.116%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

b,f

501,797

Stanwich

Mortgage

Loan

Company,

LLC

471,540

2.735%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

f,g

429,017

Stratus

CLO,

Ltd.

425,000

8.177%, 

(TSFR3M

+

2.762%),

12/29/2029,

Ser.

2021-1A,

Class

D

b,f

416,617

400,000

8.466%, 

(TSFR3M

+

3.050%),

10/20/2031,

Ser.

2022-3A,

Class

B

b,f

400,707

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Asset-Backed

Securities

(4.1%)

-

continued

Unlock

HEA

Trust

$

346,988

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

f

$

319,013

Upstart

Securitization

Trust

294,126

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

f

293,386

Vericrest

Opportunity

Loan

Transferee

175,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

f,g

136,229

200,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

f,g

151,142

267,678

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

f,g

248,924

350,000

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

f,g

256,158

200,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

f,g

151,923

300,000

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

f,g

222,431

250,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

f,g

185,233

Whitebox

CLO

III,

Ltd.

300,000

7.856%, 

(TSFR3M

+

2.462%),

10/15/2034,

Ser.

2021-3A,

Class

C

b,f

293,031

Whitebox

CLO

IV,

Ltd.

500,000

8.016%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

b,f

499,369

Wind

River

CLO,

Ltd.

175,000

7.677%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,f

173,888

Total

15,587,418

Basic

Materials

(0.7%)

Alcoa

Nederland

Holding

BV

80,000

5.500%, 

12/15/2027

f

75,814

Anglo

American

Capital

plc

57,000

3.875%, 

3/16/2029

f

50,485

ATI,

Inc.

56,000

7.250%, 

8/15/2030

53,910

ATI,

Inc.,

Convertible

67,000

3.500%, 

6/15/2025

165,490

Cascades,

Inc./Cascades

USA,

Inc.

53,000

5.125%, 

1/15/2026

f

50,304

Chemours

Company

105,000

5.750%, 

11/15/2028

f

88,804

Cleveland-Cliffs,

Inc.

50,000

5.875%, 

6/1/2027

47,639

75,000

4.625%, 

3/1/2029

f

64,643

Consolidated

Energy

Finance

SA

144,000

5.625%, 

10/15/2028

f

118,325

Ecolab,

Inc.

51,000

2.125%, 

2/1/2032

38,849

EIDP,

Inc.

47,000

4.500%, 

5/15/2026

45,635

First

Quantum

Minerals,

Ltd.

155,000

6.875%, 

10/15/2027

f

132,017

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

78

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Basic

Materials

(0.7%)

-

continued

FMC

Corporation

$

41,000

5.150%, 

5/18/2026

$

39,585

Glencore

Funding,

LLC

57,000

4.000%, 

3/27/2027

f

53,159

76,000

6.125%, 

10/6/2028

f

75,342

35,000

6.375%, 

10/6/2030

f

34,289

Hecla

Mining

Company

30,000

7.250%, 

2/15/2028

28,642

Hudbay

Minerals,

Inc.

95,000

4.500%, 

4/1/2026

f

88,418

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

62,000

9.000%, 

7/1/2028

f

57,927

International

Flavors

&

Fragrances,

Inc.

68,000

1.230%, 

10/1/2025

f

61,305

Methanex

Corporation

75,000

4.250%, 

12/1/2024

73,234

Mineral

Resources,

Ltd.

16,000

9.250%, 

10/1/2028

f

16,000

Mosaic

Company

86,000

4.050%, 

11/15/2027

80,258

Novelis

Corporation

25,000

3.250%, 

11/15/2026

f

22,254

65,000

4.750%, 

1/30/2030

f

55,151

25,000

3.875%, 

8/15/2031

f

19,525

Nutrien,

Ltd.

77,000

4.000%, 

12/15/2026

72,845

OCI

NV

50,000

4.625%, 

10/15/2025

f

47,255

Olin

Corporation

100,000

5.125%, 

9/15/2027

91,682

5,000

5.625%, 

8/1/2029

4,546

Peabody

Energy

Corporation,

Convertible

95,000

3.250%, 

3/1/2028

i

132,905

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

71,000

5.375%, 

11/1/2026

f

62,979

SNF

Group

SACA

65,000

3.375%, 

3/15/2030

f

51,982

SunCoke

Energy,

Inc.

67,000

4.875%, 

6/30/2029

f

56,079

Taseko

Mines,

Ltd.

47,000

7.000%, 

2/15/2026

f

42,634

Unifrax

Escrow

Issuer

Corporation

57,000

5.250%, 

9/30/2028

f

38,500

United

States

Steel

Corporation

75,000

6.875%, 

3/1/2029

i

72,864

United

States

Steel

Corporation,

Convertible

85,000

5.000%, 

11/1/2026

217,387

Westlake

Corporation

37,000

3.600%, 

8/15/2026

34,743

Total

2,563,405

Capital

Goods

(1.4%)

Advanced

Drainage

Systems,

Inc.

67,000

6.375%, 

6/15/2030

f

63,259

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Capital

Goods

(1.4%)

-

continued

AECOM

$

145,000

5.125%, 

3/15/2027

$

136,895

Amcor

Finance

USA,

Inc.

39,000

5.625%, 

5/26/2033

36,323

Amphenol

Corporation

42,000

4.750%, 

3/30/2026

41,032

Amsted

Industries,

Inc.

65,000

5.625%, 

7/1/2027

f

59,812

35,000

4.625%, 

5/15/2030

f

28,236

ARD

Finance

SA

21,000

6.500%, 

6/30/2027

f

12,226

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

70,000

5.250%, 

8/15/2027

f

50,882

24,000

5.250%, 

8/15/2027

f

17,445

Boeing

Company

106,000

4.875%, 

5/1/2025

104,134

136,000

2.196%, 

2/4/2026

124,961

56,000

3.250%, 

3/1/2028

49,703

112,000

5.150%, 

5/1/2030

104,938

Bombardier,

Inc.

64,000

7.125%, 

6/15/2026

f

61,580

69,000

7.875%, 

4/15/2027

f

66,376

55,000

6.000%, 

2/15/2028

f

48,668

Brand

Industrial

Services,

Inc.

26,000

10.375%, 

8/1/2030

f

25,805

Builders

FirstSource,

Inc.

35,000

5.000%, 

3/1/2030

f

30,543

Canpack

SA/Canpack

US,

LLC

125,000

3.125%, 

11/1/2025

f

114,593

Carrier

Global

Corporation

76,000

2.722%, 

2/15/2030

61,906

Chart

Industries,

Inc.

86,000

7.500%, 

1/1/2030

f

84,451

Chart

Industries,

Inc.,

Convertible

61,000

1.000%, 

11/15/2024

122,824

Clean

Harbors,

Inc.

113,000

6.375%, 

2/1/2031

f

107,402

Clydesdale

Acquisition

Holdings,

Inc.

9,000

6.625%, 

4/15/2029

f

8,176

18,000

8.750%, 

4/15/2030

f

14,347

Cornerstone

Building

Brands,

Inc.

47,000

6.125%, 

1/15/2029

f

34,362

Covanta

Holding

Corporation

48,000

4.875%, 

12/1/2029

f

37,440

CP

Atlas

Buyer,

Inc.

90,000

7.000%, 

12/1/2028

f,i

68,596

Crown

Cork

&

Seal

Company,

Inc.

61,000

7.375%, 

12/15/2026

61,918

Emerald

Debt

Merger

Sub,

LLC

139,000

6.625%, 

12/15/2030

f

132,224

Fluor

Corporation,

Convertible

232,000

1.125%, 

8/15/2029

f

222,952

GFL

Environmental,

Inc.

89,000

4.000%, 

8/1/2028

f

76,592

94,000

3.500%, 

9/1/2028

f

80,486

Greenbrier

Companies,

Inc.,

Convertible

155,000

2.875%, 

4/15/2028

133,874

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

79

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Capital

Goods

(1.4%)

-

continued

H&E

Equipment

Services,

Inc.

$

146,000

3.875%, 

12/15/2028

f

$

123,667

Herc

Holdings,

Inc.

90,000

5.500%, 

7/15/2027

f

84,598

Howmet

Aerospace,

Inc.

63,000

6.750%, 

1/15/2028

63,018

186,000

3.000%, 

1/15/2029

156,996

Huntington

Ingalls

Industries,

Inc.

56,000

4.200%, 

5/1/2030

49,583

Ingersoll

Rand,

Inc.

20,000

5.700%, 

8/14/2033

18,897

John

Deere

Capital

Corporation

41,000

5.150%, 

9/8/2026

40,806

42,000

4.950%, 

7/14/2028

40,968

81,000

2.800%, 

7/18/2029

70,070

37,000

4.700%, 

6/10/2030

34,831

41,000

3.900%, 

6/7/2032

35,841

21,000

5.150%, 

9/8/2033

19,971

Kaman

Corporation,

Convertible

61,000

3.250%, 

5/1/2024

59,158

L3Harris

Technologies,

Inc.

42,000

5.400%, 

1/15/2027

41,248

Mauser

Packaging

Solutions

Holding

Company

42,000

9.250%, 

4/15/2027

f

34,978

MIWD

Holdco

II,

LLC

70,000

5.500%, 

2/1/2030

f

55,563

Mueller

Water

Products,

Inc.

47,000

4.000%, 

6/15/2029

f

40,185

Nesco

Holdings

II,

Inc.

70,000

5.500%, 

4/15/2029

f

60,025

New

Enterprise

Stone

and

Lime

Company,

Inc.

115,000

5.250%, 

7/15/2028

f

101,487

Northrop

Grumman

Corporation

20,000

4.700%, 

3/15/2033

18,216

OI

European

Group

BV

81,000

4.750%, 

2/15/2030

f

68,924

Otis

Worldwide

Corporation

64,000

2.056%, 

4/5/2025

60,650

Owens-Brockway

Glass

Container,

Inc.

45,000

6.625%, 

5/13/2027

f

42,750

Pactiv

Evergreen

Group

50,000

4.375%, 

10/15/2028

f

42,531

Parker-Hannifin

Corporation

42,000

4.250%, 

9/15/2027

39,829

Patrick

Industries,

Inc.,

Convertible

62,000

1.750%, 

12/1/2028

58,311

PGT

Innovations,

Inc.

65,000

4.375%, 

10/1/2029

f

60,682

Republic

Services,

Inc.

37,000

3.950%, 

5/15/2028

34,507

Roller

Bearing

Company

of

America,

Inc.

64,000

4.375%, 

10/15/2029

f

54,273

Rolls-Royce

plc

39,000

5.750%, 

10/15/2027

f

36,955

Sealed

Air

Corporation

71,000

6.125%, 

2/1/2028

f

67,579

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Capital

Goods

(1.4%)

-

continued

Silgan

Holdings,

Inc.

$

34,000

4.125%, 

2/1/2028

$

30,025

SRM

Escrow

Issuer,

LLC

135,000

6.000%, 

11/1/2028

f

124,819

Textron,

Inc.

56,000

3.650%, 

3/15/2027

52,159

Titan

Acquisition,

Ltd./Titan

Co-

Borrower,

LLC

30,000

7.750%, 

4/15/2026

f

27,903

TransDigm,

Inc.

116,000

6.250%, 

3/15/2026

f

113,269

235,000

5.500%, 

11/15/2027

218,774

Triumph

Group,

Inc.

73,000

9.000%, 

3/15/2028

f

70,900

United

Rentals

North

America,

Inc.

70,000

4.875%, 

1/15/2028

64,944

85,000

4.000%, 

7/15/2030

71,429

Veralto

Corporation

38,000

5.350%, 

9/18/2028

f

36,762

Waste

Connections,

Inc.

20,000

3.200%, 

6/1/2032

16,190

Waste

Management,

Inc.

35,000

4.875%, 

2/15/2029

33,731

Waste

Pro

USA,

Inc.

30,000

5.500%, 

2/15/2026

f

27,576

WESCO

Distribution,

Inc.

120,000

7.250%, 

6/15/2028

f

119,238

Total

5,149,777

Collateralized

Mortgage

Obligations

(3.7%)

A&D

Mortgage

Trust

589,507

6.733%, 

7/25/2068,

Ser.

2023-NQM3,

Class

A1

f,g

585,579

Banc

of

America

Alternative

Loan

Trust

246,590

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

202,195

Banc

of

America

Mortgage

Securities

Trust

25,507

5.127%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

21,203

79,307

5.499%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

70,411

CAFL

Issuer,

LLC

350,000

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

f

324,698

CHL

Mortgage

Pass-Through

Trust

95,801

4.064%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

90,747

193,338

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

73,058

CHNGE

Mortgage

Trust

224,357

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

b,f

203,261

336,909

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

b,f

325,493

369,017

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

f,g

361,044

443,285

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

f,g

424,848

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

80

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Collateralized

Mortgage

Obligations

(3.7%)

-

continued

$

375,461

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

f,g

$

372,505

507,433

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

f,g

492,955

CIM

Trust

466,329

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

f,g

461,042

Citigroup

Mortgage

Loan

Trust,

Inc.

103,338

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

88,002

162,165

4.259%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

136,888

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

250,032

3.728%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

196,467

Credit

Suisse

Mortgage

Trust

317,072

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

b,f

308,327

217,706

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,f

169,702

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

131,482

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

112,283

Federal

Home

Loan

Mortgage

Corporation

385,882

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

41,882

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

768,447

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

717,108

443,289

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

322,333

167,247

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

5,141

278,435

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

27,151

294,644

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

14,640

Federal

National

Mortgage

Association

-

REMIC

389,420

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

366,317

576,987

4.000%, 

7/25/2052,

Ser.

2022-37,

Class

PE

537,355

223,693

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

7,187

195,105

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

6,460

263,377

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

6,744

525,894

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

20,543

429,032

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

15,423

154,179

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

5,206

364,696

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

11,776

438,789

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

j

13,339

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Collateralized

Mortgage

Obligations

(3.7%)

-

continued

$

231,202

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

j

$

8,707

198,823

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

5,232

265,817

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

22,533

364,683

4.500%, 

1/25/2046,

Ser.

2022-68,

Class

BA

349,784

Flagstar

Mortgage

Trust

152,367

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,f

124,383

GCAT

Trust

362,647

5.730%, 

8/25/2067,

Ser.

2022-NQM4,

Class

A3

f,g

349,894

Genworth

Mortgage

Insurance

Corporation

57,734

7.221%, 

(SOFR30A

+

1.900%),

2/25/2034,

Ser.

2021-3,

Class

M1A

b,f

57,798

GMAC

Mortgage

Corporation

Loan

Trust

98,211

3.530%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

78,031

GMACM

Mortgage

Loan

Trust

47,986

3.631%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

42,046

GS

Mortgage-Backed

Securities

Trust

625,193

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

b,f

597,987

Home

RE,

Ltd.

350,000

9.921%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

b,f

350,656

325,000

8.821%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

b,f

330,979

IndyMac

INDA

Mortgage

Loan

Trust

500,403

3.803%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

387,255

J.P.

Morgan

Alternative

Loan

Trust

71,214

4.188%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

53,997

J.P.

Morgan

Mortgage

Trust

206,767

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,f

155,300

549,808

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

b,f

516,970

79,181

4.219%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

58,429

LHOME

Mortgage

Trust

67,923

2.090%, 

2/25/2026,

Ser.

2021-RTL1,

Class

A1

b,f

67,647

Merrill

Lynch

Alternative

Note

Asset

Trust

249,734

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

91,858

MortgageIT

Trust

584,894

5.899%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

467,484

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

81

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Collateralized

Mortgage

Obligations

(3.7%)

-

continued

Onslow

Bay

Mortgage

Loan

Trust

$

306,479

5.700%, 

8/25/2062,

Ser.

2022-NQM7,

Class

A3

f,g

$

296,346

PRKCM

Trust

469,017

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

f

464,226

Residential

Accredit

Loans,

Inc.

Trust

85,857

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

69,696

66,164

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

48,492

Residential

Asset

Securitization

Trust

100,525

3.785%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

90,182

Residential

Funding

Mortgage

Security

I

Trust

148,535

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

108,128

ROC

Securities

Trust

Series

637,144

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,f

622,365

Structured

Adjustable

Rate

Mortgage

Loan

Trust

51,869

4.570%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

42,914

TVC

Mortgage

Trust

300,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

f,g

298,370

Verus

Securitization

Trust

283,904

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

b,f

225,752

577,267

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

f,g

568,671

Total

14,091,425

Commercial

Mortgage-Backed

Securities

(0.4%)

BANK5

2023-5YR1

475,000

6.412%, 

4/15/2056,

Ser.

2023-5YR1,

Class

AS

b

462,497

BBCMS

Mortgage

Trust

2,244,793

1.152%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,j

165,977

BFLD

Trust

175,000

7.150%, 

(TSFR1M

+

1.814%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,f

101,850

SCOTT

Trust

225,000

5.910%, 

3/15/2040,

Ser.

2023-SFS,

Class

A

f

214,663

Silver

Hill

Trust

46,433

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

b,f

43,762

Velocity

Commercial

Capital

Loan

Trust

450,000

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

b,e,f

449,960

Total

1,438,709

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Communications

Services

(1.4%)

Allen

Media,

LLC/Allen

Media

Co-

Issuer,

Inc.

$

57,000

10.500%, 

2/15/2028

f

$

29,686

Altice

Financing

SA

63,000

5.750%, 

8/15/2029

f

48,718

Altice

France

SA/France

85,000

8.125%, 

2/1/2027

f

71,652

75,000

5.125%, 

7/15/2029

f

51,350

73,000

5.500%, 

10/15/2029

f

50,217

AMC

Networks,

Inc.

30,000

5.000%, 

4/1/2024

29,766

110,000

4.250%, 

2/15/2029

67,583

American

Tower

Corporation

75,000

4.400%, 

2/15/2026

72,199

40,000

1.450%, 

9/15/2026

35,108

62,000

5.500%, 

3/15/2028

60,056

40,000

5.800%, 

11/15/2028

39,078

56,000

3.800%, 

8/15/2029

49,031

AT&T,

Inc.

118,000

4.300%, 

2/15/2030

105,824

40,000

5.400%, 

2/15/2034

36,753

Bell

Telephone

Company

of

Canada

39,000

5.100%, 

5/11/2033

35,509

Cable

One,

Inc.,

Convertible

178,000

1.125%, 

3/15/2028

i

131,453

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

50,000

5.500%, 

5/1/2026

f

47,683

195,000

5.125%, 

5/1/2027

f

179,536

48,000

5.000%, 

2/1/2028

f

43,101

38,000

6.375%, 

9/1/2029

f

34,778

56,000

4.250%, 

2/1/2031

f

43,579

203,000

4.750%, 

2/1/2032

f

158,454

57,000

4.250%, 

1/15/2034

f

41,171

CenterPoint

Energy,

Inc.,

Convertible

4,628

3.369%, 

9/15/2029

175,540

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

56,000

5.050%, 

3/30/2029

51,801

Cimpress

plc

57,000

7.000%, 

6/15/2026

52,749

Clear

Channel

Outdoor

Holdings,

Inc.

17,000

7.500%, 

6/1/2029

f,i

12,374

Clear

Channel

Worldwide

Holdings,

Inc.

132,000

5.125%, 

8/15/2027

f

117,321

Comcast

Corporation

45,000

2.350%, 

1/15/2027

40,678

138,000

3.400%, 

4/1/2030

119,469

Connect

Finco

SARL/Connect

US

Finco,

LLC

44,000

6.750%, 

10/1/2026

f

41,032

Crown

Castle,

Inc.

62,000

2.900%, 

3/15/2027

55,646

CSC

Holdings,

LLC

160,000

5.375%, 

2/1/2028

f

127,414

90,000

6.500%, 

2/1/2029

f

71,162

63,000

4.125%, 

12/1/2030

f

42,208

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

82

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Communications

Services

(1.4%)

-

continued

Deutsche

Telekom

International

Finance

BV

$

132,000

8.750%, 

6/15/2030

$

147,898

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

148,000

5.875%, 

8/15/2027

f

129,683

DISH

DBS

Corporation

24,000

5.875%, 

11/15/2024

22,020

29,000

5.250%, 

12/1/2026

f

23,393

23,000

7.375%, 

7/1/2028

12,989

40,000

5.750%, 

12/1/2028

f

29,050

36,000

5.125%, 

6/1/2029

18,540

DISH

Network

Corporation

76,000

11.750%, 

11/15/2027

f

75,283

Frontier

Communications

Holdings,

LLC

110,000

5.875%, 

10/15/2027

f

100,283

62,000

6.750%, 

5/1/2029

f,i

49,061

17,000

8.750%, 

5/15/2030

f

16,197

GCI,

LLC

95,000

4.750%, 

10/15/2028

f

81,519

Gray

Escrow

II,

Inc.

95,000

5.375%, 

11/15/2031

f

59,874

Gray

Television,

Inc.

105,000

4.750%, 

10/15/2030

f

67,319

Iliad

Holding

SASU

85,000

6.500%, 

10/15/2026

f

79,428

Lamar

Media

Corporation

38,000

3.625%, 

1/15/2031

30,716

LCPR

Senior

Secured

Financing

DAC

49,000

6.750%, 

10/15/2027

f

44,345

Level

3

Financing,

Inc.

126,000

4.625%, 

9/15/2027

f

83,790

85,000

4.250%, 

7/1/2028

f

48,065

34,000

10.500%, 

5/15/2030

f

34,027

McGraw-Hill

Education,

Inc.

62,000

5.750%, 

8/1/2028

f

52,254

16,000

8.000%, 

8/1/2029

f

13,183

Meta

Platforms,

Inc.

41,000

3.850%, 

8/15/2032

35,634

News

Corporation

82,000

3.875%, 

5/15/2029

f

70,190

NTT

Finance

Corporation

45,000

1.162%, 

4/3/2026

f

40,398

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

48,000

6.250%, 

6/15/2025

f

47,339

34,000

4.625%, 

3/15/2030

f

27,285

Paramount

Global

75,000

6.375%, 

3/30/2062

b

55,195

36,000

4.750%, 

5/15/2025

35,171

Playtika

Holding

Corporation

55,000

4.250%, 

3/15/2029

f

44,371

Radiate

Holdco,

LLC/Radiate

Finance,

Inc.

40,000

6.500%, 

9/15/2028

f

19,800

Rogers

Communications,

Inc.

45,000

5.250%, 

3/15/2082

b,f

39,588

Scripps

Escrow

II,

Inc.

41,000

3.875%, 

1/15/2029

f

31,124

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Communications

Services

(1.4%)

-

continued

Sirius

XM

Radio,

Inc.

$

125,000

5.000%, 

8/1/2027

f

$

114,612

40,000

4.000%, 

7/15/2028

f

34,017

Sprint

Capital

Corporation

124,000

6.875%, 

11/15/2028

127,171

60,000

8.750%, 

3/15/2032

67,539

TEGNA,

Inc.

109,000

4.625%, 

3/15/2028

94,012

Telecom

Italia

Capital

SA

26,000

6.000%, 

9/30/2034

21,398

Telecom

Italia

SPA/Milano

35,000

5.303%, 

5/30/2024

f

34,320

Telesat

Canada/Telesat,

LLC

30,000

4.875%, 

6/1/2027

f,i

17,775

10,000

6.500%, 

10/15/2027

f

4,800

T-Mobile

USA,

Inc.

75,000

3.375%, 

4/15/2029

65,299

United

States

Cellular

Corporation

40,000

6.700%, 

12/15/2033

37,960

Uniti

Group,

Inc.,

Convertible

2,000

7.500%, 

12/1/2027

f

1,721

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

91,000

4.750%, 

4/15/2028

f

73,544

Univision

Communications,

Inc.

87,000

6.625%, 

6/1/2027

f

79,465

Verizon

Communications,

Inc.

75,000

2.100%, 

3/22/2028

63,975

56,000

3.150%, 

3/22/2030

46,980

97,000

2.550%, 

3/21/2031

75,783

93,000

2.355%, 

3/15/2032

69,541

Virgin

Media

Finance

plc

33,000

5.000%, 

7/15/2030

f

25,944

Virgin

Media

Secured

Finance

plc

42,000

5.500%, 

5/15/2029

f

37,191

Vodafone

Group

plc

54,000

7.000%, 

4/4/2079

b

52,214

VZ

Secured

Financing

BV

89,000

5.000%, 

1/15/2032

f

67,527

Walt

Disney

Company

38,000

3.800%, 

3/22/2030

33,882

Warnermedia

Holdings,

Inc.

73,000

3.638%, 

3/15/2025

70,554

101,000

4.054%, 

3/15/2029

89,372

YPSO

Finance

BIS

SA

30,000

10.500%, 

5/15/2027

f

16,323

Total

5,457,610

Consumer

Cyclical

(2.1%)

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

130,000

4.375%, 

1/15/2028

f

117,050

Adient

Global

Holdings,

Ltd.

44,000

4.875%, 

8/15/2026

f

40,978

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

30,000

6.625%, 

7/15/2026

f

28,095

30,000

6.000%, 

6/1/2029

f

21,675

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

83

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Consumer

Cyclical

(2.1%)

-

continued

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

$

105,000

4.625%, 

6/1/2028

f

$

85,881

45,000

4.625%, 

6/1/2028

f

36,662

Allison

Transmission,

Inc.

47,000

3.750%, 

1/30/2031

f

37,253

Amazon.com,

Inc.

37,000

1.500%, 

6/3/2030

28,838

76,000

4.700%, 

12/1/2032

71,270

American

Axle

&

Manufacturing,

Inc.

167,000

6.500%, 

4/1/2027

157,417

American

Honda

Finance

Corporation

39,000

5.800%, 

10/3/2025

39,116

90,000

5.850%, 

10/4/2030

89,364

Arko

Corporation

40,000

5.125%, 

11/15/2029

f

32,432

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

40,000

4.625%, 

8/1/2029

f

32,367

46,000

4.625%, 

4/1/2030

f

35,618

Best

Buy

Company,

Inc.

37,000

1.950%, 

10/1/2030

28,203

Bloomin'

Brands,

Inc.,

Convertible

21,000

5.000%, 

5/1/2025

43,654

Booking

Holdings,

Inc.,

Convertible

73,000

0.750%, 

5/1/2025

111,242

Boyd

Gaming

Corporation

65,000

4.750%, 

6/15/2031

f

53,943

Boyne

USA,

Inc.

32,000

4.750%, 

5/15/2029

f

27,861

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

60,000

6.250%, 

9/15/2027

f

52,201

Burlington

Stores,

Inc.,

Convertible

128,000

2.250%, 

4/15/2025

122,646

Caesars

Entertainment,

Inc.

138,000

6.250%, 

7/1/2025

f

135,776

35,000

8.125%, 

7/1/2027

f

34,681

65,000

4.625%, 

10/15/2029

f

53,419

Carnival

Corporation

79,000

7.625%, 

3/1/2026

f

76,819

110,000

5.750%, 

3/1/2027

f

98,215

28,000

4.000%, 

8/1/2028

f

24,355

Cedar

Fair,

LP

77,000

5.250%, 

7/15/2029

66,315

Churchill

Downs,

Inc.

40,000

4.750%, 

1/15/2028

f

35,821

34,000

6.750%, 

5/1/2031

f

31,365

Cinemark

USA,

Inc.

91,000

5.875%, 

3/15/2026

f

86,407

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

30,000

8.500%, 

5/15/2027

f

29,537

100,000

6.750%, 

5/15/2028

f

97,486

D.R.

Horton,

Inc.

13,000

2.600%, 

10/15/2025

12,192

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Consumer

Cyclical

(2.1%)

-

continued

Expedia

Group,

Inc.

$

65,000

3.250%, 

2/15/2030

$

53,827

Expedia

Group,

Inc.,

Convertible

121,000

Zero

Coupon, 

2/15/2026

105,143

Ford

Motor

Company

228,000

3.250%, 

2/12/2032

172,083

60,000

6.100%, 

8/19/2032

55,497

Ford

Motor

Company,

Convertible

283,000

Zero

Coupon, 

3/15/2026

258,238

Ford

Motor

Credit

Company,

LLC

83,000

2.300%, 

2/10/2025

78,378

140,000

4.134%, 

8/4/2025

133,439

127,000

2.700%, 

8/10/2026

113,835

71,000

2.900%, 

2/10/2029

58,061

40,000

7.350%, 

3/6/2030

40,171

Forestar

Group,

Inc.

40,000

3.850%, 

5/15/2026

f

35,603

General

Motors

Company

56,000

6.800%, 

10/1/2027

56,874

General

Motors

Financial

Company,

Inc.

63,000

3.950%, 

4/13/2024

62,297

47,000

1.200%, 

10/15/2024

44,764

139,000

2.900%, 

2/26/2025

132,716

29,000

2.750%, 

6/20/2025

27,367

64,000

5.800%, 

6/23/2028

62,004

Genuine

Parts

Company

39,000

6.500%, 

11/1/2028

e

38,997

Goodyear

Tire

&

Rubber

Company

45,000

5.000%, 

7/15/2029

38,701

Guitar

Center

Escrow

Issuer

II,

Inc.

19,000

8.500%, 

1/15/2026

f,i

15,998

Hanesbrands,

Inc.

56,000

4.875%, 

5/15/2026

f,i

51,454

Hilton

Domestic

Operating

Company,

Inc.

109,000

4.875%, 

1/15/2030

97,852

27,000

3.625%, 

2/15/2032

f

21,343

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

55,000

5.000%, 

6/1/2029

f

46,062

Home

Depot,

Inc.

61,000

3.250%, 

4/15/2032

50,787

Hyatt

Hotels

Corporation

41,000

5.750%, 

1/30/2027

40,520

Hyundai

Capital

America

30,000

5.500%, 

3/30/2026

f

29,510

56,000

3.000%, 

2/10/2027

f

50,493

39,000

6.500%, 

1/16/2029

e,f

38,872

International

Game

Technology

plc

111,000

5.250%, 

1/15/2029

f

100,997

Jacobs

Entertainment,

Inc.

35,000

6.750%, 

2/15/2029

f

29,750

KB

Home

55,000

4.800%, 

11/15/2029

47,655

Kohl's

Corporation

36,000

4.625%, 

5/1/2031

24,616

L

Brands,

Inc.

135,000

6.625%, 

10/1/2030

f

124,982

20,000

6.875%, 

11/1/2035

17,649

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

84

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Consumer

Cyclical

(2.1%)

-

continued

Lennar

Corporation

$

29,000

4.750%, 

5/30/2025

$

28,392

Light

&

Wonder

International,

Inc.

100,000

7.250%, 

11/15/2029

f

96,977

Live

Nation

Entertainment,

Inc.,

Convertible

121,000

2.000%, 

2/15/2025

121,605

196,000

3.125%, 

1/15/2029

f

196,784

Lowe's

Companies,

Inc.

93,000

4.500%, 

4/15/2030

85,069

Macy's

Retail

Holdings,

LLC

60,000

5.875%, 

4/1/2029

f

52,896

Marriott

International,

Inc./MD

42,000

4.900%, 

4/15/2029

39,392

57,000

4.625%, 

6/15/2030

51,428

Marriott

Vacations

Worldwide

Corporation,

Convertible

117,000

Zero

Coupon, 

1/15/2026

100,269

122,000

3.250%, 

12/15/2027

f

102,602

Mattamy

Group

Corporation

51,000

5.250%, 

12/15/2027

f

45,821

McDonald's

Corporation

39,000

4.950%, 

8/14/2033

36,181

Mercedes-Benz

Finance

North

America,

LLC

57,000

1.450%, 

3/2/2026

f

51,744

44,000

5.200%, 

8/3/2026

f

43,410

Michaels

Companies,

Inc.

44,000

5.250%, 

5/1/2028

f,i

31,881

NCL

Corporation,

Ltd.

31,000

3.625%, 

12/15/2024

f

29,325

19,000

5.875%, 

3/15/2026

f

17,053

73,000

5.875%, 

2/15/2027

f

67,194

Nissan

Motor

Company,

Ltd.

30,000

3.522%, 

9/17/2025

f

28,370

31,000

4.345%, 

9/17/2027

f

28,029

39,000

4.810%, 

9/17/2030

f

33,134

Nordstrom,

Inc.

27,000

4.375%, 

4/1/2030

i

20,958

38,000

4.250%, 

8/1/2031

i

27,838

PENN

Entertainment,

Inc.

70,000

4.125%, 

7/1/2029

f,i

54,387

PetSmart,

Inc./PetSmart

Finance

Corporation

120,000

4.750%, 

2/15/2028

f

106,185

60,000

7.750%, 

2/15/2029

f

55,239

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

117,000

5.750%, 

4/15/2026

f

113,503

186,000

6.250%, 

1/15/2028

f,i

172,478

Realogy

Group,

LLC/Realogy

Group

Co-Issuer

Corporation

77,000

5.750%, 

1/15/2029

f

48,525

Royal

Caribbean

Cruises,

Ltd.

10,000

11.500%, 

6/1/2025

f

10,568

153,000

4.250%, 

7/1/2026

f

140,699

48,000

9.250%, 

1/15/2029

f

50,104

51,000

7.250%, 

1/15/2030

f

50,310

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

20,000

6.625%, 

3/1/2030

f

17,200

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Consumer

Cyclical

(2.1%)

-

continued

SeaWorld

Parks

and

Entertainment,

Inc.

$

52,000

5.250%, 

8/15/2029

f

$

45,294

Six

Flags

Theme

Parks,

Inc.

23,000

7.000%, 

7/1/2025

f

22,841

Staples,

Inc.

52,000

7.500%, 

4/15/2026

f

42,416

39,000

10.750%, 

4/15/2027

f

21,483

Station

Casinos,

LLC

47,000

4.625%, 

12/1/2031

f

37,109

Tapestry,

Inc.

38,000

3.050%, 

3/15/2032

27,264

Target

Corporation

80,000

2.350%, 

2/15/2030

65,727

Tenneco,

Inc.

53,000

8.000%, 

11/17/2028

f

42,533

Tractor

Supply

Company

40,000

5.250%, 

5/15/2033

36,616

Tripadvisor,

Inc.

14,000

7.000%, 

7/15/2025

f

13,860

Uber

Technologies,

Inc.

75,000

6.250%, 

1/15/2028

f

72,188

Uber

Technologies,

Inc.,

Convertible

197,000

Zero

Coupon, 

12/15/2025

i

179,029

Vail

Resorts,

Inc.,

Convertible

162,000

Zero

Coupon, 

1/1/2026

140,839

VICI

Properties,

LP/VICI

Note

Company,

Inc.

80,000

4.625%, 

6/15/2025

f

76,838

140,000

5.750%, 

2/1/2027

f

133,982

73,000

3.750%, 

2/15/2027

f

65,687

Viking

Cruises,

Ltd.

111,000

5.875%, 

9/15/2027

f

100,000

Volkswagen

Group

of

America

Finance,

LLC

88,000

4.250%, 

11/13/2023

f

87,948

14,000

3.350%, 

5/13/2025

f

13,423

Wabash

National

Corporation

65,000

4.500%, 

10/15/2028

f

53,788

Walmart,

Inc.

61,000

4.000%, 

4/15/2030

56,346

Wyndham

Hotels

&

Resorts,

Inc.

35,000

4.375%, 

8/15/2028

f

30,889

Yum!

Brands,

Inc.

110,000

4.750%, 

1/15/2030

f

97,923

ZF

North

America

Capital,

Inc.

47,000

7.125%, 

4/14/2030

f

45,593

Total

8,097,855

Consumer

Non-Cyclical

(2.0%)

1375209

B.C.,

Ltd.

56,000

9.000%, 

1/30/2028

f

54,286

Abbott

Laboratories

140,000

1.400%, 

6/30/2030

108,674

AbbVie,

Inc.

207,000

3.600%, 

5/14/2025

200,254

AdaptHealth,

LLC

45,000

4.625%, 

8/1/2029

f

33,637

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

85

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Consumer

Non-Cyclical

(2.0%)

-

continued

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

$

88,000

4.625%, 

1/15/2027

f

$

82,475

177,000

3.500%, 

3/15/2029

f

150,910

Altria

Group,

Inc.

39,000

6.200%, 

11/1/2028

38,783

Amgen,

Inc.

57,000

5.150%, 

3/2/2028

55,631

98,000

5.250%, 

3/2/2030

94,080

Anheuser-Busch

InBev

Worldwide,

Inc.

81,000

4.000%, 

4/13/2028

76,173

75,000

4.750%, 

1/23/2029

72,381

Archer-Daniels-Midland

Company

40,000

4.500%, 

8/15/2033

36,053

AstraZeneca

Finance,

LLC

87,000

1.750%, 

5/28/2028

74,043

B&G

Foods,

Inc.

28,000

5.250%, 

9/15/2027

i

23,044

71,000

8.000%, 

9/15/2028

f

69,189

BAT

Capital

Corporation

44,000

6.343%, 

8/2/2030

42,703

40,000

7.750%, 

10/19/2032

41,046

Bausch

&

Lomb

Escrow

Corporation

16,000

8.375%, 

10/1/2028

f

15,892

Bausch

Health

Companies,

Inc.

25,000

5.500%, 

11/1/2025

f

21,562

144,000

4.875%, 

6/1/2028

f

71,826

39,000

11.000%, 

9/30/2028

f

23,790

Becton,

Dickinson

and

Company

44,000

4.693%, 

2/13/2028

42,118

56,000

2.823%, 

5/20/2030

46,124

BellRing

Brands,

Inc.

48,000

7.000%, 

3/15/2030

f

46,620

BioMarin

Pharmaceutical,

Inc.,

Convertible

169,000

1.250%, 

5/15/2027

i

162,484

Bio-Rad

Laboratories,

Inc.

62,000

3.300%, 

3/15/2027

56,525

Bristol-Myers

Squibb

Company

39,000

5.750%, 

2/1/2031

e

38,763

19,000

5.900%, 

11/15/2033

e

18,878

Cargill,

Inc.

84,000

2.125%, 

11/10/2031

f

63,625

Catalent

Pharma

Solutions,

Inc.

56,000

3.125%, 

2/15/2029

f,i

44,030

Central

Garden

&

Pet

Company

125,000

4.125%, 

10/15/2030

i

101,951

Cheplapharm

Arzneimittel

GmbH

10,000

5.500%, 

1/15/2028

f

8,870

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

66,000

4.625%, 

11/15/2028

f

57,062

CHS/Community

Health

Systems,

Inc.

63,000

5.625%, 

3/15/2027

f

51,183

22,000

8.000%, 

12/15/2027

f

18,660

83,000

6.000%, 

1/15/2029

f

62,872

35,000

5.250%, 

5/15/2030

f

24,855

36,000

4.750%, 

2/15/2031

f

24,129

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Consumer

Non-Cyclical

(2.0%)

-

continued

Cigna

Group

$

56,000

2.400%, 

3/15/2030

$

45,176

Constellation

Brands,

Inc.

75,000

3.150%, 

8/1/2029

64,758

27,000

4.900%, 

5/1/2033

24,378

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

76,000

4.750%, 

1/15/2029

f

67,277

56,000

6.625%, 

7/15/2030

f

53,352

CVS

Health

Corporation

43,000

5.000%, 

2/20/2026

42,184

30,000

4.300%, 

3/25/2028

28,107

43,000

5.125%, 

2/21/2030

40,480

40,000

5.300%, 

6/1/2033

36,942

Diageo

Capital

plc

42,000

2.000%, 

4/29/2030

33,392

70,000

5.625%, 

10/5/2033

68,716

Edgewell

Personal

Care

Company

50,000

5.500%, 

6/1/2028

f

45,633

Eli

Lilly

&

Company

80,000

4.700%, 

2/27/2033

75,127

Embecta

Corporation

21,000

6.750%, 

2/15/2030

f

17,409

Encompass

Health

Corporation

140,000

4.500%, 

2/1/2028

126,214

Energizer

Holdings,

Inc.

40,000

4.750%, 

6/15/2028

f

34,166

70,000

4.375%, 

3/31/2029

f

57,143

Envista

Holdings

Corporation,

Convertible

26,000

1.750%, 

8/15/2028

22,386

Fortrea

Holdings,

Inc.

22,000

7.500%, 

7/1/2030

f

21,230

General

Mills,

Inc.

16,000

4.950%, 

3/29/2033

14,531

Gilead

Sciences,

Inc.

44,000

5.250%, 

10/15/2033

41,680

Grifols

SA

79,000

4.750%, 

10/15/2028

f,i

66,360

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

148,000

4.875%, 

6/1/2029

f

101,010

Imperial

Brands

Finance

plc

36,000

3.125%, 

7/26/2024

f

35,144

Integer

Holdings

Corporation,

Convertible

151,000

2.125%, 

2/15/2028

f

165,610

Jazz

Investments

I,

Ltd.,

Convertible

188,000

2.000%, 

6/15/2026

189,880

Jazz

Securities

DAC

45,000

4.375%, 

1/15/2029

f

39,135

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

Luxembourg

SARL

44,000

6.750%, 

3/15/2034

f

41,232

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

USA

Finance,

Inc.

105,000

2.500%, 

1/15/2027

92,217

47,000

3.625%, 

1/15/2032

36,129

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

86

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Consumer

Non-Cyclical

(2.0%)

-

continued

Kenvue,

Inc.

$

21,000

5.000%, 

3/22/2030

$

20,208

Keurig

Dr.

Pepper,

Inc.

69,000

3.200%, 

5/1/2030

58,215

Kraft

Heinz

Foods

Company

61,000

3.875%, 

5/15/2027

57,185

41,000

6.750%, 

3/15/2032

42,307

Kroger

Company

37,000

4.500%, 

1/15/2029

34,739

Lamb

Weston

Holdings,

Inc.

41,000

4.125%, 

1/31/2030

f

34,781

Legacy

LifePoint

Health,

LLC

34,000

4.375%, 

2/15/2027

f

28,115

LifePoint

Health,

Inc.

33,000

11.000%, 

10/15/2030

f

31,056

Mattel,

Inc.

122,000

3.375%, 

4/1/2026

f

112,688

McKesson

Corporation

29,000

0.900%, 

12/3/2025

26,290

125,000

1.300%, 

8/15/2026

110,956

Medtronic

Global

Holdings

SCA

41,000

4.500%, 

3/30/2033

37,256

ModivCare

Escrow

Issuer,

Inc.

27,000

5.000%, 

10/1/2029

f

19,677

ModivCare,

Inc.

21,000

5.875%, 

11/15/2025

f

19,845

Mozart

Debt

Merger

Sub,

Inc.

92,000

3.875%, 

4/1/2029

f

77,682

46,000

5.250%, 

10/1/2029

f,i

39,156

Mylan,

Inc.

36,000

4.200%, 

11/29/2023

35,943

Nestle

Holdings,

Inc.

80,000

4.950%, 

3/14/2030

f

77,339

Newell

Brands,

Inc.

97,000

5.200%, 

4/1/2026

91,583

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

89,000

4.125%, 

4/30/2028

f

76,875

47,000

5.125%, 

4/30/2031

f

36,703

Owens

&

Minor,

Inc.

76,000

6.625%, 

4/1/2030

f

66,412

Perrigo

Finance

Unlimited

Company

82,000

4.375%, 

3/15/2026

76,979

Pfizer

Investment

Enterprises

Pte,

Ltd.

63,000

4.450%, 

5/19/2026

61,505

39,000

4.750%, 

5/19/2033

35,841

Philip

Morris

International,

Inc.

120,000

4.875%, 

2/13/2026

117,867

80,000

4.875%, 

2/15/2028

76,878

40,000

5.625%, 

11/17/2029

39,144

40,000

5.750%, 

11/17/2032

38,216

Post

Holdings,

Inc.

51,000

4.500%, 

9/15/2031

f

41,266

Post

Holdings,

Inc.,

Convertible

112,000

2.500%, 

8/15/2027

106,232

Primo

Water

Holdings,

Inc.

100,000

4.375%, 

4/30/2029

f

84,371

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Consumer

Non-Cyclical

(2.0%)

-

continued

Procter

&

Gamble

Company

$

38,000

1.200%, 

10/29/2030

$

28,746

RegionalCare

Hospital

Partners

Holdings,

Inc./LifePoint

Health,

Inc.

34,000

9.750%, 

12/1/2026

f

31,789

Roche

Holdings,

Inc.

42,000

1.930%, 

12/13/2028

f

35,424

59,000

2.076%, 

12/13/2031

f

45,298

Royalty

Pharma

plc

87,000

1.200%, 

9/2/2025

79,331

Scotts

Miracle-Gro

Company

32,000

4.500%, 

10/15/2029

25,280

SEG

Holding,

LLC

120,000

5.625%, 

10/15/2028

f

120,208

Simmons

Foods,

Inc.

81,000

4.625%, 

3/1/2029

f

65,798

Spectrum

Brands,

Inc.

50,000

5.000%, 

10/1/2029

f

44,854

30,000

5.500%, 

7/15/2030

f

26,775

74,000

3.875%, 

3/15/2031

f

59,233

Star

Parent,

Inc.

54,000

9.000%, 

10/1/2030

f

53,589

Stryker

Corporation

75,000

3.650%, 

3/7/2028

69,230

Sysco

Corporation

37,000

5.950%, 

4/1/2030

36,731

Takeda

Pharmaceutical

Company,

Ltd.

87,000

5.000%, 

11/26/2028

83,991

Teleflex,

Inc.

100,000

4.625%, 

11/15/2027

91,500

35,000

4.250%, 

6/1/2028

f

30,888

Tenet

Healthcare

Corporation

259,000

5.125%, 

11/1/2027

239,087

30,000

6.125%, 

10/1/2028

27,825

67,000

6.750%, 

5/15/2031

f

63,625

Teva

Pharmaceutical

Finance

Netherlands

III

BV

61,000

3.150%, 

10/1/2026

53,706

Topgolf

Callaway

Brands

Corporation,

Convertible

33,000

2.750%, 

5/1/2026

32,814

TreeHouse

Foods,

Inc.

75,000

4.000%, 

9/1/2028

61,013

Unilever

Capital

Corporation

50,000

5.000%, 

12/8/2033

47,081

Utah

Acquisition

Sub,

Inc.

59,000

3.950%, 

6/15/2026

55,265

Viterra

Finance

BV

80,000

3.200%, 

4/21/2031

f

63,172

Winnebago

Industries,

Inc.,

Convertible

92,000

1.500%, 

4/1/2025

100,326

Wyeth,

LLC

98,000

6.500%, 

2/1/2034

101,158

Zoetis,

Inc.

63,000

5.600%, 

11/16/2032

61,072

Total

7,630,298

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

87

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Energy

(1.6%)

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

$

41,000

5.375%, 

6/15/2029

f

$

37,230

Antero

Resources

Corporation

30,000

5.375%, 

3/1/2030

f

27,376

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

120,000

6.250%, 

4/1/2028

f

111,450

Baytex

Energy

Corporation

55,000

8.500%, 

4/30/2030

f

54,475

BP

Capital

Markets

America,

Inc.

152,000

4.234%, 

11/6/2028

142,724

55,000

4.812%, 

2/13/2033

50,253

BP

Capital

Markets

plc

100,000

4.875%, 

3/22/2030

b,k

87,052

Buckeye

Partners,

LP

60,000

3.950%, 

12/1/2026

54,685

Callon

Petroleum

Company

42,000

7.500%, 

6/15/2030

f,i

40,680

Cheniere

Energy

Partners,

LP

38,000

4.500%, 

10/1/2029

34,023

39,000

3.250%, 

1/31/2032

30,242

62,000

5.950%, 

6/30/2033

f

57,981

Chesapeake

Energy

Corporation

43,000

6.750%, 

4/15/2029

f

42,074

Chord

Energy

Corporation

42,000

6.375%, 

6/1/2026

f

41,233

Civitas

Resources,

Inc.

25,000

8.375%, 

7/1/2028

f

25,154

19,000

8.625%, 

11/1/2030

f

19,339

37,000

8.750%, 

7/1/2031

f

37,343

CNX

Resources

Corporation

33,000

6.000%, 

1/15/2029

f

30,260

CNX

Resources

Corporation,

Convertible

121,000

2.250%, 

5/1/2026

i

210,117

Columbia

Pipelines

Holding

Company,

LLC

42,000

6.055%, 

8/15/2026

f

41,938

79,000

6.042%, 

8/15/2028

f

77,629

Comstock

Resources,

Inc.

38,000

5.875%, 

1/15/2030

f

32,490

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

49,000

5.500%, 

6/15/2031

f

42,618

Crescent

Energy

Finance,

LLC

62,000

9.250%, 

2/15/2028

f

62,444

CrownRock,

LP/CrownRock

Finance,

Inc.

51,000

5.625%, 

10/15/2025

f

50,162

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

22,000

8.500%, 

10/1/2030

f

21,444

Diamondback

Energy,

Inc.

99,000

3.125%, 

3/24/2031

81,053

DT

Midstream,

Inc.

44,000

4.125%, 

6/15/2029

f

37,832

20,000

4.375%, 

6/15/2031

f

16,609

Enbridge,

Inc.

55,000

7.375%, 

1/15/2083

b

50,881

52,000

7.625%, 

1/15/2083

b

46,511

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Energy

(1.6%)

-

continued

$

20,000

5.700%, 

3/8/2033

$

18,701

Enerflex,

Ltd.

38,000

9.000%, 

10/15/2027

f

34,580

Energy

Transfer,

LP

47,000

6.750%, 

5/15/2025

b,k

42,432

39,000

4.400%, 

3/15/2027

36,733

56,000

3.750%, 

5/15/2030

47,862

40,000

6.400%, 

12/1/2030

39,567

EnLink

Midstream

Partners,

LP

89,000

4.850%, 

7/15/2026

83,662

Enterprise

Products

Operating,

LLC

38,000

4.150%, 

10/16/2028

35,318

EQM

Midstream

Partners,

LP

153,000

4.750%, 

1/15/2031

f

128,826

EQT

Corporation,

Convertible

78,000

1.750%, 

5/1/2026

225,965

Ferrellgas,

LP/Ferrellgas

Finance

Corporation

56,000

5.375%, 

4/1/2026

f

52,415

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

87,000

8.875%, 

4/15/2030

84,103

Harvest

Midstream,

LP

66,000

7.500%, 

9/1/2028

f

62,538

Hess

Midstream

Operations,

LP

50,000

5.625%, 

2/15/2026

f

48,422

40,000

5.125%, 

6/15/2028

f

36,934

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

70,000

5.750%, 

2/1/2029

f

63,020

70,000

6.250%, 

4/15/2032

f

61,131

Howard

Midstream

Energy

Partners,

LLC

65,000

6.750%, 

1/15/2027

f

61,431

ITT

Holdings,

LLC

55,000

6.500%, 

8/1/2029

f

45,994

Laredo

Petroleum,

Inc.

96,000

7.750%, 

7/31/2029

f

86,924

Marathon

Oil

Corporation

37,000

4.400%, 

7/15/2027

34,671

MEG

Energy

Corporation

73,000

5.875%, 

2/1/2029

f

68,217

MPLX,

LP

94,000

1.750%, 

3/1/2026

85,287

19,000

5.000%, 

3/1/2033

16,825

Murphy

Oil

Corporation

50,000

5.875%, 

12/1/2027

48,080

Nabors

Industries,

Ltd.

105,000

7.250%, 

1/15/2026

f

98,644

National

Fuel

Gas

Company

82,000

5.500%, 

1/15/2026

80,426

New

Fortress

Energy,

Inc.

30,000

6.750%, 

9/15/2025

f

27,832

Noble

Finance

II,

LLC

57,000

8.000%, 

4/15/2030

f

56,965

Northern

Oil

and

Gas,

Inc.

56,000

8.750%, 

6/15/2031

f

55,717

Northern

Oil

and

Gas,

Inc.,

Convertible

128,000

3.625%, 

4/15/2029

150,784

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

88

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Energy

(1.6%)

-

continued

Northriver

Midstream

Finance,

LP

$

28,000

5.625%, 

2/15/2026

f

$

26,460

NuStar

Logistics,

LP

48,000

5.750%, 

10/1/2025

46,454

Occidental

Petroleum

Corporation

60,000

6.375%, 

9/1/2028

60,382

ONEOK,

Inc.

57,000

2.200%, 

9/15/2025

53,117

41,000

5.550%, 

11/1/2026

40,505

39,000

5.650%, 

11/1/2028

38,056

Ovintiv,

Inc.

46,000

5.650%, 

5/15/2028

44,661

40,000

6.250%, 

7/15/2033

38,023

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

43,000

6.000%, 

2/15/2028

39,530

Permian

Resources

Operating,

LLC

49,000

7.000%, 

1/15/2032

f

47,500

Permian

Resources

Operating,

LLC,

Convertible

53,000

3.250%, 

4/1/2028

130,114

Phillips

66

Company

61,000

4.950%, 

12/1/2027

59,263

Pioneer

Natural

Resources

Company

56,000

1.900%, 

8/15/2030

43,754

Pioneer

Natural

Resources

Company,

Convertible

38,000

0.250%, 

5/15/2025

96,865

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

92,000

4.650%, 

10/15/2025

89,114

Precision

Drilling

Corporation

50,000

6.875%, 

1/15/2029

f

46,295

Range

Resources

Corporation

45,000

4.750%, 

2/15/2030

f

39,967

Rockcliff

Energy

II,

LLC

59,000

5.500%, 

10/15/2029

f

53,252

Rockies

Express

Pipeline,

LLC

42,000

4.950%, 

7/15/2029

f

37,016

Schlumberger

Holdings

Corporation

24,000

4.300%, 

5/1/2029

f

22,197

SM

Energy

Company

36,000

6.625%, 

1/15/2027

34,982

30,000

6.500%, 

7/15/2028

28,881

Southwestern

Energy

Company

83,000

5.375%, 

3/15/2030

76,132

30,000

4.750%, 

2/1/2032

25,800

Suncor

Energy,

Inc.

39,000

7.150%, 

2/1/2032

40,241

Sunoco,

LP/Sunoco

Finance

Corporation

70,000

5.875%, 

3/15/2028

66,219

44,000

4.500%, 

4/30/2030

37,581

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

98,000

5.500%, 

1/15/2028

f

85,853

Targa

Resources

Partners,

LP

102,000

4.875%, 

2/1/2031

89,916

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Energy

(1.6%)

-

continued

Teine

Energy,

Ltd.

$

40,000

6.875%, 

4/15/2029

f

$

37,050

TransCanada

Trust

100,000

5.875%, 

8/15/2076

b

89,572

Transocean

Titan

Financing,

Ltd.

54,000

8.375%, 

2/1/2028

f

54,219

Transocean,

Inc.

40,000

11.500%, 

1/30/2027

f

41,625

84,550

8.750%, 

2/15/2030

f

84,301

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

61,000

6.875%, 

4/1/2026

59,237

Valaris,

Ltd.

56,000

8.375%, 

4/30/2030

f

54,950

Venture

Global

Calcasieu

Pass,

LLC

59,000

3.875%, 

8/15/2029

f

49,099

57,000

6.250%, 

1/15/2030

f

53,771

35,000

4.125%, 

8/15/2031

f

28,140

Venture

Global

LNG,

Inc.

114,000

8.375%, 

6/1/2031

f

108,785

45,000

9.875%, 

2/1/2032

f

45,629

Weatherford

International,

Ltd.

49,000

8.625%, 

4/30/2030

f

49,513

Williams

Companies,

Inc.

37,000

2.600%, 

3/15/2031

28,849

Total

6,038,178

Financials

(5.1%)

Acrisure,

LLC/Acrisure

Finance,

Inc.

18,000

6.000%, 

8/1/2029

f

14,520

AerCap

Holdings

NV

32,000

5.875%, 

10/10/2079

b

30,034

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

50,000

3.150%, 

2/15/2024

49,510

54,000

6.500%, 

7/15/2025

53,875

103,000

3.000%, 

10/29/2028

86,751

Air

Lease

Corporation

29,000

2.300%, 

2/1/2025

27,529

17,000

3.375%, 

7/1/2025

16,136

52,000

4.650%, 

6/15/2026

b,k

44,259

46,000

3.125%, 

12/1/2030

36,621

Aircastle,

Ltd.

85,000

5.250%, 

6/15/2026

b,f,k

66,653

46,000

2.850%, 

1/26/2028

f

38,372

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

32,000

6.750%, 

10/15/2027

f

29,224

Ally

Financial,

Inc.

59,000

5.750%, 

11/20/2025

56,361

104,000

4.700%, 

5/15/2026

b,k

67,506

37,000

8.000%, 

11/1/2031

36,114

15,000

6.700%, 

2/14/2033

12,608

American

Express

Company

67,000

3.950%, 

8/1/2025

64,733

50,000

3.550%, 

9/15/2026

b,k

39,250

80,000

6.338%, 

10/30/2026

b

80,227

101,000

2.550%, 

3/4/2027

90,430

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

89

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Financials

(5.1%)

-

continued

American

Homes

4

Rent,

LP

$

45,000

2.375%, 

7/15/2031

$

33,450

American

International

Group,

Inc.

79,000

5.125%, 

3/27/2033

71,839

AmWINS

Group,

Inc.

52,000

4.875%, 

6/30/2029

f

44,514

Arbor

Realty

Trust,

Inc.,

Convertible

44,000

7.500%, 

8/1/2025

f

41,800

Ares

Capital

Corporation

15,000

4.250%, 

3/1/2025

14,439

100,000

2.150%, 

7/15/2026

87,829

Ares

Capital

Corporation,

Convertible

53,000

4.625%, 

3/1/2024

53,000

Assurant,

Inc.

62,000

6.100%, 

2/27/2026

61,654

Australia

&

New

Zealand

Banking

Group,

Ltd.

85,000

2.950%, 

7/22/2030

b,f

78,982

Aviation

Capital

Group,

LLC

42,000

4.875%, 

10/1/2025

f

40,417

Avolon

Holdings

Funding,

Ltd.

85,000

4.250%, 

4/15/2026

f

79,337

BAC

Capital

Trust

XIV

84,000

6.071%, 

(TSFR3M

+

0.662%),

11/17/2023

b,k

62,236

Banco

Santander

Mexico

SA

14,000

5.375%, 

4/17/2025

f

13,745

Banco

Santander

SA

22,000

4.750%, 

11/12/2026

b,k

15,821

Bank

of

America

Corporation

64,000

4.200%, 

8/26/2024

62,966

150,000

6.250%, 

9/5/2024

b,k

147,425

32,000

3.458%, 

3/15/2025

b

31,620

71,000

6.100%, 

3/17/2025

b,k

68,456

72,000

1.319%, 

6/19/2026

b

66,169

146,000

1.197%, 

10/24/2026

b

131,889

70,000

6.125%, 

4/27/2027

b,k

65,815

60,000

1.734%, 

7/22/2027

b

52,951

80,000

4.376%, 

4/27/2028

b

74,679

112,000

3.593%, 

7/21/2028

b

101,355

67,000

4.948%, 

7/22/2028

b

63,673

70,000

5.819%, 

9/15/2029

b

68,161

180,000

3.974%, 

2/7/2030

b

159,188

135,000

2.687%, 

4/22/2032

b

103,511

59,000

2.572%, 

10/20/2032

b

44,188

82,000

2.972%, 

2/4/2033

b

62,848

40,000

3.846%, 

3/8/2037

b

31,556

Bank

of

Montreal

42,000

5.920%, 

9/25/2025

41,893

62,000

5.203%, 

2/1/2028

59,809

40,000

3.088%, 

1/10/2037

b

28,893

Bank

of

New

York

Mellon

Corporation

39,000

6.317%, 

10/25/2029

b

39,302

67,000

4.596%, 

7/26/2030

b

61,772

39,000

6.474%, 

10/25/2034

b

39,130

Bank

of

Nova

Scotia

60,000

5.250%, 

12/6/2024

59,481

93,000

4.900%, 

6/4/2025

b,k

84,865

36,000

1.050%, 

3/2/2026

32,104

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Financials

(5.1%)

-

continued

Barclays

plc

$

29,000

4.375%, 

9/11/2024

$

28,390

35,000

2.852%, 

5/7/2026

b

33,016

85,000

5.501%, 

8/9/2028

b

80,609

57,000

4.972%, 

5/16/2029

b

52,471

50,000

6.224%, 

5/9/2034

b

45,833

40,000

7.119%, 

6/27/2034

b

37,147

Berkshire

Hathaway

Finance

Corporation

120,000

2.875%, 

3/15/2032

97,821

Blackstone

Mortgage

Trust,

Inc.,

Convertible

34,000

5.500%, 

3/15/2027

28,921

Blue

Owl

Capital

Corporation

39,000

4.250%, 

1/15/2026

36,351

Blue

Owl

Credit

Income

Corporation

61,000

4.700%, 

2/8/2027

55,338

Blue

Owl

Technology

Finance

Corporation

19,000

4.750%, 

12/15/2025

f

17,603

56,000

3.750%, 

6/17/2026

f

49,589

BNP

Paribas

SA

57,000

2.819%, 

11/19/2025

b,f

54,842

57,000

3.132%, 

1/20/2033

b,f

43,503

BPCE

SA

29,000

2.375%, 

1/14/2025

f

27,577

Bread

Financial

Holdings,

Inc.,

Convertible

34,000

4.250%, 

6/15/2028

f

30,571

Brixmor

Operating

Partnership,

LP

78,000

2.250%, 

4/1/2028

65,116

Brookfield

Property

REIT,

Inc./BPR

Cumulus,

LLC/BPR

Nimbus,

LLC/GGSI

Sellco,

LLC

18,000

4.500%, 

4/1/2027

f

15,016

Camden

Property

Trust

39,000

5.850%, 

11/3/2026

39,026

Canadian

Imperial

Bank

of

Commerce

71,000

3.945%, 

8/4/2025

68,492

36,000

5.926%, 

10/2/2026

35,929

Capital

One

Financial

Corporation

30,000

3.950%, 

9/1/2026

b,k

20,879

62,000

3.273%, 

3/1/2030

b

50,841

Capital

One

NA

44,000

2.280%, 

1/28/2026

b

41,517

Castlelake

Aviation

Finance

DAC

28,000

5.000%, 

4/15/2027

f

24,704

Centene

Corporation

163,000

3.000%, 

10/15/2030

128,994

Charles

Schwab

Corporation

104,000

5.375%, 

6/1/2025

b,k

98,754

83,000

0.900%, 

3/11/2026

73,207

94,000

4.000%, 

6/1/2026

b,k

74,605

41,000

5.875%, 

8/24/2026

40,716

25,000

5.000%, 

6/1/2027

b,k

19,745

56,000

2.000%, 

3/20/2028

46,760

39,000

6.136%, 

8/24/2034

b

36,527

Citigroup,

Inc.

96,000

3.352%, 

4/24/2025

b

94,519

72,000

5.500%, 

9/13/2025

70,988

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

90

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Financials

(5.1%)

-

continued

$

45,000

1.281%, 

11/3/2025

b

$

42,587

72,000

4.000%, 

12/10/2025

b,k

61,818

95,000

3.875%, 

2/18/2026

b,k

79,649

40,000

4.150%, 

11/15/2026

b,k

31,145

132,000

1.122%, 

1/28/2027

b

117,389

145,000

1.462%, 

6/9/2027

b

127,630

81,000

3.070%, 

2/24/2028

b

72,908

26,000

7.375%, 

5/15/2028

b,k

24,798

54,000

7.625%, 

11/15/2028

b,k

51,999

150,000

4.075%, 

4/23/2029

b

136,429

39,000

6.174%, 

5/25/2034

b

36,252

Citizens

Financial

Group,

Inc.

55,000

4.000%, 

10/6/2026

b,k

37,448

CNA

Financial

Corporation

38,000

3.950%, 

5/15/2024

37,542

Coinbase

Global,

Inc.,

Convertible

264,000

0.500%, 

6/1/2026

199,613

Comerica,

Inc.

36,000

5.625%, 

7/1/2025

b,k

30,951

Commonwealth

Bank

of

Australia

45,000

2.688%, 

3/11/2031

f

33,384

Cooperatieve

Rabobank

UA

29,000

1.339%, 

6/24/2026

b,f

26,749

Corebridge

Financial,

Inc.

39,000

6.875%, 

12/15/2052

b

36,031

41,000

6.050%, 

9/15/2033

f

38,486

Corporate

Office

Properties,

LP

78,000

2.250%, 

3/15/2026

70,534

Corporate

Office

Properties,

LP,

Convertible

33,000

5.250%, 

9/15/2028

f

32,356

Credit

Acceptance

Corporation

110,000

5.125%, 

12/31/2024

f

106,349

Credit

Agricole

SA

37,000

3.250%, 

1/14/2030

f

30,068

Credit

Suisse

Group

AG

36,000

7.500%, 

12/11/2023

*,b,k,l

3,780

26,000

7.250%, 

9/12/2025

b,f,k,l

2,730

Dai-ichi

Life

Insurance

Company,

Ltd.

74,000

5.100%, 

10/28/2024

b,f,k

72,228

Deutsche

Bank

AG/New

York,

NY

127,000

2.129%, 

11/24/2026

b

114,676

66,000

2.311%, 

11/16/2027

b

57,085

61,000

3.742%, 

1/7/2033

b

42,661

Discover

Bank

75,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

67,500

Discover

Financial

Services

20,000

6.700%, 

11/29/2032

18,528

Drawbridge

Special

Opportunities

Fund,

LP

90,000

3.875%, 

2/15/2026

f

79,402

Elevance

Health,

Inc.

74,000

5.350%, 

10/15/2025

73,426

123,000

2.550%, 

3/15/2031

97,284

Enact

Holdings,

Inc.

34,000

6.500%, 

8/15/2025

f

33,397

Encore

Capital

Group,

Inc.,

Convertible

84,000

4.000%, 

3/15/2029

f

70,927

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Financials

(5.1%)

-

continued

Extra

Space

Storage,

LP

$

40,000

2.400%, 

10/15/2031

$

29,911

Fifth

Third

Bancorp

72,000

4.500%, 

9/30/2025

b,k

61,203

41,000

4.772%, 

7/28/2030

b

36,335

Fifth

Third

Bank

NA

101,000

3.850%, 

3/15/2026

93,052

First

Horizon

Bank

57,000

5.750%, 

5/1/2030

48,242

Fortress

Transportation

and

Infrastructure

Investors,

LLC

59,000

6.500%, 

10/1/2025

f

58,417

22,000

9.750%, 

8/1/2027

f

22,632

21,000

5.500%, 

5/1/2028

f

19,096

Freedom

Mortgage

Corporation

27,000

7.625%, 

5/1/2026

f

24,848

22,000

12.000%, 

10/1/2028

f

22,070

FS

KKR

Capital

Corporation

40,000

3.400%, 

1/15/2026

36,592

38,000

2.625%, 

1/15/2027

32,396

GGAM

Finance,

Ltd.

56,000

7.750%, 

5/15/2026

f

55,553

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

101,000

3.750%, 

12/15/2027

f

76,466

Goldman

Sachs

Group,

Inc.

40,000

5.500%, 

8/10/2024

b,i,k

39,005

25,000

3.500%, 

4/1/2025

24,061

44,000

4.250%, 

10/21/2025

42,171

43,000

0.855%, 

2/12/2026

b

39,884

48,000

3.650%, 

8/10/2026

b,k

37,198

50,000

4.125%, 

11/10/2026

b,k

39,616

97,000

1.948%, 

10/21/2027

b

85,070

40,000

2.640%, 

2/24/2028

b

35,434

166,000

3.615%, 

3/15/2028

b

151,987

81,000

4.482%, 

8/23/2028

b

75,837

75,000

3.814%, 

4/23/2029

b

67,371

37,000

3.800%, 

3/15/2030

31,968

37,000

2.615%, 

4/22/2032

b

28,190

38,000

2.383%, 

7/21/2032

b

28,205

Hartford

Financial

Services

Group,

Inc.

37,000

2.800%, 

8/19/2029

31,303

59,000

7.751%, 

(TSFR3M

+

2.387%),

2/12/2047

b,f

50,512

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

9,000

Zero

Coupon, 

5/1/2025

f

8,508

87,000

3.750%, 

8/15/2028

f

75,705

HSBC

Holdings

plc

59,000

3.803%, 

3/11/2025

b

58,382

13,000

6.375%, 

3/30/2025

b,k

12,255

36,000

2.633%, 

11/7/2025

b

34,519

35,000

1.645%, 

4/18/2026

b

32,542

35,000

1.589%, 

5/24/2027

b

30,829

70,000

2.251%, 

11/22/2027

b

61,373

105,000

4.583%, 

6/19/2029

b

95,680

60,000

4.600%, 

12/17/2030

b,k

43,381

45,000

2.804%, 

5/24/2032

b

33,879

HUB

International,

Ltd.

72,000

5.625%, 

12/1/2029

f

62,008

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

91

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Financials

(5.1%)

-

continued

Huntington

Bancshares,

Inc.

$

73,000

4.450%, 

10/15/2027

b,k

$

54,475

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

40,000

6.375%, 

12/15/2025

37,630

80,000

5.250%, 

5/15/2027

68,500

ING

Groep

NV

76,000

1.726%, 

4/1/2027

b

67,884

54,000

6.083%, 

9/11/2027

b

53,485

Intercontinental

Exchange,

Inc.

61,000

4.350%, 

6/15/2029

56,173

Invitation

Homes

Operating

Partnership,

LP

65,000

2.000%, 

8/15/2031

46,802

J.P.

Morgan

Chase

&

Company

72,000

8.934%, 

(TSFR3M

+

3.562%),

2/1/2024

b,k

72,100

105,000

5.000%, 

8/1/2024

b,k

101,610

133,000

4.023%, 

12/5/2024

b

132,666

69,000

4.600%, 

2/1/2025

b,k

64,285

182,000

1.561%, 

12/10/2025

b

172,231

20,000

2.083%, 

4/22/2026

b

18,796

55,000

3.650%, 

6/1/2026

b,k

47,711

162,000

1.045%, 

11/19/2026

b

145,698

76,000

1.578%, 

4/22/2027

b

67,802

82,000

2.947%, 

2/24/2028

b

73,809

112,000

4.005%, 

4/23/2029

b

102,002

38,000

2.069%, 

6/1/2029

b

31,586

149,000

4.493%, 

3/24/2031

b

134,414

40,000

2.963%, 

1/25/2033

b

31,164

42,000

4.912%, 

7/25/2033

b

37,726

40,000

5.717%, 

9/14/2033

b

37,458

37,000

5.350%, 

6/1/2034

b

34,126

35,000

6.254%, 

10/23/2034

b

34,528

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

23,000

5.000%, 

8/15/2028

f

18,356

KeyBank

NA/Cleveland,

OH

56,000

3.900%, 

4/13/2029

43,692

75,000

5.000%, 

1/26/2033

60,383

Kilroy

Realty,

LP

59,000

4.250%, 

8/15/2029

49,082

Lincoln

National

Corporation

40,000

7.996%, 

(LIBOR

3M

+

2.358%),

11/17/2023

b

25,900

Lloyds

Banking

Group

plc

127,000

1.627%, 

5/11/2027

b

112,485

LPL

Holdings,

Inc.

55,000

4.000%, 

3/15/2029

f

47,293

M&T

Bank

Corporation

82,000

3.500%, 

9/1/2026

b,k

54,834

Macquarie

Group,

Ltd.

76,000

1.629%, 

9/23/2027

b,f

66,123

Manufacturers

&

Traders

Trust

Company

80,000

4.700%, 

1/27/2028

72,494

Marsh

&

McLennan

Companies,

Inc.

41,000

2.375%, 

12/15/2031

31,377

MetLife,

Inc.

72,000

3.850%, 

9/15/2025

b,k

65,462

40,000

5.875%, 

3/15/2028

b,k

35,229

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Financials

(5.1%)

-

continued

$

51,000

6.400%, 

12/15/2036

$

47,811

Metropolitan

Life

Global

Funding

I

71,000

2.950%, 

4/9/2030

f

58,586

Mid-America

Apartments,

LP

74,000

4.200%, 

6/15/2028

68,926

Mitsubishi

UFJ

Financial

Group,

Inc.

35,000

1.412%, 

7/17/2025

32,341

78,000

1.538%, 

7/20/2027

b

68,902

Mizuho

Financial

Group,

Inc.

99,000

1.554%, 

7/9/2027

b

87,461

82,000

2.564%, 

9/13/2031

60,254

40,000

5.748%, 

7/6/2034

b

37,183

Molina

Healthcare,

Inc.

48,000

4.375%, 

6/15/2028

f

42,721

Morgan

Stanley

32,000

2.720%, 

7/22/2025

b

31,135

79,000

1.164%, 

10/21/2025

b

74,738

20,000

5.000%, 

11/24/2025

19,543

35,000

2.630%, 

2/18/2026

b

33,323

20,000

2.188%, 

4/28/2026

b

18,812

70,000

6.138%, 

10/16/2026

b

69,805

126,000

0.985%, 

12/10/2026

b

112,134

76,000

1.593%, 

5/4/2027

b

67,532

80,000

1.512%, 

7/20/2027

b

70,227

27,000

5.123%, 

2/1/2029

b

25,706

238,000

3.622%, 

4/1/2031

b

201,509

40,000

2.943%, 

1/21/2033

b

30,696

41,000

4.889%, 

7/20/2033

b

36,308

40,000

5.250%, 

4/21/2034

b

36,040

14,000

5.424%, 

7/21/2034

b

12,778

85,000

2.484%, 

9/16/2036

b

60,130

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

20,000

5.250%, 

8/1/2026

17,220

55,000

4.625%, 

8/1/2029

38,078

Nasdaq,

Inc.

42,000

5.350%, 

6/28/2028

40,899

Nationstar

Mortgage

Holdings,

Inc.

46,000

6.000%, 

1/15/2027

f

42,758

NatWest

Group

plc

54,000

4.269%, 

3/22/2025

b

53,457

37,000

4.892%, 

5/18/2029

b

34,233

57,000

3.754%, 

11/1/2029

b

54,395

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

51,000

4.500%, 

9/30/2028

f

38,186

New

York

Life

Global

Funding

37,000

4.550%, 

1/28/2033

f

33,058

NFP

Corporation

34,000

6.875%, 

8/15/2028

f

29,033

Nippon

Life

Insurance

Company

142,000

5.100%, 

10/16/2044

b,f

139,219

NNN

REIT,

Inc.

37,000

2.500%, 

4/15/2030

29,441

Nomura

Holdings,

Inc.

58,000

2.172%, 

7/14/2028

47,724

Northern

Trust

Corporation

62,000

4.000%, 

5/10/2027

58,276

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

92

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Financials

(5.1%)

-

continued

Office

Properties

Income

Trust

$

25,000

2.650%, 

6/15/2026

$

16,437

Omega

Healthcare

Investors,

Inc.

39,000

4.750%, 

1/15/2028

35,571

38,000

3.375%, 

2/1/2031

29,214

OneMain

Finance

Corporation

152,000

6.875%, 

3/15/2025

149,962

49,000

3.875%, 

9/15/2028

38,742

Park

Intermediate

Holdings,

LLC

91,000

4.875%, 

5/15/2029

f

75,948

Pebblebrook

Hotel

Trust,

Convertible

229,000

1.750%, 

12/15/2026

180,363

Pine

Street

Trust

I

37,000

4.572%, 

2/15/2029

f

32,890

PNC

Bank

NA

37,000

2.700%, 

10/22/2029

29,395

PNC

Financial

Services

Group,

Inc.

95,000

5.671%, 

10/28/2025

b

94,040

55,000

3.400%, 

9/15/2026

b,k

39,575

52,000

6.200%, 

9/15/2027

b,i,k

46,264

42,000

5.582%, 

6/12/2029

b

40,213

52,000

6.250%, 

3/15/2030

b,k

42,796

39,000

6.875%, 

10/20/2034

b

38,976

PRA

Group,

Inc.

52,000

7.375%, 

9/1/2025

f

48,620

43,000

8.375%, 

2/1/2028

f

35,421

Principal

Life

Global

Funding

II

59,000

1.250%, 

8/16/2026

f

51,805

Prologis,

LP

75,000

3.375%, 

12/15/2027

68,287

Provident

Financing

Trust

I

36,000

7.405%, 

3/15/2038

34,806

Prudential

Financial,

Inc.

40,000

5.125%, 

3/1/2052

b

34,010

39,000

6.750%, 

3/1/2053

b

36,730

125,000

5.200%, 

3/15/2044

b

123,196

36,000

3.700%, 

10/1/2050

b

28,363

Public

Storage

Operating

Company

42,000

5.100%, 

8/1/2033

38,918

QBE

Insurance

Group,

Ltd.

36,000

5.875%, 

5/12/2025

b,f,k

34,406

Quicken

Loans,

LLC

23,000

3.875%, 

3/1/2031

f

17,786

Radian

Group,

Inc.

40,000

4.875%, 

3/15/2027

37,122

Realty

Income

Corporation

39,000

4.875%, 

6/1/2026

37,980

56,000

3.950%, 

8/15/2027

51,998

Redwood

Trust,

Inc.,

Convertible

12,000

7.750%, 

6/15/2027

10,282

Regions

Financial

Corporation

41,000

2.250%, 

5/18/2025

37,647

52,000

5.750%, 

6/15/2025

b,k

47,699

Reinsurance

Group

of

America,

Inc.

43,000

6.000%, 

9/15/2033

40,445

RLJ

Lodging

Trust,

LP

24,000

3.750%, 

7/1/2026

f

21,599

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Financials

(5.1%)

-

continued

$

68,000

4.000%, 

9/15/2029

f

$

55,420

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

55,000

3.625%, 

3/1/2029

f

44,698

Royal

Bank

of

Canada

78,000

0.750%, 

10/7/2024

74,346

Santander

Holdings

USA,

Inc.

75,000

3.450%, 

6/2/2025

70,957

41,000

2.490%, 

1/6/2028

b

35,298

41,000

6.499%, 

3/9/2029

b

39,654

Santander

UK

Group

Holdings

plc

79,000

1.673%, 

6/14/2027

b

68,855

Service

Properties

Trust

30,000

4.650%, 

3/15/2024

29,641

15,000

4.350%, 

10/1/2024

14,379

56,000

7.500%, 

9/15/2025

54,408

75,000

5.500%, 

12/15/2027

63,319

Simon

Property

Group,

LP

78,000

2.650%, 

7/15/2030

62,883

SLM

Corporation

30,000

4.200%, 

10/29/2025

27,900

Societe

Generale

SA

36,000

2.625%, 

10/16/2024

f

34,745

35,000

1.488%, 

12/14/2026

b,f

31,187

Spirit

Realty,

LP

83,000

3.200%, 

1/15/2027

75,119

Standard

Chartered

plc

35,000

0.991%, 

1/12/2025

b,f

34,574

35,000

6.000%, 

7/26/2025

b,f,i,k

32,933

59,000

2.608%, 

1/12/2028

b,f

51,817

Starwood

Property

Trust,

Inc.,

Convertible

94,000

6.750%, 

7/15/2027

90,334

State

Street

Corporation

42,000

5.272%, 

8/3/2026

41,329

41,000

4.421%, 

5/13/2033

b

35,803

Sumitomo

Life

Insurance

Company

90,000

3.375%, 

4/15/2081

b,f

72,783

Sumitomo

Mitsui

Financial

Group,

Inc.

36,000

2.448%, 

9/27/2024

34,859

59,000

2.174%, 

1/14/2027

52,225

75,000

5.716%, 

9/14/2028

73,398

56,000

2.142%, 

9/23/2030

42,425

55,000

5.766%, 

1/13/2033

52,152

Sumitomo

Mitsui

Trust

Bank,

Ltd.

29,000

1.050%, 

9/12/2025

f

26,469

Summit

Hotel

Properties,

Inc.,

Convertible

94,000

1.500%, 

2/15/2026

77,803

Synchrony

Financial

34,000

4.250%, 

8/15/2024

33,289

14,000

7.250%, 

2/2/2033

11,872

Synovus

Bank

40,000

5.625%, 

2/15/2028

35,525

Toronto-Dominion

Bank

33,000

8.125%, 

10/31/2082

b

32,375

39,000

5.156%, 

1/10/2028

37,599

61,000

5.523%, 

7/17/2028

59,471

41,000

4.456%, 

6/8/2032

35,752

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

93

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Financials

(5.1%)

-

continued

Truist

Bank

$

36,000

2.250%, 

3/11/2030

$

26,585

Truist

Financial

Corporation

80,000

6.047%, 

6/8/2027

b

78,361

38,000

1.887%, 

6/7/2029

b

30,460

90,000

5.100%, 

3/1/2030

b,k

72,079

U.S.

Bancorp

69,000

5.727%, 

10/21/2026

b

68,010

67,000

4.548%, 

7/22/2028

b

62,193

22,000

5.836%, 

6/12/2034

b

20,263

UBS

Group

AG

31,000

2.593%, 

9/11/2025

b,f

29,896

73,000

2.193%, 

6/5/2026

b,f

67,955

82,000

3.869%, 

1/12/2029

b,f

73,409

UDR,

Inc.

83,000

3.000%, 

8/15/2031

65,740

United

Wholesale

Mortgage,

LLC

15,000

5.500%, 

11/15/2025

f

14,257

37,000

5.500%, 

4/15/2029

f

30,988

UnitedHealth

Group,

Inc.

85,000

5.250%, 

2/15/2028

84,438

83,000

4.200%, 

5/15/2032

73,589

USB

Realty

Corporation

48,000

6.802%, 

(TSFR3M

+

1.409%),

1/15/2027

b,f,k

34,679

USI,

Inc./NY

19,000

6.875%, 

5/1/2025

f

18,826

Ventas

Realty,

LP

32,000

3.750%, 

5/1/2024

31,544

Ventas

Realty,

LP,

Convertible

141,000

3.750%, 

6/1/2026

f

138,039

Wells

Fargo

&

Company

90,000

2.406%, 

10/30/2025

b

86,357

67,000

3.900%, 

3/15/2026

b,k

58,033

84,000

2.188%, 

4/30/2026

b

79,019

40,000

6.155%, 

(TSFR3M

+

0.762%),

1/15/2027

b

37,866

41,000

3.526%, 

3/24/2028

b

37,383

88,000

3.584%, 

5/22/2028

b

80,101

67,000

4.808%, 

7/25/2028

b

63,381

56,000

7.625%, 

9/15/2028

b,k

56,073

152,000

4.478%, 

4/4/2031

b

135,054

28,000

5.389%, 

4/24/2034

b

25,347

28,000

5.557%, 

7/25/2034

b

25,631

36,000

6.491%, 

10/23/2034

b

35,374

Welltower

OP,

LLC,

Convertible

235,000

2.750%, 

5/15/2028

f

240,875

Westpac

Banking

Corporation

56,000

4.110%, 

7/24/2034

b

47,535

Willis

North

America,

Inc.

74,000

4.500%, 

9/15/2028

68,787

XHR,

LP

24,000

6.375%, 

8/15/2025

f

23,280

38,000

4.875%, 

6/1/2029

f

32,151

Total

19,455,426

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Foreign

Government

(<0.1%)

NBN

Company,

Ltd.

$

73,000

2.625%, 

5/5/2031

f

$

57,706

Total

57,706

Mortgage-Backed

Securities

(13.3%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,979,488

2.500%, 

5/1/2051

1,527,390

1,308,364

3.500%, 

5/1/2052

1,091,137

1,119,020

4.000%, 

5/1/2052

975,642

3,623,818

3.500%, 

6/1/2052

3,024,423

1,300,454

5.000%, 

7/1/2053

1,203,417

840,363

5.500%, 

7/1/2053

799,113

222,341

5.000%, 

8/1/2053

206,164

399,437

5.500%, 

9/1/2053

379,658

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,282,454

2.500%, 

7/1/2030

1,185,528

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,152,343

3.500%, 

5/1/2040

994,860

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,803,320

3.000%, 

1/1/2052

2,262,748

399,614

2.000%, 

2/1/2051

296,434

249,450

2.000%, 

2/1/2051

184,736

1,300,775

2.500%, 

2/1/2051

1,008,433

1,457,821

2.500%, 

2/1/2051

1,127,212

2,653,473

2.000%, 

3/1/2051

1,964,110

1,391,817

4.000%, 

3/1/2051

1,227,344

2,814,259

3.000%, 

3/1/2052

2,260,107

1,816,010

2.000%, 

4/1/2051

1,343,711

1,701,618

3.000%, 

4/1/2051

1,367,490

1,779,270

3.000%, 

5/1/2050

1,442,064

470,758

2.000%, 

5/1/2051

347,586

910,402

3.000%, 

5/1/2051

743,351

957,804

3.000%, 

6/1/2050

785,005

397,934

5.000%, 

6/1/2053

368,487

2,197,483

2.500%, 

7/1/2051

1,695,952

910,058

3.500%, 

7/1/2051

773,530

1,066,748

2.500%, 

8/1/2050

835,474

1,781,165

3.500%, 

8/1/2050

1,516,052

1,258,324

4.500%, 

8/1/2052

e

1,130,896

273,882

5.000%, 

8/1/2053

253,616

1,396,810

3.500%, 

9/1/2052

1,170,682

232,065

5.000%, 

9/1/2052

214,132

296,710

4.500%, 

9/1/2053

266,107

947,598

4.500%, 

9/1/2053

847,186

1,853,556

4.000%, 

10/1/2052

1,607,237

471,364

2.000%, 

11/1/2051

348,272

1,881,338

2.000%, 

12/1/2050

1,393,721

3,645,221

4.500%, 

12/1/2052

3,277,567

650,000

6.000%, 

11/1/2041

e

632,473

1,500,000

4.000%, 

11/1/2048

e

1,295,625

400,000

4.500%, 

11/1/2048

e

357,150

1,475,000

5.000%, 

11/1/2048

e

1,359,766

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

2,470,321

2.500%, 

3/1/2062

1,830,497

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

94

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Mortgage-Backed

Securities

(13.3%)

-

continued

$

967,609

3.500%, 

7/1/2061

$

796,501

955,396

4.000%, 

12/1/2061

825,626

Total

50,544,212

Technology

(1.3%)

Advanced

Micro

Devices,

Inc.

41,000

3.924%, 

6/1/2032

35,893

Akamai

Technologies,

Inc.,

Convertible

66,000

0.125%, 

5/1/2025

76,383

141,000

0.375%, 

9/1/2027

143,326

102,000

1.125%, 

2/15/2029

f

100,215

Analog

Devices,

Inc.

20,000

2.100%, 

10/1/2031

15,421

Apple,

Inc.

113,000

2.200%, 

9/11/2029

95,646

81,000

1.650%, 

2/8/2031

63,027

AthenaHealth

Group,

Inc.

112,000

6.500%, 

2/15/2030

f,i

91,532

Block,

Inc.,

Convertible

40,000

0.125%, 

3/1/2025

36,840

159,000

0.250%, 

11/1/2027

118,852

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

56,000

3.875%, 

1/15/2027

52,341

Broadcom,

Inc.

41,000

4.000%, 

4/15/2029

f

36,623

Cloud

Software

Group,

Inc.

64,000

6.500%, 

3/31/2029

f

56,189

23,000

9.000%, 

9/30/2029

f

19,586

CommScope,

Inc.

45,000

7.125%, 

7/1/2028

f

16,875

CSG

Systems

International,

Inc.,

Convertible

135,000

3.875%, 

9/15/2028

f

125,137

Dell

International,

LLC/EMC

Corporation

63,000

5.250%, 

2/1/2028

61,567

28,000

5.300%, 

10/1/2029

26,711

Euronet

Worldwide,

Inc.,

Convertible

45,000

0.750%, 

3/15/2049

41,231

Fiserv,

Inc.

60,000

2.750%, 

7/1/2024

58,699

87,000

4.200%, 

10/1/2028

80,301

20,000

5.600%, 

3/2/2033

18,820

Gartner,

Inc.

40,000

3.625%, 

6/15/2029

f

33,778

110,000

3.750%, 

10/1/2030

f

91,046

Global

Payments,

Inc.

18,000

2.650%, 

2/15/2025

17,162

63,000

4.950%, 

8/15/2027

59,814

37,000

3.200%, 

8/15/2029

31,055

II-VI,

Inc.

26,000

5.000%, 

12/15/2029

f

22,063

Intel

Corporation

81,000

5.125%, 

2/10/2030

78,380

InterDigital,

Inc.,

Convertible

181,000

3.500%, 

6/1/2027

i

204,030

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Technology

(1.3%)

-

continued

Iron

Mountain,

Inc.

$

28,000

4.875%, 

9/15/2027

f

$

25,596

120,000

5.000%, 

7/15/2028

f

107,385

85,000

4.875%, 

9/15/2029

f

74,040

60,000

4.500%, 

2/15/2031

f

49,079

Jabil,

Inc.

40,000

5.450%, 

2/1/2029

38,449

Lumentum

Holdings,

Inc.,

Convertible

257,000

0.500%, 

6/15/2028

i

179,082

Marvell

Technology,

Inc.

37,000

2.950%, 

4/15/2031

29,208

Mastercard,

Inc.

41,000

2.000%, 

11/18/2031

31,284

Microchip

Technology,

Inc.,

Convertible

197,000

0.125%, 

11/15/2024

i

198,847

Moody's

Corporation

40,000

4.250%, 

8/8/2032

35,291

NCR

Voyix

Corporation

87,000

5.125%, 

4/15/2029

f

74,813

NVIDIA

Corporation

19,000

2.850%, 

4/1/2030

16,239

NXP

BV/NXP

Funding,

LLC

40,000

4.875%, 

3/1/2024

39,858

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

14,000

2.700%, 

5/1/2025

13,305

37,000

4.300%, 

6/18/2029

33,386

ON

Semiconductor

Corporation,

Convertible

124,000

Zero

Coupon, 

5/1/2027

161,944

7,000

0.500%, 

3/1/2029

f

6,125

Open

Text

Corporation

76,000

3.875%, 

12/1/2029

f

62,151

70,000

4.125%, 

2/15/2030

f

58,002

Oracle

Corporation

40,000

6.150%, 

11/9/2029

40,145

130,000

2.950%, 

4/1/2030

107,745

63,000

6.250%, 

11/9/2032

62,409

PayPal

Holdings,

Inc.

38,000

2.850%, 

10/1/2029

32,319

58,000

2.300%, 

6/1/2030

46,500

Progress

Software

Corporation,

Convertible

60,000

1.000%, 

4/15/2026

60,660

PTC,

Inc.

30,000

3.625%, 

2/15/2025

f

28,919

70,000

4.000%, 

2/15/2028

f

62,067

Rackspace

Technology

Global,

Inc.

65,000

5.375%, 

12/1/2028

f

19,007

RingCentral,

Inc.

54,000

8.500%, 

8/15/2030

f

51,300

S&P

Global,

Inc.

41,000

2.900%, 

3/1/2032

32,897

Salesforce.com,

Inc.

123,000

1.950%, 

7/15/2031

94,963

Seagate

HDD

Cayman

33,000

8.500%, 

7/15/2031

f

33,580

62,760

9.625%, 

12/1/2032

f

66,903

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

95

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Technology

(1.3%)

-

continued

Semtech

Corporation,

Convertible

$

51,000

1.625%, 

11/1/2027

$

33,864

10,000

4.000%, 

11/1/2028

f

9,130

Sensata

Technologies,

Inc.

54,000

3.750%, 

2/15/2031

f

43,219

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

20,000

4.625%, 

11/1/2026

f

18,475

SS&C

Technologies,

Inc.

179,000

5.500%, 

9/30/2027

f

167,951

Verint

Systems,

Inc.,

Convertible

82,000

0.250%, 

4/15/2026

69,085

Viavi

Solutions,

Inc.

49,000

3.750%, 

10/1/2029

f

38,141

Viavi

Solutions,

Inc.,

Convertible

39,000

1.625%, 

3/15/2026

f

35,626

Vishay

Intertechnology,

Inc.,

Convertible

234,000

2.250%, 

9/15/2030

f

214,080

VMware,

Inc.

80,000

1.400%, 

8/15/2026

70,470

54,000

2.200%, 

8/15/2031

39,920

Xilinx,

Inc.

26,000

2.375%, 

6/1/2030

21,199

Ziff

Davis,

Inc.,

Convertible

187,000

1.750%, 

11/1/2026

168,206

Total

4,811,407

Transportation

(0.5%)

Air

Transport

Services

Group,

Inc.,

Convertible

128,000

3.875%, 

8/15/2029

f

118,144

American

Airlines

Group,

Inc.

16,000

3.750%, 

3/1/2025

f

14,928

American

Airlines,

Inc.

172,000

11.750%, 

7/15/2025

f

182,234

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

111,667

5.500%, 

4/20/2026

f

108,590

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

34,000

5.375%, 

3/1/2029

f

29,121

Canadian

Pacific

Railway

Company

76,000

1.750%, 

12/2/2026

67,580

CSX

Corporation

37,000

4.250%, 

3/15/2029

34,527

Delta

Air

Lines,

Inc.

82,000

4.375%, 

4/19/2028

i

75,319

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

54,054

4.500%, 

10/20/2025

f

52,540

ERAC

USA

Finance,

LLC

79,000

3.850%, 

11/15/2024

f

77,285

Hawaiian

Brand

Intellectual

Property,

Ltd.

108,000

5.750%, 

1/20/2026

f

79,798

Hertz

Corporation

40,000

4.625%, 

12/1/2026

f

33,505

84,000

5.000%, 

12/1/2029

f

60,304

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Transportation

(0.5%)

-

continued

JetBlue

Airways

Corporation,

Convertible

$

152,000

0.500%, 

4/1/2026

i

$

94,049

Mileage

Plus

Holdings,

LLC

84,750

6.500%, 

6/20/2027

f

83,722

Norfolk

Southern

Corporation

58,000

4.450%, 

3/1/2033

51,458

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

30,000

1.200%, 

11/15/2025

f

27,079

51,000

5.750%, 

5/24/2026

f

50,167

39,000

1.700%, 

6/15/2026

f

34,618

Rand

Parent,

LLC

60,000

8.500%, 

2/15/2030

f

54,792

RXO,

Inc.

57,000

7.500%, 

11/15/2027

f

56,985

Ryder

System,

Inc.

46,000

2.850%, 

3/1/2027

41,558

Southwest

Airlines

Company

36,000

5.125%, 

6/15/2027

34,737

44,000

2.625%, 

2/10/2030

35,538

Southwest

Airlines

Company,

Convertible

265,000

1.250%, 

5/1/2025

i

251,352

Spirit

Loyalty

Cayman,

Ltd.

32,000

8.000%, 

9/20/2025

f

23,600

Union

Pacific

Corporation

37,000

2.150%, 

2/5/2027

33,218

United

Airlines,

Inc.

51,000

4.375%, 

4/15/2026

f

47,308

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

17,000

7.875%, 

5/1/2027

f,i

13,074

76,000

6.375%, 

2/1/2030

f

50,684

Total

1,917,814

U.S.

Government

&

Agencies

(4.9%)

U.S.

Treasury

Bonds

900,000

4.000%, 

11/15/2052

752,133

1,490,000

3.250%, 

5/15/2042

1,134,670

4,470,000

3.375%, 

8/15/2042

3,458,488

U.S.

Treasury

Notes

3,200,000

0.125%, 

2/15/2024

3,151,375

1,050,000

0.500%, 

3/31/2025

982,283

1,990,000

0.500%, 

2/28/2026

1,795,353

590,000

0.500%, 

4/30/2027

507,608

1,580,000

1.125%, 

2/29/2028

1,351,641

3,500,000

4.125%, 

7/31/2028

3,395,410

870,000

1.375%, 

11/15/2031

667,725

1,000,000

4.125%, 

11/15/2032

942,109

678,000

3.375%, 

5/15/2033

599,500

Total

18,738,295

Utilities

(1.3%)

AEP

Texas,

Inc.

42,000

4.700%, 

5/15/2032

37,279

AES

Corporation

73,000

3.950%, 

7/15/2030

f

61,012

Algonquin

Power

&

Utilities

Corporation

45,000

4.750%, 

1/18/2082

b

35,525

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

96

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Utilities

(1.3%)

-

continued

Alliant

Energy

Corporation,

Convertible

$

103,000

3.875%, 

3/15/2026

f

$

100,114

Ameren

Corporation

46,000

1.750%, 

3/15/2028

38,536

American

Electric

Power

Company,

Inc.

60,000

2.031%, 

3/15/2024

58,989

38,000

2.300%, 

3/1/2030

29,860

20,000

5.625%, 

3/1/2033

18,772

American

Water

Capital

Corporation,

Convertible

134,000

3.625%, 

6/15/2026

f

128,932

Arizona

Public

Service

Company

39,000

5.550%, 

8/1/2033

36,638

Atmos

Energy

Corporation

42,000

5.900%, 

11/15/2033

41,384

Calpine

Corporation

52,000

4.500%, 

2/15/2028

f

46,888

CenterPoint

Energy,

Inc.

36,000

2.500%, 

9/1/2024

34,945

57,000

1.450%, 

6/1/2026

51,185

57,000

2.650%, 

6/1/2031

44,446

CenterPoint

Energy,

Inc.,

Convertible

130,000

4.250%, 

8/15/2026

f

126,945

CMS

Energy

Corporation,

Convertible

135,000

3.375%, 

5/1/2028

f

127,440

Constellation

Energy

Generation,

LLC

40,000

5.800%, 

3/1/2033

37,936

Dominion

Energy,

Inc.

32,000

3.071%, 

8/15/2024

31,238

46,000

3.375%, 

4/1/2030

38,684

DTE

Energy

Company

63,000

4.220%, 

11/1/2024

61,771

36,000

4.875%, 

6/1/2028

34,243

Duke

Energy

Corporation

49,000

3.250%, 

1/15/2082

b

35,202

16,000

4.875%, 

9/16/2024

b,k

15,482

96,000

2.450%, 

6/1/2030

76,503

40,000

4.500%, 

8/15/2032

34,939

43,000

5.750%, 

9/15/2033

40,844

Duke

Energy

Corporation,

Convertible

322,000

4.125%, 

4/15/2026

f

313,522

Edison

International

52,000

4.950%, 

4/15/2025

50,950

50,000

5.000%, 

12/15/2026

b,k

44,498

Enel

Finance

International

NV

80,000

1.375%, 

7/12/2026

f

70,540

Entergy

Corporation

29,000

0.900%, 

9/15/2025

26,393

38,000

1.900%, 

6/15/2028

31,764

Evergy,

Inc.

36,000

2.450%, 

9/15/2024

34,856

Eversource

Energy

91,000

4.600%, 

7/1/2027

86,661

39,000

5.125%, 

5/15/2033

35,251

Exelon

Corporation

38,000

4.050%, 

4/15/2030

33,567

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Utilities

(1.3%)

-

continued

Fells

Point

Funding

Trust

$

100,000

3.046%, 

1/31/2027

f

$

90,225

FirstEnergy

Corporation,

Convertible

194,000

4.000%, 

5/1/2026

f

188,374

Florida

Power

&

Light

Company

38,000

4.400%, 

5/15/2028

36,155

Georgia

Power

Company

25,000

4.950%, 

5/17/2033

22,819

ITC

Holdings

Corporation

40,000

4.950%, 

9/22/2027

f

38,623

Jersey

Central

Power

&

Light

Company

81,000

2.750%, 

3/1/2032

f

62,117

National

Rural

Utilities

Cooperative

Finance

Corporation

70,000

3.450%, 

6/15/2025

67,491

41,000

5.050%, 

9/15/2028

39,822

NextEra

Energy

Capital

Holdings,

Inc.

39,000

3.800%, 

3/15/2082

b

31,200

39,000

6.051%, 

3/1/2025

38,978

58,000

5.749%, 

9/1/2025

57,727

38,000

2.250%, 

6/1/2030

29,611

NextEra

Energy

Operating

Partners,

LP

115,000

3.875%, 

10/15/2026

f

104,560

NextEra

Energy

Partners,

LP,

Convertible

56,000

Zero

Coupon, 

6/15/2024

f

53,144

188,000

Zero

Coupon, 

11/15/2025

f

159,518

NiSource,

Inc.

37,000

2.950%, 

9/1/2029

31,488

NRG

Energy,

Inc.

48,000

2.000%, 

12/2/2025

f

43,651

41,000

10.250%, 

3/15/2028

b,f,k

39,580

24,000

3.375%, 

2/15/2029

f

19,534

30,000

5.250%, 

6/15/2029

f

26,468

NRG

Energy,

Inc.,

Convertible

236,000

2.750%, 

6/1/2048

263,612

PG&E

Corporation

58,000

5.000%, 

7/1/2028

52,545

PPL

Capital

Funding,

Inc.,

Convertible

165,000

2.875%, 

3/15/2028

f

150,975

Public

Service

Enterprise

Group,

Inc.

40,000

5.875%, 

10/15/2028

39,585

37,000

1.600%, 

8/15/2030

27,766

Sempra

72,000

4.875%, 

10/15/2025

b,k

67,238

56,000

3.400%, 

2/1/2028

50,464

Southern

California

Edison

Company

19,000

5.950%, 

11/1/2032

18,555

Southern

Company

41,000

4.475%, 

8/1/2024

40,454

50,000

5.700%, 

10/15/2032

47,903

29,000

4.000%, 

1/15/2051

b

26,459

90,000

3.750%, 

9/15/2051

b

76,958

Southern

Company,

Convertible

320,000

3.875%, 

12/15/2025

f

313,920

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

97

Principal

Amount

Long-Term

Fixed

Income

(43.8%)

Value

Utilities

(1.3%)

-

continued

Talen

Energy

Supply,

LLC

$

54,000

8.625%, 

6/1/2030

f

$

54,870

TerraForm

Power

Operating,

LLC

120,000

5.000%, 

1/31/2028

f

109,934

Vistra

Operations

Company,

LLC

82,000

5.125%, 

5/13/2025

f

80,126

129,000

5.000%, 

7/31/2027

f

118,007

Xcel

Energy,

Inc.

45,000

4.000%, 

6/15/2028

41,586

60,000

4.600%, 

6/1/2032

53,040

Total

4,968,816

Total

Long-Term

Fixed

Income

(cost

$183,159,302)

166,548,351

Shares

Common

Stock

(

29.8%

)

Value

Communications

Services

(2.2%)

4,730

Alphabet,

Inc.,

Class

A

m

586,898

23,745

Alphabet,

Inc.,

Class

C

m

2,975,249

21,112

Comcast

Corporation

871,715

23,257

DISH

Network

Corporation

m

113,959

604

Emerald

Holding,

Inc.

m

3,008

340

Liberty

Latin

America,

Ltd.,

Class

A

m

2,322

6,342

Meta

Platforms,

Inc.

m

1,910,654

851

Netflix,

Inc.

m

350,348

18,690

QuinStreet,

Inc.

m

211,384

31,066

Verizon

Communications,

Inc.

1,091,349

19,735

Warner

Brothers

Discovery,

Inc.

m

196,166

518

Windstream

Services,

LLC

m

4,792

3,940

Ziff

Davis,

Inc.

m

238,212

Total

8,556,056

Consumer

Discretionary

(3.1%)

20,424

Amazon.com,

Inc.

m

2,718,230

6,574

Aptiv

plc

m

573,253

858

Bloomin'

Brands,

Inc.

20,026

262

Booking

Holdings,

Inc.

m

730,865

1,312

Boot

Barn

Holdings,

Inc.

m

91,184

5,001

Cedar

Fair,

LP

177,535

216

Chipotle

Mexican

Grill,

Inc.

m

419,515

9,161

Clarus

Corporation

53,042

3,175

Columbia

Sportswear

Company

234,315

12,506

Cooper-Standard

Holdings,

Inc.

m

155,325

3,246

Crocs,

Inc.

m

289,933

2,683

D.R.

Horton,

Inc.

280,105

1,354

Domino's

Pizza,

Inc.

458,992

11,247

Everi

Holdings,

Inc.

m

121,355

5,570

General

Motors

Company

157,074

1,112

Grand

Canyon

Education,

Inc.

m

131,583

1,515

Hilton

Worldwide

Holdings,

Inc.

229,568

3,550

Home

Depot,

Inc.

1,010,649

2,911

Lowe's

Companies,

Inc.

554,749

613

Lululemon

Athletica,

Inc.

m

241,203

2,326

McDonald's

Corporation

609,807

721

Meritage

Homes

Corporation

82,208

93

NVR,

Inc.

m

503,374

2,239

Papa

John's

International,

Inc.

145,580

4,963

Skyline

Champion

Corporation

m

290,981

4,255

Sony

Group

Corporation

ADR

353,378

10,269

Stoneridge,

Inc.

m

167,077

4,790

Tesla,

Inc.

m

962,024

Shares

Common

Stock

(29.8%)

Value

Consumer

Discretionary

(3.1%)

-

continued

27,848

ThredUp,

Inc.

m

$

89,671

Total

11,852,601

Consumer

Staples

(1.7%)

4,799

Altria

Group,

Inc.

192,776

818

Archer-Daniels-Midland

Company

58,544

6,219

BJ's

Wholesale

Club

Holdings,

Inc.

m

423,638

1,172

Casey's

General

Stores,

Inc.

318,679

10,614

Coca-Cola

Company

599,585

554

Constellation

Brands,

Inc.

129,719

27,445

Coty,

Inc.

m

257,160

2,275

John

B.

Sanfilippo

&

Son,

Inc.

232,641

12,125

Kenvue,

Inc.

225,525

3,068

Kimberly-Clark

Corporation

367,056

4,277

Lamb

Weston

Holdings,

Inc.

384,075

3,587

Mondelez

International,

Inc.

237,495

93

PepsiCo,

Inc.

15,185

6,932

Philip

Morris

International,

Inc.

618,057

7,451

Pilgrim's

Pride

Corporation

m

190,000

16,025

Primo

Water

Corporation

209,286

1,633

Procter

&

Gamble

Company

244,999

5,302

Sysco

Corporation

352,530

6,112

Turning

Point

Brands,

Inc.

122,546

3,727

Tyson

Foods,

Inc.

172,746

5,038

US

Foods

Holding

Corporation

m

196,180

6,544

Walmart,

Inc.

1,069,355

Total

6,617,777

Energy

(1.6%)

8,382

BP

plc

ADR

306,613

549

Cheniere

Energy,

Inc.

91,365

3,674

Chesapeake

Energy

Corporation

316,258

2,202

Chevron

Corporation

320,897

5,537

ConocoPhillips

657,796

10,237

Devon

Energy

Corporation

476,737

16,504

Enterprise

Products

Partners,

LP

429,764

331

EQT

Corporation

14,028

8,676

Exxon

Mobil

Corporation

918,355

12,138

Halliburton

Company

477,509

3,951

Marathon

Petroleum

Corporation

597,589

23,455

NOV,

Inc.

468,162

2,876

Permian

Resources

Corporation

41,903

3,363

Pioneer

Natural

Resources

Company

803,757

6,173

TechnipFMC

plc

132,843

Total

6,053,576

Financials

(4.5%)

1,557

Allstate

Corporation

199,498

19,734

Ally

Financial,

Inc.

477,366

3,866

American

Express

Company

564,552

6,106

American

International

Group,

Inc.

374,359

1,582

Ameriprise

Financial,

Inc.

497,650

6,667

Arch

Capital

Group,

Ltd.

m

577,896

22,708

Bank

of

America

Corporation

598,129

104

Bank

of

Marin

Bancorp

1,747

5,233

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

132,186

9,004

Bank

of

New

York

Mellon

Corporation

382,670

1,483

Berkshire

Hathaway,

Inc.

m

506,192

275

BlackRock

TCP

Capital

Corporation

2,888

250

BlackRock,

Inc.

153,070

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

98

Shares

Common

Stock

(29.8%)

Value

Financials

(4.5%)

-

continued

12,243

Bridgewater

Bancshares,

Inc.

m

$

117,900

1,918

Byline

Bancorp,

Inc.

36,385

2,350

Capital

One

Financial

Corporation

238,032

1,544

Central

Pacific

Financial

Corporation

24,364

10,064

Charles

Schwab

Corporation

523,731

3,123

Chubb,

Ltd.

670,258

1,160

Cincinnati

Financial

Corporation

115,617

2,020

Citigroup,

Inc.

79,770

1,264

Citizens

Financial

Group,

Inc.

29,616

5,735

Comerica,

Inc.

225,959

635

Community

Trust

Bancorp,

Inc.

23,851

436

Dime

Community

Bancshares,

Inc.

8,018

2,140

Discover

Financial

Services

175,651

838

Eagle

Bancorp,

Inc.

16,324

1,134

Ellington

Residential

Mortgage

REIT

5,988

16,015

F.N.B.

Corporation

171,200

668

FactSet

Research

Systems,

Inc.

288,503

4,306

Federated

Hermes,

Inc.

136,500

205

Financial

Institutions,

Inc.

3,247

1,821

First

Horizon

Corporation

19,576

144

First

Mid-Illinois

Bancshares,

Inc.

3,934

991

Fiserv,

Inc.

m

112,726

112

FS

KKR

Capital

Corporation

2,122

5,957

Glacier

Bancorp,

Inc.

179,842

242

Golub

Capital

BDC,

Inc.

3,485

499

Great

Southern

Bancorp,

Inc.

24,810

1,731

Hanmi

Financial

Corporation

25,411

7,344

Heartland

Financial

USA,

Inc.

201,226

435

Heritage

Financial

Corporation

7,078

529

Hometrust

Bancshares,

Inc.

10,903

2,929

Hope

Bancorp,

Inc.

25,658

2,781

Houlihan

Lokey,

Inc.

279,546

292

Independent

Bank

Corporation/MI

5,825

8,135

Intercontinental

Exchange,

Inc.

874,024

8,913

J.P.

Morgan

Chase

&

Company

1,239,442

2,136

Kinsale

Capital

Group,

Inc.

713,232

2,143

M&T

Bank

Corporation

241,623

895

Marsh

&

McLennan

Companies,

Inc.

169,737

2,349

Mastercard,

Inc.

884,046

5,088

MetLife,

Inc.

305,331

327

Metropolitan

Bank

Holding

Corporation

i,m

10,598

3,023

MGIC

Investment

Corporation

50,907

1,070

MidWestOne

Financial

Group,

Inc.

21,314

2,845

Morgan

Stanley

201,483

168

MSCI,

Inc.

79,220

3,832

Nasdaq,

Inc.

190,067

2,136

New

York

Community

Bancorp,

Inc.

20,249

3,507

NU

Holdings,

Ltd./Cayman

Islands

m

28,757

10,924

PayPal

Holdings,

Inc.

m

565,863

52

PNC

Financial

Services

Group,

Inc.

5,953

7,285

Radian

Group,

Inc.

184,602

5,755

Raymond

James

Financial,

Inc.

549,257

2,689

RLI

Corporation

358,282

193

SEI

Investments

Company

10,356

3,783

Triumph

Financial,

Inc.

m

235,492

222

TrustCo

Bank

Corporation

NY

5,668

231

U.S.

Bancorp

7,364

264

Visa,

Inc.

62,066

Shares

Common

Stock

(29.8%)

Value

Financials

(4.5%)

-

continued

5,090

Voya

Financial,

Inc.

$

339,859

19,797

Wells

Fargo

&

Company

787,327

8,833

Western

Alliance

Bancorp

363,036

7,216

Zions

Bancorp

NA

222,613

Total

16,989,027

Health

Care

(3.6%)

4,628

Abbott

Laboratories

437,577

1,516

Agilent

Technologies,

Inc.

156,709

1,378

Align

Technology,

Inc.

m

254,365

1,381

Amgen,

Inc.

353,122

2,787

AstraZeneca

plc

ADR

176,222

13,217

Avantor,

Inc.

m

230,372

2,680

Baxter

International,

Inc.

86,912

1,144

Biogen,

Inc.

m

271,746

2,562

Bio-Techne

Corporation

139,962

5,055

Centene

Corporation

m

348,694

1,624

Cigna

Group

502,141

153

Cooper

Companies,

Inc.

47,698

4,445

CVS

Health

Corporation

306,749

2,608

Danaher

Corporation

500,788

427

Dentsply

Sirona,

Inc.

12,985

3,690

Edwards

Lifesciences

Corporation

m

235,127

2,235

Elanco

Animal

Health,

Inc.

m

19,690

1,099

Elevance

Health,

Inc.

494,649

219

Eli

Lilly

&

Company

121,311

5,779

Enovis

Corporation

m

265,256

5,958

Gilead

Sciences,

Inc.

467,941

6,399

Halozyme

Therapeutics,

Inc.

m

216,734

1,197

HCA

Healthcare,

Inc.

270,690

1,136

Hologic,

Inc.

m

75,169

1,259

Intuitive

Surgical,

Inc.

m

330,135

3,161

Johnson

&

Johnson

468,903

2,803

Laboratory

Corporation

of

America

Holdings

559,843

1,717

Lantheus

Holdings,

Inc.

m

110,918

30,998

Maravai

LifeSciences

Holdings,

Inc.

m

212,646

9,608

Medtronic

plc

677,941

9,256

Merck

&

Company,

Inc.

950,591

895

Molina

Healthcare,

Inc.

m

297,990

4,376

Novo

Nordisk

AS

ADR

422,590

5,116

Option

Care

Health,

Inc.

m

141,867

12,048

Pfizer,

Inc.

368,187

4,565

Progyny,

Inc.

m

140,876

1,792

QuidelOrtho

Corporation

m

109,455

5,118

R1

RCM,

Inc.

m

60,341

1,408

Sarepta

Therapeutics,

Inc.

m

94,773

636

Stryker

Corporation

171,860

871

Thermo

Fisher

Scientific,

Inc.

387,395

1,822

UnitedHealth

Group,

Inc.

975,790

277

Vertex

Pharmaceuticals,

Inc.

m

100,305

15,306

Viemed

Healthcare,

Inc.

m

96,581

754

Waters

Corporation

m

179,852

3,070

Zimmer

Biomet

Holdings,

Inc.

320,539

4,348

Zoetis,

Inc.

682,636

Total

13,854,623

Industrials

(3.9%)

3,627

Advanced

Drainage

Systems,

Inc.

387,472

8,575

Air

Lease

Corporation

296,952

1,689

AMETEK,

Inc.

237,761

346

Armstrong

World

Industries,

Inc.

26,258

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

99

Shares

Common

Stock

(29.8%)

Value

Industrials

(3.9%)

-

continued

2,993

ASGN,

Inc.

m

$

249,796

1,399

Automatic

Data

Processing,

Inc.

305,290

981

Axon

Enterprise,

Inc.

m

200,605

13,238

Badger

Infrastructure

Solutions,

Ltd.

350,627

6,215

Barnes

Group,

Inc.

129,210

807

Carlisle

Companies,

Inc.

205,051

132

Caterpillar,

Inc.

29,839

2,488

Cimpress

plc

m

148,459

24,387

CNH

Industrial

NV

267,769

17,718

CSX

Corporation

528,882

932

Cummins,

Inc.

201,592

777

Curtiss-Wright

Corporation

154,475

493

Deere

&

Company

180,122

8,824

Delta

Air

Lines,

Inc.

275,750

6,395

ExlService

Holdings,

Inc.

m

166,973

11,092

Fastenal

Company

647,107

1,557

Ferguson

plc

233,861

6,839

Flowserve

Corporation

251,128

6,319

Fluor

Corporation

m

210,360

1,927

General

Dynamics

Corporation

465,004

84

Gorman-Rupp

Company

2,482

4,741

Greenbrier

Companies,

Inc.

163,991

5,043

Helios

Technologies,

Inc.

260,824

2,238

Honeywell

International,

Inc.

410,136

13,476

Howmet

Aerospace,

Inc.

594,292

18,264

Janus

International

Group,

Inc.

m

170,951

1,069

JB

Hunt

Transport

Services,

Inc.

183,729

1,831

L3Harris

Technologies,

Inc.

328,500

1,138

Lincoln

Electric

Holdings,

Inc.

198,922

3,642

ManpowerGroup,

Inc.

254,831

786

Masco

Corporation

40,943

14,780

Masterbrand,

Inc.

m

164,206

3,476

Maximus,

Inc.

259,727

4,840

Miller

Industries,

Inc.

176,031

1,377

Moog,

Inc.

159,801

640

Northrop

Grumman

Corporation

301,715

1,278

Old

Dominion

Freight

Line,

Inc.

481,371

1,643

Oshkosh

Corporation

144,140

1,494

Owens

Corning,

Inc.

169,375

1,357

Parker-Hannifin

Corporation

500,611

2,451

Pentair

plc

142,452

1,574

Quanta

Services,

Inc.

263,047

3,681

RB

Global,

Inc.

240,737

9,430

Schneider

National,

Inc.

238,862

579

Simpson

Manufacturing

Company,

Inc.

77,111

2,979

Tennant

Company

221,101

5,621

Timken

Company

388,524

1,274

Trane

Technologies

plc

242,455

11,218

Uber

Technologies,

Inc.

m

485,515

4,979

United

Parcel

Service,

Inc.

703,284

1,527

United

Rentals,

Inc.

620,374

212

Veralto

Corporation

m

14,628

Total

14,755,011

Information

Technology

(6.3%)

1,608

Adobe,

Inc.

m

855,552

4,977

Advanced

Micro

Devices,

Inc.

m

490,234

1,772

Amphenol

Corporation

142,735

822

ANSYS,

Inc.

m

228,730

16,802

Apple,

Inc.

2,869,277

3,724

Applied

Materials,

Inc.

492,871

947

Autodesk,

Inc.

m

187,156

59

Broadcom,

Inc.

49,641

Shares

Common

Stock

(29.8%)

Value

Information

Technology

(6.3%)

-

continued

1,817

Calix,

Inc.

m

$

60,179

7,986

Ciena

Corporation

m

337,009

34,505

Cisco

Systems,

Inc.

1,798,746

5,706

Cohu,

Inc.

m

171,979

1,906

Crane

NXT

Company

99,112

18,208

Dropbox,

Inc.

m

478,870

1,497

Enphase

Energy,

Inc.

m

119,131

1,289

FormFactor,

Inc.

m

43,671

3,346

Fortinet,

Inc.

m

191,291

12,603

Gilat

Satellite

Networks,

Ltd.

m

75,744

2,667

Guidewire

Software,

Inc.

m

240,377

672

Insight

Enterprises,

Inc.

m

96,298

373

KLA

Corporation

175,198

13,519

Knowles

Corporation

m

175,612

136

Lam

Research

Corporation

79,998

780

Littelfuse,

Inc.

169,003

15,845

Microsoft

Corporation

5,357,353

509

NetApp,

Inc.

37,045

1,405

NICE,

Ltd.

ADR

m

216,862

5,354

NVIDIA

Corporation

2,183,361

3,529

ON

Semiconductor

Corporation

m

221,057

2,987

Plexus

Corporation

m

293,682

10,923

QUALCOMM,

Inc.

1,190,498

205

Roper

Industries,

Inc.

100,157

3,814

Salesforce,

Inc.

m

765,966

11,532

Samsung

Electronics

Company,

Ltd.

574,004

1,358

ServiceNow,

Inc.

m

790,152

1,235

Silicon

Laboratories,

Inc.

m

113,842

3,211

Sprout

Social,

Inc.

m

138,972

1,981

TE

Connectivity,

Ltd.

233,461

3,748

Texas

Instruments,

Inc.

532,253

4,082

Trimble,

Inc.

m

192,385

34,111

TTM

Technologies,

Inc.

m

391,935

740

Tyler

Technologies,

Inc.

m

275,946

567

Universal

Display

Corporation

78,915

4,402

Varonis

Systems,

Inc.

m

148,083

880

VeriSign,

Inc.

m

175,701

450

Western

Digital

Corporation

m

18,067

4,304

Wolfspeed,

Inc.

m

145,647

1,532

Workiva,

Inc.

m

133,422

Total

23,937,180

Materials

(1.1%)

4,650

Alcoa

Corporation

119,226

11,197

Axalta

Coating

Systems,

Ltd.

m

293,697

6,823

Ball

Corporation

328,528

1,452

Berry

Plastics

Group,

Inc.

79,860

2,874

Carpenter

Technology

Corporation

180,257

4,791

CF

Industries

Holdings,

Inc.

382,226

110

Eagle

Materials,

Inc.

16,930

3,219

Eastman

Chemical

Company

240,556

4,823

Ingevity

Corporation

m

194,270

16,633

Ivanhoe

Mines,

Ltd.

m

122,581

557

Linde

plc

212,863

4,315

Nucor

Corporation

637,714

3,480

PPG

Industries,

Inc.

427,240

4,367

Steel

Dynamics,

Inc.

465,129

16,546

Tronox

Holdings

plc

176,877

1,531

United

States

Lime

&

Minerals,

Inc.

303,123

Total

4,181,077

Real

Estate

(0.9%)

4,171

Agree

Realty

Corporation

233,326

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

100

Shares

Common

Stock

(29.8%)

Value

Real

Estate

(0.9%)

-

continued

2,490

Alexandria

Real

Estate

Equities,

Inc.

$

231,894

1,607

AvalonBay

Communities,

Inc.

266,344

1,460

Camden

Property

Trust

123,925

2,137

CBRE

Group,

Inc.

m

148,179

28,435

Cushman

and

Wakefield

plc

m

209,566

820

Equity

Residential

45,370

1,301

Essential

Properties

Realty

Trust,

Inc.

28,557

17,359

Healthcare

Realty

Trust,

Inc.

249,101

18,131

Host

Hotels

&

Resorts,

Inc.

280,668

14,110

Independence

Realty

Trust,

Inc.

174,823

3,172

Invitation

Homes,

Inc.

94,177

496

Kite

Realty

Group

Trust

10,575

9,371

National

Storage

Affiliates

Trust

267,261

1,138

Phillips

Edison

and

Company,

Inc.

40,183

1,038

Public

Storage

247,781

3,049

SBA

Communications

Corporation

636,113

1,120

Terreno

Realty

Corporation

59,673

Total

3,347,516

Utilities

(0.9%)

5,782

Alliant

Energy

Corporation

282,104

3,405

American

Electric

Power

Company,

Inc.

257,214

1,346

Black

Hills

Corporation

65,079

7,447

CenterPoint

Energy,

Inc.

200,175

4,682

Constellation

Energy

Corporation

528,691

4,056

Duke

Energy

Corporation

360,538

2,493

Entergy

Corporation

238,306

2,428

Evergy,

Inc.

119,312

23,544

NiSource,

Inc.

592,367

1,578

Northwestern

Energy

Group,

Inc.

75,760

3,267

Portland

General

Electric

Company

130,745

4,401

Public

Service

Enterprise

Group,

Inc.

271,322

2,171

Spire,

Inc.

120,773

Total

3,242,386

Total

Common

Stock

(cost

$93,767,710)

113,386,830

Shares

Registered

Investment

Companies

(

12.0%

)

Value

U.S.

Affiliated  (11.5%)

2,541,070

Thrivent

Core

Emerging

Markets

Debt

Fund

18,473,581

2,744,250

Thrivent

Core

International

Equity

Fund

25,027,560

Total

43,501,141

U.S.

Unaffiliated  (0.5%)

22,816

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

54,530

8,300

AllianceBernstein

Global

High

Income

Fund,

Inc.

77,107

10,936

Allspring

Income

Opportunities

Fund

63,429

3,033

BlackRock

Core

Bond

Trust

27,995

7,982

BlackRock

Corporate

High

Yield

Fund,

Inc.

67,288

7,585

BlackRock

Credit

Allocation

Income

Trust

69,934

Shares

Registered

Investment

Companies

(12.0%)

Value

U.S.

Unaffiliated  (0.5%)-

continued

1,130

BlackRock

Debt

Strategies

Fund,

Inc.

$

11,176

7,894

BlackRock

Enhanced

Global

Dividend

Trust

72,072

1,950

BlackRock

Enhanced

International

Dividend

Trust

9,321

250

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

2,950

1,633

BlackRock

Income

Trust,

Inc.

17,359

3,265

BlackRock

Multi-Sector

Income

Trust

46,004

6,163

Blackstone

Strategic

Credit

2027

Term

Fund

65,574

7,137

Eaton

Vance

Limited

Duration

Income

Fund

61,949

600

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

4,182

6,025

First

Trust

High

Income

Long/Short

Fund

63,142

1,839

Invesco

Dynamic

Credit

Opportunities

Fund

c

19,545

7,000

Invesco

Preferred

ETF

71,960

3,450

iShares

Preferred

and

Income

Securities

ETF

i

98,601

17,375

Nuveen

Credit

Strategies

Income

Fund

84,964

2,550

Nuveen

Preferred

Income

Opportunities

Fund

15,453

2,125

Nuveen

Quality

Preferred

Income

Fund

II

12,644

7,147

PGIM

Global

High

Yield

Fund,

Inc.

74,114

7,283

PGIM

High

Yield

Bond

Fund,

Inc.

81,205

2,069

Pimco

Dynamic

Income

Fund

33,807

2,926

SPDR

Bloomberg

High

Yield

Bond

ETF

i

260,180

2,202

SPDR

S&P

Biotech

ETF

i

145,839

619

Tri-Continental

Corporation

15,859

3,600

Vanguard

Short-Term

Corporate

Bond

ETF

269,496

2,300

Virtus

Convertible

&

Income

Fund

6,716

4,342

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

46,242

575

Virtus

Equity

&

Convertible

Income

Fund

10,994

11,171

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

53,062

17,428

Western

Asset

High

Income

Opportunity

Fund,

Inc.

63,961

Total

2,078,654

Total

Registered

Investment

Companies

(cost

$52,309,406)

45,579,795

Shares

Collateral

Held

for

Securities

Loaned

(

0.9%

)

Value

3,487,713

Thrivent

Cash

Management

Trust

3,487,713

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,487,713)

3,487,713

Shares

Preferred

Stock

(

0.7%

)

Value

Communications

Services

(0.1%)

7,175

AT&T,

Inc.,

4.750%

k

124,127

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

101

Shares

Preferred

Stock

(0.7%)

Value

Communications

Services

(0.1%)

-

continued

1,141

Paramount

Global,

Convertible,

5.750%

$

17,743

3,000

Telephone

and

Data

Systems,

Inc.,

6.000%

k

38,550

Total

180,420

Energy

(<0.1%)

3,012

Crestwood

Equity

Partners,

LP,

9.250%

k

29,036

1,450

Energy

Transfer,

LP,

7.600%

b,k

35,844

1,145

Nustar

Logistics,

LP,

12.389%

b

29,747

326

UGI

Corporation,

Convertible,

7.250%

16,554

Total

111,181

Financials

(0.5%)

2,475

Aegon

Funding

Corporation

II,

5.100%

46,109

5,200

Allstate

Corporation,

5.100%

k

98,800

4,358

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

209,663

5,600

Bank

of

America

Corporation,

4.250%

k

91,056

202

Bank

of

America

Corporation,

Convertible,

7.250%

k

212,746

5,050

Capital

One

Financial

Corporation,

5.000%

k

82,264

2,875

Equitable

Holdings,

Inc.,

5.250%

k

51,836

140

First

Horizon

Bank,

6.518%

*,b,k

94,500

4,500

J.P.

Morgan

Chase

&

Company,

4.200%

k

76,500

3,350

J.P.

Morgan

Chase

&

Company,

4.750%

k

63,750

3,150

KeyCorp,

6.200%

b,k

52,637

2,600

Morgan

Stanley,

4.250%

k

42,666

2,290

Morgan

Stanley,

5.850%

b,k

50,059

2,800

Morgan

Stanley,

7.125%

b,k

70,280

2,875

Public

Storage,

4.125%

k

47,179

1,125

Public

Storage,

4.625%

i,k

20,813

300

Public

Storage,

4.700%

k

5,523

775

Regions

Financial

Corporation,

5.700%

b,k

13,834

725

Synovus

Financial

Corporation,

5.875%

b,k

16,472

2,650

U.S.

Bancorp,

4.000%

i,k

39,300

4,500

Wells

Fargo

&

Company,

4.250%

k

70,425

296

Wells

Fargo

&

Company,

Convertible,

7.500%

k

312,665

Total

1,769,077

Utilities

(0.1%)

3,152

AES

Corporation,

Convertible,

6.875%

190,003

4,150

CMS

Energy

Corporation,

4.200%

k

75,115

5,767

NextEra

Energy,

Inc.,

Convertible,

6.926%

i

216,493

2,750

Southern

Company,

4.950%

55,715

Total

537,326

Total

Preferred

Stock

(cost

$3,417,388)

2,598,004

Shares

or

Principal

Amount

Short-Term

Investments

(

9.4%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

400,000

5.285%,

11/15/2023

n,o

$

399,202

1,000,000

5.300%,

12/6/2023

n,o

994,992

400,000

5.315%,

12/13/2023

n,o

397,597

700,000

5.315%,

12/15/2023

n,o

695,596

100,000

5.350%,

1/17/2024

n,o

98,898

Thrivent

Core

Short-Term

Reserve

Fund

3,321,997

5.690%

33,219,965

U.S.

Treasury

Bills

100,000

5.267%,

11/21/2023

n,p

99,706

Total

Short-Term

Investments

(cost

$35,896,621)

35,905,956

Total

Investments

(cost

$392,292,908)

101.9%

$387,656,722

Other

Assets

and

Liabilities,

Net

(1.9%)

(7,286,562)

Total

Net

Assets

100.0%

$380,370,160

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

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

October

31,

2023,

the

value

of

these

investments

was

$52,456,077

or

13.8%

of

total

net

assets.

g

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

October

31,

2023.

h

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

i

All

or

a

portion

of

the

security

is

on

loan.

j

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.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

l

Defaulted

security.  Interest

is

not

being

accrued.

m

Non-income

producing

security.

n

The

interest

rate

shown

reflects

the

yield.

o

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

102

p

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Balanced

Income

Plus

Fund

as

of

October

31,

2023

was

$98,280

or

0.03%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

October

31,

2023.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG,

12/29/2049

11/30/2018

$

38,508

First

Horizon

Bank,

6.518%,

3/5/2019

6/21/2017

107,380

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Balanced

Income

Plus

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,660,915

Common

Stock

732,014

Total

lending

$3,392,929

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,487,713

Net

amounts

due

to

counterparty

$94,784

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

TSFR6M

-

CME

Term

SOFR

6

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$29,157,626

Gross

unrealized

depreciation

(35,736,295)

Net

unrealized

appreciation

(depreciation)

($6,578,669)

Cost

for

federal

income

tax

purposes

$392,766,179

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

103

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Balanced

Income

Plus

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

473,132

–

391,514

81,618

Capital

Goods

2,232,661

–

2,072,412

160,249

Communications

Services

2,727,099

–

2,727,099

–

Consumer

Cyclical

3,470,071

–

3,470,071

–

Consumer

Non-Cyclical

3,542,576

–

3,469,911

72,665

Energy

535,846

–

535,846

–

Financials

1,509,526

–

1,509,526

–

Technology

4,172,844

–

4,172,844

–

Transportation

1,224,870

–

1,224,870

–

Utilities

261,448

–

261,448

–

Long-Term

Fixed

Income

Asset-Backed

Securities

15,587,418

–

15,587,418

–

Basic

Materials

2,563,405

–

2,563,405

–

Capital

Goods

5,149,777

–

5,149,777

–

Collateralized

Mortgage

Obligations

14,091,425

–

14,091,425

–

Commercial

Mortgage-Backed

Securities

1,438,709

–

1,438,709

–

Communications

Services

5,457,610

–

5,457,610

–

Consumer

Cyclical

8,097,855

–

8,097,855

–

Consumer

Non-Cyclical

7,630,298

–

7,630,298

–

Energy

6,038,178

–

6,038,178

–

Financials

19,455,426

–

19,455,426

–

Foreign

Government

57,706

–

57,706

–

Mortgage-Backed

Securities

50,544,212

–

50,544,212

–

Technology

4,811,407

–

4,811,407

–

Transportation

1,917,814

–

1,917,814

–

U.S.

Government

&

Agencies

18,738,295

–

18,738,295

–

Utilities

4,968,816

–

4,968,816

–

Common

Stock

Communications

Services

8,556,056

8,551,264

4,792

–

Consumer

Discretionary

11,852,601

11,852,601

–

–

Consumer

Staples

6,617,777

6,617,777

–

–

Energy

6,053,576

6,053,576

–

–

Financials

16,989,027

16,989,027

–

–

Health

Care

13,854,623

13,854,623

–

–

Industrials

14,755,011

14,404,384

350,627

–

Information

Technology

23,937,180

23,363,176

574,004

–

Materials

4,181,077

4,058,496

122,581

–

Real

Estate

3,347,516

3,347,516

–

–

Utilities

3,242,386

3,242,386

–

–

Preferred

Stock

Communications

Services

180,420

180,420

–

–

Energy

111,181

111,181

–

–

Financials

1,769,077

1,674,577

94,500

–

Utilities

537,326

537,326

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

2,078,654

2,059,109

–

19,545

Short-Term

Investments

2,685,991

–

2,685,991

–

Subtotal

Investments

in

Securities

$307,447,903

$116,897,439

$190,216,387

$334,077

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

43,501,141

Affiliated

Short-Term

Investments

33,219,965

Collateral

Held

for

Securities

Loaned

3,487,713

Subtotal

Other

Investments

$80,208,819

Total

Investments

at

Value

$387,656,722

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

104

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

October

31,

2023,

in

valuing

Balanced

Income

Plus

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,790,556

1,790,556

–

–

Credit

Default

Swaps

13,716

–

13,716

–

Total

Asset

Derivatives

$1,804,272

$1,790,556

$13,716

$–

Liability

Derivatives

Futures

Contracts

3,273,484

3,273,484

–

–

Total

Liability

Derivatives

$3,273,484

$3,273,484

$–

$–

The

following

table

presents

Balanced

Income

Plus

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$2,586,285

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

39

December

2023

$

4,304,124

(

$

163,421)

CBOT

2-Yr.

U.S.

Treasury

Note

14

December

2023

2,850,568

(

16,662)

CBOT

5-Yr.

U.S.

Treasury

Note

29

December

2023

3,088,753

(

58,933)

CBOT

U.S.

Long

Bond

51

December

2023

6,139,808

(

558,496)

CME

E-mini

S&P

500

Index

54

December

2023

11,970,398

(

597,323)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

98

December

2023

12,529,739

(

1,498,614)

ICE

mini

MSCI

EAFE

Index

32

December

2023

3,302,747

(

144,187)

ICE

US

mini

MSCI

Emerging

Markets

Index

78

December

2023

3,820,728

(

235,848)

Total

Futures

Long

Contracts

$

48,006,865

(

$

3,273,484)

CME

E-mini

Russell

2000

Index

(102)

December

2023

(

$

9,537,666)

$

1,028,826

CME

E-mini

S&P

Mid-Cap

400

Index

(25)

December

2023

(

6,495,725)

557,975

CME

Euro

Foreign

Exchange

Currency

(27)

December

2023

(

3,630,746)

52,403

Eurex

Euro

STOXX

50

Index

(84)

December

2023

(

3,781,228)

151,352

Total

Futures

Short

Contracts

(

$

23,445,365)

$1,790,556

Total

Futures

Contracts

$

24,561,500

($1,482,928)

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

105

The

following

table

presents

Balanced

Income

Plus

Fund's

swaps

contracts

held

as

of

October

31,

2023.

Investments

totaling

$99,706

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

41,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2028

$

915,000

$

–

$

13,716

$

13,716

Total

Credit

Default

Swaps

$–

$13,716

$13,716

1

As

the

buyer

of

protection,

Balanced

Income

Plus

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Balanced

Income

Plus

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Balanced

Income

Plus

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

Balanced

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Foreign

Exchange

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

52,403

Total

Foreign

Exchange

Contracts

52,403

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

1,738,153

Total

Equity

Contracts

1,738,153

Credit

Contracts

Credit

Default

Swaps

Net

Assets

-

Distributable

earnings/(accumulated

loss)

13,716

Total

Credit

Contracts

13,716

Total

Asset

Derivatives

$1,804,272

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

977,358

Total

Equity

Contracts

977,358

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

2,296,126

Total

Interest

Rate

Contracts

2,296,126

Total

Liability

Derivatives

$3,273,484

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

106

nk

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Balanced

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Options

Written

Net

realized

gains/(losses)

on

Written

option

contracts

34,891

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(3,412,025)

Total

Interest

Rate

Contracts

(3,377,134)

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

860,706

Total

Equity

Contracts

860,706

Foreign

Exchange

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

125,834

Total

Foreign

Exchange

Contracts

125,834

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

(153,025)

Total

Credit

Contracts

(153,025)

Total

($2,543,619)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Balanced

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Foreign

Exchange

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

52,403

Total

Foreign

Exchange

Contracts

52,403

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

818,515

Total

Equity

Contracts

818,515

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(86,832)

Total

Interest

Rate

Contracts

(86,832)

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

87,400

Total

Credit

Contracts

87,400

Total

$871,486

The

following

table

presents

Balanced

Income

Plus

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$10,660,415

Futures

-

Short

(16,265,563)

Interest

Rate

Contracts

Futures

-

Long

26,283,821

Futures

-

Short

(369,339)

Options

Written

(1,163,403)

Foreign

Exchange

Contracts

Futures

-

Short

(2,083,886)

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

(17,574)

Balanced

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

107

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Balanced

Income

Plus

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$21,791

$1,335

$5,450

$18,474

2,541

4.9%

Core

International

Equity

25,525

694

4,000

25,028

2,744

6.6

Total

U.S.

Affiliated

Registered

Investment

Companies

47,316

43,502

11.5

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

43,215

162,780

172,775

33,220

3,322

8.7

Total

Affiliated

Short-Term

Investments

43,215

33,220

8.7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

8,227

93,555

98,294

3,488

3,488

0.9

Total

Collateral

Held

for

Securities

Loaned

8,227

3,488

0.9

Total

Value

$98,758

$80,210

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($1,552)

$2,350

$–

$1,334

Core

International

Equity

(8)

2,817

–

694

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

0

(0)

–

1,739

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$3,767

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

49

Total

Affiliated

Income

from

Securities

Loaned,

Net

$49

Total

($1,560)

$5,167

$–

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

108

Shares

Common

Stock

(

76.4%

)

Value

Communications

Services

(5.0%)

214,517

Alphabet,

Inc.,

Class

C

a

$

26,878,980

21,107

Altice

USA,

Inc.

a

60,999

7,235

AMC

Networks,

Inc.

a

85,373

347,843

Auto

Trader

Group

plc

b

2,631,174

2,889

Bumble,

Inc.

a

38,828

58

Cable

One,

Inc.

31,892

20,705

CAR

Group,

Ltd.

364,972

36,546

Cargurus,

Inc.

a

629,688

6,657

Cogeco

Communications,

Inc.

262,200

121,054

Comcast

Corporation

4,998,320

50,787

Deutsche

Telekom

AG

1,102,264

566

Electronic

Arts,

Inc.

70,065

4,336

Emerald

Holding,

Inc.

a

21,593

2,803

Entravision

Communications

Corporation

10,035

4,676

Frontier

Communications

Parent,

Inc.

a

83,794

17,642

iHeartMedia,

Inc.

a

41,459

40,386

Imax

Corporation

a

735,429

20,048

Integral

Ad

Science

Holding

Corporation

a

230,151

5,165

Interpublic

Group

of

Companies,

Inc.

146,686

10,235

Ipsos

SA

497,396

107,500

KDDI

Corporation

3,215,835

11,732

Liberty

Global

plc,

Class

A

a

182,550

32,633

Liberty

Global

plc,

Class

C

a

553,456

6,421

Liberty

Latin

America,

Ltd.,

Class

A

a

43,855

3,927

Live

Nation

Entertainment,

Inc.

a

314,239

94,876

Lumen

Technologies,

Inc.

a

138,519

2,933

Match

Group,

Inc.

a

101,482

51,286

Meta

Platforms,

Inc.

a

15,450,933

198,290

MFE-MediaForEurope

NV

359,700

107,968

Moneysupermarket.com

Group

plc

340,714

9,442

Netflix,

Inc.

a

3,887,177

46,608

Nine

Entertainment

Company

Holdings,

Ltd.

54,922

62,200

Nintendo

Company,

Ltd.

2,569,759

47,400

Nippon

Television

Holdings,

Inc.

461,133

953

Omnicom

Group,

Inc.

71,389

19,482

Publicis

Groupe

SA

1,483,425

53,061

QuinStreet,

Inc.

a

600,120

313

REA

Group,

Ltd.

28,735

54,282

Rightmove

plc

313,025

15,031

Rogers

Communications,

Inc.

556,908

1,754

Roku,

Inc.

a

104,486

10,015

Scout24

SE

b

616,124

25,089

SEEK,

Ltd.

330,991

2,729

Sinclair,

Inc.

29,664

57,800

SoftBank

Group

Corporation

2,367,145

2,421

TechTarget,

Inc.

a

60,961

5,586

Telephone

and

Data

Systems,

Inc.

101,609

15,914

Trade

Desk,

Inc.

a

1,129,257

1,332

Tripadvisor,

Inc.

a

19,660

56,000

TV

Asahi

Holdings

Corporation

603,681

175,979

Verizon

Communications,

Inc.

6,182,142

262,393

Warner

Brothers

Discovery,

Inc.

a

2,608,186

194

Yelp,

Inc.

a

8,185

20,434

Ziff

Davis,

Inc.

a

1,235,440

Total

85,046,705

Consumer

Discretionary

(8.3%)

5,644

2U,

Inc.

a

11,965

147

Adient

plc

a

4,952

Shares

Common

Stock

(76.4%)

Value

Consumer

Discretionary

(8.3%)

-

continued

33,815

Amadeus

IT

Holding

SA

$

1,929,918

160,514

Amazon.com,

Inc.

a

21,362,808

1,073

American

Axle

&

Manufacturing

Holdings,

Inc.

a

7,243

14,687

American

Eagle

Outfitters,

Inc.

256,582

52,734

Aptiv

plc

a

4,598,405

143,610

Aristocrat

Leisure,

Ltd.

3,529,942

6,196

Autoliv,

Inc.

567,863

110

AutoNation,

Inc.

a

14,309

159,309

B&M

European

Value

Retail

SA

1,025,591

16,979

Bayerische

Motoren

Werke

AG

1,579,121

1,630

Beazer

Homes

USA,

Inc.

a

39,430

2,876

Bellway

plc

73,191

25,400

Benesse

Holdings,

Inc.

300,314

4,414

Berkeley

Group

Holdings

plc

216,978

2,032

Best

Buy

Company,

Inc.

135,778

1,364

Booking

Holdings,

Inc.

a

3,804,960

7,494

Boot

Barn

Holdings,

Inc.

a

520,833

4,741

BRP,

Inc.

320,443

941

Brunswick

Corporation

65,371

3,506

Buckle,

Inc.

118,398

19,136

Burberry

Group

plc

394,394

9,771

Cedar

Fair,

LP

346,870

17,134

Cheesecake

Factory,

Inc.

532,353

721

Chegg,

Inc.

a

5,429

890

Chipotle

Mexican

Grill,

Inc.

a

1,728,558

7,800

Chiyoda

Company,

Ltd.

43,063

58,506

Clarus

Corporation

338,750

5,856

Columbia

Sportswear

Company

432,173

8,131

Compagnie

Financiere

Richemont

SA

959,259

57,639

Compass

Group

plc

1,453,160

2,536

Container

Store

Group,

Inc.

a

4,692

1,899

Culp,

Inc.

a

10,388

33,637

D.R.

Horton,

Inc.

3,511,703

14,096

Dana,

Inc.

161,822

2,667

Darden

Restaurants,

Inc.

388,128

2,294

Deckers

Outdoor

Corporation

a

1,369,656

4,400

Denso

Corporation

64,972

10,466

Domino's

Pizza

Group

plc

43,671

8,954

Domino's

Pizza,

Inc.

3,035,316

459

DoorDash,

Inc.

a

34,402

471

Dorman

Products,

Inc.

a

29,287

20,659

eBay,

Inc.

810,453

1,939

Etsy,

Inc.

a

120,800

55,375

Everi

Holdings,

Inc.

a

597,496

1,200

Fast

Retailing

Company,

Ltd.

265,676

12,462

Five

Below,

Inc.

a

2,168,139

1,286

Flutter

Entertainment

plc

a

201,976

15,363

Fox

Factory

Holding

Corporation

a

1,251,624

12,026

Gentex

Corporation

344,906

8,302

Goodyear

Tire

&

Rubber

Company

a

98,794

2,611

Green

Brick

Partners,

Inc.

a

101,046

7,312

Harley-Davidson,

Inc.

196,327

16,500

Heiwa

Corporation

233,563

839

Hermes

International

SCA

1,565,428

3,791

Hilton

Worldwide

Holdings,

Inc.

574,450

23,866

Home

Depot,

Inc.

6,794,412

153,000

Honda

Motor

Company,

Ltd.

1,568,062

66,437

Industria

de

Diseno

Textil

SA

c

2,293,271

39,272

InterContinental

Hotels

Group

plc

2,782,916

20,778

JB

Hi-Fi,

Ltd.

597,262

952

KB

Home

42,078

14,741

Laureate

Education,

Inc.

208,438

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

109

Shares

Common

Stock

(76.4%)

Value

Consumer

Discretionary

(8.3%)

-

continued

2,062

La-Z-Boy,

Inc.

$

60,293

10,551

Lear

Corporation

1,369,098

1,654

Lennar

Corporation

176,449

603,371

Lottery

Corporation,

Ltd.

1,741,669

30,350

Lowe's

Companies,

Inc.

5,783,799

2,567

Lululemon

Athletica,

Inc.

a

1,010,063

4,852

LVMH

Moet

Hennessy

Louis

Vuitton

SE

3,473,696

1,359

M/I

Homes,

Inc.

a

111,533

40

Marriott

Vacations

Worldwide

Corporation

3,594

13,353

McDonald's

Corporation

3,500,756

9,654

Mercedes-Benz

Group

AG

567,986

3,573

Meritage

Homes

Corporation

407,393

7,195

MGM

Resorts

International

251,249

429

Modine

Manufacturing

Company

a

16,945

5,580

Mohawk

Industries,

Inc.

a

448,520

24,498

Moncler

SPA

1,272,357

19,882

Next

plc

1,666,957

30,500

Nikon

Corporation

289,580

204,900

Nissan

Motor

Company,

Ltd.

788,452

13,600

Nitori

Holdings

Company,

Ltd.

1,472,810

11,244

Nordstrom,

Inc.

c

157,191

197

NVR,

Inc.

a

1,066,286

913

ODP

Corporation

a

41,012

80,400

Oriental

Land

Company,

Ltd.

2,600,568

7,406

Pandora

AS

839,993

6,506

Papa

John's

International,

Inc.

423,020

3,344

PENN

Entertainment,

Inc.

a

65,977

22,760

Pets

at

Home

Group

plc

77,680

3,657

Playa

Hotels

and

Resorts

NV

a

26,440

3,665

Polaris,

Inc.

316,729

3,388

Pool

Corporation

1,069,829

6,524

Premier

Investments,

Ltd.

94,600

2,184

PulteGroup,

Inc.

160,721

11,516

PUMA

SE

652,590

39,912

Qurate

Retail,

Inc.

a

17,589

4,328

Ross

Stores,

Inc.

501,918

2,800

Sangetsu

Company,

Ltd.

52,620

5,921

SeaWorld

Entertainment,

Inc.

a

255,077

34,900

Sekisui

House,

Ltd.

683,438

17,565

Six

Flags

Entertainment

Corporation

a

349,543

6,445

Skyline

Champion

Corporation

a

377,870

27,000

Sony

Group

Corporation

2,244,750

44,376

Sony

Group

Corporation

ADR

3,685,427

178,367

Stellantis

NV

3,332,315

30,083

Stoneridge,

Inc.

a

489,450

11,403

Tapestry,

Inc.

314,267

500

Taylor

Morrison

Home

Corporation

a

19,160

34,805

Tesla,

Inc.

a

6,990,236

38,616

ThredUp,

Inc.

a

124,343

353

TopBuild

Corporation

a

80,752

376,700

Toyota

Motor

Corporation

6,589,895

9,353

Travel

+

Leisure

Company

318,283

13

Ulta

Beauty,

Inc.

a

4,957

4,581

Upbound

Group,

Inc.

119,381

4,595

Urban

Outfitters,

Inc.

a

159,079

165

Vail

Resorts,

Inc.

35,021

158

Visteon

Corporation

a

18,191

14,441

Wendy's

Company

274,668

34,957

Wesfarmers,

Ltd.

1,124,698

6,258

Whitbread

plc

253,751

2,994

Wingstop,

Inc.

547,213

11,329

Wyndham

Hotels

&

Resorts,

Inc.

820,220

Shares

Common

Stock

(76.4%)

Value

Consumer

Discretionary

(8.3%)

-

continued

37,800

ZOZO,

Inc.

$

718,757

Total

140,698,262

Consumer

Staples

(4.5%)

7,100

Ain

Holdings,

Inc.

200,748

3,971

Archer-Daniels-Midland

Company

284,205

13,600

Arcs

Company,

Ltd.

259,875

36,982

BJ's

Wholesale

Club

Holdings,

Inc.

a

2,519,214

395

Boston

Beer

Company,

Inc.

a

131,910

1,020

Cal-Maine

Foods,

Inc.

46,216

16,510

Carlsberg

AS

1,967,550

16,656

Carrefour

SA

292,004

4,698

Casey's

General

Stores,

Inc.

1,277,433

10,931

Celsius

Holdings,

Inc.

a

1,662,496

11,989

Coca-Cola

European

Partners

plc

701,476

5,492

Coca-Cola

HBC

AG

142,582

27,930

Coles

Group,

Ltd.

271,079

286,220

Coty,

Inc.

a

2,681,881

1,437

Darling

Ingredients,

Inc.

a

63,645

84,712

Diageo

plc

3,203,473

6,110

Dollar

Tree,

Inc.

a

678,760

9,994

e.l.f.

Beauty,

Inc.

a

925,744

12,279

Flowers

Foods,

Inc.

269,279

5,758

ForFarmers

NV

14,135

4,096

George

Weston,

Ltd.

444,291

13,028

GrainCorp,

Ltd.

57,579

793

Hain

Celestial

Group,

Inc.

a

8,763

262

Hershey

Company

49,086

129,322

Imperial

Brands

plc

2,755,103

3,858

J

&

J

Snack

Foods

Corporation

604,201

86,500

Japan

Tobacco,

Inc.

2,013,623

126,497

Kenvue,

Inc.

2,352,844

14,755

Kesko

Oyj

249,529

161,832

Koninklijke

Ahold

Delhaize

NV

4,792,136

4,384

Kroger

Company

198,902

52,675

Lamb

Weston

Holdings,

Inc.

4,730,215

8,419

Lancaster

Colony

Corporation

1,424,242

66

Lindt

&

Spruengli

AG

730,700

11,057

Loblaw

Companies,

Ltd.

904,334

258

McCormick

&

Company,

Inc.

16,486

29,076

Metro,

Inc./CN

1,476,916

61,493

Nestle

SA

6,631,330

72,278

Philip

Morris

International,

Inc.

6,444,307

428

PriceSmart,

Inc.

26,746

6,429

Reckitt

Benckiser

Group

plc

430,145

2,453

Simply

Good

Foods

Company

a

91,472

1,095

SpartanNash

Company

24,627

64,941

Sysco

Corporation

4,317,927

194,212

Tesco

plc

637,319

24,283

Turning

Point

Brands,

Inc.

486,874

42,090

Unilever

plc

1,991,040

77,249

US

Foods

Holding

Corporation

a

3,008,076

69,807

Walmart,

Inc.

11,407,162

16,200

Yakult

Honsha

Company,

Ltd.

381,752

Total

76,281,432

Energy

(4.9%)

9,874

APA

Corporation

392,195

3,349

Baker

Hughes

Company

115,273

489,892

BP

plc

2,991,292

87,424

BP

plc

ADR

3,197,970

1,297

Cactus,

Inc.

60,881

1,679

California

Resources

Corporation

88,299

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

110

Shares

Common

Stock

(76.4%)

Value

Energy

(4.9%)

-

continued

557

Cheniere

Energy,

Inc.

$

92,696

5,055

Chesapeake

Energy

Corporation

435,134

870

Chord

Energy

Corporation

143,828

165

Civitas

Resources,

Inc.

12,446

802

Comstock

Resources,

Inc.

c

10,105

58,344

ConocoPhillips

6,931,267

15,769

Coterra

Energy,

Inc.

433,647

1,482

CVR

Energy,

Inc.

48,535

48,208

Devon

Energy

Corporation

2,245,047

19,412

Enbridge,

Inc.

622,080

638,700

Eneos

Holdings,

Inc.

2,366,650

194,953

Enterprise

Products

Partners,

LP

5,076,576

72,709

Equinor

ASA

2,437,440

3,381

Expro

Group

Holdings

NV

a

53,251

57,623

Exxon

Mobil

Corporation

6,099,395

38,867

Galp

Energia

SGPS

SA

585,134

594

Gran

Tierra

Energy,

Inc.

a

3,635

136,328

Halliburton

Company

5,363,144

14,489

Helmerich

&

Payne,

Inc.

573,330

4,738

HF

Sinclair

Corporation

262,390

6,071

International

Seaways,

Inc.

291,954

14,335

Koninklijke

Vopak

NV

483,335

14,008

Liberty

Energy,

Inc.

275,958

2,516

Magnolia

Oil

&

Gas

Corporation

56,484

14,175

Marathon

Oil

Corporation

387,119

28,059

Marathon

Petroleum

Corporation

4,243,924

20,868

Matador

Resources

Company

1,287,347

4,862

Murphy

Oil

Corporation

218,158

12,427

Noble

Corporation

plc

580,217

10,429

NOV,

Inc.

208,163

26,235

OMV

AG

1,150,620

1,036

ONEOK,

Inc.

67,547

6,917

Ovintiv,

Inc.

332,016

8,247

Par

Pacific

Holdings,

Inc.

a

270,667

2,223

Patterson-UTI

Energy,

Inc.

28,232

4,176

PBF

Energy,

Inc.

198,485

8,592

Phillips

66

980,089

31,124

Pioneer

Natural

Resources

Company

7,438,636

26,196

ProPetro

Holding

Corporation

a

274,534

244,112

Repsol

SA

3,574,325

11,657

RPC,

Inc.

96,986

264,434

Shell

plc

8,521,881

6,982

SM

Energy

Company

281,514

1,449

Solaris

Oilfield

Infrastructure,

Inc.

13,389

7,377

Talos

Energy,

Inc.

a

114,344

49,342

TC

Energy

Corporation

1,699,350

103,044

TechnipFMC

plc

2,217,507

93,056

Tenaris

SA

ADR

2,914,514

9,890

TotalEnergies

SE

661,221

51,348

Tourmaline

Oil

Corporation

2,715,233

8,015

U.S.

Silica

Holdings,

Inc.

a

96,741

11,655

Viper

Energy

Partners,

LP

331,934

6,380

Williams

Companies,

Inc.

219,472

Total

82,873,536

Financials

(12.5%)

35,296

AB

Industrivarden,

Class

A

913,299

35,580

AB

Industrivarden,

Class

C

917,584

7,387

Allianz

SE

1,730,350

27,928

Allstate

Corporation

3,578,415

3,418

Amalgamated

Financial

Corporation

62,344

1,728

Amerant

Bancorp,

Inc.

31,501

24,137

American

Express

Company

3,524,726

Shares

Common

Stock

(76.4%)

Value

Financials

(12.5%)

-

continued

1,270

American

Financial

Group,

Inc.

$

138,887

63,689

American

International

Group,

Inc.

3,904,773

9,276

Ameriprise

Financial,

Inc.

2,917,951

525

Ameris

Bancorp

19,582

8,293

Annaly

Capital

Management,

Inc.

129,454

85

Apollo

Global

Management,

Inc.

6,582

6,200

Arthur

J.

Gallagher

&

Company

1,460,038

2,475

Artisan

Partners

Asset

Management,

Inc.

81,675

7,300

Associated

Banc-Corp

118,333

690

Assurant,

Inc.

102,741

1,724

Assured

Guaranty,

Ltd.

107,578

374

Atlantic

Union

Bankshares

Corporation

10,775

65,091

Australia

and

New

Zealand

Banking

Group,

Ltd.

1,026,416

1,937

AXA

SA

57,394

660

Axis

Capital

Holdings,

Ltd.

37,686

268

Axos

Financial,

Inc.

a

9,656

18,736

Azimut

Holding

SPA

394,785

5,750

Banc

of

California,

Inc.

c

64,457

2,637

Banca

IFIS

SPA

45,097

84,843

Banca

Mediolanum

SPA

692,791

13,597

Banca

Popolare

di

Sondrio

SPA

74,188

409,855

Banco

Bilbao

Vizcaya

Argentaria

SA

3,224,426

591,427

Banco

Santander

SA

c

2,175,231

30,542

Bank

Hapoalim

BM

218,465

94,961

Bank

Leumi

Le-Israel

BM

611,636

196,003

Bank

of

America

Corporation

5,162,719

934

Bank

of

Hawaii

Corporation

c

46,130

3,364

Bank

of

Marin

Bancorp

56,515

15,843

Bank

of

Montreal

1,197,179

108,794

Bank

of

New

York

Mellon

Corporation

4,623,745

36,085

Bank

of

Nova

Scotia

1,461,094

1,692

Bank

OZK

60,591

1,844

BankFinancial

Corporation

15,490

4,371

BankUnited,

Inc.

95,332

2,175

Banner

Corporation

91,807

330,728

Barclays

plc

530,835

6,573

BAWAG

Group

AG

b

292,764

594

BayCom

Corporation

11,761

3,452

BCB

Bancorp,

Inc.

35,487

3,745

Berkshire

Hills

Bancorp,

Inc.

73,439

5,644

Block,

Inc.

a

227,171

245,500

BOC

Hong

Kong

(Holdings),

Ltd.

649,235

146

BOK

Financial

Corporation

9,566

3,479

Brighthouse

Financial,

Inc.

a

157,599

5,780

Brookline

Bancorp,

Inc.

47,049

437

Brown

&

Brown,

Inc.

30,337

2,685

Business

First

Bancshares,

Inc.

52,465

2,807

Cadence

Bank

59,452

649

Camden

National

Corporation

18,925

34,301

Canadian

Imperial

Bank

of

Commerce

1,209,780

12,044

Canadian

Western

Bank

238,665

32,470

Capital

One

Financial

Corporation

3,288,886

3,740

Capitol

Federal

Financial,

Inc.

19,448

45,180

Carlyle

Group,

Inc.

1,244,257

492

Cathay

General

Bancorp

16,684

3,486

Cboe

Global

Markets,

Inc.

571,321

7,199

Central

Pacific

Financial

Corporation

113,600

317

Central

Valley

Community

Bancorp

4,999

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

111

Shares

Common

Stock

(76.4%)

Value

Financials

(12.5%)

-

continued

55,473

Charles

Schwab

Corporation

$

2,886,815

18,145

Chubb,

Ltd.

3,894,280

5,178

Cincinnati

Financial

Corporation

516,091

8,044

Citizens

Financial

Group,

Inc.

188,471

2,940

CNB

Financial

Corporation

53,449

8,490

Columbia

Banking

System,

Inc.

166,998

78,063

Comerica,

Inc.

3,075,682

2,321

Commerce

Bancshares,

Inc.

101,799

412

Community

Bank

System,

Inc.

16,459

1,771

Community

Trust

Bancorp,

Inc.

66,519

3,141

ConnectOne

Bancorp,

Inc.

51,167

102,264

Credit

Agricole

SA

1,234,827

1,143

CrossFirst

Bankshares,

Inc.

a

12,093

1,175

Cullen/Frost

Bankers,

Inc.

106,913

2,249

Customers

Bancorp,

Inc.

a

90,432

1,171

CVB

Financial

Corporation

18,291

15,702

Danske

Bank

AS

368,349

175,500

DBS

Group

Holdings,

Ltd.

4,216,095

131,189

Deutsche

Bank

AG

1,443,676

10,293

Deutsche

Boerse

AG

1,694,192

5,895

Dime

Community

Bancshares,

Inc.

108,409

23,222

Discover

Financial

Services

1,906,062

124,091

DNB

Bank

ASA

2,238,833

6,369

Eagle

Bancorp,

Inc.

124,068

4,094

East

West

Bancorp,

Inc.

219,520

1,088

Eastern

Bankshares,

Inc.

11,979

1,429

Employers

Holdings,

Inc.

54,302

2,685

Enova

International,

Inc.

a

107,078

2,478

Enterprise

Financial

Services

Corporation

86,160

24,898

Equitable

Holdings,

Inc.

661,540

1,412

Equity

Bancshares,

Inc.

34,170

16,591

Euronext

NV

b

1,157,033

287

EVERTEC,

Inc.

9,121

3,720

EXOR

NV

319,285

5,558

F.N.B.

Corporation

59,415

7,401

FactSet

Research

Systems,

Inc.

3,196,418

16,362

Federated

Hermes,

Inc.

518,675

4,788

Fidelity

National

Information

Services,

Inc.

235,139

3,543

Fifth

Third

Bancorp

84,005

3,099

Financial

Institutions,

Inc.

49,088

1,190

First

Bancorp/Puerto

Rico

15,886

43

First

Citizens

BancShares,

Inc./NC

59,372

1,734

First

Financial

Bankshares,

Inc.

41,703

1,859

First

Financial

Corporation

63,968

10,659

First

Foundation,

Inc.

48,392

797

First

Hawaiian,

Inc.

14,290

13,850

First

Horizon

Corporation

148,887

208

First

International

Bank

of

Israel,

Ltd.

7,080

1,776

First

Internet

Bancorp

29,073

467

First

Interstate

BancSystem,

Inc.

10,774

1,362

First

Merchants

Corporation

37,196

4,222

First

of

Long

Island

Corporation

45,344

262

Five

Star

Bancorp

5,101

1,405

FleetCor

Technologies,

Inc.

a

316,364

4,589

Flushing

Financial

Corporation

56,628

8,836

Fulton

Financial

Corporation

114,780

9,605

Genworth

Financial,

Inc.

a

57,534

1,392

Glacier

Bancorp,

Inc.

42,024

1,592

Global

Life,

Inc.

185,245

4,574

Global

Payments,

Inc.

485,850

584

Great

Southern

Bancorp,

Inc.

29,036

2,632

Green

Dot

Corporation

a

29,426

Shares

Common

Stock

(76.4%)

Value

Financials

(12.5%)

-

continued

23,761

Groupe

Bruxelles

Lambert

SA

$

1,737,894

8,180

Hamilton

Lane,

Inc.

688,102

2,304

Hancock

Whitney

Corporation

79,327

7,416

Hanmi

Financial

Corporation

108,867

2,016

Hanover

Insurance

Group,

Inc.

236,295

5,091

Hartford

Financial

Services

Group,

Inc.

373,934

4,586

Heartland

Financial

USA,

Inc.

125,656

7,915

Heritage

Commerce

Corporation

64,745

7,404

Heritage

Financial

Corporation

120,463

92

Hingham

Institution

For

Savings

13,669

3,009

Home

BancShares,

Inc.

61,534

8,835

HomeStreet,

Inc.

42,673

2,539

Hometrust

Bancshares,

Inc.

52,329

160,600

Hong

Kong

Exchanges

&

Clearing,

Ltd.

5,618,214

14,194

Hope

Bancorp,

Inc.

124,339

6,247

Horizon

Bancorp,

Inc.

59,284

13,725

Houlihan

Lokey,

Inc.

1,379,637

768,311

HSBC

Holdings

plc

5,547,536

17,281

Huntington

Bancshares,

Inc.

166,762

91,555

IG

Group

Holdings

plc

711,255

1,870

Independent

Bank

Corporation

91,256

3,203

Independent

Bank

Corporation/MI

63,900

2,019

Intact

Financial

Corporation

283,672

59,472

Intercontinental

Exchange,

Inc.

6,389,672

406

International

Bancshares

Corporation

17,795

1,373,649

Intesa

Sanpaolo

SPA

3,579,444

8,599

Invesco

Mortgage

Capital,

Inc.

58,731

17,897

Invesco,

Ltd.

232,124

52,159

Investor

AB,

Class

B

957,488

74,685

J.P.

Morgan

Chase

&

Company

10,385,696

776

Jack

Henry

&

Associates,

Inc.

109,408

4,900

JAFCO

Group

Company,

Ltd.

52,777

17,948

Janus

Henderson

Group

plc

414,060

12,400

Japan

Post

Bank

Company,

Ltd.

114,938

54,000

Japan

Post

Holdings

Company,

Ltd.

477,965

3,773

Jyske

Bank

AS

a

265,900

6,253

Kearny

Financial

Corporation/MD

43,396

7,168

KeyCorp

73,257

8,423

Kinsale

Capital

Group,

Inc.

2,812,524

2,974

KKR

&

Company,

Inc.

164,760

29

L

E

Lundbergforetagen

AB

1,184

6,602

Lancashire

Holdings,

Ltd.

45,579

10,325

Laurentian

Bank

of

Canada

189,115

5,214

Lazard,

Ltd.

144,793

28,943

M&T

Bank

Corporation

3,263,323

480,046

Man

Group

plc

1,283,471

153,232

Manulife

Financial

Corporation

2,667,403

13,662

Mastercard,

Inc.

5,141,694

846

Mercantile

Bank

Corporation

27,867

53,073

MetLife,

Inc.

3,184,911

3,257

Metropolitan

Bank

Holding

Corporation

a,c

105,559

12,884

MFA

Financial,

Inc.

114,539

63,644

MGIC

Investment

Corporation

1,071,765

692

Mid

Penn

Bancorp,

Inc.

13,190

5,469

Midland

States

Bancorp,

Inc.

119,334

2,875

MidWestOne

Financial

Group,

Inc.

57,270

236,000

Mitsubishi

HC

Capital,

Inc.

1,555,766

255,700

Mitsubishi

UFJ

Financial

Group,

Inc.

2,145,105

11,990

Mizrahi

Tefahot

Bank,

Ltd.

371,110

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

112

Shares

Common

Stock

(76.4%)

Value

Financials

(12.5%)

-

continued

152,700

Mizuho

Financial

Group,

Inc.

$

2,592,600

29,657

Morgan

Stanley

2,100,309

8,803

Mr.

Cooper

Group,

Inc.

a

497,634

4,181

MSCI,

Inc.

1,971,551

1,625

Muenchener

Rueckversicherungs-

Gesellschaft

AG

652,125

557

MVB

Financial

Corporation

10,945

11,501

Nasdaq,

Inc.

570,450

4,515

National

Bank

of

Canada

280,716

7,486

Navient

Corporation

119,102

1,530

NCR

Atleos

Corporation

a

33,752

16,936

New

York

Community

Bancorp,

Inc.

160,553

20,281

NMI

Holdings,

Inc.

a

554,685

83,100

Nomura

Holdings,

Inc.

321,049

2,500

Northfield

Bancorp,

Inc.

21,500

219

Northrim

BanCorp,

Inc.

9,134

12,931

NU

Holdings,

Ltd./Cayman

Islands

a

106,034

9,405

OceanFirst

Financial

Corporation

119,067

1,435

OFG

Bancorp

42,505

4,417

Old

National

Bancorp

60,513

3,869

Old

Republic

International

Corporation

105,933

2,811

Old

Second

Bancorp,

Inc.

38,117

10,619

OneMain

Holdings,

Inc.

381,541

38,000

ORIX

Corporation

691,081

585

Pacific

Premier

Bancorp,

Inc.

11,115

9,577

Paragon

Banking

Group

plc

51,637

1,174

Partners

Group

Holding

AG

1,243,106

131,464

PayPal

Holdings,

Inc.

a

6,809,835

1,150

PCB

Bancorp

17,687

920

PennyMac

Financial

Services,

Inc.

61,824

1,413

Pinnacle

Financial

Partners,

Inc.

88,115

17,922

Plus500,

Ltd.

307,362

2,045

Popular,

Inc.

133,007

102,353

Power

Corporation

of

Canada

2,465,919

3,822

Premier

Financial

Corporation

66,312

348

PROG

Holdings,

Inc.

a

9,532

1,746

Prosperity

Bancshares,

Inc.

95,227

5,684

Provident

Financial

Services,

Inc.

79,860

2,873

Prudential

Financial,

Inc.

262,707

8,465

Radian

Group,

Inc.

214,503

64,782

Raymond

James

Financial,

Inc.

6,182,794

4,640

Regions

Financial

Corporation

67,419

43,266

Rithm

Capital

Corporation

403,672

6,749

RLI

Corporation

899,237

34,149

Royal

Bank

of

Canada

2,727,487

991

S&T

Bancorp,

Inc.

25,528

3,683

Sandy

Spring

Bancorp,

Inc.

75,317

18,657

SEI

Investments

Company

1,001,135

3,796

Selective

Insurance

Group,

Inc.

395,202

2,443

Shore

Bancshares,

Inc.

25,065

713

Simmons

First

National

Corporation

10,132

69,700

Singapore

Exchange,

Ltd.

482,579

534

SmartFinancial,

Inc.

11,134

85,025

Societe

Generale

SA

1,910,663

39,600

Sompo

Holdings,

Inc.

1,715,471

303

Southern

First

Bancshares,

Inc.

a

8,181

1,332

SouthState

Corporation

88,045

28,063

Standard

Chartered

plc

215,169

18,700

Sumitomo

Mitsui

Financial

Group,

Inc.

901,489

Shares

Common

Stock

(76.4%)

Value

Financials

(12.5%)

-

continued

39,900

Sumitomo

Mitsui

Trust

Holdings,

Inc.

$

1,496,122

6,344

Sun

Life

Financial,

Inc.

289,763

6,097

Svolder

AB

27,299

7,301

Swedbank

AB

119,907

4,896

Synchrony

Financial

137,333

19,659

Synovus

Financial

Corporation

512,510

2,175

T.

Rowe

Price

Group,

Inc.

196,837

1,814

Territorial

Bancorp,

Inc.

14,004

13,322

Texas

Capital

Bancshares,

Inc.

a

733,509

9,500

Tokio

Marine

Holdings,

Inc.

212,536

44,714

Toronto-Dominion

Bank

2,497,600

2,737

TPG,

Inc.

75,651

13,811

Tradeweb

Markets,

Inc.

1,243,128

12,355

Triumph

Financial,

Inc.

a

769,099

2,420

TrustCo

Bank

Corporation

NY

61,783

4,081

Trustmark

Corporation

82,069

8,317

Two

Harbors

Investment

Corporation

96,560

463

UMB

Financial

Corporation

29,039

65,405

Unipol

Gruppo

SpA

354,337

2,031

United

Bankshares,

Inc.

57,762

1,187

United

Community

Banks,

Inc.

26,221

95,000

United

Overseas

Bank,

Ltd.

1,873,847

3,796

Univest

Financial

Corporation

63,241

4,460

Unum

Group

218,094

9,494

Valley

National

Bancorp

73,863

4,263

Veritex

Holdings,

Inc.

73,409

14,273

Virtu

Financial,

Inc.

263,908

630

Vontobel

Holding

AG

36,854

10,953

Voya

Financial,

Inc.

731,332

2,770

W.R.

Berkley

Corporation

186,753

3,932

WaFd,

Inc.

97,042

705

Walker

&

Dunlop,

Inc.

45,684

132

Webster

Financial

Corporation

5,012

186,332

Wells

Fargo

&

Company

7,410,424

1,269

Wendel

SA

95,058

1,945

Westamerica

Bancorporation

91,882

26,324

Western

Alliance

Bancorp

1,081,916

58,083

Western

Union

Company

655,757

1,067

WEX,

Inc.

a

177,634

165

Willis

Towers

Watson

plc

38,922

10,004

Wintrust

Financial

Corporation

747,199

324

WSFS

Financial

Corporation

11,470

2,209

XP,

Inc.

44,180

7,023

Zions

Bancorp

NA

216,660

Total

212,511,823

Health

Care

(10.5%)

3,797

ACADIA

Pharmaceuticals,

Inc.

a

85,698

3,565

Agilent

Technologies,

Inc.

368,514

2,792

Agios

Pharmaceuticals,

Inc.

a

58,660

2,969

Alcon,

Inc.

212,510

3,084

Aldeyra

Therapeutics,

Inc.

a

5,274

2,324

Align

Technology,

Inc.

a

428,987

16,650

Alkermes

plc

a

402,763

15,258

Amgen,

Inc.

3,901,471

4,262

Amicus

Therapeutics,

Inc.

a

46,754

1,820

Amphastar

Pharmaceuticals,

Inc.

a

82,391

1,861

Anika

Therapeutics,

Inc.

a

36,289

3,734

Ansell,

Ltd.

50,449

5,795

Apellis

Pharmaceuticals,

Inc.

a

281,985

3,926

Argenx

SE

ADR

a

1,843,532

6,515

Ascendis

Pharma

AS

ADR

a

581,855

114,400

Astellas

Pharma,

Inc.

1,447,146

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

113

Shares

Common

Stock

(76.4%)

Value

Health

Care

(10.5%)

-

continued

50,133

AstraZeneca

plc

$

6,276,844

29,065

AstraZeneca

plc

ADR

1,837,780

1,997

Avanos

Medical,

Inc.

a

36,665

205,772

Avantor,

Inc.

a

3,586,606

7,855

Azenta,

Inc.

a

357,010

21,620

Baxter

International,

Inc.

701,137

33,838

Bayer

AG

1,462,092

13,510

Biogen,

Inc.

a

3,209,165

255

BioMarin

Pharmaceutical,

Inc.

a

20,770

1,271

BioMerieux

122,032

331

Bio-Rad

Laboratories,

Inc.

a

91,118

21,815

Bio-Techne

Corporation

1,191,753

537

Blueprint

Medicines

Corporation

a

31,608

4,314

Bruker

Corporation

245,898

7,565

Cardinal

Health,

Inc.

688,415

1,167

Centene

Corporation

a

80,500

2,223

Charles

River

Laboratories

International,

Inc.

a

374,264

16,933

Cigna

Group

5,235,684

3,313

Codexis,

Inc.

a

5,500

3,440

Cooper

Companies,

Inc.

1,072,420

39,037

CSL,

Ltd.

5,769,350

30,778

CVS

Health

Corporation

2,123,990

16,300

Daiichi

Sankyo

Company,

Ltd.

420,282

21,844

Danaher

Corporation

4,194,485

5,419

Deciphera

Pharmaceuticals,

Inc.

a

64,974

4,104

Demant

AS

a

156,607

26,053

Dentsply

Sirona,

Inc.

792,272

12,180

Dexcom,

Inc.

a

1,081,949

11,351

Dynavax

Technologies

Corporation

a

161,298

13,899

Edwards

Lifesciences

Corporation

a

885,644

73,598

Elanco

Animal

Health,

Inc.

a

648,398

11,451

Elevance

Health,

Inc.

5,153,981

1,070

Enanta

Pharmaceuticals,

Inc.

a

9,651

16,451

Enovis

Corporation

a

755,101

8,626

Exelixis,

Inc.

a

177,609

45,070

Fresenius

SE

&

Company

KGaA

1,159,349

1,439

Galenica

AG

b

108,715

62,122

Gilead

Sciences,

Inc.

4,879,062

4,068

Globus

Medical,

Inc.

a

185,948

5,761

GoodRx

Holdings,

Inc.

a

28,402

91,014

GSK

plc

1,622,487

16,826

Halozyme

Therapeutics,

Inc.

a

569,897

12,476

HCA

Healthcare,

Inc.

2,821,323

1,871

Hikma

Pharmaceuticals

plc

43,350

1,530

Hologic,

Inc.

a

101,240

8,400

Hoya

Corporation

808,656

3,502

ICON

plc

a

854,348

161

IDEXX

Laboratories,

Inc.

a

64,315

90

Illumina,

Inc.

a

9,848

12,184

Immunocore

Holdings

plc

ADR

a

540,970

2,378

Inspire

Medical

Systems,

Inc.

a

349,946

13,859

Intuitive

Surgical,

Inc.

a

3,634,107

387

Ipsen

SA

45,740

1,133

IQVIA

Holding,

Inc.

a

204,880

2,310

Jazz

Pharmaceuticals,

Inc.

a

293,416

27,626

Johnson

&

Johnson

4,098,041

300

Kyowa

Hakko

Kirin

Company,

Ltd.

4,705

1,312

Laboratorios

Farmaceuticos

ROVI

SA

70,165

34,887

Laboratory

Corporation

of

America

Holdings

6,967,980

11,983

Lantheus

Holdings,

Inc.

a

774,102

80

Ligand

Pharmaceuticals,

Inc.

a

4,183

Shares

Common

Stock

(76.4%)

Value

Health

Care

(10.5%)

-

continued

1,148

LivaNova

plc

a

$

56,309

51,119

Maravai

LifeSciences

Holdings,

Inc.

a

350,676

37

Medpace

Holdings,

Inc.

a

8,979

44,185

Medtronic

plc

3,117,694

57,895

Merck

&

Company,

Inc.

5,945,816

8,719

Merck

KGaA

1,316,904

9,915

Molina

Healthcare,

Inc.

a

3,301,199

2,590

Myriad

Genetics,

Inc.

a

40,352

7,967

Natera,

Inc.

a

314,457

2,372

National

HealthCare

Corporation

159,778

4,348

Neogen

Corporation

a

64,742

112,036

Novartis

AG

10,488,762

106,934

Novo

Nordisk

AS

10,316,590

48,371

Novo

Nordisk

AS

ADR

4,671,187

5,800

Olympus

Corporation

77,461

4,400

Ono

Pharmaceutical

Company,

Ltd.

75,986

14,652

Option

Care

Health,

Inc.

a

406,300

622

OraSure

Technologies,

Inc.

a

3,209

1,531

Orion

Oyj

60,912

11,400

Otsuka

Holdings

Company,

Ltd.

383,564

3,087

Pacira

Pharmaceuticals,

Inc.

a

87,239

3,316

Pediatrix

Medical

Group,

Inc.

a

38,001

100,205

Pfizer,

Inc.

3,062,265

21,322

Phreesia,

Inc.

a

291,258

52,056

Progyny,

Inc.

a

1,606,448

2,218

PTC

Therapeutics,

Inc.

a

41,587

3,522

Qiagen

NV

a

131,828

27,594

QIAGEN

NV

a

1,028,377

54,540

R1

RCM,

Inc.

a

643,027

82,094

Recordati

SPA

3,797,208

9,842

Repligen

Corporation

a

1,324,340

4,162

Revance

Therapeutics,

Inc.

a

32,838

6,512

Roche

Holding

AG,

Participation

Certificates

1,678,205

5,161

Rocket

Pharmaceuticals,

Inc.

a

93,414

2,427

Royalty

Pharma

plc

65,213

22,025

Sandoz

Group

AG

a

572,628

79,189

Sanofi

SA

7,190,856

4,009

Sarepta

Therapeutics,

Inc.

a

269,846

42,926

scPharmaceuticals,

Inc.

a

229,654

2,338

Sensus

Healthcare,

Inc.

a

5,120

5,276

ShockWave

Medical,

Inc.

a

1,088,228

101

Siegfried

Holding

AG

80,095

2,265

Sonic

Healthcare,

Ltd.

41,474

124,600

Takeda

Pharmaceutical

Company,

Ltd.

3,382,236

1,645

Tecan

Group

AG

473,432

953

Teleflex,

Inc.

176,067

19,900

Terumo

Corporation

544,428

4,207

TG

Therapeutics,

Inc.

a

32,520

5,204

UCB

SA

380,621

14,336

UnitedHealth

Group,

Inc.

7,677,788

4,975

Universal

Health

Services,

Inc.

626,303

1,969

Vanda

Pharmaceuticals,

Inc.

a

8,624

8,100

Veeva

Systems,

Inc.

a

1,560,951

7,276

Veracyte,

Inc.

a

150,759

20,895

Vericel

Corporation

a

735,086

1,446

West

Pharmaceutical

Services,

Inc.

460,247

1,882

Zentalis

Pharmaceuticals,

Inc.

a

30,790

30,243

Zimmer

Biomet

Holdings,

Inc.

3,157,672

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

114

Shares

Common

Stock

(76.4%)

Value

Health

Care

(10.5%)

-

continued

32,510

Zoetis,

Inc.

$

5,104,070

Total

178,163,925

Industrials

(9.9%)

4,029

A.O.

Smith

Corporation

281,063

424

A.P.

Moller

-

Maersk

AS,

Class

B

706,482

2,631

Aalberts

NV

82,146

43,851

ABB,

Ltd.

1,473,294

1,368

Acuity

Brands,

Inc.

221,575

10,723

Advanced

Drainage

Systems,

Inc.

1,145,538

3,985

AECOM

305,052

3,190

Aena

SME

SA

b

462,871

10,400

AGC,

Inc.

353,799

9,985

AGCO

Corporation

1,144,880

89,745

Air

Canada

a

1,082,700

7,336

Air

Lease

Corporation

254,046

6,084

Alight,

Inc.

a

40,398

2,368

Allison

Transmission

Holdings,

Inc.

119,395

5,173

AMETEK,

Inc.

728,203

514

Apogee

Enterprises,

Inc.

22,061

4,654

Armstrong

World

Industries,

Inc.

353,192

20,703

ASGN,

Inc.

a

1,727,872

126,753

Assa

Abloy

AB

2,701,750

12,828

Atlas

Copco

AB,

Class

A

166,110

151,438

Aurizon

Holdings,

Ltd.

329,848

2,118

AZZ,

Inc.

100,118

23,730

Badger

Infrastructure

Solutions,

Ltd.

628,522

24,700

Barnes

Group,

Inc.

513,513

6,459

Beacon

Roofing

Supply,

Inc.

a

459,687

53

Boise

Cascade

Company

4,969

5,329

Booz

Allen

Hamilton

Holding

Corporation

639,107

95

Brady

Corporation

4,889

105,902

Brambles,

Ltd.

883,830

3,824

Builders

FirstSource,

Inc.

a

414,980

8,405

Bunzl

plc

299,859

48,321

Canadian

National

Railway

Company

5,112,775

1,087

Cargotec

Oyj

42,906

14,491

Carlisle

Companies,

Inc.

3,682,018

9,066

Chart

Industries,

Inc.

a

1,053,741

47,273

Cia

de

Distribucion

Integral

Logista

Holdings

SA

1,160,798

204,500

CK

Hutchison

Holdings,

Ltd.

1,035,238

254,350

CNH

Industrial

NV

2,792,763

182

Columbus

McKinnon

Corporation

5,564

258,400

ComfortDelGro

Corporation,

Ltd.

249,579

50,066

Compagnie

de

Saint-Gobain

SA

2,725,301

30,629

Computershare,

Ltd.

483,385

12,539

Conduent

Incorporated

a

39,999

1,387

CSW

Industrials,

Inc.

245,860

92,023

CSX

Corporation

2,746,887

2,845

Cummins,

Inc.

615,373

2,572

Curtiss-Wright

Corporation

511,339

5,900

Dai

Nippon

Printing

Company,

Ltd.

153,915

7,100

Daikin

Industries,

Ltd.

1,023,670

14,467

Daimler

Truck

Holding

AG

454,556

1,103

Dampskibsselskabet

Norden

AS

62,668

1,365

Daseke,

Inc.

a

6,061

92,035

Delta

Air

Lines,

Inc.

2,876,094

49,442

Deutsche

Post

AG

1,930,389

2,666

Donaldson

Company,

Inc.

153,722

40

Dover

Corporation

5,198

20,567

DSV

AS

3,073,552

Shares

Common

Stock

(76.4%)

Value

Industrials

(9.9%)

-

continued

26,623

Eiffage

SA

$

2,416,053

3,770

EMCOR

Group,

Inc.

779,070

298

Equifax,

Inc.

50,532

57,396

ExlService

Holdings,

Inc.

a

1,498,610

2,394

Expeditors

International

of

Washington,

Inc.

261,544

6,004

Experian

plc

182,154

8,200

FANUC

Corporation

203,495

72,515

Fastenal

Company

4,230,525

3,010

Ferguson

plc

452,102

10,076

Finning

International,

Inc.

270,001

31,952

First

Advantage

Corporation

415,695

99,595

Flowserve

Corporation

3,657,128

708

Forrester

Research,

Inc.

a

16,426

4,524

Fortune

Brands

Innovations,

Inc.

252,439

2,418

Gates

Industrial

Corporation

plc

a

26,405

24,534

General

Dynamics

Corporation

5,920,300

2,033

Gibraltar

Industries,

Inc.

a

123,728

79

GMS,

Inc.

a

4,620

869

Griffon

Corporation

34,708

9,721

Helios

Technologies,

Inc.

502,770

1,588

Herc

Holdings,

Inc.

169,582

10,881

Hexcel

Corporation

673,751

5,072

Hillman

Solutions

Corporation

a

33,272

13,500

Hitachi,

Ltd.

855,719

23,346

Honeywell

International,

Inc.

4,278,388

17,954

Howden

Joinery

Group

plc

139,433

64,102

Howmet

Aerospace,

Inc.

2,826,898

756

Hubbell,

Inc.

204,196

2,153

IDEX

Corporation

412,106

2,063

IMCD

NV

248,376

43,500

Inaba

Denki

Sangyo

Company,

Ltd.

907,101

405

Indutrade

AB

7,178

925

Ingersoll

Rand,

Inc.

56,129

2,357

Interface,

Inc.

20,954

8,600

ITOCHU

Corporation

309,781

68,615

Janus

International

Group,

Inc.

a

642,236

18,700

Jardine

Matheson

Holdings,

Ltd.

756,415

16,415

JB

Hunt

Transport

Services,

Inc.

2,821,246

12,476

JetBlue

Airways

Corporation

a

46,910

428

Johnson

Controls

International

plc

20,981

15,000

Kajima

Corporation

247,911

40,200

Kawasaki

Kisen

Kaisha,

Ltd.

1,378,458

4,085

Kennametal,

Inc.

94,404

24,200

Kinden

Corporation

366,568

1,800

Komatsu,

Ltd.

41,358

400

Kumagai

Gumi

Company,

Ltd.

10,024

19,947

L3Harris

Technologies,

Inc.

3,578,691

2,104

Legalzoom.com,

Inc.

a

20,977

34,866

Legrand

SA

3,005,938

5,691

Lincoln

Electric

Holdings,

Inc.

994,787

2,100

Management

Solutions

Company,

Ltd.

36,555

12,302

Masco

Corporation

640,811

4,524

Masterbrand,

Inc.

a

50,262

1,590

Matson,

Inc.

138,409

14,600

MEITEC

Group

Holdings,

Inc.

256,961

13,105

Middleby

Corporation

a

1,479,161

23,500

Mitsubishi

Corporation

1,095,466

51,500

Mitsubishi

Electric

Corporation

590,525

13,100

Mitsui

&

Company,

Ltd.

476,109

3,300

Mitsui

O.S.K.

Lines,

Ltd.

85,197

2,322

MSC

Industrial

Direct

Company,

Inc.

220,009

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

115

Shares

Common

Stock

(76.4%)

Value

Industrials

(9.9%)

-

continued

567

MYR

Group,

Inc.

a

$

65,676

178

National

Presto

Industries,

Inc.

13,305

20,000

Nidec

Corporation

733,621

105,800

Nihon

M&A

Center

Holdings,

Inc.

483,221

4,700

Nippon

Express

Holdings,

Inc.

241,558

20,100

Nitto

Kogyo

Corporation

459,420

7,089

Northrop

Grumman

Corporation

3,341,967

5,462

nVent

Electric

plc

262,886

3,069

Old

Dominion

Freight

Line,

Inc.

1,155,970

9,831

Oshkosh

Corporation

862,474

2,285

Otis

Worldwide

Corporation

176,425

7,840

Owens

Corning,

Inc.

888,821

10,501

PACCAR,

Inc.

866,648

18,876

PageGroup

plc

86,503

15,414

Parker-Hannifin

Corporation

5,686,379

849

Paycom

Software,

Inc.

207,980

945

Paylocity

Holding

Corporation

a

169,533

15,501

Pentair

plc

900,918

78,764

Qantas

Airways,

Ltd.

a

246,760

22,053

RB

Global,

Inc.

1,442,266

54,000

Recruit

Holdings

Company,

Ltd.

1,548,326

27,830

Redde

Northgate

plc

113,655

9,576

Regal

Rexnord

Corporation

1,133,894

128,808

RELX

plc

4,498,972

3,115

Republic

Services,

Inc.

462,546

2,428

Resideo

Technologies,

Inc.

a

35,157

446

Rockwool

International

AS

99,245

14,543

Russel

Metals,

Inc.

362,330

3,883

Saia,

Inc.

a

1,392,017

6,995

Schindler

Holding

AG,

Participation

Certificates

1,415,248

4,133

Schneider

Electric

SE

635,892

30,800

Secom

Company,

Ltd.

2,139,209

16,700

Seino

Holdings

Company,

Ltd.

242,917

25,190

Sensata

Technologies

Holding

plc

803,057

27,377

Siemens

AG

3,632,898

5,355

Simpson

Manufacturing

Company,

Inc.

713,179

20,100

Singapore

Technologies

Engineering,

Ltd.

55,180

2,535

SiteOne

Landscape

Supply,

Inc.

a

349,247

26,983

SKF

AB

437,461

5,579

SkyWest,

Inc.

a

235,266

2,600

SMC

Corporation

1,200,584

237

Snap-On,

Inc.

61,132

7,100

Sojitz

Corporation

147,434

25,736

Southwest

Airlines

Company

572,111

287

Spirax-Sarco

Engineering

plc

28,647

3,537

Standex

International

Corporation

507,807

681

Sterling

Construction

Company,

Inc.

a

49,611

12,900

Sumitomo

Corporation

253,584

3,100

Taikisha,

Ltd.

90,209

3,200

Takara

Standard

Company,

Ltd.

38,845

3,594

Terex

Corporation

164,605

5,696

Textron,

Inc.

432,896

11,744

Thales

SA

1,733,152

10,192

Timken

Company

704,471

1,496

Titan

Machinery,

Inc.

a

37,161

30,300

TOPPAN

Holdings,

Inc.

698,835

18,139

Toromont

Industries,

Ltd.

1,365,575

3,367

Trane

Technologies

plc

640,774

17,670

TransUnion

775,360

3,166

Trex

Company,

Inc.

a

177,961

17,800

Tsubakimoto

Chain

Company

449,953

Shares

Common

Stock

(76.4%)

Value

Industrials

(9.9%)

-

continued

109,714

Uber

Technologies,

Inc.

a

$

4,748,422

41

UniFirst

Corporation/MA

6,742

53,138

United

Parcel

Service,

Inc.

7,505,742

4,239

United

Rentals,

Inc.

1,722,179

482

Valmont

Industries,

Inc.

94,911

40,747

Ventia

Services

Group

Pty,

Ltd.

71,217

3,100

Vertiv

Holdings

Company

121,737

17,036

Vinci

SA

1,883,746

8,435

Volvo

AB,

Class

B

167,141

1,978

Wabash

National

Corporation

40,925

34,995

WillScot

Mobile

Mini

Holdings

Corporation

a

1,379,153

536

Wolters

Kluwer

NV

68,772

9,100

Yuasa

Trading

Company,

Ltd.

248,901

Total

168,220,960

Information

Technology

(12.7%)

10,198

8x8,

Inc.

a

24,271

10,567

Adobe,

Inc.

a

5,622,278

55,101

Advanced

Micro

Devices,

Inc.

a

5,427,449

45,600

Advantest

Corporation

1,174,594

1,296

Alpha

and

Omega

Semiconductor,

Ltd.

a

30,741

4,009

Amkor

Technology,

Inc.

83,628

22,553

Amphenol

Corporation

1,816,644

66,046

Apple,

Inc.

11,278,675

25,280

Applied

Materials,

Inc.

3,345,808

6,564

Arista

Networks,

Inc.

a

1,315,229

1,771

ASM

International

NV

730,856

14,193

ASML

Holding

NV

8,531,704

9,100

ASMPT,

Ltd.

77,073

45,407

Calix,

Inc.

a

1,503,880

106,900

Canon,

Inc.

2,527,191

693

CDW

Corporation

138,877

20,703

CGI,

Inc.

a

1,998,715

6,668

Check

Point

Software

Technologies,

Ltd.

a

895,179

1,808

Ciena

Corporation

a

76,298

264,826

Cisco

Systems,

Inc.

13,805,379

21,141

Cognex

Corporation

760,865

217

Cognizant

Technology

Solutions

Corporation

13,990

12,369

CommScope

Holding

Company,

Inc.

a

18,306

8,938

CommVault

Systems,

Inc.

a

584,098

1,441

Corning,

Inc.

38,561

19,933

Crane

NXT

Company

1,036,516

41,510

Dassault

Systemes

SE

1,709,937

2,646

Datadog,

Inc.

a

215,570

1,368

Descartes

Systems

Group,

Inc.

a

98,875

10,999

Descartes

Systems

Group,

Inc.

a

794,238

3,461

DocuSign,

Inc.

a

134,564

5,222

Dolby

Laboratories,

Inc.

422,669

19,395

Dropbox,

Inc.

a

510,089

23,803

Dynatrace

Holdings,

LLC

a

1,064,232

962

Elastic

NV

a

72,188

3,397

Enphase

Energy,

Inc.

a

270,333

4,379

EPAM

Systems,

Inc.

a

952,739

404

F5,

Inc.

a

61,242

47

Fair

Isaac

Corporation

a

39,756

5,000

Ferrotec

Holdings

Corporation

87,886

32,234

Flex,

Ltd.

a

829,058

37,065

Fortinet,

Inc.

a

2,119,006

8,600

Fuji

Soft,

Inc.

309,474

18,600

FUJIFILM

Holdings

NPV

1,017,379

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

116

Shares

Common

Stock

(76.4%)

Value

Information

Technology

(12.7%)

-

continued

14,400

Fujitsu,

Ltd.

$

1,865,485

24

Gartner,

Inc.

a

7,969

253

GoDaddy,

Inc.

a

18,527

49,296

Grid

Dynamics

Holdings,

Inc.

a

499,861

23,361

Guidewire

Software,

Inc.

a

2,105,527

28,598

Hackett

Group,

Inc.

637,449

101,902

Halma

plc

2,291,612

20,829

Hewlett

Packard

Enterprise

Company

320,350

44,915

Hexagon

AB

366,041

194

HP,

Inc.

5,108

2,671

HubSpot,

Inc.

a

1,131,890

63,721

Infineon

Technologies

AG

1,861,305

2,339

IPG

Photonics

Corporation

a

200,920

15,130

IRESS,

Ltd.

48,245

4,243

Jabil,

Inc.

521,040

1,653

JFrog,

Ltd.

a

37,176

16,452

Juniper

Networks,

Inc.

442,888

5,100

Keyence

Corporation

1,974,305

3,851

Keysight

Technologies,

Inc.

a

470,015

23,320

Knowles

Corporation

a

302,927

7,644

Kyndryl

Holdings,

Inc.

a

111,832

2,800

Kyocera

Corporation

138,016

1,318

Lam

Research

Corporation

775,274

24,494

Lattice

Semiconductor

Corporation

a

1,362,111

1,737

Littelfuse,

Inc.

376,356

6,396

LiveRamp

Holding,

Inc.

a

176,913

7,380

Marvell

Technology,

Inc.

348,484

659

Microchip

Technology,

Inc.

46,980

113,366

Microsoft

Corporation

38,330,178

11,562

MKS

Instruments,

Inc.

759,161

3,466

Monolithic

Power

Systems,

Inc.

1,531,071

355

Motorola

Solutions,

Inc.

98,853

60,300

Murata

Manufacturing

Company,

Ltd.

1,032,902

3,061

NCR

Voyix

Corporation

a

46,803

2,832

NetApp,

Inc.

206,113

3,679

NICE,

Ltd.

a

563,975

4,400

Nomura

Research

Institute,

Ltd.

115,500

5,556

Nova,

Ltd.

a

527,653

4,900

NSD

Company,

Ltd.

85,255

119,400

NTT

Data

Group

Corporation

1,472,191

37,787

NVIDIA

Corporation

15,409,539

3,423

ON

Semiconductor

Corporation

a

214,417

200

OSI

Systems,

Inc.

a

20,854

21,802

PagerDuty,

Inc.

a

439,746

9,225

Palo

Alto

Networks,

Inc.

a

2,241,860

8,440

PDF

Solutions,

Inc.

a

223,913

15,185

PTC,

Inc.

a

2,132,278

6,348

Q2

Holdings,

Inc.

a

190,630

1,936

Qorvo,

Inc.

a

169,245

99,734

QUALCOMM,

Inc.

10,870,009

6,608

Rackspace

Technology,

Inc.

a,c

8,062

1,970

Rapid7,

Inc.

a

91,585

27,600

Renesas

Electronics

Corporation

a

362,543

982

Reply

SPA

92,660

2,674

RingCentral,

Inc.

a

71,075

75,500

Rohm

Company,

Ltd.

1,209,659

24,592

Salesforce,

Inc.

a

4,938,811

120,299

Samsung

Electronics

Company,

Ltd.

5,987,868

676

Sanmina

Corporation

a

34,388

23,241

SAP

SE

3,117,370

12,306

ServiceNow,

Inc.

a

7,160,246

Shares

Common

Stock

(76.4%)

Value

Information

Technology

(12.7%)

-

continued

32,151

Shopify,

Inc.

a

$

1,517,206

3,074

Silicon

Laboratories,

Inc.

a

283,361

4,512

Skyworks

Solutions,

Inc.

391,371

7,113

SolarWinds

Corporation

a

65,511

744

Sopra

Group

SA

133,575

3,235

Spectris

plc

122,241

2,039

Sprinklr,

Inc.

a

27,710

36,993

Sprout

Social,

Inc.

a

1,601,057

2,404

SPS

Commerce,

Inc.

a

385,457

63,483

STMicroelectronics

NV

2,419,980

4,520

Synopsys,

Inc.

a

2,121,869

3,503

TE

Connectivity,

Ltd.

412,829

3,899

Technology

One,

Ltd.

36,158

487

Teledyne

Technologies,

Inc.

a

182,425

5,004

Temenos

AG

360,516

556

Tenable

Holdings,

Inc.

a

23,413

3,956

Teradata

Corporation

a

169,000

127

Teradyne,

Inc.

10,575

20,065

Texas

Instruments,

Inc.

2,849,431

21,100

TIS,

Inc.

451,853

9,300

Tokyo

Electron,

Ltd.

1,228,881

46,496

TTM

Technologies,

Inc.

a

534,239

12,422

Tyler

Technologies,

Inc.

a

4,632,164

11,405

Unisys

Corporation

a

31,706

3,281

Universal

Display

Corporation

456,650

4,016

Upland

Software,

Inc.

a

13,413

24,649

Varonis

Systems,

Inc.

a

829,192

2,511

Verint

Systems,

Inc.

a

47,232

2,827

VeriSign,

Inc.

a

564,439

8,709

Viavi

Solutions,

Inc.

a

67,756

9,338

Vishay

Intertechnology,

Inc.

207,677

10,142

Vontier

Corporation

299,798

12,048

Western

Digital

Corporation

a

483,727

11,097

Wolfspeed,

Inc.

a

375,523

10,390

Workiva,

Inc.

a

904,865

1,690

Xero,

Ltd.

a

115,540

1,781

Xerox

Holdings

Corporation

22,868

7,541

Yext,

Inc.

a

45,472

3,023

Zoom

Video

Communications,

Inc.

a

181,320

Total

216,375,059

Materials

(3.8%)

96,152

Acerinox

SA

936,794

7,091

Agnico

Eagle

Mines,

Ltd.

332,575

3,465

Air

Liquide

SA

593,736

1,039

Albemarle

Corporation

131,724

17,366

Alcoa

Corporation

445,264

540

AptarGroup,

Inc.

66,026

29,976

ArcelorMittal

SA

663,287

1,941

Arkema

SA

181,877

98,500

Asahi

Kasei

Corporation

605,557

133,558

Axalta

Coating

Systems,

Ltd.

a

3,503,226

71,216

Barrick

Gold

Corporation

1,137,505

6,703

BASF

SE

309,727

13,859

Berry

Plastics

Group,

Inc.

762,245

176,432

BHP

Group,

Ltd.

4,994,335

215,338

BlueScope

Steel,

Ltd.

2,581,351

784

Buzzi

SpA

20,760

13,332

Celanese

Corporation

1,526,647

58,673

CF

Industries

Holdings,

Inc.

4,680,932

17,401

Cleveland-Cliffs,

Inc.

a

291,989

5,486

Commercial

Metals

Company

232,003

3,410

Eagle

Materials,

Inc.

524,833

34,112

Eastman

Chemical

Company

2,549,190

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

117

Shares

Common

Stock

(76.4%)

Value

Materials

(3.8%)

-

continued

44,184

Evraz

plc

a,d

$

5

1,981

First

Quantum

Minerals,

Ltd.

22,956

19,179

Fortescue

Metals

Group,

Ltd.

272,837

3,030

Franco-Nevada

Corporation

368,297

248,777

Glencore

plc

1,317,731

106,503

Granges

AB

1,025,384

147

Hawkins,

Inc.

8,442

14,052

Heidelberg

Materials

AG

1,020,082

55,744

Hexpol

AB

494,730

57,235

Holcim

AG

3,538,712

14,504

Huntsman

Corporation

338,378

58,049

Independence

Group

NL

351,508

1,122

Ingevity

Corporation

a

45,194

3,459

Innospec,

Inc.

338,982

170

Israel

Corporation,

Ltd.

a

36,694

82,900

JFE

Holdings,

Inc.

1,155,035

864

Kaiser

Aluminum

Corporation

49,075

42,100

Kyoei

Steel,

Ltd.

534,056

3,400

Lintec

Corporation

56,200

1,954

LSB

Industries,

Inc.

a

17,801

493

LyondellBasell

Industries

NV

44,488

3,563

Martin

Marietta

Materials,

Inc.

1,457,053

11,481

Mondi

plc

185,711

8,075

Mosaic

Company

262,276

1,050

Myers

Industries,

Inc.

17,609

3,777

Newmont

Corporation

141,524

18,800

Nippon

Steel

Corporation

405,495

14,925

Norsk

Hydro

ASA

85,113

46,791

Nucor

Corporation

6,915,242

4,985

O-I

Glass,

Inc.

a

77,018

2,764

Orion

SA

56,109

1,343

PPG

Industries,

Inc.

164,880

107,483

Ranpak

Holdings

Corporation

a

339,646

597

Reliance

Steel

&

Aluminum

Company

151,865

40,693

Rio

Tinto

plc

2,596,236

23,245

Rio

Tinto,

Ltd.

1,736,354

11,872

RPM

International,

Inc.

1,083,557

1,925

Ryerson

Holding

Corporation

55,921

2,847

Schnitzer

Steel

Industries,

Inc.

64,655

27,900

Shin-Etsu

Chemical

Company,

Ltd.

834,304

122

Sika

AG

29,196

16,118

Solvay

SA

1,703,925

46,654

South32,

Ltd.

99,811

199,597

SSAB

AB,

Class

A

1,195,689

82,614

SSAB

AB,

Class

B

479,289

16,308

Summit

Materials,

Inc.

a

536,533

6,544

SunCoke

Energy,

Inc.

62,233

16,300

Taiyo

Holdings

Company,

Ltd.

265,836

3,362

Teck

Resources,

Ltd.

118,813

2,435

TimkenSteel

Corporation

a

49,504

36,500

Toagosei

Company,

Ltd.

334,870

899

TriMas

Corporation

21,765

5,985

Trinseo

plc

37,047

38,639

Tronox

Holdings

plc

413,051

12,700

UBE

Corporation

195,565

15,223

United

States

Steel

Corporation

515,907

2,087

Verallia

SA

b

67,862

937

Vidrala

SA

69,643

2,670

Vulcan

Materials

Company

524,628

10,025

West

Fraser

Timber

Company,

Ltd.

676,575

5,051

Wheaton

Precious

Metals

Corporation

213,405

Shares

Common

Stock

(76.4%)

Value

Materials

(3.8%)

-

continued

59,154

Yara

International

ASA

$

1,935,633

Total

64,285,518

Real

Estate

(2.1%)

23,314

Agree

Realty

Corporation

1,304,185

10,537

Apartment

Income

REIT

Corporation

307,786

15,283

AvalonBay

Communities,

Inc.

2,533,004

1,873

Azrieli

Group,

Ltd.

80,646

33,900

CapitaLand

Integrated

Commercial

Trust

43,569

2,293

CareTrust

REIT,

Inc.

49,345

35,580

CBRE

Group,

Inc.

a

2,467,117

2,010

Centerspace

97,646

4,291

Chatham

Lodging

Trust

39,692

14,684

Compass,

Inc.

a

29,074

10,273

CoStar

Group,

Inc.

a

754,141

23,400

CubeSmart

797,706

3,200

Daito

Trust

Construction

Company,

Ltd.

343,252

52,600

Daiwa

House

Industry

Company,

Ltd.

1,446,798

5,282

DigitalBridge

Group,

Inc.

83,720

15,000

Dream

Industrial

REIT

126,663

790

EastGroup

Properties,

Inc.

128,968

13,185

Elme

Communities

168,241

10,372

EPR

Properties

442,884

34,687

Equity

Commonwealth

656,972

10,162

Equity

Residential

562,263

34,683

Essential

Properties

Realty

Trust,

Inc.

761,292

1,196

Essex

Property

Trust,

Inc.

255,848

8,314

First

Industrial

Realty

Trust,

Inc.

351,682

4,346

FirstService

Corporation

614,829

15,542

Four

Corners

Property

Trust,

Inc.

331,045

3,044

Getty

Realty

Corporation

81,031

1,859

Granite

REIT

84,655

109,000

Hang

Lung

Properties,

Ltd.

143,276

218,534

Healthcare

Realty

Trust,

Inc.

3,135,963

43,000

Henderson

Land

Development

Company,

Ltd.

112,508

229,318

Host

Hotels

&

Resorts,

Inc.

3,549,843

1,800

Howard

Hughes

Holdings,

Inc.

a

119,394

30,000

Hysan

Development

Company,

Ltd.

55,223

10,194

Independence

Realty

Trust,

Inc.

126,304

8,902

InterRent

REIT

75,491

2,634

Invitation

Homes,

Inc.

78,203

2,890

Kennedy-Wilson

Holdings,

Inc.

37,194

6,574

LEG

Immobilien

AG

a

410,952

1,088

LTC

Properties,

Inc.

34,392

48,334

LXP

Industrial

Trust

382,322

4,213

Mid-America

Apartment

Communities,

Inc.

497,766

16,420

NetSTREIT

Corporation

233,985

8,822

NNN

REIT,

Inc.

320,503

6,514

Nyfosa

AB

31,523

10,946

Pebblebrook

Hotel

Trust

130,586

10,168

Phillips

Edison

and

Company,

Inc.

359,032

14,660

PSP

Swiss

Property

AG

1,803,755

4,833

Realty

Income

Corporation

228,988

10,130

Regency

Centers

Corporation

610,434

16,069

Rexford

Industrial

Realty,

Inc.

694,824

1,016

RMR

Group,

Inc.

22,880

14,352

Sabra

Health

Care

REIT,

Inc.

195,761

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

118

Shares

Common

Stock

(76.4%)

Value

Real

Estate

(2.1%)

-

continued

20,815

SBA

Communications

Corporation

$

4,342,633

26,232

Service

Properties

Trust

190,182

4,054

Simon

Property

Group,

Inc.

445,494

58,500

Swire

Pacific,

Ltd.

373,689

1,981

Swiss

Prime

Site

AG

184,130

8,845

TAG

Immobilien

AG

a

96,711

3,706

Terreno

Realty

Corporation

197,456

6,409

Tricon

Residential,

Inc.

42,473

25,310

UDR,

Inc.

805,111

2,442

Vonovia

SE

56,220

2,959

Welltower,

Inc.

247,402

Total

35,316,657

Utilities

(2.2%)

57,833

A2A

SPA

108,552

3,901

ACEA

SPA

46,972

33,136

AES

Corporation

493,726

9,957

Alliant

Energy

Corporation

485,802

8,129

American

Electric

Power

Company,

Inc.

614,065

688

American

Water

Works

Company,

Inc.

80,943

1,674

Artesian

Resources

Corporation

65,788

26,767

ATCO,

Ltd.

686,185

1,144

Avista

Corporation

36,253

10,447

Boralex,

Inc.

194,438

76,042

Canadian

Utilities,

Ltd.

1,608,850

25,735

Capital

Power

Corporation

658,616

54,973

Constellation

Energy

Corporation

6,207,551

51,190

Contact

Energy,

Ltd.

232,324

5,794

DTE

Energy

Company

558,426

42,309

Duke

Energy

Corporation

3,760,847

120,506

E.ON

SE

1,433,796

37,177

EDP

-

Energias

de

Portugal

SA

156,236

1,310

Emera,

Inc.

42,906

545,813

Enel

SPA

3,464,593

25,353

Engie

SA

403,237

32,178

Entergy

Corporation

3,075,895

10,049

Evergy,

Inc.

493,808

42,818

Fortis,

Inc.

1,700,061

64,832

Hera SPA

182,378

48,004

Iren

SpA

96,197

248,825

Italgas

SPA

1,264,481

594

NextEra

Energy

Partners,

LP

c

16,080

71,857

NiSource,

Inc.

1,807,922

13,434

Northwestern

Energy

Group,

Inc.

644,966

33,871

OGE

Energy

Corporation

1,158,388

16,025

Portland

General

Electric

Company

641,321

45,894

Public

Service

Enterprise

Group,

Inc.

2,829,365

34,892

Superior

Plus

Corporation

234,500

45,895

TransAlta

Corporation

335,918

30,253

UGI

Corporation

629,262

34,415

Veolia

Environnement

SA

942,985

4,303

Verbund

AG

373,874

Total

37,767,507

Total

Common

Stock

(cost

$1,123,562,581)

1,297,541,384

Shares

Registered

Investment

Companies

(

6.2%

)

Value

U.S.

Affiliated  (4.8%)

6,084,156

Thrivent

Core

Emerging

Markets

Equity

Fund

$

49,159,979

3,847,655

Thrivent

Core

Small

Cap

Value

Fund

32,743,539

Total

81,903,518

U.S.

Unaffiliated  (1.4%)

11,347

Communication

Services

Select

Sector

SPDR

Fund

c

734,378

5,276

Invesco

QQQ

Trust

Series

1

1,851,190

48,309

SPDR

S&P

500

ETF

Trust

20,202,824

1,743

SPDR

S&P

Oil

&

Gas

Exploration

ETF

c

253,118

Total

23,041,510

Total

Registered

Investment

Companies

(cost

$116,579,575)

104,945,028

Shares

Collateral

Held

for

Securities

Loaned

(

0.3%

)

Value

5,866,045

Thrivent

Cash

Management

Trust

5,866,045

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,866,045)

5,866,045

Shares

Preferred

Stock

(

<0.1%

)

Value

Consumer

Discretionary

(<0.1%)

1,877

Bayerische

Motoren

Werke

AG

159,601

Total

159,601

Total

Preferred

Stock

(cost

$131,475)

159,601

Shares

or

Principal

Amount

Short-Term

Investments

(

17.3%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

6,536,000

5.200%,

11/1/2023

e

6,536,000

8,000,000

5.300%,

11/6/2023

e

7,994,149

15,000,000

5.320%,

11/8/2023

e

14,985,028

1,400,000

5.284%,

11/15/2023

e,f

1,397,206

16,000,000

5.295%,

11/22/2023

e

15,952,137

10,000,000

5.300%,

12/6/2023

e,f

9,949,917

10,000,000

5.340%,

12/8/2023

e

9,947,063

20,000,000

5.305%,

12/11/2023

e

19,885,566

3,300,000

5.307%,

12/13/2023

e,f

3,280,177

2,600,000

5.315%,

12/15/2023

e,f

2,583,641

2,400,000

5.305%,

1/16/2024

e,f

2,373,905

Federal

National

Mortgage

Association

Discount

Notes

48,755,000

5.210%,

11/1/2023

e

48,755,000

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

119

Shares

or

Principal

Amount

Short-Term

Investments

(17.3%)

Value

U.S.

Treasury

Bills

20,000,000

5.317%,

11/7/2023

e

$

19,982,400

5,000,000

5.290%,

11/9/2023

e

4,994,116

40,000,000

5.294%,

11/14/2023

e

39,923,607

55,000,000

5.321%,

11/16/2023

e

54,879,258

15,000,000

5.298%,

11/21/2023

e

14,955,885

15,000,000

5.301%,

11/24/2023

e

14,949,326

Total

Short-Term

Investments

(cost

$293,311,831)

293,324,381

Total

Investments

(cost

$1,539,451,507)

100.2%

$1,701,836,439

Other

Assets

and

Liabilities,

Net

(0.2%)

(2,792,412)

Total

Net

Assets

100.0%

$1,699,044,027

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2023,

the

value

of

these

investments

was

$5,336,543

or

0.3%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Global

Stock

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Common

Stock

$

5,517,560

Total

lending

$5,517,560

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,866,045

Net

amounts

due

to

counterparty

$348,485

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$271,974,123

Gross

unrealized

depreciation

(121,307,605)

Net

unrealized

appreciation

(depreciation)

$150,666,518

Cost

for

federal

income

tax

purposes

$1,536,524,299

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

120

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Global

Stock

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

85,046,705

66,886,602

18,160,103

–

Consumer

Discretionary

140,698,262

88,716,929

51,981,333

–

Consumer

Staples

76,281,432

46,434,189

29,847,243

–

Energy

82,873,536

55,064,975

27,808,561

–

Financials

212,511,823

131,003,647

81,508,176

–

Health

Care

178,163,925

116,493,707

61,670,218

–

Industrials

168,220,960

101,775,230

66,445,730

–

Information

Technology

216,375,059

170,657,699

45,717,360

–

Materials

64,285,518

29,204,977

35,080,536

5

Real

Estate

35,316,657

29,805,123

5,511,534

–

Utilities

37,767,507

23,600,408

14,167,099

–

Registered

Investment

Companies

U.S.

Unaffiliated

23,041,510

23,041,510

–

–

Preferred

Stock

Consumer

Discretionary

159,601

–

159,601

–

Short-Term

Investments

293,324,381

–

293,324,381

–

Subtotal

Investments

in

Securities

$1,614,066,876

$882,684,996

$731,381,875

$5

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

81,903,518

Collateral

Held

for

Securities

Loaned

5,866,045

Subtotal

Other

Investments

$87,769,563

Total

Investments

at

Value

$1,701,836,439

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Global

Stock

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

15,369,434

15,369,434

–

–

Total

Asset

Derivatives

$15,369,434

$15,369,434

$–

$–

Liability

Derivatives

Futures

Contracts

30,015,056

30,015,056

–

–

Total

Liability

Derivatives

$30,015,056

$30,015,056

$–

$–

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

121

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

presents

Global

Stock

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$19,584,846

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

S&P

500

Index

1,711

December

2023

$

385,449,713

(

$

25,091,725)

ICE

mini

MSCI

EAFE

Index

620

December

2023

65,101,449

(

3,904,349)

ICE

US

mini

MSCI

Emerging

Markets

Index

337

December

2023

16,507,502

(

1,018,982)

Total

Futures

Long

Contracts

$

467,058,664

(

$

30,015,056)

CME

E-mini

Russell

2000

Index

(826)

December

2023

(

$

77,497,991)

$

8,593,070

CME

E-mini

S&P

Mid-Cap

400

Index

(295)

December

2023

(

76,841,814)

6,776,364

Total

Futures

Short

Contracts

(

$

154,339,805)

$15,369,434

Total

Futures

Contracts

$

312,718,859

($14,645,622)

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

Global

Stock

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

15,369,434

Total

Equity

Contracts

15,369,434

Total

Asset

Derivatives

$15,369,434

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

30,015,056

Total

Equity

Contracts

30,015,056

Total

Liability

Derivatives

$30,015,056

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Global

Stock

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

25,692,140

Total

Equity

Contracts

25,692,140

Total

$25,692,140

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Global

Stock

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(1,221,206)

Total

Equity

Contracts

(1,221,206)

Total

($1,221,206)

Global

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

122

The

following

table

presents

Global

Stock

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$428,648,824

Futures

-

Short

(130,607,081)

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Global

Stock

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$43,576

$1,796

$–

$49,160

6,084

2.9%

Core

Small

Cap

Value

35,578

428

–

32,744

3,848

1.9

Total

U.S.

Affiliated

Registered

Investment

Companies

79,154

81,904

4.8

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

8,114

111,015

113,263

5,866

5,866

0.3

Total

Collateral

Held

for

Securities

Loaned

8,114

5,866

0.3

Total

Value

$87,268

$87,770

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity

$–

$3,788

$–

$1,796

Core

Small

Cap

Value

–

(3,262)

–

427

Affiliated

Short-Term

Investments

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2,223

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

118

Total

Affiliated

Income

from

Securities

Loaned,

Net

$118

Total

$–

$526

$–

Government

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

123

Principal

Amount

Long-Term

Fixed

Income

(

99.6%

)

Value

Asset-Backed

Securities

(5.7%)

Cascade

Funding

Mortgage

Trust,

LLC

$

283,254

0.985%, 

11/25/2050,

Ser.

2021-EBO1,

Class

A

a,b

$

259,322

268,384

0.801%, 

2/25/2031,

Ser.

2021-HB5,

Class

A

a,b

265,722

418,162

1.151%, 

10/27/2031,

Ser.

2021-HB7,

Class

A

a,b

399,728

ECMC

Group

Student

Loan

Trust

163,761

6.435%, 

(SOFR30A

+

1.114%),

1/27/2070,

Ser.

2020-3A,

Class

A1B

a,b

161,544

Finance

of

America

HECM

Buyout

221,462

2.695%, 

2/25/2032,

Ser.

2022-HB1,

Class

A

a,b

207,916

Goodgreen

209,592

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

a

186,199

Helios

Issuer,

LLC

700,000

5.750%, 

12/20/2050,

Ser.

2023-GRID1,

Class

1A

a,c,d,e

686,000

Kentucky

Higher

Education

Student

Loan

Corporation

Student

Loan

Rev.

483,913

1.650%, 

3/25/2051,

Ser.

2021-1

431,420

Missouri

Higher

Education

Loan

Auth.

480,202

1.530%, 

1/25/2061,

Ser.

2021-1

391,817

729,768

6.139%, 

(TSFR1M

+

0.700%),

3/25/2061,

Ser.

2021-2

b

719,459

Navient

Student

Loan

Trust

518,237

1.310%, 

12/26/2069,

Ser.

2021-1A,

Class

A1A

a

428,527

New

Hampshire

Higher

Education

Loan

Corporation

227,551

6.639%, 

(TSFR1M

+

1.314%),

9/25/2060,

Ser.

2020-1,

Class

A1B

b

227,615

RMF

Buyout

Issuance

Trust

208,150

1.259%, 

11/25/2031,

Ser.

2021-HB1,

Class

A

a,b

199,174

SLM

Student

Loan

Trust

95,953

5.835%, 

(SOFR30A

+

0.514%),

3/25/2025,

Ser.

2010-1,

Class

A

b

92,416

Total

4,656,859

Collateralized

Mortgage

Obligations

(11.4%)

Federal

Agricultural

Mortgage

Corporation

Real

Estate

Trust

852,942

2.180%, 

1/25/2051,

Ser.

2021-1,

Class

A

a,b,c

635,480

778,539

2.631%, 

1/25/2052,

Ser.

2023-1,

Class

A

a,b,c

599,388

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

90,406

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

84,366

656,827

1.500%, 

3/25/2050,

Ser.

4982,

Class

JA

468,676

Principal

Amount

Long-Term

Fixed

Income

(99.6%)

Value

Collateralized

Mortgage

Obligations

(11.4%)

-

continued

$

800,000

4.000%, 

8/25/2052,

Ser.

5256,

Class

AY

$

679,752

33,476

2.000%, 

1/15/2041,

Ser.

4074,

Class

JA

31,461

158,424

1.750%, 

6/15/2042,

Ser.

4097,

Class

QN

131,501

148,739

1.750%, 

12/15/2042,

Ser.

4141,

Class

KM

118,062

189,840

3.000%, 

5/15/2045,

Ser.

4631,

Class

PA

167,728

140,839

3.000%, 

3/15/2047,

Ser.

4734,

Class

JA

122,647

145,692

3.500%, 

8/15/2047,

Ser.

4860,

Class

CA

132,600

650,000

3.000%, 

9/25/2048,

Ser.

5210,

Class

GD

438,489

800,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

568,031

215,311

2.000%, 

9/25/2049,

Ser.

4906,

Class

KE

167,642

Federal

Home

Loan

Mortgage

Corporation

-

SCRT

335,647

3.250%, 

6/25/2057,

Ser.

2017-4,

Class

HT

c

289,347

511,032

3.000%, 

8/25/2056,

Ser.

2017-2,

Class

HA

c

455,226

368,725

2.500%, 

8/25/2059,

Ser.

2020-1,

Class

MT

c

283,834

532,004

2.500%, 

9/25/2060,

Ser.

2021-1,

Class

MTU

c

404,790

374,447

2.000%, 

11/25/2059,

Ser.

2020-2,

Class

MT

c

280,310

464,019

2.500%, 

11/25/2060,

Ser.

2021-2,

Class

MTU

c

353,009

Federal

Home

Loan

Mortgage

Corporation

-

SLST

411,627

2.000%, 

9/25/2030,

Ser.

2020-2,

Class

A1C

c

355,187

700,000

2.250%, 

5/26/2031,

Ser.

2021-1,

Class

A2C

c

532,962

Federal

National

Mortgage

Association

-

REMIC

454,323

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

427,370

266,302

4.000%, 

7/25/2052,

Ser.

2022-37,

Class

PE

248,010

108,927

2.000%, 

11/25/2032,

Ser.

2012-123,

Class

BA

96,624

685,785

3.000%, 

12/25/2039,

Ser.

2014-81,

Class

ZH

566,360

91,74

4

3.000%, 

6/25/2042,

Ser.

2016-24,

Class

LJ

87,460

148,359

3.250%, 

6/25/2043,

Ser.

2013-60,

Class

PT

128,262

263,382

4.500%, 

1/25/2046,

Ser.

2022-68,

Class

BA

252,622

95,711

3.000%, 

3/25/2046,

Ser.

2016-66,

Class

PA

82,657

24,502

3.500%, 

12/25/2047,

Ser.

2018-41,

Class

PB

22,362

Total

9,212,215

Government

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

124

Principal

Amount

Long-Term

Fixed

Income

(99.6%)

Value

Commercial

Mortgage-Backed

Securities

(5.9%)

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

750,000

3.000%, 

6/25/2032,

Ser.

K147,

Class

A2

b,c

$

615,170

800,000

3.500%, 

7/25/2032,

Ser.

K148,

Class

A2

b,c

681,736

750,000

3.530%, 

8/25/2032,

Ser.

K149,

Class

A2

c

640,051

1,450,000

3.800%, 

10/25/2032,

Ser.

K-151,

Class

A2

b,c

1,260,465

300,000

3.820%, 

12/25/2032,

Ser.

K-153,

Class

A2

b,c

260,723

Federal

Home

Loan

Mortgage

Corporation

Multifamily

WI

Certificates

750,000

4.500%, 

12/25/2033,

Ser.

K160,

Class

A2

683,797

650,000

4.900%, 

1/25/2034,

Ser.

K161,

Class

A2

610,146

Total

4,752,088

Mortgage-Backed

Securities

(46.8%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

418,137

3.000%, 

2/1/2050

338,772

450,947

2.000%, 

5/1/2051

334,141

673,026

2.500%, 

5/1/2051

519,313

487,864

3.500%, 

5/1/2052

406,865

479,580

4.000%, 

5/1/2052

418,132

1,411,877

3.500%, 

6/1/2052

1,178,347

61,314

5.000%, 

7/1/2053

56,739

681,875

3.500%, 

8/1/2052

572,505

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

195,422

2.500%, 

7/1/2030

180,652

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

576,171

3.500%, 

5/1/2040

497,430

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,236,109

3.000%, 

1/1/2052

997,747

83,150

2.000%, 

2/1/2051

61,579

99,904

2.000%, 

2/1/2051

74,108

826,168

2.500%, 

2/1/2051

640,491

767,274

2.500%, 

2/1/2051

593,270

1,405,945

2.000%, 

3/1/2051

1,040,685

2,251,640

2.000%, 

3/1/2051

1,664,392

994,155

4.000%, 

3/1/2051

876,674

1,250,782

3.000%, 

3/1/2052

1,004,492

760,190

2.000%, 

4/1/2051

562,484

760,723

3.000%, 

4/1/2051

611,348

2,362,560

2.000%, 

4/1/2052

1,748,517

795,439

3.000%, 

5/1/2050

644,688

124,109

2.000%, 

5/1/2051

91,636

666,148

3.000%, 

5/1/2051

543,916

551,955

3.000%, 

6/1/2050

452,376

1,169,303

2.500%, 

7/1/2051

902,433

355,144

3.500%, 

7/1/2051

301,866

Principal

Amount

Long-Term

Fixed

Income

(99.6%)

Value

Mortgage-Backed

Securities

(46.8%)

-

continued

$

643,794

3.500%, 

8/1/2050

$

547,971

1,071,906

4.500%, 

8/1/2052

d

963,356

540,701

3.500%, 

9/1/2052

453,167

395,614

4.500%, 

9/1/2053

354,810

1,072,282

4.500%, 

9/1/2053

958,658

800,919

4.000%, 

10/1/2052

694,485

128,554

2.000%, 

11/1/2051

94,983

509,529

2.000%, 

12/1/2050

377,466

1,329,684

2.500%, 

12/1/2051

1,028,160

1,964,632

4.500%, 

12/1/2052

1,766,481

1,400,000

5.500%, 

11/1/2040

d

1,327,812

1,200,000

6.000%, 

11/1/2041

d

1,167,642

950,000

4.000%, 

11/1/2048

d

820,562

350,000

4.500%, 

11/1/2048

d

312,506

40,000

5.000%, 

11/1/2048

d

36,875

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

950,124

2.500%, 

3/1/2062

704,037

404,636

3.500%, 

7/1/2061

333,082

390,844

4.000%, 

12/1/2061

337,756

Government

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

700,000

4.500%, 

11/1/2053

d

632,450

5,850,000

5.000%, 

11/1/2053

d

5,443,014

2,450,000

5.500%, 

11/1/2053

d

2,342,812

Total

38,013,683

U.S.

Government

&

Agencies

(29.8%)

Federal

Farm

Credit

Bank

1,750,000

1.320%, 

3/18/2030

1,385,088

Federal

Home

Loan

Bank

950,000

5.900%, 

3/10/2043

899,576

Tennessee

Valley

Authority

385,000

5.250%, 

9/15/2039

362,592

U.S.

Treasury

Bonds

735,000

1.375%, 

8/15/2050

334,597

300,000

4.125%, 

8/15/2053

256,641

750,000

6.375%, 

8/15/2027

787,851

1,100,000

3.875%, 

2/15/2043

914,547

705,000

2.500%, 

5/15/2046

446,821

2,060,000

2.875%, 

5/15/2049

1,382,534

U.S.

Treasury

Notes

1,750,000

2.875%, 

7/31/2025

1,683,760

1,750,000

0.250%, 

8/31/2025

1,602,412

375,000

2.625%, 

1/31/2026

356,089

450,000

4.625%, 

3/15/2026

446,291

1,000,000

3.750%, 

4/15/2026

971,953

500,000

4.375%, 

8/15/2026

492,851

4,250,000

3.125%, 

8/31/2027

3,991,016

1,750,000

0.625%, 

11/30/2027

1,477,451

500,000

3.500%, 

1/31/2028

474,082

5,200,000

3.625%, 

3/31/2028

4,949,141

1,000,000

4.375%, 

8/31/2028

980,937

Total

24,196,230

Total

Long-Term

Fixed

Income

(cost

$89,369,198)

80,831,075

Government

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

125

Shares

or

Principal

Amount

Short-Term

Investments

(

16.9%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

5.270%,

11/15/2023

f,g

$

99,800

Thrivent

Core

Short-Term

Reserve

Fund

1,301,065

5.690%

13,010,653

U.S.

Treasury

Bills

600,000

5.312%,

1/9/2024

f,h

593,925

Total

Short-Term

Investments

(cost

$13,697,764)

13,704,378

Total

Investments

(cost

$103,066,962)

116.5%

$94,535,453

Other

Assets

and

Liabilities,

Net

(16.5%)

(13,399,808)

Total

Net

Assets

100.0%

$81,135,645

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

October

31,

2023,

the

value

of

these

investments

was

$4,029,000

or

5.0%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

The

interest

rate

shown

reflects

the

yield.

g

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

h

At

October

31,

2023,

$3,960

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

Definitions:

HECM

-

Home

Equity

Conversion

Mortgage

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

SCRT

-

Seasoned

Credit

Risk

Transfer

Ser.

-

Series

SLST

-

Seasoned

Loans

Structured

Transactions

Reference

Rate

Index:

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$169,956

Gross

unrealized

depreciation

(8,603,308)

Net

unrealized

appreciation

(depreciation)

($8,433,352)

Cost

for

federal

income

tax

purposes

$102,842,968

Government

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

126

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Government

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

4,656,859

–

3,970,859

686,000

Collateralized

Mortgage

Obligations

9,212,215

–

9,212,215

–

Commercial

Mortgage-Backed

Securities

4,752,088

–

4,752,088

–

Mortgage-Backed

Securities

38,013,683

–

38,013,683

–

U.S.

Government

&

Agencies

24,196,230

–

24,196,230

–

Short-Term

Investments

693,725

–

693,725

–

Subtotal

Investments

in

Securities

$81,524,800

$–

$80,838,800

$686,000

Other

Investments  *

Total

Affiliated

Short-Term

Investments

13,010,653

Subtotal

Other

Investments

$13,010,653

Total

Investments

at

Value

$94,535,453

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Government

Bond

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

122,289

122,289

–

–

Total

Asset

Derivatives

$122,289

$122,289

$–

$–

Liability

Derivatives

Futures

Contracts

248,126

248,126

–

–

Total

Liability

Derivatives

$248,126

$248,126

$–

$–

The

following

table

presents

Government

Bond

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$99,800

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

12

December

2023

$

1,324,346

(

$

50,284)

CBOT

2-Yr.

U.S.

Treasury

Note

10

December

2023

2,036,120

(

11,901)

CBOT

5-Yr.

U.S.

Treasury

Note

43

December

2023

4,579,875

(

87,383)

CBOT

U.S.

Long

Bond

9

December

2023

1,083,495

(

98,558)

Total

Futures

Long

Contracts

$

9,023,836

(

$

248,126)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(8)

December

2023

(

$

1,022,789)

$

122,289

Total

Futures

Short

Contracts

(

$

1,022,789)

$122,289

Total

Futures

Contracts

$

8,001,047

($125,837)

Government

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

127

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

Government

Bond

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

122,289

Total

Interest

Rate

Contracts

122,289

Total

Asset

Derivatives

$122,289

Liability

Derivatives

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

248,126

Total

Interest

Rate

Contracts

248,126

Total

Liability

Derivatives

$248,126

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Government

Bond

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Options

Written

Net

realized

gains/(losses)

on

Written

option

contracts

18,805

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(

188,341)

Total

Interest

Rate

Contracts

(169,536)

Total

($169,536)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Government

Bond

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(199,153)

Total

Interest

Rate

Contracts

(199,153)

Total

($199,153)

The

following

table

presents

Government

Bond

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Interest

Rate

Contracts

Futures

-

Long

$7,557,212

Futures

-

Short

(3,134,620)

Options

Written

(627,029

)

Government

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

128

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

 The

Fund

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Government

Bond

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$13,232

$47,737

$47,958

$13,011

1,301

16.0%

Total

Affiliated

Short-Term

Investments

13,232

13,011

16.0

Total

Value

$13,232

$13,011

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$–

$–

$–

$530

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$530

Total

$–

$–

$–

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

129

Principal

Amount

Long-Term

Fixed

Income

(

100.8%

)

Value

Alabama

(2.0%)

Black

Belt

Energy

Gas

District,

AL

Gas

Proj.

Rev.

Refg.

$

250,000

5.500%,

6/1/2049,

Ser.

D-1

a

$

253,047

Jacksonville,

AL

Public

Educational

Building

Auth.

Rev.

(JSU

Foundation)

(AGM

Insured)

200,000

5.500%,

8/1/2058,

Ser.

A

b

202,418

Pell

City

Square

Cooperative

District,

AL

Rev.

250,000

7.000%,

4/1/2044,

Ser.

A

c

241,568

Total

697,033

Arizona

(6.6%)

Arizona

Industrial

Development

Auth.

Education

Rev.

(Academies

of

Math

&

Science)

250,000

5.375%,

7/1/2053

212,906

Arizona

Industrial

Development

Auth.

Education

Rev.

(Doral

Academy

of

Nevada)

200,000

5.000%,

7/15/2050,

Ser.

A

d

164,052

Arizona

Industrial

Development

Auth.

Education

Rev.

(KIPP

Nashville)

350,000

5.000%,

7/1/2047,

Ser.

A

313,500

Arizona

Industrial

Development

Auth.

Education

Rev.

Refg.

(Doral

Academy

of

Northern

Nevada)

350,000

4.000%,

7/15/2051,

Ser.

A

d

233,599

Chandler,

AZ

Industrial

Development

Auth.

Rev.

(Intel

Corporation)

250,000

5.000%,

9/1/2027,

Ser.

2022-

2,

AMT

a

251,776

Maricopa

County,

AZ

Industrial

Development

Auth.

Educational

Fac.

Rev.

(Valley

Christian

Schools)

250,000

6.375%,

7/1/2058,

Ser.

A

d

226,124

Phoenix,

AZ

Industrial

Development

Auth.

Healthcare

Fac.

Rev.

(Mayo

Clinic)

895,000

3.970%,

11/15/2052,

Ser.

A

a

895,000

Total

2,296,957

Arkansas

(0.6%)

Arkansas

Development

Finance

Auth.

Environmental

Rev.

(United

States

Steel

Corporation)

250,000

5.700%,

5/1/2053,

AMT

227,226

Total

227,226

California

(7.7%)

California

Community

Choice

Financing

Auth.

Rev.

(Clean

Energy)

250,000

5.000%,

8/1/2029,

Ser.

A-1

a

248,363

200,000

5.250%,

10/1/2031,

Ser.

C

a

195,671

Principal

Amount

Long-Term

Fixed

Income

(100.8%)

Value

California

(7.7%)

-

continued

California

County

Tobacco

Securitization

Agency

(Los

Angeles

County

Securitization

Corporation)

$

250,000

4.000%,

6/1/2049,

Ser.

A

$

203,251

California

Municipal

Finance

Auth.

Fac.

Rev.

(United

Airlines,

Inc.)

250,000

4.000%,

7/15/2029,

AMT

233,700

California

Municipal

Finance

Auth.

Rev.

(LINXS

APM)

225,000

5.000%,

12/31/2043,

Ser.

A,

AMT

212,633

California

Municipal

Finance

Auth.

Solid

Waste

Disposal

Rev.

(Waste

Management,

Inc.)

250,000

4.125%,

10/1/2041,

Ser.

A,

AMT

a

246,987

California

Municipal

Finance

Auth.

Special

Tax

Rev.

250,000

6.250%,

9/1/2052,

Ser.

C

224,623

California

Pollution

Control

Financing

Auth.

Rev.

Refg.

(San

Diego

County

Water

Auth.

Desalination)

250,000

5.000%,

7/1/2039

d

245,984

California

Public

Finance

Auth.

Senior

Living

Rev.

(Enso

Village)

250,000

5.000%,

11/15/2056,

Ser.

A

d

195,655

Dixon,

CA

Special

Tax

250,000

5.000%,

9/1/2048

212,776

Los

Angeles,

CA

Department

of

Water

&

Power

Rev.

Refg.

230,000

2.820%,

7/1/2035,

Ser.

A

a

230,000

San

Diego

County,

CA

Regional

Airport

Auth.

Rev.

250,000

5.250%,

7/1/2058,

Ser.

B,

AMT

244,845

Total

2,694,488

Colorado

(4.8%)

Centerra

Metropolitan

District

No.

1,

Larimer

County,

CO

Special

Rev.

250,000

6.500%,

12/1/2053

232,611

Colorado

Educational

and

Cultural

Fac.

Auth.

Charter

School

Rev.

Refg.

(Union

Colony

School)

225,000

5.000%,

4/1/2048

206,862

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

(Aspen

View

Academy)

350,000

4.000%,

5/1/2051

244,804

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

(Mountain

Phoenix

Community

School)

200,000

6.250%,

7/1/2053

180,643

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(Global

Village

Academy

-

Northglenn)

150,000

5.000%,

12/1/2050

d

114,818

Colorado

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Commonspirit

Health)

350,000

4.000%,

8/1/2049,

Ser.

A-2

270,358

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

130

Principal

Amount

Long-Term

Fixed

Income

(100.8%)

Value

Colorado

(4.8%)

-

continued

Colorado

High

Performance

Transportation

Enterprise

Rev.

$

225,000

5.000%,

12/31/2056

$

201,636

Denver,

CO

Health

and

Hospital

Auth.

Healthcare

Rev.

230,000

5.000%,

12/1/2039,

Ser.

A

210,509

Total

1,662,241

Connecticut

(0.6%)

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(McLean

Issue)

250,000

5.000%,

1/1/2045,

Ser.

A

d

197,751

Total

197,751

Delaware

(1.5%)

Delaware

Economic

Development

Auth.

Charter

School

Rev.

(Newark

Charter

School,

Inc.)

400,000

4.000%,

9/1/2051

300,317

Kent

County,

DE

Student

Housing

and

Dining

Fac.

Rev.

(CHF-

Dover,

LLC

-

Delaware

State

University)

230,000

5.000%,

7/1/2040,

Ser.

A

211,415

Total

511,732

District

Of

Columbia

(0.7%)

Metropolitan

Washington

DC

Airports

Auth.

Airport

System

Rev.

Refg.

250,000

5.250%,

10/1/2048,

Ser.

A,

AMT

247,929

Total

247,929

Florida

(7.5%)

Alachua

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Oak

Hammock

at

the

University

of

Florida,

Inc.)

250,000

4.000%,

10/1/2046

175,807

Cape

Coral,

FL

Utility

Improvement

Assessment

Refg.

(North

1

West

Area)

(BAM

Insured)

250,000

5.650%,

3/1/2054

b,c

255,765

Capital

Projects,

FL

Finance

Auth.

Student

Housing

Rev.

(Provident

Group

-

Continuum

Properties)

150,000

5.000%,

11/1/2053,

Ser.

A-1

134,794

Charlotte

County,

FL

Industrial

Development

Auth.

Utility

System

Rev.

(Town

and

Country

Utilities)

250,000

4.000%,

10/1/2051,

AMT

d

173,926

Florida

Development

Finance

Corporation

Educational

Fac.

Lease

Rev.

Refg.

(Seaside

Community

Charter

School)

225,000

5.750%,

6/15/2047,

Ser.

A

214,485

Florida

Development

Finance

Corporation

Educational

Fac.

Rev.

(River

City

Science

Academy)

150,000

5.000%,

7/1/2051,

Ser.

A-1

127,399

250,000

4.000%,

7/1/2055,

Ser.

A

171,481

Principal

Amount

Long-Term

Fixed

Income

(100.8%)

Value

Florida

(7.5%)

-

continued

Florida

Development

Finance

Corporation

Senior

Living

Rev.

Refg.

(Glenridge

Palmer

Ranch)

$

250,000

5.000%,

6/1/2051

$

188,045

Florida

Higher

Educational

Fac.

Financing

Auth.

Rev.

(Ringling

College)

300,000

5.000%,

3/1/2049

260,479

Lee

County,

FL

Industrial

Development

Auth.

Health

Care

Fac.

Rev.

(Cypress

Cove

at

Healthpark,

FL,

Inc.)

300,000

5.250%,

10/1/2052,

Ser.

A

233,717

Orange

County,

FL

Health

Fac.

Auth.

Hospital

Rev.

(Orlando

Health)

250,000

5.000%,

10/1/2047,

Ser.

A

241,720

Osceola

County,

FL

Transportation

Rev.

Refg.

300,000

Zero

Coupon,

10/1/2043,

Ser.

A-2

89,837

Seminole

County,

FL

Industrial

Development

Auth.

Educational

Fac.

Rev.

(Galileo

Schools

for

Gifted

Learning)

290,000

4.000%,

6/15/2056,

Ser.

A

d

185,594

Village

Community

Development

District

No.

15

Rev.

(City

of

Wildwood,

FL)

200,000

5.250%,

5/1/2054

d

183,551

Total

2,636,600

Georgia

(2.6%)

George

L.

Smith

II

GA

World

Congress

Center

Auth.

Rev.

(Convention

Center

Hotel)

250,000

4.000%,

1/1/2054,

Ser.

A

186,472

Main

Street

Natural

Gas,

Inc.,

GA

Gas

Supply

Rev.

250,000

5.000%,

5/15/2028,

Ser.

A

248,850

Monroe

County,

GA

Development

Auth.

Pollution

Control

Rev.

(Georgia

Power

Company

Plant

Scherer)

250,000

3.875%,

10/1/2048

a

243,376

Municipal

Electric

Auth.

of

Georgia

Rev.

(Plant

Vogtle

Units

3

&

4)

250,000

5.000%,

1/1/2056,

Ser.

A

233,308

Total

912,006

Guam

(0.9%)

Guam

Power

Auth.

Rev.

Refg.

300,000

5.000%,

10/1/2034,

Ser.

A

303,170

Total

303,170

Idaho

(0.5%)

College

of

Western

Idaho

Annual

Appropriation

C.O.P

200,000

5.000%,

8/1/2052

182,230

Total

182,230

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

131

Principal

Amount

Long-Term

Fixed

Income

(100.8%)

Value

Illinois

(3.8%)

Chicago,

IL

G.O.

$

250,000

5.000%,

1/1/2039,

Ser.

A

$

243,395

Illinois

Finance

Auth.

Rev.

(Plymouth

Place,

Inc.)

200,000

6.500%,

5/15/2047,

Ser.

A

187,880

Illinois

Finance

Auth.

Rev.

Refg.

(DePaul

College

Prep

Foundation)

250,000

5.625%,

8/1/2053,

Ser.

A

d

229,920

Illinois

Finance

Auth.

Student

Housing

and

Academic

Fac.

Rev.

(University

of

Illinois

at

Chicago)

150,000

5.000%,

2/15/2037

141,766

Illinois

G.O.

235,000

5.000%,

12/1/2025,

Ser.

B

238,017

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

(McCormick

Place

Expansion)

(NATL-RE

Insured)

115,000

Zero

Coupon,

6/15/2035,

Ser.

A

b

65,078

Peoria,

IL

G.O.

(AGM

Insured)

250,000

4.375%,

1/1/2042,

Ser.

A

b

229,416

Total

1,335,472

Indiana

(1.4%)

Indiana

Finance

Auth.

Student

Housing

Rev.

(Tippecanoe,

LLC.

Student

Housing)

250,000

5.375%,

6/1/2064,

Ser.

A

230,201

Indiana

Housing

&

Community

Development

Auth.

Rev.

(Vita

of

Marion)

150,000

5.250%,

4/1/2041,

Ser.

A

110,227

Indiana

Housing

&

Community

Development

Auth.

Rev.

(Vita

of

New

Whiteland)

150,000

6.750%,

1/1/2043

136,658

Total

477,086

Iowa

(1.7%)

Iowa

Finance

Auth.

Rev.

(Lifespace

Communities,

Inc.)

160,000

5.000%,

5/15/2032,

Ser.

A

142,913

150,000

5.000%,

5/15/2043,

Ser.

A

114,125

Iowa

Higher

Education

Loan

Auth.

Fac.

Rev.

(Des

Moines

University)

350,000

5.375%,

10/1/2052

331,146

Total

588,184

Kansas

(0.4%)

Overland

Park,

KS

Sales

Tax

Special

Obligation

Rev.

(Bluhawk

Sports

Park)

150,000

6.500%,

11/15/2042,

Ser.

A

d

144,765

Total

144,765

Principal

Amount

Long-Term

Fixed

Income

(100.8%)

Value

Louisiana

(0.6%)

St.

John

the

Baptist

Parish,

LA

Rev.

Refg.

(Marathon

Oil

Corporation)

$

200,000

4.050%,

6/1/2037,

Ser,

A-1

a

$

195,938

Total

195,938

Maryland

(1.7%)

Maryland

Economic

Development

Corporation

Rev.

(Seagirt

Marine

Terminal)

200,000

5.000%,

6/1/2044,

Ser.

A,

AMT

188,466

Maryland

Economic

Development

Corporation

Student

Housing

Rev.

(Morgan

State

University)

200,000

6.000%,

7/1/2058,

Ser.

A

206,801

Prince

George's

County,

MD

Tax

Allocation

(West

Phalia

Town

Center)

200,000

5.000%,

7/1/2030

d

191,500

Total

586,767

Massachusetts

(1.9%)

Massachusetts

Development

Finance

Agency

Rev.

(Merrimack

College)

200,000

5.000%,

7/1/2052

173,033

Massachusetts

Transportation

Fund

Rev.

(Rail

Enhancement)

500,000

5.000%,

6/1/2053,

Ser.

A

503,332

Total

676,365

Michigan

(1.6%)

Michigan

Strategic

Fund

Limited

Obligation

Rev.

(I-75

Improvement)

100,000

5.000%,

12/31/2033,

AMT

100,771

225,000

5.000%,

12/31/2043,

AMT

208,226

Michigan

Strategic

Fund

Limited

Obligation

Rev.

(Recycled

Board

Machine)

250,000

4.000%,

10/1/2026,

AMT

a

242,237

Total

551,234

Minnesota

(4.8%)

Apple

Valley,

MN

Senior

Housing

Rev.

(PHS

Apple

Valley

Senior

Housing,

Inc.

-

Orchard

Path

Phase

II)

290,000

4.000%,

9/1/2041

234,680

Cuyuna

Range

Hospital

District,

MN

Health

Care

Fac.

Rev.

150,000

5.750%,

5/1/2053

139,383

Deephaven,

MN

Charter

School

Lease

Rev.

(Eagle

Ridge

Academy)

250,000

5.000%,

7/1/2043,

Ser.

A

212,127

Duluth,

MN

Economic

Development

Auth.

Health

Care

Fac.

Rev.

(St.

Luke's

Hospital

of

Duluth

Obligated

Group)

250,000

5.250%,

6/15/2047,

Ser.

B

224,378

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

132

Principal

Amount

Long-Term

Fixed

Income

(100.8%)

Value

Minnesota

(4.8%)

-

continued

Minnesota

Higher

Education

Fac.

Auth.

Rev.

(University

of

St.

Thomas)

$

320,000

5.000%,

10/1/2052,

Ser.

A

$

300,539

Minnetonka,

MN

Independent

School

District

No.

276

Fac.

Maintenance

U.T.G.O.

250,000

5.000%,

2/1/2044,

Ser.

B

253,709

St.

Joseph,

MN

Senior

Housing

&

Healthcare

Rev.

(Woodcrest

of

Country

Manor)

225,000

5.000%,

7/1/2055,

Ser.

A

164,200

Woodbury,

MN

Charter

School

Lease

Rev.

Refg.

(MSA

Building

Company)

200,000

4.000%,

12/1/2050

139,311

Total

1,668,327

Missouri

(1.6%)

Lee's

Summit,

MO

Industrial

Development

Auth.

Senior

Living

Fac.

Rev.

Refg.

(John

Knox

Village)

140,000

5.000%,

8/15/2042,

Ser.

A

111,588

Ozark,

MO

R-6

School

District

C.O.P

250,000

5.000%,

4/1/2045

234,224

Taney

County,

MO

Industrial

Development

Auth.

Sales

Tax

Rev.

(Big

Cedar

Infrastructure)

250,000

6.000%,

10/1/2049

d

224,654

Total

570,466

Montana

(0.5%)

Montana

Fac.

Finance

Auth.

Health

Care

Fac.

Rev.

(Montana

Children's

Home

and

Hospital)

250,000

4.000%,

7/1/2050,

Ser.

A

172,875

Total

172,875

Nebraska

(0.6%)

Douglas

County,

NE

Hospital

Auth.

No.

2

Health

Fac.

Rev.

(Children's

Hospital)

225,000

5.000%,

11/15/2047

215,357

Total

215,357

Nevada

(1.3%)

Carson

City,

NV

Hospital

Rev.

Refg.

(Carson

Tahoe

Regional

Medical

Center)

225,000

5.000%,

9/1/2042,

Ser.

A

209,601

Public

Finance

Auth.,

WI

Charter

School

Rev.

(Founders

Academy

of

Las

Vegas)

250,000

6.625%,

7/1/2053,

Ser.

A

238,315

Total

447,916

Principal

Amount

Long-Term

Fixed

Income

(100.8%)

Value

New

Hampshire

(0.6%)

National

Finance

Auth.,

NH

Rev.

(Presbyterian

Senior

Living)

$

250,000

5.250%,

7/1/2048,

Ser.

A

$

225,407

Total

225,407

New

Jersey

(1.9%)

Camden

County,

NJ

Improvement

Auth.

School

Rev.

(Kipp:

Cooper

Norcross

Academy

-

2022)

160,000

6.000%,

6/15/2052

163,615

New

Jersey

Transportation

Trust

Fund

Auth.

Rev.

225,000

5.000%,

6/15/2045,

Ser.

AA

216,429

Tobacco

Settlement

Financing

Corporation,

NJ

Rev.

Refg.

300,000

5.250%,

6/1/2046,

Ser.

A

294,538

Total

674,582

New

York

(9.3%)

Build

NYC

Resource

Corporation,

NY

Rev.

(East

Harlem

Scholars

Academy

Charter

School)

200,000

5.750%,

6/1/2042

d

193,781

Build

NYC

Resource

Corporation,

NY

Rev.

(Global

Community

Charter

School)

410,000

5.000%,

6/15/2042

369,042

Build

NYC

Resource

Corporation,

NY

Rev.

(New

World

Preparatory

Charter

School)

250,000

4.000%,

6/15/2051

d

166,021

Build

NYC

Resource

Corporation,

NY

Rev.

(Unity

Preparatory

Charter

School

of

Brooklyn)

250,000

5.500%,

6/15/2053,

Ser.

A

d

222,985

Metropolitan

Transportation

Auth.,

NY

Rev.

250,000

5.000%,

11/15/2045,

Ser.

A-2

a

254,873

New

York

City,

NY

G.O.

540,000

4.020%,

4/1/2036,

Ser.

L-3

a

540,000

250,000

4.500%,

5/1/2049,

Ser.

D-1

230,089

New

York

Dormitory

Auth.

Rev.

Refg.

(Yeshiva

University)

300,000

5.000%,

7/15/2042,

Ser.

A

274,962

New

York

Transportation

Development

Corporation

Exempt

Fac.

Rev.

(State

Thruway

Service

Areas)

250,000

4.000%,

4/30/2053,

AMT

187,594

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(Laguardia

Airport

Terminal

C&D

Redevelopment)

250,000

5.625%,

4/1/2040,

AMT

c

248,267

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(Terminal

4

John

F.

Kennedy

International

Airport)

400,000

5.000%,

12/1/2042,

AMT

377,323

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

133

Principal

Amount

Long-Term

Fixed

Income

(100.8%)

Value

New

York

(9.3%)

-

continued

Suffolk

County,

NY

Economic

Development

Corporation

Rev.

(St.

Johnland

Assisted

Living,

Inc.)

$

250,000

5.375%,

11/1/2054

d

$

182,451

Total

3,247,388

North

Carolina

(1.7%)

Greater

Asheville,

NC

Regional

Airport

Auth.

Rev.

(AGM

Insured)

250,000

5.250%,

7/1/2053,

AMT

b

243,693

North

Carolina

Medical

Care

Commission

Retirement

Fac.

Rev.

Refg.

(Plantation

Village,

Inc.)

500,000

4.000%,

1/1/2052,

Ser.

A

341,819

Total

585,512

North

Dakota

(1.1%)

Horace,

ND

Refg.

Improvement

U.T.G.O.

200,000

5.000%,

5/1/2048,

Ser.

A

171,082

University

of

North

Dakota

C.O.P.

(Infrastructure

Energy

Improvement)

225,000

5.000%,

4/1/2048,

Ser.

A

218,794

Total

389,876

Ohio

(2.4%)

Buckeye

Tobacco

Settlement

Financing

Auth.,

OH

Rev.

Refg.

700,000

5.000%,

6/1/2055,

Ser.

B-2

572,622

Cleveland-Cuyahoga

County,

OH

Port

Auth.

Rev.

Refg.

(Flats

East

Bank)

245,000

4.000%,

12/1/2055,

Ser.

A

d

173,975

Ohio

Higher

Educational

Fac.

Commission

Rev.

Refg.

(University

of

Findlay)

100,000

5.000%,

3/1/2034

93,429

Total

840,026

Oklahoma

(0.7%)

Osage

County,

OK

Industrial

Auth.

Rev.

225,000

6.500%,

9/1/2040

230,373

Total

230,373

Oregon

(1.3%)

Salem,

OR

Hospital

Fac.

Auth.

Rev.

Refg.

(Capital

Manor)

340,000

4.000%,

5/15/2057

220,434

Umatilla,

OR

Hospital

District

No.

1

G.O.

250,000

5.000%,

6/1/2053

223,247

Total

443,681

Principal

Amount

Long-Term

Fixed

Income

(100.8%)

Value

Pennsylvania

(2.2%)

Allegheny

County,

PA

Airport

Auth.

Rev.

(Pittsburgh

International

Airport)

$

350,000

5.000%,

1/1/2051,

Ser.

A,

AMT

$

326,469

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

(Penndot

Major

Bridges

Package

One)

210,000

5.500%,

6/30/2037,

AMT

217,004

Philadelphia,

PA

Auth.

for

Industrial

Development

Charter

School

Rev.

Refg.

(Tacony

Academy

Charter

School)

250,000

5.500%,

6/15/2043

d

227,374

Total

770,847

Puerto

Rico

(0.6%)

Puerto

Rico

Sales

Tax

Financing

Corporation

Rev.

250,000

4.750%,

7/1/2053,

Ser.

A-1

211,155

Total

211,155

South

Carolina

(0.5%)

South

Carolina

Jobs

Economic

Development

Auth.

Rev.

(Bishop

Gadsden

Episcopal

Retirement

Community)

200,000

5.000%,

4/1/2054,

Ser.

A

159,106

Total

159,106

South

Dakota

(0.5%)

Lincoln

County,

SD

Economic

Development

Rev.

(Augustana

College

Association)

250,000

4.000%,

8/1/2051

179,170

Total

179,170

Tennessee

(0.8%)

Metropolitan

Government

of

Nashville

and

Davidson

County,

TN

Health

and

Educational

Fac.

Rev.

Refg.

(Trevecca

Nazarene

University)

300,000

5.000%,

10/1/2034

296,709

Total

296,709

Texas

(7.8%)

Arlington,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(Great

Hearts

America)

(PSF-GTD

Insured)

250,000

4.000%,

8/15/2043,

Ser.

A

b

205,970

Brazoria

County,

TX

Municipal

Utility

District

No.

66

U.T.G.O.

(AGM

Insured)

145,000

6.500%,

9/1/2029

b

157,841

Denton,

TX

Independent

School

District

U.T.G.O.

(PSF-GTD

Insured)

250,000

5.000%,

8/15/2053

b

251,879

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

134

Principal

Amount

Long-Term

Fixed

Income

(100.8%)

Value

Texas

(7.8%)

-

continued

Harris

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

(First

Mortgage

Brazos

Presbyterian

Homes,

Inc.)

$

250,000

5.000%,

1/1/2033,

Ser.

A

$

218,262

Hidalgo

County,

TX

Regional

Mobility

Auth.

Toll

&

Vehicle

Registration

Rev.

350,000

4.000%,

12/1/2041,

Ser.

A

287,521

Irving,

TX

Rev.

Refg.

300,000

5.000%,

8/15/2043

268,305

New

Hope

Cultural

Education

Fac.

Finance

Corporation,

TX

Retirement

Fac.

Rev.

(Army

Retirement

Residence

Foundation)

250,000

5.750%,

7/15/2052

211,253

Port

of

Beaumont,

TX

Navigation

District

Fac.

Rev.

Refg.

(Dock

and

Wharf

Jefferson

Gulf

Coast

Energy)

250,000

4.000%,

1/1/2050,

Ser.

A,

AMT

d

161,410

San

Antonio,

TX

Education

Fac.

Corporation

Rev.

(Hallmark

University)

250,000

5.000%,

10/1/2031,

Ser.

A

225,919

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Hospital

Rev.

(Baylor

Scott

and

White

Health)

250,000

5.500%,

11/15/2047,

Ser.

D

254,493

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

Refg.

(Trinity

Terrace)

235,000

5.000%,

10/1/2044,

Ser.

A-1

204,671

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

(Segment

3C)

300,000

5.000%,

6/30/2058,

AMT

273,423

Total

2,720,947

Utah

(1.7%)

Black

Desert

Public

Infrastructure

District,

UT

L.T.G.O.

500,000

4.000%,

3/1/2051,

Ser.

A

d

337,801

Utah

Infrastructure

Agency

Telecommunication

Rev.

245,000

6.000%,

10/15/2047

245,058

Total

582,859

Virginia

(1.8%)

Virginia

Small

Business

Financing

Auth.

Rev.

(Transform

66

P3)

230,000

5.000%,

12/31/2047,

AMT

215,585

Virginia

Small

Business

Financing

Auth.

Rev.

Refg.

(95

Express

Lanes,

LLC)

500,000

4.000%,

1/1/2048,

AMT

397,529

Total

613,114

Principal

Amount

Long-Term

Fixed

Income

(100.8%)

Value

Washington

(1.4%)

Washington

Housing

Finance

Commission

Nonprofit

Housing

Rev.

Refg.

(Emerald

Heights)

$

250,000

4.750%,

7/1/2027,

Ser.

B-1

$

242,582

Washington

Housing

Finance

Commission

Nonprofit

Rev.

Refg.

(Seattle

Academy

of

Arts

and

Sciences)

250,000

6.125%,

7/1/2053

d

251,670

Total

494,252

West

Virginia

(1.0%)

South

Charleston,

WV

Special

District

Excise

Tax

Rev.

Refg.

(South

Charleston

Park

Place)

500,000

4.500%,

6/1/2050

d

348,102

Total

348,102

Wisconsin

(5.6%)

Public

Finance

Auth.,

WI

Charter

School

Rev.

(Quality

Education

Academy)

250,000

6.500%,

7/15/2063,

Ser.

A

d

230,779

Public

Finance

Auth.,

WI

Hotel

Rev.

(Grand

Hyatt

San

Antonio

Hotel

Acquisition)

335,000

5.000%,

2/1/2052,

Ser.

A

290,080

Public

Finance

Auth.,

WI

Rev.

(AFCO

Airport

Real

Estate

Group)

250,000

5.250%,

7/1/2053,

AMT

220,031

Public

Finance

Auth.,

WI

Rev.

(Fargo-Moorhead

Metropolitan

Area

Flood

Risk

Management)

500,000

4.000%,

3/31/2056,

AMT

348,055

Public

Finance

Auth.,

WI

Rev.

(Texas

Biomedical

Research

Institute)

350,000

4.000%,

6/1/2040,

Ser.

A

274,376

Public

Finance

Auth.,

WI

Special

Rev.

(Lariat,

Williamson

County,

TX)

250,000

Zero

Coupon,

9/1/2029

d

157,046

Public

Finance

Auth.,

WI

Student

Housing

Rev.

(CHF-Manoa,

LLC)

250,000

5.750%,

7/1/2063,

Ser.

A

233,788

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Benevolent

Corporation

Cedar

Community)

240,000

5.000%,

6/1/2037

204,163

Total

1,958,318

Total

Long-Term

Fixed

Income

(cost

$40,981,593)

35,171,539

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

135

Principal

Amount

Short-Term

Investments

(

0.3%

)

e

Value

Federal

Home

Loan

Bank

Discount

Notes

$

100,000

5.300%,

12/6/2023

f

$

99,499

Total

Short-Term

Investments

(cost

$99,485)

99,499

Total

Investments

(cost

$41,081,078)

101.0%

$35,271,038

Other

Assets

and

Liabilities,

Net

(1.0%)

(362,306)

Total

Net

Assets

100.0%

$34,908,732

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

b

To

reduce

certain

risks

associated

with

securities

issued

by

municipalities,

which

may

include

but

are

not

limited

to

economic

development

in

a

specific

industry

or

municipality,

the

principal

and/or

interest

payments

are

guaranteed

by

the

bond

insurance

company

or

government

agency

identified.

c

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

d

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

October

31,

2023,

the

value

of

these

investments

was

$5,365,288

or

15.4%

of

total

net

assets.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

Definitions:

AGM

-

Assured

Guaranty

Municipal

Corporation

AMT

-

Subject

to

Alternative

Minimum

Tax

Auth.

-

Authority

BAM

-

Build

America

Mutual

C.O.P.

-

Certificate

of

Participation

Fac.

-

Facility/Facilities

G.O.

-

General

Obligation

L.T.G.O.

-

Limited

Tax

General

Obligation

NATL-RE

-

National

Public

Finance

Guarantee

Corporation

Proj.

-

Project

PSF-GTD

-

Permanent

School

Fund

Guarantee

Program

Refg.

-

Refunding

Rev.

-

Revenue

Ser.

-

Series

U.T.G.O.

-

Unlimited

Tax

General

Obligation

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$57,994

Gross

unrealized

depreciation

(5,869,702)

Net

unrealized

appreciation

(depreciation)

($5,811,708)

Cost

for

federal

income

tax

purposes

$41,104,615

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

136

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

High

Income

Municipal

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Education

9,923,324

–

9,923,324

–

Electric

Revenue

779,854

–

779,854

–

General

Obligation

2,049,091

–

2,049,091

–

Health

Care

5,443,832

–

5,443,832

–

Housing

Finance

1,648,945

–

1,648,945

–

Industrial

Development

Revenue

3,040,434

–

3,040,434

–

Other

Revenue

3,446,993

–

3,446,993

–

Tax

Revenue

1,872,447

–

1,872,447

–

Transportation

6,060,944

–

6,060,944

–

Water

&

Sewer

905,675

–

905,675

–

Short-Term

Investments

99,499

–

99,499

–

Total

Investments

at

Value

$35,271,038

$–

$35,271,038

$–

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

High

Income

Municipal

Bond

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

21,869

21,869

–

–

Total

Asset

Derivatives

$21,869

$21,869

$–

$–

The

following

table

presents

High

Income

Municipal

Bond

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$99,499

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

U.S.

Long

Bond

(2)

December

2023

(

$

240,744)

$

21,869

Total

Futures

Short

Contracts

(

$

240,744)

$21,869

Total

Futures

Contracts

(

$

240,744)

$21,869

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

High

Income

Municipal

Bond

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

21,869

Total

Interest

Rate

Contracts

21,869

Total

Asset

Derivatives

$21,869

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

High

Income

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

137

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

High

Income

Municipal

Bond

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

190,928

Total

Interest

Rate

Contracts

190,928

Total

$190,928

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

High

Income

Municipal

Bond

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(246,078)

Total

Interest

Rate

Contracts

(246,078)

Total

($246,078)

The

following

table

presents

High

Income

Municipal

Bond

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Interest

Rate

Contracts

Futures

-

Short

($953,634)

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

138

Principal

Amount

Bank

Loans

(

3.3%

)

a

Value

Basic

Materials

(0.4%)

Grinding

Media,

Inc.,

Term

Loan

$

2,903,740

9.684%, 

(TSFR3M

+

4.000%),

10/12/2028

b,c

$

2,816,628

Total

2,816,628

Capital

Goods

(0.2%)

Brand

Industrial

Services,

Inc.,

Term

Loan

1,404,000

10.872%, 

(TSFR3M

+

5.500%),

8/1/2030

b

1,351,350

Total

1,351,350

Communications

Services

(1.0%)

Cengage

Learning,

Inc.,

Term

Loan

1,370,855

10.406%, 

(TSFR3M

+

4.750%),

7/14/2026

b

1,354,500

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

705,000

9.145%, 

(TSFR3M

+

3.500%),

8/21/2026

b,d,e

675,623

DIRECTV

Financing,

LLC,

Term

Loan

2,513,300

10.439%, 

(TSFR1M

+

5.000%),

8/2/2027

b

2,441,947

NEP

Group,

Inc.,

Term

Loan

2,347,232

8.689%, 

(TSFR1M

+

3.250%),

10/20/2025

b

2,109,998

Total

6,582,068

Consumer

Cyclical

(0.2%)

Staples,

Inc.,

Term

Loan

1,520,162

10.634%, 

(LIBOR

1M

+

5.000%),

4/12/2026

b

1,304,497

Total

1,304,497

Consumer

Non-Cyclical

(0.5%)

Alltech,

Inc.,

Term

Loan

1,435,391

9.439%, 

(TSFR1M

+

4.000%),

10/15/2028

b,c

1,399,506

Amneal

Pharmaceuticals,

LLC,

Term

Loan

937,512

8.939%, 

(TSFR1M

+

3.500%),

5/4/2025

b

915,912

City

Brewing

Company,

LLC,

Term

Loan

1,080,702

9.164%, 

(TSFR3M

+

3.500%),

4/5/2028

b

778,105

Total

3,093,523

Energy

(0.2%)

GIP

II

Blue

Holding,

LP,

Term

Loan

955,158

9.939%, 

(TSFR1M

+

4.500%),

9/29/2028

b

954,986

Total

954,986

Technology

(0.3%)

CoreLogic,

Inc.,

Term

Loan

1,381,800

8.939%, 

(TSFR1M

+

3.500%),

6/2/2028

b

1,254,481

Principal

Amount

Bank

Loans

(3.3%)

a

Value

Technology

(0.3%)

-

continued

Rackspace

Technology

Global,

Inc.,

Term

Loan

$

1,413,750

8.206%, 

(TSFR1M

+

2.750%),

2/9/2028

b

$

616,268

Total

1,870,749

Transportation

(0.5%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

2,304,000

10.427%, 

(TSFR3M

+

4.750%),

4/20/2028

b

2,332,800

Air

Canada,

Term

Loan

967,750

9.128%, 

(TSFR3M

+

3.500%),

8/11/2028

b

966,056

Total

3,298,856

Total

Bank

Loans

(cost

$22,963,709)

21,272,657

Principal

Amount

Long-Term

Fixed

Income

(

89.8%

)

Value

Basic

Materials

(5.5%)

ACN

113

874

712,

Pty.

Ltd.

2,859,934

11.500%, 

2/15/2018

*,f,g

2,860

ATI,

Inc.

1,358,000

7.250%, 

8/15/2030

1,307,320

Cascades,

Inc./Cascades

USA,

Inc.

1,372,000

5.125%, 

1/15/2026

h

1,302,200

Chemours

Company

2,410,000

5.750%, 

11/15/2028

h

2,038,257

Cleveland-Cliffs,

Inc.

1,450,000

4.625%, 

3/1/2029

h,i

1,249,759

1,090,000

4.875%, 

3/1/2031

h

899,052

Consolidated

Energy

Finance

SA

3,482,000

5.625%, 

10/15/2028

h

2,861,159

First

Quantum

Minerals,

Ltd.

935,000

6.875%, 

3/1/2026

h

821,225

1,938,000

6.875%, 

10/15/2027

h

1,650,644

Hecla

Mining

Company

805,000

7.250%, 

2/15/2028

768,575

Hudbay

Minerals,

Inc.

725,000

4.500%, 

4/1/2026

h

674,768

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

1,500,000

9.000%, 

7/1/2028

h

1,401,450

Mercer

International,

Inc.

709,000

5.500%, 

1/15/2026

659,370

Methanex

Corporation

1,817,000

4.250%, 

12/1/2024

1,774,223

Mineral

Resources,

Ltd.

417,000

9.250%, 

10/1/2028

h

417,000

Novelis

Corporation

580,000

3.250%, 

11/15/2026

h

516,282

2,010,000

4.750%, 

1/30/2030

h

1,705,434

580,000

3.875%, 

8/15/2031

h

452,980

OCI

NV

2,564,000

4.625%, 

10/15/2025

h

2,423,259

Olin

Corporation

2,450,000

5.625%, 

8/1/2029

i

2,227,533

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

139

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Basic

Materials

(5.5%)

-

continued

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

$

2,049,000

5.375%, 

11/1/2026

h

$

1,817,516

SNF

Group

SACA

926,000

3.125%, 

3/15/2027

h

819,405

1,157,000

3.375%, 

3/15/2030

h

925,286

SunCoke

Energy,

Inc.

2,234,000

4.875%, 

6/30/2029

h

1,869,858

Taseko

Mines,

Ltd.

2,420,000

7.000%, 

2/15/2026

h

2,195,195

Unifrax

Escrow

Issuer

Corporation

1,887,000

5.250%, 

9/30/2028

h

1,274,568

United

States

Steel

Corporation

2,111,000

6.875%, 

3/1/2029

2,050,870

Total

36,106,048

Capital

Goods

(12.0%)

Abengoa

Abenewco

2

Bis

SA,

Convertible

3,449,988

0.000%,PIK

1.500%,

4/26/2024

*,f,g,j

17,250

Advanced

Drainage

Systems,

Inc.

2,360,000

5.000%, 

9/30/2027

h,i

2,200,700

AECOM

1,850,000

5.125%, 

3/15/2027

1,746,587

Amsted

Industries,

Inc.

1,875,000

5.625%, 

7/1/2027

h

1,725,349

2,750,000

4.625%, 

5/15/2030

h

2,218,523

ARD

Finance

SA

1,500,000

6.500%, 

6/30/2027

h

873,269

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

2,861,000

5.250%, 

8/15/2027

h

2,079,602

Berry

Global,

Inc.

1,577,000

4.500%, 

2/15/2026

h

1,485,509

Bombardier,

Inc.

4,000

7.125%, 

6/15/2026

h

3,849

2,250,000

7.875%, 

4/15/2027

h

2,164,439

1,755,000

6.000%, 

2/15/2028

h

1,552,962

Builders

FirstSource,

Inc.

900,000

5.000%, 

3/1/2030

h

785,401

Canpack

SA/Canpack

US,

LLC

1,380,000

3.125%, 

11/1/2025

h

1,265,101

Chart

Industries,

Inc.

2,030,000

7.500%, 

1/1/2030

h

1,993,430

Clean

Harbors,

Inc.

2,920,000

5.125%, 

7/15/2029

h

2,626,320

Clydesdale

Acquisition

Holdings,

Inc.

273,000

6.625%, 

4/15/2029

h

247,992

546,000

8.750%, 

4/15/2030

h,i

435,206

Cornerstone

Building

Brands,

Inc.

1,401,000

6.125%, 

1/15/2029

h

1,024,273

Covanta

Holding

Corporation

826,000

4.875%, 

12/1/2029

h

644,280

CP

Atlas

Buyer,

Inc.

1,935,000

7.000%, 

12/1/2028

h

1,474,818

Crown

Cork

&

Seal

Company,

Inc.

1,700,000

7.375%, 

12/15/2026

1,725,585

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Capital

Goods

(12.0%)

-

continued

Emerald

Debt

Merger

Sub,

LLC

$

1,819,000

6.625%, 

12/15/2030

h

$

1,730,324

GFL

Environmental,

Inc.

3,885,000

4.000%, 

8/1/2028

h

3,343,388

H&E

Equipment

Services,

Inc.

4,500,000

3.875%, 

12/15/2028

h

3,811,660

Herc

Holdings,

Inc.

4,680,000

5.500%, 

7/15/2027

h

4,399,111

Howmet

Aerospace,

Inc.

3,168,000

3.000%, 

1/15/2029

2,674,002

Mauser

Packaging

Solutions

Holding

Company

1,080,000

9.250%, 

4/15/2027

h,i

899,434

MIWD

Holdco

II,

LLC

1,163,000

5.500%, 

2/1/2030

h

923,131

Mueller

Water

Products,

Inc.

1,135,000

4.000%, 

6/15/2029

h

970,425

Nesco

Holdings

II,

Inc.

2,170,000

5.500%, 

4/15/2029

h

1,860,775

New

Enterprise

Stone

and

Lime

Company,

Inc.

3,053,000

5.250%, 

7/15/2028

h

2,694,246

OI

European

Group

BV

2,270,000

4.750%, 

2/15/2030

h

1,931,566

Owens-Brockway

Glass

Container,

Inc.

1,093,000

6.625%, 

5/13/2027

h

1,038,350

Pactiv

Evergreen

Group

1,610,000

4.375%, 

10/15/2028

h

1,369,511

PGT

Innovations,

Inc.

2,153,000

4.375%, 

10/1/2029

h

2,009,987

Roller

Bearing

Company

of

America,

Inc.

1,463,000

4.375%, 

10/15/2029

h

1,240,639

Rolls-Royce

plc

1,008,000

5.750%, 

10/15/2027

h

955,155

Sealed

Air

Corporation

1,089,000

6.125%, 

2/1/2028

h

1,036,531

Silgan

Holdings,

Inc.

810,000

4.125%, 

2/1/2028

715,307

SRM

Escrow

Issuer,

LLC

3,575,000

6.000%, 

11/1/2028

h

3,305,397

TransDigm,

Inc.

4,255,000

6.250%, 

3/15/2026

h

4,154,836

713,000

6.750%, 

8/15/2028

h

692,311

110,000

4.625%, 

1/15/2029

94,846

1,885,000

4.875%, 

5/1/2029

1,633,133

Triumph

Group,

Inc.

1,407,000

9.000%, 

3/15/2028

h,i

1,366,532

Trivium

Packaging

Finance

1,040,000

5.500%, 

8/15/2026

h

942,743

470,000

8.500%, 

8/15/2027

h,i

392,174

United

Rentals

North

America,

Inc.

1,710,000

3.875%, 

2/15/2031

1,407,423

WESCO

Distribution,

Inc.

2,510,000

7.250%, 

6/15/2028

h

2,494,062

Total

78,377,444

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

140

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Communications

Services

(11.3%)

Allen

Media,

LLC/Allen

Media

Co-

Issuer,

Inc.

$

1,873,000

10.500%, 

2/15/2028

h

$

975,468

Altice

Financing

SA

1,217,000

5.750%, 

8/15/2029

h

941,116

Altice

France

SA/France

1,410,000

5.125%, 

7/15/2029

h

965,373

2,676,000

5.500%, 

10/15/2029

h

1,840,822

AMC

Networks,

Inc.

810,000

5.000%, 

4/1/2024

803,682

1,623,000

4.250%, 

2/15/2029

i

997,154

C&W

Senior

Financing

DAC

475,000

6.875%, 

9/15/2027

h

408,405

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

2,521,000

5.000%, 

2/1/2028

h

2,263,700

3,250,000

5.375%, 

6/1/2029

h

2,844,658

347,000

6.375%, 

9/1/2029

h

317,574

3,760,000

4.750%, 

3/1/2030

h

3,101,710

1,814,000

4.250%, 

2/1/2031

h

1,411,651

1,218,000

4.750%, 

2/1/2032

h

950,722

Cimpress

plc

1,827,000

7.000%, 

6/15/2026

1,690,742

Clear

Channel

Outdoor

Holdings,

Inc.

407,000

7.500%, 

6/1/2029

h,i

296,249

Clear

Channel

Worldwide

Holdings,

Inc.

2,458,000

5.125%, 

8/15/2027

h

2,184,660

Connect

Finco

SARL/Connect

US

Finco,

LLC

1,048,000

6.750%, 

10/1/2026

h

977,298

CSC

Holdings,

LLC

2,340,000

5.375%, 

2/1/2028

h

1,863,425

1,432,000

6.500%, 

2/1/2029

h

1,132,270

2,325,000

4.125%, 

12/1/2030

h

1,557,662

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

835,000

5.875%, 

8/15/2027

h

731,656

DISH

DBS

Corporation

634,000

5.875%, 

11/15/2024

581,705

1,019,000

5.250%, 

12/1/2026

h

821,977

719,000

7.375%, 

7/1/2028

406,046

760,000

5.750%, 

12/1/2028

h

551,950

1,162,000

5.125%, 

6/1/2029

598,430

DISH

Network

Corporation

321,000

11.750%, 

11/15/2027

h

317,970

Frontier

Communications

Holdings,

LLC

840,000

5.875%, 

10/15/2027

h

765,801

1,410,000

5.000%, 

5/1/2028

h

1,217,380

840,000

6.750%, 

5/1/2029

h

664,695

510,000

8.750%, 

5/15/2030

h

485,904

GCI,

LLC

3,410,000

4.750%, 

10/15/2028

h

2,926,121

Gray

Escrow

II,

Inc.

5,021,000

5.375%, 

11/15/2031

h

3,164,492

Iliad

Holding

SASU

2,471,000

6.500%, 

10/15/2026

h

2,309,030

Lamar

Media

Corporation

1,109,000

3.625%, 

1/15/2031

896,416

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Communications

Services

(11.3%)

-

continued

LCPR

Senior

Secured

Financing

DAC

$

3,330,000

6.750%, 

10/15/2027

h

$

3,013,650

Level

3

Financing,

Inc.

1,981,000

4.625%, 

9/15/2027

h

1,317,365

1,640,000

4.250%, 

7/1/2028

h

927,376

957,000

10.500%, 

5/15/2030

h,i

957,750

McGraw-Hill

Education,

Inc.

936,000

5.750%, 

8/1/2028

h

788,861

410,000

8.000%, 

8/1/2029

h,i

337,824

News

Corporation

1,610,000

3.875%, 

5/15/2029

h

1,378,128

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

1,188,000

6.250%, 

6/15/2025

h

1,171,629

815,000

4.625%, 

3/15/2030

h,i

654,037

Playtika

Holding

Corporation

1,770,000

4.250%, 

3/15/2029

h

1,427,930

Radiate

Holdco,

LLC/Radiate

Finance,

Inc.

945,000

6.500%, 

9/15/2028

h

467,775

Scripps

Escrow

II,

Inc.

761,000

3.875%, 

1/15/2029

h

577,690

Sirius

XM

Radio,

Inc.

630,000

3.125%, 

9/1/2026

h

564,965

360,000

5.000%, 

8/1/2027

h

330,084

1,640,000

4.000%, 

7/15/2028

h

1,394,709

860,000

3.875%, 

9/1/2031

h

647,741

Sprint

Corporation

3,076,000

7.625%, 

2/15/2025

3,119,775

TEGNA,

Inc.

2,170,000

4.625%, 

3/15/2028

1,871,625

Telecom

Italia

Capital

SA

240,000

6.000%, 

9/30/2034

197,523

Telecom

Italia

SPA/Milano

424,000

5.303%, 

5/30/2024

h

415,760

Telesat

Canada/Telesat,

LLC

1,080,000

4.875%, 

6/1/2027

h

639,900

405,000

6.500%, 

10/15/2027

h

194,400

United

States

Cellular

Corporation

1,013,000

6.700%, 

12/15/2033

961,327

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

2,232,000

4.750%, 

4/15/2028

h

1,803,841

Univision

Communications,

Inc.

1,397,000

6.625%, 

6/1/2027

h

1,276,015

Virgin

Media

Finance

plc

808,000

5.000%, 

7/15/2030

h

635,236

Virgin

Media

Secured

Finance

plc

1,085,000

5.500%, 

5/15/2029

h

960,765

VZ

Secured

Financing

BV

2,000,000

5.000%, 

1/15/2032

h

1,517,450

YPSO

Finance

BIS

SA

780,000

10.500%, 

5/15/2027

h

424,398

Total

73,939,443

Consumer

Cyclical

(17.2%)

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

4,025,000

4.375%, 

1/15/2028

h

3,624,036

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

141

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Consumer

Cyclical

(17.2%)

-

continued

$

1,385,000

4.000%, 

10/15/2030

h

$

1,134,346

Adient

Global

Holdings,

Ltd.

1,097,000

4.875%, 

8/15/2026

h

1,021,653

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

1,465,000

6.625%, 

7/15/2026

h

1,371,972

940,000

6.000%, 

6/1/2029

h

679,150

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

1,175,000

4.625%, 

6/1/2028

h

961,044

700,000

4.625%, 

6/1/2028

h

570,292

Allison

Transmission,

Inc.

1,137,000

3.750%, 

1/30/2031

h

901,207

American

Axle

&

Manufacturing,

Inc.

1,945,000

6.500%, 

4/1/2027

i

1,833,385

Arko

Corporation

1,344,000

5.125%, 

11/15/2029

h

1,089,715

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

700,000

4.625%, 

8/1/2029

h

566,427

1,333,000

4.625%, 

4/1/2030

h

1,032,146

Boyd

Gaming

Corporation

1,880,000

4.750%, 

6/15/2031

h

1,560,210

Boyne

USA,

Inc.

754,000

4.750%, 

5/15/2029

h

656,479

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

1,875,000

5.000%, 

6/15/2029

h

1,463,416

435,000

4.875%, 

2/15/2030

h

330,799

Caesars

Entertainment,

Inc.

3,072,000

6.250%, 

7/1/2025

h

3,022,502

1,400,000

8.125%, 

7/1/2027

h

1,387,224

2,153,000

4.625%, 

10/15/2029

h

1,769,392

Carnival

Corporation

703,000

7.625%, 

3/1/2026

h,i

683,592

2,147,000

5.750%, 

3/1/2027

h

1,916,975

850,000

4.000%, 

8/1/2028

h

739,347

Cedar

Fair,

LP

1,849,000

5.250%, 

7/15/2029

i

1,592,427

Churchill

Downs,

Inc.

935,000

4.750%, 

1/15/2028

h

837,316

809,000

6.750%, 

5/1/2031

h

746,303

Cinemark

USA,

Inc.

2,246,000

5.875%, 

3/15/2026

h

2,132,640

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

1,800,000

6.750%, 

5/15/2028

h

1,754,748

Ford

Motor

Company

3,138,000

3.250%, 

2/12/2032

2,368,402

1,656,000

6.100%, 

8/19/2032

i

1,531,716

Ford

Motor

Credit

Company,

LLC

2,000,000

2.300%, 

2/10/2025

1,888,619

2,090,000

4.134%, 

8/4/2025

1,992,055

2,900,000

3.375%, 

11/13/2025

2,706,287

1,725,000

7.350%, 

3/6/2030

1,732,369

Goodyear

Tire

&

Rubber

Company

1,405,000

5.000%, 

7/15/2029

i

1,208,332

Guitar

Center

Escrow

Issuer

II,

Inc.

500,000

8.500%, 

1/15/2026

h,i

421,009

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Consumer

Cyclical

(17.2%)

-

continued

Hanesbrands,

Inc.

$

1,885,000

4.875%, 

5/15/2026

h,i

$

1,731,966

Hilton

Domestic

Operating

Company,

Inc.

1,303,000

4.875%, 

1/15/2030

1,169,737

887,000

3.625%, 

2/15/2032

h

701,150

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

1,742,000

5.000%, 

6/1/2029

h

1,458,921

International

Game

Technology

plc

1,500,000

6.250%, 

1/15/2027

h

1,461,910

550,000

5.250%, 

1/15/2029

h

500,434

Jacobs

Entertainment,

Inc.

1,097,000

6.750%, 

2/15/2029

h

932,450

KB

Home

1,870,000

6.875%, 

6/15/2027

1,855,704

L

Brands,

Inc.

1,810,000

5.250%, 

2/1/2028

1,659,676

2,190,000

6.625%, 

10/1/2030

h

2,027,492

970,000

6.875%, 

11/1/2035

855,978

Light

&

Wonder

International,

Inc.

2,700,000

7.250%, 

11/15/2029

h

2,618,379

Live

Nation

Entertainment,

Inc.

1,440,000

4.750%, 

10/15/2027

h,i

1,315,886

Macy's

Retail

Holdings,

LLC

2,240,000

5.875%, 

4/1/2029

h,i

1,974,784

Mattamy

Group

Corporation

1,300,000

4.625%, 

3/1/2030

h

1,061,396

Michaels

Companies,

Inc.

1,314,000

5.250%, 

5/1/2028

h,i

952,072

NCL

Corporation,

Ltd.

389,000

3.625%, 

12/15/2024

h

367,979

1,000,000

5.875%, 

3/15/2026

h

897,500

2,017,000

5.875%, 

2/15/2027

h

1,856,586

Nissan

Motor

Company,

Ltd.

398,000

3.522%, 

9/17/2025

h

376,379

369,000

4.345%, 

9/17/2027

h

333,641

367,000

4.810%, 

9/17/2030

h

311,797

Nordstrom,

Inc.

764,000

4.250%, 

8/1/2031

i

559,691

OPENLANE,

Inc.

287,000

5.125%, 

6/1/2025

h

276,850

PENN

Entertainment,

Inc.

1,400,000

4.125%, 

7/1/2029

h,i

1,087,744

PetSmart,

Inc./PetSmart

Finance

Corporation

1,408,000

4.750%, 

2/15/2028

h

1,245,909

3,225,000

7.750%, 

2/15/2029

h

2,969,071

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

3,337,000

5.750%, 

4/15/2026

h

3,237,250

1,595,000

3.375%, 

8/31/2027

h

1,402,342

1,484,000

6.250%, 

1/15/2028

h,i

1,376,117

Realogy

Group,

LLC/Realogy

Group

Co-Issuer

Corporation

1,905,000

5.750%, 

1/15/2029

h

1,200,518

Royal

Caribbean

Cruises,

Ltd.

2,628,000

4.250%, 

7/1/2026

h

2,416,710

1,200,000

5.375%, 

7/15/2027

h

1,105,891

1,261,000

9.250%, 

1/15/2029

h

1,316,281

1,142,000

7.250%, 

1/15/2030

h

1,126,554

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

142

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Consumer

Cyclical

(17.2%)

-

continued

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

$

680,000

6.625%, 

3/1/2030

h

$

584,800

SeaWorld

Parks

and

Entertainment,

Inc.

1,219,000

5.250%, 

8/15/2029

h,i

1,061,786

Six

Flags

Theme

Parks,

Inc.

503,000

7.000%, 

7/1/2025

h

499,529

Staples,

Inc.

656,000

10.750%, 

4/15/2027

h

361,357

Station

Casinos,

LLC

700,000

4.500%, 

2/15/2028

h

604,538

724,000

4.625%, 

12/1/2031

h

571,641

Tenneco,

Inc.

1,366,000

8.000%, 

11/17/2028

h

1,096,215

Tripadvisor,

Inc.

406,000

7.000%, 

7/15/2025

h

401,940

Uber

Technologies,

Inc.

1,460,000

6.250%, 

1/15/2028

h

1,405,250

VICI

Properties,

LP/VICI

Note

Company,

Inc.

2,250,000

5.750%, 

2/1/2027

h

2,153,281

2,010,000

3.750%, 

2/15/2027

h

1,808,648

Viking

Cruises,

Ltd.

2,331,000

5.875%, 

9/15/2027

h

2,099,998

Wabash

National

Corporation

2,141,000

4.500%, 

10/15/2028

h

1,771,678

WASH

Multifamily

Acquisition,

Inc.

945,000

5.750%, 

4/15/2026

h

874,125

Wyndham

Hotels

&

Resorts,

Inc.

1,460,000

4.375%, 

8/15/2028

h

1,288,523

ZF

North

America

Capital,

Inc.

947,000

6.875%, 

4/14/2028

h

917,688

Total

112,471,274

Consumer

Non-Cyclical

(12.3%)

1375209

B.C.,

Ltd.

1,339,000

9.000%, 

1/30/2028

h

1,298,008

AdaptHealth,

LLC

2,415,000

4.625%, 

8/1/2029

h

1,805,212

Albertson's

Companies,

Inc.

4,230,000

5.875%, 

2/15/2028

h

4,051,912

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

1,830,000

4.625%, 

1/15/2027

h

1,715,097

384,000

3.500%, 

3/15/2029

h

327,399

B&G

Foods,

Inc.

811,000

5.250%, 

9/15/2027

667,461

1,810,000

8.000%, 

9/15/2028

h

1,763,830

Bausch

&

Lomb

Escrow

Corporation

414,000

8.375%, 

10/1/2028

h

411,205

Bausch

Health

Companies,

Inc.

1,154,000

5.500%, 

11/1/2025

h

995,325

1,635,000

4.875%, 

6/1/2028

h

815,522

1,577,000

11.000%, 

9/30/2028

h

961,970

BellRing

Brands,

Inc.

1,124,000

7.000%, 

3/15/2030

h

1,091,685

Catalent

Pharma

Solutions,

Inc.

1,358,000

3.125%, 

2/15/2029

h

1,067,727

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Consumer

Non-Cyclical

(12.3%)

-

continued

Central

Garden

&

Pet

Company

$

2,320,000

4.125%, 

10/15/2030

$

1,892,202

Cheplapharm

Arzneimittel

GmbH

280,000

5.500%, 

1/15/2028

h

248,356

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

1,968,000

4.625%, 

11/15/2028

h

1,701,477

CHS/Community

Health

Systems,

Inc.

1,835,000

5.625%, 

3/15/2027

h

1,490,816

440,000

6.000%, 

1/15/2029

h

333,300

418,000

5.250%, 

5/15/2030

h

296,844

1,576,000

4.750%, 

2/15/2031

h

1,056,306

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

2,393,000

4.750%, 

1/15/2029

h

2,118,355

1,358,000

6.625%, 

7/15/2030

h

1,293,796

Edgewell

Personal

Care

Company

1,460,000

5.500%, 

6/1/2028

h

1,332,491

Embecta

Corporation

1,210,000

5.000%, 

2/15/2030

h,i

960,825

Encompass

Health

Corporation

3,545,000

4.500%, 

2/1/2028

3,195,924

Energizer

Holdings,

Inc.

2,330,000

4.750%, 

6/15/2028

h

1,990,144

Fortrea

Holdings,

Inc.

1,056,000

7.500%, 

7/1/2030

h,i

1,019,040

Grifols

SA

1,900,000

4.750%, 

10/15/2028

h

1,596,000

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

950,000

7.875%, 

9/1/2025

h

894,012

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

2,345,000

4.875%, 

6/1/2029

h

1,600,462

Jazz

Securities

DAC

1,066,000

4.375%, 

1/15/2029

h

927,067

Lamb

Weston

Holdings,

Inc.

920,000

4.125%, 

1/31/2030

h

780,457

Legacy

LifePoint

Health,

LLC

814,000

4.375%, 

2/15/2027

h

673,105

LifePoint

Health,

Inc.

600,000

11.000%, 

10/15/2030

h

564,647

Mattel,

Inc.

2,275,000

3.375%, 

4/1/2026

h

2,101,354

1,025,000

5.875%, 

12/15/2027

h

982,683

ModivCare

Escrow

Issuer,

Inc.

683,000

5.000%, 

10/1/2029

h,i

497,764

ModivCare,

Inc.

547,000

5.875%, 

11/15/2025

h

516,915

Mozart

Debt

Merger

Sub,

Inc.

1,398,000

3.875%, 

4/1/2029

h

1,180,423

1,527,000

5.250%, 

10/1/2029

h,i

1,299,816

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

2,359,000

4.125%, 

4/30/2028

h

2,037,610

1,000,000

5.125%, 

4/30/2031

h

780,917

Owens

&

Minor,

Inc.

1,820,000

6.625%, 

4/1/2030

h,i

1,590,398

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

143

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Consumer

Non-Cyclical

(12.3%)

-

continued

Perrigo

Finance

Unlimited

Company

$

1,614,000

4.375%, 

3/15/2026

$

1,515,168

Pilgrim's

Pride

Corporation

1,366,000

3.500%, 

3/1/2032

1,040,619

Post

Holdings,

Inc.

1,715,000

4.500%, 

9/15/2031

h

1,387,667

Primo

Water

Holdings,

Inc.

1,633,000

4.375%, 

4/30/2029

h

1,377,778

RegionalCare

Hospital

Partners

Holdings,

Inc./LifePoint

Health,

Inc.

814,000

9.750%, 

12/1/2026

h

761,078

SEG

Holding,

LLC

3,275,000

5.625%, 

10/15/2028

h

3,280,666

Simmons

Foods,

Inc.

2,079,000

4.625%, 

3/1/2029

h

1,688,813

Spectrum

Brands,

Inc.

1,740,000

5.000%, 

10/1/2029

h

1,560,937

730,000

5.500%, 

7/15/2030

h

651,525

1,282,000

3.875%, 

3/15/2031

h

1,026,164

Star

Parent,

Inc.

1,380,000

9.000%, 

10/1/2030

h

1,369,490

Tenet

Healthcare

Corporation

3,960,000

5.125%, 

11/1/2027

3,655,544

1,545,000

6.750%, 

5/15/2031

h

1,467,183

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3,933,000

3.150%, 

10/1/2026

3,462,711

TreeHouse

Foods,

Inc.

2,174,000

4.000%, 

9/1/2028

1,768,563

Total

79,939,765

Energy

(13.4%)

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

1,283,000

5.375%, 

6/15/2029

h

1,165,025

Antero

Resources

Corporation

490,000

5.375%, 

3/1/2030

h

447,135

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

970,000

6.250%, 

4/1/2028

h

900,887

Baytex

Energy

Corporation

1,082,000

8.500%, 

4/30/2030

h

1,071,663

Borr

IHC,

Ltd./Borr

Finance,

LLC

940,000

10.000%, 

11/15/2028

e,h

935,518

300,000

10.375%, 

11/15/2030

e,h

297,450

Buckeye

Partners,

LP

825,000

4.125%, 

12/1/2027

716,760

1,530,000

4.500%, 

3/1/2028

h

1,331,100

Callon

Petroleum

Company

1,971,000

6.375%, 

7/1/2026

i

1,924,847

669,000

7.500%, 

6/15/2030

h,i

647,969

Chesapeake

Energy

Corporation

930,000

6.750%, 

4/15/2029

h

909,965

Chord

Energy

Corporation

930,000

6.375%, 

6/1/2026

h

913,018

Civitas

Resources,

Inc.

613,000

8.375%, 

7/1/2028

h

616,777

486,000

8.625%, 

11/1/2030

h

494,663

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Energy

(13.4%)

-

continued

$

952,000

8.750%, 

7/1/2031

h

$

960,822

CNX

Resources

Corporation

732,000

7.375%, 

1/15/2031

h

699,408

Comstock

Resources,

Inc.

2,700,000

5.875%, 

1/15/2030

h

2,308,527

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

2,345,000

5.500%, 

6/15/2031

h

2,039,565

Crescent

Energy

Finance,

LLC

1,494,000

9.250%, 

2/15/2028

h

1,504,699

CrownRock,

LP/CrownRock

Finance,

Inc.

1,710,000

5.625%, 

10/15/2025

h

1,681,909

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

552,000

8.500%, 

10/1/2030

h

538,037

DT

Midstream,

Inc.

1,390,000

4.125%, 

6/15/2029

h

1,195,135

540,000

4.375%, 

6/15/2031

h

448,448

Enerflex,

Ltd.

1,080,000

9.000%, 

10/15/2027

h

982,800

EnLink

Midstream,

LLC

1,741,000

5.625%, 

1/15/2028

h

1,641,633

EQM

Midstream

Partners,

LP

3,733,000

4.750%, 

1/15/2031

h

3,143,196

Ferrellgas,

LP/Ferrellgas

Finance

Corporation

1,591,000

5.375%, 

4/1/2026

h

1,489,145

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

2,181,000

8.875%, 

4/15/2030

2,108,386

Harvest

Midstream,

LP

2,049,000

7.500%, 

9/1/2028

h

1,941,536

Hess

Midstream

Operations,

LP

1,395,000

4.250%, 

2/15/2030

h

1,193,668

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

1,911,000

5.750%, 

2/1/2029

h

1,720,435

935,000

6.000%, 

2/1/2031

h

819,035

1,440,000

6.250%, 

4/15/2032

h

1,257,554

Howard

Midstream

Energy

Partners,

LLC

2,091,000

6.750%, 

1/15/2027

h

1,976,202

ITT

Holdings,

LLC

1,670,000

6.500%, 

8/1/2029

h

1,396,537

Laredo

Petroleum,

Inc.

2,690,000

7.750%, 

7/31/2029

h

2,435,677

MEG

Energy

Corporation

1,778,000

5.875%, 

2/1/2029

h

1,661,512

Mesquite

Energy,

Inc.

3,260,000

0.000%, 

2/15/2023

f,g

277,100

Murphy

Oil

Corporation

1,465,000

5.875%, 

12/1/2027

1,408,746

Nabors

Industries,

Ltd.

1,755,000

7.250%, 

1/15/2026

h

1,648,770

New

Fortress

Energy,

Inc.

840,000

6.750%, 

9/15/2025

h

779,297

Noble

Finance

II,

LLC

1,350,000

8.000%, 

4/15/2030

h

1,349,175

Northern

Oil

and

Gas,

Inc.

1,368,000

8.750%, 

6/15/2031

h

1,361,090

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

144

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Energy

(13.4%)

-

continued

Northriver

Midstream

Finance,

LP

$

665,000

5.625%, 

2/15/2026

h

$

628,425

NuStar

Logistics,

LP

485,000

5.750%, 

10/1/2025

469,377

Patterson-UTI

Energy,

Inc.

935,000

3.950%, 

2/1/2028

828,103

470,000

5.150%, 

11/15/2029

420,295

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

1,112,000

6.000%, 

2/15/2028

1,022,264

Permian

Resources

Operating,

LLC

1,242,000

7.000%, 

1/15/2032

h

1,203,986

Precision

Drilling

Corporation

1,395,000

6.875%, 

1/15/2029

h,i

1,291,635

Range

Resources

Corporation

1,718,000

4.750%, 

2/15/2030

h

1,525,842

Rockcliff

Energy

II,

LLC

1,509,000

5.500%, 

10/15/2029

h

1,361,998

Rockies

Express

Pipeline,

LLC

715,000

4.950%, 

7/15/2029

h

630,150

SM

Energy

Company

820,000

5.625%, 

6/1/2025

798,182

908,000

6.750%, 

9/15/2026

891,847

Southwestern

Energy

Company

976,000

4.750%, 

2/1/2032

839,348

Sunoco,

LP/Sunoco

Finance

Corporation

975,000

4.500%, 

5/15/2029

844,576

784,000

4.500%, 

4/30/2030

669,633

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

2,497,000

5.500%, 

1/15/2028

h

2,187,498

Targa

Resources

Partners,

LP

1,415,000

6.500%, 

7/15/2027

1,398,444

Teine

Energy,

Ltd.

1,398,000

6.875%, 

4/15/2029

h

1,294,898

Transocean,

Inc.

2,922,000

11.500%, 

1/30/2027

h

3,040,721

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

1,100,000

6.875%, 

4/1/2026

1,068,214

700,000

6.875%, 

9/1/2027

670,675

Valaris,

Ltd.

1,358,000

8.375%, 

4/30/2030

h

1,332,538

Venture

Global

Calcasieu

Pass,

LLC

1,969,000

3.875%, 

8/15/2029

h

1,638,559

882,000

6.250%, 

1/15/2030

h

832,042

1,280,000

4.125%, 

8/15/2031

h

1,029,129

Venture

Global

LNG,

Inc.

940,000

9.500%, 

2/1/2029

h

954,984

2,787,000

8.375%, 

6/1/2031

h

2,659,509

Weatherford

International,

Ltd.

1,255,000

8.625%, 

4/30/2030

h

1,268,151

Total

87,141,844

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Financials

(7.8%)

Acrisure,

LLC/Acrisure

Finance,

Inc.

$

461,000

6.000%, 

8/1/2029

h

$

371,868

AerCap

Holdings

NV

2,460,000

5.875%, 

10/10/2079

b

2,308,840

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

1,075,000

6.750%, 

10/15/2027

h

981,754

Ally

Financial,

Inc.

348,000

6.700%, 

2/14/2033

i

292,515

AmWINS

Group,

Inc.

1,238,000

4.875%, 

6/30/2029

h

1,059,780

Avolon

Holdings

Funding,

Ltd.

952,000

2.528%, 

11/18/2027

h

795,094

Brookfield

Property

REIT,

Inc./BPR

Cumulus,

LLC/BPR

Nimbus,

LLC/GGSI

Sellco,

LLC

476,000

4.500%, 

4/1/2027

h

397,079

Burford

Capital

Global

Finance,

LLC

1,600,000

9.250%, 

7/1/2031

h

1,579,200

Castlelake

Aviation

Finance

DAC

705,000

5.000%, 

4/15/2027

h

622,017

Centene

Corporation

871,000

4.625%, 

12/15/2029

778,030

830,000

3.375%, 

2/15/2030

686,285

Credit

Acceptance

Corporation

1,903,000

5.125%, 

12/31/2024

h

1,839,830

Drawbridge

Special

Opportunities

Fund,

LP

3,052,000

3.875%, 

2/15/2026

h

2,692,625

Enact

Holdings,

Inc.

1,032,000

6.500%, 

8/15/2025

h

1,013,693

Fortress

Transportation

and

Infrastructure

Investors,

LLC

1,659,000

6.500%, 

10/1/2025

h

1,642,600

702,000

9.750%, 

8/1/2027

h

722,182

Freedom

Mortgage

Corporation

686,000

7.625%, 

5/1/2026

h

631,316

552,000

12.000%, 

10/1/2028

h

553,766

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

2,593,000

3.750%, 

12/15/2027

h

1,963,144

HUB

International,

Ltd.

2,024,000

5.625%, 

12/1/2029

h

1,743,112

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

955,000

4.750%, 

9/15/2024

915,936

461,000

6.250%, 

5/15/2026

421,387

1,538,000

5.250%, 

5/15/2027

1,316,913

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

544,000

5.000%, 

8/15/2028

h

434,159

Molina

Healthcare,

Inc.

1,370,000

4.375%, 

6/15/2028

h

1,219,323

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

1,376,000

4.625%, 

8/1/2029

952,648

Nationstar

Mortgage

Holdings,

Inc.

1,364,000

6.000%, 

1/15/2027

h

1,267,865

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

145

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Financials

(7.8%)

-

continued

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

$

1,595,000

4.500%, 

9/30/2028

h

$

1,194,256

NFP

Corporation

815,000

6.875%, 

8/15/2028

h

695,936

Office

Properties

Income

Trust

589,000

2.650%, 

6/15/2026

387,253

OneMain

Finance

Corporation

1,058,000

6.875%, 

3/15/2025

1,043,817

1,753,000

7.125%, 

3/15/2026

1,702,510

709,000

3.500%, 

1/15/2027

599,105

1,152,000

4.000%, 

9/15/2030

842,689

Park

Intermediate

Holdings,

LLC

1,477,000

4.875%, 

5/15/2029

h

1,232,696

PRA

Group,

Inc.

1,293,000

7.375%, 

9/1/2025

h

1,208,955

1,099,000

8.375%, 

2/1/2028

h

905,301

Quicken

Loans,

LLC

1,514,000

3.875%, 

3/1/2031

h

1,170,776

RLJ

Lodging

Trust,

LP

677,000

3.750%, 

7/1/2026

h

609,271

1,466,000

4.000%, 

9/15/2029

h

1,194,790

Service

Properties

Trust

1,448,000

4.650%, 

3/15/2024

1,430,691

424,000

4.350%, 

10/1/2024

406,436

2,137,000

7.500%, 

9/15/2025

2,076,247

SLM

Corporation

700,000

4.200%, 

10/29/2025

651,000

Synchrony

Financial

348,000

7.250%, 

2/2/2033

295,107

UBS

Group

AG

950,000

2.193%, 

6/5/2026

b,h

884,350

United

Wholesale

Mortgage,

LLC

375,000

5.500%, 

11/15/2025

h

356,431

1,059,000

5.500%, 

4/15/2029

h

886,913

USI,

Inc./NY

542,000

6.875%, 

5/1/2025

h

537,046

XHR,

LP

677,000

6.375%, 

8/15/2025

h

656,690

762,000

4.875%, 

6/1/2029

h,i

644,705

Total

50,815,932

Technology

(5.1%)

AthenaHealth

Group,

Inc.

1,788,000

6.500%, 

2/15/2030

h,i

1,461,236

Cloud

Software

Group,

Inc.

721,000

6.500%, 

3/31/2029

h

633,000

540,000

9.000%, 

9/30/2029

h

459,856

CommScope,

Inc.

1,470,000

7.125%, 

7/1/2028

h

551,250

Everi

Holdings,

Inc.

935,000

5.000%, 

7/15/2029

h

785,662

GTCR

W-2

Merger

Sub,

LLC

1,092,000

7.500%, 

1/15/2031

h

1,078,186

II-VI,

Inc.

848,000

5.000%, 

12/15/2029

h

719,587

Iron

Mountain,

Inc.

3,455,000

5.250%, 

3/15/2028

h

3,160,086

610,000

5.000%, 

7/15/2028

h

545,876

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Technology

(5.1%)

-

continued

$

980,000

5.250%, 

7/15/2030

h

$

850,712

1,830,000

4.500%, 

2/15/2031

h

1,496,909

MSCI,

Inc.

2,390,000

3.250%, 

8/15/2033

h

1,768,310

NCR

Voyix

Corporation

2,056,000

5.125%, 

4/15/2029

h

1,767,989

Open

Text

Corporation

2,058,000

3.875%, 

12/1/2029

h

1,682,993

1,427,000

4.125%, 

2/15/2030

h

1,182,411

PTC,

Inc.

360,000

3.625%, 

2/15/2025

h

347,028

1,055,000

4.000%, 

2/15/2028

h

935,445

Rackspace

Technology

Global,

Inc.

965,000

3.500%, 

2/15/2028

h

422,995

550,000

5.375%, 

12/1/2028

h

160,831

RingCentral,

Inc.

1,359,000

8.500%, 

8/15/2030

h

1,291,050

Seagate

HDD

Cayman

2,208,000

4.091%, 

6/1/2029

1,903,608

Sensata

Technologies

BV

2,750,000

4.000%, 

4/15/2029

h

2,337,795

Sensata

Technologies,

Inc.

1,157,000

3.750%, 

2/15/2031

h

926,002

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

1,000,000

4.625%, 

11/1/2026

h

923,750

SS&C

Technologies,

Inc.

3,990,000

5.500%, 

9/30/2027

h

3,743,706

Unisys

Corporation

1,460,000

6.875%, 

11/1/2027

h,i

1,069,450

Viavi

Solutions,

Inc.

1,606,000

3.750%, 

10/1/2029

h

1,250,084

Total

33,455,807

Transportation

(2.3%)

American

Airlines

Group,

Inc.

469,000

3.750%, 

3/1/2025

h,i

437,582

American

Airlines,

Inc.

1,381,000

11.750%, 

7/15/2025

h

1,463,168

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

1,185,833

5.500%, 

4/20/2026

h

1,153,162

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

884,000

5.375%, 

3/1/2029

h

757,154

Delta

Air

Lines,

Inc.

798,000

7.000%, 

5/1/2025

h

801,404

Hawaiian

Brand

Intellectual

Property,

Ltd.

2,612,000

5.750%, 

1/20/2026

h

1,929,927

Hertz

Corporation

1,333,000

4.625%, 

12/1/2026

h

1,116,553

1,599,000

5.000%, 

12/1/2029

h

1,147,929

Rand

Parent,

LLC

1,418,000

8.500%, 

2/15/2030

h,i

1,294,912

RXO,

Inc.

1,619,000

7.500%, 

11/15/2027

h

1,618,563

Spirit

Loyalty

Cayman,

Ltd.

824,000

8.000%, 

9/20/2025

h

607,700

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

146

Principal

Amount

Long-Term

Fixed

Income

(89.8%)

Value

Transportation

(2.3%)

-

continued

United

Airlines,

Inc.

$

1,058,000

4.375%, 

4/15/2026

h

$

981,416

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

407,000

7.875%, 

5/1/2027

h,i

313,016

2,063,000

6.375%, 

2/1/2030

h

1,375,799

Total

14,998,285

Utilities

(2.9%)

Calpine

Corporation

1,145,000

4.500%, 

2/15/2028

h

1,032,445

Edison

International

1,155,000

5.000%, 

12/15/2026

b,k

1,027,906

Leeward

Renewable

Energy

Operations,

LLC

935,000

4.250%, 

7/1/2029

h

763,588

NextEra

Energy

Operating

Partners,

LP

2,548,000

3.875%, 

10/15/2026

h

2,316,690

NRG

Energy,

Inc.

1,270,000

5.250%, 

6/15/2029

h

1,120,471

PG&E

Corporation

1,944,000

5.000%, 

7/1/2028

i

1,761,157

Sunnova

Energy

Corporation

930,000

5.875%, 

9/1/2026

h

753,328

Talen

Energy

Supply,

LLC

1,312,000

8.625%, 

6/1/2030

h

1,333,135

Terraform

Global

Operating,

LLC

2,340,000

6.125%, 

3/1/2026

h

2,249,502

TerraForm

Power

Operating,

LLC

3,120,000

5.000%, 

1/31/2028

h

2,858,294

Vistra

Corporation

1,938,000

7.000%, 

12/15/2026

b,h,k

1,763,580

Vistra

Operations

Company,

LLC

2,042,000

5.000%, 

7/31/2027

h

1,867,994

Total

18,848,090

Total

Long-Term

Fixed

Income

(cost

$660,101,554)

586,093,932

Shares

Collateral

Held

for

Securities

Loaned

(

6.8%

)

Value

44,464,941

Thrivent

Cash

Management

Trust

44,464,941

Total

Collateral

Held

for

Securities

Loaned

(cost

$44,464,941)

44,464,941

Shares

Registered

Investment

Companies

(

2.3%

)

Value

U.S.

Unaffiliated  (2.3%)

8,076

SPDR

Bloomberg

High

Yield

Bond

ETF

i

718,118

593,361

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

i

14,288,133

Total

15,006,251

Total

Registered

Investment

Companies

(cost

$15,726,399)

15,006,251

Shares

Common

Stock

(

0.1%

)

Value

Communications

Services

(0.1%)

73,061

Windstream

Services,

LLC

l

$

675,814

Total

675,814

Energy

(<0.1%)

11,318

California

Resources

Corporation,

Warrants

(Expires

10/27/2024)

l

201,913

Total

201,913

Total

Common

Stock

(cost

$721,635)

877,727

Shares

or

Principal

Amount

Short-Term

Investments

(

3.6%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

2,209,900

5.690%

22,099,006

U.S.

Treasury

Bills

1,100,000

5.337%,

1/18/2024

m,n

1,087,338

Total

Short-Term

Investments

(cost

$23,180,797)

23,186,344

Total

Investments

(cost

$767,159,035)

105.9%

$690,901,852

Other

Assets

and

Liabilities,

Net

(5.9%)

(38,524,175)

Total

Net

Assets

100.0%

$652,377,677

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

Defaulted

security.  Interest

is

not

being

accrued.

g

In

bankruptcy.  Income

is

not

being

accrued

per

the

bankruptcy

agreement

terms.

h

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2023,

the

value

of

these

investments

was

$476,855,176

or

73.1%

of

total

net

assets.

i

All

or

a

portion

of

the

security

is

on

loan.

j

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

October

31,

2023.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield.

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

147

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

High

Yield

Fund

as

of

October

31,

2023

was

$20,110

or

0.00%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

October

31,

2023.

Security

Acquisition

Date

Cost

Abengoa

Abenewco

2

Bis

SA,

Convertible,

4/26/2024

4/26/2019

$

490,667

ACN

113

874

712,

Pty.

Ltd.,

2/15/2018

2/9/2011

2,712,434

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

High

Yield

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

29,650,966

Common

Stock

13,457,456

Total

lending

$43,108,422

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$44,464,941

Net

amounts

due

to

counterparty

$1,356,519

Definitions:

ETF

-

Exchange

Traded

Fund

PIK

-

Payment-In-Kind

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$3,957,376

Gross

unrealized

depreciation

(85,049,332)

Net

unrealized

appreciation

(depreciation)

($81,091,956)

Cost

for

federal

income

tax

purposes

$772,206,681

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

148

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

High

Yield

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

2,816,628

–

–

2,816,628

Capital

Goods

1,351,350

–

1,351,350

–

Communications

Services

6,582,068

–

6,582,068

–

Consumer

Cyclical

1,304,497

–

1,304,497

–

Consumer

Non-Cyclical

3,093,523

–

1,694,017

1,399,506

Energy

954,986

–

954,986

–

Technology

1,870,749

–

1,870,749

–

Transportation

3,298,856

–

3,298,856

–

Long-Term

Fixed

Income

Basic

Materials

36,106,048

–

36,106,048

–

Capital

Goods

78,377,444

–

78,377,444

–

Communications

Services

73,939,443

–

73,939,443

–

Consumer

Cyclical

112,471,274

–

112,471,274

–

Consumer

Non-Cyclical

79,939,765

–

79,939,765

–

Energy

87,141,844

–

87,141,844

–

Financials

50,815,932

–

50,815,932

–

Technology

33,455,807

–

33,455,807

–

Transportation

14,998,285

–

14,998,285

–

Utilities

18,848,090

–

18,848,090

–

Registered

Investment

Companies

U.S.

Unaffiliated

15,006,251

15,006,251

–

–

Common

Stock

Communications

Services

675,814

–

675,814

–

Energy

201,913

201,913

–

–

Short-Term

Investments

1,087,338

–

1,087,338

–

Subtotal

Investments

in

Securities

$624,337,905

$15,208,164

$604,913,607

$4,216,134

Other

Investments  *

Total

Affiliated

Short-Term

Investments

22,099,006

Collateral

Held

for

Securities

Loaned

44,464,941

Subtotal

Other

Investments

$66,563,947

Total

Investments

at

Value

$690,901,852

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

High

Yield

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Credit

Default

Swaps

212,873

–

212,873

–

Total

Asset

Derivatives

$212,873

$–

$212,873

$–

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

149

The

following

table

presents

High

Yield

Fund's

swaps

contracts

held

as

of

October

31,

2023.

Investments

totaling

$1,087,339

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

41,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2028

$

14,200,000

$

–

$

212,873

$

212,873

Total

Credit

Default

Swaps

$–

$212,873

$212,873

1

As

the

buyer

of

protection,

High

Yield

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

High

Yield

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

High

Yield

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

High

Yield

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Credit

Contracts

Credit

Default

Swaps

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

212,873

Total

Credit

Contracts

212,873

Total

Asset

Derivatives

$212,873

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

High

Yield

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

(53,431)

Total

Credit

Contracts

(53,431)

Total

($53,431)

High

Yield

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

150

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

High

Yield

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

212,873

Total

Credit

Contracts

212,873

Total

$212,873

The

following

table

presents

High

Yield

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

($145,858)

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

High

Yield

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$8,909

$144,818

$131,628

$22,099

2,210

3.4%

Total

Affiliated

Short-Term

Investments

8,909

22,099

3.4

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

52,200

495,859

503,594

44,465

44,465

6.8

Total

Collateral

Held

for

Securities

Loaned

52,200

44,465

6.8

Total

Value

$61,109

$66,564

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$–

$–

$–

$669

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$669

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

550

Total

Affiliated

Income

from

Securities

Loaned,

Net

$550

Total

$–

$–

$–

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

151

Principal

Amount

Long-Term

Fixed

Income

(

95.8%

)

Value

Asset-Backed

Securities

(1.0%)

Benefit

Street

Partners

CLO

II,

Ltd.

$

2,400,000

7.556%, 

(TSFR3M

+

2.162%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

a,b

$

2,400,091

GMAC

Mortgage

Corporation

Loan

Trust

64,701

5.939%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,c

36,171

OCP

CLO,

Ltd.

2,875,000

7.656%, 

(TSFR3M

+

2.262%),

7/15/2030,

Ser.

2017-13A,

Class

BR

a,b

2,744,785

Octagon

Investment

Partners

31,

LLC

1,800,000

9.077%, 

(TSFR3M

+

3.662%),

7/20/2030,

Ser.

2017-1A,

Class

DR

a,b

1,724,933

Preferred

Term

Securities

XXIII,

Ltd./Preferred

Term

Securities

XXIII,

Inc.

87,165

5.871%, 

(LIBOR

3M

+

0.200%),

12/22/2036,

Ser.

A-FP

a,b

86,510

Sound

Point

CLO,

Ltd.

1,800,000

7.927%, 

(TSFR3M

+

2.512%),

1/20/2032,

Ser.

2019-1A,

Class

CR

a,b

1,727,545

Total

8,720,035

Basic

Materials

(1.0%)

Alcoa

Nederland

Holding

BV

130,000

5.500%, 

12/15/2027

a

123,198

Anglo

American

Capital

plc

1,450,000

4.750%, 

4/10/2027

a

1,386,756

Celanese

US

Holdings,

LLC

2,200,000

6.550%, 

11/15/2030

2,116,075

Freeport-McMoRan,

Inc.

180,000

4.125%, 

3/1/2028

163,591

Glencore

Funding,

LLC

1,200,000

3.375%, 

9/23/2051

a

688,221

3,013,000

4.000%, 

3/27/2027

a

2,809,971

1,800,000

2.500%, 

9/1/2030

a

1,398,194

Olin

Corporation

180,000

5.125%, 

9/15/2027

165,027

Total

8,851,033

Capital

Goods

(4.3%)

BAE

Systems

plc

1,700,000

3.400%, 

4/15/2030

a

1,454,336

1,400,000

1.900%, 

2/15/2031

a

1,056,498

Boeing

Company

1,250,000

5.805%, 

5/1/2050

1,076,126

5,600,000

5.930%, 

5/1/2060

4,711,304

3,000,000

5.705%, 

5/1/2040

2,653,708

Carrier

Global

Corporation

1,450,000

2.700%, 

2/15/2031

1,145,192

CNH

Industrial

Capital,

LLC

2,100,000

4.550%, 

4/10/2028

1,973,496

Howmet

Aerospace,

Inc.

2,750,000

3.000%, 

1/15/2029

2,321,183

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Capital

Goods

(4.3%)

-

continued

$

1,600,000

5.950%, 

2/1/2037

$

1,461,612

Huntington

Ingalls

Industries,

Inc.

1,100,000

3.844%, 

5/1/2025

1,064,615

Ingersoll

Rand,

Inc.

550,000

5.400%, 

8/14/2028

535,914

750,000

5.700%, 

8/14/2033

708,654

John

Deere

Capital

Corporation

3,250,000

5.150%, 

9/8/2033

3,090,726

L3Harris

Technologies,

Inc.

1,750,000

5.400%, 

1/15/2027

1,718,651

Lockheed

Martin

Corporation

1,400,000

5.900%, 

11/15/2063

1,338,122

Northrop

Grumman

Corporation

1,200,000

4.700%, 

3/15/2033

1,092,936

Regal

Rexnord

Corporation

2,150,000

6.050%, 

4/15/2028

a

2,056,675

2,200,000

6.300%, 

2/15/2030

a

2,070,168

Republic

Services,

Inc.

2,100,000

4.875%, 

4/1/2029

2,014,158

RTX

Corporation

1,000,000

3.030%, 

3/15/2052

558,832

1,075,000

4.450%, 

11/16/2038

857,246

Teledyne

Technologies,

Inc.

2,000,000

2.250%, 

4/1/2028

1,707,511

Textron,

Inc.

1,440,000

3.650%, 

3/15/2027

1,341,233

Total

38,008,896

Collateralized

Mortgage

Obligations

(<0.1%)

Wachovia

Mortgage

Loan

Trust,

LLC

33,090

4.624%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

30,835

Total

30,835

Communications

Services

(7.3%)

Activision

Blizzard,

Inc.

1,600,000

2.500%, 

9/15/2050

894,431

American

Tower

Corporation

1,440,000

3.125%, 

1/15/2027

1,306,997

1,900,000

1.875%, 

10/15/2030

1,406,391

1,100,000

5.650%, 

3/15/2033

1,023,402

AT&T,

Inc.

1,750,000

3.650%, 

6/1/2051

1,077,080

1,519,000

4.300%, 

2/15/2030

1,362,260

1,750,000

2.750%, 

6/1/2031

1,376,665

3,368,000

2.550%, 

12/1/2033

2,417,215

3,200,000

5.400%, 

2/15/2034

2,940,253

1,810,000

4.300%, 

12/15/2042

1,340,238

1,800,000

4.500%, 

3/9/2048

1,303,349

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

1,900,000

5.000%, 

2/1/2028

a

1,706,081

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

2,500,000

4.800%, 

3/1/2050

1,647,978

1,700,000

4.908%, 

7/23/2025

1,662,224

1,550,000

6.384%, 

10/23/2035

1,400,905

2,000,000

3.500%, 

6/1/2041

1,198,397

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

152

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Communications

Services

(7.3%)

-

continued

Comcast

Corporation

$

1,600,000

4.600%, 

10/15/2038

$

1,329,210

1,800,000

4.650%, 

7/15/2042

1,446,935

Cox

Communications,

Inc.

1,800,000

3.350%, 

9/15/2026

a

1,674,526

Discovery

Communications,

LLC

900,000

4.900%, 

3/11/2026

876,922

Meta

Platforms,

Inc.

1,500,000

5.600%, 

5/15/2053

1,356,626

1,750,000

4.800%, 

5/15/2030

1,687,422

1,750,000

4.950%, 

5/15/2033

1,640,507

Netflix,

Inc.

800,000

4.875%, 

4/15/2028

770,749

2,155,000

5.875%, 

11/15/2028

2,155,805

1,200,000

6.375%, 

5/15/2029

1,232,507

3,700,000

4.875%, 

6/15/2030

a,d

3,463,013

SBA

Communications

Corporation

180,000

3.125%, 

2/1/2029

148,825

Sprint

Capital

Corporation

130,000

6.875%, 

11/15/2028

133,325

5,050,000

8.750%, 

3/15/2032

5,684,512

Sprint

Corporation

330,000

7.125%, 

6/15/2024

331,672

Take-Two

Interactive

Software,

Inc.

1,400,000

4.950%, 

3/28/2028

1,345,246

T-Mobile

USA,

Inc.

3,600,000

3.400%, 

10/15/2052

2,130,503

1,200,000

3.500%, 

4/15/2031

996,183

1,200,000

3.000%, 

2/15/2041

757,439

Verizon

Communications,

Inc.

3,000,000

3.875%, 

3/1/2052

2,001,093

1,400,000

4.000%, 

3/22/2050

951,935

1,600,000

2.100%, 

3/22/2028

1,364,798

1,409,000

1.680%, 

10/30/2030

1,050,665

2,800,000

3.400%, 

3/22/2041

1,889,458

Warnermedia

Holdings,

Inc.

2,200,000

5.141%, 

3/15/2052

1,556,757

2,400,000

5.050%, 

3/15/2042

1,777,749

Total

63,818,248

Consumer

Cyclical

(7.4%)

Amazon.com,

Inc.

1,200,000

3.100%, 

5/12/2051

743,486

American

Honda

Finance

Corporation

3,150,000

5.800%, 

10/3/2025

3,159,359

Caesars

Entertainment,

Inc.

180,000

6.250%, 

7/1/2025

a

177,100

Daimler

Trucks

Finance

North

America,

LLC

2,000,000

5.400%, 

9/20/2028

a

1,938,300

3,500,000

2.375%, 

12/14/2028

a

2,936,322

Expedia

Group,

Inc.

3,600,000

3.250%, 

2/15/2030

2,981,200

Ford

Motor

Company

3,400,000

3.250%, 

2/12/2032

2,566,146

Ford

Motor

Credit

Company,

LLC

1,250,000

6.800%, 

5/12/2028

1,246,428

1,700,000

7.350%, 

3/6/2030

1,707,262

General

Motors

Company

1,575,000

6.800%, 

10/1/2027

1,599,576

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Consumer

Cyclical

(7.4%)

-

continued

General

Motors

Financial

Company,

Inc.

$

1,300,000

5.400%, 

4/6/2026

$

1,272,249

3,450,000

6.400%, 

1/9/2033

3,305,346

GLP

Capital,

LP

2,000,000

3.250%, 

1/15/2032

1,512,711

Home

Depot,

Inc.

1,820,000

4.250%, 

4/1/2046

1,383,411

Hyatt

Hotels

Corporation

1,658,000

5.750%, 

4/23/2030

1,571,882

Hyundai

Capital

America

2,500,000

1.800%, 

1/10/2028

a

2,078,337

4,400,000

6.200%, 

9/21/2030

a

4,274,328

Kohl's

Corporation

2,600,000

4.625%, 

5/1/2031

1,777,828

1,050,000

5.550%, 

7/17/2045

609,000

Lennar

Corporation

2,300,000

4.750%, 

5/30/2025

2,251,792

Lowe's

Companies,

Inc.

1,300,000

5.625%, 

4/15/2053

1,123,369

3,250,000

2.625%, 

4/1/2031

2,566,987

Marriott

International,

Inc./MD

4,100,000

4.625%, 

6/15/2030

3,699,176

McDonald's

Corporation

1,825,000

4.450%, 

3/1/2047

1,400,256

Nissan

Motor

Acceptance

Company,

LLC

1,300,000

7.050%, 

9/15/2028

a

1,283,923

Starbucks

Corporation

3,000,000

4.800%, 

2/15/2033

d

2,747,478

Target

Corporation

2,250,000

2.950%, 

1/15/2052

1,295,866

Toll

Brothers

Finance

Corporation

1,700,000

3.800%, 

11/1/2029

1,464,392

Toyota

Motor

Credit

Corporation

3,500,000

4.550%, 

5/17/2030

3,274,397

VICI

Properties,

LP/VICI

Note

Company,

Inc.

1,600,000

4.625%, 

6/15/2025

a

1,536,768

360,000

4.500%, 

9/1/2026

a

336,046

90,000

4.250%, 

12/1/2026

a

83,063

2,425,000

5.750%, 

2/1/2027

a

2,320,758

1,200,000

3.750%, 

2/15/2027

a

1,079,790

90,000

4.625%, 

12/1/2029

a

77,846

Walmart,

Inc.

1,800,000

4.500%, 

9/9/2052

1,460,436

Total

64,842,614

Consumer

Non-Cyclical

(10.9%)

Abbott

Laboratories

810,000

4.750%, 

11/30/2036

738,382

2,000,000

6.000%, 

4/1/2039

2,005,848

AbbVie,

Inc.

3,900,000

4.550%, 

3/15/2035

3,428,696

1,900,000

4.300%, 

5/14/2036

1,613,494

1,100,000

4.850%, 

6/15/2044

919,968

Amgen,

Inc.

3,000,000

5.650%, 

3/2/2053

2,638,538

2,100,000

5.250%, 

3/2/2033

1,958,466

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

153

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Consumer

Non-Cyclical

(10.9%)

-

continued

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

$

1,790,000

4.700%, 

2/1/2036

$

1,575,270

Anheuser-Busch

InBev

Worldwide,

Inc.

2,500,000

3.500%, 

6/1/2030

2,197,153

414,000

4.600%, 

4/15/2048

335,382

1,800,000

4.439%, 

10/6/2048

1,392,783

2,600,000

5.550%, 

1/23/2049

2,358,768

AstraZeneca

plc

2,600,000

2.125%, 

8/6/2050

1,340,080

2,500,000

1.375%, 

8/6/2030

1,905,183

BAT

Capital

Corporation

1,750,000

4.700%, 

4/2/2027

1,666,571

3,000,000

2.259%, 

3/25/2028

2,517,623

1,900,000

6.343%, 

8/2/2030

1,843,976

1,600,000

7.750%, 

10/19/2032

1,641,852

Becton,

Dickinson

and

Company

2,194,000

3.794%, 

5/20/2050

1,477,231

Bristol-Myers

Squibb

Company

850,000

6.250%, 

11/15/2053

e

841,178

Cargill,

Inc.

1,250,000

3.125%, 

5/25/2051

a

756,108

Constellation

Brands,

Inc.

360,000

3.500%, 

5/9/2027

332,895

2,000,000

4.900%, 

5/1/2033

1,805,772

CVS

Health

Corporation

2,250,000

5.625%, 

2/21/2053

1,906,710

1,050,000

4.250%, 

4/1/2050

727,672

1,350,000

5.125%, 

2/21/2030

1,270,875

2,200,000

2.125%, 

9/15/2031

1,639,351

Eli

Lilly

&

Company

1,530,000

4.950%, 

2/27/2063

1,303,096

1,750,000

4.700%, 

2/27/2033

1,643,408

HCA,

Inc.

2,500,000

5.875%, 

2/15/2026

2,478,004

2,000,000

5.625%, 

9/1/2028

1,934,911

Imperial

Brands

Finance

plc

1,800,000

3.500%, 

7/26/2026

a

1,676,813

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

USA

Finance,

Inc.

2,800,000

4.375%, 

2/2/2052

1,710,021

800,000

5.500%, 

1/15/2030

731,099

1,650,000

3.625%, 

1/15/2032

1,268,352

2,600,000

3.000%, 

5/15/2032

1,890,903

Kenvue,

Inc.

1,250,000

5.050%, 

3/22/2053

1,073,993

1,150,000

5.000%, 

3/22/2030

1,106,625

Kraft

Heinz

Foods

Company

1,100,000

5.500%, 

6/1/2050

944,086

250,000

3.750%, 

4/1/2030

218,901

120,000

5.000%, 

6/4/2042

98,903

1,230,000

4.375%, 

6/1/2046

899,937

1,150,000

4.875%, 

10/1/2049

900,330

Mattel,

Inc.

1,250,000

3.375%, 

4/1/2026

a

1,154,590

2,000,000

5.450%, 

11/1/2041

1,560,122

Medtronic,

Inc.

2,800,000

4.375%, 

3/15/2035

2,449,580

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Consumer

Non-Cyclical

(10.9%)

-

continued

Nestle

Holdings,

Inc.

$

3,000,000

4.950%, 

3/14/2030

a

$

2,900,218

2,100,000

4.850%, 

3/14/2033

a

1,970,509

Newell

Brands,

Inc.

1,400,000

5.200%, 

4/1/2026

1,321,814

Pfizer

Investment

Enterprises

Pte,

Ltd.

1,675,000

5.300%, 

5/19/2053

1,465,370

2,550,000

5.340%, 

5/19/2063

2,184,477

833,000

4.750%, 

5/19/2033

765,529

2,500,000

5.110%, 

5/19/2043

2,194,297

Philip

Morris

International,

Inc.

3,200,000

5.125%, 

2/15/2030

3,014,595

3,500,000

5.500%, 

9/7/2030

3,350,205

2,065,000

5.750%, 

11/17/2032

1,972,899

Reynolds

American,

Inc.

940,000

5.850%, 

8/15/2045

734,819

Roche

Holdings,

Inc.

2,700,000

2.607%, 

12/13/2051

a

1,496,872

Royalty

Pharma

plc

1,450,000

1.750%, 

9/2/2027

1,234,647

Smithfield

Foods,

Inc.

800,000

3.000%, 

10/15/2030

a

605,230

Sysco

Corporation

1,000,000

6.600%, 

4/1/2040

985,382

Takeda

Pharmaceutical

Company,

Ltd.

2,200,000

3.175%, 

7/9/2050

1,304,642

Total

95,381,004

Energy

(6.0%)

BP

Capital

Markets

America,

Inc.

3,750,000

3.001%, 

3/17/2052

2,178,319

Canadian

Natural

Resources,

Ltd.

800,000

2.950%, 

7/15/2030

652,351

Cheniere

Energy

Partners,

LP

5,190,000

4.500%, 

10/1/2029

4,646,856

1,500,000

4.000%, 

3/1/2031

1,256,049

1,350,000

5.950%, 

6/30/2033

a

1,262,493

Continental

Resources,

Inc.

800,000

2.268%, 

11/15/2026

a

708,912

1,900,000

4.375%, 

1/15/2028

1,750,538

Energy

Transfer,

LP

1,000,000

6.500%, 

11/15/2026

b,f

905,680

2,520,000

4.200%, 

4/15/2027

2,359,993

2,500,000

4.000%, 

10/1/2027

2,301,766

2,350,000

3.750%, 

5/15/2030

2,008,494

2,650,000

6.000%, 

6/15/2048

2,253,162

Enterprise

Products

Operating,

LLC

900,000

8.619%, 

(TSFR3M

+

3.248%),

8/16/2077

b

879,769

EQT

Corporation

1,328,000

6.125%, 

2/1/2025

1,323,921

Halliburton

Company

2,200,000

4.850%, 

11/15/2035

1,935,700

MPLX,

LP

1,750,000

4.800%, 

2/15/2029

1,636,918

National

Fuel

Gas

Company

3,025,000

5.500%, 

1/15/2026

2,966,917

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

154

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Energy

(6.0%)

-

continued

Occidental

Petroleum

Corporation

$

2,500,000

6.625%, 

9/1/2030

$

2,507,641

ONEOK,

Inc.

600,000

5.650%, 

11/1/2028

585,481

Ovintiv,

Inc.

2,911,000

5.375%, 

1/1/2026

2,860,758

1,150,000

5.650%, 

5/15/2028

1,116,528

Pioneer

Natural

Resources

Company

1,200,000

2.150%, 

1/15/2031

942,439

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

1,800,000

3.800%, 

9/15/2030

1,516,846

Schlumberger

Holdings

Corporation

1,750,000

3.900%, 

5/17/2028

a

1,612,976

Targa

Resources

Corporation

1,400,000

6.125%, 

3/15/2033

1,340,840

TransCanada

PipeLines,

Ltd.

700,000

6.203%, 

3/9/2026

699,567

1,250,000

4.625%, 

3/1/2034

1,057,343

Western

Gas

Partners,

LP

3,300,000

4.650%, 

7/1/2026

3,155,142

Williams

Companies,

Inc.

1,300,000

5.300%, 

8/15/2052

1,056,923

1,800,000

7.500%, 

1/15/2031

1,868,505

Williams

Partners,

LP

1,730,000

4.850%, 

3/1/2048

1,324,595

Total

52,673,422

Financials

(35.7%)

AerCap

Holdings

NV

1,800,000

5.875%, 

10/10/2079

b

1,689,395

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,350,000

6.500%, 

7/15/2025

1,346,882

1,500,000

4.625%, 

10/15/2027

1,390,110

2,200,000

3.875%, 

1/23/2028

1,975,794

2,900,000

6.150%, 

9/30/2030

2,773,571

1,600,000

3.400%, 

10/29/2033

1,196,481

Air

Lease

Corporation

2,900,000

4.650%, 

6/15/2026

b,f

2,468,313

1,200,000

3.625%, 

4/1/2027

1,075,143

1,500,000

3.000%, 

2/1/2030

1,218,354

Aircastle,

Ltd.

1,200,000

2.850%, 

1/26/2028

a

1,001,001

Allianz

SE

1,800,000

3.200%, 

10/30/2027

a,b,f

1,280,113

Ally

Financial,

Inc.

2,420,000

5.750%, 

11/20/2025

2,311,747

1,250,000

8.000%, 

11/1/2031

1,220,054

American

Express

Company

1,700,000

6.489%, 

10/30/2031

b

1,702,553

American

Homes

4

Rent,

LP

950,000

2.375%, 

7/15/2031

706,176

ANZ

Bank

New

Zealand,

Ltd.

1,300,000

5.548%, 

8/11/2032

a,b

1,253,392

Aon

Corporation/Aon

Global

Holdings

plc

1,500,000

5.350%, 

2/28/2033

1,397,987

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Financials

(35.7%)

-

continued

Ares

Capital

Corporation

$

2,400,000

3.875%, 

1/15/2026

$

2,244,482

1,200,000

2.875%, 

6/15/2027

1,040,732

Associated

Banc-Corp

1,850,000

4.250%, 

1/15/2025

1,773,417

Australia

&

New

Zealand

Banking

Group,

Ltd.

1,800,000

2.950%, 

7/22/2030

a,b

1,672,552

1,500,000

2.570%, 

11/25/2035

a,b

1,082,902

Avolon

Holdings

Funding,

Ltd.

700,000

5.250%, 

5/15/2024

a

693,416

1,200,000

5.500%, 

1/15/2026

a

1,155,420

1,000,000

4.250%, 

4/15/2026

a

933,378

3,600,000

4.375%, 

5/1/2026

a

3,355,626

Banco

Santander

SA

1,800,000

2.746%, 

5/28/2025

1,696,185

3,000,000

5.294%, 

8/18/2027

2,862,760

1,200,000

4.379%, 

4/12/2028

1,091,283

Bank

of

America

Corporation

2,800,000

3.705%, 

4/24/2028

b

2,557,771

1,500,000

5.202%, 

4/25/2029

b

1,426,147

1,450,000

4.271%, 

7/23/2029

b

1,319,524

3,000,000

5.819%, 

9/15/2029

b

2,921,185

1,175,000

3.974%, 

2/7/2030

b

1,039,142

2,030,000

3.194%, 

7/23/2030

b

1,702,366

3,800,000

1.922%, 

10/24/2031

b

2,802,246

2,750,000

2.572%, 

10/20/2032

b

2,059,593

1,200,000

2.972%, 

2/4/2033

b

919,721

3,200,000

4.571%, 

4/27/2033

b

2,759,709

1,200,000

4.244%, 

4/24/2038

b

947,008

Bank

of

New

York

Mellon

Corporation

2,075,000

5.802%, 

10/25/2028

b

2,048,240

2,200,000

4.543%, 

2/1/2029

b

2,064,152

Barclays

plc

1,900,000

6.125%, 

12/15/2025

b,f

1,697,118

2,200,000

5.829%, 

5/9/2027

b

2,149,732

720,000

4.836%, 

5/9/2028

647,055

1,900,000

2.645%, 

6/24/2031

b

1,441,934

Berkshire

Hathaway

Finance

Corporation

4,500,000

2.850%, 

10/15/2050

2,585,124

1,050,000

4.250%, 

1/15/2049

810,593

Blackstone

Private

Credit

Fund

1,400,000

7.050%, 

9/29/2025

1,394,652

Blue

Owl

Credit

Income

Corporation

2,000,000

4.700%, 

2/8/2027

1,814,372

Blue

Owl

Technology

Finance

Corporation

1,000,000

3.750%, 

6/17/2026

a

885,518

BNP

Paribas

SA

1,800,000

6.625%, 

3/25/2024

a,b,f

1,774,815

1,350,000

8.500%, 

8/14/2028

a,b,f

1,293,555

BPCE

SA

2,060,000

5.150%, 

7/21/2024

a

2,030,027

1,250,000

6.612%, 

10/19/2027

a,b

1,243,751

Brandywine

Operating

Partnership,

LP

1,467,000

3.950%, 

11/15/2027

1,216,050

Brixmor

Operating

Partnership,

LP

1,000,000

2.250%, 

4/1/2028

834,815

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

155

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Financials

(35.7%)

-

continued

Capital

One

Financial

Corporation

$

1,810,000

4.200%, 

10/29/2025

$

1,716,338

Centene

Corporation

90,000

4.250%, 

12/15/2027

82,827

270,000

4.625%, 

12/15/2029

241,180

3,145,000

3.375%, 

2/15/2030

2,600,440

2,000,000

2.500%, 

3/1/2031

1,512,978

1,800,000

2.625%, 

8/1/2031

1,351,800

Charles

Schwab

Corporation

1,450,000

5.375%, 

6/1/2025

b,d,f

1,376,859

2,900,000

4.000%, 

12/1/2030

b,f

1,979,012

Citigroup,

Inc.

1,695,000

5.500%, 

9/13/2025

1,671,183

1,510,000

4.450%, 

9/29/2027

1,394,850

1,500,000

3.668%, 

7/24/2028

b

1,358,885

2,000,000

4.075%, 

4/23/2029

b

1,819,059

2,250,000

2.520%, 

11/3/2032

b

1,673,871

4,100,000

3.057%, 

1/25/2033

b

3,156,625

Comerica,

Inc.

1,150,000

5.625%, 

7/1/2025

b,d,f

988,724

Corebridge

Financial,

Inc.

950,000

3.650%, 

4/5/2027

870,022

1,350,000

3.850%, 

4/5/2029

1,193,092

Corebridge

Global

Funding

1,350,000

5.900%, 

9/19/2028

a

1,333,399

CoreStates

Capital

III

1,360,000

6.196%, 

(TSFR3M

+

0.832%),

2/15/2027

a,b

1,289,366

Corporate

Office

Properties,

LP

1,325,000

2.250%, 

3/15/2026

1,198,166

Credit

Agricole

SA

1,400,000

6.875%, 

9/23/2024

a,b,f

1,359,652

Credit

Suisse

Group

AG

2,300,000

5.250%, 

8/11/2024

a,b,f,g

241,500

2,350,000

7.250%, 

9/12/2025

a,b,f,g

246,750

1,300,000

7.500%, 

7/17/2028

*,b,f,g

136,500

Danske

Bank

AS

1,900,000

3.773%, 

3/28/2025

a,b

1,876,713

Deutsche

Bank

AG

2,200,000

6.000%, 

10/30/2025

b,f

1,771,343

Deutsche

Bank

AG/New

York,

NY

1,400,000

3.961%, 

11/26/2025

b

1,350,040

1,800,000

2.311%, 

11/16/2027

b

1,556,872

Discover

Bank

2,510,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

2,259,000

Elevance

Health,

Inc.

1,250,000

5.125%, 

2/15/2053

1,037,191

1,250,000

6.100%, 

10/15/2052

1,181,948

1,500,000

4.750%, 

2/15/2033

1,360,173

EPR

Properties

1,318,000

4.950%, 

4/15/2028

1,148,487

2,800,000

3.750%, 

8/15/2029

2,209,096

Extra

Space

Storage,

LP

1,500,000

5.500%, 

7/1/2030

1,418,824

First

Horizon

Bank

1,250,000

5.750%, 

5/1/2030

d

1,057,946

First

Horizon

National

Corporation

1,875,000

4.000%, 

5/26/2025

1,744,125

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Financials

(35.7%)

-

continued

First-Citizens

Bank

&

Trust

Company

$

3,650,000

6.125%, 

3/9/2028

$

3,539,086

FS

KKR

Capital

Corporation

3,150,000

4.250%, 

2/14/2025

a

3,023,057

Goldman

Sachs

Group,

Inc.

1,800,000

4.950%, 

2/10/2025

b,f

1,657,711

1,900,000

3.691%, 

6/5/2028

b

1,734,039

2,750,000

3.814%, 

4/23/2029

b

2,470,273

1,900,000

4.223%, 

5/1/2029

b

1,734,293

5,200,000

3.102%, 

2/24/2033

b

4,042,445

HSBC

Holdings

plc

2,530,000

4.041%, 

3/13/2028

b

2,323,737

ING

Groep

NV

2,000,000

6.083%, 

9/11/2027

b

1,980,916

Intercontinental

Exchange,

Inc.

800,000

4.950%, 

6/15/2052

654,032

900,000

4.350%, 

6/15/2029

828,776

Invitation

Homes

Operating

Partnership,

LP

1,000,000

2.300%, 

11/15/2028

827,360

1,250,000

5.450%, 

8/15/2030

1,165,512

1,000,000

2.000%, 

8/15/2031

720,028

J.P.

Morgan

Chase

&

Company

1,150,000

8.884%, 

(TSFR3M

+

3.512%),

2/1/2024

b,d,f

1,152,409

1,250,000

6.070%, 

10/22/2027

b

1,247,358

1,700,000

6.087%, 

10/23/2029

b

1,689,918

1,800,000

2.956%, 

5/13/2031

b

1,451,488

800,000

2.580%, 

4/22/2032

b

617,867

2,100,000

2.545%, 

11/8/2032

b

1,591,085

1,800,000

2.963%, 

1/25/2033

b

1,402,370

3,200,000

4.586%, 

4/26/2033

b

2,812,542

2,800,000

4.912%, 

7/25/2033

b

2,515,044

2,000,000

5.717%, 

9/14/2033

b

1,872,903

KeyBank

NA/Cleveland,

OH

1,775,000

4.150%, 

8/8/2025

1,650,766

KeyCorp

2,100,000

2.250%, 

4/6/2027

1,742,899

Kilroy

Realty,

LP

1,450,000

4.250%, 

8/15/2029

1,206,244

Kimco

Realty

OP,

LLC

1,250,000

6.400%, 

3/1/2034

1,227,090

Lloyds

Banking

Group

plc

1,100,000

2.438%, 

2/5/2026

b

1,042,760

1,090,000

4.650%, 

3/24/2026

1,032,285

1,500,000

5.985%, 

8/7/2027

b

1,478,200

M&T

Bank

Corporation

1,300,000

3.500%, 

9/1/2026

b,f

869,320

Massachusetts

Mutual

Life

Insurance

Company

3,400,000

3.200%, 

12/1/2061

*

1,788,206

Metropolitan

Life

Global

Funding

I

3,050,000

4.300%, 

8/25/2029

a

2,801,289

Mitsubishi

UFJ

Financial

Group,

Inc.

835,000

5.541%, 

4/17/2026

b

826,190

1,300,000

8.200%, 

1/15/2029

b,f

1,320,361

2,250,000

5.133%, 

7/20/2033

b

2,056,056

Mizuho

Financial

Group,

Inc.

1,400,000

1.979%, 

9/8/2031

b

1,038,872

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

156

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Financials

(35.7%)

-

continued

Morgan

Stanley

$

1,140,000

8.831%, 

(TSFR3M

+

3.422%),

12/15/2025

b,f

$

1,154,066

1,490,000

4.350%, 

9/8/2026

1,409,696

1,150,000

5.123%, 

2/1/2029

b

1,094,905

950,000

5.449%, 

7/20/2029

b

913,653

2,400,000

3.622%, 

4/1/2031

b

2,032,022

1,900,000

1.794%, 

2/13/2032

b

1,374,581

2,000,000

2.943%, 

1/21/2033

b

1,534,796

950,000

4.889%, 

7/20/2033

b

841,277

2,900,000

6.342%, 

10/18/2033

b

2,843,098

1,100,000

6.627%, 

11/1/2034

b

1,098,350

1,400,000

5.297%, 

4/20/2037

b

1,214,167

Nationwide

Building

Society

763,000

4.000%, 

9/14/2026

a

706,691

2,200,000

6.557%, 

10/18/2027

a,b

2,196,469

Nationwide

Mutual

Insurance

Company

1,775,000

4.350%, 

4/30/2050

a

1,193,900

NatWest

Group

plc

600,000

3.754%, 

11/1/2029

b

572,583

2,900,000

3.032%, 

11/28/2035

b

2,124,588

New

York

Life

Global

Funding

2,350,000

4.550%, 

1/28/2033

a

2,099,600

NNN

REIT,

Inc.

900,000

5.600%, 

10/15/2033

829,554

Nomura

Holdings,

Inc.

2,500,000

5.709%, 

1/9/2026

2,464,193

Omega

Healthcare

Investors,

Inc.

1,667,000

4.750%, 

1/15/2028

1,520,431

1,875,000

3.625%, 

10/1/2029

1,527,514

Peachtree

Corners

Funding

Trust

1,700,000

3.976%, 

2/15/2025

a

1,642,662

PNC

Financial

Services

Group,

Inc.

1,700,000

6.615%, 

10/20/2027

b

1,704,225

2,500,000

6.250%, 

3/15/2030

b,f

2,057,502

3,000,000

5.068%, 

1/24/2034

b

2,639,829

3,250,000

6.875%, 

10/20/2034

b

3,248,038

Prologis,

LP

1,250,000

1.750%, 

2/1/2031

934,679

Prudential

Financial,

Inc.

880,000

5.125%, 

3/1/2052

b

748,213

1,025,000

5.200%, 

3/15/2044

b

1,010,205

1,750,000

3.700%, 

10/1/2050

b

1,378,759

Public

Storage

Operating

Company

1,250,000

5.125%, 

1/15/2029

1,218,295

Realty

Income

Corporation

1,517,000

4.850%, 

3/15/2030

1,401,135

Regency

Centers,

LP

1,440,000

3.600%, 

2/1/2027

1,339,519

1,750,000

3.700%, 

6/15/2030

1,486,015

Spirit

Realty,

LP

1,100,000

2.100%, 

3/15/2028

916,869

2,250,000

3.400%, 

1/15/2030

1,852,241

1,150,000

3.200%, 

2/15/2031

905,419

Standard

Chartered

plc

2,100,000

0.991%, 

1/12/2025

a,b

2,074,460

Sumitomo

Mitsui

Financial

Group,

Inc.

2,900,000

5.808%, 

9/14/2033

2,744,950

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Financials

(35.7%)

-

continued

Synchrony

Financial

$

1,050,000

4.250%, 

8/15/2024

$

1,028,027

Synovus

Bank

1,260,000

5.625%, 

2/15/2028

1,119,050

Toronto-Dominion

Bank

1,250,000

5.532%, 

7/17/2026

1,237,064

Truist

Financial

Corporation

1,100,000

6.047%, 

6/8/2027

b

1,077,467

1,250,000

5.125%, 

12/15/2027

b,f

869,437

U.S.

Bancorp

1,850,000

5.727%, 

10/21/2026

b

1,823,459

2,150,000

5.775%, 

6/12/2029

b

2,067,357

UBS

Group

AG

1,050,000

4.875%, 

2/12/2027

a,b,f

863,492

1,900,000

4.282%, 

1/9/2028

a

1,733,365

4,900,000

3.869%, 

1/12/2029

a,b

4,386,632

250,000

3.091%, 

5/14/2032

a,b

192,289

6,450,000

6.537%, 

8/12/2033

a,b

6,198,135

UnitedHealth

Group,

Inc.

1,300,000

5.875%, 

2/15/2053

1,229,411

2,400,000

4.950%, 

5/15/2062

1,948,418

760,000

4.750%, 

7/15/2045

623,952

1,775,000

4.450%, 

12/15/2048

1,368,788

Wells

Fargo

&

Company

3,050,000

3.526%, 

3/24/2028

b

2,780,913

2,500,000

7.625%, 

9/15/2028

b,d,f

2,503,242

1,500,000

6.303%, 

10/23/2029

b

1,487,596

2,750,000

4.478%, 

4/4/2031

b

2,443,413

2,700,000

4.897%, 

7/25/2033

b

2,373,174

1,900,000

6.491%, 

10/23/2034

b

1,866,943

Westpac

Banking

Corporation

1,600,000

2.894%, 

2/4/2030

b

1,514,280

1,850,000

2.963%, 

11/16/2040

1,079,703

Willis

North

America,

Inc.

2,400,000

4.650%, 

6/15/2027

2,284,210

Total

312,043,723

Foreign

Government

(0.4%)

Dominican

Republic

Government

International

Bond

550,000

6.000%, 

7/19/2028

a

520,631

3,200,000

6.000%, 

2/22/2033

a

2,820,353

Total

3,340,984

Mortgage-Backed

Securities

(3.2%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

16,807,266

5.500%, 

7/1/2053

15,982,254

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

12,500,000

6.000%, 

11/1/2041

e

12,162,934

Total

28,145,188

Technology

(4.3%)

Apple,

Inc.

1,850,000

2.700%, 

8/5/2051

1,069,880

1,750,000

3.950%, 

8/8/2052

1,297,422

1,080,000

3.750%, 

9/12/2047

787,839

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

157

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Technology

(4.3%)

-

continued

Broadcom,

Inc.

$

1,743,000

3.469%, 

4/15/2034

a

$

1,328,061

2,400,000

3.137%, 

11/15/2035

a

1,692,952

1,800,000

3.187%, 

11/15/2036

a

1,246,606

1,800,000

4.926%, 

5/15/2037

a

1,500,162

Dell

International,

LLC/EMC

Corporation

700,000

6.100%, 

7/15/2027

701,747

641,000

8.350%, 

7/15/2046

716,094

Equinix,

Inc.

1,800,000

2.000%, 

5/15/2028

1,501,379

Fiserv,

Inc.

2,000,000

2.650%, 

6/1/2030

1,611,712

2,500,000

5.600%, 

3/2/2033

2,352,462

Global

Payments,

Inc.

900,000

5.300%, 

8/15/2029

845,356

1,300,000

5.400%, 

8/15/2032

1,177,893

Intel

Corporation

1,350,000

4.875%, 

2/10/2028

1,314,181

Marvell

Technology,

Inc.

1,100,000

4.875%, 

6/22/2028

1,035,074

1,400,000

2.950%, 

4/15/2031

1,105,178

Mastercard,

Inc.

1,250,000

4.850%, 

3/9/2033

1,175,890

NXP

BV/NXP

Funding,

LLC

1,200,000

5.550%, 

12/1/2028

1,158,053

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

1,100,000

3.150%, 

5/1/2027

995,773

1,100,000

4.300%, 

6/18/2029

992,562

1,850,000

3.250%, 

5/11/2041

1,187,261

Oracle

Corporation

2,400,000

3.950%, 

3/25/2051

1,557,933

3,300,000

6.150%, 

11/9/2029

3,311,925

1,800,000

4.300%, 

7/8/2034

1,500,355

2,350,000

4.000%, 

7/15/2046

1,578,911

Texas

Instruments,

Inc.

2,100,000

5.000%, 

3/14/2053

1,788,230

VMware,

Inc.

1,900,000

2.200%, 

8/15/2031

1,404,603

Total

37,935,494

Transportation

(2.5%)

American

Airlines,

Inc.

1,850,000

11.750%, 

7/15/2025

a

1,960,073

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

1,066,667

5.500%, 

4/20/2026

a

1,037,278

1,900,000

5.750%, 

4/20/2029

a

1,713,904

Burlington

Northern

Santa

Fe,

LLC

1,500,000

4.700%, 

9/1/2045

1,213,540

1,800,000

4.050%, 

6/15/2048

1,304,259

Canadian

Pacific

Railway

Company

1,480,000

4.700%, 

5/1/2048

1,153,804

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

2,900,000

4.750%, 

10/20/2028

a

2,725,947

ERAC

USA

Finance,

LLC

2,440,000

4.200%, 

11/1/2046

a

1,774,933

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Transportation

(2.5%)

-

continued

FedEx

Corporation

$

1,500,000

3.250%, 

5/15/2041

$

988,810

Mileage

Plus

Holdings,

LLC

2,625,000

6.500%, 

6/20/2027

a

2,593,179

Norfolk

Southern

Corporation

4,000,000

4.450%, 

3/1/2033

3,548,830

Southwest

Airlines

Company

1,375,000

2.625%, 

2/10/2030

1,110,556

United

Airlines

Pass

Through

Trust

503,534

3.750%, 

9/3/2026

469,647

United

Airlines,

Inc.

250,000

4.375%, 

4/15/2026

a

231,904

225,000

4.625%, 

4/15/2029

a

190,058

Total

22,016,722

U.S.

Government

&

Agencies

(4.1%)

U.S.

Treasury

Bonds

22,600,000

3.625%, 

5/15/2053

17,617,406

1,150,000

4.000%, 

11/15/2042

974,895

7,750,000

3.875%, 

2/15/2043

6,443,398

4,500,000

4.375%, 

8/15/2043

4,013,438

U.S.

Treasury

Notes

7,270,000

3.500%, 

2/15/2033

6,507,786

Total

35,556,923

Utilities

(7.7%)

AEP

Transmission

Company,

LLC

1,000,000

5.400%, 

3/15/2053

873,478

American

Electric

Power

Company,

Inc.

2,300,000

3.875%, 

2/15/2062

b

1,806,246

1,250,000

5.625%, 

3/1/2033

1,173,280

American

Water

Capital

Corporation

1,800,000

3.450%, 

5/1/2050

1,150,332

Arizona

Public

Service

Company

1,950,000

5.550%, 

8/1/2033

1,831,900

Berkshire

Hathaway

Energy

Company

1,425,000

4.450%, 

1/15/2049

1,043,816

CenterPoint

Energy

Resources

Corporation

1,700,000

1.750%, 

10/1/2030

1,280,040

CenterPoint

Energy,

Inc.

1,750,000

2.950%, 

3/1/2030

1,437,106

1,850,000

2.650%, 

6/1/2031

1,442,534

Consolidated

Edison

Company

of

New

York,

Inc.

1,583,000

3.850%, 

6/15/2046

1,073,358

2,250,000

4.125%, 

5/15/2049

1,591,428

Constellation

Energy

Generation,

LLC

1,900,000

5.800%, 

3/1/2033

1,801,963

Dominion

Energy,

Inc.

1,250,000

4.650%, 

12/15/2024

b,f

1,135,206

2,350,000

4.350%, 

1/15/2027

b,f

1,912,079

Duke

Energy

Corporation

2,950,000

3.250%, 

1/15/2082

b

2,119,327

1,500,000

3.500%, 

6/15/2051

909,523

3,000,000

5.000%, 

8/15/2052

2,329,135

1,800,000

3.750%, 

9/1/2046

1,172,800

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

158

Principal

Amount

Long-Term

Fixed

Income

(95.8%)

Value

Utilities

(7.7%)

-

continued

Edison

International

$

3,700,000

5.750%, 

6/15/2027

$

3,637,176

Enel

Finance

America,

LLC

2,250,000

2.875%, 

7/12/2041

a

1,287,617

Entergy

Corporation

2,000,000

2.400%, 

6/15/2031

1,519,629

Eversource

Energy

1,600,000

5.450%, 

3/1/2028

1,561,951

Exelon

Corporation

1,200,000

4.100%, 

3/15/2052

815,942

FirstEnergy

Corporation

2,520,000

4.150%, 

7/15/2027

2,332,490

2,200,000

5.100%, 

7/15/2047

1,824,288

FirstEnergy

Transmission,

LLC

2,700,000

2.866%, 

9/15/2028

a

2,308,408

1,850,000

5.450%, 

7/15/2044

a

1,544,374

Georgia

Power

Company

2,000,000

3.250%, 

3/15/2051

1,192,578

Indiana

Michigan

Power

Company

1,000,000

5.625%, 

4/1/2053

885,281

National

Rural

Utilities

Cooperative

Finance

Corporation

1,400,000

4.400%, 

11/1/2048

1,041,458

Nevada

Power

Company

675,000

6.000%, 

3/15/2054

620,454

NextEra

Energy

Capital

Holdings,

Inc.

1,850,000

5.749%, 

9/1/2025

1,841,303

NiSource

Finance

Corporation

1,080,000

4.375%, 

5/15/2047

782,767

NiSource,

Inc.

1,400,000

3.600%, 

5/1/2030

1,198,331

NRG

Energy,

Inc.

1,300,000

4.450%, 

6/15/2029

a

1,123,707

Oncor

Electric

Delivery

Company,

LLC

1,510,000

3.750%, 

4/1/2045

1,063,031

Pacific

Gas

and

Electric

Company

1,100,000

3.300%, 

12/1/2027

957,966

3,200,000

4.550%, 

7/1/2030

2,769,616

Public

Service

Company

of

Colorado

1,200,000

4.500%, 

6/1/2052

884,829

San

Diego

Gas

&

Electric

Company

1,800,000

4.150%, 

5/15/2048

1,299,620

Sempra

1,800,000

3.250%, 

6/15/2027

1,630,816

Southern

Company

600,000

4.475%, 

8/1/2024

592,006

2,000,000

5.700%, 

10/15/2032

1,916,111

1,300,000

4.000%, 

1/15/2051

b

1,186,099

1,350,000

3.750%, 

9/15/2051

b

1,154,374

Vistra

Operations

Company,

LLC

1,200,000

4.875%, 

5/13/2024

a

1,186,425

1,200,000

5.125%, 

5/13/2025

a

1,172,573

Total

67,414,771

Total

Long-Term

Fixed

Income

(cost

$975,337,222)

838,779,892

Shares

Collateral

Held

for

Securities

Loaned

(

1.0%

)

Value

8,411,548

Thrivent

Cash

Management

Trust

$

8,411,548

Total

Collateral

Held

for

Securities

Loaned

(cost

$8,411,548)

8,411,548

Shares

Common

Stock

(

<0.1%

)

Value

Communications

Services

(<0.1%)

265

Windstream

Services,

LLC

h

2,452

Total

2,452

Total

Common

Stock

(cost

$3,180)

2,452

Shares

or

Principal

Amount

Short-Term

Investments

(

2.4%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

800,000

5.311%,

1/16/2024

i,j

791,301

600,000

5.330%,

1/17/2024

i,j

593,391

Thrivent

Core

Short-Term

Reserve

Fund

1,848,591

5.690%

18,485,910

U.S.

Treasury

Bills

1,400,000

5.307%,

12/14/2023

i,k

1,391,150

Total

Short-Term

Investments

(cost

$21,237,732)

21,261,752

Total

Investments

(cost

$1,004,989,682)

99.2%

$868,455,644

Other

Assets

and

Liabilities,

Net

0.8%

6,677,847

Total

Net

Assets

100.0%

$875,133,491

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

October

31,

2023,

the

value

of

these

investments

was

$145,912,835

or

16.7%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

d

All

or

a

portion

of

the

security

is

on

loan.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

g

Defaulted

security.  Interest

is

not

being

accrued.

h

Non-income

producing

security.

i

The

interest

rate

shown

reflects

the

yield.

j

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

k

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.

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

159

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Income

Fund

as

of

October

31,

2023

was

$1,924,706

or

0.22%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

October

31,

2023.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG,

12/29/2049

7/9/2018

$

1,300,000

Massachusetts

Mutual

Life

Insurance

Company,

12/1/2061

11/18/2021

3,373,378

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Income

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

8,119,227

Total

lending

$8,119,227

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$8,411,548

Net

amounts

due

to

counterparty

$292,321

Definitions:

CLO

-

Collateralized

Loan

Obligation

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

Reference

Rate

Index:

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$642,207

Gross

unrealized

depreciation

(137,625,842)

Net

unrealized

appreciation

(depreciation)

($136,983,635)

Cost

for

federal

income

tax

purposes

$1,003,868,928

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

160

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Income

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

8,720,035

–

8,720,035

–

Basic

Materials

8,851,033

–

8,851,033

–

Capital

Goods

38,008,896

–

38,008,896

–

Collateralized

Mortgage

Obligations

30,835

–

30,835

–

Communications

Services

63,818,248

–

63,818,248

–

Consumer

Cyclical

64,842,614

–

64,842,614

–

Consumer

Non-Cyclical

95,381,004

–

95,381,004

–

Energy

52,673,422

–

52,673,422

–

Financials

312,043,723

–

312,043,723

–

Foreign

Government

3,340,984

–

3,340,984

–

Mortgage-Backed

Securities

28,145,188

–

28,145,188

–

Technology

37,935,494

–

37,935,494

–

Transportation

22,016,722

–

22,016,722

–

U.S.

Government

&

Agencies

35,556,923

–

35,556,923

–

Utilities

67,414,771

–

67,414,771

–

Common

Stock

Communications

Services

2,452

–

2,452

–

Short-Term

Investments

2,775,842

–

2,775,842

–

Subtotal

Investments

in

Securities

$841,558,186

$–

$841,558,186

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

18,485,910

Collateral

Held

for

Securities

Loaned

8,411,548

Subtotal

Other

Investments

$26,897,458

Total

Investments

at

Value

$868,455,644

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Income

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Credit

Default

Swaps

284,830

–

284,830

–

Total

Asset

Derivatives

$284,830

$–

$284,830

$–

Liability

Derivatives

Futures

Contracts

1,855,181

1,855,181

–

–

Total

Liability

Derivatives

$1,855,181

$1,855,181

$–

$–

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

161

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Income

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$1,384,692

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

U.S.

Long

Bond

120

December

2023

$

14,446,608

(

$

1,314,108)

Ultra

10-Yr.

U.S.

Treasury

Note

275

December

2023

30,468,809

(

541,073)

Total

Futures

Long

Contracts

$

44,915,417

(

$

1,855,181)

Total

Futures

Contracts

$

44,915,417

($1,855,181)

The

following

table

presents

Income

Fund's

swaps

contracts

held

as

of

October

31,

2023.

Investments

totaling

$1,391,150

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

41,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2028

$

19,000,000

$

–

$

284,830

$

284,830

Total

Credit

Default

Swaps

$–

$284,830

$284,830

1

As

the

buyer

of

protection,

Income

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,

Income

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

Income

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

October

31,

2023,

for

Income

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Credit

Contracts

Credit

Default

Swaps

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

284,830

Total

Credit

Contracts

284,830

Total

Asset

Derivatives

$284,830

Liability

Derivatives

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

1,855,181

Total

Interest

Rate

Contracts

1,855,181

Total

Liability

Derivatives

$1,855,181

*

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.

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

162

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Income

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(3,115,031)

Total

Interest

Rate

Contracts

(3,115,031)

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

(1,228,495)

Total

Credit

Contracts

(1,228,495)

Total

($4,343,526)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Income

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

2,400,830

Total

Interest

Rate

Contracts

2,400,830

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

888,794

Total

Credit

Contracts

888,794

Total

$3,289,624

The

following

table

presents

Income

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Interest

Rate

Contracts

Futures

-

Long

$34,094,510

Futures

-

Short

(1,189,367)

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

(321,088)

Income

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

163

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Income

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$31,600

$266,355

$279,469

$18,486

1,849

2.1%

Total

Affiliated

Short-Term

Investments

31,600

18,486

2.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

5,268

89,351

86,207

8,412

8,412

1.0

Total

Collateral

Held

for

Securities

Loaned

5,268

8,412

1.0

Total

Value

$36,868

$26,898

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$0

($0)

$–

$1,548

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,548

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

87

Total

Affiliated

Income

from

Securities

Loaned,

Net

$87

Total

$0

($0)

$–

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

164

Shares

Common

Stock

(

94.5%

)

Value

Australia

(5.6%)

14,376

ALS,

Ltd.

$

98,387

1,278

Altium,

Ltd.

32,236

304,337

AMP,

Ltd.

202,777

8,569

Ansell,

Ltd.

115,774

179,991

Aristocrat

Leisure,

Ltd.

4,424,189

189,803

Aurizon

Holdings,

Ltd.

413,412

81,251

Australia

and

New

Zealand

Banking

Group,

Ltd.

1,281,243

220,054

BHP

Group,

Ltd.

6,229,161

285,322

BlueScope

Steel,

Ltd.

3,420,279

132,184

Brambles,

Ltd.

1,103,173

14,111

Brickworks,

Ltd.

219,933

14,040

Capricorn

Metals,

Ltd.

a

41,774

44,842

CAR

Group,

Ltd.

790,440

55,612

Charter

Hall

Retail

REIT

108,062

34,955

Coles

Group,

Ltd.

339,262

29,556

Collins

Foods,

Ltd.

171,391

38,230

Computershare,

Ltd.

603,343

48,725

CSL,

Ltd.

7,201,157

18,757

CSR,

Ltd.

67,022

11,804

Data#3,

Ltd.

50,884

33,573

Deterra

Royalties,

Ltd.

100,316

24,038

Fortescue

Metals

Group,

Ltd.

341,960

84,931

GrainCorp,

Ltd.

375,364

76,919

Growthpoint

Properties

Australia,

Ltd.

96,571

3,896

Hansen

Technologies,

Ltd.

12,865

32,735

Helia

Group,

Ltd.

75,282

3,868

HUB24,

Ltd.

74,682

808

Iluka

Resources,

Ltd.

3,731

19,457

Incitec

Pivot,

Ltd.

33,966

93,150

Independence

Group

NL

564,057

17,839

Inghams

Group,

Ltd.

41,781

55,849

IRESS,

Ltd.

178,087

25,937

JB

Hi-Fi,

Ltd.

745,556

4,135

Johns

Lyng

Group,

Ltd.

16,098

780,558

Lottery

Corporation,

Ltd.

2,253,131

158,699

Nine

Entertainment

Company

Holdings,

Ltd.

187,009

24,184

NRW

Holdings,

Ltd.

38,629

6,985

Nufarm,

Ltd.

19,301

160,093

Orora,

Ltd.

250,886

142,115

Perseus

Mining,

Ltd.

151,844

2,722

PEXA

Group,

Ltd.

a

18,880

26,148

Premier

Investments,

Ltd.

379,153

99,982

Qantas

Airways,

Ltd.

a

313,233

391

REA

Group,

Ltd.

35,896

29,016

Rio

Tinto,

Ltd.

2,167,436

31,399

SEEK,

Ltd.

414,236

6,309

Seven

Group

Holdings,

Ltd.

111,490

6,497

Sims,

Ltd.

51,790

2,829

Sonic

Healthcare,

Ltd.

51,802

58,388

South32,

Ltd.

124,914

7,198

Super

Retail

Group,

Ltd.

60,566

116,775

Tabcorp

Holdings,

Ltd.

57,620

39,376

Technology

One,

Ltd.

365,164

117,828

Ventia

Services

Group

Pty,

Ltd.

205,937

52,586

Waypoint

REIT,

Ltd.

71,019

43,633

Wesfarmers,

Ltd.

1,403,838

Total

38,307,989

Austria

(0.4%)

9,320

BAWAG

Group

AG

b

415,117

32,681

OMV

AG

1,433,330

5,385

Verbund

AG

467,885

Shares

Common

Stock

(94.5%)

Value

Austria

(0.4%)

-

continued

8,532

Wienerberger

AG

$

206,705

Total

2,523,037

Belgium

(0.7%)

4,385

Bekaert

SA

177,550

29,658

Groupe

Bruxelles

Lambert

SA

2,169,204

973

Melexis

NV

71,628

20,172

Solvay

SA

2,132,497

475

Titan

Cement

International

SA

8,896

6,494

UCB

SA

474,972

Total

5,034,747

Bermuda

(0.2%)

52,000

Cafe

de

Coral

Holdings,

Ltd.

65,493

7,500

Hongkong

Land

Holdings,

Ltd.

23,788

23,400

Jardine

Matheson

Holdings,

Ltd.

946,530

25,000

Road

King

Infrastructure,

Ltd.

a

4,854

111,800

Shanghai

Industrial

Urban

Development

Group,

Ltd.

4,931

2,117

Stolt-Nielsen,

Ltd.

69,645

Total

1,115,241

Brazil

(0.5%)

5,200

Alupar

Investimento

SA

28,992

12,000

Ambev

SA

30,561

31,000

B3

SA

-

Brasil

Bolsa

Balcao

68,558

26,478

Banco

Bradesco

SA

ADR

73,874

600

Banco

BTG

Pactual

SA

3,537

24,600

Banco

do

Brasil

SA

236,010

27,899

Companhia

Energetica

de

Minas

Gerais

ADR

63,331

38,600

CPFL

Energia

SA

256,555

10,400

ENGIE

Brasil

Energia

SA

81,377

28,554

Gerdau

SA

ADR

123,925

785,800

Grupo

Casas

Bahia

SA

a

70,136

14,200

Hypera

SA

85,452

39,600

Iochpe-Maxion

SA

88,441

32,469

Itau

Unibanco

Holding

SA

ADR

172,410

75,500

Itausa

SA

129,533

13,605

Jalles

Machado

SA

22,181

2,200

Localiza

Rent

a

Car

SA

22,250

16

Localiza

Rent

a

Car

SA,

Rights

a

17

27,700

Metalurgica

Gerdau

SA

56,809

68,890

Petroleo

Brasileiro

SA

474,547

28,370

Petroleo

Brasileiro

SA

ADR

425,550

19,200

Randon

SA

Implementos

e

Participacoes

41,433

32,300

Telefonica

Brasil

SA

289,318

1,078

Telefonica

Brasil

SA

ADR

9,605

93,700

TIM

SA/Brazil

282,303

20,100

Usinas

Siderurgicas

de

Minas

Gerais

SA

Usiminas

26,352

33,531

Vale

SA

ADR

459,710

17,700

Vibra

Energia

SA

69,582

1,600

WEG

SA

10,450

Total

3,702,799

Canada

(8.2%)

8,875

Agnico

Eagle

Mines,

Ltd.

416,247

112,318

Air

Canada

a

1,355,025

33,397

ATCO,

Ltd.

856,148

19,775

Bank

of

Montreal

1,494,301

45,024

Bank

of

Nova

Scotia

1,823,038

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

165

Shares

Common

Stock

(94.5%)

Value

Canada

(8.2%)

-

continued

85,936

Barrick

Gold

Corporation

$

1,372,621

13,040

Boralex,

Inc.

242,699

5,942

BRP,

Inc.

401,618

42,797

Canadian

Imperial

Bank

of

Commerce

1,509,429

60,562

Canadian

National

Railway

Company

6,407,977

95,307

Canadian

Utilities,

Ltd.

2,016,447

15,073

Canadian

Western

Bank

298,688

32,207

Capital

Power

Corporation

824,248

25,840

CGI,

Inc.

a

2,494,653

8,316

Cogeco

Communications,

Inc.

327,543

1,708

Descartes

Systems

Group,

Inc.

a

123,449

18,712

Dream

Industrial

REIT

158,008

1,642

Emera,

Inc.

53,780

24,203

Enbridge,

Inc.

775,613

12,571

Finning

International,

Inc.

336,858

2,483

First

Quantum

Minerals,

Ltd.

28,774

53,449

Fortis,

Inc.

2,122,158

3,792

Franco-Nevada

Corporation

460,917

5,111

George

Weston,

Ltd.

554,387

2,330

Granite

REIT

106,104

2,520

Intact

Financial

Corporation

354,063

11,400

InterRent

REIT

96,675

12,922

Laurentian

Bank

of

Canada

236,682

13,811

Loblaw

Companies,

Ltd.

1,129,579

191,772

Manulife

Financial

Corporation

3,338,292

36,292

Metro,

Inc./CN

1,843,453

5,630

National

Bank

of

Canada

350,041

127,755

Power

Corporation

of

Canada

3,077,912

18,761

Rogers

Communications,

Inc.

695,107

42,647

Royal

Bank

of

Canada

3,406,224

18,227

Russel

Metals,

Inc.

454,114

40,238

Shopify,

Inc.

a

1,898,831

7,915

Sun

Life

Financial,

Inc.

361,519

43,534

Superior

Plus

Corporation

292,581

61,752

TC

Energy

Corporation

2,126,754

4,214

Teck

Resources,

Ltd.

148,923

22,632

Toromont

Industries,

Ltd.

1,703,826

55,789

Toronto-Dominion

Bank

3,116,219

64,067

Tourmaline

Oil

Corporation

3,387,801

57,438

TransAlta

Corporation

420,404

8,033

Tricon

Residential,

Inc.

53,234

12,565

West

Fraser

Timber

Company,

Ltd.

847,996

6,321

Wheaton

Precious

Metals

Corporation

267,062

Total

56,168,022

Cayman

Islands

(1.4%)

171,088

Alibaba

Group

Holding,

Ltd.

a

1,761,364

20,100

ASMPT,

Ltd.

170,238

4,746

Baidu.com,

Inc.

ADR

a

498,330

28,000

China

Feihe,

Ltd.

b

17,398

22,000

China

Meidong

Auto

Holdings,

Ltd.

11,798

49,000

China

Mengniu

Dairy

Company,

Ltd.

159,992

58,000

China

Resources

Cement

Holdings,

Ltd.

14,914

81,800

Chow

Tai

Fook

Jewellery

Group,

Ltd.

115,512

92,000

Consun

Pharmaceutical

Group,

Ltd.

54,113

38,000

Geely

Automobile

Holdings,

Ltd.

43,142

65,000

Haidilao

International

Holding,

Ltd.

b

162,747

24,167

Hello

Group,

Inc.

ADR

171,102

Shares

Common

Stock

(94.5%)

Value

Cayman

Islands

(1.4%)

-

continued

7,907

Huazhu

Group,

Ltd.

ADR

a

$

297,778

9,749

JD.com,

Inc.

123,941

2,493

JOYY,

Inc.

ADR

97,027

15,265

KE

Holdings,

Inc.

ADR

224,548

7,000

Kingboard

Holdings,

Ltd.

17,047

7,700

Kuaishou

Technology

a,b

49,587

49,217

Lufax

Holding,

Ltd.

ADR

46,992

50,129

Meituan

a,b

710,579

2,333

MINISO

Group

Holding,

Ltd.

ADR

59,048

13,000

NetDragon

Websoft

Holdings,

Ltd.

23,099

1,169

NetEase,

Inc.

ADR

124,989

5,695

PDD

Holdings,

Inc.

ADR

a

577,587

74,000

Seazen

Group,

Ltd.

a

12,010

673,000

Shui

On

Land,

Ltd.

59,327

116,000

Sino

Biopharmaceutical,

Ltd.

45,063

23,000

Sunny

Optical

Technology

(Group)

Company,

Ltd.

192,692

4,288

TAL

Education

Group

ADR

a

37,606

70,890

Tencent

Holdings,

Ltd.

2,623,551

38,187

Tencent

Music

Entertainment

Group

ADR

a

277,238

94,800

Tongcheng

Travel

Holdings,

Ltd.

a

181,111

158,000

Topsports

International

Holdings,

Ltd.

b

132,869

6,226

Trip.com

Group,

Ltd.

ADR

a

211,684

70,000

VSTECS

Holdings,

Ltd.

35,396

14,000

Want

Want

China

Holdings,

Ltd.

8,699

126,400

Xiaomi

Corporation

a,b

226,638

36,000

Zhongsheng

Group

Holdings,

Ltd.

83,135

Total

9,659,891

Chile

(<0.1%)

368

Banco

de

Chile

ADR

7,537

56,206

Cencosud

SA

91,060

617,851

Colbun

SA

89,702

18,082

Embotelladora

Andina

SA

36,770

9,397

Empresas

CMPC

SA

16,799

28,916

S.A.C.I.

Falabella

a

58,904

Total

300,772

China

(1.2%)

368,000

Agricultural

Bank

of

China,

Ltd.

180,589

359,500

Aluminum

Corporation

of

China,

Ltd.,

Class

A

304,644

456,000

Aluminum

Corporation

of

China,

Ltd.,

Class

H

243,928

17,000

Anhui

Conch

Cement

Company,

Ltd.,

Class

H

42,308

1,048,900

Bank

of

China,

Ltd.,

Class

A

559,095

413,000

Bank

of

Communications

Company,

Ltd.

317,786

409,300

Baoshan

Iron

&

Steel

Company,

Ltd.

350,127

18,000

Beijing

North

Star

Company,

Ltd.

a

1,818

380,500

BOE

Technology

Group

Company,

Ltd.

203,944

1,500

BYD

Company,

Ltd.,

Class

H

45,615

716,000

CGN

Power

Company,

Ltd.

b

172,060

352,000

China

Cinda

Asset

Management

Company,

Ltd.

34,230

33,000

China

Construction

Bank

Corporation

18,663

73,000

China

Merchants

Securities

Company,

Ltd.

141,117

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

166

Shares

Common

Stock

(94.5%)

Value

China

(1.2%)

-

continued

10,000

China

Merchants

Shekou

Industrial

Zone

Holdings

Company,

Ltd.

$

15,084

28,000

China

National

Building

Material

Company,

Ltd.

13,328

544,800

China

Petroleum

&

Chemical

Corporation,

Class

H

278,632

231,000

China

Railway

Group,

Ltd.

109,024

7,600

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Company,

Ltd.

44,802

45,500

China

State

Construction

Engineering

Corporation,

Ltd.

32,201

1,200

China

Tourism

Group

Duty

Free

Corporation,

Ltd.

b

13,552

8,100

CITIC

Securities

Company,

Ltd.,

Class

A

24,044

360,000

CMOC

Group,

Ltd.

214,708

535,000

CRRC

Corporation,

Ltd.

222,894

87,100

Focus

Media

Information

Technology

Company,

Ltd.

82,333

148,600

Foxconn

Industrial

Internet

Company,

Ltd.

299,404

14,800

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

H

b

67,474

46,800

GF

Securities

Company,

Ltd.,

Class

H

60,932

53,100

Gree

Electric

Appliances,

Inc.

of

Zhuhai

246,282

750,390

Greenland

Holdings

Corporation,

Ltd.

a

261,506

44,291

Guangzhou

Baiyunshan

Pharmaceutical

Holdings,

Ltd.

180,446

148,100

Guotai

Junan

Securities

Company,

Ltd.

299,118

5,600

Huatai

Securities

Company,

Ltd.

b

7,332

42,800

Jiangxi

Copper

Company,

Ltd.,

Class

A

107,270

205,000

Jiangxi

Copper

Company,

Ltd.,

Class

H

289,861

145,160

Jointown

Pharmaceutical

Group

Company,

Ltd.

141,231

562,000

People's

Insurance

Company

(Group)

of

China,

Ltd.

185,437

114,500

PetroChina

Company,

Ltd.,

Class

A

111,532

312,000

PetroChina

Company,

Ltd.,

Class

H

203,647

58,168

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.

295,056

129,900

Seazen

Holdings

Company,

Ltd.

a

210,938

2,600

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.,

Class

A

6,406

26,100

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.,

Class

H

37,970

272,700

Shenwan

Hongyuan

Group

Company,

Ltd.

163,614

247,500

Shenzhen

Overseas

Chinese

Town

Company,

Ltd.

a

122,312

23,100

Shenzhou

International

Group

Holdings,

Ltd.

226,899

5,600

Sichuan

Kelun

Pharmaceutical

Company,

Ltd.

21,034

87,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

66,349

10,000

Tsingtao

Brewery

Company,

Ltd.

75,835

18,595

Vipshop

Holdings,

Ltd.

ADR

a

265,165

77,000

Wanda

Film

Holding

Company,

Ltd.

a

131,496

Shares

Common

Stock

(94.5%)

Value

China

(1.2%)

-

continued

10,088

Xinjiang

Daqo

New

Energy

Company,

Ltd.

$

49,264

30,800

Yunnan

Baiyao

Group

Company,

Ltd.

214,004

Total

8,014,340

Colombia

(<0.1%)

1,198

Bancolombia

SA

8,543

Total

8,543

Cyprus

(<0.1%)

9,845

Ros

Agro

plc

GDR

a,c

0

Total

0

Czech

Republic

(<0.1%)

7,192

Komercni

Banka

AS

210,787

39

Philip

Morris

CR

26,842

Total

237,629

Denmark

(3.4%)

531

A.P.

Moller

-

Maersk

AS,

Class

B

884,769

13,047

ALK-Abello

AS

a

144,827

20,662

Carlsberg

AS

2,462,357

7,105

Dampskibsselskabet

Norden

AS

403,680

19,652

Danske

Bank

AS

461,011

5,123

Demant

AS

a

195,491

2,098

DFDS

AS

60,605

25,777

DSV

AS

3,852,139

2,782

H

Lundbeck

A/S

12,585

8,153

Jyske

Bank

AS

a

574,578

133,830

Novo

Nordisk

AS

12,911,415

10,628

Pandora

AS

1,205,434

318

Per

Aarsleff

Holding

A/S

13,909

558

Rockwool

International

AS

124,168

735

Scandinavian

Tobacco

Group

AS

b

10,914

115

Solar

AS

6,863

7,017

Sydbank

AS

304,816

Total

23,629,561

Egypt

(<0.1%)

28,247

Commercial

International

Bank

Egypt

SAE

GDR

32,145

Total

32,145

Finland

(0.2%)

4,957

Cargotec

Oyj

195,664

964

Kemira

Oyj

15,608

18,428

Kesko

Oyj

311,645

19,540

Kojamo

Oyj

166,927

3,187

Konecranes

Oyj

104,496

2,944

Musti

Group

Oyj

58,084

1,916

Orion

Oyj

76,229

11,143

Outokumpu

Oyj

45,723

11,066

Tokmanni

Group

Corporation

149,431

Total

1,123,807

France

(6.5%)

4,337

Air

Liquide

SA

743,155

2,423

Arkema

SA

227,042

2,428

AXA

SA

71,943

1,627

BioMerieux

156,212

20,845

Carrefour

SA

365,443

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

167

Shares

Common

Stock

(94.5%)

Value

France

(6.5%)

-

continued

62,424

Compagnie

de

Saint-Gobain

SA

$

3,397,998

127,713

Credit

Agricole

SA

1,542,121

51,843

Dassault

Systemes

SE

2,135,589

35,928

Eiffage

SA

3,260,487

31,645

Engie

SA

503,310

1,081

Eurazeo

SE

60,943

13,101

Eutelsat

Communications

SACA

55,945

1,050

Hermes

International

SCA

1,959,118

520

Ipsen

SA

61,460

11,801

Ipsos

SA

573,500

43,472

Legrand

SA

3,747,895

6,048

LVMH

Moet

Hennessy

Louis

Vuitton

SE

4,329,949

24,417

Publicis

Groupe

SA

1,859,192

12,455

Rexel

SA

254,366

99,107

Sanofi

SA

8,999,535

5,167

Schneider

Electric

SE

794,981

106,410

Societe

Generale

SA

2,391,221

54

SOITEC

a

8,060

2,411

Sopra

Group

SA

432,862

14,659

Thales

SA

2,163,341

12,355

TotalEnergies

SE

826,024

42,960

Veolia

Environnement

SA

1,177,122

4,204

Verallia

SA

b

136,699

21,352

Vinci

SA

2,360,985

2,229

Wendel

SA

166,969

Total

44,763,467

Germany

(5.2%)

3,904

Aixtron

SE

109,705

9,221

Allianz

SE

2,159,951

53

Amadeus

Fire

AG

6,120

8,374

BASF

SE

386,939

42,220

Bayer

AG

1,824,266

21,195

Bayerische

Motoren

Werke

AG

1,971,228

32

Bilfinger

SE

1,175

937

BRANICKS

Group

AG

3,877

329

Carl

Zeiss

Meditec

AG

28,568

2,528

Commerzbank

AG

27,266

2,052

CTS

Eventim

AG

&

Company

KGAA

124,241

18,132

Daimler

Truck

Holding

AG

569,712

1,873

Dermapharm

Holding

SE

72,488

164,185

Deutsche

Bank

AG

1,806,783

12,839

Deutsche

Boerse

AG

2,113,255

4,693

Deutsche

Lufthansa

AG

a

32,907

61,877

Deutsche

Post

AG

2,415,895

63,561

Deutsche

Telekom

AG

1,379,507

14,957

Deutz

AG

60,618

1,604

Duerr

AG

33,003

150,816

E.ON

SE

1,794,428

99

Elmos

Semiconductor

SE

6,497

1,918

Fielmann

Group

AG

82,615

206

Fresenius

Medical

Care

AG

&

Company

KGaA

6,845

54,389

Fresenius

SE

&

Company

KGaA

1,399,064

1,191

Gerresheimer

AG

111,089

17,586

Heidelberg

Materials

AG

1,276,626

939

Hugo

Boss

AG

54,917

79,748

Infineon

Technologies

AG

2,329,457

507

Ionos

SE

a

6,700

3,782

Jenoptik

AG

89,835

255

JOST

Werke

SE

b

11,701

9,613

Klockner

&

Company

SE

59,680

9,254

LEG

Immobilien

AG

a

578,483

Shares

Common

Stock

(94.5%)

Value

Germany

(5.2%)

-

continued

11,453

Mercedes-Benz

Group

AG

$

673,829

10,881

Merck

KGaA

1,643,449

2,034

Muenchener

Rueckversicherungs-

Gesellschaft

AG

816,260

1,251

SAF-Holland

SE

16,726

28,997

SAP

SE

3,889,436

13,563

Scout24

SE

b

834,397

34,313

Siemens

AG

4,553,297

634

Stabilus

SE

40,257

2,164

Stroeer

SE

&

Company

KGaA

99,008

20,842

TAG

Immobilien

AG

a

227,887

6,571

TeamViewer

SE

a,b

101,102

756

VIB

Vermoegen

AG

a

9,071

3,048

Vonovia

SE

70,171

335

Vossloh

AG

13,013

492

Wacker

Neuson

SE

9,028

Total

35,932,372

Greece

(<0.1%)

1,369

Mytilineos

SA

50,670

14,517

National

Bank

of

Greece

SA

a

83,144

Total

133,814

Guernsey

(<0.1%)

68,173

UK

Commercial

Property

REIT,

Ltd.

43,731

Total

43,731

Hong

Kong

(1.6%)

51,600

Bank

of

East

Asia,

Ltd.

61,282

306,500

BOC

Hong

Kong

(Holdings),

Ltd.

810,551

46,000

China

Resources

Beer

(Holdings)

Company,

Ltd.

243,417

53,000

CITIC,

Ltd.

45,047

256,500

CK

Hutchison

Holdings,

Ltd.

1,298,476

46,960

CSPC

Pharmaceutical

Group,

Ltd.

41,018

20,000

Far

East

Horizon,

Ltd.

14,073

29,500

Genertec

Universal

Medical

Group

Company,

Ltd.

b

14,980

19,000

Hang

Lung

Group,

Ltd.

25,307

202,000

Hang

Lung

Properties,

Ltd.

265,520

55,000

Henderson

Land

Development

Company,

Ltd.

143,905

200,400

Hong

Kong

Exchanges

&

Clearing,

Ltd.

7,010,524

34,000

Hysan

Development

Company,

Ltd.

62,586

14,000

Luk

Fook

Holdings

International,

Ltd.

34,731

73,000

Swire

Pacific,

Ltd.

466,313

326,000

United

Laboratories

International

Holdings,

Ltd.

332,776

6,300

VTech

Holdings,

Ltd.

36,658

14,000

Yuexiu

Property

Company,

Ltd.

14,562

Total

10,921,726

Hungary

(0.1%)

17,479

MOL

Hungarian

Oil

&

Gas

plc

139,078

5,549

OTP

Bank

Nyrt

206,534

Total

345,612

India

(1.6%)

460

ABB

India,

Ltd.

22,687

959

Alembic

Pharmaceuticals,

Ltd.

8,216

2,797

Amara

Raja

Energy

&

Mobility,

Ltd.

20,595

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

168

Shares

Common

Stock

(94.5%)

Value

India

(1.6%)

-

continued

10,598

Asian

Paints,

Ltd.

$

381,753

12,867

Bajaj

Auto,

Ltd.

820,797

11,897

Bajaj

Finserv,

Ltd.

224,326

30,016

Bharat

Petroleum

Corporation,

Ltd.

125,832

126,520

Brightcom

Group,

Ltd.

a

25,453

36,371

Cipla,

Ltd.

524,292

20,642

Coal

India,

Ltd.

77,918

5,139

Coromandel

International,

Ltd.

64,394

860

CRISIL,

Ltd.

42,324

7,312

Cummins

India,

Ltd.

147,281

2,678

Dr.

Reddy's

Laboratories,

Ltd.

ADR

174,418

3,666

Gujarat

State

Petronet,

Ltd.

11,781

31,935

HCL

Technologies,

Ltd.

489,833

9,745

HDFC

Asset

Management

Company,

Ltd.

b

320,096

35,876

HDFC

Life

Insurance

Company,

Ltd.

b

266,511

3,649

Hero

MotoCorp,

Ltd.

135,412

7,791

Hindustan

Petroleum

Corporation,

Ltd.

a

23,179

1,061

ICICI

Securities,

Ltd.

b

8,144

195,882

Indian

Oil

Corporation,

Ltd.

211,011

1,443

Indraprastha

Gas,

Ltd.

6,629

38,498

Infosys,

Ltd.

ADR

632,137

25,395

ITC,

Ltd.

130,722

3,441

Jindal

Saw,

Ltd.

18,309

38,375

Jio

Financial

Services,

Ltd.

a

100,940

3,658

JK

Tyre

&

Industries,

Ltd.

13,367

23,517

Kotak

Mahindra

Bank,

Ltd.

491,619

26,756

Larsen

&

Toubro,

Ltd.

941,568

2,383

LTIMindtree,

Ltd.

b

144,984

974

Mphasis,

Ltd.

24,866

126

MRF,

Ltd.

163,940

333

Nestle

India,

Ltd.

96,966

2,549

Nippon

Life

India

Asset

Management,

Ltd.

b

11,990

80,849

Oil

&

Natural

Gas

Corporation,

Ltd.

180,907

1,859

Persistent

Systems,

Ltd.

137,694

9,222

PI

Industries,

Ltd.

376,642

8,300

Pidilite

Industries,

Ltd.

245,057

3,070

Polycab

India,

Ltd.

181,422

7,600

Power

Finance

Corporation,

Ltd.

22,507

68,020

REC,

Ltd.

235,112

8,665

Reliance

Industries,

Ltd.

238,268

22,679

Samvardhana

Motherson

International,

Ltd.

25,047

11,778

SBI

Life

Insurance

Company,

Ltd.

b

193,445

3,436

Schaeffler

India,

Ltd.

116,268

5,028

Siemens,

Ltd.

201,175

955

Solar

Industries

India,

Ltd.

63,086

1,140

Supreme

Industries,

Ltd.

59,276

23,906

Tata

Consultancy

Services,

Ltd.

967,801

21,579

Tata

Motors,

Ltd.

162,987

8,045

Tech

Mahindra,

Ltd.

109,638

788

Thermax,

Ltd.

26,819

1,241

Torrent

Power,

Ltd.

10,841

3,092

UltraTech

Cement,

Ltd.

312,923

Total

10,771,205

Indonesia

(0.2%)

469,600

Astra

International

Tbk

PT

170,831

1,537,700

Bank

Central

Asia

Tbk

PT

847,151

566,600

Bank

Mandiri

Persero

Tbk

PT

202,419

Shares

Common

Stock

(94.5%)

Value

Indonesia

(0.2%)

-

continued

757,500

Bank

Rakyat

Indonesia

Persero

Tbk

PT

$

236,858

Total

1,457,259

Ireland

(<0.1%)

1,610

Flutter

Entertainment

plc

a

252,862

Total

252,862

Israel

(0.8%)

181

Arad

Investment

&

Industrial

Development,

Ltd.

17,621

7,721

Azrieli

Group,

Ltd.

332,445

41,673

Bank

Hapoalim

BM

298,085

123,373

Bank

Leumi

Le-Israel

BM

794,636

8,323

Check

Point

Software

Technologies,

Ltd.

a

1,117,363

12,978

Doral

Group

Renewable

Energy

Resources,

Ltd.

a

17,440

625

First

International

Bank

of

Israel,

Ltd.

21,275

1,875

Israel

Corporation,

Ltd.

a

404,713

3,222

Magic

Software

Enterprises,

Ltd.

32,092

17,141

Mivne

Real

Estate

(KD),

Ltd.

36,985

15,866

Mizrahi

Tefahot

Bank,

Ltd.

491,078

4,604

NICE,

Ltd.

a

705,774

1,743

Nova,

Ltd.

a

166,904

1,376

One

Software

Technologies,

Ltd.

13,973

40,899

Plus500,

Ltd.

701,418

7,648

Radware,

Ltd.

a

114,032

491

Wix.com,

Ltd.

a

39,231

Total

5,305,065

Italy

(3.2%)

78,350

A2A

SPA

147,062

4,889

ACEA

SPA

58,869

12,051

Arnoldo

Mondadori

Editore

SpA

26,409

23,482

Azimut

Holding

SPA

494,787

20,167

Banca

Farmafactoring

SPA

b

193,884

13,071

Banca

IFIS

SPA

223,537

122,486

Banca

Mediolanum

SPA

1,000,167

49,024

Banca

Popolare

di

Sondrio

SPA

267,486

10,480

BPER

Banca

34,104

2,031

Brunello

Cucinelli

SPA

163,369

979

Buzzi

SpA

25,923

4,726

Credito

Emiliano

SpA

38,321

681,145

Enel

SPA

4,323,624

81,138

Hera SPA

228,249

1,721,643

Intesa

Sanpaolo

SPA

4,486,244

155,380

Iren

SpA

311,371

371,688

Italgas

SPA

1,888,847

12,095

Mediobanca

SPA

144,480

32,404

Moncler

SPA

1,682,973

68,482

OVS

SPA

b

121,283

109,324

Recordati

SPA

5,056,716

3,197

Reply

SPA

301,663

4,640

Technogym

SpA

b

34,929

81,622

Unipol

Gruppo

SpA

442,194

Total

21,696,491

Japan

(18.5%)

18

Activia

Properties,

Inc.

48,699

60,300

Advantest

Corporation

1,553,246

13,000

AGC,

Inc.

442,248

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

169

Shares

Common

Stock

(94.5%)

Value

Japan

(18.5%)

-

continued

8,100

Aica

Kogyo

Company,

Ltd.

$

186,102

13,500

Ain

Holdings,

Inc.

381,703

11,900

Air

Water,

Inc.

150,044

3,100

Aisin

Corporation

107,988

1,800

Amvis

Holdings,

Inc.

30,706

10,100

Aozora

Bank,

Ltd.

206,007

17,200

Arcs

Company,

Ltd.

328,666

5,200

ARE

Holdings,

Inc.

65,831

123,300

Asahi

Kasei

Corporation

758,022

142,100

Astellas

Pharma,

Inc.

1,797,547

500

Axial

Retailing,

Inc.

12,806

400

BayCurrent

Consulting,

Inc.

10,043

3,500

BellSystem24

Holdings,

Inc.

35,902

7,900

Benefit

One,

Inc.

56,646

45,100

Benesse

Holdings,

Inc.

533,235

2,700

BML,

Inc.

51,096

1,800

Canon

Marketing

Japan,

Inc.

43,165

134,000

Canon,

Inc.

3,167,853

9,600

Chiyoda

Company,

Ltd.

53,000

7,100

Chudenko

Corporation

115,545

13,100

Chugin

Financial

Group,

Inc.

104,452

10,200

Chugoku

Electric

Power

Company,

Inc.

63,782

17,900

Coca-Cola

Bottlers

Japan,

Inc.

240,013

8,600

COMSYS

Holdings

Corporation

176,904

7,400

Dai

Nippon

Printing

Company,

Ltd.

193,046

1,000

Daido

Steel

Company,

Ltd.

39,229

20,400

Daiichi

Sankyo

Company,

Ltd.

525,998

9,000

Daikin

Industries,

Ltd.

1,297,610

5,400

Daito

Trust

Construction

Company,

Ltd.

579,238

65,300

Daiwa

House

Industry

Company,

Ltd.

1,796,121

70

Daiwa

House

REIT

Investment

Corporation

123,882

40,600

Demae-Can

Company,

Ltd.

a

86,008

6,300

Denso

Corporation

93,028

1,100

Descente,

Ltd.

30,680

14,500

Doutor

Nichires

Holdings

Company,

Ltd.

209,361

7,200

DTS

Corporation

147,876

4,300

Electric

Power

Development

Company,

Ltd.

65,922

854,800

Eneos

Holdings,

Inc.

3,167,391

10,200

FANUC

Corporation

253,127

1,400

Fast

Retailing

Company,

Ltd.

309,955

9,900

Ferrotec

Holdings

Corporation

174,014

5,800

Food

&

Life

Companies,

Ltd.

97,758

10,200

Fuji

Media

Holdings,

Inc.

101,303

10,700

Fuji

Soft,

Inc.

385,043

23,000

FUJIFILM

Holdings

NPV

1,258,049

1,700

Fujimi,

Inc.

33,935

17,300

Fujitsu,

Ltd.

2,241,173

5,300

Fukuyama

Transporting

Company,

Ltd.

144,840

4,800

Future

Corporation

54,782

1,100

Fuyo

General

Lease

Company,

Ltd.

89,431

1,000

G-7

Holdings,

Inc.

7,636

12,300

Gree,

Inc.

45,966

800

Gunze,

Ltd.

23,989

3,600

Hanwa

Company,

Ltd.

108,515

1,100

Haseko

Corporation

13,537

35,200

Heiwa

Corporation

498,267

16,800

Hitachi,

Ltd.

1,064,895

700

Hokuhoku

Financial

Group,

Inc.

8,173

Shares

Common

Stock

(94.5%)

Value

Japan

(18.5%)

-

continued

192,200

Honda

Motor

Company,

Ltd.

$

1,969,814

10,400

Hoya

Corporation

1,001,194

10,100

Hyakugo

Bank,

Ltd.

38,188

10,300

IDOM,

Inc.

61,982

53,500

Inaba

Denki

Sangyo

Company,

Ltd.

1,115,630

189

Industrial

&

Infrastructure

Fund

Investment

Corporation

169,873

10,800

ITOCHU

Corporation

389,027

12,400

JAFCO

Group

Company,

Ltd.

133,558

1,100

Japan

Material

Company,

Ltd.

15,448

81

Japan

Metropolitan

Fund

Investment

Corporation

52,273

15,500

Japan

Post

Bank

Company,

Ltd.

143,673

67,700

Japan

Post

Holdings

Company,

Ltd.

599,226

7,100

Japan

Post

Insurance

Company,

Ltd.

136,718

107,400

Japan

Tobacco,

Inc.

2,500,151

3,700

Jeol,

Ltd.

104,463

102,900

JFE

Holdings,

Inc.

1,433,692

11,900

JGC

Corporation

146,572

500

JMDC,

Inc.

14,003

2,600

Juroku

Financial

Group,

Inc.

70,049

19,200

Kajima

Corporation

317,326

1,400

Kakaku.com,

Inc.

13,502

10,900

Kamigumi

Company,

Ltd.

221,123

9,300

Kanematsu

Corporation

125,676

54,100

Kawasaki

Kisen

Kaisha,

Ltd.

1,855,088

134,300

KDDI

Corporation

4,017,550

126

KDX

Realty

Investment

Corporation

131,417

15,300

Keiyo

Bank,

Ltd.

69,419

10

Kenedix

Retail

REIT

Corporation

c

17,522

6,400

Keyence

Corporation

2,477,560

30,100

Kinden

Corporation

455,938

2,300

Komatsu,

Ltd.

52,846

12,900

Konica

Minolta,

Inc.

36,133

10,200

K's

Holdings

Corporation

94,919

6,100

Kumagai

Gumi

Company,

Ltd.

152,873

6,500

Kuraray

Company,

Ltd.

74,368

600

Kureha

Corporation

35,633

800

KYB

Corporation

23,634

3,400

Kyocera

Corporation

167,591

56,400

Kyoei

Steel,

Ltd.

715,458

300

Kyowa

Hakko

Kirin

Company,

Ltd.

4,705

28

LaSalle

Logiport

REIT

27,460

4,900

Lintec

Corporation

80,993

11,000

Lion

Corporation

105,564

3,600

M&A

Research

Institute

Holdings,

Inc.

a

78,898

2,700

Management

Solutions

Company,

Ltd.

47,000

3,500

Mandom

Corporation

32,104

5,700

Maruichi

Steel

Tube,

Ltd.

141,453

9,400

Mazda

Motor

Corporation

90,860

3,600

Megachips

Corporation

92,818

26,400

MEITEC

Group

Holdings,

Inc.

464,643

6,500

Menicon

Company,

Ltd.

75,355

1,300

Micronics

Japan

Company,

Ltd.

19,696

29,300

Mitsubishi

Corporation

1,365,836

64,800

Mitsubishi

Electric

Corporation

743,030

319,000

Mitsubishi

HC

Capital,

Inc.

2,102,921

1,400

Mitsubishi

Logistics

Corporation

36,624

1,200

Mitsubishi

Materials

Corporation

19,284

900

Mitsubishi

Research

Institute,

Inc.

29,095

7,200

Mitsubishi

Shokuhin

Company,

Ltd.

189,849

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

170

Shares

Common

Stock

(94.5%)

Value

Japan

(18.5%)

-

continued

319,500

Mitsubishi

UFJ

Financial

Group,

Inc.

$

2,680,333

16,800

Mitsui

&

Company,

Ltd.

610,582

4,100

Mitsui

O.S.K.

Lines,

Ltd.

105,851

6,900

Mixi,

Inc.

104,508

191,300

Mizuho

Financial

Group,

Inc.

3,247,966

75,800

Murata

Manufacturing

Company,

Ltd.

1,298,407

10,700

NEC

Networks

&

System

Integration

Corporation

144,810

4,500

Nextage

Company,

Ltd.

62,173

4,600

NHK

Spring

Company,

Ltd.

32,550

25,100

Nidec

Corporation

920,694

153,700

Nihon

M&A

Center

Holdings,

Inc.

701,994

8,500

Nikkon

Holdings

Company,

Ltd.

180,359

56,300

Nikon

Corporation

534,536

78,300

Nintendo

Company,

Ltd.

3,234,922

6,000

Nippon

Express

Holdings,

Inc.

308,373

68

Nippon

REIT

Investment

Corporation

157,102

1,600

Nippon

Shokubai

Company,

Ltd.

59,427

1,800

Nippon

Signal

Company,

Ltd.

11,131

23,100

Nippon

Steel

Corporation

498,241

79,200

Nippon

Television

Holdings,

Inc.

770,501

1,200

Nippon

Yusen

Kabushiki

Kaisha

29,361

900

Nishimatsu

Construction

Company,

Ltd.

21,669

254,400

Nissan

Motor

Company,

Ltd.

978,927

2,400

Nisshin

Oillio

Group,

Ltd.

67,031

4,300

Nissui

Corporation

20,866

17,000

Nitori

Holdings

Company,

Ltd.

1,841,012

1,000

Nitto

Boseki

Company,

Ltd.

22,506

25,400

Nitto

Kogyo

Corporation

580,561

8,100

NOK

Corporation

96,016

104,100

Nomura

Holdings,

Inc.

402,181

5,400

Nomura

Research

Institute,

Ltd.

141,750

1,100

NS

United

Kaiun

Kaisha,

Ltd.

31,268

16,900

NSD

Company,

Ltd.

294,041

148,700

NTT

Data

Group

Corporation

1,833,458

2,200

OBIC

Business

Consultants

Company,

Ltd.

94,512

3,100

Ohsho

Food

Service

Corporation

143,297

6,200

Okamura

Corporation

88,267

17,000

Okinawa

Electric

Power

Company,

Inc.

124,133

3,700

Okumura

Corporation

113,181

7,300

Olympus

Corporation

97,494

5,500

Ono

Pharmaceutical

Company,

Ltd.

94,982

101,100

Oriental

Land

Company,

Ltd.

3,270,117

46,800

ORIX

Corporation

851,121

14,200

Otsuka

Holdings

Company,

Ltd.

477,773

2,700

PeptiDream,

Inc.

a

19,683

1,000

PHC

Holdings

Corporation

9,457

700

Pigeon

Corporation

7,433

2,900

Plus

Alpha

Consulting

Company,

Ltd.

46,653

4,200

Rakus

Company,

Ltd.

52,293

67,916

Recruit

Holdings

Company,

Ltd.

1,947,336

34,800

Renesas

Electronics

Corporation

a

457,120

17,800

Resona

Holdings,

Inc.

95,111

8,800

Resorttrust,

Inc.

126,633

93,700

Rohm

Company,

Ltd.

1,501,259

400

Roland

Corporation

11,566

10,200

Sangetsu

Company,

Ltd.

191,688

1,700

Sankyo

Company,

Ltd.

70,648

Shares

Common

Stock

(94.5%)

Value

Japan

(18.5%)

-

continued

5,200

Sankyu,

Inc.

$

156,573

10,700

Santen

Pharmaceutical

Company,

Ltd.

92,807

4,500

Sanyo

Chemical

Industries,

Ltd.

119,636

1,100

Sanyo

Special

Steel

Company,

Ltd.

18,747

3,300

Sawai

Group

Holdings

Company,

Ltd.

105,169

1,200

SB

Technology

Corporation

17,808

1,200

SCREEN

Holdings

Company,

Ltd.

55,791

38,400

Secom

Company,

Ltd.

2,667,066

2,600

Sega

Sammy

Holdings,

Inc.

40,663

33,300

Seino

Holdings

Company,

Ltd.

484,380

42,700

Sekisui

House,

Ltd.

836,183

600

SHIFT,

Inc.

a

108,864

35,400

Shin-Etsu

Chemical

Company,

Ltd.

1,058,580

34,200

SKY

Perfect

JSAT

Holdings,

Inc.

158,293

3,200

SMC

Corporation

1,477,642

1,000

Socionext,

Inc.

97,537

72,700

SoftBank

Group

Corporation

2,977,361

19,800

Sojitz

Corporation

411,155

48,500

Sompo

Holdings,

Inc.

2,101,018

33,800

Sony

Group

Corporation

2,810,094

190

Star

Asia

Investment

Corporation

71,588

3,000

Starts

Corporation,

Inc.

56,978

6,500

Sumco

Corporation

83,994

16,200

Sumitomo

Corporation

318,454

43,200

Sumitomo

Dainippon

Pharma

Company,

Ltd.

131,918

23,000

Sumitomo

Mitsui

Financial

Group,

Inc.

1,108,784

53,900

Sumitomo

Mitsui

Trust

Holdings,

Inc.

2,021,078

900

Sumitomo

Osaka

Cement

Company,

Ltd.

20,951

81,900

Systena

Corporation

139,426

4,100

Taikisha,

Ltd.

119,309

5,700

Taisho

Pharmaceutical

Holdings

Company,

Ltd.

225,709

20,400

Taiyo

Holdings

Company,

Ltd.

332,703

2,600

Takamatsu

Construction

Group

Company,

Ltd.

47,338

5,200

Takara

Standard

Company,

Ltd.

63,124

154,700

Takeda

Pharmaceutical

Company,

Ltd.

4,199,293

5,300

Takuma

Company,

Ltd.

51,419

24,800

Terumo

Corporation

678,483

26,600

TIS,

Inc.

569,635

46,500

Toagosei

Company,

Ltd.

426,616

2,100

Tokai

Corporation/Gifu

26,543

11,800

Tokio

Marine

Holdings,

Inc.

263,992

11,600

Tokyo

Electron,

Ltd.

1,532,797

2,300

Tokyo

Seimitsu

Company,

Ltd.

107,514

4,200

Tokyotokeiba

Company,

Ltd.

108,763

36,100

Tokyu

Fudosan

Holdings

Corporation

210,330

38,100

TOPPAN

Holdings,

Inc.

878,734

2,700

Torii

Pharmaceutical

Company,

Ltd.

65,245

7,300

Totetsu

Kogyo

Company,

Ltd.

142,267

1,800

Towa

Pharmaceutical

Company,

Ltd.

33,088

3,200

Toyo

Suisan

Kaisha,

Ltd.

147,619

471,800

Toyota

Motor

Corporation

8,253,551

5,100

Transcosmos,

Inc.

103,856

11,400

TRE

Holdings

Corporation

88,987

1,100

Tri

Chemical

Laboratories,

Inc.

23,395

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

171

Shares

Common

Stock

(94.5%)

Value

Japan

(18.5%)

-

continued

22,200

Tsubakimoto

Chain

Company

$

561,178

200

Tsuruha

Holdings,

Inc.

14,691

73,500

TV

Asahi

Holdings

Corporation

792,331

28,200

UBE

Corporation

434,246

4,900

Universal

Entertainment

Corporation

69,895

1,900

UT

Group

Company,

Ltd.

a

23,468

7,100

Valor

Holdings

Company,

Ltd.

111,147

7,000

ValueCommerce

Company,

Ltd.

58,190

10,800

Wacom

Company,

Ltd.

37,234

1,600

WDB

Holdings

Company,

Ltd.

22,713

19,100

Yakult

Honsha

Company,

Ltd.

450,090

1,600

Yellow

Hat,

Ltd.

19,358

12,100

Yuasa

Trading

Company,

Ltd.

330,956

49,400

ZOZO,

Inc.

939,328

Total

127,120,864

Jersey

(0.6%)

7,495

Experian

plc

227,389

311,349

Glencore

plc

1,649,164

693,437

Man

Group

plc

1,854,002

15,818

TP

ICAP

Group

plc

30,288

17,024

WPP

plc

146,598

Total

3,907,441

Kuwait

(0.1%)

5,088

Boubyan

Petrochemicals

Company

KSCP

10,075

13,804

HumanSoft

Holding

Company

KSCC

135,609

6,946

Kuwait

Finance

House

KSCP

15,367

44,499

Mobile

Telecommunications

Company

KSCP

69,226

98,024

National

Bank

of

Kuwait

KSC

277,874

45,100

National

Industries

Group

Holding

25,960

Total

534,111

Luxembourg

(1.0%)

5,777

APERAM

SA

160,082

37,443

ArcelorMittal

SA

828,511

49,636

Aroundtown

SA

a

112,169

242,023

B&M

European

Value

Retail

SA

1,558,083

9,635

Grand

City

Properties

SA

a

86,157

5,958

Reinet

Investments

SCA

123,799

122,025

Tenaris

SA

ADR

3,821,823

Total

6,690,624

Malaysia

(0.1%)

4,000

AEON

Credit

Service

(M)

Bhd

9,537

90,100

Hong

Leong

Bank

Bhd

366,870

16,900

IOI

Corporation

Bhd

13,944

3,600

Kuala

Lumpur

Kepong

Bhd

16,618

82,600

Mah

Sing

Group

Bhd

14,231

5,500

MISC

Bhd

8,369

4,500

Petronas

Dagangan

Bhd

21,591

29,700

QL

Resources

Bhd

34,472

52,066

Sports

Toto

Bhd

15,845

12,800

Ta

Ann

Holdings

Bhd

9,000

52,900

Tenaga

Nasional

Bhd

109,919

Total

620,396

Mexico

(0.2%)

2,374

America

Movil

SAB

de

CV

ADR

39,408

Shares

Common

Stock

(94.5%)

Value

Mexico

(0.2%)

-

continued

18,300

Arca

Continental

SAB

de

CV

$

164,212

40,663

Cemex

SAB

de

CV

ADR

a

242,758

4,266

Coca-Cola

Femsa

SAB

de

CV

ADR

324,301

368

Fomento

Economico

Mexicano

SAB

de

CV

ADR

41,735

13,730

Grupo

Financiero

Banorte

SAB

de

CV

ADR

111,224

52,500

Grupo

Mexico

SAB

de

CV

218,020

77,500

Megacable

Holdings

SAB

de

CV

151,957

7,900

Wal-Mart

de

Mexico

SAB

de

CV

28,307

Total

1,321,922

Netherlands

(4.7%)

3,293

Aalberts

NV

102,815

2,506

ASM

International

NV

1,034,176

17,715

ASML

Holding

NV

10,648,851

14

BE

Semiconductor

Industries

NV

1,446

2,610

Cementir

Holding

NV

21,734

20,794

Euronext

NV

b

1,450,145

4,643

EXOR

NV

398,505

7,082

ForFarmers

NV

17,385

2,727

IMCD

NV

328,319

201,995

Koninklijke

Ahold

Delhaize

NV

5,981,435

17,966

Koninklijke

Vopak

NV

605,762

254,095

MFE-MediaForEurope

NV

460,930

3,882

NEPI

Rockcastle

NV

20,966

36,162

QIAGEN

NV

a

1,347,690

7,683

Signify

NV

b

199,165

222,592

Stellantis

NV

4,158,542

79,171

STMicroelectronics

NV

3,018,008

52,536

Unilever

plc

2,485,182

2,248

Van

Lanschot

Kempen

NV

60,413

669

Wolters

Kluwer

NV

85,837

Total

32,427,306

New

Zealand

(0.1%)

17,135

Air

New

Zealand,

Ltd.

6,688

69,813

Contact

Energy,

Ltd.

316,844

2,724

Xero,

Ltd.

a

186,232

Total

509,764

Norway

(1.3%)

54,134

Aker

Solutions

ASA

216,171

758

Atea

ASA

7,885

154,981

DNB

Bank

ASA

2,796,146

33,699

Elkem

ASA

b

52,128

90,911

Equinor

ASA

3,047,629

27,075

Europris

ASA

b

153,457

9,109

Hoegh

Autoliners

ASA

73,632

21,645

Norsk

Hydro

ASA

123,435

3,583

Veidekke

ASA

30,920

4,289

Wallenius

Wilhelmsen

ASA

36,046

73,879

Yara

International

ASA

2,417,464

Total

8,954,913

Philippines

(<0.1%)

10,300

Aboitiz

Equity

Ventures,

Inc.

8,315

6,940

Jollibee

Foods

Corporation

25,087

18,200

SM

Investments

Corporation

257,226

Total

290,628

Poland

(0.1%)

6,654

Asseco

Poland

SA

121,833

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

172

Shares

Common

Stock

(94.5%)

Value

Poland

(0.1%)

-

continued

2,629

Bank

Polska

Kasa

Opieki

SA

$

79,888

178

Budimex

SA

19,926

6,956

Orlen

SA

110,002

13,646

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

a

141,356

30,791

Powszechny

Zaklad

Ubezpieczen

SA

348,427

530

Santander

Bank

Polska

SA

a

57,562

Total

878,994

Portugal

(0.2%)

24,528

CTT-Correios

de

Portugal

SA

93,561

46,386

EDP

-

Energias

de

Portugal

SA

194,937

50,150

Galp

Energia

SGPS

SA

754,997

40,348

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

105,044

Total

1,148,539

Qatar

(<0.1%)

32,570

Commercial

Bank

PSQC

45,854

23,274

Doha

Bank

QPSC

9,691

18,138

Gulf

International

Services

QSC

13,678

9,983

Gulf

Warehousing

Company

8,138

95,629

Masraf

Al

Rayan

QSC

55,155

13,769

Ooredoo

QPSC

37,401

2,847

Qatar

Electricity

&

Water

Company

QSC

12,935

20,949

Qatar

Gas

Transport

Company,

Ltd.

20,253

Total

203,105

Russian

Federation

(<0.1%)

89,225

Gazprom

PJSC

ADR

a,c

9

3,228

LUKOIL

PJSC

c,d

0

3,189

Mechel

PJSC

ADR

a,c

0

7,840

MMC

Norilsk

Nickel

PJSC

ADR

a,c

1

234

Novatek

PJSC

GDR

a,c

0

361

Polyus

PJSC

a,c

0

1

Polyus

PJSC

GDR

a,c

0

174,130

Sberbank

of

Russia

PJSC

c,d

0

9,280

Sovcomflot

OAO

c,d

0

404,300

Surgutneftegas

PJSC

c,d

0

35,587

Surgutneftegas

PJSC

ADR

a,c

4

Total

14

Saudi

Arabia

(0.3%)

771

Al

Masane

Al

Kobra

Mining

Company

10,834

28,446

Al

Rajhi

Bank

509,199

32,981

Alinma

Bank

289,462

1,147

Almarai

Company

JSC

17,090

2,624

Arab

National

Bank

16,619

2,658

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Company

178,534

1,818

Eastern

Province

Cement

Company

17,909

13,273

Fawaz

Abdulaziz

Al

Hokair

&

Company

a

68,715

51,818

Jarir

Marketing

Company

200,001

13,397

Riyad

Bank

94,810

2,958

SABIC

Agri-Nutrients

Company

105,610

5,460

Saudi

Arabian

Oil

Company

b

48,509

1,329

Saudi

Aramco

Base

Oil

Company

45,764

2,405

Saudi

Basic

Industries

Corporation

49,421

11,244

Saudi

Electricity

Company

53,384

Shares

Common

Stock

(94.5%)

Value

Saudi

Arabia

(0.3%)

-

continued

31,188

Saudi

National

Bank

$

279,075

4,668

Saudi

Public

Transport

Company

a

20,202

26,745

Saudi

Telecom

Company

273,979

3,860

Savola

Group

37,452

Total

2,316,569

Singapore

(1.4%)

42,300

CapitaLand

Integrated

Commercial

Trust

54,365

518,200

ComfortDelGro

Corporation,

Ltd.

500,511

219,100

DBS

Group

Holdings,

Ltd.

5,263,512

5,558

Kenon

Holdings,

Ltd.

101,632

86,900

Singapore

Exchange,

Ltd.

601,666

25,200

Singapore

Technologies

Engineering,

Ltd.

69,181

118,500

United

Overseas

Bank,

Ltd.

2,337,377

349,500

Yangzijiang

Shipbuilding

Holdings,

Ltd.

370,464

200,600

Yanlord

Land

Group,

Ltd.

a

82,887

Total

9,381,595

South

Africa

(0.2%)

18,510

Absa

Group,

Ltd.

168,897

32,106

AECI,

Ltd.

190,296

16,003

Aspen

Pharmacare

Holdings,

Ltd.

145,360

3,048

Barloworld,

Ltd.

12,820

4,336

Coronation

Fund

Managers,

Ltd.

7,028

30,373

DataTec,

Ltd.

57,446

26,603

FirstRand,

Ltd.

87,702

6,183

Kumba

Iron

Ore,

Ltd.

163,825

37,471

Momentum

Metropolitan

Holdings

42,161

363

MTN

Group,

Ltd.

1,772

1,391

Naspers,

Ltd.

a

217,136

9,165

Sasol,

Ltd.

115,843

16,520

Standard

Bank

Group

162,111

4,762

Super

Group,

Ltd.

8,120

10,974

Vukile

Property

Fund,

Ltd.

7,319

Total

1,387,836

South

Korea

(0.9%)

1,093

AfreecaTV

Company,

Ltd.

54,425

409

Caregen

Company,

Ltd.

8,153

188

Chong

Kun

Dang

Pharmaceutical

Corporation

13,210

255

Chongkundang

Holdings

Corporation

9,724

911

CJ

Corporation

56,825

2,039

Doosan

Bobcat,

Inc.

58,583

3,063

Green

Cross

Holdings

Corporation

30,756

10,717

GS

Holdings

Corporation

312,956

688

Hanmi

Pharm

Company,

Ltd.

143,852

5,626

Hanon

Systems

28,708

2,345

Hanwha

Corporation

38,627

1,229

Huons

Global

Company,

Ltd.

18,293

453

HYBE

Company,

Ltd.

a

73,777

439

Hyundai

Motor

Company

32,614

327

Hyundai

Motor

Company

24,148

1,235

Hyundai

Motor

Company

155,590

6,052

Kakao

Corporation

170,581

5,963

Kia

Corporation

340,675

183

Korea

Zinc

Company,

Ltd.

63,596

153

Krafton,

Inc.

a

18,625

167

LG

Chem,

Ltd.

54,733

3,684

Lotte

Shopping

Company,

Ltd.

197,015

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

173

Shares

Common

Stock

(94.5%)

Value

South

Korea

(0.9%)

-

continued

1,487

NAVER

Corporation

$

207,887

270

NCSoft

Corporation

46,647

24,090

NH

Investment

&

Securities

Company,

Ltd.

172,832

53

NongShim

Company,

Ltd.

17,431

2,212

PharmaResearch

Company,

Ltd.

190,996

1,061

POSCO

Holdings,

Inc.

324,799

627

Samsung

Biologics

Company,

Ltd.

a,b

329,618

3,162

Samsung

C&T

Corporation

250,006

44,855

Samsung

Electronics

Company,

Ltd.

2,232,652

116

Samsung

SDI

Company,

Ltd.

36,730

8,824

Samsung

Securities

Corporation,

Ltd.

231,157

4,723

SD

Biosensor,

Inc.

33,747

2,149

Seoul

Semiconductor

Company,

Ltd.

16,081

347

SGC

Energy

Company,

Ltd.

6,936

99

SK

Biopharmaceuticals

Company,

Ltd.

a

5,540

4,045

SK

Hynix,

Inc.

351,276

1,432

Yuhan

Corporation

61,044

Total

6,420,845

Spain

(3.0%)

145,431

Acerinox

SA

1,416,911

3,979

Aena

SME

SA

b

577,356

42,382

Amadeus

IT

Holding

SA

2,418,860

5,275

Atresmedia

Corporacion

de

Medios

de

Comunicacion

SA

19,766

511,848

Banco

Bilbao

Vizcaya

Argentaria

SA

4,026,830

738,838

Banco

Santander

SA

e

2,717,399

58,437

Cia

de

Distribucion

Integral

Logista

Holdings

SA

1,434,933

1,387

Global

Dominion

Access

SA

b

4,512

82,932

Industria

de

Diseno

Textil

SA

e

2,862,646

1,637

Laboratorios

Farmaceuticos

ROVI

SA

87,545

4,443

Let's

GOWEX

SA

a,c,f

0

10,779

Melia

Hotels

International

SA

a

59,969

30,948

Merlin

Properties

Socimi

SA

258,038

325,129

Repsol

SA

4,760,588

13,890

Sacyr

SA

40,108

1,167

Vidrala

SA

86,738

Total

20,772,199

Sweden

(2.2%)

44,576

AB

Industrivarden,

Class

A

1,153,423

44,410

AB

Industrivarden,

Class

C

1,145,303

16,457

AcadeMedia

AB

b

68,172

10,095

AddLife

AB

65,943

11,439

AddTech

AB

168,157

4,941

Alleima

AB

30,077

34,607

Arjo

AB

115,741

158,211

Assa

Abloy

AB

3,372,280

15,981

Atlas

Copco

AB,

Class

A

206,938

1,792

Atrium

Ljungberg

AB

27,557

15,956

Attendo

AB

a,b

50,531

17,762

Betsson

AB

178,763

6,947

BioGaia

AB

61,986

10,579

Biotage

AB

108,067

226

Bravida

Holding

AB

b

1,414

Shares

Common

Stock

(94.5%)

Value

Sweden

(2.2%)

-

continued

1,438

Bufab

AB

$

34,187

910

Camurus

AB

a

27,274

150,097

Corem

Property

Group

AB

96,897

3,541

Dios

Fastigheter

AB

19,169

134,494

Granges

AB

1,294,875

56,212

Hexagon

AB

458,108

69,578

Hexpol

AB

617,507

506

Indutrade

AB

8,968

65,279

Investor

AB,

Class

B

1,198,333

15,680

Inwido

AB

160,233

36

L

E

Lundbergforetagen

AB

1,470

5,886

Lifco

AB

107,702

10,754

Lindab

International

AB

165,713

19,372

NCC

AB

198,452

19,827

Nyfosa

AB

95,948

7,680

Pandox

AB

75,594

11,759

Peab

AB

43,834

4,540

Platzer

Fastigheter

Holding

AB

23,793

34,758

SKF

AB

563,513

266,691

SSAB

AB,

Class

A

1,597,617

138,611

SSAB

AB,

Class

B

804,158

8,950

Svolder

AB

40,073

6,557

Sweco

AB

60,456

9,119

Swedbank

AB

149,764

10,236

Trelleborg

AB

258,859

454

Troax

Group

AB

7,277

4,836

Vitrolife

AB

63,048

10,529

Volvo

AB,

Class

B

208,634

Total

15,135,808

Switzerland

(6.1%)

54,880

ABB,

Ltd.

1,843,843

3,706

Alcon,

Inc.

265,261

44

Bucher

Industries

AG

15,707

476

Burckhardt

Compression

Holding

AG

241,294

2,048

Cembra

Money

Bank

AG

141,210

6,961

Coca-Cola

HBC

AG

180,719

10,149

Compagnie

Financiere

Richemont

SA

1,197,334

527

DKSH

Holding

AG

32,269

3,043

Galenica

AG

b

229,895

71,734

Holcim

AG

4,435,153

611

Huber+Suhner

AG

41,842

16

LEM

Holding

SA

32,364

82

Lindt

&

Spruengli

AG

907,840

76,754

Nestle

SA

8,277,058

140,419

Novartis

AG

13,145,966

1,467

Partners

Group

Holding

AG

1,553,353

18,309

PSP

Swiss

Property

AG

2,252,725

8,126

Roche

Holding

AG,

Participation

Certificates

2,094,149

27,492

Sandoz

Group

AG

a

714,765

8,754

Schindler

Holding

AG,

Participation

Certificates

1,771,134

482

Siegfried

Holding

AG

382,235

152

Sika

AG

36,375

4,560

Swiss

Prime

Site

AG

423,843

3,005

Tecan

Group

AG

864,840

8,537

Temenos

AG

615,053

883

u-blox

Holding

AG

83,524

869

Vontobel

Holding

AG

50,835

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

174

Shares

Common

Stock

(94.5%)

Value

Switzerland

(6.1%)

-

continued

225

Zehnder

Group

AG

$

11,625

Total

41,842,211

Taiwan

(1.4%)

11,222

ASE

Technology

Holding

Company,

Ltd.

ADR

83,604

67,000

Asia

Cement

Corporation

82,737

7,000

Asustek

Computer,

Inc.

73,396

195,000

Capital

Securities

Corporation

85,950

66,000

Cathay

Financial

Holding

Company,

Ltd.

89,565

201,000

Cheng

Shin

Rubber

Industry

Company,

Ltd.

274,675

3,000

Chicony

Power

Technology

Company,

Ltd.

10,386

8,000

China

Steel

Chemical

Corporation

29,420

75,000

China

Steel

Corporation

55,954

112,000

Chipbond

Technology

Corporation

235,258

892

Chunghwa

Telecom

Company,

Ltd.

ADR

31,782

22,000

Delta

Electronics,

Inc.

198,262

26,000

Elan

Microelectronics

Corporation

115,903

33,000

Everlight

Electronics

Company,

Ltd.

45,214

67,000

Feng

Hsin

Steel

Company,

Ltd.

130,085

11,000

Getac

Holdings

Corporation

24,666

4,000

Global

Mixed

Mode

Technology,

Inc.

30,786

2,000

Grape

King

Bio,

Ltd.

9,141

1,060

Hotai

Motor

Company,

Ltd.

19,779

16,000

MediaTek,

Inc.

417,590

42,000

Micro-Star

International

Company,

Ltd.

215,012

176,000

Nan

Ya

Plastics

Corporation

336,745

40,000

Novatek

Microelectronics

Corporation

563,323

111,000

Pou

Chen

Corporation

98,941

27,000

Powertech

Technology,

Inc.

87,718

8,000

President

Chain

Store

Corporation

63,635

72,000

Quanta

Computer,

Inc.

425,110

24,000

Radiant

Opto-Electronics

Corporation

91,992

41,000

Realtek

Semiconductor

Corporation

510,978

22,000

Sigurd

Microelectronics

Corporation

40,394

5,100

SinoPac

Financial

Holdings

Company,

Ltd.

2,813

16,000

Systex

Corporation

49,563

94,244

Taichung

Commercial

Bank

Company,

Ltd.

42,778

251,400

Taiwan

Cooperative

Financial

Holding

Company,

Ltd.

195,229

6,000

Taiwan

Fertilizer

Company,

Ltd.

10,993

246,620

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

4,027,926

47,762

Topco

Scientific

Company,

Ltd.

249,552

4,000

TTY

Biopharm

Company,

Ltd.

10,350

121,000

Uni-President

Enterprises

Corporation

253,852

20,000

USI

Corporation

11,904

572,599

Yuanta

Financial

Holding

Company,

Ltd.

430,203

Total

9,763,164

Shares

Common

Stock

(94.5%)

Value

Thailand

(0.1%)

35,200

Bangchak

Corporation

pcl

NVDR

$

40,427

340,100

Krung

Thai

Bank

pcl

NVDR

177,826

412,600

Land

and

Houses

pcl

NVDR

86,673

Total

304,926

Turkey

(0.1%)

17,594

BIM

Birlesik

Magazalar

AS

168,986

36,110

KOC

Holding

AS

174,667

26,232

Turk

Hava

Yollari

Anonim

Ortakligi

a

201,284

Total

544,937

United

Arab

Emirates

(0.2%)

9,685

Abu

Dhabi

Commercial

Bank

PJSC

21,173

11,827

Abu

Dhabi

Islamic

Bank

PJSC

33,166

184,592

Deyaar

Development

PJSC

a

29,590

182,219

Dubai

Islamic

Bank

PJSC

267,897

225,619

Emaar

Properties

PJSC

411,029

37,134

Emirates

Central

Cooling

Systems

Corporation

18,097

86,529

Emirates

NBD

Bank

PJSC

399,310

Total

1,180,262

United

Kingdom

(10.6%)

62,631

AstraZeneca

plc

7,841,641

433,119

Auto

Trader

Group

plc

b

3,276,224

11,453

Babcock

International

Group

plc

a

54,494

54,681

Balfour

Beatty

plc

205,501

412,326

Barclays

plc

661,804

10,747

Bellway

plc

273,498

5,532

Berkeley

Group

Holdings

plc

271,935

1,493

Big

Yellow

Group

plc

17,364

2,912

Bodycote

plc

20,316

611,358

BP

plc

3,732,966

16,176

Breedon

Group

plc

61,441

13,809

Britvic

plc

140,651

10,519

Bunzl

plc

375,278

23,887

Burberry

Group

plc

492,313

3,771

Bytes

Technology

Group

plc

22,572

4,534

Central

Asia

Metals

plc

9,027

14,978

Coca-Cola

European

Partners

plc

876,363

72,005

Compass

Group

plc

1,815,347

7,525

Computacenter

plc

235,364

105,716

Diageo

plc

3,997,761

18,655

Domino's

Pizza

Group

plc

77,840

39,138

DS

Smith

plc

135,749

52,744

Evraz

plc

a,c

6

27,974

FirstGroup

plc

53,833

8,475

Future

plc

91,509

275

Games

Workshop

Group

plc

33,064

3,002

Genus

plc

78,091

3,993

Greggs

plc

115,023

113,580

GSK

plc

2,024,766

133,405

Halma

plc

3,000,064

23,167

Harbour

Energy

plc

71,606

15,958

Hays

plc

18,701

10,855

Hikma

Pharmaceuticals

plc

251,506

22,502

Howden

Joinery

Group

plc

174,753

958,810

HSBC

Holdings

plc

6,923,021

150,067

IG

Group

Holdings

plc

1,165,811

3,023

IMI

plc

53,988

161,429

Imperial

Brands

plc

3,439,117

25,534

Inchcape

plc

207,017

49,103

InterContinental

Hotels

Group

plc

3,479,567

1,866

Intermediate

Capital

Group

plc

29,709

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

175

Shares

Common

Stock

(94.5%)

Value

United

Kingdom

(10.6%)

-

continued

7,749

J

D

Wetherspoon

plc

a

$

59,525

8,256

Jet2

plc

100,895

9,088

Lancashire

Holdings,

Ltd.

62,741

930

Liontrust

Asset

Management

plc

6,343

90,579

Marks

&

Spencer

Group

plc

a

239,182

17,474

Mondi

plc

282,651

141,794

Moneysupermarket.com

Group

plc

447,458

4,123

Morgan

Sindall

Group

plc

94,213

25,818

Next

plc

2,164,646

23,546

PageGroup

plc

107,904

37,751

Paragon

Banking

Group

plc

203,544

71,972

Pets

at

Home

Group

plc

245,639

899

Playtech

plc

a

4,290

46,242

Redde

Northgate

plc

188,848

13,582

Redrow

plc

80,329

160,213

RELX

plc

5,595,878

113,116

Rightmove

plc

652,299

50,793

Rio

Tinto

plc

3,240,622

46,843

Rotork

plc

167,507

3,050

RS

Group

plc

25,170

5,028

Safestore

Holdings

plc

41,841

155,643

Serco

Group

plc

270,522

330,944

Shell

plc

10,665,291

11,614

Spectris

plc

438,858

360

Spirax-Sarco

Engineering

plc

35,933

47,938

SSP

Group

plc

a

104,879

34,942

Standard

Chartered

plc

267,912

242,542

Tesco

plc

795,917

2,136

Tritax

Big

Box

REIT

plc

3,556

28,064

Virgin

Money

UK

plc

50,201

11,221

Watches

of

Switzerland

Group

plc

a,b

68,511

9,257

Whitbread

plc

375,354

39,556

Wickes

Group

plc

61,725

9,227

YouGov

plc

95,327

1,495

Young

&

Company's

Brewery

plc

18,898

Total

73,071,010

United

States

(0.1%)

10,397

Yum

China

Holding,

Inc.

546,466

Total

546,466

Virgin

Islands,

British

(<0.1%)

2,348

VK

IPJSC

GDR

a,c

0

Total

0

Total

Common

Stock

(cost

$630,432,367)

648,758,576

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

5,685,400

Thrivent

Cash

Management

Trust

5,685,400

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,685,400)

5,685,400

Principal

Amount

Long-Term

Fixed

Income

(

0.2%

)

Venezuela

(0.2%)

Petroleos

de

Venezuela

SA

$

5,360,000

6.000%, 

10/28/2022

g

509,200

3,250,000

6.000%, 

5/16/2024

g

412,750

637,000

6.000%, 

11/15/2026

g

79,307

680,000

5.375%, 

4/12/2027

g

90,440

Principal

Amount

Long-Term

Fixed

Income

(0.2%)

Value

Venezuela

(0.2%)

-

continued

$

70,000

5.500%, 

4/12/2037

g

$

8,864

Total

1,100,561

Total

Long-Term

Fixed

Income

(cost

$3,822,422)

1,100,561

Shares

Preferred

Stock

(

<0.1%

)

Brazil

(<0.1%)

15,700

Companhia

de

Saneamento

do

Parana

13,577

Total

13,577

Germany

(<0.1%)

2,343

Bayerische

Motoren

Werke

AG

199,225

Total

199,225

Russian

Federation

(<0.1%)

90

Transneft

PJSC

c,d

0

Total

0

South

Korea

(0.1%)

11,317

Samsung

Electronics

Company,

Ltd.

451,828

Total

451,828

Total

Preferred

Stock

(cost

$894,702)

664,630

Shares

or

Principal

Amount

Short-Term

Investments

(

4.6%

)

Federal

Home

Loan

Bank

Discount

Notes

100,000

5.284%,

 11/15/2023

h,i

99,800

600,000

5.300%,

 12/6/2023

h

596,995

300,000

5.315%,

 12/13/2023

h,i

298,198

600,000

5.315%,

 12/15/2023

h

596,225

100,000

5.305%,

 1/16/2024

h,i

98,913

1,800,000

5.350%,

 1/17/2024

h,i

1,780,172

Thrivent

Core

Short-Term

Reserve

Fund

2,827,762

5.690%

28,277,619

Total

Short-Term

Investments

(cost

$31,746,846)

31,747,922

Total

Investments

(cost

$672,581,737)

100.2%

$687,957,089

Other

Assets

and

Liabilities,

Net

(0.2%)

(1,097,862)

Total

Net

Assets

100.0%

$686,859,227

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

176

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2023,

the

value

of

these

investments

was

$10,890,049

or

1.6%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

Pursuant

to

sanctions

related

to

the

Russian

invasion

of

Ukraine

which

restricts

the

ability

of

Russia

and

its

allied

nations

to

make

payments

on

its

dollar-denominated

sovereign

debt

and

equity,

existing

accruals

on

these

securities

have

been

reserved

and

income

is

currently

not

being

accrued.

e

All

or

a

portion

of

the

security

is

on

loan.

f

In

bankruptcy.  Income

is

not

being

accrued

per

the

bankruptcy

agreement

terms.

g

Defaulted

security.  Interest

is

not

being

accrued.

h

The

interest

rate

shown

reflects

the

yield.

i

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

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

International

Allocation

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Common

Stock

$

5,273,579

Total

lending

$5,273,579

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,685,400

Net

amounts

due

to

counterparty

$411,821

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Bhd

-

Borhad

-

suffix

used

in

Malaysia

to

identify

a

Public

Limited

Company

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

NVDR

-

Non-Voting

Depository

Receipts

pcl

-

Public

Company

Limited

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$54,502,924

Gross

unrealized

depreciation

(46,584,456)

Net

unrealized

appreciation

(depreciation)

$7,918,468

Cost

for

federal

income

tax

purposes

$678,268,929

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

177

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

International

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services^

30,729,866

1,249,481

29,480,385

0

Consumer

Discretionary

79,378,456

1,995,334

77,383,122

–

Consumer

Staples^

41,530,783

1,242,399

40,288,384

0

Energy^

42,138,320

4,247,373

37,890,934

13

Financials^

118,737,992

300,813

118,437,179

0

Health

Care

83,384,362

174,418

83,209,944

–

Industrials

95,086,053

–

95,086,053

–

Information

Technology

71,168,559

3,885,198

67,283,361

–

Materials^

55,181,047

1,703,295

53,477,745

7

Real

Estate

11,781,633

224,548

11,539,563

17,522

Utilities

19,641,505

63,331

19,578,174

–

Long-Term

Fixed

Income

Energy

1,100,561

–

1,100,561

–

Preferred

Stock

Consumer

Discretionary

199,225

–

199,225

–

Energy^

–

–

–

0

Information

Technology

451,828

–

451,828

–

Utilities

13,577

–

13,577

–

Short-Term

Investments

3,470,303

–

3,470,303

–

Subtotal

Investments

in

Securities

$653,994,070

$15,086,190

$638,890,338

$17,542

Other

Investments  *

Total

Affiliated

Short-Term

Investments

28,277,619

Collateral

Held

for

Securities

Loaned

5,685,400

Subtotal

Other

Investments

$33,963,019

Total

Investments

at

Value

$687,957,089

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.

^

Level

3

security

in

this

section

is

fair

valued

at

<$1.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

International

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

1,769,692

1,769,692

–

–

Total

Liability

Derivatives

$1,769,692

$1,769,692

$–

$–

The

following

table

presents

International

Allocation

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$1,584,794

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

ICE

mini

MSCI

EAFE

Index

363

December

2023

$

37,484,900

(

$

1,654,985)

ICE

US

mini

MSCI

Emerging

Markets

Index

38

December

2023

1,861,187

(

114,707)

Total

Futures

Long

Contracts

$

39,346,087

(

$

1,769,692)

Total

Futures

Contracts

$

39,346,087

($1,769,692)

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

178

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

International

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

1,769,692

Total

Equity

Contracts

1,769,692

Total

Liability

Derivatives

$1,769,692

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

International

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

4,506,717

Total

Equity

Contracts

4,506,717

Total

$4,506,717

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

International

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

1,568,274

Total

Equity

Contracts

1,568,274

Total

$1,568,274

The

following

table

presents

International

Allocation

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$49,213,804

International

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

179

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$54,447

$301,206

$327,375

$28,278

2,828

4.1%

Total

Affiliated

Short-Term

Investments

54,447

28,278

4.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

4,936

67,430

66,681

5,685

5,685

0.8

Total

Collateral

Held

for

Securities

Loaned

4,936

5,685

0.8

Total

Value

$59,383

$33,963

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$67

($67)

$–

$2,037

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2,037

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

125

Total

Affiliated

Income

from

Securities

Loaned,

Net

$125

Total

$67

($67)

$–

Large

Cap

Growth

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

180

Shares

Common

Stock

(

97.6%

)

Value

Communications

Services

(11.7%)

1,157,942

Alphabet,

Inc.,

Class

C

a

$

145,090,132

250,474

Meta

Platforms,

Inc.

a

75,460,302

69,727

Netflix,

Inc.

a

28,705,909

Total

249,256,343

Consumer

Discretionary

(14.6%)

1,186,805

Amazon.com,

Inc.

a

157,951,877

66,807

Domino's

Pizza,

Inc.

22,646,905

182,217

Home

Depot,

Inc.

51,875,358

100,548

McDonald's

Corporation

26,360,669

260,138

Tesla,

Inc.

a

52,246,116

Total

311,080,925

Consumer

Staples

(3.2%)

275,015

BJ's

Wholesale

Club

Holdings,

Inc.

a

18,734,022

417,519

US

Foods

Holding

Corporation

a

16,258,190

204,623

Walmart,

Inc.

33,437,444

Total

68,429,656

Energy

(2.4%)

605,696

Halliburton

Company

23,828,081

111,563

Pioneer

Natural

Resources

Company

26,663,557

Total

50,491,638

Financials

(9.7%)

178,345

American

Express

Company

26,043,721

69,160

Ameriprise

Financial,

Inc.

21,755,661

55,060

FactSet

Research

Systems,

Inc.

23,779,864

227,364

Intercontinental

Exchange,

Inc.

24,427,988

177,363

J.P.

Morgan

Chase

&

Company

24,664,099

101,501

Mastercard,

Inc.

38,199,901

570,214

PayPal

Holdings,

Inc.

a

29,537,085

207,096

Raymond

James

Financial,

Inc.

19,765,242

Total

208,173,561

Health

Care

(13.0%)

112,809

Amgen,

Inc.

28,845,261

162,048

Danaher

Corporation

31,116,457

101,592

Intuitive

Surgical,

Inc.

a

26,639,454

105,947

Laboratory

Corporation

of

America

Holdings

21,160,794

328,238

Medtronic

plc

23,160,473

74,219

Molina

Healthcare,

Inc.

a

24,711,216

357,417

Novo

Nordisk

AS

ADR

34,515,760

106,751

UnitedHealth

Group,

Inc.

57,171,566

199,315

Zoetis,

Inc.

31,292,455

Total

278,613,436

Industrials

(6.1%)

477,400

Fastenal

Company

27,851,516

53,092

Northrop

Grumman

Corporation

25,029,161

49,270

Parker-Hannifin

Corporation

18,176,196

813,288

Uber

Technologies,

Inc.

a

35,199,105

163,992

United

Parcel

Service,

Inc.

23,163,870

Total

129,419,848

Information

Technology

(34.5%)

79,159

Adobe,

Inc.

a

42,117,338

411,060

Advanced

Micro

Devices,

Inc.

a

40,489,410

473,964

Apple,

Inc.

80,938,832

Shares

Common

Stock

(97.6%)

Value

Information

Technology

(34.5%)

-

continued

188,813

Applied

Materials,

Inc.

$

24,989,401

688,655

Cisco

Systems,

Inc.

35,899,585

278,207

Fortinet,

Inc.

a

15,905,094

684,140

Microsoft

Corporation

231,314,575

279,636

NVIDIA

Corporation

114,035,561

354,357

QUALCOMM,

Inc.

38,621,369

177,738

Salesforce,

Inc.

a

35,695,123

92,912

ServiceNow,

Inc.

a

54,060,847

61,321

Tyler

Technologies,

Inc.

a

22,866,601

Total

736,933,736

Materials

(1.2%)

175,406

Nucor

Corporation

25,923,253

Total

25,923,253

Real

Estate

(1.2%)

124,895

SBA

Communications

Corporation

26,056,844

Total

26,056,844

Total

Common

Stock

(cost

$1,537,198,343)

2,084,379,240

Shares

Short-Term

Investments

(

2.4%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

5,066,392

5.690%

50,663,916

Total

Short-Term

Investments

(cost

$50,644,627)

50,663,916

Total

Investments

(cost

$1,587,842,970)

100.0%

$2,135,043,156

Other

Assets

and

Liabilities,

Net

(<0.1%)

(660,316)

Total

Net

Assets

100.0%

$2,134,382,840

a

Non-income

producing

security.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

plc

-

Public

Limited

Company

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$606,956,648

Gross

unrealized

depreciation

(69,818,585)

Net

unrealized

appreciation

(depreciation)

$537,138,063

Cost

for

federal

income

tax

purposes

$1,597,905,093

Large

Cap

Growth

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

181

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Large

Cap

Growth

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

249,256,343

249,256,343

–

–

Consumer

Discretionary

311,080,925

311,080,925

–

–

Consumer

Staples

68,429,656

68,429,656

–

–

Energy

50,491,638

50,491,638

–

–

Financials

208,173,561

208,173,561

–

–

Health

Care

278,613,436

278,613,436

–

–

Industrials

129,419,848

129,419,848

–

–

Information

Technology

736,933,736

736,933,736

–

–

Materials

25,923,253

25,923,253

–

–

Real

Estate

26,056,844

26,056,844

–

–

Subtotal

Investments

in

Securities

$2,084,379,240

$2,084,379,240

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

50,663,916

Subtotal

Other

Investments

$50,663,916

Total

Investments

at

Value

$2,135,043,156

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

 The

Fund

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Growth

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$41,567

$295,522

$286,425

$50,664

5,066

2.4%

Total

Affiliated

Short-Term

Investments

41,567

50,664

2.4

Total

Value

$41,567

$50,664

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$–

$–

$–

$2,459

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2,459

Total

$–

$–

$–

Large

Cap

Value

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

182

Shares

Common

Stock

(

99.3%

)

Value

Communications

Services

(8.2%)

364,324

Alphabet,

Inc.,

Class

C

a

$

45,649,797

727,387

Comcast

Corporation

30,033,809

104,999

Meta

Platforms,

Inc.

a

31,633,049

1,061,198

Verizon

Communications,

Inc.

37,279,886

1,249,079

Warner

Brothers

Discovery,

Inc.

a

12,415,845

Total

157,012,386

Consumer

Discretionary

(6.0%)

191,271

Aptiv

plc

a

16,678,831

8,250

Booking

Holdings,

Inc.

a

23,013,870

168,886

D.R.

Horton,

Inc.

17,631,699

183,744

Lowe's

Companies,

Inc.

35,016,094

266,004

Sony

Group

Corporation

ADR

22,091,632

Total

114,432,126

Consumer

Staples

(8.3%)

1,731,911

Coty,

Inc.

a

16,228,006

762,147

Kenvue,

Inc.

14,175,934

270,025

Lamb

Weston

Holdings,

Inc.

24,248,245

438,167

Philip

Morris

International,

Inc.

39,066,970

335,720

Sysco

Corporation

22,322,023

259,041

Walmart,

Inc.

42,329,890

Total

158,371,068

Energy

(10.0%)

526,865

BP

plc

ADR

19,272,722

350,240

ConocoPhillips

41,608,512

287,475

Devon

Energy

Corporation

13,387,711

1,038,822

Enterprise

Products

Partners,

LP

27,050,925

347,170

Exxon

Mobil

Corporation

36,747,944

299,524

Halliburton

Company

11,783,274

146,341

Marathon

Petroleum

Corporation

22,134,076

79,768

Pioneer

Natural

Resources

Company

19,064,552

Total

191,049,716

Financials

(18.9%)

98,036

Allstate

Corporation

12,561,353

384,769

American

International

Group,

Inc.

23,590,187

1,183,147

Bank

of

America

Corporation

31,164,092

566,785

Bank

of

New

York

Mellon

Corporation

24,088,362

147,957

Capital

One

Financial

Corporation

14,986,565

336,486

Charles

Schwab

Corporation

17,510,731

109,396

Chubb,

Ltd.

23,478,570

363,699

Comerica,

Inc.

14,329,741

134,698

Discover

Financial

Services

11,056,012

174,930

Intercontinental

Exchange,

Inc.

18,794,479

307,406

J.P.

Morgan

Chase

&

Company

42,747,878

136,050

M&T

Bank

Corporation

15,339,638

321,775

MetLife,

Inc.

19,309,718

179,392

Morgan

Stanley

12,704,541

265,484

PayPal

Holdings,

Inc.

a

13,752,071

205,079

Raymond

James

Financial,

Inc.

19,572,740

1,131,520

Wells

Fargo

&

Company

45,000,550

Total

359,987,228

Health

Care

(14.8%)

175,386

AstraZeneca

plc

ADR

11,089,656

835,753

Avantor,

Inc.

a

14,567,175

71,676

Biogen,

Inc.

a

17,025,917

101,344

Cigna

Group

31,335,565

186,891

CVS

Health

Corporation

12,897,348

Shares

Common

Stock

(99.3%)

Value

Health

Care

(14.8%)

-

continued

69,457

Elevance

Health,

Inc.

$

31,261,901

376,387

Gilead

Sciences,

Inc.

29,561,435

75,721

HCA

Healthcare,

Inc.

17,123,547

166,926

Johnson

&

Johnson

24,761,803

96,358

Laboratory

Corporation

of

America

Holdings

19,245,583

347,390

Merck

&

Company,

Inc.

35,676,953

608,007

Pfizer,

Inc.

18,580,694

181,278

Zimmer

Biomet

Holdings,

Inc.

18,927,236

Total

282,054,813

Industrials

(11.6%)

51,091

Carlisle

Companies,

Inc.

12,981,712

1,531,825

CNH

Industrial

NV

16,819,438

554,360

CSX

Corporation

16,547,646

554,600

Delta

Air

Lines,

Inc.

17,331,250

429,530

Flowserve

Corporation

15,772,342

121,250

General

Dynamics

Corporation

29,258,837

141,191

Honeywell

International,

Inc.

25,874,663

67,165

JB

Hunt

Transport

Services,

Inc.

11,543,649

115,236

L3Harris

Technologies,

Inc.

20,674,491

48,164

Parker-Hannifin

Corporation

17,768,181

189,822

United

Parcel

Service,

Inc.

26,812,357

23,289

United

Rentals,

Inc.

9,461,622

Total

220,846,188

Information

Technology

(10.1%)

1,068,408

Cisco

Systems,

Inc.

55,696,109

116,675

Crane

NXT

Company

6,067,100

127,838

Microsoft

Corporation

43,223,306

323,170

QUALCOMM,

Inc.

35,222,298

719,763

Samsung

Electronics

Company,

Ltd.

35,826,116

120,350

Texas

Instruments,

Inc.

17,090,904

Total

193,125,833

Materials

(4.1%)

706,549

Axalta

Coating

Systems,

Ltd.

a

18,532,780

303,395

CF

Industries

Holdings,

Inc.

24,204,853

201,020

Eastman

Chemical

Company

15,022,225

137,438

Nucor

Corporation

20,311,962

Total

78,071,820

Real

Estate

(2.7%)

51,742

AvalonBay

Communities,

Inc.

8,575,719

133,168

CBRE

Group,

Inc.

a

9,233,869

1,095,282

Healthcare

Realty

Trust,

Inc.

15,717,297

1,138,468

Host

Hotels

&

Resorts,

Inc.

17,623,485

Total

51,150,370

Utilities

(4.6%)

294,256

Constellation

Energy

Corporation

33,227,387

255,167

Duke

Energy

Corporation

22,681,795

157,762

Entergy

Corporation

15,080,470

278,322

Public

Service

Enterprise

Group,

Inc.

17,158,551

Total

88,148,203

Total

Common

Stock

(cost

$1,529,480,613)

1,894,249,751

Large

Cap

Value

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

183

Shares

Short-Term

Investments

(

0.6%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,141,138

5.690%

$

11,411,376

Total

Short-Term

Investments

(cost

$11,388,786)

11,411,376

Total

Investments

(cost

$1,540,869,399)

99.9%

$1,905,661,127

Other

Assets

and

Liabilities,

Net

0.1%

2,293,334

Total

Net

Assets

100.0%

$1,907,954,461

a

Non-income

producing

security.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

plc

-

Public

Limited

Company

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$484,743,873

Gross

unrealized

depreciation

(109,724,682)

Net

unrealized

appreciation

(depreciation)

$375,019,191

Cost

for

federal

income

tax

purposes

$1,530,641,936

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Large

Cap

Value

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

157,012,386

157,012,386

–

–

Consumer

Discretionary

114,432,126

114,432,126

–

–

Consumer

Staples

158,371,068

158,371,068

–

–

Energy

191,049,716

191,049,716

–

–

Financials

359,987,228

359,987,228

–

–

Health

Care

282,054,813

282,054,813

–

–

Industrials

220,846,188

220,846,188

–

–

Information

Technology

193,125,833

157,299,717

35,826,116

–

Materials

78,071,820

78,071,820

–

–

Real

Estate

51,150,370

51,150,370

–

–

Utilities

88,148,203

88,148,203

–

–

Subtotal

Investments

in

Securities

$1,894,249,751

$1,858,423,635

$35,826,116

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

11,411,376

Subtotal

Other

Investments

$11,411,376

Total

Investments

at

Value

$1,905,661,127

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Large

Cap

Value

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

184

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Value

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$23,279

$192,867

$

204,735

$11,411

1,141

0.6%

Total

Affiliated

Short-Term

Investments

23,279

11,411

0.6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

32,174

32,174

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$23,279

$11,411

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$0

($0)

$–

$1,870

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$1,870

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

$0

($0)

$–

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

185

Principal

Amount

Long-Term

Fixed

Income

(

98.8%

)

Value

Asset-Backed

Securities

(17.1%)

510

Asset

Backed

Trust

$

3,734,642

2.116%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A1

a,b

$

3,453,050

2,841,734

2.240%, 

11/25/2069,

Ser.

2021-NPL1,

Class

A1

a,b

2,651,654

ACHV

ABS

Trust

85,902

6.420%, 

3/18/2030,

Ser.

2023-1PL,

Class

A

a

85,897

798,121

6.420%, 

5/20/2030,

Ser.

2023-2PL,

Class

A

a

798,161

649,846

6.600%, 

8/19/2030,

Ser.

2023-3PL,

Class

A

a

649,672

Affirm

Asset

Securitization

Trust

298,965

1.750%, 

2/15/2027,

Ser.

2022-X1,

Class

A

a

293,313

4,000,000

4.300%, 

5/17/2027,

Ser.

2022-A,

Class

A

a

3,907,108

2,500,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

a

2,500,918

Americredit

Automobile

Receivables

Trust

4,565,456

5.840%, 

10/19/2026,

Ser.

2023-1,

Class

A2A

4,554,587

AMSR

Trust

6,000,000

2.417%, 

12/17/2038,

Ser.

2021-SFR4,

Class

B

a

5,287,958

Ares

XL

CLO,

Ltd.

9,000,000

7.056%, 

(TSFR3M

+

1.662%),

1/15/2029,

Ser.

2016-40A,

Class

A3RR

a,c

8,883,792

Avant

Credit

Card

Master

Trust

10,500,000

1.370%, 

4/15/2027,

Ser.

2021-1A,

Class

A

a

9,821,472

Bankers

Healthcare

Group

Securitization

Trust

1,797,741

5.280%, 

10/17/2035,

Ser.

2022-C,

Class

A

a

1,784,065

BHG

Securitization

Trust

2,278,090

0.900%, 

10/17/2034,

Ser.

2021-B,

Class

A

a

2,194,990

BRAVO

Residential

Funding

Trust

3,594,112

6.071%, 

(SOFR30A

+

0.750%),

11/27/2023,

Ser.

2021-HE2,

Class

A1

a,c

3,526,083

CarVal

CLO

VII-C,

Ltd.

3,250,000

7.616%, 

(TSFR3M

+

2.200%),

1/20/2035,

Ser.

2023-1A,

Class

A1

a,c

3,258,655

Cascade

Funding

Mortgage

Trust

2,872,897

0.898%, 

6/25/2036,

Ser.

2021-HB6,

Class

A

a,c

2,783,113

1,340,986

1.100%, 

3/20/2041,

Ser.

2021-GRN1,

Class

A

a

1,261,687

Cascade

Funding

Mortgage

Trust,

LLC

874,894

0.801%, 

2/25/2031,

Ser.

2021-HB5,

Class

A

a,c

866,216

1,383,749

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,c

1,324,541

CIM

Trust

2,438,441

2.568%, 

7/25/2059,

Ser.

2021-NR2,

Class

A1

a,b

2,347,202

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Asset-Backed

Securities

(17.1%)

-

continued

Commonbond

Student

Loan

Trust

$

192,122

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

a

$

177,361

495,264

5.939%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,c

482,690

DT

Auto

Owner

Trust

1,862,049

5.880%, 

4/15/2027,

Ser.

2023-2A,

Class

A

a

1,857,121

Education

Funding

Trust

1,411,060

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

1,271,302

Elmwood

CLO

18,

Ltd.

3,500,000

7.053%, 

(TSFR3M

+

1.650%),

7/17/2033,

Ser.

2022-5A,

Class

AR

a,c

3,499,857

FirstKey

Homes

Trust

1,000,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

907,061

Flatiron

CLO,

Ltd.

4,000,000

7.076%, 

(TSFR3M

+

1.712%),

5/15/2030,

Ser.

2017-1A,

Class

BR

a,c

3,951,220

Foundation

Finance

Trust

1,447,001

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

a

1,258,963

4,500,000

6.530%, 

6/15/2049,

Ser.

2023-2A,

Class

A

a

4,494,324

Galaxy

XXIII

CLO,

Ltd.

6,000,000

7.010%, 

(TSFR3M

+

1.612%),

4/24/2029,

Ser.

2017-23A,

Class

B1R

a,c

5,911,464

Genesis

Sales

Finance

Master

Trust

10,000,000

1.200%, 

12/21/2026,

Ser.

2021-AA,

Class

A

a

9,491,615

GMAC

Mortgage

Corporation

Loan

Trust

16,175

5.939%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

c,d

9,043

GSAA

Home

Equity

Trust

458,646

7.389%, 

(TSFR1M

+

2.064%),

5/25/2034,

Ser.

2004-4,

Class

M2

c

491,772

920,881

4.467%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b,c

778,850

Marlette

Funding

Trust

3,859,313

6.070%, 

4/15/2033,

Ser.

2023-1A,

Class

A

a

3,846,398

Mercury

Financial

Credit

Card

Master

Trust

4,000,000

2.500%, 

9/21/2026,

Ser.

2022-1A,

Class

A

a

3,848,534

National

Collegiate

Trust

591,304

5.734%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,c

571,944

Navient

Student

Loan

Trust

2,061,925

4.160%, 

10/15/2070,

Ser.

2022-BA,

Class

A

a

1,889,625

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

186

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Asset-Backed

Securities

(17.1%)

-

continued

Oak

Street

Investment

$

2,467,754

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

a

$

2,187,435

OneMain

Financial

Issuance

Trust

3,500,000

1.750%, 

9/14/2035,

Ser.

2020-2A,

Class

A

a

3,133,235

OZLM

VIII,

Ltd.

4,000,000

7.314%, 

(TSFR3M

+

1.912%),

10/17/2029,

Ser.

2014-8A,

Class

A2R3

a,c

3,952,296

Pagaya

AI

Debt

Trust

1,170,518

7.556%, 

7/15/2030,

Ser.

2023-1,

Class

A

a

1,173,079

Pagaya

AI

Technology

in

Housing

Trust

4,000,000

4.250%, 

8/25/2025,

Ser.

2022-1,

Class

B

a

3,771,168

Palmer

Square

Loan

Funding,

Ltd.

6,250,000

6.955%, 

(TSFR3M

+

1.700%),

7/20/2031,

Ser.

2023-1A,

Class

A1

a,c

6,239,775

Park

Blue

CLO

2022-II,

Ltd.

4,000,000

7.966%, 

(TSFR3M

+

2.550%),

1/20/2035,

Ser.

2022-2A,

Class

A1

a,c

4,017,172

PPM

CLO

6,

Ltd.

5,692,424

7.866%, 

(TSFR3M

+

2.450%),

1/20/2031,

Ser.

2022-6A,

Class

A

a,c

5,697,223

Preston

Ridge

Partners

Mortgage

Trust,

LLC

2,278,751

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

a,c

2,183,279

Pretium

Mortgage

Credit

Partners,

LLC

1,979,043

5.240%, 

4/25/2052,

Ser.

2022-NPL2,

Class

A1

a,b

1,914,282

3,833,959

1.868%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A1

a,b

3,517,223

1,275,921

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

a,b

1,230,938

Progress

Residential

Trust

2,996,299

2.078%, 

6/18/2037,

Ser.

2020-SFR2,

Class

A

a

2,801,987

3,982,745

1.524%, 

7/17/2038,

Ser.

2021-SFR6,

Class

A

a

3,509,186

Santander

Drive

Auto

Receivables

Trust

1,502,484

5.870%, 

3/16/2026,

Ser.

2023-2,

Class

A2

1,499,336

2,238,363

5.360%, 

5/15/2026,

Ser.

2023-1,

Class

A2

2,234,707

5,000,000

6.310%, 

7/15/2027,

Ser.

2023-5,

Class

A2

4,999,169

SFS

Auto

Receivables

Securitization

Trust

1,590,000

5.890%, 

3/22/2027,

Ser.

2023-1A,

Class

A2A

a

1,586,024

Sound

Point

CLO

XIV,

Ltd.

2,737,775

7.174%, 

(TSFR3M

+

1.762%),

1/23/2029,

Ser.

2016-3A,

Class

B1R

a,c

2,736,513

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Asset-Backed

Securities

(17.1%)

-

continued

$

9,250,000

7.724%, 

(TSFR3M

+

2.312%),

1/23/2029,

Ser.

2016-3A,

Class

CR

a,c

$

9,251,240

Sound

Point

CLO

XV,

Ltd.

9,000,000

7.174%, 

(TSFR3M

+

1.762%),

1/23/2029,

Ser.

2017-1A,

Class

BR

a,c

8,920,791

Terwin

Mortgage

Trust

1,049,107

5.111%, 

(TSFR1M

+

1.614%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

a,c

1,012,774

Tesla

Auto

Lease

Trust

2,750,000

0.910%, 

9/22/2025,

Ser.

2021-B,

Class

B

a

2,650,409

5,300,000

6.130%, 

9/21/2026,

Ser.

2023-B,

Class

A3

a

5,293,589

Towd

Point

Asset

Trust

2,437,101

1.050%, 

11/20/2061,

Ser.

2021-SL1,

Class

A1

a

2,218,568

Tricon

Residential

Trust

4,750,000

2.244%, 

7/17/2038,

Ser.

2021-SFR1,

Class

B

a

4,223,091

Upstart

Securitization

Trust

2,521,077

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

a

2,514,735

VCAT

Asset

Securitization,

LLC

1,191,491

2.289%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A1

a,b

1,161,721

Vericrest

Opportunity

Loan

Transferee

2,381,353

1.893%, 

2/27/2051,

Ser.

2021-NPL1,

Class

A1

a,b

2,239,210

2,612,399

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

a,b

2,427,040

2,141,420

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

a,b

1,991,390

3,804,592

1.868%, 

8/25/2051,

Ser.

2021-NP11,

Class

A1

a,b

3,512,384

Veridian

Auto

Receivables

Trust

2,940,358

5.970%, 

8/17/2026,

Ser.

2023-1A,

Class

A2

a

2,931,643

Wind

River

CLO,

Ltd.

5,000,000

7.277%, 

(TSFR3M

+

1.862%),

7/20/2030,

Ser.

2013-1A,

Class

A2RR

a,c

4,942,625

Total

220,648,515

Basic

Materials

(1.5%)

Anglo

American

Capital

plc

1,860,000

4.875%, 

5/14/2025

a

1,824,275

EIDP,

Inc.

1,543,000

4.500%, 

5/15/2026

1,498,183

FMC

Corporation

1,575,000

5.150%, 

5/18/2026

1,520,636

Freeport-McMoRan,

Inc.

3,700,000

4.550%, 

11/14/2024

3,620,946

Glencore

Funding,

LLC

2,000,000

4.625%, 

4/29/2024

a

1,984,707

2,525,000

6.125%, 

10/6/2028

a

2,503,134

LYB

International

Finance

III,

LLC

1,374,000

1.250%, 

10/1/2025

1,253,478

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

187

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Basic

Materials

(1.5%)

-

continued

Nucor

Corporation

$

950,000

2.000%, 

6/1/2025

$

894,053

Steel

Dynamics,

Inc.

925,000

2.400%, 

6/15/2025

871,084

Syngenta

Finance

NV

3,352,000

4.892%, 

4/24/2025

a

3,275,010

Total

19,245,506

Capital

Goods

(2.0%)

Amphenol

Corporation

2,000,000

4.750%, 

3/30/2026

1,953,927

Boeing

Company

4,500,000

4.875%, 

5/1/2025

4,420,785

2,500,000

2.196%, 

2/4/2026

2,297,078

Howmet

Aerospace,

Inc.

1,700,000

6.875%, 

5/1/2025

1,705,924

1,900,000

3.000%, 

1/15/2029

1,603,726

Huntington

Ingalls

Industries,

Inc.

800,000

3.844%, 

5/1/2025

774,265

Ingersoll

Rand,

Inc.

500,000

5.400%, 

8/14/2028

487,195

John

Deere

Capital

Corporation

1,900,000

4.950%, 

7/14/2028

1,853,310

Otis

Worldwide

Corporation

2,375,000

2.056%, 

4/5/2025

2,250,672

Regal

Rexnord

Corporation

1,650,000

6.050%, 

2/15/2026

a

1,622,948

Republic

Services,

Inc.

1,250,000

2.500%, 

8/15/2024

1,216,015

1,750,000

0.875%, 

11/15/2025

1,587,886

Textron,

Inc.

2,000,000

3.875%, 

3/1/2025

1,943,728

Veralto

Corporation

1,900,000

5.500%, 

9/18/2026

a

1,880,886

Total

25,598,345

Collateralized

Mortgage

Obligations

(9.4%)

A&D

Mortgage

Trust

3,930,047

6.733%, 

7/25/2068,

Ser.

2023-NQM3,

Class

A1

a,b

3,903,863

Angel

Oak

Mortgage

Trust

5,755,175

3.085%, 

12/25/2066,

Ser.

2022-1,

Class

A2

a,c

4,680,063

Banc

of

America

Funding

Trust

269,183

4.115%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

c

262,983

557,956

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

497,470

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

78,958

7.670%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

c

72,175

CAFL

Issuer,

LLC

4,650,000

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a

4,313,851

Cascade

Funding

Mortgage

Trust

892,079

4.000%, 

10/25/2068,

Ser.

2018-RM2,

Class

A

a,c

877,864

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Collateralized

Mortgage

Obligations

(9.4%)

-

continued

Chase

Mortgage

Finance

Trust

Series

$

1,283,714

5.259%, 

7/25/2037,

Ser.

2007-A2,

Class

1M

c

$

1,170,564

CHNGE

Mortgage

Trust

2,439,069

6.000%, 

1/25/2058,

Ser.

2022-5,

Class

A1

a,c

2,359,440

4,211,961

3.007%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,c

3,669,328

5,166,979

7.065%, 

3/25/2058,

Ser.

2023-1,

Class

A1

a,c

5,096,209

5,710,896

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,c

5,173,925

4,151,441

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,b

4,061,744

4,693,258

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,b

4,656,307

Citigroup

Mortgage

Loan

Trust,

Inc.

635,854

4.090%, 

(CMT

1Y

+

2.400%),

3/25/2036,

Ser.

2006-AR1,

Class

3A1

c

573,645

COLT

Mortgage

Loan

Trust

5,483,391

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

a,c

4,425,947

Countrywide

Alternative

Loan

Trust

97,626

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

63,137

99,556

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

74,590

Credit

Suisse

Mortgage

Capital

Certificates

4,913,465

2.303%, 

10/25/2066,

Ser.

2021-NQM8,

Class

A2

a,c

3,813,403

Deephaven

Residential

Mortgage

Trust

5,653,814

2.205%, 

1/25/2067,

Ser.

2022-1,

Class

A1

a,c

4,841,836

5,381,417

2.085%, 

11/25/2066,

Ser.

2021-4,

Class

A2

a,c

4,371,755

Federal

National

Mortgage

Association

-

REMIC

3,241,628

4.500%, 

1/25/2046,

Ser.

2022-68,

Class

BA

3,109,190

Flagstar

Mortgage

Trust

2,514,051

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,c

2,052,312

GCAT

Trust

4,424,499

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

a,c

3,673,500

GS

Mortgage-Backed

Securities

Trust

380,182

1.791%, 

9/27/2060,

Ser.

2020-NQM1,

Class

A2

a,c

339,395

Homeward

Opportunities

Fund

Trust

197,693

6.228%, 

8/25/2025,

Ser.

2020-BPL1,

Class

A1

a

197,730

J.P.

Morgan

Alternative

Loan

Trust

289,842

4.188%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

c

219,768

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

188

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Collateralized

Mortgage

Obligations

(9.4%)

-

continued

J.P.

Morgan

Mortgage

Trust

$

147,803

4.219%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

c

$

109,067

LHOME

Mortgage

Trust

662,666

2.090%, 

2/25/2026,

Ser.

2021-RTL1,

Class

A1

a,c

659,975

4,700,416

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

a,b

4,642,568

6,000,000

2.363%, 

9/25/2026,

Ser.

2021-RTL3,

Class

A1

a,b

5,884,799

1,900,000

8.000%, 

6/25/2028,

Ser.

2023-RTL2,

Class

A1

a,b

1,892,099

MFRA

Trust

4,911,522

3.875%, 

9/25/2056,

Ser.

2022-CHM1,

Class

A1

a,b

4,464,313

Mortgage

Equity

Conversion

Asset

Trust

418,483

5.910%, 

(CMT

1Y

+

0.490%),

1/25/2042,

Ser.

2007-FF1,

Class

A

a,c

414,246

404,311

5.880%, 

(CMT

1Y

+

0.470%),

2/25/2042,

Ser.

2007-FF2,

Class

A

a,c

400,224

New

York

Mortgage

Trust

3,041,287

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

a,b

3,012,299

Palisades

Mortgage

Loan

Trust

5,700,000

2.857%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

a,b

5,554,493

Preston

Ridge

Partners

Mortgage

Trust,

LLC

2,104,626

2.363%, 

11/25/2025,

Ser.

2020-6,

Class

A1

a,b

2,038,444

ROC

Securities

Trust

Series

3,964,455

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,c

3,872,492

Starwood

Mortgage

Residential

Trust

3,000,000

2.731%, 

11/25/2066,

Ser.

2021-6,

Class

A2

a,c

1,781,555

Toorak

Mortgage

Corporation,

Ltd.

5,702,170

2.577%, 

2/25/2057,

Ser.

2022-INV1,

Class

A1

a,c

4,891,154

3,058,006

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

a,b

2,976,040

TRK

Trust

5,443,594

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

a,c

4,322,273

TVC

Mortgage

Trust

2,500,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,b

2,486,416

Vericrest

Opportunity

Loan

Transferee

1,932,483

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

a,b

1,830,613

Verus

Securitization

Trust

1,892,690

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

a,c

1,498,386

Visio

2020-1R

Trust

535,372

1.567%, 

11/25/2055,

Ser.

2020-1R,

Class

A2

a

470,798

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Collateralized

Mortgage

Obligations

(9.4%)

-

continued

Wachovia

Mortgage

Loan

Trust,

LLC

$

12,605

4.624%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

c

$

11,746

Total

121,765,994

Commercial

Mortgage-Backed

Securities

(0.3%)

GCT

Commercial

Mortgage

Trust

2,500,000

6.699%, 

(TSFR1M

+

1.364%),

2/15/2038,

Ser.

2021-GCT,

Class

B

a,c

1,075,000

Silver

Hill

Trust

2,762,768

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,c

2,603,831

Total

3,678,831

Communications

Services

(2.9%)

American

Tower

Corporation

1,500,000

4.400%, 

2/15/2026

1,443,989

1,000,000

1.450%, 

9/15/2026

877,696

2,050,000

5.500%, 

3/15/2028

1,985,730

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

2,125,000

4.500%, 

2/1/2024

2,107,827

3,380,000

4.908%, 

7/23/2025

3,304,892

Cox

Communications,

Inc.

517,000

3.150%, 

8/15/2024

a

504,853

Crown

Castle

International

Corporation

1,000,000

3.200%, 

9/1/2024

975,878

Crown

Castle,

Inc.

1,260,000

4.800%, 

9/1/2028

1,177,326

Meta

Platforms,

Inc.

1,900,000

4.600%, 

5/15/2028

1,841,742

Netflix,

Inc.

2,000,000

5.875%, 

2/15/2025

1,999,685

NTT

Finance

Corporation

1,400,000

4.142%, 

7/26/2024

a

1,381,690

Paramount

Global

710,000

4.750%, 

5/15/2025

693,646

Sprint

Capital

Corporation

4,730,000

6.875%, 

11/15/2028

4,850,974

Sprint

Corporation

3,550,000

7.125%, 

6/15/2024

3,567,984

1,500,000

7.625%, 

2/15/2025

1,521,346

Take-Two

Interactive

Software,

Inc.

750,000

5.000%, 

3/28/2026

735,009

T-Mobile

USA,

Inc.

2,500,000

3.500%, 

4/15/2025

2,415,306

Warnermedia

Holdings,

Inc.

3,600,000

3.638%, 

3/15/2025

3,479,398

3,200,000

3.755%, 

3/15/2027

2,945,920

Total

37,810,891

Consumer

Cyclical

(5.5%)

D.R.

Horton,

Inc.

950,000

2.600%, 

10/15/2025

890,956

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

189

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Consumer

Cyclical

(5.5%)

-

continued

Daimler

Trucks

Finance

North

America,

LLC

$

4,000,000

1.625%, 

12/13/2024

a

$

3,812,750

1,900,000

5.600%, 

8/8/2025

a

1,886,774

Expedia

Group,

Inc.

4,850,000

6.250%, 

5/1/2025

a

4,844,612

Ford

Motor

Credit

Company,

LLC

2,160,000

3.370%, 

11/17/2023

2,157,093

2,750,000

3.810%, 

1/9/2024

2,736,367

1,000,000

2.300%, 

2/10/2025

944,310

1,400,000

3.375%, 

11/13/2025

1,306,483

2,500,000

5.113%, 

5/3/2029

2,275,392

General

Motors

Company

1,500,000

6.125%, 

10/1/2025

1,497,336

General

Motors

Financial

Company,

Inc.

1,500,000

1.050%, 

3/8/2024

1,473,349

2,100,000

3.950%, 

4/13/2024

2,076,567

1,580,000

2.900%, 

2/26/2025

1,508,570

1,075,000

2.750%, 

6/20/2025

1,014,467

Hyatt

Hotels

Corporation

2,850,000

5.750%, 

1/30/2027

2,816,625

Hyundai

Capital

America

1,360,000

1.800%, 

10/15/2025

a

1,252,799

1,250,000

6.250%, 

11/3/2025

a,e

1,249,817

1,250,000

1.650%, 

9/17/2026

a

1,099,912

Hyundai

Capital

Services,

Inc.

1,250,000

1.250%, 

2/8/2026

a

1,121,594

Kohl's

Corporation

3,164,000

10.750%, 

5/15/2025

3,241,236

Lennar

Corporation

1,400,000

4.750%, 

5/30/2025

1,370,656

Lowe's

Companies,

Inc.

3,250,000

4.000%, 

4/15/2025

3,167,745

3,000,000

4.400%, 

9/8/2025

2,932,703

Marriott

International,

Inc./MD

1,350,000

3.600%, 

4/15/2024

1,334,577

2,500,000

5.750%, 

5/1/2025

2,492,226

1,250,000

5.450%, 

9/15/2026

1,234,113

McDonald's

Corporation

1,300,000

4.800%, 

8/14/2028

1,253,753

Mercedes-Benz

Finance

North

America,

LLC

1,575,000

5.200%, 

8/3/2026

a

1,553,867

1,250,000

5.100%, 

8/3/2028

a

1,211,875

Meritage

Homes

Corporation

1,875,000

6.000%, 

6/1/2025

1,838,400

PACCAR

Financial

Corporation

1,900,000

5.050%, 

8/10/2026

1,888,421

1,575,000

4.950%, 

8/10/2028

1,545,497

PulteGroup,

Inc.

2,250,000

5.500%, 

3/1/2026

2,222,347

Starbucks

Corporation

1,600,000

4.750%, 

2/15/2026

1,571,508

Toyota

Motor

Credit

Corporation

1,900,000

4.450%, 

5/18/2026

1,855,852

VICI

Properties,

LP/VICI

Note

Company,

Inc.

4,500,000

4.625%, 

6/15/2025

a

4,322,160

Total

71,002,709

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Consumer

Non-Cyclical

(5.8%)

AbbVie,

Inc.

$

3,330,000

3.600%, 

5/14/2025

$

3,221,471

Altria

Group,

Inc.

1,575,000

4.400%, 

2/14/2026

1,523,287

1,900,000

6.200%, 

11/1/2028

1,889,417

Amgen,

Inc.

2,000,000

5.250%, 

3/2/2025

1,983,864

1,425,000

5.150%, 

3/2/2028

1,390,773

BAT

International

Finance

plc

3,000,000

1.668%, 

3/25/2026

2,701,704

1,900,000

5.931%, 

2/2/2029

1,847,577

Becton,

Dickinson

and

Company

2,250,000

4.693%, 

2/13/2028

2,153,741

Conagra

Brands,

Inc.

1,750,000

4.300%, 

5/1/2024

1,733,572

CVS

Health

Corporation

1,600,000

5.000%, 

2/20/2026

1,569,633

General

Mills,

Inc.

1,900,000

5.500%, 

10/17/2028

1,865,580

GSK

Consumer

Healthcare

Capital

US,

LLC

1,900,000

3.375%, 

3/24/2027

1,752,125

HCA,

Inc.

2,750,000

5.875%, 

2/15/2026

2,725,804

Imperial

Brands

Finance

plc

1,750,000

3.125%, 

7/26/2024

a

1,708,408

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

USA

Finance,

Inc.

3,600,000

2.500%, 

1/15/2027

3,161,736

Kenvue,

Inc.

1,585,000

5.050%, 

3/22/2028

1,555,408

Kraft

Heinz

Foods

Company

3,500,000

3.000%, 

6/1/2026

3,270,615

Mattel,

Inc.

3,500,000

3.375%, 

4/1/2026

a

3,232,852

McKesson

Corporation

2,000,000

0.900%, 

12/3/2025

1,813,103

Mondelez

International

Holdings

Netherlands

BV

2,000,000

0.750%, 

9/24/2024

a,f

1,909,118

Nestle

Holdings,

Inc.

2,525,000

5.000%, 

3/14/2028

a

2,492,548

Newell

Brands,

Inc.

4,000,000

4.875%, 

6/1/2025

3,838,291

Pfizer

Investment

Enterprises

Pte,

Ltd.

3,310,000

4.450%, 

5/19/2026

3,231,476

1,900,000

4.450%, 

5/19/2028

1,816,043

Philip

Morris

International,

Inc.

2,750,000

5.000%, 

11/17/2025

2,715,609

1,650,000

0.875%, 

5/1/2026

1,468,594

1,600,000

4.875%, 

2/15/2028

1,537,556

Royalty

Pharma

plc

3,825,000

1.200%, 

9/2/2025

3,487,840

Stryker

Corporation

4,000,000

3.500%, 

3/15/2026

3,803,853

Universal

Health

Services,

Inc.

2,600,000

1.650%, 

9/1/2026

2,293,209

Utah

Acquisition

Sub,

Inc.

2,685,000

3.950%, 

6/15/2026

2,515,008

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

190

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Consumer

Non-Cyclical

(5.8%)

-

continued

Zoetis,

Inc.

$

2,350,000

5.400%, 

11/14/2025

$

2,333,053

Total

74,542,868

Energy

(4.5%)

Apache

Corporation

1,900,000

4.375%, 

10/15/2028

1,698,068

Canadian

Natural

Resources,

Ltd.

1,600,000

2.050%, 

7/15/2025

1,494,188

Cheniere

Corpus

Christi

Holdings,

LLC

2,675,000

5.875%, 

3/31/2025

2,662,037

Cheniere

Energy

Partners,

LP

4,000,000

4.500%, 

10/1/2029

3,581,392

Columbia

Pipelines

Holding

Company,

LLC

1,575,000

6.055%, 

8/15/2026

a

1,572,686

1,260,000

6.042%, 

8/15/2028

a

1,238,128

Continental

Resources,

Inc.

4,850,000

2.268%, 

11/15/2026

a

4,297,778

Devon

Energy

Corporation

3,150,000

5.250%, 

9/15/2024

3,124,791

1,350,000

5.850%, 

12/15/2025

1,341,036

Energy

Transfer,

LP

1,050,000

2.900%, 

5/15/2025

1,000,226

1,250,000

6.050%, 

12/1/2026

1,247,446

EQT

Corporation

554,000

6.125%, 

2/1/2025

552,298

Hess

Corporation

2,301,000

3.500%, 

7/15/2024

2,259,132

Marathon

Petroleum

Corporation

3,000,000

4.700%, 

5/1/2025

2,937,487

MPLX,

LP

1,500,000

4.875%, 

6/1/2025

1,470,479

1,300,000

1.750%, 

3/1/2026

1,179,494

National

Fuel

Gas

Company

1,297,000

5.200%, 

7/15/2025

1,274,446

1,630,000

5.500%, 

1/15/2026

1,598,703

Occidental

Petroleum

Corporation

3,500,000

5.875%, 

9/1/2025

3,487,855

ONEOK

Partners,

LP

2,250,000

4.900%, 

3/15/2025

2,209,977

ONEOK,

Inc.

1,000,000

5.550%, 

11/1/2026

987,922

1,000,000

5.650%, 

11/1/2028

975,801

Ovintiv,

Inc.

900,000

5.650%, 

5/15/2025

895,073

2,550,000

5.375%, 

1/1/2026

2,505,989

Phillips

66

Company

1,200,000

4.950%, 

12/1/2027

1,165,821

Pioneer

Natural

Resources

Company

2,550,000

1.125%, 

1/15/2026

2,313,886

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

1,625,000

4.650%, 

10/15/2025

1,574,026

Sabine

Pass

Liquefaction,

LLC

1,231,000

5.625%, 

3/1/2025

1,222,949

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Energy

(4.5%)

-

continued

Targa

Resources

Partners,

LP/

Targa

Resources

Partners

Finance

Corporation

$

3,250,000

6.875%, 

1/15/2029

$

3,234,139

Transcontinental

Gas

Pipe

Line

Company,

LLC

650,000

7.850%, 

2/1/2026

671,100

Western

Midstream

Operating,

LP

2,500,000

3.100%, 

2/1/2025

2,401,869

Total

58,176,222

Financials

(32.5%)

ABN

AMRO

Bank

NV

1,900,000

6.339%, 

9/18/2027

a,c

1,879,187

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

1,625,000

3.150%, 

2/15/2024

1,609,063

2,500,000

1.650%, 

10/29/2024

2,383,866

2,000,000

6.500%, 

7/15/2025

1,995,381

1,800,000

1.750%, 

1/30/2026

1,618,606

750,000

2.450%, 

10/29/2026

667,147

1,550,000

6.100%, 

1/15/2027

1,524,576

Air

Lease

Corporation

1,500,000

4.250%, 

2/1/2024

1,492,118

1,000,000

0.700%, 

2/15/2024

983,678

2,500,000

0.800%, 

8/18/2024

2,390,576

Aircastle,

Ltd.

3,400,000

5.250%, 

8/11/2025

a

3,310,061

Allstate

Corporation

1,000,000

0.750%, 

12/15/2025

901,179

Ally

Financial,

Inc.

4,750,000

5.750%, 

11/20/2025

4,537,520

American

Express

Company

2,750,000

3.950%, 

8/1/2025

2,656,969

1,125,000

4.900%, 

2/13/2026

1,102,294

American

International

Group,

Inc.

800,000

2.500%, 

6/30/2025

755,011

Anthem,

Inc.

1,225,000

2.375%, 

1/15/2025

1,175,393

Ares

Capital

Corporation

1,386,000

4.250%, 

3/1/2025

1,334,156

2,000,000

3.875%, 

1/15/2026

1,870,402

1,200,000

2.150%, 

7/15/2026

1,053,951

Australia

&

New

Zealand

Banking

Group,

Ltd.

2,110,000

2.950%, 

7/22/2030

a,c

1,960,603

Aviation

Capital

Group,

LLC

2,500,000

4.875%, 

10/1/2025

a

2,405,785

Avolon

Holdings

Funding,

Ltd.

3,000,000

3.950%, 

7/1/2024

a

2,940,544

2,150,000

5.500%, 

1/15/2026

a

2,070,127

1,500,000

2.125%, 

2/21/2026

a

1,337,848

650,000

4.250%, 

4/15/2026

a

606,696

Banco

Santander

Mexico

SA

380,000

5.375%, 

4/17/2025

a

373,082

Banco

Santander

SA

2,400,000

5.147%, 

8/18/2025

2,337,910

2,000,000

1.849%, 

3/25/2026

1,786,787

1,000,000

4.175%, 

3/24/2028

c

915,674

2,000,000

5.588%, 

8/8/2028

1,926,566

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

191

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Financials

(32.5%)

-

continued

Bank

of

America

Corporation

$

2,150,000

4.200%, 

8/26/2024

$

2,115,271

1,000,000

3.458%, 

3/15/2025

c

988,118

2,750,000

0.976%, 

4/22/2025

c

2,674,669

2,500,000

3.841%, 

4/25/2025

c

2,468,675

1,375,000

0.981%, 

9/25/2025

c

1,308,741

2,100,000

2.456%, 

10/22/2025

c

2,018,521

3,000,000

1.530%, 

12/6/2025

c

2,833,107

1,650,000

3.384%, 

4/2/2026

c

1,580,950

1,475,000

1.319%, 

6/19/2026

c

1,355,555

2,000,000

4.827%, 

7/22/2026

c

1,948,925

3,500,000

1.734%, 

7/22/2027

c

3,088,786

Bank

of

Montreal

2,000,000

1.500%, 

1/10/2025

1,896,485

1,900,000

5.920%, 

9/25/2025

1,895,149

Bank

of

New

York

Mellon

Corporation

800,000

4.700%, 

9/20/2025

c,g

757,177

2,000,000

4.414%, 

7/24/2026

c

1,941,987

1,250,000

6.317%, 

10/25/2029

c

1,259,670

Bank

of

New

Zealand

1,125,000

2.000%, 

2/21/2025

a

1,068,428

3,200,000

4.846%, 

2/7/2028

a

3,059,957

Bank

of

Nova

Scotia

1,065,000

4.900%, 

6/4/2025

c,g

971,841

Barclays

plc

2,000,000

4.375%, 

9/11/2024

1,957,951

2,400,000

1.007%, 

12/10/2024

c

2,384,564

1,900,000

6.496%, 

9/13/2027

c

1,882,201

2,000,000

2.279%, 

11/24/2027

c

1,750,713

Blackstone

Private

Credit

Fund

3,250,000

2.700%, 

1/15/2025

3,084,243

1,650,000

4.700%, 

3/24/2025

1,598,206

Blue

Owl

Capital

Corporation

1,250,000

4.250%, 

1/15/2026

1,165,092

1,500,000

3.400%, 

7/15/2026

1,338,395

Blue

Owl

Credit

Income

Corporation

1,100,000

4.700%, 

2/8/2027

997,904

Blue

Owl

Technology

Finance

Corporation

2,000,000

4.750%, 

12/15/2025

a

1,852,906

1,250,000

3.750%, 

6/17/2026

a

1,106,898

BNP

Paribas

SA

3,100,000

6.625%, 

3/25/2024

a,c,g

3,056,625

1,930,000

2.819%, 

11/19/2025

a,c

1,856,923

2,200,000

1.323%, 

1/13/2027

a,c

1,965,776

BPCE

SA

1,050,000

2.375%, 

1/14/2025

a

998,489

1,750,000

5.975%, 

1/18/2027

a,c

1,722,152

Camden

Property

Trust

1,900,000

5.850%, 

11/3/2026

1,901,254

Canadian

Imperial

Bank

of

Commerce

2,200,000

5.144%, 

4/28/2025

2,170,706

2,000,000

3.945%, 

8/4/2025

1,929,350

1,900,000

5.926%, 

10/2/2026

1,896,270

Capital

One

Financial

Corporation

2,500,000

1.343%, 

12/6/2024

c

2,474,849

1,250,000

2.636%, 

3/3/2026

c

1,172,361

1,500,000

4.985%, 

7/24/2026

c

1,446,170

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Financials

(32.5%)

-

continued

Centene

Corporation

$

3,000,000

4.250%, 

12/15/2027

$

2,760,900

1,800,000

4.625%, 

12/15/2029

1,607,869

Charles

Schwab

Corporation

600,000

5.375%, 

6/1/2025

c,f,g

569,735

1,750,000

4.000%, 

6/1/2026

c,g

1,388,924

1,900,000

5.875%, 

8/24/2026

1,886,856

Citigroup,

Inc.

3,500,000

6.051%, 

(SOFRRATE

+

0.686%),

10/30/2024

c

3,488,415

4,000,000

0.981%, 

5/1/2025

c

3,882,650

1,000,000

4.000%, 

12/10/2025

c,g

858,583

2,000,000

3.290%, 

3/17/2026

c

1,915,272

1,075,000

3.106%, 

4/8/2026

c

1,025,958

1,850,000

1.122%, 

1/28/2027

c

1,645,220

Comerica,

Inc.

665,000

5.625%, 

7/1/2025

c,f,g

571,741

Cooperatieve

Rabobank

UA

1,875,000

1.339%, 

6/24/2026

a,c

1,729,481

Corebridge

Financial,

Inc.

2,000,000

3.650%, 

4/5/2027

1,831,625

Corporate

Office

Properties,

LP

550,000

2.250%, 

3/15/2026

497,352

Credit

Agricole

SA

2,500,000

6.875%, 

9/23/2024

a,c,g

2,427,949

1,250,000

1.247%, 

1/26/2027

a,c

1,114,639

1,275,000

6.316%, 

10/3/2029

a,c

1,252,738

Credit

Suisse

Group

AG

810,000

7.500%, 

12/11/2023

*,c,g,h

85,050

Danske

Bank

AS

1,500,000

5.375%, 

1/12/2024

a

1,495,653

2,000,000

0.976%, 

9/10/2025

a,c

1,904,897

1,000,000

6.466%, 

1/9/2026

a,c

995,879

Deutsche

Bank

AG

4,300,000

4.500%, 

4/1/2025

4,110,753

3,000,000

6.000%, 

10/30/2025

c,g

2,415,468

Deutsche

Bank

AG/New

York,

NY

1,800,000

3.700%, 

5/30/2024

1,771,848

1,450,000

2.129%, 

11/24/2026

c

1,309,296

Discover

Bank

1,250,000

2.450%, 

9/12/2024

1,202,370

2,175,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

c

1,957,500

Elevance

Health,

Inc.

2,000,000

5.350%, 

10/15/2025

1,984,494

Equitable

Financial

Life

Global

Funding

2,500,000

0.800%, 

8/12/2024

a

2,400,256

Fifth

Third

Bancorp

2,100,000

2.375%, 

1/28/2025

f

1,994,652

Fifth

Third

Bank

NA

1,400,000

3.850%, 

3/15/2026

1,289,831

First-Citizens

Bank

&

Trust

Company

2,050,000

6.125%, 

3/9/2028

1,987,706

FS

KKR

Capital

Corporation

1,900,000

4.250%, 

2/14/2025

a

1,823,431

3,000,000

3.400%, 

1/15/2026

2,744,368

GA

Global

Funding

Trust

1,800,000

1.625%, 

1/15/2026

a

1,611,132

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

192

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Financials

(32.5%)

-

continued

Goldman

Sachs

Group,

Inc.

$

2,500,000

5.848%, 

(SOFRRATE

+

0.486%),

10/21/2024

c

$

2,496,250

1,060,000

3.500%, 

4/1/2025

1,020,181

2,085,000

3.272%, 

9/29/2025

c

2,023,379

325,000

4.250%, 

10/21/2025

311,489

2,550,000

0.855%, 

2/12/2026

c

2,365,200

2,000,000

3.800%, 

5/10/2026

c,g

1,562,990

2,500,000

3.615%, 

3/15/2028

c

2,288,964

1,900,000

4.482%, 

8/23/2028

c

1,778,882

1,900,000

6.484%, 

10/24/2029

c

1,899,553

HSBC

Holdings

plc

1,645,000

4.250%, 

3/14/2024

1,630,235

2,500,000

1.162%, 

11/22/2024

c

2,492,497

500,000

0.976%, 

5/24/2025

c

483,349

1,750,000

2.999%, 

3/10/2026

c

1,668,733

1,575,000

1.645%, 

4/18/2026

c

1,464,397

1,400,000

1.589%, 

5/24/2027

c

1,233,140

Huntington

National

Bank

2,000,000

5.699%, 

11/18/2025

c

1,941,834

ING

Groep

NV

500,000

4.625%, 

1/6/2026

a

484,127

2,000,000

1.726%, 

4/1/2027

c

1,786,417

2,000,000

4.017%, 

3/28/2028

c

1,840,088

J.P.

Morgan

Chase

&

Company

1,500,000

6.518%, 

(TSFR3M

+

1.112%),

1/10/2025

c

1,501,432

1,300,000

0.563%, 

2/16/2025

c

1,275,224

3,500,000

0.969%, 

6/23/2025

c

3,371,699

1,850,000

1.561%, 

12/10/2025

c

1,750,704

2,000,000

5.546%, 

12/15/2025

c

1,984,974

1,200,000

2.005%, 

3/13/2026

c

1,132,388

1,100,000

2.083%, 

4/22/2026

c

1,033,808

2,000,000

3.650%, 

6/1/2026

c,g

1,734,948

3,500,000

1.045%, 

11/19/2026

c

3,147,794

1,275,000

1.040%, 

2/4/2027

c

1,133,760

1,000,000

1.578%, 

4/22/2027

c

892,135

1,700,000

4.851%, 

7/25/2028

c

1,624,361

KeyBank

NA/Cleveland,

OH

1,500,000

4.700%, 

1/26/2026

1,393,124

KeyCorp

950,000

3.878%, 

5/23/2025

c,f

909,412

Kilroy

Realty,

LP

880,000

3.450%, 

12/15/2024

848,267

2,881,000

4.375%, 

10/1/2025

2,752,154

Lloyds

Banking

Group

plc

1,075,000

7.500%, 

6/27/2024

c,g

1,047,664

350,000

4.582%, 

12/10/2025

332,873

950,000

5.985%, 

8/7/2027

c

936,193

2,000,000

3.750%, 

3/18/2028

c

1,822,795

M&T

Bank

Corporation

1,750,000

3.500%, 

9/1/2026

c,g

1,170,238

Macquarie

Group,

Ltd.

2,750,000

1.201%, 

10/14/2025

a,c

2,616,047

Manufacturers

&

Traders

Trust

Company

2,000,000

5.400%, 

11/21/2025

1,935,339

2,000,000

4.650%, 

1/27/2026

1,888,954

Met

Tower

Global

Funding

1,900,000

5.400%, 

6/20/2026

a

1,880,291

Metropolitan

Life

Global

Funding

I

1,900,000

5.400%, 

9/12/2028

a

1,854,118

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Financials

(32.5%)

-

continued

Mitsubishi

UFJ

Financial

Group,

Inc.

$

1,125,000

2.193%, 

2/25/2025

$

1,069,007

4,000,000

0.953%, 

7/19/2025

c

3,847,345

1,800,000

5.063%, 

9/12/2025

c

1,780,322

Mizuho

Financial

Group

Cayman

3,

Ltd.

675,000

4.600%, 

3/27/2024

a

669,182

Mizuho

Financial

Group,

Inc.

1,500,000

2.555%, 

9/13/2025

c

1,451,766

Morgan

Stanley

1,500,000

0.791%, 

1/22/2025

c

1,477,490

750,000

2.720%, 

7/22/2025

c

729,738

1,700,000

0.864%, 

10/21/2025

c

1,605,271

2,500,000

1.164%, 

10/21/2025

c

2,365,134

2,075,000

5.000%, 

11/24/2025

2,027,603

1,500,000

4.679%, 

7/17/2026

c

1,457,488

2,250,000

6.138%, 

10/16/2026

c

2,243,729

1,500,000

0.985%, 

12/10/2026

c

1,334,925

1,000,000

1.593%, 

5/4/2027

c

888,576

3,000,000

5.164%, 

4/20/2029

c

2,854,284

785,000

5.449%, 

7/20/2029

c

754,966

NatWest

Group

plc

2,500,000

4.269%, 

3/22/2025

c

2,474,850

1,250,000

5.847%, 

3/2/2027

c

1,229,073

649,000

3.754%, 

11/1/2029

c

619,344

New

York

Life

Global

Funding

1,900,000

4.900%, 

6/13/2028

a

1,828,775

Nomura

Holdings,

Inc.

2,110,000

2.648%, 

1/16/2025

2,015,157

1,500,000

2.329%, 

1/22/2027

1,315,045

Nordea

Bank

ABP

3,300,000

1.500%, 

9/30/2026

a

2,894,065

Northwestern

Mutual

Global

Funding

1,900,000

4.900%, 

6/12/2028

a

1,822,951

Omega

Healthcare

Investors,

Inc.

650,000

4.950%, 

4/1/2024

646,511

1,115,000

4.500%, 

1/15/2025

1,081,171

1,630,000

5.250%, 

1/15/2026

1,575,002

Peachtree

Corners

Funding

Trust

1,125,000

3.976%, 

2/15/2025

a

1,087,056

PNC

Financial

Services

Group,

Inc.

1,750,000

5.671%, 

10/28/2025

c

1,732,308

2,500,000

3.400%, 

9/15/2026

c,g

1,798,854

2,000,000

4.758%, 

1/26/2027

c

1,924,836

1,250,000

6.615%, 

10/20/2027

c

1,253,106

1,575,000

5.582%, 

6/12/2029

c

1,507,997

Pricoa

Global

Funding

I

2,500,000

5.550%, 

8/28/2026

a

2,487,530

Principal

Life

Global

Funding

II

2,000,000

1.375%, 

1/10/2025

a

1,895,119

1,600,000

0.875%, 

1/12/2026

a

1,432,561

Realty

Income

Corporation

4,000,000

4.625%, 

11/1/2025

3,899,596

546,000

4.875%, 

6/1/2026

531,726

Regency

Centers,

LP

2,955,000

3.750%, 

6/15/2024

2,908,799

Regions

Financial

Corporation

2,215,000

2.250%, 

5/18/2025

2,033,830

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

193

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Financials

(32.5%)

-

continued

Royal

Bank

of

Canada

$

2,525,000

4.950%, 

4/25/2025

$

2,487,297

3,175,000

4.875%, 

1/12/2026

3,107,112

1,900,000

5.200%, 

8/1/2028

1,832,321

Santander

Holdings

USA,

Inc.

400,000

3.450%, 

6/2/2025

378,435

1,750,000

2.490%, 

1/6/2028

c

1,506,613

Santander

UK

Group

Holdings

plc

1,075,000

1.532%, 

8/21/2026

c

973,726

Simon

Property

Group,

LP

1,750,000

3.300%, 

1/15/2026

1,654,957

Societe

Generale

SA

2,200,000

2.625%, 

10/16/2024

a

2,123,301

2,000,000

2.226%, 

1/21/2026

a,c

1,884,200

2,000,000

1.488%, 

12/14/2026

a,c

1,782,098

Standard

Chartered

plc

1,500,000

0.991%, 

1/12/2025

a,c

1,481,757

1,000,000

1.214%, 

3/23/2025

a,c

976,744

2,000,000

1.822%, 

11/23/2025

a,c

1,895,958

2,100,000

2.608%, 

1/12/2028

a,c

1,844,338

State

Street

Corporation

1,900,000

5.104%, 

5/18/2026

c

1,872,991

2,000,000

5.751%, 

11/4/2026

c

1,988,676

Sumitomo

Mitsui

Financial

Group,

Inc.

1,750,000

0.948%, 

1/12/2026

1,564,870

2,400,000

2.174%, 

1/14/2027

2,124,427

1,900,000

5.716%, 

9/14/2028

1,859,418

Sumitomo

Mitsui

Trust

Bank,

Ltd.

1,900,000

5.650%, 

9/14/2026

a

1,885,695

Synchrony

Financial

1,780,000

4.250%, 

8/15/2024

1,742,751

3,500,000

4.500%, 

7/23/2025

3,287,958

Synovus

Bank

3,155,000

5.625%, 

2/15/2028

2,802,066

Toronto-Dominion

Bank

2,000,000

5.103%, 

1/9/2026

1,969,890

Truist

Financial

Corporation

825,000

4.950%, 

9/1/2025

c,g

748,225

1,350,000

4.260%, 

7/28/2026

c

1,292,967

1,900,000

1.267%, 

3/2/2027

c

1,665,618

U.S.

Bancorp

2,000,000

5.727%, 

10/21/2026

c

1,971,307

1,000,000

6.787%, 

10/26/2027

c

1,007,480

1,750,000

4.548%, 

7/22/2028

c

1,624,435

UBS

AG

4,350,000

5.125%, 

5/15/2024

4,285,724

UBS

Group

AG

2,200,000

4.490%, 

8/5/2025

a,c

2,164,084

5,650,000

1.305%, 

2/2/2027

a,c

5,001,640

1,900,000

6.327%, 

12/22/2027

a,c

1,880,856

Wells

Fargo

&

Company

5,735,000

2.406%, 

10/30/2025

c

5,502,867

2,000,000

3.908%, 

4/25/2026

c

1,928,409

1,500,000

4.540%, 

8/15/2026

c

1,453,652

1,650,000

3.526%, 

3/24/2028

c

1,504,428

1,900,000

5.574%, 

7/25/2029

c

1,832,139

Welltower

OP,

LLC

3,000,000

3.625%, 

3/15/2024

2,972,069

Westpac

Banking

Corporation

1,060,000

2.894%, 

2/4/2030

c

1,003,210

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Financials

(32.5%)

-

continued

Westpac

New

Zealand,

Ltd.

$

1,900,000

4.902%, 

2/15/2028

a

$

1,818,603

Total

420,365,058

Foreign

Government

(0.3%)

NBN

Company,

Ltd.

2,500,000

0.875%, 

10/8/2024

a

2,383,701

2,000,000

1.450%, 

5/5/2026

a

1,799,405

Total

4,183,106

Mortgage-Backed

Securities

(0.5%)

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

6,500,000

6.000%, 

11/1/2038

e

6,476,640

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

44,790

5.764%, 

(RFUCCT1Y

+

1.514%),

1/1/2043

c

43,752

Total

6,520,392

Technology

(3.3%)

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

2,250,000

3.125%, 

1/15/2025

2,171,138

Dell

International,

LLC/EMC

Corporation

3,000,000

5.850%, 

7/15/2025

2,994,380

Fidelity

National

Information

Services,

Inc.

1,800,000

0.600%, 

3/1/2024

1,767,348

Fiserv,

Inc.

2,000,000

2.750%, 

7/1/2024

1,956,640

1,900,000

5.450%, 

3/2/2028

1,862,478

Global

Payments,

Inc.

2,000,000

1.500%, 

11/15/2024

1,903,010

875,000

2.650%, 

2/15/2025

834,246

Hewlett

Packard

Enterprise

Company

2,525,000

5.900%, 

10/1/2024

2,520,446

Intel

Corporation

1,275,000

4.875%, 

2/10/2026

1,257,608

Jabil,

Inc.

1,500,000

4.250%, 

5/15/2027

1,407,610

Microchip

Technology,

Inc.

2,000,000

0.983%, 

9/1/2024

1,916,367

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

1,605,000

2.700%, 

5/1/2025

1,525,368

Oracle

Corporation

1,195,000

2.500%, 

4/1/2025

1,139,962

3,250,000

2.950%, 

5/15/2025

3,110,613

2,000,000

5.800%, 

11/10/2025

1,999,601

1,900,000

4.500%, 

5/6/2028

1,797,739

Panasonic

Corporation

1,000,000

2.679%, 

7/19/2024

a

975,765

Qorvo,

Inc.

3,700,000

4.375%, 

10/15/2029

3,212,611

Roper

Technologies,

Inc.

825,000

1.000%, 

9/15/2025

755,671

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

194

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Technology

(3.3%)

-

continued

Seagate

HDD

Cayman

$

1,475,000

4.750%, 

1/1/2025

$

1,442,828

SK

Hynix,

Inc.

1,000,000

1.000%, 

1/19/2024

a

988,343

VeriSign,

Inc.

2,350,000

5.250%, 

4/1/2025

2,322,109

VMware,

Inc.

650,000

1.400%, 

8/15/2026

572,566

Western

Digital

Corporation

3,000,000

4.750%, 

2/15/2026

2,813,053

Total

43,247,500

Transportation

(1.3%)

British

Airways

plc

363,513

4.625%, 

6/20/2024

a

359,588

Canadian

Pacific

Railway

Company

2,000,000

1.350%, 

12/2/2024

1,904,539

Continental

Airlines,

Inc.

1,135,528

4.150%, 

4/11/2024

1,121,906

Delta

Air

Lines,

Inc.

2,000,000

7.000%, 

5/1/2025

a

2,008,530

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

1,900,000

4.500%, 

10/20/2025

a

1,846,755

Mileage

Plus

Holdings,

LLC

2,325,000

6.500%, 

6/20/2027

a

2,296,815

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

1,000,000

2.700%, 

11/1/2024

a

965,063

1,000,000

3.950%, 

3/10/2025

a

968,257

1,200,000

1.200%, 

11/15/2025

a

1,083,159

Southwest

Airlines

Company

1,650,000

5.250%, 

5/4/2025

1,627,131

TTX

Company

2,500,000

5.500%, 

9/25/2026

a

2,478,930

Total

16,660,673

U.S.

Government

&

Agencies

(7.5%)

U.S.

Treasury

Notes

7,855,000

4.250%, 

5/31/2025

7,742,084

5,350,000

4.125%, 

6/15/2026

5,243,418

69,375,000

3.500%, 

1/31/2028

65,778,882

13,000,000

4.000%, 

10/31/2029

12,379,961

7,000,000

3.500%, 

2/15/2033

6,266,094

Total

97,410,439

Utilities

(4.4%)

AES

Corporation

2,750,000

3.300%, 

7/15/2025

a

2,598,310

Alexander

Funding

Trust

3,500,000

1.841%, 

11/15/2023

a

3,493,070

Ameren

Corporation

750,000

2.500%, 

9/15/2024

727,521

American

Electric

Power

Company,

Inc.

1,250,000

2.031%, 

3/15/2024

1,228,943

3,000,000

5.699%, 

8/15/2025

2,975,353

1,425,000

1.000%, 

11/1/2025

1,293,087

Principal

Amount

Long-Term

Fixed

Income

(98.8%)

Value

Utilities

(4.4%)

-

continued

Berkshire

Hathaway

Energy

Company

$

1,925,000

4.050%, 

4/15/2025

$

1,880,197

CenterPoint

Energy,

Inc.

1,250,000

1.450%, 

6/1/2026

1,122,484

1,100,000

5.250%, 

8/10/2026

1,083,260

Constellation

Energy

Generation,

LLC

1,900,000

5.600%, 

3/1/2028

1,865,242

Dominion

Energy,

Inc.

2,350,000

1.450%, 

4/15/2026

2,113,263

DTE

Energy

Company

1,500,000

2.529%, 

10/1/2024

1,451,981

1,750,000

4.220%, 

11/1/2024

1,715,857

Duke

Energy

Corporation

1,000,000

3.250%, 

1/15/2082

c

718,416

1,085,000

0.900%, 

9/15/2025

989,403

2,650,000

5.000%, 

12/8/2025

2,607,374

Enel

Finance

International

NV

2,000,000

6.800%, 

10/14/2025

a

2,022,582

Entergy

Corporation

1,130,000

0.900%, 

9/15/2025

1,028,403

Eversource

Energy

1,575,000

4.750%, 

5/15/2026

1,531,374

1,900,000

5.450%, 

3/1/2028

1,854,817

Exelon

Corporation

1,275,000

5.150%, 

3/15/2028

1,236,841

Georgia

Power

Company

1,900,000

4.650%, 

5/16/2028

1,815,100

Jersey

Central

Power

&

Light

Company

1,500,000

4.300%, 

1/15/2026

a

1,440,886

National

Rural

Utilities

Cooperative

Finance

Corporation

1,900,000

4.800%, 

3/15/2028

1,838,470

637,000

8.562%, 

(TSFR3M

+

3.172%),

4/30/2043

c

623,063

NextEra

Energy

Capital

Holdings,

Inc.

2,000,000

5.749%, 

9/1/2025

1,990,598

NiSource,

Inc.

1,080,000

0.950%, 

8/15/2025

986,758

Public

Service

Enterprise

Group,

Inc.

2,000,000

2.875%, 

6/15/2024

1,959,641

Sempra

3,250,000

3.300%, 

4/1/2025

3,125,366

Southern

Company

1,100,000

4.000%, 

1/15/2051

c

1,003,623

1,250,000

3.750%, 

9/15/2051

c

1,068,864

Vistra

Operations

Company,

LLC

3,000,000

5.125%, 

5/13/2025

a

2,931,432

WEC

Energy

Group,

Inc.

1,900,000

5.600%, 

9/12/2026

1,888,544

Total

56,210,123

Total

Long-Term

Fixed

Income

(cost

$1,346,289,117)

1,277,067,172

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

195

Shares

Collateral

Held

for

Securities

Loaned

(

0.3%

)

Value

3,556,345

Thrivent

Cash

Management

Trust

$

3,556,345

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,556,345)

3,556,345

Shares

Preferred

Stock

(

0.1%

)

Value

Financials

(0.1%)

54,000

Citigroup

Capital

XIII,

12.022%

c

1,548,180

Total

1,548,180

Total

Preferred

Stock

(cost

$1,490,400)

1,548,180

Shares

or

Principal

Amount

Short-Term

Investments

(

0.6%

)

Value

Federal

National

Mortgage

Association

Discount

Notes

7,880,000

5.210%,

11/1/2023

i

7,880,000

Total

Short-Term

Investments

(cost

$7,880,000)

7,880,000

Total

Investments

(cost

$1,359,215,862)

99.8%

$1,290,051,697

Other

Assets

and

Liabilities,

Net

0.2%

3,052,964

Total

Net

Assets

100.0%

$1,293,104,661

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

October

31,

2023,

the

value

of

these

investments

was

$505,806,551

or

39.1%

of

total

net

assets.

b

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

October

31,

2023.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

h

Defaulted

security.  Interest

is

not

being

accrued.

i

The

interest

rate

shown

reflects

the

yield.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Limited

Maturity

Bond

Fund

as

of

October

31,

2023

was

$85,050

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

October

31,

2023.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG,

12/29/2049

12/4/2013

$

810,000

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Limited

Maturity

Bond

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

3,456,074

Total

lending

$3,456,074

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,556,345

Net

amounts

due

to

counterparty

$100,271

Definitions:

CLO

-

Collateralized

Loan

Obligation

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

Ser.

-

Series

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

RFUCCT1Y

-

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

Term

1

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRRATE

-

Secured

Overnight

Financing

Rate

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$1,859,141

Gross

unrealized

depreciation

(72,708,655)

Net

unrealized

appreciation

(depreciation)

($70,849,514)

Cost

for

federal

income

tax

purposes

$1,360,901,211

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

196

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Limited

Maturity

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

220,648,515

–

220,648,515

–

Basic

Materials

19,245,506

–

19,245,506

–

Capital

Goods

25,598,345

–

25,598,345

–

Collateralized

Mortgage

Obligations

121,765,994

–

121,765,994

–

Commercial

Mortgage-Backed

Securities

3,678,831

–

3,678,831

–

Communications

Services

37,810,891

–

37,810,891

–

Consumer

Cyclical

71,002,709

–

71,002,709

–

Consumer

Non-Cyclical

74,542,868

–

74,542,868

–

Energy

58,176,222

–

58,176,222

–

Financials

420,365,058

–

420,365,058

–

Foreign

Government

4,183,106

–

4,183,106

–

Mortgage-Backed

Securities

6,520,392

–

6,520,392

–

Technology

43,247,500

–

43,247,500

–

Transportation

16,660,673

–

16,660,673

–

U.S.

Government

&

Agencies

97,410,439

–

97,410,439

–

Utilities

56,210,123

–

56,210,123

–

Preferred

Stock

Financials

1,548,180

1,548,180

–

–

Short-Term

Investments

7,880,000

–

7,880,000

–

Subtotal

Investments

in

Securities

$1,286,495,352

$1,548,180

$1,284,947,172

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

3,556,345

Subtotal

Other

Investments

$3,556,345

Total

Investments

at

Value

$1,290,051,697

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Limited

Maturity

Bond

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(415,476)

Total

Interest

Rate

Contracts

(415,476)

Total

($415,476)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Limited

Maturity

Bond

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

1,107,278

Total

Interest

Rate

Contracts

1,107,278

Total

$1,107,278

Limited

Maturity

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

197

The

following

table

presents

Limited

Maturity

Bond

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Interest

Rate

Contracts

Futures

-

Long

$29,781,954

Futures

-

Short

(62,969,179)

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

  The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

for

the

Fund.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Limited

Maturity

Bond

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

$4,500

$51,714

$52,658

$3,556

3,556

0.3%

Total

Collateral

Held

for

Securities

Loaned

4,500

3,556

0.3

Total

Value

$4,500

$3,556

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

$–

$–

–

$61

Total

Affiliated

Income

from

Securities

Loaned,

Net

$61

Total

$–

$–

$–

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

198

Shares

Common

Stock

(

97.5%

)

Value

Communications

Services

(11.2%)

137

Alphabet,

Inc.,

Class

C

a

$

17,166

12,661

AT&T,

Inc.

194,979

4,503

BCE,

Inc.

167,164

126,000

CITIC

Telecom

International

Holdings,

Ltd.

48,040

5,080

Comcast

Corporation

209,753

11,143

Deutsche

Telekom

AG

241,844

2,900

KDDI

Corporation

86,753

5,737

Koninklijke

(Royal)

KPN

NV

19,283

8,100

Nintendo

Company,

Ltd.

334,647

38,000

Nippon

Television

Holdings,

Inc.

369,685

4,200

SKY

Perfect

JSAT

Holdings,

Inc.

19,440

19,400

SoftBank

Corporation

219,353

462

Swisscom

AG

276,825

23,838

Telefonica

Deutschland

Holding

AG

40,526

24,462

Telefonica

SA

94,488

16,366

Verizon

Communications,

Inc.

574,938

Total

2,914,884

Consumer

Discretionary

(4.8%)

81

Bayerische

Motoren

Werke

AG

7,533

15,877

Europris

ASA

b

89,988

27,000

Heiwa

Corporation

382,194

1,161

McDonald's

Corporation

304,379

303

O'Reilly

Automotive,

Inc.

a

281,923

6,800

Sekisui

House,

Ltd.

133,163

131

Ulta

Beauty,

Inc.

a

49,952

Total

1,249,132

Consumer

Staples

(13.4%)

5,193

Carrefour

SA

91,041

643

Church

&

Dwight

Company,

Inc.

58,474

6,506

Coca-Cola

Company

367,524

894

Coles

Group,

Ltd.

8,677

6,332

Colgate-Palmolive

Company

475,660

260

Hershey

Company

48,711

7,084

Hormel

Foods

Corporation

230,584

1,546

J.M.

Smucker

Company

175,997

2,000

Japan

Tobacco,

Inc.

46,558

3,136

Kimberly-Clark

Corporation

375,191

7,282

Koninklijke

Ahold

Delhaize

NV

215,633

915

Kroger

Company

41,514

1

Lindt

&

Spruengli

AG

11,071

303

Loblaw

Companies,

Ltd.

24,782

6,065

Metro,

Inc./CN

308,072

5,224

Mondelez

International,

Inc.

345,881

24

Nestle

SA

2,588

2,122

PepsiCo,

Inc.

346,480

1,276

Procter

&

Gamble

Company

191,438

105,500

Sheng

Siong

Group,

Ltd.

119,435

Total

3,485,311

Energy

(2.5%)

79,500

Eneos

Holdings,

Inc.

294,581

7,620

Equinor

ASA

255,447

4,695

Galp

Energia

SGPS

SA

70,682

1,813

Repsol

SA

26,546

Total

647,256

Financials

(11.3%)

312

Aon

plc

96,533

6,972

Bank

Leumi

Le-Israel

BM

44,906

Shares

Common

Stock

(97.5%)

Value

Financials

(11.3%)

-

continued

646

Berkshire

Hathaway,

Inc.

a

$

220,499

97,500

BOC

Hong

Kong

(Holdings),

Ltd.

257,843

1,981

Cboe

Global

Markets,

Inc.

324,666

152

Chubb,

Ltd.

32,622

1,274

Cincinnati

Financial

Corporation

126,980

1,864

CME

Group,

Inc.

397,889

456

Deutsche

Boerse

AG

75,056

2,952

First

Horizon

Corporation

31,734

3,141

Hartford

Financial

Services

Group,

Inc.

230,706

941

Intercontinental

Exchange,

Inc.

101,101

18,300

Japan

Post

Bank

Company,

Ltd.

169,626

855

Marsh

&

McLennan

Companies,

Inc.

162,151

475

Mastercard,

Inc.

178,766

11,100

Matsui

Securities

Company,

Ltd.

55,207

52,698

Medibank

Private,

Ltd.

115,002

541

Mizrahi

Tefahot

Bank,

Ltd.

16,745

8,100

Mizuho

Financial

Group,

Inc.

137,525

898

Toronto-Dominion

Bank

50,160

510

Visa,

Inc.

119,901

Total

2,945,618

Health

Care

(20.1%)

193

Abbott

Laboratories

18,248

2,056

AbbVie,

Inc.

290,266

735

Agilent

Technologies,

Inc.

75,977

528

Amgen,

Inc.

135,010

58

Biogen,

Inc.

a

13,777

1,495

Boston

Scientific

Corporation

a

76,529

3,071

Centene

Corporation

a

211,838

314

CSL,

Ltd.

46,407

319

Eli

Lilly

&

Company

176,704

4,102

Galenica

AG

b

309,902

6,973

Gilead

Sciences,

Inc.

547,659

3,382

GSK

plc

60,290

153

Humana,

Inc.

80,125

571

Incyte

Corporation

a

30,794

4,143

Johnson

&

Johnson

614,573

1,800

Kaken

Pharmaceutical

Company,

Ltd.

39,861

286

Laboratorios

Farmaceuticos

ROVI

SA

15,295

682

Medtronic

plc

48,122

4,971

Merck

&

Company,

Inc.

510,522

1,163

Novartis

AG

108,879

3,569

Novo

Nordisk

AS

344,324

3,859

Pfizer,

Inc.

117,931

97

QIAGEN

NV

a

3,615

533

Quest

Diagnostics,

Inc.

69,343

148

Regeneron

Pharmaceuticals,

Inc.

a

115,424

1,352

Roche

Holding

AG,

Participation

Certificates

348,423

175

Sandoz

Group

AG

a

4,550

3,968

Sanofi

SA

360,319

269

UnitedHealth

Group,

Inc.

144,065

902

Vertex

Pharmaceuticals,

Inc.

a

326,623

Total

5,245,395

Industrials

(10.7%)

1,346

AMETEK,

Inc.

189,476

550

Automatic

Data

Processing,

Inc.

120,021

225

BAE

Systems

plc

3,026

3,700

BellSystem24

Holdings,

Inc.

37,953

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

199

Shares

Common

Stock

(97.5%)

Value

Industrials

(10.7%)

-

continued

6,352

Brambles,

Ltd.

$

53,012

5,562

Cia

de

Distribucion

Integral

Logista

Holdings

SA

136,576

59,000

ComfortDelGro

Corporation,

Ltd.

56,986

456

Computershare,

Ltd.

7,197

1,800

COMSYS

Holdings

Corporation

37,027

5,438

CSX

Corporation

162,324

13

Cummins,

Inc.

2,812

392

Dampskibsselskabet

Norden

AS

22,272

599

Eiffage

SA

54,360

1,863

Expeditors

International

of

Washington,

Inc.

203,533

674

Fastenal

Company

39,321

530

Honeywell

International,

Inc.

97,128

2,600

Jardine

Matheson

Holdings,

Ltd.

105,170

472

Lockheed

Martin

Corporation

214,590

4,900

Nikkon

Holdings

Company,

Ltd.

103,972

266

Paychex,

Inc.

29,539

2,082

Republic

Services,

Inc.

309,156

769

Thales

SA

113,487

1,063

Thomson

Reuters

Corporation

127,330

116

W.W.

Grainger,

Inc.

84,660

2,236

Waste

Management,

Inc.

367,442

951

Wolters

Kluwer

NV

122,019

Total

2,800,389

Information

Technology

(13.8%)

319

Accenture

plc

94,772

3,223

Akamai

Technologies,

Inc.

a

333,033

700

Amphenol

Corporation

56,385

325

Apple,

Inc.

55,500

446

Cadence

Design

Systems,

Inc.

a

106,973

6,000

Canon,

Inc.

141,844

211

Check

Point

Software

Technologies,

Ltd.

a

28,327

13,663

Cisco

Systems,

Inc.

712,252

471

F5,

Inc.

a

71,399

3,772

Hewlett

Packard

Enterprise

Company

58,013

2,301

Juniper

Networks,

Inc.

61,943

2,090

Keysight

Technologies,

Inc.

a

255,085

4,100

Kyocera

Corporation

202,095

1,158

Microsoft

Corporation

391,531

529

Motorola

Solutions,

Inc.

147,305

3,800

NEC

Networks

&

System

Integration

Corporation

51,428

116

Roper

Industries,

Inc.

56,674

1,623

TE

Connectivity,

Ltd.

191,271

1,748

Texas

Instruments,

Inc.

248,233

5,300

Venture

Corporation,

Ltd.

45,253

1,452

VeriSign,

Inc.

a

289,906

Total

3,599,222

Materials

(1.4%)

1,336

Barrick

Gold

Corporation

21,339

1,656

Franco-Nevada

Corporation

201,287

601

Heidelberg

Materials

AG

43,629

1,554

Holcim

AG

96,080

Total

362,335

Real

Estate

(0.3%)

91

Public

Storage

21,723

4,000

Swire

Pacific,

Ltd.

25,551

Shares

Common

Stock

(97.5%)

Value

Real

Estate

(0.3%)

-

continued

217

Swiss

Prime

Site

AG

$

20,170

Total

67,444

Utilities

(8.0%)

4,247

American

Electric

Power

Company,

Inc.

320,818

4,045

ATCO,

Ltd.

103,696

6,296

Capital

Power

Corporation

161,129

500

CLP

Holdings,

Ltd.

3,659

695

Dominion

Energy,

Inc.

28,022

4,888

Duke

Energy

Corporation

434,494

1,531

E.ON

SE

18,216

1,449

Edison

International

91,374

5,400

Electric

Power

Development

Company,

Ltd.

82,786

5,468

Evergy,

Inc.

268,698

1,779

Fortis,

Inc.

70,634

17,000

Hong

Kong

and

China

Gas

Company,

Ltd.

11,834

43,314

Italgas

SPA

220,114

8,820

NiSource,

Inc.

221,911

91

Pinnacle

West

Capital

Corporation

6,750

901

Portland

General

Electric

Company

36,058

Total

2,080,193

Total

Common

Stock

(cost

$24,593,925)

25,397,179

Shares

Short-Term

Investments

(

1.9%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

48,269

5.690%

482,692

Total

Short-Term

Investments

(cost

$482,692)

482,692

Total

Investments

(cost

$25,076,617)

99.4%

$25,879,871

Other

Assets

and

Liabilities,

Net

0.6%

162,074

Total

Net

Assets

100.0%

$26,041,945

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2023,

the

value

of

these

investments

was

$399,890

or

1.5%

of

total

net

assets.

Definitions:

plc

-

Public

Limited

Company

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$2,025,478

Gross

unrealized

depreciation

(1,348,522)

Net

unrealized

appreciation

(depreciation)

$676,956

Cost

for

federal

income

tax

purposes

$25,186,036

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

200

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Low

Volatility

Equity

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

2,914,884

996,836

1,918,048

–

Consumer

Discretionary

1,249,132

636,254

612,878

–

Consumer

Staples

3,485,311

2,657,454

827,857

–

Energy

647,256

–

647,256

–

Financials

2,945,618

2,023,548

922,070

–

Health

Care

5,245,395

3,603,530

1,641,865

–

Industrials

2,800,389

1,820,002

980,387

–

Information

Technology

3,599,222

3,158,602

440,620

–

Materials

362,335

201,287

161,048

–

Real

Estate

67,444

21,723

45,721

–

Utilities

2,080,193

1,408,125

672,068

–

Subtotal

Investments

in

Securities

$25,397,179

$16,527,361

$8,869,818

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

482,692

Subtotal

Other

Investments

$482,692

Total

Investments

at

Value

$25,879,871

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Low

Volatility

Equity

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

16,879

16,879

–

–

Total

Liability

Derivatives

$16,879

$16,879

$–

$–

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

201

Reference

Description:

MSCI

-

Morgan

Stanley

Capital

International

The

following

table

presents

Low

Volatility

Equity

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$117,971

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

Eurex

MSCI

World

Index

5

December

2023

$

449,279

(

$

16,879)

Total

Futures

Long

Contracts

$

449,279

(

$

16,879)

Total

Futures

Contracts

$

449,279

($16,879)

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

Low

Volatility

Equity

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

16,879

Total

Equity

Contracts

16,879

Total

Liability

Derivatives

$16,879

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Low

Volatility

Equity

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

58,901

Total

Equity

Contracts

58,901

Total

$58,901

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Low

Volatility

Equity

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(25,577)

Total

Equity

Contracts

(25,577)

Total

($25,577)

The

following

table

presents

Low

Volatility

Equity

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$549,237

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

202

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Low

Volatility

Equity

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$674

$

8,227

$8,418

$483

48

1.9%

Total

Affiliated

Short-Term

Investments

674

483

1.9

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

344

344

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$674

$483

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$–

$–

$–

$36

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$36

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

$–

$–

$

–

Mid

Cap

Growth

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

203

Shares

Common

Stock

(

96.9%

)

Value

Communications

Services

(2.2%)

4,548

Trade

Desk,

Inc.

a

$

322,726

3,770

Ziff

Davis,

Inc.

a

227,934

Total

550,660

Consumer

Discretionary

(13.1%)

3,905

Aptiv

plc

a

340,516

278

Chipotle

Mexican

Grill,

Inc.

a

539,932

730

Deckers

Outdoor

Corporation

a

435,853

2,721

Five

Below,

Inc.

a

473,399

3,638

Fox

Factory

Holding

Corporation

a

296,388

815

Lululemon

Athletica

,

Inc.

a

320,686

59

NVR,

Inc.

a

319,345

1,018

Pool

Corporation

321,454

3,338

Wyndham

Hotels

&

Resorts,

Inc.

241,671

Total

3,289,244

Consumer

Staples

(4.0%)

1,479

Casey's

General

Stores,

Inc.

402,155

2,042

Celsius

Holdings,

Inc.

a

310,568

1,725

Lancaster

Colony

Corporation

291,818

Total

1,004,541

Energy

(2.5%)

3,475

Matador

Resources

Company

214,373

19,776

TechnipFMC

plc

425,579

Total

639,952

Financials

(9.8%)

1,973

Arthur

J.

Gallagher

&

Company

464,622

1,824

Houlihan

Lokey

,

Inc.

183,348

1,865

Kinsale

Capital

Group,

Inc.

622,742

1,007

MSCI,

Inc.

474,851

4,179

PayPal

Holdings,

Inc.

a

216,472

3,863

Tradeweb

Markets,

Inc.

347,709

3,839

Western

Alliance

Bancorp

157,783

Total

2,467,527

Health

Care

(17.4%)

741

Align

Technology,

Inc.

a

136,781

1,841

Apellis

Pharmaceuticals,

Inc.

a

89,583

788

Argenx

SE

ADR

a

370,021

1,285

Ascendis

Pharma

AS

ADR

a

114,763

12,062

Avantor

,

Inc.

a

210,241

6,338

Bio-

Techne

Corporation

346,245

800

Cooper

Companies,

Inc.

249,400

3,867

Dexcom

,

Inc.

a

343,506

4,384

Edwards

Lifesciences

Corporation

a

279,348

1,082

ICON

plc

a

263,965

2,377

Immunocore

Holdings

plc

ADR

a

105,539

9,162

Progyny

,

Inc.

a

282,739

17,383

R1

RCM,

Inc.

a

204,946

1,517

Repligen

Corporation

a

204,127

1,271

Sarepta

Therapeutics,

Inc.

a

85,551

1,676

ShockWave

Medical,

Inc.

a

345,692

2,375

Veeva

Systems,

Inc.

a

457,686

1,737

Zoetis,

Inc.

272,709

Total

4,362,842

Industrials

(16.1%)

3,439

Advanced

Drainage

Systems,

Inc.

367,388

3,430

ASGN,

Inc.

a

286,268

1,273

Carlisle

Companies,

Inc.

323,456

Shares

Common

Stock

(96.9%)

Value

Industrials

(16.1%)

-

continued

1,599

Chart

Industries,

Inc.

a

$

185,852

8,737

ExlService

Holdings,

Inc.

a

228,123

16,652

Howmet

Aerospace,

Inc.

734,353

2,264

Middleby

Corporation

a

255,538

968

Old

Dominion

Freight

Line,

Inc.

364,607

4,294

RB

Global,

Inc.

280,827

2,609

Regal

Rexnord

Corporation

308,932

526

Saia,

Inc.

a

188,566

5,576

TransUnion

244,675

7,153

WillScot

Mobile

Mini

Holdings

Corporation

a

281,900

Total

4,050,485

Information

Technology

(25.6%)

4,892

Amphenol

Corporation

394,051

2,089

Arista

Networks,

Inc.

a

418,573

7,979

Calix,

Inc.

a

264,264

6,709

Cognex

Corporation

241,457

7,588

Dynatrace

Holdings,

LLC

a

339,259

1,080

Enphase

Energy,

Inc.

a

85,946

996

EPAM

Systems,

Inc.

a

216,700

3,891

Guidewire

Software,

Inc.

a

350,696

805

HubSpot

,

Inc.

a

341,135

420

Lam

Research

Corporation

247,052

4,673

Lattice

Semiconductor

Corporation

a

259,866

906

Monolithic

Power

Systems,

Inc.

400,216

2,916

Palo

Alto

Networks,

Inc.

a

708,646

3,356

PTC,

Inc.

a

471,250

5,781

Sprout

Social,

Inc.

a

250,202

1,440

Synopsys,

Inc.

a

675,994

1,328

Tyler

Technologies,

Inc.

a

495,211

1,026

Universal

Display

Corporation

142,799

3,532

Wolfspeed

,

Inc.

a

119,523

Total

6,422,840

Materials

(2.6%)

737

Martin

Marietta

Materials,

Inc.

301,389

3,801

RPM

International,

Inc.

346,917

Total

648,306

Real

Estate

(3.6%)

2,914

CBRE

Group,

Inc.

a

202,057

3,269

CoStar

Group,

Inc.

a

239,977

3,188

Regency

Centers

Corporation

192,109

1,306

SBA

Communications

Corporation

272,471

Total

906,614

Total

Common

Stock

(cost

$23,763,166)

24,343,011

Shares

Registered

Investment

Companies

(

1.2%

)

Value

U.S.

Unaffiliated  (1.2%)

3,591

Communication

Services

Select

Sector

SPDR

Fund

b

232,410

556

SPDR

S&P

Oil

&

Gas

Exploration

ETF

b

80,742

Total

313,152

Total

Registered

Investment

Companies

(cost

$241,319)

313,152

Mid

Cap

Growth

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

204

Shares

Collateral

Held

for

Securities

Loaned

(

1.2%

)

Value

296,700

Thrivent

Cash

Management

Trust

$

296,700

Total

Collateral

Held

for

Securities

Loaned

(cost

$296,700)

296,700

Shares

Short-Term

Investments

(

2.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

54,294

5.690%

542,940

Total

Short-Term

Investments

(cost

$542,940)

542,940

Total

Investments

(cost

$24,844,125)

101.5%

$25,495,803

Other

Assets

and

Liabilities,

Net

(1.5%)

(380,359)

Total

Net

Assets

100.0%

$25,115,444

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Mid

Cap

Growth

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Common

Stock

$

292,658

Total

lending

$292,658

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$296,700

Net

amounts

due

to

counterparty

$4,042

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$3,034,055

Gross

unrealized

depreciation

(2,617,750)

Net

unrealized

appreciation

(depreciation)

$416,305

Cost

for

federal

income

tax

purposes

$25,079,498

Mid

Cap

Growth

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

205

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Mid

Cap

Growth

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

550,660

550,660

–

–

Consumer

Discretionary

3,289,244

3,289,244

–

–

Consumer

Staples

1,004,541

1,004,541

–

–

Energy

639,952

639,952

–

–

Financials

2,467,527

2,467,527

–

–

Health

Care

4,362,842

4,362,842

–

–

Industrials

4,050,485

4,050,485

–

–

Information

Technology

6,422,840

6,422,840

–

–

Materials

648,306

648,306

–

–

Real

Estate

906,614

906,614

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

313,152

313,152

–

–

Subtotal

Investments

in

Securities

$24,656,163

$24,656,163

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

542,940

Collateral

Held

for

Securities

Loaned

296,700

Subtotal

Other

Investments

$839,640

Total

Investments

at

Value

$25,495,803

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Growth

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$831

$8,510

$8,798

$543

54

2.2%

Total

Affiliated

Short-Term

Investments

831

543

2.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

43

7,457

7,203

297

297

1.2

Total

Collateral

Held

for

Securities

Loaned

43

297

1.2

Total

Value

$874

$840

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$–

$–

$–

$32

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$32

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

$–

$–

$–

Mid

Cap

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

206

Shares

Common

Stock

(

95.2%

)

Value

Communications

Services

(0.8%)

5,383,063

DISH

Network

Corporation

a

$

26,377,009

Total

26,377,009

Consumer

Discretionary

(13.2%)

414,772

Aptiv

plc

a

36,168,118

48,549

Chipotle

Mexican

Grill,

Inc.

a

94,291,868

758,983

Crocs,

Inc.

a

67,792,362

125,713

Domino's

Pizza,

Inc.

42,615,450

142,154

Lululemon

Athletica

,

Inc.

a

55,934,756

21,429

NVR,

Inc.

a

115,987,034

850,315

Skyline

Champion

Corporation

a

49,853,968

Total

462,643,556

Consumer

Staples

(4.5%)

666,678

BJ's

Wholesale

Club

Holdings,

Inc.

a

45,414,105

271,083

Casey's

General

Stores,

Inc.

73,710,179

863,709

Tyson

Foods,

Inc.

40,032,912

Total

159,157,196

Energy

(5.3%)

859,129

Chesapeake

Energy

Corporation

73,953,824

1,300,584

Devon

Energy

Corporation

60,568,197

2,493,191

NOV,

Inc.

49,764,093

Total

184,286,114

Financials

(16.1%)

1,805,622

Ally

Financial,

Inc.

43,677,996

172,674

Ameriprise

Financial,

Inc.

54,318,060

1,548,615

Arch

Capital

Group,

Ltd.

a

134,233,948

388,262

Kinsale

Capital

Group,

Inc.

129,644,565

1,703,038

Radian

Group,

Inc.

43,154,983

897,055

Voya

Financial,

Inc.

59,896,362

1,169,644

Western

Alliance

Bancorp

48,072,369

1,672,708

Zions

Bancorp

NA

51,603,042

Total

564,601,325

Health

Care

(7.9%)

320,261

Align

Technology,

Inc.

a

59,116,978

594,902

Bio-

Techne

Corporation

32,499,496

1,185,822

Centene

Corporation

a

81,798,001

849,472

Edwards

Lifesciences

Corporation

a

54,128,356

3,776,903

Maravai

LifeSciences

Holdings,

Inc.

a

25,909,555

330,657

Sarepta

Therapeutics,

Inc.

a

22,256,523

Total

275,708,909

Industrials

(19.1%)

842,375

Advanced

Drainage

Systems,

Inc.

89,990,921

228,877

Axon

Enterprise,

Inc.

a

46,803,058

1,115,534

Fastenal

Company

65,080,253

1,769,849

Howmet

Aerospace,

Inc.

78,050,341

263,891

Lincoln

Electric

Holdings,

Inc.

46,128,147

283,209

Old

Dominion

Freight

Line,

Inc.

106,673,502

367,079

Quanta

Services,

Inc.

61,346,242

1,006,130

Timken

Company

69,543,706

266,384

United

Rentals,

Inc.

108,223,828

Total

671,839,998

Information

Technology

(10.7%)

184,880

ANSYS,

Inc.

a

51,444,709

1,112,900

Ciena

Corporation

a

46,964,380

Shares

Common

Stock

(95.2%)

Value

Information

Technology

(10.7%)

-

continued

2,696,195

Dropbox,

Inc.

a

$

70,909,928

353,864

Enphase

Energy,

Inc.

a

28,160,497

325,358

NICE,

Ltd.

ADR

a

50,219,007

818,291

ON

Semiconductor

Corporation

a

51,257,748

918,334

Trimble,

Inc.

a

43,281,082

1,004,076

Wolfspeed

,

Inc.

a

33,977,932

Total

376,215,283

Materials

(8.0%)

1,579,130

Ball

Corporation

76,035,109

802,182

PPG

Industries,

Inc.

98,483,884

1,011,019

Steel

Dynamics,

Inc.

107,683,634

Total

282,202,627

Real

Estate

(4.5%)

582,208

Alexandria

Real

Estate

Equities,

Inc.

54,221,031

337,498

Camden

Property

Trust

28,646,830

360,459

SBA

Communications

Corporation

75,202,561

Total

158,070,422

Utilities

(5.1%)

1,356,927

Alliant

Energy

Corporation

66,204,468

1,747,173

CenterPoint

Energy,

Inc.

46,964,010

2,584,247

NiSource,

Inc.

65,019,655

Total

178,188,133

Total

Common

Stock

(cost

$2,974,610,319)

3,339,290,572

Shares

Short-Term

Investments

(

4.8%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

16,931,040

5.690%

169,310,395

Total

Short-Term

Investments

(cost

$169,282,257)

169,310,395

Total

Investments

(cost

$3,143,892,576)

100.0%

$3,508,600,967

Other

Assets

and

Liabilities,

Net

<0.1%

1,303,566

Total

Net

Assets

100.0%

$3,509,904,533

a

Non-income

producing

security.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

plc

-

Public

Limited

Company

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$740,114,342

Gross

unrealized

depreciation

(376,491,975)

Net

unrealized

appreciation

(depreciation)

$363,622,367

Cost

for

federal

income

tax

purposes

$3,144,978,600

Mid

Cap

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

207

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Mid

Cap

Stock

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

26,377,009

26,377,009

–

–

Consumer

Discretionary

462,643,556

462,643,556

–

–

Consumer

Staples

159,157,196

159,157,196

–

–

Energy

184,286,114

184,286,114

–

–

Financials

564,601,325

564,601,325

–

–

Health

Care

275,708,909

275,708,909

–

–

Industrials

671,839,998

671,839,998

–

–

Information

Technology

376,215,283

376,215,283

–

–

Materials

282,202,627

282,202,627

–

–

Real

Estate

158,070,422

158,070,422

–

–

Utilities

178,188,133

178,188,133

–

–

Subtotal

Investments

in

Securities

$3,339,290,572

$3,339,290,572

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

169,310,395

Subtotal

Other

Investments

$169,310,395

Total

Investments

at

Value

$3,508,600,967

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Stock

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$174,339

$588,391

$593,420

$169,310

16,931

4.8%

Total

Affiliated

Short-Term

Investments

174,339

169,310

4.8

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

357,216

357,216

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$174,339

$169,310

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$–

$–

$–

$8,942

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$8,942

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

149

Total

Affiliated

Income

from

Securities

Loaned,

Net

$149

Total

$–

$–

$–

Mid

Cap

Value

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

208

Shares

Common

Stock

(

98.3%

)

Value

Communications

Services

(2.6%)

27,659

Imax

Corporation

a

$

503,670

35,573

Warner

Brothers

Discovery,

Inc.

a

353,596

Total

857,266

Consumer

Discretionary

(10.3%)

2,994

Aptiv

plc

a

261,077

7,583

Cedar

Fair,

LP

269,196

13,272

Cheesecake

Factory,

Inc.

412,361

4,383

D.R.

Horton,

Inc.

457,585

11,630

eBay,

Inc.

456,245

4,430

Lear

Corporation

574,837

8,920

PUMA

SE

505,480

12,625

Six

Flags

Entertainment

Corporation

a

251,237

8,837

Tapestry,

Inc.

243,548

Total

3,431,566

Consumer

Staples

(7.2%)

4,733

Dollar

Tree,

Inc.

a

525,789

4,922

Lamb

Weston

Holdings,

Inc.

441,995

4,980

Reckitt

Benckiser

Group

plc

333,197

6,655

Sysco

Corporation

442,491

16,652

US

Foods

Holding

Corporation

a

648,429

Total

2,391,901

Energy

(8.9%)

3,891

Chesapeake

Energy

Corporation

334,937

12,137

Coterra

Energy,

Inc.

333,767

17,742

Enterprise

Products

Partners,

LP

462,002

9,560

Helmerich

&

Payne,

Inc.

378,289

2,923

Marathon

Petroleum

Corporation

442,104

9,650

Noble

Corporation

plc

450,559

2,334

Pioneer

Natural

Resources

Company

557,826

Total

2,959,484

Financials

(18.5%)

6,201

Allstate

Corporation

794,534

5,442

Capital

One

Financial

Corporation

551,220

22,399

Carlyle

Group,

Inc.

616,869

2,700

Cboe

Global

Markets,

Inc.

442,503

8,408

Comerica,

Inc.

331,275

19,287

Equitable

Holdings,

Inc.

512,456

4,403

M&T

Bank

Corporation

496,438

2,437

Raymond

James

Financial,

Inc.

232,587

2,940

Selective

Insurance

Group,

Inc.

306,083

7,886

Synovus

Financial

Corporation

205,588

10,319

Texas

Capital

Bancshares,

Inc.

a

568,164

8,484

Voya

Financial,

Inc.

566,477

6,979

Wintrust

Financial

Corporation

521,262

Total

6,145,456

Health

Care

(7.4%)

23,248

Avantor,

Inc.

a

405,213

14,545

Baxter

International,

Inc.

471,694

4,614

Cardinal

Health,

Inc.

419,874

3,497

Laboratory

Corporation

of

America

Holdings

698,456

3,849

Universal

Health

Services,

Inc.

484,550

Total

2,479,787

Shares

Common

Stock

(98.3%)

Value

Industrials

(16.9%)

3,765

AGCO

Corporation

$

431,695

19,134

Barnes

Group,

Inc.

397,796

4,133

Booz

Allen

Hamilton

Holding

Corporation

495,671

1,667

Carlisle

Companies,

Inc.

423,568

21,899

Flowserve

Corporation

804,131

3,435

General

Dynamics

Corporation

828,900

8,369

Hexcel

Corporation

518,209

4,082

JB

Hunt

Transport

Services,

Inc.

701,573

19,505

Sensata

Technologies

Holding

plc

621,819

17,407

Southwest

Airlines

Company

386,958

Total

5,610,320

Information

Technology

(7.8%)

6,798

CommVault

Systems,

Inc.

a

444,249

3,286

Jabil,

Inc.

403,521

18,095

Knowles

Corporation

a

235,054

7,081

MKS

Instruments,

Inc.

464,938

2,651

ON

Semiconductor

Corporation

a

166,059

3,602

PTC,

Inc.

a

505,793

9,320

Western

Digital

Corporation

a

374,198

Total

2,593,812

Materials

(7.5%)

13,452

Alcoa

Corporation

344,909

13,007

Axalta

Coating

Systems,

Ltd.

a

341,174

10,587

Berry

Plastics

Group,

Inc.

582,285

5,907

Celanese

Corporation

676,410

6,751

CF

Industries

Holdings,

Inc.

538,595

Total

2,483,373

Real

Estate

(5.4%)

2,013

AvalonBay

Communities,

Inc.

333,635

3,232

CBRE

Group,

Inc.

a

224,107

29,069

Healthcare

Realty

Trust,

Inc.

417,140

31,215

Host

Hotels

&

Resorts,

Inc.

483,208

3,140

Simon

Property

Group,

Inc.

345,055

Total

1,803,145

Utilities

(5.8%)

7,713

Alliant

Energy

Corporation

376,317

4,757

Constellation

Energy

Corporation

537,161

4,488

DTE

Energy

Company

432,553

22,749

NiSource,

Inc.

572,365

Total

1,918,396

Total

Common

Stock

(cost

$33,267,299)

32,674,506

Shares

Short-Term

Investments

(

1.5%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

48,849

5.690%

488,489

Total

Short-Term

Investments

(cost

$488,489)

488,489

Total

Investments

(cost

$33,755,788)

99.8%

$33,162,995

Other

Assets

and

Liabilities,

Net

0.2%

72,870

Total

Net

Assets

100.0%

$33,235,865

Mid

Cap

Value

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

209

a

Non-income

producing

security.

Definitions:

plc

-

Public

Limited

Company

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$3,033,286

Gross

unrealized

depreciation

(3,657,523)

Net

unrealized

appreciation

(depreciation)

($624,237)

Cost

for

federal

income

tax

purposes

$33,787,232

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Mid

Cap

Value

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

857,266

857,266

–

–

Consumer

Discretionary

3,431,566

2,926,086

505,480

–

Consumer

Staples

2,391,901

2,058,704

333,197

–

Energy

2,959,484

2,959,484

–

–

Financials

6,145,456

6,145,456

–

–

Health

Care

2,479,787

2,479,787

–

–

Industrials

5,610,320

5,610,320

–

–

Information

Technology

2,593,812

2,593,812

–

–

Materials

2,483,373

2,483,373

–

–

Real

Estate

1,803,145

1,803,145

–

–

Utilities

1,918,396

1,918,396

–

–

Subtotal

Investments

in

Securities

$32,674,506

$31,835,829

$838,677

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

488,489

Subtotal

Other

Investments

$488,489

Total

Investments

at

Value

$33,162,995

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

 The

Fund

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Value

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$462

$18,854

$18,828

$488

49

1.5%

Total

Affiliated

Short-Term

Investments

462

488

1.5

Total

Value

$462

$488

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$–

$–

$–

$45

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$45

Total

$–

$–

$–

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

210

Principal

Amount

Bank

Loans

(

1.3%

)

a

Value

Basic

Materials

(<0.1%)

Arsenal

AIC

Parent,

LLC,

Term

Loan

$

131,902

9.883%, 

(TSFR3M

+

4.500%),

8/18/2030

b

$

131,478

Grinding

Media,

Inc.,

Term

Loan

155,909

9.684%, 

(TSFR3M

+

4.000%),

10/12/2028

b,c

151,232

INEOS

US

Petrochem,

LLC,

Term

Loan

395,887

8.189%, 

(TSFR1M

+

2.750%),

1/29/2026

b

388,370

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

142,464

8.939%, 

(TSFR1M

+

3.500%),

6/30/2027

b

141,414

Spectrum

Group

Buyer,

Inc.,

Term

Loan

140,400

11.953%, 

(TSFR6M

+

6.500%),

5/19/2028

b

131,757

Total

944,251

Capital

Goods

(0.2%)

Ali

Group

North

America

Corporation,

Term

Loan

203,681

7.439%, 

(TSFR1M

+

2.000%),

7/22/2029

b

203,330

Brookfield

WEC

Holdings,

Inc.,

Term

Loan

338,519

8.189%, 

(TSFR1M

+

2.750%),

8/1/2025

b

337,937

BW

Holding,

Inc.,

Term

Loan

147,005

9.573%, 

(TSFR3M

+

4.000%),

12/14/2028

b

129,670

Chart

Industries,

Inc.,

Term

Loan

132,966

8.665%, 

(TSFR1M

+

3.250%),

3/17/2030

b

132,523

Charter

Next

Generation,

Inc.,

Term

Loan

381,124

9.189%, 

(TSFR1M

+

3.750%),

12/1/2027

b

370,643

Clydesdale

Acquisition

Holdings,

Inc.,

Term

Loan

392,030

9.599%, 

(TSFR1M

+

4.175%),

4/13/2029

b

378,670

Cornerstone

Building

Brands,

Inc.,

Term

Loan

375,512

8.685%, 

(TSFR1M

+

3.250%),

4/12/2028

b

355,955

Emerald

Debt

Merger

Sub,

LLC,

Term

Loan

296,720

8.324%, 

(TSFR1M

+

3.000%),

5/31/2030

b

295,931

EnergySolutions,

LLC,

Term

Loan

105,911

9.382%, 

(TSFR3M

+

4.000%),

9/18/2030

b

105,090

Foley

Products

Company,

LLC,

Term

Loan

126,135

10.290%, 

(TSFR3M

+

4.750%),

2/16/2029

b

125,662

Proampac

PG

Borrower,

LLC,

Term

Loan

213,576

10.585%, 

(PRIME

+

3.500%),

9/26/2028

b

210,507

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Capital

Goods

(0.2%)

-

continued

Quikrete

Holdings,

Inc.,

Term

Loan

$

129,653

8.064%, 

(TSFR1M

+

2.625%),

1/31/2027

b

$

129,291

320,125

8.189%, 

(TSFR1M

+

2.750%),

3/18/2029

b

319,760

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

275,628

9.674%, 

(TSFR1M

+

4.250%),

4/1/2029

b,c

275,628

TK

Elevator

U.S.

Newco,

Inc.,

Term

Loan

231,669

9.381%, 

(TSFR6M

+

3.500%),

7/31/2027

b

229,904

TransDigm,

Inc.,

Term

Loan

607,547

8.640%, 

(TSFR3M

+

3.250%),

8/24/2028

b

606,587

Vertiv

Group

Corporation,

Term

Loan

227,659

8.179%, 

(TSFR1M

+

2.750%),

3/2/2027

b

227,033

Total

4,434,121

Communications

Services

(0.2%)

Altice

France

SA/France,

Term

Loan

473,379

10.894%, 

(TSFR3M

+

5.500%),

8/31/2028

b

419,532

CCI

Buyer,

Inc.,

Term

Loan

183,122

9.390%, 

(TSFR3M

+

4.000%),

12/17/2027

b

179,002

Cengage

Learning,

Inc.,

Term

Loan

151,454

10.406%, 

(TSFR3M

+

4.750%),

7/14/2026

b

149,648

Charter

Communications

Operating,

LLC,

Term

Loan

570,062

7.133%, 

(TSFR1M

+

1.750%),

2/1/2027

b

568,506

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

413,042

9.145%, 

(TSFR3M

+

3.500%),

8/21/2026

b

395,830

CMG

Media

Corporation,

Term

Loan

278,783

8.990%, 

(TSFR3M

+

3.500%),

12/17/2026

b

250,208

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

139,500

10.429%, 

(TSFR1M

+

5.000%),

4/27/2027

b

139,267

189,470

10.679%, 

(TSFR1M

+

5.250%),

4/27/2027

b

189,233

DIRECTV

Financing,

LLC,

Term

Loan

504,300

10.439%, 

(TSFR1M

+

5.000%),

8/2/2027

b

489,983

Level

3

Financing,

Inc.,

Term

Loan

238,000

7.189%, 

(TSFR1M

+

1.750%),

3/1/2027

b

221,802

Lumen

Technologies,

Inc.,

Term

Loan

292,680

7.689%, 

(TSFR1M

+

2.250%),

3/15/2027

b

219,647

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

211

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Communications

Services

(0.2%)

-

continued

McGraw-Hill

Education,

Inc.,

Term

Loan

$

268,116

10.189%, 

(TSFR1M

+

4.750%),

7/30/2028

b

$

253,608

MH

Sub

I,

LLC,

Term

Loan

353,381

9.574%, 

(TSFR1M

+

4.250%),

5/3/2028

b

337,281

NEP

Group,

Inc.,

Term

Loan

151,411

8.689%, 

(TSFR1M

+

3.250%),

10/20/2025

b

136,107

Playtika

Holding

Corporation,

Term

Loan

182,132

8.189%, 

(TSFR1M

+

2.750%),

3/11/2028

b

176,109

Radiate

Holdco,

LLC,

Term

Loan

296,551

8.689%, 

(TSFR1M

+

3.250%),

9/25/2026

b

244,711

RLG

Holdings,

LLC,

Term

Loan

147,004

9.689%, 

(TSFR1M

+

4.250%),

7/8/2028

b

135,520

SBA

Senior

Finance

II,

LLC,

Term

Loan

201,568

7.180%, 

(TSFR1M

+

1.750%),

4/11/2025

b

201,415

UPC

Financing

Partnership,

Term

Loan

139,000

8.374%, 

(TSFR1M

+

3.000%),

1/31/2029

b

136,105

Virgin

Media

Bristol,

LLC,

Term

Loan

347,000

7.949%, 

(TSFR1M

+

2.500%),

1/31/2028

b

336,809

Zayo

Group

Holdings,

Inc.,

Term

Loan

293,000

8.439%, 

(TSFR1M

+

3.000%),

3/9/2027

b

246,533

Ziggo

Financing

Partnership,

Term

Loan

234,000

7.949%, 

(TSFR1M

+

2.500%),

4/30/2028

b

228,765

Total

5,655,621

Consumer

Cyclical

(0.2%)

1011778

B.C.,

ULC,

Term

Loan

567,589

7.574%, 

(TSFR1M

+

2.250%),

9/21/2030

b

561,771

AlixPartners,

LLP,

Term

Loan

160,355

8.189%, 

(TSFR1M

+

2.750%),

2/4/2028

b

160,124

Allied

Universal

Holdco,

LLC,

Term

Loan

566,222

9.174%, 

(TSFR1M

+

3.750%),

5/14/2028

b

536,711

Alterra

Mountain

Company,

Term

Loan

178,182

8.939%, 

(TSFR1M

+

3.500%),

8/17/2028

b

177,959

Caesars

Entertainment,

Inc.,

Term

Loan

348,250

8.674%, 

(TSFR1M

+

3.250%),

2/6/2030

b

346,558

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Consumer

Cyclical

(0.2%)

-

continued

Carnival

Corporation,

Term

Loan

$

180,543

8.336%, 

(TSFR1M

+

3.000%),

8/8/2027

b

$

177,157

187,096

8.689%, 

(TSFR1M

+

3.250%),

10/18/2028

b

183,432

Cinemark

USA,

Inc.,

Term

Loan

151,989

9.094%, 

(TSFR3M

+

3.750%),

5/24/2030

b

151,609

Clarios

Global,

LP,

Term

Loan

318,841

9.074%, 

(TSFR1M

+

3.750%),

5/4/2030

b

318,044

Delta

2

Lux

SARL,

Term

Loan

338,000

7.574%, 

(TSFR1M

+

2.250%),

1/15/2030

b

337,682

Ensemble

RCM,

LLC,

Term

Loan

128,332

9.233%, 

(TSFR3M

+

3.750%),

8/1/2026

b

128,229

Fertitta

Entertainment,

LLC/NV,

Term

Loan

138,593

9.324%, 

(TSFR1M

+

4.000%),

1/27/2029

b

135,354

First

Brands

Group,

LLC,

Term

Loan

183,588

10.881%, 

(TSFR6M

+

5.000%),

3/30/2027

b

180,757

GoDaddy

Operating

Company,

LLC,

Term

Loan

223,315

7.824%, 

(TSFR1M

+

2.500%),

11/10/2029

b

223,367

Great

Outdoors

Group,

LLC,

Term

Loan

315,778

9.402%, 

(TSFR3M

+

3.750%),

3/5/2028

b

312,948

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

280,112

8.189%, 

(TSFR1M

+

2.750%),

10/19/2027

b

276,289

Hilton

Worldwide

Finance,

LLC,

Term

Loan

342,000

7.174%, 

(TSFR1M

+

1.750%),

6/21/2026

b

341,556

IRB

Holding

Corporation,

Term

Loan

325,521

8.424%, 

(TSFR1M

+

3.000%),

12/15/2027

b

321,722

Light

&

Wonder

International,

Inc.,

Term

Loan

343,521

8.435%, 

(TSFR1M

+

3.000%),

4/14/2029

b

342,395

Petco

Health

&

Wellness

Company,

Inc.,

Term

Loan

147,085

8.902%, 

(TSFR3M

+

3.250%),

3/4/2028

b

143,653

PetSmart,

LLC,

Term

Loan

445,443

9.174%, 

(TSFR1M

+

3.750%),

2/12/2028

b

439,412

Pilot

Travel

Centers,

LLC,

Term

Loan

382,114

7.424%, 

(TSFR1M

+

2.000%),

8/6/2028

b

381,877

Prime

Security

Services

Borrower,

LLC,

Term

Loan

168,675

7.950%, 

(TSFR1M

+

2.500%),

10/13/2030

b

168,253

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

212

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Consumer

Cyclical

(0.2%)

-

continued

Scientific

Games

Holdings,

LP,

Term

Loan

$

231,660

8.914%, 

(TSFR3M

+

3.500%),

4/4/2029

b

$

227,520

Staples,

Inc.,

Term

Loan

221,678

10.634%, 

(LIBOR

1M

+

5.000%),

4/12/2026

b

190,229

Stars

Group

Holdings

BV,

Term

Loan

133,636

7.902%, 

(TSFR3M

+

2.250%),

7/21/2026

b

133,495

Uber

Technologies,

Inc.,

Term

Loan

165,731

8.159%, 

(TSFR3M

+

2.750%),

3/3/2030

b

165,507

UFC

Holdings,

LLC,

Term

Loan

222,416

8.399%, 

(TSFR3M

+

2.750%),

4/29/2026

b

222,076

Total

7,285,686

Consumer

Non-Cyclical

(0.2%)

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

327,727

9.082%, 

(TSFR1M

+

3.750%),

7/30/2028

b

321,136

Alltech,

Inc.,

Term

Loan

138,094

9.439%, 

(TSFR1M

+

4.000%),

10/15/2028

b,c

134,642

Amneal

Pharmaceuticals,

LLC,

Term

Loan

314,166

8.939%, 

(TSFR1M

+

3.500%),

5/4/2025

b

306,928

Bausch

+

Lomb

Corporation,

Term

Loan

356,391

8.755%, 

(TSFR3M

+

3.250%),

5/10/2027

b

340,631

148,911

9.324%, 

(TSFR1M

+

4.000%),

9/29/2028

b

142,954

Chobani,

LLC,

Term

Loan

142,531

8.939%, 

(TSFR1M

+

3.500%),

10/23/2027

b

142,130

DaVita,

Inc.,

Term

Loan

114,372

7.189%, 

(TSFR1M

+

1.750%),

8/12/2026

b

112,986

Elanco

Animal

Health,

Inc.,

Term

Loan

179,670

7.165%, 

(TSFR1M

+

1.750%),

8/1/2027

b

175,336

Froneri

U.S.,

Inc.,

Term

Loan

347,409

7.674%, 

(TSFR1M

+

2.250%),

1/31/2027

b

345,311

Gainwell

Acquisition

Corporation,

Term

Loan

497,761

9.490%, 

(TSFR3M

+

4.000%),

10/1/2027

b

474,949

ICON

Luxembourg

SARL,

Term

Loan

361,079

7.902%, 

(TSFR3M

+

2.250%),

7/1/2028

b

361,162

Jazz

Financing

Lux

SARL,

Term

Loan

448,903

8.939%, 

(TSFR1M

+

3.500%),

5/5/2028

b

448,652

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Consumer

Non-Cyclical

(0.2%)

-

continued

LifePoint

Health,

Inc.,

Term

Loan

$

130,164

0.000%, 

(TSFR3M

+

3.750%),

11/16/2025

b,d,e

$

129,151

176,485

11.157%, 

(TSFR3M

+

5.500%),

11/16/2028

b

166,420

Medline

Borrower,

LP,

Term

Loan

824,628

8.689%, 

(TSFR1M

+

3.250%),

10/21/2028

b

818,963

Organon

&

Company,

Term

Loan

413,355

8.451%, 

(TSFR1M

+

3.000%),

6/2/2028

b

412,012

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

134,962

9.152%, 

(TSFR3M

+

3.500%),

11/30/2027

b

133,106

Phoenix

Newco,

Inc.,

Term

Loan

316,593

8.689%, 

(TSFR1M

+

3.250%),

11/15/2028

b

312,557

PRA

Health

Sciences,

Inc.,

Term

Loan

89,963

7.902%, 

(TSFR3M

+

2.250%),

7/1/2028

b

89,984

Reynolds

Consumer

Products,

LLC,

Term

Loan

258,627

7.174%, 

(TSFR1M

+

1.750%),

2/4/2027

b

257,856

Select

Medical

Corporation,

Term

Loan

228,428

8.324%, 

(TSFR1M

+

3.000%),

3/6/2027

b

227,500

Sotera

Health

Holdings,

LLC,

Term

Loan

288,100

8.395%, 

(TSFR3M

+

2.750%),

12/11/2026

b

285,075

Star

Parent,

Inc.,

Term

Loan

326,800

9.386%, 

(TSFR3M

+

4.000%),

9/28/2030

b

310,993

Total

6,450,434

Energy

(<0.1%)

Buckeye

Partners,

LP,

Term

Loan

226,669

7.666%, 

(TSFR1M

+

2.250%),

11/1/2026

b

226,363

CQP

Holdco,

LP,

Term

Loan

455,342

8.990%, 

(TSFR3M

+

3.500%),

6/4/2028

b

454,677

GIP

II

Blue

Holding,

LP,

Term

Loan

78,485

9.939%, 

(TSFR1M

+

4.500%),

9/29/2028

b

78,471

GIP

III

Stetson

I,

LP,

Term

Loan

121,312

9.574%, 

(TSFR1M

+

4.250%),

7/18/2025

b

121,197

64,576

0.000%, 

(TSFR1M

+

4.250%),

10/5/2028

b,d,e

64,112

ITT

Holdings,

LLC,

Term

Loan

183,761

0.000%, 

(TSFR1M

+

3.250%),

10/5/2030

b,d,e

181,234

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

213

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Energy

(<0.1%)

-

continued

Oryx

Midstream

Services

Permian

Basin,

LLC,

Term

Loan

$

104,190

8.692%, 

(TSFR1M

+

3.250%),

10/5/2028

b

$

103,959

Total

1,230,013

Financials

(0.1%)

Acrisure,

LLC,

Term

Loan

213,785

8.939%, 

(TSFR1M

+

3.500%),

2/15/2027

b

207,871

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

89,092

8.835%, 

(TSFR1M

+

3.500%),

11/6/2027

b

88,749

AmWINS

Group,

Inc.,

Term

Loan

343,470

7.689%, 

(TSFR1M

+

2.250%),

2/19/2028

b

340,231

Asurion,

LLC,

Term

Loan

455,318

8.689%, 

(TSFR1M

+

3.250%),

12/23/2026

b

439,382

44,546

9.674%, 

(TSFR1M

+

4.250%),

8/19/2028

b

42,472

Edelman

Financial

Engines

Center,

LLC,

Term

Loan

94,038

8.939%, 

(TSFR1M

+

3.500%),

4/7/2028

b

92,284

First

Eagle

Holdings,

Inc.,

Term

Loan

93,007

7.990%, 

(TSFR3M

+

2.500%),

2/2/2027

b

91,909

FleetCor

Technologies

Operating

Company,

LLC,

Term  Loan

182,139

7.174%, 

(TSFR1M

+

1.750%),

4/30/2028

b

181,632

Focus

Financial

Partners,

LLC,

Term

Loan

156,812

8.574%, 

(TSFR1M

+

3.250%),

6/30/2028

b

156,009

Howden

Group

Holdings,

Ltd.,

Term

Loan

93,043

8.750%, 

(LIBOR

1M

+

3.250%),

11/12/2027

b

92,208

HUB

International,

Ltd.,

Term

Loan

408,500

9.662%, 

(TSFR3M

+

4.250%),

6/20/2030

b

408,210

Hudson

River

Trading,

LLC,

Term

Loan

97,995

8.439%, 

(TSFR1M

+

3.000%),

3/18/2028

b

96,470

Jane

Street

Group,

LLC,

Term

Loan

183,117

8.189%, 

(TSFR1M

+

2.750%),

1/26/2028

b

182,522

Osaic

Holdings,

Inc.,

Term

Loan

78,067

9.824%, 

(TSFR1M

+

4.500%),

8/16/2028

b

77,618

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

153,230

9.074%, 

(TSFR1M

+

3.750%),

2/24/2028

b

152,560

Trans

Union,

LLC,

Term

Loan

245,408

7.689%, 

(TSFR1M

+

2.250%),

12/1/2028

b

244,810

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Financials

(0.1%)

-

continued

USI,

Inc./NY,

Term

Loan

$

338,580

9.140%, 

(TSFR3M

+

3.750%),

11/22/2029

b

$

337,381

VFH

Parent,

LLC,

Term

Loan

137,610

8.427%, 

(TSFR1M

+

3.000%),

1/13/2029

b

136,493

Total

3,368,811

Technology

(0.3%)

Amentum

Government

Services

Holdings,

LLC,

Term  Loan

226,704

9.335%, 

(TSFR1M

+

4.000%),

2/15/2029

b

221,250

AthenaHealth

Group,

Inc.,

Term

Loan

615,321

8.577%, 

(TSFR1M

+

3.250%),

2/15/2029

b

595,212

Boxer

Parent

Company,

Inc.,

Term

Loan

346,902

9.189%, 

(TSFR1M

+

3.750%),

10/2/2025

b

346,360

Central

Parent,

Inc.,

Term

Loan

405,932

9.406%, 

(TSFR3M

+

4.000%),

7/6/2029

b

403,278

Cloud

Software

Group,

Inc.,

Term

Loan

460,100

9.990%, 

(TSFR3M

+

4.500%),

3/30/2029

b,d,e

436,571

Coherent

Corporation,

Term

Loan

209,341

8.189%, 

(TSFR1M

+

2.750%),

7/1/2029

b

208,621

CommScope,

Inc.,

Term

Loan

140,071

8.689%, 

(TSFR1M

+

3.250%),

4/4/2026

b

119,702

CoreLogic,

Inc.,

Term

Loan

178,633

8.939%, 

(TSFR1M

+

3.500%),

6/2/2028

b

162,174

Cornerstone

OnDemand,

Inc.,

Term

Loan

249,467

9.189%, 

(TSFR1M

+

3.750%),

10/15/2028

b

235,248

Dcert

Buyer,

Inc.,

Term

Loan

276,138

9.324%, 

(TSFR1M

+

4.000%),

10/16/2026

b

270,745

Dun

&

Bradstreet

Corporation,

Term

Loan

271,133

8.176%, 

(TSFR1M

+

2.750%),

2/8/2026

b

270,710

Entegris,

Inc.,

Term

Loan

105,738

7.890%, 

(TSFR1M

+

2.500%),

7/6/2029

b

105,776

Gen

Digital,

Inc.,

Term

Loan

246,480

7.424%, 

(TSFR1M

+

2.000%),

9/12/2029

b

244,118

Genesys

Cloud

Services

Holdings

II,

LLC,

Term

Loan

226,669

9.439%, 

(TSFR1M

+

4.000%),

12/1/2027

b

226,291

GTCR

W

Merger

Sub,

LLC,

Term

Loan

447,200

0.000%, 

(TSFR1M

+

3.000%),

9/20/2030

b,d,e

443,658

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

214

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Technology

(0.3%)

-

continued

Informatica,

LLC,

Term

Loan

$

227,688

8.189%, 

(TSFR1M

+

2.750%),

10/29/2028

b

$

226,764

Magenta

Buyer,

LLC,

Term

Loan

245,495

10.645%, 

(TSFR3M

+

5.000%),

7/27/2028

b

171,846

McAfee

Corporation,

Term

Loan

468,258

9.165%, 

(TSFR1M

+

3.750%),

3/1/2029

b

446,896

Mitchell

International,

Inc.,

Term

Loan

285,106

9.189%, 

(TSFR1M

+

3.750%),

10/15/2028

b

277,858

MKS

Instruments,

Inc.,

Term

Loan

409,860

7.819%, 

(TSFR1M

+

2.500%),

8/17/2029

b

406,102

Open

Text

Corporation,

Term

Loan

344,911

8.174%, 

(TSFR1M

+

2.750%),

1/31/2030

b

344,528

Peraton

Corporation,

Term

Loan

706,110

9.174%, 

(TSFR1M

+

3.750%),

2/1/2028

b

691,987

Polaris

Newco,

LLC,

Term

Loan

277,201

9.439%, 

(TSFR1M

+

4.000%),

6/4/2028

b

261,262

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan

285,000

10.074%, 

(TSFR1M

+

4.750%),

10/26/2030

b

276,228

Proofpoint,

Inc.,

Term

Loan

302,917

8.689%, 

(TSFR1M

+

3.250%),

8/31/2028

b

297,531

RealPage,

Inc.,

Term

Loan

231,636

8.439%, 

(TSFR1M

+

3.000%),

4/22/2028

b

226,184

Tempo

Acquisition,

LLC,

Term

Loan

222,741

8.074%, 

(TSFR1M

+

2.750%),

8/31/2028

b

222,394

UKG,

Inc.,

Term

Loan

486,053

8.764%, 

(TSFR3M

+

3.250%),

5/3/2026

b

483,068

Verscend

Holding

Corporation,

Term

Loan

334,502

9.439%, 

(TSFR1M

+

4.000%),

8/27/2025

b

334,013

Total

8,956,375

Transportation

(0.1%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

498,150

10.427%, 

(TSFR3M

+

4.750%),

4/20/2028

b

504,377

Air

Canada,

Term

Loan

432,151

9.128%, 

(TSFR3M

+

3.500%),

8/11/2028

b

431,395

Brown

Group

Holding,

LLC,

Term

Loan

182,999

8.174%, 

(TSFR1M

+

2.750%),

6/7/2028

b

179,491

Principal

Amount

Bank

Loans

(1.3%)

a

Value

Transportation

(0.1%)

-

continued

Genesee

&

Wyoming,

Inc.,

Term

Loan

$

227,641

7.490%, 

(TSFR3M

+

2.000%),

12/30/2026

b

$

227,356

Mileage

Plus

Holdings,

LLC,

Term

Loan

183,750

10.798%, 

(TSFR3M

+

5.250%),

6/20/2027

b

189,086

SkyMiles

IP,

Ltd.,

Term

Loan

388,800

9.166%, 

(TSFR3M

+

3.750%),

10/20/2027

b

397,793

United

Airlines,

Inc.,

Term

Loan

333,945

9.189%, 

(TSFR1M

+

3.750%),

4/21/2028

b

332,693

Total

2,262,191

Utilities

(<0.1%)

PG&E

Corporation,

Term

Loan

333,889

8.439%, 

(TSFR1M

+

3.000%),

6/23/2025

b

333,055

Talen

Energy

Supply,

LLC,

Term

Loan

142,975

9.877%, 

(TSFR3M

+

4.500%),

5/17/2030

b

142,694

Total

475,749

Total

Bank

Loans

(cost

$41,284,483)

41,063,252

Shares

Registered

Investment

Companies

(

44.0%

)

Value

U.S.

Affiliated  (43.4%)

7,729,230

Thrivent

Core

Emerging

Markets

Debt

Fund

56,191,499

2,114,247

Thrivent

Core

Emerging

Markets

Equity

Fund

17,083,117

1,132,108

Thrivent

Core

International

Equity

Fund

10,324,821

4,147,615

Thrivent

Core

Low

Volatility

Equity

Fund

45,872,627

4,049,747

Thrivent

Core

Mid

Cap

Value

Fund

37,379,166

5,424,995

Thrivent

Core

Small

Cap

Value

Fund

46,166,709

2,787,922

Thrivent

Global

Stock

Fund,

Class

S

67,356,195

10,132,007

Thrivent

High

Yield

Fund,

Class

S

39,920,108

15,427,232

Thrivent

Income

Fund,

Class

S

115,087,147

13,013,039

Thrivent

International

Allocation

Fund,

Class

S

119,459,699

17,688,709

Thrivent

Large

Cap

Growth

Fund,

Class

S

278,420,276

10,940,628

Thrivent

Large

Cap

Value

Fund,

Class

S

277,454,328

5,797,750

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

68,819,296

5,014,977

Thrivent

Mid

Cap

Stock

Fund,

Class

S

148,393,177

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

215

Shares

Registered

Investment

Companies

(44.0%)

Value

U.S.

Affiliated  (43.4%)-

continued

1,596,231

Thrivent

Small

Cap

Stock

Fund,

Class

S

$

39,426,903

Total

1,367,355,068

U.S.

Unaffiliated  (0.6%)

10,013

Communication

Services

Select

Sector

SPDR

Fund

648,041

3,971

Invesco

QQQ

Trust

Series

1

f

1,393,305

15,668

SPDR

Bloomberg

High

Yield

Bond

ETF

f

1,393,199

38,152

SPDR

S&P

500

ETF

Trust

15,955,167

2,943

SPDR

S&P

Biotech

ETF

194,915

1,538

SPDR

S&P

Oil

&

Gas

Exploration

ETF

223,348

Total

19,807,975

Total

Registered

Investment

Companies

(cost

$1,144,325,030)

1,387,163,043

Principal

Amount

Long-Term

Fixed

Income

(

20.7%

)

Value

Asset-Backed

Securities

(0.6%)

510

Asset

Backed

Trust

$

850,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

g,h

719,874

720

East

CLO

I,

Ltd.

900,000

8.666%, 

(TSFR3M

+

3.250%),

1/20/2036,

Ser.

2022-1A,

Class

B

b,g

904,281

300,000

9.666%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

b,g

302,150

Access

Group,

Inc.

27,915

5.935%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

b,g

27,426

AMSR

Trust

1,000,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

g

822,646

1,500,000

1.877%, 

8/17/2038,

Ser.

2021-SFR2,

Class

C

g

1,311,601

600,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

g

523,566

Ares

XL

CLO,

Ltd.

875,000

8.456%, 

(TSFR3M

+

3.062%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,g

855,474

CMFT

Net

Lease

Master

Issuer,

LLC

550,680

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

g

437,030

Commonbond

Student

Loan

Trust

26,532

5.939%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,g

25,858

Dryden

36

Senior

Loan

Fund

700,000

7.706%, 

(TSFR3M

+

2.312%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,g

688,814

Foundation

Finance

Trust

333,923

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

g

290,530

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Asset-Backed

Securities

(0.6%)

-

continued

FRTKL

Trust

$

1,050,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

g

$

908,738

GSAA

Home

Equity

Trust

1,534,801

4.467%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b,h

1,298,083

Harley

Marine

Financing,

LLC

1,934,337

6.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

g

1,927,120

Home

Partners

of

America

Trust

1,058,915

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

g

930,747

855,501

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

g

689,309

Laurel

Road

Prime

Student

Loan

Trust

355,883

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,g

328,046

Longfellow

Place

CLO,

Ltd.

420,527

7.956%, 

(TSFR3M

+

2.562%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,g

419,857

National

Collegiate

Trust

197,101

5.734%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,g

190,648

Oak

Street

Investment

664,395

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

g

588,925

Preston

Ridge

Partners

Mortgage

Trust,

LLC

539,704

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,g

517,092

Pretium

Mortgage

Credit

Partners,

LLC

477,091

5.240%, 

4/25/2052,

Ser.

2022-NPL2,

Class

A1

g,h

461,479

283,538

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

g,h

273,542

VCAT

Asset

Securitization,

LLC

425,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

g,h

399,233

Vericrest

Opportunity

Loan

Transferee

417,984

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

g,h

388,326

294,445

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

g,h

273,816

375,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

g,h

284,856

375,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

g,h

277,849

Wind

River

CLO,

Ltd.

525,000

7.677%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,g

521,665

Total

17,588,581

Basic

Materials

(0.2%)

Alcoa

Nederland

Holding

BV

165,000

5.500%, 

12/15/2027

g

156,367

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

216

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Basic

Materials

(0.2%)

-

continued

Anglo

American

Capital

plc

$

300,000

3.875%, 

3/16/2029

g

$

265,709

ATI,

Inc.

116,000

7.250%, 

8/15/2030

111,671

Cascades,

Inc./Cascades

USA,

Inc.

180,000

5.125%, 

1/15/2026

g

170,843

Chemours

Company

140,000

5.750%, 

11/15/2028

g

118,405

Cleveland-Cliffs,

Inc.

180,000

5.875%, 

6/1/2027

f

171,500

80,000

4.625%, 

3/1/2029

g

68,952

Consolidated

Energy

Finance

SA

295,000

5.625%, 

10/15/2028

g

242,401

EIDP,

Inc.

227,000

4.500%, 

5/15/2026

220,407

First

Quantum

Minerals,

Ltd.

303,000

6.875%, 

10/15/2027

g

258,073

FMC

Corporation

230,000

5.150%, 

5/18/2026

222,061

Glencore

Funding,

LLC

228,000

3.375%, 

9/23/2051

g

130,762

325,000

4.000%, 

3/27/2027

g

303,100

234,000

6.125%, 

10/6/2028

g

231,974

Hecla

Mining

Company

110,000

7.250%, 

2/15/2028

105,023

Hudbay

Minerals,

Inc.

192,000

4.500%, 

4/1/2026

g

178,697

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

128,000

9.000%, 

7/1/2028

f,g

119,590

International

Flavors

&

Fragrances,

Inc.

272,000

1.230%, 

10/1/2025

g

245,219

Methanex

Corporation

162,000

4.250%, 

12/1/2024

158,186

Mineral

Resources,

Ltd.

35,000

9.250%, 

10/1/2028

g

35,000

Mosaic

Company

285,000

4.050%, 

11/15/2027

265,972

Novelis

Corporation

90,000

3.250%, 

11/15/2026

g

80,113

70,000

4.750%, 

1/30/2030

g

59,393

90,000

3.875%, 

8/15/2031

g

70,290

Nutrien,

Ltd.

113,000

4.900%, 

3/27/2028

108,248

OCI

NV

101,000

4.625%, 

10/15/2025

g

95,456

Olin

Corporation

291,000

5.125%, 

9/15/2027

266,793

15,000

5.625%, 

8/1/2029

13,638

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

178,000

5.375%, 

11/1/2026

g

157,891

SNF

Group

SACA

147,000

3.375%, 

3/15/2030

g

117,560

SunCoke

Energy,

Inc.

164,000

4.875%, 

6/30/2029

g

137,268

Taseko

Mines,

Ltd.

125,000

7.000%, 

2/15/2026

f,g

113,388

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Basic

Materials

(0.2%)

-

continued

Unifrax

Escrow

Issuer

Corporation

$

138,000

5.250%, 

9/30/2028

g

$

93,212

United

States

Steel

Corporation

184,000

6.875%, 

3/1/2029

178,759

Total

5,271,921

Capital

Goods

(0.4%)

Advanced

Drainage

Systems,

Inc.

178,000

6.375%, 

6/15/2030

g

168,062

AECOM

265,000

5.125%, 

3/15/2027

250,187

Amsted

Industries,

Inc.

240,000

5.625%, 

7/1/2027

g

220,845

15,000

4.625%, 

5/15/2030

g

12,101

ARD

Finance

SA

55,000

6.500%, 

6/30/2027

g

32,020

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

210,000

5.250%, 

8/15/2027

g

152,645

34,000

5.250%, 

8/15/2027

g

24,714

Boeing

Company

460,000

5.930%, 

5/1/2060

387,000

265,000

5.040%, 

5/1/2027

256,599

544,000

5.705%, 

5/1/2040

481,206

Bombardier,

Inc.

75,000

7.125%, 

6/15/2026

g

72,164

186,000

7.875%, 

4/15/2027

g

178,927

120,000

6.000%, 

2/15/2028

g

106,185

Brand

Industrial

Services,

Inc.

56,000

10.375%, 

8/1/2030

g

55,580

Builders

FirstSource,

Inc.

140,000

5.000%, 

3/1/2030

g

122,173

Canpack

SA/Canpack

US,

LLC

220,000

3.125%, 

11/1/2025

g

201,683

Carrier

Global

Corporation

320,000

2.700%, 

2/15/2031

252,732

Chart

Industries,

Inc.

173,000

7.500%, 

1/1/2030

g

169,884

Clean

Harbors,

Inc.

229,000

6.375%, 

2/1/2031

g

217,656

Clydesdale

Acquisition

Holdings,

Inc.

23,000

6.625%, 

4/15/2029

g

20,893

46,000

8.750%, 

4/15/2030

g

36,666

CNH

Industrial

NV

181,000

3.850%, 

11/15/2027

166,804

Cornerstone

Building

Brands,

Inc.

119,000

6.125%, 

1/15/2029

g

87,001

Covanta

Holding

Corporation

90,000

4.875%, 

12/1/2029

g

70,200

CP

Atlas

Buyer,

Inc.

162,000

7.000%, 

12/1/2028

g

123,473

Crown

Cork

&

Seal

Company,

Inc.

148,000

7.375%, 

12/15/2026

150,227

Emerald

Debt

Merger

Sub,

LLC

174,000

6.625%, 

12/15/2030

g

165,518

GFL

Environmental,

Inc.

116,000

4.000%, 

8/1/2028

g

99,828

250,000

3.500%, 

9/1/2028

g

214,059

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

217

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Capital

Goods

(0.4%)

-

continued

H&E

Equipment

Services,

Inc.

$

299,000

3.875%, 

12/15/2028

g

$

253,264

Herc

Holdings,

Inc.

110,000

5.500%, 

7/15/2027

g

103,398

Howmet

Aerospace,

Inc.

378,000

3.000%, 

1/15/2029

319,057

343,000

5.950%, 

2/1/2037

313,333

Ingersoll

Rand,

Inc.

60,000

5.700%, 

8/14/2033

56,692

John

Deere

Capital

Corporation

186,000

4.950%, 

7/14/2028

181,429

Lockheed

Martin

Corporation

304,000

4.500%, 

5/15/2036

266,210

78,000

6.150%, 

9/1/2036

79,389

Mauser

Packaging

Solutions

Holding

Company

92,000

9.250%, 

4/15/2027

g

76,618

MIWD

Holdco

II,

LLC

93,000

5.500%, 

2/1/2030

g

73,819

Mueller

Water

Products,

Inc.

97,000

4.000%, 

6/15/2029

g

82,935

Nesco

Holdings

II,

Inc.

170,000

5.500%, 

4/15/2029

g

145,775

New

Enterprise

Stone

and

Lime

Company,

Inc.

196,000

5.250%, 

7/15/2028

g

172,968

Nordson

Corporation

234,000

5.600%, 

9/15/2028

229,684

Northrop

Grumman

Corporation

550,000

3.850%, 

4/15/2045

389,813

OI

European

Group

BV

243,000

4.750%, 

2/15/2030

g

206,771

Owens-Brockway

Glass

Container,

Inc.

93,000

6.625%, 

5/13/2027

g

88,350

Pactiv

Evergreen

Group

120,000

4.375%, 

10/15/2028

g

102,075

Parker-Hannifin

Corporation

570,000

4.500%, 

9/15/2029

529,761

PGT

Innovations,

Inc.

156,000

4.375%, 

10/1/2029

g

145,638

Regal

Rexnord

Corporation

284,000

6.050%, 

2/15/2026

g

279,344

Republic

Services,

Inc.

235,000

2.900%, 

7/1/2026

219,634

Roller

Bearing

Company

of

America,

Inc.

131,000

4.375%, 

10/15/2029

g

111,089

Rolls-Royce

plc

86,000

5.750%, 

10/15/2027

g

81,491

RTX

Corporation

186,000

4.125%, 

11/16/2028

170,799

375,000

4.450%, 

11/16/2038

299,039

Sealed

Air

Corporation

144,000

6.125%, 

2/1/2028

g

137,062

Silgan

Holdings,

Inc.

69,000

4.125%, 

2/1/2028

60,934

SRM

Escrow

Issuer,

LLC

271,000

6.000%, 

11/1/2028

g

250,563

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Capital

Goods

(0.4%)

-

continued

Textron,

Inc.

$

338,000

3.375%, 

3/1/2028

$

304,096

Titan

Acquisition,

Ltd./Titan

Co-

Borrower,

LLC

115,000

7.750%, 

4/15/2026

g

106,963

Trane

Technologies

Financing,

Ltd.

232,000

3.500%, 

3/21/2026

220,377

TransDigm,

Inc.

138,000

6.250%, 

3/15/2026

g

134,751

584,000

5.500%, 

11/15/2027

543,677

Triumph

Group,

Inc.

148,000

9.000%, 

3/15/2028

f,g

143,743

United

Rentals

North

America,

Inc.

180,000

4.875%, 

1/15/2028

167,000

170,000

4.000%, 

7/15/2030

142,857

Veralto

Corporation

232,000

5.350%, 

9/18/2028

g

224,439

Waste

Management,

Inc.

239,000

4.875%, 

2/15/2034

218,862

Waste

Pro

USA,

Inc.

105,000

5.500%, 

2/15/2026

g

96,517

WESCO

Distribution,

Inc.

200,000

7.250%, 

6/15/2028

g

198,730

Total

12,425,978

Collateralized

Mortgage

Obligations

(0.9%)

Alternative

Loan

Trust

112,112

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

59,715

Arroyo

Mortgage

Trust

1,000,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

g,h

802,676

BINOM

Securitization

Trust

473,913

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

b,g

390,799

CHL

Mortgage

Pass-Through

Trust

1,215,266

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

459,221

CHNGE

Mortgage

Trust

844,786

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

g,h

838,135

974,272

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

g,h

946,473

Citicorp

Mortgage

Securities,

Inc.

400,309

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

333,237

COLT

Mortgage

Loan

Trust

900,843

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

b,g

727,120

Countrywide

Alternative

Loan

Trust

131,520

3.784%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

104,248

592,898

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

207,895

Countrywide

Home

Loans,

Inc.

149,612

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

66,111

Credit

Suisse

Mortgage

Trust

550,000

3.346%, 

1/25/2067,

Ser.

2022-ATH1,

Class

A1B

b,g

441,347

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

218

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Collateralized

Mortgage

Obligations

(0.9%)

-

continued

$

850,000

4.000%, 

2/25/2067,

Ser.

2022-NQM2,

Class

A1B

b,g

$

688,417

475,608

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

b,g

462,491

478,953

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,g

373,344

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

63,722

6.000%, 

11/25/2023,

Ser.

2006-AR5,

Class

23A

32,251

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,582,097

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

1,476,400

213,353

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

i

18,057

586,774

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

i

59,335

1,316,145

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

1,250,257

1,100,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

781,043

Federal

National

Mortgage

Association

-

REMIC

1,557,680

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

1,465,268

887,673

4.000%, 

7/25/2052,

Ser.

2022-37,

Class

PE

826,700

594,709

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

i

21,895

2,276,906

5.250%, 

7/25/2039,

Ser.

2022-72,

Class

CB

2,217,799

1,296,651

4.500%, 

1/25/2046,

Ser.

2022-68,

Class

BA

1,243,676

Flagstar

Mortgage

Trust

514,238

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,g

419,791

GCAT

Trust

716,644

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

b,g

595,004

GS

Mortgage-Backed

Securities

Trust

1,073,141

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

b,g

819,402

GSR

Mortgage

Loan

Trust

634,478

5.015%, 

9/25/2034,

Ser.

2004-11,

Class

2A2

b

596,265

J.P.

Morgan

Mortgage

Trust

902,141

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

b,g

659,021

703,006

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,g

528,019

LHOME

Mortgage

Trust

149,100

2.090%, 

2/25/2026,

Ser.

2021-RTL1,

Class

A1

b,g

148,494

216,467

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

g,h

213,802

Mello

Mortgage

Capital

Acceptance

972,302

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

b,g

710,275

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Collateralized

Mortgage

Obligations

(0.9%)

-

continued

Merrill

Lynch

Alternative

Note

Asset

Trust

$

146,329

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

$

53,823

New

Residential

Mortgage

Loan

Trust

1,918,516

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

b,g

1,401,491

New

York

Mortgage

Trust

675,842

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

g,h

669,400

Onslow

Bay

Financial,

LLC

575,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

b,g

450,982

Palisades

Mortgage

Loan

Trust

1,450,000

2.857%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

g,h

1,412,985

Residential

Accredit

Loans,

Inc.

Trust

178,869

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

145,199

ROC

Securities

Trust

Series

849,526

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,g

829,820

Toorak

Mortgage

Corporation,

Ltd.

679,557

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

g,h

661,342

TRK

Trust

699,891

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

b,g

555,721

Vericrest

Opportunity

Loan

Transferee

410,653

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

g,h

389,005

Verus

Securitization

Trust

378,538

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

b,g

299,677

Total

27,853,428

Commercial

Mortgage-Backed

Securities

(0.8%)

BANK

2022-BNK39

3,986,020

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,i

104,609

BANK5

2023-5YR2

833,000

7.379%, 

7/15/2056,

Ser.

2023-5YR2,

Class

AS

b

833,798

BBCMS

Mortgage

Trust

2,259,754

0.740%, 

2/15/2055,

Ser.

2022-C14,

Class

XA

b,i

88,001

6,983,801

1.152%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,i

516,373

5,581,441

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,i

470,542

BFLD

Trust

325,000

7.150%, 

(TSFR1M

+

1.814%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,g

189,150

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

219

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Commercial

Mortgage-Backed

Securities

(0.8%)

-

continued

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

$

3,000,000

3.000%, 

6/25/2032,

Ser.

K147,

Class

A2

b,j

$

2,460,680

2,000,000

3.500%, 

7/25/2032,

Ser.

K148,

Class

A2

b,j

1,704,340

3,000,000

3.530%, 

8/25/2032,

Ser.

K149,

Class

A2

j

2,560,204

250,000

3.710%, 

9/25/2032,

Ser.

K-150,

Class

A2

b,j

216,053

3,000,000

3.800%, 

10/25/2032,

Ser.

K-151,

Class

A2

b,j

2,607,859

3,800,000

3.780%, 

11/25/2032,

Ser.

K-152,

Class

A2

b,j

3,297,494

3,500,000

3.820%, 

12/25/2032,

Ser.

K-153,

Class

A2

b,j

3,041,770

Federal

Home

Loan

Mortgage

Corporation

Multifamily

WI

Certificates

1,000,000

4.500%, 

12/25/2033,

Ser.

K160,

Class

A2

911,729

2,500,000

4.900%, 

1/25/2034,

Ser.

K161,

Class

A2

2,346,715

MIRA

Trust

1,000,000

6.755%, 

6/10/2038,

Ser.

2023-MILE,

Class

A

g

972,023

Morgan

Stanley

Capital

I

Trust

5,931,159

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,i

529,705

SCOTT

Trust

1,000,000

5.910%, 

3/15/2040,

Ser.

2023-SFS,

Class

A

g

954,057

Total

23,805,102

Communications

Services

(0.6%)

Activision

Blizzard,

Inc.

456,000

2.500%, 

9/15/2050

254,913

Allen

Media,

LLC/Allen

Media

Co-

Issuer,

Inc.

137,000

10.500%, 

2/15/2028

g

71,350

Altice

Financing

SA

139,000

5.750%, 

8/15/2029

f,g

107,490

Altice

France

SA/France

110,000

8.125%, 

2/1/2027

g

92,726

81,000

5.125%, 

7/15/2029

g

55,458

175,000

5.500%, 

10/15/2029

g

120,383

AMC

Networks,

Inc.

70,000

5.000%, 

4/1/2024

69,454

223,000

4.250%, 

2/15/2029

f

137,009

American

Tower

Corporation

100,000

3.375%, 

10/15/2026

92,570

165,000

5.500%, 

3/15/2028

159,827

235,000

5.800%, 

11/15/2028

229,583

275,000

2.900%, 

1/15/2030

224,263

205,000

5.650%, 

3/15/2033

190,725

AT&T,

Inc.

342,000

3.650%, 

6/1/2051

210,492

502,000

3.500%, 

9/15/2053

295,602

215,000

2.300%, 

6/1/2027

189,949

442,000

4.350%, 

3/1/2029

406,899

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Communications

Services

(0.6%)

-

continued

$

230,000

5.400%, 

2/15/2034

$

211,331

300,000

4.900%, 

8/15/2037

252,220

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

138,000

5.500%, 

5/1/2026

g

131,605

220,000

5.125%, 

5/1/2027

g

202,553

100,000

5.000%, 

2/1/2028

g

89,794

18,000

6.375%, 

9/1/2029

g

16,474

185,000

4.750%, 

3/1/2030

g

152,611

40,000

4.500%, 

8/15/2030

g

32,073

99,000

4.250%, 

2/1/2031

g

77,042

362,000

4.750%, 

2/1/2032

g

282,563

150,000

4.250%, 

1/15/2034

g

108,345

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

341,000

4.200%, 

3/15/2028

310,340

650,000

3.500%, 

6/1/2041

389,479

Cimpress

plc

116,000

7.000%, 

6/15/2026

107,349

Clear

Channel

Outdoor

Holdings,

Inc.

35,000

7.500%, 

6/1/2029

f,g

25,476

Clear

Channel

Worldwide

Holdings,

Inc.

274,000

5.125%, 

8/15/2027

f,g

243,530

Comcast

Corporation

341,000

5.350%, 

5/15/2053

293,375

285,000

2.887%, 

11/1/2051

157,396

284,000

4.250%, 

10/15/2030

256,903

130,000

4.400%, 

8/15/2035

110,604

546,000

4.750%, 

3/1/2044

439,729

Connect

Finco

SARL/Connect

US

Finco,

LLC

89,000

6.750%, 

10/1/2026

g

82,996

CSC

Holdings,

LLC

60,000

5.375%, 

2/1/2028

g

47,780

237,000

6.500%, 

2/1/2029

g

187,394

354,000

4.125%, 

12/1/2030

g

237,167

Deutsche

Telekom

International

Finance

BV

569,000

8.750%, 

6/15/2030

637,530

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

325,000

5.875%, 

8/15/2027

g

284,776

Discovery

Communications,

LLC

390,000

4.900%, 

3/11/2026

379,999

DISH

DBS

Corporation

60,000

5.875%, 

11/15/2024

55,051

60,000

5.250%, 

12/1/2026

g

48,399

60,000

7.375%, 

7/1/2028

33,884

95,000

5.750%, 

12/1/2028

g

68,994

91,000

5.125%, 

6/1/2029

46,865

DISH

Network

Corporation

111,000

11.750%, 

11/15/2027

g

109,952

Frontier

Communications

Holdings,

LLC

196,000

5.875%, 

10/15/2027

g

178,687

136,000

6.750%, 

5/1/2029

f,g

107,617

43,000

8.750%, 

5/15/2030

g

40,968

GCI,

LLC

150,000

4.750%, 

10/15/2028

g

128,715

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

220

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Communications

Services

(0.6%)

-

continued

Gray

Escrow

II,

Inc.

$

196,000

5.375%, 

11/15/2031

g

$

123,529

Gray

Television,

Inc.

235,000

4.750%, 

10/15/2030

f,g

150,667

Iliad

Holding

SASU

214,000

6.500%, 

10/15/2026

g

199,973

Lamar

Media

Corporation

94,000

3.625%, 

1/15/2031

75,981

LCPR

Senior

Secured

Financing

DAC

130,000

6.750%, 

10/15/2027

g

117,650

Level

3

Financing,

Inc.

108,000

4.625%, 

9/15/2027

g

71,820

300,000

4.250%, 

7/1/2028

g

169,642

83,000

10.500%, 

5/15/2030

g

83,065

McGraw-Hill

Education,

Inc.

128,000

5.750%, 

8/1/2028

g

107,878

35,000

8.000%, 

8/1/2029

g

28,839

Meta

Platforms,

Inc.

170,000

5.600%, 

5/15/2053

153,751

227,000

4.800%, 

5/15/2030

218,883

456,000

3.850%, 

8/15/2032

396,323

Netflix,

Inc.

150,000

5.875%, 

11/15/2028

150,056

272,000

5.375%, 

11/15/2029

g

263,724

300,000

4.875%, 

6/15/2030

g

280,785

News

Corporation

166,000

3.875%, 

5/15/2029

g

142,093

NTT

Finance

Corporation

398,000

4.372%, 

7/27/2027

g

380,344

Omnicom

Group,

Inc.

156,000

3.600%, 

4/15/2026

147,762

210,000

4.200%, 

6/1/2030

184,961

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

98,000

6.250%, 

6/15/2025

g

96,650

70,000

4.625%, 

3/15/2030

g

56,175

Playtika

Holding

Corporation

146,000

4.250%, 

3/15/2029

g

117,784

Radiate

Holdco,

LLC/Radiate

Finance,

Inc.

145,000

6.500%, 

9/15/2028

g

71,775

Scripps

Escrow

II,

Inc.

65,000

3.875%, 

1/15/2029

g

49,343

Sirius

XM

Radio,

Inc.

215,000

5.000%, 

8/1/2027

g

197,133

105,000

4.000%, 

7/15/2028

g

89,295

125,000

4.125%, 

7/1/2030

g

99,252

Sprint

Capital

Corporation

573,000

8.750%, 

3/15/2032

644,995

Take-Two

Interactive

Software,

Inc.

224,000

4.950%, 

3/28/2028

215,239

TEGNA,

Inc.

246,000

4.625%, 

3/15/2028

212,175

Telecom

Italia

Capital

SA

53,000

6.000%, 

9/30/2034

43,620

Telecom

Italia

SPA/Milano

72,000

5.303%, 

5/30/2024

g

70,601

Telesat

Canada/Telesat,

LLC

80,000

4.875%, 

6/1/2027

f,g

47,400

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Communications

Services

(0.6%)

-

continued

$

45,000

6.500%, 

10/15/2027

g

$

21,600

T-Mobile

USA,

Inc.

569,000

3.600%, 

11/15/2060

331,009

300,000

4.375%, 

4/15/2040

232,031

United

States

Cellular

Corporation

87,000

6.700%, 

12/15/2033

82,562

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

224,000

4.750%, 

4/15/2028

g

181,031

Univision

Communications,

Inc.

179,000

6.625%, 

6/1/2027

g

163,498

Verizon

Communications,

Inc.

342,000

3.000%, 

11/20/2060

175,074

994,000

2.650%, 

11/20/2040

600,850

500,000

3.400%, 

3/22/2041

337,403

Virgin

Media

Finance

plc

72,000

5.000%, 

7/15/2030

g

56,605

Virgin

Media

Secured

Finance

plc

92,000

5.500%, 

5/15/2029

g

81,466

VZ

Secured

Financing

BV

235,000

5.000%, 

1/15/2032

g

178,300

Warnermedia

Holdings,

Inc.

399,000

5.141%, 

3/15/2052

282,339

343,000

4.054%, 

3/15/2029

303,510

343,000

5.050%, 

3/15/2042

254,070

YPSO

Finance

BIS

SA

74,000

10.500%, 

5/15/2027

g

40,263

Total

18,257,033

Consumer

Cyclical

(0.6%)

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

210,000

4.375%, 

1/15/2028

g

189,080

Adient

Global

Holdings,

Ltd.

93,000

4.875%, 

8/15/2026

g

86,612

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

75,000

6.625%, 

7/15/2026

g

70,237

100,000

6.000%, 

6/1/2029

g

72,250

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

255,000

4.625%, 

6/1/2028

g

208,567

Allison

Transmission,

Inc.

94,000

3.750%, 

1/30/2031

g

74,506

Amazon.com,

Inc.

324,000

3.875%, 

8/22/2037

265,367

American

Axle

&

Manufacturing,

Inc.

325,000

6.500%, 

4/1/2027

306,350

American

Honda

Finance

Corporation

239,000

5.850%, 

10/4/2030

237,312

Arko

Corporation

97,000

5.125%, 

11/15/2029

g

78,648

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

140,000

4.625%, 

8/1/2029

g

113,285

40,000

4.625%, 

4/1/2030

g

30,972

Boyd

Gaming

Corporation

150,000

4.750%, 

6/15/2031

g

124,485

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

221

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Consumer

Cyclical

(0.6%)

-

continued

Boyne

USA,

Inc.

$

63,000

4.750%, 

5/15/2029

g

$

54,852

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

150,000

6.250%, 

9/15/2027

g

130,503

Caesars

Entertainment,

Inc.

263,000

6.250%, 

7/1/2025

g

258,762

75,000

8.125%, 

7/1/2027

g

74,316

156,000

4.625%, 

10/15/2029

g

128,205

Carnival

Corporation

41,000

7.625%, 

3/1/2026

g

39,868

357,000

5.750%, 

3/1/2027

g

318,752

68,000

4.000%, 

8/1/2028

g

59,148

Cedar

Fair,

LP

163,000

5.250%, 

7/15/2029

140,382

Churchill

Downs,

Inc.

140,000

4.750%, 

1/15/2028

g

125,374

69,000

6.750%, 

5/1/2031

g

63,652

Cinemark

USA,

Inc.

195,000

5.875%, 

3/15/2026

f,g

185,158

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

105,000

8.500%, 

5/15/2027

g

103,380

172,000

6.750%, 

5/15/2028

g

167,676

D.R.

Horton,

Inc.

117,000

2.600%, 

10/15/2025

109,728

Daimler

Trucks

Finance

North

America,

LLC

392,000

2.000%, 

12/14/2026

g

348,956

Expedia

Group,

Inc.

595,000

3.250%, 

2/15/2030

492,726

Ford

Motor

Company

259,000

3.250%, 

2/12/2032

195,480

151,000

6.100%, 

8/19/2032

139,667

Ford

Motor

Credit

Company,

LLC

525,000

2.300%, 

2/10/2025

495,763

370,000

4.134%, 

8/4/2025

352,660

270,000

2.700%, 

8/10/2026

242,011

354,000

2.900%, 

2/10/2029

289,487

200,000

7.350%, 

3/6/2030

200,854

Forestar

Group,

Inc.

140,000

3.850%, 

5/15/2026

g

124,611

General

Motors

Company

450,000

6.125%, 

10/1/2025

449,201

545,000

6.800%, 

10/1/2027

553,504

General

Motors

Financial

Company,

Inc.

300,000

1.500%, 

6/10/2026

264,830

GLP

Capital,

LP

469,000

5.750%, 

6/1/2028

439,709

Goodyear

Tire

&

Rubber

Company

105,000

5.000%, 

7/15/2029

90,302

Guitar

Center

Escrow

Issuer

II,

Inc.

71,000

8.500%, 

1/15/2026

f,g

59,783

Hanesbrands,

Inc.

135,000

4.875%, 

5/15/2026

f,g

124,040

Hilton

Domestic

Operating

Company,

Inc.

217,000

4.875%, 

1/15/2030

194,806

68,000

3.625%, 

2/15/2032

g

53,752

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Consumer

Cyclical

(0.6%)

-

continued

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

$

111,000

5.000%, 

6/1/2029

g

$

92,962

Home

Depot,

Inc.

375,000

5.400%, 

9/15/2040

342,821

228,000

4.250%, 

4/1/2046

173,306

340,000

3.900%, 

6/15/2047

243,275

Hyundai

Capital

America

237,000

6.250%, 

11/3/2025

e,g

236,965

375,000

1.800%, 

1/10/2028

g

311,750

International

Game

Technology

plc

206,000

5.250%, 

1/15/2029

g

187,435

Jacobs

Entertainment,

Inc.

94,000

6.750%, 

2/15/2029

g

79,900

KB

Home

215,000

4.800%, 

11/15/2029

186,289

Kohl's

Corporation

182,000

4.625%, 

5/1/2031

124,448

174,000

5.550%, 

7/17/2045

100,920

L

Brands,

Inc.

240,000

6.625%, 

10/1/2030

g

222,191

70,000

6.875%, 

11/1/2035

61,772

Lennar

Corporation

392,000

4.750%, 

5/30/2025

383,784

Light

&

Wonder

International,

Inc.

160,000

7.250%, 

11/15/2029

g

155,163

Lowe's

Companies,

Inc.

228,000

5.625%, 

4/15/2053

197,022

558,000

2.625%, 

4/1/2031

440,732

Macy's

Retail

Holdings,

LLC

140,000

5.875%, 

4/1/2029

f,g

123,424

Marriott

International,

Inc./MD

426,000

4.625%, 

6/15/2030

384,353

Mattamy

Group

Corporation

129,000

5.250%, 

12/15/2027

g

115,901

McDonald's

Corporation

470,000

4.450%, 

3/1/2047

360,614

Michaels

Companies,

Inc.

112,000

5.250%, 

5/1/2028

f,g

81,151

NCL

Corporation,

Ltd.

63,000

3.625%, 

12/15/2024

g

59,596

47,000

5.875%, 

3/15/2026

g

42,182

158,000

5.875%, 

2/15/2027

g

145,434

Nissan

Motor

Acceptance

Company,

LLC

361,000

1.125%, 

9/16/2024

g

344,437

Nissan

Motor

Company,

Ltd.

60,000

3.522%, 

9/17/2025

g

56,741

62,000

4.345%, 

9/17/2027

g

56,059

78,000

4.810%, 

9/17/2030

g

66,267

Nordstrom,

Inc.

55,000

4.375%, 

4/1/2030

f

42,692

78,000

4.250%, 

8/1/2031

f

57,141

PENN

Entertainment,

Inc.

150,000

4.125%, 

7/1/2029

f,g

116,544

PetSmart,

Inc./PetSmart

Finance

Corporation

180,000

4.750%, 

2/15/2028

g

159,278

190,000

7.750%, 

2/15/2029

g

174,922

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

222

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Consumer

Cyclical

(0.6%)

-

continued

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

$

289,000

5.750%, 

4/15/2026

g

$

280,361

128,000

6.250%, 

1/15/2028

g

118,695

Realogy

Group,

LLC/Realogy

Group

Co-Issuer

Corporation

168,000

5.750%, 

1/15/2029

g

105,872

Royal

Caribbean

Cruises,

Ltd.

26,000

11.500%, 

6/1/2025

g

27,478

288,000

4.250%, 

7/1/2026

g

264,845

138,000

9.250%, 

1/15/2029

g

144,050

110,000

7.250%, 

1/15/2030

g

108,512

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

72,000

6.625%, 

3/1/2030

g

61,920

SeaWorld

Parks

and

Entertainment,

Inc.

104,000

5.250%, 

8/15/2029

g

90,587

Six

Flags

Theme

Parks,

Inc.

73,000

7.000%, 

7/1/2025

g

72,496

Staples,

Inc.

132,000

7.500%, 

4/15/2026

g

107,672

83,000

10.750%, 

4/15/2027

g

45,720

Starbucks

Corporation

284,000

4.750%, 

2/15/2026

278,943

Station

Casinos,

LLC

111,000

4.625%, 

12/1/2031

f,g

87,641

Target

Corporation

342,000

2.950%, 

1/15/2052

196,972

Tenneco,

Inc.

117,000

8.000%, 

11/17/2028

g

93,893

Tripadvisor,

Inc.

35,000

7.000%, 

7/15/2025

g

34,650

Uber

Technologies,

Inc.

100,000

6.250%, 

1/15/2028

g

96,250

VICI

Properties,

LP/VICI

Note

Company,

Inc.

466,000

4.625%, 

6/15/2025

g

447,584

256,000

5.750%, 

2/1/2027

g

244,996

115,000

3.750%, 

2/15/2027

g

103,480

176,000

4.125%, 

8/15/2030

g

145,191

Viking

Cruises,

Ltd.

224,000

5.875%, 

9/15/2027

g

201,802

Volkswagen

Group

of

America

Finance,

LLC

292,000

4.350%, 

6/8/2027

g

275,558

Wabash

National

Corporation

157,000

4.500%, 

10/15/2028

g

129,918

Walmart,

Inc.

342,000

4.500%, 

9/9/2052

277,483

Wyndham

Hotels

&

Resorts,

Inc.

95,000

4.375%, 

8/15/2028

g

83,842

Yum!

Brands,

Inc.

170,000

4.750%, 

1/15/2030

g

151,336

ZF

North

America

Capital,

Inc.

93,000

7.125%, 

4/14/2030

g

90,216

Total

19,225,003

Consumer

Non-Cyclical

(0.7%)

1375209

B.C.,

Ltd.

116,000

9.000%, 

1/30/2028

g

112,449

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Consumer

Non-Cyclical

(0.7%)

-

continued

Abbott

Laboratories

$

375,000

4.750%, 

11/30/2036

$

341,843

AbbVie,

Inc.

125,000

2.950%, 

11/21/2026

115,771

200,000

4.500%, 

5/14/2035

174,720

545,000

4.300%, 

5/14/2036

462,818

325,000

4.850%, 

6/15/2044

271,809

450,000

4.875%, 

11/14/2048

372,596

AdaptHealth,

LLC

212,000

4.625%, 

8/1/2029

g

158,470

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

219,000

4.625%, 

1/15/2027

g

205,249

246,000

3.500%, 

3/15/2029

g

209,740

Altria

Group,

Inc.

237,000

6.875%, 

11/1/2033

234,945

Amgen,

Inc.

375,000

4.200%, 

2/22/2052

263,818

340,000

5.250%, 

3/2/2030

326,399

340,000

5.600%, 

3/2/2043

303,251

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

522,000

4.700%, 

2/1/2036

459,381

Anheuser-Busch

InBev

Worldwide,

Inc.

643,000

4.375%, 

4/15/2038

531,886

341,000

5.550%, 

1/23/2049

309,361

Archer-Daniels-Midland

Company

450,000

2.700%, 

9/15/2051

252,984

AstraZeneca

plc

600,000

3.000%, 

5/28/2051

f

367,705

B&G

Foods,

Inc.

70,000

5.250%, 

9/15/2027

f

57,611

154,000

8.000%, 

9/15/2028

g

150,072

BAT

Capital

Corporation

114,000

7.750%, 

10/19/2032

116,982

244,000

7.079%, 

8/2/2043

222,448

Bausch

&

Lomb

Escrow

Corporation

36,000

8.375%, 

10/1/2028

g

35,757

Bausch

Health

Companies,

Inc.

64,000

5.500%, 

11/1/2025

g

55,200

237,000

4.875%, 

6/1/2028

g

118,213

158,000

11.000%, 

9/30/2028

g

96,380

Baxter

International,

Inc.

355,000

3.132%, 

12/1/2051

f

195,078

Becton,

Dickinson

and

Company

132,000

3.794%, 

5/20/2050

88,876

325,000

3.700%, 

6/6/2027

302,410

BellRing

Brands,

Inc.

97,000

7.000%, 

3/15/2030

g

94,211

Bristol-Myers

Squibb

Company

568,000

3.550%, 

3/15/2042

402,589

Cargill,

Inc.

336,000

3.125%, 

5/25/2051

g

203,242

Catalent

Pharma

Solutions,

Inc.

116,000

3.125%, 

2/15/2029

f,g

91,205

Central

Garden

&

Pet

Company

205,000

4.125%, 

10/15/2030

167,199

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

223

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Consumer

Non-Cyclical

(0.7%)

-

continued

Cheplapharm

Arzneimittel

GmbH

$

20,000

5.500%, 

1/15/2028

g

$

17,740

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

168,000

4.625%, 

11/15/2028

g

145,248

CHS/Community

Health

Systems,

Inc.

128,000

5.625%, 

3/15/2027

g

103,992

40,000

8.000%, 

12/15/2027

g

33,927

167,000

6.000%, 

1/15/2029

g

126,502

71,000

5.250%, 

5/15/2030

g

50,421

75,000

4.750%, 

2/15/2031

g

50,268

Constellation

Brands,

Inc.

339,000

3.600%, 

2/15/2028

310,058

275,000

2.875%, 

5/1/2030

226,452

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

207,000

4.750%, 

1/15/2029

g

183,243

116,000

6.625%, 

7/15/2030

g

110,516

CVS

Health

Corporation

511,000

5.625%, 

2/21/2053

433,035

256,000

5.125%, 

2/21/2030

240,996

435,000

4.875%, 

7/20/2035

375,595

Edgewell

Personal

Care

Company

125,000

5.500%, 

6/1/2028

g

114,083

Eli

Lilly

&

Company

169,000

4.950%, 

2/27/2063

143,937

Embecta

Corporation

54,000

6.750%, 

2/15/2030

g

44,766

Encompass

Health

Corporation

240,000

4.500%, 

2/1/2028

216,367

Energizer

Holdings,

Inc.

160,000

4.750%, 

6/15/2028

g

136,662

Fortrea

Holdings,

Inc.

91,000

7.500%, 

7/1/2030

g

87,815

General

Mills,

Inc.

91,000

4.950%, 

3/29/2033

82,645

Grifols

SA

162,000

4.750%, 

10/15/2028

g

136,080

HCA,

Inc.

396,000

3.500%, 

9/1/2030

327,747

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

262,000

4.875%, 

6/1/2029

g

178,815

Imperial

Brands

Finance

plc

400,000

3.875%, 

7/26/2029

g

348,887

Jazz

Securities

DAC

94,000

4.375%, 

1/15/2029

g

81,749

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

Luxembourg

SARL

232,000

6.750%, 

3/15/2034

g

217,403

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

USA

Finance,

Inc.

114,000

4.375%, 

2/2/2052

69,622

227,000

5.500%, 

1/15/2030

207,449

392,000

3.000%, 

5/15/2032

285,090

Kenvue,

Inc.

454,000

5.350%, 

3/22/2026

452,389

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Consumer

Non-Cyclical

(0.7%)

-

continued

Kimberly-Clark

Corporation

$

390,000

3.900%, 

5/4/2047

$

282,912

Kraft

Heinz

Foods

Company

269,000

3.875%, 

5/15/2027

252,177

70,000

5.200%, 

7/15/2045

57,846

300,000

4.375%, 

6/1/2046

219,497

Lamb

Weston

Holdings,

Inc.

100,000

4.125%, 

1/31/2030

g

84,832

Legacy

LifePoint

Health,

LLC

70,000

4.375%, 

2/15/2027

g

57,884

LifePoint

Health,

Inc.

72,000

11.000%, 

10/15/2030

g

67,758

Mattel,

Inc.

207,000

3.375%, 

4/1/2026

g

191,200

286,000

5.450%, 

11/1/2041

223,097

Medtronic,

Inc.

343,000

4.375%, 

3/15/2035

300,074

ModivCare

Escrow

Issuer,

Inc.

58,000

5.000%, 

10/1/2029

g

42,270

ModivCare,

Inc.

47,000

5.875%, 

11/15/2025

g

44,415

Mozart

Debt

Merger

Sub,

Inc.

129,000

3.875%, 

4/1/2029

g

108,923

113,000

5.250%, 

10/1/2029

f,g

96,188

Newell

Brands,

Inc.

362,000

5.200%, 

4/1/2026

341,783

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

161,000

4.125%, 

4/30/2028

g

139,065

96,000

5.125%, 

4/30/2031

g

74,968

Owens

&

Minor,

Inc.

157,000

6.625%, 

4/1/2030

f,g

137,194

PepsiCo,

Inc.

225,000

4.200%, 

7/18/2052

173,587

Perrigo

Finance

Unlimited

Company

169,000

4.375%, 

3/15/2026

158,651

Pfizer

Investment

Enterprises

Pte,

Ltd.

511,000

5.300%, 

5/19/2053

447,047

171,000

4.750%, 

5/19/2033

157,149

230,000

5.110%, 

5/19/2043

201,875

Philip

Morris

International,

Inc.

341,000

4.875%, 

2/13/2026

334,937

228,000

5.125%, 

11/17/2027

222,246

236,000

5.500%, 

9/7/2030

225,900

341,000

5.375%, 

2/15/2033

315,049

Post

Holdings,

Inc.

135,000

4.500%, 

9/15/2031

g

109,233

Primo

Water

Holdings,

Inc.

140,000

4.375%, 

4/30/2029

g

118,119

RegionalCare

Hospital

Partners

Holdings,

Inc./LifePoint

Health,

Inc.

70,000

9.750%, 

12/1/2026

g

65,449

Reynolds

American,

Inc.

481,000

5.700%, 

8/15/2035

412,110

Roche

Holdings,

Inc.

228,000

4.000%, 

11/28/2044

g

175,069

Scotts

Miracle-Gro

Company

65,000

4.500%, 

10/15/2029

51,350

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

224

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Consumer

Non-Cyclical

(0.7%)

-

continued

SEG

Holding,

LLC

$

185,000

5.625%, 

10/15/2028

g

$

185,320

Simmons

Foods,

Inc.

177,000

4.625%, 

3/1/2029

g

143,781

Spectrum

Brands,

Inc.

125,000

5.000%, 

10/1/2029

g

112,136

100,000

5.500%, 

7/15/2030

g

89,250

105,000

3.875%, 

3/15/2031

g

84,046

Star

Parent,

Inc.

119,000

9.000%, 

10/1/2030

g

118,094

Sysco

Corporation

325,000

6.600%, 

4/1/2040

320,249

Takeda

Pharmaceutical

Company,

Ltd.

340,000

3.175%, 

7/9/2050

201,626

Teleflex,

Inc.

320,000

4.625%, 

11/15/2027

292,800

Tenet

Healthcare

Corporation

465,000

5.125%, 

11/1/2027

429,250

105,000

6.125%, 

10/1/2028

97,387

139,000

6.750%, 

5/15/2031

g

131,999

Teva

Pharmaceutical

Finance

Netherlands

III

BV

127,000

3.150%, 

10/1/2026

111,814

TreeHouse

Foods,

Inc.

184,000

4.000%, 

9/1/2028

f

149,685

Utah

Acquisition

Sub,

Inc.

239,000

3.950%, 

6/15/2026

223,868

Viterra

Finance

BV

295,000

3.200%, 

4/21/2031

g

232,946

Wyeth,

LLC

229,000

6.500%, 

2/1/2034

236,380

Zoetis,

Inc.

509,000

4.700%, 

2/1/2043

417,948

Total

22,880,600

Energy

(0.5%)

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

89,000

5.375%, 

6/15/2029

g

80,816

Antero

Resources

Corporation

62,000

5.375%, 

3/1/2030

g

56,576

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

170,000

6.250%, 

4/1/2028

g

157,887

Baytex

Energy

Corporation

115,000

8.500%, 

4/30/2030

g

113,901

BP

Capital

Markets

America,

Inc.

736,000

2.939%, 

6/4/2051

423,165

Buckeye

Partners,

LP

175,000

3.950%, 

12/1/2026

159,498

Callon

Petroleum

Company

74,000

7.500%, 

6/15/2030

f,g

71,674

Canadian

Natural

Resources,

Ltd.

325,000

2.950%, 

7/15/2030

265,018

Cheniere

Energy

Partners,

LP

911,000

4.500%, 

10/1/2029

815,662

Chesapeake

Energy

Corporation

88,000

6.750%, 

4/15/2029

g

86,104

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Energy

(0.5%)

-

continued

Chord

Energy

Corporation

$

87,000

6.375%, 

6/1/2026

g

$

85,411

Civitas

Resources,

Inc.

52,000

8.375%, 

7/1/2028

g

52,320

42,000

8.625%, 

11/1/2030

g

42,749

81,000

8.750%, 

7/1/2031

g

81,751

CNX

Resources

Corporation

67,000

6.000%, 

1/15/2029

g

61,436

Columbia

Pipelines

Holding

Company,

LLC

240,000

6.042%, 

8/15/2028

g

235,834

Columbia

Pipelines

Operating

Company,

LLC

59,000

5.927%, 

8/15/2030

g

56,969

Comstock

Resources,

Inc.

115,000

5.875%, 

1/15/2030

g

98,326

Continental

Resources,

Inc.

398,000

2.268%, 

11/15/2026

g

352,684

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

129,000

5.500%, 

6/15/2031

g

112,198

Crescent

Energy

Finance,

LLC

128,000

9.250%, 

2/15/2028

g

128,917

CrownRock,

LP/CrownRock

Finance,

Inc.

105,000

5.625%, 

10/15/2025

g

103,275

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

47,000

8.500%, 

10/1/2030

g

45,811

Diamondback

Energy,

Inc.

234,000

3.125%, 

3/24/2031

191,581

DT

Midstream,

Inc.

97,000

4.125%, 

6/15/2029

g

83,401

70,000

4.375%, 

6/15/2031

g

58,132

Enbridge,

Inc.

321,000

2.500%, 

2/14/2025

307,009

Enerflex,

Ltd.

94,000

9.000%, 

10/15/2027

g

85,540

Energy

Transfer,

LP

250,000

4.000%, 

10/1/2027

230,177

215,000

4.900%, 

3/15/2035

182,558

175,000

5.150%, 

2/1/2043

134,298

445,000

6.000%, 

6/15/2048

378,361

EnLink

Midstream

Partners,

LP

206,000

4.850%, 

7/15/2026

193,643

Enterprise

Products

Operating,

LLC

300,000

3.300%, 

2/15/2053

183,694

EQM

Midstream

Partners,

LP

318,000

4.750%, 

1/15/2031

g

267,757

EQT

Corporation

190,000

6.125%, 

2/1/2025

189,416

342,000

3.900%, 

10/1/2027

314,671

Exxon

Mobil

Corporation

450,000

3.452%, 

4/15/2051

295,695

Ferrellgas,

LP/Ferrellgas

Finance

Corporation

132,000

5.375%, 

4/1/2026

g

123,549

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

191,000

8.875%, 

4/15/2030

184,641

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

225

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Energy

(0.5%)

-

continued

Halliburton

Company

$

297,000

4.850%, 

11/15/2035

$

261,319

228,000

5.000%, 

11/15/2045

187,303

Harvest

Midstream,

LP

145,000

7.500%, 

9/1/2028

g

137,395

Hess

Midstream

Operations,

LP

116,000

5.625%, 

2/15/2026

g

112,339

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

255,000

5.750%, 

2/1/2029

g

229,571

70,000

6.250%, 

4/15/2032

g

61,131

Howard

Midstream

Energy

Partners,

LLC

172,000

6.750%, 

1/15/2027

g

162,557

ITT

Holdings,

LLC

135,000

6.500%, 

8/1/2029

g

112,894

Laredo

Petroleum,

Inc.

199,000

7.750%, 

7/31/2029

g

180,186

Magellan

Midstream

Partners,

LP

121,000

5.000%, 

3/1/2026

118,050

MEG

Energy

Corporation

151,000

5.875%, 

2/1/2029

g

141,107

MPLX,

LP

290,000

4.875%, 

6/1/2025

284,293

455,000

4.950%, 

9/1/2032

403,929

84,000

5.000%, 

3/1/2033

74,385

Murphy

Oil

Corporation

110,000

5.875%, 

12/1/2027

f

105,776

Nabors

Industries,

Ltd.

175,000

7.250%, 

1/15/2026

g

164,407

National

Fuel

Gas

Company

415,000

5.500%, 

1/15/2026

407,032

New

Fortress

Energy,

Inc.

70,000

6.750%, 

9/15/2025

g

64,941

Noble

Finance

II,

LLC

115,000

8.000%, 

4/15/2030

g

114,930

Northern

Oil

and

Gas,

Inc.

116,000

8.750%, 

6/15/2031

g

115,414

Northriver

Midstream

Finance,

LP

56,000

5.625%, 

2/15/2026

g

52,920

NuStar

Logistics,

LP

105,000

5.750%, 

10/1/2025

101,618

Occidental

Petroleum

Corporation

601,000

7.875%, 

9/15/2031

643,461

Ovintiv,

Inc.

397,000

5.375%, 

1/1/2026

390,148

235,000

6.250%, 

7/15/2033

223,386

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

95,000

6.000%, 

2/15/2028

87,334

Permian

Resources

Operating,

LLC

106,000

7.000%, 

1/15/2032

g

102,756

Phillips

66

Company

254,000

4.950%, 

12/1/2027

246,765

Precision

Drilling

Corporation

115,000

6.875%, 

1/15/2029

g

106,479

Range

Resources

Corporation

94,000

4.750%, 

2/15/2030

g

83,486

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Energy

(0.5%)

-

continued

Rockcliff

Energy

II,

LLC

$

123,000

5.500%, 

10/15/2029

g

$

111,018

Rockies

Express

Pipeline,

LLC

91,000

4.950%, 

7/15/2029

g

80,201

SM

Energy

Company

34,000

6.625%, 

1/15/2027

33,039

105,000

6.500%, 

7/15/2028

101,085

Southwestern

Energy

Company

128,000

5.375%, 

3/15/2030

117,408

80,000

4.750%, 

2/1/2032

68,799

Suncor

Energy,

Inc.

411,000

7.150%, 

2/1/2032

424,077

Sunoco,

LP/Sunoco

Finance

Corporation

200,000

5.875%, 

3/15/2028

189,198

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

215,000

5.500%, 

1/15/2028

g

188,351

Targa

Resources

Corporation

400,000

4.200%, 

2/1/2033

331,545

Teine

Energy,

Ltd.

140,000

6.875%, 

4/15/2029

g

129,675

Transocean,

Inc.

140,000

11.500%, 

1/30/2027

g

145,688

161,500

8.750%, 

2/15/2030

g

161,024

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

156,000

6.875%, 

4/1/2026

151,492

Valaris,

Ltd.

116,000

8.375%, 

4/30/2030

g

113,825

Venture

Global

Calcasieu

Pass,

LLC

147,000

3.875%, 

8/15/2029

g

122,330

146,000

6.250%, 

1/15/2030

g

137,730

85,000

4.125%, 

8/15/2031

g

68,341

Venture

Global

LNG,

Inc.

236,000

8.375%, 

6/1/2031

g

225,204

116,000

9.875%, 

2/1/2032

g

117,623

Weatherford

International,

Ltd.

107,000

8.625%, 

4/30/2030

g

108,121

Western

Midstream

Operating,

LP

234,000

6.350%, 

1/15/2029

232,742

114,000

6.150%, 

4/1/2033

107,819

Williams

Companies,

Inc.

228,000

5.300%, 

8/15/2052

185,368

420,000

7.500%, 

1/15/2031

435,985

Total

16,657,105

Financials

(1.8%)

Acrisure,

LLC/Acrisure

Finance,

Inc.

40,000

6.000%, 

8/1/2029

g

32,266

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

275,000

3.500%, 

1/15/2025

265,175

259,000

6.100%, 

1/15/2027

254,752

425,000

3.875%, 

1/23/2028

381,688

265,000

3.400%, 

10/29/2033

198,167

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

226

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Financials

(1.8%)

-

continued

Air

Lease

Corporation

$

569,000

3.000%, 

2/1/2030

$

462,162

Aircastle,

Ltd.

375,000

5.250%, 

8/11/2025

g

365,080

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

77,000

6.750%, 

10/15/2027

g

70,321

Ally

Financial,

Inc.

400,000

5.750%, 

11/20/2025

382,107

400,000

8.000%, 

11/1/2031

390,417

30,000

6.700%, 

2/14/2033

25,217

American

Homes

4

Rent,

LP

640,000

2.375%, 

7/15/2031

475,740

American

International

Group,

Inc.

469,000

5.125%, 

3/27/2033

426,489

AmWINS

Group,

Inc.

140,000

4.875%, 

6/30/2029

g

119,846

ANZ

Bank

New

Zealand,

Ltd.

225,000

5.548%, 

8/11/2032

b,g

216,933

Aon

Corporation/Aon

Global

Holdings

plc

114,000

5.350%, 

2/28/2033

106,247

Ares

Capital

Corporation

170,000

3.250%, 

7/15/2025

159,417

375,000

3.875%, 

1/15/2026

350,700

241,000

2.150%, 

7/15/2026

211,669

Arthur

J.

Gallagher

&

Company

59,000

6.750%, 

2/15/2054

57,973

Associated

Banc-Corp

325,000

4.250%, 

1/15/2025

311,546

Australia

&

New

Zealand

Banking

Group,

Ltd.

300,000

2.950%, 

7/22/2030

b,g

278,759

Avolon

Holdings

Funding,

Ltd.

199,000

5.250%, 

5/15/2024

g

197,128

130,000

4.250%, 

4/15/2026

g

121,339

Banco

Santander

Mexico

SA

225,000

5.375%, 

4/17/2025

g

220,904

Banco

Santander

SA

400,000

4.175%, 

3/24/2028

b

366,270

Bank

of

America

Corporation

408,000

5.080%, 

1/20/2027

b

397,174

325,000

1.734%, 

7/22/2027

b

286,816

425,000

3.824%, 

1/20/2028

b

392,219

199,000

5.202%, 

4/25/2029

b

189,202

300,000

2.087%, 

6/14/2029

b

247,694

150,000

3.974%, 

2/7/2030

b

132,656

350,000

2.496%, 

2/13/2031

b

275,870

600,000

1.922%, 

10/24/2031

b

442,460

343,000

2.972%, 

2/4/2033

b

262,887

685,000

4.571%, 

4/27/2033

b

590,750

352,000

5.872%, 

9/15/2034

b

331,469

455,000

3.846%, 

3/8/2037

b

358,944

Bank

of

New

York

Mellon

Corporation

243,000

6.317%, 

10/25/2029

b

244,880

Bank

of

Nova

Scotia

112,000

4.850%, 

2/1/2030

102,990

Barclays

plc

345,000

6.496%, 

9/13/2027

b

341,768

550,000

4.972%, 

5/16/2029

b

506,300

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Financials

(1.8%)

-

continued

$

340,000

5.746%, 

8/9/2033

b

$

305,138

Berkshire

Hathaway

Finance

Corporation

456,000

2.850%, 

10/15/2050

261,959

Blackstone

Private

Credit

Fund

341,000

2.700%, 

1/15/2025

323,608

Blue

Owl

Capital

Corporation

150,000

4.250%, 

1/15/2026

139,811

Blue

Owl

Credit

Income

Corporation

286,000

4.700%, 

2/8/2027

259,455

Blue

Owl

Technology

Finance

Corporation

150,000

4.750%, 

12/15/2025

g

138,968

BNP

Paribas

SA

572,000

3.132%, 

1/20/2033

b,g

436,552

BPCE

SA

588,000

3.500%, 

10/23/2027

g

524,774

Brookfield

Property

REIT,

Inc./BPR

Cumulus,

LLC/BPR

Nimbus,

LLC/GGSI

Sellco,

LLC

41,000

4.500%, 

4/1/2027

g

34,202

Burford

Capital

Global

Finance,

LLC

142,000

9.250%, 

7/1/2031

g

140,154

Camden

Property

Trust

400,000

3.150%, 

7/1/2029

347,976

Canadian

Imperial

Bank

of

Commerce

341,000

5.001%, 

4/28/2028

324,658

Capital

One

Financial

Corporation

425,000

4.200%, 

10/29/2025

403,007

350,000

2.636%, 

3/3/2026

b

328,261

Castlelake

Aviation

Finance

DAC

62,000

5.000%, 

4/15/2027

g

54,702

Centene

Corporation

600,000

2.625%, 

8/1/2031

450,600

Charles

Schwab

Corporation

600,000

2.450%, 

3/3/2027

528,990

234,000

6.136%, 

8/24/2034

b

219,165

Chubb

INA

Holdings,

Inc.

225,000

4.350%, 

11/3/2045

175,603

Citigroup,

Inc.

408,000

0.981%, 

5/1/2025

b

396,030

455,000

4.400%, 

6/10/2025

440,353

304,000

3.200%, 

10/21/2026

280,246

468,000

3.668%, 

7/24/2028

b

423,972

228,000

4.125%, 

7/25/2028

204,661

99,000

3.520%, 

10/27/2028

b

88,990

484,000

4.910%, 

5/24/2033

b

428,936

287,000

6.174%, 

5/25/2034

b

266,776

Cooperatieve

Rabobank

UA

455,000

5.564%, 

2/28/2029

b,g

438,546

Corebridge

Financial,

Inc.

171,000

4.350%, 

4/5/2042

123,985

Credit

Acceptance

Corporation

245,000

5.125%, 

12/31/2024

g

236,867

Credit

Agricole

SA

400,000

6.875%, 

9/23/2024

b,g,k

388,472

Credit

Suisse

Group

AG

350,000

7.250%, 

9/12/2025

b,g,k,l

36,750

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

227

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Financials

(1.8%)

-

continued

Danske

Bank

AS

$

350,000

0.976%, 

9/10/2025

b,g

$

333,357

Deutsche

Bank

AG/New

York,

NY

525,000

3.729%, 

1/14/2032

b

380,119

Discover

Bank

480,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

432,000

Drawbridge

Special

Opportunities

Fund,

LP

235,000

3.875%, 

2/15/2026

g

207,329

Elevance

Health,

Inc.

460,000

3.125%, 

5/15/2050

272,575

306,000

4.625%, 

5/15/2042

245,352

Enact

Holdings,

Inc.

88,000

6.500%, 

8/15/2025

g

86,439

EPR

Properties

210,000

4.950%, 

4/15/2028

182,991

Fifth

Third

Bancorp

179,000

6.339%, 

7/27/2029

b

173,379

First

Horizon

Bank

150,000

5.750%, 

5/1/2030

f

126,953

First

Horizon

National

Corporation

510,000

4.000%, 

5/26/2025

474,402

First-Citizens

Bank

&

Trust

Company

210,000

6.125%, 

3/9/2028

203,619

Five

Corners

Funding

Trust

IV

227,000

5.997%, 

2/15/2053

g

204,391

Fortress

Transportation

and

Infrastructure

Investors,

LLC

102,000

6.500%, 

10/1/2025

g

100,992

58,000

9.750%, 

8/1/2027

g

59,667

49,000

5.500%, 

5/1/2028

g

44,556

Freedom

Mortgage

Corporation

59,000

7.625%, 

5/1/2026

g

54,297

47,000

12.000%, 

10/1/2028

g

47,150

FS

KKR

Capital

Corporation

296,000

4.250%, 

2/14/2025

g

284,071

325,000

3.400%, 

1/15/2026

297,307

GGAM

Finance,

Ltd.

115,000

7.750%, 

5/15/2026

g

114,082

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

222,000

3.750%, 

12/15/2027

g

168,075

Goldman

Sachs

Group,

Inc.

320,000

1.948%, 

10/21/2027

b

280,645

356,000

6.484%, 

10/24/2029

b

355,916

145,000

1.992%, 

1/27/2032

b

106,373

1,029,000

3.102%, 

2/24/2033

b

799,938

Healthpeak

OP,

LLC

87,000

3.400%, 

2/1/2025

84,065

HSBC

Holdings

plc

210,000

1.162%, 

11/22/2024

b

209,370

725,000

3.803%, 

3/11/2025

b

717,404

450,000

2.999%, 

3/10/2026

b

429,103

275,000

3.900%, 

5/25/2026

259,477

350,000

5.402%, 

8/11/2033

b

314,711

HUB

International,

Ltd.

210,000

5.625%, 

12/1/2029

f,g

180,856

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Financials

(1.8%)

-

continued

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

$

119,000

6.375%, 

12/15/2025

$

111,949

132,000

5.250%, 

5/15/2027

113,025

Intercontinental

Exchange,

Inc.

200,000

4.950%, 

6/15/2052

163,508

Invitation

Homes

Operating

Partnership,

LP

286,000

2.000%, 

8/15/2031

205,928

J.P.

Morgan

Chase

&

Company

300,000

0.824%, 

6/1/2025

b

289,877

375,000

1.040%, 

2/4/2027

b

333,459

456,000

1.578%, 

4/22/2027

b

406,813

460,000

2.947%, 

2/24/2028

b

414,051

575,000

4.203%, 

7/23/2029

b

527,335

425,000

2.522%, 

4/22/2031

b

338,018

450,000

1.953%, 

2/4/2032

b

334,304

457,000

4.586%, 

4/26/2033

b

401,666

342,000

4.912%, 

7/25/2033

b

307,195

470,000

3.882%, 

7/24/2038

b

359,611

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

47,000

5.000%, 

8/15/2028

g

37,510

KeyBank

NA/Cleveland,

OH

203,000

5.000%, 

1/26/2033

163,436

KeyCorp

168,000

3.878%, 

5/23/2025

b

160,822

Kimco

Realty

OP,

LLC

362,000

3.300%, 

2/1/2025

348,830

Lloyds

Banking

Group

plc

340,000

5.871%, 

3/6/2029

b

329,251

LPL

Holdings,

Inc.

205,000

4.000%, 

3/15/2029

g

176,273

Macquarie

Group,

Ltd.

344,000

1.201%, 

10/14/2025

b,g

327,244

Manufacturers

&

Traders

Trust

Company

341,000

4.700%, 

1/27/2028

309,006

Marsh

&

McLennan

Companies,

Inc.

84,000

5.450%, 

3/15/2053

74,006

239,000

5.400%, 

9/15/2033

227,167

Massachusetts

Mutual

Life

Insurance

Company

525,000

3.200%, 

12/1/2061

*

276,120

Mitsubishi

UFJ

Financial

Group,

Inc.

300,000

0.962%, 

10/11/2025

b

284,821

339,000

5.422%, 

2/22/2029

b

328,280

350,000

2.048%, 

7/17/2030

266,709

Molina

Healthcare,

Inc.

122,000

4.375%, 

6/15/2028

g

108,582

Morgan

Stanley

350,000

2.630%, 

2/18/2026

b

333,235

275,000

2.188%, 

4/28/2026

b

258,663

450,000

4.350%, 

9/8/2026

425,747

469,000

5.050%, 

1/28/2027

b

458,035

468,000

3.591%, 

7/22/2028

b

424,435

227,000

5.164%, 

4/20/2029

b

215,974

440,000

3.622%, 

4/1/2031

b

372,537

227,000

5.250%, 

4/21/2034

b

204,529

400,000

5.297%, 

4/20/2037

b

346,905

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

228

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Financials

(1.8%)

-

continued

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

$

138,000

4.625%, 

8/1/2029

f

$

95,542

Nasdaq,

Inc.

325,000

3.250%, 

4/28/2050

190,497

Nationstar

Mortgage

Holdings,

Inc.

116,000

6.000%, 

1/15/2027

g

107,824

NatWest

Group

plc

225,000

4.445%, 

5/8/2030

b

199,443

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

137,000

4.500%, 

9/30/2028

g

102,579

New

York

Life

Global

Funding

337,000

4.550%, 

1/28/2033

g

301,092

NFP

Corporation

70,000

6.875%, 

8/15/2028

g

59,774

NNN

REIT,

Inc.

357,000

5.600%, 

10/15/2033

329,056

Office

Properties

Income

Trust

51,000

2.650%, 

6/15/2026

33,531

Omega

Healthcare

Investors,

Inc.

432,000

3.625%, 

10/1/2029

351,939

375,000

3.375%, 

2/1/2031

288,297

OneMain

Finance

Corporation

190,000

6.875%, 

3/15/2025

187,453

253,000

3.875%, 

9/15/2028

200,034

Park

Intermediate

Holdings,

LLC

186,000

4.875%, 

5/15/2029

g

155,235

Pine

Street

Trust

I

342,000

4.572%, 

2/15/2029

g

304,007

PNC

Financial

Services

Group,

Inc.

351,000

5.812%, 

6/12/2026

b

346,346

120,000

6.615%, 

10/20/2027

b

120,298

456,000

4.626%, 

6/6/2033

b

380,445

PRA

Group,

Inc.

114,000

7.375%, 

9/1/2025

g

106,590

94,000

8.375%, 

2/1/2028

g

77,432

Principal

Life

Global

Funding

II

338,000

1.250%, 

8/16/2026

g

296,778

Prologis,

LP

227,000

2.875%, 

11/15/2029

191,176

Prudential

Financial,

Inc.

434,000

5.125%, 

3/1/2052

b

369,005

Radian

Group,

Inc.

140,000

4.875%, 

3/15/2027

129,929

Regency

Centers,

LP

350,000

4.125%, 

3/15/2028

320,401

RLJ

Lodging

Trust,

LP

59,000

3.750%, 

7/1/2026

g

53,097

124,000

4.000%, 

9/15/2029

g

101,060

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

215,000

3.625%, 

3/1/2029

g

174,729

Royal

Bank

of

Canada

352,000

5.200%, 

7/20/2026

346,262

284,000

5.000%, 

5/2/2033

255,725

Santander

Holdings

USA,

Inc.

113,000

6.499%, 

3/9/2029

b

109,291

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Financials

(1.8%)

-

continued

Santander

UK

Group

Holdings

plc

$

600,000

1.673%, 

6/14/2027

b

$

522,948

Service

Properties

Trust

66,000

4.650%, 

3/15/2024

65,211

38,000

4.350%, 

10/1/2024

36,426

121,000

7.500%, 

9/15/2025

117,560

130,000

5.500%, 

12/15/2027

109,753

Simon

Property

Group,

LP

400,000

3.800%, 

7/15/2050

254,244

SLM

Corporation

60,000

4.200%, 

10/29/2025

55,800

Societe

Generale

SA

234,000

4.750%, 

11/24/2025

g

222,439

Spirit

Realty,

LP

450,000

2.100%, 

3/15/2028

375,083

Standard

Chartered

plc

399,000

1.822%, 

11/23/2025

b,g

378,244

Sumitomo

Mitsui

Financial

Group,

Inc.

228,000

3.010%, 

10/19/2026

209,263

338,000

5.710%, 

1/13/2030

325,606

200,000

1.710%, 

1/12/2031

145,279

Synchrony

Financial

29,000

7.250%, 

2/2/2033

24,592

Synovus

Bank

250,000

5.625%, 

2/15/2028

222,034

Toronto-Dominion

Bank

341,000

5.156%, 

1/10/2028

328,752

296,000

5.523%, 

7/17/2028

288,582

Truist

Financial

Corporation

230,000

6.047%, 

6/8/2027

b

225,288

162,000

5.125%, 

12/15/2027

b,k

112,679

270,000

5.122%, 

1/26/2034

b

231,666

U.S.

Bancorp

228,000

5.727%, 

10/21/2026

b

224,729

352,000

5.775%, 

6/12/2029

b

338,470

89,000

5.836%, 

6/12/2034

b

81,975

UBS

Group

AG

600,000

2.193%, 

6/5/2026

b,g

558,537

355,000

6.246%, 

9/22/2029

b,g

347,816

282,000

3.091%, 

5/14/2032

b,g

216,902

UDR,

Inc.

425,000

2.100%, 

8/1/2032

300,004

United

Wholesale

Mortgage,

LLC

37,000

5.500%, 

11/15/2025

g

35,168

92,000

5.500%, 

4/15/2029

g

77,050

UnitedHealth

Group,

Inc.

228,000

5.875%, 

2/15/2053

215,620

342,000

4.750%, 

5/15/2052

273,768

472,000

4.625%, 

7/15/2035

419,613

USI,

Inc./NY

47,000

6.875%, 

5/1/2025

g

46,570

Wells

Fargo

&

Company

203,000

3.000%, 

4/22/2026

188,613

304,000

3.000%, 

10/23/2026

278,482

342,000

3.526%, 

3/24/2028

b

311,827

481,000

2.393%, 

6/2/2028

b

419,272

236,000

5.574%, 

7/25/2029

b

227,571

187,000

5.389%, 

4/24/2034

b

169,283

550,000

4.900%, 

11/17/2045

418,312

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

229

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Financials

(1.8%)

-

continued

Willis

North

America,

Inc.

$

456,000

4.650%, 

6/15/2027

$

434,000

XHR,

LP

59,000

6.375%, 

8/15/2025

g

57,230

64,000

4.875%, 

6/1/2029

g

54,148

Total

55,931,651

Foreign

Government

(<0.1%)

NBN

Company,

Ltd.

375,000

2.625%, 

5/5/2031

g

296,435

Total

296,435

Mortgage-Backed

Securities

(5.9%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,825,262

2.000%, 

5/1/2051

1,352,476

6,967,798

2.500%, 

5/1/2051

5,376,412

2,927,186

3.500%, 

5/1/2052

2,441,188

3,311,385

4.000%, 

5/1/2052

2,887,105

7,718,261

3.500%, 

6/1/2052

6,441,628

2,027,324

5.000%, 

7/1/2053

1,876,049

1,779,593

5.500%, 

7/1/2053

1,692,239

2,337,858

3.500%, 

8/1/2052

1,962,875

2,075,183

5.000%, 

8/1/2053

1,924,196

6,091,418

5.500%, 

9/1/2053

5,789,788

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

2,271,776

2.500%, 

7/1/2030

2,100,078

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

2,447,404

3.000%, 

12/1/2036

2,118,722

2,136,571

3.000%, 

8/1/2038

1,862,843

3,016,426

3.500%, 

5/1/2040

2,604,193

1,896,449

2.500%, 

4/1/2042

1,524,706

770,946

2.000%, 

5/1/2042

611,187

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

7,504,950

3.000%, 

1/1/2052

6,057,749

789,926

2.000%, 

2/1/2051

584,997

1,238,804

2.000%, 

2/1/2051

918,945

2,074,209

2.500%, 

2/1/2051

1,608,042

3,567,826

2.500%, 

2/1/2051

2,758,704

1,809,729

2.000%, 

3/1/2051

1,337,735

13,782,216

2.000%, 

3/1/2051

10,201,645

5,467,854

4.000%, 

3/1/2051

4,821,706

7,772,716

3.000%, 

3/1/2052

6,242,200

9,181,408

2.000%, 

4/1/2051

6,793,555

4,604,378

3.000%, 

4/1/2051

3,700,267

4,772,631

3.000%, 

5/1/2050

3,868,126

1,476,470

2.000%, 

5/1/2051

1,090,157

3,572,324

3.000%, 

5/1/2051

2,916,835

2,548,731

3.000%, 

6/1/2050

2,088,913

1,392,768

5.000%, 

6/1/2053

1,289,706

5,402,987

2.500%, 

7/1/2051

4,169,864

2,042,080

3.500%, 

7/1/2051

1,735,727

3,841,307

3.500%, 

8/1/2050

3,269,558

6,920,784

4.500%, 

8/1/2052

e

6,219,927

2,713,924

5.000%, 

8/1/2053

2,513,100

3,018,913

3.500%, 

9/1/2052

2,530,183

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Mortgage-Backed

Securities

(5.9%)

-

continued

$

2,320,647

5.000%, 

9/1/2052

$

2,141,324

2,076,973

4.500%, 

9/1/2053

1,862,750

3,191,910

4.500%, 

9/1/2053

2,853,680

5,560,667

4.000%, 

10/1/2052

4,821,710

1,478,370

2.000%, 

11/1/2051

1,092,308

3,050,000

2.000%, 

11/1/2053

e

2,239,367

5,996,764

2.000%, 

12/1/2050

4,442,486

9,307,786

2.500%, 

12/1/2051

7,197,119

4,142,296

4.500%, 

12/1/2052

3,724,508

6,350,000

5.500%, 

11/1/2040

e

6,022,578

7,575,000

6.000%, 

11/1/2041

e

7,370,738

5,250,000

4.000%, 

11/1/2048

e

4,534,688

2,275,000

4.500%, 

11/1/2048

e

2,031,290

10,000,000

5.000%, 

11/1/2048

e

9,218,750

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

6,175,803

2.500%, 

3/1/2062

4,576,242

1,952,811

3.500%, 

7/1/2061

1,607,484

2,844,475

4.000%, 

12/1/2061

2,458,115

Total

187,478,463

Technology

(0.3%)

Advanced

Micro

Devices,

Inc.

228,000

4.393%, 

6/1/2052

175,632

Analog

Devices,

Inc.

700,000

2.950%, 

10/1/2051

410,124

Apple,

Inc.

400,000

2.650%, 

2/8/2051

229,691

746,000

3.750%, 

9/12/2047

544,192

AthenaHealth

Group,

Inc.

164,000

6.500%, 

2/15/2030

f,g

134,028

Broadcom,

Inc.

75,000

3.469%, 

4/15/2034

g

57,145

457,000

3.137%, 

11/15/2035

g

322,366

380,000

3.187%, 

11/15/2036

g

263,172

275,000

4.926%, 

5/15/2037

g

229,191

Cloud

Software

Group,

Inc.

131,000

6.500%, 

3/31/2029

g

115,011

46,000

9.000%, 

9/30/2029

g

39,173

CommScope,

Inc.

125,000

7.125%, 

7/1/2028

f,g

46,875

Dell

International,

LLC/EMC

Corporation

342,000

6.020%, 

6/15/2026

342,438

Fiserv,

Inc.

250,000

2.250%, 

6/1/2027

220,911

238,000

2.650%, 

6/1/2030

191,794

198,000

5.600%, 

3/2/2033

186,315

Gartner,

Inc.

200,000

3.625%, 

6/15/2029

g

168,891

230,000

3.750%, 

10/1/2030

g

190,369

Global

Payments,

Inc.

342,000

5.300%, 

8/15/2029

321,235

II-VI,

Inc.

56,000

5.000%, 

12/15/2029

g

47,520

Iron

Mountain,

Inc.

140,000

5.000%, 

7/15/2028

g

125,283

190,000

4.875%, 

9/15/2029

g

165,502

140,000

5.250%, 

7/15/2030

g

121,530

164,000

4.500%, 

2/15/2031

g

134,149

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

230

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Technology

(0.3%)

-

continued

KLA

Corporation

$

343,000

3.300%, 

3/1/2050

$

216,164

Marvell

Technology,

Inc.

57,000

5.950%, 

9/15/2033

54,139

Mastercard,

Inc.

275,000

3.950%, 

2/26/2048

207,641

Microsoft

Corporation

208,000

3.041%, 

3/17/2062

123,510

352,000

3.700%, 

8/8/2046

262,092

NCR

Voyix

Corporation

176,000

5.125%, 

4/15/2029

g

151,345

NXP

BV/NXP

Funding,

LLC

115,000

5.550%, 

12/1/2028

110,980

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

154,000

4.300%, 

6/18/2029

138,959

305,000

3.250%, 

5/11/2041

195,738

Open

Text

Corporation

134,000

3.875%, 

12/1/2029

g

109,583

175,000

4.125%, 

2/15/2030

g

145,005

Oracle

Corporation

228,000

6.900%, 

11/9/2052

224,672

568,000

6.150%, 

11/9/2029

570,053

420,000

3.850%, 

7/15/2036

320,333

663,000

4.000%, 

7/15/2046

445,455

PTC,

Inc.

130,000

3.625%, 

2/15/2025

g

125,316

60,000

4.000%, 

2/15/2028

g

53,201

Rackspace

Technology

Global,

Inc.

140,000

5.375%, 

12/1/2028

g

40,939

RingCentral,

Inc.

118,000

8.500%, 

8/15/2030

g

112,100

Roper

Technologies,

Inc.

298,000

1.750%, 

2/15/2031

220,168

S&P

Global,

Inc.

57,000

5.250%, 

9/15/2033

g

53,779

Seagate

HDD

Cayman

68,000

8.500%, 

7/15/2031

g

69,194

136,475

9.625%, 

12/1/2032

g

145,485

Sensata

Technologies

BV

200,000

4.000%, 

4/15/2029

g

170,021

Sensata

Technologies,

Inc.

134,000

3.750%, 

2/15/2031

g

107,246

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

50,000

4.625%, 

11/1/2026

g

46,188

SS&C

Technologies,

Inc.

408,000

5.500%, 

9/30/2027

g

382,815

Texas

Instruments,

Inc.

227,000

5.050%, 

5/18/2063

189,021

Viavi

Solutions,

Inc.

118,000

3.750%, 

10/1/2029

g

91,849

Visa,

Inc.

470,000

2.700%, 

4/15/2040

314,414

VMware,

Inc.

208,000

4.650%, 

5/15/2027

199,237

335,000

2.200%, 

8/15/2031

247,654

Total

10,626,833

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Transportation

(0.2%)

American

Airlines

Group,

Inc.

$

40,000

3.750%, 

3/1/2025

g

$

37,321

American

Airlines,

Inc.

305,000

11.750%, 

7/15/2025

g

323,147

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

270,833

5.500%, 

4/20/2026

g

263,372

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

75,000

5.375%, 

3/1/2029

g

64,238

Burlington

Northern

Santa

Fe,

LLC

309,000

2.875%, 

6/15/2052

176,340

235,000

5.750%, 

5/1/2040

224,008

230,000

4.450%, 

3/15/2043

182,092

Canadian

Pacific

Railway

Company

228,000

4.700%, 

5/1/2048

177,748

CSX

Corporation

270,000

3.800%, 

4/15/2050

182,612

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

479,000

4.750%, 

10/20/2028

g

450,251

ERAC

USA

Finance,

LLC

227,000

5.400%, 

5/1/2053

g

196,162

Hawaiian

Brand

Intellectual

Property,

Ltd.

237,000

5.750%, 

1/20/2026

g

175,112

Hertz

Corporation

145,000

4.625%, 

12/1/2026

g

121,456

174,000

5.000%, 

12/1/2029

g

124,915

Mileage

Plus

Holdings,

LLC

428,250

6.500%, 

6/20/2027

g

423,059

Norfolk

Southern

Corporation

795,000

4.450%, 

3/1/2033

705,330

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

343,000

5.750%, 

5/24/2026

g

337,400

Rand

Parent,

LLC

121,000

8.500%, 

2/15/2030

f,g

110,497

RXO,

Inc.

141,000

7.500%, 

11/15/2027

g

140,962

Southwest

Airlines

Company

353,000

2.625%, 

2/10/2030

285,110

Spirit

Loyalty

Cayman,

Ltd.

70,000

8.000%, 

9/20/2025

g

51,625

Union

Pacific

Corporation

455,000

2.973%, 

9/16/2062

239,957

United

Airlines,

Inc.

129,000

4.375%, 

4/15/2026

g

119,662

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

35,000

7.875%, 

5/1/2027

f,g

26,918

153,000

6.375%, 

2/1/2030

g

102,035

Total

5,241,329

U.S.

Government

&

Agencies

(6.9%)

U.S.

Treasury

Bonds

1,676,000

3.625%, 

5/15/2053

1,306,495

475,000

3.000%, 

8/15/2052

325,820

6,200,000

1.625%, 

11/15/2050

3,036,789

5,090,000

5.250%, 

11/15/2028

5,174,104

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

231

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

U.S.

Government

&

Agencies

(6.9%)

-

continued

$

1,175,000

4.375%, 

5/15/2040

$

1,067,047

10,800,000

1.375%, 

11/15/2040

6,087,234

560,000

3.000%, 

5/15/2042

410,047

15,871,000

2.500%, 

5/15/2046

10,058,866

13,950,000

2.875%, 

5/15/2049

9,362,303

U.S.

Treasury

Notes

1,050,000

2.500%, 

1/31/2024

1,042,412

18,590,000

3.000%, 

6/30/2024

18,285,008

5,990,000

2.125%, 

7/31/2024

5,842,590

10,000,000

1.250%, 

8/31/2024

9,658,203

5,740,000

2.250%, 

11/15/2024

5,555,917

6,340,000

2.125%, 

11/30/2024

6,121,567

700,000

1.375%, 

1/31/2025

666,832

16,300,000

3.875%, 

3/31/2025

15,995,648

4,625,000

0.250%, 

8/31/2025

4,234,946

1,100,000

5.000%, 

8/31/2025

1,097,680

9,100,000

2.625%, 

1/31/2026

8,641,090

9,100,000

0.500%, 

2/28/2026

8,209,906

23,740,000

2.500%, 

2/28/2026

22,452,847

7,450,000

0.500%, 

4/30/2027

6,409,619

2,055,000

2.250%, 

11/15/2027

1,858,892

9,775,000

3.875%, 

12/31/2027

9,413,783

1,700,000

0.750%, 

1/31/2028

1,433,844

10,200,000

3.500%, 

1/31/2028

9,671,274

5,400,000

3.625%, 

3/31/2028

5,139,492

21,400,000

2.875%, 

5/15/2028

19,682,148

1,100,000

4.375%, 

8/31/2028

1,079,031

9,780,000

1.375%, 

11/15/2031

7,506,150

10,800,000

4.125%, 

11/15/2032

10,174,781

Total

217,002,365

Utilities

(0.3%)

AES

Corporation

456,000

3.950%, 

7/15/2030

g

381,115

Ameren

Illinois

Company

257,000

4.500%, 

3/15/2049

200,955

American

Electric

Power

Company,

Inc.

198,000

5.625%, 

3/1/2033

185,848

Appalachian

Power

Company

155,000

3.300%, 

6/1/2027

141,570

Atmos

Energy

Corporation

178,000

5.900%, 

11/15/2033

175,387

Berkshire

Hathaway

Energy

Company

265,000

4.500%, 

2/1/2045

203,763

Calpine

Corporation

131,000

4.500%, 

2/15/2028

g

118,123

CenterPoint

Energy

Resources

Corporation

400,000

1.750%, 

10/1/2030

301,186

CenterPoint

Energy,

Inc.

107,000

4.250%, 

11/1/2028

97,852

Commonwealth

Edison

Company

290,000

3.700%, 

3/1/2045

199,440

Consolidated

Edison

Company

of

New

York,

Inc.

114,000

4.500%, 

12/1/2045

86,280

425,000

4.125%, 

5/15/2049

300,603

Constellation

Energy

Generation,

LLC

120,000

6.125%, 

1/15/2034

115,994

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Utilities

(0.3%)

-

continued

Consumers

Energy

Company

$

380,000

4.350%, 

4/15/2049

$

288,538

DTE

Electric

Company

215,000

3.700%, 

3/15/2045

148,570

245,000

3.700%, 

6/1/2046

167,227

Duke

Energy

Carolinas,

LLC

435,000

3.700%, 

12/1/2047

292,340

Duke

Energy

Indiana,

LLC

310,000

3.750%, 

5/15/2046

208,262

Edison

International

325,000

5.750%, 

6/15/2027

319,482

Eversource

Energy

284,000

4.750%, 

5/15/2026

276,134

Exelon

Corporation

265,000

4.700%, 

4/15/2050

199,808

459,000

4.450%, 

4/15/2046

336,873

FirstEnergy

Corporation

285,000

5.100%, 

7/15/2047

236,328

Georgia

Power

Company

193,000

4.950%, 

5/17/2033

176,163

ITC

Holdings

Corporation

152,000

5.300%, 

7/1/2043

127,241

Jersey

Central

Power

&

Light

Company

275,000

2.750%, 

3/1/2032

g

210,891

MidAmerican

Energy

Company

117,000

5.850%, 

9/15/2054

109,559

National

Rural

Utilities

Cooperative

Finance

Corporation

153,000

3.700%, 

3/15/2029

137,209

NextEra

Energy

Capital

Holdings,

Inc.

241,000

5.749%, 

9/1/2025

239,867

NextEra

Energy

Operating

Partners,

LP

257,000

3.875%, 

10/15/2026

g

233,669

NiSource

Finance

Corporation

435,000

5.650%, 

2/1/2045

377,211

NRG

Energy,

Inc.

49,000

3.375%, 

2/15/2029

g

39,881

342,000

4.450%, 

6/15/2029

g

295,621

65,000

5.250%, 

6/15/2029

g

57,347

Pacific

Gas

and

Electric

Company

265,000

3.300%, 

12/1/2027

230,783

195,000

4.550%, 

7/1/2030

168,773

PacifiCorp

230,000

5.500%, 

5/15/2054

187,327

PG&E

Corporation

151,000

5.000%, 

7/1/2028

f

136,798

PPL

Electric

Utilities

Corporation

234,000

3.950%, 

6/1/2047

166,463

Public

Service

Company

of

Colorado

342,000

4.500%, 

6/1/2052

252,176

Public

Service

Enterprise

Group,

Inc.

239,000

5.875%, 

10/15/2028

236,520

San

Diego

Gas

&

Electric

Company

540,000

4.150%, 

5/15/2048

389,886

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

232

Principal

Amount

Long-Term

Fixed

Income

(20.7%)

Value

Utilities

(0.3%)

-

continued

Southern

California

Edison

Company

$

320,000

4.000%, 

4/1/2047

$

219,035

Southern

Company

456,000

5.113%, 

8/1/2027

439,825

Southern

Company

Gas

Capital

Corporation

190,000

4.400%, 

5/30/2047

136,858

Southwestern

Electric

Power

Company

190,000

3.900%, 

4/1/2045

125,674

Talen

Energy

Supply,

LLC

112,000

8.625%, 

6/1/2030

g

113,804

TerraForm

Power

Operating,

LLC

235,000

5.000%, 

1/31/2028

g

215,288

Virginia

Electric

and

Power

Company

375,000

4.600%, 

12/1/2048

286,582

Vistra

Operations

Company,

LLC

325,000

5.125%, 

5/13/2025

g

317,572

269,000

5.000%, 

7/31/2027

g

246,078

Xcel

Energy,

Inc.

256,000

4.600%, 

6/1/2032

226,305

Total

11,082,084

Total

Long-Term

Fixed

Income

(cost

$740,916,576)

651,623,911

Shares

Common

Stock

(

20.1%

)

Value

Communications

Services

(1.3%)

29,434

Alphabet,

Inc.,

Class

A

m

3,652,171

88,212

Alphabet,

Inc.,

Class

C

m

11,052,964

32,130

Altice

USA,

Inc.

m

92,856

11,034

AMC

Networks,

Inc.

m

130,201

4,401

Bumble,

Inc.

m

59,149

29

Cable

One,

Inc.

15,946

51,313

Cargurus,

Inc.

m

884,123

111,729

Comcast

Corporation

4,613,290

14,406

DISH

Network

Corporation

m

70,589

295

Electronic

Arts,

Inc.

36,518

10,367

Emerald

Holding,

Inc.

m

51,628

4,256

Entravision

Communications

Corporation

15,236

2,385

Frontier

Communications

Parent,

Inc.

m

42,739

26,804

iHeartMedia,

Inc.

m

62,989

7,103

Imax

Corporation

m

129,346

20,756

Integral

Ad

Science

Holding

Corporation

m

238,279

2,636

Interpublic

Group

of

Companies,

Inc.

74,862

16,873

Liberty

Global

plc,

Class

A

m

262,544

32,815

Liberty

Global

plc,

Class

C

m

556,542

11,868

Liberty

Latin

America,

Ltd.,

Class

A

m

81,058

2,005

Live

Nation

Entertainment,

Inc.

m

160,440

143,974

Lumen

Technologies,

Inc.

m

210,202

1,497

Match

Group,

Inc.

m

51,796

25,763

Meta

Platforms,

Inc.

m

7,761,619

2,268

Netflix,

Inc.

m

933,713

490

Omnicom

Group,

Inc.

36,706

99,534

QuinStreet,

Inc.

m

1,125,730

2,039

Roku,

Inc.

m

121,463

Shares

Common

Stock

(20.1%)

Value

Communications

Services

(1.3%)

-

continued

4,147

Sinclair,

Inc.

$

45,078

3,676

TechTarget,

Inc.

m

92,562

8,482

Telephone

and

Data

Systems,

Inc.

154,288

13,427

Trade

Desk,

Inc.

m

952,780

2,031

Tripadvisor,

Inc.

m

29,978

163,586

Verizon

Communications,

Inc.

5,746,776

93,391

Warner

Brothers

Discovery,

Inc.

m

928,307

618

Windstream

Services,

LLC

m

5,717

295

Yelp,

Inc.

m

12,446

27,852

Ziff

Davis,

Inc.

m

1,683,932

Total

42,176,563

Consumer

Discretionary

(2.0%)

8,585

2U,

Inc.

m

18,200

224

Adient

plc

m

7,547

75,019

Amazon.com,

Inc.

m

9,984,279

1,637

American

Axle

&

Manufacturing

Holdings,

Inc.

m

11,050

22,240

American

Eagle

Outfitters,

Inc.

388,533

38,603

Aptiv

plc

m

3,366,182

9,408

Autoliv,

Inc.

862,243

54

AutoNation,

Inc.

m

7,024

2,486

Beazer

Homes

USA,

Inc.

m

60,136

1,046

Best

Buy

Company,

Inc.

69,894

1,162

Booking

Holdings,

Inc.

m

3,241,469

12,282

Boot

Barn

Holdings,

Inc.

m

853,599

1,432

Brunswick

Corporation

99,481

5,334

Buckle,

Inc.

180,129

6,692

Cedar

Fair,

LP

237,566

1,096

Chegg,

Inc.

m

8,253

923

Chipotle

Mexican

Grill,

Inc.

m

1,792,651

94,454

Clarus

Corporation

546,889

12,464

Columbia

Sportswear

Company

919,843

3,852

Container

Store

Group,

Inc.

m

7,126

16,724

Cooper-Standard

Holdings,

Inc.

m

207,712

2,008

Crocs,

Inc.

m

179,354

2,886

Culp,

Inc.

m

15,786

11,983

D.R.

Horton,

Inc.

1,251,025

21,553

Dana,

Inc.

247,428

1,375

Darden

Restaurants,

Inc.

200,104

2,023

Deckers

Outdoor

Corporation

m

1,207,852

2,481

Domino's

Pizza,

Inc.

841,034

236

DoorDash,

Inc.

m

17,688

715

Dorman

Products,

Inc.

m

44,459

2,890

eBay,

Inc.

113,375

2,944

Etsy,

Inc.

m

183,411

94,282

Everi

Holdings,

Inc.

m

1,017,303

13,030

Five

Below,

Inc.

m

2,266,959

15,625

Fox

Factory

Holding

Corporation

m

1,272,969

34,628

General

Motors

Company

976,510

14,562

Gentex

Corporation

417,638

12,633

Goodyear

Tire

&

Rubber

Company

m

150,333

1,486

Grand

Canyon

Education,

Inc.

m

175,838

3,989

Green

Brick

Partners,

Inc.

m

154,374

11,124

Harley-Davidson,

Inc.

298,679

11,369

Hilton

Worldwide

Holdings,

Inc.

1,722,745

14,424

Home

Depot,

Inc.

4,106,369

1,448

KB

Home

64,002

22,388

Laureate

Education,

Inc.

316,566

3,139

La-Z-Boy,

Inc.

91,784

4,633

Lear

Corporation

601,178

862

Lennar

Corporation

91,958

12,961

Lowe's

Companies,

Inc.

2,469,978

2,645

Lululemon

Athletica,

Inc.

m

1,040,755

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

233

Shares

Common

Stock

(20.1%)

Value

Consumer

Discretionary

(2.0%)

-

continued

2,062

M/I

Homes,

Inc.

m

$

169,228

61

Marriott

Vacations

Worldwide

Corporation

5,481

10,145

McDonald's

Corporation

2,659,715

5,982

Meritage

Homes

Corporation

682,068

3,705

MGM

Resorts

International

129,379

651

Modine

Manufacturing

Company

m

25,714

6,827

Mohawk

Industries,

Inc.

m

548,754

17,061

Nordstrom,

Inc.

f

238,513

234

NVR,

Inc.

m

1,266,553

1,390

ODP

Corporation

m

62,439

12,131

Papa

John's

International,

Inc.

788,758

1,720

PENN

Entertainment,

Inc.

m

33,936

5,562

Playa

Hotels

and

Resorts

NV

m

40,213

4,594

Polaris,

Inc.

397,013

2,910

Pool

Corporation

918,891

1,132

PulteGroup,

Inc.

83,304

60,592

Qurate

Retail,

Inc.

m

26,703

2,210

Ross

Stores,

Inc.

256,294

9,010

SeaWorld

Entertainment,

Inc.

m

388,151

1,862

Six

Flags

Entertainment

Corporation

m

37,054

13,050

Skyline

Champion

Corporation

m

765,121

19,173

Sony

Group

Corporation

ADR

1,592,318

56,004

Stoneridge,

Inc.

m

911,185

760

Taylor

Morrison

Home

Corporation

m

29,123

18,708

Tesla,

Inc.

m

3,757,315

91,535

ThredUp,

Inc.

m

294,743

539

TopBuild

Corporation

m

123,302

13,968

Travel

+

Leisure

Company

475,331

7

Ulta

Beauty,

Inc.

m

2,669

6,999

Upbound

Group,

Inc.

182,394

6,975

Urban

Outfitters,

Inc.

m

241,474

85

Vail

Resorts,

Inc.

18,041

81

Visteon

Corporation

m

9,325

7,446

Wendy's

Company

141,623

4,211

Wingstop,

Inc.

769,644

10,552

Wyndham

Hotels

&

Resorts,

Inc.

763,965

Total

63,242,994

Consumer

Staples

(1.1%)

29,839

Altria

Group,

Inc.

1,198,633

7,136

Archer-Daniels-Midland

Company

510,724

10,639

BJ's

Wholesale

Club

Holdings,

Inc.

m

724,729

601

Boston

Beer

Company,

Inc.

m

200,704

1,551

Cal-Maine

Foods,

Inc.

70,276

4,887

Casey's

General

Stores,

Inc.

1,328,824

12,001

Celsius

Holdings,

Inc.

m

1,825,232

66,049

Coca-Cola

Company

3,731,108

3,445

Constellation

Brands,

Inc.

806,647

123,058

Coty,

Inc.

m

1,153,053

739

Darling

Ingredients,

Inc.

m

32,730

14,038

e.l.f.

Beauty,

Inc.

m

1,300,340

8,981

Flowers

Foods,

Inc.

196,953

1,205

Hain

Celestial

Group,

Inc.

m

13,315

129

Hershey

Company

24,168

5,421

J

&

J

Snack

Foods

Corporation

848,983

3,045

John

B.

Sanfilippo

&

Son,

Inc.

311,382

53,919

Kenvue,

Inc.

1,002,893

19,089

Kimberly-Clark

Corporation

2,283,808

2,255

Kroger

Company

102,309

19,915

Lamb

Weston

Holdings,

Inc.

1,788,367

8,990

Lancaster

Colony

Corporation

1,520,838

Shares

Common

Stock

(20.1%)

Value

Consumer

Staples

(1.1%)

-

continued

132

McCormick

&

Company,

Inc.

$

8,435

22,319

Mondelez

International,

Inc.

1,477,741

580

PepsiCo,

Inc.

94,702

31,036

Philip

Morris

International,

Inc.

2,767,170

9,957

Pilgrim's

Pride

Corporation

m

253,903

648

PriceSmart,

Inc.

40,494

21,388

Primo

Water

Corporation

279,327

10,151

Procter

&

Gamble

Company

1,522,955

3,714

Simply

Good

Foods

Company

m

138,495

1,663

SpartanNash

Company

37,401

24,127

Sysco

Corporation

1,604,204

42,410

Turning

Point

Brands,

Inc.

850,321

2,309

Tyson

Foods,

Inc.

107,022

13,364

US

Foods

Holding

Corporation

m

520,394

24,775

Walmart,

Inc.

4,048,483

Total

34,727,063

Energy

(1.0%)

5,252

APA

Corporation

208,610

1,723

Baker

Hughes

Company

59,306

37,291

BP

plc

ADR

1,364,105

1,971

Cactus,

Inc.

92,519

2,561

California

Resources

Corporation

134,683

3,703

Cheniere

Energy,

Inc.

616,253

2,273

Chesapeake

Energy

Corporation

195,660

13,695

Chevron

Corporation

1,995,772

1,322

Chord

Energy

Corporation

218,553

251

Civitas

Resources,

Inc.

18,933

1,219

Comstock

Resources,

Inc.

f

15,359

24,667

ConocoPhillips

2,930,440

2,250

CVR

Energy,

Inc.

73,688

24,623

Devon

Energy

Corporation

1,146,693

74,097

Enterprise

Products

Partners,

LP

1,929,486

5,147

Expro

Group

Holdings

NV

m

81,065

44,227

Exxon

Mobil

Corporation

4,681,428

903

Gran

Tierra

Energy,

Inc.

m

5,526

43,860

Halliburton

Company

1,725,452

1,078

Helmerich

&

Payne,

Inc.

42,657

2,416

HF

Sinclair

Corporation

133,798

9,193

International

Seaways,

Inc.

442,091

21,323

Liberty

Energy,

Inc.

420,063

3,823

Magnolia

Oil

&

Gas

Corporation

85,826

18,434

Marathon

Oil

Corporation

503,433

20,441

Marathon

Petroleum

Corporation

3,091,701

23,664

Matador

Resources

Company

1,459,832

7,381

Murphy

Oil

Corporation

331,186

39,601

NOV,

Inc.

790,436

534

ONEOK,

Inc.

34,817

3,571

Ovintiv,

Inc.

171,408

12,505

Par

Pacific

Holdings,

Inc.

m

410,414

3,376

Patterson-UTI

Energy,

Inc.

42,875

6,340

PBF

Energy,

Inc.

301,340

4,416

Phillips

66

503,733

9,240

Pioneer

Natural

Resources

Company

2,208,360

39,769

ProPetro

Holding

Corporation

m

416,779

17,735

RPC,

Inc.

147,555

10,600

SM

Energy

Company

427,392

2,200

Solaris

Oilfield

Infrastructure,

Inc.

20,328

11,230

Talos

Energy,

Inc.

m

174,065

120,373

TechnipFMC

plc

2,590,427

12,153

U.S.

Silica

Holdings,

Inc.

m

146,687

14,266

Viper

Energy

Partners,

LP

406,296

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

234

Shares

Common

Stock

(20.1%)

Value

Energy

(1.0%)

-

continued

3,256

Williams

Companies,

Inc.

$

112,006

Total

32,909,036

Financials

(3.2%)

8,845

Allstate

Corporation

1,133,310

20,724

Ally

Financial,

Inc.

501,314

5,192

Amalgamated

Financial

Corporation

94,702

2,616

Amerant

Bancorp,

Inc.

47,690

16,203

American

Express

Company

2,366,124

1,933

American

Financial

Group,

Inc.

211,393

27,306

American

International

Group,

Inc.

1,674,131

2,687

Ameriprise

Financial,

Inc.

845,250

798

Ameris

Bancorp

29,765

4,248

Annaly

Capital

Management,

Inc.

66,311

45

Apollo

Global

Management,

Inc.

3,485

4,159

Arch

Capital

Group,

Ltd.

m

360,502

5,471

Arthur

J.

Gallagher

&

Company

1,288,366

3,782

Artisan

Partners

Asset

Management,

Inc.

124,806

11,091

Associated

Banc-Corp

179,785

1,049

Assurant,

Inc.

156,196

2,624

Assured

Guaranty,

Ltd.

163,738

569

Atlantic

Union

Bankshares

Corporation

16,393

1,004

Axis

Capital

Holdings,

Ltd.

57,328

407

Axos

Financial,

Inc.

m

14,664

8,753

Banc

of

California,

Inc.

f

98,121

108,722

Bank

of

America

Corporation

2,863,737

1,415

Bank

of

Hawaii

Corporation

f

69,887

5,679

Bank

of

Marin

Bancorp

95,407

7,003

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

176,896

47,866

Bank

of

New

York

Mellon

Corporation

2,034,305

2,545

Bank

OZK

91,136

2,804

BankFinancial

Corporation

23,554

6,652

BankUnited,

Inc.

145,080

3,301

Banner

Corporation

139,335

902

BayCom

Corporation

17,860

5,275

BCB

Bancorp,

Inc.

54,227

9,226

Berkshire

Hathaway,

Inc.

m

3,149,111

5,619

Berkshire

Hills

Bancorp,

Inc.

110,189

1,557

BlackRock,

Inc.

953,320

2,903

Block,

Inc.

m

116,846

223

BOK

Financial

Corporation

14,611

16,384

Bridgewater

Bancshares,

Inc.

m

157,778

5,284

Brighthouse

Financial,

Inc.

m

239,365

8,775

Brookline

Bancorp,

Inc.

71,428

223

Brown

&

Brown,

Inc.

15,481

4,065

Business

First

Bancshares,

Inc.

79,430

2,562

Byline

Bancorp,

Inc.

48,601

4,268

Cadence

Bank

90,396

988

Camden

National

Corporation

28,810

11,028

Capital

One

Financial

Corporation

1,117,026

5,694

Capitol

Federal

Financial,

Inc.

29,609

20,796

Carlyle

Group,

Inc.

572,722

748

Cathay

General

Bancorp

25,365

17,157

Central

Pacific

Financial

Corporation

270,737

483

Central

Valley

Community

Bancorp

7,617

53,261

Charles

Schwab

Corporation

2,771,702

16,395

Chubb,

Ltd.

3,518,695

9,872

Cincinnati

Financial

Corporation

983,942

12,559

Citigroup,

Inc.

495,955

13,869

Citizens

Financial

Group,

Inc.

324,951

Shares

Common

Stock

(20.1%)

Value

Financials

(3.2%)

-

continued

4,271

CNB

Financial

Corporation

$

77,647

12,924

Columbia

Banking

System,

Inc.

254,215

34,373

Comerica,

Inc.

1,354,296

3,533

Commerce

Bancshares,

Inc.

154,957

626

Community

Bank

System,

Inc.

25,009

6,645

Community

Trust

Bancorp,

Inc.

249,586

4,772

ConnectOne

Bancorp,

Inc.

77,736

1,743

CrossFirst

Bankshares,

Inc.

m

18,441

1,784

Cullen/Frost

Bankers,

Inc.

162,326

3,467

Customers

Bancorp,

Inc.

m

139,408

1,783

CVB

Financial

Corporation

27,850

9,388

Dime

Community

Bancshares,

Inc.

172,645

10,075

Discover

Financial

Services

826,956

12,064

Eagle

Bancorp,

Inc.

235,007

5,950

East

West

Bancorp,

Inc.

319,039

1,648

Eastern

Bankshares,

Inc.

18,144

7,046

Ellington

Residential

Mortgage

REIT

37,203

2,184

Employers

Holdings,

Inc.

82,992

4,079

Enova

International,

Inc.

m

162,671

3,768

Enterprise

Financial

Services

Corporation

131,013

2,153

Equity

Bancshares,

Inc.

52,103

435

EVERTEC,

Inc.

13,824

30,046

F.N.B.

Corporation

321,192

1,778

FactSet

Research

Systems,

Inc.

767,900

30,591

Federated

Hermes,

Inc.

969,735

2,444

Fidelity

National

Information

Services,

Inc.

120,025

1,819

Fifth

Third

Bancorp

43,128

5,904

Financial

Institutions,

Inc.

93,519

1,811

First

Bancorp/Puerto

Rico

24,177

22

First

Citizens

BancShares,

Inc./NC

30,376

2,639

First

Financial

Bankshares,

Inc.

63,468

2,784

First

Financial

Corporation

95,797

16,193

First

Foundation,

Inc.

73,516

1,210

First

Hawaiian,

Inc.

21,695

23,005

First

Horizon

Corporation

247,304

2,713

First

Internet

Bancorp

44,412

710

First

Interstate

BancSystem,

Inc.

16,380

2,068

First

Merchants

Corporation

56,477

892

First

Mid-Illinois

Bancshares,

Inc.

24,369

6,426

First

of

Long

Island

Corporation

69,015

6,161

Fiserv,

Inc.

m

700,814

400

Five

Star

Bancorp

7,788

717

FleetCor

Technologies,

Inc.

m

161,447

7,358

Flushing

Financial

Corporation

90,798

13,440

Fulton

Financial

Corporation

174,586

14,604

Genworth

Financial,

Inc.

m

87,478

10,073

Glacier

Bancorp,

Inc.

304,104

815

Global

Life,

Inc.

94,833

2,352

Global

Payments,

Inc.

249,829

3,992

Great

Southern

Bancorp,

Inc.

198,482

3,978

Green

Dot

Corporation

m

44,474

11,505

Hamilton

Lane,

Inc.

967,801

3,507

Hancock

Whitney

Corporation

120,746

18,571

Hanmi

Financial

Corporation

272,622

3,080

Hanover

Insurance

Group,

Inc.

361,007

2,625

Hartford

Financial

Services

Group,

Inc.

192,806

19,410

Heartland

Financial

USA,

Inc.

531,834

11,865

Heritage

Commerce

Corporation

97,056

10,594

Heritage

Financial

Corporation

172,364

140

Hingham

Institution

For

Savings

f

20,801

4,589

Home

BancShares,

Inc.

93,845

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

235

Shares

Common

Stock

(20.1%)

Value

Financials

(3.2%)

-

continued

13,449

HomeStreet,

Inc.

$

64,959

7,152

Hometrust

Bancshares,

Inc.

147,403

34,300

Hope

Bancorp,

Inc.

300,468

9,369

Horizon

Bancorp,

Inc.

88,912

20,008

Houlihan

Lokey,

Inc.

2,011,204

8,815

Huntington

Bancshares,

Inc.

85,065

2,837

Independent

Bank

Corporation

138,446

6,681

Independent

Bank

Corporation/MI

133,286

36,018

Intercontinental

Exchange,

Inc.

3,869,774

617

International

Bancshares

Corporation

27,043

13,057

Invesco

Mortgage

Capital,

Inc.

89,179

9,224

Invesco,

Ltd.

119,635

39,375

J.P.

Morgan

Chase

&

Company

5,475,487

588

Jack

Henry

&

Associates,

Inc.

82,902

20,342

Janus

Henderson

Group

plc

469,290

9,519

Kearny

Financial

Corporation/MD

66,062

8,209

KeyCorp

83,896

10,370

Kinsale

Capital

Group,

Inc.

3,462,647

1,517

KKR

&

Company,

Inc.

84,042

7,922

Lazard,

Ltd.

219,994

10,026

M&T

Bank

Corporation

1,130,431

5,565

Marsh

&

McLennan

Companies,

Inc.

1,055,402

10,227

Mastercard,

Inc.

3,848,931

1,283

Mercantile

Bank

Corporation

42,262

22,688

MetLife,

Inc.

1,361,507

5,498

Metropolitan

Bank

Holding

Corporation

f,m

178,190

19,580

MFA

Financial,

Inc.

174,066

85,756

MGIC

Investment

Corporation

1,444,131

1,053

Mid

Penn

Bancorp,

Inc.

20,070

5,859

Midland

States

Bancorp,

Inc.

127,843

10,670

MidWestOne

Financial

Group,

Inc.

212,546

12,754

Morgan

Stanley

903,238

13,333

Mr.

Cooper

Group,

Inc.

m

753,714

4,392

MSCI,

Inc.

2,071,048

850

MVB

Financial

Corporation

16,703

29,743

Nasdaq,

Inc.

1,475,253

11,415

Navient

Corporation

181,613

2,323

NCR

Atleos

Corporation

m

51,245

24,796

New

York

Community

Bancorp,

Inc.

235,066

28,172

NMI

Holdings,

Inc.

m

770,504

3,805

Northfield

Bancorp,

Inc.

32,723

332

Northrim

BanCorp,

Inc.

13,848

28,477

NU

Holdings,

Ltd./Cayman

Islands

m

233,511

10,302

OceanFirst

Financial

Corporation

130,423

2,185

OFG

Bancorp

64,720

6,993

Old

National

Bancorp

95,804

5,870

Old

Republic

International

Corporation

160,721

4,270

Old

Second

Bancorp,

Inc.

57,901

16,124

OneMain

Holdings,

Inc.

579,335

892

Pacific

Premier

Bancorp,

Inc.

16,948

48,341

PayPal

Holdings,

Inc.

m

2,504,064

1,754

PCB

Bancorp

26,977

1,403

PennyMac

Financial

Services,

Inc.

94,282

2,139

Pinnacle

Financial

Partners,

Inc.

133,388

323

PNC

Financial

Services

Group,

Inc.

36,974

3,109

Popular,

Inc.

202,209

5,818

Premier

Financial

Corporation

100,942

532

PROG

Holdings,

Inc.

m

14,571

Shares

Common

Stock

(20.1%)

Value

Financials

(3.2%)

-

continued

2,627

Prosperity

Bancshares,

Inc.

$

143,277

8,653

Provident

Financial

Services,

Inc.

121,575

1,465

Prudential

Financial,

Inc.

133,960

17,393

Radian

Group,

Inc.

440,739

21,122

Raymond

James

Financial,

Inc.

2,015,884

2,322

Regions

Financial

Corporation

33,739

64,410

Rithm

Capital

Corporation

600,945

13,085

RLI

Corporation

1,743,445

1,501

S&T

Bancorp,

Inc.

38,666

5,531

Sandy

Spring

Bancorp,

Inc.

113,109

20,068

SEI

Investments

Company

1,076,849

3,710

Shore

Bancshares,

Inc.

38,065

1,088

Simmons

First

National

Corporation

15,460

814

SmartFinancial,

Inc.

16,972

463

Southern

First

Bancshares,

Inc.

m

12,501

2,095

SouthState

Corporation

138,480

2,521

Synchrony

Financial

70,714

10,876

Synovus

Financial

Corporation

283,537

1,134

T.

Rowe

Price

Group,

Inc.

102,627

2,767

Territorial

Bancorp,

Inc.

21,361

4,166

TPG,

Inc.

115,148

11,661

Tradeweb

Markets,

Inc.

1,049,607

22,423

Triumph

Financial,

Inc.

m

1,395,832

5,056

TrustCo

Bank

Corporation

NY

129,080

6,180

Trustmark

Corporation

124,280

12,660

Two

Harbors

Investment

Corporation

146,983

1,437

U.S.

Bancorp

45,812

705

UMB

Financial

Corporation

44,218

3,103

United

Bankshares,

Inc.

88,249

2,105

United

Community

Banks,

Inc.

46,499

5,836

Univest

Financial

Corporation

97,228

6,755

Unum

Group

330,320

14,434

Valley

National

Bancorp

112,297

6,591

Veritex

Holdings,

Inc.

113,497

21,674

Virtu

Financial,

Inc.

400,752

1,639

Visa,

Inc.

385,329

4,016

Voya

Financial,

Inc.

268,148

1,414

W.R.

Berkley

Corporation

95,332

5,792

WaFd,

Inc.

142,947

1,073

Walker

&

Dunlop,

Inc.

69,530

68

Webster

Financial

Corporation

2,582

91,560

Wells

Fargo

&

Company

3,641,341

2,910

Westamerica

Bancorporation

137,468

39,261

Western

Alliance

Bancorp

1,613,627

60,385

Western

Union

Company

681,747

550

WEX,

Inc.

m

91,564

86

Willis

Towers

Watson

plc

20,287

1,542

Wintrust

Financial

Corporation

115,172

492

WSFS

Financial

Corporation

17,417

1,137

XP,

Inc.

22,740

13,785

Zions

Bancorp

NA

425,267

Total

99,664,556

Health

Care

(2.7%)

28,782

Abbott

Laboratories

2,721,338

5,768

ACADIA

Pharmaceuticals,

Inc.

m

130,184

11,266

Agilent

Technologies,

Inc.

1,164,566

4,257

Agios

Pharmaceuticals,

Inc.

m

89,440

4,694

Aldeyra

Therapeutics,

Inc.

m

8,027

2,909

Align

Technology,

Inc.

m

536,972

18,888

Alkermes

plc

m

456,901

3,677

Amgen,

Inc.

940,209

6,480

Amicus

Therapeutics,

Inc.

m

71,086

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

236

Shares

Common

Stock

(20.1%)

Value

Health

Care

(2.7%)

-

continued

2,763

Amphastar

Pharmaceuticals,

Inc.

m

$

125,081

2,826

Anika

Therapeutics,

Inc.

m

55,107

5,108

Apellis

Pharmaceuticals,

Inc.

m

248,555

4,217

Argenx

SE

ADR

m

1,980,177

7,035

Ascendis

Pharma

AS

ADR

m

628,296

12,472

AstraZeneca

plc

ADR

788,605

3,034

Avanos

Medical,

Inc.

m

55,704

92,335

Avantor,

Inc.

m

1,609,399

10,754

Azenta,

Inc.

m

488,769

18,141

Baxter

International,

Inc.

588,313

5,921

Biogen,

Inc.

m

1,406,474

133

BioMarin

Pharmaceutical,

Inc.

m

10,833

171

Bio-Rad

Laboratories,

Inc.

m

47,073

20,122

Bio-Techne

Corporation

1,099,265

816

Blueprint

Medicines

Corporation

m

48,030

6,553

Bruker

Corporation

373,521

827

Cardinal

Health,

Inc.

75,257

3,723

Centene

Corporation

m

256,813

2,873

Charles

River

Laboratories

International,

Inc.

m

483,698

7,246

Cigna

Group

2,240,463

5,031

Codexis,

Inc.

m

8,351

3,640

Cooper

Companies,

Inc.

1,134,770

22,625

CVS

Health

Corporation

1,561,351

9,219

Danaher

Corporation

1,770,232

8,238

Deciphera

Pharmaceuticals,

Inc.

m

98,774

30,164

Dentsply

Sirona,

Inc.

917,287

10,748

Dexcom,

Inc.

m

954,745

17,213

Dynavax

Technologies

Corporation

m

244,597

14,556

Edwards

Lifesciences

Corporation

m

927,508

95,736

Elanco

Animal

Health,

Inc.

m

843,434

4,918

Elevance

Health,

Inc.

2,213,543

1,361

Eli

Lilly

&

Company

753,899

1,626

Enanta

Pharmaceuticals,

Inc.

m

14,667

30,855

Enovis

Corporation

m

1,416,244

13,131

Exelixis,

Inc.

m

270,367

26,649

Gilead

Sciences,

Inc.

2,093,012

2,093

Globus

Medical,

Inc.

m

95,671

8,725

GoodRx

Holdings,

Inc.

m

43,014

32,182

Halozyme

Therapeutics,

Inc.

m

1,090,004

5,327

HCA

Healthcare,

Inc.

1,204,648

7,863

Hologic,

Inc.

m

520,295

3,053

ICON

plc

m

744,810

79

IDEXX

Laboratories,

Inc.

m

31,558

47

Illumina,

Inc.

m

5,143

13,178

Immunocore

Holdings

plc

ADR

m

585,103

3,343

Inspire

Medical

Systems,

Inc.

m

491,956

3,351

Intuitive

Surgical,

Inc.

m

878,699

582

IQVIA

Holding,

Inc.

m

105,243

1,191

Jazz

Pharmaceuticals,

Inc.

m

151,281

15,229

Johnson

&

Johnson

2,259,070

10,387

Laboratory

Corporation

of

America

Holdings

2,074,596

19,165

Lantheus

Holdings,

Inc.

m

1,238,059

121

Ligand

Pharmaceuticals,

Inc.

m

6,327

1,750

LivaNova

plc

m

85,838

101,662

Maravai

LifeSciences

Holdings,

Inc.

m

697,401

56

Medpace

Holdings,

Inc.

m

13,590

45,565

Medtronic

plc

3,215,066

47,941

Merck

&

Company,

Inc.

4,923,541

2,374

Molina

Healthcare,

Inc.

m

790,423

3,941

Myriad

Genetics,

Inc.

m

61,401

Shares

Common

Stock

(20.1%)

Value

Health

Care

(2.7%)

-

continued

11,595

Natera,

Inc.

m

$

457,655

3,606

National

HealthCare

Corporation

242,900

6,619

Neogen

Corporation

m

98,557

11,641

Novo

Nordisk

AS

ADR

1,124,171

27,414

Option

Care

Health,

Inc.

m

760,190

946

OraSure

Technologies,

Inc.

m

4,881

4,684

Pacira

Pharmaceuticals,

Inc.

m

132,370

5,044

Pediatrix

Medical

Group,

Inc.

m

57,804

58,038

Pfizer,

Inc.

1,773,641

29,935

Phreesia,

Inc.

m

408,912

64,239

Progyny,

Inc.

m

1,982,416

3,377

PTC

Therapeutics,

Inc.

m

63,319

5,345

Qiagen

NV

m

200,063

2,395

QuidelOrtho

Corporation

m

146,287

54,956

R1

RCM,

Inc.

m

647,931

10,899

Repligen

Corporation

m

1,466,569

6,737

Revance

Therapeutics,

Inc.

m

53,155

7,815

Rocket

Pharmaceuticals,

Inc.

m

141,452

1,251

Royalty

Pharma

plc

33,614

4,406

Sarepta

Therapeutics,

Inc.

m

296,568

60,285

scPharmaceuticals,

Inc.

m

322,525

3,552

Sensus

Healthcare,

Inc.

m

7,779

4,651

ShockWave

Medical,

Inc.

m

959,315

3,958

Stryker

Corporation

1,069,531

1,189

Teleflex,

Inc.

219,668

6,386

TG

Therapeutics,

Inc.

m

49,364

5,420

Thermo

Fisher

Scientific,

Inc.

2,410,653

6,713

UnitedHealth

Group,

Inc.

3,595,214

2,995

Vanda

Pharmaceuticals,

Inc.

m

13,118

6,905

Veeva

Systems,

Inc.

m

1,330,663

11,049

Veracyte,

Inc.

m

228,935

29,355

Vericel

Corporation

m

1,032,709

1,725

Vertex

Pharmaceuticals,

Inc.

m

624,640

20,469

Viemed

Healthcare,

Inc.

m

129,159

4,685

Waters

Corporation

m

1,117,513

743

West

Pharmaceutical

Services,

Inc.

236,489

2,870

Zentalis

Pharmaceuticals,

Inc.

m

46,953

14,163

Zimmer

Biomet

Holdings,

Inc.

1,478,759

23,216

Zoetis,

Inc.

3,644,912

Total

83,874,028

Industrials

(2.7%)

4,387

A.O.

Smith

Corporation

306,037

2,076

Acuity

Brands,

Inc.

336,250

11,712

Advanced

Drainage

Systems,

Inc.

1,251,193

4,963

AECOM

379,918

4,772

AGCO

Corporation

547,158

22,635

Air

Lease

Corporation

783,850

9,261

Alight,

Inc.

m

61,493

3,605

Allison

Transmission

Holdings,

Inc.

181,764

13,154

AMETEK,

Inc.

1,851,689

780

Apogee

Enterprises,

Inc.

33,478

9,206

Armstrong

World

Industries,

Inc.

698,643

27,452

ASGN,

Inc.

m

2,291,144

8,706

Automatic

Data

Processing,

Inc.

1,899,823

607

Axon

Enterprise,

Inc.

m

124,125

3,208

AZZ,

Inc.

151,642

51,070

Badger

Infrastructure

Solutions,

Ltd.

1,352,660

8,317

Barnes

Group,

Inc.

172,910

9,196

Beacon

Roofing

Supply,

Inc.

m

654,479

80

Boise

Cascade

Company

7,500

145

Brady

Corporation

7,462

1,952

Builders

FirstSource,

Inc.

m

211,831

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

237

Shares

Common

Stock

(20.1%)

Value

Industrials

(2.7%)

-

continued

7,110

Carlisle

Companies,

Inc.

$

1,806,580

818

Caterpillar,

Inc.

184,909

10,109

Chart

Industries,

Inc.

m

1,174,969

3,323

Cimpress

plc

m

198,283

108,259

CNH

Industrial

NV

1,188,684

277

Columbus

McKinnon

Corporation

8,468

19,071

Conduent

Incorporated

m

60,837

2,107

CSW

Industrials,

Inc.

373,487

95,174

CSX

Corporation

2,840,944

7,260

Cummins,

Inc.

1,570,338

4,677

Curtiss-Wright

Corporation

929,834

2,073

Daseke,

Inc.

m

9,204

3,068

Deere

&

Company

1,120,925

39,274

Delta

Air

Lines,

Inc.

1,227,313

4,045

Donaldson

Company,

Inc.

233,235

21

Dover

Corporation

2,729

4,681

EMCOR

Group,

Inc.

967,329

155

Equifax,

Inc.

26,283

74,978

ExlService

Holdings,

Inc.

m

1,957,676

1,227

Expeditors

International

of

Washington,

Inc.

134,050

22,615

Fastenal

Company

1,319,359

11,221

Ferguson

plc

1,685,394

44,892

First

Advantage

Corporation

584,045

30,359

Flowserve

Corporation

1,114,783

8,442

Fluor

Corporation

m

281,034

1,077

Forrester

Research,

Inc.

m

24,986

6,874

Fortune

Brands

Innovations,

Inc.

383,569

3,662

Gates

Industrial

Corporation

plc

m

39,989

8,607

General

Dynamics

Corporation

2,076,955

2,295

Gibraltar

Industries,

Inc.

m

139,674

119

GMS,

Inc.

m

6,959

520

Gorman-Rupp

Company

15,366

6,344

Greenbrier

Companies,

Inc.

219,439

1,316

Griffon

Corporation

52,561

20,401

Helios

Technologies,

Inc.

1,055,140

2,412

Herc

Holdings,

Inc.

257,577

7,711

Hillman

Solutions

Corporation

m

50,584

9,944

Honeywell

International,

Inc.

1,822,337

91,917

Howmet

Aerospace,

Inc.

4,053,540

392

Hubbell,

Inc.

105,879

1,103

IDEX

Corporation

211,125

476

Ingersoll

Rand,

Inc.

28,884

3,594

Interface,

Inc.

31,951

120,778

Janus

International

Group,

Inc.

m

1,130,482

4,756

JB

Hunt

Transport

Services,

Inc.

817,414

17,723

JetBlue

Airways

Corporation

m

66,638

220

Johnson

Controls

International

plc

10,784

6,203

Kennametal,

Inc.

143,351

8,610

L3Harris

Technologies,

Inc.

1,544,720

3,203

Legalzoom.com,

Inc.

m

31,934

9,008

Lincoln

Electric

Holdings,

Inc.

1,574,598

4,873

ManpowerGroup,

Inc.

340,964

17,864

Masco

Corporation

930,536

26,624

Masterbrand,

Inc.

m

295,793

2,414

Matson,

Inc.

210,139

4,651

Maximus,

Inc.

347,523

14,668

Middleby

Corporation

m

1,655,577

6,476

Miller

Industries,

Inc.

235,532

1,841

Moog,

Inc.

213,648

3,547

MSC

Industrial

Direct

Company,

Inc.

336,078

863

MYR

Group,

Inc.

m

99,961

271

National

Presto

Industries,

Inc.

20,257

1,698

Northrop

Grumman

Corporation

800,488

Shares

Common

Stock

(20.1%)

Value

Industrials

(2.7%)

-

continued

8,287

nVent

Electric

plc

$

398,853

3,511

Old

Dominion

Freight

Line,

Inc.

1,322,453

20,609

Oshkosh

Corporation

1,808,028

1,175

Otis

Worldwide

Corporation

90,722

17,208

Owens

Corning,

Inc.

1,950,871

5,343

PACCAR,

Inc.

440,958

5,444

Parker-Hannifin

Corporation

2,008,346

438

Paycom

Software,

Inc.

107,297

487

Paylocity

Holding

Corporation

m

87,368

31,323

Pentair

plc

1,820,493

974

Quanta

Services,

Inc.

162,775

28,846

RB

Global,

Inc.

1,886,528

9,319

Regal

Rexnord

Corporation

1,103,463

1,589

Republic

Services,

Inc.

235,951

3,687

Resideo

Technologies,

Inc.

m

53,388

4,594

Saia,

Inc.

m

1,646,903

12,601

Schneider

National,

Inc.

319,183

8,299

Simpson

Manufacturing

Company,

Inc.

1,105,261

3,561

SiteOne

Landscape

Supply,

Inc.

m

490,599

8,473

SkyWest,

Inc.

m

357,306

362

Snap-On,

Inc.

93,374

1,665

Southwest

Airlines

Company

37,013

5,385

Standex

International

Corporation

773,124

1,036

Sterling

Construction

Company,

Inc.

m

75,473

3,986

Tennant

Company

295,841

5,491

Terex

Corporation

251,488

2,901

Textron,

Inc.

220,476

15,168

Timken

Company

1,048,412

2,277

Titan

Machinery,

Inc.

m

56,561

9,652

Trane

Technologies

plc

1,836,872

15,589

TransUnion

684,045

4,811

Trex

Company,

Inc.

m

270,426

26,407

Uber

Technologies,

Inc.

m

1,142,895

62

UniFirst

Corporation/MA

10,195

18,708

United

Parcel

Service,

Inc.

2,642,505

2,560

United

Rentals,

Inc.

1,040,051

731

Valmont

Industries,

Inc.

143,941

1,322

Veralto

Corporation

m

91,218

1,594

Vertiv

Holdings

Company

62,596

3,012

Wabash

National

Corporation

62,318

37,451

WillScot

Mobile

Mini

Holdings

Corporation

m

1,475,944

Total

85,400,187

Information

Technology

(4.1%)

15,463

8x8,

Inc.

m

36,802

6,617

Adobe,

Inc.

m

3,520,641

13,197

Advanced

Micro

Devices,

Inc.

m

1,299,905

1,968

Alpha

and

Omega

Semiconductor,

Ltd.

m

46,681

6,097

Amkor

Technology,

Inc.

127,183

28,253

Amphenol

Corporation

2,275,779

518

ANSYS,

Inc.

m

144,139

83,551

Apple,

Inc.

14,268,004

15,018

Applied

Materials,

Inc.

1,987,632

5,787

Arista

Networks,

Inc.

m

1,159,541

5,891

Autodesk,

Inc.

m

1,164,238

369

Broadcom,

Inc.

310,466

53,157

Calix,

Inc.

m

1,760,560

356

CDW

Corporation

71,342

8,114

Ciena

Corporation

m

342,411

156,594

Cisco

Systems,

Inc.

8,163,245

18,678

Cognex

Corporation

672,221

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

238

Shares

Common

Stock

(20.1%)

Value

Information

Technology

(4.1%)

-

continued

107

Cognizant

Technology

Solutions

Corporation

$

6,898

7,636

Cohu,

Inc.

m

230,149

18,864

CommScope

Holding

Company,

Inc.

m

27,919

247

CommVault

Systems,

Inc.

m

16,141

751

Corning,

Inc.

20,097

8,694

Crane

NXT

Company

452,088

1,362

Datadog,

Inc.

m

110,962

15,457

Descartes

Systems

Group,

Inc.

m

1,116,150

2,682

DocuSign,

Inc.

m

104,276

7,950

Dolby

Laboratories,

Inc.

643,473

60,475

Dropbox,

Inc.

m

1,590,493

20,986

Dynatrace

Holdings,

LLC

m

938,284

838

Elastic

NV

m

62,884

3,921

Enphase

Energy,

Inc.

m

312,033

3,404

EPAM

Systems,

Inc.

m

740,608

615

F5,

Inc.

m

93,228

25

Fair

Isaac

Corporation

m

21,147

40,894

Flex,

Ltd.

m

1,051,794

1,722

FormFactor,

Inc.

m

58,341

8,869

Fortinet,

Inc.

m

507,041

12

Gartner,

Inc.

m

3,984

16,926

Gilat

Satellite

Networks,

Ltd.

m

101,725

293

GoDaddy,

Inc.

m

21,456

69,252

Grid

Dynamics

Holdings,

Inc.

m

702,215

29,950

Guidewire

Software,

Inc.

m

2,699,394

40,169

Hackett

Group,

Inc.

895,367

10,696

Hewlett

Packard

Enterprise

Company

164,504

101

HP,

Inc.

2,659

2,293

HubSpot,

Inc.

m

971,705

898

Insight

Enterprises,

Inc.

m

128,683

2,657

IPG

Photonics

Corporation

m

228,236

2,503

JFrog,

Ltd.

m

56,292

24,982

Juniper

Networks,

Inc.

672,515

1,982

Keysight

Technologies,

Inc.

m

241,903

2,321

KLA

Corporation

1,090,174

18,092

Knowles

Corporation

m

235,015

11,575

Kyndryl

Holdings,

Inc.

m

169,342

2,043

Lam

Research

Corporation

1,201,733

26,733

Lattice

Semiconductor

Corporation

m

1,486,622

3,488

Littelfuse,

Inc.

755,745

9,736

LiveRamp

Holding,

Inc.

m

269,298

3,764

Marvell

Technology,

Inc.

177,736

323

Microchip

Technology,

Inc.

23,027

65,571

Microsoft

Corporation

22,170,211

3,671

MKS

Instruments,

Inc.

241,038

3,321

Monolithic

Power

Systems,

Inc.

1,467,019

173

Motorola

Solutions,

Inc.

48,174

4,647

NCR

Voyix

Corporation

m

71,053

4,618

NetApp,

Inc.

336,098

870

NICE,

Ltd.

ADR

m

134,285

7,801

Nova,

Ltd.

m

740,861

21,081

NVIDIA

Corporation

8,596,832

2,220

ON

Semiconductor

Corporation

m

139,061

306

OSI

Systems,

Inc.

m

31,907

31,150

PagerDuty,

Inc.

m

628,296

8,142

Palo

Alto

Networks,

Inc.

m

1,978,669

11,854

PDF

Solutions,

Inc.

m

314,487

3,991

Plexus

Corporation

m

392,395

9,285

PTC,

Inc.

m

1,303,800

6,740

Q2

Holdings,

Inc.

m

202,402

994

Qorvo,

Inc.

m

86,895

Shares

Common

Stock

(20.1%)

Value

Information

Technology

(4.1%)

-

continued

44,200

QUALCOMM,

Inc.

$

4,817,358

10,043

Rackspace

Technology,

Inc.

f,m

12,252

2,998

Rapid7,

Inc.

m

139,377

4,078

RingCentral,

Inc.

m

108,393

1,274

Roper

Industries,

Inc.

622,438

15,928

Salesforce,

Inc.

m

3,198,820

51,555

Samsung

Electronics

Company,

Ltd.

2,566,144

1,031

Sanmina

Corporation

m

52,447

4,467

ServiceNow,

Inc.

m

2,599,124

5,970

Silicon

Laboratories,

Inc.

m

550,315

2,324

Skyworks

Solutions,

Inc.

201,584

10,806

SolarWinds

Corporation

m

99,523

3,099

Sprinklr,

Inc.

m

42,115

47,251

Sprout

Social,

Inc.

m

2,045,023

3,379

SPS

Commerce,

Inc.

m

541,789

3,992

Synopsys,

Inc.

m

1,874,004

14,111

TE

Connectivity,

Ltd.

1,662,981

252

Teledyne

Technologies,

Inc.

m

94,397

286

Tenable

Holdings,

Inc.

m

12,043

6,015

Teradata

Corporation

m

256,961

62

Teradyne,

Inc.

5,163

19,931

Texas

Instruments,

Inc.

2,830,401

2,572

Trimble,

Inc.

m

121,218

110,935

TTM

Technologies,

Inc.

m

1,274,643

5,675

Tyler

Technologies,

Inc.

m

2,116,208

17,327

Unisys

Corporation

m

48,169

3,662

Universal

Display

Corporation

509,677

6,102

Upland

Software,

Inc.

m

20,381

40,481

Varonis

Systems,

Inc.

m

1,361,781

3,818

Verint

Systems,

Inc.

m

71,817

6,927

VeriSign,

Inc.

m

1,383,045

13,243

Viavi

Solutions,

Inc.

m

103,031

14,197

Vishay

Intertechnology,

Inc.

315,741

15,380

Vontier

Corporation

454,633

12,456

Wolfspeed,

Inc.

m

421,511

16,639

Workiva,

Inc.

m

1,449,091

2,705

Xerox

Holdings

Corporation

34,732

11,461

Yext,

Inc.

m

69,110

1,543

Zoom

Video

Communications,

Inc.

m

92,549

Total

130,817,598

Materials

(0.6%)

525

Albemarle

Corporation

66,559

6,216

Alcoa

Corporation

159,378

822

AptarGroup,

Inc.

100,506

50,203

Axalta

Coating

Systems,

Ltd.

m

1,316,825

4,247

Ball

Corporation

204,493

2,259

Berry

Plastics

Group,

Inc.

124,245

3,837

Carpenter

Technology

Corporation

240,657

5,165

Celanese

Corporation

591,444

21,292

CF

Industries

Holdings,

Inc.

1,698,676

21,715

Cleveland-Cliffs,

Inc.

m

364,378

4,896

Commercial

Metals

Company

207,052

3,421

Eagle

Materials,

Inc.

526,526

14,797

Eastman

Chemical

Company

1,105,780

223

Hawkins,

Inc.

12,807

22,078

Huntsman

Corporation

515,080

8,165

Ingevity

Corporation

m

328,886

3,878

Innospec,

Inc.

380,044

22,215

Ivanhoe

Mines,

Ltd.

m

163,719

1,313

Kaiser

Aluminum

Corporation

74,578

3,462

Linde

plc

1,323,038

2,968

LSB

Industries,

Inc.

m

27,038

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

239

Shares

Common

Stock

(20.1%)

Value

Materials

(0.6%)

-

continued

255

LyondellBasell

Industries

NV

$

23,011

2,676

Martin

Marietta

Materials,

Inc.

1,094,323

8,308

Mosaic

Company

269,844

1,282

Myers

Industries,

Inc.

21,499

1,926

Newmont

Corporation

72,167

15,630

Nucor

Corporation

2,309,958

7,570

O-I

Glass,

Inc.

m

116,956

4,236

Orion

SA

85,991

2,846

PPG

Industries,

Inc.

349,403

150,947

Ranpak

Holdings

Corporation

m

476,993

312

Reliance

Steel

&

Aluminum

Company

79,367

10,462

RPM

International,

Inc.

954,867

2,918

Ryerson

Holding

Corporation

84,768

4,334

Schnitzer

Steel

Industries,

Inc.

98,425

2,721

Steel

Dynamics,

Inc.

289,814

22,910

Summit

Materials,

Inc.

m

753,739

9,930

SunCoke

Energy,

Inc.

94,434

3,698

TimkenSteel

Corporation

m

75,180

1,364

TriMas

Corporation

33,022

9,111

Trinseo

plc

56,397

77,209

Tronox

Holdings

plc

825,364

2,046

United

States

Lime

&

Minerals,

Inc.

405,088

16,540

United

States

Steel

Corporation

560,541

1,373

Vulcan

Materials

Company

269,781

Total

18,932,641

Real

Estate

(0.9%)

41,836

Agree

Realty

Corporation

2,340,306

1,540

Alexandria

Real

Estate

Equities,

Inc.

143,420

16,004

Apartment

Income

REIT

Corporation

467,477

10,537

AvalonBay

Communities,

Inc.

1,746,402

919

Camden

Property

Trust

78,005

3,482

CareTrust

REIT,

Inc.

74,933

17,785

CBRE

Group,

Inc.

m

1,233,212

3,051

Centerspace

148,218

6,511

Chatham

Lodging

Trust

60,227

22,237

Compass,

Inc.

m

44,029

9,153

CoStar

Group,

Inc.

m

671,922

25,468

CubeSmart

868,204

38,010

Cushman

and

Wakefield

plc

m

280,134

8,040

DigitalBridge

Group,

Inc.

127,434

1,205

EastGroup

Properties,

Inc.

196,716

20,016

Elme

Communities

255,404

15,709

EPR

Properties

670,774

43,871

Equity

Commonwealth

830,917

10,322

Equity

Residential

571,116

49,920

Essential

Properties

Realty

Trust,

Inc.

1,095,744

610

Essex

Property

Trust,

Inc.

130,491

12,625

First

Industrial

Realty

Trust,

Inc.

534,037

6,110

FirstService

Corporation

864,382

23,659

Four

Corners

Property

Trust,

Inc.

503,937

4,621

Getty

Realty

Corporation

123,011

77,802

Healthcare

Realty

Trust,

Inc.

1,116,459

82,416

Host

Hotels

&

Resorts,

Inc.

1,275,800

2,744

Howard

Hughes

Holdings,

Inc.

m

182,009

34,362

Independence

Realty

Trust,

Inc.

425,745

21,092

Invitation

Homes,

Inc.

626,221

4,394

Kennedy-Wilson

Holdings,

Inc.

56,551

1,653

LTC

Properties,

Inc.

52,251

69,942

LXP

Industrial

Trust

553,241

Shares

Common

Stock

(20.1%)

Value

Real

Estate

(0.9%)

-

continued

2,146

Mid-America

Apartment

Communities,

Inc.

$

253,550

12,515

National

Storage

Affiliates

Trust

356,928

24,947

NetSTREIT

Corporation

355,495

4,532

NNN

REIT,

Inc.

164,648

16,630

Pebblebrook

Hotel

Trust

198,396

12,266

Phillips

Edison

and

Company,

Inc.

433,112

6,452

Public

Storage

1,540,157

2,520

Realty

Income

Corporation

119,398

8,955

Regency

Centers

Corporation

539,628

16,420

Rexford

Industrial

Realty,

Inc.

710,001

1,543

RMR

Group,

Inc.

34,748

21,888

Sabra

Health

Care

REIT,

Inc.

298,552

8,570

SBA

Communications

Corporation

1,787,959

39,939

Service

Properties

Trust

289,558

10,964

Terreno

Realty

Corporation

584,162

24,144

UDR,

Inc.

768,021

1,543

Welltower,

Inc.

129,010

Total

26,912,052

Utilities

(0.5%)

24,293

AES

Corporation

361,966

3,572

Alliant

Energy

Corporation

174,278

25,361

American

Electric

Power

Company,

Inc.

1,915,770

354

American

Water

Works

Company,

Inc.

41,648

2,549

Artesian

Resources

Corporation

100,176

1,744

Avista

Corporation

55,267

1,800

Black

Hills

Corporation

87,030

4,601

CenterPoint

Energy,

Inc.

123,675

20,838

Constellation

Energy

Corporation

2,353,027

18,075

Duke

Energy

Corporation

1,606,687

14,344

Entergy

Corporation

1,371,143

20,244

Evergy,

Inc.

994,790

904

NextEra

Energy

Partners,

LP

f

24,471

116,303

NiSource,

Inc.

2,926,183

18,538

Northwestern

Energy

Group,

Inc.

890,009

36,084

OGE

Energy

Corporation

1,234,073

19,234

Portland

General

Electric

Company

769,745

19,907

Public

Service

Enterprise

Group,

Inc.

1,227,266

2,920

Spire,

Inc.

162,440

36,479

UGI

Corporation

758,763

Total

17,178,407

Total

Common

Stock

(cost

$572,189,505)

635,835,125

Shares

Private

Equity

Funds

(

0.3%

)

Value

Secondary

(0.3%)

1

LCP

X

(Offshore),

LP

c*

8,405,282

Total

8,405,282

Total

Private

Equity

Funds

(cost

$5,700,000)

8,405,282

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

240

Shares

Collateral

Held

for

Securities

Loaned

(

0.2%

)

Value

6,898,334

Thrivent

Cash

Management

Trust

$

6,898,334

Total

Collateral

Held

for

Securities

Loaned

(cost

$6,898,334)

6,898,334

Shares

or

Principal

Amount

Short-Term

Investments

(

14.7%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

500,000

5.275%,

11/10/2023

n,o

499,358

3,700,000

5.283%,

11/15/2023

n,o

3,692,618

300,000

5.298%,

11/17/2023

n,o

299,316

5,900,000

5.300%,

12/6/2023

n,o

5,870,451

3,400,000

5.313%,

12/13/2023

n,o

3,379,576

8,600,000

5.315%,

12/15/2023

n,o

8,545,888

6,100,000

5.322%,

1/16/2024

n,o

6,033,675

1,500,000

5.334%,

1/17/2024

n,o

1,483,477

200,000

5.335%,

1/31/2024

n,o

197,399

Thrivent

Core

Short-Term

Reserve

Fund

43,120,126

5.690%

431,201,258

U.S.

Treasury

Bills

1,500,000

5.312%,

1/9/2024

n,p

1,484,813

Total

Short-Term

Investments

(cost

$462,550,102)

462,687,829

Total

Investments

(cost

$2,973,864,030)

101.3%

$3,193,676,776

Other

Assets

and

Liabilities,

Net

(1.3%)

(40,240,198)

Total

Net

Assets

100.0%

$3,153,436,578

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2023,

the

value

of

these

investments

was

$93,625,467

or

3.0%

of

total

net

assets.

h

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

October

31,

2023.

i

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

j

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

l

Defaulted

security.  Interest

is

not

being

accrued.

m

Non-income

producing

security.

n

The

interest

rate

shown

reflects

the

yield.

o

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

p

At

October

31,

2023,

$549,381

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderate

Allocation

Fund

as

of

October

31,

2023

was

$8,681,402

or

0.28%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

October

31,

2023.

Security

Acquisition

Date

Cost

LCP

X

(Offshore),

LP 

10/25/2023

$

5,700,000

Massachusetts

Mutual

Life

Insurance

Company,

12/1/2061

11/18/2021

520,889

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderate

Allocation

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

3,478,250

Common

Stock

3,231,415

Total

lending

$6,709,665

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$6,898,334

Net

amounts

due

to

counterparty

$188,669

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

241

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

TSFR6M

-

CME

Term

SOFR

6

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$428,324,080

Gross

unrealized

depreciation

(231,035,899)

Net

unrealized

appreciation

(depreciation)

$197,288,181

Cost

for

federal

income

tax

purposes

$2,981,260,656

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

242

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Moderate

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

944,251

–

793,019

151,232

Capital

Goods

4,434,121

–

4,158,493

275,628

Communications

Services

5,655,621

–

5,655,621

–

Consumer

Cyclical

7,285,686

–

7,285,686

–

Consumer

Non-Cyclical

6,450,434

–

6,315,792

134,642

Energy

1,230,013

–

1,230,013

–

Financials

3,368,811

–

3,368,811

–

Technology

8,956,375

–

8,956,375

–

Transportation

2,262,191

–

2,262,191

–

Utilities

475,749

–

475,749

–

Registered

Investment

Companies

U.S.

Affiliated

1,154,337,129

1,154,337,129

–

–

U.S.

Unaffiliated

19,807,975

19,807,975

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

17,588,581

–

17,588,581

–

Basic

Materials

5,271,921

–

5,271,921

–

Capital

Goods

12,425,978

–

12,425,978

–

Collateralized

Mortgage

Obligations

27,853,428

–

27,853,428

–

Commercial

Mortgage-Backed

Securities

23,805,102

–

23,805,102

–

Communications

Services

18,257,033

–

18,257,033

–

Consumer

Cyclical

19,225,003

–

19,225,003

–

Consumer

Non-Cyclical

22,880,600

–

22,880,600

–

Energy

16,657,105

–

16,657,105

–

Financials

55,931,651

–

55,931,651

–

Foreign

Government

296,435

–

296,435

–

Mortgage-Backed

Securities

187,478,463

–

187,478,463

–

Technology

10,626,833

–

10,626,833

–

Transportation

5,241,329

–

5,241,329

–

U.S.

Government

&

Agencies

217,002,365

–

217,002,365

–

Utilities

11,082,084

–

11,082,084

–

Common

Stock

Communications

Services

42,176,563

42,170,846

5,717

–

Consumer

Discretionary

63,242,994

63,242,994

–

–

Consumer

Staples

34,727,063

34,727,063

–

–

Energy

32,909,036

32,909,036

–

–

Financials

99,664,556

99,664,556

–

–

Health

Care

83,874,028

83,874,028

–

–

Industrials

85,400,187

84,047,527

1,352,660

–

Information

Technology

130,817,598

128,251,454

2,566,144

–

Materials

18,932,641

18,768,922

163,719

–

Real

Estate

26,912,052

26,912,052

–

–

Utilities

17,178,407

17,178,407

–

–

Private

Equity

Funds

Secondary

8,405,282

–

–

8,405,282

Short-Term

Investments

31,486,571

–

31,486,571

–

Subtotal

Investments

in

Securities

$2,542,559,245

$1,805,891,989

$727,700,472

$8,966,784

Other

Investments  *

Total

Affiliated

Short-Term

Investments

431,201,258

U.S.

Affiliated

Registered

Investment

Cos.

213,017,939

Collateral

Held

for

Securities

Loaned

6,898,334

Subtotal

Other

Investments

$651,117,531

Total

Investments

at

Value

$3,193,676,776

*

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.  

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

243

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

October

31,

2023,

in

valuing

Moderate

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

27,599,215

27,599,215

–

–

Total

Asset

Derivatives

$27,599,215

$27,599,215

$–

$–

Liability

Derivatives

Futures

Contracts

42,727,154

42,727,154

–

–

Total

Liability

Derivatives

$42,727,154

$42,727,154

$–

$–

The

following

table

presents

Moderate

Allocation

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$30,001,758

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

167

December

2023

$

18,430,479

(

$

699,775)

CBOT

2-Yr.

U.S.

Treasury

Note

433

December

2023

88,141,002

(

492,328)

CBOT

5-Yr.

U.S.

Treasury

Note

410

December

2023

43,611,677

(

776,287)

CBOT

U.S.

Long

Bond

258

December

2023

31,060,207

(

2,825,332)

CME

E-mini

S&P

500

Index

2,391

December

2023

537,704,073

(

34,129,586)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

206

December

2023

26,338,023

(

3,150,148)

ICE

mini

MSCI

EAFE

Index

20

December

2023

2,099,941

(

125,841)

Ultra

10-Yr.

U.S.

Treasury

Note

84

December

2023

9,669,420

(

527,857)

Total

Futures

Long

Contracts

$

757,054,822

(

$

42,727,154)

CME

E-mini

Russell

2000

Index

(1,086)

December

2023

(

$

101,411,461)

$

10,817,341

CME

E-mini

S&P

Mid-Cap

400

Index

(597)

December

2023

(

155,392,637)

13,599,167

CME

Euro

Foreign

Exchange

Currency

(224)

December

2023

(

30,121,746)

434,746

Eurex

Euro

STOXX

50

Index

(693)

December

2023

(

31,195,133)

1,248,652

ICE

US

mini

MSCI

Emerging

Markets

Index

(447)

December

2023

(

21,892,934)

1,348,813

Ultra

10-Yr.

U.S.

Treasury

Note

(24)

December

2023

(

2,762,371)

150,496

Total

Futures

Short

Contracts

(

$

342,776,282)

$27,599,215

Total

Futures

Contracts

$

414,278,540

($15,127,939)

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

244

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

Moderate

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Foreign

Exchange

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

434,746

Total

Foreign

Exchange

Contracts

434,746

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

27,013,973

Total

Equity

Contracts

27,013,973

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

150,496

Total

Interest

Rate

Contracts

150,496

Total

Asset

Derivatives

$27,599,215

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

34,255,427

Total

Equity

Contracts

34,255,427

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

8,471,727

Total

Interest

Rate

Contracts

8,471,727

Total

Liability

Derivatives

$42,727,154

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Moderate

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Options

Written

Net

realized

gains/(losses)

on

Written

option

contracts

39,648

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(13,950,324)

Total

Interest

Rate

Contracts

(13,910,676)

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

42,174,460

Total

Equity

Contracts

42,174,460

Foreign

Exchange

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

1,042,744

Total

Foreign

Exchange

Contracts

1,042,744

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

580,151

Total

Credit

Contracts

580,151

Total

$29,886,679

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

245

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Moderate

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Foreign

Exchange

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

434,746

Total

Foreign

Exchange

Contracts

434,746

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

410,160

Total

Equity

Contracts

410,160

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(538,178)

Total

Interest

Rate

Contracts

(538,178)

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

(364,628)

Total

Credit

Contracts

(364,628)

Total

($57,900)

The

following

table

presents

Moderate

Allocation

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$447,795,303

Futures

-

Short

(292,617,532)

Interest

Rate

Contracts

Futures

-

Long

166,073,725

Futures

-

Short

(11,053,353)

Options

Written

(1,322,048)

Foreign

Exchange

Contracts

Futures

-

Short

(17,271,479)

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

(13,840)

Credit

Default

Swaps

-

Sell

Protection

63,055

Moderate

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

246

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderate

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$52,770

$3,506

$1,392

$56,191

7,729

1.8%

Core

Emerging

Markets

Equity

15,143

624

–

17,083

2,114

0.5

Core

International

Equity

9,129

249

–

10,325

1,132

0.3

Core

Low

Volatility

Equity

88,716

8,876

45,000

45,873

4,148

1.5

Core

Mid

Cap

Value

–

43,020

5,000

37,379

4,050

1.2

Core

Small

Cap

Value

55,375

665

5,000

46,167

5,425

1.5

Global

Stock,

Class

S

61,951

2,176

–

67,356

2,788

2.1

High

Yield,

Class

S

38,588

2,368

600

39,920

10,132

1.3

Income,

Class

S

111,668

4,774

72

115,087

15,427

3.6

International

Allocation,

Class

S

122,829

2,812

19,000

119,460

13,013

3.8

Large

Cap

Growth,

Class

S

228,266

16,301

–

278,420

17,689

8.8

Large

Cap

Value,

Class

S

275,378

16,909

–

277,454

10,941

8.8

Limited

Maturity

Bond,

Class

S

65,534

2,053

–

68,819

5,798

2.2

Mid

Cap

Stock,

Class

S

154,663

4,259

–

148,393

5,015

4.7

Small

Cap

Stock,

Class

S

42,529

3,693

–

39,427

1,596

1.3

Total

U.S.

Affiliated

Registered

Investment

Companies

1,322,539

1,367,354

43.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

313,197

759,095

641,091

431,201

43,120

13.7

Total

Affiliated

Short-Term

Investments

313,197

431,201

13.7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

23,624

327,408

344,134

6,898

6,898

0.2

Total

Collateral

Held

for

Securities

Loaned

23,624

6,898

0.2

Total

Value

$1,659,360

$1,805,453

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($476)

$1,783

$–

$3,506

Core

Emerging

Markets

Equity

–

1,316

–

624

Core

International

Equity

–

947

–

248

Core

Low

Volatility

Equity

Fund

866

(7,585)

7,086

1,791

Core

Mid

Cap

Value

(106)

(535)

–

–

Core

Small

Cap

Value

(632)

(4,241)

–

665

Global

Stock,

Class

S

–

3,229

1,353

823

High

Yield,

Class

S

(132)

(304)

–

2,366

Income,

Class

S

(25)

(1,258)

–

4,771

International

Allocation,

Class

S

(3,279)

16,098

–

2,812

Large

Cap

Growth,

Class

S

–

33,853

16,301

–

Large

Cap

Value,

Class

S

–

(14,833)

11,880

5,029

Limited

Maturity

Bond,

Class

S

–

1,232

–

2,053

Mid

Cap

Stock,

Class

S

–

(10,529)

3,691

569

Small

Cap

Stock,

Class

S

–

(6,795)

3,515

178

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

–

–

–

19,141

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$44,576

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

74

Total

Affiliated

Income

from

Securities

Loaned,

Net

$74

Total

($3,784)

$12,378

$43,826

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

247

Principal

Amount

Bank

Loans

(

0.7%

)

a

Value

Basic

Materials

(<0.1%)

Arsenal

AIC

Parent,

LLC,

Term

Loan

$

76,687

9.883%, 

(TSFR3M

+

4.500%),

8/18/2030

b

$

76,441

Grinding

Media,

Inc.,

Term

Loan

90,081

9.684%, 

(TSFR3M

+

4.000%),

10/12/2028

b,c

87,378

INEOS

US

Petrochem,

LLC,

Term

Loan

234,600

8.189%, 

(TSFR1M

+

2.750%),

1/29/2026

b

230,145

Spectrum

Group

Buyer,

Inc.,

Term

Loan

81,120

11.953%, 

(TSFR6M

+

6.500%),

5/19/2028

b

76,126

Total

470,090

Capital

Goods

(0.1%)

Ali

Group

North

America

Corporation,

Term

Loan

118,295

7.439%, 

(TSFR1M

+

2.000%),

7/22/2029

b

118,091

Brookfield

WEC

Holdings,

Inc.,

Term

Loan

195,985

8.189%, 

(TSFR1M

+

2.750%),

8/1/2025

b

195,648

BW

Holding,

Inc.,

Term

Loan

84,937

9.573%, 

(TSFR3M

+

4.000%),

12/14/2028

b

74,921

Chart

Industries,

Inc.,

Term

Loan

77,306

8.665%, 

(TSFR1M

+

3.250%),

3/17/2030

b

77,048

Charter

Next

Generation,

Inc.,

Term

Loan

221,584

9.189%, 

(TSFR1M

+

3.750%),

12/1/2027

b

215,490

Clydesdale

Acquisition

Holdings,

Inc.,

Term

Loan

226,704

9.599%, 

(TSFR1M

+

4.175%),

4/13/2029

b

218,978

Cornerstone

Building

Brands,

Inc.,

Term

Loan

213,359

8.685%, 

(TSFR1M

+

3.250%),

4/12/2028

b

202,247

Emerald

Debt

Merger

Sub,

LLC,

Term

Loan

168,591

8.324%, 

(TSFR1M

+

3.000%),

5/31/2030

b

168,143

EnergySolutions,

LLC,

Term

Loan

61,576

9.382%, 

(TSFR3M

+

4.000%),

9/18/2030

b

61,099

Foley

Products

Company,

LLC,

Term

Loan

72,878

10.290%, 

(TSFR3M

+

4.750%),

2/16/2029

b

72,604

Proampac

PG

Borrower,

LLC,

Term

Loan

124,172

10.585%, 

(PRIME

+

3.500%),

9/26/2028

b

122,388

Quikrete

Holdings,

Inc.,

Term

Loan

58,393

8.064%, 

(TSFR1M

+

2.625%),

1/31/2027

b

58,230

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Capital

Goods

(0.1%)

-

continued

$

201,925

8.189%, 

(TSFR1M

+

2.750%),

3/18/2029

b

$

201,695

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

160,248

9.674%, 

(TSFR1M

+

4.250%),

4/1/2029

b,c

160,248

TK

Elevator

U.S.

Newco,

Inc.,

Term

Loan

133,655

9.381%, 

(TSFR6M

+

3.500%),

7/31/2027

b

132,637

TransDigm,

Inc.,

Term

Loan

353,225

8.640%, 

(TSFR3M

+

3.250%),

8/24/2028

b

352,667

Vertiv

Group

Corporation,

Term

Loan

133,626

8.179%, 

(TSFR1M

+

2.750%),

3/2/2027

b

133,259

Total

2,565,393

Communications

Services

(0.1%)

Altice

France

SA/France,

Term

Loan

273,905

10.894%, 

(TSFR3M

+

5.500%),

8/31/2028

b

242,748

CCI

Buyer,

Inc.,

Term

Loan

105,914

9.390%, 

(TSFR3M

+

4.000%),

12/17/2027

b

103,531

Cengage

Learning,

Inc.,

Term

Loan

87,507

10.406%, 

(TSFR3M

+

4.750%),

7/14/2026

b

86,463

Charter

Communications

Operating,

LLC,

Term

Loan

329,567

7.133%, 

(TSFR1M

+

1.750%),

2/1/2027

b

328,667

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

244,680

9.145%, 

(TSFR3M

+

3.500%),

8/21/2026

b

234,484

CMG

Media

Corporation,

Term

Loan

162,083

8.990%, 

(TSFR3M

+

3.500%),

12/17/2026

b

145,470

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

80,600

10.429%, 

(TSFR1M

+

5.000%),

4/27/2027

b

80,465

110,655

10.679%, 

(TSFR1M

+

5.250%),

4/27/2027

b

110,517

DIRECTV

Financing,

LLC,

Term

Loan

297,543

10.439%, 

(TSFR1M

+

5.000%),

8/2/2027

b

289,096

Level

3

Financing,

Inc.,

Term

Loan

138,000

7.189%, 

(TSFR1M

+

1.750%),

3/1/2027

b

128,608

Lumen

Technologies,

Inc.,

Term

Loan

169,499

7.689%, 

(TSFR1M

+

2.250%),

3/15/2027

b

127,204

McGraw-Hill

Education,

Inc.,

Term

Loan

159,593

10.189%, 

(TSFR1M

+

4.750%),

7/30/2028

b

150,957

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

248

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Communications

Services

(0.1%)

-

continued

MH

Sub

I,

LLC,

Term

Loan

$

200,785

9.574%, 

(TSFR1M

+

4.250%),

5/3/2028

b

$

191,637

NEP

Group,

Inc.,

Term

Loan

87,481

8.689%, 

(TSFR1M

+

3.250%),

10/20/2025

b

78,639

Playtika

Holding

Corporation,

Term

Loan

105,914

8.189%, 

(TSFR1M

+

2.750%),

3/11/2028

b

102,411

Radiate

Holdco,

LLC,

Term

Loan

175,240

8.689%, 

(TSFR1M

+

3.250%),

9/25/2026

b

144,607

RLG

Holdings,

LLC,

Term

Loan

84,935

9.689%, 

(TSFR1M

+

4.250%),

7/8/2028

b

78,300

SBA

Senior

Finance

II,

LLC,

Term

Loan

117,191

7.180%, 

(TSFR1M

+

1.750%),

4/11/2025

b

117,102

UPC

Financing

Partnership,

Term

Loan

81,000

8.374%, 

(TSFR1M

+

3.000%),

1/31/2029

b

79,313

Virgin

Media

Bristol,

LLC,

Term

Loan

200,000

7.949%, 

(TSFR1M

+

2.500%),

1/31/2028

b

194,126

Zayo

Group

Holdings,

Inc.,

Term

Loan

169,000

8.439%, 

(TSFR1M

+

3.000%),

3/9/2027

b

142,198

Ziggo

Financing

Partnership,

Term

Loan

135,000

7.949%, 

(TSFR1M

+

2.500%),

4/30/2028

b

131,980

Total

3,288,523

Consumer

Cyclical

(0.1%)

1011778

B.C.,

ULC,

Term

Loan

327,455

7.574%, 

(TSFR1M

+

2.250%),

9/21/2030

b

324,099

AlixPartners,

LLP,

Term

Loan

93,046

8.189%, 

(TSFR1M

+

2.750%),

2/4/2028

b

92,912

Allied

Universal

Holdco,

LLC,

Term

Loan

326,667

9.174%, 

(TSFR1M

+

3.750%),

5/14/2028

b

309,641

Alterra

Mountain

Company,

Term

Loan

102,949

8.939%, 

(TSFR1M

+

3.500%),

8/17/2028

b

102,821

Caesars

Entertainment,

Inc.,

Term

Loan

205,965

8.674%, 

(TSFR1M

+

3.250%),

2/6/2030

b

204,964

Carnival

Corporation,

Term

Loan

119,701

8.336%, 

(TSFR1M

+

3.000%),

8/8/2027

b

117,457

94,043

8.689%, 

(TSFR1M

+

3.250%),

10/18/2028

b

92,201

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Consumer

Cyclical

(0.1%)

-

continued

Clarios

Global,

LP,

Term

Loan

$

181,159

9.074%, 

(TSFR1M

+

3.750%),

5/4/2030

b

$

180,706

Delta

2

Lux

SARL,

Term

Loan

195,000

7.574%, 

(TSFR1M

+

2.250%),

1/15/2030

b

194,817

Ensemble

RCM,

LLC,

Term

Loan

74,611

9.233%, 

(TSFR3M

+

3.750%),

8/1/2026

b

74,552

Fertitta

Entertainment,

LLC/NV,

Term

Loan

80,186

9.324%, 

(TSFR1M

+

4.000%),

1/27/2029

b

78,312

First

Brands

Group,

LLC,

Term

Loan

104,198

10.881%, 

(TSFR6M

+

5.000%),

3/30/2027

b

102,592

GoDaddy

Operating

Company,

LLC,

Term

Loan

129,027

7.824%, 

(TSFR1M

+

2.500%),

11/10/2029

b

129,056

Great

Outdoors

Group,

LLC,

Term

Loan

183,131

9.402%, 

(TSFR3M

+

3.750%),

3/5/2028

b

181,490

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

162,327

8.189%, 

(TSFR1M

+

2.750%),

10/19/2027

b

160,111

Hilton

Worldwide

Finance,

LLC,

Term

Loan

198,000

7.174%, 

(TSFR1M

+

1.750%),

6/21/2026

b

197,743

IRB

Holding

Corporation,

Term

Loan

188,564

8.424%, 

(TSFR1M

+

3.000%),

12/15/2027

b

186,363

Light

&

Wonder

International,

Inc.,

Term

Loan

197,995

8.435%, 

(TSFR1M

+

3.000%),

4/14/2029

b

197,345

PetSmart,

LLC,

Term

Loan

257,367

9.174%, 

(TSFR1M

+

3.750%),

2/12/2028

b

253,882

Pilot

Travel

Centers,

LLC,

Term

Loan

221,172

7.424%, 

(TSFR1M

+

2.000%),

8/6/2028

b

221,034

Prime

Security

Services

Borrower,

LLC,

Term

Loan

96,385

7.950%, 

(TSFR1M

+

2.500%),

10/13/2030

b

96,144

Scientific

Games

Holdings,

LP,

Term

Loan

133,650

8.914%, 

(TSFR3M

+

3.500%),

4/4/2029

b

131,262

Staples,

Inc.,

Term

Loan

126,764

10.634%, 

(LIBOR

1M

+

5.000%),

4/12/2026

b

108,780

Stars

Group

Holdings

BV,

Term

Loan

77,212

7.902%, 

(TSFR3M

+

2.250%),

7/21/2026

b

77,130

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

249

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Consumer

Cyclical

(0.1%)

-

continued

UFC

Holdings,

LLC,

Term

Loan

$

129,176

8.399%, 

(TSFR3M

+

2.750%),

4/29/2026

b

$

128,979

Total

3,944,393

Consumer

Non-Cyclical

(0.1%)

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

211,078

9.082%, 

(TSFR1M

+

3.750%),

7/30/2028

b

206,833

Alltech,

Inc.,

Term

Loan

79,787

9.439%, 

(TSFR1M

+

4.000%),

10/15/2028

b,c

77,793

Amneal

Pharmaceuticals,

LLC,

Term

Loan

187,004

8.939%, 

(TSFR1M

+

3.500%),

5/4/2025

b

182,695

Bausch

+

Lomb

Corporation,

Term

Loan

205,915

8.755%, 

(TSFR3M

+

3.250%),

5/10/2027

b

196,809

87,869

9.324%, 

(TSFR1M

+

4.000%),

9/29/2028

b

84,354

DaVita,

Inc.,

Term

Loan

66,473

7.189%, 

(TSFR1M

+

1.750%),

8/12/2026

b

65,667

Elanco

Animal

Health,

Inc.,

Term

Loan

104,482

7.165%, 

(TSFR1M

+

1.750%),

8/1/2027

b

101,962

Froneri

U.S.,

Inc.,

Term

Loan

200,923

7.674%, 

(TSFR1M

+

2.250%),

1/31/2027

b

199,710

Gainwell

Acquisition

Corporation,

Term

Loan

282,818

9.490%, 

(TSFR3M

+

4.000%),

10/1/2027

b

269,857

ICON

Luxembourg

SARL,

Term

Loan

208,624

7.902%, 

(TSFR3M

+

2.250%),

7/1/2028

b

208,671

Jazz

Financing

Lux

SARL,

Term

Loan

260,047

8.939%, 

(TSFR1M

+

3.500%),

5/5/2028

b

259,902

LifePoint

Health,

Inc.,

Term

Loan

82,056

0.000%, 

(TSFR3M

+

3.750%),

11/16/2025

b,d,e

81,417

102,608

11.157%, 

(TSFR3M

+

5.500%),

11/16/2028

b

96,756

Medline

Borrower,

LP,

Term

Loan

476,166

8.689%, 

(TSFR1M

+

3.250%),

10/21/2028

b

472,895

Organon

&

Company,

Term

Loan

239,455

8.451%, 

(TSFR1M

+

3.000%),

6/2/2028

b

238,677

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

80,382

9.152%, 

(TSFR3M

+

3.500%),

11/30/2027

b

79,276

Phoenix

Newco,

Inc.,

Term

Loan

184,066

8.689%, 

(TSFR1M

+

3.250%),

11/15/2028

b

181,719

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Consumer

Non-Cyclical

(0.1%)

-

continued

PRA

Health

Sciences,

Inc.,

Term

Loan

$

51,979

7.902%, 

(TSFR3M

+

2.250%),

7/1/2028

b

$

51,991

Reynolds

Consumer

Products,

LLC,

Term

Loan

150,079

7.174%, 

(TSFR1M

+

1.750%),

2/4/2027

b

149,632

Select

Medical

Corporation,

Term

Loan

132,667

8.324%, 

(TSFR1M

+

3.000%),

3/6/2027

b

132,129

Sotera

Health

Holdings,

LLC,

Term

Loan

167,500

8.395%, 

(TSFR3M

+

2.750%),

12/11/2026

b

165,741

Star

Parent,

Inc.,

Term

Loan

190,000

9.386%, 

(TSFR3M

+

4.000%),

9/28/2030

b

180,810

Total

3,685,296

Energy

(<0.1%)

Buckeye

Partners,

LP,

Term

Loan

131,646

7.666%, 

(TSFR1M

+

2.250%),

11/1/2026

b

131,469

CQP

Holdco,

LP,

Term

Loan

267,266

8.990%, 

(TSFR3M

+

3.500%),

6/4/2028

b

266,876

GIP

II

Blue

Holding,

LP,

Term

Loan

45,347

9.939%, 

(TSFR1M

+

4.500%),

9/29/2028

b

45,339

GIP

III

Stetson

I,

LP,

Term

Loan

71,684

9.574%, 

(TSFR1M

+

4.250%),

7/18/2025

b

71,617

36,390

0.000%, 

(TSFR1M

+

4.250%),

10/5/2028

b,d,e

36,128

ITT

Holdings,

LLC,

Term

Loan

106,838

0.000%, 

(TSFR1M

+

3.250%),

10/5/2030

b,d,e

105,369

Oryx

Midstream

Services

Permian

Basin,

LLC,

Term

Loan

61,522

8.692%, 

(TSFR1M

+

3.250%),

10/5/2028

b

61,385

Total

718,183

Financials

(0.1%)

Acrisure,

LLC,

Term

Loan

123,718

8.939%, 

(TSFR1M

+

3.500%),

2/15/2027

b

120,296

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

51,475

8.835%, 

(TSFR1M

+

3.500%),

11/6/2027

b

51,277

AmWINS

Group,

Inc.,

Term

Loan

197,966

7.689%, 

(TSFR1M

+

2.250%),

2/19/2028

b

196,099

Asurion,

LLC,

Term

Loan

160,005

8.689%, 

(TSFR1M

+

3.250%),

12/23/2026

b

154,405

107,250

8.689%, 

(TSFR1M

+

3.250%),

7/31/2027

b

102,379

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

250

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Financials

(0.1%)

-

continued

$

23,364

9.674%, 

(TSFR1M

+

4.250%),

8/19/2028

b

$

22,276

Edelman

Financial

Engines

Center,

LLC,

Term

Loan

54,443

8.939%, 

(TSFR1M

+

3.500%),

4/7/2028

b

53,428

First

Eagle

Holdings,

Inc.,

Term

Loan

54,419

7.990%, 

(TSFR3M

+

2.500%),

2/2/2027

b

53,776

FleetCor

Technologies

Operating

Company,

LLC,

Term  Loan

105,918

7.174%, 

(TSFR1M

+

1.750%),

4/30/2028

b

105,623

Focus

Financial

Partners,

LLC,

Term

Loan

89,323

8.574%, 

(TSFR1M

+

3.250%),

6/30/2028

b

88,866

Howden

Group

Holdings,

Ltd.,

Term

Loan

54,440

8.750%, 

(LIBOR

1M

+

3.250%),

11/12/2027

b

53,951

HUB

International,

Ltd.,

Term

Loan

237,500

9.662%, 

(TSFR3M

+

4.250%),

6/20/2030

b

237,331

Hudson

River

Trading,

LLC,

Term

Loan

56,421

8.439%, 

(TSFR1M

+

3.000%),

3/18/2028

b

55,543

Jane

Street

Group,

LLC,

Term

Loan

105,911

8.189%, 

(TSFR1M

+

2.750%),

1/26/2028

b

105,567

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

87,063

9.074%, 

(TSFR1M

+

3.750%),

2/24/2028

b

86,682

Trans

Union,

LLC,

Term

Loan

142,078

7.689%, 

(TSFR1M

+

2.250%),

12/1/2028

b

141,732

USI,

Inc./NY,

Term

Loan

196,020

9.140%, 

(TSFR3M

+

3.750%),

11/22/2029

b

195,326

VFH

Parent,

LLC,

Term

Loan

80,190

8.427%, 

(TSFR1M

+

3.000%),

1/13/2029

b

79,539

Total

1,904,096

Technology

(0.2%)

Amentum

Government

Services

Holdings,

LLC,

Term  Loan

131,667

9.335%, 

(TSFR1M

+

4.000%),

2/15/2029

b

128,499

AthenaHealth

Group,

Inc.,

Term

Loan

356,156

8.577%, 

(TSFR1M

+

3.250%),

2/15/2029

b

344,517

Boxer

Parent

Company,

Inc.,

Term

Loan

200,630

9.189%, 

(TSFR1M

+

3.750%),

10/2/2025

b

200,317

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Technology

(0.2%)

-

continued

Central

Parent,

Inc.,

Term

Loan

$

235,222

9.406%, 

(TSFR3M

+

4.000%),

7/6/2029

b

$

233,684

Cloud

Software

Group,

Inc.,

Term

Loan

267,500

9.990%, 

(TSFR3M

+

4.500%),

3/30/2029

b,d,e

253,820

Coherent

Corporation,

Term

Loan

121,582

8.189%, 

(TSFR1M

+

2.750%),

7/1/2029

b

121,164

CommScope,

Inc.,

Term

Loan

79,586

8.689%, 

(TSFR1M

+

3.250%),

4/4/2026

b

68,013

CoreLogic,

Inc.,

Term

Loan

106,187

8.939%, 

(TSFR1M

+

3.500%),

6/2/2028

b

96,403

Cornerstone

OnDemand,

Inc.,

Term

Loan

144,533

9.189%, 

(TSFR1M

+

3.750%),

10/15/2028

b

136,294

Dcert

Buyer,

Inc.,

Term

Loan

159,349

9.324%, 

(TSFR1M

+

4.000%),

10/16/2026

b

156,237

Dun

&

Bradstreet

Corporation,

Term

Loan

157,337

8.176%, 

(TSFR1M

+

2.750%),

2/8/2026

b

157,091

Entegris,

Inc.,

Term

Loan

61,093

7.890%, 

(TSFR1M

+

2.500%),

7/6/2029

b

61,115

Gen

Digital,

Inc.,

Term

Loan

142,742

7.424%, 

(TSFR1M

+

2.000%),

9/12/2029

b

141,375

Genesys

Cloud

Services

Holdings

II,

LLC,

Term

Loan

131,646

9.439%, 

(TSFR1M

+

4.000%),

12/1/2027

b

131,426

GTCR

W

Merger

Sub,

LLC,

Term

Loan

260,000

0.000%, 

(TSFR1M

+

3.000%),

9/20/2030

b,d,e

257,941

Informatica,

LLC,

Term

Loan

131,663

8.189%, 

(TSFR1M

+

2.750%),

10/29/2028

b

131,129

Magenta

Buyer,

LLC,

Term

Loan

141,556

10.645%, 

(TSFR3M

+

5.000%),

7/27/2028

b

99,089

McAfee

Corporation,

Term

Loan

270,263

9.165%, 

(TSFR1M

+

3.750%),

3/1/2029

b

257,934

Mitchell

International,

Inc.,

Term

Loan

164,332

9.189%, 

(TSFR1M

+

3.750%),

10/15/2028

b

160,154

MKS

Instruments,

Inc.,

Term

Loan

236,610

7.819%, 

(TSFR1M

+

2.500%),

8/17/2029

b

234,440

Open

Text

Corporation,

Term

Loan

199,174

8.174%, 

(TSFR1M

+

2.750%),

1/31/2030

b

198,953

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

251

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Technology

(0.2%)

-

continued

Peraton

Corporation,

Term

Loan

$

408,004

9.174%, 

(TSFR1M

+

3.750%),

2/1/2028

b

$

399,844

Polaris

Newco,

LLC,

Term

Loan

158,401

9.439%, 

(TSFR1M

+

4.000%),

6/4/2028

b

149,293

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan

165,000

10.074%, 

(TSFR1M

+

4.750%),

10/26/2030

b

159,921

Proofpoint,

Inc.,

Term

Loan

175,217

8.689%, 

(TSFR1M

+

3.250%),

8/31/2028

b

172,101

RealPage,

Inc.,

Term

Loan

133,636

8.439%, 

(TSFR1M

+

3.000%),

4/22/2028

b

130,491

Tempo

Acquisition,

LLC,

Term

Loan

128,695

8.074%, 

(TSFR1M

+

2.750%),

8/31/2028

b

128,494

UKG,

Inc.,

Term

Loan

280,149

8.764%, 

(TSFR3M

+

3.250%),

5/3/2026

b

278,429

Verscend

Holding

Corporation,

Term

Loan

192,769

9.439%, 

(TSFR1M

+

4.000%),

8/27/2025

b

192,488

Total

5,180,656

Transportation

(<0.1%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

287,820

10.427%, 

(TSFR3M

+

4.750%),

4/20/2028

b

291,418

Air

Canada,

Term

Loan

249,179

9.128%, 

(TSFR3M

+

3.500%),

8/11/2028

b

248,743

Brown

Group

Holding,

LLC,

Term

Loan

105,843

8.174%, 

(TSFR1M

+

2.750%),

6/7/2028

b

103,813

Genesee

&

Wyoming,

Inc.,

Term

Loan

133,615

7.490%, 

(TSFR3M

+

2.000%),

12/30/2026

b

133,448

Mileage

Plus

Holdings,

LLC,

Term

Loan

123,750

10.798%, 

(TSFR3M

+

5.250%),

6/20/2027

b

127,344

SkyMiles

IP,

Ltd.,

Term

Loan

224,800

9.166%, 

(TSFR3M

+

3.750%),

10/20/2027

b

230,000

United

Airlines,

Inc.,

Term

Loan

175,196

9.189%, 

(TSFR1M

+

3.750%),

4/21/2028

b

174,539

Total

1,309,305

Utilities

(<0.1%)

PG&E

Corporation,

Term

Loan

192,609

8.439%, 

(TSFR1M

+

3.000%),

6/23/2025

b

192,128

Principal

Amount

Bank

Loans

(0.7%)

a

Value

Utilities

(<0.1%)

-

continued

Talen

Energy

Supply,

LLC,

Term

Loan

$

83,125

9.877%, 

(TSFR3M

+

4.500%),

5/17/2030

b

$

82,962

Total

275,090

Total

Bank

Loans

(cost

$23,471,320)

23,341,025

Shares

Registered

Investment

Companies

(

51.6%

)

Value

U.S.

Affiliated  (51.0%)

4,455,554

Thrivent

Core

Emerging

Markets

Debt

Fund

32,391,881

7,214,053

Thrivent

Core

Emerging

Markets

Equity

Fund

58,289,549

7,553,235

Thrivent

Core

International

Equity

Fund

68,885,506

5,938,757

Thrivent

Core

Low

Volatility

Equity

Fund

65,682,656

5,325,581

Thrivent

Core

Mid

Cap

Value

Fund

49,155,111

6,458,725

Thrivent

Core

Small

Cap

Value

Fund

54,963,752

7,127,937

Thrivent

Global

Stock

Fund,

Class

S

172,210,948

5,781,115

Thrivent

High

Yield

Fund,

Class

S

22,777,594

8,585,934

Thrivent

Income

Fund,

Class

S

64,051,068

26,101,033

Thrivent

International

Allocation

Fund,

Class

S

239,607,481

22,471,359

Thrivent

Large

Cap

Growth

Fund,

Class

S

353,699,188

12,850,841

Thrivent

Large

Cap

Value

Fund,

Class

S

325,897,316

3,243,255

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

38,497,432

7,696,981

Thrivent

Mid

Cap

Stock

Fund,

Class

S

227,753,675

2,458,729

Thrivent

Small

Cap

Stock

Fund,

Class

S

60,730,595

Total

1,834,593,752

U.S.

Unaffiliated  (0.6%)

14,236

Communication

Services

Select

Sector

SPDR

Fund

921,354

3,933

Invesco

QQQ

Trust

Series

1

f

1,379,972

10,273

SPDR

Bloomberg

High

Yield

Bond

ETF

f

913,475

44,406

SPDR

S&P

500

ETF

Trust

18,570,589

9,978

SPDR

S&P

Biotech

ETF

660,843

2,186

SPDR

S&P

Oil

&

Gas

Exploration

ETF

317,451

Total

22,763,684

Total

Registered

Investment

Companies

(cost

$1,566,564,811)

1,857,357,436

Shares

Common

Stock

(

22.9%

)

Value

Communications

Services

(1.3%)

37,023

Alphabet,

Inc.,

Class

A

g

4,593,814

78,619

Alphabet,

Inc.,

Class

C

g

9,850,961

41,301

Altice

USA,

Inc.

g

119,360

14,183

AMC

Networks,

Inc.

g

167,359

5,657

Bumble,

Inc.

g

76,030

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

252

Shares

Common

Stock

(22.9%)

Value

Communications

Services

(1.3%)

-

continued

40

Cable

One,

Inc.

$

21,995

90,950

Cargurus,

Inc.

g

1,567,068

124,445

Comcast

Corporation

5,138,334

44,081

DISH

Network

Corporation

g

215,997

405

Electronic

Arts,

Inc.

50,135

13,204

Emerald

Holding,

Inc.

g

65,756

5,471

Entravision

Communications

Corporation

19,586

3,288

Frontier

Communications

Parent,

Inc.

g

58,921

34,454

iHeartMedia,

Inc.

g

80,967

9,131

Imax

Corporation

g

166,276

27,112

Integral

Ad

Science

Holding

Corporation

g

311,246

3,619

Interpublic

Group

of

Companies,

Inc.

102,780

21,731

Liberty

Global

plc,

Class

A

g

338,134

42,930

Liberty

Global

plc,

Class

C

g

728,093

15,192

Liberty

Latin

America,

Ltd.,

Class

A

g

103,761

2,753

Live

Nation

Entertainment,

Inc.

g

220,295

185,068

Lumen

Technologies,

Inc.

f,g

270,199

2,055

Match

Group,

Inc.

g

71,103

24,687

Meta

Platforms,

Inc.

g

7,437,452

1,348

Netflix,

Inc.

g

554,958

672

Omnicom

Group,

Inc.

50,340

216,855

QuinStreet,

Inc.

g

2,452,630

2,649

Roku,

Inc.

g

157,801

5,330

Sinclair,

Inc.

57,937

4,725

TechTarget,

Inc.

g

118,975

10,903

Telephone

and

Data

Systems,

Inc.

198,326

19,053

Trade

Desk,

Inc.

g

1,352,001

2,611

Tripadvisor,

Inc.

g

38,538

182,821

Verizon

Communications,

Inc.

6,422,502

91,375

Warner

Brothers

Discovery,

Inc.

g

908,267

379

Windstream

Services,

LLC

g

3,506

379

Yelp,

Inc.

g

15,990

54,260

Ziff

Davis,

Inc.

g

3,280,560

Total

47,387,953

Consumer

Discretionary

(2.3%)

11,035

2U,

Inc.

g

23,394

287

Adient

plc

g

9,669

69,424

Amazon.com,

Inc.

g

9,239,640

2,104

American

Axle

&

Manufacturing

Holdings,

Inc.

g

14,202

28,588

American

Eagle

Outfitters,

Inc.

499,432

48,571

Aptiv

plc

g

4,235,391

12,093

Autoliv,

Inc.

1,108,323

74

AutoNation,

Inc.

g

9,626

3,196

Beazer

Homes

USA,

Inc.

g

77,311

1,436

Best

Buy

Company,

Inc.

95,954

1,277

Booking

Holdings,

Inc.

g

3,562,268

24,608

Boot

Barn

Holdings,

Inc.

g

1,710,256

1,840

Brunswick

Corporation

127,825

6,856

Buckle,

Inc.

231,527

22,686

Cedar

Fair,

LP

805,353

1,409

Chegg,

Inc.

g

10,610

1,533

Chipotle

Mexican

Grill,

Inc.

g

2,977,393

187,222

Clarus

Corporation

1,084,015

28,953

Columbia

Sportswear

Company

2,136,731

4,952

Container

Store

Group,

Inc.

g

9,161

56,693

Cooper-Standard

Holdings,

Inc.

g

704,127

6,144

Crocs,

Inc.

g

548,782

3,710

Culp,

Inc.

g

20,294

Shares

Common

Stock

(22.9%)

Value

Consumer

Discretionary

(2.3%)

-

continued

11,424

D.R.

Horton,

Inc.

$

1,192,666

27,705

Dana,

Inc.

318,053

1,887

Darden

Restaurants,

Inc.

274,615

2,876

Deckers

Outdoor

Corporation

g

1,717,145

2,311

Domino's

Pizza,

Inc.

783,406

324

DoorDash,

Inc.

g

24,284

919

Dorman

Products,

Inc.

g

57,143

3,967

eBay,

Inc.

155,625

3,784

Etsy,

Inc.

g

235,743

182,039

Everi

Holdings,

Inc.

g

1,964,201

20,439

Five

Below,

Inc.

g

3,555,977

24,166

Fox

Factory

Holding

Corporation

g

1,968,804

43,531

General

Motors

Company

1,227,574

18,892

Gentex

Corporation

541,823

16,238

Goodyear

Tire

&

Rubber

Company

g

193,232

5,035

Grand

Canyon

Education,

Inc.

g

595,792

5,128

Green

Brick

Partners,

Inc.

g

198,454

14,299

Harley-Davidson,

Inc.

383,928

14,519

Hilton

Worldwide

Holdings,

Inc.

2,200,064

14,338

Home

Depot,

Inc.

4,081,885

1,861

KB

Home

82,256

28,778

Laureate

Education,

Inc.

406,921

4,035

La-Z-Boy,

Inc.

117,983

6,076

Lear

Corporation

788,422

1,184

Lennar

Corporation

126,309

12,359

Lowe's

Companies,

Inc.

2,355,255

4,383

Lululemon

Athletica,

Inc.

g

1,724,623

2,650

M/I

Homes,

Inc.

g

217,486

78

Marriott

Vacations

Worldwide

Corporation

7,009

10,710

McDonald's

Corporation

2,807,841

12,168

Meritage

Homes

Corporation

1,387,395

5,086

MGM

Resorts

International

177,603

837

Modine

Manufacturing

Company

g

33,062

8,850

Mohawk

Industries,

Inc.

g

711,363

21,931

Nordstrom,

Inc.

f

306,595

424

NVR,

Inc.

g

2,294,951

1,787

ODP

Corporation

g

80,272

26,337

Papa

John's

International,

Inc.

1,712,432

2,361

PENN

Entertainment,

Inc.

g

46,583

7,150

Playa

Hotels

and

Resorts

NV

g

51,695

5,946

Polaris,

Inc.

513,853

4,131

Pool

Corporation

1,304,446

1,555

PulteGroup,

Inc.

114,432

77,887

Qurate

Retail,

Inc.

g

34,325

3,033

Ross

Stores,

Inc.

351,737

11,581

SeaWorld

Entertainment,

Inc.

g

498,910

2,394

Six

Flags

Entertainment

Corporation

g

47,641

28,847

Skyline

Champion

Corporation

g

1,691,300

18,282

Sony

Group

Corporation

ADR

1,518,320

121,480

Stoneridge,

Inc.

g

1,976,480

977

Taylor

Morrison

Home

Corporation

g

37,439

18,188

Tesla,

Inc.

g

3,652,878

222,501

ThredUp,

Inc.

g

716,453

692

TopBuild

Corporation

g

158,302

17,967

Travel

+

Leisure

Company

611,417

10

Ulta

Beauty,

Inc.

g

3,813

8,996

Upbound

Group,

Inc.

234,436

8,966

Urban

Outfitters,

Inc.

g

310,403

117

Vail

Resorts,

Inc.

24,833

111

Visteon

Corporation

g

12,779

10,221

Wendy's

Company

194,403

7,464

Wingstop,

Inc.

1,364,195

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

253

Shares

Common

Stock

(22.9%)

Value

Consumer

Discretionary

(2.3%)

-

continued

14,826

Wyndham

Hotels

&

Resorts,

Inc.

$

1,073,402

Total

82,793,951

Consumer

Staples

(1.2%)

37,613

Altria

Group,

Inc.

1,510,914

9,202

Archer-Daniels-Midland

Company

658,587

10,708

BJ's

Wholesale

Club

Holdings,

Inc.

g

729,429

773

Boston

Beer

Company,

Inc.

g

258,143

1,994

Cal-Maine

Foods,

Inc.

90,348

8,158

Casey's

General

Stores,

Inc.

2,218,242

19,288

Celsius

Holdings,

Inc.

g

2,933,512

83,080

Coca-Cola

Company

4,693,189

4,333

Constellation

Brands,

Inc.

1,014,572

116,362

Coty,

Inc.

g

1,090,312

1,014

Darling

Ingredients,

Inc.

g

44,910

24,881

e.l.f.

Beauty,

Inc.

g

2,304,727

11,977

Flowers

Foods,

Inc.

262,656

1,549

Hain

Celestial

Group,

Inc.

g

17,116

177

Hershey

Company

33,161

9,609

J

&

J

Snack

Foods

Corporation

1,504,865

10,322

John

B.

Sanfilippo

&

Son,

Inc.

1,055,528

51,410

Kenvue,

Inc.

956,226

23,984

Kimberly-Clark

Corporation

2,869,446

3,096

Kroger

Company

140,466

19,357

Lamb

Weston

Holdings,

Inc.

1,738,259

14,257

Lancaster

Colony

Corporation

2,411,857

181

McCormick

&

Company,

Inc.

11,566

28,043

Mondelez

International,

Inc.

1,856,727

729

PepsiCo,

Inc.

119,031

29,594

Philip

Morris

International,

Inc.

2,638,601

33,758

Pilgrim's

Pride

Corporation

g

860,829

834

PriceSmart,

Inc.

52,117

72,498

Primo

Water

Corporation

946,824

12,730

Procter

&

Gamble

Company

1,909,882

4,774

Simply

Good

Foods

Company

g

178,022

2,137

SpartanNash

Company

48,061

23,237

Sysco

Corporation

1,545,028

87,761

Turning

Point

Brands,

Inc.

1,759,608

7,067

Tyson

Foods,

Inc.

327,555

7,940

US

Foods

Holding

Corporation

g

309,184

21,318

Walmart,

Inc.

3,483,574

Total

44,583,074

Energy

(1.1%)

7,188

APA

Corporation

285,507

2,366

Baker

Hughes

Company

81,438

35,552

BP

plc

ADR

1,300,492

2,534

Cactus,

Inc.

118,946

3,292

California

Resources

Corporation

173,126

4,689

Cheniere

Energy,

Inc.

780,343

6,955

Chesapeake

Energy

Corporation

598,686

17,224

Chevron

Corporation

2,510,054

1,700

Chord

Energy

Corporation

281,044

323

Civitas

Resources,

Inc.

24,364

1,566

Comstock

Resources,

Inc.

f

19,732

23,522

ConocoPhillips

2,794,414

2,892

CVR

Energy,

Inc.

94,713

30,900

Devon

Energy

Corporation

1,439,013

70,654

Enterprise

Products

Partners,

LP

1,839,830

6,616

Expro

Group

Holdings

NV

g

104,202

48,141

Exxon

Mobil

Corporation

5,095,725

1,160

Gran

Tierra

Energy,

Inc.

g

7,099

35,938

Halliburton

Company

1,413,801

Shares

Common

Stock

(22.9%)

Value

Energy

(1.1%)

-

continued

1,479

Helmerich

&

Payne,

Inc.

$

58,524

3,317

HF

Sinclair

Corporation

183,695

11,817

International

Seaways,

Inc.

568,280

27,409

Liberty

Energy,

Inc.

539,957

4,914

Magnolia

Oil

&

Gas

Corporation

110,319

23,837

Marathon

Oil

Corporation

650,988

22,559

Marathon

Petroleum

Corporation

3,412,049

38,581

Matador

Resources

Company

2,380,062

9,487

Murphy

Oil

Corporation

425,682

98,649

NOV,

Inc.

1,969,034

733

ONEOK,

Inc.

47,792

4,902

Ovintiv,

Inc.

235,296

16,075

Par

Pacific

Holdings,

Inc.

g

527,581

4,339

Patterson-UTI

Energy,

Inc.

55,105

8,149

PBF

Energy,

Inc.

387,322

6,061

Phillips

66

691,378

7,525

Pioneer

Natural

Resources

Company

1,798,475

51,121

ProPetro

Holding

Corporation

g

535,748

22,798

RPC,

Inc.

189,679

13,626

SM

Energy

Company

549,400

2,828

Solaris

Oilfield

Infrastructure,

Inc.

26,131

14,435

Talos

Energy,

Inc.

g

223,743

207,453

TechnipFMC

plc

4,464,389

15,622

U.S.

Silica

Holdings,

Inc.

g

188,558

18,492

Viper

Energy

Partners,

LP

526,652

4,470

Williams

Companies,

Inc.

153,768

Total

39,862,136

Financials

(3.6%)

9,227

Allstate

Corporation

1,182,256

68,586

Ally

Financial,

Inc.

1,659,095

6,673

Amalgamated

Financial

Corporation

121,716

3,363

Amerant

Bancorp,

Inc.

61,307

16,523

American

Express

Company

2,412,854

2,484

American

Financial

Group,

Inc.

271,650

26,033

American

International

Group,

Inc.

1,596,083

2,752

Ameriprise

Financial,

Inc.

865,697

1,026

Ameris

Bancorp

38,270

5,831

Annaly

Capital

Management,

Inc.

91,022

61

Apollo

Global

Management,

Inc.

4,724

12,726

Arch

Capital

Group,

Ltd.

g

1,103,090

7,776

Arthur

J.

Gallagher

&

Company

1,831,170

4,861

Artisan

Partners

Asset

Management,

Inc.

160,413

14,257

Associated

Banc-Corp

231,106

1,348

Assurant,

Inc.

200,717

3,372

Assured

Guaranty,

Ltd.

210,413

732

Atlantic

Union

Bankshares

Corporation

21,089

1,290

Axis

Capital

Holdings,

Ltd.

73,659

523

Axos

Financial,

Inc.

g

18,844

11,251

Banc

of

California,

Inc.

f

126,124

111,043

Bank

of

America

Corporation

2,924,873

1,819

Bank

of

Hawaii

Corporation

f

89,840

7,212

Bank

of

Marin

Bancorp

121,162

23,743

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

599,748

48,843

Bank

of

New

York

Mellon

Corporation

2,075,827

3,272

Bank

OZK

117,170

3,604

BankFinancial

Corporation

30,274

8,550

BankUnited,

Inc.

186,475

4,243

Banner

Corporation

179,097

1,159

BayCom

Corporation

22,948

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

254

Shares

Common

Stock

(22.9%)

Value

Financials

(3.6%)

-

continued

6,781

BCB

Bancorp,

Inc.

$

69,709

11,592

Berkshire

Hathaway,

Inc.

g

3,956,697

7,223

Berkshire

Hills

Bancorp,

Inc.

141,643

1,956

BlackRock,

Inc.

1,197,620

3,985

Block,

Inc.

g

160,396

286

BOK

Financial

Corporation

18,739

55,542

Bridgewater

Bancshares,

Inc.

g

534,869

6,793

Brighthouse

Financial,

Inc.

g

307,723

11,280

Brookline

Bancorp,

Inc.

91,819

307

Brown

&

Brown,

Inc.

21,312

5,226

Business

First

Bancshares,

Inc.

102,116

8,691

Byline

Bancorp,

Inc.

164,868

5,486

Cadence

Bank

116,193

1,270

Camden

National

Corporation

37,033

10,718

Capital

One

Financial

Corporation

1,085,626

7,319

Capitol

Federal

Financial,

Inc.

38,059

26,908

Carlyle

Group,

Inc.

741,046

962

Cathay

General

Bancorp

32,621

21,921

Central

Pacific

Financial

Corporation

345,913

621

Central

Valley

Community

Bancorp

9,793

59,771

Charles

Schwab

Corporation

3,110,483

18,239

Chubb,

Ltd.

3,914,454

12,718

Cincinnati

Financial

Corporation

1,267,603

15,723

Citigroup,

Inc.

620,901

17,898

Citizens

Financial

Group,

Inc.

419,350

5,483

CNB

Financial

Corporation

99,681

16,613

Columbia

Banking

System,

Inc.

326,778

35,808

Comerica,

Inc.

1,410,835

4,542

Commerce

Bancshares,

Inc.

199,212

805

Community

Bank

System,

Inc.

32,160

8,414

Community

Trust

Bancorp,

Inc.

316,030

6,134

ConnectOne

Bancorp,

Inc.

99,923

2,240

CrossFirst

Bankshares,

Inc.

g

23,699

2,294

Cullen/Frost

Bankers,

Inc.

208,731

4,457

Customers

Bancorp,

Inc.

g

179,216

2,292

CVB

Financial

Corporation

35,801

12,104

Dime

Community

Bancshares,

Inc.

222,593

9,802

Discover

Financial

Services

804,548

15,489

Eagle

Bancorp,

Inc.

301,726

7,657

East

West

Bancorp,

Inc.

410,568

2,118

Eastern

Bankshares,

Inc.

23,319

8,833

Ellington

Residential

Mortgage

REIT

46,638

2,807

Employers

Holdings,

Inc.

106,666

5,243

Enova

International,

Inc.

g

209,091

4,843

Enterprise

Financial

Services

Corporation

168,391

2,768

Equity

Bancshares,

Inc.

66,986

560

EVERTEC,

Inc.

17,797

83,629

F.N.B.

Corporation

893,994

1,050

FactSet

Research

Systems,

Inc.

453,484

51,453

Federated

Hermes,

Inc.

1,631,060

3,354

Fidelity

National

Information

Services,

Inc.

164,715

2,498

Fifth

Third

Bancorp

59,228

7,425

Financial

Institutions,

Inc.

117,612

2,328

First

Bancorp/Puerto

Rico

31,079

30

First

Citizens

BancShares,

Inc./NC

41,422

3,393

First

Financial

Bankshares,

Inc.

81,602

3,534

First

Financial

Corporation

121,605

20,815

First

Foundation,

Inc.

94,500

1,556

First

Hawaiian,

Inc.

27,899

29,672

First

Horizon

Corporation

318,974

3,487

First

Internet

Bancorp

57,082

Shares

Common

Stock

(22.9%)

Value

Financials

(3.6%)

-

continued

913

First

Interstate

BancSystem,

Inc.

$

21,063

2,658

First

Merchants

Corporation

72,590

1,117

First

Mid-Illinois

Bancshares,

Inc.

30,516

8,260

First

of

Long

Island

Corporation

88,712

7,748

Fiserv,

Inc.

g

881,335

514

Five

Star

Bancorp

10,008

984

FleetCor

Technologies,

Inc.

g

221,567

9,458

Flushing

Financial

Corporation

116,712

17,276

Fulton

Financial

Corporation

224,415

18,773

Genworth

Financial,

Inc.

g

112,450

29,693

Glacier

Bancorp,

Inc.

896,432

1,119

Global

Life,

Inc.

130,207

3,229

Global

Payments,

Inc.

342,984

5,044

Great

Southern

Bancorp,

Inc.

250,788

5,114

Green

Dot

Corporation

g

57,175

20,389

Hamilton

Lane,

Inc.

1,715,123

4,507

Hancock

Whitney

Corporation

155,176

23,697

Hanmi

Financial

Corporation

347,872

3,960

Hanover

Insurance

Group,

Inc.

464,152

3,603

Hartford

Financial

Services

Group,

Inc.

264,640

43,057

Heartland

Financial

USA,

Inc.

1,179,762

15,116

Heritage

Commerce

Corporation

123,649

13,692

Heritage

Financial

Corporation

222,769

180

Hingham

Institution

For

Savings

f

26,744

5,899

Home

BancShares,

Inc.

120,635

17,287

HomeStreet,

Inc.

83,496

9,090

Hometrust

Bancshares,

Inc.

187,345

43,851

Hope

Bancorp,

Inc.

384,135

11,968

Horizon

Bancorp,

Inc.

113,576

39,713

Houlihan

Lokey,

Inc.

3,991,951

12,152

Huntington

Bancshares,

Inc.

117,267

3,647

Independent

Bank

Corporation

177,974

8,543

Independent

Bank

Corporation/MI

170,433

36,635

Intercontinental

Exchange,

Inc.

3,936,064

794

International

Bancshares

Corporation

34,801

16,784

Invesco

Mortgage

Capital,

Inc.

114,635

12,662

Invesco,

Ltd.

164,226

39,043

J.P.

Morgan

Chase

&

Company

5,429,320

783

Jack

Henry

&

Associates,

Inc.

110,395

26,459

Janus

Henderson

Group

plc

610,409

12,236

Kearny

Financial

Corporation/MD

84,918

10,676

KeyCorp

109,109

18,819

Kinsale

Capital

Group,

Inc.

6,283,852

2,091

KKR

&

Company,

Inc.

115,841

10,183

Lazard,

Ltd.

282,782

9,757

M&T

Bank

Corporation

1,100,102

6,999

Marsh

&

McLennan

Companies,

Inc.

1,327,360

10,688

Mastercard,

Inc.

4,022,429

1,649

Mercantile

Bank

Corporation

54,318

21,587

MetLife,

Inc.

1,295,436

7,077

Metropolitan

Bank

Holding

Corporation

f,g

229,366

25,169

MFA

Financial,

Inc.

223,752

111,102

MGIC

Investment

Corporation

1,870,958

1,353

Mid

Penn

Bancorp,

Inc.

25,788

7,641

Midland

States

Bancorp,

Inc.

166,727

13,526

MidWestOne

Financial

Group,

Inc.

269,438

12,187

Morgan

Stanley

863,083

17,139

Mr.

Cooper

Group,

Inc.

g

968,868

6,049

MSCI,

Inc.

2,852,406

1,093

MVB

Financial

Corporation

21,477

38,083

Nasdaq,

Inc.

1,888,917

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

255

Shares

Common

Stock

(22.9%)

Value

Financials

(3.6%)

-

continued

14,673

Navient

Corporation

$

233,447

2,986

NCR

Atleos

Corporation

g

65,871

31,915

New

York

Community

Bancorp,

Inc.

302,554

36,316

NMI

Holdings,

Inc.

g

993,243

4,891

Northfield

Bancorp,

Inc.

42,063

427

Northrim

BanCorp,

Inc.

17,810

36,584

NU

Holdings,

Ltd./Cayman

Islands

g

299,989

13,420

OceanFirst

Financial

Corporation

169,897

2,808

OFG

Bancorp

83,173

8,989

Old

National

Bancorp

123,149

7,546

Old

Republic

International

Corporation

206,609

5,489

Old

Second

Bancorp,

Inc.

74,431

20,726

OneMain

Holdings,

Inc.

744,685

1,147

Pacific

Premier

Bancorp,

Inc.

21,793

45,049

PayPal

Holdings,

Inc.

g

2,333,538

2,254

PCB

Bancorp

34,667

1,804

PennyMac

Financial

Services,

Inc.

121,229

2,749

Pinnacle

Financial

Partners,

Inc.

171,428

406

PNC

Financial

Services

Group,

Inc.

46,475

3,996

Popular,

Inc.

259,900

7,479

Premier

Financial

Corporation

129,761

684

PROG

Holdings,

Inc.

g

18,735

3,377

Prosperity

Bancshares,

Inc.

184,182

11,123

Provident

Financial

Services,

Inc.

156,278

2,011

Prudential

Financial,

Inc.

183,886

30,352

Radian

Group,

Inc.

769,120

17,740

Raymond

James

Financial,

Inc.

1,693,106

3,187

Regions

Financial

Corporation

46,307

82,861

Rithm

Capital

Corporation

773,093

29,016

RLI

Corporation

3,866,092

1,929

S&T

Bancorp,

Inc.

49,691

7,110

Sandy

Spring

Bancorp,

Inc.

145,399

26,191

SEI

Investments

Company

1,405,409

4,768

Shore

Bancshares,

Inc.

48,920

1,398

Simmons

First

National

Corporation

19,866

1,046

SmartFinancial,

Inc.

21,809

595

Southern

First

Bancshares,

Inc.

g

16,065

2,693

SouthState

Corporation

178,007

3,460

Synchrony

Financial

97,053

14,119

Synovus

Financial

Corporation

368,082

1,556

T.

Rowe

Price

Group,

Inc.

140,818

3,557

Territorial

Bancorp,

Inc.

27,460

5,355

TPG,

Inc.

148,012

16,538

Tradeweb

Markets,

Inc.

1,488,585

47,929

Triumph

Financial,

Inc.

g

2,983,580

6,464

TrustCo

Bank

Corporation

NY

165,026

7,944

Trustmark

Corporation

159,754

16,274

Two

Harbors

Investment

Corporation

188,941

1,807

U.S.

Bancorp

57,607

906

UMB

Financial

Corporation

56,824

3,989

United

Bankshares,

Inc.

113,447

2,705

United

Community

Banks,

Inc.

59,753

7,501

Univest

Financial

Corporation

124,967

8,683

Unum

Group

424,599

18,554

Valley

National

Bancorp

144,350

8,472

Veritex

Holdings,

Inc.

145,888

27,860

Virtu

Financial,

Inc.

515,131

2,062

Visa,

Inc.

484,776

12,817

Voya

Financial,

Inc.

855,791

Shares

Common

Stock

(22.9%)

Value

Financials

(3.6%)

-

continued

1,941

W.R.

Berkley

Corporation

$

130,862

7,445

WaFd,

Inc.

183,743

1,379

Walker

&

Dunlop,

Inc.

89,359

93

Webster

Financial

Corporation

3,531

90,940

Wells

Fargo

&

Company

3,616,684

3,740

Westamerica

Bancorporation

176,678

75,878

Western

Alliance

Bancorp

3,118,586

78,842

Western

Union

Company

890,126

755

WEX,

Inc.

g

125,692

118

Willis

Towers

Watson

plc

27,835

1,982

Wintrust

Financial

Corporation

148,036

633

WSFS

Financial

Corporation

22,408

1,560

XP,

Inc.

31,200

25,753

Zions

Bancorp

NA

794,480

Total

128,461,715

Health

Care

(2.9%)

36,198

Abbott

Laboratories

3,422,521

7,415

ACADIA

Pharmaceuticals,

Inc.

g

167,357

14,396

Agilent

Technologies,

Inc.

1,488,114

5,473

Agios

Pharmaceuticals,

Inc.

g

114,988

6,034

Aldeyra

Therapeutics,

Inc.

g

10,318

5,543

Align

Technology,

Inc.

g

1,023,182

24,580

Alkermes

plc

g

594,590

2,181

Amgen,

Inc.

557,682

8,330

Amicus

Therapeutics,

Inc.

g

91,380

3,552

Amphastar

Pharmaceuticals,

Inc.

g

160,799

3,633

Anika

Therapeutics,

Inc.

g

70,843

7,262

Apellis

Pharmaceuticals,

Inc.

g

353,369

6,708

Argenx

SE

ADR

g

3,149,876

11,213

Ascendis

Pharma

AS

ADR

g

1,001,433

11,890

AstraZeneca

plc

ADR

751,805

3,900

Avanos

Medical,

Inc.

g

71,604

103,707

Avantor,

Inc.

g

1,807,613

13,876

Azenta,

Inc.

g

630,664

22,988

Baxter

International,

Inc.

745,501

5,991

Biogen,

Inc.

g

1,423,102

183

BioMarin

Pharmaceutical,

Inc.

g

14,905

234

Bio-Rad

Laboratories,

Inc.

g

64,416

31,208

Bio-Techne

Corporation

1,704,893

1,049

Blueprint

Medicines

Corporation

g

61,744

8,424

Bruker

Corporation

480,168

1,135

Cardinal

Health,

Inc.

103,285

10,378

Centene

Corporation

g

715,874

3,716

Charles

River

Laboratories

International,

Inc.

g

625,626

6,910

Cigna

Group

2,136,572

6,467

Codexis,

Inc.

g

10,735

4,994

Cooper

Companies,

Inc.

1,556,879

24,393

CVS

Health

Corporation

1,683,361

8,108

Danaher

Corporation

1,556,898

10,590

Deciphera

Pharmaceuticals,

Inc.

g

126,974

39,233

Dentsply

Sirona,

Inc.

1,193,076

15,282

Dexcom,

Inc.

g

1,357,500

22,126

Dynavax

Technologies

Corporation

g

314,410

24,457

Edwards

Lifesciences

Corporation

g

1,558,400

124,016

Elanco

Animal

Health,

Inc.

g

1,092,581

4,689

Elevance

Health,

Inc.

2,110,472

1,711

Eli

Lilly

&

Company

947,774

2,090

Enanta

Pharmaceuticals,

Inc.

g

18,852

67,198

Enovis

Corporation

g

3,084,388

16,879

Exelixis,

Inc.

g

347,539

25,413

Gilead

Sciences,

Inc.

1,995,937

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

256

Shares

Common

Stock

(22.9%)

Value

Health

Care

(2.9%)

-

continued

2,873

Globus

Medical,

Inc.

g

$

131,325

11,215

GoodRx

Holdings,

Inc.

g

55,290

70,866

Halozyme

Therapeutics,

Inc.

g

2,400,231

5,080

HCA

Healthcare,

Inc.

1,148,791

9,979

Hologic,

Inc.

g

660,310

4,337

ICON

plc

g

1,058,055

108

IDEXX

Laboratories,

Inc.

g

43,143

64

Illumina,

Inc.

g

7,003

21,000

Immunocore

Holdings

plc

ADR

g

932,400

5,925

Inspire

Medical

Systems,

Inc.

g

871,923

1,998

Intuitive

Surgical,

Inc.

g

523,916

799

IQVIA

Holding,

Inc.

g

144,483

1,634

Jazz

Pharmaceuticals,

Inc.

g

207,551

15,482

Johnson

&

Johnson

2,296,600

8,755

Laboratory

Corporation

of

America

Holdings

1,748,636

37,422

Lantheus

Holdings,

Inc.

g

2,417,461

156

Ligand

Pharmaceuticals,

Inc.

g

8,157

2,250

LivaNova

plc

g

110,362

225,223

Maravai

LifeSciences

Holdings,

Inc.

g

1,545,030

72

Medpace

Holdings,

Inc.

g

17,472

50,268

Medtronic

plc

3,546,910

52,694

Merck

&

Company,

Inc.

5,411,674

1,411

Molina

Healthcare,

Inc.

g

469,792

5,066

Myriad

Genetics,

Inc.

g

78,928

18,195

Natera,

Inc.

g

718,157

4,636

National

HealthCare

Corporation

312,281

8,509

Neogen

Corporation

g

126,699

6,924

Novo

Nordisk

AS

ADR

668,651

59,634

Option

Care

Health,

Inc.

g

1,653,651

1,216

OraSure

Technologies,

Inc.

g

6,275

6,021

Pacira

Pharmaceuticals,

Inc.

g

170,153

6,484

Pediatrix

Medical

Group,

Inc.

g

74,307

59,943

Pfizer,

Inc.

1,831,858

53,051

Phreesia,

Inc.

g

724,677

114,805

Progyny,

Inc.

g

3,542,882

4,341

PTC

Therapeutics,

Inc.

g

81,394

6,870

Qiagen

NV

g

257,144

8,120

QuidelOrtho

Corporation

g

495,970

91,594

R1

RCM,

Inc.

g

1,079,893

17,557

Repligen

Corporation

g

2,362,470

8,660

Revance

Therapeutics,

Inc.

g

68,327

10,046

Rocket

Pharmaceuticals,

Inc.

g

181,833

1,717

Royalty

Pharma

plc

46,136

7,689

Sarepta

Therapeutics,

Inc.

g

517,547

106,846

scPharmaceuticals,

Inc.

g

571,626

4,566

Sensus

Healthcare,

Inc.

g

10,000

6,612

ShockWave

Medical,

Inc.

g

1,363,791

4,979

Stryker

Corporation

1,345,425

1,541

Teleflex,

Inc.

284,700

8,209

TG

Therapeutics,

Inc.

g

63,456

6,816

Thermo

Fisher

Scientific,

Inc.

3,031,552

6,168

UnitedHealth

Group,

Inc.

3,303,334

3,849

Vanda

Pharmaceuticals,

Inc.

g

16,859

9,796

Veeva

Systems,

Inc.

g

1,887,787

14,203

Veracyte,

Inc.

g

294,286

52,028

Vericel

Corporation

g

1,830,345

2,169

Vertex

Pharmaceuticals,

Inc.

g

785,417

69,391

Viemed

Healthcare,

Inc.

g

437,857

5,863

Waters

Corporation

g

1,398,501

1,020

West

Pharmaceutical

Services,

Inc.

324,656

3,690

Zentalis

Pharmaceuticals,

Inc.

g

60,368

13,934

Zimmer

Biomet

Holdings,

Inc.

1,454,849

Shares

Common

Stock

(22.9%)

Value

Health

Care

(2.9%)

-

continued

25,595

Zoetis,

Inc.

$

4,018,415

Total

105,738,972

Industrials

(3.5%)

5,716

A.O.

Smith

Corporation

398,748

2,669

Acuity

Brands,

Inc.

432,298

20,351

Advanced

Drainage

Systems,

Inc.

2,174,097

6,431

AECOM

492,293

6,268

AGCO

Corporation

718,689

53,247

Air

Lease

Corporation

1,843,944

11,904

Alight,

Inc.

g

79,043

4,635

Allison

Transmission

Holdings,

Inc.

233,697

16,844

AMETEK,

Inc.

2,371,130

1,003

Apogee

Enterprises,

Inc.

43,049

11,768

Armstrong

World

Industries,

Inc.

893,073

51,793

ASGN,

Inc.

g

4,322,644

10,938

Automatic

Data

Processing,

Inc.

2,386,890

1,857

Axon

Enterprise,

Inc.

g

379,738

4,123

AZZ,

Inc.

194,894

119,166

Badger

Infrastructure

Solutions,

Ltd.

3,156,277

28,197

Barnes

Group,

Inc.

586,216

15,502

Beacon

Roofing

Supply,

Inc.

g

1,103,277

103

Boise

Cascade

Company

9,656

186

Brady

Corporation

9,572

2,679

Builders

FirstSource,

Inc.

g

290,725

8,400

Carlisle

Companies,

Inc.

2,134,356

1,026

Caterpillar,

Inc.

231,927

16,361

Chart

Industries,

Inc.

g

1,901,639

11,265

Cimpress

plc

g

672,183

103,215

CNH

Industrial

NV

1,133,301

356

Columbus

McKinnon

Corporation

10,883

24,514

Conduent

Incorporated

g

78,200

2,708

CSW

Industrials,

Inc.

480,020

107,563

CSX

Corporation

3,210,756

9,296

Cummins,

Inc.

2,010,725

9,826

Curtiss-Wright

Corporation

1,953,507

2,664

Daseke,

Inc.

g

11,828

3,858

Deere

&

Company

1,409,559

37,443

Delta

Air

Lines,

Inc.

1,170,094

5,199

Donaldson

Company,

Inc.

299,774

28

Dover

Corporation

3,639

6,063

EMCOR

Group,

Inc.

1,252,919

213

Equifax,

Inc.

36,118

137,487

ExlService

Holdings,

Inc.

g

3,589,786

1,684

Expeditors

International

of

Washington,

Inc.

183,977

24,145

Fastenal

Company

1,408,619

14,286

Ferguson

plc

2,145,757

79,544

First

Advantage

Corporation

1,034,867

28,944

Flowserve

Corporation

1,062,824

28,616

Fluor

Corporation

g

952,627

1,384

Forrester

Research,

Inc.

g

32,109

8,836

Fortune

Brands

Innovations,

Inc.

493,049

4,708

Gates

Industrial

Corporation

plc

g

51,411

8,206

General

Dynamics

Corporation

1,980,190

2,985

Gibraltar

Industries,

Inc.

g

181,667

153

GMS,

Inc.

g

8,947

655

Gorman-Rupp

Company

19,355

21,508

Greenbrier

Companies,

Inc.

743,962

1,692

Griffon

Corporation

67,578

47,067

Helios

Technologies,

Inc.

2,434,305

3,101

Herc

Holdings,

Inc.

331,156

9,913

Hillman

Solutions

Corporation

g

65,029

9,481

Honeywell

International,

Inc.

1,737,488

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

257

Shares

Common

Stock

(22.9%)

Value

Industrials

(3.5%)

-

continued

132,765

Howmet

Aerospace,

Inc.

$

5,854,936

537

Hubbell,

Inc.

145,044

1,514

IDEX

Corporation

289,795

654

Ingersoll

Rand,

Inc.

39,685

4,620

Interface,

Inc.

41,072

253,604

Janus

International

Group,

Inc.

g

2,373,733

4,534

JB

Hunt

Transport

Services,

Inc.

779,259

22,782

JetBlue

Airways

Corporation

g

85,660

302

Johnson

Controls

International

plc

14,804

7,974

Kennametal,

Inc.

184,279

8,391

L3Harris

Technologies,

Inc.

1,505,429

4,118

Legalzoom.com,

Inc.

g

41,056

14,890

Lincoln

Electric

Holdings,

Inc.

2,602,772

16,523

ManpowerGroup,

Inc.

1,156,114

23,079

Masco

Corporation

1,202,185

75,798

Masterbrand,

Inc.

g

842,116

3,103

Matson,

Inc.

270,116

15,769

Maximus,

Inc.

1,178,260

23,767

Middleby

Corporation

g

2,682,581

21,957

Miller

Industries,

Inc.

798,576

6,244

Moog,

Inc.

724,616

4,560

MSC

Industrial

Direct

Company,

Inc.

432,060

1,110

MYR

Group,

Inc.

g

128,571

348

National

Presto

Industries,

Inc.

26,013

1,010

Northrop

Grumman

Corporation

476,144

10,652

nVent

Electric

plc

512,681

6,311

Old

Dominion

Freight

Line,

Inc.

2,377,101

26,409

Oshkosh

Corporation

2,316,862

1,612

Otis

Worldwide

Corporation

124,462

22,032

Owens

Corning,

Inc.

2,497,768

7,334

PACCAR,

Inc.

605,275

4,822

Parker-Hannifin

Corporation

1,778,884

601

Paycom

Software,

Inc.

147,227

668

Paylocity

Holding

Corporation

g

119,839

40,132

Pentair

plc

2,332,472

2,980

Quanta

Services,

Inc.

498,018

54,927

RB

Global,

Inc.

3,592,226

12,964

Regal

Rexnord

Corporation

1,535,067

2,181

Republic

Services,

Inc.

323,857

4,739

Resideo

Technologies,

Inc.

g

68,621

7,631

Saia,

Inc.

g

2,735,637

42,725

Schneider

National,

Inc.

1,082,224

15,961

Simpson

Manufacturing

Company,

Inc.

2,125,686

6,309

SiteOne

Landscape

Supply,

Inc.

g

869,191

10,891

SkyWest,

Inc.

g

459,273

465

Snap-On,

Inc.

119,942

2,296

Southwest

Airlines

Company

51,040

6,922

Standex

International

Corporation

993,792

1,332

Sterling

Construction

Company,

Inc.

g

97,036

13,515

Tennant

Company

1,003,083

7,059

Terex

Corporation

323,302

3,982

Textron,

Inc.

302,632

27,938

Timken

Company

1,931,075

2,927

Titan

Machinery,

Inc.

g

72,707

12,338

Trane

Technologies

plc

2,348,045

22,165

TransUnion

972,600

6,184

Trex

Company,

Inc.

g

347,603

15,677

Uber

Technologies,

Inc.

g

678,501

79

UniFirst

Corporation/MA

12,990

15,968

United

Parcel

Service,

Inc.

2,255,480

4,033

United

Rentals,

Inc.

1,638,487

940

Valmont

Industries,

Inc.

185,095

Shares

Common

Stock

(22.9%)

Value

Industrials

(3.5%)

-

continued

1,661

Veralto

Corporation

g

$

114,609

2,189

Vertiv

Holdings

Company

85,962

3,871

Wabash

National

Corporation

80,091

59,447

WillScot

Mobile

Mini

Holdings

Corporation

g

2,342,806

Total

124,580,206

Information

Technology

(4.6%)

19,877

8x8,

Inc.

g

47,307

6,638

Adobe,

Inc.

g

3,531,814

7,842

Advanced

Micro

Devices,

Inc.

g

772,437

2,530

Alpha

and

Omega

Semiconductor,

Ltd.

g

60,012

7,837

Amkor

Technology,

Inc.

163,480

38,144

Amphenol

Corporation

3,072,499

1,585

ANSYS,

Inc.

g

441,042

94,384

Apple,

Inc.

16,117,956

14,865

Applied

Materials,

Inc.

1,967,383

8,225

Arista

Networks,

Inc.

g

1,648,043

7,402

Autodesk,

Inc.

g

1,462,857

465

Broadcom,

Inc.

391,237

90,414

Calix,

Inc.

g

2,994,512

488

CDW

Corporation

97,795

24,604

Ciena

Corporation

g

1,038,289

159,747

Cisco

Systems,

Inc.

8,327,611

26,554

Cognex

Corporation

955,678

147

Cognizant

Technology

Solutions

Corporation

9,477

25,885

Cohu,

Inc.

g

780,174

24,248

CommScope

Holding

Company,

Inc.

g

35,887

317

CommVault

Systems,

Inc.

g

20,716

1,031

Corning,

Inc.

27,590

8,293

Crane

NXT

Company

431,236

1,869

Datadog,

Inc.

g

152,267

27,389

Descartes

Systems

Group,

Inc.

g

1,977,760

3,563

DocuSign,

Inc.

g

138,529

10,219

Dolby

Laboratories,

Inc.

827,126

90,356

Dropbox,

Inc.

g

2,376,363

29,836

Dynatrace

Holdings,

LLC

g

1,333,968

1,104

Elastic

NV

g

82,844

7,087

Enphase

Energy,

Inc.

g

563,983

4,808

EPAM

Systems,

Inc.

g

1,046,077

790

F5,

Inc.

g

119,756

34

Fair

Isaac

Corporation

g

28,760

52,921

Flex,

Ltd.

g

1,361,128

5,838

FormFactor,

Inc.

g

197,791

5,282

Fortinet,

Inc.

g

301,972

17

Gartner,

Inc.

g

5,645

57,381

Gilat

Satellite

Networks,

Ltd.

g

344,860

381

GoDaddy,

Inc.

g

27,901

122,726

Grid

Dynamics

Holdings,

Inc.

g

1,244,442

55,063

Guidewire

Software,

Inc.

g

4,962,828

71,194

Hackett

Group,

Inc.

1,586,914

14,682

Hewlett

Packard

Enterprise

Company

225,809

138

HP,

Inc.

3,634

3,257

HubSpot,

Inc.

g

1,380,219

3,047

Insight

Enterprises,

Inc.

g

436,635

3,454

IPG

Photonics

Corporation

g

296,699

3,218

JFrog,

Ltd.

g

72,373

32,112

Juniper

Networks,

Inc.

864,455

2,720

Keysight

Technologies,

Inc.

g

331,976

2,919

KLA

Corporation

1,371,054

61,327

Knowles

Corporation

g

796,638

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

258

Shares

Common

Stock

(22.9%)

Value

Information

Technology

(4.6%)

-

continued

14,879

Kyndryl

Holdings,

Inc.

g

$

217,680

2,759

Lam

Research

Corporation

1,622,899

42,838

Lattice

Semiconductor

Corporation

g

2,382,221

7,874

Littelfuse,

Inc.

1,706,060

12,515

LiveRamp

Holding,

Inc.

g

346,165

5,189

Marvell

Technology,

Inc.

245,025

444

Microchip

Technology,

Inc.

31,653

64,773

Microsoft

Corporation

21,900,399

4,719

MKS

Instruments,

Inc.

309,850

4,992

Monolithic

Power

Systems,

Inc.

2,205,166

237

Motorola

Solutions,

Inc.

65,995

5,974

NCR

Voyix

Corporation

g

91,342

5,974

NetApp,

Inc.

434,788

2,664

NICE,

Ltd.

ADR

g

411,188

13,829

Nova,

Ltd.

g

1,313,340

20,395

NVIDIA

Corporation

8,317,081

6,795

ON

Semiconductor

Corporation

g

425,639

394

OSI

Systems,

Inc.

g

41,082

52,488

PagerDuty,

Inc.

g

1,058,683

11,574

Palo

Alto

Networks,

Inc.

g

2,812,713

21,011

PDF

Solutions,

Inc.

g

557,422

13,529

Plexus

Corporation

g

1,330,171

13,201

PTC,

Inc.

g

1,853,684

8,795

Q2

Holdings,

Inc.

g

264,114

1,365

Qorvo,

Inc.

g

119,328

41,238

QUALCOMM,

Inc.

4,494,530

12,910

Rackspace

Technology,

Inc.

f,g

15,750

3,853

Rapid7,

Inc.

g

179,126

5,241

RingCentral,

Inc.

g

139,306

1,601

Roper

Industries,

Inc.

782,201

16,104

Salesforce,

Inc.

g

3,234,166

49,152

Samsung

Electronics

Company,

Ltd.

2,446,535

1,326

Sanmina

Corporation

g

67,454

3,654

ServiceNow,

Inc.

g

2,126,080

13,252

Silicon

Laboratories,

Inc.

g

1,221,569

3,190

Skyworks

Solutions,

Inc.

276,701

13,891

SolarWinds

Corporation

g

127,936

3,984

Sprinklr,

Inc.

g

54,143

84,732

Sprout

Social,

Inc.

g

3,667,201

5,989

SPS

Commerce,

Inc.

g

960,276

5,676

Synopsys,

Inc.

g

2,664,541

17,937

TE

Connectivity,

Ltd.

2,113,875

346

Teledyne

Technologies,

Inc.

g

129,608

393

Tenable

Holdings,

Inc.

g

16,549

7,732

Teradata

Corporation

g

330,311

86

Teradyne,

Inc.

7,161

22,291

Texas

Instruments,

Inc.

3,165,545

7,872

Trimble,

Inc.

g

371,007

270,457

TTM

Technologies,

Inc.

g

3,107,551

6,438

Tyler

Technologies,

Inc.

g

2,400,730

22,272

Unisys

Corporation

g

61,916

6,700

Universal

Display

Corporation

932,506

7,843

Upland

Software,

Inc.

g

26,196

81,257

Varonis

Systems,

Inc.

g

2,733,485

4,908

Verint

Systems,

Inc.

g

92,319

8,880

VeriSign,

Inc.

g

1,772,981

17,023

Viavi

Solutions,

Inc.

g

132,439

18,249

Vishay

Intertechnology,

Inc.

405,858

19,770

Vontier

Corporation

584,401

22,082

Wolfspeed,

Inc.

g

747,255

32,799

Workiva,

Inc.

g

2,856,465

3,478

Xerox

Holdings

Corporation

44,657

14,733

Yext,

Inc.

g

88,840

Shares

Common

Stock

(22.9%)

Value

Information

Technology

(4.6%)

-

continued

2,118

Zoom

Video

Communications,

Inc.

g

$

127,038

Total

163,625,334

Materials

(0.8%)

720

Albemarle

Corporation

91,282

21,076

Alcoa

Corporation

540,389

1,056

AptarGroup,

Inc.

129,117

47,472

Axalta

Coating

Systems,

Ltd.

g

1,245,191

12,998

Ball

Corporation

625,854

6,990

Berry

Plastics

Group,

Inc.

384,450

13,009

Carpenter

Technology

Corporation

815,924

6,793

Celanese

Corporation

777,866

20,302

CF

Industries

Holdings,

Inc.

1,619,694

28,124

Cleveland-Cliffs,

Inc.

g

471,921

6,455

Commercial

Metals

Company

272,982

4,487

Eagle

Materials,

Inc.

690,594

14,230

Eastman

Chemical

Company

1,063,408

287

Hawkins,

Inc.

16,482

28,380

Huntsman

Corporation

662,105

24,082

Ingevity

Corporation

g

970,023

5,047

Innospec,

Inc.

494,606

75,305

Ivanhoe

Mines,

Ltd.

g

554,979

1,688

Kaiser

Aluminum

Corporation

95,878

4,352

Linde

plc

1,663,160

3,816

LSB

Industries,

Inc.

g

34,764

349

LyondellBasell

Industries

NV

31,494

3,777

Martin

Marietta

Materials,

Inc.

1,544,566

10,867

Mosaic

Company

352,960

1,648

Myers

Industries,

Inc.

27,637

2,656

Newmont

Corporation

99,520

12,970

Nucor

Corporation

1,916,836

9,730

O-I

Glass,

Inc.

g

150,329

5,445

Orion

SA

110,534

7,557

PPG

Industries,

Inc.

927,773

267,528

Ranpak

Holdings

Corporation

g

845,388

428

Reliance

Steel

&

Aluminum

Company

108,875

14,875

RPM

International,

Inc.

1,357,641

3,751

Ryerson

Holding

Corporation

108,967

5,571

Schnitzer

Steel

Industries,

Inc.

126,517

8,326

Steel

Dynamics,

Inc.

886,802

40,603

Summit

Materials,

Inc.

g

1,335,839

12,764

SunCoke

Energy,

Inc.

121,386

4,753

TimkenSteel

Corporation

g

96,628

1,753

TriMas

Corporation

42,440

11,711

Trinseo

plc

72,491

167,658

Tronox

Holdings

plc

1,792,264

6,936

United

States

Lime

&

Minerals,

Inc.

1,373,259

21,573

United

States

Steel

Corporation

731,109

1,885

Vulcan

Materials

Company

370,384

Total

27,752,308

Real

Estate

(1.0%)

72,776

Agree

Realty

Corporation

4,071,089

4,713

Alexandria

Real

Estate

Equities,

Inc.

438,922

20,572

Apartment

Income

REIT

Corporation

600,908

12,229

AvalonBay

Communities,

Inc.

2,026,834

2,811

Camden

Property

Trust

238,598

4,476

CareTrust

REIT,

Inc.

96,324

20,741

CBRE

Group,

Inc.

g

1,438,181

3,922

Centerspace

190,531

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

259

Shares

Common

Stock

(22.9%)

Value

Real

Estate

(1.0%)

-

continued

8,370

Chatham

Lodging

Trust

$

77,423

28,584

Compass,

Inc.

g

56,596

13,013

CoStar

Group,

Inc.

g

955,284

33,192

CubeSmart

1,131,515

128,852

Cushman

and

Wakefield

plc

g

949,639

10,335

DigitalBridge

Group,

Inc.

163,810

1,549

EastGroup

Properties,

Inc.

252,874

25,730

Elme

Communities

328,315

20,192

EPR

Properties

862,198

56,790

Equity

Commonwealth

1,075,603

13,580

Equity

Residential

751,381

64,460

Essential

Properties

Realty

Trust,

Inc.

1,414,897

838

Essex

Property

Trust,

Inc.

179,265

16,228

First

Industrial

Realty

Trust,

Inc.

686,444

10,828

FirstService

Corporation

1,531,837

30,411

Four

Corners

Property

Trust,

Inc.

647,754

5,940

Getty

Realty

Corporation

158,123

74,188

Healthcare

Realty

Trust,

Inc.

1,064,598

78,585

Host

Hotels

&

Resorts,

Inc.

1,216,496

3,528

Howard

Hughes

Holdings,

Inc.

g

234,012

83,833

Independence

Realty

Trust,

Inc.

1,038,691

26,686

Invitation

Homes,

Inc.

792,307

5,648

Kennedy-Wilson

Holdings,

Inc.

72,690

2,125

LTC

Properties,

Inc.

67,171

90,076

LXP

Industrial

Trust

712,501

2,946

Mid-America

Apartment

Communities,

Inc.

348,070

42,429

National

Storage

Affiliates

Trust

1,210,075

32,067

NetSTREIT

Corporation

456,955

6,221

NNN

REIT,

Inc.

226,009

21,377

Pebblebrook

Hotel

Trust

255,028

16,053

Phillips

Edison

and

Company,

Inc.

566,831

8,111

Public

Storage

1,936,177

3,459

Realty

Income

Corporation

163,887

12,731

Regency

Centers

Corporation

767,170

21,466

Rexford

Industrial

Realty,

Inc.

928,190

1,984

RMR

Group,

Inc.

44,680

28,136

Sabra

Health

Care

REIT,

Inc.

383,775

10,430

SBA

Communications

Corporation

2,176,011

51,338

Service

Properties

Trust

372,201

13,977

Terreno

Realty

Corporation

744,695

31,672

UDR,

Inc.

1,007,486

2,118

Welltower,

Inc.

177,086

Total

37,287,137

Utilities

(0.6%)

32,392

AES

Corporation

482,641

10,931

Alliant

Energy

Corporation

533,323

32,377

American

Electric

Power

Company,

Inc.

2,445,759

486

American

Water

Works

Company,

Inc.

57,178

3,276

Artesian

Resources

Corporation

128,747

2,242

Avista

Corporation

71,049

6,107

Black

Hills

Corporation

295,273

14,076

CenterPoint

Energy,

Inc.

378,363

19,867

Constellation

Energy

Corporation

2,243,382

17,232

Duke

Energy

Corporation

1,531,752

15,001

Entergy

Corporation

1,433,946

26,044

Evergy,

Inc.

1,279,802

1,162

NextEra

Energy

Partners,

LP

f

31,455

160,746

NiSource,

Inc.

4,044,369

28,470

Northwestern

Energy

Group,

Inc.

1,366,845

47,053

OGE

Energy

Corporation

1,609,213

Shares

Common

Stock

(22.9%)

Value

Utilities

(0.6%)

-

continued

34,413

Portland

General

Electric

Company

$

1,377,208

18,981

Public

Service

Enterprise

Group,

Inc.

1,170,179

9,904

Spire,

Inc.

550,960

47,308

UGI

Corporation

984,006

Total

22,015,450

Total

Common

Stock

(cost

$768,717,562)

824,088,236

Principal

Amount

Long-Term

Fixed

Income

(

10.3%

)

Value

Asset-Backed

Securities

(0.2%)

510

Asset

Backed

Trust

$

525,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

h,i

444,628

720

East

CLO

I,

Ltd.

550,000

8.666%, 

(TSFR3M

+

3.250%),

1/20/2036,

Ser.

2022-1A,

Class

B

b,h

552,616

175,000

9.666%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

b,h

176,254

Access

Group,

Inc.

33,497

5.935%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

b,h

32,911

AMSR

Trust

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

h

411,323

350,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

h

305,414

Ares

XL

CLO,

Ltd.

525,000

8.456%, 

(TSFR3M

+

3.062%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,h

513,284

CMFT

Net

Lease

Master

Issuer,

LLC

335,197

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

h

266,018

Commonbond

Student

Loan

Trust

26,532

5.939%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,h

25,858

Dryden

36

Senior

Loan

Fund

450,000

7.706%, 

(TSFR3M

+

2.312%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,h

442,809

Foundation

Finance

Trust

204,064

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

h

177,546

FRTKL

Trust

625,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

h

540,916

GSAA

Home

Equity

Trust

959,251

4.467%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b,i

811,302

Harley

Marine

Financing,

LLC

1,247,959

6.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

h

1,243,303

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

260

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Asset-Backed

Securities

(0.2%)

-

continued

Home

Partners

of

America

Trust

$

625,723

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

h

$

549,987

484,214

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

h

390,149

Laurel

Road

Prime

Student

Loan

Trust

124,559

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,h

114,816

Longfellow

Place

CLO,

Ltd.

247,369

7.956%, 

(TSFR3M

+

2.562%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,h

246,975

National

Collegiate

Trust

131,401

5.734%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,h

127,099

Preston

Ridge

Partners

Mortgage

Trust,

LLC

329,819

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,h

316,001

Pretium

Mortgage

Credit

Partners,

LLC

282,720

5.240%, 

4/25/2052,

Ser.

2022-NPL2,

Class

A1

h,i

273,469

189,025

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

h,i

182,361

VCAT

Asset

Securitization,

LLC

250,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

h,i

234,843

Vericrest

Opportunity

Loan

Transferee

261,240

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

h,i

242,704

173,990

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

h,i

161,800

250,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

h,i

189,904

250,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

h,i

185,233

Wind

River

CLO,

Ltd.

325,000

7.677%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,h

322,936

Total

9,482,459

Basic

Materials

(0.1%)

Alcoa

Nederland

Holding

BV

94,000

5.500%, 

12/15/2027

h

89,082

Anglo

American

Capital

plc

200,000

3.875%, 

3/16/2029

h

177,140

ATI,

Inc.

66,000

7.250%, 

8/15/2030

63,537

Cascades,

Inc./Cascades

USA,

Inc.

120,000

5.125%, 

1/15/2026

h

113,895

Chemours

Company

85,000

5.750%, 

11/15/2028

h

71,889

Cleveland-Cliffs,

Inc.

110,000

5.875%, 

6/1/2027

f

104,805

40,000

4.625%, 

3/1/2029

h

34,476

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Basic

Materials

(0.1%)

-

continued

Consolidated

Energy

Finance

SA

$

178,000

5.625%, 

10/15/2028

h

$

146,263

EIDP,

Inc.

132,000

4.500%, 

5/15/2026

128,166

First

Quantum

Minerals,

Ltd.

172,000

6.875%, 

10/15/2027

h

146,497

FMC

Corporation

134,000

5.150%, 

5/18/2026

129,375

Glencore

Funding,

LLC

133,000

3.375%, 

9/23/2051

h

76,278

189,000

4.000%, 

3/27/2027

h

176,264

133,000

6.125%, 

10/6/2028

h

131,848

Hecla

Mining

Company

60,000

7.250%, 

2/15/2028

57,285

Hudbay

Minerals,

Inc.

101,000

4.500%, 

4/1/2026

h

94,002

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

73,000

9.000%, 

7/1/2028

h

68,204

International

Flavors

&

Fragrances,

Inc.

158,000

1.230%, 

10/1/2025

h

142,443

Methanex

Corporation

92,000

4.250%, 

12/1/2024

89,834

Mineral

Resources,

Ltd.

20,000

9.250%, 

10/1/2028

h

20,000

Mosaic

Company

175,000

4.050%, 

11/15/2027

163,316

Novelis

Corporation

55,000

3.250%, 

11/15/2026

h

48,958

40,000

4.750%, 

1/30/2030

h

33,939

55,000

3.875%, 

8/15/2031

h

42,955

Nutrien,

Ltd.

66,000

4.900%, 

3/27/2028

63,225

OCI

NV

64,000

4.625%, 

10/15/2025

h

60,487

Olin

Corporation

130,000

5.125%, 

9/15/2027

119,186

10,000

5.625%, 

8/1/2029

9,092

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

101,000

5.375%, 

11/1/2026

h

89,590

SNF

Group

SACA

89,000

3.375%, 

3/15/2030

h

71,176

SunCoke

Energy,

Inc.

86,000

4.875%, 

6/30/2029

h

71,982

Taseko

Mines,

Ltd.

71,000

7.000%, 

2/15/2026

h

64,404

Unifrax

Escrow

Issuer

Corporation

74,000

5.250%, 

9/30/2028

h

49,983

United

States

Steel

Corporation

105,000

6.875%, 

3/1/2029

f

102,009

Total

3,051,585

Capital

Goods

(0.2%)

Advanced

Drainage

Systems,

Inc.

97,000

6.375%, 

6/15/2030

h

91,584

AECOM

185,000

5.125%, 

3/15/2027

174,659

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

261

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Capital

Goods

(0.2%)

-

continued

Amsted

Industries,

Inc.

$

150,000

5.625%, 

7/1/2027

h

$

138,028

10,000

4.625%, 

5/15/2030

h

8,067

ARD

Finance

SA

31,000

6.500%, 

6/30/2027

h

18,048

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

138,000

5.250%, 

8/15/2027

h

100,309

Boeing

Company

290,000

5.930%, 

5/1/2060

243,978

157,000

5.040%, 

5/1/2027

152,022

318,000

5.705%, 

5/1/2040

281,293

Bombardier,

Inc.

53,000

7.125%, 

6/15/2026

h

50,996

89,000

7.875%, 

4/15/2027

h

85,616

75,000

6.000%, 

2/15/2028

h

66,366

Brand

Industrial

Services,

Inc.

32,000

10.375%, 

8/1/2030

h

31,760

Builders

FirstSource,

Inc.

85,000

5.000%, 

3/1/2030

h

74,177

Canpack

SA/Canpack

US,

LLC

120,000

3.125%, 

11/1/2025

h

110,009

Carrier

Global

Corporation

125,000

2.700%, 

2/15/2031

98,723

Chart

Industries,

Inc.

98,000

7.500%, 

1/1/2030

h

96,235

Clean

Harbors,

Inc.

130,000

6.375%, 

2/1/2031

h

123,560

Clydesdale

Acquisition

Holdings,

Inc.

13,000

6.625%, 

4/15/2029

h

11,809

26,000

8.750%, 

4/15/2030

h

20,724

CNH

Industrial

NV

104,000

3.850%, 

11/15/2027

95,843

Cornerstone

Building

Brands,

Inc.

68,000

6.125%, 

1/15/2029

h

49,715

Covanta

Holding

Corporation

54,000

4.875%, 

12/1/2029

h

42,120

CP

Atlas

Buyer,

Inc.

94,000

7.000%, 

12/1/2028

f,h

71,645

Crown

Cork

&

Seal

Company,

Inc.

84,000

7.375%, 

12/15/2026

85,264

Emerald

Debt

Merger

Sub,

LLC

99,000

6.625%, 

12/15/2030

h

94,174

GFL

Environmental,

Inc.

63,000

4.000%, 

8/1/2028

h

54,217

145,000

3.500%, 

9/1/2028

h

124,154

H&E

Equipment

Services,

Inc.

169,000

3.875%, 

12/15/2028

h

143,149

Herc

Holdings,

Inc.

70,000

5.500%, 

7/15/2027

h

65,799

Howmet

Aerospace,

Inc.

215,000

3.000%, 

1/15/2029

181,474

199,000

5.950%, 

2/1/2037

181,788

Ingersoll

Rand,

Inc.

35,000

5.700%, 

8/14/2033

33,071

John

Deere

Capital

Corporation

108,000

4.950%, 

7/14/2028

105,346

Lockheed

Martin

Corporation

168,000

4.500%, 

5/15/2036

147,116

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Capital

Goods

(0.2%)

-

continued

$

46,000

6.150%, 

9/1/2036

$

46,819

Mauser

Packaging

Solutions

Holding

Company

53,000

9.250%, 

4/15/2027

h

44,139

MIWD

Holdco

II,

LLC

100,000

5.500%, 

2/1/2030

h

79,375

Mueller

Water

Products,

Inc.

55,000

4.000%, 

6/15/2029

h

47,025

Nesco

Holdings

II,

Inc.

100,000

5.500%, 

4/15/2029

h

85,750

New

Enterprise

Stone

and

Lime

Company,

Inc.

107,000

5.250%, 

7/15/2028

h

94,427

Nordson

Corporation

132,000

5.600%, 

9/15/2028

129,566

Northrop

Grumman

Corporation

320,000

3.850%, 

4/15/2045

226,800

OI

European

Group

BV

87,000

4.750%, 

2/15/2030

h

74,029

Owens-Brockway

Glass

Container,

Inc.

53,000

6.625%, 

5/13/2027

h

50,350

Pactiv

Evergreen

Group

65,000

4.375%, 

10/15/2028

h

55,291

Parker-Hannifin

Corporation

331,000

4.500%, 

9/15/2029

307,633

PGT

Innovations,

Inc.

91,000

4.375%, 

10/1/2029

h

84,955

Regal

Rexnord

Corporation

165,000

6.050%, 

2/15/2026

h

162,295

Republic

Services,

Inc.

130,000

2.900%, 

7/1/2026

121,500

Roller

Bearing

Company

of

America,

Inc.

75,000

4.375%, 

10/15/2029

h

63,601

Rolls-Royce

plc

49,000

5.750%, 

10/15/2027

h

46,431

RTX

Corporation

101,000

4.125%, 

11/16/2028

92,745

225,000

4.450%, 

11/16/2038

179,424

Sealed

Air

Corporation

82,000

6.125%, 

2/1/2028

h

78,049

Silgan

Holdings,

Inc.

39,000

4.125%, 

2/1/2028

34,441

SRM

Escrow

Issuer,

LLC

160,000

6.000%, 

11/1/2028

h

147,934

Textron,

Inc.

200,000

3.375%, 

3/1/2028

179,938

Titan

Acquisition,

Ltd./Titan

Co-

Borrower,

LLC

60,000

7.750%, 

4/15/2026

h

55,807

Trane

Technologies

Financing,

Ltd.

135,000

3.500%, 

3/21/2026

128,237

TransDigm,

Inc.

127,000

6.250%, 

3/15/2026

h

124,010

278,000

5.500%, 

11/15/2027

258,805

Triumph

Group,

Inc.

84,000

9.000%, 

3/15/2028

h

81,584

United

Rentals

North

America,

Inc.

110,000

4.875%, 

1/15/2028

102,055

110,000

4.000%, 

7/15/2030

92,437

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

262

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Capital

Goods

(0.2%)

-

continued

Veralto

Corporation

$

133,000

5.350%, 

9/18/2028

h

$

128,665

Waste

Management,

Inc.

139,000

4.875%, 

2/15/2034

127,288

Waste

Pro

USA,

Inc.

65,000

5.500%, 

2/15/2026

h

59,748

WESCO

Distribution,

Inc.

110,000

7.250%, 

6/15/2028

h

109,302

Total

7,153,293

Collateralized

Mortgage

Obligations

(0.4%)

Banc

of

America

Alternative

Loan

Trust

11,799

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

9,674

BINOM

Securitization

Trust

270,807

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

b,h

223,314

CHL

Mortgage

Pass-Through

Trust

773,351

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

292,232

CHNGE

Mortgage

Trust

469,326

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

h,i

465,631

568,325

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

h,i

552,109

Citicorp

Mortgage

Securities,

Inc.

259,672

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

216,164

Citigroup

Mortgage

Loan

Trust,

Inc.

1,918

4.524%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

1,846

COLT

Mortgage

Loan

Trust

548,339

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

b,h

442,595

Countrywide

Alternative

Loan

Trust

55,377

3.784%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

43,894

285,630

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

100,154

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

31,445

3.728%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

24,708

Countrywide

Home

Loans,

Inc.

74,806

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

33,055

Credit

Suisse

Mortgage

Trust

325,000

3.346%, 

1/25/2067,

Ser.

2022-ATH1,

Class

A1B

b,h

260,796

500,000

4.000%, 

2/25/2067,

Ser.

2022-NQM2,

Class

A1B

b,h

404,951

277,438

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

b,h

269,786

283,018

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,h

220,613

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

31,861

6.000%, 

11/25/2023,

Ser.

2006-AR5,

Class

23A

16,125

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Collateralized

Mortgage

Obligations

(0.4%)

-

continued

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

$

791,048

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

$

738,200

94,823

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

j

8,025

304,443

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

j

30,785

760,629

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

722,551

600,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

426,023

Federal

National

Mortgage

Association

-

REMIC

865,378

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

814,038

532,604

4.000%, 

7/25/2052,

Ser.

2022-37,

Class

PE

496,020

356,826

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

j

13,137

1,374,736

5.250%, 

7/25/2039,

Ser.

2022-72,

Class

CB

1,339,049

729,366

4.500%, 

1/25/2046,

Ser.

2022-68,

Class

BA

699,568

Flagstar

Mortgage

Trust

304,733

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,h

248,765

GCAT

Trust

436,218

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

b,h

362,176

GS

Mortgage-Backed

Securities

Trust

625,999

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

b,h

477,985

J.P.

Morgan

Mortgage

Trust

558,468

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

b,h

407,966

413,533

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,h

310,599

LHOME

Mortgage

Trust

86,975

2.090%, 

2/25/2026,

Ser.

2021-RTL1,

Class

A1

b,h

86,622

154,619

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

h,i

152,716

Mello

Mortgage

Capital

Acceptance

570,699

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

b,h

416,900

Merrill

Lynch

Alternative

Note

Asset

Trust

78,042

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

28,706

New

Residential

Mortgage

Loan

Trust

1,126,086

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

b,h

822,614

New

York

Mortgage

Trust

405,505

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

h,i

401,640

Onslow

Bay

Financial,

LLC

350,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

b,h

274,511

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

263

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Collateralized

Mortgage

Obligations

(0.4%)

-

continued

Palisades

Mortgage

Loan

Trust

$

875,000

2.857%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

h,i

$

852,663

Residential

Accredit

Loans,

Inc.

Trust

116,837

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

94,844

Residential

Funding

Mortgage

Security

I

Trust

18,567

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

13,516

ROC

Securities

Trust

Series

519,155

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,h

507,112

Sequoia

Mortgage

Trust

89,112

3.482%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

59,716

Toorak

Mortgage

Corporation,

Ltd.

339,779

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

h,i

330,671

TRK

Trust

408,270

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

b,h

324,171

Vericrest

Opportunity

Loan

Transferee

241,560

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

h,i

228,827

Verus

Securitization

Trust

227,123

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

b,h

179,806

Total

15,447,569

Commercial

Mortgage-Backed

Securities

(0.3%)

BANK

2022-BNK39

2,740,388

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,j

71,919

BANK5

2023-5YR2

475,000

7.379%, 

7/15/2056,

Ser.

2023-5YR2,

Class

AS

b

475,455

BBCMS

Mortgage

Trust

1,326,378

0.740%, 

2/15/2055,

Ser.

2022-C14,

Class

XA

b,j

51,653

3,990,744

1.152%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,j

295,070

3,525,120

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,j

297,185

BFLD

Trust

200,000

7.150%, 

(TSFR1M

+

1.814%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,h

116,400

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

1,750,000

3.000%, 

6/25/2032,

Ser.

K147,

Class

A2

b,k

1,435,396

1,150,000

3.500%, 

7/25/2032,

Ser.

K148,

Class

A2

b,k

979,996

1,750,000

3.530%, 

8/25/2032,

Ser.

K149,

Class

A2

k

1,493,452

300,000

3.710%, 

9/25/2032,

Ser.

K-150,

Class

A2

b,k

259,264

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Commercial

Mortgage-Backed

Securities

(0.3%)

-

continued

$

1,800,000

3.800%, 

10/25/2032,

Ser.

K-151,

Class

A2

b,k

$

1,564,715

600,000

3.780%, 

11/25/2032,

Ser.

K-152,

Class

A2

b,k

520,657

550,000

3.820%, 

12/25/2032,

Ser.

K-153,

Class

A2

b,k

477,992

Federal

Home

Loan

Mortgage

Corporation

Multifamily

WI

Certificates

400,000

4.500%, 

12/25/2033,

Ser.

K160,

Class

A2

364,692

1,500,000

4.900%, 

1/25/2034,

Ser.

K161,

Class

A2

1,408,029

MIRA

Trust

500,000

6.755%, 

6/10/2038,

Ser.

2023-MILE,

Class

A

h

486,012

Morgan

Stanley

Capital

I

Trust

3,706,974

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,j

331,065

SCOTT

Trust

625,000

5.910%, 

3/15/2040,

Ser.

2023-SFS,

Class

A

h

596,285

Total

11,225,237

Communications

Services

(0.3%)

Activision

Blizzard,

Inc.

265,000

2.500%, 

9/15/2050

148,140

Allen

Media,

LLC/Allen

Media

Co-

Issuer,

Inc.

73,000

10.500%, 

2/15/2028

h

38,019

Altice

Financing

SA

79,000

5.750%, 

8/15/2029

h

61,091

Altice

France

SA/France

168,000

5.125%, 

7/15/2029

h

115,023

50,000

5.500%, 

10/15/2029

h

34,395

AMC

Networks,

Inc.

40,000

5.000%, 

4/1/2024

39,688

126,000

4.250%, 

2/15/2029

77,413

American

Tower

Corporation

80,000

3.375%, 

10/15/2026

74,056

133,000

5.800%, 

11/15/2028

129,935

171,000

2.900%, 

1/15/2030

139,451

88,000

5.650%, 

3/15/2033

81,872

AT&T,

Inc.

198,000

3.650%, 

6/1/2051

121,864

283,000

3.500%, 

9/15/2053

166,644

250,000

2.300%, 

6/1/2027

220,871

260,000

4.350%, 

3/1/2029

239,353

134,000

5.400%, 

2/15/2034

123,123

180,000

4.900%, 

8/15/2037

151,332

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

138,000

5.500%, 

5/1/2026

h

131,605

120,000

5.125%, 

5/1/2027

h

110,484

60,000

5.000%, 

2/1/2028

h

53,876

6,000

6.375%, 

9/1/2029

h

5,491

125,000

4.750%, 

3/1/2030

h

103,115

40,000

4.500%, 

8/15/2030

h

32,073

52,000

4.250%, 

2/1/2031

h

40,466

110,000

4.750%, 

2/1/2032

h

85,862

86,000

4.250%, 

1/15/2034

h

62,118

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

264

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Communications

Services

(0.3%)

-

continued

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

$

198,000

4.200%, 

3/15/2028

$

180,198

400,000

3.500%, 

6/1/2041

239,680

Cimpress

plc

66,000

7.000%, 

6/15/2026

61,078

Clear

Channel

Outdoor

Holdings,

Inc.

20,000

7.500%, 

6/1/2029

f,h

14,558

Clear

Channel

Worldwide

Holdings,

Inc.

156,000

5.125%, 

8/15/2027

h

138,652

Comcast

Corporation

198,000

5.350%, 

5/15/2053

170,347

152,000

2.887%, 

11/1/2051

83,945

165,000

4.250%, 

10/15/2030

149,257

180,000

4.400%, 

8/15/2035

153,144

243,000

4.750%, 

3/1/2044

195,703

Connect

Finco

SARL/Connect

US

Finco,

LLC

50,000

6.750%, 

10/1/2026

h

46,627

CSC

Holdings,

LLC

30,000

5.375%, 

2/1/2028

h

23,890

145,000

6.500%, 

2/1/2029

h

114,650

191,000

4.125%, 

12/1/2030

h

127,963

Deutsche

Telekom

International

Finance

BV

330,000

8.750%, 

6/15/2030

369,745

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

185,000

5.875%, 

8/15/2027

h

162,103

Discovery

Communications,

LLC

230,000

4.900%, 

3/11/2026

224,102

DISH

DBS

Corporation

34,000

5.875%, 

11/15/2024

31,196

29,000

5.250%, 

12/1/2026

h

23,393

34,000

7.375%, 

7/1/2028

19,201

57,000

5.750%, 

12/1/2028

h

41,396

52,000

5.125%, 

6/1/2029

26,780

DISH

Network

Corporation

66,000

11.750%, 

11/15/2027

h

65,377

Frontier

Communications

Holdings,

LLC

110,000

5.875%, 

10/15/2027

h

100,284

77,000

6.750%, 

5/1/2029

f,h

60,930

25,000

8.750%, 

5/15/2030

h

23,819

GCI,

LLC

85,000

4.750%, 

10/15/2028

h

72,939

Gray

Escrow

II,

Inc.

111,000

5.375%, 

11/15/2031

h

69,958

Gray

Television,

Inc.

135,000

4.750%, 

10/15/2030

f,h

86,554

Iliad

Holding

SASU

122,000

6.500%, 

10/15/2026

h

114,003

Lamar

Media

Corporation

53,000

3.625%, 

1/15/2031

42,840

LCPR

Senior

Secured

Financing

DAC

63,000

6.750%, 

10/15/2027

h

57,015

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Communications

Services

(0.3%)

-

continued

Level

3

Financing,

Inc.

$

144,000

4.625%, 

9/15/2027

h

$

95,760

85,000

4.250%, 

7/1/2028

h

48,065

47,000

10.500%, 

5/15/2030

h

47,037

McGraw-Hill

Education,

Inc.

73,000

5.750%, 

8/1/2028

h

61,524

20,000

8.000%, 

8/1/2029

h

16,479

Meta

Platforms,

Inc.

99,000

5.600%, 

5/15/2053

89,537

132,000

4.800%, 

5/15/2030

127,280

265,000

3.850%, 

8/15/2032

230,319

Netflix,

Inc.

105,000

5.875%, 

11/15/2028

105,039

169,000

5.375%, 

11/15/2029

h

163,858

180,000

4.875%, 

6/15/2030

h

168,471

News

Corporation

94,000

3.875%, 

5/15/2029

h

80,462

NTT

Finance

Corporation

231,000

4.372%, 

7/27/2027

h

220,753

Omnicom

Group,

Inc.

85,000

3.600%, 

4/15/2026

80,511

135,000

4.200%, 

6/1/2030

118,903

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

55,000

6.250%, 

6/15/2025

h

54,242

40,000

4.625%, 

3/15/2030

h

32,100

Playtika

Holding

Corporation

83,000

4.250%, 

3/15/2029

h

66,959

Radiate

Holdco,

LLC/Radiate

Finance,

Inc.

80,000

6.500%, 

9/15/2028

h

39,600

Scripps

Escrow

II,

Inc.

37,000

3.875%, 

1/15/2029

h

28,087

Sirius

XM

Radio,

Inc.

110,000

5.000%, 

8/1/2027

h

100,859

55,000

4.000%, 

7/15/2028

h

46,774

95,000

4.125%, 

7/1/2030

h

75,431

Sprint

Capital

Corporation

334,000

8.750%, 

3/15/2032

375,966

Take-Two

Interactive

Software,

Inc.

133,000

4.950%, 

3/28/2028

127,798

TEGNA,

Inc.

157,000

4.625%, 

3/15/2028

135,413

Telecom

Italia

Capital

SA

30,000

6.000%, 

9/30/2034

24,690

Telecom

Italia

SPA/Milano

41,000

5.303%, 

5/30/2024

h

40,203

Telesat

Canada/Telesat,

LLC

40,000

4.875%, 

6/1/2027

f,h

23,700

25,000

6.500%, 

10/15/2027

h

12,000

T-Mobile

USA,

Inc.

331,000

3.600%, 

11/15/2060

192,555

200,000

4.375%, 

4/15/2040

154,687

United

States

Cellular

Corporation

49,000

6.700%, 

12/15/2033

46,501

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

125,000

4.750%, 

4/15/2028

h

101,022

Univision

Communications,

Inc.

102,000

6.625%, 

6/1/2027

h

93,166

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

265

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Communications

Services

(0.3%)

-

continued

Verizon

Communications,

Inc.

$

198,000

3.000%, 

11/20/2060

$

101,359

425,000

2.650%, 

11/20/2040

256,903

290,000

3.400%, 

3/22/2041

195,694

Virgin

Media

Finance

plc

41,000

5.000%, 

7/15/2030

h

32,234

Virgin

Media

Secured

Finance

plc

53,000

5.500%, 

5/15/2029

h

46,931

VZ

Secured

Financing

BV

134,000

5.000%, 

1/15/2032

f,h

101,669

Warnermedia

Holdings,

Inc.

233,000

5.141%, 

3/15/2052

164,875

199,000

4.054%, 

3/15/2029

176,089

199,000

5.050%, 

3/15/2042

147,405

YPSO

Finance

BIS

SA

42,000

10.500%, 

5/15/2027

h

22,852

Total

10,550,449

Consumer

Cyclical

(0.3%)

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

120,000

4.375%, 

1/15/2028

h

108,046

Adient

Global

Holdings,

Ltd.

53,000

4.875%, 

8/15/2026

h

49,360

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

40,000

6.625%, 

7/15/2026

h

37,460

65,000

6.000%, 

6/1/2029

h

46,962

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

130,000

4.625%, 

6/1/2028

h

106,328

Allison

Transmission,

Inc.

54,000

3.750%, 

1/30/2031

h

42,801

Amazon.com,

Inc.

169,000

3.875%, 

8/22/2037

138,416

American

Axle

&

Manufacturing,

Inc.

200,000

6.500%, 

4/1/2027

188,523

American

Honda

Finance

Corporation

133,000

5.850%, 

10/4/2030

132,061

Arko

Corporation

58,000

5.125%, 

11/15/2029

h

47,026

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

80,000

4.625%, 

8/1/2029

h

64,734

20,000

4.625%, 

4/1/2030

h

15,486

Boyd

Gaming

Corporation

85,000

4.750%, 

6/15/2031

h

70,541

Boyne

USA,

Inc.

36,000

4.750%, 

5/15/2029

h

31,344

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

85,000

6.250%, 

9/15/2027

h

73,952

Caesars

Entertainment,

Inc.

151,000

6.250%, 

7/1/2025

h

148,567

40,000

8.125%, 

7/1/2027

h

39,635

91,000

4.625%, 

10/15/2029

h

74,786

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Consumer

Cyclical

(0.3%)

-

continued

Carnival

Corporation

$

22,000

7.625%, 

3/1/2026

h

$

21,393

202,000

5.750%, 

3/1/2027

h

180,358

38,000

4.000%, 

8/1/2028

h

33,053

Cedar

Fair,

LP

92,000

5.250%, 

7/15/2029

79,234

Churchill

Downs,

Inc.

85,000

4.750%, 

1/15/2028

h

76,120

39,000

6.750%, 

5/1/2031

h

35,977

Cinemark

USA,

Inc.

111,000

5.875%, 

3/15/2026

f,h

105,398

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

65,000

8.500%, 

5/15/2027

h

63,997

98,000

6.750%, 

5/15/2028

h

95,536

D.R.

Horton,

Inc.

69,000

2.600%, 

10/15/2025

64,712

Daimler

Trucks

Finance

North

America,

LLC

249,000

2.000%, 

12/14/2026

h

221,659

Expedia

Group,

Inc.

348,000

3.250%, 

2/15/2030

288,183

Ford

Motor

Company

143,000

3.250%, 

2/12/2032

107,929

86,000

6.100%, 

8/19/2032

79,546

Ford

Motor

Credit

Company,

LLC

347,000

2.300%, 

2/10/2025

327,675

210,000

4.134%, 

8/4/2025

200,159

171,000

2.700%, 

8/10/2026

153,273

200,000

2.900%, 

2/10/2029

163,552

Forestar

Group,

Inc.

85,000

3.850%, 

5/15/2026

h

75,657

General

Motors

Company

150,000

6.125%, 

10/1/2025

149,734

305,000

6.800%, 

10/1/2027

309,759

General

Motors

Financial

Company,

Inc.

180,000

1.500%, 

6/10/2026

158,898

GLP

Capital,

LP

298,000

5.750%, 

6/1/2028

279,388

Goodyear

Tire

&

Rubber

Company

50,000

5.000%, 

7/15/2029

43,001

Guitar

Center

Escrow

Issuer

II,

Inc.

42,000

8.500%, 

1/15/2026

f,h

35,365

Hanesbrands,

Inc.

72,000

4.875%, 

5/15/2026

f,h

66,155

Hilton

Domestic

Operating

Company,

Inc.

123,000

4.875%, 

1/15/2030

110,420

39,000

3.625%, 

2/15/2032

h

30,828

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

63,000

5.000%, 

6/1/2029

h

52,762

Home

Depot,

Inc.

215,000

5.400%, 

9/15/2040

196,551

126,000

4.250%, 

4/1/2046

95,775

205,000

3.900%, 

6/15/2047

146,681

Hyundai

Capital

America

134,000

6.250%, 

11/3/2025

e,h

133,980

300,000

1.800%, 

1/10/2028

h

249,400

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

266

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Consumer

Cyclical

(0.3%)

-

continued

International

Game

Technology

plc

$

90,000

5.250%, 

1/15/2029

h

$

81,889

Jacobs

Entertainment,

Inc.

53,000

6.750%, 

2/15/2029

h

45,050

KB

Home

120,000

4.800%, 

11/15/2029

103,975

Kohl's

Corporation

128,000

4.625%, 

5/1/2031

87,524

100,000

5.550%, 

7/17/2045

58,000

L

Brands,

Inc.

120,000

6.625%, 

10/1/2030

h

111,095

40,000

6.875%, 

11/1/2035

35,298

Lennar

Corporation

258,000

4.750%, 

5/30/2025

252,592

Light

&

Wonder

International,

Inc.

90,000

7.250%, 

11/15/2029

h

87,279

Lowe's

Companies,

Inc.

132,000

5.625%, 

4/15/2053

114,065

324,000

2.625%, 

4/1/2031

255,909

Macy's

Retail

Holdings,

LLC

75,000

5.875%, 

4/1/2029

h

66,120

Marriott

International,

Inc./MD

248,000

4.625%, 

6/15/2030

223,755

Mattamy

Group

Corporation

74,000

5.250%, 

12/15/2027

h

66,486

McDonald's

Corporation

225,000

4.450%, 

3/1/2047

172,634

Michaels

Companies,

Inc.

64,000

5.250%, 

5/1/2028

f,h

46,372

NCL

Corporation,

Ltd.

36,000

3.625%, 

12/15/2024

h

34,055

27,000

5.875%, 

3/15/2026

h

24,233

89,000

5.875%, 

2/15/2027

h

81,922

Nissan

Motor

Acceptance

Company,

LLC

204,000

1.125%, 

9/16/2024

h

194,640

Nissan

Motor

Company,

Ltd.

34,000

3.522%, 

9/17/2025

h

32,153

35,000

4.345%, 

9/17/2027

h

31,646

44,000

4.810%, 

9/17/2030

h

37,382

Nordstrom,

Inc.

32,000

4.375%, 

4/1/2030

f

24,839

44,000

4.250%, 

8/1/2031

f

32,234

PENN

Entertainment,

Inc.

100,000

4.125%, 

7/1/2029

f,h

77,696

PetSmart,

Inc./PetSmart

Finance

Corporation

105,000

4.750%, 

2/15/2028

h

92,912

50,000

7.750%, 

2/15/2029

h

46,032

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

165,000

5.750%, 

4/15/2026

h

160,068

73,000

6.250%, 

1/15/2028

h

67,693

Realogy

Group,

LLC/Realogy

Group

Co-Issuer

Corporation

95,000

5.750%, 

1/15/2029

h

59,868

Royal

Caribbean

Cruises,

Ltd.

14,000

11.500%, 

6/1/2025

h

14,796

176,000

4.250%, 

7/1/2026

h

161,850

69,000

9.250%, 

1/15/2029

h

72,025

63,000

7.250%, 

1/15/2030

h

62,148

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Consumer

Cyclical

(0.3%)

-

continued

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

$

41,000

6.625%, 

3/1/2030

h

$

35,260

SeaWorld

Parks

and

Entertainment,

Inc.

59,000

5.250%, 

8/15/2029

h

51,391

Six

Flags

Theme

Parks,

Inc.

30,000

7.000%, 

7/1/2025

h

29,793

Staples,

Inc.

75,000

7.500%, 

4/15/2026

h

61,177

47,000

10.750%, 

4/15/2027

h

25,890

Starbucks

Corporation

157,000

4.750%, 

2/15/2026

154,204

Station

Casinos,

LLC

62,000

4.625%, 

12/1/2031

h

48,953

Target

Corporation

198,000

2.950%, 

1/15/2052

114,036

Tenneco,

Inc.

67,000

8.000%, 

11/17/2028

h

53,768

Tripadvisor,

Inc.

20,000

7.000%, 

7/15/2025

h

19,800

Uber

Technologies,

Inc.

50,000

6.250%, 

1/15/2028

h

48,125

VICI

Properties,

LP/VICI

Note

Company,

Inc.

229,000

4.625%, 

6/15/2025

h

219,950

165,000

5.750%, 

2/1/2027

h

157,907

90,000

3.750%, 

2/15/2027

h

80,984

98,000

4.125%, 

8/15/2030

h

80,845

Viking

Cruises,

Ltd.

127,000

5.875%, 

9/15/2027

h

114,414

Volkswagen

Group

of

America

Finance,

LLC

170,000

4.350%, 

6/8/2027

h

160,428

Wabash

National

Corporation

92,000

4.500%, 

10/15/2028

h

76,130

Walmart,

Inc.

198,000

4.500%, 

9/9/2052

160,648

Wyndham

Hotels

&

Resorts,

Inc.

45,000

4.375%, 

8/15/2028

h

39,715

Yum!

Brands,

Inc.

100,000

4.750%, 

1/15/2030

h

89,021

ZF

North

America

Capital,

Inc.

53,000

7.125%, 

4/14/2030

h

51,413

Total

10,838,223

Consumer

Non-Cyclical

(0.4%)

1375209

B.C.,

Ltd.

66,000

9.000%, 

1/30/2028

h

63,980

Abbott

Laboratories

219,000

4.750%, 

11/30/2036

199,637

AbbVie,

Inc.

100,000

2.950%, 

11/21/2026

92,616

100,000

4.500%, 

5/14/2035

87,360

317,000

4.300%, 

5/14/2036

269,199

140,000

4.850%, 

6/15/2044

117,087

275,000

4.875%, 

11/14/2048

227,698

AdaptHealth,

LLC

121,000

4.625%, 

8/1/2029

h

90,448

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

267

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

$

124,000

4.625%, 

1/15/2027

h

$

116,214

141,000

3.500%, 

3/15/2029

h

120,217

Altria

Group,

Inc.

134,000

6.875%, 

11/1/2033

132,838

Amgen,

Inc.

150,000

4.200%, 

2/22/2052

105,527

198,000

5.250%, 

3/2/2030

190,079

198,000

5.600%, 

3/2/2043

176,599

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

304,000

4.700%, 

2/1/2036

267,532

Anheuser-Busch

InBev

Worldwide,

Inc.

375,000

4.375%, 

4/15/2038

310,198

198,000

5.550%, 

1/23/2049

179,629

Archer-Daniels-Midland

Company

255,000

2.700%, 

9/15/2051

143,358

AstraZeneca

plc

360,000

3.000%, 

5/28/2051

f

220,623

B&G

Foods,

Inc.

40,000

5.250%, 

9/15/2027

f

32,920

88,000

8.000%, 

9/15/2028

h

85,755

BAT

Capital

Corporation

66,000

7.750%, 

10/19/2032

67,726

142,000

7.079%, 

8/2/2043

129,457

Bausch

&

Lomb

Escrow

Corporation

20,000

8.375%, 

10/1/2028

h

19,865

Bausch

Health

Companies,

Inc.

36,000

5.500%, 

11/1/2025

h

31,050

134,000

4.875%, 

6/1/2028

h

66,838

90,000

11.000%, 

9/30/2028

h

54,900

Baxter

International,

Inc.

199,000

3.132%, 

12/1/2051

f

109,354

Becton,

Dickinson

and

Company

101,000

3.794%, 

5/20/2050

68,004

225,000

3.700%, 

6/6/2027

209,361

BellRing

Brands,

Inc.

55,000

7.000%, 

3/15/2030

h

53,419

Bristol-Myers

Squibb

Company

327,000

3.550%, 

3/15/2042

231,772

Cargill,

Inc.

196,000

3.125%, 

5/25/2051

h

118,558

Catalent

Pharma

Solutions,

Inc.

66,000

3.125%, 

2/15/2029

f,h

51,893

Central

Garden

&

Pet

Company

100,000

4.125%, 

10/15/2030

81,560

Cheplapharm

Arzneimittel

GmbH

10,000

5.500%, 

1/15/2028

h

8,870

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

96,000

4.625%, 

11/15/2028

h

82,999

CHS/Community

Health

Systems,

Inc.

72,000

5.625%, 

3/15/2027

h

58,495

23,000

8.000%, 

12/15/2027

h

19,508

98,000

6.000%, 

1/15/2029

h

74,235

41,000

5.250%, 

5/15/2030

h

29,116

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

$

42,000

4.750%, 

2/15/2031

h

$

28,150

Constellation

Brands,

Inc.

198,000

3.600%, 

2/15/2028

181,096

180,000

2.875%, 

5/1/2030

148,223

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

118,000

4.750%, 

1/15/2029

h

104,457

66,000

6.625%, 

7/15/2030

h

62,880

CVS

Health

Corporation

298,000

5.625%, 

2/21/2053

252,533

149,000

5.125%, 

2/21/2030

140,267

250,000

4.875%, 

7/20/2035

215,859

Edgewell

Personal

Care

Company

60,000

5.500%, 

6/1/2028

h

54,760

Eli

Lilly

&

Company

98,000

4.950%, 

2/27/2063

83,466

Embecta

Corporation

31,000

6.750%, 

2/15/2030

h

25,699

Encompass

Health

Corporation

135,000

4.500%, 

2/1/2028

121,707

Energizer

Holdings,

Inc.

85,000

4.750%, 

6/15/2028

h

72,602

Fortrea

Holdings,

Inc.

52,000

7.500%, 

7/1/2030

h

50,180

General

Mills,

Inc.

53,000

4.950%, 

3/29/2033

48,134

Grifols

SA

92,000

4.750%, 

10/15/2028

h

77,280

HCA,

Inc.

265,000

3.500%, 

9/1/2030

219,326

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

150,000

4.875%, 

6/1/2029

h

102,375

Imperial

Brands

Finance

plc

275,000

3.875%, 

7/26/2029

h

239,860

Jazz

Securities

DAC

53,000

4.375%, 

1/15/2029

h

46,092

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

Luxembourg

SARL

135,000

6.750%, 

3/15/2034

h

126,506

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

USA

Finance,

Inc.

67,000

4.375%, 

2/2/2052

40,918

142,000

5.500%, 

1/15/2030

129,770

243,000

3.000%, 

5/15/2032

176,727

Kenvue,

Inc.

240,000

5.350%, 

3/22/2026

239,149

Kimberly-Clark

Corporation

230,000

3.900%, 

5/4/2047

166,845

Kraft

Heinz

Foods

Company

150,000

3.875%, 

5/15/2027

140,619

40,000

5.200%, 

7/15/2045

33,055

90,000

4.375%, 

6/1/2046

65,849

Lamb

Weston

Holdings,

Inc.

59,000

4.125%, 

1/31/2030

h

50,051

Legacy

LifePoint

Health,

LLC

40,000

4.375%, 

2/15/2027

h

33,076

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

268

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

LifePoint

Health,

Inc.

$

41,000

11.000%, 

10/15/2030

h

$

38,584

Mattel,

Inc.

123,000

3.375%, 

4/1/2026

h

113,612

166,000

5.450%, 

11/1/2041

129,490

Medtronic,

Inc.

200,000

4.375%, 

3/15/2035

174,970

ModivCare

Escrow

Issuer,

Inc.

33,000

5.000%, 

10/1/2029

h

24,050

ModivCare,

Inc.

27,000

5.875%, 

11/15/2025

h

25,515

Mozart

Debt

Merger

Sub,

Inc.

74,000

3.875%, 

4/1/2029

h

62,483

63,000

5.250%, 

10/1/2029

f,h

53,627

Newell

Brands,

Inc.

230,000

5.200%, 

4/1/2026

217,155

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

128,000

4.125%, 

4/30/2028

h

110,561

54,000

5.125%, 

4/30/2031

h

42,170

Owens

&

Minor,

Inc.

89,000

6.625%, 

4/1/2030

h

77,772

PepsiCo,

Inc.

125,000

4.200%, 

7/18/2052

96,437

Perrigo

Finance

Unlimited

Company

96,000

4.375%, 

3/15/2026

90,122

Pfizer

Investment

Enterprises

Pte,

Ltd.

297,000

5.300%, 

5/19/2053

259,830

99,000

4.750%, 

5/19/2033

90,981

132,000

5.110%, 

5/19/2043

115,859

Philip

Morris

International,

Inc.

198,000

4.875%, 

2/13/2026

194,480

126,000

5.125%, 

11/17/2027

122,820

133,000

5.500%, 

9/7/2030

127,308

198,000

5.375%, 

2/15/2033

182,932

Post

Holdings,

Inc.

77,000

4.500%, 

9/15/2031

h

62,303

Primo

Water

Holdings,

Inc.

99,000

4.375%, 

4/30/2029

h

83,527

RegionalCare

Hospital

Partners

Holdings,

Inc./LifePoint

Health,

Inc.

40,000

9.750%, 

12/1/2026

h

37,399

Reynolds

American,

Inc.

257,000

5.700%, 

8/15/2035

220,192

Roche

Holdings,

Inc.

130,000

4.000%, 

11/28/2044

h

99,820

Scotts

Miracle-Gro

Company

37,000

4.500%, 

10/15/2029

29,230

SEG

Holding,

LLC

110,000

5.625%, 

10/15/2028

h

110,190

Simmons

Foods,

Inc.

101,000

4.625%, 

3/1/2029

h

82,044

Spectrum

Brands,

Inc.

70,000

5.000%, 

10/1/2029

h

62,796

70,000

5.500%, 

7/15/2030

h

62,475

44,000

3.875%, 

3/15/2031

h

35,219

Star

Parent,

Inc.

68,000

9.000%, 

10/1/2030

h

67,482

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

Sysco

Corporation

$

200,000

6.600%, 

4/1/2040

$

197,076

Takeda

Pharmaceutical

Company,

Ltd.

200,000

3.175%, 

7/9/2050

118,604

Teleflex,

Inc.

230,000

4.625%, 

11/15/2027

210,450

Tenet

Healthcare

Corporation

245,000

5.125%, 

11/1/2027

226,164

65,000

6.125%, 

10/1/2028

60,288

79,000

6.750%, 

5/15/2031

h

75,021

Teva

Pharmaceutical

Finance

Netherlands

III

BV

72,000

3.150%, 

10/1/2026

63,391

TreeHouse

Foods,

Inc.

125,000

4.000%, 

9/1/2028

f

101,688

Utah

Acquisition

Sub,

Inc.

133,000

3.950%, 

6/15/2026

124,580

Viterra

Finance

BV

167,000

3.200%, 

4/21/2031

h

131,871

Wyeth,

LLC

134,000

6.500%, 

2/1/2034

138,318

Zoetis,

Inc.

288,000

4.700%, 

2/1/2043

236,481

Total

13,261,372

Energy

(0.3%)

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

51,000

5.375%, 

6/15/2029

h

46,310

Antero

Resources

Corporation

35,000

5.375%, 

3/1/2030

h

31,938

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

85,000

6.250%, 

4/1/2028

h

78,944

Baytex

Energy

Corporation

65,000

8.500%, 

4/30/2030

h

64,379

BP

Capital

Markets

America,

Inc.

436,000

2.939%, 

6/4/2051

250,679

Buckeye

Partners,

LP

105,000

3.950%, 

12/1/2026

95,699

Callon

Petroleum

Company

61,000

7.500%, 

6/15/2030

f,h

59,082

Canadian

Natural

Resources,

Ltd.

215,000

2.950%, 

7/15/2030

175,319

Cheniere

Energy

Partners,

LP

528,000

4.500%, 

10/1/2029

472,744

Chesapeake

Energy

Corporation

50,000

6.750%, 

4/15/2029

h

48,923

Chord

Energy

Corporation

50,000

6.375%, 

6/1/2026

h

49,087

Civitas

Resources,

Inc.

30,000

8.375%, 

7/1/2028

h

30,185

24,000

8.625%, 

11/1/2030

h

24,428

46,000

8.750%, 

7/1/2031

h

46,426

CNX

Resources

Corporation

38,000

6.000%, 

1/15/2029

h

34,844

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

269

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Energy

(0.3%)

-

continued

Columbia

Pipelines

Holding

Company,

LLC

$

140,000

6.042%, 

8/15/2028

h

$

137,570

Columbia

Pipelines

Operating

Company,

LLC

35,000

5.927%, 

8/15/2030

h

33,795

Comstock

Resources,

Inc.

65,000

5.875%, 

1/15/2030

h

55,576

Continental

Resources,

Inc.

232,000

2.268%, 

11/15/2026

h

205,584

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

73,000

5.500%, 

6/15/2031

h

63,492

Crescent

Energy

Finance,

LLC

72,000

9.250%, 

2/15/2028

h

72,516

CrownRock,

LP/CrownRock

Finance,

Inc.

60,000

5.625%, 

10/15/2025

h

59,014

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

27,000

8.500%, 

10/1/2030

h

26,317

Diamondback

Energy,

Inc.

134,000

3.125%, 

3/24/2031

109,709

DT

Midstream,

Inc.

55,000

4.125%, 

6/15/2029

h

47,290

40,000

4.375%, 

6/15/2031

h

33,218

Enbridge,

Inc.

86,000

2.500%, 

2/14/2025

82,252

Enerflex,

Ltd.

54,000

9.000%, 

10/15/2027

h

49,140

Energy

Transfer,

LP

177,000

4.000%, 

10/1/2027

162,965

90,000

4.900%, 

3/15/2035

76,420

125,000

5.150%, 

2/1/2043

95,927

255,000

6.000%, 

6/15/2048

216,814

EnLink

Midstream

Partners,

LP

118,000

4.850%, 

7/15/2026

110,922

Enterprise

Products

Operating,

LLC

200,000

3.300%, 

2/15/2053

122,463

EQM

Midstream

Partners,

LP

181,000

4.750%, 

1/15/2031

h

152,402

EQT

Corporation

111,000

6.125%, 

2/1/2025

110,659

199,000

3.900%, 

10/1/2027

183,098

Exxon

Mobil

Corporation

300,000

3.452%, 

4/15/2051

197,130

Ferrellgas,

LP/Ferrellgas

Finance

Corporation

75,000

5.375%, 

4/1/2026

h

70,199

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

109,000

8.875%, 

4/15/2030

105,371

Halliburton

Company

175,000

4.850%, 

11/15/2035

153,976

133,000

5.000%, 

11/15/2045

109,260

Harvest

Midstream,

LP

82,000

7.500%, 

9/1/2028

h

77,699

Hess

Midstream

Operations,

LP

66,000

5.625%, 

2/15/2026

h

63,917

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Energy

(0.3%)

-

continued

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

$

140,000

5.750%, 

2/1/2029

h

$

126,039

39,000

6.250%, 

4/15/2032

h

34,059

Howard

Midstream

Energy

Partners,

LLC

97,000

6.750%, 

1/15/2027

h

91,675

ITT

Holdings,

LLC

70,000

6.500%, 

8/1/2029

h

58,538

Laredo

Petroleum,

Inc.

113,000

7.750%, 

7/31/2029

h

102,317

Magellan

Midstream

Partners,

LP

67,000

5.000%, 

3/1/2026

65,367

MEG

Energy

Corporation

86,000

5.875%, 

2/1/2029

h

80,366

MPLX,

LP

170,000

4.875%, 

6/1/2025

166,654

265,000

4.950%, 

9/1/2032

235,256

49,000

5.000%, 

3/1/2033

43,391

Murphy

Oil

Corporation

50,000

5.875%, 

12/1/2027

48,080

Nabors

Industries,

Ltd.

100,000

7.250%, 

1/15/2026

h

93,947

National

Fuel

Gas

Company

242,000

5.500%, 

1/15/2026

237,353

New

Fortress

Energy,

Inc.

40,000

6.750%, 

9/15/2025

h

37,109

Noble

Finance

II,

LLC

65,000

8.000%, 

4/15/2030

h

64,960

Northern

Oil

and

Gas,

Inc.

66,000

8.750%, 

6/15/2031

h

65,667

Northriver

Midstream

Finance,

LP

32,000

5.625%, 

2/15/2026

h

30,240

NuStar

Logistics,

LP

60,000

5.750%, 

10/1/2025

58,067

Occidental

Petroleum

Corporation

349,000

7.875%, 

9/15/2031

373,657

Ovintiv,

Inc.

230,000

5.375%, 

1/1/2026

226,030

134,000

6.250%, 

7/15/2033

127,377

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

54,000

6.000%, 

2/15/2028

49,642

Permian

Resources

Operating,

LLC

61,000

7.000%, 

1/15/2032

h

59,133

Phillips

66

Company

150,000

4.950%, 

12/1/2027

145,728

Precision

Drilling

Corporation

65,000

6.875%, 

1/15/2029

h

60,184

Range

Resources

Corporation

53,000

4.750%, 

2/15/2030

h

47,072

Rockcliff

Energy

II,

LLC

70,000

5.500%, 

10/15/2029

h

63,181

Rockies

Express

Pipeline,

LLC

52,000

4.950%, 

7/15/2029

h

45,829

SM

Energy

Company

16,000

6.625%, 

1/15/2027

15,548

65,000

6.500%, 

7/15/2028

62,577

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

270

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Energy

(0.3%)

-

continued

Southwestern

Energy

Company

$

73,000

5.375%, 

3/15/2030

$

66,959

46,000

4.750%, 

2/1/2032

39,559

Suncor

Energy,

Inc.

239,000

7.150%, 

2/1/2032

246,604

Sunoco,

LP/Sunoco

Finance

Corporation

140,000

5.875%, 

3/15/2028

132,439

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

122,000

5.500%, 

1/15/2028

h

106,878

Targa

Resources

Corporation

232,000

4.200%, 

2/1/2033

192,296

Teine

Energy,

Ltd.

85,000

6.875%, 

4/15/2029

h

78,731

Transocean,

Inc.

85,000

11.500%, 

1/30/2027

h

88,454

81,700

8.750%, 

2/15/2030

h

81,459

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

88,000

6.875%, 

4/1/2026

85,457

Valaris,

Ltd.

66,000

8.375%, 

4/30/2030

h

64,763

Venture

Global

Calcasieu

Pass,

LLC

79,000

3.875%, 

8/15/2029

h

65,742

90,000

6.250%, 

1/15/2030

h

84,902

45,000

4.125%, 

8/15/2031

h

36,180

Venture

Global

LNG,

Inc.

134,000

8.375%, 

6/1/2031

h

127,870

66,000

9.875%, 

2/1/2032

h

66,923

Weatherford

International,

Ltd.

61,000

8.625%, 

4/30/2030

h

61,639

Western

Midstream

Operating,

LP

133,000

6.350%, 

1/15/2029

132,285

66,000

6.150%, 

4/1/2033

62,421

Williams

Companies,

Inc.

132,000

5.300%, 

8/15/2052

107,318

250,000

7.500%, 

1/15/2031

259,515

Total

9,597,119

Financials

(0.9%)

Acrisure,

LLC/Acrisure

Finance,

Inc.

23,000

6.000%, 

8/1/2029

h

18,553

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

155,000

3.500%, 

1/15/2025

149,462

150,000

6.100%, 

1/15/2027

147,540

200,000

3.875%, 

1/23/2028

179,618

160,000

3.400%, 

10/29/2033

119,648

Air

Lease

Corporation

334,000

3.000%, 

2/1/2030

271,287

Aircastle,

Ltd.

200,000

5.250%, 

8/11/2025

h

194,709

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

40,000

6.750%, 

10/15/2027

h

36,530

Ally

Financial,

Inc.

260,000

5.750%, 

11/20/2025

248,369

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Financials

(0.9%)

-

continued

$

260,000

8.000%, 

11/1/2031

$

253,771

17,000

6.700%, 

2/14/2033

14,290

American

Homes

4

Rent,

LP

380,000

2.375%, 

7/15/2031

282,471

American

International

Group,

Inc.

273,000

5.125%, 

3/27/2033

248,255

AmWINS

Group,

Inc.

80,000

4.875%, 

6/30/2029

h

68,483

Aon

Corporation/Aon

Global

Holdings

plc

66,000

5.350%, 

2/28/2033

61,511

Ares

Capital

Corporation

114,000

3.250%, 

7/15/2025

106,903

225,000

3.875%, 

1/15/2026

210,420

107,000

2.150%, 

7/15/2026

93,977

Arthur

J.

Gallagher

&

Company

33,000

6.750%, 

2/15/2054

32,426

Associated

Banc-Corp

75,000

4.250%, 

1/15/2025

71,895

Australia

&

New

Zealand

Banking

Group,

Ltd.

250,000

2.950%, 

7/22/2030

b,h

232,299

Avolon

Holdings

Funding,

Ltd.

116,000

5.250%, 

5/15/2024

h

114,909

25,000

4.250%, 

4/15/2026

h

23,334

Banco

Santander

Mexico

SA

125,000

5.375%, 

4/17/2025

h

122,724

Banco

Santander

SA

200,000

4.175%, 

3/24/2028

b

183,135

Bank

of

America

Corporation

238,000

5.080%, 

1/20/2027

b

231,685

180,000

1.734%, 

7/22/2027

b

158,852

285,000

3.824%, 

1/20/2028

b

263,017

116,000

5.202%, 

4/25/2029

b

110,289

180,000

2.087%, 

6/14/2029

b

148,616

125,000

3.974%, 

2/7/2030

b

110,547

300,000

2.496%, 

2/13/2031

b

236,460

400,000

1.922%, 

10/24/2031

b

294,973

200,000

2.972%, 

2/4/2033

b

153,287

398,000

4.571%, 

4/27/2033

b

343,239

200,000

5.872%, 

9/15/2034

b

188,335

265,000

3.846%, 

3/8/2037

b

209,055

Bank

of

New

York

Mellon

Corporation

134,000

6.317%, 

10/25/2029

b

135,037

Bank

of

Nova

Scotia

65,000

4.850%, 

2/1/2030

59,771

Barclays

plc

200,000

6.496%, 

9/13/2027

b

198,126

280,000

4.972%, 

5/16/2029

b

257,753

200,000

5.746%, 

8/9/2033

b

179,493

Berkshire

Hathaway

Finance

Corporation

265,000

2.850%, 

10/15/2050

152,235

Blackstone

Private

Credit

Fund

213,000

2.700%, 

1/15/2025

202,137

Blue

Owl

Capital

Corporation

90,000

4.250%, 

1/15/2026

83,887

Blue

Owl

Credit

Income

Corporation

166,000

4.700%, 

2/8/2027

150,593

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

271

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Financials

(0.9%)

-

continued

Blue

Owl

Technology

Finance

Corporation

$

90,000

4.750%, 

12/15/2025

h

$

83,381

BNP

Paribas

SA

333,000

3.132%, 

1/20/2033

b,h

254,146

BPCE

SA

350,000

3.500%, 

10/23/2027

h

312,365

Brookfield

Property

REIT,

Inc./BPR

Cumulus,

LLC/BPR

Nimbus,

LLC/GGSI

Sellco,

LLC

23,000

4.500%, 

4/1/2027

h

19,187

Burford

Capital

Global

Finance,

LLC

81,000

9.250%, 

7/1/2031

h

79,947

Camden

Property

Trust

275,000

3.150%, 

7/1/2029

239,234

Canadian

Imperial

Bank

of

Commerce

199,000

5.001%, 

4/28/2028

189,463

Capital

One

Financial

Corporation

275,000

4.200%, 

10/29/2025

260,770

175,000

2.636%, 

3/3/2026

b

164,131

Castlelake

Aviation

Finance

DAC

35,000

5.000%, 

4/15/2027

h

30,880

Centene

Corporation

340,000

2.625%, 

8/1/2031

255,340

Charles

Schwab

Corporation

325,000

2.450%, 

3/3/2027

286,536

136,000

6.136%, 

8/24/2034

b

127,378

Chubb

INA

Holdings,

Inc.

125,000

4.350%, 

11/3/2045

97,557

Citigroup,

Inc.

254,000

0.981%, 

5/1/2025

b

246,548

335,000

4.400%, 

6/10/2025

324,216

168,000

3.200%, 

10/21/2026

154,873

326,000

3.668%, 

7/24/2028

b

295,331

126,000

4.125%, 

7/25/2028

113,102

50,000

3.520%, 

10/27/2028

b

44,944

281,000

4.910%, 

5/24/2033

b

249,031

169,000

6.174%, 

5/25/2034

b

157,091

Cooperatieve

Rabobank

UA

265,000

5.564%, 

2/28/2029

b,h

255,417

Corebridge

Financial,

Inc.

100,000

4.350%, 

4/5/2042

72,506

Credit

Acceptance

Corporation

150,000

5.125%, 

12/31/2024

h

145,021

Credit

Agricole

SA

238,000

6.875%, 

9/23/2024

b,h,l

231,141

Credit

Suisse

Group

AG

225,000

7.250%, 

9/12/2025

b,h,l,m

23,625

Danske

Bank

AS

200,000

0.976%, 

9/10/2025

b,h

190,490

Deutsche

Bank

AG/New

York,

NY

300,000

3.729%, 

1/14/2032

b

217,211

Discover

Bank

290,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

261,000

Drawbridge

Special

Opportunities

Fund,

LP

120,000

3.875%, 

2/15/2026

h

105,870

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Financials

(0.9%)

-

continued

Elevance

Health,

Inc.

$

110,000

3.125%, 

5/15/2050

$

65,181

179,000

4.625%, 

5/15/2042

143,523

Enact

Holdings,

Inc.

50,000

6.500%, 

8/15/2025

h

49,113

EPR

Properties

130,000

4.950%, 

4/15/2028

113,280

Fifth

Third

Bancorp

104,000

6.339%, 

7/27/2029

b

100,734

First

Horizon

Bank

90,000

5.750%, 

5/1/2030

76,172

First

Horizon

National

Corporation

255,000

4.000%, 

5/26/2025

237,201

First-Citizens

Bank

&

Trust

Company

117,000

6.125%, 

3/9/2028

113,445

Five

Corners

Funding

Trust

IV

132,000

5.997%, 

2/15/2053

h

118,853

Fortress

Transportation

and

Infrastructure

Investors,

LLC

73,000

6.500%, 

10/1/2025

h

72,278

33,000

9.750%, 

8/1/2027

h

33,949

8,000

5.500%, 

5/1/2028

h

7,274

Freedom

Mortgage

Corporation

33,000

7.625%, 

5/1/2026

h

30,369

27,000

12.000%, 

10/1/2028

h

27,086

FS

KKR

Capital

Corporation

154,000

4.250%, 

2/14/2025

h

147,794

250,000

3.400%, 

1/15/2026

228,697

GGAM

Finance,

Ltd.

66,000

7.750%, 

5/15/2026

h

65,473

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

126,000

3.750%, 

12/15/2027

h

95,394

Goldman

Sachs

Group,

Inc.

203,000

1.948%, 

10/21/2027

b

178,034

201,000

6.484%, 

10/24/2029

b

200,953

80,000

1.992%, 

1/27/2032

b

58,689

598,000

3.102%, 

2/24/2033

b

464,881

Healthpeak

OP,

LLC

53,000

3.400%, 

2/1/2025

51,212

HSBC

Holdings

plc

116,000

1.162%, 

11/22/2024

b

115,652

525,000

3.803%, 

3/11/2025

b

519,499

225,000

2.999%, 

3/10/2026

b

214,551

200,000

3.900%, 

5/25/2026

188,710

200,000

5.402%, 

8/11/2033

b

179,835

HUB

International,

Ltd.

124,000

5.625%, 

12/1/2029

f,h

106,791

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

68,000

6.375%, 

12/15/2025

63,971

75,000

5.250%, 

5/15/2027

64,219

Intercontinental

Exchange,

Inc.

100,000

4.950%, 

6/15/2052

81,754

Invitation

Homes

Operating

Partnership,

LP

167,000

2.000%, 

8/15/2031

120,245

J.P.

Morgan

Chase

&

Company

230,000

1.040%, 

2/4/2027

b

204,521

276,000

1.578%, 

4/22/2027

b

246,229

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

272

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Financials

(0.9%)

-

continued

$

210,000

2.947%, 

2/24/2028

b

$

189,023

375,000

4.203%, 

7/23/2029

b

343,914

250,000

2.522%, 

4/22/2031

b

198,834

300,000

1.953%, 

2/4/2032

b

222,869

265,000

4.586%, 

4/26/2033

b

232,914

198,000

4.912%, 

7/25/2033

b

177,850

195,000

3.882%, 

7/24/2038

b

149,200

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

27,000

5.000%, 

8/15/2028

h

21,548

KeyBank

NA/Cleveland,

OH

119,000

5.000%, 

1/26/2033

95,807

KeyCorp

95,000

3.878%, 

5/23/2025

b

90,941

Kimco

Realty

OP,

LLC

206,000

3.300%, 

2/1/2025

198,506

Lloyds

Banking

Group

plc

200,000

5.871%, 

3/6/2029

b

193,677

LPL

Holdings,

Inc.

120,000

4.000%, 

3/15/2029

h

103,184

Macquarie

Group,

Ltd.

214,000

1.201%, 

10/14/2025

b,h

203,576

Manufacturers

&

Traders

Trust

Company

198,000

4.700%, 

1/27/2028

179,423

Marsh

&

McLennan

Companies,

Inc.

50,000

5.450%, 

3/15/2053

44,051

136,000

5.400%, 

9/15/2033

129,267

Massachusetts

Mutual

Life

Insurance

Company

325,000

3.200%, 

12/1/2061

*

170,931

Mitsubishi

UFJ

Financial

Group,

Inc.

200,000

0.962%, 

10/11/2025

b

189,881

200,000

5.422%, 

2/22/2029

b

193,675

250,000

2.048%, 

7/17/2030

190,506

Molina

Healthcare,

Inc.

69,000

4.375%, 

6/15/2028

h

61,411

Morgan

Stanley

50,000

2.630%, 

2/18/2026

b

47,605

180,000

2.188%, 

4/28/2026

b

169,307

210,000

4.350%, 

9/8/2026

198,682

273,000

5.050%, 

1/28/2027

b

266,618

276,000

3.591%, 

7/22/2028

b

250,308

132,000

5.164%, 

4/20/2029

b

125,588

290,000

3.622%, 

4/1/2031

b

245,536

132,000

5.250%, 

4/21/2034

b

118,933

232,000

5.297%, 

4/20/2037

b

201,205

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

80,000

4.625%, 

8/1/2029

55,387

Nasdaq,

Inc.

225,000

3.250%, 

4/28/2050

131,883

Nationstar

Mortgage

Holdings,

Inc.

66,000

6.000%, 

1/15/2027

h

61,348

NatWest

Group

plc

200,000

4.445%, 

5/8/2030

b

177,282

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

74,000

4.500%, 

9/30/2028

h

55,407

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Financials

(0.9%)

-

continued

New

York

Life

Global

Funding

$

196,000

4.550%, 

1/28/2033

h

$

175,116

NFP

Corporation

40,000

6.875%, 

8/15/2028

h

34,156

NNN

REIT,

Inc.

203,000

5.600%, 

10/15/2033

187,111

Office

Properties

Income

Trust

29,000

2.650%, 

6/15/2026

19,067

Omega

Healthcare

Investors,

Inc.

299,000

3.625%, 

10/1/2029

243,588

225,000

3.375%, 

2/1/2031

172,978

OneMain

Finance

Corporation

100,000

6.875%, 

3/15/2025

98,659

152,000

3.875%, 

9/15/2028

120,179

Park

Intermediate

Holdings,

LLC

106,000

4.875%, 

5/15/2029

h

88,467

Pine

Street

Trust

I

198,000

4.572%, 

2/15/2029

h

176,004

PNC

Financial

Services

Group,

Inc.

204,000

5.812%, 

6/12/2026

b

201,295

67,000

6.615%, 

10/20/2027

b

67,166

265,000

4.626%, 

6/6/2033

b

221,092

PRA

Group,

Inc.

65,000

7.375%, 

9/1/2025

h

60,775

54,000

8.375%, 

2/1/2028

h

44,483

Principal

Life

Global

Funding

II

176,000

1.250%, 

8/16/2026

h

154,536

Prologis,

LP

132,000

2.875%, 

11/15/2029

111,169

Prudential

Financial,

Inc.

252,000

5.125%, 

3/1/2052

b

214,261

Radian

Group,

Inc.

85,000

4.875%, 

3/15/2027

78,885

Regency

Centers,

LP

196,000

4.125%, 

3/15/2028

179,425

RLJ

Lodging

Trust,

LP

33,000

3.750%, 

7/1/2026

h

29,699

71,000

4.000%, 

9/15/2029

h

57,865

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

120,000

3.625%, 

3/1/2029

f,h

97,523

Royal

Bank

of

Canada

204,000

5.200%, 

7/20/2026

200,674

166,000

5.000%, 

5/2/2033

149,473

Santander

Holdings

USA,

Inc.

66,000

6.499%, 

3/9/2029

b

63,834

Santander

UK

Group

Holdings

plc

360,000

1.673%, 

6/14/2027

b

313,769

Service

Properties

Trust

38,000

4.650%, 

3/15/2024

37,546

21,000

4.350%, 

10/1/2024

20,130

55,000

7.500%, 

9/15/2025

53,436

90,000

5.500%, 

12/15/2027

75,983

Simon

Property

Group,

LP

217,000

3.800%, 

7/15/2050

137,927

SLM

Corporation

40,000

4.200%, 

10/29/2025

37,200

Societe

Generale

SA

138,000

4.750%, 

11/24/2025

h

131,182

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

273

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Financials

(0.9%)

-

continued

Spirit

Realty,

LP

$

262,000

2.100%, 

3/15/2028

$

218,382

Sumitomo

Mitsui

Financial

Group,

Inc.

126,000

3.010%, 

10/19/2026

115,646

200,000

5.710%, 

1/13/2030

192,667

125,000

1.710%, 

1/12/2031

90,799

Synchrony

Financial

16,000

7.250%, 

2/2/2033

13,568

Synovus

Bank

250,000

5.625%, 

2/15/2028

222,034

Toronto-Dominion

Bank

198,000

5.156%, 

1/10/2028

190,888

172,000

5.523%, 

7/17/2028

167,689

Truist

Financial

Corporation

134,000

6.047%, 

6/8/2027

b

131,255

94,000

5.125%, 

12/15/2027

b,l

65,382

157,000

5.122%, 

1/26/2034

b

134,709

U.S.

Bancorp

132,000

5.727%, 

10/21/2026

b

130,106

204,000

5.775%, 

6/12/2029

b

196,159

52,000

5.836%, 

6/12/2034

b

47,896

UBS

Group

AG

350,000

2.193%, 

6/5/2026

b,h

325,813

200,000

6.246%, 

9/22/2029

b,h

195,953

164,000

3.091%, 

5/14/2032

b,h

126,141

UDR,

Inc.

275,000

2.100%, 

8/1/2032

194,120

United

Wholesale

Mortgage,

LLC

21,000

5.500%, 

11/15/2025

h

19,960

53,000

5.500%, 

4/15/2029

h

44,388

UnitedHealth

Group,

Inc.

132,000

5.875%, 

2/15/2053

124,833

198,000

4.750%, 

5/15/2052

158,497

275,000

4.625%, 

7/15/2035

244,478

USI,

Inc./NY

27,000

6.875%, 

5/1/2025

h

26,753

Wells

Fargo

&

Company

121,000

3.000%, 

4/22/2026

112,425

168,000

3.000%, 

10/23/2026

153,898

199,000

3.526%, 

3/24/2028

b

181,443

294,000

2.393%, 

6/2/2028

b

256,270

139,000

5.574%, 

7/25/2029

b

134,035

109,000

5.389%, 

4/24/2034

b

98,673

323,000

4.900%, 

11/17/2045

245,663

Willis

North

America,

Inc.

265,000

4.650%, 

6/15/2027

252,215

XHR,

LP

33,000

6.375%, 

8/15/2025

h

32,010

36,000

4.875%, 

6/1/2029

h

30,458

Total

32,243,136

Foreign

Government

(<0.1%)

NBN

Company,

Ltd.

200,000

2.625%, 

5/5/2031

h

158,099

Total

158,099

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Mortgage-Backed

Securities

(3.0%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

$

1,052,210

2.000%, 

5/1/2051

$

779,663

3,503,694

2.500%, 

5/1/2051

2,703,480

1,618,823

3.500%, 

5/1/2052

1,350,051

2,375,062

4.000%, 

5/1/2052

2,070,751

3,623,818

3.500%, 

6/1/2052

3,024,423

1,038,385

5.000%, 

7/1/2053

960,903

494,331

5.500%, 

7/1/2053

470,066

1,363,750

3.500%, 

8/1/2052

1,145,010

1,185,819

5.000%, 

8/1/2053

1,099,541

3,594,935

5.500%, 

9/1/2053

3,416,924

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,221,385

2.500%, 

7/1/2030

1,129,074

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,400,143

3.000%, 

12/1/2036

1,212,106

1,196,480

3.000%, 

8/1/2038

1,043,192

1,779,353

3.500%, 

5/1/2040

1,536,181

2,097,249

2.500%, 

4/1/2042

1,686,146

530,025

2.000%, 

5/1/2042

420,191

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

4,149,796

3.000%, 

1/1/2052

3,349,579

719,306

2.000%, 

2/1/2051

533,581

478,113

2.000%, 

2/1/2051

354,077

2,608,733

2.500%, 

2/1/2051

2,017,117

2,285,146

2.500%, 

2/1/2051

1,771,571

7,920,814

2.000%, 

3/1/2051

5,863,014

1,010,081

2.000%, 

3/1/2051

746,643

2,932,758

4.000%, 

3/1/2051

2,586,188

4,288,395

3.000%, 

3/1/2052

3,443,973

5,194,633

2.000%, 

4/1/2051

3,843,640

2,562,437

3.000%, 

4/1/2051

2,059,279

2,668,906

3.000%, 

5/1/2050

2,163,097

873,043

2.000%, 

5/1/2051

644,615

2,486,951

3.000%, 

5/1/2051

2,030,618

1,639,630

3.000%, 

6/1/2050

1,343,823

795,867

5.000%, 

6/1/2053

736,975

3,951,438

2.500%, 

7/1/2051

3,049,602

1,087,630

3.500%, 

7/1/2051

924,463

1,373,428

3.500%, 

8/1/2050

1,169,004

4,194,415

4.500%, 

8/1/2052

e

3,769,653

1,543,700

5.000%, 

8/1/2053

1,429,470

1,396,810

3.500%, 

9/1/2052

1,170,682

1,299,562

5.000%, 

9/1/2052

1,199,141

2,094,691

4.500%, 

9/1/2053

1,872,727

1,285,745

4.500%, 

9/1/2053

1,153,131

3,981,712

4.000%, 

10/1/2052

3,452,583

857,026

2.000%, 

11/1/2051

633,222

800,000

2.000%, 

11/1/2053

e

587,375

3,527,508

2.000%, 

12/1/2050

2,613,227

5,540,349

2.500%, 

12/1/2051

4,283,999

2,461,707

4.500%, 

12/1/2052

2,213,422

3,400,000

5.500%, 

11/1/2040

e

3,224,687

4,400,000

6.000%, 

11/1/2041

e

4,281,353

2,800,000

4.000%, 

11/1/2048

e

2,418,500

1,375,000

4.500%, 

11/1/2048

e

1,227,703

6,125,000

5.000%, 

11/1/2048

e

5,646,484

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

274

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Mortgage-Backed

Securities

(3.0%)

-

continued

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

$

4,465,581

2.500%, 

3/1/2062

$

3,308,975

985,202

3.500%, 

7/1/2061

810,983

2,041,073

4.000%, 

12/1/2061

1,763,838

Total

109,739,716

Technology

(0.2%)

Advanced

Micro

Devices,

Inc.

132,000

4.393%, 

6/1/2052

101,682

Analog

Devices,

Inc.

425,000

2.950%, 

10/1/2051

249,004

Apple,

Inc.

232,000

2.650%, 

2/8/2051

133,221

437,000

3.750%, 

9/12/2047

318,783

AthenaHealth

Group,

Inc.

93,000

6.500%, 

2/15/2030

h

76,004

Broadcom,

Inc.

76,000

3.469%, 

4/15/2034

h

57,907

266,000

3.137%, 

11/15/2035

h

187,636

220,000

3.187%, 

11/15/2036

h

152,363

180,000

4.926%, 

5/15/2037

h

150,016

Cloud

Software

Group,

Inc.

74,000

6.500%, 

3/31/2029

h

64,968

26,000

9.000%, 

9/30/2029

h

22,141

CommScope,

Inc.

60,000

7.125%, 

7/1/2028

h

22,500

Dell

International,

LLC/EMC

Corporation

201,000

6.020%, 

6/15/2026

201,257

Fiserv,

Inc.

250,000

2.250%, 

6/1/2027

220,911

137,000

2.650%, 

6/1/2030

110,402

116,000

5.600%, 

3/2/2033

109,154

Gartner,

Inc.

85,000

3.625%, 

6/15/2029

h

71,779

165,000

3.750%, 

10/1/2030

h

136,569

Global

Payments,

Inc.

198,000

5.300%, 

8/15/2029

185,978

II-VI,

Inc.

32,000

5.000%, 

12/15/2029

h

27,154

Iron

Mountain,

Inc.

75,000

4.875%, 

9/15/2027

h

68,560

101,000

4.875%, 

9/15/2029

h

87,977

90,000

5.250%, 

7/15/2030

h

78,127

96,000

4.500%, 

2/15/2031

h

78,526

KLA

Corporation

199,000

3.300%, 

3/1/2050

125,413

Marvell

Technology,

Inc.

33,000

5.950%, 

9/15/2033

31,344

Mastercard,

Inc.

160,000

3.950%, 

2/26/2048

120,809

Microsoft

Corporation

95,000

3.041%, 

3/17/2062

56,411

200,000

3.700%, 

8/8/2046

148,916

NCR

Voyix

Corporation

100,000

5.125%, 

4/15/2029

h

85,992

NXP

BV/NXP

Funding,

LLC

75,000

5.550%, 

12/1/2028

72,378

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Technology

(0.2%)

-

continued

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

$

84,000

4.300%, 

6/18/2029

$

75,796

180,000

3.250%, 

5/11/2041

115,517

Open

Text

Corporation

72,000

3.875%, 

12/1/2029

h

58,880

105,000

4.125%, 

2/15/2030

h

87,003

Oracle

Corporation

132,000

6.900%, 

11/9/2052

130,073

330,000

6.150%, 

11/9/2029

331,193

250,000

3.850%, 

7/15/2036

190,674

380,000

4.000%, 

7/15/2046

255,313

PTC,

Inc.

88,000

3.625%, 

2/15/2025

h

84,829

40,000

4.000%, 

2/15/2028

h

35,467

Rackspace

Technology

Global,

Inc.

90,000

5.375%, 

12/1/2028

h

26,318

RingCentral,

Inc.

67,000

8.500%, 

8/15/2030

h

63,650

Roper

Technologies,

Inc.

173,000

1.750%, 

2/15/2031

127,816

S&P

Global,

Inc.

33,000

5.250%, 

9/15/2033

h

31,135

Seagate

HDD

Cayman

39,000

8.500%, 

7/15/2031

h

39,685

77,685

9.625%, 

12/1/2032

h

82,813

Sensata

Technologies,

Inc.

77,000

3.750%, 

2/15/2031

h

61,627

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

30,000

4.625%, 

11/1/2026

h

27,713

SS&C

Technologies,

Inc.

232,000

5.500%, 

9/30/2027

h

217,679

Texas

Instruments,

Inc.

133,000

5.050%, 

5/18/2063

110,748

Viavi

Solutions,

Inc.

66,000

3.750%, 

10/1/2029

h

51,373

Visa,

Inc.

225,000

2.700%, 

4/15/2040

150,517

VMware,

Inc.

121,000

4.650%, 

5/15/2027

115,902

180,000

2.200%, 

8/15/2031

133,068

Total

6,158,671

Transportation

(0.1%)

American

Airlines

Group,

Inc.

23,000

3.750%, 

3/1/2025

h

21,459

American

Airlines,

Inc.

175,000

11.750%, 

7/15/2025

h

185,412

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

152,500

5.500%, 

4/20/2026

h

148,298

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

43,000

5.375%, 

3/1/2029

h

36,830

Burlington

Northern

Santa

Fe,

LLC

199,000

2.875%, 

6/15/2052

113,565

140,000

5.750%, 

5/1/2040

133,452

100,000

4.450%, 

3/15/2043

79,171

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

275

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Transportation

(0.1%)

-

continued

Canadian

Pacific

Railway

Company

$

132,000

4.700%, 

5/1/2048

$

102,907

CSX

Corporation

170,000

3.800%, 

4/15/2050

114,978

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

284,000

4.750%, 

10/20/2028

h

266,955

ERAC

USA

Finance,

LLC

132,000

5.400%, 

5/1/2053

h

114,068

Hawaiian

Brand

Intellectual

Property,

Ltd.

135,000

5.750%, 

1/20/2026

h

99,747

Hertz

Corporation

87,000

4.625%, 

12/1/2026

h

72,873

104,000

5.000%, 

12/1/2029

h

74,662

Mileage

Plus

Holdings,

LLC

249,000

6.500%, 

6/20/2027

h

245,982

Norfolk

Southern

Corporation

463,000

4.450%, 

3/1/2033

410,777

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

201,000

5.750%, 

5/24/2026

h

197,719

Rand

Parent,

LLC

69,000

8.500%, 

2/15/2030

h

63,011

RXO,

Inc.

80,000

7.500%, 

11/15/2027

h

79,978

Southwest

Airlines

Company

206,000

2.625%, 

2/10/2030

166,382

Spirit

Loyalty

Cayman,

Ltd.

40,000

8.000%, 

9/20/2025

h

29,500

Union

Pacific

Corporation

265,000

2.973%, 

9/16/2062

139,755

United

Airlines,

Inc.

74,000

4.375%, 

4/15/2026

h

68,643

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

20,000

7.875%, 

5/1/2027

f,h

15,382

87,000

6.375%, 

2/1/2030

h

58,020

Total

3,039,526

U.S.

Government

&

Agencies

(3.4%)

U.S.

Treasury

Bonds

848,000

3.625%, 

5/15/2053

661,042

275,000

3.000%, 

8/15/2052

188,633

400,000

1.625%, 

11/15/2050

195,922

1,510,000

5.250%, 

11/15/2028

1,534,950

1,175,000

4.375%, 

5/15/2040

1,067,047

6,780,000

3.000%, 

5/15/2042

4,964,496

12,618,000

2.500%, 

5/15/2046

7,997,150

10,050,000

2.875%, 

5/15/2049

6,744,885

U.S.

Treasury

Notes

2,260,000

3.000%, 

6/30/2024

2,222,922

1,585,000

2.125%, 

7/31/2024

1,545,994

2,490,000

2.250%, 

11/15/2024

2,410,145

4,360,000

2.125%, 

11/30/2024

4,209,784

700,000

1.375%, 

1/31/2025

666,832

9,100,000

3.875%, 

3/31/2025

8,930,086

17,550,000

2.875%, 

5/31/2025

16,937,807

250,000

0.250%, 

8/31/2025

228,916

5,715,000

2.625%, 

1/31/2026

5,426,794

3,990,000

0.500%, 

2/28/2026

3,599,728

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

U.S.

Government

&

Agencies

(3.4%)

-

continued

$

20,870,000

2.500%, 

2/28/2026

$

19,738,455

5,000,000

0.500%, 

4/30/2027

4,301,758

4,485,000

2.250%, 

11/15/2027

4,056,998

5,600,000

3.875%, 

12/31/2027

5,393,063

5,100,000

3.500%, 

1/31/2028

4,835,637

3,000,000

3.625%, 

3/31/2028

2,855,273

7,300,000

2.875%, 

5/15/2028

6,714,004

4,680,000

1.375%, 

11/15/2031

3,591,900

1,175,000

4.125%, 

11/15/2032

1,106,978

Total

122,127,199

Utilities

(0.2%)

AES

Corporation

265,000

3.950%, 

7/15/2030

h

221,481

Ameren

Illinois

Company

150,000

4.500%, 

3/15/2049

117,289

American

Electric

Power

Company,

Inc.

116,000

5.625%, 

3/1/2033

108,880

Appalachian

Power

Company

92,000

3.300%, 

6/1/2027

84,029

Atmos

Energy

Corporation

100,000

5.900%, 

11/15/2033

98,532

Berkshire

Hathaway

Energy

Company

155,000

4.500%, 

2/1/2045

119,182

Calpine

Corporation

75,000

4.500%, 

2/15/2028

h

67,627

CenterPoint

Energy

Resources

Corporation

250,000

1.750%, 

10/1/2030

188,241

CenterPoint

Energy,

Inc.

73,000

4.250%, 

11/1/2028

66,759

Commonwealth

Edison

Company

125,000

3.700%, 

3/1/2045

85,966

Consolidated

Edison

Company

of

New

York,

Inc.

63,000

4.500%, 

12/1/2045

47,681

175,000

4.125%, 

5/15/2049

123,778

Constellation

Energy

Generation,

LLC

67,000

6.125%, 

1/15/2034

64,763

Consumers

Energy

Company

221,000

4.350%, 

4/15/2049

167,808

DTE

Electric

Company

95,000

3.700%, 

3/15/2045

65,647

135,000

3.700%, 

6/1/2046

92,146

Duke

Energy

Carolinas,

LLC

250,000

3.700%, 

12/1/2047

168,012

Duke

Energy

Indiana,

LLC

170,000

3.750%, 

5/15/2046

114,208

Edison

International

187,000

5.750%, 

6/15/2027

183,825

Eversource

Energy

166,000

4.750%, 

5/15/2026

161,402

Exelon

Corporation

190,000

4.700%, 

4/15/2050

143,258

376,000

4.450%, 

4/15/2046

275,957

FirstEnergy

Corporation

165,000

5.100%, 

7/15/2047

136,822

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

276

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Utilities

(0.2%)

-

continued

Georgia

Power

Company

$

113,000

4.950%, 

5/17/2033

$

103,142

ITC

Holdings

Corporation

84,000

5.300%, 

7/1/2043

70,317

Jersey

Central

Power

&

Light

Company

150,000

2.750%, 

3/1/2032

h

115,031

MidAmerican

Energy

Company

68,000

5.850%, 

9/15/2054

63,675

National

Rural

Utilities

Cooperative

Finance

Corporation

83,000

3.700%, 

3/15/2029

74,434

NextEra

Energy

Capital

Holdings,

Inc.

141,000

5.749%, 

9/1/2025

140,337

NextEra

Energy

Operating

Partners,

LP

156,000

3.875%, 

10/15/2026

h

141,838

NiSource

Finance

Corporation

245,000

5.650%, 

2/1/2045

212,452

NRG

Energy,

Inc.

28,000

3.375%, 

2/15/2029

h

22,789

198,000

4.450%, 

6/15/2029

h

171,149

35,000

5.250%, 

6/15/2029

h

30,879

Pacific

Gas

and

Electric

Company

135,000

3.300%, 

12/1/2027

117,569

114,000

4.550%, 

7/1/2030

98,668

PacifiCorp

134,000

5.500%, 

5/15/2054

109,139

PG&E

Corporation

86,000

5.000%, 

7/1/2028

f

77,911

PPL

Electric

Utilities

Corporation

138,000

3.950%, 

6/1/2047

98,170

Public

Service

Company

of

Colorado

199,000

4.500%, 

6/1/2052

146,734

Public

Service

Enterprise

Group,

Inc.

133,000

5.875%, 

10/15/2028

131,620

San

Diego

Gas

&

Electric

Company

330,000

4.150%, 

5/15/2048

238,264

Southern

California

Edison

Company

185,000

4.000%, 

4/1/2047

126,630

Southern

Company

265,000

5.113%, 

8/1/2027

255,600

Southern

Company

Gas

Capital

Corporation

155,000

4.400%, 

5/30/2047

111,648

Southwestern

Electric

Power

Company

105,000

3.900%, 

4/1/2045

69,451

Talen

Energy

Supply,

LLC

64,000

8.625%, 

6/1/2030

h

65,031

TerraForm

Power

Operating,

LLC

125,000

5.000%, 

1/31/2028

h

114,515

Virginia

Electric

and

Power

Company

191,000

4.600%, 

12/1/2048

145,966

Vistra

Operations

Company,

LLC

185,000

5.125%, 

5/13/2025

h

180,772

Principal

Amount

Long-Term

Fixed

Income

(10.3%)

Value

Utilities

(0.2%)

-

continued

$

153,000

5.000%, 

7/31/2027

h

$

139,962

Xcel

Energy,

Inc.

149,000

4.600%, 

6/1/2032

131,716

Total

6,408,702

Total

Long-Term

Fixed

Income

(cost

$420,167,925)

370,482,355

Shares

Private

Equity

Funds

(

0.2%

)

Value

Secondary

(0.2%)

1

LCP

X

(Offshore),

LP

c*

8,405,282

Total

8,405,282

Total

Private

Equity

Funds

(cost

$5,700,000)

8,405,282

Shares

Collateral

Held

for

Securities

Loaned

(

0.1%

)

Value

4,765,229

Thrivent

Cash

Management

Trust

4,765,229

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,765,229)

4,765,229

Shares

or

Principal

Amount

Short-Term

Investments

(

14.8%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

400,000

5.275%,

11/10/2023

n,o

399,487

3,800,000

5.280%,

11/15/2023

n,o

3,792,418

300,000

5.298%,

11/17/2023

n,o

299,316

4,500,000

5.300%,

12/6/2023

n,o

4,477,463

2,600,000

5.315%,

12/13/2023

n,o

2,584,382

9,900,000

5.315%,

12/15/2023

n,o

9,837,708

6,100,000

5.321%,

1/16/2024

n,o

6,033,675

2,500,000

5.332%,

1/17/2024

n,o

2,472,462

2,700,000

5.348%,

1/31/2024

n,o

2,664,886

Thrivent

Core

Short-Term

Reserve

Fund

49,872,365

5.690%

498,723,645

U.S.

Treasury

Bills

500,000

5.312%,

1/9/2024

n,p

494,938

Total

Short-Term

Investments

(cost

$531,637,921)

531,780,380

Total

Investments

(cost

$3,321,024,768)

100.6%

$3,620,219,943

Other

Assets

and

Liabilities,

Net

(0.6%)

(21,315,459)

Total

Net

Assets

100.0%

$3,598,904,484

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

277

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Non-income

producing

security.

h

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2023,

the

value

of

these

investments

was

$52,499,408

or

1.5%

of

total

net

assets.

i

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

October

31,

2023.

j

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.

k

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

l

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

m

Defaulted

security.  Interest

is

not

being

accrued.

n

The

interest

rate

shown

reflects

the

yield.

o

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

p

At

October

31,

2023,

$148,481

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Aggressive

Allocation

Fund

as

of

October

31,

2023

was

$8,576,213

or

0.24%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

October

31,

2023.

Security

Acquisition

Date

Cost

LCP

X

(Offshore),

LP 

10/25/2023

$

5,700,000

Massachusetts

Mutual

Life

Insurance

Company,

12/1/2061

11/18/2021

322,455

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Aggressive

Allocation

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,692,732

Common

Stock

2,959,997

Total

lending

$4,652,729

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,765,229

Net

amounts

due

to

counterparty

$112,500

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

TSFR6M

-

CME

Term

SOFR

6

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$525,842,266

Gross

unrealized

depreciation

(250,781,161)

Net

unrealized

appreciation

(depreciation)

$275,061,105

Cost

for

federal

income

tax

purposes

$3,331,857,313

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

278

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Moderately

Aggressive

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

470,090

–

382,712

87,378

Capital

Goods

2,565,393

–

2,405,145

160,248

Communications

Services

3,288,523

–

3,288,523

–

Consumer

Cyclical

3,944,393

–

3,944,393

–

Consumer

Non-Cyclical

3,685,296

–

3,607,503

77,793

Energy

718,183

–

718,183

–

Financials

1,904,096

–

1,904,096

–

Technology

5,180,656

–

5,180,656

–

Transportation

1,309,305

–

1,309,305

–

Utilities

275,090

–

275,090

–

Registered

Investment

Companies

U.S.

Affiliated

1,505,225,297

1,505,225,297

–

–

U.S.

Unaffiliated

22,763,684

22,763,684

–

–

Common

Stock

Communications

Services

47,387,953

47,384,447

3,506

–

Consumer

Discretionary

82,793,951

82,793,951

–

–

Consumer

Staples

44,583,074

44,583,074

–

–

Energy

39,862,136

39,862,136

–

–

Financials

128,461,715

128,461,715

–

–

Health

Care

105,738,972

105,738,972

–

–

Industrials

124,580,206

121,423,929

3,156,277

–

Information

Technology

163,625,334

161,178,799

2,446,535

–

Materials

27,752,308

27,197,329

554,979

–

Real

Estate

37,287,137

37,287,137

–

–

Utilities

22,015,450

22,015,450

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

9,482,459

–

9,482,459

–

Basic

Materials

3,051,585

–

3,051,585

–

Capital

Goods

7,153,293

–

7,153,293

–

Collateralized

Mortgage

Obligations

15,447,569

–

15,447,569

–

Commercial

Mortgage-Backed

Securities

11,225,237

–

11,225,237

–

Communications

Services

10,550,449

–

10,550,449

–

Consumer

Cyclical

10,838,223

–

10,838,223

–

Consumer

Non-Cyclical

13,261,372

–

13,261,372

–

Energy

9,597,119

–

9,597,119

–

Financials

32,243,136

–

32,243,136

–

Foreign

Government

158,099

–

158,099

–

Mortgage-Backed

Securities

109,739,716

–

109,739,716

–

Technology

6,158,671

–

6,158,671

–

Transportation

3,039,526

–

3,039,526

–

U.S.

Government

&

Agencies

122,127,199

–

122,127,199

–

Utilities

6,408,702

–

6,408,702

–

Private

Equity

Funds

Secondary

8,405,282

–

–

8,405,282

Short-Term

Investments

33,056,735

–

33,056,735

–

Subtotal

Investments

in

Securities

$2,787,362,614

$2,345,915,920

$432,715,993

$8,730,701

Other

Investments  *

Total

Affiliated

Short-Term

Investments

498,723,645

U.S.

Affiliated

Registered

Investment

Cos.

329,368,455

Collateral

Held

for

Securities

Loaned

4,765,229

Subtotal

Other

Investments

$832,857,329

Total

Investments

at

Value

$3,620,219,943

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

279

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

October

31,

2023,

in

valuing

Moderately

Aggressive

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

35,708,263

35,708,263

–

–

Total

Asset

Derivatives

$35,708,263

$35,708,263

$–

$–

Liability

Derivatives

Futures

Contracts

49,009,788

49,009,788

–

–

Total

Liability

Derivatives

$49,009,788

$49,009,788

$–

$–

The

following

table

presents

Moderately

Aggressive

Allocation

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$32,561,797

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

193

December

2023

$

21,299,895

(

$

808,722)

CBOT

2-Yr.

U.S.

Treasury

Note

270

December

2023

54,962,210

(

308,302)

CBOT

5-Yr.

U.S.

Treasury

Note

331

December

2023

35,237,317

(

655,575)

CBOT

U.S.

Long

Bond

106

December

2023

12,761,170

(

1,160,795)

CME

E-mini

S&P

500

Index

2,783

December

2023

625,589,776

(

39,455,188)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

164

December

2023

20,968,135

(

2,507,885)

ICE

mini

MSCI

EAFE

Index

451

December

2023

47,353,674

(

2,837,719)

ICE

US

mini

MSCI

Emerging

Markets

Index

266

December

2023

13,029,660

(

804,301)

Ultra

10-Yr.

U.S.

Treasury

Note

75

December

2023

8,633,410

(

471,301)

Total

Futures

Long

Contracts

$

839,835,247

(

$

49,009,788)

CME

E-mini

Russell

2000

Index

(1,054)

December

2023

(

$

98,408,647)

$

10,483,967

CME

E-mini

S&P

Mid-Cap

400

Index

(1,024)

December

2023

(

266,547,385)

23,337,145

CME

Euro

Foreign

Exchange

Currency

(251)

December

2023

(

33,752,492)

487,148

Eurex

Euro

STOXX

50

Index

(777)

December

2023

(

34,976,361)

1,400,003

Total

Futures

Short

Contracts

(

$

433,684,885)

$35,708,263

Total

Futures

Contracts

$

406,150,362

($13,301,525)

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

280

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

Moderately

Aggressive

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Foreign

Exchange

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

487,148

Total

Foreign

Exchange

Contracts

487,148

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

35,221,115

Total

Equity

Contracts

35,221,115

Total

Asset

Derivatives

$35,708,263

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

43,097,208

Total

Equity

Contracts

43,097,208

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

5,912,580

Total

Interest

Rate

Contracts

5,912,580

Total

Liability

Derivatives

$49,009,788

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Moderately

Aggressive

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Options

Written

Net

realized

gains/(losses)

on

Written

option

contracts

23,563

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(10,058,193)

Total

Interest

Rate

Contracts

(10,034,630)

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

43,220,923

Total

Equity

Contracts

43,220,923

Foreign

Exchange

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

1,168,579

Total

Foreign

Exchange

Contracts

1,168,579

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

976,721

Total

Credit

Contracts

976,721

Total

$35,331,593

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

281

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Moderately

Aggressive

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Foreign

Exchange

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

487,148

Total

Foreign

Exchange

Contracts

487,148

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

4,817,972

Total

Equity

Contracts

4,817,972

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(367,004)

Total

Interest

Rate

Contracts

(367,004)

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

(624,963)

Total

Credit

Contracts

(624,963)

Total

$4,313,153

The

following

table

presents

Moderately

Aggressive

Allocation

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$586,499,859

Futures

-

Short

(391,103,164)

Interest

Rate

Contracts

Futures

-

Long

128,217,340

Futures

-

Short

(7,904,858)

Options

Written

(785,674)

Foreign

Exchange

Contracts

Futures

-

Short

(19,355,364)

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

(8,202)

Credit

Default

Swaps

-

Sell

Protection

91,835

Moderately

Aggressive

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

282

.

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Aggressive

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$30,562

$2,029

$960

$32,392

4,456

0.9%

Core

Emerging

Markets

Equity

51,668

2,131

–

58,290

7,214

1.6

Core

International

Equity

60,909

1,656

–

68,886

7,553

1.9

Core

Low

Volatility

Equity

128,528

12,861

66,000

65,683

5,939

1.8

Core

Mid

Cap

Value

–

56,010

6,000

49,155

5,326

1.4

Core

Small

Cap

Value

65,976

792

6,000

54,964

6,459

1.5

Global

Stock,

Class

S

158,393

5,563

–

172,211

7,128

4.8

High

Yield,

Class

S

22,057

1,353

384

22,778

5,781

0.6

Income,

Class

S

61,780

2,991

–

64,051

8,586

1.8

International

Allocation,

Class

S

229,106

5,244

18,000

239,607

26,101

6.7

Large

Cap

Growth,

Class

S

289,984

20,708

–

353,699

22,471

9.8

Large

Cap

Value,

Class

S

323,459

19,861

–

325,897

12,851

9.1

Limited

Maturity

Bond,

Class

S

36,511

1,300

–

38,497

3,243

1.1

Mid

Cap

Stock,

Class

S

237,376

6,538

–

227,754

7,697

6.3

Small

Cap

Stock,

Class

S

65,509

5,689

–

60,731

2,459

1.7

Total

U.S.

Affiliated

Registered

Investment

Companies

1,761,818

1,834,595

51.0

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

343,488

744,710

589,474

498,724

49,872

13.9

Total

Affiliated

Short-Term

Investments

343,488

498,724

13.9

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

10,871

421,908

428,014

4,765

4,765

0.1

Total

Collateral

Held

for

Securities

Loaned

10,871

4,765

0.1

Total

Value

$2,116,177

$2,338,084

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($326)

$1,087

$–

$2,029

Core

Emerging

Markets

Equity

–

4,491

–

2,130

Core

International

Equity

–

6,321

–

1,656

Core

Low

Volatility

Equity

Fund

(704)

(9,002)

10,265

2,595

Core

Mid

Cap

Value

(135)

(720)

–

–

Core

Small

Cap

Value

(751)

(5,053)

–

792

Global

Stock,

Class

S

–

8,255

3,459

2,104

High

Yield,

Class

S

(84)

(164)

–

1,352

Income,

Class

S

–

(720)

–

2,641

International

Allocation,

Class

S

(6,391)

29,648

–

5,244

Large

Cap

Growth,

Class

S

–

43,007

20,708

–

Large

Cap

Value,

Class

S

–

(17,423)

13,955

5,907

Limited

Maturity

Bond,

Class

S

–

686

–

1,144

Mid

Cap

Stock,

Class

S

–

(16,160)

5,665

873

Small

Cap

Stock,

Class

S

–

(10,467)

5,415

274

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

2

(2)

–

20,984

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$49,725

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

48

Total

Affiliated

Income

from

Securities

Loaned,

Net

$48

Total

($8,389)

$33,784

$59,467

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

283

Principal

Amount

Bank

Loans

(

2.3%

)

a

Value

Basic

Materials

(0.1%)

Arsenal

AIC

Parent,

LLC,

Term

Loan

$

76,687

9.883%, 

(TSFR3M

+

4.500%),

8/18/2030

b

$

76,441

Grinding

Media,

Inc.,

Term

Loan

90,081

9.684%, 

(TSFR3M

+

4.000%),

10/12/2028

b,c

87,378

INEOS

US

Petrochem,

LLC,

Term

Loan

229,032

8.189%, 

(TSFR1M

+

2.750%),

1/29/2026

b

224,683

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

82,312

8.939%, 

(TSFR1M

+

3.500%),

6/30/2027

b

81,706

Spectrum

Group

Buyer,

Inc.,

Term

Loan

81,120

11.953%, 

(TSFR6M

+

6.500%),

5/19/2028

b

76,126

Total

546,334

Capital

Goods

(0.2%)

Ali

Group

North

America

Corporation,

Term

Loan

118,295

7.439%, 

(TSFR1M

+

2.000%),

7/22/2029

b

118,091

Brookfield

WEC

Holdings,

Inc.,

Term

Loan

195,985

8.189%, 

(TSFR1M

+

2.750%),

8/1/2025

b

195,648

BW

Holding,

Inc.,

Term

Loan

84,936

9.573%, 

(TSFR3M

+

4.000%),

12/14/2028

b

74,920

Chart

Industries,

Inc.,

Term

Loan

74,213

8.665%, 

(TSFR1M

+

3.250%),

3/17/2030

b

73,966

Charter

Next

Generation,

Inc.,

Term

Loan

149,294

9.189%, 

(TSFR1M

+

3.750%),

12/1/2027

b

145,189

Clydesdale

Acquisition

Holdings,

Inc.,

Term

Loan

226,704

9.599%, 

(TSFR1M

+

4.175%),

4/13/2029

b

218,978

Cornerstone

Building

Brands,

Inc.,

Term

Loan

213,359

8.685%, 

(TSFR1M

+

3.250%),

4/12/2028

b

202,247

Emerald

Debt

Merger

Sub,

LLC,

Term

Loan

168,591

8.324%, 

(TSFR1M

+

3.000%),

5/31/2030

b

168,143

EnergySolutions,

LLC,

Term

Loan

61,576

9.382%, 

(TSFR3M

+

4.000%),

9/18/2030

b

61,099

Foley

Products

Company,

LLC,

Term

Loan

72,878

10.290%, 

(TSFR3M

+

4.750%),

2/16/2029

b

72,604

Proampac

PG

Borrower,

LLC,

Term

Loan

124,172

10.585%, 

(PRIME

+

3.500%),

9/26/2028

b

122,388

Principal

Amount

Bank

Loans

(2.3%)

a

Value

Capital

Goods

(0.2%)

-

continued

Quikrete

Holdings,

Inc.,

Term

Loan

$

92,044

8.064%, 

(TSFR1M

+

2.625%),

1/31/2027

b

$

91,787

167,450

8.189%, 

(TSFR1M

+

2.750%),

3/18/2029

b

167,259

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

160,249

9.674%, 

(TSFR1M

+

4.250%),

4/1/2029

b,c

160,249

TK

Elevator

U.S.

Newco,

Inc.,

Term

Loan

133,655

9.381%, 

(TSFR6M

+

3.500%),

7/31/2027

b

132,637

TransDigm,

Inc.,

Term

Loan

353,225

8.640%, 

(TSFR3M

+

3.250%),

8/24/2028

b

352,667

Vertiv

Group

Corporation,

Term

Loan

131,646

8.179%, 

(TSFR1M

+

2.750%),

3/2/2027

b

131,284

Total

2,489,156

Communications

Services

(0.3%)

Altice

France

SA/France,

Term

Loan

273,905

10.894%, 

(TSFR3M

+

5.500%),

8/31/2028

b

242,748

CCI

Buyer,

Inc.,

Term

Loan

105,914

9.390%, 

(TSFR3M

+

4.000%),

12/17/2027

b

103,531

Cengage

Learning,

Inc.,

Term

Loan

87,507

10.406%, 

(TSFR3M

+

4.750%),

7/14/2026

b

86,463

Charter

Communications

Operating,

LLC,

Term

Loan

329,567

7.133%, 

(TSFR1M

+

1.750%),

2/1/2027

b

328,667

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

211,334

9.145%, 

(TSFR3M

+

3.500%),

8/21/2026

b

202,528

CMG

Media

Corporation,

Term

Loan

162,083

8.990%, 

(TSFR3M

+

3.500%),

12/17/2026

b

145,470

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

80,600

10.429%, 

(TSFR1M

+

5.000%),

4/27/2027

b

80,465

110,655

10.679%, 

(TSFR1M

+

5.250%),

4/27/2027

b

110,517

DIRECTV

Financing,

LLC,

Term

Loan

266,500

10.439%, 

(TSFR1M

+

5.000%),

8/2/2027

b

258,934

Level

3

Financing,

Inc.,

Term

Loan

138,000

7.189%, 

(TSFR1M

+

1.750%),

3/1/2027

b

128,608

Lumen

Technologies,

Inc.,

Term

Loan

169,499

7.689%, 

(TSFR1M

+

2.250%),

3/15/2027

b

127,204

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

284

Principal

Amount

Bank

Loans

(2.3%)

a

Value

Communications

Services

(0.3%)

-

continued

McGraw-Hill

Education,

Inc.,

Term

Loan

$

153,209

10.189%, 

(TSFR1M

+

4.750%),

7/30/2028

b

$

144,919

MH

Sub

I,

LLC,

Term

Loan

200,785

9.574%, 

(TSFR1M

+

4.250%),

5/3/2028

b

191,637

NEP

Group,

Inc.,

Term

Loan

87,481

8.689%, 

(TSFR1M

+

3.250%),

10/20/2025

b

78,639

Playtika

Holding

Corporation,

Term

Loan

105,914

8.189%, 

(TSFR1M

+

2.750%),

3/11/2028

b

102,411

Radiate

Holdco,

LLC,

Term

Loan

168,492

8.689%, 

(TSFR1M

+

3.250%),

9/25/2026

b

139,038

RLG

Holdings,

LLC,

Term

Loan

84,935

9.689%, 

(TSFR1M

+

4.250%),

7/8/2028

b

78,300

SBA

Senior

Finance

II,

LLC,

Term

Loan

112,503

7.180%, 

(TSFR1M

+

1.750%),

4/11/2025

b

112,418

UPC

Financing

Partnership,

Term

Loan

81,000

8.374%, 

(TSFR1M

+

3.000%),

1/31/2029

b

79,313

Virgin

Media

Bristol,

LLC,

Term

Loan

200,000

7.949%, 

(TSFR1M

+

2.500%),

1/31/2028

b

194,126

Zayo

Group

Holdings,

Inc.,

Term

Loan

169,000

8.439%, 

(TSFR1M

+

3.000%),

3/9/2027

b

142,198

Ziggo

Financing

Partnership,

Term

Loan

135,000

7.949%, 

(TSFR1M

+

2.500%),

4/30/2028

b

131,980

Total

3,210,114

Consumer

Cyclical

(0.4%)

1011778

B.C.,

ULC,

Term

Loan

327,455

7.574%, 

(TSFR1M

+

2.250%),

9/21/2030

b

324,099

AlixPartners,

LLP,

Term

Loan

93,046

8.189%, 

(TSFR1M

+

2.750%),

2/4/2028

b

92,912

Allied

Universal

Holdco,

LLC,

Term

Loan

326,667

9.174%, 

(TSFR1M

+

3.750%),

5/14/2028

b

309,641

Alterra

Mountain

Company,

Term

Loan

102,950

8.939%, 

(TSFR1M

+

3.500%),

8/17/2028

b

102,821

Caesars

Entertainment,

Inc.,

Term

Loan

198,005

8.674%, 

(TSFR1M

+

3.250%),

2/6/2030

b

197,043

Principal

Amount

Bank

Loans

(2.3%)

a

Value

Consumer

Cyclical

(0.4%)

-

continued

Carnival

Corporation,

Term

Loan

$

90,001

8.336%, 

(TSFR1M

+

3.000%),

8/8/2027

b

$

88,314

123,741

8.689%, 

(TSFR1M

+

3.250%),

10/18/2028

b

121,318

Cinemark

USA,

Inc.,

Term

Loan

88,366

9.094%, 

(TSFR3M

+

3.750%),

5/24/2030

b

88,145

Clarios

Global,

LP,

Term

Loan

181,159

9.074%, 

(TSFR1M

+

3.750%),

5/4/2030

b

180,706

Delta

2

Lux

SARL,

Term

Loan

195,000

7.574%, 

(TSFR1M

+

2.250%),

1/15/2030

b

194,817

Ensemble

RCM,

LLC,

Term

Loan

74,611

9.233%, 

(TSFR3M

+

3.750%),

8/1/2026

b

74,552

Fertitta

Entertainment,

LLC/NV,

Term

Loan

80,186

9.324%, 

(TSFR1M

+

4.000%),

1/27/2029

b

78,312

First

Brands

Group,

LLC,

Term

Loan

104,198

10.881%, 

(TSFR6M

+

5.000%),

3/30/2027

b

102,592

GoDaddy

Operating

Company,

LLC,

Term

Loan

129,027

7.824%, 

(TSFR1M

+

2.500%),

11/10/2029

b

129,056

Great

Outdoors

Group,

LLC,

Term

Loan

183,131

9.402%, 

(TSFR3M

+

3.750%),

3/5/2028

b

181,490

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

162,327

8.189%, 

(TSFR1M

+

2.750%),

10/19/2027

b

160,111

Hilton

Worldwide

Finance,

LLC,

Term

Loan

198,000

7.174%, 

(TSFR1M

+

1.750%),

6/21/2026

b

197,743

IRB

Holding

Corporation,

Term

Loan

188,564

8.424%, 

(TSFR1M

+

3.000%),

12/15/2027

b

186,363

Light

&

Wonder

International,

Inc.,

Term

Loan

197,995

8.435%, 

(TSFR1M

+

3.000%),

4/14/2029

b

197,345

Petco

Health

&

Wellness

Company,

Inc.,

Term

Loan

83,093

8.902%, 

(TSFR3M

+

3.250%),

3/4/2028

b

81,155

PetSmart,

LLC,

Term

Loan

257,367

9.174%, 

(TSFR1M

+

3.750%),

2/12/2028

b

253,882

Pilot

Travel

Centers,

LLC,

Term

Loan

221,172

7.424%, 

(TSFR1M

+

2.000%),

8/6/2028

b

221,034

Prime

Security

Services

Borrower,

LLC,

Term

Loan

96,385

7.950%, 

(TSFR1M

+

2.500%),

10/13/2030

b

96,144

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

285

Principal

Amount

Bank

Loans

(2.3%)

a

Value

Consumer

Cyclical

(0.4%)

-

continued

Scientific

Games

Holdings,

LP,

Term

Loan

$

133,650

8.914%, 

(TSFR3M

+

3.500%),

4/4/2029

b

$

131,262

Staples,

Inc.,

Term

Loan

137,680

10.634%, 

(LIBOR

1M

+

5.000%),

4/12/2026

b

118,147

Stars

Group

Holdings

BV,

Term

Loan

77,212

7.902%, 

(TSFR3M

+

2.250%),

7/21/2026

b

77,130

Uber

Technologies,

Inc.,

Term

Loan

94,165

8.159%, 

(TSFR3M

+

2.750%),

3/3/2030

b

94,038

UFC

Holdings,

LLC,

Term

Loan

129,176

8.399%, 

(TSFR3M

+

2.750%),

4/29/2026

b

128,979

Total

4,209,151

Consumer

Non-Cyclical

(0.4%)

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

172,195

9.082%, 

(TSFR1M

+

3.750%),

7/30/2028

b

168,732

Alltech,

Inc.,

Term

Loan

79,787

9.439%, 

(TSFR1M

+

4.000%),

10/15/2028

b,c

77,793

Amneal

Pharmaceuticals,

LLC,

Term

Loan

179,524

8.939%, 

(TSFR1M

+

3.500%),

5/4/2025

b

175,387

Bausch

+

Lomb

Corporation,

Term

Loan

205,915

8.755%, 

(TSFR3M

+

3.250%),

5/10/2027

b

196,809

87,869

9.324%, 

(TSFR1M

+

4.000%),

9/29/2028

b

84,354

Chobani,

LLC,

Term

Loan

82,351

8.939%, 

(TSFR1M

+

3.500%),

10/23/2027

b

82,120

DaVita,

Inc.,

Term

Loan

66,473

7.189%, 

(TSFR1M

+

1.750%),

8/12/2026

b

65,667

Elanco

Animal

Health,

Inc.,

Term

Loan

104,482

7.165%, 

(TSFR1M

+

1.750%),

8/1/2027

b

101,962

Froneri

U.S.,

Inc.,

Term

Loan

200,923

7.674%, 

(TSFR1M

+

2.250%),

1/31/2027

b

199,710

Gainwell

Acquisition

Corporation,

Term

Loan

282,819

9.490%, 

(TSFR3M

+

4.000%),

10/1/2027

b

269,857

ICON

Luxembourg

SARL,

Term

Loan

208,623

7.902%, 

(TSFR3M

+

2.250%),

7/1/2028

b

208,671

Jazz

Financing

Lux

SARL,

Term

Loan

260,047

8.939%, 

(TSFR1M

+

3.500%),

5/5/2028

b

259,902

Principal

Amount

Bank

Loans

(2.3%)

a

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

LifePoint

Health,

Inc.,

Term

Loan

$

71,084

0.000%, 

(TSFR3M

+

3.750%),

11/16/2025

b,d,e

$

70,531

102,608

11.157%, 

(TSFR3M

+

5.500%),

11/16/2028

b

96,756

Medline

Borrower,

LP,

Term

Loan

476,166

8.689%, 

(TSFR1M

+

3.250%),

10/21/2028

b

472,895

Organon

&

Company,

Term

Loan

239,455

8.451%, 

(TSFR1M

+

3.000%),

6/2/2028

b

238,676

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

77,405

9.152%, 

(TSFR3M

+

3.500%),

11/30/2027

b

76,340

Phoenix

Newco,

Inc.,

Term

Loan

184,066

8.689%, 

(TSFR1M

+

3.250%),

11/15/2028

b

181,719

PRA

Health

Sciences,

Inc.,

Term

Loan

51,979

7.902%, 

(TSFR3M

+

2.250%),

7/1/2028

b

51,991

Reynolds

Consumer

Products,

LLC,

Term

Loan

150,079

7.174%, 

(TSFR1M

+

1.750%),

2/4/2027

b

149,632

Select

Medical

Corporation,

Term

Loan

132,667

8.324%, 

(TSFR1M

+

3.000%),

3/6/2027

b

132,129

Sotera

Health

Holdings,

LLC,

Term

Loan

167,500

8.395%, 

(TSFR3M

+

2.750%),

12/11/2026

b

165,741

Star

Parent,

Inc.,

Term

Loan

190,000

9.386%, 

(TSFR3M

+

4.000%),

9/28/2030

b

180,810

Total

3,708,184

Energy

(0.1%)

Buckeye

Partners,

LP,

Term

Loan

131,646

7.666%, 

(TSFR1M

+

2.250%),

11/1/2026

b

131,469

CQP

Holdco,

LP,

Term

Loan

262,317

8.990%, 

(TSFR3M

+

3.500%),

6/4/2028

b

261,933

GIP

II

Blue

Holding,

LP,

Term

Loan

45,347

9.939%, 

(TSFR1M

+

4.500%),

9/29/2028

b

45,339

GIP

III

Stetson

I,

LP,

Term

Loan

68,927

9.574%, 

(TSFR1M

+

4.250%),

7/18/2025

b

68,862

39,147

0.000%, 

(TSFR1M

+

4.250%),

10/5/2028

b,d,e

38,866

ITT

Holdings,

LLC,

Term

Loan

106,837

0.000%, 

(TSFR1M

+

3.250%),

10/5/2030

b,d,e

105,368

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

286

Principal

Amount

Bank

Loans

(2.3%)

a

Value

Energy

(0.1%)

-

continued

Oryx

Midstream

Services

Permian

Basin,

LLC,

Term

Loan

$

59,537

8.692%, 

(TSFR1M

+

3.250%),

10/5/2028

b

$

59,405

Total

711,242

Financials

(0.2%)

Acrisure,

LLC,

Term

Loan

123,718

8.939%, 

(TSFR1M

+

3.500%),

2/15/2027

b

120,296

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

51,475

8.835%, 

(TSFR1M

+

3.500%),

11/6/2027

b

51,277

AmWINS

Group,

Inc.,

Term

Loan

197,966

7.689%, 

(TSFR1M

+

2.250%),

2/19/2028

b

196,099

Asurion,

LLC,

Term

Loan

164,731

8.689%, 

(TSFR1M

+

3.250%),

12/23/2026

b

158,965

92,625

8.689%, 

(TSFR1M

+

3.250%),

7/31/2027

b

88,418

33,263

9.674%, 

(TSFR1M

+

4.250%),

8/19/2028

b

31,715

Edelman

Financial

Engines

Center,

LLC,

Term

Loan

54,443

8.939%, 

(TSFR1M

+

3.500%),

4/7/2028

b

53,428

First

Eagle

Holdings,

Inc.,

Term

Loan

54,419

7.990%, 

(TSFR3M

+

2.500%),

2/2/2027

b

53,776

FleetCor

Technologies

Operating

Company,

LLC,

Term  Loan

105,918

7.174%, 

(TSFR1M

+

1.750%),

4/30/2028

b

105,623

Focus

Financial

Partners,

LLC,

Term

Loan

89,323

8.574%, 

(TSFR1M

+

3.250%),

6/30/2028

b

88,866

Howden

Group

Holdings,

Ltd.,

Term

Loan

54,440

8.750%, 

(LIBOR

1M

+

3.250%),

11/12/2027

b

53,951

HUB

International,

Ltd.,

Term

Loan

237,500

9.662%, 

(TSFR3M

+

4.250%),

6/20/2030

b

237,331

Hudson

River

Trading,

LLC,

Term

Loan

56,421

8.439%, 

(TSFR1M

+

3.000%),

3/18/2028

b

55,543

Jane

Street

Group,

LLC,

Term

Loan

105,911

8.189%, 

(TSFR1M

+

2.750%),

1/26/2028

b

105,567

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

87,063

9.074%, 

(TSFR1M

+

3.750%),

2/24/2028

b

86,682

Trans

Union,

LLC,

Term

Loan

142,079

7.689%, 

(TSFR1M

+

2.250%),

12/1/2028

b

141,732

Principal

Amount

Bank

Loans

(2.3%)

a

Value

Financials

(0.2%)

-

continued

USI,

Inc./NY,

Term

Loan

$

196,020

9.140%, 

(TSFR3M

+

3.750%),

11/22/2029

b

$

195,326

VFH

Parent,

LLC,

Term

Loan

80,190

8.427%, 

(TSFR1M

+

3.000%),

1/13/2029

b

79,539

Total

1,904,134

Technology

(0.5%)

Amentum

Government

Services

Holdings,

LLC,

Term  Loan

131,667

9.335%, 

(TSFR1M

+

4.000%),

2/15/2029

b

128,499

AthenaHealth

Group,

Inc.,

Term

Loan

356,156

8.577%, 

(TSFR1M

+

3.250%),

2/15/2029

b

344,517

Boxer

Parent

Company,

Inc.,

Term

Loan

200,630

9.189%, 

(TSFR1M

+

3.750%),

10/2/2025

b

200,317

Central

Parent,

Inc.,

Term

Loan

235,222

9.406%, 

(TSFR3M

+

4.000%),

7/6/2029

b

233,684

Cloud

Software

Group,

Inc.,

Term

Loan

267,500

9.990%, 

(TSFR3M

+

4.500%),

3/30/2029

b,d,e

253,820

Coherent

Corporation,

Term

Loan

121,582

8.189%, 

(TSFR1M

+

2.750%),

7/1/2029

b

121,164

CommScope,

Inc.,

Term

Loan

79,586

8.689%, 

(TSFR1M

+

3.250%),

4/4/2026

b

68,012

CoreLogic,

Inc.,

Term

Loan

101,225

8.939%, 

(TSFR1M

+

3.500%),

6/2/2028

b

91,898

Cornerstone

OnDemand,

Inc.,

Term

Loan

144,533

9.189%, 

(TSFR1M

+

3.750%),

10/15/2028

b

136,294

Dcert

Buyer,

Inc.,

Term

Loan

159,349

9.324%, 

(TSFR1M

+

4.000%),

10/16/2026

b

156,237

Dun

&

Bradstreet

Corporation,

Term

Loan

157,337

8.176%, 

(TSFR1M

+

2.750%),

2/8/2026

b

157,091

Entegris,

Inc.,

Term

Loan

61,093

7.890%, 

(TSFR1M

+

2.500%),

7/6/2029

b

61,115

Gen

Digital,

Inc.,

Term

Loan

142,742

7.424%, 

(TSFR1M

+

2.000%),

9/12/2029

b

141,375

Genesys

Cloud

Services

Holdings

II,

LLC,

Term

Loan

131,646

9.439%, 

(TSFR1M

+

4.000%),

12/1/2027

b

131,427

GTCR

W

Merger

Sub,

LLC,

Term

Loan

260,000

0.000%, 

(TSFR1M

+

3.000%),

9/20/2030

b,d,e

257,941

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

287

Principal

Amount

Bank

Loans

(2.3%)

a

Value

Technology

(0.5%)

-

continued

Informatica,

LLC,

Term

Loan

$

131,663

8.189%, 

(TSFR1M

+

2.750%),

10/29/2028

b

$

131,129

Magenta

Buyer,

LLC,

Term

Loan

141,556

10.645%, 

(TSFR3M

+

5.000%),

7/27/2028

b

99,089

McAfee

Corporation,

Term

Loan

270,263

9.165%, 

(TSFR1M

+

3.750%),

3/1/2029

b

257,934

Mitchell

International,

Inc.,

Term

Loan

164,332

9.189%, 

(TSFR1M

+

3.750%),

10/15/2028

b

160,154

MKS

Instruments,

Inc.,

Term

Loan

236,610

7.819%, 

(TSFR1M

+

2.500%),

8/17/2029

b

234,440

Open

Text

Corporation,

Term

Loan

199,174

8.174%, 

(TSFR1M

+

2.750%),

1/31/2030

b

198,953

Peraton

Corporation,

Term

Loan

407,666

9.174%, 

(TSFR1M

+

3.750%),

2/1/2028

b

399,513

Polaris

Newco,

LLC,

Term

Loan

158,401

9.439%, 

(TSFR1M

+

4.000%),

6/4/2028

b

149,293

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan

165,000

10.074%, 

(TSFR1M

+

4.750%),

10/26/2030

b

159,921

Proofpoint,

Inc.,

Term

Loan

175,217

8.689%, 

(TSFR1M

+

3.250%),

8/31/2028

b

172,101

RealPage,

Inc.,

Term

Loan

133,636

8.439%, 

(TSFR1M

+

3.000%),

4/22/2028

b

130,491

Tempo

Acquisition,

LLC,

Term

Loan

128,695

8.074%, 

(TSFR1M

+

2.750%),

8/31/2028

b

128,494

UKG,

Inc.,

Term

Loan

280,149

8.764%, 

(TSFR3M

+

3.250%),

5/3/2026

b

278,429

Verscend

Holding

Corporation,

Term

Loan

192,894

9.439%, 

(TSFR1M

+

4.000%),

8/27/2025

b

192,612

Total

5,175,944

Transportation

(0.1%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

287,820

10.427%, 

(TSFR3M

+

4.750%),

4/20/2028

b

291,418

Air

Canada,

Term

Loan

249,231

9.128%, 

(TSFR3M

+

3.500%),

8/11/2028

b

248,795

Brown

Group

Holding,

LLC,

Term

Loan

105,842

8.174%, 

(TSFR1M

+

2.750%),

6/7/2028

b

103,813

Principal

Amount

Bank

Loans

(2.3%)

a

Value

Transportation

(0.1%)

-

continued

Genesee

&

Wyoming,

Inc.,

Term

Loan

$

131,636

7.490%, 

(TSFR3M

+

2.000%),

12/30/2026

b

$

131,471

Mileage

Plus

Holdings,

LLC,

Term

Loan

93,750

10.798%, 

(TSFR3M

+

5.250%),

6/20/2027

b

96,473

SkyMiles

IP,

Ltd.,

Term

Loan

224,800

9.166%, 

(TSFR3M

+

3.750%),

10/20/2027

b

230,000

United

Airlines,

Inc.,

Term

Loan

205,488

9.189%, 

(TSFR1M

+

3.750%),

4/21/2028

b

204,717

Total

1,306,687

Utilities

(<0.1%)

PG&E

Corporation,

Term

Loan

192,543

8.439%, 

(TSFR1M

+

3.000%),

6/23/2025

b

192,062

Total

192,062

Total

Bank

Loans

(cost

$23,579,038)

23,453,008

Shares

Registered

Investment

Companies

(

41.0%

)

Value

U.S.

Affiliated  (40.3%)

4,510,570

Thrivent

Core

Emerging

Markets

Debt

Fund

32,791,844

875,992

Thrivent

Core

Emerging

Markets

Equity

Fund

7,078,012

1,437,296

Thrivent

Core

International

Equity

Fund

13,108,143

1,085,236

Thrivent

Core

Low

Volatility

Equity

Fund

12,002,714

960,415

Thrivent

Core

Mid

Cap

Value

Fund

8,864,628

851,548

Thrivent

Core

Small

Cap

Value

Fund

7,246,675

72,373

Thrivent

Global

Stock

Fund,

Class

S

1,748,536

5,944,519

Thrivent

High

Yield

Fund,

Class

S

23,421,406

9,165,579

Thrivent

Income

Fund,

Class

S

68,375,222

2,278,760

Thrivent

International

Allocation

Fund,

Class

S

20,919,015

3,540,701

Thrivent

Large

Cap

Growth

Fund,

Class

S

55,730,640

3,695,806

Thrivent

Large

Cap

Value

Fund,

Class

S

93,725,645

3,414,235

Thrivent

Limited

Maturity

Bond

Fund,

Class

S

40,526,963

816,743

Thrivent

Mid

Cap

Stock

Fund,

Class

S

24,167,429

264,226

Thrivent

Small

Cap

Stock

Fund,

Class

S

6,526,387

Total

416,233,259

U.S.

Unaffiliated  (0.7%)

2,469

Communication

Services

Select

Sector

SPDR

Fund

159,794

1,057

Invesco

QQQ

Trust

Series

1

f

370,870

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

288

Shares

Registered

Investment

Companies

(41.0%)

Value

U.S.

Unaffiliated  (0.7%)-

continued

9,643

SPDR

Bloomberg

High

Yield

Bond

ETF

f

$

857,455

12,792

SPDR

S&P

500

ETF

Trust

5,349,614

1,372

SPDR

S&P

Biotech

ETF

90,868

379

SPDR

S&P

Oil

&

Gas

Exploration

ETF

55,038

Total

6,883,639

Total

Registered

Investment

Companies

(cost

$374,444,245)

423,116,898

Principal

Amount

Long-Term

Fixed

Income

(

36.8%

)

Value

Asset-Backed

Securities

(0.9%)

510

Asset

Backed

Trust

$

450,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

g,h

381,110

720

East

CLO

I,

Ltd.

600,000

8.666%, 

(TSFR3M

+

3.250%),

1/20/2036,

Ser.

2022-1A,

Class

B

b,g

602,854

175,000

9.666%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

b,g

176,254

Access

Group,

Inc.

50,246

5.935%, 

(SOFR30A

+

0.614%),

2/25/2036,

Ser.

2013-1,

Class

A

b,g

49,366

AMSR

Trust

500,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

g

411,323

325,000

2.517%, 

12/17/2038,

Ser.

2021-SFR4,

Class

C

g

283,598

Ares

XL

CLO,

Ltd.

450,000

8.456%, 

(TSFR3M

+

3.062%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,g

439,958

CMFT

Net

Lease

Master

Issuer,

LLC

311,254

2.090%, 

7/20/2051,

Ser.

2021-1,

Class

A1

g

247,017

Commonbond

Student

Loan

Trust

30,954

5.939%, 

(TSFR1M

+

0.614%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,g

30,168

Dryden

36

Senior

Loan

Fund

375,000

7.706%, 

(TSFR3M

+

2.312%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,g

369,008

Foundation

Finance

Trust

166,962

1.270%, 

5/15/2041,

Ser.

2021-1A,

Class

A

g

145,265

FRTKL

Trust

575,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

g

497,642

GSAA

Home

Equity

Trust

886,348

4.467%, 

8/25/2034,

Ser.

2004-10,

Class

M2

b,h

749,643

Harley

Marine

Financing,

LLC

1,081,564

6.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

g

1,077,529

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Asset-Backed

Securities

(0.9%)

-

continued

Home

Partners

of

America

Trust

$

577,590

2.302%, 

12/17/2026,

Ser.

2021-2,

Class

B

g

$

507,680

470,525

2.078%, 

9/17/2041,

Ser.

2021-1,

Class

C

g

379,120

Laurel

Road

Prime

Student

Loan

Trust

177,941

5.259%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,g

164,023

Longfellow

Place

CLO,

Ltd.

247,369

7.956%, 

(TSFR3M

+

2.562%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,g

246,975

National

Collegiate

Trust

98,551

5.734%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,g

95,324

Oak

Street

Investment

379,654

1.850%, 

11/20/2050,

Ser.

2020-1A,

Class

A1

g

336,528

Preston

Ridge

Partners

Mortgage

Trust,

LLC

299,836

2.115%, 

1/25/2026,

Ser.

2021-1,

Class

A1

b,g

287,274

Pretium

Mortgage

Credit

Partners,

LLC

282,720

5.240%, 

4/25/2052,

Ser.

2022-NPL2,

Class

A1

g,h

273,469

141,769

2.240%, 

9/27/2060,

Ser.

2021-NPL1,

Class

A1

g,h

136,771

VCAT

Asset

Securitization,

LLC

225,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

g,h

211,359

Vericrest

Opportunity

Loan

Transferee

208,992

1.893%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A1

g,h

194,163

160,607

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

g,h

149,354

200,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

g,h

151,923

250,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

g,h

185,233

Wind

River

CLO,

Ltd.

275,000

7.677%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,g

273,253

Total

9,053,184

Basic

Materials

(0.3%)

Alcoa

Nederland

Holding

BV

98,000

5.500%, 

12/15/2027

g

92,873

Anglo

American

Capital

plc

200,000

3.875%, 

3/16/2029

g

177,140

ATI,

Inc.

69,000

7.250%, 

8/15/2030

66,425

Cascades,

Inc./Cascades

USA,

Inc.

90,000

5.125%, 

1/15/2026

g

85,421

Chemours

Company

95,000

5.750%, 

11/15/2028

g

80,346

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

289

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Basic

Materials

(0.3%)

-

continued

Cleveland-Cliffs,

Inc.

$

80,000

5.875%, 

6/1/2027

$

76,222

50,000

4.625%, 

3/1/2029

g

43,095

Consolidated

Energy

Finance

SA

169,000

5.625%, 

10/15/2028

g

138,867

EIDP,

Inc.

136,000

4.500%, 

5/15/2026

132,050

First

Quantum

Minerals,

Ltd.

180,000

6.875%, 

10/15/2027

g

153,311

FMC

Corporation

135,000

5.150%, 

5/18/2026

130,340

Glencore

Funding,

LLC

136,000

3.375%, 

9/23/2051

g

77,998

193,000

4.000%, 

3/27/2027

g

179,995

135,000

6.125%, 

10/6/2028

g

133,831

Hecla

Mining

Company

55,000

7.250%, 

2/15/2028

52,511

Hudbay

Minerals,

Inc.

109,000

4.500%, 

4/1/2026

g

101,448

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

76,000

9.000%, 

7/1/2028

g

71,007

International

Flavors

&

Fragrances,

Inc.

143,000

1.230%, 

10/1/2025

g

128,920

Methanex

Corporation

96,000

4.250%, 

12/1/2024

93,740

Mineral

Resources,

Ltd.

21,000

9.250%, 

10/1/2028

g

21,000

Mosaic

Company

166,000

4.050%, 

11/15/2027

154,917

Novelis

Corporation

45,000

3.250%, 

11/15/2026

g

40,056

50,000

4.750%, 

1/30/2030

g

42,424

45,000

3.875%, 

8/15/2031

g

35,145

Nutrien,

Ltd.

68,000

4.900%, 

3/27/2028

65,141

OCI

NV

76,000

4.625%, 

10/15/2025

g

71,828

Olin

Corporation

170,000

5.125%, 

9/15/2027

155,859

10,000

5.625%, 

8/1/2029

9,092

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

106,000

5.375%, 

11/1/2026

g

94,025

SNF

Group

SACA

105,000

3.375%, 

3/15/2030

g

83,971

SunCoke

Energy,

Inc.

100,000

4.875%, 

6/30/2029

g

83,700

Taseko

Mines,

Ltd.

74,000

7.000%, 

2/15/2026

g

67,126

Unifrax

Escrow

Issuer

Corporation

92,000

5.250%, 

9/30/2028

g

62,141

United

States

Steel

Corporation

110,000

6.875%, 

3/1/2029

f

106,867

Total

3,108,832

Capital

Goods

(0.7%)

Advanced

Drainage

Systems,

Inc.

90,000

6.375%, 

6/15/2030

g

84,975

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Capital

Goods

(0.7%)

-

continued

AECOM

$

165,000

5.125%, 

3/15/2027

$

155,777

Amsted

Industries,

Inc.

115,000

5.625%, 

7/1/2027

g

105,821

15,000

4.625%, 

5/15/2030

g

12,101

ARD

Finance

SA

32,000

6.500%, 

6/30/2027

g

18,630

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

144,000

5.250%, 

8/15/2027

g

104,671

Boeing

Company

303,000

5.930%, 

5/1/2060

254,915

156,000

5.040%, 

5/1/2027

151,054

325,000

5.705%, 

5/1/2040

287,485

Bombardier,

Inc.

25,000

7.125%, 

6/15/2026

g

24,055

117,000

7.875%, 

4/15/2027

g

112,551

85,000

6.000%, 

2/15/2028

g

75,215

Brand

Industrial

Services,

Inc.

33,000

10.375%, 

8/1/2030

g

32,752

Builders

FirstSource,

Inc.

70,000

5.000%, 

3/1/2030

g

61,087

Canpack

SA/Canpack

US,

LLC

150,000

3.125%, 

11/1/2025

g

137,511

Carrier

Global

Corporation

188,000

2.700%, 

2/15/2031

148,480

Chart

Industries,

Inc.

103,000

7.500%, 

1/1/2030

g

101,144

Clean

Harbors,

Inc.

136,000

6.375%, 

2/1/2031

g

129,263

Clydesdale

Acquisition

Holdings,

Inc.

14,000

6.625%, 

4/15/2029

g

12,718

27,000

8.750%, 

4/15/2030

g

21,521

CNH

Industrial

NV

110,000

3.850%, 

11/15/2027

101,373

Cornerstone

Building

Brands,

Inc.

71,000

6.125%, 

1/15/2029

g

51,908

Covanta

Holding

Corporation

44,000

4.875%, 

12/1/2029

g

34,320

CP

Atlas

Buyer,

Inc.

101,000

7.000%, 

12/1/2028

f,g

76,980

Crown

Cork

&

Seal

Company,

Inc.

88,000

7.375%, 

12/15/2026

89,324

Emerald

Debt

Merger

Sub,

LLC

103,000

6.625%, 

12/15/2030

g

97,979

GFL

Environmental,

Inc.

72,000

4.000%, 

8/1/2028

g

61,962

145,000

3.500%, 

9/1/2028

g

124,154

H&E

Equipment

Services,

Inc.

172,000

3.875%, 

12/15/2028

g

145,690

Herc

Holdings,

Inc.

90,000

5.500%, 

7/15/2027

g

84,598

Howmet

Aerospace,

Inc.

224,000

3.000%, 

1/15/2029

189,071

204,000

5.950%, 

2/1/2037

186,356

Ingersoll

Rand,

Inc.

34,000

5.700%, 

8/14/2033

32,126

John

Deere

Capital

Corporation

88,000

4.950%, 

7/14/2028

85,838

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

290

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Capital

Goods

(0.7%)

-

continued

Lockheed

Martin

Corporation

$

184,000

4.500%, 

5/15/2036

$

161,127

40,000

6.150%, 

9/1/2036

40,712

Mauser

Packaging

Solutions

Holding

Company

55,000

9.250%, 

4/15/2027

g

45,805

MIWD

Holdco

II,

LLC

55,000

5.500%, 

2/1/2030

g

43,656

Mueller

Water

Products,

Inc.

58,000

4.000%, 

6/15/2029

g

49,590

Nesco

Holdings

II,

Inc.

110,000

5.500%, 

4/15/2029

g

94,325

New

Enterprise

Stone

and

Lime

Company,

Inc.

126,000

5.250%, 

7/15/2028

g

111,194

Nordson

Corporation

134,000

5.600%, 

9/15/2028

131,529

Northrop

Grumman

Corporation

300,000

3.850%, 

4/15/2045

212,625

OI

European

Group

BV

136,000

4.750%, 

2/15/2030

g

115,724

Owens-Brockway

Glass

Container,

Inc.

55,000

6.625%, 

5/13/2027

g

52,250

Pactiv

Evergreen

Group

80,000

4.375%, 

10/15/2028

g

68,050

Parker-Hannifin

Corporation

340,000

4.500%, 

9/15/2029

315,998

PGT

Innovations,

Inc.

107,000

4.375%, 

10/1/2029

g

99,893

Regal

Rexnord

Corporation

170,000

6.050%, 

2/15/2026

g

167,213

Republic

Services,

Inc.

125,000

2.900%, 

7/1/2026

116,826

Roller

Bearing

Company

of

America,

Inc.

78,000

4.375%, 

10/15/2029

g

66,145

Rolls-Royce

plc

51,000

5.750%, 

10/15/2027

g

48,326

RTX

Corporation

110,000

4.125%, 

11/16/2028

101,010

200,000

4.450%, 

11/16/2038

159,488

Sealed

Air

Corporation

86,000

6.125%, 

2/1/2028

g

81,856

Silgan

Holdings,

Inc.

41,000

4.125%, 

2/1/2028

36,207

SRM

Escrow

Issuer,

LLC

160,000

6.000%, 

11/1/2028

g

147,934

Textron,

Inc.

197,000

3.375%, 

3/1/2028

177,239

Titan

Acquisition,

Ltd./Titan

Co-

Borrower,

LLC

55,000

7.750%, 

4/15/2026

g

51,156

Trane

Technologies

Financing,

Ltd.

129,000

3.500%, 

3/21/2026

122,537

TransDigm,

Inc.

82,000

6.250%, 

3/15/2026

g

80,070

345,000

5.500%, 

11/15/2027

321,179

Triumph

Group,

Inc.

88,000

9.000%, 

3/15/2028

g

85,469

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Capital

Goods

(0.7%)

-

continued

United

Rentals

North

America,

Inc.

$

120,000

4.875%, 

1/15/2028

$

111,333

90,000

4.000%, 

7/15/2030

75,630

Veralto

Corporation

136,000

5.350%, 

9/18/2028

g

131,568

Waste

Management,

Inc.

135,000

4.875%, 

2/15/2034

123,625

Waste

Pro

USA,

Inc.

50,000

5.500%, 

2/15/2026

g

45,960

WESCO

Distribution,

Inc.

135,000

7.250%, 

6/15/2028

g

134,143

Total

7,320,797

Collateralized

Mortgage

Obligations

(1.5%)

Alternative

Loan

Trust

121,455

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

64,691

BINOM

Securitization

Trust

253,882

2.370%, 

6/25/2056,

Ser.

2021-INV1,

Class

A2

b,g

209,357

CHL

Mortgage

Pass-Through

Trust

607,633

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

229,611

CHNGE

Mortgage

Trust

469,326

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

g,h

465,631

568,325

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

g,h

552,109

Citicorp

Mortgage

Securities,

Inc.

197,350

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

164,284

COLT

Mortgage

Loan

Trust

509,172

1.726%, 

11/25/2066,

Ser.

2021-5,

Class

A1

b,g

410,981

Countrywide

Alternative

Loan

Trust

128,059

3.784%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

101,504

393,823

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

138,091

Countrywide

Home

Loans,

Inc.

74,806

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

33,055

Credit

Suisse

Mortgage

Trust

325,000

3.346%, 

1/25/2067,

Ser.

2022-ATH1,

Class

A1B

b,g

260,796

450,000

4.000%, 

2/25/2067,

Ser.

2022-NQM2,

Class

A1B

b,g

364,456

277,438

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

b,g

269,786

283,018

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,g

220,612

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

34,757

6.000%, 

11/25/2023,

Ser.

2006-AR5,

Class

23A

17,591

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,039,663

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

970,205

221,255

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

i

18,725

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

291

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Collateralized

Mortgage

Obligations

(1.5%)

-

continued

$

236,184

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

i

$

23,883

846,093

4.500%, 

10/15/2033,

Ser.

2695,

Class

BH

803,737

650,000

2.500%, 

12/15/2048,

Ser.

5094,

Class

BC

461,525

Federal

National

Mortgage

Association

-

REMIC

822,109

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

773,336

466,028

4.000%, 

7/25/2052,

Ser.

2022-37,

Class

PE

434,017

297,355

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

i

10,948

1,417,696

5.250%, 

7/25/2039,

Ser.

2022-72,

Class

CB

1,380,894

810,407

4.500%, 

1/25/2046,

Ser.

2022-68,

Class

BA

777,297

Flagstar

Mortgage

Trust

266,642

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,g

217,670

GCAT

Trust

405,060

1.855%, 

8/25/2066,

Ser.

2021-NQM6,

Class

A1

b,g

336,306

GS

Mortgage-Backed

Securities

Trust

648,356

3.000%, 

6/25/2052,

Ser.

2022-GR1,

Class

A2

b,g

495,056

GSR

Mortgage

Loan

Trust

336,964

5.015%, 

9/25/2034,

Ser.

2004-11,

Class

2A2

b

316,669

J.P.

Morgan

Mortgage

Trust

472,550

2.500%, 

2/25/2052,

Ser.

2021-INV7,

Class

A2A

b,g

345,202

372,180

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,g

279,539

LHOME

Mortgage

Trust

78,691

2.090%, 

2/25/2026,

Ser.

2021-RTL1,

Class

A1

b,g

78,372

123,695

2.090%, 

6/25/2026,

Ser.

2021-RTL2,

Class

A1

g,h

122,173

Mello

Mortgage

Capital

Acceptance

528,425

2.500%, 

8/25/2051,

Ser.

2021-INV2,

Class

A3

b,g

386,019

Merrill

Lynch

Alternative

Note

Asset

Trust

78,042

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

28,706

New

Residential

Mortgage

Loan

Trust

1,042,672

2.500%, 

9/25/2051,

Ser.

2021-INV2,

Class

A2

b,g

761,680

New

York

Mortgage

Trust

337,921

2.239%, 

5/25/2026,

Ser.

2021-BPL1,

Class

A1

g,h

334,700

Onslow

Bay

Financial,

LLC

350,000

3.688%, 

1/25/2062,

Ser.

2022-NQM3,

Class

A1B

b,g

274,511

Palisades

Mortgage

Loan

Trust

800,000

2.857%, 

6/25/2026,

Ser.

2021-RTL1,

Class

A1

g,h

779,578

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Collateralized

Mortgage

Obligations

(1.5%)

-

continued

Residential

Accredit

Loans,

Inc.

Trust

$

85,857

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

$

69,696

Residential

Asset

Securitization

Trust

425,687

5.375%, 

7/25/2035,

Ser.

2005-A8CB,

Class

A9

250,766

ROC

Securities

Trust

Series

471,959

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,g

461,011

Sequoia

Mortgage

Trust

215,689

3.482%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

144,538

Toorak

Mortgage

Corporation,

Ltd.

339,778

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

g,h

330,671

TRK

Trust

369,387

1.966%, 

11/25/2056,

Ser.

2021-INV2,

Class

A1

b,g

293,297

Vericrest

Opportunity

Loan

Transferee

241,560

2.116%, 

3/27/2051,

Ser.

2021-NPL5,

Class

A1

g,h

228,827

Verus

Securitization

Trust

227,123

2.286%, 

11/25/2066,

Ser.

2021-8,

Class

A2

b,g

179,806

Total

15,871,915

Commercial

Mortgage-Backed

Securities

(1.4%)

BANK

2022-BNK39

2,740,388

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,i

71,919

BANK5

2023-5YR2

500,000

7.379%, 

7/15/2056,

Ser.

2023-5YR2,

Class

AS

b

500,479

BBCMS

Mortgage

Trust

1,252,690

0.740%, 

2/15/2055,

Ser.

2022-C14,

Class

XA

b,i

48,783

3,990,744

1.152%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,i

295,070

2,937,600

1.852%, 

10/15/2053,

Ser.

2020-C8,

Class

XA

b,i

247,654

BFLD

Trust

150,000

7.150%, 

(TSFR1M

+

1.814%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,g

87,300

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

1,750,000

3.000%, 

6/25/2032,

Ser.

K147,

Class

A2

b,j

1,435,396

1,250,000

3.500%, 

7/25/2032,

Ser.

K148,

Class

A2

b,j

1,065,213

1,750,000

3.530%, 

8/25/2032,

Ser.

K149,

Class

A2

j

1,493,452

1,800,000

3.800%, 

10/25/2032,

Ser.

K-151,

Class

A2

b,j

1,564,715

2,450,000

3.780%, 

11/25/2032,

Ser.

K-152,

Class

A2

b,j

2,126,016

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

292

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Commercial

Mortgage-Backed

Securities

(1.4%)

-

continued

$

2,250,000

3.820%, 

12/25/2032,

Ser.

K-153,

Class

A2

b,j

$

1,955,424

Federal

Home

Loan

Mortgage

Corporation

Multifamily

WI

Certificates

400,000

4.500%, 

12/25/2033,

Ser.

K160,

Class

A2

364,692

1,500,000

4.900%, 

1/25/2034,

Ser.

K161,

Class

A2

1,408,029

MIRA

Trust

500,000

6.755%, 

6/10/2038,

Ser.

2023-MILE,

Class

A

g

486,011

Morgan

Stanley

Capital

I

Trust

2,916,153

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,i

260,438

SCOTT

Trust

575,000

5.910%, 

3/15/2040,

Ser.

2023-SFS,

Class

A

g

548,583

Total

13,959,174

Communications

Services

(1.1%)

Activision

Blizzard,

Inc.

272,000

2.500%, 

9/15/2050

152,053

Allen

Media,

LLC/Allen

Media

Co-

Issuer,

Inc.

92,000

10.500%, 

2/15/2028

g

47,914

Altice

Financing

SA

81,000

5.750%, 

8/15/2029

g

62,638

Altice

France

SA/France

184,000

5.125%, 

7/15/2029

g

125,978

57,000

5.500%, 

10/15/2029

g

39,210

AMC

Networks,

Inc.

40,000

5.000%, 

4/1/2024

39,688

131,000

4.250%, 

2/15/2029

f

80,485

American

Tower

Corporation

180,000

3.375%, 

10/15/2026

166,625

135,000

5.800%, 

11/15/2028

131,888

135,000

2.900%, 

1/15/2030

110,093

157,000

5.650%, 

3/15/2033

146,067

AT&T,

Inc.

204,000

3.650%, 

6/1/2051

125,557

301,000

3.500%, 

9/15/2053

177,244

130,000

2.300%, 

6/1/2027

114,853

275,000

4.350%, 

3/1/2029

f

253,161

135,000

5.400%, 

2/15/2034

124,042

200,000

4.900%, 

8/15/2037

168,147

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

62,000

5.500%, 

5/1/2026

g

59,127

160,000

5.125%, 

5/1/2027

g

147,311

78,000

5.000%, 

2/1/2028

g

70,039

10,000

6.375%, 

9/1/2029

g

9,152

115,000

4.750%, 

3/1/2030

g

94,866

100,000

4.500%, 

8/15/2030

g

80,184

54,000

4.250%, 

2/1/2031

g

42,023

107,000

4.750%, 

2/1/2032

g

83,520

89,000

4.250%, 

1/15/2034

g

64,285

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

203,000

4.200%, 

3/15/2028

184,748

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Communications

Services

(1.1%)

-

continued

$

360,000

3.500%, 

6/1/2041

$

215,712

Cimpress

plc

69,000

7.000%, 

6/15/2026

63,854

Clear

Channel

Outdoor

Holdings,

Inc.

20,000

7.500%, 

6/1/2029

f,g

14,558

Clear

Channel

Worldwide

Holdings,

Inc.

162,000

5.125%, 

8/15/2027

g

143,985

Comcast

Corporation

204,000

5.350%, 

5/15/2053

175,509

176,000

2.887%, 

11/1/2051

97,199

168,000

4.250%, 

10/15/2030

151,971

145,000

4.400%, 

8/15/2035

123,366

317,000

4.750%, 

3/1/2044

255,300

Connect

Finco

SARL/Connect

US

Finco,

LLC

53,000

6.750%, 

10/1/2026

g

49,424

CSC

Holdings,

LLC

140,000

5.375%, 

2/1/2028

g

111,487

110,000

6.500%, 

2/1/2029

g

86,976

123,000

4.125%, 

12/1/2030

g

82,405

Deutsche

Telekom

International

Finance

BV

339,000

8.750%, 

6/15/2030

379,829

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

192,000

5.875%, 

8/15/2027

g

168,237

Discovery

Communications,

LLC

220,000

4.900%, 

3/11/2026

214,359

DISH

DBS

Corporation

35,000

5.875%, 

11/15/2024

32,113

48,000

5.250%, 

12/1/2026

g

38,719

36,000

7.375%, 

7/1/2028

20,331

62,000

5.750%, 

12/1/2028

g

45,027

54,000

5.125%, 

6/1/2029

27,810

DISH

Network

Corporation

52,000

11.750%, 

11/15/2027

g

51,509

Frontier

Communications

Holdings,

LLC

124,000

5.875%, 

10/15/2027

g

113,047

80,000

6.750%, 

5/1/2029

f,g

63,304

26,000

8.750%, 

5/15/2030

g

24,772

GCI,

LLC

100,000

4.750%, 

10/15/2028

g

85,810

Gray

Escrow

II,

Inc.

134,000

5.375%, 

11/15/2031

g

84,454

Gray

Television,

Inc.

115,000

4.750%, 

10/15/2030

f,g

73,731

Iliad

Holding

SASU

127,000

6.500%, 

10/15/2026

g

118,675

Lamar

Media

Corporation

56,000

3.625%, 

1/15/2031

45,265

LCPR

Senior

Secured

Financing

DAC

85,000

6.750%, 

10/15/2027

g

76,925

Level

3

Financing,

Inc.

103,000

4.625%, 

9/15/2027

g

68,495

135,000

4.250%, 

7/1/2028

g

76,339

49,000

10.500%, 

5/15/2030

g

49,038

McGraw-Hill

Education,

Inc.

76,000

5.750%, 

8/1/2028

g

64,053

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

293

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Communications

Services

(1.1%)

-

continued

$

21,000

8.000%, 

8/1/2029

g

$

17,303

Meta

Platforms,

Inc.

102,000

5.600%, 

5/15/2053

92,251

136,000

4.800%, 

5/15/2030

131,137

272,000

3.850%, 

8/15/2032

236,403

Netflix,

Inc.

55,000

5.875%, 

11/15/2028

55,021

138,000

5.375%, 

11/15/2029

g

133,801

180,000

4.875%, 

6/15/2030

g

168,471

News

Corporation

98,000

3.875%, 

5/15/2029

g

83,886

NTT

Finance

Corporation

238,000

4.372%, 

7/27/2027

g

227,442

Omnicom

Group,

Inc.

95,000

3.600%, 

4/15/2026

89,983

90,000

4.200%, 

6/1/2030

79,269

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

55,000

6.250%, 

6/15/2025

g

54,242

41,000

4.625%, 

3/15/2030

g

32,903

Playtika

Holding

Corporation

87,000

4.250%, 

3/15/2029

g

70,186

Radiate

Holdco,

LLC/Radiate

Finance,

Inc.

70,000

6.500%, 

9/15/2028

g

34,650

Scripps

Escrow

II,

Inc.

39,000

3.875%, 

1/15/2029

g

29,606

Sirius

XM

Radio,

Inc.

110,000

5.000%, 

8/1/2027

g

100,859

65,000

4.000%, 

7/15/2028

g

55,278

55,000

4.125%, 

7/1/2030

g

43,671

Sprint

Capital

Corporation

335,000

8.750%, 

3/15/2032

377,091

Take-Two

Interactive

Software,

Inc.

137,000

4.950%, 

3/28/2028

131,642

TEGNA,

Inc.

146,000

4.625%, 

3/15/2028

125,925

Telecom

Italia

Capital

SA

31,000

6.000%, 

9/30/2034

25,513

Telecom

Italia

SPA/Milano

43,000

5.303%, 

5/30/2024

g

42,164

Telesat

Canada/Telesat,

LLC

50,000

4.875%, 

6/1/2027

f,g

29,625

20,000

6.500%, 

10/15/2027

g

9,600

T-Mobile

USA,

Inc.

340,000

3.600%, 

11/15/2060

197,791

210,000

4.375%, 

4/15/2040

162,422

United

States

Cellular

Corporation

51,000

6.700%, 

12/15/2033

48,398

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

134,000

4.750%, 

4/15/2028

g

108,295

Univision

Communications,

Inc.

106,000

6.625%, 

6/1/2027

g

96,820

Verizon

Communications,

Inc.

204,000

3.000%, 

11/20/2060

104,430

475,000

2.650%, 

11/20/2040

287,126

310,000

3.400%, 

3/22/2041

209,190

Virgin

Media

Finance

plc

42,000

5.000%, 

7/15/2030

g

33,020

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Communications

Services

(1.1%)

-

continued

Virgin

Media

Secured

Finance

plc

$

54,000

5.500%, 

5/15/2029

g

$

47,817

VZ

Secured

Financing

BV

140,000

5.000%, 

1/15/2032

f,g

106,222

Warnermedia

Holdings,

Inc.

238,000

5.141%, 

3/15/2052

168,413

204,000

4.054%, 

3/15/2029

180,513

204,000

5.050%, 

3/15/2042

151,109

YPSO

Finance

BIS

SA

44,000

10.500%, 

5/15/2027

g

23,940

Total

10,797,914

Consumer

Cyclical

(1.1%)

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

140,000

4.375%, 

1/15/2028

g

126,053

Adient

Global

Holdings,

Ltd.

55,000

4.875%, 

8/15/2026

g

51,222

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

45,000

6.625%, 

7/15/2026

g

42,142

50,000

6.000%, 

6/1/2029

g

36,125

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

170,000

4.625%, 

6/1/2028

g

139,045

Allison

Transmission,

Inc.

56,000

3.750%, 

1/30/2031

g

44,387

Amazon.com,

Inc.

200,000

3.875%, 

8/22/2037

163,806

American

Axle

&

Manufacturing,

Inc.

165,000

6.500%, 

4/1/2027

155,531

American

Honda

Finance

Corporation

135,000

5.850%, 

10/4/2030

134,047

Arko

Corporation

63,000

5.125%, 

11/15/2029

g

51,080

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

70,000

4.625%, 

8/1/2029

g

56,643

40,000

4.625%, 

4/1/2030

g

30,972

Boyd

Gaming

Corporation

105,000

4.750%, 

6/15/2031

g

87,139

Boyne

USA,

Inc.

38,000

4.750%, 

5/15/2029

g

33,085

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

100,000

6.250%, 

9/15/2027

g

87,002

Caesars

Entertainment,

Inc.

147,000

6.250%, 

7/1/2025

g

144,631

50,000

8.125%, 

7/1/2027

g

49,544

107,000

4.625%, 

10/15/2029

g

87,935

Carnival

Corporation

43,000

7.625%, 

3/1/2026

g

41,813

190,000

5.750%, 

3/1/2027

g

169,644

40,000

4.000%, 

8/1/2028

g

34,793

Cedar

Fair,

LP

97,000

5.250%, 

7/15/2029

83,540

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

294

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Consumer

Cyclical

(1.1%)

-

continued

Churchill

Downs,

Inc.

$

70,000

4.750%, 

1/15/2028

g

$

62,687

41,000

6.750%, 

5/1/2031

g

37,822

Cinemark

USA,

Inc.

116,000

5.875%, 

3/15/2026

f,g

110,145

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

50,000

8.500%, 

5/15/2027

g

49,229

102,000

6.750%, 

5/15/2028

g

99,436

D.R.

Horton,

Inc.

68,000

2.600%, 

10/15/2025

63,774

Daimler

Trucks

Finance

North

America,

LLC

213,000

2.000%, 

12/14/2026

g

189,612

Expedia

Group,

Inc.

352,000

3.250%, 

2/15/2030

291,495

Ford

Motor

Company

154,000

3.250%, 

2/12/2032

116,231

89,000

6.100%, 

8/19/2032

82,320

Ford

Motor

Credit

Company,

LLC

375,000

2.300%, 

2/10/2025

354,116

240,000

4.134%, 

8/4/2025

228,753

195,000

2.700%, 

8/10/2026

174,785

203,000

2.900%, 

2/10/2029

166,005

Forestar

Group,

Inc.

70,000

3.850%, 

5/15/2026

g

62,305

General

Motors

Company

165,000

6.125%, 

10/1/2025

164,707

300,000

6.800%, 

10/1/2027

304,681

General

Motors

Financial

Company,

Inc.

180,000

1.500%, 

6/10/2026

158,898

GLP

Capital,

LP

255,000

5.750%, 

6/1/2028

239,074

Goodyear

Tire

&

Rubber

Company

75,000

5.000%, 

7/15/2029

64,502

Guitar

Center

Escrow

Issuer

II,

Inc.

35,000

8.500%, 

1/15/2026

f,g

29,471

Hanesbrands,

Inc.

91,000

4.875%, 

5/15/2026

f,g

83,612

Hilton

Domestic

Operating

Company,

Inc.

128,000

4.875%, 

1/15/2030

114,909

40,000

3.625%, 

2/15/2032

g

31,619

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

66,000

5.000%, 

6/1/2029

g

55,275

Home

Depot,

Inc.

205,000

5.400%, 

9/15/2040

187,409

120,000

4.250%, 

4/1/2046

91,214

345,000

3.900%, 

6/15/2047

246,853

Hyundai

Capital

America

136,000

6.250%, 

11/3/2025

e,g

135,980

225,000

1.800%, 

1/10/2028

g

187,050

International

Game

Technology

plc

121,000

5.250%, 

1/15/2029

g

110,095

Jacobs

Entertainment,

Inc.

56,000

6.750%, 

2/15/2029

g

47,600

KB

Home

105,000

4.800%, 

11/15/2029

90,978

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Consumer

Cyclical

(1.1%)

-

continued

Kohl's

Corporation

$

114,000

4.625%, 

5/1/2031

$

77,951

102,000

5.550%, 

7/17/2045

59,160

L

Brands,

Inc.

150,000

6.625%, 

10/1/2030

g

138,869

30,000

6.875%, 

11/1/2035

26,474

Lennar

Corporation

234,000

4.750%, 

5/30/2025

229,095

Light

&

Wonder

International,

Inc.

100,000

7.250%, 

11/15/2029

g

96,977

Lowe's

Companies,

Inc.

136,000

5.625%, 

4/15/2053

117,522

340,000

2.625%, 

4/1/2031

268,546

Macy's

Retail

Holdings,

LLC

95,000

5.875%, 

4/1/2029

g

83,752

Marriott

International,

Inc./MD

255,000

4.625%, 

6/15/2030

230,071

Mattamy

Group

Corporation

77,000

5.250%, 

12/15/2027

g

69,181

McDonald's

Corporation

282,000

4.450%, 

3/1/2047

216,368

Michaels

Companies,

Inc.

66,000

5.250%, 

5/1/2028

f,g

47,821

NCL

Corporation,

Ltd.

38,000

3.625%, 

12/15/2024

g

35,947

28,000

5.875%, 

3/15/2026

g

25,130

90,000

5.875%, 

2/15/2027

g

82,842

Nissan

Motor

Acceptance

Company,

LLC

207,000

1.125%, 

9/16/2024

g

197,502

Nissan

Motor

Company,

Ltd.

36,000

3.522%, 

9/17/2025

g

34,044

37,000

4.345%, 

9/17/2027

g

33,455

46,000

4.810%, 

9/17/2030

g

39,081

Nordstrom,

Inc.

33,000

4.375%, 

4/1/2030

f

25,615

46,000

4.250%, 

8/1/2031

f

33,699

PENN

Entertainment,

Inc.

95,000

4.125%, 

7/1/2029

f,g

73,811

PetSmart,

Inc./PetSmart

Finance

Corporation

125,000

4.750%, 

2/15/2028

g

110,610

94,000

7.750%, 

2/15/2029

g

86,540

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

172,000

5.750%, 

4/15/2026

g

166,859

76,000

6.250%, 

1/15/2028

g

70,475

Realogy

Group,

LLC/Realogy

Group

Co-Issuer

Corporation

98,000

5.750%, 

1/15/2029

g

61,759

Royal

Caribbean

Cruises,

Ltd.

15,000

11.500%, 

6/1/2025

g

15,853

184,000

4.250%, 

7/1/2026

g

169,207

66,000

9.250%, 

1/15/2029

g

68,893

65,000

7.250%, 

1/15/2030

g

64,121

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

39,000

6.625%, 

3/1/2030

g

33,540

SeaWorld

Parks

and

Entertainment,

Inc.

62,000

5.250%, 

8/15/2029

g

54,004

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

295

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Consumer

Cyclical

(1.1%)

-

continued

Six

Flags

Theme

Parks,

Inc.

$

45,000

7.000%, 

7/1/2025

g

$

44,690

Staples,

Inc.

79,000

7.500%, 

4/15/2026

g

64,440

49,000

10.750%, 

4/15/2027

g

26,992

Starbucks

Corporation

162,000

4.750%, 

2/15/2026

159,115

Station

Casinos,

LLC

74,000

4.625%, 

12/1/2031

g

58,427

Target

Corporation

204,000

2.950%, 

1/15/2052

117,492

Tenneco,

Inc.

69,000

8.000%, 

11/17/2028

g

55,373

Tripadvisor,

Inc.

21,000

7.000%, 

7/15/2025

g

20,790

Uber

Technologies,

Inc.

60,000

6.250%, 

1/15/2028

g

57,750

VICI

Properties,

LP/VICI

Note

Company,

Inc.

271,000

4.625%, 

6/15/2025

g

260,290

129,000

5.750%, 

2/1/2027

g

123,455

80,000

3.750%, 

2/15/2027

g

71,986

99,000

4.125%, 

8/15/2030

g

81,670

Viking

Cruises,

Ltd.

132,000

5.875%, 

9/15/2027

g

118,919

Volkswagen

Group

of

America

Finance,

LLC

165,000

4.350%, 

6/8/2027

g

155,709

Wabash

National

Corporation

97,000

4.500%, 

10/15/2028

g

80,268

Walmart,

Inc.

204,000

4.500%, 

9/9/2052

165,516

Wyndham

Hotels

&

Resorts,

Inc.

60,000

4.375%, 

8/15/2028

g

52,953

Yum!

Brands,

Inc.

110,000

4.750%, 

1/15/2030

g

97,923

ZF

North

America

Capital,

Inc.

55,000

7.125%, 

4/14/2030

g

53,354

Total

11,294,707

Consumer

Non-Cyclical

(1.3%)

1375209

B.C.,

Ltd.

69,000

9.000%, 

1/30/2028

g

66,888

Abbott

Laboratories

237,000

4.750%, 

11/30/2036

216,045

AbbVie,

Inc.

75,000

2.950%, 

11/21/2026

69,462

100,000

4.500%, 

5/14/2035

87,360

325,000

4.300%, 

5/14/2036

275,992

200,000

4.850%, 

6/15/2044

167,267

225,000

4.875%, 

11/14/2048

186,298

AdaptHealth,

LLC

125,000

4.625%, 

8/1/2029

g

93,438

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

130,000

4.625%, 

1/15/2027

g

121,837

136,000

3.500%, 

3/15/2029

g

115,954

Altria

Group,

Inc.

136,000

6.875%, 

11/1/2033

134,821

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Consumer

Non-Cyclical

(1.3%)

-

continued

Amgen,

Inc.

$

200,000

4.200%, 

2/22/2052

$

140,703

206,000

5.250%, 

3/2/2030

197,759

206,000

5.600%, 

3/2/2043

183,735

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

316,000

4.700%, 

2/1/2036

278,092

Anheuser-Busch

InBev

Worldwide,

Inc.

383,000

4.375%, 

4/15/2038

316,815

204,000

5.550%, 

1/23/2049

185,073

Archer-Daniels-Midland

Company

260,000

2.700%, 

9/15/2051

146,169

AstraZeneca

plc

360,000

3.000%, 

5/28/2051

f

220,623

B&G

Foods,

Inc.

42,000

5.250%, 

9/15/2027

f

34,566

90,000

8.000%, 

9/15/2028

g

87,704

BAT

Capital

Corporation

68,000

7.750%, 

10/19/2032

69,779

137,000

7.079%, 

8/2/2043

124,899

Bausch

&

Lomb

Escrow

Corporation

21,000

8.375%, 

10/1/2028

g

20,858

Bausch

Health

Companies,

Inc.

38,000

5.500%, 

11/1/2025

g

32,775

140,000

4.875%, 

6/1/2028

g

69,831

93,000

11.000%, 

9/30/2028

g

56,730

Baxter

International,

Inc.

203,000

3.132%, 

12/1/2051

f

111,552

Becton,

Dickinson

and

Company

101,000

3.794%, 

5/20/2050

68,004

160,000

3.700%, 

6/6/2027

148,879

BellRing

Brands,

Inc.

58,000

7.000%, 

3/15/2030

g

56,333

Bristol-Myers

Squibb

Company

342,000

3.550%, 

3/15/2042

242,404

Cargill,

Inc.

206,000

3.125%, 

5/25/2051

g

124,607

Catalent

Pharma

Solutions,

Inc.

69,000

3.125%, 

2/15/2029

f,g

54,251

Central

Garden

&

Pet

Company

130,000

4.125%, 

10/15/2030

106,029

Cheplapharm

Arzneimittel

GmbH

10,000

5.500%, 

1/15/2028

g

8,870

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

100,000

4.625%, 

11/15/2028

g

86,457

CHS/Community

Health

Systems,

Inc.

76,000

5.625%, 

3/15/2027

g

61,745

24,000

8.000%, 

12/15/2027

g

20,356

102,000

6.000%, 

1/15/2029

g

77,265

42,000

5.250%, 

5/15/2030

g

29,826

44,000

4.750%, 

2/15/2031

g

29,491

Constellation

Brands,

Inc.

190,000

3.600%, 

2/15/2028

173,779

110,000

2.875%, 

5/1/2030

90,581

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

296

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Consumer

Non-Cyclical

(1.3%)

-

continued

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

$

123,000

4.750%, 

1/15/2029

g

$

108,883

69,000

6.625%, 

7/15/2030

g

65,738

CVS

Health

Corporation

306,000

5.625%, 

2/21/2053

259,313

153,000

5.125%, 

2/21/2030

144,033

245,000

4.875%, 

7/20/2035

211,542

Edgewell

Personal

Care

Company

85,000

5.500%, 

6/1/2028

g

77,577

Eli

Lilly

&

Company

102,000

4.950%, 

2/27/2063

86,873

Embecta

Corporation

32,000

6.750%, 

2/15/2030

g

26,528

Encompass

Health

Corporation

160,000

4.500%, 

2/1/2028

144,245

Energizer

Holdings,

Inc.

100,000

4.750%, 

6/15/2028

g

85,414

Fortrea

Holdings,

Inc.

54,000

7.500%, 

7/1/2030

g

52,110

General

Mills,

Inc.

54,000

4.950%, 

3/29/2033

49,042

Grifols

SA

96,000

4.750%, 

10/15/2028

g

80,640

HCA,

Inc.

234,000

3.500%, 

9/1/2030

193,669

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

169,000

4.875%, 

6/1/2029

g

115,343

Imperial

Brands

Finance

plc

200,000

3.875%, 

7/26/2029

g

174,443

Jazz

Securities

DAC

55,000

4.375%, 

1/15/2029

g

47,832

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

Luxembourg

SARL

135,000

6.750%, 

3/15/2034

g

126,506

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

USA

Finance,

Inc.

68,000

4.375%, 

2/2/2052

41,529

135,000

5.500%, 

1/15/2030

123,373

204,000

3.000%, 

5/15/2032

148,363

Kenvue,

Inc.

265,000

5.350%, 

3/22/2026

264,060

Kimberly-Clark

Corporation

220,000

3.900%, 

5/4/2047

159,591

Kraft

Heinz

Foods

Company

154,000

3.875%, 

5/15/2027

144,369

30,000

5.200%, 

7/15/2045

24,791

180,000

4.375%, 

6/1/2046

131,698

Lamb

Weston

Holdings,

Inc.

60,000

4.125%, 

1/31/2030

g

50,899

Legacy

LifePoint

Health,

LLC

41,000

4.375%, 

2/15/2027

g

33,903

LifePoint

Health,

Inc.

43,000

11.000%, 

10/15/2030

g

40,466

Mattel,

Inc.

124,000

3.375%, 

4/1/2026

g

114,535

170,000

5.450%, 

11/1/2041

132,610

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Consumer

Non-Cyclical

(1.3%)

-

continued

Medtronic,

Inc.

$

204,000

4.375%, 

3/15/2035

$

178,469

ModivCare

Escrow

Issuer,

Inc.

35,000

5.000%, 

10/1/2029

g

25,508

ModivCare,

Inc.

28,000

5.875%, 

11/15/2025

g

26,460

Mozart

Debt

Merger

Sub,

Inc.

91,000

3.875%, 

4/1/2029

g

76,837

68,000

5.250%, 

10/1/2029

f,g

57,883

Newell

Brands,

Inc.

197,000

5.200%, 

4/1/2026

185,998

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

96,000

4.125%, 

4/30/2028

g

82,921

57,000

5.125%, 

4/30/2031

g

44,512

Owens

&

Minor,

Inc.

93,000

6.625%, 

4/1/2030

g

81,268

PepsiCo,

Inc.

175,000

4.200%, 

7/18/2052

135,012

Perrigo

Finance

Unlimited

Company

100,000

4.375%, 

3/15/2026

93,877

Pfizer

Investment

Enterprises

Pte,

Ltd.

306,000

5.300%, 

5/19/2053

267,703

102,000

4.750%, 

5/19/2033

93,738

134,000

5.110%, 

5/19/2043

117,614

Philip

Morris

International,

Inc.

204,000

4.875%, 

2/13/2026

200,373

139,000

5.125%, 

11/17/2027

135,492

135,000

5.500%, 

9/7/2030

129,222

204,000

5.375%, 

2/15/2033

188,475

Post

Holdings,

Inc.

80,000

4.500%, 

9/15/2031

g

64,731

Primo

Water

Holdings,

Inc.

83,000

4.375%, 

4/30/2029

g

70,028

RegionalCare

Hospital

Partners

Holdings,

Inc./LifePoint

Health,

Inc.

41,000

9.750%, 

12/1/2026

g

38,334

Reynolds

American,

Inc.

299,000

5.700%, 

8/15/2035

256,176

Roche

Holdings,

Inc.

138,000

4.000%, 

11/28/2044

g

105,963

Scotts

Miracle-Gro

Company

38,000

4.500%, 

10/15/2029

30,020

SEG

Holding,

LLC

130,000

5.625%, 

10/15/2028

g

130,225

Simmons

Foods,

Inc.

104,000

4.625%, 

3/1/2029

g

84,481

Spectrum

Brands,

Inc.

85,000

5.000%, 

10/1/2029

g

76,253

40,000

5.500%, 

7/15/2030

g

35,700

70,000

3.875%, 

3/15/2031

g

56,031

Star

Parent,

Inc.

70,000

9.000%, 

10/1/2030

g

69,467

Sysco

Corporation

205,000

6.600%, 

4/1/2040

202,003

Takeda

Pharmaceutical

Company,

Ltd.

200,000

3.175%, 

7/9/2050

118,604

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

297

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Consumer

Non-Cyclical

(1.3%)

-

continued

Teleflex,

Inc.

$

140,000

4.250%, 

6/1/2028

g

$

123,550

Tenet

Healthcare

Corporation

285,000

5.125%, 

11/1/2027

263,088

50,000

6.125%, 

10/1/2028

46,375

82,000

6.750%, 

5/15/2031

g

77,870

Teva

Pharmaceutical

Finance

Netherlands

III

BV

75,000

3.150%, 

10/1/2026

66,032

TreeHouse

Foods,

Inc.

109,000

4.000%, 

9/1/2028

f

88,672

Utah

Acquisition

Sub,

Inc.

135,000

3.950%, 

6/15/2026

126,453

Viterra

Finance

BV

169,000

3.200%, 

4/21/2031

g

133,450

Wyeth,

LLC

135,000

6.500%, 

2/1/2034

139,350

Zoetis,

Inc.

318,000

4.700%, 

2/1/2043

261,115

Total

13,437,153

Energy

(0.9%)

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

53,000

5.375%, 

6/15/2029

g

48,127

Antero

Resources

Corporation

37,000

5.375%, 

3/1/2030

g

33,763

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

105,000

6.250%, 

4/1/2028

g

97,519

Baytex

Energy

Corporation

68,000

8.500%, 

4/30/2030

g

67,350

BP

Capital

Markets

America,

Inc.

440,000

2.939%, 

6/4/2051

252,979

Buckeye

Partners,

LP

120,000

3.950%, 

12/1/2026

109,370

Callon

Petroleum

Company

44,000

7.500%, 

6/15/2030

f,g

42,617

Canadian

Natural

Resources,

Ltd.

140,000

2.950%, 

7/15/2030

114,162

Cheniere

Energy

Partners,

LP

544,000

4.500%, 

10/1/2029

487,069

Chesapeake

Energy

Corporation

52,000

6.750%, 

4/15/2029

g

50,880

Chord

Energy

Corporation

52,000

6.375%, 

6/1/2026

g

51,050

Civitas

Resources,

Inc.

31,000

8.375%, 

7/1/2028

g

31,191

24,000

8.625%, 

11/1/2030

g

24,428

48,000

8.750%, 

7/1/2031

g

48,445

CNX

Resources

Corporation

40,000

6.000%, 

1/15/2029

g

36,678

Columbia

Pipelines

Holding

Company,

LLC

134,000

6.042%, 

8/15/2028

g

131,674

Columbia

Pipelines

Operating

Company,

LLC

33,000

5.927%, 

8/15/2030

g

31,864

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Energy

(0.9%)

-

continued

Comstock

Resources,

Inc.

$

75,000

5.875%, 

1/15/2030

g

$

64,126

Continental

Resources,

Inc.

237,000

2.268%, 

11/15/2026

g

210,015

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

76,000

5.500%, 

6/15/2031

g

66,101

Crescent

Energy

Finance,

LLC

75,000

9.250%, 

2/15/2028

g

75,537

CrownRock,

LP/CrownRock

Finance,

Inc.

62,000

5.625%, 

10/15/2025

g

60,982

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

28,000

8.500%, 

10/1/2030

g

27,292

Diamondback

Energy,

Inc.

135,000

3.125%, 

3/24/2031

110,527

DT

Midstream,

Inc.

57,000

4.125%, 

6/15/2029

g

49,009

35,000

4.375%, 

6/15/2031

g

29,066

Enbridge,

Inc.

86,000

2.500%, 

2/14/2025

82,252

Enerflex,

Ltd.

56,000

9.000%, 

10/15/2027

g

50,960

Energy

Transfer,

LP

150,000

4.000%, 

10/1/2027

138,106

155,000

4.900%, 

3/15/2035

131,611

50,000

5.150%, 

2/1/2043

38,371

275,000

6.000%, 

6/15/2048

233,819

EnLink

Midstream

Partners,

LP

133,000

4.850%, 

7/15/2026

125,022

Enterprise

Products

Operating,

LLC

175,000

3.300%, 

2/15/2053

107,155

EQM

Midstream

Partners,

LP

188,000

4.750%, 

1/15/2031

g

158,297

EQT

Corporation

113,000

6.125%, 

2/1/2025

112,653

204,000

3.900%, 

10/1/2027

187,698

Exxon

Mobil

Corporation

300,000

3.452%, 

4/15/2051

197,130

Ferrellgas,

LP/Ferrellgas

Finance

Corporation

78,000

5.375%, 

4/1/2026

g

73,006

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

112,000

8.875%, 

4/15/2030

108,271

Halliburton

Company

172,000

4.850%, 

11/15/2035

151,337

136,000

5.000%, 

11/15/2045

111,724

Harvest

Midstream,

LP

85,000

7.500%, 

9/1/2028

g

80,542

Hess

Midstream

Operations,

LP

68,000

5.625%, 

2/15/2026

g

65,854

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

125,000

5.750%, 

2/1/2029

g

112,535

37,000

6.250%, 

4/15/2032

g

32,312

Howard

Midstream

Energy

Partners,

LLC

102,000

6.750%, 

1/15/2027

g

96,400

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

298

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Energy

(0.9%)

-

continued

ITT

Holdings,

LLC

$

90,000

6.500%, 

8/1/2029

g

$

75,263

Laredo

Petroleum,

Inc.

118,000

7.750%, 

7/31/2029

g

106,844

Magellan

Midstream

Partners,

LP

74,000

5.000%, 

3/1/2026

72,196

MEG

Energy

Corporation

89,000

5.875%, 

2/1/2029

g

83,169

MPLX,

LP

177,000

4.875%, 

6/1/2025

173,517

272,000

4.950%, 

9/1/2032

241,470

52,000

5.000%, 

3/1/2033

46,048

Murphy

Oil

Corporation

70,000

5.875%, 

12/1/2027

67,312

Nabors

Industries,

Ltd.

110,000

7.250%, 

1/15/2026

g

103,342

National

Fuel

Gas

Company

244,000

5.500%, 

1/15/2026

239,315

New

Fortress

Energy,

Inc.

40,000

6.750%, 

9/15/2025

g

37,109

Noble

Finance

II,

LLC

68,000

8.000%, 

4/15/2030

g

67,958

Northern

Oil

and

Gas,

Inc.

69,000

8.750%, 

6/15/2031

g

68,651

Northriver

Midstream

Finance,

LP

33,000

5.625%, 

2/15/2026

g

31,185

NuStar

Logistics,

LP

62,000

5.750%, 

10/1/2025

60,003

Occidental

Petroleum

Corporation

340,000

7.875%, 

9/15/2031

364,021

Ovintiv,

Inc.

237,000

5.375%, 

1/1/2026

232,910

135,000

6.250%, 

7/15/2033

128,328

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

56,000

6.000%, 

2/15/2028

51,481

Permian

Resources

Operating,

LLC

63,000

7.000%, 

1/15/2032

g

61,072

Phillips

66

Company

152,000

4.950%, 

12/1/2027

147,671

Precision

Drilling

Corporation

75,000

6.875%, 

1/15/2029

g

69,443

Range

Resources

Corporation

56,000

4.750%, 

2/15/2030

g

49,736

Rockcliff

Energy

II,

LLC

73,000

5.500%, 

10/15/2029

g

65,889

Rockies

Express

Pipeline,

LLC

54,000

4.950%, 

7/15/2029

g

47,592

SM

Energy

Company

33,000

6.625%, 

1/15/2027

32,067

50,000

6.500%, 

7/15/2028

48,136

Southwestern

Energy

Company

68,000

5.375%, 

3/15/2030

62,373

48,000

4.750%, 

2/1/2032

41,279

Suncor

Energy,

Inc.

248,000

7.150%, 

2/1/2032

255,891

Sunoco,

LP/Sunoco

Finance

Corporation

90,000

5.875%, 

3/15/2028

85,139

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Energy

(0.9%)

-

continued

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

$

126,000

5.500%, 

1/15/2028

g

$

110,382

Targa

Resources

Corporation

238,000

4.200%, 

2/1/2033

197,269

Teine

Energy,

Ltd.

65,000

6.875%, 

4/15/2029

g

60,206

Transocean,

Inc.

70,000

11.500%, 

1/30/2027

g

72,844

95,950

8.750%, 

2/15/2030

g

95,667

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

92,000

6.875%, 

4/1/2026

89,342

Valaris,

Ltd.

69,000

8.375%, 

4/30/2030

g

67,706

Venture

Global

Calcasieu

Pass,

LLC

97,000

3.875%, 

8/15/2029

g

80,721

73,000

6.250%, 

1/15/2030

g

68,865

55,000

4.125%, 

8/15/2031

g

44,220

Venture

Global

LNG,

Inc.

140,000

8.375%, 

6/1/2031

g

133,596

68,000

9.875%, 

2/1/2032

g

68,951

Weatherford

International,

Ltd.

63,000

8.625%, 

4/30/2030

g

63,660

Western

Midstream

Operating,

LP

135,000

6.350%, 

1/15/2029

134,274

68,000

6.150%, 

4/1/2033

64,313

Williams

Companies,

Inc.

136,000

5.300%, 

8/15/2052

110,570

225,000

7.500%, 

1/15/2031

233,563

Total

9,659,435

Financials

(3.2%)

Acrisure,

LLC/Acrisure

Finance,

Inc.

24,000

6.000%, 

8/1/2029

g

19,360

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

150,000

3.500%, 

1/15/2025

144,641

151,000

6.100%, 

1/15/2027

148,523

175,000

3.875%, 

1/23/2028

157,165

150,000

3.400%, 

10/29/2033

112,170

Air

Lease

Corporation

337,000

3.000%, 

2/1/2030

273,724

Aircastle,

Ltd.

225,000

5.250%, 

8/11/2025

g

219,048

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

48,000

6.750%, 

10/15/2027

g

43,836

Ally

Financial,

Inc.

160,000

5.750%, 

11/20/2025

152,843

270,000

8.000%, 

11/1/2031

263,532

18,000

6.700%, 

2/14/2033

15,130

American

Homes

4

Rent,

LP

300,000

2.375%, 

7/15/2031

223,003

American

International

Group,

Inc.

266,000

5.125%, 

3/27/2033

241,889

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

299

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Financials

(3.2%)

-

continued

AmWINS

Group,

Inc.

$

70,000

4.875%, 

6/30/2029

g

$

59,923

ANZ

Bank

New

Zealand,

Ltd.

200,000

5.548%, 

8/11/2032

b,g

192,830

Aon

Corporation/Aon

Global

Holdings

plc

70,000

5.350%, 

2/28/2033

65,239

Ares

Capital

Corporation

101,000

3.250%, 

7/15/2025

94,713

200,000

3.875%, 

1/15/2026

187,040

157,000

2.150%, 

7/15/2026

137,892

Arthur

J.

Gallagher

&

Company

34,000

6.750%, 

2/15/2054

33,408

Associated

Banc-Corp

275,000

4.250%, 

1/15/2025

263,616

Australia

&

New

Zealand

Banking

Group,

Ltd.

250,000

2.950%, 

7/22/2030

b,g

232,299

Avolon

Holdings

Funding,

Ltd.

112,000

5.250%, 

5/15/2024

g

110,947

135,000

4.250%, 

4/15/2026

g

126,006

Banco

Santander

Mexico

SA

200,000

5.375%, 

4/17/2025

g

196,359

Banco

Santander

SA

200,000

4.175%, 

3/24/2028

b

183,135

Bank

of

America

Corporation

234,000

5.080%, 

1/20/2027

b

227,791

225,000

1.734%, 

7/22/2027

b

198,565

205,000

3.824%, 

1/20/2028

b

189,188

119,000

5.202%, 

4/25/2029

b

113,141

180,000

2.087%, 

6/14/2029

b

148,616

125,000

2.496%, 

2/13/2031

b

98,525

325,000

1.922%, 

10/24/2031

b

239,666

204,000

2.972%, 

2/4/2033

b

156,352

409,000

4.571%, 

4/27/2033

b

352,725

203,000

5.872%, 

9/15/2034

b

191,160

275,000

3.846%, 

3/8/2037

b

216,944

Bank

of

New

York

Mellon

Corporation

135,000

6.317%, 

10/25/2029

b

136,044

Bank

of

Nova

Scotia

70,000

4.850%, 

2/1/2030

64,369

Barclays

plc

204,000

6.496%, 

9/13/2027

b

202,089

410,000

4.972%, 

5/16/2029

b

377,424

200,000

5.746%, 

8/9/2033

b

179,493

Berkshire

Hathaway

Finance

Corporation

272,000

2.850%, 

10/15/2050

156,256

Blackstone

Private

Credit

Fund

203,000

2.700%, 

1/15/2025

192,647

Blue

Owl

Capital

Corporation

90,000

4.250%, 

1/15/2026

83,887

Blue

Owl

Credit

Income

Corporation

170,000

4.700%, 

2/8/2027

154,222

Blue

Owl

Technology

Finance

Corporation

90,000

4.750%, 

12/15/2025

g

83,381

BNP

Paribas

SA

340,000

3.132%, 

1/20/2033

b,g

259,489

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Financials

(3.2%)

-

continued

BPCE

SA

$

315,000

3.500%, 

10/23/2027

g

$

281,129

Brookfield

Property

REIT,

Inc./BPR

Cumulus,

LLC/BPR

Nimbus,

LLC/GGSI

Sellco,

LLC

24,000

4.500%, 

4/1/2027

g

20,021

Burford

Capital

Global

Finance,

LLC

84,000

9.250%, 

7/1/2031

g

82,908

Camden

Property

Trust

150,000

3.150%, 

7/1/2029

130,491

Canadian

Imperial

Bank

of

Commerce

204,000

5.001%, 

4/28/2028

194,223

Capital

One

Financial

Corporation

200,000

4.200%, 

10/29/2025

189,651

225,000

2.636%, 

3/3/2026

b

211,025

Castlelake

Aviation

Finance

DAC

37,000

5.000%, 

4/15/2027

g

32,645

Centene

Corporation

370,000

2.625%, 

8/1/2031

277,870

Charles

Schwab

Corporation

350,000

2.450%, 

3/3/2027

308,577

136,000

6.136%, 

8/24/2034

b

127,378

Chubb

INA

Holdings,

Inc.

138,000

4.350%, 

11/3/2045

107,703

Citigroup,

Inc.

207,000

0.981%, 

5/1/2025

b

200,927

370,000

4.400%, 

6/10/2025

358,089

160,000

3.200%, 

10/21/2026

147,498

240,000

3.668%, 

7/24/2028

b

217,421

120,000

4.125%, 

7/25/2028

107,716

225,000

3.520%, 

10/27/2028

b

202,249

289,000

4.910%, 

5/24/2033

b

256,121

167,000

6.174%, 

5/25/2034

b

155,232

Cooperatieve

Rabobank

UA

273,000

5.564%, 

2/28/2029

b,g

263,128

Corebridge

Financial,

Inc.

102,000

4.350%, 

4/5/2042

73,956

Credit

Acceptance

Corporation

120,000

5.125%, 

12/31/2024

g

116,017

Credit

Agricole

SA

187,000

6.875%, 

9/23/2024

b,g,k

181,611

Credit

Suisse

Group

AG

200,000

7.250%, 

9/12/2025

b,g,k,l

21,000

Danske

Bank

AS

200,000

0.976%, 

9/10/2025

b,g

190,490

Deutsche

Bank

AG/New

York,

NY

300,000

3.729%, 

1/14/2032

b

217,211

Discover

Bank

260,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

234,000

Drawbridge

Special

Opportunities

Fund,

LP

155,000

3.875%, 

2/15/2026

g

136,749

Elevance

Health,

Inc.

250,000

3.125%, 

5/15/2050

148,138

220,000

4.625%, 

5/15/2042

176,397

Enact

Holdings,

Inc.

52,000

6.500%, 

8/15/2025

g

51,077

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

300

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Financials

(3.2%)

-

continued

EPR

Properties

$

105,000

4.950%, 

4/15/2028

$

91,496

Fifth

Third

Bancorp

95,000

6.339%, 

7/27/2029

b

92,017

First

Horizon

Bank

90,000

5.750%, 

5/1/2030

76,172

First

Horizon

National

Corporation

350,000

4.000%, 

5/26/2025

325,570

First-Citizens

Bank

&

Trust

Company

119,000

6.125%, 

3/9/2028

115,384

Five

Corners

Funding

Trust

IV

136,000

5.997%, 

2/15/2053

g

122,454

Fortress

Transportation

and

Infrastructure

Investors,

LLC

66,000

6.500%, 

10/1/2025

g

65,348

35,000

9.750%, 

8/1/2027

g

36,006

22,000

5.500%, 

5/1/2028

g

20,005

Freedom

Mortgage

Corporation

34,000

7.625%, 

5/1/2026

g

31,290

28,000

12.000%, 

10/1/2028

g

28,090

FS

KKR

Capital

Corporation

180,000

4.250%, 

2/14/2025

g

172,746

225,000

3.400%, 

1/15/2026

205,828

GGAM

Finance,

Ltd.

68,000

7.750%, 

5/15/2026

g

67,457

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

131,000

3.750%, 

12/15/2027

g

99,179

Goldman

Sachs

Group,

Inc.

174,000

1.948%, 

10/21/2027

b

152,601

204,000

6.484%, 

10/24/2029

b

203,952

85,000

1.992%, 

1/27/2032

b

62,357

612,000

3.102%, 

2/24/2033

b

475,765

Healthpeak

OP,

LLC

47,000

3.400%, 

2/1/2025

45,414

HSBC

Holdings

plc

275,000

3.803%, 

3/11/2025

b

272,119

300,000

2.999%, 

3/10/2026

b

286,068

350,000

3.900%, 

5/25/2026

330,243

225,000

5.402%, 

8/11/2033

b

202,314

HUB

International,

Ltd.

111,000

5.625%, 

12/1/2029

f,g

95,596

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

70,000

6.375%, 

12/15/2025

65,852

78,000

5.250%, 

5/15/2027

66,787

Intercontinental

Exchange,

Inc.

100,000

4.950%, 

6/15/2052

81,754

Invitation

Homes

Operating

Partnership,

LP

170,000

2.000%, 

8/15/2031

122,405

J.P.

Morgan

Chase

&

Company

180,000

0.824%, 

6/1/2025

b

173,926

250,000

1.040%, 

2/4/2027

b

222,306

270,000

1.578%, 

4/22/2027

b

240,876

300,000

2.947%, 

2/24/2028

b

270,033

275,000

4.203%, 

7/23/2029

b

252,203

175,000

2.522%, 

4/22/2031

b

139,184

265,000

1.953%, 

2/4/2032

b

196,868

273,000

4.586%, 

4/26/2033

b

239,945

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Financials

(3.2%)

-

continued

$

204,000

4.912%, 

7/25/2033

b

$

183,239

280,000

3.882%, 

7/24/2038

b

214,237

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

28,000

5.000%, 

8/15/2028

g

22,346

KeyBank

NA/Cleveland,

OH

125,000

5.000%, 

1/26/2033

100,638

KeyCorp

100,000

3.878%, 

5/23/2025

b

95,728

Kimco

Realty

OP,

LLC

209,000

3.300%, 

2/1/2025

201,396

Lloyds

Banking

Group

plc

203,000

5.871%, 

3/6/2029

b

196,582

LPL

Holdings,

Inc.

100,000

4.000%, 

3/15/2029

g

85,987

Macquarie

Group,

Ltd.

276,000

1.201%, 

10/14/2025

b,g

262,556

Manufacturers

&

Traders

Trust

Company

203,000

4.700%, 

1/27/2028

183,954

Marsh

&

McLennan

Companies,

Inc.

51,000

5.450%, 

3/15/2053

44,932

136,000

5.400%, 

9/15/2033

129,267

Massachusetts

Mutual

Life

Insurance

Company

275,000

3.200%, 

12/1/2061

*

144,634

Mitsubishi

UFJ

Financial

Group,

Inc.

200,000

0.962%, 

10/11/2025

b

189,881

202,000

5.422%, 

2/22/2029

b

195,612

250,000

2.048%, 

7/17/2030

190,506

Molina

Healthcare,

Inc.

73,000

4.375%, 

6/15/2028

g

64,971

Morgan

Stanley

100,000

2.630%, 

2/18/2026

b

95,210

110,000

2.188%, 

4/28/2026

b

103,465

275,000

4.350%, 

9/8/2026

260,179

267,000

5.050%, 

1/28/2027

b

260,758

240,000

3.591%, 

7/22/2028

b

217,659

136,000

5.164%, 

4/20/2029

b

129,394

350,000

3.622%, 

4/1/2031

b

296,337

136,000

5.250%, 

4/21/2034

b

122,537

238,000

5.297%, 

4/20/2037

b

206,408

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

97,000

4.625%, 

8/1/2029

67,156

Nasdaq,

Inc.

150,000

3.250%, 

4/28/2050

f

87,922

Nationstar

Mortgage

Holdings,

Inc.

69,000

6.000%, 

1/15/2027

g

64,137

NatWest

Group

plc

100,000

4.445%, 

5/8/2030

b

88,641

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

79,000

4.500%, 

9/30/2028

g

59,151

New

York

Life

Global

Funding

206,000

4.550%, 

1/28/2033

g

184,050

NFP

Corporation

41,000

6.875%, 

8/15/2028

g

35,010

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

301

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Financials

(3.2%)

-

continued

NNN

REIT,

Inc.

$

206,000

5.600%, 

10/15/2033

$

189,876

Office

Properties

Income

Trust

30,000

2.650%, 

6/15/2026

19,724

Omega

Healthcare

Investors,

Inc.

292,000

3.625%, 

10/1/2029

237,885

225,000

3.375%, 

2/1/2031

172,978

OneMain

Finance

Corporation

83,000

6.875%, 

3/15/2025

81,887

187,000

3.875%, 

9/15/2028

147,852

Park

Intermediate

Holdings,

LLC

110,000

4.875%, 

5/15/2029

g

91,805

Pine

Street

Trust

I

204,000

4.572%, 

2/15/2029

g

181,338

PNC

Financial

Services

Group,

Inc.

194,000

5.812%, 

6/12/2026

b

191,428

67,000

6.615%, 

10/20/2027

b

67,166

272,000

4.626%, 

6/6/2033

b

226,932

PRA

Group,

Inc.

67,000

7.375%, 

9/1/2025

g

62,645

56,000

8.375%, 

2/1/2028

g

46,130

Principal

Life

Global

Funding

II

179,000

1.250%, 

8/16/2026

g

157,170

Prologis,

LP

136,000

2.875%, 

11/15/2029

114,537

Prudential

Financial,

Inc.

258,000

5.125%, 

3/1/2052

b

219,362

Radian

Group,

Inc.

70,000

4.875%, 

3/15/2027

64,964

Regency

Centers,

LP

190,000

4.125%, 

3/15/2028

173,932

RLJ

Lodging

Trust,

LP

35,000

3.750%, 

7/1/2026

g

31,498

73,000

4.000%, 

9/15/2029

g

59,495

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

105,000

3.625%, 

3/1/2029

g

85,333

Royal

Bank

of

Canada

194,000

5.200%, 

7/20/2026

190,837

170,000

5.000%, 

5/2/2033

f

153,075

Santander

Holdings

USA,

Inc.

67,000

6.499%, 

3/9/2029

b

64,801

Santander

UK

Group

Holdings

plc

360,000

1.673%, 

6/14/2027

b

313,769

Service

Properties

Trust

39,000

4.650%, 

3/15/2024

38,534

22,000

4.350%, 

10/1/2024

21,089

79,000

7.500%, 

9/15/2025

76,754

70,000

5.500%, 

12/15/2027

59,098

Simon

Property

Group,

LP

235,000

3.800%, 

7/15/2050

149,368

SLM

Corporation

40,000

4.200%, 

10/29/2025

37,200

Societe

Generale

SA

132,000

4.750%, 

11/24/2025

g

125,479

Spirit

Realty,

LP

263,000

2.100%, 

3/15/2028

219,215

Standard

Chartered

plc

241,000

1.822%, 

11/23/2025

b,g

228,463

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Financials

(3.2%)

-

continued

Sumitomo

Mitsui

Financial

Group,

Inc.

$

120,000

3.010%, 

10/19/2026

$

110,139

207,000

5.710%, 

1/13/2030

199,410

250,000

1.710%, 

1/12/2031

181,598

Synchrony

Financial

70,000

4.250%, 

8/15/2024

68,535

17,000

7.250%, 

2/2/2033

14,416

Synovus

Bank

250,000

5.625%, 

2/15/2028

222,034

Toronto-Dominion

Bank

204,000

5.156%, 

1/10/2028

196,672

156,000

5.523%, 

7/17/2028

152,090

Truist

Financial

Corporation

133,000

6.047%, 

6/8/2027

b

130,275

97,000

5.125%, 

12/15/2027

b,k

67,468

170,000

5.122%, 

1/26/2034

b

145,864

U.S.

Bancorp

136,000

5.727%, 

10/21/2026

b

134,049

196,000

5.775%, 

6/12/2029

b

188,466

47,000

5.836%, 

6/12/2034

b

43,290

UBS

Group

AG

350,000

2.193%, 

6/5/2026

b,g

325,813

203,000

6.246%, 

9/22/2029

b,g

198,892

170,000

3.091%, 

5/14/2032

b,g

130,756

UDR,

Inc.

175,000

2.100%, 

8/1/2032

123,531

United

Wholesale

Mortgage,

LLC

22,000

5.500%, 

11/15/2025

g

20,911

55,000

5.500%, 

4/15/2029

g

46,062

UnitedHealth

Group,

Inc.

136,000

5.875%, 

2/15/2053

128,615

204,000

4.750%, 

5/15/2052

163,300

244,000

4.625%, 

7/15/2035

216,919

USI,

Inc./NY

28,000

6.875%, 

5/1/2025

g

27,744

Wells

Fargo

&

Company

114,000

3.000%, 

4/22/2026

105,921

163,000

3.000%, 

10/23/2026

149,318

204,000

3.526%, 

3/24/2028

b

186,002

300,000

2.393%, 

6/2/2028

b

261,500

128,000

5.574%, 

7/25/2029

b

123,428

112,000

5.389%, 

4/24/2034

b

101,389

307,000

4.900%, 

11/17/2045

233,494

Willis

North

America,

Inc.

272,000

4.650%, 

6/15/2027

258,877

XHR,

LP

35,000

6.375%, 

8/15/2025

g

33,950

38,000

4.875%, 

6/1/2029

g

32,151

Total

32,895,481

Foreign

Government

(<0.1%)

NBN

Company,

Ltd.

225,000

2.625%, 

5/5/2031

g

177,861

Total

177,861

Mortgage-Backed

Securities

(10.8%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

966,315

2.000%, 

5/1/2051

716,017

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

302

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Mortgage-Backed

Securities

(10.8%)

-

continued

$

3,602,668

2.500%, 

5/1/2051

$

2,779,850

1,774,052

3.500%, 

5/1/2052

1,479,508

2,146,691

4.000%, 

5/1/2052

1,871,640

4,941,570

3.500%, 

6/1/2052

4,124,213

810,929

5.000%, 

7/1/2053

750,420

444,898

5.500%, 

7/1/2053

423,060

1,168,929

3.500%, 

8/1/2052

981,437

1,161,114

5.000%, 

8/1/2053

1,076,633

2,796,061

5.500%, 

9/1/2053

2,657,607

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,376,094

2.500%, 

7/1/2030

1,272,090

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,582,275

3.000%, 

12/1/2036

1,369,778

1,281,942

3.000%, 

8/1/2038

1,117,706

1,974,234

3.500%, 

5/1/2040

1,704,430

2,275,738

2.500%, 

4/1/2042

1,829,647

530,025

2.000%, 

5/1/2042

420,191

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

4,701,630

3.000%, 

1/1/2052

3,795,002

457,325

2.000%, 

2/1/2051

338,683

719,306

2.000%, 

2/1/2051

533,581

2,762,188

2.500%, 

2/1/2051

2,135,771

2,478,504

2.500%, 

2/1/2051

1,921,473

7,722,794

2.000%, 

3/1/2051

5,716,439

757,561

2.000%, 

3/1/2051

559,982

3,479,544

4.000%, 

3/1/2051

3,068,359

4,869,115

3.000%, 

3/1/2052

3,910,344

5,067,935

2.000%, 

4/1/2051

3,749,892

2,862,722

3.000%, 

4/1/2051

2,300,601

2,982,895

3.000%, 

5/1/2050

2,417,578

855,925

2.000%, 

5/1/2051

631,975

2,331,516

3.000%, 

5/1/2051

1,903,705

1,915,607

3.000%, 

6/1/2050

1,570,011

522,288

5.000%, 

6/1/2053

483,640

4,193,363

2.500%, 

7/1/2051

3,236,312

1,220,809

3.500%, 

7/1/2051

1,037,663

938,002

2.500%, 

8/1/2050

734,641

2,532,258

3.500%, 

8/1/2050

2,155,351

3,868,183

4.500%, 

8/1/2052

e

3,476,458

1,518,802

5.000%, 

8/1/2053

1,406,414

1,937,511

3.500%, 

9/1/2052

1,623,849

1,299,562

5.000%, 

9/1/2052

1,199,141

1,186,842

4.500%, 

9/1/2053

1,064,429

1,695,702

4.500%, 

9/1/2053

1,516,017

2,654,475

4.000%, 

10/1/2052

2,301,722

857,026

2.000%, 

11/1/2051

633,222

850,000

2.000%, 

11/1/2053

e

624,086

3,429,522

2.000%, 

12/1/2050

2,540,637

4,875,507

2.500%, 

12/1/2051

3,769,920

2,225,005

4.500%, 

12/1/2052

2,000,593

3,400,000

5.500%, 

11/1/2040

e

3,224,687

4,175,000

6.000%, 

11/1/2041

e

4,062,420

3,250,000

4.000%, 

11/1/2048

e

2,807,187

1,250,000

4.500%, 

11/1/2048

e

1,116,094

5,800,000

5.000%, 

11/1/2048

e

5,346,875

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Mortgage-Backed

Securities

(10.8%)

-

continued

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

$

4,845,630

2.500%, 

3/1/2062

$

3,590,590

1,319,467

3.500%, 

7/1/2061

1,086,138

1,346,240

4.000%, 

12/1/2061

1,163,382

Total

111,329,091

Technology

(0.6%)

Advanced

Micro

Devices,

Inc.

136,000

4.393%, 

6/1/2052

104,763

Analog

Devices,

Inc.

350,000

2.950%, 

10/1/2051

205,062

Apple,

Inc.

238,000

2.650%, 

2/8/2051

136,666

432,000

3.750%, 

9/12/2047

315,136

AthenaHealth

Group,

Inc.

97,000

6.500%, 

2/15/2030

g

79,273

Broadcom,

Inc.

86,000

3.469%, 

4/15/2034

g

65,527

272,000

3.137%, 

11/15/2035

g

191,868

200,000

3.187%, 

11/15/2036

g

138,512

125,000

4.926%, 

5/15/2037

g

104,178

Cloud

Software

Group,

Inc.

77,000

6.500%, 

3/31/2029

g

67,602

27,000

9.000%, 

9/30/2029

g

22,993

CommScope,

Inc.

70,000

7.125%, 

7/1/2028

g

26,250

Dell

International,

LLC/EMC

Corporation

187,000

6.020%, 

6/15/2026

187,239

Fiserv,

Inc.

200,000

2.250%, 

6/1/2027

176,729

139,000

2.650%, 

6/1/2030

112,014

119,000

5.600%, 

3/2/2033

111,977

Gartner,

Inc.

120,000

3.625%, 

6/15/2029

g

101,335

95,000

3.750%, 

10/1/2030

g

78,631

Global

Payments,

Inc.

204,000

5.300%, 

8/15/2029

191,614

II-VI,

Inc.

33,000

5.000%, 

12/15/2029

g

28,003

Iron

Mountain,

Inc.

125,000

4.875%, 

9/15/2027

g

114,266

55,000

5.000%, 

7/15/2028

g

49,218

10,000

4.875%, 

9/15/2029

g

8,711

80,000

5.250%, 

7/15/2030

g

69,446

106,000

4.500%, 

2/15/2031

g

86,706

KLA

Corporation

204,000

3.300%, 

3/1/2050

128,564

Marvell

Technology,

Inc.

34,000

5.950%, 

9/15/2033

32,293

Mastercard,

Inc.

140,000

3.950%, 

2/26/2048

105,708

Microsoft

Corporation

124,000

3.041%, 

3/17/2062

73,631

201,000

3.700%, 

8/8/2046

149,660

NCR

Voyix

Corporation

105,000

5.125%, 

4/15/2029

g

90,291

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

303

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Technology

(0.6%)

-

continued

NXP

BV/NXP

Funding,

LLC

$

110,000

5.550%, 

12/1/2028

$

106,155

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

80,000

4.300%, 

6/18/2029

72,186

180,000

3.250%, 

5/11/2041

115,517

Open

Text

Corporation

71,000

3.875%, 

12/1/2029

g

58,062

115,000

4.125%, 

2/15/2030

g

95,289

Oracle

Corporation

136,000

6.900%, 

11/9/2052

134,015

340,000

6.150%, 

11/9/2029

341,229

225,000

3.850%, 

7/15/2036

171,607

408,000

4.000%, 

7/15/2046

274,126

PTC,

Inc.

58,000

3.625%, 

2/15/2025

g

55,910

70,000

4.000%, 

2/15/2028

g

62,067

Rackspace

Technology

Global,

Inc.

100,000

5.375%, 

12/1/2028

g

29,242

RingCentral,

Inc.

70,000

8.500%, 

8/15/2030

g

66,500

Roper

Technologies,

Inc.

165,000

1.750%, 

2/15/2031

121,905

S&P

Global,

Inc.

34,000

5.250%, 

9/15/2033

g

32,079

Seagate

HDD

Cayman

41,000

8.500%, 

7/15/2031

g

41,720

79,925

9.625%, 

12/1/2032

g

85,201

Sensata

Technologies,

Inc.

80,000

3.750%, 

2/15/2031

g

64,028

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

30,000

4.625%, 

11/1/2026

g

27,713

SS&C

Technologies,

Inc.

231,000

5.500%, 

9/30/2027

g

216,741

Texas

Instruments,

Inc.

136,000

5.050%, 

5/18/2063

113,246

Viavi

Solutions,

Inc.

78,000

3.750%, 

10/1/2029

g

60,714

Visa,

Inc.

280,000

2.700%, 

4/15/2040

f

187,310

VMware,

Inc.

108,000

4.650%, 

5/15/2027

103,450

200,000

2.200%, 

8/15/2031

147,853

Total

6,137,731

Transportation

(0.3%)

American

Airlines

Group,

Inc.

24,000

3.750%, 

3/1/2025

g

22,392

American

Airlines,

Inc.

171,000

11.750%, 

7/15/2025

g

181,174

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

170,833

5.500%, 

4/20/2026

g

166,127

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

44,000

5.375%, 

3/1/2029

g

37,686

Burlington

Northern

Santa

Fe,

LLC

168,000

2.875%, 

6/15/2052

95,874

130,000

5.750%, 

5/1/2040

123,919

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Transportation

(0.3%)

-

continued

$

136,000

4.450%, 

3/15/2043

$

107,672

Canadian

Pacific

Railway

Company

136,000

4.700%, 

5/1/2048

106,025

CSX

Corporation

165,000

3.800%, 

4/15/2050

111,596

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

285,000

4.750%, 

10/20/2028

g

267,895

ERAC

USA

Finance,

LLC

136,000

5.400%, 

5/1/2053

g

117,525

Hawaiian

Brand

Intellectual

Property,

Ltd.

139,000

5.750%, 

1/20/2026

g

102,703

Hertz

Corporation

72,000

4.625%, 

12/1/2026

g

60,309

86,000

5.000%, 

12/1/2029

g

61,740

Mileage

Plus

Holdings,

LLC

255,000

6.500%, 

6/20/2027

g

251,909

Norfolk

Southern

Corporation

476,000

4.450%, 

3/1/2033

422,311

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

202,000

5.750%, 

5/24/2026

g

198,702

Rand

Parent,

LLC

72,000

8.500%, 

2/15/2030

g

65,750

RXO,

Inc.

84,000

7.500%, 

11/15/2027

g

83,977

Southwest

Airlines

Company

189,000

2.625%, 

2/10/2030

152,651

Spirit

Loyalty

Cayman,

Ltd.

41,000

8.000%, 

9/20/2025

g

30,238

Union

Pacific

Corporation

272,000

2.973%, 

9/16/2062

143,447

United

Airlines,

Inc.

77,000

4.375%, 

4/15/2026

g

71,426

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

20,000

7.875%, 

5/1/2027

f,g

15,382

90,000

6.375%, 

2/1/2030

g

60,020

Total

3,058,450

U.S.

Government

&

Agencies

(12.1%)

U.S.

Treasury

Bonds

918,000

3.625%, 

5/15/2053

715,610

185,000

3.000%, 

8/15/2052

126,898

5,300,000

1.625%, 

11/15/2050

2,595,965

2,190,000

5.250%, 

11/15/2028

2,226,186

550,000

4.375%, 

5/15/2040

499,469

7,335,000

1.375%, 

11/15/2040

4,134,247

2,000,000

3.000%, 

5/15/2042

1,464,453

4,999,000

2.500%, 

5/15/2046

3,168,312

7,300,000

2.875%, 

5/15/2049

4,899,270

U.S.

Treasury

Notes

1,080,000

2.500%, 

1/31/2024

1,072,195

19,985,000

3.000%, 

6/30/2024

19,657,121

1,350,000

2.125%, 

7/31/2024

1,316,777

8,000,000

1.250%, 

8/31/2024

7,726,562

2,540,000

2.250%, 

11/15/2024

2,458,541

1,090,000

2.125%, 

11/30/2024

1,052,446

950,000

1.375%, 

1/31/2025

904,986

9,700,000

3.875%, 

3/31/2025

9,518,883

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

304

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

U.S.

Government

&

Agencies

(12.1%)

-

continued

$

5,000,000

0.250%, 

8/31/2025

$

4,578,320

5,900,000

5.000%, 

8/31/2025

5,887,555

7,440,000

2.625%, 

1/31/2026

7,064,803

3,610,000

0.500%, 

2/28/2026

3,256,897

9,300,000

2.500%, 

2/28/2026

8,795,766

4,200,000

0.500%, 

4/30/2027

3,613,477

2,285,000

2.250%, 

11/15/2027

2,066,943

4,700,000

3.875%, 

12/31/2027

4,526,320

1,700,000

0.750%, 

1/31/2028

1,433,844

3,400,000

3.500%, 

1/31/2028

3,223,758

3,200,000

3.625%, 

3/31/2028

3,045,625

5,450,000

2.875%, 

5/15/2028

5,012,510

5,095,000

1.375%, 

11/15/2031

3,910,412

5,025,000

4.125%, 

11/15/2032

4,734,100

Total

124,688,251

Utilities

(0.6%)

AES

Corporation

271,000

3.950%, 

7/15/2030

g

226,496

Ameren

Illinois

Company

150,000

4.500%, 

3/15/2049

117,289

American

Electric

Power

Company,

Inc.

119,000

5.625%, 

3/1/2033

111,696

Appalachian

Power

Company

85,000

3.300%, 

6/1/2027

77,635

Atmos

Energy

Corporation

102,000

5.900%, 

11/15/2033

100,503

Berkshire

Hathaway

Energy

Company

228,000

4.500%, 

2/1/2045

175,314

Calpine

Corporation

78,000

4.500%, 

2/15/2028

g

70,332

CenterPoint

Energy

Resources

Corporation

250,000

1.750%, 

10/1/2030

188,241

CenterPoint

Energy,

Inc.

42,000

4.250%, 

11/1/2028

38,409

Commonwealth

Edison

Company

205,000

3.700%, 

3/1/2045

140,984

Consolidated

Edison

Company

of

New

York,

Inc.

69,000

4.500%, 

12/1/2045

52,222

325,000

4.125%, 

5/15/2049

229,873

Constellation

Energy

Generation,

LLC

68,000

6.125%, 

1/15/2034

65,730

Consumers

Energy

Company

175,000

4.350%, 

4/15/2049

132,879

DTE

Electric

Company

115,000

3.700%, 

3/15/2045

79,468

145,000

3.700%, 

6/1/2046

98,971

Duke

Energy

Carolinas,

LLC

215,000

3.700%, 

12/1/2047

144,490

Duke

Energy

Indiana,

LLC

185,000

3.750%, 

5/15/2046

124,285

Edison

International

193,000

5.750%, 

6/15/2027

189,723

Eversource

Energy

169,000

4.750%, 

5/15/2026

164,319

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Utilities

(0.6%)

-

continued

Exelon

Corporation

$

200,000

4.700%, 

4/15/2050

$

150,798

263,000

4.450%, 

4/15/2046

193,023

FirstEnergy

Corporation

170,000

5.100%, 

7/15/2047

140,968

Georgia

Power

Company

116,000

4.950%, 

5/17/2033

105,880

ITC

Holdings

Corporation

80,000

5.300%, 

7/1/2043

66,969

Jersey

Central

Power

&

Light

Company

150,000

2.750%, 

3/1/2032

g

115,031

MidAmerican

Energy

Company

67,000

5.850%, 

9/15/2054

62,739

National

Rural

Utilities

Cooperative

Finance

Corporation

84,000

3.700%, 

3/15/2029

75,331

NextEra

Energy

Capital

Holdings,

Inc.

135,000

5.749%, 

9/1/2025

134,365

NextEra

Energy

Operating

Partners,

LP

150,000

3.875%, 

10/15/2026

g

136,383

NiSource

Finance

Corporation

255,000

5.650%, 

2/1/2045

221,124

NRG

Energy,

Inc.

29,000

3.375%, 

2/15/2029

g

23,603

204,000

4.450%, 

6/15/2029

g

176,336

40,000

5.250%, 

6/15/2029

g

35,290

Pacific

Gas

and

Electric

Company

175,000

3.300%, 

12/1/2027

152,404

126,000

4.550%, 

7/1/2030

109,054

PacifiCorp

135,000

5.500%, 

5/15/2054

109,953

PG&E

Corporation

94,000

5.000%, 

7/1/2028

f

85,159

PPL

Electric

Utilities

Corporation

132,000

3.950%, 

6/1/2047

93,902

Public

Service

Company

of

Colorado

204,000

4.500%, 

6/1/2052

150,421

Public

Service

Enterprise

Group,

Inc.

135,000

5.875%, 

10/15/2028

133,599

San

Diego

Gas

&

Electric

Company

270,000

4.150%, 

5/15/2048

194,943

Southern

California

Edison

Company

175,000

4.000%, 

4/1/2047

119,785

Southern

Company

272,000

5.113%, 

8/1/2027

262,352

Southern

Company

Gas

Capital

Corporation

145,000

4.400%, 

5/30/2047

104,445

Southwestern

Electric

Power

Company

136,000

3.900%, 

4/1/2045

89,956

Talen

Energy

Supply,

LLC

66,000

8.625%, 

6/1/2030

g

67,063

TerraForm

Power

Operating,

LLC

155,000

5.000%, 

1/31/2028

g

141,999

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

305

Principal

Amount

Long-Term

Fixed

Income

(36.8%)

Value

Utilities

(0.6%)

-

continued

Virginia

Electric

and

Power

Company

$

125,000

4.600%, 

12/1/2048

$

95,527

Vistra

Operations

Company,

LLC

190,000

5.125%, 

5/13/2025

g

185,657

159,000

5.000%, 

7/31/2027

g

145,451

Xcel

Energy,

Inc.

153,000

4.600%, 

6/1/2032

135,252

Total

6,543,621

Total

Long-Term

Fixed

Income

(cost

$431,106,584)

379,333,597

Shares

Common

Stock

(

9.9%

)

Value

Communications

Services

(0.6%)

7,082

Alphabet,

Inc.,

Class

A

m

878,735

8,164

Alphabet,

Inc.,

Class

C

m

1,022,949

4,471

Altice

USA,

Inc.

m

12,921

1,535

AMC

Networks,

Inc.

m

18,113

612

Bumble,

Inc.

m

8,225

7

Cable

One,

Inc.

3,849

8,566

Cargurus,

Inc.

m

147,592

14,208

Comcast

Corporation

586,648

6,109

DISH

Network

Corporation

m

29,934

70

Electronic

Arts,

Inc.

8,665

1,824

Emerald

Holding,

Inc.

m

9,084

592

Entravision

Communications

Corporation

2,119

558

Frontier

Communications

Parent,

Inc.

m

9,999

3,730

iHeartMedia,

Inc.

m

8,766

988

Imax

Corporation

m

17,992

3,367

Integral

Ad

Science

Holding

Corporation

m

38,653

623

Interpublic

Group

of

Companies,

Inc.

17,693

2,395

Liberty

Global

plc,

Class

A

m

37,266

5,399

Liberty

Global

plc,

Class

C

m

91,567

1,866

Liberty

Latin

America,

Ltd.,

Class

A

m

12,745

474

Live

Nation

Entertainment,

Inc.

m

37,930

20,034

Lumen

Technologies,

Inc.

m

29,250

354

Match

Group,

Inc.

m

12,248

2,870

Meta

Platforms,

Inc.

m

864,645

128

Netflix,

Inc.

m

52,696

116

Omnicom

Group,

Inc.

8,690

24,117

QuinStreet,

Inc.

m

272,763

315

Roku,

Inc.

m

18,765

577

Sinclair,

Inc.

6,272

512

TechTarget,

Inc.

m

12,892

1,180

Telephone

and

Data

Systems,

Inc.

21,464

3,301

Trade

Desk,

Inc.

m

234,239

283

Tripadvisor,

Inc.

m

4,177

21,247

Verizon

Communications,

Inc.

746,407

1,309

Warner

Brothers

Discovery,

Inc.

m

13,012

301

Windstream

Services,

LLC

m

2,784

41

Yelp,

Inc.

m

1,730

7,054

Ziff

Davis,

Inc.

m

426,485

Total

5,729,964

Consumer

Discretionary

(1.1%)

1,195

2U,

Inc.

m

2,533

31

Adient

plc

m

1,044

Shares

Common

Stock

(9.9%)

Value

Consumer

Discretionary

(1.1%)

-

continued

11,013

Amazon.com,

Inc.

m

$

1,465,720

228

American

Axle

&

Manufacturing

Holdings,

Inc.

m

1,539

3,095

American

Eagle

Outfitters,

Inc.

54,070

6,288

Aptiv

plc

m

548,314

1,309

Autoliv,

Inc.

119,970

13

AutoNation,

Inc.

m

1,691

346

Beazer

Homes

USA,

Inc.

m

8,370

247

Best

Buy

Company,

Inc.

16,505

138

Booking

Holdings,

Inc.

m

384,959

2,575

Boot

Barn

Holdings,

Inc.

m

178,962

199

Brunswick

Corporation

13,825

742

Buckle,

Inc.

25,057

3,121

Cedar

Fair,

LP

110,796

153

Chegg,

Inc.

m

1,152

252

Chipotle

Mexican

Grill,

Inc.

m

489,434

19,452

Clarus

Corporation

112,627

3,349

Columbia

Sportswear

Company

247,156

536

Container

Store

Group,

Inc.

m

992

7,802

Cooper-Standard

Holdings,

Inc.

m

96,901

851

Crocs,

Inc.

m

76,011

402

Culp,

Inc.

m

2,199

2,999

Dana,

Inc.

34,429

325

Darden

Restaurants,

Inc.

47,297

499

Deckers

Outdoor

Corporation

m

297,933

262

Domino's

Pizza,

Inc.

88,815

56

DoorDash,

Inc.

m

4,197

99

Dorman

Products,

Inc.

m

6,156

683

eBay,

Inc.

26,794

410

Etsy,

Inc.

m

25,543

19,701

Everi

Holdings,

Inc.

m

212,574

2,776

Five

Below,

Inc.

m

482,968

3,409

Fox

Factory

Holding

Corporation

m

277,731

8,326

General

Motors

Company

234,793

2,203

Gentex

Corporation

63,182

1,758

Goodyear

Tire

&

Rubber

Company

m

20,920

693

Grand

Canyon

Education,

Inc.

m

82,003

555

Green

Brick

Partners,

Inc.

m

21,479

1,548

Harley-Davidson,

Inc.

41,564

2,726

Hilton

Worldwide

Holdings,

Inc.

413,071

2,408

Home

Depot,

Inc.

685,534

202

KB

Home

8,928

3,115

Laureate

Education,

Inc.

44,046

437

La-Z-Boy,

Inc.

12,778

780

Lear

Corporation

101,213

204

Lennar

Corporation

21,763

720

Lululemon

Athletica,

Inc.

m

283,306

287

M/I

Homes,

Inc.

m

23,554

8

Marriott

Vacations

Worldwide

Corporation

719

1,847

McDonald's

Corporation

484,228

1,287

Meritage

Homes

Corporation

146,744

875

MGM

Resorts

International

30,555

91

Modine

Manufacturing

Company

m

3,595

1,023

Mohawk

Industries,

Inc.

m

82,229

2,374

Nordstrom,

Inc.

f

33,189

68

NVR,

Inc.

m

368,058

193

ODP

Corporation

m

8,670

2,921

Papa

John's

International,

Inc.

189,923

406

PENN

Entertainment,

Inc.

m

8,010

774

Playa

Hotels

and

Resorts

NV

m

5,596

684

Polaris,

Inc.

59,111

716

Pool

Corporation

226,091

256

PulteGroup,

Inc.

18,839

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

306

Shares

Common

Stock

(9.9%)

Value

Consumer

Discretionary

(1.1%)

-

continued

8,431

Qurate

Retail,

Inc.

m

$

3,716

522

Ross

Stores,

Inc.

60,536

1,254

SeaWorld

Entertainment,

Inc.

m

54,022

259

Six

Flags

Entertainment

Corporation

m

5,154

3,278

Skyline

Champion

Corporation

m

192,189

13,471

Stoneridge,

Inc.

m

219,173

106

Taylor

Morrison

Home

Corporation

m

4,062

2,983

Tesla,

Inc.

m

599,106

26,455

ThredUp,

Inc.

m

85,185

75

TopBuild

Corporation

m

17,157

1,959

Travel

+

Leisure

Company

66,665

2

Ulta

Beauty,

Inc.

m

763

974

Upbound

Group,

Inc.

25,382

971

Urban

Outfitters,

Inc.

m

33,616

20

Vail

Resorts,

Inc.

4,245

19

Visteon

Corporation

m

2,187

1,759

Wendy's

Company

33,456

700

Wingstop,

Inc.

127,939

2,463

Wyndham

Hotels

&

Resorts,

Inc.

178,321

Total

10,900,829

Consumer

Staples

(0.5%)

7,183

Altria

Group,

Inc.

288,541

1,707

Archer-Daniels-Midland

Company

122,170

1,247

BJ's

Wholesale

Club

Holdings,

Inc.

m

84,946

84

Boston

Beer

Company,

Inc.

m

28,052

216

Cal-Maine

Foods,

Inc.

9,787

1,335

Casey's

General

Stores,

Inc.

363,000

2,453

Celsius

Holdings,

Inc.

m

373,077

15,891

Coca-Cola

Company

897,683

829

Constellation

Brands,

Inc.

194,110

175

Darling

Ingredients,

Inc.

m

7,751

2,346

e.l.f.

Beauty,

Inc.

m

217,310

1,731

Flowers

Foods,

Inc.

37,961

168

Hain

Celestial

Group,

Inc.

m

1,856

30

Hershey

Company

5,620

904

J

&

J

Snack

Foods

Corporation

141,575

1,419

John

B.

Sanfilippo

&

Son,

Inc.

145,107

4,587

Kimberly-Clark

Corporation

548,789

533

Kroger

Company

24,182

208

Lamb

Weston

Holdings,

Inc.

18,678

1,878

Lancaster

Colony

Corporation

317,701

31

McCormick

&

Company,

Inc.

1,981

5,365

Mondelez

International,

Inc.

355,217

140

PepsiCo,

Inc.

22,859

4,645

Pilgrim's

Pride

Corporation

m

118,447

90

PriceSmart,

Inc.

5,624

9,977

Primo

Water

Corporation

130,300

2,441

Procter

&

Gamble

Company

366,223

517

Simply

Good

Foods

Company

m

19,279

231

SpartanNash

Company

5,195

129

Sysco

Corporation

8,577

9,498

Turning

Point

Brands,

Inc.

190,435

979

Tyson

Foods,

Inc.

45,377

736

US

Foods

Holding

Corporation

m

28,660

358

Walmart,

Inc.

58,501

Total

5,184,571

Energy

(0.4%)

1,216

APA

Corporation

48,300

407

Baker

Hughes

Company

14,009

Shares

Common

Stock

(9.9%)

Value

Energy

(0.4%)

-

continued

274

Cactus,

Inc.

$

12,862

356

California

Resources

Corporation

18,722

890

Cheniere

Energy,

Inc.

148,114

964

Chesapeake

Energy

Corporation

82,981

3,296

Chevron

Corporation

480,326

184

Chord

Energy

Corporation

30,419

35

Civitas

Resources,

Inc.

2,640

170

Comstock

Resources,

Inc.

f

2,142

313

CVR

Energy,

Inc.

10,251

1,495

Devon

Energy

Corporation

69,622

716

Expro

Group

Holdings

NV

m

11,277

4,721

Exxon

Mobil

Corporation

499,718

126

Gran

Tierra

Energy,

Inc.

m

771

1,694

Halliburton

Company

66,642

255

Helmerich

&

Payne,

Inc.

10,090

571

HF

Sinclair

Corporation

31,622

1,279

International

Seaways,

Inc.

61,507

2,967

Liberty

Energy,

Inc.

58,450

532

Magnolia

Oil

&

Gas

Corporation

11,943

2,723

Marathon

Oil

Corporation

74,365

2,429

Marathon

Petroleum

Corporation

367,386

4,715

Matador

Resources

Company

290,868

1,027

Murphy

Oil

Corporation

46,082

12,997

NOV,

Inc.

259,420

126

ONEOK,

Inc.

8,215

844

Ovintiv,

Inc.

40,512

1,740

Par

Pacific

Holdings,

Inc.

m

57,107

470

Patterson-UTI

Energy,

Inc.

5,969

882

PBF

Energy,

Inc.

41,922

1,043

Phillips

66

118,975

198

Pioneer

Natural

Resources

Company

47,322

5,534

ProPetro

Holding

Corporation

m

57,996

2,468

RPC,

Inc.

20,534

1,475

SM

Energy

Company

59,472

306

Solaris

Oilfield

Infrastructure,

Inc.

2,827

1,563

Talos

Energy,

Inc.

m

24,227

26,941

TechnipFMC

plc

579,770

1,691

U.S.

Silica

Holdings,

Inc.

m

20,410

2,155

Viper

Energy

Partners,

LP

61,374

769

Williams

Companies,

Inc.

26,454

Total

3,883,615

Financials

(1.5%)

447

Allstate

Corporation

57,274

9,454

Ally

Financial,

Inc.

228,692

722

Amalgamated

Financial

Corporation

13,169

364

Amerant

Bancorp,

Inc.

6,636

2,830

American

Express

Company

413,265

269

American

Financial

Group,

Inc.

29,418

322

Ameriprise

Financial,

Inc.

101,292

111

Ameris

Bancorp

4,140

1,003

Annaly

Capital

Management,

Inc.

15,657

11

Apollo

Global

Management,

Inc.

852

1,764

Arch

Capital

Group,

Ltd.

m

152,904

1,349

Arthur

J.

Gallagher

&

Company

317,676

526

Artisan

Partners

Asset

Management,

Inc.

17,358

1,543

Associated

Banc-Corp

25,012

146

Assurant,

Inc.

21,739

365

Assured

Guaranty,

Ltd.

22,776

79

Atlantic

Union

Bankshares

Corporation

2,276

140

Axis

Capital

Holdings,

Ltd.

7,994

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

307

Shares

Common

Stock

(9.9%)

Value

Financials

(1.5%)

-

continued

57

Axos

Financial,

Inc.

m

$

2,054

1,218

Banc

of

California,

Inc.

f

13,654

5,849

Bank

of

America

Corporation

154,063

197

Bank

of

Hawaii

Corporation

f

9,730

856

Bank

of

Marin

Bancorp

14,381

3,268

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

82,550

1,807

Bank

of

New

York

Mellon

Corporation

76,797

354

Bank

OZK

12,677

390

BankFinancial

Corporation

3,276

926

BankUnited,

Inc.

20,196

459

Banner

Corporation

19,374

125

BayCom

Corporation

2,475

734

BCB

Bancorp,

Inc.

7,546

2,217

Berkshire

Hathaway,

Inc.

m

756,729

782

Berkshire

Hills

Bancorp,

Inc.

15,335

374

BlackRock,

Inc.

228,993

686

Block,

Inc.

m

27,611

31

BOK

Financial

Corporation

2,031

7,644

Bridgewater

Bancshares,

Inc.

m

73,612

735

Brighthouse

Financial,

Inc.

m

33,295

1,221

Brookline

Bancorp,

Inc.

9,939

52

Brown

&

Brown,

Inc.

3,610

566

Business

First

Bancshares,

Inc.

11,060

1,194

Byline

Bancorp,

Inc.

22,650

594

Cadence

Bank

12,581

137

Camden

National

Corporation

3,995

113

Capital

One

Financial

Corporation

11,446

792

Capitol

Federal

Financial,

Inc.

4,118

3,089

Carlyle

Group,

Inc.

85,071

104

Cathay

General

Bancorp

3,527

3,515

Central

Pacific

Financial

Corporation

55,467

67

Central

Valley

Community

Bancorp

1,057

7,105

Charles

Schwab

Corporation

369,744

2,066

Chubb,

Ltd.

443,405

2,363

Cincinnati

Financial

Corporation

235,520

3,007

Citigroup,

Inc.

118,746

3,024

Citizens

Financial

Group,

Inc.

70,852

602

CNB

Financial

Corporation

10,944

1,798

Columbia

Banking

System,

Inc.

35,367

1,341

Comerica,

Inc.

52,835

492

Commerce

Bancshares,

Inc.

21,579

87

Community

Bank

System,

Inc.

3,476

1,326

Community

Trust

Bancorp,

Inc.

49,805

664

ConnectOne

Bancorp,

Inc.

10,817

243

CrossFirst

Bankshares,

Inc.

m

2,571

248

Cullen/Frost

Bankers,

Inc.

22,566

482

Customers

Bancorp,

Inc.

m

19,381

248

CVB

Financial

Corporation

3,874

1,708

Dime

Community

Bancshares,

Inc.

31,410

110

Discover

Financial

Services

9,029

2,315

Eagle

Bancorp,

Inc.

45,096

837

East

West

Bancorp,

Inc.

44,880

229

Eastern

Bankshares,

Inc.

2,521

1,697

Ellington

Residential

Mortgage

REIT

8,960

304

Employers

Holdings,

Inc.

11,552

568

Enova

International,

Inc.

m

22,652

524

Enterprise

Financial

Services

Corporation

18,219

300

Equity

Bancshares,

Inc.

7,260

61

EVERTEC,

Inc.

1,939

11,179

F.N.B.

Corporation

119,504

97

FactSet

Research

Systems,

Inc.

41,893

Shares

Common

Stock

(9.9%)

Value

Financials

(1.5%)

-

continued

6,144

Federated

Hermes,

Inc.

$

194,765

577

Fidelity

National

Information

Services,

Inc.

28,336

430

Fifth

Third

Bancorp

10,195

951

Financial

Institutions,

Inc.

15,064

252

First

Bancorp/Puerto

Rico

3,364

5

First

Citizens

BancShares,

Inc./NC

6,904

367

First

Financial

Bankshares,

Inc.

8,826

387

First

Financial

Corporation

13,317

2,253

First

Foundation,

Inc.

10,229

168

First

Hawaiian,

Inc.

3,012

4,814

First

Horizon

Corporation

51,750

377

First

Internet

Bancorp

6,171

99

First

Interstate

BancSystem,

Inc.

2,284

288

First

Merchants

Corporation

7,865

215

First

Mid-Illinois

Bancshares,

Inc.

5,874

894

First

of

Long

Island

Corporation

9,602

1,483

Fiserv,

Inc.

m

168,691

56

Five

Star

Bancorp

1,090

169

FleetCor

Technologies,

Inc.

m

38,054

1,024

Flushing

Financial

Corporation

12,636

1,870

Fulton

Financial

Corporation

24,291

2,032

Genworth

Financial,

Inc.

m

12,172

4,005

Glacier

Bancorp,

Inc.

120,911

193

Global

Life,

Inc.

22,457

556

Global

Payments,

Inc.

59,058

870

Great

Southern

Bancorp,

Inc.

43,256

554

Green

Dot

Corporation

m

6,194

1,922

Hamilton

Lane,

Inc.

161,679

488

Hancock

Whitney

Corporation

16,802

3,845

Hanmi

Financial

Corporation

56,445

429

Hanover

Insurance

Group,

Inc.

50,283

620

Hartford

Financial

Services

Group,

Inc.

45,539

6,174

Heartland

Financial

USA,

Inc.

169,168

1,651

Heritage

Commerce

Corporation

13,505

1,877

Heritage

Financial

Corporation

30,539

20

Hingham

Institution

For

Savings

2,972

639

Home

BancShares,

Inc.

13,068

1,871

HomeStreet,

Inc.

9,037

1,330

Hometrust

Bancshares,

Inc.

27,411

6,915

Hope

Bancorp,

Inc.

60,575

1,304

Horizon

Bancorp,

Inc.

12,375

4,856

Houlihan

Lokey,

Inc.

488,125

2,063

Huntington

Bancshares,

Inc.

19,908

395

Independent

Bank

Corporation

19,276

1,114

Independent

Bank

Corporation/MI

22,224

4,288

Intercontinental

Exchange,

Inc.

460,703

86

International

Bancshares

Corporation

3,769

1,817

Invesco

Mortgage

Capital,

Inc.

12,410

2,179

Invesco,

Ltd.

28,262

3,134

J.P.

Morgan

Chase

&

Company

435,814

112

Jack

Henry

&

Associates,

Inc.

15,791

3,177

Janus

Henderson

Group

plc

73,293

1,325

Kearny

Financial

Corporation/MD

9,195

1,279

KeyCorp

13,071

2,595

Kinsale

Capital

Group,

Inc.

866,496

355

KKR

&

Company,

Inc.

19,667

1,102

Lazard,

Ltd.

30,603

111

M&T

Bank

Corporation

12,515

1,339

Marsh

&

McLennan

Companies,

Inc.

253,941

1,855

Mastercard,

Inc.

698,129

179

Mercantile

Bank

Corporation

5,896

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

308

Shares

Common

Stock

(9.9%)

Value

Financials

(1.5%)

-

continued

1,046

Metropolitan

Bank

Holding

Corporation

f,m

$

33,901

2,725

MFA

Financial,

Inc.

24,225

15,264

MGIC

Investment

Corporation

257,046

146

Mid

Penn

Bancorp,

Inc.

2,783

937

Midland

States

Bancorp,

Inc.

20,445

2,159

MidWestOne

Financial

Group,

Inc.

43,007

1,855

Mr.

Cooper

Group,

Inc.

m

104,863

1,072

MSCI,

Inc.

505,502

118

MVB

Financial

Corporation

2,319

7,131

Nasdaq,

Inc.

353,698

1,588

Navient

Corporation

25,265

323

NCR

Atleos

Corporation

m

7,125

3,497

New

York

Community

Bancorp,

Inc.

33,152

4,035

NMI

Holdings,

Inc.

m

110,357

529

Northfield

Bancorp,

Inc.

4,549

46

Northrim

BanCorp,

Inc.

1,919

6,733

NU

Holdings,

Ltd./Cayman

Islands

m

55,211

1,630

OceanFirst

Financial

Corporation

20,636

304

OFG

Bancorp

9,004

973

Old

National

Bancorp

13,330

817

Old

Republic

International

Corporation

22,369

594

Old

Second

Bancorp,

Inc.

8,055

2,244

OneMain

Holdings,

Inc.

80,627

124

Pacific

Premier

Bancorp,

Inc.

2,356

3,844

PayPal

Holdings,

Inc.

m

199,119

244

PCB

Bancorp

3,753

195

PennyMac

Financial

Services,

Inc.

13,104

298

Pinnacle

Financial

Partners,

Inc.

18,583

78

PNC

Financial

Services

Group,

Inc.

8,929

433

Popular,

Inc.

28,162

810

Premier

Financial

Corporation

14,053

74

PROG

Holdings,

Inc.

m

2,027

366

Prosperity

Bancshares,

Inc.

19,962

1,204

Provident

Financial

Services,

Inc.

16,916

346

Prudential

Financial,

Inc.

31,638

3,705

Radian

Group,

Inc.

93,885

367

Raymond

James

Financial,

Inc.

35,026

548

Regions

Financial

Corporation

7,962

9,030

Rithm

Capital

Corporation

84,250

3,260

RLI

Corporation

434,362

209

S&T

Bancorp,

Inc.

5,384

770

Sandy

Spring

Bancorp,

Inc.

15,746

3,391

SEI

Investments

Company

181,961

516

Shore

Bancshares,

Inc.

5,294

151

Simmons

First

National

Corporation

2,146

113

SmartFinancial,

Inc.

2,356

64

Southern

First

Bancshares,

Inc.

m

1,728

292

SouthState

Corporation

19,301

595

Synchrony

Financial

16,690

1,669

Synovus

Financial

Corporation

43,511

268

T.

Rowe

Price

Group,

Inc.

24,254

385

Territorial

Bancorp,

Inc.

2,972

580

TPG,

Inc.

16,031

2,868

Tradeweb

Markets,

Inc.

258,149

5,258

Triumph

Financial,

Inc.

m

327,310

843

TrustCo

Bank

Corporation

NY

21,522

860

Trustmark

Corporation

17,295

1,762

Two

Harbors

Investment

Corporation

20,457

Shares

Common

Stock

(9.9%)

Value

Financials

(1.5%)

-

continued

346

U.S.

Bancorp

$

11,030

98

UMB

Financial

Corporation

6,147

432

United

Bankshares,

Inc.

12,286

293

United

Community

Banks,

Inc.

6,472

812

Univest

Financial

Corporation

13,528

940

Unum

Group

45,966

2,009

Valley

National

Bancorp

15,630

917

Veritex

Holdings,

Inc.

15,791

3,016

Virtu

Financial,

Inc.

55,766

395

Visa,

Inc.

92,865

1,770

Voya

Financial,

Inc.

118,183

334

W.R.

Berkley

Corporation

22,518

806

WaFd,

Inc.

19,892

149

Walker

&

Dunlop,

Inc.

9,655

16

Webster

Financial

Corporation

608

2,882

Wells

Fargo

&

Company

114,617

405

Westamerica

Bancorporation

19,132

9,605

Western

Alliance

Bancorp

394,766

9,762

Western

Union

Company

110,213

130

WEX,

Inc.

m

21,642

20

Willis

Towers

Watson

plc

4,718

215

Wintrust

Financial

Corporation

16,058

69

WSFS

Financial

Corporation

2,443

268

XP,

Inc.

5,360

3,263

Zions

Bancorp

NA

100,664

Total

15,071,813

Health

Care

(1.2%)

6,927

Abbott

Laboratories

654,948

803

ACADIA

Pharmaceuticals,

Inc.

m

18,124

2,702

Agilent

Technologies,

Inc.

279,306

592

Agios

Pharmaceuticals,

Inc.

m

12,438

653

Aldeyra

Therapeutics,

Inc.

m

1,117

868

Align

Technology,

Inc.

m

160,224

2,935

Alkermes

plc

m

70,998

203

Amgen,

Inc.

51,907

902

Amicus

Therapeutics,

Inc.

m

9,895

384

Amphastar

Pharmaceuticals,

Inc.

m

17,384

393

Anika

Therapeutics,

Inc.

m

7,663

1,259

Apellis

Pharmaceuticals,

Inc.

m

61,263

876

Argenx

SE

ADR

m

411,343

1,457

Ascendis

Pharma

AS

ADR

m

130,125

422

Avanos

Medical,

Inc.

m

7,748

8,253

Avantor,

Inc.

m

143,850

1,556

Azenta,

Inc.

m

70,720

4,358

Baxter

International,

Inc.

141,330

194

Biogen,

Inc.

m

46,083

31

BioMarin

Pharmaceutical,

Inc.

m

2,525

40

Bio-Rad

Laboratories,

Inc.

m

11,011

5,235

Bio-Techne

Corporation

285,988

114

Blueprint

Medicines

Corporation

m

6,710

912

Bruker

Corporation

51,984

195

Cardinal

Health,

Inc.

17,745

1,465

Centene

Corporation

m

101,056

425

Charles

River

Laboratories

International,

Inc.

m

71,553

700

Codexis,

Inc.

m

1,162

887

Cooper

Companies,

Inc.

276,522

2,234

CVS

Health

Corporation

154,168

1,244

Danaher

Corporation

238,873

1,146

Deciphera

Pharmaceuticals,

Inc.

m

13,741

5,064

Dentsply

Sirona,

Inc.

153,996

2,651

Dexcom,

Inc.

m

235,488

2,395

Dynavax

Technologies

Corporation

m

34,033

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

309

Shares

Common

Stock

(9.9%)

Value

Health

Care

(1.2%)

-

continued

3,997

Edwards

Lifesciences

Corporation

m

$

254,689

16,230

Elanco

Animal

Health,

Inc.

m

142,986

327

Eli

Lilly

&

Company

181,135

226

Enanta

Pharmaceuticals,

Inc.

m

2,038

7,468

Enovis

Corporation

m

342,781

1,827

Exelixis,

Inc.

m

37,618

494

Globus

Medical,

Inc.

m

22,581

1,214

GoodRx

Holdings,

Inc.

m

5,985

7,935

Halozyme

Therapeutics,

Inc.

m

268,758

1,888

Hologic,

Inc.

m

124,929

752

ICON

plc

m

183,458

19

IDEXX

Laboratories,

Inc.

m

7,590

11

Illumina,

Inc.

m

1,204

2,732

Immunocore

Holdings

plc

ADR

m

121,301

557

Inspire

Medical

Systems,

Inc.

m

81,968

191

Intuitive

Surgical,

Inc.

m

50,084

137

IQVIA

Holding,

Inc.

m

24,774

281

Jazz

Pharmaceuticals,

Inc.

m

35,693

762

Johnson

&

Johnson

113,035

224

Laboratory

Corporation

of

America

Holdings

44,739

3,872

Lantheus

Holdings,

Inc.

m

250,131

17

Ligand

Pharmaceuticals,

Inc.

m

889

244

LivaNova

plc

m

11,968

25,501

Maravai

LifeSciences

Holdings,

Inc.

m

174,937

8

Medpace

Holdings,

Inc.

m

1,941

8,998

Medtronic

plc

634,899

5,538

Merck

&

Company,

Inc.

568,753

130

Molina

Healthcare,

Inc.

m

43,283

548

Myriad

Genetics,

Inc.

m

8,538

1,800

Natera,

Inc.

m

71,046

502

National

HealthCare

Corporation

33,815

921

Neogen

Corporation

m

13,714

644

Novo

Nordisk

AS

ADR

62,191

6,619

Option

Care

Health,

Inc.

m

183,545

132

OraSure

Technologies,

Inc.

m

681

652

Pacira

Pharmaceuticals,

Inc.

m

18,426

702

Pediatrix

Medical

Group,

Inc.

m

8,045

3,644

Pfizer,

Inc.

111,361

5,000

Phreesia,

Inc.

m

68,300

14,579

Progyny,

Inc.

m

449,908

470

PTC

Therapeutics,

Inc.

m

8,812

744

Qiagen

NV

m

27,848

1,117

QuidelOrtho

Corporation

m

68,226

15,051

R1

RCM,

Inc.

m

177,451

2,162

Repligen

Corporation

m

290,919

937

Revance

Therapeutics,

Inc.

m

7,393

1,087

Rocket

Pharmaceuticals,

Inc.

m

19,675

295

Royalty

Pharma

plc

7,927

1,242

Sarepta

Therapeutics,

Inc.

m

83,599

10,064

scPharmaceuticals,

Inc.

m

53,842

494

Sensus

Healthcare,

Inc.

m

1,082

1,146

ShockWave

Medical,

Inc.

m

236,374

952

Stryker

Corporation

257,249

178

Teleflex,

Inc.

32,885

889

TG

Therapeutics,

Inc.

m

6,872

1,304

Thermo

Fisher

Scientific,

Inc.

579,980

978

UnitedHealth

Group,

Inc.

523,778

417

Vanda

Pharmaceuticals,

Inc.

m

1,826

1,699

Veeva

Systems,

Inc.

m

327,414

1,537

Veracyte,

Inc.

m

31,847

4,899

Vericel

Corporation

m

172,347

415

Vertex

Pharmaceuticals,

Inc.

m

150,276

Shares

Common

Stock

(9.9%)

Value

Health

Care

(1.2%)

-

continued

9,550

Viemed

Healthcare,

Inc.

m

$

60,260

1,126

Waters

Corporation

m

268,585

174

West

Pharmaceutical

Services,

Inc.

55,382

399

Zentalis

Pharmaceuticals,

Inc.

m

6,528

330

Zimmer

Biomet

Holdings,

Inc.

34,455

4,397

Zoetis,

Inc.

690,329

Total

12,899,899

Industrials

(1.5%)

697

A.O.

Smith

Corporation

48,623

289

Acuity

Brands,

Inc.

46,809

3,288

Advanced

Drainage

Systems,

Inc.

351,257

743

AECOM

56,877

813

AGCO

Corporation

93,219

6,905

Air

Lease

Corporation

239,120

1,289

Alight,

Inc.

m

8,559

502

Allison

Transmission

Holdings,

Inc.

25,311

3,152

AMETEK,

Inc.

443,707

109

Apogee

Enterprises,

Inc.

4,678

1,499

Armstrong

World

Industries,

Inc.

113,759

6,539

ASGN,

Inc.

m

545,745

2,092

Automatic

Data

Processing,

Inc.

456,516

257

Axon

Enterprise,

Inc.

m

52,554

446

AZZ,

Inc.

21,082

13,835

Badger

Infrastructure

Solutions,

Ltd.

366,439

3,879

Barnes

Group,

Inc.

80,644

1,488

Beacon

Roofing

Supply,

Inc.

m

105,901

11

Boise

Cascade

Company

1,031

20

Brady

Corporation

1,029

461

Builders

FirstSource,

Inc.

m

50,028

855

Carlisle

Companies,

Inc.

217,247

197

Caterpillar,

Inc.

44,532

2,040

Chart

Industries,

Inc.

m

237,109

1,550

Cimpress

plc

m

92,489

38

Columbus

McKinnon

Corporation

1,162

2,654

Conduent

Incorporated

m

8,466

293

CSW

Industrials,

Inc.

51,937

13,305

CSX

Corporation

397,154

1,740

Cummins,

Inc.

376,362

1,081

Curtiss-Wright

Corporation

214,914

288

Daseke,

Inc.

m

1,279

738

Deere

&

Company

269,636

563

Donaldson

Company,

Inc.

32,463

5

Dover

Corporation

650

701

EMCOR

Group,

Inc.

144,862

37

Equifax,

Inc.

6,274

16,953

ExlService

Holdings,

Inc.

m

442,643

290

Expeditors

International

of

Washington,

Inc.

31,682

3,129

Fastenal

Company

182,546

2,692

Ferguson

plc

404,338

7,501

First

Advantage

Corporation

97,588

3,937

Fluor

Corporation

m

131,063

150

Forrester

Research,

Inc.

m

3,480

956

Fortune

Brands

Innovations,

Inc.

53,345

510

Gates

Industrial

Corporation

plc

m

5,569

359

Gibraltar

Industries,

Inc.

m

21,849

17

GMS,

Inc.

m

994

125

Gorman-Rupp

Company

3,694

2,959

Greenbrier

Companies,

Inc.

102,352

183

Griffon

Corporation

7,309

5,427

Helios

Technologies,

Inc.

280,684

336

Herc

Holdings,

Inc.

35,881

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

310

Shares

Common

Stock

(9.9%)

Value

Industrials

(1.5%)

-

continued

1,073

Hillman

Solutions

Corporation

m

$

7,039

23,281

Howmet

Aerospace,

Inc.

1,026,692

92

Hubbell,

Inc.

24,849

260

IDEX

Corporation

49,767

112

Ingersoll

Rand,

Inc.

6,796

500

Interface,

Inc.

4,445

27,484

Janus

International

Group,

Inc.

m

257,250

2,466

JetBlue

Airways

Corporation

m

9,272

52

Johnson

Controls

International

plc

2,549

863

Kennametal,

Inc.

19,944

103

L3Harris

Technologies,

Inc.

18,479

446

Legalzoom.com,

Inc.

m

4,447

1,570

Lincoln

Electric

Holdings,

Inc.

274,436

2,274

ManpowerGroup,

Inc.

159,112

3,266

Masco

Corporation

170,126

10,168

Masterbrand,

Inc.

m

112,966

336

Matson,

Inc.

29,249

2,170

Maximus,

Inc.

162,142

2,953

Middleby

Corporation

m

333,305

3,021

Miller

Industries,

Inc.

109,874

859

Moog,

Inc.

99,687

494

MSC

Industrial

Direct

Company,

Inc.

46,806

120

MYR

Group,

Inc.

m

13,900

38

National

Presto

Industries,

Inc.

2,841

95

Northrop

Grumman

Corporation

44,786

1,153

nVent

Electric

plc

55,494

1,008

Old

Dominion

Freight

Line,

Inc.

379,673

4,129

Oshkosh

Corporation

362,237

277

Otis

Worldwide

Corporation

21,387

3,530

Owens

Corning,

Inc.

400,196

1,262

PACCAR,

Inc.

104,153

196

Parker-Hannifin

Corporation

72,306

103

Paycom

Software,

Inc.

25,232

115

Paylocity

Holding

Corporation

m

20,631

6,269

Pentair

plc

364,354

413

Quanta

Services,

Inc.

69,021

7,238

RB

Global,

Inc.

473,365

2,073

Regal

Rexnord

Corporation

245,464

375

Republic

Services,

Inc.

55,684

513

Resideo

Technologies,

Inc.

m

7,428

881

Saia,

Inc.

m

315,830

5,878

Schneider

National,

Inc.

148,890

1,616

Simpson

Manufacturing

Company,

Inc.

215,219

594

SiteOne

Landscape

Supply,

Inc.

m

81,835

1,179

SkyWest,

Inc.

m

49,718

50

Snap-On,

Inc.

12,897

390

Southwest

Airlines

Company

8,670

749

Standex

International

Corporation

107,534

144

Sterling

Construction

Company,

Inc.

m

10,490

1,860

Tennant

Company

138,049

764

Terex

Corporation

34,991

685

Textron,

Inc.

52,060

3,647

Timken

Company

252,081

317

Titan

Machinery,

Inc.

m

7,874

2,315

Trane

Technologies

plc

440,568

3,844

TransUnion

168,675

669

Trex

Company,

Inc.

m

37,604

1,470

Uber

Technologies,

Inc.

m

63,622

9

UniFirst

Corporation/MA

1,480

288

United

Parcel

Service,

Inc.

40,680

350

United

Rentals,

Inc.

142,195

102

Valmont

Industries,

Inc.

20,085

Shares

Common

Stock

(9.9%)

Value

Industrials

(1.5%)

-

continued

318

Veralto

Corporation

m

$

21,942

377

Vertiv

Holdings

Company

14,805

419

Wabash

National

Corporation

8,669

7,828

WillScot

Mobile

Mini

Holdings

Corporation

m

308,501

Total

15,366,789

Information

Technology

(2.2%)

2,152

8x8,

Inc.

m

5,122

1,121

Adobe,

Inc.

m

596,439

729

Advanced

Micro

Devices,

Inc.

m

71,806

274

Alpha

and

Omega

Semiconductor,

Ltd.

m

6,499

848

Amkor

Technology,

Inc.

17,689

6,866

Amphenol

Corporation

553,056

220

ANSYS,

Inc.

m

61,217

17,128

Apple,

Inc.

2,924,949

2,491

Applied

Materials,

Inc.

329,684

1,427

Arista

Networks,

Inc.

m

285,928

1,416

Autodesk,

Inc.

m

279,844

89

Broadcom,

Inc.

74,882

11,358

Calix,

Inc.

m

376,177

84

CDW

Corporation

16,834

3,439

Ciena

Corporation

m

145,126

15,538

Cisco

Systems,

Inc.

809,996

4,609

Cognex

Corporation

165,878

25

Cognizant

Technology

Solutions

Corporation

1,612

3,561

Cohu,

Inc.

m

107,329

2,625

CommScope

Holding

Company,

Inc.

m

3,885

34

CommVault

Systems,

Inc.

m

2,222

177

Corning,

Inc.

4,736

322

Datadog,

Inc.

m

26,233

2,580

Descartes

Systems

Group,

Inc.

m

186,302

501

DocuSign,

Inc.

m

19,479

1,106

Dolby

Laboratories,

Inc.

89,520

15,457

Dropbox,

Inc.

m

406,519

5,176

Dynatrace

Holdings,

LLC

m

231,419

148

Elastic

NV

m

11,106

1,130

Enphase

Energy,

Inc.

m

89,925

832

EPAM

Systems,

Inc.

m

181,018

86

F5,

Inc.

m

13,037

6

Fair

Isaac

Corporation

m

5,075

6,086

Flex,

Ltd.

m

156,532

804

FormFactor,

Inc.

m

27,239

493

Fortinet,

Inc.

m

28,185

3

Gartner,

Inc.

m

996

7,896

Gilat

Satellite

Networks,

Ltd.

m

47,455

45

GoDaddy,

Inc.

m

3,295

11,571

Grid

Dynamics

Holdings,

Inc.

m

117,330

6,928

Guidewire

Software,

Inc.

m

624,421

6,710

Hackett

Group,

Inc.

149,566

2,526

Hewlett

Packard

Enterprise

Company

38,850

24

HP,

Inc.

632

564

HubSpot,

Inc.

m

239,006

419

Insight

Enterprises,

Inc.

m

60,043

414

IPG

Photonics

Corporation

m

35,563

348

JFrog,

Ltd.

m

7,827

3,476

Juniper

Networks,

Inc.

93,574

468

Keysight

Technologies,

Inc.

m

57,119

558

KLA

Corporation

262,093

8,439

Knowles

Corporation

m

109,623

1,611

Kyndryl

Holdings,

Inc.

m

23,569

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

311

Shares

Common

Stock

(9.9%)

Value

Information

Technology

(2.2%)

-

continued

491

Lam

Research

Corporation

$

288,816

5,495

Lattice

Semiconductor

Corporation

m

305,577

893

Littelfuse,

Inc.

193,486

1,355

LiveRamp

Holding,

Inc.

m

37,479

881

Marvell

Technology,

Inc.

41,601

76

Microchip

Technology,

Inc.

5,418

9,454

Microsoft

Corporation

3,196,492

511

MKS

Instruments,

Inc.

33,552

756

Monolithic

Power

Systems,

Inc.

333,955

41

Motorola

Solutions,

Inc.

11,417

647

NCR

Voyix

Corporation

m

9,893

1,105

NetApp,

Inc.

80,422

369

NICE,

Ltd.

ADR

m

56,955

1,302

Nova,

Ltd.

m

123,651

3,377

NVIDIA

Corporation

1,377,141

941

ON

Semiconductor

Corporation

m

58,944

43

OSI

Systems,

Inc.

m

4,484

5,043

PagerDuty,

Inc.

m

101,717

2,008

Palo

Alto

Networks,

Inc.

m

487,984

1,978

PDF

Solutions,

Inc.

m

52,476

1,862

Plexus

Corporation

m

183,072

2,290

PTC,

Inc.

m

321,562

1,084

Q2

Holdings,

Inc.

m

32,552

235

Qorvo,

Inc.

m

20,544

3,040

QUALCOMM,

Inc.

331,330

1,398

Rackspace

Technology,

Inc.

f,m

1,706

417

Rapid7,

Inc.

m

19,386

567

RingCentral,

Inc.

m

15,071

306

Roper

Industries,

Inc.

149,502

2,736

Salesforce,

Inc.

m

549,471

143

Sanmina

Corporation

m

7,274

532

ServiceNow,

Inc.

m

309,544

1,487

Silicon

Laboratories,

Inc.

m

137,072

549

Skyworks

Solutions,

Inc.

47,620

1,504

SolarWinds

Corporation

m

13,852

431

Sprinklr,

Inc.

m

5,857

10,515

Sprout

Social,

Inc.

m

455,089

563

SPS

Commerce,

Inc.

m

90,271

985

Synopsys,

Inc.

m

462,398

3,383

TE

Connectivity,

Ltd.

398,687

60

Teledyne

Technologies,

Inc.

m

22,475

68

Tenable

Holdings,

Inc.

m

2,863

837

Teradata

Corporation

m

35,757

15

Teradyne,

Inc.

1,249

2,726

Texas

Instruments,

Inc.

387,119

1,091

Trimble,

Inc.

m

51,419

32,197

TTM

Technologies,

Inc.

m

369,944

1,020

Tyler

Technologies,

Inc.

m

380,358

2,411

Unisys

Corporation

m

6,703

1,068

Universal

Display

Corporation

148,644

849

Upland

Software,

Inc.

m

2,836

8,521

Varonis

Systems,

Inc.

m

286,646

531

Verint

Systems,

Inc.

m

9,988

1,661

VeriSign,

Inc.

m

331,635

1,843

Viavi

Solutions,

Inc.

m

14,339

1,976

Vishay

Intertechnology,

Inc.

43,946

2,140

Vontier

Corporation

63,258

3,546

Wolfspeed,

Inc.

m

119,997

3,389

Workiva,

Inc.

m

295,148

376

Xerox

Holdings

Corporation

4,828

1,595

Yext,

Inc.

m

9,618

Shares

Common

Stock

(9.9%)

Value

Information

Technology

(2.2%)

-

continued

364

Zoom

Video

Communications,

Inc.

m

$

21,833

Total

23,147,384

Materials

(0.3%)

124

Albemarle

Corporation

15,721

2,899

Alcoa

Corporation

74,330

114

AptarGroup,

Inc.

13,939

1,801

Ball

Corporation

86,718

949

Berry

Plastics

Group,

Inc.

52,195

1,790

Carpenter

Technology

Corporation

112,269

890

Celanese

Corporation

101,914

3,257

Cleveland-Cliffs,

Inc.

m

54,652

846

Commercial

Metals

Company

35,777

667

Eagle

Materials,

Inc.

102,658

66

Eastman

Chemical

Company

4,932

31

Hawkins,

Inc.

1,780

3,072

Huntsman

Corporation

71,670

3,249

Ingevity

Corporation

m

130,870

608

Innospec,

Inc.

59,584

10,364

Ivanhoe

Mines,

Ltd.

m

76,380

183

Kaiser

Aluminum

Corporation

10,394

833

Linde

plc

318,339

413

LSB

Industries,

Inc.

m

3,762

60

LyondellBasell

Industries

NV

5,414

651

Martin

Marietta

Materials,

Inc.

266,220

1,347

Mosaic

Company

43,751

178

Myers

Industries,

Inc.

2,985

451

Newmont

Corporation

16,899

360

Nucor

Corporation

53,204

1,053

O-I

Glass,

Inc.

m

16,269

589

Orion

SA

11,957

1,076

PPG

Industries,

Inc.

132,101

25,205

Ranpak

Holdings

Corporation

m

79,648

74

Reliance

Steel

&

Aluminum

Company

18,824

2,581

RPM

International,

Inc.

235,568

406

Ryerson

Holding

Corporation

11,794

603

Schnitzer

Steel

Industries,

Inc.

13,694

1,154

Steel

Dynamics,

Inc.

122,913

3,823

Summit

Materials,

Inc.

m

125,777

1,382

SunCoke

Energy,

Inc.

13,143

515

TimkenSteel

Corporation

m

10,470

190

TriMas

Corporation

4,600

1,268

Trinseo

plc

7,849

19,244

Tronox

Holdings

plc

205,718

954

United

States

Lime

&

Minerals,

Inc.

188,882

2,619

United

States

Steel

Corporation

88,758

324

Vulcan

Materials

Company

63,663

Total

3,067,985

Real

Estate

(0.4%)

8,225

Agree

Realty

Corporation

460,106

653

Alexandria

Real

Estate

Equities,

Inc.

60,814

2,227

Apartment

Income

REIT

Corporation

65,051

1,575

AvalonBay

Communities,

Inc.

261,041

390

Camden

Property

Trust

33,103

485

CareTrust

REIT,

Inc.

10,437

1,990

CBRE

Group,

Inc.

m

137,987

425

Centerspace

20,647

906

Chatham

Lodging

Trust

8,381

3,094

Compass,

Inc.

m

6,126

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

312

Shares

Common

Stock

(9.9%)

Value

Real

Estate

(0.4%)

-

continued

2,258

CoStar

Group,

Inc.

m

$

165,760

4,049

CubeSmart

138,030

17,733

Cushman

and

Wakefield

plc

m

130,692

1,119

DigitalBridge

Group,

Inc.

17,736

168

EastGroup

Properties,

Inc.

27,426

2,785

Elme

Communities

35,537

2,186

EPR

Properties

93,342

6,546

Equity

Commonwealth

123,981

2,461

Equity

Residential

136,167

8,293

Essential

Properties

Realty

Trust,

Inc.

182,031

144

Essex

Property

Trust,

Inc.

30,804

1,757

First

Industrial

Realty

Trust,

Inc.

74,321

1,019

FirstService

Corporation

144,158

3,292

Four

Corners

Property

Trust,

Inc.

70,120

643

Getty

Realty

Corporation

17,117

382

Howard

Hughes

Holdings,

Inc.

m

25,338

10,951

Independence

Realty

Trust,

Inc.

135,683

5,069

Invitation

Homes,

Inc.

150,499

611

Kennedy-Wilson

Holdings,

Inc.

7,864

230

LTC

Properties,

Inc.

7,270

9,907

LXP

Industrial

Trust

78,364

507

Mid-America

Apartment

Communities,

Inc.

59,902

5,838

National

Storage

Affiliates

Trust

166,500

3,471

NetSTREIT

Corporation

49,462

1,070

NNN

REIT,

Inc.

38,873

2,314

Pebblebrook

Hotel

Trust

27,606

2,918

Phillips

Edison

and

Company,

Inc.

103,035

1,568

Public

Storage

374,297

595

Realty

Income

Corporation

28,191

2,209

Regency

Centers

Corporation

133,114

2,685

Rexford

Industrial

Realty,

Inc.

116,099

215

RMR

Group,

Inc.

4,842

3,046

Sabra

Health

Care

REIT,

Inc.

41,547

1,513

SBA

Communications

Corporation

315,657

5,557

Service

Properties

Trust

40,288

2,311

Terreno

Realty

Corporation

123,130

4,068

UDR,

Inc.

129,403

364

Welltower,

Inc.

30,434

Total

4,638,313

Utilities

(0.2%)

4,676

AES

Corporation

69,672

1,515

Alliant

Energy

Corporation

73,917

6,084

American

Electric

Power

Company,

Inc.

459,585

84

American

Water

Works

Company,

Inc.

9,883

355

Artesian

Resources

Corporation

13,951

243

Avista

Corporation

7,701

840

Black

Hills

Corporation

40,614

1,952

CenterPoint

Energy,

Inc.

52,470

744

Entergy

Corporation

71,119

4,846

Evergy,

Inc.

238,132

126

NextEra

Energy

Partners,

LP

f

3,411

26,380

NiSource,

Inc.

663,721

3,470

Northwestern

Energy

Group,

Inc.

166,595

5,765

OGE

Energy

Corporation

197,163

4,570

Portland

General

Electric

Company

182,891

1,363

Spire,

Inc.

75,824

Shares

Common

Stock

(9.9%)

Value

Utilities

(0.2%)

-

continued

5,539

UGI

Corporation

$

115,211

Total

2,441,860

Total

Common

Stock

(cost

$92,014,600)

102,333,022

Shares

Collateral

Held

for

Securities

Loaned

(

0.3%

)

Value

3,269,156

Thrivent

Cash

Management

Trust

3,269,156

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,269,156)

3,269,156

Shares

Private

Equity

Funds

(

0.2%

)

Value

Secondary

(0.2%)

1

LCP

X

(Offshore),

LP

c*

2,211,919

Total

2,211,919

Total

Private

Equity

Funds

(cost

$1,500,000)

2,211,919

Shares

or

Principal

Amount

Short-Term

Investments

(

11.5%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

1,800,000

5.281%,

11/15/2023

n,o

1,796,409

1,000,000

5.300%,

12/6/2023

n,o

994,992

800,000

5.315%,

12/15/2023

n,o

794,966

4,000,000

5.305%,

1/16/2024

n,o

3,956,508

100,000

5.350%,

1/31/2024

n,o

98,699

Thrivent

Core

Short-Term

Reserve

Fund

11,152,976

5.690%

111,529,755

Total

Short-Term

Investments

(cost

$119,131,900)

119,171,329

Total

Investments

(cost

$1,045,045,523)

102.0%

$1,052,888,929

Other

Assets

and

Liabilities,

Net

(2.0%)

(20,867,246)

Total

Net

Assets

100.0%

$1,032,021,683

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

All

or

a

portion

of

the

security

is

on

loan.

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

313

g

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2023,

the

value

of

these

investments

was

$53,034,651

or

5.1%

of

total

net

assets.

h

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

October

31,

2023.

i

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

j

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

l

Defaulted

security.  Interest

is

not

being

accrued.

m

Non-income

producing

security.

n

The

interest

rate

shown

reflects

the

yield.

o

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Conservative

Allocation

Fund

as

of

October

31,

2023

was

$2,356,553

or

0.23%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

October

31,

2023.

Security

Acquisition

Date

Cost

LCP

X

(Offshore),

LP 

10/25/2023

$

1,500,000

Massachusetts

Mutual

Life

Insurance

Company,

12/1/2061

11/18/2021

272,847

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Moderately

Conservative

Allocation

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,914,224

Common

Stock

1,239,549

Total

lending

$3,153,773

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,269,156

Net

amounts

due

to

counterparty

$115,383

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

TSFR6M

-

CME

Term

SOFR

6

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$99,221,016

Gross

unrealized

depreciation

(98,335,318)

Net

unrealized

appreciation

(depreciation)

$885,698

Cost

for

federal

income

tax

purposes

$1,046,221,307

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

314

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Moderately

Conservative

Allocation

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

546,334

–

458,956

87,378

Capital

Goods

2,489,156

–

2,328,907

160,249

Communications

Services

3,210,114

–

3,210,114

–

Consumer

Cyclical

4,209,151

–

4,209,151

–

Consumer

Non-Cyclical

3,708,184

–

3,630,391

77,793

Energy

711,242

–

711,242

–

Financials

1,904,134

–

1,904,134

–

Technology

5,175,944

–

5,175,944

–

Transportation

1,306,687

–

1,306,687

–

Utilities

192,062

–

192,062

–

Long-Term

Fixed

Income

Asset-Backed

Securities

9,053,184

–

9,053,184

–

Basic

Materials

3,108,832

–

3,108,832

–

Capital

Goods

7,320,797

–

7,320,797

–

Collateralized

Mortgage

Obligations

15,871,915

–

15,871,915

–

Commercial

Mortgage-Backed

Securities

13,959,174

–

13,959,174

–

Communications

Services

10,797,914

–

10,797,914

–

Consumer

Cyclical

11,294,707

–

11,294,707

–

Consumer

Non-Cyclical

13,437,153

–

13,437,153

–

Energy

9,659,435

–

9,659,435

–

Financials

32,895,481

–

32,895,481

–

Foreign

Government

177,861

–

177,861

–

Mortgage-Backed

Securities

111,329,091

–

111,329,091

–

Technology

6,137,731

–

6,137,731

–

Transportation

3,058,450

–

3,058,450

–

U.S.

Government

&

Agencies

124,688,251

–

124,688,251

–

Utilities

6,543,621

–

6,543,621

–

Registered

Investment

Companies

U.S.

Affiliated

335,141,243

335,141,243

–

–

U.S.

Unaffiliated

6,883,639

6,883,639

–

–

Common

Stock

Communications

Services

5,729,964

5,727,180

2,784

–

Consumer

Discretionary

10,900,829

10,900,829

–

–

Consumer

Staples

5,184,571

5,184,571

–

–

Energy

3,883,615

3,883,615

–

–

Financials

15,071,813

15,071,813

–

–

Health

Care

12,899,899

12,899,899

–

–

Industrials

15,366,789

15,000,350

366,439

–

Information

Technology

23,147,384

23,147,384

–

–

Materials

3,067,985

2,991,605

76,380

–

Real

Estate

4,638,313

4,638,313

–

–

Utilities

2,441,860

2,441,860

–

–

Private

Equity

Funds

Secondary

2,211,919

–

–

2,211,919

Short-Term

Investments

7,641,574

–

7,641,574

–

Subtotal

Investments

in

Securities

$856,998,002

$443,912,301

$410,548,362

$2,537,339

Other

Investments  *

Total

Affiliated

Short-Term

Investments

111,529,755

U.S.

Affiliated

Registered

Investment

Cos.

81,092,016

Collateral

Held

for

Securities

Loaned

3,269,156

Subtotal

Other

Investments

$195,890,927

Total

Investments

at

Value

$1,052,888,929

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

315

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

October

31,

2023,

in

valuing

Moderately

Conservative

Allocation

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

4,806,438

4,806,438

–

–

Total

Asset

Derivatives

$4,806,438

$4,806,438

$–

$–

Liability

Derivatives

Futures

Contracts

10,588,362

10,588,362

–

–

Total

Liability

Derivatives

$10,588,362

$10,588,362

$–

$–

The

following

table

presents

Moderately

Conservative

Allocation

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$7,641,574

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

36

December

2023

$

3,973,037

(

$

150,850)

CBOT

2-Yr.

U.S.

Treasury

Note

163

December

2023

33,175,726

(

180,959)

CBOT

5-Yr.

U.S.

Treasury

Note

252

December

2023

26,823,128

(

495,035)

CBOT

U.S.

Long

Bond

103

December

2023

12,400,005

(

1,127,943)

CME

E-mini

S&P

500

Index

377

December

2023

84,672,504

(

5,271,591)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

99

December

2023

12,657,594

(

1,513,906)

ICE

mini

MSCI

EAFE

Index

283

December

2023

29,562,652

(

1,629,137)

ICE

US

mini

MSCI

Emerging

Markets

Index

35

December

2023

1,714,429

(

105,829)

Ultra

10-Yr.

U.S.

Treasury

Note

18

December

2023

2,072,019

(

113,112)

Total

Futures

Long

Contracts

$

207,051,094

(

$

10,588,362)

CBOT

10-Yr.

U.S.

Treasury

Note

(22)

December

2023

(

$

2,427,673)

$

91,892

CME

E-mini

Russell

2000

Index

(173)

December

2023

(

16,104,431)

1,672,771

CME

E-mini

S&P

Mid-Cap

400

Index

(109)

December

2023

(

28,368,586)

2,479,996

CME

Euro

Foreign

Exchange

Currency

(75)

December

2023

(

10,085,406)

145,562

Eurex

Euro

STOXX

50

Index

(231)

December

2023

(

10,398,378)

416,217

Total

Futures

Short

Contracts

(

$

67,384,474)

$4,806,438

Total

Futures

Contracts

$

139,666,620

($5,781,924)

The

following

table

presents

Moderately

Conservative

Allocation

Fund's

swaps

contracts

held

as

of

October

31,

2023.

Investments

totaling

$–

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

316

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

Moderately

Conservative

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Foreign

Exchange

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

145,562

Total

Foreign

Exchange

Contracts

145,562

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

4,568,984

Total

Equity

Contracts

4,568,984

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

91,892

Total

Interest

Rate

Contracts

91,892

Total

Asset

Derivatives

$4,806,438

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

7,006,557

Total

Equity

Contracts

7,006,557

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

3,581,805

Total

Interest

Rate

Contracts

3,581,805

Total

Liability

Derivatives

$10,588,362

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

317

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Moderately

Conservative

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Options

Written

Net

realized

gains/(losses)

on

Written

option

contracts

21,297

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(6,481,520)

Total

Interest

Rate

Contracts

(6,460,223)

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

7,291,809

Total

Equity

Contracts

7,291,809

Foreign

Exchange

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

347,001

Total

Foreign

Exchange

Contracts

347,001

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

176,801

Total

Credit

Contracts

176,801

Total

$1,355,388

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Moderately

Conservative

Allocation

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Foreign

Exchange

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

145,562

Total

Foreign

Exchange

Contracts

145,562

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(2,405,876)

Total

Equity

Contracts

(2,405,876)

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

993,687

Total

Interest

Rate

Contracts

993,687

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

(108,196)

Total

Credit

Contracts

(108,196)

Total

($1,374,823)

The

following

table

presents

Moderately

Conservative

Allocation

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$84,898,013

Futures

-

Short

(47,720,573)

Interest

Rate

Contracts

Futures

-

Long

72,586,963

Futures

-

Short

(12,943,612)

Options

Written

(710,129)

Foreign

Exchange

Contracts

Futures

-

Short

(5,758,613)

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

(8,202)

Credit

Default

Swaps

-

Sell

Protection

22,995

Moderately

Conservative

Allocation

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

318

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Conservative

Allocation

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$31,283

$2,070

$1,356

$32,792

4,511

3.2%

Core

Emerging

Markets

Equity

6,274

258

–

7,078

876

0.7

Core

International

Equity

11,590

315

–

13,108

1,437

1.3

Core

Low

Volatility

Equity

23,433

2,345

12,000

12,003

1,085

1.2

Core

Mid

Cap

Value

–

11,001

2,000

8,865

960

0.9

Core

Small

Cap

Value

9,959

119

2,000

7,247

852

0.7

Global

Stock,

Class

S

1,608

57

–

1,749

72

0.2

High

Yield,

Class

S

23,236

1,416

984

23,421

5,945

2.3

Income,

Class

S

68,184

2,897

2,004

68,375

9,166

6.6

International

Allocation,

Class

S

36,716

841

21,000

20,919

2,279

2.0

Large

Cap

Growth,

Class

S

45,691

3,264

–

55,731

3,541

5.4

Large

Cap

Value,

Class

S

93,024

5,713

–

93,726

3,696

9.1

Limited

Maturity

Bond,

Class

S

39,326

1,227

768

40,527

3,414

3.9

Mid

Cap

Stock,

Class

S

25,188

694

–

24,167

817

2.3

Small

Cap

Stock,

Class

S

7,040

611

–

6,526

264

0.6

Total

U.S.

Affiliated

Registered

Investment

Companies

422,552

416,234

40.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

97,047

298,671

284,188

111,530

11,153

10.8

Total

Affiliated

Short-Term

Investments

97,047

111,530

10.8

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

13,890

111,569

122,190

3,269

3,269

0.3

Total

Collateral

Held

for

Securities

Loaned

13,890

3,269

0.3

Total

Value

$533,489

$531,033

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($478)

$1,273

$–

$2,070

Core

Emerging

Markets

Equity

–

546

–

259

Core

International

Equity

–

1,203

–

315

Core

Low

Volatility

Equity

Fund

60

(1,835)

1,872

473

Core

Mid

Cap

Value

(27)

(109)

–

–

Core

Small

Cap

Value

(221)

(610)

–

120

Global

Stock,

Class

S

–

84

35

21

High

Yield,

Class

S

(206)

(41)

–

1,415

Income,

Class

S

(585)

(117)

–

2,895

International

Allocation,

Class

S

(1,158)

5,520

–

840

Large

Cap

Growth,

Class

S

–

6,776

3,263

–

Large

Cap

Value,

Class

S

–

(5,011)

4,013

1,699

Limited

Maturity

Bond,

Class

S

(51)

793

–

1,227

Mid

Cap

Stock,

Class

S

–

(1,715)

601

93

Small

Cap

Stock,

Class

S

–

(1,125)

582

29

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

–

–

–

5,307

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$16,763

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

37

Total

Affiliated

Income

from

Securities

Loaned,

Net

$37

Total

($2,666)

$5,632

$10,366

Money

Market

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

319

Shares

Investment

Company

(

0.5%

)

Value

Goldman

Sachs

Financial

Square

Funds

-

Government

Fund

10,840,000

5.255% 

$

10,840,000

Total

10,840,000

Principal

Amount

U.S.

Government

Agency

Debt

(

77.6%

)

a

Value

Federal

Agricultural

Mortgage

Corporation

$

3,650,000

5.779%

(TSFR1M

+

0.464%),

11/1/2023

b

3,650,000

8,000,000

5.540%

(SOFRRATE

+

0.230%),

3/20/2024

b

8,000,000

20,300,000

5.420%

(SOFRRATE

+

0.110%),

7/24/2024

b

20,300,000

12,180,000

5.510%

(SOFRRATE

+

0.200%),

7/21/2025

b

12,180,000

5,000,000

5.510%

(SOFRRATE

+

0.200%),

8/7/2025

b

5,000,000

Federal

Farm

Credit

Bank

6,500,000

5.360%

(FEDL

1M

+

0.030%),

12/8/2023

b

6,498,685

1,800,000

5.851%

(TSFR1M

+

0.514%),

12/8/2023

b

1,800,707

8,300,000

5.335%

(SOFRRATE

+

0.025%),

1/23/2024

b

8,299,713

9,900,000

5.350%

(SOFRRATE

+

0.040%),

2/5/2024

b

9,893,130

8,100,000

5.360%

(SOFRRATE

+

0.050%),

2/23/2024

b

8,099,826

18,470,000

5.350%

(FEDL

1M

+

0.020%),

3/25/2024

b

18,468,211

9,000,000

5.448%

(USBMMY

3M

+

0.050%),

5/1/2024

b

9,000,000

20,750,000

5.350%

(SOFRRATE

+

0.040%),

5/15/2024

b

20,747,425

7,900,000

5.390%

(SOFRRATE

+

0.080%),

5/24/2024

b

7,900,000

14,500,000

5.390%

(SOFRRATE

+

0.080%),

7/22/2024

b

14,500,000

3,600,000

5.410%

(SOFRRATE

+

0.100%),

8/8/2024

b

3,600,000

8,500,000

5.410%

(SOFRRATE

+

0.100%),

10/11/2024

b

8,500,000

8,500,000

5.415%

(SOFRRATE

+

0.105%),

10/16/2024

b

8,500,000

20,850,000

5.420%

(SOFRRATE

+

0.110%),

10/30/2024

b

20,850,000

7,600,000

5.470%

(FEDL

1M

+

0.140%),

11/14/2024

b

7,600,000

5,685,000

5.430%

(SOFRRATE

+

0.120%),

1/21/2025

b

5,685,000

8,200,000

5.430%

(FEDL

1M

+

0.100%),

1/24/2025

b

8,199,654

8,500,000

5.480%

(FEDL

1M

+

0.150%),

2/3/2025

b

8,500,000

Federal

Home

Loan

Bank

38,000,000

5.335%

(SOFRRATE

+

0.025%),

11/1/2023

b

38,000,000

12,760,000

5.284% ,

11/2/2023

12,758,127

9,000,000

5.285% ,

11/3/2023

8,997,357

10,000,000

5.300% ,

11/6/2023

9,992,639

46,000,000

5.340%

(SOFRRATE

+

0.030%),

11/6/2023

b

46,000,000

19,000,000

5.330%

(SOFRRATE

+

0.020%),

11/7/2023

b

19,000,000

Principal

Amount

U.S.

Government

Agency

Debt

(77.6%)

a

Value

$

16,500,000

5.295% ,

11/17/2023

$

16,461,170

8,200,000

5.330%

(SOFRRATE

+

0.020%),

11/17/2023

b

8,200,000

7,900,000

5.350%

(SOFRRATE

+

0.040%),

11/17/2023

b

7,900,000

28,800,000

5.330%

(SOFRRATE

+

0.020%),

11/21/2023

b

28,800,000

7,400,000

5.295% ,

11/22/2023

7,377,143

16,400,000

5.330%

(SOFRRATE

+

0.020%),

11/24/2023

b

16,400,000

7,800,000

5.365%

(SOFRRATE

+

0.055%),

11/24/2023

b

7,800,000

7,850,000

5.380%

(SOFRRATE

+

0.070%),

11/24/2023

b

7,850,000

5,000,000

5.380%

(SOFRRATE

+

0.070%),

11/27/2023

b

5,000,000

7,800,000

5.380%

(SOFRRATE

+

0.070%),

11/27/2023

b

7,800,000

16,000,000

5.340%

(SOFRRATE

+

0.030%),

11/28/2023

b

16,000,000

19,825,000

5.370%

(SOFRRATE

+

0.060%),

11/28/2023

b

19,825,000

23,000,000

5.330%

(SOFRRATE

+

0.020%),

12/5/2023

b

23,000,000

20,750,000

5.340%

(SOFRRATE

+

0.030%),

12/6/2023

b

20,750,000

41,500,000

5.340%

(SOFRRATE

+

0.030%),

12/8/2023

b

41,500,000

12,450,000

5.340%

(SOFRRATE

+

0.030%),

12/8/2023

b

12,450,000

7,800,000

5.335%

(SOFRRATE

+

0.025%),

12/14/2023

b

7,800,000

8,490,000

5.380%

(SOFRRATE

+

0.070%),

12/14/2023

b

8,490,000

7,900,000

5.350%

(SOFRRATE

+

0.040%),

12/18/2023

b

7,900,000

38,000,000

5.335%

(SOFRRATE

+

0.025%),

12/22/2023

b

38,000,000

10,000,000

5.400%

(SOFRRATE

+

0.090%),

12/27/2023

b

10,000,000

20,750,000

5.340%

(SOFRRATE

+

0.030%),

12/29/2023

b

20,750,000

21,000,000

5.340%

(SOFRRATE

+

0.030%),

1/3/2024

b

21,000,000

21,000,000

5.340%

(SOFRRATE

+

0.030%),

1/3/2024

b

21,000,000

30,000,000

5.340%

(SOFRRATE

+

0.030%),

1/5/2024

b

30,000,000

47,000,000

5.340%

(SOFRRATE

+

0.030%),

1/12/2024

b

47,000,000

8,200,000

5.340%

(SOFRRATE

+

0.030%),

1/17/2024

b

8,200,000

43,000,000

5.335%

(SOFRRATE

+

0.025%),

1/22/2024

b

43,000,000

880,000

5.340% ,

1/24/2024

869,035

18,200,000

5.340%

(SOFRRATE

+

0.030%),

1/24/2024

b

18,200,000

16,600,000

5.340%

(SOFRRATE

+

0.030%),

1/25/2024

b

16,600,000

20,750,000

5.345%

(SOFRRATE

+

0.035%),

1/26/2024

b

20,750,000

42,000,000

5.350%

(SOFRRATE

+

0.040%),

2/1/2024

b

42,000,000

24,900,000

5.350%

(SOFRRATE

+

0.040%),

2/5/2024

b

24,900,000

1,100,000

5.340% ,

2/6/2024

1,084,173

Money

Market

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

320

Principal

Amount

U.S.

Government

Agency

Debt

(77.6%)

a

Value

$

25,000,000

5.350%

(SOFRRATE

+

0.040%),

2/12/2024

b

$

25,000,000

7,200,000

5.355% ,

2/14/2024

7,087,545

8,350,000

5.361% ,

2/16/2024

8,216,950

500,000

5.380% ,

2/26/2024

491,257

15,860,000

5.390%

(SOFRRATE

+

0.080%),

2/26/2024

b

15,860,000

9,000,000

5.355%

(SOFRRATE

+

0.045%),

3/4/2024

b

9,000,000

25,000,000

5.355%

(SOFRRATE

+

0.045%),

3/8/2024

b

25,000,000

29,050,000

5.360%

(SOFRRATE

+

0.050%),

3/12/2024

b

29,050,000

13,000,000

5.430%

(SOFRRATE

+

0.120%),

3/14/2024

b

13,000,000

24,600,000

5.355%

(SOFRRATE

+

0.045%),

3/15/2024

b

24,600,000

20,750,000

5.360%

(SOFRRATE

+

0.050%),

3/18/2024

b

20,750,000

38,000,000

5.355%

(SOFRRATE

+

0.045%),

3/26/2024

b

38,000,000

42,000,000

5.360%

(SOFRRATE

+

0.050%),

4/12/2024

b

42,000,000

6,820,000

5.000% ,

4/26/2024

6,803,564

8,300,000

5.360%

(SOFRRATE

+

0.050%),

4/26/2024

b

8,300,000

16,600,000

5.370%

(SOFRRATE

+

0.060%),

5/6/2024

b

16,600,000

8,350,000

5.280% ,

5/7/2024

8,337,999

7,900,000

5.300% ,

5/22/2024

7,900,000

12,600,000

5.375%

(SOFRRATE

+

0.065%),

5/24/2024

b

12,600,000

8,350,000

5.370%

(SOFRRATE

+

0.060%),

6/17/2024

b

8,350,000

21,500,000

5.400%

(SOFRRATE

+

0.070%),

6/27/2024

b,c

21,500,000

16,600,000

5.380%

(SOFRRATE

+

0.070%),

7/5/2024

b

16,600,000

35,000,000

5.375%

(SOFRRATE

+

0.065%),

7/23/2024

b

35,000,000

5,000,000

5.410%

(SOFRRATE

+

0.100%),

9/4/2024

b

5,000,543

3,910,000

5.425%

(SOFRRATE

+

0.115%),

11/6/2024

b

3,910,924

20,300,000

5.435%

(SOFRRATE

+

0.125%),

1/24/2025

b

20,300,000

8,100,000

5.470%

(SOFRRATE

+

0.160%),

7/14/2025

b

8,100,000

4,200,000

5.495%

(SOFRRATE

+

0.185%),

10/24/2025

b

4,200,000

Federal

National

Mortgage

Association

3,285,000

5.210% ,

11/1/2023

3,285,000

U.S.

International

Development

Finance

Corporation

1,810,000

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

1,810,000

6,109,091

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

6,109,091

1,047,619

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

1,047,619

1,312,500

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

1,312,500

1,425,000

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

1,425,000

Principal

Amount

U.S.

Government

Agency

Debt

(77.6%)

a

Value

$

5,561,154

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

$

5,561,154

768,421

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

768,421

9,666,429

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

9,666,429

2,623,473

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

2,623,473

2,840,581

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

2,840,581

4,704,608

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

4,704,608

2,847,180

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

2,847,180

4,067,400

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

4,067,400

2,733,333

5.570%

(T-BILL

3M

+

0.070%),

11/7/2023

b

2,733,333

4,689,720

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

4,689,720

3,498,680

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

3,498,680

1,235,304

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

1,235,304

6,494,642

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

6,494,642

4,810,000

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

4,810,000

2,526,316

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

2,526,316

3,078,000

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

3,078,000

3,722,000

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

3,722,000

2,171,750

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

2,171,750

9,629,630

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

9,629,630

3,875,000

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

3,875,000

2,216,981

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

2,216,981

3,372,641

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

3,372,641

389,474

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

389,474

281,250

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

281,250

3,750,000

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

3,750,000

2,520,000

5.570%

(T-BILL

3M

FLAT),

11/7/2023

b

2,520,000

7,769,913

5.600%

(T-BILL

3M

FLAT),

11/7/2023

b

7,769,913

4,425,000

5.080% ,

11/15/2023

4,643,503

9,360,000

5.060% ,

12/14/2023

9,780,844

Total

1,567,993,214

Principal

Amount

U.S.

Treasury

Debt

(

14.3%

)

a

Value

U.S.

Treasury

Bills

74,300,000

5.302% ,

11/7/2023

74,234,341

33,250,000

5.301% ,

11/14/2023

33,186,348

12,500,000

5.327% ,

11/16/2023

12,472,255

37,375,000

5.297% ,

11/21/2023

37,265,021

Money

Market

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

321

Principal

Amount

U.S.

Treasury

Debt

(14.3%)

a

Value

$

20,775,000

5.301% ,

11/24/2023

$

20,704,642

21,000,000

5.316% ,

12/19/2023

20,851,152

42,000,000

5.345% ,

2/13/2024

41,351,443

22,000,000

5.355% ,

2/20/2024

21,636,753

U.S.

Treasury

Notes

3,645,000

5.419%

(USBMMY

3M

+

0.037%),

7/31/2024

b

3,641,477

11,790,000

5.582%

(USBMMY

3M

+

0.200%),

1/31/2025

b

11,786,473

12,500,000

5.552%

(USBMMY

3M

+

0.170%),

10/31/2025

b

12,497,496

U.S.

Treasury

STRIPS

Zero

Coupon

797,000

5.520% ,

1/31/2024

786,061

Total

290,413,462

Principal

Amount

U.S.

Treasury

Repurchase

Agreement,

if

collateralized

only

by

U.S.

Treasuries

(including

Strips)

and

cash

(

7.7%

)

a

Value

RBC

Dominion

Securities

155,000,000

5.280% ,

11/1/2023

d

155,000,000

Total

155,000,000

Total

Investments

(at

amortized

cost)

100.1%

$2,024,246,676

Other

Assets

and

Liabilities,

Net

(0.1)%

(2,495,260)

Total

Net

Assets

100.0%

$2,021,751,416

a

The

interest

rate

shown

reflects

the

yield.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

d

Repurchase

agreement

dated

October

31,

2023,

$155,022,733

maturing

November

1,

2023,

collateralized

by

$158,123,188

U.S.

Government

or

related

agency

securities,

0.13%-6.88%,

due

January

9,

2024

-

November

15,

2052.

Reference

Rate

Index:

FEDL

1M

-

Federal

Funds

1

Month

Rate

SOFRRATE

-

Secured

Overnight

Financing

Rate

T-BILL

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

TSFR1M

-

CME

Term

SOFR

1

Month

USBMMY

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

Money    

Market

Yield

Cost

for

federal

income

tax

purposes

$2,024,246,676

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Money

Market

Fund's

assets

carried

at

fair

value

or

amortized

cost,

which

approximates

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Investment

Company

10,840,000

10,840,000

–

–

U.S.

Government

Agency

Debt

1,567,993,214

–

1,567,993,214

–

U.S.

Treasury

Debt

290,413,462

–

290,413,462

–

U.S.

Treasury

Repurchase

Agreement,

if

collateralized

only

by

U.S.

Treasuries

(including

Strips)

and

cash

155,000,000

–

155,000,000

–

Total

Investments

at

Amortized

Cost

$2,024,246,676

$10,840,000

$2,013,406,676

$–

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

322

Principal

Amount

Long-Term

Fixed

Income

(

99.2%

)

Value

Alabama

(1.1%)

Black

Belt

Energy

Gas

District,

AL

Gas

Proj.

Rev.

$

5,000,000

5.250%,

10/1/2030,

Ser.

A

a

$

5,005,092

Black

Belt

Energy

Gas

District,

AL

Gas

Proj.

Rev.

Refg.

750,000

5.500%,

6/1/2049,

Ser.

D-1

a

759,141

Jacksonville,

AL

Public

Educational

Building

Auth.

Rev.

(JSU

Foundation)

(AGM

Insured)

2,000,000

5.250%,

8/1/2053,

Ser.

A

b

2,001,508

1,000,000

5.500%,

8/1/2058,

Ser.

A

b

1,012,092

2,000,000

5.250%,

8/1/2048,

Ser.

A

b

2,005,043

UAB

Medicine

Finance

Auth.,

AL

Rev.

Refg.

2,000,000

5.000%,

9/1/2041,

Ser.

B2

1,949,601

Total

12,732,477

Alaska

(<0.1%)

Valdez,

AK

Marine

Terminal

Rev.

Refg.

(ExxonMobil)

130,000

4.020%,

12/1/2029

a

130,000

Total

130,000

Arizona

(2.4%)

Arizona

Industrial

Development

Auth.

Education

Rev.

(Academies

of

Math

&

Science)

750,000

5.375%,

7/1/2053

638,719

275,000

5.250%,

7/1/2043

242,960

Arizona

Industrial

Development

Auth.

Education

Rev.

(Doral

Academy

of

Nevada-

Fire

Mesa

and

Red

Rock

Campus)

800,000

5.000%,

7/15/2039,

Ser.

A

717,228

Arizona

Industrial

Development

Auth.

Education

Rev.

(Doral

Academy

of

Nevada)

2,165,000

5.000%,

7/15/2050,

Ser.

A

c

1,775,862

Arizona

Industrial

Development

Auth.

Education

Rev.

(KIPP

Nashville)

300,000

5.000%,

7/1/2047,

Ser.

A

268,714

Arizona

Industrial

Development

Auth.

National

Charter

School

Revolving

Loan

Fund

Rev.

1,000,000

4.250%,

11/1/2052,

Ser.

A

787,261

Chandler,

AZ

Industrial

Development

Auth.

Rev.

(Intel

Corporation)

3,750,000

5.000%,

9/1/2027,

Ser.

2022-

2,

AMT

a

3,776,643

Glendale,

AZ

Industrial

Development

Auth.

Senior

Living

Fac.

Rev.

(Royal

Oaks

-

Inspirata

Pointe)

2,000,000

5.000%,

5/15/2056,

Ser.

A

1,487,421

Maricopa

County,

AZ

Industrial

Development

Auth.

Educational

Fac.

Rev.

(Valley

Christian

Schools)

1,000,000

6.375%,

7/1/2058,

Ser.

A

c

904,494

Northern

Arizona

University

Rev.

Refg.

1,180,000

5.000%,

6/1/2036,

Ser.

A

1,195,736

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Arizona

(2.4%)

-

continued

$

750,000

5.000%,

6/1/2037,

Ser.

A

$

759,636

320,000

5.000%,

6/1/2038,

Ser.

A

323,490

Phoenix,

AZ

Civic

Improvement

Corporation

Airport

Rev.

2,000,000

5.000%,

7/1/2047,

Ser.

A,

AMT

1,912,651

10,000,000

5.000%,

7/1/2049,

Ser.

A

9,677,200

Phoenix-Mesa,

AZ

Gateway

Airport

Auth.

Special

Fac.

Rev.

(Mesa)

1,450,000

5.000%,

7/1/2038,

AMT

1,410,548

Student

&

Academic

Services

LLC,

AZ

Lease

Rev.

Northern

Arizona

Capital

Fac.

Finance

Corporation

(BAM

Insured)

750,000

5.000%,

6/1/2039

b

746,959

Yavapai

County,

AZ

Industrial

Development

Auth.

Hospital

Fac.

Rev.

Refg.

(Yavapai

Regional

Medical

Center)

500,000

5.000%,

8/1/2036

502,267

725,000

5.000%,

8/1/2039

698,889

Total

27,826,678

Arkansas

(0.1%)

Arkansas

Development

Finance

Auth.

Environmental

Rev.

(United

States

Steel

Corporation)

750,000

5.700%,

5/1/2053,

AMT

681,678

Pulaski

County,

AR

Hospital

Rev.

(Arkansas

Children's

Hospital)

500,000

5.250%,

3/1/2053

497,484

Total

1,179,162

California

(6.7%)

Anaheim,

CA

Public

Financing

Auth.

Lease

Rev.

(Anaheim

Public

Improvements)

(AGM

Insured)

1,000,000

6.000%,

9/1/2024,

Ser.

A

b

1,015,670

Beverly

Hills

Unified

School

District,

Los

Angeles

County,

CA

G.O.

(2008

Election)

10,000,000

Zero

Coupon,

8/1/2031

7,332,462

California

Community

Choice

Financing

Auth.

Rev.

(Clean

Energy)

1,750,000

5.000%,

8/1/2029,

Ser.

A-1

a

1,738,539

5,000,000

5.500%,

11/1/2028,

Ser.

D

a

5,113,457

California

County

Tobacco

Securitization

Agency

Rev.

Refg.

(Sonoma

County

Securitization

Corporation)

125,000

5.000%,

6/1/2049,

Ser.

B-1

119,775

California

Educational

Fac.

Auth.

Rev.

(Stanford

University)

6,000,000

5.250%,

4/1/2040

6,663,663

8,300,000

5.000%,

6/1/2046,

Ser.

U-7

8,642,257

California

Municipal

Finance

Auth.

Mobile

Home

Park

Rev.

(Caritas)

900,000

5.250%,

8/15/2053,

Ser.

A

894,367

800,000

5.250%,

8/15/2058,

Ser.

A

778,571

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

323

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

California

(6.7%)

-

continued

California

Municipal

Finance

Auth.

Refg.

Rev.

(California

Lutheran

University)

$

275,000

5.000%,

10/1/2025

$

277,049

300,000

5.000%,

10/1/2026

303,480

California

Municipal

Finance

Auth.

Rev.

(LINXS

APM)

5,135,000

5.000%,

12/31/2043,

Ser.

A,

AMT

4,852,760

California

Municipal

Finance

Auth.

Rev.

Refg.

(HumanGood

-

CA

Obligated

Group)

1,385,000

5.000%,

10/1/2044,

Ser.

A

1,331,100

California

Municipal

Finance

Auth.

Solid

Waste

Disposal

Rev.

(Waste

Management,

Inc.)

1,000,000

4.125%,

10/1/2041,

Ser.

A,

AMT

a

987,949

California

Pollution

Control

Financing

Auth.

Water

Furnishing

Rev.

(Poseidon

Resources

LP

Desalination)

1,000,000

5.000%,

7/1/2037,

AMT

c

998,951

550,000

5.000%,

7/1/2038,

AMT

c

544,890

500,000

5.000%,

11/21/2045,

AMT

c

473,768

California

Public

Finance

Auth.

Senior

Living

Rev.

(Enso

Village)

300,000

5.000%,

11/15/2051,

Ser.

A

c

240,653

California

Statewide

Communities

Development

Auth.

Rev.

(Enloe

Medical

Center)

(AGM

Insured)

500,000

5.250%,

8/15/2052,

Ser.

A

b

510,209

1,000,000

5.375%,

8/15/2057,

Ser.

A

b

1,027,651

California

Various

Purpose

G.O.

500,000

4.000%,

10/1/2050

433,884

10,000

5.250%,

4/1/2029

10,011

500,000

5.000%,

4/1/2049

507,806

Fullerton,

CA

Public

Financing

Auth.

Rev.

Refg.

(Marshall

B.

Ketchum

University)

2,055,000

4.000%,

2/1/2046,

Ser.

A

1,696,492

Los

Angeles,

CA

Department

of

Water

&

Power

Rev.

Refg.

675,000

2.820%,

7/1/2035,

Ser.

A

a

675,000

San

Diego

County,

CA

Regional

Airport

Auth.

Rev.

2,500,000

5.000%,

7/1/2053,

Ser.

B,

AMT

2,366,371

5,145,000

5.250%,

7/1/2058,

Ser.

B,

AMT

5,038,900

San

Francisco,

CA

City

&

County

Airport

Commission

Rev.

(San

Francisco

International

Airport)

4,000,000

5.500%,

5/1/2028,

Ser.

A,

AMT

4,002,037

7,825,000

5.000%,

5/1/2044,

Ser.

A,

AMT

7,486,531

Santa

Monica

Community

College

District,

Los

Angeles

County,

CA

G.O.

5,000,000

Zero

Coupon,

8/1/2025,

Ser.

C

4,641,583

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

California

(6.7%)

-

continued

University

of

California

Regents

Medical

Center

Rev.

$

7,500,000

5.000%,

5/15/2047,

Ser.

P

$

7,638,134

Total

78,343,970

Colorado

(3.9%)

Centerra

Metropolitan

District

No.

1,

Larimer

County,

CO

Special

Rev.

750,000

6.500%,

12/1/2053

697,832

Colorado

Educational

and

Cultural

Fac.

Auth.

Charter

School

Rev.

Refg.

(Union

Colony

School)

600,000

5.000%,

4/1/2038

585,652

475,000

5.000%,

4/1/2048

436,708

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(American

Academy)

2,500,000

5.000%,

12/1/2050

2,280,925

2,500,000

5.000%,

12/1/2055

2,246,356

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(Global

Village

Academy

-

Northglenn)

1,155,000

5.000%,

12/1/2050

c

884,103

Colorado

Educational

and

Cultural

Fac.

Auth.

Rev.

Refg.

(High

Point

Academy)

2,825,000

4.000%,

7/1/2040,

Ser.

A

2,384,682

Colorado

Health

Fac.

Auth.

Hospital

Rev.

(Parkview

Medical

Center,

Inc.)

3,325,000

4.000%,

9/1/2050,

Ser.

A

2,502,834

4,000,000

5.000%,

9/1/2046

3,637,438

Colorado

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Commonspirit

Health)

10,000,000

4.000%,

8/1/2049,

Ser.

A-2

7,724,508

Colorado

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Covenant

Living

Communities

and

Services)

1,340,000

4.000%,

12/1/2050,

Ser.

A

954,865

Colorado

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Intermountain

Healthcare)

5,000,000

4.000%,

5/15/2052,

Ser.

A

4,168,431

Colorado

Health

Fac.

Auth.

Hospital

Rev.

Refg.

(Valley

View

Hospital

Association)

500,000

5.000%,

5/15/2030,

Ser.

A

509,156

385,000

5.000%,

5/15/2031,

Ser.

A

391,591

300,000

5.000%,

5/15/2032,

Ser.

A

304,948

Colorado

High

Performance

Transportation

Enterprise

Rev.

6,300,000

5.000%,

12/31/2047

5,794,416

Colorado

School

of

Mines

Institutional

Enterprise

Rev.

1,740,000

5.000%,

12/1/2047,

Ser.

A

1,713,774

Denver,

CO

City

&

County

Airport

System

Rev.

Refg.

1,250,000

5.750%,

11/15/2045,

Ser.

D,

AMT

1,310,457

Denver,

CO

Health

and

Hospital

Auth.

Healthcare

Rev.

Refg.

1,500,000

5.000%,

12/1/2034,

Ser.

A

c

1,503,055

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

324

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Colorado

(3.9%)

-

continued

Eagle

County,

CO

Air

Terminal

Corporation

Rev.

(Airport

Terminal)

$

1,000,000

5.000%,

5/1/2041,

Ser.

B,

AMT

$

922,391

Park

Creek,

CO

Metropolitan

District

Rev.

3,000,000

5.000%,

12/1/2041,

Ser.

A

2,874,902

2,250,000

5.000%,

12/1/2046,

Ser.

A

2,145,211

Total

45,974,235

Connecticut

(1.1%)

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Connecticut

Children's

Medical

Center)

850,000

4.250%,

7/15/2053,

Ser.

E

681,038

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Hartford

Healthcare)

2,000,000

4.000%,

7/1/2046,

Ser.

A

1,622,931

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(McLean

Issue)

1,000,000

5.000%,

1/1/2045,

Ser.

A

c

791,002

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Quinnipiac

University)

5,000,000

5.250%,

7/1/2053,

Ser.

N

4,876,732

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

(Sacred

Heart

University)

500,000

4.000%,

7/1/2045,

Ser.

K

411,026

4,000,000

5.000%,

7/1/2047,

Ser.

L

3,845,184

Connecticut

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Sacred

Heart

University)

600,000

5.000%,

7/1/2042,

Ser.

I-1

584,276

Total

12,812,189

Delaware

(0.3%)

Delaware

Economic

Development

Auth.

Charter

School

Rev.

(Newark

Charter

School,

Inc.)

2,000,000

5.000%,

9/1/2050

1,807,495

600,000

4.000%,

9/1/2051

450,476

Kent

County,

DE

Student

Housing

and

Dining

Fac.

Rev.

(CHF-

Dover,

LLC

-

Delaware

State

University)

870,000

5.000%,

7/1/2040,

Ser.

A

799,700

500,000

5.000%,

7/1/2048,

Ser.

A

439,622

Total

3,497,293

District

Of

Columbia

(0.3%)

District

of

Columbia

Rev.

(D.C.

Smart

Street

Lighting)

1,000,000

5.500%,

2/29/2036,

Ser.

A,

AMT

1,054,712

1,000,000

5.500%,

8/31/2036,

Ser.

A,

AMT

1,048,201

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

District

Of

Columbia

(0.3%)

-

continued

Metropolitan

Washington

DC

Airports

Auth.

Airport

System

Rev.

Refg.

$

1,000,000

4.500%,

10/1/2053,

Ser.

A,

AMT

$

853,826

1,000,000

5.250%,

10/1/2053,

Ser.

A,

AMT

989,320

Total

3,946,059

Florida

(4.8%)

Alachua

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Oak

Hammock

at

the

University

of

Florida,

Inc.)

1,215,000

4.000%,

10/1/2046

854,421

500,000

4.000%,

10/1/2046

351,614

Broward

County,

FL

Water

and

Sewer

Utility

Rev.

1,000,000

4.000%,

10/1/2045,

Ser.

A

854,920

1,500,000

4.000%,

10/1/2047,

Ser.

A

1,266,337

Cape

Coral,

FL

Utility

Improvement

Assessment

Refg.

(North

1

West

Area)

(BAM

Insured)

3,750,000

5.650%,

3/1/2054

b,d

3,836,465

Capital

Projects,

FL

Finance

Auth.

Student

Housing

Rev.

(Provident

Group

-

Continuum

Properties)

600,000

5.000%,

11/1/2053,

Ser.

A-1

539,175

Capital

Trust

Agency,

FL

Educational

Fac.

Rev.

(Liza

Jackson

Preparatory

School,

Inc.)

1,600,000

5.000%,

8/1/2055,

Ser.

A

1,340,245

CityPlace

Community

Development

District,

FL

Special

Assessment

Rev.

Refg.

1,535,000

5.000%,

5/1/2026

1,543,199

Escambia

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Baptist

Health

Care

Corporation

Obligated

Group)

5,000,000

4.000%,

8/15/2045,

Ser.

A

3,907,084

Florida

Development

Finance

Corporation

Educational

Fac.

Lease

Rev.

Refg.

(Seaside

Community

Charter

School)

1,400,000

5.750%,

6/15/2047,

Ser.

A

1,334,574

Florida

Development

Finance

Corporation

Educational

Fac.

Rev.

(Mater

Academy)

1,000,000

5.000%,

6/15/2052,

Ser.

A

885,136

Florida

Development

Finance

Corporation

Educational

Fac.

Rev.

(River

City

Science

Academy)

245,000

5.000%,

7/1/2051,

Ser.

A-1

208,085

250,000

4.000%,

7/1/2055,

Ser.

A

171,481

Florida

Higher

Educational

Fac.

Financing

Auth.

Educational

Rev.

(Ringling

College)

5,000,000

5.000%,

3/1/2042

4,545,207

Florida

Municipal

Power

Agency

Rev.

1,000,000

5.000%,

10/1/2030,

Ser.

B

1,011,560

840,000

5.000%,

10/1/2031,

Ser.

B

848,941

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

325

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Florida

(4.8%)

-

continued

Greater

Orlando,

FL

Aviation

Auth.

Airport

Fac.

Rev.

$

3,655,000

4.000%,

10/1/2052,

Ser.

A,

AMT

$

2,865,955

Lee

County,

FL

Industrial

Development

Auth.

Health

Care

Fac.

Rev.

(Cypress

Cove

at

Healthpark,

FL,

Inc.)

700,000

5.250%,

10/1/2052,

Ser.

A

545,339

Lee

Memorial

Health

System,

FL

Hospital

Rev.

Refg.

1,000,000

5.000%,

4/1/2044,

Ser.

A-1

955,843

Miami-Dade

County,

FL

Industrial

Development

Auth.

Rev.

(Pinecrest

Academy,

Inc.)

1,500,000

5.250%,

9/15/2044

1,390,524

Miami-Dade

County,

FL

Public

Fac.

Rev.

(Jackson

Health

System)

5,000,000

5.000%,

6/1/2035,

Ser.

A

4,994,273

Miami-Dade

County,

FL

Seaport

Rev.

Refg.

1,000,000

5.250%,

10/1/2052,

Ser.

A,

AMT

961,383

Orange

County,

FL

Health

Fac.

Auth.

Hospital

Rev.

(Orlando

Health)

1,250,000

5.000%,

10/1/2047,

Ser.

A

1,208,600

Osceola

County,

FL

Transportation

Rev.

Refg.

2,450,000

Zero

Coupon,

10/1/2043,

Ser.

A-2

733,671

Palm

Beach

County,

FL

Health

Fac.

Auth.

Hospital

Rev.

(Jupiter

Medical

Center,

Inc.)

1,000,000

5.000%,

11/1/2052,

Ser.

A

893,561

500,000

5.000%,

11/1/2047,

Ser.

A

454,759

Palm

Beach

County,

FL

Health

Fac.

Auth.

Rev.

Refg.

(Lifespace

Communities,

Inc.)

3,000,000

5.000%,

5/15/2038,

Ser.

C

2,432,078

Sarasota

County,

FL

Public

Hospital

District

Rev.

(Sarasota

Memorial

Hospital)

8,000,000

4.000%,

7/1/2052

6,389,966

Seminole

County,

FL

Industrial

Development

Auth.

Educational

Fac.

Rev.

(Galileo

Schools

for

Gifted

Learning)

300,000

4.000%,

6/15/2056,

Ser.

A

c

191,994

Tampa,

FL

Hospital

Rev.

(H.

Lee

Moffitt

Cancer

Center)

500,000

5.000%,

7/1/2050,

Ser.

B

470,567

Tampa,

FL

Hospital

Rev.

Refg.

(H.

Lee

Moffitt

Cancer

Center)

5,000,000

5.000%,

7/1/2037,

Ser.

B

4,907,126

Village

Community

Development

District

No.

15

Rev.

(City

of

Wildwood,

FL)

300,000

5.250%,

5/1/2054

c

275,327

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Florida

(4.8%)

-

continued

Volusia

County,

FL

Educational

Fac.

Auth.

Rev.

Refg.

(Embry-

Riddle

Aeronautical

University,

Inc.)

$

3,000,000

5.000%,

10/15/2049,

Ser.

A

$

2,894,843

Total

56,064,253

Georgia

(1.9%)

Atlanta,

GA

Airport

Passenger

Fac.

Charge

Rev.

1,630,000

5.250%,

7/1/2044,

Ser.

E,

AMT

1,629,877

Atlanta,

GA

Airport

Rev.

2,500,000

5.000%,

7/1/2053,

Ser.

C,

AMT

2,348,744

3,500,000

5.000%,

7/1/2047,

Ser.

B,

AMT

3,347,139

2,655,000

5.000%,

7/1/2048,

Ser.

C,

AMT

2,531,849

Columbia

County,

GA

Hospital

Auth.

Rev.

(Wellstar

Health

System,

Inc.)

1,875,000

5.125%,

4/1/2048,

Ser.

A

d

1,831,211

George

L.

Smith

II

GA

World

Congress

Center

Auth.

Rev.

(Convention

Center

Hotel)

250,000

4.000%,

1/1/2054,

Ser.

A

186,472

Main

Street

Natural

Gas,

Inc.,

GA

Gas

Supply

Rev.

1,750,000

5.000%,

5/15/2028,

Ser.

A

1,741,955

1,920,000

5.000%,

5/15/2033,

Ser.

A

1,899,089

1,900,000

5.000%,

5/15/2034,

Ser.

A

1,873,208

Municipal

Electric

Auth.

of

Georgia

Rev.

(Plant

Vogtle

Units

3

&

4)

250,000

5.000%,

1/1/2056,

Ser.

A

233,308

Municipal

Electric

Auth.

of

Georgia

Rev.

Refg.

610,000

5.000%,

1/1/2035,

Ser.

A

606,330

Municipal

Electric

Auth.

of

Georgia

Rev.

Refg.

(Plant

Vogtle

Units

3

&

4)

2,000,000

5.000%,

7/1/2052,

Ser.

A

1,867,503

Private

Colleges

and

Universities

Auth.,

GA

Rev.

Refg.

(Mercer

University)

2,600,000

5.250%,

10/1/2051

2,567,266

Total

22,663,951

Guam

(0.1%)

Guam

Port

Auth.

Rev.

250,000

5.000%,

7/1/2048,

Ser.

A

229,743

Guam

Power

Auth.

Rev.

Refg.

700,000

5.000%,

10/1/2034,

Ser.

A

707,396

Total

937,139

Hawaii

(0.8%)

Hawaii

Airports

System

Rev.

Refg.

8,000,000

4.000%,

7/1/2039,

Ser.

D

7,352,334

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

326

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Hawaii

(0.8%)

-

continued

Hawaii

Department

of

Transportation

Airport

Division

Lease

Rev.

C.O.P.

$

1,600,000

5.000%,

8/1/2028,

AMT

$

1,597,393

Total

8,949,727

Idaho

(0.4%)

College

of

Western

Idaho

Annual

Appropriation

C.O.P

3,800,000

5.000%,

8/1/2052

3,462,363

Idaho

Health

Fac.

Auth.

Rev.

Refg.

(St.

Luke's

Health

System)

1,000,000

4.000%,

3/1/2051,

Ser.

A

775,178

800,000

4.000%,

3/1/2046,

Ser.

A

645,167

Total

4,882,708

Illinois

(6.0%)

Chicago,

IL

G.O.

Refg.

1,000,000

5.000%,

1/1/2027,

Ser.

A

1,015,217

Chicago,

IL

Metropolitan

Water

Reclamation

District

G.O.

Refg.

8,700,000

5.250%,

12/1/2032,

Ser.

C

9,576,094

Chicago,

IL

Midway

International

Airport

Rev.

1,120,000

5.000%,

1/1/2026,

Ser.

A,

AMT

1,118,086

Chicago,

IL

O'Hare

International

Airport

Rev.

2,000,000

5.500%,

1/1/2055,

Ser.

A,

AMT

1,993,498

1,000,000

5.000%,

1/1/2047,

Ser.

D,

AMT

936,588

1,000,000

5.000%,

1/1/2047,

Ser.

G,

AMT

936,589

Chicago,

IL

O'Hare

International

Airport

Rev.

Refg.

1,200,000

5.000%,

1/1/2029

1,199,203

5,000,000

5.000%,

1/1/2048,

Ser.

B

4,889,893

Chicago,

IL

Wastewater

Transmission

Rev.

(AGM

Insured)

5,000,000

5.250%,

1/1/2058,

Ser.

A

b

4,998,481

Chicago,

IL

Waterworks

Rev.

(AGM

Insured)

1,500,000

5.250%,

11/1/2053,

Ser.

A

b

1,510,994

Illinois

Finance

Auth.

Rev.

(DePaul

University)

1,000,000

5.000%,

10/1/2041

989,239

Illinois

Finance

Auth.

Rev.

(Plymouth

Place,

Inc.)

800,000

6.500%,

5/15/2047,

Ser.

A

751,519

Illinois

Finance

Auth.

Rev.

Refg.

(DePaul

College

Prep

Foundation)

250,000

5.625%,

8/1/2053,

Ser.

A

c

229,920

Illinois

Finance

Auth.

Rev.

Refg.

(Northwestern

Memorial

Healthcare)

4,000,000

5.000%,

7/15/2042,

Ser.

A

3,934,010

Illinois

Finance

Auth.

Rev.

Refg.

(Presbyterian

Homes)

2,500,000

4.000%,

5/1/2050,

Ser.

A

1,834,225

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Illinois

(6.0%)

-

continued

Illinois

Finance

Auth.

Rev.

Refg.

(Rosalind

Franklin

University)

$

1,750,000

5.000%,

8/1/2042,

Ser.

A

$

1,634,228

2,100,000

5.000%,

8/1/2047,

Ser.

A

1,898,113

Illinois

Finance

Auth.

Student

Housing

and

Academic

Fac.

Rev.

(University

of

Illinois

at

Chicago)

500,000

5.000%,

2/15/2032,

Ser.

A

495,286

2,885,000

5.000%,

2/15/2037

2,726,632

1,000,000

5.000%,

2/15/2047,

Ser.

A

871,919

Illinois

G.O.

7,000,000

5.000%,

11/1/2023,

Ser.

D

7,000,000

1,000,000

5.500%,

5/1/2047,

Ser.

B

1,005,132

Illinois

Toll

Highway

Auth.

Rev.

3,610,000

5.000%,

1/1/2045,

Ser.

A

3,603,043

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

(McCormick

Place

Expansion)

(NATL-RE

Insured)

10,100,000

Zero

Coupon,

6/15/2035,

Ser.

A

b

5,715,546

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

Refg.

(McCormick

Place

Expansion)

500,000

5.000%,

6/15/2042,

Ser.

B

482,787

2,000,000

Zero

Coupon,

12/15/2047,

Ser.

B

e

1,201,869

Metropolitan

Pier

and

Exposition

Auth.,

IL

Rev.

Refg.

(McCormick

Place

Expansion)

(NATL-RE

Insured)

3,100,000

Zero

Coupon,

6/15/2024,

Ser.

A

b

3,013,401

2,000,000

Zero

Coupon,

12/15/2024,

Ser.

A

b

1,899,846

Peoria,

IL

G.O.

(AGM

Insured)

1,250,000

4.000%,

1/1/2039,

Ser.

A

b

1,081,125

2,000,000

4.375%,

1/1/2042,

Ser.

A

b

1,835,327

Total

70,377,810

Indiana

(0.9%)

Indiana

Finance

Auth.

Hospital

Rev.

(Reid

Health)

(AGM

Insured)

4,750,000

4.250%,

1/1/2047

b

4,024,059

Indiana

Finance

Auth.

Student

Housing

Rev.

(Tippecanoe,

LLC.

Student

Housing)

600,000

5.125%,

6/1/2058,

Ser.

A

540,633

2,250,000

5.375%,

6/1/2064,

Ser.

A

2,071,805

St.

Joseph

County,

IN

Economic

Development

Rev.

(St.

Mary's

College)

3,705,000

5.000%,

4/1/2043,

Ser.

2019

3,532,602

Total

10,169,099

Iowa

(1.0%)

Ames,

IA

Rev.

Refg.

(Mary

Greeley

Medical

Center)

4,430,000

5.000%,

6/15/2032

4,468,505

Iowa

Finance

Auth.

Rev.

(Lifespace

Communities,

Inc.)

6,350,000

5.000%,

5/15/2043,

Ser.

A

4,831,307

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

327

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Iowa

(1.0%)

-

continued

Iowa

Higher

Education

Loan

Auth.

Fac.

Rev.

(Des

Moines

University)

$

2,500,000

4.000%,

10/1/2050

$

1,881,085

650,000

5.375%,

10/1/2052

614,985

Total

11,795,882

Kansas

(0.5%)

Lenexa,

KS

Health

Care

Fac.

Rev.

Refg.

(Lakeview

Village,

Inc.)

2,750,000

5.000%,

5/15/2039,

Ser.

A

2,403,892

Overland

Park,

KS

Sales

Tax

Special

Obligation

Rev.

(Bluhawk

Sports

Park)

350,000

6.500%,

11/15/2042,

Ser.

A

c

337,786

University

of

Kansas

Hospital

Auth.

Health

Fac.

Rev.

Refg.

3,410,000

5.000%,

3/1/2047,

Ser.

A

3,256,233

Total

5,997,911

Kentucky

(0.8%)

Hazard,

KY

Healthcare

Rev.

(Appalachian

Regional

Healthcare)

1,000,000

4.000%,

7/1/2041

799,397

Louisville

&

Jefferson

County,

KY

Metropolitan

Government

Hospital

Rev.

(University

of

Louisville

Health)

8,000,000

5.000%,

5/15/2052,

Ser.

A

7,218,074

Paducah,

KY

Electric

Plant

Board

Rev.

(AGM

Insured)

750,000

5.000%,

10/1/2035,

Ser.

A

b

758,765

Total

8,776,236

Louisiana

(0.9%)

Louisiana

Local

Government

Environmental

Fac.

and

Community

Development

Auth.

Rev.

(Caddo-Bossier

Parishes

Port

Commission)

(AGM

Insured)

850,000

5.000%,

4/1/2053,

Ser.

B

b

812,003

Louisiana

Public

Fac.

Auth.

Rev.

(University

of

New

Orleans

Research

&

Technology

Foundation,

Inc.

Student

Housing)

(AGM

Insured)

1,355,000

5.000%,

9/1/2030

b,f

1,365,953

800,000

5.000%,

9/1/2031

b,f

806,467

Louisiana

Stadium

and

Exposition

District

Rev.

Refg.

2,000,000

5.250%,

7/1/2053,

Ser.

A

2,003,241

1,500,000

5.000%,

7/1/2048,

Ser.

A

1,478,532

New

Orleans,

LA

Aviation

Board

Rev.

2,500,000

5.000%,

1/1/2040,

Ser.

B,

AMT

2,415,621

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Louisiana

(0.9%)

-

continued

Port

of

New

Orleans,

LA

Board

of

Commissioners

Port

Fac.

Rev.

Refg.

(AGM

Insured)

$

1,500,000

5.000%,

4/1/2043,

Ser.

B,

AMT

b

$

1,391,235

Total

10,273,052

Maine

(0.1%)

Maine

Health

and

Higher

Educational

Fac.

Auth.

Rev.

Refg.

(University

of

New

England)

1,000,000

4.000%,

7/1/2046,

Ser.

A

809,386

Total

809,386

Maryland

(0.5%)

Baltimore

County,

MD

Rev.

Refg.

(Oak

Crest

Village,

Inc.

Fac.)

2,000,000

4.000%,

1/1/2050

1,506,361

Maryland

Economic

Development

Corporation

Student

Housing

Rev.

(Morgan

State

University)

1,000,000

5.750%,

7/1/2053,

Ser.

A

1,016,962

1,325,000

6.000%,

7/1/2058,

Ser.

A

1,370,057

Maryland

Health

and

Higher

Educational

Fac.

Auth.

Rev.

(Loyola

University)

1,000,000

5.000%,

10/1/2045

989,088

Maryland

Health

and

Higher

Educational

Fac.

Auth.

Rev.

Refg.

(Frederick

Health

System)

200,000

4.000%,

7/1/2050

157,239

600,000

5.250%,

7/1/2053

581,424

200,000

4.000%,

7/1/2045

163,693

Total

5,784,824

Massachusetts

(3.9%)

Massachusetts

Bay

Transportation

Auth.

Sales

Tax

Rev.

(NATL-RE

Insured)

5,000,000

5.500%,

7/1/2025,

Ser.

B

b

5,140,281

Massachusetts

Development

Finance

Agency

Rev.

(Merrimack

College)

800,000

5.000%,

7/1/2052

692,131

Massachusetts

Development

Finance

Agency

Rev.

Refg.

(Boston

Medical

Center)

4,000,000

5.250%,

7/1/2052,

Ser.

G

3,806,832

Massachusetts

Development

Finance

Agency

Rev.

Refg.

(Northeastern

University)

2,750,000

5.000%,

10/1/2044

2,828,180

Massachusetts

Development

Finance

Agency

Rev.

Refg.

(Southcoast

Health

System

Obligated

Group)

500,000

4.000%,

7/1/2046,

Ser.

G

401,186

Massachusetts

G.O.

11,125,000

5.000%,

9/1/2048,

Ser.

E

11,162,107

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

328

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Massachusetts

(3.9%)

-

continued

Massachusetts

Health

&

Educational

Fac.

Auth.

Rev.

(Massachusetts

Institute

of

Technology)

$

14,295,000

5.250%,

7/1/2033,

Ser.

L

$

16,384,754

Massachusetts

Health

&

Educational

Fac.

Auth.

Rev.

(Tufts

University)

5,400,000

5.500%,

2/15/2028,

Ser.

M

5,787,702

Total

46,203,173

Michigan

(3.4%)

Grand

Valley

State

University,

MI

General

Rev.

Refg.

650,000

5.000%,

12/1/2029,

Ser.

B

654,674

Grand

Valley

State

University,

MI

Rev.

1,850,000

5.000%,

12/1/2031,

Ser.

A

1,812,668

Great

Lakes

Water

Auth.,

MI

Sewage

Disposal

System

Rev.

5,000,000

5.500%,

7/1/2052,

Ser.

B

5,062,951

Great

Lakes

Water

Auth.,

MI

Water

Supply

System

Rev.

10,000,000

5.000%,

7/1/2046,

Ser.

A

9,718,129

Michigan

Finance

Auth.

Higher

Education

Fac.

Limited

Obligation

Rev.

Refg.

(Calvin

University)

1,300,000

4.000%,

9/1/2050

960,427

2,110,000

4.000%,

9/1/2046

1,614,593

Michigan

Strategic

Fund

Limited

Obligation

Rev.

(I-75

Improvement)

535,000

5.000%,

12/31/2033,

AMT

539,122

7,775,000

5.000%,

12/31/2043,

AMT

7,195,372

5,110,000

5.000%,

6/30/2048,

AMT

4,639,004

Saginaw,

MI

City

School

District

U.T.G.O.

2,500,000

4.000%,

5/1/2050

2,043,462

Wayne

County,

MI

Airport

Auth.

Rev.

(Detroit

Metropolitan

Wayne

County

Airport)

(AGM

Insured)

3,965,000

5.250%,

12/1/2048,

Ser.

A

b

4,036,288

1,750,000

5.500%,

12/1/2048,

Ser.

B,

AMT

b

1,770,166

Total

40,046,856

Minnesota

(3.8%)

Deephaven,

MN

Charter

School

Lease

Rev.

(Eagle

Ridge

Academy)

2,360,000

5.000%,

7/1/2043,

Ser.

A

2,002,479

Duluth,

MN

Economic

Development

Auth.

Health

Care

Fac.

Rev.

(St.

Luke's

Hospital

of

Duluth

Obligated

Group)

2,500,000

5.250%,

6/15/2052,

Ser.

B

2,185,486

2,500,000

5.250%,

6/15/2047,

Ser.

B

2,243,777

Ham

Lake,

MN

Charter

School

Lease

Rev.

(DaVinci

Academy

of

Arts

and

Science)

340,000

5.000%,

7/1/2036,

Ser.

A

297,077

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Minnesota

(3.8%)

-

continued

Minneapolis,

MN

Health

Care

System

Rev.

Refg.

(Fairview

Health

Services)

$

5,000,000

5.000%,

11/15/2049,

Ser.

A

$

4,598,128

Minneapolis,

MN

Student

Housing

Rev.

(Riverton

Community

Housing)

500,000

5.000%,

8/1/2053

c

428,523

Minneapolis-St.

Paul,

MN

Metropolitan

Airports

Commission

Rev.

Refg.

1,500,000

4.250%,

1/1/2052,

Ser.

A

1,267,102

1,045,000

5.250%,

1/1/2047,

Ser.

B,

AMT

1,026,197

Minnesota

Higher

Education

Fac.

Auth.

Rev.

(University

of

St.

Thomas)

1,500,000

5.000%,

10/1/2052,

Ser.

A

1,408,778

4,000,000

5.000%,

10/1/2052,

Ser.

B

3,756,740

1,000,000

5.000%,

10/1/2040

1,005,150

Minnesota

Higher

Education

Fac.

Auth.

Rev.

Refg.

(Gustavus

Adolphus

College)

4,250,000

5.000%,

10/1/2047

3,956,025

Minnesota

Higher

Education

Fac.

Auth.

Rev.

Refg.

(St.

Catherine

University)

1,015,000

5.000%,

10/1/2045,

Ser.

A

918,946

Minnesota

Municipal

Power

Agency

Electric

Rev.

200,000

5.000%,

10/1/2029

201,833

150,000

5.000%,

10/1/2030

151,348

200,000

5.000%,

10/1/2032

201,583

175,000

5.000%,

10/1/2033

176,291

1,500,000

5.000%,

10/1/2047

1,498,766

North

Oaks,

MN

Senior

Housing

Rev.

Refg.

(Waverly

Gardens)

4,000,000

5.000%,

10/1/2047

3,486,134

Rochester,

MN

Health

Care

Fac.

Rev.

Refg.

(Mayo

Clinic)

3,000,000

5.000%,

11/15/2057

3,045,401

St.

Joseph,

MN

Senior

Housing

&

Healthcare

Rev.

(Woodcrest

of

Country

Manor)

1,275,000

5.000%,

7/1/2055,

Ser.

A

930,467

St.

Paul,

MN

Housing

&

Redevelopment

Auth.

Health

Care

Fac.

Rev.

Refg.

(HealthPartners)

5,945,000

5.000%,

7/1/2032,

Ser.

A

5,958,459

St.

Paul,

MN

Housing

&

Redevelopment

Auth.

Health

Care

Rev.

Refg.

(Fairview

Health

Services)

1,945,000

5.000%,

11/15/2047,

Ser.

A

1,806,527

St.

Paul,

MN

Housing

&

Redevelopment

Auth.

Rev.

Refg.

(Rossy

&

Richard

Shaller

Family

Sholom

East

Campus)

1,000,000

5.000%,

10/1/2043

751,071

Wayzata,

MN

Senior

Housing

Rev.

Refg.

(Folkestone

Senior

Living

Community)

500,000

5.000%,

8/1/2049

438,956

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

329

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Minnesota

(3.8%)

-

continued

Woodbury,

MN

Charter

School

Lease

Rev.

Refg.

(MSA

Building

Company)

$

250,000

4.000%,

12/1/2050

$

174,138

Total

43,915,382

Mississippi

(0.3%)

Medical

Center

Educational

Building

Corporation

Rev.

(Colony

Park

Teaching

Campus)

5,000,000

4.000%,

6/1/2053,

Ser.

A

4,027,692

Total

4,027,692

Missouri

(1.1%)

Kansas

City,

MO

Industrial

Development

Auth.

Airport

Rev.

(Kansas

City

International

Airport

Terminal

Modernization)

1,800,000

5.000%,

3/1/2046,

Ser.

B,

AMT

1,693,454

Kansas

City,

MO

Industrial

Development

Auth.

Airport

Rev.

(Kansas

City

International

Airport)

(AGM

Insured)

5,000,000

4.000%,

3/1/2050,

Ser.

A,

AMT

b

3,989,744

Lee's

Summit,

MO

Industrial

Development

Auth.

Senior

Living

Fac.

Rev.

Refg.

(John

Knox

Village)

1,200,000

5.000%,

8/15/2042,

Ser.

A

956,473

Missouri

Health

and

Educational

Fac.

Auth.

Health

Fac.

Rev.

(Mercy

Health)

2,000,000

5.000%,

12/1/2052

1,928,546

Missouri

Health

and

Educational

Fac.

Auth.

Rev.

Refg.

(Lake

Regional

Health

System)

1,200,000

4.000%,

2/15/2051

875,927

Ozark,

MO

R-6

School

District

C.O.P

530,000

5.000%,

4/1/2042

496,800

250,000

5.000%,

4/1/2045

234,224

Taney

County,

MO

Industrial

Development

Auth.

Sales

Tax

Rev.

(Big

Cedar

Infrastructure)

2,750,000

6.000%,

10/1/2049

c

2,471,190

Total

12,646,358

Montana

(0.6%)

Missoula,

MT

Water

Systems

Rev.

830,000

5.000%,

7/1/2038,

Ser.

A

848,436

800,000

5.000%,

7/1/2039,

Ser.

A

815,448

Montana

Fac.

Finance

Auth.

Health

Care

Fac.

Rev.

(Montana

Children's

Home

and

Hospital)

4,000,000

4.000%,

7/1/2050,

Ser.

A

2,765,999

1,000,000

4.000%,

7/1/2044

731,545

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Montana

(0.6%)

-

continued

Montana

Fac.

Finance

Auth.

Health

Fac.

Rev.

Refg.

(Bozeman

Deaconess

Health

Services

Obligated

Group)

$

2,750,000

4.000%,

6/1/2045,

Ser.

A

$

2,250,271

Total

7,411,699

Nebraska

(1.8%)

Dodge

County,

NE

School

District

No.

1

U.T.G.O.

(Fremont

Public

Schools)

(AGM

Insured)

3,000,000

5.000%,

12/15/2048

b

2,973,368

Douglas

County,

NE

Hospital

Auth.

No.

2

Health

Fac.

Rev.

(Children's

Hospital)

2,105,000

5.000%,

11/15/2047

2,014,788

Omaha,

NE

Public

Power

District

Electric

Rev.

8,150,000

5.000%,

2/1/2045,

Ser.

A

8,160,935

8,275,000

5.000%,

2/1/2046,

Ser.

A

8,414,276

Total

21,563,367

Nevada

(0.5%)

Carson

City,

NV

Hospital

Rev.

Refg.

(Carson

Tahoe

Regional

Medical

Center)

1,500,000

5.000%,

9/1/2042,

Ser.

A

1,397,337

3,250,000

5.000%,

9/1/2047,

Ser.

A

2,930,871

Las

Vegas,

NV

Convention

and

Visitors

Auth.

Convention

Center

Expansion

and

Renovation

Rev.

1,000,000

5.000%,

7/1/2049,

Ser.

A

988,610

Total

5,316,818

New

Hampshire

(0.4%)

National

Finance

Auth.,

NH

Rev.

(Presbyterian

Senior

Living)

750,000

5.250%,

7/1/2048,

Ser.

A

676,220

New

Hampshire

Health

and

Education

Fac.

Auth.

Rev.

5,000,000

5.000%,

8/1/2059,

Ser.

A

4,433,766

Total

5,109,986

New

Jersey

(2.9%)

Camden

County,

NJ

Improvement

Auth.

School

Rev.

(Kipp:

Cooper

Norcross

Academy

-

2022)

400,000

6.000%,

6/15/2052

409,038

750,000

6.000%,

6/15/2047

770,624

New

Jersey

Economic

Development

Auth.

Rev.

1,485,000

5.000%,

6/15/2043,

Ser.

EEE

f

1,582,710

2,515,000

5.000%,

6/15/2043,

Ser.

EEE

2,500,437

New

Jersey

Economic

Development

Auth.

Social

Rev.

(School

Improvements)

300,000

4.000%,

6/15/2050,

Ser.

QQQ

246,420

New

Jersey

Health

Care

Fac.

Financing

Auth.

Rev.

(RWJ

Barnabas

Health)

3,015,000

4.000%,

7/1/2051,

Ser.

A

2,520,715

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

330

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

New

Jersey

(2.9%)

-

continued

New

Jersey

Transportation

Trust

Fund

Auth.

Rev.

$

10,000,000

4.000%,

6/15/2050,

Ser.

BB

$

8,301,517

500,000

5.500%,

6/15/2050,

Ser.

CC

512,829

1,000,000

5.250%,

6/15/2033,

Ser.

AA

1,009,040

1,645,000

5.250%,

6/15/2034,

Ser.

AA

1,657,861

New

Jersey

Transportation

Trust

Fund

Auth.

Rev.

Refg.

2,000,000

5.000%,

12/15/2039,

Ser.

A

2,016,255

New

Jersey

Turnpike

Auth.

Rev.

1,000,000

4.000%,

1/1/2051,

Ser.

A

839,353

Ocean

County,

NJ

Utilities

Auth.

Waste

Water

Rev.

(NATL-RE

Insured)

3,180,000

5.250%,

1/1/2025

b

3,230,336

Tobacco

Settlement

Financing

Corporation,

NJ

Rev.

Refg.

8,950,000

5.250%,

6/1/2046,

Ser.

A

8,787,058

Total

34,384,193

New

York

(9.0%)

Buffalo

&

Erie

County,

NY

Industrial

Land

Development

Corporation

Rev.

1,500,000

5.000%,

8/1/2047,

Ser.

A

1,254,829

Build

NYC

Resource

Corporation,

NY

Rev.

(East

Harlem

Scholars

Academy

Charter

School)

345,000

5.750%,

6/1/2052

c

323,438

Build

NYC

Resource

Corporation,

NY

Rev.

(Global

Community

Charter

School)

1,275,000

5.000%,

6/15/2052,

Ser.

A

1,080,120

Build

NYC

Resource

Corporation,

NY

Rev.

(Unity

Preparatory

Charter

School

of

Brooklyn)

1,075,000

5.500%,

6/15/2053,

Ser.

A

c

958,835

Metropolitan

Transportation

Auth.,

NY

Rev.

2,750,000

5.000%,

11/15/2045,

Ser.

A-2

a

2,803,606

Monroe

County,

NY

Industrial

Development

Corporation

Rev.

(True

North

Rochester

Preparatory

Charter

School)

1,000,000

5.000%,

6/1/2050,

Ser.

A

859,130

New

York

City,

NY

G.O.

700,000

4.020%,

3/1/2042,

Ser.

F

a

700,000

2,250,000

4.500%,

5/1/2049,

Ser.

D-1

2,070,802

New

York

City,

NY

Municipal

Water

Finance

Auth.

Water

and

Sewer

System

Rev.

17,000,000

4.000%,

6/15/2051,

Ser.

AA-1

14,262,784

5,220,000

4.020%,

6/15/2035,

Ser.

BB-2

a

5,220,000

4,000,000

4.125%,

6/15/2047,

Ser.

DD

3,490,533

New

York

City,

NY

Transitional

Finance

Auth.

Building

Aid

Rev.

16,625,000

5.000%,

7/15/2043,

Ser

S-1

16,691,427

New

York

City,

NY

Transitional

Finance

Auth.

Future

Tax

Secured

Rev.

3,000,000

4.000%,

5/1/2053,

Ser.

A-1

2,485,346

800,000

4.000%,

11/1/2045,

Ser.

D

688,642

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

New

York

(9.0%)

-

continued

New

York

Dormitory

Auth.

Personal

Income

Tax

Rev.

$

5,000,000

5.000%,

3/15/2039,

Ser.

C

$

4,974,530

New

York

Dormitory

Auth.

Personal

Income

Tax

Rev.

Refg.

8,320,000

5.000%,

2/15/2043,

Ser.

B

8,256,241

10,000

5.000%,

2/15/2043,

Ser.

B

f

10,505

New

York

Dormitory

Auth.

Rev.

Refg.

(Yeshiva

University)

1,500,000

5.000%,

7/15/2050,

Ser.

A

1,309,630

2,200,000

5.000%,

7/15/2042,

Ser.

A

2,016,386

New

York

Transportation

Development

Corporation

Exempt

Fac.

Rev.

(State

Thruway

Service

Areas)

750,000

4.000%,

4/30/2053,

AMT

562,783

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(LaGuardia

Airport

)

775,000

5.000%,

1/1/2036,

AMT

732,315

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(Laguardia

Airport

Terminal

C&D

Redevelopment)

500,000

6.000%,

4/1/2035,

AMT

d

517,167

750,000

5.625%,

4/1/2040,

AMT

d

744,802

New

York

Transportation

Development

Corporation

Special

Fac.

Rev.

(Terminal

4

John

F.

Kennedy

International

Airport)

1,000,000

5.000%,

12/1/2039,

AMT

966,975

1,000,000

5.000%,

12/1/2040,

AMT

960,752

1,000,000

5.000%,

12/1/2041,

AMT

952,255

600,000

5.000%,

12/1/2042,

AMT

565,984

New

York

Urban

Development

Corporation

Rev.

15,000,000

4.000%,

3/15/2045,

Ser.

A

12,893,904

Port

Auth.

of

New

York

&

New

Jersey

Rev.

1,125,000

5.000%,

12/1/2024,

Ser.

178,

AMT

1,126,178

Port

Auth.

of

New

York

&

New

Jersey

Rev.

Refg.

5,000,000

5.000%,

9/15/2034,

Ser.

207,

AMT

5,050,464

1,715,000

5.000%,

9/15/2048,

Ser.

207,

AMT

1,637,416

Triborough,

NY

Bridge

&

Tunnel

Auth.

Rev.

1,000,000

5.250%,

11/15/2045,

Ser.

A

1,000,410

Triborough,

NY

Bridge

&

Tunnel

Auth.

Rev.

Refg.

(MTA

Bridges

&

Tunnels)

8,000,000

5.000%,

5/15/2057,

Ser.

A

7,832,407

Troy,

NY

Capital

Resource

Corporation

Rev.

Refg.

(Rensselaer

Polytecnic

Institute)

750,000

5.000%,

9/1/2039,

Ser.

A

741,380

Total

105,741,976

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

331

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

North

Carolina

(1.2%)

Appalachian

State

University,

NC

Rev.

$

2,510,000

5.000%,

5/1/2044

$

2,523,924

Charlotte,

NC

Airport

Rev.

(Charlotte

Douglas

International

Airport)

1,500,000

5.000%,

7/1/2042,

Ser.

A

1,506,249

Charlotte,

NC

Airport

Rev.

Refg.

(Charlotte

Douglas

International

Airport)

2,500,000

4.250%,

7/1/2052,

Ser.

B,

AMT

2,051,823

Greater

Asheville,

NC

Regional

Airport

Auth.

Rev.

(AGM

Insured)

750,000

5.250%,

7/1/2053,

AMT

b

731,079

1,000,000

5.250%,

7/1/2048,

AMT

b

986,318

North

Carolina

Medical

Care

Commission

Health

Care

Fac.

Rev.

(Presbyterian

Homes)

1,000,000

5.000%,

10/1/2050,

Ser.

A

909,305

North

Carolina

Medical

Care

Commission

Retirement

Fac.

Rev.

Refg.

(Plantation

Village,

Inc.)

1,500,000

4.000%,

1/1/2052,

Ser.

A

1,025,457

North

Carolina

Turnpike

Auth.

Rev.

(Triangle

Expressway

System)

(AGM

Insured)

4,250,000

5.000%,

1/1/2049

b

4,178,346

Total

13,912,501

North

Dakota

(0.5%)

Grand

Forks,

ND

Health

Care

System

Rev.

(Altru

Health

System)

(AGM

Insured)

250,000

5.000%,

12/1/2053,

Ser.

A

b

237,641

250,000

5.000%,

12/1/2048,

Ser.

A

b

243,369

Horace,

ND

Refg.

Improvement

U.T.G.O.

1,800,000

5.000%,

5/1/2048,

Ser.

A

1,539,738

University

of

North

Dakota

C.O.P.

(Infrastructure

Energy

Improvement)

3,775,000

5.000%,

4/1/2048,

Ser.

A

3,670,882

Total

5,691,630

Ohio

(4.2%)

Akron

Bath

and

Copley

Joint

Township,

OH

Hospital

Fac.

Rev.

Refg.

(Summa

Health

System)

1,600,000

4.000%,

11/15/2037

1,339,406

American

Municipal

Power

Ohio,

Inc.

Rev.

(Greenup

Hydroelectric)

1,000,000

5.000%,

2/15/2041,

Ser.

A

977,061

Bowling

Green

State

University,

OH

Rev.

Refg.

500,000

4.000%,

6/1/2045,

Ser.

A

397,986

Buckeye

Tobacco

Settlement

Financing

Auth.,

OH

Rev.

Refg.

14,520,000

5.000%,

6/1/2055,

Ser.

B-2

11,877,832

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Ohio

(4.2%)

-

continued

Hamilton

County,

OH

Healthcare

Rev.

(Life

Enriching

Communities)

$

1,000,000

5.750%,

1/1/2053,

Ser.

A

$

921,910

Montgomery

County,

OH

Hospital

Fac.

Improvement

Rev.

Refg.

(Kettering

Health

Network

Obligated

Group)

800,000

4.000%,

8/1/2051

614,754

Montgomery

County,

OH

Hospital

Fac.

Rev.

Refg.

(Dayton

Children's

Hospital)

1,500,000

4.000%,

8/1/2046

1,221,216

Ohio

Higher

Educational

Fac.

Commission

Rev.

(Dayton

University)

2,565,000

5.000%,

12/1/2035,

Ser.

A

2,583,973

Ohio

Higher

Educational

Fac.

Commission

Rev.

(Kenyon

College)

3,025,000

5.000%,

7/1/2042

3,002,732

Ohio

Higher

Educational

Fac.

Commission

Rev.

Refg.

(University

of

Findlay)

2,400,000

5.000%,

3/1/2034

2,242,291

Ohio

Hospital

Rev.

Refg.

(University

Hospitals

Health

System,

Inc.)

4,000,000

5.000%,

1/15/2050,

Ser.

A

3,669,239

Ohio

Turnpike

Commission

Rev.

8,945,000

5.700%,

2/15/2034,

Ser.

A-4

a

10,019,109

Ohio

Turnpike

Commission

Rev.

Refg.

(NATL-RE

Insured)

10,000,000

5.500%,

2/15/2026,

Ser.

A

b

10,274,836

Total

49,142,345

Oklahoma

(1.0%)

Oklahoma

Turnpike

Auth.

Rev.

2,500,000

5.000%,

1/1/2042,

Ser.

A

2,470,492

5,665,000

5.000%,

1/1/2047,

Ser.

C

5,629,554

Oklahoma

Water

Resources

Board

Loan

Program

Rev.

2,005,000

5.000%,

10/1/2040,

Ser.

A

2,034,309

Osage

County,

OK

Industrial

Auth.

Rev.

1,000,000

6.500%,

9/1/2040

1,023,878

Total

11,158,233

Oregon

(1.6%)

Clackamas

and

Washington

Counties,

OR

Joint

School

District

No.

3

G.O.

(West

Linn-

Wilsonville

Schools)

700,000

Zero

Coupon,

6/15/2040,

Ser.

A

274,045

Clackamas

County,

OR

School

District

No.

62C

U.T.G.O.

3,500,000

5.000%,

6/15/2049,

Ser.

B

3,526,749

Multnomah

&

Clackamas

Counties,

OR

School

District

G.O.

520,000

Zero

Coupon,

6/15/2035,

Ser.

A

293,267

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

332

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Oregon

(1.6%)

-

continued

Port

of

Portland,

OR

Airport

Rev.

(Portland

International

Airport)

$

5,000,000

5.000%,

7/1/2052,

Ser.

28,

AMT

$

4,661,917

Port

of

Portland,

OR

Airport

Rev.

Refg.

(Portland

International

Airport)

4,750,000

5.000%,

7/1/2044,

Ser.

25B,

AMT

4,577,785

Salem,

OR

Hospital

Fac.

Auth.

Rev.

Refg.

(Capital

Manor)

400,000

4.000%,

5/15/2057

259,333

Salem-Keizer

School

District

No.

24J,

Marion

and

Polk

Counties,

OR

G.O.

5,000,000

Zero

Coupon,

6/15/2028,

Ser.

B

4,120,641

Warm

Springs,

OR

Reservation

Confederated

Tribes

Hydroelectric

Rev.

Refg.

(Pelton-

Round

Butte)

800,000

5.000%,

11/1/2039,

Ser.

B

c

812,760

Total

18,526,497

Pennsylvania

(3.0%)

Allegheny

County,

PA

Airport

Auth.

Rev.

(Pittsburgh

International

Airport)

1,650,000

5.000%,

1/1/2051,

Ser.

A,

AMT

1,539,069

Allegheny

County,

PA

Airport

Auth.

Rev.

(Pittsburgh

International

Airport)

(AGM

Insured)

1,500,000

5.500%,

1/1/2053,

Ser.

A,

AMT

b

1,508,303

4,500,000

5.500%,

1/1/2048,

Ser.

A,

AMT

b

4,548,042

Berks

County,

PA

Industrial

Development

Auth.

Healthcare

Fac.

Rev.

Refg.

(Highlands

at

Wyomissing)

460,000

5.000%,

5/15/2043

f

475,613

410,000

5.000%,

5/15/2048

f

423,915

Cumberland

County,

PA

Municipal

Auth.

Rev.

(Diakon

Lutheran

Social

Ministries)

670,000

5.000%,

1/1/2038

628,502

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

(Penndot

Major

Bridges

Package

One)

1,500,000

6.000%,

6/30/2061,

AMT

1,553,131

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

(Presbyterian

Senior

Living)

1,000,000

5.250%,

7/1/2049,

Ser.

B-1

905,962

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

Refg.

(Presbyterian

Senior

Living)

1,000,000

4.000%,

7/1/2046

755,926

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Pennsylvania

(3.0%)

-

continued

Pennsylvania

Economic

Development

Financing

Auth.

Rev.

Refg.

(UPMC)

$

2,000,000

5.000%,

2/15/2047,

Ser.

A

$

1,928,205

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

1,000,000

4.000%,

12/1/2050,

Ser.

A

810,820

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

(AGM

Insured)

10,440,000

6.250%,

6/1/2033,

Ser.

C

a,b

11,032,118

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

(BAM

Insured)

6,090,000

Zero

Coupon,

12/1/2041,

Ser.

A-3

b

2,300,673

Pennsylvania

Turnpike

Commission

Turnpike

Rev.

Refg.

7,000,000

5.250%,

12/1/2053,

Ser.

A

7,125,058

Total

35,535,337

Puerto

Rico

(0.5%)

Puerto

Rico

Sales

Tax

Financing

Corporation

Rev.

1,000,000

4.750%,

7/1/2053,

Ser.

A-1

844,621

5,296,000

4.550%,

7/1/2040,

Ser.

A-1

4,700,811

Total

5,545,432

South

Carolina

(1.4%)

South

Carolina

Jobs

Economic

Development

Auth.

Hospital

Fac.

Rev.

Refg.

(Bon

Secours

Mercy

Health,

Inc.)

2,000,000

5.000%,

12/1/2046,

Ser.

A

1,932,557

South

Carolina

Jobs

Economic

Development

Auth.

Hospital

Rev.

(AnMed

Health)

5,000,000

5.250%,

2/1/2053

4,938,874

4,500,000

4.250%,

2/1/2048

3,846,754

South

Carolina

Jobs

Economic

Development

Auth.

Rev.

(Bishop

Gadsden

Episcopal

Retirement

Community)

2,460,000

5.000%,

4/1/2054,

Ser.

A

1,957,004

South

Carolina

Jobs

Economic

Development

Auth.

Rev.

(Furman

University)

2,500,000

4.000%,

4/1/2052,

Ser.

A

1,983,931

South

Carolina

Jobs

Economic

Development

Auth.

Rev.

Refg.

(Life

Communities,

Inc.)

2,000,000

5.000%,

11/15/2047,

Ser.

C

1,765,610

Total

16,424,730

South

Dakota

(0.1%)

Lincoln

County,

SD

Economic

Development

Rev.

(Augustana

College

Association)

850,000

4.000%,

8/1/2051

609,179

South

Dakota

Board

of

Regents

Housing

&

Auxiliary

Fac.

System

Rev.

1,000,000

5.000%,

4/1/2033,

Ser.

B

1,006,395

Total

1,615,574

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

333

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Tennessee

(0.2%)

Metropolitan

Government

of

Nashville

and

Davidson

County,

TN

Health

and

Educational

Fac.

Rev.

(Trevecca

Nazarene

University)

$

1,430,000

4.000%,

10/1/2051,

Ser.

B

$

1,021,000

Metropolitan

Nashville,

TN

Airport

Auth.

Rev.

1,000,000

5.500%,

7/1/2052,

Ser.

B,

AMT

1,002,010

Total

2,023,010

Texas

(12.2%)

Arlington,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(Great

Hearts

America)

(PSF-GTD

Insured)

3,180,000

4.000%,

8/15/2055,

Ser.

A

b

2,427,413

Austin,

TX

Airport

System

Rev.

1,000,000

5.000%,

11/15/2052,

AMT

934,824

Central

Texas

Regional

Mobility

Auth.

Rev.

1,000,000

4.000%,

1/1/2051,

Ser.

B

809,210

500,000

5.000%,

1/1/2045,

Ser.

E

488,749

1,000,000

5.000%,

1/1/2046,

Ser.

B

973,618

Clifton,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(IDEA

Public

Schools)

1,000,000

5.000%,

8/15/2042

919,566

2,000,000

6.000%,

8/15/2043

2,000,527

Clifton,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(IDEA

Public

Schools)

(PSF-

GTD

Insured)

3,000,000

4.000%,

8/15/2050,

Ser.

T

b

2,444,162

1,000,000

5.000%,

8/15/2036,

Ser.

A

b

1,012,699

4,605,000

5.000%,

8/15/2039

b

4,617,161

2,000,000

5.000%,

8/15/2046,

Ser.

A

b

2,000,505

Clifton,

TX

Higher

Education

Finance

Corporation

Education

Rev.

(International

Leadership

of

Texas,

Inc.)

(PSF-GTD

Insured)

3,500,000

4.250%,

8/15/2052

b

2,875,641

Dallas

and

Fort

Worth,

TX

International

Airport

Rev.

Refg.

4,000,000

5.250%,

11/1/2033,

Ser.

F

4,000,000

2,000,000

4.000%,

11/1/2045,

Ser.

B

1,690,996

Denton,

TX

Independent

School

District

U.T.G.O.

(PSF-GTD

Insured)

2,580,000

5.000%,

8/15/2053

b

2,599,394

Galveston,

TX

Wharves

&

Terminal

Rev.

1,000,000

6.000%,

8/1/2043,

AMT

1,039,284

Georgetown,

TX

Utility

System

Rev.

(AGM

Insured)

7,000,000

4.250%,

8/15/2047

b

6,028,813

Greater

Texoma,

TX

Utility

Auth.

Contract

Rev.

(City

of

Sherman)

(AGM

Insured)

6,000,000

4.250%,

10/1/2053

b

4,894,606

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Texas

(12.2%)

-

continued

Harris

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

(First

Mortgage

Brazos

Presbyterian

Homes,

Inc.)

$

295,000

5.000%,

1/1/2033,

Ser.

A

$

257,549

Harris

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

Refg.

(Memorial

Hermann

Health

System)

7,000,000

4.125%,

7/1/2052,

Ser.

A

5,673,713

Hidalgo

County,

TX

Regional

Mobility

Auth.

Toll

&

Vehicle

Registration

Rev.

400,000

4.000%,

12/1/2041,

Ser.

A

328,596

Houston,

TX

Airport

System

Rev.

Refg.

(AGM

Insured)

5,250,000

4.500%,

7/1/2053,

Ser.

A,

AMT

b

4,498,663

3,000,000

5.250%,

7/1/2053,

Ser.

A,

AMT

b

2,924,318

Houston,

TX

Water

and

Sewer

System

Rev.

Refg.

(AGM

Insured)

10,000,000

5.750%,

12/1/2032,

Ser.

A

b,f

11,584,628

Irving,

TX

Rev.

Refg.

2,325,000

5.000%,

8/15/2043

2,079,361

Lake

Travis,

TX

Independent

School

District

U.T.G.O.

Refg.

(PSF-GTD

Insured)

1,000,000

5.000%,

2/15/2031

b

1,037,770

Lower

Colorado

River,

TX

Auth.

Rev.

Refg.

(LCRA

Transmission

Services

Corporation)

(AGM

Insured)

6,000,000

5.500%,

5/15/2053

b

6,128,518

2,000,000

5.500%,

5/15/2048

b

2,053,489

New

Hope

Cultural

Education

Fac.

Finance

Corporation,

TX

Retirement

Fac.

Rev.

(Army

Retirement

Residence

Foundation)

1,500,000

5.750%,

7/15/2052

1,267,521

New

Hope

Cultural

Education

Fac.

Finance

Corporation,

TX

Student

Housing

Rev.

(Collegiate

Housing

College

Station

I,

LLC

-

Texas

A&M

University)

1,000,000

5.000%,

4/1/2029,

Ser.

A

967,281

North

East

Independent

School

District,

Bexar

County,

TX

U.T.G.O.

Refg.

(PSF-GTD

Insured)

5,000,000

5.250%,

2/1/2028

b

5,284,765

2,000,000

5.250%,

2/1/2029

b

2,139,075

North

Texas

Tollway

Auth.

System

Rev.

Refg.

(AGC

Insured)

5,000,000

Zero

Coupon,

1/1/2028,

Ser.

D

b

4,185,363

Port

Freeport,

TX

Rev.

3,700,000

5.000%,

6/1/2049,

Ser.

A,

AMT

3,311,768

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

334

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Texas

(12.2%)

-

continued

Red

River

Education

Finance

Corporation,

TX

Higher

Education

Rev.

Refg.

(St.

Edwards

University)

$

2,130,000

5.000%,

6/1/2046

$

1,870,380

San

Antonio,

TX

Education

Fac.

Corporation

Rev.

(Hallmark

University)

280,000

5.000%,

10/1/2031,

Ser.

A

253,029

San

Antonio,

TX

Electric

and

Gas

Systems

Rev.

Refg.

3,000,000

5.500%,

2/1/2050,

Ser.

A

3,146,385

San

Antonio,

TX

Water

System

Rev.

7,875,000

5.000%,

5/15/2039,

Ser.

A

8,011,804

Southwest

Texas

Higher

Education

Auth.

Rev.

Refg.

(Southern

Methodist

University)

600,000

5.000%,

10/1/2039

602,489

600,000

5.000%,

10/1/2040

601,270

700,000

5.000%,

10/1/2041

700,149

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Hospital

Rev.

(Baylor

Scott

and

White

Health)

500,000

5.000%,

11/15/2051,

Ser.

D

476,919

750,000

5.500%,

11/15/2047,

Ser.

D

763,480

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Hospital

Rev.

Refg.

(Hendrick

Medical

Center)

2,640,000

5.000%,

9/1/2030

2,580,234

Tarrant

County,

TX

Cultural

Education

Fac.

Finance

Corporation

Rev.

Refg.

(Trinity

Terrace)

765,000

5.000%,

10/1/2044,

Ser.

A-1

666,269

Texas

Municipal

Gas

Acquisition

and

Supply

Corporation

III

Rev.

Refg.

1,000,000

5.000%,

12/15/2031

973,409

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

(North

Tarrant

Express)

3,000,000

5.500%,

12/31/2058,

AMT

3,013,339

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

(Segment

3C)

15,380,000

5.000%,

6/30/2058,

AMT

14,017,499

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Rev.

Refg.

(LBJ

Infrastructure

Group,

LLC)

500,000

4.000%,

12/31/2039,

Ser.

A

443,074

4,275,000

4.000%,

6/30/2040,

Ser.

A

3,762,961

Texas

Technical

College

System

Rev.

(Financing

System

Improvement)

(AGM

Insured)

3,000,000

6.000%,

8/1/2054,

Ser.

A

b

3,185,861

Waco,

TX

Educational

Finance

Corporation

Rev.

(Baylor

University)

2,605,000

4.000%,

3/1/2051

2,044,792

Total

142,592,889

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Utah

(2.1%)

Black

Desert

Public

Infrastructure

District,

UT

L.T.G.O.

$

1,500,000

4.000%,

3/1/2051,

Ser.

A

c

$

1,013,403

Intermountain

Power

Agency,

UT

Power

Supply

Rev.

Refg.

250,000

5.000%,

7/1/2044,

Ser.

A

254,966

2,000,000

5.000%,

7/1/2045,

Ser.

A

2,028,189

Jordan

Valley,

UT

Water

Conservancy

District

Rev.

3,420,000

5.000%,

10/1/2044,

Ser.

A

3,469,244

3,000,000

5.000%,

10/1/2049,

Ser.

A

3,027,449

Lehi,

UT

Franchise

and

Sales

Tax

Rev.

(Broadband)

(AGM

Insured)

1,825,000

4.000%,

2/1/2048

b

1,501,193

Orem,

UT

G.O.

6,880,000

5.000%,

12/1/2046

7,023,928

Salt

Lake

City,

UT

Airport

Rev.

1,000,000

5.000%,

7/1/2042,

Ser.

A,

AMT

968,970

1,000,000

5.250%,

7/1/2048,

Ser.

A,

AMT

980,948

1,125,000

5.250%,

7/1/2048,

Ser.

A,

AMT

1,103,566

Utah

Charter

School

Finance

Auth.

Rev.

(Utah

Charter

Acadamies)

800,000

5.000%,

10/15/2048

729,864

Utah

County,

UT

Hospital

Rev.

(IHC

Health

Services,

Inc.)

1,000,000

4.000%,

5/15/2043,

Ser.

A

866,312

1,610,000

5.000%,

5/15/2045,

Ser.

A

1,571,458

Utah

Infrastructure

Agency

Telecommunication

Rev.

350,000

6.000%,

10/15/2047

350,083

Total

24,889,573

Vermont

(0.3%)

Vermont

Educational

&

Health

Buildings

Financing

Agency

Rev.

Refg.

(University

of

Vermont

Medical

Center)

3,000,000

5.000%,

12/1/2035,

Ser.

A

3,007,977

1,000,000

5.000%,

12/1/2036,

Ser.

A

992,080

Total

4,000,057

Virginia

(2.3%)

Fairfax

County,

VA

Industrial

Development

Auth.

Health

Care

Rev.

Refg.

(Inova

Health

System)

5,000,000

4.000%,

5/15/2042

4,406,894

Roanoke,

VA

Economic

Development

Auth.

Hospital

Rev.

Refg.

(Carilion

Clinic

Obligated

Group)

5,000,000

4.000%,

7/1/2051,

Ser.

A

4,097,198

Virginia

Small

Business

Financing

Auth.

Rev.

(Transform

66

P3)

610,000

5.000%,

12/31/2047,

AMT

571,769

6,575,000

5.000%,

12/31/2049,

AMT

6,129,851

10,610,000

5.000%,

12/31/2052,

AMT

9,799,516

Virginia

Small

Business

Financing

Auth.

Rev.

Refg.

(95

Express

Lanes,

LLC)

500,000

4.000%,

1/1/2048,

AMT

397,529

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

335

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Virginia

(2.3%)

-

continued

Virginia

Small

Business

Financing

Auth.

Rev.

Refg.

(Elizabeth

River

Crossings

OpCo,

LLC)

$

500,000

4.000%,

1/1/2039,

AMT

$

424,076

1,000,000

4.000%,

1/1/2040,

AMT

837,537

Total

26,664,370

Washington

(1.9%)

FYI

Properties,

WA

Lease

Rev.

Refg.

(Washington

DIS)

5,000,000

5.000%,

6/1/2038

5,101,905

Grant

County,

WA

Public

Hospital

District

No.

2

U.T.G.O.

(Quincy

Valley

Medical

Center)

3,250,000

5.000%,

12/1/2044

2,904,315

Kalispel

Tribe

of

Indians,

WA

Rev.

750,000

5.250%,

1/1/2038,

Ser.

A

*

759,097

Port

of

Seattle,

WA

Rev.

1,000,000

5.000%,

4/1/2044,

AMT

964,766

Snohomish

County,

WA

Edmonds

School

District

No.

15

U.T.G.O.

1,000,000

5.000%,

12/1/2033

1,005,713

Snohomish

County,

WA

Housing

Auth.

Rev.

3,005,000

5.000%,

4/1/2041

2,830,511

Washington

Health

Care

Fac.

Auth.

Rev.

(Seattle

Cancer

Care

Alliance)

650,000

4.000%,

12/1/2045

c

522,732

Washington

Health

Care

Fac.

Auth.

Rev.

Refg.

(Seattle

Cancer

Care

Alliance)

2,000,000

4.000%,

9/1/2050

1,546,359

2,000,000

5.000%,

9/1/2055,

Ser.

2020

1,887,147

Washington

Higher

Education

Fac.

Auth.

Rev.

(Seattle

University)

500,000

4.000%,

5/1/2050

390,548

450,000

4.000%,

5/1/2045

364,984

Washington

Housing

Finance

Commission

Nonprofit

Housing

Rev.

Refg.

(Emerald

Heights)

1,200,000

5.000%,

7/1/2048,

Ser.

A

1,093,818

Washington

Housing

Finance

Commission

Nonprofit

Rev.

Refg.

(Seattle

Academy

of

Arts

and

Sciences)

1,340,000

6.125%,

7/1/2053

c

1,348,949

1,250,000

6.250%,

7/1/2059

c

1,260,558

Total

21,981,402

West

Virginia

(1.4%)

West

Virginia

Hospital

Finance

Auth.

Rev.

(West

Virginia

University

Health

System

Obligated

Group)

2,000,000

4.375%,

6/1/2053,

Ser.

A

1,713,163

2,000,000

4.250%,

6/1/2047,

Ser.

A

1,698,730

West

Virginia

Parkways

Auth.

Turnpike

Toll

Rev.

10,000,000

4.000%,

6/1/2051

8,223,493

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

West

Virginia

(1.4%)

-

continued

West

Virginia

University

Rev.

$

5,000,000

5.000%,

10/1/2049,

Ser.

A

$

4,994,112

Total

16,629,498

Wisconsin

(3.0%)

Public

Finance

Auth.,

WI

Charter

School

Rev.

(Quality

Education

Academy)

475,000

6.250%,

7/15/2053,

Ser.

A

c

435,602

750,000

6.500%,

7/15/2063,

Ser.

A

c

692,336

Public

Finance

Auth.,

WI

Hospital

Rev.

Refg.

(WakeMed

Hospital)

2,000,000

5.000%,

10/1/2044,

Ser.

A

1,872,544

Public

Finance

Auth.,

WI

Hotel

Rev.

(Grand

Hyatt

San

Antonio

Hotel

Acquisition)

1,000,000

5.000%,

2/1/2052,

Ser.

A

865,910

Public

Finance

Auth.,

WI

Proj.

Rev.

(CFP3

-

Eastern

Michigan

University

Student

Housing)

(BAM

Insured)

1,000,000

5.500%,

7/1/2052,

Ser.

A-1

b

1,026,292

Public

Finance

Auth.,

WI

Retirement

Communities

Rev.

(Acts

Retirement

-

Life

Communities,

Inc.)

3,000,000

5.000%,

11/15/2041,

Ser.

A

2,749,350

Public

Finance

Auth.,

WI

Rev.

(AFCO

Airport

Real

Estate

Group)

400,000

5.250%,

7/1/2053,

AMT

352,050

920,000

5.500%,

7/1/2043,

AMT

877,213

Public

Finance

Auth.,

WI

Rev.

(Fargo-Moorhead

Metropolitan

Area

Flood

Risk

Management)

2,500,000

4.000%,

3/31/2056,

AMT

1,740,274

4,000,000

4.000%,

9/30/2051,

AMT

2,876,805

Public

Finance

Auth.,

WI

Student

Housing

Rev.

(CHF-Manoa,

LLC)

2,000,000

5.750%,

7/1/2063,

Ser.

A

1,870,309

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Bellin

Memorial

Hospital,

Inc.)

1,250,000

5.500%,

12/1/2052,

Ser.

A

1,251,671

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Thedacare,

Inc.)

1,195,000

5.000%,

12/15/2039

1,160,870

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

(Three

Pillars

Senior

Living

Communities)

1,000,000

4.000%,

8/15/2055,

Ser.

A

666,636

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Ascension

Health

Credit

Group)

9,275,000

5.000%,

11/15/2039,

Ser.

A

9,094,493

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Benevolent

Corporation

Cedar

Community)

870,000

5.000%,

6/1/2037

740,090

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Marquette

University)

5,000,000

5.000%,

10/1/2041

4,860,347

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

336

Principal

Amount

Long-Term

Fixed

Income

(99.2%)

Value

Wisconsin

(3.0%)

-

continued

Wisconsin

Health

&

Educational

Fac.

Auth.

Rev.

Refg.

(Marshfield

Clinic

Health

Systems,

Inc.)

$

2,000,000

5.000%,

2/15/2047,

Ser.

C

$

1,776,681

Total

34,909,473

Total

Long-Term

Fixed

Income

(cost

$1,289,310,789)

1,161,534,092

Principal

Amount

Short-Term

Investments

(

<0.1%

)

g

Value

Federal

Home

Loan

Bank

Discount

Notes

400,000

5.284%,

11/15/2023

h

399,202

100,000

5.305%,

1/16/2024

h

98,913

Total

Short-Term

Investments

(cost

$498,058)

498,115

Total

Investments

(cost

$1,289,808,847)

99.2%

$1,162,032,207

Other

Assets

and

Liabilities,

Net

0.8%

9,067,834

Total

Net

Assets

100.0%

$1,171,100,041

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

b

To

reduce

certain

risks

associated

with

securities

issued

by

municipalities,

which

may

include

but

are

not

limited

to

economic

development

in

a

specific

industry

or

municipality,

the

principal

and/or

interest

payments

are

guaranteed

by

the

bond

insurance

company

or

government

agency

identified.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2023,

the

value

of

these

investments

was

$19,420,131

or

1.7%

of

total

net

assets.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

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

October

31,

2023.

f

Denotes

securities

that

have

been

pre-refunded

or

escrowed

to

maturity.

Under

such

an

arrangement,

money

is

deposited

into

an

irrevocable

escrow

account

and

is

used

to

purchase

U.S.

Treasury

securities

or

government

agency

securities

with

maturing

principal

and

interest

earnings

sufficient

to

pay

all

debt

service

requirements

of

the

pre-

refunded

bonds.

g

The

interest

rate

shown

reflects

the

yield.

h

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Municipal

Bond

Fund

as

of

October

31,

2023

was

$759,097

or

0.06%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

October

31,

2023.

Security

Acquisition

Date

Cost

Kalispel

Tribe

of

Indians,

WA

Rev.,

1/1/2038

5/17/2018

$

737,469

Definitions:

AGC

-

Assured

Guaranty,

Ltd

AGM

-

Assured

Guaranty

Municipal

Corporation

AMT

-

Subject

to

Alternative

Minimum

Tax

Auth.

-

Authority

BAM

-

Build

America

Mutual

C.O.P.

-

Certificate

of

Participation

Fac.

-

Facility/Facilities

G.O.

-

General

Obligation

L.T.G.O.

-

Limited

Tax

General

Obligation

NATL-RE

-

National

Public

Finance

Guarantee

Corporation

Proj.

-

Project

PSF-GTD

-

Permanent

School

Fund

Guarantee

Program

Refg.

-

Refunding

Rev.

-

Revenue

Ser.

-

Series

U.T.G.O.

-

Unlimited

Tax

General

Obligation

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$12,875,729

Gross

unrealized

depreciation

(147,032,106)

Net

unrealized

appreciation

(depreciation)

($134,156,377)

Cost

for

federal

income

tax

purposes

$1,295,091,649

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

337

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Municipal

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Education

224,413,411

–

224,413,411

–

Electric

Revenue

40,240,203

–

40,240,203

–

Escrowed/Pre-refunded

16,249,791

–

16,249,791

–

General

Obligation

96,753,988

–

96,753,988

–

Health

Care

226,838,501

–

226,838,501

–

Housing

Finance

21,626,185

–

21,626,185

–

Industrial

Development

Revenue

24,783,827

–

24,783,827

–

Other

Revenue

52,136,058

–

52,136,058

–

Tax

Revenue

63,274,232

–

63,274,232

–

Transportation

309,943,248

–

309,943,248

–

Water

&

Sewer

85,274,648

–

85,274,648

–

Short-Term

Investments

498,115

–

498,115

–

Total

Investments

at

Value

$1,162,032,207

$–

$1,162,032,207

$–

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Municipal

Bond

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

1,096,935

1,096,935

–

–

Total

Liability

Derivatives

$1,096,935

$1,096,935

$–

$–

The

following

table

presents

Municipal

Bond

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$498,115

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

U.S.

Long

Bond

60

December

2023

$

7,223,304

(

$

657,054)

Ultra

10-Yr.

U.S.

Treasury

Note

70

December

2023

8,057,850

(

439,881)

Total

Futures

Long

Contracts

$

15,281,154

(

$

1,096,935)

Total

Futures

Contracts

$

15,281,154

($1,096,935)

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

Municipal

Bond

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Liability

Derivatives

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

1,096,935

Total

Interest

Rate

Contracts

1,096,935

Total

Liability

Derivatives

$1,096,935

*

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.

Municipal

Bond

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

338

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Municipal

Bond

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(4,015,869)

Total

Interest

Rate

Contracts

(4,015,869)

Total

($4,015,869)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Municipal

Bond

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(1,096,935)

Total

Interest

Rate

Contracts

(1,096,935)

Total

($1,096,935)

The

following

table

presents

Municipal

Bond

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Interest

Rate

Contracts

Futures

-

Long

$24,349,294

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

339

Principal

Amount

Bank

Loans

(

7.0%

)

a

Value

Basic

Materials

(0.2%)

Arsenal

AIC

Parent,

LLC,

Term

Loan

$

168,712

9.883%, 

(TSFR3M

+

4.500%),

8/18/2030

b

$

168,171

Grinding

Media,

Inc.,

Term

Loan

177,081

9.684%, 

(TSFR3M

+

4.000%),

10/12/2028

b,c

171,769

INEOS

US

Petrochem,

LLC,

Term

Loan

413,451

8.189%, 

(TSFR1M

+

2.750%),

1/29/2026

b

405,600

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

161,811

8.939%, 

(TSFR1M

+

3.500%),

6/30/2027

b

160,618

Spectrum

Group

Buyer,

Inc.,

Term

Loan

159,466

11.953%, 

(TSFR6M

+

6.500%),

5/19/2028

b

149,649

Total

1,055,807

Capital

Goods

(0.8%)

Ali

Group

North

America

Corporation,

Term

Loan

197,870

7.439%, 

(TSFR1M

+

2.000%),

7/22/2029

b

197,530

Brookfield

WEC

Holdings,

Inc.,

Term

Loan

384,051

8.189%, 

(TSFR1M

+

2.750%),

8/1/2025

b

383,390

BW

Holding,

Inc.,

Term

Loan

166,969

9.573%, 

(TSFR3M

+

4.000%),

12/14/2028

b

147,280

Chart

Industries,

Inc.,

Term

Loan

170,073

8.665%, 

(TSFR1M

+

3.250%),

3/17/2030

b

169,507

Charter

Next

Generation,

Inc.,

Term

Loan

487,485

9.189%, 

(TSFR1M

+

3.750%),

12/1/2027

b

474,080

Clydesdale

Acquisition

Holdings,

Inc.,

Term

Loan

445,489

9.599%, 

(TSFR1M

+

4.175%),

4/13/2029

b

430,306

Cornerstone

Building

Brands,

Inc.,

Term

Loan

452,321

8.685%, 

(TSFR1M

+

3.250%),

4/12/2028

b

428,764

Emerald

Debt

Merger

Sub,

LLC,

Term

Loan

315,645

8.324%, 

(TSFR1M

+

3.000%),

5/31/2030

b

314,805

EnergySolutions,

LLC,

Term

Loan

130,543

9.382%, 

(TSFR3M

+

4.000%),

9/18/2030

b

129,531

Foley

Products

Company,

LLC,

Term

Loan

143,264

10.290%, 

(TSFR3M

+

4.750%),

2/16/2029

b

142,727

Proampac

PG

Borrower,

LLC,

Term

Loan

263,245

10.585%, 

(PRIME

+

3.500%),

9/26/2028

b

259,462

Principal

Amount

Bank

Loans

(7.0%)

a

Value

Capital

Goods

(0.8%)

-

continued

Quikrete

Holdings,

Inc.,

Term

Loan

$

510,694

8.064%, 

(TSFR1M

+

2.625%),

1/31/2027

b

$

509,269

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

339,727

9.674%, 

(TSFR1M

+

4.250%),

4/1/2029

b,c

339,727

TK

Elevator

U.S.

Newco,

Inc.,

Term

Loan

257,851

9.381%, 

(TSFR6M

+

3.500%),

7/31/2027

b

255,886

TransDigm,

Inc.,

Term

Loan

626,845

8.640%, 

(TSFR3M

+

3.250%),

8/24/2028

b

625,855

Vertiv

Group

Corporation,

Term

Loan

258,343

8.179%, 

(TSFR1M

+

2.750%),

3/2/2027

b

257,633

Total

5,065,752

Communications

Services

(0.9%)

Altice

France

SA/France,

Term

Loan

492,237

10.894%, 

(TSFR3M

+

5.500%),

8/31/2028

b

436,245

CCI

Buyer,

Inc.,

Term

Loan

160,046

9.390%, 

(TSFR3M

+

4.000%),

12/17/2027

b

156,445

Cengage

Learning,

Inc.,

Term

Loan

172,022

10.406%, 

(TSFR3M

+

4.750%),

7/14/2026

b

169,969

Charter

Communications

Operating,

LLC,

Term

Loan

551,268

7.133%, 

(TSFR1M

+

1.750%),

2/1/2027

b,d,e

549,763

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

481,800

9.145%, 

(TSFR3M

+

3.500%),

8/21/2026

b

461,724

CMG

Media

Corporation,

Term

Loan

343,617

8.990%, 

(TSFR3M

+

3.500%),

12/17/2026

b

308,396

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

158,444

10.429%, 

(TSFR1M

+

5.000%),

4/27/2027

b

158,179

246,861

10.679%, 

(TSFR1M

+

5.250%),

4/27/2027

b

246,553

DIRECTV

Financing,

LLC,

Term

Loan

515,702

10.439%, 

(TSFR1M

+

5.000%),

8/2/2027

b

501,061

Level

3

Financing,

Inc.,

Term

Loan

240,068

7.189%, 

(TSFR1M

+

1.750%),

3/1/2027

b

223,729

Lumen

Technologies,

Inc.,

Term

Loan

311,199

7.689%, 

(TSFR1M

+

2.250%),

3/15/2027

b

233,546

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

340

Principal

Amount

Bank

Loans

(7.0%)

a

Value

Communications

Services

(0.9%)

-

continued

McGraw-Hill

Education,

Inc.,

Term

Loan

$

331,953

10.189%, 

(TSFR1M

+

4.750%),

7/30/2028

b

$

313,991

MH

Sub

I,

LLC,

Term

Loan

425,664

9.574%, 

(TSFR1M

+

4.250%),

5/3/2028

b

406,271

NEP

Group,

Inc.,

Term

Loan

171,972

8.689%, 

(TSFR1M

+

3.250%),

10/20/2025

b

154,590

Playtika

Holding

Corporation,

Term

Loan

207,868

8.189%, 

(TSFR1M

+

2.750%),

3/11/2028

b

200,994

Radiate

Holdco,

LLC,

Term

Loan

357,235

8.689%, 

(TSFR1M

+

3.250%),

9/25/2026

b

294,787

RLG

Holdings,

LLC,

Term

Loan

166,967

9.689%, 

(TSFR1M

+

4.250%),

7/8/2028

b

153,923

SBA

Senior

Finance

II,

LLC,

Term

Loan

203,155

7.180%, 

(TSFR1M

+

1.750%),

4/11/2025

b,d,e

203,001

UPC

Financing

Partnership,

Term

Loan

146,708

8.374%, 

(TSFR1M

+

3.000%),

1/31/2029

b

143,652

Virgin

Media

Bristol,

LLC,

Term

Loan

364,548

7.949%, 

(TSFR1M

+

2.500%),

1/31/2028

b,d,e

353,841

Zayo

Group

Holdings,

Inc.,

Term

Loan

311,200

9.649%, 

(TSFR1M

+

4.325%),

3/9/2027

b

261,604

Ziggo

Financing

Partnership,

Term

Loan

266,000

7.949%, 

(TSFR1M

+

2.500%),

4/30/2028

b

260,050

Total

6,192,314

Consumer

Cyclical

(1.2%)

1011778

B.C.,

ULC,

Term

Loan

643,995

7.574%, 

(TSFR1M

+

2.250%),

9/21/2030

b

637,394

AlixPartners,

LLP,

Term

Loan

300,363

8.189%, 

(TSFR1M

+

2.750%),

2/4/2028

b

299,930

Allied

Universal

Holdco,

LLC,

Term

Loan

642,444

9.174%, 

(TSFR1M

+

3.750%),

5/14/2028

b

608,960

Alterra

Mountain

Company,

Term

Loan

182,274

8.939%, 

(TSFR1M

+

3.500%),

8/17/2028

b

182,047

Caesars

Entertainment,

Inc.,

Term

Loan

419,890

8.674%, 

(TSFR1M

+

3.250%),

2/6/2030

b

417,849

Principal

Amount

Bank

Loans

(7.0%)

a

Value

Consumer

Cyclical

(1.2%)

-

continued

Carnival

Corporation,

Term

Loan

$

510,801

8.689%, 

(TSFR1M

+

3.250%),

10/18/2028

b

$

500,800

Cinemark

USA,

Inc.,

Term

Loan

187,336

9.094%, 

(TSFR3M

+

3.750%),

5/24/2030

b

186,867

Clarios

Global,

LP,

Term

Loan

333,428

9.074%, 

(TSFR1M

+

3.750%),

5/4/2030

b,d,e

332,594

Delta

2

Lux

SARL,

Term

Loan

151,154

7.574%, 

(TSFR1M

+

2.250%),

1/15/2030

b

151,012

Ensemble

RCM,

LLC,

Term

Loan

161,161

9.233%, 

(TSFR3M

+

3.750%),

8/1/2026

b

161,032

Fertitta

Entertainment,

LLC/NV,

Term

Loan

156,412

9.324%, 

(TSFR1M

+

4.000%),

1/27/2029

b

152,757

First

Brands

Group,

LLC,

Term

Loan

195,611

10.881%, 

(TSFR6M

+

5.000%),

3/30/2027

b

192,595

GoDaddy

Operating

Company,

LLC,

Term

Loan

254,083

7.824%, 

(TSFR1M

+

2.500%),

11/10/2029

b

254,142

Great

Outdoors

Group,

LLC,

Term

Loan

359,333

9.402%, 

(TSFR3M

+

3.750%),

3/5/2028

b

356,114

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

318,714

8.189%, 

(TSFR1M

+

2.750%),

10/19/2027

b

314,364

Hilton

Worldwide

Finance,

LLC,

Term

Loan

388,000

7.174%, 

(TSFR1M

+

1.750%),

6/21/2026

b

387,496

IRB

Holding

Corporation,

Term

Loan

370,181

8.424%, 

(TSFR1M

+

3.000%),

12/15/2027

b

365,861

Light

&

Wonder

International,

Inc.,

Term

Loan

389,060

8.435%, 

(TSFR1M

+

3.000%),

4/14/2029

b

387,784

PetSmart,

LLC,

Term

Loan

505,934

9.174%, 

(TSFR1M

+

3.750%),

2/12/2028

b

499,083

Pilot

Travel

Centers,

LLC,

Term

Loan

433,457

7.424%, 

(TSFR1M

+

2.000%),

8/6/2028

b

433,188

Scientific

Games

Holdings,

LP,

Term

Loan

263,340

8.914%, 

(TSFR3M

+

3.500%),

4/4/2029

b

258,634

Staples,

Inc.,

Term

Loan

253,569

10.634%, 

(LIBOR

1M

+

5.000%),

4/12/2026

b

217,595

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

341

Principal

Amount

Bank

Loans

(7.0%)

a

Value

Consumer

Cyclical

(1.2%)

-

continued

Stars

Group

Holdings

BV,

Term

Loan

$

151,455

7.902%, 

(TSFR3M

+

2.250%),

7/21/2026

b

$

151,294

Uber

Technologies,

Inc.,

Term

Loan

199,629

8.159%, 

(TSFR3M

+

2.750%),

3/3/2030

b

199,360

UFC

Holdings,

LLC,

Term

Loan

244,515

8.399%, 

(TSFR3M

+

2.750%),

4/29/2026

b

244,140

Total

7,892,892

Consumer

Non-Cyclical

(1.2%)

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

505,986

9.082%, 

(TSFR1M

+

3.750%),

7/30/2028

b

495,811

Alltech,

Inc.,

Term

Loan

156,848

9.439%, 

(TSFR1M

+

4.000%),

10/15/2028

b,c

152,926

Amneal

Pharmaceuticals,

LLC,

Term

Loan

388,968

8.939%, 

(TSFR1M

+

3.500%),

5/4/2025

b

380,006

Bausch

+

Lomb

Corporation,

Term

Loan

404,900

8.755%, 

(TSFR3M

+

3.250%),

5/10/2027

b

386,995

218,001

9.324%, 

(TSFR1M

+

4.000%),

9/29/2028

b

209,281

Chobani,

LLC,

Term

Loan

161,886

8.939%, 

(TSFR1M

+

3.500%),

10/23/2027

b

161,431

Elanco

Animal

Health,

Inc.,

Term

Loan

205,058

7.165%, 

(TSFR1M

+

1.750%),

8/1/2027

b

200,112

Froneri

U.S.,

Inc.,

Term

Loan

394,918

7.674%, 

(TSFR1M

+

2.250%),

1/31/2027

b

392,533

Gainwell

Acquisition

Corporation,

Term

Loan

599,577

9.490%, 

(TSFR3M

+

4.000%),

10/1/2027

b

572,098

ICON

Luxembourg

SARL,

Term

Loan

410,025

7.902%, 

(TSFR3M

+

2.250%),

7/1/2028

b

410,120

Jazz

Financing

Lux

SARL,

Term

Loan

510,207

8.939%, 

(TSFR1M

+

3.500%),

5/5/2028

b

509,921

LifePoint

Health,

Inc.,

Term

Loan

147,607

0.000%, 

(TSFR3M

+

3.750%),

11/16/2025

b,d,e

146,458

184,694

11.157%, 

(TSFR3M

+

5.500%),

11/16/2028

b

174,161

Medline

Borrower,

LP,

Term

Loan

935,503

8.689%, 

(TSFR1M

+

3.250%),

10/21/2028

b

929,076

Principal

Amount

Bank

Loans

(7.0%)

a

Value

Consumer

Non-Cyclical

(1.2%)

-

continued

Organon

&

Company,

Term

Loan

$

469,805

8.451%, 

(TSFR1M

+

3.000%),

6/2/2028

b

$

468,278

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

162,748

9.152%, 

(TSFR3M

+

3.500%),

11/30/2027

b

160,510

Phoenix

Newco,

Inc.,

Term

Loan

397,581

8.689%, 

(TSFR1M

+

3.250%),

11/15/2028

b

392,512

PRA

Health

Sciences,

Inc.,

Term

Loan

102,158

7.902%, 

(TSFR3M

+

2.250%),

7/1/2028

b

102,182

Reynolds

Consumer

Products,

LLC,

Term

Loan

294,494

7.174%, 

(TSFR1M

+

1.750%),

2/4/2027

b

293,617

Select

Medical

Corporation,

Term

Loan

260,348

8.324%, 

(TSFR1M

+

3.000%),

3/6/2027

b

259,290

Sotera

Health

Holdings,

LLC,

Term

Loan

361,800

8.395%, 

(TSFR3M

+

2.750%),

12/11/2026

b

358,001

Star

Parent,

Inc.,

Term

Loan

402,800

9.386%, 

(TSFR3M

+

4.000%),

9/28/2030

b

383,317

Total

7,538,636

Energy

(0.2%)

Buckeye

Partners,

LP,

Term

Loan

258,344

7.666%, 

(TSFR1M

+

2.250%),

11/1/2026

b

257,995

CQP

Holdco,

LP,

Term

Loan

515,943

8.990%, 

(TSFR3M

+

3.500%),

6/4/2028

b

515,189

GIP

II

Blue

Holding,

LP,

Term

Loan

89,144

9.939%, 

(TSFR1M

+

4.500%),

9/29/2028

b

89,127

GIP

III

Stetson

I,

LP,

Term

Loan

146,125

9.574%, 

(TSFR1M

+

4.250%),

7/18/2025

b

145,988

Oryx

Midstream

Services

Permian

Basin,

LLC,

Term

Loan

125,028

8.692%, 

(TSFR1M

+

3.250%),

10/5/2028

b

124,751

Total

1,133,050

Financials

(0.5%)

Acrisure,

LLC,

Term

Loan

226,731

8.939%, 

(TSFR1M

+

3.500%),

2/15/2027

b

220,460

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

88,915

8.835%, 

(TSFR1M

+

3.500%),

11/6/2027

b,d,e

88,572

AmWINS

Group,

Inc.,

Term

Loan

364,548

7.689%, 

(TSFR1M

+

2.250%),

2/19/2028

b

361,111

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

342

Principal

Amount

Bank

Loans

(7.0%)

a

Value

Financials

(0.5%)

-

continued

Asurion,

LLC,

Term

Loan

$

16,901

8.689%, 

(TSFR1M

+

3.250%),

12/23/2026

b

$

16,310

341,283

8.689%, 

(TSFR1M

+

3.250%),

7/31/2027

b

325,782

148,627

9.674%, 

(TSFR1M

+

4.250%),

8/19/2028

b

141,707

Edelman

Financial

Engines

Center,

LLC,

Term

Loan

102,251

8.939%, 

(TSFR1M

+

3.500%),

4/7/2028

b

100,344

First

Eagle

Holdings,

Inc.,

Term

Loan

97,806

7.990%, 

(TSFR3M

+

2.500%),

2/2/2027

b

96,651

FleetCor

Technologies

Operating

Company,

LLC,

Term  Loan

207,876

7.174%, 

(TSFR1M

+

1.750%),

4/30/2028

b

207,298

Focus

Financial

Partners,

LLC,

Term

Loan

164,491

8.574%, 

(TSFR1M

+

3.250%),

6/30/2028

b,d,e

163,649

Howden

Group

Holdings,

Ltd.,

Term

Loan

88,914

8.750%, 

(LIBOR

1M

+

3.250%),

11/12/2027

b

88,115

HUB

International,

Ltd.,

Term

Loan

426,788

9.662%, 

(TSFR3M

+

4.250%),

6/20/2030

b

426,485

Hudson

River

Trading,

LLC,

Term

Loan

97,806

8.439%, 

(TSFR1M

+

3.000%),

3/18/2028

b

96,284

Jane

Street

Group,

LLC,

Term

Loan

204,503

8.189%, 

(TSFR1M

+

2.750%),

1/26/2028

b

203,838

Osaic

Holdings,

Inc.,

Term

Loan

102,230

9.824%, 

(TSFR1M

+

4.500%),

8/16/2028

b

101,642

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

184,572

9.074%, 

(TSFR1M

+

3.750%),

2/24/2028

b

183,766

Trans

Union,

LLC,

Term

Loan

257,625

7.689%, 

(TSFR1M

+

2.250%),

12/1/2028

b

256,996

USI,

Inc./NY,

Term

Loan

355,657

9.140%, 

(TSFR3M

+

3.750%),

11/22/2029

b

354,398

VFH

Parent,

LLC,

Term

Loan

155,600

8.427%, 

(TSFR1M

+

3.000%),

1/13/2029

b

154,337

Total

3,587,745

Technology

(1.5%)

Amentum

Government

Services

Holdings,

LLC,

Term  Loan

258,383

9.335%, 

(TSFR1M

+

4.000%),

2/15/2029

b

252,167

Principal

Amount

Bank

Loans

(7.0%)

a

Value

Technology

(1.5%)

-

continued

AthenaHealth

Group,

Inc.,

Term

Loan

$

724,026

8.577%, 

(TSFR1M

+

3.250%),

2/15/2029

b

$

700,365

Boxer

Parent

Company,

Inc.,

Term

Loan

378,098

9.189%, 

(TSFR1M

+

3.750%),

10/2/2025

b

377,508

Central

Parent,

Inc.,

Term

Loan

431,233

9.406%, 

(TSFR3M

+

4.000%),

7/6/2029

b

428,413

Cloud

Software

Group,

Inc.,

Term

Loan

444,384

9.990%, 

(TSFR3M

+

4.500%),

3/30/2029

b

421,658

Coherent

Corporation,

Term

Loan

226,732

8.189%, 

(TSFR1M

+

2.750%),

7/1/2029

b

225,952

CommScope,

Inc.,

Term

Loan

155,600

8.689%, 

(TSFR1M

+

3.250%),

4/4/2026

b

132,973

CoreLogic,

Inc.,

Term

Loan

182,274

8.939%, 

(TSFR1M

+

3.500%),

6/2/2028

b

165,479

Cornerstone

OnDemand,

Inc.,

Term

Loan

257,852

9.189%, 

(TSFR1M

+

3.750%),

10/15/2028

b

243,154

Dcert

Buyer,

Inc.,

Term

Loan

288,971

9.324%, 

(TSFR1M

+

4.000%),

10/16/2026

b

283,327

Dun

&

Bradstreet

Corporation,

Term

Loan

280,080

8.176%, 

(TSFR1M

+

2.750%),

2/8/2026

b

279,643

Gen

Digital,

Inc.,

Term

Loan

271,256

7.424%, 

(TSFR1M

+

2.000%),

9/12/2029

b

268,657

Genesys

Cloud

Services

Holdings

II,

LLC,

Term

Loan

239,517

9.439%, 

(TSFR1M

+

4.000%),

12/1/2027

b,d,e

239,117

GTCR

W

Merger

Sub,

LLC,

Term

Loan

466,800

0.000%, 

(TSFR1M

+

3.000%),

9/20/2030

b,d,e

463,103

Informatica,

LLC,

Term

Loan

258,377

8.189%, 

(TSFR1M

+

2.750%),

10/29/2028

b

257,328

Magenta

Buyer,

LLC,

Term

Loan

278,162

10.645%, 

(TSFR3M

+

5.000%),

7/27/2028

b

194,713

McAfee

Corporation,

Term

Loan

493,474

9.165%, 

(TSFR1M

+

3.750%),

3/1/2029

b

470,961

Mitchell

International,

Inc.,

Term

Loan

297,862

9.189%, 

(TSFR1M

+

3.750%),

10/15/2028

b

290,291

MKS

Instruments,

Inc.,

Term

Loan

465,300

7.819%, 

(TSFR1M

+

2.500%),

8/17/2029

b

461,033

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

343

Principal

Amount

Bank

Loans

(7.0%)

a

Value

Technology

(1.5%)

-

continued

Open

Text

Corporation,

Term

Loan

$

361,216

8.174%, 

(TSFR1M

+

2.750%),

1/31/2030

b

$

360,815

Peraton

Corporation,

Term

Loan

801,280

9.174%, 

(TSFR1M

+

3.750%),

2/1/2028

b

785,255

Polaris

Newco,

LLC,

Term

Loan

293,418

9.439%, 

(TSFR1M

+

4.000%),

6/4/2028

b

276,547

Project

Alpha

Intermediate

Holding,

Inc.,

Term

Loan

351,000

10.074%, 

(TSFR1M

+

4.750%),

10/26/2030

b

340,196

Proofpoint,

Inc.,

Term

Loan

320,091

8.689%, 

(TSFR1M

+

3.250%),

8/31/2028

b

314,399

RealPage,

Inc.,

Term

Loan

244,514

8.439%, 

(TSFR1M

+

3.000%),

4/22/2028

b

238,758

Tempo

Acquisition,

LLC,

Term

Loan

222,285

8.074%, 

(TSFR1M

+

2.750%),

8/31/2028

b

221,939

UKG,

Inc.,

Term

Loan

506,811

8.764%, 

(TSFR3M

+

3.250%),

5/3/2026

b

503,699

Verscend

Holding

Corporation,

Term

Loan

379,121

9.439%, 

(TSFR1M

+

4.000%),

8/27/2025

b

378,568

Total

9,576,018

Transportation

(0.4%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

565,798

10.427%, 

(TSFR3M

+

4.750%),

4/20/2028

b

572,871

Air

Canada,

Term

Loan

491,028

9.128%, 

(TSFR3M

+

3.500%),

8/11/2028

b

490,168

Brown

Group

Holding,

LLC,

Term

Loan

207,728

8.174%, 

(TSFR1M

+

2.750%),

6/7/2028

b

203,746

Genesee

&

Wyoming,

Inc.,

Term

Loan

258,323

7.490%, 

(TSFR3M

+

2.000%),

12/30/2026

b

258,000

SkyMiles

IP,

Ltd.,

Term

Loan

441,600

9.166%, 

(TSFR3M

+

3.750%),

10/20/2027

b

451,814

United

Airlines,

Inc.,

Term

Loan

604,008

9.189%, 

(TSFR1M

+

3.750%),

4/21/2028

b

601,743

Total

2,578,342

Utilities

(0.1%)

PG&E

Corporation,

Term

Loan

378,861

8.439%, 

(TSFR1M

+

3.000%),

6/23/2025

b

377,915

Principal

Amount

Bank

Loans

(7.0%)

a

Value

Utilities

(0.1%)

-

continued

Talen

Energy

Supply,

LLC,

Term

Loan

$

182,876

9.877%, 

(TSFR3M

+

4.500%),

5/17/2030

b

$

182,517

Total

560,432

Total

Bank

Loans

(cost

$45,395,752)

45,180,988

Principal

Amount

Long-Term

Fixed

Income

(

77.1%

)

Value

Asset-Backed

Securities

(9.5%)

510

Asset

Backed

Trust

500,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

f,g

423,455

636,475

2.116%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A1

f,g

588,485

1,000,000

4.090%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A2

f,g

847,975

720

East

CLO

I,

Ltd.

900,000

9.666%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

b,f

906,450

Affirm

Asset

Securitization

Trust

1,200,000

4.300%, 

5/17/2027,

Ser.

2022-A,

Class

1A

f

1,172,133

1,250,000

6.610%, 

1/18/2028,

Ser.

2023-A,

Class

A

f

1,242,931

1,000,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

f

1,000,367

AMSR

Trust

1,079,000

2.352%, 

6/17/2038,

Ser.

2021-SFR1,

Class

C

f

887,635

Anchorage

Capital

CLO

16,

Ltd.

1,550,000

8.058%, 

(TSFR3M

+

2.662%),

1/19/2035,

Ser.

2020-16A,

Class

CR

b,f

1,521,325

Anchorage

Capital

CLO

21,

Ltd.

1,500,000

8.077%, 

(TSFR3M

+

2.662%),

10/20/2034,

Ser.

2021-21A,

Class

C

b,f

1,473,972

Ares

XL

CLO,

Ltd.

1,150,000

8.456%, 

(TSFR3M

+

3.062%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,f

1,124,337

Babson

CLO,

Ltd.

1,825,000

8.577%, 

(TSFR3M

+

3.162%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,f

1,803,936

Barings

CLO,

Ltd.

1,250,000

8.827%, 

(TSFR3M

+

3.412%),

1/20/2032,

Ser.

2016-2A,

Class

DR2

b,f

1,204,759

Benefit

Street

Partners

CLO

II,

Ltd.

950,000

7.556%, 

(TSFR3M

+

2.162%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

b,f

950,036

Business

Jet

Securities,

LLC

1,273,626

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

f

1,187,466

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

344

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Asset-Backed

Securities

(9.5%)

-

continued

CarVal

CLO,

Ltd.

$

1,100,000

9.112%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

b,f

$

1,078,251

Cascade

Funding

Mortgage

Trust,

LLC

728,289

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

b,f

697,127

College

Avenue

Student

Loans,

LLC

222,009

7.089%, 

(TSFR1M

+

1.764%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,f

222,432

Dewolf

Park

CLO,

Ltd.

1,250,000

8.506%, 

(TSFR3M

+

3.112%),

10/15/2030,

Ser.

2017-1A,

Class

DR

b,f

1,166,495

Dryden

36

Senior

Loan

Fund

950,000

7.706%, 

(TSFR3M

+

2.312%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,f

934,819

Education

Funding

Trust

577,252

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

f

520,078

FirstKey

Homes

Trust

2,310,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

f

2,095,311

FRTKL

Trust

500,000

1.922%, 

9/17/2038,

Ser.

2021-SFR1,

Class

C

f

432,732

GMAC

Mortgage

Corporation

Loan

Trust

53,917

5.939%, 

(TSFR1M

+

0.614%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,h

30,143

Harley

Marine

Financing,

LLC

1,123,163

6.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

f

1,118,973

Home

Equity

Asset

Trust

1,246,124

6.759%, 

(TSFR1M

+

1.434%),

8/25/2033,

Ser.

2003-2,

Class

M1

b

1,168,794

Long

Beach

Mortgage

Loan

Trust

930,617

6.939%, 

(TSFR1M

+

1.614%),

9/25/2034,

Ser.

2004-5,

Class

M3

b

885,765

Longfellow

Place

CLO,

Ltd.

1,335,791

7.956%, 

(TSFR3M

+

2.562%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,f

1,333,665

Madison

Park

Funding

XVIII,

Ltd.

1,850,000

7.574%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

b,f

1,806,508

Myers

Park

CLO,

Ltd.

1,275,000

7.077%, 

(TSFR3M

+

1.662%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,f

1,260,934

Neuberger

Berman

CLO,

Ltd.

1,500,000

8.656%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

b,f

1,424,901

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Asset-Backed

Securities

(9.5%)

-

continued

Pagaya

AI

Debt

Trust

$

860,675

7.556%, 

7/15/2030,

Ser.

2023-1,

Class

A

f

$

862,558

Pagaya

AI

Technology

in

Housing

Trust

1,100,000

4.250%, 

8/25/2025,

Ser.

2022-1,

Class

B

f

1,037,071

PPM

CLO

6,

Ltd.

1,000,000

9.916%, 

(TSFR3M

+

4.500%),

1/20/2031,

Ser.

2022-6A,

Class

C

b,f

999,198

Preston

Ridge

Partners

Mortgage

Trust,

LLC

1,150,000

3.474%, 

7/25/2026,

Ser.

2021-6,

Class

A2

f,g

979,846

Pretium

Mortgage

Credit

Partners,

LLC

750,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

f,g

673,007

353,401

5.240%, 

4/25/2052,

Ser.

2022-NPL2,

Class

A1

f,g

341,836

850,000

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

f,g

656,487

925,000

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

f,g

701,691

621,186

2.487%, 

10/25/2051,

Ser.

2021-NPL5,

Class

A1

f,g

580,816

Progress

Residential

Trust

1,200,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

f

1,088,147

Renaissance

Home

Equity

Loan

Trust

389,900

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

g

148,887

Saxon

Asset

Securities

Trust

335,414

2.869%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

272,222

Sculptor

CLO,

Ltd.

1,870,000

8.077%, 

(TSFR3M

+

2.662%),

1/20/2035,

Ser.

28A,

Class

C

b,f

1,801,702

Shackleton

CLO,

Ltd.

930,000

7.877%, 

(TSFR3M

+

2.462%),

10/20/2034,

Ser.

2021-16A,

Class

C

b,f

899,861

Silver

Point

CLO

2,

Ltd.

800,000

8.116%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

b,f

802,875

Sound

Point

CLO,

Ltd.

1,550,000

7.927%, 

(TSFR3M

+

2.512%),

1/20/2032,

Ser.

2019-1A,

Class

CR

b,f

1,487,608

Stanwich

Mortgage

Loan

Company,

LLC

1,571,801

2.735%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

f,g

1,430,058

Stratus

CLO,

Ltd.

1,700,000

8.177%, 

(TSFR3M

+

2.762%),

12/29/2029,

Ser.

2021-1A,

Class

D

b,f

1,666,468

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

345

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Asset-Backed

Securities

(9.5%)

-

continued

$

1,400,000

8.466%, 

(TSFR3M

+

3.050%),

10/20/2031,

Ser.

2022-3A,

Class

B

b,f

$

1,402,474

Unlock

HEA

Trust

1,437,521

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

f

1,321,625

Upstart

Securitization

Trust

882,377

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

f

880,157

VCAT

Asset

Securitization,

LLC

300,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

f,g

281,812

Vericrest

Opportunity

Loan

Transferee

1,150,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

f,g

895,221

1,450,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

f,g

1,095,776

535,355

2.116%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A1

f,g

497,847

1,500,000

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

f,g

1,097,822

225,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

f,g

170,913

1,100,000

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

f,g

815,582

250,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

f,g

185,233

Whitebox

CLO

III,

Ltd.

1,500,000

7.856%, 

(TSFR3M

+

2.462%),

10/15/2034,

Ser.

2021-3A,

Class

C

b,f

1,465,154

Whitebox

CLO

IV,

Ltd.

1,500,000

8.016%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

b,f

1,498,107

Wind

River

CLO,

Ltd.

750,000

7.677%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,f

745,236

Total

61,295,487

Basic

Materials

(1.9%)

Alcoa

Nederland

Holding

BV

477,000

5.500%, 

12/15/2027

f

452,044

Anglo

American

Capital

plc

200,000

3.875%, 

3/16/2029

f

177,140

ATI,

Inc.

343,000

7.250%, 

8/15/2030

330,199

ATI,

Inc.,

Convertible

99,000

3.500%, 

6/15/2025

244,530

Cascades,

Inc./Cascades

USA,

Inc.

364,000

5.125%, 

1/15/2026

f

345,482

Chemours

Company

585,000

5.750%, 

11/15/2028

f

494,764

Cleveland-Cliffs,

Inc.

425,000

5.875%, 

6/1/2027

i

404,930

380,000

4.625%, 

3/1/2029

f,i

327,523

Consolidated

Energy

Finance

SA

807,000

5.625%, 

10/15/2028

f

663,112

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Basic

Materials

(1.9%)

-

continued

Ecolab,

Inc.

$

194,000

2.125%, 

2/1/2032

$

147,779

EIDP,

Inc.

187,000

4.500%, 

5/15/2026

181,568

First

Quantum

Minerals,

Ltd.

736,000

6.875%, 

10/15/2027

f

626,870

FMC

Corporation

167,000

5.150%, 

5/18/2026

161,236

Glencore

Funding,

LLC

220,000

4.000%, 

3/27/2027

f

205,175

350,000

6.125%, 

10/6/2028

f

346,969

200,000

6.375%, 

10/6/2030

f

195,939

Hecla

Mining

Company

190,000

7.250%, 

2/15/2028

181,403

Hudbay

Minerals,

Inc.

465,000

4.500%, 

4/1/2026

f

432,782

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

374,000

9.000%, 

7/1/2028

f

349,428

International

Flavors

&

Fragrances,

Inc.

261,000

1.230%, 

10/1/2025

f

235,302

Methanex

Corporation

553,000

4.250%, 

12/1/2024

539,981

Mineral

Resources,

Ltd.

96,000

9.250%, 

10/1/2028

f

96,000

Mosaic

Company

261,000

4.050%, 

11/15/2027

243,574

Novelis

Corporation

315,000

3.250%, 

11/15/2026

f

280,395

140,000

4.750%, 

1/30/2030

f

118,786

175,000

3.875%, 

8/15/2031

f

136,675

Nutrien,

Ltd.

292,000

4.000%, 

12/15/2026

276,245

OCI

NV

309,000

4.625%, 

10/15/2025

f

292,039

Olin

Corporation

627,000

5.125%, 

9/15/2027

574,843

20,000

5.625%, 

8/1/2029

18,184

Peabody

Energy

Corporation,

Convertible

139,000

3.250%, 

3/1/2028

194,461

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

507,000

5.375%, 

11/1/2026

f

449,722

SNF

Group

SACA

462,000

3.375%, 

3/15/2030

f

369,475

SunCoke

Energy,

Inc.

552,000

4.875%, 

6/30/2029

f

462,024

Taseko

Mines,

Ltd.

358,000

7.000%, 

2/15/2026

f

324,744

Unifrax

Escrow

Issuer

Corporation

422,000

5.250%, 

9/30/2028

f

285,039

United

States

Steel

Corporation

524,000

6.875%, 

3/1/2029

509,074

United

States

Steel

Corporation,

Convertible

117,000

5.000%, 

11/1/2026

299,227

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

346

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Basic

Materials

(1.9%)

-

continued

Westlake

Corporation

$

148,000

3.600%, 

8/15/2026

$

138,971

Total

12,113,634

Capital

Goods

(3.7%)

Advanced

Drainage

Systems,

Inc.

340,000

6.375%, 

6/15/2030

f

321,017

Amcor

Finance

USA,

Inc.

158,000

5.625%, 

5/26/2033

147,154

Amphenol

Corporation

164,000

4.750%, 

3/30/2026

160,222

Amsted

Industries,

Inc.

450,000

5.625%, 

7/1/2027

f

414,084

50,000

4.625%, 

5/15/2030

f

40,337

ARD

Finance

SA

159,000

6.500%, 

6/30/2027

f

92,567

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

504,000

5.250%, 

8/15/2027

f

366,347

39,000

5.250%, 

8/15/2027

f

28,348

Boeing

Company

316,000

4.875%, 

5/1/2025

310,437

561,000

2.196%, 

2/4/2026

515,464

220,000

3.250%, 

3/1/2028

195,261

510,000

5.150%, 

5/1/2030

477,844

Bombardier,

Inc.

216,000

7.125%, 

6/15/2026

f

207,832

523,000

7.875%, 

4/15/2027

f

503,112

219,000

6.000%, 

2/15/2028

f

193,788

Brand

Industrial

Services,

Inc.

154,000

10.375%, 

8/1/2030

f

152,845

Builders

FirstSource,

Inc.

285,000

5.000%, 

3/1/2030

f

248,710

Canpack

SA/Canpack

US,

LLC

790,000

3.125%, 

11/1/2025

f

724,225

Carrier

Global

Corporation

252,000

2.722%, 

2/15/2030

205,267

Chart

Industries,

Inc.

501,000

7.500%, 

1/1/2030

f

491,975

Chart

Industries,

Inc.,

Convertible

68,000

1.000%, 

11/15/2024

136,918

Clean

Harbors,

Inc.

665,000

6.375%, 

2/1/2031

f

632,058

Clydesdale

Acquisition

Holdings,

Inc.

67,000

6.625%, 

4/15/2029

f

60,863

134,000

8.750%, 

4/15/2030

f,i

106,809

Cornerstone

Building

Brands,

Inc.

345,000

6.125%, 

1/15/2029

f

252,230

Covanta

Holding

Corporation

260,000

4.875%, 

12/1/2029

f

202,800

CP

Atlas

Buyer,

Inc.

425,000

7.000%, 

12/1/2028

f

323,926

Crown

Cork

&

Seal

Company,

Inc.

423,000

7.375%, 

12/15/2026

429,366

Emerald

Debt

Merger

Sub,

LLC

506,000

6.625%, 

12/15/2030

f

481,332

Fluor

Corporation,

Convertible

327,000

1.125%, 

8/15/2029

f

314,247

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Capital

Goods

(3.7%)

-

continued

GFL

Environmental,

Inc.

$

352,000

4.000%, 

8/1/2028

f

$

302,927

709,000

3.500%, 

9/1/2028

f

607,071

Greenbrier

Companies,

Inc.,

Convertible

215,000

2.875%, 

4/15/2028

185,696

H&E

Equipment

Services,

Inc.

814,000

3.875%, 

12/15/2028

f

689,487

Herc

Holdings,

Inc.

440,000

5.500%, 

7/15/2027

f

413,592

Howmet

Aerospace,

Inc.

280,000

6.750%, 

1/15/2028

280,079

1,084,000

3.000%, 

1/15/2029

914,968

Huntington

Ingalls

Industries,

Inc.

221,000

4.200%, 

5/1/2030

195,677

Ingersoll

Rand,

Inc.

80,000

5.700%, 

8/14/2033

75,590

John

Deere

Capital

Corporation

176,000

5.150%, 

9/8/2026

175,168

167,000

4.950%, 

7/14/2028

162,896

280,000

2.800%, 

7/18/2029

242,216

165,000

4.700%, 

6/10/2030

155,328

138,000

3.900%, 

6/7/2032

i

120,635

79,000

5.150%, 

9/8/2033

75,128

Kaman

Corporation,

Convertible

85,000

3.250%, 

5/1/2024

82,433

L3Harris

Technologies,

Inc.

169,000

5.400%, 

1/15/2027

165,973

Mauser

Packaging

Solutions

Holding

Company

255,000

9.250%, 

4/15/2027

f,i

212,366

MIWD

Holdco

II,

LLC

200,000

5.500%, 

2/1/2030

f

158,750

Mueller

Water

Products,

Inc.

281,000

4.000%, 

6/15/2029

f

240,255

Nesco

Holdings

II,

Inc.

505,000

5.500%, 

4/15/2029

f

433,038

New

Enterprise

Stone

and

Lime

Company,

Inc.

620,000

5.250%, 

7/15/2028

f

547,145

Northrop

Grumman

Corporation

82,000

4.700%, 

3/15/2033

74,684

OI

European

Group

BV

554,000

4.750%, 

2/15/2030

f

471,404

Otis

Worldwide

Corporation

166,000

2.056%, 

4/5/2025

157,310

Owens-Brockway

Glass

Container,

Inc.

271,000

6.625%, 

5/13/2027

f

257,450

Pactiv

Evergreen

Group

360,000

4.375%, 

10/15/2028

f

306,226

Parker-Hannifin

Corporation

167,000

4.250%, 

9/15/2027

158,369

Patrick

Industries,

Inc.,

Convertible

89,000

1.750%, 

12/1/2028

83,705

PGT

Innovations,

Inc.

481,000

4.375%, 

10/1/2029

f

449,050

Republic

Services,

Inc.

124,000

3.950%, 

5/15/2028

115,644

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

347

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Capital

Goods

(3.7%)

-

continued

Roller

Bearing

Company

of

America,

Inc.

$

376,000

4.375%, 

10/15/2029

f

$

318,852

Rolls-Royce

plc

233,000

5.750%, 

10/15/2027

f

220,785

Sealed

Air

Corporation

419,000

6.125%, 

2/1/2028

f

398,812

Silgan

Holdings,

Inc.

202,000

4.125%, 

2/1/2028

178,385

SRM

Escrow

Issuer,

LLC

890,000

6.000%, 

11/1/2028

f

822,882

Textron,

Inc.

221,000

3.650%, 

3/15/2027

205,842

Titan

Acquisition,

Ltd./Titan

Co-

Borrower,

LLC

190,000

7.750%, 

4/15/2026

f

176,721

TransDigm,

Inc.

515,000

6.250%, 

3/15/2026

f

502,877

1,359,000

5.500%, 

11/15/2027

1,265,167

Triumph

Group,

Inc.

436,000

9.000%, 

3/15/2028

f,i

423,460

United

Rentals

North

America,

Inc.

610,000

4.875%, 

1/15/2028

565,944

310,000

4.000%, 

7/15/2030

260,504

Veralto

Corporation

167,000

5.350%, 

9/18/2028

f

161,557

Waste

Connections,

Inc.

70,000

3.200%, 

6/1/2032

56,664

Waste

Management,

Inc.

173,000

4.875%, 

2/15/2029

166,727

Waste

Pro

USA,

Inc.

185,000

5.500%, 

2/15/2026

f

170,053

WESCO

Distribution,

Inc.

655,000

7.250%, 

6/15/2028

f

650,841

Total

23,793,718

Collateralized

Mortgage

Obligations

(7.2%)

A&D

Mortgage

Trust

1,473,768

6.733%, 

7/25/2068,

Ser.

2023-NQM3,

Class

A1

f,g

1,463,949

Arroyo

Mortgage

Trust

1,500,000

3.269%, 

12/25/2056,

Ser.

2022-1,

Class

A1B

f,g

1,204,013

Banc

of

America

Alternative

Loan

Trust

772,804

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

633,672

Banc

of

America

Mortgage

Securities

Trust

138,884

5.127%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

115,452

283,239

5.499%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

251,468

CAFL

Issuer,

LLC

1,050,000

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

f

974,095

CHL

Mortgage

Pass-Through

Trust

291,510

4.064%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

276,130

204,683

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

94,283

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Collateralized

Mortgage

Obligations

(7.2%)

-

continued

$

136,455

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A33

$

62,855

607,633

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

229,611

CHNGE

Mortgage

Trust

1,325,744

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

b,f

1,201,090

800,159

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

b,f

773,046

876,415

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

f,g

857,479

1,551,497

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

f,g

1,486,968

1,126,382

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

f,g

1,117,514

1,096,056

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

f,g

1,064,782

CIM

Trust

1,165,822

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

f,g

1,152,604

Citigroup

Mortgage

Loan

Trust,

Inc.

232,511

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

198,004

973,743

4.259%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

821,967

Countrywide

Alternative

Loan

Trust

274,846

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

216,630

363,607

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

278,753

356,232

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

240,680

106,322

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

79,659

181,604

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

63,678

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

217,000

3.728%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

170,511

Credit

Suisse

Mortgage

Trust

792,680

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

b,f

770,818

304,788

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,f

237,583

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

525,927

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

449,133

Federal

Home

Loan

Mortgage

Corporation

1,157,645

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

125,646

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

723,244

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

674,925

1,329,866

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

967,000

12,652,948

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

j

1,035,214

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

348

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Collateralized

Mortgage

Obligations

(7.2%)

-

continued

$

501,740

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

$

15,422

501,804

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

j

18,040

997,726

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

97,290

1,219,825

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

60,611

Federal

National

Mortgage

Association

-

REMIC

865,378

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

814,038

510,412

4.000%, 

7/25/2052,

Ser.

2022-37,

Class

PE

475,352

402,648

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

12,936

604,870

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

20,026

877,923

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

22,481

1,577,682

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

61,628

1,317,227

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

47,352

429,412

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

14,499

1,108,677

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

35,798

349,236

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

j

13,745

1,427,991

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

j

43,411

716,754

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

j

26,994

775,410

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

20,405

850,614

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

72,104

810,407

4.500%, 

1/25/2046,

Ser.

2022-68,

Class

BA

777,297

First

Horizon

Alternative

Mortgage

Securities

Trust

121,992

6.038%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

108,513

Flagstar

Mortgage

Trust

1,548,126

3.000%, 

3/25/2050,

Ser.

2020-1INV,

Class

A3

b,f

1,224,820

1,695,885

2.500%, 

8/25/2051,

Ser.

2021-6INV,

Class

A4

b,f

1,238,858

799,925

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,f

653,008

GCAT

Trust

1,269,266

5.730%, 

8/25/2067,

Ser.

2022-NQM4,

Class

A3

f,g

1,224,628

Genworth

Mortgage

Insurance

Corporation

360,835

7.221%, 

(SOFR30A

+

1.900%),

2/25/2034,

Ser.

2021-3,

Class

M1A

b,f

361,236

GMAC

Mortgage

Corporation

Loan

Trust

375,902

3.530%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

298,662

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Collateralized

Mortgage

Obligations

(7.2%)

-

continued

$

9,854

4.136%, 

9/19/2035,

Ser.

2005-AR5,

Class

5A1

b

$

8,392

GS

Mortgage-Backed

Securities

Trust

1,587,029

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

b,f

1,517,968

Home

RE,

Ltd.

1,400,000

9.921%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

b,f

1,402,625

700,000

8.821%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

b,f

712,878

IndyMac

IMJA

Mortgage

Loan

Trust

281,022

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

119,897

IndyMac

INDA

Mortgage

Loan

Trust

1,592,898

3.803%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

1,232,720

J.P.

Morgan

Alternative

Loan

Trust

356,071

4.188%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

b

269,985

J.P.

Morgan

Mortgage

Trust

454,886

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,f

341,659

1,145,434

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

b,f

1,077,021

191,350

5.134%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

b

176,150

LHOME

Mortgage

Trust

1,500,000

2.363%, 

9/25/2026,

Ser.

2021-RTL3,

Class

A1

f,g

1,471,200

Merrill

Lynch

Alternative

Note

Asset

Trust

507,273

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

186,588

MFRA

Trust

298,200

3.875%, 

9/25/2056,

Ser.

2022-CHM1,

Class

A1

f,g

271,048

MortgageIT

Trust

1,671,127

5.899%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

b

1,335,670

Onslow

Bay

Mortgage

Loan

Trust

1,050,786

5.700%, 

8/25/2062,

Ser.

2022-NQM7,

Class

A3

f,g

1,016,043

PRKCM

Trust

375,214

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

f

371,381

Residential

Accredit

Loans,

Inc.

Trust

304,077

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

246,838

158,792

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

116,382

189,958

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

145,692

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

349

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Collateralized

Mortgage

Obligations

(7.2%)

-

continued

Residential

Funding

Mortgage

Security

I

Trust

$

216,614

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

$

157,687

ROC

Securities

Trust

Series

1,817,042

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

b,f

1,774,892

Sequoia

Mortgage

Trust

195,243

3.482%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

130,837

Structured

Adjustable

Rate

Mortgage

Loan

Trust

103,738

4.570%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

85,828

Toorak

Mortgage

Corporation,

Ltd.

509,668

2.240%, 

6/25/2024,

Ser.

2021-1,

Class

A1

f,g

496,007

TVC

Mortgage

Trust

1,000,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

f,g

994,566

Verus

Securitization

Trust

1,959,166

2.137%, 

10/25/2066,

Ser.

2021-7,

Class

A2

b,f

1,565,865

832,784

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

b,f

662,205

1,110,129

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

f,g

1,093,599

629,901

2.226%, 

5/25/2060,

Ser.

2020-2,

Class

A1

b,f

613,597

Washington

Mutual

Mortgage

Pass-Through

Certificates

325,017

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

253,846

Total

46,897,432

Commercial

Mortgage-Backed

Securities

(0.7%)

BANK

2022-BNK39

13,452,816

0.427%, 

2/15/2055,

Ser.

2022-BNK39,

Class

XA

b,j

353,057

BANK5

2023-5YR1

850,000

6.412%, 

4/15/2056,

Ser.

2023-5YR1,

Class

AS

b

827,627

BBCMS

Mortgage

Trust

5,379,198

0.740%, 

2/15/2055,

Ser.

2022-C14,

Class

XA

b,j

209,480

6,484,958

1.152%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

b,j

479,490

BFLD

Trust

1,100,000

7.150%, 

(TSFR1M

+

1.814%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,f

640,200

SCOTT

Trust

600,000

5.910%, 

3/15/2040,

Ser.

2023-SFS,

Class

A

f

572,434

Velocity

Commercial

Capital

Loan

Trust

1,250,000

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

b,e,f

1,249,889

Total

4,332,177

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Communications

Services

(4.1%)

Allen

Media,

LLC/Allen

Media

Co-

Issuer,

Inc.

$

436,000

10.500%, 

2/15/2028

f

$

227,071

Altice

Financing

SA

376,000

5.750%, 

8/15/2029

f

290,764

Altice

France

SA/France

205,000

8.125%, 

2/1/2027

f

172,808

936,000

5.500%, 

10/15/2029

f

643,875

AMC

Networks,

Inc.

200,000

5.000%, 

4/1/2024

198,440

625,000

4.250%, 

2/15/2029

i

383,994

American

Tower

Corporation

247,000

4.400%, 

2/15/2026

237,777

144,000

1.450%, 

9/15/2026

126,388

243,000

5.500%, 

3/15/2028

235,382

160,000

5.800%, 

11/15/2028

156,312

192,000

3.800%, 

8/15/2029

168,105

AT&T,

Inc.

433,000

4.300%, 

2/15/2030

388,320

158,000

5.400%, 

2/15/2034

145,175

Bell

Telephone

Company

of

Canada

157,000

5.100%, 

5/11/2033

142,947

Cable

One,

Inc.,

Convertible

263,000

1.125%, 

3/15/2028

194,225

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

250,000

5.500%, 

5/1/2026

f

238,414

515,000

5.125%, 

5/1/2027

f

474,159

463,000

5.000%, 

2/1/2028

f

415,745

311,000

6.375%, 

9/1/2029

f

284,627

1,090,000

4.750%, 

3/1/2030

f

899,166

328,000

4.250%, 

2/1/2031

f

255,249

109,000

4.750%, 

2/1/2032

f

85,081

417,000

4.250%, 

1/15/2034

f

301,200

CenterPoint

Energy,

Inc.,

Convertible

6,266

3.369%, 

9/15/2029

237,669

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

221,000

5.050%, 

3/30/2029

204,429

Cimpress

plc

342,000

7.000%, 

6/15/2026

316,494

Clear

Channel

Outdoor

Holdings,

Inc.

103,000

7.500%, 

6/1/2029

f,i

74,972

Clear

Channel

Worldwide

Holdings,

Inc.

805,000

5.125%, 

8/15/2027

f

715,481

Comcast

Corporation

147,000

2.350%, 

1/15/2027

132,883

476,000

3.400%, 

4/1/2030

412,081

Connect

Finco

SARL/Connect

US

Finco,

LLC

261,000

6.750%, 

10/1/2026

f

243,392

Crown

Castle,

Inc.

205,000

2.900%, 

3/15/2027

183,992

CSC

Holdings,

LLC

310,000

5.375%, 

2/1/2028

f

246,864

561,000

6.500%, 

2/1/2029

f

443,578

787,000

4.125%, 

12/1/2030

f

527,260

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

350

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Communications

Services

(4.1%)

-

continued

Deutsche

Telekom

International

Finance

BV

$

499,000

8.750%, 

6/15/2030

$

559,099

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

875,000

5.875%, 

8/15/2027

f

766,706

DISH

DBS

Corporation

171,000

5.875%, 

11/15/2024

156,895

247,000

5.250%, 

12/1/2026

f

199,243

170,000

7.375%, 

7/1/2028

96,005

178,000

5.750%, 

12/1/2028

f

129,272

264,000

5.125%, 

6/1/2029

135,960

DISH

Network

Corporation

222,000

11.750%, 

11/15/2027

f

219,904

Frontier

Communications

Holdings,

LLC

553,000

5.875%, 

10/15/2027

f

504,152

351,000

6.750%, 

5/1/2029

f

277,748

125,000

8.750%, 

5/15/2030

f

119,094

GCI,

LLC

625,000

4.750%, 

10/15/2028

f

536,312

Gray

Escrow

II,

Inc.

733,000

5.375%, 

11/15/2031

f

461,974

Gray

Television,

Inc.

425,000

4.750%, 

10/15/2030

f

272,484

Iliad

Holding

SASU

614,000

6.500%, 

10/15/2026

f

573,753

Lamar

Media

Corporation

267,000

3.625%, 

1/15/2031

215,819

LCPR

Senior

Secured

Financing

DAC

373,000

6.750%, 

10/15/2027

f

337,565

Level

3

Financing,

Inc.

294,000

4.625%, 

9/15/2027

f

195,510

736,000

4.250%, 

7/1/2028

f

416,188

237,000

10.500%, 

5/15/2030

f,i

237,186

McGraw-Hill

Education,

Inc.

377,000

5.750%, 

8/1/2028

f

317,736

96,000

8.000%, 

8/1/2029

f

79,100

Meta

Platforms,

Inc.

169,000

3.850%, 

8/15/2032

146,883

News

Corporation

482,000

3.875%, 

5/15/2029

f

412,582

NTT

Finance

Corporation

177,000

1.162%, 

4/3/2026

f

158,898

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

296,000

6.250%, 

6/15/2025

f

291,921

205,000

4.625%, 

3/15/2030

f

164,512

Paramount

Global

175,000

6.375%, 

3/30/2062

b

128,790

122,000

4.750%, 

5/15/2025

119,190

Playtika

Holding

Corporation

419,000

4.250%, 

3/15/2029

f

338,024

Radiate

Holdco,

LLC/Radiate

Finance,

Inc.

250,000

6.500%, 

9/15/2028

f

123,750

Rogers

Communications,

Inc.

125,000

5.250%, 

3/15/2082

b,f

109,966

Scripps

Escrow

II,

Inc.

188,000

3.875%, 

1/15/2029

f

142,715

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Communications

Services

(4.1%)

-

continued

Sirius

XM

Radio,

Inc.

$

372,000

5.000%, 

8/1/2027

f

$

341,087

485,000

4.000%, 

7/15/2028

f

412,460

100,000

4.125%, 

7/1/2030

f

79,402

Sprint

Capital

Corporation

511,000

6.875%, 

11/15/2028

524,069

220,000

8.750%, 

3/15/2032

247,642

TEGNA,

Inc.

674,000

4.625%, 

3/15/2028

581,325

Telecom

Italia

Capital

SA

153,000

6.000%, 

9/30/2034

125,921

Telecom

Italia

SPA/Milano

209,000

5.303%, 

5/30/2024

f

204,938

Telesat

Canada/Telesat,

LLC

235,000

4.875%, 

6/1/2027

f

139,238

90,000

6.500%, 

10/15/2027

f

43,200

T-Mobile

USA,

Inc.

338,000

3.375%, 

4/15/2029

294,282

United

States

Cellular

Corporation

235,000

6.700%, 

12/15/2033

223,013

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

628,000

4.750%, 

4/15/2028

f

507,532

Univision

Communications,

Inc.

523,000

6.625%, 

6/1/2027

f

477,706

Verizon

Communications,

Inc.

247,000

2.100%, 

3/22/2028

210,691

552,000

3.150%, 

3/22/2030

463,088

383,000

2.550%, 

3/21/2031

299,224

296,000

2.355%, 

3/15/2032

221,334

Virgin

Media

Finance

plc

195,000

5.000%, 

7/15/2030

f

153,306

Virgin

Media

Secured

Finance

plc

251,000

5.500%, 

5/15/2029

f

222,260

Vodafone

Group

plc

164,000

7.000%, 

4/4/2079

b

158,575

VZ

Secured

Financing

BV

678,000

5.000%, 

1/15/2032

f

514,416

Walt

Disney

Company

123,000

3.800%, 

3/22/2030

109,671

Warnermedia

Holdings,

Inc.

253,000

3.638%, 

3/15/2025

244,524

599,000

4.054%, 

3/15/2029

530,036

YPSO

Finance

BIS

SA

214,000

10.500%, 

5/15/2027

f

116,437

Total

26,794,632

Consumer

Cyclical

(5.8%)

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

700,000

4.375%, 

1/15/2028

f

630,267

Adient

Global

Holdings,

Ltd.

269,000

4.875%, 

8/15/2026

f

250,524

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

215,000

6.625%, 

7/15/2026

f

201,347

380,000

6.000%, 

6/1/2029

f

274,550

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

765,000

4.625%, 

6/1/2028

f

625,701

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

351

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Consumer

Cyclical

(5.8%)

-

continued

Allison

Transmission,

Inc.

$

276,000

3.750%, 

1/30/2031

f

$

218,763

Amazon.com,

Inc.

147,000

1.500%, 

6/3/2030

114,572

312,000

4.700%, 

12/1/2032

292,583

American

Axle

&

Manufacturing,

Inc.

740,000

6.500%, 

4/1/2027

i

697,535

American

Honda

Finance

Corporation

169,000

5.800%, 

10/3/2025

169,502

356,000

5.850%, 

10/4/2030

353,486

Arko

Corporation

310,000

5.125%, 

11/15/2029

f

251,348

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

280,000

4.625%, 

8/1/2029

f

226,571

228,000

4.625%, 

4/1/2030

f

176,541

Best

Buy

Company,

Inc.

147,000

1.950%, 

10/1/2030

112,052

Bloomin'

Brands,

Inc.,

Convertible

7,000

5.000%, 

5/1/2025

14,551

Booking

Holdings,

Inc.,

Convertible

106,000

0.750%, 

5/1/2025

161,529

Boyd

Gaming

Corporation

430,000

4.750%, 

6/15/2031

f

356,856

Boyne

USA,

Inc.

186,000

4.750%, 

5/15/2029

f

161,943

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

310,000

6.250%, 

9/15/2027

f

269,706

Burlington

Stores,

Inc.,

Convertible

180,000

2.250%, 

4/15/2025

172,471

Caesars

Entertainment,

Inc.

686,000

6.250%, 

7/1/2025

f

674,947

240,000

8.125%, 

7/1/2027

f

237,810

481,000

4.625%, 

10/15/2029

f

395,299

Carnival

Corporation

381,000

7.625%, 

3/1/2026

f,i

370,482

759,000

5.750%, 

3/1/2027

f

677,682

195,000

4.000%, 

8/1/2028

f

169,615

Cedar

Fair,

LP

670,000

5.250%, 

7/15/2029

i

577,029

Churchill

Downs,

Inc.

265,000

4.750%, 

1/15/2028

f

237,314

202,000

6.750%, 

5/1/2031

f

186,345

Cinemark

USA,

Inc.

572,000

5.875%, 

3/15/2026

f

543,130

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

185,000

8.500%, 

5/15/2027

f

182,146

600,000

6.750%, 

5/15/2028

f

584,916

D.R.

Horton,

Inc.

69,000

2.600%, 

10/15/2025

64,712

Daimler

Trucks

Finance

North

America,

LLC

150,000

5.400%, 

9/20/2028

f

145,373

Expedia

Group,

Inc.

220,000

3.250%, 

2/15/2030

182,184

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Consumer

Cyclical

(5.8%)

-

continued

Expedia

Group,

Inc.,

Convertible

$

180,000

Zero

Coupon, 

2/15/2026

$

156,411

Ford

Motor

Company

769,000

3.250%, 

2/12/2032

580,402

435,000

6.100%, 

8/19/2032

402,353

Ford

Motor

Company,

Convertible

403,000

Zero

Coupon, 

3/15/2026

367,737

Ford

Motor

Credit

Company,

LLC

537,000

2.300%, 

2/10/2025

507,094

715,000

4.134%, 

8/4/2025

681,492

871,000

2.700%, 

8/10/2026

780,708

255,000

2.900%, 

2/10/2029

208,529

350,000

7.350%, 

3/6/2030

351,495

Forestar

Group,

Inc.

340,000

3.850%, 

5/15/2026

f

302,626

General

Motors

Company

221,000

6.800%, 

10/1/2027

224,448

General

Motors

Financial

Company,

Inc.

245,000

3.950%, 

4/13/2024

242,266

124,000

1.200%, 

10/15/2024

118,101

544,000

2.900%, 

2/26/2025

519,406

135,000

2.750%, 

6/20/2025

127,398

250,000

5.800%, 

6/23/2028

242,203

150,000

5.700%, 

9/30/2030

b,k

125,965

Genuine

Parts

Company

165,000

6.500%, 

11/1/2028

e

164,989

Goodyear

Tire

&

Rubber

Company

315,000

5.000%, 

7/15/2029

270,907

Guitar

Center

Escrow

Issuer

II,

Inc.

144,000

8.500%, 

1/15/2026

f,i

121,251

Hanesbrands,

Inc.

415,000

4.875%, 

5/15/2026

f,i

381,308

Hilton

Domestic

Operating

Company,

Inc.

638,000

4.875%, 

1/15/2030

572,749

196,000

3.625%, 

2/15/2032

f

154,933

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

318,000

5.000%, 

6/1/2029

f

266,324

Home

Depot,

Inc.

208,000

3.250%, 

4/15/2032

173,175

Hyatt

Hotels

Corporation

165,000

5.750%, 

1/30/2027

163,068

Hyundai

Capital

America

118,000

5.500%, 

3/30/2026

f

116,072

221,000

3.000%, 

2/10/2027

f

199,266

166,000

6.500%, 

1/16/2029

e,f

165,454

International

Game

Technology

plc

545,000

5.250%, 

1/15/2029

f

495,885

Jacobs

Entertainment,

Inc.

268,000

6.750%, 

2/15/2029

f

227,800

KB

Home

395,000

4.800%, 

11/15/2029

342,252

Kohl's

Corporation

131,000

4.625%, 

5/1/2031

89,575

L

Brands,

Inc.

880,000

6.625%, 

10/1/2030

f

814,700

100,000

6.875%, 

11/1/2035

88,245

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

352

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Consumer

Cyclical

(5.8%)

-

continued

Lennar

Corporation

$

138,000

4.750%, 

5/30/2025

$

135,108

Light

&

Wonder

International,

Inc.

457,000

7.250%, 

11/15/2029

f

443,185

Live

Nation

Entertainment,

Inc.,

Convertible

201,000

2.000%, 

2/15/2025

202,005

271,000

3.125%, 

1/15/2029

f

272,084

Lowe's

Companies,

Inc.

335,000

4.500%, 

4/15/2030

306,432

Macy's

Retail

Holdings,

LLC

420,000

5.875%, 

4/1/2029

f,i

370,272

Marriott

International,

Inc./MD

165,000

4.900%, 

4/15/2029

154,756

220,000

4.625%, 

6/15/2030

198,492

Marriott

Vacations

Worldwide

Corporation,

Convertible

162,000

Zero

Coupon, 

1/15/2026

138,834

164,000

3.250%, 

12/15/2027

f

137,924

Mattamy

Group

Corporation

373,000

5.250%, 

12/15/2027

f

335,126

McDonald's

Corporation

152,000

4.950%, 

8/14/2033

141,014

Mercedes-Benz

Finance

North

America,

LLC

221,000

1.450%, 

3/2/2026

f

200,622

200,000

5.200%, 

8/3/2026

f

197,316

Michaels

Companies,

Inc.

320,000

5.250%, 

5/1/2028

f,i

231,859

NCL

Corporation,

Ltd.

182,000

3.625%, 

12/15/2024

f

172,165

134,000

5.875%, 

3/15/2026

f

120,265

396,000

5.875%, 

2/15/2027

f

364,506

Nissan

Motor

Company,

Ltd.

177,000

3.522%, 

9/17/2025

f

167,385

184,000

4.345%, 

9/17/2027

f

166,368

229,000

4.810%, 

9/17/2030

f

194,555

Nordstrom,

Inc.

160,000

4.375%, 

4/1/2030

i

124,194

225,000

4.250%, 

8/1/2031

i

164,831

PENN

Entertainment,

Inc.

605,000

4.125%, 

7/1/2029

f,i

470,061

PetSmart,

Inc./PetSmart

Finance

Corporation

690,000

4.750%, 

2/15/2028

f

610,566

260,000

7.750%, 

2/15/2029

f

239,367

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

689,000

5.750%, 

4/15/2026

f

668,404

370,000

6.250%, 

1/15/2028

f,i

343,102

Realogy

Group,

LLC/Realogy

Group

Co-Issuer

Corporation

458,000

5.750%, 

1/15/2029

f

288,628

Royal

Caribbean

Cruises,

Ltd.

73,000

11.500%, 

6/1/2025

f

77,149

731,000

4.250%, 

7/1/2026

f

672,228

416,000

9.250%, 

1/15/2029

f

434,237

301,000

7.250%, 

1/15/2030

f

296,929

SeaWorld

Parks

and

Entertainment,

Inc.

308,000

5.250%, 

8/15/2029

f,i

268,277

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Consumer

Cyclical

(5.8%)

-

continued

Six

Flags

Theme

Parks,

Inc.

$

161,000

7.000%, 

7/1/2025

f

$

159,889

Staples,

Inc.

380,000

7.500%, 

4/15/2026

f

309,964

241,000

10.750%, 

4/15/2027

f

132,755

Station

Casinos,

LLC

383,000

4.625%, 

12/1/2031

f,i

302,401

Tapestry,

Inc.

150,000

3.050%, 

3/15/2032

107,622

Target

Corporation

307,000

2.350%, 

2/15/2030

252,228

Tenneco,

Inc.

323,000

8.000%, 

11/17/2028

f

259,208

Tractor

Supply

Company

151,000

5.250%, 

5/15/2033

138,227

Tripadvisor,

Inc.

102,000

7.000%, 

7/15/2025

f

100,980

Uber

Technologies,

Inc.

470,000

6.250%, 

1/15/2028

f

452,375

Uber

Technologies,

Inc.,

Convertible

273,000

Zero

Coupon, 

12/15/2025

248,096

Vail

Resorts,

Inc.,

Convertible

240,000

Zero

Coupon, 

1/1/2026

208,650

VICI

Properties,

LP/VICI

Note

Company,

Inc.

281,000

4.625%, 

6/15/2025

f

269,895

190,000

4.500%, 

9/1/2026

f

177,357

576,000

5.750%, 

2/1/2027

f

551,240

356,000

3.750%, 

2/15/2027

f

320,338

Viking

Cruises,

Ltd.

653,000

5.875%, 

9/15/2027

f

588,288

Volkswagen

Group

of

America

Finance,

LLC

275,000

4.250%, 

11/13/2023

f

274,837

68,000

3.350%, 

5/13/2025

f

65,198

Wabash

National

Corporation

500,000

4.500%, 

10/15/2028

f

413,750

Walmart,

Inc.

238,000

4.000%, 

4/15/2030

219,843

Wyndham

Hotels

&

Resorts,

Inc.

245,000

4.375%, 

8/15/2028

f

216,225

Yum!

Brands,

Inc.

507,000

4.750%, 

1/15/2030

f

451,336

ZF

North

America

Capital,

Inc.

274,000

7.125%, 

4/14/2030

f

265,798

Total

37,502,715

Consumer

Non-Cyclical

(5.2%)

1375209

B.C.,

Ltd.

371,000

9.000%, 

1/30/2028

f

359,642

Abbott

Laboratories

752,000

1.400%, 

6/30/2030

583,736

AbbVie,

Inc.

605,000

3.600%, 

5/14/2025

585,282

AdaptHealth,

LLC

273,000

4.625%, 

8/1/2029

f

204,067

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

353

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Consumer

Non-Cyclical

(5.2%)

-

continued

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

$

600,000

4.625%, 

1/15/2027

f

$

562,327

574,000

3.500%, 

3/15/2029

f

489,393

Altria

Group,

Inc.

166,000

6.200%, 

11/1/2028

165,075

Amgen,

Inc.

247,000

5.150%, 

3/2/2028

241,067

392,000

5.250%, 

3/2/2030

376,318

Anheuser-Busch

InBev

Worldwide,

Inc.

278,000

4.000%, 

4/13/2028

261,435

295,000

4.750%, 

1/23/2029

284,699

Archer-Daniels-Midland

Company

155,000

4.500%, 

8/15/2033

139,706

AstraZeneca

Finance,

LLC

299,000

1.750%, 

5/28/2028

254,471

B&G

Foods,

Inc.

203,000

5.250%, 

9/15/2027

i

167,071

421,000

8.000%, 

9/15/2028

f

410,261

BAT

Capital

Corporation

202,000

6.343%, 

8/2/2030

196,044

141,000

7.750%, 

10/19/2032

144,688

Bausch

&

Lomb

Escrow

Corporation

96,000

8.375%, 

10/1/2028

f

95,352

Bausch

Health

Companies,

Inc.

186,000

5.500%, 

11/1/2025

f

160,425

400,000

4.875%, 

6/1/2028

f

199,516

519,000

11.000%, 

9/30/2028

f

316,590

Becton,

Dickinson

and

Company

165,000

4.693%, 

2/13/2028

157,941

221,000

2.823%, 

5/20/2030

182,024

BellRing

Brands,

Inc.

282,000

7.000%, 

3/15/2030

f

273,893

BioMarin

Pharmaceutical,

Inc.,

Convertible

240,000

1.250%, 

5/15/2027

230,746

Bio-Rad

Laboratories,

Inc.

204,000

3.300%, 

3/15/2027

185,985

Bristol-Myers

Squibb

Company

166,000

5.750%, 

2/1/2031

e

164,992

82,000

5.900%, 

11/15/2033

e

81,475

Cargill,

Inc.

288,000

2.125%, 

11/10/2031

f

218,143

Catalent

Pharma

Solutions,

Inc.

342,000

3.125%, 

2/15/2029

f

268,898

Central

Garden

&

Pet

Company

565,000

4.125%, 

10/15/2030

460,816

Cheplapharm

Arzneimittel

GmbH

70,000

5.500%, 

1/15/2028

f

62,089

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

484,000

4.625%, 

11/15/2028

f

418,453

CHS/Community

Health

Systems,

Inc.

379,000

5.625%, 

3/15/2027

f

307,912

117,000

8.000%, 

12/15/2027

f

99,236

500,000

6.000%, 

1/15/2029

f

378,750

211,000

5.250%, 

5/15/2030

f

149,843

220,000

4.750%, 

2/15/2031

f

147,454

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Consumer

Non-Cyclical

(5.2%)

-

continued

Cigna

Group

$

244,000

2.400%, 

3/15/2030

$

196,839

Constellation

Brands,

Inc.

295,000

3.150%, 

8/1/2029

254,714

110,000

4.900%, 

5/1/2033

99,317

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

468,000

4.750%, 

1/15/2029

f

414,288

235,000

6.625%, 

7/15/2030

f

223,890

CVS

Health

Corporation

168,000

5.000%, 

2/20/2026

164,811

115,000

4.300%, 

3/25/2028

107,742

168,000

5.125%, 

2/21/2030

158,153

158,000

5.300%, 

6/1/2033

145,919

Diageo

Capital

plc

129,000

2.000%, 

4/29/2030

102,562

250,000

5.625%, 

10/5/2033

245,413

Edgewell

Personal

Care

Company

340,000

5.500%, 

6/1/2028

f

310,306

Eli

Lilly

&

Company

310,000

4.700%, 

2/27/2033

291,118

Embecta

Corporation

155,000

6.750%, 

2/15/2030

f

128,495

Encompass

Health

Corporation

860,000

4.500%, 

2/1/2028

775,316

Energizer

Holdings,

Inc.

105,000

4.750%, 

6/15/2028

f

89,685

435,000

4.375%, 

3/31/2029

f

355,100

Envista

Holdings

Corporation,

Convertible

36,000

1.750%, 

8/15/2028

30,996

Fortrea

Holdings,

Inc.

136,000

7.500%, 

7/1/2030

f,i

131,240

General

Mills,

Inc.

62,000

4.950%, 

3/29/2033

56,307

Gilead

Sciences,

Inc.

160,000

5.250%, 

10/15/2033

151,563

Grifols

SA

479,000

4.750%, 

10/15/2028

f

402,360

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

1,016,000

4.875%, 

6/1/2029

f

693,420

Imperial

Brands

Finance

plc

127,000

3.125%, 

7/26/2024

f

123,982

Integer

Holdings

Corporation,

Convertible

222,000

2.125%, 

2/15/2028

f

243,480

Jazz

Investments

I,

Ltd.,

Convertible

276,000

2.000%, 

6/15/2026

278,760

Jazz

Securities

DAC

268,000

4.375%, 

1/15/2029

f

233,071

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

Luxembourg

SARL

170,000

6.750%, 

3/15/2034

f

159,304

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

USA

Finance,

Inc.

395,000

2.500%, 

1/15/2027

346,913

173,000

3.625%, 

1/15/2032

132,985

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

354

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Consumer

Non-Cyclical

(5.2%)

-

continued

Kenvue,

Inc.

$

85,000

5.000%, 

3/22/2030

$

81,794

Keurig

Dr.

Pepper,

Inc.

272,000

3.200%, 

5/1/2030

229,486

Kraft

Heinz

Foods

Company

483,000

3.875%, 

5/15/2027

452,794

152,000

6.750%, 

3/15/2032

156,847

Kroger

Company

124,000

4.500%, 

1/15/2029

116,424

Lamb

Weston

Holdings,

Inc.

285,000

4.125%, 

1/31/2030

f

241,772

Legacy

LifePoint

Health,

LLC

205,000

4.375%, 

2/15/2027

f

169,517

LifePoint

Health,

Inc.

196,000

11.000%, 

10/15/2030

f

184,451

Mattel,

Inc.

415,000

3.375%, 

4/1/2026

f

383,324

McKesson

Corporation

136,000

0.900%, 

12/3/2025

123,291

490,000

1.300%, 

8/15/2026

434,946

Medtronic

Global

Holdings

SCA

160,000

4.500%, 

3/30/2033

145,389

ModivCare

Escrow

Issuer,

Inc.

161,000

5.000%, 

10/1/2029

f,i

117,335

ModivCare,

Inc.

129,000

5.875%, 

11/15/2025

f

121,905

Mozart

Debt

Merger

Sub,

Inc.

449,000

3.875%, 

4/1/2029

f

379,120

318,000

5.250%, 

10/1/2029

f,i

270,689

Mylan,

Inc.

127,000

4.200%, 

11/29/2023

126,798

Nestle

Holdings,

Inc.

312,000

4.950%, 

3/14/2030

f

301,623

Newell

Brands,

Inc.

374,000

5.200%, 

4/1/2026

353,113

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

465,000

4.125%, 

4/30/2028

f

401,648

283,000

5.125%, 

4/30/2031

f

221,000

Owens

&

Minor,

Inc.

463,000

6.625%, 

4/1/2030

f,i

404,590

Perrigo

Finance

Unlimited

Company

495,000

4.375%, 

3/15/2026

464,689

Pfizer

Investment

Enterprises

Pte,

Ltd.

246,000

4.450%, 

5/19/2026

240,164

159,000

4.750%, 

5/19/2033

146,121

Philip

Morris

International,

Inc.

476,000

4.875%, 

2/13/2026

467,537

322,000

4.875%, 

2/15/2028

309,433

141,000

5.625%, 

11/17/2029

137,983

141,000

5.750%, 

11/17/2032

134,711

Post

Holdings,

Inc.

388,000

4.500%, 

9/15/2031

f

313,944

Post

Holdings,

Inc.,

Convertible

159,000

2.500%, 

8/15/2027

150,812

Primo

Water

Holdings,

Inc.

401,000

4.375%, 

4/30/2029

f

338,328

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Consumer

Non-Cyclical

(5.2%)

-

continued

Procter

&

Gamble

Company

$

122,000

1.200%, 

10/29/2030

$

92,291

RegionalCare

Hospital

Partners

Holdings,

Inc./LifePoint

Health,

Inc.

205,000

9.750%, 

12/1/2026

f

191,672

Roche

Holdings,

Inc.

141,000

1.930%, 

12/13/2028

f

118,925

200,000

2.076%, 

12/13/2031

f

153,551

Royalty

Pharma

plc

343,000

1.200%, 

9/2/2025

312,766

Scotts

Miracle-Gro

Company

199,000

4.500%, 

10/15/2029

157,210

SEG

Holding,

LLC

670,000

5.625%, 

10/15/2028

f

671,159

Simmons

Foods,

Inc.

485,000

4.625%, 

3/1/2029

f

393,975

Spectrum

Brands,

Inc.

335,000

5.000%, 

10/1/2029

f

300,525

205,000

5.500%, 

7/15/2030

f

182,963

Star

Parent,

Inc.

320,000

9.000%, 

10/1/2030

f

317,563

Stryker

Corporation

244,000

3.650%, 

3/7/2028

225,229

Sysco

Corporation

128,000

5.950%, 

4/1/2030

127,071

Takeda

Pharmaceutical

Company,

Ltd.

297,000

5.000%, 

11/26/2028

286,728

Teleflex,

Inc.

480,000

4.625%, 

11/15/2027

439,200

223,000

4.250%, 

6/1/2028

f

196,798

Tenet

Healthcare

Corporation

1,415,000

5.125%, 

11/1/2027

1,306,211

185,000

6.125%, 

10/1/2028

171,588

404,000

6.750%, 

5/15/2031

f

383,652

Teva

Pharmaceutical

Finance

Netherlands

III

BV

375,000

3.150%, 

10/1/2026

330,159

Topgolf

Callaway

Brands

Corporation,

Convertible

51,000

2.750%, 

5/1/2026

50,713

TreeHouse

Foods,

Inc.

534,000

4.000%, 

9/1/2028

434,412

Unilever

Capital

Corporation

225,000

5.000%, 

12/8/2033

211,863

Utah

Acquisition

Sub,

Inc.

249,000

3.950%, 

6/15/2026

233,235

Viterra

Finance

BV

324,000

3.200%, 

4/21/2031

f

255,846

Winnebago

Industries,

Inc.,

Convertible

131,000

1.500%, 

4/1/2025

142,856

Wyeth,

LLC

382,000

6.500%, 

2/1/2034

394,310

Zoetis,

Inc.

236,000

5.600%, 

11/16/2032

228,779

Total

33,466,692

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

355

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Energy

(4.5%)

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

$

240,000

5.375%, 

6/15/2029

f

$

217,932

Antero

Resources

Corporation

179,000

5.375%, 

3/1/2030

f

163,341

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

585,000

6.250%, 

4/1/2028

f

543,319

Baytex

Energy

Corporation

338,000

8.500%, 

4/30/2030

f

334,771

Borr

IHC,

Ltd./Borr

Finance,

LLC

350,000

10.375%, 

11/15/2030

e,f

347,025

BP

Capital

Markets

America,

Inc.

614,000

4.234%, 

11/6/2028

576,530

259,000

4.812%, 

2/13/2033

236,646

BP

Capital

Markets

plc

231,000

4.875%, 

3/22/2030

b,k

201,090

Buckeye

Partners,

LP

460,000

3.950%, 

12/1/2026

419,253

Callon

Petroleum

Company

213,000

7.500%, 

6/15/2030

f,i

206,304

Cheniere

Energy

Partners,

LP

146,000

4.500%, 

10/1/2029

130,721

146,000

3.250%, 

1/31/2032

113,214

259,000

5.950%, 

6/30/2033

f

242,212

Chesapeake

Energy

Corporation

255,000

6.750%, 

4/15/2029

f

249,506

Chord

Energy

Corporation

255,000

6.375%, 

6/1/2026

f

250,344

Civitas

Resources,

Inc.

153,000

8.375%, 

7/1/2028

f

153,943

113,000

8.625%, 

11/1/2030

f

115,014

219,000

8.750%, 

7/1/2031

f

221,029

CNX

Resources

Corporation

195,000

6.000%, 

1/15/2029

f

178,806

CNX

Resources

Corporation,

Convertible

185,000

2.250%, 

5/1/2026

321,253

Columbia

Pipelines

Holding

Company,

LLC

167,000

6.055%, 

8/15/2026

f

166,755

317,000

6.042%, 

8/15/2028

f

311,497

Comstock

Resources,

Inc.

235,000

6.750%, 

3/1/2029

f

213,855

330,000

5.875%, 

1/15/2030

f

282,153

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

175,000

5.500%, 

6/15/2031

f

152,206

Crescent

Energy

Finance,

LLC

376,000

9.250%, 

2/15/2028

f

378,693

CrownRock,

LP/CrownRock

Finance,

Inc.

305,000

5.625%, 

10/15/2025

f

299,990

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

128,000

8.500%, 

10/1/2030

f

124,762

Diamondback

Energy,

Inc.

374,000

3.125%, 

3/24/2031

306,201

DT

Midstream,

Inc.

264,000

4.125%, 

6/15/2029

f

226,990

130,000

4.375%, 

6/15/2031

f

107,960

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Energy

(4.5%)

-

continued

Enbridge,

Inc.

$

175,000

7.375%, 

1/15/2083

b

$

161,893

175,000

7.625%, 

1/15/2083

b

156,527

78,000

5.700%, 

3/8/2033

72,933

Enerflex,

Ltd.

267,000

9.000%, 

10/15/2027

f

242,970

Energy

Transfer,

LP

100,000

6.750%, 

5/15/2025

b,k

90,281

169,000

4.400%, 

3/15/2027

159,177

221,000

3.750%, 

5/15/2030

188,884

169,000

6.400%, 

12/1/2030

167,172

EnLink

Midstream

Partners,

LP

526,000

4.850%, 

7/15/2026

494,449

Enterprise

Products

Operating,

LLC

148,000

4.150%, 

10/16/2028

137,552

178,000

8.619%, 

(TSFR3M

+

3.248%),

8/16/2077

b

173,999

EQM

Midstream

Partners,

LP

931,000

4.750%, 

1/15/2031

f

783,904

EQT

Corporation,

Convertible

116,000

1.750%, 

5/1/2026

336,050

Ferrellgas,

LP/Ferrellgas

Finance

Corporation

368,000

5.375%, 

4/1/2026

f

344,441

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

515,000

8.875%, 

4/15/2030

497,854

Harvest

Midstream,

LP

392,000

7.500%, 

9/1/2028

f

371,441

Hess

Midstream

Operations,

LP

324,000

5.625%, 

2/15/2026

f

313,774

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

470,000

5.750%, 

2/1/2029

f

423,132

564,000

6.250%, 

4/15/2032

f

492,542

Howard

Midstream

Energy

Partners,

LLC

535,000

6.750%, 

1/15/2027

f

505,628

ITT

Holdings,

LLC

475,000

6.500%, 

8/1/2029

f

397,219

Laredo

Petroleum,

Inc.

581,000

7.750%, 

7/31/2029

f

526,070

Marathon

Oil

Corporation

148,000

4.400%, 

7/15/2027

138,686

MEG

Energy

Corporation

440,000

5.875%, 

2/1/2029

f

411,173

MPLX,

LP

370,000

1.750%, 

3/1/2026

335,702

82,000

5.000%, 

3/1/2033

72,614

Murphy

Oil

Corporation

350,000

5.875%, 

12/1/2027

336,560

Nabors

Industries,

Ltd.

555,000

7.250%, 

1/15/2026

f

521,406

National

Fuel

Gas

Company

296,000

5.500%, 

1/15/2026

290,317

New

Fortress

Energy,

Inc.

210,000

6.750%, 

9/15/2025

f

194,824

Noble

Finance

II,

LLC

336,000

8.000%, 

4/15/2030

f

335,795

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

356

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Energy

(4.5%)

-

continued

Northern

Oil

and

Gas,

Inc.

$

338,000

8.750%, 

6/15/2031

f

$

336,293

Northern

Oil

and

Gas,

Inc.,

Convertible

197,000

3.625%, 

4/15/2029

232,066

Northriver

Midstream

Finance,

LP

165,000

5.625%, 

2/15/2026

f

155,925

NuStar

Logistics,

LP

283,000

5.750%, 

10/1/2025

273,884

Occidental

Petroleum

Corporation

214,000

6.375%, 

9/1/2028

215,361

ONEOK,

Inc.

222,000

2.200%, 

9/15/2025

206,876

164,000

5.550%, 

11/1/2026

162,019

157,000

5.650%, 

11/1/2028

153,201

Ovintiv,

Inc.

201,000

5.650%, 

5/15/2028

195,150

160,000

6.250%, 

7/15/2033

152,092

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

256,000

6.000%, 

2/15/2028

235,341

Permian

Resources

Operating,

LLC

288,000

7.000%, 

1/15/2032

f

279,185

Permian

Resources

Operating,

LLC,

Convertible

79,000

3.250%, 

4/1/2028

193,944

Phillips

66

Company

238,000

4.950%, 

12/1/2027

231,221

Pioneer

Natural

Resources

Company

184,000

1.900%, 

8/15/2030

143,764

Pioneer

Natural

Resources

Company,

Convertible

137,000

0.250%, 

5/15/2025

349,223

Plains

All

American

Pipeline,

LP

41,000

9.736%, 

(TSFR3M

+

4.372%),

12/4/2023

b,k

38,528

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

314,000

4.650%, 

10/15/2025

304,150

Precision

Drilling

Corporation

420,000

6.875%, 

1/15/2029

f

388,879

Range

Resources

Corporation

271,000

4.750%, 

2/15/2030

f

240,689

Rockcliff

Energy

II,

LLC

360,000

5.500%, 

10/15/2029

f

324,930

Rockies

Express

Pipeline,

LLC

247,000

4.950%, 

7/15/2029

f

217,688

Schlumberger

Holdings

Corporation

93,000

4.300%, 

5/1/2029

f

86,012

SM

Energy

Company

184,000

6.625%, 

1/15/2027

178,799

200,000

6.500%, 

7/15/2028

192,543

Southwestern

Energy

Company

382,000

5.375%, 

3/15/2030

350,388

250,000

4.750%, 

2/1/2032

214,997

Suncor

Energy,

Inc.

160,000

7.150%, 

2/1/2032

165,091

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Energy

(4.5%)

-

continued

Sunoco,

LP/Sunoco

Finance

Corporation

$

495,000

5.875%, 

3/15/2028

$

468,266

337,000

4.500%, 

4/30/2030

287,840

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

580,000

5.500%, 

1/15/2028

f

508,109

Targa

Resources

Partners,

LP

355,000

4.875%, 

2/1/2031

312,944

Teine

Energy,

Ltd.

320,000

6.875%, 

4/15/2029

f

296,400

TransCanada

Trust

342,000

5.875%, 

8/15/2076

b

306,336

Transocean,

Inc.

355,000

11.500%, 

1/30/2027

f

369,424

172,900

8.750%, 

2/15/2030

f

172,390

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

449,000

6.875%, 

4/1/2026

436,026

Valaris,

Ltd.

344,000

8.375%, 

4/30/2030

f

337,550

Venture

Global

Calcasieu

Pass,

LLC

640,000

3.875%, 

8/15/2029

f

532,594

12,000

6.250%, 

1/15/2030

f

11,320

250,000

4.125%, 

8/15/2031

f

201,002

Venture

Global

LNG,

Inc.

689,000

8.375%, 

6/1/2031

f

657,482

286,000

9.875%, 

2/1/2032

f

290,001

Weatherford

International,

Ltd.

291,000

8.625%, 

4/30/2030

f

294,049

Williams

Companies,

Inc.

147,000

2.600%, 

3/15/2031

114,614

Total

29,282,870

Financials

(12.0%)

Acrisure,

LLC/Acrisure

Finance,

Inc.

109,000

6.000%, 

8/1/2029

f

87,925

AerCap

Holdings

NV

164,000

5.875%, 

10/10/2079

b

153,923

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

110,000

3.150%, 

2/15/2024

108,921

220,000

6.500%, 

7/15/2025

219,492

150,000

6.100%, 

1/15/2027

147,540

243,000

5.750%, 

6/6/2028

233,286

384,000

3.000%, 

10/29/2028

323,422

Air

Lease

Corporation

133,000

2.300%, 

2/1/2025

126,256

48,000

3.375%, 

7/1/2025

45,560

189,000

4.650%, 

6/15/2026

b,k

160,866

147,000

3.125%, 

12/1/2030

117,029

Aircastle,

Ltd.

290,000

5.250%, 

6/15/2026

b,f,k

227,403

147,000

2.850%, 

1/26/2028

f

122,623

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

248,000

6.750%, 

10/15/2027

f

226,488

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

357

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Financials

(12.0%)

-

continued

Ally

Financial,

Inc.

$

217,000

5.750%, 

11/20/2025

i

$

207,293

328,000

4.700%, 

5/15/2026

b,i,k

212,904

148,000

8.000%, 

11/1/2031

144,454

88,000

6.700%, 

2/14/2033

73,969

American

Express

Company

218,000

3.950%, 

8/1/2025

210,625

210,000

3.550%, 

9/15/2026

b,k

164,850

320,000

6.338%, 

10/30/2026

b

320,907

485,000

2.550%, 

3/4/2027

434,242

American

Homes

4

Rent,

LP

156,000

2.375%, 

7/15/2031

115,962

American

International

Group,

Inc.

317,000

5.125%, 

3/27/2033

288,267

AmWINS

Group,

Inc.

306,000

4.875%, 

6/30/2029

f

261,949

Arbor

Realty

Trust,

Inc.,

Convertible

62,000

7.500%, 

8/1/2025

f

58,900

Ares

Capital

Corporation

70,000

4.250%, 

3/1/2025

67,382

371,000

2.150%, 

7/15/2026

325,847

Ares

Capital

Corporation,

Convertible

83,000

4.625%, 

3/1/2024

83,000

Assurant,

Inc.

239,000

6.100%, 

2/27/2026

237,668

Australia

&

New

Zealand

Banking

Group,

Ltd.

338,000

2.950%, 

7/22/2030

b,f

314,068

Aviation

Capital

Group,

LLC

142,000

4.875%, 

10/1/2025

f

136,649

Avolon

Holdings

Funding,

Ltd.

309,000

4.250%, 

4/15/2026

f

288,414

BAC

Capital

Trust

XIV

138,000

6.071%, 

(TSFR3M

+

0.662%),

11/17/2023

b,k

102,244

Banco

Santander

Mexico

SA

87,000

5.375%, 

4/17/2025

f

85,416

Banco

Santander

SA

82,000

4.750%, 

11/12/2026

b,k

58,969

200,000

5.294%, 

8/18/2027

190,851

200,000

4.175%, 

3/24/2028

b

183,135

200,000

6.921%, 

8/8/2033

185,756

Bank

of

America

Corporation

285,000

4.200%, 

8/26/2024

280,396

711,000

6.250%, 

9/5/2024

b,k

698,793

124,000

3.458%, 

3/15/2025

b

122,527

150,000

6.100%, 

3/17/2025

b,k

144,626

339,000

1.319%, 

6/19/2026

b

311,548

735,000

1.197%, 

10/24/2026

b

663,962

220,000

6.125%, 

4/27/2027

b,k

206,848

218,000

1.734%, 

7/22/2027

b

192,387

283,000

4.376%, 

4/27/2028

b

264,176

442,000

3.593%, 

7/21/2028

b

399,989

218,000

4.948%, 

7/22/2028

b

207,174

370,000

5.819%, 

9/15/2029

b

360,280

824,000

3.974%, 

2/7/2030

b

728,726

525,000

2.687%, 

4/22/2032

b

402,543

216,000

2.572%, 

10/20/2032

b

161,772

275,000

2.972%, 

2/4/2033

b

210,769

140,000

3.846%, 

3/8/2037

b

110,444

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Financials

(12.0%)

-

continued

Bank

of

Montreal

$

180,000

5.920%, 

9/25/2025

$

179,540

235,000

5.203%, 

2/1/2028

226,695

140,000

3.088%, 

1/10/2037

b

101,125

Bank

of

New

York

Mellon

Corporation

165,000

6.317%, 

10/25/2029

b

166,276

218,000

4.596%, 

7/26/2030

b

200,989

165,000

6.474%, 

10/25/2034

b

165,551

Bank

of

Nova

Scotia

212,000

5.250%, 

12/6/2024

210,166

294,000

4.900%, 

6/4/2025

b,k

268,283

148,000

1.050%, 

3/2/2026

131,982

Barclays

plc

136,000

4.375%, 

9/11/2024

133,141

562,000

2.852%, 

5/7/2026

b

530,146

200,000

5.501%, 

8/9/2028

b

189,667

223,000

4.972%, 

5/16/2029

b

205,282

200,000

6.224%, 

5/9/2034

b

183,331

160,000

7.119%, 

6/27/2034

b

148,590

Berkshire

Hathaway

Finance

Corporation

428,000

2.875%, 

3/15/2032

348,896

Blackstone

Mortgage

Trust,

Inc.,

Convertible

49,000

5.500%, 

3/15/2027

41,681

Blue

Owl

Capital

Corporation

146,000

4.250%, 

1/15/2026

136,083

Blue

Owl

Credit

Income

Corporation

209,000

4.700%, 

2/8/2027

189,602

Blue

Owl

Technology

Finance

Corporation

73,000

4.750%, 

12/15/2025

f

67,631

221,000

3.750%, 

6/17/2026

f

195,700

BNP

Paribas

SA

199,000

2.819%, 

11/19/2025

b,f

191,465

200,000

3.132%, 

1/20/2033

b,f

152,640

BPCE

SA

133,000

2.375%, 

1/14/2025

f

126,475

Bread

Financial

Holdings,

Inc.,

Convertible

34,000

4.250%, 

6/15/2028

f

30,571

Brixmor

Operating

Partnership,

LP

245,000

2.250%, 

4/1/2028

204,530

Brookfield

Property

REIT,

Inc./BPR

Cumulus,

LLC/BPR

Nimbus,

LLC/GGSI

Sellco,

LLC

109,000

4.500%, 

4/1/2027

f

90,928

Burford

Capital

Global

Finance,

LLC

375,000

9.250%, 

7/1/2031

f

370,125

Camden

Property

Trust

170,000

5.850%, 

11/3/2026

170,112

Canadian

Imperial

Bank

of

Commerce

212,000

3.945%, 

8/4/2025

204,511

197,000

5.926%, 

10/2/2026

196,613

Capital

One

Financial

Corporation

82,000

3.950%, 

9/1/2026

b,k

57,070

206,000

3.273%, 

3/1/2030

b

168,922

Capital

One

NA

199,000

2.280%, 

1/28/2026

b

187,772

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

358

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Financials

(12.0%)

-

continued

Castlelake

Aviation

Finance

DAC

$

166,000

5.000%, 

4/15/2027

f

$

146,461

Centene

Corporation

637,000

3.000%, 

10/15/2030

504,105

Charles

Schwab

Corporation

328,000

5.375%, 

6/1/2025

b,k

311,455

324,000

0.900%, 

3/11/2026

285,772

203,000

4.000%, 

6/1/2026

b,k

161,115

166,000

5.875%, 

8/24/2026

164,852

200,000

2.000%, 

3/20/2028

167,001

360,000

4.000%, 

12/1/2030

b,k

245,670

158,000

6.136%, 

8/24/2034

b

147,983

Citigroup,

Inc.

116,000

5.000%, 

9/12/2024

b,k

109,784

373,000

3.352%, 

4/24/2025

b

367,245

332,000

5.500%, 

9/13/2025

327,335

150,000

4.000%, 

12/10/2025

b,k

128,787

320,000

3.875%, 

2/18/2026

b,k

268,293

170,000

4.150%, 

11/15/2026

b,k

132,364

522,000

1.122%, 

1/28/2027

b

464,219

974,000

1.462%, 

6/9/2027

b

857,318

285,000

3.070%, 

2/24/2028

b

256,528

89,000

7.375%, 

5/15/2028

b,k

84,886

204,000

7.625%, 

11/15/2028

b,k

196,440

589,000

4.075%, 

4/23/2029

b

535,713

156,000

6.174%, 

5/25/2034

b

145,007

Citizens

Financial

Group,

Inc.

162,000

4.000%, 

10/6/2026

b,k

110,301

CNA

Financial

Corporation

145,000

3.950%, 

5/15/2024

143,252

Coinbase

Global,

Inc.,

Convertible

374,000

0.500%, 

6/1/2026

282,785

Comerica,

Inc.

78,000

5.625%, 

7/1/2025

b,k

67,061

Commonwealth

Bank

of

Australia

177,000

2.688%, 

3/11/2031

f

131,311

Cooperatieve

Rabobank

UA

135,000

1.339%, 

6/24/2026

b,f

124,523

Corebridge

Financial,

Inc.

131,000

6.875%, 

12/15/2052

b

121,026

161,000

6.050%, 

9/15/2033

f

151,130

Corporate

Office

Properties,

LP

292,000

2.250%, 

3/15/2026

264,049

Corporate

Office

Properties,

LP,

Convertible

47,000

5.250%, 

9/15/2028

f

46,083

Credit

Acceptance

Corporation

640,000

5.125%, 

12/31/2024

f

618,755

Credit

Agricole

SA

156,000

8.125%, 

12/23/2025

b,f,k

154,050

147,000

3.250%, 

1/14/2030

f

119,459

Credit

Suisse

Group

AG

167,000

7.500%, 

12/11/2023

*,b,k,l

17,535

83,000

7.250%, 

9/12/2025

b,f,k,l

8,715

Dai-ichi

Life

Insurance

Company,

Ltd.

285,000

5.100%, 

10/28/2024

b,f,k

278,177

Deutsche

Bank

AG/New

York,

NY

502,000

2.129%, 

11/24/2026

b

453,287

280,000

2.311%, 

11/16/2027

b

242,180

209,000

3.742%, 

1/7/2033

b

146,166

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Financials

(12.0%)

-

continued

Discover

Bank

$

295,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

b

$

265,500

Discover

Financial

Services

72,000

6.700%, 

11/29/2032

66,701

Drawbridge

Special

Opportunities

Fund,

LP

660,000

3.875%, 

2/15/2026

f

582,284

Elevance

Health,

Inc.

204,000

5.350%, 

10/15/2025

202,418

452,000

2.550%, 

3/15/2031

357,498

Enact

Holdings,

Inc.

253,000

6.500%, 

8/15/2025

f

248,512

Encore

Capital

Group,

Inc.,

Convertible

117,000

4.000%, 

3/15/2029

f

98,792

Extra

Space

Storage,

LP

144,000

2.400%, 

10/15/2031

107,680

Fifth

Third

Bancorp

148,000

4.500%, 

9/30/2025

b,k

125,806

145,000

4.772%, 

7/28/2030

b

128,502

Fifth

Third

Bank

NA

398,000

3.850%, 

3/15/2026

366,681

First

Horizon

Bank

220,000

5.750%, 

5/1/2030

i

186,198

Five

Corners

Funding

Trust

III

220,000

5.791%, 

2/15/2033

f

208,009

Fortress

Transportation

and

Infrastructure

Investors,

LLC

203,000

6.500%, 

10/1/2025

f

200,993

166,000

9.750%, 

8/1/2027

f

170,772

47,000

5.500%, 

5/1/2028

f

42,738

Freedom

Mortgage

Corporation

159,000

7.625%, 

5/1/2026

f

146,326

128,000

12.000%, 

10/1/2028

f

128,409

FS

KKR

Capital

Corporation

146,000

3.400%, 

1/15/2026

133,559

146,000

2.625%, 

1/15/2027

124,468

GGAM

Finance,

Ltd.

336,000

7.750%, 

5/15/2026

f

333,319

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

595,000

3.750%, 

12/15/2027

f

450,471

Goldman

Sachs

Group,

Inc.

155,000

5.500%, 

8/10/2024

b,i,k

151,144

141,000

3.500%, 

4/1/2025

135,703

203,000

4.250%, 

10/21/2025

194,561

206,000

0.855%, 

2/12/2026

b

191,071

250,000

3.650%, 

8/10/2026

b,k

193,738

170,000

4.125%, 

11/10/2026

b,k

134,694

429,000

1.948%, 

10/21/2027

b

376,240

141,000

2.640%, 

2/24/2028

b

124,904

573,000

3.615%, 

3/15/2028

b

524,631

284,000

4.482%, 

8/23/2028

b

265,896

294,000

3.814%, 

4/23/2029

b

264,095

148,000

3.800%, 

3/15/2030

127,870

148,000

2.615%, 

4/22/2032

b

112,761

146,000

2.383%, 

7/21/2032

b

108,368

Hartford

Financial

Services

Group,

Inc.

148,000

2.800%, 

8/19/2029

125,212

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

359

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Financials

(12.0%)

-

continued

$

216,000

7.751%, 

(TSFR3M

+

2.387%),

2/12/2047

b,f

$

184,925

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

12,000

Zero

Coupon, 

5/1/2025

f

11,344

123,000

3.750%, 

8/15/2028

f

107,031

HSBC

Holdings

plc

225,000

3.803%, 

3/11/2025

b

222,643

82,000

6.375%, 

3/30/2025

b,k

77,300

148,000

2.633%, 

11/7/2025

b

141,910

162,000

1.645%, 

4/18/2026

b

150,624

164,000

1.589%, 

5/24/2027

b

144,454

260,000

2.251%, 

11/22/2027

b

227,957

200,000

6.161%, 

3/9/2029

b

195,915

413,000

4.583%, 

6/19/2029

b

376,343

157,000

4.600%, 

12/17/2030

b,k

113,512

176,000

2.804%, 

5/24/2032

b

132,505

HUB

International,

Ltd.

518,000

5.625%, 

12/1/2029

f

446,113

Huntington

Bancshares,

Inc.

226,000

4.450%, 

10/15/2027

b,k

168,649

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

320,000

6.375%, 

12/15/2025

301,040

354,000

5.250%, 

5/15/2027

303,112

ING

Groep

NV

292,000

1.726%, 

4/1/2027

b

260,817

200,000

6.083%, 

9/11/2027

b

198,092

Intercontinental

Exchange,

Inc.

208,000

4.350%, 

6/15/2029

191,539

Invitation

Homes

Operating

Partnership,

LP

223,000

2.000%, 

8/15/2031

160,566

J.P.

Morgan

Chase

&

Company

150,000

8.934%, 

(TSFR3M

+

3.562%),

2/1/2024

b,i,k

150,208

406,000

5.000%, 

8/1/2024

b,k

392,892

560,000

4.023%, 

12/5/2024

b

558,593

244,000

4.600%, 

2/1/2025

b,k

227,326

478,000

1.561%, 

12/10/2025

b

452,344

145,000

2.083%, 

4/22/2026

b

136,275

185,000

3.650%, 

6/1/2026

b,k

160,483

471,000

1.045%, 

11/19/2026

b

423,603

294,000

1.578%, 

4/22/2027

b

262,288

265,000

2.947%, 

2/24/2028

b

238,529

442,000

4.005%, 

4/23/2029

b

402,543

146,000

2.069%, 

6/1/2029

b

121,357

589,000

4.493%, 

3/24/2031

b

531,341

141,000

2.963%, 

1/25/2033

b

109,852

147,000

4.912%, 

7/25/2033

b

132,040

142,000

5.717%, 

9/14/2033

b

132,976

172,000

5.350%, 

6/1/2034

b

158,639

159,000

6.254%, 

10/23/2034

b

156,857

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

135,000

5.000%, 

8/15/2028

f

107,742

KeyBank

NA/Cleveland,

OH

221,000

3.900%, 

4/13/2029

172,427

300,000

5.000%, 

1/26/2033

241,531

Kilroy

Realty,

LP

255,000

4.250%, 

8/15/2029

212,133

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Financials

(12.0%)

-

continued

Lincoln

National

Corporation

$

135,000

7.996%, 

(LIBOR

3M

+

2.358%),

11/17/2023

b

$

87,412

Lloyds

Banking

Group

plc

806,000

1.627%, 

5/11/2027

b

713,883

LPL

Holdings,

Inc.

360,000

4.000%, 

3/15/2029

f

309,552

M&T

Bank

Corporation

298,000

3.500%, 

9/1/2026

b,k

199,275

Macquarie

Group,

Ltd.

293,000

1.629%, 

9/23/2027

b,f

254,920

Manufacturers

&

Traders

Trust

Company

313,000

4.700%, 

1/27/2028

283,633

Marsh

&

McLennan

Companies,

Inc.

151,000

2.375%, 

12/15/2031

115,560

MetLife,

Inc.

200,000

3.850%, 

9/15/2025

b,k

181,840

135,000

5.875%, 

3/15/2028

b,k

118,898

176,000

6.400%, 

12/15/2036

164,996

Metropolitan

Life

Global

Funding

I

285,000

2.950%, 

4/9/2030

f

235,168

Mid-America

Apartments,

LP

295,000

4.200%, 

6/15/2028

274,773

Mitsubishi

UFJ

Financial

Group,

Inc.

162,000

1.412%, 

7/17/2025

149,692

290,000

1.538%, 

7/20/2027

b

256,175

Mizuho

Financial

Group,

Inc.

425,000

1.554%, 

7/9/2027

b

375,465

288,000

2.564%, 

9/13/2031

211,625

158,000

5.748%, 

7/6/2034

b

146,872

Molina

Healthcare,

Inc.

332,000

4.375%, 

6/15/2028

f

295,485

Morgan

Stanley

124,000

2.720%, 

7/22/2025

b

120,650

291,000

1.164%, 

10/21/2025

b

275,302

95,000

5.000%, 

11/24/2025

92,830

100,000

2.630%, 

2/18/2026

b

95,210

294,000

2.188%, 

4/28/2026

b

276,534

192,000

6.138%, 

10/16/2026

b

191,465

251,000

0.985%, 

12/10/2026

b

223,378

294,000

1.593%, 

5/4/2027

b

261,241

290,000

1.512%, 

7/20/2027

b

254,574

102,000

5.123%, 

2/1/2029

b

97,113

1,041,000

3.622%, 

4/1/2031

b

881,390

141,000

2.943%, 

1/21/2033

b

108,203

146,000

4.889%, 

7/20/2033

b

129,291

155,000

5.250%, 

4/21/2034

b

139,656

181,000

5.424%, 

7/21/2034

b

165,195

284,000

2.484%, 

9/16/2036

b

200,906

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

173,000

5.250%, 

8/1/2026

i

148,955

99,000

4.625%, 

8/1/2029

68,541

Nasdaq,

Inc.

167,000

5.350%, 

6/28/2028

162,624

Nationstar

Mortgage

Holdings,

Inc.

336,000

6.000%, 

1/15/2027

f

312,319

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

360

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Financials

(12.0%)

-

continued

NatWest

Group

plc

$

206,000

4.269%, 

3/22/2025

b

$

203,928

147,000

4.892%, 

5/18/2029

b

136,005

220,000

3.754%, 

11/1/2029

b

209,947

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

385,000

4.500%, 

9/30/2028

f

288,269

New

York

Life

Global

Funding

159,000

4.550%, 

1/28/2033

f

142,058

NFP

Corporation

205,000

6.875%, 

8/15/2028

f

175,052

Nippon

Life

Insurance

Company

415,000

5.100%, 

10/16/2044

b,f

406,874

NNN

REIT,

Inc.

147,000

2.500%, 

4/15/2030

116,968

Nomura

Holdings,

Inc.

218,000

2.172%, 

7/14/2028

179,376

Northern

Trust

Corporation

210,000

4.000%, 

5/10/2027

197,387

Omega

Healthcare

Investors,

Inc.

150,000

4.750%, 

1/15/2028

136,811

147,000

3.375%, 

2/1/2031

113,012

OneMain

Finance

Corporation

235,000

6.875%, 

3/15/2025

231,850

1,146,000

3.875%, 

9/15/2028

906,085

Park

Intermediate

Holdings,

LLC

537,000

4.875%, 

5/15/2029

f

448,177

Pebblebrook

Hotel

Trust,

Convertible

339,000

1.750%, 

12/15/2026

267,000

Pine

Street

Trust

I

148,000

4.572%, 

2/15/2029

f

131,559

PNC

Bank

NA

148,000

2.700%, 

10/22/2029

117,580

PNC

Financial

Services

Group,

Inc.

272,000

5.671%, 

10/28/2025

b

269,250

200,000

3.400%, 

9/15/2026

b,k

143,908

175,000

6.200%, 

9/15/2027

b,i,k

155,695

169,000

5.582%, 

6/12/2029

b

161,810

178,000

6.250%, 

3/15/2030

b,k

146,494

170,000

6.875%, 

10/20/2034

b

169,897

PRA

Group,

Inc.

307,000

7.375%, 

9/1/2025

f

287,045

253,000

8.375%, 

2/1/2028

f

208,409

Principal

Life

Global

Funding

II

218,000

1.250%, 

8/16/2026

f

191,413

Prologis,

LP

228,000

3.375%, 

12/15/2027

207,592

Provident

Financing

Trust

I

78,000

7.405%, 

3/15/2038

75,413

Prudential

Financial,

Inc.

141,000

5.125%, 

3/1/2052

b

119,884

133,000

6.750%, 

3/1/2053

b

125,258

435,000

5.200%, 

3/15/2044

b

428,721

75,000

3.700%, 

10/1/2050

b

59,090

Public

Storage

Operating

Company

157,000

5.100%, 

8/1/2033

145,478

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Financials

(12.0%)

-

continued

QBE

Insurance

Group,

Ltd.

$

81,000

5.875%, 

5/12/2025

b,f,k

$

77,413

Radian

Group,

Inc.

340,000

4.875%, 

3/15/2027

315,541

Realty

Income

Corporation

147,000

4.875%, 

6/1/2026

143,157

173,000

3.950%, 

8/15/2027

160,637

Redwood

Trust,

Inc.,

Convertible

17,000

7.750%, 

6/15/2027

14,567

Regions

Financial

Corporation

160,000

2.250%, 

5/18/2025

146,913

156,000

5.750%, 

6/15/2025

b,i,k

143,098

Reinsurance

Group

of

America,

Inc.

157,000

6.000%, 

9/15/2033

147,670

RLJ

Lodging

Trust,

LP

169,000

3.750%, 

7/1/2026

f

152,093

376,000

4.000%, 

9/15/2029

f

306,440

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

390,000

3.625%, 

3/1/2029

f

316,950

Royal

Bank

of

Canada

188,000

0.750%, 

10/7/2024

179,192

Santander

Holdings

USA,

Inc.

137,000

2.490%, 

1/6/2028

b

117,946

153,000

6.499%, 

3/9/2029

b

147,978

Santander

UK

Group

Holdings

plc

286,000

1.673%, 

6/14/2027

b

249,272

Service

Properties

Trust

180,000

4.650%, 

3/15/2024

177,848

108,000

4.350%, 

10/1/2024

103,526

333,000

7.500%, 

9/15/2025

323,533

265,000

5.500%, 

12/15/2027

223,727

Simon

Property

Group,

LP

244,000

2.650%, 

7/15/2030

196,711

SLM

Corporation

170,000

4.200%, 

10/29/2025

158,100

Societe

Generale

SA

148,000

2.625%, 

10/16/2024

f

142,840

165,000

1.488%, 

12/14/2026

b,f

147,023

Spirit

Realty,

LP

329,000

3.200%, 

1/15/2027

297,761

Standard

Chartered

plc

165,000

0.991%, 

1/12/2025

b,f

162,993

85,000

6.000%, 

7/26/2025

b,f,i,k

79,980

200,000

2.608%, 

1/12/2028

b,f

175,651

Starwood

Property

Trust,

Inc.,

Convertible

138,000

6.750%, 

7/15/2027

132,618

State

Street

Corporation

169,000

5.272%, 

8/3/2026

166,299

138,000

4.421%, 

5/13/2033

b

120,507

Sumitomo

Life

Insurance

Company

320,000

3.375%, 

4/15/2081

b,f

258,784

Sumitomo

Mitsui

Financial

Group,

Inc.

148,000

2.448%, 

9/27/2024

143,307

200,000

2.174%, 

1/14/2027

177,036

550,000

5.716%, 

9/14/2028

538,252

221,000

2.142%, 

9/23/2030

167,427

200,000

5.766%, 

1/13/2033

189,642

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

361

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Financials

(12.0%)

-

continued

Sumitomo

Mitsui

Trust

Bank,

Ltd.

$

135,000

1.050%, 

9/12/2025

f

$

123,220

Summit

Hotel

Properties,

Inc.,

Convertible

130,000

1.500%, 

2/15/2026

107,600

Synchrony

Financial

141,000

4.250%, 

8/15/2024

138,049

86,000

7.250%, 

2/2/2033

72,929

Synovus

Bank

155,000

5.625%, 

2/15/2028

137,661

Toronto-Dominion

Bank

100,000

8.125%, 

10/31/2082

b

98,106

165,000

5.156%, 

1/10/2028

159,073

246,000

5.523%, 

7/17/2028

239,835

138,000

4.456%, 

6/8/2032

120,336

Truist

Bank

147,000

2.250%, 

3/11/2030

108,554

Truist

Financial

Corporation

330,000

6.047%, 

6/8/2027

b

323,240

121,000

1.887%, 

6/7/2029

b

96,991

345,000

5.100%, 

3/1/2030

b,k

276,304

U.S.

Bancorp

205,000

5.727%, 

10/21/2026

b

202,059

218,000

4.548%, 

7/22/2028

b

202,358

82,000

5.836%, 

6/12/2034

b

75,528

UBS

AG

265,000

5.125%, 

5/15/2024

261,084

UBS

Group

AG

122,000

2.593%, 

9/11/2025

b,f

117,657

250,000

2.193%, 

6/5/2026

b,f

232,724

200,000

4.875%, 

2/12/2027

b,f,k

164,475

200,000

6.327%, 

12/22/2027

b,f

197,985

269,000

3.869%, 

1/12/2029

b,f

240,817

UDR,

Inc.

296,000

3.000%, 

8/15/2031

234,445

United

Wholesale

Mortgage,

LLC

106,000

5.500%, 

11/15/2025

f

100,751

262,000

5.500%, 

4/15/2029

f

219,425

UnitedHealth

Group,

Inc.

569,000

5.250%, 

2/15/2028

565,238

283,000

4.200%, 

5/15/2032

250,914

USB

Realty

Corporation

156,000

6.802%, 

(TSFR3M

+

1.409%),

1/15/2027

b,f,k

112,707

USI,

Inc./NY

135,000

6.875%, 

5/1/2025

f

133,766

Ventas

Realty,

LP

126,000

3.750%, 

5/1/2024

124,204

Ventas

Realty,

LP,

Convertible

208,000

3.750%, 

6/1/2026

f

203,632

Wells

Fargo

&

Company

245,000

2.406%, 

10/30/2025

b

235,083

335,000

3.900%, 

3/15/2026

b,k

290,164

346,000

2.188%, 

4/30/2026

b

325,482

100,000

6.155%, 

(TSFR3M

+

0.762%),

1/15/2027

b

94,666

138,000

3.526%, 

3/24/2028

b

125,825

294,000

3.584%, 

5/22/2028

b

267,610

218,000

4.808%, 

7/25/2028

b

206,225

187,000

7.625%, 

9/15/2028

b,i,k

187,243

649,000

4.478%, 

4/4/2031

b

576,645

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Financials

(12.0%)

-

continued

$

108,000

5.389%, 

4/24/2034

b

$

97,768

157,000

5.557%, 

7/25/2034

b

143,716

166,000

6.491%, 

10/23/2034

b

163,112

Welltower

OP,

LLC,

Convertible

325,000

2.750%, 

5/15/2028

f

333,125

Westpac

Banking

Corporation

221,000

4.110%, 

7/24/2034

b

187,595

Willis

North

America,

Inc.

295,000

4.500%, 

9/15/2028

274,220

XHR,

LP

169,000

6.375%, 

8/15/2025

f

163,930

187,000

4.875%, 

6/1/2029

f

158,215

Total

77,545,197

Foreign

Government

(<0.1%)

NBN

Company,

Ltd.

265,000

2.625%, 

5/5/2031

f

209,481

Total

209,481

Mortgage-Backed

Securities

(12.1%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

3,879,796

2.500%, 

5/1/2051

2,993,684

2,017,985

3.500%, 

5/1/2052

1,682,940

1,461,577

4.000%, 

5/1/2052

1,274,308

4,941,569

3.500%, 

6/1/2052

4,124,213

3,377,224

5.000%, 

7/1/2053

3,125,224

247,046

5.000%, 

8/1/2053

229,071

1,098,452

5.500%, 

9/1/2053

1,044,060

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

1,591,872

2.500%, 

7/1/2030

1,471,560

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

1,109,977

3.500%, 

5/1/2040

958,285

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3,399,301

3.000%, 

1/1/2052

2,743,804

249,450

2.000%, 

2/1/2051

184,736

399,614

2.000%, 

2/1/2051

296,434

1,726,367

2.500%, 

2/1/2051

1,334,857

3,346,544

2.000%, 

3/1/2051

2,477,123

4,722,238

4.000%, 

3/1/2051

4,164,201

3,484,321

3.000%, 

3/1/2052

2,798,228

2,702,899

2.000%, 

4/1/2051

1,999,943

2,081,980

3.000%, 

4/1/2051

1,673,164

2,135,125

3.000%, 

5/1/2050

1,730,477

470,758

2.000%, 

5/1/2051

347,586

227,275

3.000%, 

6/1/2050

186,272

1,442,510

5.000%, 

6/1/2053

1,335,767

2,580,531

2.500%, 

7/1/2051

1,991,577

266,358

3.500%, 

7/1/2051

226,399

901,312

3.500%, 

8/1/2050

767,159

4,054,601

4.500%, 

8/1/2052

e

3,643,998

323,679

5.000%, 

8/1/2053

299,728

1,847,394

3.500%, 

9/1/2052

1,548,321

278,478

5.000%, 

9/1/2052

256,959

989,035

4.500%, 

9/1/2053

887,024

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

362

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Mortgage-Backed

Securities

(12.1%)

-

continued

$

2,743,048

4.500%, 

9/1/2053

$

2,452,381

2,471,408

4.000%, 

10/1/2052

2,142,982

471,364

2.000%, 

11/1/2051

348,272

1,920,532

2.000%, 

12/1/2050

1,422,757

3,597,880

4.500%, 

12/1/2052

3,235,001

7,350,000

5.500%, 

11/1/2040

e

6,971,016

1,500,000

6.000%, 

11/1/2041

e

1,459,552

5,250,000

4.000%, 

11/1/2048

e

4,534,688

1,350,000

4.500%, 

11/1/2048

e

1,205,381

2,875,000

5.000%, 

11/1/2048

e

2,650,391

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

2,152,030

2.500%, 

3/1/2062

1,594,644

1,284,281

3.500%, 

7/1/2061

1,057,174

1,259,386

4.000%, 

12/1/2061

1,088,325

Total

77,959,666

Technology

(2.7%)

Advanced

Micro

Devices,

Inc.

138,000

3.924%, 

6/1/2032

120,810

Akamai

Technologies,

Inc.,

Convertible

153,000

0.125%, 

5/1/2025

177,070

162,000

0.375%, 

9/1/2027

164,673

146,000

1.125%, 

2/15/2029

f

143,445

Analog

Devices,

Inc.

72,000

2.100%, 

10/1/2031

55,515

Apple,

Inc.

781,000

2.200%, 

9/11/2029

661,059

278,000

1.650%, 

2/8/2031

216,315

AthenaHealth

Group,

Inc.

469,000

6.500%, 

2/15/2030

f,i

383,288

Block,

Inc.,

Convertible

59,000

0.125%, 

3/1/2025

54,339

217,000

0.250%, 

11/1/2027

162,208

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

221,000

3.875%, 

1/15/2027

206,561

Broadcom,

Inc.

137,000

4.000%, 

4/15/2029

f

122,375

Cloud

Software

Group,

Inc.

378,000

6.500%, 

3/31/2029

f

331,864

135,000

9.000%, 

9/30/2029

f

114,964

CommScope,

Inc.

380,000

7.125%, 

7/1/2028

f

142,500

CSG

Systems

International,

Inc.,

Convertible

198,000

3.875%, 

9/15/2028

f

183,534

Dell

International,

LLC/EMC

Corporation

239,000

5.250%, 

2/1/2028

233,563

99,000

5.300%, 

10/1/2029

94,443

Euronet

Worldwide,

Inc.,

Convertible

66,000

0.750%, 

3/15/2049

60,472

Fiserv,

Inc.

237,000

2.750%, 

7/1/2024

231,862

295,000

4.200%, 

10/1/2028

272,285

80,000

5.600%, 

3/2/2033

75,279

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Technology

(2.7%)

-

continued

Gartner,

Inc.

$

575,000

3.625%, 

6/15/2029

f

$

485,563

440,000

3.750%, 

10/1/2030

f

364,183

Global

Payments,

Inc.

64,000

2.650%, 

2/15/2025

61,019

213,000

4.950%, 

8/15/2027

202,227

147,000

3.200%, 

8/15/2029

123,379

GTCR

W-2

Merger

Sub,

LLC

251,000

7.500%, 

1/15/2031

f

247,825

II-VI,

Inc.

154,000

5.000%, 

12/15/2029

f

130,680

Intel

Corporation

308,000

5.125%, 

2/10/2030

298,037

InterDigital,

Inc.,

Convertible

267,000

3.500%, 

6/1/2027

300,972

Iron

Mountain,

Inc.

102,000

4.875%, 

9/15/2027

f

93,241

605,000

5.000%, 

7/15/2028

f

541,401

440,000

4.875%, 

9/15/2029

f

383,267

568,000

4.500%, 

2/15/2031

f

464,614

Jabil,

Inc.

155,000

5.450%, 

2/1/2029

148,991

Lumentum

Holdings,

Inc.,

Convertible

351,000

0.500%, 

6/15/2028

244,583

Marvell

Technology,

Inc.

147,000

2.950%, 

4/15/2031

116,044

Mastercard,

Inc.

137,000

2.000%, 

11/18/2031

104,535

Microchip

Technology,

Inc.,

Convertible

308,000

0.125%, 

11/15/2024

310,888

Moody's

Corporation

141,000

4.250%, 

8/8/2032

124,399

NCR

Voyix

Corporation

509,000

5.125%, 

4/15/2029

f

437,698

NVIDIA

Corporation

74,000

2.850%, 

4/1/2030

63,248

NXP

BV/NXP

Funding,

LLC

154,000

4.875%, 

3/1/2024

153,455

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

70,000

2.700%, 

5/1/2025

66,527

147,000

4.300%, 

6/18/2029

132,642

ON

Semiconductor

Corporation,

Convertible

190,000

Zero

Coupon, 

5/1/2027

248,140

19,000

0.500%, 

3/1/2029

f

16,625

Open

Text

Corporation

285,000

3.875%, 

12/1/2029

f

233,068

610,000

4.125%, 

2/15/2030

f

505,445

Oracle

Corporation

141,000

6.150%, 

11/9/2029

141,510

494,000

2.950%, 

4/1/2030

409,429

208,000

6.250%, 

11/9/2032

206,049

PayPal

Holdings,

Inc.

149,000

2.850%, 

10/1/2029

126,725

253,000

2.300%, 

6/1/2030

202,834

Progress

Software

Corporation,

Convertible

88,000

1.000%, 

4/15/2026

88,968

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

363

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Technology

(2.7%)

-

continued

PTC,

Inc.

$

215,000

3.625%, 

2/15/2025

f

$

207,253

305,000

4.000%, 

2/15/2028

f

270,437

Rackspace

Technology

Global,

Inc.

440,000

5.375%, 

12/1/2028

f

128,665

RingCentral,

Inc.

317,000

8.500%, 

8/15/2030

f

301,150

S&P

Global,

Inc.

138,000

2.900%, 

3/1/2032

110,726

Salesforce.com,

Inc.

421,000

1.950%, 

7/15/2031

325,035

Seagate

HDD

Cayman

201,000

8.500%, 

7/15/2031

f

204,530

372,170

9.625%, 

12/1/2032

f

396,739

Semtech

Corporation,

Convertible

76,000

1.625%, 

11/1/2027

50,464

16,000

4.000%, 

11/1/2028

f

14,608

Sensata

Technologies

BV

400,000

4.000%, 

4/15/2029

f

340,043

Sensata

Technologies,

Inc.

384,000

3.750%, 

2/15/2031

f

307,333

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

140,000

4.625%, 

11/1/2026

f

129,325

SS&C

Technologies,

Inc.

1,095,000

5.500%, 

9/30/2027

f

1,027,408

Verint

Systems,

Inc.,

Convertible

119,000

0.250%, 

4/15/2026

100,258

Viavi

Solutions,

Inc.

375,000

3.750%, 

10/1/2029

f

291,894

Viavi

Solutions,

Inc.,

Convertible

58,000

1.625%, 

3/15/2026

f

52,983

Vishay

Intertechnology,

Inc.,

Convertible

346,000

2.250%, 

9/15/2030

f

316,545

VMware,

Inc.

291,000

1.400%, 

8/15/2026

256,333

189,000

2.200%, 

8/15/2031

139,721

Xilinx,

Inc.

80,000

2.375%, 

6/1/2030

65,228

Ziff

Davis,

Inc.,

Convertible

259,000

1.750%, 

11/1/2026

232,971

Total

17,256,284

Transportation

(1.2%)

Air

Transport

Services

Group,

Inc.,

Convertible

163,000

3.875%, 

8/15/2029

f

150,449

American

Airlines

Group,

Inc.

116,000

3.750%, 

3/1/2025

f,i

108,229

American

Airlines,

Inc.

744,000

11.750%, 

7/15/2025

f

788,267

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

737,500

5.500%, 

4/20/2026

f

717,181

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

203,000

5.375%, 

3/1/2029

f

173,871

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Transportation

(1.2%)

-

continued

Canadian

Pacific

Railway

Company

$

300,000

1.750%, 

12/2/2026

$

266,765

CSX

Corporation

147,000

4.250%, 

3/15/2029

137,176

Delta

Air

Lines,

Inc.

276,000

4.375%, 

4/19/2028

253,512

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

221,753

4.500%, 

10/20/2025

f

215,539

ERAC

USA

Finance,

LLC

194,000

3.850%, 

11/15/2024

f

189,789

Hawaiian

Brand

Intellectual

Property,

Ltd.

643,000

5.750%, 

1/20/2026

f

475,093

Hertz

Corporation

327,000

4.625%, 

12/1/2026

f

273,903

392,000

5.000%, 

12/1/2029

f

281,418

JetBlue

Airways

Corporation,

Convertible

216,000

0.500%, 

4/1/2026

133,648

Mileage

Plus

Holdings,

LLC

297,750

6.500%, 

6/20/2027

f

294,141

Norfolk

Southern

Corporation

232,000

4.450%, 

3/1/2033

205,832

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

135,000

1.200%, 

11/15/2025

f

121,855

195,000

5.750%, 

5/24/2026

f

191,817

148,000

1.700%, 

6/15/2026

f

131,371

Rand

Parent,

LLC

351,000

8.500%, 

2/15/2030

f,i

320,532

RXO,

Inc.

401,000

7.500%, 

11/15/2027

f

400,892

Ryder

System,

Inc.

124,000

2.850%, 

3/1/2027

112,025

Southwest

Airlines

Company

147,000

5.125%, 

6/15/2027

141,841

158,000

2.625%, 

2/10/2030

127,613

Southwest

Airlines

Company,

Convertible

367,000

1.250%, 

5/1/2025

348,100

Spirit

Loyalty

Cayman,

Ltd.

191,000

8.000%, 

9/20/2025

f

140,863

Union

Pacific

Corporation

147,000

2.150%, 

2/5/2027

131,972

United

Airlines,

Inc.

371,000

4.375%, 

4/15/2026

f

344,145

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

103,000

7.875%, 

5/1/2027

f,i

79,215

451,000

6.375%, 

2/1/2030

f

300,768

Total

7,557,822

U.S.

Government

&

Agencies

(4.2%)

U.S.

Treasury

Bonds

1,700,000

4.000%, 

11/15/2052

1,420,695

8,300,000

3.375%, 

8/15/2042

6,421,801

U.S.

Treasury

Notes

3,700,000

4.125%, 

7/31/2028

3,589,433

1,700,000

4.125%, 

11/15/2032

1,601,586

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

364

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

U.S.

Government

&

Agencies

(4.2%)

-

continued

$

15,990,000

3.375%, 

5/15/2033

$

14,138,658

Total

27,172,173

Utilities

(2.3%)

AEP

Texas,

Inc.

140,000

4.700%, 

5/15/2032

124,262

AES

Corporation

239,000

3.950%, 

7/15/2030

f

199,751

Algonquin

Power

&

Utilities

Corporation

160,000

4.750%, 

1/18/2082

b

126,310

Alliant

Energy

Corporation,

Convertible

148,000

3.875%, 

3/15/2026

f

143,853

Ameren

Corporation

148,000

1.750%, 

3/15/2028

123,986

American

Electric

Power

Company,

Inc.

212,000

2.031%, 

3/15/2024

208,429

147,000

2.300%, 

3/1/2030

115,512

78,000

5.625%, 

3/1/2033

73,213

American

Water

Capital

Corporation,

Convertible

191,000

3.625%, 

6/15/2026

f

183,776

Arizona

Public

Service

Company

162,000

5.550%, 

8/1/2033

152,189

Atmos

Energy

Corporation

170,000

5.900%, 

11/15/2033

167,505

Calpine

Corporation

379,000

4.500%, 

2/15/2028

f

341,744

CenterPoint

Energy,

Inc.

127,000

2.500%, 

9/1/2024

123,280

182,000

1.450%, 

6/1/2026

163,434

220,000

2.650%, 

6/1/2031

171,545

CenterPoint

Energy,

Inc.,

Convertible

199,000

4.250%, 

8/15/2026

f

194,324

CMS

Energy

Corporation,

Convertible

191,000

3.375%, 

5/1/2028

f

180,304

Constellation

Energy

Generation,

LLC

153,000

5.800%, 

3/1/2033

145,105

Dominion

Energy,

Inc.

126,000

3.071%, 

8/15/2024

122,998

225,000

4.350%, 

1/15/2027

b,k

183,071

148,000

3.375%, 

4/1/2030

124,462

DTE

Energy

Company

211,000

4.220%, 

11/1/2024

206,883

163,000

4.875%, 

6/1/2028

155,043

Duke

Energy

Corporation

200,000

3.250%, 

1/15/2082

b

143,683

82,000

4.875%, 

9/16/2024

b,k

79,345

328,000

2.450%, 

6/1/2030

261,385

142,000

4.500%, 

8/15/2032

124,032

158,000

5.750%, 

9/15/2033

150,079

Duke

Energy

Corporation,

Convertible

458,000

4.125%, 

4/15/2026

f

445,941

Edison

International

183,000

4.950%, 

4/15/2025

179,304

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Utilities

(2.3%)

-

continued

$

450,000

5.000%, 

12/15/2026

b,k

$

400,483

Enel

Finance

International

NV

286,000

1.375%, 

7/12/2026

f

252,180

Entergy

Corporation

136,000

0.900%, 

9/15/2025

123,772

148,000

1.900%, 

6/15/2028

123,714

Evergy,

Inc.

127,000

2.450%, 

9/15/2024

122,965

Eversource

Energy

299,000

4.600%, 

7/1/2027

284,743

157,000

5.125%, 

5/15/2033

141,909

Exelon

Corporation

147,000

4.050%, 

4/15/2030

129,851

Fells

Point

Funding

Trust

269,000

3.046%, 

1/31/2027

f

242,706

FirstEnergy

Corporation,

Convertible

275,000

4.000%, 

5/1/2026

f

267,025

Florida

Power

&

Light

Company

163,000

4.400%, 

5/15/2028

155,088

Georgia

Power

Company

87,000

4.950%, 

5/17/2033

79,410

ITC

Holdings

Corporation

142,000

4.950%, 

9/22/2027

f

137,112

Jersey

Central

Power

&

Light

Company

288,000

2.750%, 

3/1/2032

f

220,860

National

Rural

Utilities

Cooperative

Finance

Corporation

176,000

3.450%, 

6/15/2025

169,691

165,000

5.050%, 

9/15/2028

160,258

NextEra

Energy

Capital

Holdings,

Inc.

165,000

3.800%, 

3/15/2082

b

131,998

161,000

6.051%, 

3/1/2025

160,908

242,000

5.749%, 

9/1/2025

240,862

147,000

2.250%, 

6/1/2030

114,547

NextEra

Energy

Partners,

LP,

Convertible

298,000

Zero

Coupon, 

11/15/2025

f

252,853

NiSource,

Inc.

148,000

2.950%, 

9/1/2029

125,953

NRG

Energy,

Inc.

137,000

2.000%, 

12/2/2025

f

124,587

135,000

10.250%, 

3/15/2028

b,f,k

130,325

141,000

3.375%, 

2/15/2029

f

114,760

210,000

5.250%, 

6/15/2029

f

185,275

NRG

Energy,

Inc.,

Convertible

325,000

2.750%, 

6/1/2048

363,025

PG&E

Corporation

459,000

5.000%, 

7/1/2028

415,829

PPL

Capital

Funding,

Inc.,

Convertible

236,000

2.875%, 

3/15/2028

f

215,940

Public

Service

Enterprise

Group,

Inc.

173,000

5.875%, 

10/15/2028

171,205

147,000

1.600%, 

8/15/2030

110,312

Sempra

225,000

4.125%, 

4/1/2052

b

173,312

156,000

4.875%, 

10/15/2025

b,k

145,683

184,000

3.400%, 

2/1/2028

165,810

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

365

Principal

Amount

Long-Term

Fixed

Income

(77.1%)

Value

Utilities

(2.3%)

-

continued

Southern

California

Edison

Company

$

72,000

5.950%, 

11/1/2032

$

70,315

Southern

Company

141,000

4.475%, 

8/1/2024

139,121

425,000

5.700%, 

10/15/2032

407,174

135,000

4.000%, 

1/15/2051

b

123,172

306,000

3.750%, 

9/15/2051

b

261,658

Southern

Company,

Convertible

453,000

3.875%, 

12/15/2025

f

444,393

Talen

Energy

Supply,

LLC

328,000

8.625%, 

6/1/2030

f

333,284

TerraForm

Power

Operating,

LLC

860,000

5.000%, 

1/31/2028

f

787,863

Vistra

Operations

Company,

LLC

280,000

5.125%, 

5/13/2025

f

273,600

579,000

5.000%, 

7/31/2027

f

529,661

Xcel

Energy,

Inc.

154,000

4.000%, 

6/15/2028

142,316

210,000

4.600%, 

6/1/2032

185,641

Total

15,167,897

Total

Long-Term

Fixed

Income

(cost

$549,694,898)

498,347,877

Shares

Registered

Investment

Companies

(

11.3%

)

Value

U.S.

Affiliated  (9.0%)

8,016,211

Thrivent

Core

Emerging

Markets

Debt

Fund

58,277,854

Total

58,277,854

U.S.

Unaffiliated  (2.3%)

88,594

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

211,740

34,100

AllianceBernstein

Global

High

Income

Fund,

Inc.

316,789

44,157

Allspring

Income

Opportunities

Fund

256,111

11,919

BlackRock

Core

Bond

Trust

110,012

32,269

BlackRock

Corporate

High

Yield

Fund,

Inc.

272,028

31,134

BlackRock

Credit

Allocation

Income

Trust

287,055

5,200

BlackRock

Debt

Strategies

Fund,

Inc.

51,428

30,289

BlackRock

Enhanced

Global

Dividend

Trust

276,538

7,900

BlackRock

Enhanced

International

Dividend

Trust

37,762

1,100

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

12,980

6,299

BlackRock

Income

Trust,

Inc.

66,958

14,160

BlackRock

Multi-Sector

Income

Trust

199,514

23,990

Blackstone

Strategic

Credit

2027

Term

Fund

255,253

30,816

Eaton

Vance

Limited

Duration

Income

Fund

267,483

2,430

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

16,937

Shares

Registered

Investment

Companies

(11.3%)

Value

U.S.

Unaffiliated  (2.3%)-

continued

24,889

First

Trust

High

Income

Long/Short

Fund

$

260,837

7,351

Invesco

Dynamic

Credit

Opportunities

Fund

c

78,148

75,000

Invesco

Preferred

ETF

771,000

45,000

iShares

Preferred

and

Income

Securities

ETF

i

1,286,100

66,975

Nuveen

Credit

Strategies

Income

Fund

327,508

10,100

Nuveen

Preferred

Income

Opportunities

Fund

61,206

8,500

Nuveen

Quality

Preferred

Income

Fund

II

50,575

27,664

PGIM

Global

High

Yield

Fund,

Inc.

286,876

28,836

PGIM

High

Yield

Bond

Fund,

Inc.

321,521

8,429

Pimco

Dynamic

Income

Fund

137,730

31,466

SPDR

Bloomberg

High

Yield

Bond

ETF

i

2,797,957

2,623

Tri-Continental

Corporation

67,201

13,614

Vanguard

Intermediate-Term

Corporate

Bond

ETF

1,013,562

53,765

Vanguard

Short-Term

Corporate

Bond

ETF

4,024,848

8,900

Virtus

Convertible

&

Income

Fund

25,988

17,338

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

184,650

2,180

Virtus

Equity

&

Convertible

Income

Fund

41,682

45,405

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

215,674

70,173

Western

Asset

High

Income

Opportunity

Fund,

Inc.

257,535

Total

14,849,186

Total

Registered

Investment

Companies

(cost

$90,940,060)

73,127,040

Shares

Collateral

Held

for

Securities

Loaned

(

2.0%

)

Value

13,199,079

Thrivent

Cash

Management

Trust

13,199,079

Total

Collateral

Held

for

Securities

Loaned

(cost

$13,199,079)

13,199,079

Shares

Preferred

Stock

(

1.0%

)

Value

Communications

Services

(0.1%)

23,300

AT&T,

Inc.,

4.750%

k

403,090

1,620

Paramount

Global,

Convertible,

5.750%

25,191

12,500

Telephone

and

Data

Systems,

Inc.,

6.000%

k

160,625

Total

588,906

Energy

(<0.1%)

10,025

Crestwood

Equity

Partners,

LP,

9.250%

k

96,641

2,800

Energy

Transfer,

LP,

7.600%

b,k

69,216

5,255

Nustar

Logistics,

LP,

12.389%

b

136,525

448

UGI

Corporation,

Convertible,

7.250%

22,749

Total

325,131

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

366

I

Shares

Preferred

Stock

(1.0%)

Value

Financials

(0.7%)

5,825

Aegon

Funding

Corporation

II,

5.100%

$

108,520

12,700

Allstate

Corporation,

5.100%

k

241,300

5,000

American

International

Group,

Inc.

5.850%

k

112,000

6,428

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

309,251

18,900

Bank

of

America

Corporation,

4.250%

k

307,314

290

Bank

of

America

Corporation,

Convertible,

7.250%

k

305,428

10,275

Capital

One

Financial

Corporation,

5.000%

k

167,380

5,775

Equitable

Holdings,

Inc.,

5.250%

k

104,123

265

First

Horizon

Bank,

6.518%

*,b,k

178,875

14,500

J.P.

Morgan

Chase

&

Company,

4.200%

k

246,500

12,500

J.P.

Morgan

Chase

&

Company,

4.750%

k

237,875

10,650

KeyCorp,

6.200%

b,k

177,961

8,650

Morgan

Stanley,

4.250%

k

141,946

5,500

Morgan

Stanley,

5.850%

b,k

120,230

13,100

Morgan

Stanley,

7.125%

b,k

328,810

7,000

Public

Storage,

3.950%

k

108,150

11,475

Public

Storage,

4.125%

k

188,305

2,450

Public

Storage,

4.625%

k

45,325

625

Public

Storage,

4.700%

k

11,506

2,650

Regions

Financial

Corporation,

5.700%

b,k

47,303

1,400

Synovus

Financial

Corporation,

5.875%

b,k

31,808

8,600

U.S.

Bancorp,

4.000%

i,k

127,538

15,500

Wells

Fargo

&

Company,

4.250%

k

242,575

453

Wells

Fargo

&

Company,

Convertible,

7.500%

k

478,504

Total

4,368,527

Utilities

(0.2%)

4,264

AES

Corporation,

Convertible,

6.875%

257,034

17,600

CMS

Energy

Corporation,

4.200%

k

318,560

8,486

NextEra

Energy,

Inc.,

Convertible,

6.926%

318,565

12,000

Southern

Company,

4.950%

243,120

Total

1,137,279

Total

Preferred

Stock

(cost

$8,531,149)

6,419,843

Shares

Common

Stock

(

0.1%

)

Value

Communications

Services

(<0.1%)

4,895

Windstream

Services,

LLC

m

45,279

Total

45,279

Consumer

Discretionary

(0.1%)

2,712

Bloomin'

Brands,

Inc.

63,298

52

Booking

Holdings,

Inc.

m

145,057

Total

208,355

Energy

(<0.1%)

670

EQT

Corporation

28,395

4,644

Permian

Resources

Corporation

67,663

Shares

Common

Stock

(0.1%)

Value

Energy

(<0.1%)

-

continued

224

Pioneer

Natural

Resources

Company

$

53,536

Total

149,594

Financials

(<0.1%)

1,050

BlackRock

TCP

Capital

Corporation

11,025

461

FS

KKR

Capital

Corporation

8,736

939

Golub

Capital

BDC,

Inc.

13,521

2,944

New

York

Community

Bancorp,

Inc.

27,909

Total

61,191

Industrials

(<0.1%)

1,467

Uber

Technologies,

Inc.

m

63,492

Total

63,492

Information

Technology

(<0.1%)

619

Western

Digital

Corporation

m

24,853

Total

24,853

Real

Estate

(<0.1%)

670

Kite

Realty

Group

Trust

14,284

Total

14,284

Utilities

(<0.1%)

1,975

NiSource,

Inc.

49,691

Total

49,691

Total

Common

Stock

(cost

$534,134)

616,739

Shares

or

Principal

Amount

Short-Term

Investments

(

6.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

600,000

5.300%,

12/6/2023

n,o

596,995

100,000

5.305%,

1/16/2024

n,o

98,913

Thrivent

Core

Short-Term

Reserve

Fund

3,941,012

5.690%

39,410,119

U.S.

Treasury

Bills

300,000

5.267%,

11/21/2023

n,p

299,118

Total

Short-Term

Investments

(cost

$40,385,973)

40,405,145

Total

Investments

(cost

$748,681,045)

104.7%

$677,296,711

Other

Assets

and

Liabilities,

Net

(4.7%)

(30,593,283)

Total

Net

Assets

100.0%

$646,703,428

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

367

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2023.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

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

October

31,

2023,

the

value

of

these

investments

was

$228,306,445

or

35.3%

of

total

net

assets.

g

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

October

31,

2023.

h

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

i

All

or

a

portion

of

the

security

is

on

loan.

j

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.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

l

Defaulted

security.  Interest

is

not

being

accrued.

m

Non-income

producing

security.

n

The

interest

rate

shown

reflects

the

yield.

o

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

p

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Opportunity

Income

Plus

Fund

as

of

October

31,

2023

was

$196,410

or

0.03%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

October

31,

2023.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG,

12/29/2049

2/4/2016

$

175,749

First

Horizon

Bank,

6.518%,

3/5/2019

6/21/2017

199,413

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Opportunity

Income

Plus

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

8,841,575

Common

Stock

3,972,839

Total

lending

$12,814,414

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$13,199,079

Net

amounts

due

to

counterparty

$384,665

Definitions:

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

TSFR6M

-

CME

Term

SOFR

6

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$2,836,253

Gross

unrealized

depreciation

(77,298,773)

Net

unrealized

appreciation

(depreciation)

($74,462,520)

Cost

for

federal

income

tax

purposes

$750,571,165

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

368

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Opportunity

Income

Plus

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

1,055,807

–

884,038

171,769

Capital

Goods

5,065,752

–

4,726,025

339,727

Communications

Services

6,192,314

–

6,192,314

–

Consumer

Cyclical

7,892,892

–

7,892,892

–

Consumer

Non-Cyclical

7,538,636

–

7,385,710

152,926

Energy

1,133,050

–

1,133,050

–

Financials

3,587,745

–

3,587,745

–

Technology

9,576,018

–

9,576,018

–

Transportation

2,578,342

–

2,578,342

–

Utilities

560,432

–

560,432

–

Long-Term

Fixed

Income

Asset-Backed

Securities

61,295,487

–

61,295,487

–

Basic

Materials

12,113,634

–

12,113,634

–

Capital

Goods

23,793,718

–

23,793,718

–

Collateralized

Mortgage

Obligations

46,897,432

–

46,897,432

–

Commercial

Mortgage-Backed

Securities

4,332,177

–

4,332,177

–

Communications

Services

26,794,632

–

26,794,632

–

Consumer

Cyclical

37,502,715

–

37,502,715

–

Consumer

Non-Cyclical

33,466,692

–

33,466,692

–

Energy

29,282,870

–

29,282,870

–

Financials

77,545,197

–

77,545,197

–

Foreign

Government

209,481

–

209,481

–

Mortgage-Backed

Securities

77,959,666

–

77,959,666

–

Technology

17,256,284

–

17,256,284

–

Transportation

7,557,822

–

7,557,822

–

U.S.

Government

&

Agencies

27,172,173

–

27,172,173

–

Utilities

15,167,897

–

15,167,897

–

Registered

Investment

Companies

U.S.

Unaffiliated

14,849,186

14,771,038

–

78,148

Preferred

Stock

Communications

Services

588,906

588,906

–

–

Energy

325,131

325,131

–

–

Financials

4,368,527

4,189,652

178,875

–

Utilities

1,137,279

1,137,279

–

–

Common

Stock

Communications

Services

45,279

–

45,279

–

Consumer

Discretionary

208,355

208,355

–

–

Energy

149,594

149,594

–

–

Financials

61,191

61,191

–

–

Industrials

63,492

63,492

–

–

Information

Technology

24,853

24,853

–

–

Real

Estate

14,284

14,284

–

–

Utilities

49,691

49,691

–

–

Short-Term

Investments

995,026

–

995,026

–

Subtotal

Investments

in

Securities

$566,409,659

$21,583,466

$544,083,623

$742,570

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

58,277,854

Affiliated

Short-Term

Investments

39,410,119

Collateral

Held

for

Securities

Loaned

13,199,079

Subtotal

Other

Investments

$110,887,052

Total

Investments

at

Value

$677,296,711

*

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.  

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

369

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Opportunity

Income

Plus

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Credit

Default

Swaps

74,955

–

74,955

–

Total

Asset

Derivatives

$74,955

$–

$74,955

$–

Liability

Derivatives

Futures

Contracts

1,263,021

1,263,021

–

–

Total

Liability

Derivatives

$1,263,021

$1,263,021

$–

$–

The

following

table

presents

Opportunity

Income

Plus

Fund's

futures

contracts

held

as

of

October

31,

2023.

Investments

and/or

cash

totaling

$695,908

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

149

December

2023

$

30,322,858

(

$

161,998)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

72

December

2023

9,205,523

(

1,101,023)

Total

Futures

Long

Contracts

$

39,528,381

(

$

1,263,021)

Total

Futures

Contracts

$

39,528,381

($1,263,021)

The

following

table

presents

Opportunity

Income

Plus

Fund's

swaps

contracts

held

as

of

October

31,

2023.

Investments

totaling

$299,118

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

41,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2028

$

5,000,000

$

–

$

74,955

$

74,955

Total

Credit

Default

Swaps

$–

$74,955

$74,955

1

As

the

buyer

of

protection,

Opportunity

Income

Plus

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Opportunity

Income

Plus

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Opportunity

Income

Plus

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

370

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2023,

for

Opportunity

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Credit

Contracts

Credit

Default

Swaps

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

74,955

Total

Credit

Contracts

74,955

Total

Asset

Derivatives

$74,955

Liability

Derivatives

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

1,263,021

Total

Interest

Rate

Contracts

1,263,021

Total

Liability

Derivatives

$1,263,021

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Opportunity

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Options

Written

Net

realized

gains/(losses)

on

Written

option

contracts

34,438

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(2,345,632)

Total

Interest

Rate

Contracts

(2,311,194)

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

(757,151)

Total

Credit

Contracts

(757,151)

Total

($3,068,345)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2023,

for

Opportunity

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(583,281)

Total

Interest

Rate

Contracts

(583,281)

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

398,547

Total

Credit

Contracts

398,547

Total

($184,734)

The

following

table

presents

Opportunity

Income

Plus

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2023.

Derivative

Risk

Category

Average

Notional

Value

Interest

Rate

Contracts

Futures

-

Long

$28,174,105

Futures

-

Short

(10,413,558)

Options

Written

(1,148,293)

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

(96,032)

Opportunity

Income

Plus

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

371

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Opportunity

Income

Plus

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$72,313

$3,858

$21,300

$58,278

8,016

9.0%

Total

U.S.

Affiliated

Registered

Investment

Companies

72,313

58,278

9.0

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

23,950

319,711

304,251

39,410

3,941

6.1

Total

Affiliated

Short-Term

Investments

23,950

39,410

6.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

14,875

185,932

187,608

13,199

13,199

2.0

Total

Collateral

Held

for

Securities

Loaned

14,875

13,199

2.0

Total

Value

$111,138

$110,887

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($4,995)

$8,402

$–

$3,858

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

1

(1)

–

2,256

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$6,114

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

170

Total

Affiliated

Income

from

Securities

Loaned,

Net

$170

Total

($4,994)

$8,401

$–

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

372

Shares

Common

Stock

(

97.4%

)

Value

Communications

Services

(3.9%)

153,570

Cargurus,

Inc.

a

$

2,646,011

221,172

QuinStreet,

Inc.

a

2,501,455

36,303

Ziff

Davis,

Inc.

a

2,194,880

Total

7,342,346

Consumer

Discretionary

(11.2%)

31,496

Boot

Barn

Holdings,

Inc.

a

2,188,972

244,618

Clarus

Corporation

1,416,338

24,521

Columbia

Sportswear

Company

1,809,650

178,434

Everi

Holdings,

Inc.

a

1,925,303

16,178

Five

Below,

Inc.

a

2,814,648

16,536

Fox

Factory

Holding

Corporation

a

1,347,188

14,938

Meritage

Homes

Corporation

1,703,231

27,166

Papa

John's

International,

Inc.

1,766,333

26,775

Skyline

Champion

Corporation

a

1,569,818

125,721

Stoneridge,

Inc.

a

2,045,481

160,935

ThredUp,

Inc.

a

518,211

12,475

Wingstop,

Inc.

2,280,056

Total

21,385,229

Consumer

Staples

(7.0%)

18,961

Celsius

Holdings,

Inc.

a

2,883,779

41,602

e.l.f.

Beauty,

Inc.

a

3,853,593

16,131

J

&

J

Snack

Foods

Corporation

2,526,276

12,484

Lancaster

Colony

Corporation

2,111,918

97,683

Turning

Point

Brands,

Inc.

1,958,544

Total

13,334,110

Energy

(3.3%)

41,745

Matador

Resources

Company

2,575,249

171,434

TechnipFMC

plc

3,689,260

Total

6,264,509

Financials

(9.7%)

34,021

Hamilton

Lane,

Inc.

2,861,847

33,452

Houlihan

Lokey,

Inc.

3,362,595

10,317

Kinsale

Capital

Group,

Inc.

3,444,949

28,068

RLI

Corporation

3,739,780

51,600

Triumph

Financial,

Inc.

a

3,212,100

46,817

Western

Alliance

Bancorp

1,924,179

Total

18,545,450

Health

Care

(15.4%)

5,976

Argenx

SE

ADR

a

2,806,150

10,333

Ascendis

Pharma

AS

ADR

a

922,840

68,979

Enovis

Corporation

a

3,166,136

70,403

Halozyme

Therapeutics,

Inc.

a

2,384,550

19,142

Immunocore

Holdings

plc

ADR

a

849,905

9,929

Inspire

Medical

Systems,

Inc.

a

1,461,152

48,515

Lantheus

Holdings,

Inc.

a

3,134,069

213,607

Maravai

LifeSciences

Holdings,

Inc.

a

1,465,344

20,226

Natera,

Inc.

a

798,320

61,138

Option

Care

Health,

Inc.

a

1,695,357

88,843

Phreesia,

Inc.

a

1,213,595

96,190

Progyny,

Inc.

a

2,968,423

17,936

Repligen

Corporation

a

2,413,468

179,373

scPharmaceuticals,

Inc.

a

959,646

87,412

Vericel

Corporation

a

3,075,154

Total

29,314,109

Shares

Common

Stock

(97.4%)

Value

Industrials

(20.2%)

41,392

ASGN,

Inc.

a

$

3,454,576

99,324

Badger

Infrastructure

Solutions,

Ltd.

2,630,734

22,527

Beacon

Roofing

Supply,

Inc.

a

1,603,247

16,863

Chart

Industries,

Inc.

a

1,959,987

9,901

Curtiss-Wright

Corporation

1,968,418

121,315

ExlService

Holdings,

Inc.

a

3,167,535

131,836

First

Advantage

Corporation

1,715,186

40,566

Helios

Technologies,

Inc.

2,098,074

288,325

Janus

International

Group,

Inc.

a

2,698,722

12,589

Lincoln

Electric

Holdings,

Inc.

2,200,557

24,745

Middleby

Corporation

a

2,792,968

35,741

RB

Global,

Inc.

2,337,461

9,284

Saia,

Inc.

a

3,328,221

22,407

Simpson

Manufacturing

Company,

Inc.

2,984,164

10,652

SiteOne

Landscape

Supply,

Inc.

a

1,467,526

52,619

WillScot

Mobile

Mini

Holdings

Corporation

a

2,073,715

Total

38,481,091

Information

Technology

(21.2%)

84,933

Calix,

Inc.

a

2,812,981

45,693

Descartes

Systems

Group,

Inc.

a

3,299,492

205,366

Grid

Dynamics

Holdings,

Inc.

a

2,082,411

46,826

Guidewire

Software,

Inc.

a

4,220,427

120,163

Hackett

Group,

Inc.

2,678,433

40,960

Lattice

Semiconductor

Corporation

a

2,277,786

7,252

Littelfuse,

Inc.

1,571,291

2,289

Monolithic

Power

Systems,

Inc.

1,011,143

23,108

Nova,

Ltd.

a

2,194,567

76,118

PagerDuty,

Inc.

a

1,535,300

35,462

PDF

Solutions,

Inc.

a

940,807

12,864

Silicon

Laboratories,

Inc.

a

1,185,803

78,614

Sprout

Social,

Inc.

a

3,402,414

10,082

SPS

Commerce,

Inc.

a

1,616,548

195,305

TTM

Technologies,

Inc.

a

2,244,054

102,705

Varonis

Systems,

Inc.

a

3,454,996

43,500

Workiva,

Inc.

a

3,788,415

Total

40,316,868

Materials

(2.6%)

449,120

Ranpak

Holdings

Corporation

a

1,419,219

68,084

Summit

Materials,

Inc.

a

2,239,964

128,031

Tronox

Holdings

plc

1,368,651

Total

5,027,834

Real

Estate

(2.9%)

52,655

Agree

Realty

Corporation

2,945,521

18,099

FirstService

Corporation

2,560,465

Total

5,505,986

Total

Common

Stock

(cost

$192,528,670)

185,517,532

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

373

Shares

Short-Term

Investments

(

2.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

413,988

5.690%

$

4,139,876

Total

Short-Term

Investments

(cost

$4,139,876)

4,139,876

Total

Investments

(cost

$196,668,546)

99.6%

$189,657,408

Other

Assets

and

Liabilities,

Net

0.4%

770,848

Total

Net

Assets

100.0%

$190,428,256

a

Non-income

producing

security.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

plc

-

Public

Limited

Company

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$17,894,956

Gross

unrealized

depreciation

(27,171,511)

Net

unrealized

appreciation

(depreciation)

($9,276,555)

Cost

for

federal

income

tax

purposes

$198,933,963

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Small

Cap

Growth

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

7,342,346

7,342,346

–

–

Consumer

Discretionary

21,385,229

21,385,229

–

–

Consumer

Staples

13,334,110

13,334,110

–

–

Energy

6,264,509

6,264,509

–

–

Financials

18,545,450

18,545,450

–

–

Health

Care

29,314,109

29,314,109

–

–

Industrials

38,481,091

35,850,357

2,630,734

–

Information

Technology

40,316,868

40,316,868

–

–

Materials

5,027,834

5,027,834

–

–

Real

Estate

5,505,986

5,505,986

–

–

Subtotal

Investments

in

Securities

$185,517,532

$182,886,798

$2,630,734

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

4,139,876

Subtotal

Other

Investments

$4,139,876

Total

Investments

at

Value

$189,657,408

*

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.  

Small

Cap

Growth

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

374

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Growth

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$4,926

$105,098

$105,884

$4,140

414

2.2%

Total

Affiliated

Short-Term

Investments

4,926

4,140

2.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

1,534

13,698

15,232

–

–

–

Total

Collateral

Held

for

Securities

Loaned

1,534

–

–

Total

Value

$6,460

$4,140

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$–

$–

$–

$284

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$284

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

7

Total

Affiliated

Income

from

Securities

Loaned,

Net

$7

Total

$–

$–

$–

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

375

Shares

Common

Stock

(

97.8%

)

Value

Communications

Services

(2.8%)

2,618,131

QuinStreet,

Inc.

a

$

29,611,062

552,096

Ziff

Davis,

Inc.

a

33,379,724

Total

62,990,786

Consumer

Discretionary

(9.3%)

185,827

Boot

Barn

Holdings,

Inc.

a

12,914,976

700,617

Cedar

Fair,

LP

24,871,903

1,280,701

Clarus

Corporation

7,415,259

444,339

Columbia

Sportswear

Company

32,792,218

1,668,195

Cooper-Standard

Holdings,

Inc.

a

20,718,982

1,573,447

Everi

Holdings,

Inc.

a

16,977,493

154,605

Grand

Canyon

Education,

Inc.

a

18,294,410

102,253

Meritage

Homes

Corporation

11,658,887

315,255

Papa

John's

International,

Inc.

20,497,880

182,820

Skyline

Champion

Corporation

a

10,718,737

1,438,500

Stoneridge,

Inc.

a

23,404,395

3,901,154

ThredUp,

Inc.

a

12,561,716

Total

212,826,856

Consumer

Staples

(4.6%)

318,796

John

B.

Sanfilippo

&

Son,

Inc.

32,600,079

1,042,283

Pilgrim's

Pride

Corporation

a

26,578,216

2,238,178

Primo

Water

Corporation

29,230,605

856,214

Turning

Point

Brands,

Inc.

17,167,091

Total

105,575,991

Energy

(2.4%)

1,778,942

NOV,

Inc.

35,507,683

872,379

TechnipFMC

plc

18,773,596

Total

54,281,279

Financials

(15.3%)

1,640,060

Ally

Financial,

Inc.

39,673,051

733,273

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

18,522,476

1,715,229

Bridgewater

Bancshares,

Inc.

a

16,517,655

267,766

Byline

Bancorp,

Inc.

5,079,521

2,237,100

F.N.B.

Corporation

23,914,599

603,384

Federated

Hermes,

Inc.

19,127,273

834,737

Glacier

Bancorp,

Inc.

25,200,710

904,719

Heartland

Financial

USA,

Inc.

24,789,301

389,663

Houlihan

Lokey,

Inc.

39,168,925

58,474

Kinsale

Capital

Group,

Inc.

19,525,053

376,823

RLI

Corporation

50,207,897

530,002

Triumph

Financial,

Inc.

a

32,992,624

168,600

Voya

Financial,

Inc.

11,257,422

535,209

Western

Alliance

Bancorp

21,997,090

Total

347,973,597

Health

Care

(7.7%)

809,674

Enovis

Corporation

a

37,164,037

901,175

Halozyme

Therapeutics,

Inc.

a

30,522,797

241,801

Lantheus

Holdings,

Inc.

a

15,620,345

2,095,476

Maravai

LifeSciences

Holdings,

Inc.

a

14,374,965

717,329

Option

Care

Health,

Inc.

a

19,891,533

645,933

Progyny,

Inc.

a

19,933,492

250,822

QuidelOrtho

Corporation

a

15,320,208

721,068

R1

RCM,

Inc.

a

8,501,392

2,141,801

Viemed

Healthcare,

Inc.

a

13,514,764

Total

174,843,533

Shares

Common

Stock

(97.8%)

Value

Industrials

(25.7%)

1,201,330

Air

Lease

Corporation

$

41,602,058

419,666

ASGN,

Inc.

a

35,025,324

1,854,541

Badger

Infrastructure

Solutions,

Ltd.

49,120,094

870,777

Barnes

Group,

Inc.

18,103,454

348,862

Cimpress

plc

a

20,816,596

109,057

Curtiss-Wright

Corporation

21,681,622

896,757

ExlService

Holdings,

Inc.

a

23,414,325

890,016

Fluor

Corporation

a

29,628,633

664,234

Greenbrier

Companies,

Inc.

22,975,854

687,157

Helios

Technologies,

Inc.

35,539,760

2,558,538

Janus

International

Group,

Inc.

a

23,947,916

510,287

ManpowerGroup,

Inc.

35,704,781

2,072,982

Masterbrand,

Inc.

a

23,030,830

486,974

Maximus,

Inc.

36,386,697

678,053

Miller

Industries,

Inc.

24,660,788

194,220

Moog,

Inc.

22,539,231

515,826

RB

Global,

Inc.

33,735,020

1,322,658

Schneider

National,

Inc.

33,502,927

81,216

Simpson

Manufacturing

Company,

Inc.

10,816,347

417,361

Tennant

Company

30,976,534

162,734

Timken

Company

11,248,174

Total

584,456,965

Information

Technology

(15.1%)

257,153

Calix,

Inc.

a

8,516,907

425,807

Ciena

Corporation

a

17,969,055

799,410

Cohu,

Inc.

a

24,094,217

186,140

FormFactor,

Inc.

a

6,306,423

1,507,492

Gilat

Satellite

Networks,

Ltd.

a

9,060,027

374,858

Guidewire

Software,

Inc.

a

33,785,952

94,792

Insight

Enterprises,

Inc.

a

13,583,694

1,893,923

Knowles

Corporation

a

24,602,060

109,379

Littelfuse,

Inc.

23,699,148

419,703

Plexus

Corporation

a

41,265,199

173,452

Silicon

Laboratories,

Inc.

a

15,988,805

451,327

Sprout

Social,

Inc.

a

19,533,433

4,778,601

TTM

Technologies,

Inc.

a

54,906,125

80,448

Universal

Display

Corporation

11,196,753

617,585

Varonis

Systems,

Inc.

a

20,775,559

214,808

Workiva,

Inc.

a

18,707,629

Total

343,990,986

Materials

(7.2%)

651,983

Alcoa

Corporation

16,716,844

204,492

Berry

Plastics

Group,

Inc.

11,247,060

405,956

Carpenter

Technology

Corporation

25,461,560

675,792

Ingevity

Corporation

a

27,220,902

2,350,085

Ivanhoe

Mines,

Ltd.

a

17,319,538

2,329,312

Tronox

Holdings

plc

24,900,345

209,886

United

States

Lime

&

Minerals,

Inc.

41,555,329

Total

164,421,578

Real

Estate

(5.3%)

521,766

Agree

Realty

Corporation

29,187,590

4,009,634

Cushman

and

Wakefield

plc

a

29,551,003

1,979,638

Independence

Realty

Trust,

Inc.

24,527,715

1,314,737

National

Storage

Affiliates

Trust

37,496,299

Total

120,762,607

Utilities

(2.4%)

188,603

Black

Hills

Corporation

9,118,955

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

376

Shares

Common

Stock

(97.8%)

Value

Utilities

(2.4%)

-

continued

220,457

Northwestern

Energy

Group,

Inc.

$

10,584,140

456,084

Portland

General

Electric

Company

18,252,482

303,082

Spire,

Inc.

16,860,452

Total

54,816,029

Total

Common

Stock

(cost

$2,371,965,352)

2,226,940,207

Shares

Registered

Investment

Companies

(

0.9%

)

Value

U.S.

Unaffiliated  (0.9%)

310,166

SPDR

S&P

Biotech

ETF

b

20,542,294

Total

20,542,294

Total

Registered

Investment

Companies

(cost

$25,818,422)

20,542,294

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

Value

18,905,950

Thrivent

Cash

Management

Trust

18,905,950

Total

Collateral

Held

for

Securities

Loaned

(cost

$18,905,950)

18,905,950

Shares

Short-Term

Investments

(

0.9%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,948,973

5.690%

19,489,729

Total

Short-Term

Investments

(cost

$19,489,729)

19,489,729

Total

Investments

(cost

$2,436,179,453)

100.4%

$2,285,878,180

Other

Assets

and

Liabilities,

Net

(0.4%)

(

8,861,407)

Total

Net

Assets

100.0%

$2,277,016,773

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Small

Cap

Stock

Fund

as

of

October

31,

2023:

Securities

Lending

Transactions

Common

Stock

$

18,829,189

Total

lending

$18,829,189

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$18,905,950

Net

amounts

due

to

counterparty

$76,761

Definitions:

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$166,128,877

Gross

unrealized

depreciation

(331,850,818)

Net

unrealized

appreciation

(depreciation)

($165,721,941)

Cost

for

federal

income

tax

purposes

$2,451,600,121

Small

Cap

Stock

Fund

Schedule

of

Investments

as

of

October

31,

2023

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

377

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2023,

in

valuing

Small

Cap

Stock

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

62,990,786

62,990,786

–

–

Consumer

Discretionary

212,826,856

212,826,856

–

–

Consumer

Staples

105,575,991

105,575,991

–

–

Energy

54,281,279

54,281,279

–

–

Financials

347,973,597

347,973,597

–

–

Health

Care

174,843,533

174,843,533

–

–

Industrials

584,456,965

535,336,871

49,120,094

–

Information

Technology

343,990,986

343,990,986

–

–

Materials

164,421,578

147,102,040

17,319,538

–

Real

Estate

120,762,607

120,762,607

–

–

Utilities

54,816,029

54,816,029

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

20,542,294

20,542,294

–

–

Subtotal

Investments

in

Securities

$2,247,482,501

$2,181,042,869

$

66,439,632

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

19,489,729

Collateral

Held

for

Securities

Loaned

18,905,950

Subtotal

Other

Investments

$38,395,679

Total

Investments

at

Value

$2,285,878,180

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Stock

Fund,

is

as

follows:

Fund

Value

10/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2023

Shares

Held

at

10/31/2023

%

of

Net

Assets

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$22,999

$852,337

$

855,846

$19,490

1,949

0.9%

Total

Affiliated

Short-Term

Investments

22,999

19,490

0.9

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

763

415,420

397,277

18,906

18,906

0.8

Total

Collateral

Held

for

Securities

Loaned

763

18,906

0.8

Total

Value

$23,762

$38,396

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2022

-

10/31/2023

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.690%

$3

($3)

$–

$2,457

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$2,457

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

198

Total

Affiliated

Income

from

Securities

Loaned,

Net

$198

Total

$3

($3)

$–

Thrivent

Mutual

Funds

Statement

of

Assets

and

Liabilities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

378

As

of

October

31,

2023

Aggressive

Allocation

Fund

Balanced

Income

Plus

Fund

Global

Stock

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$902,230,147

$305,746,053

$1,437,178,280

Investments

in

affiliated

securities

at

cost

$975,873,164

$86,546,855

$102,273,227

Investments

in

unaffiliated

securities

at

value

(#)

$969,931,021

$307,447,903

$1,614,066,876

Investments

in

affiliated

securities

at

value

1,100,382,048

80,208,819

87,769,563

Cash

84,790

13,614

68,827

Foreign

Currency

—

—

188,200

(a)

Dividends

and

interest

receivable

2,692,792

1,532,898

3,661,892

Prepaid

expenses

31,052

6,654

21,439

Prepaid

trustee

fees

11,117

2,013

7,692

Receivable

for:

Investments

sold

3,541,344

1,172,555

19,790,853

Investments

sold

on

a

delayed-delivery

basis

6,838,682

2,929,261

—

Fund

shares

sold

601,147

84,869

51,045

Expense

reimbursements

308,324

2,050

—

Variation

margin

on

open

future

contracts

2,890,348

108,405

2,450,250

Variation

margin

on

open

swap

contracts

—

—

—

Total

Assets

2,087,312,665

393,509,041

1,728,076,637

Liabilities

Distributions

payable

—

—

—

Accrued

expenses

118,066

34,531

112,895

Payable

for:

Investments

purchased

3,605,570

698,693

19,709,215

Investments

purchased

on

a

delayed-delivery

basis

34,849,483

8,265,481

—

Return

of

collateral

for

securities

loaned

325,960

3,487,713

5,866,045

Foreign

capital

gain

tax

liability

—

—

—

Fund

shares

redeemed

1,235,320

204,726

752,369

Variation

margin

on

open

future

contracts

1,963,946

185,137

1,342,375

Variation

margin

on

open

swap

contracts

—

2,218

—

Investment

advisory

fees

1,291,757

180,321

832,979

Administrative

fees

30,082

5,574

25,073

Distribution

fees

34,866

7,482

44,910

Transfer

agent

fees

173,515

27,609

103,886

Trustee

deferred

compensation

52,246

39,338

242,863

Contingent

liabilities^

—

—

—

Mortgage

dollar

roll

deferred

revenue

917

58

—

Total

Liabilities

43,681,728

13,138,881

29,032,610

Net

Assets

Capital

stock

(beneficial

interest)

1,798,618,241

391,892,446

1,459,988,610

Distributable

earnings/(accumulated

loss)

245,012,696

(11,522,286)

239,055,417

Total

Net

Assets

$2,043,630,937

$380,370,160

$1,699,044,027

Class

S

Share

Capital

$1,013,482,569

$161,148,069

$371,585,958

Shares

of

beneficial

interest

outstanding

(Class

S)

63,369,443

13,282,857

15,383,077

Net

asset

value

per

share

$15.99

$12.13

$24.16

Class

A

Share

Capital

$1,030,148,368

$219,222,091

$1,327,458,069

Shares

of

beneficial

interest

outstanding

(Class

A)

65,254,747

18,017,714

55,840,934

Net

asset

value

per

share

$15.79

$12.17

$23.77

Maximum

public

offering

price

$16.53

$12.74

$24.89

(#)

Includes

securities

on

loan

of

321,408

3,392,929

5,517,560

(a)

Foreign

currency

holdings,

cost

$189,148.

(b)

Foreign

currency

holdings,

cost

$230,390.

^

Contingent

liabilities

accrual.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.

Thrivent

Mutual

Funds

Statement

of

Assets

and

Liabilities

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

379

Government

Bond

Fund

High

Income

Municipal

Bond

Fund

High

Yield

Fund

Income

Fund

International

Allocation

Fund

Large

Cap

Growth

Fund

Large

Cap

Value

Fund

$90,062,884

$41,081,078

$700,600,577

$978,115,718

$638,618,718

$1,537,198,343

$1,529,480,613

$13,004,078

$—

$66,558,458

$26,873,964

$33,963,019

$50,644,627

$11,388,786

$81,524,800

$35,271,038

$624,337,905

$841,558,185

$653,994,070

$2,084,379,240

$1,894,249,751

13,010,653

—

66,563,947

26,897,459

33,963,019

50,663,916

11,411,376

—

7,954

11,290

7,535

—

—

—

—

—

—

—

231,339

(b)

—

—

339,115

522,989

9,507,759

10,266,446

4,706,197

842,867

3,084,573

6,557

4,736

19,400

19,606

10,410

27,809

18,964

1,319

1,319

3,002

3,341

1,319

6,835

6,013

—

—

3,301,800

19,069,205

16,799,082

36,888,484

—

1,921,982

—

—

—

—

—

—

110,306

28,120

337,972

998,998

25,398

944,408

999,432

12,318

17,008

—

—

13,186

—

—

1,406

—

—

23,048

132,070

—

—

—

—

—

(46,056)

—

—

—

96,928,456

35,853,164

704,083,075

898,797,767

709,876,090

2,173,753,559

1,909,770,109

633

11,703

620,381

105,972

—

—

—

16,444

18,172

46,436

69,504

160,920

124,454

130,426

—

—

3,618,290

1,100,000

16,443,400

37,346,378

—

15,661,281

733,475

1,893,700

13,059,020

—

—

—

—

—

44,464,941

8,411,548

5,685,400

—

—

—

—

—

—

112,491

—

—

63,656

159,885

691,985

542,768

56,902

525,999

789,698

7,000

313

—

—

35,724

—

—

—

—

34,421

—

—

—

—

27,815

14,878

216,056

253,650

412,027

1,189,025

740,346

1,182

506

9,463

12,713

10,498

31,283

27,969

35

—

10,667

7,395

3,343

12,887

9,051

2,025

1,123

30,862

26,127

21,387

77,396

43,128

12,740

4,377

68,196

75,579

74,771

63,297

75,030

—

—

—

—

—

—

—

—

—

—

—

—

—

—

15,792,811

944,432

51,705,398

23,664,276

23,016,863

39,370,719

1,815,648

98,925,355

42,515,465

820,155,560

1,077,699,875

732,364,721

1,522,806,129

1,471,408,905

(17,789,710)

(7,606,733)

(167,777,883)

(202,566,384)

(45,505,494)

611,576,711

436,545,556

$81,135,645

$34,908,732

$652,377,677

$875,133,491

$686,859,227

$2,134,382,840

$1,907,954,461

$79,067,307

$34,908,732

$339,561,005

$659,560,875

$588,400,510

$1,751,684,567

$1,640,029,576

9,562,049

4,063,933

86,137,825

88,440,898

64,069,618

111,309,633

64,663,083

$8.27

$8.59

$3.94

$7.46

$9.18

$15.74

$25.36

$2,068,338

$—

$312,816,672

$215,572,616

$98,458,717

$382,698,273

$267,924,885

250,174

—

79,380,166

28,885,272

10,798,401

28,604,506

10,674,929

$8.27

$—

$3.94

$7.46

$9.12

$13.38

$25.10

$8.44

$—

$4.13

$7.81

$9.55

$14.01

$26.28

—

—

43,108,422

8,119,227

5,273,579

—

—

Thrivent

Mutual

Funds

Statement

of

Assets

and

Liabilities

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

380

As

of

October

31,

2023

Limited

Maturity

Bond

Fund

Low

Volatility

Equity

Fund

Mid

Cap

Growth

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$1,355,659,517

$24,593,925

$24,004,485

Investments

in

affiliated

securities

at

cost

$3,556,345

$482,692

$839,640

Investments

in

unaffiliated

securities

at

value

(#)

$1,286,495,352

$25,397,179

$24,656,163

Investments

in

affiliated

securities

at

value

3,556,345

482,692

839,640

Cash

9,117

—

—

Foreign

Currency

—

3,801

(a)

—

Initial

margin

deposit

on

open

future

contracts

—

117,972

—

Dividends

and

interest

receivable

10,344,780

93,903

4,381

Prepaid

expenses

31,001

4,650

4,929

Prepaid

trustee

fees

6,096

1,319

1,319

Receivable

for:

Investments

sold

9,490,583

—

25,441

Investments

sold

on

a

delayed-delivery

basis

—

—

—

Fund

shares

sold

1,355,304

2,602

1,502

Expense

reimbursements

—

12,700

17,375

Variation

margin

on

open

future

contracts

—

2,300

—

Total

Assets

1,311,288,578

26,119,118

25,550,750

Liabilities

Distributions

payable

33,579

—

—

Accrued

expenses

110,317

19,033

15,196

Payable

for:

Investments

purchased

3,796,162

—

85,703

Investments

purchased

on

a

delayed-delivery

basis

7,707,967

—

—

Return

of

collateral

for

securities

loaned

3,556,345

—

296,700

Fund

shares

redeemed

2,531,733

37,083

10,837

Variation

margin

on

open

future

contracts

—

—

—

Investment

advisory

fees

308,357

13,612

16,714

Administrative

fees

18,803

386

379

Distribution

fees

4,125

—

—

Transfer

agent

fees

41,419

2,675

5,971

Trustee

deferred

compensation

75,110

4,384

3,806

Contingent

liabilities^

—

—

—

Mortgage

dollar

roll

deferred

revenue

—

—

—

Total

Liabilities

18,183,917

77,173

435,306

Net

Assets

Capital

stock

(beneficial

interest)

1,379,801,645

24,353,019

28,185,787

Distributable

earnings/(accumulated

loss)

(86,696,984)

1,688,926

(3,070,343)

Total

Net

Assets

$1,293,104,661

$26,041,945

$25,115,444

Class

S

Share

Capital

$1,052,199,744

$26,041,945

$25,115,444

Shares

of

beneficial

interest

outstanding

(Class

S)

88,673,507

2,160,791

2,188,421

Net

asset

value

per

share

$11.87

$12.05

$11.48

Class

A

Share

Capital

$240,904,917

$—

$—

Shares

of

beneficial

interest

outstanding

(Class

A)

20,295,552

—

—

Net

asset

value

per

share

$11.87

$—

$—

Maximum

public

offering

price

$11.87

$—

$—

(#)

Includes

securities

on

loan

of

3,456,074

—

292,658

(a)

Foreign

currency

holdings,

cost

$3,818.

(b)

Foreign

currency

holdings,

cost

$3.

(c)

Foreign

currency

holdings,

cost

$4.

^

Contingent

liabilities

accrual.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.

Thrivent

Mutual

Funds

Statement

of

Assets

and

Liabilities

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

381

Mid

Cap

Stock

Fund

Mid

Cap

Value

Fund

Moderate

Allocation

Fund

Moderately

Aggressive

Allocation

Fund

Moderately

Conservative

Allocation

Fund

Money

Market

Fund

Municipal

Bond

Fund

$2,974,610,319

$33,267,299

$1,404,610,500

$1,265,677,754

$560,353,645

$2,024,246,676

$1,289,808,847

$169,282,257

$488,489

$1,569,253,530

$2,055,347,014

$484,691,878

$—

$—

$3,339,290,572

$32,674,506

$1,388,222,116

$1,282,137,317

$521,856,760

$2,024,246,676

$1,162,032,207

169,310,395

488,489

1,805,454,660

2,338,082,626

531,032,169

—

—

—

—

23,691

252,686

15,322

229,288

6,150

—

3

(b)

—

4

(c)

—

—

—

—

—

—

—

—

—

—

3,136,491

31,353

7,895,947

6,016,189

3,630,379

9,388,240

17,322,511

31,747

5,018

39,964

41,292

25,086

23,045

19,930

17,163

1,319

17,038

19,565

5,550

9,795

6,370

—

—

3,528,035

3,023,252

1,152,746

—

—

—

—

12,431,863

7,519,381

6,938,316

—

—

3,376,816

105,484

1,147,134

1,609,512

1,144,950

15,217,494

592,520

—

14,418

527,889

735,398

135,129

25,324

15,858

—

—

3,380,253

3,855,286

616,938

—

10,470

3,515,163,184

33,320,590

3,222,668,590

3,643,292,508

1,066,553,345

2,049,139,862

1,180,006,016

—

—

—

—

—

78,004

376,708

264,029

16,899

104,775

128,724

52,359

181,149

67,750

—

—

3,073,391

2,563,815

687,367

—

—

—

—

51,557,041

29,591,013

28,457,707

21,500,000

6,814,539

—

—

6,898,334

4,765,229

3,269,156

—

—

2,696,296

37,932

3,165,655

1,435,999

925,257

5,111,855

1,008,126

—

—

2,392,971

3,359,619

487,215

—

—

1,876,968

21,691

1,685,454

2,074,396

521,220

408,990

418,237

53,159

492

46,251

52,866

15,096

27,811

17,220

42,211

—

59,064

72,904

19,523

—

28,410

150,286

3,905

163,169

242,769

55,870

80,637

33,900

175,702

3,806

85,229

100,296

40,520

—

141,085

—

—

—

—

—

—

—

—

—

678

394

372

—

—

5,258,651

84,725

69,232,012

44,388,024

34,531,662

27,388,446

8,905,975

3,090,867,650

33,854,378

2,915,566,024

3,215,854,921

1,057,554,190

2,021,718,655

1,370,737,092

419,036,883

(618,513)

237,870,554

383,049,563

(25,532,507)

32,761

(199,637,051)

$3,509,904,533

$33,235,865

$3,153,436,578

$3,598,904,484

$1,032,021,683

$2,021,751,416

$1,171,100,041

$2,274,596,715

$33,235,865

$1,416,033,916

$1,448,508,266

$459,640,974

$1,405,117,298

$341,826,906

76,883,075

2,325,343

104,423,177

97,759,290

40,705,661

1,405,069,229

36,425,935

$29.59

$14.29

$13.56

$14.82

$11.29

$1.00

$9.38

$1,235,307,818

$—

$1,737,402,662

$2,150,396,218

$572,380,709

$616,634,118

$829,273,135

49,369,796

—

128,536,059

146,752,067

50,864,686

616,613,984

88,367,446

$25.02

$—

$13.52

$14.65

$11.25

$1.00

$9.38

$26.20

$—

$14.16

$15.34

$11.78

$1.00

$9.82

—

—

6,709,665

4,652,729

3,153,773

—

—

Thrivent

Mutual

Funds

Statement

of

Assets

and

Liabilities

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

382

As

of

October

31,

2023

Opportunity

Income

Plus

Fund

Small

Cap

Growth

Fund

Small

Cap

Stock

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$621,697,065

$192,528,670

$2,397,783,774

Investments

in

affiliated

securities

at

cost

$126,983,980

$4,139,876

$38,395,679

Investments

in

unaffiliated

securities

at

value

(#)

$566,409,659

$185,517,532

$2,247,482,501

Investments

in

affiliated

securities

at

value

110,887,052

4,139,876

38,395,679

Cash

34,794

—

—

Dividends

and

interest

receivable

5,003,738

35,413

887,517

Prepaid

expenses

14,516

5,909

22,038

Prepaid

trustee

fees

3,442

1,319

12,031

Receivable

for:

Investments

sold

2,360,446

732,139

703,857

Investments

sold

on

a

delayed-delivery

basis

8,096,046

—

—

Fund

shares

sold

425,945

246,823

18,120,659

Expense

reimbursements

—

33,028

—

Variation

margin

on

open

future

contracts

15,750

—

—

Total

Assets

693,251,388

190,712,039

2,305,624,282

Liabilities

Distributions

payable

92,548

—

—

Accrued

expenses

77,126

46,528

310,087

Payable

for:

Investments

purchased

1,056,878

—

—

Investments

purchased

on

a

delayed-delivery

basis

31,061,691

—

—

Return

of

collateral

for

securities

loaned

13,199,079

—

18,905,950

Fund

shares

redeemed

695,206

78,933

7,889,469

Variation

margin

on

open

future

contracts

19,789

—

—

Variation

margin

on

open

swap

contracts

12,120

—

—

Investment

advisory

fees

242,429

136,299

1,247,034

Administrative

fees

9,401

2,900

33,889

Distribution

fees

5,657

—

15,674

Transfer

agent

fees

24,424

14,746

106,962

Trustee

deferred

compensation

51,383

4,377

98,444

Contingent

liabilities^

—

—

—

Mortgage

dollar

roll

deferred

revenue

229

—

—

Total

Liabilities

46,547,960

283,783

28,607,509

Net

Assets

Capital

stock

(beneficial

interest)

786,357,020

233,808,658

2,512,672,667

Distributable

earnings/(accumulated

loss)

(139,653,592)

(43,380,402)

(235,655,894)

Total

Net

Assets

$646,703,428

$190,428,256

$2,277,016,773

Class

S

Share

Capital

$481,358,013

$190,428,256

$1,812,153,971

Shares

of

beneficial

interest

outstanding

(Class

S)

56,908,852

13,937,720

73,377,860

Net

asset

value

per

share

$8.46

$13.66

$24.70

Class

A

Share

Capital

$165,345,415

$—

$464,862,802

Shares

of

beneficial

interest

outstanding

(Class

A)

19,549,708

—

25,770,851

Net

asset

value

per

share

$8.46

$—

$18.04

Maximum

public

offering

price

$8.86

$—

$18.89

(#)

Includes

securities

on

loan

of

12,814,414

—

18,829,189

^

Contingent

liabilities

accrual.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.

Thrivent

Mutual

Funds

Statement

of

Operations

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

384

For

the

year

ended

October

31,

2023

Aggressive

Allocation

Fund

Balanced

Income

Plus

Fund

Global

Stock

Fund

Investment

Income

Dividends

$12,762,777

$2,731,631

$33,491,451

Taxable

interest

3,382,351

9,481,707

14,598,300

Tax-Exempt

interest

—

—

—

Income

from

mortgage

dollar

rolls

23,478

23,763

—

Affiliated

income

from

securities

loaned,

net

16,022

48,512

118,351

Income

from

affiliated

investments

15,450,936

1,738,715

2,223,261

Non

cash

income

from

affiliated

investments

10,996,225

2,028,403

—

Foreign

tax

withholding

(45,816)

(6,203)

(2,058,552)

Total

Investment

Income

42,585,973

16,046,528

48,372,811

Expenses

Adviser

fees

15,043,851

2,212,126

9,990,346

Administrative

service

fees

420,273

138,375

371,422

Audit

and

legal

fees

51,239

41,423

69,968

Custody

fees

88,883

61,039

204,154

Distribution

expenses

Class

A

2,685,061

585,420

3,491,906

Insurance

expenses

10,269

5,282

9,722

Pricing

service

fees

—

—

—

Printing

and

postage

expenses

Class

S

243,737

29,619

23,948

Printing

and

postage

expenses

Class

A

139,597

38,240

236,497

SEC

and

state

registration

expenses

108,760

41,950

58,289

Transfer

agent

fees

Class

S

1,542,176

147,620

137,234

Transfer

agent

fees

Class

A

903,073

218,586

1,406,148

Trustees'

fees

79,921

18,445

77,467

Other

expenses

38,914

99,285

89,924

Total

Expenses

Before

Reimbursement

21,355,754

3,637,410

16,167,025

Less:

Reimbursement

from

adviser

(3,664,524)

(26,854)

—

Total

Net

Expenses

17,691,230

3,610,556

16,167,025

Net

Investment

Income/(Loss)

24,894,743

12,435,972

32,205,786

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(3,348,294)

(1,271,969)

45,061,072

Affiliated

investments

(2,891,778)

(1,560,013)

—

Distributions

of

realized

capital

gains

from

affiliated

investments

27,147,270

—

—

Written

option

contracts

12,234

34,891

—

Futures

contracts

28,529,499

(2,425,485)

25,692,140

Foreign

currency

transactions

(7,860)

(2,358)

(208,307)

Swap

agreements

—

(153,025)

—

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

(4,965,592)

457,384

39,438,834

Affiliated

investments

15,134,245

5,167,020

526,371

Futures

contracts

2,540,538

784,086

(1,221,206)

Foreign

currency

transactions

8,401

6,455

127,357

Swap

agreements

—

87,400

—

Foreign

capital

gain

tax

liability

—

—

—

Net

Realized

and

Unrealized

Gains/(Losses)

62,158,663

1,124,386

109,416,261

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$87,053,406

$13,560,358

$141,622,047

(a)

Includes

foreign

capital

gain

taxes

paid

of $60,198.

Thrivent

Mutual

Funds

Statement

of

Operations

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

385

Government

Bond

Fund

High

Income

Municipal

Bond

Fund

High

Yield

Fund

Income

Fund

International

Allocation

Fund

Large

Cap

Growth

Fund

Large

Cap

Value

Fund

$—

$—

$1,653,856

$—

$28,146,913

$17,151,160

$49,802,900

2,673,257

8,527

39,590,487

39,983,453

149,323

—

3

—

1,476,852

—

—

—

—

—

22,956

—

—

—

—

—

—

—

—

550,240

86,980

124,664

—

1,793

530,242

—

668,634

1,548,492

2,036,987

2,458,654

1,870,152

—

—

—

—

—

—

—

—

—

—

—

(3,112,662)

(27,861)

(269,373)

3,226,455

1,485,379

42,463,217

41,618,925

27,345,225

19,581,953

51,405,475

350,219

169,995

2,602,367

3,092,894

5,289,451

12,541,930

8,771,050

84,884

75,780

184,258

225,244

205,070

398,027

401,351

37,023

36,675

40,740

42,113

89,873

48,276

49,553

6,117

2,624

12,807

17,189

498,092

18,956

42,658

3,009

—

818,601

587,822

268,032

893,496

723,654

4,242

4,064

6,149

6,949

6,582

9,903

9,920

—

39,893

—

—

—

—

—

12,127

11,278

62,836

63,332

21,607

124,246

83,934

5,717

—

61,317

49,433

41,883

54,988

41,673

31,137

19,363

64,911

64,903

41,599

117,835

108,679

45,108

29,980

267,538

502,694

82,889

1,117,236

1,078,775

5,176

—

314,971

253,632

277,479

395,364

293,385

10,534

9,696

28,164

31,690

16,854

47,119

48,255

28,336

15,855

52,452

60,192

180,870

31,331

31,246

623,629

415,203

4,517,111

4,998,087

7,020,281

15,798,707

11,684,133

(154,645)

(211,209)

—

—

(305,685)

—

—

468,984

203,994

4,517,111

4,998,087

6,714,596

15,798,707

11,684,133

2,757,471

1,281,385

37,946,106

36,620,838

20,630,629

3,783,246

39,721,342

(3,886,527)

(1,414,739)

(14,710,027)

(38,917,865)

(11,043,670)

(a)

76,593,882

38,267,064

—

—

—

33

66,976

—

238

—

—

—

—

—

—

—

18,805

—

—

—

—

—

—

(188,341)

190,928

—

(3,115,031)

4,506,717

—

—

—

—

—

—

(413,686)

—

(53,129)

—

—

(53,431)

(1,228,495)

—

—

—

446,024

1,056,687

9,526,687

29,359,312

79,828,594

285,645,281

(67,793,804)

—

—

—

(33)

(66,976)

—

(238)

(199,153)

(246,078)

—

2,400,830

1,568,274

—

—

—

—

—

—

134,853

—

28,690

—

—

212,873

888,794

—

—

—

—

—

—

—

(44,705)

—

—

(3,809,192)

(413,202)

(5,023,898)

(10,612,455)

74,536,377

362,239,163

(29,551,179)

$(1,051,721)

$868,183

$32,922,208

$26,008,383

$95,167,006

$366,022,409

$10,170,163

Thrivent

Mutual

Funds

Statement

of

Operations

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

386

For

the

year

ended

October

31,

2023

Limited

Maturity

Bond

Fund

Low

Volatility

Equity

Fund

Mid

Cap

Growth

Fund

Investment

Income

Dividends

$155,665

$853,721

$97,639

Taxable

interest

46,267,789

2,268

—

Tax-Exempt

interest

—

—

—

Income

from

mortgage

dollar

rolls

66,300

—

—

Affiliated

income

from

securities

loaned,

net

61,495

477

2,188

Income

from

affiliated

investments

—

35,8

03

31,518

Non

cash

income

from

affiliated

investments

—

—

—

Foreign

tax

withholding

—

(52,369)

(320)

Total

Investment

Income

46,551,249

839,900

131,025

Expenses

Adviser

fees

3,795,307

180,666

182,941

Administrative

service

fees

302,581

75,119

74,147

Audit

and

legal

fees

45,556

37,472

37,414

Custody

fees

26,393

19,446

7,791

Distribution

expenses

Class

A

331,192

—

—

Insurance

expenses

8,447

4,054

4,020

Printing

and

postage

expenses

Class

S

116,570

14,966

17,015

Printing

and

postage

expenses

Class

A

59,764

—

—

SEC

and

state

registration

expenses

91,825

18,510

19,503

Transfer

agent

fees

Class

S

1,037,053

40,950

75,102

Transfer

agent

fees

Class

A

288,189

—

—

Trustees'

fees

53,602

9,697

9,633

Other

expenses

69,815

27,262

16,473

Total

Expenses

Before

Reimbursement

6,226,294

428,142

444,039

Less:

Reimbursement

from

adviser

—

(142,087)

(224,510)

Total

Net

Expenses

6,226,294

286,055

219,529

Net

Investment

Income/(Loss)

40,324,955

553,845

(88,504)

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(13,271,224)

463,747

(1,761,695)

Affiliated

investments

—

—

—

Distributions

of

realized

capital

gains

from

affiliated

investments

—

—

—

Written

option

contracts

—

—

—

Futures

contracts

(415,476)

58,901

—

Foreign

currency

transactions

—

(11,897)

—

Swap

agreements

—

—

—

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

39,016,090

399,794

922,631

Affiliated

investments

—

—

—

Futures

contracts

1,107,278

(25,577)

—

Foreign

currency

transactions

—

2,156

—

Swap

agreements

—

—

—

Net

Realized

and

Unrealized

Gains/(Losses)

26,436,668

887,124

(839,064)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$66,761,623

$1,440,969

$(927,568)

Thrivent

Mutual

Funds

Statement

of

Operations

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

387

Mid

Cap

Stock

Fund

Mid

Cap

Value

Fund

Moderate

Allocation

Fund

Moderately

Aggressive

Allocation

Fund

Moderately

Conservative

Allocation

Fund

Money

Market

Fund

Municipal

Bond

Fund

$37,508,194

$672,298

$12,465,930

$14,830,078

$2,079,777

$1,967,682

$—

—

3

29,888,435

18,102,706

17,143,145

67,009,478

120,530

—

—

—

—

—

—

49,798,683

—

—

53,638

24,306

33,600

—

—

149,280

—

74,106

48,457

36,512

—

—

8,941,624

44,513

19,136,537

20,980,963

5,303,956

—

—

—

—

25,439,092

28,744,235

11,459,058

—

—

—

—

(35,933)

(43,508)

(4,485)

—

—

46,599,098

716,814

87,021,805

82,687,237

36,051,563

68,977,160

49,919,213

22,299,367

231,541

20,200,087

24,615,110

6,494,316

3,470,971

5,332,959

702,071

75,248

624,627

697,434

258,310

306,026

292,601

59,370

37,406

59,316

61,566

46,222

40,952

44,832

42,930

4,512

88,841

95,760

68,325

15,378

13,888

3,471,765

—

4,580,538

5,646,072

1,558,769

—

2,337,569

15,022

4,031

14,433

15,609

7,652

7,233

8,325

251,849

15,152

178,765

268,783

68,226

129,983

35,031

156,529

—

191,363

248,344

78,060

157,774

81,787

178,389

25,683

136,769

146,310

74,411

366,338

68,058

2,472,928

61,423

1,133,294

1,619,638

353,274

442,507

337,384

1,131,653

—

1,142,651

1,614,919

418,033

505,500

373,186

132,500

9,633

128,490

145,130

45,058

48,309

63,281

47,060

16,441

111,744

113,638

96,502

27,548

156,127

30,961,433

481,070

28,590,918

35,288,313

9,567,158

5,518,519

9,145,028

—

(203,221)

(6,201,400)

(8,640,287)

(1,637,333)

(248,963)

(143,649)

30,961,433

277,849

22,389,518

26,648,026

7,929,825

5,269,556

9,001,379

15,637,665

438,965

64,632,287

56,039,211

28,121,738

63,707,604

40,917,834

46,965,492

(387,907)

(32,304,717)

(14,150,331)

(12,497,413)

28,430

(13,841,150)

—

—

(3,783,585)

(8,389,112)

(2,665,635)

—

—

—

—

43,825,845

59,466,693

10,365,798

—

—

—

—

39,648

23,563

21,297

—

—

—

—

29,266,880

34,331,309

1,157,290

—

(4,015,869)

—

(221)

(7,094)

(4,104)

(1,959)

—

—

—

—

580,151

976,721

176,801

—

—

(222,659,008)

(1,808,111)

20,665,933

(8,033,314)

3,305,100

129,175

(853,186)

—

—

12,378,209

33,783,847

5,631,765

—

—

—

—

306,728

4,938,116

(1,266,627)

—

(1,096,935)

—

—

11,445

12,389

3,880

—

—

—

—

(364,628)

(624,963)

(108,196)

—

—

(175,693,516)

(2,196,239)

70,614,815

102,330,814

4,122,101

157,605

(19,807,140)

$(160,055,851)

$(1,757,274)

$135,247,102

$158,370,025

$32,243,839

$63,865,209

$21,110,694

Thrivent

Mutual

Funds

Statement

of

Operations

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

388

For

the

year

ended

October

31,

2023

Opportun

ity

Income

Plus

Fund

Small

Cap

Growth

Fund

Small

Cap

Stock

Fund

Investment

Income

Dividends

$1,542,837

$1,159,798

$28,532,712

Taxable

interest

28,372,974

—

—

Income

from

mortgage

dollar

rolls

21,551

—

—

Affiliated

income

from

securities

loaned,

net

170,121

7,489

197,920

Income

from

affiliated

investments

2,255,617

284,101

2,457,247

Non

cash

income

from

affiliated

investments

3,858,144

—

—

Foreign

tax

withholding

—

(9,443)

(269,433)

Total

Investment

Income

36,221,244

1,441,945

30,918,446

Expenses

Adviser

fees

2,875,441

1,521,508

13,738,271

Administrative

service

fees

181,581

102,396

442,361

Audit

and

legal

fees

40,640

38,244

48,296

Custody

fees

48,445

15,817

49,723

Distribution

expenses

Class

A

449,751

—

1,307,374

Insurance

expenses

6,110

4,463

9,520

Printing

and

postage

expenses

Class

S

69,317

81,107

215,987

Printing

and

postage

expenses

Class

A

36,759

—

76,360

SEC

and

state

registration

expenses

60,964

39,342

251,507

Transfer

agent

fees

Class

S

546,025

342,129

2,095,624

Transfer

agent

fees

Class

A

207,447

—

570,630

Trustees'

fees

29,197

9,696

80,094

Other

expenses

109,972

17,293

32,144

Total

Expenses

Before

Reimbursement

4,661,649

2,171,995

18,917,891

Less:

Reimbursement

from

adviser

—

(361,666)

—

Total

Net

Expenses

4,661,649

1,810,329

18,917,891

Net

Investment

Income/(Loss)

31,559,595

(368,384)

12,000,555

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(19,238,073)

(22,992,887)

(84,437,005)

Affiliated

investments

(4,994,245)

—

2,596

Written

option

contracts

34,438

—

—

Futures

contracts

(2,345,632)

—

—

Foreign

currency

transactions

—

(1,880)

(3,174)

Swap

agreements

(757,151)

—

—

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

9,759,216

(1,853,060)

(131,117,110)

Affiliated

investments

8,401,287

—

(2,596)

Futures

contracts

(583,281)

—

—

Foreign

currency

transactions

—

25

—

Swap

agreements

398,547

—

—

Net

Realized

and

Unrealized

Gains/(Losses)

(9,324,894)

(24,847,802)

(215,557,289)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$22,234,701

$(25,216,186)

$(203,556,734)

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

390

Aggressive

Allocation

Fund

Balanced

Income

Plus

Fund

For

the

periods

ended

10/31/2023

10/31/2022

10/31/2023

10/31/2022

Operations

Net

investment

income/(loss)

$24,894,743

$11,931,862

$12,435,972

$9,796,857

Net

realized

gains/(losses)

49,441,071

53,735,413

(5,377,959)

(356,997)

Change

in

net

unrealized

appreciation/(depreciation)

12,717,592

(460,822,460)

6,502,345

(78,436,240)

Net

Change

in

Net

Assets

Resulting

From

Operations

87,053,406

(395,155,185)

13,560,358

(68,996,380)

Distributions

to

Shareholders

From

income/realized

gains

Class

S

(22,179,217)

(86,703,460)

(5,250,789)

(13,357,079)

From

income/realized

gains

Class

A

(23,931,846)

(119,131,287)

(6,719,736)

(20,135,873)

Total

from

income/realized

gains

(46,111,063)

(205,834,747)

(11,970,525)

(33,492,952)

Total

Distributions

to

Shareholders

(46,111,063)

(205,834,747)

(11,970,525)

(33,492,952)

Capital

Stock

Transactions

Class

S  

Sold

239,562,937

272,578,842

29,386,571

52,403,357

Distributions

reinvested

22,145,520

86,655,338

5,058,890

13,103,333

Redeemed

(130,548,574)

(123,450,316)

(36,042,099)

(34,035,821)

Total

Class

S

Capital

Stock

Transactions

131,159,883

235,783,864

(1,596,638)

31,470,869

Class

A  

Sold

66,894,064

80,634,352

9,767,168

21,085,456

Distributions

reinvested

23,886,139

118,862,926

6,532,609

19,698,446

Redeemed

(101,835,574)

(101,310,608)

(29,980,392)

(30,730,369)

Total

Class

A

Capital

Stock

Transactions

(11,055,371)

98,186,670

(13,680,615)

10,053,533

Capital

Stock

Transactions

120,104,512

333,970,534

(15,277,253)

41,524,402

Net

Increase/(Decrease)

in

Net

Assets

161,046,855

(267,019,398)

(13,687,420)

(60,964,930)

Net

Assets,

Beginning

of

Period

1,882,584,082

2,149,603,480

394,057,580

455,022,510

Net

Assets,

End

of

Period

$2,043,630,937

$1,882,584,082

$380,370,160

$394,057,580

Capital

Stock

Share

Transactions

Class

S

shares

Sold

14,635,351

15,701,109

2,330,924

3,817,066

Distributions

reinvested

1,423,868

4,531,667

404,717

932,432

Redeemed

(7,954,825)

(7,170,576)

(2,864,607)

(2,559,567)

Total

Class

S

share

transactions

8,104,394

13,062,200

(128,966)

2,189,931

Class

A

shares

Sold

4,139,421

4,692,444

773,371

1,535,237

Distributions

reinvested

1,554,254

6,297,866

521,355

1,392,432

Redeemed

(6,283,965)

(5,827,240)

(2,375,833)

(2,308,767)

Total

Class

A

share

transactions

(590,290)

5,163,070

(1,081,107)

618,902

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

391

Global

Stock

Fund

Government

Bond

Fund

High

Income

Municipal

Bond

Fund

High

Yield

Fund

10/31/2023

10/31/2022

10/31/2023

10/31/2022

10/31/2023

10/31/2022

10/31/2023

10/31/2022

$32,205,786

$17,687,817

$2,757,471

$1,742,031

$1,281,385

$957,175

$37,946,106

$35,553,178

70,544,905

49,835,405

(4,056,063)

(3,842,282)

(1,223,811)

(315,213)

(14,763,458)

(6,879,811)

38,871,356

(511,292,381)

246,871

(10,115,668)

810,609

(7,884,646)

9,739,560

(110,708,737)

141,622,047

(443,769,159)

(1,051,721)

(12,215,919)

868,183

(7,242,684)

32,922,208

(82,035,370)

(12,045,184)

(55,385,484)

(2,687,340)

(1,709,437)

(1,281,386)

(970,743)

(20,304,073)

(18,711,374)

(41,870,284)

(227,623,448)

(70,130)

(52,616)

–

–

(18,403,866)

(17,490,041)

(53,915,468)

(283,008,932)

(2,757,470)

(1,762,053)

(1,281,386)

(970,743)

(38,707,939)

(36,201,415)

(53,915,468)

(283,008,932)

(2,757,470)

(1,762,053)

(1,281,386)

(970,743)

(38,707,939)

(36,201,415)

12,950,633

19,403,029

15,977,041

13,457,928

9,799,623

15,139,170

61,688,610

81,783,249

11,998,027

55,177,867

2,679,260

1,703,801

1,161,194

865,429

17,879,539

16,564,862

(14,963,802)

(18,094,596)

(16,655,390)

(25,356,210)

(6,695,236)

(10,307,456)

(64,661,094)

(133,844,349)

9,984,858

56,486,300

2,000,911

(10,194,481)

4,265,581

5,697,143

14,907,055

(35,496,238)

22,931,909

26,196,409

–

–

–

–

13,384,310

13,070,317

41,350,659

224,804,960

67,788

50,823

–

–

13,703,340

13,043,648

(132,349,329)

(144,047,625)

(456,391)

(656,921)

–

–

(38,922,814)

(42,645,383)

(68,066,761)

106,953,744

(388,603)

(606,098)

–

–

(11,835,164)

(16,531,418)

(58,081,903)

163,440,044

1,612,308

(10,800,579)

4,265,581

5,697,143

3,071,891

(52,027,656)

29,624,676

(563,338,047)

(2,196,883)

(24,778,551)

3,852,378

(2,516,284)

(2,713,840)

(170,264,441)

1,669,419,351

2,232,757,398

83,332,528

108,111,079

31,056,354

33,572,638

655,091,517

825,355,958

$1,699,044,027

$1,669,419,351

$81,135,645

$83,332,528

$34,908,732

$31,056,354

$652,377,677

$655,091,517

524,378

744,179

1,816,160

1,412,320

1,071,784

1,462,256

15,239,009

18,376,350

520,394

1,910,132

305,896

182,329

127,094

88,388

4,425,380

3,885,822

(615,581)

(690,920)

(1,911,298)

(2,614,670)

(731,772)

(1,019,433)

(16,011,593)

(30,196,220)

429,191

1,963,391

210,758

(1,020,021)

467,106

531,211

3,652,796

(7,934,048)

949,740

996,982

–

–

–

–

3,311,820

2,987,606

1,819,041

7,908,042

7,734

5,435

–

–

3,392,407

3,068,566

(5,481,282)

(5,575,115)

(52,313)

(69,125)

–

–

(9,636,284)

(9,880,948)

(2,712,501)

3,329,909

(44,579)

(63,690)

–

–

(2,932,057)

(3,824,776)

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

392

Income

Fund

International

Allocation

Fund

For

the

periods

ended

10/31/2023

10/31/2022

10/31/2023

10/31/2022

Operations

Net

investment

income/(loss)

$36,620,838

$30,529,262

$20,630,629

$17,140,719

Net

realized

gains/(losses)

(43,261,358)

(21,715,530)

(6,883,663)

(61,198,876)

Change

in

net

unrealized

appreciation/(depreciation)

32,648,903

(220,075,993)

81,420,040

(202,995,832)

Net

Change

in

Net

Assets

Resulting

From

Operations

26,008,383

(211,262,261)

95,167,006

(247,053,989)

Distributions

to

Shareholders

From

income/realized

gains

Class

S

(27,254,266)

(36,979,106)

(14,754,826)

(75,448,346)

From

income/realized

gains

Class

A

(8,736,614)

(13,459,071)

(1,758,145)

(12,121,653)

Total

from

income/realized

gains

(35,990,880)

(50,438,177)

(16,512,971)

(87,569,999)

Total

Distributions

to

Shareholders

(35,990,880)

(50,438,177)

(16,512,971)

(87,569,999)

Capital

Stock

Transactions

Class

S  

Sold

126,566,476

145,480,291

9,214,328

16,569,734

Distributions

reinvested

26,865,060

36,448,189

14,705,561

75,359,832

Redeemed

(107,659,310)

(204,713,147)

(148,792,939)

(8,950,936)

Total

Class

S

Capital

Stock

Transactions

45,772,226

(22,784,667)

(124,873,050)

82,978,630

Class

A  

Sold

15,280,045

10,191,310

3,096,788

3,416,574

Distributions

reinvested

7,835,835

12,295,771

1,717,426

11,882,907

Redeemed

(38,073,621)

(45,150,647)

(13,645,464)

(15,085,032)

Total

Class

A

Capital

Stock

Transactions

(14,957,741)

(22,663,566)

(8,831,250)

214,449

Capital

Stock

Transactions

30,814,485

(45,448,233)

(133,704,300)

83,193,079

Net

Increase/(Decrease)

in

Net

Assets

20,831,988

(307,148,671)

(55,050,265)

(251,430,909)

Net

Assets,

Beginning

of

Period

854,301,504

1,161,450,175

741,909,492

993,340,401

Net

Assets,

End

of

Period

$875,133,492

$854,301,504

$686,859,227

$741,909,492

Capital

Stock

Share

Transactions

Class

S

shares

Sold

16,069,688

16,584,277

958,555

1,694,675

Distributions

reinvested

3,415,146

4,108,032

1,635,769

6,736,288

Redeemed

(13,710,487)

(23,179,011)

(15,666,789)

(872,555)

Total

Class

S

share

transactions

5,774,347

(2,486,702)

(13,072,465)

7,558,408

Class

A

shares

Sold

1,935,698

1,147,298

325,407

339,256

Distributions

reinvested

994,979

1,379,183

191,891

1,069,782

Redeemed

(4,851,447)

(5,188,864)

(1,440,942)

(1,530,510)

Total

Class

A

share

transactions

(1,920,770)

(2,662,383)

(923,644)

(121,472)

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

393

Large

Cap

Growth

Fund

Large

Cap

Value

Fund

Limited

Maturity

Bond

Fund

Low

Volatility

Equity

Fund

10/31/2023

10/31/2022

10/31/2023

10/31/2022

10/31/2023

10/31/2022

10/31/2023

10/31/2022

$3,783,246

$(6,071,873)

$39,721,342

$35,088,073

$40,324,955

$25,238,291

$553,845

$382,838

76,593,882

122,794,775

38,214,173

82,225,098

(13,686,700)

715,402

510,751

396,073

285,645,281

(881,428,317)

(67,765,352)

(187,306,133)

40,123,368

(121,162,748)

376,373

(4,394,840)

366,022,409

(764,705,415)

10,170,163

(69,992,962)

66,761,623

(95,209,055)

1,440,969

(3,615,929)

(96,356,512)

(101,603,061)

(96,462,756)

(114,971,540)

(33,335,170)

(22,111,895)

(781,288)

(1,714,309)

(26,208,208)

(30,811,390)

(17,004,838)

(21,478,804)

(7,578,428)

(5,572,489)

–

–

(122,564,720)

(132,414,451)

(113,467,594)

(136,450,344)

(40,913,598)

(27,684,384)

(781,288)

(1,714,309)

(122,564,720)

(132,414,451)

(113,467,594)

(136,450,344)

(40,913,598)

(27,684,384)

(781,288)

(1,714,309)

264,773,008

313,977,945

241,711,157

259,521,937

254,963,177

467,882,984

5,225,958

9,911,319

96,258,278

101,494,253

96,387,762

114,892,424

33,021,015

21,882,635

777,054

1,704,010

(150,611,743)

(159,709,263)

(166,414,334)

(165,082,068)

(370,050,065)

(626,610,331)

(9,794,258)

(6,615,298)

210,419,543

255,762,935

171,684,585

209,332,293

(82,065,873)

(136,844,712)

(3,791,246)

5,000,031

36,469,488

36,037,777

18,746,557

34,818,360

33,810,563

73,028,080

–

–

25,832,502

30,373,847

16,684,149

21,005,515

7,377,915

5,429,699

–

–

(40,012,031)

(46,270,328)

(40,923,351)

(30,548,238)

(90,826,642)

(132,468,309)

–

–

22,289,959

20,141,296

(5,492,645)

25,275,637

(49,638,164)

(54,010,530)

–

–

232,709,502

275,904,231

166,191,940

234,607,930

(131,704,037)

(190,855,242)

(3,791,246)

5,000,031

476,167,191

(621,215,635)

62,894,509

28,164,624

(105,856,012)

(313,748,681)

(3,131,565)

(330,207)

1,658,215,649

2,279,431,284

1,845,059,952

1,816,895,328

1,398,960,673

1,712,709,354

29,173,510

29,503,717

$2,134,382,840

$1,658,215,649

$1,907,954,461

$1,845,059,952

$1,293,104,661

$1,398,960,673

$26,041,945

$29,173,510

17,534,838

17,976,153

9,151,509

9,451,679

21,446,616

38,303,339

424,387

769,654

7,549,669

5,019,487

3,726,865

4,094,320

2,774,340

1,805,368

63,844

124,684

(10,067,827)

(10,126,034)

(6,349,492)

(6,093,681)

(31,123,343)

(51,028,173)

(790,317)

(515,284)

15,016,680

12,869,606

6,528,882

7,452,318

(6,902,387)

(10,919,466)

(302,086)

379,054

2,861,724

2,493,514

715,424

1,279,142

2,842,538

5,936,839

–

–

2,378,676

1,735,661

651,176

756,169

619,728

447,824

–

–

(3,185,232)

(3,166,971)

(1,576,428)

(1,124,955)

(7,638,751)

(10,840,925)

–

–

2,055,168

1,062,204

(209,828)

910,356

(4,176,485)

(4,456,262)

–

–

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

394

3

Mid

Cap

Growth

Fund

Mid

Cap

Stock

Fund

For

the

periods

ended

10/31/2023

10/31/2022

10/31/2023

10/31/2022

Operations

Net

investment

income/(loss)

$(88,504)

$(91,304)

$15,637,665

$6,966,880

Net

realized

gains/(losses)

(1,761,695)

(1,761,231)

46,965,492

99,852,653

Change

in

net

unrealized

appreciation/(depreciation)

922,631

(4,541,872)

(222,659,008)

(716,480,993)

Net

Change

in

Net

Assets

Resulting

From

Operations

(927,568)

(6,394,407)

(160,055,851)

(609,661,460)

Distributions

to

Shareholders

From

income/realized

gains

Class

S

–

(568,386)

(58,545,604)

(215,579,632)

From

income/realized

gains

Class

A

–

–

(41,269,141)

(185,026,495)

Total

from

income/realized

gains

–

(568,386)

(99,814,745)

(400,606,127)

Total

Distributions

to

Shareholders

–

(568,386)

(99,814,745)

(400,606,127)

Capital

Stock

Transactions

Class

S  

Sold

10,223,106

11,812,649

757,077,304

781,894,377

Distributions

reinvested

–

567,890

56,909,692

208,020,971

Redeemed

(4,443,555)

(4,469,965)

(456,184,769)

(482,229,356)

Total

Class

S

Capital

Stock

Transactions

5,779,551

7,910,574

357,802,227

507,685,992

Class

A  

Sold

–

–

58,555,487

101,080,869

Distributions

reinvested

–

–

40,779,738

182,769,194

Redeemed

–

–

(140,978,027)

(128,100,115)

Total

Class

A

Capital

Stock

Transactions

–

–

(41,642,802)

155,749,948

Capital

Stock

Transactions

5,779,551

7,910,574

316,159,425

663,435,940

Net

Increase/(Decrease)

in

Net

Assets

4,851,983

947,781

56,288,829

(346,831,647)

Net

Assets,

Beginning

of

Period

20,263,461

19,315,680

3,453,615,704

3,800,447,351

Net

Assets,

End

of

Period

$25,115,444

$20,263,461

$3,509,904,533

$3,453,615,704

Capital

Stock

Share

Transactions

Class

S

shares

Sold

823,298

911,852

23,526,496

22,847,441

Distributions

reinvested

–

35,761

1,837,820

5,602,838

Redeemed

(361,063)

(335,088)

(14,171,359)

(14,374,240)

Total

Class

S

share

transactions

462,235

612,525

11,192,957

14,076,039

Class

A

shares

Sold

–

–

2,144,775

3,635,166

Distributions

reinvested

–

–

1,554,485

5,787,498

Redeemed

–

–

(5,176,333)

(4,395,332)

Total

Class

A

share

transactions

–

–

(1,477,073)

5,027,332

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

395

Mid

Cap

Value

Fund

Moderate

Allocation

Fund

Moderately

Aggressive

Allocation

Fund

Moderately

Conservative

Allocation

Fund

10/31/2023

10/31/2022

10/31/2023

10/31/2022

10/31/2023

10/31/2022

10/31/2023

10/31/2022

$438,965

$175,841

$64,632,287

$40,680,083

$56,039,211

$34,701,743

$28,121,738

$19,882,451

(388,128)

492,623

37,617,128

26,229,167

72,254,739

117,806,915

(3,443,821)

(15,093,405)

(1,808,111)

(1,235,005)

32,997,687

(687,138,831)

30,076,075

(889,172,767)

7,565,922

(219,061,399)

(1,757,274)

(566,541)

135,247,102

(620,229,581)

158,370,025

(736,664,109)

32,243,839

(214,272,353)

(660,441)

(516,282)

(29,393,312)

(95,519,307)

(41,460,132)

(96,124,799)

(12,740,809)

(22,528,325)

–

–

(33,666,767)

(138,302,849)

(64,438,498)

(180,384,218)

(14,940,093)

(30,339,867)

(660,441)

(516,282)

(63,060,079)

(233,822,156)

(105,898,630)

(276,509,017)

(27,680,902)

(52,868,192)

(660,441)

(516,282)

(63,060,079)

(233,822,156)

(105,898,630)

(276,509,017)

(27,680,902)

(52,868,192)

23,818,964

13,401,465

273,177,762

372,547,683

304,728,024

357,946,558

90,541,530

175,331,630

658,541

513,258

29,271,491

95,212,826

41,402,758

96,015,374

12,663,902

22,383,989

(8,643,735)

(5,029,388)

(243,659,958)

(246,516,449)

(211,282,810)

(199,132,300)

(116,999,075)

(138,576,770)

15,833,770

8,885,335

58,789,295

221,244,060

134,847,972

254,829,632

(13,793,643)

59,138,849

–

–

91,749,025

133,092,723

111,864,279

137,926,849

27,573,179

51,361,631

–

–

33,417,443

137,509,733

64,180,574

179,698,147

14,779,832

30,053,237

–

–

(222,666,639)

(220,983,440)

(228,696,146)

(234,243,634)

(94,138,180)

(103,026,323)

–

–

(97,500,171)

49,619,016

(52,651,293)

83,381,362

(51,785,169)

(21,611,455)

15,833,770

8,885,335

(38,710,876)

270,863,076

82,196,679

338,210,994

(65,578,812)

37,527,394

13,416,055

7,802,512

33,476,147

(583,188,661)

134,668,074

(674,962,132)

(61,015,875)

(229,613,151)

19,819,810

12,017,298

3,119,960,431

3,703,149,092

3,464,236,410

4,139,198,542

1,093,037,558

1,322,650,709

$33,235,865

$19,819,810

$3,153,436,578

$3,119,960,431

$3,598,904,484

$3,464,236,410

$1,032,021,683

$1,093,037,558

1,538,010

863,043

19,630,367

25,037,003

20,115,881

21,931,028

7,731,546

13,738,373

44,458

32,693

2,129,279

6,050,019

2,855,991

5,368,329

1,090,154

1,715,845

(570,392)

(326,270)

(17,482,700)

(16,918,201)

(13,927,636)

(12,329,833)

(9,982,464)

(11,205,418)

1,012,076

569,466

4,276,946

14,168,821

9,044,236

14,969,524

(1,160,764)

4,248,800

–

–

6,616,035

8,924,856

7,475,085

8,567,595

2,357,782

4,050,581

–

–

2,441,896

8,723,046

4,471,257

10,151,311

1,277,184

2,296,637

–

–

(16,063,339)

(15,162,714)

(15,225,203)

(14,626,915)

(8,057,282)

(8,317,923)

–

–

(7,005,408)

2,485,188

(3,278,861)

4,091,991

(4,422,316)

(1,970,705)

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

396

Money

Market

Fund

Municipal

Bond

Fund

For

the

periods

ended

10/31/2023

10/31/2022

10/31/2023

10/31/2022

Operations

Net

investment

income/(loss)

$63,707,604

$5,573,848

$40,917,834

$39,313,664

Net

realized

gains/(losses)

28,430

4,332

(17,857,019)

(19,061,045)

Change

in

net

unrealized

appreciation/(depreciation)

129,175

(129,175)

(1,950,121)

(242,747,277)

Net

Change

in

Net

Assets

Resulting

From

Operations

63,865,209

5,449,005

21,110,694

(222,494,658)

Distributions

to

Shareholders

From

income/realized

gains

Class

S

(41,187,115)

(3,174,780)

(12,790,915)

(12,028,087)

From

income/realized

gains

Class

A

(22,520,489)

(2,399,069)

(29,702,251)

(29,741,496)

Total

from

income/realized

gains

(63,707,604)

(5,573,849)

(42,493,166)

(41,769,583)

Total

Distributions

to

Shareholders

(63,707,604)

(5,573,849)

(42,493,166)

(41,769,583)

Capital

Stock

Transactions

Class

S  

Sold

1,767,155,330

916,020,814

73,802,170

100,447,886

Distributions

reinvested

40,518,839

3,120,742

12,208,899

11,408,818

Redeemed

(939,031,035)

(658,670,212)

(94,277,962)

(122,292,948)

Total

Class

S

Capital

Stock

Transactions

868,643,134

260,471,344

(8,266,893)

(10,436,244)

Class

A  

Sold

475,704,180

321,205,826

26,037,716

36,632,521

Distributions

reinvested

22,203,228

2,354,378

25,829,225

25,784,188

Redeemed

(290,855,713)

(263,398,328)

(131,732,461)

(133,398,539)

Total

Class

A

Capital

Stock

Transactions

207,051,695

60,161,876

(79,865,520)

(70,981,830)

Capital

Stock

Transactions

1,075,694,829

320,633,220

(88,132,413)

(81,418,074)

Net

Increase/(Decrease)

in

Net

Assets

1,075,852,434

320,508,376

(109,514,885)

(345,682,315)

Net

Assets,

Beginning

of

Period

945,898,982

625,390,606

1,280,614,926

1,626,297,241

Net

Assets,

End

of

Period

$2,021,751,416

$945,898,982

$1,171,100,041

$1,280,614,926

Capital

Stock

Share

Transactions

Class

S

shares

Sold

1,767,155,330

916,020,814

7,339,132

9,365,810

Distributions

reinvested

40,518,839

3,120,742

1,218,808

1,077,713

Redeemed

(939,031,034)

(658,670,212)

(9,394,390)

(11,423,525)

Total

Class

S

share

transactions

868,643,135

260,471,344

(836,450)

(980,002)

Class

A

shares

Sold

475,704,181

321,205,826

2,588,996

3,365,550

Distributions

reinvested

22,203,228

2,354,378

2,577,620

2,435,470

Redeemed

(290,855,713)

(263,398,326)

(13,153,839)

(12,543,528)

Total

Class

A

share

transactions

207,051,696

60,161,878

(7,987,223)

(6,742,508)

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

397

Opportunity

Income

Plus

Fund

Small

Cap

Growth

Fund

Small

Cap

Stock

Fund

10/31/2023

10/31/2022

10/31/2023

10/31/2022

10/31/2023

10/31/2022

$31,559,595

$25,769,756

$(368,384)

$(856,742)

$12,000,555

$5,583,103

(27,300,663)

(18,577,758)

(22,994,767)

(12,836,604)

(84,437,583)

172,280,255

17,975,769

(98,294,890)

(1,853,035)

(29,265,603)

(131,119,706)

(317,390,163)

22,234,701

(91,102,892)

(25,216,186)

(42,958,949)

(203,556,734)

(139,526,805)

(23,442,366)

(19,521,982)

–

(4,145,026)

(110,291,716)

(93,636,864)

(8,364,873)

(7,410,463)

–

–

(58,434,840)

(76,293,077)

(31,807,239)

(26,932,445)

–

(4,145,026)

(168,726,556)

(169,929,941)

(31,807,239)

(26,932,445)

–

(4,145,026)

(168,726,556)

(169,929,941)

134,124,233

146,980,165

107,624,657

62,919,668

1,280,714,475

764,257,032

22,932,275

19,033,996

–

4,139,619

106,801,957

91,156,202

(118,858,425)

(247,150,733)

(39,027,943)

(54,294,135)

(569,878,727)

(282,726,205)

38,198,083

(81,136,572)

68,596,714

12,765,152

817,637,705

572,687,029

9,228,256

14,425,485

–

–

36,298,830

29,836,196

7,686,354

6,819,542

–

–

57,810,100

75,541,391

(32,119,432)

(37,449,799)

–

–

(52,346,312)

(48,479,494)

(15,204,822)

(16,204,772)

–

–

41,762,618

56,898,093

22,993,261

(97,341,344)

68,596,714

12,765,152

859,400,323

629,585,122

13,420,723

(215,376,681)

43,380,528

(34,338,823)

487,117,033

320,128,376

633,282,705

848,659,386

147,047,728

181,386,551

1,789,899,740

1,469,771,364

$646,703,428

$633,282,705

$190,428,256

$147,047,728

$2,277,016,773

$1,789,899,740

15,296,544

15,477,205

6,902,776

3,904,896

46,617,018

25,429,915

2,617,459

2,051,175

–

218,334

4,070,546

2,835,473

(13,578,387)

(25,685,080)

(2,536,226)

(3,409,428)

(20,794,428)

(9,335,122)

4,335,616

(8,156,700)

4,366,550

713,802

29,893,136

18,930,266

1,050,344

1,505,924

–

–

1,785,495

1,318,019

877,118

735,779

–

–

3,013,435

3,111,905

(3,669,509)

(3,981,870)

–

–

(2,600,181)

(2,097,039)

(1,742,047)

(1,740,167)

–

–

2,198,749

2,332,885

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

398

(1)

ORGANIZATION

Thrivent

Mutual

Funds

(the

“Trust”)

was

organized

as

a

Massachusetts

Business

Trust

on

March

10,

1987

and

is

registered

as

an

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”).

The

Trust

is

divided

into 25

separate

series

(each,

a

“Fund”

and,

collectively,

the

“Funds”),

each

with

its

own

investment

objective

and

policies.

The

Trust

currently

consists

of

four

asset

allocation

Funds, three

income

plus

Funds, ten

equity

Funds, seven

fixed-income

Funds

and

one

money

market

Fund. This

report

includes

23

of

the

Funds

while

Thrivent

Diversified

Income

Plus

and

Thrivent

Multidimensional

Income have

a

fiscal

year

end

on

a

calendar-year

basis

and

are

presented

under

a

separate

shareholder

report.  

The

Funds

are

each

investment

companies

that

follow

the

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

-

Financial

Services

-

Investment

Companies.

Share

Classes

— The

Trust

may

issue

an

unlimited

number

of

shares

in

one

or

more

series

as

the

Board

may

authorize.

The

Trust

includes

two

classes

of

shares:

Class

A

and

Class

S

shares.

The

classes

of

shares

differ

principally

in

their

respective

distribution

expenses

and

other

class-specific

expenses

and

arrangements.

Class

A

shares

have

an

annual

12b-1

fee

of

0.25%

for

all

Funds

other

than

Government

Bond

and

Limited

Maturity

Bond,

which

have

a

12b-1

fee

of

0.125%,

and

Money

Market,

which

does

not

have

a

12b-1

fee.  Class

A

shares

have

a

maximum

front-end

sales

load

of

4.50%,

although

some

Funds

have

a

reduced

or

no

front-end

sales

load.

Class

S

shares

are

offered

at

net

asset

value

and

have

no

annual

12b-1

fees. 

The

share

classes

have

identical

rights

to

earnings,

assets

and

voting

privileges,

except

for

class-specific

expenses

and

exclusive

rights

to

vote

on

matters

affecting

only

individual

classes. High

Income

Municipal

Bond, Low

Volatility

Equity, Mid

Cap

Growth,

Mid

Cap

Value,

Multidimensional

Income,

and Small

Cap

Growth

offer

only

Class

S

Shares,

all other

of

the 19 Funds

of

the

Trust

offer

Class

A

and

Class

S

shares.

Class

A

shares

of

Government

Bond

are

closed

to

all

purchases

and

exchanges

into

the

Fund,

other

than

reinvestment

of

dividends

by

current

shareholders

of

the

Fund.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

vendors

and

others

that

provide

general

damage

clauses.

The

Trust’s

maximum

exposure

under

these

contracts

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust.

However,

based

on

experience,

the

Trust

expects

the

risk

of

loss

to

be

remote.

(2)

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

The

Funds

record

their

investments

at

fair

value

using

market

quotations

when

they

are

readily

available

pursuant

to

Rule

2a-5. 

The

Funds'

investments

are

recorded

at

fair

value

determined

in

good

faith

when

market

quotations

are

not

readily

available. 

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the

last

sale

price

on

the

principal

exchange

as

of

the

close

of

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system.  Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time.

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations

obtained

from

dealers

that

make

markets

in

the

securities.

Exchange-listed

options and

futures

contracts

are

valued

at

the

primary

exchange

settle

price. 

Exchange

cleared

swap

agreements are

valued at the

clearinghouse

end

of

day

price. 

Swap

agreements

not

cleared

on

exchanges will

be

valued at

the

mid-price

from

the

primary

approved pricing

service. 

Forward

foreign

currency

exchange

contracts

are

marked-to-market

based

upon

foreign

currency

exchange

rates

provided

by

the

pricing

service.

Investments

in

open-ended

mutual

funds

are

valued

at

the

net

asset

value

at

the

close

of

each

business

day.

Thrivent

Money

Market

seeks

to

maintain

a stable

net

asset

value

of

$1.00

per

share,

pursuant

to

procedures

established

by

the

Board,

and

generally

utilizes

the

amortized

cost

method. 

Valuing securities

held

by

Thrivent

Money

Market

on

the

basis

of

amortized

cost

(which

approximates

market

value)

involves

a constant

amortization

of

premium

or

accretion

of discount

to

maturity.

Thrivent

Money

Market

will

not

value

a

security

at

amortized

cost,

but

will

instead

make

a

fair

value

determination

of

each

security,

if

it

determines

that

amortized

cost

is

not

approximately

the

same

as

the

fair

value

of

the

security. 

The

Board

has

chosen

the

Funds'

investment

Adviser

as

the

valuation

designee,

responsible

for daily

valuation

of

the

Funds'

securities.

The

Adviser

has

formed

a

Valuation

Committee

(the

“Committee”)

that

is

responsible

for

overseeing

the

Funds'

valuation

policies

in

accordance

with

Valuation

Policies

and

Procedures.

The

Committee

meets

on

a

monthly

and

on

an

as-needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation. 

Certain

Funds

may

invest

in

Private

Equity Funds

("Private

Funds"),

which

are

fair

valued

by

the

Funds

pursuant

to

valuation

procedures

designed

by

the

Committee.  Private

Funds

are

typically

valued

at

an

amount

equal

to

the

Net

Asset

Value

(NAV)

of

a

fund's

investment

in

the Private

Fund

when

this

information

is

readily

available

to

the

fund. 

This

is

commonly

referred

to

as

using

the

NAV

as

a

practical

expedient,

which

allows

for

the

estimation

of

the

fair

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

399

value

of

an

investment

in

an investment

company

based

on

the

NAV

of

the

investment

company,

if

it

is

calculated

in

a

manner

consistent

with

ASC

946. 

The

Committee

has

determined

that

for

the

Private

Funds

held

by

the

Funds,

if

the

NAV

of

the

Private

Fund

is

not

readily

available

for

the

daily

pricing

needs

of

the

Funds,

the

Committee,

pursuant

to

the

valuation

procedures,

will

adjust

the

daily

value

of

the Private

Fund

via

a

model

utilizing

unobservable

inputs. 

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Funds.

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments.

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities.

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP"),

the

various

inputs

used

to

determine

the

fair

value

of

the

Funds’

investments

are

summarized

in

three

broad

levels.  Level

1

includes

quoted

prices

in

active

markets

for

identical

securities,

typically

included

in

this

level

are

U.S.

equity

securities,

futures,

options

and

registered

investment

company

funds.  Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk,

typically

included

in

this

level

are

fixed

income

securities,

international

securities,

swaps

and

forward

contracts.  Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments.

The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available

for

sale

are

not

categorized

within

the

fair

value

hierarchy.

Valuation

of

International

Securities

—

The

Funds

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

security

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Currency

Translation 

—

The

accounting

records

of

each

Fund

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

daily

closing

rates

of

exchange.

Foreign

currency

amounts

related

to

the

purchase

or

sale

of

securities

and

income

and

expenses

are

translated

at

the

exchange

rate

on

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

or

losses

between

the

trade

date

and

settlement

date

on

securities

transactions,

and

other

translation

gains

or

losses

on

dividends,

interest

income

and

foreign

withholding

taxes.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement

of

Operations.

For

federal

income

tax

purposes,

the

Funds

treat

the

effect

of

changes

in

foreign

exchange

rates

arising

from

actual

foreign

currency

transactions

and

the

changes

in

foreign

exchange

rates

between

the

trade

date

and

settlement

date

as

ordinary

income.

Federal

Income

Taxes 

—

No

provision

has

been

made

for

income

taxes

because

each

Fund’s

policy

is

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code

and

distribute

substantially

all

investment

company

taxable

income

and

net

capital

gain

on

a

timely

basis.

It

is

also

the

intention

of

each

Fund

to

distribute

an

amount

sufficient

to

avoid

imposition

of

any

federal

excise

tax.

The

Funds,

accordingly,

anticipate

paying

no

federal

taxes

and

no

federal

tax

provision

was

recorded.

Each

Fund

is

treated

as

a

separate

taxable

entity

for

federal

income

tax

purposes. Funds

may

utilize

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares

as

part

of

the

dividends

paid

deduction.

GAAP

requires

management

of

the

Funds

(i.e.,

the

Adviser)

to

make

additional

tax

disclosures

with

respect

to

the

tax

effects

of

certain

income

tax

positions,

whether

those

positions

were

taken

on

previously

filed

tax

returns

or

are

expected

to

be

taken

on

future

returns.

These

positions

must

meet

a

“more

likely

than

not”

standard

that,

based

on

the

technical

merits

of

the

position,

it

would

have

a

greater

than

50

percent

likelihood

of

being

sustained

upon

examination.

In

evaluating

whether

a

tax

position

has

met

the

more-

likely-than-not

recognition

threshold,

the

Adviser

must

presume

that

the

position

will

be

examined

by

the

appropriate

taxing

authority

that

has

full

knowledge

of

all

relevant

information.

The

Adviser

analyzed

all

open

tax

years,

as

defined

by

the

statute

of

limitations,

for

all

major

jurisdictions.

Open

tax

years

are

those

that

are

open

for

examination

by

taxing

authorities.

Major

jurisdictions

for

the Funds

include

U.S.

Federal,

and

certain

state

jurisdictions

as

well

as

certain

foreign

countries.

The Funds'

federal

income

tax

returns

are

subject

to

examination

for

a

period

of

three

years

after

the

filing

of

the

return

for

the

tax

period.

State

returns

may

be

subject

to

examination

for

an

additional

year

depending

on

the

jurisdiction.

The Funds

have

no

examinations

in

progress

and

none

are

expected

at

this

time.

As

of October

31,

2023,

the

Adviser

has

reviewed

all

open

tax

years

and

major

jurisdictions

and

concluded

that

there

is

no

effect

to

the

Funds’

tax

liability,

financial

position

or

results

of

operations.

There

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

income

tax

positions

taken

or

expected

to

be

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

400

taken

in

future

tax

returns.

The

Funds

are

also

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

12

months.

Foreign

Income

Taxes 

— Funds

are

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

they

invest.

Withholding

taxes

on

foreign

dividends

have

been

provided

for

in

accordance

with

the

applicable

country’s

tax

rules

and

rates.

These

amounts

are

shown

as foreign

tax

withholding

on

the

Statement

of

Operations.

The

Funds

pay

tax

on

foreign

capital

gains,

where

applicable.

Taxes

paid

on

foreign

capital

gains,

if

any,

are

included

in

the

net

realized

gains/(losses)

on

investments

on

the

Statement

of

Operations.

Expenses

and

Income 

—

Estimated

expenses

are

accrued

daily.

The

Funds

are

charged

for

those

expenses

that

are

directly

attributable

to

them.

Expenses

that

are

not

directly

attributable

to

a

Fund

are

allocated

among

all

appropriate

Funds

in

proportion

to

their

respective

net

assets

or number

of

shareholder

accounts,

or

other

reasonable

basis.

Net

investment

income,

expenses

which

are

not

class-specific,

and

realized

and

unrealized

gains

and

losses

are

allocated

directly

to

each

class

based

upon

the

relative

net

asset

value

of

outstanding

shares.

Interest

income

is

recorded daily

on

all

debt

securities,

as

is accretion

of

market

discount

and

original

issue

discount

and

amortization

of

premium.

Paydown

gains

and

losses

on

mortgage-

backed

and

asset-backed

securities

are

recorded

as

components

of

interest

income.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. 

However, certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

information

is

available

to

the

Funds. 

Non-cash

income,

if

any,

is

recorded

at

the

fair

market

value

of

the

securities

received.

For

certain

securities,

including

real

estate

investment

trusts,

the Funds

record

distributions

received

in

excess

of

income

as

a

reduction

of

cost

of

investments

and/or

realized

gain.

Such

amounts

are

based

on

estimates

if

actual

amounts

are

not

available.

Actual

amounts

of

income,

realized

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

The Funds

adjust

the

estimated

amounts

of

the

components

of

distributions

as

adjustments

to

investment

income,

unrealized

appreciation/depreciation

and

realized

gain/loss

on

investments

as

necessary,

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

Distributions

to

Shareholders 

—

Dividend

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

With

the

exception

of

the

Money

Market

Fund,

net

realized

gains

from

securities

transactions,

if

any,

are

paid

at

least

annually

after

the

close

of

the

fiscal

year. 

In

addition,

the

Funds

may

claim

a

portion

of

the

payment

made

to

redeeming

shareholders

as

a

distribution

for

income

tax

purposes. 

The

dividend

distribution

schedule

is

as

follows:

*

Dividends

are

net

of

any

short-term

realized

gains

or

losses on

the

sale

of

securities. 

Derivative

Financial

Instruments 

—

Each Fund,

with

the

exception

of the

Money

Market

Fund,

may

invest

in

derivatives, a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts

and

hybrid

instruments. Derivatives are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency.

Each applicable

Fund

may

use

derivatives

for

hedging

(attempting

to

offset

a

potential

loss

in

one

position

by

establishing

an

interest

in

an

opposite

position).

This

includes

the

use

of

currency-based

derivatives to

manage

the

risk

of its

positions

in

foreign

securities.

Each applicable

Fund

may

also

use

derivatives

for

replication

of

a

certain

asset

class

or

speculation

(investing

for

potential

income

or

capital

gain).

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

("OTC").

A

derivative

may

incur

a loss

if

the

value

of

the

derivative

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

derivative.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

derivative

contract.

A

Fund’s

risk

of

loss

from

the

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

such

Fund.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

is

minimal

counterparty

credit

risk

to

the

Funds

because

the

exchange’s

clearinghouse,

as

counterparty

to

such

derivatives,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

derivative;

thus,

the

credit

risk

is

limited

to

the

failure

of

the

clearinghouse.

However,

credit

risk

still

exists

in

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

broker’s

customer

accounts.

While

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

Fund

Dividends

Declared 

Dividends

Paid

Aggressive

Allocation

Annually

Annually

Balanced

Income

Plus 

Quarterly

Quarterly 

Global

Stock

Annually

Annually

Government

Bond 

Daily 

Monthly 

High

Income

Municipal

Bond

Daily 

Monthly 

High

Yield

Daily

Monthly

Income

 Daily

 Monthly

International

Allocation

Annually

Annually

Large

Cap

Growth

Annually 

Annually 

Large

Cap

Value

Annually

Annually

Limited

Maturity

Bond 

Daily

Monthly

Low

Volatility

Equity 

Annually

Annually

Mid

Cap

Growth

Annually

Annually

Mid

Cap

Stock

 Annually

Annually

Mid

Cap

Value

Annually

Annually

Moderate

Allocation 

Quarterly

Quarterly

Moderately

Aggressive

Allocation

Annually

Annually

Moderately Conservative

Allocation

Quarterly

Quarterly

Money

Market* 

Daily

Monthly

Municipal

Bond 

Daily

Monthly

Opportunity

Income

Plus

Daily

Monthly

Small

Cap

Growth

Annually

Annually

Small

Cap

Stock 

Annually

Annually

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

401

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

on

a

pro-rata

basis

across

all

of

the

broker’s

customers,

potentially

resulting

in

losses to

the

Funds.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Funds'

expenses

and

can

eliminate

some

opportunities

for

gains.

In

addition,

a

derivative

used

for mitigating

exposure or

replication

may

not

accurately

track

the

value

of

the

underlying

asset.

Another

risk

with

derivatives

is

that

some

types

can

amplify

a

gain

or

loss,

potentially

earning

or

losing

substantially

more

money

than

the

actual

cost

of

the

derivative.

 In

order

to

define

their

contractual

rights

and

to

secure

rights

that

will

help

the

Funds

mitigate

their

counterparty

risk,

the

Funds

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

each

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivatives'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

and

margin

requirements

vary

by

type

of

derivative.

Margin

requirements

are

established

by

the

broker

or

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum requirements in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options

and

swaps).

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark

to

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

has

been

noted

in

the

Schedule

of

Investments.

To

the

extent

amounts

due

to a

Fund

from

its

counterparties

are

not

fully

collateralized,

contractually

or

otherwise,

the

Fund

bears

the

risk

of

loss

from

counterparty

nonperformance.

The

Funds

attempt

to

mitigate

counterparty

risk

by

only

entering

into

agreements

with

counterparties

that

they

believe

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Options 

—

All

Funds,

with

the

exception

of the

Money

Market

Fund, may

buy

put

and

call

options

and

write

put

and

covered

call

options.

The

Funds

intend

to

use

such

derivative

instruments

as

hedges

to

facilitate

buying

or

selling

securities

or

to

provide

protection

against

adverse

movements

in

security

prices

or

interest

rates.

The

Funds

may

also

enter

into

options

contracts

to

protect

against

adverse

foreign

exchange

rate

fluctuations.

Option

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

A

Fund

will

realize

a

gain

or

loss

upon

expiration

or

closing

of

the

option

transaction.

When

an

option

is

exercised,

the

proceeds

upon

sale

for

a

written

call

option

or

the

cost

of

a

security

for

purchased

put

and

call

options

is

adjusted

by

the

amount

of

premium

received

or

paid.

Buying

put

options

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

security

while

buying

call

options

tends

to

increase

a

Fund’s

exposure

to

the

underlying

security.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

There

is

no

significant

counterparty

risk

on

exchange-traded

options

as

the

exchange

guarantees

the

contract

against

default.

Writing

put

options

tends

to

increase

a

Fund’s

exposure

to

the

underlying

security

while

writing

call

options

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

security.

The

writer

of

an

option

has

no

control

over

whether

the

underlying

security

may

be

bought

or

sold,

and

therefore

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

underlying

security.

The

counterparty

risk

for

purchased

options

arises

when

a

Fund

has

purchased

an

option,

exercises

that

option,

and

the

counterparty

doesn’t

buy

from

the

Fund

or

sell

to

the

Fund

the

underlying

asset

as

required.

In

the

case

where

a

Fund

has

written

an

option,

the

Fund

doesn’t

have

counterparty

risk.

Counterparty

risk

on

purchased

over-the-counter

options

is

partially

mitigated

by

the

Fund’s

collateral

posting

requirements.

As

the

option

increases

in

value

to

the

Fund,

the

Fund

receives

collateral

from

the

counterparty.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

During

the year

ended

October

31,

2023,

Aggressive

Allocation,

Balanced

Income

Plus,

Government

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation, Moderately

Conservative

Allocation,

and

Opportunity

Income

Plus used options

on

mortgage

backed

securities to

generate

income

and/or

to

manage duration

of

the

Fund.

Futures

Contracts 

—

All

Funds,

with

the

exception

of

the

Money

Market

Fund, may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Funds

may

be

earmarked

to

cover

open

futures

contracts. A

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

402

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 October

31,

2023, Aggressive

Allocation,

Balanced

Income

Plus,

Government

Bond,

High

Income

Municipal

Bond, Income, Limited

Maturity

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation, Municipal

Bond,

and

Opportunity

Income

Plus

used

treasury

futures

to

manage

the

duration

and yield

curve

exposure

of

the

Fund

versus

the

benchmark.

During

the year

ended October

31,

2023,

Aggressive

Allocation,

Balanced

Income

Plus, Global

Stock,

International

Allocation,

Low

Volatility

Equity,

Moderate

Allocation,

Moderately

Aggressive

Allocation, and

Moderately

Conservative

Allocation used

equity

futures

to

manage

exposure

to

the

equities

markets.

During

the year

ended October

31,

2023,

Aggressive

Allocation,

Balanced

Income

Plus,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation

used

foreign

exchange

futures

to

hedge

currency

risk. 

Swap

Agreements 

—

All

Funds,

with

the

exception

of

the

Money

Market

Fund, may enter

into

swap

transactions,

which

involve

swapping

one

or

more

investment

characteristics

of

a

security

or

a

basket

of

securities

with

another

party.

Such

transactions

include

market

risk,

risk

of

default

by

the

other

party

to

the

transaction,

risk

of

imperfect

correlation

and

manager

risk

and

may

involve

commissions

or

other

costs.

Swap

transactions

generally

do

not

involve

delivery

of

securities,

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

swap

transactions

is

generally

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make,

or

in

the

case

of

the

counterparty

defaulting,

the

net

amount

of

payments

that

the

Fund

is

contractually

entitled

to

receive.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

there

is

a

default

by

the

counterparty,

the

Fund

may

have

contractual

remedies

pursuant

to

the

agreements

related

to

the

transaction.

The

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

Swap

agreements

are

valued

at

the

clearinghouse

end

of

day

prices

as

furnished by

an

independent

pricing

service.

The

pricing

service

takes

into

account

such

factors

as

swap

curves,

default

probabilities,

recent

trades,

recovery

rates

and

other

factors

it

deems

relevant

in

determining

valuations.

Daily

fluctuations

in

the

value

of

the

centrally

cleared

credit

default

contracts

are

recorded

in

variation

margin

in

the

Statement

of

Assets

and

Liabilities

and

recorded

as

unrealized

gain

or

loss.

The

Fund

accrues

for

the

periodic

payment

and

amortizes

upfront

payments,

if

any,

on

swap

agreements

on

a

daily

basis

with

the

net

amount

recorded

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Receipts

and

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

the

contract

are

also

recognized

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Collateral,

in

the

form

of

cash

or

securities,

may

be

required

to

be

held

with

the

Fund’s

custodian,

or

a

third

party,

in

connection

with

these

agreements.

Certain swap

agreements

are

over-the-counter. In

these

types

of

transactions,

the

Fund

is

exposed

to

counterparty

risk,

which

is

the

discounted

net

amount

of

payments

owed

to

the

Fund.

This

risk

is

partially

mitigated

by

the

Fund’s

collateral

posting

requirements.

As

the

swap

increases

in

value

to

the

Fund,

the

Fund

receives

collateral

from

the

counterparty.  Certain

interest

rate

and

credit

default

index

swaps

must

be

cleared

through

a

clearinghouse

or

central

counterparty.

Credit

Default

Swaps 

—

A

credit

default

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

credit

default

swap

transaction,

a

buyer

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

buyer

of

a

credit

default

swap

is

said

to

buy

protection

whereas

a

seller

of

a

credit

default

swap

is

said

to

sell

protection.

The

Funds

may

be

either

the

protection

seller

or

the

protection

buyer.

Certain

Funds

enter

into

credit

default

derivative

contracts

directly

through

credit

default

swaps

("CDS")

or

through

credit

default

swap

indices

("CDX

Indices").

CDX

Indices

are

static

pools

of

equally

weighted

credit

default

swaps

referencing

corporate

bonds

and/or

loans

designed

to increase

or

decrease diversified

credit

exposure

to

these

asset

classes.

Funds

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any

given

CDX

Index

held,

the

maximum

potential

amount

of

future

payments

required

would

be

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract,

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Funds

buy

default

protection

in

order

to

reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-

efficient

and

diversified

structure. 

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Fund

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

of

the

reference

entity

obligation

as

of

the

date

of

the

credit

event. 

A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement. 

For

CDS,

the

default

events

could

be

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money

or

a

restructuring.

A

restructuring

is

a

change

in

the

underlying

obligations

which

could

include

a

reduction

in

interest

or

principal,

maturity

extension and

subordination

to

other

obligations.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

403

During

the

year

ended October

31,

2023,

Balanced

Income

Plus, High

Yield,

Income,

Moderate

Allocation,

Moderately

Aggressive

Allocation, Moderately

Conservative

Allocation,

and

Opportunity

Income

Plus

used

CDX

Indexes

(comprised

of

credit

default

swaps)

to

help

manage

credit

risk

exposures

within

the

Fund.

 For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

The

amounts

presented

in

the

table

below

are

offset

first

by

financial

instruments

that

have

the

right

to

offset

under

master

netting

or

similar

arrangements,

then

any

remaining

amount

is

reduced

by

cash

and

non-cash

collateral

received/pledged.

The

actual

amounts

of

collateral

may

be

greater

than

the

amounts

presented

in

the

table.

The

following

table

presents

the

gross

and

net

information

about assets

subject

to

master

netting

arrangements,

as

presented

in

the

Statement

of

Assets

and

Liabilities:

Mortgage

Dollar

Roll

Transactions 

—

Certain

Funds

enter

into

dollar

roll

transactions

on

securities

issued

or

to

be

issued

by

the

Government

National

Mortgage

Association,

Federal

National

Mortgage

Association

and

Federal

Home

Loan

Mortgage

Corporation,

in

which

the

Funds

sell

mortgage

securities

and

simultaneously

agree

to

repurchase

similar

(same

type

and

coupon)

securities

at

a

later

date

at

an

agreed

upon

price.

The

Funds

must

maintain

liquid

securities

having

a

value

at

least

equal

to

the

repurchase

price

(including

accrued

interest)

for

such

dollar

rolls.

In

addition,

the

Funds

are

required

to segregate

collateral

with the

fund

custodian (depending

on

market

movements)

on

their

mortgage

dollar

rolls. 

The

value

of

the

securities

that

the

Funds

are

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities.

During

the

period

between

the

sale

and

repurchase,

the

Funds

forgo

principal

and

interest

paid

on

the

mortgage

securities

sold.

The

Funds

are

compensated

from

negotiated

fees

paid

by

brokers

offered

as

an

inducement

to

the

Funds

to

"roll

over"

their

purchase

commitments,

thus

enhancing

the

yield.

Mortgage

dollar

rolls

may

be

renewed

with

a

new

purchase

and

repurchase

price

and

a

cash

settlement

made

on

settlement

date

without

physical

delivery

of

the

securities

subject

to

the

contract. 

These

purchase

and

sale

transactions

may

increase

portfolio

turnover

rate. 

The

fees

received

are

recognized

over

the

roll

period

and

are

included

in

Income

from

mortgage

dollar

rolls

in

the

Statement

of

Operations.

Securities

Lending 

— The

Trust

has

entered

into

a

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA,

doing

business

as

Goldman

Sachs

Agency

Lending

("GSAL").

The

Agreement

authorizes

GSAL

to

lend

securities

to

authorized

borrowers

on

behalf

of

the

Funds.

Pursuant

to

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

to

at

least

102%

of

the

market

value

of

U.S.

securities

and

105% of

the

market

value

of non-U.S.

securities.

Daily

market

fluctuations

could

cause

the

value

of

loaned

securities

to

be

more

or

less

than

the

value

of

the

collateral

received.

Any

additional

collateral

is

adjusted

and

settled

on

the

next

business

day.

The

Trust

has

the

ability

to

recall

the

loans

at

any

time

and

could

do

so

in

order

to

vote

proxies

or

sell

the

loaned

securities.

All

cash

collateral

received

is

invested

in

Thrivent Cash Management Trust.

The

Funds

receive

dividends

and

interest

that

would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral.

Amounts

earned

on

investments

in

Thrivent Cash

Management Trust,

net

of

rebates,

fees

paid

to

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

in

affiliated income

from

securities

loaned,

net on

the

Statement

of

Operations.

By

investing

any

cash

collateral

it

receives

in

these

transactions,

a

Fund

could

realize

additional

gains

or

losses.

If

the

borrower

fails

to

return

the

securities

or

the

invested

collateral

has

declined

in

value, a

Fund

could

lose

money. 

Generally,

in

the

event

of

borrower

default, a Fund

has

the

right

to

use

the

collateral

to

offset

any

losses

incurred.

However,

in

the

event a

Fund

is

delayed

or

prevented

from

exercising

its

right

to

dispose

of

the

collateral,

there

may

be

a

potential

loss.

Some

of

these

losses

may

be

indemnified

by

the

lending

agent.

When-Issued

and

Delayed-Delivery

Transactions 

— Each

Fund

may

purchase

or

sell

securities

on

a

when-issued

or

delayed-

delivery

basis.

These

transactions

involve

a

commitment

by

a

Fund

to

purchase

or

sell

securities

for

a

predetermined

price

or

yield,

with

payment

and

delivery

taking

place

beyond

the

customary

settlement

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Fund

Gross

Amounts

of

Recognized

Assets

Gross

Amounts

Offset

Net

Amounts

of

Recognized

Assets

Financial

Instruments

Cash

Collateral

Received

Non-Cash

Collateral

Received

Net

Amount

Money

Market

Repurchase

Agreements

155,000,000

–

155,000,000

155,000,000

–

–

–

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

404

period.

When

delayed-delivery

purchases

are

outstanding,

a

Fund

will

designate

liquid

assets

in

an

amount

sufficient

to

meet

the

purchase

price.

When

purchasing

a

security

on

a

delayed-delivery

basis,

a

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value. 

A

Fund

may

dispose

of

a

delayed-delivery

transaction

after

it

is

entered

into,

and

may

sell

when-issued

securities

before

they

are

delivered,

which

may

result

in

a

capital

gain

or

loss.

When

a

Fund

has

sold

a

security

on

a

delayed-delivery

basis,

a

Fund

does

not

participate

in

future

gains

and

losses

with

respect

to

the

security.

Treasury

Inflation

Protected

Securities 

— Certain

Funds

may

invest

in

treasury

inflation

protected

securities

("TIPS").

These

securities

are

fixed

income

securities

whose

principal

value

is

periodically

adjusted

to

the

rate

of

inflation.

The

coupon

interest

rate

is

generally

fixed

at

issuance.

Interest

is

paid

based

on

the

principal

value,

which

is

adjusted

for

inflation.

Any

increase

in

the

principal

amount

will

be

included

as

taxable

interest

in

the

Statement

of

Operations

and

received

in

cash

upon

maturity

or

sale

of

the

security.

Repurchase

Agreements 

—

Each

Fund

may

engage

in

repurchase

agreement

transactions

in

pursuit

of

its

investment

objective.

A

repurchase

agreement

consists

of

a

purchase

and

a

simultaneous

agreement

to

resell

an

investment

for

later

delivery

at

an

agreed

upon

price

and

rate

of

interest.

The

Funds

use

a

third-party

custodian

to

maintain

the

collateral.

If

the

original

seller

of

a

security

subject

to

a

repurchase

agreement

fails

to

repurchase

the

security

at

the

agreed

upon

time, a

Fund

could

incur

a

loss

due

to

a

drop

in

the

value

of

the

security

during

the

time

it

takes

the

Fund

to

either

sell

the

security

or

take

action

to

enforce

the

original

seller’s

agreement

to

repurchase

the

security.

Also,

if

a

defaulting

original

seller

filed

for

bankruptcy

or

became

insolvent,

disposition

of

such

security

might

be

delayed

by

pending

legal

action.

The

Funds

may

only

enter

into

repurchase

agreements

with

banks

and

other

recognized

financial

institutions

such

as

broker/dealers

that

are

found

by

the

Adviser

or

subadviser

to

be

creditworthy.

During

the

year

ended

October

31,

2023, Money

Market

Fund

engaged

in

this

type

of

investment.

Stripped

Securities 

—

Certain

Funds

may

invest

in

interest

only

and

principal

only

stripped

mortgage

or

asset

backed

securities.

These

securities

represent

a

participation

in

securities

that

are

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest

only

securities

receive

all

the

interest,

and

principal

only

securities

receive

all

the

principal. 

Interest

only

securities

are

particularly

sensitive

to

changes

in

interest

rates

and

therefore

are

subject

to

greater

fluctuation

in

prices

than

typical

interest

bearing

debt

securities.

As

interest

rates

rise,

the

value

of

the

interest

only

security

increases.

Similarly,

as

interest

rates

decrease,

the

value

of

the

interest

only

security

decreases. If

the

underlying

pool

of

mortgages

or

assets

experience

greater

than

anticipated

prepayments

of

principal, a

Fund

may

not

fully

recoup

its

initial

investment

in

an

interest

only

security.

Principal

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

market

value

of

these

securities

is

also

highly

sensitive

to

changes

in

interest

rates. 

As

interest

rates

increase,

the

price

of

the

principal

only

security

decreases. 

Similarly,

as

interest

rates

decrease,

the

price

of

the

principal

only

security

increases. 

The

principal

only

security

represents

the

payment

with

the

longest

maturity,

therefore

making

it

the

most

sensitive

to

interest

rate

changes. 

Accounting

Estimates 

—

The

preparation

of

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Contingent

Liabilities

— 

Thrivent

International

Allocation received

proceeds

of

$69,181.42

in

connection

with

a

Settlement

Agreement

with

Satyam

Computer

Services

Ltd.,

which

has

now

merged

with

Tech

Mahindra

Limited

(“Tech

Mahindra”).

As

part

of

the

Settlement

Agreement,

Thrivent

International

Allocation must

indemnify

Tech

Mahindra

for

any

tax

liability

owed

in

relation

to

the

settlement

payments,

up

to

a

maximum

of

$31,566.22,

or

50%

of

the

gross

settlement

consideration

paid

to

the

Fund.

This

loss

contingency

has

not

been

accrued

as

a

liability

because

the

amount

of

potential

indemnity

and

the

likelihood

of

loss

cannot

be

reasonably

estimated

and

management

does

not

expect

that

the

Fund’s

assets

will

be

subject

to

a

loss

contingency.

In

the

event

of

adversary

action

proceedings

where

a

Fund

is

a

defendant, a

loss

contingency

will

not

be

accrued

as

a

liability

until

the

amount

of

potential

damages

and

the

likelihood

of

loss

can

be

reasonably

estimated. 

For

the year

ended

October

31,

2023,

no

contingent

liabilities

were

reported.

Litigation 

—

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date. 

If

the

Fund

no

longer

owns

the

applicable

securities,

the

proceeds

are

recorded

as

realized

gains. 

Bank Loans

(Leveraged Loans) 

—

Certain

Funds

may

invest

in

bank

loans,

which

are

senior

secured

loans

that

are

made

by

banks

or

other

lending

institutions

to

companies

that

are

typically

rated

below

investment

grade. 

A Fund

may

invest

in

multiple

series

or

tranches

of

a

bank

loan,

with

varying

terms

and

different

associated

risks. 

Transactions

in

bank

loan

securities

may

settle

on

a

delayed

basis,

which

may

result

in

the

proceeds

of

the

sale

to

not

be

readily

available

for

a Fund

to

make

additional

investments. 

Interest

rates

of

bank

loan

securities

typically

reset

periodically,

as

the

rates

are

tied

to

a

reference

index

rate,

plus

a

premium. 

Income

is

recorded

daily

on

bank

loan

securities. 

On

an

ongoing

basis,

a Fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

of

the

bank

loan. 

This

commitment

fee

is

accrued

as

income

over

the

term

of

the

bank

loan. 

A Fund

may

receive

consent

and

amendment

fees

for

accepting

an

amendment

to

the

current

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

405

terms

of

a

bank

loan. 

Consent

and

amendment

fees

are

accrued

as

income

when

the

changes

to

the

bank

loan

are

immaterial

and

to

capital

when

the

changes

are

material.

All

or

a

portion

of

these

bank

loan

commitments

may

be

unfunded.

A

Fund

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

contractual

obligation.

These

unfunded

bank

loan

commitments,

which

are

marked-to-market

daily,

are

presented

in

the

Schedule

of

Investments

and

included

in

Payable

for

investments

purchased

on

a

delayed-delivery

basis

on

the

Statement

of

Assets

and

Liabilities.

As

of

October

31,

2023,

the

Funds

have

the

following

unfunded

bank

loan

commitments:

Private

Equity

Funds

—

Typically,

when

a

fund

invests

in

a

Private Fund,

the

Fund

makes

a

commitment

to

invest

a

specified

amount

of

capital

in

the

applicable

Private Fund.

The

capital

commitment

may

be

drawn

by

the

general

partner

of

the

Private Fund

either

all

at

once

or

through

a

series

of

capital

calls

at

the

discretion

of

the

general

partner.

Thus,

an

unfunded

capital

commitment

represents

the

portion

of

the

Fund’s

overall

capital

commitment

that

has

not

yet

been

called

by

the

general

partner.

Unfunded

commitments

may

subject

the

Fund

to

certain

risks.

For

example,

the

Fund

may

be

required

to:

liquidate

other

portfolio

investments,

potentially

at

inopportune

times,

to

obtain

the

cash

needed

to

satisfy

its

obligations

with

respect

to

a

capital

call

or

borrow

under

a

credit

facility

which

may

result

in

additional

expenses

to

the

Fund.

Management

recognizes

these

risks

as

potentially

detrimental

to

the

overall

strategy

and

so

the

Fund

will

generally

maintain

with

its

custodian

cash

and/or,

liquid

investments

having

an

aggregate

value

at

least

equal

to

the

par

value

of

unfunded

capital

commitments. 

As

of

October

31,

2023,

the

unfunded

capital

commitments

were

as

follows:

Line

of

Credit

— Each

Fund

(with

the

exception

of

Money

Market

Fund)

along

with

other portfolios

managed

by

the

investment

adviser

or

an

affiliate, participate

in

a

$100

million

($50

million

committed,

$50

million

uncommitted)

credit

facility

(the

"line

of

credit")

issued

by

State

Street

Bank

and

Trust

Company

to

be

utilized

for

temporary

or

emergency

purposes

to

fund

shareholder

redemptions

or

for

other

short-term

liquidity

purposes. 

Interest

is

charged

to

each

participating Fund

based

on

its

borrowings

at

the

higher

of

the

Federal

Funds

Rate

or

the Overnight

Bank

Funding

Rate

plus,

in

each

case,

0.10%

plus

a

margin

of 1.25%. 

Each

borrowing

under

the

credit

facility

matures

no

later

than

30

calendar

days

after

the

date

of

the

borrowing. 

Each

participating Fund

pays

a commitment

fee

in

proportion

to

their

respective

net

assets. 

The

line

of

credit

agreement

shall

expire

on December

19,

2023

unless

extended

by

mutual

agreement

of

State

Street

Bank

and

Trust

Company

and

the

Funds. 

The

Funds

had

no

borrowings

during

the year

ended October

31,

2023.

Recent

Accounting

Pronouncements 

—

In

June

2022,

the

Financial

Accounting

Standards

Board

(“FASB”)

issued

Accounting

Standards

Update

No.

2022-03

(“ASU

2022-03”),

“Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions”

(“Topic

820”).

ASU

2022-03

clarifies

the

guidance

in

Topic

820,

related

to

the

measurement

of

the

fair

value

of

an

equity

security

subject

to

contractual

sale

restrictions,

where

it

eliminates

the

need

to

apply

a

discount

to

fair

value

of

these

securities,

and

introduces

disclosure

requirements

related

to

such

equity

securities.

The

guidance

is

effective

for

fiscal

years,

and

Fund/Borrower

Unfunded

Loan

Commitments

Thrivent

Balanced

Income

Plus

Fund

GTCR

W

Merger

Sub,

LLC,

Term

Loan

192,774

LifePoint

Health,

Inc.,

Term

Loan

69,171

Total

261,945

Thrivent

High

Yield

Fund

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

683,850

Total

683,850

Thrivent

Moderate

Allocation

Fund

Cloud

Software

Group,

Inc.,

Term

Loan

432,025

GIP

III

Stetson

I,

LP,

Term

Loan

63,607

GTCR

W

Merger

Sub,

LLC,

Term

Loan

447,026

ITT

Holdings,

LLC,

Term

Loan

180,086

LifePoint

Health,

Inc.,

Term

Loan

126,549

Total

1,249,293

Thrivent

Moderately

Aggressive

Allocation

Fund

Cloud

Software

Group,

Inc.,

Term

Loan

251,215

GIP

III

Stetson

I,

LP,

Term

Loan

35,844

GTCR

W

Merger

Sub,

LLC,

Term

Loan

259,899

ITT

Holdings,

LLC,

Term

Loan

104,701

LifePoint

Health,

Inc.,

Term

Loan

79,814

Total

731,473

Thrivent

Moderately

Conservative

Allocation

Fund

Cloud

Software

Group,

Inc.,

Term

Loan

251,215

GIP

III

Stetson

I,

LP,

Term

Loan

38,560

GTCR

W

Merger

Sub,

LLC,

Term

Loan

259,899

ITT

Holdings,

LLC,

Term

Loan

104,700

LifePoint

Health,

Inc.,

Term

Loan

69,107

Total

723,481

Thrivent

Opportunity

Income

Plus

Fund

GTCR

W

Merger

Sub,

LLC,

Term

Loan

466,480

LifePoint

Health,

Inc.,

Term

Loan

143,739

Total

610,219

Fund

Total

Commitments

Unfunded

Commitments

Percent

Funded

Aggressive

Allocation

30,000,000

25,500,000

15.00%

Moderate

Allocation

38,000,000

32,300,000

15.00%

Moderately

Aggressive

Allocation

38,000,000

32,300,000

15.00%

Moderately

Conservative

Allocation

10,000,000

8,500,000

15.00%

116,000,000

98,600,000

15.00%

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

406

interim

periods

within

those

fiscal

years,

beginning

after

December

15,

2023,

and

allows

for

early

adoption.

Management

is

currently

evaluating

the

implications,

if

any,

of

the

additional

requirements

and

its

impact

on

the

Fund’s

financial

statements.

Other 

—

For

financial

statement

purposes,

investment

security

transactions

are

accounted

for

on

the

trade

date.

Realized

gains

and

losses

from

investment

transactions

are

determined

on

a

specific

cost

identification

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

(3)

FEES

AND

COMPENSATION

PAID

TO

AFFILIATES

Investment

Advisory

Fees 

—

The

Trust

has

entered

into

an

Investment

Advisory

Agreement

with

Thrivent

Asset

Mgt.

Under

the

Investment

Advisory

Agreement,

each

of

the

Funds

pays

a

fee

for

investment

advisory

services.

The

fees

are

accrued

daily

and

paid

monthly.

The

annual

rates

of

fees

as

a

percent

of

average

daily

net

assets

under

the

Investment

Advisory

Agreement

were

as

follows:

Fund

(M

-

Millions)

$0

to

$500M

Over

$500

to

$2,000M

Over

$2,000

to

$5,000M

Over

$5,000

to

$10,000M

Over

$10,000M 

Aggressive

Allocation

0.750%

0.725%

0.700%

0.675%

0.650%

Moderate

Allocation

0.650%

0.625%

0.600%

0.575%

0.550%

Moderately

Aggressive Allocation

0.700%

0.675%

0.650%

0.625%

0.600%

Moderately

Conservative

Allocation

0.600%

0.575%

0.550%

0.525%

0.500%

Fund

(M

-

Millions)

$0

to

$250M

Over

$250

to

$1,000M

Over

$1,000

to

$1,500M

Over

$1,500M

International

Allocation

0.700%

0.650%

 0.625% 

 0.600% 

Fund

(M

-

Millions)

$0

to

$50M

Over

$50

to

$100M

Over  

$100

to

$200M

Over

$200

to

$250M

Over

$250

to

$500M

Over

$500

to

$750M

Over  

$750

to

$1,000M

Over

$1,000

to

$2,000M

Over

$2,000

to

$2,500M

Over

$2,500

to

$5,000M

Over

$5,000M

Balanced

Income

Plus

0.550%

0.550%

0.550%

0.550%

0.550%

0.500%

0.500%

0.475%

0.475%

0.450%

0.425%

Global

Stock

0.650%

0.650%

0.650%

0.650%

0.650%

0.575%

0.575%

0.500%

0.475%

0.450%

0.425%

Government

Bond

0.400%

0.400%

0.400%

0.400%

0.400%

0.350%

0.350%

0.350%

0.350%

0.350%

0.350%

High

Income

Municipal

Bond

0.500%

0.500%

0.500%

0.500%

0.500%

0.450%

0.450%

0.450%

0.450%

0.450%

0.450%

High

Yield

0.400%

0.400%

0.400%

0.400%

0.400%

0.350%

0.350%

0.300%

0.300%

0.300%

0.300%

Income

0.350%

0.350%

0.350%

0.350%

0.350%

0.325%

0.325%

0.300%

0.300%

0.300%

0.300%

Large

Cap

Growth

0.675

%

0.675

%

0.675

%

0.675

%

0.675

%

0.675

%

0.675

%

0.625

%

0.600

%

0.600

%

0.600

%

Large

Cap

Value

0.450%

0.450%

0.450%

0.450%

0.450%

0.450%

0.450%

0.450%

0.450%

0.450%

0.450%

Limited

Maturity

Bond

0.300%

0.300%

0.300%

0.300%

0.300%

0.275%

0.275%

0.250%

0.250%

0.250%

0.250%

Low

Volatility

Equity

0.600%

0.600%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

Mid

Cap

Growth

0.750%

0.750%

0.750%

0.700%

0.700%

0.700%

0.700%

0.700%

0.700%

0.700%

0.700%

Mid

Cap

Stock

0.700%

0.700%

0.700%

0.650%

0.650%

0.650%

0.650%

0.600%

0.600%

0.550%

0.525%

Mid

Cap

Value

0.750%

0.750%

0.750%

0.700%

0.700%

0.700%

0.700%

0.700%

0.700%

0.700%

0.700%

Money

Market

0.250

%

0.250

%

0.250

%

0.250

%

0.250

%

0.250

%

0.250

%

0.250

%

0.250

%

0.250

%

0.250

%

Municipal

Bond

0.450%

0.450%

0.450%

0.450%

0.450%

0.400%

0.400%

0.350%

0.350%

0.325%

0.300%

Opportunity

Income

Plus

0.450%

0.450%

0.450%

0.450%

0.450%

0.400%

0.400%

0.375%

0.375%

0.350%

0.325%

Small

Cap

Growth

0.800%

0.800%

0.800%

0.750%

0.750%

0.750%

0.750%

0.750%

0.750%

0.750%

0.750%

Small

Cap

Stock

0.700%

0.700%

0.700%

0.650%

0.650%

0.650%

0.650%

0.600%

0.600%

0.550%

0.525%

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

407

Sub-Adviser

Fees 

—

The

following

subadvisory

fees

are

charged

as

part

of

the

total

investment

advisory

fees

stated

in

the

table

above.

The

subadvisory

fees

are

borne

directly

by

the

Adviser

and

do

not

increase

the

overall

fees

paid

by

the

Fund.

International

Allocation

Fund

The

Adviser

has

entered

into

a

subadvisory

agreement

with

Goldman

Sachs

Asset

Management,

L.P.

("GSAM")

for

the

performance

of

subadvisory

services. 

The

fee

payable

for

GSAM

for

managing

the

international

small-

and

mid-cap

equities

portion

is

equal

to

0.58%

of

the

first

$250

million

of

average

daily

net

assets

and

0.54%

of

average

daily

net

assets

in

excess

of

$250

million. 

International

Allocation

Portfolio,

a

series

of

Thrivent

Series

Fund,

Inc.,

the

shares

of

which

are

only

available

for

purchase

by

separate

accounts

of

and

retirement

plans

sponsored

by

Thrivent

Financial

and

which

may

be

sold

to

separate

accounts

of

insurance

companies

not

affiliated

with

Thrivent

Financial, is

included

in

determining

breakpoints

for

the

assets

managed

by

GSAM.

Effective

April

30,

2023,

the

Adviser

terminated

the subadvisory

agreement

with GSAM. 

Transaction

fees

incurred

by

the

sub-advised

Funds

as

a

result

of

termination

of

the

subadvisory

agreements

were

borne

directly

by

the

Advisor.

Management

agreed

to

voluntarily

waive

advisory

fees

equal

to

the

transaction

costs

due

to

termination

of

the

subadvisory

agreement.

Expense

Reimbursements 

— For

the

year

ended

October

31,

2023, contractual

expense

reimbursements,

as

a

percentage of

net

assets,

were

in

effect:

For

the

year

ended

October

31,

2023,

contractual

expense

reimbursements

to

limit

expenses

to

the

following

percentages

were

in

effect:

*Expense

cap

of

0.99%

was

effective

on

February

28,

2023.

**Prior

expense

cap

of

0.55%

expired

on

February

28,

2023.

***Prior

expense

cap

of

1.20%

expired

on

December

31,

2022.

****Expense

cap

of

0.51%

was

effective

on

January

1,

2023.

Thrivent

Asset

Mgt.

has

voluntarily

agreed

to

waive

advisory

fees

equal

to

0.01%

of

net

assets

of

Thrivent

International

Allocation

Fund

to

cover

the

transaction

costs

due

to

termination

of

the

subadvisory

agreement.

Expense

reimbursements

are

accrued

daily

and

paid

by

Thrivent Asset

Mgt. monthly.

Thrivent

does

not

recoup

amounts

previously

reimbursed

or

waived

in

prior

fiscal

years,

but

may

recoup

amounts

reimbursed

or

waived

in

prior

months

within

the

same

fiscal

year. 

Acquired

fund

fees

and

expenses

incurred

by

the

Funds

by

investing

in

other

open-ended

funds

are

excluded

from

reimbursements

accrued

by

the

Funds.

Subject

to

certain

limitations,

all

Funds

in

the

Trust

except

for

Money

Market

Fund

may

invest in

other

Funds, Thrivent

Cash

Management

Trust,

and

Thrivent

Core

Funds. These

related-party

transactions

are

subject

to

the

same

terms

as

non-related

party

transactions.  To

avoid

duplicate

investment

advisory

fees,

Thrivent

Asset

Mgt.

reimburses

an

amount

equal

to

any

investment advisory

fees

indirectly

incurred

by

the

Funds

as

a

result

of

their

investment

in

any

other

mutual

fund

for

which

the

Adviser

or

an

affiliate

serves

as investment

adviser,

other

than

Thrivent

Cash

Management

Trust. 

There

are

no

advisory

fees

for

Thrivent

Core

Funds,

and

therefore

no

reimbursement

is

made

related

to

an

investment

in

these

funds.

Distribution

Plan 

— Thrivent

Distributors,

LLC is

the

Trust's

distributor. 

The

Trust

has

adopted

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act.

Class

A

shares

have

an

annual

12b-1

fee

of

0.25%

for

all

Funds

other

than

Government

Bond

and

Limited

Maturity

Bond,

which

have

a

12b-1

fee

of

0.125%,

and

Money

Market,

which

does

not

have

a

12b-1

fee. 

Sales

Charges

and

Other

Fees 

—

For

the

year

ended

October

31,

2023,

Thrivent

Investment

Management

Inc.

("Thrivent

Investment

Mgt.")

and

Thrivent

Distributors,

LLC

received $647,988

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

$70,000 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

October

31,

2023,

Thrivent

Asset

Mgt.

received

aggregate

fees

for

accounting

and

administrative

personnel

and

services

of $6,639,185

from

the

Trust.

The

Trust

has

entered

into

an

agreement

with

Thrivent

Financial

Investor

Services

Inc.

(“Thrivent

Investor

Services”)

to

provide transfer

agency

and

dividend

payment

services

necessary

to

the

Funds

on

a

per-account

basis

for

direct-at-fund

accounts,

and

sub

transfer

agency services

based

on

assets

under

management

for

third

party

intermediary

accounts. 

These

fees

are

accrued

daily

and

paid

monthly.

For

the

year

ended

October

31,

2023,

Thrivent

Investor

Services

received $26,296,327

for

transfer

agent

services

from

the

Trust.

Fund

Class

A

Class

S

Expiration

Date

Money

Market

0.05%

N/A

2/28/2024

Fund

Class

A

Class

S

Expiration

Date

Balanced

Income

Plus

0.99%*

N/A

2/28/2024

Government

Bond

0.75%

0.52%**

2/28/2024

High

Income

Municipal

Bond

N/A

0.60%

2/28/2024

International

Allocation

1.17%***

N/A

2/28/2024

Low

Volatility

Equity

N/A

0.95%

2/28/2024

Mid

Cap

Growth

N/A

0.90%

2/28/2024

Mid

Cap

Value

N/A

0.90%

2/28/2024

Municipal

Bond

N/A

0.51%****

2/28/2024

Small

Cap

Growth

N/A

0.95%

2/28/2024

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

408

Each

Trustee

who

is

not

affiliated

with

the

Adviser

receives

an

annual

fee

from

the

Trust

for

services

as

a

Trustee

and

is

eligible

to

participate

in

a

deferred

compensation

plan

with

respect

to

fees

received

from

the Trust.

Participants

in

the

plan

may

designate

their

deferred

Trustee’s

fees

as

if

invested

in

a

series

of

the

Thrivent

Mutual

Funds.  Thrivent

Money

Market is

not

eligible

for

the

deferral

plan.

The

value

of

each

Trustee’s

deferred

compensation

account

will

increase

or

decrease

as

if

invested

in

shares

of

a particular

series

of

Thrivent

Mutual

Funds. Each

participant's fees

as

well

as

the

change

in

value

are

included

in

Trustee

fees

in

the

Statement

of

Operations.

The

deferred

fees

remain

in

the

appropriate series

of

Thrivent

Mutual

Funds until

distribution

in

accordance

with

the

plan.

The

Payable

for

trustee

deferred

compensation, located

in

the

Statement

of

Assets

and

Liabilities,

is

unsecured. 

Those

Trustees

not

participating

in

the

above

plan

received $810,553

in

fees from

the

Trust

for

the

Funds

covered

in

this

shareholder

report

for

the

year

ended

October

31,

2023.

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.

The

Adviser

has

contractually

agreed,

for

as

long

as

the

current

fee

structure

is

in

place,

to

waive

an

amount

equal

to

any

investment

advisory

fees

indirectly

incurred

by

the

Asset

Allocation

Funds

as

a

result

of

their

investment

in

any

other

mutual

fund

for

which

the

Adviser

or

an

affiliate

serves

as

investment

adviser,

other

than

Thrivent

Cash

Management

Trust.  This

contractual

provision

may

be

terminated

upon

the

mutual

agreement

between

the

Independent

Trustees

of

the Trust

and

the

Adviser. 

For

the

year

ended

October

31,

2023,

the

following

expense

reimbursements,

as

a

percentage

of

net

assets,

were

in

effect:

Interfund

Lending 

—

The

Funds

may

participate

in

an

interfund

lending

program

(the

"Program")

pursuant

to

an

exemptive

order

issued

by

the

SEC. 

The

Program permits

the

Funds

to borrow

cash

for

temporary

purposes

from Thrivent

Core

Short-Term

Reserve. 

Interest

is

charged

to

each

participating

Fund

based

on

its

borrowings

at

the

average

of

the

repo

rate

and

bank

loan

rate,

each

as

defined

in

the

Program. 

Each

borrowing

made

under

the

Program

matures

no

later

than

seven

calendar

days

after

the

date

of

the

borrowing,

and

each

borrowing

must

be

securitized

by

a

pledge

of

segregated

collateral

with

a

market

value

at

least

equal

to

102%

of

the

outstanding

principal

value

of

the

loan. 

For

the year

ended October

31,

2023,

none

of

the Funds borrowed

cash

through

the

Program. 

(4)

TAX

INFORMATION

Distributions

are

based

on

amounts

calculated

in

accordance

with

applicable

federal

income

tax

regulations,

which

may

differ

from

GAAP.

The

differences

between

book-basis

and

tax-basis

distributable

earnings

are

primarily

attributable

to

timing

differences

recognizing

certain

gains

and

losses

on

investment

transactions,

such

as

wash

sales,

spinoffs,

unrealized

and

realized

activity

related

to

derivatives,

treatment

of

passive

foreign

investment

companies,

partnerships,

real

estate

investment

trusts,

and

amortization

of

callable

bonds. 

At

the

end

of

the

year,

reclassifications

between

net

asset

accounts

are

made

for

differences

that

are

permanent

in

nature. 

These

permanent

differences

primarily

relate

to

the

tax

treatment

of

partnerships,

swaps,

passive

foreign

investment

companies,

perpetual

debt,

sales

of

callable

bonds,

and

utilization

of

earnings

and

profits

distributed

to

shareholders

on

redemption

of

shares.

On

the

Statement

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

made

as

follows

[Increase/(Decrease)]: 

Fund

Class

A

Class

S

Expiration

Date

Aggressive

Allocation

0.18%

0.18%

2/28/2024

Moderate

Allocation

0.19%

0.19%

2/28/2024

Moderately

Aggressive

Allocation

0.23%

0.23%

2/28/2024

Moderately

Conservative

Allocation

0.15%

0.15%

2/28/2024

Fund

Distributable

earnings/

(accumulated

loss)

Capital

Stock

Aggressive

Allocation

($1,276,677)

$1,276,677

Balanced

Income

Plus

1,221

(1,221)

Global

Stock

(773,906)

773,906

Large

Cap

Growth

(817,214)

817,214

Large

Cap

Value

(2,096,962)

2,096,962

Low

Volatility

Equity

(17,328)

17,328

Mid

Cap

Growth

83,110

(83,110)

Mid

Cap

Stock

(2,682,606)

2,682,606

Mid

Cap

Value

(968)

968

Moderate

Allocation

2,042

(2,042)

Moderately

Aggressive

Allocation

(2,920,739)

2,920,739

Moderately

Conservative

Allocation

758

(758)

Small

Cap

Growth

631,213

(631,213)

Small

Cap

Stock

(516,699)

516,699

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

409

At

October

31,

2023,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows: 

At

October

31,

2023,

the

following

Funds

had

accumulated

net capital

loss

carryovers as

follows: 

*

These

capital

loss

carryovers

are

limited

under

the

Internal

Revenue

Code

as

to

future

utilization.

To

the

extent

that

these

Funds

realize

future

net

capital

gains,

taxable

distributions

will

be

reduced

by

any

unused

capital

loss

carryovers

as

permitted

by

the

Internal

Revenue

Code. 

During

the

fiscal

year

2023,

capital

loss

carryovers

utilized

by

the

Funds

were

as

follows: 

At

October

31,

2023,

the

following

Funds

deferred,

on

a

tax

basis,

the

following

Late

Year

Ordinary

Losses: 

These

amounts

are

deferred

for

tax

purposes,

and

are

deemed

to

occur

on

the

first

day

of

the

following

fiscal

year. 

Fund

Undistributed

Ordinary

Income

a

Undistributed

Long-Term

Capital

Gain

Aggressive

Allocation

$13,513,175

$

53,855,955

Balanced

Income

Plus

1,218,336

–

Global

Stock

26,598,355

69,194,052

Government

Bond

7,853

–

High

Income

Municipal

Bond

b

14,355

–

High

Yield

141,167

–

Income

4,208

–

International

Allocation

21,646,952

–

Large

Cap

Growth

–

74,501,946

Large

Cap

Value

28,343,248

37,852,186

Limited

Maturity

Bond

352,175

–

Low

Volatility

Equity

628,633

391,113

Mid

Cap

Stock

11,674,764

43,915,453

Mid

Cap

Value

264,051

–

Moderate

Allocation

8,002,167

32,818,542

Moderately

Aggressive

Allocation

32,192,849

76,093,108

Moderately

Conservative

Allocation

2,858,314

–

Municipal

Bond

b

22,313

–

Opportunity

Income

Plus

28,771

–

Small

Cap

Stock

6,896,429

–

a

Undistributed

Ordinary

Income

includes

income

derived

from

Short-Term

Capital

Gains,

if

any.

b

High

Income

Municipal

Bond

and

Municipal

Bond

undistributed

ordinary

income

is

primarily

exempt

from

federal

income

taxes.

Fund

Capital

Loss

Carryover

Balanced

Income

Plus

$

5,827,445

Global

Stock

*

6,119,701

Government

Bond

9,351,471

High

Income

Municipal

Bond

1,805,002

High

Yield

86,751,486

Income

65,478,493

International

Allocation

*

74,577,234

Limited

Maturity

Bond

16,124,536

Mid

Cap

Growth

3,406,625

Mid

Cap

Value

213,819

Moderately

Conservative

Allocation

29,237,964

Municipal

Bond

65,361,899

Opportunity

Income

Plus

65,178,838

Small

Cap

Growth

33,673,773

Small

Cap

Stock

75,452,807

Fund

Capital

Loss

Carryover

Global

Stock

320,623

Moderate

Allocation

7,259,258

Fund

Ordinary

Losses

Mid

Cap

Growth

76,218

Small

Cap

Growth

425,697

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

410

The

tax

character

of

distributions

paid

during

the

years

ended October

31,

2023

and 2022

was

as

follows: 

(a)

 Ordinary

income

includes

income

derived

from

short-term

capital

gains,

if

any.

(5)

SECURITY

TRANSACTIONS 

Purchases

and

Sales

of

Investment

Securities 

—

For

the

year

ended

October

31,

2023,

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 

—

Certain

Funds

may

own

restricted

securities which

were

purchased

in

private

placement

transactions

without

registration

under

the

Securities

Act

of

1933.

Unless

such

securities

subsequently

become

registered,

they

generally

may

be

resold

only

in

privately

negotiated

transactions

with

a

limited

number

of

purchasers.

As

of

October

31,

2023,

the

following

Funds

held

restricted

securities: 

Tax-Exempt

Income

Ordinary

Income

(a)

Long-Term

Capital

Gain

Fund

10/31/2023

10/31/2022

10/31/2023

10/31/2022

10/31/2023

10/31/2022

Aggressive

Allocation

$–

$–

$14,969,831

$69,586,868

$31,141,232

$136,247,879

Balanced

Income

Plus

–

–

11,970,525

16,320,857

–

17,172,095

Global

Stock

–

–

17,360,765

101,410,418

36,554,703

181,598,514

Government

Bond

–

–

2,757,470

1,762,053

–

–

High

Income

Municipal

Bond

1,273,922

969,264

7,464

1,479

–

–

High

Yield

–

–

38,707,939

36,201,415

–

–

Income

–

–

35,990,880

31,718,414

–

18,719,763

International

Allocation

–

–

16,512,971

38,164,306

–

49,405,693

Large

Cap

Growth

–

–

–

8,925,332

122,564,720

123,489,119

Large

Cap

Value

–

–

34,103,570

50,372,743

79,364,024

86,077,601

Limited

Maturity

Bond

–

–

40,913,598

26,770,226

–

914,158

Low

Volatility

Equity

–

–

412,906

325,753

368,382

1,388,556

Mid

Cap

Growth

–

–

–

83,241

–

485,145

Mid

Cap

Stock

–

–

10,762,235

76,634,680

89,052,510

323,971,447

Mid

Cap

Value

–

–

232,093

262,739

428,348

253,543

Moderate

Allocation

–

–

63,060,079

102,208,821

–

131,613,335

Moderately

Aggressive

Allocation

–

–

38,504,584

105,240,689

67,394,046

171,268,328

Moderately

Conservative

Allocation

–

–

27,680,902

29,483,795

–

23,384,397

Money

Market

–

–

63,707,604

5,569,626

–

4,223

Municipal

Bond

42,389,550

41,747,738

103,616

21,845

–

–

Opportunity

Income

Plus

–

–

31,807,239

26,932,445

–

–

Small

Cap

Growth

–

–

–

1,275,718

–

2,869,308

Small

Cap

Stock

–

–

30,940,239

54,267,234

137,786,317

115,662,707

In

thousands

Fund

Purchases

Sales/

Paydowns

Aggressive

Allocation

$639,567

$581,961

Balanced

Income

Plus

144,141

171,486

Global

Stock

900,535

1,029,801

Government

Bond

1,878

8,633

High

Income

Municipal

Bond

29,110

24,129

High

Yield

180,579

190,841

Income

322,511

309,244

International

Allocation

681,366

783,204

Large

Cap

Growth

1,119,059

984,320

Large

Cap

Value

504,355

399,989

Limited

Maturity

Bond

415,015

477,994

Low

Volatility

Equity

25,564

29,212

Mid

Cap

Growth

15,894

9,955

Mid

Cap

Stock

1,391,754

1,147,962

Mid

Cap

Value

28,387

12,822

Moderate

Allocation

688,775

811,283

Moderately

Aggressive

Allocation

804,592

862,919

Moderately

Conservative

Allocation

191,882

275,702

Municipal

Bond

479,328

553,287

Opportunity

Income

Plus

243,231

276,787

Small

Cap

Growth

186,571

118,881

Small

Cap

Stock

1,737,205

1,032,507

In

thousands

Fund

Purchases

Sales/

Paydowns

Aggressive

Allocation

$210,989

$164,651

Balanced

Income

Plus

139,934

130,609

Government

Bond

197,009

187,371

Income

135,987

107,302

Limited

Maturity

Bond

297,239

347,317

Moderate

Allocation

501,489

472,385

Moderately

Aggressive

Allocation

289,207

271,417

Moderately

Conservative

Allocation

295,849

287,311

Opportunity

Income

Plus

288,499

228,452

Fund

Number

of

Securities

Percent

of

Fund's

Net

Assets

Aggressive

Allocation

1

0.32%

Balanced

Income

Plus

2

0.03%

High

Yield

2

0.00%

Income

2

0.22%

Limited

Maturity

Bond

1

0.01%

Moderate

Allocation

2

0.28%

Moderately

Aggressive

Allocation

2

0.24%

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

411

The

Funds

have

no

right

to

require

registration

of

unregistered

securities. 

(6)

SECURITY

TRANSACTIONS

WITH

AFFILIATED

FUNDS

The

Funds

are

permitted

to

engage

in securities

transactions

with affiliated

funds

or

portfolios under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

a

Fund

from

or

to

another

fund

or

portfolio

that

is

or

could

be

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a-7

of

the

1940

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

executed

at

the

current

market

price. 

During the year

ended October

31,

2023, the

following

Funds

engaged

in

purchase

transactions pursuant

to Rule

17a-7

of

the

1940

Act. 

These

transaction

amounts were

greater

than

0.045%

of

the

respective

fund's

net

assets:

During

the year ended

October

31,

2023,

the

following

Funds

engaged

in sale

transactions

pursuant

to

Rule

17a-7

of

the

1940

Act.

These

transaction

amounts

were

greater

than

0.045%

of

the

respective

fund's

net

assets: 

(7)

RELATED

PARTY

TRANSACTIONS

As

of

October

31,

2023,

related

parties

(other

than

the

Thrivent

Asset

Allocation

Funds)

held

the

following

shares

in

excess

of

5%

of

Thrivent

Mutual

Funds:

As

of

October

31,

2023,

retirement

plans

sponsored

by

Thrivent

Financial

for

Lutherans

held

the

following

shares

in

excess

of

5%

of

Thrivent

Mutual

Funds: 

Subscription

and

redemption

activity

by concentrated

accounts

may

have

a

significant

effect

on

the

operation

of

these

Funds.

In

the

case

of

a

large

redemption,

these

Funds

may

be

forced

to

sell

investments

at

inopportune

times,

resulting

in

additional

losses

for

the

Funds.   

(8)

SUBSEQUENT

EVENTS

The

Adviser

of

the

Funds

has

evaluated

the

impact

of

subsequent

events

through

the

date

the

financial

statements

were

issued,

and,

except

as

already

included

in

the

Notes

to

Financial

Statements, has

determined

that

no

additional

items

require

disclosure.

(9) MARKET

RISK

Over

time,

securities

markets

generally

tend

to

move

in

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline. 

The

value

of

a

Fund's

investments

may

move

with

these

cycles

and,

in

some

instances,

increase

or

decrease

more

than

the

applicable

market(s)

as

measured

by

the

Fund's

benchmark

index(es).

The

securities

markets

may

also

decline

because

of

factors

that

affect

a

particular

industry

or

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 October

31,

2023,

the

following

Funds

had

portfolio

concentration

greater

than

25%

in

certain

sectors.

Fund

Number

of

Securities

Percent

of

Fund's

Net

Assets

Moderately

Conservative

Allocation

2

0.23%

Municipal

Bond

1

0.06%

Opportunity

Income

Plus

2

0.03%

Fund

Purchase

Amount

Aggressive

Allocation

 $54,963,487

Balanced

Income

Plus

378,047

Global

Stock

4,244,488

Large

Cap

Value

18,225,392

Mid

Cap

Growth

759,023

Small

Cap

Growth

9,976,632

Small

Cap

Stock

20,014,603

Fund

Sales

Proceeds

 Realized

Gain/(Loss)

Aggressive

Allocation

$1,850,233

$212,028

Balanced

Income

Plus

2,107,927

111,079

Moderate

Allocation

5,289,022

539,122

Moderately

Aggressive

Allocation

5,145,465

522,201

Moderately

Conservative

Allocation

1,890,259

271,871

Small

Cap

Stock

26,073,073

8,581,369

Fund

Shares

Percent

of

Fund's

Outstanding

Shares

Government

Bond

5,645,068

57.6%

International

Allocation

4,296,476

5.7%

Fund

Shares

Percent

of

Fund's

Outstanding

Shares

Aggressive

Allocation

12,735,042

9.9%

Income

8,399,834

7.2%

Fund

Sector

%

of

Total

Net

Assets

Government

Bond

Mortgage-Backed

Securities

46.8%

Government

Bond

U.S.

Govt.

&

Agencies

29.8%

High

Income

Municipal

Bond

Education

28.4%

Income

Financials

35.7%

Large

Cap

Growth

Information

Technology

34.5%

Limited

Maturity

Bond

Financials

32.6%

Mid

Cap

Growth

Information

Technology

25.6%

Municipal

Bond

Transportation

26.5%

Small

Cap

Stock

Industrials

25.7%

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

412

(10)

SIGNIFICANT

RISKS

Investing

in

the

Funds

involves

risks. 

The

following

is

an

alphabetical

list

of

significant

risks

in

investing

in

the

Funds. 

The

risks

applicable

to

each

Fund

are

listed

in

the

Portfolio

Perspectives

section

above.

Allocation

Risk

—

The

Fund’s

investment

performance

depends

upon

how

its

assets

are

allocated

across

broad

asset

categories

and

applicable

sub-classes

within

such

categories.

Some

broad

asset

categories

and

sub-classes

may

perform

below

expectations

or

the

securities

markets

generally

over

short

and

extended

periods.

Therefore,

a

principal

risk

of

investing

in

the

Fund

is

that

the

allocation

strategies

used

and

the

allocation

decisions

made

will

not

produce

the

desired

results.

Collateralized

Debt

Obligations

Risk

—

The

risks

of

an

investment

in

a

collateralized

debt

obligation

(“CDO”)

depend

largely

on

the

quality

and

type

of

the

collateral

and

the

tranche

of

the

CDO

in

which

the

Fund

invests.

In

addition

to

the

typical

risks

associated

with

fixed

income

securities

and

asset-backed

securities,

CDOs

carry

additional

risks

including,

but

not

limited

to:

(i)

the

possibility

that

distributions

from

collateral

securities

will

not

be

adequate

to

make

interest

or

other

payments;

(ii)

the

risk

that

the

collateral

may

default,

decline

in

value,

and/or

be

downgraded;

(iii)

the

Fund

may

invest

in

tranches

of

CDOs

that

are

subordinate

to

other

tranches;

(iv)

the

structure

and

complexity

of

the

transaction

and

the

legal

documents

could

lead

to

disputes

among

investors

regarding

the

characterization

of

proceeds;

(v)

the

investment

return

achieved

by

the

Fund

could

be

significantly

different

than

those

predicted

by

financial

models;

(vi)

the

lack

of

a

readily

available

secondary

market

for

CDOs;

(vii)

risk

of

forced

“fire

sale”

liquidation

due

to

technical

defaults

such

as

coverage

test

failures;

and

(viii)

the

CDO’s

manager

may

perform

poorly.

Conflicts

of

Interest

Risk 

—

An

investment

in

the

Fund

is

subject

to

a

number

of

actual

or

potential

conflicts

of

interest.

For

example,

the

Adviser

or

its

affiliates

may

provide

services

to

the

Fund

for

which

the

Fund

would

compensate

the

Adviser

and/or

such

affiliates.

The

Fund

may

invest

in

other

pooled

investment

vehicles

sponsored,

managed,

or

otherwise

affiliated

with

the

Adviser,

including

other

Funds.

The

Adviser

may

have

an

incentive

(financial

or

otherwise)

to

enter

into

transactions

or

arrangements

on

behalf

of

the

Fund

with

itself

or

its

affiliates

in

circumstances

where

it

might

not

have

done

so

otherwise.

The

Adviser

or

its

affiliates

manage

other

investment

funds

and/

or

accounts

(including

proprietary

accounts)

and

have

other

clients

with

investment

objectives

and

strategies

that

are

similar

to,

or

overlap

with,

the

investment

objective

and

strategy

of

the

Fund,

creating

conflicts

of

interest

in

investment

and

allocation

decisions

regarding

the

allocation

of

investments

that

could

be

appropriate

for

the

Fund

and

other

clients

of

the

Adviser

or

their

affiliates.

Convertible

Securities

Risk 

—

Convertible

securities

are

subject

to

the

usual

risks

associated

with

debt

securities,

such

as

interest

rate

risk

and

credit

risk.

Convertible

securities

also

react

to

changes

in

the

value

of

the

common

stock

into

which

they

convert,

and

are

thus

subject

to

market

risk.

The

Fund

may

also

be

forced

to

convert

a

convertible

security

at

an

inopportune

time,

which

may

decrease

the

Fund’s

return.

Credit

Risk 

—

Credit

risk

is

the

risk

that

an

issuer

of

a

debt

security

to

which

the

Fund

is

exposed

may

no

longer

be

able

or

willing

to

pay

its

debt.

As

a

result

of

such

an

event,

the

debt

security

may

decline

in

price

and

affect

the

value

of

the

Fund.

Cybersecurity

Risk 

—

The

Funds

and

their

service

providers

may

be

susceptible

to

operational,

information

security,

privacy,

fraud,

business

disruption,

and

related

risks.

In

general,

cyber

incidents

can

result

from

deliberate

attacks

or

unintentional

events.

Cyber-attacks

include,

but

are

not

limited

to,

gaining

unauthorized

access

to

digital

systems

to

misappropriate

assets

or

sensitive

information,

corrupt

data,

or

otherwise

disrupt

operations.

Cyber

incidents

affecting

the

Adviser

or

other

service

providers

(including,

but

not

limited

to,

fund

accountants,

custodians,

transfer

agents,

and

financial

intermediaries)

have

the

ability

to

disrupt

and

impact

business

operations,

potentially

resulting

in

financial

losses,

by

interfering

with

the

Funds’

ability

to

calculate

their

NAV,

corrupting

data

or

preventing

parties

from

sharing

information

necessary

for

the

Funds’

operation,

preventing

or

slowing

trades,

stopping

shareholders

from

making

transactions,

potentially

subjecting

the

Funds

or

the

Adviser

to

regulatory

fines

and

penalties,

and

creating

additional

compliance

costs.

Similar

types

of

cybersecurity

risks

are

also

present

for

issuers

or

securities

in

which

the

Funds

may

invest,

which

could

result

in

material

adverse

consequences

for

such

issuers

and

may

cause

the

Funds’

investments

in

such

companies

to

lose

value.

While

the

Funds’

service

providers

have

established

business

continuity

plans

in

the

event

of

such

cyber

incidents,

there

are

inherent

limitations

in

such

plans

and

systems.

Additionally,

the

Funds

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

their

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Funds

or

their

shareholders.

Although

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,

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

413

illiquid

and

difficult

to

value.

Derivatives

are

also

subject

to

the

risk

that

the

other

party

in

the

transaction

will

not

fulfill

its

contractual

obligations.  

Some

derivatives

may

give

rise

to

a

form

of

economic

leverage,

and

may

expose

the

Fund

to

greater

risk

and

increase

its

costs.

Such

leverage

may

cause

the

Fund

to

liquidate

portfolio

positions

when

it

may

not

be

advantageous

to

do

so

to

satisfy

its

obligations

or

to

meet

any

required

asset

segregation

requirements.

Increases

and

decreases

in

the

value

of

the

Fund’s

portfolio

will

be

magnified

when

the

Fund

uses

leverage.

Futures

contracts,

options

on

futures

contracts,

forward

contracts,

and

options

on

derivatives

can

allow

the

Fund

to

obtain

large

investment

exposures

in

return

for

meeting

relatively

small

margin

requirements.

As

a

result,

investments

in

those

transactions

may

be

highly

leveraged.

The

success

of

a

Fund’s

derivatives

strategies

will

depend

on

the

Adviser’s

ability

to

assess

and

predict

the

impact

of

market

or

economic

developments

on

the

underlying

asset,

index

or

rate

and

the

derivative

itself,

without

the

benefit

of

observing

the

performance

of

the

derivative

under

all

possible

market

conditions.

Swap

agreements

may

involve

fees,

commissions

or

other

costs

that

may

reduce

a

Fund’s

gains

from

a

swap

agreement

or

may

cause

a

Fund

to

lose

money.

Futures

contracts

are

subject

to

the

risk

that

an

exchange

may

impose

price

fluctuation

limits,

which

may

make

it

difficult

or

impossible

for

a

Fund

to

close

out

a

position

when

desired.

Emerging

Markets

Risk 

—

The

risks

and

volatility

of

investing

in

foreign

securities

is

increased

in

connection

with

investments

in

emerging

markets.

The

economic,

political

and

market

structures

of

developing

countries

in

emerging

markets,

in

most

cases,

are

not

as

strong

as

the

structures

in

the

U.S.

or

other

developed

countries

in

terms

of

wealth,

stability,

liquidity

and

transparency.

A

Fund

may

not

achieve

its

investment

objective

and

portfolio

performance

will

likely

be

negatively

affected

by

portfolio

exposure

to

countries

and

corporations

domiciled

in,

or

with

revenue

exposures

to,

countries

in

the

midst

of,

among

other

things,

hyperinflation,

currency

devaluation,

trade

disagreements,

sudden

political

upheaval

or

interventionist

government

policies,

and

the

risks

of

such

events

are

heightened

within

emerging

market

countries.

Fund

performance

may

also

be

negatively

affected

by

portfolio

exposure

to

countries

and

corporations

domiciled

in,

or

with

revenue

exposures

to,

countries

with

less

developed

or

unreliable

legal,

tax,

regulatory,

accounting,

recordkeeping

and

corporate

governance

systems

and

standards.

In

particular,

there

may

be

less

publicly

available

and

transparent

information

about

issuers

in

emerging

markets

than

would

be

available

about

issuers

in

more

developed

capital

markets

because

such

issuers

may

not

be

subject

to

accounting,

auditing

and

financial

reporting

standards

and

requirements

comparable

to

those

to

which

U.S.

companies

are

subject.

Emerging

markets

may

also

have

differing

legal

systems,

many

of

which

provide

fewer

security

holder

rights

and

practical

remedies

to

pursue

claims

than

are

available

for

securities

of

companies

in

the

U.S.

or

other

developed

countries,

including

class

actions

or

fraud

claims.

Significant

buying

or

selling

actions

by

a

few

major

investors

may

also

heighten

the

volatility

of

emerging

market

securities.

Equity

Security

Risk

—

Equity

securities

held

by

the

Fund

may

decline

significantly

in

price,

sometimes

rapidly

or

unpredictably,

over

short

or

extended

periods

of

time,

and

such

declines

may

occur

because

of

declines

in

the

equity

market

as

a

whole,

or

because

of

declines

in

only

a

particular

country,

geographic

region,

company,

industry,

or

sector

of

the

market.

From

time

to

time,

the

Fund

may

invest

a

significant

portion

of

its

assets

in

companies

in

one

particular

country

or

geographic

region

or

one

or

more

related

sectors

or

industries

which

would

make

the

Fund

more

vulnerable

to

adverse

developments

affecting

such

countries,

geographic

regions,

sectors

or

industries.

Equity

securities

are

generally

more

volatile

than

most

debt

securities.  

Financial

Sector

Risk 

—

To

the

extent

that

the

financials

sector

continues

to

represent

a

significant

portion

of

the

Fund,

the

Fund

will

be

sensitive

to

changes

in,

and

its

performance

may

depend

to

a

greater

extent

on,

factors

impacting

this

sector.

Performance

of

companies

in

the

financials

sector

may

be

adversely

impacted

by

many

factors,

including,

among

others,

government

regulations,

economic

conditions,

credit

rating

downgrades,

changes

in

interest

rates,

and

decreased

liquidity

in

credit

markets.

The

impact

of

more

stringent

capital

requirements,

recent

or

future

regulation

of

any

individual

financial

company

or

recent

or

future

regulation

of

the

financials

sector

as

a

whole

cannot

be

predicted.

In

recent

years,

cyber

attacks

and

technology

malfunctions

and

failures

have

become

increasingly

frequent

in

this

sector

and

have

caused

significant

losses.

Foreign

Currency

Risk 

—

The

value

of

a

foreign

currency

may

decline

against

the

U.S.

dollar,

which

would

reduce

the

dollar

value

of

securities

denominated

in

that

currency.

The

overall

impact

of

such

a

decline

of

foreign

currency

can

be

significant,

unpredictable,

and

long

lasting,

depending

on

the

currencies

represented,

how

each

one

appreciates

or

depreciates

in

relation

to

the

U.S.

dollar,

and

whether

currency

positions

are

hedged.

Under

normal

conditions,

the

Fund

does

not

engage

in

extensive

foreign

currency

hedging

programs.

Further,

exchange

rate

movements

are

volatile,

and

it

is

not

possible

to

effectively

hedge

the

currency

risks

of

many

developing

countries.

Foreign

Securities

Risk

—

Foreign

securities

generally

carry

more

risk

and

are

more

volatile

than

their

domestic

counterparts,

in

part

because

of

potential

for

higher

political

and

economic

risks,

lack

of

reliable

information

and

fluctuations

in

currency

exchange

rates

where

investments

are

denominated

in

currencies

other

than

the

U.S.

dollar.

Certain

events

in

foreign

markets

may

adversely

affect

foreign

and

domestic

issuers,

including

interruptions

in

the

global

supply

chain,

market

closures,

war,

terrorism,

natural

disasters

and

outbreak

of

infectious

diseases.

The

Fund’s

investment

in

any

country

could

be

subject

to

governmental

actions

such

as

capital

or

currency

controls,

nationalizing

a

company

or

industry,

expropriating

assets,

or

imposing

punitive

taxes

that

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

414

would

have

an

adverse

effect

on

security

prices,

and

impair

the

Fund’s

ability

to

repatriate

capital

or

income.

Foreign

securities

may

also

be

more

difficult

to

resell

than

comparable

U.S.

securities

because

the

markets

for

foreign

securities

are

often

less

liquid.

Even

when

a

foreign

security

increases

in

price

in

its

local

currency,

the

appreciation

may

be

diluted

by

adverse

changes

in

exchange

rates

when

the

security’s

value

is

converted

to

U.S.

dollars.

Foreign

withholding

taxes

also

may

apply

and

errors

and

delays

may

occur

in

the

settlement

process

for

foreign

securities.

Futures

Contract

Risk 

—

The

value

of

a

futures

contract

tends

to

increase

and

decrease

in

tandem

with

the

value

of

the

underlying

instrument.

The

price

of

futures

can

be

highly

volatile;

using

them

could

lower

total

return,

and

the

potential

loss

from

futures

can

exceed

the

Fund’s

initial

investment

in

such

contracts.

In

addition,

the

value

of

the

futures

contract

may

not

accurately

track

the

value

of

the

underlying

instrument.

Government

Securities

Risk 

—

The

Fund

invests

in

securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

and

instrumentalities

(such

as

Federal

Home

Loan

Bank,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

securities).

Securities

issued

or

guaranteed

by

Federal

Home

Loan

Banks,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

are

not

issued

directly

by

the

U.S.

government.

Ginnie

Mae

is

a

wholly

owned

U.S.

corporation

that

is

authorized

to

guarantee,

with

the

full

faith

and

credit

of

the

U.S.

government,

the

timely

payment

of

principal

and

interest

of

its

securities.

By

contrast,

securities

issued

or

guaranteed

by

U.S.

government-

related

organizations

such

as

Federal

Home

Loan

Banks,

Fannie

Mae

and

Freddie

Mac

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

would

provide

financial

support

to

its

agencies

and

instrumentalities

if

not

required

to

do

so

by

law.

In

addition,

the

value

of

U.S.

Government

securities

may

be

affected

by

changes

in

the

credit

rating

of

the

U.S.

government,

which

may

be

negatively

impacted

by

rising

levels

of

indebtedness.

It

is

possible

that

issuers

of

U.S.

government

securities

will

not

have

the

funds

to

meet

their

payments

obligations

in

the

future.

Growth

Investing

Risk

—

Growth

style

investing

includes

the

risk

of

investing

in

securities

whose

prices

historically

have

been

more

volatile

than

other

securities,

especially

over

the

short

term.

Growth

stock

prices

reflect

projections

of

future

earnings

or

revenues

and,

if

a

company’s

earnings

or

revenues

fall

short

of

expectations,

its

stock

price

may

fall

dramatically.

High

Yield

Risk 

—

High

yield

securities

–

commonly

known

as

“junk

bonds”

–

to

which

the

Fund

is

exposed

are

considered

predominantly

speculative

with

respect

to

the

issuer’s

continuing

ability

to

make

principal

and

interest

payments.

If

the

issuer

of

the

security

is

in

default

with

respect

to

interest

or

principal

payments,

the

value

of

the

Fund

may

be

negatively

affected.

High

yield

securities

generally

have

a

less

liquid

resale

market.

Inflation-Linked

Security

Risk 

—

Inflation-linked

debt

securities,

such

as

TIPS,

are

subject

to

the

effects

of

changes

in

market

interest

rates

caused

by

factors

other

than

inflation

(real

interest

rates).

In

general,

the

price

of

an

inflation-linked

security

tends

to

decrease

when

real

interest

rates

increase

and

can

increase

when

real

interest

rates

decrease.

Interest

payments

on

inflation-linked

securities

are

unpredictable

and

will

fluctuate

as

the

principal

and

interest

are

adjusted

for

inflation.

Any

increase

in

the

principal

amount

of

an

inflation-linked

debt

security

will

be

considered

taxable

ordinary

income,

even

though

the

Fund

will

not

receive

the

principal

until

maturity.

There

can

also

be

no

assurance

that

the

inflation

index

used

will

accurately

measure

the

real

rate

of

inflation

in

the

prices

of

goods

and

services.

The

Fund’s

investments

in

inflation-linked

securities

may

lose

value

in

the

event

that

the

actual

rate

of

inflation

is

different

than

the

rate

of

the

inflation

index.

In

addition,

inflation-linked

securities

are

subject

to

the

risk

that

the

Consumer

Price

Index

for

All

Urban

Consumers

(CPI-U)

or

other

relevant

pricing

index

may

be

discontinued,

fundamentally

altered

in

a

manner

materially

adverse

to

the

interests

of

an

investor

in

the

securities,

altered

by

legislation

or

Executive

Order

in

a

materially

adverse

manner

to

the

interests

of

an

investor

in

the

securities

or

substituted

with

an

alternative

index.

Interest

Rate

Risk 

—

Interest

rate

risk

is

the

risk

that

prices

of

debt

securities

decline

in

value

when

interest

rates

rise

for

debt

securities

that

pay

a

fixed

rate

of

interest.

Debt

securities

with

longer

durations

(a

measure

of

price

sensitivity

of

a

bond

or

bond

fund

to

changes

in

interest

rates)

or

maturities

(i.e.,

the

amount

of

time

until

a

bond’s

issuer

must

pay

its

principal

or

face

value)

tend

to

be

more

sensitive

to

changes

in

interest

rates

than

debt

securities

with

shorter

durations

or

maturities.

Changes

in

general

economic

conditions,

inflation,

and

monetary

policies,

such

as

certain

types

of

interest

rate

changes

by

the

Federal

Reserve

could

affect

interest

rates

and

the

value

of

some

securities.

During

periods

of

low

interest

rates

or

when

inflation

rates

are

high

or

rising,

the

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates.

Investing-in-Funds

Risk 

—

Each

of

the

Thrivent

Aggressive

Allocation

Fund,

Thrivent

Moderate

Allocation

Fund,

Thrivent

Moderately

Aggressive

Allocation

Fund

and

Thrivent

Moderately

Conservative

Allocation

Fund

(each,

a

“Thrivent

Asset

Allocation

Fund”)

allocate

their

assets

among

certain

other

funds

managed

by

the

Adviser

or

an

affiliate

(“Affiliated

Funds”).

From

time

to

time,

one

or

more

of

the

Affiliated

Funds

may

experience

relatively

large

investments

or

redemptions

due

to

reallocations

or

rebalancings

by

the

Thrivent

Asset

Allocation

Funds

or

other

investors.

These

transactions

may

affect

the

Affiliated

Funds

since

Affiliated

Funds

that

experience

redemptions

as

a

result

of

reallocations

or

rebalancings

may

have

to

sell

Fund

securities

and

since

Affiliated

Funds

that

receive

additional

cash

will

have

to

invest

such

cash.

These

effects

may

be

particularly

important

when

one

or

more

of

the

Thrivent

Asset

Allocation

Funds

owns

a

substantial

portion

of

any

Affiliated

Fund.

While

it

is

impossible

to

predict

the

overall

impact

of

these

transactions

over

time,

the

performance

of

an

Affiliated

Fund

may

be

adversely

affected

if

the

Affiliated

Fund

is

required

to

sell

securities

or

invest

cash

at

inopportune

times.

These

transactions

could

also

increase

transaction

costs

and

accelerate

the

realization

of

taxable

income

if

sales

of

securities

resulted

in

gains.

Because

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

415

the

Thrivent

Asset

Allocation

Funds

may

own

substantial

portions

of

some

Affiliated

Funds,

a

redemption

or

reallocation

by

a

Thrivent

Asset

Allocation

Fund

away

from

an

Affiliated

Fund

could

cause

the

Affiliated

Fund’s

expenses

to

increase.  

Investment

Adviser

Risk 

—

The

Fund

is

actively

managed

and

the

success

of

its

investment

strategy

depends

significantly

on

the

skills

of

the

Adviser

in

assessing

the

potential

of

the

investments

in

which

the

Fund

invests.

The

assessment

of

potential

Fund

investments

may

prove

incorrect,

resulting

in

losses

or

poor

performance,

even

in

rising

markets.

There

is

also

no

guarantee

that

the

Adviser

will

be

able

to

effectively

implement

the

Fund’s

investment

objective.

Issuer

Risk 

—

Issuer

risk

is

the

possibility

that

factors

specific

to

an

issuer

to

which

the

Fund

is

exposed

will

affect

the

market

prices

of

the

issuer’s

securities

and

therefore

the

value

of

the

Fund.

Large

Cap

Risk 

—

Large-sized

companies

may

be

unable

to

respond

quickly

to

new

competitive

challenges

such

as

changes

in

technology.

They

may

also

not

be

able

to

attain

the

high

growth

rate

of

successful

smaller

companies,

especially

during

extended

periods

of

economic

expansion.

Large

Shareholder

Risk 

—

From

time

to

time,

shareholders

of

a

Fund

(which

may

include

institutional

investors,

financial

intermediaries,

or

affiliated

Funds)

may

make

relatively

large

redemptions

or

purchases

of

shares.

These

transactions

may

cause

a

Fund

to

sell

securities

at

disadvantageous

prices

or

invest

additional

cash,

as

the

case

may

be.

While

it

is

impossible

to

predict

the

overall

impact

of

these

transactions

over

time,

there

could

be

adverse

effects

on

a

Fund’s

performance

to

the

extent

that

a

Fund

may

be

required

to

sell

securities

or

invest

cash

at

times

when

it

would

not

otherwise

do

so.

Redemptions

of

a

large

number

of

shares

also

may

increase

transaction

costs

or

have

adverse

tax

consequences

for

shareholders

of

the

Fund

by

requiring

a

sale

of

portfolio

securities.

In

addition,

a

large

redemption

could

result

in

a

Fund's

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund's

expense

ratio.

Leveraged

Loan

Risk 

— Leveraged

loans

(also

known

as

bank

loans)

are

subject

to

the

risks

typically

associated

with

debt

securities.

In

addition,

leveraged

loans,

which

typically

hold

a

senior

position

in

the

capital

structure

of

a

borrower,

are

subject

to

the

risk

that

a

court

could

subordinate

such

loans

to

presently

existing

or

future

indebtedness

or

take

other

action

detrimental

to

the

holders

of

leveraged

loans.

Leveraged

loans

are

also

subject

to

the

risk

that

the

value

of

the

collateral,

if

any,

securing

a

loan

may

decline,

be

insufficient

to

meet

the

obligations

of

the

borrower,

or

be

difficult

to

liquidate.

Some

leveraged

loans

are

not

as

easily

purchased

or

sold

as

publicly-traded

securities

and

others

are

illiquid,

which

may

make

it

more

difficult

for

the

Fund

to

value

them

or

dispose

of

them

at

an

acceptable

price.

Below

investment-grade

leveraged

loans

are

typically

more

credit

sensitive.

Also,

some

leveraged

loans

are

known

as

“covenant

lite”

loans,

which

have

contractual

provisions

that

are

more

favorable

to

borrowers

and

provide

less

protection

for

lenders

such

as

the

Fund.

As

a

result,

the

Fund

could

experience

relatively

greater

difficulty

or

delays

in

enforcing

its

rights

on

its

holdings

of

covenant

lite

loans

than

its

holdings

of

loans

with

financial

maintenance

covenants,

which

may

result

in

losses.

In

the

event

of

fraud

or

misrepresentation,

the

Fund

may

not

be

protected

under

federal

securities

laws

with

respect

to

leveraged

loans

that

may

not

be

in

the

form

of

“securities.”

The

settlement

period

for

some

leveraged

loans

may

be

more

than

seven

days.

Liquidity

Risk 

—

Liquidity

is

the

ability

to

sell

a

security

relatively

quickly

for

a

price

that

most

closely

reflects

the

actual

value

of

the

security.

To

the

extent

that

dealers

do

not

maintain

inventories

of

bonds

that

keep

pace

with

the

growth

of

the

bond

markets

over

time,

relatively

low

levels

of

dealer

inventories

could

lead

to

decreased

liquidity

and

increased

volatility

in

the

fixed

income

markets,

particularly

during

periods

of

economic

or

market

stress.

As

a

result

of

this

decreased

liquidity,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

Market

Risk 

—

Over

time,

securities

markets

generally

tend

to

move

in

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline.

The

value

of

the

Fund’s

investments

may

move

with

these

cycles

and,

in

some

instances,

increase

or

decrease

more

than

the

applicable

market(s)

as

measured

by

the

Fund’s

benchmark

index(es).

The

securities

markets

may

also

decline

because

of

factors

that

affect

a

particular

industry

or

market

sector,

or

due

to

impacts

from

domestic

or

global

events,

including

regulatory

events,

economic

downturn,

government

shutdowns,

the

spread

of

infectious

illness

such

as

the

outbreak

of

COVID-19,

public

health

crises,

war,

terrorism,

social

unrest,

recessions,

natural

disasters

or

similar

events.

Mid

Cap

Risk

—

Medium-sized

companies

often

have

greater

price

volatility,

lower

trading

volume,

and

less

liquidity

than

larger,

more-established

companies.

These

companies

tend

to

have

smaller

revenues,

narrower

product

lines,

less

management

depth

and

experience,

smaller

shares

of

their

product

or

service

markets,

fewer

financial

resources,

and

less

competitive

strength

than

larger

companies.

Money

Market

Fund

Risk

—

You

could

lose

money

by

investing

in

the

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

An

investment

in

the

Fund

is

not

a

bank

account

and

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

or

any

other

government

agency.

The

Fund’s

sponsor

is

not

required

to

reimburse

the

Fund

for

losses,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the

Fund

at

any

time,

including

during

periods

of

market

stress.

Mortgage-Backed

and

Other

Asset-Backed

Securities

Risk 

—

The

value

of

mortgage-backed

and

asset-backed

securities

will

be

influenced

by

the

factors

affecting

the

housing

market

and

the

assets

underlying

such

securities.

As

a

result,

during

periods

of

declining

asset

value,

difficult

or

frozen

credit

markets,

swings

in

interest

rates,

or

deteriorating

economic

conditions,

mortgage-

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

416

related

and

asset-backed

securities

may

decline

in

value,

face

valuation

difficulties,

become

more

volatile

and/or

become

illiquid.

In

addition,

both

mortgage-backed

and

asset-backed

securities

are

sensitive

to

changes

in

the

repayment

patterns

of

the

underlying

security.

If

the

principal

payment

on

the

underlying

asset

is

repaid

faster

or

slower

than

the

holder

of

the

asset-backed

or

mortgage-

backed

security

anticipates,

the

price

of

the

security

may

fall,

particularly

if

the

holder

must

reinvest

the

repaid

principal

at

lower

rates

or

must

continue

to

hold

the

security

when

interest

rates

rise.

This

effect

may

cause

the

value

of

the

Fund

to

decline

and

reduce

the

overall

return

of

the

Fund.

Mortgage-backed

securities

are

also

subject

to

extension

risk,

which

is

the

risk

that

when

interest

rates

rise,

certain

mortgage-backed

securities

will

be

paid

in

full

by

the

issuer

more

slowly

than

anticipated.

This

can

cause

the

market

value

of

the

security

to

fall

because

the

market

may

view

its

interest

rate

as

low

for

a

longer-term

investment.

Municipal

Bond

Risk

—

The

Fund’s

performance

may

be

affected

by

political

and

economic

conditions

at

the

state,

regional

or

federal

level.

These

may

include

budgetary

problems,

decline

in

the

tax

base

and

other

factors

that

may

cause

rating

agencies

to

downgrade

the

credit

ratings

on

certain

issues.

Bonds

may

also

exhibit

price

fluctuations

due

to

changes

in

interest

rate

or

bond

yield

levels.

Some

municipal

bonds

may

be

repaid

prior

to

maturity

if

interest

rates

decrease.

As

a

result,

the

value

of

the

Fund’s

shares

may

fluctuate

significantly

in

the

short

term.  

Non-Diversified

Risk 

—

The

Fund

is

not

“diversified”

within

the

meaning

of

the

1940

Act.

That

means

the

Fund

may

invest

a

greater

percentage

of

its

assets

in

the

securities

of

any

single

issuer

compared

to

other

funds.

A

non-diversified

portfolio

is

generally

more

susceptible

than

a

diversified

portfolio

to

the

risk

that

events

or

developments

affecting

a

particular

issuer

or

industry

will

significantly

affect

the

Fund’s

performance.

Other

Funds

Risk 

—

Because

the

Fund

invests

in

other

funds,

the

performance

of

the

Fund

is

dependent,

in

part,

upon

the

performance

of

other

funds

in

which

the

Fund

may

invest.

As

a

result,

the

Fund

is

subject

to

the

same

risks

as

those

faced

by

the

other

funds.

In

addition,

other

funds

may

be

subject

to

additional

fees

and

expenses

that

will

be

borne

by

the

Fund.  

Portfolio

Turnover

Rate

Risk 

—

The

Fund

may

engage

in

active

and

frequent

trading

of

portfolio

securities

in

implementing

its

principal

investment

strategies.

A

high

rate

of

portfolio

turnover

(100%

or

more)

involves

correspondingly

greater

expenses

which

are

borne

by

the

Fund

and

its

shareholders

and

may

also

result

in

short-term

capital

gains

taxable

to

shareholders.

Preferred

Securities Risk

—

There

are

certain

additional

risks

associated

with

investing

in

preferred

securities,

including,

but

not

limited

to,

preferred

securities

may

include

provisions

that

permit

the

issuer,

at

its

discretion,

to

defer

or

omit

distributions

for

a

stated

period

without

any

adverse

consequences

to

the

issuer;

preferred

securities

are

generally

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

in

terms

of

having

priority

to

corporate

income

and

liquidation

payments,

and

therefore

will

be

subject

to

greater

credit

risk

than

more

senior

debt

instruments;

preferred

securities

may

be

substantially

less

liquid

than

many

other

securities,

such

as

common

stocks

or

U.S.

Government

securities;

generally,

traditional

preferred

securities

offer

no

voting

rights

with

respect

to

the

issuing

company

unless

preferred

dividends

have

been

in

arrears

for

a

specified

number

of

periods,

at

which

time

the

preferred

security

holders

may

elect

a

number

of

directors

to

the

issuer’s

board;

and

in

certain

varying

circumstances,

an

issuer

of

preferred

securities

may

redeem

the

securities

prior

to

a

specified

date.

Prepayment

Risk

— When

interest

rates

fall,

certain

obligations

will

be

paid

off

by

the

obligor

more

quickly

than

originally

anticipated,

and

a

Fund

may

have

to

invest

the

proceeds

in

securities

with

lower

yields.

In

periods

of

falling

interest

rates,

the

rate

of

prepayments

tends

to

increase

(as

does

price

fluctuation)

as

borrowers

are

motivated

to

pay

off

debt

and

refinance

at

new

lower

rates.

During

such

periods,

reinvestment

of

the

prepayment

proceeds

by

the

management

team

will

generally

be

at

lower

rates

of

return

than

the

return

on

the

assets

that

were

prepaid.

Prepayment

generally

reduces

the

yield

to

maturity

and

the

average

life

of

the

security.

Quantitative

Investing

Risk

—

Securities

selected

according

to

a

quantitative

analysis

methodology

can

perform

differently

from

the

market

as

a

whole

based

on

the

model

and

the

factors

used

in

the

analysis,

the

weight

placed

on

each

factor

and

changes

in

the

factor’s

historical

trends.

Such

models

are

based

on

assumptions

relating

to

these

and

other

market

factors,

and

the

models

may

not

take

into

account

certain

factors,

or

perform

as

intended,

and

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Among

other

risks,

results

generated

by

such

models

may

be

impaired

by

errors

in

human

judgment,

data

imprecision,

software

or

other

technology

systems

malfunctions,

or

programming

flaws.

Such

models

may

not

perform

as

expected

or

may

underperform

in

periods

of

market

volatility.

Real

Estate

Investment

Trust

(“REIT”)

Risk

—

REITs

generally

can

be

divided

into

three

types:

equity

REITs,

mortgage

REITs,

and

hybrid

REITs

(which

combine

the

characteristics

of

equity

REITs

and

mortgage

REITs).

Equity

REITs

will

be

affected

by

changes

in

the

values

of,

and

income

from,

the

properties

they

own,

while

mortgage

REITs

may

be

affected

by

the

credit

quality

of

the

mortgage

loans

they

hold.

All

REIT

types

may

be

affected

by

changes

in

interest

rates.

The

effect

of

rising

interest

rates

is

generally

more

pronounced

for

high

dividend

paying

stock

than

for

stocks

that

pay

little

or

no

dividends.

This

may

cause

the

value

of

real

estate

securities

to

decline

during

periods

of

rising

interest

rates,

which

would

reduce

the

overall

return

of

the

Fund.

REITs

are

subject

to

additional

risks,

including

the

fact

that

they

are

dependent

on

specialized

management

skills

that

may

affect

the

REITs’

abilities

to

generate

cash

flows

for

operating

purposes

and

for

making

investor

distributions.

REITs

may

have

limited

diversification

and

are

subject

to

the

risks

associated

with

obtaining

financing

for

real

property.

As

with

any

investment,

there

is

a

risk

that

REIT

securities

and

other

real

estate

industry

investments

may

be

overvalued

at

the

time

of

purchase.

In

addition,

a

REIT

can

pass

its

income

through

to

its

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

October

31,

2023

417

investors

without

any

tax

at

the

entity

level

if

it

complies

with

various

requirements

under

the

Internal

Revenue

Code.

There

is

the

risk,

however,

that

a

REIT

held

by

the

Fund

will

fail

to

qualify

for

this

tax-free

pass-through

treatment

of

its

income.

By

investing

in

REITs

indirectly

through

the

Fund,

in

addition

to

bearing

a

proportionate

share

of

the

expenses

of

the

Fund,

you

will

also

indirectly

bear

similar

expenses

of

the

REITs

in

which

the

Fund

invests.

Redemption

Risk

—

The

Fund

may

need

to

sell

portfolio

securities

to

meet

redemption

requests.

The

Fund

could

experience

a

loss

when

selling

portfolio

securities

to

meet

redemption

requests

if

there

is

(i)

significant

redemption

activity

by

shareholders,

including,

for

example,

when

a

single

investor

or

few

large

investors

make

a

significant

redemption

of

Fund

shares,

(ii)

a

disruption

in

the

normal

operation

of

the

markets

in

which

the

Fund

buys

and

sells

portfolio

securities

or

(iii)

the

inability

of

the

Fund

to

sell

portfolio

securities

because

such

securities

are

illiquid.

In

such

events,

the

Fund

could

be

forced

to

sell

portfolio

securities

at

unfavorable

prices

in

an

effort

to

generate

sufficient

cash

to

pay

redeeming

shareholders.

Regulatory

Risk

—

Legal,

tax,

and

regulatory

developments

may

adversely

affect

the

Funds.

Securities

and

futures

markets

are

subject

to

comprehensive

statutes,

regulations,

and

margin

requirements

enforced

by

the

SEC,

other

regulators

and

self-regulatory

organizations,

and

exchanges,

which

are

authorized

to

take

extraordinary

actions

in

the

event

of

market

emergencies.

The

regulatory

environment

for

the

Funds

is

evolving,

and

changes

in

the

regulation

of

investment

funds,

managers,

and

their

trading

activities

and

capital

markets,

or

a

regulator’s

disagreement

with

the

Funds’

interpretation

of

the

application

of

certain

regulations,

may

adversely

affect

the

ability

of

a

Fund

to

pursue

its

investment

strategy,

its

ability

to

obtain

leverage

and

financing,

and

the

value

of

investments

held

by

the

Fund.

Repurchase

Agreement Risk

—

If

the

seller

of

a

repurchase

agreement

defaults

or

is

otherwise

unable

to

fulfill

its

obligations,

the

Fund

may

incur

losses

as

a

result

of

selling

the

underlying

securities,

enforcing

its

rights,

or

a

decline

in

the

value

of

collateral.

Small

Cap

Risk

—

Smaller,

less

seasoned

companies

often

have

greater

price

volatility,

lower

trading

volume,

and

less

liquidity

than

larger,

more

established

companies.

These

companies

tend

to

have

small

revenues,

narrower

product

lines,

less

management

depth

and

experience,

small

shares

of

their

product

or

service

markets,

fewer

financial

resources,

and

less

competitive

strength

than

larger

companies.

Such

companies

seldom

pay

significant

dividends

that

could

soften

the

impact

of

a

falling

market

on

returns.

Sovereign

Debt

Risk 

—

Sovereign

debt

securities

are

issued

or

guaranteed

by

foreign

governmental

entities.

These

investments

are

subject

to

the

risk

that

a

governmental

entity

may

delay

or

refuse

to

pay

interest

or

repay

principal

on

its

sovereign

debt,

due,

for

example,

to

cash

flow

problems,

insufficient

foreign

currency

reserves,

political

considerations,

the

relative

size

of

the

governmental

entity’s

debt

position

in

relation

to

the

economy

or

the

failure

to

put

in

place

economic

reforms

required

by

the

International

Monetary

Fund

or

other

multilateral

agencies.

If

a

governmental

entity

defaults,

it

may

ask

for

more

time

in

which

to

pay

or

for

further

loans.

There

is

no

legal

process

for

collecting

sovereign

debts

that

a

government

does

not

pay

nor

are

there

bankruptcy

proceedings

through

which

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid

may

be

collected.

Tax

Risk 

—

Changes

in

federal

income

tax

laws

or

rates

may

affect

both

the

net

asset

value

of

the

Fund

and

the

taxable

equivalent

interest

generated

from

securities

in

the

Fund.

Since

the

Fund

may

invest

in

municipal

securities

subject

to

the

federal

alternative

minimum

tax

without

limitation,

the

Fund

may

not

be

suitable

for

investors

who

already

are

or

could

be

subject

to

the

federal

alternative

minimum

tax.  

Technology-Oriented

Companies

Risk 

—

Common

stocks

of

companies

that

rely

extensively

on

technology,

science

or

communications

in

their

product

development

or

operations

may

be

more

volatile

than

the

overall

stock

market

and

may

or

may

not

move

in

tandem

with

the

overall

stock

market.

Technology,

science

and

communications

are

rapidly

changing

fields,

and

stocks

of

these

companies,

especially

of

smaller

or

unseasoned

companies,

may

be

subject

to

more

abrupt

or

erratic

market

movements

than

the

stock

market

in

general.

There

are

significant

competitive

pressures

among

technology-oriented

companies

and

the

products

or

operations

of

such

companies

may

become

obsolete

quickly.

In

addition,

these

companies

may

have

limited

product

lines,

markets

or

financial

resources

and

the

management

of

such

companies

may

be

more

dependent

upon

one

or

a

few

key

people.

Value

Investing

Risk

—

Value

style

investing

includes

the

risk

that

stocks

of

undervalued

companies

may

not

rise

as

quickly

as

anticipated

if

the

market

doesn’t

recognize

their

intrinsic

value

or

if

value

stocks

are

out

of

favor.

Thrivent

Mutual

Funds

Financial

Highlights

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

418

Per

Share

Outstanding

Throughout

Each

Period

*

f

Income

from

Investment

Operations

Less

Distributions

From

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income/(Loss)

Net

Realized

and

Unrealized

Gain/(Loss)

on

Investments

(a)

Total

from

Investment

Operations

Net

Investment

Income

text

Net

Realized

Gain

on

Investments

Aggressive

Allocation

Fund

Class

S

Shares

Year

Ended

10/31/2023

$

15.65

$

0.21

$

0.52

$

0.73

$

(0.13)

$

(0.26)

Year

Ended

10/31/2022

21.04

0.14

(3.54)

(3.40)

(0.22)

(1.77)

Year

Ended

10/31/2021

15.58

0.06

5.95

6.01

(0.08)

(0.47)

Year

Ended

10/31/2020

15.77

0.11

0.71

0.82

(0.16)

(0.85)

Year

Ended

10/31/2019

15.68

0.13

1.24

1.37

(0.16)

(1.12)

Class

A

Shares

Year

Ended

10/31/2023

15.45

0.19

0.52

0.71

(0.11)

(0.26)

Year

Ended

10/31/2022

20.79

0.09

(3.47)

(3.38)

(0.19)

(1.77)

Year

Ended

10/31/2021

15.41

0.03

5.88

5.91

(0.06)

(0.47)

Year

Ended

10/31/2020

15.60

0.08

0.71

0.79

(0.13)

(0.85)

Year

Ended

10/31/2019

15.51

0.11

1.22

1.33

(0.12)

(1.12)

Balanced

Income

Plus

Fund

Class

S

Shares

Year

Ended

10/31/2023

12.10

0.41

0.02

0.43

(0.40)

–

Year

Ended

10/31/2022

15.30

0.32

(2.41)

(2.09)

(0.32)

(0.79)

Year

Ended

10/31/2021

12.60

0.24

2.71

2.95

(0.25)

–

Year

Ended

10/31/2020

12.66

0.29

(0.07)

0.22

(0.28)

–

Year

Ended

10/31/2019

12.90

0.34

0.58

0.92

(0.38)

(0.78)

Class

A

Shares

Year

Ended

10/31/2023

12.13

0.38

0.02

0.40

(0.36)

–

Year

Ended

10/31/2022

15.33

0.29

(2.41)

(2.12)

(0.29)

(0.79)

Year

Ended

10/31/2021

12.63

0.21

2.70

2.91

(0.21)

–

Year

Ended

10/31/2020

12.69

0.26

(0.07)

0.19

(0.25)

–

Year

Ended

10/31/2019

12.93

0.31

0.58

0.89

(0.35)

(0.78)

Global

Stock

Fund

Class

S

Shares

Year

Ended

10/31/2023

23.00

0.51

1.45

1.96

(0.30)

(0.50)

Year

Ended

10/31/2022

33.09

0.30

(6.17)

(5.87)

(0.32)

(3.90)

Year

Ended

10/31/2021

24.14

0.23

9.62

9.85

(0.27)

(0.63)

Year

Ended

10/31/2020

26.46

0.24

0.64

0.88

(0.41)

(2.79)

Year

Ended

10/31/2019

26.88

0.43

1.46

1.89

(0.39)

(1.92)

Class

A

Shares

Year

Ended

10/31/2023

22.64

0.43

1.42

1.85

(0.22)

(0.50)

Year

Ended

10/31/2022

32.65

0.20

(6.08)

(5.88)

(0.23)

(3.90)

Year

Ended

10/31/2021

23.82

0.14

9.51

9.65

(0.19)

(0.63)

Year

Ended

10/31/2020

26.16

0.15

0.62

0.77

(0.32)

(2.79)

Year

Ended

10/31/2019

26.59

0.34

1.45

1.79

(0.30)

(1.92)

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

fund

shares.

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

*

**

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

419

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)

$

(0.39)

$

15.99

4.76%

$

1,013.5

0.77%

1.28%

0.95%

1.10%

43%

(1.99)

15.65

(17.80)%

865.1

0.77%

0.67%

0.96%

0.49%

42%

(0.55)

21.04

39.35%

887.9

0.74%

0.29%

0.94%

0.09%

50%

(1.01)

15.58

5.25%

543.6

0.78%

0.68%

0.98%

0.48%

48%

(1.28)

15.77

9.80%

445.1

0.76%

0.87%

0.97%

0.66%

58%

(0.37)

15.79

4.63%

1,030.1

0.94%

1.14%

1.12%

0.96%

43%

(1.96)

15.45

(17.92)%

1,017.5

0.93%

0.54%

1.12%

0.35%

42%

(0.53)

20.79

39.05%

1,261.7

0.91%

0.15%

1.11%

(0.05)%

50%

(0.98)

15.41

5.12%

951.7

0.95%

0.57%

1.15%

0.37%

48%

(1.24)

15.60

9.60%

955.0

0.94%

0.74%

1.15%

0.52%

58%

(0.40)

12.13

3.46%

161.1

0.76%

3.23%

0.76%

3.23%

77%

(1.11)

12.10

(14.55)%

162.3

0.74%

2.42%

0.74%

2.42%

211%

(0.25)

15.30

23.56%

171.7

0.75%

1.64%

0.75%

1.64%

157%

(0.28)

12.60

1.88%

108.5

0.78%

2.30%

0.78%

2.30%

85%

(1.16)

12.66

7.92%

140.1

0.77%

2.75%

0.77%

2.75%

113%

(0.36)

12.17

3.28%

219.2

1.00%

2.99%

1.01%

2.98%

77%

(1.08)

12.13

(14.75)%

231.8

1.00%

2.16%

1.00%

2.16%

211%

(0.21)

15.33

23.19%

283.4

1.01%

1.41%

1.01%

1.41%

157%

(0.25)

12.63

1.61%

235.0

1.04%

2.04%

1.04%

2.04%

85%

(1.13)

12.69

7.60%

250.2

1.04%

2.49%

1.04%

2.49%

113%

(0.80)

24.16

8.72%

371.6

0.66%

2.07%

0.66%

2.07%

62%

(4.22)

23.00

(20.24)%

343.9

0.65%

1.18%

0.65%

1.18%

58%

(0.90)

33.09

41.67%

429.9

0.64%

0.78%

0.64%

0.78%

60%

(3.20)

24.14

3.18%

301.3

0.66%

1.10%

0.66%

1.10%

59%

(2.31)

26.46

8.12%

296.7

0.65%

1.75%

0.65%

1.75%

73%

(0.72)

23.77

8.34%

1,327.5

0.98%

1.75%

0.98%

1.75%

62%

(4.13)

22.64

(20.51)%

1,325.5

0.97%

0.85%

0.97%

0.85%

58%

(0.82)

32.65

41.28%

1,802.8

0.96%

0.45%

0.96%

0.45%

60%

(3.11)

23.82

2.78%

1,383.1

1.02%

0.75%

1.02%

0.75%

59%

(2.22)

26.16

7.73%

1,478.5

1.01%

1.39%

1.01%

1.39%

73%

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

420

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

Government

Bond

Fund

Class

S

Shares

Year

Ended

10/31/2023

$

8.64

$

0.28

$

(0.37)

$

(0.09)

$

(0.28)

$

–

Year

Ended

10/31/2022

10.08

0.18

(1.44)

(1.26)

(0.18)

–

Year

Ended

10/31/2021

10.53

0.11

(0.23)

(0.12)

(0.11)

(0.22)

Year

Ended

10/31/2020

10.11

0.15

0.44

0.59

(0.15)

(0.02)

Year

Ended

10/31/2019

9.47

0.20

0.64

0.84

(0.20)

–

Class

A

Shares

Year

Ended

10/31/2023

8.64

0.26

(0.37)

(0.11)

(0.26)

–

Year

Ended

10/31/2022

10.07

0.16

(1.43)

(1.27)

(0.16)

–

Year

Ended

10/31/2021

10.53

0.09

(0.24)

(0.15)

(0.09)

(0.22)

Year

Ended

10/31/2020

10.11

0.14

0.44

0.58

(0.14)

(0.02)

Year

Ended

10/31/2019

9.47

0.19

0.64

0.83

(0.19)

–

High

Income

Municipal

Bond

Fund

Class

S

Shares

Year

Ended

10/31/2023

8.63

0.34

(0.04)

0.30

(0.34)

–

Year

Ended

10/31/2022

10.95

0.28

(2.32)

(2.04)

(0.28)

–

Year

Ended

10/31/2021

10.29

0.31

0.66

0.97

(0.31)

–

Year

Ended

10/31/2020

10.66

0.30

(0.36)

(0.06)

(0.31)

–

Year

Ended

10/31/2019

9.86

0.31

0.81

1.12

(0.32)

–

High

Yield

Fund

Class

S

Shares

Year

Ended

10/31/2023

3.98

0.23

(0.03)

0.20

(0.24)

–

Year

Ended

10/31/2022

4.68

0.22

(0.70)

(0.48)

(0.22)

–

Year

Ended

10/31/2021

4.49

0.22

0.19

0.41

(0.22)

–

Year

Ended

10/31/2020

4.73

0.24

(0.24)

0.00

(0.24)

–

Year

Ended

10/31/2019

4.64

0.26

0.09

0.35

(0.26)

–

Class

A

Shares

Year

Ended

10/31/2023

3.97

0.22

(0.02)

0.20

(0.23)

–

Year

Ended

10/31/2022

4.67

0.20

(0.69)

(0.49)

(0.21)

–

Year

Ended

10/31/2021

4.49

0.20

0.18

0.38

(0.20)

–

Year

Ended

10/31/2020

4.73

0.22

(0.23)

(0.01)

(0.23)

–

Year

Ended

10/31/2019

4.63

0.25

0.10

0.35

(0.25)

–

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

fund

shares.

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

*

**

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

421

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)

$

(0.28)

$

8.27

(1.21)%

$

79.1

0.53%

3.16%

0.70%

2.99%

230%

(0.18)

8.64

(12.60)%

80.8

0.59%

1.89%

0.68%

1.80%

372%

(0.33)

10.08

(1.21)%

104.5

0.65%

1.07%

0.65%

1.07%

427%

(0.17)

10.53

5.88%

83.9

0.73%

1.39%

0.73%

1.39%

322%

(0.20)

10.11

8.95%

49.9

0.75%

2.04%

0.77%

2.02%

274%

(0.26)

8.27

(1.43)%

2.1

0.75%

2.91%

1.21%

2.45%

230%

(0.16)

8.64

(12.68)%

2.5

0.77%

1.69%

1.18%

1.28%

372%

(0.31)

10.07

(1.50)%

3.6

0.85%

0.86%

1.09%

0.62%

427%

(0.16)

10.53

5.76%

4.1

0.85%

1.32%

1.08%

1.10%

322%

(0.19)

10.11

8.84%

4.5

0.85%

1.94%

1.06%

1.73%

274%

(0.34)

8.59

3.36%

34.9

0.60%

3.77%

1.22%

3.15%

72%

(0.28)

8.63

(18.90)%

31.1

0.60%

2.77%

1.20%

2.18%

49%

(0.31)

10.95

9.51%

33.6

0.60%

2.80%

1.37%

2.03%

47%

(0.31)

10.29

(0.56)%

18.2

0.61%

2.99%

1.62%

1.98%

94%

(0.32)

10.66

11.51%

13.8

0.66%

3.07%

2.36%

1.37%

93%

(0.24)

3.94

4.99%

339.6

0.54%

5.78%

0.54%

5.78%

28%

(0.22)

3.98

(10.45)%

327.9

0.53%

5.01%

0.53%

5.01%

37%

(0.22)

4.68

9.15%

422.8

0.52%

4.62%

0.52%

4.62%

64%

(0.24)

4.49

0.11%

401.2

0.53%

5.22%

0.53%

5.22%

62%

(0.26)

4.73

7.79%

342.1

0.54%

5.55%

0.54%

5.55%

42%

(0.23)

3.94

4.97%

312.8

0.81%

5.51%

0.81%

5.51%

28%

(0.21)

3.97

(10.73)%

327.1

0.80%

4.75%

0.80%

4.75%

37%

(0.20)

4.67

8.63%

402.6

0.79%

4.36%

0.79%

4.36%

64%

(0.23)

4.49

(0.16)%

407.1

0.80%

4.96%

0.80%

4.96%

62%

(0.25)

4.73

7.74%

437.9

0.80%

5.30%

0.80%

5.30%

42%

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

422

Per

Share

Outstanding

Throughout

Each

Period

*

d

Income

from

Investment

Operations

Less

Distributions

From

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income/(Loss)

Net

Realized

and

Unrealized

Gain/(Loss)

on

Investments

(a)

Total

from

Investment

Operations

Net

Investment

Income

text

Net

Realized

Gain

on

Investments

Income

Fund

Class

S

Shares

Year

Ended

10/31/2023

$

7.53

$

0.32

$

(0.07)

$

0.25

$

(0.32)

$

–

Year

Ended

10/31/2022

9.79

0.27

(2.09)

(1.82)

(0.28)

(0.16)

Year

Ended

10/31/2021

9.98

0.27

0.08

0.35

(0.27)

(0.27)

Year

Ended

10/31/2020

9.55

0.29

0.47

0.76

(0.29)

(0.04)

Year

Ended

10/31/2019

8.70

0.32

0.85

1.17

(0.32)

–

Class

A

Shares

Year

Ended

10/31/2023

7.53

0.30

(0.08)

0.22

(0.29)

–

Year

Ended

10/31/2022

9.80

0.25

(2.11)

(1.86)

(0.25)

(0.16)

Year

Ended

10/31/2021

9.99

0.25

0.07

0.32

(0.24)

(0.27)

Year

Ended

10/31/2020

9.56

0.26

0.47

0.73

(0.26)

(0.04)

Year

Ended

10/31/2019

8.70

0.29

0.86

1.15

(0.29)

–

International

Allocation

Fund

Class

S

Shares

Year

Ended

10/31/2023

8.36

0.27

0.74

1.01

(0.19)

–

Year

Ended

10/31/2022

12.21

0.19

(2.97)

(2.78)

(0.26)

(0.81)

Year

Ended

10/31/2021

9.19

0.18

3.01

3.19

(0.17)

–

Year

Ended

10/31/2020

10.23

0.14

(0.92)

(0.78)

(0.26)

–

Year

Ended

10/31/2019

9.87

0.23

0.67

0.90

(0.22)

(0.32)

Class

A

Shares

Year

Ended

10/31/2023

8.29

0.25

0.73

0.98

(0.15)

–

Year

Ended

10/31/2022

12.13

0.15

(2.97)

(2.82)

(0.21)

(0.81)

Year

Ended

10/31/2021

9.13

0.15

2.98

3.13

(0.13)

–

Year

Ended

10/31/2020

10.16

0.12

(0.93)

(0.81)

(0.22)

–

Year

Ended

10/31/2019

9.80

0.20

0.65

0.85

(0.17)

(0.32)

Large

Cap

Growth

Fund

Class

S

Shares

Year

Ended

10/31/2023

13.91

0.03

2.79

2.82

–

(0.99)

Year

Ended

10/31/2022

21.57

(0.05)

(6.40)

(6.45)

–

(1.21)

Year

Ended

10/31/2021

16.30

(0.08)

6.54

6.46

–

(1.19)

Year

Ended

10/31/2020

12.82

(0.02)

4.13

4.11

–

(0.63)

Year

Ended

10/31/2019

12.47

0.01

1.48

1.49

–

(1.14)

Class

A

Shares

Year

Ended

10/31/2023

12.01

0.02

2.34

2.36

–

(0.99)

Year

Ended

10/31/2022

18.84

(0.07)

(5.55)

(5.62)

–

(1.21)

Year

Ended

10/31/2021

14.42

(0.10)

5.71

5.61

–

(1.19)

Year

Ended

10/31/2020

11.45

(0.04)

3.64

3.60

–

(0.63)

Year

Ended

10/31/2019

11.30

(0.02)

1.31

1.29

–

(1.14)

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

fund

shares.

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

*

**

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

423

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)

$

(0.32)

$

7.46

3.12%

$

659.6

0.47%

4.09%

0.47%

4.09%

48%

(0.44)

7.53

(19.20)%

622.3

0.46%

3.14%

0.46%

3.14%

39%

(0.54)

9.79

3.51%

833.6

0.46%

2.78%

0.46%

2.78%

54%

(0.33)

9.98

8.11%

732.9

0.46%

2.98%

0.46%

2.98%

105%

(0.32)

9.55

13.66%

598.6

0.46%

3.49%

0.46%

3.49%

99%

(0.29)

7.46

2.82%

215.6

0.77%

3.79%

0.77%

3.79%

48%

(0.41)

7.53

(19.52)%

232.0

0.75%

2.84%

0.75%

2.84%

39%

(0.51)

9.80

3.23%

327.9

0.74%

2.50%

0.74%

2.50%

54%

(0.30)

9.99

7.79%

337.9

0.75%

2.69%

0.75%

2.69%

105%

(0.29)

9.56

13.43%

313.7

0.77%

3.19%

0.77%

3.19%

99%

(0.19)

9.18

12.15%

588.4

0.80%

2.64%

0.81%

2.62%

92%

(1.07)

8.36

(24.90)%

644.7

0.81%

2.03%

0.81%

2.03%

90%

(0.17)

12.21

34.98%

849.7

0.82%

1.55%

0.82%

1.55%

124%

(0.26)

9.19

(7.90)%

632.9

0.81%

1.47%

0.81%

1.47%

105%

(0.54)

10.23

9.84%

743.0

0.87%

2.45%

0.87%

2.45%

106%

(0.15)

9.12

11.89%

98.5

1.16%

2.32%

1.34%

2.14%

92%

(1.02)

8.29

(25.28)%

97.2

1.20%

1.62%

1.34%

1.48%

90%

(0.13)

12.13

34.52%

143.6

1.20%

1.17%

1.34%

1.03%

124%

(0.22)

9.13

(8.21)%

117.0

1.20%

1.07%

1.38%

0.89%

105%

(0.49)

10.16

9.36%

144.3

1.27%

2.04%

1.43%

1.89%

106%

(0.99)

15.74

21.97%

1,751.7

0.76%

0.25%

0.76%

0.25%

52%

(1.21)

13.91

(31.65)%

1,339.4

0.76%

(0.25)%

0.76%

(0.25)%

51%

(1.19)

21.57

41.62%

1,799.2

0.76%

(0.38)%

0.76%

(0.38)%

40%

(0.63)

16.30

33.39%

1,136.4

0.77%

(0.08)%

0.77%

(0.08)%

44%

(1.14)

12.82

13.49%

839.6

0.79%

0.08%

0.79%

0.08%

58%

(0.99)

13.38

21.60%

382.7

1.06%

(0.04)%

1.06%

(0.04)%

52%

(1.21)

12.01

(31.84)%

318.8

1.06%

(0.55)%

1.06%

(0.55)%

51%

(1.19)

18.84

41.13%

480.2

1.06%

(0.67)%

1.06%

(0.67)%

40%

(0.63)

14.42

32.91%

351.2

1.12%

(0.42)%

1.12%

(0.42)%

44%

(1.14)

11.45

13.09%

259.0

1.14%

(0.26)%

1.17%

(0.29)%

58%

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

424

Per

Share

Outstanding

Throughout

Each

Period

*

Income

from

Investment

Operations

Less

Distributions

From

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income/(Loss)

Net

Realized

and

Unrealized

Gain/(Loss)

on

Investments

(a)

Total

from

Investment

Operations

Net

Investment

Income

text

Net

Realized

Gain

on

Investments

Large

Cap

Value

Fund

Class

S

Shares

Year

Ended

10/31/2023

$

26.77

$

0.53

$

(0.32)

$

0.21

$

(0.47)

$

(1.15)

Year

Ended

10/31/2022

30.00

0.52

(1.52)

(1.00)

(0.36)

(1.87)

Year

Ended

10/31/2021

20.59

0.40

10.54

10.94

(0.35)

(1.18)

Year

Ended

10/31/2020

22.70

0.43

(2.10)

(1.67)

(0.44)

–

Year

Ended

10/31/2019

22.90

0.43

0.89

1.32

(0.35)

(1.17)

Class

A

Shares

Year

Ended

10/31/2023

26.51

0.47

(0.34)

0.13

(0.39)

(1.15)

Year

Ended

10/31/2022

29.73

0.41

(1.49)

(1.08)

(0.27)

(1.87)

Year

Ended

10/31/2021

20.42

0.30

10.47

10.77

(0.28)

(1.18)

Year

Ended

10/31/2020

22.51

0.37

(2.10)

(1.73)

(0.36)

–

Year

Ended

10/31/2019

22.71

0.36

0.88

1.24

(0.27)

(1.17)

Limited

Maturity

Bond

Fund

Class

S

Shares

Year

Ended

10/31/2023

11.65

0.35

0.23

0.58

(0.36)

–

Year

Ended

10/31/2022

12.65

0.21

(0.98)

(0.77)

(0.22)

(0.01)

Year

Ended

10/31/2021

12.67

0.19

(0.02)

0.17

(0.19)

–

Year

Ended

10/31/2020

12.52

0.28

0.15

0.43

(0.28)

–

Year

Ended

10/31/2019

12.30

0.33

0.22

0.55

(0.33)

–

Class

A

Shares

Year

Ended

10/31/2023

11.66

0.34

0.21

0.55

(0.34)

–

Year

Ended

10/31/2022

12.65

0.19

(0.97)

(0.78)

(0.20)

(0.01)

Year

Ended

10/31/2021

12.67

0.17

(0.02)

0.15

(0.17)

–

Year

Ended

10/31/2020

12.53

0.25

0.14

0.39

(0.25)

–

Year

Ended

10/31/2019

12.30

0.30

0.24

0.54

(0.31)

–

Low

Volatility

Equity

Fund

Class

S

Shares

Year

Ended

10/31/2023

11.85

0.25

0.27

0.52

(0.17)

(0.15)

Year

Ended

10/31/2022

14.16

0.15

(1.65)

(1.50)

(0.15)

(0.66)

Year

Ended

10/31/2021

11.58

0.16

2.62

2.78

(0.20)

–

Year

Ended

10/31/2020

12.20

0.18

(0.57)

(0.39)

(0.14)

(0.09)

Year

Ended

10/31/2019

10.85

0.14

1.52

1.66

(0.13)

(0.18)

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

fund

shares.

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

*

**

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

425

Ratios/Supplemental

Data

Ratio

to

Average

Net

Assets

**

Ratios

to

Average

Net

Assets

Before

Expenses

Waived,

Credited

or

Acquired

Fund

Fees

and

Expenses

**

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

(b)

Net

Assets,

End

of

Period

(in

millions)

Expenses

Net

Investment

Income/

(Loss)

Expenses

Net

Investment

Income/

(Loss)

*

Portfolio

Turnover

Rate

(c)

$

(1.62)

$

25.36

0.75%

$

1,640.0

0.56%

2.08%

0.56%

2.08%

21%

(2.23)

26.77

(3.61)%

1,556.5

0.55%

1.96%

0.55%

1.96%

21%

(1.53)

30.00

55.43%

1,520.4

0.54%

1.56%

0.54%

1.56%

23%

(0.44)

20.59

(7.61)%

869.6

0.54%

2.00%

0.54%

2.00%

34%

(1.52)

22.70

6.61%

927.3

0.54%

2.03%

0.54%

2.03%

19%

(1.54)

25.10

0.46%

267.9

0.85%

1.79%

0.85%

1.79%

21%

(2.14)

26.51

(3.89)%

288.6

0.85%

1.65%

0.85%

1.65%

21%

(1.46)

29.73

54.89%

296.5

0.86%

1.25%

0.86%

1.25%

23%

(0.36)

20.42

(7.90)%

193.5

0.91%

1.64%

0.91%

1.64%

34%

(1.44)

22.51

6.22%

225.1

0.90%

1.67%

0.90%

1.67%

19%

(0.36)

11.87

5.01%

1,052.2

0.43%

2.98%

0.43%

2.98%

53%

(0.23)

11.65

(6.16)%

1,113.7

0.42%

1.69%

0.42%

1.69%

50%

(0.19)

12.65

1.31%

1,346.8

0.41%

1.45%

0.41%

1.45%

169%

(0.28)

12.67

3.45%

1,025.0

0.43%

2.19%

0.43%

2.19%

153%

(0.33)

12.52

4.51%

729.2

0.43%

2.63%

0.43%

2.63%

109%

(0.34)

11.87

4.76%

240.9

0.58%

2.82%

0.58%

2.82%

53%

(0.21)

11.66

(6.22)%

285.3

0.57%

1.54%

0.57%

1.54%

50%

(0.17)

12.65

1.16%

365.9

0.56%

1.31%

0.56%

1.31%

169%

(0.25)

12.67

3.20%

342.2

0.60%

2.03%

0.60%

2.03%

153%

(0.31)

12.53

4.40%

292.0

0.61%

2.45%

0.61%

2.45%

109%

(0.32)

12.05

4.38%

26.0

0.95%

1.84%

1.42%

1.37%

88%

(0.81)

11.85

(11.33)%

29.2

0.95%

1.28%

1.41%

0.82%

76%

(0.20)

14.16

24.25%

29.5

0.95%

1.15%

1.43%

0.67%

75%

(0.23)

11.58

(3.33)%

28.5

0.98%

1.68%

1.44%

1.21%

72%

(0.31)

12.20

15.75%

19.3

1.20%

1.59%

1.96%

0.83%

58%

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

426

Per

Share

Outstanding

Throughout

Each

Period

*

Income

from

Investment

Operations

Less

Distributions

From

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income/(Loss)

Net

Realized

and

Unrealized

Gain/(Loss)

on

Investments

(a)

Total

from

Investment

Operations

Net

Investment

Income

text

Net

Realized

Gain

on

Investments

Mid

Cap

Growth

Fund

Class

S

Shares

Year

Ended

10/31/2023

$

11.74

$

(0.03)

$

(0.23)

$

(0.26)

$

–

$

–

Year

Ended

10/31/2022

17.34

(0.05)

(5.05)

(5.10)

–

(0.50)

Year

Ended

10/31/2021

12.65

(0.07)

5.18

5.11

–

(0.42)

Year

Ended

10/31/2020

(d)

10.00

(0.05)

2.70

2.65

–

–

Mid

Cap

Stock

Fund

Class

S

Shares

Year

Ended

10/31/2023

31.71

0.13

(1.38)

(1.25)

(0.11)

(0.76)

Year

Ended

10/31/2022

41.63

0.05

(5.87)

(5.82)

(0.04)

(4.06)

Year

Ended

10/31/2021

(e)

28.04

0.05

14.62

14.67

(0.09)

(0.99)

Year

Ended

10/31/2020

27.10

0.10

1.61

1.71

(0.10)

(0.67)

Year

Ended

10/31/2019

28.06

0.01

1.71

1.72

(0.11)

(2.57)

Class

A

Shares

Year

Ended

10/31/2023

26.95

0.07

(1.19)

(1.12)

(0.05)

(0.76)

Year

Ended

10/31/2022

36.05

0.04

(5.08)

(5.04)

–

(4.06)

Year

Ended

10/31/2021

24.40

(0.04)

12.71

12.67

(0.03)

(0.99)

Year

Ended

10/31/2020

23.68

0.01

1.42

1.43

(0.04)

(0.67)

Year

Ended

10/31/2019

24.87

0.06

1.36

1.42

(0.04)

(2.57)

Mid

Cap

Value

Fund

Class

S

Shares

Year

Ended

10/31/2023

15.09

0.20

(0.55)

(0.35)

(0.13)

(0.32)

Year

Ended

10/31/2022

16.16

0.14

(0.55)

(0.41)

(0.04)

(0.62)

Year

Ended

10/31/2021

10.20

0.07

5.97

6.04

(0.08)

–

Year

Ended

10/31/2020

(d)

10.00

0.05

0.15

0.20

–

–

Moderate

Allocation

Fund

Class

S

Shares

Year

Ended

10/31/2023

13.26

0.29

0.30

0.59

(0.29)

–

Year

Ended

10/31/2022

16.94

0.20

(2.81)

(2.61)

(0.27)

(0.80)

Year

Ended

10/31/2021

14.33

0.18

3.05

3.23

(0.18)

(0.44)

Year

Ended

10/31/2020

14.19

0.21

0.67

0.88

(0.22)

(0.52)

Year

Ended

10/31/2019

13.41

0.25

1.11

1.36

(0.27)

(0.31)

Class

A

Shares

Year

Ended

10/31/2023

13.22

0.26

0.30

0.56

(0.26)

–

Year

Ended

10/31/2022

16.89

0.16

(2.80)

(2.64)

(0.23)

(0.80)

Year

Ended

10/31/2021

14.29

0.14

3.05

3.19

(0.15)

(0.44)

Year

Ended

10/31/2020

14.15

0.18

0.66

0.84

(0.18)

(0.52)

Year

Ended

10/31/2019

13.37

0.21

1.12

1.33

(0.24)

(0.31)

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

fund

shares.

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

(d)

(e)

Since

fund

inception,

February

28,

2020.

Per

share

amounts

have

been

calculated

using

the

average

shares

method.

*

**

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

427

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)

$

–

$

11.48

(2.21)%

$

25.1

0.90%

(0.36)%

1.82%

(1.28)%

42%

(0.50)

11.74

(30.15)%

20.3

0.90%

(0.50)%

2.08%

(1.69)%

33%

(0.42)

17.34

41.11%

19.3

0.92%

(0.58)%

2.33%

(1.99)%

61%

–

12.65

26.50%

6.0

1.00%

(0.62)%

3.60%

(3.23)%

57%

(0.87)

29.59

(4.05)%

2,274.6

0.75%

0.50%

0.75%

0.50%

32%

(4.10)

31.71

(15.41)%

2,083.1

0.75%

0.29%

0.75%

0.29%

27%

(1.08)

41.63

53.40%

2,148.8

0.74%

0.14%

0.74%

0.14%

48%

(0.77)

28.04

6.37%

1,100.6

0.76%

0.37%

0.76%

0.37%

40%

(2.68)

27.10

7.25%

1,081.0

0.77%

0.50%

0.77%

0.50%

28%

(0.81)

25.02

(4.28)%

1,235.3

0.97%

0.28%

0.97%

0.28%

32%

(4.06)

26.95

(15.62)%

1,370.5

0.97%

0.07%

0.97%

0.07%

27%

(1.02)

36.05

53.09%

1,651.7

0.98%

(0.11)%

0.98%

(0.11)%

48%

(0.71)

24.40

6.08%

1,146.3

1.04%

0.10%

1.04%

0.10%

40%

(2.61)

23.68

6.89%

1,174.7

1.04%

0.22%

1.04%

0.22%

28%

(0.45)

14.29

(2.40)%

33.2

0.90%

1.42%

1.56%

0.76%

43%

(0.66)

15.09

(2.70)%

19.8

0.90%

1.07%

2.04%

(0.07)%

31%

(0.08)

16.16

59.38%

12.0

0.92%

0.53%

2.73%

(1.28)%

36%

–

10.20

2.00%

5.0

1.00%

0.75%

3.80%

(2.04)%

58%

(0.29)

13.56

4.42%

1,416.0

0.56%

2.10%

0.75%

1.91%

41%

(1.07)

13.26

(16.35)%

1,328.1

0.56%

1.32%

0.74%

1.14%

96%

(0.62)

16.94

23.07%

1,456.3

0.54%

1.08%

0.74%

0.89%

120%

(0.74)

14.33

6.40%

973.0

0.58%

1.48%

0.76%

1.30%

117%

(0.58)

14.19

10.57%

712.2

0.57%

1.78%

0.77%

1.59%

145%

(0.26)

13.52

4.19%

1,737.4

0.79%

1.88%

0.98%

1.69%

41%

(1.03)

13.22

(16.54)%

1,791.8

0.79%

1.10%

0.98%

0.91%

96%

(0.59)

16.89

22.78%

2,246.9

0.78%

0.88%

0.97%

0.68%

120%

(0.70)

14.29

6.16%

1,888.6

0.81%

1.32%

0.99%

1.14%

117%

(0.55)

14.15

10.34%

1,884.8

0.80%

1.59%

1.00%

1.39%

145%

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

428

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

Moderately

Aggressive

Allocation

Fund

Class

S

Shares

Year

Ended

10/31/2023

$

14.61

$

0.25

$

0.42

$

0.67

$

(0.18)

$

(0.28)

Year

Ended

10/31/2022

18.97

0.18

(3.27)

(3.09)

(0.27)

(1.00)

Year

Ended

10/31/2021

15.31

0.13

4.24

4.37

(0.15)

(0.56)

Year

Ended

10/31/2020

15.38

0.17

0.72

0.89

(0.20)

(0.76)

Year

Ended

10/31/2019

14.75

0.20

1.25

1.45

(0.23)

(0.59)

Class

A

Shares

Year

Ended

10/31/2023

14.45

0.22

0.41

0.63

(0.15)

(0.28)

Year

Ended

10/31/2022

18.78

0.13

(3.23)

(3.10)

(0.23)

(1.00)

Year

Ended

10/31/2021

15.16

0.10

4.20

4.30

(0.12)

(0.56)

Year

Ended

10/31/2020

15.24

0.15

0.70

0.85

(0.17)

(0.76)

Year

Ended

10/31/2019

14.62

0.17

1.23

1.40

(0.19)

(0.59)

Moderately

Conservative

Allocation

Fund

Class

S

Shares

Year

Ended

10/31/2023

11.27

0.32

0.01

0.33

(0.31)

–

Year

Ended

10/31/2022

13.97

0.22

(2.36)

(2.14)

(0.26)

(0.30)

Year

Ended

10/31/2021

12.80

0.19

1.49

1.68

(0.19)

(0.32)

Year

Ended

10/31/2020

12.74

0.23

0.47

0.70

(0.23)

(0.41)

Year

Ended

10/31/2019

12.02

0.27

0.93

1.20

(0.29)

(0.19)

Class

A

Shares

Year

Ended

10/31/2023

11.23

0.29

0.01

0.30

(0.28)

–

Year

Ended

10/31/2022

13.92

0.19

(2.35)

(2.16)

(0.23)

(0.30)

Year

Ended

10/31/2021

12.76

0.16

1.48

1.64

(0.16)

(0.32)

Year

Ended

10/31/2020

12.70

0.20

0.47

0.67

(0.20)

(0.41)

Year

Ended

10/31/2019

11.98

0.24

0.93

1.17

(0.26)

(0.19)

Money

Market

Fund

Class

S

Shares

Year

Ended

10/31/2023

1.00

0.04

–

0.04

(0.04)

–

Year

Ended

10/31/2022

1.00

0.01

–

0.01

(0.01)

–

Year

Ended

10/31/2021

1.00

–

–

–

–

–

Year

Ended

10/31/2020

1.00

0.01

–

0.01

(0.01)

–

Year

Ended

10/31/2019

1.00

0.02

–

0.02

(0.02)

–

Class

A

Shares

Year

Ended

10/31/2023

1.00

0.04

–

0.04

(0.04)

–

Year

Ended

10/31/2022

1.00

0.01

–

0.01

(0.01)

–

Year

Ended

10/31/2021

1.00

–

–

–

–

–

Year

Ended

10/31/2020

1.00

0.01

–

0.01

(0.01)

–

Year

Ended

10/31/2019

1.00

0.02

–

0.02

(0.02)

–

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

fund

shares.

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

*

**

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

429

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)

$

(0.46)

$

14.82

4.68%

$

1,448.5

0.60%

1.63%

0.83%

1.39%

34%

(1.27)

14.61

(17.47)%

1,296.1

0.60%

1.03%

0.83%

0.80%

62%

(0.71)

18.97

29.32%

1,399.0

0.59%

0.72%

0.83%

0.48%

76%

(0.96)

15.31

6.00%

924.3

0.63%

1.18%

0.85%

0.96%

81%

(0.82)

15.38

10.62%

782.5

0.62%

1.36%

0.86%

1.12%

98%

(0.43)

14.65

4.43%

2,150.4

0.80%

1.45%

1.03%

1.22%

34%

(1.23)

14.45

(17.66)%

2,168.1

0.80%

0.86%

1.03%

0.62%

62%

(0.68)

18.78

29.10%

2,740.2

0.79%

0.56%

1.03%

0.32%

76%

(0.93)

15.16

5.77%

2,234.1

0.83%

1.03%

1.05%

0.81%

81%

(0.78)

15.24

10.36%

2,251.4

0.83%

1.21%

1.06%

0.98%

98%

(0.31)

11.29

2.88%

459.6

0.58%

2.67%

0.73%

2.53%

49%

(0.56)

11.27

(15.80)%

471.9

0.58%

1.76%

0.72%

1.62%

140%

(0.51)

13.97

13.40%

525.5

0.58%

1.37%

0.72%

1.22%

159%

(0.64)

12.80

5.69%

350.0

0.59%

1.81%

0.73%

1.66%

146%

(0.48)

12.74

10.33%

267.1

0.58%

2.18%

0.73%

2.03%

182%

(0.28)

11.25

2.63%

572.4

0.82%

2.43%

0.97%

2.29%

49%

(0.53)

11.23

(16.00)%

621.1

0.82%

1.52%

0.96%

1.38%

140%

(0.48)

13.92

13.09%

797.2

0.81%

1.16%

0.96%

1.01%

159%

(0.61)

12.76

5.45%

725.8

0.83%

1.60%

0.97%

1.46%

146%

(0.45)

12.70

10.09%

701.9

0.82%

1.98%

0.98%

1.83%

182%

(0.04)

1.00

4.56%

1,405.1

0.37%

4.63%

0.37%

4.63%

N/A

(0.01)

1.00

0.67%

536.4

0.40%

0.85%

0.41%

0.84%

N/A

–

1.00

0.00%

276.0

0.11%

0.00%

0.50%

(0.40)%

N/A

(0.01)

1.00

0.56%

355.5

0.33%

0.52%

0.49%

0.35%

N/A

(0.02)

1.00

1.97%

298.1

0.40%

1.94%

0.50%

1.84%

N/A

(0.04)

1.00

4.55%

616.6

0.39%

4.52%

0.44%

4.47%

N/A

(0.01)

1.00

0.61%

409.5

0.44%

0.65%

0.50%

0.58%

N/A

–

1.00

0.00%

349.4

0.11%

(0.01)%

0.59%

(0.49)%

N/A

(0.01)

1.00

0.52%

399.4

0.37%

0.49%

0.61%

0.25%

N/A

(0.02)

1.00

1.87%

359.4

0.50%

1.85%

0.64%

1.71%

N/A

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

430

Per

Share

Outstanding

Throughout

Each

Period

*

Income

from

Investment

Operations

Less

Distributions

From

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income/(Loss)

Net

Realized

and

Unrealized

Gain/(Loss)

on

Investments

(a)

Total

from

Investment

Operations

Net

Investment

Income

text

Net

Realized

Gain

on

Investments

Municipal

Bond

Fund

Class

S

Shares

Year

Ended

10/31/2023

$

9.58

$

0.33

$

(0.19)

$

0.14

$

(0.34)

$

–

Year

Ended

10/31/2022

11.51

0.30

(1.91)

(1.61)

(0.32)

–

Year

Ended

10/31/2021

11.42

0.34

0.08

0.42

(0.33)

–

Year

Ended

10/31/2020

11.47

0.34

(0.04)

0.30

(0.35)

–

Year

Ended

10/31/2019

10.89

0.37

0.59

0.96

(0.38)

–

Class

A

Shares

Year

Ended

10/31/2023

9.58

0.30

(0.18)

0.12

(0.32)

–

Year

Ended

10/31/2022

11.51

0.27

(1.90)

(1.63)

(0.30)

–

Year

Ended

10/31/2021

11.42

0.29

0.11

0.40

(0.31)

–

Year

Ended

10/31/2020

11.47

0.30

(0.02)

0.28

(0.33)

–

Year

Ended

10/31/2019

10.89

0.33

0.61

0.94

(0.36)

–

Opportunity

Income

Plus

Fund

Class

S

Shares

Year

Ended

10/31/2023

8.57

0.43

(0.11)

0.32

(0.43)

–

Year

Ended

10/31/2022

10.13

0.34

(1.54)

(1.20)

(0.36)

–

Year

Ended

10/31/2021

9.97

0.30

0.16

0.46

(0.30)

–

Year

Ended

10/31/2020

10.11

0.34

(0.14)

0.20

(0.34)

–

Year

Ended

10/31/2019

9.96

0.42

0.15

0.57

(0.42)

–

Class

A

Shares

Year

Ended

10/31/2023

8.57

0.40

(0.10)

0.30

(0.41)

–

Year

Ended

10/31/2022

10.13

0.32

(1.55)

(1.23)

(0.33)

–

Year

Ended

10/31/2021

9.97

0.27

0.16

0.43

(0.27)

–

Year

Ended

10/31/2020

10.11

0.32

(0.14)

0.18

(0.32)

–

Year

Ended

10/31/2019

9.96

0.39

0.15

0.54

(0.39)

–

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

fund

shares.

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

*

**

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

431

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)

$

(0.34)

$

9.38

1.32%

$

341.8

0.52%

3.29%

0.56%

3.26%

37%

(0.32)

9.58

(14.22)%

357.1

0.54%

2.81%

0.54%

2.81%

42%

(0.33)

11.51

3.73%

440.0

0.54%

2.72%

0.54%

2.72%

16%

(0.35)

11.42

2.68%

335.4

0.54%

2.86%

0.54%

2.86%

29%

(0.38)

11.47

8.98%

285.4

0.54%

3.14%

0.54%

3.14%

31%

(0.32)

9.38

1.08%

829.3

0.76%

3.06%

0.76%

3.06%

37%

(0.30)

9.58

(14.40)%

923.5

0.74%

2.61%

0.74%

2.61%

42%

(0.31)

11.51

3.52%

1,186.3

0.74%

2.49%

0.74%

2.49%

16%

(0.33)

11.42

2.48%

1,215.5

0.74%

2.68%

0.74%

2.68%

29%

(0.36)

11.47

8.76%

1,253.7

0.75%

2.99%

0.75%

2.99%

31%

(0.43)

8.46

3.68%

481.4

0.64%

4.88%

0.64%

4.88%

81%

(0.36)

8.57

(12.07)%

450.7

0.62%

3.63%

0.62%

3.63%

175%

(0.30)

10.13

4.65%

615.3

0.60%

2.96%

0.60%

2.96%

228%

(0.34)

9.97

2.10%

534.7

0.61%

3.46%

0.61%

3.46%

186%

(0.42)

10.11

5.85%

408.8

0.62%

4.16%

0.62%

4.16%

186%

(0.41)

8.46

3.42%

165.3

0.90%

4.62%

0.90%

4.62%

81%

(0.33)

8.57

(12.29)%

182.5

0.88%

3.38%

0.88%

3.38%

175%

(0.27)

10.13

4.38%

233.3

0.86%

2.69%

0.86%

2.69%

228%

(0.32)

9.97

1.83%

238.6

0.88%

3.19%

0.88%

3.19%

186%

(0.39)

10.11

5.57%

246.7

0.89%

3.90%

0.89%

3.90%

186%

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

432

Per

Share

Outstanding

Throughout

Each

Period

*

Income

from

Investment

Operations

Less

Distributions

From

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income/(Loss)

Net

Realized

and

Unrealized

Gain/(Loss)

on

Investments

(a)

Total

from

Investment

Operations

Net

Investment

Income

text

Net

Realized

Gain

on

Investments

Small

Cap

Growth

Fund

Class

S

Shares

Year

Ended

10/31/2023

$

15.36

$

(0.00)

$

(1.70)

$

(1.70)

$

–

$

–

Year

Ended

10/31/2022

20.48

(0.09)

(4.57)

(4.66)

–

(0.46)

Year

Ended

10/31/2021

14.80

(0.07)

6.14

6.07

–

(0.39)

Year

Ended

10/31/2020

10.87

(0.04)

4.03

3.99

–

(0.06)

Year

Ended

10/31/2019

10.57

(0.05)

0.55

0.50

–

(0.20)

Small

Cap

Stock

Fund

Class

S

Shares

Year

Ended

10/31/2023

29.22

0.15

(2.14)

(1.99)

(0.11)

(2.42)

Year

Ended

10/31/2022

35.75

0.

09

(2.96

)

(2.87)

(0.18)

(3.48)

Year

Ended

10/31/2021

(d)

23.03

0.08

13.11

13.19

(0.18)

(0.29)

Year

Ended

10/31/2020

(d)

24.44

0.13

0.55

0.68

(0.11)

(1.98)

Year

Ended

10/31/2019

(d)

26.35

0.10

1.05

1.15

–

(3.06)

Class

A

Shares

Year

Ended

10/31/2023

22.04

0.11

(1.62)

(1.51)

(0.07)

(2.42)

Year

Ended

10/31/2022

27.87

0.08

(2.31)

(2.23)

(0.12)

(3.48)

Year

Ended

10/31/2021

18.04

(0.01)

10.26

10.25

(0.13)

(0.29)

Year

Ended

10/31/2020

19.58

0.05

0.45

0.50

(0.06)

(1.98)

Year

Ended

10/31/2019

21.82

0.04

0.78

0.82

–

(3.06)

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

fund

shares.

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

(d)

*

Per

share

amounts

have

been

calculated

using

the

average

shares

outstanding

method.

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

**

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

433

Ratios/Supplemental

Data

Ratio

to

Average

Net

Assets

**

Ratios

to

Average

Net

Assets

Before

Expenses

Waived,

Credited

or

Acquired

Fund

Fees

and

Expenses

**

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

(b)

Net

Assets,

End

of

Period

(in

millions)

Expenses

Net

Investment

Income/

(Loss)

Expenses

Net

Investment

Income/

(Loss)

*

Portfolio

Turnover

Rate

(c)

$

–

$

13.66

(11.07)%

$

190.4

0.95%

(0.19)%

1.14%

(0.38)%

64%

(0.46)

15.36

(23.18)%

147.0

0.95%

(0.57)%

1.16%

(0.78)%

53%

(0.39)

20.48

41.54%

181.4

0.95%

(0.55)%

1.21%

(0.81)%

42%

(0.06)

14.80

36.84%

18.6

1.03%

(0.58)%

2.47%

(2.02)%

49%

(0.20)

10.87

5.03%

8.4

1.22%

(0.60)%

3.76%

(3.14)%

48%

(2.53)

24.70

(7.29)%

1,812.2

0.81%

0.60%

0.81%

0.60%

48%

(3.66)

29.22

(8.92)%

1,270.5

0.82%

0.45%

0.82%

0.45%

42%

(0.47)

35.75

57.77%

877.9

0.80%

0.23%

0.80%

0.23%

46%

(2.09)

23.03

2.57%

271.5

0.83%

0.58%

0.83%

0.58%

67%

(3.06)

24.44

5.87%

259.8

0.83%

0.43%

0.83%

0.43%

57%

(2.49)

18.04

(7.53)%

464.9

1.04%

0.39%

1.04%

0.39%

48%

(3.60)

22.04

(9.15)%

519.4

1.05%

0.20%

1.05%

0.20%

42%

(0.42)

27.87

57.37%

591.9

1.07%

(0.01)%

1.07%

(0.01)%

46%

(2.04)

18.04

2.27%

393.4

1.14%

0.27%

1.14%

0.27%

67%

(3.06)

19.58

5.53%

415.5

1.14%

0.13%

1.14%

0.13%

57%

434

Additional

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

distributions

in

January

2024.

The

Funds

designate

the

following

percentages

of

dividends

declared

from

net

investment

income

as

dividends

qualifying

for

the

70%

dividends

received

deduction

for

corporations

or

as

qualified

dividend

income

for

individuals

under

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003

for

the

tax

period

ending

October

31,

2023:

Pursuant

to

IRC

852(b)(3)

of

the

Internal

Revenue

Code,

the

Funds

hereby

designate

the

following

amounts

as

long-term

capital

gains

distributed

during

the

year

ended

October

31,

2023

,

or

if

subsequently

determined

to

be

different,

the

net

capital

gain

of

such

year:

These

amounts

may

include

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares

as

part

of

the

dividend

paid

deduction.

The

Municipal

Bond

Fund

and

High

Income

Municipal

Bond

Fund

designate

99.76%

and

99.42%

of

the

dividends

declared

from

net

investment

income,

respectively,

as

exempt

from

federal

income

tax

for

the

tax

period

ended

October

31,

2023.

Proxy

Voting

The

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

are

attached

to

the

Trust’s

Statement

of

Additional

Information.

You

may

request

a

free

copy

of

the

Statement

of

Additional

Information

by

calling

800-

847-4836,

or

visit

thriventmutualfunds.com/prospectus

to

access

it

online.

In

addition,

you

may

review

a

report

of

how

the

Trust

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

by

visiting

thriventmutualfunds.com/

prospectus

or

SEC.gov

where

it

is

filed

on

Form

N-PX.

Quarterly

Schedule

of

Portfolio

Holdings

The

Trust

files

its

Schedule

of

Investments

on

Form

N-PORT

with

the

SEC.

Part

F

of

each

Fund’s

N-PORT

filing

for

the

first

and

third

fiscal

quarters

will

include

the

complete

schedule

of

investments.

The

Trust’s

most

recent

Schedule

of

Investments

can

be

found

at

SEC.gov.

Fund

Dividends

Received

Deduction

for

Corporations

Qualified

Dividend

Income

for

Individuals

Aggressive

Allocation

54%

76%

Balanced

Income

Plus

17%

24%

Global

Stock

62%

96%

International

Allocation

0%

99%

Large

Cap

Value

100%

100%

Low

Volatility

Equity

83%

100%

Mid

Cap

Stock

100%

100%

Mid

Cap

Value

100%

100%

Moderate

Allocation

27%

34%

Moderately

Aggressive

Allocation

37%

54%

Moderately

Conservative

Allocation

14%

19%

Opportunity

Income

Plus

2%

2%

Small

Cap

Stock

57%

59%

Fund

Distributions

of

Long-

Term

Capital

Gains

Aggressive

Allocation

$31,816,585

Global

Stock

36,959,747

Large

Cap

Growth

124,264,720

Large

Cap

Value

80,387,222

Low

Volatility

Equity

368,382

Mid

Cap

Stock

90,116,024

Mid

Cap

Value

428,348

Moderately

Aggressive

Allocation

68,792,332

Small

Cap

Stock

137,786,317

435

Board

of

Trustees

and

Officers

The

following

table

provides

information

about

the

Trustees

and

Officers

of

the

Trust.

The

Board

is

responsible

for

the

management

and

supervision

of

the

Funds’

business

affairs

and

for

exercising

all

powers

except

those

reserved

to

the

shareholders.

Each

Trustee

oversees

each

of

25

series

of

the

Trust

and

also

serves

as:

Director

of

Thrivent

Series

Fund,

Inc.,

a

registered

investment

company

consisting

of

32

funds

that

serve

as

underlying

funds

for

variable

contracts

issued

by

Thrivent

Financial

for

Lutherans

(“Thrivent”)

and

separate

accounts

of

insurance

companies

not

affiliated

with

Thrivent.

Trustee

of

Thrivent

Cash

Management

Trust,

a

registered

investment

company

consisting

of

one

fund

that

serves

as

a

cash

collateral

fund

for

a

securities

lending

program

sponsored

by

Thrivent.

Trustee

of

Thrivent

Core

Funds,

a

registered

investment

company

consisting

of

seven

funds

that

are

established

solely

for

investment

by

Thrivent

entities.

Trustee

of

Thrivent

ETF

Trust,

a

registered

investment

company

consisting

of

one

fund

that

is

an

exchange-traded

fund.

The

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

by

calling

800-847-

4836.

Interested

Trustees

(1)

(2)

(3)

(4)

Name

(Year

of

Birth)

Year

Elected

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Michael

W.

Kremenak

(1978)

2021

Senior

Vice

President

and

Head

of

Mutual

Funds,

Thrivent

since

2020;

Vice

President,

Thrivent

from

2015

to

2020.

Trustee

of

Thrivent

Church

Loan

and

Income

Fund

from

2020

to

2023.

David

S.

Royal

(1971)

2015

Chief

Financial

Officer,

Thrivent

since

2022;

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

since

2017;

President,

Mutual

Funds

from

2015

to

2023.

Director

of

Thrivent

Trust

Company

and

Advisory

Board

Member

of

Twin

Bridge

Capital

Partners;

Trustee

of

Thrivent

Church

Loan

and

Income

Fund

from

2020

to

2023.

Independent

Trustees

(2)

(3)

(4)

(5)

Name

(Year

of

Birth)

Year

Elected

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Janice

B.

Case

(1952)

2011

Retired.

Independent

Director

and

member

of

the

Audit

Committee

and

Governance

and

Nominating

Committee

at

MN8

Energy

LLC

and

MN8

Energy,

Inc.

since

2023;

Independent

Trustee

of

North

American

Electric

Reliability

Corporation

from

2008

to

2020.

Robert

J.

Chersi

(1961)

2017

Founder

of

Chersi

Services

LLC

(consulting

firm)

since

2014.

Lead

Independent

Director

since

2019

and

Director

and

Audit

Committee

Chair

at

BrightSphere

Investment

Group

plc

since

2016;

Director

and

member

of

the

Audit

and

Risk

Oversight

Committees

of

E*TRADE

Financial

Corporation

and

Director

of

E*TRADE

Bank

from

2019

to

2020.

Arleas

Upton

Kea

(1957)

2022

Deputy

to

the

Chairman

for

External

Affairs,

FDIC

in

2021;

Chief

Operating

Officer

and

Deputy

to

the

Chairman,

FDIC

from

2018

to

2021;

Director,

Administration,

FDIC

from

1999

to

2018.

Board

of

Directors,

Combined

Federal

Campaign

of

the

National

Capital

Area

since

2021;

Board

of

Directors,

University

of

Texas

Alumni

Association

since

2021;

Board

of

Directors,

University

of

Texas

Law

School

Foundation

since

2021.

Paul

R.

Laubscher

(1956)

2009

Portfolio

Manager

for

U.S.

private

real

estate

and

equity

and

global

public

equity

portfolios,

hedge

funds

and

currency

of

IBM

Retirement

Funds

from

1997

to

2022.

Robert

J.

Manilla

(1962)

2022

Vice

President

and

Chief

Investment

Officer,

The

Kresge

Foundation

since

2007.

Board

Member

of

Bedrock

Manufacturing

Company

since

2014;

Board

Member

of

Sustainable

Insight

Capital

Management

LLC

from

2013

to

2022;

Board

Member

of

Venture

Michigan

Fund

from

2016

to

2020;

Board

Member

of

McGowan

Charitable

fund

from

2012

to

2019.

James

A.

Nussle

(1960)

2011

President

and

Chief

Executive

Officer

of

Credit

Union

National

Association

since

September

2014;

Director

of

Portfolio

Recovery

Associates

(PRAA)

since

2010;

CEO

of

The

Nussle

Group

LLC

(consulting

firm)

since

2009.

436

Board

of

Trustees

and

Officers

James

W.

Runcie

(1963)

2022

Co-Founder

and

CEO

of

Partnership

for

Education

Advancement

since

2017.

Board

Member

of

Follett

Higher

Education

since

2022;

Board

Member

of

ECMC

Group

since

2021;

Director

and

Audit

Committee

Chair

of

Class

Acceleration

Corporation

from

2021

to

2022.

Constance

L.

Souders

(1950)

2007

Retired.

437

Board

of

Trustees

and

Officers

Executive

Officers

(2)

(4)

Name

(Year

of

Birth)

Position

Held

With

Trust

Principal

Occupation(s)

During

the

Past

Five

Years

Michael

W.

Kremenak

(1978)

Trustee

and

President

Senior

Vice

President

and

Head

of

Mutual

Funds,

Thrivent

since

2020;

Vice

President,

Thrivent

from

2015

to

2020.

David

S.

Royal

(1971)

Trustee

and

Chief

Investment

Officer

Chief

Financial

Officer,

Thrivent

since

2022;

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

since

2017;

President,

Mutual

Funds

from

2015

to

2023.

Sarah

L.

Bergstrom

(1977)

Treasurer

and

Principal

Accounting

Officer

Vice

President,

Chief

Accounting

Officer/Treasurer

-

Mutual

Funds,

Thrivent

since

2022;

Head

of

Mutual

Fund

Accounting,

Thrivent

from

2017

to

2022.

Edward

S.

Dryden

(1965)

Chief

Compliance

Officer

Vice

President,

Chief

Compliance

Officer

–

Thrivent

Funds,

Thrivent

since

2018;

Director,

Chief

Compliance

Officer

–

Thrivent

Funds,

Thrivent

from

2010

to

2018.

John

D.

Jackson

(1977)

Secretary

and

Chief

Legal

Officer

Senior

Counsel,

Thrivent

since

2017.

Kathleen

M.

Koelling

(1977)

Privacy

Officer

(6)

Vice

President,

Deputy

General

Counsel,

Thrivent

since

2018;

Privacy

Officer,

Thrivent

since

2011;

Anti-Money

Laundering

Officer,

Thrivent

from

2011

to

2019;

Vice

President,

Managing

Counsel,

Thrivent

from

2016

to

2018.

Sharon

K.

Minta

(1973)

Anti-Money

Laundering

Officer

(6)

Director,

Compliance

and

Anti-Money

Laundering

Officer

of

the

Financial

Crimes

Unit,

Thrivent

since

2019;

Compliance

Manager

of

the

Financial

Crimes

Unit,

Thrivent

from

2014

to

2019.

Troy

A.

Beaver

(1967)

Vice

President

Vice

President,

Mutual

Funds

Marketing

&

Distribution,

Thrivent

since

2015.

Andrew

R.

Kellogg

(1972)

Vice

President

(7)

Director

of

Strategic

Partnerships,

Thrivent

since

2021;

Director,

Client

Relations,

SS&C/

DST

Systems,

Inc.

from

2016

to

2021.

Jill

M.

Forte

(1974)

Assistant

Secretary

Senior

Counsel,

Thrivent

since

2017.

Richard

L.

Ramczyk

(1976)

Assistant

Treasurer

(6)

Director,

Fund

Accounting

and

Valuation,

Thrivent

since

2022;

Manager,

Mutual

Fund

Accounting

Operations,

Thrivent

from

2011

to

2022.

Taishiro

A.

Tezuka

(1985)

Assistant

Treasurer

Director,

Fund

Administration,

Thrivent

since

2023;

Director,

Asset

Wealth

Management,

PricewaterhouseCoopers

LLP

from

2020

to

2022;

Senior

Manager,

Asset

Wealth

Management,

PricewaterhouseCoopers

LLP

from

2019

to

2020;

Manager,

Asset

Wealth

Management,

PricewaterhouseCoopers

LLP

from

2016

to

2019.

(1)

“Interested

person”

of

the

Trust

as

defined

in

the

1940

Act

by

virtue

of

a

position

with

Thrivent.

Mr.

Kremenak

and

Mr.

Royal

are

considered

interested

persons

because

of

their

principal

occupations

with

Thrivent.  

(2)

Each

Trustee

generally

serves

an

indefinite

term

until

her

or

his

successor

is

duly

elected

and

qualified.

Officers

serve

at

the

discretion

of

the

Board

until

their

successors

are

duly

appointed

and

qualified.

(3)

Each

Trustee

oversees

66

portfolios.

(4)

The

address

for

each

Trustee

and

Officer

unless

otherwise

noted

is

901

Marquette

Avenue,

Suite

2500,

Minneapolis,

MN

55402-3211.

(5)

The

Trustees,

other

than

Mr.

Kremenak

and

Mr.

Royal,

are

not

“interested

persons”

of

the

Trust

and

are

referred

to

as

“Independent

Trustees.”

(6)

The

address

for

this

Officer

is

4321

North

Ballard

Road,

Appleton,

WI

54913.

(7)

The

address

for

this

Officer

is

600

Portland

Avenue

S.,

Suite

100,

Minneapolis,

MN

55415-4402.

PRSRT

STD

US

POSTAGE

PAID

Thrivent

Financial

4321

N.

Ballard

Rd.

Appleton,

WI

54919-0001

23459AR

R12-23

The

distributor

for

Thrivent

Mutual

Funds

is

Thrivent

Distributors,

LLC,

a

registered

broker-dealer,

member

of

FINRA

and

a

subsidiary

of

Thrivent,

the

marketing

name

for

Thrivent

Financial

for

Lutherans.

Go

paperless

Thrivent

Mutual

Funds

annual

and

semiannual

shareholder

reports

are

made

available

on

thriventmutualfunds.com/prospectus,

and

we

will

notify

you

by

mail

each

time

a

report

is

posted.

You

may

also

manage

your

delivery

preferences

and

sign

up

for

email

notifications

of

reports

by

logging

into

your

account

If

you

purchased

shares

through

Thrivent:

If

you

are

currently

enrolled

in

paperless

delivery

and

want

to

receive

paper

copies

of

a

shareholder

report

for

Thrivent

Mutual

Funds

in

the

future,

you

may

either

write

to

us

at

4321

North

Ballard

Road,

Appleton,

WI,

54919-0001,

call

us

at

800-847-4836,

or

log

into

your

account.

We

will

begin

to

send

paper

copies

of

shareholder

reports

within

30

days

of

when

we

receive

your

request.

If

you

purchased

shares

from

a

firm

other

than

Thrivent:

If

you

are

currently

enrolled

in

paperless

delivery

and

want

to

receive

paper

copies

of

a

shareholder

report

for

Thrivent

Mutual

Funds

in

the

future,

contact

your

financial

professional.