United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified
Shareholder Report of Registered Management Investment Companies
Investment Company Act file number: 811-05075
Thrivent Mutual Funds
(Exact name of registrant as specified in charter)
901 Marquette
Avenue, Suite 2500
Minneapolis,
Minnesota 55402-3211
(Address of
principal executive offices) (Zip code)
John D. Jackson, Secretary and Chief Legal Officer
Thrivent Mutual Funds
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Name and address of agent for service)
Registrant’s telephone number, including area code: (612)
844-7190
Date of fiscal year end: December 31
Date of reporting period: June 30, 2026
Item 1. Report to Stockholders
(a) A copy of the registrant’s report transmitted
to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940
(the “Act”), as amended, is filed herewith.
(b) Not applicable.
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Thrivent Conservative Allocation Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about the Thrivent Conservative Allocation Fund (the Fund) for the six months ended June 30, 2026.You can find additional information about the Fund at www.thriventmutualfunds.com/prospectus. You can also request this information by contacting us at 800-847-4836.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryShare Class | Cost of a $10k Investment | Cost Paid as a % of a $10k Investment |
|---|
Class A | $47 | 0.93%Footnote Reference** |
|---|
| Footnote | Description |
Footnote** | Computed on an annualized basis for periods less than one year. |
Table SummaryTotal Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Advisory Fees Paid |
|---|
$924,149,014 | 994 | 38% | $2,398,939 |
What did the Fund invest in?
Top Ten Holdings (% of Net Assets)
Table SummaryThrivent Core Investment Grade Corporate Bond Fund | 11.2% |
|---|
Thrivent Core High Yield Bond Fund | 8.5% |
|---|
Thrivent Core Emerging Markets Debt Fund | 6.6% |
|---|
U.S. Treasury Notes | 2.8% |
|---|
Thrivent International Large Cap ETF | 1.7% |
|---|
Federal National Mortgage Association Conventional 30-Yr. Pass Through | 1.5% |
|---|
Federal National Mortgage Association Conventional 30-Yr. Pass Through | 1.4% |
|---|
U.S. Treasury Notes | 1.2% |
|---|
Federal National Mortgage Association Conventional 30-Yr. Pass Through | 0.9% |
|---|
NVIDIA Corporation | 0.8% |
|---|
Portfolio Composition (% of Portfolio)
Table SummaryValue | Value |
|---|
Long-Term Fixed Income | 46.4% |
Registered Investments Companies | 28.1% |
Common Stock | 18.9% |
Short-Term Investments | 5.2% |
Preferred Stock | 1.4% |
Major Market Sectors (% of Net Assets)
Table SummaryU.S. Affiliated Registered Investment Companies | 28.0% |
|---|
Mortgage-Backed Securities | 19.0% |
|---|
Collateralized Mortgage Obligations | 9.4% |
|---|
U.S. Government & Agencies | 6.9% |
|---|
Information Technology | 6.5% |
|---|
Asset-Backed Securities | 6.3% |
|---|
Financials | 5.0% |
|---|
Industrials | 2.5% |
|---|
Consumer Discretionary | 2.3% |
|---|
Health Care | 2.0% |
|---|
Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.
Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html
Thrivent Distributors, LLC, a registered broker-dealer and member of FINRA, is the distributor for Thrivent Mutual Funds. Thrivent Asset Management, LLC, an SEC-registered investment adviser, provides asset management services. Both entities are subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans.
Thrivent Conservative Allocation Fund
Semi-Annual Shareholder Report - June 30, 2026
This semi-annual shareholder report contains important information about the Thrivent Conservative Allocation Fund (the Fund) for the six months ended June 30, 2026.You can find additional information about the Fund at www.thriventmutualfunds.com/prospectus. You can also request this information by contacting us at 800-847-4836.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryShare Class | Cost of a $10k Investment | Cost Paid as a % of a $10k Investment |
|---|
Class S | $35 | 0.69%Footnote Reference** |
|---|
| Footnote | Description |
Footnote** | Computed on an annualized basis for periods less than one year. |
Table SummaryTotal Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Advisory Fees Paid |
|---|
$924,149,014 | 994 | 38% | $2,398,939 |
What did the Fund invest in?
Top Ten Holdings (% of Net Assets)
Table SummaryThrivent Core Investment Grade Corporate Bond Fund | 11.2% |
|---|
Thrivent Core High Yield Bond Fund | 8.5% |
|---|
Thrivent Core Emerging Markets Debt Fund | 6.6% |
|---|
U.S. Treasury Notes | 2.8% |
|---|
Thrivent International Large Cap ETF | 1.7% |
|---|
Federal National Mortgage Association Conventional 30-Yr. Pass Through | 1.5% |
|---|
Federal National Mortgage Association Conventional 30-Yr. Pass Through | 1.4% |
|---|
U.S. Treasury Notes | 1.2% |
|---|
Federal National Mortgage Association Conventional 30-Yr. Pass Through | 0.9% |
|---|
NVIDIA Corporation | 0.8% |
|---|
Portfolio Composition (% of Portfolio)
Table SummaryValue | Value |
|---|
Long-Term Fixed Income | 46.4% |
Registered Investments Companies | 28.1% |
Common Stock | 18.9% |
Short-Term Investments | 5.2% |
Preferred Stock | 1.4% |
Major Market Sectors (% of Net Assets)
Table SummaryU.S. Affiliated Registered Investment Companies | 28.0% |
|---|
Mortgage-Backed Securities | 19.0% |
|---|
Collateralized Mortgage Obligations | 9.4% |
|---|
U.S. Government & Agencies | 6.9% |
|---|
Information Technology | 6.5% |
|---|
Asset-Backed Securities | 6.3% |
|---|
Financials | 5.0% |
|---|
Industrials | 2.5% |
|---|
Consumer Discretionary | 2.3% |
|---|
Health Care | 2.0% |
|---|
Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.
Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html
Thrivent Distributors, LLC, a registered broker-dealer and member of FINRA, is the distributor for Thrivent Mutual Funds. Thrivent Asset Management, LLC, an SEC-registered investment adviser, provides asset management services. Both entities are subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans.
Item 2. Code
of Ethics
Not
applicable to semi-annual report.
Item 3.
Audit Committee Financial Expert
Not
applicable to semi-annual report.
Item 4.
Principal Accountant Fees and Services
Not applicable
to semi-annual report.
Item 5.
Audit Committee of Listed Registrants
(a) Not applicable.
(b) Not applicable.
Item 6.
Investments
(a) Registrant’s Schedule of Investments is included
in the financial statements filed under Item 7 of this Form N-CSR.
(b)
Not applicable.
Item 7.
Financial Statements and Financial Highlights for Open-End Management
Investment Companies
The
registrant’s unaudited financial statements and financial highlights as of the
end of the period covered by this report are included in this Form N-CSR.
Financial
Statements
and
Additional
Information
Schedule
of
Investments
Thrivent
Conservative
Allocation
Fund
2
Statement
of
Assets
and
Liabilities
23
Statement
of
Operations
24
Statement
of
Changes
in
Net
Assets
25
Notes
to
Financial
Statements
26
Financial
Highlights
40
Change
in
and
Disagreement
with
Accountants
(Item
8)
42
Proxy
Disclosures
(Item
9)
43
Remuneration
Paid
to
Directors,
Officers,
and
Others
(Item
10)
44
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Item
11)
45
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Principal
Amount
Long-Term
Fixed
Income
47.4%
Value
Asset-Backed
Securities
6.3%
522
Funding
CLO,
Ltd.
$
1,150,000
5.423%,
(TSFR3M
+
1.750%),
4/15/2035,
Ser.
2019-5A,
Class
CR2
a,b
$
1,147,254
AGL
CLO,
Ltd.
500,000
5.475%,
(TSFR3M
+
1.800%),
10/20/2034,
Ser.
2021-13A,
Class
CR
a,b
497,487
Anchorage
Capital
CLO
20,
Ltd.
850,000
6.875%,
(TSFR3M
+
3.200%),
1/20/2035,
Ser.
2021-20A,
Class
DR
a,b
850,164
Anchorage
Capital
CLO
21,
Ltd.
1,225,000
5.575%,
(TSFR3M
+
1.900%),
10/20/2034,
Ser.
2021-21A,
Class
CR
a,b
1,225,000
Avis
Budget
Rental
Car
Funding
AESOP,
LLC
925,000
5.240%,
8/20/2029,
Ser.
2025-1A,
Class
B
a
927,608
1,750,000
4.770%,
2/20/2032,
Ser.
2025-4A,
Class
B
a
1,711,301
Balboa
Bay
Loan
Funding,
Ltd.
750,000
5.625%,
(TSFR3M
+
1.950%),
7/20/2034,
Ser.
2021-1A,
Class
CR
a,b
749,997
1,050,000
5.925%,
(TSFR3M
+
2.250%),
1/20/2035,
Ser.
2021-2A,
Class
CR
a,b
1,047,642
Barings
CLO,
Ltd.
1,150,000
5.575%,
(TSFR3M
+
1.900%),
1/18/2035,
Ser.
2021-3A,
Class
CR
a,b
1,150,585
Battalion
CLO
XI,
Ltd.
2,000,000
5.617%,
(TSFR3M
+
1.950%),
4/24/2034,
Ser.
2017-11A,
Class
CR2
a,b
1,972,242
Battalion
CLO
XIV,
Ltd.
1,825,000
5.675%,
(TSFR3M
+
2.000%),
1/20/2035,
Ser.
2019-14A,
Class
CR2
a,b
1,821,638
Battalion
CLO
XXI,
Ltd.
2,500,000
5.673%,
(TSFR3M
+
2.000%),
7/15/2034,
Ser.
2021-21A,
Class
CR
a,b
2,500,150
Capital
Four
US
CLO
V,
Ltd.
1,725,000
5.630%,
(TSFR3M
+
1.900%),
7/15/2037,
Ser.
2026-5A,
Class
C
a,b,c
1,725,000
Columbia
Cent
CLO
33,
Ltd.
1,250,000
5.568%,
(TSFR3M
+
1.950%),
4/20/2037,
Ser.
2024-33A,
Class
CR
a,b
1,250,749
Dryden
72
CLO,
Ltd.
1,075,000
5.301%,
(TSFR3M
+
1.650%),
5/15/2032,
Ser.
2019-72A,
Class
BRR
a,b
1,075,641
FirstLight
Issuer,
LLC
1,550,000
5.873%,
6/20/2056,
Ser.
2026-1A,
Class
A2
a,c
1,556,122
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Asset-Backed
Securities
6.3%
-
continued
Hertz
Vehicle
Financing
III,
LLC
$
1,425,000
5.450%,
9/25/2029,
Ser.
2025-1A,
Class
B
a
$
1,425,275
750,000
5.590%,
12/26/2029,
Ser.
2025-3A,
Class
B
a
750,810
750,000
5.140%,
5/25/2032,
Ser.
2025-6A,
Class
B
a
731,882
Hotwire
Funding,
LLC
1,500,000
5.893%,
6/20/2054,
Ser.
2024-1A,
Class
A2
a
1,513,987
HPS
Loan
Management,
Ltd.
1,150,000
5.439%,
(TSFR3M
+
1.800%),
4/15/2037,
Ser.
2024-19A,
Class
CR
a,b
1,151,623
Kennedy
Lewis
CLO
3,
Ltd.
1,000,000
5.075%,
(TSFR3M
+
1.400%),
10/20/2036,
Ser.
3A,
Class
A2R3
a,b
996,492
LCM
41,
Ltd.
2,900,000
7.273%,
(TSFR3M
+
3.600%),
4/15/2036,
Ser.
41A,
Class
D1R
a,b
2,781,645
LEDN
Issuer
Trust
725,000
6.748%,
2/25/2041,
Ser.
2026-1A,
Class
A
a
721,453
Lightpath
Fiber
Issuer,
LLC
1,550,000
5.597%,
3/25/2056,
Ser.
2026-1A,
Class
A2
a
1,547,855
MetroNet
Infrastructure
Issuer,
LLC
1,000,000
5.400%,
8/20/2055,
Ser.
2025-2A,
Class
A2
a
1,002,698
550,000
5.163%,
12/20/2055,
Ser.
2025-4A,
Class
A2
a
547,605
Octagon
Investment
Partners
50,
Ltd.
2,150,000
5.673%,
(TSFR3M
+
2.000%),
1/15/2035,
Ser.
2020-4A,
Class
CR2
a,b
2,145,988
Pagaya
AI
Debt
Grantor
Trust
277,640
5.092%,
7/15/2032,
Ser.
2024-11,
Class
A
a
278,098
800,000
5.241%,
12/15/2033,
Ser.
2026-3,
Class
A2
a
799,429
Pagaya
AI
Debt
Grantor
Trust
and
Pagaya
AI
Debt
Trust
221,383
6.093%,
11/15/2031,
Ser.
2024-6,
Class
A
a
221,517
Palmer
Square
Loan
Funding,
Ltd.
1,425,000
5.523%,
(TSFR3M
+
1.850%),
10/15/2032,
Ser.
2024-1A,
Class
CR
a,b
1,416,916
250,000
5.173%,
(TSFR3M
+
1.500%),
1/15/2033,
Ser.
2024-2A,
Class
BR
a,b
249,705
825,000
5.251%,
(TSFR3M
+
1.600%),
2/15/2033,
Ser.
2025-1A,
Class
B
a,b
818,362
1,525,000
5.394%,
(TSFR3M
+
1.700%),
7/15/2034,
Ser.
2026-1A,
Class
B
a,b
1,527,280
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Asset-Backed
Securities
6.3%
-
continued
Park
Blue
CLO,
Ltd.
$
1,700,000
5.855%,
(TSFR3M
+
2.180%),
4/20/2038,
Ser.
2023-3A,
Class
CR
a,b
$
1,702,737
PPM
CLO
3,
Ltd.
500,000
5.730%,
(TSFR3M
+
2.050%),
7/17/2034,
Ser.
2019-3A,
Class
CR2
a,b
500,197
RFS
Asset
Securitization
V,
LLC
1,350,000
6.049%,
5/15/2032,
Ser.
2025-1,
Class
A
a
1,351,024
Rockford
Tower
CLO,
Ltd.
1,850,000
5.625%,
(TSFR3M
+
1.950%),
7/20/2034,
Ser.
2021-2A,
Class
CR
a,b
1,850,903
1,500,000
5.573%,
(TSFR3M
+
1.900%),
1/15/2038,
Ser.
2021-3A,
Class
C1AR
a,b
1,493,570
Sculptor
CLO
XXVIII,
Ltd.
1,700,000
5.625%,
(TSFR3M
+
1.950%),
1/20/2035,
Ser.
28A,
Class
CR
a,b
1,700,411
Signal
Peak
CLO
1,
Ltd.
1,100,000
5.630%,
(TSFR3M
+
1.950%),
4/17/2034,
Ser.
2014-1A,
Class
CR4
a,b
1,098,200
Sixth
Street
CLO
XI,
Ltd.
1,300,000
5.504%,
(TSFR3M
+
1.850%),
4/25/2037,
Ser.
2018-11A,
Class
CR2
a,b
1,306,371
Sunnova
Hestia
II
Issuer,
LLC
1,102,252
5.630%,
7/20/2051,
Ser.
2024-GRID1,
Class
1A
a,d
1,059,252
Symphony
CLO
XX,
Ltd.
1,050,000
6.680%,
(TSFR3M
+
3.000%),
1/16/2032,
Ser.
2018-20A,
Class
DR2
a,b
1,052,817
Veros
Auto
Receivables
Trust
331,735
5.310%,
9/15/2028,
Ser.
2025-1,
Class
A
a
332,423
Zayo
Issuer,
LLC
1,250,000
5.546%,
4/20/2056,
Ser.
2026-1A,
Class
A2
a
1,250,708
1,675,000
5.570%,
10/20/2055,
Ser.
2025-3A,
Class
A2
a
1,658,835
Total
58,194,648
Basic
Materials
<0.1%
FMC
Corporation
170,000
8.450%,
11/1/2055
b
123,813
Peabody
Energy
Corporation,
Convertible
134,000
0.500%,
6/1/2031
a
123,213
Total
247,026
Capital
Goods
0.4%
Array
Technologies,
Inc.,
Convertible
158,000
1.000%,
12/1/2028
146,434
24,000
2.875%,
7/1/2031
a
29,902
164,000
2.875%,
7/1/2031
a
204,327
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Capital
Goods
0.4%
-
continued
BWX
Technologies,
Inc.,
Convertible
$
721,000
Zero
Coupon,
11/1/2030
a
$
738,304
Fluor
Corporation,
Convertible
394,000
1.125%,
8/15/2029
521,262
Granite
Construction,
Inc.,
Convertible
259,000
3.250%,
6/15/2030
541,828
Greenbrier
Companies,
Inc.,
Convertible
253,000
2.875%,
4/15/2028
288,774
JBT
Marel
Corporation,
Convertible
395,000
0.375%,
9/15/2030
a
399,129
Mirion
Technologies,
Inc.,
Convertible
214,000
0.250%,
6/1/2030
a
227,803
198,000
Zero
Coupon,
10/1/2031
a
186,358
Patrick
Industries,
Inc.,
Convertible
199,000
1.750%,
12/1/2028
e
293,996
Total
3,578,117
Collateralized
Mortgage
Obligations
9.4%
A&D
Mortgage
Trust
228,379
6.498%,
4/25/2069,
Ser.
2024-NQM2,
Class
A1
a,f
229,531
ACRA
Trust
1,075,000
5.573%,
6/25/2066,
Ser.
2026-NQM1,
Class
A1
a,b
1,074,575
467,238
5.912%,
10/25/2064,
Ser.
2024-NQM1,
Class
A2
a,f
467,207
Alternative
Loan
Trust
508,043
6.000%,
8/1/2036,
Ser.
2006-24CB,
Class
A9
250,559
Archwest
Mortgage
Trust
850,000
5.435%,
4/25/2041,
Ser.
2026-RTL1,
Class
A1
a,f
848,224
Banc
of
America
Alternative
Loan
Trust
422,713
6.000%,
11/25/2035,
Ser.
2005-10,
Class
3CB1
379,638
Banc
of
America
Mortgage
Securities
Trust
236,049
5.591%,
9/25/2035,
Ser.
2005-H,
Class
3A1
b
226,227
Bear
Stearns
ARM
Trust
62,196
6.420%,
(CMT
1Y
+
2.300%),
10/25/2035,
Ser.
2005-9,
Class
A1
b
60,113
Bellemeade
Re,
Ltd.
540,000
6.128%,
(SOFR30A
+
2.500%),
10/25/2035,
Ser.
2025-1,
Class
M1B
a,b
542,173
BRAVO
Residential
Funding
Trust
951,492
5.138%,
11/25/2065,
Ser.
2026-NQM3,
Class
A2
a,f
941,167
Builder
Circle
Mortgage
Trust
1,200,000
6.014%,
5/25/2031,
Ser.
2026-RTL1,
Class
A1
a
1,206,000
CFST
Mortgage
Trust
500,000
5.882%,
10/25/2030,
Ser.
2025-RTL1,
Class
A1
a,f
501,687
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Collateralized
Mortgage
Obligations
9.4%
-
continued
Chase
Home
Lending
Mortgage
Trust
$
1,175,000
5.500%,
4/25/2057,
Ser.
2026-6,
Class
A5
a,b
$
1,155,896
CHNGE
Mortgage
Trust
987,274
4.757%,
3/25/2067,
Ser.
2022-2,
Class
A1
a,b
963,427
414,531
6.525%,
6/25/2058,
Ser.
2023-2,
Class
A1
a,f
413,215
568,417
5.820%,
6/25/2067,
Ser.
2022-NQM1,
Class
A3
a,f
566,621
269,584
7.100%,
7/25/2058,
Ser.
2023-3,
Class
A1
a,f
268,731
CIM
Trust
924,762
7.100%,
4/25/2058,
Ser.
2023-I1,
Class
A3
a,f
921,784
Citigroup
Mortgage
Loan
Trust,
Inc.
75,651
5.500%,
8/25/2034,
Ser.
2004-NCM2,
Class
1CB1
74,723
741,445
4.923%,
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
b
671,121
COLT
Mortgage
Loan
Trust
793,837
6.328%,
12/25/2068,
Ser.
2024-INV1,
Class
A2
a,f
795,138
Countrywide
Alternative
Loan
Trust
355,035
5.000%,
3/25/2035,
Ser.
2005-3CB,
Class
1A1
289,221
210,208
4.125%,
10/25/2035,
Ser.
2005-43,
Class
4A1
b
183,383
129,016
5.500%,
2/25/2036,
Ser.
2005-85CB,
Class
2A2
100,695
CSMC
Trust
461,965
2.572%,
11/25/2066,
Ser.
2022-NQM1,
Class
A2
a,b
399,463
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
565,605
5.250%,
6/25/2035,
Ser.
2005-3,
Class
4A6
501,340
247,145
3.895%,
8/25/2035,
Ser.
2005-AR1,
Class
2A3
b
205,329
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
1,837,130
4.000%,
1/25/2051,
Ser.
5249,
Class
LA
1,804,568
1,775,000
5.250%,
2/25/2055,
Ser.
5508,
Class
AY
1,754,538
3,583,370
1.500%,
3/25/2051,
Ser.
5092,
Class
IC
g
308,709
1,450,000
5.250%,
3/25/2055,
Ser.
5519,
Class
CL
1,426,573
1,100,000
5.000%,
5/25/2055,
Ser.
5537,
Class
KM
1,068,628
1,278,195
7.628%,
(SOFR30A
+
4.000%),
7/25/2026,
Ser.
5567,
Class
MB
b
1,301,028
987,077
Zero
Coupon,
9/25/2053,
Ser.
5334,
Class
BO
820,436
5,416,535
1.500%,
12/25/2050,
Ser.
5107,
Class
IO
g
516,301
2,682,711
2.000%,
12/25/2050,
Ser.
5051,
Class
WI
g
347,558
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Collateralized
Mortgage
Obligations
9.4%
-
continued
$
42,645
3.000%,
5/15/2027,
Ser.
4046,
Class
GI
g
$
231
151,090
3.000%,
7/15/2027,
Ser.
4074,
Class
IO
g
1,642
136,569
3.000%,
7/15/2027,
Ser.
4084,
Class
NI
g
1,416
57,526
2.500%,
2/15/2028,
Ser.
4162,
Class
AI
g
621
157,498
2.500%,
2/15/2028,
Ser.
4161,
Class
UI
g
1,824
304,162
2.500%,
3/15/2028,
Ser.
4177,
Class
EI
g
4,339
762,573
3.500%,
10/15/2032,
Ser.
4119,
Class
KI
g
50,477
466,712
3.000%,
2/15/2033,
Ser.
4170,
Class
IG
g
25,416
486,242
3.000%,
4/15/2033,
Ser.
4203,
Class
DI
g
15,645
983,140
5.500%,
1/25/2046,
Ser.
5617,
Class
AZ
972,101
Federal
Home
Loan
Mortgage
Corporation
STRIPS
1,045,779
3.500%,
8/15/2035,
Ser.
345,
Class
C8
g
88,681
Federal
National
Mortgage
Association
-
REMIC
1,500,000
5.000%,
1/25/2055,
Ser.
2024-103,
Class
YD
1,480,376
2,000,000
5.000%,
4/25/2055,
Ser.
2025-15,
Class
BD
1,942,738
1,971,374
5.500%,
8/25/2054,
Ser.
2024-50,
Class
DB
1,965,224
1,100,000
5.000%,
8/25/2055,
Ser.
2025-69,
Class
DL
1,064,979
1,062,502
5.000%,
8/25/2055,
Ser.
2025-66,
Class
KZ
1,013,138
1,878,132
2.000%,
12/25/2050,
Ser.
2020-89,
Class
IM
g
248,032
178,241
3.000%,
7/25/2027,
Ser.
2012-73,
Class
DI
g
1,497
72,301
3.000%,
7/25/2027,
Ser.
2012-74,
Class
AI
g
479
120,694
3.500%,
9/25/2027,
Ser.
2012-98,
Class
YI
g
1,138
386,191
3.000%,
11/25/2027,
Ser.
2012-121,
Class
BI
g
4,024
225,751
3.000%,
12/25/2027,
Ser.
2012-139,
Class
DI
g
1,990
91,211
2.500%,
1/25/2028,
Ser.
2012-152,
Class
AI
g
912
198,975
3.000%,
1/25/2028,
Ser.
2012-147,
Class
EI
g
1,610
110,900
3.000%,
2/25/2028,
Ser.
2013-2,
Class
GI
g
1,460
78,849
3.000%,
4/25/2028,
Ser.
2013-30,
Class
DI
g
1,168
682,401
3.000%,
2/25/2033,
Ser.
2013-1,
Class
YI
g
42,386
First
Horizon
Alternative
Mortgage
Securities
Trust
125,068
5.471%,
3/25/2035,
Ser.
2005-AA2,
Class
1A1
b
122,960
111,731
5.004%,
7/25/2035,
Ser.
2005-AA5,
Class
2A1
b
105,516
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Collateralized
Mortgage
Obligations
9.4%
-
continued
Flagstar
Mortgage
Trust
$
385,724
2.500%,
9/25/2041,
Ser.
2021-9INV,
Class
A1
a,b
$
347,176
GCAT
Trust
1,125,000
5.500%,
5/25/2055,
Ser.
2025-INV2,
Class
A12
a,b
1,113,935
912,188
4.250%,
5/25/2067,
Ser.
2023-NQM4,
Class
A2
a,b
854,924
217,016
6.000%,
9/25/2054,
Ser.
2024-INV3,
Class
A1
a,b
220,458
GMAC
Mortgage
Corporation
Loan
Trust
241,861
3.851%,
5/25/2035,
Ser.
2005-AR2,
Class
4A
b
212,684
GS
Mortgage-Backed
Securities
Trust
655,593
5.500%,
10/27/2053,
Ser.
2023-PJ3,
Class
A16
a,b
653,931
Home
Re,
Ltd.
832,563
8.228%,
(SOFR30A
+
4.600%),
10/25/2033,
Ser.
2023-1,
Class
M1B
a,b
848,767
HTAP
Issuer
Trust
606,978
6.500%,
4/25/2042,
Ser.
2024-2,
Class
A
a
604,017
1,274,721
6.500%,
11/25/2042,
Ser.
2025-1,
Class
A
a
1,268,752
IndyMac
IMJA
Mortgage
Loan
Trust
951,758
6.250%,
11/25/2037,
Ser.
2007-A3,
Class
A1
352,453
J.P.
Morgan
Mortgage
Trust
626,160
2.774%,
5/25/2052,
Ser.
2021-LTV2,
Class
A2
a,b
536,448
678,079
5.055%,
6/25/2056,
Ser.
2025-12MPR,
Class
A1D
a,f
671,060
649,505
5.000%,
10/25/2053,
Ser.
2023-3,
Class
A4A
a,b
642,179
63,317
6.500%,
1/25/2035,
Ser.
2005-S1,
Class
1A2
65,538
288,071
4.942%,
2/25/2036,
Ser.
2006-A1,
Class
2A2
b
188,925
LHOME
Mortgage
Trust
750,000
6.900%,
5/25/2029,
Ser.
2024-RTL3,
Class
A1
a,f
750,898
Merrill
Lynch
Alternative
Note
Asset
Trust
887,613
6.000%,
3/25/2037,
Ser.
2007-F1,
Class
2A1
263,805
MFA
Trust
594,615
6.330%,
9/25/2054,
Ser.
2024-NPL1,
Class
A1
a,f
595,504
Morgan
Stanley
Residential
Mortgage
Loan
Trust
1,359,571
5.432%,
3/25/2071,
Ser.
2026-NQM3,
Class
A2
a,f
1,351,490
MortgageIT
Securities
Corporation
Mortgage
Loan
Trust
1,433,786
4.223%,
(TSFR1M
+
0.574%),
6/25/2047,
Ser.
2007-1,
Class
1A1
b
1,273,200
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Collateralized
Mortgage
Obligations
9.4%
-
continued
PMT
Loan
Trust
$
1,067,251
6.000%,
1/25/2060,
Ser.
2025-INV1,
Class
A1
a,b
$
1,084,177
1,325,000
5.500%,
5/25/2056,
Ser.
2025-INV5,
Class
A12
a,b
1,311,353
1,000,000
6.000%,
12/25/2059,
Ser.
2024-INV2,
Class
A10
a,b
1,002,457
Point
Securitization
Trust
1,383,105
6.250%,
6/25/2055,
Ser.
2025-1,
Class
A1
a
1,385,924
PRET,
LLC
455,087
5.074%,
2/25/2056,
Ser.
2026-NPL2,
Class
A1
a,f
451,528
1,326,397
5.710%,
4/25/2056,
Ser.
2026-NPL5,
Class
A1
a,f
1,326,652
1,137,814
5.693%,
5/25/2056,
Ser.
2026-NPL6,
Class
A1
a,f
1,136,801
689,609
5.744%,
6/25/2055,
Ser.
2025-NPL6,
Class
A1
a,f
690,201
1,100,000
7.507%,
8/25/2055,
Ser.
2025-NPL9,
Class
A2
a,f
1,101,031
PRKCM
Trust
654,899
7.087%,
6/25/2058,
Ser.
2023-AFC2,
Class
A3
a
652,802
622,273
7.627%,
11/25/2058,
Ser.
2023-AFC4,
Class
A2
a,f
623,791
PRPM
Trust
1,124,000
6.124%,
1/25/2068,
Ser.
2023-NQM1,
Class
M1
a,b
1,118,564
1,475,000
7.250%,
11/25/2068,
Ser.
2023-NQM3,
Class
M1
a,b
1,482,424
PRPM,
LLC
842,985
4.000%,
1/25/2054,
Ser.
2024-RCF1,
Class
A1
a,f
830,246
900,000
3.250%,
4/25/2055,
Ser.
2025-RPL3,
Class
A3
a,f
862,347
1,000,000
3.500%,
5/25/2054,
Ser.
2024-RPL2,
Class
A2
a,f
965,919
1,500,000
3.000%,
5/25/2055,
Ser.
2025-RPL4,
Class
A2
a,f
1,394,098
1,350,000
5.207%,
12/25/2055,
Ser.
2025-RCF6,
Class
A2
a,f
1,334,115
409,478
5.699%,
11/25/2029,
Ser.
2024-6,
Class
A1
a,f
409,692
750,000
8.835%,
12/25/2029,
Ser.
2024-7,
Class
A2
a,f
750,862
1,001,858
6.255%,
5/25/2030,
Ser.
2025-3,
Class
A1
a,f
1,001,500
825,000
8.569%,
7/25/2030,
Ser.
2025-5,
Class
A2
a,f
821,416
RCO
IX
Mortgage,
LLC
205,688
5.310%,
10/25/2030,
Ser.
2025-4,
Class
A1
a,f
205,682
774,803
5.765%,
5/25/2031,
Ser.
2026-2,
Class
A1
a,f
773,466
Renaissance
Home
Equity
Loan
Trust
1,429,634
5.797%,
8/25/2036,
Ser.
2006-2,
Class
AF3
f
465,396
Residential
Accredit
Loans,
Inc.
Trust
325,713
6.000%,
8/25/2035,
Ser.
2005-QS10,
Class
2A
289,991
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Collateralized
Mortgage
Obligations
9.4%
-
continued
$
244,851
6.000%,
1/25/2037,
Ser.
2007-QS1,
Class
1A1
$
202,557
457,879
6.250%,
4/25/2037,
Ser.
2007-QS6,
Class
A6
390,072
Residential
Asset
Securitization
Trust
380,218
4.269%,
1/25/2034,
Ser.
2004-IP1,
Class
A1
b
364,353
Residential
Funding
Mortgage
Security
I
Trust
338,876
6.000%,
7/25/2037,
Ser.
2007-S7,
Class
A20
274,769
Saluda
Grade
Alternative
Mortgage
Trust
2,000,000
7.439%,
7/25/2030,
Ser.
2024-RTL6,
Class
A1
a,f
1,997,705
Saxon
Asset
Securities
Trust
567,623
2.735%,
8/25/2035,
Ser.
2004-2,
Class
MF2
b
519,964
Sequoia
Mortgage
Trust
1,000,000
5.915%,
3/25/2054,
Ser.
2024-2,
Class
A13
a,b
1,002,123
1,425,000
5.000%,
5/25/2056,
Ser.
2026-5,
Class
A8
a,b
1,350,671
1,000,000
5.000%,
12/25/2055,
Ser.
2025-12,
Class
A8
a,b
954,088
359,496
3.437%,
9/20/2046,
Ser.
2007-1,
Class
4A1
b
233,459
Splitero
Trust
1,250,000
5.750%,
6/25/2056,
Ser.
2026-1,
Class
A1
a,f
1,235,724
Structured
Adjustable
Rate
Mortgage
Loan
Trust
137,576
4.486%,
7/25/2035,
Ser.
2005-15,
Class
4A1
b
121,407
Triangle
Re,
Ltd.
259,619
7.028%,
(SOFR30A
+
3.400%),
11/25/2033,
Ser.
2023-1,
Class
M1A
a,b
260,628
Unlock
HEA
Trust
1,266,512
7.000%,
10/25/2038,
Ser.
2023-1,
Class
A
a
1,264,264
1,168,811
7.000%,
4/25/2039,
Ser.
2024-1,
Class
A
a
1,164,397
565,843
6.500%,
10/25/2039,
Ser.
2024-2,
Class
A
a
564,422
Velocity
Commercial
Capital
Loan
Trust
448,247
6.550%,
1/25/2054,
Ser.
2024-1,
Class
A
a,b
453,569
360,547
6.650%,
6/25/2054,
Ser.
2024-3,
Class
A
a,b
363,100
591,861
7.670%,
11/25/2053,
Ser.
2023-4,
Class
A
a,b
601,933
Verus
Securitization
Trust
892,298
2.491%,
11/25/2066,
Ser.
2021-8,
Class
A3
a,b
792,002
VOLT
C,
LLC
1,955,390
8.826%,
5/25/2051,
Ser.
2021-NPL9,
Class
A2
a
1,956,513
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Collateralized
Mortgage
Obligations
9.4%
-
continued
VOLT
CVI,
LLC
$
444,633
9.438%,
12/26/2051,
Ser.
2021-NP12,
Class
A2
a
$
445,225
Vontive
Mortgage
Trust
1,375,000
6.507%,
3/25/2030,
Ser.
2025-RTL1,
Class
A1
a,f
1,383,789
WaMu
Mortgage
Pass-Through
Certificates
87,825
5.767%,
5/25/2033,
Ser.
2003-AR4,
Class
A7
b
87,797
Washington
Mutual
Mortgage
Pass-Through
Certificates
274,036
6.000%,
3/25/2035,
Ser.
2005-1,
Class
2A
240,123
Total
87,260,780
Commercial
Mortgage-Backed
Securities
0.5%
BANK
7,465,470
0.831%,
3/15/2058,
Ser.
2025-BNK49,
Class
XA
b,g
333,356
1,000,000
4.450%,
5/15/2061,
Ser.
2018-BN12,
Class
AS
b
969,939
BBCMS
Mortgage
Trust
5,941,129
1.323%,
9/15/2055,
Ser.
2022-C17,
Class
XA
b,g
339,531
1,600,000
5.382%,
9/15/2058,
Ser.
2025-5C37,
Class
AS
b
1,606,475
PFP,
Ltd.
1,500,000
4.970%,
(TSFR1M
+
1.320%),
12/18/2043,
Ser.
2026-14,
Class
A
a,b
1,499,533
Total
4,748,834
Communications
Services
0.2%
Bell
Telephone
Company
of
Canada
165,000
7.000%,
9/15/2055
b
170,502
Cable
One,
Inc.,
Convertible
125,000
1.125%,
3/15/2028
81,250
Rogers
Communications,
Inc.
115,000
5.250%,
3/15/2082
a,b
114,566
165,000
7.125%,
4/15/2055
b
169,522
Snap,
Inc.,
Convertible
163,000
0.125%,
3/1/2028
149,764
488,000
0.500%,
5/1/2030
396,988
TELUS
Corporation
93,000
6.625%,
10/15/2055
b
94,295
Verizon
Communications,
Inc.
230,000
6.200%,
5/14/2056
b
232,526
Vodafone
Group
plc
410,000
7.000%,
4/4/2079
b
425,191
Total
1,834,604
Consumer
Cyclical
0.4%
Burlington
Stores,
Inc.,
Convertible
133,000
1.250%,
12/15/2027
211,669
Compass,
Inc.,
Convertible
533,000
0.250%,
4/15/2031
a,e
578,838
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Consumer
Cyclical
0.4%
-
continued
Cracker
Barrel
Old
Country
Store,
Inc.,
Convertible
$
42,000
1.750%,
9/15/2030
$
42,827
DraftKings
Holdings,
Inc.,
Convertible
716,000
Zero
Coupon,
3/15/2028
665,025
EZCORP,
Inc.,
Convertible
158,000
3.750%,
12/15/2029
a
496,572
General
Motors
Financial
Company,
Inc.
75,000
5.750%,
9/30/2027
b,h
74,938
60,000
5.700%,
9/30/2030
b,h
59,989
Live
Nation
Entertainment,
Inc.,
Convertible
180,000
3.125%,
1/15/2029
320,670
189,000
2.875%,
1/15/2030
e
225,572
242,000
2.875%,
10/15/2031
a
266,660
Marriott
Vacations
Worldwide
Corporation,
Convertible
249,000
3.250%,
12/15/2027
244,269
Meritage
Homes
Corporation,
Convertible
99,000
1.750%,
5/15/2028
102,020
Uber
Technologies,
Inc.,
Convertible
190,000
Zero
Coupon,
5/15/2028
219,298
264,000
0.875%,
12/1/2028
315,744
Wayfair,
Inc.,
Convertible
122,000
3.250%,
9/15/2027
183,061
Total
4,007,152
Consumer
Non-Cyclical
0.4%
BioMarin
Pharmaceutical,
Inc.,
Convertible
228,000
1.250%,
5/15/2027
221,548
Chefs'
Warehouse,
Inc.,
Convertible
152,000
2.375%,
12/15/2028
339,431
CVS
Health
Corporation
159,000
6.750%,
12/10/2054
b
165,653
Envista
Holdings
Corporation,
Convertible
68,000
1.750%,
8/15/2028
68,041
Integer
Holdings
Corporation,
Convertible
89,000
2.125%,
2/15/2028
108,357
703,000
1.875%,
3/15/2030
679,274
Jazz
Investments
I,
Ltd.,
Convertible
461,000
3.125%,
9/15/2030
785,544
LCI
Industries,
Convertible
351,000
3.000%,
3/1/2030
392,242
Post
Holdings,
Inc.,
Convertible
255,000
2.500%,
8/15/2027
263,925
Spectrum
Brands,
Inc.,
Convertible
201,000
3.375%,
6/1/2029
208,980
Winnebago
Industries,
Inc.,
Convertible
189,000
3.250%,
1/15/2030
175,297
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Consumer
Non-Cyclical
0.4%
-
continued
Zoetis,
Inc.,
Convertible
$
309,000
0.250%,
6/15/2029
a
$
280,428
Total
3,688,720
Energy
0.3%
BP
Capital
Markets
plc
242,000
4.875%,
3/22/2030
b,h
239,220
274,000
6.450%,
12/1/2033
b,h
284,439
Crescent
Energy
Company,
Convertible
449,000
2.750%,
3/15/2031
a
441,591
Enbridge,
Inc.
260,000
7.375%,
1/15/2083
b
266,205
263,000
7.625%,
1/15/2083
b
284,701
Energy
Transfer,
LP
165,000
8.000%,
5/15/2054
b
175,157
83,000
7.125%,
5/15/2030
b,h
85,641
Northern
Oil
and
Gas,
Inc.,
Convertible
457,000
3.625%,
4/15/2029
436,709
Phillips
66
Company
164,000
6.200%,
3/15/2056
b
164,717
TransCanada
PipeLines,
Ltd.
200,000
6.375%,
10/17/2056
b,e
202,322
TransCanada
Trust
200,000
5.875%,
8/15/2076
b
200,177
UGI
Corporation,
Convertible
98,000
5.000%,
6/1/2028
131,134
Venture
Global
LNG,
Inc.
330,000
9.000%,
9/30/2029
a,b,h
322,184
Total
3,234,197
Financials
1.5%
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
210,000
6.950%,
3/10/2055
b
217,390
American
Express
Company
255,000
3.550%,
9/15/2026
b,h
253,889
Bank
of
America
Corporation
275,000
6.125%,
4/27/2027
b,h
277,444
Bank
of
New
York
Mellon
Corporation
165,000
5.950%,
12/20/2030
b,h
165,564
Bank
of
Nova
Scotia
197,000
6.875%,
10/27/2085
b
199,332
Boston
Properties,
LP,
Convertible
152,000
2.000%,
10/1/2030
a
146,984
Capital
One
Financial
Corporation
140,000
3.950%,
9/1/2026
b,e,h
139,566
Charles
Schwab
Corporation
465,000
6.100%,
6/1/2031
b,h
465,102
CHL
Mortgage
Pass-Through
Trust
18,514
6.057%,
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
19,162
689,468
6.000%,
11/25/2037,
Ser.
2007-18,
Class
1A2
274,332
Citigroup,
Inc.
124,000
7.625%,
11/15/2028
b,h
128,841
165,000
7.125%,
8/15/2029
b,h
168,809
165,000
6.950%,
2/15/2030
b,e,h
168,799
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Financials
1.5%
-
continued
$
210,000
7.000%,
8/15/2034
b,e,h
$
219,054
316,000
6.625%,
12/29/2049
b
321,940
200,000
6.875%,
12/29/2049
b
204,824
Citizens
Financial
Group,
Inc.
175,000
4.000%,
10/6/2026
b,h
173,743
Coinbase
Global,
Inc.,
Convertible
260,000
Zero
Coupon,
10/1/2029
a
223,730
248,000
0.250%,
4/1/2030
222,208
352,000
Zero
Coupon,
10/1/2032
a
273,152
COPT
Defense
Properties,
LP,
Convertible
52,000
5.250%,
9/15/2028
a
66,402
Core
Scientific,
Inc.,
Convertible
75,000
3.000%,
9/1/2029
a
184,980
106,000
Zero
Coupon,
6/15/2031
a
148,983
Corebridge
Financial,
Inc.
135,000
6.375%,
9/15/2054
b
134,022
121,000
6.875%,
12/15/2052
b
122,753
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
332,562
4.621%,
11/25/2035,
Ser.
2005-22,
Class
2A1
b
273,502
Credit
Suisse
Group
AG
130,000
7.250%,
N/A
*,i
31,200
150,000
7.500%,
N/A
*,i
36,000
Dai-ichi
Life
Insurance
Company,
Ltd.
165,000
6.200%,
1/16/2035
a,b,h
168,147
Digital
Realty
Trust,
LP,
Convertible
189,000
1.875%,
11/15/2029
a
202,513
Encore
Capital
Group,
Inc.,
Convertible
183,000
4.000%,
3/15/2029
279,415
Federal
Realty
OP,
LP,
Convertible
94,000
3.250%,
1/15/2029
a
103,494
Goldman
Sachs
Group,
Inc.
195,000
3.650%,
8/10/2026
b,h
194,705
163,000
6.125%,
11/10/2034
b,e,h
163,378
Hartford
Insurance
Group,
Inc.
125,000
6.038%,
(TSFR3M
+
2.387%),
2/12/2047
a,b
122,847
HAT
Holdings
I,
LLC/HAT
Holdings
II,
LLC,
Convertible
62,000
3.750%,
8/15/2028
a,e
92,132
Healthcare
Realty
Holdings,
LP,
Convertible
108,000
3.000%,
1/15/2032
a
110,538
Hercules
Capital,
Inc.,
Convertible
23,000
4.750%,
9/1/2028
a
22,459
Huntington
Bancshares,
Inc./OH
160,000
4.450%,
10/15/2027
b,h
157,597
Huntington
Bank
Auto
Credit-
Linked
Notes
103,720
5.442%,
10/20/2032,
Ser.
2024-2,
Class
B1
a
104,157
JPMorgan
Chase
&
Company
160,000
6.500%,
4/1/2030
b,h
163,842
Kimco
Realty
OP,
LLC,
Convertible
88,000
3.500%,
6/15/2031
a
89,496
Kite
Realty
Group,
LP,
Convertible
20,000
0.750%,
4/1/2027
a
24,476
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Financials
1.5%
-
continued
Lincoln
National
Corporation
$
93,000
6.268%,
(TSFR3M
+
2.619%),
8/17/2026
b
$
81,130
M&T
Bank
Corporation
406,000
3.500%,
9/1/2026
b,h
402,938
MetLife,
Inc.
160,000
6.350%,
3/15/2055
b,e
163,986
205,000
5.875%,
3/15/2028
b,h
205,566
261,000
6.400%,
12/15/2036
265,929
Nippon
Life
Insurance
Company
455,000
5.950%,
4/16/2054
a,b
461,699
Pebblebrook
Hotel
Trust,
Convertible
253,000
1.625%,
1/15/2030
a,e
339,020
PNC
Financial
Services
Group,
Inc.
196,000
6.200%,
9/15/2027
b,h
198,730
241,000
6.250%,
3/15/2030
b,e,h
246,361
Provident
Financing
Trust
I
120,000
7.405%,
3/15/2038
123,476
Prudential
Financial,
Inc.
198,000
6.750%,
3/1/2053
b
208,324
155,000
6.250%,
6/15/2056
b
155,343
160,000
3.700%,
10/1/2050
b
148,308
Realty
Income
Corporation,
Convertible
132,000
3.500%,
1/15/2029
a
135,630
Rexford
Industrial
Realty,
LP,
Convertible
98,000
4.375%,
3/15/2027
a
97,412
77,000
4.125%,
3/15/2029
a
75,614
Royal
Bank
of
Canada
200,000
6.750%,
8/24/2085
b
203,434
Shift4
Payments,
Inc.,
Convertible
428,000
0.500%,
8/1/2027
407,670
Starwood
Property
Trust,
Inc.,
Convertible
213,000
6.750%,
7/15/2027
215,343
State
Street
Corporation
137,000
6.700%,
3/15/2029
b,e,h
141,685
Sumisho
Air
Lease
Corporation
270,000
8.256%,
9/15/2026
b,h
271,314
Sumitomo
Life
Insurance
Company
290,000
3.375%,
4/15/2081
a,b
265,100
Tanger
Properties,
LP,
Convertible
44,000
2.375%,
1/15/2031
a,e
47,168
Terawulf,
Inc.,
Convertible
45,000
2.750%,
2/1/2030
a
137,593
66,000
1.000%,
9/1/2031
a
141,134
62,000
Zero
Coupon,
5/1/2032
a
91,757
Truist
Financial
Corporation
150,000
5.100%,
3/1/2030
b,h
149,763
151,000
6.250%,
6/15/2031
b,h
151,037
Wells
Fargo
&
Company
277,000
7.625%,
9/15/2028
b,h
291,437
Welltower
OP,
LLC,
Convertible
140,000
2.750%,
5/15/2028
a
331,100
166,000
3.125%,
7/15/2029
a
297,555
Total
13,713,459
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Mortgage-Backed
Securities
19.0%
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
$
604,894
2.000%,
1/1/2052
$
490,715
3,213,767
6.000%,
1/1/2055
3,362,208
6,614,954
2.500%,
5/1/2051
5,606,565
4,858,250
3.500%,
5/1/2052
4,444,126
3,625,796
4.000%,
5/1/2052
3,419,597
5,196,842
5.000%,
7/1/2053
5,160,423
6,758,336
5.500%,
7/1/2053
6,846,031
381,142
5.000%,
8/1/2053
379,513
1,490,266
5.500%,
9/1/2053
1,518,847
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
2,287,522
2.500%,
7/1/2030
2,210,555
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
3,631,533
3.500%,
5/1/2040
3,434,753
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
8,281,280
3.000%,
1/1/2052
7,287,407
842,093
2.000%,
2/1/2051
683,142
1,278,491
2.000%,
2/1/2051
1,037,166
3,905,134
2.500%,
2/1/2051
3,333,183
5,308,950
2.500%,
2/1/2051
4,453,125
5,055,380
2.000%,
3/1/2051
4,071,589
4,847,281
4.000%,
3/1/2051
4,590,043
9,120,425
3.000%,
3/1/2052
8,032,607
7,620,840
2.000%,
4/1/2051
6,142,527
3,292,959
5.500%,
4/1/2054
3,356,116
1,525,235
2.000%,
5/1/2051
1,230,887
3,201,277
3.000%,
5/1/2051
2,859,827
3,351,809
3.000%,
6/1/2050
3,006,187
1,435,375
4.000%,
6/1/2052
1,347,725
2,659,089
5.000%,
6/1/2053
2,644,058
7,387,681
2.500%,
7/1/2051
6,330,352
3,098,221
3.500%,
7/1/2051
2,843,331
1,426,449
2.500%,
8/1/2050
1,220,097
6,231,778
3.500%,
8/1/2050
5,739,616
3,366,158
4.500%,
8/1/2052
3,242,885
3,993,428
4.500%,
8/1/2052
3,850,843
526,384
5.000%,
8/1/2053
523,246
4,369,109
3.500%,
9/1/2052
4,008,274
1,782,233
3.500%,
9/1/2052
1,629,663
416,036
5.000%,
9/1/2052
412,545
1,023,642
4.500%,
9/1/2053
990,908
6,103,243
4.000%,
10/1/2052
5,757,799
1,540,547
2.000%,
11/1/2051
1,249,720
2,292,994
3.500%,
11/1/2052
2,104,326
6,177,276
2.000%,
12/1/2050
5,013,573
13,851,072
4.500%,
12/1/2052
13,419,200
13,225,000
5.000%,
7/1/2041
c
12,993,586
4,750,000
6.000%,
8/1/2041
c
4,840,281
800,000
5.500%,
7/1/2042
c
802,556
1,000,000
4.500%,
7/1/2048
c
957,891
950,000
3.500%,
7/1/2049
c
861,828
100,000
4.000%,
7/1/2049
c
93,453
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
2,702,435
3.500%,
7/1/2061
2,422,241
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Mortgage-Backed
Securities
19.0%
-
continued
$
3,194,098
4.000%,
12/1/2061
$
2,948,354
Total
175,205,490
Technology
1.1%
Akamai
Technologies,
Inc.,
Convertible
92,000
0.375%,
9/1/2027
110,248
102,000
1.125%,
2/15/2029
121,312
139,000
Zero
Coupon,
5/15/2030
a
130,716
120,000
Zero
Coupon,
5/15/2032
a
110,326
177,000
0.250%,
5/15/2033
258,110
Amkor
Technology,
Inc.,
Convertible
650,000
Zero
Coupon,
7/15/2031
a
774,669
Applied
Digital
Corporation,
Convertible
88,000
2.750%,
6/1/2030
350,368
Avnet,
Inc.,
Convertible
104,000
1.750%,
9/1/2030
a
145,496
Block,
Inc.,
Convertible
70,000
0.250%,
11/1/2027
66,325
Ciena
Corporation,
Convertible
715,000
Zero
Coupon,
9/15/2031
a
752,537
CoreWeave,
Inc.,
Convertible
122,000
1.750%,
12/1/2031
a
145,339
198,000
1.750%,
10/1/2032
a
217,958
Euronet
Worldwide,
Inc.,
Convertible
151,000
0.625%,
10/1/2030
a
135,893
Global
Payments,
Inc.,
Convertible
290,000
1.500%,
3/1/2031
260,275
InterDigital,
Inc.,
Convertible
58,000
3.500%,
6/1/2027
212,193
Lumentum
Holdings,
Inc.,
Convertible
55,000
0.500%,
6/15/2028
358,847
90,000
0.375%,
3/15/2032
a
415,125
Microchip
Technology,
Inc.,
Convertible
150,000
Zero
Coupon,
2/15/2030
a
172,653
134,000
0.750%,
6/1/2030
e
147,317
MKS,
Inc.,
Convertible
297,000
1.250%,
6/1/2030
e
874,239
ON
Semiconductor
Corporation,
Convertible
128,000
Zero
Coupon,
5/1/2027
232,806
188,000
0.500%,
3/1/2029
226,540
221,000
Zero
Coupon,
5/1/2031
a
219,674
Progress
Software
Corporation,
Convertible
360,000
3.500%,
3/1/2030
344,217
Semtech
Corporation,
Convertible
73,000
1.625%,
11/1/2027
315,214
244,000
Zero
Coupon,
10/15/2030
a
447,862
Synaptics,
Inc.,
Convertible
316,000
0.750%,
12/1/2031
e
469,041
Viavi
Solutions,
Inc.,
Convertible
165,000
0.625%,
3/1/2031
a
586,483
Vishay
Intertechnology,
Inc.,
Convertible
349,000
2.250%,
9/15/2030
e
692,416
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Technology
1.1%
-
continued
Western
Digital
Corporation,
Convertible
$
43,000
3.000%,
11/15/2028
$
724,095
Ziff
Davis,
Inc.,
Convertible
33,000
1.750%,
11/1/2026
e
32,548
199,000
3.625%,
3/1/2028
a
198,051
Total
10,248,893
U.S.
Government
&
Agencies
6.9%
U.S.
Treasury
Bonds
1,600,000
3.625%,
5/15/2053
1,278,688
1,200,000
4.750%,
11/15/2053
1,160,906
7,000,000
4.625%,
2/15/2035
7,111,016
1,200,000
4.625%,
2/15/2046
1,151,813
U.S.
Treasury
Notes
1,600,000
3.625%,
8/31/2027
1,590,750
26,000,000
3.500%,
1/31/2028
25,731,875
11,400,000
4.125%,
7/31/2028
11,391,984
3,500,000
4.000%,
2/28/2030
3,478,809
3,700,000
3.625%,
9/30/2030
3,618,484
200,000
3.875%,
4/30/2031
197,125
7,300,000
4.000%,
11/15/2035
7,061,609
Total
63,773,059
Utilities
1.0%
AES
Corporation
165,000
7.600%,
1/15/2055
b
168,940
Algonquin
Power
&
Utilities
Corporation
225,000
4.750%,
1/18/2082
b
222,814
Alliant
Energy
Corporation,
Convertible
87,000
3.250%,
5/30/2028
95,735
American
Electric
Power
Company,
Inc.
158,000
6.050%,
3/15/2056
b
157,111
158,000
6.950%,
12/15/2054
b,e
168,744
CenterPoint
Energy,
Inc.
124,000
7.000%,
2/15/2055
b
128,443
83,000
6.700%,
5/15/2055
b
85,401
CenterPoint
Energy,
Inc.,
Convertible
165,000
3.000%,
8/1/2028
a
175,312
104,000
2.875%,
5/15/2029
a
104,645
CMS
Energy
Corporation,
Convertible
128,000
3.375%,
5/1/2028
142,784
125,000
3.125%,
5/1/2031
a
127,250
Dominion
Energy,
Inc.
158,000
6.875%,
2/1/2055
b
163,263
158,000
7.000%,
6/1/2054
b
167,289
235,000
6.250%,
12/15/2056
b,e
235,995
Duke
Energy
Corporation
240,000
3.250%,
1/15/2082
b
236,529
157,000
6.450%,
9/1/2054
b,e
163,029
Duke
Energy
Corporation,
Convertible
241,000
3.000%,
3/15/2029
a
239,795
Edison
International
220,000
5.000%,
12/15/2026
b,h
216,943
Entergy
Corporation
71,000
5.875%,
6/15/2056
b
71,011
Principal
Amount
Long-Term
Fixed
Income 47.4%
Value
Utilities
1.0%
-
continued
$
145,000
6.100%,
6/15/2056
b
$
145,298
Evergy,
Inc.,
Convertible
179,000
4.500%,
12/15/2027
254,610
Exelon
Corporation,
Convertible
165,000
3.250%,
3/15/2029
a
167,343
FirstEnergy
Corporation,
Convertible
185,000
3.625%,
1/15/2029
201,927
188,000
3.875%,
1/15/2031
208,718
NextEra
Energy
Capital
Holdings,
Inc.
150,000
3.800%,
3/15/2082
b
147,953
331,000
6.750%,
6/15/2054
b,e
344,749
135,000
6.625%,
10/1/2066
b
137,079
NextEra
Energy
Capital
Holdings,
Inc.,
Convertible
115,000
3.000%,
3/1/2027
151,053
NiSource,
Inc.
81,000
6.375%,
3/31/2055
b
83,515
145,000
5.750%,
7/15/2056
b,e
144,790
160,000
6.950%,
11/30/2054
b
165,442
NRG
Energy,
Inc.
189,000
10.250%,
3/15/2028
a,b,h
203,937
PacifiCorp
155,000
7.125%,
8/15/2056
b
153,960
PG&E
Corporation,
Convertible
725,000
4.250%,
12/1/2027
740,950
Pinnacle
West
Capital
Corporation,
Convertible
80,000
4.750%,
6/15/2027
95,327
PPL
Capital
Funding,
Inc.,
Convertible
173,000
2.875%,
3/15/2028
196,355
160,000
3.000%,
12/1/2030
a
162,688
Puget
Energy,
Inc.
158,000
7.000%,
9/15/2056
b
159,727
Sempra
162,000
6.550%,
4/1/2055
b
163,314
162,000
6.625%,
4/1/2055
b
163,803
121,000
6.400%,
10/1/2054
b
121,648
162,000
6.875%,
10/1/2054
b,e
165,266
Southern
Company
210,000
3.750%,
9/15/2051
b
209,283
Southern
Company,
Convertible
145,000
4.500%,
6/15/2027
159,718
251,000
3.250%,
6/15/2028
253,652
WEC
Energy
Group,
Inc.
145,000
5.625%,
5/15/2056
b
144,124
WEC
Energy
Group,
Inc.,
Convertible
143,000
4.375%,
6/1/2027
172,959
94,000
3.375%,
6/1/2028
97,572
134,000
4.375%,
6/1/2029
166,026
Xcel
Energy,
Inc.
160,000
5.750%,
12/3/2056
b
158,122
Total
8,911,941
Total
Long-Term
Fixed
Income
(cost
$444,120,358)
438,646,920
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Shares
Registered
Investment
Companies
28.8%
Value
U.S.
Affiliated
28.0%
6,853,315
Thrivent
Core
Emerging
Markets
Debt
Fund
$
61,131,567
3,960,756
Thrivent
Core
High
Yield
Bond
Fund
78,581,391
5,276,762
Thrivent
Core
Investment
Grade
Corporate
Bond
Fund
103,741,150
608,427
Thrivent
International
Large
Cap
ETF
15,422,529
Total
258,876,637
U.S.
Unaffiliated
0.8%
14,380
abrdn
Asia-Pacific
Income
Fund,
Inc.
211,530
48,060
abrdn
Income
Credit
Strategies
Fund
249,912
13,509
abrdn
Total
Dynamic
Dividend
Fund
139,278
27,883
AllianceBernstein
Global
High
Income
Fund,
Inc.
287,195
39,038
Allspring
Income
Opportunities
Fund
253,747
10,604
BlackRock
Capital
Allocation
Term
Trust
168,922
8,155
BlackRock
Core
Bond
Trust
74,781
35,125
BlackRock
Corporate
High
Yield
Fund,
Inc.
300,670
28,301
BlackRock
Credit
Allocation
Income
Trust
289,236
5,762
BlackRock
Debt
Strategies
Fund,
Inc.
55,891
6,177
BlackRock
Enhanced
Equity
Dividend
Trust
59,114
21,332
BlackRock
Enhanced
Global
Dividend
Trust
257,904
16,432
BlackRock
Enhanced
International
Dividend
Trust
94,320
13,516
BlackRock
Income
Trust,
Inc.
144,892
24,461
BlackRock
Multi-Sector
Income
Trust
306,252
17,573
Blackstone
Strategic
Credit
2027
Term
Fund
198,575
21,815
Cornerstone
Strategic
Investment
Fund,
Inc.
164,921
26,988
Eaton
Vance
Limited
Duration
Income
Fund
252,878
13,029
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
127,815
182
iShares
Semiconductor
ETF
116,618
54,726
Nuveen
Credit
Strategies
Income
Fund
265,968
19,794
Nuveen
Preferred
Income
Opportunities
Fund
155,977
21,717
PGIM
Global
High
Yield
Fund,
Inc.
262,776
16,825
PGIM
High
Yield
Bond
Fund,
Inc.
219,734
12,370
PIMCO
Dynamic
Income
Fund
206,579
19,283
PIMCO
High
Income
Fund
89,859
19,833
PIMCO
Income
Strategy
Fund
II
141,409
3,310
Tri-Continental
Corporation
113,930
8,602
Vanguard
Short-Term
Corporate
Bond
ETF
679,816
5,408
Virtus
Convertible
&
Income
Fund
95,127
15,323
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
232,756
Shares
Registered
Investment
Companies 28.8%
Value
U.S.
Unaffiliated
0.8% -
continued
4,754
Virtus
Equity
&
Convertible
Income
Fund
$
127,692
35,139
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
215,754
9,987
Western
Asset
Diversified
Income
Fund
135,424
67,749
Western
Asset
High
Income
Opportunity
Fund,
Inc.
246,606
Total
6,943,858
Total
Registered
Investment
Companies
(cost
$262,690,199)
265,820,495
Shares
Common
Stock
19.4%
Value
Communications
Services
1.5%
9,873
Alphabet,
Inc.,
Class
A
3,528,314
12,585
Alphabet,
Inc.,
Class
C
4,446,658
8,906
AT&T,
Inc.
184,354
16,764
Comcast
Corporation
411,556
254
Liberty
Global,
Ltd.,
Class
A
j
2,888
5,065
Meta
Platforms,
Inc.
2,853,064
7,057
Netflix,
Inc.
j
503,870
1,052
Reddit,
Inc.
j
182,606
402
ROBLOX
Corporation
j
21,861
40
Space
Exploration
Technologies
Corporation
j
6,834
17,171
Universal
Music
Group
NV
359,723
2,728
Walt
Disney
Company
262,570
20,556
Warner
Brothers
Discovery,
Inc.
j
548,023
22,750
Warner
Music
Group
Corporation
615,843
Total
13,928,164
Consumer
Discretionary
1.9%
9,054
ADT,
Inc.
58,851
2,107
Advance
Auto
Parts,
Inc.
131,097
3,157
Airbnb,
Inc.
j
451,767
24,364
Amazon.com,
Inc.
j
5,806,916
6,344
Aptiv
plc
j
389,395
42
AutoZone,
Inc.
j
134,229
775
Boot
Barn
Holdings,
Inc.
j
127,309
289
Build-A-Bear
Workshop,
Inc.
8,846
3,511
D.R.
Horton,
Inc.
571,872
1,848
Etsy,
Inc.
j
139,210
1,064
Five
Below,
Inc.
j
191,296
592
Frontdoor,
Inc.
j
45,933
873
Garmin,
Ltd.
207,372
2,490
Garrett
Motion,
Inc.
90,213
5,662
General
Motors
Company
436,427
2,269
Hasbro,
Inc.
187,397
1,347
Hilton
Worldwide
Holdings,
Inc.
445,130
1,824
Home
Depot,
Inc.
643,288
1,174
Laureate
Education,
Inc.
j
42,640
4,009
Life
Time
Group
Holdings,
Inc.
j
163,728
4,152
Lowe's
Companies,
Inc.
915,474
338
Monarch
Casino
&
Resort,
Inc.
44,484
177
Murphy
USA,
Inc.
95,380
3,412
O'Reilly
Automotive,
Inc.
j
314,211
2,324
Pattern
Group,
Inc.
j
58,542
1,227
PulteGroup,
Inc.
168,357
3,151
Ross
Stores,
Inc.
670,690
2,445
SharkNinja,
Inc.
j
372,300
21,426
Sony
Group
Corporation
ADR
e
429,806
834
Tapestry,
Inc.
122,081
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Shares
Common
Stock 19.4%
Value
Consumer
Discretionary
1.9%
-
continued
4,250
Tesla,
Inc.
j
$
1,787,550
564
Texas
Roadhouse,
Inc.
108,982
2,795
TJX
Companies,
Inc.
423,442
2,170
Universal
Technical
Institute,
Inc.
j
92,811
5,240
Viking
Holdings,
Ltd.
j
548,471
767
Williams-Sonoma,
Inc.
178,788
7,662
Wyndham
Hotels
&
Resorts,
Inc.
645,217
2,476
Wynn
Resorts,
Ltd.
240,395
Total
17,489,897
Consumer
Staples
0.6%
3,984
BellRing
Brands,
Inc.
j
51,553
219
Casey's
General
Stores,
Inc.
174,059
743
Chefs'
Warehouse,
Inc.
j
71,402
8,457
Coca-Cola
Company
687,300
825
Colgate-Palmolive
Company
75,636
82
Costco
Wholesale
Corporation
76,709
3,560
Darling
Ingredients,
Inc.
j
194,447
1,553
John
B.
Sanfilippo
&
Son,
Inc.
133,543
25,903
Keurig
Dr
Pepper,
Inc.
847,805
1,022
Monster
Beverage
Corporation
j
98,235
3,273
PepsiCo,
Inc.
443,164
18
Procter
&
Gamble
Company
2,640
12,792
Sysco
Corporation
1,069,155
1,440
Turning
Point
Brands,
Inc.
122,127
15,794
Unilever
plc
ADR
949,535
321
United
Natural
Foods,
Inc.
j
14,660
5,816
Walmart,
Inc.
658,720
636
WD-40
Company
154,955
Total
5,825,645
Energy
0.9%
6,533
Antero
Midstream
Corporation
148,626
3,277
Chevron
Corporation
543,196
11,127
ConocoPhillips
1,156,763
23,417
Devon
Energy
Corporation
967,590
1,926
DHT
Holdings,
Inc.
31,837
30,936
Enterprise
Products
Partners,
LP
1,137,207
726
EOG
Resources,
Inc.
94,184
2,111
Expand
Energy
Corporation
192,502
15,747
Exxon
Mobil
Corporation
2,152,930
22,957
Halliburton
Company
779,390
6,030
Kinder
Morgan,
Inc.
192,779
2,571
Marathon
Petroleum
Corporation
657,328
1,843
Matador
Resources
Company
91,745
7,291
Patterson-UTI
Energy,
Inc.
66,931
10,501
Permian
Resources
Corporation
193,323
1,629
Talos
Energy,
Inc.
j
21,030
2,062
TechnipFMC
plc
136,711
911
Williams
Companies,
Inc.
67,724
Total
8,631,796
Financials
2.7%
305
Affiliated
Managers
Group,
Inc.
103,212
1,747
Allstate
Corporation
415,681
5,869
Ally
Financial,
Inc.
269,681
1,009
American
Express
Company
341,294
512
American
Financial
Group,
Inc.
71,649
8,951
American
International
Group,
Inc.
667,118
244
Ameriprise
Financial,
Inc.
111,937
227
Aon
plc
75,294
3,266
Arch
Capital
Group,
Ltd.
j
316,998
2,244
Associated
Banc-Corp
69,048
Shares
Common
Stock 19.4%
Value
Financials
2.7%
-
continued
2,348
Atlantic
Union
Bankshares
Corporation
$
99,344
352
Banc
of
California,
Inc.
7,191
36,517
Bank
of
America
Corporation
2,080,739
7,306
Bank
of
New
York
Mellon
Corporation
1,056,521
1,029
Beacon
Financial
Corporation
31,333
2,880
Berkshire
Hathaway,
Inc.
j
1,441,123
8,861
BGC
Group,
Inc.
94,724
362
BlackRock,
Inc.
348,085
4,188
Bridgewater
Bancshares,
Inc.
j
88,116
1,806
Byline
Bancorp,
Inc.
68,014
6,468
Capital
One
Financial
Corporation
1,297,610
203
Central
Pacific
Financial
Corporation
7,755
12,960
Charles
Schwab
Corporation
1,195,819
2,200
Chubb,
Ltd.
749,628
1,104
Citigroup,
Inc.
154,516
192
CNB
Financial
Corporation
6,472
694
Community
Trust
Bancorp,
Inc.
50,218
374
ConnectOne
Bancorp,
Inc.
12,507
850
Customers
Bancorp,
Inc.
j
67,235
287
Enova
International,
Inc.
j
69,090
714
Federal
Agricultural
Mortgage
Corporation
142,279
3,567
Fifth
Third
Bancorp
201,072
451
Financial
Institutions,
Inc.
17,575
429
First
American
Financial
Corporation
29,425
82
First
Financial
Corporation
6,350
8,398
Genworth
Financial,
Inc.
j
79,529
698
Goosehead
Insurance,
Inc.
j
33,853
154
Great
Southern
Bancorp,
Inc.
12,075
1,056
Hanmi
Financial
Corporation
34,214
609
Hometrust
Bancshares,
Inc.
30,383
562
Houlihan
Lokey,
Inc.
75,381
21,855
Huntington
Bancshares,
Inc./OH
387,489
427
Independent
Bank
Corporation/MI
15,402
8,116
Intercontinental
Exchange,
Inc.
999,161
7,950
JPMorgan
Chase
&
Company
2,602,273
1,208
M&T
Bank
Corporation
287,516
622
Marsh
&
McLennan
Companies,
Inc.
103,669
362
Mastercard,
Inc.
185,923
276
Mercury
General
Corporation
29,427
7,401
MetLife,
Inc.
626,199
2,016
MGIC
Investment
Corporation
56,851
9,513
Morgan
Stanley
1,988,598
1,657
Nasdaq,
Inc.
130,605
110
NBT
Bancorp,
Inc.
5,431
549
Neptune
Insurance
Holdings,
Inc.
j
17,293
987
NMI
Holdings,
Inc.
j
40,556
1,341
Northern
Trust
Corporation
233,119
484
OFG
Bancorp
23,750
3,939
Old
National
Bancorp
102,020
5,828
Old
Republic
International
Corporation
238,482
2,749
Old
Second
Bancorp,
Inc.
64,107
613
Orrstown
Financial
Services,
Inc.
25,029
1,529
Oscar
Health,
Inc.
j
43,607
65
PNC
Financial
Services
Group,
Inc.
16,004
493
Reinsurance
Group
of
America,
Inc.
104,836
3,447
Robinhood
Markets,
Inc.
j
345,665
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Shares
Common
Stock 19.4%
Value
Financials
2.7%
-
continued
59
S&P
Global,
Inc.
$
24,028
3,415
SEI
Investments
Company
299,530
1,286
Simmons
First
National
Corporation
29,128
943
SouthState
Bank
Corporation
94,206
235
StoneX
Group,
Inc.
j
27,848
191
TriCo
Bancshares
10,285
1,720
Triumph
Financial,
Inc.
j
131,253
2,401
Truist
Financial
Corporation
119,618
895
U.S.
Bancorp
54,058
1,214
United
Community
Banks,
Inc.
42,599
470
Universal
Insurance
Holdings,
Inc.
19,439
6,119
Valley
National
Bancorp
89,643
2,541
Visa,
Inc.
871,792
24,043
Wells
Fargo
&
Company
1,986,914
446
WesBanco,
Inc.
17,407
813
Wintrust
Financial
Corporation
130,665
1,168
Zions
Bancorp
NA
80,814
Total
24,732,327
Health
Care
2.0%
2,830
AbbVie,
Inc.
712,141
1,825
Agilent
Technologies,
Inc.
242,415
843
Amgen,
Inc.
305,267
6,057
Boston
Scientific
Corporation
j
258,513
2,542
BrightSpring
Health
Services,
Inc.
j
177,279
5,885
Bristol-Myers
Squibb
Company
339,094
1,340
Cencora,
Inc.
379,193
1,233
Centene
Corporation
j
79,146
3,728
Cigna
Group
1,027,735
3,717
Concentra
Group
Holdings
Parent,
Inc.
110,581
1,153
CVS
Health
Corporation
119,278
1,840
Danaher
Corporation
350,483
2,533
Dexcom,
Inc.
j
170,598
101
Edwards
Lifesciences
Corporation
j
9,136
133
Elevance
Health,
Inc.
51,435
1,031
Eli
Lilly
&
Company
1,236,612
1,064
Encompass
Health
Corporation
107,549
3,646
Exelixis,
Inc.
j
198,379
4,838
Gilead
Sciences,
Inc.
611,233
4,261
ICON
plc
j
740,178
709
ICU
Medical,
Inc.
j
103,939
1,435
Illumina,
Inc.
j
252,316
334
Insulet
Corporation
j
50,851
1,537
Intuitive
Surgical,
Inc.
j
611,234
824
Janux
Therapeutics,
Inc.
j
12,657
768
Jazz
Pharmaceuticals,
Inc.
j
185,065
9,158
Johnson
&
Johnson
2,325,857
3,853
Labcorp
Holdings,
Inc.
1,078,840
1,483
LivaNova
plc
j
121,947
720
Medpace
Holdings,
Inc.
j
381,305
5,101
Medtronic
plc
399,051
13,091
Merck
&
Company,
Inc.
1,682,194
173
Mettler-Toledo
International,
Inc.
j
221,009
3,070
Neurocrine
Biosciences,
Inc.
j
517,402
750
Regeneron
Pharmaceuticals,
Inc.
467,655
613
Repligen
Corporation
j
83,638
3,836
Royalty
Pharma
plc
215,085
921
Stryker
Corporation
289,968
1,015
Tenet
Healthcare
Corporation
j
189,886
2,212
Twist
Bioscience
Corporation
j
227,571
356
UFP
Technologies,
Inc.
j
94,386
214
United
Therapeutics
Corporation
j
115,952
2,486
UnitedHealth
Group,
Inc.
1,033,256
Shares
Common
Stock 19.4%
Value
Health
Care
2.0%
-
continued
783
Veeva
Systems,
Inc.
j
$
138,959
2,143
Waystar
Holding
Corporation
j
43,996
7,790
Zimmer
Biomet
Holdings,
Inc.
670,641
Total
18,740,905
Industrials
2.5%
1,323
3M
Company
214,207
231
Acuity,
Inc.
e
87,008
403
Advanced
Drainage
Systems,
Inc.
63,255
4,027
Allegheny
Technologies,
Inc.
j
793,722
968
Allegion
plc
135,994
12,495
Amentum
Holdings,
Inc.
j
258,272
1,971
AMETEK,
Inc.
476,864
354
Applied
Industrial
Technologies,
Inc.
119,705
1,147
Automatic
Data
Processing,
Inc.
256,871
1,910
Badger
Infrastructure
Solutions,
Ltd.
125,273
3,306
Barrett
Business
Services,
Inc.
117,429
227
Bloom
Energy
Corporation
j
68,713
492
BWX
Technologies,
Inc.
95,768
975
C.H.
Robinson
Worldwide,
Inc.
183,631
1,021
Caterpillar,
Inc.
1,087,263
355
CECO
Environmental
Corporation
j
32,213
1,328
Clean
Harbors,
Inc.
j
396,740
86,148
CNH
Industrial
NV
967,442
3,473
Copart,
Inc.
j
97,904
286
CSW
Industrials,
Inc.
79,594
29,950
CSX
Corporation
1,423,523
203
Cummins,
Inc.
144,782
399
Curtiss-Wright
Corporation
302,346
10,065
Delta
Air
Lines,
Inc.
942,688
762
Eaton
Corporation
plc
324,703
479
EMCOR
Group,
Inc.
397,512
279
ESCO
Technologies,
Inc.
97,661
12,762
Fastenal
Company
612,959
140
Ferguson
Enterprises,
Inc.
33,226
10,807
Flowserve
Corporation
801,447
1,123
Fluor
Corporation
j
58,834
345
GE
Vernova,
Inc.
405,327
3,142
General
Dynamics
Corporation
1,113,022
3,383
General
Electric
Company
1,264,329
88
HEICO
Corporation
22,696
1,737
Helios
Technologies,
Inc.
155,027
7,876
Hexcel
Corporation
788,073
2,281
Honeywell
Aerospace,
Inc.
j
504,173
2,280
Honeywell
International,
Inc.
510,492
964
Howmet
Aerospace,
Inc.
259,181
969
IDEX
Corporation
219,915
238
IES
Holdings,
Inc.
j
174,849
246
Innodata,
Inc.
j
18,593
3,622
Jacobs
Solutions,
Inc.
456,372
2,660
JB
Hunt
Transport
Services,
Inc.
769,884
1,343
Johnson
Controls
International
plc
196,226
582
Kirby
Corporation
j
79,134
1,463
Korn
Ferry
97,407
2,629
L3Harris
Technologies,
Inc.
763,961
985
Limbach
Holdings,
Inc.
j
75,845
886
Lincoln
Electric
Holdings,
Inc.
235,242
368
Modine
Manufacturing
Company
j
98,263
375
Moog,
Inc.
158,940
92
Mueller
Industries,
Inc.
11,310
980
NPK
International,
Inc.
j
15,592
234
NWPX
Infrastructure,
Inc.
j
35,086
687
Old
Dominion
Freight
Line,
Inc.
148,804
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Shares
Common
Stock 19.4%
Value
Industrials
2.5%
-
continued
674
Parker-Hannifin
Corporation
$
659,253
314
Quanta
Services,
Inc.
226,093
342
RBC
Bearings,
Inc.
j
220,268
526
Republic
Services,
Inc.
112,080
528
Rockwell
Automation,
Inc.
261,402
3,702
RTX
Corporation
702,380
71
Saia,
Inc.
j
29,902
1,846
Timken
Company
268,261
2,018
Toro
Company
196,594
3,645
Uber
Technologies,
Inc.
j
263,023
2,327
UL
Solutions,
Inc.
237,028
195
United
Rentals,
Inc.
220,914
158
V2X,
Inc.
j
11,780
208
Valmont
Industries,
Inc.
120,141
697
Verisk
Analytics,
Inc.
125,132
21
Vicor
Corporation
j
7,975
291
WESCO
International,
Inc.
100,520
594
Woodward,
Inc.
252,711
Total
23,390,749
Information
Technology
5.2%
820
Adobe,
Inc.
j
168,116
2,590
Advanced
Micro
Devices,
Inc.
j
1,504,557
3,431
Amphenol
Corporation
604,954
1,524
Analog
Devices,
Inc.
605,287
19,702
Apple,
Inc.
5,700,971
3,278
Applied
Materials,
Inc.
2,369,994
5,243
Arista
Networks,
Inc.
j
890,681
1,513
Autodesk,
Inc.
j
294,157
6,369
Broadcom,
Inc.
2,405,890
973
Cadence
Design
Systems,
Inc.
j
365,186
17,748
Cisco
Systems,
Inc.
2,084,680
1,382
Cohu,
Inc.
j
102,144
1,680
Crane
NXT
Company
85,949
49
CrowdStrike
Holdings,
Inc.
j
37,394
1,079
Datadog,
Inc.
j
280,928
1,641
DocuSign,
Inc.
j
72,893
415
Fabrinet
j
233,263
2,156
Flex,
Ltd.
j
349,423
6,264
Fortinet,
Inc.
j
962,276
3,137
GPGI,
Inc.
49,721
477
Guidewire
Software,
Inc.
j
58,695
4,789
Intel
Corporation
j
668,688
2,198
International
Business
Machines
Corporation
618,100
5,057
JFrog,
Ltd.
j
459,580
1,123
Keysight
Technologies,
Inc.
j
393,129
1,941
Knowles
Corporation
j
80,513
2,135
Lam
Research
Corporation
925,159
454
Littelfuse,
Inc.
206,720
1,745
Micron
Technology,
Inc.
2,014,236
14,894
Microsoft
Corporation
5,555,760
174
Monolithic
Power
Systems,
Inc.
240,531
475
Motorola
Solutions,
Inc.
197,263
26,760
Nokia
Oyj
ADR
355,373
3,954
Nutanix,
Inc.
j
201,496
37,050
NVIDIA
Corporation
7,413,334
129
NXP
Semiconductors
NV
36,253
1,266
Onto
Innovation,
Inc.
j
479,118
2,762
Palantir
Technologies,
Inc.
j
322,242
2,855
Pegasystems,
Inc.
85,564
508
Plexus
Corporation
j
152,740
6,539
Qualcomm,
Inc.
1,208,342
624
Rogers
Corporation
j
102,167
2,253
SailPoint,
Inc.
e,j
32,984
Shares
Common
Stock 19.4%
Value
Information
Technology
5.2%
-
continued
11,605
Samsung
Electronics
Company,
Ltd.
$
2,575,117
306
SanDisk
Corporation
j
695,761
3,735
ServiceNow,
Inc.
j
370,811
582
Snowflake,
Inc.
j
148,119
325
Synopsys,
Inc.
j
144,973
1,070
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
ADR
511,000
5,461
TD
SYNNEX
Corporation
1,459,944
137
Teradyne,
Inc.
66,286
2,284
Texas
Instruments,
Inc.
680,792
1,024
TTM
Technologies,
Inc.
j
191,508
351
Western
Digital
Corporation
224,191
910
Zebra
Technologies
Corporation
j
239,567
Total
48,284,520
Materials
0.7%
322
Air
Products
and
Chemicals,
Inc.
94,404
1,821
Alcoa
Corporation
94,947
2,959
Amrize,
Ltd.
157,715
439
AptarGroup,
Inc.
54,963
1,843
Ashland,
Inc.
121,435
750
Balchem
Corporation
126,712
2,391
Celanese
Corporation
109,986
289
Century
Aluminum
Company
j
13,297
6,494
CF
Industries
Holdings,
Inc.
703,040
9,324
Constellium
SE
j
297,156
5,510
Crown
Holdings,
Inc.
616,128
3,274
Eastman
Chemical
Company
219,293
1,196
Ecolab,
Inc.
333,218
2,285
Ecovyst,
Inc.
j
28,448
3,242
Element
Solutions,
Inc.
154,805
2,368
Freeport-McMoRan,
Inc.
148,924
1,591
Greif,
Inc.
118,514
7,565
International
Paper
Company
288,226
8,549
Ivanhoe
Mines,
Ltd.
j
66,969
65
Kaiser
Aluminum
Corporation
12,716
1,300
Linde
plc
674,622
885
Louisiana-Pacific
Corporation
69,614
1,884
Newmont
Corporation
175,966
4,304
Nucor
Corporation
958,716
524
Perimeter
Solutions,
Inc.
j
18,681
4,112
Solstice
Advanced
Materials,
Inc.
364,323
400
SSR
Mining,
Inc.
j
11,312
1,503
Steel
Dynamics,
Inc.
344,878
Total
6,379,008
Real
Estate
0.6%
1,134
Agree
Realty
Corporation
85,889
1,907
AvalonBay
Communities,
Inc.
359,832
4,172
CBRE
Group,
Inc.
j
561,927
10,342
Crown
Castle,
Inc.
783,200
1,340
EPR
Properties
77,733
183
Equinix,
Inc.
190,757
1,497
Equity
Lifestyle
Properties,
Inc.
96,482
10,609
Essential
Properties
Realty
Trust,
Inc.
316,679
1,100
Extra
Space
Storage,
Inc.
159,830
6,831
Fermi,
Inc.
j
62,572
4,806
First
Industrial
Realty
Trust,
Inc.
294,656
362
Getty
Realty
Corporation
12,076
30,335
Healthcare
Realty
Trust,
Inc.
611,857
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Shares
Common
Stock 19.4%
Value
Real
Estate
0.6%
-
continued
739
Innovative
Industrial
Properties,
Inc.
$
45,803
871
Iron
Mountain,
Inc.
110,016
1,144
Jones
Lang
LaSalle,
Inc.
j
354,583
619
Kite
Realty
Group
Trust
17,567
1,216
Medical
Properties
Trust,
Inc.
5,618
3,850
Millrose
Properties,
Inc.
115,692
1,777
NetSTREIT
Corporation
37,548
4,391
Sabra
Health
Care
REIT,
Inc.
85,668
606
Simon
Property
Group,
Inc.
135,532
8,393
Tanger,
Inc.
331,272
1,930
Terreno
Realty
Corporation
125,006
Total
4,977,795
Utilities
0.8%
2,285
Alliant
Energy
Corporation
174,323
269
American
States
Water
Company
22,227
3,923
CenterPoint
Energy,
Inc.
172,769
4,635
Constellation
Energy
Corporation
1,151,195
8,042
Duke
Energy
Corporation
1,017,956
7,100
Edison
International
528,595
10,908
Entergy
Corporation
1,252,893
6,114
Evergy,
Inc.
528,433
449
Eversource
Energy
32,449
3,570
NiSource,
Inc.
169,753
7,652
PG&E
Corporation
128,707
1,124
Pinnacle
West
Capital
Corporation
120,268
6,730
Portland
General
Electric
Company
348,816
873
Spire,
Inc.
68,173
11,705
UGI
Corporation
404,291
127
Unitil
Corporation
6,692
4,740
Vistra
Energy
Corporation
751,906
Total
6,879,446
Total
Common
Stock
(cost
$118,413,305)
179,260,252
Shares
Preferred
Stock
1.4%
Value
Basic
Materials
0.1%
6,827
Albemarle
Corporation,
Convertible,
7.250%
377,874
Total
377,874
Capital
Goods
0.1%
15,543
Boeing
Company,
Convertible,
6.000%
1,046,044
Total
1,046,044
Communications
Services
<0.1%
14,275
AT&T,
Inc.,
4.750%
h
254,666
4,250
Telephone
and
Data
Systems,
Inc.,
6.000%
e,h
78,837
Total
333,503
Financials
0.8%
5,100
AEGON
Funding
Company,
LLC,
5.100%
95,880
7,000
Allstate
Corporation,
5.100%
e,h
139,160
4,496
Ares
Management
Corporation,
Convertible,
6.750%
164,778
6,818
Athene
Holding,
Ltd.,
5.625%
h
126,747
Shares
Preferred
Stock 1.4%
Value
Financials
0.8%
-
continued
12,275
Bank
of
America
Corporation,
4.250%
h
$
210,148
16,050
Bank
of
America
Corporation,
4.375%
h
285,529
8,025
Bank
of
America
Corporation,
4.750%
e,h
154,321
11,550
Bank
of
America
Corporation,
5.000%
h
231,924
470
Bank
of
America
Corporation,
Convertible,
7.250%
h
589,615
5,500
Brookfield
Finance,
Inc.,
4.625%
83,600
3,900
Capital
One
Financial
Corporation,
4.800%
e,h
68,289
8,225
Capital
One
Financial
Corporation,
5.000%
h
150,353
3,900
Charles
Schwab
Corporation,
4.450%
h
68,172
6,100
Citigroup,
Inc.,
6.250%
h
153,476
2,750
Citizens
Financial
Group,
Inc.,
7.375%
h
70,372
6,425
Corebridge
Financial,
Inc.,
6.375%
147,390
7,800
Fifth
Third
Bancorp,
4.950%
e,h
139,620
7,800
Huntington
Bancshares,
Inc./OH,
4.500%
h
127,920
16,000
JPMorgan
Chase
&
Company,
4.200%
h
274,720
12,050
JPMorgan
Chase
&
Company,
4.625%
h
225,576
10,750
JPMorgan
Chase
&
Company,
4.750%
h
207,583
3,900
KeyCorp,
5.650%
e,h
81,393
9,950
KeyCorp,
6.200%
b,e,h
248,153
7,905
KKR
&
Company,
Inc.,
Convertible,
6.250%
315,014
7,700
MetLife,
Inc.,
4.750%
e,h
143,528
7,050
Morgan
Stanley,
4.250%
h
119,639
5,400
Morgan
Stanley,
5.850%
e,h
127,224
3,600
Morgan
Stanley,
6.625%
e,h
91,440
13,084
Morgan
Stanley,
7.125%
e,h
329,978
13,025
Public
Storage,
4.125%
h
205,925
5,025
Public
Storage,
4.625%
e,h
89,395
1,275
Public
Storage,
4.700%
h
22,899
7,800
Regions
Financial
Corporation,
4.450%
h
125,658
3,900
Regions
Financial
Corporation,
5.700%
b,h
95,355
7,800
Truist
Financial
Corporation,
4.750%
e,h
144,300
10,000
U.S.
Bancorp,
4.000%
e,h
153,700
12,850
Wells
Fargo
&
Company,
4.375%
h
220,378
7,800
Wells
Fargo
&
Company,
4.700%
h
143,130
11,800
Wells
Fargo
&
Company,
4.750%
e,h
220,424
605
Wells
Fargo
&
Company,
Convertible,
7.500%
h
699,985
Total
7,292,691
Technology
0.2%
7,382
Alphabet,
Inc.,
Series
A,
Convertible
j
375,670
7,409
Alphabet,
Inc.,
Series
B,
Convertible
372,673
4,574
Hewlett
Packard
Enterprise
Company,
Convertible,
7.625%
529,029
5,329
Microchip
Technology,
Inc.,
Convertible,
7.500%
408,788
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Shares
Preferred
Stock 1.4%
Value
Technology
0.2%
-
continued
7,469
Oracle
Corporation,
Convertible,
6.500%
$
335,731
Total
2,021,891
Utilities
0.2%
15,500
CMS
Energy
Corporation,
4.200%
h
264,430
7,000
DTE
Energy
Company
166,320
4,500
NextEra
Energy
Capital
Holdings,
Inc.
j
112,590
2,455
NextEra
Energy,
Inc.,
Convertible,
7.234%
122,013
4,399
NextEra
Energy,
Inc.,
Convertible,
7.299%
233,763
4,452
NextEra
Energy,
Inc.,
Convertible,
7.375%
213,429
3,026
PPL
Corporation,
Convertible,
7.000%
148,486
13,600
Southern
Company,
4.950%
261,664
5,945
Southern
Company,
Convertible,
7.125%
295,704
Total
1,818,399
Total
Preferred
Stock
(cost
$13,827,605)
12,890,402
Shares
Collateral
Held
for
Securities
Loaned
0.8%
Value
7,800,088
Thrivent
Cash
Management
Trust
7,800,088
Total
Collateral
Held
for
Securities
Loaned
(cost
$7,800,088)
7,800,088
Shares
or
Principal
Amount
Short-Term
Investments
5.3%
Value
Federal
Home
Loan
Bank
Discount
Notes
100,000
3.630%,
7/15/2026
k,l
99,850
400,000
3.620%,
7/24/2026
k,l
399,037
100,000
3.590%,
7/31/2026
k,l
99,689
200,000
3.615%,
8/21/2026
k,l
198,943
700,000
3.620%,
8/26/2026
k,l
695,943
400,000
3.630%,
9/4/2026
k,l
397,298
200,000
3.647%,
9/11/2026
k,l
198,505
100,000
3.685%,
9/18/2026
k,l
99,181
Federal
Home
Loan
Mortgage
Corporation
Discount
Notes
600,000
3.600%,
7/20/2026
k,l
598,797
State
Street
Institutional
U.S.
Government
Money
Market
Fund
15,308,648
3.585%
k
15,308,648
Thrivent
Core
Short-Term
Reserve
Fund
3,010,582
3.960%
30,105,823
U.S.
Treasury
Bills
600,000
3.614%,
8/27/2026
k,m
596,513
Total
Short-Term
Investments
(cost
$48,799,676)
48,798,227
Total
Investments
(cost
$895,651,231)
103.1%
$953,216,384
Other
Assets
and
Liabilities,
Net
(3.1%)
(29,067,370)
Total
Net
Assets
100.0%
$924,149,014
a
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
June
30,
2026,
the
value
of
these
investments
was
$134,504,659
or
14.6%
of
total
net
assets.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
June
30,
2026.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description. The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
c
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
d
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
e
All
or
a
portion
of
the
security
is
on
loan.
f
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
June
30,
2026.
g
Denotes
interest
only
security. Interest
only
securities
represent
the
right
to
receive
monthly
interest
payments
on
an
underlying
pool
of
mortgages
or
assets. The
principal
shown
is
the
outstanding
par
amount
of
the
pool
as
of
the
end
of
the
period.
The
actual
effective
yield
of
the
security
is
different
than
the
stated
coupon
rate.
h
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
i
Defaulted
security. Interest
is
not
being
accrued.
j
Non-income
producing
security.
k
The
interest
rate
shown
reflects
the
yield.
l
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.
m
All
or
a
portion
of
the
security
is
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Conservative
Allocation
Fund
as
of
June
30,
2026
was
$67,200
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
June
30,
2026.
Security
Acquisition
Date
Cost
Credit
Suisse
Group
AG
5/17/2021
$
144,113
Credit
Suisse
Group
AG
12/4/2013
150,000
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
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
Conservative
Allocation
Fund
as
of
June
30,
2026:
Securities
Lending
Transactions
Common
Stock
$
2,173,213
Long-Term
Fixed
Income
5,225,655
Total
lending
$7,398,868
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$7,800,088
Net
amounts
due
to
counterparty
$401,220
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
DAC
-
Designated
Activity
Company
ETF
-
Exchange-Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
S&P
-
Standard
&
Poor's
Ser.
-
Series
STRIPS
-
Separate
Trading
of
Registered
Interest
and
Principal
of
Securities
Reference
Rate
Index:
CMT
1Y
-
Constant
Maturity
Treasury
Yield
1
Year
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
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
$73,775,758
Gross
unrealized
depreciation
(21,266,937)
Net
unrealized
appreciation
(depreciation)
$52,508,821
Cost
for
federal
income
tax
purposes
$899,609,226
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
June
30,
2026,
in
valuing
Conservative
Allocation
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Asset-Backed
Securities
58,194,648
–
58,194,648
–
Basic
Materials
247,026
–
247,026
–
Capital
Goods
3,578,117
–
3,578,117
–
Collateralized
Mortgage
Obligations
87,260,780
–
87,260,780
–
Commercial
Mortgage-Backed
Securities
4,748,834
–
4,748,834
–
Communications
Services
1,834,604
–
1,834,604
–
Consumer
Cyclical
4,007,152
–
4,007,152
–
Consumer
Non-Cyclical
3,688,720
–
3,688,720
–
Energy
3,234,197
–
3,234,197
–
Financials
13,713,459
–
13,713,459
–
Mortgage-Backed
Securities
175,205,490
–
175,205,490
–
Technology
10,248,893
–
10,248,893
–
U.S.
Government
&
Agencies
63,773,059
–
63,773,059
–
Utilities
8,911,941
–
8,911,941
–
Registered
Investment
Companies
U.S.
Affiliated
197,745,070
197,745,070
–
–
U.S.
Unaffiliated
6,943,858
6,943,858
–
–
Common
Stock
Communications
Services
13,928,164
13,568,441
359,723
–
Consumer
Discretionary
17,489,897
17,489,897
–
–
Consumer
Staples
5,825,645
5,825,645
–
–
Energy
8,631,796
8,631,796
–
–
Financials
24,732,327
24,732,327
–
–
Health
Care
18,740,905
18,740,905
–
–
Industrials
23,390,749
23,265,476
125,273
–
Information
Technology
48,284,520
45,709,403
2,575,117
–
Materials
6,379,008
6,312,039
66,969
–
Real
Estate
4,977,795
4,977,795
–
–
Utilities
6,879,446
6,879,446
–
–
Preferred
Stock
Basic
Materials
377,874
377,874
–
–
Capital
Goods
1,046,044
1,046,044
–
–
Communications
Services
333,503
333,503
–
–
Financials
7,292,691
7,292,691
–
–
Technology
2,021,891
2,021,891
–
–
Utilities
1,818,399
1,818,399
–
–
Short-Term
Investments
18,692,404
15,308,648
3,383,756
–
Subtotal
Investments
in
Securities
$854,178,906
$409,021,148
$445,157,758
$–
Other
Investments *
Total
U.S.
Affiliated
Registered
Investment
Cos.
61,131,567
Affiliated
Short-Term
Investments
30,105,823
Collateral
Held
for
Securities
Loaned
7,800,088
Subtotal
Other
Investments
$99,037,478
Total
Investments
at
Value
$953,216,384
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
Chicago
Mercantile
Exchange
Europe,
Australasia
and
Far
East
Intercontinental
Exchange
Morgan
Stanley
Capital
International
The
following
table
is
a
summary
of
the
inputs
used,
as
of
June
30,
2026,
in
valuing
Conservative
Allocation
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
320,089
320,089
–
–
Total
Asset
Derivatives
$320,089
$320,089
$–
$–
Liability
Derivatives
Futures
Contracts
928,739
576,546
352,193
–
Credit
Default
Swaps
489,687
–
489,687
–
Total
Liability
Derivatives
$1,418,426
$576,546
$841,880
$–
The
following
table
presents
Conservative
Allocation
Fund's
futures
contracts
held
as
of
June
30,
2026.
Investments
and/or
cash
totaling
$2,787,243
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
20
September
2026
$
2,180,212
$
17,601
CME
E-mini
S&P
500
Index
45
September
2026
16,790,220
193,342
ICE
mini
MSCI
EAFE
Index
94
September
2026
14,756,835
26,075
ICE
US
mini
MSCI
Emerging
Markets
Index
101
September
2026
8,791,294
83,071
Total
Futures
Long
Contracts
$
42,518,561
$
320,089
CBOT
U.S.
Long
Bond
(21)
September
2026
(
$
2,324,542)
(
$
58,958)
CME
E-mini
Russell
2000
Index
(95)
September
2026
(
13,974,660)
(
491,940)
CME
E-mini
S&P
Mid-Cap
400
Index
(3)
September
2026
(
1,139,852)
(
25,648)
Eurex
Euro
STOXX
50
Index
(158)
September
2026
(
11,142,163)
(
352,193)
Total
Futures
Short
Contracts
(
$
28,581,217)
($928,739)
Total
Futures
Contracts
$
13,937,344
($608,650)
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
The
following
table
presents
Conservative
Allocation
Fund's
credit
default
swap
contracts
held
as
of
June
30,
2026.
Investments
totaling
$596,513
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
46,
5
Year,
at
5.00%,
Quarterly
Buy
6/20/2031
$
11,617,650
$
–
(
$
489,687)
(
$
489,687)
Total
Credit
Default
Swaps
$–
($489,687)
($489,687)
1
As
the
buyer
of
protection,
Conservative
Allocation
Fund
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Conservative
Allocation
Fund
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Conservative
Allocation
Fund
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
June
30,
2026,
for
Conservative
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
302,488
Total
Equity
Contracts
302,488
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
17,601
Total
Interest
Rate
Contracts
17,601
Total
Asset
Derivatives
$320,089
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
869,781
Total
Equity
Contracts
869,781
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
58,958
Total
Interest
Rate
Contracts
58,958
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
489,687
Total
Credit
Contracts
489,687
Total
Liability
Derivatives
$1,418,426
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments. Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
June
30,
2026,
for
Conservative
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
$
43,197
Total
Interest
Rate
Contracts
43,197
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
733,914
Total
Return
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
9,423
Total
Equity
Contracts
743,337
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(69,466)
Total
Foreign
Exchange
Contracts
(69,466)
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
255,951
Total
Credit
Contracts
255,951
Total
$973,019
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
June
30,
2026,
for
Conservative
Allocation
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(
$
639,007)
Total
Equity
Contracts
(639,007)
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(57,137)
Total
Interest
Rate
Contracts
(57,137)
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(452,504)
Total
Credit
Contracts
(452,504)
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
79,084
Total
Foreign
Exchange
Contracts
79,084
Total
($1,069,564)
The
following
table
presents
Conservative
Allocation
Fund's
average
volume
of
derivative
activity
during
the
period
ended
June
30,
2026.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$31,945,251
Futures
-
Short
(27,181,509)
Total
Return
Swaps
-
Long
2,292,938
Interest
Rate
Contracts
Futures
-
Long
5,513,797
Futures
-
Short
(2,398,590)
Foreign
Exchange
Contracts
Futures
-
Long
7,116,202
Futures
-
Short
(52,880)
Credit
Contracts
Credit
Default
Swaps
-
Buy
Protection
(851,998)
Conservative
Allocation
Fund
Schedule
of
Investments
as
of
June
30,
2026
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
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
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Conservative
Allocation
Fund,
is
as
follows:
Fund
Value
12/31/2025
Gross
Purchases
Gross
Sales
Value
6/30/2026
Shares
Held
at
6/30/2026
%
of
Net
Assets
6/30/2026
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$66,858
$1,732
$7,960
$61,132
6,853
6.6%
Core
High
Yield
Bond
–
79,719
1,560
78,581
3,961
8.5
Core
Investment
Grade
Corporate
Bond
–
104,642
960
103,741
5,277
11.2
International
Large
Cap
ETF
1
13,605
1,023
–
15,423
608
1.7
Total
Affiliated
Registered
Investment
Companies
80,463
258,877
28.0
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.960%
22,916
47,691
40,500
30,106
3,011
3.3
Total
Affiliated
Short-Term
Investments
22,916
30,106
3.3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
9,559
54,500
56,259
7,800
7,800
0.8
Total
Collateral
Held
for
Securities
Loaned
9,559
7,800
0.8
Total
Value
$112,938
$296,783
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2026
-
6/30/2026
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$(862)
$1,364
$–
$1,732
Core
High
Yield
Bond
4
418
–
1,515
Core
Investment
Grade
Corporate
Bond
(1)
60
–
1,486
International
Large
Cap
ETF
1
–
795
700
323
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
3.960%
0
(1)
–
507
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$5,563
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
31
Total
Affiliated
Income
from
Securities
Loaned,
Net
$31
Total
$(859)
$2,636
$700
1
Effective
June
12,
2026,
Core
International
Equity
Fund
converted
to
International
Large
Cap
ETF.
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
As
of
June
30,
2026
(unaudited)
Conservative
Allocation
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$602,466,207
Investments
in
affiliated
securities
at
cost
$293,185,024
Investments
in
unaffiliated
securities
at
value
(#)
$656,433,836
Investments
in
affiliated
securities
at
value
296,782,548
Cash
294,849
Dividends
and
interest
receivable
2,905,913
Prepaid
expenses
28,811
Receivable
for:
Investments
sold
2,327,268
Investments
sold
on
a
delayed-delivery
basis
6,623,487
Fund
shares
sold
818,759
Expense
reimbursements
1,345
Variation
margin
on
open
future
contracts
299,296
Variation
margin
on
open
swap
contracts
8,818
Total
Assets
966,524,930
Liabilities
Distributions
payable
182,238
Accrued
expenses
78,699
Payable
for:
Investments
purchased
2,496,923
Investments
purchased
on
a
delayed-delivery
basis
30,423,384
Return
of
collateral
for
securities
loaned
7,800,088
Fund
shares
redeemed
892,651
Variation
margin
on
open
future
contracts
273,661
Investment
advisory
fees
93,316
Administrative
fees
3,010
Distribution
fees
20,385
Transfer
agent
fees
46,168
Trustee
fees
915
Trustee
deferred
compensation
64,478
Total
Liabilities
42,375,916
Net
Assets
Capital
stock
(beneficial
interest)
889,283,909
Distributable
earnings/(accumulated
loss)
34,865,105
Total
Net
Assets
$924,149,014
Class
S
Share
Capital
$498,903,025
Shares
of
beneficial
interest
outstanding
(Class
S)
33,263,173
Net
asset
value
per
share
$15.00
Class
A
Share
Capital
$425,245,989
Shares
of
beneficial
interest
outstanding
(Class
A)
27,973,945
Net
asset
value
per
share
$15.20
Maximum
public
offering
price
$15.92
(#)
Includes
securities
on
loan
of
7,398,868
Thrivent
Mutual
Funds
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
For
the
six
months
ended
June
30,
2026
(unaudited)
Conservative
Allocation
Fund
Investment
Income
Dividends
$2,142,793
Taxable
interest
12,973,373
Affiliated
income
from
securities
loaned,
net
31,055
Income
from
affiliated
investments
507,013
Non
cash
income
from
affiliated
investments
5,056,153
Foreign
tax
withholding
(4,548)
Total
Investment
Income
20,705,839
Expenses
Adviser
fees
2,402,418
Administrative
service
fees
117,467
Audit
and
legal
fees
22,745
Custody
fees
31,468
Distribution
expenses
Class
A
532,494
Insurance
expenses
2,654
Printing
and
postage
expenses
Class
S
52,918
Printing
and
postage
expenses
Class
A
48,874
SEC
and
state
registration
expenses
30,416
Transfer
agent
fees
Class
S
191,076
Transfer
agent
fees
Class
A
143,084
Trustees'
fees
20,544
Pricing
service
fees
44,880
Other
expenses
17,106
Total
Expenses
Before
Reimbursement
3,658,144
Less:
Reimbursement
from
adviser
(3,479)
Total
Net
Expenses
3,654,665
Net
Investment
Income/(Loss)
17,051,174
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
13,540,066
Affiliated
investments
(858,969)
In-kind
contributions
(1,576,079)
Distributions
of
realized
capital
gains
from
affiliated
investments
700,273
Futures
contracts
707,645
Foreign
currency
transactions
(11,601)
Swap
agreements
265,374
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
3,436,961
Affiliated
investments
2,636,042
Futures
contracts
(617,060)
Foreign
currency
transactions
130,960
Swap
agreements
(452,504)
Net
Realized
and
Unrealized
Gains/(Losses)
17,901,108
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$34,952,282
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Conservative
Allocation
Fund
For
the
periods
ended
6/30/2026
(unaudited)
12/31/2025
Operations
Net
investment
income/(loss)
$17,051,174
$38,116,072
Net
realized
gains/(losses)
12,766,709
15,238,326
Change
in
net
unrealized
appreciation/(depreciation)
5,134,399
38,246,260
Net
Change
in
Net
Assets
Resulting
From
Operations
34,952,282
91,600,658
Distributions
to
Shareholders
From
income/realized
gains
Class
S
(9,705,686)
(22,396,461)
From
income/realized
gains
Class
A
(7,856,988)
(16,550,968)
Total
from
income/realized
gains
(17,562,674)
(38,947,429)
Total
Distributions
to
Shareholders
(17,562,674)
(38,947,429)
Capital
Stock
Transactions
Class
S
Sold
55,201,081
121,032,743
Distributions
reinvested
9,324,214
21,617,736
Redeemed
(57,116,054)
(225,297,163)
Total
Class
S
Capital
Stock
Transactions
7,409,241
(82,646,684)
Class
A
Sold
13,766,751
23,162,908
Distributions
reinvested
7,243,796
15,209,510
Redeemed
(34,831,567)
(71,015,158)
Total
Class
A
Capital
Stock
Transactions
(13,821,020)
(32,642,740)
Capital
Stock
Transactions
(6,411,779)
(115,289,424)
Net
Increase/(Decrease)
in
Net
Assets
10,977,829
(62,636,195)
Net
Assets,
Beginning
of
Period
913,171,185
975,807,380
Net
Assets,
End
of
Period
$924,149,014
$913,171,185
Capital
Stock
Share
Transactions
Class
S
shares
Sold
3,715,619
16,155,446
Distributions
reinvested
626,976
2,894,650
Redeemed
(3,842,875)
(23,657,891)
Shares
reduced
due
to
reverse
share
split
–
(39,386,586)
(a)
Total
Class
S
Share
Transactions
499,720
(43,994,381)
Class
A
shares
Sold
914,977
3,049,171
Distributions
reinvested
480,726
1,998,278
Redeemed
(2,313,908)
(9,542,538)
Shares
reduced
due
to
reverse
share
split
–
(28,933,938)
(a)
Total
Class
A
Share
Transactions
(918,205)
(33,429,027)
(a)
Share
transaction
reflects
1:2
reverse
share
split
completed
after
the
close
of
business
on
December
4,
2025. Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
(1)
ORGANIZATION
Thrivent
Mutual
Funds
(the
“Trust”)
was
organized
as
a
Massachusetts
Business
Trust
on
March
10,
1987
and
is
registered
as
an
open-end
management
investment
company
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”).
The
Trust
is
divided
into 22
separate
series
(each,
a
"Fund"
and,
collectively,
the
"Funds"),
each
with
its
own
investment
objective
and
policies.
The
Trust
currently
consists
of six
asset
allocation
Funds, eight
equity
Funds, seven
fixed-income
Funds,
and
one
money
market
Fund.
This
report
includes Conservative
Allocation, one of
the
Trust’s
22
Funds.
The
other
Funds
of
the
Trust
have
a
fiscal
year-end
of
October
31
and
are
presented
under
a
separate
shareholder
report.
The
Funds
are
each
investment
companies
that
follow
the
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
("FASB")
Accounting
Standards
Codification
Topic
946
-
Financial
Services
-
Investment
Companies.
Share
Classes
— The
Trust
may
issue
an
unlimited number
of
shares
in
one
or
more
series
as
the
Board
may
authorize.
The
Trust includes
two
classes
of
shares:
Class
A
and
Class
S
shares.
The
classes
of
shares
differ
principally
in
their
respective
distribution
expenses
and
other
class-specific
expenses
and
arrangements.
Class
A
shares
have
an
annual
12b-1
fee
of
0.25%
of
average
net
assets, a
reduced
fee
of
0.125%
or
no
fee.
For
the
Fund
presented
under
this
shareholder
report,
Class
A
shares
have
an
annual
12b-1
fee
of
0.25%
and a
maximum
front-end
sales
load
of
4.50%.
Class
S
shares
are
offered
at
net
asset
value
and
have
no
annual
12b-1
fees.
The
share
classes
have
identical
rights
to
earnings,
assets
and
voting
privileges,
except
for
class-specific
expenses
and
exclusive
rights
to
vote
on
matters
affecting
only
individual
classes. High
Yield Municipal
Bond, Mid
Cap
Growth, and Small
Cap
Growth offer
only
Class
S
Shares; each
of
the
other 19
Funds
of
the
Trust
offer
Class
A
and
Class
S
shares.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
with
vendors
and
others
that
provide
general
damage
clauses.
The
Trust’s
maximum
exposure
under
these
contracts
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust.
However,
based
on
experience,
the
Trust
expects
the
risk
of
loss
to
be
remote.
(2)
SIGNIFICANT
ACCOUNTING
POLICIES
Valuation
of
Investments
—
Net
asset
value
("NAV")
is
determined
for
a
particular
class
by
adding
the
value
of
the
class's
proportionate
share
of
the
Fund's
investments,
cash,
accrued
but
undistributed
investment
income,
and
other
assets,
subtracting
the
class's
proportionate
share
of
the
Fund's
liabilities,
and
dividing
the
result
by
the
number
of
outstanding
shares
of
that
class.
Accrued
investment
income
and
gains
earned
by
the
Fund
are
reflected
in
the
NAV
until
the
ex-dividend
date
of
the
Fund’s
distribution,
when
the
declared
distribution
amount
is
treated
as
a
Fund
liability.
The
Fund
records
its investments
at
fair
value
using
market
quotations
when
they
are
readily
available
pursuant
to
Rule
2a-5.
The
Fund's
investments
are
recorded
at
fair
value
determined
in
good
faith
when
market
quotations
are
not
readily
available.
Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system,
which
includes
exchange-traded
funds,
are
valued
at
the
last
sale
price
on
the
principal
exchange
as
of
the
close
of
regular
trading
on
such
exchange
or
the
official
closing price
of
the
national
market
system.
Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time.
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Trust’s
Board
of
Trustees
(the
“Board”).
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations obtained
from dealers
that
make
markets
in
the
securities.
Exchange-listed
options and
futures
contracts
are
valued
at
the
primary
exchange
settle
price.
Exchange
cleared
swap
agreements
are
valued
at
the
clearinghouse
end
of
day
price.
Swap
agreements
not
cleared
on
exchanges
will
be
valued at
the
mid-
price
from
the
primary
approved
pricing
service.
Forward
foreign
currency exchange
contracts
are
marked-to-market
based
upon
foreign
currency
exchange
rates
provided
by the
pricing
service.
Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day
or
fair
valued
pursuant
to
our
valuation
procedures
if
net
asset
value
at
the
close
of
business
day
is
not
readily
available.
The
Board
has
chosen
the
Fund's
investment
Adviser
as
the
valuation
designee,
responsible
for
daily
valuation
of
the
Fund's
securities.
The
Adviser
has
formed
a Valuation
Committee
(the
“Committee”)
that
is
responsible
for
overseeing
the
Fund's
valuation
policies in
accordance
with
Valuation
Policies
and
Procedures.
The
Committee
meets
on
a
monthly
and
on
an
as-needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices,
money
market
pricing,
international
fair
valuation,
and
other
securities
requiring
fair
valuation.
The
Committee
monitors
for
significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Fund.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant
using
fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
determined
to
be
unreliable,
the
securities
will
be
valued
at
fair
value
using
an
appropriate
methodology
as
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”), the
various
inputs
used
to
determine
the
fair
value
of
the
Fund's
investments
are
summarized
in
three
broad
levels. Level
1
includes
quoted
prices
in
active
markets
for
identical
securities; typically
included
in
this
level
are
U.S.
equity
securities,
futures, options
and
registered
investment
company
funds.
Level
2
includes
other
significant
observable
inputs
such
as
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk;
typically
included
in
this
level
are
fixed
income
securities,
international
securities,
swaps
and
forward
contracts.
Level
3
includes
significant
unobservable
inputs
such
as
the
Adviser’s
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments.
The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
other
investments.
Investments
measured
using
net
asset
value
per
share
as
a
practical
expedient
for
fair
value
and
that
are
not
publicly
available-for-sale
are
not
categorized
within
the
fair
value
hierarchy.
Valuation
of
International
Securities
—
The
Fund
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
the
Fund
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
that
are
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
daily
closing
rates
of
exchange.
Foreign
currency
amounts
related
to
the
purchase
or
sale
of
securities
and
income
and
expenses
are
translated
at
the
exchange
rate
on
the
transaction
date.
Net
realized
and
unrealized
currency
gains
and
losses
are
recorded
from
closed currency
contracts,
disposition
of foreign
currencies,
exchange
gains
or
losses
between
the
trade
date
and
settlement
date
on
securities
transactions,
and
other
translation
gains
or
losses
on
dividends,
interest
income
and
foreign
withholding
taxes.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement
of
Operations.
For
federal
income
tax
purposes,
the
Fund
treats
the
effect
of
changes
in
foreign
exchange
rates
arising
from
actual
foreign
currency
transactions
and
the
changes
in
foreign
exchange
rates
between
the
trade
date
and
settlement
date
as
ordinary
income.
Federal
Income
Taxes
—
No
provision
has
been
made
for
income
taxes
because
the Fund’s
policy
is
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code
and
distribute
substantially
all
investment
company
taxable
income
and
net
capital
gain
on
a
timely
basis.
It
is
also
the
intention
of the
Fund
to
distribute
an
amount
sufficient
to
avoid
imposition
of
any
federal
excise
tax.
The
Fund,
accordingly,
anticipates
paying
no
federal
taxes
and
no
federal
tax
provision
was
recorded.
Each
Fund
is
treated
as
a
separate
taxable
entity
for
federal
income
tax
purposes. The
Fund
may
utilize
earnings
and
profits
distributed
to
shareholders
on
the
redemption
of
shares
as
part
of
the
dividends
paid
deduction.
GAAP
requires
management
of
the
Fund
(i.e.,
the
Adviser)
to
make
additional
tax
disclosures
with
respect
to
the
tax
effects
of
certain
income
tax
positions,
whether
those
positions
were
taken
on
previously
filed
tax
returns
or
are
expected
to
be
taken
on
future
returns.
These
positions
must
meet
a
“more
likely
than
not”
standard
that,
based
on
the
technical
merits
of
the
position, it
would
have
a
greater
than
50
percent
likelihood
of
being
sustained
upon
examination.
In
evaluating
whether
a
tax
position
has
met
the
more-
likely-than-not
recognition
threshold,
the
Adviser
must
presume
that
the
position
will
be
examined
by
the
appropriate
taxing
authority
that
has
full
knowledge
of
all
relevant
information.
The
Adviser
analyzed
all
open
tax
years,
as
defined
by
the
statute
of
limitations,
for
all
major
jurisdictions.
Open
tax
years
are
those
that
are
open
for
examination
by
taxing
authorities.
Major
jurisdictions
for
the
Fund
include
U.S.
Federal
and
certain
state
jurisdictions
as
well
as
certain
foreign
countries.
The
Fund's
federal
income
tax
returns
are
subject
to
examination
for
a
period
of
three
years
after
the
filing
of
the
return
for
the
tax
period.
State
returns
may
be
subject
to
examination
for
an
additional
year
depending
on
the
jurisdiction.
The
Fund
has
no
examinations
in
progress
and
none
are
expected
at
this
time.
As
of
June
30,
2026,
the
Adviser
has
reviewed
all
open
tax
years
and
major
jurisdictions
and
concluded
that
there
is
no
effect
to
the
Fund's
tax
liability,
financial
position
or
results
of
operations.
There
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
income
tax
positions
taken
or
expected
to
be
taken
in
future
tax
returns.
The
Fund
is also
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
12
months.
Foreign
Income
Taxes
— Funds
are
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
they
invest.
Withholding
taxes
on
foreign
dividends
have
been
provided
for
in
accordance
with
the
applicable
country’s
tax
rules
and
rates.
These
amounts
are
shown
as
foreign tax
withholding
in
the
Statement
of
Operations.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
The
Fund
pays
tax
on
foreign
capital
gains,
where
applicable.
Taxes
paid
on
foreign
capital
gains, if
any,
are
included
in
the
net
realized
gains/(losses)
on
investments
on
the
Statement
of
Operations.
Expenses
and
Income
—
Estimated
expenses
are
accrued
daily.
The
Fund
is
charged
for
those
expenses
that
are
directly
attributable
to
it.
Expenses
that
are
not
directly
attributable
to
the
Fund
are
allocated
among
all
appropriate
Funds
in
proportion
to
their
respective
net
assets
or number
of
shareholder
accounts,
or
other
reasonable
basis.
Net
investment
income,
expenses
which
are
not
class-specific,
and
realized
and
unrealized
gains
and
losses
are
allocated
directly
to
each
class
based
upon
the
relative
net
asset
value
of
outstanding
shares.
Interest
income
is
recorded daily
on
all
debt
securities,
as
is accretion
of
market
discount
and
original
issue
discount
and
amortization
of
premium.
Paydown
gains
and
losses
on
mortgage-
backed
and
asset-backed
securities
are
recorded
as
components
of
interest
income.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
However, certain
dividends
from
foreign
securities
are
recorded
as
soon
as
the
information
is
available
to
the
Fund.
Non-cash
income,
if
any,
is
recorded
at
the
fair
market
value
of
the
securities
received.
For
certain
securities,
including
real
estate
investment
trusts,
the Fund
records
distributions
received
in
excess
of
income
as
a
reduction
of
cost
of
investments
and/or
realized
gain.
Such
amounts
are
based
on
estimates
if
actual
amounts
are
not
available.
Actual
amounts
of
income,
realized
gain
and
return
of
capital
may
differ
from
the
estimated
amounts.
The Fund
adjusts
the
estimated
amounts
of
the
components
of
distributions
as
adjustments
to
investment
income,
unrealized
appreciation/depreciation
and
realized
gain/loss
on
investments
as
necessary,
once
the
issuers
provide
information
about
the
actual
composition
of
the
distributions.
Distributions
to
Shareholders
—
Net
investment
income
is
distributed
to
each
shareholder
as
a
dividend.
Dividends
from
Conservative
Allocation
are
declared
and
paid
monthly. It
is
possible
that
such
dividends
may
be
reclassified
as
return
of
capital
or
capital
gains
after
year
end.
Such
determination
cannot
be
made
until
tax
information
is
received
from
the
real
estate
investments
of
the
Fund.
Net
realized
gains
from
securities
transactions,
if
any,
are
paid
at
least
annually
after
the
close
of
the
fiscal
year.
In
addition,
the
Fund
may
claim
a
portion
of
the
payment
made
to redeeming
shareholders
as
a
distribution
for
income
tax
purposes.
Undistributed
income,
including
accrued
investment
income
and
gains
earned
by
the
Fund,
is
reflected
in
the
net
asset
value
until
the
ex-dividend
date
of
the
Fund’s
distribution,
when
the
declared
distribution
amount
is
treated
as
a
Fund
liability.
Derivatives
— The Fund may
invest
in
derivatives,
a
category
that
includes
options,
futures,
swaps,
foreign
currency
forward
contracts and
hybrid
instruments.
Derivatives
are
financial
instruments
whose
value
is
derived
from
another
security,
an
index
or
a
currency. The Fund
may
use
derivatives
for
hedging
(attempting
to
offset
a
potential
loss
in
one
position
by
establishing
an
interest
in
an
opposite
position).
This
includes
the
use
of
currency-based
derivatives
to
manage
the
risk
of
its
positions in
foreign
securities.
The
Fund
may
also
use
derivatives
for
replication
of
a
certain
asset
class
or
speculation
(investing
for
potential
income
or
capital
gain).
These
contracts
may
be
transacted
on
an
exchange
or
over-the-
counter
("OTC").
A
derivative
may
incur
a loss
if
the
value
of
the
derivative
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
derivative.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
derivative
contract.
A
Fund’s
risk
of
loss
from
the
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
such
Fund.
With
exchange
traded
futures
and
centrally
cleared
swaps,
there
is
minimal
counterparty
credit
risk
to
the
Fund
because
the
exchange’s
clearinghouse,
as
counterparty
to
such
derivatives,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
derivative;
thus,
the
credit
risk
is
limited
to
the
failure
of
the
clearinghouse.
However,
credit
risk
still
exists
in
exchange
traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
broker’s
customer
accounts.
While
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
broker
for
all
its
clients,
U.S.
bankruptcy
laws
will
typically
allocate
that
shortfall
on
a
pro-rata
basis
across
all
of
the
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund.
Using
derivatives
to
hedge
can
guard
against
potential
risks,
but
it
also
adds
to
the
Fund's
expenses
and
can
eliminate
some
opportunities
for
gains.
In
addition,
a
derivative
used
for
mitigating
exposure
or
replication
may
not
accurately
track
the
value
of
the
underlying
asset.
Another
risk
with
derivatives
is
that
some
types
can
amplify
a
gain
or
loss,
potentially
earning
or
losing
substantially
more
money
than
the
actual
cost
of
the
derivative.
In
order
to
define
their
contractual
rights
and
to
secure
rights
that
will
help
the
Fund
mitigate its
counterparty
risk,
the
Fund
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
OTC
derivatives
and
foreign
exchange
contracts
and
typically
includes,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement, the
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivatives'
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
a
default
(close-out
netting)
including
the
bankruptcy
or
insolvency
of
the
counterparty.
Note,
however,
that
bankruptcy
and
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
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
Fund
attempts
to
mitigate
counterparty
risk
by
only
entering
into
agreements
with
counterparties
that it
believes
has
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
If
the
Fund
invested
in
the
following
derivative
types,
more
detailed
information
can
be
found
in
the
Schedule
of
Investments.
Options
—
The
Fund may
buy
put
and
call
options
and
write
put
and
covered
call
options.
The
Fund
intends
to
use
such
derivative
instruments
as
hedges
to
facilitate
buying
or
selling
securities
or
to
provide
protection
against
adverse
movements
in
security
prices
or
interest
rates.
The
Fund
may
also
enter
into
options
contracts
to
protect
against
adverse
foreign
exchange
rate
fluctuations.
Option
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded. The
Fund
will
realize
a
gain
or
loss
upon
expiration
or
closing
of
the
option
transaction.
When
an
option
is
exercised,
the
proceeds
upon
sale
for
a
written
call
option
or
the
cost
of
a
security
for
purchased
put
and
call
options
is
adjusted
by
the
amount
of
premium
received
or
paid.
Buying
put
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security
while
buying
call
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security.
The
risk
associated
with
purchasing
put
and
call
options
is
limited
to
the
premium
paid.
There
is
no
significant
counterparty
risk
on
exchange-traded
options
as
the
exchange
guarantees
the
contract
against
default.
Writing
put
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security
while
writing
call
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security.
The
writer
of
an
option
has
no
control
over
whether
the
underlying
security
may
be
bought
or
sold,
and
therefore
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
underlying
security.
The
counterparty
risk
for
purchased
options
arises
when
a
Fund
has
purchased
an
option,
exercises
that
option,
and
the
counterparty
doesn’t
buy
from
the
Fund
or
sell
to
the
Fund
the
underlying
asset
as
required.
In
the
case
where
a
Fund
has
written
an
option,
the
Fund
doesn’t
have
counterparty
risk.
Counterparty
risk
on
purchased
over-the-counter
options
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
option
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
During
the
period
covered
within
this
report,
the
Fund
did
not
invest
in
options.
Futures
Contracts
— The
Fund
may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
fluctuations.
Gains
or
losses
on
futures
contracts
can
offset
changes
in
the
yield
of
securities.
When
a
futures
contract
is
opened,
cash
or
other
investments
equal
to
the
required
“initial
margin
deposit”
are
held
on
deposit
with
and
pledged
to
the
broker.
Additional
securities
held
by
the
Fund
may
be
earmarked
to
cover
open
futures
contracts. A
futures
contract’s
daily
change
in
value
(“variation
margin”)
is
either
paid
to
or
received
from
the
broker,
and
is
recorded
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
realized
gain
or
loss
is
recorded
equal
to
the
difference
between
the
value
of
the
contract
when
opened
and
the
value
of
the
contract
when
closed.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Exchange-traded
futures
have
no
significant
counterparty
risk
as
the
exchange
guarantees
the
contracts
against
default.
Swap
Agreements
—
The
Fund may
enter
into
swap
transactions,
which
involve
swapping
one
or
more
investment
characteristics
of
a
security
or
a
basket
of
securities
with
another
party.
Such
transactions
include
market
risk,
risk
of
default
by
the
other
party
to
the
transaction,
risk
of
imperfect
correlation
and
manager
risk
and
may
involve
commissions
or
other
costs.
Swap
transactions
generally
do
not
involve
delivery
of
securities,
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
swap
transactions
is
generally
limited
to
the
net
amount
of
payments
that
the
Fund
is
contractually
obligated
to
make,
or
in
the
case
of
the
counterparty
defaulting,
the
net
amount
of
payments
that
the
Fund
is
contractually
entitled
to
receive.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
there
is
a
default
by
the
counterparty,
the
Fund
may
have
contractual
remedies
pursuant
to
the
agreements
related
to
the
transaction.
The
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
Swap
agreements
are
valued
at
the
clearinghouse
end
of
day
prices
as
furnished
by
an
independent
pricing
service.
The
pricing
service
takes
into
account
such
factors
as
swap
curves,
default
probabilities,
recent
trades,
recovery
rates
and
other
factors
it
deems
relevant
in
determining
valuations.
Daily
fluctuations
in
the
value
of
the
centrally
cleared
credit
default
contracts
are
recorded
in
variation
margin
in
the
Statement
of
Assets
and
Liabilities
and
recorded
as
unrealized
gain
or
loss.
The
Fund
accrues
for
the
periodic
payment
and
amortizes
upfront
payments,
if
any,
on
swap
agreements
on
a
daily
basis
with
the
net
amount
recorded
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Receipts
and
payments
received
or
made
as
a
result
of
a
credit
event
or
termination
of
the
contract
are
also
recognized
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Collateral,
in
the
form
of
cash
or
securities,
may
be
required
to
be
held
with
the
Fund’s
custodian,
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
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
("CDS") is
a
swap
agreement
between
two
parties
to
exchange
the
credit
risk
of
a
particular
issuer,
basket
of
securities
or
reference
entity.
In
a
CDS
transaction,
a
buyer
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
The
seller
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
CDS
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
A
buyer
of
a
CDS
is
said
to
buy
protection
whereas
a
seller
of
a
CDS
is
said
to
sell
protection.
The
Fund
may
be
either
the
protection
seller
or
the
protection
buyer.
Certain
Funds
enter
into
credit
default
derivative
contracts
directly
through
CDSs or
through
credit
default
swap
indices
("CDX
Indices").
CDX
Indices
are
static
pools
of
equally
weighted
CDSs
referencing
corporate
bonds
and/or
loans
designed
to
increase
or
decrease
diversified
credit
exposure
to
these
asset
classes.
Funds
sell
default
protection
and
assume
long-risk
positions
in
individual
credits
or
indices.
Index
positions
are
entered
into
to
gain
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-efficient
and
diversified
structure.
In
the
event
that
a
position
defaults,
by
going
into
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money,
within
any CDX
Indices
held,
the
maximum
potential
amount
of
future
payments
required
would
be
equal
to
the
pro-rata
share
of
that
position
within
the
index
based
on
the
notional
amount
of
the
index.
In
the
event
of
a
default
under
a
CDS
contract,
the
maximum
potential
amount
of
future
payments
would
be
the
notional
amount.
Funds
buy
default
protection
in
order
to
reduce
their
overall
credit
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-
efficient
and
diversified
structure.
If
a
default
event
as
specified
in
the
CDS
reference
entity
agreement
occurs,
the
Fund
has
the
option
to
receive
a
cash
payment
in
exchange
for
the
credit
loss
of
the
reference
entity
obligation
as
of
the
date
of
the
credit
event.
A
realized
gain
or
loss
is
recorded
upon
a
default
event
or
the
maturity
or
termination
of
the
CDS
agreement.
For
CDS,
the
default
events
could
be
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money
or
a
restructuring.
A
restructuring
is
a
change
in
the
underlying
obligations
which
could
include
a
reduction
in
interest
or
principal,
maturity
extension
and
subordination
to
other
obligations.
Total Return
Swaps
—
A
total return
swap
is
a
swap
agreement
between
two
parties
to
exchange
the
total
return
of
a
particular
reference
asset.
A
total
return
swap
involves
commitments
to
pay
interest
in
exchange
for
a
market
linked
return
based
on
a
notional
amount.
To
the
extent
that
the
total
return
of
the
security,
group
of
securities,
or
index
underlying
the
transactions
exceeds
or
fall
short
of
the
offsetting
interest
obligation,
the
Fund
will
receive
a
payment
from
or
make
a
payment
to
the
counterparty.
The
Fund
may
take
a
"long"
or
"short"
position
with
respect
to
the
underlying
referenced
asset.
For
financial
reporting
purposes,
the
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements
in
the
Statement
of
Assets
and
Liabilities.
Mortgage
Dollar
Roll
Transactions
—
The
Fund
can
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
Fund
sells
mortgage
securities
and
simultaneously
agrees
to
repurchase
similar
(same
type
and
coupon)
securities
at
a
later
date
at
an
agreed
upon
price.
The
Fund
must
maintain
liquid
securities
having
a
value
at
least
equal
to
the
repurchase
price
(including
accrued
interest)
for
such
dollar
rolls.
In
addition,
the
Fund
is
required
to segregate
collateral
with the
fund
custodian (depending
on
market
movements)
on
their
mortgage
dollar
rolls.
The
value
of
the
securities
that
the
Fund
is
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
During
the
period
between
the
sale
and
repurchase,
the
Fund
forgoes
principal
and
interest
paid
on
the
mortgage
securities
sold.
The
Fund
is
compensated
from
negotiated
fees
paid
by
brokers
offered
as
an
inducement
to
the
Fund
to
"roll
over"
their
purchase
commitments,
thus
enhancing
the
yield.
Mortgage
dollar
rolls
may
be
renewed
with
a
new
purchase
and
repurchase
price
and
a
cash
settlement
made
on
settlement
date
without
physical
delivery
of
the
securities
subject
to
the
contract.
These
purchase
and
sale
transactions
may
increase
portfolio
turnover
rate.
The
fees
received
are
recognized
over
the
roll
period
and
are
included
in
Income
from
mortgage
dollar
rolls
in
the
Statement
of
Operations.
Securities
Lending
—
The
Trust
has
entered
into
a
Securities
Lending
Agreement
(the
“Agreement”)
with
Goldman
Sachs
Bank
USA
doing
business
as
Goldman
Sachs Agency
Lending ("GSAL"). The
Agreement
authorizes
GSAL
to
lend
securities
to
authorized
borrowers
on
behalf
of
the
Fund.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value
of U.S.
securities
and
105% of
the
market
value
of non-U.S.
securities.
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received.
Any
additional
collateral
is
adjusted
and
settled
on
the
next
business
day.
The
Trust
has
the
ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell
the
loaned
securities.
All
cash
collateral
received
is
invested
in
Thrivent
Cash
Management
Trust.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
The
Fund
receives dividends
and
interest
that would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent
Cash
Management
Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
expenses,
are
included
in
affiliated
income
from
securities
loaned,
net on
the
Statement
of
Operations.
By
investing
any
cash
collateral
it
receives
in
these
transactions, the
Fund
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, the
Fund
could
lose
money.
Generally,
in
the
event
of
borrower
default, the Fund
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred.
However,
in
the
event the
Fund
is
delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss.
Some
of
these
losses
may
be
indemnified
by
the
lending
agent.
When-Issued
and
Delayed-Delivery
Transactions
— The
Fund
may
purchase
or
sell
securities
on
a
when-issued
or
delayed-
delivery
basis.
These
transactions
involve
a
commitment
by
the
Fund
to
purchase
or
sell
securities
for
a
predetermined
price
or
yield,
with
payment
and
delivery
taking
place
beyond
the
customary
settlement
period.
When
delayed-delivery
purchases
are
outstanding,
the
Fund
will
designate
liquid
assets
in
an
amount
sufficient
to
meet
the
purchase
price.
When
purchasing
a
security
on
a
delayed-delivery
basis,
the
Fund
assumes
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations,
and
takes
such
fluctuations
into
account
when
determining
its
net
asset
value.
A
Fund
may
dispose
of
a
delayed-delivery
transaction
after
it
is
entered
into,
and
may
sell
when-issued
securities
before
they
are
delivered,
which
may
result
in
a
capital
gain
or
loss.
When
a
Fund
has
sold
a
security
on
a
delayed-delivery
basis,
a
Fund
does
not
participate
in
future
gains
and
losses
with
respect
to
the
security.
Treasury
Inflation-Protected
Securities
— The
Fund
may
invest
in
Treasury
Inflation-Protected
Securities
("TIPS").
These
securities
are
fixed
income
securities
whose
principal
value
is
periodically
adjusted
to
the
rate
of
inflation.
The
coupon
interest
rate
is
generally
fixed
at
issuance.
Interest
is
paid
based
on
the
principal
value,
which
is
adjusted
for
inflation.
Any
increase
in
the
principal
amount
will
be
included
as
taxable
interest
in
the
Statement
of
Operations
and
received
in
cash
upon
maturity
or
sale
of
the
security.
Stripped
Securities
—
The
Fund
may
invest
in
interest
only
and
principal
only
stripped
mortgage
or
asset
backed
securities.
These
securities
represent
a
participation
in
securities
that
are
structured
in
classes
with
rights
to
receive
different
portions
of
the
interest
and
principal.
Interest
only
securities
receive
all
the
interest,
and
principal
only
securities
receive
all
the
principal.
Interest
only
securities
are
particularly
sensitive
to
changes
in
interest
rates
and
therefore
are
subject
to
greater
fluctuation
in
prices
than
typical
interest
bearing
debt
securities.
As
interest
rates
rise,
the
value
of
the
interest
only
security
increases.
Similarly,
as
interest
rates
decrease,
the
value
of
the
interest
only
security
decreases. If
the
underlying
pool
of
mortgages
or
assets
experience
greater
than
anticipated
prepayments
of
principal, a
Fund
may
not
fully
recoup
its
initial
investment
in
an
interest
only
security.
Principal
only
securities
increase
in
value
if
prepayments
are
greater
than
anticipated
and
decline
if
prepayments
are
slower
than
anticipated.
The
market
value
of
these
securities
is
also
highly
sensitive
to
changes
in
interest
rates.
As
interest
rates
increase,
the
price
of
the
principal
only
security
decreases.
Similarly,
as
interest
rates
decrease,
the
price
of
the
principal
only
security
increases.
The
principal
only
security
represents
the
payment
with
the
longest
maturity,
therefore
making
it
the
most
sensitive
to
interest
rate
changes.
Accounting
Estimates
—
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Contingent
Liabilities
—
In
the
event
of
adversary
action
proceedings
where the
Fund
is
a
defendant,
a
loss
contingency
will
not
be
accrued
as
a
liability
until
the
amount
of
potential
damages
and
the
likelihood
of
loss
can
be
reasonably
estimated.
For
the six
months
ended
June
30,
2026, the
Fund
did
not
report
an
accrual
for contingent
liabilities.
Litigation
—
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities,
the
proceeds
are
recorded
as
realized
gains.
In-kind
Contributions
—
During
March
2026, Conservative
Allocation
Fund
contributed
securities
in-kind
to
Thrivent
Core
High
Yield
Bond
Fund
and
Thrivent
Core
Investment
Grade
Corporate
Bond
Fund.
As
a
result
of
the
in-kind
contribution,
Thrivent
Core
High
Yield
Bond
Fund
and
Thrivent
Core
Investment
Grade
Corporate
Bond
Fund
issued
shares
at
the
per
share
net
asset
value
on
the
date
of
contribution.
For
financial
reporting
purposes,
the
contributing
fund
recognizes
a
gain
on
these
transactions
to
the
extent
the
value
of
the
distributed
securities
on
the
date
of
contribution
exceeds
the
cost
of
those
securities;
it
recognizes
a
loss
if
the
cost
exceeds
the
value.
The
realized
gains
or
losses
below
are
included
in
the
Statement
of
Operations
of
the
contributing fund
as
net
realized
gains/losses
on
in-kind
contributions.
These
in-kind
transactions
were
conducted
at
market
value.
The
transactions
were
as
follows:
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
Under
the
Internal
Revenue
Code,
the
contributing
Fund,
Thrivent Core
High
Yield
Bond
Fund
and
Thrivent
Core
Investment
Grade
Corporate
Bond
Fund
are
related
parties
and
losses
on
the
in-kind
contributions
are
deferred
until
the
contributed
securities
are
sold
to
an
unrelated
taxpayer.
Gains
on
these
in-kind
contributions
are
recognized
for
tax
purposes
in
the
year
of
the
contribution.
Line
of
Credit
— The
Fund, along
with
other
portfolios
managed
by
the
investment
adviser
or
an
affiliate,
participates
in
a
$100
million
($50
million
committed,
$50
million
uncommitted)
credit
facility
(the
"line
of
credit")
issued
by
State
Street
Bank
and
Trust
Company,
to
be
utilized
for
temporary
or
emergency
purposes
to
fund
shareholder
redemptions
or
for
other
short-term
liquidity
purposes.
Interest
is
charged
to
each
participating
Fund based
on
its
borrowings
at
the
higher
of
the
Federal
Funds
Effective Rate
or
the Overnight
Bank Funding
Rate
plus,
in
each
case,
0.10%
plus
a
margin
of 1.25%.
Each
borrowing
under
the
line
of
credit
matures
no
later
than
30
calendar
days
after
the
date
of
the
borrowing.
Each
participating
Fund
pays
a commitment
fee
in
proportion
to
their
respective
net
assets.
The
line
of
credit
agreement
shall
expire
on
December
15,
2026
unless
extended
by
mutual
agreement
of
State
Street
Bank
and
Trust
Company
and
the
Funds.
The
Fund
had
no
borrowings
for
the six
months
ended
June
30,
2026.
Other
—
For
financial
statement
purposes,
investment
security
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
and
losses
from
investment
transactions
are
determined
on
a
specific
cost
identification
basis,
which
is
the
same
basis
used
for
federal
income
tax
purposes.
(3)
FEES
AND
COMPENSATION
PAID
TO
AFFILIATES
Investment
Advisory
Fees
—
The
Trust
has
entered
into
an
Investment
Advisory
Agreement
with
Thrivent
Asset
Mgt.
Under
the
Investment
Advisory
Agreement, the
Fund
pays
a
fee
for
investment
advisory
services.
The
fees
are
accrued
daily
and
paid
monthly.
The
annual
rates
of
fees
as
a
percent
of
average
daily
net
assets
under
the
Investment
Advisory
Agreement
were
as
follows:
Expense
Reimbursements
— Subject
to
certain
limitations, the
Fund
may
invest in
other
Funds,
ETFs,
Thrivent
Cash
Management
Trust,
and
Thrivent
Core Funds.
These
related-party
transactions
are
subject
to
the
same
terms
as
non-related
party
transactions.
To
avoid
duplicate
investment
advisory
fees,
Thrivent
Asset
Mgt.
reimburses
an
amount
equal
to
any
investment
advisory
fees incurred
by
the
Fund
as
a
result
of
its
investment
in
any
other
funds
for
which
the
Adviser
or
an
affiliate
serves
as
investment
adviser,
other
than
Thrivent
Cash
Management
Trust.
There
are
no
advisory
fees
for
Thrivent
Core
Funds,
and
therefore
no
reimbursement
is
made
related
to
an
investment
in
these
funds.
Distribution
Plan
— Thrivent
Distributors,
LLC
is
the
Trust's
distributor.
The
Trust
has
adopted
a
Distribution
Plan
pursuant
to
Rule
12b-1
under
the
1940
Act.
Class
A
shares
have
an
annual 12b-1
fee
of 0.25%
of
average
net
assets, a
reduced
fee
of
0.125%
or
no
fee.
For
the
Fund
presented
under
this
shareholder
report,
Class
A
shares
have
an annual 12b-1
fee of
0.25%.
Sales
Charges
and
Other
Fees
—
For
the six
months
ended
June
30,
2026,
Thrivent
Investment
Management
Inc. ("Thrivent
Investment
Mgt.")
and
Thrivent
Distributors,
LLC
received
$126,992
of
aggregate
underwriting
concessions
from
the
sales
of
the
Trust’s
Class
A
shares.
Sales
charges
are
not
an
expense
of
the
Trust
and
are
not
reflected
in
the
financial
statements
of
any
of
the
Funds.
The
Trust
has
entered
into
an
accounting
and
administrative
services
agreement
with
Thrivent
Asset
Mgt.
pursuant
to
which
Thrivent
Asset
Mgt.
provides
certain
accounting
and
administrative
personnel
and
services
to
the
Funds.
Each
Fund pays
a
fee equal
to
the
sum
of
$80,000
plus
0.017%
of
the
Fund's
average
daily
net
assets
to
Thrivent
Asset
Mgt.
These
fees
are
accrued
daily
and paid
monthly.
For
the six
months
ended
June
30,
2026,
Thrivent
Asset
Mgt.
received
aggregate
fees
for
accounting
and
administrative
Contributing
Fund
Contribution
Date
Shares
Received
-
Core
High
Yield
Bond
Net
Asset
Value
per
Share-
Core High
Yield Bond
Shares
Received-
Core
Inv
Grade
Corp
Bond
Net
Asset
Value
per
Share-
Core
Inv
Grade
Corp
Bond
In-Kind
Amount
-
Cash
In-Kind
Amount-
Securities
Realized
Gain/(Loss)
Conservative
Allocation
3/16/2026
3,962,904
$19.73
5,249,990
$19.65
$1,160,579
$180,199,906
($
1,576,079)
Totals
3,962,904
5,249,990
$1,160,579
$180,199,906
($1,576,079)
Fund
(M
-
Millions)
$0
to
$50M
Over
$50
to
$100M
Over
$100
to
$200M
Over
$200
to
$250M
Over
$250
to
$500M
Over
$500
to
$750M
Over
$750
to
$1,000M
Over
$1,000
to
$2,000M
Over
$2,000
to
$2,500M
Over
$2,500
to
$5,000M
Over
$5,000M
Conservative
Allocation
0.550%
0.550%
0.550%
0.550%
0.550%
0.500%
0.500%
0.475%
0.475%
0.450%
0.425%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
personnel
and
services
of $117,467
from
the
Fund
covered
in
this
shareholder
report.
The
Trust
has
entered
into
an
agreement
with
Thrivent
Financial
Investor
Services
Inc.
(“Thrivent
Investor
Services”)
to
provide transfer
agency
and
dividend
payment services
necessary
to
the
Funds
on
a
per-account
basis
for
direct-at-fund
accounts,
and
sub
transfer
agency
services
based
on
assets
under
management
for
third
party
intermediary
accounts.
These
fees
are
accrued
daily
and
paid
monthly.
For
the six
months
ended
June
30,
2026,
Thrivent
Investor
Services
received
$337,364 for
transfer
agent
services
from
the
Fund
covered
in
this
shareholder
report.
Each
Trustee
who
is
not
affiliated
with
the
Adviser
receives
an
annual
fee
from
the
Trust
for
services
as
a
Trustee
and
is
eligible
to
participate
in
a
deferred
compensation
plan
with
respect
to
fees
received
from
the
Funds.
Participants
in
the
plan
may
designate
their
deferred
Trustee’s
fees
as
if
invested
in a series
of
Thrivent
Mutual
Funds. Money
Market
is
not
eligible
for
the
deferred
plan. The
value
of
each
Trustee’s
deferred
compensation
account
will
increase
or
decrease
as
if
invested
in
shares
of
a
particular series
of
Thrivent
Mutual
Funds.
Each
participant's fees
as
well
as
the
change
in
value
are
included
in
Trustee’s
fees
in
the
Statement
of
Operations.
The
deferred
fees
remain
in
the
appropriate
series
of
Thrivent
Mutual
Funds
until
distribution
in
accordance
with
the
plan.
The Payable
for
trustee
deferred
compensation,
located in
the
Statement
of
Assets
and
Liabilities,
is
unsecured.
Those
Trustees
not
participating
in
the
above
plan
received $19,686
in
fees
from
the
Fund
covered
in
this
shareholder
report
for
the
six
months
ended
June
30,
2026.
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
agreed
to
waive
the
management
fees
that
are
indirectly
incurred
by
any
Fund
of
the
Trust
as
a
result
of
its
investments
in
certain
affiliated
ETFs,
for
which
the
Adviser
or
an
affiliate
serves
as
investment
adviser.
Under
this
agreement,
the
Adviser
waives such
fees
to
an
effective rate
of
0.06%
for
investments
in
Thrivent
International
Small
Cap
ETF
and
Thrivent
International
Large
Cap
ETF,
and
to
an
effective
rate
of
0.05%
for
investments
in
Thrivent
Small
Cap
Value
ETF
and
Thrivent
Mid
Cap
Value
ETF.
This
contractual
provision
may
be
terminated
upon
the
mutual
agreement
between
the
Independent
Trustees
of
the
Trust
and
the
Adviser.
For
the six
months
ended June
30,
2026,
the
following
expense
reimbursements,
as
a
percentage
of
net
assets,
were
in
effect:
Interfund
Lending
—
The
Fund
may
participate
in
an
interfund
lending
program
(the
"Program")
pursuant
to
an
exemptive
order
issued
by
the
SEC.
The
Program permits
the
Fund
to borrow
cash
for
temporary
purposes
from Thrivent
Core
Short-Term
Reserve.
Interest
is
charged
to the
participating
Fund
based
on
its
borrowings
at
the
average
of
the
repo
rate
and
bank
loan
rate,
each
as
defined
in
the
Program.
Each
borrowing
made
under
the
Program
matures
no
later
than
seven
calendar
days
after
the
date
of
the
borrowing,
and
each
borrowing
must
be
securitized
by
a
pledge
of
segregated
collateral
with
a
market
value
at
least
equal
to
102%
of
the
outstanding
principal
value
of
the
loan.
For
the six
months
ended June
30,
2026, the Fund
did
not borrow
cash
through
the
Program.
(4)
SEGMENT
REPORTING
In
accordance
with
FASB
Accounting
Standards
Update
("ASU") 2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
("ASU
2023-07"),
management
evaluates
the
Fund's
business
activities
to
determine
the
segment
reporting
needed
for
the
Fund.
The
intent
of
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity's
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
An
operating
segment
is
defined
in
Topic
280
as
a
component
of
a
public
entity
that
engages
in
business
activities
from
which
it
may
recognize
revenues
and
incur
expenses,
has
operating
results
that
are
regularly
reviewed
by
the
public
entity’s
chief
operating
decision
maker
(CODM)
to
make
decisions
about
resources
to
be
allocated
to
the
segment
and
assess
its
performance,
and
has
discrete
financial
information
available.
The
Principal
Officers
of
the
Fund,
consisting
of
the
President
as
the
Principal
Executive
Officer
and
the
Treasurer
as
the
Principal
Financial
and
Accounting
Officer,
jointly
act
as
the
Fund's
CODMs.
Management
has
determined
that
each
Fund
is
a
single
operating
segment
because
the
CODMs
monitor
the
net
increase
or
decrease
in
net
assets
resulting
from
operations
of
each
Fund
as
a
whole
and
the
Fund's
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
their
respective
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund's
portfolio
managers
as
a
team.
As
an
investment
company,
the
Fund
primarily
engages
in
investing
in
securities
to
generate
a
return
on
investment
for
shareholders.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
in
the
Fund's
Schedule
of
Investments,
Statement
of
Changes
in
Net
Assets
and
Financial
Highlights.
Fund
net
assets
are
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
as
“Total
Net
Assets”
and
significant
fund
expenses
are
listed
on
the
accompanying
Statement
of
Operations.
Fund
Class
A
Class
S
Expiration
Date
Conservative
Allocation
<0.01%
<0.01%
2/28/2027
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
(5)
TAX
INFORMATION
Distributions
are
based
on
amounts
calculated
in
accordance
with
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Undistributed
income,
including
accrued
investment
income
and
gains
earned
by
the
Fund,
is
reflected
in
the
net
asset
value
until
the
ex-dividend
date
of
the
Fund’s
distribution,
when
the
declared
distribution
amount
is
treated
as
a
Fund
liability.
To
the
extent
these
differences
are
permanent
in
nature,
GAAP
requires
such
amounts
to
be
reclassified
within
the
capital
accounts
based
on
their
federal
tax-basis
treatment;
temporary
differences
do
not
require
reclassifications.
At
fiscal
year-end,
the
character
and
the
amount
of
distributions,
on
a
tax
basis
and
components
of
distributable
earnings,
are
finalized.
Therefore,
as
of
June
30,
2026,
the
tax
basis
balance
has
not
yet been
determined.
At
December
31,
2025,
the Fund
had
accumulated
the
following
capital
loss
carryover:
To
the
extent
that
the
Fund
realizes
future
net
capital
gains,
taxable
distributions
will
be
reduced
by
any
unused
capital
loss
carryovers
as
permitted
by
the
Internal
Revenue
Code.
(6)
SECURITY
TRANSACTIONS
Purchases
and
Sales
of
Investment
Securities
—
For
the
six
months
ended
June
30,
2026,
the
cost
of
purchases
and
the
proceeds
from
sales
of
investment
securities,
other
than
U.S.
Government
and
short-term
securities,
were
as
follows:
Purchases
and
Sales
of
U.S.
Government
Securities
were:
Investments
in
Restricted
Securities
— The
Fund
may
own
restricted
securities which
were
purchased
in
private
placement
transactions
without
registration
under
the
Securities
Act
of
1933.
Unless
such
securities
subsequently
become
registered,
they
generally
may
be
resold
only
in
privately
negotiated
transactions
with
a
limited
number
of
purchasers.
The
Fund
has
no
right
to
require
registration
of
unregistered
securities.
If
the Fund
currently invests
in
Restricted
Securities,
additional
details
are
provided
in
the
Schedule
of
Investments.
(7)
SECURITY
TRANSACTIONS
WITH
AFFILIATED
FUNDS
The Fund
is
permitted
to
engage
in
securities
transactions
with
affiliated
funds
or
portfolios
under specified
conditions
outlined
in
procedures
adopted
by
the
Board.
The
procedures
have
been
designed
to
ensure
that
any
purchase
or
sale
of
securities
by
a
Fund
from
or
to
another
fund
or
portfolio
that
is
or
could
be
considered
an
affiliate
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
advisers),
common
Trustees
and/or
common
officers
complies
with
Rule
17a-7
of
the
1940
Act.
Further,
as
defined
under
the
procedures,
each
transaction
is
executed
at
the
current
market
price.
For
the six
months
ended
June
30,
2026, the
Fund
did
not
engage
in
these
types
of
transactions.
(8)
RELATED
PARTY
TRANSACTIONS
As
of
June
30,
2026, no
related
parties held
shares
in
excess
of
5%
of
the
Fund
covered
in
this
shareholder
report.
Subscription
and
redemption
activity
by
concentrated
accounts
may
have
a
significant
effect
on
the
operation
of
the
Fund.
In
the
case
of
a
large
redemption,
the
Fund
may
be
forced
to
sell
investments
at
inopportune
times,
resulting
in
additional
losses
for
the
Fund.
(9)
REVERSE
SHARE SPLIT
During
the year ended
December
31,
2025,
the
Board
approved
a
reverse
share
split
(the
“Reverse
Share
Split”)
of
the
issued
and
outstanding
Class
A
and
Class
S
shares
(the
“Shares”)
of
Conservative
Allocation
Fund.
The
Reverse
Share
Split
was
completed
after
the
close
of
business
on
December
4,
2025
(the
“Effective
Date”).
The
table
below
provides
the
ratio
for
the
Reverse
Share
Split:
As
a
result
of
the
Reverse
Stock
Split,
for
each
Share
held
by
the
shareholder
at
the
close
of
business
on
the
Effective
Date,
the
shareholder
will
receive
a
proportional
number
of
shares
of
the
Fund
based
on
the
split
ratio
with
the
same
aggregate
dollar
value.
The
effect
of
the
Reverse
Share
Split
is
to
reduce
the
number
of
outstanding
Shares
of
the
Fund
and
increase
the
Fund’s
per
share
net
asset
value.
Thus,
the
total
dollar
value
of
a
shareholder’s
investment
in
Shares
of
the
Fund
will
not
change
due
to
the
Reverse
Share
Split,
and
each
shareholder
will
continue
to
own
the
same
percentage
(by
value)
of
Shares
of
the
Fund
immediately
following
the
Reverse
Share
Split.
The
Reverse
Share
Split
was
not
a
taxable
event,
nor
did
it
impact
net
assets,
operational
results
or
the
total
return
of
the
Fund.
The
Reverse
Share
Split
was
carried
out
in
accordance
with
the
share
split
ratio
provided
in
the
table
above,
calculated
to
result
in
a
net
asset
value
per
share
that
better
aligns
the
share
class
prices
of
the
Fund.
The
shares
outstanding,
NAV
per
share
and
other
per
share
information
have
been
updated
in
the
accompanying
financial
Fund
Capital
Loss
Carryover
Conservative
Allocation
$
31,169,228
In
thousands
Fund
Purchases
Sales/
Paydowns
Conservative
Allocation
$144,418
$136,140
In
thousands
Fund
Purchases
Sales/
Paydowns
Conservative
Allocation
$200,472
$197,005
Fund
Share
Split
Ratio
Conservative
Allocation
1:2
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
statements
and
the
financial
highlights
to
reflect
the
effect
of
the
Reverse
Share
Split.
(10)
SUBSEQUENT
EVENTS
The
Adviser
of
the
Fund
has
evaluated
the
impact
of
subsequent
events
through
the
date
the
financial
statements
were
issued,
and has
determined
that
no
additional
items
require
disclosure.
(11) MARKET
RISK
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline.
The
value
of
a
Fund's
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund's
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
market
sector, or
due
to
impacts
from
domestic
or
global
events,
including the
spread
of
infectious
illness,
public
health
threats,
war,
terrorism,
natural
disasters or
similar
events.
As
of June
30,
2026,
the
Fund
did
not
have
any portfolio
concentrations
greater
than
25%
in any
sector.
(12) PRINCIPAL
RISKS
Investing
in
the
Fund
involves
risks.
The
following
is
an
alphabetical
list
of principal
risks
in
investing
in
the
Fund.
Refer
to
the
prospectus
for
risks
specific
to
the
Fund.
Allocation
Risk
— The
Fund’s
investment
performance
depends
upon
how
its
assets
are
allocated
across
broad
asset
categories
and
applicable
sub-classes
within
such
categories.
Some
broad
asset
categories
and
sub-classes
may
perform
below
expectations
or
the
securities
markets
generally
over
short
and
extended
periods.
Therefore,
a
principal
risk
of
investing
in
the
Fund
is
that
the
allocation
strategies
used
and
the
allocation
decisions
made
will
not
produce
the
desired
results.
Artificial
Intelligence Risk
— The
development
and
use
of
artificial
intelligence
(“AI”)
technologies,
including
generative
AI,
are
expanding
rapidly
and
may
be
employed
by
issuers
in
which
the
Fund
invests,
as
well
as
by
service
providers
that
support
the
operations
of
the
Fund.
AI
technologies
rely
on
complex
algorithms
and
large
data
sets,
which
may
produce
incomplete,
inaccurate,
or
biased
outcomes
and
lead
to
errors
in
decision
making,
reputational
damage,
legal
or
operational
challenges,
and
investment
losses
affecting
the
Fund.
The
broader
use
of
AI
may
also
heighten
market
risks,
including
manipulation,
fraud,
and
cyberattacks.
To
the
extent
a
Fund
invests
in
companies
that
develop,
implement,
or
are
otherwise
involved
in
AI
technologies,
the
Fund
may
be
impacted
by
risks
affecting
such
companies.
These
risks
may
include
small
or
limited
markets
for
such
securities,
changes
in
business
cycles,
impediments
to
technological
progress,
rapid
obsolescence,
and
government
regulation.
Securities
of
such
companies,
especially
smaller,
start-up
companies,
tend
to
be
more
volatile
than
securities
of
larger,
more
established
companies.
Rapid
changes
to
AI
technologies
could
have
a
material
adverse
effect
on
such
company’s
operating
results.
These
companies
are
generally
heavily
dependent
on
intellectual
property
rights
and
may
be
adversely
affected
by
loss
or
impairment
of
those
rights.
There
can
be
no
assurance
that
the
steps
taken
by
companies
to
protect
their
proprietary
intellectual
property
rights
in
AI
technologies
will
be
sufficient
to
prevent
the
misappropriation
of
their
technology
or
that
competitors
will
not
independently
develop
similar
technologies.
Such
companies
may
engage
in
significant
amounts
of
spending
on
research
and
development,
and
there
is
no
guarantee
that
the
products
or
services
produced
by
these
companies
will
be
successful.
AI
technology
could
face
increased
regulatory
scrutiny
in
the
future,
which
may
limit
the
development
of
AI
technologies
and
impede
the
growth
of
companies
that
develop
or
use
such
technologies.
The
use
of
AI
technologies
and
applicable
laws
and
regulations
continues
to
evolve.
It
is
not
possible
to
predict
the
full
extent,
impact,
or
risks
of
such
use.
Conflicts
of
Interest
Risk
—
An
investment
in
the
Fund
is
subject
to
a
number
of
actual
or
potential
conflicts
of
interest.
For
example,
the
Adviser
or
its
affiliates
may
provide
services
to
the
Fund
for
which
the
Fund
would
compensate
the
Adviser
and/or
such
affiliates.
The
Fund
may
invest
in
other
pooled
investment
vehicles
sponsored,
managed,
or
otherwise
affiliated
with
the
Adviser,
including
other
Funds.
The
Adviser
may
have
an
incentive
(financial
or
otherwise)
to
enter
into
transactions
or
arrangements
on
behalf
of
the
Fund
with
itself
or
its
affiliates
in
circumstances
where
it
might
not
have
done
so
otherwise.
The
Adviser
or
its
affiliates
manage
other
investment
funds
and/
or
accounts
(including
proprietary
accounts)
and
have
other
clients
with
investment
objectives
and
strategies
that
are
similar
to,
or
overlap
with,
the
investment
objective
and
strategy
of
the
Fund,
creating
conflicts
of
interest
in
investment
and
allocation
decisions
regarding
the
allocation
of
investments
that
could
be
appropriate
for
the
Fund
and
other
clients
of
the
Adviser
or
their
affiliates.
Credit
Risk
—
Credit
risk
is
the
risk
that
an
issuer
of
a
debt
security
to
which
the
Fund
is
exposed
may
no
longer
be
able
or
willing
to
pay
its
debt.
As
a
result
of
such
an
event,
the
debt
security
may
decline
in
price
and
affect
the
value
of
the
Fund.
Cybersecurity
Risk
— The
Fund
and
its
service
providers
may
be
susceptible
to
operational,
information
security,
privacy,
fraud,
business
disruption,
and
related
risks.
In
general,
cyber
incidents
can
result
from
deliberate
attacks
or
unintentional
events.
Increased
geopolitical
tensions
may
increase
the
risk,
scale,
and
sophistication
of
cyber-attacks.
Cyber-attacks
include,
but
are
not
limited
to,
gaining
unauthorized
access
to
digital
systems
to
misappropriate
assets
or
sensitive
information,
corrupt
data,
or
otherwise
disrupt
operations.
Cyber
incidents
affecting
the
Adviser
or
other
service
providers
(including,
but
not
limited
to,
fund
accountants,
custodians,
transfer
agents,
and
financial
intermediaries)
have
the
ability
to
disrupt
and
impact
business
operations,
potentially
resulting
in
financial
losses,
by
interfering
with
the
Fund's
ability
to
calculate its
NAV,
corrupting
data
or
preventing
parties
from
sharing
information
necessary
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
for
the
Fund's
operation,
preventing
or
slowing
trades,
stopping
shareholders
from
making
transactions,
potentially
subjecting
the
Fund
or
the
Adviser
to
regulatory
fines
and
penalties,
and
creating
additional
compliance
costs.
Similar
types
of
cybersecurity
risks
are
also
present
for
issuers
or
securities
in
which
the
Fund
may
invest,
which
could
result
in
material
adverse
consequences
for
such
issuers
and
may
cause
the
Fund's
investments
in
such
companies
to
lose
value.
While
the
Fund's
service
providers
have
established
business
continuity
and
incident
response
plans
in
the
event
of
such
cyber
incidents,
there
are
inherent
limitations
in
such
plans
and
systems.
Additionally,
the
Fund
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
their
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Fund
or
its
shareholders.
Although
each
Fund
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
operational
risks
that
may
affect
a
Fund
or
to
develop
processes
and
controls
that
completely
eliminate
or
mitigate
the
occurrence
of
such
failures
or
other
disruptions
in
service.
The
value
of
an
investment
in
a
Fund’s
shares
may
be
adversely
affected
by
the
occurrence
of
the
operational
errors
or
failures
or
technological
issues
or
other
similar
events
and
a
Fund
and
its
shareholders
may
bear
costs
tied
to
these
risks.
Derivatives
Risk
—
The
use
of
derivatives
(such
as
futures,
options,
credit
default
swaps,
and
total return
swaps)
involves
additional
risks
and
transaction
costs
which
could
leave
a
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
Changes
in
the
value
of
the
derivative
may
not
correlate
as
intended
with
the
underlying
asset,
rate
or
index,
and
a
Fund
could
lose
much
more
than
the
original
amount
invested.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
Derivatives
are
also
subject
to
the
risk
that
the
other
party
in
the
transaction
will
not
fulfill
its
contractual
obligations.
Some
derivatives
may
give
rise
to
a
form
of
economic
leverage,
and
may
expose
the
Fund
to
greater
risk
and
increase
its
costs.
Such
leverage
may
cause
the
Fund
to
liquidate
portfolio
positions
when
it
may
not
be
advantageous
to
do
so
to
satisfy
its
obligations.
Increases
and
decreases
in
the
value
of
the
Fund’s
portfolio
will
be
magnified
when
the
Fund
uses
leverage.
Futures
contracts,
options
on
futures
contracts,
forward
contracts,
and
options
on
derivatives
can
allow
the
Fund
to
obtain
large
investment
exposures
in
return
for
meeting
relatively
small
margin
requirements.
As
a
result,
investments
in
those
transactions
may
be
highly
leveraged.
The
success
of
a
Fund’s
derivatives
strategies
will
depend
on
the
Adviser’s
ability
to
assess
and
predict
the
impact
of
market
or
economic
developments
on
the
underlying
asset,
index
or
rate
and
the
derivative
itself,
without
the
benefit
of
observing
the
performance
of
the
derivative
under
all
possible
market
conditions.
Swap
agreements
may
involve
fees,
commissions
or
other
costs
that
may
reduce
a
Fund’s
gains
from
a
swap
agreement
or
may
cause
a
Fund
to
lose
money.
Futures
contracts
are
subject
to
the
risk
that
an
exchange
may
impose
price
fluctuation
limits,
which
may
make
it
difficult
or
impossible
for
a
Fund
to
close
out
a
position
when
desired.
The
use
of
derivatives
involves
the
risks
associated
with
the
securities
or
other
assets
underlying
those
derivatives,
including
the
risk
of
changes
in
the
value
of
the
underlying
assets
between
the
date
that
the
Fund
enters
into
the
derivatives
transaction
and
the
date
that
the
Fund
closes
out
that
transaction.
When
a
Fund
enters
into
a
futures
contract,
for
example,
it
commits
to
purchasing
or
selling
a
particular
security
at
a
future
date
at
a
specified
price.
Changes
in
the
value
of
the
underlying
security
between
the
time
that
the
Fund
enters
into
the
futures
contract
and
the
time
the
Fund
has
to
purchase
or
sell
the
security
may
cause
the
Fund
to
have
to
purchase
the
security
at
a
price
which
is
greater
than,
or
to
sell
the
security
at
a
price
which
is
lower
than,
the
security’s
then-current
market
value.
When
a
Fund
enters
into
an
interest
rate
swap,
it
agrees
with
another
party
to
exchange
their
respective
interest
rate
exposures
on
a
similar
principal
amount
(e.g.,
exchanging
fixed
rate
interest
payments
on
a
specific
principal
amount
for
floating
rate
interest
payments
on
that
same
principal
amount,
or
vice
versa).
If
interest
rates
change
in
a
manner
or
to
a
degree
not
anticipated
by
the
Fund,
the
Fund
could
end
up
receiving
less
interest
on
its
investment
than
if
the
Fund
had
not
entered
into
the
swap
agreement.
When
a
Fund
enters
into
a
credit
default
swap,
it
agrees
with
another
party
to
transfer
the
credit
exposure
of
one
or
more
underlying
debt
obligations.
The
purchaser
of
the
credit
default
swap
agrees
to
pay
the
seller
a
fixed
premium
for
a
specific
term,
in
exchange
for
which
the
seller
agrees
to
make
a
contingent
payment
to
the
buyer
in
the
event
the
issuer
of
the
underlying
debt
obligations
defaults
or
upon
the
occurrence
of
another
credit
event
specified
in
the
swap
agreement.
If
the
specified
credit
event
does
not
occur
during
the
term
of
the
credit
default
swap,
the
swap’s
purchaser
will
have
paid
the
fixed
premiums
and
received
no
return
on
the
swap
agreement.
Conversely,
if
the
specified
credit
event
does
occur
during
the
swap’s
term,
the
swap’s
seller
may
have
to
make
a
payment
to
the
purchaser
which
exceeds
the
value
of
the
premiums
that
were
received
by
the
seller.
The
use
of
derivatives
may
also
involve
risks
which
differ
from,
or
are
potentially
greater
than,
the
risks
associated
with
investing
directly
in
the
underlying
reference
asset.
For
example,
the
use
by
a
Fund
of
privately
negotiated,
over-the-counter
(“OTC”)
derivatives
contracts,
including
interest
rates
swaps
and
credit
default
swaps,
exposes
the
Fund
to
the
risk
that
the
counterparty
to
the
OTC
derivatives
contract
will
be
unable
or
unwilling
to
make
timely
payments
under
the
contract
or
otherwise
honor
its
obligations.
There
can
be
no
assurance
that
a
counterparty
will
meet
its
obligations,
especially
during
periods
of
adverse
market
conditions.
The
market
for
certain
types
of
derivative
instruments
may
also
be
less
liquid
than
the
market
for
the
underlying
reference
asset,
making
it
difficult
for
a
Fund
to
value
its
derivative
investments
or
sell
those
investments
at
an
acceptable
price.
Emerging
Markets
Risk
—
The
risks
and
volatility
of
investing
in
foreign
securities
is
increased
in
connection
with
investments
in
emerging
markets.
The
economic,
political
and
market
structures
of
developing
countries
in
emerging
markets,
in
most
cases,
are
not
as
strong
as
the
structures
in
the
U.S.
or
other
developed
countries
in
terms
of
wealth,
stability,
liquidity
and
transparency. The
Fund
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
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,
auditing, 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.
Risks
of
investing
in
emerging
market
countries
may
also
include
additional
transaction
costs,
delays
in
settlement
procedures,
and
unexpected
market
closures.
Equity
Security
Risk
—
Equity
securities
held
by
the
Fund
may
decline
significantly
in
price,
sometimes
rapidly
or
unpredictably,
over
short
or
extended
periods
of
time,
and
such
declines
may
occur
because
of
declines
in
the
equity
market
as
a
whole,
or
because
of
declines
in
only
a
particular
country,
geographic
region,
company,
industry,
or
sector
of
the
market.
From
time
to
time,
the
Fund
may
invest
a
significant
portion
of
its
assets
in
companies
in
one
particular
country
or
geographic
region
or
one
or
more
related
sectors
or
industries
which
would
make
the
Fund
more
vulnerable
to
adverse
developments
affecting
such
countries,
geographic
regions,
sectors
or
industries.
Equity
securities
generally
do
not
move
in
the
same
direction
at
the
same
time
and
are
generally
more
volatile
than
most
debt
securities.
Foreign
Currency
Risk
—
The
value
of
a
foreign
currency
may
decline
against
the
U.S.
dollar,
which
would
reduce
the
dollar
value
of
securities
denominated
in
that
currency.
The
overall
impact
of
such
a
decline
of
foreign
currency
can
be
significant,
unpredictable,
and
long
lasting,
depending
on
the
currencies
represented,
how
each
one
appreciates
or
depreciates
in
relation
to
the
U.S.
dollar,
and
whether
currency
positions
are
hedged. Further,
exchange
rate
movements
are
volatile,
and
it
is
not
possible
to
effectively
hedge
the
currency
risks
of
many
developing
countries.
Foreign
Securities
Risk
—
Foreign
securities
generally
carry
more
risk
and
are
more
volatile
than
their
domestic
counterparts,
in
part
because
of
potential
for
higher
political
and
economic
risks,
lack
of
reliable
information
and
fluctuations
in
currency
exchange
rates
where
investments
are
denominated
in
currencies
other
than
the
U.S.
dollar.
Certain
events
in
foreign
markets
may
adversely
affect
foreign
and
domestic
issuers,
including
interruptions
in
the
global
supply
chain,
market
closures,
war,
terrorism,
natural
disasters
and
outbreak
of
infectious
diseases.
The
Fund’s
investment
in
any
country
could
be
subject
to
governmental
actions
such
as
capital
or
currency
controls,
nationalizing
a
company
or
industry,
expropriating
assets,
or
imposing
punitive
taxes
that
would
have
an
adverse
effect
on
security
prices,
and
impair
the
Fund’s
ability
to
repatriate
capital
or
income.
Foreign
securities
may
also
be
more
difficult
to
resell
than
comparable
U.S.
securities
because
the
markets
for
foreign
securities
are
often
less
liquid.
Even
when
a
foreign
security
increases
in
price
in
its
local
currency,
the
appreciation
may
be
diluted
by
adverse
changes
in
exchange
rates
when
the
security’s
value
is
converted
to
U.S.
dollars.
Foreign
withholding
taxes
also
may
apply
and
errors
and
delays
may
occur
in
the
settlement
process
for
foreign
securities.
High-Yield
Risk
—
High-yield
securities
–
commonly
known
as
“junk
bonds”
–
to
which
the
Fund
is
exposed
are
considered
predominantly
speculative
with
respect
to
the
issuer’s
continuing
ability
to
make
principal
and
interest
payments.
If
the
issuer
of
the
security
is
in
default
with
respect
to
interest
or
principal
payments,
the
value
of
the
Fund
may
be
negatively
affected.
High-yield
securities
generally
have
a
less
liquid
resale
market
and
may
be
more
difficult
to
value
than
higher
rated
fixed
income
securities
of
a
similar
maturity.
High-yield
securities
also
tend
to
be
more
volatile
than
investment-grade
securities.
Interest
Rate
Risk
—
Interest
rate
risk
is
the
risk
that
prices
of
debt
securities
decline
in
value
when
interest
rates
rise
for
debt
securities
that
pay
a
fixed
rate
of
interest.
Debt
securities
with
longer
durations
(a
measure
of
price
sensitivity
of
a
bond
or
bond
fund
to
changes
in
interest
rates)
or
maturities
(i.e.,
the
amount
of
time
until
a
bond’s
issuer
must
pay
its
principal
or
face
value)
tend
to
be
more
sensitive
to
changes
in
interest
rates
than
debt
securities
with
shorter
durations
or
maturities.
Changes
in
general
economic
conditions,
inflation,
and
monetary
policies,
such
as
certain
types
of
interest
rate
changes
by
the
Federal
Reserve
could
affect
interest
rates
and
the
value
of
some
securities.
During
periods
of
low
interest
rates
or
when
inflation
rates
are
high
or
rising,
the
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates.
Investment
Adviser
Risk
—
The
Fund
is
actively
managed
and
the
success
of
its
investment
strategy
depends
significantly
on
the
skills
of
the
Adviser
in
assessing
the
potential
of
the
investments
in
which
the
Fund
invests.
The
assessment
of
potential
Fund
investments
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
Poor
investments
by
the
Adviser
may
cause
a
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
Fund
to
underperform
relative
to
its
benchmark
or
similar
funds.
There
is
also
no
guarantee
that
the
Adviser
will
be
able
to
effectively
implement
the
Fund’s
investment
objective.
Issuer
Risk
—
Issuer
risk
is
the
possibility
that
factors
specific
to
an
issuer
to
which
the
Fund
is
exposed
will
affect
the
market
prices
of
the
issuer’s
securities
and
therefore
the
value
of
the
Fund.
Large
Cap
Risk
—
Large-sized
companies
may
be
unable
to
respond
quickly
to
new
competitive
challenges
such
as
changes
in
technology.
They
may
also
not
be
able
to
attain
the
high
growth
rate
of
successful
smaller
companies,
especially
during
extended
periods
of
economic
expansion.
Liquidity
Risk
—
Liquidity
is
the
ability
to
sell
a
security
relatively
quickly
for
a
price
that
most
closely
reflects
the
actual
value
of
the
security.
To
the
extent
that
dealers
do
not
maintain
inventories
of
bonds
that
keep
pace
with
the
growth
of
the
bond
markets
over
time,
relatively
low
levels
of
dealer
inventories
could
lead
to
decreased
liquidity
and
increased
volatility
in
the
fixed
income
markets,
particularly
during
periods
of
economic
or
market
stress.
As
a
result
of
this
decreased
liquidity,
the
Fund
may
have
to
accept
a
lower
price
to
sell
a
security,
sell
other
securities
to
raise
cash,
or
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
Market Risk
—
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline.
The
value
of
the
Fund’s
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund’s
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
market
sector,
or
due
to
impacts
from
domestic
or
global
events,
including
regulatory
events,
economic
downturn,
government
shutdowns,
the
spread
of
infectious
illness
such
as
the
outbreak
of
COVID-19,
public
health
crises,
war,
terrorism,
social
unrest,
recessions,
natural
disasters
or
similar
events.
Mortgage-Backed
and
Other
Asset-Backed
Securities
Risk
—
The
value
of
mortgage-backed
and
asset-backed
securities are
influenced
by
the
factors
affecting
the
housing
market
and
the
assets
underlying
such
securities.
As
a
result,
during
periods
of
declining
asset
value,
difficult
or
frozen
credit
markets,
swings
in
interest
rates,
or
deteriorating
economic
conditions,
mortgage-
related
and
asset-backed
securities
may
decline
in
value,
face
valuation
difficulties,
become
more
volatile
and/or
become
illiquid.
In
addition,
both
mortgage-backed
and
asset-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
security.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
or
slower
than
the
holder
of
the
asset-backed
or
mortgage-
backed
security
anticipates,
the
price
of
the
security
may
fall,
particularly
if
the
holder
must
reinvest
the
repaid
principal
at
lower
rates
or
must
continue
to
hold
the
security
when
interest
rates
rise.
This
effect
may
cause
the
value
of
the
Fund
to
decline
and
reduce
the
overall
return
of
the
Fund.
Mortgage-backed
securities
are
also
subject
to
extension
risk,
which
is
the
risk
that
when
interest
rates
rise,
certain
mortgage-backed
securities
are
paid
in
full
by
the
issuer
more
slowly
than
anticipated.
This
can
cause
the
market
value
of
the
security
to
fall
because
the
market
may
view
its
interest
rate
as
low
for
a
longer-term
investment.
Other
Funds
Risk
—
Because
the
Fund
invests
in
other
funds,
the
performance
of
the
Fund
is
dependent,
in
part,
upon
the
performance
of
other
funds
in
which
the
Fund
may
invest.
As
a
result,
the
Fund
is
subject
to
the
same
risks
as
those
faced
by
the
other
funds.
In
addition,
other
funds
may
be
subject
to
additional
fees
and
expenses
that are
borne
by
the
Fund.
Preferred
Securities
Risk
—
There
are
certain
additional
risks
associated
with
investing
in
preferred
securities,
including,
but
not
limited
to,
preferred
securities
may
include
provisions
that
permit
the
issuer,
at
its
discretion,
to
defer
or
omit
distributions
for
a
stated
period
without
any
adverse
consequences
to
the
issuer;
preferred
securities
are
generally
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure
in
terms
of
having
priority
to
corporate
income
and
liquidation
payments,
and
therefore are
subject
to
greater
credit
risk
than
more
senior
debt
instruments;
preferred
securities
may
be
substantially
less
liquid
than
many
other
securities,
such
as
common
stocks
or
U.S.
Government
securities;
generally,
traditional
preferred
securities
offer
no
voting
rights
with
respect
to
the
issuing
company
unless
preferred
dividends
have
been
in
arrears
for
a
specified
number
of
periods,
at
which
time
the
preferred
security
holders
may
elect
a
number
of
directors
to
the
issuer’s
board;
and
in
certain
varying
circumstances,
an
issuer
of
preferred
securities
may
redeem
the
securities
prior
to
a
specified
date.
Prepayment
Risk
—
When
interest
rates
fall,
certain
obligations are
paid
off
by
the
obligor
more
quickly
than
originally
anticipated,
and
a
Fund
may
have
to
invest
the
proceeds
in
securities
with
lower
yields.
In
periods
of
falling
interest
rates,
the
rate
of
prepayments
tends
to
increase
(as
does
price
fluctuation)
as
borrowers
are
motivated
to
pay
off
debt
and
refinance
at
new
lower
rates.
During
such
periods,
reinvestment
of
the
prepayment
proceeds
by
the
management
team
will
generally
be
at
lower
rates
of
return
than
the
return
on
the
assets
that
were
prepaid.
Prepayment
generally
reduces
the
yield
to
maturity
and
the
average
life
of
the
security.
Quantitative
Investing
Risk
—
Securities
selected
according
to
a
quantitative
analysis
methodology
can
perform
differently
from
the
market
as
a
whole
based
on
the
model
and
the
factors
used
in
the
analysis,
the
weight
placed
on
each
factor
and
changes
in
the
factor’s
historical
trends.
Such
models
are
based
on
assumptions
relating
to
these
and
other
market
factors,
and
the
models
may
not
take
into
account
certain
factors,
or
perform
as
intended,
and
may
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Among
other
risks,
results
generated
by
such
models
may
be
impaired
by
errors
in
human
judgment,
data
imprecision,
software
or
other
technology
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2026
(unaudited)
systems
malfunctions,
or
programming
flaws.
Such
models
may
not
perform
as
expected
or
may
underperform
in
periods
of
market
volatility.
Regulatory
Risk
—
Legal,
tax,
and
regulatory
developments
may
adversely
affect a
Fund.
Securities
and
futures
markets
are
subject
to
comprehensive
statutes,
regulations,
and
margin
requirements
enforced
by
the
SEC,
other
regulators
and
self-regulatory
organizations,
and
exchanges,
which
are
authorized
to
take
extraordinary
actions
in
the
event
of
market
emergencies.
The
regulatory
environment
for
the
Fund
is
evolving,
and
changes
in
the
regulation
of
investment
funds,
managers,
and
their
trading
activities
and
capital
markets,
or
a
regulator’s
disagreement
with a
Fund's
interpretation
of
the
application
of
certain
regulations,
may
adversely
affect
the
ability
of the
Fund
to
pursue
its
investment
strategy,
its
ability
to
obtain
leverage
and
financing,
and
the
value
of
investments
held
by
the
Fund.
Valuation
Risk
— The
price
that
a
Fund
receives
upon
the
sale
(or
other
disposition)
of
an
investment
may
differ
from
the
Fund's
valuation
of
the
investment,
particularly
for
investments
that
trade
in
lower
volumes,
during
periods
of
market
turmoil
or
volatility,
or
investments
that
are
valued
using
a
fair
valuation
methodology
or
based
on
a
price
provided
by
an
independent
pricing
service.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
to
it
by
the
Fund,
and
the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
such
investment.
Thrivent
Mutual
Funds
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
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
Net
Realized
Gain
on
Investments
Conservative
Allocation
Fund
Class
S
Shares
Period
Ended
6/30/2026
(unaudited)
$
14.72
$
0.28
$
0.29
$
0.57
$
(0.29)
$
–
Year
Ended
12/31/2025
13.96
0.56
0.79
1.35
(0.59)
–
Year
Ended
12/31/2024
13.60
0.56
0.38
0.94
(0.58)
–
Year
Ended
12/31/2023
12.90
0.54
0.72
1.26
(0.56)
–
Year
Ended
12/31/2022
15.24
0.42
(2.32)
(1.90)
(0.44)
–
Year
Ended
12/31/2021
15.26
0.36
0.64
1.00
(0.36)
(0.66)
Class
A
Shares
Period
Ended
6/30/2026
(unaudited)
14.91
0.27
0.30
0.57
(0.28)
–
Year
Ended
12/31/2025
14.14
0.60
0.73
1.33
(0.56)
–
Year
Ended
12/31/2024
13.76
0.54
0.38
0.92
(0.54)
–
Year
Ended
12/31/2023
13.06
0.54
0.70
1.24
(0.54)
–
Year
Ended
12/31/2022
15.40
0.40
(2.34)
(1.94)
(0.40)
–
Year
Ended
12/31/2021
15.42
0.32
0.64
0.96
(0.32)
(0.66)
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges. Not
annualized
for
periods
less
than
one
year.
(c)
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.
After
the
close
of
business
on
December
4,
2025,
the
Fund
completed
a
1:2
reverse
share
split.
All
per
share
data
prior
to
December
5,
2025
has
been
adjusted
to
reflect
the
reverse
share
split.
Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
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.
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)
$
(0.29)
$
15.00
3.94%
$
498.9
0.69%
3.86%
0.69%
3.86%
38%
(0.59)
14.72
9.88%
482.3
0.69%
3.99%
0.69%
3.99%
70%
(0.58)
13.96
7.01%
535.5
0.68%
4.02%
0.68%
4.02%
50%
(0.56)
13.60
10.05%
549.2
0.68%
4.15%
0.68%
4.15%
80%
(0.44)
12.90
(12.55)%
571.1
0.69%
3.07%
0.69%
3.07%
278%
(1.02)
15.24
6.55%
679.1
0.68%
2.28%
0.68%
2.28%
268%
(0.28)
15.20
3.83%
425.2
0.93%
3.61%
0.93%
3.61%
38%
(0.56)
14.91
9.57%
430.9
0.92%
3.77%
0.92%
3.77%
70%
(0.54)
14.14
6.81%
440.3
0.93%
3.78%
0.93%
3.78%
50%
(0.54)
13.76
9.65%
470.4
0.93%
3.90%
0.93%
3.90%
80%
(0.40)
13.06
(12.64)%
495.4
0.94%
2.82%
0.94%
2.82%
278%
(0.98)
15.40
6.22%
623.5
0.93%
2.01%
0.93%
2.01%
268%
Change
in
and
Disagreement
with
Accountants
None
during
the
reporting
period.
Proxy
Disclosures
None
during
the
reporting
period.
Remuneration
Paid
to
Directors,
Officers,
and
Others
The
information
is
disclosed
in
the
Statement
of
Operations
and
as
part
of
the
Fees
and
Compensation
Paid
to
Affiliates
section
of
the
Notes
to
Financial
Statements
included
in
Item
7
of
this
Form
N-CSR.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
None
during
the
reporting
period.
Item 8.
Changes in and Disagreements with Accountants for Open-End Management
Investment Companies.
None during the
reporting period.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies.
None during the
reporting period.
Item 10. Remuneration
Paid to Directors, Officers, and Others of Open-End Management Investment
Companies.
The information
is disclosed in the Statement of Operations and as part of the Fees and
Compensation Paid to Affiliates section of the Notes to Financial Statements included
in Item 7 of this Form N-CSR.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract.
None
during the registrant’s most recent fiscal half-year.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There have been
no material changes to the procedures by which shareholders may recommend
nominees to registrant’s board of trustees since the registrant last provided
disclosure in response to this Item.
Item 16.
Controls and Procedures
(a)
Registrant’s principal
executive and principal financial officers, or persons performing similar
functions, have concluded that registrant’s disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are
effective, based on their evaluation of these controls and procedures as of a
date within 90 days of the filing date of this report.
(b) There were no changes in
registrant’s internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) that occurred during the
period covered by this report that have materially affected, or are reasonably
likely to materially affect, registrant’s internal control over financial
reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19.
Exhibits
(a)(1) Any
code of ethics, or amendment thereto, that is the subject of the disclosure
required by Item 2, to the extent that the registrant intends to satisfy the
Item 2 requirements through filing of an exhibit: Not applicable to semi-annual
report.
(a)(2) Any policy
required by the listing standards adopted pursuant to Rule 10D-1 under the
Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange
or registered national securities association upon which the registrant’s
securities are listed: Not applicable.
(a)(4) Any written
solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR
270.23c-1) sent or given during the period covered by the report by or on
behalf of the registrant to 10 or more persons: Not applicable.
(a)(5) Change in the
registrant’s independent public accountant: Not applicable.
Signatures
Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Date: August 27,
2026 Thrivent Mutual Funds
By: /s/ Michael W. Kremenak
Michael W. Kremenak
President
Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
Date: August 27,
2026 By: /s/ Michael W. Kremenak
Michael W. Kremenak
President
(principal executive officer)
Date: August 27,
2026 By: /s/ Sarah L. Bergstrom
Sarah L. Bergstrom
Treasurer and Principal Accounting
Officer
(principal financial officer)
