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, Assistant Secretary

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, 2020

Item 1. Report to Stockholders

[

Insert shareholder report]

Item 2. Code of Ethics

Not applicable to semiannual report

Item 3. Audit Committee Financial Expert

Not applicable to semiannual report

Item 4. Principal Accountant Fees and Services

Not applicable to semiannual report

Item 5. Audit Committee of Listed Registrants

Not applicable

Item 6. Investments

(a)

Registrant included Summary Schedules of Investments in the report to shareholders filed under Item 1. Therefore, the registrant has filed Schedules of Investments under this Item.

(b)

Not applicable to this filing.

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

            Not applicable

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

            Not applicable

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

            Not applicable

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

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

Item 11. Controls and Procedures

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

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

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

              Not applicable

Item 13. Exhibits

(

a)(1)  

Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2)   A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

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

(b)

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

SIGNATURES

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

Date:  August 28, 2020                                                             THRIVENT MUTUAL FUNDS

                                                                                                   By:

      /s/ David S. Royal                        

                                                                                                          David S. Royal

President and Chief Investment Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date:  August 28, 2020                                                             By:   

      /s/ David S. Royal                        

                                                                                                          David S. Royal

President and Chief Investment Officer

(principal executive officer)

Date:  August 28, 2020                                                             By:   

      /s/ Gerard V. Vaillancourt            

                                                                                                          Gerard V. Vaillancourt

Treasurer and Principal Accounting Officer

(principal financial officer)

Thrivent

Diversified

Income

Plus

Fund

Thrivent

Multidimensional

Income

Fund

Semiannual

Report

Mutual

Funds

June

30,

2020

Beginning

on

Jan.

1,

2021,

as

permitted

by

regulations

adopted

by

the

U.S.

Securities

and

Exchange

Commission,

paper

copies

of

the

Funds’

annual

and

semiannual

shareholder

reports

will

no

longer

be

sent

by

mail,

unless

you

specifically

request

paper

copies

of

the

reports.

Instead,

the

reports

will

be

made

available

on

the

Funds’

website

(thriventfunds.com

),

and

you

will

be

notified

by

mail

each

time

a

report

is

posted

and

provided

with

a

website

address

to

access

the

report.

If

you

have

already

elected

to

receive

shareholder

reports

electronically,

you

will

not

be

affected

by

this

change

and

do

not

need

to

take

any

action.

If

you

had

not

elected

electronic

delivery

in

the

past

and

would

like

to

now,

how

you

request

it

depends

on

how

you

invested

in

Thrivent

Mutual

Funds.

If

you

invested

through

a

financial

intermediary

(such

as

a

broker-dealer

or

bank),

you

will

need

to

contact

the

financial

intermediary

directly.

If

you

purchased

shares

through

Thrivent,

you

can

enroll

in

electronic

delivery

at

thrivent.com/

gopaperless

.

If

you

purchased

shares

directly

online,

you

can

enroll

at

thriventfunds.com

.

You

also

can

elect

to

receive

paper

copies

of

all

future

shareholder

reports

free

of

charge.

If

you

invest

directly

with

a

Fund,

you

can

call

800-847-4836

to

let

us

know

you

wish

to

continue

receiving

paper

copies

of

your

shareholder

reports.

Your

election

to

receive

shareholder

reports

in

paper

will

apply

to

all

funds

held

in

your

account.

If

you

invest

through

a

financial

intermediary,

you

can

contact

your

financial

intermediary

to

request

that

you

continue

to

receive

paper

copies

of

your

shareholder

reports.

Table

of

Contents

Letter

from

the

President

2

Letter

from

the

Chief

Investment

Officer

4

Portfolio

Perspectives

Thrivent

Diversified

Income

Plus

Fund

5

Thrivent

Multidimensional

Income

Fund

6

Shareholder

Expense

Example

7

Summary

Schedule

of

Investments/Schedule

of

Invest-

ments

Thrivent

Diversified

Income

Plus

Fund

8

Thrivent

Multidimensional

Income

Fund

19

Statement

of

Assets

and

Liabilities

30

Statement

of

Operations

31

Statement

of

Changes

in

Net

Assets

32

Notes

to

Financial

Statements

33

Financial

Highlights

48

Additional

Information

50

2

Dear

Shareholder:

2

I

hope

this

letter

finds

you,

your

family

and

your

community

safe

and

well.

I’ll

be

honest,

it’s

difficult

to

find

a

topic

for

a

letter

such

as

this

during

the

current

pandemic.

I

recently

participated

virtually

in

an

event

for

Thrivent

clients

in

which

people

were

able

to

submit

questions.

One

question

was

particularly

illustrative

of

this

trying

period.

An

individual

asked:

“How

can

I

think

about

what’s

going

on

in

the

markets

when

I

don’t

even

know

how

I’m

going

to

pay

all

my

bills

this

month?”

There

wasn’t

a

lot

that

I

could

say

in

response

to

this

anonymously

submitted

question,

other

than

to

offer

sympathy

and

recommend

the

assistance

of

a

financial

professional.

There

are

no

clear

comparisons

for

the

COVID-19

pandemic.

When

we’ve

had

discussions

among

the

members

of

our

investment

team,

the

word

that

comes

up

over

and

over

is

“unprecedented.”

We’ve

never

before

seen

seven

million

unemployment

claims

in

a

single

week.

The

Federal

Reserve

has

taken

actions

that

dwarf

any

of

its

activities

during

the

Great

Recession

of

2008-09.

The

federal

government

has

provided

fiscal

support

far

greater

than

at

any

time

in

history

and

is

running

a

correspondingly

large

fiscal

deficit.

And

that’s

without

even

mentioning

the

unprecedented

impact

to

our

daily

lives

of

school

closures

and

stay-at-home

orders.

And

while

there’s

no

real

comparison

for

these

difficult

months,

I

personally

can’t

help

but

think

of

the

attacks

of

September

11,

2001,

and

that’s

part

of

my

answer

to

the

question

of

how

we

can

even

think

about

markets

during

times

such

as

these.

In

2001,

prior

to

joining

Thrivent,

I

was

practicing

law

in

Chicago

at

a

large

international

law

firm.

That

awful

morning,

I

happened

to

be

attending

board

meetings

for

a

large

mutual

fund

complex.

Although

our

meeting

was

in

Chicago,

that

particular

firm

had

its

primary

offices

in

the

World

Trade

Center.

We

quickly

adjourned

the

meeting

so

the

executives

could

turn

their

attention

to

the

safety

of

their

employees

in

New

York.

I

knew

there

was

nothing

I

could

do

to

help

those

at

Ground

Zero.

But,

like

many

of

you,

I

felt

a

call

to

do

something.

Knowing

that

markets

would

be

closed

for

an

undetermined

period

and

financial

instruments

would

be

impacted,

I

threw

myself

into

legal

research

and

worked

most

of

the

night.

With

so

much

uncertainty

that

would

affect

every

one

of

the

firm’s

clients,

I

found

it

fulfilling

to

do

whatever

I

could

to

contribute

to

the

common

well-being.

Just

as

I

wasn’t

a

firefighter

or

police

officer

in

2001,

I’m

not

a

doctor

or

medical

researcher

either.

We

have

several

PhDs

on

our

investment

team,

but

none

in

medical

fields.

We

have

more

than

85

individuals

with

advanced

degrees

or

credentials,

even

a

second

lawyer,

but

no

MDs.

But

just

as

in

September

of

2001,

we

as

a

team,

want

to

do

anything

and

everything

we

can

to

help

all

of

you,

and

society

as

a

whole,

during

this

pandemic.

For

our

investment

team,

that

means

managing

your

money

with

every

bit

of

care,

attention

and

professionalism

that

we

possibly

can.

Another

word

that’s

used

a

lot

these

days

in

the

investment

community

is

“dislocation.”

There

have

been

many

dislocations

in

various

markets

and

securities.

That’s

just

a

fancy

way

of

saying

that

lots

of

things

aren’t

functioning

the

way

they

do

in

normal

times,

which

will

come

as

a

surprise

to

no

one.

The

actions

of

the

Federal

Reserve

have

helped

to

stabilize

the

markets

more

quickly

than

many

of

us

would

have

expected

–

not

just

the

stock

market

but

even

more

importantly

the

credit

markets

and

banking

system

that

are

the

lifeblood

of

the

“real”

economy.

But

dislocations

still

abound,

and

we’re

nowhere

near

back

to

normal.

So,

as

an

investment

team,

we’re

doing

what

we

know

how

to

do.

Our

20

stock

analysts

are

doing

bottom-up,

fundamental

analysis

of

companies

to

try

to

invest

in

those

stocks

that

present

the

best

opportunities.

Our

19

fixed-income

analysts

are

doing

rigorous

credit

research

to

seek

out

bonds

that

offer

good

value

on

a

risk-

adjusted

basis.

Our

team

of

18

quantitative

researchers

and

portfolio

managers

are

using

algorithms

and

technology

to

look

for

trends

and

opportunities.

By

seeking

out

those

stocks

and

bonds

that

represent

good

values,

we’re

working

to

see

that

capital

is

allocated

efficiently

and

goes

to

those

companies

that

can

make

best

use

of

it.

By

looking

for

market

dislocations

and

trying

to

find

opportunities

in

such

dislocations,

we’re

helping

to

make

such

dislocations

go

away.

As

we

do

our

jobs

every

day,

I

like

to

think

that

our

investment

team

is

doing

what

we

can

to

help

move

us

in

some

small

way

back

towards

normalcy.

And

while

the

COVID-19

pandemic

and

its

economic

impact

are

“unprecedented”

and

while

the

markets

have

certainly

suffered

significant

“dislocations,”

this

isn’t

the

first

time

we’ve

experienced

unprecedented

economic

events

and

dislocations.

We’ve

had

wars

and

pandemics

before,

and

the

markets

and

the

economy

can

and

do

recover.

The

future

never

looks

just

like

the

past,

but

our

long-

term

investment

view

is

informed

by

the

past

in

important

ways.

Our

senior

investment

team

meets

about

once

a

week

for

a

deep

dive

into

the

various

types

of

macroeconomic

and

market

data.

We

have

Thrivent’s

own

proprietary

models

that

cover

a

wide

range

of

subjects.

A

whole

team

of

experienced

professionals

is

responsible

for

compiling

the

material

we

discuss,

searching

for

the

best

possible

data

and

analytics

and

preparing

our

own

analysis.

These

discussions

are

perhaps

my

favorite

part

of

my

job.

I

feel

blessed

to

work

with

such

an

experienced

team.

More

than

half

of

our

more

than

100

investment

professionals

have

at

least

20

years

of

experience

in

the

industry,

which

means

they

were

working

through

not

just

the

Great

Recession

of

2008-09,

but

also

the

bursting

of

the

technology

bubble

in

2000-01

and

for

many

folks

much

farther

back

than

that.

This

experience

can

bring

a

valuable

perspective

in

times

of

heightened

uncertainty.

I

personally

believe

that

active

asset

management

is

especially

important

during

periods

of

economic

and

market

turmoil.

The

dispersion

in

the

performance

of

various

stocks

and

bonds

can

be

greater

and

an

experienced

manager

has

the

potential

to

add

significant

value

through

stock

selection

and

credit

analysis,

both

through

the

companies

the

manager

chooses

to

own

and

the

companies

or

securities

they

choose

to

avoid.

Our

investment

team

is

working

very

hard

for

you

during

these

difficult

times.

The

vast

majority

of

our

work

is

being

done

remotely,

and

I

am

happy

to

say

that

the

shift

to

primarily

remote

work

has

gone

more

smoothly

than

I

might

have

expected.

And

we

are

happy

3

to

be

serving

you

through

the

COVID-19

pandemic

in

the

best

way

we

can.

Once

again,

on

behalf

of

our

entire

investment

team,

we

hope

this

letter

finds

you,

your

family

and

your

community

safe

and

well.

Sincerely,

David

S.

Royal

President

and

Chief

Investment

Officer

Thrivent Mutual

Funds

4

Dear

Shareholder:

4

Despite

the

severe

economic

slow-down

brought

on

by

the

COVID-19

pandemic,

the

stock

market

has

responded

with

remarkable

resilience

over

the

past

few

months.

After

an

initial

bout

of

market

volatility

that

sent

prices

down

about

30%

off

from

their

highs,

the

stock

market

staged

a

strong

rebound

in

the

second

quarter

of

2020

on

hopes

that

the

economy

would

ultimately

make

a

strong

recovery.

In

fact,

despite

mass

unemployment,

slumping

retail

sales,

and

falling

corporate

earnings

across

many

sectors,

the

S&P

500®

ended

the

second

quarter

5.39%

above

its

level

of

a

year

earlier.

(The

S&P

500

is

a

market-cap-weighted

index

that

represents

the

average

performance

of

a

group

of

500

large-capitalization

stocks.)

The

strong

market

performance

was

bolstered

by

the

unprecedented

action

of

Congress

and

the

Federal

Reserve

(Fed),

which

have

injected

trillions

of

dollars

into

the

economy

to

help

keep

businesses

afloat

and

provide

emergency

income

for

laid-off

workers.

But

while

the

stock

market

has

provided

strong

gains,

bond

yields

on

10-year

U.S.

Treasuries

have

fallen

to

historic

lows,

closing

June

at

just

0.65%.

The

decline

in

bond

yields

was

due,

in

part,

to

two

sizable

cuts

by

the

Fed

in

the

Fed

funds

rate,

slashing

the

target

range

to

0%

to

0.25%.

The

rising

demand

for

bonds

from

investors

seeking

a

safe

haven

in

an

uncertain

market

also

contributed

to

the

yield

decline.

Economic

Review

Gross

domestic

product

(GDP)

growth,

which

is

the

broadest

measure

of

economic

output,

contracted

by

4.8%

in

the

first

quarter

of

2020,

which

officially

marked

the

start

of

a

recession,

according

to

the

U.S.

Department

of

Commerce.

As

the

country

went

into

lockdown

to

protect

against

the

COVID-19

virus,

unemployment

skyrocketed

and

retail

sales

in

many

areas

suffered

extreme

declines.

With

most

stores

and

restaurants

closed

early

in

the

second

quarter,

retail

sales

took

a

precarious

fall

in

April

but

began

to

rebound

in

May.

Total

sales

for

the

period

of

March

2020

through

May

2020

were

down

10.5%

from

the

same

period

a

year

ago,

according

to

the

Department

of

Commerce

retail

report

issued

June

16.

Automobile

sales

rebounded

from

extreme

lows

in

May

but

were

still

down

4.7%

for

the

month

from

a

year

earlier.

Electronics

and

appliance

stores

were

down

29.9%

from

a

year

earlier

in

May,

and

food

services

and

drinking

places

were

down

39.4%

for

the

month

from

a

year

earlier.

Non-store

retailers

(primarily

online)

continued

to

benefit

from

the

effects

of

the

pandemic

as

more

consumers

turned

to

the

internet

to

make

their

purchases.

Monthly

sales

were

up

9.0%

from

the

previous

month

and

30.8%

from

a

year

earlier.

After

more

than

100

consecutive

months

of

job

gains,

the

unemployment

rate

surged

to

Depression-era

levels

as

stores

and

businesses

closed

shop

during

the

lockdown.

But

as

businesses

began

to

reopen,

the

unemployment

rate

began

to

decline.

After

peaking

at

14.7%

in

April,

the

rate

dropped

to

11.1%

in

June,

according

to

the

U.S.

Bureau

of

Labor

Statistics.

Oil

prices

have

begun

to

recover

after

dropping

in

April

during

the

pandemic

lockdown

to

the

lowest

level

since

2002.

The

price

of

a

barrel

of

West

Texas

Intermediate,

a

grade

of

crude

oil

used

as

a

benchmark,

dropped

more

than

60%

off

its

high

for

the

year

to

close

April

at

$18.84

per

barrel.

But

as

motorists

have

returned

to

the

roads,

prices

more

than

doubled,

closing

June

at

$39.27

a

barrel.

Market

Review

In

addition

to

strong

growth

of

the

S&P

500,

the

Nasdaq

Index

also

posted

outstanding

gains

recently

–

it

was

up

30.63%

in

the

second

quarter

after

a

steep

drop

in

the

first

quarter.

Through

June,

the

Nasdaq

was

up

12.11%

for

the

year.

(The

Nasdaq

Index

–

National

Association

of

Securities

Dealers

Automated

Quotations

–

is

an

electronic

stock

exchange

with

more

than

3,300

company

listings.)

All

11

sectors

of

the

S&P

500

had

positive

performance

in

the

second

quarter,

led

by

the

Information

Technology

sector,

up

30.53%,

Materials,

up

26.01%,

and

Communications

Services,

up

20.04%.

In

the

international

markets,

the

MSCI

EAFE

Index,

which

measures

performance

of

developed-economy

stocks

in

Europe,

Asia

and

Australia,

has

had

the

same

pattern

as

the

U.S.

market

in

2020,

with

a

steep

drop

in

the

first

quarter

followed

by

a

strong

recovery.

It

was

up

14.17%

in

the

second

quarter,

although

it

is

still

down

12.59%

year-to-date.

The

bond

market

has

been

solid

this

year

as

investors

bought

up

bonds

in

response

to

the

stock

market

volatility.

The

Bloomberg

Barclays

US

Aggregate

Bond

Index,

which

tracks

a

broad

range

of

investment-grade

bonds,

was

up

9.50%

over

the

past

12

months,

and

up

5.02%

through

the

first

six

months

of

2020.

Corporate

earnings

projections

have

fallen

sharply

amidst

the

COVID-19

crisis.

The

12-month

forward

earnings

projections

for

S&P

500

companies

dropped

12.35%

in

the

second

quarter

versus

first

quarter

projections.

For

the

year,

projected

earnings

are

down

18.42%.

Our

Outlook

As

society

and

governments

deal

with

this

public

health

crisis,

we

expect

markets

to

remain

volatile.

However,

we

are

encouraged

that

the

credit

markets

have

stabilized.

Historically

credit

markets

recover

first,

and

early

opportunistic

investors

in

those

markets

have

been

rewarded.

We

believe

stocks

may

remain

volatile,

although

the

market

has

shown

resilience

in

recent

weeks.

Once

the

economy

stabilizes

with

the

help

of

immense

government

support,

the

earnings

picture

will

become

less

uncertain.

Earnings

for

the

full

year

are

expected

to

be

well

below

previous

years

due

to

the

lockdown,

but

if

the

country

can

open

up

businesses

effectively,

those

earnings

may

begin

to

recover

after

declining

first

and

second

quarter

earnings.

During

these

difficult

times,

we

thank

you

for

the

trust

you

have

placed

in

our

entire

team

of

professionals

at

Thrivent.

Sincerely,

David

S.

Royal

President

and

Chief

Investment

Officer

Thrivent Mutual

Funds

5

Thrivent

Diversified

Income

Plus

Fund

Mark

L.

Simenstad,

CFA,

Stephen

D.

Lowe,

CFA, Noah

J.

Monsen,

CFA,

Darren

M.

Bagwell,

CFA, and

Gregory

R.

Anderson,

CFA, Portfolio

Co-Managers

The

Fund

seeks

to

maximize

income

while

maintaining

prospects

for

capital

appreciation.

Investment

in

Thrivent

Diversified

Income

Plus

Fund

involves

risks

including

interest

rate,

equity

security,

credit,

allocation,

mortgage-backed

and

other

asset-backed

securities,

market,

high

yield,

leveraged

loan,

prepayment,

large

cap,

foreign

securities,

emerging

markets,

foreign

currency,

preferred

securities,

other

funds,

investment

adviser,

conflicts

of

interest,

issuer,

liquidity,

derivatives,

quantitative

investing,

portfolio

turnover,

and health

crisis

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

Portfolio

Composition

(%

of

Portfolio)

Long-Term

Fixed

Income

47.5%

Common

Stock

23.2%

Short-Term

Investments

10.8%

Bank

Loans

10.6%

Registered

Investment

Companies

6.5%

Preferred

Stock

1.4%

Total

100.0%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Core

Emerging

Markets

Debt

Fund

5.2%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2.8%

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1.6%

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1.5%

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1.4%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

0.9%

Microsoft

Corporation

0.8%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

0.6%

Apple,

Inc.

0.6%

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

0.6%

These

securities

represent

16.0%

of

the

total

net

assets

of

the

Fund.

Quoted

Portfolio

Composition,

Major

Market

Sectors

and

Top

10

Holdings

are

subject

to

change.

The

lists

of

Major

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments

and

collateral

held

for

securities

loaned.

The

Portfolio

Composition

chart

excludes

collateral

held

for

securities

loaned.

The

Top

10

holdings

chart

does

not

include

derivatives.

Major

Market

Sectors

(%

of

Net

Assets)

Financials

13.3%

Mortgage-Backed

Securities

11.1%

Collateralized

Mortgage

Obligations

9.9%

Information

Technology

8.6%

Communications

Services

7.9%

Consumer

Discretionary

7.2%

Consumer

Staples

6.5%

Materials

5.6%

Affiliated

Registered

Investment

Companies

5.2%

Energy

4.2%

6

Thrivent

Multidimensional

Income

Fund

Mark

L.

Simenstad,

CFA,

Gregory

R.

Anderson,

CFA,

Paul

J.

Ocenasek,

CFA, and

Stephen

D.

Lowe,

CFA

Portfolio Co-Managers

The Fund seeks

a

high

level

of

current

income

and,

secondarily,

growth

of

capital.   

Investment

in

Thrivent

Multidimensional

Income

Fund

involves

risks

including interest

rate,

credit,

high

yield,

preferred

securities,

closed-end

fund,

emerging

markets,

foreign

securities,

market,

mortgage-backed

and

other

asset-backed

securities,

convertible,

government

securities,

issuer,

investment

adviser,

conflicts

of

interest,

sovereign

debt,

business

development

company,

investment

in

other

investment

companies,

liquidity,

derivatives,

other

funds,

portfolio

turnover,

and

health

crisis

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Core

Emerging

Markets

Debt

Fund

10.1%

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

9.2%

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

5.6%

U.S.

Treasury

Bonds

3.7%

Bank

of

America

Corporation

0.8%

BlackRock

Corporate

High

Yield

Fund,

Inc.

0.6%

Liberty

All-Star

Equity

Fund

0.5%

BlackRock

Core

Bond

Trust

0.5%

JBS

USA,

LLC

0.5%

VeriSign,

Inc.

0.5%

These

securities

represent

32.0%

of

the

total

net

assets

of

the

Fund.

Bond

quality

ratings

are

obtained

from

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

and

Standard

&

Poor’s

Ratings

Services

(“S&P”).

Ratings

from

S&P,

when

used,

are

converted

into

their

equivalent

Moody’s

ratings.

If

Moody’s

and

S&P

have

assigned

different

ratings

to

a

security,

the

lowest

rating

for

the

security

is

used.

Not

rated

may

include

cash.

Investments

in

derivatives

and

short-term

investments

are

not

reflected

in

the

table.

Quoted

Bond

Quality

Ratings

Distributions,

Major

Market

Sectors

and

Top

10

Holdings

are

subject

to

change.

The

lists

of

Major

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments

and

collateral

held

for

securities

loaned.

Bond

Quality

Ratings

Distributions

exclude

collateral

held

for

securities

loaned.

The

Top

10

holdings

chart

does

not

include

derivatives.

Major

Market

Sectors

(%

of

Net

Assets)

Unaffiliated

Registered

Investment

Companies

30.9%

Financials

15.7%

Affiliated

Fixed

Income

Holdings

10.1%

Communications

Services

6.9%

Consumer

Non-Cyclical

5.8%

Energy

5.7%

Consumer

Cyclical

5.2%

U.S.

Government

&

Agencies

3.7%

Capital

Goods

3.3%

Technology

3.0%

7

Shareholder

Expense

Example

(unaudited)

As

a

shareholder

of

a

Fund,

you

incur,

depending

on

the

Fund

and

share

class,

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

purchase

payments;

and

(2)

ongoing

costs,

including

management

fees,

distribution

(12b-1)

fees

and

other

Fund

expenses.

This

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

your

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

from

January

1,

2020

through

June

30,

2020.

Actual

Expenses

In

the

table

below,

the

first

section,

labeled

“Actual,”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

from

the

appropriate

Class

line

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid.

A

small

account

fee

of

$12

may

be

charged

to

Class

A

shareholder

accounts

if

the

value

falls

to

an

amount

of

$2,000

or

less,

in

the

case

of

a

non-qualified

account,

and

$1,000

or

less,

in

the

case

of

a

qualified

account.

This

fee

is

not

included

in

the

table

below.

If

it

were

and

you

were

assessed

such

a

fee,

the

expenses

you

paid

during

the

period

would

have

been

higher

and

the

ending

account

value

would

have

been

lower.

Hypothetical

Example

for

Comparison

Purposes

In

the

table

below,

the

second

section,

labeled

“Hypothetical,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

A

small

account

fee

of

$12

may

be

charged

to

Class

A

shareholder

accounts

if

the

value

falls

to

an

amount

of

$2,000

or

less,

in

the

case

of

a

non-qualified

account,

and

$1,000

or

less,

in

the

case

of

a

qualified

account.

This

fee

is

not

included

in

the

table

below.

If

it

were

and

you

were

assessed

such

a

fee,

the

expenses

you

paid

during

the

period

would

have

been

higher

and

the

ending

account

value

would

have

been

lower.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

sales

charges

(loads).

Therefore,

the

second

section

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

Beginning

Account

Value

1/1/2020

Ending

Account

Value

6/30/2020

Expenses

Paid

during

Period

1/1/2020

-

6/30/2020

*

Annualized

Expense

Ratio

Thrivent

Diversified

Income

Plus

Fund

Actual

Class

A

$1,000

$963

$4.65

0.95%

Class

S

$1,000

$966

$3.47

0.71%

Hypothetical

**

Class

A

$1,000

$1,020

$4.78

0.95%

Class

S

$1,000

$1,021

$3.57

0.71%

Thrivent

Multidimensional

Income

Fund

Actual

Class

S

$1,000

$937

$4.09

0.85%

Hypothetical

**

Class

S

$1,000

$1,021

$4.27

0.85%

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

to

reflect

the

one-half

year

period.

**

Assuming

5%

annualized

total

return

before

expenses.

Diversified

Income

Plus

Fund

Summary

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

8

Principal

Amount

Bank

Loans

(

11.4%

)

Value

%

of

Net

Assets

Basic

Materials

(0.6%)

Other

Securities

^

$

6,121,823

0.6%

Total

6,121,823

Capital

Goods

(1.1%)

Other

Securities

^

11,399,203

1.1%

Total

11,399,203

Communications

Services

(3.1%)

CenturyLink,

Inc.,

Term

Loan

$

3,318,325

2.428%,

(LIBOR

1M

+

2.250%),

3/15/2027

a,b

3,121,084

0.3%

Coral-US

Co-Borrower,

LLC,

Term

Loan

2,695,000

2.428%,

(LIBOR

1M

+

2.250%),

1/31/2028

a,b

2,555,210

0.2%

CSC

Holdings,

LLC,

Term

Loan

2,453,850

2.685%,

(LIBOR

1M

+

2.500%),

4/15/2027

a,b

2,322,839

0.2%

Other

Securities

^

24,020,644

2.4%

Total

32,019,777

Consumer

Cyclical

(1.7%)

Scientific

Games

International,

Inc.,

Term

Loan

3,317,640

3.476%,

(LIBOR

3M

+

2.750%),

8/14/2024

a,b

2,926,158

0.3%

Other

Securities

^

14,901,152

1.4%

Total

17,827,310

Consumer

Non-Cyclical

(1.7%)

Global

Medical

Response,

Inc.,

Term

Loan

2,871,375

4.250%,

(LIBOR

3M

+

3.250%),

4/28/2022

a,b

2,756,175

0.3%

MPH

Acquisition

Holdings,

LLC,

Term

Loan

2,643,989

3.750%,

(LIBOR

3M

+

2.750%),

6/7/2023

a,b

2,508,485

0.2%

Ortho-Clinical

Diagnostics

SA,

Term

Loan

2,441,493

3.429%,

(LIBOR

1M

+

3.250%),

6/30/2025

a,b

2,278,231

0.2%

Other

Securities

^

10,746,606

1.0%

Total

18,289,497

Energy

(0.6%)

Radiate

Holdco,

LLC,

Term

Loan

2,734,376

3.750%,

(LIBOR

1M

+

3.000%),

2/1/2024

a,b

2,604,493

0.2%

Other

Securities

^

3,255,110

0.4%

Total

5,859,603

Principal

Amount

Bank

Loans

(11.4%)

Value

%

of

Net

Assets

Financials

(1.0%)

Other

Securities

^

$

10,363,052

1.0%

Total

10,363,052

Technology

(1.1%)

Prime

Security

Services

Borrower,

LLC,

Term

Loan

3,081,712

4.250%,

(LIBOR

3M

+

3.250%),

9/23/2026

a,b

2,956,533

0.3%

Rackspace

Hosting,

Inc.,

Term

Loan

2,730,666

4.000%,

(LIBOR

3M

+

3.000%),

11/3/2023

a,b

2,597,546

0.2%

Other

Securities

^

5,876,779

0.6%

Total

11,430,858

Transportation

(0.2%)

Other

Securities

^

2,121,664

0.2%

Total

2,121,664

Utilities

(0.3%)

Other

Securities

^

3,545,975

0.3%

Total

3,545,975

Total

Bank

Loans

(cost

$128,489,817)

118,978,762

Principal

Amount

Long-Term

Fixed

Income

(

51.4%

)

Value

%

of

Net

Assets

Asset-Backed

Securities

(3.9%)

Cent

CLO,

LP

3,875,000

3.291%,

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,c

3,747,102

0.4%

OZLM

Funding

II,

Ltd.

3,200,000

2.260%,

(LIBOR

3M

+

1.500%),

7/30/2031,

Ser.

2012-2A,

Class

A1BR

b,c

3,100,342

0.3%

OZLM

IX,

Ltd.

2,750,000

2.685%,

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,c

2,674,188

0.3%

Park

Avenue

Institutional

Advisers

CLO,

Ltd.

3,200,000

2.635%,

(LIBOR

3M

+

1.500%),

10/20/2031,

Ser.

2018-1A,

Class

A1B

b,c

3,161,238

0.3%

Pretium

Mortgage

Credit

Partners,

LLC

2,661,230

3.721%,

1/25/2059,

Ser.

2019-CFL1,

Class

A1

c,d

2,638,730

0.3%

Diversified

Income

Plus

Fund

Summary

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

%

of

Net

Assets

Asset-Backed

Securities

(3.9%)

-

continued

Sound

Point

CLO

XXI,

Ltd.

$

3,200,000

2.441%,

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,c

$

3,076,704

0.3%

Vericrest

Opportunity

Loan

Transferee

2,601,245

3.352%,

9/25/2049,

Ser.

2019-NPL5,

Class

A1A

c,d

2,602,186

0.2%

Other

Securities

^

19,850,264

1.8%

Total

40,850,754

Basic

Materials

(0.9%)

Other

Securities

^

9,297,285

0.9%

Total

9,297,285

Capital

Goods

(2.0%)

Other

Securities

^

20,425,480

2.0%

Total

20,425,480

Collateralized

Mortgage

Obligations

(9.9%)

Alternative

Loan

Trust

796,939

6.000%,

8/1/2036,

Ser.

2006-24CB,

Class

A9

629,198

0.1%

Antler

Mortgage

Trust

4,194,420

4.335%,

7/25/2022,

Ser.

2018-RTL1,

Class

A1

c

4,203,298

0.4%

Banc

of

America

Alternative

Loan

Trust

1,120,853

6.000%,

11/25/2035,

Ser.

2005-10,

Class

3CB1

987,460

0.1%

Banc

of

America

Mortgage

Securities

Trust

1,340,519

3.967%,

9/25/2035,

Ser.

2005-H,

Class

3A1

b

1,219,074

0.1%

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

218,158

4.270%,

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

214,935

<0.1%

CHL

Mortgage

Pass-Through

Trust

1,650,043

6.000%,

11/25/2037,

Ser.

2007-18,

Class

1A2

1,314,039

0.1%

1,220,643

3.424%,

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

1,012,202

0.1%

531,185

3.504%,

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

515,161

0.1%

Countrywide

Alternative

Loan

Trust

2,165,476

5.000%

-

6.500%,

3/25/2035

-

8/25/2036,

Ser.

2006-23CB,

Class

2A3

1,581,995

0.2%

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

%

of

Net

Assets

Collateralized

Mortgage

Obligations

(9.9%)

-

continued

$

350,855

3.355%,

10/25/2035,

Ser.

2005-43,

Class

4A1

b

$

322,245

<0.1%

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

781,000

3.559%,

11/25/2035,

Ser.

2005-22,

Class

2A1

b

698,081

0.1%

Federal

Home

Loan

Mortgage

Corporation

3,708,439

3.500%,

8/15/2035,

Ser.

345,

Class

C8

e

408,546

<0.1%

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

31,180,111

2.500%

-

3.500%,

12/15/2022

-

4/15/2033,

Ser.

4119,

Class

KI

e

2,205,301

0.1%

Federal

National

Mortgage

Association

-

REMIC

53,306,824

2.500%

-

3.500%,

7/25/2027

-

2/25/2033,

Ser.

2012-121,

Class

BI

e

3,205,542

0.1%

Greenpoint

Mortgage

Funding

Trust

590,315

0.385%,

(LIBOR

1M

+

0.200%),

10/25/2045,

Ser.

2005-AR4,

Class

G41B

b

508,632

0.1%

IndyMac

INDX

Mortgage

Loan

Trust

2,739,100

0.395%,

(LIBOR

1M

+

0.210%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

2,407,624

0.2%

J.P.

Morgan

Alternative

Loan

Trust

1,236,207

6.500%,

3/25/2036,

Ser.

2006-S1,

Class

1A19

1,003,946

0.1%

Merrill

Lynch

Alternative

Note

Asset

Trust

1,066,057

6.000%

-

6.000%,

3/25/2037,

Ser.

2007-F1,

Class

2A1

698,746

<0.1%

Merrill

Lynch

Mortgage

Investors

Trust

1,089,917

3.860%,

6/25/2035,

Ser.

2005-A5,

Class

M1

b

570,266

0.1%

Structured

Asset

Mortgage

Investments,

Inc.

743,227

0.495%,

(LIBOR

1M

+

0.310%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

677,229

0.1%

Toorak

Mortgage

Corporation

2,600,000

4.458%,

3/25/2022,

Ser.

2019-1,

Class

A1

c,d

2,606,453

0.3%

Vericrest

Opportunity

Loan

Transferee

4,850,000

4.090%,

11/25/2049,

Ser.

2019-NPL8,

Class

A1B

c,d

4,670,041

0.5%

2,900,000

4.090%,

11/26/2049,

Ser.

2019-NPL9,

Class

A1B

c,d

2,821,416

0.3%

Diversified

Income

Plus

Fund

Summary

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

10

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

%

of

Net

Assets

Collateralized

Mortgage

Obligations

(9.9%)

-

continued

WaMu

Mortgage

Pass

Through

Certificates

$

1,059,633

1.990%,

(COF

11

+

1.250%),

3/25/2047,

Ser.

2007-OA2,

Class

2A

b

$

961,602

0.1%

998,556

2.384%,

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

874,693

0.1%

Washington

Mutual

Mortgage

Pass

Through

Certificates

1,832,350

6.000%

-

7.000%,

11/25/2035

-

4/25/2037,

Ser.

2005-10,

Class

2A9

1,284,696

0.2%

Washington

Mutual

Mortgage

Pass-Through

Certificates

475,278

6.000%,

3/25/2035,

Ser.

2005-1,

Class

2A

469,065

<0.1%

Other

Securities

^

64,807,413

6.3%

Total

102,878,899

Commercial

Mortgage-Backed

Securities

(0.3%)

Federal

National

Mortgage

Association

-

ACES

28,395,499

1.468%,

2/25/2031,

Ser.

2019-M21,

Class

X2

b,e

3,082,005

0.3%

Total

3,082,005

Communications

Services

(3.2%)

GCI

Liberty,

Inc.,

Convertible

1,600,000

1.750%,

9/30/2046

c

2,236,763

0.2%

Other

Securities

^

31,150,783

3.0%

Total

33,387,546

Consumer

Cyclical

(2.9%)

Other

Securities

^

30,010,880

2.9%

Total

30,010,880

Consumer

Non-Cyclical

(3.4%)

VRX

Escrow

Corporation

2,450,000

6.125%,

4/15/2025

c

2,484,962

0.3%

Other

Securities

^

32,704,154

3.1%

Total

35,189,116

Energy

(2.4%)

Other

Securities

^

24,976,613

2.4%

Total

24,976,613

Financials

(7.7%)

BAC

Capital

Trust

XIV

332,000

4.000%,

(LIBOR

3M

+

0.400%),

6/17/2020

b,f

296,725

<0.1%

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

%

of

Net

Assets

Financials

(7.7%)

-

continued

Bank

of

America

Corporation

$

325,000

4.200%,

8/26/2024

$

360,635

0.1%

1,000,000

6.250%,

9/5/2024

b,f

1,035,070

0.1%

742,000

5.125%,

6/20/2024

b,f

734,064

0.1%

663,000

3.864%,

7/23/2024

b

720,376

0.1%

445,000

3.550%,

3/5/2024

b

475,502

0.1%

373,000

1.319%,

6/19/2026

b

373,882

0.1%

284,000

3.499%,

5/17/2022

b

290,747

<0.1%

282,000

2.738%,

1/23/2022

b

285,131

<0.1%

276,000

3.004%,

12/20/2023

b

290,286

<0.1%

160,000

3.458%,

3/15/2025

b

173,543

<0.1%

J.P.

Morgan

Chase

&

Company

663,000

3.375%

-

3.875%,

5/1/2023

-

9/10/2024

721,942

0.2%

1,454,000

5.000%,

8/1/2024

b,f

1,398,464

0.2%

960,000

4.600%,

2/1/2025

b,f

855,936

0.1%

635,000

4.023%,

12/5/2024

b

699,702

0.1%

480,000

5.150%,

5/1/2023

b,f

466,800

0.1%

376,000

2.776%,

4/25/2023

b

389,285

0.1%

289,000

2.250%,

(LIBOR

3M

+

1.230%),

10/24/2023

b

292,158

<0.1%

149,000

2.083%,

4/22/2026

b

154,592

<0.1%

122,000

1.514%,

6/1/2024

b

123,973

<0.1%

Other

Securities

^

69,893,502

6.3%

Total

80,032,315

Foreign

Government

(<0.1%)

Other

Securities

^

182,705

<0.1%

Total

182,705

Mortgage-Backed

Securities

(11.1%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

206,529

3.500%,

5/1/2034

217,606

<0.1%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

6,134,431

3.000%,

3/25/2050

6,465,449

0.6%

2,502,046

3.000%,

4/1/2050

2,637,060

0.3%

3,441,216

3.500%,

7/1/2047

3,633,631

0.3%

Federal

National

Mortgage

Association

2,932,940

3.500%,

10/1/2048

3,090,704

0.3%

2,261,135

3.500%,

6/1/2049

2,393,401

0.2%

3,437,518

3.500%,

8/1/2049

3,635,412

0.4%

1,671,532

4.500%,

5/1/2048

1,797,875

0.2%

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

15,465,000

2.000%,

7/1/2035

g

15,994,797

1.5%

15,530,000

2.500%,

7/1/2035

g

16,254,935

1.6%

13,450,000

3.000%,

8/1/2049

g

14,141,474

1.4%

1,275,000

2.000%,

8/1/2035

g

1,316,637

0.1%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

9,200,000

2.000%,

7/1/2050

g

9,410,234

0.9%

28,300,000

2.500%,

7/1/2050

g

29,490,590

2.8%

Diversified

Income

Plus

Fund

Summary

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

11

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

%

of

Net

Assets

Mortgage-Backed

Securities

(11.1%)

-

continued

$

4,949,328

4.000%,

7/1/2048

$

5,240,814

0.5%

Total

115,720,619

Technology

(1.9%)

Nuance

Communications,

Inc.,

Convertible

2,057,000

1.250%,

4/1/2025

2,867,987

0.3%

Other

Securities

^

16,555,249

1.6%

Total

19,423,236

Transportation

(0.5%)

Other

Securities

^

5,721,270

0.5%

Total

5,721,270

U.S.

Government

&

Agencies

(0.1%)

Other

Securities

^

601,420

0.1%

Total

601,420

Utilities

(1.2%)

Other

Securities

^

12,704,787

1.2%

Total

12,704,787

Total

Long-Term

Fixed

Income

(cost

$536,024,563)

534,484,930

Shares

Common

Stock

(

25.1%

)

Value

%

of

Net

Assets

Communications

Services

(1.6%)

1,855

Alphabet,

Inc.,

Class

A

h

2,630,483

0.3%

Other

Securities

^

13,750,674

1.3%

Total

16,381,157

Consumer

Discretionary

(2.6%)

2,029

Amazon.com,

Inc.

h

5,597,646

0.6%

Other

Securities

^

21,353,011

2.0%

Total

26,950,657

Consumer

Staples

(1.2%)

Other

Securities

^

12,024,575

1.2%

Total

12,024,575

Energy

(1.0%)

Other

Securities

^

10,092,593

1.0%

Total

10,092,593

Financials

(3.6%)

89,047

Bank

of

America

Corporation

2,114,866

0.2%

Shares

Common

Stock

(25.1%)

Value

%

of

Net

Assets

Financials

(3.6%)

-

continued

9,088

J.P.

Morgan

Chase

&

Company

$

854,817

0.1%

Other

Securities

^

34,547,137

3.3%

Total

37,516,820

Health

Care

(3.8%)

14,489

Danaher

Corporation

2,562,090

0.3%

19,830

Johnson

&

Johnson

2,788,693

0.3%

Other

Securities

^

34,610,920

3.2%

Total

39,961,703

Industrials

(3.2%)

Other

Securities

^

33,003,247

3.2%

Total

33,003,247

Information

Technology

(5.6%)

56,106

Advanced

Micro

Devices,

Inc.

h

2,951,737

0.3%

17,178

Apple,

Inc.

6,266,534

0.6%

59,119

Cisco

Systems,

Inc.

2,757,310

0.3%

38,322

Microsoft

Corporation

7,798,910

0.8%

Other

Securities

^

38,684,080

3.6%

Total

58,458,571

Materials

(1.0%)

Other

Securities

^

10,839,118

1.0%

Total

10,839,118

Real

Estate

(1.1%)

Other

Securities

^

10,934,441

1.1%

Total

10,934,441

Utilities

(0.4%)

Other

Securities

^

4,450,423

0.4%

Total

4,450,423

Total

Common

Stock

(cost

$241,327,433)

260,613,305

Shares

Registered

Investment

Companies

(

7.0%

)

Value

%

of

Net

Assets

Unaffiliated  (1.8%)

200,314

Invesco

Senior

Loan

ETF

4,276,704

0.4%

57,910

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

5,858,176

0.6%

33,625

Vanguard

Short-Term

Corporate

Bond

ETF

2,779,442

0.3%

Other

Securities

^

5,731,241

0.5%

Total

18,645,563

Diversified

Income

Plus

Fund

Summary

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

12

Shares

Registered

Investment

Companies

(7.0%)

Value

%

of

Net

Assets

Affiliated  (5.2%)

5,583,919

Thrivent

Core

Emerging

Markets

Debt

Fund

$

54,108,178

5.2%

Total

54,108,178

Total

Registered

Investment

Companies

(cost

$73,276,450)

72,753,741

Shares

Preferred

Stock

(

1.5%

)

Value

%

of

Net

Assets

Communications

Services

(<0.1%)

Other

Securities

^

382,560

<0.1%

Total

382,560

Consumer

Discretionary

(<0.1%)

Other

Securities

^

52,008

<0.1%

Total

52,008

Consumer

Staples

(0.2%)

Other

Securities

^

1,766,358

0.2%

Total

1,766,358

Energy

(0.2%)

Other

Securities

^

1,813,806

0.2%

Total

1,813,806

Financials

(1.0%)

17,600

Bank

of

America

Corporation,

5.000%

f

444,576

<0.1%

379

Bank

of

America

Corporation,

Convertible,

7.250%

f

508,694

0.1%

13,150

J.P.

Morgan

Chase

&

Company,

4.750%

f

329,802

<0.1%

2,167

Wells

Fargo

&

Company,

Convertible,

7.500%

f

2,810,599

0.3%

Other

Securities

^

6,504,787

0.6%

Total

10,598,458

Health

Care

(<0.1%)

Other

Securities

^

294,175

<0.1%

Total

294,175

Industrials

(0.1%)

Other

Securities

^

601,884

0.1%

Total

601,884

Real

Estate

(<0.1%)

Other

Securities

^

81,035

<0.1%

Total

81,035

Shares

Preferred

Stock

(1.5%)

Value

%

of

Net

Assets

Utilities

(<0.1%)

Other

Securities

^

$

514,484

<0.1%

Total

514,484

Total

Preferred

Stock

(cost

$17,756,215)

16,104,768

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

%

of

Net

Assets

5,046,941

Thrivent

Cash

Management

Trust

5,046,941

0.5%

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,046,941)

5,046,941

Shares

or

Principal

Amount

Short-Term

Investments

(

11.7%

)

Value

%

of

Net

Assets

Thrivent

Core

Short-Term

Reserve

Fund

11,891,012

0.750%

119,029,025

11.4%

Other

Securities

^

2,899,443

0.3%

Total

Short-Term

Investments

(cost

$121,791,657)

121,928,468

Total

Investments

(cost

$1,123,713,076)

108.6%

$1,129,910,915

Other

Assets

and

Liabilities,

Net

(8.6%)

(89,485,113)

Total

Net

Assets

100.0%

$1,040,425,802

^

The

Summary

Schedule

of

Investments

shows

the

50

largest

holdings

in

unaffiliated

issuers,

any

holding

or

issuer

that

exceeds

1%

of

net

assets

and

all

affiliated

holdings

as

of

the

report

date.  The

remaining

securities

held

are

grouped

by

category

as

“Other

securities”.

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

June

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

June

30,

2020,

the

value

of

these

investments

was

$209,987,576

or

20.2%

of

total

net

assets.

d

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

June

30,

2020.

Diversified

Income

Plus

Fund

Summary

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

13

e

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

f

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

g

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

h

Non-income

producing

security.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Diversified

Income

Plus

Fund

as

of

June

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,763,618

Common

Stock

2,128,913

Total

lending

$4,892,531

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,046,941

Net

amounts

due

to

counterparty

$154,410

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

a

family

of

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

COF

11

-

11th

District

Cost

of

Funds

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$

56,154,591

Gross

unrealized

depreciation

(50,635,833)

Net

unrealized

appreciation

(depreciation)

$

5,518,758

Cost

for

federal

income

tax

purposes

$

1,124,193,084

Diversified

Income

Plus

Fund

Summary

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

14

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

June

30,

2020,

in

valuing

Diversified

Income

Plus

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

6,121,823

–

5,488,036

633,787

Capital

Goods

11,399,203

–

10,647,451

751,752

Communications

Services

32,019,777

–

32,019,777

–

Consumer

Cyclical

17,827,310

–

17,827,310

–

Consumer

Non-Cyclical

18,289,497

–

18,113,780

175,717

Energy

5,859,603

–

5,859,603

–

Financials

10,363,052

–

10,138,126

224,926

Technology

11,430,858

–

11,430,858

–

Transportation

2,121,664

–

2,121,664

–

Utilities

3,545,975

–

3,545,975

–

Long-Term

Fixed

Income

Asset-Backed

Securities

40,850,754

–

40,850,754

–

Basic

Materials

9,297,285

–

9,297,285

–

Capital

Goods

20,425,480

–

20,425,480

–

Collateralized

Mortgage

Obligations

102,878,899

–

99,953,899

2,925,000

Commercial

Mortgage-Backed

Securities

3,082,005

–

3,082,005

–

Communications

Services

33,387,546

–

33,387,546

–

Consumer

Cyclical

30,010,880

–

30,010,880

–

Consumer

Non-Cyclical

35,189,116

–

35,189,116

–

Energy

24,976,613

–

24,976,613

–

Financials

80,032,315

–

80,032,315

–

Foreign

Government

182,705

–

182,705

–

Mortgage-Backed

Securities

115,720,619

–

115,720,619

–

Technology

19,423,236

–

19,423,236

–

Transportation

5,721,270

–

5,721,270

–

U.S.

Government

&

Agencies

601,420

–

601,420

–

Utilities

12,704,787

–

12,704,787

–

Common

Stock

Communications

Services

16,381,157

13,491,913

2,889,244

–

Consumer

Discretionary^

26,950,657

22,521,282

4,429,375

0

Consumer

Staples

12,024,575

8,625,124

3,399,451

–

Energy

10,092,593

8,041,512

2,049,081

2,000

Financials

37,516,820

25,753,018

11,763,802

–

Health

Care

39,961,703

29,731,732

10,229,971

–

Industrials

33,003,247

22,515,317

10,121,097

366,833

Information

Technology

58,458,571

51,891,431

6,567,140

–

Materials

10,839,118

6,251,265

4,587,853

–

Real

Estate

10,934,441

7,211,663

3,722,778

–

Utilities

4,450,423

3,937,398

513,025

–

Registered

Investment

Companies

Unaffiliated

18,645,563

18,645,563

–

–

Preferred

Stock

Communications

Services

382,560

382,560

–

–

Consumer

Discretionary

52,008

52,008

–

–

Consumer

Staples

1,766,358

1,766,358

–

–

Energy

1,813,806

1,813,806

–

–

Financials

10,598,458

10,209,433

389,025

–

Health

Care

294,175

294,175

–

–

Industrials

601,884

601,884

–

–

Real

Estate

81,035

81,035

–

–

Utilities

514,484

514,484

–

–

Short-Term

Investments

2,899,443

–

2,899,443

–

Subtotal

Investments

in

Securities

$951,726,771

$234,332,961

$712,313,795

$5,080,015

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

54,108,178

Affiliated

Short-Term

Investments

119,029,025

Collateral

Held

for

Securities

Loaned

5,046,941

Subtotal

Other

Investments

$178,184,144

Total

Investments

at

Value

$1,129,910,915

Diversified

Income

Plus

Fund

Summary

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

15

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

^

Level

3

security

in

this

section

is

fair

valued

at

<$1.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

146,494

146,494

–

–

Credit

Default

Swaps

6,412

–

6,412

–

Total

Asset

Derivatives

$152,906

$146,494

$6,412

$–

Liability

Derivatives

Futures

Contracts

351,979

351,979

–

–

Total

Liability

Derivatives

$351,979

$351,979

$–

$–

The

following

table

presents

Diversified

Income

Plus

Fund's

futures

contracts

held

as

of

June

30,

2020.

Investments

and/or

cash

totaling

$1,799,669

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

153

September

2020

$

33,783,587

$

3,117

CBOT

5-Yr.

U.S.

Treasury

Note

53

September

2020

6,636,345

27,991

CME

E-mini

S&P

500

Index

5

September

2020

797,091

(

24,541)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

1

September

2020

216,550

1,606

ICE

mini

MSCI

EAFE

Index

18

September

2020

1,588,899

11,661

Total

Futures

Long

Contracts

$

43,022,472

$

19,834

CBOT

10-Yr.

U.S.

Treasury

Note

(158)

September

2020

(

$

21,887,429)

(

$

101,728)

CBOT

U.S.

Long

Bond

(19)

September

2020

(

3,400,938)

8,250

CME

E-mini

Russell

2000

Index

(56)

September

2020

(

3,826,213)

(

199,067)

CME

E-mini

S&P

500

Index

(18)

September

2020

(

2,875,049)

93,869

Ultra

10-Yr.

U.S.

Treasury

Note

(25)

September

2020

(

3,910,466)

(

26,643)

Total

Futures

Short

Contracts

(

$

35,900,095)

($225,319)

Total

Futures

Contracts

$

7,122,377

($205,485)

Diversified

Income

Plus

Fund

Summary

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

16

The

following

table

presents

Diversified

Income

Plus

Fund's

swaps

contracts

held

as

of

June

30,

2020.

Investments

totaling

$299,909

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

34,

5

Year,

at

5.00%,

Quarterly

Sell

6/20/2025

(

$

1,843,000)

$

–

$

6,412

$

6,412

Total

Credit

Default

Swaps

$–

$6,412

$6,412

1

As

the

buyer

of

protection,

Diversified

Income

Plus

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Diversified

Income

Plus

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Diversified

Income

Plus

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

June

30,

2020,

for

Diversified

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

105,530

Total

Equity

Contracts

105,530

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

40,964

Total

Interest

Rate

Contracts

40,964

Credit

Contracts

Credit

Default

Swaps

Net

Assets

-

Distributable

earnings/(accumulated

loss)

6,412

Total

Credit

Contracts

6,412

Total

Asset

Derivatives

$152,906

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

223,608

Total

Equity

Contracts

223,608

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

128,371

Total

Interest

Rate

Contracts

128,371

Total

Liability

Derivatives

$351,979

*

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.

Diversified

Income

Plus

Fund

Summary

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

17

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

June

30,

2020,

for

Diversified

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

1,929,573

Total

Interest

Rate

Contracts

1,929,573

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(245,633)

Total

Equity

Contracts

(245,633)

Foreign

Exchange

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(192,778)

Total

Foreign

Exchange

Contracts

(192,778)

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

1,066

Total

Credit

Contracts

1,066

Total

$1,492,228

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

June

30,

2020,

for

Diversified

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

ap-

preciation/(depreciation)

recognized

in

Income

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

84,534

Total

Equity

Contracts

84,534

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

126,573

Total

Interest

Rate

Contracts

126,573

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

6,412

Total

Credit

Contracts

6,412

Total

$132,400

The

following

table

presents

Diversified

Income

Plus

Fund's

average

volume

of

derivative

activity

during

the

period

ended

June

30,

2020.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$6,103,064

Futures

-

Short

(11,041,581)

Interest

Rate

Contracts

Futures

-

Long

56,534,057

Futures

-

Short

(13,327,826)

Foreign

Exchange

Contracts

Futures

-

Long

4,404,255

Credit

Contracts

Credit

Default

Swaps

-

Sell

Protection

(559)

Diversified

Income

Plus

Fund

Summary

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

18

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Diversified

Income

Plus

Fund,

is

as

follows:

Fund

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

6/30/2020

Shares

Held

at

6/30/2020

%

of

Net

Assets

6/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$53,623

$1,829

$–

$54,108

5,584

5.2%

Total

Affiliated

Registered

Investment

Companies

53,623

54,108

5.2

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.750%

130,402

198,042

209,515

119,029

11,891

11.4

Total

Affiliated

Short-Term

Investments

130,402

119,029

11.4

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

5,772

119,785

120,510

5,047

5,047

0.5

Total

Collateral

Held

for

Securities

Loaned

5,772

5,047

0.5

Total

Value

$189,797

$178,184

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

6/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(1,344)

$–

$1,209

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.750%

(37)

137

–

999

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$2,208

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

29

Total

Affiliated

Income

from

Securities

Loaned,

Net

$29

Total

$(37)

$(1,207)

$–

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income

(

49.4%

)

Value

Basic

Materials

(2.1%)

BHP

Billiton

Finance

USA,

Ltd.

$

100,000

6.750%, 

10/19/2075

a,b

$

115,250

Cleveland-Cliffs,

Inc.

15,000

5.750%, 

3/1/2025

12,770

20,000

9.875%, 

10/17/2025

a

20,979

First

Quantum

Minerals,

Ltd.

60,000

7.250%, 

4/1/2023

a

57,587

Freeport-McMoRan,

Inc.

20,000

4.125%, 

3/1/2028

19,400

30,000

4.250%, 

3/1/2030

29,100

Krayton

Polymers,

LLC

35,000

7.000%, 

4/15/2025

a

35,175

Methanex

Corporation

40,000

5.250%, 

12/15/2029

35,199

Novelis

Corporation

40,000

5.875%, 

9/30/2026

a

39,906

20,000

4.750%, 

1/30/2030

a

19,100

Olin

Corporation

75,000

5.125%, 

9/15/2027

70,125

Peabody

Securities

Finance

Corporation

40,000

6.375%, 

3/31/2025

a

21,200

Tronox

Finance

plc

60,000

5.750%, 

10/1/2025

a

55,500

Total

531,291

Capital

Goods

(3.3%)

AECOM

50,000

5.125%, 

3/15/2027

53,750

Aerojet

Rocketdyne

Holdings,

Inc.,

Convertible

8,000

2.250%, 

12/15/2023

12,803

Amsted

Industries,

Inc.

50,000

5.625%, 

7/1/2027

a

51,562

Ardagh

Packaging

Finance

plc

35,000

6.000%, 

2/15/2025

a,c

35,831

Building

Materials

Corporation

of

America

50,000

6.000%, 

10/15/2025

a

51,464

Chart

Industries,

Inc.,

Convertible

8,000

1.000%, 

11/15/2024

a

8,414

Covanta

Holding

Corporation

50,000

6.000%, 

1/1/2027

50,630

Crown

Americas

Capital

Corporation

IV

60,000

4.500%, 

1/15/2023

61,200

Fortive

Corporation,

Convertible

9,000

0.875%, 

2/15/2022

8,840

General

Electric

Company

100,000

5.000%, 

1/21/2021

b,d

78,510

H&E

Equipment

Services,

Inc.

85,000

5.625%, 

9/1/2025

85,832

KBR,

Inc.,

Convertible

20,000

2.500%, 

11/1/2023

22,465

Owens-Brockway

Glass

Container,

Inc.

10,000

5.000%, 

1/15/2022

a

10,000

Patrick

Industries,

Inc.,

Convertible

6,000

1.000%, 

2/1/2023

5,997

Principal

Amount

Long-Term

Fixed

Income

(49.4%)

Value

Capital

Goods

(3.3%)

-

continued

Spirit

AeroSystems,

Inc.

$

10,000

7.500%, 

4/15/2025

a

$

9,863

Textron

Financial

Corporation

150,000

2.127%, 

(LIBOR

3M

+

1.735%),

2/15/2042

a,b

93,750

TransDigm,

Inc.

25,000

6.250%, 

3/15/2026

a

24,984

45,000

5.500%, 

11/15/2027

39,282

TTM

Technologies,

Inc.,

Convertible

7,000

1.750%, 

12/15/2020

8,785

Tutor

Perini

Corporation,

Convertible

2,000

2.875%, 

6/15/2021

1,884

United

Rentals

North

America,

Inc.

50,000

4.875%, 

1/15/2028

51,250

70,000

4.000%, 

7/15/2030

67,706

WESCO

Distribution,

Inc.

10,000

7.250%, 

6/15/2028

a

10,546

Total

845,348

Collateralized

Mortgage

Obligations

(0.6%)

GMACM

Mortgage

Loan

Trust

37,998

3.985%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

35,028

Residential

Accredit

Loans,

Inc.

Trust

69,301

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

61,889

WaMu

Mortgage

Pass

Through

Certificates

66,570

2.384%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

58,313

Total

155,230

Communications

Services

(6.6%)

AMC

Networks,

Inc.

55,000

5.000%, 

4/1/2024

54,450

CCO

Holdings,

LLC

65,000

5.500%, 

5/1/2026

a

67,356

120,000

4.500%, 

8/15/2030

a

122,460

Clear

Channel

Worldwide

Holdings,

Inc.

35,000

5.125%, 

8/15/2027

a

33,600

CSC

Holdings,

LLC

60,000

5.500%, 

5/15/2026

a

61,582

20,000

4.125%, 

12/1/2030

a

19,826

DISH

Network

Corporation,

Convertible

29,000

3.375%, 

8/15/2026

26,640

Embarq

Corporation

30,000

7.995%, 

6/1/2036

33,690

Front

Range

BidCo,

Inc.

40,000

4.000%, 

3/1/2027

a

37,962

GCI

Liberty,

Inc.,

Convertible

45,000

1.750%, 

9/30/2046

a

62,909

Gray

Television,

Inc.

40,000

5.875%, 

7/15/2026

a

39,850

iHeartCommunications,

Inc.

25,000

4.750%, 

1/15/2028

a

23,063

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income

(49.4%)

Value

Communications

Services

(6.6%)

-

continued

Lamar

Media

Corporation

$

30,000

3.750%, 

2/15/2028

a

$

28,284

Level

3

Financing,

Inc.

75,000

4.625%, 

9/15/2027

a

75,563

40,000

4.250%, 

7/1/2028

a

39,947

Liberty

Media

Corporation,

Convertible

7,000

1.000%, 

1/30/2023

7,590

Neptune

Finco

Corporation

50,000

10.875%, 

10/15/2025

a

53,750

Netflix,

Inc.

65,000

4.875%, 

4/15/2028

69,503

Nexstar

Escrow

Corporation

110,000

5.625%, 

7/15/2027

a

110,007

SFR

Group

SA

60,000

7.375%, 

5/1/2026

a

62,636

Sirius

XM

Radio,

Inc.

70,000

5.000%, 

8/1/2027

a

71,807

Sprint

Corporation

60,000

7.250%, 

9/15/2021

62,901

65,000

7.625%, 

2/15/2025

74,994

Telesat

Canada

/

Telesat,

LLC

45,000

4.875%, 

6/1/2027

a

44,100

T-Mobile

USA,

Inc.

60,000

4.500%, 

2/1/2026

60,718

Univision

Communications,

Inc.

30,000

6.625%, 

6/1/2027

a

28,650

VeriSign,

Inc.

125,000

4.750%, 

7/15/2027

131,311

Viacom,

Inc.

44,000

5.875%, 

2/28/2057

b

43,362

Virgin

Media

Secured

Finance

plc

50,000

5.500%, 

8/15/2026

a

51,147

Windstream

Services,

LLC

20,000

8.625%, 

10/31/2025

a,e

12,000

Ziggo

BV

50,000

5.500%, 

1/15/2027

a

50,815

Total

1,662,473

Consumer

Cyclical

(5.1%)

1011778

B.C.,

ULC

55,000

4.375%, 

1/15/2028

a

53,910

Allison

Transmission,

Inc.

60,000

4.750%, 

10/1/2027

a

59,550

Booking

Holdings,

Inc.,

Convertible

2,000

0.900%, 

9/15/2021

2,125

Brookfield

Property

REIT,

Inc.

20,000

5.750%, 

5/15/2026

a

16,900

Brookfield

Residential

Properties,

Inc.

50,000

6.250%, 

9/15/2027

a

47,815

Burlington

Stores,

Inc.,

Convertible

14,000

2.250%, 

4/15/2025

a

15,910

Carnival

Corporation,

Convertible

7,000

5.750%, 

4/1/2023

a

11,270

Cedar

Fair,

LP

20,000

5.250%, 

7/15/2029

a

18,082

Colt

Merger

Sub,

Inc.

30,000

6.250%, 

7/1/2025

a,f

29,766

Principal

Amount

Long-Term

Fixed

Income

(49.4%)

Value

Consumer

Cyclical

(5.1%)

-

continued

Dana,

Inc.

$

40,000

5.625%, 

6/15/2028

$

39,708

Dick's

Sporting

Goods,

Inc.,

Convertible

19,000

3.250%, 

4/15/2025

a

26,299

Ford

Motor

Company

10,000

9.000%, 

4/22/2025

10,812

10,000

9.625%, 

4/22/2030

11,843

Ford

Motor

Credit

Company,

LLC

70,000

4.063%, 

11/1/2024

66,748

95,000

4.134%, 

8/4/2025

90,103

Hanesbrands,

Inc.

125,000

4.875%, 

5/15/2026

a

125,937

Herc

Holdings,

Inc.

30,000

5.500%, 

7/15/2027

a

30,065

Hilton

Worldwide

Finance,

LLC

50,000

4.875%, 

4/1/2027

48,813

International

Game

Technology

plc

30,000

5.250%, 

1/15/2029

a

29,175

Landry's,

Inc.

35,000

6.750%, 

10/15/2024

a

25,156

Lennar

Corporation

60,000

4.750%, 

5/30/2025

64,050

Live

Nation

Entertainment,

Inc.,

Convertible

18,000

2.500%, 

3/15/2023

18,259

Marriott

Vacations

Worldwide

Corporation,

Convertible

4,000

1.500%, 

9/15/2022

3,683

Mattamy

Group

Corporation

50,000

5.250%, 

12/15/2027

a

49,750

MGM

Resorts

International

45,000

5.500%, 

4/15/2027

43,507

Penn

National

Gaming,

Inc.,

Convertible

4,000

2.750%, 

5/15/2026

5,992

Prime

Security

Services

Borrower,

LLC

60,000

5.750%, 

4/15/2026

a

62,175

Royal

Caribbean

Cruises,

Ltd.

20,000

9.125%, 

6/15/2023

a

19,840

Royal

Caribbean

Cruises,

Ltd.,

Convertible

13,000

4.250%, 

6/15/2023

a

12,090

Scientific

Games

International,

Inc.

60,000

5.000%, 

10/15/2025

a

55,396

ServiceMaster

Company,

LLC

60,000

5.125%, 

11/15/2024

a

60,825

Six

Flags

Entertainment

Corporation

20,000

5.500%, 

4/15/2027

a

17,875

Six

Flags

Theme

Parks,

Inc.

20,000

7.000%, 

7/1/2025

a

20,675

Staples,

Inc.

50,000

7.500%, 

4/15/2026

a

39,288

Under

Armour,

Inc.,

Convertible

2,000

1.500%, 

6/1/2024

a

2,263

Yum!

Brands,

Inc.

50,000

4.750%, 

1/15/2030

a

50,750

Total

1,286,405

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income

(49.4%)

Value

Consumer

Non-Cyclical

(5.3%)

Albertson's

Companies,

Inc.

$

75,000

6.625%, 

6/15/2024

$

76,875

Aramark

Services,

Inc.

30,000

6.375%, 

5/1/2025

a

30,979

Bausch

Health

Companies,

Inc.

20,000

7.000%, 

1/15/2028

a

20,600

10,000

5.000%, 

1/30/2028

a

9,415

10,000

5.250%, 

1/30/2030

a

9,487

Cardtronics,

Inc.,

Convertible

9,000

1.000%, 

12/1/2020

8,876

Centene

Corporation

50,000

5.375%, 

6/1/2026

a

51,833

40,000

4.250%, 

12/15/2027

41,276

20,000

4.625%, 

12/15/2029

21,175

DaVita,

Inc.

40,000

4.625%, 

6/1/2030

a

39,780

Edgewell

Personal

Care

Company

20,000

5.500%, 

6/1/2028

a

20,575

Encompass

Health

Corporation

50,000

4.500%, 

2/1/2028

47,956

Energizer

Holdings,

Inc.

80,000

6.375%, 

7/15/2026

a

82,717

HCA,

Inc.

95,000

5.375%, 

2/1/2025

101,769

Illumina,

Inc.,

Convertible

1,000

0.500%, 

6/15/2021

1,488

JBS

Investments

II

GmbH

20,000

5.750%, 

1/15/2028

a

19,771

JBS

USA,

LLC

125,000

6.500%, 

4/15/2029

a

132,656

Kraft

Foods

Group,

Inc.

30,000

5.000%, 

6/4/2042

31,600

Kraft

Heinz

Foods

Company

70,000

4.625%, 

1/30/2029

75,445

50,000

3.750%, 

4/1/2030

a

51,617

Molina

Healthcare,

Inc.

30,000

4.375%, 

6/15/2028

a

30,075

Par

Pharmaceutical,

Inc.

35,000

7.500%, 

4/1/2027

a

35,917

Post

Holdings,

Inc.

30,000

5.750%, 

3/1/2027

a

31,050

QBE

Insurance

Group,

Ltd.

44,000

5.875%, 

5/12/2025

a,b,d

45,430

Scotts

Miracle-Gro

Company

35,000

4.500%, 

10/15/2029

36,006

Simmons

Foods,

Inc.

20,000

5.750%, 

11/1/2024

a

19,000

Spectrum

Brands,

Inc.

20,000

5.750%, 

7/15/2025

20,525

10,000

5.000%, 

10/1/2029

a

9,875

10,000

5.500%, 

7/15/2030

a

10,013

Tenet

Healthcare

Corporation

20,000

4.625%, 

7/15/2024

19,599

60,000

5.125%, 

11/1/2027

a

59,202

Teva

Pharmaceutical

Finance

Netherlands

III

BV

35,000

2.800%, 

7/21/2023

33,075

Principal

Amount

Long-Term

Fixed

Income

(49.4%)

Value

Consumer

Non-Cyclical

(5.3%)

-

continued

VRX

Escrow

Corporation

$

125,000

6.125%, 

4/15/2025

a

$

126,784

Total

1,352,441

Energy

(4.6%)

Antero

Resources

Corporation

20,000

5.000%, 

3/1/2025

11,800

Archrock

Partners,

LP

30,000

6.250%, 

4/1/2028

a

27,459

BP

Capital

Markets

plc

44,000

4.875%, 

12/29/2049

b,d

45,430

Buckeye

Partners,

LP

30,000

3.950%, 

12/1/2026

28,201

Cheniere

Energy

Partners,

LP

80,000

5.625%, 

10/1/2026

79,215

Continental

Resources,

Inc.

20,000

5.000%, 

9/15/2022

19,684

DCP

Midstream

Operating,

LP

20,000

5.625%, 

7/15/2027

20,150

Enagas

SA

35,000

5.500%, 

1/15/2028

a

30,275

Enbridge,

Inc.

87,000

6.250%, 

3/1/2078

b

85,695

Endeavor

Energy

Resources,

LP

10,000

5.500%, 

1/30/2026

a

9,575

30,000

5.750%, 

1/30/2028

a

28,800

Energy

Transfer

Operating,

LP

25,000

6.625%, 

2/15/2028

b,d

19,130

Enterprise

Products

Operating,

LLC

75,000

4.875%, 

8/16/2077

b

65,231

EQM

Midstream

Partners

LP

30,000

6.500%, 

7/1/2027

a

30,730

EQT

Corporation

40,000

3.900%, 

10/1/2027

32,537

EQT

Corporation,

Convertible

5,000

1.750%, 

5/1/2026

a

5,172

Murphy

Oil

Corporation

20,000

5.875%, 

12/1/2027

17,600

Nabors

Industries,

Ltd.

35,000

7.250%, 

1/15/2026

a

21,525

Occidental

Petroleum

Corporation

20,000

2.700%, 

8/15/2022

18,619

50,000

2.900%, 

8/15/2024

42,750

10,000

3.400%, 

4/15/2026

8,175

30,000

3.500%, 

8/15/2029

22,029

20,000

6.450%, 

9/15/2036

17,118

20,000

4.400%, 

4/15/2046

13,944

Parsley

Energy,

LLC

50,000

5.625%, 

10/15/2027

a

49,250

PDC

Energy,

Inc.,

Convertible

1,000

1.125%, 

9/15/2021

916

Pioneer

Natural

Resources

Company,

Convertible

5,000

0.250%, 

5/15/2025

a

5,899

Plains

All

American

Pipeline,

LP

60,000

6.125%, 

11/15/2022

b,d

42,825

QEP

Resources,

Inc.

20,000

5.625%, 

3/1/2026

12,700

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income

(49.4%)

Value

Energy

(4.6%)

-

continued

Southwestern

Energy

Company

$

50,000

7.500%, 

4/1/2026

$

43,765

Sunoco,

LP

60,000

5.500%, 

2/15/2026

58,200

Targa

Resources

Partners,

LP

40,000

5.375%, 

2/1/2027

38,600

20,000

5.000%, 

1/15/2028

18,808

TransCanada

Trust

105,000

5.300%, 

3/15/2077

b

103,163

Transocean

Guardian,

Ltd.

41,751

5.875%, 

1/15/2024

a

36,312

Western

Midstream

Operating,

LP

20,000

3.950%, 

6/1/2025

18,734

WPX

Energy,

Inc.

50,000

5.250%, 

10/15/2027

46,709

Total

1,176,725

Financials

(13.4%)

Ally

Financial,

Inc.

40,000

5.750%, 

11/20/2025

42,733

Ares

Capital

Corporation,

Convertible

4,000

4.625%, 

3/1/2024

3,895

Australia

and

New

Zealand

Banking

Group,

Ltd.

100,000

6.750%, 

6/15/2026

a,b,d

110,938

BAC

Capital

Trust

XIV

30,000

4.000%, 

(LIBOR

3M

+

0.400%),

6/17/2020

b,d

26,812

Bank

of

America

Corporation

190,000

6.250%, 

9/5/2024

b,d

196,663

Bank

of

New

York

Mellon

Corporation

22,000

4.700%, 

9/20/2025

b,d

22,880

Bank

of

Nova

Scotia

66,000

4.900%, 

6/4/2025

b,d

65,876

Barclays

plc

25,000

7.750%, 

9/15/2023

b,d

25,406

105,000

8.000%, 

6/15/2024

b,d

108,806

Blackstone

Mortgage

Trust,

Inc.,

Convertible

5,000

4.375%, 

5/5/2022

4,688

BNP

Paribas

SA

100,000

7.625%, 

3/30/2021

a,b,d

101,500

Cascades

USA,

Inc.

35,000

5.125%, 

1/15/2026

a

35,525

Charles

Schwab

Corporation

41,000

5.375%, 

6/1/2025

b,d

43,801

CIT

Group,

Inc.

50,000

4.750%, 

2/16/2024

50,713

Citigroup,

Inc.

131,000

6.125%, 

11/15/2020

b,d

128,216

60,000

5.000%, 

9/12/2024

b,d

56,478

30,000

5.950%, 

5/15/2025

b,d

29,790

Comerica,

Inc.

22,000

5.625%, 

7/1/2025

b,d

22,326

Credit

Acceptance

Corporation

25,000

5.125%, 

12/31/2024

a

24,142

Credit

Agricole

SA

100,000

8.125%, 

12/23/2025

a,b,d

114,125

Principal

Amount

Long-Term

Fixed

Income

(49.4%)

Value

Financials

(13.4%)

-

continued

Credit

Suisse

Group

AG

$

45,000

7.500%, 

12/11/2023

a,b,d

$

48,375

ESH

Hospitality,

Inc.

30,000

5.250%, 

5/1/2025

a

29,025

Euronet

Worldwide,

Inc.,

Convertible

8,000

0.750%, 

3/15/2049

7,735

FTI

Consulting,

Inc.,

Convertible

23,000

2.000%, 

8/15/2023

29,068

Goldman

Sachs

Group,

Inc.

50,000

4.370%, 

(LIBOR

3M

+

3.922%),

7/2/2020

b,d

45,835

50,000

5.500%, 

8/10/2024

b,d

51,818

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Convertible

8,000

4.125%, 

9/1/2022

9,249

Hartford

Financial

Services

Group,

Inc.

100,000

2.517%, 

(LIBOR

3M

+

2.125%),

2/12/2047

a,b

77,000

HSBC

Holdings

plc

106,000

6.375%, 

9/17/2024

b,d

106,927

46,000

6.375%, 

3/30/2025

b,d

47,236

31,000

6.500%, 

3/23/2028

b,d

31,814

Icahn

Enterprises,

LP

50,000

6.375%, 

12/15/2025

49,500

Iron

Mountain,

Inc.

50,000

4.875%, 

9/15/2027

a

48,709

iStar,

Inc.,

Convertible

2,000

3.125%, 

9/15/2022

2,129

J.P.

Morgan

Chase

&

Company

145,000

4.753%, 

(LIBOR

3M

+

3.320%),

7/1/2020

b,d

127,963

100,000

5.150%, 

5/1/2023

b,d

97,250

60,000

5.000%, 

8/1/2024

b,d

57,708

J.P.

Morgan

Chase

Capital

XXIII

100,000

1.392%, 

(LIBOR

3M

+

1.000%),

5/15/2047

b

70,270

Lincoln

National

Corporation

100,000

2.743%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

66,500

Lloyds

Banking

Group

plc

42,000

7.500%, 

6/27/2024

b,d

43,567

100,000

6.657%, 

5/21/2037

a,b,d

112,625

Macquarie

Bank,

Ltd.

100,000

6.125%, 

3/28/2027

a,b,d

99,000

MGIC

Investment

Corporation,

Convertible

39,000

9.000%, 

4/1/2063

a

46,800

MGM

Growth

Properties

Operating

Partnership,

LP

30,000

4.500%, 

9/1/2026

29,793

MPT

Operating

Partnership,

LP

50,000

4.625%, 

8/1/2029

50,250

Nippon

Life

Insurance

Company

54,000

3.400%, 

1/23/2050

a,b

55,890

Outfront

Media

Cap,

LLC

30,000

4.625%, 

3/15/2030

a

27,499

Quicken

Loans,

Inc.

40,000

5.750%, 

5/1/2025

a

40,892

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income

(49.4%)

Value

Financials

(13.4%)

-

continued

Regions

Financial

Corporation

$

44,000

5.750%, 

12/29/2049

b,d

$

45,289

Royal

Bank

of

Scotland

Group

plc

100,000

8.625%, 

8/15/2021

b,d

103,975

Societe

Generale

SA

100,000

8.000%, 

9/29/2025

a,b,d

111,500

Springleaf

Finance

Corporation

20,000

6.875%, 

3/15/2025

20,519

30,000

7.125%, 

3/15/2026

31,050

Standard

Chartered

plc

100,000

7.500%, 

4/2/2022

a,b,d

103,220

Starwood

Property

Trust,

Inc.,

Convertible

3,000

4.375%, 

4/1/2023

2,867

Truist

Financial

Corporation

99,000

4.950%, 

9/1/2025

b,d

101,228

USB

Realty

Corporation

60,000

2.366%, 

(LIBOR

3M

+

1.147%),

1/15/2022

a,b,d

47,850

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

10,000

4.250%, 

12/1/2026

a

9,596

10,000

3.750%, 

2/15/2027

a

9,400

10,000

4.625%, 

12/1/2029

a

9,750

10,000

4.125%, 

8/15/2030

a

9,538

Wachovia

Capital

Trust

II

100,000

1.719%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

87,098

Total

3,418,620

Technology

(2.1%)

Akamai

Technologies,

Inc.,

Convertible

10,000

0.125%, 

5/1/2025

12,453

32,000

0.375%, 

9/1/2027

a

34,810

CDW,

LLC

30,000

4.250%, 

4/1/2028

30,572

CommScope

Technologies

Finance,

LLC

60,000

6.000%, 

6/15/2025

a

57,942

Diamond

Sports

Group,

LLC

15,000

5.375%, 

8/15/2026

a

10,873

40,000

6.625%, 

8/15/2027

a

21,440

Harland

Clarke

Holdings

Corporation

35,000

8.375%, 

8/15/2022

a

29,329

Iron

Mountain,

Inc.

20,000

5.000%, 

7/15/2028

a

19,525

J2

Global,

Inc.,

Convertible

11,000

3.250%, 

6/15/2029

11,975

Lumentum

Holdings,

Inc.,

Convertible

10,000

0.250%, 

3/15/2024

14,575

Microchip

Technology,

Inc.,

Convertible

14,000

1.625%, 

2/15/2027

20,651

NCR

Corporation

50,000

6.125%, 

9/1/2029

a

50,244

Nuance

Communications,

Inc.,

Convertible

60,000

1.250%, 

4/1/2025

83,655

Principal

Amount

Long-Term

Fixed

Income

(49.4%)

Value

Technology

(2.1%)

-

continued

ON

Semiconductor

Corporation,

Convertible

$

18,000

1.625%, 

10/15/2023

$

21,843

Open

Text

Corporation

30,000

4.125%, 

2/15/2030

a

29,475

Plantronics,

Inc.

40,000

5.500%, 

5/31/2023

a

34,850

PTC,

Inc.

10,000

3.625%, 

2/15/2025

a

9,925

Teradyne,

Inc.,

Convertible

6,000

1.250%, 

12/15/2023

16,098

Verint

Systems,

Inc.,

Convertible

11,000

1.500%, 

6/1/2021

10,863

Vishay

Intertechnology,

Inc.,

Convertible

11,000

2.250%, 

6/15/2025

10,258

Total

531,356

Transportation

(0.6%)

Delta

Air

Lines,

Inc.

40,000

7.000%, 

5/1/2025

a

41,291

Meritor,

Inc.,

Convertible

22,000

3.250%, 

10/15/2037

21,915

Mileage

Plus

Holdings,

LLC

10,000

6.500%, 

6/20/2027

a,f

10,025

NCL

Corporation,

Ltd.

15,000

3.625%, 

12/15/2024

a

9,188

Southwest

Airlines

Company,

Convertible

14,000

1.250%, 

5/1/2025

16,814

XPO

Logistics,

Inc.

50,000

6.750%, 

8/15/2024

a

52,380

Total

151,613

U.S.

Government

&

Agencies

(3.7%)

U.S.

Treasury

Bonds

820,000

2.375%, 

5/15/2029

946,267

Total

946,267

Utilities

(2.0%)

Calpine

Corporation

40,000

4.500%, 

2/15/2028

a

39,200

Dominion

Energy,

Inc.

46,000

4.650%, 

12/15/2024

b,d

45,048

Duke

Energy

Corporation

45,000

4.875%, 

9/16/2024

b,d

44,950

NextEra

Energy

Operating

Partners,

LP

60,000

3.875%, 

10/15/2026

a

59,913

NiSource,

Inc.

70,000

5.650%, 

6/15/2023

b,d

66,850

NRG

Energy,

Inc.,

Convertible

2,000

2.750%, 

6/1/2048

2,022

Sempra

Energy

44,000

4.875%, 

12/29/2049

b,d

44,000

Talen

Energy

Supply,

LLC

40,000

7.625%, 

6/1/2028

a

40,000

TerraForm

Power

Operating,

LLC

30,000

5.000%, 

1/31/2028

a

31,350

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income

(49.4%)

Value

Utilities

(2.0%)

-

continued

TransCanada

Trust

$

85,000

5.875%, 

8/15/2076

b

$

89,867

Vistra

Operations

Company,

LLC

45,000

5.000%, 

7/31/2027

a

45,754

Total

508,954

Total

Long-Term

Fixed

Income

(cost

$12,678,585)

12,566,723

Shares

Registered

Investment

Companies

(

41.0%

)

Value

Unaffiliated  (30.9%)

15,000

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

57,150

8,625

AllianceBernstein

Global

High

Income

Fund,

Inc.

87,113

10,150

AllianzGI

NFJ

Dividend

Interest

&

Premium

Strategy

Fund

113,477

8,773

BlackRock

Core

Bond

Trust

134,841

14,089

BlackRock

Corporate

High

Yield

Fund,

Inc.

143,285

8,172

BlackRock

Credit

Allocation

Income

Trust

107,870

15,099

BlackRock

Enhanced

Equity

Dividend

Trust

110,827

7,751

BlackRock

Enhanced

Global

Dividend

Trust

73,014

7,408

BlackRock

Multi-Sector

Income

Trust

106,749

14,538

BlackRock

Resources

&

Commodities

Strategy

Trust

89,118

36,091

BNY

Mellon

High

Yield

Strategies

Fund

92,393

3,300

Brookfield

Real

Assets

Income

Fund,

Inc.

54,978

4,842

Clough

Global

Opportunities

Fund

42,174

7,879

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

86,117

7,870

Eaton

Vance

Limited

Duration

Income

Fund

88,695

8,500

Eaton

Vance

Senior

Floating-Rate

Trust

96,220

6,943

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

51,239

2,948

GSO

Senior

Floating

Rate

Term

Fund

37,911

11,440

Invesco

Dynamic

Credit

Opportunities

Fund

101,816

27,780

Invesco

Senior

Income

Trust

96,119

4,200

Invesco

Senior

Loan

ETF

89,670

1,050

iShares

International

Select

26,376

2,800

iShares

Mortgage

Real

Estate

Capped

ETF

69,608

725

iShares

Residential

Real

Estate

ETF

43,565

67,300

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

2,331,272

6,443

Ivy

High

Income

Opportunities

Fund

72,419

6,300

John

Hancock

Preferred

Income

Fund

III

98,847

24,008

Liberty

All-Star

Equity

Fund

137,326

15,780

Madison

Covered

Call

&

Equity

Strategy

Fund

88,999

Shares

Registered

Investment

Companies

(41.0%)

Value

Unaffiliated  (30.9%)-

continued

10,004

New

America

High

Income

Fund,

Inc.

$

77,931

15,600

Nuveen

Credit

Strategies

Income

Fund

91,104

7,258

Nuveen

Floating

Rate

Income

Fund

57,338

7,719

Nuveen

Global

High

Income

Fund

102,277

11,900

Nuveen

Quality

Preferred

Income

Fund

II

100,555

12,350

Nuveen

Senior

Income

Fund

58,045

5,214

Nuveen

Short

Duration

Credit

Opportunities

Fund

61,473

6,772

PGIM

Global

High

Yield

Fund,

Inc.

86,140

9,772

PGIM

High

Yield

Bond

Fund,

Inc.

129,284

4,450

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

82,014

8,296

Pioneer

High

Income

Trust

61,722

3,798

Royce

Micro-Cap

Trust,

Inc.

27,346

4,542

Royce

Value

Trust,

Inc.

56,957

14,124

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

1,428,784

7,950

Templeton

Global

Income

Fund

42,692

615

Tortoise

Midstream

Energy

Fund,

Inc.

10,633

3,629

Tri-Continental

Corporation

89,673

3,696

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

28,330

16,387

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

79,149

9,250

Voya

Infrastructure

Industrials

and

Materials

Fund

83,435

25,211

Wells

Fargo

Global

Dividend

Opportunity

Fund

109,164

11,710

Wells

Fargo

Income

Opportunities

Fund

82,204

14,260

Western

Asset

High

Income

Fund

II,

Inc.

88,412

19,462

Western

Asset

High

Income

Opportunity

Fund,

Inc.

89,914

Total

7,853,764

Affiliated  (10.1%)

265,339

Thrivent

Core

Emerging

Markets

Debt

Fund

2,571,136

Total

2,571,136

Total

Registered

Investment

Companies

(cost

$11,035,106)

10,424,900

Shares

Common

Stock

(

3.3%

)

Value

Communications

Services

(0.1%)

3

Charter

Communications,

Inc.

g

1,530

167

DISH

Network

Corporation

g

5,763

284

Twitter,

Inc.

g

8,461

Total

15,754

Consumer

Discretionary

(0.1%)

7

Booking

Holdings,

Inc.

g

11,146

463

Callaway

Golf

Company

8,107

327

Carnival

Corporation

c

5,369

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

25

Shares

Common

Stock

(3.3%)

Value

Consumer

Discretionary

(0.1%)

-

continued

102

Dick's

Sporting

Goods,

Inc.

$

4,209

Total

28,831

Consumer

Staples

(0.1%)

336

Bunge,

Ltd.

13,820

Total

13,820

Energy

(0.7%)

34

Cheniere

Energy,

Inc.

g

1,643

30

Cimarex

Energy

Company

825

2,070

Enbridge,

Inc.

62,969

3,300

Enterprise

Products

Partners,

LP

59,961

4,100

Kinder

Morgan,

Inc.

62,197

109

PDC

Energy,

Inc.

g

1,356

25

Pioneer

Natural

Resources

Company

2,442

Total

191,393

Financials

(0.6%)

4,400

AG

Mortgage

Investment

Trust,

Inc.

14,036

10,050

Annaly

Capital

Management,

Inc.

65,928

55

Ares

Capital

Corporation

795

100

Bank

of

America

Corporation

2,375

180

Blackstone

Mortgage

Trust,

Inc.

4,336

4,300

Granite

Point

Mortgage

Trust,

Inc.

30,874

51

Starwood

Property

Trust,

Inc.

763

5,500

Two

Harbors

Investment

Corporation

27,720

80

Wells

Fargo

&

Company

2,048

Total

148,875

Health

Care

(0.3%)

49

Anthem,

Inc.

12,886

358

Danaher

Corporation

63,305

27

Illumina,

Inc.

g

10,000

Total

86,191

Industrials

(0.1%)

52

Fortive

Corporation

3,518

150

Meritor,

Inc.

g

2,970

185

Patrick

Industries,

Inc.

11,331

154

Southwest

Airlines

Company

5,264

300

Spirit

Airlines,

Inc.

g

5,340

200

Tutor

Perini

Corporation

g

2,436

Total

30,859

Information

Technology

(0.9%)

1,273

Advanced

Micro

Devices,

Inc.

g

66,972

13

Akamai

Technologies,

Inc.

g

1,392

71

Broadcom,

Ltd.

22,408

26

Lam

Research

Corporation

8,410

171

Lumentum

Holdings,

Inc.

g

13,925

141

Microchip

Technology,

Inc.

14,849

764

Micron

Technology,

Inc.

g

39,361

66

Motorola

Solutions,

Inc.

9,249

175

Nuance

Communications,

Inc.

g

4,428

100

ON

Semiconductor

Corporation

g

1,982

726

Sabre

Corporation

5,852

57

ServiceNow,

Inc.

g

23,088

Shares

Common

Stock

(3.3%)

Value

Information

Technology

(0.9%)

-

continued

90

Teradyne,

Inc.

$

7,606

Total

219,522

Real

Estate

(0.4%)

5,500

AGNC

Investment

Corporation

70,950

80

iSTAR

Financial,

Inc.

986

225

Lexington

Realty

Trust

2,374

4,450

New

Residential

Investment

Corporation

33,063

Total

107,373

Total

Common

Stock

(cost

$1,095,821)

842,618

Shares

Preferred

Stock

(

2.8%

)

Value

Communications

Services

(0.2%)

2,500

AT&T,

Inc.,

4.750%

d

59,775

Total

59,775

Consumer

Discretionary

(<0.1%)

30

International

Flavors

&

Fragrances,

Inc.,

Convertible,

6.000%

1,329

Total

1,329

Consumer

Staples

(0.4%)

4,000

CHS,

Inc.,

6.750%

b,d

95,280

Total

95,280

Energy

(0.4%)

10,535

Crestwood

Equity

Partners,

LP,

9.250%

d

57,626

525

Energy

Transfer

Operating,

LP,

7.600%

b,d

10,794

1,415

Nustar

Logistics,

LP,

7.953%

b

26,942

Total

95,362

Financials

(1.7%)

925

Aegon

Funding

Corporation

II,

5.100%

21,256

1,500

Allstate

Corporation,

5.100%

d

38,040

9

Bank

of

America

Corporation,

Convertible,

7.250%

d

12,080

1,800

Capital

One

Financial

Corporation,

5.000%

d

40,284

2,000

Citigroup

Capital

XIII,

7.130%

b

53,000

2,000

Equitable

Holdings,

Inc.,

5.250%

d

45,840

60

First

Horizon

Bank,

3.750%

a,b,d

39,900

1,300

GMAC

Capital

Trust

I,

6.177%

b

29,146

1,225

J.P.

Morgan

Chase

&

Company,

4.750%

d

30,723

2,000

Morgan

Stanley,

5.850%

b,d

51,480

250

Synovus

Financial

Corporation,

5.875%

b,d

5,438

49

Wells

Fargo

&

Company,

Convertible,

7.500%

d

63,553

Total

430,740

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

26

Shares

Preferred

Stock

(2.8%)

Value

Health

Care

(<0.1%)

8

Danaher

Corporation,

Convertible,

5.000%

$

8,589

Total

8,589

Industrials

(<0.1%)

2

Fortive

Corporation,

Convertible,

5.000%

1,722

85

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

7,606

Total

9,328

Real

Estate

(<0.1%)

103

EPR

Properties,

Convertible,

5.750%

d

1,876

Total

1,876

Utilities

(0.1%)

310

Southern

Company,

Convertible,

6.750%

13,658

Total

13,658

Total

Preferred

Stock

(cost

$808,247)

715,937

Shares

Collateral

Held

for

Securities

Loaned

(

0.4%

)

Value

107,449

Thrivent

Cash

Management

Trust

107,449

Total

Collateral

Held

for

Securities

Loaned

(cost

$107,449)

107,449

Shares

Short-Term

Investments

(

2.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

68,450

0.750%

685,183

Total

Short-Term

Investments

(cost

$684,326)

685,183

Total

Investments

(cost

$26,409,534)

99.6%

$25,342,810

Other

Assets

and

Liabilities,

Net

0.4%

108,917

Total

Net

Assets

100.0%

$25,451,727

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,

2020,

the

value

of

these

investments

was

$5,661,273

or

22.2%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

June

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

security

is

on

loan.

d

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.

e

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

f

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

g

Non-income

producing

security.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Multidimensional

Income

Fund

as

of

June

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

102,375

Common

Stock

903

Total

lending

$103,278

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$107,449

Net

amounts

due

to

counterparty

$4,171

Definitions:

ETF

-

Exchange

Traded

Fund

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

LIBOR

3M

-

ICE

Libor

USD

Rate

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

$539,514

Gross

unrealized

depreciation

(1,626,651)

Net

unrealized

appreciation

(depreciation)

($1,087,137)

Cost

for

federal

income

tax

purposes

$26,429,947

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

27

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

June

30,

2020,

in

valuing

Multidimensional

Income

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Basic

Materials

531,291

–

531,291

–

Capital

Goods

845,348

–

845,348

–

Collateralized

Mortgage

Obligations

155,230

–

155,230

–

Communications

Services

1,662,473

–

1,662,473

–

Consumer

Cyclical

1,286,405

–

1,286,405

–

Consumer

Non-Cyclical

1,352,441

–

1,352,441

–

Energy

1,176,725

–

1,176,725

–

Financials

3,418,620

–

3,418,620

–

Technology

531,356

–

531,356

–

Transportation

151,613

–

151,613

–

U.S.

Government

&

Agencies

946,267

–

946,267

–

Utilities

508,954

–

508,954

–

Registered

Investment

Companies

Unaffiliated

7,853,764

7,853,764

–

–

Common

Stock

Communications

Services

15,754

15,754

–

–

Consumer

Discretionary

28,831

28,831

–

–

Consumer

Staples

13,820

13,820

–

–

Energy

191,393

191,393

–

–

Financials

148,875

148,875

–

–

Health

Care

86,191

86,191

–

–

Industrials

30,859

30,859

–

–

Information

Technology

219,522

219,522

–

–

Real

Estate

107,373

107,373

–

–

Preferred

Stock

Communications

Services

59,775

59,775

–

–

Consumer

Discretionary

1,329

1,329

–

–

Consumer

Staples

95,280

95,280

–

–

Energy

95,362

95,362

–

–

Financials

430,740

390,840

39,900

–

Health

Care

8,589

8,589

–

–

Industrials

9,328

9,328

–

–

Real

Estate

1,876

1,876

–

–

Utilities

13,658

13,658

–

–

Subtotal

Investments

in

Securities

$21,979,042

$9,372,419

$12,606,623

$–

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

2,571,136

Affiliated

Short-Term

Investments

685,183

Collateral

Held

for

Securities

Loaned

107,449

Subtotal

Other

Investments

$3,363,768

Total

Investments

at

Value

$25,342,810

*

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

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

28

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Multidimensional

Income

Fund,

is

as

follows:

Fund

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

6/30/2020

Shares

Held

at

6/30/2020

%

of

Net

Assets

6/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$2,172

$550

$105

$2,571

265

10.1%

Total

Affiliated

Registered

Investment

Companies

2,172

2,571

10.1

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.750%

591

12,526

12,433

685

68

2.7

Total

Affiliated

Short-Term

Investments

591

685

2.7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

155

4,587

4,635

107

107

0.4

Total

Collateral

Held

for

Securities

Loaned

155

107

0.4

Total

Value

$2,918

$3,363

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

6/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$1

$(47)

$–

$55

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.750%

0

1

–

7

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$62

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

$1

$(46)

$–

Thrivent

Mutual

Funds

Statement

of

Assets

and

Liabilities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

30

As

of

June

30,

2020

(unaudited)

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$945,564,440

$23,021,650

Investments

in

affiliated

securities

at

cost

$178,148,636

$3,387,884

Investments

in

unaffiliated

securities

at

value

(#)

$951,726,771

$21,979,042

Investments

in

affiliated

securities

at

value

178,184,144

3,363,768

Dividends

and

interest

receivable

4,836,320

172,469

Prepaid

expenses

30,447

11,809

Receivable

for:

Investments

sold

20,237,796

240,551

Investments

sold

on

a

delayed

delivery

basis

10,057,385

30,075

Fund

shares

sold

586,241

10,508

Expense

reimbursements

—

9,519

Variation

margin

on

open

future

contracts

91,110

—

Variation

margin

on

open

swap

contracts

15,020

—

Total

Assets

1,165,765,234

25,817,741

Liabilities

Distributions

payable

146,708

14,651

Accrued

expenses

98,051

21,738

Cash

overdraft

1,029,121

2,220

Payable

for:

Investments

purchased

19,903,735

47,931

Investments

purchased

on

a

delayed

delivery

basis

97,152,870

69,875

Return

of

collateral

for

securities

loaned

5,046,941

107,449

Fund

shares

redeemed

1,003,251

81,309

Variation

margin

on

open

future

contracts

122,568

—

Investment

advisory

fees

501,175

12,288

Administrative

fees

21,387

6,213

Distribution

fees

127,308

—

Transfer

agent

fees

61,402

1,274

Trustee

fees

660

146

Trustee

deferred

compensation

56,447

920

Contingent

liabilities^

—

—

Mortgage

dollar

roll

deferred

revenue

67,808

—

Total

Liabilities

125,339,432

366,014

Net

Assets

Capital

stock

(beneficial

interest)

1,043,522,579

27,094,879

Distributable

earnings/(accumulated

loss)

(3,096,777)

(1,643,152)

Total

Net

Assets

$1,040,425,802

$25,451,727

Class

A

Share

Capital

$579,357,806

$—

Shares

of

beneficial

interest

outstanding

(Class

A)

82,144,923

—

Net

asset

value

per

share

$7.05

$—

Maximum

public

offering

price

$7.38

$—

Class

S

Share

Capital

$461,067,996

$25,451,727

Shares

of

beneficial

interest

outstanding

(Class

S)

66,052,800

2,759,370

Net

asset

value

per

share

$6.98

$9.22

(#)

Includes

securities

on

loan

of

4,892,531

103,278

(a)

Includes

foreign

currency

holdings

of

$33,898

(cost

$33,896).

^

Contingent

liabilities

accrual.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.

Thrivent

Mutual

Funds

Statement

of

Operations

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

31

For

the

six

months

ended

June

30,

2020

(unaudited)

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

Investment

Income

Dividends

$3,897,774

$148,806

Taxable

interest

12,569,267

273,905

Income

from

mortgage

dollar

rolls

383,586

—

Affiliated

income

from

securities

loaned,

net

28,892

1,253

Income

from

affiliated

investments

999,666

7,207

Non

cash

income

16,367

95,734

Non

cash

income

from

affiliated

investments

1,208,688

54,331

Foreign

tax

withholding

(138,363)

(369)

Total

Investment

Income

18,965,877

580,867

Expenses

Adviser

fees

2,824,266

62,393

Administrative

service

fees

122,648

36,928

Audit

and

legal

fees

22,149

13,009

Custody

fees

52,319

8,280

Distribution

expenses

Class

A

724,320

—

Insurance

expenses

3,562

1,924

Printing

and

postage

expenses

Class

A

43,889

—

Printing

and

postage

expenses

Class

S

39,921

4,415

SEC

and

state

registration

expenses

43,994

11,023

Transfer

agent

fees

Class

A

232,114

—

Transfer

agent

fees

Class

S

193,185

11,316

Trustees'

fees

11,789

3,432

Other

expenses

45,898

12,795

Total

Expenses

Before

Reimbursement

4,360,054

165,515

Less:

Reimbursement

from

adviser

—

(69,090)

Total

Net

Expenses

4,360,054

96,425

Net

Investment

Income/(Loss)

14,605,823

484,442

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(12,285,940)

(270,840)

Affiliated

investments

(37,183)

1,118

Futures

contracts

1,491,162

—

Foreign

currency

transactions

28,128

—

Swap

agreements

1,066

—

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

(42,776,554)

(1,524,686)

Affiliated

investments

(1,206,976)

(46,027)

Futures

contracts

125,988

—

Foreign

currency

transactions

169

—

Swap

agreements

6,412

—

Net

Realized

and

Unrealized

Gains/(Losses)

(54,653,728)

(1,840,435)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$(40,047,905)

$(1,355,993)

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

32

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

For

the

periods

ended

6/30/2020

(unaudited)

12/31/2019

6/30/2020

(unaudited)

12/31/2019

Operations

Net

investment

income/(loss)

$14,605,823

$30,383,934

$484,442

$762,578

Net

realized

gains/(losses)

(10,802,767)

10,185,334

(269,722)

(158,456)

Change

in

net

unrealized

appreciation/(depreciation)

(43,850,961)

80,143,883

(1,570,713)

2,110,998

Net

Change

in

Net

Assets

Resulting

From

Operations

(40,047,905)

120,713,151

(1,355,993)

2,715,120

Distributions

to

Shareholders

From

income/realized

gains

Class

A

(7,969,178)

(21,815,974)

–

–

From

income/realized

gains

Class

S

(6,869,364)

(15,867,576)

(524,391)

(807,374)

Total

from

income/realized

gains

(14,838,542)

(37,683,550)

(524,391)

(807,374)

From

return

of

capital

Class

S

–

–

–

(69,557)

Total

From

Return

of

Capital

–

–

–

(69,557)

Total

Distributions

to

Shareholders

(14,838,542)

(37,683,550)

(524,391)

(876,931)

Capital

Stock

Transactions

Class

A  

Sold

21,430,333

53,394,839

–

–

Distributions

reinvested

7,262,169

20,025,342

–

–

Redeemed

(39,142,294)

(74,006,885)

–

–

Total

A

Capital

Stock

Transactions

(10,449,792)

(586,704)

–

–

Class

S  

Sold

70,681,529

176,441,276

12,658,373

5,114,007

Distributions

reinvested

6,575,563

15,204,265

446,822

726,712

Redeemed

(56,343,382)

(79,047,329)

(6,377,831)

(4,965,027)

Total

Class

S

Capital

Stock

Transactions

20,913,710

112,598,212

6,727,364

875,692

Capital

Stock

Transactions

10,463,918

112,011,508

6,727,364

875,692

Net

Increase/(Decrease)

in

Net

Assets

(44,422,529)

195,041,109

4,846,980

2,713,881

Net

Assets,

Beginning

of

Period

1,084,848,331

889,807,222

20,604,747

17,890,866

Net

Assets,

End

of

Period

$1,040,425,802

$1,084,848,331

$25,451,727

$20,604,747

Capital

Stock

Share

Transactions

Class

A

shares

Sold

3,018,060

7,371,266

–

–

Distributions

reinvested

1,044,859

2,755,545

–

–

Redeemed

(5,604,608)

(10,242,614)

–

–

Total

A

shares

(1,541,689)

(115,803)

–

–

Class

S

shares

Sold

10,041,191

24,615,832

1,313,831

522,140

Distributions

reinvested

955,822

2,111,504

48,389

74,150

Redeemed

(8,186,441)

(11,021,442)

(651,856)

(507,537)

Total

Class

S

shares

2,810,572

15,705,894

710,364

88,753

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

33

(1)

ORGANIZATION

Thrivent

Mutual

Funds

(the

“Trust”)

was

organized

as

a

Massachusetts

Business

Trust

on

March

10,

1987

and

is

registered

as

an

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”).

The

Trust

is

divided

into 25

separate

series

(each,

a

"Fund"

and,

collectively,

the

"Funds"),

each

with

its

own

investment

objective

and

policies.

The

Trust

currently

consists

of

four

asset

allocation

Funds, three

income

plus

Funds, ten

equity

Funds, seven

fixed-income

Funds,

and

one

money

market

Fund.

This

shareholder

report

includes Thrivent

Diversified

Income

Plus

Fund

and Thrivent

Multidimensional

Income

Fund, two of

the

Trust’s

25

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

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

Funds

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.

Thrivent

High

Income

Municipal

Bond

Fund,

Thrivent

Low

Volatility

Equity

Fund, Thrivent

Mid

Cap

Growth

Fund,

Thrivent

Mid

Cap

Value

Fund,

Thrivent

Multidimensional

Income

Fund

and

Thrivent

Small

Cap

Growth

Fund offer

only

Class

S

Shares; each

of

the

other 21

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 

—

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the

last

sale

price

on

the

principal

exchange

as

of

the

close

of

regular

trading

on

such

exchange

or

the

official

closing price

of

the

national

market

system. 

Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time. 

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Trust’s

Board

of

Trustees

(“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations obtained

from dealers

that

make

markets

in

the

securities.

Exchange-listed

options and

futures

contracts

are

valued

at

the

primary

exchange

settle

price.

Exchange

cleared

swap

agreements

are

valued

at

the

clearinghouse

end

of

day

price. 

Swap

agreements

not

cleared

on

exchanges

will

be

valued

at

the

mid-price

from

the

primary

approved

pricing

service. 

Forward

foreign

currency exchange

contracts

are

marked-to-market

based

upon

foreign

currency

exchange

rates

provided

by the

pricing

service. 

Investments

in

open-ended

mutual

funds

are

valued

at

the

net

asset

value

at

the

close

of

each

business

day.

The

Board

has

delegated

responsibility

for

daily

valuation

of

the

Funds'

securities to

the

Funds'

investment

Adviser.

The

Adviser

has

formed

a Valuation

Committee

(“Committee”)

that

is

responsible

for

overseeing

the

Funds'

valuation

policies in

accordance

with

Valuation

Policies

and

Procedures. 

The

Committee

meets

on

a

monthly

and

on

an

as-needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation.

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Funds.

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments.

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities.

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”), the

various

inputs

used

to

determine

the

fair

value

of

the

Funds’

investments

are

summarized

in

three

broad

levels. Level

1

includes

quoted

prices

in

active

markets

for

identical

securities: typically

included

in

this

level

are

U.S.

equity

securities,

futures, options

and

registered

investment

company

funds.

Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk;

typically

included

in

this

level

are

fixed

income

securities,

international

securities,

swaps

and

forward

contracts. 

Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments.

The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

34

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available-for-sale

are

not

categorized

within

the

fair

value

hierarchy.

Valuation

of

International

Securities

—

The

Funds

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

security

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Currency

Translation 

—

The

accounting

records

of

each

Fund

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

daily

closing

rates

of

exchange.

Foreign

currency

amounts

related

to

the

purchase

or

sale

of

securities

and

income

and

expenses

are

translated

at

the

exchange

rate

on

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

or

losses

between

the

trade

date

and

settlement

date

on

securities

transactions,

and

other

translation

gains

or

losses

on

dividends,

interest

income

and

foreign

withholding

taxes.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement

of

Operations.

For

federal

income

tax

purposes,

the

Funds

treat

the

effect

of

changes

in

foreign

exchange

rates

arising

from

actual

foreign

currency

transactions

and

the

changes

in

foreign

exchange

rates

between

the

trade

date

and

settlement

date

as

ordinary

income.

Federal

Income

Taxes 

—

No

provision

has

been

made

for

income

taxes

because

each

Fund’s

policy

is

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code

and

distribute

substantially

all

investment

company

taxable

income

and

net

capital

gain

on

a

timely

basis.

It

is

also

the

intention

of

each

Fund

to

distribute

an

amount

sufficient

to

avoid

imposition

of

any

federal

excise

tax.

The

Funds,

accordingly,

anticipate

paying

no

federal

taxes

and

no

federal

tax

provision

was

recorded.

Each

Fund

is

treated

as

a

separate

taxable

entity

for

federal

income

tax

purposes. Funds

may

utilize

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares

as

part

of

the

dividends

paid

deduction.

 GAAP

requires

management

of

the

Funds

(i.e.,

the

Adviser)

to

make

additional

tax

disclosures

with

respect

to

the

tax

effects

of

certain

income

tax

positions,

whether

those

positions

were

taken

on

previously

filed

tax

returns

or

are

expected

to

be

taken

on

future

returns.

These

positions

must

meet

a

“more

likely

than

not”

standard

that,

based

on

the

technical

merits

of

the

position, it

would

have

a

greater

than

50

percent

likelihood

of

being

sustained

upon

examination.

In

evaluating

whether

a

tax

position

has

met

the

more-

likely-than-not

recognition

threshold,

the

Adviser

must

presume

that

the

position

will

be

examined

by

the

appropriate

taxing

authority

that

has

full

knowledge

of

all

relevant

information.

The

Adviser

analyzed

all

open

tax

years,

as

defined

by

the

statute

of

limitations,

for

all

major

jurisdictions.

Open

tax

years

are

those

that

are

open

for

examination

by

taxing

authorities.

Major

jurisdictions

for

the

Funds

include

U.S.

Federal,

Minnesota,

Wisconsin,

and

Massachusetts

as

well

as

certain

foreign

countries.

As

of

June

30,

2020,

open

U.S.

Federal,

Minnesota,

Wisconsin

and

Massachusetts

tax

years

include

the

tax

years

ended

December

31,

2016

through

2019.

Additionally,

as

of

June

30,

2020,

the

tax

year

ended December

31,

2015

is

open

for

Wisconsin.

The

Funds

have

no

examinations

in

progress

and

none

are

expected

at

this

time.

As

of

June

30,

2020,

the

Adviser

has

reviewed

all

open

tax

years

and

major

jurisdictions

and

concluded

that

there

is

no

effect

to

the

Funds’

tax

liability,

financial

position

or

results

of

operations.

There

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

income

tax

positions

taken

or

expected

to

be

taken

in

future

tax

returns.

The

Funds

are

also

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

12

months.

Foreign

Income

Taxes 

— Funds

are

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

they

invest.

Withholding

taxes

on

foreign

dividends

have

been

provided

for

in

accordance

with

the

applicable

country’s

tax

rules

and

rates.

These

amounts

are

shown

as

foreign tax

withholding

on

the

Statement

of

Operations.

The

Funds

pay

tax

on

foreign

capital

gains,

where

applicable. 

Expenses

and

Income 

—

Estimated

expenses

are

accrued

daily.

The

Funds

are

charged

for

those

expenses

that

are

directly

attributable

to

them.

Expenses

that

are

not

directly

attributable

to

a

Fund

are

allocated

among

all

appropriate

Funds

in

proportion

to

their

respective

net

assets

or number

of

shareholder

accounts,

or

other

reasonable

basis.

Net

investment

income,

expenses

which

are

not

class-specific,

and

realized

and

unrealized

gains

and

losses

are

allocated

directly

to

each

class

based

upon

the

relative

net

asset

value

of

outstanding

shares.

Interest

income

is

recorded daily

on

all

debt

securities,

as

is accretion

of

market

discount

and

original

issue

discount

and

amortization

of

premium.

Paydown

gains

and

losses

on

mortgage-

backed

and

asset-backed

securities

are

recorded

as

components

of

interest

income.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. 

However, certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

information

is

available

to

the

Funds. 

Non-cash

income,

if

any,

is

recorded

at

the

fair

market

value

of

the

securities

received.

For

certain

securities,

including

real

estate

investment

trusts,

the Funds

record

distributions

received

in

excess

of

income

as

a

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

35

reduction

of

cost

of

investments

and/or

realized

gain.

Such

amounts

are

based

on

estimates

if

actual

amounts

are

not

available.

Actual

amounts

of

income,

realized

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

The Funds

adjust

the

estimated

amounts

of

the

components

of

distributions

as

adjustments

to

investment

income,

unrealized

appreciation/depreciation

and

realized

gain/loss

on

investments

as

necessary,

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

Distributions

to

Shareholders 

—

Net

investment

income

is

distributed

to

each

shareholder

as

a

dividend. 

Dividends

from

Diversified

Income

Plus

Fund

and

Multidimensional

Income

Fund

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. 

Derivative

Financial

Instruments 

—

Each

of

the

Funds may

invest

in

derivatives,

a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts and

hybrid

instruments.

Derivatives

are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency.

Each Fund

may

use

derivatives

for

hedging

(attempting

to

offset

a

potential

loss

in

one

position

by

establishing

an

interest

in

an

opposite

position).

This

includes

the

use

of

currency-based

derivatives

to

manage

the

risk

of

its

positions in

foreign

securities.

Each 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

mark

to

market

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.

A

Fund’s

risk

of

loss

from

the

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

such

Fund.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

is

minimal

counterparty

credit

risk

to

the

Funds

because

the

exchange’s

clearinghouse,

as

counterparty

to

such

derivatives,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

derivative;

thus,

the

credit

risk

is

limited

to

the

failure

of

the

clearinghouse.

However,

credit

risk

still

exists

in

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

broker’s

customer

accounts.

While

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

on

a

pro-rata

basis

across

all

of

the

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Funds'

expenses

and

can

eliminate

some

opportunities

for

gains.

In

addition,

a

derivative

used

for

mitigating

exposure

or

replication

may

not

accurately

track

the

value

of

the

underlying

asset.

Another

risk

with

derivatives

is

that

some

types

can

amplify

a

gain

or

loss,

potentially

earning

or

losing

substantially

more

money

than

the

actual

cost

of

the

derivative.

In

order

to

define

their

contractual

rights

and

to

secure

rights

that

will

help

the

Funds

mitigate

their

counterparty

risk,

the

Funds

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

each

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivatives'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

and

margin

requirements

vary

by

type

of

derivative.

Margin

requirements

are

established

by

the

broker

or

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum requirements in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options

and

swaps).

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark

to

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

has

been

noted

in

the

Schedule

of

Investments.

To

the

extent

amounts

due

to a

Fund

from

its

counterparties

are

not

fully

collateralized,

contractually

or

otherwise,

the

Fund

bears

the

risk

of

loss

from

counterparty

nonperformance.

The

Funds

attempt

to

mitigate

counterparty

risk

by

only

entering

into

agreements

with

counterparties

that

they

believe

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Options 

— Each

of

the

Funds

may

buy

put

and

call

options

and

write

put

and

covered

call

options.

The

Funds

intend

to

use

such

derivative

instruments

as

hedges

to

facilitate

buying

or

selling

securities

or

to

provide

protection

against

adverse

movements

in

security

prices

or

interest

rates.

The

Funds

may

also

enter

into

options

contracts

to

protect

against

adverse

foreign

exchange

rate

fluctuations.

Option

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

A

Fund

will

realize

a

gain

or

loss

upon

expiration

or

closing

of

the

option

transaction.

When

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

36

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.

Futures

Contracts 

— Each

of

the Funds

may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Funds

may

be

earmarked

to

cover

open

futures

contracts. A

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the six

months

ended

June

30,

2020,

Diversified

Income

Plus used

treasury

futures

to

manage

the

duration

and

yield

curve

exposure

of

the

respective

Fund

versus its

benchmark.

During

the

six

months

ended

June

30,

2020,

Diversified

Income

Plus

used

equity

futures

to

manage

exposure

to

the

equities

market.

During

the

six

months

ended

June

30,

2020,

Diversified

Income

Plus

used foreign exchange futures

to

hedge

currency

risk.  

Foreign

Currency

Forward

Contracts 

—

In

connection

with

purchases

and

sales

of

securities

denominated

in

foreign

currencies,

all

Funds

may

enter

into

foreign

currency

forward

contracts.

Additionally,

the

Funds

may

enter

into

such

contracts

to mitigate

currency

and

counterparty

exposure

to other

foreign-currency-

denominated

investments.

These

contracts

are

recorded

at

value

and

the

realized-

and

change

in

unrealized-

foreign

exchange

gains

and

losses

are

included

in

the

Statement

of

Operations.

In

the

event

that

counterparties

fail

to

settle

these

forward

contracts,

the

Funds

could

be

exposed

to

foreign

currency

fluctuations.

Foreign

currency

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded

daily

as

the

difference

between

the

contract

exchange

rate

and

the

closing

forward

rate

applied

to

the

face

amount

of

the

contract.

A

realized

gain

or

loss

is

recorded

at

the

time

a

forward

contract

is

closed.

These

contracts

are

over-the-

counter

and a

Fund

is

exposed

to

counterparty

risk

equal

to

the

discounted

net

amount

of

payments

to

the

Fund.

Swap

Agreements 

— Each

of

the Funds

may enter

into

swap

transactions,

which

involve

swapping

one

or

more

investment

characteristics

of

a

security

or

a

basket

of

securities

with

another

party.

Such

transactions

include

market

risk,

risk

of

default

by

the

other

party

to

the

transaction,

risk

of

imperfect

correlation

and

manager

risk

and

may

involve

commissions

or

other

costs.

Swap

transactions

generally

do

not

involve

delivery

of

securities,

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

swap

transactions

is

generally

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make,

or

in

the

case

of

the

counterparty

defaulting,

the

net

amount

of

payments

that

the

Fund

is

contractually

entitled

to

receive.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

there

is

a

default

by

the

counterparty,

the

Fund

may

have

contractual

remedies

pursuant

to

the

agreements

related

to

the

transaction.

The

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

Swap

agreements

are

valued

at

the

clearinghouse

end

of

day

prices

as

furnished

by

an

independent

pricing

service.

The

pricing

service

takes

into

account

such

factors

as

swap

curves,

default

probabilities,

recent

trades,

recovery

rates

and

other

factors

it

deems

relevant

in

determining

valuations.

Daily

fluctuations

in

the

value

of

the

centrally

cleared

credit

default

contracts

are

recorded

in

variation

margin

in

the

Statement

of

Assets

and

Liabilities

and

recorded

as

unrealized

gain

or

loss.

The

Fund

accrues

for

the

periodic

payment

and

amortizes

upfront

payments,

if

any,

on

swap

agreements

on

a

daily

basis

with

the

net

amount

recorded

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Receipts

and

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

the

contract

are

also

recognized

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Collateral,

in

the

form

of

cash

or

securities,

may

be

required

to

be

held

with

the

Fund’s

custodian,

or

a

third

party,

in

connection

with

these

agreements. Certain

swap

agreements

are

over-the-counter. In

these

types

of

transactions the

Fund

is

exposed

to

counterparty

risk,

which

is

the

discounted

net

amount

of

payments

owed

to

the

Fund.

This

risk

is

partially

mitigated

by

the Fund’s

collateral

posting

requirements.

As

the

swap

increases

in

value

to

the

Fund,

the

Fund

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

37

receives

collateral

from

the

counterparty.  Certain

interest

rate

and

credit

default

index

swaps

must

be

cleared

through

a

clearinghouse

or

central

counterparty.

Credit

Default

Swaps 

—

A

credit

default

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

credit

default

swap

transaction,

a

buyer

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

buyer

of

a

credit

default

swap

is

said

to

buy

protection

whereas

a

seller

of

a

credit

default

swap

is

said

to

sell

protection.

The

Funds

may

be

either

the

protection

seller

or

the

protection

buyer.

Certain

Funds

enter

into

credit

default

derivative

contracts

directly

through

credit

default

swaps

(CDS)

or

through

credit

default

swap

indices

("CDX

Indices").

CDX

indices

are

static

pools

of

equally

weighted

credit

default

swaps

referencing

corporate

bonds

and/or

loans

designed

to increase

or

decrease diversified

credit

exposure

to

these

asset

classes.

Funds

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any

given

CDX

Index

held,

the

maximum

potential

amount

of

future

payments

required

would

be

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Funds

buy

default

protection

in

order

to

reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-

efficient

and

diversified

structure.

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Fund

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

or

the

reference

entity

obligation

as

of

the

date

of

the

credit

event.

A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement.

For

CDS,

the

default

events

could

be

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money

or

a

restructuring.

A

restructuring

is

a

change

in

the

underlying

obligations

which

could

include

a

reduction

in

interest

or

principal,

maturity

extension and

subordination

to

other

obligations.

During

the

six

months

ended

June

30,

2020,

Diversified

Income

Plus

used

CDX

indices

(comprised

of

credit

default

swaps)

to

manage

credit

risk

exposure

within

the

Fund. 

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

The

amounts

presented

in

the

tables

below

are

offset

first

by

financial

instruments

that

have

the

right

to

offset

under

master

netting

or

similar

arrangements,

then

any

remaining

amount

is

reduced

by

cash

and

non-cash

collateral

received/pledged. 

The

actual

amounts

of

collateral

may

be

greater

than

the

amounts

presented

in

the

tables. 

The

following

table

presents

the

gross

and

net

information

about

liabilities

subject

to

master

netting

arrangements,

as

presented

in

the

Statement

of

Assets

and

Liabilities:

Mortgage

Dollar

Roll

Transactions 

—

Certain

Funds

enter

into

dollar

roll

transactions

on

securities

issued

or

to

be

issued

by

the

Government

National

Mortgage

Association,

Federal

National

Mortgage

Association

and

Federal

Home

Loan

Mortgage

Corporation,

in

which

the

Funds

sell

mortgage

securities

and

simultaneously

agree

to

repurchase

similar

(same

type

and

coupon)

securities

at

a

later

date

at

an

agreed

upon

price.

The

Funds

must

maintain

liquid

securities

having

a

value

at

least

equal

to

the

repurchase

price

(including

accrued

interest)

for

such

dollar

rolls.

In

addition,

the

Funds

are

required

to segregate

collateral

with the

fund

custodian (depending

on

market

movements)

on

their

mortgage

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Fund

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

Net

Amounts

of

Recognized

Liabilities

Financial

Instruments

Cash

Collateral

Pledged

Non-Cash

Collateral

Pledged

(**)

Net

Amount

Diversified

Income

Plus

Securities

Lending

5,046,941

–

5,046,941

4,892,531

–

–

154,410

(^)

Multidimensional

Income

Securities

Lending

107,449

–

107,449

103,278

–

–

4,171

(^)

(**)

Excess

of

collateral

pledged

to

the

counterparty

may

not

be

shown

for

financial

reporting

purposes.

(^)

Net

securities

lending

amounts

represent

the

net

amount

payable

to

the

counterparty

in

the

event

of

a

default.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

38

dollar

rolls. 

The

value

of

the

securities

that

the

Funds

are

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities.

During

the

period

between

the

sale

and

repurchase,

the

Funds

forgo

principal

and

interest

paid

on

the

mortgage

securities

sold.

The

Funds

are

compensated

from

negotiated

fees

paid

by

brokers

offered

as

an

inducement

to

the

Funds

to

"roll

over"

their

purchase

commitments,

thus

enhancing

the

yield.

Mortgage

dollar

rolls

may

be

renewed

with

a

new

purchase

and

repurchase

price

and

a

cash

settlement

made

on

settlement

date

without

physical

delivery

of

the

securities

subject

to

the

contract.

The

fees

received

are

recognized

over

the

roll

period

and

are

included

in

Income

from

mortgage

dollar

rolls

in

the

Statement

of

Operations.

Securities

Lending 

—

The

Trust

has

entered

into

a

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA

doing

business

as

Goldman

Sachs Agency

Lending ("GSAL"). The

Agreement

authorizes

GSAL

to

lend

securities

to

authorized

borrowers

on

behalf

of

the

Funds.

Pursuant

to

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

to

at

least

102%

of

the

market

value

of U.S.

securities

and

105% of

the

market

value

of non-U.S.

securities.

Daily

market

fluctuations

could

cause

the

value

of

loaned

securities

to

be

more

or

less

than

the

value

of

the

collateral

received. 

Any

additional

collateral

is

adjusted

and

settled

on

the

next

business

day. 

The

Trust

has

the

ability

to

recall

the

loans

at

any

time

and

could

do

so

in

order

to

vote

proxies

or

sell

the

loaned

securities. 

All

cash

collateral

received

is

invested

in

Thrivent

Cash

Management

Trust.

The

Funds

receive dividends

and

interest

that would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral.

Amounts

earned

on

investments

in

Thrivent

Cash

Management

Trust,

net

of

rebates,

fees

paid

to

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

in

affiliated

income

from

securities

loaned,

net on

the

Statement

of

Operations. 

By

investing

any

cash

collateral

it

receives

in

these

transactions,

a

Fund

could

realize

additional

gains

or

losses.

If

the

borrower

fails

to

return

the

securities

or

the

invested

collateral

has

declined

in

value, a

Fund

could

lose

money. 

Generally,

in

the

event

of

borrower

default, a Fund

has

the

right

to

use

the

collateral

to

offset

any

losses

incurred. 

However,

in

the

event a

Fund

is

delayed

or

prevented

from

exercising

its

right

to

dispose

of

the

collateral,

there

may

be

a

potential

loss. 

Some

of

these

losses

may

be

indemnified

by

the

lending

agent. 

As

of

June

30,

2020,

the

value

of

securities

on

loan

is

as

follows:

When-Issued

and

Delayed

Delivery

Transactions 

— Each

Fund

may

purchase

or

sell

securities

on

a

when-issued

or

delayed

delivery

basis.

These

transactions

involve

a

commitment

by

a

Fund

to

purchase

or

sell

securities

for

a

predetermined

price

or

yield,

with

payment

and

delivery

taking

place

beyond

the

customary

settlement

period.

When

delayed

delivery

purchases

are

outstanding,

a

Fund

will

designate

liquid

assets

in

an

amount

sufficient

to

meet

the

purchase

price.

When

purchasing

a

security

on

a

delayed

delivery

basis,

a

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value. 

A

Fund

may

dispose

of

a

delayed

delivery

transaction

after

it

is

entered

into,

and

may

sell

when-issued

securities

before

they

are

delivered,

which

may

result

in

a

capital

gain

or

loss.

When

a

Fund

has

sold

a

security

on

a

delayed

delivery

basis,

a

Fund

does

not

participate

in

future

gains

and

losses

with

respect

to

the

security.

Treasury

Inflation

Protected

Securities 

— Certain

Funds

may

invest

in

treasury

inflation

protected

securities

("TIPS").

These

securities

are

fixed

income

securities

whose

principal

value

is

periodically

adjusted

to

the

rate

of

inflation.

The

coupon

interest

rate

is

generally

fixed

at

issuance.

Interest

is

paid

based

on

the

principal

value,

which

is

adjusted

for

inflation.

Any

increase

in

the

principal

amount

will

be

included

as

taxable

interest

in

the

Statement

of

Operations

and

received

in

cash

upon

maturity

or

sale

of

the

security.

Repurchase

Agreements 

—

Each

Fund

may

engage

in

repurchase

agreement

transactions

in

pursuit

of

its

investment

objective.

A

repurchase

agreement

consists

of

a

purchase

and

a

simultaneous

agreement

to

resell

an

investment

for

later

delivery

at

an

agreed

upon

price

and

rate

of

interest.

The

Funds

use

a

third-party

custodian

to

maintain

the

collateral.

If

the

original

seller

of

a

security

subject

to

a

repurchase

agreement

fails

to

repurchase

the

security

at

the

agreed

upon

time, a

Fund

could

incur

a

loss

due

to

a

drop

in

the

value

of

the

security

during

the

time

it

takes

the

Fund

to

either

sell

the

security

or

take

action

to

enforce

the

original

seller’s

agreement

to

repurchase

the

security.

Also,

if

a

defaulting

original

seller

filed

for

bankruptcy

or

became

insolvent,

disposition

of

such

security

might

be

delayed

by

pending

legal

action.

The

Funds

may

only

enter

into

repurchase

agreements

with

banks

and

other

recognized

financial

institutions

such

as

broker/dealers

that

are

found

by

the

Adviser

or

subadviser

to

be

creditworthy.

Equity-Linked

Structured

Securities 

—

Certain

Funds

may

invest

in

equity-linked

structured

notes.

Equity-linked

structured

notes

are

debt

securities

which

combine

the

characteristics

of

common

stock

and

the

sale

of

an

option.

The

return

component

is

based

upon

the

performance

of

a

single

equity

security,

a

basket

of

equity

securities,

or

an

equity

index

and

the

sale

of

an

option.

There

is

no

guaranteed

return

of

principal

with

these

securities.

The

appreciation

potential

of

these

securities

may

be

limited

by

a

maximum

payment

or

call

right

and

can

be

influenced

by

many

unpredictable

factors.

In

addition

to

the

performance

of

the

equity,

the

nature

and

credit

of

the

issuer

may

also

impact

return. 

During

the six

months

ended

June

30,

2020,

none

of

the

Funds

engaged

in

these

types

of

transactions.

Stripped

Securities 

—

Certain

Funds

may

invest

in

interest

only

and

principal

only

stripped

mortgage

or

asset

backed

securities.

These

securities

represent

a

participation

in

securities

that

are

structured

in

classes

with

rights

to

receive

different

portions

of

the

Fund

Securities

on

Loan

Diversified

Income

Plus

$

4,892,531

Multidimensional

Income

103,278

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

39

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.

Loan

Commitments 

—

Certain

Funds

may

enter

into

loan

commitments,

which

generally

have

interest

rates

which

are

reset

daily,

monthly,

quarterly

or

semi-annually

by

reference

to

a

base

lending

rate,

plus

a

premium.

These

base

rates

are

primarily

the

London-Interbank

Offered

Rate

(“LIBOR”),

and

secondarily

the

prime

rate

offered

by

one

or

more

major

United

States

banks

(the

“Prime

Rate”)

and

the

certificate

of

deposit

(“CD”)

rate

or

other

base

lending

rates

used

by

commercial

lenders.

Loan

commitments

often

require

prepayments

from

excess

cash

flows

or

allow

the

borrower

to

repay

at

its

election.

The

rate

at

which

the

borrower

repays

cannot

be

predicted

with

accuracy.

Therefore,

the

remaining

maturity

may

be

considerably

less

than

the

stated

maturity

shown

in

the

Schedule

of

Investments.

All

or

a

portion

of

these

loan

commitments

may

be

unfunded.

A

Fund

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

contractual

obligation.

These

unfunded

loan

commitments,

which

are

marked

to

market

daily,

are

presented

in

the

Schedule

of

Investments. 

During

the year ended

June

30,

2020,

none

of

the

Funds

engaged

in

these

types

of

investments.

Loss

Contingencies 

—

In

the

event

of

adversary

action

proceedings

where

a

Fund

is

a

defendant,

a

loss

contingency

will

not

be

accrued

as

a

liability

until

the

amount

of

potential

damages

and

the

likelihood

of

loss

can

be

reasonably

estimated.

Litigation 

—

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date. 

If

the

Fund

no

longer

owns

the

applicable

securities,

the

proceeds

are

recorded

as

realized

gains. 

Bank Loans

(Leveraged Loans) 

—

Certain

Funds

may

invest

in

bank

loans,

which

are

senior

secured

loans

that

are

made

by

banks

or

other

lending

institutions

to

companies

that

are

typically

rated

below

investment

grade. 

A Fund

may

invest

in

multiple

series

or

tranches

of

a

bank

loan,

with

varying

terms

and

different

associated

risks. 

Transactions

in

bank

loan

securities

may

settle

on

a

delayed

basis,

which

may

result

in

the

proceeds

of

the

sale

to

not

be

readily

available

for

a Fund

to

make

additional

investments. 

Interest

rates

of

bank

loan

securities

typically

reset

periodically,

as

the

rates

are

tied

to

a

reference

index,

such

as

the

London

Interbank

Offered

Rate

("LIBOR"),

plus

a

premium. 

Income

is

recorded

daily

on

bank

loan

securities. 

On

an

ongoing

basis,

a Fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

of

the

bank

loan. 

This

commitment

fee

is

accrued

as

income

over

the

term

of

the

bank

loan. 

A Fund

may

receive

consent

and

amendment

fees

for

accepting

an

amendment

to

the

current

terms

of

a

bank

loan. 

Consent

and

amendment

fees

are

accrued

as

income

when

the

changes

to

the

bank

loan

are

immaterial

and

to

capital

when

the

changes

are

material.

All

or

a

portion

of

these

bank

loan

commitments

may

be

unfunded.

A

Fund

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

contractual

obligation.

These

unfunded

bank

loan

commitments,

which

are

marked-to-market

daily,

are

presented

in

the

Schedule

of

Investments. 

Line

of

Credit 

— Each

Fund along

with

other

portfolios

managed

by

the

investment

adviser

or

an

affiliate,

participate

in

a

$100

million

($50

million

committed,

$50

million

uncommitted)

credit

facility

(the

"line

of

credit")

issued

by

State

Street

Bank

and

Trust

Company

to

be

utilized

for

temporary

or

emergency

purposes

to

fund

shareholder

redemptions

or

for

other

short-term

liquidity

purposes. 

Interest

is

charged

to

each

participating

Fund based

on

its

borrowings

at

the

higher

of

the

Federal

Funds

Rate

or

the

One-Month

LIBOR

rate

plus

1.25%. 

Each

borrowing

under

the

credit

facility

matures

no

later

than

30

calendar

days

after

the

date

of

the

borrowing. 

Each

participating

Fund

pays a

commitment

fee in

proportion

to

their

respective

net

assets. 

The

Funds

had

no

borrowings

during

the

six

months ended

June 30,

2020.

Other 

—

For

financial

statement

purposes,

investment

security

transactions

are

accounted

for

on

the

trade

date.

Realized

gains

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

40

and

losses

from

investment

transactions

are

determined

on

a

specific

cost

identification

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

(3)

FEES

AND

COMPENSATION

PAID

TO

AFFILIATES

Investment

Advisory

Fees 

—

The

Trust

has

entered

into

an

Investment

Advisory

Agreement

with

Thrivent

Asset

Mgt.

Under

the

Investment

Advisory

Agreement,

each

of

the

Funds

pays

a

fee

for

investment

advisory

services.

The

fees

are

accrued

daily

and

paid

monthly.

The

annual

rates

of

fees

as

a

percent

of

average

daily

net

assets

under

the

Investment

Advisory

Agreement

were

as

follows: 

Expense

Reimbursements 

— For

the

six

months

ended June

30,

2020,

contractual

expense

reimbursements

to

limit

expenses

to

the

following

percentages

were

in

effect: 

Expense

reimbursements

are

accrued

daily

and

paid

by

Thrivent

Asset

Mgt.

monthly.

Thrivent

Asset

Mgt.

does

not

recoup

amounts

previously

reimbursed

or

waived

in

prior

fiscal

years.

Subject

to

certain

limitations,

each

Fund

may

invest

cash

in

other

Funds

in

the

Trust,

Thrivent

Cash

Management

Trust,

and

Thrivent

Core Funds.

These

related-party

transactions

are

subject

to

the

same

terms

as

non-related

party

transactions.

To

avoid

duplicate

investment

advisory

fees,

Thrivent

Asset

Mgt.

reimburses

an

amount

equal

to

any

investment

advisory

fees

indirectly

incurred

by

the

income

plus and

fixed

income

funds

as

a

result

of

their

investment

in

any

other

mutual

fund

for

which

the

Adviser

or

an

affiliate

serves

as

investment

adviser,

other

than

Thrivent

Cash

Management

Trust. 

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

Funds

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,

2020,

Thrivent

Investment

Management

Inc. and

Thrivent

Distributors,

LLC

received

$40,858

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.

The

Funds pay

an

annual

fixed

fee

on

a

per-fund

basis plus

percentage

of net assets

to

Thrivent

Asset

Mgt. 

These

fees

are

accrued

daily

and paid

monthly. 

For

the six

months

ended

June

30,

2020,

Thrivent

Asset

Mgt.

received

aggregate

fees

for

accounting

and

administrative

personnel

and

services

of $159,577

from

the

Funds

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,

2020,

Thrivent

Investor

Services

received

$436,160 from

the

Funds

for

transfer

agent

services

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.  Thrivent

Money

Market

Fund

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

the

designated series.

Their

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 $18,060

in

fees

from

the

Funds

covered

in

this

shareholder

report

for

the

six

months

ended

June

30,

2020.

In

addition,

the

Trust

reimbursed

independent

Trustees

for

reasonable

expenses

incurred

in

relation

to

attendance

at

Board

meetings

and

industry

conferences.

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

Diversified

Income

Plus

0.550%

0.550%

0.550%

0.550%

0.550%

0.550%

0.550%

0.500%

0.500%

0.500%

0.500%

Multidimensional

Income

0.550%

0.550%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

Fund

Class

A

Class

S

Expiration

Date

Multidimensional

Income

N/A

0.85%

2/28/2021

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

41

Certain

officers

and

non-independent

Trustees

of

the

Trust

are

officers

and

directors

of

Thrivent

Asset

Mgt.,

Thrivent

Distributors,

LLC,

and

Thrivent

Investor

Services;

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.

There

are

no

advisory fees

for

Thrivent Core

Funds,

and

therefore

no

reimbursement

is

made

related

to

investments

in

these

Funds. 

This

contractual

provision

may

be

terminated

upon

the

mutual

agreement

between

the

independent

Trustees

of

the

Trust

and

the

Adviser. 

Interfund

Lending 

—

The

Funds

may

participate

in

an

interfund

lending

program

(the

"Program")

pursuant

to

an

exemptive

order

issued

by

the

SEC. 

The

Program permits

the

Funds

to borrow

cash

for

temporary

purposes

from Thrivent

Core

Short-Term

Reserve

Fund. 

Interest

is

charged

to

each

participating

Fund

based

on

its

borrowings

at

the

average

of

the

repo

rate

and

bank

loan

rate,

each

as

defined

in

the

Program. 

Each

borrowing

made

under

the

Program

matures

no

later

than

seven

calendar

days

after

the

date

of

the

borrowing,

and

each

borrowing

must

be

securitized

by

a

pledge

of

segregated

collateral

with

a

market

value

at

least

equal

to

102%

of

the

outstanding

principal

value

of

the

loan. 

For

the six

months ended June

30,

2020,

none

of

the Funds

borrowed

cash

through

the

Program. 

(4)

TAX

INFORMATION

Distributions

are

based

on

amounts

calculated

in

accordance

with

applicable

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

differences

are

permanent

in

nature,

such

amounts

are

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

amount

of

distributions,

on

a

tax

basis

and

components

of

distributable

earnings,

are

finalized.

Therefore,

as

of

June

30,

2020,

the

tax-basis

balance

has

not

yet

been

determined.

At

December

31,

2019,

the

following

Fund

had

accumulated

net

realized

capital

loss

carryovers

as

follows: 

To

the

extent

that

this

Fund

realizes

net

capital

gains,

taxable

distributions

will

be

reduced

by

any

unused

capital

loss

carryovers

as

permitted

by

the

Internal

Revenue

Code.

(5)

SECURITY

TRANSACTIONS 

Purchases

and

Sales

of

Investment

Securities 

—

For

the

six

months

ended

June

30,

2020,

the

cost

of

purchases

and

the

proceeds

from

sales

of

investment

securities,

other

than

U.S.

Government

and

short-term

securities,

were

as

follows:

Purchases

and

Sales

of

U.S.

Government

Securities

were: 

Investments

in

Restricted

Securities 

—

Certain

Funds

may

own

restricted

securities which

were

purchased

in

private

placement

transactions

without

registration

under

the

Securities

Act

of

1933.

Unless

such

securities

subsequently

become

registered,

they

generally

may

be

resold

only

in

privately

negotiated

transactions

with

a

limited

number

of

purchasers.

As

of

June

30,

2020,

the

Funds

did

not

hold

restricted

securities.

The

Funds

have

no

right

to

require

registration

of

unregistered

securities. 

(6)

SECURITY

TRANSACTIONS

WITH

AFFILIATED

FUNDS

The Funds

are

permitted

to

purchase

or

sell

securities

from

or

to certain

other

Funds, or

affiliated

portfolios

under specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

a

Fund

from

or

to

another

fund

or

portfolio

that

is

or

could

be

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a-

7

of

the

1940

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

executed

at

the

current

market

price. 

During

the

six

months ended

June

30,

2020,

none

of

the

Funds

engaged

in

purchase

or

sale

transactions

pursuant

to

Rule

17a-7

of

the

1940

Act

that

were

in

excess

of

0.450%

of

net

assets.

(7)

RELATED

PARTY

TRANSACTIONS

As

of

June

30,

2020, no

related

parties held

shares

in

excess

of

5%

of

the

Funds

covered

in

this

shareholder

report.

Subscription

and

redemption

activity

by

concentrated

accounts

may

have

a

significant

effect

on

the

operation

of

these

Funds.

In

the

case

of

a

large

redemption,

these

Funds

may

be

forced

to

sell

investments

at

inopportune

times,

resulting

in

additional

losses

for

the

Funds.

(8)

SUBSEQUENT

EVENTS

The

Adviser

of

the

Funds

has

evaluated

the

impact

of

subsequent

events

through

the

date

the

financial

statements

were

issued,

and,

Fund

Capital

Loss

Carryover

Expiration

Multidimensional

Income

$

200,651

Unlimited

In

thousands

Fund

Purchases

Sales

Diversified

Income

Plus

$280,668

$254,333

Multidimensional

Income

12,056

5,282

In

thousands

Fund

Purchases

Sales

Diversified

Income

Plus

$559,926

$552,062

Multidimensional

Income

–

201

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

42

except

as

already

included

in

the

Notes

to

Financial

Statements,

has

determined

that

no

additional

items

require

disclosure.

(9) MARKET

RISK

Over

time,

securities

markets

generally

tend

to

move

in

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline. 

The

value

of

a

Fund's

investments

may

move

with

these

cycles

and,

in

some

instances,

increase

or

decrease

more

than

the

applicable

market(s)

as

measured

by

the

Fund's

benchmark

index(es).

The

securities

markets

may

also

decline

because

of

factors

that

affect

a

particular

industry

or

due

to

impacts

from

the

spread

of

infectious

illness,

public

health

threats,

or

similar

issues.

As

of June

30,

2020,

the

following

Funds

had

portfolio

concentration

greater

than

25%

in

certain

sectors.

(10)

SIGNIFICANT

RISKS

The

following

risks

are

presented

in

alphabetical

order.

The

amount

of

a

specific

risk

is

dependent

on

each

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.

Business

Development

Company

(“BDC”)

Risk

—

The

value

of

a

BDC’s

investments

will

be

affected

by

portfolio

company

specific

performance

as

well

as

the

overall

economic

environment.

Shares

of

BDCs

may

trade

at

prices

that

reflect

a

premium

above

or

a

discount

below

the

investment

company’s

net

asset

value,

which

may

be

substantial.

The

Fund

may

be

exposed

to

greater

risk

and

experience

higher

volatility

than

would

a

portfolio

that

was

not

invested

in

BDCs.

Additionally,

most

BDCs

employ

leverage

which

can

magnify

the

returns

of

underlying

investments.

Closed-End

Fund

(“CEF”)

Risk

—

Investments

in

CEFs

are

subject

to

various

risks,

including

reliance

on

management’s

ability

to

meet

a

CEF’s

investment

objective

and

to

manage

a

CEF’s

portfolio;

fluctuation

in

the

market

value

of

a

CEF’s

shares

compared

to

the

changes

in

the

value

of

the

underlying

securities

that

the

CEF

owns

(i.e.,

trading

at

a

discount

or

premium

to

its

net

asset

value);

and

that

CEFs

are

permitted

to

invest

in

a

greater

amount

of

“illiquid”

securities

than

typical

mutual

funds.

The

Fund

is

subject

to

a

pro-rata

share

of

the

management

fees

and

expenses

of

each

CEF

in

addition

to

the

Fund’s

management

fees

and

expenses,

resulting

in

Fund

shareholders

subject

to

higher

expenses

than

if

they

invested

directly

in

CEFs.

Convertible

Securities

Risk

—

Convertible

securities

are

subject

to

the

usual

risks

associated

with

debt

securities,

such

as

interest

rate

risk

and

credit

risk.

Convertible

securities

also

react

to

changes

in

the

value

of

the

common

stock

into

which

they

convert,

and

are

thus

subject

to

market

risk.

The

Fund

may

also

be

forced

to

convert

a

convertible

security

at

an

inopportune

time,

which

may

decrease

the

Fund’s

return.

Conflicts

of

Interest

Risk

— An

investment

in

the

Fund

will

be

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

Funds

and

their

service

providers

may

be

susceptible

to

operational,

information

security,

and

related

risks.

In

general,

cyber

incidents

can

result

from

deliberate

attacks

or

unintentional

events.

Cyber-attacks

include,

but

are

not

limited

to,

gaining

unauthorized

access

to

digital

systems

to

misappropriate

assets

or

sensitive

information,

corrupt

data,

or

otherwise

disrupt

operations.

Cyber

incidents

affecting

the

Adviser,

a

Subadviser,

or

other

service

providers

(including,

but

not

limited

to,

fund

accountants,

custodians,

transfer

agents,

and

financial

intermediaries)

have

the

ability

to

disrupt

and

impact

business

operations,

potentially

resulting

in

financial

losses,

by

interfering

with

the

Funds’

ability

to

calculate

their

NAV,

corrupting

data

or

preventing

parties

from

sharing

information

necessary

for

the

Funds’

operation,

preventing

or

slowing

trades,

stopping

shareholders

from

making

transactions,

potentially

subjecting

the

Funds

or

the

Adviser

to

regulatory

fines

and

penalties,

and

creating

additional

compliance

costs.

Similar

types

of

cyber

security

risks

are

also

present

for

issuers

or

securities

in

which

the

Funds

may

invest,

which

could

result

in

material

adverse

consequences

for

such

issuers

and

may

cause

the

Funds’

investments

in

such

companies

to

lose

value.

While

the

Funds’

service

providers

have

established

Fund

Sector

%

of

Total

Net

Assets

Multidimensional

Income

Unaffiliated

Registered

Investment

Companies

30.9%

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

43

business

continuity

plans

in

the

event

of

such

cyber

incidents,

there

are

inherent

limitations

in

such

plans

and

systems.

Additionally,

the

Funds

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

their

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Funds

or

their

shareholders.

Although

each

Fund

attempts

to

minimize

such

failures

through

controls

and

oversight,

it

is

not

possible

to

identify

all

of

the

operation

risks

that

may

affect

a

Fund

or

to

develop

processes

and

controls

that

completely

eliminate

or

mitigate

the

occurrence

of

such

failures

or

other

disruptions

in

service.

The

value

of

an

investment

in

a

Fund’s

shares

may

be

adversely

affected

by

the

occurrence

of

the

operational

errors

or

failures

or

technological

issues

or

other

similar

events

and

a

Fund

and

its

shareholders

may

bear

costs

tied

to

these

risks.

Derivatives

Risk

—

The

use

of

derivatives

(such

as

futures,

options,

credit

default

swaps,

and

total

return

swaps)

involves

additional

risks

and

transaction

costs

which

could

leave

a

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Changes

in

the

value

of

the

derivative

may

not

correlate

as

intended

with

the

underlying

asset,

rate

or

index,

and

a

Fund

could

lose

much

more

than

the

original

amount

invested.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

Derivatives

are

also

subject

to

the

risk

that

the

other

party

in

the

transaction

will

not

fulfill

its

contractual

obligations.

Some

derivatives

may

give

rise

to

a

form

of

economic

leverage,

and

may

expose

the

Fund

to

greater

risk

and

increase

its

costs.

Such

leverage

may

cause

the

Fund

to

liquidate

portfolio

positions

when

it

may

not

be

advantageous

to

do

so

to

satisfy

its

obligations

or

to

meet

any

required

asset

segregation

requirements.

Increases

and

decreases

in

the

value

of

the

Fund’s

portfolio

will

be

magnified

when

the

Fund

uses

leverage.

Futures

contracts,

options

on

futures

contracts,

forward

contracts,

and

options

on

derivatives

can

allow

the

Fund

to

obtain

large

investment

exposures

in

return

for

meeting

relatively

small

margin

requirements.

As

a

result,

investments

in

those

transactions

may

be

highly

leveraged.

The

success

of

a

Fund’s

derivatives

strategies

will

depend

on

the

Adviser’s

ability

to

assess

and

predict

the

impact

of

market

or

economic

developments

on

the

underlying

asset,

index

or

rate

and

the

derivative

itself,

without

the

benefit

of

observing

the

performance

of

the

derivative

under

all

possible

market

conditions.

Swap

agreements

may

involve

fees,

commissions

or

other

costs

that

may

reduce

a

Fund’s

gains

from

a

swap

agreement

or

may

cause

a

Fund

to

lose

money.

Futures

contracts

are

subject

to

the

risk

that

an

exchange

may

impose

price

fluctuation

limits,

which

may

make

it

difficult

or

impossible

for

a

Fund

to

close

out

a

position

when

desired.

Emerging

Markets

Risk

—

The

economic

and

political

structures

of

developing

countries

in

emerging

markets,

in

most

cases,

do

not

compare

favorably

with

the

U.S.

or

other

developed

countries

in

terms

of

wealth

and

stability,

and

their

financial

markets

often

lack

liquidity.

Fund

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.

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

legal,

tax,

regulatory,

and

accounting

systems.

Significant

buying

or

selling

actions

by

a

few

major

investors

may

also

heighten

the

volatility

of

emerging

markets.

These

factors

make

investing

in

emerging

market

countries

significantly

riskier

than

in

other

countries,

and

events

in

any

one

country

could

cause

the

Fund’s

share

price

to

decline.

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,

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

or

more

related

sectors

or

industries

which

would

make

the

Fund

more

vulnerable

to

adverse

developments

affecting

such

sectors

or

industries.

Equity

securities

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.

Under

normal

conditions,

the

Fund

does

not

engage

in

extensive

foreign

currency

hedging

programs.

Further,

exchange

rate

movements

are

volatile,

and

it

is

not

possible

to

effectively

hedge

the

currency

risks

of

many

developing

countries.

Foreign

Securities

Risk

—

Foreign

securities

generally

carry

more

risk

and

are

more

volatile

than

their

domestic

counterparts,

in

part

because

of

potential

for

higher

political

and

economic

risks,

lack

of

reliable

information

and

fluctuations

in

currency

exchange

rates

where

investments

are

denominated

in

currencies

other

than

the

U.S.

dollar.

Certain

events

in

foreign

markets

may

adversely

affect

foreign

and

domestic

issuers,

including

interruptions

in

the

global

supply

chain,

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

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

44

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.

Government

Securities

Risk

—

The

Fund

invests

in

securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

and

instrumentalities

(such

as

Federal

Home

Loan

Bank,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

securities).

Securities

issued

or

guaranteed

by

Federal

Home

Loan

Banks,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

are

not

issued

directly

by

the

U.S.

government.

Ginnie

Mae

is

a

wholly

owned

U.S.

corporation

that

is

authorized

to

guarantee,

with

the

full

faith

and

credit

of

the

U.S.

government,

the

timely

payment

of

principal

and

interest

of

its

securities.

By

contrast,

securities

issued

or

guaranteed

by

U.S.

government-

related

organizations

such

as

Federal

Home

Loan

Banks,

Fannie

Mae

and

Freddie

Mac

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

would

provide

financial

support

to

its

agencies

and

instrumentalities

if

not

required

to

do

so

by

law.

In

addition,

the

value

of

U.S.

Government

securities

may

be

affected

by

changes

in

the

credit

rating

of

the

U.S.

government.

Health

Crisis

Risk

—

The

global

pandemic

outbreak

of

the

novel

coronavirus

known

as

COVID-19

has

resulted

in

substantial

market

volatility

and

global

business

disruption.

The

duration

and

full

effects

of

the

outbreak

are

uncertain

and

may

result

in

trading

suspensions

and

market

closures,

limit

liquidity

and

the

ability

of

the

Fund

to

process

shareholder

redemptions,

and

negatively

impact

Fund

performance.

The

COVID-19

outbreak

and

future

pandemics

could

affect

the

global

economy

in

ways

that

cannot

be

foreseen

and

may

exacerbate

other

types

of

risks,

negatively

impacting

the

value

of

the

Fund.

High

Yield

Risk

—

High

yield

securities

–

commonly

known

as

“junk

bonds”

–

to

which

the

Fund

is

exposed

are

considered

predominantly

speculative

with

respect

to

the

issuer’s

continuing

ability

to

make

principal

and

interest

payments.

If

the

issuer

of

the

security

is

in

default

with

respect

to

interest

or

principal

payments,

the

value

of

the

Fund

may

be

negatively

affected.

High

yield

securities

generally

have

a

less

liquid

resale

market.

Interest

Rate

Risk

—

Interest

rate

risk

is

the

risk

that

prices

of

debt

securities

decline

in

value

when

interest

rates

rise

for

debt

securities

that

pay

a

fixed

rate

of

interest.

Debt

securities

with

longer

durations

(a

measure

of

price

sensitivity

of

a

bond

or

bond

fund

to

changes

in

interest

rates)

or

maturities

(i.e.,

the

amount

of

time

until

a

bond’s

issuer

must

pay

its

principal

or

face

value)

tend

to

be

more

sensitive

to

changes

in

interest

rates

than

debt

securities

with

shorter

durations

or

maturities.

Changes

by

the

Federal

Reserve

to

monetary

policies

could

affect

interest

rates

and

the

value

of

some

securities.

In

addition,

the

phase

out

of

LIBOR

(the

offered

rate

for

short-term

Eurodollar

deposits

between

major

international

banks)

by

the

end

of

2021

could

lead

to

increased

volatility

and

illiquidity

in

certain

markets

that

currently

rely

on

LIBOR

to

determine

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

or

subadviser

in

assessing

the

potential

of

the

investments

in

which

the

Fund

invests.

This

assessment

of

investments

may

prove

incorrect,

resulting

in

losses

or

poor

performance,

even

in

rising

markets.

There

is

also

no

guarantee

that

the

Adviser

will

be

able

to

effectively

implement

the

Fund’s

investment

objective.

Investment

in

Other

Investment

Companies

Risk

—

Investing

in

other

investment

companies,

including

CEFs

and

BDCs,

could

result

in

the

duplication

of

certain

fees,

including

management

and

administrative

fees,

and

may

expose

the

Fund

to

the

risks

of

owning

the

underlying

investments

that

the

other

investment

company

holds.

Issuer

Risk

—

Issuer

risk

is

the

possibility

that

factors

specific

to

an

issuer

to

which

the

Fund

is

exposed

will

affect

the

market

prices

of

the

issuer’s

securities

and

therefore

the

value

of

the

Fund.

Large

Cap

Risk

—

Large-sized

companies

may

be

unable

to

respond

quickly

to

new

competitive

challenges

such

as

changes

in

technology.

They

may

also

not

be

able

to

attain

the

high

growth

rate

of

successful

smaller

companies,

especially

during

extended

periods

of

economic

expansion.

Large

Shareholder

Risk

—

From

time

to

time,

shareholders

of

a

Fund

(which

may

include

institutional

investors,

financial

intermediaries,

or

affiliated

Funds)

may

make

relatively

large

redemptions

or

purchases

of

shares.

These

transactions

may

cause

a

Fund

to

sell

securities

at

disadvantageous

prices

or

invest

additional

cash,

as

the

case

may

be.

While

it

is

impossible

to

predict

the

overall

impact

of

these

transactions

over

time,

there

could

be

adverse

effects

on

a

Fund’s

performance

to

the

extent

that

a

Fund

may

be

required

to

sell

securities

or

invest

cash

at

times

when

it

would

not

otherwise

do

so.

Redemptions

of

a

large

number

of

shares

also

may

increase

transaction

costs

or

have

adverse

tax

consequences

for

shareholders

of

the

Fund

by

requiring

a

sale

of

portfolio

securities.

In

addition,

a

large

redemption

could

result

in

a

Fund's

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund's

expense

ratio.

Leveraged

Loan

Risk

—

Leveraged

loans

(also

known

as

bank

loans)

are

subject

to

the

risks

typically

associated

with

debt

securities.

In

addition,

leveraged

loans,

which

typically

hold

a

senior

position

in

the

capital

structure

of

a

borrower,

are

subject

to

the

risk

that

a

court

could

subordinate

such

loans

to

presently

existing

or

future

indebtedness

or

take

other

action

detrimental

to

the

holders

of

leveraged

loans.

Leveraged

loans

are

also

subject

to

the

risk

that

the

value

of

the

collateral,

if

any,

securing

a

loan

may

decline,

be

insufficient

to

meet

the

obligations

of

the

borrower,

or

be

difficult

to

liquidate.

Some

leveraged

loans

are

not

as

easily

purchased

or

sold

as

publicly-traded

securities

and

others

are

illiquid,

which

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

45

may

make

it

more

difficult

for

the

Fund

to

value

them

or

dispose

of

them

at

an

acceptable

price.

Below

investment-grade

leveraged

loans

are

typically

more

credit

sensitive.

In

the

event

of

fraud

or

misrepresentation,

the

Fund

may

not

be

protected

under

federal

securities

laws

with

respect

to

leveraged

loans

that

may

not

be

in

the

form

of

“securities.”

The

settlement

period

for

some

leveraged

loans

may

be

more

than

seven

days.

LIBOR

Risk

—

The

elimination

of

LIBOR

may

adversely

affect

the

interest

rates

on,

and

value

of,

certain

Fund

investments

for

which

the

value

is

tied

to

LIBOR.

Such

investments

may

include

bank

loans,

derivatives,

floating

rate

securities,

and

other

assets

or

liabilities

tied

to

LIBOR.

On

July

27,

2017,

the

U.K.

Financial

Conduct

Authority

announced

that

it

intends

to

stop

compelling

or

inducing

banks

to

submit

LIBOR

rates

after

2021.

However,

it

remains

unclear

if

LIBOR

will

continue

to

exist

in

its

current,

or

a

modified,

form.

Actions

by

regulators

have

resulted

in

the

establishment

of

alternative

reference

rates

to

LIBOR

in

most

major

currencies.

The

U.S.

Federal

Reserve,

based

on

the

recommendations

of

the

New

York

Federal

Reserve’s

Alternative

Reference

Rate

Committee

(comprised

of

major

derivative

market

participants

and

their

regulators),

has

begun

publishing

a

Secured

Overnight

Financing

Rate

(SOFR),

that

is

intended

to

replace

U.S.

dollar

LIBOR.

Proposals

for

alternative

reference

rates

for

other

currencies

have

also

been

announced

or

have

already

begun

publication.

Markets

are

slowly

developing

in

response

to

these

new

rates.

Questions

around

liquidity

impacted

by

these

rates,

and

how

to

appropriately

adjust

these

rates

at

the

time

of

transition,

remain

a

concern

for

the

Funds.

The

effect

of

any

changes

to,

or

discontinuation

of,

LIBOR

on

the

Fund

will

vary

depending,

among

other

things,

on

(1)

existing

fallback

or

termination

provisions

in

individual

contracts

and

(2)

whether,

how,

and

when

industry

participants

develop

and

adopt

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products

and

instruments.

Accordingly,

it

is

difficult

to

predict

the

full

impact

of

the

transition

away

from

LIBOR

on

the

Funds

until

new

reference

rates

and

fallbacks

for

both

legacy

and

new

products,

instruments

and

contracts

are

commercially

accepted.

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.

Dealer

inventories

of

bonds

are

at

or

near

historic

lows

in

relation

to

market

size,

which

has

the

potential

to

decrease

liquidity

and

increase

price

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.

Master

Limited

Partnership

(“MLP”)

Risk

—

MLPs

are

subject

to

risks

such

as

limited

partner

risk,

liquidity

risk,

interest

rate

risk

and

general

partner

risk.

• An

MLP

is

a

public

limited

partnership

or

limited

liability

company

taxed

as

a

partnership.

The

risks

of

investing

in

an

MLP

are

similar

to

those

of

investing

in

a

partnership,

including

more

flexible

governance

structures,

which

could

result

in

less

protection

for

investors

than

investments

in

a

corporation.

Investors

in

an

MLP

normally

would

not

be

liable

for

the

debts

of

the

MLP

beyond

the

amount

that

the

investor

has

contributed

but

investor

may

not

be

shielded

to

the

same

extent

that

a

shareholder

of

a

corporation

would

be.

In

certain

circumstances,

creditors

of

an

MLP

would

have

the

right

to

seek

return

of

capital

distributed

to

a

limited

partner,

which

right

would

continue

after

an

investor

sold

its

investment

in

the

MLP.

• The

ability

to

trade

on

a

public

exchange

or

in

the

over-the-

counter

market

provides

a

certain

amount

of

liquidity

not

found

in

many

limited

partnership

investments.

However,

MLP

interests

may

be

less

liquid

than

conventional

publicly

traded

securities

and,

therefore,

more

difficult

to

trade

at

desirable

times

and/or

prices.

• MLP

distributions

may

be

reduced

by

fees

and

other

expenses

incurred

by

the

MLP.

MLPs

generally

are

considered

interest-rate

sensitive

investments.

During

periods

of

interest

rate

volatility,

these

investments

may

not

provide

attractive

returns.

The

holder

of

the

general

partner

or

managing

member

interest

can

be

liable

in

certain

circumstances

for

amounts

greater

than

the

amount

of

the

holder’s

investment

in

the

general

partner

or

managing

member.

Mortgage-Backed

and

Other

Asset-Backed

Securities

Risk

—

The

value

of

mortgage-backed

and

asset-backed

securities

will

be

influenced

by

the

factors

affecting

the

housing

market

and

the

assets

underlying

such

securities.

As

a

result,

during

periods

of

declining

asset

value,

difficult

or

frozen

credit

markets,

swings

in

interest

rates,

or

deteriorating

economic

conditions,

mortgage-

related

and

asset-backed

securities

may

decline

in

value,

face

valuation

difficulties,

become

more

volatile

and/or

become

illiquid.

In

addition,

both

mortgage-backed

and

asset-backed

securities

are

sensitive

to

changes

in

the

repayment

patterns

of

the

underlying

security.

If

the

principal

payment

on

the

underlying

asset

is

repaid

faster

or

slower

than

the

holder

of

the

asset-backed

or

mortgage-

backed

security

anticipates,

the

price

of

the

security

may

fall,

particularly

if

the

holder

must

reinvest

the

repaid

principal

at

lower

rates

or

must

continue

to

hold

the

security

when

interest

rates

rise.

This

effect

may

cause

the

value

of

the

Fund

to

decline

and

reduce

the

overall

return

of

the

Fund.

Other

Funds

Risk

—

Because

the

Fund

invests

in

other

funds

managed

by

the

Adviser

or

an

affiliate

(“Other

Funds”),

the

performance

of

the

Fund

is

dependent,

in

part,

upon

the

performance

of

Other

Funds

in

which

the

Fund

may

invest.

As

a

result,

the

Fund

is

subject

to

the

same

risks

as

those

faced

by

the

Other

Funds.

In

addition,

Other

Funds

may

be

subject

to

additional

fees

and

expenses

that

will

be

borne

by

the

Fund.

Portfolio

Turnover

Rate

Risk

—

The

Fund

may

engage

in

active

and

frequent

trading

of

portfolio

securities

in

implementing

its

principal

investment

strategies.

A

high

rate

of

portfolio

turnover

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2020

(unaudited)

46

(100%

or

more)

involves

correspondingly

greater

expenses

which

are

borne

by

the

Fund

and

its

shareholders

and

may

also

result

in

short-term

capital

gains

taxable

to

shareholders.

Preferred

Securities

Risk

—

There

are

certain

additional

risks

associated

with

investing

in

preferred

securities,

including,

but

not

limited

to,

preferred

securities

may

include

provisions

that

permit

the

issuer,

at

its

discretion,

to

defer

or

omit

distributions

for

a

stated

period

without

any

adverse

consequences

to

the

issuer;

preferred

securities

are

generally

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

in

terms

of

having

priority

to

corporate

income

and

liquidation

payments,

and

therefore

will

be

subject

to

greater

credit

risk

than

more

senior

debt

instruments;

preferred

securities

may

be

substantially

less

liquid

than

many

other

securities,

such

as

common

stocks

or

U.S.

Government

securities;

generally,

traditional

preferred

securities

offer

no

voting

rights

with

respect

to

the

issuing

company

unless

preferred

dividends

have

been

in

arrears

for

a

specified

number

of

periods,

at

which

time

the

preferred

security

holders

may

elect

a

number

of

directors

to

the

issuer’s

board;

and

in

certain

varying

circumstances,

an

issuer

of

preferred

securities

may

redeem

the

securities

prior

to

a

specified

date.

Prepayment

Risk

—

When

interest

rates

fall,

certain

obligations

will

be

paid

off

by

the

obligor

more

quickly

than

originally

anticipated,

and

a

Fund

may

have

to

invest

the

proceeds

in

securities

with

lower

yields.

In

periods

of

falling

interest

rates,

the

rate

of

prepayments

tends

to

increase

(as

does

price

fluctuation)

as

borrowers

are

motivated

to

pay

off

debt

and

refinance

at

new

lower

rates.

During

such

periods,

reinvestment

of

the

prepayment

proceeds

by

the

management

team

will

generally

be

at

lower

rates

of

return

than

the

return

on

the

assets

that

were

prepaid.

Prepayment

generally

reduces

the

yield

to

maturity

and

the

average

life

of

the

security. 

Quantitative

Investing

Risk

—

Quantitative

Investing

Risk

is

the

risk

that

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

of

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.

Real

Estate

Investment

Trust

(“REIT”)

Risk

—

REITs

generally

can

be

divided

into

three

types:

equity

REITs,

mortgage

REITs

and

hybrid

REITs

(which

combine

the

characteristics

of

equity

REITs

and

mortgage

REITs).

Equity

REITs

will

be

affected

by

changes

in

the

values

of,

and

income

from,

the

properties

they

own,

while

mortgage

REITs

may

be

affected

by

the

credit

quality

of

the

mortgage

loans

they

hold.

All

REIT

types

may

be

affected

by

changes

in

interest

rates.

The

effect

of

rising

interest

rates

is

generally

more

pronounced

for

high

dividend

paying

stock

than

for

stocks

that

pay

little

or

no

dividends.

This

may

cause

the

value

of

real

estate

securities

to

decline

during

periods

of

rising

interest

rates,

which

would

reduce

the

overall

return

of

the

Fund.

REITs

are

subject

to

additional

risks,

including

the

fact

that

they

are

dependent

on

specialized

management

skills

that

may

affect

the

REITs’

abilities

to

generate

cash

flows

for

operating

purposes

and

for

making

investor

distributions.

REITs

may

have

limited

diversification

and

are

subject

to

the

risks

associated

with

obtaining

financing

for

real

property.

As

with

any

investment,

there

is

a

risk

that

REIT

securities

and

other

real

estate

industry

investments

may

be

overvalued

at

the

time

of

purchase.

In

addition,

a

REIT

can

pass

its

income

through

to

its

investors

without

any

tax

at

the

entity

level

if

it

complies

with

various

requirements

under

the

Internal

Revenue

Code.

There

is

the

risk,

however,

that

a

REIT

held

by

the

Fund

will

fail

to

qualify

for

this

tax-free

pass-through

treatment

of

its

income.

By

investing

in

REITs

indirectly

through

the

Fund,

in

addition

to

bearing

a

proportionate

share

of

the

expenses

of

the

Fund,

you

will

also

indirectly

bear

similar

expenses

of

the

REITs

in

which

the

Fund

invests.

Regulatory

Risk

—

Legal,

tax,

and

regulatory

developments

may

adversely

affect

the

Funds.

Securities

and

futures

markets

are

subject

to

comprehensive

statutes,

regulations,

and

margin

requirements

enforced

by

the

SEC,

other

regulators

and

self-regulatory

organizations,

and

exchanges

authorized

to

take

extraordinary

actions

in

the

event

of

market

emergencies.

The

regulatory

environment

for

the

Funds

is

evolving,

and

changes

in

the

regulation

of

investment

funds,

managers,

and

their

trading

activities

and

capital

markets,

or

a

regulator’s

disagreement

with

the

Funds’

interpretation

of

the

application

of

certain

regulations,

may

adversely

affect

the

ability

of

a

Fund

to

pursue

its

investment

strategy,

its

ability

to

obtain

leverage

and

financing,

and

the

value

of

investments

held

by

the

Fund.

Sovereign

Debt

Risk

—

Sovereign

debt

securities

are

issued

or

guaranteed

by

foreign

governmental

entities.

These

investments

are

subject

to

the

risk

that

a

governmental

entity

may

delay

or

refuse

to

pay

interest

or

repay

principal

on

its

sovereign

debt,

due,

for

example,

to

cash

flow

problems,

insufficient

foreign

currency

reserves,

political

considerations,

the

relative

size

of

the

governmental

entity’s

debt

position

in

relation

to

the

economy

or

the

failure

to

put

in

place

economic

reforms

required

by

the

International

Monetary

Fund

or

other

multilateral

agencies.

If

a

governmental

entity

defaults,

it

may

ask

for

more

time

in

which

to

pay

or

for

further

loans.

There

is

no

legal

process

for

collecting

sovereign

debts

that

a

government

does

not

pay

nor

are

there

bankruptcy

proceedings

through

which

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid

may

be

collected.

Thrivent

Mutual

Funds

Financial

Highlights

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

48

FOR

A

SHARE

OUTSTANDING

THROUGHOUT

EACH

PERIOD

*

Income

from

Investment

Operations

Less

Distributions

From

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income/(Loss)

Net

Realized

and

Unrealized

Gain/(Loss)

on

Investments

(a)

Total

from

Investment

Operations

Net

Investment

Income

text

Net

Realized

Gain

on

Investments

DIVERSIFIED

INCOME

PLUS

FUND

Class

A

Shares

Period

Ended

6/30/2020

(unaudited)

$

7.42

$

0.10

$

(0.37)

$

(0.27)

$

(0.10)

$

–

Year

Ended

12/31/2019

6.80

0.21

0.67

0.88

(0.22)

(0.04)

Year

Ended

12/31/2018

7.41

0.23

(0.45)

(0.22)

(0.24)

(0.15)

Year

Ended

12/31/2017

7.00

0.21

0.41

0.62

(0.21)

–

Year

Ended

12/31/2016

6.79

0.22

0.23

0.45

(0.24)

–

Year

Ended

12/31/2015

7.10

0.23

(0.27)

(0.04)

(0.24)

(0.03)

Class

S

Shares

Period

Ended

6/30/2020

(unaudited)

7.34

0.10

(0.36)

(0.26)

(0.10)

–

Year

Ended

12/31/2019

6.73

0.23

0.66

0.89

(0.24)

(0.04)

Year

Ended

12/31/2018

7.34

0.25

(0.45)

(0.20)

(0.26)

(0.15)

Year

Ended

12/31/2017

6.94

0.23

0.40

0.63

(0.23)

–

Year

Ended

12/31/2016

6.74

0.24

0.22

0.46

(0.26)

–

Year

Ended

12/31/2015

7.04

0.25

(0.26)

(0.01)

(0.26)

(0.03)

MULTIDIMENSIONAL

INCOME

FUND

Class

S

Shares

Period

Ended

6/30/2020

(unaudited)

10.06

0.20

(0.83)

(0.63)

(0.21)

–

Year

Ended

12/31/2019

9.13

0.38

0.99

1.37

(0.40)

–

Year

Ended

12/31/2018

10.15

0.41

(0.95)

(0.54)

(0.44)

(0.02)

Year

Ended

12/31/2017

(c)

10.00

0.29

0.20

0.49

(0.30)

(0.03)

(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

investment

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

Since

fund

inception,

February

28,

2017.

*

**

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

49

RATIOS/SUPPLEMENTAL

DATA

Ratio

to

Average

Net

Assets

**

Ratios

to

Average

Net

Assets

Before

Expenses

Waived,

Credited

or

Acquired

Fund

Fees

and

Expenses

**

Return

of

Capital

Total

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

$

–

$

(0.10)

$

7.05

(3.66)%

$

579.4

0.95%

2.73%

0.95%

2.73%

82%

–

(0.26)

7.42

13.12%

620.6

0.96%

2.96%

0.96%

2.96%

153%

–

(0.39)

6.80

(3.10)%

569.8

0.96%

3.16%

0.96%

3.16%

143%

–

(0.21)

7.41

8.98%

617.3

0.97%

2.86%

0.97%

2.86%

133%

–

(0.24)

7.00

6.70%

591.3

0.97%

3.23%

0.97%

3.23%

91%

–

(0.27)

6.79

(0.62)%

585.5

0.98%

3.28%

0.98%

3.28%

108%

–

(0.10)

6.98

(3.45)%

461.1

0.71%

2.97%

0.71%

2.97%

82%

–

(0.28)

7.34

13.39%

464.2

0.71%

3.18%

0.71%

3.18%

153%

–

(0.41)

6.73

(2.88)%

320.1

0.70%

3.46%

0.70%

3.46%

143%

–

(0.23)

7.34

9.20%

251.4

0.70%

3.13%

0.70%

3.13%

133%

–

(0.26)

6.94

6.91%

158.2

0.70%

3.51%

0.70%

3.51%

91%

–

(0.29)

6.74

(0.19)%

108.3

0.69%

3.56%

0.69%

3.56%

108%

–

(0.21)

9.22

(6.27)%

25.5

0.85%

4.27%

1.46%

3.66%

25%

(0.04)

(0.44)

10.06

15.18%

20.6

1.00%

3.89%

1.60%

3.29%

113%

(0.02)

(0.48)

9.13

(5.45)%

17.9

1.15%

4.02%

1.62%

3.55%

96%

(0.01)

(0.34)

10.15

4.92%

20.5

1.15%

3.38%

1.57%

2.96%

180%

50

Additional

Information

(unaudited)

Proxy

Voting

The

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

are

attached

to

the

Trust’s

Statement

of

Additional

Information.

You

may

request

a

free

copy

of

the

Statement

of

Additional

Information

by

calling

800-847-

4836,

or

visit

ThriventFunds.com

to

access

it

online.

In

addition,

you

may

review

a

report

of

how

the

Trust

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

29

by

clicking

on

the

tab

for

each

Fund

and

navigating

to

“Related

Documents”

under

Fund

Details

-

Holdings

at

ThriventFunds.com

or

SEC.gov

where

it

is

filed

on

form

N-PX.

Quarterly

Schedule

of

Portfolio

Holdings

Through

April

2019,

the

Trust

filed

its

Schedule

of

Investments

on

Form

N-Q

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year.

Beginning

in

April

2019,

the

Trust

will

no

longer

file

Form

N-Q

and

will

begin

filling

Form

N-PORT

with

the

SEC.

Part

F

of

each

Fund’s

N-PORT

filing

for

the

first

and

third

fiscal

quarters

will

include

the

complete

schedule

of

investments,

which

were

previously

filed

on

Form

N-Q.

The

Trust’s

most

recent

Schedule

of

Investments

can

be

found

at

ThriventFunds.com

or

SEC.gov.

You

also

may

review

and

copy

the

Forms

N-PORT-EX

and

N-Q

for

the

Trust

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC.

You

may

get

information

about

the

operation

of

the

Public

Reference

Room

by

calling

800-SEC-0330.

Summary

Schedule

of

Investments

The

summary

schedule

of

investments

is

designed

to

streamline

the

report

and

help

investors

better

focus

on

a

fund’s

principal

holdings. 

A

complete

listing

of

holdings

for

a

fund

in

which

the

summary

is

included

in

the

shareholder

report

is

available

free

of

charge

by

calling

800-847-4836. 

It

is

also

available

at

ThriventFunds.com

or

SEC.gov

where

it

is

part

of

form

N-CSRS.

Liquidity

Risk

Management

Program

Pursuant

to

Rule

22e-4

under

the

1940

Act,

the

Funds

other

than

Thrivent

Money

Market

Fund

have

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Liquidity

Program”)

designed

to

assess

and

manage

each

Fund’s

liquidity

risk

(defined

by

the

U.S.

Securities

and

Exchange

Commission

as

the

risk

that

a

Fund

could

not

meet

shareholder

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund).

The

Board,

including

a

majority

of

the

independent

Trustees,

designated

Thrivent

Asset

Management,

LLC

(“TAM”),

the

Funds’

investment

adviser,

as

the

liquidity

risk

management

program

administrator

(the

“Program

Administrator”).

The

Program

Administrator

has

delegated

oversight

of

the

Liquidity

Program

to

the

Liquidity

Risk

Management

Committee

(the

“LRM

Committee”).

The

LRM

Committee

is

comprised

of

representatives

of

TAM.

The

Liquidity

Program

is

comprised

of

various

components

designed

to

support

the

assessment

and/or

management

of

liquidity

risk,

including:

(1)

the

periodic

assessment

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk

based

on

a

variety

of

factors;

(2)

the

periodic

classification

(no

less

frequently

than

monthly)

of

a

Fund’s

investments

into

one

of

four

liquidity

categories

based

on

the

number

of

days

in

which

the

Fund

reasonably

expects

the

investment

to

be

convertible

to

cash

(or

sold

or

disposed

of,

in

the

case

of

less

liquid

or

illiquid

investments)

under

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

and

taking

into

account

the

affect

of

trading

varying

portions

of

the

investment

in

sizes

that

the

Fund

would

reasonably

anticipate

trading;

(3)

a

15%

limit

on

the

acquisition

of

“illiquid

investments”

(as

defined

under

Rule

22e-4);

(4)

for

any

Fund

that

does

not

invest

primarily

in

“highly

liquid

investments”

(as

defined

under

Rule

22e-4),

the

determination

of

a

minimum

percentage

of

the

Fund’s

assets

that

will

generally

be

invested

in

highly

liquid

investments;

and

(5)

periodic

reporting

to

the

Board.

Among

other

things,

Rule

22e-4

requires

that

a

written

report

(the

“Report”)

be

provided

to

the

Board

on

an

annual

basis

that

addresses

the

operation

of

the

Liquidity

Program

and

assesses

the

adequacy

and

effectiveness

of

its

implementation,

including

the

operation

of

any

Highly

Liquidity

Investment

Minimum

(“HLIM”)

established

for

a

Fund

and

any

material

changes

to

the

Liquidity

Program.

At

a

meeting

of

the

Board

on

March

3-4,

2020,

the

LRM

Committee,

on

behalf

of

the

Program

Administrator,

provided

the

Report

to

the

Board

for

the

initial

period

from

December

1,

2018

through

December

31,

2019

(the

“Reporting

Period”).

The

Report

summarized

the

operation

of

the

Liquidity

Program

and

the

information

and

factors

considered

by

the

LRM

Committee

in

assessing

whether

the

Liquidity

Program

has

been

adequately

and

effectively

implemented

for

each

Fund.

The

Report

discussed,

among

other

things:

(1)

the

framework

used

to

assess,

manage,

and

periodically

review

each

Fund’s

liquidity

risk

and

the

results

of

the

annual

assessment;

(2)

the

methodologies

used

to

classify

investments

into

one

of

four

liquidity

categories,

including

a

review

of

LRM

Committee-approved

overrides

of

vendor

classifications;

(3)

whether

any

Fund

invested

more

than

15%

of

its

assets

in

“illiquid

investments”

(as

defined

under

Rule

22e-4);

and

(4)

the

LRM

Committee’s

oversight

of

vendors

used

by

the

Liquidity

Program,

including

assessment

of

the

vendors’

classification

51

Additional

Information

(unaudited)

methodologies

used

in

determining

preliminary

liquidity

classifications.

The

Report

noted

two

material

changes

to

the

Liquidity

Program

during

the

Reporting

Period:

(1)

to

incorporate

SEC

staff

guidance

regarding

extended

foreign

market

holiday

closures,

and

(2)

to

reflect

the

addition

of

a

vendor

for

bank

loan

classification.

The

Report

also

noted

that

no

Fund

was

required

to

determine

a

minimum

percentage

of

its

net

assets

that

must

be

invested

in

highly

liquid

investments

(an

“HLIM”

under

the

Liquidity

Program).

The

Report

concluded

that

the

Liquidity

Program

operated

effectively

during

the

Reporting

Period

and

that

the

LRM

Committee

had

no

recommended

material

changes

based

on

its

annual

assessment

of

the

Liquidity

Program.

There

can

be

no

assurance

that

the

Liquidity

Program

will

achieve

its

objectives

under

all

circumstances

in

the

future.

Please

refer

to

the

Funds’

prospectus

for

more

information

regarding

each

Fund’s

exposure

to

liquidity

risk

and

other

risks

to

which

it

may

be

subject.

PRSRT

STD

US

POSTAGE

PAID

Thrivent

Financial

4321

N.

Ballard

Rd.

Appleton,

WI

54919-0001

24042SAR

R8-20

The

distributor

for

Thrivent

Mutual

Funds

is

Thrivent

Distributors,

LLC,

a

registered

broker/dealer,

member

of

FINRA

/

SIPC

and

subsidiary

of

Thrivent,

the

marketing

name

for

Thrivent

Financial

for

Lutherans.

A

better

way

to

deliver

documents

In

response

to

concerns

regarding

multiple

mailings,

we

send

one

copy

of

a

shareholder

report

and

one

copy

of

a

prospectus

for

Thrivent

Mutual

Funds

to

each

household.

This

consolidated

mailing

process

is

known

as

householding.

It

helps

save

money

by

reducing

printing

and

postage

costs.

If

you

purchased

shares

through

Thrivent:

If

you

wish

to

revoke

householding,

write

to

us

at

4321

North

Ballard

Road,

Appleton,

WI,

54919-0001

or

call

us

at

800-847-4836.

We

will

begin

to

send

separate

regulatory

mailings

within

30

days

of

when

we

receive

your

request.

If

you

wish

to

receive

an

additional

copy

of

this

shareholder

report

or

a

prospectus

for

Thrivent

Mutual

Funds,

call

us

at

800-847-4836.

These

documents

are

also

available

by

visiting

thriventfunds.com

.

If

you

purchased

shares

from

a

firm

other

than

Thrivent:

If

you

wish

to

revoke

householding

in

the

future,

or

to

receive

an

additional

copy

of

this

shareholder

report

or

a

prospectus

for

Thrivent

Mutual

Funds,

contact

your

financial

adviser.

These

documents

are

also

available

by

visiting

thriventfunds.com

.

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

1

Principal

Amount

Bank

Loans

(

11.4%

)

a

Value

Basic

Materials

(0.6%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

171,500

4.863%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

156,922

Big

River

Steel,

LLC,

Term

Loan

719,650

6.000%, 

(LIBOR

3M

+

5.000%),

8/23/2023

b

674,672

Chemours

Company,

Term

Loan

566,950

1.930%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

533,642

Hexion,

Inc.,

Term

Loan

650,470

4.940%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

632,582

Innophos

Holdings,

Inc.,

Term

Loan

648,375

3.928%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,c,d,e

633,787

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

616,770

3.430%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

575,909

Nouryon

USA,

LLC,

Term

Loan

1,099,287

3.188%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

1,028,746

Peabody

Energy

Corporation,

Term

Loan

801,550

2.928%, 

(LIBOR

1M

+

2.750%),

3/31/2025

b

432,837

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

1,278,797

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

1,202,069

Univar

Solutions

USA,

Inc.,

Term

Loan

263,675

2.178%, 

(LIBOR

1M

+

2.000%),

11/22/2026

b

250,657

Total

6,121,823

Capital

Goods

(1.1%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

372,389

3.000%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

367,526

Flex

Acquisition

Company,

Inc.

Term

Loan

1,307,326

4.683%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

1,228,886

GFL

Environmental,

Inc.,

Term

Loan

1,781,918

4.000%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

1,728,835

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

925,814

4.561%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

828,992

Natgasoline,

LLC,

Term

Loan

783,075

4.313%, 

(LIBOR

3M

+

3.500%),

11/14/2025

b,e

751,752

Navistar,

Inc.,

Term

Loan

1,314,737

3.700%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

1,241,875

Principal

Amount

Bank

Loans

(11.4%)

a

Value

Capital

Goods

(1.1%)

-

continued

Reynolds

Group

Holdings,

Inc.,

Term

Loan

$

1,195,881

2.928%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

$

1,139,555

TransDigm,

Inc.,

Term

Loan

2,293,475

2.428%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

2,057,568

Vertiv

Group

Corporation,

Term

Loan

2,179,538

3.183%, 

(LIBOR

1M

+

3.000%),

3/2/2027

b

2,054,214

Total

11,399,203

Communications

Services

(3.1%)

Altice

France

SA,

Term

Loan

577,150

2.928%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

545,384

CenturyLink,

Inc.,

Term

Loan

3,318,325

2.428%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b

3,121,084

Charter

Communications

Operating,

LLC,

Term

Loan

955,102

1.930%, 

(LIBOR

1M

+

1.750%),

4/30/2025

b

918,751

CommScope,

Inc.,

Term

Loan

1,667,400

3.428%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,575,693

Coral-US

Co-Borrower,

LLC,

Term

Loan

2,695,000

2.428%, 

(LIBOR

1M

+

2.250%),

1/31/2028

b

2,555,210

CSC

Holdings,

LLC,

Term

Loan

1,062,150

2.435%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b

1,002,404

2,453,850

2.685%, 

(LIBOR

1M

+

2.500%),

4/15/2027

b

2,322,839

Diamond

Sports

Group,

LLC,

Term

Loan

1,941,859

3.430%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

1,575,333

Entercom

Media

Corporation,

Term

Loan

970,467

2.684%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

904,155

Gray

Television,

Inc.,

Term

Loan

585,000

2.423%, 

(LIBOR

1M

+

2.250%),

2/7/2024

b

564,817

HCP

Acquisition,

LLC,

Term

Loan

1,291,644

4.000%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

1,233,843

iHeartCommunications,

Inc.,

Term

Loan

753,108

3.178%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

692,234

Mediacom

Illinois,

LLC,

Term

Loan

401,498

1.860%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

389,453

NEP

Group,

Inc.,

Term

Loan

1,300,200

3.428%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,061,106

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

2

Principal

Amount

Bank

Loans

(11.4%)

a

Value

Communications

Services

(3.1%)

-

continued

Nexstar

Broadcasting,

Inc.,

Term

Loan

$

2,270,000

2.923%, 

(LIBOR

1M

+

2.750%),

9/19/2026

b,c,d

$

2,154,480

Nielsen

Finance,

LLC,

Term

Loan

520,000

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

514,150

SBA

Senior

Finance

II,

LLC,

Term

Loan

1,017,580

1.930%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

977,305

Terrier

Media

Buyer,

Inc.,

Term

Loan

430,000

0.000%, 

(LIBOR

3M

+

4.250%),

12/17/2026

b,c,d

408,500

776,100

4.428%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

738,591

T-Mobile

USA,

Inc.,

Term

Loan

1,620,000

3.178%, 

(LIBOR

1M

+

3.000%),

4/1/2027

b

1,616,501

TNS,

Inc.,

Term

Loan

986,796

4.180%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

944,857

Virgin

Media

Bristol,

LLC,

Term

Loan

2,145,000

2.685%, 

(LIBOR

1M

+

2.500%),

1/31/2028

b

2,043,649

WideOpenWest

Finance,

LLC,

Term

Loan

1,618,265

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

1,538,031

Windstream

Services,

LLC,

Term

Loan

715,000

2.680%, 

(LIBOR

1M

+

2.500%),

2/26/2021

b

701,594

367,183

8.250%, 

(PRIME

+

5.000%),

3/30/2021

b,f

221,044

Xplornet

Communications,

Inc.,

Term

Loan

375,000

4.928%, 

(LIBOR

1M

+

4.750%),

6/11/2027

b

357,188

Ziggo

Financing

Partnership,

Term

Loan

1,425,000

2.685%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b

1,341,581

Total

32,019,777

Consumer

Cyclical

(1.7%)

1011778

B.C.,

LLC,

Term

Loan

2,298,450

1.928%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b

2,174,334

Boyd

Gaming

Corporation,

Term

Loan

334,354

2.359%, 

(LIBOR

1W

+

2.250%),

9/15/2023

b

313,561

Cengage

Learning,

Inc.,

Term

Loan

1,291,571

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

1,035,840

Eldorado

Resorts,

Inc.,

Term

Loan

188,759

3.250%, 

(LIBOR

3M

+

2.250%),

4/17/2024

b

187,226

Principal

Amount

Bank

Loans

(11.4%)

a

Value

Consumer

Cyclical

(1.7%)

-

continued

Four

Seasons

Hotels,

Ltd.,

Term

Loan

$

999,116

2.178%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

$

944,165

Golden

Entertainment,

Inc.,

Term

Loan

1,799,725

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

1,621,246

Golden

Nugget,

LLC,

Term

Loan

2,177,780

3.250%, 

(LIBOR

1M

+

2.500%),

10/4/2023

b

1,720,447

IAA,

Inc.,

Term

Loan

406,350

2.438%, 

(LIBOR

1M

+

2.250%),

6/28/2026

b

387,556

LCPR

Loan

Financing,

LLC,

Term

Loan

2,050,000

5.185%, 

(LIBOR

1M

+

5.000%),

10/15/2026

b

2,029,500

Men's

Warehouse,

Inc.,

Term

Loan

783,589

4.335%, 

(LIBOR

1M

+

3.250%),

4/9/2025

b

125,374

Mohegan

Gaming

and

Entertainment,

Term

Loan

771,483

5.375%, 

(LIBOR

3M

+

4.375%),

10/13/2023

b,c,d

629,916

Scientific

Games

International,

Inc.,

Term

Loan

3,317,640

3.476%, 

(LIBOR

3M

+

2.750%),

8/14/2024

b

2,926,158

Staples,

Inc.,

Term

Loan

445,500

5.187%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

391,296

1,470,772

5.687%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

1,261,187

Stars

Group

Holdings

BV,

Term

Loan

928,936

3.808%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

922,396

Tenneco,

Inc.,

Term

Loan

591,000

3.178%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

509,247

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

687,750

1.928%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

647,861

Total

17,827,310

Consumer

Non-Cyclical

(1.7%)

Bausch

Health

Americas,

Inc.,

Term

Loan

1,704,879

3.190%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,654,380

Bellring

Brands,

LLC,

Term

Loan

385,063

6.000%, 

(LIBOR

1M

+

5.000%),

10/21/2024

b,c,d

382,418

Change

Healthcare

Holdings,

LLC,

Term

Loan

780,000

3.500%, 

(LIBOR

3M

+

2.500%),

3/1/2024

b

747,607

Chobani,

LLC,

Term

Loan

977,350

4.500%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

937,650

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

3

Principal

Amount

Bank

Loans

(11.4%)

a

Value

Consumer

Non-Cyclical

(1.7%)

-

continued

Dole

Food

Company,

Inc.,

Term

Loan

$

774,765

3.750%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b

$

751,522

Endo

International

plc,

Term

Loan

1,041,508

5.000%, 

(LIBOR

1M

+

4.250%),

4/27/2024

b

981,621

Energizer

Holdings,

Inc.,

Term

Loan

184,965

2.438%, 

(LIBOR

1M

+

2.250%),

12/17/2025

b,e

175,717

Global

Medical

Response,

Inc.,

Term

Loan

2,871,375

4.250%, 

(LIBOR

3M

+

3.250%),

4/28/2022

b

2,756,175

282,750

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

269,673

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

970,125

2.109%, 

(LIBOR

1W

+

2.000%),

11/15/2027

b

932,416

IQVIA,

Inc.,

Term

Loan

265,000

1.928%, 

(LIBOR

1M

+

1.750%),

1/1/2025

b,c,d

255,892

JBS

USA

LUX

SA,

Term

Loan

1,592,902

3.072%, 

(LIBOR

3M

+

2.000%),

5/1/2026

b

1,517,908

Libbey

Glass,

Inc.,

Term

Loan

485,108

0.000%,PIK

3.750%,

(LIBOR

1M

+

5.000%),

4/9/2021

b,f,g

200,563

MPH

Acquisition

Holdings,

LLC,

Term

Loan

2,643,989

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

2,508,485

Ortho-Clinical

Diagnostics

SA,

Term

Loan

2,441,493

3.429%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

2,278,231

Plantronics,

Inc.,

Term

Loan

776,364

2.678%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

705,194

R.R.

Donnelley

&

Sons

Company,

Term

Loan

178,191

5.178%, 

(LIBOR

1M

+

5.000%),

1/15/2024

b

164,381

Sotera

Health

Holdings,

LLC,

Term

Loan

847,875

5.500%, 

(LIBOR

1M

+

4.500%),

12/13/2026

b

826,500

US

Foods,

Inc.,

Term

Loan

259,325

1.928%, 

(LIBOR

1M

+

1.750%),

6/27/2023

b

243,164

Total

18,289,497

Energy

(0.6%)

BCP

Raptor

II,

LLC,

Term

Loan

306,900

4.928%, 

(LIBOR

1M

+

4.750%),

11/3/2025

b

197,951

Buckeye

Partners,

LP,

Term

Loan

548,625

2.923%, 

(LIBOR

1M

+

2.750%),

11/1/2026

b

524,760

Principal

Amount

Bank

Loans

(11.4%)

a

Value

Energy

(0.6%)

-

continued

Calpine

Corporation,

Term

Loan

$

1,044,757

2.430%, 

(LIBOR

1M

+

2.250%),

1/15/2024

b

$

1,006,592

CONSOL

Energy,

Inc.,

Term

Loan

785,063

4.680%, 

(LIBOR

1M

+

4.500%),

9/28/2024

b

620,199

Fieldwood

Energy,

LLC,

Term

Loan

1,060,000

6.250%, 

(LIBOR

3M

+

5.250%),

4/11/2022

b

192,570

Illuminate

Buyer,

LLC,

Term

Loan

725,000

0.000%, 

(LIBOR

1M

+

4.000%),

6/16/2027

b,c,d

713,038

Radiate

Holdco,

LLC,

Term

Loan

2,734,376

3.750%, 

(LIBOR

1M

+

3.000%),

2/1/2024

b

2,604,493

Total

5,859,603

Financials

(1.0%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

743,580

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

690,228

Blackstone

CQP

Holdco,

LP,

Term

Loan

653,400

3.806%, 

(LIBOR

3M

+

3.500%),

9/30/2024

b

623,997

Delos

Finance

SARL,

Term

Loan

325,000

2.058%, 

(LIBOR

3M

+

1.750%),

10/6/2023

b

309,663

GGP

Nimbus,

LLC,

Term

Loan

1,223,088

2.678%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

1,020,765

INEOS

U.S.

Finance,

LLC,

Term

Loan

259,335

2.178%, 

(LIBOR

1M

+

2.000%),

3/31/2024

b

245,315

Lealand

Finance

Company

BV

269,372

4.178%, 

(LIBOR

1M

+

4.000%),

6/30/2025

b,e

224,926

Level

3

Financing,

Inc.,

Term

Loan

1,345,000

1.983%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

1,269,586

MoneyGram

International,

Inc.,

Term

Loan

736,560

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

665,438

NCR

Corporation,

Term

Loan

1,116,562

2.680%, 

(LIBOR

1M

+

2.500%),

8/28/2026

b

1,076,087

Northriver

Midstream

Finance,

LP,

Term

Loan

1,086,705

4.683%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

1,023,545

Tronox

Finance,

LLC,

Term

Loan

2,306,188

2.982%, 

(LIBOR

3M

+

2.750%),

9/22/2024

b

2,208,821

Vericast

Corporation,

Term

Loan

1,385,500

5.750%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b

1,004,681

Total

10,363,052

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

4

Principal

Amount

Bank

Loans

(11.4%)

a

Value

Technology

(1.1%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

$

2,199,210

4.260%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

$

1,988,086

Prime

Security

Services

Borrower,

LLC,

Term

Loan

3,081,712

4.250%, 

(LIBOR

3M

+

3.250%),

9/23/2026

b

2,956,533

Rackspace

Hosting,

Inc.,

Term

Loan

2,730,666

4.000%, 

(LIBOR

3M

+

3.000%),

11/3/2023

b

2,597,546

SS&C

Technologies,

Inc.,

Term

Loan

1,192,773

1.928%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,c,d

1,139,468

826,201

1.928%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b,c,d

789,278

Zayo

Group

Holdings,

Inc.,

Term

Loan

2,069,813

3.178%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,959,947

Total

11,430,858

Transportation

(0.2%)

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,291,763

2.308%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

1,240,790

United

Airlines,

Inc.,

Term

Loan

969,987

1.928%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

880,874

Total

2,121,664

Utilities

(0.3%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

165,000

2.438%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

160,256

Core

and

Main,

LP,

Term

Loan

833,625

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

792,202

EnergySolutions,

LLC,

Term

Loan

617,400

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

566,977

Pacific

Gas

&

Electric

Company,

Term

Loan

1,615,000

5.500%, 

(LIBOR

3M

+

4.500%),

6/18/2025

b

1,584,719

Talen

Energy

Supply,

LLC,

Term

Loan

453,150

3.928%, 

(LIBOR

1M

+

3.750%),

7/8/2026

b

441,821

Total

3,545,975

Total

Bank

Loans

(cost

$128,489,817)

118,978,762

Principal

Amount

Long-Term

Fixed

Income

(

51.4%

)

Value

Asset-Backed

Securities

(3.9%)

Apidos

CLO

XXIV

$

2,070,000

2.585%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2016-24A,

Class

A1BR

b,h

$

2,001,543

Babson

CLO,

Ltd.

1,675,000

4.035%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,h

1,520,580

Benefit

Street

Partners

CLO

IV,

Ltd.

1,300,000

2.885%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,h

1,263,864

Business

Jet

Securities,

LLC

1,660,214

4.447%, 

6/15/2033,

Ser.

2018-2,

Class

A

h

1,647,287

Cent

CLO,

LP

3,875,000

3.291%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,h

3,747,102

Foundation

Finance

Trust

522,534

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

h

526,834

Harley

Marine

Financing,

LLC

1,863,946

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

h

1,663,620

Madison

Park

Funding

XIV,

Ltd.

1,950,000

2.498%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,h

1,860,050

Myers

Park

CLO,

Ltd.

1,875,000

2.535%, 

(LIBOR

3M

+

1.400%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,h

1,832,381

OHA

Credit

Funding

1,

Ltd.

1,600,000

2.585%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,h

1,557,389

OZLM

Funding

II,

Ltd.

3,200,000

2.260%, 

(LIBOR

3M

+

1.500%),

7/30/2031,

Ser.

2012-2A,

Class

A1BR

b,h

3,100,342

OZLM

IX,

Ltd.

2,750,000

2.685%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,h

2,674,188

Palmer

Square

Loan

Funding,

Ltd.

1,300,000

3.385%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,h

1,285,038

Park

Avenue

Institutional

Advisers

CLO,

Ltd.

3,200,000

2.635%, 

(LIBOR

3M

+

1.500%),

10/20/2031,

Ser.

2018-1A,

Class

A1B

b,h

3,161,238

Pretium

Mortgage

Credit

Partners,

LLC

2,661,230

3.721%, 

1/25/2059,

Ser.

2019-CFL1,

Class

A1

h,i

2,638,730

Riserva

CLO,

Ltd.

1,625,000

2.835%, 

(LIBOR

3M

+

1.700%),

10/18/2028,

Ser.

2016-3A,

Class

BR

b,h

1,576,790

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

5

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Asset-Backed

Securities

(3.9%)

-

continued

Saxon

Asset

Securities

Trust

$

258,010

3.972%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

$

251,453

Sound

Point

CLO

X,

Ltd.

1,575,000

3.835%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,h

1,425,495

Sound

Point

CLO

XXI,

Ltd.

3,200,000

2.441%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,h

3,076,704

THL

Credit

Wind

River

CLO,

Ltd.

1,575,000

4.069%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,h

1,437,940

Vericrest

Opportunity

Loan

Transferee

2,601,245

3.352%, 

9/25/2049,

Ser.

2019-NPL5,

Class

A1A

h,i

2,602,186

Total

40,850,754

Basic

Materials

(0.9%)

Air

Products

and

Chemicals,

Inc.

74,000

1.500%, 

10/15/2025

76,523

Anglo

American

Capital

plc

284,000

4.125%, 

9/27/2022

h

296,112

BHP

Billiton

Finance

USA,

Ltd.

620,000

6.750%, 

10/19/2075

b,h

714,550

BWAY

Holding

Company

500,000

5.500%, 

4/15/2024

h

491,094

Cleveland-Cliffs,

Inc.

340,000

5.750%, 

3/1/2025

j

289,442

290,000

9.875%, 

10/17/2025

h

304,195

EI

du

Pont

de

Nemours

&

Company

149,000

1.700%, 

7/15/2025

153,836

First

Quantum

Minerals,

Ltd.

610,000

7.500%, 

4/1/2025

h

584,075

Freeport-McMoRan,

Inc.

470,000

4.125%, 

3/1/2028

455,900

500,000

4.250%, 

3/1/2030

485,000

Kinross

Gold

Corporation

142,000

5.125%, 

9/1/2021

145,934

Krayton

Polymers,

LLC

620,000

7.000%, 

4/15/2025

h

623,100

Methanex

Corporation

700,000

5.250%, 

12/15/2029

615,986

Mosaic

Company

73,000

3.250%, 

11/15/2022

74,723

Norbord,

Inc.

680,000

5.750%, 

7/15/2027

h

693,600

Novelis

Corporation

770,000

5.875%, 

9/30/2026

h

768,183

210,000

4.750%, 

1/30/2030

h

200,550

Nucor

Corporation

75,000

2.000%, 

6/1/2025

77,867

Olin

Corporation

800,000

5.125%, 

9/15/2027

748,000

Peabody

Securities

Finance

Corporation

615,000

6.375%, 

3/31/2025

h

325,950

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Basic

Materials

(0.9%)

-

continued

Steel

Dynamics,

Inc.

$

89,000

2.400%, 

6/15/2025

$

91,664

Syngenta

Finance

NV

200,000

3.933%, 

4/23/2021

h

201,947

Tronox

Finance

plc

710,000

5.750%, 

10/1/2025

h

656,750

Xstrata

Finance

Canada,

Ltd.

213,000

4.950%, 

11/15/2021

h

222,304

Total

9,297,285

Capital

Goods

(2.0%)

AECOM

1,410,000

5.125%, 

3/15/2027

1,515,750

Aerojet

Rocketdyne

Holdings,

Inc.,

Convertible

250,000

2.250%, 

12/15/2023

400,092

Amsted

Industries,

Inc.

870,000

5.625%, 

7/1/2027

h

897,188

Ardagh

Packaging

Finance

plc

334,000

6.000%, 

2/15/2025

h,j

341,933

Building

Materials

Corporation

of

America

1,100,000

6.000%, 

10/15/2025

h

1,132,197

Caterpillar

Financial

Services

Corporation

238,000

1.900%, 

9/6/2022

245,571

228,000

1.950%, 

11/18/2022

235,901

148,000

1.450%, 

5/15/2025

151,962

Chart

Industries,

Inc.,

Convertible

310,000

1.000%, 

11/15/2024

h

326,029

Cintas

Corporation

No.

2

213,000

2.900%, 

4/1/2022

221,380

CNH

Industrial

Capital,

LLC

215,000

4.875%, 

4/1/2021

220,589

89,000

1.950%, 

7/2/2023

d

89,602

Covanta

Holding

Corporation

620,000

6.000%, 

1/1/2027

627,812

Crown

Americas

Capital

Corporation

IV

1,080,000

4.500%, 

1/15/2023

1,101,600

Crown

Cork

&

Seal

Company,

Inc.

610,000

7.375%, 

12/15/2026

713,700

Fortive

Corporation,

Convertible

333,000

0.875%, 

2/15/2022

327,071

General

Electric

Company

952,000

5.000%, 

1/21/2021

b,k

747,415

H&E

Equipment

Services,

Inc.

760,000

5.625%, 

9/1/2025

767,440

Honeywell

International,

Inc.

149,000

1.350%, 

6/1/2025

153,007

Huntington

Ingalls

Industries,

Inc.

148,000

3.844%, 

5/1/2025

h

160,702

John

Deere

Capital

Corporation

226,000

1.200%, 

4/6/2023

230,156

228,000

2.050%, 

1/9/2025

j

240,922

KBR,

Inc.,

Convertible

660,000

2.500%, 

11/1/2023

741,348

L3Harris

Technologies,

Inc.

385,000

4.950%, 

2/15/2021

389,741

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

6

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Capital

Goods

(2.0%)

-

continued

Otis

Worldwide

Corporation

$

230,000

2.056%, 

4/5/2025

h

$

241,035

Owens-Brockway

Glass

Container,

Inc.

224,000

5.000%, 

1/15/2022

h

224,000

PACCAR

Financial

Corporation

153,000

2.650%, 

4/6/2023

161,475

Parker-Hannifin

Corporation

320,000

2.700%, 

6/14/2024

340,640

Patrick

Industries,

Inc.,

Convertible

197,000

1.000%, 

2/1/2023

196,899

Raytheon

Technologies

Corporation

142,000

2.800%, 

3/15/2022

h

146,480

Republic

Services,

Inc.

164,000

2.500%, 

8/15/2024

174,449

Reynolds

Group

Issuer,

Inc.

1,285,000

5.125%, 

7/15/2023

h

1,300,124

Roper

Technologies,

Inc.

360,000

2.800%, 

12/15/2021

370,264

156,000

2.350%, 

9/15/2024

164,417

Spirit

AeroSystems,

Inc.

340,000

7.500%, 

4/15/2025

h

335,325

Textron

Financial

Corporation

1,710,000

2.127%, 

(LIBOR

3M

+

1.735%),

2/15/2042

b,h

1,068,750

TransDigm,

Inc.

290,000

6.250%, 

3/15/2026

h

289,819

1,000,000

5.500%, 

11/15/2027

872,940

TTM

Technologies,

Inc.,

Convertible

277,000

1.750%, 

12/15/2020

j

347,635

Tutor

Perini

Corporation,

Convertible

80,000

2.875%, 

6/15/2021

75,368

United

Rentals

North

America,

Inc.

1,310,000

4.000%, 

7/15/2030

1,267,071

United

Technologies

Corporation

300,000

3.950%, 

8/16/2025

342,534

Waste

Management,

Inc.

163,000

2.950%, 

6/15/2024

166,869

WESCO

Distribution,

Inc.

190,000

7.250%, 

6/15/2028

h

200,368

WW

Grainger,

Inc.

153,000

1.850%, 

2/15/2025

159,910

Total

20,425,480

Collateralized

Mortgage

Obligations

(9.9%)

Alternative

Loan

Trust

796,939

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

629,198

Antler

Mortgage

Trust

1,600,000

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

h

1,602,325

4,194,420

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

h

4,203,298

Banc

of

America

Alternative

Loan

Trust

1,120,853

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

987,460

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Collateralized

Mortgage

Obligations

(9.9%)

-

continued

Banc

of

America

Mortgage

Securities

Trust

$

1,340,519

3.967%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

$

1,219,074

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

218,158

4.270%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

214,935

Bellemeade

Re,

Ltd.

1,194,766

1.785%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,h

1,182,679

975,000

2.845%, 

(LIBOR

1M

+

2.650%),

6/25/2030,

Ser.

2020-1A,

Class

M1A

b,e,h

975,000

1,950,000

3.595%, 

(LIBOR

1M

+

3.400%),

6/25/2030,

Ser.

2020-1A,

Class

M1B

b,e,h

1,950,000

Bunker

Hill

Loan

Depository

Trust

200,000

2.600%, 

2/25/2055,

Ser.

2020-1

b,d,h

199,991

Cascade

Funding

Mortgage

Trust

1,157,134

4.580%, 

6/25/2048,

Ser.

2018-RM1,

Class

A1

h

1,160,105

1,587,173

4.000%, 

10/25/2068,

Ser.

2018-RM2,

Class

A

b,h

1,649,909

CHL

Mortgage

Pass-Through

Trust

1,220,643

3.424%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

1,012,202

531,185

3.504%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

515,161

1,650,043

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

1,314,039

CIM

Trust

1,031,722

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,h

1,086,062

Citigroup

Mortgage

Loan

Trust,

Inc.

226,917

5.500%, 

11/25/2035,

Ser.

2005-9,

Class

21A2

229,340

1,789,123

3.973%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

1,671,961

Countrywide

Alternative

Loan

Trust

817,785

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

801,651

350,855

3.355%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

322,245

268,976

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

251,231

304,677

6.000%, 

4/25/2036,

Ser.

2006-4CB,

Class

1A1

215,091

1,043,014

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

565,253

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

781,000

3.559%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

698,081

Credit

Suisse

First

Boston

Mortgage

Securities

Corporation

184,379

5.250%, 

10/25/2035,

Ser.

2005-9,

Class

1A3

186,577

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

7

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Collateralized

Mortgage

Obligations

(9.9%)

-

continued

Credit

Suisse

Mortgage

Capital

Certificates

$

724,217

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

h,i

$

724,881

1,501,314

3.322%, 

10/25/2058,

Ser.

2019-RPL8,

Class

A1

b,h

1,523,037

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

1,190,332

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

1,221,254

579,129

2.998%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

533,995

Eagle

Re,

Ltd.

1,383,599

1.985%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,h

1,372,162

Federal

Home

Loan

Mortgage

Corporation

3,708,439

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

l

408,546

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,714,253

2.500%, 

12/15/2022,

Ser.

4155,

Class

AI

l

37,764

1,031,969

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

l

49,587

3,220,614

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

l

189,892

2,666,919

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

l

176,713

3,748,177

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

l

248,919

1,402,389

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

l

77,544

2,873,492

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

l

162,873

4,243,851

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

l

244,094

4,062,184

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

l

500,891

2,156,921

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

l

209,071

4,059,342

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

l

307,953

Federal

National

Mortgage

Association

-

REMIC

5,422,486

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

l

314,914

3,438,447

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

l

178,554

7,065,411

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

l

364,557

3,287,076

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

l

232,947

8,821,157

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

l

570,692

4,613,619

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

l

257,005

2,301,344

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

l

129,466

6,135,271

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

l

350,245

2,036,601

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

l

95,398

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Collateralized

Mortgage

Obligations

(9.9%)

-

continued

$

1,965,814

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

l

$

126,171

1,240,652

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

l

83,895

4,443,360

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

l

226,704

2,535,586

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

l

274,994

First

Horizon

Alternative

Mortgage

Securities

Trust

393,064

3.509%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

356,121

422,154

3.666%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

403,406

First

Horizon

Mortgage

Pass-

Through

Trust

471,743

4.484%, 

8/25/2037,

Ser.

2007-AR2,

Class

1A2

b

316,132

Genworth

Mortgage

Insurance

Corporation

1,000,000

2.085%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

b,h

973,940

GMAC

Mortgage

Corporation

Loan

Trust

763,827

3.574%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

708,096

Government

National

Mortgage

Association

1,271,129

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

l

91,622

Greenpoint

Mortgage

Funding

Trust

590,315

0.385%, 

(LIBOR

1M

+

0.200%),

10/25/2045,

Ser.

2005-AR4,

Class

G41B

b

508,632

IndyMac

IMJA

Mortgage

Loan

Trust

1,206,362

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

817,304

IndyMac

INDX

Mortgage

Loan

Trust

2,739,100

0.395%, 

(LIBOR

1M

+

0.210%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

2,407,624

J.P.

Morgan

Alternative

Loan

Trust

1,236,207

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

1,003,946

J.P.

Morgan

Mortgage

Trust

148,070

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

166,758

570,046

3.982%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

490,667

Legacy

Mortgage

Asset

Trust

2,132,325

4.000%, 

1/25/2059,

Ser.

2019-GS1,

Class

A1

h

2,165,820

2,086,224

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

h,i

2,093,627

Lehman

Mortgage

Trust

387,878

0.935%, 

(LIBOR

1M

+

0.750%),

12/25/2035,

Ser.

2005-2,

Class

3A1

b

244,000

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

8

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Collateralized

Mortgage

Obligations

(9.9%)

-

continued

Master

Asset

Securitization

Trust

$

1,212,520

0.685%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

$

340,425

MASTR

Alternative

Loans

Trust

525,738

0.635%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

96,284

Merrill

Lynch

Alternative

Note

Asset

Trust

635,671

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

427,017

430,386

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A6

271,729

Merrill

Lynch

Mortgage

Investors

Trust

1,089,917

3.860%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

570,266

Oaktown

Re

II,

Ltd.

516,383

1.735%, 

(LIBOR

1M

+

1.550%),

7/25/2028,

Ser.

2018-1A,

Class

M1

b,h

513,770

Preston

Ridge

Partners

Mortgage

Trust,

LLC

486,361

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

h,i

488,441

1,935,372

3.967%, 

4/25/2024,

Ser.

2019-2A,

Class

A1

h,i

1,950,176

2,001,956

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,h

1,986,170

1,468,101

4.750%, 

10/25/2024,

Ser.

2019-GS1,

Class

A2

b,h

1,439,002

657,951

3.351%, 

11/25/2024,

Ser.

2019-4A,

Class

A1

h,i

658,073

Pretium

Mortgage

Credit

Partners,

LLC

1,409,091

2.858%, 

5/27/2059,

Ser.

2020-NPL1,

Class

A1

h,i

1,394,410

Radnor

RE,

Ltd.

138,363

1.585%, 

(LIBOR

1M

+

1.400%),

3/25/2028,

Ser.

2018-1,

Class

M1

b,h

138,016

2,300,000

2.885%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,h

2,163,834

RCO

Mortgage,

LLC

1,180,357

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

h,i

1,178,111

1,108,142

3.197%, 

11/25/2052,

Ser.

2017-INV1,

Class

A

b,h

1,117,759

Renaissance

Home

Equity

Loan

Trust

1,472,006

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

i

810,597

Residential

Accredit

Loans,

Inc.

Trust

911,031

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

907,705

484,794

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

474,455

543,962

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

485,787

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Collateralized

Mortgage

Obligations

(9.9%)

-

continued

$

1,049,859

5.750%, 

4/25/2037,

Ser.

2007-QS6,

Class

A28

$

968,417

1,059,357

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

1,005,887

257,149

6.000%, 

6/25/2037,

Ser.

2007-QS8,

Class

A10

233,727

Residential

Asset

Securitization

Trust

938,693

6.211%, 

8/25/2022,

Ser.

2007-A8,

Class

3A1

b

694,273

711,159

3.048%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

677,793

1,715,197

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

1,793,885

Residential

Funding

Mortgage

Security

I

Trust

689,859

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

634,831

Sequoia

Mortgage

Trust

933,534

3.455%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

706,601

Silver

Hill

Trust

1,473,214

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,h

1,496,939

Stanwich

Mortgage

Loan

Trust

833,366

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

h,i

836,450

Starwood

Mortgage

Residential

Trust

1,399,683

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

b,h

1,443,631

1,600,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,h

1,598,547

Structured

Adjustable

Rate

Mortgage

Loan

Trust

363,369

4.085%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

318,852

276,329

3.922%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

217,846

Structured

Asset

Mortgage

Investments,

Inc.

743,227

0.495%, 

(LIBOR

1M

+

0.310%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

677,229

Toorak

Mortgage

Corporation

2,000,000

4.336%, 

8/25/2021,

Ser.

2018-1,

Class

A1

h,i

2,000,739

2,600,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

h,i

2,606,453

1,750,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

h,i

1,711,658

Vericrest

Opportunity

Loan

Transferee

1,239,447

2.981%, 

3/25/2050,

Ser.

2020-NPL4,

Class

A1

h,i

1,222,154

1,800,000

3.475%, 

3/25/2050,

Ser.

2020-NPL5,

Class

A1B

h,i

1,730,907

1,137,396

3.352%, 

8/25/2049,

Ser.

2019-NPL4,

Class

A1A

h,i

1,137,616

4,850,000

4.090%, 

11/25/2049,

Ser.

2019-NPL8,

Class

A1B

h,i

4,670,041

2,900,000

4.090%, 

11/26/2049,

Ser.

2019-NPL9,

Class

A1B

h,i

2,821,416

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Collateralized

Mortgage

Obligations

(9.9%)

-

continued

$

537,639

3.426%, 

12/27/2049,

Ser.

2019-NP10,

Class

A1A

h,i

$

536,206

Verus

Securitization

Trust

1,355,745

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,h

1,349,437

WaMu

Mortgage

Pass

Through

Certificates

998,556

2.384%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

874,693

1,059,633

1.990%, 

(COF

11

+

1.250%),

3/25/2047,

Ser.

2007-OA2,

Class

2A

b

961,602

Washington

Mutual

Mortgage

Pass

Through

Certificates

558,059

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

2A9

530,546

1,274,291

7.000%, 

4/25/2037,

Ser.

2007-2,

Class

1A1

754,150

Washington

Mutual

Mortgage

Pass-Through

Certificates

475,278

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

469,065

Total

102,878,899

Commercial

Mortgage-Backed

Securities

(0.3%)

Federal

National

Mortgage

Association

-

ACES

28,395,499

1.468%, 

2/25/2031,

Ser.

2019-M21,

Class

X2

b,l

3,082,005

Total

3,082,005

Communications

Services

(3.2%)

AMC

Networks,

Inc.

725,000

5.000%, 

4/1/2024

717,750

American

Tower

Corporation

152,000

3.450%, 

9/15/2021

157,257

234,000

3.375%, 

5/15/2024

253,907

142,000

2.950%, 

1/15/2025

154,380

AT&T,

Inc.

640,000

4.450%, 

4/1/2024

717,004

British

Sky

Broadcasting

Group

plc

140,000

3.125%, 

11/26/2022

h

148,535

CCO

Holdings,

LLC

650,000

5.500%, 

5/1/2026

h

673,562

620,000

5.125%, 

5/1/2027

h

641,452

1,850,000

4.500%, 

8/15/2030

h

1,887,925

Charter

Communications

Operating,

LLC

227,000

4.500%, 

2/1/2024

251,156

156,000

4.908%, 

7/23/2025

178,890

Clear

Channel

Worldwide

Holdings,

Inc.

640,000

5.125%, 

8/15/2027

h

614,400

Comcast

Corporation

152,000

3.700%, 

4/15/2024

168,678

152,000

3.950%, 

10/15/2025

174,184

Cox

Communications,

Inc.

240,000

2.950%, 

6/30/2023

h

252,836

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Communications

Services

(3.2%)

-

continued

Crown

Castle

International

Corporation

$

175,000

3.400%, 

2/15/2021

$

177,743

157,000

4.450%, 

2/15/2026

179,967

CSC

Holdings,

LLC

1,025,000

5.500%, 

5/15/2026

h

1,052,029

360,000

4.125%, 

12/1/2030

h

356,872

Deutsche

Telekom

International

Finance

BV

164,000

2.485%, 

9/19/2023

h

170,997

Discovery

Communications,

LLC

148,000

2.950%, 

3/20/2023

j

155,487

DISH

Network

Corporation,

Convertible

1,049,000

3.375%, 

8/15/2026

963,627

Embarq

Corporation

650,000

7.995%, 

6/1/2036

729,950

Fox

Corporation

312,000

4.030%, 

1/25/2024

345,837

Front

Range

BidCo,

Inc.

830,000

4.000%, 

3/1/2027

h

787,720

GCI

Liberty,

Inc.,

Convertible

1,600,000

1.750%, 

9/30/2046

h

2,236,763

Gray

Escrow,

Inc.

605,000

7.000%, 

5/15/2027

h

620,125

iHeartCommunications,

Inc.

655,000

4.750%, 

1/15/2028

h

604,237

Lamar

Media

Corporation

420,000

3.750%, 

2/15/2028

h

395,976

Level

3

Financing,

Inc.

285,000

5.250%, 

3/15/2026

293,650

780,000

4.625%, 

9/15/2027

h

785,850

680,000

4.250%, 

7/1/2028

h

679,102

Liberty

Interactive,

LLC,

Convertible

222,000

3.500%, 

1/15/2031

163,592

Liberty

Media

Corporation,

Convertible

252,000

1.000%, 

1/30/2023

273,253

Moody's

Corporation

142,000

2.750%, 

12/15/2021

146,134

Neptune

Finco

Corporation

541,000

10.875%, 

10/15/2025

h

581,575

Netflix,

Inc.

1,120,000

4.875%, 

4/15/2028

1,197,582

Nexstar

Escrow

Corporation

410,000

5.625%, 

8/1/2024

h

413,075

520,000

5.625%, 

7/15/2027

h

520,031

SFR

Group

SA

840,000

7.375%, 

5/1/2026

h

876,910

Sirius

XM

Radio,

Inc.

1,220,000

5.000%, 

8/1/2027

h

1,251,500

250,000

4.125%, 

7/1/2030

h

246,615

Sprint

Corporation

1,030,000

7.250%, 

9/15/2021

1,079,800

1,240,000

7.625%, 

2/15/2025

1,430,650

Telesat

Canada

/

Telesat,

LLC

690,000

4.875%, 

6/1/2027

h

676,200

T-Mobile

USA,

Inc.

250,000

3.500%, 

4/15/2025

h

272,505

1,840,000

4.500%, 

2/1/2026

1,862,006

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

10

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Communications

Services

(3.2%)

-

continued

Twitter,

Inc.,

Convertible

$

445,000

0.250%, 

6/15/2024

$

419,209

Univision

Communications,

Inc.

410,000

6.625%, 

6/1/2027

h

391,550

VeriSign,

Inc.

685,000

4.750%, 

7/15/2027

719,586

Verizon

Communications,

Inc.

117,000

2.946%, 

3/15/2022

122,031

281,000

1.492%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

284,423

Viacom,

Inc.

210,000

4.250%, 

9/1/2023

228,428

138,000

5.875%, 

2/28/2057

b

135,999

Virgin

Media

Secured

Finance

plc

1,220,000

5.500%, 

8/15/2026

h

1,247,987

Vodafone

Group

plc

245,000

3.750%, 

1/16/2024

267,568

Walt

Disney

Company

148,000

1.750%, 

1/13/2026

152,269

Windstream

Services,

LLC

540,000

8.625%, 

10/31/2025

f,h

324,000

Ziggo

BV

566,000

5.500%, 

1/15/2027

h

575,220

Total

33,387,546

Consumer

Cyclical

(2.9%)

1011778

B.C.,

ULC

1,250,000

4.375%, 

1/15/2028

h

1,225,238

Allison

Transmission,

Inc.

890,000

5.000%, 

10/1/2024

h

887,775

Amazon.com,

Inc.

149,000

0.800%, 

6/3/2025

149,852

American

Honda

Finance

Corporation

240,000

2.050%, 

1/10/2023

248,165

BMW

Finance

NV

161,000

2.250%, 

8/12/2022

h

166,116

Booking

Holdings,

Inc.,

Convertible

99,000

0.900%, 

9/15/2021

105,186

Brookfield

Property

REIT,

Inc.

240,000

5.750%, 

5/15/2026

h,j

202,800

Brookfield

Residential

Properties,

Inc.

1,240,000

6.250%, 

9/15/2027

h

1,185,824

Burlington

Stores,

Inc.,

Convertible

519,000

2.250%, 

4/15/2025

h

589,818

Carnival

Corporation,

Convertible

263,000

5.750%, 

4/1/2023

h

423,412

Cedar

Fair,

LP

490,000

5.250%, 

7/15/2029

h

443,019

Colt

Merger

Sub,

Inc.

560,000

6.250%, 

7/1/2025

d,h

555,632

D.R.

Horton,

Inc.

210,000

2.550%, 

12/1/2020

211,499

75,000

2.600%, 

10/15/2025

78,833

Daimler

Finance

North

America,

LLC

158,000

2.550%, 

8/15/2022

h

162,063

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Consumer

Cyclical

(2.9%)

-

continued

Dana,

Inc.

$

520,000

5.625%, 

6/15/2028

$

516,199

Dick's

Sporting

Goods,

Inc.,

Convertible

689,000

3.250%, 

4/15/2025

h

953,689

Ford

Motor

Company

230,000

9.000%, 

4/22/2025

248,687

130,000

9.625%, 

4/22/2030

153,959

Ford

Motor

Credit

Company,

LLC

1,300,000

4.063%, 

11/1/2024

1,239,615

1,330,000

4.134%, 

8/4/2025

1,261,438

General

Motors

Company

218,000

5.400%, 

10/2/2023

236,154

General

Motors

Financial

Company,

Inc.

213,000

4.375%, 

9/25/2021

218,763

154,000

4.200%, 

11/6/2021

157,934

141,000

3.150%, 

6/30/2022

143,454

311,000

3.950%, 

4/13/2024

321,730

228,000

2.900%, 

2/26/2025

227,091

149,000

2.750%, 

6/20/2025

146,835

Hanesbrands,

Inc.

910,000

4.875%, 

5/15/2026

h

916,825

Harley-Davidson

Financial

Services,

Inc.

240,000

4.050%, 

2/4/2022

h

247,379

Herc

Holdings,

Inc.

330,000

5.500%, 

7/15/2027

h

330,709

Hilton

Domestic

Operating

Company,

Inc.

1,200,000

4.875%, 

1/15/2030

1,182,000

Home

Depot,

Inc.

148,000

3.750%, 

2/15/2024

163,714

Hyundai

Capital

America

245,000

3.000%, 

6/20/2022

h

249,655

International

Game

Technology

plc

550,000

5.250%, 

1/15/2029

h

534,875

KB

Home

430,000

4.800%, 

11/15/2029

422,475

Kohl's

Corporation

193,000

9.500%, 

5/15/2025

220,038

Landry's,

Inc.

625,000

6.750%, 

10/15/2024

h

449,219

Lennar

Corporation

211,000

2.950%, 

11/29/2020

211,232

86,000

4.125%, 

1/15/2022

87,075

229,000

4.875%, 

12/15/2023

241,595

1,475,000

4.500%, 

4/30/2024

1,533,690

77,000

5.875%, 

11/15/2024

84,142

Live

Nation

Entertainment,

Inc.,

Convertible

646,000

2.500%, 

3/15/2023

655,286

Lowe's

Companies,

Inc.

148,000

4.000%, 

4/15/2025

168,878

Marriott

Vacations

Worldwide

Corporation,

Convertible

114,000

1.500%, 

9/15/2022

104,966

Mattamy

Group

Corporation

1,080,000

5.250%, 

12/15/2027

h

1,074,600

McDonald's

Corporation

320,000

3.350%, 

4/1/2023

342,968

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

11

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Consumer

Cyclical

(2.9%)

-

continued

MGM

Resorts

International

$

180,000

6.000%, 

3/15/2023

$

181,800

844,000

5.750%, 

6/15/2025

834,522

Penn

National

Gaming,

Inc.,

Convertible

130,000

2.750%, 

5/15/2026

194,725

Prime

Security

Services

Borrower,

LLC

1,280,000

5.750%, 

4/15/2026

h

1,326,400

Ralph

Lauren

Corporation

149,000

1.700%, 

6/15/2022

151,596

Royal

Caribbean

Cruises,

Ltd.

270,000

9.125%, 

6/15/2023

h

267,841

Royal

Caribbean

Cruises,

Ltd.,

Convertible

472,000

4.250%, 

6/15/2023

h

438,960

Scientific

Games

International,

Inc.

620,000

5.000%, 

10/15/2025

h

572,421

ServiceMaster

Company,

LLC

1,210,000

5.125%, 

11/15/2024

h

1,226,638

Six

Flags

Entertainment

Corporation

380,000

5.500%, 

4/15/2027

h,j

339,625

Six

Flags

Theme

Parks,

Inc.

240,000

7.000%, 

7/1/2025

h

248,100

Staples,

Inc.

680,000

7.500%, 

4/15/2026

h

534,310

Starbucks

Corporation

135,000

2.100%, 

2/4/2021

136,115

Target

Corporation

148,000

2.250%, 

4/15/2025

158,319

TJX

Companies,

Inc.

148,000

3.500%, 

4/15/2025

164,665

Under

Armour,

Inc.,

Convertible

98,000

1.500%, 

6/1/2024

h

110,898

VF

Corporation

151,000

2.050%, 

4/23/2022

155,012

Volkswagen

Group

of

America

Finance,

LLC

250,000

4.250%, 

11/13/2023

h

273,578

74,000

3.350%, 

5/13/2025

h

79,454

Yum!

Brands,

Inc.

920,000

4.750%, 

1/15/2030

h

933,800

Total

30,010,880

Consumer

Non-Cyclical

(3.4%)

Abbott

Laboratories

284,000

2.550%, 

3/15/2022

294,588

149,000

3.400%, 

11/30/2023

162,562

AbbVie,

Inc.

142,000

2.900%, 

11/6/2022

148,976

310,000

2.300%, 

11/21/2022

h

320,443

162,000

2.800%, 

3/15/2023

h

168,103

464,000

3.600%, 

5/14/2025

515,208

Albertson's

Companies,

Inc.

995,000

6.625%, 

6/15/2024

1,019,875

250,000

4.875%, 

2/15/2030

h

255,782

Altria

Group,

Inc.

232,000

3.800%, 

2/14/2024

253,664

160,000

4.400%, 

2/14/2026

184,029

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Consumer

Non-Cyclical

(3.4%)

-

continued

Amgen,

Inc.

$

230,000

1.900%, 

2/21/2025

$

239,953

Anheuser-Busch

Companies,

LLC

160,000

3.650%, 

2/1/2026

179,656

Anheuser-Busch

InBev

Finance,

Inc.

128,000

3.300%, 

2/1/2023

135,376

Anheuser-Busch

InBev

Worldwide,

Inc.

229,000

4.150%, 

1/23/2025

259,850

Anthem,

Inc.

221,000

2.375%, 

1/15/2025

234,212

Aramark

Services,

Inc.

480,000

6.375%, 

5/1/2025

h

495,662

BAT

Capital

Corporation

144,000

2.764%, 

8/15/2022

149,136

229,000

3.222%, 

8/15/2024

245,383

Bausch

Health

Companies,

Inc.

580,000

7.000%, 

1/15/2028

h

597,400

160,000

5.000%, 

1/30/2028

h

150,638

160,000

5.250%, 

1/30/2030

h

151,800

Bayer

U.S.

Finance

II,

LLC

290,000

3.500%, 

6/25/2021

h

297,098

Boston

Scientific

Corporation

320,000

3.450%, 

3/1/2024

346,630

Bristol-Myers

Squibb

Company

229,000

3.625%, 

5/15/2024

h

252,192

Bunge,

Ltd.

Finance

Corporation

90,000

3.500%, 

11/24/2020

90,850

Cardtronics,

Inc.,

Convertible

356,000

1.000%, 

12/1/2020

351,105

Cargill,

Inc.

152,000

1.375%, 

7/23/2023

h

154,623

Centene

Corporation

1,200,000

4.750%, 

1/15/2025

1,228,404

229,000

5.375%, 

8/15/2026

h

238,208

200,000

4.250%, 

12/15/2027

206,382

470,000

4.625%, 

12/15/2029

497,622

Cigna

Corporation

310,000

4.125%, 

11/15/2025

356,353

Conagra

Brands,

Inc.

155,000

3.800%, 

10/22/2021

161,086

155,000

4.300%, 

5/1/2024

171,415

Constellation

Brands,

Inc.

325,000

4.250%, 

5/1/2023

356,864

CVS

Health

Corporation

142,000

2.750%, 

12/1/2022

148,197

423,000

3.700%, 

3/9/2023

454,511

325,000

4.100%, 

3/25/2025

367,387

DaVita,

Inc.

610,000

4.625%, 

6/1/2030

h

606,645

Diageo

Capital

plc

179,000

1.375%, 

9/29/2025

182,108

Edgewell

Personal

Care

Company

260,000

5.500%, 

6/1/2028

h

267,475

Encompass

Health

Corporation

700,000

4.500%, 

2/1/2028

671,384

Energizer

Holdings,

Inc.

1,035,000

6.375%, 

7/15/2026

h

1,070,149

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

12

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Consumer

Non-Cyclical

(3.4%)

-

continued

General

Mills,

Inc.

$

163,000

3.700%, 

10/17/2023

$

177,351

163,000

3.650%, 

2/15/2024

178,989

HCA,

Inc.

1,750,000

5.375%, 

2/1/2025

1,874,687

Illumina,

Inc.,

Convertible

59,000

0.500%, 

6/15/2021

87,764

Imperial

Brands

Finance

plc

164,000

3.125%, 

7/26/2024

h

170,321

JBS

Investments

II

GmbH

380,000

5.750%, 

1/15/2028

h

375,653

JBS

USA,

LLC

630,000

5.750%, 

6/15/2025

h

637,875

1,310,000

5.500%, 

1/15/2030

h

1,342,750

Kellogg

Company

278,000

3.125%, 

5/17/2022

j

289,686

Keurig

Dr

Pepper,

Inc.

284,000

3.551%, 

5/25/2021

291,892

Kraft

Foods

Group,

Inc.

650,000

5.000%, 

6/4/2042

684,662

Kraft

Heinz

Foods

Company

640,000

4.625%, 

1/30/2029

689,784

970,000

3.750%, 

4/1/2030

h

1,001,361

Kroger

Company

144,000

2.800%, 

8/1/2022

150,362

Medtronic,

Inc.

77,000

3.500%, 

3/15/2025

86,814

Molina

Healthcare,

Inc.

450,000

4.375%, 

6/15/2028

h

451,125

Mondelez

International

Holdings

Netherlands

BV

212,000

2.000%, 

10/28/2021

h

215,749

Mondelez

International,

Inc.

76,000

2.125%, 

4/13/2023

78,716

Mylan

NV

198,000

3.150%, 

6/15/2021

202,139

Mylan,

Inc.

164,000

4.200%, 

11/29/2023

179,120

Novartis

Capital

Corporation

153,000

1.750%, 

2/14/2025

159,997

Par

Pharmaceutical,

Inc.

620,000

7.500%, 

4/1/2027

h

636,244

PepsiCo,

Inc.

227,000

2.250%, 

3/19/2025

242,815

Pernod

Ricard

SA

150,000

5.750%, 

4/7/2021

h

155,814

Philip

Morris

International,

Inc.

228,000

1.500%, 

5/1/2025

233,736

Post

Holdings,

Inc.

370,000

5.750%, 

3/1/2027

h

382,950

QBE

Insurance

Group,

Ltd.

320,000

5.875%, 

5/12/2025

b,h,k

330,400

Reynolds

American,

Inc.

163,000

4.850%, 

9/15/2023

181,565

Scotts

Miracle-Gro

Company

690,000

4.500%, 

10/15/2029

709,837

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

282,000

2.400%, 

9/23/2021

287,636

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Consumer

Non-Cyclical

(3.4%)

-

continued

Simmons

Foods,

Inc.

$

420,000

5.750%, 

11/1/2024

h

$

399,000

Spectrum

Brands,

Inc.

390,000

5.750%, 

7/15/2025

400,245

310,000

5.000%, 

10/1/2029

h

306,125

200,000

5.500%, 

7/15/2030

h

200,250

Sysco

Corporation

299,000

5.650%, 

4/1/2025

349,787

Teleflex,

Inc.

1,015,000

4.875%, 

6/1/2026

1,047,379

Tenet

Healthcare

Corporation

340,000

4.625%, 

7/15/2024

333,176

910,000

5.125%, 

11/1/2027

h

897,897

Teva

Pharmaceutical

Finance

Netherlands

III

BV

52,000

2.200%, 

7/21/2021

50,941

570,000

2.800%, 

7/21/2023

538,650

Thermo

Fisher

Scientific,

Inc.

150,000

4.133%, 

3/25/2025

171,326

Tyson

Foods,

Inc.

152,000

4.500%, 

6/15/2022

161,613

UnitedHealth

Group,

Inc.

95,000

3.350%, 

7/15/2022

100,847

Upjohn,

Inc.

149,000

1.650%, 

6/22/2025

h

151,899

VRX

Escrow

Corporation

2,450,000

6.125%, 

4/15/2025

h

2,484,962

Zoetis,

Inc.

211,000

3.450%, 

11/13/2020

212,829

242,000

3.250%, 

2/1/2023

255,412

Total

35,189,116

Energy

(2.4%)

Antero

Resources

Corporation

360,000

5.000%, 

3/1/2025

212,400

Apache

Corporation

410,000

4.375%, 

10/15/2028

j

361,985

320,000

5.100%, 

9/1/2040

262,824

Archrock

Partners,

LP

380,000

6.250%, 

4/1/2028

h

347,814

BP

Capital

Markets

America,

Inc.

570,000

2.520%, 

9/19/2022

591,878

153,000

2.937%, 

4/6/2023

162,001

BP

Capital

Markets

plc

320,000

4.875%, 

12/29/2049

b,k

330,400

Buckeye

Partners,

LP

150,000

4.125%, 

3/1/2025

h

143,890

510,000

3.950%, 

12/1/2026

479,415

190,000

4.125%, 

12/1/2027

180,975

Canadian

Natural

Resources,

Ltd.

143,000

2.950%, 

1/15/2023

147,542

149,000

2.050%, 

7/15/2025

149,297

Canadian

Oil

Sands,

Ltd.

141,000

9.400%, 

9/1/2021

h

150,675

Cheniere

Energy

Partners,

LP

1,265,000

5.625%, 

10/1/2026

1,252,590

Chesapeake

Energy

Corporation

375,000

11.500%, 

1/1/2025

h,m,n

39,375

Chevron

Corporation

73,000

1.141%, 

5/11/2023

74,257

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

13

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Energy

(2.4%)

-

continued

$

149,000

1.554%, 

5/11/2025

$

153,056

Comstock

Resources,

Inc.

270,000

9.750%, 

8/15/2026

252,113

Continental

Resources,

Inc.

398,000

5.000%, 

9/15/2022

391,708

234,000

4.500%, 

4/15/2023

223,521

DCP

Midstream

Operating,

LP

390,000

5.625%, 

7/15/2027

392,925

Diamondback

Energy,

Inc.

155,000

2.875%, 

12/1/2024

155,256

Enagas

SA

1,020,000

5.500%, 

1/15/2028

h

882,300

Enbridge,

Inc.

145,000

2.900%, 

7/15/2022

150,431

1,150,000

6.250%, 

3/1/2078

b

1,132,750

Endeavor

Energy

Resources,

LP

170,000

5.500%, 

1/30/2026

h

162,775

480,000

5.750%, 

1/30/2028

h

460,800

Energy

Transfer

Operating,

LP

142,000

4.200%, 

9/15/2023

150,875

325,000

5.875%, 

1/15/2024

363,485

346,000

6.625%, 

2/15/2028

b,k

264,757

EnLink

Midstream

Partners,

LP

410,000

4.850%, 

7/15/2026

303,523

Enterprise

Products

Operating,

LLC

560,000

4.875%, 

8/16/2077

b

487,060

EOG

Resources,

Inc.

230,000

2.625%, 

3/15/2023

240,970

EQM

Midstream

Partners

LP

460,000

6.500%, 

7/1/2027

h

471,192

EQT

Corporation

710,000

3.900%, 

10/1/2027

577,535

EQT

Corporation,

Convertible

219,000

1.750%, 

5/1/2026

h

226,520

Equinor

ASA

150,000

2.875%, 

4/6/2025

161,707

Exxon

Mobil

Corporation

220,000

1.571%, 

4/15/2023

225,600

151,000

2.992%, 

3/19/2025

164,264

Hess

Corporation

142,000

3.500%, 

7/15/2024

143,060

Kinder

Morgan

Energy

Partners,

LP

284,000

3.450%, 

2/15/2023

297,652

Marathon

Petroleum

Corporation

163,000

4.750%, 

12/15/2023

178,872

MPLX,

LP

213,000

4.500%, 

7/15/2023

229,086

Murphy

Oil

Corporation

370,000

5.875%, 

12/1/2027

325,600

Nabors

Industries,

Inc.

595,000

5.750%, 

2/1/2025

240,975

Nabors

Industries,

Ltd.

470,000

7.250%, 

1/15/2026

h

289,050

National

Fuel

Gas

Company

89,000

5.500%, 

1/15/2026

94,671

Newfield

Exploration

Company

229,000

5.625%, 

7/1/2024

217,556

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Energy

(2.4%)

-

continued

Occidental

Petroleum

Corporation

$

63,000

4.850%, 

3/15/2021

$

62,528

400,000

2.700%, 

8/15/2022

372,380

770,000

2.900%, 

8/15/2024

658,350

270,000

3.400%, 

4/15/2026

220,725

250,000

8.500%, 

7/15/2027

d

250,625

480,000

3.500%, 

8/15/2029

352,464

260,000

6.450%, 

9/15/2036

222,537

660,000

4.400%, 

4/15/2046

460,152

ONEOK,

Inc.

76,000

2.200%, 

9/15/2025

74,593

Parsley

Energy,

LLC

665,000

5.625%, 

10/15/2027

h

655,025

PDC

Energy,

Inc.,

Convertible

24,000

1.125%, 

9/15/2021

21,984

Pioneer

Natural

Resources

Company,

Convertible

193,000

0.250%, 

5/15/2025

h

227,699

Plains

All

American

Pipeline,

LP

320,000

5.000%, 

2/1/2021

322,929

325,000

6.125%, 

11/15/2022

b,k

231,969

81,000

2.850%, 

1/31/2023

81,978

70,000

3.600%, 

11/1/2024

71,495

QEP

Resources,

Inc.

270,000

5.625%, 

3/1/2026

171,450

Sabine

Pass

Liquefaction,

LLC

142,000

6.250%, 

3/15/2022

151,329

142,000

5.625%, 

4/15/2023

155,301

Shell

International

Finance

BV

150,000

2.375%, 

4/6/2025

159,227

Southwestern

Energy

Company

715,000

7.500%, 

4/1/2026

j

625,840

Suncor

Energy,

Inc.

149,000

3.100%, 

5/15/2025

159,145

Sunoco

Logistics

Partners

Operations,

LP

235,000

4.400%, 

4/1/2021

239,679

Sunoco,

LP

415,000

5.875%, 

3/15/2028

411,954

Targa

Resources

Partners,

LP

740,000

5.375%, 

2/1/2027

714,100

140,000

5.000%, 

1/15/2028

131,653

Transocean

Guardian,

Ltd.

546,925

5.875%, 

1/15/2024

h

475,682

W&T

Offshore,

Inc.

630,000

9.750%, 

11/1/2023

h

394,380

Western

Gas

Partners,

LP

143,000

4.000%, 

7/1/2022

142,542

Western

Midstream

Operating,

LP

400,000

3.100%, 

2/1/2025

378,488

390,000

3.950%, 

6/1/2025

365,321

Williams

Partners,

LP

280,000

4.500%, 

11/15/2023

306,652

WPX

Energy,

Inc.

505,000

5.750%, 

6/1/2026

489,850

340,000

5.250%, 

10/15/2027

317,624

Total

24,976,613

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

14

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Financials

(7.7%)

ACE

INA

Holdings,

Inc.

$

90,000

2.875%, 

11/3/2022

$

94,607

Aegon

NV

1,080,000

0.915%, 

(USISDA

10Y

+

0.100%),

7/15/2020

b,k

780,434

AerCap

Ireland

Capital,

Ltd.

156,000

3.500%, 

1/15/2025

146,419

150,000

6.500%, 

7/15/2025

157,145

Air

Lease

Corporation

282,000

2.500%, 

3/1/2021

282,040

Aircastle,

Ltd.

228,000

5.000%, 

4/1/2023

222,146

Ally

Financial,

Inc.

550,000

5.750%, 

11/20/2025

587,574

American

Express

Company

164,000

3.700%, 

8/3/2023

178,471

160,000

3.400%, 

2/22/2024

174,139

American

International

Group,

Inc.

74,000

2.500%, 

6/30/2025

78,299

Ares

Capital

Corporation,

Convertible

161,000

4.625%, 

3/1/2024

156,774

Athene

Global

Funding

211,000

4.000%, 

1/25/2022

h

218,376

Australia

and

New

Zealand

Banking

Group,

Ltd.

556,000

6.750%, 

6/15/2026

b,h,k

616,815

265,000

2.950%, 

7/22/2030

b,h

270,363

Avolon

Holdings

Funding,

Ltd.

80,000

5.250%, 

5/15/2024

h

73,043

BAC

Capital

Trust

XIV

332,000

4.000%, 

(LIBOR

3M

+

0.400%),

6/17/2020

b,k

296,725

Banco

Bilbao

Vizcaya

Argentaria

SA

400,000

6.500%, 

3/5/2025

b,k

386,000

200,000

6.125%, 

11/16/2027

b,j,k

182,250

Banco

Santander

Mexico

SA

89,000

5.375%, 

4/17/2025

h

97,402

Banco

Santander

SA

200,000

2.431%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

197,010

Bank

of

America

Corporation

282,000

2.738%, 

1/23/2022

b

285,131

284,000

3.499%, 

5/17/2022

b

290,747

276,000

3.004%, 

12/20/2023

b

290,286

445,000

3.550%, 

3/5/2024

b

475,502

742,000

5.125%, 

6/20/2024

b,k

734,064

663,000

3.864%, 

7/23/2024

b

720,376

325,000

4.200%, 

8/26/2024

360,635

1,000,000

6.250%, 

9/5/2024

b,k

1,035,070

160,000

3.458%, 

3/15/2025

b

173,543

373,000

1.319%, 

6/19/2026

b

373,882

Bank

of

Montreal

488,000

3.300%, 

2/5/2024

529,480

Bank

of

New

York

Mellon

Corporation

284,000

2.600%, 

2/7/2022

293,273

153,000

1.600%, 

4/24/2025

158,461

160,000

4.700%, 

9/20/2025

b,k

166,400

Bank

of

Nova

Scotia

318,000

2.375%, 

1/18/2023

330,961

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Financials

(7.7%)

-

continued

$

152,000

1.950%, 

2/1/2023

$

156,570

25,000

1.625%, 

5/1/2023

25,590

480,000

4.900%, 

6/4/2025

b,k

479,100

Barclays

Bank

plc

150,000

5.140%, 

10/14/2020

151,636

Barclays

plc

300,000

4.610%, 

2/15/2023

b

315,883

947,000

7.750%, 

9/15/2023

b,k

962,389

377,000

4.338%, 

5/16/2024

b

406,022

250,000

8.000%, 

6/15/2024

b,k

259,062

179,000

2.852%, 

5/7/2026

b

186,344

BB&T

Corporation

164,000

2.500%, 

8/1/2024

174,497

Blackstone

Mortgage

Trust,

Inc.,

Convertible

155,000

4.375%, 

5/5/2022

145,314

BNP

Paribas

SA

590,000

7.625%, 

3/30/2021

b,h,k

598,850

188,000

2.819%, 

11/19/2025

b,h

196,890

400,000

4.500%, 

2/25/2030

b,h,k

350,500

BNZ

International

Funding,

Ltd.

250,000

1.293%, 

(LIBOR

3M

+

0.980%),

9/14/2021

b,h

251,526

BPCE

SA

163,000

3.000%, 

5/22/2022

h

168,544

152,000

2.375%, 

1/14/2025

h

157,246

Camden

Property

Trust

163,000

4.875%, 

6/15/2023

178,389

Canadian

Imperial

Bank

of

Commerce

152,000

2.250%, 

1/28/2025

158,597

Capital

One

Bank

USA

NA

245,000

3.375%, 

2/15/2023

257,965

228,000

2.280%, 

1/28/2026

b

231,381

Capital

One

Financial

Corporation

421,000

3.050%, 

3/9/2022

437,018

Cascades

USA,

Inc.

630,000

5.125%, 

1/15/2026

h

639,450

Central

Fidelity

Capital

Trust

I

560,000

2.219%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

490,578

Charles

Schwab

Corporation

320,000

5.375%, 

6/1/2025

b,k

341,862

CIT

Group,

Inc.

845,000

5.000%, 

8/15/2022

862,956

Citigroup,

Inc.

153,000

2.350%, 

8/2/2021

155,947

142,000

2.750%, 

4/25/2022

147,207

141,000

1.681%, 

(LIBOR

3M

+

0.690%),

10/27/2022

b

140,583

622,000

2.312%, 

11/4/2022

b

635,252

280,000

3.142%, 

1/24/2023

b

289,582

664,000

5.000%, 

9/12/2024

b,k

625,027

960,000

4.700%, 

1/30/2025

b,k

851,088

485,000

3.352%, 

4/24/2025

b

524,022

332,000

5.950%, 

5/15/2025

b,k

329,676

CNA

Financial

Corporation

170,000

5.750%, 

8/15/2021

179,170

190,000

3.950%, 

5/15/2024

206,554

Comerica,

Inc.

160,000

5.625%, 

7/1/2025

b,k

162,368

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

15

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Financials

(7.7%)

-

continued

Compass

Bank

$

325,000

3.500%, 

6/11/2021

$

332,064

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

282,000

3.950%, 

11/9/2022

298,375

Cooperatieve

Rabobank

UA

149,000

1.339%, 

6/24/2026

b,h

149,046

Credit

Acceptance

Corporation

400,000

5.125%, 

12/31/2024

h

386,280

Credit

Agricole

SA

142,000

3.375%, 

1/10/2022

h

146,973

531,000

8.125%, 

12/23/2025

b,h,k

606,004

149,000

1.907%, 

6/16/2026

b,h

151,049

Credit

Suisse

AG

250,000

2.800%, 

4/8/2022

259,636

Credit

Suisse

Group

AG

600,000

7.500%, 

7/17/2023

b,h,k

623,346

498,000

7.500%, 

12/11/2023

b,h,k

535,350

157,000

2.593%, 

9/11/2025

b,h

162,366

250,000

2.193%, 

6/5/2026

b,h

253,124

740,000

6.375%, 

8/21/2026

b,h,k

751,470

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

426,000

3.800%, 

9/15/2022

452,515

Danske

Bank

AS

250,000

5.000%, 

1/12/2023

b,h

262,642

Deutsche

Bank

AG

141,000

2.700%, 

7/13/2020

141,030

426,000

4.250%, 

10/14/2021

437,138

400,000

6.000%, 

10/30/2025

b,k

330,080

Deutsche

Bank

AG

of

New

York

155,000

3.950%, 

2/27/2023

160,964

Digital

Realty

Trust,

LP

212,000

2.750%, 

2/1/2023

222,194

Discover

Bank

162,000

4.200%, 

8/8/2023

j

176,926

235,000

2.450%, 

9/12/2024

246,459

ESH

Hospitality,

Inc.

380,000

5.250%, 

5/1/2025

h

367,650

Fidelity

National

Financial,

Inc.

235,000

5.500%, 

9/1/2022

252,793

Fifth

Third

Bancorp

213,000

2.600%, 

6/15/2022

220,839

160,000

3.650%, 

1/25/2024

174,527

First

Horizon

National

Corporation

179,000

3.550%, 

5/26/2023

184,706

Five

Corners

Funding

Trust

350,000

4.419%, 

11/15/2023

h

389,774

FNB

Corporation

305,000

2.200%, 

2/24/2023

303,222

FTI

Consulting,

Inc.,

Convertible

704,000

2.000%, 

8/15/2023

889,743

GE

Capital

Funding,

LLC

200,000

3.450%, 

5/15/2025

h

209,539

General

Electric

Capital

Corporation

310,000

3.100%, 

1/9/2023

324,428

Goldman

Sachs

Group,

Inc.

661,000

4.370%, 

(LIBOR

3M

+

3.922%),

7/2/2020

b,k

605,939

266,000

5.250%, 

7/27/2021

279,292

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Financials

(7.7%)

-

continued

$

220,000

1.562%, 

(LIBOR

3M

+

1.170%),

11/15/2021

b

$

220,653

284,000

3.000%, 

4/26/2022

289,504

208,000

2.876%, 

10/31/2022

b

213,251

141,000

1.377%, 

(LIBOR

3M

+

1.050%),

6/5/2023

b

141,235

320,000

3.625%, 

2/20/2024

347,953

725,000

5.500%, 

8/10/2024

b,k

751,368

148,000

3.500%, 

4/1/2025

162,283

234,000

3.272%, 

9/29/2025

b

252,266

Guardian

Life

Global

Funding

250,000

2.000%, 

4/26/2021

h

253,360

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Convertible

270,000

4.125%, 

9/1/2022

312,145

HCP,

Inc.

151,000

4.250%, 

11/15/2023

164,362

Hospitality

Properties

Trust

95,000

4.250%, 

2/15/2021

95,012

HSBC

Holdings

plc

284,000

6.875%, 

6/1/2021

b,k

288,158

290,000

2.873%, 

(LIBOR

3M

+

1.500%),

1/5/2022

b

294,168

720,000

6.375%, 

9/17/2024

b,k

726,300

300,000

3.803%, 

3/11/2025

b

324,126

500,000

6.375%, 

3/30/2025

b,k

513,440

187,000

2.633%, 

11/7/2025

b

193,912

332,000

6.500%, 

3/23/2028

b,k

340,715

Huntington

Bancshares,

Inc.

185,000

3.150%, 

3/14/2021

188,081

Icahn

Enterprises,

LP

415,000

6.750%, 

2/1/2024

418,112

530,000

6.375%, 

12/15/2025

524,700

300,000

6.250%, 

5/15/2026

300,414

ILFC

E-Capital

Trust

II

498,000

3.270%, 

(H15T30Y

+

1.800%),

12/21/2065

b,h

261,450

ING

Groep

NV

300,000

4.100%, 

10/2/2023

329,026

International

Lease

Finance

Corporation

284,000

5.875%, 

8/15/2022

298,790

Iron

Mountain,

Inc.

1,075,000

4.875%, 

9/15/2027

h

1,047,254

iStar,

Inc.,

Convertible

76,000

3.125%, 

9/15/2022

80,892

J.P.

Morgan

Chase

&

Company

376,000

2.776%, 

4/25/2023

b

389,285

338,000

3.375%, 

5/1/2023

361,607

480,000

5.150%, 

5/1/2023

b,k

466,800

289,000

2.250%, 

(LIBOR

3M

+

1.230%),

10/24/2023

b

292,158

122,000

1.514%, 

6/1/2024

b

123,973

1,454,000

5.000%, 

8/1/2024

b,k

1,398,464

325,000

3.875%, 

9/10/2024

360,335

635,000

4.023%, 

12/5/2024

b

699,702

960,000

4.600%, 

2/1/2025

b,k

855,936

149,000

2.083%, 

4/22/2026

b

154,592

KeyBank

NA

380,000

1.250%, 

3/10/2023

385,743

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Financials

(7.7%)

-

continued

Liberty

Mutual

Group,

Inc.

$

42,000

5.000%, 

6/1/2021

h

$

43,521

Lincoln

National

Corporation

300,000

2.743%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

199,500

Lloyds

Banking

Group

plc

311,000

3.000%, 

1/11/2022

321,580

235,000

2.858%, 

3/17/2023

b

242,052

300,000

3.900%, 

3/12/2024

328,356

320,000

7.500%, 

6/27/2024

b,k

331,936

762,000

6.657%, 

5/21/2037

b,h,k

858,202

Macquarie

Bank,

Ltd.

720,000

6.125%, 

3/28/2027

b,h,k

712,800

MetLife

Capital

Trust

IV

1,422,000

7.875%, 

12/15/2037

h

1,801,958

MGIC

Investment

Corporation,

Convertible

1,030,000

9.000%, 

4/1/2063

h

1,236,000

MGM

Growth

Properties

Operating

Partnership,

LP

270,000

4.625%, 

6/15/2025

h

264,622

Mitsubishi

UFJ

Financial

Group,

Inc.

142,000

2.998%, 

2/22/2022

147,136

241,000

2.623%, 

7/18/2022

250,067

282,000

3.455%, 

3/2/2023

301,009

160,000

3.407%, 

3/7/2024

172,761

Mizuho

Financial

Group,

Inc.

241,000

2.721%, 

7/16/2023

b

249,208

200,000

2.226%, 

5/25/2026

b

204,923

Morgan

Stanley

282,000

5.500%, 

7/28/2021

296,954

141,000

2.750%, 

5/19/2022

146,595

110,000

4.875%, 

11/1/2022

119,624

282,000

3.125%, 

1/23/2023

299,006

311,000

4.100%, 

5/22/2023

336,125

160,000

2.720%, 

7/22/2025

b

169,890

302,000

2.188%, 

4/28/2026

b

314,083

MPT

Operating

Partnership,

LP

610,000

5.250%, 

8/1/2026

632,875

660,000

4.625%, 

8/1/2029

663,300

National

Australia

Bank,

Ltd.

228,000

1.875%, 

12/13/2022

235,537

National

Bank

of

Canada

228,000

2.100%, 

2/1/2023

234,436

National

Securities

Clearing

Corporation

154,000

1.200%, 

4/23/2023

h

156,376

Nippon

Life

Insurance

Company

480,000

3.400%, 

1/23/2050

b,h

496,800

Nomura

Holdings,

Inc.

182,000

2.648%, 

1/16/2025

189,806

Nordea

Bank

Abp

200,000

6.625%, 

3/6/2026

b,h,k

213,480

Outfront

Media

Cap,

LLC

870,000

4.625%, 

3/15/2030

h

797,459

Park

Aerospace

Holdings,

Ltd.

80,000

4.500%, 

3/15/2023

h

72,985

PayPal

Holdings,

Inc.

149,000

1.650%, 

6/1/2025

154,229

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Financials

(7.7%)

-

continued

PNC

Financial

Services

Group,

Inc.

$

163,000

3.500%, 

1/23/2024

$

178,113

Prudential

Financial,

Inc.

83,000

5.200%, 

3/15/2044

b

84,656

Quicken

Loans,

Inc.

680,000

5.750%, 

5/1/2025

h

695,157

Regions

Financial

Corporation

142,000

3.800%, 

8/14/2023

154,422

320,000

5.750%, 

12/29/2049

b,k

329,376

Reinsurance

Group

of

America,

Inc.

212,000

4.700%, 

9/15/2023

231,749

Royal

Bank

of

Canada

149,000

1.600%, 

4/17/2023

152,851

157,000

2.250%, 

11/1/2024

165,387

Royal

Bank

of

Scotland

Group

plc

813,000

8.625%, 

8/15/2021

b,k

845,317

163,000

6.125%, 

12/15/2022

177,934

163,000

6.100%, 

6/10/2023

180,479

300,000

4.269%, 

3/22/2025

b

326,186

126,000

3.754%, 

11/1/2029

b

130,591

Santander

Holdings

USA,

Inc.

149,000

3.450%, 

6/2/2025

155,300

Santander

UK

Group

Holdings

plc

290,000

2.875%, 

8/5/2021

296,670

Santander

UK

plc

228,000

2.100%, 

1/13/2023

235,381

Service

Properties

Trust

330,000

4.500%, 

6/15/2023

315,952

210,000

4.750%, 

10/1/2026

185,789

Simon

Property

Group,

LP

145,000

2.500%, 

7/15/2021

146,333

162,000

2.000%, 

9/13/2024

166,141

Societe

Generale

SA

188,000

2.625%, 

10/16/2024

h

192,102

1,055,000

8.000%, 

9/29/2025

b,h,k

1,176,325

Springleaf

Finance

Corporation

1,030,000

6.875%, 

3/15/2025

1,056,716

Standard

Chartered

plc

240,000

2.744%, 

9/10/2022

b,h

242,771

675,000

6.000%, 

12/29/2049

b,h,k

675,000

Starwood

Property

Trust,

Inc.,

Convertible

118,000

4.375%, 

4/1/2023

112,761

State

Street

Corporation

148,000

2.825%, 

3/30/2023

b,h

153,569

157,000

2.354%, 

11/1/2025

b

166,424

Sumitomo

Mitsui

Financial

Group,

Inc.

141,000

2.784%, 

7/12/2022

146,882

640,000

2.778%, 

10/18/2022

668,941

188,000

2.448%, 

9/27/2024

197,282

Synchrony

Financial

156,000

3.750%, 

8/15/2021

j

159,500

164,000

2.850%, 

7/25/2022

166,808

160,000

4.250%, 

8/15/2024

168,270

Synovus

Bank

250,000

2.289%, 

2/10/2023

b

253,110

Toronto-Dominion

Bank

160,000

3.250%, 

3/11/2024

174,245

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Financials

(7.7%)

-

continued

Truist

Bank

$

222,000

1.500%, 

3/10/2025

$

227,855

Truist

Financial

Corporation

720,000

4.950%, 

9/1/2025

b,k

736,200

UBS

Group

Funding

Jersey,

Ltd.

282,000

3.000%, 

4/15/2021

h

287,570

USB

Realty

Corporation

664,000

2.366%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,h,k

529,540

Ventas

Realty,

LP

142,000

3.100%, 

1/15/2023

145,359

163,000

3.750%, 

5/1/2024

169,836

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

240,000

4.250%, 

12/1/2026

h

230,302

140,000

3.750%, 

2/15/2027

h

131,600

240,000

4.625%, 

12/1/2029

h

234,000

140,000

4.125%, 

8/15/2030

h

133,525

Wachovia

Capital

Trust

II

307,000

1.719%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

267,391

Wells

Fargo

&

Company

280,000

2.100%, 

7/26/2021

284,986

144,000

2.625%, 

7/22/2022

j

150,027

325,000

4.125%, 

8/15/2023

353,878

335,000

1.990%, 

(LIBOR

3M

+

1.230%),

10/31/2023

b

337,386

156,000

3.750%, 

1/24/2024

170,453

130,000

1.654%, 

6/2/2024

b

132,105

311,000

2.406%, 

10/30/2025

b

323,750

226,000

2.188%, 

4/30/2026

b

233,677

Westpac

Banking

Corporation

226,000

1.231%, 

(LIBOR

3M

+

0.850%),

8/19/2021

b

227,753

152,000

2.000%, 

1/13/2023

157,366

152,000

2.894%, 

2/4/2030

b

154,589

Total

80,032,315

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

178,000

2.150%, 

5/13/2025

h

182,705

Total

182,705

Mortgage-Backed

Securities

(11.1%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

15-Yr.

Pass

Through

206,529

3.500%, 

5/1/2034

217,606

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

6,134,431

3.000%, 

3/25/2050

6,465,449

2,502,046

3.000%, 

4/1/2050

2,637,060

3,441,216

3.500%, 

7/1/2047

3,633,631

Federal

National

Mortgage

Association

1,671,532

4.500%, 

5/1/2048

1,797,875

2,932,940

3.500%, 

10/1/2048

3,090,704

2,261,135

3.500%, 

6/1/2049

2,393,401

3,437,518

3.500%, 

8/1/2049

3,635,412

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Mortgage-Backed

Securities

(11.1%)

-

continued

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

$

15,465,000

2.000%, 

7/1/2035

d

$

15,994,797

15,530,000

2.500%, 

7/1/2035

d

16,254,935

1,275,000

2.000%, 

8/1/2035

d

1,316,637

13,450,000

3.000%, 

8/1/2049

d

14,141,474

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

9,200,000

2.000%, 

7/1/2050

d

9,410,234

28,300,000

2.500%, 

7/1/2050

d

29,490,590

4,949,328

4.000%, 

7/1/2048

5,240,814

Total

115,720,619

Technology

(1.9%)

Akamai

Technologies,

Inc.,

Convertible

1,591,000

0.375%, 

9/1/2027

h

1,730,691

Apple,

Inc.

570,000

3.450%, 

5/6/2024

629,820

149,000

1.125%, 

5/11/2025

151,663

Baidu,

Inc.

184,000

3.075%, 

4/7/2025

193,344

Broadcom

Corporation

587,000

2.650%, 

1/15/2023

608,844

228,000

3.125%, 

1/15/2025

243,548

Broadcom,

Inc.

73,000

2.250%, 

11/15/2023

h

75,424

CommScope

Technologies

Finance,

LLC

965,000

6.000%, 

6/15/2025

h

931,900

Dell

International,

LLC/

EMC

Corporation

240,000

4.000%, 

7/15/2024

h

258,709

76,000

5.850%, 

7/15/2025

h

87,312

Diamond

1

Finance

Corporation

444,000

5.450%, 

6/15/2023

h

485,653

Diamond

Sports

Group,

LLC

400,000

5.375%, 

8/15/2026

h

289,936

680,000

6.625%, 

8/15/2027

h

364,480

Fiserv,

Inc.

310,000

2.750%, 

7/1/2024

330,558

Gartner,

Inc.

280,000

4.500%, 

7/1/2028

h

283,276

Global

Payments,

Inc.

82,000

2.650%, 

2/15/2025

87,029

Harland

Clarke

Holdings

Corporation

510,000

8.375%, 

8/15/2022

h

427,365

Hewlett

Packard

Enterprise

Company

163,000

2.250%, 

4/1/2023

167,884

122,000

4.450%, 

10/2/2023

133,316

Intuit,

Inc.

149,000

0.950%, 

7/15/2025

149,128

J2

Global,

Inc.,

Convertible

391,000

3.250%, 

6/15/2029

425,661

Lumentum

Holdings,

Inc.,

Convertible

329,000

0.250%, 

3/15/2024

479,517

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Technology

(1.9%)

-

continued

Marvell

Technology

Group,

Ltd.

$

142,000

4.200%, 

6/22/2023

$

152,587

Microchip

Technology,

Inc.,

Convertible

244,000

1.625%, 

2/15/2027

359,911

Micron

Technology,

Inc.

210,000

2.497%, 

4/24/2023

218,072

NCR

Corporation

1,210,000

6.125%, 

9/1/2029

h

1,215,917

Nuance

Communications,

Inc.,

Convertible

2,057,000

1.250%, 

4/1/2025

2,867,987

NXP

BV/NXP

Funding,

LLC

245,000

4.875%, 

3/1/2024

h

273,625

ON

Semiconductor

Corporation,

Convertible

647,000

1.625%, 

10/15/2023

785,141

Open

Text

Corporation

530,000

4.125%, 

2/15/2030

h

520,725

Oracle

Corporation

95,000

2.500%, 

5/15/2022

98,231

222,000

2.500%, 

4/1/2025

238,771

Panasonic

Corporation

241,000

2.536%, 

7/19/2022

h

247,961

Plantronics,

Inc.

680,000

5.500%, 

5/31/2023

h

592,450

PTC,

Inc.

210,000

3.625%, 

2/15/2025

h

208,425

Seagate

HDD

Cayman

156,000

4.250%, 

3/1/2022

161,192

SS&C

Technologies,

Inc.

920,000

5.500%, 

9/30/2027

h

936,919

Tencent

Holdings,

Ltd.

179,000

1.810%, 

1/26/2026

h

181,008

Teradyne,

Inc.,

Convertible

233,000

1.250%, 

12/15/2023

625,128

Texas

Instruments,

Inc.

223,000

1.375%, 

3/12/2025

228,925

Total

System

Services,

Inc.

149,000

3.750%, 

6/1/2023

160,676

Verint

Systems,

Inc.,

Convertible

414,000

1.500%, 

6/1/2021

408,852

Vishay

Intertechnology,

Inc.,

Convertible

435,000

2.250%, 

6/15/2025

405,675

Total

19,423,236

Transportation

(0.5%)

AerCap

Holdings

NV

563,000

5.875%, 

10/10/2079

b

399,561

Air

Lease

Corporation

152,000

2.300%, 

2/1/2025

144,852

149,000

3.375%, 

7/1/2025

148,962

CSX

Corporation

163,000

3.700%, 

11/1/2023

178,969

Delta

Air

Lines,

Inc.

157,000

2.900%, 

10/28/2024

127,329

570,000

7.000%, 

5/1/2025

h

588,393

J.B.

Hunt

Transport

Services,

Inc.

95,000

3.300%, 

8/15/2022

98,566

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Transportation

(0.5%)

-

continued

Meritor,

Inc.,

Convertible

$

735,000

3.250%, 

10/15/2037

$

732,175

Mileage

Plus

Holdings,

LLC

260,000

6.500%, 

6/20/2027

d,h

260,650

NCL

Corporation,

Ltd.

330,000

3.625%, 

12/15/2024

h

202,125

Penske

Truck

Leasing

Company,

LP

160,000

3.375%, 

2/1/2022

h

164,137

Ryder

System,

Inc.

305,000

3.500%, 

6/1/2021

311,623

Southwest

Airlines

Company

74,000

4.750%, 

5/4/2023

76,410

223,000

5.250%, 

5/4/2025

235,238

Southwest

Airlines

Company,

Convertible

553,000

1.250%, 

5/1/2025

664,170

Union

Pacific

Corporation

213,000

3.750%, 

7/15/2025

241,160

United

Airlines

Pass

Through

Trust

90,000

3.700%, 

12/1/2022

83,706

XPO

Logistics,

Inc.

390,000

6.125%, 

9/1/2023

h

394,875

638,000

6.750%, 

8/15/2024

h

668,369

Total

5,721,270

U.S.

Government

&

Agencies

(0.1%)

U.S.

Treasury

Notes

270,000

1.500%, 

8/15/2020

270,440

330,000

1.375%, 

9/30/2020

330,980

Total

601,420

Utilities

(1.2%)

Alabama

Power

Company

142,000

2.450%, 

3/30/2022

146,490

Ameren

Corporation

90,000

2.700%, 

11/15/2020

90,551

160,000

2.500%, 

9/15/2024

169,543

Berkshire

Hathaway

Energy

Company

152,000

4.050%, 

4/15/2025

h

173,019

Calpine

Corporation

580,000

4.500%, 

2/15/2028

h

568,400

CenterPoint

Energy,

Inc.

142,000

2.500%, 

9/1/2022

146,966

164,000

2.500%, 

9/1/2024

173,261

Dominion

Energy,

Inc.

163,000

2.715%, 

8/15/2021

166,586

163,000

3.071%, 

8/15/2024

175,101

495,000

4.650%, 

12/15/2024

b,k

484,756

DTE

Energy

Company

232,000

3.300%, 

6/15/2022

241,881

240,000

2.529%, 

10/1/2024

251,133

Duke

Energy

Corporation

282,000

2.400%, 

8/15/2022

292,468

500,000

4.875%, 

9/16/2024

b,k

499,450

Edison

International

151,000

4.950%, 

4/15/2025

165,932

Evergy,

Inc.

162,000

2.450%, 

9/15/2024

171,154

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income

(51.4%)

Value

Utilities

(1.2%)

-

continued

Eversource

Energy

$

141,000

2.500%, 

3/15/2021

$

142,770

Exelon

Generation

Company,

LLC

149,000

3.250%, 

6/1/2025

160,616

FirstEnergy

Corporation

214,000

2.850%, 

7/15/2022

221,938

154,000

2.050%, 

3/1/2025

158,868

Florida

Power

&

Light

Company

148,000

2.850%, 

4/1/2025

161,868

Georgia

Power

Company

152,000

2.100%, 

7/30/2023

158,165

162,000

2.200%, 

9/15/2024

170,031

NextEra

Energy

Capital

Holdings,

Inc.

150,000

2.750%, 

5/1/2025

161,967

NextEra

Energy

Operating

Partners,

LP

1,200,000

3.875%, 

10/15/2026

h

1,198,260

NiSource,

Inc.

230,000

3.650%, 

6/15/2023

248,430

745,000

5.650%, 

6/15/2023

b,k

711,475

NRG

Energy,

Inc.,

Convertible

83,000

2.750%, 

6/1/2048

83,914

PG&E

Corporation

270,000

5.000%, 

7/1/2028

268,988

210,000

5.250%, 

7/1/2030

211,050

PPL

Capital

Funding,

Inc.

325,000

3.950%, 

3/15/2024

352,141

PSEG

Power,

LLC

60,000

3.000%, 

6/15/2021

61,220

Public

Service

Enterprise

Group,

Inc.

163,000

2.875%, 

6/15/2024

173,904

Sempra

Energy

311,000

3.550%, 

6/15/2024

337,475

320,000

4.875%, 

12/29/2049

b,k

320,000

Southern

Company

141,000

2.350%, 

7/1/2021

143,397

Suburban

Propane

Partners,

LP

500,000

5.875%, 

3/1/2027

495,000

Talen

Energy

Supply,

LLC

520,000

7.625%, 

6/1/2028

h

520,000

TerraForm

Power

Operating,

LLC

520,000

5.000%, 

1/31/2028

h

543,400

TransCanada

Trust

975,000

5.875%, 

8/15/2076

b

1,030,824

Vistra

Operations

Company,

LLC

740,000

5.000%, 

7/31/2027

h

752,395

Total

12,704,787

Total

Long-Term

Fixed

Income

(cost

$536,024,563)

534,484,930

Shares

Common

Stock

(

25.1%

)

Value

Communications

Services

(1.6%)

4,665

Activision

Blizzard,

Inc.

354,073

1,855

Alphabet,

Inc.,

Class

A

o

2,630,483

1,044

Alphabet,

Inc.,

Class

C

o

1,475,809

6,898

AT&T,

Inc.

208,527

98,758

Auto

Trader

Group

plc

h

642,987

8,076

Carsales.com,

Ltd.

99,971

Shares

Common

Stock

(25.1%)

Value

Communications

Services

(1.6%)

-

continued

88

Charter

Communications,

Inc.

o

$

44,883

37,998

Comcast

Corporation

1,481,162

14,940

Discovery,

Inc.,

Class

A

j,o

315,234

20,848

DISH

Network

Corporation

o

719,464

6,010

Facebook,

Inc.

o

1,364,691

51,000

HKT

Trust

and

HKT,

Ltd.

74,841

153

IAC/InterActiveCorp

o

49,480

1,653

Ipsos

SA

41,672

4,900

KDDI

Corporation

146,202

6,487

Live

Nation

Entertainment,

Inc.

o

287,569

55,096

Mediaset

Espana

Comunicacion

SA

o

204,354

500

NEXON

Company,

Ltd.

11,278

400

Nintendo

Company,

Ltd.

178,828

1,900

Nippon

Telegraph

&

Telephone

Corporation

44,269

7,700

NTT

DOCOMO,

Inc.

204,420

24,706

QuinStreet,

Inc.

o

258,425

4,201

Rightmove

plc

28,397

21,999

Seven

West

Media,

Ltd.

o

1,407

27,000

SoftBank

Corporation

344,148

5,900

SoftBank

Group

Corporation

297,523

17,800

TV

Asahi

Holdings

Corporation

259,337

22,743

Twitter,

Inc.

o

677,514

9,389

Uber

Technologies,

Inc.

o

291,810

38,529

Verizon

Communications,

Inc.

2,124,104

5,216

Walt

Disney

Company

581,636

3,964

Wolters

Kluwer

NV

309,610

10,909

Zillow

Group,

Inc.

o

627,049

Total

16,381,157

Consumer

Discretionary

(2.6%)

200

ABC-MART,

Inc.

11,733

2,029

Amazon.com,

Inc.

o

5,597,646

1,100

AOKI

Holdings,

Inc.

6,390

15,086

Aptiv

plc

1,175,501

2,200

Autobacs

Seven

Company,

Ltd.

27,798

377

AutoZone,

Inc.

o

425,301

17,892

B&M

European

Value

Retail

SA

88,071

3,607

Berkeley

Group

Holdings

plc

185,761

558

Booking

Holdings,

Inc.

o

888,526

1,500

Bridgestone

Corporation

48,413

1,420

Bright

Horizons

Family

Solutions,

Inc.

o

166,424

2,400

Burlington

Stores,

Inc.

o

472,632

18,419

Callaway

Golf

Company

322,517

13,701

Carnival

Corporation

j

224,970

3,099

Cedar

Fair,

LP

85,222

1,474

Century

Casinos,

Inc.

o

6,117

212

Chipotle

Mexican

Grill,

Inc.

o

223,100

2,700

Chiyoda

Company,

Ltd.

29,577

28,700

Citizen

Watch

Company,

Ltd.

93,556

8,644

Cooper-Standard

Holdings,

Inc.

o

114,533

7,073

Crocs,

Inc.

o

260,428

9,489

D.R.

Horton,

Inc.

526,165

1,848

Darden

Restaurants,

Inc.

140,023

14,000

Denso

Corporation

549,039

14,957

Designer

Brands,

Inc.

101,259

4,115

Dick's

Sporting

Goods,

Inc.

169,785

6,628

Dollarama,

Inc.

220,478

1,266

Emerald

Holding,

Inc

3,899

7,576

Etsy,

Inc.

o

804,798

200

Exedy

Corporation

2,986

100

Fast

Retailing

Company,

Ltd.

57,477

1,072

Five

Below,

Inc.

o

114,608

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

20

Shares

Common

Stock

(25.1%)

Value

Consumer

Discretionary

(2.6%)

-

continued

50,000

Galaxy

Entertainment

Group,

Ltd.

$

342,987

2,545

Genuine

Parts

Company

221,313

2,215

GVC

Holdings

plc

20,302

79

Hermes

International

66,329

7,121

Home

Depot,

Inc.

1,783,882

8,901

Industria

de

Diseno

Textil

SA

236,173

7,008

Leggett

&

Platt,

Inc.

246,331

13,062

Lowe's

Companies,

Inc.

1,764,937

3,078

Lululemon

Athletica,

Inc.

o

960,367

2,836

McDonald's

Corporation

523,157

25

Mercadolibre,

Inc.

o

24,644

2,000

Mohawk

Industries,

Inc.

o

203,520

37,101

Moneysupermarket.com

Group

plc

148,826

10,537

Movado

Group,

Inc.

114,221

591

Netflix,

Inc.

o

268,929

10,500

NHK

Spring

Company,

Ltd.

68,288

3,839

NIKE,

Inc.

376,414

6,100

Nissan

Motor

Company,

Ltd.

22,622

254

NVR,

Inc.

o

827,723

2,500

Onward

Holdings

Company,

Ltd.

7,389

500

Oriental

Land

Company,

Ltd.

66,073

3,864

Oxford

Industries,

Inc.

170,055

1,635

Planet

Fitness,

Inc.

o

99,032

3,674

Playa

Hotels

and

Resorts

NV

o

13,300

1,900

PLENUS

Company,

Ltd.

31,545

1,419

PulteGroup,

Inc.

48,289

23,439

Redrow

plc

125,001

841

Restaurant

Brands

International,

Inc.

45,944

4,203

RH

o

1,046,127

3,500

Rinnai

Corporation

293,101

5,200

Sangetsu

Company,

Ltd.

73,634

2,400

SHIMAMURA

Company,

Ltd.

162,557

2,841

Sleep

Number

Corporation

o

118,299

3,700

Sony

Corporation

255,412

9,410

Sony

Corporation

ADR

650,513

7,013

Stoneridge,

Inc.

o

144,889

50,600

Sumitomo

Electric

Industries,

Ltd.

583,707

1,200

Sumitomo

Forestry

Company,

Ltd.

15,097

24,900

Sumitomo

Rubber

Industries,

Ltd.

246,622

2,513

Super

Retail

Group,

Ltd.

14,139

359

Super

Retail

Group,

Ltd.

Rights

e,o

0

800

Takara

Standard

Company,

Ltd.

11,347

88,085

Taylor

Wimpey

plc

155,470

6,763

Texas

Roadhouse,

Inc.

355,531

7,715

TJX

Companies,

Inc.

390,070

3,600

Toyoda

Gosei

Company,

Ltd.

75,217

1,200

Toyota

Motor

Corporation

75,461

1,041

Yum!

Brands,

Inc.

90,473

2,200

Z

Holdings

Corporation

10,797

7,665

Zumiez,

Inc.

o

209,868

Total

26,950,657

Consumer

Staples

(1.2%)

3,100

Arcs

Company,

Ltd.

62,465

11,054

Bunge,

Ltd.

454,651

4,040

Carlsberg

AS

535,737

689

Casey's

General

Stores,

Inc.

103,019

18,490

Coca-Cola

Company

826,133

8,735

Colgate-Palmolive

Company

639,926

1,379

Costco

Wholesale

Corporation

418,127

32,155

Cott

Corporation

442,131

4,010

ForFarmers

BV

24,508

972

Glanbia

plc

11,046

23,879

Hain

Celestial

Group,

Inc.

o

752,427

Shares

Common

Stock

(25.1%)

Value

Consumer

Staples

(1.2%)

-

continued

200

Japan

Tobacco,

Inc.

$

3,715

2,147

John

B.

Sanfilippo

&

Son,

Inc.

183,203

1,100

Kao

Corporation

87,294

2,600

Kewpie

Corporation

48,994

3,000

Kimberly-Clark

Corporation

424,050

1,175

Lamb

Weston

Holdings,

Inc.

75,118

19

Lindt

&

Spruengli

AG

156,927

539

L'Oreal

SA

o

173,960

1,000

Ministop

Company,

Ltd.

14,021

11,063

Nestle

SA

1,226,562

5,296

PepsiCo,

Inc.

700,449

6,842

Philip

Morris

International,

Inc.

479,350

7,624

Procter

&

Gamble

Company

911,602

1,000

Shiseido

Company,

Ltd.

63,721

5,700

Sugi

Holdings

Company,

Ltd.

386,541

9,500

Sundrug

Company,

Ltd.

314,409

9,909

Turning

Point

Brands,

Inc.

246,833

400

Unicharm

Corporation

16,405

5,123

Unilever

NV

273,146

16,431

Wal-Mart

Stores,

Inc.

1,968,105

Total

12,024,575

Energy

(1.0%)

23,683

BP

plc

ADR

552,288

1,370

Cheniere

Energy,

Inc.

o

66,198

9,426

Chevron

Corporation

841,082

3,459

Cimarex

Energy

Company

95,088

6,420

ConocoPhillips

269,768

2,795

Diamondback

Energy,

Inc.

116,887

19,011

Enbridge,

Inc.

578,315

45,300

Eneos

Holdings,

Inc.

161,475

13,721

Eni

SPA

131,529

45,798

Enterprise

Products

Partners,

LP

832,150

4,385

EOG

Resources,

Inc.

222,144

9,604

Exxon

Mobil

Corporation

429,491

466

Gaztransport

Et

Technigaz

SA

35,760

16,109

Halliburton

Company

209,095

9,144

Helmerich

&

Payne,

Inc.

178,399

4,497

John

Wood

Group

plc

10,783

52,750

Kinder

Morgan,

Inc.

800,217

40,958

Marathon

Oil

Corporation

250,663

14,331

Marathon

Petroleum

Corporation

535,693

11,700

Nine

Energy

Service,

Inc.

o

22,815

1,355

OMV

AG

o

45,723

1,624

ONEOK,

Inc.

53,949

4,066

PDC

Energy,

Inc.

o

50,581

6,898

Pioneer

Natural

Resources

Company

673,935

23,952

Royal

Dutch

Shell

plc,

Class

A

383,500

38,797

Royal

Dutch

Shell

plc,

Class

B

588,172

4,517

Schlumberger,

Ltd.

83,068

9,092

SEACOR

Holdings,

Inc.

o

257,485

6,630

Talos

Energy,

Inc.

o

60,996

3,875

TC

Energy

Corporation

165,549

13,657

Total

SA

526,590

13,657

Total

SA

Rights

e,o

2,000

4,936

Valero

Energy

Corporation

290,335

89,478

WPX

Energy,

Inc.

o

570,870

Total

10,092,593

Financials

(3.6%)

21,820

AB

Industrivarden

o

497,365

13,070

Aflac,

Inc.

470,912

9,800

AIA

Group,

Ltd.

91,705

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

21

Shares

Common

Stock

(25.1%)

Value

Financials

(3.6%)

-

continued

10,161

Air

Lease

Corporation

$

297,616

5,751

Allianz

SE

1,175,168

25,704

Ally

Financial,

Inc.

509,710

4,554

American

Express

Company

433,541

3,893

American

Financial

Group,

Inc.

247,050

9,800

American

International

Group,

Inc.

305,564

1,256

Aon

plc

241,906

300

Aozora

Bank,

Ltd.

5,231

2,008

Ares

Capital

Corporation

29,016

35,519

Assured

Guaranty,

Ltd.

867,019

4,579

Baloise

Holding

AG

689,829

57,513

Bank

Leumi

Le-Israel

BM

289,170

89,047

Bank

of

America

Corporation

2,114,866

384

Bank

of

Marin

Bancorp

12,799

7,548

Bank

of

Montreal

401,752

7,440

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

181,462

4,052

Berkshire

Hathaway,

Inc.

o

723,323

1,277

BlackRock,

Inc.

694,803

6,965

Blackstone

Mortgage

Trust,

Inc.

167,787

19,025

Bridgewater

Bancshares,

Inc.

o

195,006

13,750

Capital

One

Financial

Corporation

860,612

7,747

Charles

Schwab

Corporation

261,384

3,900

Chubb,

Ltd.

493,818

47,772

CI

Financial

Corporation

607,707

34,034

Citigroup,

Inc.

1,739,137

907

CME

Group,

Inc.

147,424

1,628

Cohen

&

Steers,

Inc.

110,785

4,670

Comerica,

Inc.

177,927

8,467

Commonwealth

Bank

of

Australia

408,907

1,543

Community

Trust

Bancorp,

Inc.

50,549

34,200

DBS

Group

Holdings,

Ltd.

514,602

1,682

Deutsche

Boerse

AG

304,401

13,510

Deutsche

Pfandbriefbank

AG

h,o

98,850

34,201

DnB

ASA

o

456,498

2,536

Ellington

Residential

Mortgage

REIT

26,121

8,267

Euronext

NV

h

832,105

4,000

Evercore,

Inc.

235,680

26,044

Everi

Holdings,

Inc.

o

134,387

384

FBL

Financial

Group,

Inc.

13,782

461

Financial

Institutions,

Inc.

8,579

3,210

First

Busey

Corporation

59,866

10,730

First

Interstate

BancSystem,

Inc.

332,201

298

First

Mid-Illinois

Bancshares,

Inc.

7,817

80,907

FlexiGroup,

Ltd.

64,265

3,502

Glacier

Bancorp,

Inc.

123,586

1,584

Goldman

Sachs

Group,

Inc.

313,030

1,910

Great

Southern

Bancorp,

Inc.

77,088

128

Groupe

Bruxelles

Lambert

SA

10,721

1,635

Hamilton

Lane,

Inc.

110,150

18,899

Hartford

Financial

Services

Group,

Inc.

728,556

10,015

Heartland

Financial

USA,

Inc.

334,902

23,934

Heritage

Commerce

Corporation

179,625

1,202

Hometrust

Bancshares,

Inc.

19,232

1,640

Houlihan

Lokey,

Inc.

91,250

25,761

HSBC

Holdings

plc

119,726

543

Independent

Bank

Corporation

8,064

7,681

Interactive

Brokers

Group,

Inc.

320,835

134,573

Israel

Discount

Bank,

Ltd.

410,446

9,088

J.P.

Morgan

Chase

&

Company

854,817

4,300

Japan

Exchange

Group,

Inc.

99,588

9,400

Japan

Post

Bank

Company,

Ltd.

69,910

1,500

Japan

Post

Holdings

Company,

Ltd.

10,705

Shares

Common

Stock

(25.1%)

Value

Financials

(3.6%)

-

continued

6,711

Kemper

Corporation

$

486,682

68,569

KeyCorp

835,170

1,093

L

E

Lundbergforetagen

AB

o

49,823

807

Lakeland

Bancorp,

Inc.

9,224

8,717

Laurentian

Bank

of

Canada

j

183,637

1,592

M&T

Bank

Corporation

165,520

17,762

Manulife

Financial

Corporation

241,650

668

Markel

Corporation

o

616,678

1,292

Marsh

&

McLennan

Companies,

Inc.

138,722

10,722

Meridian

Bancorp,

Inc.

124,375

11,380

MetLife,

Inc.

415,598

3,980

MidWestOne

Financial

Group,

Inc.

79,600

19,200

Mitsubishi

UFJ

Financial

Group,

Inc.

75,562

2,991

Mizrahi

Tefahot

Bank,

Ltd.

56,201

18,180

Morgan

Stanley

878,094

1,200

MS

and

AD

Insurance

Group

Holdings,

Inc.

33,046

3,836

National

Bank

of

Canada

173,829

2,875

Northern

Trust

Corporation

228,102

2,199

Onex

Corporation

99,340

2,524

Paragon

Banking

Group

plc

10,964

2,277

Pargesa

Holding

SA

172,645

330

Peapack-Gladstone

Financial

Corporation

6,181

6,006

Popular,

Inc.

223,243

9,089

Power

Corporation

of

Canada

159,874

3,235

Primerica,

Inc.

377,201

6,387

Prosight

Global,

Inc.

o

56,844

268

QCR

Holdings,

Inc.

8,356

20,610

Radian

Group,

Inc.

319,661

7,360

Raymond

James

Financial,

Inc.

506,589

4,862

Royal

Bank

of

Canada

329,875

1,082

S&P

Global,

Inc.

356,497

9,422

Santander

Consumer

USA

Holdings,

Inc.

j

173,459

11,537

Seacoast

Banking

Corporation

of

Florida

o

235,355

2,085

Selective

Insurance

Group,

Inc.

109,963

2,800

Senshu

Ikeda

Holdings,

Inc.

4,178

6,700

Singapore

Exchange,

Ltd.

40,318

1,955

Starwood

Property

Trust,

Inc.

29,247

3,095

State

Auto

Financial

Corporation

55,246

17,582

Sun

Life

Financial,

Inc.

646,115

1,875

Swiss

Life

Holding

AG

697,535

14,910

Synovus

Financial

Corporation

306,102

3,008

T.

Rowe

Price

Group,

Inc.

371,488

482

TMX

Group,

Ltd.

47,657

3,300

Tokio

Marine

Holdings,

Inc.

144,451

1,093

Topdanmark

AS

45,274

31,216

Toronto-Dominion

Bank

1,393,177

10,569

Triumph

Bancorp,

Inc.

o

256,510

14,690

Truist

Financial

Corporation

551,609

273

Washington

Trust

Bancorp,

Inc.

8,941

30,202

Wells

Fargo

&

Company

773,171

20,154

Western

Alliance

Bancorp

763,232

28,611

Zions

Bancorporations

NA

972,774

Total

37,516,820

Health

Care

(3.8%)

7,189

Abbott

Laboratories

657,290

1,459

AbbVie,

Inc.

143,245

3,316

Alexion

Pharmaceuticals,

Inc.

o

372,188

2,781

Align

Technology,

Inc.

o

763,218

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

22

Shares

Common

Stock

(25.1%)

Value

Health

Care

(3.8%)

-

continued

4,354

Amgen,

Inc.

$

1,026,934

5,681

AMN

Healthcare

Services,

Inc.

o

257,008

2,828

Anthem,

Inc.

743,707

3,000

Astellas

Pharmaceutical,

Inc.

50,099

16,497

Bausch

Health

Companies,

Inc.

o

301,730

1,118

Becton,

Dickinson

and

Company

267,504

2,080

Biogen,

Inc.

o

556,504

6,553

Catalent,

Inc.

o

480,335

12,690

Centene

Corporation

o

806,449

2,030

Cerner

Corporation

139,157

6,600

Chugai

Pharmaceutical

Company,

Ltd.

353,364

4,902

Cigna

Holding

Company

919,860

6,070

CSL,

Ltd.

1,207,252

13,316

CVS

Health

Corporation

865,141

2,700

Daiichi

Sankyo

Company,

Ltd.

220,837

14,489

Danaher

Corporation

2,562,090

10,667

Edwards

Lifesciences

Corporation

o

737,196

700

Eisai

Company,

Ltd.

55,614

2,400

Eli

Lilly

and

Company

394,032

4,897

Gilead

Sciences,

Inc.

376,775

65,176

GlaxoSmithKline

plc

1,316,531

11,813

GlaxoSmithKline

plc

ADR

481,852

5,908

Grifols

SA

179,650

9,327

Halozyme

Therapeutics,

Inc.

o

250,057

5,415

HCA

Healthcare,

Inc.

525,580

710

Humana,

Inc.

275,303

1,040

Illumina,

Inc.

o

385,164

1,333

Intuitive

Surgical,

Inc.

o

759,583

3,155

IQVIA

Holding,

Inc.

o

447,631

3,404

Jazz

Pharmaceuticals,

Inc.

o

375,597

19,830

Johnson

&

Johnson

2,788,693

1,400

KYORIN

Holdings,

Inc.

28,671

439

Laboratory

Corporation

of

America

Holdings

o

72,922

2,510

LHC

Group,

Inc.

o

437,543

428

LNA

Sante

22,823

2,200

M3,

Inc.

93,459

20,363

Medtronic

plc

1,867,287

22,773

Merck

&

Company,

Inc.

1,761,036

1,502

Neurocrine

Biosciences,

Inc.

o

183,244

22,587

Novartis

AG

1,967,804

22,302

Novo

Nordisk

AS

1,452,925

2,722

Novo

Nordisk

AS

ADR

178,237

4,200

Olympus

Corporation

80,860

11,603

Optinose,

Inc.

o

86,326

1,464

PerkinElmer,

Inc.

143,604

8,314

Pfizer,

Inc.

271,868

324

Quest

Diagnostics,

Inc.

36,923

8,391

Recordati

SPA

419,872

5,940

Roche

Holding

AG

2,057,910

72

Siegfried

Holding

AG

o

32,765

1,750

Sonova

Holding

AG

o

350,307

4,168

Stryker

Corporation

751,032

7,151

Syneos

Health,

Inc.

o

416,546

100

Sysmex

Corporation

7,676

5,350

Tactile

Systems

Technology,

Inc.

o

221,651

5,400

Takeda

Pharmaceutical

Company,

Ltd.

194,011

186

Tecan

Group

AG

65,920

1,400

Terumo

Corporation

53,288

3,481

Thermo

Fisher

Scientific,

Inc.

1,261,306

700

Tsumura

&

Company

18,333

3,985

UnitedHealth

Group,

Inc.

1,175,376

3,860

Universal

Health

Services,

Inc.

358,555

Shares

Common

Stock

(25.1%)

Value

Health

Care

(3.8%)

-

continued

1,153

Varian

Medical

Systems,

Inc.

o

$

141,266

776

Veeva

Systems,

Inc.

o

181,910

1,473

Vertex

Pharmaceuticals,

Inc.

o

427,627

9,882

Wright

Medical

Group

NV

j,o

293,693

1,972

Zimmer

Biomet

Holdings,

Inc.

235,378

4,149

Zoetis,

Inc.

568,579

Total

39,961,703

Industrials

(3.2%)

833

3M

Company

129,940

6,661

Aalberts

NV

218,419

13,384

AGCO

Corporation

742,277

200

Allegion

plc

20,444

25,811

Altra

Industrial

Motion

Corporation

822,338

8,592

AMETEK,

Inc.

767,867

2,708

Arcosa,

Inc.

114,278

4,314

ASGN,

Inc.

o

287,657

12,870

Assa

Abloy

AB

263,417

17,598

Atlas

Copco

AB,

Class

A

749,419

6,918

Atlas

Copco

AB,

Class

B

257,059

1,766

Boeing

Company

323,708

24,939

Carrier

Global

Corporation

554,145

3,148

Caterpillar,

Inc.

398,222

2,970

CIA

De

Distribucion

Integral

55,640

709

CSW

Industrials,

Inc.

48,999

5,501

CSX

Corporation

383,640

6,328

Curtiss-Wright

Corporation

564,964

100

Daikin

Industries,

Ltd.

16,180

15,580

Delta

Air

Lines,

Inc.

437,019

2,539

EMCOR

Group,

Inc.

167,929

9,330

Emerson

Electric

Company

578,740

2,364

Encore

Wire

Corporation

115,410

100

FANUC

Corporation

17,927

2,184

Fortive

Corporation

147,769

761

Geberit

AG

381,821

8,672

General

Dynamics

Corporation

1,296,117

360

Gorman-Rupp

Company

11,189

2,200

GS

Yuasa

Corporation

39,072

37,331

GWA

Group,

Ltd.

72,201

3,400

Hanwa

Company,

Ltd.

62,415

4,719

Heico

Corporation

470,248

6,163

Helios

Technologies,

Inc.

229,572

4,100

Hino

Motors,

Ltd.

27,817

9,289

Honeywell

International,

Inc.

1,343,096

2,348

Huntington

Ingalls

Industries,

Inc.

409,702

3,176

IDEX

Corporation

501,935

1,181

Illinois

Tool

Works,

Inc.

206,498

9,400

Inaba

Denki

Sangyo

Company,

Ltd.

209,605

4,288

Ingersoll

-

Rand,

Inc.

o

120,578

22,640

Johnson

Controls

International

plc

772,930

3,200

Kansas

City

Southern

477,728

11,900

Kinden

Corporation

196,670

9,751

Koninklijke

Philips

NV

o

454,860

9,751

Koninklijke

Philips

NV

Rights

e,o

9,312

12,530

Legrand

SA

951,913

169

Lennox

International,

Inc.

39,375

3,610

Lincoln

Electric

Holdings,

Inc.

304,106

448

Linde

Public

Limited

Company

95,025

1,668

Lockheed

Martin

Corporation

608,686

3,044

Manpower,

Inc.

209,275

36,100

Marubeni

Corporation

163,981

119,109

McDermott

International,

Ltd.

e,o

357,327

18,222

Meritor,

Inc.

o

360,796

2,909

Middleby

Corporation

o

229,636

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

23

Shares

Common

Stock

(25.1%)

Value

Industrials

(3.2%)

-

continued

24,200

Mitsubishi

Corporation

$

511,388

3,600

Mitsuboshi

Belting,

Ltd.

56,394

42,400

Mitsui

&

Company,

Ltd.

628,225

1,799

NAPCO

Security

Technologies,

Inc.

o

42,079

14,507

National

Express

Group

plc

33,766

200

Nidec

Corporation

13,474

12,800

Nitto

Kogyo

Corporation

229,983

6,161

Nobina

AB

h,o

36,922

1,221

Norfolk

Southern

Corporation

214,371

279

Northrop

Grumman

Corporation

85,776

3,644

Old

Dominion

Freight

Line,

Inc.

617,986

6,039

Otis

Worldwide

Corporation

343,377

19,503

PageGroup

plc

91,582

4,889

Parker-Hannifin

Corporation

896,007

7,218

Patrick

Industries,

Inc.

442,102

12,431

Primoris

Services

Corporation

220,774

11,259

Raven

Industries,

Inc.

242,181

12,079

Raytheon

Technologies

Corporation

744,308

4,800

Recruit

Holdings

Company,

Ltd.

165,073

4,414

Redde

Northgate

plc

9,075

39,697

RELX

plc

918,814

5,808

Ritchie

Brothers

Auctioneers,

Inc.

237,257

3,529

Rockwell

Automation,

Inc.

751,677

2,160

Saia,

Inc.

o

240,149

9,172

Sandvik

AB

o

172,670

300

Sanwa

Holdings

Corporation

2,696

8,899

Schneider

Electric

SE

989,891

14,325

Signify

NV

h,o

368,294

17,646

SKF

AB

329,866

173,600

Sojitz

Corporation

379,434

26,420

Southwest

Airlines

Company

903,036

1,916

Spirax-Sarco

Engineering

plc

235,878

12,017

Spirit

Airlines,

Inc.

j,o

213,903

26,300

Sumitomo

Corporation

302,488

1,200

Taikisha,

Ltd.

33,260

639

Teledyne

Technologies,

Inc.

o

198,697

3,500

Toppan

Forms

Company,

Ltd.

34,758

3,376

Transcontinental,

Inc.

37,550

3,300

Tsubakimoto

Chain

Company

80,449

3,200

Tutor

Perini

Corporation

o

38,976

1,006

Union

Pacific

Corporation

170,084

7,327

United

Rentals,

Inc.

o

1,092,016

1,271

Valmont

Industries,

Inc.

144,411

2,258

Verisk

Analytics,

Inc.

384,312

2,847

Vinci

SA

263,982

2,847

Vinci

SA

Rights

e,j,o

194

2,100

Yuasa

Trading

Company,

Ltd.

56,769

Total

33,003,247

Information

Technology

(5.6%)

4,409

Accenture

plc

946,701

2,353

Adobe,

Inc.

o

1,024,284

2,673

Advanced

Energy

Industries,

Inc.

o

181,203

56,106

Advanced

Micro

Devices,

Inc.

o

2,951,737

1,100

Advantest

Corporation

62,778

8,111

Agilysys,

Inc.

o

145,511

9,746

Akamai

Technologies,

Inc.

o

1,043,699

8,096

Alliance

Data

Systems

Corporation

365,292

6,363

Amadeus

IT

Holding

SA

334,070

6,761

Amphenol

Corporation

647,771

3,214

ANSYS,

Inc.

o

937,620

17,178

Apple,

Inc.

6,266,534

285

ASM

International

NV

43,875

Shares

Common

Stock

(25.1%)

Value

Information

Technology

(5.6%)

-

continued

2,608

ASML

Holding

NV

$

954,036

5,387

Automatic

Data

Processing,

Inc.

802,070

100

Azbil

Corporation

3,056

7,362

BE

Semiconductor

Industries

NV

326,428

2,935

Blackline,

Inc.

o

243,341

3,322

Broadcom,

Ltd.

1,048,456

1,615

Broadridge

Financial

Solutions,

Inc.

203,797

5,100

Canon,

Inc.

101,735

1,596

CDW

Corporation

185,423

16,201

CGI,

Inc.

o

1,020,677

19,915

Change

Healthcare,

Inc.

o

223,048

17,767

Ciena

Corporation

o

962,261

59,119

Cisco

Systems,

Inc.

2,757,310

5,709

Computer

Services,

Inc.

305,432

19,343

Computershare,

Ltd.

179,105

200

Cybozu,

Inc.

6,277

1,376

Dialog

Semiconductor

plc

o

62,895

5,697

Dolby

Laboratories,

Inc.

375,261

443

Euronet

Worldwide,

Inc.

o

42,448

4,500

Fuji

Soft,

Inc.

178,608

200

Fujitsu,

Ltd.

23,417

1,272

Gartner,

Inc.

o

154,332

100

GMO

Payment

Gateway,

Inc.

10,459

33,889

Halma

plc

965,501

2,000

Hoya

Corporation

191,518

856

Infineon

Technologies

AG

20,058

7,442

Intel

Corporation

445,255

1,643

International

Business

Machines

Corporation

198,425

3,163

Intuit,

Inc.

936,849

509

Jack

Henry

&

Associates,

Inc.

93,671

900

Keyence

Corporation

377,155

3,005

KLA-Tencor

Corporation

584,412

897

Lam

Research

Corporation

290,144

800

Lasertec

Corporation

75,624

7,118

Lattice

Semiconductor

Corporation

o

202,080

1,288

Littelfuse,

Inc.

219,771

6,655

Lumentum

Holdings,

Inc.

o

541,917

6,765

MasterCard,

Inc.

2,000,411

8,189

Microchip

Technology,

Inc.

862,384

28,798

Micron

Technology,

Inc.

o

1,483,673

38,322

Microsoft

Corporation

7,798,910

533

Monolithic

Power

Systems,

Inc.

126,321

745

Motorola

Solutions,

Inc.

104,397

700

Murata

Manufacturing

Company,

Ltd.

41,264

9,020

National

Instruments

Corporation

349,164

17,900

NEC

Networks

&

System

Integration

Corporation

366,184

2,252

Nice,

Ltd.

ADR

o

426,169

51,843

Nuance

Communications,

Inc.

o

1,311,887

2,327

NVIDIA

Corporation

884,051

200

OBIC

Company,

Ltd.

35,248

3,500

ON

Semiconductor

Corporation

o

69,370

7,200

Oracle

Corporation

397,944

800

Oracle

Corporation

Japan

94,890

700

Otsuka

Corporation

36,971

1,871

Paychex,

Inc.

141,728

3,369

PayPal

Holdings,

Inc.

o

586,981

4,163

Plexus

Corporation

o

293,741

5,820

QUALCOMM,

Inc.

530,842

2,200

Ryoyo

Electro

Corporation

59,657

29,820

Sabre

Corporation

240,349

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

24

Shares

Common

Stock

(25.1%)

Value

Information

Technology

(5.6%)

-

continued

12,261

SailPoint

Technologies

Holdings,

Inc.

o

$

324,549

1,263

Salesforce.com,

Inc.

o

236,598

627

Samsung

Electronics

Company,

Ltd.

GDR

685,446

454

SAP

SE

63,464

3,715

ServiceNow,

Inc.

o

1,504,798

3,873

Square,

Inc.

o

406,433

2,579

Synopsys,

Inc.

o

502,905

5,770

TE

Connectivity,

Ltd.

470,544

14,332

Teradyne,

Inc.

1,211,197

15,658

Texas

Instruments,

Inc.

1,988,096

1,000

Tokyo

Electron,

Ltd.

246,744

934

VeriSign,

Inc.

o

193,179

7,624

Virtusa

Corporation

o

247,551

7,859

Visa,

Inc.

1,518,123

2,280

VMware,

Inc.

j,o

353,081

Total

58,458,571

Materials

(1.0%)

10,900

Air

Water,

Inc.

154,006

2,406

Anglo

American

plc

55,466

16,480

Axalta

Coating

Systems,

Ltd.

o

371,624

8,847

Ball

Corporation

614,778

5,653

Boise

Cascade

Company

212,609

17,100

CF

Industries

Holdings,

Inc.

481,194

2,987

Croda

International

plc

194,008

9,700

Eastman

Chemical

Company

675,508

3,861

Ecolab,

Inc.

768,146

24,244

Element

Solutions,

Inc.

o

263,047

117

EMS-CHEMIE

Holding

AG

90,898

372

Eramet

SA

o

13,416

61

Givaudan

SA

228,016

12,215

Granges

AB

o

97,385

18,815

Hexpol

AB

o

140,396

7,959

Hochschild

Mining

plc

19,233

878

Holmen

AB

28,200

22,135

IAMGOLD

Corporation

o

87,433

331

IMCD

NV

o

31,213

55,683

Ivanhoe

Mines,

Ltd.

o

157,911

6,833

Koninklijke

DSM

NV

948,539

10,100

Kyoei

Steel,

Ltd.

121,860

1,300

Lintec

Corporation

30,983

20,066

Louisiana-Pacific

Corporation

514,693

1,297

MAG

Silver

Corporation

o

18,305

25,700

Nippon

Steel

Corporation

242,851

100

Nippon

Steel

Trading

Corporation

3,160

3,521

Northern

Star

Resources,

Ltd.

33,206

9,160

Nucor

Corporation

379,316

4,535

PPG

Industries,

Inc.

480,982

19,373

Ramelius

Resources,

Ltd.

27,192

242

Rio

Tinto

plc

13,619

3,159

Rio

Tinto,

Ltd.

216,307

26,647

Sandfire

Resources,

Ltd.

94,559

702

Sherwin-Williams

Company

405,651

500

Shin-Etsu

Chemical

Company,

Ltd.

58,681

2,002

Sika

AG

385,930

14,600

Steel

Dynamics,

Inc.

380,914

27,500

Sumitomo

Chemical

Company,

Ltd.

82,742

1,659

Symrise

AG

193,848

1,700

Taiyo

Holdings

Company,

Ltd.

78,504

7,200

Toagosei

Company,

Ltd.

70,719

52,200

Toray

Industries,

Inc.

246,385

4,900

Ube

Industries,

Ltd.

84,449

Shares

Common

Stock

(25.1%)

Value

Materials

(1.0%)

-

continued

3,714

UFP

Technologies,

Inc.

o

$

163,639

3,192

United

States

Lime

&

Minerals,

Inc.

269,532

14,703

UPM-Kymmene

Oyj

425,866

15,234

Verso

Corporation

182,199

Total

10,839,118

Real

Estate

(1.1%)

2,087

Agree

Realty

Corporation

137,137

3,468

Alexandria

Real

Estate

Equities,

Inc.

562,683

6,332

Allied

Properties

REIT

191,042

6,597

Alstria

Office

REIT

AG

o

98,184

15,622

American

Campus

Communities,

Inc.

546,145

1,323

American

Tower

Corporation

342,048

121,612

Ascendas

REIT

279,028

15,900

Ascott

Trust

11,538

2,336

AvalonBay

Communities,

Inc.

361,239

5,639

Camden

Property

Trust

514,390

8,846

Castellum

AB

165,756

4,667

Choice

Properties

REIT

43,796

231

Cofinimmo

SA

31,856

4,156

Colliers

International

Group,

Inc.

j

238,180

655

CoreSite

Realty

Corporation

79,294

3,600

Daito

Trust

Construction

Company,

Ltd.

331,781

2,772

Digital

Realty

Trust,

Inc.

393,929

10,356

Douglas

Emmett,

Inc.

317,515

14,294

Duke

Realty

Corporation

505,865

871

EastGroup

Properties,

Inc.

103,309

2,426

Entra

ASA

h

31,098

13,662

Equity

Residential

803,599

5,320

Essential

Properties

Realty

Trust,

Inc.

78,949

1,342

Essex

Property

Trust,

Inc.

307,546

3,875

First

Industrial

Realty

Trust,

Inc.

148,955

531

Four

Corners

Property

Trust,

Inc.

12,956

339

Getty

Realty

Corporation

10,062

9,260

Granite

REIT

477,870

42,908

Host

Hotels

&

Resorts,

Inc.

462,977

19,000

Hysan

Development

Company,

Ltd.

61,337

3,664

iSTAR

Financial,

Inc.

45,141

225

Japan

Hotel

REIT

Investment

Corporation

93,333

1,712

Kilroy

Realty

Corporation

100,494

1,666

Kungsleden

AB

12,469

8,700

Lexington

Realty

Trust

91,785

31,400

Mapletree

Commercial

Trust

43,935

10,254

National

Storage

Affiliates

Trust

293,880

3

Nomura

Real

Estate

Master

Fund,

Inc.

3,593

944

Plymouth

Industrial

REIT,

Inc.

12,083

6,378

PSP

Swiss

Property

AG

718,391

12,647

Quebecor,

Inc.

271,739

4,504

Rayonier,

Inc.

REIT

111,654

3,484

RioCan

REIT

39,418

22,000

Road

King

Infrastructure,

Ltd.

29,916

32,330

Sunstone

Hotel

Investors,

Inc.

263,490

2,515

Swiss

Prime

Site

AG

233,305

20,435

TAG

Immobilien

AG

488,067

2,562

Terreno

Realty

Corporation

134,864

6,193

UDR,

Inc.

231,494

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

25

Shares

Common

Stock

(25.1%)

Value

Real

Estate

(1.1%)

-

continued

50,700

Wing

Tai

Holdings,

Ltd.

$

65,326

Total

10,934,441

Utilities

(0.4%)

4,651

AGL

Energy,

Ltd.

55,022

7,419

Alliant

Energy

Corporation

354,925

613

Avista

Corporation

22,307

973

Black

Hills

Corporation

55,130

20,502

CenterPoint

Energy,

Inc.

382,772

6,211

CMS

Energy

Corporation

362,847

5,090

Duke

Energy

Corporation

406,640

13,086

Enagas

SA

320,129

4,139

Enel

SPA

35,796

9,659

Entergy

Corporation

906,111

8,882

Exelon

Corporation

322,328

14,564

FirstEnergy

Corporation

564,792

220

MGE

Energy,

Inc.

14,192

3,348

Northland

Power,

Inc.

83,799

2,349

NorthWestern

Corporation

128,067

3,887

PNM

Resources,

Inc.

149,416

3,076

Portland

General

Electric

Company

128,608

1,882

Spire,

Inc.

123,666

348

Unitil

Corporation

15,597

407

Verbund

AG

18,279

Total

4,450,423

Total

Common

Stock

(cost

$241,327,433)

260,613,305

Shares

Registered

Investment

Companies

(

7.0%

)

Value

Unaffiliated  (1.8%)

47,022

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

179,154

25,350

AllianceBernstein

Global

High

Income

Fund,

Inc.

256,035

15,400

AllianzGI

NFJ

Dividend

Interest

&

Premium

Strategy

Fund

172,172

11,353

BlackRock

Core

Bond

Trust

174,496

17,376

BlackRock

Corporate

High

Yield

Fund,

Inc.

176,714

12,578

BlackRock

Credit

Allocation

Income

Trust

166,030

28,350

BlackRock

Enhanced

Global

Dividend

Trust

267,057

17,000

BlackRock

Multi-Sector

Income

Trust

244,970

17,289

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

188,969

15,523

Eaton

Vance

Limited

Duration

Income

Fund

174,944

24,227

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

178,795

2,789

Health

Care

Select

Sector

SPDR

Fund

279,095

19,957

Invesco

Dynamic

Credit

Opportunities

Fund

177,617

200,314

Invesco

Senior

Loan

ETF

4,276,704

2,827

iShares

Dow

Jones

US

Home

Construction

Index

Fund

124,812

45,000

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

1,558,800

46,800

Liberty

All-Star

Equity

Fund

267,696

Shares

Registered

Investment

Companies

(7.0%)

Value

Unaffiliated  (1.8%)-

continued

43,050

Nuveen

Credit

Strategies

Income

Fund

$

251,412

13,816

PGIM

Global

High

Yield

Fund,

Inc.

175,739

13,527

PGIM

High

Yield

Bond

Fund,

Inc.

178,962

9,575

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

176,467

14,731

Royce

Value

Trust,

Inc.

184,727

57,910

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

5,858,176

7,146

Tri-Continental

Corporation

176,578

33,625

Vanguard

Short-Term

Corporate

Bond

ETF

2,779,442

Total

18,645,563

Affiliated  (5.2%)

5,583,919

Thrivent

Core

Emerging

Markets

Debt

Fund

54,108,178

Total

54,108,178

Total

Registered

Investment

Companies

(cost

$73,276,450)

72,753,741

Shares

Preferred

Stock

(

1.5%

)

Value

Communications

Services

(<0.1%)

16,000

AT&T,

Inc.,

4.750%

k

382,560

Total

382,560

Consumer

Discretionary

(<0.1%)

1,174

International

Flavors

&

Fragrances,

Inc.,

Convertible,

6.000%

52,008

Total

52,008

Consumer

Staples

(0.2%)

31,000

CHS,

Inc.,

6.750%

b,j,k

738,420

42,600

CHS,

Inc.,

7.100%

b,k

1,027,938

Total

1,766,358

Energy

(0.2%)

255,540

Crestwood

Equity

Partners,

LP,

9.250%

k

1,397,804

6,975

Energy

Transfer

Operating,

LP,

7.600%

b,k

143,406

14,317

Nustar

Logistics,

LP,

7.953%

b

272,596

Total

1,813,806

Financials

(1.0%)

10,000

Aegon

Funding

Corporation

II,

5.100%

229,800

8,335

Agribank

FCB,

6.875%

b,k

875,175

20,000

Allstate

Corporation,

5.100%

k

507,200

17,600

Bank

of

America

Corporation,

5.000%

k

444,576

379

Bank

of

America

Corporation,

Convertible,

7.250%

k

508,694

19,925

Capital

One

Financial

Corporation,

5.000%

k

445,921

12,970

Cobank

ACB,

6.250%

b,k

1,335,910

21,500

Equitable

Holdings,

Inc.,

5.250%

k

492,780

585

First

Horizon

Bank,

3.750%

b,h,k

389,025

38,150

GMAC

Capital

Trust

I,

6.177%

b

855,323

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

26

Shares

Preferred

Stock

(1.5%)

Value

Financials

(1.0%)

-

continued

21,740

Hartford

Financial

Services

Group,

Inc.,

7.875%

b

$

578,719

13,150

J.P.

Morgan

Chase

&

Company,

4.750%

k

329,802

27,084

Morgan

Stanley,

7.125%

b,k

718,809

3,500

Synovus

Financial

Corporation,

5.875%

b,j,k

76,125

2,167

Wells

Fargo

&

Company,

Convertible,

7.500%

k

2,810,599

Total

10,598,458

Health

Care

(<0.1%)

274

Danaher

Corporation,

Convertible,

5.000%

294,175

Total

294,175

Industrials

(0.1%)

401

Fortive

Corporation,

Convertible,

5.000%

345,345

2,867

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

256,539

Total

601,884

Real

Estate

(<0.1%)

4,450

EPR

Properties,

Convertible,

5.750%

k

81,035

Total

81,035

Utilities

(<0.1%)

348

Sempra

Energy,

Convertible,

6.000%

34,010

10,905

Southern

Company,

Convertible,

6.750%

480,474

Total

514,484

Total

Preferred

Stock

(cost

$17,756,215)

16,104,768

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

5,046,941

Thrivent

Cash

Management

Trust

5,046,941

Total

Collateral

Held

for

Securities

Loaned

(cost

$5,046,941)

5,046,941

Shares

or

Principal

Amount

Short-Term

Investments

(

11.7%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

0.000%,

7/7/2020

199,996

300,000

0.200%,

7/13/2020

p,q

299,988

200,000

0.105%,

7/29/2020

p,q

199,981

300,000

0.125%,

8/11/2020

p,q

299,949

500,000

0.152%,

8/19/2020

p,q

499,898

400,000

0.110%,

8/25/2020

p,q

399,908

200,000

0.120%,

9/1/2020

p,q

199,952

200,000

0.160%,

9/2/2020

p

199,951

300,000

0.120%,

9/15/2020

p,q

299,911

Thrivent

Core

Short-Term

Reserve

Fund

11,891,012

0.750%

119,029,025

Shares

or

Principal

Amount

Short-Term

Investments

(11.7%)

Value

U.S.

Treasury

Bills

300,000

0.131%,

9/17/2020

p,r

$

299,909

Total

Short-Term

Investments

(cost

$121,791,657)

121,928,468

Total

Investments

(cost

$1,123,713,076)

108.6%

$1,129,910,915

Other

Assets

and

Liabilities,

Net

(8.6%)

(89,485,113)

Total

Net

Assets

100.0%

$1,040,425,802

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

June

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

loan

is

unfunded.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

g

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

June

30,

2020.

h

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

June

30,

2020,

the

value

of

these

investments

was

$209,987,576

or

20.2%

of

total

net

assets.

i

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

June

30,

2020.

j

All

or

a

portion

of

the

security

is

on

loan.

k

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

l

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.

m

Defaulted

security.  Interest

is

not

being

accrued.

n

In

bankruptcy.  Interest

is

not

being

accrued.

o

Non-income

producing

security.

p

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

q

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.

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2020

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

27

r

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.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Diversified

Income

Plus

Fund

as

of

June

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,763,618

Common

Stock

2,128,913

Total

lending

$4,892,531

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$5,046,941

Net

amounts

due

to

counterparty

$154,410

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

COF

11

-

11th

District

Cost

of

Funds

H15T30Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

30

Year

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

USISDA

10Y

-

ICE

Swap

USD

Rate

10

Year