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

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number: 811-05075

Thrivent Mutual Funds

(Exact name of registrant as specified in charter)

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Address of principal executive offices) (Zip code)

John D. Jackson

Secretary and Chief Legal Officer

Thrivent Mutual Funds

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period:  December 31, 2020

Item 1. Report to Stockholders

[Insert shareholder report]

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert

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

Item 4. Principal Accountant Fees and Services

(a) through (d)

Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund (each a “Fund” and collectively, the “Funds”) are each a series of Thrivent Mutual Funds, a Massachusetts business trust (the “Trust”). The Trust, as of the date of filing this Form N-CSR, contains a total of 25 series (the “Series”), including the Funds. This Form N-CSR relates to the annual report of each Fund.

The following table presents the aggregate fees billed to the Funds for the respective fiscal years ended December 31, 2019 and December 31, 2020 by the Funds’ independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by PwC during those periods.

Fiscal Years Ended	12/31/2019	12/31/2020
Audit Fees	$28,422	$44,419
Audit-Related Fees(1)	$0	$0
Tax Fees(2)	$13,055	$10,579
All Other Fees(3)	$3,600	$3,600
Total	$45,077	$58,598

(1) 

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

(2)

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

(3)

All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. The 2019 and 2020 payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards. These figures are also reported in the response to Item 4(g) below.

The following table presents the aggregate fees billed to all Series of the Trust (other than the Funds) with fiscal years ending on October 31 for the fiscal years ended October 31, 2019 and October 31, 2020 by PwC for professional services rendered for the audit of the annual financial statements of the applicable Series and fees billed for other services rendered by PwC during those periods.

Fiscal Years Ended	10/31/2019	10/31/2020
Audit Fees	$514,662	$547,906
Audit-Related Fees(1)	$29,000	$0
Tax Fees(2)	$146,249	$121,659
All Other Fees(3)	$14,220	$3,600
Total	$704,131	$673,165

(1) 

Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.  The 2019 payments were for the Thrivent Municipal Bond Fund amortization review.

(2)

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

(3)

All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. The 2019 and 2020 payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards.  In addition, for fiscal year ended October 31, 2019 there were fees related to the merger of certain series of Thrivent Mutual Funds and certain series of Thrivent Series Fund, Inc.  These figures are also reported in response to Item 4(g) below.

(e)

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

(f)   Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended December 31, 2020 was for work performed by persons other than full-time permanent employees of PwC.

(g)  The aggregate non-audit fees billed by PwC to registrant and to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal years set forth below are disclosed in the table below. The disclosed payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards and for fees related to the merger of certain series of Thrivent Mutual Funds and certain series of Thrivent Series Fund, Inc.  These figures are also reported in response to Item 4(d) above.

Fiscal Year Ended	10/31/2019	12/31/2019	10/31/2020	12/31/2020
Registrant(1)	$0	$0	$0	$0
Adviser	$14,220	$14,220	$3,600	$3,600

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a)        Registrant’s Schedule of Investments is included in the report to shareholders filed under Item 1.

(b)       Not applicable to this filing.

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

Not applicable.

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

Not applicable. 

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

Not applicable.

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

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

Item 11. Controls and Procedures

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

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

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

Not applicable

Item 13. Exhibits

(a)(1)    

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

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

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

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

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

Signatures

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

Date: February 25, 2021                                                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: February 25, 2021                                                By:   /s/ David S. Royal                                     

                                                                                               David S. Royal

                                                                                            President and Chief Investment Officer

                                                                                            (principal executive officer)

Date: February 25, 2021                                                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

Annual

Report

Mutual

Funds

December

31,

2020

Table

of

Contents

Letter

from

the

President

2

Letter

from

the

Chief

Investment

Officer

4

Portfolio

Perspectives

Thrivent

Diversified

Income

Plus

Fund

6

Thrivent

Multidimensional

Income

Fund

8

Shareholder

Expense

Example

10

Report

of

Independent

Registered

Public

Accounting

Firm

11

Schedule

of

Investments

Thrivent

Diversified

Income

Plus

Fund

12

Thrivent

Multidimensional

Income

Fund

43

Statement

of

Assets

and

Liabilities

55

Statement

of

Operations

56

Statement

of

Changes

in

Net

Assets

57

Notes

to

Financial

Statements

58

Financial

Highlights

74

Additional

Information

76

Board

of

Trustees

and

Officers

81

Supplements

to

the

Prospectus

83

2

Dear

Shareholder:

2

On

behalf

of

the

entire

investment

team

at

Thrivent,

I

hope

this

letter

finds

you,

your

loved

ones

and

your

communities

safe

and

well.

Many

people

are

still

suffering

personally

and

economically

from

the

COVID-19

pandemic

and

life

remains

disrupted

in

varying

degrees

for

all

of

us.

Despite

our

continued

struggles,

however,

the

market

roared

higher

in

2020.

I

suspect

that

for

many

of

you,

this

seems

like

a

bit

of

a

disconnect.

Why

does

the

stock

market

keep

going

up

when

it

doesn’t

feel

like

the

economy

is

anywhere

near

back

to

functioning

normally?

I

thought

it

might

be

helpful

for

me

to

share

a

few

thoughts

about

why

the

markets

can

sometimes

appear

detached

from

the

everyday

economy,

as

well

as

some

observations

on

how

the

recession

of

2020

was

an

economic

event

like

no

other.

In

2020,

we

as

a

society

did

something

we’d

never

done

before.

In

the

interest

of

public

health,

we

voluntarily

shut

down

a

large

portion

of

our

economy.

Prior

to

the

emergence

of

COVID,

our

economy

was

in

pretty

good

shape.

Like

many

other

investment

firms,

we

were

optimistic

for

the

year

2020.

The

Federal

Reserve

(Fed),

which

had

scared

the

markets

by

raising

rates

in

late

2018,

appeared

to

be

on

the

sidelines

with

an

expectation

of

low

interest

rates

for

an

extended

period.

We

were

in

the

midst

of

the

longest

economic

expansion

in

American

history.  

Recessions

often

begin

for

one

of

two

reasons.

Sometimes,

a

recession

is

driven

by

a

cyclical

overheating

of

the

economy.

You

can

think

of

this

as

a

typical

“boom

and

bust”

cycle.

In

recent

decades,

the

“boom”

would

often

be

followed

by

the

Fed

raising

rates

to

control

inflation,

which

would

drive

the

economy

into

a

recession.

Other

times,

a

recession

can

be

caused

by

structural

excesses

in

the

economy.

The

global

financial

crisis

of

2008-09

is

an

example

of

this

type,

with

a

bubble

in

the

housing

market

leading

to

the

crash

in

financial

assets

of

almost

all

types.  

What

was

unique

about

the

recession

of

2020

was

that

it

was

driven

by

neither

an

inflationary,

cyclical

bust

nor

by

bubbles

in

particular

assets.

As

I

noted,

the

recession

was

largely

the

result

of

our

decision

to

shut

down

much

of

our

economy

to

protect

public

health.

Now,

because

the

recession

didn’t

have

the

same

causes

as

prior

recessions

and

didn’t

begin

in

the

same

way,

it’s

not

entirely

surprising

that

the

recession

looked

different

than

other

recessions

in

important

ways.

In

most

recessions,

cyclical

excesses

lead

to

a

collapse

in

those

areas

that

are

most

economically

sensitive—industries

such

as

manufacturing

or

banking.

The

less

economically

sensitive

sectors

that

tend

to

hold

up

better

in

a

recession

are

generally

service-

related

areas

such

as

healthcare

and

education.

But

in

the

COVID

recession,

many

service-related

jobs

were

affected

in

unexpected

ways.

In

a

typical

recession,

a

dental

hygienist,

for

example,

would

still

have

work.

People

might

delay

some

care

and

some

folks

might

lose

dental

coverage

from

their

employer,

but

people

will

generally

continue

to

go

to

the

dentist,

especially

for

their

children.

But

it’s

a

different

story

when

dental

offices

are

required

to

close

because

of

the

pandemic.

This

dynamic

played

out

in

many

normally

recession-resistant

service

areas.

Conversely,

because

the

economy

was

fairly

healthy

going

into

the

recession,

other

sectors

weren’t

hit

as

hard

as

they

were

in

some

other

recessions.

Banks,

in

particular,

were

very

strong

and

well

capitalized

from

the

years

and

regulations

following

the

financial

crisis

of

2008-09

and

were

well

positioned

to

weather

the

storm.

Manufacturing,

while

taking

a

short-term

hit

due

to

temporary

shutdowns,

recovered

more

quickly

than

in

a

typical

recession

as

factories

implemented

COVID

safety

procedures

and

came

back

online

to

meet

demand.

Another

critical

and

unprecedented

aspect

of

the

2020

recession

and

recovery

is

the

magnitude

of

intervention

by

the

Fed.

The

Fed

had

clearly

learned

its

lesson

from

the

financial

crisis

of

2008-

09

and

did

what

it

said

it

would

do

next

time

around.

The

Fed

provided

massive

monetary

stimulus

through

asset

purchases

on

an

unprecedented

scale

and

it

did

so

almost

immediately

when

the

pandemic

emerged

in

March.

The

market

has

rebounded

dramatically

from

its

bottom

in

March

of

2020,

when

the

Fed

made

its

announcements.

This

brings

me

to

my

question,

the

one

with

which

we

began:

why

would

the

stock

market

go

up

so

much

when

many

parts

of

the

economy

are

still

struggling?

It’s

important

to

keep

in

mind

that

the

stock

market

is

a

forecasting

mechanism.

When

you

buy

a

stock,

you’re

buying

a

claim

on

all

the

future

earnings

of

that

company.

The

vast

majority

of

these

anticipated

future

earnings

come

from

beyond

the

next

year

or

two.

If

we

see

light

at

the

end

of

the

tunnel,

if

the

market

is

able

to

see

past

a

rough

12

or

18

months,

the

market

will

often

price

in

a

recovery

in

corporate

earnings

and

in

the

overall

economy

well

before

it

actually

takes

place.

We

saw

large

gains

in

the

stock

market

when

favorable

vaccine

results

were

announced.

The

Fed

has

reiterated

its

commitment

to

providing

necessary

liquidity

to

the

markets

and

economy.

We

will

likely

see

more

fiscal

stimulus

in

2021

from

a

new

administration.

Stocks

are

trading

at

elevated

valuations

in

anticipation

of

a

recovery

in

the

broader

economy

and

of

better

days

ahead

–

I

know

we

all

hope

that’s

how

things

turn.

Our

entire

team

of

over

100

investment

professionals

at

Thrivent

thanks

you

for

your

confidence

in

us

during

2020

and

for

your

continued

trust

and

support

in

2021.

I

can

promise

you

that

we’ll

be

working

hard

and

watching

the

economic

and

market

data

closely

as

we

manage

your

investments.  We

hope

you

all

stay

safe,

happy

and

well.

David

S.

Royal

President

and

Chief

Investment

Officer

Thrivent Mutual

Funds

4

Dear

Shareholder:

4

The

stock

market

reached

an

all-time

high

as

trading

closed

for

2020

–

a

bright

spot

for

investors

during

an

otherwise

tumultuous,

pandemic-plagued

year.

While

2020

was

marred

by

the

tragedy

of

COVID-19,

civil

unrest,

soaring

unemployment,

and

a

bitter

national

election,

the

stock

market

managed

to

shrug

off

the

storm

of

adversity

to

deliver

surprisingly

strong

returns.

After

an

initial

bout

of

market

volatility

that

sent

prices

down

about

30%

off

their

highs

as

the

pandemic

took

hold,

the

stock

market

staged

a

strong

rebound

throughout

the

second,

third

and

fourth

quarters

of

2020

on

hopes

that

the

economy

would

ultimately

make

a

strong

recovery.

The

S&P

500®

Index

moved

up

16.26%

for

the

year

–

an

18.40%

total

return

including

dividends.

(The

S&P

500

is

a

market-cap-

weighted

index

that

represents

the

average

performance

of

a

group

of

500

large-capitalization

stocks.)

The

Nasdaq

Index

performed

even

better,

closing

the

year

up

43.64%,

bolstered

by

a

15.41%

gain

in

the

fourth

quarter.

(The

Nasdaq

–

National

Association

of

Securities

Dealers

Automated

Quotations

–

is

an

electronic

stock

exchange

with

more

than

3,300

company

listings.)

The

strong

stock

market

growth

was

aided

in

large

part

by

the

unprecedented

action

of

Congress

and

the

Federal

Reserve

(Fed),

which

injected

trillions

of

dollars

into

the

economy

to

provide

financial

assistance

for

struggling

businesses

and

laid-off

workers.

Another

contributing

factor

was

the

strong

performance

of

Technology

and

Consumer

Discretionary

stocks.

Income

investors,

however,

were

not

as

fortunate,

as

bond

yields

sank

to

an

all-time

low.

After

two

significant

cuts

in

the

Fed

funds

rate

by

the

Federal

Reserve

–

slashing

the

Fed

funds

target

range

to

0%

to

0.25%

–

U.S.

Treasury

yields

dropped

to

the

lowest

level

in

U.S.

history.

The

10-year

treasuries

yield

dipped

to

a

low

of

0.51%

in

August

before

edging

up

in

the

final

months

of

2020

to

close

the

year

at

0.92%.

Economic

Review

Lockdowns

due

to

the

COVID-19

pandemic

caused

a

severe

decline

in

the

economy

in

the

first

half

of

2020.

According

to

the

U.S.

Department

of

Commerce,

gross

domestic

product

(GDP)

growth,

which

is

the

broadest

measure

of

economic

output,

contracted

by

a

4.8%

annualized

rate

in

the

first

quarter

of

2020

and

by

31.4%

in

the

second

quarter

before

rebounding

by

33.1%

in

the

third

quarter.

However,

even

after

that

third

quarter

recovery,

GDP

was

still

down

3.5%

on

an

annualized

basis

through

the

third

quarter.

Unemployment,

which

skyrocketed

early

in

the

pandemic,

steadily

improved

throughout

the

year,

ending

2020

at

6.7%,

according

to

the

Department

of

Labor.

Although

thousands

of

businesses

continue

to

face

financial

challenges

due

to

the

pandemic,

retail

sales

have

begun

to

recover

from

the

economic

downturn.

According

to

the

Department

of

Commerce

retail

report

issued

December

16,

retail

sales

were

down

1.1%

in

November

from

the

previous

month,

but

up

4.1%

from

a

year

earlier.

The

retail

recovery

has

been

led

by

strong

online

sales.

Non-store

retail

sales

(primarily

online)

were

up

29.2%

from

a

year

earlier

in

November.

Other

strong

areas

included

building

materials—up

18.7%

versus

a

year

earlier—and

automobile

sales

up

6.4%

versus

a

year

earlier.

Eating

and

drinking

establishments

were

one

of

the

hardest

hit

areas

of

the

economy,

with

sales

for

the

sector

down

17.2%

versus

a

year

earlier.

Department

store

sales

also

suffered

during

the

pandemic,

with

sales

down

19.0%

versus

a

year

earlier.

Oil

prices

also

suffered

throughout

the

pandemic,

as

global

air

and

automobile

travel

slowed

to

a

crawl.

However,

as

travel

began

to

pick

up

late

in

the

year,

oil

prices

recovered

some

of

the

lost

ground.

The

price

of

West

Texas

Intermediate,

a

grade

of

crude

oil

used

as

a

benchmark

in

oil

pricing,

moved

up

20.64%

in

the

fourth

quarter

to

close

the

year

at

$48.52

per

barrel,

which

was

still

20.54%

below

its

2019

closing

price

of

$61.06.

Market

Review

Eight

of

the

11

sectors

of

the

S&P

500

made

gains

in

2020,

led

by

Information

Technology,

up

43.89%,

Consumer

Discretionary,

up

33.30%,

Communications

Services,

up

23.61%,

and

Materials,

up

20.73%.

The

three

sectors

that

posted

losses

for

the

year

were

Energy,

down

33.68%,

Real

Estate,

down

2.17%,

and

Financials,

down

1.69%

after

making

a

strong

recovery

in

the

fourth

quarter.

In

the

international

markets,

the

MSCI

EAFE

Index,

which

measures

performance

of

developed-economy

stocks

in

Europe,

Asia

and

Australia,

was

up

5.43%

in

2020

after

a

strong

fourth

quarter

rally.

Although

yields

were

at

historic

lows,

the

bond

market

was

solid

in

2020,

with

the

Bloomberg

Barclays

U.S.

Aggregate

Bond

Index,

which

tracks

a

broad

range

of

investment-grade

bonds,

up

7.51%

for

the

year.

Our

Outlook

As

we

move

into

2021,

there

seems

to

be

momentum

to

the

changes

that

began

at

the

end

of

2020,

with

valuation

and

money

flow

supporting

increased

investment

in

the

cyclical

small-cap,

mid-cap,

value,

and

international

sectors

of

the

equity

markets.

With

interest

rates

so

low

and

credit

spreads

relatively

compressed,

fixed-income

may

not

be

as

reliable

as

it

has

been

in

the

past

but

could

still

provide

a

safety

net

for

unforeseen

developments

in

the

markets.

The

Fed

has

made

it

clear

that

short-term

rates

will

likely

remain

at

historically

low

levels

through

2023.

However,

longer

rates

have

already

started

to

slide

higher.

5

As

the

nation

pushes

forward

on

an

aggressive

vaccine

program

integral

for

providing

relief

to

the

country

and

to

small

businesses,

we

wish

you

and

your

loved

ones

continued

good

health.

And,

as

always,

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

Thrivent

Diversified

Income

Plus

Fund

6

Quoted

Fund

performance

is

for

Class

A

shares

and

does

not

reflect

a

sales

charge.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Mark

L.

Simenstad,

CFA,

Stephen

D.

Lowe,

CFA, Noah

J.

Monsen,

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,

LIBOR,

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

rate,

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.

*

Effective

August

4,

2020,

Darren

M.

Bagwell,

CFA,

has

been

removed

as

a

portfolio

manager

of

the

Fund. 

How

did

the

Fund

perform

during

the

12-month

period

ended

December

31,

2020?

Thrivent

Diversified

Income

Plus

Fund

earned

a

return

of

6.67%,

compared

with

the

median

return

of

its

peer

group,

the

Lipper

Mixed-

Asset

Target

Allocation

Conservative

Funds

category,

of

8.95%.

The

Fund’s

market

benchmarks,

the

S&P/LSTA

Leveraged

Loan

Index,

the

MSCI

World

Index

–

USD

Net

Returns,

the

Bloomberg

Barclays

U.S.

Mortgage-Backed

Securities

Index,

and

the

Bloomberg

Barclays

U.S.

High

Yield

Ba/B

2%

Issuer

Capped

Index,

earned

returns

of

3.12%,

15.90%,

3.87%

and

7.67%,

respectively.

What

factors

affected

the

Fund’s

performance?

Global

economic

growth

came

to

an

abrupt

halt

in

March

as

the

COVID-19

pandemic

overwhelmed

health

systems

and

forced

many

people

to

shelter

at

home,

slowing

commerce

and

plunging

much

of

the

world

into

a

deep

recession.

Risk

assets

sold

off

sharply

and

yields

on

U.S.

Treasury

bonds

plummeted,

especially

at

the

short

end

of

the

yield

curve.

U.S.

financial

markets

recovered

quickly

after

the

Federal

Reserve

(Fed)

and

Congress

swiftly

initiated

unprecedented

monetary

and

fiscal

stimulus

initiatives,

with

the

Fed

cutting

its

target

for

the

federal

funds

rate

to

0%-0.25%.

Risk

assets

responded

especially

strongly,

with

U.S.

equities

and

credit

spreads

rallying

in

the

second

half

and

the

S&P

500®

Index

ending

the

year

at

a

record

high.

International

equity

markets

also

recovered

to

varying

degrees.

The

Fund

allocates

about

25%

of

its

assets

to

equities

and

75%

to

fixed

income.

Both

segments

posted

positive

returns,

although

equity

outperformed

fixed

income.

The

Fund

underperformed

its

Lipper

peer

group

in

part

due

to

a

smaller

allocation

to

equities,

which

was

a

drag

on

performance

when

risk

assets

rebounded.

The

Fund

maintains

relatively

short

duration

positioning

within

fixed

income,

which

means

the

benefit

of

falling

interest

rates

is

more

limited

than

in

Lipper

peers

with

higher-duration

positioning.

We

strategically

manage

this

Fund

to

have

less

interest-rate

sensitivity

than

its

peers

or

the

high-yield

and

mortgage-backed

indexes.

Within

its

equity

segment,

the

Fund

was

overweighted

in

small-cap

stocks,

which

added

to

performance,

while

an

overweighting

to

value

stocks

hindered

results.

In

security

selection,

the

Fund

benefited

from

its

exposure

to

Consumer

Staples,

Energy,

Consumer

Discretionary

and

Information

Technology

stocks,

while

all

other

sectors

detracted

from

relative

performance.

Security

selection

detracted

from

performance

in

Japan,

particularly

in

the

Industrial

sector.

International

results

also

were

hurt

by

exposure

to

low-volatility

stocks,

which

did

not

provide

the

downside

protection

expected

during

the

early

sell

off

and

still

trailed

the

market

as

stocks

recovered.

In

November,

momentum

stocks

underperformed

after

news

of

positive

COVID-19

vaccine

trial

results.

The

Fund’s

fixed-income

segment

benefited

from

its

exposure

to

convertible

securities,

which

generated

strong

absolute

returns

on

the

back

of

a

rally

in

the

shares

of

the

technology

companies

that

issued

them.

Exposures

to

investment-grade

and

emerging

markets

debt

also

aided

performance.

The

Fund’s

high-yield

exposure

underperformed

that

sector

of

the

market

because

of

our

positioning

in

higher-

quality,

less-volatile

industries

hit

hard

by

the

pandemic,

such

as

leisure,

lodging

and

car

rentals.

We

also

underperformed

in

energy,

mainly

because

of

four

large

“fallen

angels”

downgraded

to

high-yield

status

and

added

to

our

benchmark

index

at

the

end

of

March.

Due

to

market

illiquidity,

we

were

unable

to

add

significant

exposure

to

these

issues

before

they

rebounded.

Leveraged

loan

holdings

generated

returns

slightly

above

their

benchmark,

and

a

small

allocation

to

preferred

securities

also

aided

results.

The

Fund’s

agency

mortgage-backed

securities

outperformed

their

benchmark,

but

its

nonagency

mortgages

and

collateralized

loan

obligations

were

hit

hard

during

the

sell

off

and

were

slower

to

recover.

We

hedged

alternative

equity

exposure

with

a

short

position

in

S&P

500®

futures,

which

modestly

detracted

from

performance.

We

used

Treasury

futures

to

help

manage

the

Fund’s

duration

and

yield

curve

positioning,

which

had

little

impact.

In

addition,

we

established

a

long

position

in

a

credit

default

swap

index

to

quickly

add

to

the

Fund’s

exposure

in

the

high-yield

market

after

the

market’s

sell

off

early

in

the

year,

which

modestly

contributed

to

performance.

What

is

your

outlook?

Our

outlook

is

positive

with

the

economy

growing

and

COVID-19

vaccinations

underway.

After

a

long

period

of

growth

stocks

outperforming

value,

we

see

potential

signs

of

a

rotation

into

more

cyclical

areas

in

equities,

including

value

and

small

caps.

The

Fund

remains

overweighted

in

both

sectors.

The

Fund

remains

modestly

underweighted

in

equities,

overall,

offset

by

exposure

to

equity-like

fixed-income

securities.

The

Fed

has

indicated

it

intends

to

keep

short-term

interest

rates

near

zero

until

at

least

2023.

In

fixed

income,

spreads

offer

relatively

limited

upside

for

further

tightening,

so

we

expect

return

to

come

more

from

income

versus

price

appreciation.

7

Portfolio

Composition

(%

of

Portfolio)

Long-Term

Fixed

Income

43.8%

Common

Stock

20.4%

Short-Term

Investments

12.6%

Registered

Investment

Companies

11.4%

Bank

Loans

10.1%

Preferred

Stock

1.7%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Financials

12.7%

Mortgage-Backed

Securities

11.0%

Affiliated

Registered

Investment

Companies

10.9%

Information

Technology

8.2%

Collateralized

Mortgage

Obligations

7.9%

Communications

Services

7.7%

Consumer

Discretionary

7.4%

Consumer

Staples

5.7%

Materials

5.0%

Energy

3.9%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Core

International

Equity

Fund

5.9%

Thrivent

Core

Emerging

Markets

Debt

Fund

5.0%

FNMA

Conventional

30-Yr.

Pass

Through

3.0%

FNMA

Conventional

30-Yr.

Pass

Through

2.3%

FNMA

Conventional

15-Yr.

Pass

Through

2.1%

FNMA

Conventional

15-Yr.

Pass

Through

0.8%

Apple,

Inc.

0.7%

Microsoft

Corporation

0.6%

FNMA

Conventional

30-Yr.

Pass

Through

0.6%

Amazon.com,

Inc.

0.6%

These

securities

represent

21.6%

of

the

total

net

assets

of

the

Fund.

Quoted

Major

Market

Sectors,

Portfolio

Composition

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.

Average

Annual

Total

Returns

1

As

of

December

31,

2020

Class

A

2

1-Year

5

Years

10

Years

without

sales

charge

6.67%

6.34%

6.02%

with

sales

charge

1.87%

5.36%

5.53%

Class

S

1-Year

5

Years

10

Years

Net

Asset

Value

7.01%

6.59%

6.31%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

ThriventFunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

ThriventFunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

2

Class

A

performance

with

sales

charge

reflects

the

maximum

sales

charge

of

4.5%.

(a)

Performance

of

other

classes

will

be

greater

or

less

than

the

line

shown

based

on

the

differences

in

loads

and

fees

paid

by

shareholders

invest-

ing

in

the

different

classes.

*

The

MSCI

World

Index

–

USD

Net

Returns

is

an

index

that

represents

large

and

mid-cap

stock

performance

across

developed

market

countries

through-

out

the

world.

The

performance

of

the

Index

reflects

dividends

reinvested

after

the

deduction

of

withholding

taxes.

**

The

Bloomberg

Barclays

U.S.

Mortgage-Backed

Securities

Index

(MBS)

is

formed

by

grouping

the

universe

of

over

600,000

individual

fixed-rate

U.S.

government

agency

MBS

pools

into

approximately

3,500

generic

types

of

securities.

***

The

Bloomberg

Barclays

U.S.

High

Yield

Ba/B

2%

Issuer

Capped

Index

covers

the

USD

denominated,

non-investment

grade,

Ba

or

B

rated,

fixed-rate,

taxable

corporate

bond

market.

The

index

limits

issuer

exposures

to

a

maximum

2%,

redistributing

excess

market

value

index-wide

on

a

pro-rata

basis.

****

The

S&P/LSTA

Leveraged

Loan

Index

is

a

market

value-weighted

index

representing

the

performance

of

the

universe

of

U.S.

dollar-denominated,

senior

secured,

syndicated

term

loans.

*****

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

Thrivent

Multidimensional

Income

Fund

8

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Mark

L.

Simenstad,

CFA,

Gregory

R.

Anderson,

CFA,

Paul

J.

Ocenasek,

CFA, Stephen

D.

Lowe,

CFA,

and

Kent.

L.

White,

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,

LIBOR,

convertible,

government

securities,

issuer,

investment

adviser,

conflicts

of

interest,

sovereign

debt,

liquidity,

derivatives,

other

funds,

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.

How

did

the

Fund

perform

during

the

12-month

period

ended

December

31,

2020?

Thrivent

Multidimensional

Income

Fund

generated

a

return

of

5.74%,

compared

with

the

median

return

of

its

peer

group,

the

Lipper

Flexible

Funds

category,

of

5.64%.

The

Fund’s

market

benchmarks,

the

Bloomberg

Barclays

U.S.

Mortgage-Backed

Securities

Index,

the

S&P/LSTA

Leveraged

Loan

Index,

the

Bloomberg

Barclays

U.S.

Corporate

High

Yield

Bond

Index,

the

S&P

U.S.

Preferred

Stock

Index,

and

the

Bloomberg

Barclays

Emerging

Markets

USD

Sovereign

Bond

Index,

returned

3.87%,

3.12%,

7.11%,

7.97%

and

5.17%,

respectively.

What

factors

affected

the

Fund’s

performance?

U.S.

and

global

economic

growth

came

to

an

abrupt

halt

in

March

as

the

COVID-19

pandemic

overwhelmed

worldwide

health

systems

and

forced

many

people

to

shelter

at

home,

slowing

commerce.

These

developments,

combined

with

a

plunge

in

oil

prices,

thrust

much

of

the

world

into

a

deep

recession.

Stock

and

corporate

bond

prices

fell

sharply,

while

investors

looking

for

a

safe

haven

snapped

up

U.S.

Treasury

bonds,

driving

the

yield

on

10-year

Treasuries

to

an

all-time

low

of

0.54%

in

March.

(Bond

yields

fall

when

bond

prices

rise.)

To

support

the

economy,

the

Federal

Reserve

(Fed)

cut

interest

rates

by

1.5%

in

the

first

two

weeks

of

March,

bringing

the

target

range

for

the

federal

funds

rate

to

0%-0.25%.

The

Fed

also

initiated

a

number

of

programs

to

bolster

market

liquidity

and

address

other

strains

on

financial

markets.

Meanwhile,

Congress

passed

the

$2.2

trillion

CARES

Act

to

provide

aid

to

individuals

and

businesses.

Many

other

countries

initiated

unprecedented

monetary

and

fiscal

policy

responses

of

their

own.

Bolstered

by

these

actions

and

an

easing

of

lockdowns

in

the

second

half

of

the

year,

the

U.S.

economy

began

to

rebound

more

quickly

than

expected.

Treasury

prices

eased—by

year-end

the

yield

on

the

10-year

Treasury

had

climbed

to

0.93%—and

prices

for

risk

assets

such

as

stocks

and

corporate

bonds

rose,

with

both

the

Dow

Jones

Industrial

Average

and

the

S&P

500®

Index

finishing

the

year

at

all-time

highs.

High-yield

bonds

and

preferred

stocks

formed

the

core

of

the

Fund

in

2020,

accounting

for

about

33%

and

27%

of

its

holdings,

respectively,

at

year-end.

We

also

allocated

about

20%

of

the

Fund’s

assets

to

alternative

fixed-income

securities,

including

closed-end

funds,

exchange-traded

funds

(ETF)

and

real

estate

investment

trusts

(REIT);

about

10%

of

assets

to

emerging

market

bonds;

about

6%

to

convertible

securities;

and

about

3%

to

U.S.

Treasuries.

All

sectors

generated

positive

absolute

returns.

The

Fund

modestly

outperformed

its

Lipper

peer

group

largely

due

to

its

higher

allocation

to

convertible

securities,

which

generated

exceptionally

high

returns.

To

a

lesser

extent,

performance

benefited

from

a

small

allocation

we

made

mid-year

to

business

development

companies,

a

type

of

closed-end

fund

that

performed

well

as

markets

rebounded.

The

Fund

also

benefited

from

the

strong

performance

of

its

Treasury

holdings.

However,

the

Fund

was

negatively

impacted

by

below-market

returns

in

the

high-yield

and

preferred

securities

sectors,

which

were

largely

a

consequence

of

security

selection,

including

an

overweighted

exposure

to

the

stressed

Energy

sector

in

high

yield

and

to

financials

in

preferreds.

Performance

also

was

negatively

impacted

by

modestly

negative

returns

on

the

Fund’s

small

allocation

to

ETFs

and

REITs.

Cash

very

briefly

exceeded

5%

of

the

Fund’s

assets

during

periods

of

heavy

cash

inflows,

with

a

de

minimis

impact

on

performance.

What

is

your

outlook?

Our

outlook

heading

into

2021

is

positive

with

the

economy

growing

and

COVID-19

vaccinations

underway.

We

believe

the

high-yield

market

is

healthy

and

functioning

well

as

evidenced

by

the

heavy

new

issuance,

strong

fund

flows

and

tighter

spreads,

while

many

economic

indicators

like

growth,

manufacturing,

corporate

earnings

and

housing

are

improving.

Closed-end

funds,

which

accounted

for

about

13%

of

the

Fund’s

holdings

at

year-end,

have

yet

to

recover

all

of

the

ground

lost

in

2020

and

have

room

to

improve

if

the

economy

continues

to

recover.

We

see

narrower

windows

of

opportunity

in

the

high-yield,

preferred

and

convertible

sectors,

all

of

which

enjoyed

strong

recoveries

in

the

second

half

of

2020

but

could

still

turn

in

positive

results

if

the

economy

remains

resilient.

9

Major

Market

Sectors

(%

of

Net

Assets)

Unaffiliated

Registered

Investment

Companies

25.9%

Financials

20.9%

Affiliated

Registered

Investment

Companies

9.8%

Energy

6.7%

Communications

Services

6.1%

Consumer

Cyclical

5.9%

Consumer

Non-Cyclical

4.9%

Technology

3.8%

U.S.

Government

&

Agencies

3.2%

Capital

Goods

2.9%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Core

Emerging

Markets

Debt

Fund

9.8%

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

6.2%

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

5.3%

U.S.

Treasury

Notes

3.2%

Wells

Fargo

&

Company,

Convertible,

7.500%

1.0%

Bank

of

America

Corporation

0.8%

Wells

Fargo

Global

Dividend

Opportunity

Fund

0.6%

J.P.

Morgan

Chase

&

Company

0.6%

PGIM

Global

High

Yield

Fund,

Inc.

0.6%

Goldman

Sachs

Group,

Inc.

0.6%

These

securities

represent

28.7%

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.

Average

Annual

Total

Returns

1

As

of

December

31,

2020

From

Inception

Class

S

1-Year

2/28/2017

Net

Asset

Value

5.74%

5.05%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

contact

a

registered

representative

or

visit

ThriventFunds.com.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

perfor-

mance

data

quoted.

Call

800-847-4836

or

visit

ThriventFunds.com

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

The

Bloomberg

Barclays

U.S.

Mortgage-Backed

Securities

Index

(MBS)

is

formed

by

grouping

the

universe

of

over

600,000

individual

fixed-rate

U.S.

government

agency

MBS

pools

into

approximately

3,500

generic

types

of

securities.

**

The

S&P/LSTA

U.S.

Leveraged

Loan

Index

is

a

market-value

weighted

index

representing

the

performance

of

the

universe

of

U.S.

dollar-denominated,

senior

secured,

syndicated

term

loans.

***

The

Bloomberg

Barclays

U.S.

Corporate

High

Yield

Bond

Index

is

an

index

which

measures

the

performance

of

fixed-rate

non-investment

grade

bond.

****

*****

The

S&P

U.S.

Preferred

Stock

Index

is

designed

to

be

an

investable

benchmark

representing

the

U.S.

preferred

stock

market.

The

Bloomberg

Barclays

Emerging

Markets

USD

Sovereign

Bond

Index

tracks

fixed

and

floating-rate

US

dollar-denominated

debt

issued

by

emerging

markets

governments.

******

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

10

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

July

1,

2020

through

December

31,

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

7/1/2020

Ending

Account

Value

12/31/2020

Expenses

Paid

During

Period

7/1/2020-

12/31/2020

*

Annualized

Expense

Ratio

Thrivent

Diversified

Income

Plus

Fund

Actual

Class

A

$1,000

$1,107

$5.03

0.95%

Class

S

$1,000

$1,108

$3.74

0.71%

Hypothetical

**

Class

A

$1,000

$1,020

$4.82

0.95%

Class

S

$1,000

$1,022

$3.59

0.71%

Thrivent

Multidimensional

Income

Fund

Actual

Class

S

$1,000

$1,128

$4.55

0.85%

Hypothetical

**

Class

S

$1,000

$1,021

$4.32

0.85%

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

to

reflect

the

one-half

year

period.

**

Assuming

5%

annualized

total

return

before

expenses.

11

To

the

Board

of

Trustees

of

Thrivent

Mutual

Funds

and

Shareholders

of

Thrivent

Diversified

Income

Plus

Fund

and

Thrivent

Multidimensional

Income

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Thrivent

Diversified

Income

Plus

Fund

and

Thrivent

Multidimensional

Income

Fund

(two

of

the

funds

constituting

Thrivent

Mutual

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2020,

the

related

statements

of

operations

for

the

year

ended

December

31,

2020,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2020,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2020,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2020

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2020

by

correspondence

with

the

custodian,

agent

banks,

transfer

agent

and

brokers;

when

replies

were

not

received

from

agent

banks

and

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

February

18,

2021

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Thrivent

Financial

for

Lutherans

investment

company

complex

since

1987.

PricewaterhouseCoopers

LLP,

45

South

Seventh

Street,

Suite

3400,

Minneapolis,

MN

55402

T:

(612)

596

6000,

F:

(612)

373

7160,

www.pwc.com/us

Report

of

Independent

Registered

Public

Accounting

Firm

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

12

Principal

Amount

Bank

Loans

(

11.1%

)

a

Value

Basic

Materials

(0.5%)

Avantor

Funding,

Inc.,

Term

Loan

$

385,000

3.500%, 

(LIBOR

1M

+

2.500%),

11/6/2027

b

$

385,243

Ball

Metalpack

Finco,

LLC,

Term

Loan

170,625

4.733%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

167,127

Chemours

Company,

Term

Loan

564,050

1.900%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

552,182

Hexion,

Inc.,

Term

Loan

647,185

3.730%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

640,713

Innophos

Holdings,

Inc.,

Term

Loan

645,125

3.647%, 

(LIBOR

1M

+

3.500%),

2/7/2027

b,c

643,512

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

613,655

3.400%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

604,450

Nouryon

USA,

LLC,

Term

Loan

1,547,389

3.153%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

1,529,331

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

1,133,655

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

1,128,270

Total

5,650,828

Capital

Goods

(1.1%)

Asplundh

Tree

Expert,

LLC,

Term

Loan

403,988

2.647%, 

(LIBOR

1M

+

2.500%),

9/4/2027

b

404,747

Flex

Acquisition

Company,

Inc.

Term

Loan

1,305,916

3.225%, 

(LIBOR

3M

+

3.000%),

6/29/2025

b

1,288,612

Gemini

HDPE,

LLC,

Term

Loan

935,000

0.000%, 

(LIBOR

1M

+

3.000%),

12/28/2027

b,d,e

927,988

GFL

Environmental,

Inc.,

Term

Loan

1,000,000

0.000%, 

(LIBOR

1M

+

3.000%),

5/31/2025

b,d,e

1,000,830

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

921,041

3.480%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

887,654

Natgasoline,

LLC,

Term

Loan

779,100

3.750%, 

(LIBOR

3M

+

3.500%),

11/14/2025

b,c

773,257

Navistar,

Inc.,

Term

Loan

1,308,012

3.660%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

1,305,069

Reynolds

Group

Holdings,

Inc.,

Term

Loan

452,803

2.897%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

450,539

650,000

3.397%, 

(LIBOR

1M

+

3.250%),

2/16/2026

b

644,313

Principal

Amount

Bank

Loans

(11.1%)

a

Value

Capital

Goods

(1.1%)

-

continued

TransDigm,

Inc.,

Term

Loan

$

2,281,950

2.397%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

$

2,233,230

Vertiv

Group

Corporation,

Term

Loan

2,168,613

3.153%, 

(LIBOR

1M

+

3.000%),

3/2/2027

b

2,153,367

Total

12,069,606

Communications

Services

(3.2%)

Altice

France

SA,

Term

Loan

574,175

2.897%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

561,210

Cablevision

Lightpath,

LLC,

Term

Loan

935,000

3.750%, 

(LIBOR

3M

+

3.250%),

12/1/2027

b

932,373

CCI

Buyer,

Inc.,

Term

Loan

240,000

0.000%, 

(LIBOR

1M

+

4.000%),

12/12/2027

b,d,e

239,599

CenturyLink,

Inc.,

Term

Loan

2,316,625

2.397%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b

2,289,984

CommScope,

Inc.,

Term

Loan

1,659,000

3.397%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,644,484

Coral-US

Co-Borrower,

LLC,

Term

Loan

2,695,000

2.397%, 

(LIBOR

1M

+

2.250%),

1/31/2028

b

2,658,510

CSC

Holdings,

LLC,

Term

Loan

1,056,675

2.409%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b

1,039,314

2,441,550

2.659%, 

(LIBOR

1M

+

2.500%),

4/15/2027

b

2,416,109

Diamond

Sports

Group,

LLC,

Term

Loan

1,932,076

3.400%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

1,702,236

E.W.

Scripps

Company,

Term

Loan

460,000

0.000%, 

(LIBOR

1M

+

3.000%),

12/15/2027

b,d,e

460,000

Eagle

Broadband

Investments,

LLC,

Term

Loan

1,555,000

3.750%, 

(LIBOR

3M

+

3.000%),

11/12/2027

b,d,e

1,552,092

Entercom

Media

Corporation,

Term

Loan

966,948

2.648%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

942,774

GCI,

LLC,

Term

Loan

1,471,312

3.500%, 

(LIBOR

3M

+

2.750%),

10/15/2025

b,d,e

1,463,500

Gray

Television,

Inc.,

Term

Loan

585,000

2.405%, 

(LIBOR

1M

+

2.250%),

2/7/2024

b

579,776

HCP

Acquisition,

LLC,

Term

Loan

1,439,586

4.000%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

1,438,981

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

13

Principal

Amount

Bank

Loans

(11.1%)

a

Value

Communications

Services

(3.2%)

-

continued

iHeartCommunications,

Inc.,

Term

Loan

$

749,323

3.147%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

$

736,210

Meredith

Corporation,

Term

Loan

807,970

5.250%, 

(LIBOR

3M

+

4.250%),

1/31/2025

b

811,606

NEP

Group,

Inc.,

Term

Loan

1,293,600

3.397%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,223,176

Nexstar

Broadcasting,

Inc.,

Term

Loan

1,450,446

2.905%, 

(LIBOR

1M

+

2.750%),

9/19/2026

b

1,439,031

Nielsen

Finance,

LLC,

Term

Loan

517,400

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

519,878

Radiate

Holdco,

LLC,

Term

Loan

2,215,000

4.250%, 

(LIBOR

1M

+

3.500%),

9/25/2026

b

2,216,041

SBA

Senior

Finance

II,

LLC,

Term

Loan

1,012,389

1.900%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

1,000,007

Terrier

Media

Buyer,

Inc.,

Term

Loan

772,200

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

771,961

427,850

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

426,780

TNS,

Inc.,

Term

Loan

956,807

4.150%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

947,239

Virgin

Media

Bristol,

LLC,

Term

Loan

2,145,000

2.659%, 

(LIBOR

1M

+

2.500%),

1/31/2028

b

2,123,164

WideOpenWest

Finance,

LLC,

Term

Loan

1,192,104

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

1,185,810

Xplornet

Communications,

Inc.,

Term

Loan

961,646

4.897%, 

(LIBOR

1M

+

4.750%),

6/10/2027

b

961,887

Ziggo

Financing

Partnership,

Term

Loan

1,425,000

2.659%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b

1,414,754

Total

35,698,486

Consumer

Cyclical

(1.7%)

1011778

B.C.,

LLC,

Term

Loan

1,668,462

1.897%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b

1,642,918

Boyd

Gaming

Corporation,

Term

Loan

331,605

2.352%, 

(LIBOR

1W

+

2.250%),

9/15/2023

b

328,322

Caesars

Resort

Collection,

LLC,

Term

Loan

1,241,887

4.647%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b

1,242,273

Principal

Amount

Bank

Loans

(11.1%)

a

Value

Consumer

Cyclical

(1.7%)

-

continued

Carnival

Corporation,

Term

Loan

$

623,434

8.500%, 

(LIBOR

1M

+

7.500%),

6/30/2025

b

$

640,578

Cengage

Learning,

Inc.,

Term

Loan

613,360

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

586,942

Four

Seasons

Hotels,

Ltd.,

Term

Loan

993,939

2.147%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

985,948

Golden

Entertainment,

Inc.,

Term

Loan

1,864,725

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

1,818,405

Golden

Nugget,

LLC,

Term

Loan

922,575

3.365%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

888,698

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

1,210,000

4.000%, 

(LIBOR

1M

+

3.250%),

10/19/2027

b

1,207,979

IAA,

Inc.,

Term

Loan

406,350

2.438%, 

(LIBOR

1M

+

2.250%),

6/28/2026

b

402,624

LCPR

Loan

Financing,

LLC,

Term

Loan

2,050,000

5.159%, 

(LIBOR

1M

+

5.000%),

10/15/2026

b

2,055,556

Michaels

Stores,

Inc.,

Term

Loan

882,787

4.250%, 

(LIBOR

1M

+

3.500%),

10/1/2027

b

875,063

Scientific

Games

International,

Inc.,

Term

Loan

3,300,670

2.897%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

3,218,978

Staples,

Inc.,

Term

Loan

352,710

4.714%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

344,245

574,599

5.214%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

555,465

Stars

Group

Holdings

BV,

Term

Loan

767,846

3.754%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

770,196

Tenneco,

Inc.,

Term

Loan

932,122

3.147%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

907,262

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

684,250

1.897%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

678,776

Total

19,150,228

Consumer

Non-Cyclical

(1.8%)

Adient

US,

LLC,

Term

Loan

374,051

4.414%, 

(LIBOR

3M

+

4.250%),

5/6/2024

b

373,426

Bausch

Health

Americas,

Inc.,

Term

Loan

1,607,399

3.148%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,600,374

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

14

Principal

Amount

Bank

Loans

(11.1%)

a

Value

Consumer

Non-Cyclical

(1.8%)

-

continued

Bellring

Brands,

LLC,

Term

Loan

$

358,941

6.000%, 

(LIBOR

1M

+

5.000%),

10/21/2024

b

$

360,018

Change

Healthcare

Holdings,

LLC,

Term

Loan

725,723

3.500%, 

(LIBOR

3M

+

2.500%),

3/1/2024

b

721,732

Chobani,

LLC,

Term

Loan

483,787

4.500%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

482,094

CNT

Holdings

I

Corporation,

Term

Loan

625,000

4.500%, 

(LIBOR

3M

+

3.750%),

11/8/2027

b

623,925

175,000

7.500%, 

(LIBOR

3M

+

6.750%),

11/6/2028

b,c

177,625

Dole

Food

Company,

Inc.,

Term

Loan

1,277,268

3.750%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b

1,274,075

Endo

International

plc,

Term

Loan

1,036,139

5.000%, 

(LIBOR

3M

+

4.250%),

4/27/2024

b

1,018,007

Global

Medical

Response,

Inc.,

Term

Loan

281,300

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

278,186

2,865,000

5.750%, 

(LIBOR

3M

+

4.750%),

10/2/2025

b

2,841,135

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

965,250

2.102%, 

(LIBOR

1W

+

2.000%),

11/15/2027

b

956,206

IQVIA,

Inc.,

Term

Loan

262,962

1.897%, 

(LIBOR

1M

+

1.750%),

1/1/2025

b

261,121

Jaguar

Holding

Company

II,

Term

Loan

463,773

3.500%, 

(LIBOR

1M

+

2.500%),

8/18/2022

b

463,370

JBS

USA

LUX

SA,

Term

Loan

1,584,837

2.147%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b

1,570,969

MPH

Acquisition

Holdings,

LLC,

Term

Loan

2,283,977

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

2,271,141

Ortho-Clinical

Diagnostics

SA,

Term

Loan

2,409,453

3.398%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

2,372,106

Plantronics,

Inc.,

Term

Loan

776,364

2.647%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

758,166

Precision

Medicine

Group,

LLC,

Term

Loan

85,000

0.000%, 

(LIBOR

1M

+

3.750%),

11/20/2027

b,c,d,e

85,000

775,000

4.500%, 

(LIBOR

3M

+

3.750%),

11/20/2027

b,c

775,000

Sotera

Health

Holdings,

LLC,

Term

Loan

706,903

5.500%, 

(LIBOR

3M

+

4.500%),

12/13/2026

b

708,967

Principal

Amount

Bank

Loans

(11.1%)

a

Value

Consumer

Non-Cyclical

(1.8%)

-

continued

US

Foods,

Inc.,

Term

Loan

$

257,974

1.897%, 

(LIBOR

1M

+

1.750%),

6/27/2023

b

$

253,841

Total

20,226,484

Energy

(0.3%)

Buckeye

Partners,

LP,

Term

Loan

545,875

2.897%, 

(LIBOR

1M

+

2.750%),

11/1/2026

b

544,767

Calpine

Corporation,

Term

Loan

1,210,000

2.650%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

1,200,925

Lealand

Finance

Company

BV,

Term

Loan

271,442

0.000%,PIK

3.000%,

(LIBOR

1M

+

4.000%),

6/30/2025

b,f

175,759

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

1,052,363

4.147%, 

(LIBOR

1M

+

4.000%),

6/30/2027

b

1,051,920

Total

2,973,371

Financials

(0.9%)

Asurion,

LLC,

Term

Loan

400,000

0.000%, 

(LIBOR

1M

+

3.250%),

12/18/2026

b,d,e

395,480

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

743,580

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

737,542

Blackstone

CQP

Holdco,

LP,

Term

Loan

650,100

3.736%, 

(LIBOR

3M

+

3.500%),

9/30/2024

b

647,662

BPR

Nimbus,

LLC,

Term

Loan

802,922

2.647%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

756,304

Delos

Finance

SARL,

Term

Loan

325,000

2.004%, 

(LIBOR

3M

+

1.750%),

10/6/2023

b

324,457

INEOS

U.S.

Finance,

LLC,

Term

Loan

258,005

2.147%, 

(LIBOR

1M

+

2.000%),

3/31/2024

b

254,852

Level

3

Financing,

Inc.,

Term

Loan

1,345,000

1.897%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

1,321,180

MoneyGram

International,

Inc.,

Term

Loan

732,840

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

732,657

NCR

Corporation,

Term

Loan

1,110,937

2.650%, 

(LIBOR

1M

+

2.500%),

8/28/2026

b

1,091,407

Newco

Financing

Partnership,

Term

Loan

1,005,000

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

1,005,503

Northriver

Midstream

Finance,

LP,

Term

Loan

1,081,174

3.475%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

1,062,102

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

15

Principal

Amount

Bank

Loans

(11.1%)

a

Value

Financials

(0.9%)

-

continued

Tronox

Finance,

LLC,

Term

Loan

$

548,211

3.197%, 

(LIBOR

1M

+

3.000%),

9/22/2024

b

$

544,719

UPC

Financing

Partnership,

Term

Loan

1,005,000

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

1,005,503

Total

9,879,368

Technology

(0.9%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

991,765

3.714%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

952,798

Prime

Security

Services

Borrower,

LLC,

Term

Loan

2,774,432

4.250%, 

(LIBOR

3M

+

3.250%),

9/23/2026

b

2,781,368

Rackspace

Technology

Global,

Inc.,

Term

Loan

2,716,590

4.000%, 

(LIBOR

3M

+

3.000%),

11/3/2023

b

2,710,478

SS&C

Technologies,

Inc.,

Term

Loan

1,027,459

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

1,013,075

783,825

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

772,851

Zayo

Group

Holdings,

Inc.,

Term

Loan

1,848,388

3.147%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,834,525

Total

10,065,095

Transportation

(0.3%)

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,285,288

2.254%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

1,281,470

SkyMiles

IP,

Ltd.,

Term

Loan

1,245,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

1,288,998

United

Airlines,

Inc.,

Term

Loan

964,974

1.895%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

943,263

Total

3,513,731

Utilities

(0.4%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

113,063

2.438%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

112,732

Core

and

Main,

LP,

Term

Loan

829,350

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

824,515

EnergySolutions,

LLC,

Term

Loan

614,250

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

603,243

Exgen

Renewables

IV,

LLC,

Term

Loan

1,245,000

3.750%, 

(LIBOR

3M

+

2.750%),

12/11/2027

b,d,e

1,243,133

Principal

Amount

Bank

Loans

(11.1%)

a

Value

Utilities

(0.4%)

-

continued

Pacific

Gas

and

Electric

Company,

Term

Loan

$

1,606,925

5.500%, 

(LIBOR

1M

+

4.500%),

6/23/2025

b

$

1,623,396

Talen

Energy

Supply,

LLC,

Term

Loan

453,150

3.897%, 

(LIBOR

1M

+

3.750%),

7/8/2026

b

444,463

Total

4,851,482

Total

Bank

Loans

(cost

$124,356,023)

124,078,679

Principal

Amount

Long-Term

Fixed

Income

(

48.1%

)

Value

Asset-Backed

Securities

(3.4%)

522

Funding

CLO,

Ltd.

1,300,000

4.051%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,g

1,304,017

Ares

LVII

CLO,

Ltd.

1,250,000

4.594%, 

(LIBOR

3M

+

4.350%),

10/25/2031,

Ser.

2020-57A,

Class

D

b,g

1,254,796

Babson

CLO,

Ltd.

1,675,000

3.118%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,g

1,633,395

Benefit

Street

Partners

CLO

IV,

Ltd.

1,300,000

1.968%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,g

1,300,058

Business

Jet

Securities,

LLC

1,474,628

4.447%, 

6/15/2033,

Ser.

2018-2,

Class

A

g

1,501,207

Cent

CLO,

LP

3,875,000

2.515%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,g

3,826,249

Conn's

Receivables

Funding

510,994

1.710%, 

6/16/2025,

Ser.

2020-A,

Class

A

g

511,468

Dryden

36

Senior

Loan

Fund

1,025,000

2.204%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,g

1,025,530

Foundation

Finance

Trust

392,085

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

g

399,499

Harley

Marine

Financing,

LLC

1,833,945

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

g

1,655,383

Octagon

Investment

Partners

50,

Ltd.

1,550,000

4.470%, 

(LIBOR

3M

+

4.300%),

10/15/2033,

Ser.

2020-4A,

Class

D

b,g

1,560,004

OZLM

IX,

Ltd.

2,750,000

1.768%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,g

2,750,250

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Asset-Backed

Securities

(3.4%)

-

continued

Palmer

Square

CLO,

Ltd.

$

2,000,000

2.226%, 

(LIBOR

3M

+

2.000%),

5/21/2029,

Ser.

2015-1A,

Class

BR3

b,e,g

$

2,000,000

Palmer

Square

Loan

Funding,

Ltd.

1,300,000

2.468%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,g

1,299,997

Pretium

Mortgage

Credit

Partners,

LLC

2,530,248

3.721%, 

1/25/2059,

Ser.

2019-CFL1,

Class

A1

g,h

2,529,091

Riserva

CLO,

Ltd.

1,625,000

1.918%, 

(LIBOR

3M

+

1.700%),

10/18/2028,

Ser.

2016-3A,

Class

BR

b,g

1,624,994

Saxon

Asset

Securities

Trust

567,623

3.623%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

570,575

Sound

Point

CLO

X,

Ltd.

1,575,000

2.918%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,g

1,534,398

Sound

Point

CLO

XXI,

Ltd.

3,200,000

1.665%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,g

3,200,010

TCI-Flatiron

CLO,

Ltd.

3,200,000

2.426%, 

(LIBOR

3M

+

2.200%),

1/17/2032,

Ser.

2016-1A,

Class

CR2

b,c,e,g

3,200,000

THL

Credit

Wind

River

CLO,

Ltd.

1,575,000

3.087%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,g

1,534,538

Vericrest

Opportunity

Loan

Transferee

1,897,953

3.352%, 

9/25/2049,

Ser.

2019-NPL5,

Class

A1A

g,h

1,900,384

Total

38,115,843

Basic

Materials

(0.9%)

Air

Products

and

Chemicals,

Inc.

74,000

1.500%, 

10/15/2025

77,115

Alcoa

Nederland

Holding

BV

490,000

5.500%, 

12/15/2027

g

536,192

BWAY

Holding

Company

500,000

5.500%, 

4/15/2024

g

509,865

Cleveland-Cliffs,

Inc.

340,000

5.750%, 

3/1/2025

i

345,100

290,000

9.875%, 

10/17/2025

g

341,112

EI

du

Pont

de

Nemours

&

Company

149,000

1.700%, 

7/15/2025

155,242

First

Quantum

Minerals,

Ltd.

610,000

7.500%, 

4/1/2025

g

635,162

Freeport-McMoRan,

Inc.

470,000

4.125%, 

3/1/2028

492,913

500,000

4.250%, 

3/1/2030

538,750

Ingevity

Corporation

560,000

3.875%, 

11/1/2028

g

564,200

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Basic

Materials

(0.9%)

-

continued

Kinross

Gold

Corporation

$

142,000

5.125%, 

9/1/2021

$

144,562

Kraton

Polymers,

LLC

490,000

4.250%, 

12/15/2025

g

499,849

LYB

International

Finance

III,

LLC

149,000

1.250%, 

10/1/2025

151,577

Methanex

Corporation

700,000

5.250%, 

12/15/2029

758,604

Mosaic

Company

73,000

3.250%, 

11/15/2022

76,282

Norbord,

Inc.

680,000

5.750%, 

7/15/2027

g

731,014

Novelis

Corporation

770,000

5.875%, 

9/30/2026

g

804,650

210,000

4.750%, 

1/30/2030

g

226,247

Nucor

Corporation

75,000

2.000%, 

6/1/2025

79,411

OCI

NV

560,000

4.625%, 

10/15/2025

g

581,000

Olin

Corporation

800,000

5.125%, 

9/15/2027

836,912

Steel

Dynamics,

Inc.

89,000

2.400%, 

6/15/2025

94,576

Syngenta

Finance

NV

200,000

3.933%, 

4/23/2021

g

201,342

Tronox

Finance

plc

300,000

5.750%, 

10/1/2025

g

311,250

Xstrata

Finance

Canada,

Ltd.

213,000

4.950%, 

11/15/2021

g

221,504

Total

9,914,431

Capital

Goods

(1.8%)

AECOM

1,160,000

5.125%, 

3/15/2027

1,290,883

Amsted

Industries,

Inc.

870,000

5.625%, 

7/1/2027

g

924,375

Ardagh

Packaging

Finance

plc

334,000

6.000%, 

2/15/2025

g

346,107

540,000

5.250%, 

8/15/2027

g

566,897

Berry

Global,

Inc.

430,000

4.875%, 

7/15/2026

g

461,902

Boeing

Company

340,000

4.875%, 

5/1/2025

387,496

Caterpillar

Financial

Services

Corporation

238,000

1.900%, 

9/6/2022

244,611

228,000

1.950%, 

11/18/2022

235,228

148,000

1.450%, 

5/15/2025

153,701

Chart

Industries,

Inc.,

Convertible

310,000

1.000%, 

11/15/2024

g

649,393

Cintas

Corporation

No.

2

213,000

2.900%, 

4/1/2022

219,231

CNH

Industrial

Capital,

LLC

215,000

4.875%, 

4/1/2021

217,103

89,000

1.950%, 

7/2/2023

91,615

Covanta

Holding

Corporation

620,000

6.000%, 

1/1/2027

651,215

125,000

5.000%, 

9/1/2030

133,742

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Capital

Goods

(1.8%)

-

continued

Crown

Americas

Capital

Corporation

IV

$

420,000

4.500%, 

1/15/2023

$

443,155

Crown

Cork

&

Seal

Company,

Inc.

610,000

7.375%, 

12/15/2026

742,675

General

Electric

Company

952,000

5.000%, 

3/15/2021

b,j

882,751

GFL

Environmental,

Inc.

130,000

4.000%, 

8/1/2028

g,i

130,975

560,000

3.500%, 

9/1/2028

g

571,318

Greenbrier

Companies,

Inc.,

Convertible

118,000

2.875%, 

2/1/2024

119,236

H&E

Equipment

Services,

Inc.

650,000

3.875%, 

12/15/2028

g

654,894

Honeywell

International,

Inc.

149,000

1.350%, 

6/1/2025

154,190

Howmet

Aerospace,

Inc.

480,000

6.875%, 

5/1/2025

566,400

Huntington

Ingalls

Industries,

Inc.

148,000

3.844%, 

5/1/2025

g

164,423

Jeld-Wen,

Inc.

450,000

4.625%, 

12/15/2025

g

459,229

John

Deere

Capital

Corporation

226,000

1.200%, 

4/6/2023

230,499

228,000

2.050%, 

1/9/2025

i

241,726

KBR,

Inc.,

Convertible

602,000

2.500%, 

11/1/2023

823,628

Otis

Worldwide

Corporation

230,000

2.056%, 

4/5/2025

243,717

Owens-Brockway

Glass

Container,

Inc.

340,000

5.875%, 

8/15/2023

g

364,225

PACCAR

Financial

Corporation

153,000

2.650%, 

4/6/2023

161,181

Parker-Hannifin

Corporation

320,000

2.700%, 

6/14/2024

343,147

Patrick

Industries,

Inc.,

Convertible

197,000

1.000%, 

2/1/2023

207,999

Raytheon

Technologies

Corporation

142,000

2.800%, 

3/15/2022

146,034

Republic

Services,

Inc.

164,000

2.500%, 

8/15/2024

175,103

Reynolds

Group

Issuer,

Inc.

49,000

5.125%, 

7/15/2023

g

49,603

Roper

Technologies,

Inc.

156,000

2.350%, 

9/15/2024

166,074

149,000

1.000%, 

9/15/2025

150,765

SRM

Escrow

Issuer,

LLC

590,000

6.000%, 

11/1/2028

g

617,633

Standard

Industries,

Inc.

950,000

4.375%, 

7/15/2030

g

1,016,243

TransDigm,

Inc.

290,000

6.250%, 

3/15/2026

g

308,850

1,000,000

5.500%, 

11/15/2027

1,051,300

United

Rentals

North

America,

Inc.

1,310,000

4.000%, 

7/15/2030

1,378,775

United

Technologies

Corporation

300,000

3.950%, 

8/16/2025

344,008

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Capital

Goods

(1.8%)

-

continued

WESCO

Distribution,

Inc.

$

430,000

7.250%, 

6/15/2028

g

$

489,035

WW

Grainger,

Inc.

153,000

1.850%, 

2/15/2025

161,113

Total

20,133,403

Collateralized

Mortgage

Obligations

(7.9%)

Alternative

Loan

Trust

740,717

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

604,674

Antler

Mortgage

Trust

797,250

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

g

797,725

1,502,652

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

g

1,505,449

Banc

of

America

Alternative

Loan

Trust

996,947

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

953,866

Banc

of

America

Mortgage

Securities

Trust

781,148

2.500%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

765,128

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

177,381

2.410%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

177,486

Bellemeade

Re,

Ltd.

1,194,767

1.748%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,g

1,192,913

468,377

2.798%, 

(LIBOR

1M

+

2.650%),

6/25/2030,

Ser.

2020-1A,

Class

M1A

b,g

469,541

1,300,000

3.548%, 

(LIBOR

1M

+

3.400%),

6/25/2030,

Ser.

2020-1A,

Class

M1B

b,g

1,313,349

800,000

2.448%, 

(LIBOR

1M

+

2.300%),

8/26/2030,

Ser.

2020-2A,

Class

M1A

b,g

802,257

Business

Jet

Securities,

LLC

631,014

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

g

639,539

Cascade

Funding

Mortgage

Trust

1,132,408

4.580%, 

6/25/2048,

Ser.

2018-RM1,

Class

A1

g

1,135,949

1,439,693

4.000%, 

10/25/2068,

Ser.

2018-RM2,

Class

A

b,g

1,486,469

CHL

Mortgage

Pass-Through

Trust

1,097,235

2.661%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

947,051

473,746

2.788%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

476,267

1,538,373

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

1,217,936

CIM

Trust

901,837

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,g

959,976

Citigroup

Mortgage

Loan

Trust,

Inc.

210,141

5.500%, 

11/25/2035,

Ser.

2005-9,

Class

21A2

215,830

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Collateralized

Mortgage

Obligations

(7.9%)

-

continued

$

1,631,054

3.735%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

$

1,599,162

Countrywide

Alternative

Loan

Trust

749,711

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

744,702

305,841

2.714%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

294,173

249,243

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

240,617

281,613

6.000%, 

4/25/2036,

Ser.

2006-4CB,

Class

1A1

208,464

1,012,721

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

553,962

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

687,751

2.711%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

645,667

Credit

Suisse

First

Boston

Mortgage

Securities

Corporation

168,407

5.250%, 

10/25/2035,

Ser.

2005-9,

Class

1A3

168,386

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

1,123,127

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

1,151,617

519,941

2.353%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

501,077

Eagle

Re,

Ltd.

1,383,599

1.948%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,g

1,377,149

Federal

Home

Loan

Mortgage

Corporation

3,092,601

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

k

332,883

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,119,747

2.500%, 

12/15/2022,

Ser.

4155,

Class

AI

k

19,324

849,108

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

k

37,342

2,619,139

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

k

143,654

2,212,456

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

k

137,063

3,183,395

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

k

198,880

1,099,580

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

k

58,724

2,430,196

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

k

133,455

3,641,795

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

k

199,827

3,229,275

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

k

389,970

1,957,428

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

k

189,187

3,507,992

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

k

258,288

Federal

National

Mortgage

Association

-

REMIC

4,460,016

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

k

242,489

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Collateralized

Mortgage

Obligations

(7.9%)

-

continued

$

2,831,953

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

k

$

138,098

5,902,558

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

k

282,089

2,593,532

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

k

169,702

7,494,004

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

k

469,294

3,892,615

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

k

203,191

1,903,913

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

k

100,420

5,177,454

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

k

276,148

1,666,787

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

k

75,082

1,661,704

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

k

100,044

1,066,013

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

k

67,897

3,829,744

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

k

185,935

2,287,490

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

k

250,727

First

Horizon

Alternative

Mortgage

Securities

Trust

383,453

2.467%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

355,424

368,960

2.977%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

366,340

First

Horizon

Mortgage

Pass-

Through

Trust

434,845

3.525%, 

8/25/2037,

Ser.

2007-AR2,

Class

1A2

b

281,834

Genworth

Mortgage

Insurance

Corporation

1,000,000

2.048%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

b,g

997,614

GMAC

Mortgage

Corporation

Loan

Trust

758,542

3.662%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

742,596

Government

National

Mortgage

Association

1,008,865

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

k

64,286

Greenpoint

Mortgage

Funding

Trust

551,898

0.348%, 

(LIBOR

1M

+

0.200%),

10/25/2045,

Ser.

2005-AR4,

Class

G41B

b

494,646

IndyMac

IMJA

Mortgage

Loan

Trust

1,104,422

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

708,879

IndyMac

INDX

Mortgage

Loan

Trust

2,505,217

0.568%, 

(LIBOR

1M

+

0.420%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

2,309,979

J.P.

Morgan

Alternative

Loan

Trust

1,167,971

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

932,775

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Collateralized

Mortgage

Obligations

(7.9%)

-

continued

J.P.

Morgan

Mortgage

Trust

$

136,767

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

$

156,472

519,536

3.458%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

454,532

Legacy

Mortgage

Asset

Trust

1,853,088

4.000%, 

1/25/2059,

Ser.

2019-GS1,

Class

A1

g

1,881,893

1,988,294

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

g,h

2,023,252

Lehman

Mortgage

Trust

347,788

0.898%, 

(LIBOR

1M

+

0.750%),

12/25/2035,

Ser.

2005-2,

Class

3A1

b

209,354

Master

Asset

Securitization

Trust

1,106,175

0.648%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

254,951

MASTR

Alternative

Loans

Trust

494,968

0.598%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

77,883

Merrill

Lynch

Alternative

Note

Asset

Trust

614,846

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

397,399

411,102

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A6

249,592

Merrill

Lynch

Mortgage

Investors

Trust

1,068,367

3.508%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

596,127

New

Residential

Mortgage

Loan

Trust

669,204

4.335%, 

7/25/2060,

Ser.

2020-NPL1,

Class

A1

g,h

677,353

Oaktown

Re

II,

Ltd.

516,383

1.698%, 

(LIBOR

1M

+

1.550%),

7/25/2028,

Ser.

2018-1A,

Class

M1

b,g

515,460

Preston

Ridge

Partners

Mortgage

Trust,

LLC

1,865,456

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,g

1,888,098

1,368,001

4.750%, 

10/25/2024,

Ser.

2019-GS1,

Class

A2

b,g

1,372,647

586,081

3.351%, 

11/25/2024,

Ser.

2019-4A,

Class

A1

g,h

588,233

993,721

3.671%, 

8/25/2025,

Ser.

2020-2,

Class

A1

g,h

1,003,197

Pretium

Mortgage

Credit

Partners,

LLC

1,196,645

2.858%, 

5/27/2059,

Ser.

2020-NPL1,

Class

A1

g,h

1,201,363

Radnor

RE,

Ltd.

138,364

1.548%, 

(LIBOR

1M

+

1.400%),

3/25/2028,

Ser.

2018-1,

Class

M1

b,g

138,344

2,300,000

2.848%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,g

2,304,675

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Collateralized

Mortgage

Obligations

(7.9%)

-

continued

RCO

Mortgage,

LLC

$

1,072,164

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

g,h

$

1,073,515

Renaissance

Home

Equity

Loan

Trust

1,471,186

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

h

837,860

Residential

Accredit

Loans,

Inc.

Trust

780,145

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

776,535

445,486

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

446,120

482,730

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

471,714

983,485

5.750%, 

4/25/2037,

Ser.

2007-QS6,

Class

A28

941,895

919,980

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

905,351

233,202

6.000%, 

6/25/2037,

Ser.

2007-QS8,

Class

A10

226,807

Residential

Asset

Securitization

Trust

843,146

6.217%, 

8/25/2022,

Ser.

2007-A8,

Class

3A1

b

605,993

562,678

2.740%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

566,012

1,577,507

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

1,646,082

Residential

Funding

Mortgage

Security

I

Trust

631,363

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

595,235

Sequoia

Mortgage

Trust

848,165

3.118%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

657,316

Silver

Hill

Trust

1,321,481

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,g

1,365,664

Stanwich

Mortgage

Loan

Trust

765,446

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

g,h

767,880

Starwood

Mortgage

Residential

Trust

1,143,776

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

b,g

1,186,575

1,600,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,g

1,664,922

Structured

Adjustable

Rate

Mortgage

Loan

Trust

325,979

3.214%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

297,361

232,154

3.230%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

186,503

Structured

Asset

Mortgage

Investments,

Inc.

671,118

0.768%, 

(LIBOR

1M

+

0.620%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

634,112

Toorak

Mortgage

Corporation

1,417,385

4.336%, 

8/25/2021,

Ser.

2018-1,

Class

A1

g,h

1,420,568

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Collateralized

Mortgage

Obligations

(7.9%)

-

continued

$

2,300,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

g,h

$

2,335,549

1,750,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

g,h

1,754,466

Vericrest

Opportunity

Loan

Transferee

1,158,593

2.981%, 

3/25/2050,

Ser.

2020-NPL4,

Class

A1

g,h

1,159,897

1,800,000

3.475%, 

3/25/2050,

Ser.

2020-NPL5,

Class

A1B

g,h

1,792,551

4,850,000

4.090%, 

11/25/2049,

Ser.

2019-NPL8,

Class

A1B

g,h

4,842,095

2,900,000

4.090%, 

11/26/2049,

Ser.

2019-NPL9,

Class

A1B

g,h

2,895,273

285,952

3.426%, 

12/27/2049,

Ser.

2019-NP10,

Class

A1A

g,h

286,661

Verus

Securitization

Trust

1,355,745

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,g

1,365,699

WaMu

Mortgage

Pass

Through

Certificates

889,125

1.489%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

813,389

963,846

1.753%, 

(COF

11

+

1.250%),

3/25/2047,

Ser.

2007-OA2,

Class

2A

b

914,683

Washington

Mutual

Mortgage

Pass

Through

Certificates

521,931

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

2A9

524,016

1,207,470

7.000%, 

4/25/2037,

Ser.

2007-2,

Class

1A1

714,796

Washington

Mutual

Mortgage

Pass-Through

Certificates

456,824

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

456,138

Total

88,180,525

Commercial

Mortgage-Backed

Securities

(0.4%)

BFLD

Trust

1,250,000

1.859%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,g

1,254,052

Federal

National

Mortgage

Association

-

ACES

28,271,282

1.466%, 

2/25/2031,

Ser.

2019-M21,

Class

X2

b,k

3,019,025

Total

4,273,077

Communications

Services

(2.7%)

Altice

France

SA

380,000

5.500%, 

1/15/2028

g

397,294

American

Tower

Corporation

234,000

3.375%, 

5/15/2024

254,499

142,000

2.950%, 

1/15/2025

153,795

149,000

4.400%, 

2/15/2026

172,520

AT&T,

Inc.

640,000

4.450%, 

4/1/2024

714,642

British

Sky

Broadcasting

Group

plc

140,000

3.125%, 

11/26/2022

g

147,190

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Communications

Services

(2.7%)

-

continued

Cable

One,

Inc.

$

200,000

4.000%, 

11/15/2030

g

$

207,750

CCO

Holdings,

LLC

650,000

5.500%, 

5/1/2026

g

673,562

620,000

5.125%, 

5/1/2027

g

657,938

1,400,000

4.500%, 

8/15/2030

g

1,485,750

Charter

Communications

Operating,

LLC

227,000

4.500%, 

2/1/2024

251,751

298,000

4.908%, 

7/23/2025

346,232

Comcast

Corporation

152,000

3.700%, 

4/15/2024

167,207

152,000

3.950%, 

10/15/2025

174,594

Cox

Communications,

Inc.

240,000

2.950%, 

6/30/2023

g

252,453

Crown

Castle

International

Corporation

157,000

4.450%, 

2/15/2026

181,623

CSC

Holdings,

LLC

1,025,000

5.500%, 

5/15/2026

g

1,066,000

90,000

4.125%, 

12/1/2030

g

94,104

770,000

4.625%, 

12/1/2030

g

803,687

Deutsche

Telekom

International

Finance

BV

164,000

2.485%, 

9/19/2023

g

171,529

Discovery

Communications,

LLC

148,000

2.950%, 

3/20/2023

155,921

DISH

Network

Corporation,

Convertible

839,000

3.375%, 

8/15/2026

799,761

Embarq

Corporation

650,000

7.995%, 

6/1/2036

801,742

Entercom

Media

Corporation

330,000

6.500%, 

5/1/2027

g

335,362

Fox

Corporation

312,000

4.030%, 

1/25/2024

343,572

Front

Range

BidCo,

Inc.

830,000

4.000%, 

3/1/2027

g

832,075

Frontier

Communications

Corporation

300,000

5.875%, 

10/15/2027

g

324,375

GCI,

LLC

380,000

4.750%, 

10/15/2028

g

405,289

Hughes

Satellite

Systems

Corporation

200,000

6.625%, 

8/1/2026

226,294

iHeartCommunications,

Inc.

735,000

4.750%, 

1/15/2028

g

757,050

LCPR

Senior

Secured

Financing

DAC

330,000

6.750%, 

10/15/2027

g

355,162

Level

3

Financing,

Inc.

285,000

5.250%, 

3/15/2026

294,491

780,000

4.625%, 

9/15/2027

g

814,659

680,000

4.250%, 

7/1/2028

g

698,700

Liberty

Interactive,

LLC,

Convertible

222,000

3.500%, 

1/15/2031

199,603

Meredith

Corporation

400,000

6.500%, 

7/1/2025

g

424,000

Netflix,

Inc.

1,210,000

4.875%, 

4/15/2028

1,364,517

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Communications

Services

(2.7%)

-

continued

Nexstar

Escrow

Corporation

$

520,000

5.625%, 

7/15/2027

g

$

557,050

Nielsen

Finance,

LLC

170,000

5.625%, 

10/1/2028

g

184,714

SBA

Communications

Corporation

400,000

3.875%, 

2/15/2027

g

420,120

Scripps

Escrow

II,

Inc.

260,000

3.875%, 

1/15/2029

g

271,049

SFR

Group

SA

840,000

7.375%, 

5/1/2026

g

884,100

Sinclair

Television

Group,

Inc.

570,000

5.500%, 

3/1/2030

g

594,225

Sirius

XM

Radio,

Inc.

1,220,000

5.000%, 

8/1/2027

g

1,296,262

100,000

4.125%, 

7/1/2030

g

106,438

Sprint

Capital

Corporation

520,000

6.875%, 

11/15/2028

685,610

270,000

8.750%, 

3/15/2032

427,511

Sprint

Corporation

630,000

7.250%, 

9/15/2021

655,515

350,000

7.125%, 

6/15/2024

409,287

1,240,000

7.625%, 

2/15/2025

1,482,835

T-Mobile

USA,

Inc.

250,000

3.500%, 

4/15/2025

g

276,245

Univision

Communications,

Inc.

680,000

6.625%, 

6/1/2027

g

730,252

VeriSign,

Inc.

295,000

4.750%, 

7/15/2027

316,483

Verizon

Communications,

Inc.

117,000

2.946%, 

3/15/2022

120,658

281,000

1.321%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

288,545

296,000

0.850%, 

11/20/2025

298,257

Viacom,

Inc.

210,000

4.250%, 

9/1/2023

228,609

138,000

5.875%, 

2/28/2057

b

143,175

ViaSat,

Inc.

280,000

5.625%, 

9/15/2025

g

286,384

Virgin

Media

Secured

Finance

plc

550,000

5.500%, 

8/15/2026

g

571,313

Vodafone

Group

plc

245,000

3.750%, 

1/16/2024

267,688

VTR

Finance

NV

250,000

6.375%, 

7/15/2028

g

273,125

Walt

Disney

Company

148,000

1.750%, 

1/13/2026

155,110

Ziggo

BV

556,000

5.500%, 

1/15/2027

g

580,325

Total

30,017,578

Consumer

Cyclical

(3.2%)

1011778

B.C.,

ULC

1,120,000

4.375%, 

1/15/2028

g

1,153,600

Allied

Universal

Holdco,

LLC

400,000

6.625%, 

7/15/2026

g

426,520

Allison

Transmission,

Inc

535,000

3.750%, 

1/30/2031

g

547,372

Amazon.com,

Inc.

149,000

0.800%, 

6/3/2025

151,155

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Consumer

Cyclical

(3.2%)

-

continued

American

Axle

&

Manufacturing,

Inc.

$

630,000

6.500%, 

4/1/2027

$

663,075

American

Honda

Finance

Corporation

240,000

2.050%, 

1/10/2023

248,170

149,000

0.650%, 

9/8/2023

149,931

149,000

1.200%, 

7/8/2025

152,447

Bloomin'

Brands,

Inc.,

Convertible

117,000

5.000%, 

5/1/2025

g

214,846

BMW

Finance

NV

161,000

2.250%, 

8/12/2022

g

166,022

Booking

Holdings,

Inc.,

Convertible

99,000

0.900%, 

9/15/2021

114,744

Brookfield

Property

REIT,

Inc.

240,000

5.750%, 

5/15/2026

g

236,778

Brookfield

Residential

Properties,

Inc.

810,000

6.250%, 

9/15/2027

g

861,637

Burlington

Stores,

Inc.,

Convertible

777,000

2.250%, 

4/15/2025

g

1,076,349

Carnival

Corporation

390,000

11.500%, 

4/1/2023

g

450,965

270,000

10.500%, 

2/1/2026

g

314,550

130,000

7.625%, 

3/1/2026

g

141,634

Cedar

Fair,

LP

490,000

5.250%, 

7/15/2029

504,479

Colt

Merger

Sub,

Inc.

830,000

6.250%, 

7/1/2025

g

883,950

D.R.

Horton,

Inc.

75,000

2.600%, 

10/15/2025

80,880

Daimler

Finance

North

America,

LLC

158,000

2.550%, 

8/15/2022

g

163,360

Dana,

Inc.

520,000

5.625%, 

6/15/2028

559,900

Dick's

Sporting

Goods,

Inc.,

Convertible

496,000

3.250%, 

4/15/2025

g

883,190

Empire

Communities

Corporation

160,000

7.000%, 

12/15/2025

g

168,618

Ford

Motor

Company

230,000

9.000%, 

4/22/2025

282,635

130,000

9.625%, 

4/22/2030

183,462

590,000

7.450%, 

7/16/2031

756,675

Ford

Motor

Credit

Company,

LLC

1,300,000

4.063%, 

11/1/2024

1,365,741

920,000

4.134%, 

8/4/2025

964,850

General

Motors

Company

218,000

5.400%, 

10/2/2023

244,087

148,000

6.125%, 

10/1/2025

179,483

General

Motors

Financial

Company,

Inc.

213,000

4.375%, 

9/25/2021

218,750

154,000

4.200%, 

11/6/2021

158,728

141,000

3.150%, 

6/30/2022

145,977

311,000

3.950%, 

4/13/2024

338,697

228,000

2.900%, 

2/26/2025

243,441

149,000

2.750%, 

6/20/2025

159,295

320,000

5.700%, 

9/30/2030

b,j

352,800

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Consumer

Cyclical

(3.2%)

-

continued

Hanesbrands,

Inc.

$

740,000

4.875%, 

5/15/2026

g

$

803,825

Harley-Davidson

Financial

Services,

Inc.

240,000

4.050%, 

2/4/2022

g

248,378

Herc

Holdings,

Inc.

330,000

5.500%, 

7/15/2027

g

349,800

Hilton

Domestic

Operating

Company,

Inc.

1,200,000

4.875%, 

1/15/2030

1,311,000

Home

Depot,

Inc.

148,000

3.750%, 

2/15/2024

162,265

Hyundai

Capital

America

245,000

3.000%, 

6/20/2022

g

252,666

149,000

1.800%, 

10/15/2025

g

152,731

International

Game

Technology

plc

550,000

5.250%, 

1/15/2029

g

592,625

KB

Home

430,000

4.800%, 

11/15/2029

471,925

Kohl's

Corporation

193,000

9.500%, 

5/15/2025

250,297

L

Brands,

Inc.

560,000

6.625%, 

10/1/2030

g

623,000

Landry's,

Inc.

405,000

6.750%, 

10/15/2024

g

402,092

Lennar

Corporation

86,000

4.125%, 

1/15/2022

88,042

229,000

4.875%, 

12/15/2023

253,045

1,475,000

4.500%, 

4/30/2024

1,629,875

77,000

5.875%, 

11/15/2024

88,935

148,000

4.750%, 

5/30/2025

169,090

Live

Nation

Entertainment,

Inc.

260,000

3.750%, 

1/15/2028

e,g

262,704

Lowe's

Companies,

Inc.

148,000

4.000%, 

4/15/2025

168,127

Marriott

International,

Inc.

298,000

3.750%, 

10/1/2025

322,616

Marriott

Vacations

Worldwide

Corporation,

Convertible

197,000

1.500%, 

9/15/2022

222,999

Mattamy

Group

Corporation

1,080,000

5.250%, 

12/15/2027

g

1,142,100

McDonald's

Corporation

320,000

3.350%, 

4/1/2023

340,869

MGM

Resorts

International

844,000

5.750%, 

6/15/2025

933,169

Nissan

Motor

Company,

Ltd.

149,000

3.043%, 

9/15/2023

g

155,783

Norwegian

Cruise

Line

Holdings,

Ltd.

260,000

10.250%, 

2/1/2026

g

304,200

Prime

Security

Services

Borrower,

LLC

1,070,000

5.750%, 

4/15/2026

g

1,171,650

195,000

3.375%, 

8/31/2027

g

193,538

Ralph

Lauren

Corporation

149,000

1.700%, 

6/15/2022

151,706

Royal

Caribbean

Cruises,

Ltd.

520,000

9.125%, 

6/15/2023

g

564,200

200,000

11.500%, 

6/1/2025

g

233,810

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Consumer

Cyclical

(3.2%)

-

continued

Scientific

Games

International,

Inc.

$

620,000

5.000%, 

10/15/2025

g

$

639,772

SeaWorld

Parks

and

Entertainment,

Inc.

260,000

9.500%, 

8/1/2025

g

282,263

Six

Flags

Entertainment

Corporation

380,000

5.500%, 

4/15/2027

g,i

390,450

Six

Flags

Theme

Parks,

Inc.

240,000

7.000%, 

7/1/2025

g

259,200

Staples,

Inc.

680,000

7.500%, 

4/15/2026

g

710,104

Target

Corporation

148,000

2.250%, 

4/15/2025

158,687

Tenneco,

Inc.

260,000

5.000%, 

7/15/2026

239,200

TJX

Companies,

Inc.

148,000

3.500%, 

4/15/2025

165,209

Toll

Brothers

Finance

Corporation

297,000

5.875%, 

2/15/2022

308,880

Toyota

Motor

Credit

Corporation

297,000

0.800%, 

10/16/2025

299,060

Under

Armour,

Inc.,

Convertible

98,000

1.500%, 

6/1/2024

g

161,537

VF

Corporation

151,000

2.050%, 

4/23/2022

154,239

Volkswagen

Group

of

America

Finance,

LLC

250,000

4.250%, 

11/13/2023

g

274,935

74,000

3.350%, 

5/13/2025

g

81,336

Wyndham

Destinations,

Inc.

330,000

6.625%, 

7/31/2026

g

377,850

Wyndham

Hotels

&

Resorts,

Inc.

195,000

4.375%, 

8/15/2028

g

202,615

Yum!

Brands,

Inc.

920,000

4.750%, 

1/15/2030

g

1,008,780

ZF

North

America

Capital,

Inc.

260,000

4.750%, 

4/29/2025

g

280,179

Total

35,920,151

Consumer

Non-Cyclical

(3.0%)

Abbott

Laboratories

284,000

2.550%, 

3/15/2022

291,637

149,000

3.400%, 

11/30/2023

161,478

AbbVie,

Inc.

142,000

2.900%, 

11/6/2022

148,538

310,000

2.300%, 

11/21/2022

321,381

162,000

2.800%, 

3/15/2023

169,418

610,000

3.600%, 

5/14/2025

679,730

Albertson's

Companies,

Inc.

805,000

3.500%, 

3/15/2029

g

813,050

250,000

4.875%, 

2/15/2030

g

275,470

Altria

Group,

Inc.

232,000

3.800%, 

2/14/2024

253,306

160,000

4.400%, 

2/14/2026

185,727

Amgen,

Inc.

230,000

1.900%, 

2/21/2025

241,708

Anheuser-Busch

Companies,

LLC

160,000

3.650%, 

2/1/2026

180,759

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Consumer

Non-Cyclical

(3.0%)

-

continued

Anheuser-Busch

InBev

Worldwide,

Inc.

$

229,000

4.150%, 

1/23/2025

$

260,747

Anthem,

Inc.

221,000

2.375%, 

1/15/2025

236,325

Aramark

Services,

Inc.

250,000

6.375%, 

5/1/2025

g,i

267,187

AstraZeneca

plc

148,000

0.700%, 

4/8/2026

147,183

BAT

Capital

Corporation

229,000

3.222%, 

8/15/2024

247,916

BAT

International

Finance

plc

149,000

1.668%, 

3/25/2026

152,483

Bausch

Health

Companies,

Inc.

160,000

5.000%, 

1/30/2028

g

164,886

590,000

5.000%, 

2/15/2029

g

606,638

Bayer

U.S.

Finance

II,

LLC

290,000

3.500%, 

6/25/2021

g

293,524

Boston

Scientific

Corporation

320,000

3.450%, 

3/1/2024

346,589

Bristol-Myers

Squibb

Company

229,000

3.625%, 

5/15/2024

251,030

Bunge,

Ltd.

Finance

Corporation

179,000

1.630%, 

8/17/2025

184,960

Cargill,

Inc.

152,000

1.375%, 

7/23/2023

g

155,784

Centene

Corporation

360,000

4.750%, 

1/15/2025

369,443

229,000

5.375%, 

8/15/2026

g

241,881

200,000

4.250%, 

12/15/2027

212,000

470,000

4.625%, 

12/15/2029

521,799

800,000

3.000%, 

10/15/2030

847,920

Central

Garden

&

Pet

Company

460,000

4.125%, 

10/15/2030

479,550

Cigna

Corporation

310,000

4.125%, 

11/15/2025

357,012

Community

Health

Systems,

Inc.

260,000

6.000%, 

1/15/2029

g

280,868

Conagra

Brands,

Inc.

155,000

4.300%, 

5/1/2024

173,441

Constellation

Brands,

Inc.

325,000

4.250%, 

5/1/2023

354,242

CVS

Health

Corporation

142,000

2.750%, 

12/1/2022

147,613

183,000

3.700%, 

3/9/2023

195,896

325,000

4.100%, 

3/25/2025

367,980

DaVita,

Inc.

610,000

4.625%, 

6/1/2030

g

646,600

Diageo

Capital

plc

179,000

1.375%, 

9/29/2025

184,138

Edgewell

Personal

Care

Company

260,000

5.500%, 

6/1/2028

g

279,422

Encompass

Health

Corporation

700,000

4.500%, 

2/1/2028

731,500

Energizer

Holdings,

Inc.

860,000

4.375%, 

3/31/2029

g

890,547

General

Mills,

Inc.

163,000

3.700%, 

10/17/2023

177,508

163,000

3.650%, 

2/15/2024

176,835

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Consumer

Non-Cyclical

(3.0%)

-

continued

H.

J.

Heinz

Company

$

130,000

5.200%, 

7/15/2045

$

154,358

HCA,

Inc.

1,510,000

5.375%, 

2/1/2025

1,698,040

HLF

Financing

SARL,

LLC

390,000

7.250%, 

8/15/2026

g

413,765

Illumina,

Inc.,

Convertible

59,000

0.500%, 

6/15/2021

86,221

Imperial

Brands

Finance

plc

164,000

3.125%, 

7/26/2024

g

175,607

Ionis

Pharmaceuticals,

Inc.,

Convertible

158,000

0.125%, 

12/15/2024

161,250

JBS

Investments

II

GmbH

100,000

5.750%, 

1/15/2028

g

107,001

JBS

USA,

LLC

630,000

5.750%, 

6/15/2025

g

650,475

580,000

5.500%, 

1/15/2030

g

666,281

Kraft

Foods

Group,

Inc.

650,000

5.000%, 

6/4/2042

761,605

Kraft

Heinz

Foods

Company

640,000

4.625%, 

1/30/2029

731,987

970,000

3.750%, 

4/1/2030

g

1,036,180

310,000

4.250%, 

3/1/2031

g

345,480

Kroger

Company

144,000

2.800%, 

8/1/2022

149,171

McKesson

Corporation

148,000

0.900%, 

12/3/2025

148,747

Medtronic,

Inc.

54,000

3.500%, 

3/15/2025

60,588

Molina

Healthcare,

Inc.

450,000

4.375%, 

6/15/2028

g

473,625

Mondelez

International,

Inc.

76,000

2.125%, 

4/13/2023

78,933

MPH

Acquisition

Holdings,

LLC

270,000

5.750%, 

11/1/2028

g

263,925

Mylan

NV

198,000

3.150%, 

6/15/2021

199,913

Mylan,

Inc.

164,000

4.200%, 

11/29/2023

179,333

Novartis

Capital

Corporation

153,000

1.750%, 

2/14/2025

160,476

Par

Pharmaceutical,

Inc.

620,000

7.500%, 

4/1/2027

g

672,700

PepsiCo,

Inc.

227,000

2.250%, 

3/19/2025

242,862

Philip

Morris

International,

Inc.

228,000

1.500%, 

5/1/2025

236,114

Pilgrim's

Pride

Corporation

270,000

5.875%, 

9/30/2027

g

292,845

QBE

Insurance

Group,

Ltd.

320,000

5.875%, 

5/12/2025

b,g,i,j

349,600

Reynolds

American,

Inc.

163,000

4.850%, 

9/15/2023

181,782

Royalty

Pharma

plc

149,000

1.200%, 

9/2/2025

g

151,246

Scotts

Miracle-Gro

Company

690,000

4.500%, 

10/15/2029

743,475

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Consumer

Non-Cyclical

(3.0%)

-

continued

SEG

Holding,

LLC

$

540,000

5.625%, 

10/15/2028

g

$

569,700

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

77,000

2.400%, 

9/23/2021

78,004

Simmons

Foods,

Inc.

420,000

5.750%, 

11/1/2024

g

428,925

Spectrum

Brands,

Inc.

310,000

5.000%, 

10/1/2029

g

332,909

200,000

5.500%, 

7/15/2030

g

215,500

Syneos

Health,

Inc.

230,000

3.625%, 

1/15/2029

g

230,636

Sysco

Corporation

299,000

5.650%, 

4/1/2025

355,447

Teleflex,

Inc.

1,015,000

4.875%, 

6/1/2026

1,056,909

Tenet

Healthcare

Corporation

340,000

4.625%, 

7/15/2024

348,507

910,000

5.125%, 

11/1/2027

g

963,463

Teva

Pharmaceutical

Finance

Netherlands

III

BV

52,000

2.200%, 

7/21/2021

51,870

570,000

2.800%, 

7/21/2023

564,300

Thermo

Fisher

Scientific,

Inc.

150,000

4.133%, 

3/25/2025

170,526

Tyson

Foods,

Inc.

152,000

4.500%, 

6/15/2022

159,388

Upjohn,

Inc.

149,000

1.650%, 

6/22/2025

g

153,975

VRX

Escrow

Corporation

1,380,000

6.125%, 

4/15/2025

g

1,422,311

Zoetis,

Inc.

242,000

3.250%, 

2/1/2023

254,545

Total

33,604,149

Energy

(2.8%)

Antero

Midstream

Partners,

LP

200,000

5.750%, 

3/1/2027

g

196,500

Antero

Resources

Corporation

110,000

5.625%, 

6/1/2023

107,800

360,000

5.000%, 

3/1/2025

i

342,000

200,000

8.375%, 

7/15/2026

e,g

204,138

Apache

Corporation

250,000

4.875%, 

11/15/2027

265,000

410,000

4.375%, 

10/15/2028

i

426,802

320,000

5.100%, 

9/1/2040

343,200

Archrock

Partners,

LP

380,000

6.250%, 

4/1/2028

g

395,565

Blue

Racer

Midstream,

LLC

260,000

7.625%, 

12/15/2025

g

276,900

BP

Capital

Markets

America,

Inc.

570,000

2.520%, 

9/19/2022

589,548

153,000

2.937%, 

4/6/2023

161,456

BP

Capital

Markets

plc

320,000

4.875%, 

3/22/2030

b,j

357,024

Buckeye

Partners,

LP

150,000

4.125%, 

3/1/2025

g

151,875

510,000

3.950%, 

12/1/2026

516,630

190,000

4.125%, 

12/1/2027

193,800

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Energy

(2.8%)

-

continued

Canadian

Natural

Resources,

Ltd.

$

143,000

2.950%, 

1/15/2023

$

149,553

149,000

2.050%, 

7/15/2025

156,266

Canadian

Oil

Sands,

Ltd.

141,000

9.400%, 

9/1/2021

g

146,835

Cenovus

Energy,

Inc.

318,000

5.375%, 

7/15/2025

358,462

130,000

6.750%, 

11/15/2039

171,676

Cheniere

Corpus

Christi

Holdings,

LLC

268,000

5.875%, 

3/31/2025

311,841

Cheniere

Energy

Partners,

LP

1,265,000

5.625%, 

10/1/2026

1,318,762

Chevron

Corporation

73,000

1.141%, 

5/11/2023

74,532

149,000

1.554%, 

5/11/2025

154,756

CNX

Resources

Corporation

360,000

6.000%, 

1/15/2029

g

368,815

Comstock

Resources,

Inc.

270,000

9.750%, 

8/15/2026

289,575

Continental

Resources,

Inc.

47,000

4.500%, 

4/15/2023

48,462

200,000

4.375%, 

1/15/2028

i

204,000

260,000

5.750%, 

1/15/2031

g

288,595

Devon

Energy

Corporation

149,000

5.850%, 

12/15/2025

175,090

Diamondback

Energy,

Inc.

155,000

2.875%, 

12/1/2024

162,900

Enagas

SA

760,000

5.500%, 

1/15/2028

g

776,150

Enbridge,

Inc.

145,000

2.900%, 

7/15/2022

150,352

1,150,000

6.250%, 

3/1/2078

b

1,257,237

Encana

Corporation

200,000

6.625%, 

8/15/2037

223,133

Endeavor

Energy

Resources,

LP

480,000

5.750%, 

1/30/2028

g

517,776

Energy

Transfer

Operating,

LP

142,000

4.200%, 

9/15/2023

153,041

325,000

5.875%, 

1/15/2024

365,225

346,000

6.625%, 

2/15/2028

b,j

292,543

EnLink

Midstream

Partners,

LP

410,000

4.850%, 

7/15/2026

397,700

365,000

5.600%, 

4/1/2044

292,913

Enterprise

Products

Operating,

LLC

560,000

4.875%, 

8/16/2077

b

540,803

EOG

Resources,

Inc.

230,000

2.625%, 

3/15/2023

240,008

EQM

Midstream

Partners,

LP

460,000

6.500%, 

7/1/2027

g

517,976

200,000

5.500%, 

7/15/2028

218,570

200,000

6.500%, 

7/15/2048

207,500

EQT

Corporation

710,000

3.900%, 

10/1/2027

705,350

EQT

Corporation,

Convertible

297,000

1.750%, 

5/1/2026

g

349,495

Equinor

ASA

150,000

2.875%, 

4/6/2025

163,800

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Energy

(2.8%)

-

continued

Exxon

Mobil

Corporation

$

220,000

1.571%, 

4/15/2023

$

226,234

151,000

2.992%, 

3/19/2025

165,239

Genesis

Energy,

LP

200,000

6.500%, 

10/1/2025

194,500

130,000

8.000%, 

1/15/2027

129,350

Harvest

Midstream,

LP

480,000

7.500%, 

9/1/2028

g

510,600

Hess

Corporation

92,000

3.500%, 

7/15/2024

96,775

Hess

Midstream

Operations,

LP

325,000

5.625%, 

2/15/2026

g

338,000

Kinder

Morgan

Energy

Partners,

LP

284,000

3.450%, 

2/15/2023

298,102

Marathon

Petroleum

Corporation

163,000

4.750%, 

12/15/2023

180,429

148,000

4.700%, 

5/1/2025

169,510

MPLX,

LP

213,000

4.500%, 

7/15/2023

231,982

179,000

1.750%, 

3/1/2026

185,205

Murphy

Oil

Corporation

370,000

5.875%, 

12/1/2027

364,450

National

Fuel

Gas

Company

148,000

5.500%, 

1/15/2026

170,673

Newfield

Exploration

Company

489,000

5.625%, 

7/1/2024

524,814

Noble

Energy,

Inc.

239,000

3.900%, 

11/15/2024

266,572

NuStar

Logistics,

LP

480,000

5.750%, 

10/1/2025

511,200

Occidental

Petroleum

Corporation

230,000

3.450%, 

7/15/2024

219,650

770,000

2.900%, 

8/15/2024

741,125

270,000

3.400%, 

4/15/2026

257,419

250,000

8.500%, 

7/15/2027

288,513

480,000

3.500%, 

8/15/2029

439,282

260,000

6.450%, 

9/15/2036

272,220

660,000

4.400%, 

4/15/2046

575,167

ONEOK,

Inc.

76,000

2.200%, 

9/15/2025

79,224

PDC

Energy,

Inc.,

Convertible

24,000

1.125%, 

9/15/2021

23,318

Pioneer

Natural

Resources

Company,

Convertible

248,000

0.250%, 

5/15/2025

g

329,515

Plains

All

American

Pipeline,

LP

325,000

6.125%, 

11/15/2022

b,j

264,063

81,000

2.850%, 

1/31/2023

83,872

70,000

3.600%, 

11/1/2024

74,592

185,000

4.650%, 

10/15/2025

206,785

QEP

Resources,

Inc.

270,000

5.625%, 

3/1/2026

296,069

Range

Resources

Corporation

200,000

9.250%, 

2/1/2026

209,000

Sabine

Pass

Liquefaction,

LLC

142,000

6.250%, 

3/15/2022

149,444

142,000

5.625%, 

4/15/2023

155,997

Schlumberger

Finance

Canada,

Ltd.

149,000

1.400%, 

9/17/2025

153,190

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Energy

(2.8%)

-

continued

Shell

International

Finance

BV

$

150,000

2.375%, 

4/6/2025

$

160,844

Southwestern

Energy

Company

445,000

7.500%, 

4/1/2026

466,805

Suncor

Energy,

Inc.

149,000

3.100%, 

5/15/2025

163,170

Sunoco

Logistics

Partners

Operations,

LP

235,000

4.400%, 

4/1/2021

236,469

Sunoco,

LP

415,000

5.875%, 

3/15/2028

448,200

200,000

4.500%, 

5/15/2029

g

208,000

Targa

Resources

Partners,

LP

205,000

5.375%, 

2/1/2027

215,326

140,000

5.000%, 

1/15/2028

147,778

Transocean

Guardian,

Ltd.

339,300

5.875%, 

1/15/2024

g

285,012

USA

Compression

Partners,

LP

200,000

6.875%, 

4/1/2026

209,000

W&T

Offshore,

Inc.

435,000

9.750%, 

11/1/2023

g

307,763

Weatherford

International,

Ltd.

260,000

8.750%, 

9/1/2024

g

260,000

Western

Gas

Partners,

LP

143,000

4.000%, 

7/1/2022

146,933

Western

Midstream

Operating,

LP

210,000

6.250%, 

2/1/2050

231,000

400,000

4.100%, 

2/1/2025

412,228

390,000

3.950%, 

6/1/2025

397,800

Williams

Partners,

LP

280,000

4.500%, 

11/15/2023

308,675

WPX

Energy,

Inc.

149,000

5.250%, 

9/15/2024

162,301

205,000

5.750%, 

6/1/2026

215,506

340,000

5.250%, 

10/15/2027

360,271

Total

31,003,091

Financials

(7.2%)

ACE

INA

Holdings,

Inc.

90,000

2.875%, 

11/3/2022

93,814

AerCap

Ireland

Capital

DAC

121,000

3.150%, 

2/15/2024

126,802

156,000

3.500%, 

1/15/2025

165,608

150,000

6.500%, 

7/15/2025

179,283

Air

Lease

Corporation

282,000

2.500%, 

3/1/2021

282,859

Aircastle,

Ltd.

228,000

5.000%, 

4/1/2023

243,012

Ally

Financial,

Inc.

223,000

1.450%, 

10/2/2023

227,627

550,000

5.750%, 

11/20/2025

640,201

American

Express

Company

164,000

3.700%, 

8/3/2023

177,582

160,000

3.400%, 

2/22/2024

173,766

American

International

Group,

Inc.

74,000

2.500%, 

6/30/2025

79,534

Ares

Capital

Corporation

76,000

4.250%, 

3/1/2025

82,370

147,000

3.875%, 

1/15/2026

159,252

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Financials

(7.2%)

-

continued

Ares

Capital

Corporation,

Convertible

$

121,000

4.625%, 

3/1/2024

$

127,353

Athene

Global

Funding

211,000

4.000%, 

1/25/2022

g

218,477

Australia

and

New

Zealand

Banking

Group,

Ltd.

265,000

2.950%, 

7/22/2030

b,g

279,543

Aviation

Capital

Group,

LLC

134,000

5.500%, 

12/15/2024

g

148,322

Avolon

Holdings

Funding,

Ltd.

80,000

5.250%, 

5/15/2024

g

86,997

119,000

4.250%, 

4/15/2026

g

128,178

BAC

Capital

Trust

XIV

332,000

4.000%, 

(LIBOR

3M

+

0.400%),

1/20/2021

b,j

329,925

Banco

Santander

Mexico

SA

89,000

5.375%, 

4/17/2025

g

102,249

Banco

Santander

SA

200,000

1.344%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

202,008

Bank

of

America

Corporation

276,000

3.004%, 

12/20/2023

b

290,628

445,000

3.550%, 

3/5/2024

b

475,456

663,000

3.864%, 

7/23/2024

b

718,779

325,000

4.200%, 

8/26/2024

364,582

1,640,000

6.250%, 

9/5/2024

b,j

1,819,683

225,000

0.810%, 

10/24/2024

b

227,086

160,000

3.458%, 

3/15/2025

b

174,181

320,000

6.100%, 

3/17/2025

b,j

362,576

373,000

1.319%, 

6/19/2026

b

380,877

298,000

1.197%, 

10/24/2026

b

301,900

640,000

5.875%, 

3/15/2028

b,j

723,200

Bank

of

Montreal

488,000

3.300%, 

2/5/2024

529,213

Bank

of

New

York

Mellon

Corporation

153,000

1.600%, 

4/24/2025

159,926

160,000

4.700%, 

9/20/2025

b,j

176,448

Bank

of

Nova

Scotia

318,000

2.375%, 

1/18/2023

331,086

152,000

1.950%, 

2/1/2023

156,968

25,000

1.625%, 

5/1/2023

25,718

480,000

4.900%, 

6/4/2025

b,j

519,682

Barclays

plc

300,000

4.610%, 

2/15/2023

b

313,173

377,000

4.338%, 

5/16/2024

b

408,006

250,000

8.000%, 

6/15/2024

b,j

278,750

149,000

4.375%, 

9/11/2024

165,750

179,000

2.852%, 

5/7/2026

b

192,197

BB&T

Corporation

164,000

2.500%, 

8/1/2024

174,646

BNP

Paribas

SA

320,000

7.625%, 

3/30/2021

b,g,j

324,000

188,000

2.819%, 

11/19/2025

b,g

200,854

BPCE

SA

163,000

3.000%, 

5/22/2022

g

168,636

152,000

2.375%, 

1/14/2025

g

160,612

Camden

Property

Trust

163,000

4.875%, 

6/15/2023

177,617

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Financials

(7.2%)

-

continued

Canadian

Imperial

Bank

of

Commerce

$

152,000

2.250%, 

1/28/2025

$

161,427

CANPACK

SA

500,000

3.125%, 

11/1/2025

g

502,500

Capital

One

Bank

USA

NA

245,000

3.375%, 

2/15/2023

259,013

228,000

2.280%, 

1/28/2026

b

238,470

Capital

One

Financial

Corporation

421,000

3.050%, 

3/9/2022

433,754

Cascades

USA,

Inc.

630,000

5.125%, 

1/15/2026

g

665,438

Central

Fidelity

Capital

Trust

I

560,000

1.237%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

527,287

Charles

Schwab

Corporation

1,280,000

5.375%, 

6/1/2025

b,j

1,425,600

73,000

0.900%, 

3/11/2026

73,959

Citigroup,

Inc.

142,000

2.750%, 

4/25/2022

146,240

622,000

2.312%, 

11/4/2022

b

631,963

280,000

3.142%, 

1/24/2023

b

287,914

640,000

5.950%, 

1/30/2023

b,j

671,743

664,000

5.000%, 

9/12/2024

b,j

690,145

485,000

3.352%, 

4/24/2025

b

527,200

332,000

5.950%, 

5/15/2025

b,j

362,710

365,000

5.500%, 

9/13/2025

438,648

315,000

4.000%, 

12/10/2025

b,j

323,269

CNA

Financial

Corporation

190,000

3.950%, 

5/15/2024

210,030

Comerica,

Inc.

160,000

5.625%, 

7/1/2025

b,j

177,200

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

282,000

3.950%, 

11/9/2022

299,689

Cooperatieve

Rabobank

UA

149,000

1.339%, 

6/24/2026

b,g

152,118

Corporate

Office

Properties,

LP

149,000

2.250%, 

3/15/2026

155,294

Credit

Acceptance

Corporation

400,000

5.125%, 

12/31/2024

g

416,000

Credit

Agricole

SA

142,000

3.375%, 

1/10/2022

g

146,317

320,000

8.125%, 

12/23/2025

b,g,j

388,800

149,000

1.907%, 

6/16/2026

b,g

154,512

Credit

Suisse

AG

250,000

2.800%, 

4/8/2022

258,081

Credit

Suisse

Group

AG

498,000

7.500%, 

12/11/2023

b,g,j

553,652

157,000

2.593%, 

9/11/2025

b,g

165,179

250,000

2.193%, 

6/5/2026

b,g

261,210

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

426,000

3.800%, 

9/15/2022

449,922

Dai-ichi

Life

Insurance

Company,

Ltd.

953,000

5.100%, 

10/28/2024

b,g,i,j

1,069,743

Danske

Bank

AS

250,000

5.000%, 

1/12/2023

b,g

260,211

Deutsche

Bank

AG

297,000

2.222%, 

9/18/2024

b

305,514

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Financials

(7.2%)

-

continued

$

400,000

6.000%, 

10/30/2025

b,j

$

400,000

133,000

2.129%, 

11/24/2026

b

136,024

Deutsche

Bank

AG

of

New

York

155,000

3.950%, 

2/27/2023

164,682

Digital

Realty

Trust,

LP

212,000

2.750%, 

2/1/2023

221,340

Discover

Bank

162,000

4.200%, 

8/8/2023

177,103

235,000

2.450%, 

9/12/2024

248,492

ESH

Hospitality,

Inc.

380,000

5.250%, 

5/1/2025

g

389,500

200,000

4.625%, 

10/1/2027

g

205,000

Fidelity

National

Financial,

Inc.

235,000

5.500%, 

9/1/2022

253,164

Fifth

Third

Bancorp

213,000

2.600%, 

6/15/2022

219,516

160,000

3.650%, 

1/25/2024

174,476

320,000

4.500%, 

9/30/2025

b,j

340,320

First

Horizon

National

Corporation

179,000

3.550%, 

5/26/2023

190,172

Five

Corners

Funding

Trust

350,000

4.419%, 

11/15/2023

g

388,199

FNB

Corporation

305,000

2.200%, 

2/24/2023

310,644

Fortress

Transportation

260,000

6.500%, 

10/1/2025

g

271,729

FTI

Consulting,

Inc.,

Convertible

422,000

2.000%, 

8/15/2023

527,289

GE

Capital

Funding,

LLC

200,000

3.450%, 

5/15/2025

g

220,743

Global

Net

Lease,

Inc.

620,000

3.750%, 

12/15/2027

g

639,453

Goldman

Sachs

Group,

Inc.

661,000

4.128%, 

(LIBOR

3M

+

3.922%),

2/4/2021

b,j

659,665

249,000

3.000%, 

4/26/2022

251,019

208,000

2.876%, 

10/31/2022

b

212,218

141,000

1.275%, 

(LIBOR

3M

+

1.050%),

6/5/2023

b

142,436

298,000

0.627%, 

11/17/2023

b

299,194

320,000

3.625%, 

2/20/2024

348,212

825,000

5.500%, 

8/10/2024

b,j

899,250

148,000

3.500%, 

4/1/2025

164,579

234,000

3.272%, 

9/29/2025

b

256,395

223,000

4.250%, 

10/21/2025

255,712

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Convertible

347,000

4.125%, 

9/1/2022

811,313

HCP,

Inc.

151,000

4.250%, 

11/15/2023

165,268

HSBC

Holdings

plc

284,000

6.875%, 

6/1/2021

b,j

288,970

300,000

3.803%, 

3/11/2025

b

327,560

500,000

6.375%, 

3/30/2025

b,j

546,450

187,000

2.633%, 

11/7/2025

b

199,036

179,000

1.645%, 

4/18/2026

b

183,038

178,000

1.589%, 

5/24/2027

b

180,966

332,000

6.500%, 

3/23/2028

b,j

372,670

470,000

4.600%, 

12/17/2030

b,j

478,281

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Financials

(7.2%)

-

continued

Huntington

Bancshares,

Inc.

$

480,000

4.450%, 

10/15/2027

b,j

$

511,805

Icahn

Enterprises,

LP

530,000

6.375%, 

12/15/2025

548,285

300,000

6.250%, 

5/15/2026

317,670

ILFC

E-Capital

Trust

II

498,000

3.480%, 

(H15T30Y

+

1.800%),

12/21/2065

b,g

344,322

ING

Groep

NV

300,000

4.100%, 

10/2/2023

329,563

Intercontinental

Exchange,

Inc.

149,000

0.700%, 

6/15/2023

150,006

Iron

Mountain,

Inc.

1,075,000

4.875%, 

9/15/2027

g

1,123,375

iStar,

Inc.

390,000

4.250%, 

8/1/2025

385,125

iStar,

Inc.,

Convertible

76,000

3.125%, 

9/15/2022

89,424

J.P.

Morgan

Chase

&

Company

376,000

2.776%, 

4/25/2023

b

388,147

338,000

3.375%, 

5/1/2023

361,228

800,000

5.150%, 

5/1/2023

b,j

826,016

320,000

6.000%, 

8/1/2023

b,j

339,200

289,000

1.445%, 

(LIBOR

3M

+

1.230%),

10/24/2023

b

294,176

320,000

6.750%, 

2/1/2024

b,j

359,264

122,000

1.514%, 

6/1/2024

b

125,249

454,000

5.000%, 

8/1/2024

b,j

477,622

325,000

3.875%, 

9/10/2024

363,852

635,000

4.023%, 

12/5/2024

b

699,482

960,000

4.600%, 

2/1/2025

b,j

991,200

149,000

2.083%, 

4/22/2026

b

157,332

296,000

1.045%, 

11/19/2026

b

299,276

KeyBank

NA

380,000

1.250%, 

3/10/2023

387,421

Kilroy

Realty,

LP

167,000

4.375%, 

10/1/2025

187,297

Lincoln

National

Corporation

300,000

2.580%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

231,000

Lloyds

Banking

Group

plc

311,000

3.000%, 

1/11/2022

318,980

235,000

2.858%, 

3/17/2023

b

241,499

300,000

3.900%, 

3/12/2024

329,710

320,000

7.500%, 

6/27/2024

b,j

360,890

762,000

6.657%, 

5/21/2037

b,g,j

967,740

MetLife,

Inc.

320,000

3.850%, 

9/15/2025

b,j

337,600

640,000

5.875%, 

3/15/2028

b,i,j

733,120

MGIC

Investment

Corporation,

Convertible

525,000

9.000%, 

4/1/2063

g

678,563

MGM

Growth

Properties

Operating

Partnership,

LP

530,000

4.625%, 

6/15/2025

g

567,630

Mitsubishi

UFJ

Financial

Group,

Inc.

142,000

2.998%, 

2/22/2022

146,252

241,000

2.623%, 

7/18/2022

249,123

282,000

3.455%, 

3/2/2023

300,452

160,000

3.407%, 

3/7/2024

173,848

179,000

1.412%, 

7/17/2025

183,854

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Financials

(7.2%)

-

continued

Mizuho

Financial

Group,

Inc.

$

241,000

2.721%, 

7/16/2023

b

$

248,902

200,000

2.226%, 

5/25/2026

b

210,366

Morgan

Stanley

141,000

2.750%, 

5/19/2022

145,610

110,000

4.875%, 

11/1/2022

118,503

282,000

3.125%, 

1/23/2023

297,598

311,000

4.100%, 

5/22/2023

337,506

149,000

0.560%, 

11/10/2023

b

149,340

160,000

2.720%, 

7/22/2025

b

171,104

104,000

5.000%, 

11/24/2025

124,358

302,000

2.188%, 

4/28/2026

b

318,922

148,000

0.985%, 

12/10/2026

b

149,054

MPT

Operating

Partnership,

LP

610,000

5.250%, 

8/1/2026

638,670

660,000

4.625%, 

8/1/2029

709,500

National

Australia

Bank,

Ltd.

228,000

1.875%, 

12/13/2022

235,242

National

Bank

of

Canada

228,000

2.100%, 

2/1/2023

235,488

National

Securities

Clearing

Corporation

154,000

1.200%, 

4/23/2023

g

157,064

Natwest

Group

plc

163,000

6.125%, 

12/15/2022

179,257

163,000

6.100%, 

6/10/2023

182,695

Nippon

Life

Insurance

Company

640,000

5.100%, 

10/16/2044

b,g

718,400

480,000

3.400%, 

1/23/2050

b,g

520,800

Nomura

Holdings,

Inc.

182,000

2.648%, 

1/16/2025

194,334

Omega

Healthcare

Investors,

Inc.

147,000

5.250%, 

1/15/2026

168,015

Owl

Rock

Technology

Finance

Corporation

148,000

3.750%, 

6/17/2026

g

148,769

Park

Aerospace

Holdings,

Ltd.

80,000

4.500%, 

3/15/2023

g

83,829

PayPal

Holdings,

Inc.

149,000

1.650%, 

6/1/2025

155,641

PNC

Financial

Services

Group,

Inc.

163,000

3.500%, 

1/23/2024

177,624

Provident

Financing

Trust

I

155,000

7.405%, 

3/15/2038

179,720

Prudential

Financial,

Inc.

932,000

5.625%, 

6/15/2043

b

999,389

786,000

5.200%, 

3/15/2044

b

834,815

160,000

3.700%, 

10/1/2050

b

169,245

Quicken

Loans,

LLC

310,000

3.625%, 

3/1/2029

g

316,200

310,000

3.875%, 

3/1/2031

g

321,625

Regions

Financial

Corporation

142,000

3.800%, 

8/14/2023

154,032

320,000

5.750%, 

6/15/2025

b,j

356,480

Reinsurance

Group

of

America,

Inc.

212,000

4.700%, 

9/15/2023

234,188

Royal

Bank

of

Canada

149,000

1.600%, 

4/17/2023

153,215

157,000

2.250%, 

11/1/2024

166,988

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Financials

(7.2%)

-

continued

Royal

Bank

of

Scotland

Group

plc

$

320,000

8.625%, 

8/15/2021

b,j

$

332,131

300,000

4.269%, 

3/22/2025

b

331,838

126,000

3.754%, 

11/1/2029

b

134,087

Santander

Holdings

USA,

Inc.

149,000

3.450%, 

6/2/2025

162,935

Santander

UK

Group

Holdings

plc

290,000

2.875%, 

8/5/2021

294,060

Santander

UK

plc

228,000

2.100%, 

1/13/2023

235,576

Service

Properties

Trust

330,000

4.500%, 

6/15/2023

331,650

170,000

4.750%, 

10/1/2026

167,875

260,000

5.500%, 

12/15/2027

284,162

Simon

Property

Group,

LP

293,000

2.000%, 

9/13/2024

306,151

Societe

Generale

SA

188,000

2.625%, 

10/16/2024

g

199,165

320,000

8.000%, 

9/29/2025

b,g,j

375,600

177,000

1.488%, 

12/14/2026

b,g

178,406

Springleaf

Finance

Corporation

1,030,000

6.875%, 

3/15/2025

1,196,088

Standard

Chartered

plc

240,000

2.744%, 

9/10/2022

b,g

243,406

223,000

1.319%, 

10/14/2023

b,g

225,252

Starwood

Property

Trust,

Inc.,

Convertible

89,000

4.375%, 

4/1/2023

88,179

State

Street

Corporation

148,000

2.825%, 

3/30/2023

b

152,742

157,000

2.354%, 

11/1/2025

b

167,538

Sumitomo

Mitsui

Financial

Group,

Inc.

141,000

2.784%, 

7/12/2022

146,174

640,000

2.778%, 

10/18/2022

666,962

188,000

2.448%, 

9/27/2024

200,191

Sumitomo

Mitsui

Trust

Bank,

Ltd.

149,000

1.050%, 

9/12/2025

g

149,960

Synchrony

Financial

156,000

3.750%, 

8/15/2021

158,232

164,000

2.850%, 

7/25/2022

169,349

160,000

4.250%, 

8/15/2024

176,760

Synovus

Bank

250,000

2.289%, 

2/10/2023

b

253,172

Toronto-Dominion

Bank

160,000

3.250%, 

3/11/2024

173,738

Truist

Bank

222,000

1.500%, 

3/10/2025

229,796

Truist

Financial

Corporation

720,000

4.950%, 

9/1/2025

b,j

792,007

UBS

Group

AG

178,000

1.364%, 

1/30/2027

b,g

179,951

USB

Realty

Corporation

664,000

1.384%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,g,j

496,340

Ventas

Realty,

LP

142,000

3.100%, 

1/15/2023

148,998

163,000

3.750%, 

5/1/2024

177,673

VEREIT

Operating

Partnership,

LP

148,000

4.625%, 

11/1/2025

170,314

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Financials

(7.2%)

-

continued

VICI

Properties,

LP

$

240,000

4.250%, 

12/1/2026

g

$

248,916

140,000

3.750%, 

2/15/2027

g

143,150

240,000

4.625%, 

12/1/2029

g

256,800

140,000

4.125%, 

8/15/2030

g

147,788

Wachovia

Capital

Trust

II

307,000

0.737%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

286,930

Wells

Fargo

&

Company

144,000

2.625%, 

7/22/2022

149,052

325,000

4.125%, 

8/15/2023

354,996

335,000

1.444%, 

(LIBOR

3M

+

1.230%),

10/31/2023

b

340,294

156,000

3.750%, 

1/24/2024

170,280

130,000

1.654%, 

6/2/2024

b

133,547

311,000

2.406%, 

10/30/2025

b

328,784

226,000

2.188%, 

4/30/2026

b

237,905

Westpac

Banking

Corporation

152,000

2.000%, 

1/13/2023

157,328

152,000

2.894%, 

2/4/2030

b

159,317

Total

80,218,453

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

178,000

2.150%, 

5/13/2025

g

183,308

Total

183,308

Mortgage-Backed

Securities

(11.0%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

5,137,522

3.000%, 

3/25/2050

5,391,987

2,346,561

3.000%, 

4/1/2050

2,462,358

2,394,865

3.500%, 

7/1/2047

2,541,367

Federal

National

Mortgage

Association

1,217,953

4.500%, 

5/1/2048

1,323,946

2,063,439

3.500%, 

10/1/2048

2,179,938

1,528,875

3.500%, 

6/1/2049

1,616,890

2,325,305

3.500%, 

8/1/2049

2,457,571

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

8,600,000

1.500%, 

1/1/2036

e

8,847,312

22,640,000

2.000%, 

1/1/2036

e

23,666,037

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,900,000

1.500%, 

1/1/2051

e

2,929,563

32,250,000

2.000%, 

1/1/2051

e

33,495,866

24,300,000

2.500%, 

1/1/2051

e

25,611,789

6,000,000

2.500%, 

2/1/2051

e

6,312,883

3,143,519

4.000%, 

7/1/2048

3,357,777

Total

122,195,284

Technology

(2.0%)

Akamai

Technologies,

Inc.,

Convertible

845,000

0.375%, 

9/1/2027

941,565

Apple,

Inc.

570,000

3.450%, 

5/6/2024

627,587

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Technology

(2.0%)

-

continued

$

149,000

1.125%, 

5/11/2025

$

153,196

Baidu,

Inc.

184,000

3.075%, 

4/7/2025

196,442

Black

Knight

InfoServ,

LLC

100,000

3.625%, 

9/1/2028

g

102,375

Broadcom

Corporation

587,000

2.650%, 

1/15/2023

610,642

228,000

3.125%, 

1/15/2025

246,147

Broadcom,

Inc.

73,000

2.250%, 

11/15/2023

76,234

CommScope

Technologies

Finance,

LLC

1,091,000

6.000%, 

6/15/2025

g

1,115,547

Dell

International,

LLC

240,000

4.000%, 

7/15/2024

g

264,589

76,000

5.850%, 

7/15/2025

g

91,278

Diamond

1

Finance

Corporation

444,000

5.450%, 

6/15/2023

g

491,045

Diamond

Sports

Group,

LLC

400,000

5.375%, 

8/15/2026

g

325,000

680,000

6.625%, 

8/15/2027

g

411,400

Fiserv,

Inc.

310,000

2.750%, 

7/1/2024

332,823

Gartner,

Inc.

410,000

4.500%, 

7/1/2028

g

432,550

280,000

3.750%, 

10/1/2030

g

294,000

Global

Payments,

Inc.

82,000

2.650%, 

2/15/2025

87,796

Hewlett

Packard

Enterprise

Company

163,000

2.250%, 

4/1/2023

168,930

122,000

4.450%, 

10/2/2023

134,201

Intuit,

Inc.

149,000

0.950%, 

7/15/2025

150,839

J2

Global,

Inc.,

Convertible

405,000

1.750%, 

11/1/2026

g

419,717

391,000

3.250%, 

6/15/2029

572,383

Lumentum

Holdings,

Inc.,

Convertible

410,000

0.250%, 

3/15/2024

676,176

Marvell

Technology

Group,

Ltd.

142,000

4.200%, 

6/22/2023

153,657

Microchip

Technology,

Inc.,

Convertible

205,000

1.625%, 

2/15/2027

414,634

Micron

Technology,

Inc.

210,000

2.497%, 

4/24/2023

218,811

NCR

Corporation

990,000

6.125%, 

9/1/2029

g

1,096,425

NortonLifeLock,

Inc.,

Convertible

82,000

2.000%, 

8/15/2022

g

96,165

Nuance

Communications,

Inc.,

Convertible

1,133,000

1.250%, 

4/1/2025

2,578,011

NXP

BV/NXP

Funding,

LLC

245,000

4.875%, 

3/1/2024

g

276,302

NXP

Funding,

LLC

72,000

2.700%, 

5/1/2025

g

77,479

ON

Semiconductor

Corporation,

Convertible

836,000

1.625%, 

10/15/2023

1,400,705

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Technology

(2.0%)

-

continued

Open

Text

Corporation

$

530,000

4.125%, 

2/15/2030

g

$

563,814

Oracle

Corporation

95,000

2.500%, 

5/15/2022

97,538

222,000

2.500%, 

4/1/2025

238,361

Panasonic

Corporation

241,000

2.536%, 

7/19/2022

g

247,731

Plantronics,

Inc.

680,000

5.500%, 

5/31/2023

g

681,700

PTC,

Inc.

210,000

3.625%, 

2/15/2025

g

215,887

Qorvo,

Inc.

330,000

3.375%, 

4/1/2031

g

340,725

Seagate

HDD

Cayman

156,000

4.250%, 

3/1/2022

i

161,070

Sensata

Technologies,

Inc.

690,000

3.750%, 

2/15/2031

g

715,240

Shift4

Payments,

LLC

140,000

4.625%, 

11/1/2026

g

145,600

SS&C

Technologies,

Inc.

920,000

5.500%, 

9/30/2027

g

982,578

Switch,

Ltd.

410,000

3.750%, 

9/15/2028

g

416,150

Tencent

Holdings,

Ltd.

179,000

1.810%, 

1/26/2026

g

182,941

Teradyne,

Inc.,

Convertible

196,000

1.250%, 

12/15/2023

741,003

Texas

Instruments,

Inc.

223,000

1.375%, 

3/12/2025

231,222

Total

System

Services,

Inc.

149,000

3.750%, 

6/1/2023

159,261

Verint

Systems,

Inc.,

Convertible

414,000

1.500%, 

6/1/2021

453,974

Vishay

Intertechnology,

Inc.,

Convertible

383,000

2.250%, 

6/15/2025

398,932

Xerox

Holdings

Corporation

370,000

5.000%, 

8/15/2025

g

393,780

Total

22,602,158

Transportation

(0.6%)

AerCap

Holdings

NV

563,000

5.875%, 

10/10/2079

b

578,094

Air

Lease

Corporation

152,000

2.300%, 

2/1/2025

157,318

149,000

3.375%, 

7/1/2025

160,203

Air

Transport

Services

Group,

Inc.,

Convertible

344,000

1.125%, 

10/15/2024

408,297

American

Airlines,

Inc.

300,000

11.750%, 

7/15/2025

g

345,975

Boeing

Company

149,000

1.950%, 

2/1/2024

153,402

Delta

Air

Lines,

Inc.

570,000

7.000%, 

5/1/2025

g

657,975

297,635

4.500%, 

10/20/2025

g

318,081

200,000

7.375%, 

1/15/2026

228,414

J.B.

Hunt

Transport

Services,

Inc.

95,000

3.300%, 

8/15/2022

98,878

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Transportation

(0.6%)

-

continued

Meritor,

Inc.,

Convertible

$

618,000

3.250%, 

10/15/2037

$

709,320

Mileage

Plus

Holdings,

LLC

400,000

6.500%, 

6/20/2027

g

430,000

Penske

Truck

Leasing

Company,

LP

160,000

3.375%, 

2/1/2022

g

164,238

148,000

1.200%, 

11/15/2025

g

149,233

Southwest

Airlines

Company

74,000

4.750%, 

5/4/2023

80,425

223,000

5.250%, 

5/4/2025

258,222

Southwest

Airlines

Company,

Convertible

553,000

1.250%, 

5/1/2025

803,232

Union

Pacific

Corporation

213,000

3.750%, 

7/15/2025

241,643

United

Airlines

Pass

Through

Trust

90,000

3.700%, 

12/1/2022

89,192

XPO

Logistics,

Inc.

390,000

6.125%, 

9/1/2023

g

396,825

248,000

6.750%, 

8/15/2024

g

263,500

Total

6,692,467

Utilities

(1.2%)

Alabama

Power

Company

142,000

2.450%, 

3/30/2022

145,512

Ameren

Corporation

160,000

2.500%, 

9/15/2024

170,491

Berkshire

Hathaway

Energy

Company

152,000

4.050%, 

4/15/2025

g

172,073

Calpine

Corporation

580,000

4.500%, 

2/15/2028

g

603,200

CenterPoint

Energy,

Inc.

142,000

2.500%, 

9/1/2022

146,772

164,000

2.500%, 

9/1/2024

174,379

Dominion

Energy,

Inc.

163,000

2.715%, 

8/15/2021

165,010

163,000

3.071%, 

8/15/2024

175,936

495,000

4.650%, 

12/15/2024

b,j

521,813

DTE

Energy

Company

232,000

3.300%, 

6/15/2022

240,413

240,000

2.529%, 

10/1/2024

255,675

Duke

Energy

Corporation

282,000

2.400%, 

8/15/2022

290,490

500,000

4.875%, 

9/16/2024

b,j

541,415

Edison

International

151,000

4.950%, 

4/15/2025

172,413

Entergy

Corporation

149,000

0.900%, 

9/15/2025

148,916

Evergy,

Inc.

162,000

2.450%, 

9/15/2024

171,749

FirstEnergy

Corporation

214,000

2.850%, 

7/15/2022

217,500

Florida

Power

&

Light

Company

148,000

2.850%, 

4/1/2025

161,031

Georgia

Power

Company

152,000

2.100%, 

7/30/2023

158,753

162,000

2.200%, 

9/15/2024

170,640

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income

(48.1%)

Value

Utilities

(1.2%)

-

continued

NextEra

Energy

Operating

Partners,

LP

$

1,060,000

3.875%, 

10/15/2026

g

$

1,131,550

NiSource,

Inc.

745,000

5.650%, 

6/15/2023

b,j

765,488

149,000

0.950%, 

8/15/2025

149,868

NRG

Energy,

Inc.

148,000

2.000%, 

12/2/2025

g

153,396

130,000

3.375%, 

2/15/2029

g

133,094

130,000

3.625%, 

2/15/2031

g

133,744

PG&E

Corporation

270,000

5.000%, 

7/1/2028

287,550

210,000

5.250%, 

7/1/2030

231,000

PPL

Capital

Funding,

Inc.

325,000

3.950%, 

3/15/2024

354,712

Public

Service

Enterprise

Group,

Inc.

163,000

2.875%, 

6/15/2024

175,454

Sempra

Energy

311,000

3.550%, 

6/15/2024

338,773

320,000

4.875%, 

10/15/2025

b,j

342,000

Southern

Company

469,000

4.000%, 

1/15/2051

b

496,706

Suburban

Propane

Partners,

LP

500,000

5.875%, 

3/1/2027

522,500

Talen

Energy

Supply,

LLC

520,000

7.625%, 

6/1/2028

g

560,300

TerraForm

Power

Operating,

LLC

520,000

5.000%, 

1/31/2028

g

584,298

TransCanada

Trust

600,000

5.875%, 

8/15/2076

b,i

669,000

Vistra

Operations

Company,

LLC

740,000

5.000%, 

7/31/2027

g

784,400

Total

12,618,014

Total

Long-Term

Fixed

Income

(cost

$517,850,412)

535,671,932

Shares

Common

Stock

(

22.4%

)

Value

Communications

Services

(1.7%)

4,143

Activision

Blizzard,

Inc.

384,677

1,751

Alphabet,

Inc.,

Class

A

l

3,068,873

883

Alphabet,

Inc.,

Class

C

l

1,546,910

8,060

AT&T,

Inc.

231,806

3,802

Charter

Communications,

Inc.

l

2,515,213

31,433

Comcast

Corporation

1,647,089

18,940

Discovery,

Inc.,

Class

A

i,l

569,905

14,819

DISH

Network

Corporation

l

479,246

6,098

Facebook,

Inc.

l

1,665,730

6,487

Live

Nation

Entertainment,

Inc.

l

476,665

2,440

Match

Group,

Inc.

l

368,904

27,116

QuinStreet,

Inc.

l

581,367

34,750

Twitter,

Inc.

l

1,881,712

12,066

Uber

Technologies,

Inc.

l

615,366

28,720

Verizon

Communications,

Inc.

1,687,300

4,602

Walt

Disney

Company

l

833,790

4,897

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

l

59,582

5,498

Zillow

Group,

Inc.

l

747,398

Total

19,361,533

Shares

Common

Stock

(22.4%)

Value

Consumer

Discretionary

(2.5%)

1,879

Amazon.com,

Inc.

l

$

6,119,771

14,019

Aptiv

plc

1,826,536

339

AutoZone,

Inc.

l

401,864

1,937

Bloomin'

Brands,

Inc.

37,617

638

Booking

Holdings,

Inc.

l

1,420,998

352

Burlington

Stores,

Inc.

l

92,066

13,969

Callaway

Golf

Company

335,396

9,083

Cedar

Fair,

LP

357,325

499

Chipotle

Mexican

Grill,

Inc.

l

691,968

13,277

Cooper-Standard

Holdings,

Inc.

l

460,314

4,954

Crocs,

Inc.

l

310,418

6,394

D.R.

Horton,

Inc.

440,674

1,216

Denny's

Corporation

l

17,851

968

Dick's

Sporting

Goods,

Inc.

54,411

2,437

Domino's

Pizza,

Inc.

934,492

259

Dorman

Products,

Inc.

l

22,486

939

eBay,

Inc.

47,185

1,266

Emerald

Holding,

Inc.

6,862

4,001

Expedia

Group,

Inc.

529,732

16,168

Harley-Davidson,

Inc.

593,366

127

Helen

of

Troy,

Ltd.

l

28,218

6,280

Home

Depot,

Inc.

1,668,094

8,217

Leggett

&

Platt,

Inc.

364,013

15,185

Libbey,

Inc.

l

45,555

10,393

Lowe's

Companies,

Inc.

1,668,180

3,174

Lululemon

Athletica,

Inc.

l

1,104,647

349

Madison

Square

Garden

Sports

Corporation

l

64,251

503

Marriott

International,

Inc.

66,356

2,944

McDonald's

Corporation

631,724

8,375

Miller

Industries,

Inc.

318,417

1,793

Mohawk

Industries,

Inc.

l

252,723

302

Netflix,

Inc.

l

163,300

155

NIKE,

Inc.

21,928

332

NVR,

Inc.

l

1,354,514

1,810

Playa

Hotels

and

Resorts

NV

l

10,769

1,901

RH

l

850,736

3,098

Sleep

Number

Corporation

l

253,602

8,416

Sony

Corporation

ADR

850,858

11,750

Stoneridge,

Inc.

l

355,202

2,136

Tesla,

Inc.

l

1,507,311

4,276

Texas

Roadhouse,

Inc.

334,212

59,580

Under

Armour,

Inc.,

Class

C

l

886,550

160

Wayfair,

Inc.

l

36,130

2,116

Yum!

Brands,

Inc.

229,713

8,432

Zumiez,

Inc.

l

310,129

Total

28,078,464

Consumer

Staples

(0.8%)

4,105

BJ's

Wholesale

Club

Holdings,

Inc.

l

153,034

11,054

Bunge,

Ltd.

724,921

8,425

Colgate-Palmolive

Company

720,422

2,469

Costco

Wholesale

Corporation

930,270

35,216

Cott

Corporation

552,187

24,626

Hain

Celestial

Group,

Inc.

l

988,734

2,357

John

B.

Sanfilippo

&

Son,

Inc.

185,873

2,685

Kimberly-Clark

Corporation

362,018

9,690

Lamb

Weston

Holdings,

Inc.

762,991

1,060

McCormick

&

Company,

Inc.

101,336

2,272

Monster

Beverage

Corporation

l

210,115

534

PepsiCo,

Inc.

79,192

2,995

Philip

Morris

International,

Inc.

247,956

4,094

Procter

&

Gamble

Company

569,639

11,096

Turning

Point

Brands,

Inc.

494,438

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

32

Shares

Common

Stock

(22.4%)

Value

Consumer

Staples

(0.8%)

-

continued

12,572

Wal-Mart

Stores,

Inc.

$

1,812,254

Total

8,895,380

Energy

(0.7%)

21,181

BP

plc

ADR

434,634

1,540

Cheniere

Energy,

Inc.

l

92,446

8,217

Chevron

Corporation

693,926

3,217

Core

Laboratories

NV

85,283

33,847

Devon

Energy

Corporation

535,121

4,904

Diamondback

Energy,

Inc.

237,354

19,011

Enbridge,

Inc.

608,162

24,051

Enterprise

Products

Partners,

LP

471,159

5,096

EOG

Resources,

Inc.

254,138

21,642

EQT

Corporation

275,070

7,233

Exxon

Mobil

Corporation

298,144

12,225

Halliburton

Company

231,052

22,623

Helmerich

&

Payne,

Inc.

523,949

34,750

Kinder

Morgan,

Inc.

475,032

11,833

Marathon

Petroleum

Corporation

489,413

119,109

McDermott

International,

Inc.

l

96,478

8,500

MPLX,

LP

184,025

13,103

Nine

Energy

Service,

Inc.

l

35,640

3,471

PDC

Energy,

Inc.

l

71,260

6,918

Pioneer

Natural

Resources

Company

787,891

8,786

Schlumberger,

Ltd.

191,798

6,785

Valero

Energy

Corporation

383,827

6,900

Williams

Companies,

Inc.

138,345

93,444

WPX

Energy,

Inc.

l

761,569

Total

8,355,716

Financials

(3.4%)

11,690

Aflac,

Inc.

519,854

11,187

Air

Lease

Corporation

496,927

116

Alleghany

Corporation

70,028

26,508

Ally

Financial,

Inc.

945,275

3,747

American

Express

Company

453,050

1,192

Aon

plc

251,834

4,817

Ares

Capital

Corporation

81,359

3,535

Arthur

J.

Gallagher

&

Company

437,315

32,152

Assured

Guaranty,

Ltd.

1,012,466

51,848

Bank

of

America

Corporation

1,571,513

384

Bank

of

Marin

Bancorp

13,187

8,228

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

256,384

2,691

Berkshire

Hathaway,

Inc.

l

623,962

25,500

BlackRock

TCP

Capital

Corporation

286,620

1,247

BlackRock,

Inc.

899,760

8,028

Blackstone

Mortgage

Trust,

Inc.

221,011

1,095

Boston

Private

Financial

Holdings,

Inc.

9,253

20,864

Bridgewater

Bancshares,

Inc.

l

260,591

11,026

Capital

One

Financial

Corporation

1,089,920

16,917

Charles

Schwab

Corporation

897,278

7,216

Chubb,

Ltd.

1,110,687

22,096

Citigroup,

Inc.

1,362,439

2,666

CME

Group,

Inc.

485,345

14,630

Columbia

Banking

System,

Inc.

525,217

4,175

Comerica,

Inc.

233,216

1,763

Community

Trust

Bancorp,

Inc.

65,319

6,917

Discover

Financial

Services

626,196

2,536

Ellington

Residential

Mortgage

REIT

33,069

4,339

Evercore,

Inc.

475,728

Shares

Common

Stock

(22.4%)

Value

Financials

(3.4%)

-

continued

28,271

Everi

Holdings,

Inc.

l

$

390,423

890

FactSet

Research

Systems,

Inc.

295,925

384

FBL

Financial

Group,

Inc.

20,164

461

Financial

Institutions,

Inc.

10,373

3,210

First

Busey

Corporation

69,176

1,613

First

Financial

Bancorp

28,276

298

First

Mid-Illinois

Bancshares,

Inc.

10,031

2,280

Flagstar

Bancorp,

Inc.

92,933

14,600

FS

KKR

Capital

Corporation

241,776

16,200

FS

KKR

Capital

Corporation

II

265,680

6,607

Fulton

Financial

Corporation

84,041

3,838

Glacier

Bancorp,

Inc.

176,586

1,138

Goldman

Sachs

Group,

Inc.

300,102

24,515

Golub

Capital

BDC,

Inc.

346,642

1,910

Great

Southern

Bancorp,

Inc.

93,399

5,574

Hancock

Whitney

Corporation

189,627

519

Hanmi

Financial

Corporation

5,885

8,371

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

530,973

15,279

Heartland

Financial

USA,

Inc.

616,813

26,483

Heritage

Commerce

Corporation

234,904

1,202

Hometrust

Bancshares,

Inc.

23,211

10,862

Hope

Bancorp,

Inc.

118,504

543

Independent

Bank

Corporation

10,029

7,921

Interactive

Brokers

Group,

Inc.

482,547

16,978

J.P.

Morgan

Chase

&

Company

2,157,394

5,411

James

River

Group

Holdings,

Ltd.

265,951

8,933

Kemper

Corporation

686,322

44,241

KeyCorp

725,995

3,267

Kinsale

Capital

Group,

Inc.

653,825

807

Lakeland

Bancorp,

Inc.

10,249

80

Markel

Corporation

l

82,664

117

MarketAxess

Holdings,

Inc.

66,756

1,232

Marsh

&

McLennan

Companies,

Inc.

144,144

11,200

Meridian

Bancorp,

Inc.

166,992

10,181

MetLife,

Inc.

477,998

4,325

MidWestOne

Financial

Group,

Inc.

105,963

935

Moody's

Corporation

271,374

16,263

Morgan

Stanley

1,114,503

329

MSCI,

Inc.

146,908

935

Nasdaq,

Inc.

124,112

330

Peapack-Gladstone

Financial

Corporation

7,511

3,561

Primerica,

Inc.

476,925

268

QCR

Holdings,

Inc.

10,610

23,143

Radian

Group,

Inc.

468,646

6,585

Raymond

James

Financial,

Inc.

629,987

2,258

S&P

Global,

Inc.

742,272

10,373

Santander

Consumer

USA

Holdings,

Inc.

228,413

12,764

Seacoast

Banking

Corporation

of

Florida

l

375,900

2,292

Selective

Insurance

Group,

Inc.

153,518

16,885

Sixth

Street

Specialty

Lending,

Inc.

350,364

2,539

Starwood

Property

Trust,

Inc.

49,003

9,430

Synovus

Financial

Corporation

305,249

2,872

T.

Rowe

Price

Group,

Inc.

434,792

12,159

Triumph

Bancorp,

Inc.

l

590,319

13,141

Truist

Financial

Corporation

629,848

434

Trustmark

Corporation

11,853

2,610

Umpqua

Holdings

Corporation

39,515

63,182

Wells

Fargo

&

Company

1,906,833

26,681

Western

Alliance

Bancorp

1,599,526

27,106

Zions

Bancorporations

NA

1,177,485

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

33

Shares

Common

Stock

(22.4%)

Value

Financials

(3.4%)

-

continued

1,480

Zurich

Insurance

Group

AG

$

623,704

Total

37,966,246

Health

Care

(3.0%)

6,932

Abbott

Laboratories

758,985

4,581

AbbVie,

Inc.

490,854

3,000

Alexion

Pharmaceuticals,

Inc.

l

468,720

1,531

Align

Technology,

Inc.

l

818,136

4,473

Amgen,

Inc.

1,028,432

6,197

AMN

Healthcare

Services,

Inc.

l

422,945

3,663

Anthem,

Inc.

1,176,153

9,391

Ardelyx,

Inc.

l

60,760

2,096

Becton,

Dickinson

and

Company

524,461

1,795

Biogen,

Inc.

l

439,524

3,894

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

l

333,755

249

Bio-Techne

Corporation

79,070

5,208

Catalent,

Inc.

l

541,997

9,785

Centene

Corporation

l

587,394

3,092

Cerner

Corporation

242,660

4,120

Cigna

Holding

Company

857,702

7,331

CVS

Health

Corporation

500,707

10,189

Danaher

Corporation

2,263,384

805

Dexcom,

Inc.

l

297,625

10,372

Edwards

Lifesciences

Corporation

l

946,238

10,563

GlaxoSmithKline

plc

ADR

388,718

10,320

Halozyme

Therapeutics,

Inc.

l

440,767

3,976

HCA

Healthcare,

Inc.

653,893

803

Humana,

Inc.

329,447

679

Illumina,

Inc.

l

251,230

1,167

Intuitive

Surgical,

Inc.

l

954,723

3,043

IQVIA

Holding,

Inc.

l

545,214

5,710

Jazz

Pharmaceuticals,

Inc.

l

942,435

18,602

Johnson

&

Johnson

2,927,583

1,006

Kura

Oncology,

Inc.

l

32,856

1,614

LHC

Group,

Inc.

l

344,298

18,729

Medtronic

plc

2,193,915

17,414

Merck

&

Company,

Inc.

1,424,465

427

Mettler-Toledo

International,

Inc.

l

486,643

3,118

Novo

Nordisk

AS

ADR

217,792

2,867

NuVasive,

Inc.

l

161,498

1,052

PerkinElmer,

Inc.

150,962

1,869

Quidel

Corporation

l

335,766

494

Reata

Pharmaceuticals,

Inc.

l

61,068

299

STERIS

plc

56,672

4,059

Stryker

Corporation

994,617

7,833

Syneos

Health,

Inc.

l

533,662

7,477

Tactile

Systems

Technology,

Inc.

l

336,016

91

TCR2

Therapeutics,

Inc.

l

2,815

1,306

Teladoc

Health,

Inc.

i,l

261,148

3,197

Thermo

Fisher

Scientific,

Inc.

1,489,099

3,548

UnitedHealth

Group,

Inc.

1,244,213

3,981

Universal

Health

Services,

Inc.

547,387

1,269

Veeva

Systems,

Inc.

l

345,485

1,437

Vertex

Pharmaceuticals,

Inc.

l

339,621

1,767

Zimmer

Biomet

Holdings,

Inc.

272,277

5,712

Zoetis,

Inc.

945,336

Total

33,051,123

Industrials

(3.0%)

1,600

A.O.

Smith

Corporation

87,712

5,333

Advanced

Drainage

Systems,

Inc.

445,732

1,039

Aerojet

Rocketdyne

Holdings,

Inc.

l

54,911

1,245

Allegion

plc

144,893

Shares

Common

Stock

(22.4%)

Value

Industrials

(3.0%)

-

continued

25,599

Altra

Industrial

Motion

Corporation

$

1,418,953

8,381

AMETEK,

Inc.

1,013,598

35,668

Arconic,

Inc.

1,017,965

4,704

ASGN,

Inc.

l

392,925

1,180

Boeing

Company

252,591

4,005

Carlisle

Companies,

Inc.

625,501

18,076

Carrier

Global

Corporation

681,827

660

Caterpillar,

Inc.

120,133

4,843

Chart

Industries,

Inc.

l

570,457

1,084

Cintas

Corporation

383,151

4,916

CSX

Corporation

446,127

1,707

Cummins,

Inc.

387,660

6,297

Curtiss-Wright

Corporation

732,656

13,938

Delta

Air

Lines,

Inc.

560,447

3,484

Eaton

Corporation

plc

418,568

4,895

Emerson

Electric

Company

393,411

2,589

Encore

Wire

Corporation

156,816

6,959

Fortive

Corporation

492,836

5,610

Forward

Air

Corporation

431,072

8,088

General

Dynamics

Corporation

1,203,656

360

Gorman-Rupp

Company

11,682

10,725

Greenbrier

Companies,

Inc.

390,175

4,867

Heico

Corporation

644,391

6,780

Helios

Technologies,

Inc.

361,306

6,145

Honeywell

International,

Inc.

1,307,041

540

Hubbell,

Inc.

84,667

2,476

IDEX

Corporation

493,219

338

Illinois

Tool

Works,

Inc.

68,911

20,248

Johnson

Controls

International

plc

943,354

2,866

Kansas

City

Southern

585,037

2,438

L3Harris

Technologies,

Inc.

460,831

848

Landstar

System,

Inc.

114,192

798

Lennox

International,

Inc.

218,628

3,973

Lincoln

Electric

Holdings,

Inc.

461,861

2,533

Linde

Public

Limited

Company

667,471

1,229

Lockheed

Martin

Corporation

436,270

6,616

Manpower,

Inc.

596,631

26,255

Meritor,

Inc.

l

732,777

3,169

Middleby

Corporation

i,l

408,547

4,066

NAPCO

Security

Technologies,

Inc.

l

106,611

187

Nordson

Corporation

37,578

1,098

Norfolk

Southern

Corporation

260,896

12,768

Nutrien,

Ltd.

614,907

3,758

Old

Dominion

Freight

Line,

Inc.

733,486

4,354

Otis

Worldwide

Corporation

294,113

3,798

Parker-Hannifin

Corporation

1,034,613

10,476

Patrick

Industries,

Inc.

716,035

15,561

Raven

Industries,

Inc.

514,913

8,066

Raytheon

Technologies

Corporation

576,800

4,222

Regal-Beloit

Corporation

518,504

4,114

Ritchie

Brothers

Auctioneers,

Inc.

286,129

1,185

Rockwell

Automation,

Inc.

297,210

851

Saia,

Inc.

l

153,861

23,680

Southwest

Airlines

Company

1,103,725

2,560

Stanley

Black

&

Decker,

Inc.

457,114

11,259

Timken

Company

870,996

4,820

Tutor

Perini

Corporation

l

62,419

3,042

Union

Pacific

Corporation

633,405

7,251

United

Rentals,

Inc.

l

1,681,579

1,396

Valmont

Industries,

Inc.

244,202

2,470

Verisk

Analytics,

Inc.

512,747

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

34

Shares

Common

Stock

(22.4%)

Value

Industrials

(3.0%)

-

continued

4,218

WESCO

International,

Inc.

l

$

331,113

Total

33,463,545

Information

Technology

(5.3%)

4,263

Accenture

plc

1,113,538

3,299

Adobe,

Inc.

l

1,649,896

5,732

Advanced

Energy

Industries,

Inc.

l

555,832

20,476

Advanced

Micro

Devices,

Inc.

l

1,877,854

11,943

Agilysys,

Inc.

l

458,372

8,074

Akamai

Technologies,

Inc.

l

847,689

8,349

Alliance

Data

Systems

Corporation

618,661

6,521

Amphenol

Corporation

852,751

599

Analog

Devices,

Inc.

88,490

3,254

ANSYS,

Inc.

l

1,183,805

44

Anterix,

Inc.

l

1,654

56,466

Apple,

Inc.

7,492,474

4,641

BigCommerce

Holdings,

Inc.

i,l

297,720

2,515

Blackline,

Inc.

l

335,451

5,068

Broadcom,

Ltd.

2,219,024

1,526

Broadridge

Financial

Solutions,

Inc.

233,783

409

Cadence

Design

Systems,

Inc.

l

55,800

21,915

Change

Healthcare,

Inc.

l

408,715

14,835

Ciena

Corporation

l

784,030

37,963

Cisco

Systems,

Inc.

1,698,844

6,266

Computer

Services,

Inc.

372,200

5,276

Dolby

Laboratories,

Inc.

512,458

22,148

Dropbox,

Inc.

l

491,464

3,446

Enphase

Energy,

Inc.

l

604,670

522

Euronet

Worldwide,

Inc.

l

75,648

612

Fair

Isaac

Corporation

l

312,757

8,080

FLIR

Systems,

Inc.

354,146

6,944

II-VI,

Inc.

l

527,466

1,692

Intuit,

Inc.

642,706

509

Jack

Henry

&

Associates,

Inc.

82,453

635

Lam

Research

Corporation

299,892

3,655

Lattice

Semiconductor

Corporation

l

167,472

1,416

Littelfuse,

Inc.

360,599

3,282

Lumentum

Holdings,

Inc.

l

311,134

6,980

MasterCard,

Inc.

2,491,441

9,427

Microchip

Technology,

Inc.

1,301,963

17,235

Micron

Technology,

Inc.

l

1,295,727

32,136

Microsoft

Corporation

7,147,689

3,591

Motorola

Solutions,

Inc.

610,686

9,979

National

Instruments

Corporation

438,477

2,322

Nice,

Ltd.

ADR

l

658,380

53,027

Nuance

Communications,

Inc.

l

2,337,961

2,086

NVIDIA

Corporation

1,089,309

13,745

ON

Semiconductor

Corporation

l

449,874

14,521

Oracle

Corporation

939,364

5,864

PayPal

Holdings,

Inc.

l

1,373,349

3,600

Plexus

Corporation

l

281,556

8,671

QUALCOMM,

Inc.

1,320,940

21,030

Sabre

Corporation

252,781

3,046

Salesforce.com,

Inc.

l

677,826

557

Samsung

Electronics

Company,

Ltd.

GDR

1,013,066

1,694

ServiceNow,

Inc.

l

932,428

212

Shopify

Inc.

l

239,973

3,361

Square,

Inc.

l

731,488

2,487

Synopsys,

Inc.

l

644,730

1,249

TE

Connectivity,

Ltd.

151,216

3,069

Teradyne,

Inc.

367,942

11,704

Texas

Instruments,

Inc.

1,920,978

Shares

Common

Stock

(22.4%)

Value

Information

Technology

(5.3%)

-

continued

38,577

Unisys

Corporation

l

$

759,195

2,914

Visa,

Inc.

637,379

1,790

VMware,

Inc.

i,l

251,065

4,435

Workiva,

Inc.

l

406,335

Total

58,612,566

Materials

(0.7%)

406

Air

Products

and

Chemicals,

Inc.

110,927

17,724

Axalta

Coating

Systems,

Ltd.

l

506,020

9,124

Ball

Corporation

850,174

17,926

CF

Industries

Holdings,

Inc.

693,915

4,081

Eastman

Chemical

Company

409,243

4,031

Ecolab,

Inc.

872,147

26,731

Element

Solutions,

Inc.

473,941

56,296

Ivanhoe

Mines,

Ltd.

l

303,394

3,263

LyondellBasell

Industries

NV

299,087

915

Martin

Marietta

Materials,

Inc.

259,833

8,189

Nucor

Corporation

435,573

78

PPG

Industries,

Inc.

11,249

99

Sensient

Technologies

Corporation

7,303

749

Sherwin-Williams

Company

550,448

15,057

Steel

Dynamics,

Inc.

555,152

7,200

UFP

Technologies,

Inc.

l

335,520

3,522

United

States

Lime

&

Minerals,

Inc.

401,508

5,704

W.

R.

Grace

&

Company

312,693

Total

7,388,127

Real

Estate

(0.8%)

2,294

Agree

Realty

Corporation

152,734

2,485

Alexandria

Real

Estate

Equities,

Inc.

442,877

19,937

American

Campus

Communities,

Inc.

852,705

1,761

American

Tower

Corporation

395,274

2,093

AvalonBay

Communities,

Inc.

335,780

5,815

Camden

Property

Trust

581,035

5,407

CBRE

Group,

Inc.

l

339,127

4,574

Colliers

International

Group,

Inc.

407,681

600

Community

Healthcare

Trust,

Inc.

28,266

2,858

Digital

Realty

Trust,

Inc.

398,720

12,912

Douglas

Emmett,

Inc.

376,772

12,639

Duke

Realty

Corporation

505,181

871

EastGroup

Properties,

Inc.

120,250

9,951

Essential

Properties

Realty

Trust,

Inc.

210,961

6,707

First

Industrial

Realty

Trust,

Inc.

282,566

7,903

Four

Corners

Property

Trust,

Inc.

235,272

862

Getty

Realty

Corporation

23,739

453

Gladstone

Land

Corporation

6,632

4,329

Healthcare

Realty

Trust,

Inc.

128,138

51,809

Host

Hotels

&

Resorts,

Inc.

757,966

2,099

Industrial

Logistics

Properties

Trust

48,886

2,740

iSTAR

Financial,

Inc.

40,689

168

Kilroy

Realty

Corporation

9,643

11,892

National

Storage

Affiliates

Trust

428,469

944

Plymouth

Industrial

REIT,

Inc.

14,160

2,386

Public

Storage,

Inc.

550,999

5,262

Rayonier,

Inc.

REIT

154,598

4,909

Realty

Income

Corporation

305,192

1,954

Rexford

Industrial

Realty,

Inc.

95,961

8,442

Service

Properties

Trust

96,999

35,457

Sunstone

Hotel

Investors,

Inc.

401,728

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

35

Shares

Common

Stock

(22.4%)

Value

Real

Estate

(0.8%)

-

continued

2,143

WP

Carey,

Inc.

$

151,253

Total

8,880,253

Utilities

(0.5%)

8,337

Alliant

Energy

Corporation

429,606

21,143

CenterPoint

Energy,

Inc.

457,534

12,211

CMS

Energy

Corporation

744,993

7,627

Duke

Energy

Corporation

698,328

10,715

Entergy

Corporation

1,069,786

7,944

Exelon

Corporation

335,396

8,869

NextEra

Energy,

Inc.

684,243

2,892

NorthWestern

Corporation

168,633

5,988

Portland

General

Electric

Company

256,107

3,987

Spire,

Inc.

255,327

348

Unitil

Corporation

15,406

Total

5,115,359

Total

Common

Stock

(cost

$182,666,894)

249,168,312

Shares

Registered

Investment

Companies

(

12.5%

)

Value

Unaffiliated  (1.6%)

47,022

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

209,248

25,350

AllianceBernstein

Global

High

Income

Fund,

Inc.

298,370

15,400

AllianzGI

NFJ

Dividend

Interest

&

Premium

Strategy

Fund

207,284

11,696

BlackRock

Core

Bond

Trust

190,645

18,250

BlackRock

Corporate

High

Yield

Fund,

Inc.

208,598

13,104

BlackRock

Credit

Allocation

Income

Trust

192,760

29,468

BlackRock

Enhanced

Equity

Dividend

Trust

249,594

29,260

BlackRock

Enhanced

Global

Dividend

Trust

319,227

17,787

BlackRock

Multi-Sector

Income

Trust

311,984

16,900

Brookfield

Real

Assets

Income

Fund,

Inc.

301,327

18,147

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

225,023

15,523

Eaton

Vance

Limited

Duration

Income

Fund

194,503

25,402

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

222,775

2,529

Health

Care

Select

Sector

SPDR

Fund

i

286,890

20,907

Invesco

Dynamic

Credit

Opportunities

Fund

224,541

88,814

Invesco

Senior

Loan

ETF

1,978,776

29,000

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

1,116,790

48,039

Liberty

All-Star

Equity

Fund

331,469

43,050

Nuveen

Credit

Strategies

Income

Fund

272,507

14,465

PGIM

Global

High

Yield

Fund,

Inc.

210,176

14,245

PGIM

High

Yield

Bond

Fund,

Inc.

213,675

9,575

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

202,990

27,613

Royce

Micro-Cap

Trust,

Inc.

279,443

Shares

Registered

Investment

Companies

(12.5%)

Value

Unaffiliated  (1.6%)-

continued

31,913

Royce

Value

Trust,

Inc.

$

515,076

40,960

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

4,462,182

7,231

Tri-Continental

Corporation

213,098

45,825

Vanguard

Short-Term

Corporate

Bond

ETF

3,814,931

58,777

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

306,816

39,465

Wells

Fargo

Income

Opportunities

Fund

322,034

Total

17,882,732

Affiliated  (10.9%)

5,378,798

Thrivent

Core

Emerging

Markets

Debt

Fund

55,778,131

6,739,119

Thrivent

Core

International

Equity

Fund

66,110,758

Total

121,888,889

Total

Registered

Investment

Companies

(cost

$131,942,962)

139,771,621

Shares

Preferred

Stock

(

1.9%

)

Value

Communications

Services

(0.1%)

32,525

AT&T,

Inc.,

4.750%

j

870,369

9,075

AT&T,

Inc.,

5.000%

j

246,296

Total

1,116,665

Consumer

Discretionary

(<0.1%)

1,174

International

Flavors

&

Fragrances,

Inc.,

Convertible,

6.000%

47,946

Total

47,946

Consumer

Staples

(0.1%)

31,000

CHS,

Inc.,

6.750%

b,j

865,830

Total

865,830

Energy

(0.1%)

66,540

Crestwood

Equity

Partners,

LP,

9.250%

j

497,054

6,975

Energy

Transfer

Operating,

LP,

7.600%

b,j

157,286

14,317

Nustar

Logistics,

LP,

6.971%

b

307,529

Total

961,869

Financials

(1.2%)

10,000

Aegon

Funding

Corporation

II,

5.100%

275,800

8,335

Agribank

FCB,

6.875%

b,j

941,855

20,000

Allstate

Corporation,

5.100%

j

559,000

17,600

Bank

of

America

Corporation,

5.000%

j

480,128

7,750

Bank

of

America

Corporation,

5.375%

j

211,652

303

Bank

of

America

Corporation,

Convertible,

7.250%

j

460,130

19,925

Capital

One

Financial

Corporation,

5.000%

i,j

529,806

12,970

Cobank

ACB,

6.250%

b,j

1,368,335

21,500

Equitable

Holdings,

Inc.,

5.250%

j

572,760

585

First

Horizon

Bank,

3.750%

b,g,j

470,925

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

36

Shares

Preferred

Stock

(1.9%)

Value

Financials

(1.2%)

-

continued

38,150

GMAC

Capital

Trust

I,

6.007%

b

$

1,031,957

21,740

Hartford

Financial

Services

Group,

Inc.,

7.875%

b

600,241

13,150

J.P.

Morgan

Chase

&

Company,

4.750%

j

364,387

12,800

J.P.

Morgan

Chase

&

Company,

5.750%

j

359,680

12,800

Legg

Mason,

Inc.,

5.450%

327,808

22,400

Morgan

Stanley,

5.850%

b,j

646,240

27,084

Morgan

Stanley,

7.125%

b,i,j

796,540

3,500

Synovus

Financial

Corporation,

5.875%

b,j

93,870

19,200

Truist

Financial

Corporation,

4.750%

j

531,264

1,965

Wells

Fargo

&

Company,

Convertible,

7.500%

j

2,982,674

Total

13,605,052

Health

Care

(<0.1%)

274

Danaher

Corporation,

Convertible,

5.000%

i

356,501

Total

356,501

Industrials

(0.1%)

691

Fortive

Corporation,

Convertible,

5.000%

693,467

6,257

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

i

699,783

Total

1,393,250

Real

Estate

(0.1%)

23,525

Public

Storage,

4.125%

j

638,233

5,025

Public

Storage,

4.625%

j

136,378

1,275

Public

Storage,

4.700%

j

35,101

1,950

Public

Storage,

4.875%

j

53,957

Total

863,669

Utilities

(0.2%)

3,326

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

166,633

7,542

NextEra

Energy,

Inc.,

Convertible,

4.872%

446,486

25,600

Southern

Company,

4.950%

701,440

8,104

Southern

Company,

Convertible,

6.750%

420,598

Total

1,735,157

Total

Preferred

Stock

(cost

$19,555,775)

20,945,939

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

Value

8,867,493

Thrivent

Cash

Management

Trust

8,867,493

Total

Collateral

Held

for

Securities

Loaned

(cost

$8,867,493)

8,867,493

Shares

or

Principal

Amount

Short-Term

Investments

(

13.8%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

2,200,000

0.095%,

1/6/2021

m,n

$

2,199,991

100,000

0.060%,

1/12/2021

m,n

99,998

100,000

0.096%,

1/15/2021

m,n

99,998

300,000

0.090%,

1/20/2021

m,n

299,991

2,600,000

0.070%,

1/26/2021

m,n

2,599,889

100,000

0.090%,

1/27/2021

m,n

99,995

600,000

0.070%,

2/9/2021

m,n

599,952

100,000

0.080%,

2/24/2021

m,n

99,989

Thrivent

Core

Short-Term

Reserve

Fund

14,742,516

0.240%

147,425,163

Total

Short-Term

Investments

(cost

$153,507,700)

153,524,966

Total

Investments

(cost

$1,138,747,259)

110.6%

$1,232,028,942

Other

Assets

and

Liabilities,

Net

(10.6%)

(118,426,988)

Total

Net

Assets

100.0%

$1,113,601,954

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

37

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

December

31,

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

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

f

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

December

31,

2020.

g

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

December

31,

2020,

the

value

of

these

investments

was

$197,407,486

or

17.7%

of

total

net

assets.

h

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

December

31,

2020.

i

All

or

a

portion

of

the

security

is

on

loan.

j

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.

k

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.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Diversified

Income

Plus

Fund

as

of

December

31,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

4,717,982

Common

Stock

3,927,893

Total

lending

$8,645,875

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$8,867,493

Net

amounts

due

to

counterparty

$221,618

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

2M

-

ICE

Libor

USD

Rate

2

Month

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

$104,833,843

Gross

unrealized

depreciation

(13,696,045)

Net

unrealized

appreciation

(depreciation)

$91,137,798

Cost

for

federal

income

tax

purposes

$1,139,798,011

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

38

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

December

31,

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

5,650,828

–

5,007,316

643,512

Capital

Goods

12,069,606

–

11,296,349

773,257

Communications

Services

35,698,486

–

35,698,486

–

Consumer

Cyclical

19,150,228

–

19,150,228

–

Consumer

Non-Cyclical

20,226,484

–

19,188,859

1,037,625

Energy

2,973,371

–

2,973,371

–

Financials

9,879,368

–

9,879,368

–

Technology

10,065,095

–

10,065,095

–

Transportation

3,513,731

–

3,513,731

–

Utilities

4,851,482

–

4,851,482

–

Long-Term

Fixed

Income

Asset-Backed

Securities

38,115,843

–

34,915,843

3,200,000

Basic

Materials

9,914,431

–

9,914,431

–

Capital

Goods

20,133,403

–

20,133,403

–

Collateralized

Mortgage

Obligations

88,180,525

–

88,180,525

–

Commercial

Mortgage-Backed

Securities

4,273,077

–

4,273,077

–

Communications

Services

30,017,578

–

30,017,578

–

Consumer

Cyclical

35,920,151

–

35,920,151

–

Consumer

Non-Cyclical

33,604,149

–

33,604,149

–

Energy

31,003,091

–

31,003,091

–

Financials

80,218,453

–

80,218,453

–

Foreign

Government

183,308

–

183,308

–

Mortgage-Backed

Securities

122,195,284

–

122,195,284

–

Technology

22,602,158

–

22,602,158

–

Transportation

6,692,467

–

6,692,467

–

Utilities

12,618,014

–

12,618,014

–

Common

Stock

Communications

Services

19,361,533

19,301,951

59,582

–

Consumer

Discretionary

28,078,464

28,032,909

45,555

–

Consumer

Staples

8,895,380

8,895,380

–

–

Energy

8,355,716

8,355,716

–

–

Financials

37,966,246

37,342,542

623,704

–

Health

Care

33,051,123

33,051,123

–

–

Industrials

33,463,545

33,463,545

–

–

Information

Technology

58,612,566

57,599,500

1,013,066

–

Materials

7,388,127

7,084,733

303,394

–

Real

Estate

8,880,253

8,880,253

–

–

Utilities

5,115,359

5,115,359

–

–

Preferred

Stock

Communications

Services

1,116,665

1,116,665

–

–

Consumer

Discretionary

47,946

47,946

–

–

Consumer

Staples

865,830

865,830

–

–

Energy

961,869

961,869

–

–

Financials

13,605,052

12,192,272

1,412,780

–

Health

Care

356,501

356,501

–

–

Industrials

1,393,250

699,783

693,467

–

Real

Estate

863,669

863,669

–

–

Utilities

1,735,157

1,735,157

–

–

Registered

Investment

Companies

Unaffiliated

17,882,732

17,882,732

–

–

Short-Term

Investments

6,099,803

–

6,099,803

–

Subtotal

Investments

in

Securities

$953,847,397

$283,845,435

$664,347,568

$5,654,394

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

121,888,889

Affiliated

Short-Term

Investments

147,425,163

Collateral

Held

for

Securities

Loaned

8,867,493

Subtotal

Other

Investments

$278,181,545

Total

Investments

at

Value

$1,232,028,942

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

39

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.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

354,903

354,903

–

–

Total

Asset

Derivatives

$354,903

$354,903

$–

$–

Liability

Derivatives

Futures

Contracts

1,448,036

1,448,036

–

–

Total

Liability

Derivatives

$1,448,036

$1,448,036

$–

$–

The

following

table

presents

Diversified

Income

Plus

Fund's

futures

contracts

held

as

of

December

31,

2020.

Investments

and/or

cash

totaling

$5,999,811

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

March

2021

$

33,772,830

$

36,584

CBOT

5-Yr.

U.S.

Treasury

Note

53

March

2021

6,671,540

15,155

CME

E-mini

S&P

500

Index

9

March

2021

1,654,016

32,944

CME

Euro

Foreign

Exchange

Currency

64

March

2021

9,724,802

71,998

Eurex

Euro

STOXX

50

Index

234

March

2021

9,968,487

153,970

Total

Futures

Long

Contracts

$

61,791,675

$

310,651

CBOT

10-Yr.

U.S.

Treasury

Note

(119)

March

2021

(

$

16,397,445)

(

$

33,852)

CBOT

U.S.

Long

Bond

(35)

March

2021

(

6,084,981)

23,419

CME

E-mini

Russell

2000

Index

(158)

March

2021

(

15,077,980)

(

522,940)

CME

E-mini

S&P

500

Index

(144)

March

2021

(

26,203,729)

(

787,631)

CME

E-mini

S&P

Mid-Cap

400

Index

(10)

March

2021

(

2,236,575)

(

66,925)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(4)

March

2021

(

859,695)

5,444

ICE

mini

MSCI

EAFE

Index

(25)

March

2021

(

2,626,812)

(

36,688)

Ultra

10-Yr.

U.S.

Treasury

Note

(25)

March

2021

(

3,924,373)

15,389

Total

Futures

Short

Contracts

(

$

73,411,590)

($1,403,784)

Total

Futures

Contracts

(

$

11,619,915)

($1,093,133)

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

40

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

December

31,

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

Foreign

Exchange

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

71,998

Total

Foreign

Exchange

Contracts

71,998

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

186,914

Total

Equity

Contracts

186,914

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

95,991

Total

Interest

Rate

Contracts

95,991

Total

Asset

Derivatives

$354,903

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

1,414,184

Total

Equity

Contracts

1,414,184

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

33,852

Total

Interest

Rate

Contracts

33,852

Total

Liability

Derivatives

$1,448,036

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

December

31,

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

2,144,319

Total

Interest

Rate

Contracts

2,144,319

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(4,674,316)

Total

Equity

Contracts

(4,674,316)

Foreign

Exchange

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

141,630

Total

Foreign

Exchange

Contracts

141,630

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

21,985

Total

Credit

Contracts

21,985

Total

($2,366,382)

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

41

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

December

31,

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

Foreign

Exchange

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(13,121)

Total

Foreign

Exchange

Contracts

(13,121)

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(1,024,658)

Total

Equity

Contracts

(1,024,658)

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

276,119

Total

Interest

Rate

Contracts

276,119

Total

($761,660)

The

following

table

presents

Diversified

Income

Plus

Fund's

average

volume

of

derivative

activity

during

the

period

ended

December

31,

2020.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$8,212,088

Futures

-

Short

(21,104,747)

Interest

Rate

Contracts

Futures

-

Long

48,542,175

Futures

-

Short

(22,169,297)

Foreign

Exchange

Contracts

Futures

-

Long

6,205,811

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

(25,734)

Credit

Default

Swaps

-

Sell

Protection

301

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

42

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

12/31/2020

Shares

Held

at

12/31/2020

%

of

Net

Assets

12/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$53,623

$3,059

$3,301

$55,778

5,379

5.0%

Core

International

Equity

—

66,174

3,399

66,111

6,739

5.9

Total

Affiliated

Registered

Investment

Companies

53,623

121,889

10.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.240%

130,402

422,704

405,664

147,425

14,743

13.2

Total

Affiliated

Short-Term

Investments

130,402

147,425

13.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

5,772

174,088

170,993

8,867

8,867

0.8

Total

Collateral

Held

for

Securities

Loaned

5,772

8,867

0.8

Total

Value

$189,797

$278,181

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

12/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$28

$2,369

$–

$2,438

Core

International

Equity

180

3,156

–

1,491

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.240%

(34)

17

–

1,210

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$5,139

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

0

47

Total

Affiliated

Income

from

Securities

Loaned,

Net

$47

Total

$174

$5,542

$0

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

43

Principal

Amount

Long-Term

Fixed

Income

(

48.0%

)

Value

Basic

Materials

(1.7%)

Alcoa

Nederland

Holding

BV

$

40,000

5.500%, 

12/15/2027

a

$

43,771

BWAY

Holding

Company

30,000

5.500%, 

4/15/2024

a

30,592

Cleveland-Cliffs,

Inc.

30,000

5.750%, 

3/1/2025

30,450

20,000

9.875%, 

10/17/2025

a

23,525

First

Quantum

Minerals,

Ltd.

60,000

7.250%, 

4/1/2023

a

61,840

Freeport-McMoRan,

Inc.

40,000

4.125%, 

3/1/2028

41,950

30,000

4.250%, 

3/1/2030

32,325

Ingevity

Corporation

40,000

3.875%, 

11/1/2028

a

40,300

Kraton

Polymers,

LLC

30,000

4.250%, 

12/15/2025

a

30,603

Methanex

Corporation

60,000

5.250%, 

12/15/2029

65,023

Norbord,

Inc.

40,000

5.750%, 

7/15/2027

a

43,001

Novelis

Corporation

40,000

5.875%, 

9/30/2026

a

41,800

20,000

4.750%, 

1/30/2030

a

21,547

OCI

NV

40,000

4.625%, 

10/15/2025

a

41,500

Olin

Corporation

55,000

5.125%, 

9/15/2027

57,538

Tronox

Finance

plc

20,000

5.750%, 

10/1/2025

a

20,750

Total

626,515

Capital

Goods

(2.9%)

AECOM

50,000

5.125%, 

3/15/2027

55,641

Amsted

Industries,

Inc.

60,000

5.625%, 

7/1/2027

a

63,750

Ardagh

Packaging

Finance

plc

35,000

6.000%, 

2/15/2025

a

36,269

20,000

5.250%, 

8/15/2027

a

20,996

Berry

Global,

Inc.

30,000

4.875%, 

7/15/2026

a

32,226

Chart

Industries,

Inc.,

Convertible

8,000

1.000%, 

11/15/2024

a

16,759

Covanta

Holding

Corporation

50,000

6.000%, 

1/1/2027

52,517

5,000

5.000%, 

9/1/2030

5,350

Crown

Americas

Capital

Corporation

IV

60,000

4.500%, 

1/15/2023

63,308

Crown

Cork

&

Seal

Company,

Inc.

20,000

7.375%, 

12/15/2026

24,350

Fortive

Corporation,

Convertible

9,000

0.875%, 

2/15/2022

9,258

General

Electric

Company

100,000

5.000%, 

3/15/2021

b,c

92,726

GFL

Environmental,

Inc.

10,000

4.000%, 

8/1/2028

a

10,075

50,000

3.500%, 

9/1/2028

a

51,010

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Capital

Goods

(2.9%)

-

continued

Greenbrier

Companies,

Inc.,

Convertible

$

4,000

2.875%, 

2/1/2024

$

4,042

H&E

Equipment

Services,

Inc.

50,000

3.875%, 

12/15/2028

a

50,376

Howmet

Aerospace,

Inc.

30,000

6.875%, 

5/1/2025

35,400

Jeld-Wen

,

Inc.

30,000

4.625%, 

12/15/2025

a

30,615

KBR,

Inc.,

Convertible

18,000

2.500%, 

11/1/2023

24,627

Owens-Brockway

Glass

Container,

Inc.

20,000

5.875%, 

8/15/2023

a

21,425

Patrick

Industries,

Inc.,

Convertible

6,000

1.000%, 

2/1/2023

6,335

SRM

Escrow

Issuer,

LLC

40,000

6.000%, 

11/1/2028

a

41,873

Standard

Industries,

Inc.

60,000

4.375%, 

7/15/2030

a

64,184

TransDigm

,

Inc.

25,000

6.250%, 

3/15/2026

a

26,625

85,000

5.500%, 

11/15/2027

89,361

United

Rentals

North

America,

Inc.

100,000

4.000%, 

7/15/2030

105,250

WESCO

Distribution,

Inc.

30,000

7.250%, 

6/15/2028

a

34,119

Total

1,068,467

Collateralized

Mortgage

Obligations

(0.4%)

GMACM

Mortgage

Loan

Trust

24,684

3.647%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

23,398

Residential

Accredit

Loans,

Inc.

Trust

61,500

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

60,096

WaMu

Mortgage

Pass

Through

Certificates

59,275

1.489%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

54,226

Total

137,720

Communications

Services

(5.3%)

Altice

France

SA

40,000

5.500%, 

1/15/2028

a

41,820

Cable

One,

Inc.

10,000

4.000%, 

11/15/2030

a

10,387

CCO

Holdings,

LLC

65,000

5.500%, 

5/1/2026

a

67,356

150,000

4.500%, 

8/15/2030

a

159,187

CSC

Holdings,

LLC

60,000

5.500%, 

5/15/2026

a

62,400

20,000

4.125%, 

12/1/2030

a

20,912

70,000

4.625%, 

12/1/2030

a

73,062

DISH

Network

Corporation,

Convertible

29,000

3.375%, 

8/15/2026

27,644

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

44

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Communications

Services

(5.3%)

-

continued

Embarq

Corporation

$

30,000

7.995%, 

6/1/2036

$

37,003

Entercom

Media

Corporation

20,000

6.500%, 

5/1/2027

a

20,325

Front

Range

BidCo

,

Inc.

60,000

4.000%, 

3/1/2027

a

60,150

Frontier

Communications

Corporation

20,000

5.875%, 

10/15/2027

a

21,625

GCI,

LLC

30,000

4.750%, 

10/15/2028

a

31,996

Hughes

Satellite

Systems

Corporation

20,000

6.625%, 

8/1/2026

22,629

iHeartCommunications

,

Inc.

50,000

4.750%, 

1/15/2028

a

51,500

LCPR

Senior

Secured

Financing

DAC

30,000

6.750%, 

10/15/2027

a

32,288

Level

3

Financing,

Inc.

75,000

4.625%, 

9/15/2027

a

78,333

100,000

4.250%, 

7/1/2028

a

102,750

Meredith

Corporation

30,000

6.500%, 

7/1/2025

a

31,800

Netflix,

Inc.

85,000

4.875%, 

4/15/2028

95,855

Nexstar

Escrow

Corporation

35,000

5.625%, 

7/15/2027

a

37,494

Nielsen

Finance,

LLC

20,000

5.625%, 

10/1/2028

a

21,731

Scripps

Escrow

II,

Inc.

20,000

3.875%, 

1/15/2029

a

20,850

SFR

Group

SA

60,000

7.375%, 

5/1/2026

a

63,150

Sinclair

Television

Group,

Inc.

40,000

5.500%, 

3/1/2030

a

41,700

Sirius

XM

Radio,

Inc.

70,000

5.000%, 

8/1/2027

a

74,376

40,000

4.125%, 

7/1/2030

a

42,575

Sprint

Capital

Corporation

30,000

6.875%, 

11/15/2028

39,554

10,000

8.750%, 

3/15/2032

15,834

Sprint

Corporation

30,000

7.250%, 

9/15/2021

31,215

20,000

7.125%, 

6/15/2024

23,388

135,000

7.625%, 

2/15/2025

161,438

T-Mobile

USA,

Inc.

30,000

4.500%, 

2/1/2026

30,670

Univision

Communications,

Inc.

50,000

6.625%, 

6/1/2027

a

53,695

VeriSign,

Inc.

95,000

4.750%, 

7/15/2027

101,918

Viacom,

Inc.

44,000

5.875%, 

2/28/2057

b

45,650

ViaSat

,

Inc.

20,000

5.625%, 

9/15/2025

a

20,456

Virgin

Media

Secured

Finance

plc

50,000

5.500%, 

8/15/2026

a

51,938

VTR

Finance

NV

10,000

6.375%, 

7/15/2028

a

10,925

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Communications

Services

(5.3%)

-

continued

Ziggo

BV

$

50,000

5.500%, 

1/15/2027

a

$

52,188

Total

1,989,767

Consumer

Cyclical

(5.7%)

1011778

B.C.,

ULC

75,000

4.375%, 

1/15/2028

a

77,250

Allied

Universal

Holdco,

LLC

30,000

6.625%, 

7/15/2026

a

31,989

Allison

Transmission,

Inc.

60,000

4.750%, 

10/1/2027

a

62,850

American

Axle

&

Manufacturing,

Inc.

45,000

6.500%, 

4/1/2027

47,362

Bloomin

'

Brands,

Inc.,

Convertible

5,000

5.000%, 

5/1/2025

a

9,181

Booking

Holdings,

Inc.,

Convertible

2,000

0.900%, 

9/15/2021

2,318

Brookfield

Property

REIT,

Inc.

20,000

5.750%, 

5/15/2026

a

19,731

Brookfield

Residential

Properties,

Inc.

50,000

6.250%, 

9/15/2027

a

53,187

Burlington

Stores,

Inc.,

Convertible

35,000

2.250%, 

4/15/2025

a

48,484

Carnival

Corporation

30,000

11.500%, 

4/1/2023

a

34,690

20,000

10.500%, 

2/1/2026

a

23,300

10,000

7.625%, 

3/1/2026

a

10,895

Cedar

Fair,

LP

40,000

5.250%, 

7/15/2029

41,182

Colt

Merger

Sub,

Inc.

65,000

6.250%, 

7/1/2025

a

69,225

Dana,

Inc.

40,000

5.625%, 

6/15/2028

43,069

Dick's

Sporting

Goods,

Inc.,

Convertible

18,000

3.250%, 

4/15/2025

a

32,051

Empire

Communities

Corporation

10,000

7.000%, 

12/15/2025

a

10,539

Ford

Motor

Company

10,000

9.000%, 

4/22/2025

12,288

25,000

9.625%, 

4/22/2030

35,281

60,000

7.450%, 

7/16/2031

76,950

Ford

Motor

Credit

Company,

LLC

90,000

4.063%, 

11/1/2024

94,551

75,000

4.134%, 

8/4/2025

78,656

Gap,

Inc.

20,000

8.625%, 

5/15/2025

a

22,305

General

Motors

Financial

Company,

Inc.

50,000

5.700%, 

9/30/2030

b,c

55,125

Hanesbrands,

Inc.

60,000

4.875%, 

5/15/2026

a

65,175

Herc

Holdings,

Inc.

30,000

5.500%, 

7/15/2027

a

31,800

Hilton

Domestic

Operating

Company,

Inc.

30,000

5.125%, 

5/1/2026

30,975

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

45

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Consumer

Cyclical

(5.7%)

-

continued

Hilton

Worldwide

Finance,

LLC

$

70,000

4.875%, 

4/1/2027

$

74,090

International

Game

Technology

plc

50,000

5.250%, 

1/15/2029

a

53,875

KB

Home

30,000

4.800%, 

11/15/2029

32,925

L

Brands,

Inc.

40,000

6.625%, 

10/1/2030

a

44,500

Landry's,

Inc.

30,000

6.750%, 

10/15/2024

a

29,785

Lennar

Corporation

60,000

4.750%, 

5/30/2025

68,550

Live

Nation

Entertainment,

Inc.

20,000

3.750%, 

1/15/2028

a,d

20,208

Marriott

Vacations

Worldwide

Corporation,

Convertible

9,000

1.500%, 

9/15/2022

10,188

Mattamy

Group

Corporation

50,000

5.250%, 

12/15/2027

a

52,875

30,000

4.625%, 

3/1/2030

a

31,800

MGM

Resorts

International

65,000

5.500%, 

4/15/2027

72,443

Norwegian

Cruise

Line

Holdings,

Ltd.

20,000

10.250%, 

2/1/2026

a

23,400

Prime

Security

Services

Borrower,

LLC

60,000

5.750%, 

4/15/2026

a

65,700

45,000

3.375%, 

8/31/2027

a

44,663

Royal

Caribbean

Cruises,

Ltd.

40,000

9.125%, 

6/15/2023

a

43,400

10,000

11.500%, 

6/1/2025

a

11,691

Scientific

Games

International,

Inc.

60,000

5.000%, 

10/15/2025

a

61,913

SeaWorld

Parks

and

Entertainment,

Inc.

20,000

9.500%, 

8/1/2025

a

21,713

Six

Flags

Entertainment

Corporation

20,000

5.500%, 

4/15/2027

a

20,550

Six

Flags

Theme

Parks,

Inc.

20,000

7.000%, 

7/1/2025

a

21,600

Staples,

Inc.

50,000

7.500%, 

4/15/2026

a

52,214

Tenneco,

Inc.

20,000

5.000%, 

7/15/2026

18,400

Under

Armour

,

Inc.,

Convertible

2,000

1.500%, 

6/1/2024

a

3,297

Wyndham

Destinations,

Inc.

20,000

6.625%, 

7/31/2026

a

22,900

Wyndham

Hotels

&

Resorts,

Inc.

15,000

4.375%, 

8/15/2028

a

15,586

Yum!

Brands,

Inc.

70,000

4.750%, 

1/15/2030

a

76,755

ZF

North

America

Capital,

Inc.

20,000

4.750%, 

4/29/2025

a

21,552

Total

2,136,982

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Consumer

Non-Cyclical

(4.5%)

Albertson's

Companies,

Inc.

$

80,000

3.500%, 

3/15/2029

a

$

80,800

Aramark

Services,

Inc.

20,000

6.375%, 

5/1/2025

a

21,375

Bausch

Health

Companies,

Inc.

40,000

5.000%, 

1/30/2028

a

41,222

70,000

5.000%, 

2/15/2029

a

71,974

Centene

Corporation

50,000

5.375%, 

6/1/2026

a

52,736

40,000

4.250%, 

12/15/2027

42,400

40,000

4.625%, 

12/15/2029

44,408

20,000

3.000%, 

10/15/2030

21,198

Central

Garden

&

Pet

Company

30,000

4.125%, 

10/15/2030

31,275

Community

Health

Systems,

Inc.

20,000

6.000%, 

1/15/2029

a

21,605

DaVita,

Inc.

40,000

4.625%, 

6/1/2030

a

42,400

Edgewell

Personal

Care

Company

20,000

5.500%, 

6/1/2028

a

21,494

Encompass

Health

Corporation

50,000

4.500%, 

2/1/2028

52,250

Energizer

Holdings,

Inc.

60,000

4.375%, 

3/31/2029

a

62,131

H.

J.

Heinz

Company

10,000

5.200%, 

7/15/2045

11,874

HCA,

Inc.

115,000

5.375%, 

2/1/2025

129,321

HLF

Financing

SARL,

LLC

30,000

7.250%, 

8/15/2026

a

31,828

Illumina,

Inc.,

Convertible

1,000

0.500%, 

6/15/2021

1,461

Ionis

Pharmaceuticals,

Inc.,

Convertible

4,000

0.125%, 

12/15/2024

4,082

JBS

Investments

II

GmbH

20,000

5.750%, 

1/15/2028

a

21,400

JBS

USA,

LLC

75,000

6.500%, 

4/15/2029

a

87,308

Kraft

Foods

Group,

Inc.

50,000

5.000%, 

6/4/2042

58,585

Kraft

Heinz

Foods

Company

70,000

4.625%, 

1/30/2029

80,061

50,000

3.750%, 

4/1/2030

a

53,411

40,000

4.250%, 

3/1/2031

a

44,578

Molina

Healthcare,

Inc.

30,000

4.375%, 

6/15/2028

a

31,575

MPH

Acquisition

Holdings,

LLC

20,000

5.750%, 

11/1/2028

a

19,550

Par

Pharmaceutical,

Inc.

35,000

7.500%, 

4/1/2027

a

37,975

Pilgrim's

Pride

Corporation

30,000

5.875%, 

9/30/2027

a

32,538

QBE

Insurance

Group,

Ltd.

44,000

5.875%, 

5/12/2025

a,b,c

48,070

Scotts

Miracle-

Gro

Company

35,000

4.500%, 

10/15/2029

37,713

SEG

Holding,

LLC

40,000

5.625%, 

10/15/2028

a

42,200

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

46

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Consumer

Non-Cyclical

(4.5%)

-

continued

Simmons

Foods,

Inc.

$

20,000

5.750%, 

11/1/2024

a

$

20,425

Spectrum

Brands,

Inc.

10,000

5.000%, 

10/1/2029

a

10,739

10,000

5.500%, 

7/15/2030

a

10,775

Syneos

Health,

Inc.

20,000

3.625%, 

1/15/2029

a

20,055

Teleflex,

Inc.

50,000

4.250%, 

6/1/2028

a

53,000

Tenet

Healthcare

Corporation

30,000

4.625%, 

7/15/2024

30,751

60,000

5.125%, 

11/1/2027

a

63,525

Teva

Pharmaceutical

Finance

Netherlands

III

BV

35,000

2.800%, 

7/21/2023

34,650

VRX

Escrow

Corporation

75,000

6.125%, 

4/15/2025

a

77,300

Total

1,702,018

Energy

(5.2%)

Antero

Midstream

Partners,

LP

10,000

5.750%, 

3/1/2027

a

9,825

Antero

Resources

Corporation

10,000

5.625%, 

6/1/2023

e

9,800

20,000

5.000%, 

3/1/2025

19,000

20,000

8.375%, 

7/15/2026

a,d

20,414

Apache

Corporation

50,000

4.875%, 

11/15/2027

53,000

20,000

4.375%, 

10/15/2028

20,820

Archrock

Partners,

LP

30,000

6.250%, 

4/1/2028

a

31,229

Blue

Racer

Midstream,

LLC

20,000

7.625%, 

12/15/2025

a

21,300

BP

Capital

Markets

plc

44,000

4.875%, 

3/22/2030

b,c

49,091

Buckeye

Partners,

LP

50,000

3.950%, 

12/1/2026

50,650

20,000

4.125%, 

12/1/2027

20,400

Cenovus

Energy,

Inc.

10,000

5.375%, 

7/15/2025

11,272

10,000

6.750%, 

11/15/2039

13,206

Cheniere

Energy

Partners,

LP

80,000

5.625%, 

10/1/2026

83,400

CNX

Resources

Corporation

30,000

6.000%, 

1/15/2029

a

30,735

Comstock

Resources,

Inc.

20,000

9.750%, 

8/15/2026

21,450

Continental

Resources,

Inc.

10,000

4.375%, 

1/15/2028

10,200

20,000

5.750%, 

1/15/2031

a

22,200

Enagas

SA

55,000

5.500%, 

1/15/2028

a

56,169

Enbridge,

Inc.

87,000

6.250%, 

3/1/2078

b

95,113

52,000

5.750%, 

7/15/2080

b

58,514

Encana

Corporation

10,000

6.625%, 

8/15/2037

11,157

Endeavor

Energy

Resources,

LP

30,000

5.750%, 

1/30/2028

a

32,361

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Energy

(5.2%)

-

continued

Energy

Transfer

Operating,

LP

$

25,000

6.625%, 

2/15/2028

b,c

$

21,137

EnLink

Midstream

Partners,

LP

30,000

4.850%, 

7/15/2026

29,100

30,000

5.600%, 

4/1/2044

24,075

Enterprise

Products

Operating,

LLC

75,000

4.875%, 

8/16/2077

b

72,429

EQM

Midstream

Partners,

LP

30,000

6.500%, 

7/1/2027

a

33,781

10,000

5.500%, 

7/15/2028

10,928

20,000

6.500%, 

7/15/2048

20,750

EQT

Corporation

50,000

3.900%, 

10/1/2027

49,672

EQT

Corporation,

Convertible

16,000

1.750%, 

5/1/2026

a

18,828

Genesis

Energy,

LP

10,000

6.500%, 

10/1/2025

9,725

10,000

8.000%, 

1/15/2027

9,950

Harvest

Midstream,

LP

30,000

7.500%, 

9/1/2028

a

31,912

Hess

Midstream

Operations,

LP

20,000

5.625%, 

2/15/2026

a

20,800

Murphy

Oil

Corporation

20,000

5.875%, 

12/1/2027

19,700

Newfield

Exploration

Company

20,000

5.625%, 

7/1/2024

21,465

NuStar

Logistics,

LP

30,000

5.750%, 

10/1/2025

31,950

Occidental

Petroleum

Corporation

20,000

3.450%, 

7/15/2024

19,100

50,000

2.900%, 

8/15/2024

48,125

60,000

3.400%, 

4/15/2026

57,204

60,000

3.500%, 

8/15/2029

54,910

20,000

6.450%, 

9/15/2036

20,940

50,000

4.400%, 

4/15/2046

43,573

PDC

Energy,

Inc.,

Convertible

1,000

1.125%, 

9/15/2021

972

Pioneer

Natural

Resources

Company,

Convertible

7,000

0.250%, 

5/15/2025

a

9,301

Plains

All

American

Pipeline,

LP

60,000

6.125%, 

11/15/2022

b,c

48,750

QEP

Resources,

Inc.

20,000

5.625%, 

3/1/2026

21,931

Range

Resources

Corporation

20,000

9.250%, 

2/1/2026

20,900

Southwestern

Energy

Company

40,000

7.500%, 

4/1/2026

41,960

Sunoco,

LP

40,000

5.500%, 

2/15/2026

41,000

10,000

4.500%, 

5/15/2029

a

10,400

Targa

Resources

Partners,

LP

10,000

5.375%, 

2/1/2027

10,504

20,000

5.000%, 

1/15/2028

21,111

TransCanada

Trust

105,000

5.300%, 

3/15/2077

b

111,300

Transocean

Guardian,

Ltd.

31,200

5.875%, 

1/15/2024

a

26,208

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Energy

(5.2%)

-

continued

USA

Compression

Partners,

LP

$

20,000

6.875%, 

4/1/2026

$

20,900

W&T

Offshore,

Inc.

37,000

9.750%, 

11/1/2023

a

26,178

Weatherford

International,

Ltd.

20,000

8.750%, 

9/1/2024

a

20,000

Western

Midstream

Operating,

LP

10,000

6.250%, 

2/1/2050

11,000

30,000

4.100%, 

2/1/2025

30,917

20,000

3.950%, 

6/1/2025

20,400

WPX

Energy,

Inc.

50,000

5.250%, 

10/15/2027

52,981

Total

1,968,073

Financials

(14.4%)

Ally

Financial,

Inc.

40,000

5.750%, 

11/20/2025

46,560

Ares

Capital

Corporation,

Convertible

4,000

4.625%, 

3/1/2024

4,210

BAC

Capital

Trust

XIV

30,000

4.000%, 

(LIBOR

3M

+

0.400%),

1/20/2021

b,c

29,812

Bank

of

America

Corporation

284,000

6.250%, 

9/5/2024

b,c

315,116

50,000

6.100%, 

3/17/2025

b,c

56,652

92,000

5.875%, 

3/15/2028

b,c

103,960

Bank

of

New

York

Mellon

Corporation

22,000

4.700%, 

9/20/2025

b,c

24,262

Bank

of

Nova

Scotia

66,000

4.900%, 

6/4/2025

b,c

71,456

Barclays

plc

105,000

8.000%, 

6/15/2024

b,c

117,075

BNP

Paribas

SA

44,000

7.625%, 

3/30/2021

a,b,c

44,550

CANPACK

SA

40,000

3.125%, 

11/1/2025

a

40,200

Cascades

USA,

Inc.

35,000

5.125%, 

1/15/2026

a

36,969

Charles

Schwab

Corporation

191,000

5.375%, 

6/1/2025

b,c

212,726

Citigroup,

Inc.

131,000

4.699%, 

(LIBOR

3M

+

4.478%),

2/15/2021

b,c

131,196

100,000

5.950%, 

1/30/2023

b,c

104,960

60,000

5.000%, 

9/12/2024

b,c

62,362

30,000

5.950%, 

5/15/2025

b,c

32,775

60,000

4.000%, 

12/10/2025

b,c

61,575

Comerica,

Inc.

22,000

5.625%, 

7/1/2025

b,c

24,365

Credit

Acceptance

Corporation

25,000

5.125%, 

12/31/2024

a

26,000

Credit

Agricole

SA

44,000

8.125%, 

12/23/2025

a,b,c

53,460

Credit

Suisse

Group

AG

45,000

7.500%, 

12/11/2023

a,b,c

50,029

Dai-ichi

Life

Insurance

Company,

Ltd.

175,000

5.100%, 

10/28/2024

a,b,c,e

196,437

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Financials

(14.4%)

-

continued

ESH

Hospitality,

Inc.

$

30,000

5.250%, 

5/1/2025

a

$

30,750

20,000

4.625%, 

10/1/2027

a

20,500

Euronet

Worldwide,

Inc.,

Convertible

8,000

0.750%, 

3/15/2049

9,043

Fifth

Third

Bancorp

50,000

4.500%, 

9/30/2025

b,c

53,175

Fortress

Transportation

20,000

6.500%, 

10/1/2025

a

20,902

FTI

Consulting,

Inc.,

Convertible

18,000

2.000%, 

8/15/2023

22,491

Global

Net

Lease,

Inc.

50,000

3.750%, 

12/15/2027

a

51,569

Goldman

Sachs

Group,

Inc.

50,000

4.128%, 

(LIBOR

3M

+

3.922%),

2/4/2021

b,c

49,899

200,000

5.500%, 

8/10/2024

b,c

218,000

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Convertible

13,000

4.125%, 

9/1/2022

30,395

Hartford

Financial

Services

Group,

Inc.

100,000

2.346%, 

(LIBOR

3M

+

2.125%),

2/12/2047

a,b

89,165

HSBC

Holdings

plc

46,000

6.375%, 

3/30/2025

b,c

50,273

31,000

6.500%, 

3/23/2028

b,c

34,797

95,000

4.600%, 

12/17/2030

b,c

96,674

Huntington

Bancshares,

Inc.

70,000

4.450%, 

10/15/2027

b,c

74,638

Icahn

Enterprises,

LP

50,000

6.375%, 

12/15/2025

51,725

Iron

Mountain,

Inc.

50,000

4.875%, 

9/15/2027

a

52,250

iStar

,

Inc.

30,000

4.250%, 

8/1/2025

29,625

iStar

,

Inc.,

Convertible

2,000

3.125%, 

9/15/2022

2,353

J.P.

Morgan

Chase

&

Company

145,000

3.545%, 

(LIBOR

3M

+

3.320%),

4/1/2021

b,c

142,454

115,000

5.150%, 

5/1/2023

b,c

118,740

50,000

6.000%, 

8/1/2023

b,c

53,000

44,000

6.750%, 

2/1/2024

b,c

49,399

210,000

5.000%, 

8/1/2024

b,c

220,926

J.P.

Morgan

Chase

Capital

XXIII

100,000

1.221%, 

(LIBOR

3M

+

1.000%),

5/15/2047

b

82,000

Lincoln

National

Corporation

100,000

2.580%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

77,000

Lloyds

Banking

Group

plc

42,000

7.500%, 

6/27/2024

b,c

47,367

100,000

6.657%, 

5/21/2037

a,b,c

127,000

MetLife,

Inc.

50,000

3.850%, 

9/15/2025

b,c

52,750

100,000

5.875%, 

3/15/2028

b,c

114,550

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

48

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Financials

(14.4%)

-

continued

MGIC

Investment

Corporation,

Convertible

$

23,000

9.000%, 

4/1/2063

a

$

29,728

MGM

Growth

Properties

Operating

Partnership,

LP

20,000

4.625%, 

6/15/2025

a

21,420

30,000

4.500%, 

9/1/2026

32,277

MPT

Operating

Partnership,

LP

50,000

4.625%, 

8/1/2029

53,750

20,000

3.500%, 

3/15/2031

20,650

Nippon

Life

Insurance

Company

100,000

5.100%, 

10/16/2044

a,b

112,250

54,000

3.400%, 

1/23/2050

a,b

58,590

Provident

Financing

Trust

I

30,000

7.405%, 

3/15/2038

34,785

Prudential

Financial,

Inc.

150,000

5.625%, 

6/15/2043

b

160,846

95,000

5.200%, 

3/15/2044

b

100,900

25,000

3.700%, 

10/1/2050

b

26,445

Quicken

Loans,

LLC

20,000

3.625%, 

3/1/2029

a

20,400

20,000

3.875%, 

3/1/2031

a

20,750

Regions

Financial

Corporation

44,000

5.750%, 

6/15/2025

b,c

49,016

Royal

Bank

of

Scotland

Group

plc

44,000

8.625%, 

8/15/2021

b,c

45,668

Service

Properties

Trust

30,000

4.750%, 

10/1/2026

29,625

20,000

5.500%, 

12/15/2027

21,859

Societe

Generale

SA

44,000

8.000%, 

9/29/2025

a,b,c

51,645

Springleaf

Finance

Corporation

20,000

6.875%, 

3/15/2025

23,225

30,000

7.125%, 

3/15/2026

35,475

25,000

6.625%, 

1/15/2028

29,688

Standard

Chartered

plc

100,000

7.500%, 

4/2/2022

a,b,c

104,250

Starwood

Property

Trust,

Inc.,

Convertible

3,000

4.375%, 

4/1/2023

2,972

Truist

Financial

Corporation

169,000

4.950%, 

9/1/2025

b,c

185,902

USB

Realty

Corporation

60,000

1.384%, 

(LIBOR

3M

+

1.147%),

1/15/2022

a,b,c

44,850

VICI

Properties,

LP

10,000

4.250%, 

12/1/2026

a

10,372

10,000

3.750%, 

2/15/2027

a

10,225

30,000

4.625%, 

12/1/2029

a

32,100

10,000

4.125%, 

8/15/2030

a

10,556

Wachovia

Capital

Trust

II

100,000

0.737%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

93,463

Total

5,393,799

Technology

(2.5%)

Akamai

Technologies,

Inc.,

Convertible

10,000

0.125%, 

5/1/2025

12,376

25,000

0.375%, 

9/1/2027

27,857

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Technology

(2.5%)

-

continued

Black

Knight

InfoServ

,

LLC

$

5,000

3.625%, 

9/1/2028

a

$

5,119

CDW,

LLC

30,000

4.250%, 

4/1/2028

31,673

CommScope

Technologies

Finance,

LLC

70,000

6.000%, 

6/15/2025

a

71,575

Diamond

Sports

Group,

LLC

25,000

5.375%, 

8/15/2026

a

20,313

40,000

6.625%, 

8/15/2027

a

24,200

Gartner,

Inc.

30,000

4.500%, 

7/1/2028

a

31,650

20,000

3.750%, 

10/1/2030

a

21,000

Iron

Mountain,

Inc.

40,000

5.000%, 

7/15/2028

a

42,495

J2

Global,

Inc.,

Convertible

40,000

1.750%, 

11/1/2026

a

41,454

11,000

3.250%, 

6/15/2029

16,103

Lumentum

Holdings,

Inc.,

Convertible

16,000

0.250%, 

3/15/2024

26,387

Microchip

Technology,

Inc.,

Convertible

14,000

1.625%, 

2/15/2027

28,316

NCR

Corporation

50,000

6.125%, 

9/1/2029

a

55,375

NortonLifeLock

,

Inc.,

Convertible

3,000

2.000%, 

8/15/2022

a

3,518

Nuance

Communications,

Inc.,

Convertible

34,000

1.250%, 

4/1/2025

77,363

ON

Semiconductor

Corporation,

Convertible

33,000

1.625%, 

10/15/2023

55,291

Open

Text

Corporation

30,000

4.125%, 

2/15/2030

a

31,914

Plantronics,

Inc.

40,000

5.500%, 

5/31/2023

a

40,100

PTC,

Inc.

10,000

3.625%, 

2/15/2025

a

10,280

Qorvo

,

Inc.

20,000

3.375%, 

4/1/2031

a

20,650

Rackspace

Technology

Global,

Inc.

20,000

5.375%, 

12/1/2028

a

20,954

Sensata

Technologies,

Inc.

40,000

3.750%, 

2/15/2031

a

41,463

Shift4

Payments,

LLC

10,000

4.625%, 

11/1/2026

a

10,400

SS&C

Technologies,

Inc.

40,000

5.500%, 

9/30/2027

a

42,721

Switch,

Ltd.

40,000

3.750%, 

9/15/2028

a

40,600

Teradyne,

Inc.,

Convertible

6,000

1.250%, 

12/15/2023

22,684

Verint

Systems,

Inc.,

Convertible

11,000

1.500%, 

6/1/2021

12,062

Vishay

Intertechnology

,

Inc.,

Convertible

11,000

2.250%, 

6/15/2025

11,458

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

49

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Technology

(2.5%)

-

continued

Xerox

Holdings

Corporation

$

20,000

5.000%, 

8/15/2025

a

$

21,285

Total

918,636

Transportation

(0.6%)

Air

Transport

Services

Group,

Inc.,

Convertible

15,000

1.125%, 

10/15/2024

17,803

American

Airlines,

Inc.

20,000

11.750%, 

7/15/2025

a

23,065

Delta

Air

Lines,

Inc.

40,000

7.000%, 

5/1/2025

a

46,174

10,000

7.375%, 

1/15/2026

11,421

Meritor,

Inc.,

Convertible

22,000

3.250%, 

10/15/2037

25,251

Mileage

Plus

Holdings,

LLC

20,000

6.500%, 

6/20/2027

a

21,500

Southwest

Airlines

Company,

Convertible

24,000

1.250%, 

5/1/2025

34,860

XPO

Logistics,

Inc.

50,000

6.750%, 

8/15/2024

a

53,125

Total

233,199

U.S.

Government

&

Agencies

(3.2%)

U.S.

Treasury

Notes

1,210,000

0.125%, 

6/30/2022

1,210,142

Total

1,210,142

Utilities

(1.6%)

Calpine

Corporation

40,000

4.500%, 

2/15/2028

a

41,600

Dominion

Energy,

Inc.

46,000

4.650%, 

12/15/2024

b,c

48,492

Duke

Energy

Corporation

45,000

4.875%, 

9/16/2024

b,c

48,727

NextEra

Energy

Operating

Partners,

LP

80,000

3.875%, 

10/15/2026

a

85,400

NiSource,

Inc.

70,000

5.650%, 

6/15/2023

b,c

71,925

NRG

Energy,

Inc.

10,000

3.375%, 

2/15/2029

a

10,238

10,000

3.625%, 

2/15/2031

a

10,288

PG&E

Corporation

40,000

5.250%, 

7/1/2030

44,000

Sempra

Energy

44,000

4.875%, 

10/15/2025

b,c

47,025

Southern

Company

50,000

4.000%, 

1/15/2051

b

52,954

Talen

Energy

Supply,

LLC

40,000

7.625%, 

6/1/2028

a

43,100

TerraForm

Power

Operating,

LLC

30,000

5.000%, 

1/31/2028

a

33,709

Principal

Amount

Long-Term

Fixed

Income

(48.0%)

Value

Utilities

(1.6%)

-

continued

Vistra

Operations

Company,

LLC

$

65,000

5.000%, 

7/31/2027

a

$

68,900

Total

606,358

Total

Long-Term

Fixed

Income

(cost

$17,165,473)

17,991,676

Shares

Registered

Investment

Companies

(

35.7%

)

Value

Unaffiliated  (25.9%)

20,000

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

89,000

11,125

AllianceBernstein

Global

High

Income

Fund,

Inc.

130,941

12,850

AllianzGI

NFJ

Dividend

Interest

&

Premium

Strategy

Fund

172,961

5,740

Barings

Global

Short

Duration

High

Yield

Fund

86,617

490

BlackRock

Core

Bond

Trust

7,987

8,169

BlackRock

Corporate

High

Yield

Fund,

Inc.

93,372

10,642

BlackRock

Credit

Allocation

Income

Trust

156,544

19,479

BlackRock

Enhanced

Equity

Dividend

Trust

164,987

17,803

BlackRock

Enhanced

Global

Dividend

Trust

194,231

10,700

BlackRock

Multi-Sector

Income

Trust

187,678

15,096

BlackRock

Resources

&

Commodities

Strategy

Trust

111,861

4,290

Blackstone

Senior

Floating

Rate

Term

Fund

61,004

37,747

BNY

Mellon

High

Yield

Strategies

Fund

113,241

5,100

Brookfield

Real

Assets

Income

Fund,

Inc.

90,933

8,121

Clough

Global

Opportunities

Fund

90,224

8,268

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

102,523

9,970

Eaton

Vance

Limited

Duration

Income

Fund

124,924

1,420

Eaton

Vance

Senior

Floating-Rate

Trust

18,077

7,277

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

63,819

5,642

First

Trust

High

Income

Long/Short

Fund

83,332

5,953

First

Trust

Senior

Floating

Rate

Income

Fund

II

69,174

13,736

Invesco

Dynamic

Credit

Opportunities

Fund

147,525

1,050

iShares

International

Select

30,944

3,500

iShares

Mortgage

Real

Estate

Capped

ETF

111,510

1,125

iShares

Residential

Real

Estate

ETF

76,331

51,450

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

1,981,339

9,617

Ivy

High

Income

Opportunities

Fund

127,714

31,243

Liberty

All-Star

Equity

Fund

215,577

18,727

Madison

Covered

Call

&

Equity

Strategy

Fund

126,407

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

50

Shares

Registered

Investment

Companies

(35.7%)

Value

Unaffiliated  (25.9%)-

continued

13,369

New

America

High

Income

Fund,

Inc.

$

116,043

19,700

Nuveen

Credit

Strategies

Income

Fund

124,701

7,258

Nuveen

Floating

Rate

Income

Fund

63,435

10,152

Nuveen

Global

High

Income

Fund

157,864

12,350

Nuveen

Senior

Income

Fund

64,096

5,427

Nuveen

Short

Duration

Credit

Opportunities

Fund

72,505

15,130

PGIM

Global

High

Yield

Fund,

Inc.

219,839

13,033

PGIM

High

Yield

Bond

Fund,

Inc.

195,495

6,450

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

136,740

8,794

Pioneer

High

Income

Trust

78,442

7,444

Royce

Micro-Cap

Trust,

Inc.

75,333

5,736

Royce

Value

Trust,

Inc.

92,579

21,374

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

2,328,483

13,274

Templeton

Emerging

Markets

Income

Fund

103,139

7,950

Templeton

Global

Income

Fund

43,725

4,735

Tri-Continental

Corporation

139,541

6,053

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

52,237

19,017

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

99,269

11,650

Voya

Infrastructure

Industrials

and

Materials

Fund

119,995

46,321

Wells

Fargo

Global

Dividend

Opportunity

Fund

224,657

17,158

Wells

Fargo

Income

Opportunities

Fund

140,009

9,716

Western

Asset

High

Income

Opportunity

Fund,

Inc.

48,094

Total

9,726,998

Affiliated  (9.8%)

354,161

Thrivent

Core

Emerging

Markets

Debt

Fund

3,672,644

Total

3,672,644

Total

Registered

Investment

Companies

(cost

$12,578,104)

13,399,642

Shares

Common

Stock

(

6.7%

)

Value

Communications

Services

(0.3%)

150

Charter

Communications,

Inc.

f

99,232

489

Twitter,

Inc.

f

26,479

21

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

f

256

Total

125,967

Consumer

Discretionary

(0.2%)

80

Bloomin

'

Brands,

Inc.

1,554

9

Booking

Holdings,

Inc.

f

20,045

17

Burlington

Stores,

Inc.

f

4,446

548

Callaway

Golf

Company

13,157

136

Dick's

Sporting

Goods,

Inc.

7,645

2,800

Under

Armour

,

Inc.,

Class

C

f

41,664

Total

88,511

Shares

Common

Stock

(6.7%)

Value

Consumer

Staples

(0.1%)

456

Bunge,

Ltd.

$

29,905

Total

29,905

Energy

(1.2%)

41

Cheniere

Energy,

Inc.

f

2,461

2,570

Enbridge,

Inc.

82,214

4,600

Enterprise

Products

Partners,

LP

90,114

639

EQT

Corporation

8,122

6,200

Kinder

Morgan,

Inc.

84,754

4,600

MPLX,

LP

99,590

144

PDC

Energy,

Inc.

f

2,957

125

Pioneer

Natural

Resources

Company

14,236

3,700

Williams

Companies,

Inc.

74,185

Total

458,633

Financials

(2.4%)

4,400

AG

Mortgage

Investment

Trust,

Inc.

12,980

12,450

Annaly

Capital

Management,

Inc.

105,202

185

Ares

Capital

Corporation

3,125

312

Bank

of

America

Corporation

9,457

8,200

BlackRock

TCP

Capital

Corporation

92,168

328

Blackstone

Mortgage

Trust,

Inc.

9,030

6,100

FS

KKR

Capital

Corporation

101,016

6,700

FS

KKR

Capital

Corporation

II

109,880

10,214

Golub

Capital

BDC,

Inc.

144,426

6,200

Granite

Point

Mortgage

Trust,

Inc.

61,938

434

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

27,529

7,035

Sixth

Street

Specialty

Lending,

Inc.

145,976

105

Starwood

Property

Trust,

Inc.

2,026

7,200

Two

Harbors

Investment

Corporation

45,864

245

Wells

Fargo

&

Company

7,394

Total

878,011

Health

Care

(0.3%)

58

Anthem,

Inc.

18,623

392

Danaher

Corporation

87,079

36

Illumina,

Inc.

f

13,320

Total

119,022

Industrials

(0.4%)

32

Aerojet

Rocketdyne

Holdings,

Inc.

f

1,691

288

Chart

Industries,

Inc.

f

33,923

380

Fortive

Corporation

26,912

454

Greenbrier

Companies,

Inc.

16,517

344

Meritor,

Inc.

f

9,601

443

Patrick

Industries,

Inc.

30,279

136

Southwest

Airlines

Company

6,339

90

Stanley

Black

&

Decker,

Inc.

16,070

80

Tutor

Perini

Corporation

f

1,036

Total

142,368

Information

Technology

(1.3%)

948

Advanced

Micro

Devices,

Inc.

f

86,941

13

Akamai

Technologies,

Inc.

f

1,365

155

Broadcom,

Ltd.

67,867

292

II-VI,

Inc.

f

22,180

160

Lumentum

Holdings,

Inc.

f

15,168

329

Microchip

Technology,

Inc.

45,438

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

51

Shares

Common

Stock

(6.7%)

Value

Information

Technology

(1.3%)

-

continued

803

Micron

Technology,

Inc.

f

$

60,370

177

Motorola

Solutions,

Inc.

30,101

1,032

Nuance

Communications,

Inc.

f

45,501

640

ON

Semiconductor

Corporation

f

20,947

946

Sabre

Corporation

11,371

15

ServiceNow

,

Inc.

f

8,256

203

Teradyne,

Inc.

24,338

1,640

Unisys

Corporation

f

32,275

Total

472,118

Real

Estate

(0.5%)

6,800

AGNC

Investment

Corporation

106,080

80

iSTAR

Financial,

Inc.

1,188

7,600

New

Residential

Investment

Corporation

75,544

Total

182,812

Utilities

(<0.1%)

119

NextEra

Energy,

Inc.

9,181

Total

9,181

Total

Common

Stock

(cost

$2,396,190)

2,506,528

Shares

Preferred

Stock

(

6.1%

)

Value

Communications

Services

(0.5%)

5,275

AT&T,

Inc.,

4.750%

c

141,159

1,525

AT&T,

Inc.,

5.000%

c

41,389

Total

182,548

Consumer

Discretionary

(<0.1%)

30

International

Flavors

&

Fragrances,

Inc.,

Convertible,

6.000%

1,225

Total

1,225

Consumer

Staples

(0.3%)

4,000

CHS,

Inc.,

6.750%

b,c

111,720

Total

111,720

Energy

(0.3%)

10,535

Crestwood

Equity

Partners,

LP,

9.250%

c

78,696

525

Energy

Transfer

Operating,

LP,

7.600%

b,c

11,839

1,415

Nustar

Logistics,

LP,

6.971%

b

30,394

Total

120,929

Financials

(4.1%)

925

Aegon

Funding

Corporation

II,

5.100%

25,511

5,000

Allstate

Corporation,

5.100%

c

139,750

5,000

Bank

of

America

Corporation,

5.000%

c

136,400

1,250

Bank

of

America

Corporation,

5.375%

c

34,137

9

Bank

of

America

Corporation,

Convertible,

7.250%

c

13,667

1,800

Capital

One

Financial

Corporation,

5.000%

c,e

47,862

2,000

Citigroup

Capital

XIII,

6.584%

b

57,000

2,000

Equitable

Holdings,

Inc.,

5.250%

c

53,280

Shares

Preferred

Stock

(6.1%)

Value

Financials

(4.1%)

-

continued

60

First

Horizon

Bank,

3.750%

a,b,c

$

48,300

5,300

GMAC

Capital

Trust

I,

6.007%

b

143,365

1,225

J.P.

Morgan

Chase

&

Company,

4.750%

c

33,945

1,900

J.P.

Morgan

Chase

&

Company,

5.750%

c

53,390

1,850

Legg

Mason,

Inc.,

5.450%

47,378

5,500

Morgan

Stanley,

5.850%

b,c

158,675

3,300

Morgan

Stanley,

7.125%

b,c,e

97,053

250

Synovus

Financial

Corporation,

5.875%

b,c

6,705

2,750

Truist

Financial

Corporation,

4.750%

c

76,093

245

Wells

Fargo

&

Company,

Convertible,

7.500%

c

371,886

Total

1,544,397

Health

Care

(<0.1%)

8

Danaher

Corporation,

Convertible,

5.000%

10,409

Total

10,409

Industrials

(0.1%)

13

Fortive

Corporation,

Convertible,

5.000%

13,047

285

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

31,874

Total

44,921

Real

Estate

(0.4%)

3,950

Public

Storage,

4.125%

c

107,164

850

Public

Storage,

4.625%

c

23,069

225

Public

Storage,

4.700%

c

6,194

325

Public

Storage,

4.875%

c

8,993

Total

145,420

Utilities

(0.4%)

140

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

7,014

314

NextEra

Energy,

Inc.,

Convertible,

4.872%

18,589

4,000

Southern

Company,

4.950%

109,600

310

Southern

Company,

Convertible,

6.750%

16,089

Total

151,292

Total

Preferred

Stock

(cost

$2,219,998)

2,312,861

Shares

Collateral

Held

for

Securities

Loaned

(

0.7%

)

Value

253,373

Thrivent

Cash

Management

Trust

253,373

Total

Collateral

Held

for

Securities

Loaned

(cost

$253,373)

253,373

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

52

Shares

Short-Term

Investments

(

3.0%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

111,633

0.240%

$

1,116,329

Total

Short-Term

Investments

(cost

$1,116,151)

1,116,329

Total

Investments

(cost

$35,729,289)

100.2%

$37,580,409

Other

Assets

and

Liabilities,

Net

(0.2%)

(85,883)

Total

Net

Assets

100.0%

$37,494,526

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

December

31,

2020,

the

value

of

these

investments

was

$7,592,141

or

20.2%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

December

31,

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

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

e

All

or

a

portion

of

the

security

is

on

loan.

f

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

December

31,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

121,560

Common

Stock

125,738

Total

lending

$247,298

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$253,373

Net

amounts

due

to

counterparty

$6,075

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

$2,281,045

Gross

unrealized

depreciation

(525,393)

Net

unrealized

appreciation

(depreciation)

$1,755,652

Cost

for

federal

income

tax

purposes

$35,824,757

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

53

i

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

December

31,

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

626,515

–

626,515

–

Capital

Goods

1,068,467

–

1,068,467

–

Collateralized

Mortgage

Obligations

137,720

–

137,720

–

Communications

Services

1,989,767

–

1,989,767

–

Consumer

Cyclical

2,136,982

–

2,136,982

–

Consumer

Non-Cyclical

1,702,018

–

1,702,018

–

Energy

1,968,073

–

1,968,073

–

Financials

5,393,799

–

5,393,799

–

Technology

918,636

–

918,636

–

Transportation

233,199

–

233,199

–

U.S.

Government

&

Agencies

1,210,142

–

1,210,142

–

Utilities

606,358

–

606,358

–

Registered

Investment

Companies

Unaffiliated

9,726,998

9,726,998

–

–

Common

Stock

Communications

Services

125,967

125,711

256

–

Consumer

Discretionary

88,511

88,511

–

–

Consumer

Staples

29,905

29,905

–

–

Energy

458,633

458,633

–

–

Financials

878,011

878,011

–

–

Health

Care

119,022

119,022

–

–

Industrials

142,368

142,368

–

–

Information

Technology

472,118

472,118

–

–

Real

Estate

182,812

182,812

–

–

Utilities

9,181

9,181

–

–

Preferred

Stock

Communications

Services

182,548

182,548

–

–

Consumer

Discretionary

1,225

1,225

–

–

Consumer

Staples

111,720

111,720

–

–

Energy

120,929

120,929

–

–

Financials

1,544,397

1,496,097

48,300

–

Health

Care

10,409

10,409

–

–

Industrials

44,921

31,874

13,047

–

Real

Estate

145,420

145,420

–

–

Utilities

151,292

151,292

–

–

Subtotal

Investments

in

Securities

$32,538,063

$14,484,784

$18,053,279

$–

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

3,672,644

Affiliated

Short-Term

Investments

1,116,329

Collateral

Held

for

Securities

Loaned

253,373

Subtotal

Other

Investments

$5,042,346

Total

Investments

at

Value

$37,580,409

*

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

December

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

54

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

12/31/2020

Shares

Held

at

12/31/2020

%

of

Net

Assets

12/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$2,172

$1,449

$105

$3,673

354

9.8%

Total

Affiliated

Registered

Investment

Companies

2,172

3,673

9.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.240%

591

27,582

27,057

1,116

112

3.0

Total

Affiliated

Short-Term

Investments

591

1,116

3.0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

155

7,800

7,702

253

253

0.7

Total

Collateral

Held

for

Securities

Loaned

155

253

0.7

Total

Value

$2,918

$5,042

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

12/31/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$1

$156

$–

$125

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.240%

0

0

–

9

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$134

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

0

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

$1

$156

$0

Thrivent

Mutual

Funds

Statement

of

Assets

and

Liabilities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

55

As

of

December

31,

2020

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$867,349,838

$30,865,084

Investments

in

affiliated

securities

at

cost

$271,397,421

$4,864,205

Investments

in

unaffiliated

securities

at

value

(#)

$953,847,397

$32,538,063

Investments

in

affiliated

securities

at

value

278,181,545

5,042,346

Cash

—

11,742

Dividends

and

interest

receivable

4,474,892

265,708

Prepaid

expenses

24,967

2,101

Receivable

for:

Investments

sold

556,756

—

Investments

sold

on

a

delayed-delivery

basis

13,115,292

—

Fund

shares

sold

516,975

19,947

Expense

reimbursements

—

10,454

Variation

margin

on

open

future

contracts

25,953

—

Total

Assets

1,250,743,777

37,890,361

Liabilities

Distributions

payable

215,669

19,821

Accrued

expenses

116,666

20,944

Cash

overdraft

60,623

(a)

—

Payable

for:

Investments

purchased

247,634

—

Investments

purchased

on

a

delayed-delivery

basis

126,029,890

40,000

Return

of

collateral

for

securities

loaned

8,867,493

253,373

Fund

shares

redeemed

516,940

41,811

Variation

margin

on

open

future

contracts

264,736

—

Investment

advisory

fees

510,332

16,598

Administrative

fees

15,911

513

Distribution

fees

128,485

—

Transfer

agent

fees

60,237

1,365

Trustee

fees

605

139

Trustee

deferred

compensation

61,857

1,271

Contingent

liabilities^

—

—

Mortgage

dollar

roll

deferred

revenue

44,745

—

Total

Liabilities

137,141,823

395,835

Net

Assets

Capital

stock

(beneficial

interest)

1,021,016,555

36,123,051

Distributable

earnings/(accumulated

loss)

92,585,399

1,371,475

Total

Net

Assets

$1,113,601,954

$37,494,526

Class

A

Share

Capital

$609,594,114

$—

Shares

of

beneficial

interest

outstanding

(Class

A)

79,044,249

—

Net

asset

value

per

share

$7.71

$—

Maximum

public

offering

price

$8.07

$—

Class

S

Share

Capital

$504,007,840

$37,494,526

Shares

of

beneficial

interest

outstanding

(Class

S)

66,042,390

3,685,027

Net

asset

value

per

share

$7.63

$10.17

(#)

Includes

securities

on

loan

of

8,645,875

247,298

(a)

Includes

foreign

currency

holdings

of

$1,859

(cost

$1,790).

^

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.

56

For

the

year

ended

December

31,

2020

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

Investment

Income

Dividends

$6,843,852

$369,485

Taxable

interest

23,989,176

613,193

Income

from

mortgage

dollar

rolls

1,269,709

—

Affiliated

income

from

securities

loaned,

net

46,899

1,934

Income

from

affiliated

investments

1,209,783

8,888

Non

cash

income

166,813

227,662

Non

cash

income

from

affiliated

investments

3,929,589

125,251

Foreign

tax

withholding

(192,949)

(796)

Total

Investment

Income

37,262,872

1,345,617

Expenses

Adviser

fees

5,768,934

148,275

Administrative

service

fees

249,221

74,583

Audit

and

legal

fees

44,272

29,582

Custody

fees

139,155

19,205

Distribution

expenses

Class

A

1,468,948

—

Insurance

expenses

7,253

3,846

Printing

and

postage

expenses

Class

A

88,072

—

Printing

and

postage

expenses

Class

S

74,152

9,453

SEC

and

state

registration

expenses

73,226

20,022

Transfer

agent

fees

Class

A

453,310

—

Transfer

agent

fees

Class

S

388,512

27,661

Trustees'

fees

32,396

6,905

Other

expenses

100,484

27,637

Total

Expenses

Before

Reimbursement

8,887,935

367,169

Less:

Reimbursement

from

adviser

—

(138,016)

Total

Net

Expenses

8,887,935

229,153

Net

Investment

Income/(Loss)

28,374,937

1,116,464

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(4,454,473)

(153,678)

Affiliated

investments

174,304

597

In-kind

contributions

5,495,758

—

Distributions

of

realized

capital

gains

from

affiliated

investments

410

1

Futures

contracts

(2,388,367)

—

Foreign

currency

transactions

50,383

—

Swap

agreements

21,985

—

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

37,558,674

1,190,901

Affiliated

investments

5,541,640

156,230

Futures

contracts

(761,660)

—

Foreign

currency

transactions

12,385

—

Net

Realized

and

Unrealized

Gains/(Losses)

41,251,039

1,194,051

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$69,625,976

$2,310,515

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

57

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

For

the

periods

ended

12/31/2020

12/31/2019

12/31/2020

12/31/2019

Operations

Net

investment

income/(loss)

$28,374,937

$30,383,934

$1,116,464

$762,578

Net

realized

gains/(losses)

(1,100,000)

10,185,334

(153,080)

(158,456)

Change

in

net

unrealized

appreciation/(depreciation)

42,351,039

80,143,883

1,347,131

2,110,998

Net

Change

in

Net

Assets

Resulting

From

Operations

69,625,976

120,713,151

2,310,515

2,715,120

Distributions

to

Shareholders

From

income/realized

gains

Class

A

(15,324,272)

(21,815,974)

–

–

From

income/realized

gains

Class

S

(13,506,328)

(15,867,576)

(1,180,936)

(807,374)

Total

from

income/realized

gains

(28,830,600)

(37,683,550)

(1,180,936)

(807,374)

From

return

of

capital

Class

S

–

–

(67,336)

(69,557)

Total

From

Return

of

Capital

–

–

(67,336)

(69,557)

Total

Distributions

to

Shareholders

(28,830,600)

(37,683,550)

(1,248,272)

(876,931)

Capital

Stock

Transactions

Class

A  

Sold

42,408,148

53,394,839

–

–

Distributions

reinvested

13,967,641

20,025,342

–

–

Redeemed

(89,533,909)

(74,006,885)

–

–

Total

Class

A

Capital

Stock

Transactions

(33,158,120)

(586,704)

–

–

Class

S  

Sold

131,811,371

176,441,276

24,099,274

5,114,007

Distributions

reinvested

12,935,102

15,204,265

1,077,623

726,712

Redeemed

(123,630,106)

(79,047,329)

(9,349,361)

(4,965,027)

Total

Class

S

Capital

Stock

Transactions

21,116,367

112,598,212

15,827,536

875,692

Capital

Stock

Transactions

(12,041,753)

112,011,508

15,827,536

875,692

Net

Increase/(Decrease)

in

Net

Assets

28,753,623

195,041,109

16,889,779

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

$1,113,601,954

$1,084,848,331

$37,494,526

$20,604,747

Capital

Stock

Share

Transactions

Class

A

shares

Sold

5,852,543

7,371,266

–

–

Distributions

reinvested

1,948,433

2,755,545

–

–

Redeemed

(12,443,339)

(10,242,614)

–

–

Total

Class

A

shares

(4,642,363)

(115,803)

–

–

Class

S

shares

Sold

18,378,410

24,615,832

2,480,964

522,140

Distributions

reinvested

1,821,720

2,111,504

112,896

74,150

Redeemed

(17,399,968)

(11,021,442)

(957,839)

(507,537)

Total

Class

S

shares

2,800,162

15,705,894

1,636,021

88,753

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

58

(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 19

Funds

of

the

Trust

offer

Class

A

and

Class

S

shares.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

vendors

and

others

that

provide

general

damage

clauses.

The

Trust’s

maximum

exposure

under

these

contracts

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust.

However,

based

on

experience,

the

Trust

expects

the

risk

of

loss

to

be

remote.

(2)

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

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

other

investments. 

Investments

measured

using

net

asset

value

per

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

59

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

December

31,

2020,

open

U.S.

Federal,

Minnesota,

Wisconsin

and

Massachusetts

tax

years

include

the

tax

years

ended

December

31,

2017

through

2020.

Additionally,

as

of

December

31,

2020,

the

tax

year

ended December

31,

2016

is

open

for

Wisconsin.

The

Funds

have

no

examinations

in

progress

and

none

are

expected

at

this

time.

As

of

December

31,

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

in

the

Statement

of

Operations.

The

Funds

pay

tax

on

foreign

capital

gains,

where

applicable.

Taxes

paid

on

foreign

capital

gains, if

any,

are

included

in

the

net

realized

gains/(losses)

on

investments

on

the

Statement

of

Operations. 

Expenses

and

Income 

—

Estimated

expenses

are

accrued

daily.

The

Funds

are

charged

for

those

expenses

that

are

directly

attributable

to

them.

Expenses

that

are

not

directly

attributable

to

a

Fund

are

allocated

among

all

appropriate

Funds

in

proportion

to

their

respective

net

assets

or number

of

shareholder

accounts,

or

other

reasonable

basis.

Net

investment

income,

expenses

which

are

not

class-specific,

and

realized

and

unrealized

gains

and

losses

are

allocated

directly

to

each

class

based

upon

the

relative

net

asset

value

of

outstanding

shares.

Interest

income

is

recorded daily

on

all

debt

securities,

as

is accretion

of

market

discount

and

original

issue

discount

and

amortization

of

premium.

Paydown

gains

and

losses

on

mortgage-

backed

and

asset-backed

securities

are

recorded

as

components

of

interest

income.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. 

However, certain

dividends

from

foreign

securities

are

recorded

as

soon

as

the

information

is

available

to

the

Funds. 

Non-cash

income,

if

any,

is

recorded

at

the

fair

market

value

of

the

securities

received.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

60

For

certain

securities,

including

real

estate

investment

trusts,

the Funds

record

distributions

received

in

excess

of

income

as

a

reduction

of

cost

of

investments

and/or

realized

gain.

Such

amounts

are

based

on

estimates

if

actual

amounts

are

not

available.

Actual

amounts

of

income,

realized

gain

and

return

of

capital

may

differ

from

the

estimated

amounts.

The Funds

adjust

the

estimated

amounts

of

the

components

of

distributions

as

adjustments

to

investment

income,

unrealized

appreciation/depreciation

and

realized

gain/loss

on

investments

as

necessary,

once

the

issuers

provide

information

about

the

actual

composition

of

the

distributions.

Distributions

to

Shareholders 

—

Net

investment

income

is

distributed

to

each

shareholder

as

a

dividend. 

Dividends

from

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

December

31,

2020

61

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 year

ended

December

31,

2020,

Diversified

Income

Plus used

treasury

futures

to

manage

the

duration

and

yield

curve

exposure

of

the

respective

Fund

versus its

benchmark.

During

the year

ended

December

31,

2020,

Diversified

Income

Plus

used

equity

futures

to

manage

exposure

to

the

equities

market.

During

the year

ended

December

31,

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

receives

collateral

from

the

counterparty.  Certain

interest

rate

and

credit

default

index

swaps

must

be

cleared

through

a

clearinghouse

or

central

counterparty.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

62

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 year

ended

December

31,

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

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.

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

8,867,493

–

8,867,493

8,645,875

–

–

221,618

(^)

Multidimensional

Income

Securities

Lending

253,373

–

253,373

247,298

–

–

6,075

(^)

(**)

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

December

31,

2020

63

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

December

31,

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 year

ended

December

31,

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

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

Fund

Securities

on

Loan

Diversified

Income

Plus

$

8,645,875

Multidimensional

Income

247,298

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

64

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

December

31,

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

rate,

plus

a

premium. 

Income

is

recorded

daily

on

bank

loan

securities. 

On

an

ongoing

basis,

a Fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

of

the

bank

loan. 

This

commitment

fee

is

accrued

as

income

over

the

term

of

the

bank

loan. 

A Fund

may

receive

consent

and

amendment

fees

for

accepting

an

amendment

to

the

current

terms

of

a

bank

loan. 

Consent

and

amendment

fees

are

accrued

as

income

when

the

changes

to

the

bank

loan

are

immaterial

and

to

capital

when

the

changes

are

material.

All

or

a

portion

of

these

bank

loan

commitments

may

be

unfunded.

A

Fund

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

contractual

obligation.

These

unfunded

bank

loan

commitments,

which

are

marked-to-market

daily,

are

presented

in

the

Schedule

of

Investments. 

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

Overnight

Bank

Funding

Rate

plus,

in

each

case,

0.10%

plus

a

margin

of

1.25%. 

Each

borrowing

under

the

credit

facility

matures

no

later

than

30

calendar

days

after

the

date

of

the

borrowing. 

Each

participating

Fund

paid commitment

fees

during

the

year

ended

December

31,

2020 in

proportion

to

their

respective

net

assets. 

The

line

of

credit

shall

expire

on

December

28,

2021

unless

extended

by

mutual

agreement

of

State

Street

Bank

and

Trust

Company

and

the

Funds. 

The

Funds

had

no

borrowings

during

the year

ended

December

31,

2020.

Recent

Accounting

Pronouncements 

—

Reference

Rate

Reform

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-04

Reference

Rate

Reform,

which

provides

optional

guidance

to

ease

the

potential

accounting

burden

associated

with

transitioning

away

from

the

London

Interbank

Offered

Rate

(LIBOR)

and

other

reference

rates

expected

to

be

discontinued.

The

ASU

No.

2020-04 was

effective

immediately

upon

release

of

the

standard

on

March

12,

2020

and

can

be

applied

prospectively through

to

December

31,

2022.

At

this

time,

management

is

evaluating

implications

of

these

changes

on

financial

statement

disclosures.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

65

In-kind Contributions

—  During

November

2020, Diversified

Income

Plus Fund

contributed

securities

in-kind

to

Thrivent

Core

International

Fund. 

As

a

result

of

the

in-kind

contribution,

Thrivent

Core

International Fund issued shares

at

the

per

share

net

asset

value

on

the

date

of

contribution.  For

financial

reporting

purposes,

the contributing

fund

recognizes

gain

on

these

transactions

to

the

extent

the

value

of

the

distributed

securities

on

the

date

of contribution

exceeds

the

cost

of

those

securities;

they

recognize

a

loss

if

the

cost

exceeds

the

value.

Gains

or

losses

on

these in-kind

contributions

are recognized

for

tax

purposes.

The

realized

gains

or

losses

below

are

included

in

the

Statement

of

Operations

of

the contributing

fund

as

net

realized

gains/losses

on

in-kind

contributions.

These

in-kind

transactions

were

conducted

at

market

value.

The

transactions

were

as

follows:

Other 

—

For

financial

statement

purposes,

investment

security

transactions

are

accounted

for

on

the

trade

date.

Realized

gains

and

losses

from

investment

transactions

are

determined

on

a

specific

cost

identification

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

(3)

FEES

AND

COMPENSATION

PAID

TO

AFFILIATES

Investment

Advisory

Fees 

—

The

Trust

has

entered

into

an

Investment

Advisory

Agreement

with

Thrivent

Asset

Mgt.

Under

the

Investment

Advisory

Agreement,

each

of

the

Funds

pays

a

fee

for

investment

advisory

services.

The

fees

are

accrued

daily

and

paid

monthly.

The

annual

rates

of

fees

as

a

percent

of

average

daily

net

assets

under

the

Investment

Advisory

Agreement

were

as

follows: 

Expense

Reimbursements 

— For

the

year

ended December

31,

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 year

ended

December

31,

2020,

Thrivent

Investment

Management

Inc. and

Thrivent

Distributors,

LLC

received

$66,324

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 year

ended

December

31,

2020,

Thrivent

Asset

Mgt.

received

aggregate

fees

for

accounting

and

administrative

personnel

and

services

of $323,804

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

Contributing

Fund

Contribution

Date

Shares

Received

Net

Asset

Value

per

Share

In-Kind

Amount

Realized

Gain/(Loss)

Diversified

Income

Plus

Fund

11/13/2020

$6,932,812

$9.33

$64,683,133

$5,495,758

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

December

31,

2020

66

sub

transfer

agency

services

based

on

assets

under

management

for

third

party

intermediary

accounts.

These

fees

are

accrued

daily

and

paid

monthly. 

For

the year

ended

December

31,

2020,

Thrivent

Investor

Services

received

$873,442 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 

$35,175

in

fees

from

the

Funds

covered

in

this

shareholder

report

for

the

year

ended

December

31,

2020.

In

addition,

the

Trust

reimbursed

independent

Trustees

for

reasonable

expenses

incurred

in

relation

to

attendance

at Board

meetings

and

industry

conferences.

Certain

officers

and

non-independent

Trustees

of

the

Trust

are

officers

and

directors

of

Thrivent

Asset

Mgt.,

Thrivent

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 year

ended December

31,

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.

The

differences

between

book-basis

and

tax-

basis

distributable

earnings

are

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions, such

as

wash

sales,

unrealized

and

realized

activity

related

to

derivatives,

treatment

of

passive

foreign

investment

companies,

and

amortization

of

callable

bonds. At

the

end

of

the

fiscal

year,

reclassifications

between

net

asset

accounts

are

made

for

differences

that

are

permanent

in

nature. 

These

permanent

differences

primarily

relate

to

the

tax

treatment

of

partnerships

and

sales

of

contingent

debt. 

On

the

Statement

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

made

as

follows

[Increase/(Decrease)]: 

At

December

31,

2020,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows: 

At

December

31,

2020,

the

following

Funds

had

accumulated

capital

loss

carryovers

as

follows: 

To

the

extent

that

these

Funds

realize

net

capital

gains,

taxable

distributions

will

be

reduced

by

any

unused

capital

loss

carryovers

as

permitted

by

the

Internal

Revenue

Code.

Fund

Distributable

earnings/

(accumulated

loss)

Capital

Stock

Diversified

Income

Plus

$353

($353)

Multidimensional

Income

4,664

(4,664)

Fund

Undistributed

Ordinary

Income

a

Undistributed

Long-Term

Capital

Gain

Diversified

Income

Plus

$3,978,221

$

–

a

Undistributed

Ordinary

Income

includes

income

derived

from

Short-Term

Capital

Gains.

Fund

Capital

Loss

Carryover

Diversified

Income

Plus

$

2,221,494

Multidimensional

Income

342,095

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

67

The

tax

character

of

distributions

paid

during

the

years

ended December

31,

2020

and 2019

was

as

follows: 

(a)

 Ordinary

income

includes

income

derived

from

short-term

capital

gains.

(5)

SECURITY

TRANSACTIONS 

Purchases

and

Sales

of

Investment

Securities 

—

For

the

year

ended

December

31,

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

December

31,

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 year

ended

December

31,

2020,

Diversified

Income

Plus

and

Multidimensional

Income

Fund

engaged

in

purchase

transactions

in

the

amount

of

$613,391

and

$44,506,

respectively,

and

Diversified

Income

Plus Fund engaged

in sale

transactions

in

the

amount

of

$1,583,517,

pursuant

to

Rule

17a-7

of

the

1940

Act.

These

transaction

amounts

were

greater

than

0.045%

of

each

fund’s

net

assets.

(7)

RELATED

PARTY

TRANSACTIONS

As

of

December

31,

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,

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 December

31,

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

significance

of

each

risk

varies

by

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

Ordinary

Income

(a)

Long-Term

Capital

Gains

Return

of

Capital

Fund

12/31/2020

12/31/2019

12/31/2020

12/31/2019

12/31/2020

12/31/2019

Diversified

Income

Plus

$28,830,600

$31,898,949

$–

$5,784,601

$–

$–

Multidimensional

Income

1,180,936

807,374

–

–

67,336

69,557

In

thousands

Fund

Purchases

Sales

Diversified

Income

Plus

$566,008

$513,108

Multidimensional

Income

30,112

14,862

In

thousands

Fund

Purchases

Sales

Diversified

Income

Plus

$1,076,257

$1,062,178

Multidimensional

Income

1,209

1,149

Fund

Sector

%

of

Total

Net

Assets

Multidimensional

Income

Unaffiliated

Registered

Investment

Companies

25.9%

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

68

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.

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. 

Convertible

Securities

Risk

— Convertible

securities

are

subject

to

the

usual

risks

associated

with

debt

securities,

such

as

interest

rate

risk

and

credit

risk.

Convertible

securities

also

react

to

changes

in

the

value

of

the

common

stock

into

which

they

convert,

and

are

thus

subject

to

market

risk.

The

Fund

may

also

be

forced

to

convert

a

convertible

security

at

an

inopportune

time,

which

may

decrease

the

Fund’s

return.

Credit

Risk

—

Credit

risk

is

the

risk

that

an

issuer

of

a

debt

security

to

which

the

Fund

is

exposed

may

no

longer

be

able

or

willing

to

pay

its

debt.

As

a

result

of

such

an

event,

the

debt

security

may

decline

in

price

and

affect

the

value

of

the

Fund.

Cybersecurity

Risk

—

The

Funds

and

their

service

providers

may

be

susceptible

to

operational,

information

security,

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

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)

involves

additional

risks

and

transaction

costs

which

could

leave

the

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

The

Fund

utilizes

futures

on

U.S.

Treasuries

in

order

to

manage

duration.

The

use

of

derivatives

can

lead

to

losses

because

of

adverse

movements

in

the

price

or

value

of

the

underlying

asset,

index

or

rate,

which

may

be

magnified

by

certain

features

of

the

contract.

Changes

in

the

value

of

the

derivative

may

not

correlate

as

intended

with

the

underlying

asset,

rate

or

index,

and

the

Fund

could

lose

much

more

than

the

original

amount

invested.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

Certain

derivatives

may

also

be

subject

to

counterparty

risk,

which

is

the

risk

that

the

other

party

in

the

transaction

will

not

fulfill

its

contractual

obligations

due

to

its

financial

condition,

market

events,

or

other

reasons.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

69

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,

market

closures,

war,

terrorism,

natural

disasters

and

outbreak

of

infectious

diseases.

The

Fund’s

investment

in

any

country

could

be

subject

to

governmental

actions

such

as

capital

or

currency

controls,

nationalizing

a

company

or

industry,

expropriating

assets,

or

imposing

punitive

taxes

that

would

have

an

adverse

effect

on

security

prices,

and

impair

the

Fund’s

ability

to

repatriate

capital

or

income.

Foreign

securities

may

also

be

more

difficult

to

resell

than

comparable

U.S.

securities

because

the

markets

for

foreign

securities

are

often

less

liquid.

Even

when

a

foreign

security

increases

in

price

in

its

local

currency,

the

appreciation

may

be

diluted

by

adverse

changes

in

exchange

rates

when

the

security’s

value

is

converted

to

U.S.

dollars.

Foreign

withholding

taxes

also

may

apply

and

errors

and

delays

may

occur

in

the

settlement

process

for

foreign

securities.

Government

Securities

Risk

—

The

Fund

invests

in

securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

and

instrumentalities

(such

as

Federal

Home

Loan

Bank,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

securities).

Securities

issued

or

guaranteed

by

Federal

Home

Loan

Banks,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

are

not

issued

directly

by

the

U.S.

government.

Ginnie

Mae

is

a

wholly

owned

U.S.

corporation

that

is

authorized

to

guarantee,

with

the

full

faith

and

credit

of

the

U.S.

government,

the

timely

payment

of

principal

and

interest

of

its

securities.

By

contrast,

securities

issued

or

guaranteed

by

U.S.

government-

related

organizations

such

as

Federal

Home

Loan

Banks,

Fannie

Mae

and

Freddie

Mac

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

would

provide

financial

support

to

its

agencies

and

instrumentalities

if

not

required

to

do

so

by

law.

In

addition,

the

value

of

U.S.

Government

securities

may

be

affected

by

changes

in

the

credit

rating

of

the

U.S.

government,

which

may

be

negatively

impacted

by

rising

levels

of

indebtedness.

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

and

markets

in

ways

that

cannot

be

foreseen

and

may

exacerbate

other

types

of

risks,

negatively

impacting

the

value

of Fund

investments.

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)

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

70

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.

Issuer

Risk

—

Issuer

risk

is

the

possibility

that

factors

specific

to

an

issuer

to

which

the

Fund

is

exposed

will

affect

the

market

prices

of

the

issuer’s

securities

and

therefore

the

value

of

the

Fund.

Large

Cap

Risk

—

Large-sized

companies

may

be

unable

to

respond

quickly

to

new

competitive

challenges

such

as

changes

in

technology.

They

may

also

not

be

able

to

attain

the

high

growth

rate

of

successful

smaller

companies,

especially

during

extended

periods

of

economic

expansion.

Large

Shareholder

Risk

—

From

time

to

time,

shareholders

of

a

Fund

(which

may

include

institutional

investors,

financial

intermediaries,

or

affiliated

Funds)

may

make

relatively

large

redemptions

or

purchases

of

shares.

These

transactions

may

cause

a

Fund

to

sell

securities

at

disadvantageous

prices

or

invest

additional

cash,

as

the

case

may

be.

While

it

is

impossible

to

predict

the

overall

impact

of

these

transactions

over

time,

there

could

be

adverse

effects

on

a

Fund’s

performance

to

the

extent

that

a

Fund

may

be

required

to

sell

securities

or

invest

cash

at

times

when

it

would

not

otherwise

do

so.

Redemptions

of

a

large

number

of

shares

also

may

increase

transaction

costs

or

have

adverse

tax

consequences

for

shareholders

of

the

Fund

by

requiring

a

sale

of

portfolio

securities.

In

addition,

a

large

redemption

could

result

in

a

Fund's

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund's

expense

ratio.

Leveraged

Loan

Risk

—

Leveraged

loans

(also

known

as

bank

loans)

are

subject

to

the

risks

typically

associated

with

debt

securities.

In

addition,

leveraged

loans,

which

typically

hold

a

senior

position

in

the

capital

structure

of

a

borrower,

are

subject

to

the

risk

that

a

court

could

subordinate

such

loans

to

presently

existing

or

future

indebtedness

or

take

other

action

detrimental

to

the

holders

of

leveraged

loans.

Leveraged

loans

are

also

subject

to

the

risk

that

the

value

of

the

collateral,

if

any,

securing

a

loan

may

decline,

be

insufficient

to

meet

the

obligations

of

the

borrower,

or

be

difficult

to

liquidate.

Some

leveraged

loans

are

not

as

easily

purchased

or

sold

as

publicly-traded

securities

and

others

are

illiquid,

which

may

make

it

more

difficult

for

the

Fund

to

value

them

or

dispose

of

them

at

an

acceptable

price.

Below

investment-grade

leveraged

loans

are

typically

more

credit

sensitive.

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

Fund

may

be

exposed

to

financial

instruments

that

are

tied

to

LIBOR

(London

Interbank

Offered

Rate)

to

determine

payment

obligations,

financing

terms or

investment

value.

Such

financial

instruments

may

include

bank

loans,

derivatives,

floating

rate

securities,

certain

asset

backed

securities,

and

other

assets

or

liabilities

tied

to

LIBOR.

In

2017,

the

head

of

the

U.K.

Financial

Conduct

Authority

announced

a

desire

to

phase

out

the

use

of

LIBOR

by

the

end

of

2021.

On

November

30,

2020,

the

administrator

of

LIBOR

announced

its

intention

to

delay

the

phase

out

of

the

majority

of

the

U.S.

dollar

LIBOR

publications

until

June

30,

2023,

with

the

remainder

of

LIBOR

publications

to

still

end

at

the

end

of

2021.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate,

and

any

potential

effects

of

the

transition

away

from

LIBOR

on

the

Fund

or

its

investments

are

not

known.

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.

Market Risk

—

Over

time,

securities

markets

generally

tend

to

move

in

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline.

The

value

of

the

Fund’s

investments

may

move

with

these

cycles

and,

in

some

instances,

increase

or

decrease

more

than

the

applicable

market(s)

as

measured

by

the

Fund’s

benchmark

index(es).

The

securities

markets

may

also

decline

because

of

factors

that

affect

a

particular

industry

or

market

sector,

or

due

to

impacts

from

domestic

or

global

events,

including

the

spread

of

infectious

illness,

public

health

threats,

war,

terrorism,

natural

disasters

or

similar

events.

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

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

71

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

(100%

or

more)

involves

correspondingly

greater

expenses

which

are

borne

by

the

Fund

and

its

shareholders

and

may

also

result

in

short-term

capital

gains

taxable

to

shareholders.

Preferred

Securities

Risk

—

There

are

certain

additional

risks

associated

with

investing

in

preferred

securities,

including,

but

not

limited

to,

preferred

securities

may

include

provisions

that

permit

the

issuer,

at

its

discretion,

to

defer

or

omit

distributions

for

a

stated

period

without

any

adverse

consequences

to

the

issuer;

preferred

securities

are

generally

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

in

terms

of

having

priority

to

corporate

income

and

liquidation

payments,

and

therefore

will

be

subject

to

greater

credit

risk

than

more

senior

debt

instruments;

preferred

securities

may

be

substantially

less

liquid

than

many

other

securities,

such

as

common

stocks

or

U.S.

Government

securities;

generally,

traditional

preferred

securities

offer

no

voting

rights

with

respect

to

the

issuing

company

unless

preferred

dividends

have

been

in

arrears

for

a

specified

number

of

periods,

at

which

time

the

preferred

security

holders

may

elect

a

number

of

directors

to

the

issuer’s

board;

and

in

certain

varying

circumstances,

an

issuer

of

preferred

securities

may

redeem

the

securities

prior

to

a

specified

date.

Prepayment

Risk

—

When

interest

rates

fall,

certain

obligations

will

be

paid

off

by

the

obligor

more

quickly

than

originally

anticipated,

and

a

Fund

may

have

to

invest

the

proceeds

in

securities

with

lower

yields.

In

periods

of

falling

interest

rates,

the

rate

of

prepayments

tends

to

increase

(as

does

price

fluctuation)

as

borrowers

are

motivated

to

pay

off

debt

and

refinance

at

new

lower

rates.

During

such

periods,

reinvestment

of

the

prepayment

proceeds

by

the

management

team

will

generally

be

at

lower

rates

of

return

than

the

return

on

the

assets

that

were

prepaid.

Prepayment

generally

reduces

the

yield

to

maturity

and

the

average

life

of

the

security. 

Quantitative

Investing

Risk

—

Securities

selected

according

to

a

quantitative

analysis

methodology

can

perform

differently

from

the

market

as

a

whole

based

on

the

model

and

the

factors

used

in

the

analysis,

the

weight

placed

on

each

factor

and

changes

in

the

factor’s

historical

trends.

Such

models

are

based

on

assumptions

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.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2020

72

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.

74

Per

Share

Outstanding

Throughout

Each

Period

*

Income

from

Investment

Operations

Less

Distributions

From

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income/(Loss)

Net

Realized

and

Unrealized

Gain/(Loss)

on

Investments

(a)

Total

from

Investment

Operations

Net

Investment

Income

text

Net

Realized

Gain

on

Investments

Diversified

Income

Plus

Fund

Class

A

Shares

Year

Ended

12/31/2020

$

7.42

$

0.19

$

0.29

$

0.48

$

(0.19)

$

–

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)

–

Class

S

Shares

Year

Ended

12/31/2020

7.34

0.20

0.30

0.50

(0.21)

–

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)

–

Multidimensional

Income

Fund

Class

S

Shares

Year

Ended

12/31/2020

10.06

0.43

0.11

0.54

(0.41)

–

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

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.

75

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

$

–

$

(0.19)

$

7.71

6.67%

$

609.6

0.95%

2.58%

0.95%

2.58%

156%

–

(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%

–

(0.21)

7.63

7.01%

504.0

0.71%

2.83%

0.71%

2.83%

156%

–

(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%

(0.02)

(0.43)

10.17

5.74%

37.5

0.85%

4.14%

1.36%

3.63%

61%

(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%

76

Additional

Information

(unaudited)

Shareholder

Notification

of

Federal

Tax

Information

The

following

information

is

provided

solely

to

satisfy

the

requirements

set

forth

by

the

Internal

Revenue

Code.

Shareholders

will

be

provided

information

regarding

their

distribution

in

February

2021.

The

Funds

designate

the

percentage

of

dividends

declared

from

net

investment

income

as

(1)

for

corporations,

dividends

qualifying

for

the

70%

dividends

received,

and

(2)

for

individuals,

as

qualified

dividend

income

under

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003

as

follows:

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

no

longer

files

Form

N-Q

and

has

begun

filing

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

ThrvientFunds.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.

Board

Approval

of

Advisory

Agreement

and

Subadvisory

Agreements

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

a

fund’s

investment

advisory

and

subadvisory

agreements

be

approved

initially

by

the

fund’s

board

of

trustees.

Section

15(c)

also

requires

that

the

continuation

of

these

agreements,

after

an

initial

term

of

up

to

two

years,

be

annually

reviewed

and

approved

by

the

board.

Any

such

agreement

must

be

approved

by

a

vote

of

a

majority

of

the

trustees

who

are

not

parties

to

the

agreement

or

“interested

persons”

(as

defined

in

the

1940

Act)

of

a

party

to

the

agreement

at

a

meeting

of

the

board

called

for

the

purpose

of

voting

on

such

approval.

At

its

meeting

on

November

16-18,

2020

(the

“Meeting”),

the

Board

of

Trustees

(the

“Board”)

of

the

Thrivent

Mutual

Funds

(the

“Trust”),

including

the

trustees

who

are

not

parties

to

the

agreement

or

“interested

persons”

as

defined

in

the

1940

Act

(the

“Independent

Trustees”),

considered

and

voted

unanimously

to

renew

the

existing

advisory

agreement

(the

“Advisory

Agreement”),

as

amended,

between

the

Trust

and

Thrivent

Asset

Management,

LLC

(the

“Adviser”)

for

each

series

of

the

Trust

(each,

a

“Fund”).

The

Board,

including

the

Independent

Trustees,

also

unanimously

approved

the

subadvisory

agreement

(the

“Subadvisory

Agreement”)

for

the

Thrivent

International

Allocation

Fund

with

Goldman

Sachs

Asset

Management,

L.P.

(the

“Subadviser”).

The

Adviser

and

Subadviser

are

referred

to,

collectively,

as

the

“Advisory

Organizations.”

In

connection

with

its

evaluation

of

the

agreements

with

the

Advisory

Organizations,

the

Board

reviewed

a

broad

range

of

information

requested

for

this

purpose

and

considered

a

variety

of

factors,

including

the

following:

The

nature,

extent,

and

quality

of

the

services

provided

by

the

Advisory

Organizations;

Fund

Dividends

Received

Deduction

for

Corporations

Qualified

Dividend

Income

for

Individuals

Diversified

Income

Plus

12%

22%

Multidimensional

Income

22%

23%

77

Additional

Information

(unaudited)

The

performance

of

each

Fund;

The

advisory

fee

and

net

operating

expense

ratio

of

each

Fund

compared

to

a

peer

group;

The

cost

of

services

provided

and

profit

realized

by

the

Adviser;

The

extent

to

which

economies

of

scale

may

be

realized

as

the

Funds

grow;

Whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

the

Funds’

shareholders;

Other

benefits

realized

by

the

Advisory

Organizations

and

their

affiliates

from

their

relationship

with

the

Trust;

and

Any

other

factors

that

the

Board

deemed

relevant

to

its

consideration.

The

Contracts

Committee

of

the

Board

(consisting

of

all

of

the

Independent

Trustees)

met

on

five

occasions

from

May

19

to

November

18,

2020

to

consider

information

relevant

to

the

annual

contract

renewal

process

furnished

by

the

Adviser

and

Subadviser

in

advance

of

the

meetings.

The

Board

had

the

opportunity

to

ask

questions

and

request

further

information

in

connection

with

its

consideration.

The

Independent

Trustees

also

retained

the

services

of

Management

Practice

Inc.

(“MPI”)

as

an

independent

consultant

to

assist

in

the

compilation,

organization,

and

evaluation

of

relevant

information.

This

information

included

Fund-by-Fund

statistical

comparisons

of

the

advisory

fees,

other

fees,

net

operating

expenses

and

performance

of

each

of

the

Funds

in

comparison

to

peer

groups

of

comparable

funds;

portfolio

turnover

percentages;

3-year

standard

deviation

ratios;

brokerage

costs;

information

with

respect

to

services

provided

to

the

Funds

and

fees

charged,

including

effective

advisory

fees

that

take

into

account

breakpoints

and

fee

waivers

by

the

Adviser;

asset

and

flow

trends

for

the

Funds;

the

cost

of

services

and

profit

realized

by

the

Adviser

and

its

affiliates

that

provide

services

to

the

Funds;

and

information

regarding

the

types

of

services

furnished

to

the

Funds.

The

Board

received

information

from

the

Adviser

regarding

the

personnel

providing

services

to

the

Funds,

including

investment

management,

compliance

and

administrative

personnel.

The

Board

also

received

monthly

reports

from

the

Adviser’s

investment

management

staff

with

respect

to

the

performance

of

the

Funds.

In

addition

to

its

review

of

the

information

presented

to

the

Board

during

the

annual

contract

renewal

process,

the

Board

also

considered

information

obtained

from

management

throughout

the

course

of

the

year.

The

Board

also

reviewed

information

from

MPI,

including

Fund-by-Fund

analyses

and

independent

assessment

of

information

relating

to

the

Funds

and

the

agreements.

The

Subadviser

provided

information

to

the

Board

in

response

to

requests

for

information

submitted

on

behalf

of

the

Independent

Trustees

to

facilitate

the

Board’s

evaluation

of

the

terms

of

the

Subadvisory

Agreement.

The

Board

also

noted

that

the

Subadviser’s

responses

were

reviewed

by

individuals

representing

various

functional

areas

of

or

supporting

the

Adviser.

The

Independent

Trustees

were

represented

by

independent

counsel

throughout

the

review

process

and

during

executive

sessions

without

management

present

to

consider

the

reapproval

of

the

Advisory

for

the

Funds

and

Subadvisory

Agreement

for

the

Thrivent

International

Allocation

Fund.

As

noted

above,

the

Independent

Trustees

were

assisted

throughout

the

process

by

an

independent

consultant,

MPI.

Each

Independent

Trustee

relied

on

his

or

her

own

business

judgment

in

determining

the

weight

to

be

given

to

each

factor

considered

in

evaluating

the

materials

that

were

presented

to

them.

The

Contracts

Committee’s

and

Board’s

review

and

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

presented

to

them

and

were

not

the

result

of

any

single

controlling

factor.

In

addition,

each

Trustee

may

have

weighed

individual

factors

differently.

The

key

factors

considered

and

the

conclusions

reached

are

described

below.

Nature,

Extent

and

Quality

of

Services

At

each

of

the

Board’s

regular

quarterly

meetings,

management

presented

information

describing

the

services

furnished

to

the

Funds

by

the

Adviser,

transfer

agent,

administrator

and,

as

for

the

Thrivent

International

Allocation

Fund,

the

Subadviser.

During

these

meetings,

management

reported

on

the

investment

management,

portfolio

trading

and

compliance

services

provided

to

the

Funds.

During

the

annual

contract

renewal

process,

the

Board

considered

the

specific

services

provided

under

the

Advisory

and

Subadvisory

Agreements.

The

Board

considered

information

relating

to

the

investment

experience

and

qualifications

of

the

portfolio

managers

of

the

Adviser

and

Subadviser

overseeing

investments

for

the

Funds.

The

Board

received

reports

and

presentations

at

each

of

its

quarterly

meetings

from

the

Adviser’s

senior

investment

team

about

each

of

the

Funds.

These

reports

and

presentations

gave

the

Board

the

opportunity

to

evaluate

the

abilities

of

the

portfolio

manager

and

other

investment

professionals

and

the

quality

of

services

they

provide

to

the

Funds.

The

Adviser

reviewed

with

the

Board

the

services

provided

78

Additional

Information

(unaudited)

by

the

Adviser

and

Subadviser

and

the

Adviser’s

oversight

of

the

Subadviser.

The

Independent

Trustees

also

met,

including

in

executive

session,

with

and

received

quarterly

reports

from

the

Trust’s

Chief

Compliance

Officer.

The

Board

noted

that

the

Chief

Compliance

Officer

met

regularly

between

quarterly

meetings

with

the

Chair

of

the

Ethics

and

Compliance

Committee.

The

Board

considered

the

depth

and

quality

of

the

Adviser’s

oversight

of

the

Subadviser.

In

addition,

the

Board

noted

the

broad

functions

that

the

Adviser

performed

in

support

of

the

International

Allocation

Fund

and

its

use

of

the

Subadviser,

including,

among

other

things,

allocation

of

assets

among

various

sleeves,

management

of

portfolio

cash

and

short-term

investments,

expense

management

and

payment,

and

investment

performance

and

compliance

monitoring.

The

Board

noted

that

investment

management

staff

of

the

Adviser

and

the

Trust’s

Chief

Compliance

Officer

conduct

oversight

meetings

with

the

Subadviser,

follow

through

with

additional

inquiry

on

any

questions

or

concerns

that

arise

during

the

meeting

and

then

report

the

results

of

the

meeting

to

the

Board.

The

Board

also

noted

that,

as

part

of

its

oversight

practice,

the

Adviser

requires

the

Subadviser

to

respond

to

a

variety

of

compliance

checklists

and

certifications

to

ensure

its

ongoing

compliance

with

policies.

The

Board

noted

that

the

Adviser

requires

the

Subadviser

to

complete

an

annual

questionnaire

addressing

a

range

of

compliance

topics.

The

Board

noted

that

the

Adviser

has

dedicated

personnel

responsible

for

daily

monitoring

of

the

Subadviser’s

activities.

The

Board

considered

the

adequacy

of

the

Advisory

Organizations’

resources

used

to

provide

services

to

the

Trust

pursuant

to

the

Advisory

and

Subadvisory

Agreements.

The

Adviser

reviewed

with

the

Board

the

Adviser’s

process

for

overseeing

the

portfolio

management

teams

of

each

Fund.

In

addition,

the

Adviser

reviewed

with

the

Board

the

Adviser’s

continued

investments

in

technology

and

personnel,

including

hiring

additional

personnel

in

the

research,

analysis

and

trading

areas.

The

Adviser

discussed

with

the

Board

steps

taken

to

continue

to

strengthen

its

compliance

program.

The

Adviser

discussed

with

the

Board

the

operations

of

the

Adviser,

the

Subadviser

and

other

service

providers

to

the

Funds

during

the

COVID-19

pandemic,

including

the

successful

shift

to

a

remote

working

environment

and

responses

to

volatile

market

conditions.

The

Board

viewed

these

actions

as

a

positive

factor

in

reapproving

the

existing

Advisory

Agreement,

as

they

demonstrated

the

Adviser’s

commitment

to

provide

the

Funds

with

quality

service

and

competitive

investment

performance.

The

Board

concluded

that,

within

the

context

of

its

full

deliberations,

the

nature,

extent

and

quality

of

the

investment

advisory

services

provided

to

the

Funds

by

the

Adviser

and,

for

the

Thrivent

International

Allocation

Fund,

by

the

Subadviser

supported

renewal

of

the

Advisory

Agreement

and

Subadvisory

Agreements.

Performance

of

the

Funds

In

connection

with

each

of

its

regular

quarterly

meetings,

the

Board

received

information

on

the

performance

of

each

Fund,

including

net

performance,

relative

performance

rankings

within

each

Fund’s

Lipper

peer

group,

Morningstar

ratings,

comparisons

to

benchmark

index

returns,

and

risk

metrics.

At

each

quarterly

Board

meeting,

members

of

the

Adviser’s

senior

investment

team

reviewed

with

the

Board

information

on

the

economic

and

market

environment

and

risk

management.

The

Board

considered

investment

performance

for

each

Fund,

to

the

extent

applicable,

over

the

one-,

three-,

five-,

and

ten-year

periods.

When

evaluating

investment

performance,

the

Board

considered

longer-term

performance

and

the

trend

of

performance,

and

focused

particularly

upon

the

three-year

performance

record.

The

Board

noted

that

certain

Funds

did

not

fit

well

within

a

Lipper

peer

group

because

of

differences

between

the

principal

investment

strategies

of

these

Funds

and

funds

included

in

their

respective

Lipper

peer

group.

In

such

cases,

the

Adviser

provided

information

regarding

these

Funds’

performance

compared

to

a

customized

benchmark

that

the

Adviser

believed

better

represented

the

investment

strategies

of

such

Funds.

The

Board

received

information

on

the

steps

taken

by

the

Adviser

to

continue

to

review

the

appropriateness

of

the

customized

benchmarks.

The

Board

received

a

report

on

a

review

by

the

internal

audit

department

of

the

Adviser

(Business

Risk

Management)

on

the

creation,

calculation

and

reporting

processes

and

controls

for

customized

benchmarks.

MPI

assisted

the

Independent

Trustees

in

connection

with

the

evaluation

of

peer

groups

and

customized

benchmarks.

Although

the

Board

conducted

its

review

on

a

Fund-by-Fund

basis,

it

noted

that

55%

of

the

Class

A

Funds

and

65%

of

Class

S

Funds

ranked

better

than

median

in

their

respective

Lipper

peer

group

or

established

custom

peer

group

for

the

three-year

period

ended

June

30,

2020.

The

Board

also

considered

risk

metrics,

including

standard

deviations

of

return.

The

Board

concluded

that

the

performance

of

each

individual

Fund

was

either

satisfactory

or

that

the

Adviser

had

taken

appropriate

actions

in

an

effort

to

improve

performance.

Advisory

Fees

and

Fund

Expenses

The

Board

reviewed

information

prepared

by

MPI

comparing

each

Fund’s

advisory

fee

with

the

advisory

fee

of

a

peer

group

selected

by

MPI

based

on

similar

investment

objective

and

size.

The

Board

noted

that

the

majority

of

the

Funds’

advisory

fees

were

near

or

below

the

medians

of

their

peer

groups.

Although

the

Board

conducted

its

review

on

a

Fund-by-Fund

basis,

it

noted

that

the

average

ranking

79

Additional

Information

(unaudited)

of

the

Funds’

advisory

fees

for

its

Class

A

shares

was

29%

and

the

average

ranking

of

the

Funds’

advisory

fees

for

its

Class

S

shares

was

35%

(on

a

scale

of

1-99%,

with

1%

being

the

lowest

fee).

The

Board

reviewed

information

prepared

by

MPI

comparing

each

Fund’s

overall

expense

ratio

with

the

expense

ratio

of

its

peer

group.

The

Board

considered

the

fee

waivers

and

expense

limitations

which

are

reviewed

by

the

Board

and

the

Adviser

on

an

annual

basis.

The

Board

conducted

its

review

on

a

Fund-by-Fund

basis.

The

Board

noted

that

only

four

Funds

had

total

net

expense

ratios

higher

than

their

peer

group

medians

and

that

those

four

Funds

had

total

net

expense

ratios

for

Class

A

that

were

within

0.05%

of

their

peer

group

medians

(and

total

net

expense

ratios

for

Class

S

that

were

below

their

peer

group

medians).

The

Board

reviewed

information

relating

to

the

fee

paid

by

the

Adviser

to

the

Subadviser

and

the

difference

between

that

fee

and

the

fee

paid

by

the

Thrivent

International

Allocation

Fund

to

the

Adviser.

The

Board

reviewed

information

regarding

fees

charged

by

the

Subadviser

to

other

funds

and

accounts

with

a

similar

strategy.

On

the

basis

of

its

review,

the

Board

concluded

that

the

advisory

fees

charged

under

the

Advisory

and

Subadvisory

Agreements

were

reasonable.

Cost

of

Services

and

Profitability

The

Board

considered

the

Adviser’s

estimates

of

its

profitability,

which

included

allocations

by

the

Adviser

of

its

costs

in

providing

advisory

services

to

the

Funds.

The

internal

audit

department

of

the

Adviser

(Business

Risk

Management)

conducted

a

review

of

such

allocations,

and

a

department

representative

reported

to

the

Board

the

department’s

views

regarding

the

reasonableness

and

consistency

of

these

allocations.

The

Board

also

received

a

report

from

an

independent

accountant

confirming

certain

calculations.

The

Board

considered

the

profitability

of

the

Adviser

both

overall

and

on

a

Fund-by-Fund

basis.

The

Board

also

considered

the

expense

reimbursements

and

waivers

in

effect.

Based

on

its

review

of

the

data

prepared

by

MPI

and

expense

and

profit

information

provided

by

the

Adviser,

the

Board

concluded

that

the

profits

earned

by

the

Adviser

from

the

Advisory

Agreement

were

not

excessive

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Funds.

With

respect

to

fees

paid

to

Subadviser

under

the

Subadvisory

Agreement,

the

Board

did

not

consider

profitability

information

with

respect

to

the

Subadviser,

which

is

not

affiliated

with

the

Adviser.

The

Board

considered

that

the

Subadvisory

Agreement

had

been

negotiated

on

an

arm’s-length

basis

between

the

Adviser

and

the

Subadviser,

and

that

the

Subadviser’s

separate

profitability

from

its

relationship

with

the

Thrivent

International

Allocation

Fund

was

not

a

material

factor

in

determining

whether

to

renew

the

Subadvisory

Agreement.

Economies

of

Scale

and

Breakpoints

The

Board

considered

information

regarding

the

extent

to

which

economies

of

scale

may

be

realized

as

a

Fund’s

assets

increase

and

whether

the

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

shareholders.

The

Adviser

explained

its

general

goal

with

respect

to

the

employment

of

fee

waivers,

expense

reimbursements

and

breakpoints.

The

Board

considered

information

provided

by

the

Adviser

related

to

advisory

fees,

breakpoints

in

the

advisory

fee

rates

and

fee

waivers

provided

by

the

Adviser.

The

Board

also

considered

management’s

view

that

it

is

difficult

to

generalize

as

to

whether,

or

to

what

extent,

economies

in

the

advisory

function

may

be

realized

as

a

Fund’s

assets

increase.

The

Board

noted

that

expected

economies

of

scale,

where

they

exist,

may

be

shared

through

the

use

of

fee

breakpoints,

fee

waivers

and

expense

limitations

by

the

Adviser,

and/or

a

lower

overall

fee.

Other

Benefits

to

the

Adviser,

Subadvisers

and

their

Affiliates

The

Board

considered

information

regarding

potential

“fall-out”

or

ancillary

benefits

that

the

Adviser

and

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Trust,

both

tangible

and

intangible,

such

as

their

ability

to

leverage

investment

professionals

who

manage

other

portfolios,

an

enhanced

reputation

as

an

investment

adviser

which

may

help

in

attracting

other

clients

and

investment

personnel,

the

engagement

of

affiliates

as

service

providers

to

the

Funds,

and

fees

collected

by

affiliates

for

services

provided

to

Fund

shareholders.

The

Board

noted

that

such

benefits

were

difficult

to

quantify

but

were

consistent

with

benefits

received

by

other

mutual

fund

advisers.

The

Board

also

considered

the

research

received

by

the

Adviser

generated

from

soft

dollar

commissions

for

portfolio

trading.

In

addition,

the

Board

considered

the

potential

benefits,

other

than

subadvisory

fees,

that

the

Subadviser

and

its

affiliates

may

receive

because

of

their

relationships

with

the

Thrivent

International

Allocation

Fund,

including

the

potential

increased

ability

to

use

affiliated

80

Additional

Information

(unaudited)

brokers

or

receive

research

through

soft

dollar

commissions

consistent

with

Trust

policies

and

other

benefits

from

increases

in

assets

under

management.

The

Board

concluded

that

benefits

that

may

accrue

to

the

Subadviser

and

its

affiliates

are

consistent

with

those

expected

for

a

subadviser

to

a

mutual

fund

such

as

the

Thrivent

International

Allocation

Fund.

Based

on

the

factors

discussed

above,

the

Contracts

Committee

unanimously

recommended

approval

of

the

Advisory

Agreement

and

the

Subadvisory

Agreement,

and

the

Board,

including

all

of

the

Independent

Trustees

voting

separately,

approved

the

Advisory

Agreement

and

the

Subadvisory

Agreement.

81

Board

of

Trustees

and

Officers

The

following

table

provides

information

about

the

Trustees

and

Officers

of

the

Trust.

The

Board

is

responsible

for

the

management

and

supervision

of

the

Funds’

business

affairs

and

for

exercising

all

powers

except

those

reserved

to

the

shareholders.

Each

Trustee

overseas

each

of

25

series

of

the

Trust

and

also

serves

as:

Director

of

Thrivent

Series

Fund,

Inc.,

a

registered

investment

company

consisting

of

32

funds

that

serve

as

underlying

funds

for

variable

contracts

issued

by

Thrivent

Financial

and

separate

accounts

of

insurance

companies

not

affiliated

with

Thrivent

Financial.

Trustee

of

Thrivent

Cash

Management

Trust,

a

registered

investment

company

consisting

of

one

fund

that

serves

as

a

cash

collateral

fund

for

a

securities

lending

program

sponsored

by

Thrivent

Financial.

Trustee

of

Thrivent

Core

Funds,

a

registered

investment

company

consisting

of

five

funds

that

are

established

solely

for

investment

by

Thrivent

entities.

David

Royal

also

serves

as

Trustee

of

Thrivent

Church

Loan

and

Income

Fund,

a

closed-end

registered

investment

company

for

which

the

Adviser

serves

as

investment

adviser.

None

of

the

other

Trustees

serves

on

the

board

of

the

Thrivent

Church

Loan

and

Income

Fund.

The

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

by

calling

800-847-

4836.

Interested

Trustees

(1)

(2)

(3)

(4)

Name

(Year

of

Birth)

Year

Elected

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

S.

Royal

(1971)

2015

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

Financial

since

2017;

VP,

President,

Mutual

Funds,

Thrivent

Financial

from  2015

to

2017;

Vice

President

and

Deputy

General

Counsel,

Thrivent

Financial

from

2006

to

2015.

Currently,

Director

of

Thrivent

Trust

Company

and

Advisory

Board

Member

of

Twin

Bridge

Capital

Partners;

Director

of

Children's

Cancer

Research

Fund

until

2019;

Director

of

Fairview

Hospital

Foundation

until

2017.

Russell

W.

Swansen

(7)

(1957)

2009

Retired;

Senior

Vice

President

and

Chief

Investment

Officer,

Thrivent

Financial

from

2003

to

2017.

Currently,

Advisory

Board

member

of

Twin

Bridge

Capital

Partners,

a

registered

investment

advisory

firm,

since

2005;

Director

of

Children’s

Cancer

Research

Fund

until

2017.

Independent

Trustees

(2)

(3)

(4)

(5)

Name

(Year

of

Birth)

Year

Elected

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Janice

B.

Case

(1952)

2011

Retired.

Independent

Trustee

of

North

American

Electric

Reliability

Corporation

(the

electric

reliability

organization

("ERO")

for

North

America)

since

2008.

Robert

J.

Chersi

(1961)

2017

Founder

of

Chersi

Services

LLC

(consulting

firm)

since

2014.

Director

and

member

of

the

Audit

and

Risk

Oversight

Committees

of

E*TRADE

Financial

Corporation

and

Director

of

E*TRADE

Bank

from

2019

to

2020;

Lead

Independent

Director

since

2019

and

Director

and

Audit

Committee

Chair

at

BrightSphere

Investment

Group

plc

since

2016.  

Marc

S.

Joseph

(1960)

2011

Managing

Director

of

Granite

Ridge

LLP

(consulting

and

advisory

firm)

since

2009;

Managing

Director

of

Triangle

Crest

(private

investing

and

consulting

firm)

since

2004.

Paul

R.

Laubscher

(1956)

2009

Portfolio

Manager

for

U.S.

private

real

estate

and

private

equity

portfolios

of

IBM

Retirement

Funds.

James

A.

Nussle

(1960)

2011

President

and

Chief

Executive

Officer

of

Credit

Union

National

Association

since

September

2014;

Director

of

Portfolio

Recovery

Associates

(PRAA)

since

2010;

CEO

of

The

Nussle

Group

LLC

(consulting

firm)

since

2009.

Advisory

Board

member

of

AVISTA

Capital

Partners

(private

equity

firm)

from

2010

to

2015.

Verne

O.

Sedlacek

(1954)

2017

Chief

Executive

Officer

of

E&F

Advisors

LLC

(consulting)

since

2015;

President

&

Chief

Executive

Officer

of

the

Commonfund

from

2003

to

2015.

Chairman

of

the

Board

of

Directors

of

AGB

Institutional

Strategies

from

2016

to

2019.

Constance

L.

Souders

(1950)

2007

Retired.

82

Board

of

Trustees

and

Officers

Executive

Officers

(2)

(4)

Name

(Year

of

Birth)

Position

Held

With

Trust

Principal

Occupation(s)

During

the

Past

Five

Years

David

S.

Royal

(1971)

Trustee,

President

and

Chief

Investment

Officer

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

Financial

since

2017;

VP,

President,

Mutual

Funds,

Thrivent

Financial

from

2015

to

2017;

Vice

President

and

Deputy

General

Counsel,

Thrivent

Financial

from

2006

to

2015.

Michael

W.

Kremenak

(1978)

Senior

Vice

President

Senior

Vice

President

and

Head

of

Mutual

Funds,

Thrivent

Financial

since

2020;

Vice

President,

Thrivent

Financial

from

2015

to

2020;

Senior

Counsel,

Thrivent

Financial

from

2013

to

2015.

Gerard

V.

Vaillancourt

(1967)

Treasurer

and

Principal

Accounting

Officer

Vice

President

and

Mutual

Funds

Chief

Financial

Officer,

Thrivent

Financial

since

2017;

Vice

President,

Mutual

Fund

Accounting,

Thrivent

Financial

from

2006

to

2017.

Edward

S.

Dryden

(1965)

Chief

Compliance

Officer

Vice

President,

Chief

Compliance

Officer

-

Thrivent

Funds,

Thrivent

Financial

since

2018;

Director,

Chief

Compliance

Officer

-

Thrivent

Funds,

Thrivent

Financial

from

2010

to

2018.

John

D.

Jackson

(1977)

Secretary

and

Chief

Legal

Officer

Senior

Counsel,

Thrivent

Financial

since

2017;

Associate

General

Counsel,

RBC

Global

Asset

Management

(US)

Inc.

from

2011

to

2017.

Kathleen

M.

Koelling

(1977)

Privacy

Officer

(6)

Vice

President,

Deputy

General

Counsel,

Thrivent

Financial

since

2018;

Privacy

Officer,

Thrivent

Financial

since

2011;

Anti-Money

Laundering

Officer,

Thrivent

Financial

from

2011

to

2019;

Vice

President,

Managing

Counsel,

Thrivent

Financial

from

2016

to

2018;

Senior

Counsel,

Thrivent

Financial

from

2002

to

2016.

Sharon

K.

Minta

(1973)

Anti-Money

Laundering

Officer

(6)

Director,

Compliance,

Anti-Money

Laundering

Officer

and

Manager

of

Identity

Theft

and

Customer

Fraud/Special

Investigations

Unit,

Thrivent

Financial

since

2019;

Compliance

Manager,

Anti-Money

Laundering,

Customer

Fraud/Special

Investigations

Unit

and

Identity

Theft

programs,

Thrivent

Financial

from

2014

to

2019.

Troy

A.

Beaver

(1967)

Vice

President

Vice

President,

Mutual

Funds

Marketing

&

Distribution,

Thrivent

Financial

since

2015;

Vice

President,

Marketing,

American

Century

Investments

from

2006

to

2015.

Monica

L.

Kleve

(1969)

Vice

President

Vice

President,

Investment

Operations,

Thrivent

Financial

since

2019;

Director,

Investments

Systems

and

Solutions,

Thrivent

Financial

from

2002

to

2019.

Kathryn

A.

Stelter

(1962)

Vice

President

Vice

President,

Mutual

Funds

Chief

Operations

Officer,

Thrivent

Financial

since

2017;

Director,

Mutual

Fund

Operations,

Thrivent

Financial

from

2014

to

2017.

Jill

M.

Forte

(1974)

Assistant

Secretary

Senior

Counsel,

Thrivent

Financial

since

2017;

Counsel,

Thrivent

Financial

from

2015

to

2017;

Associate

Counsel,

Ameriprise

Financial,

Inc.

from

2013

to

2015.

Sarah

L.

Bergstrom

(1977)

Assistant

Treasurer

Head

of

Mutual

Fund

Accounting,

Thrivent

Financial

since

2017;

Director,

Fund

Accounting

Administration,

Thrivent

Financial

from

2007

to

2017.

(1)

“Interested

person”

of

the

Trust

as

defined

in

the

1940

Act

by

virtue

of

a

position

with

Thrivent

Financial.

Mr.

Royal

is

considered

an

interested

person

because

of

his

principal

occupation

with

Thrivent

Financial.

Mr.

Swansen

is

considered

an

interested

person

because

of

his

past

occupation

with

Thrivent

Financial.

(2)

Each

Trustee

generally

serves

an

indefinite

term

until

her

or

his

successor

is

duly

elected

and

qualified.

Officers

serve

at

the

discretion

of

the

Board

until

their

successors

are

duly

appointed

and

qualified.

(3)

Each

Trustee,

other

than

Mr.

Royal,

oversees

63

portfolios.

Mr.

Royal

oversees

64

portfolios.

(4)

The

address

for

each

Trustee

and

Officer

unless

otherwise

noted

is

901

Marquette

Avenue,

Suite

2500,

Minneapolis,

MN

55402-3211.

(5)

The

Trustees,

other

than

Mr.

Royal

and

Mr.

Swansen

,

are

not

“interested

persons”

of

the

Trust

and

are

referred

to

as

“Independent

Trustees.”

(6)

The

address

for

this

Officer

is

4321

North

Ballard

Road,

Appleton,

WI

54913.

(7)

Russell

W.

Swansen

announced

his

retirement

from

the

Board

effective

December

31,

2020.

83

Supplement

dated

December

2,

2020

to

Thrivent

Mutual

Funds

Statement

of

Additional

Information

dated

February

28,

2020

Russell

W.

Swansen

has

announced

his

intention

to

retire

from

the

Board

of

Trustees

of

Thrivent

Mutual

Funds

(the

“Board”),

effective

December

31,

2020.

All

references

to

Mr.

Swansen

are

hereby

deleted

from

the

Statement

of

Additional

Information

as

of

that

date.

The

Board

has

elected

Michael

W.

Kremenak

to

join

the

Board

as

an

Interested

Trustee,

effective

January

1,

2021.

The

Board

has

also

appointed

Mr.

Kremenak

as

Senior

Vice

President

of

the

Trust,

effective

November

18,

2020.

Mr.

Kremenak

previously

served

as

Secretary

and

Chief

Legal

Officer

of

the

Trust

since

2015.

He

has

been

replaced

in

that

role

by

John

D.

Jackson,

previously

Assistant

Secretary

of

the

Trust.

Please

include

this

Supplement

with

your

Statement

of

Additional

Information.

36178

24042AR

R2-21

4321

N.

Ballard

Rd.

Appleton,

WI

54919-0001

The

distributor

for

Thrivent

Mutual

Funds

is

Thrivent

Distributors,

LLC,

a

registered

broker-dealer

and

member

of

FINRA/SIPC

and

a

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.

This

helps

save

money

by

reducing

printing

and

postage

costs.

If

you

purchased

shares

through

Thrivent:

If

you

wish

to

revoke

householding

in

the

future,

you

may

write

to

us

at

4321

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Ballard

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Appleton,

WI

54919-0001,

or

call

us

at

800-847-4836.

We

will

begin

to

mail

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,

please

contact

your

financial

professional.

These

documen

ts

are

also

available

by

visiting

thriventfunds.com

.