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

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number: 811-05075

Thrivent Mutual Funds

(Exact name of registrant as specified in charter)

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Address of principal executive offices) (Zip code)

John D. Jackson, Secretary and Chief Legal Officer

Thrivent Mutual Funds

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period:  June 30, 2022

Item 1. Report to Stockholders

[Insert shareholder report]

Item 2. Code of Ethics

Not applicable to semiannual report

Item 3. Audit Committee Financial Expert

Not applicable to semiannual report

Item 4. Principal Accountant Fees and Services

Not applicable to semiannual report

Item 5. Audit Committee of Listed Registrants

Not applicable

Item 6. Investments

(a)        Registrant’s Schedules of Investments are 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: Not applicable to this filing.

(a)(2)    

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

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

(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-99.906 CERT attached hereto.

Signatures

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

Date:  August 26, 2022                                                  Thrivent Mutual Funds

                                                                                    By: /s/ David S. Royal                                       

David S. Royal

President and Chief Investment Officer

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

Date:  August 26, 2022                                                  By: /s/ David S. Royal                                       

David S. Royal

President and Chief Investment Officer

(principal executive officer)

Date:  August 26, 2022                                                  By: /s/ Sarah L. Bergstrom                                

Sarah L. Bergstrom

Treasurer and Principal Accounting Officer

(principal financial officer)

Thrivent

Diversified

Income

Plus

Fund

Thrivent

Multidimensional

Income

Fund

Semiannual

Report

Mutual

Funds

June

30,

2022

Manage

your

delivery

preferences

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enrolling

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thrivent.com/gopaperless.

Table

of

Contents

Letter

from

the

President

2

Letter

from

the

Chief

Investment

Officer

4

Portfolio

Perspectives

Thrivent

Diversified

Income

Plus

Fund

5

Thrivent

Multidimensional

Income

Fund

6

Shareholder

Expense

Example

7

Schedule

of

Investments

Thrivent

Diversified

Income

Plus

Fund

8

Thrivent

Multidimensional

Income

Fund

42

Statement

of

Assets

and

Liabilities

57

Statement

of

Operations

58

Statement

of

Changes

in

Net

Assets

59

Notes

to

Financial

Statements

60

Financial

Highlights

74

Additional

Information

76

2

Dear

Shareholder:

2

2022

is

shaping

up

to

be

a

volatile

year.

While

it’s

certainly

less

stressful

as

a

money

manager

when

the

market

rises

steadily

with

low

volatility,

I

believe

that

it

is

in

times

of

uncertainty

that

we

can

add

the

most

value

for

our

clients.

There

have

been

periods

this

year

when

it

seemed

that

stocks

were

being

sold

indiscriminately

and

that

quality

companies

were

declining

alongside

companies

with

less

auspicious

prospects.

I

honestly

feel

that

our

investment

team

has

even

more

energy

and

enthusiasm

during

these

volatile

periods.

It

may

seem

counterintuitive,

but

it

can

be

much

harder

to

invest

when

the

market

has

marched

relentlessly

higher,

and

most

assets

seem

overvalued.

We

are

long-term

investors

at

Thrivent,

and

during

periods

such

as

we’ve

seen

this

year

so

far,

we’re

looking

to

invest

at

attractive

prices

in

companies

with

strong

prospects

for

the

long

term.

We’ve

seen

not

only

market

volatility

in

2022

but,

unfortunately,

significant

geopolitical

instability

with

the

Russian

invasion

of

Ukraine.

Our

thoughts

and

prayers

are

with

the

Ukrainian

people.  

The

combination

of

geopolitical

concerns

along

with

inflation

and

other

economic

risks

has

given

our

Chief

Investment

Strategist,

Steve

Lowe,

and

me

several

opportunities

to

speak

with

financial

advisors

as

well

as

directly

with

clients

about

the

impact

that

these

risks

pose

for

the

markets.  

I

won’t

go

into

detail

on

any

of

these

specific

risks

but

will

offer

a

few

high-level

observations.

While

our

investment

team

is

closely

following

and

analyzing

risks

related

to

inflation,

Federal

Reserve

(Fed)

policy,

geopolitical

events,

supply

chain

bottlenecks,

and

the

potential

for

a

recession,

none

of

these

risks

should

be

considered

in

isolation.

It’s

precisely

the

interrelatedness

of

these

risks

that

makes

our

economic

and

market

environment

in

2022

so

challenging.  

For

example,

if

we

consider

the

reaction

to

the

Russian

invasion

of

Ukraine,

the

market’s

response

(as

measured

by

the

S&P

500®

Index)

was

remarkably

typical

when

compared

to

prior

geopolitical

events.

Since

the

beginning

of

World

War

II,

the

median

duration

of

the

selloff

following

a

major

geopolitical

event

(we

looked

at

28

such

events)

was

only

three

weeks.

It

typically

took

about

16

days

for

the

market

to

recover

to

its

prior

level.

The

median

market

decline

has

been

about

6%.

(The

S&P

500

is

a

market-

cap-weighted

index

that

represents

the

average

performance

of

a

group

of

500

large

capitalization

stocks.)

Following

the

Russian

invasion

on

Feb.

24,

the

S&P

500

hit

its

bottom

on

March

8

–

nine

trading

days

later.  By

then,

the

market

had

already

started

to

decline

in

anticipation

of

the

invasion.

But

even

if

we

compare

the

market

two

weeks

prior

to

the

invasion,

the

total

decline

was

about

8%,

and

the

market

had

recovered

to

its

prior

level

by

March

24.

As

I’ve

observed,

however,

we

shouldn’t

consider

the

Russian

invasion

as

an

isolated

event.

The

invasion

of

Ukraine

exacerbated

certain

risks

that

we

were

seeing

well

before

February.

In

the

second

half

of

2021,

we

were

already

seeing

signs

that

inflation

wasn’t

going

to

be

“transitory,”

and

last

November

the

Fed

became

notably

more

hawkish

(focused

on

tightening

monetary

policy

to

combat

inflation).

Supply

chain

issues

were

a

problem

long

before

the

Russian

invasion.

However,

the

invasion

of

Ukraine

added

to

inflation

by

raising

the

prices

of

commodities

such

as

oil

and

wheat,

further

complicating

supply

chains.  

It's

not

surprising

that

the

market

drifted

downward

following

its

recovery

after

the

Russian

invasion

as

these

issues

compounded

one

another.

And

just

as

the

decline

in

stocks

in

the

first

half

of

2022

has

been

driven

by

complex,

second-

and

third-order

interactions

of

multiple

factors,

I

suspect

that

the

eventual

recovery

will

also

be

complicated.

When

the

market

collapsed

in

March

2020

with

the

onset

of

the

COVID-19

pandemic,

the

decline

was

painful,

but

its

cause

wasn’t

difficult

to

discern.

We

had

voluntarily

shut

down

much

of

our

economy

in

the

interest

of

public

health.

Similarly,

it

was

reasonably

clear

what

would

drive

the

economic

recovery:  massive

fiscal

and

monetary

stimulus

and

eventually

options

such

as

a

vaccine

to

medically

protect

against

the

spread

of

the

virus.

And

indeed,

the

market

staged

a

massive

rally

not

just

at

the

overall

index

level,

but

particularly

among

the

most

economically

sensitive

stocks,

once

the

first

vaccine

was

announced.

The

current

market

decline

is

more

nuanced,

and

the

recovery

may

be

harder

to

predict.

The

path

that

inflation

takes

will

be

critical.

Over

the

past

year,

we’ve

seen

inflation

broaden

from

primarily

goods

and

the

“reopening”

sectors

to

stickier

forms

of

inflation,

such

as

wages,

services,

and

housing

costs.

Moreover,

it’s

not

just

current

inflation

that’s

important

but

also

expectations

regarding

inflation

going

forward.

Inflation

expectations

drive

behavior,

such

as

workers

demanding

higher

wages,

and

the

Fed’s

biggest

worry

is

probably

that

such

inflation

expectations

will

become

unanchored.

In

such

a

complicated

macroeconomic

and

geopolitical

environment,

it’s

unlikely

that

we’ll

get

an

unambiguous

“all

clear”

signal.

Economic

data,

especially

inflation

data,

will

likely

be

choppy

for

a

number

of

months.  

At

Thrivent,

we

always

advise

taking

a

long-term

view

in

investing,

but

I

believe

such

a

perspective

is

especially

important

in

2022.

No

one

can

know

for

sure

what

the

market

is

going

to

do,

but

I

am

a

lot

more

confident

in

our

forecasts

of

what

the

market

ultimately

will

do

than

when

it

will

do

it.

Periods

of

volatility

mean

stocks

and

bonds

of

some

good

companies

are

likely

to

be

available

at

attractive

prices.  It’s

notoriously

difficult

to

predict

when

the

market

will

find

a

bottom.

We

believe

that

investing

in

quality

businesses

with

a

view

to

the

next

three

to

five

years

is

the

best

approach.

Finally,

in

periods

of

market

volatility,

as

well

as

geopolitical

and

macroeconomic

concerns,

it’s

often

a

good

idea

to

speak

to

a

financial

professional.

Our

investment

team

at

Thrivent

works

hard

to

make

sure

our

financial

professionals

have

the

best

information

we

can

provide

to

help

them

advise

their

clients.

Even

if

one

knows

that

it’s

good

to

take

a

long-term

view

and

stick

to

their

appropriate

asset

allocation,

that

can

be

tough

to

do

in

turbulent

times.

Emotions

can

intervene.

Speaking

with

a

financial

professional

can

help

give

you

some

perspective

and

offer

an

objective

viewpoint.  

3

Our

entire

Thrivent

investment

team

appreciates

the

confidence

you’ve

placed

in

us,

and

we’re

both

humbled

and

excited

by

the

privilege

of

seeking

to

generate

superior

investment

returns

for

you

though

volatile

markets.

David

S.

Royal

President

and

Chief

Investment

Officer

Thrivent Mutual

Funds

Thrivent

financial

professionals

are

registered

representatives

of

Thrivent

Investment

Management

Inc.,

an

SEC-registered

investment

adviser,

a

broker-dealer,

and

a

member

FINRA/SIPC.

4

Dear

Shareholder:

4

Inflation,

rising

interest

rates,

and

the

war

in

Ukraine

rattled

the

investment

markets

and

the

economy

through

the

first

half

of

2022.

The

S&P

500®

index

posted

a

total

loss

(including

dividends)

of

19.96%

through

the

first

six

months

of

2022.

(The

S&P

500

is

a

market-cap-weighted

index

that

represents

the

average

performance

of

a

group

of

500

large

capitalization

stocks.)

The

Federal

Reserve

(Fed)

has

raised

rates

by

1.50%

so

far

this

year

in

an

effort

to

tame

rising

inflation.

The

Fed

is

expected

to

continue

to

raise

rates

over

the

coming

months.

The

Consumer

Price

Index

(CPI),

which

is

a

commonly

cited

index

to

gauge

inflation,

was

up

9.1%

during

the

12-month

period

ended

June

2022

–

the

largest

one-year

increase

since

1981.

Excluding

food

and

energy,

the

index

alone

rose

5.9%

during

the

period.

The

food

index

was

up

10.4%

and

energy

prices

were

up

a

whopping

41.6%

during

that

same

12-month

period.

With

more

Americans

returning

to

work,

personal

income

has

continued

to

increase

each

month

since

February,

rising

by

0.5%

in

both

April

and

May,

according

to

the

Bureau

of

Economic

Analysis.

Disposable

personal

income

also

increased

by

0.5%

in

April

and

May.

Personal

consumption

expenditures,

when

adjusting

for

inflation,

were

up

0.3%

in

April

and

down

0.4%

in

May.

The

personal

savings

rate

as

a

percentage

of

disposable

income

was

up

5.4%

in

May.

Contributing

to

the

upsurge

in

inflation

has

been

the

steep

increase

in

fuel

oil

prices

due

to

shortages

relating

to

the

war

in

Ukraine

and

the

rebound

in

global

travel

and

manufacturing.

West

Texas

Intermediate,

a

grade

of

crude

oil

used

as

a

benchmark

in

oil

pricing,

surged

to

more

than

$123

per

barrel

in

early

March

before

slipping

back

down

to

$105.76

at

the

close

of

the

second

quarter.

Year-to-date,

oil

prices

were

up

40.62%.

Gasoline

prices

at

the

pump

also

continued

to

spike

in

the

second

quarter,

up

17.95%.

Through

the

first

six

months

of

2022,

gasoline

was

up

51.32%,

from

a

national

average

of

$3.38

per

gallon

at

the

end

of

2021

to

$5.11

at

the

June

close.

Economic

Review

Employment

growth

continued

to

surge

in

the

second

quarter,

as

employers

added

about

1.2

million

new

jobs,

including

an

expectedly

high

372,000

new

jobs

in

June.

The

unemployment

rate

remained

at

3.6%,

which

is

near

a

52-year

low.

Employment

growth

remained

strong

in

several

key

industries,

including

professional

and

business

services,

leisure

and

hospitality,

health

care,

and

transportation

and

warehousing.

Despite

recession

fears,

job

growth

could

remain

strong

going

forward

because

there

are

still

about

11.3

million

job

openings

in

the

U.S.,

according

to

a

July

6

Fed

Economic

Data

report.

The

labor

demand

has

helped

push

up

pay

levels

–

with

average

earnings

increasing

by

5.1%

over

the

past

12

months

through

June.

Retail

sales

were

up

8.1%

from

a

year

earlier

in

May,

as

consumers

continued

to

recover

from

the

pandemic

slow-down,

according

to

the

Department

of

Commerce.

Auto

sales

were

down

4.9%

from

a

year

earlier,

building

material

sales

were

up

6.4%,

and

non-

store

retailers

(primarily

online)

were

up

7.0%

from

a

year

earlier.

Restaurants

and

bars

continued

to

recover,

with

sales

at

food

services

and

drinking

establishments

up

17.5%

from

a

year

earlier.

Market

Review

Energy

was

the

only

sector

of

the

S&P

500

in

positive

territory

through

the

first

six

months

of

2022,

up

31.84%.

Technology

stocks

were

battered

during

that

period,

with

Communication

Services

down

30.16%,

and

Information

Technology

down

26.91%.

Consumer

Discretionary

fared

the

worst

of

all

11

sectors,

down

32.82%.

The

Nasdaq

Index

was

down

29.51%

through

the

first

half

of

2022.

(The

Nasdaq

–

National

Association

of

Securities

Dealers

Automated

Quotations

–

is

an

electronic

stock

exchange

with

more

than

3,300

company

listings.)

The

MSCI

EAFE

Index,

which

tracks

developed-economy

stocks

in

Europe,

Asia,

and

Australia,

was

down

20.97%

through

the

first

half

of

2022.

The

Bloomberg

U.S.

Aggregate

Bond

Index,

which

tracks

a

broad

range

of

investment-grade

bonds,

was

down

10.35%

during

that

period,

while

the

yield

on

10-year

U.S.

Treasuries

moved

up

significantly,

from

1.51%

at

the

end

of

2021

to

2.98%

at

the

end

of

June

2022.

Our

Outlook

Volatility

is

expected

to

remain

high

until

there

is

greater

clarity

on

inflation

and

the

economy.

However,

we

have

seen

some

tentative

signs

that

inflation

may

be

peaking,

which

could

create

a

foundation

for

markets

to

stabilize.

Estimated

probabilities

of

a

recession

are

increasing

but

vary,

with

most

estimates

in

a

reasonable

range

of

a

30%

to

60%

probability.

If

the

economy

does

tip

into

a

recession,

it’s

likely

to

be

moderate

given

the

underlying

strength

of

both

consumers

and

companies,

including

low

household

debt

levels,

high

consumer

savings

rates,

strong

business

balance

sheets,

and

a

solid

employment

market.

Markets

already

have

priced

in

an

economic

slowdown

but

could

experience

further

downside

in

a

recessionary

scenario.

Valuations

and

market

prices,

however,

have

reached

levels

that

are

more

attractive

to

long-term

investors,

even

if

there

are

more

near-term

declines.

The

S&P

500

is

currently

at

a

level

where

the

probability

of

long-term

gains

is

high.

Historically,

once

the

market

hits

bear

market

levels

(down

20%),

average

performance

over

the

next

12

months

has

been

positive

16%,

with

a

17%

chance

of

further

losses.

Additionally,

some

of

the

sharpest

upward

rallies

tend

to

come

out

of

bear

markets.

We

encourage

you

to

consult

with

your

financial

professional

before

making

any

changes

in

your

portfolio

during

these

volatile

times.

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

5

Thrivent

Diversified

Income

Plus

Fund

David

R.

Spangler,

CFA,

Stephen

D.

Lowe,

CFA,

and

Theron

G.

Whitehorn,

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

May

27,

2022,

David

R.

Spangler,

CFA

was

named

as

portfolio

manager

of

the

Fund,

and

Gregory

R.

Anderson,

CFA

no

longer

serves

as

portfolio

manager

of

the

Fund.

Portfolio

Composition

(%

of

Portfolio)

Long-Term

Fixed

Income

48.7%

Short-Term

Investments

19.7%

Common

Stock

11.8%

Registered

Investment

Companies

11.7%

Bank

Loans

7.1%

Preferred

Stock

1.0%

Total

100.0%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Core

Emerging

Markets

Debt

Fund

7.7%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3.6%

Thrivent

Core

International

Equity

Fund

2.8%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2.3%

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

2.3%

SPDR

Blackstone

Senior

Loan

ETF

2.0%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1.7%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1.4%

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1.3%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1.2%

These

securities

represent

26.3%

of

the

total

net

assets

of

the

Fund.

Quoted

Portfolio

Composition,

Major

Market

Sectors

and

Top

10

Holdings

are

subject

to

change.

The

lists

of

Major

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments

and

collateral

held

for

securities

loaned.

The

Portfolio

Composition

chart

excludes

collateral

held

for

securities

loaned.

The

Top

10

holdings

chart

does

not

include

derivatives.

Major

Market

Sectors

(%

of

Net

Assets)

Mortgage-Backed

Securities

23.0%

Affiliated

Registered

Investment

Companies

10.5%

Financials

10.3%

Materials

5.8%

Consumer

Discretionary

5.4%

Consumer

Staples

5.2%

Information

Technology

5.0%

Communications

Services

5.0%

Collateralized

Mortgage

Obligations

4.1%

Unaffiliated

Registered

Investment

Companies

3.4%

6

Thrivent

Multidimensional

Income

Fund

Stephen

D.

Lowe,

CFA,

Kent

L.

White,

CFA,

and

Theron

G.

Whitehorn,

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,

ETF,

emerging

markets,

foreign

securities,

market,

mortgage-backed

and

other

asset-backed

securities,

other

funds,

LIBOR,

convertible,

government

securities,

issuer,

investment

adviser,

conflicts

of

interest,

sovereign

debt,

liquidity,

derivatives, 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

May

27,

2022,

Gregory

R.

Anderson,

CFA,

no

longer

serves

as

portfolio

manager

of

the

Fund.

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Core

Emerging

Markets

Debt

Fund

8.1%

U.S.

Treasury

Notes

7.0%

U.S.

Treasury

Bonds

4.0%

SPDR

Bloomberg

High

Yield

Bond

ETF

1.5%

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

1.1%

J.P.

Morgan

Chase

&

Company

0.7%

Bank

of

America

Corporation

0.5%

AllianceBernstein

Global

High

Income

Fund,

Inc.

0.5%

PGIM

Global

High

Yield

Fund,

Inc.

0.5%

PGIM

High

Yield

Bond

Fund,

Inc.

0.5%

These

securities

represent

24.4%

of

the

total

net

assets

of

the

Fund.

Bond

quality

ratings

are

obtained

from

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

and

Standard

&

Poor’s

Ratings

Services

(“S&P”).

Ratings

from

S&P,

when

used,

are

converted

into

their

equivalent

Moody’s

ratings.

If

Moody’s

and

S&P

have

assigned

different

ratings

to

a

security,

the

lowest

rating

for

the

security

is

used.

Not

rated

may

include

cash.

Investments

in

derivatives

and

short-term

investments

are

not

reflected

in

the

table.

Quoted

Bond

Quality

Ratings

Distributions,

Major

Market

Sectors

and

Top

10

Holdings

are

subject

to

change.

The

lists

of

Major

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments

and

collateral

held

for

securities

loaned.

Bond

Quality

Ratings

Distributions

exclude

collateral

held

for

securities

loaned.

The

Top

10

holdings

chart

does

not

include

derivatives.

Major

Market

Sectors

(%

of

Net

Assets)

Financials

25.3%

Unaffiliated

Registered

Investment

Companies

13.4%

U.S.

Government

&

Agencies

11.0%

Affiliated

Registered

Investment

Companies

8.1%

Consumer

Cyclical

6.1%

Communications

Services

6.0%

Energy

5.9%

Consumer

Non-Cyclical

5.0%

Utilities

4.6%

Capital

Goods

3.6%

7

Shareholder

Expense

Example

(unaudited)

As

a

shareholder

of

a

Fund,

you

incur,

depending

on

the

Fund

and

share

class,

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

purchase

payments;

and

(2)

ongoing

costs,

including

management

fees,

distribution

(12b-1)

fees

and

other

Fund

expenses.

This

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

your

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

from

January

1,

2022

through

June

30,

2022.

Actual

Expenses

In

the

table

below,

the

first

section,

labeled

“Actual,”

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

from

the

appropriate

Class

line

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid.

A

small

account

fee

of

$12

may

be

charged

to

Class

A

shareholder

accounts

if

the

value

falls

to

an

amount

of

$2,000

or

less,

in

the

case

of

a

non-qualified

account,

and

$1,000

or

less,

in

the

case

of

a

qualified

account.

This

fee

is

not

included

in

the

table

below.

If

it

were

and

you

were

assessed

such

a

fee,

the

expenses

you

paid

during

the

period

would

have

been

higher

and

the

ending

account

value

would

have

been

lower.

Hypothetical

Example

for

Comparison

Purposes

In

the

table

below,

the

second

section,

labeled

“Hypothetical,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

A

small

account

fee

of

$12

may

be

charged

to

Class

A

shareholder

accounts

if

the

value

falls

to

an

amount

of

$2,000

or

less,

in

the

case

of

a

non-qualified

account,

and

$1,000

or

less,

in

the

case

of

a

qualified

account.

This

fee

is

not

included

in

the

table

below.

If

it

were

and

you

were

assessed

such

a

fee,

the

expenses

you

paid

during

the

period

would

have

been

higher

and

the

ending

account

value

would

have

been

lower.

Please

note

that

the

expenses

shown

in

the

table

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

sales

charges

(loads).

Therefore,

the

second

section

of

the

table

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

In

addition,

if

these

transactional

costs

were

included,

your

costs

would

have

been

higher.

Beginning

Account

Value

1/1/2022

Ending

Account

Value

6/30/2022

Expenses

Paid

during

Period

1/1/2022

-

6/30/2022

*

Annualized

Expense

Ratio

Thrivent

Diversified

Income

Plus

Fund

Actual

Class

A

$1,000

$877

$4.35

0.94%

Class

S

$1,000

$878

$3.21

0.69%

Hypothetical

**

Class

A

$1,000

$1,020

$4.69

0.94%

Class

S

$1,000

$1,021

$3.46

0.69%

Thrivent

Multidimensional

Income

Fund

Actual

Class

S

$1,000

$852

$3.47

0.76%

Hypothetical

**

Class

S

$1,000

$1,021

$3.79

0.76%

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

to

reflect

the

one-half

year

period.

**

Assuming

5%

annualized

total

return

before

expenses.

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

8

Principal

Amount

Bank

Loans

(

8.5%

)

a

Value

Basic

Materials

(0.5%)

Flexsys

Holdings,

Inc.,

Term

Loan

$

1,251,862

6.916%, 

(LIBOR

1M

+

5.250%),

11/1/2028

b,c

$

1,154,843

INEOS

US

Petrochem,

LLC,

Term

Loan

980,100

4.416%, 

(LIBOR

1M

+

2.750%),

1/29/2026

b

922,823

Innophos

Holdings,

Inc.,

Term

Loan

635,375

5.166%, 

(LIBOR

1M

+

3.500%),

2/7/2027

b,c

608,372

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

604,310

4.920%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

582,658

Nouryon

USA,

LLC,

Term

Loan

1,199,979

5.250%, 

(LIBOR

3M

+

3.000%),

10/1/2025

b

1,132,852

Sparta

US

HoldCo,

LLC,

Term

Loan

184,075

4.370%, 

(LIBOR

1M

+

3.250%),

8/2/2028

b,c

175,331

Venator

Finance

SARL,

Term

Loan

733,450

4.666%, 

(LIBOR

1M

+

3.000%),

8/8/2024

b,c

687,609

Total

5,264,488

Capital

Goods

(2.0%)

AZZ,

Inc.,

Term

Loan

457,000

5.875%, 

(TSFR1M

+

4.250%),

5/6/2029

b,c

435,293

Bingo

Industries,

Ltd.,

Term

Loan

451,587

5.750%, 

(LIBOR

3M

+

3.500%),

8/9/2028

b,c

423,363

BW

Holding,

Inc.,

Delayed

Draw

210,926

5.175%, 

(LIBOR

3M

+

4.000%),

12/14/2028

b

197,480

BW

Holding,

Inc.,

Term

Loan

806,410

5.175%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b

755,002

581,543

5.547%, 

(TSFR1M

+

4.000%),

12/14/2028

b

544,469

CP

Atlas

Buyer,

Inc.,

Term

Loan

750,649

5.416%, 

(LIBOR

1M

+

3.750%),

11/23/2027

b

657,133

Foley

Products

Company,

LLC,

Term

Loan

1,053,360

6.954%, 

(SOFRRATE

+

4.750%),

2/16/2029

b

994,108

Gemini

HDPE,

LLC,

Term

Loan

885,369

4.239%, 

(LIBOR

3M

+

3.000%),

12/31/2027

b

842,765

GFL

Environmental,

Inc.,

Term

Loan

985,000

4.239%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

958,326

Grinding

Media,

Inc.,

Term

Loan

1,270,400

4.796%, 

(LIBOR

3M

+

4.000%),

10/12/2028

b,c

1,156,064

Groupe

Solmax,

Inc.,

Term

Loan

1,176,748

7.000%, 

(LIBOR

3M

+

4.750%),

7/23/2028

b

1,049,271

Principal

Amount

Bank

Loans

(8.5%)

a

Value

Capital

Goods

(2.0%)

-

continued

HRNI

Holdings,

LLC,

Term

Loan

$

601,350

5.916%, 

(LIBOR

1M

+

4.250%),

12/10/2028

b

$

583,309

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

758,687

6.075%, 

(LIBOR

3M

+

4.500%),

8/30/2028

b

714,115

LABL,

Inc.,

Term

Loan

313,425

6.666%, 

(LIBOR

1M

+

5.000%),

10/29/2028

b

288,874

LRS

Holdings,

LLC,

Term

Loan

629,835

5.916%, 

(LIBOR

1M

+

4.250%),

8/31/2028

b,c

587,321

LTR

Intermediate

Holdings,

Inc.,

Term

Loan

656,683

6.750%, 

(LIBOR

3M

+

4.500%),

5/7/2028

b

599,769

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

1,380,478

4.312%, 

(LIBOR

1M

+

3.250%),

4/3/2024

b

1,295,634

Natgasoline,

LLC,

Term

Loan

767,175

5.188%, 

(LIBOR

1M

+

3.500%),

11/14/2025

b,c

730,734

Novae,

LLC,

Delayed

Draw

352,000

6.625%, 

(SOFRRATE

+

5.000%),

12/22/2028

b

329,708

Novae,

LLC,

Term

Loan

1,228,920

6.625%, 

(SOFRRATE

+

5.000%),

12/22/2028

b

1,151,092

Pactiv

Evergreen

Group

Holdings,

Inc.,

Term

Loan

640,250

4.916%, 

(LIBOR

1M

+

3.250%),

2/5/2026

b

595,836

Quikrete

Holdings

Inc.,

Term

Loan

748,125

4.666%, 

(LIBOR

1M

+

3.000%),

6/11/2028

b

704,173

RLG

Holdings,

LLC,

Term

Loan

679,560

5.916%, 

(LIBOR

1M

+

4.250%),

7/8/2028

b

632,555

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

1,159,000

5.875%, 

(TSFR1M

+

4.250%),

4/1/2029

b,c

1,069,177

TransDigm,

Inc.,

Term

Loan

2,247,375

3.916%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

2,126,264

TricorBraun

Holdings,

Inc.,

Term

Loan

1,138,846

4.916%, 

(LIBOR

1M

+

3.250%),

3/3/2028

b

1,056,484

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

94,607

5.410%, 

(LIBOR

3M

+

4.000%),

9/17/2028

b,d,e

88,552

Trident

TPI

Holdings,

Inc.,

Term

Loan

662,494

6.250%, 

(LIBOR

3M

+

4.000%),

9/17/2028

b

620,094

Venga

Finance

SARL,

Term

Loan

633,000

0.000%, 

(LIBOR

2M

+

4.750%),

12/3/2028

b,c,d,e

588,690

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Bank

Loans

(8.5%)

a

Value

Capital

Goods

(2.0%)

-

continued

Waterlogic

USA

Holdings,

Inc.,

Term

Loan

$

679,863

6.416%, 

(LIBOR

1M

+

4.750%),

8/12/2028

b

$

658,053

Total

22,433,708

Communications

Services

(1.4%)

Audacy

Capital

Corporation,

Term

Loan

804,632

4.133%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

711,094

Cablevision

Lightpath,

LLC,

Term

Loan

920,975

4.574%, 

(LIBOR

1M

+

3.250%),

12/1/2027

b

866,297

Cengage

Learning,

Inc.,

Term

Loan

1,240,625

5.750%, 

(LIBOR

3M

+

4.750%),

7/14/2026

b

1,115,979

CMG

Media

Corporation,

Term

Loan

1,196,775

5.166%, 

(LIBOR

1M

+

3.500%),

12/17/2026

b

1,100,040

CommScope,

Inc.,

Term

Loan

1,633,800

4.916%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,463,280

DIRECTV

Financing,

LLC,

Term

Loan

1,324,150

6.666%, 

(LIBOR

1M

+

5.000%),

8/2/2027

b

1,215,464

E.W.

Scripps

Company,

Term

Loan

381,225

4.416%, 

(LIBOR

1M

+

2.750%),

1/7/2028

b

360,021

iHeartCommunications,

Inc.,

Term

Loan

671,437

4.666%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

622,201

Metronet

Systems

Holdings,

LLC,

Term

Loan

1,196,854

5.055%, 

(LIBOR

1M

+

3.750%),

6/2/2028

b

1,105,091

NEP

Group,

Inc.,

Term

Loan

1,273,800

4.916%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,180,991

377,000

8.666%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b,d,e

344,721

Nexstar

Media,

Inc.,

Term

Loan

943,061

4.166%, 

(LIBOR

1M

+

2.500%),

9/19/2026

b

927,605

ORBCOMM,

Inc.,

Term

Loan

664,975

5.916%, 

(LIBOR

1M

+

4.250%),

9/1/2028

b

612,887

Sharp

Midco,

LLC,

Term

Loan

266,333

6.250%, 

(LIBOR

3M

+

4.000%),

1/20/2029

b,c

249,021

Univision

Communications,

Inc.,

Term

Loan

623,437

4.916%, 

(LIBOR

1M

+

3.250%),

1/31/2029

b

581,355

Voyage

Australia,

Pty.

Ltd.,

Term

Loan

635,200

4.563%, 

(LIBOR

3M

+

3.500%),

7/20/2028

b

592,724

Principal

Amount

Bank

Loans

(8.5%)

a

Value

Communications

Services

(1.4%)

-

continued

Xplornet

Communications,

Inc.,

Term

Loan

$

669,937

5.666%, 

(LIBOR

1M

+

4.000%),

10/1/2028

b

$

610,119

595,000

8.666%, 

(LIBOR

1M

+

7.000%),

10/1/2029

b,c

532,525

Zacapa

SARL,

Term

Loan

362,093

6.304%, 

(SOFRRATE

+

4.250%),

3/22/2029

b

337,108

Zayo

Group

Holdings,

Inc.,

Term

Loan

1,848,388

4.666%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,698,872

Total

16,227,395

Consumer

Cyclical

(1.0%)

ACProducts

Holdings,

Inc.,

Term

Loan

1,192,950

6.060%, 

(LIBOR

3M

+

4.250%),

5/17/2028

b

918,571

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

765,000

4.831%, 

(TSFR1M

+

3.750%),

7/30/2028

b

695,194

Allen

Media,

LLC,

Term

Loan

364,443

7.704%, 

(LIBOR

3M

+

5.500%),

2/10/2027

b

322,168

American

Trailer

World

Corporation,

Term

Loan

1,104,621

5.375%, 

(LIBOR

1M

+

3.750%),

3/5/2028

b

943,534

Caesars

Resort

Collection,

LLC,

Term

Loan

559,307

5.166%, 

(LIBOR

1M

+

3.500%),

7/20/2025

b

537,914

Carnival

Corporation,

Term

Loan

617,129

5.877%, 

(LIBOR

3M

+

3.000%),

6/30/2025

b

571,770

Golden

Entertainment,

Inc.,

Term

Loan

1,509,654

4.630%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

1,467,671

Great

Canadian

Gaming

Corporation,

Term

Loan

425,000

6.096%, 

(LIBOR

3M

+

4.000%),

11/1/2026

b

398,863

PetSmart,

LLC,

Term

Loan

1,458,975

4.500%, 

(LIBOR

3M

+

3.750%),

2/12/2028

b

1,369,248

Secure

Acquisition,

Inc.,

Delayed

Draw

104,000

0.000%, 

(LIBOR

1M

+

5.000%),

12/23/2028

b,c,d,e

96,720

Secure

Acquisition,

Inc.,

Term

Loan

696,255

7.250%, 

(LIBOR

3M

+

5.000%),

12/23/2028

b,c

647,517

Staples,

Inc.,

Term

Loan

347,339

5.786%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

318,297

565,849

6.286%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

490,557

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

10

Principal

Amount

Bank

Loans

(8.5%)

a

Value

Consumer

Cyclical

(1.0%)

-

continued

Tenneco,

Inc.,

Term

Loan

$

917,855

4.666%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

$

881,141

Voyage

Digital

NZ/US,

Term

Loan

1,056,000

0.000%, 

(SOFRRATE

+

4.500%),

5/13/2029

b,c,d,e

1,003,200

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

500,500

3.416%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

482,627

Total

11,144,992

Consumer

Non-Cyclical

(1.6%)

Adient

US,

LLC,

Term

Loan

326,700

4.916%, 

(LIBOR

1M

+

3.250%),

4/8/2028

b

303,285

Alltech,

Inc.,

Term

Loan

588,045

5.666%, 

(LIBOR

1M

+

4.000%),

10/15/2028

b

549,575

Bausch

Health

Companies,

Inc.,

Term

Loan

1,650,000

0.000%, 

(SOFRRATE

+

5.250%),

2/1/2027

b,d,e

1,410,569

Blue

Ribbon,

LLC,

Term

Loan

822,938

7.062%, 

(LIBOR

1M

+

6.000%),

5/7/2028

b

748,873

Chobani,

LLC,

Term

Loan

476,512

5.166%, 

(LIBOR

1M

+

3.500%),

10/23/2027

b

431,006

City

Brewing

Company,

LLC,

Term

Loan

1,692,964

4.469%, 

(LIBOR

1M

+

3.500%),

4/5/2028

b

1,498,273

CNT

Holdings

I

Corporation,

Term

Loan

617,187

4.690%, 

(LIBOR

1M

+

3.500%),

11/8/2027

b

584,656

175,000

7.940%, 

(LIBOR

1M

+

6.750%),

11/6/2028

b

167,855

Del

Monte

Foods,

Inc.,

Term

Loan

396,000

5.684%, 

(SOFRRATE

+

4.250%),

5/16/2029

b

372,240

Gainwell

Acquisition

Corporation,

Term

Loan

1,234,336

6.250%, 

(LIBOR

3M

+

4.000%),

10/1/2027

b

1,164,904

Global

Medical

Response,

Inc.,

Term

Loan

276,971

5.916%, 

(LIBOR

1M

+

4.250%),

3/14/2025

b

257,065

3,012,065

5.250%, 

(LIBOR

1M

+

4.250%),

10/2/2025

b

2,795,588

Herens

US

Holdco

Corporation,

Term

Loan

1,153,386

6.250%, 

(LIBOR

3M

+

4.000%),

7/2/2028

b

1,026,514

Mamba

Purchaser,

Inc.,

Term

Loan

115,000

8.095%, 

(LIBOR

1M

+

6.500%),

10/14/2029

b

109,825

Packaging

Coordinators

Midco,

Inc.,

Term

Loan

628,229

6.000%, 

(LIBOR

3M

+

3.750%),

11/30/2027

b

592,369

Principal

Amount

Bank

Loans

(8.5%)

a

Value

Consumer

Non-Cyclical

(1.6%)

-

continued

Pegasus

Bidco

BV,

Term

Loan

$

609,000

0.000%, 

(TSFR1M

+

4.250%),

5/5/2029

b,d,e

$

576,266

Precision

Medicine

Group,

LLC,

Delayed

Draw

60,215

0.000%, 

(LIBOR

1M

+

3.750%),

11/20/2027

b,c,d,e

55,549

Precision

Medicine

Group,

LLC,

Term

Loan

955,971

5.250%, 

(LIBOR

3M

+

3.000%),

11/20/2027

b,c

881,883

Prime

Security

Services

Borrower,

LLC,

Term

Loan

2,720,563

3.560%, 

(LIBOR

1M

+

2.750%),

9/23/2026

b

2,534,095

Spectrum

Group

Buyer,

Inc.,

Term

Loan

1,751,000

7.250%, 

(TSFR1M

+

6.500%),

5/19/2028

b

1,701,534

Total

17,761,924

Energy

(0.1%)

GIP

II

Blue

Holding,

LP,

Term

Loan

955,107

6.750%, 

(LIBOR

3M

+

4.500%),

9/29/2028

b

923,665

Total

923,665

Financials

(0.3%)

Asurion,

LLC,

Term

Loan

394,000

4.916%, 

(LIBOR

1M

+

3.250%),

12/23/2026

b

356,326

1,293,625

4.916%, 

(LIBOR

1M

+

3.250%),

7/31/2027

b

1,167,496

810,000

6.916%, 

(LIBOR

1M

+

5.250%),

2/3/2028

b

688,500

670,000

6.916%, 

(LIBOR

1M

+

5.250%),

1/15/2029

b

566,150

Rinchem

Company,

LLC,

Term

Loan

264,000

6.654%, 

(SOFRRATE

+

4.500%),

3/2/2029

b,c

246,510

Stonepeak

Taurus

Lower

Holdings,

LLC,

Term

Loan

396,000

9.154%, 

(SOFRRATE

+

7.000%),

1/28/2030

b,c

362,340

Tiger

Acquisition,

LLC,

Term

Loan

406,925

4.916%, 

(LIBOR

1M

+

3.250%),

6/1/2028

b

362,961

Total

3,750,283

Technology

(0.6%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

976,700

4.739%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b

836,299

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

993,699

5.812%, 

(LIBOR

1M

+

4.750%),

4/27/2027

b,c

944,014

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

11

Principal

Amount

Bank

Loans

(8.5%)

a

Value

Technology

(0.6%)

-

continued

Gogo

Intermediate

Holdings,

LLC,

Term

Loan

$

1,054,350

4.989%, 

(LIBOR

3M

+

3.750%),

4/30/2028

b

$

995,306

Gridiron

Fiber

Corporation,

Term

Loan

752,115

6.750%, 

(LIBOR

3M

+

4.500%),

10/4/2028

b

706,988

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

596,749

5.166%, 

(LIBOR

1M

+

3.500%),

6/30/2027

b

550,077

Rackspace

Technology

Global,

Inc.,

Term

Loan

1,752,812

4.160%, 

(LIBOR

3M

+

2.750%),

2/9/2028

b

1,592,868

Redstone

Holdco

2

LP,

Term

Loan

607,258

5.934%, 

(LIBOR

3M

+

4.750%),

4/27/2028

b

520,220

348,869

8.975%, 

(LIBOR

3M

+

7.750%),

8/6/2029

b

298,632

SS&C

Technologies,

Inc.,

Term

Loan

132,478

3.416%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

125,607

98,085

3.416%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

92,997

Total

6,663,008

Transportation

(0.5%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

2,090,000

5.813%, 

(LIBOR

3M

+

4.750%),

4/20/2028

b

1,989,973

Air

Canada,

Term

Loan

437,000

4.250%, 

(LIBOR

3M

+

3.500%),

8/11/2028

b,c

400,947

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,265,862

4.250%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

1,213,177

Hertz

Corporation,

Term

Loan

331,650

4.920%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

311,632

63,135

4.920%, 

(LIBOR

1M

+

3.250%),

6/30/2028

b

59,324

SkyMiles

IP,

Ltd.,

Term

Loan

1,245,000

4.750%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b

1,236,048

United

Airlines,

Inc.,

Term

Loan

627,063

5.392%, 

(LIBOR

1M

+

3.750%),

4/21/2028

b

581,212

Total

5,792,313

Utilities

(0.5%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

110,383

3.395%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

109,831

Calpine

Corporation,

Term

Loan

1,191,850

4.170%, 

(LIBOR

1M

+

2.500%),

12/16/2027

b

1,130,362

Principal

Amount

Bank

Loans

(8.5%)

a

Value

Utilities

(0.5%)

-

continued

Constellation

Renewables,

LLC,

Term

Loan

$

353,892

4.080%, 

(LIBOR

3M

+

2.500%),

12/15/2027

b

$

340,444

CQP

Holdco,

LP,

Term

Loan

1,485,000

6.000%, 

(LIBOR

3M

+

3.750%),

6/4/2028

b

1,392,188

EnergySolutions,

LLC,

Term

Loan

559,243

6.000%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

517,535

Freeport

LNG

Investments,

LLP,

Term

Loan

1,179,119

4.563%, 

(LIBOR

3M

+

3.500%),

12/21/2028

b

1,016,012

GIP

III

Stetson

I,

LP,

Term

Loan

741,976

5.916%, 

(LIBOR

1M

+

4.250%),

7/18/2025

b,d,e

699,082

Osmose

Utilities

Services,

Inc.,

Term

Loan

263,012

4.916%, 

(LIBOR

1M

+

3.250%),

6/22/2028

b

233,589

PG&E

Corporation,

Term

Loan

614,787

4.688%, 

(LIBOR

1M

+

3.000%),

6/23/2025

b

578,207

Total

6,017,250

Total

Bank

Loans

(cost

$103,041,816)

95,979,026

Principal

Amount

Long-Term

Fixed

Income

(

58.1%

)

Value

Asset-Backed

Securities

(3.3%)

510

Asset

Backed

Trust

800,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

f,g

738,914

1,698,618

2.116%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A1

f,g

1,585,372

775,000

4.090%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A2

f,g

708,607

522

Funding

CLO,

Ltd.

1,325,000

3.463%, 

(LIBOR

3M

+

2.400%),

4/20/2030,

Ser.

2019-4A,

Class

CR

b,f

1,269,676

Anchorage

Capital

CLO

21,

Ltd.

1,225,000

3.463%, 

(LIBOR

3M

+

2.400%),

10/20/2034,

Ser.

2021-21A,

Class

C

b,f

1,163,885

Ares

XL

CLO,

Ltd.

1,200,000

3.844%, 

(LIBOR

3M

+

2.800%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

b,f

1,098,788

Babson

CLO,

Ltd.

2,900,000

3.963%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,f

2,668,795

Barings

CLO,

Ltd.

600,000

4.213%, 

(LIBOR

3M

+

3.150%),

1/20/2032,

Ser.

2016-2A,

Class

DR2

b,f

565,176

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

12

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Asset-Backed

Securities

(3.3%)

-

continued

Benefit

Street

Partners

CLO

II,

Ltd.

$

1,000,000

2.944%, 

(LIBOR

3M

+

1.900%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

b,f

$

954,506

Benefit

Street

Partners

CLO,

Ltd.

700,000

3.194%, 

(LIBOR

3M

+

2.150%),

7/15/2032,

Ser.

2019-17A,

Class

CR

b,f

656,501

Business

Jet

Securities,

LLC

1,314,688

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

f

1,267,512

CarVal

CLO,

Ltd.

1,700,000

4.880%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

b,f

1,568,391

Colony

American

Finance,

Ltd.

1,350,000

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

f

1,264,388

Dewolf

Park

CLO,

Ltd.

1,000,000

3.894%, 

(LIBOR

3M

+

2.850%),

10/15/2030,

Ser.

2017-1A,

Class

DR

b,f

932,954

Dryden

36

Senior

Loan

Fund

1,025,000

3.094%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

b,f

978,563

Foundation

Finance

Trust

34,509

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

f

34,530

Galaxy

XIX

CLO,

Ltd.

500,000

3.034%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

b,f

468,045

Harley

Marine

Financing,

LLC

1,743,945

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

f

1,736,875

Home

RE,

Ltd.

1,350,000

4.426%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

b,f

1,335,690

Longfellow

Place

CLO,

Ltd.

2,000,000

3.344%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

b,f

1,924,880

Madison

Park

Funding

XXI,

Ltd.

1,200,000

3.244%, 

(LIBOR

3M

+

2.200%),

10/15/2032,

Ser.

2016-21A,

Class

BRR

b,f

1,129,886

Mountain

View

CLO,

Ltd.

500,000

3.394%, 

(LIBOR

3M

+

2.350%),

10/16/2029,

Ser.

2017-1A,

Class

CR

b,f

474,848

Neuberger

Berman

CLO,

Ltd.

1,650,000

4.044%, 

(LIBOR

3M

+

3.000%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

b,f

1,504,868

OCP

CLO,

Ltd.

1,350,000

3.044%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

b,f

1,266,327

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Asset-Backed

Securities

(3.3%)

-

continued

OZLM

VIII,

Ltd.

$

1,400,000

2.694%, 

(LIBOR

3M

+

1.650%),

10/17/2029,

Ser.

2014-8A,

Class

A2R3

b,f

$

1,353,509

Preston

Ridge

Partners

Mortgage

Trust,

LLC

425,000

3.474%, 

7/25/2026,

Ser.

2021-6,

Class

A2

f,g

391,125

Progress

Residential

Trust

2,350,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

f

2,226,816

Saxon

Asset

Securities

Trust

567,623

3.363%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

494,670

Sculptor

CLO,

Ltd.

950,000

3.463%, 

(LIBOR

3M

+

2.400%),

1/20/2035,

Ser.

28A,

Class

C

b,f

888,318

TCI-Flatiron

CLO,

Ltd.

2,400,000

2.946%, 

(TSFR3M

+

2.100%),

1/17/2032,

Ser.

2016-1A,

Class

CR3

b,f

2,263,715

VCAT

Asset

Securitization,

LLC

350,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

f,g

331,585

Whitebox

CLO

III,

Ltd.

1,225,000

3.244%, 

(LIBOR

3M

+

2.200%),

10/15/2034,

Ser.

2021-3A,

Class

C

b,f

1,135,199

Wind

River

CLO,

Ltd.

950,000

3.063%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

b,f

901,746

Total

37,284,660

Basic

Materials

(0.9%)

Alcoa

Nederland

Holding

BV

555,000

5.500%, 

12/15/2027

f

525,862

Anglo

American

Capital

plc

200,000

3.875%, 

3/16/2029

f

183,937

Chemours

Company

465,000

5.750%, 

11/15/2028

f

396,287

Cleveland-Cliffs,

Inc.

410,000

5.875%, 

6/1/2027

h

382,337

210,000

4.625%, 

3/1/2029

f,h

185,325

210,000

4.875%, 

3/1/2031

f,h

185,150

Consolidated

Energy

Finance

SA

665,000

5.625%, 

10/15/2028

f

534,965

Ecolab,

Inc.

174,000

2.125%, 

2/1/2032

146,755

EverArc

Escrow

Sarl

352,000

5.000%, 

10/30/2029

f

296,284

First

Quantum

Minerals,

Ltd.

739,000

6.875%, 

10/15/2027

f

660,710

Freeport-McMoRan,

Inc.

413,000

4.625%, 

8/1/2030

383,173

Glencore

Funding,

LLC

196,000

4.000%, 

3/27/2027

f

188,465

Hecla

Mining

Company

160,000

7.250%, 

2/15/2028

147,499

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

13

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Basic

Materials

(0.9%)

-

continued

Hudbay

Minerals,

Inc.

$

370,000

4.500%, 

4/1/2026

f

$

309,609

Ingevity

Corporation

640,000

3.875%, 

11/1/2028

f

536,000

LYB

International

Finance

III,

LLC

180,000

1.250%, 

10/1/2025

162,875

Mercer

International,

Inc.

360,000

5.125%, 

2/1/2029

307,307

Methanex

Corporation

478,000

4.250%, 

12/1/2024

455,295

Mosaic

Company

73,000

3.250%, 

11/15/2022

73,076

300,000

4.050%, 

11/15/2027

293,430

Novelis

Corporation

150,000

3.250%, 

11/15/2026

f

126,791

210,000

4.750%, 

1/30/2030

f

174,548

150,000

3.875%, 

8/15/2031

f

115,528

Nutrien,

Ltd.

273,000

4.000%, 

12/15/2026

270,556

OCI

NV

264,000

4.625%, 

10/15/2025

f

254,817

Olin

Corporation

670,000

5.125%, 

9/15/2027

615,847

SCIL

USA

Holdings,

LLC

327,000

5.375%, 

11/1/2026

f

261,600

SPCM

SA

392,000

3.375%, 

3/15/2030

f

306,740

SunCoke

Energy,

Inc.

435,000

4.875%, 

6/30/2029

f

347,606

Syngenta

Finance

NV

264,000

5.182%, 

4/24/2028

f

267,238

Taseko

Mines,

Ltd.

310,000

7.000%, 

2/15/2026

f

263,846

Unifrax

Escrow

Issuer

Corporation

358,000

5.250%, 

9/30/2028

f

285,646

United

States

Steel

Corporation

649,000

6.875%, 

3/1/2029

h

566,311

Westlake

Corporation

130,000

3.600%, 

8/15/2026

126,556

Total

10,337,971

Capital

Goods

(1.8%)

Advanced

Drainage

Systems,

Inc.

430,000

6.375%, 

6/15/2030

f

419,925

AECOM

605,000

5.125%, 

3/15/2027

571,725

Amsted

Industries,

Inc.

410,000

5.625%, 

7/1/2027

f

385,400

ARD

Finance

SA

138,000

6.500%, 

6/30/2027

f

102,363

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

400,000

5.250%, 

8/15/2027

f

285,224

206,000

5.250%, 

8/15/2027

f

146,890

Boeing

Company

340,000

4.875%, 

5/1/2025

338,745

222,000

2.196%, 

2/4/2026

200,103

197,000

3.250%, 

3/1/2028

175,383

293,000

5.150%, 

5/1/2030

281,244

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Capital

Goods

(1.8%)

-

continued

Bombardier,

Inc.

$

427,000

7.125%, 

6/15/2026

f

$

352,053

380,000

7.875%, 

4/15/2027

f

316,316

330,000

6.000%, 

2/15/2028

f

247,302

Builders

FirstSource,

Inc.

250,000

5.000%, 

3/1/2030

f

211,862

Carrier

Global

Corporation

265,000

2.722%, 

2/15/2030

228,810

Caterpillar

Financial

Services

Corporation

208,000

3.400%, 

5/13/2025

207,464

Chart

Industries,

Inc.,

Convertible

286,000

1.000%, 

11/15/2024

f

821,535

Clydesdale

Acquisition

Holdings,

Inc.

58,000

6.625%, 

4/15/2029

f

54,499

116,000

8.750%, 

4/15/2030

f

100,058

CNH

Industrial

Capital,

LLC

89,000

1.950%, 

7/2/2023

86,982

Cornerstone

Building

Brands,

Inc.

298,000

6.125%, 

1/15/2029

f

191,448

Covanta

Holding

Corporation

210,000

5.000%, 

9/1/2030

171,423

Covert

Mergeco,

Inc.

296,000

4.875%, 

12/1/2029

f

240,861

CP

Atlas

Buyer,

Inc.

340,000

7.000%, 

12/1/2028

f,h

245,541

Crown

Cork

&

Seal

Company,

Inc.

340,000

7.375%, 

12/15/2026

347,313

General

Electric

Company

603,000

5.159%, 

(LIBOR

3M

+

3.330%),

9/15/2022

b,i

528,349

GFL

Environmental,

Inc.

311,000

4.000%, 

8/1/2028

f

256,575

617,000

3.500%, 

9/1/2028

f

529,077

H&E

Equipment

Services,

Inc.

669,000

3.875%, 

12/15/2028

f

541,054

Howard

Midstream

Energy

Partners,

LLC

412,000

6.750%, 

1/15/2027

f

354,939

Howmet

Aerospace,

Inc.

227,000

6.875%, 

5/1/2025

233,197

718,000

3.000%, 

1/15/2029

594,676

Huntington

Ingalls

Industries,

Inc.

196,000

4.200%, 

5/1/2030

184,683

JELD-WEN,

Inc.

176,000

4.625%, 

12/15/2025

f

149,600

John

Deere

Capital

Corporation

281,000

2.800%, 

7/18/2029

258,636

144,000

3.900%, 

6/7/2032

142,353

KBR,

Inc.,

Convertible

504,000

2.500%, 

11/1/2023

971,712

Mauser

Packaging

Solutions

Holding

Company

310,000

5.500%, 

4/15/2024

f

296,050

470,000

7.250%, 

4/15/2025

f,h

410,075

Meritage

Homes

Corporation

198,000

3.875%, 

4/15/2029

f

164,124

Meritor,

Inc.

260,000

4.500%, 

12/15/2028

f

250,333

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

14

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Capital

Goods

(1.8%)

-

continued

MIWD

Holdco

II,

LLC

$

226,000

5.500%, 

2/1/2030

f

$

181,876

Nesco

Holdings

II,

Inc.

245,000

5.500%, 

4/15/2029

f

205,188

New

Enterprise

Stone

and

Lime

Company,

Inc.

509,000

5.250%, 

7/15/2028

f

418,416

OI

European

Group

BV

503,000

4.750%, 

2/15/2030

f

421,263

Otis

Worldwide

Corporation

230,000

2.056%, 

4/5/2025

217,809

Owens-Brockway

Glass

Container,

Inc.

340,000

5.875%, 

8/15/2023

f

336,600

Pactiv

Evergreen

Group

305,000

4.375%, 

10/15/2028

f

259,250

Parker-Hannifin

Corporation

129,000

2.700%, 

6/14/2024

125,884

Patrick

Industries,

Inc.,

Convertible

197,000

1.000%, 

2/1/2023

192,863

PGT

Innovations,

Inc.

408,000

4.375%, 

10/1/2029

f

321,692

Raytheon

Technologies

Corporation

312,000

4.125%, 

11/16/2028

307,904

Republic

Services,

Inc.

131,000

3.950%, 

5/15/2028

128,424

Siemens

Financieringsmaatschappij

NV

196,000

1.700%, 

3/11/2028

f

171,719

SRM

Escrow

Issuer,

LLC

580,000

6.000%, 

11/1/2028

f

490,233

Sunpower

Corporation,

Convertible

191,000

4.000%, 

1/15/2023

197,399

Textron,

Inc.

196,000

3.650%, 

3/15/2027

188,935

Titan

Acquisition,

Ltd.

160,000

7.750%, 

4/15/2026

f

147,072

TransDigm,

Inc.

290,000

6.250%, 

3/15/2026

f

279,488

1,289,000

5.500%, 

11/15/2027

1,093,562

United

Rentals

North

America,

Inc.

600,000

4.875%, 

1/15/2028

567,288

310,000

4.000%, 

7/15/2030

265,013

Victors

Merger

Corporation

194,000

6.375%, 

5/15/2029

f

118,340

Waste

Connections,

Inc.

70,000

3.200%, 

6/1/2032

62,395

Waste

Pro

USA,

Inc.

185,000

5.500%, 

2/15/2026

f

164,336

WESCO

Distribution,

Inc.

545,000

7.250%, 

6/15/2028

f

539,005

Total

19,997,856

Collateralized

Mortgage

Obligations

(4.1%)

Alternative

Loan

Trust

597,833

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

389,218

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Collateralized

Mortgage

Obligations

(4.1%)

-

continued

Banc

of

America

Alternative

Loan

Trust

$

642,352

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

$

571,153

Banc

of

America

Mortgage

Securities

Trust

454,846

2.246%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

424,724

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

120,837

2.380%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

119,720

Business

Jet

Securities,

LLC

381,541

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

f

350,024

CHL

Mortgage

Pass-Through

Trust

237,972

2.884%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

235,194

993,602

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

610,865

CHNGE

Mortgage

Trust

1,663,697

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

b,f

1,583,386

1,750,000

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

b,f

1,711,984

CIM

Trust

412,489

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,f

413,579

Citigroup

Mortgage

Loan

Trust,

Inc.

1,111,162

2.959%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

989,168

Countrywide

Alternative

Loan

Trust

548,406

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

489,312

251,257

2.737%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

219,916

186,032

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

158,395

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

515,570

2.487%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

460,700

Credit

Suisse

Mortgage

Trust

642,278

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

b,f

568,713

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

860,330

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

802,076

374,564

2.006%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

346,400

Eagle

Re,

Ltd.

1,383,599

3.424%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,f

1,371,459

Federal

Home

Loan

Mortgage

Corporation

1,937,911

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

221,695

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

15

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Collateralized

Mortgage

Obligations

(4.1%)

-

continued

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

$

6,694,150

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

j

$

613,540

119,781

2.500%, 

12/15/2022,

Ser.

4155,

Class

AI

j

445

398,850

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

j

13,150

1,387,539

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

61,381

1,243,263

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

j

61,783

1,888,661

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

j

98,491

622,967

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

j

30,456

1,348,690

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

j

63,476

2,121,360

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

j

104,899

1,815,424

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

207,019

1,282,901

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

j

128,939

2,221,027

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

143,791

Federal

National

Mortgage

Association

4,606,325

3.500%, 

7/1/2061

e

4,469,480

Federal

National

Mortgage

Association

-

REMIC

2,323,197

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

104,953

1,558,429

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

63,314

2,997,802

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

115,311

1,511,451

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

j

77,988

4,182,808

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

225,662

2,137,992

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

94,219

1,076,641

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

49,464

2,820,569

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

124,893

993,607

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

j

40,982

940,356

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

j

48,548

574,179

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

j

31,070

2,010,689

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

81,615

1,635,922

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

158,752

First

Horizon

Alternative

Mortgage

Securities

Trust

221,101

2.598%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

201,171

225,650

2.562%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

209,810

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Collateralized

Mortgage

Obligations

(4.1%)

-

continued

Flagstar

Mortgage

Trust

$

626,864

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

b,f

$

573,222

Genworth

Mortgage

Insurance

Corporation

1,000,000

2.826%, 

(SOFR30A

+

1.900%),

2/25/2034,

Ser.

2021-3,

Class

M1A

b,f

988,251

GMAC

Mortgage

Corporation

Loan

Trust

441,343

3.214%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

410,588

Government

National

Mortgage

Association

482,702

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

j

20,713

IndyMac

IMJA

Mortgage

Loan

Trust

946,111

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

492,411

J.P.

Morgan

Mortgage

Trust

877,681

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

b,f

724,570

95,129

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

96,504

475,388

2.896%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

387,816

Legacy

Mortgage

Asset

Trust

1,237,264

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

f,g

1,209,234

Merrill

Lynch

Alternative

Note

Asset

Trust

516,918

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

262,434

Pretium

Mortgage

Credit

Partners,

LLC

1,900,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

f,g

1,797,125

1,250,000

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

f,g

1,166,212

1,300,000

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

f,g

1,140,926

Radnor

Re,

Ltd.

2,300,000

4.324%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,f

2,281,591

Renaissance

Home

Equity

Loan

Trust

1,429,634

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

g

639,468

Residential

Accredit

Loans,

Inc.

Trust

545,962

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

480,013

361,103

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

309,562

653,520

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

577,531

Residential

Asset

Securitization

Trust

387,831

2.056%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

373,265

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Collateralized

Mortgage

Obligations

(4.1%)

-

continued

$

1,192,880

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

$

1,145,515

Residential

Funding

Mortgage

Security

I

Trust

426,666

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

356,091

Sequoia

Mortgage

Trust

571,751

2.927%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

412,955

Silver

Hill

Trust

532,490

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

b,f

511,520

Starwood

Mortgage

Residential

Trust

832,200

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,f

832,595

Structured

Adjustable

Rate

Mortgage

Loan

Trust

247,240

2.841%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

217,213

Toorak

Mortgage

Corporation,

Ltd.

1,399,269

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

f,g

1,388,992

Vericrest

Opportunity

Loan

Transferee

1,250,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

f,g

1,176,149

1,550,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

f,g

1,487,973

1,100,000

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

f,g

1,040,676

325,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

f,g

305,189

1,675,000

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

f,g

1,578,564

400,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

f,g

370,633

Verus

Securitization

Trust

1,483,863

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

b,f

1,308,221

WaMu

Mortgage

Pass-Through

Certificates

252,429

2.422%, 

5/25/2033,

Ser.

2003-AR4,

Class

A7

b

243,641

Washington

Mutual

Mortgage

Pass-Through

Certificates

369,232

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

325,339

Total

46,294,985

Commercial

Mortgage-Backed

Securities

(0.9%)

BANK

2021-BNK36

1,000,000

2.470%, 

9/15/2064,

Ser.

2021-BN36,

Class

A5

860,908

BANK

2021-BNK37

1,325,000

2.618%, 

11/15/2064,

Ser.

2021-BN37,

Class

A5

b

1,155,857

BANK

2022-BNK39

1,700,000

2.928%, 

2/15/2055,

Ser.

2022-BNK39,

Class

A4

1,524,024

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Commercial

Mortgage-Backed

Securities

(0.9%)

-

continued

BANK

2022-BNK40

$

1,550,000

3.507%, 

3/15/2064,

Ser.

2022-BNK40,

Class

A4

b

$

1,444,436

Barclays

Commercial

Mortgage

Securities,

LLC

1,400,000

3.662%, 

4/15/2055,

Ser.

2022-C15,

Class

A5

b

1,325,233

BBCMS

Mortgage

Trust

1,818,723

0.740%, 

2/15/2055,

Ser.

2022-C14,

Class

XA

b,j

86,666

500,000

2.946%, 

2/15/2055,

Ser.

2022-C14,

Class

A5

b

445,661

1,600,000

4.600%, 

6/15/2055,

Ser.

2022-C16,

Class

A5

b

1,634,050

900,000

2.689%, 

11/15/2054,

Ser.

2021-C12,

Class

A5

785,886

BFLD

Trust

1,250,000

3.024%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

b,f

1,206,566

Total

10,469,287

Communications

Services

(2.5%)

Altice

France

SA

130,000

8.125%, 

2/1/2027

f

119,651

135,000

5.500%, 

1/15/2028

f

108,791

485,000

5.125%, 

7/15/2029

f

366,175

483,000

5.500%, 

10/15/2029

f

368,969

AMC

Networks,

Inc.

383,000

4.750%, 

8/1/2025

356,780

American

Tower

Corporation

125,000

3.375%, 

5/15/2024

123,173

260,000

4.400%, 

2/15/2026

258,402

135,000

1.450%, 

9/15/2026

118,071

196,000

3.800%, 

8/15/2029

179,905

AT&T,

Inc.

407,000

4.300%, 

2/15/2030

397,192

Cable

One,

Inc.,

Convertible

652,000

1.125%, 

3/15/2028

546,376

CCO

Holdings,

LLC

325,000

5.500%, 

5/1/2026

f

317,106

620,000

5.125%, 

5/1/2027

f

585,125

16,000

4.750%, 

3/1/2030

f

13,684

695,000

4.500%, 

8/15/2030

f

577,043

588,000

4.750%, 

2/1/2032

f

481,454

360,000

4.250%, 

1/15/2034

f

278,100

Cengage

Learning,

Inc.

462,000

9.500%, 

6/15/2024

f

427,350

Charter

Communications

Operating,

LLC

227,000

4.500%, 

2/1/2024

228,343

139,000

4.908%, 

7/23/2025

139,322

196,000

5.050%, 

3/30/2029

188,642

Clear

Channel

Worldwide

Holdings,

Inc.

358,000

5.125%, 

8/15/2027

f

302,270

351,000

7.750%, 

4/15/2028

f

255,377

Comcast

Corporation

156,000

2.350%, 

1/15/2027

145,417

326,000

3.400%, 

4/1/2030

305,878

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Communications

Services

(2.5%)

-

continued

CommScope,

Inc.

$

270,000

7.125%, 

7/1/2028

f

$

205,222

Consolidated

Communications,

Inc.

355,000

5.000%, 

10/1/2028

f

283,776

Crown

Castle

International

Corporation

218,000

2.900%, 

3/15/2027

201,029

CSC

Holdings,

LLC

760,000

5.375%, 

2/1/2028

f

657,400

365,000

6.500%, 

2/1/2029

f

329,642

349,000

4.125%, 

12/1/2030

f

272,220

Deutsche

Telekom

International

Finance

BV

164,000

2.485%, 

9/19/2023

f

161,903

DIRECTV

Holdings,

LLC

498,000

5.875%, 

8/15/2027

f

424,829

Discovery

Communications,

LLC

148,000

2.950%, 

3/20/2023

146,985

DISH

DBS

Corporation

184,000

5.250%, 

12/1/2026

f

144,227

145,000

7.375%, 

7/1/2028

98,629

259,000

5.750%, 

12/1/2028

f

191,766

Entercom

Media

Corporation

548,000

6.500%, 

5/1/2027

f

326,118

Frontier

Communications

Holdings,

LLC

450,000

5.875%, 

10/15/2027

f

404,596

109,000

8.750%, 

5/15/2030

f

110,198

GCI,

LLC

380,000

4.750%, 

10/15/2028

f

329,250

Gray

Escrow

II,

Inc.

800,000

5.375%, 

11/15/2031

f

640,984

Gray

Television,

Inc.

370,000

4.750%, 

10/15/2030

f

289,525

Hughes

Satellite

Systems

Corporation

200,000

6.625%, 

8/1/2026

177,500

iHeartCommunications,

Inc.

385,000

4.750%, 

1/15/2028

f

317,271

Iliad

Holding

SASU

390,000

6.500%, 

10/15/2026

f

350,988

LCPR

Senior

Secured

Financing

DAC

297,000

6.750%, 

10/15/2027

f

277,051

Level

3

Financing,

Inc.

660,000

4.625%, 

9/15/2027

f

562,650

455,000

4.250%, 

7/1/2028

f

364,569

Magallanes,

Inc.

148,000

3.638%, 

3/15/2025

f

143,339

215,000

4.054%, 

3/15/2029

f

196,935

145,000

4.279%, 

3/15/2032

f

129,593

NBN

Company,

Ltd.

235,000

2.625%, 

5/5/2031

f

200,412

Netflix,

Inc.

155,000

5.875%, 

2/15/2025

157,325

290,000

4.875%, 

4/15/2028

272,905

271,000

5.875%, 

11/15/2028

264,959

Nexstar

Escrow

Corporation

679,000

5.625%, 

7/15/2027

f

619,588

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Communications

Services

(2.5%)

-

continued

NTT

Finance

Corporation

$

156,000

1.162%, 

4/3/2026

f

$

140,131

Omnicom

Group,

Inc.

196,000

4.200%, 

6/1/2030

187,234

Paramount

Global

315,000

6.375%, 

3/30/2062

b

281,232

129,000

4.750%, 

5/15/2025

130,197

Radiate

Holdco,

LLC

210,000

6.500%, 

9/15/2028

f

162,304

Rogers

Communications,

Inc.

250,000

5.250%, 

3/15/2082

b,f

218,682

S&P

Global,

Inc.

144,000

2.900%, 

3/1/2032

f

128,335

Scripps

Escrow

II,

Inc.

205,000

5.375%, 

1/15/2031

f

163,498

Scripps

Escrow,

Inc.

250,000

5.875%, 

7/15/2027

f

218,866

Sinclair

Television

Group,

Inc.

681,000

5.500%, 

3/1/2030

f

501,433

Sirius

XM

Radio,

Inc.

495,000

5.000%, 

8/1/2027

f

459,122

275,000

4.000%, 

7/15/2028

f

237,875

Sprint

Capital

Corporation

667,000

6.875%, 

11/15/2028

701,364

395,000

8.750%, 

3/15/2032

475,375

Sprint

Corporation

1,399,000

7.625%, 

2/15/2025

1,458,203

TEGNA,

Inc.

697,000

4.625%, 

3/15/2028

651,695

Telesat

Canada

205,000

4.875%, 

6/1/2027

f

119,925

75,000

6.500%, 

10/15/2027

f

31,552

T-Mobile

USA,

Inc.

151,000

3.500%, 

4/15/2025

147,684

261,000

3.875%, 

4/15/2030

243,580

60,000

2.875%, 

2/15/2031

49,814

Twitter,

Inc.

93,000

3.875%, 

12/15/2027

f

87,676

Twitter,

Inc.,

Convertible

1,021,000

Zero

Coupon, 

3/15/2026

903,649

United

States

Cellular

Corporation

330,000

6.700%, 

12/15/2033

314,325

Uniti

Fiber

Holdings,

Inc.,

Convertible

178,000

4.000%, 

6/15/2024

f

188,791

Uniti

Group,

LP

125,000

4.750%, 

4/15/2028

f

102,799

Univision

Communications,

Inc.

665,000

6.625%, 

6/1/2027

f

633,153

VeriSign,

Inc.

295,000

4.750%, 

7/15/2027

288,643

Verizon

Communications,

Inc.

260,000

2.100%, 

3/22/2028

230,938

196,000

3.150%, 

3/22/2030

178,202

131,000

2.550%, 

3/21/2031

112,006

311,000

2.355%, 

3/15/2032

257,862

Vodafone

Group

plc

300,000

7.000%, 

4/4/2079

b

294,285

VTR

Finance

NV

250,000

6.375%, 

7/15/2028

f

178,349

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Communications

Services

(2.5%)

-

continued

VZ

Secured

Financing

BV

$

573,000

5.000%, 

1/15/2032

f

$

475,590

Walt

Disney

Company

130,000

3.800%, 

3/22/2030

125,692

Zayo

Group

Holdings,

Inc.

240,000

4.000%, 

3/1/2027

f

199,102

Total

27,721,143

Consumer

Cyclical

(3.0%)

1011778

B.C.,

ULC

560,000

4.375%, 

1/15/2028

f

489,608

Allen

Media,

LLC/Allen

Media

Co-

Issuer,

Inc.

359,000

10.500%, 

2/15/2028

f

185,294

Allied

Universal

Finance

Corporation

260,000

4.625%, 

6/1/2028

f

210,395

Allied

Universal

Holdco,

LLC

195,000

6.625%, 

7/15/2026

f

178,938

300,000

4.625%, 

6/1/2028

f

247,411

379,000

6.000%, 

6/1/2029

f

275,219

Allison

Transmission,

Inc.

80,000

4.750%, 

10/1/2027

f

73,174

535,000

3.750%, 

1/30/2031

f

428,770

Amazon.com,

Inc.

279,000

3.300%, 

4/13/2027

273,715

263,000

1.650%, 

5/12/2028

233,039

131,000

1.500%, 

6/3/2030

108,845

American

Axle

&

Manufacturing,

Inc.

699,000

6.500%, 

4/1/2027

h

618,615

Arko

Corporation

255,000

5.125%, 

11/15/2029

f

193,169

Ashton

Woods

USA,

LLC

240,000

4.625%, 

8/1/2029

f

180,000

BellRing

Brands,

Inc.

301,000

7.000%, 

3/15/2030

f

283,693

Best

Buy

Company,

Inc.

131,000

1.950%, 

10/1/2030

104,049

Bloomin'

Brands,

Inc.,

Convertible

87,000

5.000%, 

5/1/2025

137,547

Boyd

Gaming

Corporation

370,000

4.750%, 

6/15/2031

f

312,657

Boyne

USA,

Inc.

285,000

4.750%, 

5/15/2029

f

246,793

Brookfield

Property

REIT,

Inc.

232,000

5.750%, 

5/15/2026

f,h

211,700

Brookfield

Residential

Properties,

Inc.

400,000

6.250%, 

9/15/2027

f

331,578

Burlington

Stores,

Inc.,

Convertible

503,000

2.250%, 

4/15/2025

495,769

Caesars

Entertainment,

Inc.

583,000

6.250%, 

7/1/2025

f

561,855

190,000

8.125%, 

7/1/2027

f

183,588

408,000

4.625%, 

10/15/2029

f

317,220

Callaway

Golf

Company,

Convertible

69,000

2.750%, 

5/1/2026

92,417

Carnival

Corporation

137,000

10.500%, 

2/1/2026

f

136,379

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Consumer

Cyclical

(3.0%)

-

continued

$

704,000

7.625%, 

3/1/2026

f

$

545,276

570,000

5.750%, 

3/1/2027

f

411,700

Cedar

Fair,

LP

179,000

5.375%, 

4/15/2027

169,635

494,000

5.250%, 

7/15/2029

h

435,648

Churchill

Downs,

Inc.

245,000

4.750%, 

1/15/2028

f

218,050

Cinemark

USA,

Inc.

472,000

5.875%, 

3/15/2026

f,h

420,873

Clarios

Global,

LP

185,000

8.500%, 

5/15/2027

f

178,798

Cushman

&

Wakefield

US

Borrower,

LLC

211,000

6.750%, 

5/15/2028

f

195,966

D.R.

Horton,

Inc.

75,000

2.600%, 

10/15/2025

70,668

Daimler

Finance

North

America,

LLC

191,000

1.450%, 

3/2/2026

f

172,982

Dana,

Inc.

395,000

5.625%, 

6/15/2028

340,008

Darden

Restaurants,

Inc.

190,000

3.850%, 

5/1/2027

182,715

Dick's

Sporting

Goods,

Inc.,

Convertible

200,000

3.250%, 

4/15/2025

476,375

Empire

Communities

Corporation

390,000

7.000%, 

12/15/2025

f

308,100

Expedia

Group,

Inc.

224,000

4.625%, 

8/1/2027

215,209

229,000

3.250%, 

2/15/2030

190,981

Expedia

Group,

Inc.,

Convertible

280,000

Zero

Coupon, 

2/15/2026

h

252,700

Ford

Motor

Company

232,000

3.250%, 

2/12/2032

173,513

Ford

Motor

Company,

Convertible

926,000

Zero

Coupon, 

3/15/2026

h

844,512

Ford

Motor

Credit

Company,

LLC

510,000

4.063%, 

11/1/2024

483,833

418,000

2.300%, 

2/10/2025

375,322

920,000

4.134%, 

8/4/2025

871,410

814,000

2.700%, 

8/10/2026

693,650

250,000

2.900%, 

2/10/2029

196,060

Forestar

Group,

Inc.

330,000

3.850%, 

5/15/2026

f

271,187

Gap,

Inc.

122,000

3.625%, 

10/1/2029

f

85,668

General

Motors

Company

148,000

6.125%, 

10/1/2025

152,993

196,000

6.800%, 

10/1/2027

206,361

General

Motors

Financial

Company,

Inc.

311,000

3.950%, 

4/13/2024

308,613

158,000

1.200%, 

10/15/2024

146,926

199,000

2.900%, 

2/26/2025

189,915

149,000

2.750%, 

6/20/2025

139,800

270,000

5.700%, 

9/30/2030

b,i

234,900

132,000

2.700%, 

6/10/2031

104,004

Goodyear

Tire

&

Rubber

Company

250,000

5.000%, 

7/15/2029

207,039

185,000

5.250%, 

7/15/2031

148,694

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Consumer

Cyclical

(3.0%)

-

continued

Guitar

Center

Escrow

Issuer

II,

Inc.

$

122,000

8.500%, 

1/15/2026

f

$

107,665

Hanesbrands,

Inc.

352,000

4.875%, 

5/15/2026

f

326,044

Herc

Holdings,

Inc.

330,000

5.500%, 

7/15/2027

f

301,257

Hilton

Domestic

Operating

Company,

Inc.

745,000

4.875%, 

1/15/2030

673,294

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

495,000

5.000%, 

6/1/2029

f

400,950

Home

Depot,

Inc.

214,000

3.250%, 

4/15/2032

199,362

Hyundai

Capital

America

105,000

1.800%, 

10/15/2025

f

96,031

196,000

3.000%, 

2/10/2027

f

180,288

134,000

2.100%, 

9/15/2028

f

112,929

International

Game

Technology

plc

510,000

5.250%, 

1/15/2029

f

461,805

Jacobs

Entertainment,

Inc.

228,000

6.750%, 

2/15/2029

f

192,804

KB

Home

360,000

4.800%, 

11/15/2029

300,232

Kohl's

Corporation

125,000

3.375%, 

5/1/2031

h

108,407

L

Brands,

Inc.

719,000

6.625%, 

10/1/2030

f

621,029

130,000

6.875%, 

11/1/2035

105,625

Lennar

Corporation

16,000

4.875%, 

12/15/2023

16,088

77,000

5.875%, 

11/15/2024

79,165

148,000

4.750%, 

5/30/2025

147,785

Lowe's

Companies,

Inc.

198,000

4.000%, 

4/15/2025

198,654

264,000

4.500%, 

4/15/2030

260,833

Macy's

Retail

Holdings,

LLC

365,000

5.875%, 

4/1/2029

f

310,706

139,000

6.125%, 

3/15/2032

f

116,065

Magic

MergerCo,

Inc.

277,000

5.250%, 

5/1/2028

f

217,714

Marriott

International,

Inc.

303,000

3.750%, 

10/1/2025

296,563

198,000

4.625%, 

6/15/2030

189,820

Mastercard,

Inc.

146,000

2.000%, 

11/18/2031

123,045

Mattamy

Group

Corporation

324,000

5.250%, 

12/15/2027

f

264,586

McDonald's

Corporation

177,000

3.800%, 

4/1/2028

173,440

MGM

Resorts

International

844,000

5.750%, 

6/15/2025

803,910

NCL

Corporation,

Ltd.

435,000

3.625%, 

12/15/2024

f

361,813

173,000

5.875%, 

2/15/2027

f

147,915

Nissan

Motor

Company,

Ltd.

218,000

3.043%, 

9/15/2023

f

214,318

O'Reilly

Automotive,

Inc.

196,000

3.900%, 

6/1/2029

185,600

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Consumer

Cyclical

(3.0%)

-

continued

Penn

National

Gaming,

Inc.

$

370,000

4.125%, 

7/1/2029

f

$

280,756

PetSmart,

Inc./PetSmart

Finance

Corporation

480,000

4.750%, 

2/15/2028

f

415,315

439,000

7.750%, 

2/15/2029

f

395,324

Procter

&

Gamble

Company

130,000

1.200%, 

10/29/2030

106,157

Realogy

Group,

LLC

460,000

5.750%, 

1/15/2029

f

348,827

Rite

Aid

Corporation

153,000

7.500%, 

7/1/2025

f

123,930

Royal

Caribbean

Cruises,

Ltd.

535,000

9.125%, 

6/15/2023

f

529,094

603,000

4.250%, 

7/1/2026

f

428,347

Scientific

Games

International,

Inc.

520,000

7.250%, 

11/15/2029

f

487,661

48,000

6.625%, 

3/1/2030

f

40,800

SeaWorld

Parks

and

Entertainment,

Inc.

168,000

5.250%, 

8/15/2029

f

142,160

Six

Flags

Theme

Parks,

Inc.

240,000

7.000%, 

7/1/2025

f

242,959

Staples,

Inc.

328,000

7.500%, 

4/15/2026

f

271,869

332,000

10.750%, 

4/15/2027

f

219,120

Station

Casinos,

LLC

304,000

4.625%, 

12/1/2031

f

237,120

Take-Two

Interactive

Software,

Inc.

284,000

3.300%, 

3/28/2024

280,212

Tapestry,

Inc.

134,000

3.050%, 

3/15/2032

109,172

Target

Corporation

131,000

2.350%, 

2/15/2030

115,691

Tenneco,

Inc.

445,000

5.000%, 

7/15/2026

416,075

Toll

Brothers

Finance

Corporation

199,000

4.350%, 

2/15/2028

179,823

Toyota

Motor

Credit

Corporation

196,000

1.900%, 

4/6/2028

174,211

164,000

4.450%, 

6/29/2029

165,993

Travel

+

Leisure

Company

330,000

6.625%, 

7/31/2026

f

312,883

Uber

Technologies,

Inc.

270,000

6.250%, 

1/15/2028

f,h

249,707

Vail

Resorts,

Inc.,

Convertible

237,000

Zero

Coupon, 

1/1/2026

206,190

Volkswagen

Group

of

America

Finance,

LLC

306,000

4.250%, 

11/13/2023

f

305,966

74,000

3.350%, 

5/13/2025

f

71,522

Wabash

National

Corporation

409,000

4.500%, 

10/15/2028

f

312,885

Wyndham

Hotels

&

Resorts,

Inc.

195,000

4.375%, 

8/15/2028

f

170,559

Yum!

Brands,

Inc.

526,000

4.750%, 

1/15/2030

f

477,345

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Consumer

Cyclical

(3.0%)

-

continued

ZF

North

America

Capital,

Inc.

$

260,000

4.750%, 

4/29/2025

f

$

239,850

Total

34,084,786

Consumer

Non-Cyclical

(2.9%)

AbbVie,

Inc.

162,000

2.800%, 

3/15/2023

161,524

610,000

3.600%, 

5/14/2025

600,080

Agilent

Technologies,

Inc.

174,000

2.300%, 

3/12/2031

141,751

Albertson's

Companies,

Inc.

546,000

3.500%, 

3/15/2029

f

441,885

Altria

Group,

Inc.

176,000

4.400%, 

2/14/2026

172,885

130,000

4.800%, 

2/14/2029

123,522

Anheuser-Busch

InBev

Worldwide,

Inc.

286,000

4.000%, 

4/13/2028

282,330

261,000

4.750%, 

1/23/2029

265,532

Anthem,

Inc.

196,000

2.550%, 

3/15/2031

169,243

Aramark

Services,

Inc.

90,000

6.375%, 

5/1/2025

f

88,051

633,000

5.000%, 

2/1/2028

f

573,631

AstraZeneca

Finance,

LLC

306,000

1.750%, 

5/28/2028

269,957

AstraZeneca

plc

259,000

0.700%, 

4/8/2026

230,423

Avantor

Funding,

Inc.

655,000

4.625%, 

7/15/2028

f

600,438

BAT

Capital

Corporation

117,000

3.222%, 

8/15/2024

113,725

BAT

International

Finance

plc

149,000

1.668%, 

3/25/2026

131,847

Bausch

Health

Companies,

Inc.

162,000

5.500%, 

11/1/2025

f

142,282

281,000

9.000%, 

12/15/2025

f

207,617

1,141,000

5.000%, 

1/30/2028

f

607,583

355,000

4.875%, 

6/1/2028

f

277,802

Baxter

International,

Inc.

134,000

2.539%, 

2/1/2032

113,118

Becton,

Dickinson

and

Company

196,000

2.823%, 

5/20/2030

172,399

BioMarin

Pharmaceutical,

Inc.,

Convertible

172,000

1.250%, 

5/15/2027

170,934

Bio-Rad

Laboratories,

Inc.

220,000

3.300%, 

3/15/2027

207,580

Boston

Scientific

Corporation

84,000

3.450%, 

3/1/2024

83,889

Bristol-Myers

Squibb

Company

218,000

2.950%, 

3/15/2032

199,695

Bunge,

Ltd.

Finance

Corporation

300,000

2.750%, 

5/14/2031

247,614

Cargill,

Inc.

207,000

3.625%, 

4/22/2027

f

203,287

137,000

2.125%, 

11/10/2031

f

114,221

Centene

Corporation

435,000

4.250%, 

12/15/2027

406,059

210,000

4.625%, 

12/15/2029

195,825

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Consumer

Non-Cyclical

(2.9%)

-

continued

$

1,094,000

3.000%, 

10/15/2030

$

906,653

Central

Garden

&

Pet

Company

460,000

4.125%, 

10/15/2030

377,435

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

418,000

4.625%, 

11/15/2028

f

353,210

Community

Health

Systems,

Inc.

185,000

5.625%, 

3/15/2027

f

156,578

148,000

8.000%, 

12/15/2027

f

134,400

260,000

6.000%, 

1/15/2029

f

215,389

773,000

6.875%, 

4/15/2029

f,h

498,585

Conagra

Brands,

Inc.

155,000

4.300%, 

5/1/2024

155,593

Constellation

Brands,

Inc.

261,000

3.150%, 

8/1/2029

234,916

Coty,

Inc.

311,000

5.000%, 

4/15/2026

f

284,954

CVS

Health

Corporation

198,000

4.100%, 

3/25/2025

199,277

102,000

4.300%, 

3/25/2028

100,921

DaVita,

Inc.

281,000

4.625%, 

6/1/2030

f

219,141

Diageo

Capital

plc

179,000

1.375%, 

9/29/2025

167,011

Edgewell

Personal

Care

Company

260,000

5.500%, 

6/1/2028

f

236,574

Embecta

Corporation

134,000

6.750%, 

2/15/2030

f

120,644

Encompass

Health

Corporation

585,000

4.500%, 

2/1/2028

500,818

Energizer

Holdings,

Inc.

445,000

4.375%, 

3/31/2029

f

341,640

Estee

Lauder

Companies,

Inc.

130,000

1.950%, 

3/15/2031

109,492

Gilead

Sciences,

Inc.

196,000

2.950%, 

3/1/2027

185,690

HCA,

Inc.

722,000

5.375%, 

2/1/2025

718,217

268,000

5.875%, 

2/1/2029

268,205

HFC

Prestige

Products,

Inc.

496,000

4.750%, 

1/15/2029

f

425,732

HLF

Financing

SARL,

LLC

689,000

4.875%, 

6/1/2029

f

475,410

Humana,

Inc.

131,000

2.150%, 

2/3/2032

106,075

Imperial

Brands

Finance

plc

164,000

3.125%, 

7/26/2024

f

158,804

Ionis

Pharmaceuticals,

Inc.,

Convertible

219,000

0.125%, 

12/15/2024

192,392

Jazz

Investments

I,

Ltd.,

Convertible

778,000

2.000%, 

6/15/2026

912,205

JBS

Finance

Luxembourg

SARL

210,000

2.500%, 

1/15/2027

f

182,671

165,000

3.625%, 

1/15/2032

f

133,238

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

USA

Finance,

Inc.

34,000

6.500%, 

4/15/2029

f

34,204

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Consumer

Non-Cyclical

(2.9%)

-

continued

Johnson

&

Johnson

$

220,000

4.375%, 

12/5/2033

$

227,488

Kraft

Heinz

Foods

Company

350,000

3.875%, 

5/15/2027

338,468

Kroger

Company

130,000

4.500%, 

1/15/2029

129,382

Mattel,

Inc.

930,000

3.375%, 

4/1/2026

f

853,205

McKesson

Corporation

148,000

0.900%, 

12/3/2025

133,691

197,000

1.300%, 

8/15/2026

175,289

Molina

Healthcare,

Inc.

450,000

4.375%, 

6/15/2028

f

401,972

Mozart

Debt

Merger

Sub,

Inc.

362,000

3.875%, 

4/1/2029

f

308,319

336,000

5.250%, 

10/1/2029

f,h

275,957

Mylan,

Inc.

96,000

4.200%, 

11/29/2023

95,678

Newell

Brands,

Inc.

334,000

4.450%, 

4/1/2026

318,139

Organon

&

Company

569,000

4.125%, 

4/30/2028

f

503,565

Owens

&

Minor,

Inc.

288,000

6.625%, 

4/1/2030

f

263,079

Par

Pharmaceutical,

Inc.

410,000

7.500%, 

4/1/2027

f

311,600

PepsiCo,

Inc.

286,000

1.950%, 

10/21/2031

243,622

Performance

Food

Group,

Inc.

343,000

4.250%, 

8/1/2029

f

286,405

Perrigo

Finance

Unlimited

Company

736,000

4.375%, 

3/15/2026

695,634

Philip

Morris

International,

Inc.

279,000

1.500%, 

5/1/2025

261,662

Pilgrim's

Pride

Corporation

90,000

5.875%, 

9/30/2027

f

86,175

364,000

3.500%, 

3/1/2032

f

284,375

Post

Holdings,

Inc.

341,000

5.750%, 

3/1/2027

f

330,344

212,000

5.625%, 

1/15/2028

f

201,230

151,000

5.500%, 

12/15/2029

f

134,991

330,000

4.500%, 

9/15/2031

f

269,891

Prime

Security

Services

Borrower,

LLC/Prime

Finance

Inc.

1,095,000

5.750%, 

4/15/2026

f

1,021,088

QBE

Insurance

Group,

Ltd.

320,000

5.875%, 

5/12/2025

b,f,i

311,200

Roche

Holdings,

Inc.

200,000

2.076%, 

12/13/2031

f

170,487

Royalty

Pharma

plc

296,000

1.200%, 

9/2/2025

263,878

Scotts

Miracle-Gro

Company

264,000

4.500%, 

10/15/2029

216,541

SEG

Holding,

LLC

540,000

5.625%, 

10/15/2028

f

483,894

Simmons

Foods,

Inc.

691,000

4.625%, 

3/1/2029

f

584,171

Spectrum

Brands,

Inc.

310,000

5.000%, 

10/1/2029

f

268,069

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Consumer

Non-Cyclical

(2.9%)

-

continued

$

200,000

5.500%, 

7/15/2030

f

$

179,992

Stryker

Corporation

264,000

3.650%, 

3/7/2028

257,096

Syneos

Health,

Inc.

410,000

3.625%, 

1/15/2029

f

347,200

Sysco

Corporation

131,000

5.950%, 

4/1/2030

139,667

Takeda

Pharmaceutical

Company,

Ltd.

291,000

5.000%, 

11/26/2028

296,424

Teleflex,

Inc.

318,000

4.250%, 

6/1/2028

f

287,324

Tenet

Healthcare

Corporation

140,000

4.625%, 

7/15/2024

134,362

289,000

6.250%, 

2/1/2027

f

266,000

1,055,000

5.125%, 

11/1/2027

f

949,500

374,000

6.125%, 

10/1/2028

f

320,062

Teva

Pharmaceutical

Finance

Netherlands

III

BV

608,000

3.150%, 

10/1/2026

498,560

Thermo

Fisher

Scientific,

Inc.

131,000

1.750%, 

10/15/2028

114,527

TreeHouse

Foods,

Inc.

554,000

4.000%, 

9/1/2028

451,366

United

Natural

Foods,

Inc.

241,000

6.750%, 

10/15/2028

f

225,224

UnitedHealth

Group,

Inc.

276,000

4.200%, 

5/15/2032

275,775

Valeant

Pharmaceuticals

International,

Inc.

190,000

8.500%, 

1/31/2027

f

133,238

Winnebago

Industries,

Inc.,

Convertible

265,000

1.500%, 

4/1/2025

271,294

Zoetis,

Inc.

144,000

3.250%, 

2/1/2023

143,489

348,000

3.900%, 

8/20/2028

336,886

Total

32,900,278

Energy

(2.5%)

Antero

Resources

Corporation

525,000

5.375%, 

3/1/2030

f

478,705

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

530,000

6.250%, 

4/1/2028

f

469,209

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

232,000

6.625%, 

7/15/2026

f

208,815

BP

Capital

Markets

America,

Inc.

423,000

4.234%, 

11/6/2028

420,098

BP

Capital

Markets

plc

495,000

4.875%, 

3/22/2030

b,i

430,970

Buckeye

Partners,

LP

385,000

3.950%, 

12/1/2026

336,770

Callon

Petroleum

Company

324,000

8.250%, 

7/15/2025

315,805

271,000

7.500%, 

6/15/2030

f

249,358

Canadian

Natural

Resources,

Ltd.

325,000

2.050%, 

7/15/2025

304,064

Cenovus

Energy,

Inc.

426,000

5.375%, 

7/15/2025

438,463

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Energy

(2.5%)

-

continued

Cheniere

Corpus

Christi

Holdings,

LLC

$

268,000

5.875%, 

3/31/2025

$

274,397

Cheniere

Energy

Partners,

LP

132,000

4.500%, 

10/1/2029

117,836

285,000

3.250%, 

1/31/2032

f

224,437

Cheniere

Energy,

Inc.

442,000

4.625%, 

10/15/2028

398,052

Chesapeake

Energy

Corporation

604,000

6.750%, 

4/15/2029

f

584,086

CNX

Resources

Corporation

315,000

6.000%, 

1/15/2029

f

294,273

CNX

Resources

Corporation,

Convertible

535,000

2.250%, 

5/1/2026

h

781,902

Comstock

Resources,

Inc.

80,000

6.750%, 

3/1/2029

f

71,634

310,000

5.875%, 

1/15/2030

f

266,600

Continental

Resources,

Inc.

196,000

4.375%, 

1/15/2028

184,240

145,000

5.750%, 

1/15/2031

f

140,206

Coterra

Energy,

Inc.

260,000

4.375%, 

6/1/2024

f

259,875

CrownRock

Finance,

Inc.

403,000

5.625%, 

10/15/2025

f

378,820

Devon

Energy

Corporation

264,000

4.500%, 

1/15/2030

249,375

Diamondback

Energy,

Inc.

65,000

3.125%, 

3/24/2031

56,612

DT

Midstream,

Inc.

375,000

4.125%, 

6/15/2029

f

317,812

125,000

4.375%, 

6/15/2031

f

104,687

Enbridge,

Inc.

246,000

2.150%, 

2/16/2024

238,726

130,000

3.700%, 

7/15/2027

124,500

661,000

6.250%, 

3/1/2078

b

588,382

Endeavor

Energy

Resources,

LP

280,000

5.750%, 

1/30/2028

f

266,742

Energy

Transfer,

LP

108,000

4.200%, 

9/15/2023

108,160

371,000

5.875%, 

1/15/2024

378,281

196,000

3.750%, 

5/15/2030

176,639

EnLink

Midstream

Partners,

LP

460,000

4.850%, 

7/15/2026

424,350

Enterprise

Products

Operating,

LLC

130,000

4.150%, 

10/16/2028

127,001

560,000

4.875%, 

8/16/2077

b

446,553

EQT

Corporation

144,000

6.625%, 

2/1/2025

148,137

EQT

Corporation,

Convertible

303,000

1.750%, 

5/1/2026

713,716

Equinor

ASA

92,000

2.875%, 

4/6/2025

90,288

Exxon

Mobil

Corporation

118,000

2.992%, 

3/19/2025

116,180

Ferrellgas,

LP

282,000

5.375%, 

4/1/2026

f

244,828

Halliburton

Company

130,000

2.920%, 

3/1/2030

114,804

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Energy

(2.5%)

-

continued

Harvest

Midstream,

LP

$

654,000

7.500%, 

9/1/2028

f

$

614,257

Hess

Corporation

92,000

3.500%, 

7/15/2024

90,570

Hess

Midstream

Operations,

LP

325,000

5.625%, 

2/15/2026

f

309,563

202,000

5.500%, 

10/15/2030

f

181,295

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

400,000

5.750%, 

2/1/2029

f

351,256

500,000

6.250%, 

4/15/2032

f

439,095

Holly

Energy

Partners,

LP/Holly

Energy

Finance

Corporation

375,000

6.375%, 

4/15/2027

f

352,973

ITT

Holdings,

LLC

435,000

6.500%, 

8/1/2029

f

348,000

Kinder

Morgan

Energy

Partners,

LP

193,000

3.450%, 

2/15/2023

193,196

Laredo

Petroleum,

Inc.

690,000

7.750%, 

7/31/2029

f,h

622,504

Marathon

Oil

Corporation

130,000

4.400%, 

7/15/2027

126,920

Marathon

Petroleum

Corporation

366,000

4.700%, 

5/1/2025

370,285

MEG

Energy

Corporation

374,000

7.125%, 

2/1/2027

f

376,648

MPLX,

LP

375,000

6.875%, 

2/15/2023

b,i

356,130

325,000

1.750%, 

3/1/2026

292,610

Murphy

Oil

Corporation

450,000

5.875%, 

12/1/2027

419,963

Nabors

Industries,

Ltd.

470,000

7.250%, 

1/15/2026

f

416,820

National

Fuel

Gas

Company

295,000

5.500%, 

1/15/2026

296,081

NuStar

Logistics,

LP

480,000

5.750%, 

10/1/2025

448,800

Oasis

Petroleum,

Inc.

310,000

6.375%, 

6/1/2026

f

286,750

Occidental

Petroleum

Corporation

125,000

8.500%, 

7/15/2027

137,553

211,000

6.375%, 

9/1/2028

213,638

260,000

6.450%, 

9/15/2036

266,500

ONEOK,

Inc.

194,000

2.200%, 

9/15/2025

180,557

Ovintiv

Exploration,

Inc.

132,000

5.375%, 

1/1/2026

133,461

PBF

Holding

Company,

LLC

200,000

9.250%, 

5/15/2025

f

209,250

Pioneer

Natural

Resources

Company

195,000

1.900%, 

8/15/2030

159,260

Pioneer

Natural

Resources

Company,

Convertible

248,000

0.250%, 

5/15/2025

536,176

Plains

All

American

Pipeline,

LP

150,000

6.125%, 

11/15/2022

b,i

106,500

317,000

4.650%, 

10/15/2025

313,865

Precision

Drilling

Corporation

390,000

6.875%, 

1/15/2029

f

349,050

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Energy

(2.5%)

-

continued

Range

Resources

Corporation

$

487,000

4.750%, 

2/15/2030

f,h

$

436,756

Sabine

Pass

Liquefaction,

LLC

196,000

4.200%, 

3/15/2028

188,505

Schlumberger

Finance

Canada,

Ltd.

149,000

1.400%, 

9/17/2025

138,181

Schlumberger

Holdings

Corporation

81,000

4.300%, 

5/1/2029

f

78,088

SM

Energy

Company

341,000

6.625%, 

1/15/2027

h

318,835

185,000

6.500%, 

7/15/2028

170,145

Southwestern

Energy

Company

250,000

5.375%, 

2/1/2029

231,900

315,000

5.375%, 

3/15/2030

289,800

192,000

4.750%, 

2/1/2032

164,069

Sunoco,

LP

415,000

5.875%, 

3/15/2028

378,379

277,000

4.500%, 

4/30/2030

f

223,645

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

640,000

5.500%, 

1/15/2028

f

544,109

Targa

Resources

Partners,

LP

359,000

4.875%, 

2/1/2031

327,265

Teine

Energy,

Ltd.

250,000

6.875%, 

4/15/2029

f

232,500

Transocean

Proteus,

Ltd.

108,000

6.250%, 

12/1/2024

f

100,710

Transocean,

Inc.

330,000

11.500%, 

1/30/2027

f

309,748

USA

Compression

Partners,

LP

387,000

6.875%, 

4/1/2026

352,054

Valero

Energy

Corporation

280,000

2.800%, 

12/1/2031

234,946

Venture

Global

Calcasieu

Pass,

LLC

374,000

3.875%, 

8/15/2029

f

327,147

220,000

4.125%, 

8/15/2031

f

187,994

W&T

Offshore,

Inc.

158,000

9.750%, 

11/1/2023

f

150,495

Weatherford

International,

Ltd.

409,000

8.625%, 

4/30/2030

f

339,383

Western

Midstream

Operating,

LP

640,000

3.950%, 

6/1/2025

604,000

210,000

5.500%, 

8/15/2048

171,150

Williams

Companies,

Inc.

131,000

2.600%, 

3/15/2031

109,641

Total

28,773,359

Financials

(7.2%)

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

121,000

3.150%, 

2/15/2024

117,102

200,000

6.500%, 

7/15/2025

204,636

362,000

3.000%, 

10/29/2028

304,919

Air

Lease

Corporation

152,000

2.300%, 

2/1/2025

142,257

525,000

4.650%, 

6/15/2026

b,i

435,955

162,000

3.125%, 

12/1/2030

132,407

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Financials

(7.2%)

-

continued

Aircastle,

Ltd.

$

274,000

5.250%, 

6/15/2026

b,f,i

$

226,140

163,000

2.850%, 

1/26/2028

f

134,746

Alliant

Holdings

Intermediate,

LLC

207,000

6.750%, 

10/15/2027

f

183,688

Ally

Financial,

Inc.

578,000

5.750%, 

11/20/2025

569,437

600,000

4.700%, 

5/15/2026

b,i

475,809

130,000

8.000%, 

11/1/2031

144,516

Altice

Financing

SA

180,000

5.750%, 

8/15/2029

f

144,450

American

Express

Company

133,000

3.400%, 

2/22/2024

132,577

255,000

3.550%, 

9/15/2026

b,i

207,471

217,000

2.550%, 

3/4/2027

202,194

American

Finance

Trust,

Inc.

514,000

4.500%, 

9/30/2028

f

403,490

American

Homes

4

Rent,

LP

157,000

2.375%, 

7/15/2031

125,190

AmWINS

Group,

Inc.

250,000

4.875%, 

6/30/2029

f

204,731

Ares

Capital

Corporation

76,000

4.250%, 

3/1/2025

72,668

340,000

2.150%, 

7/15/2026

284,958

Ares

Capital

Corporation,

Convertible

226,000

4.625%, 

3/1/2024

234,757

Australia

and

New

Zealand

Banking

Group,

Ltd.

288,000

2.950%, 

7/22/2030

b,f

271,437

Aviation

Capital

Group,

LLC

227,000

5.500%, 

12/15/2024

f

225,005

131,000

4.875%, 

10/1/2025

f

126,972

Avolon

Holdings

Funding,

Ltd.

301,000

4.250%, 

4/15/2026

f

278,740

BAC

Capital

Trust

XIV

332,000

4.000%, 

(LIBOR

3M

+

0.400%),

7/18/2022

b,i

235,719

Banco

Santander

Mexico

SA

89,000

5.375%, 

4/17/2025

f

89,293

Banco

Santander

SA

220,000

4.750%, 

11/12/2026

b,i

179,892

200,000

4.175%, 

3/24/2028

b

190,836

Bank

of

America

Corporation

276,000

3.004%, 

12/20/2023

b

275,095

445,000

3.550%, 

3/5/2024

b

443,571

325,000

4.200%, 

8/26/2024

325,621

1,100,000

6.250%, 

9/5/2024

b,i

1,069,200

160,000

3.458%, 

3/15/2025

b

157,692

320,000

6.100%, 

3/17/2025

b,i

315,098

373,000

1.319%, 

6/19/2026

b

339,072

298,000

1.197%, 

10/24/2026

b

266,653

380,000

4.375%, 

1/27/2027

b,i

315,313

325,000

6.125%, 

4/27/2027

b,i

313,422

196,000

1.734%, 

7/22/2027

b

174,224

640,000

5.875%, 

3/15/2028

b,i

561,940

278,000

4.376%, 

4/27/2028

b

273,683

392,000

3.593%, 

7/21/2028

b

369,696

523,000

3.974%, 

2/7/2030

b

494,017

261,000

2.687%, 

4/22/2032

b

219,114

204,000

2.572%, 

10/20/2032

b

168,262

290,000

2.972%, 

2/4/2033

b

247,058

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Financials

(7.2%)

-

continued

$

141,000

3.846%, 

3/8/2037

b

$

121,873

Bank

of

Montreal

140,000

3.088%, 

1/10/2037

b

114,561

Bank

of

New

York

Mellon

Corporation

160,000

4.700%, 

9/20/2025

b,i

156,320

Bank

of

Nova

Scotia

480,000

4.900%, 

6/4/2025

b,i

445,061

132,000

1.050%, 

3/2/2026

118,157

Barclays

plc

377,000

4.338%, 

5/16/2024

b

376,799

250,000

8.000%, 

6/15/2024

b,i

245,625

149,000

4.375%, 

9/11/2024

148,258

179,000

2.852%, 

5/7/2026

b

169,029

200,000

4.375%, 

3/15/2028

b,i

153,373

193,000

4.972%, 

5/16/2029

b

189,680

Berkshire

Hathaway

Finance

Corporation

336,000

2.875%, 

3/15/2032

301,219

Blackstone

Private

Credit

Fund

209,000

4.000%, 

1/15/2029

f

171,264

BNP

Paribas

SA

235,000

6.625%, 

3/25/2024

b,f,i

225,306

188,000

2.819%, 

11/19/2025

b,f

179,592

200,000

3.132%, 

1/20/2033

b,f

167,433

Boston

Properties,

LP

131,000

2.550%, 

4/1/2032

104,255

BPCE

SA

152,000

2.375%, 

1/14/2025

f

144,289

Brixmor

Operating

Partnership,

LP

262,000

2.250%, 

4/1/2028

224,676

Canadian

Imperial

Bank

of

Commerce

146,000

3.600%, 

4/7/2032

132,532

Canpack

SA/Canpack

US

LLC

500,000

3.125%, 

11/1/2025

f

434,709

Capital

One

Bank

USA

NA

245,000

3.375%, 

2/15/2023

244,797

228,000

2.280%, 

1/28/2026

b

216,503

Capital

One

Financial

Corporation

140,000

3.950%, 

9/1/2026

b,i

112,350

217,000

3.273%, 

3/1/2030

b

192,035

Cascades

USA,

Inc.

285,000

5.125%, 

1/15/2026

f

260,248

Charles

Schwab

Corporation

537,000

5.375%, 

6/1/2025

b,i

530,288

600,000

4.000%, 

6/1/2026

b,i

508,596

125,000

5.000%, 

6/1/2027

b,i

112,054

196,000

2.000%, 

3/20/2028

174,936

141,000

2.900%, 

3/3/2032

124,127

Citigroup,

Inc.

640,000

5.950%, 

1/30/2023

b,i

627,072

374,000

5.000%, 

9/12/2024

b,i

329,120

180,000

3.352%, 

4/24/2025

b

176,301

107,000

5.950%, 

5/15/2025

b,i

99,334

365,000

5.500%, 

9/13/2025

374,989

218,000

1.281%, 

11/3/2025

b

202,408

315,000

4.000%, 

12/10/2025

b,i

272,475

785,000

3.875%, 

2/18/2026

b,i

651,550

250,000

4.150%, 

11/15/2026

b,i

200,625

451,000

1.122%, 

1/28/2027

b

398,221

263,000

1.462%, 

6/9/2027

b

232,516

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Financials

(7.2%)

-

continued

$

286,000

3.070%, 

2/24/2028

b

$

265,320

522,000

4.075%, 

4/23/2029

b

496,161

215,000

4.910%, 

5/24/2033

b

212,146

Citizens

Financial

Group,

Inc.

275,000

4.000%, 

10/6/2026

b,i

219,010

CNA

Financial

Corporation

190,000

3.950%, 

5/15/2024

190,051

Coinbase

Global,

Inc.,

Convertible

830,000

0.500%, 

6/1/2026

464,358

Comerica,

Inc.

160,000

5.625%, 

7/1/2025

b,i

158,400

Commerzbank

AG

270,000

8.125%, 

9/19/2023

f

275,896

Commonwealth

Bank

of

Australia

156,000

2.688%, 

3/11/2031

f

126,945

Cooperatieve

Rabobank

UA

149,000

1.339%, 

6/24/2026

b,f

135,907

Corebridge

Financial,

Inc.

214,000

3.850%, 

4/5/2029

f

197,764

Corporate

Office

Properties,

LP

265,000

2.250%, 

3/15/2026

240,175

Credit

Acceptance

Corporation

550,000

5.125%, 

12/31/2024

*

518,099

Credit

Agricole

SA

270,000

8.125%, 

12/23/2025

b,f,i

276,561

200,000

4.750%, 

3/23/2029

b,f,i

155,433

131,000

3.250%, 

1/14/2030

f

111,264

Credit

Suisse

Group

AG

213,000

6.500%, 

8/8/2023

f

213,000

150,000

7.500%, 

12/11/2023

b,f,i

142,731

157,000

2.593%, 

9/11/2025

b,f

147,710

130,000

7.250%, 

9/12/2025

b,f,i

112,950

135,000

2.193%, 

6/5/2026

b,f

122,357

200,000

9.750%, 

6/23/2027

b,f,i

204,250

128,000

3.869%, 

1/12/2029

b,f

115,023

Dai-ichi

Life

Insurance

Company,

Ltd.

638,000

5.100%, 

10/28/2024

b,f,h,i

632,321

Deutsche

Bank

AG

444,000

2.129%, 

11/24/2026

b

394,215

250,000

2.311%, 

11/16/2027

b

215,746

214,000

3.742%, 

1/7/2033

b

155,772

Discover

Bank

260,000

4.682%, 

8/9/2028

b

252,759

Drawbridge

Special

Opportunities

Fund,

LP

540,000

3.875%, 

2/15/2026

f

495,086

Duke

Realty,

LP

229,000

3.375%, 

12/15/2027

216,358

EPR

Properties

202,000

3.600%, 

11/15/2031

159,676

Fidelity

National

Financial,

Inc.

235,000

5.500%, 

9/1/2022

235,878

Fifth

Third

Bancorp

320,000

4.500%, 

9/30/2025

b,i

297,993

Fifth

Third

Bank

NA

129,000

3.850%, 

3/15/2026

126,568

First

Horizon

Bank

198,000

5.750%, 

5/1/2030

203,238

First

Horizon

National

Corporation

179,000

3.550%, 

5/26/2023

178,310

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Financials

(7.2%)

-

continued

First-Citizens

Bank

&

Trust

Company

$

297,000

6.125%, 

3/9/2028

$

309,464

FNB

Corporation

305,000

2.200%, 

2/24/2023

301,576

Fortress

Transportation

and

Infrastructure

Investors,

LLC

483,000

6.500%, 

10/1/2025

f

455,715

142,000

9.750%, 

8/1/2027

f

138,791

185,000

5.500%, 

5/1/2028

f

152,702

FS

KKR

Capital

Corporation

132,000

3.400%, 

1/15/2026

117,157

132,000

2.625%, 

1/15/2027

111,004

FTI

Consulting,

Inc.,

Convertible

500,000

2.000%, 

8/15/2023

900,600

Genworth

Mortgage

Holdings,

Inc.

219,000

6.500%, 

8/15/2025

f

206,543

Global

Net

Lease,

Inc.

590,000

3.750%, 

12/15/2027

f

493,057

Goldman

Sachs

Group,

Inc.

298,000

0.627%, 

11/17/2023

b

294,275

825,000

5.500%, 

8/10/2024

b,i

796,373

200,000

4.400%, 

2/10/2025

b,i

169,299

148,000

3.500%, 

4/1/2025

145,078

223,000

4.250%, 

10/21/2025

221,278

222,000

0.855%, 

2/12/2026

b

201,966

195,000

3.650%, 

8/10/2026

b,i

151,383

255,000

4.125%, 

11/10/2026

b,i

208,462

456,000

1.948%, 

10/21/2027

b

403,584

140,000

2.640%, 

2/24/2028

b

127,061

155,000

3.615%, 

3/15/2028

b

146,695

261,000

3.814%, 

4/23/2029

b

246,074

131,000

3.800%, 

3/15/2030

121,472

131,000

2.615%, 

4/22/2032

b

108,761

132,000

2.383%, 

7/21/2032

b

106,743

Hartford

Financial

Services

Group,

Inc.

130,000

2.800%, 

8/19/2029

115,914

125,000

3.536%, 

(LIBOR

3M

+

2.125%),

2/12/2047

b,f

98,658

HSBC

Holdings

plc

143,000

3.803%, 

3/11/2025

b

140,998

150,000

6.375%, 

3/30/2025

b,i

145,042

187,000

2.633%, 

11/7/2025

b

178,309

178,000

1.589%, 

5/24/2027

b

156,317

350,000

2.251%, 

11/22/2027

b

311,838

332,000

6.500%, 

3/23/2028

b,i

300,655

365,000

4.583%, 

6/19/2029

b

351,831

470,000

4.600%, 

12/17/2030

b,i

361,268

159,000

2.804%, 

5/24/2032

b

130,567

200,000

6.500%, 

9/15/2037

213,388

HUB

International,

Ltd.

156,000

7.000%, 

5/1/2026

f

146,702

262,000

5.625%, 

12/1/2029

f

216,426

Huntington

Bancshares,

Inc.

480,000

4.450%, 

10/15/2027

b,i

425,417

Icahn

Enterprises,

LP

439,000

4.750%, 

9/15/2024

409,722

365,000

6.375%, 

12/15/2025

345,038

300,000

6.250%, 

5/15/2026

280,848

245,000

5.250%, 

5/15/2027

217,031

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Financials

(7.2%)

-

continued

ING

Groep

NV

$

258,000

1.726%, 

4/1/2027

b

$

230,351

Intercontinental

Exchange,

Inc.

215,000

4.350%, 

6/15/2029

212,448

Invitation

Homes

Operating

Partnership,

LP

227,000

2.000%, 

8/15/2031

174,622

iStar,

Inc.

465,000

4.250%, 

8/1/2025

429,455

J.P.

Morgan

Chase

&

Company

330,000

5.150%, 

5/1/2023

b,i

312,263

320,000

6.000%, 

8/1/2023

b,i

299,990

320,000

6.750%, 

2/1/2024

b,i

322,136

122,000

1.514%, 

6/1/2024

b

118,926

979,000

5.000%, 

8/1/2024

b,i

863,968

378,000

4.023%, 

12/5/2024

b

376,704

210,000

4.600%, 

2/1/2025

b,i

177,349

310,000

1.561%, 

12/10/2025

b

289,610

149,000

2.083%, 

4/22/2026

b

139,326

295,000

3.650%, 

6/1/2026

b,i

241,605

371,000

1.045%, 

11/19/2026

b

329,800

261,000

1.578%, 

4/22/2027

b

232,268

289,000

2.947%, 

2/24/2028

b

267,756

392,000

4.005%, 

4/23/2029

b

375,720

133,000

2.069%, 

6/1/2029

b

114,383

523,000

4.493%, 

3/24/2031

b

510,769

140,000

2.963%, 

1/25/2033

b

120,171

Jefferies

Finance,

LLC

303,000

5.000%, 

8/15/2028

f

249,218

KeyBank

NA

196,000

3.900%, 

4/13/2029

184,310

Kilroy

Realty,

LP

265,000

4.375%, 

10/1/2025

261,733

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

139,000

6.125%, 

5/15/2023

137,523

Life

Storage,

LP

135,000

2.400%, 

10/15/2031

107,437

Lincoln

National

Corporation

300,000

3.801%, 

(LIBOR

3M

+

2.358%),

8/17/2022

b

208,156

130,000

3.800%, 

3/1/2028

124,085

Lloyds

Banking

Group

plc

300,000

3.900%, 

3/12/2024

298,193

120,000

7.500%, 

6/27/2024

b,i

116,400

260,000

1.627%, 

5/11/2027

b

231,064

342,000

3.369%, 

12/14/2046

b

242,541

LPL

Holdings,

Inc.

310,000

4.000%, 

3/15/2029

f

265,223

M&T

Bank

Corporation

240,000

3.500%, 

9/1/2026

b,i

183,000

Macquarie

Group,

Ltd.

264,000

1.629%, 

9/23/2027

b,f

229,367

Marsh

&

McLennan

Companies,

Inc.

135,000

2.375%, 

12/15/2031

113,006

MetLife,

Inc.

320,000

3.850%, 

9/15/2025

b,i

284,945

640,000

5.875%, 

3/15/2028

b,i

594,087

Mid-America

Apartments,

LP

261,000

4.200%, 

6/15/2028

255,238

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Financials

(7.2%)

-

continued

Mitsubishi

UFJ

Financial

Group,

Inc.

$

160,000

3.407%, 

3/7/2024

$

158,739

179,000

1.412%, 

7/17/2025

164,349

260,000

1.538%, 

7/20/2027

b

229,633

196,000

3.741%, 

3/7/2029

185,776

Mizuho

Financial

Group,

Inc.

200,000

1.554%, 

7/9/2027

b

175,916

278,000

2.564%, 

9/13/2031

221,826

Morgan

Stanley

311,000

4.100%, 

5/22/2023

312,213

149,000

0.560%, 

11/10/2023

b

147,300

160,000

2.720%, 

7/22/2025

b

154,140

268,000

1.164%, 

10/21/2025

b

248,294

104,000

5.000%, 

11/24/2025

105,668

250,000

2.630%, 

2/18/2026

b

238,510

302,000

2.188%, 

4/28/2026

b

282,718

148,000

0.985%, 

12/10/2026

b

131,118

260,000

1.593%, 

5/4/2027

b

230,791

262,000

1.512%, 

7/20/2027

b

229,782

392,000

3.622%, 

4/1/2031

b

360,069

140,000

2.943%, 

1/21/2033

b

119,987

MPT

Operating

Partnership,

LP

320,000

5.250%, 

8/1/2026

302,217

140,000

4.625%, 

8/1/2029

122,850

National

Retail

Properties,

Inc.

131,000

2.500%, 

4/15/2030

111,570

Nationstar

Mortgage

Holdings,

Inc.

289,000

6.000%, 

1/15/2027

f

250,690

NatWest

Group

plc

163,000

6.125%, 

12/15/2022

163,720

26,000

6.100%, 

6/10/2023

26,333

182,000

4.269%, 

3/22/2025

b

180,129

131,000

4.892%, 

5/18/2029

b

126,952

197,000

3.754%, 

11/1/2029

b

189,197

250,000

4.600%, 

6/28/2031

b,i

184,063

Navient

Corporation

330,000

5.500%, 

1/25/2023

327,116

16,000

6.750%, 

6/25/2025

14,436

125,000

5.000%, 

3/15/2027

102,816

Nippon

Life

Insurance

Company

110,000

2.900%, 

9/16/2051

b,f

88,960

640,000

5.100%, 

10/16/2044

b,f

633,604

480,000

3.400%, 

1/23/2050

b,f

415,499

Nomura

Holdings,

Inc.

200,000

2.172%, 

7/14/2028

168,466

Northern

Trust

Corporation

212,000

4.000%, 

5/10/2027

213,276

Omega

Healthcare

Investors,

Inc.

127,000

4.750%, 

1/15/2028

120,313

130,000

3.375%, 

2/1/2031

105,554

OneMain

Finance

Corporation

986,000

6.875%, 

3/15/2025

934,491

298,000

7.125%, 

3/15/2026

275,421

185,000

3.500%, 

1/15/2027

148,000

Owl

Rock

Capital

Corporation

132,000

4.250%, 

1/15/2026

121,420

Owl

Rock

Core

Income

Corporation

214,000

4.700%, 

2/8/2027

f

195,206

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Financials

(7.2%)

-

continued

Owl

Rock

Technology

Finance

Corporation

$

68,000

4.750%, 

12/15/2025

f

$

63,919

196,000

3.750%, 

6/17/2026

f

177,289

Park

Intermediate

Holdings,

LLC

135,000

4.875%, 

5/15/2029

f

115,920

PayPal

Holdings,

Inc.

129,000

2.850%, 

10/1/2029

116,725

Pebblebrook

Hotel

Trust,

Convertible

509,000

1.750%, 

12/15/2026

453,265

PennyMac

Financial

Services,

Inc.

220,000

4.250%, 

2/15/2029

f

161,700

Pine

Street

Trust

I

130,000

4.572%, 

2/15/2029

f

125,563

Playtika

Holding

Corporation

357,000

4.250%, 

3/15/2029

f

294,525

PNC

Bank

NA

130,000

2.700%, 

10/22/2029

113,282

PNC

Financial

Services

Group,

Inc.

250,000

3.400%, 

9/15/2026

b,i

189,830

PRA

Group,

Inc.

215,000

7.375%, 

9/1/2025

f

209,088

Principal

Life

Global

Funding

II

197,000

1.250%, 

8/16/2026

f

174,305

Provident

Financing

Trust

I

155,000

7.405%, 

3/15/2038

159,650

Prudential

Financial,

Inc.

142,000

5.125%, 

3/1/2052

b

131,087

332,000

5.625%, 

6/15/2043

b

323,683

786,000

5.200%, 

3/15/2044

b

743,060

160,000

3.700%, 

10/1/2050

b

133,928

Radian

Group,

Inc.

330,000

4.875%, 

3/15/2027

295,552

Realty

Income

Corporation

132,000

4.875%, 

6/1/2026

134,612

196,000

3.950%, 

8/15/2027

191,207

Regions

Financial

Corporation

320,000

5.750%, 

6/15/2025

b,h,i

316,867

Reinsurance

Group

of

America,

Inc.

212,000

4.700%, 

9/15/2023

213,829

Rocket

Mortgage

Co-Issuer,

Inc.

310,000

3.625%, 

3/1/2029

f

243,759

Royal

Bank

of

Canada

205,000

0.750%, 

10/7/2024

191,429

Santander

Holdings

USA,

Inc.

261,000

3.450%, 

6/2/2025

250,980

144,000

2.490%, 

1/6/2028

b

127,093

Santander

UK

Group

Holdings

plc

262,000

1.673%, 

6/14/2027

b

228,691

196,000

3.823%, 

11/3/2028

b

181,941

Service

Properties

Trust

181,000

4.650%, 

3/15/2024

155,538

357,000

7.500%, 

9/15/2025

327,101

260,000

5.500%, 

12/15/2027

210,600

Simon

Property

Group,

LP

206,000

2.000%, 

9/13/2024

196,984

264,000

2.650%, 

7/15/2030

223,978

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Financials

(7.2%)

-

continued

SLM

Corporation

$

120,000

4.200%, 

10/29/2025

$

108,715

Societe

Generale

SA

188,000

2.625%, 

10/16/2024

f

180,782

320,000

8.000%, 

9/29/2025

b,f,i

313,456

177,000

1.488%, 

12/14/2026

b,f

156,119

Spirit

Realty,

LP

299,000

2.100%, 

3/15/2028

250,647

Standard

Chartered

plc

223,000

1.319%, 

10/14/2023

b,f

221,388

177,000

0.991%, 

1/12/2025

b,f

167,096

230,000

6.000%, 

7/26/2025

b,f,i

217,813

206,000

2.608%, 

1/12/2028

b,f

183,989

Starwood

Property

Trust,

Inc.,

Convertible

270,000

4.375%, 

4/1/2023

266,625

State

Street

Corporation

96,000

2.354%, 

11/1/2025

b

92,327

144,000

4.421%, 

5/13/2033

b

141,929

Sumitomo

Life

Insurance

Company

600,000

3.375%, 

4/15/2081

b,f

514,078

Sumitomo

Mitsui

Financial

Group,

Inc.

188,000

2.448%, 

9/27/2024

181,056

206,000

2.174%, 

1/14/2027

186,293

196,000

3.544%, 

1/17/2028

186,090

196,000

2.142%, 

9/23/2030

157,027

Sumitomo

Mitsui

Trust

Bank,

Ltd.

149,000

1.050%, 

9/12/2025

f

135,167

Summit

Hotel

Properties,

Inc.,

Convertible

336,000

1.500%, 

2/15/2026

283,920

SVB

Financial

Group

420,000

4.000%, 

5/15/2026

b,i

320,032

291,000

4.250%, 

11/15/2026

b,i

219,568

Synchrony

Financial

160,000

4.250%, 

8/15/2024

159,006

260,000

3.700%, 

8/4/2026

240,732

Toronto-Dominion

Bank

144,000

4.456%, 

6/8/2032

142,392

Truist

Bank

134,000

2.250%, 

3/11/2030

112,200

Truist

Financial

Corporation

370,000

4.950%, 

9/1/2025

b,i

360,172

132,000

1.887%, 

6/7/2029

b

113,456

70,000

5.100%, 

3/1/2030

b,i

63,350

U.S.

Bancorp

85,000

3.700%, 

1/15/2027

b,i

65,238

UBS

AG

235,000

5.125%, 

5/15/2024

234,413

UBS

Group

AG

156,000

1.364%, 

1/30/2027

b,f

138,271

400,000

4.875%, 

2/12/2027

b,f,i

334,583

UDR,

Inc.

295,000

3.000%, 

8/15/2031

252,055

United

Wholesale

Mortgage,

LLC

231,000

5.500%, 

4/15/2029

f

176,865

USB

Realty

Corporation

664,000

2.191%, 

(LIBOR

3M

+

1.147%),

1/15/2027

b,f,i

532,112

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Financials

(7.2%)

-

continued

Ventas

Realty,

LP

$

163,000

3.750%, 

5/1/2024

$

161,657

VICI

Properties,

LP/VICI

Note

Company,

Inc.

395,000

4.625%, 

6/15/2025

f

375,744

486,000

5.750%, 

2/1/2027

f

461,165

407,000

3.750%, 

2/15/2027

f

357,986

Wells

Fargo

&

Company

325,000

4.125%, 

8/15/2023

327,351

130,000

1.654%, 

6/2/2024

b

126,966

311,000

2.406%, 

10/30/2025

b

296,073

490,000

3.900%, 

3/15/2026

b,i

422,013

226,000

2.188%, 

4/30/2026

b

211,435

307,000

1.544%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

284,773

145,000

3.526%, 

3/24/2028

b

137,336

309,000

3.584%, 

5/22/2028

b

293,151

308,000

4.478%, 

4/4/2031

b

301,209

Welltower,

Inc.

132,000

2.050%, 

1/15/2029

111,097

196,000

2.800%, 

6/1/2031

165,359

Westpac

Banking

Corporation

196,000

4.110%, 

7/24/2034

b

179,145

Willis

North

America,

Inc.

261,000

4.500%, 

9/15/2028

250,525

XHR,

LP

243,000

4.875%, 

6/1/2029

f

208,459

Total

81,923,452

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

178,000

2.150%, 

5/13/2025

f

170,592

Total

170,592

Mortgage-Backed

Securities

(23.0%)

Federal

Home

Loan

Mortgage

Corporation

Gold

30-Yr.

Pass

Through

9,344,114

2.500%, 

5/1/2051

e

8,421,940

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

15,500,000

2.000%, 

7/1/2037

e

14,467,070

27,000,000

2.500%, 

7/1/2037

e

25,782,275

450,000

4.000%, 

7/1/2037

e

453,909

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

6,837,146

2.500%, 

2/1/2051

6,170,094

12,587,247

2.000%, 

3/1/2051

10,978,923

12,646,860

3.000%, 

3/1/2052

11,814,255

9,918,950

2.000%, 

4/1/2051

8,636,592

11,200,000

2.500%, 

4/1/2051

e

10,105,438

7,335,956

3.000%, 

4/1/2051

e

6,849,678

7,789,334

3.000%, 

5/1/2050

e

7,303,714

10,633,815

2.500%, 

7/1/2051

9,583,772

15,250,000

2.000%, 

7/1/2052

e

13,231,758

14,700,000

2.500%, 

7/1/2052

e

13,217,367

17,775,615

2.000%, 

8/1/2051

e

15,475,178

10,000,000

5.000%, 

7/1/2041

e

10,206,250

1,650,000

5.000%, 

8/1/2048

e

1,679,165

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Mortgage-Backed

Securities

(23.0%)

-

continued

$

28,350,000

3.000%, 

7/1/2049

e

$

26,398,723

42,800,000

3.500%, 

7/1/2049

e

41,158,219

19,000,000

4.000%, 

7/1/2049

e

18,735,410

Total

260,669,730

Technology

(1.6%)

Advanced

Micro

Devices,

Inc.

145,000

3.924%, 

6/1/2032

142,707

Akamai

Technologies,

Inc.,

Convertible

217,000

0.125%, 

5/1/2025

237,506

716,000

0.375%, 

9/1/2027

711,346

Analog

Devices,

Inc.

68,000

2.100%, 

10/1/2031

58,061

Apple,

Inc.

392,000

2.200%, 

9/11/2029

352,976

285,000

1.650%, 

2/8/2031

239,581

Baidu,

Inc.

184,000

3.075%, 

4/7/2025

178,912

Black

Knight

InfoServ,

LLC

458,000

3.625%, 

9/1/2028

f

397,920

Block,

Inc.,

Convertible

53,000

0.500%, 

5/15/2023

57,346

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

261,000

3.125%, 

1/15/2025

256,876

196,000

3.875%, 

1/15/2027

188,590

Broadcom,

Inc.

146,000

4.000%, 

4/15/2029

f

135,283

CommScope

Technologies

Finance,

LLC

531,000

6.000%, 

6/15/2025

f

459,315

Dell

International,

LLC

75,000

5.450%, 

6/15/2023

75,758

196,000

5.850%, 

7/15/2025

202,136

100,000

5.300%, 

10/1/2029

98,583

Fiserv,

Inc.

207,000

2.750%, 

7/1/2024

201,915

309,000

4.200%, 

10/1/2028

297,707

Gartner,

Inc.

245,000

3.625%, 

6/15/2029

f

212,261

415,000

3.750%, 

10/1/2030

f

353,269

Global

Payments,

Inc.

82,000

2.650%, 

2/15/2025

78,255

131,000

3.200%, 

8/15/2029

114,479

Hewlett

Packard

Enterprise

Company

163,000

2.250%, 

4/1/2023

161,825

InterDigital,

Inc.,

Convertible

102,000

3.500%, 

6/1/2027

f

103,224

Intuit,

Inc.

149,000

0.950%, 

7/15/2025

137,193

Iron

Mountain,

Inc.

1,075,000

4.875%, 

9/15/2027

f

971,316

80,000

4.875%, 

9/15/2029

f

67,994

380,000

4.500%, 

2/15/2031

f

310,515

Jabil,

Inc.

139,000

4.250%, 

5/15/2027

134,875

Lam

Research

Corporation

147,000

1.900%, 

6/15/2030

124,041

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Technology

(1.6%)

-

continued

Lumentum

Holdings,

Inc.,

Convertible

$

540,000

0.250%, 

3/15/2024

$

748,980

MACOM

Technology

Solutions

Holdings,

Inc.,

Convertible

173,000

0.250%, 

3/15/2026

150,510

Marvell

Technology,

Inc.

142,000

4.200%, 

6/22/2023

141,785

132,000

2.950%, 

4/15/2031

110,690

Microchip

Technology,

Inc.,

Convertible

92,000

0.125%, 

11/15/2024

h

91,540

205,000

1.625%, 

2/15/2027

340,428

Micron

Technology,

Inc.

249,000

4.975%, 

2/6/2026

251,419

Minerva

Merger

Sub,

Inc.

400,000

6.500%, 

2/15/2030

f

332,636

MSCI,

Inc.

360,000

4.000%, 

11/15/2029

f

319,079

NCR

Corporation

879,000

6.125%, 

9/1/2029

f

760,211

Nielsen

Finance,

LLC

270,000

4.500%, 

7/15/2029

f

243,914

NVIDIA

Corporation

65,000

2.850%, 

4/1/2030

59,506

NXP

BV/NXP

Funding,

LLC

122,000

4.875%, 

3/1/2024

123,187

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

72,000

2.700%, 

5/1/2025

68,442

131,000

4.300%, 

6/18/2029

124,977

ON

Semiconductor

Corporation,

Convertible

118,000

Zero

Coupon, 

5/1/2027

135,818

Open

Text

Corporation

420,000

4.125%, 

2/15/2030

f

363,321

Oracle

Corporation

326,000

2.500%, 

4/1/2025

309,738

327,000

2.950%, 

4/1/2030

279,257

PayPal

Holdings,

Inc.

138,000

3.900%, 

6/1/2027

h

137,514

Progress

Software

Corporation,

Convertible

135,000

1.000%, 

4/15/2026

130,342

PTC,

Inc.

210,000

3.625%, 

2/15/2025

f

198,614

215,000

4.000%, 

2/15/2028

f

194,288

Qorvo,

Inc.

385,000

3.375%, 

4/1/2031

f

302,741

Rackspace

Technology

Global,

Inc.

365,000

5.375%, 

12/1/2028

f

238,517

Sabre

GLBL,

Inc.,

Convertible

64,000

4.000%, 

4/15/2025

65,792

Salesforce.com,

Inc.

133,000

1.950%, 

7/15/2031

112,971

Seagate

HDD

Cayman

661,000

3.125%, 

7/15/2029

518,693

560,000

3.375%, 

7/15/2031

435,215

Sensata

Technologies,

Inc.

615,000

3.750%, 

2/15/2031

f

492,898

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Technology

(1.6%)

-

continued

Shift4

Payments,

LLC

$

140,000

4.625%, 

11/1/2026

f

$

123,899

SS&C

Technologies,

Inc.

910,000

5.500%, 

9/30/2027

f

848,630

Switch,

Ltd.

410,000

3.750%, 

9/15/2028

f

405,551

Tencent

Holdings,

Ltd.

157,000

2.880%, 

4/22/2031

f,h

134,863

Teradyne,

Inc.,

Convertible

23,000

1.250%, 

12/15/2023

65,106

Verint

Systems,

Inc.,

Convertible

392,000

0.250%, 

4/15/2026

357,700

Viavi

Solutions,

Inc.

306,000

3.750%, 

10/1/2029

f

256,280

Viavi

Solutions,

Inc.,

Convertible

69,000

1.000%, 

3/1/2024

77,798

Vishay

Intertechnology,

Inc.,

Convertible

383,000

2.250%, 

6/15/2025

362,433

VMware,

Inc.

262,000

1.400%, 

8/15/2026

231,794

192,000

2.200%, 

8/15/2031

151,186

Xilinx,

Inc.

90,000

2.375%, 

6/1/2030

79,361

Ziff

Davis,

Inc.,

Convertible

551,000

1.750%, 

11/1/2026

f

530,888

Total

18,470,277

Transportation

(0.7%)

AerCap

Holdings

NV

300,000

5.875%, 

10/10/2079

b

256,988

Air

Transport

Services

Group,

Inc.,

Convertible

238,000

1.125%, 

10/15/2024

256,921

American

Airlines,

Inc.

603,000

11.750%, 

7/15/2025

f

624,045

871,000

5.500%, 

4/20/2026

f

800,262

Aon

Corporation/Aon

Global

Holdings

plc

133,000

2.600%, 

12/2/2031

111,501

Avis

Budget

Car

Rental,

LLC

320,000

5.375%, 

3/1/2029

f,h

266,180

Canadian

Pacific

Railway

Company

267,000

1.750%, 

12/2/2026

241,629

134,000

2.450%, 

12/2/2031

114,648

CSX

Corporation

131,000

4.250%, 

3/15/2029

130,321

Delta

Air

Lines,

Inc.

172,000

7.000%, 

5/1/2025

f

174,096

297,635

4.500%, 

10/20/2025

f

289,201

73,000

7.375%, 

1/15/2026

72,887

288,000

4.375%, 

4/19/2028

h

244,640

Greenbrier

Companies,

Inc.,

Convertible

188,000

2.875%, 

4/15/2028

174,840

Hawaiian

Brand

Intellectual

Property,

Ltd.

82,000

5.750%, 

1/20/2026

f

73,488

Hertz

Corporation

262,000

4.625%, 

12/1/2026

f

219,053

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Transportation

(0.7%)

-

continued

$

314,000

5.000%, 

12/1/2029

f

$

241,780

JetBlue

Airways

Corporation,

Convertible

495,000

0.500%, 

4/1/2026

364,072

Meritor,

Inc.,

Convertible

189,000

3.250%, 

10/15/2037

206,256

Mileage

Plus

Holdings,

LLC

398,000

6.500%, 

6/20/2027

f

391,154

Penske

Truck

Leasing

Company,

LP

148,000

1.200%, 

11/15/2025

f

132,134

128,000

1.700%, 

6/15/2026

f

114,087

Ryder

System,

Inc.

161,000

2.850%, 

3/1/2027

150,087

Southwest

Airlines

Company

133,000

5.125%, 

6/15/2027

134,230

155,000

2.625%, 

2/10/2030

130,924

Southwest

Airlines

Company,

Convertible

727,000

1.250%, 

5/1/2025

856,043

Union

Pacific

Corporation

165,000

3.750%, 

7/15/2025

165,192

131,000

2.150%, 

2/5/2027

121,365

United

Airlines

Pass

Through

Trust

90,000

3.700%, 

12/1/2022

89,576

United

Airlines,

Inc.

324,000

4.375%, 

4/15/2026

f

285,499

266,000

4.625%, 

4/15/2029

f

225,640

VistaJet

Malta

Finance

plc

355,000

6.375%, 

2/1/2030

f

284,000

Total

7,942,739

U.S.

Government

&

Agencies

(2.5%)

U.S.

Treasury

Bonds

1,290,000

1.375%, 

11/15/2031

1,118,874

4,330,000

3.250%, 

5/15/2042

4,225,809

U.S.

Treasury

Notes

3,190,000

0.125%, 

4/30/2023

3,118,225

5,100,000

0.125%, 

2/15/2024

4,872,691

5,550,000

0.500%, 

3/31/2025

5,179,711

6,260,000

0.500%, 

2/28/2026

5,705,648

1,780,000

0.500%, 

4/30/2027

1,575,439

2,410,000

1.125%, 

2/29/2028

2,166,929

Total

27,963,326

Utilities

(1.2%)

AEP

Texas,

Inc.

138,000

4.700%, 

5/15/2032

137,332

AES

Corporation

254,000

3.950%, 

7/15/2030

f

229,032

Algonquin

Power

&

Utilities

Corporation

225,000

4.750%, 

1/18/2082

b

186,746

Ameren

Corporation

161,000

1.750%, 

3/15/2028

138,713

American

Electric

Power

Company,

Inc.

300,000

3.875%, 

2/15/2062

b

237,227

209,000

2.031%, 

3/15/2024

202,184

131,000

2.300%, 

3/1/2030

110,225

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Utilities

(1.2%)

-

continued

Berkshire

Hathaway

Energy

Company

$

181,000

4.050%, 

4/15/2025

$

182,106

Calpine

Corporation

328,000

4.500%, 

2/15/2028

f

297,784

CenterPoint

Energy,

Inc.

164,000

2.500%, 

9/1/2024

158,520

198,000

1.450%, 

6/1/2026

178,210

197,000

2.650%, 

6/1/2031

167,793

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

309,000

5.500%, 

6/15/2031

f

263,126

Dominion

Energy,

Inc.

163,000

3.071%, 

8/15/2024

159,135

495,000

4.650%, 

12/15/2024

b,i

439,876

270,000

4.350%, 

1/15/2027

b,i

222,075

161,000

3.375%, 

4/1/2030

147,176

Duke

Energy

Corporation

240,000

3.250%, 

1/15/2082

b

187,590

150,000

4.875%, 

9/16/2024

b,i

136,500

308,000

3.150%, 

8/15/2027

290,923

163,000

2.450%, 

6/1/2030

137,390

Edison

International

185,000

4.950%, 

4/15/2025

185,464

240,000

5.000%, 

12/15/2026

b,i

190,951

Enel

Finance

International

NV

260,000

1.375%, 

7/12/2026

f

227,979

Energy

Transfer,

LP

290,000

6.500%, 

11/15/2026

b,i

256,336

Entergy

Corporation

149,000

0.900%, 

9/15/2025

134,123

130,000

1.900%, 

6/15/2028

111,528

Evergy,

Inc.

162,000

2.450%, 

9/15/2024

155,766

Eversource

Energy

293,000

4.600%, 

7/1/2027

295,344

Exelon

Corporation

130,000

4.050%, 

4/15/2030

124,746

Fells

Point

Funding

Trust

266,000

3.046%, 

1/31/2027

f

245,286

Jersey

Central

Power

&

Light

Company

66,000

2.750%, 

3/1/2032

f

56,137

National

Rural

Utilities

Cooperative

Finance

Corporation

247,000

3.450%, 

6/15/2025

245,410

NextEra

Energy

Capital

Holdings,

Inc.

235,000

3.800%, 

3/15/2082

b

188,647

130,000

2.250%, 

6/1/2030

109,165

NextEra

Energy

Operating

Partners,

LP

550,000

3.875%, 

10/15/2026

f

503,250

NextEra

Energy

Partners,

LP,

Convertible

730,000

Zero

Coupon, 

11/15/2025

f,h

754,455

NiSource,

Inc.

300,000

5.650%, 

6/15/2023

b,i

269,991

130,000

2.950%, 

9/1/2029

115,148

NRG

Energy,

Inc.

167,000

2.000%, 

12/2/2025

f

151,159

580,000

3.375%, 

2/15/2029

f

467,718

Principal

Amount

Long-Term

Fixed

Income

(58.1%)

Value

Utilities

(1.2%)

-

continued

$

185,000

5.250%, 

6/15/2029

f

$

165,113

NRG

Energy,

Inc.,

Convertible

254,000

2.750%, 

6/1/2048

272,669

PG&E

Corporation

374,000

5.000%, 

7/1/2028

315,611

Public

Service

Enterprise

Group,

Inc.

131,000

1.600%, 

8/15/2030

104,046

Sempra

Energy

320,000

4.875%, 

10/15/2025

b,i

294,394

196,000

3.400%, 

2/1/2028

185,078

Southern

Company

140,000

4.475%, 

8/1/2024

140,534

469,000

4.000%, 

1/15/2051

b

420,449

432,000

3.750%, 

9/15/2051

b

367,058

Suburban

Propane

Partners,

LP

500,000

5.875%, 

3/1/2027

471,605

TerraForm

Power

Operating,

LLC

520,000

5.000%, 

1/31/2028

f

470,985

TransCanada

Trust

600,000

5.875%, 

8/15/2076

b

570,000

Vistra

Operations

Company,

LLC

280,000

5.125%, 

5/13/2025

f

277,243

500,000

5.000%, 

7/31/2027

f

454,555

Xcel

Energy,

Inc.

157,000

4.000%, 

6/15/2028

153,453

213,000

4.600%, 

6/1/2032

211,245

Total

13,872,304

Total

Long-Term

Fixed

Income

(cost

$704,913,444)

658,876,745

Shares

Common

Stock

(

14.1%

)

Value

Communications

Services

(1.0%)

329

Alphabet,

Inc.,

Class

A

k

716,977

1,622

Alphabet,

Inc.,

Class

C

k

3,548,044

8,364

AT&T,

Inc.

175,310

2,114

Charter

Communications,

Inc.

k

990,472

37,540

Comcast

Corporation

1,473,070

12,154

DISH

Network

Corporation

k

217,921

3,518

Live

Nation

Entertainment,

Inc.

k

290,516

1,939

Meta

Platforms,

Inc.

k

312,664

1,378

Paramount

Global

34,009

22,132

QuinStreet,

Inc.

k

222,648

206

RingCentral,

Inc.

k

10,766

14,603

Twitter,

Inc.

k

546,006

21,631

Verizon

Communications,

Inc.

1,097,773

6,662

Walt

Disney

Company

k

628,893

37,946

Warner

Bros.

Discovery,

Inc.

k

509,235

4,897

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

k

74,679

Total

10,848,983

Consumer

Discretionary

(1.4%)

28,358

Amazon.com,

Inc.

k

3,011,903

9,042

Aptiv

plc

k

805,371

181

AutoZone,

Inc.

k

388,991

232

Booking

Holdings,

Inc.

k

405,766

2,720

Caesars

Entertainment,

Inc.

k

104,176

3,533

Callaway

Golf

Company

k

72,073

7,214

Cedar

Fair,

LP

k

316,767

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

31

Shares

Common

Stock

(14.1%)

Value

Consumer

Discretionary

(1.4%)

-

continued

675

Chipotle

Mexican

Grill,

Inc.

k

$

882,400

5,825

Cimpress

plc

k

226,593

13,306

Clarus

Corporation

252,681

24,367

Cooper-Standard

Holdings,

Inc.

k

121,591

5,727

D.R.

Horton,

Inc.

379,070

1

Dollar

General

Corporation

245

881

Emerald

Holding,

Inc.

k

3,586

22,455

Everi

Holdings,

Inc.

k

366,241

2,906

Expedia

Group,

Inc.

h,k

275,576

19,774

Ford

Motor

Company

220,085

9,207

General

Motors

Company

k

292,414

151

Genuine

Parts

Company

20,083

2,933

Grand

Canyon

Education,

Inc.

k

276,259

9,088

Harley-Davidson,

Inc.

287,726

2,240

Home

Depot,

Inc.

614,365

15,185

Libbey,

Inc.

k

225,877

4,600

Lowe's

Companies,

Inc.

803,482

1,604

Lululemon

Athletica,

Inc.

k

437,266

4,686

Macy's,

Inc.

85,848

1,605

McDonald's

Corporation

396,242

6,915

Miller

Industries,

Inc.

156,763

4,680

NIKE,

Inc.

478,296

157

NVR,

Inc.

k

628,650

946

RH

k

200,798

3,232

Ross

Stores,

Inc.

226,983

900

Six

Flags

Entertainment

Corporation

k

19,530

6,279

Sleep

Number

Corporation

k

194,335

5,358

Sony

Group

Corporation

ADR

438,124

11,000

Stoneridge,

Inc.

k

188,650

2,688

Tesla,

Inc.

k

1,810,153

18,824

ThredUp,

Inc.

k

47,060

258

Vail

Resorts,

Inc.

56,257

6,697

Zumiez,

Inc.

k

174,122

Total

15,892,398

Consumer

Staples

(0.7%)

5,379

BJ's

Wholesale

Club

Holdings,

Inc.

k

335,219

1,970

Casey's

General

Stores,

Inc.

364,411

176

Coca-Cola

Company

11,072

1,530

Costco

Wholesale

Corporation

733,298

1,770

Estee

Lauder

Companies,

Inc.

450,766

5,791

John

B.

Sanfilippo

&

Son,

Inc.

419,790

1,115

Kraft

Heinz

Company

42,526

15,438

Lamb

Weston

Holdings,

Inc.

1,103,199

976

Monster

Beverage

Corporation

k

90,475

134

PepsiCo,

Inc.

22,332

9,717

Philip

Morris

International,

Inc.

959,457

27,973

Primo

Water

Corporation

374,279

2,515

Procter

&

Gamble

Company

361,632

5,414

Sysco

Corporation

458,620

8,815

Turning

Point

Brands,

Inc.

239,151

12,820

Walmart,

Inc.

1,558,656

Total

7,524,883

Energy

(0.7%)

12,718

BP

plc

ADR

360,555

647

Chevron

Corporation

93,673

7,489

ConocoPhillips

672,587

25,718

Devon

Energy

Corporation

1,417,319

22,471

Enterprise

Products

Partners,

LP

547,618

1,517

EOG

Resources,

Inc.

167,538

4,356

EQT

Corporation

149,847

Shares

Common

Stock

(14.1%)

Value

Energy

(0.7%)

-

continued

10,964

Exxon

Mobil

Corporation

$

938,957

12,681

Halliburton

Company

397,676

5,550

Helmerich

&

Payne,

Inc.

238,983

4,334

Marathon

Petroleum

Corporation

356,298

13,477

NOV,

Inc.

227,896

4,853

Pioneer

Natural

Resources

Company

1,082,607

10,763

Schlumberger,

Ltd.

384,885

3,807

Valero

Energy

Corporation

404,608

15,133

Williams

Companies,

Inc.

472,301

Total

7,913,348

Financials

(2.1%)

12,333

Air

Lease

Corporation

412,292

21,168

Ally

Financial,

Inc.

709,340

4,206

American

Express

Company

583,036

1,253

Ameriprise

Financial,

Inc.

297,813

14,727

Arch

Capital

Group,

Ltd.

k

669,931

6,046

Assured

Guaranty,

Ltd.

337,306

27,342

Bank

of

America

Corporation

851,156

151

Bank

of

Marin

Bancorp

4,799

7,554

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

235,609

2,398

Berkshire

Hathaway,

Inc.

k

654,702

5,700

BlackRock

TCP

Capital

Corporation

71,421

7,152

Blackstone

Mortgage

Trust,

Inc.

197,896

17,475

Bridgewater

Bancshares,

Inc.

k

282,046

14,196

Byline

Bancorp,

Inc.

337,865

3,612

Capital

One

Financial

Corporation

376,334

1,416

Central

Pacific

Financial

Corporation

30,373

17,396

Charles

Schwab

Corporation

1,099,079

3,627

Chubb,

Ltd.

712,996

12,585

Citigroup,

Inc.

578,784

15,885

Columbia

Banking

System,

Inc.

455,105

5,205

Comerica,

Inc.

381,943

925

Community

Trust

Bancorp,

Inc.

37,407

1,519

Customers

Bancorp,

Inc.

k

51,494

2,522

Discover

Financial

Services

238,531

1,309

East

West

Bancorp,

Inc.

84,823

1,643

Ellington

Residential

Mortgage

REIT

12,273

7,774

Enterprise

Financial

Services

Corporation

322,621

28,834

Equitable

Holdings,

Inc.

751,702

6,198

Federated

Hermes,

Inc.

197,034

267

Financial

Institutions,

Inc.

6,947

209

First

Mid-Illinois

Bancshares,

Inc.

7,455

47

Flushing

Financial

Corporation

999

3,352

FS

KKR

Capital

Corporation

65,096

4,299

Glacier

Bancorp,

Inc.

203,859

5,850

Golub

Capital

BDC,

Inc.

75,816

925

Great

Southern

Bancorp,

Inc.

54,168

2,859

Hanmi

Financial

Corporation

64,156

590

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

22,337

12,477

Heartland

Financial

USA,

Inc.

518,295

765

Hometrust

Bancshares,

Inc.

19,125

13,816

Hope

Bancorp,

Inc.

191,213

2,622

Houlihan

Lokey,

Inc.

206,954

404

Independent

Bank

Corporation

7,789

7,432

J.P.

Morgan

Chase

&

Company

836,918

2,901

Kinsale

Capital

Group,

Inc.

666,186

11,037

KKR

&

Company,

Inc.

510,903

2,824

M&T

Bank

Corporation

450,117

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

32

Shares

Common

Stock

(14.1%)

Value

Financials

(2.1%)

-

continued

1,653

Marsh

&

McLennan

Companies,

Inc.

$

256,628

6,001

MetLife,

Inc.

376,803

2,268

MidWestOne

Financial

Group,

Inc.

67,405

1,543

Moody's

Corporation

419,650

8,480

Morgan

Stanley

644,989

1,253

PacWest

Bancorp

33,405

148

Peapack-Gladstone

Financial

Corporation

4,396

626

Popular,

Inc.

48,158

16,212

Radian

Group,

Inc.

318,566

7,626

Raymond

James

Financial,

Inc.

681,841

2,689

RLI

Corporation

313,511

1,980

S&P

Global,

Inc.

667,379

10,138

Seacoast

Banking

Corporation

of

Florida

334,960

3,336

Selective

Insurance

Group,

Inc.

290,032

5,458

State

Street

Corporation

336,486

7,488

Synovus

Financial

Corporation

269,942

797

Texas

Capital

Bancshares,

Inc.

k

41,954

5,430

Triumph

Bancorp,

Inc.

k

339,701

10,420

Truist

Financial

Corporation

494,221

456

TrustCo

Bank

Corporation

NY

14,063

20,442

Wells

Fargo

&

Company

800,713

10,770

Western

Alliance

Bancorp

760,362

9,980

Zions

Bancorporation

NA

507,982

990

Zurich

Insurance

Group

AG

431,713

Total

23,338,904

Health

Care

(2.0%)

6,776

Abbott

Laboratories

736,212

4,432

AbbVie,

Inc.

678,805

783

Agilent

Technologies,

Inc.

92,997

1,261

Align

Technology,

Inc.

k

298,441

584

AmerisourceBergen

Corporation

82,624

1,732

Amgen,

Inc.

421,396

7,667

AstraZeneca

plc

ADR

506,559

9,192

Baxter

International,

Inc.

590,402

2,197

Becton,

Dickinson

and

Company

541,626

1,622

Biogen,

Inc.

k

330,791

1,078

Bio-Techne

Corporation

373,678

198

Boston

Scientific

Corporation

k

7,380

271

Bristol-Myers

Squibb

Company

20,867

4,765

Centene

Corporation

k

403,167

4,829

Cigna

Holding

Company

1,272,538

3,615

CVS

Health

Corporation

334,966

5,420

Danaher

Corporation

1,374,078

7,948

Edwards

Lifesciences

Corporation

k

755,775

4,550

Elevance

Health,

Inc.

2,195,739

277

Embecta

Corporation

k

7,014

4,233

Gilead

Sciences,

Inc.

261,642

10,259

GlaxoSmithKline

plc

ADR

446,574

8,918

Halozyme

Therapeutics,

Inc.

k

392,392

2,191

HCA

Healthcare,

Inc.

368,219

272

Henry

Schein,

Inc.

k

20,873

3,898

Hologic,

Inc.

k

270,131

81

IDEXX

Laboratories,

Inc.

k

28,409

1,314

Insulet

Corporation

k

286,373

2,010

Intuitive

Surgical,

Inc.

k

403,427

19,694

Ionis

Pharmaceuticals,

Inc.

k

729,072

308

Jazz

Pharmaceuticals,

Inc.

k

48,051

8,390

Johnson

&

Johnson

1,489,309

4,218

Laboratory

Corporation

of

America

Holdings

988,531

5,895

Lantheus

Holdings,

Inc.

k

389,247

Shares

Common

Stock

(14.1%)

Value

Health

Care

(2.0%)

-

continued

3,164

Medtronic

plc

$

283,969

11,912

Merck

&

Company,

Inc.

1,086,017

3,116

Novo

Nordisk

AS

ADR

347,216

8,591

NuVasive,

Inc.

k

422,334

10,182

Progyny,

Inc.

k

295,787

464

Regeneron

Pharmaceuticals,

Inc.

k

274,284

2,710

Stryker

Corporation

539,100

6,222

Syneos

Health,

Inc.

k

445,993

785

Teleflex,

Inc.

192,992

1,014

Thermo

Fisher

Scientific,

Inc.

550,886

32,959

Viemed

Healthcare,

Inc.

k

177,319

5,393

Zimmer

Biomet

Holdings,

Inc.

566,589

3,575

Zoetis,

Inc.

614,507

Total

22,944,298

Industrials

(1.8%)

4,039

3M

Company

522,687

3,432

Advanced

Drainage

Systems,

Inc.

309,120

3,933

Aerojet

Rocketdyne

Holdings,

Inc.

k

159,680

3,636

AMETEK,

Inc.

399,560

3,736

ASGN,

Inc.

k

337,174

19,037

Badger

Infrastructure

Solutions,

Ltd.

417,654

8,916

Barnes

Group,

Inc.

277,644

1,426

Carlisle

Companies,

Inc.

340,258

213

Caterpillar,

Inc.

38,076

1,953

Chart

Industries,

Inc.

k

326,893

1,114

Cintas

Corporation

416,112

23,132

CNH

Industrial

NV

268,100

8,631

Crane

Holdings,

Company

755,730

21,310

CSX

Corporation

619,269

1,837

Curtiss-Wright

Corporation

242,594

410

Deere

&

Company

122,783

12,051

Delta

Air

Lines,

Inc.

k

349,117

22,318

Dun

&

Bradstreet

Holdings,

Inc.

k

335,440

7,850

Emerson

Electric

Company

624,389

4,458

Forward

Air

Corporation

409,958

4,241

FTI

Consulting,

Inc.

k

766,985

2,471

General

Dynamics

Corporation

546,709

117

Gorman-Rupp

Company

3,311

9,933

Greenbrier

Companies,

Inc.

h

357,489

3,150

Helios

Technologies,

Inc.

208,687

2,449

Honeywell

International,

Inc.

425,661

13,225

Howmet

Aerospace,

Inc.

415,926

1,267

IDEX

Corporation

230,125

779

Illinois

Tool

Works,

Inc.

141,973

26,283

Janus

International

Group,

Inc.

k

237,335

3,450

JetBlue

Airways

Corporation

k

28,876

7,151

Johnson

Controls

International

plc

342,390

4,156

Kaman

Corporation

129,875

2,188

L3Harris

Technologies,

Inc.

528,840

1,924

Lincoln

Electric

Holdings,

Inc.

237,345

905

Linde

plc

260,215

597

Lockheed

Martin

Corporation

256,686

5,255

ManpowerGroup,

Inc.

401,535

2,093

Middleby

Corporation

k

262,378

13,973

NAPCO

Security

Technologies,

Inc.

k

287,704

1,691

Norfolk

Southern

Corporation

384,347

667

Northrop

Grumman

Corporation

319,206

2,148

Old

Dominion

Freight

Line,

Inc.

550,489

2,849

Parker-Hannifin

Corporation

700,996

1,569

Patrick

Industries,

Inc.

81,337

5,145

Quanta

Services,

Inc.

644,874

3,294

Regal

Rexnord

Corporation

373,935

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

33

Shares

Common

Stock

(14.1%)

Value

Industrials

(1.8%)

-

continued

10,991

Southwest

Airlines

Company

k

$

396,995

10,734

Sun

Country

Airlines

Holdings,

Inc.

k

196,862

421

Teledyne

Technologies,

Inc.

k

157,921

4,283

Tennant

Company

253,768

7,518

Timken

Company

398,830

23,863

Uber

Technologies,

Inc.

k

488,237

3,781

Union

Pacific

Corporation

806,412

3,992

United

Parcel

Service,

Inc.

728,700

3,223

United

Rentals,

Inc.

k

782,899

Total

20,608,091

Information

Technology

(2.8%)

55

Accenture

plc

15,271

76

Adobe,

Inc.

k

27,821

2,451

Advanced

Energy

Industries,

Inc.

178,874

7,310

Agilysys,

Inc.

k

345,544

207

Akamai

Technologies,

Inc.

k

18,905

2,571

Amphenol

Corporation

165,521

1,382

ANSYS,

Inc.

k

330,699

32,733

Apple,

Inc.

4,475,256

1,996

Autodesk,

Inc.

k

343,232

1,508

Axcelis

Technologies,

Inc.

k

82,699

4,595

BigCommerce

Holdings,

Inc.

k

74,439

2,198

Bill.com

Holdings,

Inc.

k

241,648

9,828

Block,

Inc.

k

604,029

2,843

Broadcom,

Inc.

1,381,158

25

CACI

International,

Inc.

k

7,044

12,700

Ciena

Corporation

k

580,390

22,653

Cisco

Systems,

Inc.

965,924

5,131

Computer

Services,

Inc.

189,655

2,952

Dolby

Laboratories,

Inc.

211,245

19,607

Dropbox,

Inc.

k

411,551

522

Euronet

Worldwide,

Inc.

k

52,508

7,290

Fidelity

National

Information

Services,

Inc.

668,274

2,803

Fiserv,

Inc.

k

249,383

837

FLEETCOR

Technologies,

Inc.

k

175,862

24,465

Gilat

Satellite

Networks,

Ltd.

h,k

147,769

5,175

II-VI,

Inc.

h,k

263,666

6,368

Intel

Corporation

238,227

722

KLA-Tencor

Corporation

230,376

19,455

Knowles

Corporation

k

337,155

672

Lam

Research

Corporation

286,373

1,125

Littelfuse,

Inc.

285,795

362

Lumentum

Holdings,

Inc.

k

28,750

2,385

Mastercard,

Inc.

752,420

7,819

Microchip

Technology,

Inc.

454,127

22,669

Microsoft

Corporation

5,822,079

7,926

National

Instruments

Corporation

247,529

1,904

NICE,

Ltd.

ADR

h,k

366,425

9,093

NVIDIA

Corporation

1,378,408

19,076

ON

Semiconductor

Corporation

k

959,714

10,372

PayPal

Holdings,

Inc.

k

724,380

1,318

Qorvo,

Inc.

k

124,314

10,289

QUALCOMM,

Inc.

1,314,317

28,686

Sabre

Corporation

k

167,239

5,309

Salesforce,

Inc.

k

876,197

12,757

Samsung

Electronics

Company,

Ltd.

562,678

1,807

ServiceNow,

Inc.

k

859,265

4,108

Skyworks

Solutions,

Inc.

380,565

22,293

Sonos,

Inc.

k

402,166

2,203

SunPower

Corporation

k

34,829

561

TE

Connectivity,

Ltd.

63,477

Shares

Common

Stock

(14.1%)

Value

Information

Technology

(2.8%)

-

continued

8,333

Telefonaktiebolaget

LM

Ericsson

ADR

$

61,664

7,451

Texas

Instruments,

Inc.

1,144,846

6,862

Trimble,

Inc.

k

399,574

4,660

TTEC

Holdings,

Inc.

316,367

49,132

TTM

Technologies,

Inc.

k

614,150

1,385

Western

Digital

Corporation

k

62,089

876

Wolfspeed,

Inc.

k

55,582

3,524

Workiva,

Inc.

k

232,549

579

Ziff

Davis,

Inc.

k

43,153

Total

32,035,146

Materials

(0.6%)

11,307

Ashland

Global

Holdings,

Inc.

1,165,186

598

Avery

Dennison

Corporation

96,798

12,461

Axalta

Coating

Systems,

Ltd.

k

275,513

6,007

Ball

Corporation

413,101

10,895

Carpenter

Technology

Corporation

304,080

5,316

CF

Industries

Holdings,

Inc.

455,741

1,736

Crown

Holdings,

Inc.

160,007

2,841

Eastman

Chemical

Company

255,037

2,886

Freeport-McMoRan,

Inc.

84,444

6,915

Ingevity

Corporation

k

436,613

42,029

Ivanhoe

Mines,

Ltd.

k

241,948

2,735

LyondellBasell

Industries

NV

239,203

3,075

Nucor

Corporation

321,061

4,103

PPG

Industries,

Inc.

469,137

635

Reliance

Steel

&

Aluminum

Company

107,861

1,563

Sherwin-Williams

Company

349,971

8,798

Steel

Dynamics,

Inc.

581,988

5,748

UFP

Technologies,

Inc.

k

457,368

2,870

United

States

Lime

&

Minerals,

Inc.

303,072

Total

6,718,129

Real

Estate

(0.5%)

4,431

Agree

Realty

Corporation

319,608

2,952

Alexandria

Real

Estate

Equities,

Inc.

428,129

2,746

American

Campus

Communities,

Inc.

177,035

1,190

AvalonBay

Communities,

Inc.

231,158

2,455

Camden

Property

Trust

330,148

2,959

CBRE

Group,

Inc.

k

217,812

3,256

Digital

Realty

Trust,

Inc.

422,726

6,791

Duke

Realty

Corporation

373,165

88

Extra

Space

Storage,

Inc.

14,971

22,685

Healthcare

Realty

Trust,

Inc.

617,032

25,110

Host

Hotels

&

Resorts,

Inc.

393,725

14,663

Independence

Realty

Trust,

Inc.

303,964

13,906

National

Storage

Affiliates

Trust

696,273

19,684

Pebblebrook

Hotel

Trust

326,164

2,266

Public

Storage,

Inc.

708,510

294

Rexford

Industrial

Realty,

Inc.

16,931

Total

5,577,351

Utilities

(0.5%)

12,918

Alliant

Energy

Corporation

757,124

2,303

American

Electric

Power

Company,

Inc.

220,950

15,670

CenterPoint

Energy,

Inc.

463,519

6,314

Constellation

Energy

Corporation

361,540

2,187

DTE

Energy

Company

277,202

4,473

Duke

Energy

Corporation

479,550

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

34

Shares

Common

Stock

(14.1%)

Value

Utilities

(0.5%)

-

continued

8,624

Entergy

Corporation

$

971,407

10,498

Exelon

Corporation

475,769

1,520

NextEra

Energy

Partners,

LP

112,723

2,195

NextEra

Energy,

Inc.

170,025

21,340

NiSource,

Inc.

629,317

2,299

NorthWestern

Corporation

135,480

4,760

Portland

General

Electric

Company

230,051

5,279

Sempra

Energy

793,275

3,170

Spire,

Inc.

235,753

Total

6,313,685

Total

Common

Stock

(cost

$138,455,030)

159,715,216

Shares

Registered

Investment

Companies

(

13.9%

)

Value

Unaffiliated  (3.4%)

89,022

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

259,944

39,350

AllianceBernstein

Global

High

Income

Fund,

Inc.

384,449

51,400

Allspring

Income

Opportunities

Fund

333,586

23,412

BlackRock

Core

Bond

Trust

265,024

33,438

BlackRock

Corporate

High

Yield

Fund,

Inc.

318,664

31,155

BlackRock

Credit

Allocation

Income

Trust

339,278

3,100

BlackRock

Debt

Strategies

Fund,

Inc.

28,334

3,200

BlackRock

Enhanced

Equity

Dividend

Trust

28,256

28,892

BlackRock

Enhanced

Global

Dividend

Trust

282,275

9,700

BlackRock

Enhanced

International

Dividend

Trust

49,082

4,300

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

48,977

19,400

BlackRock

Income

Trust,

Inc.

88,076

22,818

BlackRock

Multi-Sector

Income

Trust

324,244

19,563

Blackstone

Strategic

Credit

Fund

h

218,519

5,400

Brookfield

Real

Assets

Income

Fund,

Inc.

99,522

38,423

Eaton

Vance

Limited

Duration

Income

Fund

396,910

8,410

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

64,841

25,523

First

Trust

High

Income

Long/Short

Fund

290,962

15,144

Invesco

Dynamic

Credit

Opportunities

Fund

c

162,288

20,000

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

h

657,600

4,456

iShares

U.S.

Home

Construction

ETF

233,940

69,550

Nuveen

Credit

Strategies

Income

Fund

361,660

8,850

Nuveen

Preferred

Income

Opportunities

Fund

67,703

10,300

Nuveen

Quality

Preferred

Income

Fund

II

74,778

31,532

PGIM

Global

High

Yield

Fund,

Inc.

361,672

29,708

PGIM

High

Yield

Bond

Fund,

Inc.

365,705

Shares

Registered

Investment

Companies

(13.9%)

Value

Unaffiliated  (3.4%)-

continued

11,327

Pimco

Dynamic

Income

Fund

$

236,394

541,040

SPDR

Blackstone

Senior

Loan

ETF

h

22,528,906

38,511

SPDR

Bloomberg

High

Yield

Bond

ETF

h

3,493,333

188,808

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

h

4,554,049

6,167

Tri-Continental

Corporation

161,390

12,750

Vanguard

Short-Term

Corporate

Bond

ETF

972,315

18,600

Virtus

AllianzGI

Convertible

&

Income

Fund

h

68,448

3,000

Virtus

AllianzGI

Equity

&

Convertible

Income

Fund

62,250

19,603

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

226,219

33,594

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

184,767

55,535

Western

Asset

High

Income

Opportunity

Fund,

Inc.

219,919

Total

38,814,279

Affiliated  (10.5%)

11,667,170

Thrivent

Core

Emerging

Markets

Debt

Fund

87,503,778

3,626,025

Thrivent

Core

International

Equity

Fund

31,365,120

Total

118,868,898

Total

Registered

Investment

Companies

(cost

$190,689,792)

157,683,177

Shares

Collateral

Held

for

Securities

Loaned

(

3.7%

)

Value

41,591,327

Thrivent

Cash

Management

Trust

41,591,327

Total

Collateral

Held

for

Securities

Loaned

(cost

$41,591,327)

41,591,327

Shares

Preferred

Stock

(

1.2%

)

Value

Communications

Services

(0.1%)

35,275

AT&T,

Inc.,

4.750%

i

675,516

2,257

Paramount

Global,

Convertible,

5.750%

h

89,106

15,250

Telephone

and

Data

Systems,

Inc.,

6.000%

i

280,753

Total

1,045,375

Consumer

Staples

(<0.1%)

5,650

CHS,

Inc.,

6.750%

b,i

144,866

Total

144,866

Energy

(0.1%)

38,460

Crestwood

Equity

Partners,

LP,

9.250%

i

349,986

6,975

Energy

Transfer,

LP,

7.600%

b,i

162,518

6,317

Nustar

Logistics,

LP,

7.778%

b

151,292

Total

663,796

Financials

(0.7%)

10,000

Aegon

Funding

Corporation

II,

5.100%

210,000

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

35

Shares

Preferred

Stock

(1.2%)

Value

Financials

(0.7%)

-

continued

20,000

Allstate

Corporation,

5.100%

i

$

447,200

15,000

Bank

of

America

Corporation,

4.250%

i

277,500

7,750

Bank

of

America

Corporation,

5.375%

i

177,707

303

Bank

of

America

Corporation,

Convertible,

7.250%

i

364,963

19,925

Capital

One

Financial

Corporation,

5.000%

i

403,481

12,970

Cobank

ACB,

6.250%

b,h,i

1,297,649

21,500

Equitable

Holdings,

Inc.,

5.250%

i

453,650

585

First

Horizon

Bank,

3.750%

b,f,i

475,372

12,500

First

Republic

Bank,

4.500%

i

231,250

23,000

J.P.

Morgan

Chase

&

Company,

4.200%

i

426,420

16,250

J.P.

Morgan

Chase

&

Company,

4.750%

i

346,938

12,800

J.P.

Morgan

Chase

&

Company,

5.750%

i

318,848

22,400

Morgan

Stanley,

5.850%

b,i

553,952

13,084

Morgan

Stanley,

7.125%

b,i

343,193

3,900

Regions

Financial

Corporation,

5.700%

b,i

90,987

3,500

Synovus

Financial

Corporation,

5.875%

b,i

86,905

19,200

Truist

Financial

Corporation,

4.750%

i

384,384

21,000

Wells

Fargo

&

Company,

4.250%

i

369,180

465

Wells

Fargo

&

Company,

Convertible,

7.500%

i

565,212

Total

7,824,791

Health

Care

(0.1%)

7,961

Becton,

Dickinson

and

Company,

Convertible,

6.000%

h

393,751

4,331

Boston

Scientific

Corporation,

Convertible,

5.500%

439,337

207

Danaher

Corporation,

Convertible,

5.000%

h

273,904

Total

1,106,992

Industrials

(<0.1%)

2,202

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

148,393

Total

148,393

Real

Estate

(<0.1%)

23,525

Public

Storage,

4.125%

h,i

457,796

5,025

Public

Storage,

4.625%

i

110,500

1,275

Public

Storage,

4.700%

i

28,152

Total

596,448

Utilities

(0.2%)

7,266

AES

Corporation,

Convertible,

6.875%

627,274

3,080

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

166,320

23,000

CMS

Energy

Corporation,

4.200%

i

408,710

9,997

NextEra

Energy,

Inc.,

Convertible,

4.872%

562,931

2,421

NextEra

Energy,

Inc.,

Convertible,

5.279%

120,202

Shares

Preferred

Stock

(1.2%)

Value

Utilities

(0.2%)

-

continued

929

NiSource,

Inc.,

Convertible,

7.750%

$

105,646

25,600

Southern

Company,

4.950%

559,437

Total

2,550,520

Total

Preferred

Stock

(cost

$16,294,402)

14,081,181

Shares

or

Principal

Amount

Short-Term

Investments

(

23.5%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

700,000

0.730%,

7/8/2022

l,m

699,811

800,000

1.230%,

8/3/2022

l,m

798,750

800,000

1.040%,

8/10/2022

l,m

798,486

900,000

1.087%,

8/17/2022

l,m

897,998

800,000

1.140%,

8/18/2022

l,m

798,183

100,000

1.190%,

8/31/2022

l,m

99,711

400,000

1.800%,

9/7/2022

l,m

398,566

100,000

1.700%,

9/13/2022

l,m

99,610

Thrivent

Core

Short-Term

Reserve

Fund

25,224,559

1.630%

252,245,589

U.S.

Treasury

Bills

1,500,000

0.665%,

7/14/2022

l,n

1,499,423

7,500,000

0.731%,

7/21/2022

l,n

7,495,771

300,000

1.300%,

8/11/2022

l,o

299,560

Total

Short-Term

Investments

(cost

$266,118,817)

266,131,458

Total

Investments

(cost

$1,461,104,628)

123.0%

$1,394,058,130

Other

Assets

and

Liabilities,

Net

(23.0%)

(260,482,963)

Total

Net

Assets

100.0%

$1,133,575,167

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

June

30,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

June

30,

2022,

the

value

of

these

investments

was

$181,924,885

or

16.0%

of

total

net

assets.

g

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

June

30,

2022.

h

All

or

a

portion

of

the

security

is

on

loan.

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

36

i

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.

j

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

k

Non-income

producing

security.

l

The

interest

rate

shown

reflects

the

yield.

m

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

n

At

June

30,

2022,

$4,360,616

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

o

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Diversified

Income

Plus

Fund

as

of

June

30,

2022

was

$518,099

or

0.05%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

June

30,

2022.

Security

Acquisition

Date

Cost

Credit

Acceptance

Corporation,

12/31/2024

5/29/2020

$

536,042

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Diversified

Income

Plus

Fund

as

of

June

30,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

9,149,088

Common

Stock

31,373,740

Total

lending

$40,522,828

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$41,591,327

Net

amounts

due

to

counterparty

$1,068,499

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

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:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRRATE

-

Secured

Overnight

Financing

Rate

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$

37,973,735

Gross

unrealized

depreciation

(107,520,687)

Net

unrealized

appreciation

(depreciation)

$

(69,546,952)

Cost

for

federal

income

tax

purposes

$

1,464,114,999

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

37

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

June

30,

2022,

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

5,264,488

–

2,638,333

2,626,155

Capital

Goods

22,433,708

–

17,443,066

4,990,642

Communications

Services

16,227,395

–

15,445,849

781,546

Consumer

Cyclical

11,144,992

–

9,397,555

1,747,437

Consumer

Non-Cyclical

17,761,924

–

16,824,492

937,432

Energy

923,665

–

923,665

–

Financials

3,750,283

–

3,141,433

608,850

Technology

6,663,008

–

5,718,994

944,014

Transportation

5,792,313

–

5,391,366

400,947

Utilities

6,017,250

–

6,017,250

–

Long-Term

Fixed

Income

Asset-Backed

Securities

37,284,660

–

37,284,660

–

Basic

Materials

10,337,971

–

10,337,971

–

Capital

Goods

19,997,856

–

19,997,856

–

Collateralized

Mortgage

Obligations

46,294,985

–

46,294,985

–

Commercial

Mortgage-Backed

Securities

10,469,287

–

10,469,287

–

Communications

Services

27,721,143

–

27,721,143

–

Consumer

Cyclical

34,084,786

–

34,084,786

–

Consumer

Non-Cyclical

32,900,278

–

32,900,278

–

Energy

28,773,359

–

28,773,359

–

Financials

81,923,452

–

81,923,452

–

Foreign

Government

170,592

–

170,592

–

Mortgage-Backed

Securities

260,669,730

–

260,669,730

–

Technology

18,470,277

–

18,470,277

–

Transportation

7,942,739

–

7,942,739

–

U.S.

Government

&

Agencies

27,963,326

–

27,963,326

–

Utilities

13,872,304

–

13,872,304

–

Common

Stock

Communications

Services

10,848,983

10,774,304

74,679

–

Consumer

Discretionary

15,892,398

15,666,521

225,877

–

Consumer

Staples

7,524,883

7,524,883

–

–

Energy

7,913,348

7,913,348

–

–

Financials

23,338,904

22,907,191

431,713

–

Health

Care

22,944,298

22,944,298

–

–

Industrials

20,608,091

20,190,437

417,654

–

Information

Technology

32,035,146

31,472,468

562,678

–

Materials

6,718,129

6,476,181

241,948

–

Real

Estate

5,577,351

5,577,351

–

–

Utilities

6,313,685

6,313,685

–

–

Registered

Investment

Companies

Unaffiliated

38,814,279

38,651,991

–

162,288

Preferred

Stock

Communications

Services

1,045,375

1,045,375

–

–

Consumer

Staples

144,866

144,866

–

–

Energy

663,796

663,796

–

–

Financials

7,824,791

6,051,770

1,773,021

–

Health

Care

1,106,992

1,106,992

–

–

Industrials

148,393

148,393

–

–

Real

Estate

596,448

596,448

–

–

Utilities

2,550,520

2,550,520

–

–

Short-Term

Investments

13,885,869

–

13,885,869

–

Subtotal

Investments

in

Securities

$981,352,316

$208,720,818

$759,432,187

$13,199,311

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

118,868,898

Affiliated

Short-Term

Investments

252,245,589

Collateral

Held

for

Securities

Loaned

41,591,327

Subtotal

Other

Investments

$412,705,814

Total

Investments

at

Value

$1,394,058,130

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

38

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

1,881,760

1,881,760

–

–

Credit

Default

Swaps

2,759

–

2,759

–

Total

Asset

Derivatives

$1,884,519

$1,881,760

$2,759

$–

Liability

Derivatives

Futures

Contracts

1,374,602

1,374,602

–

–

Total

Liability

Derivatives

$1,374,602

$1,374,602

$–

$–

The

following

table

presents

Diversified

Income

Plus

Fund's

futures

contracts

held

as

of

June

30,

2022.

Investments

and/or

cash

totaling

$4,325,396

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

9

September

2022

$

1,077,568

(

$

10,787)

CBOT

2-Yr.

U.S.

Treasury

Note

39

September

2022

8,219,046

(

28,436)

CBOT

U.S.

Long

Bond

216

September

2022

30,308,020

(

365,020)

CME

E-mini

S&P

500

Index

176

September

2022

34,262,165

(

914,565)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

179

September

2022

27,626,233

1,299

Ultra

10-Yr.

U.S.

Treasury

Note

33

September

2022

4,259,169

(

55,794)

Total

Futures

Long

Contracts

$

105,752,201

(

$

1,373,303)

CBOT

5-Yr.

U.S.

Treasury

Note

(119)

September

2022

(

$

13,398,345)

$

40,595

CME

E-mini

Russell

2000

Index

(252)

September

2022

(

23,317,398)

1,796,598

ICE

mini

MSCI

EAFE

Index

(142)

September

2022

(

13,225,128)

43,268

Total

Futures

Short

Contracts

(

$

49,940,871)

$1,880,461

Total

Futures

Contracts

$

55,811,330

$507,158

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

39

The

following

table

presents

Diversified

Income

Plus

Fund's

swaps

contracts

held

as

of

June

30,

2022.

Investments

totaling

$299,560

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

38,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2027

$

4,771,800

$

–

$

2,759

$

2,759

Total

Credit

Default

Swaps

$–

$2,759

$2,759

1

As

the

buyer

of

protection,

Diversified

Income

Plus

Fund

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Diversified

Income

Plus

Fund

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Diversified

Income

Plus

Fund

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

3

The

values

for

credit

indexes

(CDX

or

LCDX)

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

liability

or

profit

for

the

credit

default

swap

contract

had

the

contract

been

closed

as

of

the

reporting

date.

When

protection

has

been

sold,

the

value

of

the

swap

will

increase

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

When

protection

has

been

purchased,

the

value

of

the

swap

will

increase

when

the

swap

spread

increases

representing

a

deterioration

in

the

reference

entity's

credit

worthiness.

The

value

of

the

swap

will

decrease

when

the

swap

spread

declines

representing

an

improvement

in

the

reference

entity's

credit

worthiness.

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

June

30,

2022,

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

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

41,894

Total

Interest

Rate

Contracts

41,894

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

1,839,866

Total

Equity

Contracts

1,839,866

Credit

Contracts

Credit

Default

Swaps

Net

Assets

-

Distributable

earnings/(accumulated

loss)

2,759

Total

Credit

Contracts

2,759

Total

Asset

Derivatives

$1,884,519

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

914,565

Total

Equity

Contracts

914,565

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

460,037

Total

Interest

Rate

Contracts

460,037

Total

Liability

Derivatives

$1,374,602

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

40

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

June

30,

2022,

for

Diversified

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(1,626,319)

Total

Interest

Rate

Contracts

(1,626,319)

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

1,235,372

Total

Equity

Contracts

1,235,372

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

(740)

Total

Credit

Contracts

(740)

Total

($391,687)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

June

30,

2022,

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

appreciation/(depreciation)

recognized

in

Income

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

426,438

Total

Equity

Contracts

426,438

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(689,138)

Total

Interest

Rate

Contracts

(689,138)

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

2,759

Total

Credit

Contracts

2,759

Total

($259,941)

The

following

table

presents

Diversified

Income

Plus

Fund's

average

volume

of

derivative

activity

during

the

period

ended

June

30,

2022.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$24,520,010

Futures

-

Short

(25,952,994)

Interest

Rate

Contracts

Futures

-

Long

39,942,358

Futures

-

Short

(41,405,962)

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

1,533

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

41

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

12/31/2021

Gross

Purchases

Gross

Sales

Value

6/30/2022

Shares

Held

at

6/30/2022

%

of

Net

Assets

6/30/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$107,986

$3,600

$–

$87,504

11,667

7.7%

Core

International

Equity

39,524

–

–

31,365

3,626

2.8

Total

Affiliated

Registered

Investment

Companies

147,510

118,869

10.5

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.630%

337,710

147,874

233,338

252,246

25,225

22.3

Total

Affiliated

Short-Term

Investments

337,710

252,246

22.3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

16,955

256,178

231,542

41,591

41,591

3.7

Total

Collateral

Held

for

Securities

Loaned

16,955

41,591

3.7

Total

Value

$502,175

$412,706

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

6/30/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(24,082)

$–

$2,599

Core

International

Equity

–

(8,159)

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.630%

0

0

–

1,009

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$3,608

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

172

Total

Affiliated

Income

from

Securities

Loaned,

Net

$172

Total

$0

$(32,241)

$–

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

42

Principal

Amount

Long-Term

Fixed

Income

(

66.1%

)

Value

Basic

Materials

(1.9%)

Alcoa

Nederland

Holding

BV

$

105,000

5.500%, 

12/15/2027

a

$

99,487

Chemours

Company

60,000

5.750%, 

11/15/2028

a

51,134

Cleveland-Cliffs,

Inc.

50,000

5.875%, 

6/1/2027

46,626

40,000

4.625%, 

3/1/2029

a,b

35,300

45,000

4.875%, 

3/1/2031

a,b

39,675

Consolidated

Energy

Finance

SA

113,000

5.625%, 

10/15/2028

a

90,904

EverArc

Escrow

Sarl

50,000

5.000%, 

10/30/2029

a

42,086

First

Quantum

Minerals,

Ltd.

104,000

6.875%, 

10/15/2027

a

92,982

Hecla

Mining

Company

25,000

7.250%, 

2/15/2028

23,047

Hudbay

Minerals,

Inc.

45,000

4.500%, 

4/1/2026

a

37,655

Ingevity

Corporation

85,000

3.875%, 

11/1/2028

a

71,187

Mercer

International,

Inc.

45,000

5.125%, 

2/1/2029

38,413

Methanex

Corporation

59,000

4.250%, 

12/1/2024

56,198

Novelis

Corporation

35,000

3.250%, 

11/15/2026

a

29,585

20,000

4.750%, 

1/30/2030

a

16,624

15,000

3.875%, 

8/15/2031

a

11,553

OCI

NV

35,000

4.625%, 

10/15/2025

a

33,783

Olin

Corporation

76,000

5.125%, 

9/15/2027

69,857

25,000

5.625%, 

8/1/2029

22,281

SCIL

USA

Holdings,

LLC

48,000

5.375%, 

11/1/2026

a

38,400

SPCM

SA

50,000

3.375%, 

3/15/2030

a

39,125

SunCoke

Energy,

Inc.

56,000

4.875%, 

6/30/2029

a

44,749

Taseko

Mines,

Ltd.

42,000

7.000%, 

2/15/2026

a

35,747

Unifrax

Escrow

Issuer

Corporation

44,000

5.250%, 

9/30/2028

a

35,107

United

States

Steel

Corporation

115,000

6.875%, 

3/1/2029

100,348

Total

1,201,853

Capital

Goods

(3.6%)

Advanced

Drainage

Systems,

Inc.

54,000

6.375%, 

6/15/2030

a

52,735

AECOM

115,000

5.125%, 

3/15/2027

108,675

Amsted

Industries,

Inc.

65,000

5.625%, 

7/1/2027

a

61,100

15,000

4.625%, 

5/15/2030

a

12,787

ARD

Finance

SA

20,000

6.500%, 

6/30/2027

a

14,835

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Capital

Goods

(3.6%)

-

continued

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

$

50,000

5.250%, 

8/15/2027

a

$

35,653

37,000

5.250%, 

8/15/2027

a

26,383

Bombardier,

Inc.

46,000

7.125%, 

6/15/2026

a

37,926

40,000

7.875%, 

4/15/2027

a

33,296

70,000

6.000%, 

2/15/2028

a

52,458

Builders

FirstSource,

Inc.

25,000

5.000%, 

3/1/2030

a

21,186

Chart

Industries,

Inc.,

Convertible

6,000

1.000%, 

11/15/2024

a

17,235

Clydesdale

Acquisition

Holdings,

Inc.

8,000

6.625%, 

4/15/2029

a

7,517

17,000

8.750%, 

4/15/2030

a

14,664

Cornerstone

Building

Brands,

Inc.

43,000

6.125%, 

1/15/2029

a

27,625

Covanta

Holding

Corporation

31,000

5.000%, 

9/1/2030

25,305

Covert

Mergeco,

Inc.

40,000

4.875%, 

12/1/2029

a

32,549

CP

Atlas

Buyer,

Inc.

40,000

7.000%, 

12/1/2028

a

28,887

Crown

Cork

&

Seal

Company,

Inc.

48,000

7.375%, 

12/15/2026

49,032

General

Electric

Company

220,000

5.159%, 

(LIBOR

3M

+

3.330%),

9/15/2022

c,d

192,764

GFL

Environmental,

Inc.

62,000

4.000%, 

8/1/2028

a

51,150

74,000

3.500%, 

9/1/2028

a

63,455

H&E

Equipment

Services,

Inc.

114,000

3.875%, 

12/15/2028

a

92,198

Howard

Midstream

Energy

Partners,

LLC

54,000

6.750%, 

1/15/2027

a

46,521

Howmet

Aerospace,

Inc.

89,000

3.000%, 

1/15/2029

73,713

JELD-WEN,

Inc.

17,000

4.625%, 

12/15/2025

a

14,450

KBR,

Inc.,

Convertible

28,000

2.500%, 

11/1/2023

53,984

Mauser

Packaging

Solutions

Holding

Company

30,000

5.500%, 

4/15/2024

a

28,650

70,000

7.250%, 

4/15/2025

a

61,075

Meritor,

Inc.

35,000

4.500%, 

12/15/2028

a

33,699

MIWD

Holdco

II,

LLC

64,000

5.500%, 

2/1/2030

a

51,505

Nesco

Holdings

II,

Inc.

30,000

5.500%, 

4/15/2029

a

25,125

New

Enterprise

Stone

and

Lime

Company,

Inc.

89,000

5.250%, 

7/15/2028

a

73,161

OI

European

Group

BV

85,000

4.750%, 

2/15/2030

a

71,188

Owens-Brockway

Glass

Container,

Inc.

45,000

5.875%, 

8/15/2023

a

44,550

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

43

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Capital

Goods

(3.6%)

-

continued

Pactiv

Evergreen

Group

$

40,000

4.375%, 

10/15/2028

a

$

34,000

Patrick

Industries,

Inc.,

Convertible

13,000

1.000%, 

2/1/2023

12,727

PGT

Innovations,

Inc.

50,000

4.375%, 

10/1/2029

a

39,423

SRM

Escrow

Issuer,

LLC

105,000

6.000%, 

11/1/2028

a

88,749

Sunpower

Corporation,

Convertible

9,000

4.000%, 

1/15/2023

9,302

Titan

Acquisition,

Ltd.

30,000

7.750%, 

4/15/2026

a

27,576

TransDigm,

Inc.

25,000

6.250%, 

3/15/2026

a

24,094

205,000

5.500%, 

11/15/2027

173,918

United

Rentals

North

America,

Inc.

70,000

4.875%, 

1/15/2028

66,184

30,000

4.000%, 

7/15/2030

25,646

Victors

Merger

Corporation

30,000

6.375%, 

5/15/2029

a

18,300

Waste

Pro

USA,

Inc.

15,000

5.500%, 

2/15/2026

a

13,325

WESCO

Distribution,

Inc.

100,000

7.250%, 

6/15/2028

a

98,900

Total

2,269,180

Collateralized

Mortgage

Obligations

(0.1%)

GMACM

Mortgage

Loan

Trust

13,780

3.589%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

c

13,018

Residential

Accredit

Loans,

Inc.

Trust

46,004

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

39,438

Total

52,456

Communications

Services

(5.3%)

Altice

France

SA

29,000

5.125%, 

7/15/2029

a

21,895

197,000

5.500%, 

10/15/2029

a

150,490

AMC

Networks,

Inc.

43,000

4.750%, 

8/1/2025

40,056

Cable

One,

Inc.,

Convertible

48,000

1.125%, 

3/15/2028

40,224

CCO

Holdings,

LLC

32,000

5.500%, 

5/1/2026

a

31,223

10,000

5.125%, 

5/1/2027

a

9,437

30,000

4.750%, 

3/1/2030

a

25,657

115,000

4.500%, 

8/15/2030

a

95,482

147,000

4.750%, 

2/1/2032

a

120,364

55,000

4.250%, 

1/15/2034

a

42,487

Cengage

Learning,

Inc.

68,000

9.500%, 

6/15/2024

a

62,900

Clear

Channel

Worldwide

Holdings,

Inc.

50,000

5.125%, 

8/15/2027

a

42,216

51,000

7.750%, 

4/15/2028

a

37,106

CommScope,

Inc.

70,000

7.125%, 

7/1/2028

a

53,206

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Communications

Services

(5.3%)

-

continued

Consolidated

Communications,

Inc.

$

50,000

5.000%, 

10/1/2028

a

$

39,968

CSC

Holdings,

LLC

110,000

5.375%, 

2/1/2028

a

95,150

41,000

6.500%, 

2/1/2029

a

37,028

61,000

4.125%, 

12/1/2030

a

47,580

DIRECTV

Holdings,

LLC

65,000

5.875%, 

8/15/2027

a

55,450

DISH

DBS

Corporation

21,000

5.250%, 

12/1/2026

a

16,461

21,000

7.375%, 

7/1/2028

14,284

58,000

5.750%, 

12/1/2028

a

42,944

Entercom

Media

Corporation

78,000

6.500%, 

5/1/2027

a

46,418

Frontier

Communications

Holdings,

LLC

57,000

5.875%, 

10/15/2027

a

51,249

16,000

8.750%, 

5/15/2030

a

16,176

GCI,

LLC

75,000

4.750%, 

10/15/2028

a

64,984

Gray

Escrow

II,

Inc.

140,000

5.375%, 

11/15/2031

a

112,172

Gray

Television,

Inc.

50,000

4.750%, 

10/15/2030

a

39,125

Hughes

Satellite

Systems

Corporation

20,000

6.625%, 

8/1/2026

17,750

iHeartCommunications,

Inc.

45,000

4.750%, 

1/15/2028

a

37,084

Iliad

Holding

SASU

56,000

6.500%, 

10/15/2026

a

50,398

LCPR

Senior

Secured

Financing

DAC

40,000

6.750%, 

10/15/2027

a

37,313

Level

3

Financing,

Inc.

100,000

4.625%, 

9/15/2027

a

85,250

70,000

4.250%, 

7/1/2028

a

56,087

Netflix,

Inc.

40,000

4.875%, 

4/15/2028

37,642

Nexstar

Escrow

Corporation

85,000

5.625%, 

7/15/2027

a

77,563

Paramount

Global

200,000

6.375%, 

3/30/2062

c

178,560

Radiate

Holdco,

LLC

35,000

6.500%, 

9/15/2028

a

27,051

Rogers

Communications,

Inc.

180,000

5.250%, 

3/15/2082

a,c

157,451

Scripps

Escrow

II,

Inc.

50,000

5.375%, 

1/15/2031

a

39,878

Scripps

Escrow,

Inc.

35,000

5.875%, 

7/15/2027

a

30,641

Sinclair

Television

Group,

Inc.

105,000

5.500%, 

3/1/2030

a

77,313

Sirius

XM

Radio,

Inc.

85,000

5.000%, 

8/1/2027

a

78,839

25,000

4.000%, 

7/15/2028

a

21,625

30,000

4.125%, 

7/1/2030

a

25,056

Sprint

Capital

Corporation

83,000

6.875%, 

11/15/2028

87,276

56,000

8.750%, 

3/15/2032

67,395

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

44

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Communications

Services

(5.3%)

-

continued

Sprint

Corporation

$

155,000

7.625%, 

2/15/2025

$

161,559

TEGNA,

Inc.

88,000

4.625%, 

3/15/2028

82,280

Telesat

Canada

20,000

4.875%, 

6/1/2027

a

11,700

10,000

6.500%, 

10/15/2027

a

4,207

T-Mobile

USA,

Inc.

70,000

2.875%, 

2/15/2031

58,116

Twitter,

Inc.

13,000

3.875%, 

12/15/2027

a

12,256

Twitter,

Inc.,

Convertible

56,000

Zero

Coupon, 

3/15/2026

49,564

United

States

Cellular

Corporation

35,000

6.700%, 

12/15/2033

33,338

Uniti

Fiber

Holdings,

Inc.,

Convertible

9,000

4.000%, 

6/15/2024

a

9,546

Uniti

Group,

LP

15,000

4.750%, 

4/15/2028

a

12,336

Univision

Communications,

Inc.

95,000

6.625%, 

6/1/2027

a

90,450

Viasat,

Inc.

25,000

6.500%, 

7/15/2028

a

17,221

Vodafone

Group

plc

88,000

7.000%, 

4/4/2079

c

86,324

VTR

Finance

NV

40,000

6.375%, 

7/15/2028

a

28,536

VZ

Secured

Financing

BV

81,000

5.000%, 

1/15/2032

a

67,230

Zayo

Group

Holdings,

Inc.

31,000

4.000%, 

3/1/2027

a

25,717

Total

3,392,284

Consumer

Cyclical

(5.9%)

1011778

B.C.,

ULC

105,000

4.375%, 

1/15/2028

a

91,802

Allen

Media,

LLC/Allen

Media

Co-

Issuer,

Inc.

45,000

10.500%, 

2/15/2028

a

23,226

Allied

Universal

Finance

Corporation

30,000

4.625%, 

6/1/2028

a

24,276

Allied

Universal

Holdco,

LLC

25,000

6.625%, 

7/15/2026

a

22,941

85,000

4.625%, 

6/1/2028

a

70,100

35,000

6.000%, 

6/1/2029

a

25,416

Allison

Transmission,

Inc.

60,000

4.750%, 

10/1/2027

a

54,881

20,000

3.750%, 

1/30/2031

a

16,029

American

Axle

&

Manufacturing,

Inc.

107,000

6.500%, 

4/1/2027

94,695

Arko

Corporation

32,000

5.125%, 

11/15/2029

a

24,241

Ashton

Woods

USA,

LLC

30,000

4.625%, 

8/1/2029

a

22,500

BellRing

Brands,

Inc.

43,000

7.000%, 

3/15/2030

a

40,527

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Consumer

Cyclical

(5.9%)

-

continued

Bloomin'

Brands,

Inc.,

Convertible

$

2,000

5.000%, 

5/1/2025

$

3,162

Boyd

Gaming

Corporation

50,000

4.750%, 

6/15/2031

a

42,251

Boyne

USA,

Inc.

40,000

4.750%, 

5/15/2029

a

34,638

Brookfield

Property

REIT,

Inc.

33,000

5.750%, 

5/15/2026

a

30,112

Brookfield

Residential

Properties,

Inc.

85,000

6.250%, 

9/15/2027

a

70,460

Burlington

Stores,

Inc.,

Convertible

27,000

2.250%, 

4/15/2025

26,612

Caesars

Entertainment,

Inc.

71,000

6.250%, 

7/1/2025

a

68,425

45,000

8.125%, 

7/1/2027

a

43,481

70,000

4.625%, 

10/15/2029

a

54,425

Callaway

Golf

Company,

Convertible

4,000

2.750%, 

5/1/2026

5,357

Carnival

Corporation

105,000

7.625%, 

3/1/2026

a

81,327

75,000

5.750%, 

3/1/2027

a

54,171

Cedar

Fair,

LP

24,000

5.375%, 

4/15/2027

22,744

62,000

5.250%, 

7/15/2029

54,676

Churchill

Downs,

Inc.

25,000

4.750%, 

1/15/2028

a

22,250

Cinemark

USA,

Inc.

67,000

5.875%, 

3/15/2026

a,b

59,743

Clarios

Global,

LP

15,000

8.500%, 

5/15/2027

a

14,497

Cushman

&

Wakefield

US

Borrower,

LLC

30,000

6.750%, 

5/15/2028

a

27,862

Dana,

Inc.

55,000

5.625%, 

6/15/2028

47,343

Dick's

Sporting

Goods,

Inc.,

Convertible

11,000

3.250%, 

4/15/2025

26,201

Empire

Communities

Corporation

75,000

7.000%, 

12/15/2025

a

59,250

Expedia

Group,

Inc.,

Convertible

14,000

Zero

Coupon, 

2/15/2026

12,635

Ford

Motor

Company

30,000

3.250%, 

2/12/2032

22,437

Ford

Motor

Company,

Convertible

50,000

Zero

Coupon, 

3/15/2026

45,600

Ford

Motor

Credit

Company,

LLC

105,000

4.063%, 

11/1/2024

99,613

139,000

2.300%, 

2/10/2025

124,808

75,000

4.134%, 

8/4/2025

71,039

85,000

2.700%, 

8/10/2026

72,433

Forestar

Group,

Inc.

40,000

3.850%, 

5/15/2026

a

32,871

Gap,

Inc.

15,000

3.625%, 

10/1/2029

a

10,533

General

Motors

Financial

Company,

Inc.

50,000

5.700%, 

9/30/2030

c,d

43,500

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

45

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Consumer

Cyclical

(5.9%)

-

continued

Goodyear

Tire

&

Rubber

Company

$

40,000

5.000%, 

7/15/2029

$

33,126

20,000

5.250%, 

7/15/2031

16,075

Guitar

Center

Escrow

Issuer

II,

Inc.

15,000

8.500%, 

1/15/2026

a

13,237

Hanesbrands,

Inc.

43,000

4.875%, 

5/15/2026

a

39,829

Herc

Holdings,

Inc.

45,000

5.500%, 

7/15/2027

a

41,081

Hilton

Domestic

Operating

Company,

Inc.

30,000

4.875%, 

1/15/2030

27,112

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

90,000

5.000%, 

6/1/2029

a

72,900

Hilton

Worldwide

Finance,

LLC

70,000

4.875%, 

4/1/2027

65,949

International

Game

Technology

plc

81,000

5.250%, 

1/15/2029

a

73,345

Jacobs

Entertainment,

Inc.

32,000

6.750%, 

2/15/2029

a

27,060

KB

Home

45,000

4.800%, 

11/15/2029

37,529

L

Brands,

Inc.

120,000

6.625%, 

10/1/2030

a

103,649

10,000

6.875%, 

11/1/2035

8,125

Macy's

Retail

Holdings,

LLC

70,000

5.875%, 

4/1/2029

a

59,587

Magic

MergerCo,

Inc.

40,000

5.250%, 

5/1/2028

a

31,439

Mattamy

Group

Corporation

47,000

5.250%, 

12/15/2027

a

38,381

MGM

Resorts

International

15,000

6.000%, 

3/15/2023

14,965

110,000

5.500%, 

4/15/2027

98,726

NCL

Corporation,

Ltd.

63,000

3.625%, 

12/15/2024

a,b

52,401

25,000

5.875%, 

2/15/2027

a

21,375

Penn

National

Gaming,

Inc.

55,000

4.125%, 

7/1/2029

a

41,734

PetSmart,

Inc./PetSmart

Finance

Corporation

65,000

4.750%, 

2/15/2028

a

56,241

72,000

7.750%, 

2/15/2029

a

64,837

Realogy

Group,

LLC

55,000

5.750%, 

1/15/2029

a

41,708

Rite

Aid

Corporation

22,000

7.500%, 

7/1/2025

a

17,820

Royal

Caribbean

Cruises,

Ltd.

91,000

9.125%, 

6/15/2023

a

89,995

62,000

4.250%, 

7/1/2026

a

44,042

Scientific

Games

International,

Inc.

65,000

7.250%, 

11/15/2029

a

60,958

34,000

6.625%, 

3/1/2030

a

28,900

SeaWorld

Parks

and

Entertainment,

Inc.

24,000

5.250%, 

8/15/2029

a

20,309

Six

Flags

Theme

Parks,

Inc.

35,000

7.000%, 

7/1/2025

a

35,432

Staples,

Inc.

47,000

7.500%, 

4/15/2026

a

38,957

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Consumer

Cyclical

(5.9%)

-

continued

$

49,000

10.750%, 

4/15/2027

a

$

32,340

Station

Casinos,

LLC

39,000

4.625%, 

12/1/2031

a

30,420

Tenneco,

Inc.

85,000

5.000%, 

7/15/2026

79,475

Travel

+

Leisure

Company

45,000

6.625%, 

7/31/2026

a

42,666

Uber

Technologies,

Inc.

35,000

6.250%, 

1/15/2028

a,b

32,369

Vail

Resorts,

Inc.,

Convertible

11,000

Zero

Coupon, 

1/1/2026

9,570

VICI

Properties,

LP/VICI

Note

Company,

Inc.

50,000

4.500%, 

9/1/2026

a

46,000

Wabash

National

Corporation

51,000

4.500%, 

10/15/2028

a

39,015

Wyndham

Hotels

&

Resorts,

Inc.

30,000

4.375%, 

8/15/2028

a

26,240

Yum!

Brands,

Inc.

75,000

4.750%, 

1/15/2030

a

68,063

ZF

North

America

Capital,

Inc.

35,000

4.750%, 

4/29/2025

a

32,288

Total

3,750,360

Consumer

Non-Cyclical

(4.9%)

Albertson's

Companies,

Inc.

69,000

3.500%, 

3/15/2029

a

55,843

Aramark

Services,

Inc.

79,000

5.000%, 

2/1/2028

a

71,591

Avantor

Funding,

Inc.

81,000

4.625%, 

7/15/2028

a

74,253

Bausch

Health

Companies,

Inc.

23,000

5.500%, 

11/1/2025

a

20,201

38,000

9.000%, 

12/15/2025

a

28,076

210,000

5.000%, 

1/30/2028

a

111,825

50,000

4.875%, 

6/1/2028

a

39,127

BioMarin

Pharmaceutical,

Inc.,

Convertible

9,000

1.250%, 

5/15/2027

8,944

Centene

Corporation

85,000

4.250%, 

12/15/2027

79,345

63,000

4.625%, 

12/15/2029

58,747

65,000

3.000%, 

10/15/2030

53,869

Central

Garden

&

Pet

Company

65,000

4.125%, 

10/15/2030

53,333

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

60,000

4.625%, 

11/15/2028

a

50,700

Community

Health

Systems,

Inc.

30,000

5.625%, 

3/15/2027

a

25,391

19,000

8.000%, 

12/15/2027

a

17,254

40,000

6.000%, 

1/15/2029

a

33,137

121,000

6.875%, 

4/15/2029

a

78,045

Coty,

Inc.

55,000

5.000%, 

4/15/2026

a

50,394

DaVita,

Inc.

39,000

4.625%, 

6/1/2030

a

30,415

Edgewell

Personal

Care

Company

45,000

5.500%, 

6/1/2028

a

40,945

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

46

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Consumer

Non-Cyclical

(4.9%)

-

continued

Embecta

Corporation

$

20,000

6.750%, 

2/15/2030

a

$

18,007

Encompass

Health

Corporation

100,000

4.500%, 

2/1/2028

85,610

Energizer

Holdings,

Inc.

15,000

4.750%, 

6/15/2028

a

11,906

40,000

4.375%, 

3/31/2029

a

30,709

HCA,

Inc.

103,000

5.375%, 

2/1/2025

102,460

HFC

Prestige

Products,

Inc.

64,000

4.750%, 

1/15/2029

a

54,933

HLF

Financing

SARL,

LLC

117,000

4.875%, 

6/1/2029

a

80,730

Ionis

Pharmaceuticals,

Inc.,

Convertible

7,000

0.125%, 

12/15/2024

6,149

Jazz

Investments

I,

Ltd.,

Convertible

41,000

2.000%, 

6/15/2026

48,072

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

USA

Finance,

Inc.

16,000

6.500%, 

4/15/2029

a

16,096

Mattel,

Inc.

85,000

3.375%, 

4/1/2026

a

77,981

Molina

Healthcare,

Inc.

90,000

4.375%, 

6/15/2028

a

80,394

Mozart

Debt

Merger

Sub,

Inc.

41,000

3.875%, 

4/1/2029

a

34,920

77,000

5.250%, 

10/1/2029

a

63,240

Organon

&

Company

58,000

4.125%, 

4/30/2028

a

51,330

Owens

&

Minor,

Inc.

42,000

6.625%, 

4/1/2030

a

38,366

Par

Pharmaceutical,

Inc.

85,000

7.500%, 

4/1/2027

a

64,600

Performance

Food

Group,

Inc.

36,000

4.250%, 

8/1/2029

a

30,060

Perrigo

Finance

Unlimited

Company

93,000

4.375%, 

3/15/2026

87,899

Pilgrim's

Pride

Corporation

41,000

3.500%, 

3/1/2032

a

32,031

Post

Holdings,

Inc.

49,000

5.750%, 

3/1/2027

a

47,469

33,000

5.625%, 

1/15/2028

a

31,324

20,000

5.500%, 

12/15/2029

a

17,880

46,000

4.500%, 

9/15/2031

a

37,621

Prime

Security

Services

Borrower,

LLC/Prime

Finance

Inc.

160,000

5.750%, 

4/15/2026

a

149,200

QBE

Insurance

Group,

Ltd.

44,000

5.875%, 

5/12/2025

a,c,d

42,790

Scotts

Miracle-Gro

Company

37,000

4.500%, 

10/15/2029

30,349

SEG

Holding,

LLC

100,000

5.625%, 

10/15/2028

a

89,610

Simmons

Foods,

Inc.

98,000

4.625%, 

3/1/2029

a

82,849

Spectrum

Brands,

Inc.

45,000

5.000%, 

10/1/2029

a

38,913

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Consumer

Non-Cyclical

(4.9%)

-

continued

$

10,000

5.500%, 

7/15/2030

a

$

9,000

Syneos

Health,

Inc.

50,000

3.625%, 

1/15/2029

a

42,341

Teleflex,

Inc.

61,000

4.250%, 

6/1/2028

a

55,116

Tenet

Healthcare

Corporation

12,000

4.625%, 

7/15/2024

11,517

42,000

6.250%, 

2/1/2027

a

38,657

155,000

5.125%, 

11/1/2027

a

139,500

62,000

6.125%, 

10/1/2028

a

53,058

Teva

Pharmaceutical

Finance

Netherlands

III

BV

85,000

3.150%, 

10/1/2026

69,700

TreeHouse

Foods,

Inc.

67,000

4.000%, 

9/1/2028

54,588

United

Natural

Foods,

Inc.

24,000

6.750%, 

10/15/2028

a

22,429

Valeant

Pharmaceuticals

International,

Inc.

31,000

8.500%, 

1/31/2027

a

21,739

Winnebago

Industries,

Inc.,

Convertible

15,000

1.500%, 

4/1/2025

15,356

Total

3,097,934

Energy

(5.6%)

Antero

Resources

Corporation

65,000

5.375%, 

3/1/2030

a

59,268

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

65,000

6.250%, 

4/1/2028

a

57,545

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

34,000

6.625%, 

7/15/2026

a

30,602

BP

Capital

Markets

plc

314,000

4.875%, 

3/22/2030

c,d

273,383

Buckeye

Partners,

LP

65,000

3.950%, 

12/1/2026

56,857

Callon

Petroleum

Company

45,000

8.250%, 

7/15/2025

43,862

26,000

7.500%, 

6/15/2030

a

23,924

Cheniere

Energy

Partners,

LP

30,000

4.500%, 

10/1/2029

26,781

18,000

3.250%, 

1/31/2032

a

14,175

Cheniere

Energy,

Inc.

20,000

4.625%, 

10/15/2028

18,011

Chesapeake

Energy

Corporation

87,000

6.750%, 

4/15/2029

a

84,132

CNX

Resources

Corporation

40,000

6.000%, 

1/15/2029

a

37,368

CNX

Resources

Corporation,

Convertible

28,000

2.250%, 

5/1/2026

40,922

Comstock

Resources,

Inc.

20,000

6.750%, 

3/1/2029

a

17,909

30,000

5.875%, 

1/15/2030

a

25,800

CrownRock

Finance,

Inc.

59,000

5.625%, 

10/15/2025

a

55,460

DT

Midstream,

Inc.

80,000

4.125%, 

6/15/2029

a

67,800

10,000

4.375%, 

6/15/2031

a

8,375

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Energy

(5.6%)

-

continued

Enbridge,

Inc.

$

187,000

6.250%, 

3/1/2078

c

$

166,456

52,000

5.750%, 

7/15/2080

c

47,545

Endeavor

Energy

Resources,

LP

45,000

5.750%, 

1/30/2028

a

42,869

Energy

Transfer,

LP

135,000

6.750%, 

5/15/2025

c,d

112,649

EnLink

Midstream

Partners,

LP

65,000

4.850%, 

7/15/2026

59,963

Enterprise

Products

Operating,

LLC

75,000

4.875%, 

8/16/2077

c

59,806

EQT

Corporation,

Convertible

28,000

1.750%, 

5/1/2026

65,954

Ferrellgas,

LP

39,000

5.375%, 

4/1/2026

a

33,859

Harvest

Midstream,

LP

92,000

7.500%, 

9/1/2028

a

86,409

Hess

Midstream

Operations,

LP

40,000

5.625%, 

2/15/2026

a

38,100

29,000

5.500%, 

10/15/2030

a

26,028

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

75,000

5.750%, 

2/1/2029

a

65,860

51,000

6.250%, 

4/15/2032

a

44,788

Holly

Energy

Partners,

LP/Holly

Energy

Finance

Corporation

36,000

6.375%, 

4/15/2027

a

33,885

ITT

Holdings,

LLC

55,000

6.500%, 

8/1/2029

a

44,000

Laredo

Petroleum,

Inc.

110,000

7.750%, 

7/31/2029

a,b

99,240

MEG

Energy

Corporation

54,000

7.125%, 

2/1/2027

a

54,382

MPLX,

LP

140,000

6.875%, 

2/15/2023

c,d

132,955

Murphy

Oil

Corporation

40,000

5.875%, 

12/1/2027

37,330

Nabors

Industries,

Ltd.

85,000

7.250%, 

1/15/2026

a

75,382

NuStar

Logistics,

LP

50,000

5.750%, 

10/1/2025

46,750

Oasis

Petroleum,

Inc.

45,000

6.375%, 

6/1/2026

a

41,625

Occidental

Petroleum

Corporation

65,000

8.500%, 

7/15/2027

71,527

20,000

6.450%, 

9/15/2036

20,500

PBF

Holding

Company,

LLC

25,000

9.250%, 

5/15/2025

a

26,156

Pioneer

Natural

Resources

Company,

Convertible

7,000

0.250%, 

5/15/2025

15,134

Plains

All

American

Pipeline,

LP

60,000

6.125%, 

11/15/2022

c,d

42,600

Precision

Drilling

Corporation

50,000

6.875%, 

1/15/2029

a

44,750

Range

Resources

Corporation

67,000

4.750%, 

2/15/2030

a

60,088

SM

Energy

Company

53,000

6.625%, 

1/15/2027

49,555

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Energy

(5.6%)

-

continued

$

20,000

6.500%, 

7/15/2028

$

18,394

Southwestern

Energy

Company

25,000

5.375%, 

2/1/2029

23,190

55,000

5.375%, 

3/15/2030

50,600

25,000

4.750%, 

2/1/2032

21,363

Sunoco,

LP

40,000

6.000%, 

4/15/2027

38,135

10,000

5.875%, 

3/15/2028

9,118

35,000

4.500%, 

4/30/2030

a

28,258

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

108,000

5.500%, 

1/15/2028

a

91,818

Teine

Energy,

Ltd.

30,000

6.875%, 

4/15/2029

a

27,900

TransCanada

Trust

100,000

5.600%, 

3/7/2082

c

90,750

165,000

5.300%, 

3/15/2077

c

146,850

Transocean

Proteus,

Ltd.

9,000

6.250%, 

12/1/2024

a

8,393

Transocean,

Inc.

45,000

11.500%, 

1/30/2027

a

42,238

USA

Compression

Partners,

LP

55,000

6.875%, 

4/1/2026

50,034

Venture

Global

Calcasieu

Pass,

LLC

80,000

3.875%, 

8/15/2029

a

69,978

25,000

4.125%, 

8/15/2031

a

21,363

W&T

Offshore,

Inc.

19,000

9.750%, 

11/1/2023

a

18,098

Weatherford

International,

Ltd.

51,000

8.625%, 

4/30/2030

a

42,319

Western

Midstream

Operating,

LP

109,000

3.950%, 

6/1/2025

102,869

10,000

5.500%, 

8/15/2048

8,150

Total

3,598,137

Financials

(20.6%)

Air

Lease

Corporation

218,000

4.650%, 

6/15/2026

c,d

181,025

Aircastle,

Ltd.

135,000

5.250%, 

6/15/2026

a,c,d

111,419

Alliant

Holdings

Intermediate,

LLC

26,000

6.750%, 

10/15/2027

a

23,072

Ally

Financial,

Inc.

55,000

5.750%, 

11/20/2025

54,185

301,000

4.700%, 

5/15/2026

c,d

238,697

85,000

4.700%, 

5/15/2028

c,d

62,709

Altice

Financing

SA

15,000

5.750%, 

8/15/2029

a

12,037

American

Express

Company

110,000

3.550%, 

9/15/2026

c,d

89,497

American

Finance

Trust,

Inc.

73,000

4.500%, 

9/30/2028

a

57,305

AmWINS

Group,

Inc.

30,000

4.875%, 

6/30/2029

a

24,568

Ares

Capital

Corporation,

Convertible

14,000

4.625%, 

3/1/2024

14,542

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

48

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Financials

(20.6%)

-

continued

BAC

Capital

Trust

XIV

$

90,000

4.000%, 

(LIBOR

3M

+

0.400%),

7/18/2022

c,d

$

63,900

Banco

Santander

SA

120,000

4.750%, 

11/12/2026

c,d

98,123

Bank

of

America

Corporation

284,000

6.250%, 

9/5/2024

c,d

276,048

110,000

6.100%, 

3/17/2025

c,d

108,315

60,000

6.300%, 

3/10/2026

c,d

59,483

240,000

4.375%, 

1/27/2027

c,d

199,145

350,000

6.125%, 

4/27/2027

c,d

337,531

142,000

5.875%, 

3/15/2028

c,d

124,680

Bank

of

New

York

Mellon

Corporation

142,000

4.700%, 

9/20/2025

c,d

138,734

Bank

of

Nova

Scotia

254,000

4.900%, 

6/4/2025

c,d

235,511

Barclays

plc

105,000

8.000%, 

6/15/2024

c,d

103,162

75,000

4.375%, 

3/15/2028

c,d

57,515

BNP

Paribas

SA

115,000

6.625%, 

3/25/2024

a,c,d

110,256

Canpack

SA/Canpack

US

LLC

95,000

3.125%, 

11/1/2025

a

82,595

Capital

One

Financial

Corporation

50,000

3.950%, 

9/1/2026

c,d

40,125

Cascades

USA,

Inc.

40,000

5.125%, 

1/15/2026

a

36,526

Charles

Schwab

Corporation

191,000

5.375%, 

6/1/2025

c,d

188,613

176,000

4.000%, 

6/1/2026

c,d

149,188

140,000

5.000%, 

6/1/2027

c,d

125,500

160,000

4.000%, 

12/1/2030

c,d

123,160

Citigroup,

Inc.

100,000

5.950%, 

1/30/2023

c,d

97,980

60,000

5.000%, 

9/12/2024

c,d

52,800

200,000

5.950%, 

5/15/2025

c,d

185,670

210,000

4.000%, 

12/10/2025

c,d

181,650

255,000

3.875%, 

2/18/2026

c,d

211,650

140,000

4.150%, 

11/15/2026

c,d

112,350

Citizens

Financial

Group,

Inc.

110,000

4.000%, 

10/6/2026

c,d

87,604

Coinbase

Global,

Inc.,

Convertible

44,000

0.500%, 

6/1/2026

24,617

Comerica,

Inc.

22,000

5.625%, 

7/1/2025

c,d

21,780

Credit

Acceptance

Corporation

65,000

5.125%, 

12/31/2024

*

61,230

Credit

Agricole

SA

52,000

6.875%, 

9/23/2024

a,c,d

50,140

44,000

8.125%, 

12/23/2025

a,c,d

45,069

200,000

4.750%, 

3/23/2029

a,c,d

155,433

Credit

Suisse

Group

AG

55,000

7.500%, 

12/11/2023

a,c,d

52,335

55,000

7.250%, 

9/12/2025

a,c,d

47,787

200,000

9.750%, 

6/23/2027

a,c,d

204,250

Dai-ichi

Life

Insurance

Company,

Ltd.

275,000

5.100%, 

10/28/2024

a,b,c,d

272,552

Deutsche

Bank

AG

275,000

6.000%, 

10/30/2025

c,d

237,187

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Financials

(20.6%)

-

continued

Drawbridge

Special

Opportunities

Fund,

LP

$

100,000

3.875%, 

2/15/2026

a

$

91,683

Euronet

Worldwide,

Inc.,

Convertible

8,000

0.750%, 

3/15/2049

8,090

Fifth

Third

Bancorp

105,000

4.500%, 

9/30/2025

c,d

97,779

Fortress

Transportation

and

Infrastructure

Investors,

LLC

42,000

6.500%, 

10/1/2025

a

39,627

35,000

9.750%, 

8/1/2027

a

34,209

25,000

5.500%, 

5/1/2028

a

20,635

FTI

Consulting,

Inc.,

Convertible

25,000

2.000%, 

8/15/2023

45,030

Genworth

Mortgage

Holdings,

Inc.

31,000

6.500%, 

8/15/2025

a

29,237

Global

Net

Lease,

Inc.

90,000

3.750%, 

12/15/2027

a

75,212

Goldman

Sachs

Group,

Inc.

260,000

5.500%, 

8/10/2024

c,d

250,978

140,000

4.400%, 

2/10/2025

c,d

118,510

145,000

3.650%, 

8/10/2026

c,d

112,567

130,000

4.125%, 

11/10/2026

c,d

106,275

Hartford

Financial

Services

Group,

Inc.

120,000

3.536%, 

(LIBOR

3M

+

2.125%),

2/12/2047

a,c

94,712

HSBC

Holdings

plc

46,000

6.375%, 

3/30/2025

c,d

44,480

101,000

6.500%, 

3/23/2028

c,d

91,464

110,000

4.600%, 

12/17/2030

c,d

84,552

140,000

6.500%, 

9/15/2037

149,371

HUB

International,

Ltd.

22,000

7.000%, 

5/1/2026

a

20,689

34,000

5.625%, 

12/1/2029

a

28,086

Huntington

Bancshares,

Inc.

130,000

4.450%, 

10/15/2027

c,d

115,217

Icahn

Enterprises,

LP

83,000

4.750%, 

9/15/2024

77,464

40,000

6.375%, 

12/15/2025

37,812

25,000

6.250%, 

5/15/2026

23,404

50,000

5.250%, 

5/15/2027

44,292

iStar,

Inc.

85,000

4.250%, 

8/1/2025

78,503

J.P.

Morgan

Chase

&

Company

145,000

4.287%, 

(LIBOR

3M

+

3.320%),

10/1/2022

c,d

135,575

115,000

5.150%, 

5/1/2023

c,d

108,819

50,000

6.000%, 

8/1/2023

c,d

46,873

44,000

6.750%, 

2/1/2024

c,d

44,294

470,000

5.000%, 

8/1/2024

c,d

414,775

150,000

4.600%, 

2/1/2025

c,d

126,678

100,000

3.650%, 

6/1/2026

c,d

81,900

100,000

2.411%, 

(LIBOR

3M

+

1.000%),

5/15/2047

c

76,003

Jefferies

Finance,

LLC

36,000

5.000%, 

8/15/2028

a

29,610

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

6,000

6.125%, 

5/15/2023

5,936

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

49

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Financials

(20.6%)

-

continued

Lincoln

National

Corporation

$

100,000

3.801%, 

(LIBOR

3M

+

2.358%),

8/17/2022

c

$

69,385

Lloyds

Banking

Group

plc

42,000

7.500%, 

6/27/2024

c,d

40,740

LPL

Holdings,

Inc.

45,000

4.000%, 

3/15/2029

a

38,500

M&T

Bank

Corporation

117,000

3.500%, 

9/1/2026

c,d

89,212

MetLife,

Inc.

140,000

3.850%, 

9/15/2025

c,d

124,664

200,000

5.875%, 

3/15/2028

c,d

185,652

MPT

Operating

Partnership,

LP

47,000

4.625%, 

8/1/2029

41,242

Nationstar

Mortgage

Holdings,

Inc.

41,000

6.000%, 

1/15/2027

a

35,565

NatWest

Group

plc

110,000

4.600%, 

6/28/2031

c,d

80,988

Navient

Corporation

45,000

5.500%, 

1/25/2023

44,607

9,000

6.750%, 

6/25/2025

8,120

15,000

5.000%, 

3/15/2027

12,338

Nippon

Life

Insurance

Company

205,000

2.900%, 

9/16/2051

a,c

165,788

260,000

5.100%, 

10/16/2044

a,c

257,402

129,000

3.400%, 

1/23/2050

a,c

111,665

OneMain

Finance

Corporation

80,000

6.875%, 

3/15/2025

75,821

74,000

7.125%, 

3/15/2026

68,393

20,000

3.500%, 

1/15/2027

16,000

35,000

6.625%, 

1/15/2028

31,282

Park

Intermediate

Holdings,

LLC

15,000

4.875%, 

5/15/2029

a

12,880

Pebblebrook

Hotel

Trust,

Convertible

27,000

1.750%, 

12/15/2026

24,044

PennyMac

Financial

Services,

Inc.

32,000

4.250%, 

2/15/2029

a

23,520

Playtika

Holding

Corporation

50,000

4.250%, 

3/15/2029

a

41,250

PNC

Financial

Services

Group,

Inc.

110,000

3.400%, 

9/15/2026

c,d

83,525

180,000

6.000%, 

5/15/2027

c,d

172,780

PRA

Group,

Inc.

30,000

7.375%, 

9/1/2025

a

29,175

Provident

Financing

Trust

I

30,000

7.405%, 

3/15/2038

30,900

Prudential

Financial,

Inc.

250,000

5.125%, 

3/1/2052

c

230,788

150,000

5.625%, 

6/15/2043

c

146,243

190,000

5.200%, 

3/15/2044

c

179,620

25,000

3.700%, 

10/1/2050

c

20,926

Radian

Group,

Inc.

45,000

4.875%, 

3/15/2027

40,303

Regions

Financial

Corporation

104,000

5.750%, 

6/15/2025

c,d

102,982

Rocket

Mortgage

Co-Issuer,

Inc.

45,000

3.625%, 

3/1/2029

a

35,384

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Financials

(20.6%)

-

continued

Service

Properties

Trust

$

23,000

4.650%, 

3/15/2024

$

19,765

66,000

7.500%, 

9/15/2025

60,473

20,000

5.500%, 

12/15/2027

16,200

SLM

Corporation

10,000

4.200%, 

10/29/2025

9,060

Societe

Generale

SA

44,000

8.000%, 

9/29/2025

a,c,d

43,100

Standard

Chartered

plc

125,000

6.000%, 

7/26/2025

a,c,d

118,377

Starwood

Property

Trust,

Inc.,

Convertible

14,000

4.375%, 

4/1/2023

13,825

Sumitomo

Life

Insurance

Company

225,000

3.375%, 

4/15/2081

a,c

192,779

Summit

Hotel

Properties,

Inc.,

Convertible

19,000

1.500%, 

2/15/2026

16,055

SVB

Financial

Group

150,000

4.000%, 

5/15/2026

c,d

114,297

200,000

4.250%, 

11/15/2026

c,d

150,906

Truist

Financial

Corporation

169,000

4.950%, 

9/1/2025

c,d

164,511

110,000

5.100%, 

3/1/2030

c,d

99,550

U.S.

Bancorp

130,000

3.700%, 

1/15/2027

c,d

99,775

UBS

Group

AG

250,000

4.875%, 

2/12/2027

a,c,d

209,115

United

Wholesale

Mortgage,

LLC

33,000

5.500%, 

4/15/2029

a

25,266

USB

Realty

Corporation

170,000

2.191%, 

(LIBOR

3M

+

1.147%),

1/15/2027

a,c,d

136,233

VICI

Properties,

LP/VICI

Note

Company,

Inc.

40,000

4.625%, 

6/15/2025

a

38,050

24,000

3.750%, 

2/15/2027

a

21,110

Wells

Fargo

&

Company

215,000

3.900%, 

3/15/2026

c,d

185,169

100,000

1.544%, 

(LIBOR

3M

+

0.500%),

1/15/2027

c

92,760

XHR,

LP

23,000

4.875%, 

6/1/2029

a

19,731

Total

13,137,382

Technology

(2.4%)

Akamai

Technologies,

Inc.,

Convertible

21,000

0.125%, 

5/1/2025

22,984

21,000

0.375%, 

9/1/2027

20,863

Black

Knight

InfoServ,

LLC

54,000

3.625%, 

9/1/2028

a

46,916

Block,

Inc.,

Convertible

3,000

0.500%, 

5/15/2023

3,246

CommScope

Technologies

Finance,

LLC

40,000

6.000%, 

6/15/2025

a

34,600

Gartner,

Inc.

45,000

3.625%, 

6/15/2029

a

38,987

80,000

3.750%, 

10/1/2030

a

68,100

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

50

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Technology

(2.4%)

-

continued

InterDigital,

Inc.,

Convertible

$

6,000

3.500%, 

6/1/2027

a

$

6,072

Iron

Mountain,

Inc.

50,000

4.875%, 

9/15/2027

a

45,177

50,000

5.000%, 

7/15/2028

a

44,284

45,000

4.875%, 

9/15/2029

a

38,247

45,000

5.250%, 

7/15/2030

a

39,123

50,000

4.500%, 

2/15/2031

a

40,857

Lumentum

Holdings,

Inc.,

Convertible

22,000

0.250%, 

3/15/2024

30,514

MACOM

Technology

Solutions

Holdings,

Inc.,

Convertible

9,000

0.250%, 

3/15/2026

7,830

Microchip

Technology,

Inc.,

Convertible

4,000

0.125%, 

11/15/2024

3,980

14,000

1.625%, 

2/15/2027

23,249

Minerva

Merger

Sub,

Inc.

56,000

6.500%, 

2/15/2030

a

46,569

MSCI,

Inc.

45,000

4.000%, 

11/15/2029

a

39,885

NCR

Corporation

135,000

6.125%, 

9/1/2029

a

116,756

Nielsen

Finance,

LLC

30,000

4.500%, 

7/15/2029

a

27,102

ON

Semiconductor

Corporation,

Convertible

6,000

Zero

Coupon, 

5/1/2027

6,906

Open

Text

Corporation

90,000

4.125%, 

2/15/2030

a

77,854

Progress

Software

Corporation,

Convertible

8,000

1.000%, 

4/15/2026

7,724

PTC,

Inc.

10,000

3.625%, 

2/15/2025

a

9,458

40,000

4.000%, 

2/15/2028

a

36,147

Qorvo,

Inc.

40,000

3.375%, 

4/1/2031

a

31,454

Rackspace

Technology

Global,

Inc.

65,000

5.375%, 

12/1/2028

a

42,476

Sabre

GLBL,

Inc.,

Convertible

3,000

4.000%, 

4/15/2025

3,084

Seagate

HDD

Cayman

80,000

3.125%, 

7/15/2029

62,777

110,000

3.375%, 

7/15/2031

85,489

Sensata

Technologies,

Inc.

105,000

3.750%, 

2/15/2031

a

84,153

Shift4

Payments,

LLC

10,000

4.625%, 

11/1/2026

a

8,850

SS&C

Technologies,

Inc.

141,000

5.500%, 

9/30/2027

a

131,491

Switch,

Ltd.

50,000

3.750%, 

9/15/2028

a

49,457

Teradyne,

Inc.,

Convertible

1,000

1.250%, 

12/15/2023

2,831

Verint

Systems,

Inc.,

Convertible

22,000

0.250%, 

4/15/2026

20,075

Viavi

Solutions,

Inc.

38,000

3.750%, 

10/1/2029

a

31,826

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Technology

(2.4%)

-

continued

Vishay

Intertechnology,

Inc.,

Convertible

$

15,000

2.250%, 

6/15/2025

$

14,194

Ziff

Davis,

Inc.,

Convertible

49,000

1.750%, 

11/1/2026

a

47,211

Total

1,498,798

Transportation

(1.1%)

AerCap

Holdings

NV

90,000

5.875%, 

10/10/2079

c

77,096

Air

Transport

Services

Group,

Inc.,

Convertible

12,000

1.125%, 

10/15/2024

12,954

American

Airlines,

Inc.

111,000

11.750%, 

7/15/2025

a

114,874

121,000

5.500%, 

4/20/2026

a

111,173

Avis

Budget

Car

Rental,

LLC

45,000

5.375%, 

3/1/2029

a,b

37,432

Delta

Air

Lines,

Inc.

25,000

7.000%, 

5/1/2025

a

25,305

10,000

7.375%, 

1/15/2026

9,984

Greenbrier

Companies,

Inc.,

Convertible

13,000

2.875%, 

4/15/2028

12,090

Hawaiian

Brand

Intellectual

Property,

Ltd.

22,000

5.750%, 

1/20/2026

a

19,716

Hertz

Corporation

34,000

4.625%, 

12/1/2026

a

28,427

40,000

5.000%, 

12/1/2029

a

30,800

JetBlue

Airways

Corporation,

Convertible

24,000

0.500%, 

4/1/2026

17,652

Meritor,

Inc.,

Convertible

10,000

3.250%, 

10/15/2037

10,913

Southwest

Airlines

Company,

Convertible

37,000

1.250%, 

5/1/2025

43,568

United

Airlines,

Inc.

47,000

4.375%, 

4/15/2026

a

41,415

38,000

4.625%, 

4/15/2029

a

32,234

VistaJet

Malta

Finance

plc

50,000

6.375%, 

2/1/2030

a

40,000

XPO

Logistics,

Inc.

7,000

6.250%, 

5/1/2025

a

6,948

Total

672,581

U.S.

Government

&

Agencies

(11.0%)

U.S.

Treasury

Bonds

2,955,000

1.375%, 

11/15/2031

2,563,001

U.S.

Treasury

Notes

4,830,000

1.250%, 

12/31/2026

4,464,354

Total

7,027,355

Utilities

(3.7%)

Algonquin

Power

&

Utilities

Corporation

175,000

4.750%, 

1/18/2082

c

145,247

American

Electric

Power

Company,

Inc.

250,000

3.875%, 

2/15/2062

c

197,689

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

51

Principal

Amount

Long-Term

Fixed

Income

(66.1%)

Value

Utilities

(3.7%)

-

continued

Calpine

Corporation

$

48,000

4.500%, 

2/15/2028

a

$

43,578

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

41,000

5.500%, 

6/15/2031

a

34,913

Dominion

Energy,

Inc.

146,000

4.650%, 

12/15/2024

c,d

129,741

150,000

4.350%, 

1/15/2027

c,d

123,375

Duke

Energy

Corporation

123,000

3.250%, 

1/15/2082

c

96,140

45,000

4.875%, 

9/16/2024

c,d

40,950

Edison

International

210,000

5.000%, 

12/15/2026

c,d

167,082

Energy

Transfer,

LP

243,000

6.500%, 

11/15/2026

c,d

214,792

NextEra

Energy

Capital

Holdings,

Inc.

185,000

3.800%, 

3/15/2082

c

148,509

NextEra

Energy

Operating

Partners,

LP

100,000

3.875%, 

10/15/2026

a

91,500

NextEra

Energy

Partners,

LP,

Convertible

38,000

Zero

Coupon, 

11/15/2025

a

39,273

NiSource,

Inc.

70,000

5.650%, 

6/15/2023

c,d

62,998

NRG

Energy,

Inc.

115,000

3.375%, 

2/15/2029

a

92,737

20,000

5.250%, 

6/15/2029

a

17,850

NRG

Energy,

Inc.,

Convertible

14,000

2.750%, 

6/1/2048

15,029

PG&E

Corporation

47,000

5.000%, 

7/1/2028

39,662

Sempra

Energy

115,000

4.125%, 

4/1/2052

c

92,204

44,000

4.875%, 

10/15/2025

c,d

40,479

Southern

Company

110,000

4.000%, 

1/15/2051

c

98,613

90,000

3.750%, 

9/15/2051

c

76,470

Suburban

Propane

Partners,

LP

50,000

5.875%, 

3/1/2027

47,161

25,000

5.000%, 

6/1/2031

a

21,260

TerraForm

Power

Operating,

LLC

100,000

5.000%, 

1/31/2028

a

90,574

TransCanada

Trust

135,000

5.625%, 

5/20/2075

c

127,410

Vistra

Operations

Company,

LLC

80,000

5.000%, 

7/31/2027

a

72,729

Total

2,367,965

Total

Long-Term

Fixed

Income

(cost

$48,217,830)

42,066,285

Shares

Registered

Investment

Companies

(

21.5%

)

Value

Unaffiliated  (13.4%)

79,800

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

233,016

34,125

AllianceBernstein

Global

High

Income

Fund,

Inc.

333,401

Shares

Registered

Investment

Companies

(21.5%)

Value

Unaffiliated  (13.4%)-

continued

9,923

Allspring

Global

Dividend

Opportunities

Fund

$

43,264

39,827

Allspring

Income

Opportunities

Fund

258,477

19,583

Barings

Global

Short

Duration

High

Yield

Fund

254,775

19,638

BlackRock

Core

Bond

Trust

222,302

24,284

BlackRock

Corporate

High

Yield

Fund,

Inc.

231,427

23,878

BlackRock

Credit

Allocation

Income

Trust

260,031

1,900

BlackRock

Debt

Strategies

Fund,

Inc.

17,366

3,000

BlackRock

Enhanced

Equity

Dividend

Trust

26,490

20,273

BlackRock

Enhanced

Global

Dividend

Trust

198,067

6,800

BlackRock

Enhanced

International

Dividend

Trust

34,408

4,000

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

45,560

14,900

BlackRock

Income

Trust,

Inc.

67,646

19,368

BlackRock

Multi-Sector

Income

Trust

275,219

14,663

Blackstone

Strategic

Credit

Fund

b

163,786

75,498

BNY

Mellon

High

Yield

Strategies

Fund

171,381

3,700

Brookfield

Real

Assets

Income

Fund,

Inc.

68,191

15,554

Delaware

Ivy

High

Income

Opportunities

Fund

159,273

30,020

Eaton

Vance

Limited

Duration

Income

Fund

310,107

3,883

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

29,938

24,846

First

Trust

High

Income

Long/Short

Fund

283,244

13,673

First

Trust

Senior

Floating

Rate

Income

Fund

II

136,593

11,466

Invesco

Dynamic

Credit

Opportunities

Fund

e

122,872

21,975

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

b

722,538

12,994

New

America

High

Income

Fund,

Inc.

88,489

55,800

Nuveen

Credit

Strategies

Income

Fund

290,160

16,564

Nuveen

Global

High

Income

Fund

191,811

8,400

Nuveen

Preferred

Income

Opportunities

Fund

64,260

9,400

Nuveen

Quality

Preferred

Income

Fund

II

68,244

17,279

Nuveen

Short

Duration

Credit

Opportunities

Fund

207,866

28,485

PGIM

Global

High

Yield

Fund,

Inc.

326,723

25,434

PGIM

High

Yield

Bond

Fund,

Inc.

313,093

9,093

Pimco

Dynamic

Income

Fund

189,771

2,438

Pioneer

High

Income

Fund,

Inc.

17,212

10,190

SPDR

Bloomberg

High

Yield

Bond

ETF

b

924,335

24,840

Templeton

Emerging

Markets

Income

Fund

133,888

5,580

Tri-Continental

Corporation

146,029

2,450

Vanguard

Short-Term

Corporate

Bond

ETF

186,837

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

52

Shares

Registered

Investment

Companies

(21.5%)

Value

Unaffiliated  (13.4%)-

continued

17,400

Virtus

AllianzGI

Convertible

&

Income

Fund

b

$

64,032

2,775

Virtus

AllianzGI

Equity

&

Convertible

Income

Fund

57,581

14,186

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

163,707

8,102

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

56,390

30,100

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

165,550

55,693

Western

Asset

High

Income

Opportunity

Fund,

Inc.

220,544

Total

8,545,894

Affiliated  (8.1%)

684,446

Thrivent

Core

Emerging

Markets

Debt

Fund

5,133,342

Total

5,133,342

Total

Registered

Investment

Companies

(cost

$16,784,452)

13,679,236

Shares

Preferred

Stock

(

6.6%

)

Value

Communications

Services

(0.6%)

13,375

AT&T,

Inc.,

4.750%

d

256,131

124

Paramount

Global,

Convertible,

5.750%

4,896

6,000

Telephone

and

Data

Systems,

Inc.,

6.000%

d

110,460

Total

371,487

Consumer

Discretionary

(0.2%)

5,500

Ford

Motor

Company,

6.000%

132,055

Total

132,055

Consumer

Staples

(0.1%)

3,200

CHS,

Inc.,

6.750%

c,d

82,048

Total

82,048

Energy

(0.2%)

10,535

Crestwood

Equity

Partners,

LP,

9.250%

d

95,868

525

Energy

Transfer,

LP,

7.600%

c,d

12,233

1,415

Nustar

Logistics,

LP,

7.778%

c

33,889

Total

141,990

Financials

(4.2%)

3,925

Aegon

Funding

Corporation

II,

5.100%

82,425

8,500

Allstate

Corporation,

5.100%

d

190,060

4,000

American

International

Group,

Inc.

5.850%

d

100,800

8,500

Bank

of

America

Corporation,

4.250%

d

157,250

5,000

Bank

of

America

Corporation,

5.000%

d

106,450

1,250

Bank

of

America

Corporation,

5.375%

d

28,662

9

Bank

of

America

Corporation,

Convertible,

7.250%

d

10,840

Shares

Preferred

Stock

(6.6%)

Value

Financials

(4.2%)

-

continued

5,300

Capital

One

Financial

Corporation,

5.000%

d

$

107,325

2,000

Citigroup

Capital

XIII,

7.609%

c

53,600

8,200

Equitable

Holdings,

Inc.,

5.250%

d

173,020

60

First

Horizon

Bank,

3.750%

a,c,d

48,756

3,000

First

Horizon

Corporation,

6.500%

d

76,170

8,500

First

Republic

Bank,

4.500%

d

157,250

7,200

J.P.

Morgan

Chase

&

Company,

4.200%

d

133,488

6,825

J.P.

Morgan

Chase

&

Company,

4.750%

d

145,714

1,900

J.P.

Morgan

Chase

&

Company,

5.750%

d

47,329

5,500

Morgan

Stanley,

5.850%

c,d

136,015

5,800

Morgan

Stanley,

7.125%

b,c,d

152,134

3,500

Regions

Financial

Corporation,

5.700%

c,d

81,655

250

Synovus

Financial

Corporation,

5.875%

c,d

6,208

5,150

Truist

Financial

Corporation,

4.750%

d

103,103

13,500

Wells

Fargo

&

Company,

4.250%

d

237,330

4,500

Wells

Fargo

&

Company,

4.750%

d

87,525

190

Wells

Fargo

&

Company,

Convertible,

7.500%

d

230,947

Total

2,654,056

Health

Care

(0.1%)

528

Becton,

Dickinson

and

Company,

Convertible,

6.000%

26,115

238

Boston

Scientific

Corporation,

Convertible,

5.500%

24,142

4

Danaher

Corporation,

Convertible,

5.000%

5,293

Total

55,550

Industrials

(<0.1%)

126

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

8,491

Total

8,491

Real

Estate

(0.4%)

5,500

Public

Storage,

3.950%

d

100,320

5,950

Public

Storage,

4.125%

b,d

115,787

850

Public

Storage,

4.625%

d

18,692

225

Public

Storage,

4.700%

d

4,968

Total

239,767

Utilities

(0.8%)

394

AES

Corporation,

Convertible,

6.875%

34,014

181

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

9,774

11,500

CMS

Energy

Corporation,

4.200%

d

204,355

540

NextEra

Energy,

Inc.,

Convertible,

4.872%

30,408

181

NextEra

Energy,

Inc.,

Convertible,

5.279%

8,987

46

NiSource,

Inc.,

Convertible,

7.750%

5,231

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

53

Shares

Preferred

Stock

(6.6%)

Value

Utilities

(0.8%)

-

continued

8,800

Southern

Company,

4.950%

$

192,306

Total

485,075

Total

Preferred

Stock

(cost

$5,142,144)

4,170,519

Shares

Collateral

Held

for

Securities

Loaned

(

3.7%

)

Value

2,342,467

Thrivent

Cash

Management

Trust

2,342,467

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,342,467)

2,342,467

Shares

Common

Stock

(

1.5%

)

Value

Communications

Services

(0.1%)

453

AT&T,

Inc.

9,495

109

Charter

Communications,

Inc.

f

51,070

70

Paramount

Global

1,728

37

Twitter,

Inc.

f

1,383

21

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

f

320

Total

63,996

Consumer

Discretionary

(<0.1%)

187

Bloomin'

Brands,

Inc.

3,108

8

Booking

Holdings,

Inc.

f

13,992

193

Callaway

Golf

Company

f

3,937

19

Vail

Resorts,

Inc.

4,143

Total

25,180

Energy

(0.1%)

185

Pioneer

Natural

Resources

Company

41,270

Total

41,270

Financials

(0.5%)

1,466

AG

Mortgage

Investment

Trust,

Inc.

9,895

3,450

Annaly

Capital

Management,

Inc.

20,390

2,200

Apollo

Commercial

Real

Estate

Finance,

Inc.

22,968

134

Bank

of

America

Corporation

4,171

4,300

BlackRock

TCP

Capital

Corporation

53,879

328

Blackstone

Mortgage

Trust,

Inc.

9,076

3,000

Chimera

Investment

Corporation

26,460

1,069

FS

KKR

Capital

Corporation

20,760

5,182

Golub

Capital

BDC,

Inc.

67,159

2,800

Granite

Point

Mortgage

Trust,

Inc.

26,796

39

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

1,477

598

KKR

&

Company,

Inc.

27,681

2,700

Two

Harbors

Investment

Corporation

13,446

131

Wells

Fargo

&

Company

5,131

Total

309,289

Health

Care

(0.2%)

20

Becton,

Dickinson

and

Company

4,931

212

Danaher

Corporation

53,746

131

Elevance

Health,

Inc.

63,218

525

Ionis

Pharmaceuticals,

Inc.

f

19,435

Shares

Common

Stock

(1.5%)

Value

Health

Care

(0.2%)

-

continued

21

Jazz

Pharmaceuticals,

Inc.

f

$

3,276

Total

144,606

Industrials

(0.2%)

221

Aerojet

Rocketdyne

Holdings,

Inc.

f

8,973

267

Chart

Industries,

Inc.

f

44,691

257

FTI

Consulting,

Inc.

f

46,478

123

Greenbrier

Companies,

Inc.

4,427

176

JetBlue

Airways

Corporation

f

1,473

223

Kaman

Corporation

6,969

91

Patrick

Industries,

Inc.

4,717

150

Southwest

Airlines

Company

f

5,418

Total

123,146

Information

Technology

(0.2%)

39

Akamai

Technologies,

Inc.

f

3,562

113

Broadcom,

Inc.

54,897

280

II-VI,

Inc.

f

14,266

110

Lumentum

Holdings,

Inc.

f

8,736

24

Microchip

Technology,

Inc.

1,394

734

ON

Semiconductor

Corporation

f

36,928

1,615

Sabre

Corporation

f

9,415

168

SunPower

Corporation

f

2,656

80

Western

Digital

Corporation

f

3,586

Total

135,440

Real

Estate

(0.1%)

3,300

AGNC

Investment

Corporation

36,531

4,050

New

Residential

Investment

Corporation

37,746

373

Pebblebrook

Hotel

Trust

6,181

Total

80,458

Utilities

(0.1%)

122

American

Electric

Power

Company,

Inc.

11,704

127

DTE

Energy

Company

16,097

67

NextEra

Energy

Partners,

LP

4,969

93

NextEra

Energy,

Inc.

7,204

598

NiSource,

Inc.

17,635

Total

57,609

Total

Common

Stock

(cost

$1,018,195)

980,994

Shares

Short-Term

Investments

(

2.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

173,465

1.630%

1,734,652

Total

Short-Term

Investments

(cost

$1,734,648)

1,734,652

Total

Investments

(cost

$75,239,736)

102.1%

$64,974,153

Other

Assets

and

Liabilities,

Net

(2.1%)

(1,339,145)

Total

Net

Assets

100.0%

$63,635,008

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

54

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

June

30,

2022,

the

value

of

these

investments

was

$16,858,402

or

26.5%

of

total

net

assets.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

June

30,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

d

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

Non-income

producing

security.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Multidimensional

Income

Fund

as

of

June

30,

2022

was

$61,230

or

0.10%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

June

30,

2022.

Security

Acquisition

Date

Cost

Credit

Acceptance

Corporation,

12/31/2024

5/29/2020

$

64,873

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Multidimensional

Income

Fund

as

of

June

30,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

424,407

Common

Stock

1,849,351

Total

lending

$2,273,758

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,342,467

Net

amounts

due

to

counterparty

$68,709

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:

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

$596,783

Gross

unrealized

depreciation

(10,969,931)

Net

unrealized

appreciation

(depreciation)

($10,373,148)

Cost

for

federal

income

tax

purposes

$75,347,301

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

55

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

June

30,

2022,

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

1,201,853

–

1,201,853

–

Capital

Goods

2,269,180

–

2,269,180

–

Collateralized

Mortgage

Obligations

52,456

–

52,456

–

Communications

Services

3,392,284

–

3,392,284

–

Consumer

Cyclical

3,750,360

–

3,750,360

–

Consumer

Non-Cyclical

3,097,934

–

3,097,934

–

Energy

3,598,137

–

3,598,137

–

Financials

13,137,382

–

13,137,382

–

Technology

1,498,798

–

1,498,798

–

Transportation

672,581

–

672,581

–

U.S.

Government

&

Agencies

7,027,355

–

7,027,355

–

Utilities

2,367,965

–

2,367,965

–

Registered

Investment

Companies

Unaffiliated

8,545,894

8,423,022

–

122,872

Preferred

Stock

Communications

Services

371,487

371,487

–

–

Consumer

Discretionary

132,055

132,055

–

–

Consumer

Staples

82,048

82,048

–

–

Energy

141,990

141,990

–

–

Financials

2,654,056

2,605,300

48,756

–

Health

Care

55,550

55,550

–

–

Industrials

8,491

8,491

–

–

Real

Estate

239,767

239,767

–

–

Utilities

485,075

485,075

–

–

Common

Stock

Communications

Services

63,996

63,676

320

–

Consumer

Discretionary

25,180

25,180

–

–

Energy

41,270

41,270

–

–

Financials

309,289

309,289

–

–

Health

Care

144,606

144,606

–

–

Industrials

123,146

123,146

–

–

Information

Technology

135,440

135,440

–

–

Real

Estate

80,458

80,458

–

–

Utilities

57,609

57,609

–

–

Subtotal

Investments

in

Securities

$55,763,692

$13,525,459

$42,115,361

$122,872

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

5,133,342

Affiliated

Short-Term

Investments

1,734,652

Collateral

Held

for

Securities

Loaned

2,342,467

Subtotal

Other

Investments

$9,210,461

Total

Investments

at

Value

$64,974,153

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

30,

2022

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

56

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

12/31/2021

Gross

Purchases

Gross

Sales

Value

6/30/2022

Shares

Held

at

6/30/2022

%

of

Net

Assets

6/30/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$6,320

$709

$425

$5,133

684

8.1%

Total

Affiliated

Registered

Investment

Companies

6,320

5,133

8.1

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.630%

2,534

23,585

24,384

1,735

173

2.7

Total

Affiliated

Short-Term

Investments

2,534

1,735

2.7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

5,020

44,548

47,226

2,342

2,342

3.7

Total

Collateral

Held

for

Securities

Loaned

5,020

2,342

3.7

Total

Value

$13,874

$9,210

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

6/30/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$(106)

$(1,365)

$–

$159

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

1.630%

0

0

–

6

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$165

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

22

Total

Affiliated

Income

from

Securities

Loaned,

Net

$22

Total

$(106)

$(1,365)

$–

Thrivent

Mutual

Funds

Statement

of

Assets

and

Liabilities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

57

As

of

June

30,

2022

(unaudited)

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$1,019,659,403

$64,480,470

Investments

in

affiliated

securities

at

cost

$441,445,225

$10,759,266

Investments

in

unaffiliated

securities

at

value

(#)

$981,352,316

$55,763,692

Investments

in

affiliated

securities

at

value

412,705,814

9,210,461

Cash

—

7,925

Foreign

Currency

649

(a)

—

Initial

margin

deposit

on

open

future

contracts

33,600

—

Dividends

and

interest

receivable

5,579,663

559,993

Prepaid

expenses

44,956

16,773

Receivable

for:

Investments

sold

3,366,309

354,893

Investments

sold

on

a

delayed-delivery

basis

90,210,043

—

Fund

shares

sold

369,128

277,212

Expense

reimbursements

—

17,767

Variation

margin

on

open

future

contracts

1,093,807

—

Variation

margin

on

open

swap

contracts

11,256

—

Total

Assets

1,494,767,541

66,208,716

Liabilities

Distributions

payable

150,741

23,785

Accrued

expenses

117,075

30,837

Cash

overdraft

908,397

—

Foreign

currency

overdraft

—

23

(b)

Payable

for:

Investments

purchased

1,329,724

20,162

Investments

purchased

on

a

delayed-delivery

basis

314,833,505

—

Return

of

collateral

for

securities

loaned

41,591,327

2,342,467

Fund

shares

redeemed

1,012,650

121,625

Variation

margin

on

open

future

contracts

363,071

—

Investment

advisory

fees

516,652

29,560

Administrative

fees

16,169

914

Distribution

fees

110,688

—

Transfer

agent

fees

58,878

2,863

Trustee

fees

1,394

313

Trustee

deferred

compensation

46,795

1,159

Contingent

liabilities^

—

—

Mortgage

dollar

roll

deferred

revenue

135,308

—

Total

Liabilities

361,192,374

2,573,708

Net

Assets

Capital

stock

(beneficial

interest)

1,223,582,235

75,026,492

Distributable

earnings/(accumulated

loss)

(90,007,068)

(11,391,484)

Total

Net

Assets

$1,133,575,167

$63,635,008

Class

A

Share

Capital

$527,835,639

$—

Shares

of

beneficial

interest

outstanding

(Class

A)

79,080,103

—

Net

asset

value

per

share

$6.67

$—

Maximum

public

offering

price

$6.98

$—

Class

S

Share

Capital

$605,739,528

$63,635,008

Shares

of

beneficial

interest

outstanding

(Class

S)

91,789,127

7,453,760

Net

asset

value

per

share

$6.60

$8.54

(#)

Includes

securities

on

loan

of

40,522,828

2,273,758

(a)

Foreign

currency

holdings,

(cost

$692).

(b)

Foreign

currency

holdings,

(cost

$-23).

^

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.

58

For

the

six

months

ended

June

30,

2022

(unaudited)

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

Investment

Income

Dividends

$2,731,906

$437,423

Taxable

interest

10,756,807

918,271

Income

from

mortgage

dollar

rolls

3,269,764

—

Affiliated

income

from

securities

loaned,

net

172,271

22,120

Income

from

affiliated

investments

1,008,995

5,950

Non

cash

income

33,718

33,733

Non

cash

income

from

affiliated

investments

2,599,098

159,274

Foreign

tax

withholding

(7,490)

—

Total

Investment

Income

20,565,069

1,576,771

Expenses

Adviser

fees

3,301,532

189,566

Administrative

service

fees

138,822

40,859

Audit

and

legal

fees

22,364

18,984

Custody

fees

31,617

7,810

Distribution

expenses

Class

A

717,439

—

Insurance

expenses

3,783

2,104

Printing

and

postage

expenses

Class

A

56,160

—

Printing

and

postage

expenses

Class

S

61,897

13,405

SEC

and

state

registration

expenses

63,269

12,327

Transfer

agent

fees

Class

A

207,317

—

Transfer

agent

fees

Class

S

250,643

34,217

Trustees'

fees

13,702

3,932

Other

expenses

50,417

22,308

Total

Expenses

Before

Reimbursement

4,918,962

345,512

Less:

Reimbursement

from

adviser

—

(85,014)

Total

Net

Expenses

4,918,962

260,498

Net

Investment

Income/(Loss)

15,646,107

1,316,273

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(24,331,308)

(722,605)

Affiliated

investments

149

(105,789)

Futures

contracts

(390,947)

—

Foreign

currency

transactions

(65)

—

Swap

agreements

(740)

—

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

(118,804,384)

(10,263,741)

Affiliated

investments

(32,240,406)

(1,365,422)

Futures

contracts

(262,700)

—

Foreign

currency

transactions

(7,974)

—

Swap

agreements

2,759

—

Net

Realized

and

Unrealized

Gains/(Losses)

(176,035,616)

(12,457,557)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$(160,389,509)

$(11,141,284)

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

59

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

For

the

periods

ended

6/30/2022

(unaudited)

12/31/2021

6/30/2022

(unaudited)

12/31/2021

Operations

Net

investment

income/(loss)

$15,646,107

$25,577,067

$1,316,273

$1,705,218

Net

realized

gains/(losses)

(24,722,911)

54,427,779

(828,394)

1,293,430

Change

in

net

unrealized

appreciation/(depreciation)

(151,312,705)

(7,432,212)

(11,629,163)

(487,540)

Net

Change

in

Net

Assets

Resulting

From

Operations

(160,389,509)

72,572,634

(11,141,284)

2,511,108

Distributions

to

Shareholders

From

income/realized

gains

Class

A

(6,936,720)

(37,740,548)

–

–

From

income/realized

gains

Class

S

(8,770,200)

(41,328,473)

(1,454,939)

(2,690,770)

Total

from

income/realized

gains

(15,706,920)

(79,069,021)

(1,454,939)

(2,690,770)

From

return

of

capital

Class

S

–

–

–

(29,610)

Total

From

Return

of

Capital

–

–

–

(29,610)

Total

Distributions

to

Shareholders

(15,706,920)

(79,069,021)

(1,454,939)

(2,720,380)

Capital

Stock

Transactions

Class

A  

Sold

21,730,519

62,138,270

–

–

Distributions

reinvested

6,384,686

35,756,720

–

–

Redeemed

(41,082,414)

(83,562,399)

–

–

Total

Class

A

Capital

Stock

Transactions

(12,967,209)

14,332,591

–

–

Class

S  

Sold

96,294,117

270,772,061

18,046,029

39,790,267

Distributions

reinvested

8,485,885

40,386,946

1,327,922

2,517,244

Redeemed

(84,737,031)

(130,001,331)

(13,374,883)

(9,360,602)

Total

Class

S

Capital

Stock

Transactions

20,042,971

181,157,676

5,999,068

32,946,909

Capital

Stock

Transactions

7,075,762

195,490,267

5,999,068

32,946,909

Net

Increase/(Decrease)

in

Net

Assets

(169,020,667)

188,993,880

(6,597,155)

32,737,637

Net

Assets,

Beginning

of

Period

1,302,595,834

1,113,601,954

70,232,163

37,494,526

Net

Assets,

End

of

Period

$1,133,575,167

$1,302,595,834

$63,635,008

$70,232,163

Capital

Stock

Share

Transactions

Class

A

shares

Sold

2,981,108

7,831,279

–

–

Distributions

reinvested

897,481

4,611,330

–

–

Redeemed

(5,734,894)

(10,550,450)

–

–

Total

Class

A

share

transactions

(1,856,305)

1,892,159

–

–

Class

S

shares

Sold

13,363,716

34,412,683

1,877,196

3,829,163

Distributions

reinvested

1,206,627

5,262,274

143,785

244,415

Redeemed

(11,933,085)

(16,565,478)

(1,422,539)

(903,287)

Total

Class

S

share

transactions

2,637,258

23,109,479

598,442

3,170,291

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

60

(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

may

issue

an

unlimited number

of

shares

in

one

or

more

series

as

the

Board

may

authorize. 

The

Trust includes

two

classes

of

shares:

Class

A

and

Class

S

shares.

The

classes

of

shares

differ

principally

in

their

respective

distribution

expenses

and

other

class-specific

expenses

and

arrangements.

Class

A

shares

have

an

annual

12b-1

fee

of

0.25%

of

average

net

assets, a

reduced

fee

of

0.125%

or

no

fee. 

For

the

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

(the

“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations obtained

from dealers

that

make

markets

in

the

securities.

Exchange-listed

options and

futures

contracts

are

valued

at

the

primary

exchange

settle

price.

Exchange

cleared

swap

agreements

are

valued

at

the

clearinghouse

end

of

day

price. 

Swap

agreements

not

cleared

on

exchanges

will

be

valued at

the

mid-price

from

the

primary

approved

pricing

service. 

Forward

foreign

currency exchange

contracts

are

marked-to-market

based

upon

foreign

currency

exchange

rates

provided

by the

pricing

service. 

Investments

in

open-ended

mutual

funds

are

valued

at

the

net

asset

value

at

the

close

of

each

business

day.

The

Board

has

delegated

responsibility

for

daily

valuation

of

the

Funds'

securities to

the

Funds'

investment

Adviser.

The

Adviser

has

formed

a Valuation

Committee

(the

“Committee”)

that

is

responsible

for

overseeing

the

Funds'

valuation

policies in

accordance

with

Valuation

Policies

and

Procedures. 

The

Committee

meets

on

a

monthly

and

on

an

as-needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation.

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

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

61

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available-for-sale

are

not

categorized

within

the

fair

value

hierarchy.

Valuation

of

International

Securities

—

The

Funds

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

security

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Currency

Translation 

—

The

accounting

records

of

each

Fund

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

daily

closing

rates

of

exchange.

Foreign

currency

amounts

related

to

the

purchase

or

sale

of

securities

and

income

and

expenses

are

translated

at

the

exchange

rate

on

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

or

losses

between

the

trade

date

and

settlement

date

on

securities

transactions,

and

other

translation

gains

or

losses

on

dividends,

interest

income

and

foreign

withholding

taxes.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement

of

Operations.

For

federal

income

tax

purposes,

the

Funds

treat

the

effect

of

changes

in

foreign

exchange

rates

arising

from

actual

foreign

currency

transactions

and

the

changes

in

foreign

exchange

rates

between

the

trade

date

and

settlement

date

as

ordinary

income.

Federal

Income

Taxes 

—

No

provision

has

been

made

for

income

taxes

because

each

Fund’s

policy

is

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code

and

distribute

substantially

all

investment

company

taxable

income

and

net

capital

gain

on

a

timely

basis.

It

is

also

the

intention

of

each

Fund

to

distribute

an

amount

sufficient

to

avoid

imposition

of

any

federal

excise

tax.

The

Funds,

accordingly,

anticipate

paying

no

federal

taxes

and

no

federal

tax

provision

was

recorded.

Each

Fund

is

treated

as

a

separate

taxable

entity

for

federal

income

tax

purposes. Funds

may

utilize

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares

as

part

of

the

dividends

paid

deduction.

 GAAP

requires

management

of

the

Funds

(i.e.,

the

Adviser)

to

make

additional

tax

disclosures

with

respect

to

the

tax

effects

of

certain

income

tax

positions,

whether

those

positions

were

taken

on

previously

filed

tax

returns

or

are

expected

to

be

taken

on

future

returns.

These

positions

must

meet

a

“more

likely

than

not”

standard

that,

based

on

the

technical

merits

of

the

position, it

would

have

a

greater

than

50

percent

likelihood

of

being

sustained

upon

examination.

In

evaluating

whether

a

tax

position

has

met

the

more-

likely-than-not

recognition

threshold,

the

Adviser

must

presume

that

the

position

will

be

examined

by

the

appropriate

taxing

authority

that

has

full

knowledge

of

all

relevant

information.

The

Adviser

analyzed

all

open

tax

years,

as

defined

by

the

statute

of

limitations,

for

all

major

jurisdictions.

Open

tax

years

are

those

that

are

open

for

examination

by

taxing

authorities.

Major

jurisdictions

for

the

Funds

include

U.S.

Federal

and

certain

state

jurisdictions

as

well

as

certain

foreign

countries.

The

Funds'

federal

income

tax

returns

are

subject

to

examination

for

a

period

of

three

years

after

the

filing

of

the

return

for

the

tax

period.

State

returns

may

be

subject

to

examination

for

an

additional

year

depending

on

the

jurisdiction. 

The

Funds

have

no

examinations

in

progress

and

none

are

expected

at

this

time.

As

of

June

30,

2022,

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

June

30,

2022

(unaudited)

62

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.

In

addition,

the

funds

may

claim

a

portion

of

the

payment

made

to redeeming

shareholders

as

a

distribution

for

income

tax

purposes. 

Derivative

Financial

Instruments 

—

Each Fund may

invest

in

derivatives,

a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts and

hybrid

instruments.

Derivatives

are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency.

Each 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.

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

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

63

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Funds

may

be

earmarked

to

cover

open

futures

contracts. A

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the six

months

ended

June

30,

2022,

Diversified

Income

Plus used

treasury

futures

to

manage

the

duration

and

yield

curve

exposure

of

the

respective

Fund

versus its

benchmark.

During

the six

months

ended

June

30,

2022,

Diversified

Income

Plus

used

equity

futures

to

manage

exposure

to

the

equities

market.

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.

Credit

Default

Swaps

—

A

credit

default

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

credit

default

swap

transaction,

a

buyer

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

buyer

of

a

credit

default

swap

is

said

to

buy

protection

whereas

a

seller

of

a

credit

default

swap

is

said

to

sell

protection.

The

Funds

may

be

either

the

protection

seller

or

the

protection

buyer.

Certain

Funds

enter

into

credit

default

derivative

contracts

directly

through

credit

default

swaps

("CDS")

or

through

credit

default

swap

indices

("CDX

Indices").

CDX

Indices

are

static

pools

of

equally

weighted

credit

default

swaps

referencing

corporate

bonds

and/or

loans

designed

to

increase

or

decrease

diversified

credit

exposure

to

these

asset

classes.

Funds

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any

given

CDX

Index

held,

the

maximum

potential

amount

of

future

payments

required

would

be

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract,

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Funds

buy

default

protection

in

order

to

reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-

efficient

and

diversified

structure.

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Fund

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

of

the

reference

entity

obligation

as

of

the

date

of

the

credit

event.

A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement.

For

CDS,

the

default

events

could

be

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money

or

a

restructuring.

A

restructuring

is

a

change

in

the

underlying

obligations

which

could

include

a

reduction

in

interest

or

principal,

maturity

extension

and

subordination

to

other

obligations.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

64

During

the six

months

ended

June

30,

2022,

Diversified

Income

Plus

used

CDX

Indexes

(comprised

of

credit

default

swaps)

to

help

manage

credit

risk

exposures

within

the

Fund.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

The

amounts

presented

in

the

table

below

are

offset

first

by

financial

instruments

that

have

the

right

to

offset

under

master

netting

or

similar

arrangements,

then

any

remaining

amount

is

reduced

by

cash

and

non-cash

collateral

received/pledged. 

The

actual

amounts

of

collateral

may

be

greater

than

the

amounts

presented

in

the

table. 

The

following

table

presents

the

gross

and

net

information

about

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.

During

the

period

between

the

sale

and

repurchase,

the

Funds

forgo

principal

and

interest

paid

on

the

mortgage

securities

sold.

The

Funds

are

compensated

from

negotiated

fees

paid

by

brokers

offered

as

an

inducement

to

the

Funds

to

"roll

over"

their

purchase

commitments,

thus

enhancing

the

yield.

Mortgage

dollar

rolls

may

be

renewed

with

a

new

purchase

and

repurchase

price

and

a

cash

settlement

made

on

settlement

date

without

physical

delivery

of

the

securities

subject

to

the

contract. 

These

purchase

and

sale

transactions

may

increase

portfolio

turnover

rate. 

The

fees

received

are

recognized

over

the

roll

period

and

are

included

in

Income

from

mortgage

dollar

rolls

in

the

Statement

of

Operations.

Securities

Lending 

—

The

Trust

has

entered

into

a

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA

doing

business

as

Goldman

Sachs Agency

Lending ("GSAL"). The

Agreement

authorizes

GSAL

to

lend

securities

to

authorized

borrowers

on

behalf

of

the

Funds.

Pursuant

to

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

to

at

least

102%

of

the

market

value

of U.S.

securities

and

105% of

the

market

value

of non-U.S.

securities.

Daily

market

fluctuations

could

cause

the

value

of

loaned

securities

to

be

more

or

less

than

the

value

of

the

collateral

received. 

Any

additional

collateral

is

adjusted

and

settled

on

the

next

business

day. 

The

Trust

has

the

ability

to

recall

the

loans

at

any

time

and

could

do

so

in

order

to

vote

proxies

or

sell

the

loaned

securities. 

All

cash

collateral

received

is

invested

in

Thrivent

Cash

Management

Trust.

The

Funds

receive dividends

and

interest

that would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral.

Amounts

earned

on

investments

in

Thrivent

Cash

Management

Trust,

net

of

rebates,

fees

paid

to

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

in

affiliated

income

from

securities

loaned,

net on

the

Statement

of

Operations. 

By

investing

any

cash

collateral

it

receives

in

these

transactions,

a

Fund

could

realize

additional

gains

or

losses.

If

the

borrower

fails

to

return

the

securities

or

the

invested

collateral

has

declined

in

value, a

Fund

could

lose

money. 

Generally,

in

the

event

of

borrower

default, a Fund

has

the

right

to

use

the

collateral

to

offset

any

losses

incurred. 

However,

in

the

event a

Fund

is

delayed

or

prevented

from

exercising

its

right

to

dispose

of

the

collateral,

there

may

be

a

potential

loss. 

Some

of

these

losses

may

be

indemnified

by

the

lending

agent. 

As

of

June

30,

2022,

the

value

of

securities

on

loan

is

as

follows:

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

41,591,327

–

41,591,327

40,522,828

–

–

1,068,499

(^)

Multidimensional

Income

Securities

Lending

2,342,467

–

2,342,467

2,273,758

–

–

68,709

(^)

(**)

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.

Fund

Securities

on

Loan

Diversified

Income

Plus

$

40,522,828

Multidimensional

Income

2,273,758

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

65

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.

Stripped

Securities 

—

Certain

Funds

may

invest

in

interest

only

and

principal

only

stripped

mortgage

or

asset

backed

securities.

These

securities

represent

a

participation

in

securities

that

are

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest

only

securities

receive

all

the

interest,

and

principal

only

securities

receive

all

the

principal. 

Interest

only

securities

are

particularly

sensitive

to

changes

in

interest

rates

and

therefore

are

subject

to

greater

fluctuation

in

prices

than

typical

interest

bearing

debt

securities.

As

interest

rates

rise,

the

value

of

the

interest

only

security

increases.

Similarly,

as

interest

rates

decrease,

the

value

of

the

interest

only

security

decreases. If

the

underlying

pool

of

mortgages

or

assets

experience

greater

than

anticipated

prepayments

of

principal, a

Fund

may

not

fully

recoup

its

initial

investment

in

an

interest

only

security.

Principal

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

market

value

of

these

securities

is

also

highly

sensitive

to

changes

in

interest

rates. 

As

interest

rates

increase,

the

price

of

the

principal

only

security

decreases. 

Similarly,

as

interest

rates

decrease,

the

price

of

the

principal

only

security

increases. 

The

principal

only

security

represents

the

payment

with

the

longest

maturity,

therefore

making

it

the

most

sensitive

to

interest

rate

changes. 

Accounting

Estimates 

—

The

preparation

of

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Contingent

Liabilities 

—

In

the

event

of

adversary

action

proceedings

where

a

Fund

is

a

defendant,

a

loss

contingency

will

not

be

accrued

as

a

liability

until

the

amount

of

potential

damages

and

the

likelihood

of

loss

can

be

reasonably

estimated. 

For

the six

months

ended

June

30,

2022,

no

contingent

liabilities

were

reported.

Litigation 

—

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date. 

If

the

Fund

no

longer

owns

the

applicable

securities,

the

proceeds

are

recorded

as

realized

gains. 

Bank Loans

(Leveraged Loans) 

—

Certain

Funds

may

invest

in

bank

loans,

which

are

senior

secured

loans

that

are

made

by

banks

or

other

lending

institutions

to

companies

that

are

typically

rated

below

investment

grade. 

A Fund

may

invest

in

multiple

series

or

tranches

of

a

bank

loan,

with

varying

terms

and

different

associated

risks. 

Transactions

in

bank

loan

securities

may

settle

on

a

delayed

basis,

which

may

result

in

the

proceeds

of

the

sale

to

not

be

readily

available

for

a Fund

to

make

additional

investments. 

Interest

rates

of

bank

loan

securities

typically

reset

periodically,

as

the

rates

are

tied

to

a

reference

index

rate,

plus

a

premium. 

Income

is

recorded

daily

on

bank

loan

securities. 

On

an

ongoing

basis,

a Fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

of

the

bank

loan. 

This

commitment

fee

is

accrued

as

income

over

the

term

of

the

bank

loan. 

A Fund

may

receive

consent

and

amendment

fees

for

accepting

an

amendment

to

the

current

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

Funding

Rate

plus,

in

each

case,

0.10%

plus

a

margin

of 1.25%. 

Each

borrowing

under

the

credit

facility

matures

no

later

than

30

calendar

days

after

the

date

of

the

borrowing. 

Each

participating

Fund

pays

a commitment

fee

in

proportion

to

their

respective

net

assets. 

The

line

of

credit

shall

expire

on

December

27,

2022

unless

extended

by

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

66

mutual

agreement

of

State

Street

Bank

and

Trust

Company

and

the

Funds. 

The

Funds

had

no

borrowings

during

the six

months

ended

June

30,

2022.

Recent

Accounting

Pronouncements 

—

Reference

Rate

Reform

In

March

2020,

the

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 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 December

31,

2022. 

At

this

time,

management

is

evaluating

implications

of

these

changes

on

the

financial

statement

disclosures. 

Management

is

also

currently

actively

working

with

other

financial

institutions

and

counterparties

to

modify

contracts

as

required

by

applicable

regulation

and

within

the

regulatory

deadline.

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

six

months

ended June

30,

2022,

contractual

expense

reimbursements

to

limit

expenses

to

the

following

percentages

were

in

effect: 

1

Expense

waiver

changed

from

0.85%

to

0.71%

effective

2/28/2022.

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,

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

Fund

as

a

result

of

its

investment

in

any

other

mutual

fund

for

which

the

Adviser

or

an

affiliate

serves

as

investment

adviser,

other

than

Thrivent

Cash

Management

Trust. 

Distribution

Plan 

— Thrivent

Distributors,

LLC

is

the

Trust's

distributor. 

The

Trust

has

adopted

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act. 

Class

A

shares

have

an

annual 12b-1

fee

of 0.25%

of

average

net

assets, a

reduced

fee

of

0.125%

or

no

fee. 

For

the

Funds

presented

under

this

shareholder

report,

Class

A

shares

have

an annual 12b-1

fee of

0.25%.  

Sales

Charges

and

Other

Fees 

—

For

the six

months

ended

June

30,

2022,

Thrivent

Investment

Management

Inc. and

Thrivent

Distributors,

LLC

received

$24,191

of

aggregate

underwriting

concessions

from

the

sales

of

the

Trust’s

Class

A

shares.

Sales

charges

are

not

an

expense

of

the

Trust

and

are

not

reflected

in

the

financial

statements

of

any

of

the

Funds.

The

Trust

has

entered

into

an

accounting

and

administrative

services

agreement

with

Thrivent

Asset

Mgt.

pursuant

to

which

Thrivent

Asset

Mgt.

provides

certain

accounting

and

administrative

personnel

and

services

to

the

Funds.

The

Funds pay

an

annual

fixed

fee

on

a

per-fund

basis plus

percentage

of net assets

to

Thrivent

Asset

Mgt. 

These

fees

are

accrued

daily

and paid

monthly. 

For

the six

months

ended

June

30,

2022,

Thrivent

Asset

Mgt.

received

aggregate

fees

for

accounting

and

administrative

personnel

and

services

of $179,681

from

the

Funds

covered

in

this

shareholder

report.

The

Trust

has

entered

into

an

agreement

with

Thrivent

Financial

Investor

Services

Inc.

(“Thrivent

Investor

Services”)

to

provide transfer

agency

and

dividend

payment services

necessary

to

the

Funds

on

a

per-account

basis

for

direct-at-fund

accounts,

and

sub

transfer

agency

services

based

on

assets

under

management

for

third

party

intermediary

accounts.

These

fees

are

accrued

daily

and

paid

monthly. 

For

the six

months

ended

June

30,

2022,

Thrivent

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

$1,500M

Over

$1,500

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.

45

0%

0.

45

0%

0.

45

0%

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

1

N/A

0.71%

2/28/2023

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

67

Investor

Services

received

$495,963 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 $21,161

in

fees

from

the

Funds

covered

in

this

shareholder

report

for

the

six

months

ended

June

30,

2022.

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 six

months

ended June

30,

2022,

none

of

the Funds borrowed

cash

through

the

Program. 

(4)

TAX

INFORMATION

Distributions

are

based

on

amounts

calculated

in

accordance

with

applicable

federal

income

tax

regulations,

which

may

differ

from

GAAP.

To

the

extent

these

differences

are

permanent

in

nature,

such

amounts

are

reclassified

within

the

capital

accounts

based

on

their

federal

tax-basis

treatment;

temporary

differences

do

not

require

reclassifications. 

At

fiscal

year-end,

the

character

and

amount

of

distributions,

on

a

tax

basis

and

components

of

distributable

earnings,

are

finalized. 

Therefore,

as

of

June

30,

2022,

the

tax-basis

balance

has

not

yet

been

determined. 

(5)

SECURITY

TRANSACTIONS 

Purchases

and

Sales

of

Investment

Securities 

—

For

the

six

months

ended

June

30,

2022,

the

cost

of

purchases

and

the

proceeds

from

sales

of

investment

securities,

other

than

U.S.

Government

and

short-term

securities,

were

as

follows:

Purchases

and

Sales

of

U.S.

Government

Securities

were: 

Investments

in

Restricted

Securities 

—

Certain

Funds

may

own

restricted

securities which

were

purchased

in

private

placement

transactions

without

registration

under

the

Securities

Act

of

1933.

Unless

such

securities

subsequently

become

registered,

they

generally

may

be

resold

only

in

privately

negotiated

transactions

with

a

limited

number

of

purchasers.

As

of

June

30,

2022,

the

following

Funds

held

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),

In

thousands

Fund

Purchases

Sales/

Paydowns

Diversified

Income

Plus

$166,457

$161,559

Multidimensional

Income

17,760

13,986

In

thousands

Fund

Purchases

Sales/

Paydowns

Diversified

Income

Plus

$1,860,975

$1,856,198

Multidimensional

Income

7,588

5,307

Fund

Number

of

Securities

Percent

of

Fund's

Net

Assets

Diversified

Income

Plus

1

0.05%

Multidimensional

Income

1

0.10%

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

68

common

Trustees

and/or

common

officers

complies

with

Rule

17a-

7

of

the

1940

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

executed

at

the

current

market

price. 

During

the six

months

ended

June

30,

2022, Diversified

Income

Plus Fund engaged

in purchase

transactions

in

the

amount

of

$2,165,239,

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

June

30,

2022, 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

market

sector, or

due

to

impacts

from

domestic

or

global

events,

including the

spread

of

infectious

illness,

public

health

threats,

war,

terrorism,

natural

disasters or

similar

events.

As

of June

30,

2022,

the

following

Funds

had

portfolio

concentration

greater

than

25%

in

certain

sectors.

(10)

SIGNIFICANT

RISKS

Investing

in

the

Funds

involves

risks. 

The

following

is

an

alphabetical

list

of

significant

risks

in

investing

in

the

Funds. 

The

risks

applicable

to

each

Fund

are

listed

in

the

Portfolio

Perspectives

section

above. 

Allocation

Risk

— The

Fund’s

investment

performance

depends

upon

how

its

assets

are

allocated

across

broad

asset

categories

and

applicable

sub-classes

within

such

categories.

Some

broad

asset

categories

and

sub-classes

may

perform

below

expectations

or

the

securities

markets

generally

over

short

and

extended

periods.

Therefore,

a

principal

risk

of

investing

in

the

Fund

is

that

the

allocation

strategies

used

and

the

allocation

decisions

made

will

not

produce

the

desired

results.

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

Fund

Sector

%

of

Total

Net

Assets

Multidimensional

Income

Financials

25.3%

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

69

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,

options,

credit

default

swaps,

and

total

return

swaps)

involves

additional

risks

and

transaction

costs

which

could

leave

a

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Changes

in

the

value

of

the

derivative

may

not

correlate

as

intended

with

the

underlying

asset,

rate

or

index,

and

a

Fund

could

lose

much

more

than

the

original

amount

invested.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

Derivatives

are

also

subject

to

the

risk

that

the

other

party

in

the

transaction

will

not

fulfill

its

contractual

obligations.

Some

derivatives

may

give

rise

to

a

form

of

economic

leverage,

and

may

expose

the

Fund

to

greater

risk

and

increase

its

costs.

Such

leverage

may

cause

the

Fund

to

liquidate

portfolio

positions

when

it

may

not

be

advantageous

to

do

so

to

satisfy

its

obligations

or

to

meet

any

required

asset

segregation

requirements.

Increases

and

decreases

in

the

value

of

the

Fund’s

portfolio

will

be

magnified

when

the

Fund

uses

leverage.

Futures

contracts,

options

on

futures

contracts,

forward

contracts,

and

options

on

derivatives

can

allow

the

Fund

to

obtain

large

investment

exposures

in

return

for

meeting

relatively

small

margin

requirements.

As

a

result,

investments

in

those

transactions

may

be

highly

leveraged.

The

success

of

a

Fund’s

derivatives

strategies

will

depend

on

the

Adviser’s

ability

to

assess

and

predict

the

impact

of

market

or

economic

developments

on

the

underlying

asset,

index

or

rate

and

the

derivative

itself,

without

the

benefit

of

observing

the

performance

of

the

derivative

under

all

possible

market

conditions.

Swap

agreements

may

involve

fees,

commissions

or

other

costs

that

may

reduce

a

Fund’s

gains

from

a

swap

agreement

or

may

cause

a

Fund

to

lose

money.

Futures

contracts

are

subject

to

the

risk

that

an

exchange

may

impose

price

fluctuation

limits,

which

may

make

it

difficult

or

impossible

for

a

Fund

to

close

out

a

position

when

desired.  

Emerging

Markets

Risk

—

The

risks

and

volatility

of

investing

in

foreign

securities

is

increased

in

connection

with

investments

in

emerging

markets.

The

economic,

political

and

market

structures

of

developing

countries

in

emerging

markets,

in

most

cases,

are

not

as

strong

as

the

structures

in

the

U.S.

or

other

developed

countries

in

terms

of

wealth,

stability,

liquidity

and

transparency.

A

Fund

may

not

achieve

its

investment

objective

and

portfolio

performance

will

likely

be

negatively

affected

by

portfolio

exposure

to

countries

and

corporations

domiciled

in,

or

with

revenue

exposures

to,

countries

in

the

midst

of,

among

other

things,

hyperinflation,

currency

devaluation,

trade

disagreements,

sudden

political

upheaval

or

interventionist

government

policies,

and

the

risks

of

such

events

are

heightened

within

emerging

market

countries.

Fund

performance

may

also

be

negatively

affected

by

portfolio

exposure

to

countries

and

corporations

domiciled

in,

or

with

revenue

exposures

to,

countries

with

less

developed

or

unreliable

legal,

tax,

regulatory,

accounting,

recordkeeping

and

corporate

governance

systems

and

standards.

In

particular,

there

may

be

less

publicly

available

and

transparent

information

about

issuers

in

emerging

markets

than

would

be

available

about

issuers

in

more

developed

capital

markets

because

such

issuers

may

not

be

subject

to

accounting,

auditing

and

financial

reporting

standards

and

requirements

comparable

to

those

to

which

U.S.

companies

are

subject.

Emerging

markets

may

also

have

differing

legal

systems,

many

of

which

provide

fewer

security

holder

rights

and

practical

remedies

to

pursue

claims

than

are

available

for

securities

of

companies

in

the

U.S.

or

other

developed

countries,

including

class

actions

or

fraud

claims.

Significant

buying

or

selling

actions

by

a

few

major

investors

may

also

heighten

the

volatility

of

emerging

market

securities.  

Equity

Security

Risk

—

Equity

securities

held

by

the

Fund

may

decline

significantly

in

price,

sometimes

rapidly

or

unpredictably,

over

short

or

extended

periods

of

time,

and

such

declines

may

occur

because

of

declines

in

the

equity

market

as

a

whole,

or

because

of

declines

in

only

a

particular

country,

geographic

region,

company,

industry,

or

sector

of

the

market.

From

time

to

time,

the

Fund

may

invest

a

significant

portion

of

its

assets

in

companies

in

one

particular

country

or

geographic

region

or

one

or

more

related

sectors

or

industries

which

would

make

the

Fund

more

vulnerable

to

adverse

developments

affecting

such

countries,

geographic

regions,

sectors

or

industries.

Equity

securities

are

generally

more

volatile

than

most

debt

securities.

ETF Risk 

—

An

ETF

is

subject

to

the

risks

of

the

underlying

investments

that

it

holds.

In

addition,

for

index-based

ETFs,

the

performance

of

an

ETF

may

diverge

from

the

performance

of

such

index

(commonly

known

as

tracking

error).

ETFs

are

subject

to

fees

and

expenses

(like

management

fees

and

operating

expenses)

that

do

not

apply

to

an

index,

and

the

Fund

will

indirectly

bear

its

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

70

proportionate

share

of

any

such

fees

and

expenses

paid

by

the

ETFs

in

which

it

invests.

Because

ETFs

trade

on

an

exchange,

there

is

a

risk

that

an

ETF

will

trade

at

a

discount

to

net

asset

value

or

that

investors

will

fail

to

bring

the

trading

price

in

line

with

the

underlying

shares

(known

as

the

arbitrage

mechanism).

There

is

the

possibility

that

an

ETF

may

experience

a

lack

of

liquidity

that

can

result

in

greater

volatility

than

its

underlying

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.

It

is

possible

that

issuers

of

U.S.

government

securities

will

not

have

the

funds

to

meet

their

payments

obligations

in

the

future.

Health

Crisis

Risk

—

The

global

pandemic

outbreak

of

COVID-19

has

resulted

in

substantial

market

volatility

and

global

business

disruption.

The

ongoing

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.

The

full

impact

of

the

COVID-19

pandemic

and

future

pandemics

cannot

accurately

be

predicted

and

may

negatively

impact

the

value

of

the

Fund’s

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.

During

periods

of

low

interest

rates,

the

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates.  

Investment

Adviser

Risk

—

The

Fund

is

actively

managed

and

the

success

of

its

investment

strategy

depends

significantly

on

the

skills

of

the

Adviser

in

assessing

the

potential

of

the

investments

in

which

the

Fund

invests.

The

Fund’s

incorporation

of

ESG

considerations

in

the

investment

process

may

exclude

securities

of

certain

issuers

for

non-investment

reasons

and

therefore

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

do

not

screen

for

ESG

attributes.

The

assessment

of

potential

Fund

investments

and

ESG

considerations

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

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

71

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.

As

a

result,

market

participants

have

begun

transitioning

away

from

LIBOR,

but

certain

obstacles

remain

with

regard

to

converting

certain

securities

and

transactions

to

a

new

benchmark

or

benchmarks.

Although

many

LIBOR

rates

were

phased

out

at

the

end

of

2021

as

originally

intended,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

until

June

2023

in

order

to

assist

with

the

transition.

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.

Any

additional

regulatory

or

market

changes

that

occur

as

a

result

of

the

transition

away

from

LIBOR

and

the

adoption

of

alternative

reference

rates

may

have

an

adverse

impact

on

the

value

of

the

Fund's

investments,

performance

or

financial

condition,

and

might

lead

to

increased

volatility

and

illiquidity

in

markets

that

currently

rely

on

LIBOR

to

determine

interest

rates.

Liquidity

Risk

—

Liquidity

is

the

ability

to

sell

a

security

relatively

quickly

for

a

price

that

most

closely

reflects

the

actual

value

of

the

security.

To

the

extent

that

dealers

do

not

maintain

inventories

of

bonds

that

keep

pace

with

the

growth

of

the

bond

markets

over

time,

relatively

low

levels

of

dealer

inventories

could

lead

to

decreased

liquidity

and

increased

volatility

in

the

fixed

income

markets,

particularly

during

periods

of

economic

or

market

stress.

As

a

result

of

this

decreased

liquidity,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.  

Market Risk

—

Over

time,

securities

markets

generally

tend

to

move

in

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline.

The

value

of

the

Fund’s

investments

may

move

with

these

cycles

and,

in

some

instances,

increase

or

decrease

more

than

the

applicable

market(s)

as

measured

by

the

Fund’s

benchmark

index(es).

The

securities

markets

may

also

decline

because

of

factors

that

affect

a

particular

industry

or

market

sector,

or

due

to

impacts

from

domestic

or

global

events,

including

the

spread

of

infectious

illness,

public

health

threats,

war,

terrorism,

natural

disasters

or

similar

events.

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.

Mortgage-backed

securities

are

also

subject

to

extension

risk,

which

is

the

risk

that

when

interest

rates

rise,

certain

mortgage-backed

securities

will

be

paid

in

full

by

the

issuer

more

slowly

than

anticipated.

This

can

cause

the

market

value

of

the

security

to

fall

because

the

market

may

view

its

interest

rate

as

low

for

a

longer-term

investment.

Other

Funds

Risk

—

Because

the

Fund

invests

in

other

funds,

the

performance

of

the

Fund

is

dependent,

in

part,

upon

the

performance

of

other

funds

in

which

the

Fund

may

invest.

As

a

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

30,

2022

(unaudited)

72

result,

the

Fund

is

subject

to

the

same

risks

as

those

faced

by

the

other

funds.

In

addition,

other

funds

may

be

subject

to

additional

fees

and

expenses

that

will

be

borne

by

the

Fund.

Portfolio

Turnover

Rate

Risk

—

The

Fund

may

engage

in

active

and

frequent

trading

of

portfolio

securities

in

implementing

its

principal

investment

strategies.

A

high

rate

of

portfolio

turnover

(100%

or

more)

involves

correspondingly

greater

expenses

which

are

borne

by

the

Fund

and

its

shareholders

and

may

also

result

in

short-term

capital

gains

taxable

to

shareholders.

Preferred

Securities

Risk

—

There

are

certain

additional

risks

associated

with

investing

in

preferred

securities,

including,

but

not

limited

to,

preferred

securities

may

include

provisions

that

permit

the

issuer,

at

its

discretion,

to

defer

or

omit

distributions

for

a

stated

period

without

any

adverse

consequences

to

the

issuer;

preferred

securities

are

generally

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

in

terms

of

having

priority

to

corporate

income

and

liquidation

payments,

and

therefore

will

be

subject

to

greater

credit

risk

than

more

senior

debt

instruments;

preferred

securities

may

be

substantially

less

liquid

than

many

other

securities,

such

as

common

stocks

or

U.S.

Government

securities;

generally,

traditional

preferred

securities

offer

no

voting

rights

with

respect

to

the

issuing

company

unless

preferred

dividends

have

been

in

arrears

for

a

specified

number

of

periods,

at

which

time

the

preferred

security

holders

may

elect

a

number

of

directors

to

the

issuer’s

board;

and

in

certain

varying

circumstances,

an

issuer

of

preferred

securities

may

redeem

the

securities

prior

to

a

specified

date.

Prepayment

Risk

—

When

interest

rates

fall,

certain

obligations

will

be

paid

off

by

the

obligor

more

quickly

than

originally

anticipated,

and

a

Fund

may

have

to

invest

the

proceeds

in

securities

with

lower

yields.

In

periods

of

falling

interest

rates,

the

rate

of

prepayments

tends

to

increase

(as

does

price

fluctuation)

as

borrowers

are

motivated

to

pay

off

debt

and

refinance

at

new

lower

rates.

During

such

periods,

reinvestment

of

the

prepayment

proceeds

by

the

management

team

will

generally

be

at

lower

rates

of

return

than

the

return

on

the

assets

that

were

prepaid.

Prepayment

generally

reduces

the

yield

to

maturity

and

the

average

life

of

the

security.

Quantitative

Investing

Risk

—

Securities

selected

according

to

a

quantitative

analysis

methodology

can

perform

differently

from

the

market

as

a

whole

based

on

the

model

and

the

factors

used

in

the

analysis,

the

weight

placed

on

each

factor

and

changes

in

the

factor’s

historical

trends.

Such

models

are

based

on

assumptions

relating

to

these

and

other

market

factors,

and

the

models

may

not

take

into

account

certain

factors,

or

perform

as

intended,

and

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Among

other

risks,

results

generated

by

such

models

may

be

impaired

by

errors

in

human

judgment,

data

imprecision,

software

or

other

technology

systems

malfunctions,

or

programming

flaws.

Such

models

may

not

perform

as

expected

or

may

underperform

in

periods

of

market

volatility.

Real

Estate

Investment

Trust

(“REIT”)

Risk

—

REITs

generally

can

be

divided

into

three

types:

equity

REITs,

mortgage

REITs,

and

hybrid

REITs

(which

combine

the

characteristics

of

equity

REITs

and

mortgage

REITs).

Equity

REITs

will

be

affected

by

changes

in

the

values

of,

and

income

from,

the

properties

they

own,

while

mortgage

REITs

may

be

affected

by

the

credit

quality

of

the

mortgage

loans

they

hold.

All

REIT

types

may

be

affected

by

changes

in

interest

rates.

The

effect

of

rising

interest

rates

is

generally

more

pronounced

for

high

dividend

paying

stock

than

for

stocks

that

pay

little

or

no

dividends.

This

may

cause

the

value

of

real

estate

securities

to

decline

during

periods

of

rising

interest

rates,

which

would

reduce

the

overall

return

of

the

Fund.

REITs

are

subject

to

additional

risks,

including

the

fact

that

they

are

dependent

on

specialized

management

skills

that

may

affect

the

REITs’

abilities

to

generate

cash

flows

for

operating

purposes

and

for

making

investor

distributions.

REITs

may

have

limited

diversification

and

are

subject

to

the

risks

associated

with

obtaining

financing

for

real

property.

As

with

any

investment,

there

is

a

risk

that

REIT

securities

and

other

real

estate

industry

investments

may

be

overvalued

at

the

time

of

purchase.

In

addition,

a

REIT

can

pass

its

income

through

to

its

investors

without

any

tax

at

the

entity

level

if

it

complies

with

various

requirements

under

the

Internal

Revenue

Code.

There

is

the

risk,

however,

that

a

REIT

held

by

the

Fund

will

fail

to

qualify

for

this

tax-free

pass-through

treatment

of

its

income.

By

investing

in

REITs

indirectly

through

the

Fund,

in

addition

to

bearing

a

proportionate

share

of

the

expenses

of

the

Fund,

you

will

also

indirectly

bear

similar

expenses

of

the

REITs

in

which

the

Fund

invests.

Regulatory

Risk

—

Legal,

tax,

and

regulatory

developments

may

adversely

affect

the

Funds.

Securities

and

futures

markets

are

subject

to

comprehensive

statutes,

regulations,

and

margin

requirements

enforced

by

the

SEC,

other

regulators

and

self-regulatory

organizations,

and

exchanges

authorized

to

take

extraordinary

actions

in

the

event

of

market

emergencies.

The

regulatory

environment

for

the

Funds

is

evolving,

and

changes

in

the

regulation

of

investment

funds,

managers,

and

their

trading

activities

and

capital

markets,

or

a

regulator’s

disagreement

with

the

Funds’

interpretation

of

the

application

of

certain

regulations,

may

adversely

affect

the

ability

of

a

Fund

to

pursue

its

investment

strategy,

its

ability

to

obtain

leverage

and

financing,

and

the

value

of

investments

held

by

the

Fund.

Sovereign

Debt

Risk

—

Sovereign

debt

securities

are

issued

or

guaranteed

by

foreign

governmental

entities.

These

investments

are

subject

to

the

risk

that

a

governmental

entity

may

delay

or

refuse

to

pay

interest

or

repay

principal

on

its

sovereign

debt,

due,

for

example,

to

cash

flow

problems,

insufficient

foreign

currency

reserves,

political

considerations,

the

relative

size

of

the

governmental

entity’s

debt

position

in

relation

to

the

economy

or

the

failure

to

put

in

place

economic

reforms

required

by

the

International

Monetary

Fund

or

other

multilateral

agencies.

If

a

governmental

entity

defaults,

it

may

ask

for

more

time

in

which

to

pay

or

for

further

loans.

There

is

no

legal

process

for

collecting

sovereign

debts

that

a

government

does

not

pay

nor

are

there

bankruptcy

proceedings

through

which

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid

may

be

collected.

Thrivent

Mutual

Funds

Financial

Highlights

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

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

Net

Realized

Gain

on

Investments

Diversified

Income

Plus

Fund

Class

A

Shares

Period

Ended

6/30/2022

(unaudited)

$

7.70

$

0.09

$

(1.03)

$

(0.94)

$

(0.09)

$

–

Year

Ended

12/31/2021

7.71

0.16

0.32

0.48

(0.16)

(0.33)

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)

–

Class

S

Shares

Period

Ended

6/30/2022

(unaudited)

7.62

0.09

(1.01)

(0.92)

(0.10)

–

Year

Ended

12/31/2021

7.63

0.18

0.32

0.50

(0.18)

(0.33)

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)

–

Multidimensional

Income

Fund

Class

S

Shares

Period

Ended

6/30/2022

(unaudited)

10.24

0.18

(1.68)

(1.50)

(0.20)

–

Year

Ended

12/31/2021

10.17

0.36

0.21

0.57

(0.36)

(0.13)

Year

Ended

12/31/2020

10.06

0.43

0.11

0.54

(0.4

1

)

–

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

(d)

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)

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

(d)

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

(c)

$

–

$

(0.09)

$

6.67

(12.32)%

$

527.8

0.94%

2.43%

0.94%

2.43%

171%

–

(0.49)

7.70

6.22%

623.5

0.93%

2.01%

0.93%

2.01%

268%

–

(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%

–

(0.10)

6.60

(12.20)%

605.7

0.69%

2.68%

0.69%

2.68%

171%

–

(0.51)

7.62

6.55%

679.1

0.68%

2.28%

0.68%

2.28%

268%

–

(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%

–

(0.20)

8.54

(14.82)%

63.6

0.76%

3.82%

1.00%

3.57%

29%

(0.01)

(0.50)

10.24

5.72%

70.2

0.85%

3.38%

1.09%

3.14%

44%

(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)

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

30

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

The

Trust

files

its

Schedule

of

Investments

on

Form

N-PORT

with

the

SEC.

Part

F

of

each

Fund’s

N-PORT

filing

for

the

first

and

third

fiscal

quarters

will

include

the

complete

schedule

of

investments.

The

Trust’s

most

recent

Schedule

of

Investments

can

be

found

at

SEC.gov.

Liquidity

Risk

Management

Program

Pursuant

to

Rule

22e-4

under

the

1940

Act,

the

Funds

other

than

Thrivent

Money

Market

Fund

have

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Liquidity

Program”)

designed

to

assess

and

manage

each

Fund’s

liquidity

risk

(defined

by

the

U.S.

Securities

and

Exchange

Commission

as

the

risk

that

a

Fund

could

not

meet

shareholder

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

Fund).

The

Board,

including

a

majority

of

the

independent

Trustees,

designated

Thrivent

Asset

Management,

LLC

(“TAM”),

the

Funds’

investment

adviser,

as

the

liquidity

risk

management

program

administrator

(the

“Program

Administrator”).

The

Program

Administrator

has

delegated

oversight

of

the

Liquidity

Program

to

the

Liquidity

Risk

Management

Committee

(the

“LRM

Committee”).

The

LRM

Committee

is

comprised

of

representatives

of

TAM.

The

Liquidity

Program

is

comprised

of

various

components

designed

to

support

the

assessment

and/or

management

of

liquidity

risk,

including:

(1)

the

periodic

assessment

(no

less

frequently

than

annually)

of

each

Fund’s

liquidity

risk

based

on

a

variety

of

factors;

(2)

the

periodic

classification

(no

less

frequently

than

monthly)

of

a

Fund’s

investments

into

one

of

four

liquidity

categories

based

on

the

number

of

days

in

which

the

Fund

reasonably

expects

the

investment

to

be

convertible

to

cash

(or

sold

or

disposed

of,

in

the

case

of

less

liquid

or

illiquid

investments)

under

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

and

taking

into

account

the

affect

of

trading

varying

portions

of

the

investment

in

sizes

that

the

Fund

would

reasonably

anticipate

trading;

(3)

a

15%

limit

on

the

acquisition

of

“illiquid

investments”

(as

defined

under

Rule

22e-4);

(4)

for

any

Fund

that

does

not

invest

primarily

in

“highly

liquid

investments”

(as

defined

under

Rule

22e-4),

the

determination

of

a

minimum

percentage

of

the

Fund’s

assets

that

will

generally

be

invested

in

highly

liquid

investments;

and

(5)

periodic

reporting

to

the

Board.

Among

other

things,

Rule

22e-4

requires

that

a

written

report

(the

“Report”)

be

provided

to

the

Board

on

an

annual

basis

that

addresses

the

operation

of

the

Liquidity

Program

and

assesses

the

adequacy

and

effectiveness

of

its

implementation,

including

the

operation

of

any

Highly

Liquidity

Investment

Minimum

(“HLIM”)

established

for

a

Fund

and

any

material

changes

to

the

Liquidity

Program.

At

a

meeting

of

the

Board

on

February

22-23,

2022,

the

LRM

Committee,

on

behalf

of

the

Program

Administrator,

provided

the

Report

to

the

Board

for

the

period

from

January

1,

2021

through

December

31,

2021

(the

“Reporting

Period”).

The

Report

summarized

the

operation

of

the

Liquidity

Program

and

the

information

and

factors

considered

by

the

LRM

Committee

in

assessing

whether

the

Liquidity

Program

has

been

adequately

and

effectively

implemented

for

each

Fund.

The

Report

discussed,

among

other

things:

(1)

the

framework

used

to

assess,

manage,

and

periodically

review

each

Fund’s

liquidity

risk

during

normal

and

stressed

periods

and

the

results

of

the

annual

assessment;

(2)

the

methodologies

used

to

classify

investments

into

one

of

four

liquidity

categories,

including

a

review

of

LRM

Committee-approved

overrides

of

vendor

classifications;

(3)

whether

any

Fund

invested

more

than

15%

of

its

assets

in

“illiquid

investments”

(as

defined

under

Rule

22e-4);

and

(4)

the

LRM

Committee’s

oversight

of

vendors

used

by

the

Liquidity

Program,

including

assessment

of

the

vendors’

classification

methodologies

used

in

determining

preliminary

liquidity

classifications.

There

were

no

material

changes

to

the

Liquidity

Program

during

the

Reporting

Period.

The

Report

also

noted

that

no

Fund

was

required

to

determine

a

minimum

percentage

of

its

net

assets

that

must

be

invested

in

highly

liquid

investments

(an

“HLIM”

under

the

Liquidity

Program).

The

Report

concluded

that

the

Liquidity

Program

operated

effectively

during

the

Reporting

Period

and

that

the

LRM

Committee

had

no

recommended

material

changes

based

on

its

annual

assessment

of

the

Liquidity

Program.

There

can

be

no

assurance

that

the

Liquidity

Program

will

achieve

its

objectives

under

all

circumstances

in

the

future.

Please

refer

to

the

Funds’

prospectus

for

more

information

regarding

each

Fund’s

exposure

to

liquidity

risk

and

other

risks

to

which

it

may

be

subject.

PRSRT

STD

US

POSTAGE

PAID

Thrivent

Financial

4321

N.

Ballard

Rd.

Appleton,

WI

54919-0001

24042SAR

R8-22

The

distributor

for

Thrivent

Mutual

Funds

is

Thrivent

Distributors,

LLC,

a

registered

broker/dealer,

member

of

FINRA

/

SIPC

and

a

subsidiary

of

Thrivent,

the

marketing

name

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