United States
Securities and Exchange Commission
Washington, D.C. 20549
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, 2021
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)(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
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 27, 2021 Thrivent Mutual Funds
By: /s/ David S. Royal
David S. Royal
President and Chief Investment Officer
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Date: August 27, 2021 By: /s/ David S. Royal
David S. Royal
President and Chief Investment Officer
(principal executive officer)
Date: August 27, 2021 By: /s/ Gerard V. Vaillancourt
Gerard V. Vaillancourt
Treasurer and Principal Accounting Officer
(principal financial officer)
Thrivent
Diversified
Income
Plus
Fund
Thrivent
Multidimensional
Income
Fund
Semiannual
Report
Mutual
Funds
June
30,
2021
Table
of
Contents
Letter
from
the
President
2
Letter
from
the
Chief
Investment
Officer
4
Portfolio
Perspectives
Thrivent
Diversified
Income
Plus
Fund
6
Thrivent
Multidimensional
Income
Fund
7
Shareholder
Expense
Example
8
Schedule
of
Investments
Thrivent
Diversified
Income
Plus
Fund
9
Thrivent
Multidimensional
Income
Fund
41
Statement
of
Assets
and
Liabilities
55
Statement
of
Operations
56
Statement
of
Changes
in
Net
Assets
57
Notes
to
Financial
Statements
58
Financial
Highlights
72
Additional
Information
74
2
Dear
Shareholder:
2
It
has
certainly
been
an
interesting
couple
of
quarters
in
the
markets.
I’m
sure
we’re
all
pleased
to
see
the
economy
growing
at
a
rapid
clip
and
people
returning
to
work
as
our
society
reopens.
Interest
rates
rose
rapidly
to
begin
the
year
as
inflation
picked
up,
but
actually
declined
toward
the
end
of
the
second
quarter.
In
the
first
half
of
2021,
we’ve
also
seen
the
rise,
and
sometimes
fall,
of
so-called
“meme”
stocks. And,
of
course,
we’ve
seen
tremendous
volatility
in
cryptocurrencies,
such
as
Bitcoin.
It
can
seem
like
a
lot
to
process
–
and
it
is
–
but
I’ll
begin
by
taking
a
step
back
and
sharing
a
personal
story
that
may
provide
some
perspective.
My
elder
son,
Walter,
got
his
first
job
this
summer.
He’s
15.
It’s
not
that
he
hasn’t
worked
before
–
he’s
mowed
lawns,
shoveled
snow
and
other
work
for
folks
in
our
community.
And,
unfortunately
last
summer
many
businesses
were
still
closed
or
at
least
not
hiring
young
kids.
This
summer
he
is
working
as
a
lifeguard
at
a
local
pool.
He’s
a
competitive
swimmer,
so
being
around
a
pool
comes
naturally
to
him.
When
Walter
received
his
first
paycheck,
I
took
the
opportunity
to
share
some
lessons
about
personal
finance.
For
example,
as
a
young
person,
there’s
probably
nothing
better
you
can
do
than
save
some
of
your
paycheck
and
consider
funding
a
Roth
IRA.
The
potential
investment
gains
can
accumulate
tax
free
over
hopefully
many
decades,
when
certain
Roth
IRA
rules
are
met.
At
Thrivent,
we
take
a
long-term
view
of
investing.
We’re
investors
and
not
short-term
traders.
We
invest
in
companies
we
believe
in
for
the
longer
term.
But
this
is
where
the
current
market
environment
can
make
it
challenging
to
pass
along
this
approach
to
investing,
whether
to
a
teenager
or
to
the
many
adults
with
whom
I
speak.
“Did
you
hear
about
Emily?
She
made
a
bunch
of
money
investing
in
cryptocurrency.”
Or,
“my
friend
Jose
bought
GameStop
options
and
now
he’s
rich!”
In
many
cases,
I
suspect
that
the
results
have
been
exaggerated,
but
there’s
no
question
that
when
one
invests
in
a
highly
volatile
asset,
there
is
the
potential
for
high
returns
(and
big
losses).
The
lesson
I’d
like
to
teach
Walter
is
not
to
gamble
or
expect
to
make
a
bunch
of
money
overnight.
The
odds
of
achieving
one’s
goals
are
a
lot
higher
over
a
longer
time
period,
but
it’s
always
a
temptation
to
want
things
now.
I’m
not
saying,
however,
that
one
shouldn’t
take
investment
risk.
Most
folks
would
benefit
from
working
with
their
financial
advisor
to
determine
the
level
of
risk
that
is
appropriate
for
them.
My
caution
about
making
large
bets
in
highly
volatile
assets
isn’t
to
say
that
one
shouldn’t
take
investment
risk,
but
rather
that
if
one
is
going
to
take
a
given
level
of
risk,
it
would
be
more
effective
over
the
long
term
to
take
such
risk
in
a
diversified
portfolio.
Walter
has
an
investment
horizon
of,
I
would
hope,
70
years
or
more.
He
should
take
quite
a
bit
of
investment
risk
with
his
little
nest
egg
(assuming
he
actually
listens
to
me
and
saves
some).
We
spend
a
lot
of
time,
energy
and
resources
and
have
entire
teams
of
people
at
Thrivent
who
manage
investment
risk.
As
a
long-term
investor,
I
would
personally
prefer
to
take
my
investment
risk
by
investing
in
companies
we
like
that
are
growing
or
companies
that
we
believe
are
undervalued
or
unappreciated
rather
than
a
short-
term
gamble
on
a
highly
volatile
asset.
By
not
making
a
big
short-term
bet,
an
investor
can
actually
take
more
long-term
risk
and
have
the
potential
for
attractive
outcomes.
Even
if
an
investor
has
a
“quick
win”
by
flipping
a
meme
stock
or
other
asset,
that
investor
has
to
decide
how
to
reinvest
those
proceeds.
How
many
times
do
you
want
to
flip
a
coin
or
otherwise
make
a
binary
bet?
I’d
much
rather
bet
on
a
diversified
portfolio
that
has
a
risk
level
that
is
appropriate
for
me
and
take
those
returns
over
the
long
term.
So,
what
is
the
message
I
want
my
son
to
learn
as
he
works
his
first
job?
Don’t
try
to
get
rich
quickly. That
can
work
occasionally,
but
only
very
rarely.
There
are
no
guarantees
in
investing
but
achieving
your
financial
goals
in
a
disciplined
manner
over
time,
especially
with
the
help
of
a
financial
advisor,
gives
you
much
better
odds
–
even
in
an
environment
such
as
this
year’s
when
a
lot
of
assets
seem
frothy.
Our
team
of
over
100
investment
professionals
at
Thrivent
thanks
you
for
the
confidence
you’ve
placed
in
us.
It
is
a
trust
we
take
very
seriously.
I’ve
done
some
virtual
events
with
shareholders
during
the
pandemic,
which
I’ve
very
much
enjoyed.
But
I
have
to
say
that
there’s
nothing
like
meeting
with
folks
in
person,
whether
it’s
in
a
church
basement
of
a
large
community
center,
to
share
my
thoughts
and,
more
importantly,
hear
yours.
I
look
forward
to
seeing
you
in
person
again.
Please
stay
safe,
and
on
behalf
of
our
entire
Thrivent
team,
we
wish
you
all
the
best
for
the
remainder
of
2021
and
beyond.
David
S.
Royal
President
and
Chief
Investment
Officer
Thrivent Mutual
Funds
4
Dear
Shareholder:
4
With
the
pandemic
waning
and
the
economy
revving
up,
stocks
have
continued
to
set
new
highs
in
2021.
The
S&P
500®
Index
moved
up
14.41%
in
the
first
six
months
of
2021
(15.25%
including
dividends).
(The
S&P
500
is
a
market-cap-weighted
index
that
represents
the
average
performance
of
a
group
of
500
large
capitalization
stocks.)
But
the
economic
resurgence,
along
with
rising
consumer
sentiment
and
a
strong
recovery
in
the
oil
market,
has
triggered
a
surge
in
the
cost
of
living.
Over
the
12-month
period
through
June,
the
Consumer
Price
Index
(CPI),
which
is
a
key
measure
of
inflation,
rose
5.4%,
the
largest
one-year
increase
since
1992.
While
mounting
inflation
could
stall
the
economic
recovery,
Federal
Reserve
(Fed)
Chair
Jerome
Powell
recently
told
Congress
that
he
believes
prices
will
“stop
going
up
and
ultimately
start
to
decline”
as
the
recovery
stabilizes.
Powell
added:
“This
reflects,
in
part,
the
very
low
readings
from
early
in
the
pandemic
falling
out
of
the
calculation;
the
pass-
through
of
past
increases
in
oil
prices
to
consumer
energy
prices;
the
rebound
in
spending
as
the
economy
continues
to
reopen;
and
the
exacerbating
factor
of
supply
bottlenecks,
which
have
limited
how
quickly
production
in
some
sectors
can
respond
in
the
near
term.
As
these
transitory
supply
effects
abate,
inflation
is
expected
to
drop
back
toward
our
longer-run
goal.”
Oil
prices
continued
to
rally
in
the
second
quarter,
reaching
their
highest
level
in
more
than
two
years,
as
global
travel
continued
to
rebound.
The
price
of
West
Texas
Intermediate,
a
grade
of
crude
oil
used
as
a
benchmark
in
oil
pricing,
moved
up
24.19%
in
the
second
quarter,
from
$59.16
at
the
end
of
the
March
to
$73.47
at
the
close
of
June.
Through
the
first
six
months
of
2021,
the
price
of
oil
jumped
51.42%.
Gasoline
prices
have
also
surged
this
year,
with
the
average
price
per
gallon
rising
from
$2.31
at
the
end
of
2020
to
$3.15
at
the
close
of
the
second
quarter
–
a
36.43%
increase.
The
Nasdaq
Index
was
up
12.54%
through
the
first
half
of
2021,
from
13,246.87
at
the
end
of
2020
to
14,503.95
at
the
June
close.
(The
Nasdaq
–
National
Association
of
Securities
Dealers
Automated
Quotations
–
is
an
electronic
stock
exchange
with
more
than
3,300
company
listings.)
Economic
Review
With
businesses
reopening,
gross
domestic
product
(GDP)
grew
at
a
rate
of
6.4%
(annualized)
in
the
first
quarter
of
2021,
according
to
the
revised
estimate
by
the
Bureau
of
Economic
Analysis
issued
June
24,
2021.
That
follows
GDP
growth
of
4.3%
annualized
in
the
fourth
quarter
of
2020.
According
to
the
report,
the
GDP
growth
reflected
increases
in
personal
consumption
expenditures
(PCE),
nonresidential
fixed
investment,
federal
government
spending,
residential
fixed
investment,
and
state
and
local
government
spending.
The
employment
picture
continued
to
brighten
in
the
second
quarter,
with
850,000
new
jobs
added
in
June,
although
the
unemployment
rate
was
little
changed,
sliding
from
6.0%
at
the
end
of
the
first
quarter
to
5.9%
at
the
end
of
the
second
quarter,
according
to
the
Department
of
Labor
(DOL).
Retail
sales
have
begun
to
recover,
as
businesses
have
reopened.
Retail
and
food
services
sales
for
June
were
up
0.6%
from
the
previous
month,
and
18.0%
above
June
2020,
according
to
the
Department
of
Commerce
retail
report
issued
July
16.
Total
sales
for
the
April
2021
through
June
2021
period
were
up
31.5%
from
the
same
period
a
year
ago.
Clothing
and
clothing
accessories
stores
were
up
47.1%
from
June
2020,
while
food
services
and
drinking
places
were
up
40.2%
from
a
year
earlier.
Auto
sales
were
up
19.5%
from
a
year
earlier;
building
material
sales
were
up
6.8%;
electronics
and
appliance
stores
were
up
37.3%,
and
non-store
retailers
(primarily
online)
were
up
12.0%
from
a
year
earlier.
Market
Review
Eight
of
the
11
sectors
of
the
S&P
500
made
gains
in
2020,
led
by
Information
Technology,
up
43.89%,
Consumer
Discretionary,
up
33.30%,
Communications
Services,
up
23.61%,
and
Materials,
up
20.73%.
The
three
sectors
that
posted
losses
for
the
year
were
Energy,
down
33.68%,
Real
Estate,
down
2.17%,
and
Financials,
down
1.69%
after
making
a
strong
recovery
in
the
fourth
quarter.
In
the
international
markets,
the
MSCI
EAFE
Index,
which
measures
performance
of
developed-economy
stocks
in
Europe,
Asia
and
Australia,
was
up
5.43%
in
2020
after
a
strong
fourth
quarter
rally.
Although
yields
were
at
historic
lows,
the
bond
market
was
solid
in
2020,
with
the
Bloomberg
Barclays
U.S.
Aggregate
Bond
Index,
which
tracks
a
broad
range
of
investment-grade
bonds,
up
7.51%
for
the
year.
Our
Outlook
Overall,
the
key
supports
to
the
economy
and
markets
remain
in
place.
However,
valuations
also
remain
very
elevated,
especially
in
the
fixed-income
market.
With
interest
rates
remaining
stubbornly
at
levels
that
are
well
below
reported
or
expected
inflation,
fixed-income
returns
will
continue
to
be
lackluster
at
best.
But
exceptionally
low
interest
rates
continue
to
be
a
bulwark
against
any
significant
correction
in
the
equity
markets.
We
remain
moderately
overweighted
in
equities.
But
in
such
a
high
valuation
market,
with
inflation
signals
flashing
warning
signs,
Fed
policy
possibly
being
in
transition,
and
growth
likely
peaking,
we
continue
to
believe
this
is
not
a
time
to
be
aggressively
positioned
in
the
portfolios.
Security
selection,
focusing
on
quality,
durability,
and
solid
fundamentals
regardless
of
sector
is
expected
to
prevail
as
the
second
half
of
the
year
unfolds.
Outside
the
U.S.
equity
market,
the
developed
markets,
particularly
Asia
and
Europe,
appear
to
be
in
a
better
position
than
the
emerging
markets.
Emerging
markets
may
be
challenged
by
rising
interest
rates,
a
stronger
dollar
and
declining
commodity
markets.
5
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
6
Thrivent
Diversified
Income
Plus
Fund
Stephen
D.
Lowe,
CFA, Gregory
R.
Anderson,
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.
Portfolio
Composition
(%
of
Portfolio)
Long-Term
Fixed
Income
45.4%
Short-Term
Investments
18.8%
Common
Stock
15.4%
Registered
Investment
Companies
11.6%
Bank
Loans
7.6%
Preferred
Stock
1.2%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
Emerging
Markets
Debt
Fund
8.5%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
5.1%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
4.8%
Thrivent
Core
International
Equity
Fund
3.2%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
2.7%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
2.6%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
1.3%
Government
National
Mortgage
Association
30-Yr.
Pass
Through
1.1%
Invesco
Senior
Loan
ETF
1.1%
Microsoft
Corporation
0.7%
These
securities
represent
31.1%
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
19.1%
Affiliated
Registered
Investment
Companies
11.7%
Financials
11.2%
Consumer
Discretionary
7.2%
Information
Technology
6.7%
Communications
Services
5.7%
Consumer
Staples
5.4%
Collateralized
Mortgage
Obligations
5.3%
Materials
4.8%
Energy
3.7%
7
Thrivent
Multidimensional
Income
Fund
Gregory
R.
Anderson,
CFA,
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,
emerging
markets,
foreign
securities,
market,
mortgage-backed
and
other
asset-backed
securities,
LIBOR,
convertible
securities,
government
securities,
issuer,
investment
adviser,
conflicts
of
interest,
sovereign
debt,
liquidity,
derivatives,
other
funds,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
Emerging
Markets
Debt
Fund
10.0%
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
4.6%
U.S.
Treasury
Notes
4.4%
U.S.
Treasury
Bonds
2.3%
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
1.9%
Invesco
Senior
Loan
ETF
0.9%
BlackRock
Core
Bond
Trust
0.7%
BlackRock
Credit
Allocation
Income
Trust
0.7%
SPDR
Bloomberg
Barclays
Short
Term
High
Yield
Bond
ETF
0.7%
Bank
of
America
Corporation
0.6%
These
securities
represent
26.8%
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
23.0%
Unaffiliated
Registered
Investment
Companies
20.5%
Affiliated
Fixed
Income
Holdings
10.0%
Energy
6.7%
U.S.
Government
&
Agencies
6.7%
Consumer
Cyclical
6.4%
Communications
Services
5.3%
Consumer
Non-Cyclical
5.1%
Utilities
3.0%
Technology
2.8%
8
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,
2021
through
June
30,
2021.
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
1/1/2021
Ending
Account
Value
6/30/2021
Expenses
Paid
during
Period
1/1/2021
-
6/30/2021
*
Annualized
Expense
Ratio
Thrivent
Diversified
Income
Plus
Fund
Actual
Class
A
$1,000
$1,042
$4.72
0.93%
Class
S
$1,000
$1,044
$3.50
0.69%
Hypothetical
**
Class
A
$1,000
$1,020
$4.66
0.93%
Class
S
$1,000
$1,021
$3.46
0.69%
Thrivent
Multidimensional
Income
Fund
Actual
Class
S
$1,000
$1,050
$4.32
0.85%
Hypothetical
**
Class
S
$1,000
$1,021
$4.26
0.85%
*
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,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
9
Principal
Amount
Bank
Loans
(
9.0%
)
a
Value
Basic
Materials
(0.5%)
Ball
Metalpack
Finco,
LLC,
Term
Loan
$
169,750
4.635%,
(LIBOR
3M
+
4.500%),
7/31/2025
b
$
168,336
Hexion,
Inc.,
Term
Loan
643,899
3.710%,
(LIBOR
3M
+
3.500%),
7/1/2026
b
642,824
INEOS
US
Petrochem,
LLC,
Term
Loan
990,000
3.250%,
(LIBOR
1M
+
2.750%),
1/29/2026
b
986,595
Innophos
Holdings,
Inc.,
Term
Loan
641,875
3.604%,
(LIBOR
1M
+
3.500%),
2/7/2027
b
639,738
Momentive
Performance
Materials
USA,
LLC,
Term
Loan
610,540
3.360%,
(LIBOR
1M
+
3.250%),
5/15/2024
b
606,217
Nouryon
USA,
LLC,
Term
Loan
1,490,881
3.133%,
(PRIME
+
1.750%),
10/1/2025
b
1,478,775
Pixelle
Specialty
Solutions,
LLC,
Term
Loan
1,133,655
7.500%,
(LIBOR
1M
+
6.500%),
10/31/2024
b
1,132,952
Sparta
US
HoldCo,
LLC,
Term
Loan
185,000
0.000%,
(LIBOR
1M
+
3.500%),
4/30/2028
b,c,d
185,057
Venator
Finance
SARL,
Term
Loan
741,150
3.104%,
(LIBOR
1M
+
3.000%),
8/8/2024
b
733,738
Total
6,574,232
Capital
Goods
(1.0%)
Flex
Acquisition
Company,
Inc.,
Term
Loan
1,292,022
3.395%,
(LIBOR
3M
+
3.250%),
6/29/2025
b
1,278,663
265,000
4.000%,
(LIBOR
3M
+
3.500%),
3/2/2028
b
263,731
Gemini
HDPE,
LLC,
Term
Loan
922,819
3.500%,
(LIBOR
3M
+
3.000%),
12/31/2027
b
920,900
GFL
Environmental,
Inc.,
Term
Loan
995,000
3.500%,
(LIBOR
1M
+
3.000%),
5/31/2025
b
995,139
Groupe
Solmax,
Inc.,
Term
Loan
535,000
0.000%,
(LIBOR
1M
+
4.750%),
6/28/2028
b,c,d
532,325
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
916,269
3.354%,
(LIBOR
1M
+
3.250%),
4/3/2024
b
893,509
Natgasoline,
LLC,
Term
Loan
775,125
3.625%,
(LIBOR
1M
+
3.500%),
11/14/2025
b,e
773,187
Navistar,
Inc.,
Term
Loan
1,301,288
3.600%,
(LIBOR
1M
+
3.500%),
11/6/2024
b
1,301,287
Principal
Amount
Bank
Loans
(9.0%)
a
Value
Capital
Goods
(1.0%)
-
continued
Pactiv
Evergreen
Group
Holdings,
Inc.,
Term
Loan
$
452,803
2.854%,
(LIBOR
1M
+
2.750%),
2/5/2023
b
$
451,671
646,750
3.354%,
(LIBOR
1M
+
3.250%),
2/5/2026
b
642,132
Quikrete
Holdings
Inc.,
Term
Loan
750,000
0.000%,
(LIBOR
1M
+
3.000%),
6/11/2028
b,c,d
743,670
TransDigm,
Inc.,
Term
Loan
2,270,425
2.354%,
(LIBOR
1M
+
2.250%),
12/9/2025
b
2,235,143
TricorBraun
Holdings,
Inc.,
Delayed
Draw
211,171
3.250%,
(LIBOR
3M
+
3.250%),
3/3/2028
b,c,d
209,509
TricorBraun
Holdings,
Inc.,
Term
Loan
938,830
3.750%,
(LIBOR
3M
+
3.250%),
3/3/2028
b
931,441
Total
12,172,307
Communications
Services
(1.7%)
Altice
France
SA,
Term
Loan
571,200
2.936%,
(LIBOR
3M
+
2.750%),
7/31/2025
b
560,964
Cablevision
Lightpath,
LLC,
Term
Loan
930,325
3.750%,
(LIBOR
1M
+
3.250%),
12/1/2027
b
930,325
CCI
Buyer,
Inc.,
Term
Loan
239,400
4.750%,
(LIBOR
3M
+
4.000%),
12/17/2027
b
239,656
CommScope,
Inc.,
Term
Loan
1,650,600
3.354%,
(LIBOR
1M
+
3.250%),
4/4/2026
b
1,641,175
E.W.
Scripps
Company,
Term
Loan
428,950
3.750%,
(LIBOR
1M
+
3.000%),
1/7/2028
b
428,414
Eagle
Broadband
Investments,
LLC,
Term
Loan
1,547,225
3.750%,
(LIBOR
3M
+
3.000%),
11/12/2027
b
1,545,771
Entercom
Media
Corporation,
Term
Loan
868,202
2.595%,
(LIBOR
1M
+
2.500%),
11/17/2024
b
858,869
iHeartCommunications,
Inc.,
Term
Loan
745,539
3.104%,
(LIBOR
1M
+
3.000%),
5/1/2026
b
738,553
Intermediate
Dutch
Holdings,
Term
Loan
568,575
4.080%,
(LIBOR
1M
+
4.000%),
3/5/2028
b
569,183
Lumen
Technologies,
Inc.,
Term
Loan
657,200
2.354%,
(LIBOR
1M
+
2.250%),
3/15/2027
b
647,835
Meredith
Corporation,
Term
Loan
803,910
5.250%,
(LIBOR
3M
+
4.250%),
1/31/2025
b
820,993
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
10
Principal
Amount
Bank
Loans
(9.0%)
a
Value
Communications
Services
(1.7%)
-
continued
Metronet
Systems
Holdings,
LLC,
Delayed
Draw
$
85,000
4.500%,
(LIBOR
1M
+
3.750%),
6/2/2028
b,c,d
$
84,936
Metronet
Systems
Holdings,
LLC,
Term
Loan
765,000
4.500%,
(LIBOR
1M
+
3.750%),
6/2/2028
b
764,426
NEP
Group,
Inc.,
Term
Loan
1,287,000
3.354%,
(LIBOR
1M
+
3.250%),
10/20/2025
b
1,251,608
Nexstar
Broadcasting,
Inc.,
Term
Loan
1,450,445
2.592%,
(LIBOR
1M
+
2.500%),
9/19/2026
b
1,446,413
ORBCOMM,
Inc.,
Term
Loan
670,000
0.000%,
(LIBOR
1M
+
4.250%),
6/17/2028
b,c,d
668,325
Radiate
Holdco,
LLC,
Term
Loan
2,203,925
4.250%,
(LIBOR
1M
+
3.500%),
9/25/2026
b
2,204,741
Terrier
Media
Buyer,
Inc.,
Term
Loan
1,208,925
3.604%,
(LIBOR
1M
+
3.500%),
12/17/2026
b
1,202,203
Univision
Communications,
Inc.,
Term
Loan
625,000
0.000%,
(LIBOR
1M
+
3.250%),
5/7/2028
b,c,d
622,138
Voyage
Australia
Property,
Ltd.,
Term
Loan
640,000
0.000%,
(LIBOR
1M
+
3.500%),
5/27/2028
b,c,d,e
640,000
WideOpenWest
Finance,
LLC,
Term
Loan
1,186,953
4.250%,
(LIBOR
1M
+
3.250%),
8/19/2023
b
1,183,000
Xplornet
Communications,
Inc.,
Term
Loan
956,814
4.854%,
(LIBOR
1M
+
4.750%),
6/10/2027
b
956,470
Total
20,005,998
Consumer
Cyclical
(1.6%)
ACProducts
Holdings,
Inc.,
Term
Loan
1,205,000
4.417%,
(LIBOR
3M
+
4.250%),
5/17/2028
b
1,198,119
Caesars
Resort
Collection,
LLC,
Term
Loan
1,235,663
4.604%,
(LIBOR
1M
+
4.500%),
7/20/2025
b
1,238,752
Carnival
Corporation,
Term
Loan
625,000
0.000%,
(LIBOR
1M
+
3.000%),
6/30/2025
b,c,d
624,375
Cengage
Learning,
Inc.,
Term
Loan
610,149
5.250%,
(LIBOR
1M
+
4.250%),
6/7/2023
b
610,478
1,250,000
0.000%,
(LIBOR
1M
+
4.750%),
6/29/2026
b,c,d
1,250,788
Principal
Amount
Bank
Loans
(9.0%)
a
Value
Consumer
Cyclical
(1.6%)
-
continued
CP
Atlas
Buyer,
Inc.,
Term
Loan
$
758,100
4.250%,
(LIBOR
1M
+
3.750%),
11/23/2027
b
$
755,651
Golden
Entertainment,
Inc.,
Term
Loan
1,751,199
3.750%,
(LIBOR
1M
+
3.000%),
10/20/2024
b
1,738,065
Golden
Nugget,
LLC,
Term
Loan
917,369
3.250%,
(LIBOR
2M
+
2.500%),
10/4/2023
b
909,957
Harbor
Freight
Tools
USA,
Inc.,
Term
Loan
1,203,950
3.750%,
(LIBOR
1M
+
3.000%),
10/19/2027
b
1,203,143
LCPR
Loan
Financing,
LLC,
Term
Loan
790,000
3.823%,
(LIBOR
1M
+
3.750%),
10/15/2028
b
790,498
Michaels
Companies,
Inc.,
Term
Loan
1,240,000
5.000%,
(LIBOR
3M
+
4.250%),
4/15/2028
b
1,244,514
Osmosis
Debt
Merger
Sub,
Inc.,
Delayed
Draw
85,000
0.000%,
(LIBOR
1M
+
4.000%),
6/17/2028
b,c,d
85,212
Osmosis
Debt
Merger
Sub,
Inc.,
Term
Loan
680,000
0.000%,
(LIBOR
1M
+
4.000%),
6/17/2028
b,c,d
681,700
Raptor
Acquisition
Corporation,
Term
Loan
425,000
0.000%,
(LIBOR
1M
+
4.000%),
11/1/2026
b,c,d
425,531
Scientific
Games
International,
Inc.,
Term
Loan
3,283,700
2.854%,
(LIBOR
1M
+
2.750%),
8/14/2024
b
3,259,072
Staples,
Inc.,
Term
Loan
350,919
4.676%,
(LIBOR
3M
+
4.500%),
9/12/2024
b
344,652
571,683
5.176%,
(LIBOR
3M
+
5.000%),
4/12/2026
b
556,322
Stars
Group
Holdings
BV,
Term
Loan
758,421
3.647%,
(LIBOR
3M
+
3.500%),
7/10/2025
b
758,520
Tenneco,
Inc.,
Term
Loan
927,366
3.104%,
(LIBOR
1M
+
3.000%),
10/1/2025
b
916,238
Truck
Hero,
Inc.,
Term
Loan
209,475
4.500%,
(LIBOR
1M
+
3.750%),
2/24/2028
b
209,370
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
680,750
1.854%,
(LIBOR
1M
+
1.750%),
5/30/2025
b
674,793
Total
19,475,750
Consumer
Non-Cyclical
(1.6%)
Adient
US,
LLC,
Term
Loan
330,000
3.604%,
(LIBOR
1M
+
3.500%),
4/8/2028
b
329,898
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
11
Principal
Amount
Bank
Loans
(9.0%)
a
Value
Consumer
Non-Cyclical
(1.6%)
-
continued
Bausch
Health
Americas,
Inc.,
Term
Loan
$
1,607,399
3.104%,
(LIBOR
1M
+
3.000%),
6/1/2025
b
$
1,599,973
Blue
Ribbon,
LLC,
Term
Loan
849,656
6.750%,
(LIBOR
3M
+
6.000%),
5/7/2028
b
837,336
Chobani,
LLC,
Term
Loan
481,363
4.500%,
(LIBOR
1M
+
3.500%),
10/23/2027
b
482,166
City
Brewing
Company,
LLC,
Term
Loan
485,000
4.250%,
(LIBOR
3M
+
3.500%),
4/5/2028
b,e
486,819
CNT
Holdings
I
Corporation,
Term
Loan
623,437
4.500%,
(LIBOR
3M
+
3.750%),
11/8/2027
b
623,437
175,000
7.500%,
(LIBOR
3M
+
6.750%),
11/6/2028
b,e
177,188
Dole
Food
Company,
Inc.,
Term
Loan
1,255,499
3.750%,
(LIBOR
1M
+
2.750%),
4/6/2024
b
1,253,929
Endo
Luxembourg
Finance
Company
I
Sarl,
Term
Loan
588,525
5.750%,
(LIBOR
3M
+
5.000%),
3/25/2028
b
567,009
Gainwell
Acquistion
Corporation,
Term
Loan
1,246,867
4.750%,
(LIBOR
3M
+
4.000%),
10/1/2027
b
1,249,673
Global
Medical
Response,
Inc.,
Term
Loan
280,575
5.250%,
(LIBOR
3M
+
4.250%),
3/14/2025
b
281,125
2,849,950
5.750%,
(LIBOR
3M
+
4.750%),
10/2/2025
b
2,860,637
Lonza
Specialty
Ingredients,
Term
Loan
1,165,000
0.000%,
(LIBOR
1M
+
4.000%),
5/14/2028
b,c,d
1,165,629
MPH
Acquisition
Holdings,
LLC,
Term
Loan
2,283,977
3.750%,
(LIBOR
3M
+
2.750%),
6/7/2023
b
2,277,239
Ortho-Clinical
Diagnostics
SA,
Term
Loan
1,425,300
3.089%,
(LIBOR
1M
+
3.000%),
6/30/2025
b
1,423,775
PetSmart,
Inc.,
Term
Loan
1,470,000
4.500%,
(LIBOR
3M
+
3.750%),
2/12/2028
b
1,470,368
Precision
Medicine
Group,
LLC,
Delayed
Draw
118,846
3.750%,
(LIBOR
1M
+
3.000%),
11/20/2027
b,c,d
118,400
Precision
Medicine
Group,
LLC,
Term
Loan
906,598
3.750%,
(LIBOR
3M
+
3.000%),
11/20/2027
b
903,198
Principal
Amount
Bank
Loans
(9.0%)
a
Value
Consumer
Non-Cyclical
(1.6%)
-
continued
Sotera
Health
Holdings,
LLC,
Term
Loan
$
595,000
3.250%,
(LIBOR
3M
+
2.750%),
12/13/2026
b
$
592,275
Total
18,700,074
Energy
(0.1%)
Calpine
Corporation,
Term
Loan
1,203,950
2.610%,
(LIBOR
1M
+
2.500%),
12/16/2027
b
1,195,125
Lealand
Finance
Company
BV,
Term
Loan
275,562
0.000%,PIK
3.000%,
(LIBOR
1M
+
4.000%),
6/30/2025
b,f
122,396
Total
1,317,521
Financials
(0.5%)
Asurion,
LLC,
Term
Loan
398,000
3.354%,
(LIBOR
1M
+
3.250%),
12/23/2026
b
393,276
1,306,725
3.354%,
(LIBOR
1M
+
3.250%),
8/3/2027
b
1,291,475
810,000
5.354%,
(LIBOR
1M
+
5.250%),
2/3/2028
b
815,735
Digicel
International
Finance,
Ltd.,
Term
Loan
937,565
3.430%,
(LIBOR
3M
+
3.250%),
5/27/2024
b
898,309
MoneyGram
International,
Inc.,
Term
Loan
729,120
7.000%,
(LIBOR
1M
+
6.000%),
6/30/2023
b
735,369
NCR
Corporation,
Term
Loan
1,099,688
2.690%,
(LIBOR
3M
+
2.500%),
8/28/2026
b,e
1,085,941
Northriver
Midstream
Finance,
LP,
Term
Loan
621,811
3.452%,
(LIBOR
3M
+
3.250%),
10/1/2025
b
616,109
Tiger
Acquisition,
LLC,
Term
Loan
410,000
3.750%,
(LIBOR
3M
+
3.250%),
6/1/2028
b
408,848
Total
6,245,062
Technology
(1.0%)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
986,743
3.686%,
(LIBOR
3M
+
3.500%),
8/21/2026
b
962,489
Crown
Subsea
Communications
Holding,
Inc.,
Term
Loan
1,189,041
5.750%,
(LIBOR
1M
+
5.000%),
4/27/2027
b
1,195,973
Gogo
Intermediate
Holdings,
LLC,
Term
Loan
1,065,000
4.500%,
(LIBOR
3M
+
3.750%),
4/30/2028
b
1,062,338
Lummus
Technology
Holdings
V,
LLC,
Term
Loan
633,413
3.604%,
(LIBOR
1M
+
3.500%),
6/30/2027
b
629,226
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
12
Principal
Amount
Bank
Loans
(9.0%)
a
Value
Technology
(1.0%)
-
continued
Prime
Security
Services
Borrower,
LLC,
Term
Loan
$
2,748,112
3.500%,
(LIBOR
3M
+
2.750%),
9/23/2026
b
$
2,745,117
Rackspace
Technology
Global,
Inc.,
Term
Loan
1,770,562
3.500%,
(LIBOR
3M
+
2.750%),
2/9/2028
b
1,760,010
Redstone
Holdco
2
LP,
Delayed
Draw
172,107
5.500%,
(LIBOR
1M
+
4.750%),
4/27/2028
b,c,d
171,533
127,144
0.000%,
(LIBOR
1M
+
7.750%),
4/27/2029
b,c,d
124,706
Redstone
Holdco
2
LP,
Term
Loan
439,740
5.500%,
(LIBOR
3M
+
4.750%),
4/27/2028
b
438,276
221,726
8.500%,
(LIBOR
3M
+
7.750%),
4/27/2029
b
217,475
SS&C
Technologies,
Inc.,
Term
Loan
155,394
1.854%,
(LIBOR
1M
+
1.750%),
4/16/2025
b
153,452
107,678
1.854%,
(LIBOR
1M
+
1.750%),
4/16/2025
b
106,332
Zayo
Group
Holdings,
Inc.,
Term
Loan
1,848,388
3.104%,
(LIBOR
1M
+
3.000%),
3/9/2027
b
1,827,742
Total
11,394,669
Transportation
(0.5%)
American
Airlines,
Inc.,
Term
Loan
2,090,000
5.500%,
(LIBOR
3M
+
4.750%),
4/20/2028
b
2,177,258
Genesee
&
Wyoming,
Inc.,
Term
Loan
1,278,812
2.147%,
(LIBOR
3M
+
2.000%),
12/30/2026
b
1,269,579
Hertz
Corporation,
Term
Loan
335,000
0.000%,
(LIBOR
1M
+
3.500%),
6/30/2028
b,c,d
334,581
63,135
0.000%,
(LIBOR
1M
+
3.500%),
6/30/2028
b,c,d
63,056
SkyMiles
IP,
Ltd.,
Term
Loan
1,245,000
4.750%,
(LIBOR
3M
+
3.750%),
10/20/2027
b
1,314,334
United
Airlines,
Inc.,
Term
Loan
633,413
4.500%,
(LIBOR
3M
+
3.750%),
4/21/2028
b
641,153
Total
5,799,961
Utilities
(0.5%)
Advanced
Drainage
Systems,
Inc.,
Term
Loan
112,169
2.375%,
(LIBOR
1M
+
2.250%),
9/24/2026
b
112,555
Blackstone
CQP
Holdco
LP,
Term
Loan
1,500,000
4.250%,
(LIBOR
3M
+
3.750%),
6/4/2028
b
1,493,250
Principal
Amount
Bank
Loans
(9.0%)
a
Value
Utilities
(0.5%)
-
continued
Core
and
Main,
LP,
Term
Loan
$
825,075
3.750%,
(LIBOR
1M
+
2.750%),
8/1/2024
b
$
823,788
EnergySolutions,
LLC,
Term
Loan
580,816
4.750%,
(LIBOR
3M
+
3.750%),
5/11/2025
b
575,913
Exgen
Renewables
IV,
LLC,
Term
Loan
375,000
3.500%,
(LIBOR
3M
+
2.500%),
12/15/2027
b
374,689
Osmose
Utilities
Services,
Inc.,
Term
Loan
265,000
0.000%,
(LIBOR
1M
+
3.250%),
6/17/2028
b,c,d
263,675
PG&E
Corporation,
Term
Loan
1,572,060
3.500%,
(LIBOR
3M
+
3.000%),
6/23/2025
b
1,549,470
Talen
Energy
Supply,
LLC,
Term
Loan
453,150
3.854%,
(LIBOR
1M
+
3.750%),
7/8/2026
b
416,617
Total
5,609,957
Total
Bank
Loans
(cost
$107,123,262)
107,295,531
Principal
Amount
Long-Term
Fixed
Income
(
53.9%
)
Value
Asset-Backed
Securities
(2.4%)
510
Asset
Backed
2021-NPL1
Trust
800,000
3.967%,
5/25/2061,
Ser.
2021-NPL1,
Class
A2
e,g,h
800,000
522
Funding
CLO,
Ltd.
1,325,000
2.588%,
(LIBOR
3M
+
2.400%),
4/20/2030,
Ser.
2019-4A,
Class
CR
b,g
1,324,328
1,300,000
4.023%,
(LIBOR
3M
+
3.850%),
10/23/2033,
Ser.
2020-6A,
Class
D
b,g
1,303,216
Arch
Street
CLO,
Ltd.
1,300,000
3.638%,
(LIBOR
3M
+
3.450%),
10/20/2028,
Ser.
2016-2A,
Class
DR2
b,g
1,300,017
Ares
LVII
CLO,
Ltd.
1,250,000
4.526%,
(LIBOR
3M
+
4.350%),
10/25/2031,
Ser.
2020-57A,
Class
D
b,g
1,254,363
Babson
CLO,
Ltd.
2,075,000
3.088%,
(LIBOR
3M
+
2.900%),
7/20/2029,
Ser.
2018-3A,
Class
D
b,g
2,039,206
Benefit
Street
Partners
CLO
II,
Ltd.
1,000,000
2.084%,
(LIBOR
3M
+
1.900%),
7/15/2029,
Ser.
2013-IIA,
Class
BR2
b,g
987,394
Cent
CLO,
LP
3,875,000
2.476%,
(LIBOR
3M
+
2.300%),
10/25/2028,
Ser.
2018-27A,
Class
B
b,g
3,875,585
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
13
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Asset-Backed
Securities
(2.4%)
-
continued
Conn's
Receivables
Funding
$
118,472
1.710%,
6/16/2025,
Ser.
2020-A,
Class
A
g
$
118,572
Countrywide
Asset-Backed
Certificates
23
5.530%,
4/25/2047,
Ser.
2007-4,
Class
A2
b
0
Dryden
36
Senior
Loan
Fund
1,025,000
2.234%,
(LIBOR
3M
+
2.050%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
b,g
1,025,072
Foundation
Finance
Trust
260,717
3.300%,
7/15/2033,
Ser.
2017-1A,
Class
A
g
264,508
Galaxy
XIX
CLO,
Ltd.
500,000
2.026%,
(LIBOR
3M
+
1.850%),
7/24/2030,
Ser.
2015-19A,
Class
BRR
b,g
500,015
Harley
Marine
Financing,
LLC
1,803,945
5.682%,
5/15/2043,
Ser.
2018-1A,
Class
A2
g
1,747,348
Longfellow
Place
CLO,
Ltd.
2,000,000
2.484%,
(LIBOR
3M
+
2.300%),
4/15/2029,
Ser.
2013-1A,
Class
CR3
b,g
2,000,166
Octagon
Investment
Partners
50,
Ltd.
1,550,000
4.484%,
(LIBOR
3M
+
4.300%),
10/15/2033,
Ser.
2020-4A,
Class
D
b,g
1,554,407
Palmer
Square
Loan
Funding,
Ltd.
1,300,000
2.438%,
(LIBOR
3M
+
2.250%),
4/20/2027,
Ser.
2019-1A,
Class
B
b,g
1,300,360
Saxon
Asset
Securities
Trust
567,623
4.201%,
8/25/2035,
Ser.
2004-2,
Class
MF2
b
563,036
TCI-Flatiron
CLO,
Ltd.
3,200,000
2.390%,
(LIBOR
3M
+
2.200%),
1/17/2032,
Ser.
2016-1A,
Class
CR2
b,g
3,209,085
THL
Credit
Wind
River
CLO,
Ltd.
1,575,000
3.034%,
(LIBOR
3M
+
2.850%),
7/15/2028,
Ser.
2016-1A,
Class
DR
b,g
1,571,365
VCAT
Asset
Securitization,
LLC
350,000
4.826%,
12/26/2050,
Ser.
2021-NPL1,
Class
A2
g,h
349,777
Wind
River
CLO,
Ltd.
950,000
2.119%,
(LIBOR
3M
+
2.000%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
b,g
950,294
Total
28,038,114
Basic
Materials
(1.0%)
Air
Products
and
Chemicals,
Inc.
74,000
1.500%,
10/15/2025
75,759
Alcoa
Nederland
Holding
BV
555,000
5.500%,
12/15/2027
g
602,064
Anglo
American
Capital
plc
131,000
2.250%,
3/17/2028
g
132,451
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Basic
Materials
(1.0%)
-
continued
BWAY
Holding
Company
$
310,000
5.500%,
4/15/2024
g
$
313,100
Chemours
Company
385,000
5.750%,
11/15/2028
g
411,861
Cleveland-Cliffs,
Inc.
330,000
5.875%,
6/1/2027
346,912
210,000
4.625%,
3/1/2029
g,i
220,977
210,000
4.875%,
3/1/2031
g
220,500
Consolidated
Energy
Finance
SA
375,000
6.875%,
6/15/2025
g
382,001
DuPont
de
Nemours,
Inc.
130,000
4.725%,
11/15/2028
154,992
EI
du
Pont
de
Nemours
&
Company
104,000
1.700%,
7/15/2025
106,655
First
Quantum
Minerals,
Ltd.
705,000
7.500%,
4/1/2025
g
731,437
65,000
6.875%,
10/15/2027
g
70,831
Freeport-McMoRan,
Inc.
470,000
4.125%,
3/1/2028
490,563
565,000
4.250%,
3/1/2030
605,256
Glencore
Funding,
LLC
196,000
4.000%,
3/27/2027
g
217,237
Hecla
Mining
Company
160,000
7.250%,
2/15/2028
174,800
Hudbay
Minerals,
Inc.
370,000
4.500%,
4/1/2026
g
371,388
Ingevity
Corporation
560,000
3.875%,
11/1/2028
g
555,800
Kraton
Polymers,
LLC
490,000
4.250%,
12/15/2025
g
499,800
LYB
International
Finance
III,
LLC
183,000
1.250%,
10/1/2025
182,543
Mercer
International,
Inc.
360,000
5.125%,
2/1/2029
g
370,440
Mosaic
Company
73,000
3.250%,
11/15/2022
75,568
196,000
4.050%,
11/15/2027
219,750
Novelis
Corporation
370,000
5.875%,
9/30/2026
g
384,894
210,000
4.750%,
1/30/2030
g
220,500
Nucor
Corporation
75,000
2.000%,
6/1/2025
77,608
Nutrien,
Ltd.
130,000
4.000%,
12/15/2026
146,489
OCI
NV
569,000
4.625%,
10/15/2025
g
593,362
Olin
Corporation
670,000
5.125%,
9/15/2027
696,800
SCIH
Salt
Holdings,
Inc.
375,000
4.875%,
5/1/2028
g
374,955
Steel
Dynamics,
Inc.
89,000
2.400%,
6/15/2025
93,067
Syngenta
Finance
NV
264,000
5.182%,
4/24/2028
g
301,699
United
States
Steel
Corporation
455,000
6.875%,
3/1/2029
486,850
Venator
Finance
SARL
370,000
5.750%,
7/15/2025
g
363,525
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
14
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Basic
Materials
(1.0%)
-
continued
Westlake
Chemical
Corporation
$
130,000
3.600%,
8/15/2026
$
141,684
Xstrata
Finance
Canada,
Ltd.
213,000
4.950%,
11/15/2021
g
216,486
Total
11,630,604
Capital
Goods
(1.7%)
AECOM
605,000
5.125%,
3/15/2027
674,804
Amsted
Industries,
Inc.
410,000
5.625%,
7/1/2027
g
432,038
Ardagh
Packaging
Finance
plc
334,000
6.000%,
2/15/2025
g
344,521
400,000
5.250%,
8/15/2027
g
408,000
Boeing
Company
340,000
4.875%,
5/1/2025
380,959
222,000
2.196%,
2/4/2026
224,122
197,000
3.250%,
3/1/2028
206,698
262,000
5.150%,
5/1/2030
310,249
Bombardier,
Inc.
400,000
7.500%,
3/15/2025
g
411,340
110,000
7.125%,
6/15/2026
g
115,170
380,000
7.875%,
4/15/2027
g
394,250
Brand
Industrial
Services,
Inc.
185,000
8.500%,
7/15/2025
g
188,095
BWAY
Holding
Company
390,000
7.250%,
4/15/2025
g
382,200
Carrier
Global
Corporation
196,000
2.722%,
2/15/2030
203,196
Caterpillar
Financial
Services
Corporation
148,000
1.450%,
5/15/2025
151,657
Chart
Industries,
Inc.,
Convertible
310,000
1.000%,
11/15/2024
g
784,494
CNH
Industrial
Capital,
LLC
89,000
1.950%,
7/2/2023
91,235
Cornerstone
Building
Brands,
Inc.
520,000
6.125%,
1/15/2029
g
557,700
Covanta
Holding
Corporation
360,000
6.000%,
1/1/2027
374,400
125,000
5.000%,
9/1/2030
131,250
CP
Atlas
Buyer,
Inc.
340,000
7.000%,
12/1/2028
g
352,325
Crown
Cork
&
Seal
Company,
Inc.
610,000
7.375%,
12/15/2026
747,250
General
Electric
Company
603,000
3.449%,
(LIBOR
3M
+
3.330%),
9/15/2021
b,j
590,940
131,000
3.625%,
5/1/2030
146,075
GFL
Environmental,
Inc.
130,000
4.000%,
8/1/2028
g
128,421
375,000
3.500%,
9/1/2028
g
374,063
H&E
Equipment
Services,
Inc.
400,000
3.875%,
12/15/2028
g
393,600
Honeywell
International,
Inc.
149,000
1.350%,
6/1/2025
151,747
Howmet
Aerospace,
Inc.
480,000
6.875%,
5/1/2025
558,710
Huntington
Ingalls
Industries,
Inc.
196,000
4.200%,
5/1/2030
223,854
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Capital
Goods
(1.7%)
-
continued
Jeld-Wen,
Inc.
$
450,000
4.625%,
12/15/2025
g
$
458,442
John
Deere
Capital
Corporation
135,000
2.050%,
1/9/2025
141,157
196,000
1.500%,
3/6/2028
194,811
KBR,
Inc.,
Convertible
738,000
2.500%,
11/1/2023
1,157,184
Meritage
Homes
Corporation
198,000
3.875%,
4/15/2029
g
204,930
Meritor,
Inc.
260,000
4.500%,
12/15/2028
g
263,575
NESCO
Holdings
II,
Inc.
125,000
5.500%,
4/15/2029
g
130,469
Otis
Worldwide
Corporation
230,000
2.056%,
4/5/2025
238,953
Owens-Brockway
Glass
Container,
Inc.
340,000
5.875%,
8/15/2023
g
366,646
Parker-Hannifin
Corporation
129,000
2.700%,
6/14/2024
135,916
Patrick
Industries,
Inc.,
Convertible
197,000
1.000%,
2/1/2023
212,514
Raytheon
Technologies
Corporation
131,000
4.125%,
11/16/2028
150,723
Republic
Services,
Inc.
131,000
3.950%,
5/15/2028
149,024
Roper
Technologies,
Inc.
156,000
2.350%,
9/15/2024
163,606
149,000
1.000%,
9/15/2025
148,246
Siemens
Financieringsmaatschappij
NV
196,000
1.700%,
3/11/2028
g
197,150
SRM
Escrow
Issuer,
LLC
570,000
6.000%,
11/1/2028
g
604,200
Standard
Industries,
Inc.
540,000
4.375%,
7/15/2030
g
556,875
Sunpower
Corporation,
Convertible
191,000
4.000%,
1/15/2023
269,558
Textron,
Inc.
196,000
3.650%,
3/15/2027
217,123
Titan
Acquisition,
Ltd.
160,000
7.750%,
4/15/2026
g
165,800
TransDigm,
Inc.
290,000
6.250%,
3/15/2026
g
305,950
1,130,000
5.500%,
11/15/2027
1,178,025
100,000
4.625%,
1/15/2029
g
100,035
United
Rentals
North
America,
Inc.
520,000
4.875%,
1/15/2028
551,460
310,000
4.000%,
7/15/2030
319,300
United
Technologies
Corporation
195,000
3.950%,
8/16/2025
216,876
W.W.
Grainger,
Inc.
153,000
1.850%,
2/15/2025
158,394
Waste
Pro
USA,
Inc.
185,000
5.500%,
2/15/2026
g
190,966
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
15
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Capital
Goods
(1.7%)
-
continued
WESCO
Distribution,
Inc.
$
430,000
7.250%,
6/15/2028
g
$
478,956
Total
20,060,227
Collateralized
Mortgage
Obligations
(5.3%)
Alternative
Loan
Trust
684,904
6.000%,
8/1/2036,
Ser.
2006-24CB,
Class
A9
546,058
Banc
of
America
Alternative
Loan
Trust
880,898
6.000%,
11/25/2035,
Ser.
2005-10,
Class
3CB1
877,057
Banc
of
America
Mortgage
Securities
Trust
682,562
2.604%,
9/25/2035,
Ser.
2005-H,
Class
3A1
b
686,160
Bear
Stearns
Adjustable
Rate
Mortgage
Trust
159,855
2.410%,
(CMT
1Y
+
2.300%),
10/25/2035,
Ser.
2005-9,
Class
A1
b
162,913
Bellemeade
Re,
Ltd.
1,194,767
1.692%,
(LIBOR
1M
+
1.600%),
4/25/2028,
Ser.
2018-1A,
Class
M1B
b,g
1,195,536
221,758
3.492%,
(LIBOR
1M
+
3.400%),
6/25/2030,
Ser.
2020-1A,
Class
M1B
b,g
221,842
86,378
2.392%,
(LIBOR
1M
+
2.300%),
8/26/2030,
Ser.
2020-2A,
Class
M1A
b,g
86,415
Business
Jet
Securities,
LLC
520,284
2.981%,
11/15/2035,
Ser.
2020-1A,
Class
A
g
529,679
CHL
Mortgage
Pass-Through
Trust
973,704
2.764%,
11/20/2035,
Ser.
2005-HYB7,
Class
6A1
b
894,863
458,437
2.586%,
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
475,329
1,302,639
6.000%,
11/25/2037,
Ser.
2007-18,
Class
1A2
1,002,729
CIM
Trust
709,508
5.000%,
12/25/2057,
Ser.
2018-R3,
Class
A1
b,g
748,391
Citigroup
Mortgage
Loan
Trust,
Inc.
1,410,245
2.880%,
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
b
1,409,185
Countrywide
Alternative
Loan
Trust
668,650
5.000%,
3/25/2035,
Ser.
2005-3CB,
Class
1A1
662,382
302,224
2.745%,
10/25/2035,
Ser.
2005-43,
Class
4A1
b
286,808
225,704
5.500%,
2/25/2036,
Ser.
2005-85CB,
Class
2A2
217,185
952,197
6.500%,
8/25/2036,
Ser.
2006-23CB,
Class
2A3
484,720
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
587,596
2.605%,
11/25/2035,
Ser.
2005-22,
Class
2A1
b
559,575
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Collateralized
Mortgage
Obligations
(5.3%)
-
continued
Credit
Suisse
First
Boston
Mortgage
Securities
Corporation
$
148,670
5.250%,
10/25/2035,
Ser.
2005-9,
Class
1A3
$
149,889
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
1,057,372
5.250%,
6/25/2035,
Ser.
2005-3,
Class
4A6
1,065,109
453,194
2.028%,
8/25/2035,
Ser.
2005-AR1,
Class
2A3
b
449,061
Eagle
Re,
Ltd.
1,383,599
1.892%,
(LIBOR
1M
+
1.800%),
4/25/2029,
Ser.
2019-1,
Class
M1B
b,g
1,388,165
Federal
Home
Loan
Mortgage
Corporation
2,578,306
3.500%,
8/15/2035,
Ser.
345,
Class
C8
k
288,625
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
704,966
2.500%,
12/15/2022,
Ser.
4155,
Class
AI
k
8,947
699,054
2.500%,
5/15/2027,
Ser.
4106,
Class
HI
k
27,957
2,118,903
3.000%,
5/15/2027,
Ser.
4046,
Class
GI
k
108,623
1,827,533
3.000%,
7/15/2027,
Ser.
4084,
Class
NI
k
105,603
2,726,066
3.000%,
7/15/2027,
Ser.
4074,
Class
IO
k
160,280
910,838
2.500%,
2/15/2028,
Ser.
4162,
Class
AI
k
45,923
1,983,135
2.500%,
2/15/2028,
Ser.
4161,
Class
UI
k
107,270
2,985,816
2.500%,
3/15/2028,
Ser.
4177,
Class
EI
k
157,145
2,687,692
3.500%,
10/15/2032,
Ser.
4119,
Class
KI
k
315,293
1,711,929
3.000%,
2/15/2033,
Ser.
4170,
Class
IG
k
166,369
3,022,427
3.000%,
4/15/2033,
Ser.
4203,
Class
DI
k
218,989
Federal
National
Mortgage
Association
-
REMIC
3,564,033
3.000%,
7/25/2027,
Ser.
2012-73,
Class
DI
k
183,890
2,350,000
3.000%,
7/25/2027,
Ser.
2012-74,
Class
AI
k
108,556
4,703,479
3.000%,
8/25/2027,
Ser.
2012-95,
Class
HI
k
209,930
2,115,635
3.500%,
9/25/2027,
Ser.
2012-98,
Class
YI
k
128,944
6,150,906
3.000%,
11/25/2027,
Ser.
2012-121,
Class
BI
k
383,135
3,215,248
3.000%,
12/25/2027,
Ser.
2012-139,
Class
DI
k
159,312
1,612,233
2.500%,
1/25/2028,
Ser.
2012-152,
Class
AI
k
80,949
4,232,764
3.000%,
1/25/2028,
Ser.
2012-147,
Class
EI
k
213,175
1,470,310
2.500%,
2/25/2028,
Ser.
2013-46,
Class
CI
k
62,316
1,383,587
3.000%,
2/25/2028,
Ser.
2013-2,
Class
GI
k
79,031
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
16
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Collateralized
Mortgage
Obligations
(5.3%)
-
continued
$
858,713
3.000%,
4/25/2028,
Ser.
2013-30,
Class
DI
k
$
51,882
3,144,333
3.000%,
11/25/2031,
Ser.
2013-69,
Class
IO
k
153,135
2,040,733
3.000%,
2/25/2033,
Ser.
2013-1,
Class
YI
k
201,135
18,296,575
1.500%,
2/25/2036,
Ser.
2021-1,
Class
IY
k
1,182,133
10,062,849
1.500%,
2/25/2036,
Ser.
2021-3,
Class
UI
k
547,427
First
Horizon
Alternative
Mortgage
Securities
Trust
333,892
2.374%,
3/25/2035,
Ser.
2005-AA2,
Class
1A1
b
315,705
323,590
2.515%,
7/25/2035,
Ser.
2005-AA5,
Class
2A1
b
316,272
Genworth
Mortgage
Insurance
Corporation
422,100
1.992%,
(LIBOR
1M
+
1.900%),
11/26/2029,
Ser.
2019-1,
Class
M1
b,g
422,101
1,000,000
2.142%,
(LIBOR
1M
+
2.050%),
10/25/2033,
Ser.
2021-2,
Class
M1A
b,g
1,004,075
GMAC
Mortgage
Corporation
Loan
Trust
665,895
3.095%,
5/25/2035,
Ser.
2005-AR2,
Class
4A
b
647,350
Government
National
Mortgage
Association
800,013
4.000%,
1/16/2027,
Ser.
2012-3,
Class
IO
k
45,590
IndyMac
IMJA
Mortgage
Loan
Trust
1,039,375
6.250%,
11/25/2037,
Ser.
2007-A3,
Class
A1
673,491
IndyMac
INDX
Mortgage
Loan
Trust
2,305,534
0.512%,
(LIBOR
1M
+
0.420%),
4/25/2046,
Ser.
2006-AR2,
Class
1A1B
b
2,182,027
J.P.
Morgan
Alternative
Loan
Trust
1,085,661
6.500%,
3/25/2036,
Ser.
2006-S1,
Class
1A19
871,228
J.P.
Morgan
Mortgage
Trust
119,416
6.500%,
1/25/2035,
Ser.
2005-S1,
Class
1A2
130,229
479,548
2.889%,
2/25/2036,
Ser.
2006-A1,
Class
2A2
b
420,304
Legacy
Mortgage
Asset
Trust
1,789,813
3.250%,
2/25/2060,
Ser.
2020-GS4,
Class
A1
g,h
1,801,406
Master
Asset
Securitization
Trust
1,015,702
0.592%,
(LIBOR
1M
+
0.500%),
6/25/2036,
Ser.
2006-2,
Class
2A2
b
207,800
MASTR
Alternative
Loans
Trust
470,102
0.542%,
(LIBOR
1M
+
0.450%),
12/25/2035,
Ser.
2005-6,
Class
2A1
b
64,999
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Collateralized
Mortgage
Obligations
(5.3%)
-
continued
Merrill
Lynch
Alternative
Note
Asset
Trust
$
594,232
6.000%,
3/25/2037,
Ser.
2007-F1,
Class
2A1
$
372,803
Merrill
Lynch
Mortgage
Investors
Trust
1,013,852
2.975%,
6/25/2035,
Ser.
2005-A5,
Class
M1
b
624,475
Oaktown
Re
II,
Ltd.
516,383
1.642%,
(LIBOR
1M
+
1.550%),
7/25/2028,
Ser.
2018-1A,
Class
M1
b,g
516,505
Palmer
Square
Loan
Funding,
Ltd.
1,700,000
1.878%,
(LIBOR
3M
+
1.750%),
7/20/2029,
Ser.
2021-3A,
Class
B
b,d,g
1,700,000
Preston
Ridge
Partners
Mortgage
Trust,
LLC
1,745,227
3.500%,
10/25/2024,
Ser.
2019-GS1,
Class
A1
b,g
1,754,509
1,279,833
4.750%,
10/25/2024,
Ser.
2019-GS1,
Class
A2
b,g
1,287,020
924,262
3.671%,
8/25/2025,
Ser.
2020-2,
Class
A1
g,h
930,521
Pretium
Mortgage
Credit
Partners,
LLC
1,250,000
3.844%,
6/27/2060,
Ser.
2021-NPL2,
Class
A2
e,g,h
1,250,000
Radnor
RE,
Ltd.
138,364
1.492%,
(LIBOR
1M
+
1.400%),
3/25/2028,
Ser.
2018-1,
Class
M1
b,g
138,394
2,300,000
2.792%,
(LIBOR
1M
+
2.700%),
3/25/2028,
Ser.
2018-1,
Class
M2
b,g
2,323,231
RCO
Mortgage,
LLC
984,242
3.475%,
11/25/2024,
Ser.
2019-2,
Class
A1
g,h
986,500
Renaissance
Home
Equity
Loan
Trust
1,464,567
5.797%,
8/25/2036,
Ser.
2006-2,
Class
AF3
h
816,191
Residential
Accredit
Loans,
Inc.
Trust
729,465
6.000%,
8/25/2035,
Ser.
2005-QS10,
Class
2A
719,781
383,686
5.750%,
9/25/2035,
Ser.
2005-QS13,
Class
2A3
383,073
448,775
6.000%,
1/25/2037,
Ser.
2007-QS1,
Class
1A1
437,240
864,016
5.750%,
4/25/2037,
Ser.
2007-QS6,
Class
A28
829,482
808,226
6.250%,
4/25/2037,
Ser.
2007-QS6,
Class
A6
794,045
Residential
Asset
Securitization
Trust
506,731
2.095%,
1/25/2034,
Ser.
2004-IP1,
Class
A1
b
518,088
1,438,883
5.500%,
4/25/2035,
Ser.
2005-A1,
Class
A3
1,488,041
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
17
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Collateralized
Mortgage
Obligations
(5.3%)
-
continued
Residential
Funding
Mortgage
Security
I
Trust
$
528,123
6.000%,
7/25/2037,
Ser.
2007-S7,
Class
A20
$
508,997
Sequoia
Mortgage
Trust
709,149
2.862%,
9/20/2046,
Ser.
2007-1,
Class
4A1
b
548,516
Silver
Hill
Trust
1,089,426
3.102%,
11/25/2049,
Ser.
2019-SBC1,
Class
A1
b,g
1,115,602
Stanwich
Mortgage
Loan
Trust
686,565
3.475%,
11/16/2024,
Ser.
2019-NPB2,
Class
A1
g,h
688,118
Starwood
Mortgage
Residential
Trust
1,600,000
3.970%,
4/25/2060,
Ser.
2020-2,
Class
A2
b,g
1,651,716
Structured
Adjustable
Rate
Mortgage
Loan
Trust
295,407
3.087%,
7/25/2035,
Ser.
2005-15,
Class
4A1
b
274,994
221,158
3.176%,
9/25/2035,
Ser.
2005-18,
Class
1A1
b
178,988
Structured
Asset
Mortgage
Investments,
Inc.
602,941
0.712%,
(LIBOR
1M
+
0.620%),
12/25/2035,
Ser.
2005-AR4,
Class
A1
b
581,451
Toorak
Mortgage
Corporation
1,750,000
2.734%,
3/25/2023,
Ser.
2020-1,
Class
A1
g,h
1,759,177
Toorak
Mortgage
Corporation,
Ltd.
1,424,181
4.458%,
3/25/2022,
Ser.
2019-1,
Class
A1
g,h
1,430,531
Vericrest
Opportunity
Loan
Transferee
1,250,000
4.826%,
2/27/2051,
Ser.
2021-NPL2,
Class
A2
g,h
1,244,160
1,550,000
4.949%,
2/27/2051,
Ser.
2021-NPL3,
Class
A2
g,h
1,546,297
325,000
4.949%,
4/25/2051,
Ser.
2021-NPL8,
Class
A2
g,h
324,822
525,000
4.949%,
4/25/2051,
Ser.
2021-NPL7,
Class
A2
g,h
524,577
1,675,000
4.826%,
5/25/2051,
Ser.
2021-NPL9,
Class
A2
g,h
1,672,660
WaMu
Mortgage
Pass
Through
Certificates
805,010
0.987%,
(12
MTA
+
0.880%),
10/25/2046,
Ser.
2006-AR13,
Class
1A
b
756,475
747,108
1.593%,
(COF
11
+
1.250%),
3/25/2047,
Ser.
2007-OA2,
Class
2A
b
727,543
Washington
Mutual
Mortgage
Pass
Through
Certificates
1,109,547
7.000%,
4/25/2037,
Ser.
2007-2,
Class
1A1
646,099
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Collateralized
Mortgage
Obligations
(5.3%)
-
continued
Washington
Mutual
Mortgage
Pass-Through
Certificates
$
451,160
6.000%,
3/25/2035,
Ser.
2005-1,
Class
2A
$
450,895
Total
63,159,119
Commercial
Mortgage-Backed
Securities
(0.1%)
BFLD
Trust
1,250,000
1.773%,
(LIBOR
1M
+
1.700%),
10/15/2035,
Ser.
2020-EYP,
Class
B
b,g
1,259,402
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
3,499,560
2.080%,
1/25/2031,
Ser.
KLU3,
Class
X1
b,k,l
488,757
Total
1,748,159
Communications
Services
(2.4%)
Altice
France
SA
130,000
8.125%,
2/1/2027
g
141,635
485,000
5.125%,
7/15/2029
g
487,376
AMC
Networks,
Inc.
460,000
4.250%,
2/15/2029
464,025
American
Tower
Corporation
125,000
3.375%,
5/15/2024
133,689
260,000
4.400%,
2/15/2026
293,561
196,000
3.800%,
8/15/2029
218,387
AT&T,
Inc.
254,000
4.450%,
4/1/2024
277,354
260,000
1.700%,
3/25/2026
262,747
196,000
4.300%,
2/15/2030
226,542
Cable
One,
Inc.,
Convertible
173,000
1.125%,
3/15/2028
g
175,944
CCO
Holdings,
LLC
650,000
5.500%,
5/1/2026
g
672,035
620,000
5.125%,
5/1/2027
g
650,318
695,000
4.500%,
8/15/2030
g
723,644
Cengage
Learning,
Inc.
530,000
9.500%,
6/15/2024
g
542,587
Charter
Communications
Operating,
LLC
227,000
4.500%,
2/1/2024
247,242
139,000
4.908%,
7/23/2025
157,475
196,000
5.050%,
3/30/2029
231,513
Clear
Channel
Worldwide
Holdings,
Inc.
455,000
7.750%,
4/15/2028
g
476,622
Comcast
Corporation
56,000
3.700%,
4/15/2024
60,724
152,000
3.950%,
10/15/2025
170,313
156,000
2.350%,
1/15/2027
163,626
326,000
3.400%,
4/1/2030
359,854
Consolidated
Communications,
Inc.
220,000
5.000%,
10/1/2028
g
223,025
Crown
Castle
International
Corporation
131,000
3.800%,
2/15/2028
145,552
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
18
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Communications
Services
(2.4%)
-
continued
CSC
Holdings,
LLC
$
680,000
5.375%,
2/1/2028
g
$
719,406
340,000
4.125%,
12/1/2030
g
337,875
Cumulus
Media
New
Holdings,
Inc.
340,000
6.750%,
7/1/2026
g,i
355,725
Deutsche
Telekom
International
Finance
BV
164,000
2.485%,
9/19/2023
g
170,538
Discovery
Communications,
LLC
148,000
2.950%,
3/20/2023
153,997
DISH
DBS
Corporation
330,000
7.375%,
7/1/2028
355,123
Entercom
Media
Corporation
330,000
6.500%,
5/1/2027
g
343,200
Fox
Corporation
209,000
4.030%,
1/25/2024
226,412
130,000
4.709%,
1/25/2029
152,627
Front
Range
BidCo,
Inc.
490,000
4.000%,
3/1/2027
g
486,629
340,000
6.125%,
3/1/2028
g
347,225
Frontier
Communications
Corporation
300,000
5.875%,
10/15/2027
g
321,375
GCI,
LLC
380,000
4.750%,
10/15/2028
g
388,930
Hughes
Satellite
Systems
Corporation
200,000
6.625%,
8/1/2026
224,250
iHeartCommunications,
Inc.
385,000
4.750%,
1/15/2028
g
396,069
LCPR
Senior
Secured
Financing
DAC
330,000
6.750%,
10/15/2027
g
355,641
Level
3
Financing,
Inc.
580,000
4.625%,
9/15/2027
g
601,994
730,000
4.250%,
7/1/2028
g
740,775
Liberty
Interactive,
LLC,
Convertible
222,000
3.500%,
1/15/2031
254,323
Ligado
Networks,
LLC
199,975
0.000%,PIK
15.500%,
11/1/2023
f,g
197,063
NBN
Company,
Ltd.
235,000
2.625%,
5/5/2031
g
240,718
Netflix,
Inc.
148,000
5.875%,
2/15/2025
171,026
960,000
4.875%,
4/15/2028
1,116,000
Nexstar
Escrow
Corporation
520,000
5.625%,
7/15/2027
g
551,200
NTT
Finance
Corporation
156,000
1.162%,
4/3/2026
g
155,641
Omnicom
Group,
Inc.
196,000
4.200%,
6/1/2030
226,271
Radiate
Holdco,
LLC
210,000
6.500%,
9/15/2028
g
220,636
Scripps
Escrow
II,
Inc.
205,000
5.375%,
1/15/2031
g
204,352
Scripps
Escrow,
Inc.
250,000
5.875%,
7/15/2027
g
258,837
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Communications
Services
(2.4%)
-
continued
SFR
Group
SA
$
369,000
7.375%,
5/1/2026
g
$
383,734
Sinclair
Television
Group,
Inc.
570,000
5.500%,
3/1/2030
g
581,166
Sirius
XM
Radio,
Inc.
495,000
5.000%,
8/1/2027
g
518,636
275,000
4.000%,
7/15/2028
g
283,250
Sprint
Capital
Corporation
585,000
6.875%,
11/15/2028
750,262
395,000
8.750%,
3/15/2032
600,400
Sprint
Corporation
1,240,000
7.625%,
2/15/2025
1,473,281
Terrier
Media
Buyer,
Inc.
270,000
8.875%,
12/15/2027
g
291,937
T-Mobile
USA,
Inc.
151,000
3.500%,
4/15/2025
163,661
195,000
3.750%,
4/15/2027
215,475
261,000
3.875%,
4/15/2030
291,751
60,000
2.875%,
2/15/2031
59,550
United
States
Cellular
Corporation
330,000
6.700%,
12/15/2033
404,250
Uniti
Group,
LP
125,000
4.750%,
4/15/2028
g
124,688
185,000
6.500%,
2/15/2029
g
185,463
Univision
Communications,
Inc.
680,000
6.625%,
6/1/2027
g
736,814
VeriSign,
Inc.
295,000
4.750%,
7/15/2027
313,069
Verizon
Communications,
Inc.
131,000
0.750%,
3/22/2024
131,563
178,000
1.256%,
(LIBOR
3M
+
1.100%),
5/15/2025
b
183,577
296,000
0.850%,
11/20/2025
292,759
260,000
2.100%,
3/22/2028
265,438
196,000
3.150%,
3/22/2030
211,635
131,000
2.550%,
3/21/2031
133,898
Viacom,
Inc.
138,000
5.875%,
2/28/2057
b
140,443
Viasat,
Inc.
540,000
5.625%,
9/15/2025
g
550,260
Vodafone
Group
plc
300,000
7.000%,
4/4/2079
b
363,519
VTR
Finance
NV
250,000
6.375%,
7/15/2028
g
265,000
Walt
Disney
Company
260,000
1.750%,
1/13/2026
267,336
130,000
3.800%,
3/22/2030
148,455
Ziggo
BV
632,000
5.500%,
1/15/2027
g
656,648
185,000
4.875%,
1/15/2030
g
189,625
Total
28,957,191
Consumer
Cyclical
(3.5%)
1011778
B.C.,
ULC
560,000
4.375%,
1/15/2028
g
567,700
Allied
Universal
Finance
Corporation
260,000
4.625%,
6/1/2028
g
260,939
Allied
Universal
Holdco,
LLC
195,000
6.625%,
7/15/2026
g
206,745
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
19
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Consumer
Cyclical
(3.5%)
-
continued
$
300,000
4.625%,
6/1/2028
g
$
300,235
220,000
6.000%,
6/1/2029
g
223,034
Allison
Transmission,
Inc
535,000
3.750%,
1/30/2031
g
525,835
Amazon.com,
Inc.
263,000
1.650%,
5/12/2028
265,245
131,000
1.500%,
6/3/2030
128,054
American
Axle
&
Manufacturing,
Inc.
630,000
6.500%,
4/1/2027
i
667,800
American
Honda
Finance
Corporation
61,000
1.200%,
7/8/2025
61,426
Best
Buy
Company,
Inc.
131,000
1.950%,
10/1/2030
127,063
Bloomin'
Brands,
Inc.,
Convertible
199,000
5.000%,
5/1/2025
482,451
BMW
Finance
NV
161,000
2.250%,
8/12/2022
g
164,425
Booking
Holdings,
Inc.,
Convertible
99,000
0.900%,
9/15/2021
107,514
Boyd
Gaming
Corporation
370,000
4.750%,
6/15/2031
g
383,875
Boyne
USA,
Inc.
285,000
4.750%,
5/15/2029
g
294,043
Brookfield
Residential
Properties,
Inc.
400,000
6.250%,
9/15/2027
g
422,500
420,000
5.000%,
6/15/2029
g
423,150
Burlington
Stores,
Inc.,
Convertible
777,000
2.250%,
4/15/2025
1,234,459
Caesars
Entertainment,
Inc.
125,000
8.125%,
7/1/2027
g
139,025
Carnival
Corporation
390,000
11.500%,
4/1/2023
g
438,906
130,000
7.625%,
3/1/2026
g
141,212
545,000
5.750%,
3/1/2027
g
570,887
Cedar
Fair,
LP
490,000
5.250%,
7/15/2029
504,700
Churchill
Downs,
Inc.
245,000
4.750%,
1/15/2028
g
253,504
Cinemark
USA,
Inc.
430,000
5.875%,
3/15/2026
g
449,973
Clarios
Global,
LP
185,000
8.500%,
5/15/2027
g
201,687
Colt
Merger
Sub,
Inc.
830,000
6.250%,
7/1/2025
g
879,800
D.R.
Horton,
Inc.
75,000
2.600%,
10/15/2025
79,030
Daimler
Finance
North
America,
LLC
191,000
1.450%,
3/2/2026
g
191,854
Dana,
Inc.
395,000
5.625%,
6/15/2028
427,469
Darden
Restaurants,
Inc.
260,000
3.850%,
5/1/2027
288,857
Dick's
Sporting
Goods
Inc.,
Convertible
311,000
3.250%,
4/15/2025
920,366
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Consumer
Cyclical
(3.5%)
-
continued
Empire
Communities
Corporation
$
390,000
7.000%,
12/15/2025
g
$
409,500
Expedia
Group,
Inc.
195,000
4.625%,
8/1/2027
220,378
198,000
3.250%,
2/15/2030
206,820
Expedia
Group,
Inc.,
Convertible
282,000
Zero
Coupon,
2/15/2026
g,i
304,560
Ford
Motor
Company
230,000
9.000%,
4/22/2025
283,560
130,000
9.625%,
4/22/2030
186,550
530,000
7.450%,
7/16/2031
696,950
Ford
Motor
Company,
Convertible
1,056,000
Zero
Coupon,
3/15/2026
g
1,167,540
Ford
Motor
Credit
Company,
LLC
1,300,000
4.063%,
11/1/2024
1,382,745
920,000
4.134%,
8/4/2025
983,241
Forestar
Group,
Inc.
250,000
3.850%,
5/15/2026
g
252,262
General
Motors
Company
148,000
6.125%,
10/1/2025
175,203
196,000
6.800%,
10/1/2027
246,875
General
Motors
Financial
Company,
Inc.
141,000
3.150%,
6/30/2022
144,378
311,000
3.950%,
4/13/2024
334,575
56,000
2.900%,
2/26/2025
59,278
149,000
2.750%,
6/20/2025
156,881
270,000
5.700%,
9/30/2030
b,j
302,400
132,000
2.700%,
6/10/2031
132,475
Goodyear
Tire
&
Rubber
Company
250,000
5.000%,
7/15/2029
g
261,750
185,000
5.250%,
7/15/2031
g
193,325
Hanesbrands,
Inc.
530,000
4.875%,
5/15/2026
g
572,400
Harley-Davidson
Financial
Services,
Inc.
240,000
4.050%,
2/4/2022
g
245,040
Herc
Holdings,
Inc.
330,000
5.500%,
7/15/2027
g
347,893
Hilton
Domestic
Operating
Company,
Inc.
665,000
4.875%,
1/15/2030
709,887
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
495,000
5.000%,
6/1/2029
g
506,137
Hyundai
Capital
America
105,000
1.800%,
10/15/2025
g
106,536
196,000
3.000%,
2/10/2027
g
207,643
International
Game
Technology
plc
425,000
5.250%,
1/15/2029
g
455,813
KB
Home
360,000
4.800%,
11/15/2029
390,049
Kohl's
Corporation
195,000
3.375%,
5/1/2031
201,877
L
Brands,
Inc.
560,000
6.625%,
10/1/2030
g
648,200
130,000
6.875%,
11/1/2035
164,613
Landry's,
Inc.
405,000
6.750%,
10/15/2024
g
409,139
Lennar
Corporation
86,000
4.125%,
1/15/2022
86,860
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
20
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Consumer
Cyclical
(3.5%)
-
continued
$
16,000
4.875%,
12/15/2023
$
17,416
77,000
5.875%,
11/15/2024
87,511
148,000
4.750%,
5/30/2025
165,945
Live
Nation
Entertainment,
Inc.
260,000
3.750%,
1/15/2028
g
261,149
Lowe's
Companies,
Inc.
198,000
4.000%,
4/15/2025
219,079
264,000
4.500%,
4/15/2030
312,295
Magic
MergerCo,
Inc.
345,000
5.250%,
5/1/2028
g
353,946
Marriott
International,
Inc.
298,000
3.750%,
10/1/2025
321,044
198,000
4.625%,
6/15/2030
228,037
Mattamy
Group
Corporation
550,000
5.250%,
12/15/2027
g
574,750
McDonald's
Corporation
392,000
3.800%,
4/1/2028
443,531
MGM
Resorts
International
844,000
5.750%,
6/15/2025
930,721
Netflix,
Inc
129,000
5.875%,
11/15/2028
158,338
Nissan
Motor
Company,
Ltd.
155,000
3.043%,
9/15/2023
g
161,660
O'Reilly
Automotive,
Inc.
196,000
3.900%,
6/1/2029
221,311
Penn
National
Gaming,
Inc.
370,000
4.125%,
7/1/2029
d,g
369,538
PetSmart,
Inc.
300,000
4.750%,
2/15/2028
g
311,625
280,000
7.750%,
2/15/2029
g
308,700
Prime
Security
Services
Borrower,
LLC
1,015,000
5.750%,
4/15/2026
g
1,121,240
Procter
&
Gamble
Company
130,000
1.200%,
10/29/2030
123,970
Real
Hero
Merger
Sub
2,
Inc.
270,000
6.250%,
2/1/2029
g
280,044
Realogy
Group,
LLC
460,000
5.750%,
1/15/2029
g
480,879
Rite
Aid
Corporation
435,000
7.500%,
7/1/2025
g
440,438
Ross
Stores,
Inc.
131,000
1.875%,
4/15/2031
126,840
Royal
Caribbean
Cruises,
Ltd.
520,000
9.125%,
6/15/2023
g
570,700
620,000
4.250%,
7/1/2026
g
619,225
200,000
5.500%,
4/1/2028
g
209,460
Scientific
Games
International,
Inc.
510,000
5.000%,
10/15/2025
g
526,575
440,000
7.250%,
11/15/2029
g
496,320
SeaWorld
Parks
and
Entertainment,
Inc.
260,000
9.500%,
8/1/2025
g
278,850
Six
Flags
Entertainment
Corporation
300,000
5.500%,
4/15/2027
g,i
309,399
Six
Flags
Theme
Parks,
Inc.
240,000
7.000%,
7/1/2025
g
258,648
Staples,
Inc.
555,000
7.500%,
4/15/2026
g
574,833
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Consumer
Cyclical
(3.5%)
-
continued
Target
Corporation
$
131,000
2.350%,
2/15/2030
$
136,827
Tenneco,
Inc.
445,000
5.000%,
7/15/2026
i
442,642
Toll
Brothers
Finance
Corporation
297,000
5.875%,
2/15/2022
302,973
199,000
4.350%,
2/15/2028
218,403
Toyota
Motor
Credit
Corporation
196,000
1.900%,
4/6/2028
199,702
Uber
Technologies,
Inc.
270,000
6.250%,
1/15/2028
g
290,577
Vista
Outdoor,
Inc.
460,000
4.500%,
3/15/2029
g
468,050
Volkswagen
Group
of
America
Finance,
LLC
250,000
4.250%,
11/13/2023
g
270,190
74,000
3.350%,
5/13/2025
g
79,854
Wyndham
Destinations,
Inc.
330,000
6.625%,
7/31/2026
g
373,890
Wyndham
Hotels
&
Resorts,
Inc.
195,000
4.375%,
8/15/2028
g
202,451
Yum!
Brands,
Inc.
510,000
4.750%,
1/15/2030
g
552,080
ZF
North
America
Capital,
Inc.
260,000
4.750%,
4/29/2025
g
280,800
Total
41,169,552
Consumer
Non-Cyclical
(3.1%)
Abbott
Laboratories
260,000
3.875%,
9/15/2025
290,089
AbbVie,
Inc.
142,000
2.900%,
11/6/2022
146,720
162,000
2.800%,
3/15/2023
167,370
610,000
3.600%,
5/14/2025
665,630
261,000
3.200%,
11/21/2029
283,458
Agilent
Technologies,
Inc
131,000
2.300%,
3/12/2031
130,991
Albertson's
Companies,
Inc.
805,000
3.500%,
3/15/2029
g
795,944
250,000
4.875%,
2/15/2030
g
266,628
Altria
Group,
Inc.
158,000
4.400%,
2/14/2026
178,768
130,000
4.800%,
2/14/2029
150,720
Amgen,
Inc.
196,000
2.450%,
2/21/2030
202,039
Anheuser-Busch
Companies,
LLC
160,000
3.650%,
2/1/2026
176,670
Anheuser-Busch
InBev
Worldwide,
Inc.
261,000
4.750%,
1/23/2029
310,920
Anthem,
Inc.
221,000
2.375%,
1/15/2025
231,436
196,000
2.550%,
3/15/2031
201,984
Astrazeneca
Finance,
LLC
263,000
1.750%,
5/28/2028
262,746
AstraZeneca
plc
259,000
0.700%,
4/8/2026
252,170
BAT
Capital
Corporation
117,000
3.222%,
8/15/2024
124,273
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
21
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Consumer
Non-Cyclical
(3.1%)
-
continued
BAT
International
Finance
plc
$
149,000
1.668%,
3/25/2026
$
148,917
Bausch
Health
Companies,
Inc.
70,000
5.000%,
1/30/2028
g
66,413
590,000
5.000%,
2/15/2029
g
550,175
Becton,
Dickinson
and
Company
196,000
2.823%,
5/20/2030
205,285
Boston
Scientific
Corporation
192,000
3.450%,
3/1/2024
204,980
Bristol-Myers
Squibb
Company
260,000
3.200%,
6/15/2026
285,404
195,000
3.900%,
2/20/2028
222,990
Bunge,
Ltd.
Finance
Corporation
265,000
2.750%,
5/14/2031
267,907
Cargill,
Inc.
152,000
1.375%,
7/23/2023
g
154,818
Centene
Corporation
229,000
5.375%,
8/15/2026
g
239,305
435,000
4.250%,
12/15/2027
458,381
210,000
4.625%,
12/15/2029
230,952
1,064,000
3.000%,
10/15/2030
1,093,026
Central
Garden
&
Pet
Company
460,000
4.125%,
10/15/2030
469,775
Cigna
Corporation
209,000
4.125%,
11/15/2025
234,214
Community
Health
Systems,
Inc.
185,000
5.625%,
3/15/2027
g
197,488
260,000
6.000%,
1/15/2029
g
278,200
520,000
6.875%,
4/15/2029
g
544,164
Conagra
Brands,
Inc.
155,000
4.300%,
5/1/2024
170,008
Constellation
Brands,
Inc.
261,000
3.150%,
8/1/2029
279,896
CVS
Health
Corporation
142,000
2.750%,
12/1/2022
145,913
198,000
4.100%,
3/25/2025
219,532
261,000
4.300%,
3/25/2028
299,865
131,000
3.750%,
4/1/2030
146,598
DaVita,
Inc.
610,000
4.625%,
6/1/2030
g
627,214
Diageo
Capital
plc
179,000
1.375%,
9/29/2025
181,935
Edgewell
Personal
Care
Company
260,000
5.500%,
6/1/2028
g
275,600
Encompass
Health
Corporation
585,000
4.500%,
2/1/2028
606,920
Endo
Finance,
LLC
250,000
9.500%,
7/31/2027
g
255,000
Energizer
Holdings,
Inc.
445,000
4.375%,
3/31/2029
g
445,458
Estee
Lauder
Companies,
Inc.
130,000
1.950%,
3/15/2031
130,067
General
Mills,
Inc.
131,000
4.200%,
4/17/2028
151,015
Gilead
Sciences,
Inc.
196,000
2.950%,
3/1/2027
211,206
H.
J.
Heinz
Company
130,000
5.200%,
7/15/2045
161,387
HCA,
Inc.
1,330,000
5.375%,
2/1/2025
1,500,240
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Consumer
Non-Cyclical
(3.1%)
-
continued
$
326,000
5.250%,
6/15/2026
$
377,364
HLF
Financing
Sarl,
LLC
500,000
4.875%,
6/1/2029
g
503,750
Illumina,
Inc.
440,000
9.000%,
7/1/2028
g
490,609
Imperial
Brands
Finance
plc
164,000
3.125%,
7/26/2024
g
172,631
Ionis
Pharmaceuticals,
Inc.,
Convertible
158,000
0.125%,
12/15/2024
146,839
Jazz
Investments
I,
Ltd.,
Convertible
689,000
2.000%,
6/15/2026
916,370
JBS
USA
Food
Company
100,000
5.750%,
1/15/2028
g
106,972
JBS
USA,
LLC
130,000
6.500%,
4/15/2029
g
146,089
580,000
5.500%,
1/15/2030
g
648,660
Keurig
Dr
Pepper,
Inc.
261,000
2.250%,
3/15/2031
263,119
Kraft
Foods
Group,
Inc.
650,000
5.000%,
6/4/2042
793,714
Kraft
Heinz
Foods
Company
196,000
3.875%,
5/15/2027
215,360
640,000
4.625%,
1/30/2029
744,890
710,000
3.750%,
4/1/2030
779,026
345,000
4.250%,
3/1/2031
391,916
Kroger
Company
130,000
4.500%,
1/15/2029
153,139
Mattel,
Inc.
500,000
3.375%,
4/1/2026
g
518,750
McKesson
Corporation
148,000
0.900%,
12/3/2025
145,827
130,000
3.950%,
2/16/2028
147,361
Medtronic,
Inc.
54,000
3.500%,
3/15/2025
59,285
Molina
Healthcare,
Inc.
450,000
4.375%,
6/15/2028
g
469,125
MPH
Acquisition
Holdings,
LLC
290,000
5.750%,
11/1/2028
g
291,424
Mylan,
Inc.
96,000
4.200%,
11/29/2023
102,963
Novartis
Capital
Corporation
153,000
1.750%,
2/14/2025
157,644
278,000
3.000%,
11/20/2025
301,503
Ortho-Clinical
Diagnostics,
Inc.
270,000
7.250%,
2/1/2028
g
294,908
Par
Pharmaceutical,
Inc.
620,000
7.500%,
4/1/2027
g
633,845
PepsiCo,
Inc.
195,000
1.625%,
5/1/2030
191,688
Philip
Morris
International,
Inc.
279,000
1.500%,
5/1/2025
284,417
Pilgrim's
Pride
Corporation
270,000
5.875%,
9/30/2027
g
287,550
QBE
Insurance
Group,
Ltd.
320,000
5.875%,
5/12/2025
b,g,j
349,280
Royalty
Pharma
plc
296,000
1.200%,
9/2/2025
g
293,305
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
22
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Consumer
Non-Cyclical
(3.1%)
-
continued
Scotts
Miracle-Gro
Company
$
555,000
4.500%,
10/15/2029
$
575,937
SEG
Holding,
LLC
540,000
5.625%,
10/15/2028
g
566,838
Simmons
Foods,
Inc.
450,000
4.625%,
3/1/2029
g
453,911
Spectrum
Brands,
Inc.
310,000
5.000%,
10/1/2029
g
328,600
200,000
5.500%,
7/15/2030
g
215,500
Stryker
Corporation
129,000
3.650%,
3/7/2028
145,109
Syneos
Health,
Inc.
410,000
3.625%,
1/15/2029
g
405,900
Sysco
Corporation
234,000
5.650%,
4/1/2025
271,079
131,000
5.950%,
4/1/2030
168,015
Tenet
Healthcare
Corporation
340,000
4.625%,
7/15/2024
344,998
1,055,000
5.125%,
11/1/2027
g
1,106,431
185,000
6.125%,
10/1/2028
g
197,143
Teva
Pharmaceutical
Finance
Netherlands
III
BV
52,000
2.200%,
7/21/2021
51,979
305,000
2.800%,
7/21/2023
303,929
Thermo
Fisher
Scientific,
Inc.
150,000
4.133%,
3/25/2025
166,307
130,000
4.497%,
3/25/2030
154,793
United
Natural
Foods,
Inc.
390,000
6.750%,
10/15/2028
g
419,702
UnitedHealth
Group,
Inc.
326,000
3.850%,
6/15/2028
374,623
Upjohn,
Inc.
149,000
1.650%,
6/22/2025
g
150,709
VRX
Escrow
Corporation
1,270,000
6.125%,
4/15/2025
g
1,301,750
Whirlpool
Corporation
130,000
2.400%,
5/15/2031
131,065
Winnebago
Industries,
Inc.,
Convertible
411,000
1.500%,
4/1/2025
526,851
Zoetis,
Inc.
144,000
3.250%,
2/1/2023
149,551
195,000
3.900%,
8/20/2028
221,707
Total
36,610,554
Energy
(2.9%)
Antero
Midstream
Partners,
LP
200,000
5.750%,
3/1/2027
g
208,000
Antero
Resources
Corporation
445,000
5.375%,
3/1/2030
g
454,180
Apache
Corporation
125,000
4.875%,
11/15/2027
135,374
470,000
4.375%,
10/15/2028
500,315
145,000
5.100%,
9/1/2040
151,887
Archrock
Partners,
LP
380,000
6.250%,
4/1/2028
g
396,686
BP
Capital
Markets
America,
Inc.
95,000
2.520%,
9/19/2022
97,310
314,000
4.234%,
11/6/2028
364,112
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Energy
(2.9%)
-
continued
BP
Capital
Markets
plc
$
320,000
4.875%,
3/22/2030
b,j
$
351,360
Buckeye
Partners,
LP
285,000
4.125%,
3/1/2025
g
295,331
360,000
3.950%,
12/1/2026
366,300
Canadian
Natural
Resources,
Ltd.
325,000
2.050%,
7/15/2025
333,916
Cenovus
Energy,
Inc.
356,000
5.375%,
7/15/2025
407,276
Centennial
Resource
Production,
LLC
390,000
6.875%,
4/1/2027
g,i
398,818
Cheniere
Corpus
Christi
Holdings,
LLC
268,000
5.875%,
3/31/2025
307,147
Cheniere
Energy
Partners,
LP
935,000
5.625%,
10/1/2026
970,062
132,000
4.500%,
10/1/2029
141,900
Cheniere
Energy,
Inc.,
Convertible
103,000
4.250%,
3/15/2045
86,747
Chevron
Corporation
149,000
1.554%,
5/11/2025
152,680
Chevron
USA,
Inc.
152,000
3.900%,
11/15/2024
166,751
Cimarex
Energy
Company
260,000
4.375%,
6/1/2024
282,992
CNX
Resources
Corporation
235,000
6.000%,
1/15/2029
g
254,087
Comstock
Resources,
Inc.
310,000
5.875%,
1/15/2030
g
316,200
Continental
Resources,
Inc.
47,000
4.500%,
4/15/2023
48,907
396,000
4.375%,
1/15/2028
438,075
260,000
5.750%,
1/15/2031
g
311,350
Devon
Energy
Corporation
149,000
5.250%,
9/15/2024
g
165,970
264,000
4.500%,
1/15/2030
g
290,241
Diamondback
Energy,
Inc.
98,000
2.875%,
12/1/2024
103,508
65,000
3.125%,
3/24/2031
67,363
DT
Midstream,
Inc.
375,000
4.125%,
6/15/2029
g
380,749
125,000
4.375%,
6/15/2031
g
127,724
Enagas
SA
560,000
5.500%,
1/15/2028
g
569,800
Enbridge,
Inc.
130,000
3.700%,
7/15/2027
143,383
1,144,000
6.250%,
3/1/2078
b
1,248,719
Encana
Corporation
200,000
6.625%,
8/15/2037
266,856
Endeavor
Energy
Resources,
LP
280,000
5.750%,
1/30/2028
g
298,550
Energean
Israel
Finance,
Ltd.
375,000
4.500%,
3/30/2024
g
382,969
Energy
Transfer
Operating,
LP
108,000
4.200%,
9/15/2023
115,517
371,000
5.875%,
1/15/2024
411,107
196,000
3.750%,
5/15/2030
212,912
Energy
Transfer,
LP
346,000
6.625%,
2/15/2028
b,j
338,647
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
23
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Energy
(2.9%)
-
continued
EnLink
Midstream
Partners,
LP
$
460,000
4.850%,
7/15/2026
$
476,100
235,000
5.600%,
4/1/2044
212,675
Enterprise
Products
Operating,
LLC
130,000
4.150%,
10/16/2028
149,418
560,000
4.875%,
8/16/2077
b
549,718
EOG
Resources,
Inc.
96,000
2.625%,
3/15/2023
99,092
EQM
Midstream
Partners,
LP
615,000
6.500%,
7/1/2027
g
685,725
EQT
Corporation
125,000
3.125%,
5/15/2026
g
128,089
585,000
3.900%,
10/1/2027
626,681
EQT
Corporation,
Convertible
408,000
1.750%,
5/1/2026
679,565
Equinor
ASA
92,000
2.875%,
4/6/2025
98,314
Exxon
Mobil
Corporation
259,000
2.992%,
3/19/2025
277,800
Genesis
Energy,
LP
200,000
6.500%,
10/1/2025
202,000
125,000
8.000%,
1/15/2027
131,328
Halliburton
Company
130,000
2.920%,
3/1/2030
135,089
Harvest
Midstream,
LP
480,000
7.500%,
9/1/2028
g
521,280
Hess
Corporation
92,000
3.500%,
7/15/2024
97,606
Hess
Midstream
Operations,
LP
325,000
5.625%,
2/15/2026
g
338,975
Hilcorp
Energy
I,
LP
400,000
5.750%,
2/1/2029
g
417,000
Indigo
Natural
Resources,
LLC
250,000
5.375%,
2/1/2029
g
261,250
ITT
Holdings,
LLC
355,000
6.500%,
8/1/2029
d,g
361,656
Kinder
Morgan
Energy
Partners,
LP
193,000
3.450%,
2/15/2023
200,805
Marathon
Oil
Corporation
130,000
4.400%,
7/15/2027
147,240
Marathon
Petroleum
Corporation
366,000
4.700%,
5/1/2025
412,768
MPLX,
LP
325,000
1.750%,
3/1/2026
328,504
Murphy
Oil
Corporation
370,000
5.875%,
12/1/2027
386,169
75,000
6.375%,
7/15/2028
79,076
Nabors
Industries,
Ltd.
470,000
7.250%,
1/15/2026
g,i
460,600
National
Fuel
Gas
Company
260,000
5.500%,
1/15/2026
300,826
Newfield
Exploration
Company
489,000
5.625%,
7/1/2024
544,461
132,000
5.375%,
1/1/2026
148,757
NGL
Energy
Operating,
LLC
260,000
7.500%,
2/1/2026
g
273,000
NGL
Energy
Partners,
LP
260,000
7.500%,
11/1/2023
256,100
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Energy
(2.9%)
-
continued
NuStar
Logistics,
LP
$
480,000
5.750%,
10/1/2025
$
522,000
Oasis
Petroleum,
Inc.
310,000
6.375%,
6/1/2026
g
323,246
Occidental
Petroleum
Corporation
230,000
3.450%,
7/15/2024
234,600
770,000
2.900%,
8/15/2024
787,325
445,000
3.400%,
4/15/2026
455,013
125,000
8.500%,
7/15/2027
157,400
480,000
3.500%,
8/15/2029
481,728
260,000
6.450%,
9/15/2036
310,856
660,000
4.400%,
4/15/2046
633,930
ONEOK,
Inc.
194,000
2.200%,
9/15/2025
199,371
Ovintiv,
Inc.
130,000
7.375%,
11/1/2031
172,602
PBF
Holding
Company,
LLC
380,000
9.250%,
5/15/2025
g
382,808
PDC
Energy,
Inc.,
Convertible
24,000
1.125%,
9/15/2021
23,791
Pioneer
Natural
Resources
Company
195,000
1.900%,
8/15/2030
187,872
Pioneer
Natural
Resources
Company,
Convertible
248,000
0.250%,
5/15/2025
395,684
Plains
All
American
Pipeline,
LP
150,000
6.125%,
11/15/2022
b,j
132,480
317,000
4.650%,
10/15/2025
354,654
Precision
Drilling
Corporation
310,000
6.875%,
1/15/2029
g
319,300
Range
Resources
Corporation
200,000
9.250%,
2/1/2026
220,500
200,000
8.250%,
1/15/2029
g
225,500
Sabine
Pass
Liquefaction,
LLC
196,000
4.200%,
3/15/2028
221,349
Schlumberger
Finance
Canada,
Ltd.
149,000
1.400%,
9/17/2025
150,637
Schlumberger
Holdings
Corporation
81,000
4.300%,
5/1/2029
g
92,529
Shell
International
Finance
BV
95,000
2.375%,
4/6/2025
99,872
SM
Energy
Company
185,000
6.500%,
7/15/2028
190,088
Suncor
Energy,
Inc.
149,000
3.100%,
5/15/2025
159,202
Sunoco,
LP
415,000
5.875%,
3/15/2028
440,938
Targa
Resources
Partners,
LP
205,000
5.375%,
2/1/2027
213,456
140,000
5.000%,
1/15/2028
147,700
Teine
Energy,
Ltd.
375,000
6.875%,
4/15/2029
g
384,844
Transocean
Guardian,
Ltd.
315,375
5.875%,
1/15/2024
g,i
306,702
Transocean
Proteus,
Ltd.
132,000
6.250%,
12/1/2024
g
133,320
Transocean,
Inc.
250,000
11.500%,
1/30/2027
g
267,174
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
24
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Energy
(2.9%)
-
continued
USA
Compression
Partners,
LP
$
200,000
6.875%,
4/1/2026
$
209,500
Vine
Energy
Holdings,
LLC
250,000
6.750%,
4/15/2029
g
263,125
W&T
Offshore,
Inc.
325,000
9.750%,
11/1/2023
g
315,250
Weatherford
International,
Ltd.
265,000
8.750%,
9/1/2024
g
277,256
370,000
11.000%,
12/1/2024
g
384,800
Western
Gas
Partners,
LP
143,000
4.000%,
7/1/2022
145,324
Western
Midstream
Operating,
LP
270,000
4.350%,
2/1/2025
285,279
390,000
3.950%,
6/1/2025
405,230
210,000
5.500%,
8/15/2048
228,562
Williams
Companies,
Inc.
131,000
2.600%,
3/15/2031
132,660
Total
35,024,902
Financials
(6.7%)
AerCap
Ireland
Capital
DAC
121,000
3.150%,
2/15/2024
127,005
200,000
6.500%,
7/15/2025
234,583
Air
Lease
Corporation
300,000
4.650%,
6/15/2026
b,j
310,875
Aircastle,
Ltd.
274,000
5.250%,
6/15/2026
b,g,j
276,740
130,000
2.850%,
1/26/2028
g
130,643
Ally
Financial,
Inc.
550,000
5.750%,
11/20/2025
631,487
600,000
4.700%,
5/15/2026
b,j
621,420
130,000
8.000%,
11/1/2031
186,816
American
Express
Company
64,000
3.700%,
8/3/2023
68,154
160,000
3.400%,
2/22/2024
171,158
American
Homes
4
Rent,
LP
132,000
2.375%,
7/15/2031
d
130,037
American
International
Group,
Inc.
260,000
4.200%,
4/1/2028
298,891
Ares
Capital
Corporation
76,000
4.250%,
3/1/2025
81,929
301,000
3.875%,
1/15/2026
322,444
Ares
Capital
Corporation,
Convertible
256,000
4.625%,
3/1/2024
278,554
Athene
Global
Funding
211,000
4.000%,
1/25/2022
g
215,384
Australia
and
New
Zealand
Banking
Group,
Ltd.
288,000
2.950%,
7/22/2030
b,g
299,621
Aviation
Capital
Group,
LLC
200,000
5.500%,
12/15/2024
g
226,066
Avolon
Holdings
Funding,
Ltd.
264,000
4.250%,
4/15/2026
g
286,090
BAC
Capital
Trust
XIV
332,000
4.000%,
(LIBOR
3M
+
0.400%),
7/19/2021
b,i,j
333,245
Banco
Santander
Mexico
SA
89,000
5.375%,
4/17/2025
g
100,983
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Financials
(6.7%)
-
continued
Bank
of
America
Corporation
$
276,000
3.004%,
12/20/2023
b
$
286,032
445,000
3.550%,
3/5/2024
b
467,551
325,000
4.200%,
8/26/2024
356,276
1,100,000
6.250%,
9/5/2024
b,j
1,216,875
160,000
3.458%,
3/15/2025
b
171,005
320,000
6.100%,
3/17/2025
b,j
359,318
373,000
1.319%,
6/19/2026
b
373,816
298,000
1.197%,
10/24/2026
b
295,145
640,000
5.875%,
3/15/2028
b,j
732,518
392,000
3.593%,
7/21/2028
b
431,571
132,000
2.087%,
6/14/2029
b
133,068
523,000
3.974%,
2/7/2030
b
593,072
261,000
2.687%,
4/22/2032
b
268,515
Bank
of
Montreal
278,000
3.300%,
2/5/2024
297,696
Bank
of
New
York
Mellon
Corporation
160,000
4.700%,
9/20/2025
b,j
174,600
200,000
3.400%,
1/29/2028
222,893
Bank
of
Nova
Scotia
480,000
4.900%,
6/4/2025
b,j
526,800
132,000
1.050%,
3/2/2026
130,596
Barclays
plc
377,000
4.338%,
5/16/2024
b
401,952
250,000
8.000%,
6/15/2024
b,j
284,375
149,000
4.375%,
9/11/2024
162,616
179,000
2.852%,
5/7/2026
b
189,109
193,000
4.972%,
5/16/2029
b
225,998
BB&T
Corporation
164,000
2.500%,
8/1/2024
172,853
BNP
Paribas
SA
188,000
2.819%,
11/19/2025
b,g
197,803
Boston
Properties,
LP
131,000
2.550%,
4/1/2032
131,812
BPCE
SA
163,000
3.000%,
5/22/2022
g
166,927
152,000
2.375%,
1/14/2025
g
158,268
Brixmor
Operating
Partnership,
LP
262,000
2.250%,
4/1/2028
261,687
Canadian
Imperial
Bank
of
Commerce
152,000
2.250%,
1/28/2025
158,738
CANPACK
SA
500,000
3.125%,
11/1/2025
g
508,750
Capital
One
Bank
USA
NA
245,000
3.375%,
2/15/2023
256,352
228,000
2.280%,
1/28/2026
b
236,432
Capital
One
Financial
Corporation
140,000
3.950%,
9/1/2026
b,j
142,975
Cascades
USA,
Inc.
285,000
5.125%,
1/15/2026
g
303,525
Charles
Schwab
Corporation
537,000
5.375%,
6/1/2025
b,j
593,546
600,000
4.000%,
6/1/2026
b,j
625,500
196,000
2.000%,
3/20/2028
201,061
Chobani,
LLC
560,000
4.625%,
11/15/2028
g
580,300
CIT
Group,
Inc.
260,000
5.250%,
3/7/2025
292,500
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
25
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Financials
(6.7%)
-
continued
Citigroup,
Inc.
$
142,000
2.750%,
4/25/2022
$
144,619
640,000
5.950%,
1/30/2023
b,j
672,867
664,000
5.000%,
9/12/2024
b,j
694,942
180,000
3.352%,
4/24/2025
b
191,799
107,000
5.950%,
5/15/2025
b,j
117,106
365,000
5.500%,
9/13/2025
425,148
315,000
4.000%,
12/10/2025
b,j
325,631
785,000
3.875%,
2/18/2026
b,j
801,681
451,000
1.122%,
1/28/2027
b
444,614
263,000
1.462%,
6/9/2027
b
261,868
522,000
4.075%,
4/23/2029
b
592,024
Citizens
Financial
Group,
Inc.
275,000
4.000%,
10/6/2026
b,j
277,062
CNA
Financial
Corporation
190,000
3.950%,
5/15/2024
205,580
Comerica,
Inc.
160,000
5.625%,
7/1/2025
b,j
177,200
Commonwealth
Bank
of
Australia
156,000
2.688%,
3/11/2031
g
155,961
Cooperatieve
Centrale
Raiffeisen-
Boerenleenbank
BA
282,000
3.950%,
11/9/2022
295,210
Cooperatieve
Rabobank
UA
149,000
1.339%,
6/24/2026
b,g
149,614
Corporate
Office
Properties,
LP
265,000
2.250%,
3/15/2026
272,260
Credit
Acceptance
Corporation
470,000
5.125%,
12/31/2024
g
487,037
Credit
Agricole
SA
270,000
8.125%,
12/23/2025
b,g,j
328,050
131,000
3.250%,
1/14/2030
g
137,911
Credit
Suisse
Group
AG
213,000
6.500%,
8/8/2023
g
235,288
150,000
7.500%,
12/11/2023
b,g,j
166,401
157,000
2.593%,
9/11/2025
b,g
163,339
130,000
7.250%,
9/12/2025
b,g,j
146,965
135,000
2.193%,
6/5/2026
b,g
138,228
128,000
3.869%,
1/12/2029
b,g
140,950
Dai-ichi
Life
Insurance
Company,
Ltd.
953,000
5.100%,
10/28/2024
b,g,i,j
1,051,874
Danske
Bank
AS
250,000
5.000%,
1/12/2023
b,g
255,468
Deutsche
Bank
AG
444,000
2.129%,
11/24/2026
b
450,530
132,000
3.035%,
5/28/2032
b
134,224
Discover
Bank
260,000
4.682%,
8/9/2028
b
276,159
Diversified
Healthcare
Trust
310,000
4.375%,
3/1/2031
296,825
Drawbridge
Special
Opportunities
Fund,
LP
540,000
3.875%,
2/15/2026
g
558,608
Duke
Realty,
LP
196,000
4.000%,
9/15/2028
222,987
ESH
Hospitality,
Inc.
380,000
5.250%,
5/1/2025
g
387,068
Fidelity
National
Financial,
Inc.
235,000
5.500%,
9/1/2022
248,112
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Financials
(6.7%)
-
continued
Fifth
Third
Bancorp
$
320,000
4.500%,
9/30/2025
b,j
$
347,200
Fifth
Third
Bank
NA
129,000
3.850%,
3/15/2026
142,966
First
Horizon
Bank
198,000
5.750%,
5/1/2030
244,127
First
Horizon
National
Corporation
179,000
3.550%,
5/26/2023
188,309
FNB
Corporation
305,000
2.200%,
2/24/2023
309,774
Fortress
Transportation
260,000
6.500%,
10/1/2025
g
270,075
Fortress
Transportation
and
Infrastructure
Investors,
LLC
65,000
5.500%,
5/1/2028
g
67,681
FS
KKR
Capital
Corporation
132,000
3.400%,
1/15/2026
136,490
132,000
2.625%,
1/15/2027
130,500
FTI
Consulting,
Inc.,
Convertible
422,000
2.000%,
8/15/2023
602,194
GE
Capital
Funding,
LLC
200,000
3.450%,
5/15/2025
217,654
66,000
4.050%,
5/15/2027
74,698
131,000
4.400%,
5/15/2030
152,659
Global
Net
Lease,
Inc.
520,000
3.750%,
12/15/2027
g
514,668
Goldman
Sachs
Group,
Inc.
298,000
0.627%,
11/17/2023
b
298,089
825,000
5.500%,
8/10/2024
b,j
904,951
148,000
3.500%,
4/1/2025
160,565
223,000
4.250%,
10/21/2025
249,294
222,000
0.855%,
2/12/2026
b
220,371
150,000
3.800%,
5/10/2026
b,j
152,670
261,000
3.814%,
4/23/2029
b
291,898
131,000
3.800%,
3/15/2030
147,230
131,000
2.615%,
4/22/2032
b
133,825
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Convertible
202,000
4.125%,
9/1/2022
417,635
Hartford
Financial
Services
Group,
Inc.
130,000
2.800%,
8/19/2029
136,479
HSBC
Holdings
plc
143,000
3.803%,
3/11/2025
b
153,766
150,000
6.375%,
3/30/2025
b,j
167,220
187,000
2.633%,
11/7/2025
b
196,263
178,000
1.589%,
5/24/2027
b
178,343
332,000
6.500%,
3/23/2028
b,j
380,764
365,000
4.583%,
6/19/2029
b
421,852
470,000
4.600%,
12/17/2030
b,j
487,625
159,000
2.804%,
5/24/2032
b
163,174
Huntington
Bancshares,
Inc.
480,000
4.450%,
10/15/2027
b,j
512,400
Icahn
Enterprises,
LP
530,000
6.375%,
12/15/2025
545,211
300,000
6.250%,
5/15/2026
318,300
ING
Groep
NV
258,000
1.726%,
4/1/2027
b
260,203
Intercontinental
Exchange,
Inc.
149,000
0.700%,
6/15/2023
149,643
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
26
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Financials
(6.7%)
-
continued
Iron
Mountain,
Inc.
$
1,075,000
4.875%,
9/15/2027
g
$
1,114,404
iStar,
Inc.
465,000
4.250%,
8/1/2025
478,369
iStar,
Inc.,
Convertible
335,000
3.125%,
9/15/2022
506,286
J.P.
Morgan
Chase
&
Company
330,000
5.150%,
5/1/2023
b,j
340,725
320,000
6.000%,
8/1/2023
b,j
340,200
320,000
6.750%,
2/1/2024
b,j
354,832
122,000
1.514%,
6/1/2024
b
124,405
454,000
5.000%,
8/1/2024
b,j
479,855
325,000
3.875%,
9/10/2024
354,273
378,000
4.023%,
12/5/2024
b
407,986
210,000
4.600%,
2/1/2025
b,j
217,623
149,000
2.083%,
4/22/2026
b
154,073
570,000
3.650%,
6/1/2026
b,j
570,798
371,000
1.045%,
11/19/2026
b
366,304
261,000
1.578%,
4/22/2027
b
262,352
392,000
4.005%,
4/23/2029
b
443,171
133,000
2.069%,
6/1/2029
b
134,046
523,000
4.493%,
3/24/2031
b
619,377
KeyBank
NA
196,000
3.900%,
4/13/2029
219,533
Kilroy
Realty,
LP
265,000
4.375%,
10/1/2025
293,687
KKR
Real
Estate
Finance
Trust,
Inc.,
Convertible
139,000
6.125%,
5/15/2023
148,584
Lincoln
National
Corporation
130,000
3.800%,
3/1/2028
145,313
300,000
2.513%,
(LIBOR
3M
+
2.358%),
5/17/2066
b
264,750
Lloyds
Banking
Group
plc
300,000
3.900%,
3/12/2024
325,093
120,000
7.500%,
6/27/2024
b,j
136,500
260,000
1.627%,
5/11/2027
b
260,134
247,000
6.657%,
5/21/2037
b,g,j
345,616
LPL
Holdings,
Inc.
310,000
4.000%,
3/15/2029
g
311,386
Macquarie
Group,
Ltd.
264,000
1.629%,
9/23/2027
b,g
261,995
Mastercard,
Inc.
131,000
1.900%,
3/15/2031
132,408
MetLife,
Inc.
320,000
3.850%,
9/15/2025
b,j
336,400
640,000
5.875%,
3/15/2028
b,i,j
737,786
MGM
Growth
Properties
Operating
Partnership,
LP
530,000
4.625%,
6/15/2025
g
566,236
Mid-America
Apartments,
LP
261,000
4.200%,
6/15/2028
298,999
Mitsubishi
UFJ
Financial
Group,
Inc.
241,000
2.623%,
7/18/2022
246,936
160,000
3.407%,
3/7/2024
171,460
179,000
1.412%,
7/17/2025
180,709
196,000
3.741%,
3/7/2029
221,053
Mizuho
Financial
Group,
Inc.
241,000
2.721%,
7/16/2023
b
246,731
196,000
3.153%,
7/16/2030
b
210,924
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Financials
(6.7%)
-
continued
Morgan
Stanley
$
110,000
4.875%,
11/1/2022
$
116,210
311,000
4.100%,
5/22/2023
331,149
149,000
0.560%,
11/10/2023
b
149,188
160,000
2.720%,
7/22/2025
b
168,284
104,000
5.000%,
11/24/2025
119,899
302,000
2.188%,
4/28/2026
b
313,567
148,000
0.985%,
12/10/2026
b
145,665
260,000
1.593%,
5/4/2027
b
261,840
392,000
3.622%,
4/1/2031
b
437,572
MPT
Operating
Partnership,
LP
320,000
5.250%,
8/1/2026
329,600
140,000
4.625%,
8/1/2029
149,864
National
Retail
Properties,
Inc.
131,000
2.500%,
4/15/2030
133,150
Natwest
Group
plc
163,000
6.125%,
12/15/2022
175,375
26,000
6.100%,
6/10/2023
28,490
131,000
4.892%,
5/18/2029
b
153,415
Navient
Corporation
250,000
5.500%,
1/25/2023
263,675
NFP
Corporation
160,000
6.875%,
8/15/2028
g
168,434
Nippon
Life
Insurance
Company
640,000
5.100%,
10/16/2044
b,g
705,600
480,000
3.400%,
1/23/2050
b,g
498,000
Omega
Healthcare
Investors,
Inc.
127,000
4.750%,
1/15/2028
143,130
130,000
3.375%,
2/1/2031
133,547
OneMain
Finance
Corporation
185,000
3.500%,
1/15/2027
186,388
Owl
Rock
Technology
Finance
Corporation
68,000
4.750%,
12/15/2025
g
74,760
196,000
3.750%,
6/17/2026
g
206,095
Park
Intermediate
Holdings,
LLC
275,000
4.875%,
5/15/2029
g
284,474
PayPal
Holdings,
Inc.
193,000
1.650%,
6/1/2025
198,076
129,000
2.850%,
10/1/2029
139,122
PennyMac
Financial
Services,
Inc.
320,000
4.250%,
2/15/2029
g
308,291
Pine
Street
Trust
I
130,000
4.572%,
2/15/2029
g
148,874
Playtika
Holding
Corporation
245,000
4.250%,
3/15/2029
g
244,831
PNC
Bank
NA
130,000
2.700%,
10/22/2029
137,653
Provident
Financing
Trust
I
155,000
7.405%,
3/15/2038
187,640
Prudential
Financial,
Inc.
332,000
5.625%,
6/15/2043
b
356,287
786,000
5.200%,
3/15/2044
b
843,499
160,000
3.700%,
10/1/2050
b
166,800
Quicken
Loans,
LLC
310,000
3.625%,
3/1/2029
g
306,125
Radian
Group,
Inc.
250,000
4.875%,
3/15/2027
271,875
Regions
Financial
Corporation
142,000
3.800%,
8/14/2023
151,407
320,000
5.750%,
6/15/2025
b,i,j
357,600
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
27
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Financials
(6.7%)
-
continued
Reinsurance
Group
of
America,
Inc.
$
212,000
4.700%,
9/15/2023
$
230,376
Royal
Bank
of
Scotland
Group
plc
320,000
8.625%,
8/15/2021
b,j
322,310
182,000
4.269%,
3/22/2025
b
197,412
197,000
3.754%,
11/1/2029
b
209,313
Santander
Holdings
USA,
Inc.
261,000
3.450%,
6/2/2025
280,477
Santander
UK
Group
Holdings
plc
200,000
1.673%,
6/14/2027
b
199,694
196,000
3.823%,
11/3/2028
b
215,530
Service
Properties
Trust
330,000
4.500%,
6/15/2023
338,250
170,000
4.750%,
10/1/2026
167,875
260,000
5.500%,
12/15/2027
277,480
Simon
Property
Group,
LP
206,000
2.000%,
9/13/2024
213,368
264,000
2.650%,
7/15/2030
273,437
Societe
Generale
SA
188,000
2.625%,
10/16/2024
g
196,296
320,000
8.000%,
9/29/2025
b,g,j
376,800
177,000
1.488%,
12/14/2026
b,g
175,392
Springleaf
Finance
Corporation
820,000
6.875%,
3/15/2025
925,452
Standard
Chartered
plc
223,000
1.319%,
10/14/2023
b,g
224,920
177,000
0.991%,
1/12/2025
b,g
176,443
Starwood
Property
Trust,
Inc.,
Convertible
270,000
4.375%,
4/1/2023
289,251
State
Street
Corporation
157,000
2.354%,
11/1/2025
b
165,015
Sumitomo
Life
Insurance
Company
600,000
3.375%,
4/15/2081
b,g
618,300
Sumitomo
Mitsui
Financial
Group,
Inc.
141,000
2.784%,
7/12/2022
144,603
188,000
2.448%,
9/27/2024
197,199
196,000
3.544%,
1/17/2028
216,669
196,000
2.142%,
9/23/2030
191,144
Sumitomo
Mitsui
Trust
Bank,
Ltd.
149,000
1.050%,
9/12/2025
g
148,015
Summit
Hotel
Properties,
Inc.,
Convertible
235,000
1.500%,
2/15/2026
242,168
SVB
Financial
Group
420,000
4.000%,
5/15/2026
b,j
427,476
Synchrony
Financial
160,000
4.250%,
8/15/2024
174,837
260,000
3.700%,
8/4/2026
283,888
Truist
Bank
134,000
2.250%,
3/11/2030
135,945
Truist
Financial
Corporation
720,000
4.950%,
9/1/2025
b,j
790,920
132,000
1.887%,
6/7/2029
b
132,400
UBS
AG
235,000
5.125%,
5/15/2024
259,088
United
Wholesale
Mortgage,
LLC
245,000
5.500%,
4/15/2029
g
244,944
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Financials
(6.7%)
-
continued
USB
Realty
Corporation
$
664,000
1.331%,
(LIBOR
3M
+
1.147%),
1/15/2022
b,g,j
$
517,920
Ventas
Realty,
LP
163,000
3.750%,
5/1/2024
174,877
VEREIT
Operating
Partnership,
LP
132,000
4.875%,
6/1/2026
152,113
196,000
3.950%,
8/15/2027
220,774
VICI
Properties,
LP
240,000
4.250%,
12/1/2026
g
249,653
140,000
3.750%,
2/15/2027
g
142,397
240,000
4.625%,
12/1/2029
g
255,000
Wells
Fargo
&
Company
325,000
4.125%,
8/15/2023
349,477
130,000
1.654%,
6/2/2024
b
132,780
311,000
2.406%,
10/30/2025
b
325,390
490,000
3.900%,
3/15/2026
b,j
507,297
226,000
2.188%,
4/30/2026
b
234,632
307,000
0.684%,
(LIBOR
3M
+
0.500%),
1/15/2027
b
296,920
560,000
1.184%,
(LIBOR
3M
+
1.000%),
4/15/2027
b
549,154
261,000
3.584%,
5/22/2028
b
287,541
261,000
4.478%,
4/4/2031
b
308,498
Welltower,
Inc.
132,000
2.050%,
1/15/2029
132,182
196,000
2.800%,
6/1/2031
202,523
Westpac
Banking
Corporation
196,000
4.110%,
7/24/2034
b
215,382
Willis
North
America,
Inc.
261,000
4.500%,
9/15/2028
301,480
Total
79,145,967
Foreign
Government
(<0.1%)
Sinopec
Group
Overseas
Development
2018,
Ltd.
178,000
2.150%,
5/13/2025
g
182,272
Total
182,272
Mortgage-Backed
Securities
(19.1%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
3,569,104
3.000%,
3/25/2050
3,723,581
1,746,985
3.000%,
4/1/2050
1,824,874
1,566,591
3.500%,
7/1/2047
1,657,968
Federal
National
Mortgage
Association
875,419
4.500%,
5/1/2048
945,340
2,537,729
3.500%,
10/1/2048
2,673,174
1,031,970
3.500%,
6/1/2049
1,089,261
2,902,272
3.500%,
8/1/2049
3,063,145
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
15,625,000
1.500%,
7/1/2036
d
15,813,293
59,140,000
2.000%,
7/1/2036
d
60,998,521
29,700,000
2.500%,
7/1/2036
d
30,970,371
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
55,150,000
2.500%,
7/1/2050
d
57,041,473
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
28
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Mortgage-Backed
Securities
(19.1%)
-
continued
$
32,000,000
2.000%,
7/1/2051
d
$
32,310,000
2,038,840
4.000%,
7/1/2048
2,173,011
Government
National
Mortgage
Association
30-Yr.
Pass
Through
12,075,000
2.500%,
7/1/2051
d
12,495,738
Total
226,779,750
Technology
(1.6%)
Akamai
Technologies,
Inc.,
Convertible
71,000
0.125%,
5/1/2025
92,797
831,000
0.375%,
9/1/2027
961,467
Apple,
Inc.
392,000
2.200%,
9/11/2029
407,538
Baidu,
Inc.
184,000
3.075%,
4/7/2025
194,295
Banff
Merger
Sub,
Inc.
185,000
9.750%,
9/1/2026
g
194,712
Broadcom
Corporation
261,000
3.125%,
1/15/2025
278,600
196,000
3.875%,
1/15/2027
216,576
Broadcom,
Inc.
260,000
5.000%,
4/15/2030
306,741
CDW,
LLC
285,000
4.250%,
4/1/2028
299,250
CommScope
Technologies
Finance,
LLC
531,000
6.000%,
6/15/2025
g
542,284
CommScope,
Inc.
270,000
7.125%,
7/1/2028
g
292,612
Dell
International,
LLC
280,000
5.450%,
6/15/2023
303,762
196,000
5.850%,
7/15/2025
229,950
196,000
5.300%,
10/1/2029
236,500
Diamond
Sports
Group,
LLC
550,000
6.625%,
8/15/2027
g
270,124
Fiserv,
Inc.
207,000
2.750%,
7/1/2024
218,382
261,000
4.200%,
10/1/2028
300,029
Gartner,
Inc.
245,000
3.625%,
6/15/2029
g
248,675
415,000
3.750%,
10/1/2030
g
424,591
Global
Payments,
Inc.
82,000
2.650%,
2/15/2025
86,398
131,000
3.200%,
8/15/2029
140,217
Hewlett
Packard
Enterprise
Company
163,000
2.250%,
4/1/2023
167,833
InterDigital,
Inc.,
Convertible
126,000
2.000%,
6/1/2024
139,466
Intuit,
Inc.
149,000
0.950%,
7/15/2025
149,303
J2
Global,
Inc.,
Convertible
456,000
1.750%,
11/1/2026
g
581,126
Jabil,
Inc.
130,000
1.700%,
4/15/2026
130,963
Lumentum
Holdings,
Inc.,
Convertible
410,000
0.250%,
3/15/2024
597,321
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Technology
(1.6%)
-
continued
Marvell
Technology,
Inc.
$
142,000
4.200%,
6/22/2023
g
$
150,961
132,000
2.950%,
4/15/2031
g
136,801
Microchip
Technology,
Inc.,
Convertible
205,000
1.625%,
2/15/2027
456,248
Micron
Technology,
Inc.
249,000
4.975%,
2/6/2026
286,197
NCR
Corporation
720,000
6.125%,
9/1/2029
g
784,800
NortonLifeLock,
Inc.,
Convertible
328,000
2.000%,
8/15/2022
g
450,016
Nuance
Communications,
Inc.,
Convertible
428,000
1.250%,
4/1/2025
1,189,326
NVIDIA
Corporation
65,000
2.850%,
4/1/2030
70,361
NXP
Funding,
LLC
122,000
4.875%,
3/1/2024
g
134,298
72,000
2.700%,
5/1/2025
g
75,933
131,000
4.300%,
6/18/2029
g
150,194
Open
Text
Corporation
420,000
4.125%,
2/15/2030
g
428,316
Oracle
Corporation
326,000
2.500%,
4/1/2025
342,443
327,000
2.950%,
4/1/2030
344,467
Panasonic
Corporation
241,000
2.536%,
7/19/2022
g
245,765
PTC,
Inc.
210,000
3.625%,
2/15/2025
g
216,300
215,000
4.000%,
2/15/2028
g
222,095
Qorvo,
Inc.
330,000
3.375%,
4/1/2031
g
343,933
Rackspace
Technology
Global,
Inc.
365,000
5.375%,
12/1/2028
g,i
374,125
Salesforce.com,
Inc.
133,000
1.950%,
7/15/2031
d
133,018
Seagate
HDD
Cayman
156,000
4.250%,
3/1/2022
i
158,925
480,000
3.375%,
7/15/2031
g
463,824
Sensata
Technologies,
Inc.
615,000
3.750%,
2/15/2031
g
608,130
Shift4
Payments,
LLC
140,000
4.625%,
11/1/2026
g
146,125
SS&C
Technologies,
Inc.
830,000
5.500%,
9/30/2027
g
879,551
Switch,
Ltd.
410,000
3.750%,
9/15/2028
g
415,125
Tencent
Holdings,
Ltd.
157,000
2.880%,
4/22/2031
g
162,331
Teradyne,
Inc.,
Convertible
196,000
1.250%,
12/15/2023
830,305
Texas
Instruments,
Inc.
213,000
1.375%,
3/12/2025
217,453
Verint
Systems,
Inc.,
Convertible
188,000
0.250%,
4/15/2026
g
184,343
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
29
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Technology
(1.6%)
-
continued
Vishay
Intertechnology,
Inc.,
Convertible
$
383,000
2.250%,
6/15/2025
$
402,636
Total
19,015,857
Transportation
(0.8%)
AerCap
Holdings
NV
300,000
5.875%,
10/10/2079
b
312,420
Air
Lease
Corporation
152,000
2.300%,
2/1/2025
157,135
131,000
3.125%,
12/1/2030
133,084
Air
Transport
Services
Group,
Inc.,
Convertible
198,000
1.125%,
10/15/2024
200,732
American
Airlines,
Inc.
360,000
11.750%,
7/15/2025
g
451,800
750,000
5.500%,
4/20/2026
g
794,062
90,000
5.750%,
4/20/2029
g
97,312
Avis
Budget
Car
Rental,
LLC
320,000
5.375%,
3/1/2029
g,i
333,200
CSX
Corporation
131,000
4.250%,
3/15/2029
152,283
Delta
Air
Lines,
Inc.
365,000
7.000%,
5/1/2025
g
425,951
297,635
4.500%,
10/20/2025
g
319,845
264,000
4.750%,
10/20/2028
g
293,504
FedEx
Corporation
130,000
2.400%,
5/15/2031
132,304
Greenbrier
Companies,
Inc.,
Convertible
188,000
2.875%,
4/15/2028
g
196,178
J.B.
Hunt
Transport
Services,
Inc.
95,000
3.300%,
8/15/2022
97,475
JetBlue
Airways
Corporation,
Convertible
438,000
0.500%,
4/1/2026
g
436,467
Meritor,
Inc.,
Convertible
710,000
3.250%,
10/15/2037
753,523
Mileage
Plus
Holdings,
LLC
335,000
6.500%,
6/20/2027
g
368,835
Penske
Truck
Leasing
Company,
LP
148,000
1.200%,
11/15/2025
g
146,589
128,000
1.700%,
6/15/2026
g
128,847
Southwest
Airlines
Company
133,000
5.125%,
6/15/2027
156,471
130,000
2.625%,
2/10/2030
133,055
Southwest
Airlines
Company,
Convertible
545,000
1.250%,
5/1/2025
825,334
Union
Pacific
Corporation
165,000
3.750%,
7/15/2025
182,821
131,000
2.150%,
2/5/2027
135,860
United
Airlines
Pass
Through
Trust
90,000
3.700%,
12/1/2022
92,663
United
Airlines,
Inc.
410,000
4.375%,
4/15/2026
g
424,424
410,000
4.625%,
4/15/2029
g
424,350
XPO
Logistics,
Inc.
390,000
6.125%,
9/1/2023
g
392,925
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Transportation
(0.8%)
-
continued
$
248,000
6.750%,
8/15/2024
g
$
257,610
Total
8,957,059
U.S.
Government
&
Agencies
(2.3%)
U.S.
Treasury
Bonds
1,290,000
1.125%,
2/15/2031
1,252,308
U.S.
Treasury
Notes
4,330,000
0.125%,
2/28/2023
4,324,587
3,190,000
0.125%,
4/30/2023
3,184,019
5,100,000
0.125%,
2/15/2024
5,067,129
5,550,000
0.500%,
3/31/2025
5,522,467
4,390,000
0.500%,
2/28/2026
4,323,464
1,780,000
0.500%,
4/30/2027
1,726,391
2,410,000
1.125%,
2/29/2028
2,402,845
Total
27,803,210
Utilities
(1.0%)
AES
Corporation
78,000
3.950%,
7/15/2030
g
85,293
Ameren
Corporation
132,000
1.750%,
3/15/2028
130,620
American
Electric
Power
Company,
Inc.
131,000
2.300%,
3/1/2030
132,398
Berkshire
Hathaway
Energy
Company
181,000
4.050%,
4/15/2025
200,971
Calpine
Corporation
590,000
4.500%,
2/15/2028
g
601,800
CenterPoint
Energy,
Inc.
164,000
2.500%,
9/1/2024
171,498
198,000
1.450%,
6/1/2026
198,141
197,000
2.650%,
6/1/2031
200,675
Dominion
Energy,
Inc.
163,000
3.071%,
8/15/2024
172,791
495,000
4.650%,
12/15/2024
b,j
525,937
130,000
3.375%,
4/1/2030
141,558
DTE
Energy
Company
130,000
3.800%,
3/15/2027
144,635
Duke
Energy
Corporation
150,000
4.875%,
9/16/2024
b,j
159,375
260,000
3.150%,
8/15/2027
280,593
131,000
2.450%,
6/1/2030
132,456
Edison
International
157,000
4.950%,
4/15/2025
173,820
Energy
Transfer,
LP
290,000
6.500%,
11/15/2026
b,j
295,655
Entergy
Corporation
149,000
0.900%,
9/15/2025
147,010
130,000
1.900%,
6/15/2028
129,811
Evergy,
Inc.
162,000
2.450%,
9/15/2024
169,653
Exelon
Corporation
130,000
4.050%,
4/15/2030
148,062
FirstEnergy
Corporation
214,000
3.350%,
7/15/2022
217,531
Georgia
Power
Company
94,000
2.100%,
7/30/2023
97,071
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
30
Principal
Amount
Long-Term
Fixed
Income
(53.9%)
Value
Utilities
(1.0%)
-
continued
Jersey
Central
Power
&
Light
Company
$
66,000
2.750%,
3/1/2032
g
$
66,996
NextEra
Energy
Capital
Holdings,
Inc.
130,000
2.250%,
6/1/2030
131,014
NextEra
Energy
Operating
Partners,
LP
550,000
3.875%,
10/15/2026
g
580,937
NextEra
Energy
Partners,
LP,
Convertible
412,000
Zero
Coupon,
11/15/2025
g
443,312
NiSource,
Inc.
300,000
5.650%,
6/15/2023
b,j
319,875
130,000
2.950%,
9/1/2029
137,702
NRG
Energy,
Inc.
148,000
2.000%,
12/2/2025
g
150,127
455,000
3.375%,
2/15/2029
g
445,340
NRG
Energy,
Inc.,
Convertible
108,000
2.750%,
6/1/2048
125,496
Pacific
Gas
and
Electric
Company
196,000
3.750%,
2/15/2024
205,460
196,000
2.100%,
8/1/2027
190,352
PG&E
Corporation
270,000
5.000%,
7/1/2028
273,002
210,000
5.250%,
7/1/2030
211,995
Public
Service
Enterprise
Group,
Inc.
131,000
1.600%,
8/15/2030
124,140
Sempra
Energy
320,000
4.875%,
10/15/2025
b,j
347,200
196,000
3.400%,
2/1/2028
215,368
Southern
Company
469,000
4.000%,
1/15/2051
b
495,968
432,000
3.750%,
9/15/2051
b
434,765
Suburban
Propane
Partners,
LP
500,000
5.875%,
3/1/2027
524,953
Talen
Energy
Supply,
LLC
270,000
7.625%,
6/1/2028
g
252,642
TerraForm
Power
Operating,
LLC
520,000
5.000%,
1/31/2028
g
550,550
TransCanada
Trust
600,000
5.875%,
8/15/2076
b
669,750
Vistra
Operations
Company,
LLC
500,000
5.000%,
7/31/2027
g
513,315
Xcel
Energy,
Inc.
131,000
4.000%,
6/15/2028
149,099
Total
12,216,712
Total
Long-Term
Fixed
Income
(cost
$627,068,727)
640,499,249
Shares
Common
Stock
(
18.2%
)
Value
Communications
Services
(1.5%)
5,672
Activision
Blizzard,
Inc.
541,336
1,764
Alphabet,
Inc.,
Class
A
m
4,307,318
561
Alphabet,
Inc.,
Class
C
m
1,406,046
16,444
AT&T,
Inc.
473,258
2,920
Charter
Communications,
Inc.
m
2,106,634
20,409
Comcast
Corporation
1,163,721
10,326
Discovery,
Inc.,
Class
A
i,m
316,802
Shares
Common
Stock
(18.2%)
Value
Communications
Services
(1.5%)
-
continued
8,525
DISH
Network
Corporation
m
$
356,345
3,245
Electronic
Arts,
Inc.
466,728
7,563
Facebook,
Inc.
m
2,629,731
6,602
Live
Nation
Entertainment,
Inc.
m
578,269
524
Lumen
Technologies,
Inc.
7,121
1,809
Match
Group,
Inc.
m
291,701
1,602
Omnicom
Group,
Inc.
128,144
19,728
QuinStreet,
Inc.
m
366,546
25
Roku,
Inc.
m
11,481
19,326
Twitter,
Inc.
m
1,329,822
20,289
Verizon
Communications,
Inc.
1,136,793
3,234
ViacomCBS,
Inc.
146,177
320
Walt
Disney
Company
m
56,246
4,897
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
m
72,231
2,829
Zillow
Group,
Inc.
m
346,637
Total
18,239,087
Consumer
Discretionary
(2.1%)
1,683
Amazon.com,
Inc.
m
5,789,789
10,252
Aptiv
plc
m
1,612,947
300
AutoZone,
Inc.
m
447,666
14,149
Bloomin'
Brands,
Inc.
m
384,004
225
Booking
Holdings,
Inc.
m
492,320
505
Burlington
Stores,
Inc.
m
162,605
4,011
Caesars
Entertainment,
Inc.
m
416,141
1,459
Carvana
Company
m
440,355
6,608
Cedar
Fair,
LP
m
296,237
756
Chipotle
Mexican
Grill,
Inc.
m
1,172,057
1,857
Clarus
Corporation
47,725
10,012
Cooper-Standard
Holdings,
Inc.
m
290,348
3,607
Crocs,
Inc.
m
420,288
4,155
D.R.
Horton,
Inc.
375,487
220
Domino's
Pizza,
Inc.
102,628
50
Dorman
Products,
Inc.
m
5,183
973
Emerald
Holding,
Inc.
m
5,244
20,567
Everi
Holdings,
Inc.
m
512,941
2,954
Expedia
Group,
Inc.
m
483,599
5,101
Ford
Motor
Company
m
75,801
389
Garmin,
Ltd.
56,265
503
Gentex
Corporation
16,644
9,300
Harley-Davidson,
Inc.
426,126
824
Hilton
Worldwide
Holdings,
Inc.
m
99,391
2,785
Home
Depot,
Inc.
888,109
2,358
Kohl's
Corporation
129,949
8,867
Leggett
&
Platt,
Inc.
459,399
15,185
Libbey,
Inc.
m
32,268
5,813
Lowe's
Companies,
Inc.
1,127,548
1,826
Lululemon
Athletica,
Inc.
m
666,435
1,893
Marriott
International,
Inc.
m
258,432
1,814
McDonald's
Corporation
419,016
149
Mercadolibre,
Inc.
m
232,111
6,094
Miller
Industries,
Inc.
240,347
1,166
Mohawk
Industries,
Inc.
m
224,094
3,187
NIKE,
Inc.
492,360
192
NVR,
Inc.
m
954,874
3,093
Penn
National
Gaming,
Inc.
m
236,584
4,475
Qurate
Retail,
Inc.
58,578
577
RH
m
391,783
2,073
Ross
Stores,
Inc.
257,052
2,255
Sleep
Number
Corporation
m
247,937
5,468
Sony
Group
Corporation
ADR
531,599
8,549
Stoneridge,
Inc.
m
252,195
1,396
Taylor
Morrison
Home
Corporation
m
36,882
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
Shares
Common
Stock
(18.2%)
Value
Consumer
Discretionary
(2.1%)
-
continued
2,255
Tesla,
Inc.
m
$
1,532,724
32,561
Under
Armour,
Inc.,
Class
C
m
604,658
6,134
Zumiez,
Inc.
m
300,505
Total
24,707,230
Consumer
Staples
(0.7%)
1,101
Altria
Group,
Inc.
52,496
4,890
BJ's
Wholesale
Club
Holdings,
Inc.
m
232,666
7,578
Bunge,
Ltd.
592,221
3,226
Colgate-Palmolive
Company
262,435
1,522
Costco
Wholesale
Corporation
602,210
138
General
Mills,
Inc.
8,408
11,341
Hain
Celestial
Group,
Inc.
m
455,001
2,011
John
B.
Sanfilippo
&
Son,
Inc.
178,114
1,822
Kimberly-Clark
Corporation
243,747
8,338
Lamb
Weston
Holdings,
Inc.
672,543
4,226
Monster
Beverage
Corporation
m
386,045
324
PepsiCo,
Inc.
48,007
18,973
Philip
Morris
International,
Inc.
1,880,414
25,621
Primo
Water
Corporation
428,639
2,524
Procter
&
Gamble
Company
340,563
8,074
Turning
Point
Brands,
Inc.
369,547
8,168
Wal-Mart
Stores,
Inc.
1,151,852
Total
7,904,908
Energy
(0.6%)
7,157
Antero
Resources
Corporation
m
107,570
13,761
BP
plc
ADR
363,566
3,996
Cheniere
Energy,
Inc.
m
346,613
1,166
Chevron
Corporation
122,127
7,032
ConocoPhillips
428,249
38,785
Devon
Energy
Corporation
1,132,134
106
Diamondback
Energy,
Inc.
9,952
705
Dorian
LPG,
Ltd.
m
9,955
17,684
Enterprise
Products
Partners,
LP
426,715
3,141
EOG
Resources,
Inc.
262,085
21,642
EQT
Corporation
m
481,751
4,227
Exxon
Mobil
Corporation
266,639
9,652
Halliburton
Company
223,154
14,153
Helmerich
&
Payne,
Inc.
461,812
22,228
Kinder
Morgan,
Inc.
405,216
5,116
Marathon
Petroleum
Corporation
309,109
113,154
McDermott
International,
Inc.
m
55,446
1,400
MPLX,
LP
41,454
9,534
Nine
Energy
Service,
Inc.
m
28,030
4,826
Occidental
Petroleum
Corporation
150,909
8,136
PDC
Energy,
Inc.
372,547
6,437
Pioneer
Natural
Resources
Company
1,046,141
1,530
TC
Energy
Corporation
75,766
3,903
Valero
Energy
Corporation
304,746
3,000
Williams
Companies,
Inc.
79,650
Total
7,511,336
Financials
(3.2%)
9,105
Air
Lease
Corporation
380,043
13,117
Ally
Financial,
Inc.
653,751
414
American
Equity
Investment
Life
Holding
Company
13,380
3,527
American
Express
Company
582,766
15,220
Annaly
Capital
Management,
Inc.
135,154
13,507
Arch
Capital
Group,
Ltd.
m
525,963
5,019
Ares
Capital
Corporation
98,322
Shares
Common
Stock
(18.2%)
Value
Financials
(3.2%)
-
continued
284
Arthur
J.
Gallagher
and
Company
$
39,783
16,351
Assured
Guaranty,
Ltd.
776,345
47,296
Bank
of
America
Corporation
1,950,014
298
Bank
of
Marin
Bancorp
9,506
6,919
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
245,279
2,004
Berkshire
Hathaway,
Inc.
m
556,952
15,500
BlackRock
TCP
Capital
Corporation
214,210
666
BlackRock,
Inc.
582,730
8,028
Blackstone
Mortgage
Trust,
Inc.
256,013
15,436
Bridgewater
Bancshares,
Inc.
m
249,291
3,518
Byline
Bancorp,
Inc.
79,612
4,983
Capital
One
Financial
Corporation
770,820
19,462
Charles
Schwab
Corporation
1,417,028
3,216
Chubb,
Ltd.
511,151
1,477
Cincinnati
Financial
Corporation
172,248
14,388
Citigroup,
Inc.
1,017,951
364
Citizens
Financial
Group,
Inc.
16,697
1,645
CME
Group,
Inc.
349,859
10,649
Columbia
Banking
System,
Inc.
410,625
5,615
Comerica,
Inc.
400,574
1,043
Community
Trust
Bancorp,
Inc.
42,116
175
Customers
Bancorp,
Inc.
m
6,823
4,060
Discover
Financial
Services
480,257
1,841
Ellington
Residential
Mortgage
REIT
21,669
696
Enova
International,
Inc.
m
23,810
7,121
Enterprise
Financial
Services
Corporation
330,343
31,767
Equitable
Holdings,
Inc.
967,305
3,158
Evercore,
Inc.
444,552
310
FactSet
Research
Systems,
Inc.
104,039
359
Financial
Institutions,
Inc.
10,770
1,783
First
Busey
Corporation
43,969
231
First
Mid-Illinois
Bancshares,
Inc.
9,358
2,461
First
Republic
Bank
460,625
17,652
FS
KKR
Capital
Corporation
379,695
3,938
Glacier
Bancorp,
Inc.
216,905
13,674
Golub
Capital
BDC,
Inc.
210,853
1,190
Great
Southern
Bancorp,
Inc.
64,141
1,851
Hancock
Whitney
Corporation
82,258
11,647
Heartland
Financial
USA,
Inc.
547,293
186
HomeStreet,
Inc.
7,578
860
Hometrust
Bancshares,
Inc.
23,994
6,947
Hope
Bancorp,
Inc.
98,508
2,401
Houlihan
Lokey,
Inc.
196,378
35,362
Huntington
Bancshares,
Inc.
504,616
418
Independent
Bank
Corporation
9,075
10,659
J.P.
Morgan
Chase
&
Company
1,657,901
13,388
KeyCorp
276,462
2,489
Kinsale
Capital
Group,
Inc.
410,113
14,356
KKR
&
Company,
Inc.
850,449
1,785
Lincoln
National
Corporation
112,169
73
MarketAxess
Holdings,
Inc.
33,842
2,728
Marsh
&
McLennan
Companies,
Inc.
383,775
2,569
MidWestOne
Financial
Group,
Inc.
73,910
577
Moody's
Corporation
209,087
10,566
Morgan
Stanley
968,797
4,754
New
York
Community
Bancorp,
Inc.
52,389
3,704
New
York
Mortgage
Trust,
Inc.
16,557
257
Peapack-Gladstone
Financial
Corporation
7,985
2,591
Primerica,
Inc.
396,786
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
32
Shares
Common
Stock
(18.2%)
Value
Financials
(3.2%)
-
continued
207
QCR
Holdings,
Inc.
$
9,955
15,083
Radian
Group,
Inc.
335,597
4,279
Raymond
James
Financial,
Inc.
555,842
960
Reinsurance
Group
of
America,
Inc.
109,440
3,177
S&P
Global,
Inc.
1,304,000
9,286
Seacoast
Banking
Corporation
of
Florida
317,117
1,668
Selective
Insurance
Group,
Inc.
135,358
6,380
Sixth
Street
Specialty
Lending,
Inc.
141,572
115,000
SPDR
Blackstone
Senior
Loan
ETF
5,323,350
6,633
Starwood
Property
Trust,
Inc.
173,586
6,859
Synovus
Financial
Corporation
300,973
481
T.
Rowe
Price
Group,
Inc.
95,224
1,101
Texas
Capital
Bancshares,
Inc.
m
69,902
1,919
Torchmark
Corporation
182,785
5,053
Triumph
Bancorp,
Inc.
m
375,185
8,538
Truist
Financial
Corporation
473,859
136
Two
Harbors
Investment
Corporation
1,028
8,387
Umpqua
Holdings
Corporation
154,740
4,968
Unum
Group
141,091
37,519
Wells
Fargo
&
Company
1,699,236
14,095
Western
Alliance
Bancorp
1,308,721
16,352
Zions
Bancorporations
NA
864,367
1,132
Zurich
Insurance
Group
AG
454,685
Total
37,680,832
Health
Care
(2.3%)
1,118
Abbott
Laboratories
129,610
3,388
AbbVie,
Inc.
381,624
602
Align
Technology,
Inc.
m
367,822
2,524
Amedisys,
Inc.
m
618,203
3,786
Amgen,
Inc.
922,837
4,509
AMN
Healthcare
Services,
Inc.
m
437,283
4,740
Anthem,
Inc.
1,809,732
6,834
Ardelyx,
Inc.
m
51,802
3,621
Baxter
International,
Inc.
291,490
653
Becton,
Dickinson
and
Company
158,803
1,382
Biogen,
Inc.
m
478,545
6,142
Biohaven
Pharmaceutical
Holding
Company,
Ltd.
m
596,265
664
Bio-Techne
Corporation
298,973
308
Bristol-Myers
Squibb
Company
20,581
4,862
Centene
Corporation
m
354,586
5,389
Cerner
Corporation
421,204
2,677
Cigna
Holding
Company
634,636
4,763
CVS
Health
Corporation
397,425
5,848
Danaher
Corporation
1,569,369
1,196
Dexcom,
Inc.
m
510,692
8,149
Edwards
Lifesciences
Corporation
m
843,992
5,588
Gilead
Sciences,
Inc.
384,790
6,863
GlaxoSmithKline
plc
ADR
273,285
6,048
Halozyme
Therapeutics,
Inc.
m
274,640
2,584
HCA
Healthcare,
Inc.
534,216
748
Humana,
Inc.
331,155
1,136
Illumina,
Inc.
m
537,567
3,800
InMode,
Ltd.
m
359,784
756
Intuitive
Surgical,
Inc.
m
695,248
1,876
IQVIA
Holding,
Inc.
m
454,592
9,717
Johnson
&
Johnson
1,600,779
18,201
Lantheus
Holdings,
Inc.
m
503,076
1,175
LHC
Group,
Inc.
m
235,305
11,935
Medtronic
plc
1,481,492
Shares
Common
Stock
(18.2%)
Value
Health
Care
(2.3%)
-
continued
12,186
Merck
&
Company,
Inc.
$
947,705
132
Mettler-Toledo
International,
Inc.
m
182,865
465
Moderna,
Inc.
m
109,266
4,627
Novo
Nordisk
AS
ADR
387,604
5,704
NuVasive,
Inc.
m
386,617
162
Regeneron
Pharmaceuticals,
Inc.
m
90,483
4,351
Stryker
Corporation
1,130,085
9,937
Syneos
Health,
Inc.
m
889,262
166
Tactile
Systems
Technology,
Inc.
m
8,632
2,195
Teladoc
Health,
Inc.
m
365,006
328
Teleflex,
Inc.
131,787
2,666
Thermo
Fisher
Scientific,
Inc.
1,344,917
1,697
UnitedHealth
Group,
Inc.
679,547
1,767
Veeva
Systems,
Inc.
m
549,449
29,134
Viemed
Healthcare,
Inc.
m
208,308
2,143
Zimmer
Biomet
Holdings,
Inc.
344,637
4,839
Zoetis,
Inc.
901,796
Total
27,619,369
Industrials
(2.2%)
4,875
Advanced
Drainage
Systems,
Inc.
568,279
10,242
Altra
Industrial
Motion
Corporation
665,935
4,129
AMETEK,
Inc.
551,221
3,422
ASGN,
Inc.
m
331,694
13,455
Badger
Infrastructure
Solution
408,339
767
Boeing
Company
m
183,743
2,603
Carlisle
Companies,
Inc.
498,162
4,843
Chart
Industries,
Inc.
m
708,628
36
Copart,
Inc.
m
4,746
3,121
Crane
Company
288,287
11,289
CSX
Corporation
362,151
25
Cummins,
Inc.
6,095
4,375
Curtiss-Wright
Corporation
519,575
12,931
Delta
Air
Lines,
Inc.
m
559,395
10,769
Dun
and
Bradstreet
Holdings,
Inc.
m
230,134
2,202
Eaton
Corporation
plc
326,292
3,416
Emerson
Electric
Company
328,756
1,290
Encore
Wire
Corporation
97,769
2,274
Fortive
Corporation
158,589
4,083
Forward
Air
Corporation
366,449
275
GATX
Corporation
24,329
4,679
General
Dynamics
Corporation
880,869
122
Gorman-Rupp
Company
4,202
3,680
Greenbrier
Companies,
Inc.
i
160,374
4,933
Helios
Technologies,
Inc.
385,021
4,805
Honeywell
International,
Inc.
1,053,977
13,720
Howmet
Aerospace,
Inc.
m
472,928
1,526
IDEX
Corporation
335,796
2,538
Illinois
Tool
Works,
Inc.
567,395
3,450
JetBlue
Airways
Corporation
m
57,891
13,155
Johnson
Controls
International
plc
902,828
1,031
Kansas
City
Southern
292,154
2,618
L3Harris
Technologies,
Inc.
565,881
169
Landstar
System,
Inc.
26,705
2,891
Lincoln
Electric
Holdings,
Inc.
380,774
786
Linde
Public
Limited
Company
227,233
1,890
Lockheed
Martin
Corporation
715,082
4,813
Manpower,
Inc.
572,314
13,539
Meritor,
Inc.
m
317,083
1,917
Middleby
Corporation
m
332,139
750
MSC
Industrial
Direct
Company,
Inc.
67,298
8,118
NAPCO
Security
Technologies,
Inc.
m
295,252
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Shares
Common
Stock
(18.2%)
Value
Industrials
(2.2%)
-
continued
115
Nordson
Corporation
$
25,244
2,197
Norfolk
Southern
Corporation
583,106
1,136
Northrop
Grumman
Corporation
412,856
7,345
Nutrien,
Ltd.
445,180
2,162
Old
Dominion
Freight
Line,
Inc.
548,716
2,830
Otis
Worldwide
Corporation
231,409
2,157
Parker-Hannifin
Corporation
662,436
8,638
Patrick
Industries,
Inc.
630,574
4,263
Quanta
Services,
Inc.
386,100
4,691
Raven
Industries,
Inc.
271,374
5,241
Raytheon
Technologies
Corporation
447,110
2,432
Regal-Beloit
Corporation
324,696
9,815
Southwest
Airlines
Company
m
521,078
2,381
Stanley
Black
&
Decker,
Inc.
488,081
6,477
Timken
Company
521,981
783
Tutor
Perini
Corporation
10,845
15,015
Uber
Technologies,
Inc.
m
752,552
1,875
Union
Pacific
Corporation
412,369
3,224
United
Parcel
Service,
Inc.
670,495
4,197
United
Rentals,
Inc.
m
1,338,885
3,964
US
Ecology,
Inc.
m
148,729
991
Verisk
Analytics,
Inc.
173,148
495
Waste
Management,
Inc.
69,354
4,738
WESCO
International,
Inc.
m
487,161
Total
26,365,243
Information
Technology
(4.1%)
1,842
Accenture
plc
543,003
2,650
Adobe,
Inc.
m
1,551,946
2,245
Advanced
Energy
Industries,
Inc.
253,034
6,696
Agilysys,
Inc.
m
380,802
496
Akamai
Technologies,
Inc.
m
57,834
3,907
Alliance
Data
Systems
Corporation
407,070
4,688
Amphenol
Corporation
320,706
379
Analog
Devices,
Inc.
65,249
1,416
ANSYS,
Inc.
m
491,437
42,878
Apple,
Inc.
5,872,571
3,771
AppLovin
Corporation
i,m
283,466
508
Automatic
Data
Processing,
Inc.
100,899
4,561
Axcelis
Technologies,
Inc.
m
184,356
4,208
BigCommerce
Holdings,
Inc.
m
273,183
2,727
Bill.com
Holdings,
Inc.
m
499,532
2,864
Broadcom,
Ltd.
1,365,670
292
Broadridge
Financial
Solutions,
Inc.
47,167
9,213
Calix,
Inc.
m
437,618
10,758
Ciena
Corporation
m
612,023
26,751
Cisco
Systems,
Inc.
1,417,803
4,559
Computer
Services,
Inc.
256,444
2,704
Dolby
Laboratories,
Inc.
265,776
14,236
Dropbox,
Inc.
m
431,493
2,072
Enphase
Energy,
Inc.
m
380,481
522
Euronet
Worldwide,
Inc.
m
70,653
951
FleetCor
Technologies,
Inc.
m
243,513
2,030
Gilat
Satellite
Networks,
Ltd.
20,665
2,823
HP,
Inc.
85,226
7,588
II-VI,
Inc.
m
550,813
1,383
Intel
Corporation
77,642
1,043
Intuit,
Inc.
511,247
2,860
J2
Global,
Inc.
m
393,393
320
Jack
Henry
&
Associates,
Inc.
52,323
1,042
KLA-Tencor
Corporation
337,827
343
Lam
Research
Corporation
223,190
1,031
Littelfuse,
Inc.
262,688
Shares
Common
Stock
(18.2%)
Value
Information
Technology
(4.1%)
-
continued
1,811
Lumentum
Holdings,
Inc.
m
$
148,556
4,393
Mastercard,
Inc.
1,603,840
4,120
Microchip
Technology,
Inc.
616,929
6,828
Micron
Technology,
Inc.
m
580,243
28,892
Microsoft
Corporation
7,826,843
2,472
Motorola
Solutions,
Inc.
536,053
7,260
National
Instruments
Corporation
306,953
1,885
Nice,
Ltd.
ADR
m
466,462
4,215
Nuance
Communications,
Inc.
m
229,465
2,233
NVIDIA
Corporation
1,786,623
25,274
ON
Semiconductor
Corporation
m
967,489
9,093
Oracle
Corporation
707,799
7,840
PayPal
Holdings,
Inc.
m
2,285,203
9,542
QUALCOMM,
Inc.
1,363,838
49,705
Sabre
Corporation
m
620,318
4,482
Salesforce.com,
Inc.
m
1,094,818
459
Samsung
Electronics
Company,
Ltd.
GDR
818,704
2,616
Seagate
Technology
Holdings
230,025
1,796
ServiceNow,
Inc.
m
986,992
17,875
Sonos,
Inc.
m
629,736
8,785
Square,
Inc.
m
2,141,783
4,693
SunPower
Corporation
m
137,129
770
TE
Connectivity,
Ltd.
104,112
18,981
Telefonaktiebolaget
LM
Ericsson
ADR
238,781
726
Teradyne,
Inc.
97,255
7,430
Texas
Instruments,
Inc.
1,428,789
45,002
TTM
Technologies,
Inc.
m
643,529
130
Tyler
Technologies,
Inc.
m
58,808
1,200
VeriSign,
Inc.
m
273,228
1,797
Visa,
Inc.
420,175
1,164
VMware,
Inc.
i,m
186,205
3,147
Western
Digital
Corporation
m
223,972
3,227
Workiva,
Inc.
m
359,262
763
Xerox
Holdings
Corporation
17,923
Total
49,466,583
Materials
(0.6%)
8,439
Ashland
Global
Holdings,
Inc.
738,413
12,776
Axalta
Coating
Systems,
Ltd.
m
389,540
5,249
Ball
Corporation
425,274
9,979
Carpenter
Technology
Corporation
401,355
11,646
CF
Industries
Holdings,
Inc.
599,187
2,652
Eastman
Chemical
Company
309,621
2,861
Ecolab,
Inc.
589,280
19,447
Element
Solutions,
Inc.
454,671
1,547
International
Flavors
&
Fragrances,
Inc.
231,122
39,893
Ivanhoe
Mines,
Ltd.
m
288,030
2,121
LyondellBasell
Industries
NV
218,187
1,361
Martin
Marietta
Materials,
Inc.
478,813
4,431
Nucor
Corporation
425,066
48
PPG
Industries,
Inc.
8,149
8,661
Steel
Dynamics,
Inc.
516,196
5,240
UFP
Technologies,
Inc.
m
300,881
2,563
United
States
Lime
&
Minerals,
Inc.
356,488
Total
6,730,273
Real
Estate
(0.6%)
1,670
Agree
Realty
Corporation
117,718
2,265
Alexandria
Real
Estate
Equities,
Inc.
412,094
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
Shares
Common
Stock
(18.2%)
Value
Real
Estate
(0.6%)
-
continued
14,328
American
Campus
Communities,
Inc.
$
669,404
1,361
AvalonBay
Communities,
Inc.
284,027
3,345
Camden
Property
Trust
443,781
3,514
CBRE
Group,
Inc.
m
301,255
3,328
Colliers
International
Group,
Inc.
372,669
2,218
Digital
Realty
Trust,
Inc.
333,720
7,270
Duke
Realty
Corporation
344,235
11
EastGroup
Properties,
Inc.
1,809
12,365
Essential
Properties
Realty
Trust,
Inc.
334,350
96
Extra
Space
Storage,
Inc.
15,727
2,814
First
Industrial
Realty
Trust,
Inc.
146,975
2,864
Four
Corners
Property
Trust,
Inc.
79,075
3,150
Healthcare
Realty
Trust,
Inc.
95,130
34,966
Host
Hotels
and
Resorts,
Inc.
m
597,569
13,430
Independence
Realty
Trust,
Inc.
244,829
303
Innovative
Industrial
Properties,
Inc.
57,879
4,566
iSTAR
Financial,
Inc.
94,653
15,638
Lexington
Realty
Trust
186,874
3,988
MGIC
Investment
Corporation
54,237
10,110
National
Storage
Affiliates
Trust
511,162
3,562
New
Residential
Investment
Corporation
37,722
1,652
Public
Storage,
Inc.
496,740
3,829
Rayonier,
Inc.
REIT
137,576
2,833
Realty
Income
Corporation
189,074
2,304
Rexford
Industrial
Realty,
Inc.
131,213
2,656
Service
Properties
Trust
33,466
25,796
Sunstone
Hotel
Investors,
Inc.
m
320,386
Total
7,045,349
Utilities
(0.3%)
8,708
Alliant
Energy
Corporation
485,558
1,435
American
Electric
Power
Company,
Inc.
121,387
195
American
States
Water
Company
15,514
17,811
CenterPoint
Energy,
Inc.
436,726
4,956
Duke
Energy
Corporation
489,256
7,518
Entergy
Corporation
749,545
7,140
Exelon
Corporation
316,373
1,003
FirstEnergy
Corporation
37,322
1,520
NextEra
Energy
Partners,
LP
116,067
2,747
NextEra
Energy,
Inc.
201,300
2,106
NorthWestern
Corporation
126,823
4,360
Portland
General
Electric
Company
200,909
2,904
Spire,
Inc.
209,872
1,416
WEC
Energy
Group,
Inc.
125,953
Total
3,632,605
Total
Common
Stock
(cost
$148,639,619)
216,902,815
Shares
Registered
Investment
Companies
(
13.8%
)
Value
Unaffiliated (2.1%)
54,022
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
239,317
34,650
AllianceBernstein
Global
High
Income
Fund,
Inc.
433,471
26,755
BlackRock
Core
Bond
Trust
441,993
Shares
Registered
Investment
Companies
(13.8%)
Value
Unaffiliated (2.1%)-
continued
24,775
BlackRock
Corporate
High
Yield
Fund,
Inc.
$
305,228
27,623
BlackRock
Credit
Allocation
Income
Trust
430,643
1,805
BlackRock
Enhanced
Equity
Dividend
Trust
18,285
30,061
BlackRock
Enhanced
Global
Dividend
Trust
377,265
20,270
BlackRock
Multi-Sector
Income
Trust
378,238
16,900
Brookfield
Real
Assets
Income
Fund,
Inc.
370,110
32,423
Eaton
Vance
Limited
Duration
Income
Fund
429,929
22,073
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
225,145
36,059
Invesco
Dynamic
Credit
Opportunities
Fund
427,660
562,214
Invesco
Senior
Loan
ETF
12,453,040
9,000
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
354,015
64,350
Nuveen
Credit
Strategies
Income
Fund
434,362
24,850
PGIM
Global
High
Yield
Fund,
Inc.
396,109
26,015
PGIM
High
Yield
Bond
Fund,
Inc.
423,264
7,175
Pimco
Dynamic
Credit
And
Mortgage
Income
Fund
160,576
20,415
Royce
Value
Trust,
Inc.
387,273
11,760
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
i
1,293,130
157,765
SPDR
Bloomberg
Barclays
Short
Term
High
Yield
Bond
ETF
4,351,159
7,293
Tri-Continental
Corporation
248,618
2,625
Vanguard
Intermediate-Term
Corporate
Bond
ETF
249,559
10,684
Virtus
Dividend,
Interst
&
Premium
Strategy
Fund
161,008
32,118
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
191,423
49,110
Wells
Fargo
Income
Opportunities
Fund
431,677
34,345
Western
Asset
High
Income
Opportunity
Fund,
Inc.
181,342
Total
25,793,839
Affiliated (11.7%)
10,122,030
Thrivent
Core
Emerging
Markets
Debt
Fund
100,714,201
3,458,378
Thrivent
Core
International
Equity
Fund
37,592,572
Total
138,306,773
Total
Registered
Investment
Companies
(cost
$155,765,951)
164,100,612
Shares
Preferred
Stock
(
1.5%
)
Value
Communications
Services
(0.1%)
35,275
AT&T,
Inc.,
4.750%
j
937,962
2,581
ViacomCBS,
Inc.,
Convertible,
5.750%
i
191,330
Total
1,129,292
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
Shares
Preferred
Stock
(1.5%)
Value
Consumer
Discretionary
(<0.1%)
3,814
International
Flavors
&
Fragrances,
Inc.,
Convertible,
6.000%
$
193,027
Total
193,027
Consumer
Staples
(<0.1%)
5,650
CHS,
Inc.,
6.750%
b,j
160,290
Total
160,290
Energy
(0.1%)
38,460
Crestwood
Equity
Partners,
LP,
9.250%
j
360,755
6,975
Energy
Transfer,
LP,
7.600%
b,j
174,375
6,317
Nustar
Logistics,
LP,
6.918%
b
161,841
Total
696,971
Financials
(0.8%)
10,000
Aegon
Funding
Corporation
II,
5.100%
268,700
20,000
Allstate
Corporation,
5.100%
j
562,800
17,600
Bank
of
America
Corporation,
5.000%
j
480,480
7,750
Bank
of
America
Corporation,
5.375%
j
216,535
303
Bank
of
America
Corporation,
Convertible,
7.250%
j
429,048
19,925
Capital
One
Financial
Corporation,
5.000%
j
541,362
12,970
Cobank
ACB,
6.250%
b,j
1,361,850
21,500
Equitable
Holdings,
Inc.,
5.250%
j
577,275
585
First
Horizon
Bank,
3.750%
b,g,j
476,775
5,399
GMAC
Capital
Trust
I,
5.941%
b
136,649
13,150
J.P.
Morgan
Chase
&
Company,
4.750%
j
359,127
12,800
J.P.
Morgan
Chase
&
Company,
5.750%
j
361,600
12,800
Legg
Mason,
Inc.,
5.450%
323,584
22,400
Morgan
Stanley,
5.850%
b,j
661,248
13,084
Morgan
Stanley,
7.125%
b,j
378,389
3,500
Synovus
Financial
Corporation,
5.875%
b,j
95,410
19,200
Truist
Financial
Corporation,
4.750%
j
511,104
1,215
Wells
Fargo
&
Company,
Convertible,
7.500%
j
1,854,345
Total
9,596,281
Health
Care
(0.1%)
4,411
Boston
Scientific
Corporation,
Convertible,
5.500%
511,941
207
Danaher
Corporation,
Convertible,
5.000%
i
305,381
Total
817,322
Industrials
(0.1%)
457
Fluor
Corporation,
Convertible,
6.500%
g,j,m
484,831
6,257
Stanley
Black
&
Decker,
Inc.,
Convertible,
5.250%
i
755,408
Total
1,240,239
Real
Estate
(0.1%)
23,525
Public
Storage,
4.125%
j
612,826
Shares
Preferred
Stock
(1.5%)
Value
Real
Estate
(0.1%)
-
continued
5,025
Public
Storage,
4.625%
j
$
138,389
1,275
Public
Storage,
4.700%
j
35,687
1,950
Public
Storage,
4.875%
j
53,859
Total
840,761
Utilities
(0.2%)
3,505
AES
Corporation,
Convertible,
6.875%
377,033
2,217
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
108,921
2,648
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
135,684
23,000
CMS
Energy
Corporation,
4.200%
d,j,m
581,210
7,542
NextEra
Energy,
Inc.,
Convertible,
4.872%
423,483
929
NiSource,
Inc.,
Convertible,
7.750%
95,492
25,600
Southern
Company,
4.950%
686,592
4,437
Southern
Company,
Convertible,
6.750%
224,645
Total
2,633,060
Total
Preferred
Stock
(cost
$16,124,588)
17,307,243
Shares
Collateral
Held
for
Securities
Loaned
(
0.6%
)
Value
7,379,872
Thrivent
Cash
Management
Trust
7,379,872
Total
Collateral
Held
for
Securities
Loaned
(cost
$7,379,872)
7,379,872
Shares
or
Principal
Amount
Short-Term
Investments
(
22.3%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
100,000
0.015%,
7/14/2021
n,o
99,999
100,000
0.020%,
7/21/2021
n,o
99,998
1,800,000
0.016%,
8/11/2021
n,o
1,799,918
500,000
0.035%,
8/18/2021
n,o
499,973
500,000
0.042%,
9/22/2021
n,o
499,943
Thrivent
Core
Short-Term
Reserve
Fund
26,102,516
0.140%
261,025,157
U.S.
Treasury
Bills
900,000
0.048%,
8/26/2021
n,p
899,938
Total
Short-Term
Investments
(cost
$264,907,996)
264,924,926
Total
Investments
(cost
$1,327,010,015)
119.3%
$1,418,410,248
Other
Assets
and
Liabilities,
Net
(19.3%)
(229,171,096)
Total
Net
Assets
100.0%
$1,189,239,152
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
June
30,
2021.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description. The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
c
All
or
a
portion
of
the
loan
is
unfunded.
d
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
e
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
f
Denotes
payment-in-kind
security. The
security
may
pay
an
interest
or
dividend
payment
with
additional
fixed
income
or
equity
securities
in
lieu
of,
or
in
addition
to
a
cash
payment. The
cash
rate
and/or
payment-in-kind
rate
shown
are
as
of
June
30,
2021.
g
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
June
30,
2021,
the
value
of
these
investments
was
$180,383,662
or
15.2%
of
total
net
assets.
h
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
June
30,
2021.
i
All
or
a
portion
of
the
security
is
on
loan.
j
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
k
Denotes
interest
only
security. Interest
only
securities
represent
the
right
to
receive
monthly
interest
payments
on
an
underlying
pool
of
mortgages
or
assets. The
principal
shown
is
the
outstanding
par
amount
of
the
pool
as
of
the
end
of
the
period.
The
actual
effective
yield
of
the
security
is
different
than
the
stated
coupon
rate.
l
All
or
a
portion
of
the
security
is
insured
or
guaranteed.
m
Non-income
producing
security.
n
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
o
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
p
At
June
30,
2021,
$249,983
of
investments
were
segregated
to
cover
exposure
to
a
counterparty
for
margin
on
open
mortgage-backed
security
transactions.
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,
2021:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
3,823,839
Common
Stock
3,332,492
Total
lending
$7,156,331
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$7,379,872
Net
amounts
due
to
counterparty
$223,541
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
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
PIK
-
Payment-In-Kind
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
12
MTA
-
12
Month
Treasury
Average
CMT
1Y
-
Constant
Maturity
Treasury
Yield
1
Year
COF
11
-
11th
District
Cost
of
Funds
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
2M
-
ICE
Libor
USD
Rate
2
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
PRIME
-
Federal
Reserve
Prime
Loan
Rate
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
98,343,529
Gross
unrealized
depreciation
(7,694,498)
Net
unrealized
appreciation
(depreciation)
$
90,649,031
Cost
for
federal
income
tax
purposes
$
1,327,999,650
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(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,
2021,
in
valuing
Diversified
Income
Plus
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Basic
Materials
6,574,232
–
6,574,232
–
Capital
Goods
12,172,307
–
11,399,120
773,187
Communications
Services
20,005,998
–
19,365,998
640,000
Consumer
Cyclical
19,475,750
–
19,475,750
–
Consumer
Non-Cyclical
18,700,074
–
18,036,067
664,007
Energy
1,317,521
–
1,317,521
–
Financials
6,245,062
–
5,159,121
1,085,941
Technology
11,394,669
–
11,394,669
–
Transportation
5,799,961
–
5,799,961
–
Utilities
5,609,957
–
5,609,957
–
Long-Term
Fixed
Income
Asset-Backed
Securities^
28,038,114
–
27,238,114
800,000
Basic
Materials
11,630,604
–
11,630,604
–
Capital
Goods
20,060,227
–
20,060,227
–
Collateralized
Mortgage
Obligations
63,159,119
–
61,909,119
1,250,000
Commercial
Mortgage-Backed
Securities
1,748,159
–
1,748,159
–
Communications
Services
28,957,191
–
28,957,191
–
Consumer
Cyclical
41,169,552
–
41,169,552
–
Consumer
Non-Cyclical
36,610,554
–
36,610,554
–
Energy
35,024,902
–
35,024,902
–
Financials
79,145,967
–
79,145,967
–
Foreign
Government
182,272
–
182,272
–
Mortgage-Backed
Securities
226,779,750
–
226,779,750
–
Technology
19,015,857
–
19,015,857
–
Transportation
8,957,059
–
8,957,059
–
U.S.
Government
&
Agencies
27,803,210
–
27,803,210
–
Utilities
12,216,712
–
12,216,712
–
Common
Stock
Communications
Services
18,239,087
18,166,856
72,231
–
Consumer
Discretionary
24,707,230
24,674,962
32,268
–
Consumer
Staples
7,904,908
7,904,908
–
–
Energy
7,511,336
7,511,336
–
–
Financials
37,680,832
37,226,147
454,685
–
Health
Care
27,619,369
27,619,369
–
–
Industrials
26,365,243
25,956,904
408,339
–
Information
Technology
49,466,583
48,647,879
818,704
–
Materials
6,730,273
6,442,243
288,030
–
Real
Estate
7,045,349
7,045,349
–
–
Utilities
3,632,605
3,632,605
–
–
Registered
Investment
Companies
Unaffiliated
25,793,839
25,793,839
–
–
Preferred
Stock
Communications
Services
1,129,292
1,129,292
–
–
Consumer
Discretionary
193,027
193,027
–
–
Consumer
Staples
160,290
160,290
–
–
Energy
696,971
696,971
–
–
Financials
9,596,281
7,757,656
1,838,625
–
Health
Care
817,322
817,322
–
–
Industrials
1,240,239
755,408
484,831
–
Real
Estate
840,761
840,761
–
–
Utilities
2,633,060
2,633,060
–
–
Short-Term
Investments
3,899,769
–
3,899,769
–
Subtotal
Investments
in
Securities
$1,011,698,446
$255,606,184
$750,879,127
$5,213,135
Other
Investments *
Total
Affiliated
Registered
Investment
Companies
138,306,773
Affiliated
Short-Term
Investments
261,025,157
Collateral
Held
for
Securities
Loaned
7,379,872
Subtotal
Other
Investments
$406,711,802
Total
Investments
at
Value
$1,418,410,248
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(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.
^
Level
2
security
in
this
section
is
valued
at
<$1.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
530,606
530,606
–
–
Total
Asset
Derivatives
$530,606
$530,606
$–
$–
Liability
Derivatives
Futures
Contracts
292,173
292,173
–
–
Total
Liability
Derivatives
$292,173
$292,173
$–
$–
The
following
table
presents
Diversified
Income
Plus
Fund's
futures
contracts
held
as
of
June
30,
2021.
Investments
and/or
cash
totaling
$2,643,852
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
153
September
2021
$
33,757,290
(
$
48,282)
CBOT
5-Yr.
U.S.
Treasury
Note
53
September
2021
6,551,765
(
9,991)
CBOT
U.S.
Long
Bond
18
September
2021
2,810,168
83,332
CME
E-mini
S&P
500
Index
10
September
2021
2,114,995
29,305
CME
Ultra
Long
Term
U.S.
Treasury
Bond
75
September
2021
14,120,523
331,039
ICE
mini
MSCI
EAFE
Index
40
September
2021
4,719,122
(
110,922)
Total
Futures
Long
Contracts
$
64,073,863
$
274,481
CBOT
10-Yr.
U.S.
Treasury
Note
(75)
September
2021
(
$
9,879,251)
(
$
58,249)
CME
E-mini
Russell
2000
Index
(252)
September
2021
(
29,165,210)
86,930
Ultra
10-Yr.
U.S.
Treasury
Note
(25)
September
2021
(
3,615,349)
(
64,729)
Total
Futures
Short
Contracts
(
$
42,659,810)
($36,048)
Total
Futures
Contracts
$
21,414,053
$238,433
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
39
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
June
30,
2021,
for
Diversified
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
116,235
Total
Equity
Contracts
116,235
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
414,371
Total
Interest
Rate
Contracts
414,371
Total
Asset
Derivatives
$530,606
Liability
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
181,251
Total
Interest
Rate
Contracts
181,251
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
110,922
Total
Equity
Contracts
110,922
Total
Liability
Derivatives
$292,173
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments. Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
June
30,
2021,
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
1,095,864
Total
Interest
Rate
Contracts
1,095,864
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(3,566,552)
Total
Equity
Contracts
(3,566,552)
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(345,780)
Total
Foreign
Exchange
Contracts
(345,780)
Total
($2,816,468)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
June
30,
2021,
for
Diversified
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
ap-
preciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
1,232,583
Total
Equity
Contracts
1,232,583
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
170,981
Total
Interest
Rate
Contracts
170,981
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(71,998)
Total
Foreign
Exchange
Contracts
(71,998)
Total
$1,331,566
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
40
The
following
table
presents
Diversified
Income
Plus
Fund's
average
volume
of
derivative
activity
during
the
period
ended
June
30,
2021.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$23,387,354
Futures
-
Short
(28,533,588)
Interest
Rate
Contracts
Futures
-
Long
44,841,051
Futures
-
Short
(19,191,994)
Foreign
Exchange
Contracts
Futures
-
Long
4,898,741
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
12/31/2020
Gross
Purchases
Gross
Sales
Value
6/30/2021
Shares
Held
at
6/30/2021
%
of
Net
Assets
6/30/2021
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$55,778
$46,809
$–
$100,714
10,122
8.5%
Core
International
Equity
66,111
–
32,600
37,593
3,458
3.2
Total
Affiliated
Registered
Investment
Companies
121,889
138,307
11.7
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.140%
147,425
490,031
376,431
261,025
26,103
22.0
Total
Affiliated
Short-Term
Investments
147,425
261,025
22.0
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
8,867
75,307
76,794
7,380
7,380
0.6
Total
Collateral
Held
for
Securities
Loaned
8,867
7,380
0.6
Total
Value
$278,181
$406,712
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2021
-
6/30/2021
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$–
$(1,873)
$–
$1,809
Core
Emerging
Markets
Equity
–
–
–
–
Core
International
Equity
1,912
2,170
–
–
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.140%
0
0
–
187
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$1,996
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
24
Total
Affiliated
Income
from
Securities
Loaned,
Net
$24
Total
$1,912
$297
$–
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
41
Principal
Amount
Long-Term
Fixed
Income
(
56.4%
)
Value
Basic
Materials
(1.8%)
Alcoa
Nederland
Holding
BV
$
55,000
5.500%,
12/15/2027
a
$
59,664
BWAY
Holding
Company
30,000
5.500%,
4/15/2024
a
30,300
Chemours
Company
40,000
5.750%,
11/15/2028
a
42,791
Cleveland-Cliffs,
Inc.
30,000
5.875%,
6/1/2027
31,537
30,000
4.625%,
3/1/2029
a
31,568
20,000
4.875%,
3/1/2031
a
21,000
Consolidated
Energy
Finance
SA
35,000
6.875%,
6/15/2025
a
35,653
First
Quantum
Minerals,
Ltd.
40,000
7.250%,
4/1/2023
a
40,775
25,000
7.500%,
4/1/2025
a
25,937
15,000
6.875%,
10/15/2027
a
16,345
Freeport-McMoRan,
Inc.
40,000
4.125%,
3/1/2028
41,750
30,000
4.250%,
3/1/2030
32,138
25,000
4.625%,
8/1/2030
27,375
Hecla
Mining
Company
10,000
7.250%,
2/15/2028
10,925
Hudbay
Minerals,
Inc.
30,000
4.500%,
4/1/2026
a
30,113
Ingevity
Corporation
55,000
3.875%,
11/1/2028
a
54,588
Kraton
Polymers,
LLC
30,000
4.250%,
12/15/2025
a
30,600
Mercer
International,
Inc.
30,000
5.125%,
2/1/2029
a
30,870
Novelis
Corporation
30,000
5.875%,
9/30/2026
a
31,208
20,000
4.750%,
1/30/2030
a
21,000
OCI
NV
55,000
4.625%,
10/15/2025
a
57,355
Olin
Corporation
55,000
5.125%,
9/15/2027
57,200
SCIH
Salt
Holdings,
Inc.
40,000
4.875%,
5/1/2028
a
39,995
United
States
Steel
Corporation
45,000
6.875%,
3/1/2029
48,150
Venator
Finance
SARL
35,000
5.750%,
7/15/2025
a
34,388
Total
883,225
Capital
Goods
(2.8%)
AECOM
60,000
5.125%,
3/15/2027
66,923
Amsted
Industries,
Inc.
40,000
5.625%,
7/1/2027
a
42,150
Ardagh
Packaging
Finance
plc
35,000
6.000%,
2/15/2025
a
36,102
20,000
5.250%,
8/15/2027
a
20,400
Bombardier,
Inc.
40,000
7.500%,
3/15/2025
a
41,134
10,000
7.125%,
6/15/2026
a
10,470
30,000
7.875%,
4/15/2027
a
31,125
Brand
Industrial
Services,
Inc.
15,000
8.500%,
7/15/2025
a
15,251
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Capital
Goods
(2.8%)
-
continued
BWAY
Holding
Company
$
35,000
7.250%,
4/15/2025
a
$
34,300
Chart
Industries,
Inc.,
Convertible
8,000
1.000%,
11/15/2024
a
20,245
Cornerstone
Building
Brands,
Inc.
45,000
6.125%,
1/15/2029
a
48,262
Covanta
Holding
Corporation
30,000
6.000%,
1/1/2027
31,200
20,000
5.000%,
9/1/2030
21,000
CP
Atlas
Buyer,
Inc.
30,000
7.000%,
12/1/2028
a
31,087
Crown
Americas
Capital
Corporation
IV
40,000
4.500%,
1/15/2023
41,900
Crown
Cork
&
Seal
Company,
Inc.
20,000
7.375%,
12/15/2026
24,500
Fortive
Corporation,
Convertible
9,000
0.875%,
2/15/2022
9,022
General
Electric
Company
100,000
3.449%,
(LIBOR
3M
+
3.330%),
9/15/2021
b,c
98,000
GFL
Environmental,
Inc.
10,000
4.000%,
8/1/2028
a
9,878
35,000
3.500%,
9/1/2028
a
34,913
H&E
Equipment
Services,
Inc.
40,000
3.875%,
12/15/2028
a
39,360
Howmet
Aerospace,
Inc.
45,000
6.875%,
5/1/2025
52,379
Jeld-Wen
,
Inc.
30,000
4.625%,
12/15/2025
a
30,563
KBR,
Inc.,
Convertible
38,000
2.500%,
11/1/2023
59,584
Meritor,
Inc.
20,000
4.500%,
12/15/2028
a
20,275
NESCO
Holdings
II,
Inc.
10,000
5.500%,
4/15/2029
a
10,438
Owens-Brockway
Glass
Container,
Inc.
20,000
5.875%,
8/15/2023
a
21,567
Patrick
Industries,
Inc.,
Convertible
11,000
1.000%,
2/1/2023
11,866
SRM
Escrow
Issuer,
LLC
50,000
6.000%,
11/1/2028
a
53,000
Standard
Industries,
Inc.
55,000
4.375%,
7/15/2030
a
56,719
Sunpower
Corporation,
Convertible
9,000
4.000%,
1/15/2023
12,702
Titan
Acquisition,
Ltd.
15,000
7.750%,
4/15/2026
a
15,544
TransDigm
,
Inc.
25,000
6.250%,
3/15/2026
a
26,375
120,000
5.500%,
11/15/2027
125,100
10,000
4.625%,
1/15/2029
a
10,004
United
Rentals
North
America,
Inc.
50,000
4.875%,
1/15/2028
53,025
30,000
4.000%,
7/15/2030
30,900
Waste
Pro
USA,
Inc.
15,000
5.500%,
2/15/2026
a
15,484
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
42
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Capital
Goods
(2.8%)
-
continued
WESCO
Distribution,
Inc.
$
30,000
7.250%,
6/15/2028
a
$
33,416
Total
1,346,163
Collateralized
Mortgage
Obligations
(0.2%)
GMACM
Mortgage
Loan
Trust
16,203
3.630%,
11/19/2035,
Ser.
2005-AR6,
Class
1A1
b
16,362
Residential
Accredit
Loans,
Inc.
Trust
57,174
6.000%,
1/25/2037,
Ser.
2007-QS1,
Class
1A1
55,704
WaMu
Mortgage
Pass
Through
Certificates
53,667
0.987%,
(12
MTA
+
0.880%),
10/25/2046,
Ser.
2006-AR13,
Class
1A
b
50,431
Total
122,497
Communications
Services
(4.5%)
Altice
France
SA
60,000
5.125%,
7/15/2029
a
60,294
AMC
Networks,
Inc.
40,000
4.250%,
2/15/2029
40,350
Cable
One,
Inc.,
Convertible
8,000
1.125%,
3/15/2028
a
8,136
CCO
Holdings,
LLC
65,000
5.500%,
5/1/2026
a
67,203
10,000
5.125%,
5/1/2027
a
10,489
115,000
4.500%,
8/15/2030
a
119,740
Cengage
Learning,
Inc.
55,000
9.500%,
6/15/2024
a
56,306
Clear
Channel
Worldwide
Holdings,
Inc.
40,000
7.750%,
4/15/2028
a,d
41,901
Consolidated
Communications,
Inc.
20,000
5.000%,
10/1/2028
a
20,275
CSC
Holdings,
LLC
60,000
5.375%,
2/1/2028
a
63,477
50,000
4.125%,
12/1/2030
a
49,687
Cumulus
Media
New
Holdings,
Inc.
30,000
6.750%,
7/1/2026
a
31,387
DISH
DBS
Corporation
30,000
7.375%,
7/1/2028
32,284
Entercom
Media
Corporation
20,000
6.500%,
5/1/2027
a
20,800
Front
Range
BidCo
,
Inc.
45,000
4.000%,
3/1/2027
a
44,690
30,000
6.125%,
3/1/2028
a
30,638
Frontier
Communications
Corporation
20,000
5.875%,
10/15/2027
a
21,425
GCI,
LLC
30,000
4.750%,
10/15/2028
a
30,705
Hughes
Satellite
Systems
Corporation
20,000
6.625%,
8/1/2026
22,425
iHeartCommunications
,
Inc.
30,000
4.750%,
1/15/2028
a
30,862
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Communications
Services
(4.5%)
-
continued
LCPR
Senior
Secured
Financing
DAC
$
30,000
6.750%,
10/15/2027
a
$
32,331
Level
3
Financing,
Inc.
45,000
4.625%,
9/15/2027
a
46,706
90,000
4.250%,
7/1/2028
a
91,328
Ligado
Networks,
LLC
16,214
0.000%,PIK
15.500%,
11/1/2023
a,e
15,978
Netflix,
Inc.
95,000
4.875%,
4/15/2028
110,437
Nexstar
Escrow
Corporation
55,000
5.625%,
7/15/2027
a
58,300
Radiate
Holdco,
LLC
20,000
6.500%,
9/15/2028
a
21,013
Scripps
Escrow
II,
Inc.
20,000
5.375%,
1/15/2031
a
19,937
Scripps
Escrow,
Inc.
25,000
5.875%,
7/15/2027
a
25,884
SFR
Group
SA
60,000
7.375%,
5/1/2026
a
62,396
Sinclair
Television
Group,
Inc.
55,000
5.500%,
3/1/2030
a
56,077
Sirius
XM
Radio,
Inc.
30,000
5.000%,
8/1/2027
a
31,433
25,000
4.000%,
7/15/2028
a
25,750
30,000
4.125%,
7/1/2030
a
30,266
Sprint
Capital
Corporation
75,000
6.875%,
11/15/2028
96,188
10,000
8.750%,
3/15/2032
15,200
Sprint
Corporation
135,000
7.625%,
2/15/2025
160,398
Terrier
Media
Buyer,
Inc.
25,000
8.875%,
12/15/2027
a
27,031
T-Mobile
USA,
Inc.
25,000
2.875%,
2/15/2031
24,813
United
States
Cellular
Corporation
20,000
6.700%,
12/15/2033
24,500
Uniti
Group,
LP
15,000
4.750%,
4/15/2028
a
14,963
15,000
6.500%,
2/15/2029
a
15,038
Univision
Communications,
Inc.
70,000
6.625%,
6/1/2027
a
75,849
Viacom,
Inc.
44,000
5.875%,
2/28/2057
b
44,779
Viasat
,
Inc.
15,000
6.500%,
7/15/2028
a
15,997
ViaSat
,
Inc.
40,000
5.625%,
9/15/2025
a
40,760
Vodafone
Group
plc
88,000
7.000%,
4/4/2079
b
106,632
VTR
Finance
NV
25,000
6.375%,
7/15/2028
a
26,500
Ziggo
BV
60,000
5.500%,
1/15/2027
a
62,340
20,000
4.875%,
1/15/2030
a
20,500
Total
2,202,398
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
43
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Consumer
Cyclical
(6.2%)
1011778
B.C.,
ULC
$
55,000
4.375%,
1/15/2028
a
$
55,756
Allied
Universal
Holdco,
LLC
25,000
6.625%,
7/15/2026
a
26,506
55,000
4.625%,
6/1/2028
a
55,043
15,000
6.000%,
6/1/2029
a
15,207
Allison
Transmission,
Inc.
40,000
4.750%,
10/1/2027
a
41,551
American
Axle
&
Manufacturing,
Inc.
45,000
6.500%,
4/1/2027
47,700
Bloomin
'
Brands,
Inc.,
Convertible
9,000
5.000%,
5/1/2025
21,819
Booking
Holdings,
Inc.,
Convertible
2,000
0.900%,
9/15/2021
2,172
Boyd
Gaming
Corporation
35,000
4.750%,
6/15/2031
a
36,312
Boyne
USA,
Inc.
25,000
4.750%,
5/15/2029
a
25,793
Brookfield
Residential
Properties,
Inc.
40,000
6.250%,
9/15/2027
a
42,250
40,000
5.000%,
6/15/2029
a
40,300
Burlington
Stores,
Inc.,
Convertible
38,000
2.250%,
4/15/2025
60,372
Caesars
Entertainment,
Inc.
10,000
8.125%,
7/1/2027
a
11,122
Carnival
Corporation
30,000
11.500%,
4/1/2023
a
33,762
30,000
7.625%,
3/1/2026
a
32,587
60,000
5.750%,
3/1/2027
a
62,850
Cedar
Fair,
LP
40,000
5.250%,
7/15/2029
41,200
Churchill
Downs,
Inc.
25,000
4.750%,
1/15/2028
a
25,868
Cinemark
USA,
Inc.
40,000
5.875%,
3/15/2026
a
41,858
Clarios
Global,
LP
15,000
8.500%,
5/15/2027
a
16,353
Colt
Merger
Sub,
Inc.
80,000
6.250%,
7/1/2025
a
84,800
Dana,
Inc.
40,000
5.625%,
6/15/2028
43,288
Dick's
Sporting
Goods
Inc.,
Convertible
13,000
3.250%,
4/15/2025
38,472
Empire
Communities
Corporation
30,000
7.000%,
12/15/2025
a
31,500
Expedia
Group,
Inc.,
Convertible
15,000
Zero
Coupon,
2/15/2026
a,d
16,200
Ford
Motor
Company
30,000
9.000%,
4/22/2025
36,986
25,000
9.625%,
4/22/2030
35,875
80,000
7.450%,
7/16/2031
105,200
Ford
Motor
Company,
Convertible
68,000
Zero
Coupon,
3/15/2026
a
75,182
Ford
Motor
Credit
Company,
LLC
120,000
4.063%,
11/1/2024
127,638
75,000
4.134%,
8/4/2025
80,156
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Consumer
Cyclical
(6.2%)
-
continued
Forestar
Group,
Inc.
$
20,000
3.850%,
5/15/2026
a
$
20,181
General
Motors
Financial
Company,
Inc.
50,000
5.700%,
9/30/2030
b,c
56,000
Goodyear
Tire
&
Rubber
Company
25,000
5.000%,
7/15/2029
a
26,175
20,000
5.250%,
7/15/2031
a
20,900
Hanesbrands,
Inc.
50,000
4.875%,
5/15/2026
a
54,000
Herc
Holdings,
Inc.
30,000
5.500%,
7/15/2027
a
31,627
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
50,000
5.000%,
6/1/2029
a
51,125
Hilton
Worldwide
Finance,
LLC
70,000
4.875%,
4/1/2027
72,975
International
Game
Technology
plc
40,000
5.250%,
1/15/2029
a
42,900
KB
Home
30,000
4.800%,
11/15/2029
32,504
L
Brands,
Inc.
60,000
6.625%,
10/1/2030
a
69,450
10,000
6.875%,
11/1/2035
12,663
Landry's,
Inc.
30,000
6.750%,
10/15/2024
a
30,307
Live
Nation
Entertainment,
Inc.
20,000
3.750%,
1/15/2028
a
20,088
Magic
MergerCo
,
Inc.
30,000
5.250%,
5/1/2028
a
30,778
Mattamy
Group
Corporation
50,000
5.250%,
12/15/2027
a
52,250
MGM
Resorts
International
65,000
5.500%,
4/15/2027
71,338
Penn
National
Gaming,
Inc.
40,000
4.125%,
7/1/2029
a,f
39,950
PetSmart,
Inc.
20,000
4.750%,
2/15/2028
a
20,775
30,000
7.750%,
2/15/2029
a
33,075
Prime
Security
Services
Borrower,
LLC
105,000
5.750%,
4/15/2026
a
115,990
Real
Hero
Merger
Sub
2,
Inc.
25,000
6.250%,
2/1/2029
a
25,930
Realogy
Group,
LLC
40,000
5.750%,
1/15/2029
a
41,816
Rite
Aid
Corporation
45,000
7.500%,
7/1/2025
a
45,563
Royal
Caribbean
Cruises,
Ltd.
40,000
9.125%,
6/15/2023
a
43,900
65,000
4.250%,
7/1/2026
a
64,919
30,000
5.500%,
4/1/2028
a
31,419
Scientific
Games
International,
Inc.
50,000
5.000%,
10/15/2025
a
51,625
40,000
7.250%,
11/15/2029
a
45,120
SeaWorld
Parks
and
Entertainment,
Inc.
20,000
9.500%,
8/1/2025
a
21,450
Six
Flags
Entertainment
Corporation
25,000
5.500%,
4/15/2027
a
25,783
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
44
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Consumer
Cyclical
(6.2%)
-
continued
Six
Flags
Theme
Parks,
Inc.
$
20,000
7.000%,
7/1/2025
a
$
21,554
Staples,
Inc.
55,000
7.500%,
4/15/2026
a
56,965
Tenneco,
Inc.
40,000
5.000%,
7/15/2026
39,788
Uber
Technologies,
Inc.
25,000
6.250%,
1/15/2028
a
26,905
Vista
Outdoor,
Inc.
40,000
4.500%,
3/15/2029
a
40,700
Wyndham
Destinations,
Inc.
20,000
6.625%,
7/31/2026
a
22,660
Wyndham
Hotels
&
Resorts,
Inc.
15,000
4.375%,
8/15/2028
a
15,573
Yum!
Brands,
Inc.
50,000
4.750%,
1/15/2030
a
54,126
ZF
North
America
Capital,
Inc.
20,000
4.750%,
4/29/2025
a
21,600
Total
3,014,125
Consumer
Non-Cyclical
(4.8%)
Albertson's
Companies,
Inc.
85,000
3.500%,
3/15/2029
a
84,044
25,000
4.875%,
2/15/2030
a
26,663
Bausch
Health
Companies,
Inc.
45,000
5.000%,
1/30/2028
a
42,694
70,000
5.000%,
2/15/2029
a
65,275
Centene
Corporation
50,000
5.375%,
6/1/2026
a
52,250
65,000
4.250%,
12/15/2027
68,494
20,000
4.625%,
12/15/2029
21,995
10,000
3.000%,
10/15/2030
10,273
Central
Garden
&
Pet
Company
40,000
4.125%,
10/15/2030
40,850
Community
Health
Systems,
Inc.
25,000
5.625%,
3/15/2027
a
26,687
20,000
6.000%,
1/15/2029
a
21,400
50,000
6.875%,
4/15/2029
a
52,323
DaVita,
Inc.
60,000
4.625%,
6/1/2030
a
61,693
Edgewell
Personal
Care
Company
20,000
5.500%,
6/1/2028
a
21,200
Encompass
Health
Corporation
50,000
4.500%,
2/1/2028
51,873
Endo
Finance,
LLC
25,000
9.500%,
7/31/2027
a
25,500
Energizer
Holdings,
Inc.
40,000
4.375%,
3/31/2029
a
40,041
H.
J.
Heinz
Company
10,000
5.200%,
7/15/2045
12,414
HCA,
Inc.
140,000
5.375%,
2/1/2025
157,920
HLF
Financing
Sarl
,
LLC
45,000
4.875%,
6/1/2029
a
45,338
Illumina,
Inc.
40,000
9.000%,
7/1/2028
a
44,601
Ionis
Pharmaceuticals,
Inc.,
Convertible
4,000
0.125%,
12/15/2024
3,717
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Consumer
Non-Cyclical
(4.8%)
-
continued
Jazz
Investments
I,
Ltd.,
Convertible
$
35,000
2.000%,
6/15/2026
$
46,550
JBS
USA
Food
Company
20,000
5.750%,
1/15/2028
a
21,394
JBS
USA,
LLC
55,000
6.500%,
4/15/2029
a
61,807
Kraft
Foods
Group,
Inc.
50,000
5.000%,
6/4/2042
61,055
Kraft
Heinz
Foods
Company
80,000
4.625%,
1/30/2029
93,111
65,000
3.750%,
4/1/2030
71,319
50,000
4.250%,
3/1/2031
56,799
Mattel,
Inc.
45,000
3.375%,
4/1/2026
a
46,688
Molina
Healthcare,
Inc.
50,000
4.375%,
6/15/2028
a
52,125
MPH
Acquisition
Holdings,
LLC
30,000
5.750%,
11/1/2028
a
30,147
Ortho-Clinical
Diagnostics,
Inc.
25,000
7.250%,
2/1/2028
a
27,306
Par
Pharmaceutical,
Inc.
60,000
7.500%,
4/1/2027
a
61,340
Pilgrim's
Pride
Corporation
30,000
5.875%,
9/30/2027
a
31,950
QBE
Insurance
Group,
Ltd.
44,000
5.875%,
5/12/2025
a,b,c
48,026
Scotts
Miracle-
Gro
Company
45,000
4.500%,
10/15/2029
46,698
SEG
Holding,
LLC
65,000
5.625%,
10/15/2028
a
68,231
Simmons
Foods,
Inc.
40,000
4.625%,
3/1/2029
a
40,348
Spectrum
Brands,
Inc.
40,000
5.000%,
10/1/2029
a
42,400
10,000
5.500%,
7/15/2030
a
10,775
Syneos
Health,
Inc.
40,000
3.625%,
1/15/2029
a
39,600
Teleflex,
Inc.
50,000
4.250%,
6/1/2028
a
52,125
Tenet
Healthcare
Corporation
30,000
4.625%,
7/15/2024
30,441
120,000
5.125%,
11/1/2027
a
125,850
15,000
6.125%,
10/1/2028
a
15,985
Teva
Pharmaceutical
Finance
Netherlands
III
BV
30,000
2.800%,
7/21/2023
29,895
United
Natural
Foods,
Inc.
35,000
6.750%,
10/15/2028
a
37,666
VRX
Escrow
Corporation
73,000
6.125%,
4/15/2025
a
74,825
Winnebago
Industries,
Inc.,
Convertible
21,000
1.500%,
4/1/2025
26,919
Total
2,328,620
Energy
(6.0%)
Antero
Midstream
Partners,
LP
10,000
5.750%,
3/1/2027
a
10,400
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
45
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Energy
(6.0%)
-
continued
Antero
Resources
Corporation
$
45,000
5.375%,
3/1/2030
a
$
45,928
Apache
Corporation
30,000
4.875%,
11/15/2027
32,490
40,000
4.375%,
10/15/2028
42,580
Archrock
Partners,
LP
30,000
6.250%,
4/1/2028
a
31,317
BP
Capital
Markets
plc
104,000
4.875%,
3/22/2030
b,c
114,192
Buckeye
Partners,
LP
65,000
3.950%,
12/1/2026
66,137
Centennial
Resource
Production,
LLC
30,000
6.875%,
4/1/2027
a,d
30,678
Cheniere
Energy
Partners,
LP
80,000
5.625%,
10/1/2026
83,000
20,000
4.500%,
10/1/2029
21,500
Cheniere
Energy,
Inc.,
Convertible
5,000
4.250%,
3/15/2045
4,211
CNX
Resources
Corporation
20,000
6.000%,
1/15/2029
a
21,624
Comstock
Resources,
Inc.
30,000
5.875%,
1/15/2030
a
30,600
Continental
Resources,
Inc.
10,000
4.375%,
1/15/2028
11,062
35,000
5.750%,
1/15/2031
a
41,912
DT
Midstream,
Inc.
35,000
4.125%,
6/15/2029
a
35,537
10,000
4.375%,
6/15/2031
a
10,218
Enagas
SA
65,000
5.500%,
1/15/2028
a
66,138
Enbridge,
Inc.
187,000
6.250%,
3/1/2078
b
204,118
52,000
5.750%,
7/15/2080
b
57,980
Encana
Corporation
10,000
6.625%,
8/15/2037
13,343
Endeavor
Energy
Resources,
LP
20,000
5.750%,
1/30/2028
a
21,325
Energean
Israel
Finance,
Ltd.
35,000
4.500%,
3/30/2024
a
35,744
Energy
Transfer,
LP
85,000
6.625%,
2/15/2028
b,c
83,194
EnLink
Midstream
Partners,
LP
40,000
4.850%,
7/15/2026
41,400
20,000
5.600%,
4/1/2044
18,100
Enterprise
Products
Operating,
LLC
75,000
4.875%,
8/16/2077
b
73,623
EQM
Midstream
Partners,
LP
60,000
6.500%,
7/1/2027
a
66,900
EQT
Corporation
10,000
3.125%,
5/15/2026
a
10,247
65,000
3.900%,
10/1/2027
69,631
EQT
Corporation,
Convertible
28,000
1.750%,
5/1/2026
46,637
Genesis
Energy,
LP
10,000
6.500%,
10/1/2025
10,100
10,000
8.000%,
1/15/2027
10,506
Harvest
Midstream,
LP
30,000
7.500%,
9/1/2028
a
32,580
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Energy
(6.0%)
-
continued
Hess
Midstream
Operations,
LP
$
20,000
5.625%,
2/15/2026
a
$
20,860
Hilcorp
Energy
I,
LP
40,000
5.750%,
2/1/2029
a
41,700
Indigo
Natural
Resources,
LLC
25,000
5.375%,
2/1/2029
a
26,125
ITT
Holdings,
LLC
35,000
6.500%,
8/1/2029
a,f
35,656
Murphy
Oil
Corporation
20,000
5.875%,
12/1/2027
20,874
25,000
6.375%,
7/15/2028
26,359
Nabors
Industries,
Ltd.
45,000
7.250%,
1/15/2026
a
44,100
Newfield
Exploration
Company
20,000
5.625%,
7/1/2024
22,268
NGL
Energy
Operating,
LLC
20,000
7.500%,
2/1/2026
a
21,000
NGL
Energy
Partners,
LP
20,000
7.500%,
11/1/2023
19,700
NuStar
Logistics,
LP
30,000
5.750%,
10/1/2025
32,625
Oasis
Petroleum,
Inc.
30,000
6.375%,
6/1/2026
a
31,282
Occidental
Petroleum
Corporation
20,000
3.450%,
7/15/2024
20,400
50,000
2.900%,
8/15/2024
51,125
105,000
3.400%,
4/15/2026
107,362
60,000
3.500%,
8/15/2029
60,216
20,000
6.450%,
9/15/2036
23,912
50,000
4.400%,
4/15/2046
48,025
Ovintiv
,
Inc.
30,000
7.375%,
11/1/2031
39,831
PBF
Holding
Company,
LLC
30,000
9.250%,
5/15/2025
a
30,222
PDC
Energy,
Inc.,
Convertible
1,000
1.125%,
9/15/2021
991
Pioneer
Natural
Resources
Company,
Convertible
7,000
0.250%,
5/15/2025
11,168
Plains
All
American
Pipeline,
LP
60,000
6.125%,
11/15/2022
b,c
52,992
Precision
Drilling
Corporation
30,000
6.875%,
1/15/2029
a
30,900
Range
Resources
Corporation
20,000
9.250%,
2/1/2026
22,050
35,000
8.250%,
1/15/2029
a
39,463
SM
Energy
Company
20,000
6.500%,
7/15/2028
20,550
Sunoco,
LP
40,000
6.000%,
4/15/2027
41,830
Targa
Resources
Partners,
LP
10,000
5.375%,
2/1/2027
10,413
20,000
5.000%,
1/15/2028
21,100
Teine
Energy,
Ltd.
35,000
6.875%,
4/15/2029
a
35,919
TransCanada
Trust
105,000
5.300%,
3/15/2077
b
111,468
Transocean
Guardian,
Ltd.
29,001
5.875%,
1/15/2024
a
28,203
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
46
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Energy
(6.0%)
-
continued
Transocean
Proteus,
Ltd.
$
11,000
6.250%,
12/1/2024
a
$
11,110
Transocean,
Inc.
25,000
11.500%,
1/30/2027
a
26,717
USA
Compression
Partners,
LP
20,000
6.875%,
4/1/2026
20,950
Vine
Energy
Holdings,
LLC
20,000
6.750%,
4/15/2029
a
21,050
W&T
Offshore,
Inc.
32,000
9.750%,
11/1/2023
a
31,040
Weatherford
International,
Ltd.
30,000
8.750%,
9/1/2024
a
31,388
40,000
11.000%,
12/1/2024
a
41,600
Western
Midstream
Operating,
LP
50,000
4.350%,
2/1/2025
52,830
20,000
3.950%,
6/1/2025
20,781
10,000
5.500%,
8/15/2048
10,884
Total
2,913,991
Financials
(18.0%)
Air
Lease
Corporation
88,000
4.650%,
6/15/2026
b,c
91,190
Aircastle
,
Ltd.
105,000
5.250%,
6/15/2026
a,b,c
106,050
Ally
Financial,
Inc.
40,000
5.750%,
11/20/2025
45,926
176,000
4.700%,
5/15/2026
b,c
182,283
Ares
Capital
Corporation,
Convertible
13,000
4.625%,
3/1/2024
14,145
BAC
Capital
Trust
XIV
90,000
4.000%,
(LIBOR
3M
+
0.400%),
7/19/2021
b,c,d
90,337
Bank
of
America
Corporation
284,000
6.250%,
9/5/2024
b,c
314,175
110,000
6.100%,
3/17/2025
b,c
123,516
60,000
6.300%,
3/10/2026
b,c
69,235
92,000
5.875%,
3/15/2028
b,c
105,300
Bank
of
New
York
Mellon
Corporation
22,000
4.700%,
9/20/2025
b,c
24,007
Bank
of
Nova
Scotia
66,000
4.900%,
6/4/2025
b,c
72,435
Barclays
plc
105,000
8.000%,
6/15/2024
b,c
119,437
CANPACK
SA
60,000
3.125%,
11/1/2025
a
61,050
Capital
One
Financial
Corporation
50,000
3.950%,
9/1/2026
b,c
51,062
Cascades
USA,
Inc.
25,000
5.125%,
1/15/2026
a
26,625
Charles
Schwab
Corporation
191,000
5.375%,
6/1/2025
b,c
211,112
176,000
4.000%,
6/1/2026
b,c
183,480
Chobani
,
LLC
55,000
4.625%,
11/15/2028
a
56,994
Citigroup,
Inc.
100,000
5.950%,
1/30/2023
b,c
105,135
60,000
5.000%,
9/12/2024
b,c
62,796
200,000
5.950%,
5/15/2025
b,c
218,890
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Financials
(18.0%)
-
continued
$
60,000
4.000%,
12/10/2025
b,c
$
62,025
160,000
3.875%,
2/18/2026
b,c
163,400
Citizens
Financial
Group,
Inc.
110,000
4.000%,
10/6/2026
b,c
110,825
Comerica,
Inc.
22,000
5.625%,
7/1/2025
b,c
24,365
Credit
Acceptance
Corporation
45,000
5.125%,
12/31/2024
a
46,631
Credit
Agricole
SA
44,000
8.125%,
12/23/2025
a,b,c
53,460
Credit
Suisse
Group
AG
45,000
7.500%,
12/11/2023
a,b,c
49,920
55,000
7.250%,
9/12/2025
a,b,c
62,177
Dai-ichi
Life
Insurance
Company,
Ltd.
275,000
5.100%,
10/28/2024
a,b,c,d
303,531
Diversified
Healthcare
Trust
30,000
4.375%,
3/1/2031
28,725
Drawbridge
Special
Opportunities
Fund,
LP
50,000
3.875%,
2/15/2026
a
51,723
ESH
Hospitality,
Inc.
30,000
5.250%,
5/1/2025
a
30,558
Euronet
Worldwide,
Inc.,
Convertible
8,000
0.750%,
3/15/2049
9,110
Fifth
Third
Bancorp
50,000
4.500%,
9/30/2025
b,c
54,250
Fortress
Transportation
20,000
6.500%,
10/1/2025
a
20,775
Fortress
Transportation
and
Infrastructure
Investors,
LLC
5,000
5.500%,
5/1/2028
a
5,206
FTI
Consulting,
Inc.,
Convertible
18,000
2.000%,
8/15/2023
25,686
Global
Net
Lease,
Inc.
50,000
3.750%,
12/15/2027
a
49,487
Goldman
Sachs
Group,
Inc.
200,000
5.500%,
8/10/2024
b,c
219,382
95,000
3.800%,
5/10/2026
b,c
96,691
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Convertible
10,000
4.125%,
9/1/2022
20,675
Hartford
Financial
Services
Group,
Inc.
100,000
2.281%,
(LIBOR
3M
+
2.125%),
2/12/2047
a,b
96,450
HSBC
Holdings
plc
46,000
6.375%,
3/30/2025
b,c
51,281
101,000
6.500%,
3/23/2028
b,c
115,835
95,000
4.600%,
12/17/2030
b,c
98,562
Huntington
Bancshares,
Inc.
130,000
4.450%,
10/15/2027
b,c
138,775
Icahn
Enterprises,
LP
50,000
6.375%,
12/15/2025
51,435
25,000
6.250%,
5/15/2026
26,525
Iron
Mountain,
Inc.
50,000
4.875%,
9/15/2027
a
51,833
iStar
,
Inc.
45,000
4.250%,
8/1/2025
46,294
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
47
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Financials
(18.0%)
-
continued
iStar
,
Inc.,
Convertible
$
18,000
3.125%,
9/15/2022
$
27,203
J.P.
Morgan
Chase
&
Company
145,000
3.522%,
(LIBOR
3M
+
3.320%),
10/1/2021
b,c
145,363
115,000
5.150%,
5/1/2023
b,c
118,738
50,000
6.000%,
8/1/2023
b,c
53,156
44,000
6.750%,
2/1/2024
b,c
48,789
210,000
5.000%,
8/1/2024
b,c
221,960
200,000
3.650%,
6/1/2026
b,c
200,280
J.P.
Morgan
Chase
Capital
XXIII
100,000
1.156%,
(LIBOR
3M
+
1.000%),
5/15/2047
b
85,900
KKR
Real
Estate
Finance
Trust,
Inc.,
Convertible
6,000
6.125%,
5/15/2023
6,414
Lincoln
National
Corporation
100,000
2.513%,
(LIBOR
3M
+
2.358%),
5/17/2066
b
88,250
Lloyds
Banking
Group
plc
42,000
7.500%,
6/27/2024
b,c
47,775
100,000
6.657%,
5/21/2037
a,b,c
139,926
LPL
Holdings,
Inc.
30,000
4.000%,
3/15/2029
a
30,134
MetLife,
Inc.
50,000
3.850%,
9/15/2025
b,c
52,563
200,000
5.875%,
3/15/2028
b,c
230,558
MGM
Growth
Properties
Operating
Partnership,
LP
20,000
4.625%,
6/15/2025
a
21,367
50,000
4.500%,
9/1/2026
53,375
MPT
Operating
Partnership,
LP
45,000
4.625%,
8/1/2029
48,171
Navient
Corporation
25,000
5.500%,
1/25/2023
26,368
NFP
Corporation
15,000
6.875%,
8/15/2028
a
15,791
Nippon
Life
Insurance
Company
260,000
5.100%,
10/16/2044
a,b
286,650
54,000
3.400%,
1/23/2050
a,b
56,025
OneMain
Finance
Corporation
20,000
3.500%,
1/15/2027
20,150
Park
Intermediate
Holdings,
LLC
25,000
4.875%,
5/15/2029
a
25,861
PennyMac
Financial
Services,
Inc.
30,000
4.250%,
2/15/2029
a
28,902
Playtika
Holding
Corporation
25,000
4.250%,
3/15/2029
a
24,983
Provident
Financing
Trust
I
30,000
7.405%,
3/15/2038
36,317
Prudential
Financial,
Inc.
150,000
5.625%,
6/15/2043
b
160,973
190,000
5.200%,
3/15/2044
b
203,899
25,000
3.700%,
10/1/2050
b
26,063
Quicken
Loans,
LLC
20,000
3.625%,
3/1/2029
a
19,750
Radian
Group,
Inc.
25,000
4.875%,
3/15/2027
27,188
Regions
Financial
Corporation
104,000
5.750%,
6/15/2025
b,c
116,220
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Financials
(18.0%)
-
continued
Royal
Bank
of
Scotland
Group
plc
$
44,000
8.625%,
8/15/2021
b,c
$
44,318
Service
Properties
Trust
30,000
4.500%,
6/15/2023
30,750
40,000
4.750%,
10/1/2026
39,500
20,000
5.500%,
12/15/2027
21,345
Societe
Generale
SA
44,000
8.000%,
9/29/2025
a,b,c
51,810
Springleaf
Finance
Corporation
20,000
6.875%,
3/15/2025
22,572
40,000
7.125%,
3/15/2026
46,588
25,000
6.625%,
1/15/2028
28,659
Standard
Chartered
plc
100,000
7.500%,
4/2/2022
a,b,c
104,173
Starwood
Property
Trust,
Inc.,
Convertible
14,000
4.375%,
4/1/2023
14,998
Sumitomo
Life
Insurance
Company
225,000
3.375%,
4/15/2081
a,b
231,863
Summit
Hotel
Properties,
Inc.,
Convertible
12,000
1.500%,
2/15/2026
12,366
SVB
Financial
Group
150,000
4.000%,
5/15/2026
b,c
152,670
Truist
Financial
Corporation
169,000
4.950%,
9/1/2025
b,c
185,647
United
Wholesale
Mortgage,
LLC
25,000
5.500%,
4/15/2029
a
24,994
USB
Realty
Corporation
170,000
1.331%,
(LIBOR
3M
+
1.147%),
1/15/2022
a,b,c
132,600
VICI
Properties,
LP
10,000
4.250%,
12/1/2026
a
10,402
10,000
3.750%,
2/15/2027
a
10,171
30,000
4.625%,
12/1/2029
a
31,875
Wells
Fargo
&
Company
215,000
3.900%,
3/15/2026
b,c
222,590
100,000
0.684%,
(LIBOR
3M
+
0.500%),
1/15/2027
b
96,717
Total
8,712,442
Technology
(2.1%)
Akamai
Technologies,
Inc.,
Convertible
13,000
0.125%,
5/1/2025
16,991
27,000
0.375%,
9/1/2027
31,239
Banff
Merger
Sub,
Inc.
15,000
9.750%,
9/1/2026
a
15,787
CDW,
LLC
30,000
4.250%,
4/1/2028
31,500
CommScope
Technologies
Finance,
LLC
40,000
6.000%,
6/15/2025
a
40,850
CommScope
,
Inc.
25,000
7.125%,
7/1/2028
a
27,094
Diamond
Sports
Group,
LLC
40,000
6.625%,
8/15/2027
a
19,645
Gartner,
Inc.
30,000
3.625%,
6/15/2029
a
30,450
30,000
3.750%,
10/1/2030
a
30,693
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
48
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Technology
(2.1%)
-
continued
InterDigital
,
Inc.,
Convertible
$
7,000
2.000%,
6/1/2024
$
7,748
Iron
Mountain,
Inc.
50,000
5.000%,
7/15/2028
a
51,898
J2
Global,
Inc.,
Convertible
45,000
1.750%,
11/1/2026
a
57,348
Lumentum
Holdings,
Inc.,
Convertible
16,000
0.250%,
3/15/2024
23,310
Microchip
Technology,
Inc.,
Convertible
14,000
1.625%,
2/15/2027
31,158
NCR
Corporation
75,000
6.125%,
9/1/2029
a
81,750
NortonLifeLock
,
Inc.,
Convertible
15,000
2.000%,
8/15/2022
a
20,580
Nuance
Communications,
Inc.,
Convertible
22,000
1.250%,
4/1/2025
61,134
Open
Text
Corporation
45,000
4.125%,
2/15/2030
a
45,891
PTC,
Inc.
10,000
3.625%,
2/15/2025
a
10,300
25,000
4.000%,
2/15/2028
a
25,825
Qorvo
,
Inc.
20,000
3.375%,
4/1/2031
a
20,844
Rackspace
Technology
Global,
Inc.
45,000
5.375%,
12/1/2028
a,d
46,125
Seagate
HDD
Cayman
40,000
3.375%,
7/15/2031
a
38,652
Sensata
Technologies,
Inc.
65,000
3.750%,
2/15/2031
a
64,274
Shift4
Payments,
LLC
10,000
4.625%,
11/1/2026
a
10,438
SS&C
Technologies,
Inc.
80,000
5.500%,
9/30/2027
a
84,776
Switch,
Ltd.
40,000
3.750%,
9/15/2028
a
40,500
Teradyne,
Inc.,
Convertible
6,000
1.250%,
12/15/2023
25,418
Verint
Systems,
Inc.,
Convertible
9,000
0.250%,
4/15/2026
a
8,825
Vishay
Intertechnology
,
Inc.,
Convertible
11,000
2.250%,
6/15/2025
11,564
Total
1,012,607
Transportation
(1.2%)
AerCap
Holdings
NV
90,000
5.875%,
10/10/2079
b
93,726
Air
Transport
Services
Group,
Inc.,
Convertible
9,000
1.125%,
10/15/2024
9,124
American
Airlines,
Inc.
45,000
11.750%,
7/15/2025
a
56,475
70,000
5.500%,
4/20/2026
a
74,112
10,000
5.750%,
4/20/2029
a
10,812
Avis
Budget
Car
Rental,
LLC
30,000
5.375%,
3/1/2029
a
31,237
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Transportation
(1.2%)
-
continued
Delta
Air
Lines,
Inc.
$
35,000
7.000%,
5/1/2025
a
$
40,845
Greenbrier
Companies,
Inc.,
Convertible
13,000
2.875%,
4/15/2028
a
13,566
JetBlue
Airways
Corporation,
Convertible
22,000
0.500%,
4/1/2026
a
21,923
Meritor,
Inc.,
Convertible
37,000
3.250%,
10/15/2037
39,268
Southwest
Airlines
Company,
Convertible
28,000
1.250%,
5/1/2025
42,403
United
Airlines,
Inc.
40,000
4.375%,
4/15/2026
a
41,407
40,000
4.625%,
4/15/2029
a
41,400
XPO
Logistics,
Inc.
50,000
6.750%,
8/15/2024
a
51,938
Total
568,236
U.S.
Government
&
Agencies
(6.7%)
U.S.
Treasury
Bonds
1,160,000
1.125%,
2/15/2031
1,126,106
U.S.
Treasury
Notes
2,155,000
0.375%,
1/31/2026
2,111,816
Total
3,237,922
Utilities
(2.1%)
Calpine
Corporation
55,000
4.500%,
2/15/2028
a
56,100
Dominion
Energy,
Inc.
146,000
4.650%,
12/15/2024
b,c
155,125
Duke
Energy
Corporation
45,000
4.875%,
9/16/2024
b,c
47,812
Energy
Transfer,
LP
108,000
6.500%,
11/15/2026
b,c
110,106
NextEra
Energy
Operating
Partners,
LP
50,000
3.875%,
10/15/2026
a
52,812
NextEra
Energy
Partners,
LP,
Convertible
20,000
Zero
Coupon,
11/15/2025
a
21,520
NiSource,
Inc.
70,000
5.650%,
6/15/2023
b,c
74,638
NRG
Energy,
Inc.
50,000
3.375%,
2/15/2029
a
48,938
NRG
Energy,
Inc.,
Convertible
5,000
2.750%,
6/1/2048
5,810
PG&E
Corporation
40,000
5.250%,
7/1/2030
40,380
Sempra
Energy
44,000
4.875%,
10/15/2025
b,c
47,740
Southern
Company
110,000
4.000%,
1/15/2051
b
116,325
90,000
3.750%,
9/15/2051
b
90,576
Suburban
Propane
Partners,
LP
50,000
5.875%,
3/1/2027
52,495
Talen
Energy
Supply,
LLC
30,000
7.625%,
6/1/2028
a
28,071
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
49
Principal
Amount
Long-Term
Fixed
Income
(56.4%)
Value
Utilities
(2.1%)
-
continued
TerraForm
Power
Operating,
LLC
$
30,000
5.000%,
1/31/2028
a
$
31,763
Vistra
Operations
Company,
LLC
50,000
5.000%,
7/31/2027
a
51,332
Total
1,031,543
Total
Long-Term
Fixed
Income
(cost
$26,459,251)
27,373,769
Shares
Registered
Investment
Companies
(
30.5%
)
Value
Unaffiliated (20.5%)
28,200
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
124,926
16,125
AllianceBernstein
Global
High
Income
Fund,
Inc.
201,724
17,001
Barings
Global
Short
Duration
High
Yield
Fund
290,377
21,942
BlackRock
Core
Bond
Trust
362,482
8,440
BlackRock
Corporate
High
Yield
Fund,
Inc.
103,981
22,803
BlackRock
Credit
Allocation
Income
Trust
355,499
363
BlackRock
Enhanced
Equity
Dividend
Trust
3,677
18,289
BlackRock
Enhanced
Global
Dividend
Trust
229,527
11,141
BlackRock
Multi-Sector
Income
Trust
207,891
72,228
BNY
Mellon
High
Yield
Strategies
Fund
263,632
4,200
Brookfield
Real
Assets
Income
Fund,
Inc.
91,980
1,526
Clough
Global
Opportunities
Fund
18,465
21,170
Eaton
Vance
Limited
Duration
Income
Fund
280,714
5,648
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
57,610
12,500
First
Trust
High
Income
Long/Short
Fund
196,875
6,253
First
Trust
Senior
Floating
Rate
Income
Fund
II
79,413
24,629
Invesco
Dynamic
Credit
Opportunities
Fund
292,100
19,400
Invesco
Senior
Loan
ETF
429,710
24,050
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
946,007
18,156
Ivy
High
Income
Opportunities
Fund
255,092
1,779
Madison
Covered
Call
&
Equity
Strategy
Fund
14,392
30,782
New
America
High
Income
Fund,
Inc.
284,118
22,700
Nuveen
Credit
Strategies
Income
Fund
153,225
13,651
Nuveen
Global
High
Income
Fund
221,283
12,350
Nuveen
Senior
Income
Fund
72,988
12,354
Nuveen
Short
Duration
Credit
Opportunities
Fund
185,186
18,435
PGIM
Global
High
Yield
Fund,
Inc.
293,854
16,899
PGIM
High
Yield
Bond
Fund,
Inc.
274,947
4,850
Pimco
Dynamic
Credit
And
Mortgage
Income
Fund
108,543
8,067
Pioneer
High
Income
Fund,
Inc.
78,330
Shares
Registered
Investment
Companies
(30.5%)
Value
Unaffiliated (20.5%)-
continued
2,964
Royce
Value
Trust,
Inc.
$
56,227
20,499
SPDR
Bloomberg
Barclays
High
Yield
Bond
ETF
d
2,254,070
11,898
SPDR
Bloomberg
Barclays
Short
Term
High
Yield
Bond
ETF
d
328,147
13,778
Templeton
Emerging
Markets
Income
Fund
109,810
3,969
Tri-Continental
Corporation
135,303
6,753
Virtus
Dividend,
Interst
&
Premium
Strategy
Fund
d
101,768
6,332
Voya
Asia
Pacific
High
Dividend
Equity
Income
Fund
61,421
10,391
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
61,930
8,476
Wells
Fargo
Global
Dividend
Opportunity
Fund
48,991
25,075
Wells
Fargo
Income
Opportunities
Fund
220,409
15,981
Western
Asset
High
Income
Opportunity
Fund,
Inc.
84,380
Total
9,941,004
Affiliated (10.0%)
489,486
Thrivent
Core
Emerging
Markets
Debt
Fund
4,870,383
Total
4,870,383
Total
Registered
Investment
Companies
(cost
$13,829,180)
14,811,387
Shares
Preferred
Stock
(
6.3%
)
Value
Communications
Services
(0.6%)
10,375
AT&T,
Inc.,
4.750%
c
275,871
132
ViacomCBS
,
Inc.,
Convertible,
5.750%
9,785
Total
285,656
Consumer
Discretionary
(<0.1%)
180
International
Flavors
&
Fragrances,
Inc.,
Convertible,
6.000%
9,110
Total
9,110
Consumer
Staples
(0.2%)
3,200
CHS,
Inc.,
6.750%
b,c
90,784
Total
90,784
Energy
(0.3%)
10,535
Crestwood
Equity
Partners,
LP,
9.250%
c
98,818
525
Energy
Transfer,
LP,
7.600%
b,c
13,125
1,415
Nustar
Logistics,
LP,
6.918%
b
36,252
Total
148,195
Financials
(3.7%)
925
Aegon
Funding
Corporation
II,
5.100%
24,854
5,000
Allstate
Corporation,
5.100%
c
140,700
5,000
Bank
of
America
Corporation,
5.000%
c
136,500
1,250
Bank
of
America
Corporation,
5.375%
c
34,925
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
50
Shares
Preferred
Stock
(6.3%)
Value
Financials
(3.7%)
-
continued
9
Bank
of
America
Corporation,
Convertible,
7.250%
c
$
12,744
5,300
Capital
One
Financial
Corporation,
5.000%
c
144,001
2,000
Citigroup
Capital
XIII,
6.556%
b
55,800
6,000
Equitable
Holdings,
Inc.,
5.250%
c
161,100
60
First
Horizon
Bank,
3.750%
a,b,c
48,900
3,000
First
Horizon
Corporation,
6.500%
c
84,000
2,480
GMAC
Capital
Trust
I,
5.941%
b
62,769
1,225
J.P.
Morgan
Chase
&
Company,
4.750%
c
33,455
1,900
J.P.
Morgan
Chase
&
Company,
5.750%
c
53,675
1,850
Legg
Mason,
Inc.,
5.450%
46,768
5,500
Morgan
Stanley,
5.850%
b,c
162,360
5,800
Morgan
Stanley,
7.125%
b,c
167,736
250
Synovus
Financial
Corporation,
5.875%
b,c
6,815
5,150
Truist
Financial
Corporation,
4.750%
c
137,093
190
Wells
Fargo
&
Company,
Convertible,
7.500%
c
289,980
Total
1,804,175
Health
Care
(0.1%)
228
Boston
Scientific
Corporation,
Convertible,
5.500%
26,462
4
Danaher
Corporation,
Convertible,
5.000%
5,901
Total
32,363
Industrials
(0.1%)
23
Fluor
Corporation,
Convertible,
6.500%
a,c,g
24,401
285
Stanley
Black
&
Decker,
Inc.,
Convertible,
5.250%
34,408
Total
58,809
Real
Estate
(0.4%)
5,950
Public
Storage,
4.125%
c
154,997
850
Public
Storage,
4.625%
c
23,409
225
Public
Storage,
4.700%
c
6,298
325
Public
Storage,
4.875%
c
8,977
Total
193,681
Utilities
(0.9%)
180
AES
Corporation,
Convertible,
6.875%
19,363
91
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
4,471
136
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
6,969
7,700
CMS
Energy
Corporation,
4.200%
c,f,g
194,579
314
NextEra
Energy,
Inc.,
Convertible,
4.872%
17,631
46
NiSource,
Inc.,
Convertible,
7.750%
4,728
5,800
Southern
Company,
4.950%
155,556
Shares
Preferred
Stock
(6.3%)
Value
Utilities
(0.9%)
-
continued
213
Southern
Company,
Convertible,
6.750%
$
10,784
Total
414,081
Total
Preferred
Stock
(cost
$2,926,387)
3,036,854
Shares
Collateral
Held
for
Securities
Loaned
(
6.0%
)
Value
2,899,062
Thrivent
Cash
Management
Trust
2,899,062
Total
Collateral
Held
for
Securities
Loaned
(cost
$2,899,062)
2,899,062
Shares
Common
Stock
(
3.8%
)
Value
Communications
Services
(0.2%)
117
Charter
Communications,
Inc.
g
84,410
445
Twitter,
Inc.
g
30,620
87
ViacomCBS
,
Inc.
3,932
21
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
g
310
Total
119,272
Consumer
Discretionary
(0.2%)
816
Bloomin
'
Brands,
Inc.
g
22,146
11
Booking
Holdings,
Inc.
g
24,069
27
Burlington
Stores,
Inc.
g
8,694
86
Dick's
Sporting
Goods,
Inc.
8,616
33
Expedia
Group,
Inc.
g
5,403
256
Ford
Motor
Company
g
3,804
1,697
Under
Armour
,
Inc.,
Class
C
g
31,513
Total
104,245
Consumer
Staples
(0.1%)
412
Bunge,
Ltd.
32,198
Total
32,198
Energy
(0.4%)
211
Cheniere
Energy,
Inc.
g
18,302
550
Enterprise
Products
Partners,
LP
13,272
639
EQT
Corporation
g
14,224
1,600
Kinder
Morgan,
Inc.
29,168
500
MPLX,
LP
14,805
414
PDC
Energy,
Inc.
18,957
222
Pioneer
Natural
Resources
Company
36,079
400
TC
Energy
Corporation
19,808
1,100
Williams
Companies,
Inc.
29,205
Total
193,820
Financials
(1.3%)
4,400
AG
Mortgage
Investment
Trust,
Inc.
18,788
8,350
Annaly
Capital
Management,
Inc.
74,148
2,200
Apollo
Commercial
Real
Estate
Finance,
Inc.
35,090
191
Ares
Capital
Corporation
3,742
670
Bank
of
America
Corporation
27,624
3,500
BlackRock
TCP
Capital
Corporation
48,370
328
Blackstone
Mortgage
Trust,
Inc.
10,460
2,500
Chimera
Investment
Corporation
37,650
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
51
Shares
Common
Stock
(3.8%)
Value
Financials
(1.3%)
-
continued
4,209
FS
KKR
Capital
Corporation
$
90,536
3,351
Golub
Capital
BDC,
Inc.
51,672
2,800
Granite
Point
Mortgage
Trust,
Inc.
41,300
741
KKR
&
Company,
Inc.
43,897
1,953
Sixth
Street
Specialty
Lending,
Inc.
43,337
297
Starwood
Property
Trust,
Inc.
7,772
4,800
Two
Harbors
Investment
Corporation
36,288
918
Wells
Fargo
&
Company
41,576
Total
612,250
Health
Care
(0.3%)
147
Anthem,
Inc.
56,125
319
Danaher
Corporation
85,607
14
Illumina,
Inc.
g
6,625
Total
148,357
Industrials
(0.3%)
338
Chart
Industries,
Inc.
g
49,456
248
Fortive
Corporation
17,295
194
Greenbrier
Companies,
Inc.
8,455
176
JetBlue
Airways
Corporation
g
2,953
398
Patrick
Industries,
Inc.
29,054
91
Southwest
Airlines
Company
g
4,831
134
Stanley
Black
&
Decker,
Inc.
27,469
Total
139,513
Information
Technology
(0.7%)
43
Akamai
Technologies,
Inc.
g
5,014
147
Broadcom,
Ltd.
70,095
388
II-VI,
Inc.
g
28,165
183
Lumentum
Holdings,
Inc.
g
15,011
148
Microchip
Technology,
Inc.
22,162
259
Micron
Technology,
Inc.
g
22,010
148
Motorola
Solutions,
Inc.
32,094
1,280
ON
Semiconductor
Corporation
g
48,998
2,321
Sabre
Corporation
g
28,966
12
ServiceNow
,
Inc.
g
6,595
181
Square,
Inc.
g
44,128
235
SunPower
Corporation
g
6,867
156
Teradyne,
Inc.
20,898
149
Western
Digital
Corporation
g
10,604
Total
361,607
Materials
(<0.1%)
80
International
Flavors
&
Fragrances,
Inc.
11,952
Total
11,952
Real
Estate
(0.3%)
3,200
AGNC
Investment
Corporation
54,048
160
iSTAR
Financial,
Inc.
3,317
792
Lexington
Realty
Trust
9,464
6,000
New
Residential
Investment
Corporation
63,540
Total
130,369
Utilities
(<0.1%)
67
NextEra
Energy
Partners,
LP
5,116
Shares
Common
Stock
(3.8%)
Value
Utilities
(<0.1%)
-
continued
119
NextEra
Energy,
Inc.
$
8,721
Total
13,837
Total
Common
Stock
(cost
$1,581,942)
1,867,420
Shares
Short-Term
Investments
(
3.3%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
158,683
0.140%
1,586,833
Total
Short-Term
Investments
(cost
$1,586,656)
1,586,833
Total
Investments
(cost
$49,282,478)
106.3%
$51,575,325
Other
Assets
and
Liabilities,
Net
(6.3%)
(3,056,241)
Total
Net
Assets
100.0%
$48,519,084
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,
2021,
the
value
of
these
investments
was
$11,332,207
or
23.4%
of
total
net
assets.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
June
30,
2021.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description. The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
c
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
d
All
or
a
portion
of
the
security
is
on
loan.
e
Denotes
payment-in-kind
security. The
security
may
pay
an
interest
or
dividend
payment
with
additional
fixed
income
or
equity
securities
in
lieu
of,
or
in
addition
to
a
cash
payment. The
cash
rate
and/or
payment-in-kind
rate
shown
are
as
of
June
30,
2021.
f
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
g
Non-income
producing
security.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Multidimensional
Income
Fund
as
of
June
30,
2021:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
296,701
Common
Stock
2,540,072
Total
lending
$2,836,773
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$2,899,062
Net
amounts
due
to
counterparty
$62,289
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
52
Definitions:
ETF
-
Exchange
Traded
Fund
PIK
-
Payment-In-Kind
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
12
MTA
-
12
Month
Treasury
Average
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$2,464,175
Gross
unrealized
depreciation
(245,071)
Net
unrealized
appreciation
(depreciation)
$2,219,104
Cost
for
federal
income
tax
purposes
$49,356,221
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
53
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
June
30,
2021,
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
883,225
–
883,225
–
Capital
Goods
1,346,163
–
1,346,163
–
Collateralized
Mortgage
Obligations
122,497
–
122,497
–
Communications
Services
2,202,398
–
2,202,398
–
Consumer
Cyclical
3,014,125
–
3,014,125
–
Consumer
Non-Cyclical
2,328,620
–
2,328,620
–
Energy
2,913,991
–
2,913,991
–
Financials
8,712,442
–
8,712,442
–
Technology
1,012,607
–
1,012,607
–
Transportation
568,236
–
568,236
–
U.S.
Government
&
Agencies
3,237,922
–
3,237,922
–
Utilities
1,031,543
–
1,031,543
–
Registered
Investment
Companies
Unaffiliated
9,941,004
9,941,004
–
–
Preferred
Stock
Communications
Services
285,656
285,656
–
–
Consumer
Discretionary
9,110
9,110
–
–
Consumer
Staples
90,784
90,784
–
–
Energy
148,195
148,195
–
–
Financials
1,804,175
1,755,275
48,900
–
Health
Care
32,363
32,363
–
–
Industrials
58,809
34,408
24,401
–
Real
Estate
193,681
193,681
–
–
Utilities
414,081
414,081
–
–
Common
Stock
Communications
Services
119,272
118,962
310
–
Consumer
Discretionary
104,245
104,245
–
–
Consumer
Staples
32,198
32,198
–
–
Energy
193,820
193,820
–
–
Financials
612,250
612,250
–
–
Health
Care
148,357
148,357
–
–
Industrials
139,513
139,513
–
–
Information
Technology
361,607
361,607
–
–
Materials
11,952
11,952
–
–
Real
Estate
130,369
130,369
–
–
Utilities
13,837
13,837
–
–
Subtotal
Investments
in
Securities
$42,219,047
$14,771,667
$27,447,380
$–
Other
Investments *
Total
Affiliated
Registered
Investment
Companies
4,870,383
Affiliated
Short-Term
Investments
1,586,833
Collateral
Held
for
Securities
Loaned
2,899,062
Subtotal
Other
Investments
$9,356,278
Total
Investments
at
Value
$51,575,325
*
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,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
54
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Multidimensional
Income
Fund,
is
as
follows:
Fund
Value
12/31/2020
Gross
Purchases
Gross
Sales
Value
6/30/2021
Shares
Held
at
6/30/2021
%
of
Net
Assets
6/30/2021
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$3,673
$1,340
$–
$4,870
489
10.0%
Total
Affiliated
Registered
Investment
Companies
3,673
4,870
10.0
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.140%
1,116
18,300
17,829
1,587
159
3.3
Total
Affiliated
Short-Term
Investments
1,116
1,587
3.3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
253
29,622
26,976
2,899
2,899
6.0
Total
Collateral
Held
for
Securities
Loaned
253
2,899
6.0
Total
Value
$5,042
$9,356
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2021
-
6/30/2021
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$–
$(143)
$–
$89
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.140%
–
0
–
1
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$90
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
8
Total
Affiliated
Income
from
Securities
Loaned,
Net
$8
Total
$–
$(143)
$–
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
55
As
of
June
30,
2021
(unaudited)
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$927,379,441
$39,961,256
Investments
in
affiliated
securities
at
cost
$399,630,574
$9,321,222
Investments
in
unaffiliated
securities
at
value
(#)
$1,011,698,446
$42,219,047
Investments
in
affiliated
securities
at
value
406,711,802
9,356,278
Cash
—
17,765
Initial
margin
deposit
on
open
future
contracts
44,000
—
Dividends
and
interest
receivable
4,491,890
328,921
Prepaid
expenses
31,385
13,203
Receivable
for:
Investments
sold
3,942,152
133,060
Investments
sold
on
a
delayed-delivery
basis
60,450
5,038
Fund
shares
sold
1,164,293
155,754
Expense
reimbursements
—
10,438
Variation
margin
on
open
future
contracts
90,360
—
Total
Assets
1,428,234,778
52,239,504
Liabilities
Distributions
payable
125,080
14,688
Accrued
expenses
100,161
24,392
Cash
overdraft
157,427
(a)
—
Payable
for:
Investments
purchased
7,411,432
448,980
Investments
purchased
on
a
delayed-delivery
basis
221,940,858
272,537
Return
of
collateral
for
securities
loaned
7,379,872
2,899,062
Fund
shares
redeemed
802,089
33,693
Variation
margin
on
open
future
contracts
105,607
—
Investment
advisory
fees
579,264
23,192
Administrative
fees
18,158
717
Distribution
fees
139,656
—
Transfer
agent
fees
57,608
1,693
Trustee
fees
581
139
Trustee
deferred
compensation
55,023
1,327
Contingent
liabilities^
—
—
Mortgage
dollar
roll
deferred
revenue
122,810
—
Total
Liabilities
238,995,626
3,720,420
Net
Assets
Capital
stock
(beneficial
interest)
1,060,107,558
45,894,729
Distributable
earnings/(accumulated
loss)
129,131,594
2,624,355
Total
Net
Assets
$1,189,239,152
$48,519,084
Class
A
Share
Capital
$619,478,937
$—
Shares
of
beneficial
interest
outstanding
(Class
A)
77,803,158
—
Net
asset
value
per
share
$7.96
$—
Maximum
public
offering
price
$8.34
$—
Class
S
Share
Capital
$569,760,215
$48,519,084
Shares
of
beneficial
interest
outstanding
(Class
S)
72,323,364
4,631,372
Net
asset
value
per
share
$7.88
$10.48
(#)
Includes
securities
on
loan
of
7,156,331
2,836,773
(a)
Includes
foreign
currency
holdings
of
$1,850
(cost
$1,789).
^
Contingent
liabilities
accrual. Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Mutual
Funds
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
56
For
the
six
months
ended
June
30,
2021
(unaudited)
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
Investment
Income
Dividends
$2,040,799
$188,989
Taxable
interest
10,521,357
436,670
Income
from
mortgage
dollar
rolls
1,136,210
—
Affiliated
income
from
securities
loaned,
net
23,802
8,397
Income
from
affiliated
investments
187,307
1,240
Non
cash
income
191,545
162,488
Non
cash
income
from
affiliated
investments
1,808,561
89,097
Foreign
tax
withholding
(11,589)
(450)
Total
Investment
Income
15,897,992
886,431
Expenses
Adviser
fees
3,096,888
113,462
Administrative
service
fees
131,864
38,507
Audit
and
legal
fees
16,141
15,468
Custody
fees
37,647
8,216
Distribution
expenses
Class
A
761,710
—
Insurance
expenses
3,666
1,975
Printing
and
postage
expenses
Class
A
39,634
—
Printing
and
postage
expenses
Class
S
35,299
8,346
SEC
and
state
registration
expenses
49,621
11,371
Transfer
agent
fees
Class
A
218,658
—
Transfer
agent
fees
Class
S
211,786
22,103
Trustees'
fees
18,537
3,526
Other
expenses
45,296
18,446
Total
Expenses
Before
Reimbursement
4,666,747
241,420
Less:
Reimbursement
from
adviser
—
(66,070)
Total
Net
Expenses
4,666,747
175,350
Net
Investment
Income/(Loss)
11,231,245
711,081
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
38,332,079
907,730
Affiliated
investments
1,912,218
—
Futures
contracts
(2,816,468)
—
Foreign
currency
transactions
9,978
—
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(2,178,554)
584,812
Affiliated
investments
297,104
(143,085)
Futures
contracts
1,331,566
—
Foreign
currency
transactions
(9,542)
—
Net
Realized
and
Unrealized
Gains/(Losses)
36,878,381
1,349,457
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$48,109,626
$2,060,538
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
57
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
For
the
periods
ended
6/30/2021
(unaudited)
12/31/2020
6/30/2021
(unaudited)
12/31/2020
Operations
Net
investment
income/(loss)
$11,231,245
$28,374,937
$711,081
$1,116,464
Net
realized
gains/(losses)
37,437,807
(1,100,000)
907,730
(153,080)
Change
in
net
unrealized
appreciation/(depreciation)
(559,426)
42,351,039
441,727
1,347,131
Net
Change
in
Net
Assets
Resulting
From
Operations
48,109,626
69,625,976
2,060,538
2,310,515
Distributions
to
Shareholders
From
income/realized
gains
Class
A
(5,775,075)
(15,324,272)
–
–
From
income/realized
gains
Class
S
(5,788,356)
(13,506,328)
(807,658)
(1,180,936)
Total
from
income/realized
gains
(11,563,431)
(28,830,600)
(807,658)
(1,180,936)
From
return
of
capital
Class
S
–
–
–
(67,336)
Total
From
Return
of
Capital
–
–
–
(67,336)
Total
Distributions
to
Shareholders
(11,563,431)
(28,830,600)
(807,658)
(1,248,272)
Capital
Stock
Transactions
Class
A
Sold
29,439,326
42,408,148
–
–
Distributions
reinvested
5,264,067
13,967,641
–
–
Redeemed
(44,423,669)
(89,533,909)
–
–
Total
Class
A
Capital
Stock
Transactions
(9,720,276)
(33,158,120)
–
–
Class
S
Sold
102,191,327
131,811,371
13,098,831
24,099,274
Distributions
reinvested
5,566,647
12,935,102
719,481
1,077,623
Redeemed
(58,946,695)
(123,630,106)
(4,046,634)
(9,349,361)
Total
Class
S
Capital
Stock
Transactions
48,811,279
21,116,367
9,771,678
15,827,536
Capital
Stock
Transactions
39,091,003
(12,041,753)
9,771,678
15,827,536
Net
Increase/(Decrease)
in
Net
Assets
75,637,198
28,753,623
11,024,558
16,889,779
Net
Assets,
Beginning
of
Period
1,113,601,954
1,084,848,331
37,494,526
20,604,747
Net
Assets,
End
of
Period
$1,189,239,152
$1,113,601,954
$48,519,084
$37,494,526
Capital
Stock
Share
Transactions
Class
A
shares
Sold
3,752,739
5,852,543
–
–
Distributions
reinvested
671,988
1,948,433
–
–
Redeemed
(5,665,818)
(12,443,339)
–
–
Total
Class
A
share
transactions
(1,241,091)
(4,642,363)
–
–
Class
S
shares
Sold
13,154,990
18,378,410
1,269,531
2,480,964
Distributions
reinvested
717,910
1,821,720
69,955
112,896
Redeemed
(7,591,926)
(17,399,968)
(393,141)
(957,839)
Total
Class
S
share
transactions
6,280,974
2,800,162
946,345
1,636,021
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
58
(1)
ORGANIZATION
Thrivent
Mutual
Funds
(the
“Trust”)
was
organized
as
a
Massachusetts
Business
Trust
on
March
10,
1987
and
is
registered
as
an
open-end
management
investment
company
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”).
The
Trust
is
divided
into 25
separate
series
(each,
a
"Fund"
and,
collectively,
the
"Funds"),
each
with
its
own
investment
objective
and
policies.
The
Trust
currently
consists
of
four
asset
allocation
Funds, three
income
plus
Funds, ten
equity
Funds, seven
fixed-income
Funds,
and
one
money
market
Fund.
This
shareholder
report
includes Thrivent
Diversified
Income
Plus
Fund
and Thrivent
Multidimensional
Income
Fund, two of
the
Trust’s
25
Funds.
The
other
Funds
of
the
Trust
have
a
fiscal
year-end
of
October
31
and
are
presented
under
a
separate
shareholder
report.
The
Funds
are
each
investment
companies
that
follow
the
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
-
Financial
Services
-
Investment
Companies.
Share
Classes
— The
Trust
includes
two
classes
of
shares:
Class
A
and
Class
S
shares.
The
classes
of
shares
differ
principally
in
their
respective
distribution
expenses
and
other
class-specific
expenses
and
arrangements.
Class
A
shares
have
an
annual
12b-1
fee
of
0.25%
of
average
net
assets, a
reduced
fee
of
0.125%
or
no
fee.
For
the
Funds
presented
under
this
shareholder
report,
Class
A
shares
have
an
annual
12b-1
fee
of
0.25%
and a
maximum
front-end
sales
load
of
4.50%.
Class
S
shares
are
offered
at
net
asset
value
and
have
no
annual
12b-1
fees.
The
share
classes
have
identical
rights
to
earnings,
assets
and
voting
privileges,
except
for
class-specific
expenses
and
exclusive
rights
to
vote
on
matters
affecting
only
individual
classes.
Thrivent
High
Income
Municipal
Bond
Fund,
Thrivent
Low
Volatility
Equity
Fund, Thrivent
Mid
Cap
Growth
Fund,
Thrivent
Mid
Cap
Value
Fund,
Thrivent
Multidimensional
Income
Fund
and
Thrivent
Small
Cap
Growth
Fund offer
only
Class
S
Shares; each
of
the
other 19
Funds
of
the
Trust
offer
Class
A
and
Class
S
shares.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
with
vendors
and
others
that
provide
general
damage
clauses.
The
Trust’s
maximum
exposure
under
these
contracts
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust.
However,
based
on
experience,
the
Trust
expects
the
risk
of
loss
to
be
remote.
(2)
SIGNIFICANT
ACCOUNTING
POLICIES
Valuation
of
Investments
—
Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system
are
valued
at
the
last
sale
price
on
the
principal
exchange
as
of
the
close
of
regular
trading
on
such
exchange
or
the
official
closing price
of
the
national
market
system.
Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time.
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Trust’s
Board
of
Trustees
(“Board”).
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations obtained
from dealers
that
make
markets
in
the
securities.
Exchange-listed
options and
futures
contracts
are
valued
at
the
primary
exchange
settle
price.
Exchange
cleared
swap
agreements
are
valued
at
the
clearinghouse
end
of
day
price.
Swap
agreements
not
cleared
on
exchanges
will
be
valued at
the
mid-price
from
the
primary
approved
pricing
service.
Forward
foreign
currency exchange
contracts
are
marked-to-market
based
upon
foreign
currency
exchange
rates
provided
by the
pricing
service.
Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day.
The
Board
has
delegated
responsibility
for
daily
valuation
of
the
Funds'
securities to
the
Funds'
investment
Adviser.
The
Adviser
has
formed
a Valuation
Committee
(“Committee”)
that
is
responsible
for
overseeing
the
Funds'
valuation
policies in
accordance
with
Valuation
Policies
and
Procedures.
The
Committee
meets
on
a
monthly
and
on
an
as-needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices,
money
market
pricing,
international
fair
valuation,
and
other
securities
requiring
fair
valuation.
The
Committee
monitors
for
significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Funds.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant
using
fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
determined
to
be
unreliable,
the
securities
will
be
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”), the
various
inputs
used
to
determine
the
fair
value
of
the
Funds’
investments
are
summarized
in
three
broad
levels. Level
1
includes
quoted
prices
in
active
markets
for
identical
securities: typically
included
in
this
level
are
U.S.
equity
securities,
futures, options
and
registered
investment
company
funds.
Level
2
includes
other
significant
observable
inputs
such
as
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk;
typically
included
in
this
level
are
fixed
income
securities,
international
securities,
swaps
and
forward
contracts.
Level
3
includes
significant
unobservable
inputs
such
as
the
Adviser’s
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments.
The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
59
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,
2021,
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,
2021
(unaudited)
60
For
certain
securities,
including
real
estate
investment
trusts,
the Funds
record
distributions
received
in
excess
of
income
as
a
reduction
of
cost
of
investments
and/or
realized
gain.
Such
amounts
are
based
on
estimates
if
actual
amounts
are
not
available.
Actual
amounts
of
income,
realized
gain
and
return
of
capital
may
differ
from
the
estimated
amounts.
The Funds
adjust
the
estimated
amounts
of
the
components
of
distributions
as
adjustments
to
investment
income,
unrealized
appreciation/depreciation
and
realized
gain/loss
on
investments
as
necessary,
once
the
issuers
provide
information
about
the
actual
composition
of
the
distributions.
Distributions
to
Shareholders
—
Net
investment
income
is
distributed
to
each
shareholder
as
a
dividend.
Dividends
from
Diversified
Income
Plus
Fund
and
Multidimensional
Income
Fund
are
declared
and
paid
monthly. It
is
possible
that
such
dividends
may
be
reclassified
as
return
of
capital
or
capital
gains
after
year
end.
Such
determination
cannot
be
made
until
tax
information
is
received
from
the
real
estate
investments
of
the
Fund.
Net
realized
gains
from
securities
transactions,
if
any,
are
paid
at
least
annually
after
the
close
of
the
fiscal
year.
Derivative
Financial
Instruments
—
Each
of
the
Funds may
invest
in
derivatives,
a
category
that
includes
options,
futures,
swaps,
foreign
currency
forward
contracts and
hybrid
instruments.
Derivatives
are
financial
instruments
whose
value
is
derived
from
another
security,
an
index
or
a
currency.
Each Fund
may
use
derivatives
for
hedging
(attempting
to
offset
a
potential
loss
in
one
position
by
establishing
an
interest
in
an
opposite
position).
This
includes
the
use
of
currency-based
derivatives
to
manage
the
risk
of
its
positions in
foreign
securities.
Each Fund
may
also
use
derivatives
for
replication
of
a
certain
asset
class
or
speculation
(investing
for
potential
income
or
capital
gain).
These
contracts
may
be
transacted
on
an
exchange
or
over-the-counter
("OTC").
A
derivative
may
incur
a
mark
to
market
loss
if
the
value
of
the
derivative
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
derivative.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
derivative.
A
Fund’s
risk
of
loss
from
the
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
such
Fund.
With
exchange
traded
futures
and
centrally
cleared
swaps,
there
is
minimal
counterparty
credit
risk
to
the
Funds
because
the
exchange’s
clearinghouse,
as
counterparty
to
such
derivatives,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
derivative;
thus,
the
credit
risk
is
limited
to
the
failure
of
the
clearinghouse.
However,
credit
risk
still
exists
in
exchange
traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
broker’s
customer
accounts.
While
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
broker
for
all
its
clients,
U.S.
bankruptcy
laws
will
typically
allocate
that
shortfall
on
a
pro-rata
basis
across
all
of
the
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Using
derivatives
to
hedge
can
guard
against
potential
risks,
but
it
also
adds
to
the
Funds'
expenses
and
can
eliminate
some
opportunities
for
gains.
In
addition,
a
derivative
used
for
mitigating
exposure
or
replication
may
not
accurately
track
the
value
of
the
underlying
asset.
Another
risk
with
derivatives
is
that
some
types
can
amplify
a
gain
or
loss,
potentially
earning
or
losing
substantially
more
money
than
the
actual
cost
of
the
derivative.
In
order
to
define
their
contractual
rights
and
to
secure
rights
that
will
help
the
Funds
mitigate
their
counterparty
risk,
the
Funds
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
OTC
derivatives
and
foreign
exchange
contracts
and
typically
includes,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
each
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivatives'
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
a
default
(close-out
netting)
including
the
bankruptcy
or
insolvency
of
the
counterparty.
Note,
however,
that
bankruptcy
and
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
and
margin
requirements
vary
by
type
of
derivative.
Margin
requirements
are
established
by
the
broker
or
clearinghouse
for
exchange
traded
and
centrally
cleared
derivatives
(futures,
options,
and
centrally
cleared
swaps).
Brokers
can
ask
for
margining
in
excess
of
the
minimum requirements in
certain
situations.
Collateral
terms
are
contract
specific
for
OTC
derivatives
(foreign
currency
exchange
contracts,
options
and
swaps).
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark
to
market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
For
financial
reporting
purposes,
non-cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
has
been
noted
in
the
Schedule
of
Investments.
To
the
extent
amounts
due
to a
Fund
from
its
counterparties
are
not
fully
collateralized,
contractually
or
otherwise,
the
Fund
bears
the
risk
of
loss
from
counterparty
nonperformance.
The
Funds
attempt
to
mitigate
counterparty
risk
by
only
entering
into
agreements
with
counterparties
that
they
believe
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Options
— Each
of
the
Funds
may
buy
put
and
call
options
and
write
put
and
covered
call
options.
The
Funds
intend
to
use
such
derivative
instruments
as
hedges
to
facilitate
buying
or
selling
securities
or
to
provide
protection
against
adverse
movements
in
security
prices
or
interest
rates.
The
Funds
may
also
enter
into
options
contracts
to
protect
against
adverse
foreign
exchange
rate
fluctuations.
Option
contracts
are
valued
daily
and
unrealized
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
61
appreciation
or
depreciation
is
recorded.
A
Fund
will
realize
a
gain
or
loss
upon
expiration
or
closing
of
the
option
transaction.
When
an
option
is
exercised,
the
proceeds
upon
sale
for
a
written
call
option
or
the
cost
of
a
security
for
purchased
put
and
call
options
is
adjusted
by
the
amount
of
premium
received
or
paid.
Buying
put
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security
while
buying
call
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security.
The
risk
associated
with
purchasing
put
and
call
options
is
limited
to
the
premium
paid.
There
is
no
significant
counterparty
risk
on
exchange-traded
options
as
the
exchange
guarantees
the
contract
against
default.
Writing
put
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security
while
writing
call
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security.
The
writer
of
an
option
has
no
control
over
whether
the
underlying
security
may
be
bought
or
sold,
and
therefore
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
underlying
security.
The
counterparty
risk
for
purchased
options
arises
when
a
Fund
has
purchased
an
option,
exercises
that
option,
and
the
counterparty
doesn’t
buy
from
the
Fund
or
sell
to
the
Fund
the
underlying
asset
as
required.
In
the
case
where
a
Fund
has
written
an
option,
the
Fund
doesn’t
have
counterparty
risk.
Counterparty
risk
on
purchased
over-the-counter
options
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
option
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
Futures
Contracts
— Each
of
the Funds
may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
fluctuations.
Gains
or
losses
on
futures
contracts
can
offset
changes
in
the
yield
of
securities.
When
a
futures
contract
is
opened,
cash
or
other
investments
equal
to
the
required
“initial
margin
deposit”
are
held
on
deposit
with
and
pledged
to
the
broker.
Additional
securities
held
by
the
Funds
may
be
earmarked
to
cover
open
futures
contracts. A
futures
contract’s
daily
change
in
value
(“variation
margin”)
is
either
paid
to
or
received
from
the
broker,
and
is
recorded
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
realized
gain
or
loss
is
recorded
equal
to
the
difference
between
the
value
of
the
contract
when
opened
and
the
value
of
the
contract
when
closed.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Exchange-traded
futures
have
no
significant
counterparty
risk
as
the
exchange
guarantees
the
contracts
against
default.
During
the six
months
ended
June
30,
2021,
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,
2021,
Diversified
Income
Plus
used
equity
futures
to
manage
exposure
to
the
equities
market.
During
the six
months
ended
June
30,
2021,
Diversified
Income
Plus
used foreign exchange futures
to
hedge
currency
risk.
Foreign
Currency
Forward
Contracts
—
In
connection
with
purchases
and
sales
of
securities
denominated
in
foreign
currencies,
all
Funds
may
enter
into
foreign
currency
forward
contracts.
Additionally,
the
Funds
may
enter
into
such
contracts
to mitigate
currency
and
counterparty
exposure
to other
foreign-currency-
denominated
investments.
These
contracts
are
recorded
at
value
and
the
realized-
and
change
in
unrealized-
foreign
exchange
gains
and
losses
are
included
in
the
Statement
of
Operations.
In
the
event
that
counterparties
fail
to
settle
these
forward
contracts,
the
Funds
could
be
exposed
to
foreign
currency
fluctuations.
Foreign
currency
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded
daily
as
the
difference
between
the
contract
exchange
rate
and
the
closing
forward
rate
applied
to
the
face
amount
of
the
contract.
A
realized
gain
or
loss
is
recorded
at
the
time
a
forward
contract
is
closed.
These
contracts
are
over-the-
counter
and a
Fund
is
exposed
to
counterparty
risk
equal
to
the
discounted
net
amount
of
payments
to
the
Fund.
Swap
Agreements
— Each
of
the Funds
may enter
into
swap
transactions,
which
involve
swapping
one
or
more
investment
characteristics
of
a
security
or
a
basket
of
securities
with
another
party.
Such
transactions
include
market
risk,
risk
of
default
by
the
other
party
to
the
transaction,
risk
of
imperfect
correlation
and
manager
risk
and
may
involve
commissions
or
other
costs.
Swap
transactions
generally
do
not
involve
delivery
of
securities,
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
swap
transactions
is
generally
limited
to
the
net
amount
of
payments
that
the
Fund
is
contractually
obligated
to
make,
or
in
the
case
of
the
counterparty
defaulting,
the
net
amount
of
payments
that
the
Fund
is
contractually
entitled
to
receive.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
there
is
a
default
by
the
counterparty,
the
Fund
may
have
contractual
remedies
pursuant
to
the
agreements
related
to
the
transaction.
The
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
Swap
agreements
are
valued
at
the
clearinghouse
end
of
day
prices
as
furnished
by
an
independent
pricing
service.
The
pricing
service
takes
into
account
such
factors
as
swap
curves,
default
probabilities,
recent
trades,
recovery
rates
and
other
factors
it
deems
relevant
in
determining
valuations.
Daily
fluctuations
in
the
value
of
the
centrally
cleared
credit
default
contracts
are
recorded
in
variation
margin
in
the
Statement
of
Assets
and
Liabilities
and
recorded
as
unrealized
gain
or
loss.
The
Fund
accrues
for
the
periodic
payment
and
amortizes
upfront
payments,
if
any,
on
swap
agreements
on
a
daily
basis
with
the
net
amount
recorded
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Receipts
and
payments
received
or
made
as
a
result
of
a
credit
event
or
termination
of
the
contract
are
also
recognized
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Collateral,
in
the
form
of
cash
or
securities,
may
be
required
to
be
held
with
the
Fund’s
custodian,
or
a
third
party,
in
connection
with
these
agreements. Certain
swap
agreements
are
over-the-counter. In
these
types
of
transactions the
Fund
is
exposed
to
counterparty
risk,
which
is
the
discounted
net
amount
of
payments
owed
to
the
Fund.
This
risk
is
partially
mitigated
by
the Fund’s
collateral
posting
requirements.
As
the
swap
increases
in
value
to
the
Fund,
the
Fund
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
62
receives
collateral
from
the
counterparty. Certain
interest
rate
and
credit
default
index
swaps
must
be
cleared
through
a
clearinghouse
or
central
counterparty.
Credit
Default
Swaps
—
A
credit
default
swap
is
a
swap
agreement
between
two
parties
to
exchange
the
credit
risk
of
a
particular
issuer,
basket
of
securities
or
reference
entity.
In
a
credit
default
swap
transaction,
a
buyer
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
The
seller
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
A
buyer
of
a
credit
default
swap
is
said
to
buy
protection
whereas
a
seller
of
a
credit
default
swap
is
said
to
sell
protection.
The
Funds
may
be
either
the
protection
seller
or
the
protection
buyer.
Certain
Funds
enter
into
credit
default
derivative
contracts
directly
through
credit
default
swaps
(CDS)
or
through
credit
default
swap
indices
("CDX
Indices").
CDX
indices
are
static
pools
of
equally
weighted
credit
default
swaps
referencing
corporate
bonds
and/or
loans
designed
to increase
or
decrease diversified
credit
exposure
to
these
asset
classes.
Funds
sell
default
protection
and
assume
long-risk
positions
in
individual
credits
or
indices.
Index
positions
are
entered
into
to
gain
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-efficient
and
diversified
structure.
In
the
event
that
a
position
defaults,
by
going
into
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money,
within
any
given
CDX
Index
held,
the
maximum
potential
amount
of
future
payments
required
would
be
equal
to
the
pro-rata
share
of
that
position
within
the
index
based
on
the
notional
amount
of
the
index.
In
the
event
of
a
default
under
a
CDS
contract
the
maximum
potential
amount
of
future
payments
would
be
the
notional
amount.
Funds
buy
default
protection
in
order
to
reduce
their
overall
credit
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-
efficient
and
diversified
structure.
If
a
default
event
as
specified
in
the
CDS
reference
entity
agreement
occurs,
the
Fund
has
the
option
to
receive
a
cash
payment
in
exchange
for
the
credit
loss
or
the
reference
entity
obligation
as
of
the
date
of
the
credit
event.
A
realized
gain
or
loss
is
recorded
upon
a
default
event
or
the
maturity
or
termination
of
the
CDS
agreement.
For
CDS,
the
default
events
could
be
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money
or
a
restructuring.
A
restructuring
is
a
change
in
the
underlying
obligations
which
could
include
a
reduction
in
interest
or
principal,
maturity
extension and
subordination
to
other
obligations.
During
the six
months
ended
June
30,
2021,
no
funds
engaged
in
this
type
of
transaction.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements
in
the
Statement
of
Assets
and
Liabilities.
The
amounts
presented
in
the
tables
below
are
offset
first
by
financial
instruments
that
have
the
right
to
offset
under
master
netting
or
similar
arrangements,
then
any
remaining
amount
is
reduced
by
cash
and
non-cash
collateral
received/pledged.
The
actual
amounts
of
collateral
may
be
greater
than
the
amounts
presented
in
the
tables.
The
following
table
presents
the
gross
and
net
information
about
liabilities
subject
to
master
netting
arrangements,
as
presented
in
the
Statement
of
Assets
and
Liabilities:
Mortgage
Dollar
Roll
Transactions
—
Certain
Funds
enter
into
dollar
roll
transactions
on
securities
issued
or
to
be
issued
by
the
Government
National
Mortgage
Association,
Federal
National
Mortgage
Association
and
Federal
Home
Loan
Mortgage
Corporation,
in
which
the
Funds
sell
mortgage
securities
and
simultaneously
agree
to
repurchase
similar
(same
type
and
coupon)
securities
at
a
later
date
at
an
agreed
upon
price.
The
Funds
must
maintain
liquid
securities
having
a
value
at
least
equal
to
the
repurchase
price
(including
accrued
interest)
for
such
dollar
rolls.
In
addition,
the
Funds
are
required
to segregate
collateral
with the
fund
custodian (depending
on
market
movements)
on
their
mortgage
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Fund
Gross
Amounts
of
Recognized
Liabilities
Gross
Amounts
Offset
Net
Amounts
of
Recognized
Liabilities
Financial
Instruments
Cash
Collateral
Pledged
Non-Cash
Collateral
Pledged
(**)
Net
Amount
Diversified
Income
Plus
Securities
Lending
7,379,872
–
7,379,872
7,156,331
–
–
223,541
(^)
Multidimensional
Income
Securities
Lending
2,899,062
–
2,899,062
2,836,773
–
–
62,289
(^)
(**)
Excess
of
collateral
pledged
to
the
counterparty
may
not
be
shown
for
financial
reporting
purposes.
(^)
Net
securities
lending
amounts
represent
the
net
amount
payable
to
the
counterparty
in
the
event
of
a
default.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
63
dollar
rolls.
The
value
of
the
securities
that
the
Funds
are
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
During
the
period
between
the
sale
and
repurchase,
the
Funds
forgo
principal
and
interest
paid
on
the
mortgage
securities
sold.
The
Funds
are
compensated
from
negotiated
fees
paid
by
brokers
offered
as
an
inducement
to
the
Funds
to
"roll
over"
their
purchase
commitments,
thus
enhancing
the
yield.
Mortgage
dollar
rolls
may
be
renewed
with
a
new
purchase
and
repurchase
price
and
a
cash
settlement
made
on
settlement
date
without
physical
delivery
of
the
securities
subject
to
the
contract.
The
fees
received
are
recognized
over
the
roll
period
and
are
included
in
Income
from
mortgage
dollar
rolls
in
the
Statement
of
Operations.
Securities
Lending
—
The
Trust
has
entered
into
a
Securities
Lending
Agreement
(the
“Agreement”)
with
Goldman
Sachs
Bank
USA
doing
business
as
Goldman
Sachs Agency
Lending ("GSAL"). The
Agreement
authorizes
GSAL
to
lend
securities
to
authorized
borrowers
on
behalf
of
the
Funds.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value
of U.S.
securities
and
105% of
the
market
value
of non-U.S.
securities.
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received.
Any
additional
collateral
is
adjusted
and
settled
on
the
next
business
day.
The
Trust
has
the
ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell
the
loaned
securities.
All
cash
collateral
received
is
invested
in
Thrivent
Cash
Management
Trust.
The
Funds
receive dividends
and
interest
that would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent
Cash
Management
Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
expenses,
are
included
in
affiliated
income
from
securities
loaned,
net on
the
Statement
of
Operations.
By
investing
any
cash
collateral
it
receives
in
these
transactions,
a
Fund
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, a
Fund
could
lose
money.
Generally,
in
the
event
of
borrower
default, a Fund
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred.
However,
in
the
event a
Fund
is
delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss.
Some
of
these
losses
may
be
indemnified
by
the
lending
agent.
As
of
June
30,
2021,
the
value
of
securities
on
loan
is
as
follows:
When-Issued
and
Delayed-Delivery
Transactions
— Each
Fund
may
purchase
or
sell
securities
on
a
when-issued
or
delayed-
delivery
basis.
These
transactions
involve
a
commitment
by
a
Fund
to
purchase
or
sell
securities
for
a
predetermined
price
or
yield,
with
payment
and
delivery
taking
place
beyond
the
customary
settlement
period.
When
delayed-delivery
purchases
are
outstanding,
a
Fund
will
designate
liquid
assets
in
an
amount
sufficient
to
meet
the
purchase
price.
When
purchasing
a
security
on
a
delayed-delivery
basis,
a
Fund
assumes
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations,
and
takes
such
fluctuations
into
account
when
determining
its
net
asset
value.
A
Fund
may
dispose
of
a
delayed-delivery
transaction
after
it
is
entered
into,
and
may
sell
when-issued
securities
before
they
are
delivered,
which
may
result
in
a
capital
gain
or
loss.
When
a
Fund
has
sold
a
security
on
a
delayed-delivery
basis,
a
Fund
does
not
participate
in
future
gains
and
losses
with
respect
to
the
security.
Treasury
Inflation
Protected
Securities
— Certain
Funds
may
invest
in
treasury
inflation
protected
securities
("TIPS").
These
securities
are
fixed
income
securities
whose
principal
value
is
periodically
adjusted
to
the
rate
of
inflation.
The
coupon
interest
rate
is
generally
fixed
at
issuance.
Interest
is
paid
based
on
the
principal
value,
which
is
adjusted
for
inflation.
Any
increase
in
the
principal
amount
will
be
included
as
taxable
interest
in
the
Statement
of
Operations
and
received
in
cash
upon
maturity
or
sale
of
the
security.
Repurchase
Agreements
—
Each
Fund
may
engage
in
repurchase
agreement
transactions
in
pursuit
of
its
investment
objective.
A
repurchase
agreement
consists
of
a
purchase
and
a
simultaneous
agreement
to
resell
an
investment
for
later
delivery
at
an
agreed
upon
price
and
rate
of
interest.
The
Funds
use
a
third-party
custodian
to
maintain
the
collateral.
If
the
original
seller
of
a
security
subject
to
a
repurchase
agreement
fails
to
repurchase
the
security
at
the
agreed
upon
time, a
Fund
could
incur
a
loss
due
to
a
drop
in
the
value
of
the
security
during
the
time
it
takes
the
Fund
to
either
sell
the
security
or
take
action
to
enforce
the
original
seller’s
agreement
to
repurchase
the
security.
Also,
if
a
defaulting
original
seller
filed
for
bankruptcy
or
became
insolvent,
disposition
of
such
security
might
be
delayed
by
pending
legal
action.
The
Funds
may
only
enter
into
repurchase
agreements
with
banks
and
other
recognized
financial
institutions
such
as
broker/dealers
that
are
found
by
the
Adviser
or
subadviser
to
be
creditworthy.
Equity-Linked
Structured
Securities
—
Certain
Funds
may
invest
in
equity-linked
structured
notes.
Equity-linked
structured
notes
are
debt
securities
which
combine
the
characteristics
of
common
stock
and
the
sale
of
an
option.
The
return
component
is
based
upon
the
performance
of
a
single
equity
security,
a
basket
of
equity
securities,
or
an
equity
index
and
the
sale
of
an
option.
There
is
no
guaranteed
return
of
principal
with
these
securities.
The
appreciation
potential
of
these
securities
may
be
limited
by
a
maximum
payment
or
call
right
and
can
be
influenced
by
many
unpredictable
factors.
In
addition
to
the
performance
of
the
equity,
the
nature
and
credit
of
the
issuer
may
also
impact
return.
During
the six
months
ended
June
30,
2021,
none
of
the
Funds
engaged
in
these
types
of
transactions.
Stripped
Securities
—
Certain
Funds
may
invest
in
interest
only
and
principal
only
stripped
mortgage
or
asset
backed
securities.
These
securities
represent
a
participation
in
securities
that
are
structured
in
classes
with
rights
to
receive
different
portions
of
the
Fund
Securities
on
Loan
Diversified
Income
Plus
$
7,156,331
Multidimensional
Income
2,836,773
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
64
interest
and
principal.
Interest
only
securities
receive
all
the
interest,
and
principal
only
securities
receive
all
the
principal.
Interest
only
securities
are
particularly
sensitive
to
changes
in
interest
rates
and
therefore
are
subject
to
greater
fluctuation
in
prices
than
typical
interest
bearing
debt
securities.
As
interest
rates
rise,
the
value
of
the
interest
only
security
increases.
Similarly,
as
interest
rates
decrease,
the
value
of
the
interest
only
security
decreases. If
the
underlying
pool
of
mortgages
or
assets
experience
greater
than
anticipated
prepayments
of
principal, a
Fund
may
not
fully
recoup
its
initial
investment
in
an
interest
only
security.
Principal
only
securities
increase
in
value
if
prepayments
are
greater
than
anticipated
and
decline
if
prepayments
are
slower
than
anticipated.
The
market
value
of
these
securities
is
also
highly
sensitive
to
changes
in
interest
rates.
As
interest
rates
increase,
the
price
of
the
principal
only
security
decreases.
Similarly,
as
interest
rates
decrease,
the
price
of
the
principal
only
security
increases.
The
principal
only
security
represents
the
payment
with
the
longest
maturity,
therefore
making
it
the
most
sensitive
to
interest
rate
changes.
Accounting
Estimates
—
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Loan
Commitments
—
Certain
Funds
may
enter
into
loan
commitments,
which
generally
have
interest
rates
which
are
reset
daily,
monthly,
quarterly
or
semi-annually
by
reference
to
a
base
lending
rate,
plus
a
premium.
These
base
rates
are
primarily
the
London-Interbank
Offered
Rate
(“LIBOR”),
and
secondarily
the
prime
rate
offered
by
one
or
more
major
United
States
banks
(the
“Prime
Rate”)
and
the
certificate
of
deposit
(“CD”)
rate
or
other
base
lending
rates
used
by
commercial
lenders.
Loan
commitments
often
require
prepayments
from
excess
cash
flows
or
allow
the
borrower
to
repay
at
its
election.
The
rate
at
which
the
borrower
repays
cannot
be
predicted
with
accuracy.
Therefore,
the
remaining
maturity
may
be
considerably
less
than
the
stated
maturity
shown
in
the
Schedule
of
Investments.
All
or
a
portion
of
these
loan
commitments
may
be
unfunded.
A
Fund
is
obligated
to
fund
these
commitments
at
the
borrower’s
discretion.
Therefore,
the
Fund
must
have
funds
sufficient
to
cover
its
contractual
obligation.
These
unfunded
loan
commitments,
which
are
marked
to
market
daily,
are
presented
in
the
Schedule
of
Investments.
During
the six
months
ended
June
30,
2021,
none
of
the
Funds
engaged
in
these
types
of
investments.
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,
2021,
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
paid commitment
fees
during
the
six
months
ended
June
30,
2021 in
proportion
to
their
respective
net
assets.
The
line
of
credit
shall
expire
on
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
65
December
28,
2021
unless
extended
by
mutual
agreement
of
State
Street
Bank
and
Trust
Company
and
the
Funds.
The
Funds
had
no
borrowings
during
the six
months
ended
June
30,
2021.
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
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
statements.
Other
—
For
financial
statement
purposes,
investment
security
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
and
losses
from
investment
transactions
are
determined
on
a
specific
cost
identification
basis,
which
is
the
same
basis
used
for
federal
income
tax
purposes.
(3)
FEES
AND
COMPENSATION
PAID
TO
AFFILIATES
Investment
Advisory
Fees
—
The
Trust
has
entered
into
an
Investment
Advisory
Agreement
with
Thrivent
Asset
Mgt.
Under
the
Investment
Advisory
Agreement,
each
of
the
Funds
pays
a
fee
for
investment
advisory
services.
The
fees
are
accrued
daily
and
paid
monthly.
The
annual
rates
of
fees
as
a
percent
of
average
daily
net
assets
under
the
Investment
Advisory
Agreement
were
as
follows:
Expense
Reimbursements
— For
the
six
months
ended June
30,
2021,
contractual
expense
reimbursements
to
limit
expenses
to
the
following
percentages
were
in
effect:
Expense
reimbursements
are
accrued
daily
and
paid
by
Thrivent
Asset
Mgt.
monthly.
Thrivent
Asset
Mgt.
does
not
recoup
amounts
previously
reimbursed
or
waived
in
prior
fiscal
years.
Subject
to
certain
limitations,
each
Fund
may
invest
cash
in
other
Funds
in
the
Trust,
Thrivent
Cash
Management
Trust,
and
Thrivent
Core Funds.
These
related-party
transactions
are
subject
to
the
same
terms
as
non-related
party
transactions.
To
avoid
duplicate
investment
advisory
fees,
Thrivent
Asset
Mgt.
reimburses
an
amount
equal
to
any
investment
advisory
fees
indirectly
incurred
by
the
income
plus and
fixed
income
funds
as
a
result
of
their
investment
in
any
other
mutual
fund
for
which
the
Adviser
or
an
affiliate
serves
as
investment
adviser,
other
than
Thrivent
Cash
Management
Trust.
Distribution
Plan
— Thrivent
Distributors,
LLC
is
the
Trust's
distributor.
The
Trust
has
adopted
a
Distribution
Plan
pursuant
to
Rule
12b-1
under
the
1940
Act.
Class
A
shares
have
an
annual 12b-1
fee
of 0.25%
of
average
net
assets, a
reduced
fee
of
0.125%
or
no
fee.
For
the
Funds
presented
under
this
shareholder
report,
Class
A
shares
have
an annual 12b-1
fee of
0.25%.
Sales
Charges
and
Other
Fees
—
For
the six
months
ended
June
30,
2021,
Thrivent
Investment
Management
Inc. and
Thrivent
Distributors,
LLC
received
$31,281
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,
2021,
Thrivent
Asset
Mgt.
received
aggregate
fees
for
accounting
and
administrative
personnel
and
services
of $170,371
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,
2021,
Thrivent
Investor
Services
received
$458,080 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
Fund
(M
-
Millions)
$0
to
$50M
Over
$50
to
$100M
Over
$100
to
$200M
Over
$200
to
$250M
Over
$250
to
$500M
Over
$500
to
$750M
Over
$750
to
$1,000M
Over
$1,000
to
$2,000M
Over
$2,000
to
$2,500M
Over
$2,500
to
$5,000M
Over
$5,000M
Diversified
Income
Plus
0.550%
0.550%
0.550%
0.550%
0.550%
0.550%
0.550%
0.500%
0.500%
0.500%
0.500%
Multidimensional
Income
0.550%
0.550%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
Fund
Class
A
Class
S
Expiration
Date
Multidimensional
Income
N/A
0.85%
2/28/2022
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
66
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 $17,583
in
fees
from
the
Funds
covered
in
this
shareholder
report
for
the
six
months
ended
June
30,
2021.
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,
2021,
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,
2021,
the
tax-basis
balance
has
not
yet
been
determined.
At
December
31,
2020,
the
following
Funds
had
accumulated
capital
loss
carryovers
as
follows:
To
the
extent
that
these
Funds
realize
net
capital
gains,
taxable
distributions
will
be
reduced
by
any
unused
capital
loss
carryovers
as
permitted
by
the
Internal
Revenue
Code.
(5)
SECURITY
TRANSACTIONS
Purchases
and
Sales
of
Investment
Securities
—
For
the
six
months
ended
June
30,
2021,
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,
2021,
the
Funds
did
not
hold
restricted
securities.
The
Funds
have
no
right
to
require
registration
of
unregistered
securities.
(6)
SECURITY
TRANSACTIONS
WITH
AFFILIATED
FUNDS
The Funds
are
permitted
to
purchase
or
sell
securities
from
or
to certain
other
Funds, or
affiliated
portfolios
under specified
conditions
outlined
in
procedures
adopted
by
the
Board.
The
procedures
have
been
designed
to
ensure
that
any
purchase
or
sale
of
securities
by
a
Fund
from
or
to
another
fund
or
portfolio
that
is
or
could
be
considered
an
affiliate
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
advisers),
common
Trustees
and/or
common
officers
complies
with
Rule
17a-
7
of
the
1940
Act.
Further,
as
defined
under
the
procedures,
each
transaction
is
executed
at
the
current
market
price.
During
the six
months
ended
June
30,
2021, Multidimensional
Income
Fund
engaged
in
purchase
transactions
in
the
amount
of
$50,438,
respectively,
and
Diversified
Income
Plus Fund engaged
Fund
Capital
Loss
Carryover
Diversified
Income
Plus
$
2,641,982
Multidimensional
Income
336,216
In
thousands
Fund
Purchases
Diversified
Income
Plus
$343,028
$438,294
Multidimensional
Income
17,852
10,268
In
thousands
Fund
Purchases
Sales
Diversified
Income
Plus
$1,087,864
$953,187
Multidimensional
Income
3,248
1,211
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
67
in sale
transactions
in
the
amount
of
$11,117,652,
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,
2021, no
related
parties held
shares
in
excess
of
5%
of
the
Funds
covered
in
this
shareholder
report.
Subscription
and
redemption
activity
by
concentrated
accounts
may
have
a
significant
effect
on
the
operation
of
these
Funds.
In
the
case
of
a
large
redemption,
these
Funds
may
be
forced
to
sell
investments
at
inopportune
times,
resulting
in
additional
losses
for
the
Funds.
(8)
SUBSEQUENT
EVENTS
The
Adviser
of
the
Funds
has
evaluated
the
impact
of
subsequent
events
through
the
date
the
financial
statements
were
issued,
and,
except
as
already
included
in
the
Notes
to
Financial
Statements,
has
determined
that
no
additional
items
require
disclosure.
(9) MARKET
RISK
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline.
The
value
of
a
Fund's
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund's
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
due
to
impacts
from
the
spread
of
infectious
illness,
public
health
threats,
or
similar
issues.
As
of June
30,
2021,
the
Funds
did
not
have
portfolio
concentration
greater
than
25%
in
any
sector.
(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
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
68
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
the
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
and
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,
company,
industry,
or
sector
of
the
market.
From
time
to
time,
the
Fund
may
invest
a
significant
portion
of
its
assets
in
companies
in
one
or
more
related
sectors
or
industries
which
would
make
the
Fund
more
vulnerable
to
adverse
developments
affecting
such
sectors
or
industries.
Equity
securities
are
generally
more
volatile
than
most
debt
securities.
Foreign
Currency
Risk
—
The
value
of
a
foreign
currency
may
decline
against
the
U.S.
dollar,
which
would
reduce
the
dollar
value
of
securities
denominated
in
that
currency.
The
overall
impact
of
such
a
decline
of
foreign
currency
can
be
significant,
unpredictable,
and
long
lasting,
depending
on
the
currencies
represented,
how
each
one
appreciates
or
depreciates
in
relation
to
the
U.S.
dollar,
and
whether
currency
positions
are
hedged.
Under
normal
conditions,
the
Fund
does
not
engage
in
extensive
foreign
currency
hedging
programs.
Further,
exchange
rate
movements
are
volatile,
and
it
is
not
possible
to
effectively
hedge
the
currency
risks
of
many
developing
countries.
Foreign
Securities
Risk
—
Foreign
securities
generally
carry
more
risk
and
are
more
volatile
than
their
domestic
counterparts,
in
part
because
of
potential
for
higher
political
and
economic
risks,
lack
of
reliable
information
and
fluctuations
in
currency
exchange
rates
where
investments
are
denominated
in
currencies
other
than
the
U.S.
dollar.
Certain
events
in
foreign
markets
may
adversely
affect
foreign
and
domestic
issuers,
including
interruptions
in
the
global
supply
chain,
market
closures,
war,
terrorism,
natural
disasters
and
outbreak
of
infectious
diseases.
The
Fund’s
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
69
investment
in
any
country
could
be
subject
to
governmental
actions
such
as
capital
or
currency
controls,
nationalizing
a
company
or
industry,
expropriating
assets,
or
imposing
punitive
taxes
that
would
have
an
adverse
effect
on
security
prices,
and
impair
the
Fund’s
ability
to
repatriate
capital
or
income.
Foreign
securities
may
also
be
more
difficult
to
resell
than
comparable
U.S.
securities
because
the
markets
for
foreign
securities
are
often
less
liquid.
Even
when
a
foreign
security
increases
in
price
in
its
local
currency,
the
appreciation
may
be
diluted
by
adverse
changes
in
exchange
rates
when
the
security’s
value
is
converted
to
U.S.
dollars.
Foreign
withholding
taxes
also
may
apply
and
errors
and
delays
may
occur
in
the
settlement
process
for
foreign
securities.
Government
Securities
Risk
—
The
Fund
invests
in
securities
issued
or
guaranteed
by
the
U.S.
government
or
its
agencies
and
instrumentalities
(such
as
Federal
Home
Loan
Bank,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
securities).
Securities
issued
or
guaranteed
by
Federal
Home
Loan
Banks,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
are
not
issued
directly
by
the
U.S.
government.
Ginnie
Mae
is
a
wholly
owned
U.S.
corporation
that
is
authorized
to
guarantee,
with
the
full
faith
and
credit
of
the
U.S.
government,
the
timely
payment
of
principal
and
interest
of
its
securities.
By
contrast,
securities
issued
or
guaranteed
by
U.S.
government-
related
organizations
such
as
Federal
Home
Loan
Banks,
Fannie
Mae
and
Freddie
Mac
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
government.
No
assurance
can
be
given
that
the
U.S.
government
would
provide
financial
support
to
its
agencies
and
instrumentalities
if
not
required
to
do
so
by
law.
In
addition,
the
value
of
U.S.
Government
securities
may
be
affected
by
changes
in
the
credit
rating
of
the
U.S.
government,
which
may
be
negatively
impacted
by
rising
levels
of
indebtedness.
Health
Crisis
Risk
—
The
global
pandemic
outbreak
of
the
novel
coronavirus
known
as
COVID-19
has
resulted
in
substantial
market
volatility
and
global
business
disruption.
The
COVID-19
outbreak
and
future
pandemics
could
affect
the
global
economy
and
markets
in
ways
that
cannot
be
foreseen
and
may
exacerbate
other
types
of
risks,
negatively
impacting
the
value
of Fund
investments.
High
Yield
Risk
—
High
yield
securities
–
commonly
known
as
“junk
bonds”
–
to
which
the
Fund
is
exposed
are
considered
predominantly
speculative
with
respect
to
the
issuer’s
continuing
ability
to
make
principal
and
interest
payments.
If
the
issuer
of
the
security
is
in
default
with
respect
to
interest
or
principal
payments,
the
value
of
the
Fund
may
be
negatively
affected.
High
yield
securities
generally
have
a
less
liquid
resale
market.
Interest
Rate
Risk
—
Interest
rate
risk
is
the
risk
that
prices
of
debt
securities
decline
in
value
when
interest
rates
rise
for
debt
securities
that
pay
a
fixed
rate
of
interest.
Debt
securities
with
longer
durations
(a
measure
of
price
sensitivity
of
a
bond
or
bond
fund
to
changes
in
interest
rates)
or
maturities
(i.e.,
the
amount
of
time
until
a
bond’s
issuer
must
pay
its
principal
or
face
value)
tend
to
be
more
sensitive
to
changes
in
interest
rates
than
debt
securities
with
shorter
durations
or
maturities.
Changes
by
the
Federal
Reserve
to
monetary
policies
could
affect
interest
rates
and
the
value
of
some
securities.
Investment
Adviser
Risk
—
The
Fund
is
actively
managed
and
the
success
of
its
investment
strategy
depends
significantly
on
the
skills
of
the
Adviser
or
subadviser
in
assessing
the
potential
of
the
investments
in
which
the
Fund
invests.
This
assessment
of
investments
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
There
is
also
no
guarantee
that
the
Adviser
will
be
able
to
effectively
implement
the
Fund’s
investment
objective.
Issuer
Risk
—
Issuer
risk
is
the
possibility
that
factors
specific
to
an
issuer
to
which
the
Fund
is
exposed
will
affect
the
market
prices
of
the
issuer’s
securities
and
therefore
the
value
of
the
Fund.
Large
Cap
Risk
—
Large-sized
companies
may
be
unable
to
respond
quickly
to
new
competitive
challenges
such
as
changes
in
technology.
They
may
also
not
be
able
to
attain
the
high
growth
rate
of
successful
smaller
companies,
especially
during
extended
periods
of
economic
expansion.
Large
Shareholder
Risk
—
From
time
to
time,
shareholders
of
a
Fund
(which
may
include
institutional
investors,
financial
intermediaries,
or
affiliated
Funds)
may
make
relatively
large
redemptions
or
purchases
of
shares.
These
transactions
may
cause
a
Fund
to
sell
securities
at
disadvantageous
prices
or
invest
additional
cash,
as
the
case
may
be.
While
it
is
impossible
to
predict
the
overall
impact
of
these
transactions
over
time,
there
could
be
adverse
effects
on
a
Fund’s
performance
to
the
extent
that
a
Fund
may
be
required
to
sell
securities
or
invest
cash
at
times
when
it
would
not
otherwise
do
so.
Redemptions
of
a
large
number
of
shares
also
may
increase
transaction
costs
or
have
adverse
tax
consequences
for
shareholders
of
the
Fund
by
requiring
a
sale
of
portfolio
securities.
In
addition,
a
large
redemption
could
result
in
a
Fund's
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund's
expense
ratio.
Leveraged
Loan
Risk
—
Leveraged
loans
(also
known
as
bank
loans)
are
subject
to
the
risks
typically
associated
with
debt
securities.
In
addition,
leveraged
loans,
which
typically
hold
a
senior
position
in
the
capital
structure
of
a
borrower,
are
subject
to
the
risk
that
a
court
could
subordinate
such
loans
to
presently
existing
or
future
indebtedness
or
take
other
action
detrimental
to
the
holders
of
leveraged
loans.
Leveraged
loans
are
also
subject
to
the
risk
that
the
value
of
the
collateral,
if
any,
securing
a
loan
may
decline,
be
insufficient
to
meet
the
obligations
of
the
borrower,
or
be
difficult
to
liquidate.
Some
leveraged
loans
are
not
as
easily
purchased
or
sold
as
publicly-traded
securities
and
others
are
illiquid,
which
may
make
it
more
difficult
for
the
Fund
to
value
them
or
dispose
of
them
at
an
acceptable
price.
Below
investment-grade
leveraged
loans
are
typically
more
credit
sensitive.
In
the
event
of
fraud
or
misrepresentation,
the
Fund
may
not
be
protected
under
federal
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
70
securities
laws
with
respect
to
leveraged
loans
that
may
not
be
in
the
form
of
“securities.”
The
settlement
period
for
some
leveraged
loans
may
be
more
than
seven
days.
LIBOR
Risk
—
The
Fund
may
be
exposed
to
financial
instruments
that
are
tied
to
LIBOR
(London
Interbank
Offered
Rate)
to
determine
payment
obligations,
financing
terms or
investment
value.
Such
financial
instruments
may
include
bank
loans,
derivatives,
floating
rate
securities,
certain
asset
backed
securities,
and
other
assets
or
liabilities
tied
to
LIBOR.
In
2017,
the
head
of
the
U.K.
Financial
Conduct
Authority
announced
a
desire
to
phase
out
the
use
of
LIBOR
by
the
end
of
2021.
On
November
30,
2020,
the
administrator
of
LIBOR
announced
its
intention
to
delay
the
phase
out
of
the
majority
of
the
U.S.
dollar
LIBOR
publications
until
June
30,
2023,
with
the
remainder
of
LIBOR
publications
to
still
end
at
the
end
of
2021.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate,
and
any
potential
effects
of
the
transition
away
from
LIBOR
on
the
Fund
or
its
investments
are
not
known.
Liquidity
Risk
—
Liquidity
is
the
ability
to
sell
a
security
relatively
quickly
for
a
price
that
most
closely
reflects
the
actual
value
of
the
security.
Dealer
inventories
of
bonds
are
at
or
near
historic
lows
in
relation
to
market
size,
which
has
the
potential
to
decrease
liquidity
and
increase
price
volatility
in
the
fixed
income
markets,
particularly
during
periods
of
economic
or
market
stress.
As
a
result
of
this
decreased
liquidity,
the
Fund
may
have
to
accept
a
lower
price
to
sell
a
security,
sell
other
securities
to
raise
cash,
or
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
Market Risk
—
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline.
The
value
of
the
Fund’s
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund’s
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
market
sector,
or
due
to
impacts
from
domestic
or
global
events,
including
the
spread
of
infectious
illness,
public
health
threats,
war,
terrorism,
natural
disasters
or
similar
events.
Master
Limited
Partnership
(“MLP”)
Risk
—
MLPs
are
subject
to
risks
such
as
limited
partner
risk,
liquidity
risk,
interest
rate
risk
and
general
partner
risk.
• An
MLP
is
a
public
limited
partnership
or
limited
liability
company
taxed
as
a
partnership.
The
risks
of
investing
in
an
MLP
are
similar
to
those
of
investing
in
a
partnership,
including
more
flexible
governance
structures,
which
could
result
in
less
protection
for
investors
than
investments
in
a
corporation.
Investors
in
an
MLP
normally
would
not
be
liable
for
the
debts
of
the
MLP
beyond
the
amount
that
the
investor
has
contributed
but
investor
may
not
be
shielded
to
the
same
extent
that
a
shareholder
of
a
corporation
would
be.
In
certain
circumstances,
creditors
of
an
MLP
would
have
the
right
to
seek
return
of
capital
distributed
to
a
limited
partner,
which
right
would
continue
after
an
investor
sold
its
investment
in
the
MLP.
• The
ability
to
trade
on
a
public
exchange
or
in
the
over-the-
counter
market
provides
a
certain
amount
of
liquidity
not
found
in
many
limited
partnership
investments.
However,
MLP
interests
may
be
less
liquid
than
conventional
publicly
traded
securities
and,
therefore,
more
difficult
to
trade
at
desirable
times
and/or
prices.
• MLP
distributions
may
be
reduced
by
fees
and
other
expenses
incurred
by
the
MLP.
MLPs
generally
are
considered
interest-rate
sensitive
investments.
During
periods
of
interest
rate
volatility,
these
investments
may
not
provide
attractive
returns.
• The
holder
of
the
general
partner
or
managing
member
interest
can
be
liable
in
certain
circumstances
for
amounts
greater
than
the
amount
of
the
holder’s
investment
in
the
general
partner
or
managing
member.
Mortgage-Backed
and
Other
Asset-Backed
Securities
Risk
—
The
value
of
mortgage-backed
and
asset-backed
securities
will
be
influenced
by
the
factors
affecting
the
housing
market
and
the
assets
underlying
such
securities.
As
a
result,
during
periods
of
declining
asset
value,
difficult
or
frozen
credit
markets,
swings
in
interest
rates,
or
deteriorating
economic
conditions,
mortgage-
related
and
asset-backed
securities
may
decline
in
value,
face
valuation
difficulties,
become
more
volatile
and/or
become
illiquid.
In
addition,
both
mortgage-backed
and
asset-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
security.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
or
slower
than
the
holder
of
the
asset-backed
or
mortgage-
backed
security
anticipates,
the
price
of
the
security
may
fall,
particularly
if
the
holder
must
reinvest
the
repaid
principal
at
lower
rates
or
must
continue
to
hold
the
security
when
interest
rates
rise.
This
effect
may
cause
the
value
of
the
Fund
to
decline
and
reduce
the
overall
return
of
the
Fund.
Other
Funds
Risk
—
Because
the
Fund
invests
in
other
funds
managed
by
the
Adviser
or
an
affiliate
(“Other
Funds”),
the
performance
of
the
Fund
is
dependent,
in
part,
upon
the
performance
of
Other
Funds
in
which
the
Fund
may
invest.
As
a
result,
the
Fund
is
subject
to
the
same
risks
as
those
faced
by
the
Other
Funds.
In
addition,
Other
Funds
may
be
subject
to
additional
fees
and
expenses
that
will
be
borne
by
the
Fund.
Portfolio
Turnover
Rate
Risk
—
The
Fund
may
engage
in
active
and
frequent
trading
of
portfolio
securities
in
implementing
its
principal
investment
strategies.
A
high
rate
of
portfolio
turnover
(100%
or
more)
involves
correspondingly
greater
expenses
which
are
borne
by
the
Fund
and
its
shareholders
and
may
also
result
in
short-term
capital
gains
taxable
to
shareholders.
Preferred
Securities
Risk
—
There
are
certain
additional
risks
associated
with
investing
in
preferred
securities,
including,
but
not
limited
to,
preferred
securities
may
include
provisions
that
permit
the
issuer,
at
its
discretion,
to
defer
or
omit
distributions
for
a
stated
period
without
any
adverse
consequences
to
the
issuer;
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2021
(unaudited)
71
preferred
securities
are
generally
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure
in
terms
of
having
priority
to
corporate
income
and
liquidation
payments,
and
therefore
will
be
subject
to
greater
credit
risk
than
more
senior
debt
instruments;
preferred
securities
may
be
substantially
less
liquid
than
many
other
securities,
such
as
common
stocks
or
U.S.
Government
securities;
generally,
traditional
preferred
securities
offer
no
voting
rights
with
respect
to
the
issuing
company
unless
preferred
dividends
have
been
in
arrears
for
a
specified
number
of
periods,
at
which
time
the
preferred
security
holders
may
elect
a
number
of
directors
to
the
issuer’s
board;
and
in
certain
varying
circumstances,
an
issuer
of
preferred
securities
may
redeem
the
securities
prior
to
a
specified
date.
Prepayment
Risk
—
When
interest
rates
fall,
certain
obligations
will
be
paid
off
by
the
obligor
more
quickly
than
originally
anticipated,
and
a
Fund
may
have
to
invest
the
proceeds
in
securities
with
lower
yields.
In
periods
of
falling
interest
rates,
the
rate
of
prepayments
tends
to
increase
(as
does
price
fluctuation)
as
borrowers
are
motivated
to
pay
off
debt
and
refinance
at
new
lower
rates.
During
such
periods,
reinvestment
of
the
prepayment
proceeds
by
the
management
team
will
generally
be
at
lower
rates
of
return
than
the
return
on
the
assets
that
were
prepaid.
Prepayment
generally
reduces
the
yield
to
maturity
and
the
average
life
of
the
security.
Quantitative
Investing
Risk
—
Securities
selected
according
to
a
quantitative
analysis
methodology
can
perform
differently
from
the
market
as
a
whole
based
on
the
model
and
the
factors
used
in
the
analysis,
the
weight
placed
on
each
factor
and
changes
in
the
factor’s
historical
trends.
Such
models
are
based
on
assumptions
of
these
and
other
market
factors,
and
the
models
may
not
take
into
account
certain
factors,
or
perform
as
intended,
and
may
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Real
Estate
Investment
Trust
(“REIT”)
Risk
—
REITs
generally
can
be
divided
into
three
types:
equity
REITs,
mortgage
REITs
and
hybrid
REITs
(which
combine
the
characteristics
of
equity
REITs
and
mortgage
REITs).
Equity
REITs
will
be
affected
by
changes
in
the
values
of,
and
income
from,
the
properties
they
own,
while
mortgage
REITs
may
be
affected
by
the
credit
quality
of
the
mortgage
loans
they
hold.
All
REIT
types
may
be
affected
by
changes
in
interest
rates.
The
effect
of
rising
interest
rates
is
generally
more
pronounced
for
high
dividend
paying
stock
than
for
stocks
that
pay
little
or
no
dividends.
This
may
cause
the
value
of
real
estate
securities
to
decline
during
periods
of
rising
interest
rates,
which
would
reduce
the
overall
return
of
the
Fund.
REITs
are
subject
to
additional
risks,
including
the
fact
that
they
are
dependent
on
specialized
management
skills
that
may
affect
the
REITs’
abilities
to
generate
cash
flows
for
operating
purposes
and
for
making
investor
distributions.
REITs
may
have
limited
diversification
and
are
subject
to
the
risks
associated
with
obtaining
financing
for
real
property.
As
with
any
investment,
there
is
a
risk
that
REIT
securities
and
other
real
estate
industry
investments
may
be
overvalued
at
the
time
of
purchase.
In
addition,
a
REIT
can
pass
its
income
through
to
its
investors
without
any
tax
at
the
entity
level
if
it
complies
with
various
requirements
under
the
Internal
Revenue
Code.
There
is
the
risk,
however,
that
a
REIT
held
by
the
Fund
will
fail
to
qualify
for
this
tax-free
pass-through
treatment
of
its
income.
By
investing
in
REITs
indirectly
through
the
Fund,
in
addition
to
bearing
a
proportionate
share
of
the
expenses
of
the
Fund,
you
will
also
indirectly
bear
similar
expenses
of
the
REITs
in
which
the
Fund
invests.
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.
72
Per
Share
Outstanding
Throughout
Each
Period
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
text
Net
Realized
Gain
on
Investments
Diversified
Income
Plus
Fund
Class
A
Shares
Period
Ended
6/30/2021
(unaudited)
$
7.71
$
0.07
$
0.25
$
0.32
$
(0.07)
$
–
Year
Ended
12/31/2020
7.42
0.19
0.29
0.48
(0.19)
–
Year
Ended
12/31/2019
6.80
0.21
0.67
0.88
(0.22)
(0.04)
Year
Ended
12/31/2018
7.41
0.23
(0.45)
(0.22)
(0.24)
(0.15)
Year
Ended
12/31/2017
7.00
0.21
0.41
0.62
(0.21)
–
Year
Ended
12/31/2016
6.79
0.22
0.23
0.45
(0.24)
–
Class
S
Shares
Period
Ended
6/30/2021
(unaudited)
7.63
0.08
0.25
0.33
(0.08)
–
Year
Ended
12/31/2020
7.34
0.20
0.30
0.50
(0.21)
–
Year
Ended
12/31/2019
6.73
0.23
0.66
0.89
(0.24)
(0.04)
Year
Ended
12/31/2018
7.34
0.25
(0.45)
(0.20)
(0.26)
(0.15)
Year
Ended
12/31/2017
6.94
0.23
0.40
0.63
(0.23)
–
Year
Ended
12/31/2016
6.74
0.24
0.22
0.46
(0.26)
–
Multidimensional
Income
Fund
Class
S
Shares
Period
Ended
6/30/2021
(unaudited)
10.17
0.18
0.33
0.51
(0.20)
–
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
(c)
10.00
0.29
0.20
0.49
(0.30)
(0.03)
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges. Not
annualized
for
periods
less
than
one
year.
(c)
Since
fund
inception,
February
28,
2017.
*
**
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
73
Ratios/Supplemental
Data
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/
(Loss)
Expenses
Net
Investment
Income/
(Loss)
*
Portfolio
Turnover
Rate
$
–
$
(0.07)
$
7.96
4.22%
$
619.5
0.93%
1.86%
0.93%
1.86%
128%
–
(0.19)
7.71
6.67%
609.6
0.95%
2.58%
0.95%
2.58%
156%
–
(0.26)
7.42
13.12%
620.6
0.96%
2.96%
0.96%
2.96%
153%
–
(0.39)
6.80
(3.10)%
569.8
0.96%
3.16%
0.96%
3.16%
143%
–
(0.21)
7.41
8.98%
617.3
0.97%
2.86%
0.97%
2.86%
133%
–
(0.24)
7.00
6.70%
591.3
0.97%
3.23%
0.97%
3.23%
91%
–
(0.08)
7.88
4.39%
569.8
0.69%
2.10%
0.69%
2.10%
128%
–
(0.21)
7.63
7.01%
504.0
0.71%
2.83%
0.71%
2.83%
156%
–
(0.28)
7.34
13.39%
464.2
0.71%
3.18%
0.71%
3.18%
153%
–
(0.41)
6.73
(2.88)%
320.1
0.70%
3.46%
0.70%
3.46%
143%
–
(0.23)
7.34
9.20%
251.4
0.70%
3.13%
0.70%
3.13%
133%
–
(0.26)
6.94
6.91%
158.2
0.70%
3.51%
0.70%
3.51%
91%
–
(0.20)
10.48
5.04%
48.5
0.85%
3.45%
1.17%
3.13%
29%
(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%
74
Additional
Information
(unaudited)
Proxy
Voting
The
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
are
attached
to
the
Trust’s
Statement
of
Additional
Information.
You
may
request
a
free
copy
of
the
Statement
of
Additional
Information
by
calling
800-847-
4836,
or
visit
ThriventFunds.com
to
access
it
online.
In
addition,
you
may
review
a
report
of
how
the
Trust
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
29
by
clicking
on
the
tab
for
each
Fund
and
navigating
to
“Related
Documents”
under
Fund
Details
-
Holdings
at
ThriventFunds.com
or
SEC.gov
where
it
is
filed
on
form
N-PX.
Quarterly
Schedule
of
Portfolio
Holdings
Through
April
2019,
the
Trust
filed
its
Schedule
of
Investments
on
Form
N-Q
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year.
Beginning
in
April
2019,
the
Trust
will
no
longer
file
Form
N-Q
and
will
begin
filling
Form
N-PORT
with
the
SEC.
Part
F
of
each
Fund’s
N-PORT
filing
for
the
first
and
third
fiscal
quarters
will
include
the
complete
schedule
of
investments,
which
were
previously
filed
on
Form
N-Q.
The
Trust’s
most
recent
Schedule
of
Investments
can
be
found
at
ThriventFunds.com
or
SEC.gov.
You
also
may
review
and
copy
the
Forms
N-PORT-EX
and
N-Q
for
the
Trust
at
the
SEC’s
Public
Reference
Room
in
Washington,
DC.
You
may
get
information
about
the
operation
of
the
Public
Reference
Room
by
calling
800-SEC-0330.
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
21-23,
2021,
the
LRM
Committee,
on
behalf
of
the
Program
Administrator,
provided
the
Report
to
the
Board
for
the
period
from
December
1,
2019
through
December
31,
2020
(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
(e.g.,
the
COVID-19
pandemic)
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.
75
Additional
Information
(unaudited)
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
R8-21
The
distributor
for
Thrivent
Mutual
Funds
is
Thrivent
Distributors,
LLC,
a
registered
broker/dealer,
member
of
FINRA
/
SIPC
and
subsidiary
of
Thrivent,
the
marketing
name
for
Thrivent
Financial
for
Lutherans.
A
better
way
to
deliver
documents
In
response
to
concerns
regarding
multiple
mailings,
we
send
one
copy
of
a
shareholder
report
and
one
copy
of
a
prospectus
for
Thrivent
Mutual
Funds
to
each
household.
This
consolidated
mailing
process
is
known
as
householding.
It
helps
save
money
by
reducing
printing
and
postage
costs.
If
you
purchased
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If
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you
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a
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Mutual
Funds,
call
us
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These
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are
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.
If
you
purchased
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from
a
firm
other
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Thrivent:
If
you
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householding
in
the
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or
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Thrivent
Mutual
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These
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.