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: December 31, 2021
Item 1. Report to Stockholders
[Insert shareholder report]
Item 2. Code of Ethics
As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. No waivers were granted to such code of ethics during the period covered by this report. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
Registrant’s Board of Trustees has determined that Robert J. Chersi, an independent trustee, is the Audit Committee Financial Expert.
Item 4. Principal Accountant Fees and Services
(a) through (d)
Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund (each a “Fund” and collectively, the “Funds”) are each a series of Thrivent Mutual Funds, a Massachusetts business trust (the “Trust”). The Trust, as of the date of filing this Form N-CSR, contains a total of 25 series (the “Series”), including the Funds. This Form N-CSR relates to the annual report of each Fund.
The following table presents the aggregate fees billed to the Funds for the respective fiscal years ended December 31, 2020 and December 31, 2021 by the Funds’ independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by PwC during those periods.
Fiscal Years Ended | 12/31/2020 | 12/31/2021 |
Audit Fees | $44,419 | $45,419 |
Audit-Related Fees(1) | $0 | $0 |
Tax Fees(2) | $10,579 | $13,612 |
All Other Fees(3) | $3,600 | $3,600 |
Total | $58,598 | $62,631 |
(1)
Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.
(2)
Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation. These fees include payments for tax return compliance services, excise distribution review services, and other tax related matters.
(3)
All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. The 2020 and 2021 payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards. These figures are also reported in the response to Item 4(g) below.
The following table presents the aggregate fees billed to all Series of the Trust (other than the Funds) with fiscal years ending on October 31 for the fiscal years ended October 31, 2020 and October 31, 2021 by PwC for professional services rendered for the audit of the annual financial statements of the applicable Series and fees billed for other services rendered by PwC during those periods.
Fiscal Years Ended | 10/31/2020 | 10/31/2021 |
Audit Fees | $547,906 | $522,321 |
Audit-Related Fees(1) | $0 | $0 |
Tax Fees(2) | $121,659 | $156,538 |
All Other Fees(3) | $3,600 | $3,600 |
Total | $673,165 | $682,459 |
(1)
Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.
(2)
Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation. These fees include payments for tax return compliance services, excise distribution review services, and other tax related matters.
(3)
All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. The 2020 and 2021 payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards. These figures are also reported in response to Item 4(g) below.
(e)
Registrant’s audit committee charter, adopted in February 2010, provides that the audit committee (comprised of the independent Trustees of registrant) is responsible for pre‑approval of all auditing services performed for the registrant. The audit committee also is responsible for pre-approval (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or an affiliate of registrant. In addition, registrant’s audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at the next committee meeting. Registrant’s audit committee pre-approved all fees described above that PwC billed to registrant.
(f) Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended December 31, 2021 was for work performed by persons other than full-time permanent employees of PwC.
(g) The aggregate non-audit fees billed by PwC to registrant and to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal years set forth below are disclosed in the table below. The disclosed payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards and for fees related to the merger of certain series of Thrivent Mutual Funds and certain series of Thrivent Series Fund, Inc. These figures are also reported in response to Item 4(d) above.
Fiscal Year Ended | 10/31/2020 | 12/31/2020 | 10/31/2021 | 12/31/2021 |
Registrant(1) | $0 | $0 | $0 | $0 |
Adviser | $3,600 | $3,600 | $3,600 | $3,600 |
(h) Registrant’s audit committee has considered the non-audit services provided to the registrant and registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser as described above and determined that these services do not compromise PwC’s independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Registrant’s Schedule of Investments is included in the report to shareholders filed under Item 1.
(b) Not applicable to this filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures
(a) Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable
Item 13. Exhibits
(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: See EX-99.CODE attached hereto.
(a)(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: February 25, 2022 Thrivent Mutual Funds
By: /s/ David S. Royal
David S. Royal
President and Chief Investment Officer
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Date: February 25, 2022 By: /s/ David S. Royal
David S. Royal
President and Chief Investment Officer
(principal executive officer)
Date: February 25, 2022 By: /s/ Gerard V. Vaillancourt
Gerard V. Vaillancourt
Treasurer and Principal Accounting Officer
(principal financial officer)
Thrivent
Diversified
Income
Plus
Fund
Thrivent
Multidimensional
Income
Fund
Annual
Report
Mutual
Funds
December
31,
2021
Manage
your
delivery
preferences
and
sign
up
for
email
notifications
by
enrolling
at
thrivent.com/gopaperless
or,
if
you
purchased
directly
online,
by
enrolling
at
thriventfunds.com.
If
you
purchased
shares
from
a
firm
other
than
Thrivent,
contact
your
financial
professional.
Table
of
Contents
Letter
from
the
President
2
Letter
from
the
Chief
Investment
Officer
3
Portfolio
Perspectives
Thrivent
Diversified
Income
Plus
Fund
5
Thrivent
Multidimensional
Income
Fund
7
Shareholder
Expense
Example
9
Report
of
Independent
Registered
Public
Accounting
Firm
10
Schedule
of
Investments
Thrivent
Diversified
Income
Plus
Fund
11
Thrivent
Multidimensional
Income
Fund
43
Statement
of
Assets
and
Liabilities
58
Statement
of
Operations
59
Statement
of
Changes
in
Net
Assets
60
Notes
to
Financial
Statements
61
Financial
Highlights
75
Additional
Information
77
Board
of
Trustees
and
Officers
82
2
Dear
Shareholder:
2
At
Thrivent,
our
mission
is
to
help
people
achieve
the
financial
clarity
that
enables
them
to
live
lives
of
meaning
and
gratitude.
Those
lives
come
to
life
in
the
stories
and
experiences
we
create
through
our
interactions
with
others
–
in
our
families,
our
communities
and
throughout
our
world.
If
you’ll
indulge
me,
I’ll
share
a
personal
story
that
illustrates
what
I
mean.
2021
marks
the
tenth
anniversary
of
my
father’s
passing.
He
had
just
turned
74
and
I’ve
never
known
a
man
in
his
70s
who
took
better
care
of
himself.
He
went
to
the
gym
six
days
a
week
without
fail,
and
he
and
I
would
go
to
the
YMCA
together
when
I
visited.
You
could
say
he
was
a
young
74,
but
he
unfortunately
contracted
a
fatal
infection
while
undergoing
fairly
routine
medical
treatment.
It
certainly
wasn’t
“fair”
but
now
that
I’m
at
an
age
when
many
of
my
friends
are
experiencing
the
passing
of
mothers
or
fathers,
I
often
remark
that
there’s
no
good
way
to
lose
a
parent.
After
my
dad
passed
away,
my
mom,
my
older
brother
and
I
met
with
the
pastor
who
was
going
to
lead
the
memorial
service.
It
was
nice
that
the
pastor
knew
my
dad
not
only
from
church
but
from
many
years
of
working
out
together
at
the
local
YMCA
over
the
noon
hour.
In
their
younger
days
they
had
played
pickup
basketball
together.
Even
though
he
knew
my
dad,
Pastor
Duane
asked
us
to
tell
him
a
bit
more
about
him.
At
the
end
of
our
conversation,
the
pastor
said,
“it
sounds
like
his
greatest
accomplishment
was
his
two
boys.”
It
would
never
have
occurred
to
me
to
say
that.
Ever
since
then
I
have
been
thinking:
I
hope
that
is
exactly
what
someone
says
about
me
someday.
(My
lovely
wife
and
I
also
have
two
boys.)
The
greatest
things
any
of
us
do
are
those
things
we
do
for
others.
With
this
recent
anniversary
of
my
dad’s
death,
for
some
reason
I
kept
focusing
on
a
particular
memory
of
my
father.
It
was
a
weekend
day
around
lunchtime
when
I
was
maybe
11
or
12
years
old.
I
was
considering
what
I
wanted
to
do
for
the
rest
of
that
winter’s
day.
I
clearly
remember
thinking,
what
I
wanted
to
do
most
was
call
my
friend
Bruce
and
see
if
he
could
go
bowling
or
to
a
movie.
But
Bruce
might
not
be
available
to
do
something.
I
also
thought
about
asking
my
dad
if
we
could
go
sledding.
I
knew
that
if
I
asked
him,
we’d
go.
But
I
also
knew
that
it
would
be
mean
if
I
asked
Bruce
first
and,
if
he
wasn’t
free,
then
I
asked
my
dad.
Should
I
take
the
sure
(and
certainly
fun)
thing
that
was
sledding
with
dad
or
gamble
on
an
afternoon
with
a
friend?
Of
course,
when
I
recalled
this
story,
I
felt
a
little
bad
initially.
I
took
my
father
for
granted
and
now
he’s
gone.
But
my
mood
changed
immediately
when
I
realized
something
important:
This
story
wasn’t
about
me.
This
story
was
about
my
dad.
As
a
father
of
two
teenagers,
I
now
understand
that
as
much
as
I
love
spending
time
with
them,
having
them
make
friends
and
do
things
on
their
own
is
an
important
part
of
growing
up.
I
also
appreciate
now
that
my
father
had
a
busy
job,
a
family,
and
a
house
to
attend
to.
He
clearly
had
plenty
of
other
things
to
occupy
his
afternoon,
especially
if
I
went
to
a
movie
with
a
friend.
But
what
this
story
was
really
about
–
and
this
gives
me
such
joy
to
remember
about
my
dad
–
is
that
as
a
young
boy
if
I
asked
my
father
to
spend
time
with
me,
it
never
even
occurred
to
me
that
he
might
say
“No.”
The
lesson
I
learned
is
that
the
really
important
stories
are
rarely
about
us.
As
I
stated
at
the
beginning
of
this
letter,
our
mission
at
Thrivent
is
to
help
people
achieve
financial
clarity
so
that
they
can
live
lives
of
meaning
and
gratitude.
Our
lives
have
meaning,
and
we
express
our
gratitude
in
what
we’re
able
to
do
for
one
another.
That
meaning
and
gratitude
can
often
come
from
helping
those
we
don’t
even
know.
A
cause
that
means
a
great
deal
to
me
personally
is
helping
students
of
limited
financial
means
study
the
humanities.
I
know,
I
know,
STEM
(Science,
Technology,
Engineering
and
Math)
is
important,
but
I
feel
it’s
also
important
that
all
students,
regardless
of
their
financial
means,
have
the
opportunity
to
study
literature,
foreign
languages,
or
philosophy.
(I’ll
share
a
secret.
Though
I
have
the
privilege
of
leading
the
investment
team
at
Thrivent,
my
undergraduate
degree
is
actually
in
philosophy.)
What
is
it
that
you
truly
value
and
care
about,
and
what
are
the
stories
you
would
most
like
to
create
for
others?
At
Thrivent
we
have
over
120
investment
professionals
(all
of
whom
have
degrees
in
something
other
than
philosophy),
who
are
committed
to
helping
you
achieve
the
financial
clarity
that
allows
you
to
live
a
life
of
meaning
and
gratitude.
And
to
focus
on
those
in
your
life
and
in
your
community
on
whom
you
can
make
a
lasting
impact.
Blessings
to
you,
your
families
and
your
communities.
As
always,
on
behalf
of
the
entire
Thrivent
team,
I
offer
you
our
sincere
and
humble
thanks
for
the
trust
you
have
placed
in
us
and
for
the opportunity
to
manage the
assets
that
will
help
you
live
lives
of
meaning
and
gratitude.
David
S.
Royal
President
and
Chief
Investment
Officer
Thrivent Mutual
Funds
3
Dear
Shareholder:
3
Despite
the
pandemic
and
a
sharp
rise
in
inflation,
the
U.S.
stock
market
enjoyed
outstanding
performance
in
2021.
The
S&P
500®
index
posted
a
total
gain
(including
dividends)
of
28.71%
for
the
year.
(The
S&P
500
is
a
market-cap-weighted
index
that
represents
the
average
performance
of
a
group
of
500
large
capitalization
stocks.)
Gross
domestic
product
(GDP)
growth
was
strong
early
in
the
year
as
businesses
and
the
economy
reopened,
posting
abnormally
high
gains
of
6.4%
annualized
in
the
first
quarter
and
6.7%
in
the
second
quarter.
But
as
COVID-19
cases
reemerged,
GDP
growth
slowed
to
2.0%
in
the
third
quarter.
According
to
the
U.S.
Department
of
Commerce,
the
decline
in
GDP
growth
reflected
a
resurgence
of
COVID-19
cases
that
“resulted
in
new
restrictions
and
delays
in
reopening
establishments
in
some
parts
of
the
country.”
But
the
big
story
for
the
economy
was
rising
inflation,
due
in
large
part
to
supply
bottlenecks
and
rising
demand.
According
to
the
Commerce
Department,
the
Consumer
Price
Index
for
All
Urban
Consumers—a
key
measure
of
inflation—was
up
7.0%
year-over-
year
in
December,
the
largest
annual
increase
since
1981.
Federal
Reserve
(Fed)
Chair
Jerome
Powell
attributed
rising
inflation
to
“dislocations
caused
by
the
pandemic,
specifically
the
effects
on
supply
and
demand
from
the
shutdown,
the
uneven
reopening,
and
the
ongoing
effects
of
the
virus
itself.”
Oil
prices
also
surged
in
2021
along
with
the
rebound
in
global
travel
and
manufacturing,
contributing
further
to
the
rise
in
inflation.
The
price
of
West
Texas
Intermediate,
a
grade
of
crude
oil
used
as
a
benchmark
in
oil
pricing,
jumped
55%
in
2021,
from
$48.52
per
barrel
at
the
end
of
2020
to
$75.21
at
the
close
of
2021.
Gasoline
prices
at
the
pump
also
rose
along
with
oil
prices.
The
average
price
per
gallon
moved
up
about
46%
for
the
year,
from
$2.31
at
the
end
of
2020
to
$3.38
at
the
close
of
2021.
The
Nasdaq
Index
was
up
21.39%
in
2021,
from
12,888.28
at
the
end
of
2020
to
15,644.97
at
the
close
of
2021.
(The
Nasdaq—
National
Association
of
Securities
Dealers
Automated
Quotations—
is
an
electronic
stock
exchange
with
more
than
3,300
company
listings.)
Economic
Review
Unemployment
continued
to
tick
down
throughout
2021,
as
the
economy
recovered
from
the
pandemic-related
slowdown,
with
job
gains
recorded
every
single
month
of
the
year.
For
the
year,
the
economy
added
6.4
million
jobs,
according
to
the
Department
of
Labor
(DOL),
which
is
the
most
since
1939
when
the
DOL
began
keeping
records.
The
unemployment
rate
dropped
from
6.7%
at
the
end
of
2020
to
3.9%
at
the
end
of
2021—the
lowest
level
since
the
pandemic
began.
Average
hourly
earnings
for
all
employees
on
private
nonfarm
payrolls
increased
by
4.7%
during
the
year,
from
$29.81
at
the
end
of
2020
to
$31.31
at
the
close
of
2021.
Retail
sales
rose
16.9%
year-over-year
from
December
2020
through
December
2021,
as
businesses
continued
to
rebound
from
the
pandemic
slowdown,
according
to
the
January
2022
Department
of
Commerce
retail
report.
However,
retail
sales
declined
1.9%
for
the
month
in
December,
stunted
by
supply
shortages
and
rising
consumer
prices.
Building
material
sales
were
up
12.5%
from
a
year
earlier,
while
department
store
sales
were
up
22.5%,
auto
sales
were
up
9.6%,
and
non-store
retailers
(primarily
online)
were
up
10.7%
from
a
year
earlier—
even
after
an
8.7%
month-to-month
decline
in
December.
With
consumers
returning
to
restaurants
and
bars,
sales
at
food
services
and
drinking
establishments
were
up
41.3%
from
a
year
earlier.
Market
Review
All
11
sectors
of
the
S&P
500
were
in
positive
territory
in
2021,
led
by
Energy,
up
54.64%,
Real
Estate,
up
46.19%,
Financials,
up
35.04%,
Information
Technology,
up
34.53%,
Materials,
up
27.28%,
Health
Care,
up
26.13%,
Consumer
Discretionary,
up
24.43%,
and
Communications
Services,
up
21.57%.
After
a
fast
start
to
the
year,
the
MSCI
EAFE
Index,
which
tracks
developed-economy
stocks
in
Europe,
Asia,
and
Australia,
was
relatively
flat
through
the
second
half
of
2021,
as
COVID-19
cases
entered
a
second
wave.
For
the
year,
the
index
was
up
8.78%.
The
Bloomberg
U.S.
Aggregate
Bond
Index,
which
tracks
a
broad
range
of
investment-grade
bonds,
was
down
1.54%
in
2021.
The
yield
on
10-year
U.S.
Treasuries
moved
up
significantly
during
2021,
from
0.92%
at
the
end
of
2020
to
1.51%
at
the
end
of
2021.
Our
Outlook
The
U.S.
economy
should
remain
on
a
solid,
but
moderating
growth
path.
Consumer
spending
is
expected
to
remain
strong,
given
the
very
healthy
labor
market
and
the
significant
levels
of
cash
still
sitting
in
bank
accounts.
Government
spending
will
be
another
source
of
strength
given
that
recently
enacted
fiscal
spending
programs
have
not
ramped
up
yet.
Furthermore,
although
debt
levels
are
high
at
the
corporate
and
consumer
level,
they
do
not
pose
an
imminent
risk
to
the
economy,
especially
with
the
cost
to
service
debt
at
such
a
low
level.
As
the
Fed
slows
its
asset
purchases
and
steadily
increases
rates,
the
risk
of
volatility
increases.
We
expect
the
current
performance
trend
in
the
fixed
income
market
to
persist,
with
bond
yields
churning
to
gradually
higher
levels.
In
the
U.S.
equities
market,
after
a
long
stretch
of
exceptional
performance,
return
expectations
should
be
meaningfully
reduced
relative
to
recent
returns,
with
earnings
moderating
and
interest
rates
expected
to
rise.
However,
there
remains
ample
liquidity
in
the
system
to
support
the
market,
even
at
lofty
valuations.
But
investor
emphasis
should
be
on
quality
companies,
regardless
of
size,
that
have
solid
business
plans,
durable
profitability,
and
well-
managed
balance
sheets.
4
As
always,
we
thank
you
for
the
trust
you
have
placed
in
our
entire
team
of
professionals
at
Thrivent.
Sincerely,
David
S.
Royal
President
and
Chief
Investment
Officer
Thrivent Mutual
Funds
Thrivent
Diversified
Income
Plus
Fund
5
Quoted
Fund
performance
is
for
Class
A
shares
and
does
not
reflect
a
sales
charge.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
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.
How
did
the
Fund
perform
during
the
12-month
period
ended
December
31,
2021?
Thrivent
Diversified
Income
Plus
Fund
earned
a
return
of
6.22%,
compared
with
the
median
return
of
its
peer
group,
the
Lipper
Mixed-
Asset
Target
Allocation
Conservative
Funds
category,
of
6.14%.
The
Fund’s
market
benchmarks,
the
S&P/LSTA
Leveraged
Loan
Index,
the
MSCI
World
Index–USD
Net
Returns,
the
Bloomberg
U.S.
Mortgage-Backed
Securities
Index,
and
the
Bloomberg
U.S.
High
Yield
Ba/B
2%
Issuer
Capped
Index,
earned
returns
of
5.20%,
21.82%,
-1.04%
and
4.65%,
respectively.
What
factors
affected
the
Fund’s
performance?
As
the
period
began,
the
global
economy
was
rebounding
from
a
steep,
but
short-lived
recession
caused
by
the
pandemic.
The
recovery
was
fueled
by
massive
amounts
of
stimulus
from
the
Federal
Reserve
(Fed)
and
other
central
banks,
government
spending
and
vaccine
news
announced
in
November
2020,
which
led
to
economic
re-openings.
Throughout
the
period,
the
Fed
maintained
its
target
federal
funds
rate
at
0%
to
0.25%,
which
kept
short-term
Treasury
rates
anchored
near
zero.
However,
policymakers
began
tapering
monthly
purchases
of
Treasury
and
agency
mortgage-backed
securities
(MBS)
in
November,
followed
by
a
shift
to
a
more
hawkish
stance
toward
interest
rate
increases
in
2022
at
their
December
meeting.
The
combination
of
record
stimulus,
excess
demand,
disrupted
supply
chains,
a
shortage
of
workers
and
higher
energy
prices
propelled
inflation
significantly
higher,
putting
upward
pressure
on
rates
across
the
rest
of
the
yield
curve,
particularly
intermediate
maturities.
The
improving
economy
and
vaccine
announcements
led
risk
assets
like
equities
and
high-yield
bonds
to
perform
very
well.
For
the
majority
of
the
period,
the
Fund
allocated
approximately
80%
of
its
assets
to
fixed
income
and
20%
to
equities.
The
Fund’s
fixed-
income
segment
outperformed
in
part
due
to
its
shorter
duration
stance,
which
lessened
interest-rate
sensitivity
versus
its
peers,
and
yield
curve
positioning
during
the
rising
rate
environment.
We
strategically
manage
the
fixed-income
portfolio
to
have
less
interest-rate
sensitivity
than
its
peers
or
the
high-yield
and
mortgage-backed
indexes.
We
used
Treasury
futures
to
help
manage
duration.
The
strongly
performing
high-yield
and
leveraged
loan
sectors
also
comprised
most
of
the
Fund’s
corporate
exposure,
which
included
approximately
14%
of
the
fixed-income
portfolio
in
leveraged
loans,
17%
in
high-yield
bonds,
and
10%
in
investment-grade
corporate
bonds.
Security
selection
was
favorable
in
high
yield
but
detracted
in
leveraged
loans
somewhat
due
to
their
generally
higher-quality
bias
during
the
risk-on
environment.
Smaller
allocations
within
fixed-income–including
about
5%
of
the
portfolio
in
convertible
securities,
5%
in
preferred
securities
and
1%
in
alternative
fixed-income–aided
results
due
to
outsized
gains
in
those
segments.
Emerging
market
(EM)
exposure,
which
was
around
10%
of
the
fixed-income
portfolio,
had
a
roughly
neutral
impact
on
performance.
The
fixed-income
portfolio’s
34%
exposure
in
weaker-
performing
securitized
sectors
hurt
results,
particularly
exposure
to
the
underperforming
agency
MBS
sector;
however,
a
6%
exposure
in
nonagency
MBS
and
3%
in
collateralized
loan
obligations
(CLOs)
helped.
The
Fund’s
equity
allocation
added
to
relative
performance
due
to
an
overweighting
versus
the
peer
group.
Within
equity,
the
Fund
benefited
from
an
overweighting
in
domestic
versus
international
stocks,
and
within
international,
an
overweighting
in
developed
markets
versus
EM.
Additionally,
stock
selection
in
the
underlying
domestic
equity
funds
was
strong,
especially
from
the
large-cap
value
manager,
along
with
the
mid-cap
and
international
managers.
What
is
your
outlook?
We
expect
the
economic
recovery
to
continue
while
moderating
from
the
extraordinary
growth
over
the
past
year.
While
COVID
containment
has
remained
elusive
with
the
outbreak
of
the
Omicron
variant,
the
negative
economic
impact
appears
to
be
waning.
We
anticipate
corporate
earnings
growth
to
slow
to
a
level
more
consistent
with
long-term
averages.
Economic
optimism
may
be
tempered
somewhat
by
concern
over
inflation
as
high
demand
for
goods
and
services
has
been
met
with
disrupted
supply
chains
and
firms’
inability
to
hire
enough
workers
to
keep
pace
with
demand.
The
Fed
now
anticipates
roughly
three
interest
rate
hikes
in
2022
according
to
its
dot-
plot
projections,
which
the
market
has
been
pricing
in
for
some
time.
Rising
rates
may
be
a
headwind
for
risk
assets
and
precipitate
an
increase
in
volatility
in
the
coming
year.
Overall,
the
Fund
remains
approximately
3%
underweighted
in
equities
versus
fixed-income
securities.
Within
the
equity
portfolio,
we
continue
to
favor
domestic
over
international.
Within
domestic
exposure,
the
portfolio
remains
overweighted
in
large-
and
mid-cap
stocks
but
has
moved
to
a
more
neutral
small-cap
weighting
from
a
prior
underweighting
due
to
stronger
economic
conditions.
Within
international,
the
portfolio
remains
underweighted
in
EM
economies,
which
have
performed
poorly
largely
due
to
China.
The
country’s
crackdown
on
capitalism
continues
unabated,
which
will
lead
to
slower
growth
well
into
2022.
In
terms
of
style
factors,
the
equity
portfolio
is
overweighted
in
more
defensive
areas
of
the
market
including
growth,
momentum
and
technology.
In
the
fixed-income
portfolio,
we
are
maintaining
a
shorter
duration
and
moderate
overweighting
in
risk
through
corporate,
convertible
and
alternative
exposures.
However,
with
spreads
at
current
levels,
the
Fund
is
not
getting
compensated
for
taking
a
significant
amount
of
risk
in
the
fixed-income
market.
6
Portfolio
Composition
(%
of
Portfolio)
Long-Term
Fixed
Income
45.4%
Short-Term
Investments
21.5%
Common
Stock
13.2%
Registered
Investment
Companies
12.3%
Bank
Loans
6.4%
Preferred
Stock
1.2%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Mortgage-Backed
Securities
22.4%
Affiliated
Registered
Investment
Companies
11.3%
Financials
10.2%
Information
Technology
6.5%
Consumer
Discretionary
6.4%
Materials
5.2%
Communications
Services
4.8%
Consumer
Staples
4.5%
Collateralized
Mortgage
Obligations
4.1%
Unaffiliated
Registered
Investment
Companies
3.8%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
Emerging
Markets
Debt
Fund
8.3%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
6.7%
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
5.6%
Government
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
3.9%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
3.8%
Thrivent
Core
International
Equity
Fund
3.0%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
2.4%
SPDR
Blackstone
Senior
Loan
ETF
1.9%
Microsoft
Corporation
0.7%
Apple,
Inc.
0.5%
These
securities
represent
36.8%
of
the
total
net
assets
of
the
Fund.
Quoted
Major
Market
Sectors,
Portfolio
Composition
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Average
Annual
Total
Returns
1
As
of
December
31,
2021
Class
A
2
1-Year
5
Years
10
Years
without
sales
charge
6.22%
6.24%
6.47%
with
sales
charge
1.48%
5.27%
5.99%
Class
S
1-Year
5
Years
10
Years
Net
Asset
Value
6.55%
6.52%
6.76%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
contact
a
registered
representative
or
visit
ThriventFunds.com.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
perfor-
mance
data
quoted.
Call
800-847-4836
or
visit
ThriventFunds.com
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
2
Class
A
performance
with
sales
charge
reflects
the
maximum
sales
charge
of
4.5%.
(a)
Performance
of
other
classes
will
be
greater
or
less
than
the
line
shown
based
on
the
differences
in
loads
and
fees
paid
by
shareholders
invest-
ing
in
the
different
classes.
*
The
MSCI
World
Index
–
USD
Net
Returns
is
an
index
that
represents
large
and
mid-cap
stock
performance
across
developed
market
countries
through-
out
the
world.
The
performance
of
the
Index
reflects
dividends
reinvested
after
the
deduction
of
withholding
taxes.
**
The
Bloomberg
U.S.
Mortgage-Backed
Securities
Index
(MBS)
is
formed
by
grouping
the
universe
of
over
600,000
individual
fixed-rate
U.S.
government
agency
MBS
pools
into
approximately
3,500
generic
types
of
securities.
***
The
Bloomberg
U.S.
High
Yield
Ba/B
2%
Issuer
Capped
Index
covers
the
USD
denominated,
non-investment
grade,
Ba
or
B
rated,
fixed-rate,
taxable
corporate
bond
market.
The
index
limits
issuer
exposures
to
a
maximum
2%,
redistributing
excess
market
value
index-wide
on
a
pro-rata
basis.
****
The
S&P/LSTA
Leveraged
Loan
Index
is
a
market
value-weighted
index
representing
the
performance
of
the
universe
of
U.S.
dollar-denominated,
senior
secured,
syndicated
term
loans.
*****
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
housing,
electricity,
food
and
transportation.
Thrivent
Multidimensional
Income
Fund
7
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
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,
ETF,
emerging
markets,
foreign
securities,
market,
mortgage-backed
and
other
asset-backed
securities,
LIBOR,
convertible,
government
securities,
issuer,
investment
adviser,
conflicts
of
interest,
sovereign
debt,
liquidity,
derivatives,
other
funds,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the
12-month
period
ended
December
31,
2021?
Thrivent
Multidimensional
Income
Fund
generated
a
return
of
5.72%,
compared
with
the
median
return
of
its
peer
group,
the
Lipper
Flexible
Funds
category,
of
3.82%.
The
Fund’s
market
benchmarks,
the
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index,
the
S&P
U.S.
Preferred
Stock
Index,
and
the
Bloomberg
Emerging
Markets
USD
Sovereign
Bond
Index,
returned
5.28%,
6.64%
and
-2.32%,
respectively.
What
factors
affected
the
Fund’s
performance?
As
the
period
got
underway,
global
economies
were
rebounding
from
a
steep,
but
short-lived
recession
caused
by
the
COVID-19
pandemic.
The
U.S.
recovery
was
fueled
by
massive
amounts
of
Federal
Reserve
(Fed)
stimulus
and
government
spending,
as
well
as
positive
news
about
vaccines
announced
in
November
2020,
which
led
to
economic
re-openings.
Throughout
the
period,
the
Fed
maintained
its
target
federal
funds
rate
at
0%
to
0.25%
but
began
tapering
monthly
purchases
of
Treasury
and
agency
mortgage-backed
securities
(MBS)
in
November.
As
anticipated,
policymakers
shifted
to
a
more
hawkish
stance
toward
interest
rate
increases
at
their
December
meeting
and
updated
their
dot-plot
projections
to
three
rate
hikes
in
2022.
Short-term
Treasury
rates
remained
anchored
near
zero
throughout
the
period,
while
rates
rose
across
the
rest
of
the
yield
curve,
particularly
in
the
intermediate
maturity
segment.
The
yield
on
the
benchmark
10-year
Treasury
increased
59
basis
points
to
1.52%.
The
combination
of
the
strengthening
economy,
highly
accommodative
monetary
policy
and
massive
fiscal
stimulus
caused
risk
assets,
including
preferred
securities,
high-yield
bonds
and
leveraged
loans,
to
perform
very
well
throughout
the
period.
Preferred
securities
also
benefited
from
another
round
of
Fed
stress
tests
in
June
that
confirmed
the
balance
sheet
strength
of
U.S.
banks,
which
comprise
a
large
percentage
of
the
issuers.
Spreads
in
the
high-yield
bond
segment
rallied
from
360
basis
points
over
Treasuries
at
the
beginning
of
the
year
to
283
basis
points
by
year-end,
which
was
a
tighter
level
than
they
were
before
the
COVID
crisis
began.
Leveraged
loans
benefited
from
increased
investor
interest
as
the
dramatic
increase
in
inflation
drove
demand
for
securities
with
floating-rate
coupon
structures.
However,
emerging
market
(EM)
bonds
struggled
in
the
face
of
rising
U.S.
rates,
dollar
strength,
China’s
slowing
growth
amid
a
regulatory
crackdown
and
other
country-specific
issues.
High-yield
bonds
and
preferred
securities
formed
the
core
of
the
Fund
in
2021,
accounting
for
about
32%
and
30%
of
its
holdings,
respectively,
at
year-end.
We
also
allocated
about
16%
of
the
Fund’s
assets
to
alternative
fixed-income
securities,
including
closed-end
funds,
exchange-traded
funds
(ETF)
and
real
estate
investment
trusts
(REIT);
about
9%
of
assets
to
EM
bonds;
about
4%
to
convertible
securities;
and
about
9%
to
U.S.
Treasuries.
The
Fund
outperformed
its
Lipper
peer
group
largely
due
to
its
higher
allocation
to
convertible
securities,
closed-end
funds,
and
other
alternative
equities.
These
equity-like
exposures
produced
very
strong
returns
as
markets
rebounded
and
the
economy
continued
to
recover.
To
a
lesser
extent,
the
Fund
benefited
from
a
higher
allocation
to
preferred
securities
versus
the
peer
group,
which
also
aided
the
Fund’s
outperformance.
On
the
other
hand,
the
Fund’s
exposure
to
EM
bonds
and
Treasury
securities
contributed
negatively
to
returns.
Additionally,
security
selection
within
the
high-yield
bond
and
EM
bond
spaces
hindered
performance
compared
to
the
benchmark
indexes.
What
is
your
outlook?
Our
outlook
remains
constructive
since
the
economy
is
generally
growing,
while
monetary
and
fiscal
stimulus
continues
to
work
its
way
through
the
system,
supported
by
people
re-entering
the
workforce
and
pent-up
savings
and
demand.
Corporate
fundamentals
are
favorable
as
earnings
remain
strong,
companies
pay
down
pandemic-related
debt
and
defaults
remain
extremely
low.
However,
COVID
containment
has
remained
elusive
with
the
outbreak
of
the
more
contagious
Omicron
variant.
We
believe
most
of
the
positive
outlook
is
already
priced
into
spreads,
which
ended
the
period
near
all-time
tight
levels.
As
a
result,
valuations
are
not
very
attractive,
particularly
in
corporate
credit.
We
will
likely
see
more
rate
and
spread
volatility
as
the
market
tries
to
anticipate
how
aggressively
the
Fed
will
react
to
higher-than-expected
inflation
that
is
not
as
transitory
as
predicted.
8
Major
Market
Sectors
(%
of
Net
Assets)
Financials
23.0%
Unaffiliated
Registered
Investment
Companies
20.9%
Affiliated
Fixed
Income
Holdings
9.0%
U.S.
Government
&
Agencies
7.7%
Consumer
Cyclical
6.0%
Energy
5.7%
Communications
Services
4.8%
Utilities
4.2%
Consumer
Non-Cyclical
4.1%
Capital
Goods
3.4%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
Emerging
Markets
Debt
Fund
9.0%
U.S.
Treasury
Notes
4.5%
SPDR
Bloomberg
High
Yield
Bond
ETF
3.5%
U.S.
Treasury
Bonds
3.2%
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
2.9%
SPDR
Bloomberg
Short
Term
High
Yield
Bond
ETF
2.0%
Invesco
Senior
Loan
ETF
1.0%
PGIM
Global
High
Yield
Fund,
Inc.
0.6%
Eaton
Vance
Limited
Duration
Income
Fund
0.6%
PGIM
High
Yield
Bond
Fund,
Inc.
0.5%
These
securities
represent
27.8%
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.
Average
Annual
Total
Returns
1
As
of
December
31,
2021
From
Inception
Class
S
1-Year
2/28/2017
Net
Asset
Value
5.72%
5.19%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
contact
a
registered
representative
or
visit
ThriventFunds.com.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
perfor-
mance
data
quoted.
Call
800-847-4836
or
visit
ThriventFunds.com
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index
is
an
index
which
measures
the
performance
of
fixed-rate
non-investment
grade
bond.
**
***
The
S&P
U.S.
Preferred
Stock
Index
is
designed
to
be
an
investable
benchmark
representing
the
U.S.
preferred
stock
market.
The
Bloomberg
Emerging
Markets
USD
Sovereign
Bond
Index
tracks
fixed
and
floating-rate
US
dollar-denominated
debt
issued
by
emerging
markets
governments.
****
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
housing,
electricity,
food
and
transportation.
9
Shareholder
Expense
Example
(unaudited)
As
a
shareholder
of
a
Fund,
you
incur,
depending
on
the
Fund
and
share
class,
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
purchase
payments;
and
(2)
ongoing
costs,
including
management
fees,
distribution
(12b-1)
fees
and
other
Fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
your
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
July
1,
2021
through
December
31,
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
7/1/2021
Ending
Account
Value
12/31/2021
Expenses
Paid
During
Period
7/1/2021-
12/31/2021
*
Annualized
Expense
Ratio
Thrivent
Diversified
Income
Plus
Fund
Actual
Class
A
$1,000
$1,019
$4.69
0.92%
Class
S
$1,000
$1,021
$3.47
0.68%
Hypothetical
**
Class
A
$1,000
$1,021
$4.70
0.92%
Class
S
$1,000
$1,022
$3.47
0.68%
Thrivent
Multidimensional
Income
Fund
Actual
Class
S
$1,000
$1,006
$4.30
0.85%
Hypothetical
**
Class
S
$1,000
$1,021
$4.33
0.85%
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
to
reflect
the
one-half
year
period.
**
Assuming
5%
annualized
total
return
before
expenses.
10
To
the
Board
of
Trustees
of
Thrivent
Mutual
Funds
and
Shareholders
of
Thrivent
Diversified
Income
Plus
Fund
and
Thrivent
Multidimensional
Income
Fund
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
Thrivent
Diversified
Income
Plus
Fund
and
Thrivent
Multidimensional
Income
Fund
(two
of
the
funds
constituting
Thrivent
Mutual
Funds,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
December
31,
2021,
the
related
statements
of
operations
for
the
year
ended
December
31,
2021,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2021,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
December
31,
2021,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2021
and
each
of
the
financial
highlights
for
each
of
the
periods
indicated
therein
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2021
by
correspondence
with
the
custodian,
agent
banks,
transfer
agent
and
brokers;
when
replies
were
not
received
from
agent
banks
and
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
February
17,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Thrivent
Financial
for
Lutherans
investment
company
complex
since
1987.
PricewaterhouseCoopers
LLP,
45
South
Seventh
Street,
Suite
3400,
Minneapolis,
MN
55402
T:
(612)
596
6000,
www.pwc.com/us
Report
of
Independent
Registered
Public
Accounting
Firm
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
11
Principal
Amount
Bank
Loans
(
7.9%
)
a
Value
Basic
Materials
(0.6%)
Ball
Metalpack
Finco,
LLC,
Term
Loan
$
168,875
4.675%,
(LIBOR
3M
+
4.500%),
7/31/2025
b
$
168,875
Flexsys,
Inc./Ohio,
Term
Loan
1,255,000
6.000%,
(LIBOR
3M
+
5.250%),
11/1/2028
b,c
1,258,138
Hexion,
Inc.,
Term
Loan
640,614
3.640%,
(LIBOR
3M
+
3.500%),
7/1/2026
b
640,614
INEOS
US
Petrochem,
LLC,
Term
Loan
985,050
3.250%,
(LIBOR
1M
+
2.750%),
1/29/2026
b
981,563
Innophos
Holdings,
Inc.,
Term
Loan
638,625
3.854%,
(LIBOR
1M
+
3.750%),
2/7/2027
b
635,962
Momentive
Performance
Materials
USA,
LLC,
Term
Loan
607,425
3.360%,
(LIBOR
1M
+
3.250%),
5/15/2024
b
606,411
Nouryon
USA,
LLC,
Term
Loan
1,208,062
3.102%,
(LIBOR
1M
+
3.000%),
10/1/2025
b
1,202,783
Pixelle
Specialty
Solutions,
LLC,
Term
Loan
1,133,655
7.500%,
(LIBOR
1M
+
6.500%),
10/31/2024
b
1,126,977
Sparta
US
HoldCo,
LLC,
Term
Loan
185,000
4.250%,
(LIBOR
3M
+
3.500%),
8/2/2028
b
185,057
Venator
Finance
SARL,
Term
Loan
737,300
3.104%,
(LIBOR
1M
+
3.000%),
8/8/2024
b
730,391
Total
7,536,771
Capital
Goods
(1.4%)
Bingo
Industries,
Ltd.,
Term
Loan
453,862
4.000%,
(LIBOR
3M
+
3.500%),
8/9/2028
b,c
451,593
BW
Holding,
Inc.,
Delayed
Draw
215,000
0.000%,
(LIBOR
1M
+
4.000%),
12/14/2028
b,d,e
213,387
BW
Holding,
Inc.,
Term
Loan
811,000
4.500%,
(LIBOR
3M
+
4.000%),
12/14/2028
b
804,917
Flex
Acquisition
Company,
Inc.,
Term
Loan
1,286,124
3.131%,
(LIBOR
3M
+
3.000%),
6/29/2025
b
1,273,262
262,685
4.000%,
(LIBOR
3M
+
3.500%),
3/2/2028
b
261,973
Gemini
HDPE,
LLC,
Term
Loan
904,256
3.500%,
(LIBOR
3M
+
3.000%),
12/31/2027
b
902,276
GFL
Environmental,
Inc.,
Term
Loan
990,000
3.500%,
(LIBOR
3M
+
3.000%),
5/31/2025
b
992,119
Principal
Amount
Bank
Loans
(7.9%)
a
Value
Capital
Goods
(1.4%)
-
continued
Grinding
Media,
Inc.,
Term
Loan
$
1,276,800
4.750%,
(LIBOR
3M
+
4.000%),
9/22/2028
b
$
1,273,608
Groupe
Solmax,
Inc.,
Term
Loan
1,182,691
5.500%,
(LIBOR
3M
+
4.750%),
7/23/2028
b
1,178,753
HRNI
Holdings,
LLC,
Term
Loan
633,000
0.000%,
(LIBOR
1M
+
4.250%),
12/10/2028
b,d,e
632,475
Hyperion
Materials
&
Technologies,
Inc.,
Term
Loan
762,500
5.000%,
(LIBOR
3M
+
4.500%),
8/30/2028
b
762,820
LABL,
Inc.,
Term
Loan
315,000
0.000%,
(LIBOR
1M
+
5.000%),
10/29/2028
b,d,e
314,212
LRS
Holdings,
LLC,
Term
Loan
633,000
4.750%,
(LIBOR
1M
+
4.250%),
8/31/2028
b,c
631,417
Mauser
Packaging
Solutions
Holding
Company,
Term
Loan
911,497
3.354%,
(LIBOR
1M
+
3.250%),
4/3/2024
b
898,472
Natgasoline,
LLC,
Term
Loan
771,150
3.625%,
(LIBOR
1M
+
3.500%),
11/14/2025
b,c
763,439
Pactiv
Evergreen
Group
Holdings,
Inc.,
Term
Loan
643,500
3.354%,
(LIBOR
1M
+
3.250%),
2/5/2026
b
639,279
Quikrete
Holdings
Inc.,
Term
Loan
750,000
0.000%,
(LIBOR
1M
+
3.000%),
6/11/2028
b,d,e
747,915
RLG
Holdings,
LLC,
Term
Loan
682,975
5.000%,
(LIBOR
3M
+
4.250%),
7/8/2028
b
680,844
TransDigm,
Inc.,
Term
Loan
2,258,900
2.354%,
(LIBOR
1M
+
2.250%),
12/9/2025
b
2,225,875
TricorBraun
Holdings,
Inc.,
Term
Loan
1,144,597
3.750%,
(LIBOR
1M
+
3.250%),
3/3/2028
b
1,135,372
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
94,904
4.201%,
(LIBOR
3M
+
4.000%),
9/17/2028
b,d,e
94,741
Trident
TPI
Holdings,
Inc.,
Term
Loan
665,831
4.500%,
(LIBOR
3M
+
4.000%),
9/17/2028
b
664,686
Venga
Finance
SARL,
Term
Loan
633,000
0.000%,
(LIBOR
1M
+
4.750%),
11/5/2028
b,d,e
619,156
Waterlogic
USA
Holdings,
Inc.,
Term
Loan
683,288
4.974%,
(LIBOR
3M
+
4.750%),
8/12/2028
b
683,287
Total
18,845,878
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
12
Principal
Amount
Bank
Loans
(7.9%)
a
Value
Communications
Services
(1.2%)
Allen
Media,
LLC,
Term
Loan
$
606,929
5.724%,
(LIBOR
3M
+
5.500%),
2/10/2027
b
$
605,716
Altice
France
SA,
Term
Loan
568,225
2.879%,
(LIBOR
3M
+
2.750%),
7/31/2025
b
557,099
Cablevision
Lightpath,
LLC,
Term
Loan
925,650
3.750%,
(LIBOR
1M
+
3.250%),
12/1/2027
b
923,336
CCI
Buyer,
Inc.,
Term
Loan
238,200
4.500%,
(LIBOR
3M
+
3.750%),
12/17/2027
b
238,200
CommScope,
Inc.,
Term
Loan
1,642,200
3.354%,
(LIBOR
1M
+
3.250%),
4/4/2026
b
1,619,275
DIRECTV
Financing,
LLC,
Term
Loan
1,388,050
5.750%,
(LIBOR
3M
+
5.000%),
8/2/2027
b
1,388,453
E.W.
Scripps
Company,
Term
Loan
383,525
3.750%,
(LIBOR
1M
+
3.000%),
1/7/2028
b
382,992
Entercom
Media
Corporation,
Term
Loan
804,632
2.602%,
(LIBOR
1M
+
2.500%),
11/17/2024
b
793,367
iHeartCommunications,
Inc.,
Term
Loan
671,437
3.104%,
(LIBOR
1M
+
3.000%),
5/1/2026
b
666,522
Metronet
Systems
Holdings,
LLC,
Term
Loan
1,202,860
4.500%,
(LIBOR
1M
+
3.750%),
6/2/2028
b
1,201,958
NEP
Group,
Inc.,
Term
Loan
1,280,400
3.354%,
(LIBOR
1M
+
3.250%),
10/20/2025
b
1,252,474
Nexstar
Media,
Inc.,
Term
Loan
1,450,446
2.599%,
(LIBOR
1M
+
2.500%),
9/19/2026
b
1,446,283
ORBCOMM,
Inc.,
Term
Loan
668,325
5.000%,
(LIBOR
3M
+
4.250%),
9/1/2028
b
667,209
Sharp
Midco,
LLC,
Term
Loan
267,000
0.000%,
(LIBOR
1M
+
4.000%),
12/14/2028
b,c,d,e
266,333
Terrier
Media
Buyer,
Inc.,
Term
Loan
1,202,850
3.604%,
(LIBOR
1M
+
3.500%),
12/17/2026
b
1,196,535
Univision
Communications,
Inc.,
Term
Loan
625,000
0.000%,
(LIBOR
1M
+
3.250%),
5/21/2028
b,d,e
623,437
Voyage
Australia
Property,
Ltd.,
Term
Loan
638,400
4.000%,
(LIBOR
3M
+
3.500%),
6/18/2028
b
637,800
Xplornet
Communications,
Inc.,
Term
Loan
673,313
4.500%,
(LIBOR
1M
+
4.000%),
9/30/2028
b
671,912
Principal
Amount
Bank
Loans
(7.9%)
a
Value
Communications
Services
(1.2%)
-
continued
$
595,000
7.500%,
(LIBOR
1M
+
7.000%),
9/30/2029
b,c
$
589,050
Total
15,727,951
Consumer
Cyclical
(1.3%)
ACProducts
Holdings,
Inc.,
Term
Loan
1,198,975
4.750%,
(LIBOR
3M
+
4.250%),
5/17/2028
b
1,180,991
AI
Aqua
Merger
Sub,
Inc.,
Delayed
Draw
85,000
0.000%,
(LIBOR
1M
+
4.000%),
7/30/2028
b,d,e
85,060
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
680,000
4.500%,
(LIBOR
1M
+
4.000%),
7/30/2028
b
680,483
American
Trailer
World
Corporation,
Term
Loan
756,200
4.500%,
(LIBOR
1M
+
3.750%),
3/5/2028
b
752,555
Caesars
Resort
Collection,
LLC,
Term
Loan
562,154
3.604%,
(LIBOR
1M
+
3.500%),
7/20/2025
b
562,013
Carnival
Corporation,
Term
Loan
620,277
3.750%,
(LIBOR
3M
+
3.000%),
6/30/2025
b
614,074
Cengage
Learning,
Inc.,
Term
Loan
1,246,875
5.750%,
(LIBOR
3M
+
4.750%),
7/14/2026
b
1,249,082
CP
Atlas
Buyer,
Inc.,
Term
Loan
754,350
4.250%,
(LIBOR
3M
+
3.750%),
11/23/2027
b
750,201
Golden
Entertainment,
Inc.,
Term
Loan
1,570,040
3.750%,
(LIBOR
1M
+
3.000%),
10/20/2024
b
1,564,812
Golden
Nugget,
LLC,
Term
Loan
912,163
3.250%,
(LIBOR
1M
+
2.500%),
10/4/2023
b
905,733
Great
Canadian
Gaming
Corporation,
Term
Loan
425,000
4.750%,
(LIBOR
3M
+
4.000%),
11/1/2026
b
425,799
Michaels
Companies,
Inc.,
Term
Loan
1,233,800
5.000%,
(LIBOR
3M
+
4.250%),
4/15/2028
b
1,221,684
Scientific
Games
International,
Inc.,
Term
Loan
3,266,730
2.854%,
(LIBOR
1M
+
2.750%),
8/14/2024
b
3,252,944
Secure
Acquisition,
Inc.,
Delayed
Draw
104,000
0.000%,
(LIBOR
1M
+
5.000%),
12/23/2028
b,c,d,e
103,480
Secure
Acquisition,
Inc.,
Term
Loan
698,000
5.500%,
(LIBOR
3M
+
5.000%),
12/23/2028
b,c
694,510
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
13
Principal
Amount
Bank
Loans
(7.9%)
a
Value
Consumer
Cyclical
(1.3%)
-
continued
Staples,
Inc.,
Term
Loan
$
349,129
4.632%,
(LIBOR
3M
+
4.500%),
9/12/2024
b
$
338,655
568,766
5.132%,
(LIBOR
3M
+
5.000%),
4/12/2026
b
548,603
Tenneco,
Inc.,
Term
Loan
922,610
3.104%,
(LIBOR
1M
+
3.000%),
10/1/2025
b
907,618
Truck
Hero,
Inc.,
Term
Loan
208,425
4.000%,
(LIBOR
1M
+
3.250%),
2/24/2028
b
207,075
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
677,250
1.854%,
(LIBOR
1M
+
1.750%),
5/30/2025
b
669,387
Total
16,714,759
Consumer
Non-Cyclical
(1.1%)
Adient
US,
LLC,
Term
Loan
328,350
3.604%,
(LIBOR
1M
+
3.500%),
4/8/2028
b
328,009
Alltech,
Inc.,
Term
Loan
591,000
4.500%,
(LIBOR
1M
+
4.000%),
10/15/2028
b,c
591,000
Bausch
Health
Americas,
Inc.,
Term
Loan
1,375,333
3.104%,
(LIBOR
1M
+
3.000%),
6/1/2025
b
1,368,113
Blue
Ribbon,
LLC,
Term
Loan
838,969
6.750%,
(LIBOR
3M
+
6.000%),
5/7/2028
b,c
836,871
Chobani,
LLC,
Term
Loan
478,937
4.500%,
(LIBOR
1M
+
3.500%),
10/23/2027
b
479,656
City
Brewing
Company,
LLC,
Term
Loan
1,020,443
4.250%,
(LIBOR
3M
+
3.500%),
4/5/2028
b
963,890
CNT
Holdings
I
Corporation,
Term
Loan
620,312
4.250%,
(LIBOR
3M
+
3.500%),
11/8/2027
b
620,201
175,000
7.500%,
(LIBOR
3M
+
6.750%),
11/6/2028
b
175,656
Endo
Luxembourg
Finance
Company
I
SARL,
Term
Loan
585,575
5.750%,
(LIBOR
3M
+
5.000%),
3/25/2028
b
568,301
Gainwell
Acquisition
Corporation,
Term
Loan
1,240,602
4.750%,
(LIBOR
3M
+
4.000%),
10/1/2027
b
1,242,462
Global
Medical
Response,
Inc.,
Term
Loan
278,407
5.250%,
(LIBOR
3M
+
4.250%),
3/14/2025
b
277,065
3,027,355
5.250%,
(LIBOR
3M
+
4.250%),
10/2/2025
b
3,011,462
Herens
US
Holdco
Corporation,
Term
Loan
1,159,175
4.750%,
(LIBOR
2M
+
4.000%),
7/2/2028
b
1,157,598
Principal
Amount
Bank
Loans
(7.9%)
a
Value
Consumer
Non-Cyclical
(1.1%)
-
continued
Mamba
Purchaser,
Inc.,
Term
Loan
$
115,000
7.000%,
(LIBOR
1M
+
6.500%),
10/14/2029
b
$
115,144
Packaging
Coordinators
Midco,
Inc.,
Term
Loan
631,410
4.500%,
(LIBOR
3M
+
3.750%),
11/30/2027
b
630,885
PetSmart,
LLC,
Term
Loan
1,466,325
4.500%,
(LIBOR
3M
+
3.750%),
2/12/2028
b
1,467,249
Precision
Medicine
Group,
LLC,
Delayed
Draw
118,846
0.000%,
(LIBOR
1M
+
3.000%),
11/20/2027
b,d,e
118,215
Precision
Medicine
Group,
LLC,
Term
Loan
902,042
3.750%,
(LIBOR
3M
+
3.000%),
11/20/2027
b
897,252
Total
14,849,029
Energy
(0.2%)
Calpine
Corporation,
Term
Loan
1,197,900
2.610%,
(LIBOR
1M
+
2.500%),
12/16/2027
b
1,189,036
GIP
II
Blue
Holding
LP,
Term
Loan
1,184,000
5.500%,
(LIBOR
3M
+
4.500%),
9/22/2028
b
1,179,560
Total
2,368,596
Financials
(0.4%)
Asurion,
LLC,
Term
Loan
396,000
3.354%,
(LIBOR
1M
+
3.250%),
12/23/2026
b
393,030
1,300,175
3.354%,
(LIBOR
1M
+
3.250%),
7/31/2027
b
1,291,074
810,000
5.354%,
(LIBOR
1M
+
5.250%),
2/3/2028
b,c
812,025
670,000
5.354%,
(LIBOR
1M
+
5.250%),
1/15/2029
b
666,791
Digicel
International
Finance,
Ltd.,
Term
Loan
932,696
3.500%,
(LIBOR
3M
+
3.250%),
5/27/2024
b
906,114
NCR
Corporation,
Term
Loan
309,688
2.630%,
(LIBOR
3M
+
2.500%),
8/28/2026
b
306,398
Tiger
Acquisition,
LLC,
Term
Loan
408,975
3.750%,
(LIBOR
3M
+
3.250%),
6/1/2028
b
406,055
Total
4,781,487
Technology
(0.9%)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
981,721
3.629%,
(LIBOR
3M
+
3.500%),
8/21/2026
b
967,408
Crown
Subsea
Communications
Holding,
Inc.,
Term
Loan
993,699
5.500%,
(LIBOR
1M
+
4.750%),
4/27/2027
b
997,008
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
14
Principal
Amount
Bank
Loans
(7.9%)
a
Value
Technology
(0.9%)
-
continued
Gogo
Intermediate
Holdings,
LLC,
Term
Loan
$
1,059,675
4.500%,
(LIBOR
3M
+
3.750%),
4/30/2028
b
$
1,058,732
Gridiron
Fiber
Corporation,
Term
Loan
455,000
5.250%,
(LIBOR
3M
+
4.500%),
10/4/2028
b
446,469
Lummus
Technology
Holdings
V,
LLC,
Term
Loan
599,924
3.604%,
(LIBOR
1M
+
3.500%),
6/30/2027
b
595,760
Prime
Security
Services
Borrower,
LLC,
Term
Loan
2,734,337
3.500%,
(LIBOR
3M
+
2.750%),
9/23/2026
b
2,730,291
Rackspace
Technology
Global,
Inc.,
Term
Loan
1,761,688
3.500%,
(LIBOR
3M
+
2.750%),
2/9/2028
b
1,747,118
Redstone
Holdco
2
LP,
Term
Loan
610,317
5.500%,
(LIBOR
3M
+
4.750%),
4/27/2028
b
581,516
348,869
8.500%,
(LIBOR
3M
+
7.750%),
8/6/2029
b
320,377
SS&C
Technologies,
Inc.,
Term
Loan
133,206
1.854%,
(LIBOR
1M
+
1.750%),
4/16/2025
b
131,592
98,622
1.854%,
(LIBOR
1M
+
1.750%),
4/16/2025
b
97,427
Zayo
Group
Holdings,
Inc.,
Term
Loan
1,848,388
3.104%,
(LIBOR
1M
+
3.000%),
3/9/2027
b
1,822,196
Total
11,495,894
Transportation
(0.5%)
AAdvantage
Loyalty
IP,
Ltd.,
Term
Loan
2,090,000
5.500%,
(LIBOR
3M
+
4.750%),
4/20/2028
b
2,162,021
Air
Canada,
Term
Loan
437,000
4.250%,
(LIBOR
3M
+
3.500%),
8/11/2028
b
435,204
Genesee
&
Wyoming,
Inc.,
Term
Loan
1,272,337
2.224%,
(LIBOR
3M
+
2.000%),
12/30/2026
b
1,263,647
Hertz
Corporation,
Term
Loan
333,325
3.750%,
(LIBOR
1M
+
3.250%),
6/30/2028
b
333,325
63,135
3.750%,
(LIBOR
1M
+
3.250%),
6/30/2028
b
63,135
SkyMiles
IP,
Ltd.,
Term
Loan
1,245,000
4.750%,
(LIBOR
3M
+
3.750%),
10/20/2027
b
1,315,031
United
Airlines,
Inc.,
Term
Loan
630,238
4.500%,
(LIBOR
3M
+
3.750%),
4/21/2028
b
631,095
Total
6,203,458
Principal
Amount
Bank
Loans
(7.9%)
a
Value
Utilities
(0.3%)
Advanced
Drainage
Systems,
Inc.,
Term
Loan
$
111,276
2.375%,
(LIBOR
1M
+
2.250%),
9/24/2026
b
$
111,276
CQP
Holdco
LP,
Term
Loan
1,492,500
4.250%,
(LIBOR
3M
+
3.750%),
6/4/2028
b
1,488,142
EnergySolutions,
LLC,
Term
Loan
577,665
4.750%,
(LIBOR
3M
+
3.750%),
5/11/2025
b
575,499
Exgen
Renewables
IV,
LLC,
Term
Loan
375,000
3.500%,
(LIBOR
3M
+
2.500%),
12/15/2027
b
374,471
Freeport
LNG
Investments,
LLLP,
Term
Loan
1,192,000
4.000%,
(LIBOR
3M
+
3.500%),
12/21/2028
b
1,179,711
Osmose
Utilities
Services,
Inc.,
Term
Loan
264,338
3.750%,
(LIBOR
1M
+
3.250%),
6/22/2028
b
262,619
PG&E
Corporation,
Term
Loan
617,924
3.500%,
(LIBOR
3M
+
3.000%),
6/23/2025
b
610,509
Total
4,602,227
Total
Bank
Loans
(cost
$103,130,071)
103,126,050
Principal
Amount
Long-Term
Fixed
Income
(
55.6%
)
Value
Asset-Backed
Securities
(3.1%)
510
Asset
Backed
Trust
800,000
3.967%,
5/25/2061,
Ser.
2021-NPL1,
Class
A2
f,g
790,767
1,434,487
2.116%,
6/25/2061,
Ser.
2021-NPL2,
Class
A1
f,g
1,415,008
775,000
4.090%,
6/25/2061,
Ser.
2021-NPL2,
Class
A2
f,g
762,613
522
Funding
CLO,
Ltd.
1,325,000
2.532%,
(LIBOR
3M
+
2.400%),
4/20/2030,
Ser.
2019-4A,
Class
CR
b,f
1,323,240
Anchorage
Capital
CLO
21,
Ltd.
1,225,000
2.537%,
(LIBOR
3M
+
2.400%),
10/20/2034,
Ser.
2021-21A,
Class
C
b,f
1,221,526
Arch
Street
CLO,
Ltd.
1,300,000
3.582%,
(LIBOR
3M
+
3.450%),
10/20/2028,
Ser.
2016-2A,
Class
DR2
b,f
1,300,126
Ares
XL
CLO,
Ltd.
1,200,000
2.920%,
(LIBOR
3M
+
2.800%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
b,f
1,195,836
Babson
CLO,
Ltd.
2,900,000
3.032%,
(LIBOR
3M
+
2.900%),
7/20/2029,
Ser.
2018-3A,
Class
D
b,f
2,826,166
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
15
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Asset-Backed
Securities
(3.1%)
-
continued
Bardot
CLO,
Ltd.
$
1,750,000
2.028%,
(LIBOR
3M
+
1.900%),
10/22/2032,
Ser.
2019-2A,
Class
CR
b,f
$
1,745,574
Barings
CLO,
Ltd.
600,000
3.241%,
(LIBOR
3M
+
3.150%),
1/20/2032,
Ser.
2016-2A,
Class
DR2
b,f
600,000
Benefit
Street
Partners
CLO
II,
Ltd.
1,000,000
2.024%,
(LIBOR
3M
+
1.900%),
7/15/2029,
Ser.
2013-IIA,
Class
BR2
b,f
988,572
Benefit
Street
Partners
CLO,
Ltd.
700,000
2.274%,
(LIBOR
3M
+
2.150%),
7/15/2032,
Ser.
2019-17A,
Class
CR
b,f
699,996
Colony
American
Finance,
Ltd.
1,350,000
2.239%,
3/28/2029,
Ser.
2021-RTL1,
Class
A1
f
1,326,888
Conn's
Receivables
Funding
51,633
1.710%,
6/16/2025,
Ser.
2020-A,
Class
A
f
51,689
Dewolf
Park
CLO,
Ltd.
1,000,000
2.974%,
(LIBOR
3M
+
2.850%),
10/15/2030,
Ser.
2017-1A,
Class
DR
b,f
992,502
Dryden
36
Senior
Loan
Fund
1,025,000
2.174%,
(LIBOR
3M
+
2.050%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
b,f
1,025,072
Foundation
Finance
Trust
139,554
3.300%,
7/15/2033,
Ser.
2017-1A,
Class
A
f
140,722
Galaxy
XIX
CLO,
Ltd.
500,000
1.974%,
(LIBOR
3M
+
1.850%),
7/24/2030,
Ser.
2015-19A,
Class
BRR
b,f
497,341
Goldentree
Loan
Management
US
CLO
8,
Ltd.
1,350,000
2.132%,
(LIBOR
3M
+
2.000%),
10/20/2034,
Ser.
2020-8A,
Class
CR
b,f
1,344,663
Harley
Marine
Financing,
LLC
1,773,945
5.682%,
5/15/2043,
Ser.
2018-1A,
Class
A2
f
1,738,903
Longfellow
Place
CLO,
Ltd.
2,000,000
2.424%,
(LIBOR
3M
+
2.300%),
4/15/2029,
Ser.
2013-1A,
Class
CR3
b,f
1,998,706
Madison
Park
Funding
XXI,
Ltd.
1,200,000
2.318%,
(LIBOR
3M
+
2.200%),
10/15/2032,
Ser.
2016-21A,
Class
BRR
b,f
1,199,990
Neuberger
Berman
CLO,
Ltd.
1,650,000
3.124%,
(LIBOR
3M
+
3.000%),
10/15/2029,
Ser.
2013-15A,
Class
DR2
b,f
1,636,625
OCP
CLO,
Ltd.
1,350,000
2.124%,
(LIBOR
3M
+
2.000%),
7/15/2030,
Ser.
2017-13A,
Class
BR
b,f
1,344,167
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Asset-Backed
Securities
(3.1%)
-
continued
OZLM
VIII,
Ltd.
$
1,400,000
1.739%,
(LIBOR
3M
+
1.650%),
10/17/2029,
Ser.
2014-8A,
Class
A2R3
b,f
$
1,400,000
Palmer
Square
Loan
Funding,
Ltd.
1,300,000
2.382%,
(LIBOR
3M
+
2.250%),
4/20/2027,
Ser.
2019-1A,
Class
B
b,f
1,300,339
Preston
Ridge
Partners
Mortgage
Trust,
LLC
425,000
3.474%,
7/25/2026,
Ser.
2021-6,
Class
A2
f,g
419,601
Saxon
Asset
Securities
Trust
567,623
3.444%,
8/25/2035,
Ser.
2004-2,
Class
MF2
b
558,691
Sculptor
CLO,
Ltd.
950,000
2.500%,
(LIBOR
3M
+
2.400%),
1/20/2035,
Ser.
28A,
Class
C
b,f
947,878
TCI-Flatiron
CLO,
Ltd.
3,200,000
2.322%,
(LIBOR
3M
+
2.200%),
1/17/2032,
Ser.
2016-1A,
Class
CR2
b,f
3,200,656
THL
Credit
Wind
River
CLO,
Ltd.
1,575,000
2.974%,
(LIBOR
3M
+
2.850%),
7/15/2028,
Ser.
2016-1A,
Class
DR
b,f
1,563,536
VCAT
Asset
Securitization,
LLC
350,000
4.826%,
12/26/2050,
Ser.
2021-NPL1,
Class
A2
f,g
346,923
Whitebox
CLO
III,
Ltd.
1,225,000
2.321%,
(LIBOR
3M
+
2.200%),
10/15/2034,
Ser.
2021-3A,
Class
C
b,f
1,215,439
Wind
River
CLO,
Ltd.
950,000
2.132%,
(LIBOR
3M
+
2.000%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
b,f
950,010
Total
40,069,765
Basic
Materials
(1.0%)
Alcoa
Nederland
Holding
BV
555,000
5.500%,
12/15/2027
f
593,850
Anglo
American
Capital
plc
131,000
2.250%,
3/17/2028
f
128,646
BWAY
Holding
Company
310,000
5.500%,
4/15/2024
f
312,843
Chemours
Company
465,000
5.750%,
11/15/2028
f
486,562
Cleveland-Cliffs,
Inc.
410,000
5.875%,
6/1/2027
426,912
210,000
4.625%,
3/1/2029
f
214,200
210,000
4.875%,
3/1/2031
f
218,164
Consolidated
Energy
Finance
SA
665,000
5.625%,
10/15/2028
f
650,037
Ecolab,
Inc.
174,000
2.125%,
2/1/2032
172,554
First
Quantum
Minerals,
Ltd.
705,000
7.500%,
4/1/2025
f
725,234
145,000
6.875%,
10/15/2027
f
156,056
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
16
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Basic
Materials
(1.0%)
-
continued
Freeport-McMoRan,
Inc.
$
550,000
4.125%,
3/1/2028
$
570,625
565,000
4.250%,
3/1/2030
596,075
413,000
4.625%,
8/1/2030
442,942
Glencore
Funding,
LLC
196,000
4.000%,
3/27/2027
f
211,450
Hecla
Mining
Company
160,000
7.250%,
2/15/2028
171,400
Hudbay
Minerals,
Inc.
370,000
4.500%,
4/1/2026
f
370,000
Ingevity
Corporation
640,000
3.875%,
11/1/2028
f
623,200
LYB
International
Finance
III,
LLC
180,000
1.250%,
10/1/2025
176,953
Mercer
International,
Inc.
360,000
5.125%,
2/1/2029
367,693
Mosaic
Company
73,000
3.250%,
11/15/2022
74,411
196,000
4.050%,
11/15/2027
216,274
Novelis
Corporation
150,000
3.250%,
11/15/2026
f
151,313
210,000
4.750%,
1/30/2030
f
220,762
150,000
3.875%,
8/15/2031
f
149,063
Nutrien,
Ltd.
273,000
4.000%,
12/15/2026
298,481
OCI
NV
264,000
4.625%,
10/15/2025
f
273,900
Olin
Corporation
670,000
5.125%,
9/15/2027
687,588
SCIH
Salt
Holdings,
Inc.
375,000
4.875%,
5/1/2028
f
360,000
SCIL
USA
Holdings,
LLC
489,000
5.375%,
11/1/2026
f
501,836
SPCM
SA
392,000
3.375%,
3/15/2030
f
377,300
SunCoke
Energy,
Inc.
435,000
4.875%,
6/30/2029
f
432,825
Syngenta
Finance
NV
264,000
5.182%,
4/24/2028
f
296,387
Unifrax
Escrow
Issuer
Corporation
358,000
5.250%,
9/30/2028
f
361,849
United
States
Steel
Corporation
649,000
6.875%,
3/1/2029
698,486
Venator
Finance
SARL
370,000
5.750%,
7/15/2025
f
355,200
Westlake
Chemical
Corporation
130,000
3.600%,
8/15/2026
139,414
Total
13,210,485
Capital
Goods
(1.7%)
AECOM
605,000
5.125%,
3/15/2027
659,054
Amsted
Industries,
Inc.
410,000
5.625%,
7/1/2027
f
426,400
Ardagh
Packaging
Finance
plc
400,000
5.250%,
8/15/2027
f
402,500
Boeing
Company
340,000
4.875%,
5/1/2025
371,984
222,000
2.196%,
2/4/2026
221,947
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Capital
Goods
(1.7%)
-
continued
$
197,000
3.250%,
3/1/2028
$
203,896
262,000
5.150%,
5/1/2030
305,256
Bombardier,
Inc.
190,000
7.125%,
6/15/2026
f
197,108
380,000
7.875%,
4/15/2027
f
394,098
330,000
6.000%,
2/15/2028
f
331,000
Brand
Industrial
Services,
Inc.
265,000
8.500%,
7/15/2025
f
264,754
Builders
FirstSource,
Inc.
250,000
5.000%,
3/1/2030
f
268,221
BWAY
Holding
Company
470,000
7.250%,
4/15/2025
f
471,191
Carrier
Global
Corporation
196,000
2.722%,
2/15/2030
200,163
Caterpillar
Financial
Services
Corporation
148,000
1.450%,
5/15/2025
148,431
Chart
Industries,
Inc.,
Convertible
310,000
1.000%,
11/15/2024
f
850,764
CNH
Industrial
Capital,
LLC
89,000
1.950%,
7/2/2023
90,158
Coinbase
Global,
Inc.
207,000
3.375%,
10/1/2028
f
193,286
Cornerstone
Building
Brands,
Inc.
520,000
6.125%,
1/15/2029
f
555,802
Covanta
Holding
Corporation
210,000
5.000%,
9/1/2030
214,200
Covert
Mergeco,
Inc.
162,000
4.875%,
12/1/2029
f
164,430
CP
Atlas
Buyer,
Inc.
340,000
7.000%,
12/1/2028
f
338,300
Crown
Cork
&
Seal
Company,
Inc.
690,000
7.375%,
12/15/2026
832,312
General
Electric
Company
603,000
3.533%,
(LIBOR
3M
+
3.330%),
3/15/2022
b,h
596,970
GFL
Environmental,
Inc.
311,000
4.000%,
8/1/2028
f
304,780
375,000
3.500%,
9/1/2028
f
369,375
H&E
Equipment
Services,
Inc.
669,000
3.875%,
12/15/2028
f
663,982
Howard
Midstream
Energy
Partners,
LLC
412,000
6.750%,
1/15/2027
f
422,178
Howmet
Aerospace,
Inc.
15,000
6.875%,
5/1/2025
17,246
382,000
3.000%,
1/15/2029
382,514
Huntington
Ingalls
Industries,
Inc.
196,000
4.200%,
5/1/2030
218,306
JELD-WEN,
Inc.
450,000
4.625%,
12/15/2025
f
453,375
John
Deere
Capital
Corporation
196,000
1.500%,
3/6/2028
193,210
KBR,
Inc.,
Convertible
609,000
2.500%,
11/1/2023
1,158,062
Meritage
Homes
Corporation
198,000
3.875%,
4/15/2029
f
207,900
Meritor,
Inc.
260,000
4.500%,
12/15/2028
f
260,650
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
17
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Capital
Goods
(1.7%)
-
continued
Nesco
Holdings
II,
Inc.
$
245,000
5.500%,
4/15/2029
f
$
252,962
New
Enterprise
Stone
and
Lime
Company,
Inc.
509,000
5.250%,
7/15/2028
f
516,126
OI
European
Group
BV
440,000
4.750%,
2/15/2030
f
445,931
Otis
Worldwide
Corporation
230,000
2.056%,
4/5/2025
233,824
Owens-Brockway
Glass
Container,
Inc.
340,000
5.875%,
8/15/2023
f
356,150
Pactiv
Evergreen
Group
305,000
4.375%,
10/15/2028
f
302,713
Parker-Hannifin
Corporation
129,000
2.700%,
6/14/2024
133,274
Patrick
Industries,
Inc.,
Convertible
197,000
1.000%,
2/1/2023
218,424
PGT
Innovations,
Inc.
408,000
4.375%,
10/1/2029
f
410,040
Raytheon
Technologies
Corporation
195,000
3.950%,
8/16/2025
211,443
131,000
4.125%,
11/16/2028
146,529
Republic
Services,
Inc.
131,000
3.950%,
5/15/2028
145,084
Siemens
Financieringsmaatschappij
NV
196,000
1.700%,
3/11/2028
f
194,297
SRM
Escrow
Issuer,
LLC
580,000
6.000%,
11/1/2028
f
619,179
Standard
Industries,
Inc.
540,000
4.375%,
7/15/2030
f
551,073
Sunpower
Corporation,
Convertible
191,000
4.000%,
1/15/2023
220,901
Textron,
Inc.
196,000
3.650%,
3/15/2027
210,335
Titan
Acquisition,
Ltd.
160,000
7.750%,
4/15/2026
f
162,400
TransDigm,
Inc.
290,000
6.250%,
3/15/2026
f
301,419
1,289,000
5.500%,
11/15/2027
1,327,670
United
Rentals
North
America,
Inc.
600,000
4.875%,
1/15/2028
630,525
310,000
4.000%,
7/15/2030
318,525
Vertiv
Group
Corporation
153,000
4.125%,
11/15/2028
f
154,530
Victors
Merger
Corporation
244,000
6.375%,
5/15/2029
f
229,360
Waste
Pro
USA,
Inc.
185,000
5.500%,
2/15/2026
f
184,075
WESCO
Distribution,
Inc.
545,000
7.250%,
6/15/2028
f
597,456
Total
22,428,048
Collateralized
Mortgage
Obligations
(4.1%)
Alternative
Loan
Trust
643,089
6.000%,
8/1/2036,
Ser.
2006-24CB,
Class
A9
496,144
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Collateralized
Mortgage
Obligations
(4.1%)
-
continued
Banc
of
America
Alternative
Loan
Trust
$
762,840
6.000%,
11/25/2035,
Ser.
2005-10,
Class
3CB1
$
760,092
Banc
of
America
Mortgage
Securities
Trust
551,332
2.246%,
9/25/2035,
Ser.
2005-H,
Class
3A1
b
554,970
Bear
Stearns
Adjustable
Rate
Mortgage
Trust
126,511
2.380%,
(CMT
1Y
+
2.300%),
10/25/2035,
Ser.
2005-9,
Class
A1
b
129,358
Bellemeade
Re,
Ltd.
329,204
1.702%,
(LIBOR
1M
+
1.600%),
4/25/2028,
Ser.
2018-1A,
Class
M1B
b,f
329,204
Business
Jet
Securities,
LLC
451,359
2.981%,
11/15/2035,
Ser.
2020-1A,
Class
A
f
450,679
CHL
Mortgage
Pass-Through
Trust
874,538
2.684%,
11/20/2035,
Ser.
2005-HYB7,
Class
6A1
b
809,028
357,248
2.446%,
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
380,244
1,215,537
6.000%,
11/25/2037,
Ser.
2007-18,
Class
1A2
890,143
CIM
Trust
556,133
5.000%,
12/25/2057,
Ser.
2018-R3,
Class
A1
b,f
577,315
Citigroup
Mortgage
Loan
Trust,
Inc.
1,251,401
2.894%,
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
b
1,251,540
Countrywide
Alternative
Loan
Trust
598,880
5.000%,
3/25/2035,
Ser.
2005-3CB,
Class
1A1
585,754
283,821
2.691%,
10/25/2035,
Ser.
2005-43,
Class
4A1
b
266,452
202,556
5.500%,
2/25/2036,
Ser.
2005-85CB,
Class
2A2
193,186
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
529,403
2.471%,
11/25/2035,
Ser.
2005-22,
Class
2A1
b
505,505
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
925,833
5.250%,
6/25/2035,
Ser.
2005-3,
Class
4A6
938,066
416,267
2.000%,
8/25/2035,
Ser.
2005-AR1,
Class
2A3
b
414,229
Eagle
Re,
Ltd.
1,383,599
1.902%,
(LIBOR
1M
+
1.800%),
4/25/2029,
Ser.
2019-1,
Class
M1B
b,f
1,383,600
Federal
Home
Loan
Mortgage
Corporation
2,198,212
3.500%,
8/15/2035,
Ser.
345,
Class
C8
i
223,029
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
6,972,100
1.500%,
12/25/2050,
Ser.
5107,
Class
IO
i
586,534
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
18
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Collateralized
Mortgage
Obligations
(4.1%)
-
continued
$
346,687
2.500%,
12/15/2022,
Ser.
4155,
Class
AI
i
$
2,803
521,008
2.500%,
5/15/2027,
Ser.
4106,
Class
HI
i
18,414
1,756,769
3.000%,
5/15/2027,
Ser.
4046,
Class
GI
i
83,048
1,506,132
3.000%,
7/15/2027,
Ser.
4084,
Class
NI
i
80,511
2,316,954
3.000%,
7/15/2027,
Ser.
4074,
Class
IO
i
126,939
780,064
2.500%,
2/15/2028,
Ser.
4162,
Class
AI
i
36,580
1,647,992
2.500%,
2/15/2028,
Ser.
4161,
Class
UI
i
83,440
2,540,282
2.500%,
3/15/2028,
Ser.
4177,
Class
EI
i
125,600
2,169,444
3.500%,
10/15/2032,
Ser.
4119,
Class
KI
i
245,117
1,457,882
3.000%,
2/15/2033,
Ser.
4170,
Class
IG
i
138,465
2,595,176
3.000%,
4/15/2033,
Ser.
4203,
Class
DI
i
180,356
Federal
National
Mortgage
Association
-
REMIC
2,830,322
3.000%,
7/25/2027,
Ser.
2012-73,
Class
DI
i
137,254
1,933,007
3.000%,
7/25/2027,
Ser.
2012-74,
Class
AI
i
83,715
3,771,093
3.000%,
8/25/2027,
Ser.
2012-95,
Class
HI
i
155,087
1,829,917
3.500%,
9/25/2027,
Ser.
2012-98,
Class
YI
i
103,546
5,049,118
3.000%,
11/25/2027,
Ser.
2012-121,
Class
BI
i
293,128
2,613,195
3.000%,
12/25/2027,
Ser.
2012-139,
Class
DI
i
122,062
1,305,422
2.500%,
1/25/2028,
Ser.
2012-152,
Class
AI
i
61,291
3,463,003
3.000%,
1/25/2028,
Ser.
2012-147,
Class
EI
i
163,161
1,146,430
2.500%,
2/25/2028,
Ser.
2013-46,
Class
CI
i
44,617
1,156,217
3.000%,
2/25/2028,
Ser.
2013-2,
Class
GI
i
62,485
720,303
3.000%,
4/25/2028,
Ser.
2013-30,
Class
DI
i
41,109
2,531,815
3.000%,
11/25/2031,
Ser.
2013-69,
Class
IO
i
116,315
1,835,247
3.000%,
2/25/2033,
Ser.
2013-1,
Class
YI
i
180,491
16,815,741
1.500%,
2/25/2036,
Ser.
2021-1,
Class
IY
i
1,050,836
9,193,852
1.500%,
2/25/2036,
Ser.
2021-3,
Class
UI
i
474,713
First
Horizon
Alternative
Mortgage
Securities
Trust
286,929
2.350%,
3/25/2035,
Ser.
2005-AA2,
Class
1A1
b
272,084
263,619
2.439%,
7/25/2035,
Ser.
2005-AA5,
Class
2A1
b
257,958
Flagstar
Mortgage
Trust
669,411
2.500%,
9/25/2041,
Ser.
2021-9INV,
Class
A1
b,f
683,454
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Collateralized
Mortgage
Obligations
(4.1%)
-
continued
Genworth
Mortgage
Insurance
Corporation
$
1,000,000
2.152%,
(LIBOR
1M
+
2.050%),
10/25/2033,
Ser.
2021-2,
Class
M1A
b,f
$
1,000,571
1,000,000
1.950%,
(SOFR30A
+
1.900%),
2/25/2034,
Ser.
2021-3,
Class
M1A
b,f
1,000,000
GMAC
Mortgage
Corporation
Loan
Trust
446,660
3.134%,
5/25/2035,
Ser.
2005-AR2,
Class
4A
b
436,928
Government
National
Mortgage
Association
634,189
4.000%,
1/16/2027,
Ser.
2012-3,
Class
IO
i
31,675
Homeward
Opportunities
Fund
I
Trust
1,500,000
5.684%,
11/25/2058,
Ser.
2018-2,
Class
B2
b,f
1,518,361
IndyMac
IMJA
Mortgage
Loan
Trust
1,010,020
6.250%,
11/25/2037,
Ser.
2007-A3,
Class
A1
614,031
J.P.
Morgan
Mortgage
Trust
950,000
2.774%,
5/25/2052,
Ser.
2021-LTV2,
Class
A2
b,f
950,558
103,456
6.500%,
1/25/2035,
Ser.
2005-S1,
Class
1A2
112,568
508,375
2.837%,
2/25/2036,
Ser.
2006-A1,
Class
2A2
b
440,002
Legacy
Mortgage
Asset
Trust
1,500,063
3.250%,
2/25/2060,
Ser.
2020-GS4,
Class
A1
f,g
1,507,913
Master
Asset
Securitization
Trust
971,518
0.602%,
(LIBOR
1M
+
0.500%),
6/25/2036,
Ser.
2006-2,
Class
2A2
b
179,762
MASTR
Alternative
Loans
Trust
468,843
0.552%,
(LIBOR
1M
+
0.450%),
12/25/2035,
Ser.
2005-6,
Class
2A1
b
65,509
Merrill
Lynch
Alternative
Note
Asset
Trust
520,262
6.000%,
3/25/2037,
Ser.
2007-F1,
Class
2A1
305,214
Palmer
Square
Loan
Funding,
Ltd.
1,700,000
1.921%,
(LIBOR
3M
+
1.750%),
7/20/2029,
Ser.
2021-3A,
Class
B
b,f
1,700,943
Pretium
Mortgage
Credit
Partners,
LLC
1,250,000
3.844%,
6/27/2060,
Ser.
2021-NPL2,
Class
A2
f,g
1,234,813
1,300,000
3.721%,
7/25/2051,
Ser.
2021-NPL3,
Class
A2
f,g
1,281,474
Radnor
Re,
Ltd.
2,300,000
2.802%,
(LIBOR
1M
+
2.700%),
3/25/2028,
Ser.
2018-1,
Class
M2
b,f
2,300,002
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
19
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Collateralized
Mortgage
Obligations
(4.1%)
-
continued
Renaissance
Home
Equity
Loan
Trust
$
1,447,567
5.797%,
8/25/2036,
Ser.
2006-2,
Class
AF3
g
$
824,351
Residential
Accredit
Loans,
Inc.
Trust
641,011
6.000%,
8/25/2035,
Ser.
2005-QS10,
Class
2A
628,306
335,735
5.750%,
9/25/2035,
Ser.
2005-QS13,
Class
2A3
332,391
397,246
6.000%,
1/25/2037,
Ser.
2007-QS1,
Class
1A1
386,457
729,083
6.250%,
4/25/2037,
Ser.
2007-QS6,
Class
A6
727,891
Residential
Asset
Securitization
Trust
449,492
2.024%,
1/25/2034,
Ser.
2004-IP1,
Class
A1
b
460,791
1,314,380
5.500%,
4/25/2035,
Ser.
2005-A1,
Class
A3
1,371,568
Residential
Funding
Mortgage
Security
I
Trust
479,677
6.000%,
7/25/2037,
Ser.
2007-S7,
Class
A20
458,324
Sequoia
Mortgage
Trust
621,803
2.833%,
9/20/2046,
Ser.
2007-1,
Class
4A1
b
480,985
Silver
Hill
Trust
863,717
3.102%,
11/25/2049,
Ser.
2019-SBC1,
Class
A1
b,f
868,386
Starwood
Mortgage
Residential
Trust
1,600,000
3.970%,
4/25/2060,
Ser.
2020-2,
Class
A2
b,f
1,620,523
Structured
Adjustable
Rate
Mortgage
Loan
Trust
265,645
2.772%,
7/25/2035,
Ser.
2005-15,
Class
4A1
b
247,121
185,659
2.933%,
9/25/2035,
Ser.
2005-18,
Class
1A1
b
143,330
Toorak
Mortgage
Corporation,
Ltd.
615,206
4.458%,
3/25/2022,
Ser.
2019-1,
Class
A1
f,g
616,347
1,750,000
2.734%,
3/25/2023,
Ser.
2020-1,
Class
A1
f,g
1,752,692
Vericrest
Opportunity
Loan
Transferee
1,250,000
4.826%,
2/27/2051,
Ser.
2021-NPL2,
Class
A2
f,g
1,238,978
1,550,000
4.949%,
2/27/2051,
Ser.
2021-NPL3,
Class
A2
f,g
1,532,673
1,100,000
4.826%,
4/25/2051,
Ser.
2021-NPL6,
Class
A2
f,g
1,088,492
325,000
4.949%,
4/25/2051,
Ser.
2021-NPL8,
Class
A2
f,g
321,505
1,675,000
4.826%,
5/25/2051,
Ser.
2021-NPL9,
Class
A2
f,g
1,656,907
400,000
5.438%,
12/26/2051,
Ser.
2021-NP12,
Class
A2
c,f,g
400,000
Verus
Securitization
Trust
1,700,000
2.491%,
11/25/2066,
Ser.
2021-8,
Class
A3
b,f
1,698,996
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Collateralized
Mortgage
Obligations
(4.1%)
-
continued
Washington
Mutual
Mortgage
Pass-Through
Certificates
$
410,907
6.000%,
3/25/2035,
Ser.
2005-1,
Class
2A
$
410,781
ZH
Trust
1,285,000
3.262%,
2/18/2027,
Ser.
2021-1,
Class
B
f
1,227,842
950,000
3.506%,
10/17/2027,
Ser.
2021-2,
Class
B
f
907,840
Total
53,233,452
Commercial
Mortgage-Backed
Securities
(0.2%)
BANK
2021-BNK37
1,325,000
2.618%,
11/15/2064,
Ser.
2021-BN37,
Class
A5
b
1,371,122
BFLD
Trust
1,250,000
1.810%,
(LIBOR
1M
+
1.700%),
10/15/2035,
Ser.
2020-EYP,
Class
B
b,f
1,249,346
Total
2,620,468
Communications
Services
(2.2%)
Altice
France
SA
130,000
8.125%,
2/1/2027
f
138,938
135,000
5.500%,
1/15/2028
f
133,975
485,000
5.125%,
7/15/2029
f
473,093
670,000
5.500%,
10/15/2029
f
659,950
American
Tower
Corporation
125,000
3.375%,
5/15/2024
130,521
260,000
4.400%,
2/15/2026
283,740
135,000
1.450%,
9/15/2026
132,094
196,000
3.800%,
8/15/2029
213,230
AT&T,
Inc.
254,000
4.450%,
4/1/2024
271,114
260,000
1.700%,
3/25/2026
258,657
407,000
4.300%,
2/15/2030
458,074
Cable
One,
Inc.,
Convertible
652,000
1.125%,
3/15/2028
f,j
645,366
CCO
Holdings,
LLC
325,000
5.500%,
5/1/2026
f
334,819
620,000
5.125%,
5/1/2027
f
638,600
16,000
4.750%,
3/1/2030
f
16,640
695,000
4.500%,
8/15/2030
f
711,117
490,000
4.250%,
1/15/2034
f
482,076
Cengage
Learning,
Inc.
299,000
9.500%,
6/15/2024
f
300,869
Charter
Communications
Operating,
LLC
227,000
4.500%,
2/1/2024
241,410
139,000
4.908%,
7/23/2025
153,054
196,000
5.050%,
3/30/2029
224,382
Clear
Channel
Worldwide
Holdings,
Inc.
455,000
7.750%,
4/15/2028
f
486,850
Comcast
Corporation
56,000
3.700%,
4/15/2024
59,495
152,000
3.950%,
10/15/2025
165,943
156,000
2.350%,
1/15/2027
161,568
326,000
3.400%,
4/1/2030
355,786
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
20
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Communications
Services
(2.2%)
-
continued
Consolidated
Communications,
Inc.
$
220,000
5.000%,
10/1/2028
f,j
$
222,200
CSC
Holdings,
LLC
760,000
5.375%,
2/1/2028
f
786,881
349,000
4.125%,
12/1/2030
f
340,711
Cumulus
Media
New
Holdings,
Inc.
340,000
6.750%,
7/1/2026
f,j
352,750
Deutsche
Telekom
International
Finance
BV
164,000
2.485%,
9/19/2023
f
167,248
DIRECTV
Holdings,
LLC
498,000
5.875%,
8/15/2027
f
509,808
Discovery
Communications,
LLC
148,000
2.950%,
3/20/2023
151,368
DISH
DBS
Corporation
347,000
5.250%,
12/1/2026
f
352,477
330,000
7.375%,
7/1/2028
334,125
259,000
5.750%,
12/1/2028
f
261,590
Entercom
Media
Corporation
582,000
6.500%,
5/1/2027
f
575,714
Fox
Corporation
209,000
4.030%,
1/25/2024
220,723
130,000
4.709%,
1/25/2029
148,382
Front
Range
BidCo,
Inc.
240,000
4.000%,
3/1/2027
f
236,585
Frontier
Communications
Holdings,
LLC
450,000
5.875%,
10/15/2027
f
475,875
GCI,
LLC
380,000
4.750%,
10/15/2028
f
389,975
Gray
Escrow
II,
Inc.
800,000
5.375%,
11/15/2031
f,j
823,000
Gray
Television,
Inc.
370,000
4.750%,
10/15/2030
f
367,688
Hughes
Satellite
Systems
Corporation
200,000
6.625%,
8/1/2026
223,850
iHeartCommunications,
Inc.
385,000
4.750%,
1/15/2028
f
390,436
LCPR
Senior
Secured
Financing
DAC
297,000
6.750%,
10/15/2027
f
311,850
Level
3
Financing,
Inc.
660,000
4.625%,
9/15/2027
f
673,200
455,000
4.250%,
7/1/2028
f
450,450
NBN
Company,
Ltd.
235,000
2.625%,
5/5/2031
f
235,945
Netflix,
Inc.
155,000
5.875%,
2/15/2025
174,189
547,000
4.875%,
4/15/2028
623,580
271,000
5.875%,
11/15/2028
325,878
Nexstar
Escrow
Corporation
679,000
5.625%,
7/15/2027
f
715,748
NTT
Finance
Corporation
156,000
1.162%,
4/3/2026
f
153,043
Omnicom
Group,
Inc.
196,000
4.200%,
6/1/2030
220,331
Radiate
Holdco,
LLC
210,000
6.500%,
9/15/2028
f
210,952
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Communications
Services
(2.2%)
-
continued
Scripps
Escrow
II,
Inc.
$
205,000
5.375%,
1/15/2031
f
$
208,331
Scripps
Escrow,
Inc.
250,000
5.875%,
7/15/2027
f
262,641
Sinclair
Television
Group,
Inc.
570,000
5.500%,
3/1/2030
f
552,900
Sirius
XM
Radio,
Inc.
495,000
5.000%,
8/1/2027
f
514,473
275,000
4.000%,
7/15/2028
f
276,537
Sprint
Capital
Corporation
667,000
6.875%,
11/15/2028
843,755
395,000
8.750%,
3/15/2032
592,500
Sprint
Corporation
1,399,000
7.625%,
2/15/2025
1,608,850
Telesat
Canada
205,000
4.875%,
6/1/2027
f
181,015
75,000
6.500%,
10/15/2027
f
58,200
Terrier
Media
Buyer,
Inc.
270,000
8.875%,
12/15/2027
f
291,808
T-Mobile
USA,
Inc.
151,000
3.500%,
4/15/2025
159,981
261,000
3.875%,
4/15/2030
285,470
60,000
2.875%,
2/15/2031
59,256
United
States
Cellular
Corporation
330,000
6.700%,
12/15/2033
398,818
Uniti
Fiber
Holdings,
Inc.,
Convertible
178,000
4.000%,
6/15/2024
f
241,524
Uniti
Group,
LP
125,000
4.750%,
4/15/2028
f
123,966
VeriSign,
Inc.
295,000
4.750%,
7/15/2027
306,431
Verizon
Communications,
Inc.
260,000
2.100%,
3/22/2028
260,495
196,000
3.150%,
3/22/2030
207,358
131,000
2.550%,
3/21/2031
132,168
311,000
2.355%,
3/15/2032
f
306,434
ViacomCBS,
Inc.
138,000
5.875%,
2/28/2057
b
137,612
Vodafone
Group
plc
300,000
7.000%,
4/4/2079
b
362,843
VTR
Finance
NV
250,000
6.375%,
7/15/2028
f
260,000
Walt
Disney
Company
130,000
3.800%,
3/22/2030
145,818
Ziggo
BV
632,000
5.500%,
1/15/2027
f
649,380
185,000
4.875%,
1/15/2030
f
189,736
Total
29,176,213
Consumer
Cyclical
(3.3%)
1011778
B.C.,
ULC
560,000
4.375%,
1/15/2028
f
571,200
Allen
Media,
LLC
359,000
10.500%,
2/15/2028
f
374,546
Allied
Universal
Finance
Corporation
260,000
4.625%,
6/1/2028
f
255,186
Allied
Universal
Holdco,
LLC
195,000
6.625%,
7/15/2026
f
204,594
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
21
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Consumer
Cyclical
(3.3%)
-
continued
$
300,000
4.625%,
6/1/2028
f
$
299,814
379,000
6.000%,
6/1/2029
f
368,577
Allison
Transmission,
Inc.
80,000
4.750%,
10/1/2027
f
83,320
535,000
3.750%,
1/30/2031
f
521,625
Amazon.com,
Inc.
263,000
1.650%,
5/12/2028
263,434
131,000
1.500%,
6/3/2030
126,948
American
Axle
&
Manufacturing,
Inc.
630,000
6.500%,
4/1/2027
j
654,412
American
Honda
Finance
Corporation
61,000
1.200%,
7/8/2025
60,761
Arko
Corporation
255,000
5.125%,
11/15/2029
f
246,394
Ashton
Woods
USA,
LLC
240,000
4.625%,
8/1/2029
f
237,000
Best
Buy
Company,
Inc.
131,000
1.950%,
10/1/2030
125,679
Bloomin'
Brands,
Inc.,
Convertible
199,000
5.000%,
5/1/2025
385,936
Boyd
Gaming
Corporation
370,000
4.750%,
6/15/2031
f
377,400
Boyne
USA,
Inc.
285,000
4.750%,
5/15/2029
f
293,550
Brookfield
Residential
Properties,
Inc.
400,000
6.250%,
9/15/2027
f
417,520
420,000
5.000%,
6/15/2029
f
420,294
Burlington
Stores,
Inc.,
Convertible
571,000
2.250%,
4/15/2025
848,292
Caesars
Entertainment,
Inc.
583,000
6.250%,
7/1/2025
f
611,931
190,000
8.125%,
7/1/2027
f
210,414
408,000
4.625%,
10/15/2029
f
408,000
Carnival
Corporation
351,000
7.625%,
3/1/2026
f
367,936
570,000
5.750%,
3/1/2027
f
570,000
405,000
4.000%,
8/1/2028
f
401,962
259,000
6.000%,
5/1/2029
f
257,705
Cedar
Fair,
LP
179,000
5.375%,
4/15/2027
183,475
490,000
5.250%,
7/15/2029
502,250
Churchill
Downs,
Inc.
245,000
4.750%,
1/15/2028
f
253,575
Cinemark
USA,
Inc.
185,000
5.875%,
3/15/2026
f
187,312
Clarios
Global,
LP
185,000
8.500%,
5/15/2027
f
196,100
D.R.
Horton,
Inc.
75,000
2.600%,
10/15/2025
77,417
Daimler
Finance
North
America,
LLC
191,000
1.450%,
3/2/2026
f
189,090
Dana,
Inc.
395,000
5.625%,
6/15/2028
419,687
Darden
Restaurants,
Inc.
260,000
3.850%,
5/1/2027
281,456
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Consumer
Cyclical
(3.3%)
-
continued
Dick's
Sporting
Goods,
Inc.,
Convertible
$
256,000
3.250%,
4/15/2025
$
904,640
Empire
Communities
Corporation
390,000
7.000%,
12/15/2025
f
403,650
Expedia
Group,
Inc.
195,000
4.625%,
8/1/2027
217,146
198,000
3.250%,
2/15/2030
202,059
Expedia
Group,
Inc.,
Convertible
402,000
Zero
Coupon,
2/15/2026
f,j
462,501
Ford
Motor
Company
232,000
3.250%,
2/12/2032
237,568
Ford
Motor
Company,
Convertible
1,136,000
Zero
Coupon,
3/15/2026
f
1,562,710
Ford
Motor
Credit
Company,
LLC
510,000
4.063%,
11/1/2024
536,607
920,000
4.134%,
8/4/2025
976,350
814,000
2.700%,
8/10/2026
821,123
Forestar
Group,
Inc.
330,000
3.850%,
5/15/2026
f
330,825
Gap,
Inc.
122,000
3.625%,
10/1/2029
f
120,670
General
Motors
Company
148,000
6.125%,
10/1/2025
170,012
196,000
6.800%,
10/1/2027
240,576
General
Motors
Financial
Company,
Inc.
311,000
3.950%,
4/13/2024
327,244
158,000
1.200%,
10/15/2024
156,838
56,000
2.900%,
2/26/2025
57,898
149,000
2.750%,
6/20/2025
153,750
270,000
5.700%,
9/30/2030
b,h
307,800
132,000
2.700%,
6/10/2031
131,529
GLP
Capital,
LP
138,000
3.250%,
1/15/2032
138,744
Golden
Nugget,
Inc.
405,000
6.750%,
10/15/2024
f
405,000
Goodyear
Tire
&
Rubber
Company
250,000
5.000%,
7/15/2029
f
268,550
185,000
5.250%,
7/15/2031
f
200,855
Guitar
Center
Escrow
Issuer
II,
Inc.
122,000
8.500%,
1/15/2026
f
130,904
Hanesbrands,
Inc.
352,000
4.875%,
5/15/2026
f
376,200
Harley-Davidson
Financial
Services,
Inc.
240,000
4.050%,
2/4/2022
f
240,662
Herc
Holdings,
Inc.
330,000
5.500%,
7/15/2027
f
343,200
Hilton
Domestic
Operating
Company,
Inc.
745,000
4.875%,
1/15/2030
796,219
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
495,000
5.000%,
6/1/2029
f
507,375
Hyundai
Capital
America
105,000
1.800%,
10/15/2025
f
104,432
196,000
3.000%,
2/10/2027
f
202,806
134,000
2.100%,
9/15/2028
f
130,183
International
Game
Technology
plc
425,000
5.250%,
1/15/2029
f
450,309
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
22
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Consumer
Cyclical
(3.3%)
-
continued
KB
Home
$
360,000
4.800%,
11/15/2029
$
392,940
Kohl's
Corporation
195,000
3.375%,
5/1/2031
j
198,593
L
Brands,
Inc.
719,000
6.625%,
10/1/2030
f
814,268
130,000
6.875%,
11/1/2035
161,525
Lennar
Corporation
16,000
4.875%,
12/15/2023
16,963
77,000
5.875%,
11/15/2024
84,766
148,000
4.750%,
5/30/2025
161,920
Lowe's
Companies,
Inc.
198,000
4.000%,
4/15/2025
214,120
264,000
4.500%,
4/15/2030
306,452
Macy's
Retail
Holdings,
LLC
365,000
5.875%,
4/1/2029
f,j
389,181
Magic
MergerCo,
Inc.
580,000
5.250%,
5/1/2028
f
580,255
Marriott
International,
Inc.
298,000
3.750%,
10/1/2025
315,583
198,000
4.625%,
6/15/2030
222,739
Mattamy
Group
Corporation
550,000
5.250%,
12/15/2027
f
578,463
McDonald's
Corporation
392,000
3.800%,
4/1/2028
430,681
MGM
Resorts
International
844,000
5.750%,
6/15/2025
908,355
Nissan
Motor
Company,
Ltd.
155,000
3.043%,
9/15/2023
f
159,043
O'Reilly
Automotive,
Inc.
196,000
3.900%,
6/1/2029
216,339
Penn
National
Gaming,
Inc.
370,000
4.125%,
7/1/2029
f
358,900
PetSmart,
Inc.
480,000
4.750%,
2/15/2028
f
492,600
439,000
7.750%,
2/15/2029
f
476,864
Prime
Security
Services
Borrower,
LLC
1,095,000
5.750%,
4/15/2026
f
1,175,669
Procter
&
Gamble
Company
130,000
1.200%,
10/29/2030
122,946
Real
Hero
Merger
Sub
2,
Inc.
270,000
6.250%,
2/1/2029
f
269,579
Realogy
Group,
LLC
460,000
5.750%,
1/15/2029
f
471,500
Rite
Aid
Corporation
435,000
7.500%,
7/1/2025
f
447,180
Ross
Stores,
Inc.
131,000
1.875%,
4/15/2031
125,586
Royal
Caribbean
Cruises,
Ltd.
520,000
9.125%,
6/15/2023
f
549,900
659,000
4.250%,
7/1/2026
f
638,304
200,000
5.500%,
4/1/2028
f
202,312
Scientific
Games
International,
Inc.
520,000
7.250%,
11/15/2029
f
579,800
SeaWorld
Parks
and
Entertainment,
Inc.
415,000
5.250%,
8/15/2029
f
422,576
Service
Properties
Trust
121,000
7.500%,
9/15/2025
131,096
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Consumer
Cyclical
(3.3%)
-
continued
Six
Flags
Theme
Parks,
Inc.
$
240,000
7.000%,
7/1/2025
f
$
256,306
Staples,
Inc.
555,000
7.500%,
4/15/2026
f
570,263
Station
Casinos,
LLC
304,000
4.625%,
12/1/2031
f
306,493
Tapestry,
Inc.
134,000
3.050%,
3/15/2032
134,787
Target
Corporation
131,000
2.350%,
2/15/2030
134,622
Tenneco,
Inc.
445,000
5.000%,
7/15/2026
j
427,756
Toll
Brothers
Finance
Corporation
199,000
4.350%,
2/15/2028
217,905
Toyota
Motor
Credit
Corporation
196,000
1.900%,
4/6/2028
196,403
TripAdvisor,
Inc.,
Convertible
152,000
0.250%,
4/1/2026
f
133,380
Uber
Technologies,
Inc.
270,000
6.250%,
1/15/2028
f,j
289,845
Vail
Resorts,
Inc.,
Convertible
237,000
Zero
Coupon,
1/1/2026
252,589
Volkswagen
Group
of
America
Finance,
LLC
250,000
4.250%,
11/13/2023
f
264,003
74,000
3.350%,
5/13/2025
f
77,855
Wabash
National
Corporation
409,000
4.500%,
10/15/2028
f
413,090
Wyndham
Destinations,
Inc.
330,000
6.625%,
7/31/2026
f
365,917
Wyndham
Hotels
&
Resorts,
Inc.
195,000
4.375%,
8/15/2028
f
200,850
Yum!
Brands,
Inc.
526,000
4.750%,
1/15/2030
f
569,395
ZF
North
America
Capital,
Inc.
260,000
4.750%,
4/29/2025
f
278,850
Total
42,579,034
Consumer
Non-Cyclical
(2.7%)
Abbott
Laboratories
260,000
3.875%,
9/15/2025
282,343
AbbVie,
Inc.
142,000
2.900%,
11/6/2022
144,616
162,000
2.800%,
3/15/2023
165,092
610,000
3.600%,
5/14/2025
648,688
261,000
3.200%,
11/21/2029
279,059
Agilent
Technologies,
Inc.
131,000
2.300%,
3/12/2031
129,720
Albertson's
Companies,
Inc.
546,000
3.500%,
3/15/2029
f
547,070
250,000
4.875%,
2/15/2030
f
269,930
Altria
Group,
Inc.
176,000
4.400%,
2/14/2026
193,865
130,000
4.800%,
2/14/2029
146,632
Amgen,
Inc.
196,000
2.450%,
2/21/2030
199,481
Anheuser-Busch
Companies,
LLC
160,000
3.650%,
2/1/2026
171,785
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
23
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Consumer
Non-Cyclical
(2.7%)
-
continued
Anheuser-Busch
InBev
Worldwide,
Inc.
$
261,000
4.750%,
1/23/2029
$
303,787
Anthem,
Inc.
221,000
2.375%,
1/15/2025
227,887
196,000
2.550%,
3/15/2031
200,107
AstraZeneca
Finance,
LLC
263,000
1.750%,
5/28/2028
261,470
AstraZeneca
plc
259,000
0.700%,
4/8/2026
250,520
BAT
Capital
Corporation
117,000
3.222%,
8/15/2024
121,603
BAT
International
Finance
plc
149,000
1.668%,
3/25/2026
146,266
Bausch
Health
Companies,
Inc.
70,000
5.000%,
1/30/2028
f
64,400
590,000
5.000%,
2/15/2029
f
520,675
Baxter
International,
Inc.
134,000
2.539%,
2/1/2032
f
135,369
Becton,
Dickinson
and
Company
196,000
2.823%,
5/20/2030
202,873
Boston
Scientific
Corporation
192,000
3.450%,
3/1/2024
200,777
Bunge,
Ltd.
Finance
Corporation
265,000
2.750%,
5/14/2031
268,944
Cargill,
Inc.
137,000
2.125%,
11/10/2031
f
135,075
Centene
Corporation
435,000
4.250%,
12/15/2027
453,487
210,000
4.625%,
12/15/2029
226,477
1,064,000
3.000%,
10/15/2030
1,081,567
Central
Garden
&
Pet
Company
460,000
4.125%,
10/15/2030
464,025
Community
Health
Systems,
Inc.
185,000
5.625%,
3/15/2027
f
195,791
260,000
6.000%,
1/15/2029
f
277,225
520,000
6.875%,
4/15/2029
f
529,750
Conagra
Brands,
Inc.
155,000
4.300%,
5/1/2024
164,934
Constellation
Brands,
Inc.
261,000
3.150%,
8/1/2029
275,279
Coty,
Inc.
311,000
5.000%,
4/15/2026
f
320,339
CVS
Health
Corporation
198,000
4.100%,
3/25/2025
213,411
102,000
4.300%,
3/25/2028
114,463
DaVita,
Inc.
610,000
4.625%,
6/1/2030
f
624,488
Diageo
Capital
plc
179,000
1.375%,
9/29/2025
178,009
Edgewell
Personal
Care
Company
260,000
5.500%,
6/1/2028
f
275,977
Encompass
Health
Corporation
585,000
4.500%,
2/1/2028
601,819
Endo
Finance,
LLC
185,000
9.500%,
7/31/2027
f,j
188,315
Energizer
Holdings,
Inc.
445,000
4.375%,
3/31/2029
f
434,298
Estee
Lauder
Companies,
Inc.
130,000
1.950%,
3/15/2031
128,058
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Consumer
Non-Cyclical
(2.7%)
-
continued
General
Mills,
Inc.
$
131,000
4.200%,
4/17/2028
$
146,290
Gilead
Sciences,
Inc.
196,000
2.950%,
3/1/2027
206,455
H.
J.
Heinz
Company
130,000
5.200%,
7/15/2045
165,292
HCA,
Inc.
1,330,000
5.375%,
2/1/2025
1,461,670
348,000
5.875%,
2/1/2029
414,659
HFC
Prestige
Products,
Inc.
496,000
4.750%,
1/15/2029
f
504,060
HLF
Financing
SARL,
LLC
689,000
4.875%,
6/1/2029
f
676,047
Humana,
Inc.
131,000
2.150%,
2/3/2032
126,668
Imperial
Brands
Finance
plc
164,000
3.125%,
7/26/2024
f
169,461
Ionis
Pharmaceuticals,
Inc.,
Convertible
158,000
0.125%,
12/15/2024
141,213
Jazz
Investments
I,
Ltd.,
Convertible
689,000
2.000%,
6/15/2026
777,709
JBS
Finance
Luxembourg
SARL
210,000
2.500%,
1/15/2027
f
207,640
165,000
3.625%,
1/15/2032
f
165,620
JBS
USA
Food
Company
100,000
5.750%,
1/15/2028
f
104,251
JBS
USA,
LLC
210,000
6.500%,
4/15/2029
f
231,002
580,000
5.500%,
1/15/2030
f
630,750
Kraft
Foods
Group,
Inc.
400,000
5.000%,
6/4/2042
497,583
Kraft
Heinz
Foods
Company
196,000
3.875%,
5/15/2027
211,708
710,000
3.750%,
4/1/2030
766,392
Kroger
Company
130,000
4.500%,
1/15/2029
149,723
Mattel,
Inc.
500,000
3.375%,
4/1/2026
f
512,760
McKesson
Corporation
148,000
0.900%,
12/3/2025
143,393
197,000
1.300%,
8/15/2026
192,296
Molina
Healthcare,
Inc.
450,000
4.375%,
6/15/2028
f
463,500
Mozart
Debt
Merger
Sub,
Inc.
536,000
3.875%,
4/1/2029
f
534,108
512,000
5.250%,
10/1/2029
f
518,984
MPH
Acquisition
Holdings,
LLC
237,000
5.750%,
11/1/2028
f,j
225,387
Mylan,
Inc.
96,000
4.200%,
11/29/2023
100,599
Newell
Rubbermaid,
Inc.
334,000
4.700%,
4/1/2026
364,145
Novartis
Capital
Corporation
153,000
1.750%,
2/14/2025
155,130
278,000
3.000%,
11/20/2025
294,600
Ortho-Clinical
Diagnostics,
Inc.
270,000
7.250%,
2/1/2028
f
290,250
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
24
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Consumer
Non-Cyclical
(2.7%)
-
continued
Par
Pharmaceutical,
Inc.
$
410,000
7.500%,
4/1/2027
f
$
418,991
PepsiCo,
Inc.
195,000
1.625%,
5/1/2030
189,103
Philip
Morris
International,
Inc.
279,000
1.500%,
5/1/2025
279,261
Pilgrim's
Pride
Corporation
364,000
3.500%,
3/1/2032
f
367,640
Post
Holdings,
Inc.
151,000
5.500%,
12/15/2029
f
158,645
QBE
Insurance
Group,
Ltd.
320,000
5.875%,
5/12/2025
b,f,h
345,600
Roche
Holdings,
Inc.
200,000
2.076%,
12/13/2031
f
199,409
Royalty
Pharma
plc
296,000
1.200%,
9/2/2025
289,755
Scotts
Miracle-Gro
Company
555,000
4.500%,
10/15/2029
578,588
SEG
Holding,
LLC
540,000
5.625%,
10/15/2028
f
565,650
Simmons
Foods,
Inc.
450,000
4.625%,
3/1/2029
f
443,250
Spectrum
Brands,
Inc.
310,000
5.000%,
10/1/2029
f
325,113
200,000
5.500%,
7/15/2030
f
214,500
Stryker
Corporation
129,000
3.650%,
3/7/2028
140,808
Syneos
Health,
Inc.
410,000
3.625%,
1/15/2029
f
404,875
Sysco
Corporation
131,000
5.950%,
4/1/2030
163,514
Tenet
Healthcare
Corporation
140,000
4.625%,
7/15/2024
141,750
1,055,000
5.125%,
11/1/2027
f
1,098,519
185,000
6.125%,
10/1/2028
f
195,399
Teva
Pharmaceutical
Finance
Netherlands
III
BV
380,000
3.150%,
10/1/2026
357,200
Thermo
Fisher
Scientific,
Inc.
131,000
1.750%,
10/15/2028
130,144
TreeHouse
Foods,
Inc.
203,000
4.000%,
9/1/2028
194,880
United
Natural
Foods,
Inc.
390,000
6.750%,
10/15/2028
f
417,612
UnitedHealth
Group,
Inc.
326,000
3.850%,
6/15/2028
363,333
Universal
Health
Services,
Inc.
197,000
1.650%,
9/1/2026
f
193,357
66,000
2.650%,
1/15/2032
f
64,855
Viatris,
Inc.
149,000
1.650%,
6/22/2025
148,435
VRX
Escrow
Corporation
1,069,000
6.125%,
4/15/2025
f
1,088,841
Winnebago
Industries,
Inc.,
Convertible
504,000
1.500%,
4/1/2025
672,290
Zoetis,
Inc.
144,000
3.250%,
2/1/2023
146,738
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Consumer
Non-Cyclical
(2.7%)
-
continued
$
195,000
3.900%,
8/20/2028
$
216,361
Total
35,029,507
Energy
(2.6%)
Antero
Resources
Corporation
525,000
5.375%,
3/1/2030
f
561,225
Apache
Corporation
125,000
4.875%,
11/15/2027
136,250
470,000
4.375%,
10/15/2028
511,355
145,000
5.100%,
9/1/2040
163,850
Archrock
Partners,
LP
530,000
6.250%,
4/1/2028
f
552,642
Baker
Hughes,
LLC
135,000
2.061%,
12/15/2026
136,211
BP
Capital
Markets
America,
Inc.
314,000
4.234%,
11/6/2028
354,423
BP
Capital
Markets
plc
320,000
4.875%,
3/22/2030
b,h
345,600
Buckeye
Partners,
LP
385,000
3.950%,
12/1/2026
392,396
Canadian
Natural
Resources,
Ltd.
325,000
2.050%,
7/15/2025
328,107
Cenovus
Energy,
Inc.
426,000
5.375%,
7/15/2025
470,101
Cheniere
Corpus
Christi
Holdings,
LLC
268,000
5.875%,
3/31/2025
297,024
Cheniere
Energy
Partners,
LP
132,000
4.500%,
10/1/2029
139,920
285,000
3.250%,
1/31/2032
f
287,850
Cheniere
Energy,
Inc.
160,000
4.625%,
10/15/2028
170,195
Cheniere
Energy,
Inc.,
Convertible
103,000
4.250%,
3/15/2045
86,680
CNX
Resources
Corporation
315,000
6.000%,
1/15/2029
f
327,600
CNX
Resources
Corporation,
Convertible
493,000
2.250%,
5/1/2026
644,351
Comstock
Resources,
Inc.
80,000
6.750%,
3/1/2029
f
86,768
310,000
5.875%,
1/15/2030
f
317,750
Continental
Resources,
Inc.
396,000
4.375%,
1/15/2028
428,096
400,000
5.750%,
1/15/2031
f
471,048
Coterra
Energy,
Inc.
260,000
4.375%,
6/1/2024
f
274,956
CQP
Holdco,
LP
309,000
5.500%,
6/15/2031
f
322,519
Devon
Energy
Corporation
149,000
5.250%,
9/15/2024
161,207
264,000
4.500%,
1/15/2030
283,429
Diamondback
Energy,
Inc.
98,000
2.875%,
12/1/2024
101,667
65,000
3.125%,
3/24/2031
66,992
DT
Midstream,
Inc.
375,000
4.125%,
6/15/2029
f
383,906
125,000
4.375%,
6/15/2031
f
130,000
Enbridge,
Inc.
130,000
3.700%,
7/15/2027
140,162
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
25
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Energy
(2.6%)
-
continued
$
661,000
6.250%,
3/1/2078
b
$
717,439
Endeavor
Energy
Resources,
LP
280,000
5.750%,
1/30/2028
f
298,448
Energean
Israel
Finance,
Ltd.
375,000
4.500%,
3/30/2024
f
376,875
Energy
Transfer,
LP
108,000
4.200%,
9/15/2023
112,783
371,000
5.875%,
1/15/2024
399,297
196,000
3.750%,
5/15/2030
207,693
EnLink
Midstream
Partners,
LP
460,000
4.850%,
7/15/2026
484,150
Enterprise
Products
Operating,
LLC
130,000
4.150%,
10/16/2028
145,934
560,000
4.875%,
8/16/2077
b
524,969
EQM
Midstream
Partners,
LP
631,000
6.500%,
7/1/2027
f
706,720
EQT
Corporation
125,000
3.125%,
5/15/2026
f
128,316
374,000
3.900%,
10/1/2027
401,122
EQT
Corporation,
Convertible
496,000
1.750%,
5/1/2026
826,584
Equinor
ASA
92,000
2.875%,
4/6/2025
96,013
Exxon
Mobil
Corporation
259,000
2.992%,
3/19/2025
272,188
Genesis
Energy,
LP
200,000
6.500%,
10/1/2025
197,500
125,000
8.000%,
1/15/2027
128,820
Halliburton
Company
130,000
2.920%,
3/1/2030
133,734
Harvest
Midstream,
LP
480,000
7.500%,
9/1/2028
f
513,600
Hess
Corporation
92,000
3.500%,
7/15/2024
95,980
Hess
Midstream
Operations,
LP
325,000
5.625%,
2/15/2026
f
334,750
Hilcorp
Energy
I,
LP
400,000
5.750%,
2/1/2029
f
412,288
ITT
Holdings,
LLC
435,000
6.500%,
8/1/2029
f
430,650
Kinder
Morgan
Energy
Partners,
LP
193,000
3.450%,
2/15/2023
197,087
Laredo
Petroleum,
Inc.
690,000
7.750%,
7/31/2029
f,j
672,750
Marathon
Oil
Corporation
130,000
4.400%,
7/15/2027
142,399
Marathon
Petroleum
Corporation
366,000
4.700%,
5/1/2025
399,277
MPLX,
LP
375,000
6.875%,
2/15/2023
b,h
375,937
325,000
1.750%,
3/1/2026
321,730
Murphy
Oil
Corporation
450,000
5.875%,
12/1/2027
464,611
Nabors
Industries,
Ltd.
470,000
7.250%,
1/15/2026
f
434,750
National
Fuel
Gas
Company
260,000
5.500%,
1/15/2026
290,508
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Energy
(2.6%)
-
continued
Newfield
Exploration
Company
$
489,000
5.625%,
7/1/2024
$
538,282
132,000
5.375%,
1/1/2026
146,324
NGL
Energy
Operating,
LLC
260,000
7.500%,
2/1/2026
f
268,138
NGL
Energy
Partners,
LP
260,000
7.500%,
11/1/2023
256,100
NuStar
Logistics,
LP
480,000
5.750%,
10/1/2025
516,538
Oasis
Petroleum,
Inc.
310,000
6.375%,
6/1/2026
f
324,725
Occidental
Petroleum
Corporation
445,000
3.400%,
4/15/2026
456,428
125,000
8.500%,
7/15/2027
155,938
939,000
3.500%,
8/15/2029
964,635
260,000
6.450%,
9/15/2036
331,501
430,000
4.400%,
4/15/2046
440,750
ONEOK,
Inc.
194,000
2.200%,
9/15/2025
195,942
Ovintiv,
Inc.
185,000
7.375%,
11/1/2031
241,150
200,000
6.625%,
8/15/2037
261,820
PBF
Holding
Company,
LLC
200,000
9.250%,
5/15/2025
f
190,250
Pioneer
Natural
Resources
Company
195,000
1.900%,
8/15/2030
185,200
Pioneer
Natural
Resources
Company,
Convertible
248,000
0.250%,
5/15/2025
441,905
Plains
All
American
Pipeline,
LP
150,000
6.125%,
11/15/2022
b,h
127,313
317,000
4.650%,
10/15/2025
345,749
Precision
Drilling
Corporation
390,000
6.875%,
1/15/2029
f
397,496
Sabine
Pass
Liquefaction,
LLC
196,000
4.200%,
3/15/2028
214,693
Schlumberger
Finance
Canada,
Ltd.
149,000
1.400%,
9/17/2025
148,448
Schlumberger
Holdings
Corporation
81,000
4.300%,
5/1/2029
f
89,873
SM
Energy
Company
185,000
6.500%,
7/15/2028
j
191,475
Southwestern
Energy
Company
250,000
5.375%,
2/1/2029
264,375
192,000
4.750%,
2/1/2032
202,196
Summit
Midstream
Holdings,
LLC
363,000
8.500%,
10/15/2026
f
378,221
Suncor
Energy,
Inc.
149,000
3.100%,
5/15/2025
155,654
Sunoco,
LP
415,000
5.875%,
3/15/2028
438,863
277,000
4.500%,
4/30/2030
f
283,901
Tallgrass
Energy
Finance
Corporation
640,000
5.500%,
1/15/2028
f
634,400
Targa
Resources
Partners,
LP
205,000
5.375%,
2/1/2027
211,267
295,000
5.000%,
1/15/2028
310,841
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
26
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Energy
(2.6%)
-
continued
$
118,000
4.875%,
2/1/2031
$
128,142
Teine
Energy,
Ltd.
250,000
6.875%,
4/15/2029
f
253,750
Transocean
Proteus,
Ltd.
120,000
6.250%,
12/1/2024
f
118,200
Transocean,
Inc.
330,000
11.500%,
1/30/2027
f
323,400
USA
Compression
Partners,
LP
200,000
6.875%,
4/1/2026
208,000
Venture
Global
Calcasieu
Pass,
LLC
374,000
3.875%,
8/15/2029
f
388,025
220,000
4.125%,
8/15/2031
f
233,200
Vine
Energy
Holdings,
LLC
330,000
6.750%,
4/15/2029
f
358,050
W&T
Offshore,
Inc.
158,000
9.750%,
11/1/2023
f
150,890
Weatherford
International,
Ltd.
409,000
8.625%,
4/30/2030
f
424,603
Western
Gas
Partners,
LP
143,000
4.000%,
7/1/2022
143,358
Western
Midstream
Operating,
LP
549,000
3.950%,
6/1/2025
575,322
210,000
5.500%,
8/15/2048
250,849
Williams
Companies,
Inc.
131,000
2.600%,
3/15/2031
130,110
Total
34,315,472
Financials
(6.7%)
AerCap
Ireland
Capital
DAC
121,000
3.150%,
2/15/2024
124,799
200,000
6.500%,
7/15/2025
228,548
362,000
3.000%,
10/29/2028
367,117
Air
Lease
Corporation
525,000
4.650%,
6/15/2026
b,h
544,031
Aircastle,
Ltd.
274,000
5.250%,
6/15/2026
b,f,h
279,480
130,000
2.850%,
1/26/2028
f
130,752
Alliant
Holdings
Intermediate,
LLC
207,000
6.750%,
10/15/2027
f
214,762
Ally
Financial,
Inc.
750,000
5.750%,
11/20/2025
845,872
600,000
4.700%,
5/15/2026
b,h
622,500
130,000
8.000%,
11/1/2031
184,024
Altice
Financing
SA
180,000
5.750%,
8/15/2029
f
178,200
American
Express
Company
160,000
3.400%,
2/22/2024
167,796
255,000
3.550%,
9/15/2026
b,h
255,446
American
Finance
Trust,
Inc.
307,000
4.500%,
9/30/2028
f
309,260
American
Homes
4
Rent,
LP
132,000
2.375%,
7/15/2031
129,365
American
International
Group,
Inc.
260,000
4.200%,
4/1/2028
290,039
AmWINS
Group,
Inc.
250,000
4.875%,
6/30/2029
f
252,500
Ares
Capital
Corporation
76,000
4.250%,
3/1/2025
80,432
301,000
3.875%,
1/15/2026
317,222
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Financials
(6.7%)
-
continued
Ares
Capital
Corporation,
Convertible
$
256,000
4.625%,
3/1/2024
$
292,813
Athene
Global
Funding
211,000
4.000%,
1/25/2022
f
211,441
Australia
and
New
Zealand
Banking
Group,
Ltd.
288,000
2.950%,
7/22/2030
b,f
295,160
Aviation
Capital
Group,
LLC
200,000
5.500%,
12/15/2024
f
218,818
131,000
4.875%,
10/1/2025
f
141,576
Avolon
Holdings
Funding,
Ltd.
264,000
4.250%,
4/15/2026
f
279,759
BAC
Capital
Trust
XIV
332,000
4.000%,
(LIBOR
3M
+
0.400%),
1/19/2022
b,h,j
330,494
Banco
Santander
Mexico
SA
89,000
5.375%,
4/17/2025
f
97,122
Banco
Santander
SA
220,000
4.750%,
11/12/2026
b,h
219,844
Bank
of
America
Corporation
276,000
3.004%,
12/20/2023
b
281,705
445,000
3.550%,
3/5/2024
b
458,226
325,000
4.200%,
8/26/2024
348,354
1,100,000
6.250%,
9/5/2024
b,h
1,183,875
160,000
3.458%,
3/15/2025
b
167,330
320,000
6.100%,
3/17/2025
b,h
346,800
373,000
1.319%,
6/19/2026
b
369,038
298,000
1.197%,
10/24/2026
b
292,053
196,000
1.734%,
7/22/2027
b
194,573
640,000
5.875%,
3/15/2028
b,h
712,000
392,000
3.593%,
7/21/2028
b
421,901
132,000
2.087%,
6/14/2029
b
131,072
523,000
3.974%,
2/7/2030
b
576,103
261,000
2.687%,
4/22/2032
b
264,870
204,000
2.572%,
10/20/2032
b
204,980
Bank
of
New
York
Mellon
Corporation
160,000
4.700%,
9/20/2025
b,h
170,680
200,000
3.400%,
1/29/2028
217,068
Bank
of
Nova
Scotia
480,000
4.900%,
6/4/2025
b,h
514,350
132,000
1.050%,
3/2/2026
128,654
Barclays
plc
377,000
4.338%,
5/16/2024
b
392,448
250,000
8.000%,
6/15/2024
b,h
276,320
149,000
4.375%,
9/11/2024
159,218
179,000
2.852%,
5/7/2026
b
184,613
200,000
4.375%,
3/15/2028
b,h
195,900
193,000
4.972%,
5/16/2029
b
220,140
BNP
Paribas
SA
235,000
6.625%,
3/25/2024
b,f,h
252,930
188,000
2.819%,
11/19/2025
b,f
193,479
Boston
Properties,
LP
131,000
2.550%,
4/1/2032
130,020
BPCE
SA
152,000
2.375%,
1/14/2025
f
154,640
Brixmor
Operating
Partnership,
LP
262,000
2.250%,
4/1/2028
260,605
Canadian
Imperial
Bank
of
Commerce
152,000
2.250%,
1/28/2025
155,283
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
27
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Financials
(6.7%)
-
continued
CANPACK
SA
$
500,000
3.125%,
11/1/2025
f
$
500,000
Capital
One
Bank
USA
NA
245,000
3.375%,
2/15/2023
251,781
228,000
2.280%,
1/28/2026
b
232,186
Capital
One
Financial
Corporation
140,000
3.950%,
9/1/2026
b,h
140,700
Cascades
USA,
Inc.
285,000
5.125%,
1/15/2026
f
296,400
Charles
Schwab
Corporation
537,000
5.375%,
6/1/2025
b,h
585,330
600,000
4.000%,
6/1/2026
b,h
612,000
196,000
2.000%,
3/20/2028
198,595
Chobani,
LLC
674,000
4.625%,
11/15/2028
f
692,505
CIT
Group,
Inc.
260,000
5.250%,
3/7/2025
286,424
266,000
6.125%,
3/9/2028
321,195
Citigroup,
Inc.
142,000
2.750%,
4/25/2022
142,770
640,000
5.950%,
1/30/2023
b,h
659,200
374,000
5.000%,
9/12/2024
b,h
385,220
180,000
3.352%,
4/24/2025
b
187,947
107,000
5.950%,
5/15/2025
b,h
114,490
365,000
5.500%,
9/13/2025
412,787
218,000
1.281%,
11/3/2025
b
217,414
315,000
4.000%,
12/10/2025
b,h
317,362
785,000
3.875%,
2/18/2026
b,h
785,000
250,000
4.150%,
11/15/2026
b,h
254,062
451,000
1.122%,
1/28/2027
b
439,267
263,000
1.462%,
6/9/2027
b
258,514
522,000
4.075%,
4/23/2029
b
575,660
Citizens
Financial
Group,
Inc.
275,000
4.000%,
10/6/2026
b,h
275,000
CNA
Financial
Corporation
190,000
3.950%,
5/15/2024
200,459
Coinbase
Global,
Inc.
207,000
3.625%,
10/1/2031
f
190,440
Coinbase
Global,
Inc.,
Convertible
311,000
0.500%,
6/1/2026
f
332,925
Comerica,
Inc.
160,000
5.625%,
7/1/2025
b,h
174,400
Commerzbank
AG
270,000
8.125%,
9/19/2023
f
297,500
Commonwealth
Bank
of
Australia
156,000
2.688%,
3/11/2031
f
153,412
Cooperatieve
Rabobank
UA
149,000
1.339%,
6/24/2026
b,f
146,859
Corporate
Office
Properties,
LP
265,000
2.250%,
3/15/2026
268,007
Credit
Acceptance
Corporation
550,000
5.125%,
12/31/2024
f
563,750
Credit
Agricole
SA
270,000
8.125%,
12/23/2025
b,f,h
319,747
131,000
3.250%,
1/14/2030
f
135,646
Credit
Suisse
Group
AG
213,000
6.500%,
8/8/2023
f
229,241
150,000
7.500%,
12/11/2023
b,f,h
162,000
157,000
2.593%,
9/11/2025
b,f
160,321
130,000
7.250%,
9/12/2025
b,f,h
142,854
135,000
2.193%,
6/5/2026
b,f
135,755
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Financials
(6.7%)
-
continued
$
128,000
3.869%,
1/12/2029
b,f
$
137,014
Dai-ichi
Life
Insurance
Company,
Ltd.
638,000
5.100%,
10/28/2024
b,f,h,j
686,647
Danske
Bank
AS
250,000
5.000%,
1/12/2023
b,f
250,215
Deutsche
Bank
AG
350,000
6.000%,
10/30/2025
b,h
363,562
444,000
2.129%,
11/24/2026
b
443,271
250,000
2.311%,
11/16/2027
b
249,889
132,000
3.035%,
5/28/2032
b
133,008
Discover
Bank
260,000
4.682%,
8/9/2028
b
271,733
Diversified
Healthcare
Trust
161,000
4.375%,
3/1/2031
154,627
Drawbridge
Special
Opportunities
Fund,
LP
540,000
3.875%,
2/15/2026
f
550,027
EPR
Properties
202,000
3.600%,
11/15/2031
199,847
Fidelity
National
Financial,
Inc.
235,000
5.500%,
9/1/2022
242,449
Fifth
Third
Bancorp
320,000
4.500%,
9/30/2025
b,h
338,800
Fifth
Third
Bank
NA
129,000
3.850%,
3/15/2026
139,131
First
Horizon
Bank
198,000
5.750%,
5/1/2030
236,827
First
Horizon
National
Corporation
179,000
3.550%,
5/26/2023
184,438
FNB
Corporation
305,000
2.200%,
2/24/2023
307,539
Fortress
Transportation
and
Infrastructure
Investors,
LLC
260,000
6.500%,
10/1/2025
f
268,775
185,000
5.500%,
5/1/2028
f
188,533
FS
KKR
Capital
Corporation
132,000
3.400%,
1/15/2026
134,045
132,000
2.625%,
1/15/2027
130,267
FTI
Consulting,
Inc.,
Convertible
422,000
2.000%,
8/15/2023
653,256
Global
Net
Lease,
Inc.
520,000
3.750%,
12/15/2027
f
507,841
Goldman
Sachs
Group,
Inc.
298,000
0.627%,
11/17/2023
b
297,228
825,000
5.500%,
8/10/2024
b,h
870,375
200,000
4.400%,
2/10/2025
b,h
201,300
148,000
3.500%,
4/1/2025
156,500
223,000
4.250%,
10/21/2025
243,194
222,000
0.855%,
2/12/2026
b
217,650
195,000
3.650%,
8/10/2026
b,h
193,050
255,000
4.125%,
11/10/2026
b,h
259,192
456,000
1.948%,
10/21/2027
b
453,994
261,000
3.814%,
4/23/2029
b
283,904
131,000
3.800%,
3/15/2030
144,207
131,000
2.615%,
4/22/2032
b
131,941
132,000
2.383%,
7/21/2032
b
129,967
Hartford
Financial
Services
Group,
Inc.
130,000
2.800%,
8/19/2029
134,809
125,000
2.281%,
(LIBOR
3M
+
2.125%),
2/12/2047
b,f
119,090
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
28
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Financials
(6.7%)
-
continued
HSBC
Holdings
plc
$
143,000
3.803%,
3/11/2025
b
$
150,060
150,000
6.375%,
3/30/2025
b,h
161,892
187,000
2.633%,
11/7/2025
b
191,803
178,000
1.589%,
5/24/2027
b
174,072
350,000
2.251%,
11/22/2027
b
350,729
332,000
6.500%,
3/23/2028
b,h
365,691
365,000
4.583%,
6/19/2029
b
408,890
470,000
4.600%,
12/17/2030
b,h
469,615
159,000
2.804%,
5/24/2032
b
159,493
200,000
6.500%,
9/15/2037
276,710
HUB
International,
Ltd.
262,000
5.625%,
12/1/2029
f
269,918
Huntington
Bancshares,
Inc.
480,000
4.450%,
10/15/2027
b,h
507,000
Icahn
Enterprises,
LP
365,000
6.375%,
12/15/2025
371,387
300,000
6.250%,
5/15/2026
312,375
245,000
5.250%,
5/15/2027
251,965
ING
Groep
NV
258,000
1.726%,
4/1/2027
b
256,266
Intercontinental
Exchange,
Inc.
149,000
0.700%,
6/15/2023
148,398
Invitation
Homes
Operating
Partnership,
LP
197,000
2.000%,
8/15/2031
185,514
Iron
Mountain,
Inc.
1,075,000
4.875%,
9/15/2027
f
1,114,753
iStar,
Inc.
465,000
4.250%,
8/1/2025
475,462
iStar,
Inc.,
Convertible
335,000
3.125%,
9/15/2022
629,163
J.P.
Morgan
Chase
&
Company
330,000
5.150%,
5/1/2023
b,h
338,075
320,000
6.000%,
8/1/2023
b,h
333,600
320,000
6.750%,
2/1/2024
b,h
346,840
122,000
1.514%,
6/1/2024
b
122,926
979,000
5.000%,
8/1/2024
b,h
1,005,922
325,000
3.875%,
9/10/2024
344,718
378,000
4.023%,
12/5/2024
b
398,551
210,000
4.600%,
2/1/2025
b,h
215,512
310,000
1.561%,
12/10/2025
b
310,331
149,000
2.083%,
4/22/2026
b
151,230
295,000
3.650%,
6/1/2026
b,h
294,262
371,000
1.045%,
11/19/2026
b
361,431
261,000
1.578%,
4/22/2027
b
257,924
392,000
4.005%,
4/23/2029
b
432,672
133,000
2.069%,
6/1/2029
b
131,890
523,000
4.493%,
3/24/2031
b
605,220
Jefferies
Finance,
LLC
510,000
5.000%,
8/15/2028
f
522,750
KeyBank
NA
196,000
3.900%,
4/13/2029
216,542
Kilroy
Realty,
LP
265,000
4.375%,
10/1/2025
288,605
KKR
Real
Estate
Finance
Trust,
Inc.,
Convertible
139,000
6.125%,
5/15/2023
146,669
Life
Storage,
LP
135,000
2.400%,
10/15/2031
132,694
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Financials
(6.7%)
-
continued
Lincoln
National
Corporation
$
300,000
2.515%,
(LIBOR
3M
+
2.358%),
2/17/2022
b
$
266,250
130,000
3.800%,
3/1/2028
142,623
Lloyds
Banking
Group
plc
300,000
3.900%,
3/12/2024
316,893
120,000
7.500%,
6/27/2024
b,h
132,673
260,000
1.627%,
5/11/2027
b
255,958
342,000
3.369%,
12/14/2046
b
340,193
LPL
Holdings,
Inc.
310,000
4.000%,
3/15/2029
f
317,362
M&T
Bank
Corporation
240,000
3.500%,
9/1/2026
b,h
235,152
Macquarie
Group,
Ltd.
264,000
1.629%,
9/23/2027
b,f
258,677
Marsh
&
McLennan
Companies,
Inc.
135,000
2.375%,
12/15/2031
136,281
MetLife,
Inc.
320,000
3.850%,
9/15/2025
b,h
326,400
640,000
5.875%,
3/15/2028
b,h
718,738
MGM
Growth
Properties
Operating
Partnership,
LP
546,000
4.625%,
6/15/2025
f
582,085
272,000
5.750%,
2/1/2027
307,360
Mid-America
Apartments,
LP
261,000
4.200%,
6/15/2028
293,855
Mitsubishi
UFJ
Financial
Group,
Inc.
160,000
3.407%,
3/7/2024
167,493
179,000
1.412%,
7/17/2025
178,005
260,000
1.538%,
7/20/2027
b
255,371
196,000
3.741%,
3/7/2029
214,117
Mizuho
Financial
Group,
Inc.
200,000
1.554%,
7/9/2027
b
196,759
278,000
2.564%,
9/13/2031
270,951
Morgan
Stanley
311,000
4.100%,
5/22/2023
323,916
149,000
0.560%,
11/10/2023
b
148,793
160,000
2.720%,
7/22/2025
b
164,879
268,000
1.164%,
10/21/2025
b
265,883
104,000
5.000%,
11/24/2025
116,422
302,000
2.188%,
4/28/2026
b
307,924
148,000
0.985%,
12/10/2026
b
143,550
260,000
1.593%,
5/4/2027
b
257,437
262,000
1.512%,
7/20/2027
b
257,871
392,000
3.622%,
4/1/2031
b
427,160
MPT
Operating
Partnership,
LP
320,000
5.250%,
8/1/2026
329,200
140,000
4.625%,
8/1/2029
147,700
National
Retail
Properties,
Inc.
131,000
2.500%,
4/15/2030
132,776
NatWest
Group
plc
163,000
6.125%,
12/15/2022
170,482
26,000
6.100%,
6/10/2023
27,718
182,000
4.269%,
3/22/2025
b
192,601
131,000
4.892%,
5/18/2029
b
149,829
197,000
3.754%,
11/1/2029
b
205,413
250,000
4.600%,
6/28/2031
b,h
245,000
Navient
Corporation
330,000
5.500%,
1/25/2023
343,695
125,000
5.000%,
3/15/2027
127,482
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
29
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Financials
(6.7%)
-
continued
NFP
Corporation
$
160,000
6.875%,
8/15/2028
f
$
160,413
Nippon
Life
Insurance
Company
110,000
2.900%,
9/16/2051
b,f
108,778
640,000
5.100%,
10/16/2044
b,f
688,800
480,000
3.400%,
1/23/2050
b,f
495,600
Nomura
Holdings,
Inc.
200,000
2.172%,
7/14/2028
196,215
Omega
Healthcare
Investors,
Inc.
127,000
4.750%,
1/15/2028
140,119
130,000
3.375%,
2/1/2031
130,942
OneMain
Finance
Corporation
900,000
6.875%,
3/15/2025
1,001,250
185,000
3.500%,
1/15/2027
182,919
Owl
Rock
Capital
Corporation
132,000
4.250%,
1/15/2026
138,807
Owl
Rock
Technology
Finance
Corporation
68,000
4.750%,
12/15/2025
f
72,385
196,000
3.750%,
6/17/2026
f
201,889
Park
Intermediate
Holdings,
LLC
135,000
4.875%,
5/15/2029
f
138,037
PayPal
Holdings,
Inc.
193,000
1.650%,
6/1/2025
195,359
129,000
2.850%,
10/1/2029
135,764
Pebblebrook
Hotel
Trust,
Convertible
165,000
1.750%,
12/15/2026
181,690
PennyMac
Financial
Services,
Inc.
320,000
4.250%,
2/15/2029
f
307,648
Pine
Street
Trust
I
130,000
4.572%,
2/15/2029
f
146,695
Playtika
Holding
Corporation
245,000
4.250%,
3/15/2029
f
240,100
PNC
Bank
NA
130,000
2.700%,
10/22/2029
134,299
PNC
Financial
Services
Group,
Inc.
250,000
3.400%,
9/15/2026
b,h
246,060
Principal
Life
Global
Funding
II
197,000
1.250%,
8/16/2026
f
192,255
Provident
Financing
Trust
I
155,000
7.405%,
3/15/2038
189,100
Prudential
Financial,
Inc.
332,000
5.625%,
6/15/2043
b
345,449
786,000
5.200%,
3/15/2044
b
818,519
160,000
3.700%,
10/1/2050
b
161,854
Radian
Group,
Inc.
330,000
4.875%,
3/15/2027
354,111
Realty
Income
Corporation
132,000
4.875%,
6/1/2026
148,509
196,000
3.950%,
8/15/2027
217,317
Regions
Financial
Corporation
320,000
5.750%,
6/15/2025
b,h,j
350,400
Reinsurance
Group
of
America,
Inc.
212,000
4.700%,
9/15/2023
224,434
Rocket
Mortgage
Co-Issuer,
Inc.
310,000
3.625%,
3/1/2029
f
311,162
Royal
Bank
of
Canada
268,000
0.750%,
10/7/2024
265,283
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Financials
(6.7%)
-
continued
Santander
Holdings
USA,
Inc.
$
261,000
3.450%,
6/2/2025
$
273,826
Santander
UK
Group
Holdings
plc
262,000
1.673%,
6/14/2027
b
256,516
196,000
3.823%,
11/3/2028
b
210,368
Service
Properties
Trust
170,000
4.750%,
10/1/2026
165,326
96,000
4.950%,
2/15/2027
93,120
260,000
5.500%,
12/15/2027
266,833
Simon
Property
Group,
LP
206,000
2.000%,
9/13/2024
209,664
264,000
2.650%,
7/15/2030
268,942
Societe
Generale
SA
188,000
2.625%,
10/16/2024
f
193,115
320,000
8.000%,
9/29/2025
b,f,h
369,891
177,000
1.488%,
12/14/2026
b,f
172,388
Spirit
Realty,
LP
299,000
2.100%,
3/15/2028
291,017
Standard
Chartered
plc
223,000
1.319%,
10/14/2023
b,f
223,182
177,000
0.991%,
1/12/2025
b,f
175,001
230,000
6.000%,
7/26/2025
b,f,h
245,237
Starwood
Property
Trust,
Inc.,
Convertible
270,000
4.375%,
4/1/2023
282,663
State
Street
Corporation
157,000
2.354%,
11/1/2025
b
161,811
Sumitomo
Life
Insurance
Company
600,000
3.375%,
4/15/2081
b,f
627,000
Sumitomo
Mitsui
Financial
Group,
Inc.
141,000
2.784%,
7/12/2022
142,734
188,000
2.448%,
9/27/2024
193,347
196,000
3.544%,
1/17/2028
211,477
196,000
2.142%,
9/23/2030
188,336
Sumitomo
Mitsui
Trust
Bank,
Ltd.
149,000
1.050%,
9/12/2025
f
145,447
Summit
Hotel
Properties,
Inc.,
Convertible
235,000
1.500%,
2/15/2026
245,105
SVB
Financial
Group
420,000
4.000%,
5/15/2026
422,100
191,000
4.250%,
11/15/2026
b,h
193,674
Synchrony
Financial
160,000
4.250%,
8/15/2024
169,461
260,000
3.700%,
8/4/2026
276,110
Truist
Bank
134,000
2.250%,
3/11/2030
133,651
Truist
Financial
Corporation
370,000
4.950%,
9/1/2025
b,h
396,970
132,000
1.887%,
6/7/2029
b
129,980
70,000
5.100%,
3/1/2030
b,h
78,225
U.S.
Bancorp
85,000
3.700%,
1/15/2027
b,h
84,983
UBS
AG
235,000
5.125%,
5/15/2024
251,450
UBS
Group
AG
156,000
1.364%,
1/30/2027
b,f
152,478
UDR,
Inc.
267,000
3.000%,
8/15/2031
278,060
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
30
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Financials
(6.7%)
-
continued
United
Wholesale
Mortgage,
LLC
$
385,000
5.500%,
4/15/2029
f
$
377,781
USB
Realty
Corporation
664,000
1.271%,
(LIBOR
3M
+
1.147%),
1/15/2027
b,f,h
566,438
Ventas
Realty,
LP
163,000
3.750%,
5/1/2024
170,705
VICI
Properties,
LP
240,000
4.250%,
12/1/2026
f
249,953
140,000
3.750%,
2/15/2027
f
144,598
240,000
4.625%,
12/1/2029
f
255,414
Wells
Fargo
&
Company
325,000
4.125%,
8/15/2023
340,822
130,000
1.654%,
6/2/2024
b
131,100
311,000
2.406%,
10/30/2025
b
318,766
490,000
3.900%,
3/15/2026
b,h
503,475
226,000
2.188%,
4/30/2026
b
229,992
307,000
0.624%,
(LIBOR
3M
+
0.500%),
1/15/2027
b
297,636
261,000
3.584%,
5/22/2028
b
280,581
261,000
4.478%,
4/4/2031
b
303,208
Welltower,
Inc.
132,000
2.050%,
1/15/2029
129,911
196,000
2.800%,
6/1/2031
199,763
Westpac
Banking
Corporation
196,000
4.110%,
7/24/2034
b
211,523
Willis
North
America,
Inc.
261,000
4.500%,
9/15/2028
291,741
Total
87,125,171
Foreign
Government
(<0.1%)
Sinopec
Group
Overseas
Development
2018,
Ltd.
178,000
2.150%,
5/13/2025
f
180,697
Total
180,697
Mortgage-Backed
Securities
(22.4%)
Federal
National
Mortgage
Association
Conventional
15-Yr.
Pass
Through
71,800,000
2.000%,
1/1/2037
e
73,517,888
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
49,400,000
2.000%,
1/1/2052
e
49,247,793
85,150,000
2.500%,
1/1/2052
e
86,873,368
30,150,000
3.000%,
1/1/2048
e
31,234,293
Government
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
48,975,000
2.500%,
1/1/2052
e
50,153,406
Total
291,026,748
Technology
(1.6%)
Akamai
Technologies,
Inc.,
Convertible
217,000
0.125%,
5/1/2025
284,010
716,000
0.375%,
9/1/2027
837,290
Analog
Devices,
Inc.
68,000
2.100%,
10/1/2031
68,141
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Technology
(1.6%)
-
continued
Apple,
Inc.
$
392,000
2.200%,
9/11/2029
$
401,224
Baidu,
Inc.
184,000
3.075%,
4/7/2025
190,823
Black
Knight
InfoServ,
LLC
458,000
3.625%,
9/1/2028
f
457,400
Broadcom
Corporation
261,000
3.125%,
1/15/2025
272,634
196,000
3.875%,
1/15/2027
212,521
Broadcom,
Inc.
260,000
5.000%,
4/15/2030
302,698
CommScope
Technologies
Finance,
LLC
531,000
6.000%,
6/15/2025
f
531,000
CommScope,
Inc.
270,000
7.125%,
7/1/2028
f
265,275
Dell
International,
LLC
75,000
5.450%,
6/15/2023
79,117
196,000
5.850%,
7/15/2025
222,155
196,000
5.300%,
10/1/2029
229,750
Fiserv,
Inc.
207,000
2.750%,
7/1/2024
214,105
261,000
4.200%,
10/1/2028
292,587
Gartner,
Inc.
245,000
3.625%,
6/15/2029
f
247,707
415,000
3.750%,
10/1/2030
f
424,296
Global
Payments,
Inc.
82,000
2.650%,
2/15/2025
84,270
131,000
3.200%,
8/15/2029
136,444
Hewlett
Packard
Enterprise
Company
163,000
2.250%,
4/1/2023
165,476
InterDigital,
Inc.,
Convertible
126,000
2.000%,
6/1/2024
138,128
Intuit,
Inc.
149,000
0.950%,
7/15/2025
146,856
Iron
Mountain,
Inc.
80,000
4.875%,
9/15/2029
f
82,798
380,000
4.500%,
2/15/2031
f
384,062
Jabil,
Inc.
130,000
1.700%,
4/15/2026
129,645
Lumentum
Holdings,
Inc.,
Convertible
447,000
0.250%,
3/15/2024
793,984
Marvell
Technology,
Inc.
142,000
4.200%,
6/22/2023
147,532
132,000
2.950%,
4/15/2031
134,500
Microchip
Technology,
Inc.,
Convertible
205,000
1.625%,
2/15/2027
521,469
Micron
Technology,
Inc.
249,000
4.975%,
2/6/2026
276,465
MSCI,
Inc.
360,000
4.000%,
11/15/2029
f
376,200
NCR
Corporation
879,000
6.125%,
9/1/2029
f
939,337
NortonLifeLock,
Inc.,
Convertible
526,000
2.000%,
8/15/2022
f
678,277
Nuance
Communications,
Inc.,
Convertible
281,000
1.250%,
4/1/2025
792,083
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Technology
(1.6%)
-
continued
NVIDIA
Corporation
$
65,000
2.850%,
4/1/2030
$
69,039
NXP
Funding,
LLC
122,000
4.875%,
3/1/2024
f
131,053
72,000
2.700%,
5/1/2025
f
74,382
131,000
4.300%,
6/18/2029
f
146,763
Open
Text
Corporation
420,000
4.125%,
2/15/2030
f
432,600
Oracle
Corporation
326,000
2.500%,
4/1/2025
333,639
327,000
2.950%,
4/1/2030
330,717
Panasonic
Corporation
241,000
2.536%,
7/19/2022
f
242,912
Progress
Software
Corporation,
Convertible
66,000
1.000%,
4/15/2026
f
68,444
PTC,
Inc.
210,000
3.625%,
2/15/2025
f
212,888
215,000
4.000%,
2/15/2028
f
218,763
Qorvo,
Inc.
385,000
3.375%,
4/1/2031
f
391,907
Rackspace
Technology
Global,
Inc.
365,000
5.375%,
12/1/2028
f,j
355,875
Salesforce.com,
Inc.
133,000
1.950%,
7/15/2031
131,755
Seagate
HDD
Cayman
156,000
4.250%,
3/1/2022
156,156
661,000
3.125%,
7/15/2029
645,463
560,000
3.375%,
7/15/2031
544,947
Sensata
Technologies,
Inc.
615,000
3.750%,
2/15/2031
f
612,817
Shift4
Payments,
LLC
140,000
4.625%,
11/1/2026
f
145,041
SS&C
Technologies,
Inc.
910,000
5.500%,
9/30/2027
f
950,950
Switch,
Ltd.
410,000
3.750%,
9/15/2028
f
413,075
Tencent
Holdings,
Ltd.
157,000
2.880%,
4/22/2031
f,j
159,800
Teradyne,
Inc.,
Convertible
91,000
1.250%,
12/15/2023
470,698
Verint
Systems,
Inc.,
Convertible
188,000
0.250%,
4/15/2026
f
200,107
Viavi
Solutions,
Inc.
306,000
3.750%,
10/1/2029
f
305,985
Viavi
Solutions,
Inc.,
Convertible
69,000
1.000%,
3/1/2024
97,721
Vishay
Intertechnology,
Inc.,
Convertible
383,000
2.250%,
6/15/2025
395,945
VMware,
Inc.
262,000
1.400%,
8/15/2026
257,489
92,000
2.200%,
8/15/2031
90,362
Ziff
Davis,
Inc.,
Convertible
551,000
1.750%,
11/1/2026
f
680,905
Total
20,728,457
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Transportation
(0.7%)
AerCap
Holdings
NV
$
300,000
5.875%,
10/10/2079
b
$
310,500
Air
Canada
90,000
3.875%,
8/15/2026
f
91,800
Air
Lease
Corporation
152,000
2.300%,
2/1/2025
154,088
131,000
3.125%,
12/1/2030
133,669
Air
Transport
Services
Group,
Inc.,
Convertible
238,000
1.125%,
10/15/2024
264,775
American
Airlines,
Inc.
472,000
11.750%,
7/15/2025
f
582,330
871,000
5.500%,
4/20/2026
f
905,731
90,000
5.750%,
4/20/2029
f
96,185
Aon
Corporation
133,000
2.600%,
12/2/2031
135,313
Avis
Budget
Car
Rental,
LLC
320,000
5.375%,
3/1/2029
f,j
337,542
Canadian
Pacific
Railway
Company
267,000
1.750%,
12/2/2026
267,964
134,000
2.450%,
12/2/2031
136,624
CSX
Corporation
131,000
4.250%,
3/15/2029
147,277
Delta
Air
Lines,
Inc.
294,000
7.000%,
5/1/2025
f
336,162
297,635
4.500%,
10/20/2025
f
312,818
264,000
4.750%,
10/20/2028
f
288,283
Greenbrier
Companies,
Inc.,
Convertible
188,000
2.875%,
4/15/2028
f
204,920
Hertz
Corporation
262,000
4.625%,
12/1/2026
f
263,637
314,000
5.000%,
12/1/2029
f
314,268
J.B.
Hunt
Transport
Services,
Inc.
95,000
3.300%,
8/15/2022
96,138
JetBlue
Airways
Corporation,
Convertible
495,000
0.500%,
4/1/2026
f
461,448
Meritor,
Inc.,
Convertible
524,000
3.250%,
10/15/2037
570,531
Mileage
Plus
Holdings,
LLC
335,000
6.500%,
6/20/2027
f
357,613
Penske
Truck
Leasing
Company,
LP
148,000
1.200%,
11/15/2025
f
144,194
128,000
1.700%,
6/15/2026
f
126,527
Southwest
Airlines
Company
133,000
5.125%,
6/15/2027
152,049
130,000
2.625%,
2/10/2030
129,808
Southwest
Airlines
Company,
Convertible
653,000
1.250%,
5/1/2025
870,449
Union
Pacific
Corporation
165,000
3.750%,
7/15/2025
178,242
131,000
2.150%,
2/5/2027
134,314
United
Airlines
Pass
Through
Trust
90,000
3.700%,
12/1/2022
91,599
United
Airlines,
Inc.
490,000
4.375%,
4/15/2026
f
510,940
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
32
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Transportation
(0.7%)
-
continued
$
410,000
4.625%,
4/15/2029
f
$
422,813
Total
9,530,551
U.S.
Government
&
Agencies
(2.2%)
U.S.
Treasury
Bonds
1,290,000
1.125%,
2/15/2031
1,251,955
U.S.
Treasury
Notes
4,330,000
0.125%,
2/28/2023
4,312,240
3,190,000
0.125%,
4/30/2023
3,172,929
5,100,000
0.125%,
2/15/2024
5,033,461
5,550,000
0.500%,
3/31/2025
5,457,861
5,260,000
0.500%,
2/28/2026
5,110,624
1,780,000
0.500%,
4/30/2027
1,707,409
2,410,000
1.125%,
2/29/2028
2,374,980
Total
28,421,459
Utilities
(1.1%)
AES
Corporation
210,000
3.950%,
7/15/2030
f
223,734
Ameren
Corporation
132,000
1.750%,
3/15/2028
127,560
American
Electric
Power
Company,
Inc.
300,000
3.875%,
2/15/2062
b
304,555
131,000
2.300%,
3/1/2030
127,715
Berkshire
Hathaway
Energy
Company
181,000
4.050%,
4/15/2025
195,827
Calpine
Corporation
590,000
4.500%,
2/15/2028
f
612,125
CenterPoint
Energy,
Inc.
164,000
2.500%,
9/1/2024
168,537
198,000
1.450%,
6/1/2026
194,245
197,000
2.650%,
6/1/2031
199,670
Dominion
Energy,
Inc.
163,000
3.071%,
8/15/2024
168,721
495,000
4.650%,
12/15/2024
b,h
516,037
270,000
4.350%,
1/15/2027
b,h
278,775
130,000
3.375%,
4/1/2030
137,958
Duke
Energy
Corporation
240,000
3.250%,
1/15/2082
b
233,928
150,000
4.875%,
9/16/2024
b,h
155,625
260,000
3.150%,
8/15/2027
273,474
131,000
2.450%,
6/1/2030
130,058
Edison
International
157,000
4.950%,
4/15/2025
170,747
240,000
5.000%,
12/15/2026
b,h
245,232
Enel
Finance
International
NV
260,000
1.375%,
7/12/2026
f
253,193
Energy
Transfer,
LP
290,000
6.500%,
11/15/2026
b,h
295,075
Entergy
Corporation
149,000
0.900%,
9/15/2025
144,311
130,000
1.900%,
6/15/2028
127,378
Evergy,
Inc.
162,000
2.450%,
9/15/2024
166,145
Exelon
Corporation
130,000
4.050%,
4/15/2030
144,438
FirstEnergy
Corporation
214,000
3.350%,
7/15/2022
214,663
Principal
Amount
Long-Term
Fixed
Income
(55.6%)
Value
Utilities
(1.1%)
-
continued
Georgia
Power
Company
$
94,000
2.100%,
7/30/2023
$
95,653
Jersey
Central
Power
&
Light
Company
66,000
2.750%,
3/1/2032
f
66,885
NextEra
Energy
Capital
Holdings,
Inc.
235,000
3.800%,
3/15/2082
b
239,074
130,000
2.250%,
6/1/2030
129,218
NextEra
Energy
Operating
Partners,
LP
550,000
3.875%,
10/15/2026
f
582,450
NextEra
Energy
Partners,
LP,
Convertible
730,000
Zero
Coupon,
11/15/2025
f
831,835
NiSource,
Inc.
300,000
5.650%,
6/15/2023
b,h
308,250
130,000
2.950%,
9/1/2029
134,721
NRG
Energy,
Inc.
148,000
2.000%,
12/2/2025
f
148,939
580,000
3.375%,
2/15/2029
f
568,342
185,000
5.250%,
6/15/2029
f
198,206
NRG
Energy,
Inc.,
Convertible
351,000
2.750%,
6/1/2048
416,391
Pacific
Gas
and
Electric
Company
196,000
3.750%,
2/15/2024
203,229
196,000
2.100%,
8/1/2027
189,227
272,000
4.550%,
7/1/2030
294,086
PG&E
Corporation
374,000
5.000%,
7/1/2028
393,381
Public
Service
Enterprise
Group,
Inc.
131,000
1.600%,
8/15/2030
121,428
Sempra
Energy
320,000
4.875%,
10/15/2025
b,h
342,650
196,000
3.400%,
2/1/2028
208,645
Southern
Company
469,000
4.000%,
1/15/2051
b
479,552
432,000
3.750%,
9/15/2051
b
432,000
Suburban
Propane
Partners,
LP
500,000
5.875%,
3/1/2027
516,250
TerraForm
Power
Operating,
LLC
520,000
5.000%,
1/31/2028
f
550,784
TransCanada
Trust
600,000
5.875%,
8/15/2076
b
655,500
Vistra
Operations
Company,
LLC
500,000
5.000%,
7/31/2027
f
518,910
Xcel
Energy,
Inc.
131,000
4.000%,
6/15/2028
144,351
Total
14,579,683
Total
Long-Term
Fixed
Income
(cost
$717,157,013)
724,255,210
Shares
Common
Stock
(
16.2%
)
Value
Communications
Services
(1.3%)
1,537
Alphabet,
Inc.,
Class
A
k
4,452,751
474
Alphabet,
Inc.,
Class
C
k
1,371,562
48,683
AT&T,
Inc.
1,197,602
101
Cable
One,
Inc.
178,108
1,370
Charter
Communications,
Inc.
k
893,199
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Shares
Common
Stock
(16.2%)
Value
Communications
Services
(1.3%)
-
continued
30,168
Comcast
Corporation
$
1,518,355
9,027
Discovery,
Inc.,
Class
A
j,k
212,496
9,519
DISH
Network
Corporation
k
308,796
2,485
Electronic
Arts,
Inc.
327,772
4,670
Live
Nation
Entertainment,
Inc.
k
558,952
1,509
Match
Group,
Inc.
k
199,565
7,036
Meta
Platforms,
Inc.
k
2,366,559
19,728
QuinStreet,
Inc.
k
358,852
1,289
RingCentral,
Inc.
k
241,494
24,031
Twitter,
Inc.
k
1,038,620
22,466
Verizon
Communications,
Inc.
1,167,333
1,723
ViacomCBS,
Inc.
52,000
152
Walt
Disney
Company
k
23,543
4,897
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
c,k
93,043
Total
16,560,602
Consumer
Discretionary
(1.8%)
1,122
Amazon.com,
Inc.
k
3,741,129
8,643
Aptiv
plc
k
1,425,663
235
AutoZone,
Inc.
k
492,652
1,913
Bloomin'
Brands,
Inc.
k
40,135
350
Booking
Holdings,
Inc.
k
839,731
4,011
Caesars
Entertainment,
Inc.
k
375,149
1,236
Carvana
Company
k
286,492
6,608
Cedar
Fair,
LP
k
330,796
210
Chewy,
Inc.
k
12,384
695
Chipotle
Mexican
Grill,
Inc.
k
1,215,034
3,597
Cimpress
plc
k
257,581
12,188
Clarus
Corporation
337,851
12,745
Cooper-Standard
Holdings,
Inc.
k
285,615
3,632
D.R.
Horton,
Inc.
393,890
1,498
Darden
Restaurants,
Inc.
225,659
881
Emerald
Holding,
Inc.
k
3,498
20,567
Everi
Holdings,
Inc.
k
439,105
2,722
Expedia
Group,
Inc.
k
491,920
21,530
Ford
Motor
Company
447,178
344
Garmin,
Ltd.
46,842
9,300
Harley-Davidson,
Inc.
350,517
2,238
Home
Depot,
Inc.
928,792
8,867
Leggett
&
Platt,
Inc.
364,966
15,185
Libbey,
Inc.
c,k
151,850
5,099
Lowe's
Companies,
Inc.
1,317,990
1,826
Lululemon
Athletica,
Inc.
k
714,788
1,605
McDonald's
Corporation
430,252
6,333
Miller
Industries,
Inc.
211,522
1,019
Mohawk
Industries,
Inc.
k
185,641
847
NIKE,
Inc.
141,170
168
NVR,
Inc.
k
992,690
6,048
Penn
National
Gaming,
Inc.
k
313,589
577
RH
k
309,237
3,761
Ross
Stores,
Inc.
429,807
3,724
Sleep
Number
Corporation
k
285,258
5,463
Sony
Group
Corporation
ADR
690,523
8,549
Stoneridge,
Inc.
k
168,757
1,406
Target
Corporation
325,405
1,964
Tesla,
Inc.
k
2,075,516
17,242
ThredUp,
Inc.
k
220,008
13,189
Under
Armour,
Inc.,
Class
C
k
237,930
388
Vail
Resorts,
Inc.
127,225
6,134
Zumiez,
Inc.
k
294,371
Total
22,956,108
Shares
Common
Stock
(16.2%)
Value
Consumer
Staples
(0.7%)
4,665
BJ's
Wholesale
Club
Holdings,
Inc.
k
$
312,415
5,682
Bunge,
Ltd.
530,472
2,672
Colgate-Palmolive
Company
228,029
1,350
Costco
Wholesale
Corporation
766,395
11,341
Hain
Celestial
Group,
Inc.
k
483,240
2,095
John
B.
Sanfilippo
&
Son,
Inc.
188,885
1,525
Kimberly-Clark
Corporation
217,953
12,646
Lamb
Weston
Holdings,
Inc.
801,503
3,737
Monster
Beverage
Corporation
k
358,901
134
PepsiCo,
Inc.
23,277
15,104
Philip
Morris
International,
Inc.
1,434,880
25,621
Primo
Water
Corporation
451,698
2,515
Procter
&
Gamble
Company
411,404
4,549
Sysco
Corporation
357,324
8,074
Turning
Point
Brands,
Inc.
305,036
12,074
Walmart,
Inc.
1,746,987
Total
8,618,399
Energy
(0.5%)
15,165
APA
Corporation
407,787
12,721
BP
plc
ADR
338,760
5,853
Cheniere
Energy,
Inc.
593,611
1,030
Chevron
Corporation
120,871
7,620
ConocoPhillips
550,012
30,686
Devon
Energy
Corporation
1,351,718
21
Diamondback
Energy,
Inc.
2,265
20,731
Enterprise
Products
Partners,
LP
455,253
2,778
EOG
Resources,
Inc.
246,770
3,787
EQT
Corporation
k
82,594
1,028
Exxon
Mobil
Corporation
62,903
7,981
Halliburton
Company
182,525
14,153
Helmerich
&
Payne,
Inc.
335,426
2,650
Kinder
Morgan,
Inc.
42,029
7,634
Marathon
Oil
Corporation
125,350
4,472
Marathon
Petroleum
Corporation
286,163
950
MPLX,
LP
28,111
6,871
Pioneer
Natural
Resources
Company
1,249,697
920
TC
Energy
Corporation
42,817
4,179
Valero
Energy
Corporation
313,885
337
Vantage
Drilling
International
k
1,938
1,200
Williams
Companies,
Inc.
31,248
Total
6,851,733
Financials
(2.4%)
8,139
Air
Lease
Corporation
359,988
13,117
Ally
Financial,
Inc.
624,500
3,309
American
Express
Company
541,352
15,279
Arch
Capital
Group,
Ltd.
k
679,152
11,088
Ares
Capital
Corporation
234,955
16,351
Assured
Guaranty,
Ltd.
820,820
38,077
Bank
of
America
Corporation
1,694,046
151
Bank
of
Marin
Bancorp
5,622
6,919
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
263,683
1,764
Berkshire
Hathaway,
Inc.
k
527,436
8,000
BlackRock
TCP
Capital
Corporation
108,080
807
BlackRock,
Inc.
738,857
8,028
Blackstone
Mortgage
Trust,
Inc.
245,817
16,006
Bridgewater
Bancshares,
Inc.
k
283,146
13,003
Byline
Bancorp,
Inc.
355,632
2,834
Capital
One
Financial
Corporation
411,185
548
Cboe
Global
Markets,
Inc.
71,459
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
Shares
Common
Stock
(16.2%)
Value
Financials
(2.4%)
-
continued
462
Central
Pacific
Financial
Corporation
$
13,015
18,495
Charles
Schwab
Corporation
1,555,429
3,685
Chubb,
Ltd.
712,347
10,505
Citigroup,
Inc.
634,397
3,530
Citizens
Financial
Group,
Inc.
166,792
2,748
Coinbase
Global,
Inc.
j,k
693,513
14,550
Columbia
Banking
System,
Inc.
476,076
5,206
Comerica,
Inc.
452,922
925
Community
Trust
Bancorp,
Inc.
40,339
813
Customers
Bancorp,
Inc.
k
53,146
52
Dime
Community
Bancshares,
Inc.
1,828
2,522
Discover
Financial
Services
291,442
1,643
Ellington
Residential
Mortgage
REIT
17,071
7,121
Enterprise
Financial
Services
Corporation
335,328
24,011
Equitable
Holdings,
Inc.
787,321
81
Essent
Group,
Ltd.
3,688
267
Financial
Institutions,
Inc.
8,491
209
First
Mid-Illinois
Bancshares,
Inc.
8,943
2,084
First
Republic
Bank
430,367
213
Flushing
Financial
Corporation
5,176
5,652
FS
KKR
Capital
Corporation
118,353
754
Fulton
Financial
Corporation
12,818
3,938
Glacier
Bancorp,
Inc.
223,285
5,850
Golub
Capital
BDC,
Inc.
90,324
1,056
Great
Southern
Bancorp,
Inc.
62,568
99
Hancock
Whitney
Corporation
4,952
1,961
Hanmi
Financial
Corporation
46,436
590
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
31,341
12,318
Heartland
Financial
USA,
Inc.
623,414
329
HomeStreet,
Inc.
17,108
765
Hometrust
Bancshares,
Inc.
23,700
12,291
Hope
Bancorp,
Inc.
180,801
2,401
Houlihan
Lokey,
Inc.
248,552
404
Independent
Bank
Corporation
9,643
7,641
J.P.
Morgan
Chase
&
Company
1,209,952
2,803
Kinsale
Capital
Group,
Inc.
666,806
16,746
KKR
&
Company,
Inc.
1,247,577
2,824
M&T
Bank
Corporation
433,710
2,392
Marsh
&
McLennan
Companies,
Inc.
415,777
2,141
MetLife,
Inc.
133,791
2,268
MidWestOne
Financial
Group,
Inc.
73,415
1,882
Moody's
Corporation
735,072
8,624
Morgan
Stanley
846,532
386
OceanFirst
Financial
Corporation
8,569
148
Peapack-Gladstone
Financial
Corporation
5,239
626
Popular,
Inc.
51,357
2,591
Primerica,
Inc.
397,123
15,427
Radian
Group,
Inc.
325,973
7,799
Raymond
James
Financial,
Inc.
783,020
3,600
S&P
Global,
Inc.
1,698,948
9,286
Seacoast
Banking
Corporation
of
Florida
328,632
1,668
Selective
Insurance
Group,
Inc.
136,676
3,401
Sixth
Street
Specialty
Lending,
Inc.
79,549
6,633
Starwood
Property
Trust,
Inc.
161,182
6,041
State
Street
Corporation
561,813
6,859
Synovus
Financial
Corporation
328,340
3,799
Texas
Capital
Bancshares,
Inc.
k
228,890
5,053
Triumph
Bancorp,
Inc.
k
601,711
Shares
Common
Stock
(16.2%)
Value
Financials
(2.4%)
-
continued
8,919
Truist
Financial
Corporation
$
522,207
456
TrustCo
Bank
Corporation
NY
15,189
28,570
Wells
Fargo
&
Company
1,370,789
8,282
Western
Alliance
Bancorp
891,557
13,540
Zions
Bancorporation
NA
855,186
990
Zurich
Insurance
Group
AG
433,698
Total
31,894,936
Health
Care
(2.0%)
987
Abbott
Laboratories
138,910
4,152
AbbVie,
Inc.
562,181
2,553
Agilent
Technologies,
Inc.
407,587
602
Align
Technology,
Inc.
k
395,622
3,621
Amgen,
Inc.
814,616
4,900
Anthem,
Inc.
2,271,346
3,184
Baxter
International,
Inc.
273,315
1,268
Becton,
Dickinson
and
Company
318,877
1,622
Biogen,
Inc.
k
389,150
2,977
Biohaven
Pharmaceutical
Holding
Company,
Ltd.
k
410,260
814
Bio-Techne
Corporation
421,115
1,933
Boston
Scientific
Corporation
k
82,114
271
Bristol-Myers
Squibb
Company
16,897
4,853
Centene
Corporation
k
399,887
2,340
Cigna
Holding
Company
537,334
3,615
CVS
Health
Corporation
372,924
8,540
Danaher
Corporation
2,809,745
689
DexCom,
Inc.
k
369,959
7,320
Edwards
Lifesciences
Corporation
k
948,306
8,142
Gilead
Sciences,
Inc.
591,191
6,000
GlaxoSmithKline
plc
ADR
264,600
8,677
Halozyme
Therapeutics,
Inc.
k
348,902
2,259
HCA
Healthcare,
Inc.
580,382
272
Henry
Schein,
Inc.
k
21,088
742
Illumina,
Inc.
k
282,287
1,778
Insulet
Corporation
k
473,073
2,036
Intuitive
Surgical,
Inc.
k
731,535
12,784
Ionis
Pharmaceuticals,
Inc.
k
389,017
1,237
IQVIA
Holding,
Inc.
k
349,007
8,906
Johnson
&
Johnson
1,523,550
18,201
Lantheus
Holdings,
Inc.
k
525,827
10,482
Medtronic
plc
1,084,363
14,669
Merck
&
Company,
Inc.
1,124,232
3,687
Novo
Nordisk
AS
ADR
412,944
9,081
NuVasive,
Inc.
k
476,571
5,915
Progyny,
Inc.
k
297,820
143
Regeneron
Pharmaceuticals,
Inc.
k
90,307
2,710
Stryker
Corporation
724,708
9,937
Syneos
Health,
Inc.
k
1,020,331
2,200
Teladoc
Health,
Inc.
k
202,004
997
Thermo
Fisher
Scientific,
Inc.
665,238
1,424
UnitedHealth
Group,
Inc.
715,047
30,188
Viemed
Healthcare,
Inc.
k
157,581
2,749
Zimmer
Biomet
Holdings,
Inc.
349,233
4,825
Zoetis,
Inc.
1,177,445
Total
26,518,428
Industrials
(2.0%)
4,875
Advanced
Drainage
Systems,
Inc.
663,634
8,660
Aerojet
Rocketdyne
Holdings,
Inc.
404,942
3,636
AMETEK,
Inc.
534,637
3,422
ASGN,
Inc.
k
422,275
17,437
Badger
Infrastructure
Solutions,
Ltd.
438,217
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
Shares
Common
Stock
(16.2%)
Value
Industrials
(2.0%)
-
continued
1,373
Canadian
Pacific
Railway,
Ltd.
$
98,774
2,276
Carlisle
Companies,
Inc.
564,721
213
Caterpillar,
Inc.
44,036
4,387
Chart
Industries,
Inc.
k
699,683
8,127
Crane
Company
826,760
11,134
CSX
Corporation
418,638
3,238
Curtiss-Wright
Corporation
449,013
342
Deere
&
Company
117,268
12,276
Delta
Air
Lines,
Inc.
k
479,746
22,061
Dun
&
Bradstreet
Holdings,
Inc.
k
452,030
3,007
Emerson
Electric
Company
279,561
9,055
Fluor
Corporation
k
224,292
4,645
Fortive
Corporation
354,367
4,083
Forward
Air
Corporation
494,411
4,100
General
Dynamics
Corporation
854,727
117
Gorman-Rupp
Company
5,212
3,680
Greenbrier
Companies,
Inc.
168,875
2,885
Helios
Technologies,
Inc.
303,415
3,652
Honeywell
International,
Inc.
761,479
13,720
Howmet
Aerospace,
Inc.
436,708
1,589
IDEX
Corporation
375,513
976
Illinois
Tool
Works,
Inc.
240,877
3,450
JetBlue
Airways
Corporation
k
49,128
7,153
Johnson
Controls
International
plc
581,610
2,837
Kaman
Corporation
122,417
2,255
L3Harris
Technologies,
Inc.
480,856
2,891
Lincoln
Electric
Holdings,
Inc.
403,208
905
Linde
plc
313,519
1,042
Lockheed
Martin
Corporation
370,337
4,813
ManpowerGroup,
Inc.
468,449
13,539
Meritor,
Inc.
k
335,496
1,917
Middleby
Corporation
k
377,189
8,118
NAPCO
Security
Technologies,
Inc.
k
405,738
1,848
Norfolk
Southern
Corporation
550,168
7,345
Nutrien,
Ltd.
552,344
2,162
Old
Dominion
Freight
Line,
Inc.
774,818
1,793
Parker-Hannifin
Corporation
570,389
2,338
Patrick
Industries,
Inc.
188,653
5,436
Quanta
Services,
Inc.
623,292
4,582
Raytheon
Technologies
Corporation
394,327
3,707
Regal
Rexnord
Corporation
630,857
10,991
Southwest
Airlines
Company
k
470,854
9,832
Sun
Country
Airlines
Holdings,
Inc.
k
267,922
503
Teledyne
Technologies,
Inc.
k
219,756
710
Tennant
Company
57,538
6,477
Timken
Company
448,791
17,398
Uber
Technologies,
Inc.
k
729,498
3,761
Union
Pacific
Corporation
947,509
4,459
United
Parcel
Service,
Inc.
955,742
3,825
United
Rentals,
Inc.
k
1,271,009
15,933
US
Ecology,
Inc.
k
508,900
2,637
WESCO
International,
Inc.
k
347,003
Total
25,531,128
Information
Technology
(4.0%)
1,405
Accenture
plc
582,443
2,193
Adobe,
Inc.
k
1,243,563
2,245
Advanced
Energy
Industries,
Inc.
204,430
2,104
Advanced
Micro
Devices,
Inc.
k
302,766
6,696
Agilysys,
Inc.
k
297,704
496
Akamai
Technologies,
Inc.
k
58,052
4,971
Alliance
Data
Systems
Corporation
330,919
Shares
Common
Stock
(16.2%)
Value
Information
Technology
(4.0%)
-
continued
4,125
Amphenol
Corporation
$
360,772
1,490
ANSYS,
Inc.
k
597,669
35,645
Apple,
Inc.
6,329,483
4,236
AppLovin
Corporation
j,k
399,285
603
Autodesk,
Inc.
k
169,558
278
Automatic
Data
Processing,
Inc.
68,549
4,561
Axcelis
Technologies,
Inc.
k
340,068
4,208
BigCommerce
Holdings,
Inc.
k
148,837
2,492
Bill.com
Holdings,
Inc.
k
620,882
10,010
Block,
Inc.
k
1,616,715
4,206
Broadcom,
Inc.
2,798,714
257
Broadridge
Financial
Solutions,
Inc.
46,985
246
CACI
International,
Inc.
k
66,226
1,049
Cadence
Design
Systems,
Inc.
k
195,481
9,213
Calix,
Inc.
k
736,764
11,427
Ciena
Corporation
k
879,536
23,158
Cisco
Systems,
Inc.
1,467,522
4,680
Computer
Services,
Inc.
248,976
2,704
Dolby
Laboratories,
Inc.
257,475
14,773
Dropbox,
Inc.
k
362,529
522
Euronet
Worldwide,
Inc.
k
62,207
1,989
Fidelity
National
Information
Services,
Inc.
217,099
837
FLEETCOR
Technologies,
Inc.
k
187,354
22,408
Gilat
Satellite
Networks,
Ltd.
158,425
4,110
II-VI,
Inc.
k
280,836
2,213
Intel
Corporation
113,969
1,052
KLA-Tencor
Corporation
452,476
13,194
Knowles
Corporation
k
308,080
798
Lam
Research
Corporation
573,882
1,031
Littelfuse,
Inc.
324,435
3,576
Lumentum
Holdings,
Inc.
k
378,233
5,477
Mastercard,
Inc.
1,967,996
10,412
Microchip
Technology,
Inc.
906,469
25,207
Microsoft
Corporation
8,477,618
7,260
National
Instruments
Corporation
317,044
1,885
NICE,
Ltd.
ADR
k
572,286
3,508
NortonLifeLock,
Inc.
91,138
7,566
NVIDIA
Corporation
2,225,236
25,541
ON
Semiconductor
Corporation
k
1,734,745
5,437
PayPal
Holdings,
Inc.
k
1,025,309
189
Pinterest,
Inc.
k
6,870
8,747
QUALCOMM,
Inc.
1,599,564
32,891
Sabre
Corporation
k
282,534
5,061
Salesforce.com,
Inc.
k
1,286,152
12,760
Samsung
Electronics
Company,
Ltd.
838,013
1,690
ServiceNow,
Inc.
k
1,096,996
21,546
Sonos,
Inc.
k
642,071
4,693
SunPower
Corporation
k
97,943
561
TE
Connectivity,
Ltd.
90,512
26,425
Telefonaktiebolaget
LM
Ericsson
ADR
287,240
1,401
Teradyne,
Inc.
229,106
7,659
Texas
Instruments,
Inc.
1,443,492
5,250
Trimble,
Inc.
k
457,747
3,590
TTEC
Holdings,
Inc.
325,074
45,002
TTM
Technologies,
Inc.
k
670,530
1,018
VMware,
Inc.
117,966
3,211
Western
Digital
Corporation
k
209,389
3,227
Workiva,
Inc.
k
421,091
2,374
Ziff
Davis,
Inc.
k
263,182
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
Shares
Common
Stock
(16.2%)
Value
Information
Technology
(4.0%)
-
continued
1,484
Zoom
Video
Communications,
Inc.
k
$
272,922
Total
51,745,134
Materials
(0.5%)
8,439
Ashland
Global
Holdings,
Inc.
908,543
11,169
Axalta
Coating
Systems,
Ltd.
k
369,917
5,249
Ball
Corporation
505,321
9,979
Carpenter
Technology
Corporation
291,287
9,256
CF
Industries
Holdings,
Inc.
655,140
1,736
Crown
Holdings,
Inc.
192,036
2,841
Eastman
Chemical
Company
343,505
6,333
Ingevity
Corporation
k
454,076
38,495
Ivanhoe
Mines,
Ltd.
k
314,059
2,735
LyondellBasell
Industries
NV
252,249
3,874
Nucor
Corporation
442,217
1,560
Sherwin-Williams
Company
549,370
8,661
Steel
Dynamics,
Inc.
537,588
5,409
UFP
Technologies,
Inc.
k
380,036
2,628
United
States
Lime
&
Minerals,
Inc.
339,065
Total
6,534,409
Real
Estate
(0.6%)
4,059
Agree
Realty
Corporation
289,650
2,523
Alexandria
Real
Estate
Equities,
Inc.
562,528
13,561
American
Campus
Communities,
Inc.
776,910
1,190
AvalonBay
Communities,
Inc.
300,582
3,678
Camden
Property
Trust
657,185
3,072
CBRE
Group,
Inc.
k
333,343
2,057
Colliers
International
Group,
Inc.
305,773
217
CubeSmart
12,349
2,563
Digital
Realty
Trust,
Inc.
453,318
8,342
Duke
Realty
Corporation
547,569
6,672
Essential
Properties
Realty
Trust,
Inc.
192,354
3,150
Healthcare
Realty
Trust,
Inc.
99,666
20,253
Host
Hotels
&
Resorts,
Inc.
k
352,200
13,430
Independence
Realty
Trust,
Inc.
346,897
4,566
iStar,
Inc.
117,940
17,968
LXP
Industrial
Trust
280,660
2,482
MGIC
Investment
Corporation
35,790
14,272
National
Storage
Affiliates
Trust
987,622
1,633
Public
Storage,
Inc.
611,657
3,829
Rayonier,
Inc.
REIT
154,538
Total
7,418,531
Utilities
(0.4%)
8,708
Alliant
Energy
Corporation
535,281
930
American
Electric
Power
Company,
Inc.
82,742
17,811
CenterPoint
Energy,
Inc.
497,105
4,556
Duke
Energy
Corporation
477,924
9,170
Entergy
Corporation
1,033,001
1,277
Essential
Utilities,
Inc.
68,562
10,685
Exelon
Corporation
617,166
1,520
NextEra
Energy
Partners,
LP
128,288
2,747
NextEra
Energy,
Inc.
256,460
10,697
NiSource,
Inc.
295,344
2,106
NorthWestern
Corporation
120,379
3,730
NRG
Energy,
Inc.
160,688
4,360
Portland
General
Electric
Company
230,731
6,628
Sempra
Energy
876,752
Shares
Common
Stock
(16.2%)
Value
Utilities
(0.4%)
-
continued
1,686
Southern
Company
$
115,626
2,904
Spire,
Inc.
189,399
Total
5,685,448
Total
Common
Stock
(cost
$138,485,307)
210,314,856
Shares
Registered
Investment
Companies
(
15.1%
)
Value
Unaffiliated (3.8%)
72,022
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
275,124
34,650
AllianceBernstein
Global
High
Income
Fund,
Inc.
420,304
51,059
Allspring
Income
Opportunities
Fund
467,700
20,404
BlackRock
Core
Bond
Trust
336,870
21,597
BlackRock
Corporate
High
Yield
Fund,
Inc.
266,507
28,697
BlackRock
Credit
Allocation
Income
Trust
431,890
24,965
BlackRock
Enhanced
Global
Dividend
Trust
304,074
22,659
BlackRock
Multi-Sector
Income
Trust
411,034
5,400
Blackstone
Strategic
Credit
Fund
j
72,846
5,400
Brookfield
Real
Assets
Income
Fund,
Inc.
113,994
32,423
Eaton
Vance
Limited
Duration
Income
Fund
424,741
8,410
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
89,735
9,060
First
Trust
High
Income
Long/Short
Fund
141,245
22,777
Invesco
Dynamic
Credit
Opportunities
Fund
c
268,962
23,214
Invesco
Senior
Loan
ETF
513,029
39,000
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
j
1,537,770
64,350
Nuveen
Credit
Strategies
Income
Fund
417,632
4,750
Nuveen
Preferred
Income
Opportunities
Fund
46,360
4,800
Nuveen
Quality
Preferred
Income
Fund
II
46,656
28,337
PGIM
Global
High
Yield
Fund,
Inc.
427,605
27,034
PGIM
High
Yield
Bond
Fund,
Inc.
433,896
6,527
Pimco
Dynamic
Income
Fund
169,115
541,040
SPDR
Blackstone
Senior
Loan
ETF
24,687,655
35,322
SPDR
Bloomberg
High
Yield
Bond
ETF
j
3,834,910
214,165
SPDR
Bloomberg
Short
Term
High
Yield
Bond
ETF
5,814,580
1,924
SPDR
S&P
Biotech
ETF
215,411
4,517
Tri-Continental
Corporation
149,919
33,550
Vanguard
Intermediate-Term
Corporate
Bond
ETF
3,112,098
40,325
Vanguard
Short-Term
Corporate
Bond
ETF
j
3,276,810
17,945
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
288,197
33,384
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
207,314
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
37
Shares
Registered
Investment
Companies
(15.1%)
Value
Unaffiliated (3.8%)-
continued
48,863
Western
Asset
High
Income
Opportunity
Fund,
Inc.
$
254,088
Total
49,458,071
Affiliated (11.3%)
11,248,581
Thrivent
Core
Emerging
Markets
Debt
Fund
107,986,380
3,626,025
Thrivent
Core
International
Equity
Fund
39,523,677
Total
147,510,057
Total
Registered
Investment
Companies
(cost
$192,774,442)
196,968,128
Shares
Preferred
Stock
(
1.5%
)
Value
Communications
Services
(0.1%)
35,275
AT&T,
Inc.,
4.750%
h
926,321
15,250
Telephone
and
Data
Systems,
Inc.,
6.000%
h
405,650
5,017
ViacomCBS,
Inc.,
Convertible,
5.750%
251,954
Total
1,583,925
Consumer
Staples
(<0.1%)
5,650
CHS,
Inc.,
6.750%
b,h
156,731
Total
156,731
Energy
(0.1%)
38,460
Crestwood
Equity
Partners,
LP,
9.250%
h
378,446
6,975
Energy
Transfer,
LP,
7.600%
b,h
176,816
6,317
NuStar
Logistics,
LP,
6.860%
b
159,315
Total
714,577
Financials
(0.7%)
10,000
Aegon
Funding
Corporation
II,
5.100%
267,900
20,000
Allstate
Corporation,
5.100%
h
542,400
15,000
Bank
of
America
Corporation,
4.250%
h,k
380,550
7,750
Bank
of
America
Corporation,
5.375%
h
207,855
303
Bank
of
America
Corporation,
Convertible,
7.250%
h
437,956
19,925
Capital
One
Financial
Corporation,
5.000%
h
532,994
12,970
Cobank
ACB,
6.250%
b,h
1,309,970
21,500
Equitable
Holdings,
Inc.,
5.250%
h
569,750
585
First
Horizon
Bank,
3.750%
b,f,h
511,412
12,500
First
Republic
Bank,
4.500%
h,k
325,000
23,000
J.P.
Morgan
Chase
&
Company,
4.200%
h
586,960
16,250
J.P.
Morgan
Chase
&
Company,
4.750%
h
428,025
12,800
J.P.
Morgan
Chase
&
Company,
5.750%
h
344,064
22,400
Morgan
Stanley,
5.850%
b,h
651,616
13,084
Morgan
Stanley,
7.125%
b,h
361,773
3,500
Synovus
Financial
Corporation,
5.875%
b,h
94,500
19,200
Truist
Financial
Corporation,
4.750%
h
510,528
Shares
Preferred
Stock
(1.5%)
Value
Financials
(0.7%)
-
continued
21,000
Wells
Fargo
&
Company,
4.250%
h,j
$
523,320
465
Wells
Fargo
&
Company,
Convertible,
7.50%
h
693,096
Total
9,279,669
Health
Care
(0.1%)
7,132
Becton,
Dickinson
and
Company,
Convertible,
6.000%
j
376,213
5,652
Boston
Scientific
Corporation,
Convertible,
5.500%
648,058
207
Danaher
Corporation,
Convertible,
5.000%
j
359,801
Total
1,384,072
Industrials
(0.1%)
457
Fluor
Corporation,
Convertible,
6.500%
f,h
602,509
3,632
Stanley
Black
&
Decker,
Inc.,
Convertible,
5.250%
j
396,578
Total
999,087
Real
Estate
(0.1%)
23,525
Public
Storage,
4.125%
h
594,477
5,025
Public
Storage,
4.625%
h,j
134,569
1,275
Public
Storage,
4.700%
h
33,686
Total
762,732
Utilities
(0.3%)
4,791
AES
Corporation,
Convertible,
6.875%
459,936
4,069
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
203,938
2,648
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
139,285
23,000
CMS
Energy
Corporation,
4.200%
h
575,000
4,219
Essential
Utilities,
Inc.,
Convertible,
6.000%
275,037
9,997
NextEra
Energy,
Inc.,
Convertible,
4.872%
680,696
2,421
NextEra
Energy,
Inc.,
Convertible,
5.279%
139,304
929
NiSource,
Inc.,
Convertible,
7.750%
104,039
25,600
Southern
Company,
4.950%
694,016
11,842
Southern
Company,
Convertible,
6.750%
636,507
Total
3,907,758
Total
Preferred
Stock
(cost
$17,924,468)
18,788,551
Shares
Collateral
Held
for
Securities
Loaned
(
1.3%
)
Value
16,955,492
Thrivent
Cash
Management
Trust
16,955,492
Total
Collateral
Held
for
Securities
Loaned
(cost
$16,955,492)
16,955,492
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
38
Shares
or
Principal
Amount
Short-Term
Investments
(
26.3%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
600,000
0.041%,
1/19/2022
l,m
$
599,997
100,000
0.040%,
1/26/2022
l,m
99,999
100,000
0.049%,
2/9/2022
l,m
99,998
1,700,000
0.030%,
2/15/2022
l,m
1,699,960
400,000
0.050%,
3/3/2022
l,m
399,967
400,000
0.040%,
3/16/2022
l,m
399,960
Thrivent
Core
Short-Term
Reserve
Fund
33,771,025
0.200%
337,710,245
U.S.
Treasury
Bills
1,000,000
0.047%,
1/11/2022
l,n
999,999
1,000,000
0.037%,
1/20/2022
l
999,994
Total
Short-Term
Investments
(cost
$342,993,321)
343,010,119
Total
Investments
(cost
$1,529,420,114)
123.9%
$1,613,418,406
Other
Assets
and
Liabilities,
Net
(23.9%)
(310,822,572)
Total
Net
Assets
100.0%
$1,302,595,834
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
December
31,
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
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
All
or
a
portion
of
the
loan
is
unfunded.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
f
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
December
31,
2021,
the
value
of
these
investments
was
$208,880,620
or
16.0%
of
total
net
assets.
g
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
December
31,
2021.
h
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
i
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.
j
All
or
a
portion
of
the
security
is
on
loan.
k
Non-income
producing
security.
l
The
interest
rate
shown
reflects
the
yield.
m
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
n
At
December
31,
2021,
$231,000
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
December
31,
2021:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
5,785,469
Common
Stock
10,717,181
Total
lending
$16,502,650
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$16,955,492
Net
amounts
due
to
counterparty
$452,842
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
CMT
1Y
-
Constant
Maturity
Treasury
Yield
1
Year
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
2M
-
ICE
Libor
USD
Rate
2
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
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
$93,797,892
Gross
unrealized
depreciation
(12,187,783)
Net
unrealized
appreciation
(depreciation)
$81,610,109
Cost
for
federal
income
tax
purposes
$1,532,578,155
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
39
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
December
31,
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
7,536,771
–
6,278,633
1,258,138
Capital
Goods
18,845,878
–
16,999,429
1,846,449
Communications
Services
15,727,951
–
14,872,568
855,383
Consumer
Cyclical
16,714,759
–
15,916,769
797,990
Consumer
Non-Cyclical
14,849,029
–
13,421,158
1,427,871
Energy
2,368,596
–
2,368,596
–
Financials
4,781,487
–
3,969,462
812,025
Technology
11,495,894
–
11,495,894
–
Transportation
6,203,458
–
6,203,458
–
Utilities
4,602,227
–
4,602,227
–
Long-Term
Fixed
Income
Asset-Backed
Securities
40,069,765
–
40,069,765
–
Basic
Materials
13,210,485
–
13,210,485
–
Capital
Goods
22,428,048
–
22,428,048
–
Collateralized
Mortgage
Obligations
53,233,452
–
52,833,452
400,000
Commercial
Mortgage-Backed
Securities
2,620,468
–
2,620,468
–
Communications
Services
29,176,213
–
29,176,213
–
Consumer
Cyclical
42,579,034
–
42,579,034
–
Consumer
Non-Cyclical
35,029,507
–
35,029,507
–
Energy
34,315,472
–
34,315,472
–
Financials
87,125,171
–
87,125,171
–
Foreign
Government
180,697
–
180,697
–
Mortgage-Backed
Securities
291,026,748
–
291,026,748
–
Technology
20,728,457
–
20,728,457
–
Transportation
9,530,551
–
9,530,551
–
U.S.
Government
&
Agencies
28,421,459
–
28,421,459
–
Utilities
14,579,683
–
14,579,683
–
Common
Stock
Communications
Services
16,560,602
16,467,559
–
93,043
Consumer
Discretionary
22,956,108
22,804,258
–
151,850
Consumer
Staples
8,618,399
8,618,399
–
–
Energy
6,851,733
6,851,733
–
–
Financials
31,894,936
31,461,238
433,698
–
Health
Care
26,518,428
26,518,428
–
–
Industrials
25,531,128
25,092,911
438,217
–
Information
Technology
51,745,134
50,907,121
838,013
–
Materials
6,534,409
6,220,350
314,059
–
Real
Estate
7,418,531
7,418,531
–
–
Utilities
5,685,448
5,685,448
–
–
Registered
Investment
Companies
Unaffiliated
49,458,071
49,189,109
–
268,962
Preferred
Stock
Communications
Services
1,583,925
1,583,925
–
–
Consumer
Staples
156,731
156,731
–
–
Energy
714,577
714,577
–
–
Financials
9,279,669
7,458,287
1,821,382
–
Health
Care
1,384,072
1,384,072
–
–
Industrials
999,087
396,578
602,509
–
Real
Estate
762,732
762,732
–
–
Utilities
3,907,758
3,907,758
–
–
Short-Term
Investments
5,299,874
–
5,299,874
–
Subtotal
Investments
in
Securities
$1,111,242,612
$273,599,745
$829,731,156
$7,911,711
Other
Investments *
Total
Affiliated
Registered
Investment
Companies
147,510,057
Affiliated
Short-Term
Investments
337,710,245
Collateral
Held
for
Securities
Loaned
16,955,492
Subtotal
Other
Investments
$502,175,794
Total
Investments
at
Value
$1,613,418,406
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
40
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
904,369
904,369
–
–
Total
Asset
Derivatives
$904,369
$904,369
$–
$–
Liability
Derivatives
Futures
Contracts
134,511
134,511
–
–
Total
Liability
Derivatives
$134,511
$134,511
$–
$–
The
following
table
presents
Diversified
Income
Plus
Fund's
futures
contracts
held
as
of
December
31,
2021.
Investments
and/or
cash
totaling
$2,445,902
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
153
March
2022
$
33,401,011
(
$
20,713)
CBOT
U.S.
Long
Bond
41
March
2022
6,570,064
7,874
CME
E-mini
S&P
500
Index
89
March
2022
20,650,959
524,366
CME
Ultra
Long
Term
U.S.
Treasury
Bond
88
March
2022
17,071,122
275,878
ICE
mini
MSCI
EAFE
Index
40
March
2022
4,577,922
65,678
Ultra
10-Yr.
U.S.
Treasury
Note
33
March
2022
4,801,864
30,573
Total
Futures
Long
Contracts
$
87,072,942
$
883,656
CBOT
10-Yr.
U.S.
Treasury
Note
(17)
March
2022
(
$
2,196,141)
(
$
21,828)
CBOT
5-Yr.
U.S.
Treasury
Note
(253)
March
2022
(
30,606,280)
(
789)
CME
E-mini
Russell
2000
Index
(252)
March
2022
(
28,168,099)
(
91,181)
Total
Futures
Short
Contracts
(
$
60,970,520)
($113,798)
Total
Futures
Contracts
$
26,102,422
$769,858
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
41
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
December
31,
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)
$
590,044
Total
Equity
Contracts
590,044
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
314,325
Total
Interest
Rate
Contracts
314,325
Total
Asset
Derivatives
$904,369
Liability
Derivatives
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
43,330
Total
Interest
Rate
Contracts
43,330
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
91,181
Total
Equity
Contracts
91,181
Total
Liability
Derivatives
$134,511
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments. Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
December
31,
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
1,935,886
Total
Interest
Rate
Contracts
1,935,886
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(2,318,367)
Total
Equity
Contracts
(2,318,367)
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(345,779)
Total
Foreign
Exchange
Contracts
(345,779)
Total
($728,260)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
December
31,
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
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
1,726,133
Total
Equity
Contracts
1,726,133
Interest
Rate
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
208,856
Total
Interest
Rate
Contracts
208,856
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(71,998)
Total
Foreign
Exchange
Contracts
(71,998)
Total
$1,862,991
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
42
The
following
table
presents
Diversified
Income
Plus
Fund's
average
volume
of
derivative
activity
during
the
period
ended
December
31,
2021.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$16,121,527
Futures
-
Short
(28,455,787)
Interest
Rate
Contracts
Futures
-
Long
52,923,641
Futures
-
Short
(24,455,579)
Foreign
Exchange
Contracts
Futures
-
Long
2,429,239
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
12/31/2021
Shares
Held
at
12/31/2021
%
of
Net
Assets
12/31/2021
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$55,778
$57,769
$–
$107,986
11,249
8.3%
Core
International
Equity
66,111
1,822
32,600
39,524
3,626
3.0
Total
Affiliated
Registered
Investment
Companies
121,889
147,510
11.3
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.200%
147,425
838,059
647,773
337,710
33,771
25.9
Total
Affiliated
Short-Term
Investments
147,425
337,710
25.9
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
8,867
202,401
194,313
16,955
16,955
1.3
Total
Collateral
Held
for
Securities
Loaned
8,867
16,955
1.3
Total
Value
$278,181
$502,175
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2021
-
12/31/2021
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$–
$(5,561)
$–
$4,189
Core
International
Equity
1,912
2,279
–
1,822
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.200%
0
(1)
–
405
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$6,416
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
4
68
Total
Affiliated
Income
from
Securities
Loaned,
Net
$68
Total
$1,912
$(3,283)
$4
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
43
Principal
Amount
Long-Term
Fixed
Income
(
56.5%
)
Value
Basic
Materials
(2.0%)
Alcoa
Nederland
Holding
BV
$
65,000
5.500%,
12/15/2027
a
$
69,550
BWAY
Holding
Company
30,000
5.500%,
4/15/2024
a
30,275
Chemours
Company
60,000
5.750%,
11/15/2028
a
62,782
Cleveland-Cliffs,
Inc.
50,000
5.875%,
6/1/2027
52,062
40,000
4.625%,
3/1/2029
a
40,800
20,000
4.875%,
3/1/2031
a
20,777
Consolidated
Energy
Finance
SA
83,000
5.625%,
10/15/2028
a
81,132
First
Quantum
Minerals,
Ltd.
40,000
7.250%,
4/1/2023
a
40,460
25,000
7.500%,
4/1/2025
a
25,717
35,000
6.875%,
10/15/2027
a
37,669
Freeport-McMoRan,
Inc.
60,000
4.125%,
3/1/2028
62,250
45,000
4.250%,
3/1/2030
47,475
35,000
4.625%,
8/1/2030
37,538
Hecla
Mining
Company
25,000
7.250%,
2/15/2028
26,781
Hudbay
Minerals,
Inc.
45,000
4.500%,
4/1/2026
a
45,000
Ingevity
Corporation
85,000
3.875%,
11/1/2028
a
82,769
Mercer
International,
Inc.
45,000
5.125%,
2/1/2029
45,962
Novelis
Corporation
35,000
3.250%,
11/15/2026
a
35,306
20,000
4.750%,
1/30/2030
a
21,025
15,000
3.875%,
8/15/2031
a
14,906
OCI
NV
35,000
4.625%,
10/15/2025
a
36,313
Olin
Corporation
55,000
5.125%,
9/15/2027
56,444
25,000
5.625%,
8/1/2029
27,074
SCIH
Salt
Holdings,
Inc.
40,000
4.875%,
5/1/2028
a
38,400
SCIL
USA
Holdings,
LLC
63,000
5.375%,
11/1/2026
a
64,654
SPCM
SA
50,000
3.375%,
3/15/2030
a
48,125
SunCoke
Energy,
Inc.
56,000
4.875%,
6/30/2029
a
55,720
Unifrax
Escrow
Issuer
Corporation
44,000
5.250%,
9/30/2028
a
44,473
United
States
Steel
Corporation
80,000
6.875%,
3/1/2029
86,100
Venator
Finance
SARL
50,000
5.750%,
7/15/2025
a
48,000
Total
1,385,539
Capital
Goods
(3.4%)
AECOM
85,000
5.125%,
3/15/2027
92,594
Amsted
Industries,
Inc.
40,000
5.625%,
7/1/2027
a
41,600
15,000
4.625%,
5/15/2030
a
15,375
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Capital
Goods
(3.4%)
-
continued
Ardagh
Packaging
Finance
plc
$
50,000
5.250%,
8/15/2027
a
$
50,313
Bombardier,
Inc.
30,000
7.125%,
6/15/2026
a
31,122
40,000
7.875%,
4/15/2027
a
41,484
40,000
6.000%,
2/15/2028
a
40,121
Brand
Industrial
Services,
Inc.
35,000
8.500%,
7/15/2025
a
34,968
Builders
FirstSource
,
Inc.
25,000
5.000%,
3/1/2030
a
26,822
BWAY
Holding
Company
70,000
7.250%,
4/15/2025
a
70,177
Chart
Industries,
Inc.,
Convertible
8,000
1.000%,
11/15/2024
a
21,955
Coinbase
Global,
Inc.
26,000
3.375%,
10/1/2028
a
24,278
Cornerstone
Building
Brands,
Inc.
60,000
6.125%,
1/15/2029
a
64,131
Covanta
Holding
Corporation
31,000
5.000%,
9/1/2030
31,620
Covert
Mergeco
,
Inc.
21,000
4.875%,
12/1/2029
a
21,315
CP
Atlas
Buyer,
Inc.
40,000
7.000%,
12/1/2028
a
39,800
Crown
Cork
&
Seal
Company,
Inc.
100,000
7.375%,
12/15/2026
120,625
General
Electric
Company
220,000
3.533%,
(LIBOR
3M
+
3.330%),
3/15/2022
b,c
217,800
GFL
Environmental,
Inc.
32,000
4.000%,
8/1/2028
a
31,360
60,000
3.500%,
9/1/2028
a
59,100
H&E
Equipment
Services,
Inc.
84,000
3.875%,
12/15/2028
a
83,370
Howard
Midstream
Energy
Partners,
LLC
54,000
6.750%,
1/15/2027
a
55,334
Howmet
Aerospace,
Inc.
2,000
6.875%,
5/1/2025
2,299
44,000
3.000%,
1/15/2029
44,059
JELD-WEN,
Inc.
30,000
4.625%,
12/15/2025
a
30,225
35,000
4.875%,
12/15/2027
a
35,915
KBR,
Inc.,
Convertible
31,000
2.500%,
11/1/2023
58,949
Meritor,
Inc.
35,000
4.500%,
12/15/2028
a
35,088
Nesco
Holdings
II,
Inc.
30,000
5.500%,
4/15/2029
a
30,975
New
Enterprise
Stone
and
Lime
Company,
Inc.
64,000
5.250%,
7/15/2028
a
64,896
OI
European
Group
BV
56,000
4.750%,
2/15/2030
a
56,755
Owens-Brockway
Glass
Container,
Inc.
45,000
5.875%,
8/15/2023
a
47,138
Pactiv
Evergreen
Group
40,000
4.375%,
10/15/2028
a
39,700
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
44
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Capital
Goods
(3.4%)
-
continued
Patrick
Industries,
Inc.,
Convertible
$
13,000
1.000%,
2/1/2023
$
14,414
PGT
Innovations,
Inc.
50,000
4.375%,
10/1/2029
a
50,250
SRM
Escrow
Issuer,
LLC
80,000
6.000%,
11/1/2028
a
85,404
Standard
Industries,
Inc.
70,000
4.375%,
7/15/2030
a
71,435
Sunpower
Corporation,
Convertible
9,000
4.000%,
1/15/2023
10,409
Titan
Acquisition,
Ltd.
30,000
7.750%,
4/15/2026
a
30,450
TransDigm
,
Inc.
25,000
6.250%,
3/15/2026
a
25,984
175,000
5.500%,
11/15/2027
180,250
United
Rentals
North
America,
Inc.
70,000
4.875%,
1/15/2028
73,561
30,000
4.000%,
7/15/2030
30,825
Vertiv
Group
Corporation
19,000
4.125%,
11/15/2028
a
19,190
Victors
Merger
Corporation
30,000
6.375%,
5/15/2029
a
28,200
Waste
Pro
USA,
Inc.
15,000
5.500%,
2/15/2026
a
14,925
WESCO
Distribution,
Inc.
65,000
7.250%,
6/15/2028
a
71,256
Total
2,367,816
Collateralized
Mortgage
Obligations
(0.1%)
GMACM
Mortgage
Loan
Trust
16,072
3.734%,
11/19/2035,
Ser.
2005-AR6,
Class
1A1
b
16,380
Residential
Accredit
Loans,
Inc.
Trust
50,609
6.000%,
1/25/2037,
Ser.
2007-QS1,
Class
1A1
49,234
Total
65,614
Communications
Services
(4.0%)
Altice
France
SA
60,000
5.125%,
7/15/2029
a
58,527
120,000
5.500%,
10/15/2029
a
118,200
Cable
One,
Inc.,
Convertible
63,000
1.125%,
3/15/2028
a
62,359
CCO
Holdings,
LLC
32,000
5.500%,
5/1/2026
a
32,967
10,000
5.125%,
5/1/2027
a
10,300
30,000
4.750%,
3/1/2030
a
31,200
115,000
4.500%,
8/15/2030
a
117,667
55,000
4.250%,
1/15/2034
a
54,111
Cengage
Learning,
Inc.
39,000
9.500%,
6/15/2024
a
39,244
Clear
Channel
Worldwide
Holdings,
Inc.
65,000
7.750%,
4/15/2028
a
69,550
Consolidated
Communications,
Inc.
30,000
5.000%,
10/1/2028
a
30,300
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Communications
Services
(4.0%)
-
continued
CSC
Holdings,
LLC
$
80,000
5.375%,
2/1/2028
a
$
82,830
61,000
4.125%,
12/1/2030
a
59,551
Cumulus
Media
New
Holdings,
Inc.
45,000
6.750%,
7/1/2026
a
46,687
DIRECTV
Holdings,
LLC
65,000
5.875%,
8/15/2027
a
66,541
DISH
DBS
Corporation
44,000
5.250%,
12/1/2026
a
44,695
45,000
7.375%,
7/1/2028
45,562
33,000
5.750%,
12/1/2028
a
33,330
Entercom
Media
Corporation
74,000
6.500%,
5/1/2027
a
73,201
Front
Range
BidCo
,
Inc.
31,000
4.000%,
3/1/2027
a
30,559
Frontier
Communications
Holdings,
LLC
57,000
5.875%,
10/15/2027
a
60,277
GCI,
LLC
45,000
4.750%,
10/15/2028
a
46,181
Gray
Escrow
II,
Inc.
100,000
5.375%,
11/15/2031
a
102,875
Gray
Television,
Inc.
50,000
4.750%,
10/15/2030
a
49,687
Hughes
Satellite
Systems
Corporation
20,000
6.625%,
8/1/2026
22,385
iHeartCommunications
,
Inc.
45,000
4.750%,
1/15/2028
a
45,635
LCPR
Senior
Secured
Financing
DAC
40,000
6.750%,
10/15/2027
a
42,000
Level
3
Financing,
Inc.
65,000
4.625%,
9/15/2027
a
66,300
70,000
4.250%,
7/1/2028
a
69,300
Netflix,
Inc.
70,000
4.875%,
4/15/2028
79,800
Nexstar
Escrow
Corporation
85,000
5.625%,
7/15/2027
a
89,600
Radiate
Holdco,
LLC
35,000
6.500%,
9/15/2028
a
35,159
Scripps
Escrow
II,
Inc.
20,000
5.375%,
1/15/2031
a
20,325
Scripps
Escrow,
Inc.
35,000
5.875%,
7/15/2027
a
36,770
Sinclair
Television
Group,
Inc.
70,000
5.500%,
3/1/2030
a
67,900
Sirius
XM
Radio,
Inc.
45,000
5.000%,
8/1/2027
a
46,770
25,000
4.000%,
7/15/2028
a
25,140
30,000
4.125%,
7/1/2030
a
30,000
Sprint
Capital
Corporation
63,000
6.875%,
11/15/2028
79,695
10,000
8.750%,
3/15/2032
15,000
Sprint
Corporation
155,000
7.625%,
2/15/2025
178,250
Telesat
Canada
20,000
4.875%,
6/1/2027
a
17,660
10,000
6.500%,
10/15/2027
a
7,760
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
45
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Communications
Services
(4.0%)
-
continued
Terrier
Media
Buyer,
Inc.
$
35,000
8.875%,
12/15/2027
a
$
37,827
T-Mobile
USA,
Inc.
70,000
2.875%,
2/15/2031
69,132
United
States
Cellular
Corporation
35,000
6.700%,
12/15/2033
42,299
Uniti
Fiber
Holdings,
Inc.,
Convertible
9,000
4.000%,
6/15/2024
a
12,212
Uniti
Group,
LP
15,000
4.750%,
4/15/2028
a
14,876
ViacomCBS
,
Inc.
44,000
5.875%,
2/28/2057
b
43,876
Viasat
,
Inc.
25,000
6.500%,
7/15/2028
a
25,063
Vodafone
Group
plc
88,000
7.000%,
4/4/2079
b
106,434
VTR
Finance
NV
40,000
6.375%,
7/15/2028
a
41,600
Ziggo
BV
75,000
5.500%,
1/15/2027
a
77,063
20,000
4.875%,
1/15/2030
a
20,512
Total
2,832,744
Consumer
Cyclical
(5.9%)
1011778
B.C.,
ULC
70,000
4.375%,
1/15/2028
a
71,400
Allen
Media,
LLC
45,000
10.500%,
2/15/2028
a
46,949
Allied
Universal
Holdco,
LLC
25,000
6.625%,
7/15/2026
a
26,230
85,000
4.625%,
6/1/2028
a
84,947
35,000
6.000%,
6/1/2029
a
34,037
Allison
Transmission,
Inc.
60,000
4.750%,
10/1/2027
a
62,490
20,000
3.750%,
1/30/2031
a
19,500
American
Axle
&
Manufacturing,
Inc.
70,000
6.500%,
4/1/2027
72,712
Arko
Corporation
32,000
5.125%,
11/15/2029
a
30,920
Ashton
Woods
USA,
LLC
30,000
4.625%,
8/1/2029
a
29,625
Bloomin
'
Brands,
Inc.,
Convertible
9,000
5.000%,
5/1/2025
17,454
Boyd
Gaming
Corporation
50,000
4.750%,
6/15/2031
a
51,000
Boyne
USA,
Inc.
40,000
4.750%,
5/15/2029
a
41,200
Brookfield
Residential
Properties,
Inc.
40,000
6.250%,
9/15/2027
a
41,752
65,000
5.000%,
6/15/2029
a
65,045
Burlington
Stores,
Inc.,
Convertible
29,000
2.250%,
4/15/2025
43,083
Caesars
Entertainment,
Inc.
71,000
6.250%,
7/1/2025
a
74,523
45,000
8.125%,
7/1/2027
a
49,835
50,000
4.625%,
10/15/2029
a
50,000
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Consumer
Cyclical
(5.9%)
-
continued
Carnival
Corporation
$
58,000
7.625%,
3/1/2026
a
$
60,798
75,000
5.750%,
3/1/2027
a
75,000
45,000
4.000%,
8/1/2028
a
44,662
60,000
6.000%,
5/1/2029
a
59,700
Cedar
Fair,
LP
24,000
5.375%,
4/15/2027
24,600
70,000
5.250%,
7/15/2029
71,750
Churchill
Downs,
Inc.
25,000
4.750%,
1/15/2028
a
25,875
Cinemark
USA,
Inc.
20,000
5.875%,
3/15/2026
a
20,250
Clarios
Global,
LP
15,000
8.500%,
5/15/2027
a
15,900
Dana,
Inc.
55,000
5.625%,
6/15/2028
58,437
Dick's
Sporting
Goods,
Inc.,
Convertible
11,000
3.250%,
4/15/2025
38,871
Empire
Communities
Corporation
50,000
7.000%,
12/15/2025
a
51,750
Expedia
Group,
Inc.,
Convertible
21,000
Zero
Coupon,
2/15/2026
a
24,160
Ford
Motor
Company
30,000
3.250%,
2/12/2032
30,720
Ford
Motor
Company,
Convertible
71,000
Zero
Coupon,
3/15/2026
a
97,669
Ford
Motor
Credit
Company,
LLC
105,000
4.063%,
11/1/2024
110,478
75,000
4.134%,
8/4/2025
79,594
75,000
2.700%,
8/10/2026
75,656
Forestar
Group,
Inc.
40,000
3.850%,
5/15/2026
a
40,100
Gap,
Inc.
15,000
3.625%,
10/1/2029
a
14,836
General
Motors
Financial
Company,
Inc.
50,000
5.700%,
9/30/2030
b,c
57,000
Golden
Nugget,
Inc.
30,000
6.750%,
10/15/2024
a
30,000
Goodyear
Tire
&
Rubber
Company
40,000
5.000%,
7/15/2029
a
42,968
20,000
5.250%,
7/15/2031
a
21,714
Guitar
Center
Escrow
Issuer
II,
Inc.
15,000
8.500%,
1/15/2026
a
16,095
Hanesbrands,
Inc.
43,000
4.875%,
5/15/2026
a
45,956
Herc
Holdings,
Inc.
45,000
5.500%,
7/15/2027
a
46,800
Hilton
Domestic
Operating
Company,
Inc.
30,000
4.875%,
1/15/2030
32,062
Hilton
Grand
Vacations
Borrower
Escrow,
LLC
60,000
5.000%,
6/1/2029
a
61,500
Hilton
Worldwide
Finance,
LLC
70,000
4.875%,
4/1/2027
72,100
International
Game
Technology
plc
55,000
5.250%,
1/15/2029
a
58,275
KB
Home
45,000
4.800%,
11/15/2029
49,118
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
46
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Consumer
Cyclical
(5.9%)
-
continued
L
Brands,
Inc.
$
95,000
6.625%,
10/1/2030
a
$
107,588
10,000
6.875%,
11/1/2035
12,425
Macy's
Retail
Holdings,
LLC
40,000
5.875%,
4/1/2029
a
42,650
Magic
MergerCo
,
Inc.
75,000
5.250%,
5/1/2028
a
75,033
Mattamy
Group
Corporation
70,000
5.250%,
12/15/2027
a
73,623
MGM
Resorts
International
15,000
6.000%,
3/15/2023
15,675
65,000
5.500%,
4/15/2027
69,225
Penn
National
Gaming,
Inc.
55,000
4.125%,
7/1/2029
a
53,350
PetSmart,
Inc.
65,000
4.750%,
2/15/2028
a
66,706
50,000
7.750%,
2/15/2029
a
54,313
Prime
Security
Services
Borrower,
LLC
140,000
5.750%,
4/15/2026
a
150,314
Real
Hero
Merger
Sub
2,
Inc.
35,000
6.250%,
2/1/2029
a
34,945
Realogy
Group,
LLC
55,000
5.750%,
1/15/2029
a
56,375
Rite
Aid
Corporation
50,000
7.500%,
7/1/2025
a
51,400
Royal
Caribbean
Cruises,
Ltd.
75,000
9.125%,
6/15/2023
a
79,313
70,000
4.250%,
7/1/2026
a
67,802
30,000
5.500%,
4/1/2028
a
30,347
Scientific
Games
International,
Inc.
65,000
7.250%,
11/15/2029
a
72,475
SeaWorld
Parks
and
Entertainment,
Inc.
53,000
5.250%,
8/15/2029
a
53,968
Service
Properties
Trust
16,000
7.500%,
9/15/2025
17,335
Six
Flags
Theme
Parks,
Inc.
35,000
7.000%,
7/1/2025
a
37,378
Staples,
Inc.
75,000
7.500%,
4/15/2026
a
77,063
Station
Casinos,
LLC
39,000
4.625%,
12/1/2031
a
39,320
Tenneco,
Inc.
55,000
5.000%,
7/15/2026
d
52,869
TripAdvisor,
Inc.,
Convertible
8,000
0.250%,
4/1/2026
a
7,020
Uber
Technologies,
Inc.
35,000
6.250%,
1/15/2028
a,d
37,573
Vail
Resorts,
Inc.,
Convertible
11,000
Zero
Coupon,
1/1/2026
11,724
Wabash
National
Corporation
51,000
4.500%,
10/15/2028
a
51,510
Wyndham
Destinations,
Inc.
45,000
6.625%,
7/31/2026
a
49,898
Wyndham
Hotels
&
Resorts,
Inc.
30,000
4.375%,
8/15/2028
a
30,900
Yum!
Brands,
Inc.
75,000
4.750%,
1/15/2030
a
81,188
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Consumer
Cyclical
(5.9%)
-
continued
ZF
North
America
Capital,
Inc.
$
35,000
4.750%,
4/29/2025
a
$
37,538
Total
4,165,939
Consumer
Non-Cyclical
(4.0%)
Albertson's
Companies,
Inc.
69,000
3.500%,
3/15/2029
a
69,135
25,000
4.875%,
2/15/2030
a
26,993
Bausch
Health
Companies,
Inc.
60,000
5.000%,
1/30/2028
a
55,200
105,000
5.000%,
2/15/2029
a
92,662
Centene
Corporation
85,000
4.250%,
12/15/2027
88,612
85,000
4.625%,
12/15/2029
91,669
10,000
3.000%,
10/15/2030
10,165
Central
Garden
&
Pet
Company
65,000
4.125%,
10/15/2030
65,569
Community
Health
Systems,
Inc.
30,000
5.625%,
3/15/2027
a
31,750
20,000
6.000%,
1/15/2029
a
21,325
75,000
6.875%,
4/15/2029
a
76,406
Coty,
Inc.
40,000
5.000%,
4/15/2026
a
41,201
DaVita,
Inc.
75,000
4.625%,
6/1/2030
a
76,781
Edgewell
Personal
Care
Company
45,000
5.500%,
6/1/2028
a
47,765
Encompass
Health
Corporation
75,000
4.500%,
2/1/2028
77,156
Endo
Finance,
LLC
20,000
9.500%,
7/31/2027
a
20,358
Energizer
Holdings,
Inc.
15,000
4.750%,
6/15/2028
a
15,319
40,000
4.375%,
3/31/2029
a
39,038
H.
J.
Heinz
Company
10,000
5.200%,
7/15/2045
12,715
HCA,
Inc.
150,000
5.375%,
2/1/2025
164,850
40,000
5.875%,
2/1/2029
47,662
HFC
Prestige
Products,
Inc.
64,000
4.750%,
1/15/2029
a
65,040
HLF
Financing
SARL,
LLC
82,000
4.875%,
6/1/2029
a
80,458
Ionis
Pharmaceuticals,
Inc.,
Convertible
4,000
0.125%,
12/15/2024
3,575
Jazz
Investments
I,
Ltd.,
Convertible
35,000
2.000%,
6/15/2026
39,506
JBS
USA
Food
Company
20,000
5.750%,
1/15/2028
a
20,850
JBS
USA,
LLC
95,000
6.500%,
4/15/2029
a
104,501
Kraft
Foods
Group,
Inc.
19,000
5.000%,
6/4/2042
23,635
Kraft
Heinz
Foods
Company
65,000
3.750%,
4/1/2030
70,163
Mattel,
Inc.
55,000
3.375%,
4/1/2026
a
56,404
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
47
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Consumer
Non-Cyclical
(4.0%)
-
continued
Molina
Healthcare,
Inc.
$
65,000
4.375%,
6/15/2028
a
$
66,950
Mozart
Debt
Merger
Sub,
Inc.
66,000
3.875%,
4/1/2029
a
65,767
64,000
5.250%,
10/1/2029
a
64,873
MPH
Acquisition
Holdings,
LLC
32,000
5.750%,
11/1/2028
a,d
30,432
Ortho-Clinical
Diagnostics,
Inc.
35,000
7.250%,
2/1/2028
a
37,625
Par
Pharmaceutical,
Inc.
50,000
7.500%,
4/1/2027
a
51,097
Pilgrim's
Pride
Corporation
41,000
3.500%,
3/1/2032
a
41,410
Post
Holdings,
Inc.
20,000
5.500%,
12/15/2029
a
21,013
QBE
Insurance
Group,
Ltd.
44,000
5.875%,
5/12/2025
a,b,c
47,520
Scotts
Miracle-
Gro
Company
60,000
4.500%,
10/15/2029
62,550
SEG
Holding,
LLC
70,000
5.625%,
10/15/2028
a
73,325
Simmons
Foods,
Inc.
55,000
4.625%,
3/1/2029
a
54,175
Spectrum
Brands,
Inc.
45,000
5.000%,
10/1/2029
a
47,194
10,000
5.500%,
7/15/2030
a
10,725
Syneos
Health,
Inc.
50,000
3.625%,
1/15/2029
a
49,375
Teleflex,
Inc.
50,000
4.250%,
6/1/2028
a
51,510
Tenet
Healthcare
Corporation
12,000
4.625%,
7/15/2024
12,150
155,000
5.125%,
11/1/2027
a
161,394
15,000
6.125%,
10/1/2028
a
15,843
Teva
Pharmaceutical
Finance
Netherlands
III
BV
55,000
3.150%,
10/1/2026
51,700
TreeHouse
Foods,
Inc.
26,000
4.000%,
9/1/2028
24,960
United
Natural
Foods,
Inc.
45,000
6.750%,
10/15/2028
a
48,186
VRX
Escrow
Corporation
62,000
6.125%,
4/15/2025
a
63,151
Winnebago
Industries,
Inc.,
Convertible
26,000
1.500%,
4/1/2025
34,682
Total
2,824,070
Energy
(5.3%)
Antero
Resources
Corporation
65,000
5.375%,
3/1/2030
a
69,485
Apache
Corporation
30,000
4.875%,
11/15/2027
32,700
55,000
4.375%,
10/15/2028
59,839
10,000
5.100%,
9/1/2040
11,300
Archrock
Partners,
LP
65,000
6.250%,
4/1/2028
a
67,777
BP
Capital
Markets
plc
104,000
4.875%,
3/22/2030
b,c
112,320
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Energy
(5.3%)
-
continued
Buckeye
Partners,
LP
$
65,000
3.950%,
12/1/2026
$
66,249
Cheniere
Energy
Partners,
LP
30,000
4.500%,
10/1/2029
31,800
18,000
3.250%,
1/31/2032
a
18,180
Cheniere
Energy,
Inc.
20,000
4.625%,
10/15/2028
21,274
Cheniere
Energy,
Inc.,
Convertible
5,000
4.250%,
3/15/2045
4,208
CNX
Resources
Corporation
40,000
6.000%,
1/15/2029
a
41,600
CNX
Resources
Corporation,
Convertible
25,000
2.250%,
5/1/2026
32,675
Comstock
Resources,
Inc.
20,000
6.750%,
3/1/2029
a
21,692
30,000
5.875%,
1/15/2030
a
30,750
Continental
Resources,
Inc.
20,000
4.375%,
1/15/2028
21,621
35,000
5.750%,
1/15/2031
a
41,217
CQP
Holdco,
LP
41,000
5.500%,
6/15/2031
a
42,794
DT
Midstream,
Inc.
60,000
4.125%,
6/15/2029
a
61,425
10,000
4.375%,
6/15/2031
a
10,400
Enbridge,
Inc.
187,000
6.250%,
3/1/2078
b
202,967
52,000
5.750%,
7/15/2080
b
57,720
Endeavor
Energy
Resources,
LP
45,000
5.750%,
1/30/2028
a
47,965
Energean
Israel
Finance,
Ltd.
45,000
4.500%,
3/30/2024
a
45,225
EnLink
Midstream
Partners,
LP
65,000
4.850%,
7/15/2026
68,412
Enterprise
Products
Operating,
LLC
75,000
4.875%,
8/16/2077
b
70,308
EQM
Midstream
Partners,
LP
80,000
6.500%,
7/1/2027
a
89,600
EQT
Corporation
10,000
3.125%,
5/15/2026
a
10,265
48,000
3.900%,
10/1/2027
51,481
EQT
Corporation,
Convertible
28,000
1.750%,
5/1/2026
46,662
Genesis
Energy,
LP
10,000
6.500%,
10/1/2025
9,875
35,000
8.000%,
1/15/2027
36,070
Harvest
Midstream,
LP
65,000
7.500%,
9/1/2028
a
69,550
Hess
Midstream
Operations,
LP
40,000
5.625%,
2/15/2026
a
41,200
Hilcorp
Energy
I,
LP
55,000
5.750%,
2/1/2029
a
56,690
ITT
Holdings,
LLC
55,000
6.500%,
8/1/2029
a
54,450
Laredo
Petroleum,
Inc.
85,000
7.750%,
7/31/2029
a
82,875
MPLX,
LP
140,000
6.875%,
2/15/2023
b,c
140,350
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
48
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Energy
(5.3%)
-
continued
Murphy
Oil
Corporation
$
40,000
5.875%,
12/1/2027
$
41,299
Nabors
Industries,
Ltd.
55,000
7.250%,
1/15/2026
a
50,875
Newfield
Exploration
Company
20,000
5.625%,
7/1/2024
22,016
NGL
Energy
Operating,
LLC
45,000
7.500%,
2/1/2026
a
46,408
NGL
Energy
Partners,
LP
20,000
7.500%,
11/1/2023
19,700
NuStar
Logistics,
LP
50,000
5.750%,
10/1/2025
53,806
Oasis
Petroleum,
Inc.
45,000
6.375%,
6/1/2026
a
47,137
Occidental
Petroleum
Corporation
105,000
3.400%,
4/15/2026
107,696
25,000
8.500%,
7/15/2027
31,187
110,000
3.500%,
8/15/2029
113,003
20,000
6.450%,
9/15/2036
25,500
35,000
4.400%,
4/15/2046
35,875
Ovintiv
,
Inc.
50,000
7.375%,
11/1/2031
65,176
10,000
6.625%,
8/15/2037
13,091
PBF
Holding
Company,
LLC
25,000
9.250%,
5/15/2025
a
23,781
Pioneer
Natural
Resources
Company,
Convertible
7,000
0.250%,
5/15/2025
12,473
Plains
All
American
Pipeline,
LP
60,000
6.125%,
11/15/2022
b,c
50,925
Precision
Drilling
Corporation
50,000
6.875%,
1/15/2029
a
50,961
SM
Energy
Company
20,000
6.500%,
7/15/2028
20,700
Southwestern
Energy
Company
25,000
5.375%,
2/1/2029
26,437
25,000
4.750%,
2/1/2032
26,328
Summit
Midstream
Holdings,
LLC
46,000
8.500%,
10/15/2026
a
47,929
Sunoco,
LP
40,000
6.000%,
4/15/2027
41,716
10,000
5.875%,
3/15/2028
10,575
35,000
4.500%,
4/30/2030
a
35,872
Tallgrass
Energy
Finance
Corporation
85,000
5.500%,
1/15/2028
a
84,256
Targa
Resources
Partners,
LP
10,000
5.375%,
2/1/2027
10,306
50,000
5.000%,
1/15/2028
52,685
20,000
4.875%,
2/1/2031
21,719
Teine
Energy,
Ltd.
30,000
6.875%,
4/15/2029
a
30,450
TransCanada
Trust
165,000
5.300%,
3/15/2077
b
170,569
Transocean
Proteus,
Ltd.
10,000
6.250%,
12/1/2024
a
9,850
Transocean,
Inc.
45,000
11.500%,
1/30/2027
a
44,100
USA
Compression
Partners,
LP
20,000
6.875%,
4/1/2026
20,800
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Energy
(5.3%)
-
continued
Venture
Global
Calcasieu
Pass,
LLC
$
45,000
3.875%,
8/15/2029
a
$
46,688
25,000
4.125%,
8/15/2031
a
26,500
Vine
Energy
Holdings,
LLC
40,000
6.750%,
4/15/2029
a
43,400
W&T
Offshore,
Inc.
19,000
9.750%,
11/1/2023
a
18,145
Weatherford
International,
Ltd.
51,000
8.625%,
4/30/2030
a
52,946
Western
Midstream
Operating,
LP
85,000
3.950%,
6/1/2025
89,075
10,000
5.500%,
8/15/2048
11,945
Total
3,734,871
Financials
(17.8%)
Air
Lease
Corporation
218,000
4.650%,
6/15/2026
b,c
225,902
Aircastle
,
Ltd.
135,000
5.250%,
6/15/2026
a,b,c
137,700
Alliant
Holdings
Intermediate,
LLC
26,000
6.750%,
10/15/2027
a
26,975
Ally
Financial,
Inc.
55,000
5.750%,
11/20/2025
62,031
176,000
4.700%,
5/15/2026
b,c
182,600
85,000
4.700%,
5/15/2028
b,c
87,618
Altice
Financing
SA
15,000
5.750%,
8/15/2029
a
14,850
American
Express
Company
110,000
3.550%,
9/15/2026
b,c
110,192
American
Finance
Trust,
Inc.
38,000
4.500%,
9/30/2028
a
38,280
AmWINS
Group,
Inc.
30,000
4.875%,
6/30/2029
a
30,300
Ares
Capital
Corporation,
Convertible
15,000
4.625%,
3/1/2024
17,157
BAC
Capital
Trust
XIV
90,000
4.000%,
(LIBOR
3M
+
0.400%),
1/19/2022
b,c
89,592
Banco
Santander
SA
120,000
4.750%,
11/12/2026
b,c
119,915
Bank
of
America
Corporation
284,000
6.250%,
9/5/2024
b,c
305,655
110,000
6.100%,
3/17/2025
b,c
119,212
60,000
6.300%,
3/10/2026
b,c
67,500
142,000
5.875%,
3/15/2028
b,c
157,975
Bank
of
New
York
Mellon
Corporation
22,000
4.700%,
9/20/2025
b,c
23,468
Bank
of
Nova
Scotia
254,000
4.900%,
6/4/2025
b,c
272,177
Barclays
plc
105,000
8.000%,
6/15/2024
b,c
116,054
75,000
4.375%,
3/15/2028
b,c
73,462
BNP
Paribas
SA
115,000
6.625%,
3/25/2024
a,b,c
123,774
CANPACK
SA
60,000
3.125%,
11/1/2025
a
60,000
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
49
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Financials
(17.8%)
-
continued
Capital
One
Financial
Corporation
$
50,000
3.950%,
9/1/2026
b,c
$
50,250
Cascades
USA,
Inc.
40,000
5.125%,
1/15/2026
a
41,600
Charles
Schwab
Corporation
191,000
5.375%,
6/1/2025
b,c
208,190
176,000
4.000%,
6/1/2026
b,c
179,520
160,000
4.000%,
12/1/2030
b,c
161,600
Chobani
,
LLC
88,000
4.625%,
11/15/2028
a
90,416
Citigroup,
Inc.
100,000
5.950%,
1/30/2023
b,c
103,000
60,000
5.000%,
9/12/2024
b,c
61,800
200,000
5.950%,
5/15/2025
b,c
214,000
60,000
4.000%,
12/10/2025
b,c
60,450
255,000
3.875%,
2/18/2026
b,c
255,000
140,000
4.150%,
11/15/2026
b,c
142,275
Citizens
Financial
Group,
Inc.
110,000
4.000%,
10/6/2026
b,c
110,000
Coinbase
Global,
Inc.
26,000
3.625%,
10/1/2031
a
23,920
Coinbase
Global,
Inc.,
Convertible
16,000
0.500%,
6/1/2026
a
17,128
Comerica,
Inc.
22,000
5.625%,
7/1/2025
b,c
23,980
Credit
Acceptance
Corporation
65,000
5.125%,
12/31/2024
a
66,625
Credit
Agricole
SA
52,000
6.875%,
9/23/2024
a,b,c
56,745
44,000
8.125%,
12/23/2025
a,b,c
52,107
Credit
Suisse
Group
AG
55,000
7.500%,
12/11/2023
a,b,c
59,400
55,000
7.250%,
9/12/2025
a,b,c
60,438
Dai-ichi
Life
Insurance
Company,
Ltd.
275,000
5.100%,
10/28/2024
a,b,c,d
295,969
Deutsche
Bank
AG
275,000
6.000%,
10/30/2025
b,c
285,656
Diversified
Healthcare
Trust
30,000
4.375%,
3/1/2031
28,812
Drawbridge
Special
Opportunities
Fund,
LP
75,000
3.875%,
2/15/2026
a
76,393
Euronet
Worldwide,
Inc.,
Convertible
8,000
0.750%,
3/15/2049
8,640
Fifth
Third
Bancorp
105,000
4.500%,
9/30/2025
b,c
111,169
Fortress
Transportation
and
Infrastructure
Investors,
LLC
20,000
6.500%,
10/1/2025
a
20,675
25,000
5.500%,
5/1/2028
a
25,477
FTI
Consulting,
Inc.,
Convertible
21,000
2.000%,
8/15/2023
32,508
Global
Net
Lease,
Inc.
60,000
3.750%,
12/15/2027
a
58,597
Goldman
Sachs
Group,
Inc.
260,000
5.500%,
8/10/2024
b,c
274,300
140,000
4.400%,
2/10/2025
b,c
140,910
145,000
3.650%,
8/10/2026
b,c
143,550
130,000
4.125%,
11/10/2026
b,c
132,137
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Financials
(17.8%)
-
continued
Hartford
Financial
Services
Group,
Inc.
$
120,000
2.281%,
(LIBOR
3M
+
2.125%),
2/12/2047
a,b
$
114,327
HSBC
Holdings
plc
46,000
6.375%,
3/30/2025
b,c
49,647
101,000
6.500%,
3/23/2028
b,c
111,249
110,000
4.600%,
12/17/2030
b,c
109,910
140,000
6.500%,
9/15/2037
193,697
HUB
International,
Ltd.
34,000
5.625%,
12/1/2029
a
35,027
Huntington
Bancshares,
Inc.
130,000
4.450%,
10/15/2027
b,c
137,312
Icahn
Enterprises,
LP
40,000
6.375%,
12/15/2025
40,700
25,000
6.250%,
5/15/2026
26,031
50,000
5.250%,
5/15/2027
51,421
Iron
Mountain,
Inc.
50,000
4.875%,
9/15/2027
a
51,849
iStar
,
Inc.
60,000
4.250%,
8/1/2025
61,350
iStar
,
Inc.,
Convertible
18,000
3.125%,
9/15/2022
33,806
J.P.
Morgan
Chase
&
Company
145,000
3.451%,
(LIBOR
3M
+
3.320%),
4/1/2022
b,c
145,538
115,000
5.150%,
5/1/2023
b,c
117,814
50,000
6.000%,
8/1/2023
b,c
52,125
44,000
6.750%,
2/1/2024
b,c
47,691
320,000
5.000%,
8/1/2024
b,c
328,800
100,000
3.650%,
6/1/2026
b,c
99,750
J.P.
Morgan
Chase
Capital
XXIII
100,000
1.156%,
(LIBOR
3M
+
1.000%),
5/15/2047
b
84,060
Jefferies
Finance,
LLC
65,000
5.000%,
8/15/2028
a
66,625
KKR
Real
Estate
Finance
Trust,
Inc.,
Convertible
6,000
6.125%,
5/15/2023
6,331
Lincoln
National
Corporation
100,000
2.515%,
(LIBOR
3M
+
2.358%),
2/17/2022
b
88,750
Lloyds
Banking
Group
plc
42,000
7.500%,
6/27/2024
b,c
46,436
LPL
Holdings,
Inc.
45,000
4.000%,
3/15/2029
a
46,069
M&T
Bank
Corporation
117,000
3.500%,
9/1/2026
b,c
114,637
MetLife,
Inc.
140,000
3.850%,
9/15/2025
b,c
142,800
200,000
5.875%,
3/15/2028
b,c
224,606
MGM
Growth
Properties
Operating
Partnership,
LP
40,000
4.625%,
6/15/2025
a
42,644
50,000
4.500%,
9/1/2026
53,750
MPT
Operating
Partnership,
LP
47,000
4.625%,
8/1/2029
49,585
NatWest
Group
plc
110,000
4.600%,
6/28/2031
b,c
107,800
Navient
Corporation
45,000
5.500%,
1/25/2023
46,868
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
50
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Financials
(17.8%)
-
continued
$
15,000
5.000%,
3/15/2027
$
15,298
NFP
Corporation
30,000
6.875%,
8/15/2028
a
30,077
Nippon
Life
Insurance
Company
205,000
2.900%,
9/16/2051
a,b
202,722
260,000
5.100%,
10/16/2044
a,b
279,825
129,000
3.400%,
1/23/2050
a,b
133,193
OneMain
Finance
Corporation
40,000
6.875%,
3/15/2025
44,500
40,000
7.125%,
3/15/2026
45,600
20,000
3.500%,
1/15/2027
19,775
35,000
6.625%,
1/15/2028
39,200
Park
Intermediate
Holdings,
LLC
15,000
4.875%,
5/15/2029
a
15,338
Pebblebrook
Hotel
Trust,
Convertible
8,000
1.750%,
12/15/2026
8,809
PennyMac
Financial
Services,
Inc.
45,000
4.250%,
2/15/2029
a
43,263
Playtika
Holding
Corporation
25,000
4.250%,
3/15/2029
a
24,500
PNC
Financial
Services
Group,
Inc.
110,000
3.400%,
9/15/2026
b,c
108,266
Provident
Financing
Trust
I
30,000
7.405%,
3/15/2038
36,600
Prudential
Financial,
Inc.
150,000
5.625%,
6/15/2043
b
156,076
190,000
5.200%,
3/15/2044
b
197,861
25,000
3.700%,
10/1/2050
b
25,290
Radian
Group,
Inc.
45,000
4.875%,
3/15/2027
48,288
Regions
Financial
Corporation
104,000
5.750%,
6/15/2025
b,c
113,880
Rocket
Mortgage
Co-Issuer,
Inc.
45,000
3.625%,
3/1/2029
a
45,169
Service
Properties
Trust
40,000
4.750%,
10/1/2026
38,900
10,000
4.950%,
2/15/2027
9,700
20,000
5.500%,
12/15/2027
20,526
Societe
Generale
SA
44,000
8.000%,
9/29/2025
a,b,c
50,860
Standard
Chartered
plc
125,000
6.000%,
7/26/2025
a,b,c
133,281
Starwood
Property
Trust,
Inc.,
Convertible
14,000
4.375%,
4/1/2023
14,657
Sumitomo
Life
Insurance
Company
225,000
3.375%,
4/15/2081
a,b
235,125
Summit
Hotel
Properties,
Inc.,
Convertible
12,000
1.500%,
2/15/2026
12,516
SVB
Financial
Group
150,000
4.000%,
5/15/2026
b,c
150,750
100,000
4.250%,
11/15/2026
b,c
101,400
Truist
Financial
Corporation
169,000
4.950%,
9/1/2025
b,c
181,319
110,000
5.100%,
3/1/2030
b,c
122,925
U.S.
Bancorp
130,000
3.700%,
1/15/2027
b,c
129,974
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Financials
(17.8%)
-
continued
United
Wholesale
Mortgage,
LLC
$
45,000
5.500%,
4/15/2029
a
$
44,156
USB
Realty
Corporation
170,000
1.271%,
(LIBOR
3M
+
1.147%),
1/15/2027
a,b,c
145,022
VICI
Properties,
LP
25,000
4.250%,
12/1/2026
a
26,037
10,000
3.750%,
2/15/2027
a
10,328
45,000
4.625%,
12/1/2029
a
47,890
Wells
Fargo
&
Company
215,000
3.900%,
3/15/2026
b,c
220,913
100,000
0.624%,
(LIBOR
3M
+
0.500%),
1/15/2027
b
96,950
Total
12,491,390
Technology
(2.1%)
Akamai
Technologies,
Inc.,
Convertible
21,000
0.125%,
5/1/2025
27,485
21,000
0.375%,
9/1/2027
24,557
Black
Knight
InfoServ
,
LLC
54,000
3.625%,
9/1/2028
a
53,929
CommScope
Technologies
Finance,
LLC
40,000
6.000%,
6/15/2025
a
40,000
CommScope
,
Inc.
40,000
7.125%,
7/1/2028
a
39,300
Gartner,
Inc.
45,000
3.625%,
6/15/2029
a
45,497
45,000
3.750%,
10/1/2030
a
46,008
InterDigital
,
Inc.,
Convertible
7,000
2.000%,
6/1/2024
7,674
Iron
Mountain,
Inc.
50,000
5.000%,
7/15/2028
a
51,375
45,000
4.875%,
9/15/2029
a
46,574
50,000
4.500%,
2/15/2031
a
50,534
Lumentum
Holdings,
Inc.,
Convertible
17,000
0.250%,
3/15/2024
30,196
Microchip
Technology,
Inc.,
Convertible
14,000
1.625%,
2/15/2027
35,612
MSCI,
Inc.
45,000
4.000%,
11/15/2029
a
47,025
NCR
Corporation
110,000
6.125%,
9/1/2029
a
117,551
NortonLifeLock
,
Inc.,
Convertible
26,000
2.000%,
8/15/2022
a
33,527
Nuance
Communications,
Inc.,
Convertible
15,000
1.250%,
4/1/2025
42,282
Open
Text
Corporation
60,000
4.125%,
2/15/2030
a
61,800
Progress
Software
Corporation,
Convertible
3,000
1.000%,
4/15/2026
a
3,111
PTC,
Inc.
10,000
3.625%,
2/15/2025
a
10,138
40,000
4.000%,
2/15/2028
a
40,700
Qorvo
,
Inc.
40,000
3.375%,
4/1/2031
a
40,718
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
51
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Technology
(2.1%)
-
continued
Rackspace
Technology
Global,
Inc.
$
45,000
5.375%,
12/1/2028
a,d
$
43,875
Seagate
HDD
Cayman
80,000
3.125%,
7/15/2029
78,120
75,000
3.375%,
7/15/2031
72,984
Sensata
Technologies,
Inc.
80,000
3.750%,
2/15/2031
a
79,716
Shift4
Payments,
LLC
10,000
4.625%,
11/1/2026
a
10,360
SS&C
Technologies,
Inc.
120,000
5.500%,
9/30/2027
a
125,400
Switch,
Ltd.
50,000
3.750%,
9/15/2028
a
50,375
Teradyne,
Inc.,
Convertible
1,000
1.250%,
12/15/2023
5,173
Verint
Systems,
Inc.,
Convertible
9,000
0.250%,
4/15/2026
a
9,580
Viavi
Solutions,
Inc.
38,000
3.750%,
10/1/2029
a
37,998
Vishay
Intertechnology
,
Inc.,
Convertible
15,000
2.250%,
6/15/2025
15,507
Ziff
Davis,
Inc.,
Convertible
49,000
1.750%,
11/1/2026
a
60,552
Total
1,485,233
Transportation
(1.0%)
AerCap
Holdings
NV
90,000
5.875%,
10/10/2079
b
93,150
Air
Canada
10,000
3.875%,
8/15/2026
a
10,200
Air
Transport
Services
Group,
Inc.,
Convertible
12,000
1.125%,
10/15/2024
13,350
American
Airlines,
Inc.
75,000
11.750%,
7/15/2025
a
92,531
96,000
5.500%,
4/20/2026
a
99,828
10,000
5.750%,
4/20/2029
a
10,687
Avis
Budget
Car
Rental,
LLC
45,000
5.375%,
3/1/2029
a,d
47,467
Delta
Air
Lines,
Inc.
41,000
7.000%,
5/1/2025
a
46,880
Greenbrier
Companies,
Inc.,
Convertible
13,000
2.875%,
4/15/2028
a
14,170
Hertz
Corporation
34,000
4.625%,
12/1/2026
a
34,212
40,000
5.000%,
12/1/2029
a
40,034
JetBlue
Airways
Corporation,
Convertible
24,000
0.500%,
4/1/2026
a
22,373
Meritor,
Inc.,
Convertible
27,000
3.250%,
10/15/2037
29,398
Southwest
Airlines
Company,
Convertible
31,000
1.250%,
5/1/2025
41,323
United
Airlines,
Inc.
60,000
4.375%,
4/15/2026
a
62,564
55,000
4.625%,
4/15/2029
a
56,719
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Transportation
(1.0%)
-
continued
XPO
Logistics,
Inc.
$
15,000
6.250%,
5/1/2025
a
$
15,694
Total
730,580
U.S.
Government
&
Agencies
(7.7%)
U.S.
Treasury
Bonds
2,295,000
1.125%,
2/15/2031
2,227,315
U.S.
Treasury
Notes
3,245,000
0.375%,
1/31/2026
3,139,284
Total
5,366,599
Utilities
(3.2%)
American
Electric
Power
Company,
Inc.
250,000
3.875%,
2/15/2062
b
253,796
Calpine
Corporation
70,000
4.500%,
2/15/2028
a
72,625
Dominion
Energy,
Inc.
146,000
4.650%,
12/15/2024
b,c
152,205
150,000
4.350%,
1/15/2027
b,c
154,875
Duke
Energy
Corporation
123,000
3.250%,
1/15/2082
b
119,888
45,000
4.875%,
9/16/2024
b,c
46,688
Edison
International
210,000
5.000%,
12/15/2026
b,c
214,578
Energy
Transfer,
LP
108,000
6.500%,
11/15/2026
b,c
109,890
NextEra
Energy
Capital
Holdings,
Inc.
185,000
3.800%,
3/15/2082
b
188,207
NextEra
Energy
Operating
Partners,
LP
75,000
3.875%,
10/15/2026
a
79,425
NextEra
Energy
Partners,
LP,
Convertible
38,000
Zero
Coupon,
11/15/2025
a
43,301
NiSource,
Inc.
70,000
5.650%,
6/15/2023
b,c
71,925
NRG
Energy,
Inc.
80,000
3.375%,
2/15/2029
a
78,392
20,000
5.250%,
6/15/2029
a
21,428
NRG
Energy,
Inc.,
Convertible
18,000
2.750%,
6/1/2048
21,353
PG&E
Corporation
47,000
5.000%,
7/1/2028
49,436
Sempra
Energy
115,000
4.125%,
4/1/2052
b
116,459
44,000
4.875%,
10/15/2025
b,c
47,114
Southern
Company
110,000
4.000%,
1/15/2051
b
112,475
90,000
3.750%,
9/15/2051
b
90,000
Suburban
Propane
Partners,
LP
50,000
5.875%,
3/1/2027
51,625
25,000
5.000%,
6/1/2031
a
25,281
TerraForm
Power
Operating,
LLC
70,000
5.000%,
1/31/2028
a
74,144
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
52
Principal
Amount
Long-Term
Fixed
Income
(56.5%)
Value
Utilities
(3.2%)
-
continued
Vistra
Operations
Company,
LLC
$
50,000
5.000%,
7/31/2027
a
$
51,891
Total
2,247,001
Total
Long-Term
Fixed
Income
(cost
$39,190,664)
39,697,396
Shares
Registered
Investment
Companies
(
29.9%
)
Value
Unaffiliated (20.9%)
64,200
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
245,244
31,125
AllianceBernstein
Global
High
Income
Fund,
Inc.
377,546
4,796
Allspring
Global
Dividend
Opportunities
Fund
28,248
38,967
Allspring
Income
Opportunities
Fund
356,938
19,365
Barings
Global
Short
Duration
High
Yield
Fund
335,789
19,198
BlackRock
Core
Bond
Trust
316,959
11,211
BlackRock
Corporate
High
Yield
Fund,
Inc.
138,344
23,689
BlackRock
Credit
Allocation
Income
Trust
356,520
19,872
BlackRock
Enhanced
Global
Dividend
Trust
242,041
19,134
BlackRock
Multi-Sector
Income
Trust
347,091
5,300
Blackstone
Strategic
Credit
Fund
d
71,497
75,063
BNY
Mellon
High
Yield
Strategies
Fund
229,693
3,700
Brookfield
Real
Assets
Income
Fund,
Inc.
78,107
18,254
Delaware
Ivy
High
Income
Opportunities
Fund
254,278
29,820
Eaton
Vance
Limited
Duration
Income
Fund
390,642
3,883
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
41,432
20,999
First
Trust
High
Income
Long/Short
Fund
327,374
24,021
First
Trust
Senior
Floating
Rate
Income
Fund
II
289,693
17,245
Invesco
Dynamic
Credit
Opportunities
Fund
e
203,638
30,900
Invesco
Senior
Loan
ETF
682,890
51,475
iShares
S&P
U.S.
Preferred
Stock
Index
Fund
d
2,029,659
18,725
New
America
High
Income
Fund,
Inc.
174,704
46,800
Nuveen
Credit
Strategies
Income
Fund
303,732
17,564
Nuveen
Global
High
Income
Fund
278,916
4,600
Nuveen
Preferred
Income
Opportunities
Fund
44,896
4,600
Nuveen
Quality
Preferred
Income
Fund
II
44,712
11,950
Nuveen
Senior
Income
Fund
70,505
21,279
Nuveen
Short
Duration
Credit
Opportunities
Fund
315,325
26,304
PGIM
Global
High
Yield
Fund,
Inc.
396,927
24,278
PGIM
High
Yield
Bond
Fund,
Inc.
389,662
6,343
Pimco
Dynamic
Income
Fund
164,347
Shares
Registered
Investment
Companies
(29.9%)
Value
Unaffiliated (20.9%)-
continued
4,438
Pioneer
High
Income
Fund,
Inc.
$
43,049
22,771
SPDR
Bloomberg
High
Yield
Bond
ETF
d
2,472,248
51,880
SPDR
Bloomberg
Short
Term
High
Yield
Bond
ETF
1,408,542
24,622
Templeton
Emerging
Markets
Income
Fund
179,494
4,380
Tri-Continental
Corporation
145,372
4,000
Vanguard
Short-Term
Corporate
Bond
ETF
d
325,040
8,070
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
129,604
6,633
Voya
Asia
Pacific
High
Dividend
Equity
Income
Fund
53,794
22,956
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
142,557
48,205
Western
Asset
High
Income
Opportunity
Fund,
Inc.
250,666
Total
14,677,715
Affiliated (9.0%)
658,362
Thrivent
Core
Emerging
Markets
Debt
Fund
6,320,279
Total
6,320,279
Total
Registered
Investment
Companies
(cost
$20,521,291)
20,997,994
Shares
Collateral
Held
for
Securities
Loaned
(
7.2%
)
Value
5,020,301
Thrivent
Cash
Management
Trust
5,020,301
Total
Collateral
Held
for
Securities
Loaned
(cost
$5,020,301)
5,020,301
Shares
Preferred
Stock
(
7.0%
)
Value
Communications
Services
(0.7%)
13,375
AT&T,
Inc.,
4.750%
c
351,228
6,000
Telephone
and
Data
Systems,
Inc.,
6.000%
c
159,600
255
ViacomCBS
,
Inc.,
Convertible,
5.750%
12,806
Total
523,634
Consumer
Staples
(0.1%)
3,200
CHS,
Inc.,
6.750%
b,c
88,768
Total
88,768
Energy
(0.2%)
10,535
Crestwood
Equity
Partners,
LP,
9.250%
c
103,664
525
Energy
Transfer,
LP,
7.600%
b,c
13,309
1,415
NuStar
Logistics,
LP,
6.860%
b
35,686
Total
152,659
Financials
(4.4%)
3,925
Aegon
Funding
Corporation
II,
5.100%
105,151
8,500
Allstate
Corporation,
5.100%
c
230,520
4,000
American
International
Group,
Inc.
5.850%
c
108,360
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
53
Shares
Preferred
Stock
(7.0%)
Value
Financials
(4.4%)
-
continued
8,500
Bank
of
America
Corporation,
4.250%
c,f
$
215,645
5,000
Bank
of
America
Corporation,
5.000%
c
132,900
1,250
Bank
of
America
Corporation,
5.375%
c
33,525
9
Bank
of
America
Corporation,
Convertible,
7.250%
c
13,009
5,300
Capital
One
Financial
Corporation,
5.000%
c
141,775
2,000
Citigroup
Capital
XIII,
6.499%
b
55,800
8,200
Equitable
Holdings,
Inc.,
5.250%
c
217,300
60
First
Horizon
Bank,
3.750%
a,b,c
52,452
3,000
First
Horizon
Corporation,
6.500%
c
82,770
8,500
First
Republic
Bank,
4.500%
c,f
221,000
7,200
J.P.
Morgan
Chase
&
Company,
4.200%
c
183,744
6,825
J.P.
Morgan
Chase
&
Company,
4.750%
c
179,770
1,900
J.P.
Morgan
Chase
&
Company,
5.750%
c
51,072
5,500
Morgan
Stanley,
5.850%
b,c
159,995
5,800
Morgan
Stanley,
7.125%
b,c
160,370
250
Synovus
Financial
Corporation,
5.875%
b,c
6,750
5,150
Truist
Financial
Corporation,
4.750%
c
136,938
8,000
Wells
Fargo
&
Company,
4.250%
c,d
199,360
4,500
Wells
Fargo
&
Company,
4.750%
c
116,370
190
Wells
Fargo
&
Company,
Convertible,
7.50%
c
283,201
Total
3,087,777
Health
Care
(0.1%)
358
Becton,
Dickinson
and
Company,
Convertible,
6.000%
18,884
291
Boston
Scientific
Corporation,
Convertible,
5.500%
33,366
4
Danaher
Corporation,
Convertible,
5.000%
6,953
Total
59,203
Industrials
(0.1%)
23
Fluor
Corporation,
Convertible,
6.500%
a,c
30,323
214
Stanley
Black
&
Decker,
Inc.,
Convertible,
5.250%
d
23,367
Total
53,690
Real
Estate
(0.5%)
5,500
Public
Storage,
3.950%
c
136,785
5,950
Public
Storage,
4.125%
c,d
150,356
850
Public
Storage,
4.625%
c
22,763
225
Public
Storage,
4.700%
c
5,945
Total
315,849
Utilities
(0.9%)
244
AES
Corporation,
Convertible,
6.875%
23,424
189
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
9,473
Shares
Preferred
Stock
(7.0%)
Value
Utilities
(0.9%)
-
continued
136
American
Electric
Power
Company,
Inc.,
Convertible,
6.125%
$
7,153
11,500
CMS
Energy
Corporation,
4.200%
c
287,500
215
Essential
Utilities,
Inc.,
Convertible,
6.000%
14,016
540
NextEra
Energy,
Inc.,
Convertible,
4.872%
36,769
181
NextEra
Energy,
Inc.,
Convertible,
5.279%
10,415
46
NiSource,
Inc.,
Convertible,
7.750%
5,151
8,800
Southern
Company,
4.950%
238,568
608
Southern
Company,
Convertible,
6.750%
32,680
Total
665,149
Total
Preferred
Stock
(cost
$4,854,097)
4,946,729
Shares
Common
Stock
(
2.6%
)
Value
Communications
Services
(0.1%)
70
Charter
Communications,
Inc.
f
45,638
508
Twitter,
Inc.
f
21,956
87
ViacomCBS
,
Inc.
2,625
21
Windstream
Services,
LLC,
Warrants
(Expires
12/31/2049)
e,f
399
Total
70,618
Consumer
Discretionary
(0.1%)
302
Bloomin
'
Brands,
Inc.
f
6,336
14
Booking
Holdings,
Inc.
f
33,589
86
Dick's
Sporting
Goods,
Inc.
9,889
20
Expedia
Group,
Inc.
f
3,614
616
Ford
Motor
Company
12,794
692
Under
Armour
,
Inc.,
Class
C
f
12,484
23
Vail
Resorts,
Inc.
7,542
Total
86,248
Consumer
Staples
(<0.1%)
307
Bunge,
Ltd.
28,662
Total
28,662
Energy
(0.2%)
301
Cheniere
Energy,
Inc.
30,528
550
Enterprise
Products
Partners,
LP
12,078
1,200
Kinder
Morgan,
Inc.
19,032
500
MPLX,
LP
14,795
273
Pioneer
Natural
Resources
Company
49,653
400
TC
Energy
Corporation
18,616
825
Williams
Companies,
Inc.
21,483
Total
166,185
Financials
(0.8%)
1,466
AG
Mortgage
Investment
Trust,
Inc.
15,027
8,350
Annaly
Capital
Management,
Inc.
65,297
2,200
Apollo
Commercial
Real
Estate
Finance,
Inc.
28,952
499
Ares
Capital
Corporation
10,574
600
Bank
of
America
Corporation
26,694
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
54
Shares
Common
Stock
(2.6%)
Value
Financials
(0.8%)
-
continued
3,500
BlackRock
TCP
Capital
Corporation
$
47,285
328
Blackstone
Mortgage
Trust,
Inc.
10,043
2,500
Chimera
Investment
Corporation
37,700
101
Coinbase
Global,
Inc.
f
25,489
2,109
FS
KKR
Capital
Corporation
44,162
3,482
Golub
Capital
BDC,
Inc.
53,762
2,800
Granite
Point
Mortgage
Trust,
Inc.
32,788
39
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
2,072
858
KKR
&
Company,
Inc.
63,921
2,073
Sixth
Street
Specialty
Lending,
Inc.
48,488
347
Starwood
Property
Trust,
Inc.
8,432
4,800
Two
Harbors
Investment
Corporation
27,696
632
Wells
Fargo
&
Company
30,323
Total
578,705
Health
Care
(0.3%)
130
Anthem,
Inc.
60,260
20
Becton,
Dickinson
and
Company
5,030
88
Boston
Scientific
Corporation
f
3,738
356
Danaher
Corporation
117,128
26
Illumina,
Inc.
f
9,891
Total
196,047
Industrials
(0.2%)
448
Aerojet
Rocketdyne
Holdings,
Inc.
20,949
352
Chart
Industries,
Inc.
f
56,140
470
Fluor
Corporation
f
11,642
236
Fortive
Corporation
18,004
194
Greenbrier
Companies,
Inc.
8,903
176
JetBlue
Airways
Corporation
f
2,506
25
Kaman
Corporation
1,079
91
Patrick
Industries,
Inc.
7,343
150
Southwest
Airlines
Company
f
6,426
Total
132,992
Information
Technology
(0.6%)
43
Akamai
Technologies,
Inc.
f
5,033
226
Block,
Inc.
f
36,501
172
Broadcom,
Inc.
114,451
210
II-VI,
Inc.
f
14,349
263
Lumentum
Holdings,
Inc.
f
27,818
417
Microchip
Technology,
Inc.
36,304
176
NortonLifeLock
,
Inc.
4,572
1,317
ON
Semiconductor
Corporation
f
89,451
1,777
Sabre
Corporation
f
15,264
19
ServiceNow
,
Inc.
f
12,333
235
SunPower
Corporation
f
4,904
186
Teradyne,
Inc.
30,417
161
Western
Digital
Corporation
f
10,499
Total
401,896
Real
Estate
(0.2%)
3,200
AGNC
Investment
Corporation
48,128
160
iStar
,
Inc.
4,133
907
LXP
Industrial
Trust
14,167
123
MGIC
Investment
Corporation
1,774
6,000
New
Residential
Investment
Corporation
64,260
Total
132,462
Shares
Common
Stock
(2.6%)
Value
Utilities
(0.1%)
46
American
Electric
Power
Company,
Inc.
$
4,093
60
Essential
Utilities,
Inc.
3,221
67
NextEra
Energy
Partners,
LP
5,655
119
NextEra
Energy,
Inc.
11,110
189
NRG
Energy,
Inc.
8,142
87
Southern
Company
5,966
Total
38,187
Total
Common
Stock
(cost
$1,544,553)
1,832,002
Shares
Short-Term
Investments
(
3.6%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
253,397
0.200%
2,533,975
Total
Short-Term
Investments
(cost
$2,533,911)
2,533,975
Total
Investments
(cost
$73,664,817)
106.8%
$75,028,397
Other
Assets
and
Liabilities,
Net
(6.8%)
(4,796,234)
Total
Net
Assets
100.0%
$70,232,163
a
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
December
31,
2021,
the
value
of
these
investments
was
$16,671,775
or
23.7%
of
total
net
assets.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
December
31,
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
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
f
Non-income
producing
security.
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
55
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Multidimensional
Income
Fund
as
of
December
31,
2021:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
384,198
Common
Stock
4,528,332
Total
lending
$4,912,530
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$5,020,301
Net
amounts
due
to
counterparty
$107,771
Definitions:
ETF
-
Exchange
Traded
Fund
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$2,005,542
Gross
unrealized
depreciation
(754,227)
Net
unrealized
appreciation
(depreciation)
$1,251,315
Cost
for
federal
income
tax
purposes
$73,777,082
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
56
i
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
December
31,
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
1,385,539
–
1,385,539
–
Capital
Goods
2,367,816
–
2,367,816
–
Collateralized
Mortgage
Obligations
65,614
–
65,614
–
Communications
Services
2,832,744
–
2,832,744
–
Consumer
Cyclical
4,165,939
–
4,165,939
–
Consumer
Non-Cyclical
2,824,070
–
2,824,070
–
Energy
3,734,871
–
3,734,871
–
Financials
12,491,390
–
12,491,390
–
Technology
1,485,233
–
1,485,233
–
Transportation
730,580
–
730,580
–
U.S.
Government
&
Agencies
5,366,599
–
5,366,599
–
Utilities
2,247,001
–
2,247,001
–
Registered
Investment
Companies
Unaffiliated
14,677,715
14,474,077
–
203,638
Preferred
Stock
Communications
Services
523,634
523,634
–
–
Consumer
Staples
88,768
88,768
–
–
Energy
152,659
152,659
–
–
Financials
3,087,777
3,035,325
52,452
–
Health
Care
59,203
59,203
–
–
Industrials
53,690
23,367
30,323
–
Real
Estate
315,849
315,849
–
–
Utilities
665,149
665,149
–
–
Common
Stock
Communications
Services
70,618
70,219
–
399
Consumer
Discretionary
86,248
86,248
–
–
Consumer
Staples
28,662
28,662
–
–
Energy
166,185
166,185
–
–
Financials
578,705
578,705
–
–
Health
Care
196,047
196,047
–
–
Industrials
132,992
132,992
–
–
Information
Technology
401,896
401,896
–
–
Real
Estate
132,462
132,462
–
–
Utilities
38,187
38,187
–
–
Subtotal
Investments
in
Securities
$61,153,842
$21,169,634
$39,780,171
$204,037
Other
Investments *
Total
Affiliated
Registered
Investment
Companies
6,320,279
Affiliated
Short-Term
Investments
2,533,975
Collateral
Held
for
Securities
Loaned
5,020,301
Subtotal
Other
Investments
$13,874,555
Total
Investments
at
Value
$75,028,397
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
57
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
12/31/2021
Shares
Held
at
12/31/2021
%
of
Net
Assets
12/31/2021
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$3,673
$3,009
$–
$6,320
658
9.0%
Total
Affiliated
Registered
Investment
Companies
3,673
6,320
9.0
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.200%
1,116
56,087
54,669
2,534
253
3.6
Total
Affiliated
Short-Term
Investments
1,116
2,534
3.6
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
253
65,831
61,064
5,020
5,020
7.2
Total
Collateral
Held
for
Securities
Loaned
253
5,020
7.2
Total
Value
$5,042
$13,874
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2021
-
12/31/2021
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$–
$(362)
$–
$223
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.200%
0
0
–
3
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$226
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
1
21
Total
Affiliated
Income
from
Securities
Loaned,
Net
$21
Total
$0
$(362)
$1
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
58
As
of
December
31,
2021
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$1,030,745,315
$59,606,879
Investments
in
affiliated
securities
at
cost
$498,674,799
$14,057,938
Investments
in
unaffiliated
securities
at
value
(#)
$1,111,242,612
$61,153,842
Investments
in
affiliated
securities
at
value
502,175,794
13,874,555
Cash
—
15,987
Foreign
currency
4,940
(a)
—
Initial
margin
deposit
on
open
future
contracts
46,000
—
Dividends
and
interest
receivable
4,664,696
491,659
Prepaid
expenses
25,146
1,745
Receivable
for:
Investments
sold
444,506
—
Investments
sold
on
a
delayed-delivery
basis
205,000
—
Fund
shares
sold
978,389
110,787
Expense
reimbursements
—
8,094
Variation
margin
on
open
future
contracts
228,161
—
Total
Assets
1,620,015,244
75,656,669
Liabilities
Distributions
payable
1,593,669
42,627
Accrued
expenses
118,380
23,900
Cash
overdraft
380,268
—
Payable
for:
Investments
purchased
17,268
137,558
Investments
purchased
on
a
delayed-delivery
basis
294,832,412
—
Return
of
collateral
for
securities
loaned
16,955,492
5,020,301
Fund
shares
redeemed
2,395,766
162,886
Variation
margin
on
open
future
contracts
82,638
—
Investment
advisory
fees
589,136
31,803
Administrative
fees
18,587
983
Distribution
fees
131,796
—
Transfer
agent
fees
63,684
2,808
Trustee
fees
1,170
278
Trustee
deferred
compensation
54,580
1,362
Contingent
liabilities^
—
—
Mortgage
dollar
roll
deferred
revenue
184,564
—
Total
Liabilities
317,419,410
5,424,506
Net
Assets
Capital
stock
(beneficial
interest)
1,216,506,473
69,027,424
Distributable
earnings/(accumulated
loss)
86,089,361
1,204,739
Total
Net
Assets
$1,302,595,834
$70,232,163
Class
A
Share
Capital
$623,478,083
$—
Shares
of
beneficial
interest
outstanding
(Class
A)
80,936,408
—
Net
asset
value
per
share
$7.70
$—
Maximum
public
offering
price
$8.06
$—
Class
S
Share
Capital
$679,117,751
$70,232,163
Shares
of
beneficial
interest
outstanding
(Class
S)
89,151,869
6,855,318
Net
asset
value
per
share
$7.62
$10.24
(#)
Includes
securities
on
loan
of
16,502,650
4,912,530
(a)
Foreign
currency
holdings,
cost
$4,877
.
^
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.
59
For
the
year
ended
December
31,
2021
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
Investment
Income
Dividends
$4,354,520
$418,752
Taxable
interest
20,328,306
1,084,394
Income
from
mortgage
dollar
rolls
3,685,580
18
Affiliated
income
from
securities
loaned,
net
68,250
21,395
Income
from
affiliated
investments
404,356
2,871
Non
cash
income
419,453
383,718
Non
cash
income
from
affiliated
investments
6,011,211
223,318
Foreign
tax
withholding
(16,758)
(531)
Total
Investment
Income
35,254,918
2,133,935
Expenses
Adviser
fees
6,474,260
277,405
Administrative
service
fees
273,125
78,574
Audit
and
legal
fees
38,658
32,406
Custody
fees
63,543
18,127
Distribution
expenses
Class
A
1,545,349
—
Insurance
expenses
7,342
4,039
Printing
and
postage
expenses
Class
A
84,623
—
Printing
and
postage
expenses
Class
S
79,503
17,973
SEC
and
state
registration
expenses
99,256
26,052
Transfer
agent
fees
Class
A
434,038
—
Transfer
agent
fees
Class
S
451,412
52,954
Trustees'
fees
35,552
7,430
Other
expenses
91,190
37,307
Total
Expenses
Before
Reimbursement
9,677,851
552,267
Less:
Reimbursement
from
adviser
—
(123,550)
Total
Net
Expenses
9,677,851
428,717
Net
Investment
Income/(Loss)
25,577,067
1,705,218
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
53,232,501
1,291,987
Affiliated
investments
1,912,466
114
Distributions
of
realized
capital
gains
from
affiliated
investments
3,692
1,329
Futures
contracts
(728,260)
—
Foreign
currency
transactions
7,380
—
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(6,000,262)
(126,016)
Affiliated
investments
(3,283,129)
(361,524)
Futures
contracts
1,862,991
—
Foreign
currency
transactions
(11,812)
—
Net
Realized
and
Unrealized
Gains/(Losses)
46,995,567
805,890
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$72,572,634
$2,511,108
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
60
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
For
the
periods
ended
12/31/2021
12/31/2020
12/31/2021
12/31/2020
Operations
Net
investment
income/(loss)
$25,577,067
$28,374,937
$1,705,218
$1,116,464
Net
realized
gains/(losses)
54,427,779
(1,100,000)
1,293,430
(153,080)
Change
in
net
unrealized
appreciation/(depreciation)
(7,432,212)
42,351,039
(487,540)
1,347,131
Net
Change
in
Net
Assets
Resulting
From
Operations
72,572,634
69,625,976
2,511,108
2,310,515
Distributions
to
Shareholders
From
income/realized
gains
Class
A
(37,740,548)
(15,324,272)
–
–
From
income/realized
gains
Class
S
(41,328,473)
(13,506,328)
(2,690,770)
(1,180,936)
Total
from
income/realized
gains
(79,069,021)
(28,830,600)
(2,690,770)
(1,180,936)
From
return
of
capital
Class
S
–
–
(29,610)
(67,336)
Total
From
Return
of
Capital
–
–
(29,610)
(67,336)
Total
Distributions
to
Shareholders
(79,069,021)
(28,830,600)
(2,720,380)
(1,248,272)
Capital
Stock
Transactions
Class
A
Sold
62,138,270
42,408,148
–
–
Distributions
reinvested
35,756,720
13,967,641
–
–
Redeemed
(83,562,399)
(89,533,909)
–
–
Total
Class
A
Capital
Stock
Transactions
14,332,591
(33,158,120)
–
–
Class
S
Sold
270,772,061
131,811,371
39,790,267
24,099,274
Distributions
reinvested
40,386,946
12,935,102
2,517,244
1,077,623
Redeemed
(130,001,331)
(123,630,106)
(9,360,602)
(9,349,361)
Total
Class
S
Capital
Stock
Transactions
181,157,676
21,116,367
32,946,909
15,827,536
Capital
Stock
Transactions
195,490,267
(12,041,753)
32,946,909
15,827,536
Net
Increase/(Decrease)
in
Net
Assets
188,993,880
28,753,623
32,737,637
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
$1,302,595,834
$1,113,601,954
$70,232,163
$37,494,526
Capital
Stock
Share
Transactions
Class
A
shares
Sold
7,831,279
5,852,543
–
–
Distributions
reinvested
4,611,330
1,948,433
–
–
Redeemed
(10,550,450)
(12,443,339)
–
–
Total
Class
A
share
transactions
1,892,159
(4,642,363)
–
–
Class
S
shares
Sold
34,412,683
18,378,410
3,829,163
2,480,964
Distributions
reinvested
5,262,274
1,821,720
244,415
112,896
Redeemed
(16,565,478)
(17,399,968)
(903,287)
(957,839)
Total
Class
S
share
transactions
23,109,479
2,800,162
3,170,291
1,636,021
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2021
61
(1)
ORGANIZATION
Thrivent
Mutual
Funds
(the
“Trust”)
was
organized
as
a
Massachusetts
Business
Trust
on
March
10,
1987
and
is
registered
as
an
open-end
management
investment
company
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”).
The
Trust
is
divided
into 25
separate
series
(each,
a
"Fund"
and,
collectively,
the
"Funds"),
each
with
its
own
investment
objective
and
policies.
The
Trust
currently
consists
of
four
asset
allocation
Funds, three
income
plus
Funds, ten
equity
Funds, seven
fixed-income
Funds,
and
one
money
market
Fund.
This
shareholder
report
includes Thrivent
Diversified
Income
Plus
Fund
and Thrivent
Multidimensional
Income
Fund, two of
the
Trust’s
25
Funds.
The
other
Funds
of
the
Trust
have
a
fiscal
year-end
of
October
31
and
are
presented
under
a
separate
shareholder
report.
The
Funds
are
each
investment
companies
that
follow
the
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
Topic
946
-
Financial
Services
-
Investment
Companies.
Share
Classes
— The
Trust
may
issue
an
unlimited number
of
shares
in
one
or
more
series
as
the
Board
may
authorize.
The
Trust includes
two
classes
of
shares:
Class
A
and
Class
S
shares.
The
classes
of
shares
differ
principally
in
their
respective
distribution
expenses
and
other
class-specific
expenses
and
arrangements.
Class
A
shares
have
an
annual
12b-1
fee
of
0.25%
of
average
net
assets, a
reduced
fee
of
0.125%
or
no
fee.
For
the
Funds
presented
under
this
shareholder
report,
Class
A
shares
have
an
annual
12b-1
fee
of
0.25%
and a
maximum
front-end
sales
load
of
4.50%.
Class
S
shares
are
offered
at
net
asset
value
and
have
no
annual
12b-1
fees.
The
share
classes
have
identical
rights
to
earnings,
assets
and
voting
privileges,
except
for
class-specific
expenses
and
exclusive
rights
to
vote
on
matters
affecting
only
individual
classes.
Thrivent
High
Income
Municipal
Bond
Fund,
Thrivent
Low
Volatility
Equity
Fund, Thrivent
Mid
Cap
Growth
Fund,
Thrivent
Mid
Cap
Value
Fund,
Thrivent
Multidimensional
Income
Fund
and
Thrivent
Small
Cap
Growth
Fund offer
only
Class
S
Shares; each
of
the
other 19
Funds
of
the
Trust
offer
Class
A
and
Class
S
shares.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
with
vendors
and
others
that
provide
general
damage
clauses.
The
Trust’s
maximum
exposure
under
these
contracts
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust.
However,
based
on
experience,
the
Trust
expects
the
risk
of
loss
to
be
remote.
(2)
SIGNIFICANT
ACCOUNTING
POLICIES
Valuation
of
Investments
—
Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system
are
valued
at
the
last
sale
price
on
the
principal
exchange
as
of
the
close
of
regular
trading
on
such
exchange
or
the
official
closing price
of
the
national
market
system.
Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time.
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Trust’s
Board
of
Trustees
(the
“Board”).
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations obtained
from dealers
that
make
markets
in
the
securities.
Exchange-listed
options and
futures
contracts
are
valued
at
the
primary
exchange
settle
price.
Exchange
cleared
swap
agreements
are
valued
at
the
clearinghouse
end
of
day
price.
Swap
agreements
not
cleared
on
exchanges
will
be
valued at
the
mid-price
from
the
primary
approved
pricing
service.
Forward
foreign
currency exchange
contracts
are
marked-to-market
based
upon
foreign
currency
exchange
rates
provided
by the
pricing
service.
Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day.
The
Board
has
delegated
responsibility
for
daily
valuation
of
the
Funds'
securities to
the
Funds'
investment
Adviser.
The
Adviser
has
formed
a Valuation
Committee
(the
“Committee”)
that
is
responsible
for
overseeing
the
Funds'
valuation
policies in
accordance
with
Valuation
Policies
and
Procedures.
The
Committee
meets
on
a
monthly
and
on
an
as-needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices,
money
market
pricing,
international
fair
valuation,
and
other
securities
requiring
fair
valuation.
The
Committee
monitors
for
significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Funds.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant
using
fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
determined
to
be
unreliable,
the
securities
will
be
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”), the
various
inputs
used
to
determine
the
fair
value
of
the
Funds’
investments
are
summarized
in
three
broad
levels. Level
1
includes
quoted
prices
in
active
markets
for
identical
securities: typically
included
in
this
level
are
U.S.
equity
securities,
futures, options
and
registered
investment
company
funds.
Level
2
includes
other
significant
observable
inputs
such
as
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk;
typically
included
in
this
level
are
fixed
income
securities,
international
securities,
swaps
and
forward
contracts.
Level
3
includes
significant
unobservable
inputs
such
as
the
Adviser’s
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments.
The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
other
investments.
Investments
measured
using
net
asset
value
per
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2021
62
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
December
31,
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
December
31,
2021
63
For
certain
securities,
including
real
estate
investment
trusts,
the Funds
record
distributions
received
in
excess
of
income
as
a
reduction
of
cost
of
investments
and/or
realized
gain.
Such
amounts
are
based
on
estimates
if
actual
amounts
are
not
available.
Actual
amounts
of
income,
realized
gain
and
return
of
capital
may
differ
from
the
estimated
amounts.
The Funds
adjust
the
estimated
amounts
of
the
components
of
distributions
as
adjustments
to
investment
income,
unrealized
appreciation/depreciation
and
realized
gain/loss
on
investments
as
necessary,
once
the
issuers
provide
information
about
the
actual
composition
of
the
distributions.
Distributions
to
Shareholders
—
Net
investment
income
is
distributed
to
each
shareholder
as
a
dividend.
Dividends
from
Diversified
Income
Plus
Fund
and
Multidimensional
Income
Fund
are
declared
and
paid
monthly. It
is
possible
that
such
dividends
may
be
reclassified
as
return
of
capital
or
capital
gains
after
year
end.
Such
determination
cannot
be
made
until
tax
information
is
received
from
the
real
estate
investments
of
the
Fund.
Net
realized
gains
from
securities
transactions,
if
any,
are
paid
at
least
annually
after
the
close
of
the
fiscal
year.
In
addition,
the
funds
may
claim
a
portion
of
the
payment
made
to redeeming
shareholders
as
a
distribution
for
income
tax
purposes.
Derivative
Financial
Instruments
—
Each
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.
Futures
Contracts
— Each
Fund
may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
fluctuations.
Gains
or
losses
on
futures
contracts
can
offset
changes
in
the
yield
of
securities.
When
a
futures
contract
is
opened,
cash
or
other
investments
equal
to
the
required
“initial
margin
deposit”
are
held
on
deposit
with
and
pledged
to
the
broker.
Additional
securities
held
by
the
Funds
may
be
earmarked
to
cover
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2021
64
open
futures
contracts. A
futures
contract’s
daily
change
in
value
(“variation
margin”)
is
either
paid
to
or
received
from
the
broker,
and
is
recorded
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
realized
gain
or
loss
is
recorded
equal
to
the
difference
between
the
value
of
the
contract
when
opened
and
the
value
of
the
contract
when
closed.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Exchange-traded
futures
have
no
significant
counterparty
risk
as
the
exchange
guarantees
the
contracts
against
default.
During
the year
ended
December
31,
2021,
Diversified
Income
Plus used
treasury
futures
to
manage
the
duration
and
yield
curve
exposure
of
the
respective
Fund
versus its
benchmark.
During
the year
ended
December
31,
2021,
Diversified
Income
Plus
used
equity
futures
to
manage
exposure
to
the
equities
market.
During
the year
ended
December
31,
2021,
Diversified
Income
Plus
used foreign exchange futures
to
hedge
currency
risk.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements
in
the
Statement
of
Assets
and
Liabilities.
The
amounts
presented
in
the
table
below
are
offset
first
by
financial
instruments
that
have
the
right
to
offset
under
master
netting
or
similar
arrangements,
then
any
remaining
amount
is
reduced
by
cash
and
non-cash
collateral
received/pledged.
The
actual
amounts
of
collateral
may
be
greater
than
the
amounts
presented
in
the
table.
The
following
table
presents
the
gross
and
net
information
about
liabilities
subject
to
master
netting
arrangements,
as
presented
in the
Statement
of
Assets
and
Liabilities:
Mortgage
Dollar
Roll
Transactions
—
Certain
Funds
enter
into
dollar
roll
transactions
on
securities
issued
or
to
be
issued
by
the
Government
National
Mortgage
Association,
Federal
National
Mortgage
Association
and
Federal
Home
Loan
Mortgage
Corporation,
in
which
the
Funds
sell
mortgage
securities
and
simultaneously
agree
to
repurchase
similar
(same
type
and
coupon)
securities
at
a
later
date
at
an
agreed
upon
price.
The
Funds
must
maintain
liquid
securities
having
a
value
at
least
equal
to
the
repurchase
price
(including
accrued
interest)
for
such
dollar
rolls.
In
addition,
the
Funds
are
required
to segregate
collateral
with the
fund
custodian (depending
on
market
movements)
on
their
mortgage
dollar
rolls.
The
value
of
the
securities
that
the
Funds
are
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
During
the
period
between
the
sale
and
repurchase,
the
Funds
forgo
principal
and
interest
paid
on
the
mortgage
securities
sold.
The
Funds
are
compensated
from
negotiated
fees
paid
by
brokers
offered
as
an
inducement
to
the
Funds
to
"roll
over"
their
purchase
commitments,
thus
enhancing
the
yield.
Mortgage
dollar
rolls
may
be
renewed
with
a
new
purchase
and
repurchase
price
and
a
cash
settlement
made
on
settlement
date
without
physical
delivery
of
the
securities
subject
to
the
contract.
These
purchase
and
sale
transactions
may
increase
portfolio
turnover
rate.
The
fees
received
are
recognized
over
the
roll
period
and
are
included
in
Income
from
mortgage
dollar
rolls
in
the
Statement
of
Operations.
Securities
Lending
—
The
Trust
has
entered
into
a
Securities
Lending
Agreement
(the
“Agreement”)
with
Goldman
Sachs
Bank
USA
doing
business
as
Goldman
Sachs Agency
Lending ("GSAL"). The
Agreement
authorizes
GSAL
to
lend
securities
to
authorized
borrowers
on
behalf
of
the
Funds.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value
of U.S.
securities
and
105% of
the
market
value
of non-U.S.
securities.
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received.
Any
additional
collateral
is
adjusted
and
settled
on
the
next
business
day.
The
Trust
has
the
ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell
the
loaned
securities.
All
cash
collateral
received
is
invested
in
Thrivent
Cash
Management
Trust.
The
Funds
receive dividends
and
interest
that would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent
Cash
Management
Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
expenses,
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
16,955,492
–
16,955,492
16,502,650
–
–
452,842
(^)
Multidimensional
Income
Securities
Lending
5,020,301
–
5,020,301
4,912,530
–
–
107,771
(^)
(**)
Excess
of
collateral
pledged
to
the
counterparty
may
not
be
shown
for
financial
reporting
purposes.
(^)
Net
securities
lending
amounts
represent
the
net
amount
payable
to
the
counterparty
in
the
event
of
a
default.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2021
65
are
included
in
affiliated
income
from
securities
loaned,
net on
the
Statement
of
Operations.
By
investing
any
cash
collateral
it
receives
in
these
transactions,
a
Fund
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, a
Fund
could
lose
money.
Generally,
in
the
event
of
borrower
default, a Fund
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred.
However,
in
the
event a
Fund
is
delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss.
Some
of
these
losses
may
be
indemnified
by
the
lending
agent.
As
of
December
31,
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.
Stripped
Securities
—
Certain
Funds
may
invest
in
interest
only
and
principal
only
stripped
mortgage
or
asset
backed
securities.
These
securities
represent
a
participation
in
securities
that
are
structured
in
classes
with
rights
to
receive
different
portions
of
the
interest
and
principal.
Interest
only
securities
receive
all
the
interest,
and
principal
only
securities
receive
all
the
principal.
Interest
only
securities
are
particularly
sensitive
to
changes
in
interest
rates
and
therefore
are
subject
to
greater
fluctuation
in
prices
than
typical
interest
bearing
debt
securities.
As
interest
rates
rise,
the
value
of
the
interest
only
security
increases.
Similarly,
as
interest
rates
decrease,
the
value
of
the
interest
only
security
decreases. If
the
underlying
pool
of
mortgages
or
assets
experience
greater
than
anticipated
prepayments
of
principal, a
Fund
may
not
fully
recoup
its
initial
investment
in
an
interest
only
security.
Principal
only
securities
increase
in
value
if
prepayments
are
greater
than
anticipated
and
decline
if
prepayments
are
slower
than
anticipated.
The
market
value
of
these
securities
is
also
highly
sensitive
to
changes
in
interest
rates.
As
interest
rates
increase,
the
price
of
the
principal
only
security
decreases.
Similarly,
as
interest
rates
decrease,
the
price
of
the
principal
only
security
increases.
The
principal
only
security
represents
the
payment
with
the
longest
maturity,
therefore
making
it
the
most
sensitive
to
interest
rate
changes.
Accounting
Estimates
—
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Contingent
Liabilities
—
In
the
event
of
adversary
action
proceedings
where
a
Fund
is
a
defendant,
a
loss
contingency
will
not
be
accrued
as
a
liability
until
the
amount
of
potential
damages
and
the
likelihood
of
loss
can
be
reasonably
estimated.
For
the year
ended
December
31,
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
Fund
Securities
on
Loan
Diversified
Income
Plus
$
16,502,650
Multidimensional
Income
4,912,530
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2021
66
($50
million
committed,
$50
million
uncommitted)
credit
facility
(the
"line
of
credit")
issued
by
State
Street
Bank
and
Trust
Company
to
be
utilized
for
temporary
or
emergency
purposes
to
fund
shareholder
redemptions
or
for
other
short-term
liquidity
purposes.
Interest
is
charged
to
each
participating
Fund based
on
its
borrowings
at
the
higher
of
the
Federal
Funds
Rate
or
the Overnight
Funding
Rate
plus,
in
each
case,
0.10%
plus
a
margin
of 1.25%.
Each
borrowing
under
the
credit
facility
matures
no
later
than
30
calendar
days
after
the
date
of
the
borrowing.
Each
participating
Fund
pays
a commitment
fee
in
proportion
to
their
respective
net
assets.
The
line
of
credit
shall
expire
on
December
27,
2022
unless
extended
by
mutual
agreement
of
State
Street
Bank
and
Trust
Company
and
the
Funds.
The
Funds
had
no
borrowings
during
the year
ended
December
31,
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
the
London
Interbank
Offered
Rate
("LIBOR")
and
other
reference
rates
expected
to
be
discontinued.
The
ASU
No.
2020-04 was
effective
immediately
upon
release
of
the
standard
on
March
12,
2020
and
can
be
applied
prospectively through December
31,
2022.
At
this
time,
management
is
evaluating
implications
of
these
changes
on
financial
statement
disclosures.
Management
is
also
currently
actively
working
with
other
financial
institutions
and
counterparties
to
modify
contracts
as
required
by
applicable
regulation
and
within
the
regulatory
deadline.
Codification
Improvements
to
Subtopic
310-20,
Receivables
-
Nonrefundable
Fees
and
Other
Costs
In
October
2020,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standard
Board
(ASU)
No.
2020-08
Codification
Improvements
to
Subtopic
310-20,
Receivables—
Nonrefundable
Fees
and
Other
Costs
which
provides
further
guidance
on
the
previously
released
ASU
No.2017-08
Premium
Amortization
on
Purchased
Callable
Debt
Securities.
The
ASU
No.
2020-08
is
effective
for
fiscal
periods
beginning
after
December
2020.
Management
has
determined
this
ASU
will
not
have
an
impact
on
financial
statement
disclosures.
Other
—
For
financial
statement
purposes,
investment
security
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
and
losses
from
investment
transactions
are
determined
on
a
specific
cost
identification
basis,
which
is
the
same
basis
used
for
federal
income
tax
purposes.
(3)
FEES
AND
COMPENSATION
PAID
TO
AFFILIATES
Investment
Advisory
Fees
—
The
Trust
has
entered
into
an
Investment
Advisory
Agreement
with
Thrivent
Asset
Mgt.
Under
the
Investment
Advisory
Agreement,
each
of
the
Funds
pays
a
fee
for
investment
advisory
services.
The
fees
are
accrued
daily
and
paid
monthly.
The
annual
rates
of
fees
as
a
percent
of
average
daily
net
assets
under
the
Investment
Advisory
Agreement
were
as
follows:
Expense
Reimbursements
— For
the
year
ended December
31,
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
in
other
Funds,
Thrivent
Cash
Management
Trust,
and
Thrivent
Core Funds.
These
related-party
transactions
are
subject
to
the
same
terms
as
non-related
party
transactions.
To
avoid
duplicate
investment
advisory
fees,
Thrivent
Asset
Mgt.
reimburses
an
amount
equal
to
any
investment
advisory
fees
indirectly
incurred
by
the
Fund
as
a
result
of
its
investment
in
any
other
mutual
fund
for
which
the
Adviser
or
an
affiliate
serves
as
investment
adviser,
other
than
Thrivent
Cash
Management
Trust.
Distribution
Plan
— Thrivent
Distributors,
LLC
is
the
Trust's
distributor.
The
Trust
has
adopted
a
Distribution
Plan
pursuant
to
Rule
12b-1
under
the
1940
Act.
Class
A
shares
have
an
annual 12b-1
fee
of 0.25%
of
average
net
assets, a
reduced
fee
of
0.125%
or
no
fee.
For
the
Funds
presented
under
this
shareholder
report,
Class
A
shares
have
an annual 12b-1
fee of
0.25%.
Sales
Charges
and
Other
Fees
—
For
the year
ended
December
31,
2021,
Thrivent
Investment
Management
Inc. and
Thrivent
Distributors,
LLC
received
$64,810
of
aggregate
underwriting
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
December
31,
2021
67
concessions
from
the
sales
of
the
Trust’s
Class
A
shares.
Sales
charges
are
not
an
expense
of
the
Trust
and
are
not
reflected
in
the
financial
statements
of
any
of
the
Funds.
The
Trust
has
entered
into
an
accounting
and
administrative
services
agreement
with
Thrivent
Asset
Mgt.
pursuant
to
which
Thrivent
Asset
Mgt.
provides
certain
accounting
and
administrative
personnel
and
services
to
the
Funds.
The
Funds pay
an
annual
fixed
fee
on
a
per-fund
basis plus
percentage
of net assets
to
Thrivent
Asset
Mgt.
These
fees
are
accrued
daily
and paid
monthly.
For
the year
ended
December
31,
2021,
Thrivent
Asset
Mgt.
received
aggregate
fees
for
accounting
and
administrative
personnel
and
services
of $351,699
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 year
ended
December
31,
2021,
Thrivent
Investor
Services
received
$948,641 from
the
Funds
for
transfer
agent
services
covered
in
this
shareholder
report.
Each
Trustee
who
is
not
affiliated
with
the
Adviser
receives
an
annual
fee
from
the
Trust
for
services
as
a
Trustee
and
is
eligible
to
participate
in
a
deferred
compensation
plan
with
respect
to
fees
received
from
the
Funds.
Participants
in
the
plan
may
designate
their
deferred
Trustee’s
fees
as
if
invested
in a series
of
Thrivent
Mutual
Funds. Thrivent
Money
Market
Fund
is
not
eligible
for
the
deferred
plan. The
value
of
each
Trustee’s
deferred
compensation
account
will
increase
or
decrease
as
if
invested
in
shares
of
the
designated series.
Their
fees
as
well
as
the
change
in
value
are
included
in
Trustee’s
fees
in
the
Statement
of
Operations.
The
deferred
fees
remain
in
the
appropriate
series
of
Thrivent
Mutual
Funds
until
distribution
in
accordance
with
the
plan.
The Payable
for
trustee
deferred
compensation,
located in
the
Statement
of
Assets
and
Liabilities,
is
unsecured.
Those
Trustees
not
participating
in
the
above
plan
received $36,834
in
fees
from
the
Funds
covered
in
this
shareholder
report
for
the
year
ended
December
31,
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 year
ended December
31,
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.
The
differences
between
book-basis
and
tax-
basis
distributable
earnings
are
primarily
attributable
to
timing
differences
in
recognizing
certain
gains
and
losses
on
investment
transactions, such
as
wash
sales,
unrealized
and
realized
activity
related
to
derivatives,
treatment
of
passive
foreign
investment
companies,
and
amortization
of
callable
bonds. At
the
end
of
the
fiscal
year,
reclassifications
between
net
asset
accounts
are
made
for
differences
that
are
permanent
in
nature.
These
permanent
differences
primarily
relate
to
the
tax
treatment
of
partnerships
and
sales
of
contingent
debt.
On
the
Statement
of
Assets
and
Liabilities,
as
a
result
of
permanent
book-to-tax
differences,
reclassification
adjustments
were
made
as
follows
[Increase/(Decrease)]:
At
December
31,
2021,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
Fund
Distributable
earnings/
(accumulated
loss)
Capital
Stock
Diversified
Income
Plus
$349
($349)
Multidimensional
Income
12,926
(12,926)
Fund
Undistributed
Ordinary
Income
a
Undistributed
Long-Term
Capital
Gain
Diversified
Income
Plus
$4,728,858
$
–
a
Undistributed
Ordinary
Income
includes
income
derived
from
Short-Term
Capital
Gains.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2021
68
During
the
fiscal
year
2021,
capital
loss
carryovers
utilized
by
the
Funds
were
as
follows:
The
tax
character
of
distributions
paid
during
the
years
ended December
31,
2021
and 2020
was
as
follows:
(a)
Ordinary
income
includes
income
derived
from
short-term
capital
gains,
if
any.
(5)
SECURITY
TRANSACTIONS
Purchases
and
Sales
of
Investment
Securities
—
For
the
year
ended
December
31,
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
December
31,
2021,
the
Fund
did
not
hold
restricted
securities.
The
Funds
have
no
right
to
require
registration
of
unregistered
securities.
(6)
SECURITY
TRANSACTIONS
WITH
AFFILIATED
FUNDS
The Funds
are
permitted
to
purchase
or
sell
securities
from
or
to certain
other
Funds, or
affiliated
portfolios
under specified
conditions
outlined
in
procedures
adopted
by
the
Board.
The
procedures
have
been
designed
to
ensure
that
any
purchase
or
sale
of
securities
by
a
Fund
from
or
to
another
fund
or
portfolio
that
is
or
could
be
considered
an
affiliate
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
advisers),
common
Trustees
and/or
common
officers
complies
with
Rule
17a-
7
of
the
1940
Act.
Further,
as
defined
under
the
procedures,
each
transaction
is
executed
at
the
current
market
price.
During
the year
ended
December
31,
2021, Multidimensional
Income
Fund
engaged
in
purchase
transactions
in
the
amount
of
$50,438
and
Diversified
Income
Plus Fund engaged
in sale
transactions
in
the
amount
of
$11,117,652
with
realized
gain
of
$527,573,
pursuant
to
Rule
17a-7
of
the
1940
Act.
These
transaction
amounts were
greater
than 0.045%
of
each fund's
net
assets.
(7)
RELATED
PARTY
TRANSACTIONS
As
of
December
31,
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
market
sector, or
due
to
impacts
from
domestic
or
global
events,
including the
spread
of
infectious
illness,
public
health
threats,
war,
terrorism,
natural
disasters or
similar
events.
As
of December
31,
2021,
the
Funds
covered
in
this
shareholder
report
did
not
have
portfolio
concentration
greater
than
25%
in
any
sector.
Fund
Capital
Loss
Carryover
Diversified
Income
Plus
$2,641,982
Multidimensional
Income
$336,216
Ordinary
Income
(a)
Long-Term
Capital
Gains
Return
of
Capital
Fund
12/31/2021
12/31/2020
12/31/2021
12/31/2020
12/31/2021
12/31/2020
Diversified
Income
Plus
$39,856,658
$28,830,600
$39,212,363
$–
$–
$–
Multidimensional
Income
2,253,281
1,180,936
437,489
–
29,610
67,336
In
thousands
Fund
Purchases
Sales/
Paydowns
Diversified
Income
Plus
$574,782
$636,960
Multidimensional
Income
46,443
19,948
In
thousands
Fund
Purchases
Sales/
Paydowns
Diversified
Income
Plus
$2,602,887
$2,400,347
Multidimensional
Income
5,438
1,237
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2021
69
(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
business
continuity
plans
in
the
event
of
such
cyber
incidents,
there
are
inherent
limitations
in
such
plans
and
systems.
Additionally,
the
Funds
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
their
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Funds
or
their
shareholders.
Although
each
Fund
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
operation
risks
that
may
affect
a
Fund
or
to
develop
processes
and
controls
that
completely
eliminate
or
mitigate
the
occurrence
of
such
failures
or
other
disruptions
in
service.
The
value
of
an
investment
in
a
Fund’s
shares
may
be
adversely
affected
by
the
occurrence
of
the
operational
errors
or
failures
or
technological
issues
or
other
similar
events
and
a
Fund
and
its
shareholders
may
bear
costs
tied
to
these
risks.
Derivatives
Risk
—
The
use
of
derivatives
(such
as
futures,
options,
credit
default
swaps,
and
total
return
swaps)
involves
additional
risks
and
transaction
costs
which
could
leave
a
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
Changes
in
the
value
of
the
derivative
may
not
correlate
as
intended
with
the
underlying
asset,
rate
or
index,
and
a
Fund
could
lose
much
more
than
the
original
amount
invested.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
Derivatives
are
also
subject
to
the
risk
that
the
other
party
in
the
transaction
will
not
fulfill
its
contractual
obligations.
Some
derivatives
may
give
rise
to
a
form
of
economic
leverage
and
may
expose
the
Fund
to
greater
risk
and
increase
its
costs.
Such
leverage
may
cause
the
Fund
to
liquidate
portfolio
positions
when
it
may
not
be
advantageous
to
do
so
to
satisfy
its
obligations
or
to
meet
any
required
asset
segregation
requirements.
Increases
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2021
70
and
decreases
in
the
value
of
the
Fund’s
portfolio
will
be
magnified
when
the
Fund
uses
leverage.
Futures
contracts,
options
on
futures
contracts,
forward
contracts,
and
options
on
derivatives
can
allow
the
Fund
to
obtain
large
investment
exposures
in
return
for
meeting
relatively
small
margin
requirements.
As
a
result,
investments
in
those
transactions
may
be
highly
leveraged.
The
success
of
a
Fund’s
derivatives
strategies
will
depend
on
the
Adviser’s
ability
to
assess
and
predict
the
impact
of
market
or
economic
developments
on
the
underlying
asset,
index
or
rate
and
the
derivative
itself,
without
the
benefit
of
observing
the
performance
of
the
derivative
under
all
possible
market
conditions.
Swap
agreements
may
involve
fees,
commissions
or
other
costs
that
may
reduce
a
Fund’s
gains
from
a
swap
agreement
or
may
cause
a
Fund
to
lose
money.
Futures
contracts
are
subject
to
the
risk
that
an
exchange
may
impose
price
fluctuation
limits,
which
may
make
it
difficult
or
impossible
for
a
Fund
to
close
out
a
position
when
desired.
Emerging
Markets
Risk
—
The
risks
and
volatility
of
investing
in
foreign
securities
is
increased
in
connection
with
investments
in
emerging
markets.
The
economic,
political
and
market
structures
of
developing
countries
in
emerging
markets,
in
most
cases,
are
not
as
strong
as
the
structures
in
the
U.S.
or
other
developed
countries
in
terms
of
wealth,
stability,
liquidity
and
transparency.
A
Fund
may
not
achieve
its
investment
objective
and
portfolio
performance
will
likely
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in,
or
with
revenue
exposures
to,
countries
in
the
midst
of,
among
other
things,
hyperinflation,
currency
devaluation,
trade
disagreements,
sudden
political
upheaval
or
interventionist
government
policies,
and
the
risks
of
such
events
are
heightened
within
emerging
market
countries.
Fund
performance
may
also
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in,
or
with
revenue
exposures
to,
countries
with
less
developed
or
unreliable
legal,
tax,
regulatory,
accounting,
recordkeeping
and
corporate
governance
systems
and
standards.
In
particular,
there
may
be
less
publicly
available
and
transparent
information
about
issuers
in
emerging
markets
than
would
be
available
about
issuers
in
more
developed
capital
markets
because
such
issuers
may
not
be
subject
to
accounting,
auditing
and
financial
reporting
standards
and
requirements
comparable
to
those
to
which
U.S.
companies
are
subject.
Emerging
markets
may
also
have
differing
legal
systems,
many
of
which
provide
fewer
security
holder
rights
and
practical
remedies
to
pursue
claims
than
are
available
for
securities
of
companies
in
the
U.S.
or
other
developed
countries,
including
class
actions
or
fraud
claims.
Significant
buying
or
selling
actions
by
a
few
major
investors
may
also
heighten
the
volatility
of
emerging
market
securities.
Equity
Security
Risk
—
Equity
securities
held
by
the
Fund
may
decline
significantly
in
price,
sometimes
rapidly
or
unpredictably,
over
short
or
extended
periods
of
time,
and
such
declines
may
occur
because
of
declines
in
the
equity
market
as
a
whole,
or
because
of
declines
in
only
a
particular
country,
geographic
region,
company,
industry,
or
sector
of
the
market.
From
time
to
time,
the
Fund
may
invest
a
significant
portion
of
its
assets
in
companies
in
one
particular
country
or
geographic
region
or
one
or
more
related
sectors
or
industries,
which
would
make
the
Fund
more
vulnerable
to
adverse
developments
affecting
such
countries,
geographic
regions,
sectors
or
industries.
Equity
securities
are
generally
more
volatile
than
most
debt
securities.
ETF Risk
—
An
ETF
is
subject
to
the
risks
of
the
underlying
investments
that
it
holds.
In
addition,
for
index-based
ETFs,
the
performance
of
an
ETF
may
diverge
from
the
performance
of
such
index
(commonly
known
as
tracking
error).
ETFs
are
subject
to
fees
and
expenses
(like
management
fees
and
operating
expenses)
that
do
not
apply
to
an
index,
and
the
Fund
will
indirectly
bear
its
proportionate
share
of
any
such
fees
and
expenses
paid
by
the
ETFs
in
which
it
invests.
Because
ETFs
trade
on
an
exchange,
there
is
a
risk
that
an
ETF
will
trade
at
a
discount
to
net
asset
value
or
that
investors
will
fail
to
bring
the
trading
price
in
line
with
the
underlying
shares
(known
as
the
arbitrage
mechanism).
There
is
the
possibility
that
an
ETF
may
experience
a
lack
of
liquidity
that
can
result
in
greater
volatility
than
its
underlying
securities.
Foreign
Currency
Risk
—
The
value
of
a
foreign
currency
may
decline
against
the
U.S.
dollar,
which
would
reduce
the
dollar
value
of
securities
denominated
in
that
currency.
The
overall
impact
of
such
a
decline
of
foreign
currency
can
be
significant,
unpredictable,
and
long
lasting,
depending
on
the
currencies
represented,
how
each
one
appreciates
or
depreciates
in
relation
to
the
U.S.
dollar,
and
whether
currency
positions
are
hedged.
Under
normal
conditions,
the
Fund
does
not
engage
in
extensive
foreign
currency
hedging
programs.
Further,
exchange
rate
movements
are
volatile,
and
it
is
not
possible
to
effectively
hedge
the
currency
risks
of
many
developing
countries.
Foreign
Securities
Risk
—
Foreign
securities
generally
carry
more
risk
and
are
more
volatile
than
their
domestic
counterparts,
in
part
because
of
potential
for
higher
political
and
economic
risks,
lack
of
reliable
information
and
fluctuations
in
currency
exchange
rates
where
investments
are
denominated
in
currencies
other
than
the
U.S.
dollar.
Certain
events
in
foreign
markets
may
adversely
affect
foreign
and
domestic
issuers,
including
interruptions
in
the
global
supply
chain,
market
closures,
war,
terrorism,
natural
disasters
and
outbreak
of
infectious
diseases.
The
Fund’s
investment
in
any
country
could
be
subject
to
governmental
actions
such
as
capital
or
currency
controls,
nationalizing
a
company
or
industry,
expropriating
assets,
or
imposing
punitive
taxes
that
would
have
an
adverse
effect
on
security
prices,
and
impair
the
Fund’s
ability
to
repatriate
capital
or
income.
Foreign
securities
may
also
be
more
difficult
to
resell
than
comparable
U.S.
securities
because
the
markets
for
foreign
securities
are
often
less
liquid.
Even
when
a
foreign
security
increases
in
price
in
its
local
currency,
the
appreciation
may
be
diluted
by
adverse
changes
in
exchange
rates
when
the
security’s
value
is
converted
to
U.S.
dollars.
Foreign
withholding
taxes
also
may
apply
and
errors
and
delays
may
occur
in
the
settlement
process
for
foreign
securities.
Government
Securities
Risk
—
The
Fund
invests
in
securities
issued
or
guaranteed
by
the
U.S.
government
or
its
agencies
and
instrumentalities
(such
as
Federal
Home
Loan
Bank,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
securities).
Securities
issued
or
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2021
71
guaranteed
by
Federal
Home
Loan
Banks,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
are
not
issued
directly
by
the
U.S.
government.
Ginnie
Mae
is
a
wholly
owned
U.S.
corporation
that
is
authorized
to
guarantee,
with
the
full
faith
and
credit
of
the
U.S.
government,
the
timely
payment
of
principal
and
interest
of
its
securities.
By
contrast,
securities
issued
or
guaranteed
by
U.S.
government-
related
organizations
such
as
Federal
Home
Loan
Banks,
Fannie
Mae
and
Freddie
Mac
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
government.
No
assurance
can
be
given
that
the
U.S.
government
would
provide
financial
support
to
its
agencies
and
instrumentalities
if
not
required
to
do
so
by
law.
In
addition,
the
value
of
U.S.
government
securities
may
be
affected
by
changes
in
the
credit
rating
of
the
U.S.
government,
which
may
be
negatively
impacted
by
rising
levels
of
indebtedness.
It
is
possible
that
issuers
of
U.S.
government
securities
will
not
have
the
funds
to
meet
their
payment
obligations
in
the
future.
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
ongoing
COVID-19
outbreak
and
future
pandemics
could
affect
the
global
economy
and
markets
in
ways
that
cannot
be
foreseen
and
may
exacerbate
other
types
of
risks.
The
full
impact
of
the
COVID-19
pandemic
cannot
accurately
be
predicted
and
may
negatively
impact
the
value
of
the
Fund’s
investments.
High
Yield
Risk
—
High
yield
securities
–
commonly
known
as
“junk
bonds”
–
to
which
the
Fund
is
exposed
are
considered
predominantly
speculative
with
respect
to
the
issuer’s
continuing
ability
to
make
principal
and
interest
payments.
If
the
issuer
of
the
security
is
in
default
with
respect
to
interest
or
principal
payments,
the
value
of
the
Fund
may
be
negatively
affected.
High
yield
securities
generally
have
a
less
liquid
resale
market.
Interest
Rate
Risk
—
Interest
rate
risk
is
the
risk
that
prices
of
debt
securities
decline
in
value
when
interest
rates
rise
for
debt
securities
that
pay
a
fixed
rate
of
interest.
Debt
securities
with
longer
durations
(a
measure
of
price
sensitivity
of
a
bond
or
bond
fund
to
changes
in
interest
rates)
or
maturities
(i.e.,
the
amount
of
time
until
a
bond’s
issuer
must
pay
its
principal
or
face
value)
tend
to
be
more
sensitive
to
changes
in
interest
rates
than
debt
securities
with
shorter
durations
or
maturities.
Changes
by
the
Federal
Reserve
to
monetary
policies
could
affect
interest
rates
and
the
value
of
some
securities.
During
periods
of
low
interest
rates,
the
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates.
Investment
Adviser
Risk
—
The
Fund
is
actively
managed
and
the
success
of
its
investment
strategy
depends
significantly
on
the
skills
of
the
Adviser
in
assessing
the
potential
of
the
investments
in
which
the
Fund
invests.
The
Fund’s
incorporation
of
ESG
considerations
in
the
investment
process
may
exclude
securities
of
certain
issuers
for
non-investment
reasons
and
therefore
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
do
not
screen
for
ESG
attributes.
The
assessment
of
potential
Fund
investments
and
ESG
considerations
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
There
is
also
no
guarantee
that
the
Adviser
will
be
able
to
effectively
implement
the
Fund’s
investment
objective.
Issuer
Risk
—
Issuer
risk
is
the
possibility
that
factors
specific
to
an
issuer
to
which
the
Fund
is
exposed
will
affect
the
market
prices
of
the
issuer’s
securities
and
therefore
the
value
of
the
Fund.
Large
Cap
Risk
—
Large-sized
companies
may
be
unable
to
respond
quickly
to
new
competitive
challenges
such
as
changes
in
technology.
They
may
also
not
be
able
to
attain
the
high
growth
rate
of
successful
smaller
companies,
especially
during
extended
periods
of
economic
expansion.
Large
Shareholder
Risk
—
From
time
to
time,
shareholders
of
a
Fund
(which
may
include
institutional
investors,
financial
intermediaries,
or
affiliated
Funds)
may
make
relatively
large
redemptions
or
purchases
of
shares.
These
transactions
may
cause
a
Fund
to
sell
securities
at
disadvantageous
prices
or
invest
additional
cash,
as
the
case
may
be.
While
it
is
impossible
to
predict
the
overall
impact
of
these
transactions
over
time,
there
could
be
adverse
effects
on
a
Fund’s
performance
to
the
extent
that
a
Fund
may
be
required
to
sell
securities
or
invest
cash
at
times
when
it
would
not
otherwise
do
so.
Redemptions
of
a
large
number
of
shares
also
may
increase
transaction
costs
or
have
adverse
tax
consequences
for
shareholders
of
the
Fund
by
requiring
a
sale
of
portfolio
securities.
In
addition,
a
large
redemption
could
result
in
a
Fund's
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund's
expense
ratio.
Leveraged
Loan
Risk
—
Leveraged
loans
(also
known
as
bank
loans)
are
subject
to
the
risks
typically
associated
with
debt
securities.
In
addition,
leveraged
loans,
which
typically
hold
a
senior
position
in
the
capital
structure
of
a
borrower,
are
subject
to
the
risk
that
a
court
could
subordinate
such
loans
to
presently
existing
or
future
indebtedness
or
take
other
action
detrimental
to
the
holders
of
leveraged
loans.
Leveraged
loans
are
also
subject
to
the
risk
that
the
value
of
the
collateral,
if
any,
securing
a
loan
may
decline,
be
insufficient
to
meet
the
obligations
of
the
borrower,
or
be
difficult
to
liquidate.
Some
leveraged
loans
are
not
as
easily
purchased
or
sold
as
publicly-traded
securities
and
others
are
illiquid,
which
may
make
it
more
difficult
for
the
Fund
to
value
them
or
dispose
of
them
at
an
acceptable
price.
Below
investment-grade
leveraged
loans
are
typically
more
credit
sensitive.
In
the
event
of
fraud
or
misrepresentation,
the
Fund
may
not
be
protected
under
federal
securities
laws
with
respect
to
leveraged
loans
that
may
not
be
in
the
form
of
“securities.”
The
settlement
period
for
some
leveraged
loans
may
be
more
than
seven
days.
LIBOR
Risk
—
The
Fund
may
be
exposed
to
financial
instruments
that
are
tied
to
LIBOR
(London
Interbank
Offered
Rate)
to
determine
payment
obligations,
financing
terms
or
investment
value.
Such
financial
instruments
may
include
bank
loans,
derivatives,
floating
rate
securities,
certain
asset
backed
securities,
and
other
assets
or
liabilities
tied
to
LIBOR.
In
2017,
the
head
of
the
U.K.
Financial
Conduct
Authority
announced
a
desire
to
phase
out
the
use
of
LIBOR
by
the
end
of
2021.
As
a
result,
market
participants
have
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2021
72
begun
transitioning
away
from
LIBOR,
but
certain
obstacles
remain
with
regard
to
converting
certain
securities
and
transactions
to
a
new
benchmark
or
benchmarks.
Although
many
LIBOR
rates
were
phased
out
at
the
end
of
2021
as
originally
intended,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
until
June
2023
in
order
to
assist
with
the
transition.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate,
and
any
potential
effects
of
the
transition
away
from
LIBOR
on
the
Fund
or
its
investments
are
not
known.
Any
additional
regulatory
or
market
changes
that
occur
as
a
result
of
the
transition
away
from
LIBOR
and
the
adoption
of
alternative
reference
rates
may
have
an
adverse
impact
on
the
value
of
the
Fund's
investments,
performance
or
financial
condition,
and
might
lead
to
increased
volatility
and
illiquidity
in
markets
that
currently
rely
on
LIBOR
to
determine
interest
rates.
Liquidity
Risk
—
Liquidity
is
the
ability
to
sell
a
security
relatively
quickly
for
a
price
that
most
closely
reflects
the
actual
value
of
the
security.
To
the
extent
that
dealers
do
not
maintain
inventories
of
bonds
that
keep
pace
with
the
growth
of
the
bond
markets
over
time,
relatively
low
levels
of
dealer
inventories
could
lead
to
decreased
liquidity
and
increased
volatility
in
the
fixed
income
markets,
particularly
during
periods
of
economic
or
market
stress.
As
a
result
of
this
decreased
liquidity,
the
Fund
may
have
to
accept
a
lower
price
to
sell
a
security,
sell
other
securities
to
raise
cash,
or
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
Market Risk
—
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline.
The
value
of
the
Fund’s
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund’s
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
market
sector,
or
due
to
impacts
from
domestic
or
global
events,
including
the
spread
of
infectious
illness,
public
health
threats,
war,
terrorism,
natural
disasters
or
similar
events.
Mortgage-Backed
and
Other
Asset-Backed
Securities
Risk
—
The
value
of
mortgage-backed
and
asset-backed
securities
will
be
influenced
by
the
factors
affecting
the
housing
market
and
the
assets
underlying
such
securities.
As
a
result,
during
periods
of
declining
asset
value,
difficult
or
frozen
credit
markets,
swings
in
interest
rates,
or
deteriorating
economic
conditions,
mortgage-
related
and
asset-backed
securities
may
decline
in
value,
face
valuation
difficulties,
become
more
volatile
and/or
become
illiquid.
In
addition,
both
mortgage-backed
and
asset-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
security.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
or
slower
than
the
holder
of
the
asset-backed
or
mortgage-
backed
security
anticipates,
the
price
of
the
security
may
fall,
particularly
if
the
holder
must
reinvest
the
repaid
principal
at
lower
rates
or
must
continue
to
hold
the
security
when
interest
rates
rise.
This
effect
may
cause
the
value
of
the
Fund
to
decline
and
reduce
the
overall
return
of
the
Fund.
Mortgage-backed
securities
are
also
subject
to
extension
risk,
which
is
the
risk
that
when
interest
rates
rise,
certain
mortgage-backed
securities
will
be
paid
in
full
by
the
issuer
more
slowly
than
anticipated.
This
can
cause
the
market
value
of
the
security
to
fall
because
the
market
may
view
its
interest
rate
as
low
for
a
longer-term
investment.
Other
Funds
Risk
—
Because
the
Fund
invests
in
other
funds,
the
performance
of
the
Fund
is
dependent,
in
part,
upon
the
performance
of
other
funds
in
which
the
Fund
may
invest.
As
a
result,
the
Fund
is
subject
to
the
same
risks
as
those
faced
by
the
other
funds.
In
addition,
other
funds
may
be
subject
to
additional
fees
and
expenses
that
will
be
borne
by
the
Fund.
Portfolio
Turnover
Rate
Risk
—
The
Fund
may
engage
in
active
and
frequent
trading
of
portfolio
securities
in
implementing
its
principal
investment
strategies.
A
high
rate
of
portfolio
turnover
(100%
or
more)
involves
correspondingly
greater
expenses
which
are
borne
by
the
Fund
and
its
shareholders
and
may
also
result
in
short-term
capital
gains
taxable
to
shareholders.
Preferred
Securities
Risk
—
There
are
certain
additional
risks
associated
with
investing
in
preferred
securities,
including,
but
not
limited
to,
preferred
securities
may
include
provisions
that
permit
the
issuer,
at
its
discretion,
to
defer
or
omit
distributions
for
a
stated
period
without
any
adverse
consequences
to
the
issuer;
preferred
securities
are
generally
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure
in
terms
of
having
priority
to
corporate
income
and
liquidation
payments,
and
therefore
will
be
subject
to
greater
credit
risk
than
more
senior
debt
instruments;
preferred
securities
may
be
substantially
less
liquid
than
many
other
securities,
such
as
common
stocks
or
U.S.
Government
securities;
generally,
traditional
preferred
securities
offer
no
voting
rights
with
respect
to
the
issuing
company
unless
preferred
dividends
have
been
in
arrears
for
a
specified
number
of
periods,
at
which
time
the
preferred
security
holders
may
elect
a
number
of
directors
to
the
issuer’s
board;
and
in
certain
varying
circumstances,
an
issuer
of
preferred
securities
may
redeem
the
securities
prior
to
a
specified
date.
Prepayment
Risk
—
When
interest
rates
fall,
certain
obligations
will
be
paid
off
by
the
obligor
more
quickly
than
originally
anticipated,
and
a
Fund
may
have
to
invest
the
proceeds
in
securities
with
lower
yields.
In
periods
of
falling
interest
rates,
the
rate
of
prepayments
tends
to
increase
(as
does
price
fluctuation)
as
borrowers
are
motivated
to
pay
off
debt
and
refinance
at
new
lower
rates.
During
such
periods,
reinvestment
of
the
prepayment
proceeds
by
the
management
team
will
generally
be
at
lower
rates
of
return
than
the
return
on
the
assets
that
were
prepaid.
Prepayment
generally
reduces
the
yield
to
maturity
and
the
average
life
of
the
security.
Quantitative
Investing
Risk
—
Securities
selected
according
to
a
quantitative
analysis
methodology
can
perform
differently
from
the
market
as
a
whole
based
on
the
model
and
the
factors
used
in
the
analysis,
the
weight
placed
on
each
factor
and
changes
in
the
factor’s
historical
trends.
Such
models
are
based
on
assumptions
relating
to
these
and
other
market
factors,
and
the
models
may
not
take
into
account
certain
factors,
or
perform
as
intended,
and
may
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Among
other
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2021
73
risks,
results
generated
by
such
models
may
be
impaired
by
errors
in
human
judgment,
data
imprecision,
software
or
other
technology
systems
malfunctions,
or
programming
flaws.
Such
models
may
not
perform
as
expected
or
may
underperform
in
periods
of
market
volatility.
Real
Estate
Investment
Trust
(“REIT”)
Risk
—
REITs
generally
can
be
divided
into
three
types:
equity
REITs,
mortgage
REITs,
and
hybrid
REITs
(which
combine
the
characteristics
of
equity
REITs
and
mortgage
REITs).
Equity
REITs
will
be
affected
by
changes
in
the
values
of,
and
income
from,
the
properties
they
own,
while
mortgage
REITs
may
be
affected
by
the
credit
quality
of
the
mortgage
loans
they
hold.
All
REIT
types
may
be
affected
by
changes
in
interest
rates.
The
effect
of
rising
interest
rates
is
generally
more
pronounced
for
high
dividend
paying
stock
than
for
stocks
that
pay
little
or
no
dividends.
This
may
cause
the
value
of
real
estate
securities
to
decline
during
periods
of
rising
interest
rates,
which
would
reduce
the
overall
return
of
the
Fund.
REITs
are
subject
to
additional
risks,
including
the
fact
that
they
are
dependent
on
specialized
management
skills
that
may
affect
the
REITs’
abilities
to
generate
cash
flows
for
operating
purposes
and
for
making
investor
distributions.
REITs
may
have
limited
diversification
and
are
subject
to
the
risks
associated
with
obtaining
financing
for
real
property.
As
with
any
investment,
there
is
a
risk
that
REIT
securities
and
other
real
estate
industry
investments
may
be
overvalued
at
the
time
of
purchase.
In
addition,
a
REIT
can
pass
its
income
through
to
its
investors
without
any
tax
at
the
entity
level
if
it
complies
with
various
requirements
under
the
Internal
Revenue
Code.
There
is
the
risk,
however,
that
a
REIT
held
by
the
Fund
will
fail
to
qualify
for
this
tax-free
pass-through
treatment
of
its
income.
By
investing
in
REITs
indirectly
through
the
Fund,
in
addition
to
bearing
a
proportionate
share
of
the
expenses
of
the
Fund,
you
will
also
indirectly
bear
similar
expenses
of
the
REITs
in
which
the
Fund
invests.
Regulatory
Risk
—
Legal,
tax,
and
regulatory
developments
may
adversely
affect
the
Funds.
Securities
and
futures
markets
are
subject
to
comprehensive
statutes,
regulations,
and
margin
requirements
enforced
by
the
SEC,
other
regulators
and
self-regulatory
organizations,
and
exchanges
authorized
to
take
extraordinary
actions
in
the
event
of
market
emergencies.
The
regulatory
environment
for
the
Funds
is
evolving,
and
changes
in
the
regulation
of
investment
funds,
managers,
and
their
trading
activities
and
capital
markets,
or
a
regulator’s
disagreement
with
the
Funds’
interpretation
of
the
application
of
certain
regulations,
may
adversely
affect
the
ability
of
a
Fund
to
pursue
its
investment
strategy,
its
ability
to
obtain
leverage
and
financing,
and
the
value
of
investments
held
by
the
Fund.
Sovereign
Debt
Risk
—
Sovereign
debt
securities
are
issued
or
guaranteed
by
foreign
governmental
entities.
These
investments
are
subject
to
the
risk
that
a
governmental
entity
may
delay
or
refuse
to
pay
interest
or
repay
principal
on
its
sovereign
debt,
due,
for
example,
to
cash
flow
problems,
insufficient
foreign
currency
reserves,
political
considerations,
the
relative
size
of
the
governmental
entity’s
debt
position
in
relation
to
the
economy
or
the
failure
to
put
in
place
economic
reforms
required
by
the
International
Monetary
Fund
or
other
multilateral
agencies.
If
a
governmental
entity
defaults,
it
may
ask
for
more
time
in
which
to
pay
or
for
further
loans.
There
is
no
legal
process
for
collecting
sovereign
debts
that
a
government
does
not
pay
nor
are
there
bankruptcy
proceedings
through
which
all
or
part
of
the
sovereign
debt
that
a
governmental
entity
has
not
repaid
may
be
collected.
Thrivent
Mutual
Funds
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
75
Per
Share
Outstanding
Throughout
Each
Period
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
text
Net
Realized
Gain
on
Investments
Diversified
Income
Plus
Fund
Class
A
Shares
Year
Ended
12/31/2021
$
7.71
$
0.16
$
0.32
$
0.48
$
(0.16)
$
(0.33)
Year
Ended
12/31/2020
7.42
0.19
0.29
0.48
(0.19)
–
Year
Ended
12/31/2019
6.80
0.21
0.67
0.88
(0.22)
(0.04)
Year
Ended
12/31/2018
7.41
0.23
(0.45)
(0.22)
(0.24)
(0.15)
Year
Ended
12/31/2017
7.00
0.21
0.41
0.62
(0.21)
–
Class
S
Shares
Year
Ended
12/31/2021
7.63
0.18
0.32
0.50
(0.18)
(0.33)
Year
Ended
12/31/2020
7.34
0.20
0.30
0.50
(0.21)
–
Year
Ended
12/31/2019
6.73
0.23
0.66
0.89
(0.24)
(0.04)
Year
Ended
12/31/2018
7.34
0.25
(0.45)
(0.20)
(0.26)
(0.15)
Year
Ended
12/31/2017
6.94
0.23
0.40
0.63
(0.23)
–
Multidimensional
Income
Fund
Class
S
Shares
Year
Ended
12/31/2021
10.17
0.36
0.21
0.57
(0.36)
(0.13)
Year
Ended
12/31/2020
10.06
0.43
0.11
0.54
(0.41)
–
Year
Ended
12/31/2019
9.13
0.38
0.99
1.37
(0.40)
–
Year
Ended
12/31/2018
10.15
0.41
(0.95)
(0.54)
(0.44)
(0.02)
Year
Ended
12/31/2017
(c)
10.00
0.29
0.20
0.49
(0.30)
(0.03)
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges. Not
annualized
for
periods
less
than
one
year.
(c)
Since
fund
inception,
February
28,
2017.
*
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
**
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
76
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
$
–
$
(0.49)
$
7.70
6.22%
$
623.5
0.93%
2.01%
0.93%
2.01%
268%
–
(0.19)
7.71
6.67%
609.6
0.95%
2.58%
0.95%
2.58%
156%
–
(0.26)
7.42
13.12%
620.6
0.96%
2.96%
0.96%
2.96%
153%
–
(0.39)
6.80
(3.10)%
569.8
0.96%
3.16%
0.96%
3.16%
143%
–
(0.21)
7.41
8.98%
617.3
0.97%
2.86%
0.97%
2.86%
133%
–
(0.51)
7.62
6.55%
679.1
0.68%
2.28%
0.68%
2.28%
268%
–
(0.21)
7.63
7.01%
504.0
0.71%
2.83%
0.71%
2.83%
156%
–
(0.28)
7.34
13.39%
464.2
0.71%
3.18%
0.71%
3.18%
153%
–
(0.41)
6.73
(2.88)%
320.1
0.70%
3.46%
0.70%
3.46%
143%
–
(0.23)
7.34
9.20%
251.4
0.70%
3.13%
0.70%
3.13%
133%
(0.01)
(0.50)
10.24
5.72%
70.2
0.85%
3.38%
1.09%
3.14%
44%
(0.02)
(0.43)
10.17
5.74%
37.5
0.85%
4.14%
1.36%
3.63%
61%
(0.04)
(0.44)
10.06
15.18%
20.6
1.00%
3.89%
1.60%
3.29%
113%
(0.02)
(0.48)
9.13
(5.45)%
17.9
1.15%
4.02%
1.62%
3.55%
96%
(0.01)
(0.34)
10.15
4.92%
20.5
1.15%
3.38%
1.57%
2.96%
180%
77
Additional
Information
(unaudited)
Shareholder
Notification
of
Federal
Tax
Information
The
following
information
is
provided
solely
to
satisfy
the
requirements
set
forth
by
the
Internal
Revenue
Code.
Shareholders
will
be
provided
information
regarding
their
distribution
in
February
2022.
The
Funds
designate
the
percentage
of
dividends
declared
from
net
investment
income
as
(1)
for
corporations,
dividends
qualifying
for
the
70%
dividends
received,
and
(2)
for
individuals,
as
qualified
dividend
income
under
the
Jobs
and
Growth
Tax
Relief
Reconciliation
Act
of
2003
as
follows:
Pursuant
to
IRC
852(b)(3)
of
the
Internal
Revenue
Code,
the
Funds
hereby
designate
the
following
amounts
as
long-term
capital
gain
distributed
during
the
year
ended
December
31,
2021,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
year:
Proxy
Voting
The
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
are
attached
to
the
Trust’s
Statement
of
Additional
Information.
You
may
request
a
free
copy
of
the
Statement
of
Additional
Information
by
calling
800-847-
4836,
or
visit
ThriventFunds.com
to
access
it
online.
In
addition,
you
may
review
a
report
of
how
the
Trust
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
by
clicking
on
the
tab
for
each
Fund
and
navigating
to
“Related
Documents”
under
Fund
Details
–
Holdings
at
ThriventFunds.com
or
SEC.gov
where
it
is
filed
on
Form
N-PX.
Quarterly
Schedule
of
Portfolio
Holdings
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.
Since
April
2019,
the
Trust
no
longer
files
Form
N-Q
and
files
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
SEC.gov.
Board
Approval
of
Advisory
Agreement
and
Subadvisory
Agreements
Section
15(c)
of
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
a
fund’s
investment
advisory
and
subadvisory
agreements
be
approved
initially
by
the
fund’s
board
of
trustees.
Section
15(c)
also
requires
that
the
continuation
of
these
agreements,
after
an
initial
term
of
up
to
two
years,
be
annually
reviewed
and
approved
by
the
board.
Any
such
agreement
must
be
approved
by
a
vote
of
a
majority
of
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
(as
defined
in
the
1940
Act)
of
a
party
to
the
agreement
at
a
meeting
of
the
board
called
for
the
purpose
of
voting
on
such
approval.
At
its
meeting
on
November
8-10,
2021
(the
“Meeting”),
the
Board
of
Trustees
(the
“Board”)
of
the
Thrivent
Mutual
Funds
(the
“Trust”),
including
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
as
defined
in
the
1940
Act
(the
“Independent
Trustees”),
considered
and
voted
unanimously
to
renew
the
existing
advisory
agreement
(the
“Advisory
Agreement”),
as
amended,
between
the
Trust
and
Thrivent
Asset
Management,
LLC
(the
“Adviser”)
for
each
series
of
the
Trust
(each,
a
“Fund”).
The
Board,
including
the
Independent
Trustees,
also
unanimously
approved
the
subadvisory
agreement
(the
“Subadvisory
Agreement”)
for
the
Thrivent
International
Allocation
Fund
with
Goldman
Sachs
Asset
Management,
L.P.
(the
“Subadviser”).
Fund
Dividends
Received
Deduction
for
Corporations
Qualified
Dividend
Income
for
Individuals
Diversified
Income
Plus
8%
12%
Multidimensional
Income
17%
18%
Fund
Distributions
of
Long-Term
Capital
Gains
Diversified
Income
Plus
$39,212,363
Multidimensional
Income
437,489
78
Additional
Information
(unaudited)
The
Adviser
and
Subadviser
are
referred
to,
collectively,
as
the
“Advisory
Organizations.”
In
connection
with
its
evaluation
of
the
agreements
with
the
Advisory
Organizations,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose
and
considered
a
variety
of
factors,
including
the
following:
1.
The
nature,
extent,
and
quality
of
the
services
provided
by
the
Advisory
Organizations;
2.
The
performance
of
each
Fund;
3.
The
advisory
fee
and
net
operating
expense
ratio
of
each
Fund
compared
to
a
peer
group;
4.
The
cost
of
services
provided
and
profit
realized
by
the
Adviser;
5.
The
extent
to
which
economies
of
scale
may
be
realized
as
the
Funds
grow;
6.
Whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
the
Funds’
shareholders;
7.
Other
benefits
realized
by
the
Advisory
Organizations
and
their
affiliates
from
their
relationship
with
the
Trust;
and
8.
Any
other
factors
that
the
Board
deemed
relevant
to
its
consideration.
The
Contracts
Committee
of
the
Board
(consisting
of
all
of
the
Independent
Trustees)
met
on
five
occasions
from
May
17
to
November
9,
2021
to
consider
information
relevant
to
the
annual
contract
renewal
process
furnished
by
the
Adviser
and
Subadviser
in
advance
of
the
meetings.
The
Board
had
the
opportunity
to
ask
questions
and
request
further
information
in
connection
with
its
consideration.
The
Independent
Trustees
also
retained
the
services
of
Management
Practice
Inc.
(“MPI”)
as
an
independent
consultant
to
assist
in
the
compilation,
organization,
and
evaluation
of
relevant
information.
This
information
included
Fund-by-Fund
statistical
comparisons
of
the
advisory
fees,
other
fees,
net
operating
expenses
and
performance
of
each
of
the
Funds
in
comparison
to
peer
groups
of
comparable
funds;
performance
volatility
rankings
based
on
standard
deviation;
brokerage
costs;
information
with
respect
to
services
provided
to
the
Funds
and
fees
charged,
including
effective
advisory
fees
that
take
into
account
breakpoints
and
fee
waivers
by
the
Adviser;
asset
and
flow
trends
for
the
Funds;
and
estimates
of
the
cost
of
services
and
profit
realized
by
the
Adviser
and
its
affiliates
that
provide
services
to
the
Funds.
The
Board
received
information
from
the
Adviser
regarding
the
personnel
providing
services
to
the
Funds,
including
investment
management,
compliance
and
administrative
personnel.
The
Board
also
received
monthly
reports
from
the
Adviser’s
investment
management
staff
with
respect
to
the
performance
of
the
Funds.
In
addition
to
its
review
of
the
information
presented
to
the
Board
during
the
annual
contract
renewal
process,
the
Board
also
considered
information
obtained
from
management
throughout
the
course
of
the
year.
The
Board
also
reviewed
information
from
MPI,
including
Fund-by-Fund
analyses
and
independent
assessment
of
information
relating
to
the
Funds
and
the
agreements.
The
Subadviser
provided
information
to
the
Board
in
response
to
requests
for
information
submitted
on
behalf
of
the
Independent
Trustees
to
facilitate
the
Board’s
evaluation
of
the
terms
of
the
Subadvisory
Agreement.
The
Board
also
noted
that
the
Subadviser’s
responses
were
reviewed
by
individuals
representing
various
functional
areas
of,
or
supporting,
the
Adviser.
The
Independent
Trustees
were
represented
by
independent
counsel
throughout
the
review
process
and
during
executive
sessions
without
management
present
to
consider
the
reapproval
of
the
Advisory
Agreement
for
the
Funds
and
Subadvisory
Agreement
for
the
Thrivent
International
Allocation
Fund.
As
noted
above,
the
Independent
Trustees
were
assisted
throughout
the
process
by
an
independent
consultant,
MPI.
Each
Independent
Trustee
relied
on
his
or
her
own
business
judgment
in
determining
the
weight
to
be
given
to
each
factor
considered
in
evaluating
the
materials
that
were
presented
to
them.
The
Contracts
Committee’s
and
Board’s
review
and
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
presented
to
them
and
were
not
the
result
of
any
single
controlling
factor.
In
addition,
each
Trustee
may
have
weighed
individual
factors
differently.
The
key
factors
considered
and
the
conclusions
reached
are
described
below.
Nature,
Extent
and
Quality
of
Services
At
each
of
the
Board’s
regular
quarterly
meetings,
management
presented
information
describing
the
services
furnished
to
the
Funds
by
the
Adviser,
transfer
agent,
administrator
and,
as
for
the
Thrivent
International
Allocation
Fund,
the
Subadviser.
During
these
meetings,
management
reported
on
the
investment
management,
portfolio
trading
and
compliance
services
provided
to
the
Funds.
During
the
annual
contract
renewal
process,
the
Board
considered
the
specific
services
provided
under
the
Advisory
and
Subadvisory
Agreements.
79
Additional
Information
(unaudited)
The
Board
considered
information
relating
to
the
investment
experience
and
qualifications
of
the
portfolio
managers
of
the
Adviser
and
Subadviser
overseeing
investments
for
the
Funds.
The
Board
received
reports
and
presentations
at
each
of
its
quarterly
meetings
from
the
Adviser’s
senior
investment
team
about
each
of
the
Funds.
These
reports
and
presentations
gave
the
Board
the
opportunity
to
evaluate
the
abilities
of
the
portfolio
manager
and
other
investment
professionals
and
the
quality
of
services
they
provide
to
the
Funds.
The
Adviser
reviewed
with
the
Board
the
services
provided
by
the
Adviser
and
Subadviser
and
the
Adviser’s
oversight
of
the
Subadviser.
The
Independent
Trustees
also
met,
including
in
executive
session,
with
and
received
quarterly
reports
from
the
Trust’s
Chief
Compliance
Officer.
The
Board
noted
that
the
Chief
Compliance
Officer
met
regularly
between
quarterly
meetings
with
the
Chair
of
the
Ethics
and
Compliance
Committee.
The
Board
considered
the
depth
and
quality
of
the
Adviser’s
oversight
of
the
Subadviser.
In
addition,
the
Board
noted
the
broad
functions
that
the
Adviser
performed
in
support
of
the
International
Allocation
Fund
and
its
use
of
the
Subadviser,
including,
among
other
things,
allocation
of
assets
among
various
sleeves,
management
of
portfolio
cash
and
short-term
investments,
expense
management
and
payment
of
fees,
and
investment
performance
and
compliance
monitoring.
The
Board
noted
that
investment
management
staff
of
the
Adviser
and
the
Trust’s
Chief
Compliance
Officer
conduct
oversight
meetings
with
the
Subadviser,
follow
through
with
additional
inquiry
on
any
questions
or
concerns
that
arise
during
the
meeting
and
then
report
the
results
of
the
meeting
to
the
Board
or
one
of
its
committees.
The
Board
also
noted
that,
as
part
of
its
oversight
practice,
the
Adviser
requires
the
Subadviser
to
respond
to
a
variety
of
compliance
checklists
and
certifications
to
ensure
its
ongoing
compliance
with
policies.
The
Board
noted
that
the
Adviser
requires
the
Subadviser
to
complete
an
annual
questionnaire
addressing
a
range
of
compliance
topics.
The
Board
noted
that
the
Adviser
has
dedicated
personnel
responsible
for
daily
monitoring
of
the
Subadviser’s
activities.
The
Board
considered
the
adequacy
of
the
Advisory
Organizations’
resources
used
to
provide
services
to
the
Trust
pursuant
to
the
Advisory
and
Subadvisory
Agreements.
The
Adviser
reviewed
with
the
Board
the
Adviser’s
process
for
overseeing
the
portfolio
management
teams
of
each
Fund.
In
addition,
the
Adviser
reviewed
with
the
Board
the
Adviser’s
continued
investments
in
technology
and
personnel,
including
hiring
additional
personnel
in
the
research,
analysis
and
trading
areas.
The
Adviser
discussed
with
the
Board
steps
taken
to
continue
to
strengthen
its
compliance
program.
The
Adviser
discussed
with
the
Board
the
operations
of
the
Adviser,
the
Subadviser
and
other
service
providers
to
the
Funds
during
the
COVID-19
pandemic,
including
effectiveness
during
the
continuation
of
the
remote
working
environment
and
responses
to
volatile
market
conditions.
The
Board
viewed
these
actions
as
a
positive
factor
in
reapproving
the
existing
Advisory
Agreement,
as
they
demonstrated
the
Adviser’s
commitment
to
provide
the
Funds
with
quality
service
and
competitive
investment
performance.
The
Board
concluded
that,
within
the
context
of
its
full
deliberations,
the
nature,
extent
and
quality
of
the
investment
advisory
services
provided
to
the
Funds
by
the
Adviser
and,
for
the
Thrivent
International
Allocation
Fund,
by
the
Subadviser
supported
renewal
of
the
Advisory
Agreement
and
Subadvisory
Agreement.
Performance
of
the
Funds
In
connection
with
each
of
its
regular
quarterly
meetings,
the
Board
received
information
on
the
performance
of
each
Fund,
including
net
performance,
relative
performance
rankings
within
each
Fund’s
Lipper
peer
group,
Morningstar
ratings,
comparisons
to
benchmark
index
returns,
and
risk
metrics.
At
each
quarterly
Board
meeting,
members
of
the
Adviser’s
senior
investment
team
reviewed
with
the
Board
information
on
the
economic
and
market
environment
and
risk
management.
The
Board
considered
investment
performance
for
each
Fund,
to
the
extent
applicable,
over
the
one-,
three-,
five-,
and
ten-year
periods.
When
evaluating
investment
performance,
the
Board
considered
longer-term
performance
and
the
trend
of
performance,
and
focused
particularly
upon
the
three-year
performance
record.
The
Board
noted
that
the
Adviser
was
transitioning
to
Morningstar
for
Board
reporting,
marketing,
internal
reporting
with
respect
to
performance
comparisons.
The
Board
noted
each
Funds’
performance
compared
to
a
Morningstar
category
or,
as
appropriate,
a
Lipper
peer
group
due
to
the
transition
period.
The
Board
noted
that
certain
Funds
did
not
compare
favorably
to
its
Morningstar
category
compared
to
its
Lipper
peer
group
and
received
explanations
from
the
Adviser
and
MPI
regarding
the
reasons
for
the
differences
in
the
peer
groups
and
performance
comparisons.
Although
the
Board
conducted
its
review
on
a
Fund-by-Fund
basis,
it
noted
that
58%
of
the
Class
A
Funds
and
74%
of
Class
S
Funds
ranked
better
than
median
in
their
respective
category
for
the
three-year
period
ended
June
30,
2021.
The
Board
also
considered
risk
metrics,
including
standard
deviations
of
return.
The
Board
concluded
that
the
performance
of
each
individual
Fund
was
either
satisfactory
or
that
the
Adviser
had
taken
appropriate
actions
in
an
effort
to
improve
performance.
80
Additional
Information
(unaudited)
Advisory
Fees
and
Fund
Expenses
The
Board
reviewed
information
prepared
by
MPI
comparing
each
Fund’s
advisory
fee
with
the
advisory
fee
of
a
peer
group
selected
by
MPI
based
on
similar
investment
objective
and
size.
The
Board
noted
that
the
majority
of
the
Funds’
advisory
fees
were
near
or
below
the
medians
of
their
peer
groups.
Although
the
Board
conducted
its
review
on
a
Fund-by-Fund
basis,
it
noted
that
the
average
ranking
of
the
Funds’
advisory
fees
for
their
Class
A
shares
was
34%
and
the
average
ranking
of
the
Funds’
advisory
fees
for
their
Class
S
shares
was
26%
(on
a
scale
of
1-99%,
with
1%
being
the
lowest
fee).
The
Board
reviewed
information
prepared
by
MPI
comparing
each
Fund’s
overall
expense
ratio
with
the
expense
ratio
of
its
peer
group.
The
Board
considered
the
fee
waivers
and
expense
limitations
which
are
reviewed
by
the
Board
and
the
Adviser
on
an
annual
basis.
The
Board
conducted
its
review
on
a
Fund-by-Fund
basis.
The
Board
noted
that
the
average
ranking
of
the
Funds’
expense
ratios
for
their
Class
A
shares
was
34%
and
the
average
ranking
of
the
Funds’
expense
ratios
for
their
Class
S
shares
was
27%
(on
a
scale
of
1-99%,
with
1%
being
the
lowest
expenses).
The
Board
considered
factors
that
contributed
to
the
Funds’
rankings,
including
that
some
Funds
had
lower
levels
of
assets
compared
to
its
peer
group.
The
Board
reviewed
information
relating
to
the
fee
paid
by
the
Adviser
to
the
Subadviser
and
the
difference
between
that
fee
and
the
fee
paid
by
the
Thrivent
International
Allocation
Fund
to
the
Adviser.
The
Board
reviewed
information
regarding
fees
charged
by
the
Subadviser
to
other
funds
and
accounts
with
a
similar
strategy.
On
the
basis
of
its
review,
the
Board
concluded
that
the
advisory
fees
charged
under
the
Advisory
and
Subadvisory
Agreements
were
reasonable.
Cost
of
Services
and
Profitability
The
Board
considered
the
Adviser’s
estimates
of
its
profitability,
which
included
allocations
by
the
Adviser
of
its
costs
in
providing
advisory
services
to
the
Funds.
The
internal
audit
department
of
the
Adviser
(Business
Risk
Management)
conducted
a
review
of
such
allocations,
and
a
department
representative
reported
to
the
Board
the
department’s
views
regarding
the
reasonableness
and
consistency
of
these
allocations.
The
Board
also
received
a
report
from
an
independent
accountant
confirming
certain
calculations.
The
Board
considered
the
profitability
of
the
Adviser
both
overall
and
on
a
Fund-by-Fund
basis.
The
Board
also
considered
the
expense
reimbursements
and
waivers
in
effect.
Based
on
its
review
of
the
data
prepared
by
MPI
and
expense
and
profit
information
provided
by
the
Adviser,
the
Board
concluded
that
the
profits
earned
by
the
Adviser
from
the
Advisory
Agreement
were
not
excessive
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Funds.
With
respect
to
fees
paid
to
Subadviser
under
the
Subadvisory
Agreement,
the
Board
did
not
consider
profitability
information
with
respect
to
the
Subadviser,
which
is
not
affiliated
with
the
Adviser.
The
Board
considered
that
the
Subadvisory
Agreement
had
been
negotiated
on
an
arm’s-length
basis
between
the
Adviser
and
the
Subadviser,
and
that
the
Subadviser’s
profitability
from
its
relationship
with
the
Thrivent
International
Allocation
Fund
was
not
a
material
factor
in
determining
whether
to
renew
the
Subadvisory
Agreement.
Economies
of
Scale
and
Breakpoints
The
Board
considered
information
regarding
the
extent
to
which
economies
of
scale
may
be
realized
as
a
Fund’s
assets
increase
and
whether
the
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
shareholders.
The
Adviser
explained
its
general
goal
with
respect
to
the
employment
of
fee
waivers,
expense
reimbursements
and
breakpoints.
The
Board
considered
information
provided
by
the
Adviser
related
to
advisory
fees,
breakpoints
in
the
advisory
fee
rates
and
fee
waivers
provided
by
the
Adviser.
The
Board
also
considered
management’s
view
that
it
is
difficult
to
generalize
as
to
whether,
or
to
what
extent,
economies
in
the
advisory
function
may
be
realized
as
a
Fund’s
assets
increase.
The
Board
noted
that
expected
economies
of
scale,
where
they
exist,
may
be
shared
through
the
use
of
fee
breakpoints,
fee
waivers
and
expense
limitations
by
the
Adviser,
and/or
a
lower
overall
fee.
Other
Benefits
to
the
Adviser,
Subadviser
and
their
Affiliates
The
Board
considered
information
regarding
potential
“fall-out”
or
ancillary
benefits
that
the
Adviser
and
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Trust,
both
tangible
and
intangible,
such
as
their
ability
to
leverage
investment
professionals
who
manage
other
portfolios,
an
enhanced
reputation
as
an
investment
adviser
which
may
help
in
attracting
other
clients
and
investment
personnel,
the
engagement
of
affiliates
as
service
providers
to
the
Funds,
and
fees
collected
by
affiliates
for
services
provided
to
Fund
81
Additional
Information
(unaudited)
shareholders.
The
Board
noted
that
such
benefits
were
difficult
to
quantify
but
were
consistent
with
benefits
received
by
other
mutual
fund
advisers.
The
Board
also
considered
the
research
received
by
the
Adviser
generated
from
soft
dollar
commissions
for
portfolio
trading.
In
addition,
the
Board
considered
the
potential
benefits,
other
than
subadvisory
fees,
that
the
Subadviser
and
its
affiliates
may
receive
because
of
their
relationships
with
the
Thrivent
International
Allocation
Fund,
including
the
potential
increased
ability
to
use
affiliated
brokers
or
receive
research
through
soft
dollar
commissions
consistent
with
Trust
policies
and
other
benefits
from
increases
in
assets
under
management.
The
Board
concluded
that
benefits
that
may
accrue
to
the
Subadviser
and
its
affiliates
are
consistent
with
those
expected
for
a
subadviser
to
a
mutual
fund
such
as
the
Thrivent
International
Allocation
Fund.
Based
on
the
factors
discussed
above,
the
Contracts
Committee
unanimously
recommended
approval
of
the
Advisory
Agreement
and
the
Subadvisory
Agreement,
and
the
Board,
including
all
of
the
Independent
Trustees
voting
separately,
approved
the
Advisory
Agreement
and
the
Subadvisory
Agreement.
82
Board
of
Trustees
and
Officers
The
following
table
provides
information
about
the
Trustees
and
Officers
of
the
Trust.
The
Board
is
responsible
for
the
management
and
supervision
of
the
Funds’
business
affairs
and
for
exercising
all
powers
except
those
reserved
to
the
shareholders.
Each
Trustee
overseas
each
of
25
series
of
the
Trust
and
also
serves
as:
Director
of
Thrivent
Series
Fund,
Inc.,
a
registered
investment
company
consisting
of
32
funds
that
serve
as
underlying
funds
for
variable
contracts
issued
by
Thrivent
Financial
and
separate
accounts
of
insurance
companies
not
affiliated
with
Thrivent
Financial.
Trustee
of
Thrivent
Cash
Management
Trust,
a
registered
investment
company
consisting
of
one
fund
that
serves
as
a
cash
collateral
fund
for
a
securities
lending
program
sponsored
by
Thrivent
Financial.
Trustee
of
Thrivent
Core
Funds,
a
registered
investment
company
consisting
of
five
funds
that
are
established
solely
for
investment
by
Thrivent
entities.
David
Royal
and
Michael
Kremenak
also
serve
as
Trustees
of
Thrivent
Church
Loan
and
Income
Fund,
a
closed-end
registered
investment
company
for
which
the
Adviser
serves
as
investment
adviser.
None
of
the
other
Trustees
serves
on
the
board
of
the
Thrivent
Church
Loan
and
Income
Fund.
The
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
and
is
available,
without
charge,
by
calling
800-847-
4836.
Interested
Trustees
(1)
(2)
(3)
(4)
Name
(Year
of
Birth)
Year
Elected
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
S.
Royal
(1971)
2015
Executive
Vice
President,
Chief
Investment
Officer,
Thrivent
Financial
since
2017;
President,
Mutual
Funds,
Thrivent
Financial
since
2015;
Vice
President,
Thrivent
Financial
from
2015
to
2017.
Currently,
Director
of
Thrivent
Trust
Company,
Advisory
Board
Member
of
Twin
Bridge
Capital
Partners;
Member
of
Supervisory
Committee
of
Thrivent
Federal
Credit
Union,
and
Director
of
YMCA
of
the
North;
Director
of
Children's
Cancer
Research
Fund
until
2019;
Director
of
Fairview
Hospital
Foundation
until
2017.
Michael
W.
Kremenak
(1978)
2021
Senior
Vice
President
and
Head
of
Mutual
Funds,
Thrivent
Financial
since
2020;
Vice
President,
Thrivent
Financial
from
2015
to
2020.
Director
of
People
Serving
People
from
2014
to
2020.
Independent
Trustees
(2)
(3)
(4)
(5)
Name
(Year
of
Birth)
Year
Elected
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Janice
B.
Case
(1952)
2011
Retired.
Independent
Trustee
of
North
American
Electric
Reliability
Corporation
from
2008
to
2020.
Robert
J.
Chersi
(1961)
2017
Founder
of
Chersi
Services
LLC
(consulting
firm)
since
2014.
Director
and
member
of
the
Audit
and
Risk
Oversight
Committees
of
E*TRADE
Financial
Corporation
and
Director
of
E*TRADE
Bank
from
2019
to
2020;
Lead
Independent
Director
since
2019
and
Director
and
Audit
Committee
Chair
at
BrightSphere
Investment
Group
plc
since
2016.
Marc
S.
Joseph
(1960)
2011
(6)
Managing
Director
of
Granite
Ridge
LLP
(consulting
and
advisory
firm)
since
2009;
Managing
Director
of
Triangle
Crest
(private
investing
and
consulting
firm)
since
2004.
Paul
R.
Laubscher
(1956)
2009
Portfolio
Manager
for
U.S.
private
real
estate
and
private
equity
portfolios
of
IBM
Retirement
Funds.
James
A.
Nussle
(1960)
2011
President
and
Chief
Executive
Officer
of
Credit
Union
National
Association
since
September
2014;
Director
of
Portfolio
Recovery
Associates
(PRAA)
since
2010;
CEO
of
The
Nussle
Group
LLC
(consulting
firm)
since
2009.
Verne
O.
Sedlacek
(1954)
2017
(7)
Chief
Executive
Officer
of
E&F
Advisors
LLC
(consulting)
since
2015.
Chairman
of
the
Board
of
Directors
of
AGB
Institutional
Strategies
from
2016
to
2019.
Constance
L.
Souders
(1950)
2007
Retired.
83
Board
of
Trustees
and
Officers
Executive
Officers
(2)
(4)
Name
(Year
of
Birth)
Position
Held
With
Trust
Principal
Occupation(s)
During
the
Past
Five
Years
David
S.
Royal
(1971)
Trustee,
President
and
Chief
Investment
Officer
Executive
Vice
President,
Chief
Investment
Officer,
Thrivent
Financial
since
2017;
President,
Mutual
Funds,
Thrivent
Financial
since
2015;
Vice
President,
Thrivent
Financial
from
2015
to
2017.
Michael
W.
Kremenak
(1978)
Trustee
and
Senior
Vice
President
Senior
Vice
President
and
Head
of
Mutual
Funds,
Thrivent
Financial
since
2020;
Vice
President,
Thrivent
Financial
from
2015
to
2020.
Gerard
V.
Vaillancourt
(1967)
Treasurer
and
Principal
Accounting
Officer
Vice
President
and
Mutual
Funds
Chief
Financial
Officer,
Thrivent
Financial
since
2017;
Vice
President,
Mutual
Fund
Accounting,
Thrivent
Financial
from
2006
to
2017.
Edward
S.
Dryden
(1965)
Chief
Compliance
Officer
Vice
President,
Chief
Compliance
Officer
-
Thrivent
Funds,
Thrivent
Financial
since
2018;
Director,
Chief
Compliance
Officer
-
Thrivent
Funds,
Thrivent
Financial
from
2010
to
2018.
John
D.
Jackson
(1977)
Secretary
and
Chief
Legal
Officer
Senior
Counsel,
Thrivent
Financial
since
2017;
Associate
General
Counsel,
RBC
Global
Asset
Management
(US)
Inc.
from
2011
to
2017.
Kathleen
M.
Koelling
(1977)
Privacy
Officer
(8)
Vice
President,
Deputy
General
Counsel,
Thrivent
Financial
since
2018;
Privacy
Officer,
Thrivent
Financial
since
2011;
Anti-Money
Laundering
Officer,
Thrivent
Financial
from
2011
to
2019;
Vice
President,
Managing
Counsel,
Thrivent
Financial
from
2016
to
2018;
Senior
Counsel,
Thrivent
Financial
from
2002
to
2016.
Sharon
K.
Minta
(1973)
Anti-Money
Laundering
Officer
(8)
Director,
Compliance
and
Anti-Money
Laundering
Officer
of
the
Financial
Crimes
Unit,
Thrivent
Financial
since
2019;
Compliance
Manager
of
the
Financial
Crimes
Unit,
Thrivent
Financial
from
2014
to
2019.
Troy
A.
Beaver
(1967)
Vice
President
Vice
President,
Mutual
Funds
Marketing
&
Distribution,
Thrivent
Financial
since
2015.
Monica
L.
Kleve
(1969)
Vice
President
Vice
President,
Investment
Operations,
Thrivent
Financial
since
2019;
Director,
Investments
Systems
and
Solutions,
Thrivent
Financial
from
2002
to
2019.
Kathryn
A.
Stelter
(1962)
Vice
President
Vice
President,
Operations
Development,
Thrivent
Financial
since
2021;
Vice
President,
Mutual
Funds
Chief
Operations
Officer,
Thrivent
Financial
since
2017;
Director,
Mutual
Fund
Operations,
Thrivent
Financial
from
2014
to
2017.
Jill
M.
Forte
(1974)
Assistant
Secretary
Senior
Counsel,
Thrivent
Financial
since
2017;
Counsel,
Thrivent
Financial
from
2015
to
2017.
Sarah
Bergstrom
(1977)
Assistant
Treasurer
Head
of
Mutual
Fund
Accounting,
Thrivent
Financial
since
2017;
Director,
Fund
Accounting
Administration,
Thrivent
Financial
from
2007
to
2017.
(1)
“Interested
person”
of
the
Trust
as
defined
in
the
1940
Act
by
virtue
of
a
position
with
Thrivent
Financial.
Mr.
Royal
and
Mr.
Kremenak
are
considered
interested
persons
because
of
their
principal
occupations
with
Thrivent
Financial.
(2)
Each
Trustee
generally
serves
an
indefinite
term
until
her
or
his
successor
is
duly
elected
and
qualified.
Officers
serve
at
the
discretion
of
the
Board
until
their
successors
are
duly
appointed
and
qualified.
(3)
Each
Trustee,
other
than
Mr.
Royal
and
Mr.
Kremenak
,
oversees
63
portfolios.
Mr. Royal
and
Mr.
Kremenak
oversee
64
portfolios.
(4)
The
address
for
each
Trustee
and
Officer
unless
otherwise
noted
is
901
Marquette
Avenue,
Suite
2500,
Minneapolis,
MN
55402-3211.
(5)
The
Trustees,
other
than
Mr.
Royal
and
Mr.
Kremenak
,
are
not
“interested
persons”
of
the
Trust
and
are
referred
to
as
“Independent
Trustees.”
(6)
Mr.
Joseph
resigned
from
his
position
on
the
Board
in
January
2022.
(7)
Mr.
Sedlacek
passed
away
in
December
2021.
(8)
The
address
for
this
Officer
is
4321
North
Ballard
Road,
Appleton,
WI
54913.
24042AR
R2-22
4321
N.
Ballard
Rd.
Appleton,
WI
54919-0001
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
Thrivent
Mutual
Funds
annual
and
semi-annual
shareholder
reports
are
made
available
on
thriventfunds.com,
and
we
will
notify
you
by
mail
each
time
a
report
is
posted.
You
may
also
manage
your
delivery
preferences
and
sign
up
for
email
notifications
of
reports
by
enrolling
at
thrivent.com/gopaperless
or,
if
you
purchased
directly
online,
by
enrolling
at
thriventfunds.com.
If
you
purchased
shares
through
Thrivent:
If
you
wish
receive
paper
copies
of
a
shareholder
report
for
Thrivent
Mutual
Funds
in
the
future,
you
may
write
to
us
at
4321
North
Ballard
Road,
Appleton,
WI
54919-0001.
We
will
begin
to
send
paper
copies
of
shareholder
reports
within
30
days
of
when
we
receive
your
request.
Reports
are
also
available
by
visiting
thriventfunds.com.
If
you
purchased
shares
from
a
firm
other
than
Thrivent:
For
paperless
delivery
or
to
receive
paper
copies
of
a
shareholder
report
for
Thrivent
Mutual
Funds
in
the
future,
contact
your
financial
professional.
Reports
are
also
available
by
visiting
thriventfunds.com.