Thrivent Mid Cap Stock Fund Class S NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05075

Thrivent Mutual Funds

(Exact name of registrant as specified in charter)

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Address of principal executive offices) (Zip code)

Michael W. Kremenak, Secretary and Chief Legal Officer

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 844-4198

Date of fiscal year end: December 31

Date of reporting period: December 31, 2014

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TABLEOF CONTENTS


Letter From the President:			2

Portfolio Perspectives

Thrivent Growth and Income Plus Fund			4
Thrivent Diversified Income Plus Fund			6
Thrivent Natural Resources Fund			8

Shareholder Expense Example			10

Report of Independent Registered Public Accounting Firm			12

Schedule of Investments

Thrivent Growth and Income Plus Fund			13
Thrivent Diversified Income Plus Fund			28
Thrivent Natural Resources Fund			44

Statement of Assets and Liabilities			46

Statement of Operations			47

Statement of Changes in Net Assets			48

Notes to Financial Statements			50

Financial Highlights			60

Additional Information			62

Board of Trustees and Officers			66

Dear Shareholder:

U.S. financial markets turned in a strong performance in 2014 as an improving U.S. economy finally broke from the lingering grasp of the 2008 financial crisis. With interest rates and inflation both low, the investment outlook remained generally favorable heading into 2015.

Economic Review

After contracting in the first quarter amid unusually harsh winter weather, the U.S. economy accelerated smartly in 2014, bolstered by strong spending by consumers and businesses. The nation’s gross domestic product (GDP)—the sum of all goods and services produced—expanded at a 4.6% annual rate in the second quarter and a 5% rate in the third quarter, the latter marking its fastest pace in 11 years.

The economy’s strength translated into solid corporate profits and a healthier job market. Nearly 3 million new jobs were created over the course of the year, the most since 1999. The unemployment rate fell to 5.6%, its lowest level since June 2008, from 6.7% a year earlier. Nonetheless, many people who would like to be working full time remain trapped in part-time jobs.

With the economy on sounder footing, the Federal Reserve followed through with plans to wind down quantitative easing, the program in which it had sought to stimulate the economy by purchasing tens of billions of dollars of bonds each month to push long-term interest rates low. The Fed continued to hold short-term rates near 0%, however, and pledged to be patient in raising them. Economists and market analysts widely anticipate that will begin sometime in 2015.

In Europe and China, which are important to the U.S. economy and its financial markets, the picture was less bright. In the Euro area, the economy eked out a scant quarter-over-quarter gain of just 0.2% in the third quarter, while in China, the economy grew 7.4% for the year, a seemingly robust pace that nonetheless marked its weakest annual expansion since 1990. China is attempting a delicate transition from an economy based on government investment in industry and infrastructure to one that, as in the U.S., is based more on consumer spending.

Market Review

Enthused by the improving U.S. economic outlook, investors drove several major U.S. stock market indexes to a succession of record highs over the course of the year. The Dow Jones Industrial Average broke above 18,000 for the first time late in the year, and the Standard & Poor’s 500 Index recorded its first breach above 2,000.

The S&P 500, which tracks large-company stocks, finished the year with a total return of 13.7%, its sixth consecutive annual advance and its third consecutive year of double-digit gains. Small-company stocks delivered more modest returns of 4.9%, as measured by the Russell 2000^® Index, as investors worried that valuations in that sector of the market may have gotten overextended. In 2013, the index posted a total return of 38.8%.

Reflecting the bleaker economic picture in many overseas markets, international stocks struggled. The MSCI All Country World Index, ex-USA, posted a total return of -3.4%, and the MSCI Emerging Markets Index posted a total return of -1.8%.

Contrary to widespread expectations, bond markets also delivered strong results in 2014, particularly in the Treasury sector. Many analysts and investors had assumed that with the Fed winding down its bond-buying program and looking to raise short-term rates in 2015, interest rates would float higher. When rates go up, bond prices fall.

Instead, the weak economic outlook in Europe, nervousness over Russia’s incursion into Ukraine, slowing economic growth in China, a strengthening U.S. dollar, and paltry returns on sovereign bonds outside the U.S. prompted investors to flock to the perceived safety of U.S. Treasury bonds, especially at the longer end of the yield curve where yields still exceeded inflation. Their buying pushed the yield on the 10-year Treasury note down to 2.2% by year-end from 3.0% at the end of 2013, driving a total return for that slice of the Treasury market of 10.8%. The return on 30-year Treasuries was even better at 29.4%. In the private sector, investor appetite for yield and credit quality also translated into gains for longer-term investment-grade corporate bonds. The net result was that despite tepid returns for shorter-maturity bonds, the broad Barclays U.S. Aggregate Bond Index was able to deliver a total return of just under 6.0%.

High-yield bonds participated in the rally during the first half of the year, but gave up much of their gains in the second half as a steep slide in oil prices shook the market. Crude oil prices in New York fell nearly 50% over the second half of the year, calling into question the credit quality of bonds issued by energy companies, which make up about 15% of the high-yield debt market. The Barclays U.S. Corporate High Yield Bond Index finished the year with a total return of 2.5%.

Our Outlook

The U.S. economy looks poised to continue growing, although it is unlikely to maintain the torrid pace established in the second and third quarters of 2014. Leading economic indicators are mostly positive, and low energy prices should boost economic activity by making more money available to consumers to spend on other goods and services. Those gains should offset the negative impact of lower oil prices on the energy sector, including the companies that cater to that sector’s infrastructure needs.

Our models suggest near-term GDP growth in the range of 2.5% to 3.0% in 2015, slightly faster than the average rate of expansion since the recovery began in 2009.

We expect similar results in the U.K., but growth of only about 1.0% for the Euro area. We have tempered our expectations for China, but still anticipate that its economy will be able to grow at about a 6% rate.

Threats to the U.S. economy are not insignificant. If Europe continues to struggle, it will act as a damper on global economic activity, as would any further deceleration of China’s economic growth.

We also have yet to see how the Fed’s transition from the extraordinarily accommodative monetary policy of the past several years to one that returns interest rates to more historically normal levels will play out. The absence of any significant pressure on wages thus far, and inflation levels that have stayed a measure below the Fed’s target of 2%, should allow the Fed to proceed cautiously. That may help to moderate reactions in the financial markets. Average hourly earnings at year-end 2014 were only 1.7% higher than they were at year-end 2013, a gain that barely outpaced the 1.3% rate of inflation as measured by the Consumer Price Index.

If Europe is able to avoid slipping into a recession, perhaps aided by further monetary easing by the European Central Bank, and if oil prices stabilize and perhaps begin some recovery, continued economic growth in the U.S. should allow U.S. equities to post additional gains in 2015. However, with stock valuations at the higher end of their historically normal range, it would be surprising if the S&P 500 Index notches a fourth consecutive year of double-digit gains, something it has managed only four other times since 1926, including two overlapping periods between 1995 and 1999.

For stocks to advance, it will be important for corporate profits to remain strong. While the outlook there is reasonably good, we would note that any additional strengthening of the U.S. dollar against foreign currencies would further diminish the value of profits U.S. companies earn overseas when those profits are translated back to dollars. It also would make U.S. exports less competitive.

We continue to prefer the risk/reward outlook for stocks, particularly large-company stocks, over bonds. We anticipate that continued low energy prices and low inflation, combined with weak economic conditions abroad and a search for yield by fixed-income investors, will again limit potential rate increases at the long end of the yield curve. That may allow bonds to once again deliver positive but modest returns that outpace inflation but likely fall short of the results generated in 2014.

International stocks may have trouble keeping pace with U.S. stocks again in 2015, although lower valuations in those markets could be attractive to long-term investors with an appetite for risk, and could prove particularly rewarding when economic conditions outside the U.S. begin to show signs of improvement.

To ensure that your portfolio is positioned to negotiate the shifting investment environment, we encourage you to meet with your Thrivent Financial representative. He or she can help you keep your portfolio aligned with your financial goals and tolerance for risk.

As always, thank you for the trust you have placed in our entire team of professionals at Thrivent Asset Management.

Sincerely,

Russell W. Swansen

President

Thrivent Mutual Funds

THRIVENT GROWTHAND INCOME PLUS FUND

David R. Spangler, CFA and Stephen D. Lowe, CFA, Portfolio Co-Managers

Thrivent Growth and Income Plus Fund seeks income plus long-term capital growth.

The Fund invests in equity securities and debt securities. The value of the Fund is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Fund may incur losses due to incorrect assessments of investments by its investment adviser. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. Leveraged loans, preferred securities, sovereign debt, and mortgage-related and other asset-backed securities are subject to additional risks. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets. Writing options is a highly specialized activity that can lead to losses and transaction costs.

How did the Fund perform during the 12-month period ended December 31, 2014?

Thrivent Growth and Income Plus Fund earned a return of 1.89%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Growth Funds category, of 6.17%. The Fund’s market benchmarks, the Russell Developed Index, the Barclays U.S. High Yield Loan Index and the Barclays U.S. Mortgage-Backed Securities Index, earned returns of 5.27%, 1.54% and 6.08%, respectively.

What factors affected the Fund’s performance?

Strengthening economic conditions in the U.S. drove the domestic stock market to record highs for a second consecutive year. At the same time, deteriorating economic conditions abroad hurt returns for international stocks but helped domestic bond markets.

The Fund lagged its peer group largely due to weaker performance by its equity portfolio. For the full year, the equity portfolio returned 3.92%, underperforming its benchmark. During the first quarter of the year, however, the Fund repositioned its equity holdings to adopt a global rather than domestic equity mandate, funneling about 45% of its equity assets into international shares. The equity portfolio underperformed its benchmark index during this period as stocks in a number of industries that had been performing well at the end of 2013, including energy, materials, industrials and consumer discretionary, reversed course.

Thereafter, the equity portfolio outpaced its benchmark. Top performers included information technology stocks, in which the portfolio was overweighted. Other top performers included consumer staples stocks and consumer discretionary stocks. In all cases, those returns exceeded what those industry groups delivered in the stock market at large. The equity portfolio’s weakest performers included energy, health care, utilities and materials stocks.

The fixed-income portion of the Fund generated a return of 4.11% before expenses. Long-term interest rates were widely expected to rise in 2014, hurting bond prices, as the Federal Reserve wound down a massive bond-buying program it had been pursuing to stimulate the economy. Instead, rates declined. Investors looked past growing strength in the U.S. economy, which expanded at a 5.0% annual rate in the third quarter, and focused instead on slowing economic growth in China and weak growth in Europe. In response, they piled into U.S. Treasury bonds, which offered significantly higher yields than safe-haven bonds in other countries. The consequent decline in interest rates was a boon for several other sectors of the fixed-income markets, including investment-grade corporate bonds, which generated a return of 2.86% before expenses for the Fund. Aided by improving fundamentals in the housing market, mortgage-backed securities did even better, earning 6.33%. Combined, those two groups accounted for about a quarter of the Fund’s assets.

High-yield bonds initially participated in the rally but later gave back much of their gains after a global oil glut, combined with demand concerns, helped drive crude prices sharply lower during the second half of the year. Investors worried that the slide in oil prices would lead to higher rates of default in the high-yield sector, where energy issues account for about 15% of the market. Meanwhile, because they are floating-rate securities, bank loans did not benefit much from the general decline in longer-term interest rates. Combined, those two sectors accounted for about 65% of the Fund’s fixed-income portfolio and generated a return of 2.21%.

What is your outlook?

The U.S. economy accelerated during 2014, growing at an annual rate of 5.0% during the third quarter. We anticipate that growth will continue in 2015, but at a more moderate pace. That should create a favorable environment for equities, assuming conditions in Europe and China do not worsen materially. We believe that single-digit returns for stocks in both U.S. and international markets are possible. We anticipate that domestic shares will perform slightly better than overseas shares.

The Federal Reserve is widely expected to nudge short-term interest rates higher sometime in 2015, but the sluggish economic conditions in Europe and slowing growth in China, combined with low inflation in the U.S., should moderate the Fed’s pace in raising rates. Assuming these conditions hold, we feel that fixed-income assets could generate modestly positive returns in 2015, outpacing inflation but likely trailing the returns delivered in 2014.

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.

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Average Annual Total Returns¹

As of December 31, 2014


Class A²	1-Year	5 Years	From Inception 2/29/2008
without sales charge	1.89%	9.36%	3.92%
with sales charge	-3.68%	8.14%	3.07%

Institutional Class³	1-Year	5 Years	From Inception 2/29/2008
Net Asset Value	2.34%	9.79%	4.30%

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Past performance is not an indication of future results. 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. 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 www.thrivent.com. At various times, the Fund’s adviser waived its management fee and/or reimbursed Fund expenses. Had the adviser not done so, the Fund’s total returns would have been lower. The returns shown do not reflect taxes a shareholder would pay on distributions or redemptions. 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 performance data quoted. Call 800-THRIVENT or visit www.thrivent.com for performance results current to the most recent month-end.

2	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

3	Institutional Class shares have no sales load and are available to institutional shareholders and certain Thrivent sponsored programs.

(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 investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Barclays U.S. Mortgage-Backed Securities Index, the Barclays U.S. High Yield Loan Index, the Russell Developed Index and the Consumer Price Index do not reflect any such charges, deductions for fees, expenses or taxes. If you were to purchase any of the above individual stocks or funds represented in those indices, any charges you would pay would reduce your total return as well.

**	The Barclays U.S. Mortgage-Backed Securities Index (MBS) is formed by grouping the universe of over 600,000 individual fixed-rate U.S. government agency MBS pools into approximately 3,500 generic types of securities. It is not possible to invest directly in the Index.

***	The Barclays U.S. High Yield Loan Index measures U.S. Dollar denominated syndicated term loans. It is not possible to invest directly in the Index.

****	The Russell Developed Index measures the performance of the investable securities in developed countries globally. It is not possible to invest directly in the Index.

*****

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. It is not possible to invest directly in the Index.

THRIVENT DIVERSIFIED INCOME PLUS FUND

Mark L. Simenstad, CFA, Paul J. Ocenasek, CFA and David R. Spangler, CFA, Portfolio Co-Managers

Thrivent Diversified Income Plus Fund seeks to maximize income while maintaining prospects for capital appreciation.

The Fund invests in debt securities and equity securities. The value of the Fund is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Fund may incur losses due to incorrect assessments of investments by its investment adviser. Bond prices generally fall as interest rates rise. Credit risk is the risk that an issuer of a debt security may not pay its debt, and high yield securities are subject to increased credit risk as well as liquidity risk. Leveraged loans and mortgage-related and other asset-backed securities are subject to additional risks.

How did the Fund perform during the 12-month period ended December 31, 2014?

Thrivent Diversified Income Plus Fund earned a return of 3.54%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Conservative category, of 4.00%. The Fund’s market benchmarks, the Russell Developed Index, the Barclays U.S. High Yield Loan Index and the Barclays U.S. Mortgage-Backed Securities Index, returned 5.27%, 1.54% and 6.08%, respectively.

What factors affected the Fund’s performance?

For the full year, the equity portfolio returned 3.95%, underperforming its benchmark. During the first quarter of the year, however, the Fund repositioned its equity holdings to adopt a global rather than domestic equity mandate, funneling about 45% of its equity assets into international shares. The equity portfolio underperformed its benchmark index during this period as stocks in a number of industries that had been performing well at the end of 2013, including energy, materials, industrials and consumer discretionary, reversed course.

The fixed-income portion of the Fund generated a return of 5.1% before expenses as weak economic growth in Europe, slowing growth in China, nervousness over a Russian incursion into Ukraine, and a strengthening dollar prompted investors to plow money into U.S. Treasury bonds, which they perceived to be a safe haven. This drove down longer-term interest rates, which benefited several other sectors of the bond markets, including investment-grade corporate bonds and mortgage-backed securities.

The impact of declining interest rates on the Fund’s fixed-income holdings was muted because the Fund had a higher allocation to shorter-duration assets, which are less sensitive to rate changes, and no allocation to Treasuries. The Fund’s top performers included investment-grade corporate bonds, which generated a return of about 5% before expenses, and mortgage-backed securities, which earned about 5.8%. Weaker performers included high-yield bonds and leveraged loans. High-yield bonds rallied during the first half of the year but gave back much of those gains in the second half when a sharp decline in oil prices led investors to worry that it would boost default rates on energy company bonds, which make up about 15% of the high-yield market. Because they are floating-rate securities, leveraged loans did not benefit materially from the decline in interest rates.

What is your outlook?

The U.S. economy accelerated during 2014, growing at an annual rate of 5.0% during the third quarter. We anticipate that growth will continue in 2015, but at a more moderate pace, which should create a favorable environment for equities, assuming conditions in Europe and China do not worsen materially. We believe that single-digit returns for stocks in both U.S. and international markets are possible. We anticipate that domestic shares will perform slightly better than overseas shares.

The Federal Reserve is widely expected to nudge short-term interest rates higher sometime in 2015, but the sluggish economic conditions in Europe and slowing growth in China, combined with low inflation in the U.S., should moderate the Fed’s pace in raising rates. Assuming these conditions hold, fixed-income assets could generate modestly positive returns in 2015, outpacing inflation but likely trailing the returns delivered in 2014.

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.

LOGO

Average Annual Total Returns^1,2

As of December 31, 2014


Class A³	1-Year	5 Years	10 Years
without sales charge	3.54%	8.87%	5.92%
with sales charge	-1.10%	7.89%	5.43%

Institutional Class⁴	1-Year	5 Years	10 Years
Net Asset Value	3.90%	9.18%	6.29%

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2	Prior to July 3, 2006, the Fund, as a high yield fund, invested primarily in junk bonds.

3	Class A performance with sales charge reflects the maximum sales charge of 4.5%.

4	Institutional Class shares have no sales load and are available to institutional shareholders and certain Thrivent sponsored programs.

(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 investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 4.5% sales charge, while the Russell Developed Index, the Barclays U.S. Mortgage-Backed Securities Index and the Consumer Price Index do not reflect any such charges, deductions for fees, expenses or taxes. If you were to purchase any of .the above individual stocks or funds represented in those indices, any charges you would pay would reduce your total return as well.

**	The Russell Developed Index measures the performance of the investable securities in the developed countries globally. It is not possible to invest directly in the Index.

***	The Barclays U.S. Mortgage-Backed Securities Index (MBS) is formed by grouping the universe of over 600,000 individual fixed-rate U.S. government agency MBS pools into approximately 3,500 generic types of securities. It is not possible to invest directly in the Index.

****	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. It is not possible to invest directly in the Index.

#	The Barclays U.S. High Yield Loan Index incepted in January 2006. This Index is not shown in the chart because it does not have 10 years of history and thus an accurate comparison of a $10,000 investment over 10 years cannot be shown. It is not possible to invest directly in the Index.

THRIVENT NATURAL RESOURCES FUND

David C. Francis, CFA and Darren M. Bagwell, CFA, Portfolio Co-Managers

Thrivent Natural Resources Fund seeks long-term capital growth.

The Fund primarily invests in natural resource investments, which historically have been very volatile and are subject to risks that particularly affect the precious metals, oil, gas, mining, energy, chemicals, paper, steel or agricultural sectors. Real estate investment trusts are subject to numerous risks and can be affected by interest rates, the values of the properties they own, and the credit quality of mortgage loans they hold. The value of the Fund is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. The Fund may incur losses due to incorrect assessments of investments by its investment adviser. Small and medium-sized companies often have greater price volatility and less liquidity than larger companies. Foreign investments involve additional risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards; these risks are magnified for investments in emerging markets. The Fund is non-diversified, which means that it may invest a greater percentage of its assets in the securities of any single issuer compared with diversified funds.

How did the Fund perform during the 12-month period ended December 31, 2014?

Thrivent Natural Resources Fund earned a return of -18.47%, compared with the median return of its peer group, the Lipper Natural Resources Funds category, of -14.17%. The Fund’s market benchmark, the S&P North American Natural Resources Sector Index, earned a return of -9.77%.

What factors affected the Fund’s performance?

Oil prices declined during the second half of 2014 at a pace and magnitude that has occurred only twice in the past 20 years. Global oil demand increases in 2014 were subpar given global gross domestic product (GDP) growth levels, while non-OPEC supply growth was the highest it has been in more than 30 years.

Our Fund invested in companies that successfully grew production and that provide the tools and services used in field development. To a degree, these companies and investments were victims of their own successes, driving a supply and demand imbalance in the latter stages of 2014.

Over full investment cycles, our bias is toward energy sub-sectors that grow value; however, during 2014, defensive sectors outperformed. Overweighting positions in exploration and production, and in equipment and services, as well as underweighting positions in refiners and integrated companies, detracted from returns. Additionally, stock selection overall did not benefit performance. Exploration and production company investments were most challenged. While low-cost producers with good balance sheets, such as EOG Resources, EQT Corporation and Concho Resources, benefited the Fund, this was more than offset by higher volatility operators including Oasis Petroleum and Cobalt International.

Stock selection also lagged within the major integrated oil company category. Because major integrateds are the largest companies in the oil industry—and among the largest in the world—it is difficult for them to grow, or more generally, to change and provide a positive investment thesis. The holdings we own in the Fund do have theses for value creation, but in 2014, the sole driver of success among these stocks was defensiveness. As an example, although oil prices dropped by 50% over the second half of 2014, Exxon Mobil, the largest and most defensive company, and which the Fund does not own, declined by just 8% during that time frame.

Holdings in steel and coal producers, which were modest exposures when held, were eliminated during 2014. However, during the time we owned these positions, they materially lagged and detracted from the Fund’s returns.

What is your outlook?

Commodity industries are cyclical with oil and natural gas prices reverting to norms where industry earns a fair return on capital employed. High prices incent too much exploration and development activity, driving supply up and prices down. Conversely, low commodity prices lead to cuts in activity, less supply and price recovery. At the end of this period, industry was in the low price and activity cut—or more accurately, activity slash—part of the cycle. In 2015, we expect supply growth to slow and possibly contract. Assuming a normalized demand year, we believe that supply and demand will tighten and oil prices will rise. Our investment disciplines are unchanged and will be applied to a growing opportunity set after a tumultuous and unusually volatile 2014.

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.

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Average Annual Total Returns^1,2

As of December 31, 2014


Class A³	1-Year	5 Years	From Inception 6/30/2005
without sales charge	-18.47%	1.88%	0.49%
with sales charge	-22.96%	0.74%	-0.10%

Institutional Class⁴	1-Year	5 Years	From Inception 6/30/2005
Net Asset Value	-18.25%	2.20%	0.83%

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2	Prior to October 10, 2010, the Fund, as a real estate securities fund, invested primarily in real estate-related securities.

3	Class A performance with sales charge reflects the maximum sales charge of 5.5%.

4	Institutional Class shares have no sales load and are available to institutional shareholders and certain Thrivent sponsored programs.

(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 investing in the different classes.

As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the benchmark indices do not reflect any such charges, deductions for fees, expenses or taxes. It is not possible to invest directly in the indices shown. If you were to purchase any of the above individual stocks or funds represented in those indices, any charges you would pay would reduce your total return as well.

**	The S&P North American Natural Resources Sector Index is an index of selected U.S. traded natural resource related stocks. The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product.

***	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.

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, 2014 through December 31, 2014.

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 7/1/2014		Ending Account Value 12/31/2014		Expenses Paid During Period 7/1/2014- 12/31/2014^*		Annualized Expense Ratio
Thrivent Growth and Income Plus Fund
Actual
Class A	$	1,000	$	988	$	5.76		1.15	%
Institutional Class	$	1,000	$	990	$	4.01		0.80	%
Hypothetical**
Class A	$	1,000	$	1,019	$	5.85		1.15	%
Institutional Class	$	1,000	$	1,021	$	4.08		0.80	%
Thrivent Diversified Income Plus Fund
Actual
Class A	$	1,000	$	994	$	4.88		0.97	%
Institutional Class	$	1,000	$	996	$	3.43		0.68	%
Hypothetical^**
Class A	$	1,000	$	1,020	$	4.94		0.97	%
Institutional Class	$	1,000	$	1,022	$	3.47		0.68	%
Thrivent Natural Resources Fund
Actual
Class A	$	1,000	$	720	$	5.64		1.30	%
Institutional Class	$	1,000	$	721	$	4.18		0.96	%
Hypothetical^**
Class A	$	1,000	$	1,019	$	6.61		1.30	%
Institutional Class	$	1,000	$	1,020	$	4.90		0.96	%

*	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.

LOGO

Report of Independent Registered Public Accounting Firm

To the Shareholders of Thrivent Diversified Income Plus Fund, Thrivent Natural Resources Fund and Thrivent Growth and Income Plus Fund and Trustees of the Thrivent Mutual Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Thrivent Diversified Income Plus Fund, Thrivent Natural Resources Fund and Thrivent Growth and Income Plus Fund (three of the Thrivent Mutual Funds, hereafter referred to as the “Funds”) at December 31, 2014, 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 then ended and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2014 by correspondence with the custodian, agent banks, transfer agent and brokers provides a reasonable basis for our opinion.

LOGO

February 18, 2015

PricewaterhouseCoopers LLP, Suite 1400, 225 South Sixth Street, Minneapolis, MN 55402

T: (612) 596 6000, F: (612) 373 7160, www.pwc.com/us

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Bank Loans (10.6%)^a	Value
	Basic Materials (0.8%)
		Alpha Natural Resources, Inc., Term Loan
	$39,597	3.500%, 5/22/2020	$	31,306
		Crown Americas, LLC, Term Loan
	187,500	0.000%, 10/20/2021^b,c		187,266
		Fortescue Metals Group, Ltd., Term Loan
	127,435	3.750%, 6/30/2019		115,456
		Ineos Group Holdings, Ltd., Term Loan
	90,618	3.750%, 5/4/2018		87,663
		NewPage Corporation, Term Loan
	90,000	9.500%, 2/11/2021		85,350
		Tronox Pigments BV, Term Loan
	84,216	4.000%, 3/19/2020		82,672
		Wausau Paper Corporation, Term Loan
	74,625	6.500%, 7/30/2020		73,879

		Total		663,592


	Capital Goods (0.7%)
		ADS Waste Holdings, Inc., Term Loan
	89,843	3.750%, 10/9/2019		87,063
		Berry Plastics Group, Inc., Term Loan
	119,929	3.500%, 2/8/2020		115,816
		Rexnord, LLC, Term Loan
	90,850	4.000%, 8/21/2020		88,851
		Silver II Borrower, Term Loan
	84,637	4.000%, 12/13/2019		78,475
		STHI Holding Corporation, Term Loan
	149,625	4.500%, 8/6/2021		148,253

		Total		518,458


	Communications Services (3.5%)
		Atlantic Broadband Penn, LLC, Term Loan
	146,709	3.250%, 11/30/2019		143,408
		Birch Communication Inc., Term Loan
	87,438	7.750%, 7/17/2020		85,689
		Cengage Learning Aquisitions, Term Loan
	59,550	7.000%, 3/31/2020		58,880
		Charter Communications Operating, LLC, Term Loan
	73,626	3.000%, 7/1/2020		72,108
	45,310	3.000%, 1/3/2021		44,357
		Cincinnati Bell, Inc., Term Loan
	90,850	4.000%, 9/10/2020		89,714
		Clear Channel Communications, Inc., Term Loan
	92,000	6.919%, 1/30/2019		86,545
		Cumulus Media Holdings, Inc., Term Loan
	79,763	4.250%, 12/23/2020		77,237
		Fairpoint Communications, Term Loan
	90,617	7.500%, 2/14/2019		89,654
		Grande Communications Networks, LLC, Term Loan
	90,621	4.500%, 5/29/2020		89,375
		Gray Television, Inc., Term Loan
	151,351	3.750%, 6/13/2021		148,702
		Hargray Communications Group, Inc., Term Loan
	148,388	5.250%, 6/26/2019		147,275
		IMG Worldwide, Inc., Term Loan
	59,700	5.250%, 5/6/2021		57,574
		Integra Telecom Holdings, Inc., Term Loan
	90,617	5.250%, 2/22/2019		87,955
		Intelsat Jackson Holdings SA, Term Loan
	119,444	3.750%, 6/30/2019		117,503
		Level 3 Communications, Inc., Term Loan
	121,000	4.000%, 8/1/2019		120,018
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	25,000	0.000%, 1/7/2022^b,c		24,250
	80,000	4.500%, 1/7/2022		77,800
		LTS Buyer, LLC, Term Loan
	107,763	4.000%, 4/13/2020		105,272
		MCC Georgia, LLC, Term Loan
	69,650	3.750%, 6/30/2021		67,967
		McGraw-Hill Global Education, LLC, Term Loan
	77,547	5.750%, 3/22/2019		77,135
		NEP/NCP Holdco, Inc., Term Loan
	90,852	4.250%, 1/22/2020		88,733
		NTelos, Inc., Term Loan
	90,610	5.750%, 11/9/2019		78,830
		Puerto Rico Cable Acquisition Company, Inc., Term Loan
	68,180	5.500%, 7/31/2018		67,669
		SBA Senior Finance II, LLC, Term Loan
	99,500	3.250%, 3/24/2021		97,240
		TNS, Inc., Term Loan
	64,102	5.000%, 2/14/2020		63,381
		Univision Communications, Inc., Term Loan
	90,615	4.000%, 3/1/2020		88,485
		Virgin Media Investment Holdings, Ltd., Term Loan
	69,000	3.500%, 6/7/2020		67,662
		WideOpenWest Finance, LLC, Term Loan
	79,289	4.750%, 4/1/2019		78,646
		XO Communications, LLC, Term Loan
	99,350	4.250%, 3/20/2021^b,c		97,363
		Yankee Cable Acquisition, LLC, Term Loan
	88,884	4.500%, 3/1/2020		88,328
		Zayo Group, LLC, Term Loan
	79,281	4.000%, 7/2/2019		78,322

		Total		2,763,077


	Consumer Cyclical (1.8%)
		Amaya Gaming Group, Inc., Term Loan
	137,156	5.000%, 8/1/2021		135,682

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Bank Loans (10.6%)^a	Value
	Consumer Cyclical (1.8%) - continued
		Burlington Coat Factory Warehouse Corporation, Term Loan
	$125,643	4.250%, 8/13/2021	$	123,837
		Ceridian HCM Holding, Inc., Term Loan
	44,558	4.500%, 9/15/2020		43,750
		Chrysler Group, LLC, Term Loan
	59,550	3.250%, 12/31/2018		58,880
		Golden Nugget, Inc., Delayed Draw
	10,692	5.500%, 11/21/2019		10,538
		Golden Nugget, Inc., Term Loan
	24,948	5.500%, 11/21/2019		24,590
		Hilton Worldwide Finance, LLC, Term Loan
	94,055	3.500%, 10/26/2020		92,840
		J.C. Penney Corporation, Inc., Term Loan
	90,620	6.000%, 5/22/2018		88,732
		Las Vegas Sands, LLC, Term Loan
	19,800	3.250%, 12/19/2020		19,660
		Marina District Finance Company, Inc., Term Loan
	54,900	6.750%, 8/15/2018		54,408
		MGM Resorts International, Term Loan
	128,498	3.500%, 12/20/2019		124,884
		Michaels Stores, Inc., Term Loan
	69,825	4.000%, 1/28/2020		68,516
		Mohegan Tribal Gaming Authority, Term Loan
	53,460	5.500%, 11/19/2019		51,274
		Pinnacle Entertainment, Inc., Term Loan
	135,220	3.750%, 8/13/2020		133,023
		ROC Finance, LLC, Term Loan
	90,850	5.000%, 6/20/2019		84,036
		Scientific Games International, Inc., Term Loan
	91,080	6.000%, 10/18/2020		89,646
		Seminole Hard Rock Entertainment, Inc., Term Loan
	149,242	3.500%, 5/14/2020		143,646
		Seminole Indian Tribe of Florida, Term Loan
	56,613	3.000%, 4/29/2020		56,283

		Total		1,404,225


	Consumer Non-Cyclical (1.3%)
		Albertsons, Inc., Term Loan
	141,061	4.750%, 3/21/2019		140,004
		Biomet, Inc., Term Loan
	92,964	3.670%, 7/25/2017		92,399
		Catalina Marketing Corporation, Term Loan
	59,700	4.500%, 4/9/2021		56,678
		CHS/Community Health Systems, Inc., Term Loan
	12,425	3.486%, 1/25/2017		12,342
	33,116	4.250%, 1/27/2021		32,998
		Del Monte Corporation, Term Loan
	85,455	3.500%, 3/9/2020		81,609
		JBS USA, LLC, Term Loan
	60,652	3.750%, 5/25/2018		59,743
	39,798	3.750%, 9/18/2020		38,853
		Libbey Glass, Inc., Term Loan
	124,375	3.750%, 4/9/2021		122,277
		Ortho-Clinical Diagnostics, Inc., Term Loan
	99,500	4.750%, 6/30/2021		97,734
		Roundy’s Supermarkets, Inc., Term Loan
	68,967	5.750%, 3/3/2021		64,541
		Supervalu, Inc., Term Loan
	130,517	4.500%, 3/21/2019		127,980
		Visant Corporation, Term Loan
	56,511	7.000%, 9/23/2021		54,816

		Total		981,974


	Energy (0.6%)
		Arch Coal, Inc., Term Loan
	90,609	6.250%, 5/16/2018		74,790
		Energy Solutions, LLC, Term Loan
	89,550	6.750%, 5/29/2020		89,130
		Exgen Renewables I, LLC, Term Loan
	37,541	5.250%, 2/6/2021		37,542
		McJunkin Red Man Corporation, Term Loan
	84,236	5.000%, 11/8/2019		77,287
		Offshore Group Investment, Ltd., Term Loan
	99,343	5.750%, 3/28/2019		74,010
		Pacific Drilling SA, Term Loan
	67,965	4.500%, 6/3/2018		55,845
		TerraForm Power Operating, LLC, Term Loan
	89,550	4.750%, 7/23/2019		89,102

		Total		497,706


	Financials (0.8%)
		Delos Finance Sarl, Term Loan
	100,000	3.500%, 3/6/2021		98,958
		DJO Finance, LLC, Term Loan
	119,935	4.250%, 9/15/2017		117,036
		Harland Clarke Holdings Corporation, Term Loan
	88,550	7.000%, 5/22/2018		88,639
		MPH Acquisition Holdings, LLC, Term Loan
	140,187	3.750%, 3/31/2021		136,051
		TransUnion, LLC, Term Loan
	59,550	4.000%, 4/9/2021		58,582
		WaveDivision Holdings, LLC, Term Loan
	111,354	4.000%, 10/15/2019		109,498

		Total		608,764


	Technology (0.6%)
		Avago Technologies, Ltd., Term Loan
	99,500	3.750%, 5/6/2021		99,044
		BMC Software, Inc., Term Loan
	87,886	5.000%, 9/10/2020		85,304
		First Data Corporation, Term Loan
	92,000	3.667%, 3/23/2018		90,103

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Bank Loans (10.6%)^a	Value
	Technology (0.6%) - continued
		Freescale Semiconductor, Inc., Term Loan
	$90,623	4.250%, 2/28/2020	$	88,302
		Infor US, Inc., Term Loan
	84,568	3.750%, 6/3/2020		81,831

		Total		444,584


	Transportation (0.3%)
		American Airlines, Inc., Term Loan
	90,620	3.750%, 6/27/2019		89,525
		Delta Air Lines, Inc., Term Loan
	79,383	3.250%, 4/20/2017^b,c		78,391
		OSG Bulk Ships, Inc., Term Loan
	94,525	5.250%, 8/5/2019		91,926

		Total		259,842


	Utilities (0.2%)
		Calpine Corporation, Term Loan
	33,971	4.000%, 4/1/2018		33,554
	29,700	4.000%, 10/31/2020		29,201
		Intergen NV, Term Loan
	90,620	5.500%, 6/15/2020		89,789

		Total		152,544

		Total Bank Loans (cost $8,519,092)		8,294,766


Shares		Common Stock (69.9%)
	Consumer Discretionary (7.0%)
	6,700	Barnes & Noble, Inc.^d		155,574
	1,800	Bayerische Motoren Werke AG		194,253
	13,650	Best Buy Company, Inc.		532,077
	4,700	Canon Marketing Japan, Inc.		79,654
	4,300	Coach, Inc.		161,508
	9,145	Comcast Corporation		530,501
	22,200	Dixons Carphone plc		159,995
	7,550	Dollar Tree, lnc.^d		531,369
	11,300	EDION Corporation		79,040
	3,500	Gap, Inc.		147,385
	8,600	Hakuhodo Dy Holdings, Inc.		82,301
	3,200	Hennes & Mauritz AB		132,944
	2,900	Hilton Worldwide Holdings, Inc.^d		75,661
	24,028	Home Retail Group plc		77,436
	9,900	Honda Motor Company, Ltd.		290,449
	25,777	ITV plc		85,985
	4,500	Kohl’s Corporation		274,680
	7,650	Lowe’s Companies, Inc.		526,320
	38,000	Luk Fook Holdings International, Ltd.		142,505
	2,350	Madison Square Garden Company^d		176,861
	900	RTL Group SA		85,821
	6,000	Ruth’s Hospitality Group, Inc.		90,000
	11,500	Sekisui House, Ltd.		151,317
	38,000	SJM Holdings, Ltd.		60,074
	21,800	Sky Network Television, Ltd.		102,344
	5,200	Stage Stores, Inc.		107,640
	7,400	Sumitomo Forestry Company, Ltd.		72,369
	11,100	Suzuki Motor Corporation		332,638

		Total		5,438,701


	Consumer Staples (4.3%)
	5,600	Associated British Foods plc		273,779
	1,413	British American Tobacco plc		76,572
	9,199	Coca-Cola Company		388,382
	3,950	Coca-Cola Enterprises, Inc.		174,669
	5,750	CVS Health Corporation		553,783
	8,095	Imperial Tobacco Group plc		356,338
	5,000	Japan Tobacco, Inc.		137,614
	1,700	Nestle SA		123,932
	25,500	Rite Aid Corporation^d		191,760
	6,200	Tyson Foods, Inc.		248,558
	2,776	Wal-Mart Stores, Inc.		238,403
	2,969	Wesfarmers, Ltd.		100,523
	4,550	WhiteWave Foods Company^d		159,205
	4,100	Whole Foods Market, Inc.		206,722
	47,000	Wilmar International, Ltd.		114,522

		Total		3,344,762


	Energy (4.0%)
	61,692	BP plc		391,595
	10,507	BW LPG, Ltd.		73,178
	2,450	Cabot Oil & Gas Corporation		72,544
	4,700	CAT Oil AG		83,088
	14,500	Eni SPA		253,990
	5,450	EOG Resources, Inc.		501,782
	11,200	ERG SPA		125,429
	12,800	Halliburton Company		503,424
	20,500	Patterson-UTI Energy, Inc.		340,095
	12,700	Pioneer Energy Services Corporation^d		70,358
	9,016	Royal Dutch Shell plc, Class B		311,513
	3,350	Southwestern Energy Company^d		91,422
	4,700	Total SA		240,791
	2,300	Whiting Petroleum Corporation^d		75,900

		Total		3,135,109


	Financials (20.3%)
	10,797	Aberdeen Asia-Pacific Income Fund, Inc.		59,923
	100	Acadia Realty Trust		3,203
	3,026	Aflac, Inc.		184,858
	200	Agree Realty Corporation		6,218
	700	Alexandria Real Estate Equities, Inc.		62,118
	1,800	Allianz SE		298,128
	9,650	AmTrust Financial Services, Inc.		542,812
	1,000	Apartment Investment & Management Company		37,150
	3,464	Australia & New Zealand Banking Group, Ltd.		90,133
	600	AvalonBay Communities, Inc.		98,034
	3,400	AXA SA		78,347
	19,400	Banco Santander SA		162,827
	43,600	Bank Leumi Le-lsrael BM^d		148,947
	27,000	Bank of America Corporation		483,030
	1,934	Bank of Nova Scotia		110,383
	800	BioMed Realty Trust, Inc.		17,232
	800	Boston Properties, Inc.		102,952
	1,600	Brixmor Property Group, Inc.		39,744
	500	Camden Property Trust		36,920
	3,100	Cash America International, Inc.		70,122
	8,150	Charles Schwab Corporation		246,048
	23,000	Cheung Kong Holdings, Ltd.		385,177
	9,850	Citigroup, Inc.		532,983
	94	City Office REIT, Inc.		1,203
	2,000	Cohen & Steers REIT and Preferred Income Fund, Inc.		37,980
	900	CubeSmart		19,863
	8,000	DBSGroup Holdings, Ltd.		123,851
	300	Digital Realty Trust, Inc.		19,890

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Shares		Common Stock (69.9%)	Value
	Financials (20.3%) - continued
	5,100	Discover Financial Services	$	333,999
	3,250	Doubleline Income Solutions Fund		64,675
	4,200	Duke Realty Corporation		84,840
	3,600	Employers Holdings, Inc.		84,636
	3,204	Enova International, Inc.^d		71,321
	500	EPR Properties		28,815
	400	Equity Lifestyle Properties, Inc.		20,620
	1,100	Equity Residential		79,024
	1,400	Erie Indemnity Company		127,078
	200	Essex Property Trust, Inc.		41,320
	9,900	F.N.B. Corporation		131,868
	7,250	First Financial Bancorp		134,777
	1,625	First Trust High Income Long/Short Fund		26,000
	9,700	Forestar Real Estate Group, Inc.^d		149,380
	2,439	General Growth Properties, Inc.		68,609
	200	Geo Group, Inc.		8,072
	2,900	Hancock Holding Company		89,030
	11,600	Hang Seng Bank, Ltd.		192,797
	1,800	HCP, Inc.		79,254
	400	Health Care REIT, Inc.		30,268
	1,600	Healthcare Trust of America, Inc.		43,104
	900	Highwoods Properties, Inc.		39,852
	3,000	Horace Mann Educators Corporation		99,540
	3,900	Host Hotels & Resorts, Inc.		92,703
	46,992	HSBC Holdings plc		444,064
	16,050	Huntington Bancshares, Inc.		168,846
	5,525	iShares J.P. Morgan USD Emerging Markets Bond ETF		606,148
	2,285	iShares MSCI Emerging Markets Minimum Volatility ETF		129,400
	11,514	iShares S&P U.S. Preferred Stock Index Fund		454,112
	14,100	KeyCorp		195,990
	4,000	Kimco Realty Corporation		100,560
	50	LaSalle Hotel Properties		2,023
	3,050	Lazard, Ltd.		152,591
	10,150	MetLife, Inc.		549,013
	10,029	MFS Intermediate Income Trust		47,939
	600	Mid-America Apartment Communities, Inc.		44,808
	600	Muenchener Rueckversicherungs- GesellschaftAG		119,483
	10,400	National Australia Bank, Ltd.		283,611
	300	National Health Investors, Inc.		20,988
	700	National Retail Properties, Inc.		27,559
	6,122	Nuveen Quality Preferred Income Fund II		54,486
	5,500	OFG Bancorp		91,575
	200	Omega Healthcare Investors, Inc.		7,814
	300	Parkway Properties, Inc.		5,517
	4,227	PIMCO Dynamic Credit Income Fund		87,288
	17,948	PowerShares Preferred Portfolio		263,836
	3,450	Principal Financial Group, Inc.		179,193
	2,400	Prologis, Inc.		103,272
	4,150	Prudential Financial, Inc.		375,409
	500	Public Storage, Inc.		92,425
	10,100	Regions Financial Corporation		106,656
	1,200	RLJ Lodging Trust		40,236
	8,599	Royal Bank of Canada		593,892
	400	Sabra Healthcare REIT, Inc.		12,148
	1,000	Simon Property Group, Inc.		182,110
	117	Sovran Self Storage, Inc.		10,205
	14,300	SPDR Barclays High Yield Bond ETF		552,123
	3,800	Spirit Realty Captial, Inc.		45,182
	145	Store Capital Corporation		3,133
	25,747	Summit Hotel Properties, Inc.		320,293
	1,300	Swiss Re AG		108,903
	1,050	T. Rowe Price Group, Inc.		90,153
	733	Tanger Factory Outlet Centers, Inc.		27,092
	221	Taubman Centers, Inc.		16,889
	8,317	Templeton Global Income Fund		59,799
	150	Terreno Realty Corporation		3,095
	8,476	Toronto-Dominion Bank		404,977
	7,703	U.S. Bancorp		346,250
	300	UDR, Inc.		9,246
	3,180	Vanguard MSCI Emerging Markets ETF		127,264
	300	Vanguard REIT ETF		24,300
	7,120	Vanguard Short-Term Corporate Bond ETF		566,966
	1,400	Ventas, Inc.		100,380
	900	Vornado Realty Trust		105,939
	3,200	W.R. Berkley Corporation		164,032
	12,185	Wells Fargo & Company		667,982
	3,796	Western Asset Emerging Markets Debt Fund, Inc.		59,825
	5,878	Western Asset High Income Opportunity Fund, Inc.		31,565
	1,200	Zurich Insurance Group AG^d		375,003

		Total		15,885,246


	Health Care (10.4%)
	2,500	Abaxis, Inc.		142,075
	1,500	AbbVie, Inc.		98,160
	1,100	Actelion, Ltd.		126,633
	5,200	Aetna, Inc.		461,916
	2,469	AmerisourceBergen Corporation		222,605
	5,720	AMN Healthcare Services, Inc.^d		112,112
	2,900	Anthem, Inc.		364,443
	9,200	Astellas Pharmaceutical, Inc.		128,083
	1,400	Bayer AG		190,832
	1,150	Biogen Idec, Inc.^d		390,367
	1,266	Boiron SA		106,956
	17,550	Boston Scientific Corporation		232,538
	6,000	Bruker Corporation^d		117,720
	2,450	Centene Corporation^d		254,433
	2,300	CSL, Ltd.		161,565
	1,400	Cyberonics, Inc.^d		77,952
	2,673	Eli Lilly and Company		184,410
	20,470	Fisher & Paykel Healthcare Corporation, Ltd.		99,798
	6,350	Gilead Sciences, Inc.^d		598,551
	6,336	GlaxoSmithKline plc		135,930
	4,050	HCA Holdings, Inc.^d		297,230
	12,700	Healthways, Inc.^d		252,476
	4,259	ICON plc^d		217,166
	4,498	Johnson & Johnson		470,356
	800	Lonza Group AG		90,073
	750	McKesson Corporation		155,685
	6,650	Merck & Company, Inc.		377,654
	7,100	Otsuka Holdings Company, Ltd.		212,867
	4,350	PAREXEL International Corporation^d		241,686
	23,800	Pfizer, Inc.		741,370
	2,500	Quintiles Transnational Holdings, Inc.^d		147,175
	6,000	Recordati SPA		93,020
	500	Roche Holding AG - BR		134,711
	400	Roche Holding AG - Genusschein		108,377
	5,300	Sagent Pharmaceuticals, Inc.^d		133,083
	1,700	Sanofi		154,990

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Shares		Common Stock (69.9%)	Value
	Health Care (10.4%) - continued
	6,300	Sonic Healthcare, Ltd.	$	94,781

		Total		8,129,779

	Industrials (8.4%)
	3,500	Abertis Infraestructuras SA		69,404
	4,300	Allison Transmission Holdings, Inc.		145,770
	3,800	Caterpillar, Inc.		347,814
	4,900	COMSYS Holdings Corporation		67,031
	7,700	Con-way, Inc.		378,686
	7,450	Delta Air Lines, Inc.		366,466
	3,500	easyJet plc		90,577
	7,900	Flowserve Corporation		472,657
	23,750	General Electric Company		600,162
	20,000	Hutchison Whampoa, Ltd.		228,631
	18,900	ITOCHU Corporation		201,759
	2,700	Jacobs Engineering Group, Inc.^d		120,663
	8,450	KAR Auction Services, Inc.		292,793
	4,800	KONE OYJ		218,534
	1,500	Lockheed Martin Corporation		288,855
	1,800	Mabuchi Motor Company, Ltd.		71,446
	8,300	Meritor, Inc.^d		125,745
	7,400	Pentair, Ltd.		491,508
	12,000	Performant Financial Corporation^d		79,800
	4,350	Quad/Graphics, Inc.		99,876
	2,900	Safran SA		178,916
	3,400	Siemens AG		381,494
	13,150	Southwest Airlines Company		556,508
	3,748	Stantec, Inc.		103,007
	18,000	Toda Corporation		70,992
	10,000	TOTO, Ltd.		116,327
	7,502	Wajax Corporation		198,689
	2,050	Woodward, Inc.		100,921
	5,877	WS Atkins plc		124,467

		Total		6,589,498


	Information Technology (8.3%)
	1,300	Accenture plc		116,103
	8,100	Akamai Technologies, Inc.^d		509,976
	7,300	Aspen Technology, Inc.^d		255,646
	12,300	Broadcom Corporation		532,959
	38,400	Brocade Communications Systems, Inc.		454,656
	2,773	CGI Group, Inc.^d		105,712
	13,800	Cirrus Logic, Inc.^d		325,266
	19,161	Cisco Systems, Inc.		532,963
	2,250	Computer Sciences Corporation		141,862
	461	Constellation Software, Inc.		137,070
	14,350	Corning, Inc.		329,046
	5,200	Electronic Arts, Inc.^d		244,478
	17,750	EMC Corporation		527,885
	600	F5 Networks, Inc.^d		78,279
	9,100	FUJIFILM Holdings NPV		277,673
	22,900	Global Cash Access Holdings, Inc.^d		163,735
	4,400	Hoya Corporation		148,829
	7,700	Juniper Networks, Inc.		171,864
	2,500	Lexmark International, Inc.		103,175
	10,400	Marvell Technology Group, Ltd.		150,800
	2,716	Melexis NV		122,898
	5,100	NetApp, Inc.		211,395
	1,645	Newport Corporation^d		31,436
	1,600	NXP Semiconductors NV^d		122,240
	5,250	Pegasystems, Inc.		109,043
	6,200	Skyworks Solutions, Inc.		450,802
	8,800	Vishay Intertechnology, Inc.		124,520

		Total		6,480,311


	Materials (2.5%)
	20,200	Acacia Mining plc		80,028
	185,300	Centamin plc		170,140
	7,350	Dow Chemical Company		335,233
	7,400	James Hardie Industries plc		78,997
	86,000	Kobe Steel, Ltd.		148,135
	4,900	LyondellBasell Industries NV		389,011
	1,300	Nitto Denko Corporation		72,638
	5,905	Rio Tinto plc		272,204
	2,950	Southern Copper Corporation		83,190
	2,500	Voestalpine AG		98,783
	3,300	Westlake Chemical Corporation		201,597

		Total		1,929,956


	Telecommunications Services (2.5%)
	226,200	Bezeq Israel Telecommunication Corporation, Ltd.		401,237
	39,804	BT Group plc		247,584
	8,400	KDDI Corporation		527,722
	7,900	Nippon Telegraph & Telephone Corporation		403,553
	104,000	Singapore Telecommunications, Ltd.		305,272
	27,100	Vonage Holdings Corporation^d		103,251

		Total		1,988,619


	Utilities (2.2%)
	106,500	A2A SPA		107,915
	108,400	Electricidade de Portugal SA		420,338
	9,000	Endesa SA		180,174
	25,600	Enel SPA		114,113
	7,200	Fortum OYJ		156,323
	6,000	Gas Natural SDG SA		150,724
	12,600	GDF Suez		293,821
	33,600	Iberdrola SA		226,490
	5,000	Verbund AG		92,595

		Total		1,742,493

		Total Common Stock (cost $53,208,450)		54,664,474


Principal Amount		Long-Term Fixed Income (13.8%)
	Asset-Backed Securities (0.1%)
		Bayview Opportunity Master Fund Trust IIB, LP
	$77,660	3.950%, 1/28/2034*^e		78,045
		Countrywide Asset-Backed Certificates
	52,953	5.530%, 4/25/2047		52,068

		Total		130,113


	Basic Materials (0.4%)
		Albemarle Corporation
	14,000	3.000%, 12/1/2019		14,002
		Anglo American Capital plc
	7,000	1.181%, 4/15/2016^f,g		7,007
		ArcelorMittal
	45,000	6.000%, 3/1/2021		46,800
		Dow Chemical Company
	8,000	8.550%, 5/15/2019		9,946

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Basic Materials (0.4%) - continued
		First Quantum Minerals, Ltd.
$	60,000	7.000%, 2/15/2021^f	$	54,000
		FMG Resources August 2006 Pty., Ltd.
	10,523	6.875%, 2/1/2018^f		9,550
		Freeport-McMoRan, Inc.
	7,000	2.300%, 11/14/2017		7,008
	10,000	2.375%, 3/15/2018		9,890
		Goldcorp, Inc.
	14,000	2.125%, 3/15/2018		13,837
		Hexion US Finance Corporation/ Hexion Nova Scotia Finance ULC
	23,677	8.875%, 2/1/2018		21,073
		Ineos Finance plc
	28,000	7.500%, 5/1/2020^f		29,400
		LyondellBasell Industries NV
	8,000	5.000%, 4/15/2019		8,726
		Mosaic Company
	6,000	3.750%, 11/15/2021		6,245
		NOVA Chemicals Corporation
	35,516	5.250%, 8/1/2023^f		35,871
		Vale Overseas, Ltd.
	9,000	6.250%, 1/23/2017		9,599

		Total		282,954


	Capital Goods (0.5%)
		BAE Systems plc
	12,000	3.500%, 10/11/2016^f		12,465
		Brand Energy & Infrastructure Services, Inc.
	25,000	8.500%, 12/1/2021^f		22,500
		Cemex SAB de CV
	60,000	5.700%, 1/11/2025^f		58,200
		CNH Capital, LLC
	23,677	3.625%, 4/15/2018		23,322
		Crown Americas Capital Corporation IV
	45,000	4.500%, 1/15/2023		43,650
		Harsco Corporation
	9,000	2.700%, 10/15/2015		8,989
		Hutchison Whampoa Finance CI, Ltd.
	15,000	1.625%, 10/31/2017^f		14,876
		Ingersoll-Rand Global Holding Company, Ltd.
	12,000	6.875%, 8/15/2018		13,930
		L-3 Communications Corporation
	10,000	1.500%, 5/28/2017		9,902
		Martin Marietta Materials, Inc.
	12,000	1.357%, 6/30/2017^g		12,132
		Nortek, Inc.
	23,677	8.500%, 4/15/2021		25,334
		Owens-Brockway Glass Container, Inc.
	60,000	5.000%, 1/15/2022^f		61,200
		Reynolds Group Issuer, Inc.
	23,677	9.875%, 8/15/2019		25,098
		Roper Industries, Inc.
	9,000	2.050%, 10/1/2018		8,926
		Textron, Inc.
	12,000	4.625%, 9/21/2016		12,696
		United Rentals North America, Inc.
	30,000	7.375%, 5/15/2020		32,400

		Total		385,620


	Collateralized Mortgage Obligations (2.9%)
		Alternative Loan Trust
	154,412	5.500%, 10/25/2035		140,608
		Banc of America Alternative Loan Trust
	71,792	6.000%, 11/25/2035		62,742
		CHL Mortgage Pass-Through Trust
	114,291	4.966%, 1/25/2036		106,744
		Citigroup Mortgage Loan Trust, Inc.
	33,734	2.778%, 3/25/2037		26,077
		CitiMortgage Alternative Loan Trust
	108,795	5.750%, 4/25/2037		93,417
		Countrywide Alternative Loan Trust
	90,433	6.500%, 8/25/2036		68,868
		Countrywide Home Loan Mortgage Pass Through Trust
	160,724	2.465%, 11/25/2035		135,922
		Credit Suisse First Boston Mortgage Securities Corporation
	69,028	5.250%, 10/25/2035		68,688
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	74,783	5.500%, 11/25/2035		70,718
		HomeBanc Mortgage Trust
	50,613	2.197%, 4/25/2037		37,662
		J.P. Morgan Alternative Loan Trust
	165,863	6.500%, 3/25/2036		146,276
		J.P. Morgan Mortgage Trust
	87,655	2.253%, 6/25/2035		87,685
	104,835	2.658%, 6/25/2035		106,086
	78,846	2.653%, 8/25/2035		78,433
	97,376	2.695%, 1/25/2037		88,899
		MortgageIT Trust
	82,401	0.430%, 12/25/2035^g		75,588
		New York Mortgage Trust
	91,227	2.630%, 5/25/2036		82,296
		Residential Accredit Loans, Inc.
	87,549	5.750%, 9/25/2035		79,161
		RFMSI Trust
	71,857	5.750%, 2/25/2036		66,413
	103,112	6.000%, 7/25/2037		93,376
		Sequoia Mortgage Trust
	49,978	2.657%, 9/20/2046		41,429
		Structured Adjustable Rate Mortgage Loan Trust
	101,546	2.633%, 9/25/2035		86,327
		Structured Asset Mortgage Investments, Inc.
	145,927	0.480%, 12/25/2035^g		111,562
		WaMu Mortgage Pass Through Certificates
	145,607	0.853%, 1/25/2047^g		119,506
		Wells Fargo Mortgage Backed Securities Trust
	83,553	2.612%, 3/25/2036		83,207
	73,084	2.609%, 7/25/2036		71,277

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Collateralized Mortgage Obligations (2.9%) - continued
$	69,848	6.000%, 7/25/2037	$	69,119

		Total		2,298,086


	Communications Services (1.3%)
		21st Century Fox America, Inc.
	11,000	6.900%, 3/1/2019		12,971
		AMC Networks, Inc.
	53,677	7.750%, 7/15/2021		57,434
		America Movil SAB de CV
	8,000	5.000%, 10/16/2019		8,831
		American Tower Corporation
	13,000	7.000%, 10/15/2017		14,677
		British Sky Broadcasting Group plc
	14,000	2.625%, 9/16/2019^f		14,005
		British Telecommunications plc
	9,000	1.250%, 2/14/2017		8,955
		CC Holdings GS V, LLC
	18,000	2.381%, 12/15/2017		18,160
		CCO Holdings, LLC
	23,677	7.000%, 1/15/2019		24,565
		CenturyLink, Inc.
	30,000	6.450%, 6/15/2021		32,175
		Cequel Communications Escrow 1, LLC
	55,000	6.375%, 9/15/2020^f		56,925
		Columbus International, Inc.
	50,000	7.375%, 3/30/2021^f		52,000
		Cox Communications, Inc.
	9,000	9.375%, 1/15/2019^f		11,327
		Digicel, Ltd.
	53,677	6.000%, 4/15/2021^f		50,188
		DIRECTV Holdings, LLC
	9,000	3.500%, 3/1/2016		9,235
	8,000	5.875%, 10/1/2019		9,151
		DISH DBS Corporation
	50,000	5.000%, 3/15/2023		48,375
		Equinix, Inc.
	40,000	5.750%, 1/1/2025		40,350
		FairPoint Communications, Inc.
	60,000	8.750%, 8/15/2019^f		60,300
		Frontier Communications Corporation
	65,000	6.875%, 1/15/2025		65,000
		Hughes Satellite Systems Corporation
	30,000	6.500%, 6/15/2019		32,175
		Intelsat Jackson Holdings SA
	23,677	7.250%, 10/15/2020		25,009
		Level 3 Financing, Inc.
	30,000	8.625%, 7/15/2020		32,363
		Numericable-SFR
	50,000	6.000%, 5/15/2022^f		50,275
		SBA Tower Trust
	12,000	5.101%, 4/17/2017^f		12,631
		Sprint Communications, Inc.
	23,677	9.000%, 11/15/2018^f		26,930
		Telefonica Emisiones SAU
	8,000	3.992%, 2/16/2016		8,228
	9,000	3.192%, 4/27/2018		9,255
		Time Warner Cable, Inc.
	7,000	8.250%, 4/1/2019		8,569
	20,000	5.000%, 2/1/2020		22,040
		T-Mobile USA, Inc.
	25,000	6.633%, 4/28/2021		25,656
		Univision Communications, Inc.
	40,000	7.875%, 11/1/2020^f		42,600
		UPCB Finance V, Ltd.
	40,000	7.250%, 11/15/2021^f		43,750
		Verizon Communications, Inc.
	27,000	2.625%, 2/21/2020^f		26,691
	12,000	4.500%, 9/15/2020		13,029
		West Corporation
	50,000	5.375%, 7/15/2022^f		47,875
		Wind Acquisition Finance SA
	30,000	4.750%, 7/15/2020^f		28,050
	5,000	7.375%, 4/23/2021^f		4,719

		Total		1,054,469


	Consumer Cyclical (0.8%)
		AMC Entertainment, Inc.
	24,000	5.875%, 2/15/2022		24,360
		Brookfield Residential Properties, Inc.
	25,000	6.125%, 7/1/2022^f		26,000
		Chrysler Group, LLC
	23,677	8.250%, 6/15/2021		26,222
		Cinemark USA, Inc.
	28,000	4.875%, 6/1/2023		26,460
		Daimler Finance North America, LLC
	7,000	1.875%, 1/11/2018^f		7,024
		Delphi Corporation
	9,000	6.125%, 5/15/2021		9,810
		ERAC USA Finance, LLC
	12,000	2.350%, 10/15/2019^f		11,910
		Ford Motor Credit Company, LLC
	28,000	1.684%, 9/8/2017		27,777
	13,000	5.000%, 5/15/2018		14,125
	14,000	2.597%, 11/4/2019		13,925
		General Motors Financial Company, Inc.
	23,677	3.250%, 5/15/2018		23,707
	21,000	4.375%, 9/25/2021		21,919
		GLP Capital, LP
	50,000	4.875%, 11/1/2020		50,625
		Hilton Worldwide Finance, LLC
	45,000	5.625%, 10/15/2021		47,025
		Hyundai Capital America
	9,000	1.450%, 2/6/2017^f		8,966
		Jaguar Land Rover Automotive plc
	20,000	4.250%, 11/15/2019^f		20,150
	30,000	5.625%, 2/1/2023^f		31,575
		KB Home
	22,000	4.750%, 5/15/2019		21,670
		L Brands, Inc.
	30,000	6.625%, 4/1/2021		33,750
		Lennar Corporation
	60,000	4.750%, 11/15/2022		58,800
		Macy’s Retail Holdings, Inc.
	10,000	7.450%, 7/15/2017		11,369

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Consumer Cyclical (0.8%) - continued
		Nissan Motor Acceptance Corporation
	$6,000	0.785%, 3/3/2017^f,g	$	6,019
		Royal Caribbean Cruises, Ltd.
	48,677	5.250%, 11/15/2022		51,111
		Toll Brothers Finance Corporation
	16,000	4.000%, 12/31/2018		16,080
		TRW Automotive, Inc.
	7,000	7.250%, 3/15/2017^f		7,735
		Volkswagen Group of America Finance, LLC
	14,000	0.672%, 11/20/2017^f,g		13,980
		Walgreens Boots Alliance, Inc.
	14,000	2.700%, 11/18/2019		14,071
		Wynn Las Vegas, LLC
	30,000	5.375%, 3/15/2022		30,450

		Total		656,615


	Consumer Non-Cyclical (1.1%)
		AbbVie, Inc.
	14,000	2.000%, 11/6/2018		13,953
		Altria Group, Inc.
	15,000	9.700%, 11/10/2018		19,047
		Beam, Inc.
	8,000	5.375%, 1/15/2016		8,364
		Becton, Dickinson and Company
	14,000	2.675%, 12/15/2019		14,184
		Boston Scientific Corporation
	14,000	2.650%, 10/1/2018		14,017
		CareFusion Corporation
	10,000	1.450%, 5/15/2017		9,929
		Celgene Corporation
	16,000	1.900%, 8/15/2017		16,056
		CHS/Community Health Systems, Inc.
	30,000	7.125%, 7/15/2020		31,988
		ConAgra Foods, Inc.
	20,000	2.100%, 3/15/2018		19,935
		Cott Beverages, Inc.
	55,000	5.375%, 7/1/2022^f		50,463
		Coventry Health Care, Inc.
	6,000	5.950%, 3/15/2017		6,562
		CVS Health Corporation
	8,000	2.250%, 12/5/2018		8,072
		Envision Healthcare Corporation
	50,000	5.125%, 7/1/2022^f		49,625
		Express Scripts Holding Company
	9,000	2.650%, 2/15/2017		9,203
		Forest Laboratories, Inc.
	12,000	4.375%, 2/1/2019^f		12,676
	15,000	5.000%, 12/15/2021^f		16,242
		Fresenius Medical Care US Finance, Inc.
	23,677	5.750%, 2/15/2021^f		25,246
		Gilead Sciences, Inc.
	6,000	3.050%, 12/1/2016		6,226
	14,000	2.350%, 2/1/2020		14,075
		Hawk Acquisition Sub, Inc.
	30,000	4.250%, 10/15/2020		30,300
		HCA, Inc.
	23,677	4.750%, 5/1/2023		24,091
		IMS Health, Inc.
	27,000	6.000%, 11/1/2020^f		27,810
		JBS Finance II, Ltd.
	23,677	8.250%, 1/29/2018^*		24,210
		Kroger Company
	16,000	1.200%, 10/17/2016		15,965
		Lorillard Tobacco Company
	9,000	8.125%, 6/23/2019		10,911
		McKesson Corporation
	14,000	1.292%, 3/10/2017		13,929
		Medco Health Solutions, Inc.
	6,000	7.125%, 3/15/2018		6,927
		Medtronic, Inc.
	14,000	2.500%, 3/15/2020^f		14,037
		Mondelez International, Inc.
	6,000	2.250%, 2/1/2019		5,975
		Omnicare, Inc.
	60,000	4.750%, 12/1/2022		60,750
		Ortho-Clinical Diagnostics, Inc.
	55,000	6.625%, 5/15/2022^f		49,431
		Pernod Ricard SA
	8,000	2.950%, 1/15/2017^f		8,185
	8,000	5.750%, 4/7/2021^f		9,189
		Perrigo Company, Ltd.
	5,000	1.300%, 11/8/2016		4,978
		Revlon Consumer Products Corporation
	23,677	5.750%, 2/15/2021		23,677
		SABMiller plc
	9,000	6.500%, 7/15/2018^f		10,275
		Safeway, Inc.
	3,000	3.400%, 12/1/2016		3,048
		Spectrum Brands Escrow Corporation
	30,000	6.375%, 11/15/2020		31,275
		Sysco Corporation
	21,000	2.350%, 10/2/2019		21,114
		Tenet Healthcare Corporation
	45,000	8.125%, 4/1/2022		50,288
		Thermo Fisher Scientific, Inc.
	9,000	2.400%, 2/1/2019		9,013
		Tyson Foods, Inc.
	12,000	2.650%, 8/15/2019		12,109
		Valeant Pharmaceuticals International
	23,677	7.250%, 7/15/2022^f		25,246
		Whirlpool Corporation
	14,000	1.650%, 11/1/2017		13,954

		Total		852,550


	Energy (0.8%)
		Boardwalk Pipelines, Ltd.
	11,000	5.875%, 11/15/2016		11,679
		BP Capital Markets plc
	9,000	0.652%, 11/7/2016^g		9,002
		Buckeye Partners, LP
	13,000	2.650%, 11/15/2018		12,804

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Energy (0.8%) - continued
		Calumet Specialty Products Partners, LP
$	45,000	6.500%, 4/15/2021^f	$	40,050
		Canadian Natural Resources, Ltd.
	14,000	1.750%, 1/15/2018		13,918
		CNOOC Nexen Finance 2014 ULC
	8,000	1.625%, 4/30/2017		7,961
		CNPC General Capital, Ltd.
	10,000	2.750%, 4/19/2017^f		10,116
		Concho Resources, Inc.
	58,677	6.500%, 1/15/2022		61,317
		Continental Resources, Inc.
	12,000	7.125%, 4/1/2021		12,900
		Enbridge, Inc.
	6,000	0.684%, 6/2/2017^g		5,974
		Energy Transfer Partners, LP
	8,000	6.700%, 7/1/2018		8,996
		Energy XXI Gulf Coast, Inc.
	50,000	7.500%, 12/15/2021		27,000
		Enterprise Products Operating, LLC
	21,000	2.550%, 10/15/2019		20,789
		EQT Corporation
	8,000	8.125%, 6/1/2019		9,645
		Harvest Operations Corporation
	23,677	6.875%, 10/1/2017		22,819
		Hess Corporation
	6,000	8.125%, 2/15/2019		7,139
		Kinder Morgan, Inc.
	8,000	3.050%, 12/1/2019		7,936
	14,000	5.000%, 2/15/2021^f		14,565
		Kodiak Oil & Gas Corporation
	23,677	5.500%, 1/15/2021		23,736
		Linn Energy, LLC
	23,677	8.625%, 4/15/2020		20,599
		MEG Energy Corporation
	30,000	6.375%, 1/30/2023^f		26,775
		Offshore Group Investment, Ltd.
	40,000	7.500%, 11/1/2019		29,800
		Petrobras Global Finance BV
	9,000	2.000%, 5/20/2016		8,596
		Petroleos Mexicanos
	30,000	4.250%, 1/15/2025^f		29,805
		Regency Energy Partners, LP
	45,000	5.000%, 10/1/2022		42,525
		Rosetta Resources, Inc.
	60,000	5.875%, 6/1/2022		54,000
		Sabine Pass Liquefaction, LLC
	45,000	5.750%, 5/15/2024		44,156
		Southwestern Energy Company
	14,000	7.500%, 2/1/2018		15,771
		Suncor Energy, Inc.
	6,000	6.100%, 6/1/2018		6,730
		Transocean, Inc.
	10,000	6.000%, 3/15/2018		9,619
		Weatherford International, Ltd.
	9,000	6.000%, 3/15/2018		9,608
	5,000	9.625%, 3/1/2019		5,930

		Total		632,260

	Financials (1.7%)
		Abbey National Treasury Services plc
	14,000	0.665%, 9/29/2017^g		13,965
	8,000	3.050%, 8/23/2018		8,283
		ABN AMRO Bank NV
	9,000	2.500%, 10/30/2018^f		9,090
		Air Lease Corporation
	14,000	2.125%, 1/15/2018		13,755
		Ally Financial, Inc.
	40,000	4.750%, 9/10/2018		41,400
		ANZ New Zealand International, Ltd.
	9,000	1.400%, 4/27/2017^f		8,982
		Aviation Capital Group Corporation
	6,000	3.875%, 9/27/2016^f		6,151
		Bank of America Corporation
	14,000	5.700%, 5/2/2017		15,134
	14,000	1.700%, 8/25/2017		14,003
	15,000	5.750%, 12/1/2017		16,573
	24,000	1.317%, 3/22/2018^g		24,175
	20,000	5.650%, 5/1/2018		22,219
	12,000	8.000%, 12/29/2049^h		12,885
		Banque Federative du Credit Mutuel SA
	9,000	1.081%, 1/20/2017^f,g		9,062
		Barclays Bank plc
	6,000	5.140%, 10/14/2020		6,453
		Barclays plc
	14,000	2.750%, 11/8/2019		13,914
		BB&T Corporation
	13,000	2.050%, 6/19/2018		13,086
		BBVA Banco Continental SA
	13,000	2.250%, 7/29/2016^f		12,967
		Bear Stearns Companies, LLC
	15,000	6.400%, 10/2/2017		16,799
		BNP Paribas SA
	9,000	2.375%, 9/14/2017		9,154
		BPCE SA
	9,000	1.625%, 2/10/2017		9,019
		Branch Banking and Trust Company
	9,000	0.664%, 12/1/2016^g		9,008
		Caixa Economica Federal
	30,000	4.250%, 5/13/2019^f		29,250
		Capital One Financial Corporation
	12,000	6.150%, 9/1/2016		12,896
		CIT Group, Inc.
	25,000	3.875%, 2/19/2019		24,937
		Citigroup, Inc.
	21,000	5.500%, 2/15/2017		22,575
	12,000	6.000%, 8/15/2017		13,276
	21,000	1.850%, 11/24/2017		20,976
	9,000	8.500%, 5/22/2019		11,215
		Compass Bank
	14,000	1.850%, 9/29/2017		13,940
		Credit Agricole SA
	14,000	6.625%, 9/29/2049^f,h		13,569
		CyrusOne, LP
	23,677	6.375%, 11/15/2022		25,275
		DDR Corporation
	6,000	9.625%, 3/15/2016		6,587
		Denali Borrower, LLC
	46,000	5.625%, 10/15/2020^f		47,863

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Financials (1.7%) - continued
		Deutsche Bank AG
	$12,000	1.350%, 5/30/2017	$	11,899
		Discover Bank
	3,000	8.700%, 11/18/2019		3,710
		Discover Financial Services
	6,000	6.450%, 6/12/2017		6,629
		Duke Realty, LP
	14,000	8.250%, 8/15/2019		17,272
		Fifth Third Bancorp
	16,000	5.450%, 1/15/2017		17,170
		General Electric Capital Corporation
	14,000	0.512%, 5/15/2017^g		13,976
	10,000	5.625%, 9/15/2017		11,100
	6,000	1.625%, 4/2/2018		6,009
		Genworth Financial, Inc.
	10,000	7.700%, 6/15/2020		9,975
		Goldman Sachs Group, Inc.
	9,000	6.250%, 9/1/2017		10,014
	12,000	2.375%, 1/22/2018		12,121
	6,000	2.625%, 1/31/2019		6,037
	9,000	7.500%, 2/15/2019		10,705
	14,000	2.550%, 10/23/2019		13,949
		Hartford Financial Services Group, Inc.
	14,000	6.000%, 1/15/2019		15,877
		HBOS plc
	12,000	6.750%, 5/21/2018^f		13,374
		HCP, Inc.
	6,000	3.750%, 2/1/2016		6,166
	9,000	3.750%, 2/1/2019		9,446
		Health Care REIT, Inc.
	8,000	4.700%, 9/15/2017		8,596
		HSBC Holdings plc
	21,000	5.625%, 12/29/2049^h		21,073
		Huntington National Bank
	5,000	1.300%, 11/20/2016		4,979
		Icahn Enterprises, LP
	50,000	6.000%, 8/1/2020		51,510
		ING Capital Funding Trust III
	8,000	3.855%, 12/29/2049^g,h		7,980
		International Lease Finance Corporation
	8,000	2.191%, 6/15/2016^g		7,990
	25,000	5.875%, 4/1/2019		26,937
		Intesa Sanpaolo SPA
	6,000	3.625%, 8/12/2015^f		6,081
	3,000	3.875%, 1/16/2018		3,123
	12,000	3.875%, 1/15/2019		12,425
		J.P. Morgan Chase & Company
	12,000	3.450%, 3/1/2016		12,317
	6,000	0.752%, 2/15/2017^g		5,985
	6,000	2.000%, 8/15/2017		6,057
	6,000	6.300%, 4/23/2019		6,969
	12,000	7.900%, 4/29/2049^h		12,916
		KeyCorp
	9,000	2.300%, 12/13/2018		9,031
		Kookmin Bank
	9,000	1.109%, 1/27/2017^f,g		9,060
		Liberty Mutual Group, Inc.
	3,000	5.000%, 6/1/2021^f		3,268
		Liberty Property, LP
	14,000	5.500%, 12/15/2016		15,032
		Macquarie Bank, Ltd.
	7,000	5.000%, 2/22/2017^f		7,466
		MetLife, Inc.
	14,000	1.903%, 12/15/2017		14,032
		Mizuho Corporate Bank, Ltd.
	11,000	1.550%, 10/17/2017^f		10,896
		Morgan Stanley
	12,000	1.750%, 2/25/2016		12,065
	15,000	6.250%, 8/28/2017		16,663
	14,000	1.875%, 1/5/2018		13,949
	12,000	6.625%, 4/1/2018		13,668
	8,000	4.875%, 11/1/2022		8,497
		Murray Street Investment Trust I
	18,000	4.647%, 3/9/2017		18,997
		National City Corporation
	6,000	6.875%, 5/15/2019		7,049
		Nomura Holdings, Inc.
	9,000	2.000%, 9/13/2016		9,073
	6,000	2.750%, 3/19/2019		6,066
		PNC Bank NA
	12,000	1.150%, 11/1/2016		12,016
		Pricoa Global Funding I
	12,000	1.350%, 8/18/2017^f		11,951
		Realty Income Corporation
	10,000	2.000%, 1/31/2018		10,018
		Regions Bank
	12,000	7.500%, 5/15/2018		13,931
		Reinsurance Group of America, Inc.
	12,000	5.625%, 3/15/2017		12,977
		Royal Bank of Scotland Group plc
	9,000	5.050%, 1/8/2015		9,002
	7,000	1.197%, 3/31/2017^g		7,022
		Societe Generale SA
	9,000	5.750%, 4/20/2016^f		9,424
		Sumitomo Mitsui Banking Corporation
	18,000	1.300%, 1/10/2017		17,966
		Suncorp-Metway, Ltd.
	6,000	0.955%, 3/28/2017^f,g		6,009
		Swiss RE Capital I, LP
	9,000	6.854%, 5/29/2049^f,h		9,427
		Synchrony Financial
	18,000	1.875%, 8/15/2017		18,035
		Ventas Realty, LP
	7,000	1.250%, 4/17/2017		6,935
		Voya Financial, Inc.
	9,000	2.900%, 2/15/2018		9,214
		WEA Finance, LLC
	14,000	1.750%, 9/15/2017^f		13,925
		Wells Fargo & Company
	32,000	1.400%, 9/8/2017		31,974

		Total		1,313,441

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Foreign Government (<0.1%)
		Uruguay Government International Bond
	$19,000	5.100%, 6/18/2050	$	19,285

		Total		19,285


	Mortgage-Backed Securities (2.6%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	250,000	3.000%, 1/1/2030^c		259,478
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	150,000	4.000%, 1/1/2045^c		159,891
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	150,000	3.500%, 1/1/2030^c		158,461
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	475,000	3.500%, 1/1/2045^c		495,150
	475,000	4.000%, 1/1/2045^c		506,946
	405,000	4.500%, 1/1/2045^c		439,615

		Total		2,019,541


	Technology (0.3%)
		Alibaba Group Holding, Ltd.
	15,000	2.500%, 11/28/2019^f		14,798
		Alliance Data Systems Corporation
	25,000	5.375%, 8/1/2022^f		24,687
		EMC Corporation
	6,000	1.875%, 6/1/2018		5,980
		Fidelity National Information Services, Inc.
	12,000	1.450%, 6/5/2017		11,933
		First Data Corporation
	23,677	7.375%, 6/15/2019^f		24,920
		Freescale Semiconductor, Inc.
	30,000	6.000%, 1/15/2022^f		31,350
		Hewlett-Packard Company
	9,000	5.400%, 3/1/2017		9,716
		Iron Mountain, Inc.
	23,677	6.000%, 8/15/2023		24,624
		Sensata Technologies BV
	60,000	4.875%, 10/15/2023^f		59,700
		Tyco Electronics Group SA
	13,000	6.550%, 10/1/2017		14,633
		Xerox Corporation
	13,000	7.200%, 4/1/2016		13,920

		Total		236,261


	Transportation (0.2%)
		American Airlines Pass Through Trust
	5,664	4.950%, 1/15/2023		6,046
		Avis Budget Car Rental, LLC
	50,000	5.125%, 6/1/2022^f		50,500
		Continental Airlines, Inc.
	20,077	6.250%, 4/11/2020		21,094
		Delta Air Lines, Inc.
	12,000	6.750%, 5/23/2017		12,510
	8,139	4.950%, 5/23/2019		8,709
	6,919	4.750%, 5/7/2020		7,360
		Korea Expressway Corporation
	10,000	1.625%, 4/28/2017^f		9,944
		Southwest Airlines Company
	14,000	2.750%, 11/6/2019		14,064
		United Air Lines, Inc.
	5,743	10.400%, 11/1/2016		6,389

		Total		136,616


	U.S. Government and Agencies (0.4%)
		U.S. Treasury Notes
	205,000	1.875%, 6/30/2020		206,378
	93,000	3.625%, 2/15/2044		109,442

		Total		315,820


	Utilities (0.7%)
		Access Midstream Partners, LP
	40,000	4.875%, 5/15/2023		40,600
		AES Corporation
	23,677	7.375%, 7/1/2021		26,755
		Atlas Pipeline Partners, LP
	30,000	4.750%, 11/15/2021		28,500
		Berkshire Hathaway Energy Company
	14,000	2.400%, 2/1/2020^f		13,939
		Calpine Corporation
	45,000	5.375%, 1/15/2023		45,450
		Commonwealth Edison Company
	7,000	6.950%, 7/15/2018		8,091
		DCP Midstream Operating, LP
	8,000	2.500%, 12/1/2017		7,991
		DTE Energy Company
	14,000	2.400%, 12/1/2019		14,002
		Dynegy Finance I, Inc.
	60,000	7.375%, 11/1/2022^f		61,050
		EDP Finance BV
	14,000	4.125%, 1/15/2020^f		14,078
		El Paso Corporation
	7,000	7.000%, 6/15/2017		7,718
		Electricite de France SA
	9,000	0.691%, 1/20/2017^f,g		9,025
		Enel Finance International NV
	8,000	5.125%, 10/7/2019^f		8,840
		Exelon Generation Company, LLC
	6,000	5.200%, 10/1/2019		6,630
		MarkWest Energy Partners, LP
	60,000	4.875%, 12/1/2024		58,650
		MidAmerican Energy Holdings Company
	13,000	1.100%, 5/15/2017		12,867
	6,000	5.750%, 4/1/2018		6,724
		NiSource Finance Corporation
	12,000	6.400%, 3/15/2018		13,667
		NRG Energy, Inc.
	23,677	6.625%, 3/15/2023		24,624
		ONEOK Partners, LP
	8,000	2.000%, 10/1/2017		7,955
		Pacific Gas & Electric Company
	8,000	5.625%, 11/30/2017		8,892

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (13.8%)	Value
	Utilities (0.7%) - continued
		Panhandle Eastern Pipe Line Company, LP
$	9,000	6.200%, 11/1/2017	$	10,002
		PG&E Corporation
	6,000	2.400%, 3/1/2019		6,009
		PPL Capital Funding, Inc.
	12,000	1.900%, 6/1/2018		11,980
		Sempra Energy
	14,000	6.150%, 6/15/2018		15,866
		Southern Company
	14,000	1.300%, 8/15/2017		13,943
		TransAlta Corporation
	12,000	1.900%, 6/3/2017		11,949
		Williams Companies, Inc.
	12,000	7.875%, 9/1/2021		13,862

		Total		509,659

		Total Long-Term Fixed Income (cost $10,824,263)		10,843,290


Shares or Principal Amount		Short-Term Investments (8.5%)i
		Federal Home Loan Bank Discount Notes
	100,000	0.080%, 1/21/2015^j		99,996
	200,000	0.090%, 4/24/2015^j		199,943
		Thrivent Cash Management Trust
	6,347,729	0.060%		6,347,729

		Total Short-Term Investments (at amortized cost)		6,647,668

		Total Investments (cost $79,199,473) 102.8%	$	80,450,198

		Other Assets and Liabilities, Net (2.8%)		(2,225,480	)

		Total Net Assets 100.0%	$	78,224,718

a	The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b	All or a portion of the loan is unfunded.

c	Denotes investments purchased on a when-issued or delayed delivery basis.

d	Non-income producing security.

e	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, 2014.

Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of December 31, 2014, the value of these investments was $1,947,076 or 2.5% of total net assets.

g	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of December 31, 2014.

h	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

i	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

j	At December 31, 2014, $299,939 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Growth and Income Plus Fund owned as of December 31, 2014.


Security	Acquisition Date		Cost
Bayview Opportunity Master Fund Trust IIB, LP, 1/28/2034		1/17/2014	$	77,661
JBS Finance II, Ltd., 1/29/2018		8/19/2013		24,656

Definitions:


ETF - Exchange Traded Fund.
REIT - Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$	4,180,119
Gross unrealized depreciation		(2,986,508	)

Net unrealized appreciation (depreciation)	$	1,193,611
Cost for federal income tax purposes	$	79,256,587

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2014, in valuing Growth and Income Plus Fund’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		663,592		—		663,592		—
Capital Goods		518,458		—		518,458		—
Communications Services		2,763,077		—		2,506,639		256,438
Consumer Cyclical		1,404,225		—		1,404,225		—
Consumer Non-Cyclical		981,974		—		840,622		141,352
Energy		497,706		—		460,164		37,542
Financials		608,764		—		608,764		—
Technology		444,584		—		444,584		—
Transportation		259,842		—		167,916		91,926
Utilities		152,544		—		152,544		—
Common Stock
Consumer Discretionary		5,438,701		3,309,576		2,129,125		—
Consumer Staples		3,344,762		2,161,482		1,183,280		—
Energy		3,135,109		1,655,525		1,479,584		—
Financials		15,885,246		11,964,723		3,920,523		—
Health Care		8,129,779		6,291,163		1,838,616		—
Industrials		6,589,498		4,468,224		2,121,274		—
Information Technology		6,480,311		5,688,129		792,182		—
Materials		1,929,956		1,009,031		920,925		—
Telecommunications Services		1,988,619		103,251		1,885,368		—
Utilities		1,742,493		—		1,742,493		—
Long-Term Fixed Income
Asset-Backed Securities		130,113		—		130,113		—
Basic Materials		282,954		—		282,954		—
Capital Goods		385,620		—		385,620		—
Collateralized Mortgage Obligations		2,298,086		—		2,298,086		—
Communications Services		1,054,469		—		1,054,469		—
Consumer Cyclical		656,615		—		656,615		—
Consumer Non-Cyclical		852,550		—		852,550		—
Energy		632,260		—		632,260		—
Financials		1,313,441		—		1,313,441		—
Foreign Government		19,285		—		19,285		—
Mortgage-Backed Securities		2,019,541		—		2,019,541		—
Technology		236,261		—		236,261		—
Transportation		136,616		—		136,616		—
U.S. Government and Agencies		315,820		—		315,820		—
Utilities		509,659		—		509,659		—
Short-Term Investments		6,647,668		6,347,729		299,939		—

Total	$	80,450,198	$	42,998,833	$	36,924,107	$	527,258


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		93,412		93,412		—		—

Total Asset Derivatives	$	93,412	$	93,412	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2014. Transfers between Levels are identified as of the end of the period.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(26	)		March 2015	($	5,689,858	)	($	5,683,437	)	$	6,421
5-Yr. U.S. Treasury Bond Futures		13			March 2015		1,544,602			1,546,086			1,484
30-Yr. U.S. Treasury Bond Futures		1			March 2015		140,573			144,562			3,989
Mini MSCI EAFE Index Futures		10			March 2015		870,837			878,950			8,113
S&P 500 Index Mini-Futures		16			March 2015		1,591,428			1,641,920			50,492
Ultra Long Term U.S. Treasury Bond Futures		3			March 2015		472,650			495,563			22,913
Total Futures Contracts												$	93,412

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2014, for Growth and Income Plus Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	34,807
Total Interest Rate Contracts			34,807
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		58,605
Total Equity Contracts			58,605

Total Asset Derivatives		$	93,412

*	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, 2014, for Growth and 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		52,239
Total Interest Rate Contracts			52,239
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		83,443
Total Equity Contracts			83,443

Total		$	135,682

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2014, for Growth and 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
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		34,807
Total Interest Rate Contracts			34,807
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		21,392
Total Equity Contracts			21,392

Total		$	56,199

The following table presents Growth and Income Plus Fund’s average volume of derivative activity during the period ended December 31, 2014.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	3,807,090		5.8	%
Interest Rate
Contracts		3,856,719		5.9

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

The accompanying Notes to Financial Statements are an integral part of this schedule.

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2014

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, or any affiliated mutual fund.

A summary of transactions for the fiscal year to date, in Growth and Income Plus Fund, is as follows


Fund	Value December 31, 2013		Gross Purchases		Gross Sales		Shares Held at December 31, 2014		Value December 31, 2014		Income Earned January 1, 2014 - December 31, 2014
Cash Management Trust- Short Term Investment	$	2,877,246	$	51,412,380	$	47,941,897		6,347,729	$	6,347,729	$	3,827
Total Value and Income Earned		2,877,246								6,347,729		3,827

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Bank Loans (13.8%)^a	Value
	Basic Materials (1.1%)
		Alpha Natural Resources, Inc., Term Loan
$	1,155,302	3.500%, 5/22/2020	$	913,416
		Crown Americas, LLC, Term Loan
	1,210,000	0.000%, 10/20/2021^b,c		1,208,488
		Fortescue Metals Group, Ltd., Term Loan
	1,518,643	3.750%, 6/30/2019		1,375,891
		Ineos Group Holdings, Ltd., Term Loan
	1,561,775	3.750%, 5/4/2018		1,510,846
		NewPage Corporation, Term Loan
	1,650,000	9.500%, 2/11/2021		1,564,744
		Tronox Pigments BV, Term Loan
	441,380	0.000%, 3/19/2020^b,c		433,289
		Wausau Paper Corporation, Term Loan
	646,750	6.500%, 7/30/2020		640,282

		Total		7,646,956


	Capital Goods (0.7%)
		ADS Waste Holdings, Inc., Term Loan
	874,500	3.750%, 10/9/2019		847,443
		Berry Plastics Group, Inc., Term Loan
	884,250	3.500%, 2/8/2020		853,929
		Rexnord, LLC, Term Loan
	888,750	4.000%, 8/21/2020		869,197
		Silver II Borrower, Term Loan
	827,976	4.000%, 12/13/2019		767,691
		STHI Holding Corporation, Term Loan
	1,271,812	4.500%, 8/6/2021		1,260,150

		Total		4,598,410


	Communications Services (4.6%)
		Atlantic Broadband Penn, LLC, Term Loan
	870,476	3.250%, 11/30/2019		850,890
		Birch Communication Inc., Term Loan
	1,020,104	7.750%, 7/17/2020		999,702
		Block Communications, Inc., Term Loan
	1,221,937	5.750%, 11/7/2021		1,213,543
		Cable & Wireless Communications plc, Term Loan
	496,000	0.000%, 11/25/2016^b,c		493,520
		Cengage Learning Aquisitions, Term Loan
	1,111,600	7.000%, 3/31/2020		1,099,094
		Charter Communications Operating, LLC, Term Loan
	437,778	3.000%, 7/1/2020		428,751
	886,500	3.000%, 1/3/2021		867,848
		Cincinnati Bell, Inc., Term Loan
	996,762	4.000%, 9/10/2020^b,c		984,303
		Clear Channel Communications, Inc., Term Loan
	5,986	3.819%, 1/29/2016		5,917
	949,467	6.919%, 1/30/2019		893,174
	228,177	7.669%, 7/30/2019		217,053
		Cumulus Media Holdings, Inc., Term Loan
	1,019,373	4.250%, 12/23/2020^b,c		987,089
		Fairpoint Communications, Term Loan
	88,646	7.500%, 2/14/2019		87,705
		Grande Communications Networks, LLC, Term Loan
	1,182,012	4.500%, 5/29/2020		1,165,759
		Gray Television, Inc., Term Loan
	1,308,741	3.750%, 6/13/2021		1,285,838
		Hargray Communications Group, Inc., Term Loan
	1,047,372	5.250%, 6/26/2019		1,039,516
		IMG Worldwide, Inc., Term Loan
	1,094,500	5.250%, 5/6/2021		1,055,514
		Integra Telecom Holdings, Inc., Term Loan
	884,250	5.250%, 2/22/2019		858,280
		Intelsat Jackson Holdings SA, Term Loan
	948,775	3.750%, 6/30/2019		933,358
		Level 3 Communications, Inc., Term Loan
	1,450,000	4.000%, 1/15/2020		1,437,312
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	250,000	0.000%, 1/7/2022^b,c		242,500
	775,000	4.500%, 1/7/2022		753,687
		LTS Buyer, LLC, Term Loan
	972,965	4.000%, 4/13/2020		950,470
		McGraw-Hill Global Education, LLC, Term Loan
	856,422	5.750%, 3/22/2019		851,874
		NEP/NCP Holdco, Inc., Term Loan
	1,179,105	4.250%, 1/22/2020		1,151,596
		NTelos, Inc., Term Loan
	1,161,527	5.750%, 11/9/2019		1,010,528
		Puerto Rico Cable Acquisition Company, Inc., Term Loan
	909,069	5.500%, 7/31/2018		902,251
		SBA Senior Finance II, LLC, Term Loan
	1,094,500	3.250%, 3/24/2021		1,069,644
		TNS, Inc., Term Loan
	1,040,533	5.000%, 2/14/2020		1,028,827
		Univision Communications, Inc., Term Loan
	1,562,087	4.000%, 3/1/2020		1,525,378
		Virgin Media Investment Holdings, Ltd., Term Loan
	900,000	3.500%, 6/7/2020		882,549
		WideOpenWest Finance, LLC, Term Loan
	845,221	4.750%, 4/1/2019		838,358
		WMG Acquisition Corporation, Term Loan
	888,750	3.750%, 7/1/2020		853,200
		XO Communications, LLC, Term Loan
	1,091,750	4.250%, 3/20/2021		1,069,915
		Yankee Cable Acquisition, LLC, Term Loan
	853,350	4.500%, 3/1/2020		848,017

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Bank Loans (13.8%)^a	Value
	Communications Services (4.6%) - continued
		Zayo Group, LLC, Term Loan
$	1,045,663	4.000%, 7/2/2019	$	1,033,011

		Total		31,915,971


	Consumer Cyclical (2.3%)
		Amaya Gaming Group, Inc., Term Loan
	1,216,950	5.000%, 8/1/2021		1,203,868
		Booz Allen Hamilton, Inc., Term Loan
	372,093	3.750%, 7/31/2019		369,923
		Burlington Coat Factory Warehouse Corporation, Term Loan
	922,056	4.250%, 8/13/2021		908,806
		Ceridian HCM Holding, Inc., Term Loan
	435,890	4.500%, 9/15/2020		427,991
		Chrysler Group, LLC, Term Loan
	736,641	3.500%, 5/24/2017		731,249
	471,437	3.250%, 12/31/2018		466,134
		Golden Nugget, Inc., Delayed Draw
	155,925	5.500%, 11/21/2019		153,684
		Golden Nugget, Inc., Term Loan
	363,825	5.500%, 11/21/2019		358,597
		Hilton Worldwide Finance, LLC, Term Loan
	1,030,702	3.500%, 10/26/2020		1,017,385
		J.C. Penney Corporation, Inc., Term Loan
	886,500	6.000%, 5/22/2018		868,034
		Las Vegas Sands, LLC, Term Loan
	990,000	3.250%, 12/19/2020		982,991
		Marina District Finance Company, Inc., Term Loan
	960,750	6.750%, 8/15/2018		952,142
		MGM Resorts International, Term Loan
	354,573	3.500%, 12/20/2019		344,602
		Michaels Stores, Inc., Term Loan
	1,042,387	4.000%, 1/28/2020		1,022,843
		Mohegan Tribal Gaming Authority, Term Loan
	1,039,500	5.500%, 11/19/2019		996,995
		Pinnacle Entertainment, Inc., Term Loan
	933,989	3.750%, 8/13/2020^b,c		918,811
		ROC Finance, LLC, Term Loan
	888,750	5.000%, 6/20/2019		822,094
		Scientific Games International, Inc., Term Loan
	891,000	6.000%, 10/18/2020		876,967
	400,000	6.000%, 10/1/2021		393,668
		Seminole Hard Rock Entertainment, Inc., Term Loan
	1,179,758	3.500%, 5/14/2020^b,c		1,135,517
		Seminole Indian Tribe of Florida, Term Loan
	789,750	3.000%, 4/29/2020		785,146

		Total		15,737,447


	Consumer Non-Cyclical (1.7%)
		Albertsons, Inc., Term Loan
	1,238,906	4.750%, 3/21/2019		1,229,614
		Catalina Marketing Corporation, Term Loan
	1,129,325	4.500%, 4/9/2021		1,072,159
		CHS/Community Health Systems, Inc., Term Loan
	216,079	3.486%, 1/25/2017		214,637
	699,671	4.250%, 1/27/2021		697,194
		Del Monte Corporation, Term Loan
	885,539	3.500%, 3/9/2020		845,690
		HCA, Inc., Term Loan
	1,032,386	0.000%, 3/31/2017^b,c		1,023,353
		JBS USA, LLC, Term Loan
	1,481,250	3.750%, 9/18/2020		1,446,070
		Libbey Glass, Inc., Term Loan
	564,663	3.750%, 4/9/2021		555,137
		Ortho-Clinical Diagnostics, Inc., Term Loan
	1,174,100	4.750%, 6/30/2021		1,153,260
		Roundy’s Supermarkets, Inc., Term Loan
	1,132,320	5.750%, 3/3/2021		1,059,659
		Supervalu, Inc., Term Loan
	1,177,473	4.500%, 3/21/2019		1,154,583
		Visant Corporation, Term Loan
	1,491,602	7.000%, 9/23/2021		1,446,854

		Total		11,898,210


	Energy (0.9%)
		Arch Coal, Inc., Term Loan
	1,405,634	6.250%, 5/16/2018		1,160,239
		Energy Solutions, LLC, Term Loan
	1,293,500	6.750%, 5/29/2020		1,287,434
		Exgen Renewables I, LLC, Term Loan
	689,828	5.250%, 2/6/2021		689,828
		McJunkin Red Man Corporation, Term Loan
	1,036,875	5.000%, 11/8/2019		951,333
		Offshore Group Investment, Ltd., Term Loan
	1,327,619	5.750%, 3/28/2019		989,076
		Pacific Drilling SA, Term Loan
	886,500	4.500%, 6/3/2018		728,410
		TerraForm Power Operating, LLC, Term Loan
	477,600	4.750%, 7/23/2019		475,212

		Total		6,281,532


	Financials (1.0%)
		Delos Finance Sarl, Term Loan
	1,120,000	3.500%, 3/6/2021		1,108,330
		DJO Finance, LLC, Term Loan
	1,143,330	4.250%, 9/15/2017		1,115,696
		Harland Clarke Holdings Corporation, Term Loan
	866,250	7.000%, 5/22/2018		867,116
		MoneyGram International, Inc., Term Loan
	967,614	4.250%, 3/27/2020		884,883
		MPH Acquisition Holdings, LLC, Term Loan
	1,457,944	3.750%, 3/31/2021		1,414,934

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Bank Loans (13.8%)^a	Value
	Financials (1.0%) - continued
		TransUnion, LLC, Term Loan
$	1,091,750	4.000%, 4/9/2021	$	1,074,009
		WaveDivision Holdings, LLC, Term Loan
	882,000	4.000%, 10/15/2019		867,297

		Total		7,332,265


	Technology (0.6%)
		Avago Technologies, Ltd., Term Loan
	150,000	0.000%, 5/6/2021^b,c		149,313
		BMC Software, Inc., Term Loan
	859,750	5.000%, 9/10/2020		834,499
		First Data Corporation, Term Loan
	1,600,000	3.667%, 3/23/2018		1,567,008
		Freescale Semiconductor, Inc., Term Loan
	884,317	4.250%, 2/28/2020		861,661
		Infor US, Inc., Term Loan
	1,168,837	3.750%, 6/3/2020		1,132,393

		Total		4,544,874


	Transportation (0.5%)
		American Airlines, Inc., Term Loan
	1,403,625	3.750%, 6/27/2019		1,386,669
		Delta Air Lines, Inc., Term Loan
	1,370,633	3.250%, 4/20/2017^b,c		1,353,500
		OSG Bulk Ships, Inc., Term Loan
	990,025	5.250%, 8/5/2019		962,800

		Total		3,702,969


	Utilities (0.4%)
		Calpine Corporation, Term Loan
	781,726	4.000%, 4/1/2018		772,150
	173,250	4.000%, 10/31/2020		170,337
		Intergen NV, Term Loan
	886,500	5.500%, 6/15/2020		878,371
		NGPL PipeCo, LLC, Term Loan
	683,463	6.750%, 9/15/2017		662,105

		Total		2,482,963

		Total Bank Loans (cost $99,008,035)		96,141,597


Principal Amount		Long-Term Fixed Income (43.3%)
	Asset-Backed Securities (1.2%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	1,098,203	0.310%, 7/25/2036^d		983,091
	271,080	0.330%, 11/25/2036^d		233,832
		Bayview Opportunity Master Fund Trust IIB, LP
	1,295,140	3.623%, 7/28/2019*		1,286,513
		Countrywide Asset-Backed Certificates
	827,386	5.530%, 4/25/2047		813,557
		GSAA Home Equity Trust
	1,381,310	0.440%, 7/25/2037^d		1,166,172
		J.P. Morgan Mortgage Trust
	883,649	2.651%, 2/25/2036		797,837
		Renaissance Home Equity Loan Trust
	656,598	5.746%, 5/25/2036^e		477,729
	1,000,000	6.011%, 5/25/2036^e		707,555
	1,421,374	5.797%, 8/25/2036^e		911,067
		Residential Asset Mortgage Products Trust
	946,793	5.991%, 3/25/2033^f		916,241

		Total		8,293,594


	Basic Materials (0.8%)
		Anglo American Capital plc
	200,000	1.181%, 4/15/2016^d,g		200,201
		ArcelorMittal
	1,080,000	6.000%, 3/1/2021		1,123,200
		Dow Chemical Company
	106,000	8.550%, 5/15/2019		131,784
		First Quantum Minerals, Ltd.
	485,000	6.750%, 2/15/2020^g		438,925
	770,000	7.000%, 2/15/2021^g		693,000
		FMG Resources August 2006 Pty., Ltd.
	222,222	6.875%, 2/1/2018^g		201,667
		Freeport-McMoRan, Inc.
	85,000	2.375%, 3/15/2018		84,065
		Hexion US Finance Corporation/ Hexion Nova Scotia Finance ULC
	860,000	8.875%, 2/1/2018		765,400
		INEOS Group Holdings SA
	600,000	5.875%, 2/1/2019^g		568,500
		LyondellBasell Industries NV
	110,000	5.000%, 4/15/2019		119,984
		Mosaic Company
	144,000	3.750%, 11/15/2021		149,875
		Sappi Papier Holding GmbH
	600,000	6.625%, 4/15/2021^g		615,000
		Vale Overseas, Ltd.
	73,000	6.250%, 1/23/2017		77,863
		Yamana Gold, Inc.
	152,000	4.950%, 7/15/2024		148,349

		Total		5,317,813


	Capital Goods (1.0%)
		Brand Energy& Infrastructure Services, Inc.
	575,000	8.500%, 12/1/2021^g		517,500
		Cemex SAB de CV
	1,290,000	5.700%, 1/11/2025^g		1,251,300
		Crown Americas Capital Corporation IV
	1,080,000	4.500%, 1/15/2023		1,047,600
		Crown Cork & Seal Company, Inc.
	610,000	7.375%, 12/15/2026		674,050
		Harsco Corporation
	216,000	2.700%, 10/15/2015		215,730
		Ingersoll-Rand Luxembourg Finance SA
	310,000	2.625%, 5/1/2020		307,993
		L-3 Communications Corporation
	205,000	1.500%, 5/28/2017		202,983
		Reynolds Group Issuer, Inc.
	250,000	5.750%, 10/15/2020		256,250

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (43.3%)	Value
	Capital Goods (1.0%) - continued
$	610,000	6.875%, 2/15/2021	$	636,688
		RSC Equipment Rental, Inc.
	250,000	8.250%, 2/1/2021		272,500
		Sealed Air Corporation
	800,000	4.875%, 12/1/2022^g		794,000
		Textron, Inc.
	213,000	7.250%, 10/1/2019		252,842
		United Rentals North America, Inc.
	610,000	7.375%, 5/15/2020		658,800

		Total		7,088,236


	Collateralized Mortgage Obligations (15.3%)
		Alternative Loan Trust
	1,725,676	6.000%, 6/25/2036		1,546,929
		American Home Mortgage Assets Trust
	2,212,077	6.250%, 12/25/2036		1,047,370
	2,914,203	0.360%, 12/25/2046^d		2,037,660
	2,381,002	0.360%, 6/25/2047^d		1,608,055
		Banc of America Alternative Loan Trust
	880,773	0.670%, 4/25/2035^d		761,634
	2,153,754	6.000%, 11/25/2035		1,882,251
	1,409,778	0.970%, 5/25/2046^d		975,056
		Banc of America Funding Corporation
	614,453	4.828%, 5/20/2036		502,047
		BCAP, LLC Trust
	2,098,560	0.350%, 3/25/2037^d		1,744,590
		Bear Stearns Adjustable Rate Mortgage Trust
	1,094,955	2.430%, 10/25/2035^d		1,079,514
	484,242	2.557%, 2/25/2036		377,531
		Citicorp Mortgage Securities Trust
	757,863	6.000%, 5/25/2037		781,716
		Citigroup Mortgage Loan Trust, Inc.
	603,170	5.500%, 11/25/2035		556,481
		CitiMortgage Alternative Loan Trust
	1,426,425	5.750%, 4/25/2037		1,224,806
		Countrywide Alternative Loan Trust
	748,274	0.570%, 2/25/2035^d		688,411
	1,132,538	5.220%, 10/25/2035		961,792
	466,766	5.500%, 2/25/2036		434,039
	367,188	6.000%, 4/25/2036		317,190
	1,281,731	6.500%, 8/25/2036		976,093
	316,230	6.000%, 1/25/2037		291,783
	1,222,315	5.500%, 5/25/2037		1,059,452
		Countrywide Home Loan Mortgage Pass Through Trust
	2,474,838	2.465%, 11/25/2035		2,092,931
	872,820	4.932%, 2/20/2036		780,822
		Credit Suisse First Boston Mortgage Securities Corporation
	734,460	5.250%, 10/25/2035		730,840
		Deutsche Alt-A Securities Mortgage Loan Trust
	1,367,373	0.883%, 4/25/2047^d		1,170,435
	2,416,867	0.390%, 8/25/2047^d		2,045,866
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	195,653	5.500%, 10/25/2021		188,099
	683,290	0.370%, 11/25/2035^d		441,395
	1,196,526	5.500%, 11/25/2035		1,131,495
		Federal Home Loan Mortgage Corporation
	11,506,073	2.500%, 12/15/2022^h		838,928
	3,300,988	2.500%, 5/15/2027^h		288,678
	3,965,100	2.500%, 2/15/2028^h		397,837
	11,838,333	2.500%, 3/15/2028^h		1,188,648
	6,477,962	3.000%, 4/15/2028^h		723,571
	5,173,311	3.000%, 2/15/2033^h		698,097
		Federal National Mortgage Association
	5,101,188	2.500%, 2/25/2028^h		513,202
	4,036,523	3.000%, 4/25/2028^h		497,194
	4,994,155	3.500%, 1/25/2033^h		713,288
		First Horizon Alternative Mortgage Securities Trust
	1,514,025	2.250%, 3/25/2035		1,356,199
		First Horizon Alternative Mortgage Securities Trust 2006-FA4
	1,690,611	6.000%, 8/25/2036^d		1,409,485
		First Horizon Mortgage Pass-Through Trust
	1,593,773	2.582%, 8/25/2037		1,306,416
		GMACM Mortgage Loan Trust
	2,487,038	4.566%, 5/25/2035		2,388,014
		Government National Mortgage Association
	5,703,734	4.000%, 1/16/2027^h		729,084
		Greenpoint Mortgage Funding Trust
	1,082,365	0.370%, 10/25/2045^d		852,130
		GSR Mortgage Loan Trust
	322,487	0.360%, 8/25/2046^d		309,690
		HomeBanc Mortgage Trust
	1,214,723	2.197%, 4/25/2037		903,893
		IndyMac IMJA Mortgage Loan Trust
	1,348,079	6.250%, 11/25/2037		1,204,815
		IndyMac INDX Mortgage Loan Trust
	2,266,850	4.654%, 10/25/2035		1,920,763
		J.P. Morgan Alternative Loan Trust
	2,497,752	6.500%, 3/25/2036		2,202,788
		J.P. Morgan Mortgage Trust
	285,235	6.500%, 1/25/2035		283,709
	1,892,303	2.653%, 8/25/2035		1,882,381
	688,974	2.537%, 10/25/2036		618,443
	1,385,501	0.550%, 1/25/2037^d		899,190
	952,606	2.695%, 1/25/2037		869,676
	867,578	6.250%, 8/25/2037		716,881
		Lehman Mortgage Trust
	1,057,688	0.920%, 12/25/2035^d		766,073
		Master Asset Securitization Trust
	1,140,610	0.670%, 6/25/2036^d		683,843
		MASTR Alternative Loans Trust
	337,395	6.500%, 7/25/2034		345,642
	1,041,071	0.620%, 12/25/2035^d		567,424
		Merrill Lynch Alternative Note Asset Trust
	803,720	6.000%, 3/25/2037		647,476
	1,328,437	6.000%, 3/25/2037		1,235,893
		Morgan Stanley Mortgage Loan Trust
	835,859	5.241%, 11/25/2035		644,409
		MortgageIT Trust
	1,845,789	0.430%, 12/25/2035^d		1,693,168
	1,387,753	0.370%, 4/25/2036^d		1,048,371

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (43.3%)	Value
	Collateralized Mortgage Obligations (15.3%) - continued
		New Century Alternative Mortgage Loan Trust
$	1,804,558	6.167%, 7/25/2036^e	$	1,234,733
		RALI Trust
	1,927,655	6.000%, 4/25/2036		1,595,516
	2,851,012	0.350%, 11/25/2036^d		2,054,345
	2,649,602	5.750%, 4/25/2037		2,119,685
	1,412,453	6.250%, 4/25/2037		1,169,695
	597,796	6.000%, 6/25/2037		493,577
	2,551,492	0.360%, 7/25/2037^d		2,142,542
		Residential Accredit Loans, Inc.
	1,351,073	5.750%, 9/25/2035		1,221,623
	1,365,112	6.000%, 1/25/2037		1,161,938
		Residential Asset Securitization Trust
	2,138,669	5.407%, 8/25/2022		1,941,935
	908,048	5.500%, 4/25/2035		911,188
	1,268,269	0.550%, 8/25/2037^d		465,310
		RFMSI Trust
	1,353,660	5.750%, 2/25/2036		1,251,115
	2,165,354	6.000%, 7/25/2037		1,960,902
		Sequoia Mortgage Trust
	1,817,392	2.657%, 9/20/2046		1,506,518
		Structured Adjustable Rate Mortgage Loan Trust
	460,314	5.500%, 12/25/2034		447,016
	1,399,100	5.081%, 7/25/2035		1,206,086
	667,700	2.633%, 9/25/2035		567,629
	1,128,027	4.956%, 5/25/2036		849,007
		Structured Asset Mortgage Investments, Inc.
	2,028,379	0.480%, 12/25/2035^d		1,550,708
	1,578,961	0.380%, 5/25/2046^d		1,152,145
		Suntrust Alternative Loan Trust
	1,759,375	5.750%, 12/25/2035		1,570,566
		WaMu Mortgage Pass Through Certificates
	1,096,007	1.957%, 11/25/2036		967,261
	2,239,520	1.822%, 1/25/2037		1,899,147
	189,879	2.239%, 8/25/2046		164,371
	934,590	1.073%, 9/25/2046^d		798,273
	1,879,159	0.853%, 1/25/2047^d		1,542,316
	1,258,309	1.913%, 3/25/2047^d		1,016,210
		Washington Mutual Alternative Mortgage Pass Through Certificates
	1,274,447	0.770%, 6/25/2035^d		954,310
	1,373,060	6.000%, 11/25/2035		1,247,645
	2,313,827	0.863%, 2/25/2047^d		1,623,598
		Wells Fargo Mortgage Backed Securities Trust
	2,472,419	2.609%, 7/25/2036		2,411,276
	462,807	0.870%, 5/25/2037^d		401,181
	941,256	6.000%, 7/25/2037		931,427
	1,492,647	6.000%, 11/25/2037		1,484,955

		Total		106,797,331


	Commercial Mortgage-Backed Securities (0.5%)
		Credit Suisse Mortgage Capital Certificates
	500,000	5.509%, 9/15/2039		528,788
		Greenwich Capital Commercial Funding Corporation
	1,350,000	5.867%, 12/10/2049		1,463,204
		Morgan Stanley Capital, Inc.
	1,350,000	5.406%, 3/15/2044		1,436,857

		Total		3,428,849


	Communications Services (3.1%)
		21st Century Fox America, Inc.
	170,000	3.700%, 9/15/2024^g		174,866
		AMC Networks, Inc.
	610,000	4.750%, 12/15/2022		591,700
		American Tower Corporation
	189,000	7.000%, 10/15/2017		213,388
	152,000	3.450%, 9/15/2021		149,437
		CC Holdings GS V, LLC
	270,000	2.381%, 12/15/2017		272,394
		CCO Holdings, LLC
	600,000	6.500%, 4/30/2021		630,000
		CenturyLink, Inc.
	600,000	6.450%, 6/15/2021		643,500
		Cequel Communications Escrow 1, LLC
	1,400,000	6.375%, 9/15/2020^g		1,449,000
		Columbus International, Inc.
	1,400,000	7.375%, 3/30/2021^g		1,456,000
		Digicel, Ltd.
	1,400,000	6.000%, 4/15/2021^g		1,309,000
		DIRECTV Holdings, LLC
	176,000	5.875%, 10/1/2019		201,314
		DISH DBS Corporation
	700,000	5.000%, 3/15/2023		677,250
		Equinix, Inc.
	810,000	5.750%, 1/1/2025		817,088
		FairPoint Communications, Inc.
	1,100,000	8.750%, 8/15/2019^g		1,105,500
		Frontier Communications Corporation
	1,255,000	6.875%, 1/15/2025		1,255,000
		Hughes Satellite Systems Corporation
	860,000	6.500%, 6/15/2019		922,350
		Level 3 Escrow II, Inc.
	600,000	5.375%, 8/15/2022^g		603,000
		Numericable-SFR
	1,370,000	6.000%, 5/15/2022^g		1,377,535
		SBA Tower Trust
	300,000	3.598%, 4/16/2043^g		300,734
		Sprint Communications, Inc.
	850,000	9.000%, 11/15/2018^g		966,790
		Telefonica Emisiones SAU
	211,000	3.192%, 4/27/2018		216,980
		Time Warner Cable, Inc.
	408,000	5.000%, 2/1/2020		449,610
		T-Mobile USA, Inc.
	1,230,000	6.125%, 1/15/2022		1,248,450
		Univision Communications, Inc.
	250,000	6.875%, 5/15/2019^g		260,313
	610,000	7.875%, 11/1/2020^g		649,650
		UPCB Finance V, Ltd.
	860,000	7.250%, 11/15/2021^g		940,625

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (43.3%)	Value
	Communications Services (3.1%) - continued
		Verizon Communications, Inc.
$	115,000	2.625%, 2/21/2020^g	$	113,685
	152,000	4.500%, 9/15/2020		165,035
	152,000	5.150%, 9/15/2023		167,843
		West Corporation
	1,400,000	5.375%, 7/15/2022^g		1,340,500
		Wind Acquisition Finance SA
	720,000	4.750%, 7/15/2020^g		673,200
	120,000	7.375%, 4/23/2021^g		113,256

		Total		21,454,993


	Consumer Cyclical (1.8%)
		AMC Entertainment, Inc.
	600,000	5.875%, 2/15/2022		609,000
		Brookfield Residential Properties, Inc.
	850,000	6.500%, 12/15/2020^g		888,250
		Chrysler Group, LLC
	840,000	8.000%, 6/15/2019		883,050
		Delphi Corporation
	216,000	6.125%, 5/15/2021		235,440
		Ford Motor Credit Company, LLC
	220,000	5.000%, 5/15/2018		239,041
	155,000	2.597%, 11/4/2019		154,166
		General Motors Company
	152,000	6.250%, 10/2/2043		181,579
		General Motors Financial Company, Inc.
	860,000	3.250%, 5/15/2018		861,075
	167,000	4.375%, 9/25/2021		174,306
		GLP Capital, LP
	1,400,000	4.875%, 11/1/2020		1,417,500
		Hilton Worldwide Finance, LLC
	1,080,000	5.625%, 10/15/2021		1,128,600
		Jaguar Land Rover Automotive plc
	500,000	4.125%, 12/15/2018^g		502,500
	710,000	5.625%, 2/1/2023^g		747,275
		L Brands, Inc.
	860,000	5.625%, 2/15/2022		924,500
		Lennar Corporation
	610,000	12.250%, 6/1/2017		725,900
	250,000	4.125%, 12/1/2018		247,500
		Macy’s Retail Holdings, Inc.
	88,000	7.450%, 7/15/2017		100,047
		Royal Caribbean Cruises, Ltd.
	1,400,000	5.250%, 11/15/2022		1,470,000
		Toll Brothers Finance Corporation
	208,000	4.000%, 12/31/2018		209,040
		TRW Automotive, Inc.
	136,000	7.250%, 3/15/2017^g		150,280
		Wynn Las Vegas, LLC
	860,000	5.375%, 3/15/2022		872,900

		Total		12,721,949


	Consumer Non-Cyclical (2.3%)
		Actavis Funding SCS
	155,000	4.850%, 6/15/2044		157,284
		Altria Group, Inc.
	191,000	9.700%, 11/10/2018		242,533
		Aviv Healthcare Properties, LP
	600,000	6.000%, 10/15/2021		624,000
		CareFusion Corporation
	70,000	1.450%, 5/15/2017		69,505
		ConAgra Foods, Inc.
	218,000	2.100%, 3/15/2018		217,293
		Cott Beverages, Inc.
	1,400,000	5.375%, 7/1/2022^g		1,284,500
		CVS Health Corporation
	106,000	2.250%, 12/5/2018		106,949
		Endo Finance LLC & Endo Finco, Inc.
	250,000	7.000%, 7/15/2019^g		260,938
	610,000	7.000%, 12/15/2020^g		640,500
		Envision Healthcare Corporation
	1,400,000	5.125%, 7/1/2022^g		1,389,500
		Forest Laboratories, Inc.
	153,000	4.375%, 2/1/2019^g		161,625
		Hawk Acquisition Sub, Inc.
	860,000	4.250%, 10/15/2020		868,600
		HCA, Inc.
	925,000	3.750%, 3/15/2019		926,156
		Hospira, Inc.
	870,000	5.200%, 8/12/2020		933,359
		IMS Health, Inc.
	490,000	6.000%, 11/1/2020^g		504,700
		JBS Finance II, Ltd.
	1,080,000	8.250%, 1/29/2018^*		1,104,300
		JBS USA, LLC
	610,000	5.875%, 7/15/2024^g		599,325
		Lorillard Tobacco Company
	204,000	8.125%, 6/23/2019		247,315
		Medco Health Solutions, Inc.
	170,000	7.125%, 3/15/2018		196,275
		Medtronic, Inc.
	310,000	4.375%, 3/15/2035^g		328,865
		Mondelez International, Inc.
	136,000	2.250%, 2/1/2019		135,441
		Ortho-Clinical Diagnostics, Inc.
	1,375,000	6.625%, 5/15/2022^g		1,235,781
		Pernod Ricard SA
	110,000	5.750%, 4/7/2021^g		126,354
		SABMiller plc
	75,000	6.500%, 7/15/2018^g		85,625
		Safeway, Inc.
	63,000	3.400%, 12/1/2016		64,002
		Spectrum Brands Escrow Corporation
	860,000	6.375%, 11/15/2020		896,550
		Tenet Healthcare Corporation
	1,080,000	8.125%, 4/1/2022		1,206,900
		Thermo Fisher Scientific, Inc.
	212,000	2.400%, 2/1/2019		212,316
		Tyson Foods, Inc.
	152,000	4.500%, 6/15/2022		164,568
		Valeant Pharmaceuticals International
	132,000	6.875%, 12/1/2018^g		136,158

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (43.3%)	Value
	Consumer Non-Cyclical (2.3%) - continued
		VPII Escrow Corporation
$	610,000	7.500%, 7/15/2021^g	$	658,800

		Total		15,786,017


	Energy (1.7%)
		Buckeye Partners, LP
	152,000	2.650%, 11/15/2018		149,710
		Calumet Specialty Products Partners, LP
	600,000	6.500%, 4/15/2021^g		534,000
		Chaparral Energy, Inc.
	600,000	7.625%, 11/15/2022		393,000
		CNPC General Capital, Ltd.
	205,000	2.750%, 4/19/2017^g		207,376
		Concho Resources, Inc.
	860,000	5.500%, 10/1/2022		868,600
		El Paso, LLC
	170,000	7.800%, 8/1/2031		206,997
		Enbridge Energy Partners, LP
	1,215,000	8.050%, 10/1/2037		1,318,275
		Energy Transfer Partners, LP
	104,000	6.700%, 7/1/2018		116,946
		Energy XXI Gulf Coast, Inc.
	1,400,000	7.500%, 12/15/2021		756,000
		Ensco plc
	167,000	4.500%, 10/1/2024		162,320
		Enterprise Products Operating, LLC
	167,000	2.550%, 10/15/2019		165,319
		EQT Corporation
	105,000	5.150%, 3/1/2018		112,167
	104,000	8.125%, 6/1/2019		125,380
		EQT Midstream Partners, LP
	152,000	4.000%, 8/1/2024		150,520
		Hess Corporation
	155,000	8.125%, 2/15/2019		184,418
		Kinder Morgan, Inc.
	155,000	5.300%, 12/1/2034		157,334
		Linn Energy, LLC
	860,000	6.250%, 11/1/2019		726,700
		Marathon Petroleum Corporation
	125,000	3.625%, 9/15/2024		122,500
		MEG Energy Corporation
	250,000	6.500%, 3/15/2021^g		228,125
	610,000	6.375%, 1/30/2023^g		544,425
		Offshore Group Investment, Ltd.
	860,000	7.500%, 11/1/2019		640,700
		Petrobras Global Finance BV
	245,000	2.000%, 5/20/2016		234,012
		Plains All American Pipeline, LP
	156,000	3.600%, 11/1/2024		153,148
		Regency Energy Partners, LP
	1,080,000	5.000%, 10/1/2022		1,020,600
		Rosetta Resources, Inc.
	950,000	5.875%, 6/1/2022		855,000
		Sabine Pass Liquefaction, LLC
	1,080,000	5.750%, 5/15/2024		1,059,750
		Suncor Energy, Inc.
	136,000	6.100%, 6/1/2018		152,552
	125,000	3.600%, 12/1/2024		123,519
		Transocean, Inc.
	205,000	6.000%, 3/15/2018		197,181
		Weatherford International, Ltd.
	170,000	6.000%, 3/15/2018		181,477
	104,000	9.625%, 3/1/2019		123,352
		Williams Companies, Inc.
	152,000	3.700%, 1/15/2023		136,509

		Total		12,107,912


	Financials (8.1%)
		Abbey National Treasury Services plc
	110,000	3.050%, 8/23/2018		113,885
		ABN AMRO Bank NV
	216,000	2.500%, 10/30/2018^g		218,163
		Aegon NV
	1,080,000	2.549%, 7/29/2049^d,i		891,000
		AGI Life Holdings, Inc.
	1,200,000	7.570%, 12/1/2045^*		1,585,734
		Ally Financial, Inc.
	900,000	3.750%, 11/18/2019		886,500
		American Express Company
	1,250,000	6.800%, 9/1/2066		1,309,375
		Aviation Capital Group Corporation
	162,000	3.875%, 9/27/2016^g		166,079
		Banco de Brasil SA
	1,860,000	9.000%, 12/31/2049^g,i		1,729,800
		Bank of America Corporation
	272,000	5.700%, 5/2/2017		294,034
	237,000	5.650%, 5/1/2018		263,301
	620,000	6.250%, 9/29/2049ⁱ		612,831
	160,000	8.000%, 12/29/2049ⁱ		171,800
		Bank of New York Mellon Corporation
	720,000	4.500%, 12/31/2049ⁱ		663,750
		Barclays Bank plc
	150,000	5.140%, 10/14/2020		161,323
		BBVA Banco Continental SA
	203,000	2.250%, 7/29/2016^g		202,493
		BBVA International Preferred SA Unipersonal
	1,545,000	5.919%, 12/29/2049ⁱ		1,572,501
		BNP Paribas SA
	1,250,000	5.186%, 6/29/2049^g,i		1,250,000
		BPCE SA
	625,000	5.150%, 7/21/2024^g		644,044
		Citigroup, Inc.
	153,000	1.850%, 11/24/2017		152,824
	212,000	8.500%, 5/22/2019		264,166
	155,000	3.750%, 6/16/2024		158,293
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	975,000	11.000%, 12/29/2049^g,i		1,254,825
		Credit Agricole SA
	620,000	6.625%, 9/29/2049^gi		600,935
		Credit Suisse Group AG
	600,000	7.500%, 12/11/2049^g,i		624,000
	1,240,000	6.250%, 12/29/2049^g,i		1,192,570
		CyrusOne, LP
	860,000	6.375%, 11/15/2022		918,050
		DDR Corporation
	136,000	9.625%, 3/15/2016		149,295

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (43.3%)	Value
	Financials (8.1%) - continued
		Denali Borrower, LLC
$	1,370,000	5.625%, 10/15/2020^g	$	1,425,485
		Discover Bank
	68,000	8.700%, 11/18/2019		84,092
		Discover Financial Services
	150,000	6.450%, 6/12/2017		165,733
		Duke Realty, LP
	155,000	4.375%, 6/15/2022		164,077
		Fifth Third Bancorp
	925,000	4.900%, 12/29/2049ⁱ		894,938
	900,000	5.100%, 12/31/2049ⁱ		833,625
		GE Capital Trust I
	620,000	6.375%, 11/15/2067		667,773
		General Electric Capital Corporation
	1,200,000	6.250%, 12/15/2049ⁱ		1,306,500
		Genworth Financial, Inc.
	205,000	7.700%, 6/15/2020		204,482
		Goldman Sachs Group, Inc.
	70,000	6.250%, 9/1/2017		77,885
	68,000	2.375%, 1/22/2018		68,687
	144,000	2.625%, 1/31/2019		144,879
	205,000	7.500%, 2/15/2019		243,840
		Hartford Financial Services Group, Inc.
	185,000	6.000%, 1/15/2019		209,809
		HBOS plc
	188,000	6.750%, 5/21/2018^g		209,525
		HCP, Inc.
	107,000	3.750%, 2/1/2019		112,302
		Health Care REIT, Inc.
	186,000	4.700%, 9/15/2017		199,848
		HSBC Holdings plc
	1,250,000	5.625%, 12/29/2049ⁱ		1,254,375
	620,000	6.375%, 12/29/2049ⁱ		626,200
		Icahn Enterprises, LP
	1,350,000	6.000%, 8/1/2020		1,390,770
		ILFC E-Capital Trust II
	2,550,000	6.250%, 12/21/2065^d,g		2,460,750
		ING Bank NV
	200,000	4.125%, 11/21/2023		203,215
		ING Capital Funding Trust III
	1,420,000	3.855%, 12/29/2049^d,i		1,416,450
		International Lease Finance Corporation
	110,000	2.191%, 6/15/2016^d		109,863
	610,000	5.875%, 8/15/2022		661,850
		Intesa Sanpaolo SPA
	70,000	3.875%, 1/16/2018		72,881
	156,000	3.875%, 1/15/2019		161,521
		J.P. Morgan Chase & Company
	144,000	6.300%, 4/23/2019		167,267
	155,000	3.625%, 5/13/2024		158,658
	334,000	3.875%, 9/10/2024		334,284
	128,000	7.900%, 4/29/2049ⁱ		137,766
	1,250,000	6.750%, 8/29/2049ⁱ		1,318,750
	310,000	5.000%, 12/29/2049ⁱ		303,315
	300,000	6.000%, 12/29/2049ⁱ		296,250
		Liberty Mutual Group, Inc.
	975,000	10.750%, 6/15/2058^g		1,505,027
	42,000	5.000%, 6/1/2021^g		45,751
		Lincoln National Corporation
	1,120,000	6.050%, 4/20/2067		1,120,000
		Lloyds Banking Group plc
	1,200,000	6.413%, 1/29/2049^g,i		1,278,000
	1,310,000	5.920%, 9/29/2049^g,i		1,300,175
		MetLife Capital Trust IV
	1,422,000	7.875%, 12/15/2037^g		1,816,605
		MetLife, Inc.
	600,000	6.400%, 12/15/2036		669,000
		Morgan Stanley
	143,000	6.250%, 8/28/2017		158,854
	110,000	4.875%, 11/1/2022		116,829
		Murray Street Investment Trust I
	157,000	4.647%, 3/9/2017		165,697
		National City Corporation
	136,000	6.875%, 5/15/2019		159,767
		Nomura Holdings, Inc.
	141,000	2.750%, 3/19/2019		142,544
		Prudential Financial, Inc.
	620,000	5.875%, 9/15/2042		654,100
	1,225,000	5.625%, 6/15/2043		1,252,317
		QBE Capital Funding III, Ltd.
	600,000	7.250%, 5/24/2041^g		654,000
		RBS Capital Trust III
	1,500,000	2.095%, 9/29/2049^d,i		1,491,750
		Realty Income Corporation
	131,000	2.000%, 1/31/2018		131,241
		Regions Bank
	105,000	7.500%, 5/15/2018		121,894
		Reinsurance Group of America, Inc.
	175,000	5.625%, 3/15/2017		189,244
		Royal Bank of Scotland Group plc
	136,000	1.197%, 3/31/2017^d		136,420
	167,000	5.125%, 5/28/2024		169,871
	625,000	7.648%, 8/29/2049ⁱ		728,125
		Societe Generale SA
	208,000	5.750%, 4/20/2016^g		217,797
	1,240,000	6.000%, 12/31/2049^g,i		1,128,400
	600,000	7.875%, 12/31/2049^g,i		581,250
		Swiss RE Capital I, LP
	1,350,000	6.854%, 5/29/2049^g,i		1,414,125
		Synchrony Financial
	156,000	1.875%, 8/15/2017		156,303
	156,000	3.750%, 8/15/2021		159,352
		Voya Financial, Inc.
	204,000	2.900%, 2/15/2018		208,846
	300,000	5.650%, 5/15/2053		297,000
		Wells Fargo & Company
	600,000	5.900%, 12/29/2049ⁱ		604,500
		ZFS Finance USA Trust II
	1,553,000	6.450%, 12/15/2065^g		1,636,350

		Total		56,550,350


	Foreign Government (0.2%)
		Mexico Government International Bond
	1,570,000	4.000%, 10/2/2023		1,628,875

		Total		1,628,875

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Principal Amount		Long-Term Fixed Income (43.3%)	Value
	Mortgage-Backed Securities (3.9%)
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
$	2,600,000	3.500%, 1/1/2030^c	$	2,746,656
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	2,500,000	3.500%, 1/1/2045^c		2,606,055
	11,850,000	4.000%, 1/1/2045^c		12,646,959
	8,850,000	4.500%, 1/1/2045^c		9,606,399

		Total		27,606,069


	Technology (0.6%)
		Alliance Data Systems Corporation
	650,000	5.375%, 8/1/2022^g		641,875
		Amkor Technology, Inc.
	860,000	6.625%, 6/1/2021		851,400
		First Data Corporation
	860,000	7.375%, 6/15/2019^g		905,150
		Freescale Semiconductor, Inc.
	860,000	6.000%, 1/15/2022^g		898,700
		Sensata Technologies BV
	1,200,000	4.875%, 10/15/2023^g		1,194,000

		Total		4,491,125


	Transportation (0.4%)
		American Airlines Pass Through Trust
	128,380	4.950%, 1/15/2023		137,045
		Avis Budget Car Rental, LLC
	1,415,000	5.125%, 6/1/2022^g		1,429,150
		Burlington Northern Santa Fe, LLC
	156,000	3.400%, 9/1/2024		158,848
		Delta Air Lines, Inc.
	105,810	4.950%, 5/23/2019		113,217
	89,943	4.750%, 5/7/2020		95,681
		Korea Expressway Corporation
	200,000	1.625%, 4/28/2017^g		198,882
		Southwest Airlines Company
	155,000	2.750%, 11/6/2019		155,713
		United Air Lines, Inc.
	126,016	10.400%, 11/1/2016		140,193

		Total		2,428,729


	U.S. Government and Agencies (0.1%)
		U.S. Treasury Notes
	500,000	0.500%, 7/31/2016		500,234

		Total		500,234


	Utilities (2.3%)
		Access Midstream Partners, LP
	610,000	4.875%, 5/15/2023		619,150
		AES Corporation
	610,000	7.375%, 7/1/2021		689,300
		Atlas Pipeline Partners, LP
	860,000	4.750%, 11/15/2021		817,000
		Calpine Corporation
	870,000	6.000%, 1/15/2022^g		926,550
	1,080,000	5.375%, 1/15/2023		1,090,800
	136,000	6.950%, 7/15/2018		157,200
		DCP Midstream Operating, LP
	216,000	2.500%, 12/1/2017		215,752
		DCP Midstream, LLC
	450,000	5.850%, 5/21/2043^g		436,500
		Dynegy Finance l, Inc.
	1,200,000	7.375%, 11/1/2022^g		1,221,000
		Electricite de France SA
	1,860,000	5.250%, 12/29/2049^g,i		1,906,500
		Enel Finance International NV
	110,000	5.125%, 10/7/2019^g		121,544
		Enterprise Products Operating, LLC
	1,390,000	7.034%, 1/15/2068		1,524,656
		Exelon Generation Company, LLC
	144,000	5.200%, 10/1/2019		159,123
		MarkWest Energy Partners, LP
	1,285,000	4.875%, 12/1/2024		1,256,088
		MidAmerican Energy Holdings Company
	144,000	5.750%, 4/1/2018		161,373
		NRG Energy, Inc.
	610,000	6.625%, 3/15/2023		634,400
		ONEOK Partners, LP
	104,000	2.000%, 10/1/2017		103,419
		PPL Capital Funding, Inc.
	270,000	1.900%, 6/1/2018		269,541
		Southern California Edison Company
	2,800,000	6.250%, 8/1/2049ⁱ		3,104,500
		TransCanada PipeLines, Ltd.
	600,000	6.350%, 5/15/2067		582,000

		Total		15,996,396

		Total Long-Term Fixed Income (cost $295,484,595)		302,198,472


Shares		Common Stock (33.2%)
	Consumer Discretionary (2.9%)
	24,700	Barnes & Noble, Inc.^j		573,534
	6,700	Bayerische Motoren Werke AG		723,054
	50,600	Best Buy Company, Inc.		1,972,388
	17,500	Canon Marketing Japan, Inc.		296,584
	16,100	Coach, Inc.		604,716
	33,900	Comcast Corporation		1,966,539
	82,300	Dixons Carphone plc		593,135
	28,000	Dollar Tree, Inc.^j		1,970,640
	41,800	EDION Corporation		292,377
	13,100	Gap, Inc.		551,641
	31,900	Hakuhodo Dy Holdings, Inc.		305,281
	11,700	Hennes & Mauritz AB		486,077
	10,800	Hilton Worldwide Holdings, Inc.^j		281,772
	89,202	Home Retail Group plc		287,476
	36,800	Honda Motor Company, Ltd.		1,079,649
	95,455	ITV plc		318,411
	16,700	Kohl’s Corporation		1,019,368
	27	Lear Corporation		2,648
	28,200	Lowe’s Companies, Inc.		1,940,160
	139,000	Luk Fook Holdings International, Ltd.		521,268
	8,500	Madison Square Garden Company^j		639,710
	3,500	RTL Group SA		333,747
	22,400	Ruth’s Hospitality Group, Inc.		336,000
	42,500	Sekisui House, Ltd.		559,214

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Shares		Common Stock (33.2%)	Value
	Consumer Discretionary (2.9%) - continued
	139,000	SJM Holdings, Ltd.	$	219,745
	80,600	Sky Network Television, Ltd.		378,390
	19,300	Stage Stores, Inc.		399,510
	27,500	Sumitomo Forestry Company, Ltd.		268,938
	41,400	Suzuki Motor Corporation		1,240,648

		Total		20,162,620


	Consumer Staples (1.8%)
	20,700	Associated British Foods plc		1,012,006
	5,462	British American Tobacco plc		295,991
	34,050	Coca-Cola Company		1,437,591
	14,650	Coca-Cola Enterprises, Inc.		647,823
	21,450	CVS Health Corporation		2,065,849
	30,027	Imperial Tobacco Group plc		1,321,776
	18,500	Japan Tobacco, Inc.		509,172
	6,400	Nestle SA		466,566
	94,600	Rite Aid Corporation^j		711,392
	23,200	Tyson Foods, Inc.		930,088
	10,000	Wal-Mart Stores, Inc.		858,800
	11,152	Wesfarmers, Ltd.		377,581
	16,800	WhiteWave Foods Company^j		587,832
	15,100	Whole Foods Market, Inc.		761,342
	174,000	Wilmar International, Ltd.		423,975

		Total		12,407,784


	Energy (1.7%)
	229,024	BP plc		1,453,750
	38,991	BW LPG, Ltd.		271,561
	8,850	Cabot Oil & Gas Corporation		262,048
	17,500	CAT Oil AG		309,371
	53,700	Eni SPA		940,638
	20,100	EOG Resources, Inc.		1,850,607
	41,500	ERG SPA		464,760
	47,600	Halliburton Company		1,872,108
	75,900	Patterson-UTI Energy, Inc.		1,259,181
	47,200	Pioneer Energy Services Corporation^j		261,488
	33,127	Royal Dutch Shell plc, Class B		1,144,575
	12,300	Southwestern Energy Company^j		335,667
	17,100	Total SA		876,070
	8,450	Whiting Petroleum Corporation^j		278,850

		Total		11,580,674


	Financials (11.9%)
	800	Acadia Realty Trust		25,624
	11,200	Aflac, Inc.		684,208
	1,300	Agree Realty Corporation		40,417
	6,300	Alexandria Real Estate Equities, Inc.		559,062
	6,800	Allianz SE		1,126,261
	35,650	AmTrust Financial Services, Inc.^k		2,005,313
	9,500	Apartment Investment & Management Company		352,925
	300,000	Apollo Investment Corporation		2,226,000
	183,600	Ares Capital Corporation		2,865,078
	12,789	Australia & New Zealand Banking Group, Ltd.		332,769
	5,200	AvalonBay Communities, Inc.		849,628
	12,600	AXA SA		290,343
	72,300	Banco Santander SA		606,824
	161,500	Bank Leumi Le-lsrael BM^j		551,718
	100,450	Bank of America Corporation		1,797,050
	7,168	Bank of Nova Scotia		409,115
	7,100	BioMed Realty Trust, Inc.		152,934
	7,000	Boston Properties, Inc.		900,830
	14,700	Brixmor Property Group, Inc.		365,148
	4,000	Camden Property Trust		295,360
	11,550	Cash America International, Inc.		261,261
	30,200	Charles Schwab Corporation		911,738
	86,000	Cheung Kong Holdings, Ltd.		1,440,227
	36,550	Citigroup, Inc.		1,977,720
	690	City Office REIT, Inc.		8,832
	8,200	CubeSmart		180,974
	30,000	DBS Group Holdings, Ltd.		464,440
	2,900	Digital Realty Trust, Inc.		192,270
	18,850	Discover Financial Services		1,234,487
	36,900	Duke Realty Corporation		745,380
	13,600	Employers Holdings, Inc.		319,736
	12,031	Enova International, Inc.^j		267,810
	4,600	EPR Properties		265,098
	3,600	Equity Lifestyle Properties, Inc.		185,580
	9,500	Equity Residential		682,480
	5,250	Erie Indemnity Company		476,543
	1,700	Essex Property Trust, Inc.		351,220
	36,650	F.N.B. Corporation		488,178
	26,800	First Financial Bancorp		498,212
	36,000	Forestar Real Estate Group, Inc.^j		554,400
	21,227	General Growth Properties, Inc.		597,116
	1,700	Geo Group, Inc.		68,612
	180,000	Golub Capital BDC, Inc.		3,227,400
	10,700	Hancock Holding Company		328,490
	42,900	Hang Seng Bank, Ltd.		713,018
	16,200	HCP, Inc.		713,286
	3,500	Health Care REIT, Inc.		264,845
	14,050	Healthcare Trust of America, Inc.		378,507
	8,300	Highwoods Properties, Inc.		367,524
	11,000	Horace Mann Educators Corporation		364,980
	33,900	Host Hotels & Resorts, Inc.		805,803
	174,353	HSBC Holdings plc		1,647,597
	59,450	Huntington Bancshares, Inc.		625,414
	9,100	iShares Intermediate Credit Bond ETF		994,903
	21,600	iShares J.P. Morgan USD Emerging Markets Bond ETF		2,369,736
	21,600	iShares MSCI Emerging Markets Minimum Volatility ETF		1,223,208
	52,200	KeyCorp		725,580
	35,100	Kimco Realty Corporation		882,414
	500	LaSalle Hotel Properties		20,235
	11,300	Lazard, Ltd.		565,339
	37,800	MetLife, Inc.		2,044,602
	6,000	Mid-America Apartment Communities, Inc.		448,080
	2,500	Muenchener Rueckversicherungs-Gesellschaft AG		497,845
	38,500	National Australia Bank, Ltd.		1,049,906
	2,700	National Health Investors, Inc.		188,892
	7,000	National Retail Properties, Inc.		275,590
	20,400	OFG Bancorp^k		339,660
	1,800	Omega Healthcare Investors, Inc.		70,326
	2,800	Parkway Properties, Inc.		51,492
	12,850	Principal Financial Group, Inc.		667,429
	21,200	Prologis, Inc.		912,236
	15,250	Prudential Financial, Inc.		1,379,515
	4,600	Public Storage, Inc.		850,310
	37,550	Regions Financial Corporation		396,528
	10,800	RLJ Lodging Trust		362,124
	31,909	Royal Bank of Canada		2,203,803
	4,000	Sabra Healthcare REIT, Inc.		121,480
	8,600	Simon Property Group, Inc.		1,566,146
	140,000	Solar Capital, Ltd.		2,521,400
	1,230	Sovran Self Storage, Inc.		107,281
	181,000	SPDR EuroStoxx 50 ETF		6,671,660

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Shares		Common Stock (33.2%)	Value
	Financials (11.9%) - continued
	33,500	Spirit Realty Captial, Inc.	$	398,315
	1,181	Store Capital Corporation		25,521
	104,502	Summit Hotel Properties, Inc.		1,300,005
	4,900	Swiss Re AG		410,481
	3,900	T. Rowe Price Group, Inc.		334,854
	6,463	Tanger Factory Outlet Centers, Inc.		238,872
	1,890	Taubman Centers, Inc.		144,434
	1,350	Terreno Realty Corporation		27,851
	31,425	Toronto-Dominion Bank^k		1,501,465
	359,100	Two Harbors Investment Corporation		3,598,182
	28,350	U.S. Bancorp		1,274,332
	2,800	UDR, Inc.		86,296
	12,400	Ventas, Inc.		889,080
	8,000	Vornado Realty Trust		941,680
	11,850	W.R. Berkley Corporation		607,431
	45,250	Wells Fargo & Company		2,480,605
	4,500	Zurich Insurance Group AG^j		1,406,261

		Total		83,219,170


	Health Care (4.3%)
	9,400	Abaxis, Inc.		534,202
	5,350	AbbVie, Inc.		350,104
	4,100	Actelion, Ltd.		471,996
	19,350	Aetna, Inc.		1,718,860
	9,100	AmerisourceBergen Corporation		820,456
	21,332	AMN Healthcare Services, Inc.^j		418,107
	10,650	Anthem, Inc.		1,338,386
	34,000	Astellas Pharmaceutical, Inc.		473,352
	5,000	Bayer AG		681,544
	4,350	Biogen Idec, Inc.^j		1,476,607
	4,693	Boiron SA		396,482
	65,000	Boston Scientific Corporation^j		861,250
	22,100	Bruker Corporation^j		433,602
	8,950	Centene Corporation^j		929,458
	8,500	CSL, Ltd.		597,089
	5,400	Cyberonics, Inc.^j		300,672
	9,850	Eli Lilly and Company		679,551
	75,981	Fisher & Paykel Healthcare Corporation, Ltd.		370,431
	23,450	Gilead Sciences, Inc.^j		2,210,397
	23,364	GlaxoSmithKline plc		501,243
	15,350	HCA Holdings, Inc.^j		1,126,537
	47,100	Healthways, Inc.^j		936,348
	15,693	ICON plcⁱ		800,186
	16,650	Johnson & Johnson		1,741,090
	2,800	Lonza Group AG		315,257
	2,700	McKesson Corporation		560,466
	24,700	Merck & Company, Inc.		1,402,713
	26,500	Otsuka Holdings Company, Ltd.		794,502
	16,000	PAREXEL International Corporation^j		888,960
	88,300	Pfizer, Inc.		2,750,545
	9,100	Quintiles Transnational Holdings, Inc.^j		535,717
	22,100	Recordati SPA		342,625
	2,100	Roche Holding AG - BR		565,784
	1,700	Roche Holding AG - Genusschein		460,602
	19,800	Sagent Pharmaceuticals, Inc.^j		497,178
	6,600	Sanofi		601,727
	23,600	Sonic Healthcare, Ltd.		355,052

		Total		30,239,078


	Industrials (4.2%)
	12,800	Abertis Infraestructuras SA		253,822
	294,500	Alerian MLP ETF		5,159,640
	16,200	Allison Transmission Holdings, Inc.		549,180
	13,950	Caterpillar, Inc.		1,276,843
	18,500	COMSYS Holdings Corporation		253,076
	28,300	Con-way, Inc.		1,391,794
	27,550	Delta Air Lines, Inc.		1,355,185
	13,000	easyJet plc		336,429
	29,600	Flowserve Corporation		1,770,968
	88,000	General Electric Company		2,223,760
	74,000	Hutchison Whampoa, Ltd.		845,936
	70,100	ITOCHU Corporation		748,324
	10,200	Jacobs Engineering Group, Inc.^j		455,838
	31,150	KAR Auction Services, Inc.		1,079,348
	17,900	KONE OYJ		814,949
	5,450	Lockheed Martin Corporation		1,049,507
	7,000	Mabuchi Motor Company, Ltd.		277,847
	30,500	Meritor, Inc.^j		462,075
	27,500	Pentair, Ltd.		1,826,550
	44,600	Performant Financial Corporation^j		296,590
	15,950	Quad/Graphics, Inc.		366,212
	10,600	Safran SA		653,968
	12,400	Siemens AG		1,391,331
	48,500	Southwest Airlines Company		2,052,520
	13,906	Stantec, Inc.		382,182
	67,000	Toda Corporation		264,247
	38,000	TOTO, Ltd.		442,043
	27,839	Wajax Corporation		737,309
	7,650	Woodward, Inc.		376,609
	21,652	WS Atkins plc		458,559

		Total		29,552,641


	Information Technology (3.4%)
	4,650	Accenture plc		415,291
	29,950	Akamai Technologies, Inc.^j		1,885,652
	26,950	Aspen Technology, Inc.^j		943,789
	45,350	Broadcom Corporation		1,965,016
	142,600	Brocade Communications Systems, Inc.		1,688,384
	10,288	CGI Group, Inc.ⁱ		392,198
	51,500	Cirrus Logic, Inc.^j		1,213,855
	71,050	Cisco Systems, Inc.		1,976,256
	8,250	Computer Sciences Corporation		520,162
	1,708	Constellation Software, Inc.		507,843
	53,000	Corning, Inc.		1,215,290
	19,200	Electronic Arts, Inc.^j		902,688
	65,950	EMC Corporation		1,961,353
	2,200	F5 Networks, Inc.^j		287,023
	33,500	FUJIFILM Holdings NPV		1,022,204
	85,300	Global Cash Access Holdings, Inc.^j		609,895
	16,000	Hoya Corporation		541,197
	28,500	Juniper Networks, Inc.		636,120
	9,200	Lexmark International, Inc.		379,684
	38,650	Marvell Technology Group, Ltd.		560,425
	9,799	Melexis NV		443,400
	18,900	NetApp, Inc.		783,405
	6,151	Newport Corporation^j		117,546
	6,000	NXP Semiconductors NV^j		458,400
	19,400	Pegasystems, Inc.		402,938
	22,800	Skyworks Solutions, Inc.		1,657,788
	32,900	Vishay Intertechnology, Inc.		465,535

		Total		23,953,337


	Materials (1.0%)
	74,700	Acacia Mining plc		295,945
	687,928	Centamin plc		631,648
	27,150	Dow Chemical Company		1,238,312
	27,400	James Hardie Industries plc		292,502

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Shares		Common Stock (33.2%)	Value
	Materials (1.0%) - continued
	320,000	Kobe Steel, Ltd.	$	551,199
	18,150	LyondellBasell Industries NV		1,440,929
	5,100	Nitto Denko Corporation		284,965
	21,878	Rio Tinto plc		1,008,513
	10,900	Southern Copper Corporation		307,380
	9,100	Voestalpine AG		359,570
	12,200	Westlake Chemical Corporation		745,29 8

		Total		7,156,261


	Telecommunications Services (1.1%)
	839,600	Bezeq Israel Telecommunication Corporation, Ltd.		1,489,296
	147,820	BT Group plc		919,452
	31,000	KDDI Corporation		1,947,545
	29,300	Nippon Telegraph & Telephone Corporation		1,496,721
	387,000	Singapore Telecommunications, Ltd.		1,135,963
	100,850	Vonage Holdings Corporation^j		384,239

		Total		7,373,216


	Utilities (0.9%)
	394,900	A2A SPA		400,148
	402,500	Electricidade de Portugal SA		1,560,756
	33,500	Endesa SA		670,648
	95,200	Enel SPA		424,357
	26,600	Fortum OYJ		577,529
	22,100	Gas Natural SDG SA		555,166
	46,800	GDF Suez		1,091,334
	124,800	Iberdrola SA		841,247
	18,500	Verbund AG^k		342,602

		Total		6,463,787

		Total Common Stock (cost $225,379,360)		232,108,568


		Preferred Stock (4.6%)
	Financials (4.3%)
	50,000	Affiliated Managers Group, Inc., 5.250%		1,293,500
	9,375	Agribank FCB, 6.875%ⁱ		985,254
	63,000	Allstate Corporation, 5.100%		1,595,790
	64,790	Annaly Capital Management, Inc., 7.500%ⁱ		1,610,032
	1,200	Bank of America Corporation, Convertible, 7.250%ⁱ		1,395,564
	61,780	Citigroup, Inc., 6.875%ⁱ		1,642,112
	35,980	Citigroup, Inc., 7.875%		956,348
	20,070	Cobank ACB, 6.250%ⁱ		2,022,681
	24,000	Countrywide Capital V, 7.000%		618,000
	6,000	Farm Credit Bank of Texas, 6.750%^g,i		620,813
	46,500	GMAC Capital Trust I, 8.125%		1,226,670
	78,200	Goldman Sachs Group, Inc., 5.500%ⁱ		1,908,080
	72,000	HSBC USA, Inc., 6.500%ⁱ		1,820,160
	375	M&T Bank Corporation, 6.375%ⁱ		387,422
	47,580	Morgan Stanley, 6.875%ⁱ		1,266,104
	44,100	Morgan Stanley, 7.125%ⁱ		1,214,073
	40,500	PNC Financial Services Group, Inc., 6.125%ⁱ		1,124,280
	18,000	Principal Financial Group, Inc., 5.563%ⁱ		1,812,375
	62,000	RBS Capital Funding Trust V, 5.900%ⁱ		1,506,600
	15,000	Royal Bank of Scotland Group plc, 7.250%ⁱ		382,350
	52,000	U.S. Bancorp 6.500%ⁱ		1,531,400
	24,000	Wells Fargo & Company, 5.850%ⁱ		615,600
	1,695	Wells Fargo & Company, Convertible, 7.500%ⁱ		2,044,170

		Total		29,579,378


	Materials (0.3%)
	31,000	CHS, Inc., 6.750%ⁱ		788,020
	48,800	CHS, Inc., 7.100%ⁱ		1,281,488

		Total		2,069,508


	Utilities (<0.1%)
	2,190	Southern California Edison Company, 4.510%ⁱ		220,026

		Total		220,026

		Total Preferred Stock (cost $31,408,679)		31,868,912


		Collateral Held for Securities Loaned (0.5%)
	3,898,339	Thrivent Cash Management Trust		3,898,339

		Total Collateral Held for Securities Loaned (cost $3,898,339)		3,898,339


Shares or Principal Amount		Short-Term Investments (9.5%)^l
		Federal Home Loan Bank Discount Notes
	500,000	0.064%, 1/21/2015^m		499,982
	100,000	0.100%, 3/6/2015^m		99,982
		Federal Home Loan Mortgage Corporation Discount Notes
	300,000	0.060%, 2/6/2015^m		299,982
		Thrivent Cash Management Trust
	65,277,133	0.060%		65,277,133

		Total Short-Term Investments (at amortized cost)		66,177,079

		Total Investments (cost $721,356,087) 104.9%	$	732,392,967

		Other Assets and Liabilities, Net (4.9%)		(34,490,065	)

		Total Net Assets 100.0%	$	697,902,902

a	The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b	All or a portion of the loan is unfunded,

c	Denotes investments purchased on a when-issued or delayed delivery basis.

d	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of December 31, 2014.

e	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, 2014.

f	All or a portion of the security is insured or guaranteed.

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014

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.

i	Denotes perpetual securities. Perpetual securities pay an indefinite stream of interest, but may be called by the issuer at an earlier date.

j	Non-income producing security.

k	All or a portion of the security is on loan.

l	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

m	At December 31, 2014, $899,946 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Diversified Income Plus Fund owned as of December 31, 2014.


Security	Acquisition Date		Cost
AGI Life Holdings, Inc., 12/1/2045		7/19/2012	$	1,258,813
Bayview Opportunity Master Fund
Trust IIB, LP, 7/28/2019		7/30/2014		1,295,140
JBS Finance II, Ltd., 1/29/2018		8/11/2014		1,128,543

Definitions:


ETF	-	Exchange Traded Fund.
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$	29,317,266
Gross unrealized depreciation		(18,728,229	)

Net unrealized appreciation (depreciation)	$	10,589,037

Cost for federal income tax purposes	$	721,803,930

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2014, 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		7,646,956		—		7,646,956		—
Capital Goods		4,598,410		—		4,598,410		—
Communications Services		31,915,971		—		28,267,470		3,648,501
Consumer Cyclical		15,737,447		—		15,737,447		—
Consumer Non-Cyclical		11,898,210		—		11,052,520		845,690
Energy		6,281,532		—		5,591,704		689,828
Financials		7,332,265		—		7,332,265		—
Technology		4,544,874		—		4,544,874		—
Transportation		3,702,969		—		2,740,169		962,800
Utilities		2,482,963		—		2,482,963		—
Long-Term Fixed Income
Asset-Backed Securities		8,293,594		—		8,293,594		—
Basic Materials		5,317,813		—		5,317,813		—
Capital Goods		7,088,236		—		7,088,236		—
Collateralized Mortgage Obligations		106,797,331		—		106,797,331		—
Commercial Mortgage-Backed Securities		3,428,849		—		3,428,849		—
Communications Services		21,454,993		—		21,454,993		—
Consumer Cyclical		12,721,949		—		12,721,949		—
Consumer Non-Cyclical		15,786,017		—		15,786,017		—
Energy		12,107,912		—		12,107,912		—
Financials		56,550,350		—		56,550,350		—
Foreign Government		1,628,875		—		1,628,875		—
Mortgage-Backed Securities		27,606,069		—		27,606,069		—
Technology		4,491,125		—		4,491,125		—
Transportation		2,428,729		—		2,428,729		—
U.S. Government and Agencies		500,234		—		500,234		—
Utilities		15,996,396		—		15,996,396		—
Common Stock
Consumer Discretionary		20,162,620		12,258,626		7,903,994		—
Consumer Staples		12,407,784		8,000,717		4,407,067		—
Energy		11,580,674		6,119,949		5,460,725		—
Financials		83,219,170		68,567,097		14,652,073		—
Health Care		30,239,078		23,311,392		6,927,686		—
Industrials		29,552,641		21,692,619		7,860,022		—
Information Technology		23,953,337		21,046,495		2,906,842		—
Materials		7,156,261		3,731,919		3,424,342		—
Telecommunications Services		7,373,216		384,239		6,988,977		—
Utilities		6,463,787		—		6,463,787		—
Preferred Stock
Financials		29,579,378		25,950,630		3,628,748		—
Materials		2,069,508		2,069,508		—		—
Utilities		220,026		—		220,026		—
Collateral Held for Securities Loaned		3,898,339		3,898,339		—		—
Short-Term Investments		66,177,079		65,277,133		899,946		—

Total	$	732,392,967	$	262,308,663	$	463,937,485	$	6,146,819


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		571,506		571,506		—		—

Total Asset Derivatives	$	571,506	$	571,506	$	—	$	—

Liability Derivatives
Futures Contracts		11,686		11,686		—		—

Total Liability Derivatives	$	11,686	$	11,686	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2014. Transfers between Levels are identified as of the end of the period.

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(405	)		March 2015	($	88,630,484	)	($	88,530,469	)	$	100,015
5-Yr. U.S. Treasury Bond Futures		345			March 2015		40,991,365			41,030,743			39,378
Mini MSCI EAFE Index Futures		2			March 2015		174,167			175,790			1,623
S&P 500 Index Futures		(15	)		March 2015		(7,684,814	)		(7,696,500	)		(11,686	)
S&P 500 Index Mini-Futures		24			March 2015		2,398,993			2,462,880			63,887
Ultra Long Term U.S. Treasury Bond Futures		48			March 2015		7,562,397			7,929,000			366,603
Total Futures Contracts												$	559,820

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2014, for Diversified Income Plus Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	505,996
Total Interest Rate Contracts			505,996
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		65,510
Total Equity Contracts			65,510

Total Asset Derivatives		$	571,506

Liability Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		11,686
Total Equity Contracts			11,686

Total Liability Derivatives		$	11,686

*	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, 2014, 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		852,702
Total Interest Rate Contracts			852,702
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		1,239,763
Total Equity Contracts			1,239,763
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		3,324
Total Credit Contracts			3,324

Total		$	2,095,789

The accompanying Notes to Financial Statements are an integral part of this schedule.

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2014

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2014, 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
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		263,371
Total Interest Rate Contracts			263,371
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(139,951	)
Total Equity Contracts			(139,951	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(8,860	)
Total Credit Contracts			(8,860	)

Total		$	114,560

The following table presents Diversified Income Plus Fund’s average volume of derivative activity during the period ended December 31, 2014.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)			Swaps (Notional)*
Equity Contracts	$	15,420,823		2.4	%		N/A
Interest Rate Contracts		68,615,615		10.7			N/A
Credit Contracts		N/A		N/A		$	3,527

*	Notional amount represents long or short, or both, derivative positions held by the Fund.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Diversified Income Plus Fund, is as follows:


Fund	Value December 31, 2013		Gross Purchases		Gross Sales		Shares Held at December 31, 2014		Value December 31, 2014		Income Earned January 1, 2014 - December 31, 2014
Cash Management Trust- Collateral Investment	$	5,220,211	$	67,914,564	$	69,236,436		3,898,339	$	3,898,339	$	204,889
Cash Management Trust- Short Term Investment		52,295,269		361,339,074		348,357,210		65,277,133		65,277,133		34,186
Total Value and Income Earned		57,515,480								69,175,472		239,075

The accompanying Notes to Financial Statements are an integral part of this schedule.

NATURAL RESOURCES FUND

Schedule of Investments as of December 31, 2014


Shares		Common Stock (99.1%)	Value
	Integrated Oil & Gas (18.6%)
	41,800	Chevron Corporation	$	4,689,124
	270,000	Petroleo Brasileiro SA ADR		1,971,000
	118,700	Suncor Energy, Inc. ADR		3,772,286
	110,650	Total SA ADR^a		5,665,280

		Total		16,097,690

	Materials (15.3%)
	9,950	Agnico Eagle Mines, Ltd.^a		247,656
	60,800	Alcoa, Inc.		960,032
	7,050	Avery Dennison Corporation		365,754
	9,800	Ball Corporation		668,066
	59,400	Barrick Gold Corporation		638,550
	10,900	Crown Holdings, Inc.^b		554,810
	2,350	Eagle Materials, Inc.		178,670
	34,050	Eldorado Gold Corporation		207,024
	7,700	Franco-Nevada Corporation		378,763
	60,800	Freeport-McMoRan, Inc.		1,420,288
	41,300	Goldcorp, Inc.		764,876
	29,700	International Paper Company		1,591,326
	56,000	Kinross Gold Corporation^b		157,920
	3,100	Martin Marietta Materials, Inc.		341,992
	10,550	MeadWestvaco Corporation		468,314
	25,100	Newmont Mining Corporation		474,390
	14,600	Owens-Illinois, lnc.^b		394,054
	6,800	Packaging Corporation of America		530,740
	9,500	Rock-Tenn Company		579,310
	3,550	Royal Gold, Inc.		222,585
	12,900	Sealed Air Corporation		547,347
	19,750	Silver Wheaton Corporation		401,518
	34,300	Teck Resources, Ltd.^a		467,852
	6,400	Vulcan Materials Company		420,672
	45,250	Yamana Gold, Inc.		181,905

		Total		13,164,414

	Oil & Gas Drilling (4.4%)
	162,150	Rowan Companies plc		3,781,338

		Total		3,781,338

	Oil & Gas Equipment & Services (18.7%)
	84,400	Cameron International Corporation^b		4,215,780
	97,800	Schlumberger, Ltd.		8,353,098
	315,500	Weatherford International, Ltd.^b		3,612,475

		Total		16,181,353

	Oil & Gas Exploration & Production (33.1%)
	116,050	Canadian Natural Resources, Ltd.		3,583,624
	520,850	Cobalt International Energy, Inc.^b		4,630,357
	23,200	Concho Resources, Inc.^b		2,314,200
	53,450	EOG Resources, Inc.		4,921,141
	59,900	EQT Corporation		4,534,430
	121,700	Marathon Oil Corporation		3,442,893
	113,750	Oasis Petroleum, Inc.^b		1,881,425
	118,350	Southwestern Energy Company^b		3,229,771

		Total		28,537,841

	Oil & Gas Refining & Marketing (6.6%)
	63,150	Marathon Petroleum Corporation		5,699,919

		Total		5,699,919

	Utilities (2.4%)
	53,550	iShares North American Natural Resources ETF		2,052,036

		Total		2,052,036

		Total Common Stock (cost $101,657,678)		85,514,591


		Collateral Held for Securities Loaned (7.4%)
	6,344,325	Thrivent Cash Management Trust		6,344,325

		Total Collateral Held for Securities Loaned (cost $6,344,325)		6,344,325

Shares or Principal Amount		Short-Term Investments (0.8%)^c
	706,893	Thrivent Cash Management Trust 0.060%		706,893

		Total Short-Term Investments (at amortized cost)		706,893

		Total Investments (cost $108,708,896) 107.3%	$	92,565,809

		Other Assets and Liabilities, Net (7.3%)		(6,269,754	)

		Total Net Assets 100.0%	$	86,296,055

a	All or a portion of the security is on loan.

b	Non-income producing security.

c	The interest rate shown reflects the yield, coupon rate or the discount rate at the date of purchase.

Definitions:


ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:


Gross unrealized appreciation	$	4,117,037
Gross unrealized depreciation		(20,260,124	)

Net unrealized appreciation (depreciation)	($	16,143,087	)

Cost for federal income tax purposes	$	108,708,896

The accompanying Notes to Financial Statements are an integral part of this schedule.

NATURAL RESOURCES FUND

Schedule of Investments as of December 31, 2014

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2014, in valuing Natural Resources Fund’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Integrated Oil & Gas		16,097,690		16,097,690		—		—
Materials		13,164,414		13,164,414		—		—
Oil & Gas Drilling		3,781,338		3,781,338		—		—
Oil & Gas Equipment & Services		16,181,353		16,181,353		—		—
Oil & Gas Exploration & Production		28,537,841		28,537,841		—		—
Oil & Gas Refining & Marketing		5,699,919		5,699,919		—		—
Utilities		2,052,036		2,052,036		—		—
Collateral Held for Securities Loaned		6,344,325		6,344,325		—		—
Short-Term Investments		706,893		706,893		—		—

Total	$	92,565,809	$	92,565,809	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2014. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Natural Resources Fund, is as follows:


Fund	Value December 31, 2013		Gross Purchases		Gross Sales		Shares Held at December 31, 2014		Value December 31, 2014		Income Earned January 1, 2014 - December 31, 2014
Cash Management Trust- Collateral Investment	$	5,291,600	$	71,657,599	$	70,604,874		6,344,325	$	6,344,325	$	46,301
Cash Management Trust- Short Term Investment		4,661,263		7,072,440		11,026,810		706,893		706,893		657
Total Value and Income Earned		9,952,863								7,051,218		46,958

The accompanying Notes to Financial Statements are an integral part of this schedule.

THRIVENT MUTUAL FUNDS

Statement of Assets and Liabilities


*As of December 31, 2014*	Growth and Income Plus Fund			Diversified Income Plus Fund			Natural Resources Fund
Assets
Investments at cost	$	79,199,473		$	721,356,087		$	108,708,896
Investments in securities at value		74,102,469			663,217,495			85,514,591
Investments in affiliates at value		6,347,729			69,175,472			7,051,218
Investments at Value		80,450,198			732,392,967			92,565,809
Cash		2,256	^(a)		128,925	^(b)		—
Dividends and interest receivable		188,563			3,657,681			147,894
Prepaid expenses		26,842			37,859			11,781
Receivable for investments sold		26,625			328,491			—
Receivable for fund shares sold		34,818			434,967			29,988
Receivable for variation margin		3,344			161,531			—
Total Assets		80,732,646			737,142,421			92,755,472
Liabilities
Distributions payable		107,405			850,931			—
Accrued expenses		32,831			121,155			30,230
Payable for investments purchased		2,275,465			32,654,110			—
Payable upon return of collateral for securities loaned		—			3,898,339			6,344,325
Payable for fund shares redeemed		3,390			1,115,731			17,270
Payable for variation margin		26,009			49,212			—
Payable to affiliate		61,194			528,380			67,592
Mortgage dollar roll deferred revenue		1,634			21,661			—
Total Liabilities		2,507,928			39,239,519			6,459,417
Net Assets
Capital stock (beneficial interest)		77,053,435			686,077,254			108,600,021
Accumulated undistributed net investment income/(loss)		(14,049	)		1,430,593			(21,520	)
Accumulated undistributed net realized gain/(loss)		(158,035	)		(1,198,956	)		(6,139,226	)
Net unrealized appreciation/(depreciation) on:
Investments		1,250,725			11,036,880			(16,143,087	)
Futures contracts		93,412			559,820			—
Foreign currency transactions		(770	)		(2,689	)		(133	)
Total Net Assets	$	78,224,718		$	697,902,902		$	86,296,055
Class A Share Capital	$	76,457,418		$	581,734,812		$	15,670,699
Shares of beneficial interest outstanding (Class A)		7,620,081			81,931,632			1,940,242
Net asset value per share	$	10.03		$	7.10		$	8.08
Maximum public offering price	$	10.61		$	7.43		$	8.55
Institutional Class Share Capital	$	1,767,300		$	116,168,090		$	70,625,356
Shares of beneficial interest outstanding (Institutional Class)		175,915			16,495,073			8,745,324
Net asset value per share	$	10.05		$	7.04		$	8.08

(a)	Includes foreign currency holdings of $216 (cost $213).

(b)	Includes foreign currency holdings of $-232 (cost $-244).

The accompanying Notes to Financial Statements are an integral part of this schedule.

THRIVENT MUTUAL FUNDS

Statements of Operations


*For the year ended December 31, 2014*	Growth and Income Plus Fund			Diversified Income Plus Fund			Natural Resources Fund
Investment Income
Dividends	$	1,406,619		$	9,032,125		$	1,573,795
Taxable interest		617,148			17,768,665			199
Income from mortgage dollar rolls		50,619			785,301			—
Income from securities loaned		—			204,889			46,301
Income from affiliated investments		3,827			34,186			657
Foreign tax withholding		(75,929	)		(312,230	)		(65,737	)
Total Investment Income		2,002,284			27,512,936			1,555,215
Expenses
Adviser fees		423,313			3,518,024			837,463
Administrative service fees		82,048			188,334			89,366
Audit and legal fees		24,862			29,179			25,839
Custody fees		57,528			105,093			5,040
Distribution expenses Class A		157,708			1,309,906			41,988
Insurance expenses		4,477			7,051			4,707
Printing and postage expenses Class A		16,966			113,749			14,922
Printing and postage expenses Institutional Class		499			10,956			379
SEC and state registration expenses		35,312			91,103			26,082
Transfer agent fees Class A		71,085			413,179			88,827
Transfer agent fees Institutional Class		1,311			57,765			408
Trustees’ fees		6,637			26,031			7,117
Other expenses		35,602			41,720			9,972
Total Expenses Before Reimbursement		917,348			5,912,090			1,152,110
Less:
Reimbursement from adviser		(175,555	)		—			(88,835	)
Total Net Expenses		741,793			5,912,090			1,063,275
Net Investment Income/(Loss)		1,260,491			21,600,846			491,940
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		2,364,752			14,041,169			6,119,604
Distributions of realized capital gains from affiliated investments		—			3			1
Futures contracts		135,682			2,092,465			—
Foreign currency and forward contract transactions		(16,670	)		(65,365	)		—
Swap agreements		—			3,324			—
Change in net unrealized appreciation/(depreciation) on:
Investments		(2,772,737	)		(16,191,164	)		(25,759,059	)
Futures contracts		56,199			123,420			—
Foreign currency transactions		(770	)		(2,689	)		(79	)
Swap agreements		—			(8,860	)		—
Net Realized and Unrealized Gains/(Losses)		(233,544	)		(7,697	)		(19,639,533	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	1,026,947		$	21,593,149		$	(19,147,593	)

The accompanying Notes to Financial Statements are an integral part of this schedule.

THRIVENT MUTUAL FUNDS

Statement of Changes in Net Assets


	Growth and Income Plus Fund						Diversified Income Plus Fund
*For the periods ended*	12/31/2014			12/31/2013			12/31/2014			12/31/2013
Operations
Net investment income/(loss)	$	1,260,491		$	1,112,319		$	21,600,846		$	15,901,086
Net realized gains/(losses)		2,483,764			10,048,155			16,071,596			14,666,245
Change in net unrealized appreciation/(depreciation)		(2,717,308	)		1,151,908			(16,079,293	)		13,404,202
Net Change in Net Assets Resulting From Operations		1,026,947			12,312,382			21,593,149			43,971,533
Distributions to Shareholders
From net investment income Class A		(1,239,236	)		(670,542	)		(16,473,470	)		(12,832,895	)
From net investment income Institutional Class		(45,097	)		(437,400	)		(4,015,094	)		(3,288,301	)

Total From Net Investment Income		(1,284,333	)		(1,107,942	)		(20,488,564	)		(16,121,196	)

From net realized gains Class A		(2,558,410	)		(4,500,101	)		(14,073,235	)		(1,969,970	)
From net realized gains Institutional Class		(59,140	)		(210,357	)		(2,849,616	)		(464,187	)

Total From Net Realized Gains		(2,617,550	)		(4,710,458	)		(16,922,851	)		(2,434,157	)

Total Distributions to Shareholders		(3,901,883	)		(5,818,400	)		(37,411,415	)		(18,555,353	)
Capital Stock Transactions
Class A
Sold		36,115,273			26,107,853			174,763,842			183,195,143
Distributions reinvested		3,645,176			4,903,364			27,843,997			12,815,201
Redeemed		(10,313,535	)		(8,377,483	)		(66,659,322	)		(48,766,325	)

Total Class A Capital Stock Transactions		29,446,914			22,633,734			135,948,517			147,244,019

Institutional Class
Sold		733,901			439,809			48,466,474			68,700,486
Distributions reinvested		98,237			640,661			6,789,078			3,705,854
Redeemed		(1,310,493	)		(2,309,705	)		(44,040,301	)		(23,395,235	)
In-kind redemptions		—			(36,694,752	)		—			—

Total Institutional Class Capital Stock Transactions		(478,355	)		(37,923,987	)		11,215,251			49,011,105

Capital Stock Transactions		28,968,559			(15,290,253	)		147,163,768			196,255,124
Net Increase/(Decrease) in Net Assets		26,093,623			(8,796,271	)		131,345,502			221,671,304
Net Assets, Beginning of Period		52,131,095			60,927,366			566,557,400			344,886,096
Net Assets, End of Period	$	78,224,718		$	52,131,095		$	697,902,902		$	566,557,400
Accumulated Undistributed Net Investment Income/(Loss)	$	(14,049	)	$	49,084		$	1,430,593		$	724,056
Capital Stock Share Transactions
Class A shares
Sold		3,457,687			2,424,516			23,828,980			25,783,352
Distributions reinvested		360,497			472,405			3,864,523			1,798,667
Redeemed		(997,017	)		(768,818	)		(9,116,870	)		(6,861,853	)

Total Class A shares		2,821,167			2,128,103			18,576,633			20,720,166

Institutional Class shares
Sold		70,275			41,140			6,683,564			9,737,266
Distributions reinvested		9,661			61,321			948,339			524,096
Redeemed		(125,980	)		(217,765	)		(6,083,130	)		(3,311,239	)
In-kind redemptions		—			(3,341,963	)		—			—

Total Institutional Class shares		(46,044	)		(3,457,267	)		1,548,773			6,950,123

The accompanying Notes to Financial Statements are an integral part of this schedule.

THRIVENT MUTUAL FUNDS

Statement of Changes in Net Assets – continued


	Natural Resources Fund
*For the periods ended*	12/31/2014			12/31/2013
Operations
Net investment income/(loss)	$	491,940		$	499,344
Net realized gains/(losses)		6,119,605			4,532,728
Change in net unrealized appreciation/(depreciation)		(25,759,138	)		4,128,220
Net Change in Net Assets Resulting From Operations		(19,147,593	)		9,160,292
Distributions to Shareholders
From net investment income Class A		(63,317	)		(31,840	)
From net investment income Institutional Class		(540,358	)		(453,034	)

Total From Net Investment Income		(603,675	)		(484,874	)

From return of capital Class A		—			(32,514	)
From return of capital Institutional Class		—			(177,408	)

Total From Return of Capital		—			(209,922	)

Total Distributions to Shareholders		(603,675	)		(694,796	)
Capital Stock Transactions
Class A
Sold		6,252,193			3,144,273
Distributions reinvested		61,740			63,177
Redeemed		(2,998,700	)		(3,620,443	)

Total Class A Capital Stock Transactions		3,315,233			(412,993	)

Institutional Class
Sold		70,488			106,541
Distributions reinvested		538,185			627,542
Redeemed		(258,768	)		(366,481	)

Total Institutional Class Capital Stock Transactions		349,905			367,602

Capital Stock Transactions		3,665,138			(45,391	)
Net Increase/(Decrease) in Net Assets		(16,086,130	)		8,420,105
Net Assets, Beginning of Period		102,382,185			93,962,080
Net Assets, End of Period	$	86,296,055		$	102,382,185
Accumulated Undistributed Net Investment Income/(Loss)	$	(21,520	)	$	(18,471	)
Capital Stock Share Transactions
Class A shares
Sold		646,846			328,157
Distributions reinvested		7,604			6,375
Redeemed		(301,752	)		(376,063	)

Total Class A shares		352,698			(41,531	)

Institutional Class shares
Sold		6,907			11,352
Distributions reinvested		66,279			63,324
Redeemed		(24,991	)		(37,794	)

Total Institutional Class shares		48,195			36,882

The accompanying Notes to Financial Statements are an integral part of this schedule.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2014

(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 twenty-six 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, four income plus funds, twelve equity funds, five fixed-income funds, and one money market fund.

This shareholder report includes Thrivent Growth and Income Plus Fund, Thrivent Diversified Income Plus Fund and Thrivent Natural Resources Fund, three of the Trust’s twenty-six 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 Standard Codification Topic 946—Financial Services—Investment Companies.

(A) Share Classes – As of December 31, 2014, the Trust includes two classes of shares: Class A and Institutional Class. The classes of shares differ principally in their respective distribution expenses and other class-specific expenses and arrangements. Class A shares have a 0.25% annual 12b-1 fee and a maximum front-end sales load of 5.50% for equity funds and 4.50% for fixed-income funds, although some of the fixed-income funds have reduced 12b-1 fees and either a lower or no front-end sales load. Institutional Class 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. All 26 Funds of the Trust offer Class A and Institutional Class shares.

(B) Other – 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

(A) Valuation of Investments – Securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. 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. Swap agreements are valued at the latest bid quotation of the contract as furnished by an independent pricing service. Security prices are based on quotes that are obtained from an independent pricing service approved by the Trust’s Board of Trustees (“Board”). The pricing service, in determining values of fixed-income securities, takes into consideration such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities which cannot be valued by the approved pricing service are valued using valuations obtained from dealers that make markets in the securities. Exchange-listed options and futures contracts are valued at the last quoted sales price. Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service. Investments in mutual funds are valued at the net asset value at the close of each business day. Short-term securities are valued at amortized cost (which approximates market value) to the extent it is not materially different than market value.

The Board has delegated responsibility for daily valuation of the Funds’ securities to the Adviser. The Adviser has formed a Valuation Committee (“Committee”) that is responsible for overseeing the Fund 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.

Financial Accounting Standards Board (FASB) guidelines require increased fair value disclosure intended to improve the consistency and comparability of fair value measurements used in financial reporting. The guidelines define fair value, establish a framework for measuring fair value in U.S. Generally Accepted Accounting Principles (“GAAP”) and expand disclosures about fair value requirements. 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,

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2014

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; and Level 3 includes significant unobservable inputs such as the Adviser’s own assumptions and broker evaluations in determining the fair value of investments. Of the Level 3 securities, those for which market values were not readily available or were deemed unreliable were fair valued as determined in good faith under procedures established by the Board. The valuation levels are not necessarily an indication of the risk associated with investing in these securities or other investments.

Valuation of International Securities – Because many foreign markets close before the U.S. markets, events may occur between the close of the foreign markets and the close of the U.S. markets that could have a material impact on the valuation of foreign securities. The Funds, under the supervision of the Board, evaluate the impacts of these events and may adjust the valuation of foreign securities to reflect fair value as of the close of the U.S. markets. The Board has authorized the Adviser to make fair valuation determinations pursuant to policies approved by the Board.

(B) 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 foreign 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.

(C) Foreign Denominated Investments – Foreign denominated assets and currency contracts may involve more risks than domestic transactions including currency risk, political and economic risk, regulatory risk, and market risk. Certain Funds may also invest in securities of companies located in emerging markets. Future economic or political developments could adversely affect the liquidity or value, or both, of such securities.

(D) 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. Certain 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, would have a greater than 50 percent likelihood of being sustained upon examination. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Adviser must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information.

The Adviser analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions. Open tax years are those that are open for examination by taxing authorities. Major jurisdictions for the Funds include U.S. Federal, Minnesota, Wisconsin, and Massachusetts as well as certain foreign countries. As of December 31, 2014, open U.S. Federal, Minnesota, Wisconsin and Massachusetts tax years include the tax years ended December 31, 2011 through 2014. Additionally, as of December 31, 2014, the tax year ended December 31, 2010 is open for Wisconsin. The Funds have no examinations in progress and none are expected at this time.

As of December 31, 2014, 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 – Certain 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 dividend tax withholding on the Statement of Operations. The Funds pay tax on foreign capital gains, where applicable.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2014

(E) 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, 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- and asset-backed securities are recorded as components of interest income. Dividend income is recorded on the ex-dividend date.

For certain securities, including real estate investment trusts, the Trust records 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 Trust adjusts 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.

(F) Distributions to Shareholders – Net investment income is distributed to each shareholder as a dividend. Dividends from Natural Resources Fund and Growth and Income Plus Fund are declared and paid quarterly. Dividends from Diversified Income Plus Fund are declared and paid monthly. Additionally, 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 distributed at least annually.

(G) Derivative Financial Instruments – Each of the Funds, with the exception of Money Market Fund, may invest in derivatives. Derivatives, a category that includes options, futures, swaps and hybrid instruments, are financial instruments whose value derives 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 for hedging 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 clearing house 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 the broker’s customers, potentially resulting in losses in 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 hedging 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 its 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 derivative’s 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.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2014

Collateral and margin requirements vary by type of derivative. Margin requirements are established by the broker or clearing house for exchange traded and centrally cleared derivatives (futures, options, and centrally cleared swaps). Brokers can ask for margining in excess of the minimum in certain situations. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts, options, 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 the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Options – Each of the Funds, with the exception of Money Market Fund, may buy put and call options and write put and covered call options. The Funds intend to use such derivative instruments as hedges to facilitate buying or selling securities or to provide protection against adverse movements in security prices or interest rates. The Funds may also enter into options contracts to protect against adverse foreign exchange rate fluctuations. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. A Fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds upon sale for a written call option or the cost of a security for purchased put and call options is adjusted by the amount of premium received or paid.

Buying put options tends to decrease a Fund’s exposure to the underlying security while buying call options tends to increase a Fund’s exposure to the underlying security. The risk associated with purchasing put and call options is limited to the premium paid. There is no significant counterparty risk on exchange-traded options as the exchange guarantees the contract against default. Writing put options tends to increase a Fund’s exposure to the underlying security while writing call options tends to decrease a Fund’s exposure to the underlying security. The writer of an option has no control over whether the underlying security may be bought or sold, and therefore bears the market risk of an unfavorable change in the price of the underlying security. The counterparty risk for purchased options arises when a Fund has purchased an option, exercises that option, and the counterparty doesn’t buy from the Fund or sell to the Fund the underlying asset as required. In the case where a Fund has written an option, the Fund doesn’t have counterparty risk. Counterparty risk on purchased over-the-counter options is partially mitigated by the Fund’s collateral posting requirements. As the option increases in value to the Fund, the Fund receives collateral from the counterparty. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities.

Futures Contracts – Each of the Funds, with the exception of Money Market 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 open futures contracts. The 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.

Foreign Currency Forward Contracts – In connection with purchases and sales of securities denominated in foreign currencies all Funds may enter into foreign currency forward contracts. Additionally, the Funds may enter into such contracts to hedge certain other foreign-currency-denominated investments. These contracts are recorded at value and the related realized and unrealized foreign exchange gains and losses are included in the Statement of Operations. In the event that counterparties fail to settle these forward contracts, the Funds could be exposed to foreign currency fluctuations. Foreign currency contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract. A realized gain or loss is recorded at the time a forward contract is closed. These contracts are over-the-counter and the Fund is exposed to counterparty risk equal to the discounted net amount of payments to the Fund. This risk is partially mitigated by the Fund’s collateral posting requirements.

Swap Agreements – Each of the Funds, with the exception of Money Market Fund, may enter into swap transactions, which involve swapping one or more investment characteristics of a security or a basket of securities with another party. Such transactions include market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk and may involve commissions or other costs. Swap transactions generally do not involve delivery of

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2014

securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swap transactions is generally limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the counterparty defaulting, the net amount of payments that the Fund is contractually entitled to receive. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. The contracts are valued daily and unrealized appreciation or depreciation is recorded. Swap agreements are valued at fair value of the contract as provided by an independent pricing service. The pricing service takes into account such factors as swap curves, default probabilities, recent trades, recovery rates and other factors it deems relevant in determining valuations. Daily fluctuations in the value of the centrally cleared credit default contracts are recorded in variation margin in the Statement of Assets and Liabilities and recorded as unrealized gain or loss. The Fund accrues for the periodic payment and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount recorded as realized gains or losses in the Statement of Operations. Receipts and payments received or made as a result of a credit event or termination of the contract are also recognized as realized gains or losses in the Statement of Operations. Collateral, in the form of cash or securities, may be required to be held with the Fund’s custodian, or a third party, in connection with these agreements. Certain swap agreements are over-the-counter and the Fund is exposed to counterparty risk, which is the discounted net amount of payments owed to the Fund. This risk is partially mitigated by the Fund’s collateral posting requirements. As the swap increases in value to the Fund, the Fund receives collateral from the counterparty. Certain interest rate and credit default index swaps must be cleared through a clearinghouse or central counterparty.

Credit Default Swaps – A credit default swap is a swap agreement between two parties to exchange the credit risk of a particular issuer, basket of securities or reference entity.

In a credit default swap transaction, a buyer pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. The seller collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity. A buyer of a credit default swap is said to buy protection whereas a seller of a credit default swap is said to sell protection. The Funds may be either the protection seller or the protection buyer.

Certain Funds enter into credit default derivative contracts directly through credit default swaps (CDS) or through credit default swap indices (CDX Indices). CDX indices are static pools of equally weighted credit default swaps referencing corporate bonds and/or loans designed to provide diversified credit exposure to these asset classes. Funds sell default protection and assume long-risk positions in individual credits or indices. Index positions are entered into to gain exposure to the corporate bond and/or loan markets in a cost-efficient and diversified structure. In the event that a position defaults, by going into bankruptcy and failing to pay interest or principal on borrowed money, within any given CDX Index held, the maximum potential amount of future payments required would be equal to the pro-rata share of that position within the index based on the notional amount of the index. In the event of a default under a CDS contract the maximum potential amount of future payments would be the notional amount. For CDS, the default events could be bankruptcy and failing to pay interest or principal on borrowed money or a restructuring. A restructuring is a change in the underlying obligations which would include reduction in interest or principal, maturity extension and subordination to other obligations.

For financial reporting purposes the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities

The amounts presented in the tables below are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by cash and non-cash collateral pledged. The actual amounts of collateral may be greater than amounts presented in the tables.


							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Fund	Gross Amounts of Recognized Assets		Gross Amounts Offset		Net Amounts of Recognized Assets		Financial Instruments		Cash Collateral Received		Non-Cash Collateral Received		Net Amount
Growth and Income Plus
Futures Contracts		3,344		—		3,344		3,344		—		—		—
Diversified Income Plus
Futures Contracts		161,531		—		161,531		49,212		—		—		112,319	^(*)

(*)	Net futures amount represents the net amount receivable from the counterparty in the event of a default.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2014

The following table presents the gross and net information about liabilities subject to master netting arrangements, as presented in our Statement of Assets and Liabilities:


							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
Growth and Income Plus
Futures Contracts		26,009		—		26,009		3,344		—		22,665		—
Diversified Income Plus
Futures Contracts		49,212		—		49,212		49,212		—		—		—
Securities Lending		3,898,339		—		3,898,339		3,805,643		—		—		92,696^
Natural Resources
Securities Lending		6,344,325		—		6,344,325		6,150,339		—		—		193,986^

**	Excess of collateral pledged to the counterparty may not be shown for financial reporting purposes.

^	Net securities lending amounts represent the net amount payable from the counterparty in the event of a default.

(H) 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 post or receive margin—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. The fees received are recognized over the roll period and are included in Income from mortgage dollar rolls in the Statement of Operations.

(I) Securities Lending – The Trust has entered into a Securities Lending Agreement (the “Agreement”) with Deutsche Bank AG (“Deutsche”). The Agreement authorizes Deutsche to lend securities to authorized borrowers on behalf of the Funds. Pursuant to the Agreement, all loaned securities are initially collateralized by cash equal to at least 102% of the value of 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 Deutsche for services provided and any other securities lending expenses, are included in Income from securities loaned 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, the Fund could lose money.

As of December 31, 2014, the value of securities on loan is as follows:


Fund	Securities on Loan
Diversified Income Plus	$	3,805,643
Natural Resources		6,150,339

(J) 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.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2014

(K) Treasury Inflation Protected Securities – Each 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.

(L) Repurchase Agreements – Each Fund may engage in repurchase agreement transactions in pursuit of its investment objective. A repurchase agreement consists of a purchase and a simultaneous agreement to resell an investment for later delivery at an agreed upon price and rate of interest. The Fund uses a third-party custodian to maintain the collateral. If the original seller of a security subject to a repurchase agreement fails to repurchase the security at the agreed upon time, the Fund could incur a loss due to a drop in the value of the security during the time it takes the Fund to either sell the security or take action to enforce the original seller’s agreement to repurchase the security. Also, if a defaulting original seller filed for bankruptcy or became insolvent, disposition of such security might be delayed by pending legal action. The Fund may only enter into repurchase agreements with banks and other recognized financial institutions such as broker/dealers that are found by the Adviser or subadviser to be creditworthy. During the year ended December 31, 2014, none of the Funds engaged in these types of investments.

(M) Equity-Linked Structured Securities – Certain Funds may invest in equity-linked structured notes. Equity-linked structured notes are debt securities which combine the characteristics of common stock and the sale of an option. The return component is based upon the performance of a single equity security, a basket of equity securities, or an equity index and the sale of an option. There is no guaranteed return of principal with these securities. The appreciation potential of these securities may be limited by a maximum payment or call right and can be influenced by many unpredictable factors. In addition to the performance of the equity, the nature and credit of the issuer may also impact return.

(N) 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. If the underlying pool of mortgages or assets experience greater than anticipated prepayments of principal, the 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 highly sensitive to changes in interest rates.

(O) Credit Risk – The Funds may be susceptible to credit risk to the extent an issuer or counterparty defaults on its payment obligation. The Funds’ policy is to monitor the creditworthiness of issuers and counterparties. Interest receivable on defaulted securities is monitored for ability to collect payments in default and is adjusted accordingly.

(P) 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.

(Q) Loan Commitments – Certain Funds may enter into loan commitments, which generally have interest rates which are reset daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders. Loan commitments often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the remaining maturity may be considerably less than the stated maturity shown in the Schedule of Investments.

All or a portion of these loan commitments may be unfunded. A Fund is obligated to fund these commitments at the borrower’s discretion. Therefore, the Fund must have funds sufficient to cover its contractual obligation. These unfunded loan commitments, which are marked to market daily, are presented in the Schedule of Investments.

(R) Litigation – Awards from class action litigation are recorded as realized gains on the payment date.

(S) 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.

(T) In-kind Redemptions – During the year ended December 31, 2013, the Thrivent Asset Allocation Funds, as the shareholders of underlying funds of Thrivent Mutual Funds, (the “underlying funds”), redeemed their shares in-kind (“in-kind redemption”). The underlying funds distributed fund securities and cash as payment for the redemption of these fund shares. For financial

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2014

reporting purposes, the underlying funds recognize gain on these transactions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; they recognize a loss if the cost exceeds the value. Gains or losses on in-kind redemptions are not recognized for tax purposes. The realized gains or losses below are included in the Statement of Operations of the underlying funds as net realized gains/losses on in-kind redemptions. The in-kind amounts and shares redeemed are included in the Capital Stock Transactions of the Statement of Changes in Net Assets of the underlying funds. These in-kind transactions were conducted at market value. The transactions were as follows:


	Underlying Fund	Underlying Shares Redeemed		Date		In-kind Amount		Realized Gain/(Loss)
Aggressive Allocation Fund	Growth and Income Plus		475,273		8/6/2013	$	5,218,501	$	628,200
Moderately Aggressive Allocation Fund	Growth and Income Plus		1,204,539		8/6/2013	$	13,225,838	$	1,625,645
Moderate Allocation Fund	Growth and Income Plus		1,176,442		8/6/2013	$	12,917,331	$	1,561,715
Moderately Conservative Allocation Fund	Growth and Income Plus		485,709		8/6/2013	$	5,333,082	$	647,224

(3) FEES AND COMPENSATION PAID TO AFFILIATES

(A) 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:


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
Growth and Income Plus		0.650	%		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%
Diversified Income Plus		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%
Natural Resources		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%

(B) Expense Reimbursements – As of December 31, 2014, contractual expense reimbursements to limit expenses to the following percentages were in effect:

Fund

Class A

Institutional
Class

Expiration
Date

Growth and Income Plus

1.15

0.80

2/28/2015

��

Diversified Income Plus

1.00

N/A

2/28/2015

Natural Resources

1.30

N/A

2/28/2015

The Funds covered in this shareholder report may invest cash in High Yield Fund, Money Market Fund and Thrivent Cash Management Trust, subject to certain limitations. During the year ended December 31, 2014, none of the Funds covered in this shareholder report invested in High Yield Fund. During the year ended December 31, 2014, none of the Funds covered in this shareholder report invested in Money Market Fund. During the year ended December 31, 2014, all Funds covered in this shareholder report invested in Thrivent Cash Management Trust. These related-party transactions are subject to the same terms as non-related party transactions except that, to avoid duplicate investment advisory fees, Thrivent Asset Mgt. reimburses an amount equal to the advisory fee which is charged to the Fund for its investment in High Yield Fund or Money Market Fund.

(C) Distribution Plan – Thrivent Investment Management, Inc. (“Thrivent Investment Mgt.”) is the Trust’s distributor. The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act. Class A shares generally have a Rule 12b-1 fee of up to 0.25% of average net assets.

(D) Sales Charges and Other Fees – For the year ended December 31, 2014, Thrivent Investment Mgt. received $1,607,951 of aggregate underwriting concessions from the sales of the Trust’s Class A shares. Sales charges are not an expense of the Trust and are not reflected in the financial statements of any of the Funds.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2014

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. For the year ended December 31, 2014, Thrivent Asset Mgt. received aggregate fees for accounting and administrative personnel and services of $359,748 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 the Funds with transfer agent services. For the year ended December 31, 2014, Thrivent Investor Services received $583,305 for transfer agent services from the Funds 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. The value of each Trustee’s deferred compensation account will increase or decrease as if invested in shares of that 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 Fund until distribution in accordance with the plan. The deferred fee liability, included in accrued expenses in the Statement of Assets and Liabilities, is unsecured.

Those Trustees not participating in the above plan received $16,889 in fees from the Funds covered in this shareholder report for the year ended December 31, 2014. In addition, the Trust reimbursed independent Trustees for reasonable expenses incurred in relation to attendance at the meetings and industry conferences.

Certain officers and non-independent Trustees of the Trust are officers and directors of Thrivent Asset Mgt., Thrivent Investment Mgt. and Thrivent Investor Services; however, they receive no compensation from the Funds.

(E) Indirect Expenses — Some Funds invest in other mutual funds. Fees and expenses of those underlying funds are not included in those Funds’ expense ratios. The Funds indirectly bear their proportionate share of the annualized weighted average expense ratio of the underlying funds in which they invest.

(4) TAX INFORMATION

Distributions are based on amounts calculated in accordance with the applicable federal income tax regulations, which may differ from GAAP. To the extent that these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications.

On the Statement of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were made as follows [Increase/(Decrease)]:


Fund	Accumulated Undistributed Net Investment Income/(Loss)			Accumulated Undistributed Net Realized Gain/(Loss)		Capital Stock
Growth and Income Plus	($	39,291	)	$	73,573	($	34,282	)
Diversified Income Plus		(405,745	)		405,745		—
Natural Resources		108,686			21,654		(130,340	)

At December 31, 2014, the components of distributable earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income^a		Undistributed Long-Term Capital Gain
Diversified Income Plus	$	1,493,811	$	—

^a	Undistributed Ordinary Income includes income derived from Short-Term Capital Gains, if any.

At December 31, 2014, the following Funds had accumulated net realized capital loss carryovers expiring as follows:


Fund	Capital Loss Carryover		Expiration Year
Natural Resources	$	6,139,226		2017

	$	6,139,226

To the extent that these Funds realize future net capital gains, taxable distributions will be reduced by any unused capital loss carryovers as permitted by the Internal Revenue Code. Unlimited capital loss carryovers will be utilized before capital loss carryovers with expiration dates.

During the calendar year 2014, capital loss carryovers utilized by the Funds were as follows: Natural Resources Fund, $6,084,182.

The tax character of distributions paid during the years ended December 31, 2014 and 2013 was as follows:


	Ordinary Income^a				Long-term Capital Gain				Return of Capital
Fund	12/31/2014		12/31/2013		12/31/2014		12/31/2013		12/31/2014		12/31/2013
Growth and Income Plus	$	2,237,837	$	2,046,124	$	1,664,046	$	3,772,276	$	—	$	—
Diversified Income Plus		26,345,647		16,121,196		11,065,768		2,434,157		—		—
Natural Resources		603,675		484,874		—		—		—		209,922

^a	Ordinary Income includes income derived from Short-Term Capital Gains, if any.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2014

(5) SECURITY TRANSACTIONS

(A) Purchases and Sales of Investment Securities – For the year ended December 31, 2014, the cost of purchases and the proceeds from sales of investment securities, other than U.S. Government and short-term securities, were as follows:


	In thousands
Fund	Purchases		Sales
Growth and Income Plus	$	101,916	$	78,924
Diversified Income Plus		624,847		498,191
Natural Resources		67,128		59,451

Purchases and Sales of U.S. Government Securities were:


	In thousands
Fund	Purchases		Sales
Growth and Income Plus	$	20,754	$	19,760
Diversified Income Plus		330,114		319,780

(B) Investments in Restricted Securities – Certain Funds may own restricted securities that have been deemed illiquid and 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, 2014, the following Funds held restricted securities:


Fund	Number of Securities		Percent of Fund’s Net Assets
Growth and Income Plus		2		0.13	%
Diversified Income Plus		3		0.57	%

The Funds have no right to require registration of unregistered securities.

(C) Investments in High-Yielding Securities – The Funds may invest in high-yielding securities. These securities will typically be in lower rated categories or will be non-rated and generally will involve more risk than securities in higher rated categories. Lower rated or unrated securities are more likely to react to developments affecting market risk and credit risk than are more highly rated securities, which react primarily to movements in the general level of interest rates.

(D) Investments in Options and Futures Contracts – The movement in the price of the security underlying an option or futures contract may not correlate perfectly with the movement in the prices of the portfolio securities being hedged. A lack of correlation could render a Fund’s hedging strategy unsuccessful and could result in a loss to the Fund. In the event that a liquid secondary market would not exist, the Fund could be prevented from entering into a closing transaction, which could result in additional losses to the Fund.

(6) SECURITY TRANSACTIONS WITH AFFILIATED FUNDS

The Funds are permitted to purchase or sell securities from or to certain other Funds 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.

(7) RELATED PARTY TRANSACTIONS

As of December 31, 2014, no related parties held shares in excess of 5% of the Funds covered in this shareholder report.

(8) SUBSEQUENT EVENTS

The Adviser of the Funds has evaluated the impact of subsequent events, and, except as already included in the Notes to Financial Statements, has determined that no additional items require disclosure.

THRIVENT MUTUAL FUNDS

FINANCIAL HIGHLIGHTS


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations								Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital
GROWTH AND INCOME PLUS FUND
Class A Shares
Year Ended 12/31/2014	$	10.38	$	0.19	$	0.01		$	0.20		$	(0.20	)	$	(0.35	)	$	—
Year Ended 12/31/2013		9.59		0.18		1.83			2.01			(0.19	)		(1.03	)		—
Year Ended 12/31/2012		8.70		0.20		0.89			1.09			(0.20	)		—			—
Year Ended 12/31/2011		9.08		0.13		(0.38	)		(0.25	)		(0.13	)		—			—
Year Ended 12/31/2010		7.98		0.13		1.12			1.25			(0.15	)		—			—
Institutional Class Shares
Year Ended 12/31/2014		10.39		0.29		(0.05	)		0.24			(0.23	)		(0.35	)		—
Year Ended 12/31/2013		9.60		0.44		1.61			2.05			(0.23	)		(1.03	)		—
Year Ended 12/31/2012		8.71		0.24		0.88			1.12			(0.23	)		—			—
Year Ended 12/31/2011		9.08		0.16		(0.37	)		(0.21	)		(0.16	)		—			—
Year Ended 12/31/2010		7.98		0.17		1.11			1.28			(0.18	)		—			—

DIVERSIFIED INCOME PLUS FUND
Class A Shares
Year Ended 12/31/2014		7.25		0.24		0.02			0.26			(0.23	)		(0.18	)		—
Year Ended 12/31/2013		6.82		0.23		0.47			0.70			(0.23	)		(0.04	)		—
Year Ended 12/31/2012		6.22		0.27		0.59			0.86			(0.26	)		—			—
Year Ended 12/31/2011		6.39		0.27		(0.15	)		0.12			(0.29	)		—			—
Year Ended 12/31/2010		5.83		0.33		0.54			0.87			(0.31	)		—			—
Institutional Class Shares
Year Ended 12/31/2014		7.19		0.26		0.02			0.28			(0.25	)		(0.18	)		—
Year Ended 12/31/2013		6.77		0.26		0.46			0.72			(0.26	)		(0.04	)		—
Year Ended 12/31/2012		6.19		0.30		0.57			0.87			(0.29	)		—			—
Year Ended 12/31/2011		6.36		0.29		(0.15	)		0.14			(0.31	)		—			—
Year Ended 12/31/2010		5.81		0.36		0.52			0.88			(0.33	)		—			—

NATURAL RESOURCES FUND^(c)
Class A Shares
Year Ended 12/31/2014		9.95		0.02		(1.86	)		(1.84	)		(0.03	)		—			—
Year Ended 12/31/2013		9.13		0.02		0.84			0.86			(0.02	)		—			(0.02	)
Year Ended 12/31/2012		9.57		0.04		(0.43	)		(0.39	)		(0.04	)		—			(0.01	)
Year Ended 12/31/2011		9.66		0.08		0.01			0.09			(0.09	)		—			(0.09	)
Year Ended 12/31/2010		7.79		0.11		1.98			2.09			(0.18	)		—			(0.04	)
Institutional Class Shares
Year Ended 12/31/2014		9.96		0.05		(1.87	)		(1.82	)		(0.06	)		—			—
Year Ended 12/31/2013		9.13		0.05		0.85			0.90			(0.05	)		—			(0.02	)
Year Ended 12/31/2012		9.57		0.07		(0.43	)		(0.36	)		(0.07	)		—			(0.01	)
Year Ended 12/31/2011		9.66		0.12		—			0.12			(0.12	)		—			(0.09	)
Year Ended 12/31/2010		7.80		0.13		1.98			2.11			(0.21	)		—			(0.04	)

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^(b)	Total investment return assumes dividend reinvestment and does not reflect any deduction for applicable sales charges. Not annualized for periods less than one year.

^(c)	Prior to October 10, 2011, Fund was the “Real Estate Securities Fund” and invested at least 80% of its net assets in issuers primarily engaged in the U.S. real estate industry.

*	All per share amounts have been rounded to the nearest cent.

**	Computed on an annualized basis for periods less than one year.

The accompanying Notes to Financial Statements are an integral part of this statement.

THRIVENT MUTUAL FUNDS

FINANCIAL HIGHLIGHTS – continued



RATIOS/SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		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


	$(0.55)	$	10.03		1.89	%	$	76.5		1.15	%		1.93	%		1.42	%		1.66	%		167	%
	(1.22)		10.38		21.08	%		49.8		1.15	%		1.69	%		1.50	%		1.34	%		162	%
	(0.20)		9.59		12.60	%		25.6		1.15	%		2.18	%		1.47	%		1.86	%		164	%
	(0.13)		8.70		(2.79	)%		21.0		1.15	%		1.47	%		1.47	%		1.15	%		193	%
	(0.15)		9.08		15.83	%		11.7		1.16	%		1.90	%		1.76	%		1.29	%		360	%

	(0.58)		10.05		2.34	%		1.8		0.80	%		2.24	%		1.12	%		1.92	%		167	%
	(1.26)		10.39		21.56	%		2.3		0.80	%		2.02	%		0.92	%		1.90	%		162	%
	(0.23)		9.60		12.97	%		35.3		0.80	%		2.52	%		0.94	%		2.38	%		164	%
	(0.16)		8.71		(2.35	)%		30.6		0.80	%		1.80	%		0.94	%		1.66	%		193	%
	(0.18)		9.08		16.23	%		29.9		0.81	%		2.09	%		1.19	%		1.70	%		360	%



	(0.41)		7.10		3.54	%		581.7		0.98	%		3.33	%		0.98	%		3.33	%		137	%
	(0.27)		7.25		10.40	%		459.1		1.00	%		3.34	%		1.00	%		3.34	%		155	%
	(0.26)		6.82		14.08	%		290.7		0.99	%		4.14	%		1.03	%		4.10	%		153	%
	(0.29)		6.22		1.78	%		200.5		0.97	%		4.29	%		1.06	%		4.20	%		126	%
	(0.31)		6.39		15.24	%		171.5		1.12	%		5.62	%		1.12	%		5.61	%		112	%

	(0.43)		7.04		3.90	%		116.2		0.69	%		3.60	%		0.69	%		3.60	%		137	%
	(0.30)		7.19		10.70	%		107.5		0.70	%		3.66	%		0.70	%		3.66	%		155	%
	(0.29)		6.77		14.23	%		54.2		0.72	%		4.47	%		0.72	%		4.47	%		153	%
	(0.31)		6.19		2.18	%		17.4		0.74	%		4.53	%		0.74	%		4.52	%		126	%
	(0.33)		6.36		15.57	%		7.7		0.76	%		5.92	%		0.77	%		5.92	%		112	%



	(0.03)		8.08		(18.47	)%		15.7		1.30	%		0.19	%		1.83	%		(0.34	)%		58	%
	(0.04)		9.95		9.43	%		15.8		1.30	%		0.22	%		1.81	%		(0.28	)%		36	%
	(0.05)		9.13		(4.05	)%		14.9		1.30	%		0.46	%		1.77	%		(0.01	)%		30	%
	(0.18)		9.57		0.85	%		15.4		1.30	%		0.77	%		1.70	%		0.37	%		92	%
	(0.22)		9.66		27.15	%		14.8		1.29	%		1.17	%		1.81	%		0.66	%		18	%

	(0.06)		8.08		(18.25	)%		70.6		0.96	%		0.52	%		0.96	%		0.52	%		58	%
	(0.07)		9.96		9.89	%		86.6		0.97	%		0.56	%		0.97	%		0.56	%		36	%
	(0.08)		9.13		(3.71	)%		79.1		0.97	%		0.78	%		0.97	%		0.78	%		30	%
	(0.21)		9.57		1.21	%		96.8		0.94	%		1.15	%		0.94	%		1.15	%		92	%
	(0.25)		9.66		27.38	%		95.4		0.97	%		1.47	%		0.97	%		1.47	%		18	%

The accompanying Notes to Financial Statements are an integral part of this statement.

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 2015.

The funds designate the percentage of dividends declared from net investment income as dividends qualifying for the 70% dividends received deduction for corporations and the percentage as qualified dividend income for individuals under the Jobs and Growth Tax Relief Reconciliation Act of 2003 as follows:


Fund	Dividends Received Deduction for Corporations			Qualified Dividend Income for Individuals
Growth and Income Plus		21	%		54	%
Diversified Income Plus		11	%		19	%
Natural Resources		100	%		100	%

Pursuant to IRC 852(b)(3) of the Internal Revenue Code, the Funds hereby designate the following amounts as long-term capital gains distributed during the year ended December 31, 2014, or if subsequently determined to be different, the net capital gain of such year:


Fund	Distributions of Long-Term Capital Gains
Growth and Income Plus	$	1,664,046
Diversified Income Plus	$	11,065,768

These amounts may include earnings and profits distributed to shareholders on the redemption of shares as part of the dividend paid deduction.

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 1-800-847-4836. You also may review the Statement of Additional Information or the report of how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 at Thrivent.com or www.sec.gov.

Quarterly Schedule of Portfolio Holdings

The Trust files its Schedule of Portfolio Holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. You may request a free copy of the Trust’s Forms N-Q by calling 1-800-847-4836. The Trust’s most recent Form N-Q Schedule of Investments also is at Thrivent.com or www.sec.gov. You also may review and copy the Forms N-Q for the Trust at the SEC’s Public Reference Room in Washington, DC. You may get information about the operation of the Public Reference Room by calling 1-800-SEC-0330.

Board Approval of Advisory Agreement and Subadvisory Agreements

Both the Investment Company Act of 1940 (the “Investment Company Act”) and the terms of the Advisory and Subadvisory Agreements of the Thrivent Mutual Funds (the “Trust”) require that these agreements be approved annually by the Board of Trustees (the “Board”), including a majority of the Trustees who are not “interested persons” of the Trust, as defined in the Investment Company Act (the “Independent Trustees”). The nine-member Board consists of eight Independent Trustees, including the Chairman.

ADDITIONAL INFORMATION

(unaudited)

At its meeting on October 28-29, 2014, the Board voted unanimously to renew the existing Advisory Agreement between the Trust and Thrivent Asset Management, LLC (the “Adviser”) for each series (each, a “Fund”) of the Trust. The Board also unanimously approved the Subadvisory Agreements for each of the Funds for which there is an investment subadviser (each a “Subadviser”). The Adviser and Subadvisers are referred to, collectively, as the “Advisory Organizations.” In connection with its evaluation of the agreements with the Advisory Organizations, the Board reviewed a broad range of information requested for this purpose and considered a variety of factors, including the following:

The nature, extent, and quality of the services provided by the Advisory Organizations;

The performance of the Funds;

The advisory fee and net operating expense ratio of each Fund compared to a peer group;

The cost of services provided and profit realized by the Adviser;

The extent to which economies of scale may be realized as the Funds grow;

Whether fee levels reflect these economies of scale for the benefit of the Funds’ shareholders;

Other benefits realized by the Adviser and its affiliates from their relationship with the Trust; and

Any other factors that the Board deemed relevant to its consideration.

In connection with the renewal process, the Contracts Committee of the Board (consisting of all of the Independent Trustees) met on six occasions from February 25 to October 28, 2014 to consider information relevant to the renewal process. 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 a peer group of comparable funds; portfolio turnover percentages; information with respect to services provided to the Funds and fees charged, including effective advisory fees that take into account breakpoints and fee waivers by the Adviser; asset and flow trends for the Funds; the cost of services and profit realized by the Adviser and its affiliates that provide services to the Funds; and information regarding the types of services furnished to the Funds. The Board received information from the investment management staff of the Adviser regarding the personnel providing services to the Funds, as well as changes in staff and systems and compliance enhancements. The Board also received periodic 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 contract renewal process, the Board also considered information obtained from management throughout the course of the year.

The Independent Trustees were represented by independent counsel throughout the review process and during executive sessions without management present to consider reapproval of the agreements. 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. 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 and, as appropriate, the Subadvisers. During these meetings, management reported on the investment management, portfolio trading and compliance services provided to the Funds under the Advisory and Subadvisory Agreements. During the renewal process, the Board considered the specific services provided under the Advisory Agreement. The Board also considered information relating to the investment experience and qualifications of the Adviser’s portfolio managers and those of the Subadvisers.

The Board received reports at each of its quarterly meetings from the Adviser’s Head of Equity Investments and Head of Fixed Income Funds, as supplemented by the Adviser’s Chief Investment Officer, who was also present at all of the meetings. At each quarterly meeting, the Head of Equity Investments and Head of Fixed Income Funds presented information about each of the Funds. These reports and presentations gave the Board the opportunity to evaluate the portfolio managers’ abilities and the quality of services they provide to the Funds. The Adviser also reviewed with the Board the services provided by the Subadvisers. Information was also presented to the Board describing the portfolio compliance functions performed by the Adviser. The Independent Trustees also met in-person with and received quarterly reports from the Trust’s Chief Compliance Officer.

ADDITIONAL INFORMATION

(unaudited)

The Board considered the depth and quality of the Adviser’s oversight of the Subadvisers to the Trust. In addition, the Board noted the broad functions that the Adviser performed in support of the subadvised Funds, including, among other things, management of portfolio cash, subadviser expense management and payment and performance monitoring. The Board noted that investment management staff of the Adviser and the Trust’s Chief Compliance Officer conduct in-person oversight visits of each Subadviser, report the results of the visit to the Board and then follow through with additional inquiry on any questions or concerns that arise during the visit. The Board also noted that, as part of its oversight practice, the Adviser requires the Subadvisers to respond to a variety of compliance checklists and certifications to ensure their ongoing compliance with a subadvised Fund’s investment parameters. The Board noted that the Adviser requires the Subadvisers to complete an annual questionnaire addressing a range of compliance topics. In addition, the Board noted that the Adviser has dedicated personnel responsible for daily monitoring of the Subadvisers’ activities pertaining to the subadvised Funds.

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 the Funds, and explained similarities and differences for how it oversees the Adviser’s teams and the teams of the Subadvisers. In addition, the Adviser explained how its investments in technology and personnel have benefitted the Funds and discussed continued investments in these resources. The Adviser also discussed how it has continued to strengthen its compliance program. The Adviser reviewed with the Board its process for selecting and overseeing the Subadvisers, including the results of on-site compliance due diligence visits. 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 Subadvisers supported renewal of the Advisory Agreement and Subadvisory Agreements.

Performance of the Funds

In connection with each of its regular quarterly meetings, the Board received information on the performance of each Fund, including net performance, relative performance rankings within each Fund’s Lipper peer group, Morningstar ratings, and performance as compared to benchmark index returns. At each quarterly Board meeting, the Head of Equity Investments and Head of Fixed Income Funds reviewed with the Board the economic and market environment, risk management, and style consistency in connection with management of the Funds. The Board considered investment performance for each Fund, to the extent applicable, over the one-, two-, 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. Although the Board conducted its review on a Fund-by-Fund basis, it noted that, for the three-year period ended June 30, 2014, the average ranking of the Class A Funds against their Lipper categories was 55% (on a scale of 1-99%, with 1% being the best). The Board noted that, for the three-year period ended June 30, 2014, the average ranking of the Institutional Class Funds against their Lipper categories was 48% (on a scale of 1-99%, with 1% being the best).

The Board noted that certain Funds did not fit well within a Lipper peer group because of differences between the principal investment strategies of these Funds and funds included in their respective Lipper peer group. In such cases, the Adviser provided additional information regarding these Funds’ performance compared to a customized benchmark that the Adviser believed better represented the investment strategies of such Funds. The Board received from the Adviser additional information about certain Funds which had faced performance challenges, and how the Adviser was addressing such challenges. The Board concluded that the performance of each individual Fund was either satisfactory or that the Adviser had taken appropriate actions in an effort to improve performance.

Advisory Fees and Fund Expenses

The Board reviewed information prepared by MPI comparing each Fund’s advisory fee with the advisory fee of its peer group. The Board considered both the contractual and effective advisory fees for each of the Funds. The Board noted that the majority of the Funds’ advisory fees were at or below the medians of their peer groups, with many in the lowest (i.e., least expensive) quartile. Although the Board conducted its review on a Fund-by-Fund basis, it noted that the average ranking of the Class A Funds’ advisory fees was 30% and the average ranking of the Institutional Class Funds’ fees was 32% (on a scale of 1-99%, with 1% being the lowest fee). The Board viewed favorably the Adviser’s proposal to continue or extend fee waivers for certain Funds and considered the effect of the waivers in lowering the Funds’ expenses.

ADDITIONAL INFORMATION

(unaudited)

On the basis of its review, the Board concluded that the advisory fees charged to the Funds for investment management services were reasonable.

The Board also reviewed information prepared by MPI comparing each Fund’s overall expense ratio with the expense ratio of its peer group. The Board conducted its review on a Fund-by-Fund basis and noted that all but two of the Funds had better total net expense ratios than their peer group medians. The Board further noted that the Class A Funds had an average ranking of 35% while the Institutional Class Funds had an average ranking of 24% (on a scale of 1-99%, with 1% being the lowest expenses).

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 (i.e., Business Risk Management) of the Adviser conducted a review of such allocations and a department representative reported to the Board his views regarding the reasonableness and consistency of these allocations. 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 Subadvisers under the Subadvisory Agreements, the Board did not consider profitability information with respect to the Subadvisers, which are not affiliated with the Adviser. The Board considered that those contracts had been negotiated on an arm’s-length basis between the Adviser and each Subadviser, and that each Subadviser’s separate profitability from its relationship with the Funds was not a material factor in determining whether to renew the Subadvisory Agreements.

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 fee rates, 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 by the Adviser, and/or a lower overall fee rate. The Board viewed favorably that the Adviser would be implementing additional breakpoints for certain Funds effective January 1, 2015.

Other Benefits to the Adviser and its 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, reputational benefits in the investment advisory community and the engagement of affiliates as service providers to the Funds. 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 other potential benefits to the Adviser and its affiliates derived from its relationship with the Trust, including, among other things, research received by the Adviser generated from commission dollars spent on the Funds’ portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the costs relative to the services performed. The Board considered the Adviser’s brokerage reports and representations that it evaluates any soft-dollar arrangements for compliance with applicable requirements, particularly with respect to the safe harbor contained in Section 28(e) of the Securities Exchange Act of 1934, and for compliance with the Adviser’s duty to seek best execution.

Based on the factors discussed above, the Contracts Committee unanimously recommended approval of the Advisory Agreement and the Subadvisory Agreements, and the Board, including all of the Independent Trustees voting separately, approved each of the agreements.

BOARDOF TRUSTEESAND OFFICERS

The following table provides information about the Trustees and Officers of the Trust. Each Trustee oversees each of the 26 series of the Trust and also serves as:

•

Director of Thrivent Series Fund, Inc., a registered investment company consisting of 33 portfolios that serve as underlying funds for variable contracts issued by Thrivent Financial for Lutherans (“Thrivent Financial”) and Thrivent Life Insurance Company and investment options in the retirement plan offered by Thrivent Financial, and

•

Trustee of Thrivent Cash Management Trust, a registered investment company consisting of one portfolio that serves as a cash collateral fund for the securities lending program sponsored by Thrivent Financial.

The 26 series of the Trust, the 33 portfolios of Thrivent Series Fund, Inc. and Thrivent Cash Management Trust are referred to herein as the “Fund Complex.” The Statement of Additional Information includes additional information about the Trustees and is available, without charge, by calling 1-800-847-4836.

Interested Trustee ^(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

Russell W. Swansen

(1957)

2008

Senior Vice President and Chief Investment Officer, Thrivent Financial since 2003.

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		Independent Trustee of North American Electric Reliability Corporation (self-regulatory organization) since 2008.

Richard L. Gady (1943) 1987		Retired.

Richard A. Hauser (1943) 2004		Vice President and Assistant General Counsel, The Boeing Company since 2007.

Marc S. Joseph (1960) 2011		Managing Director of Granite Ridge LLP (consulting and advisory firm) since 2009; Managing Director of Triangle Crest (private investing and consulting firm) since 2004.

Paul R. Laubscher (1956) 2009		Portfolio Manager for U.S. private real estate portfolios of IBM Retirement Funds.

James A. Nussle (1960) 2011		President and Chief Executive Officer of Credit Union National Association since September 2014; President and Chief Operating Officer of Growth Energy (trade association) from 2010 through August 2014; Advisory Board member of AVISTA Capital Partners (private equity firm) since 2010; Contributor on CNBC (media) since 2010; CEO of The Nussle Group LLC (consulting firm) since 2009.

Douglas D. Sims (1946) 2006		Currently, Director of Keystone Science School. Previously, Director of the Center for Corporate Excellence.

Constance L. Souders (1950) 2007		Retired.

BOARDOF TRUSTEESAND OFFICERS

Executive Officers ⁽⁴⁾


Name (Year of Birth) Position Held With Thrivent		Principal Occupation(s) During the Past Five Years
Russell W. Swansen (1957) President		Senior Vice President and Chief Investment Officer, Thrivent Financial since 2003.

David S. Royal (1971) Secretary and Chief Legal Officer		Vice President, Deputy General Counsel since 2006; Interim Investment Company and Investment Adviser Chief Compliance Officer from May 2010 until December 2010.

Gerard V. Vaillancourt (1967) Treasurer and Principal Accounting Officer		Vice President, Mutual Fund Accounting since 2006.

Ted S. Dryden (1965) Chief Compliance Officer		Investment Company and Investment Adviser Chief Compliance Officer, Thrivent Financial since December 2010; Chief Compliance Officer, OptumHealth Financial Services from 2009 to 2010; Vice President, Asset Management Compliance, Ameriprise Financial from 2006 to 2009.

Janice M. Guimond (1965) Vice President		Vice President, Investment Operations, Thrivent Financial since 2004.

Kathleen M. Koelling (1977) Anti-Money Laundering Officer ⁽⁶⁾		Privacy and Anti-Money Laundering Officer, Thrivent Financial since 2011; Senior Counsel, Thrivent Financial since 2002.

Mark D. Anema (1961) Vice President		Vice President, New Product Management and Development, Thrivent Financial since 2007.

Karen L. Larson (1965) Assistant Vice President		Vice President, Member and Field Support Services, Thrivent Financial since 2010; Vice President, Thrivent Brokerage Managed Accounts from 2009 to 2010.

Michael W. Kremenak (1978) Assistant Secretary		Senior Counsel, Thrivent Financial since January 2013; Vice President and Assistant General Counsel at Nuveen Investments 2011 until 2013; Attorney at FAF Advisors 2009 to 2010; Associate at Skadden, Arps, Slate, Meagher & Flom 2005 to 2009.

James M. Odland (1955) Assistant Secretary		Vice President and Managing Counsel, Thrivent Financial since 2005.

Todd J. Kelly (1969) Assistant Treasurer ⁽⁶⁾		Director, Fund Accounting Operations, Thrivent Financial since 2002.

Sarah L. Bergstrom (1977) Assistant Treasurer		Director, Fund Accounting Administration, Thrivent Financial since 2007.

(1)	“Interested Trustee” of the Fund as defined in the Investment Company Act of 1940 by virtue of positions with Thrivent Financial. Mr. Swansen is considered an interested trustee because of his principal occupation with Thrivent Financial.

(2)	Each Trustee generally serves an indefinite term until her or his successor is duly elected and qualified. Trustees serve at the discretion of the board until their successors are duly appointed and qualified.

(3)	Each Trustee oversees 60 portfolios.

(4)	The address for each Trustee and Officer unless otherwise noted is 625 Fourth Avenue South, Minneapolis, MN 55415

(5)	The Trustees other than Mr. Swansen are not “interested trustees” of the Fund and are referred to as “Independent Trustees.”

(6)	The address for this Officer is 4321 North Ballard Road, Appleton, Wl 54913

LOGO

Item 1.

Report to Stockholders

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 Constance L. Souders, an independent trustee, is the Audit Committee Financial Expert.

Item 4.

Principal Accountant Fees and Services

(a) through (d)

Thrivent Natural Resources Fund, Thrivent Growth and Income Plus Fund, and Thrivent Diversified Income Plus 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 26 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, 2014 and December 31, 2013 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	12/31/13		12/31/14
Audit Fees	$	29,185	$	40,489
Audit-Related Fees⁽¹⁾	$	297	$	0
Tax Fees⁽²⁾	$	23,995	$	17,174
All Other Fees⁽³⁾	$	0	$	0

Total	$	53,477	$	57,663

⁽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.

⁽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 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, 2013 and October 31, 2014 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	10/31/13		10/31/14
Audit Fees	$	357,151	$	371,291
Audit-Related Fees⁽¹⁾	$	3,621	$	0
Tax Fees⁽²⁾	$	113,967	$	119,953
All Other Fees⁽³⁾	$	0	$	0

Total	$	474,739	$	491,244

⁽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.

(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, 2014 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.


Fiscal Year Ended	10/31/13		12/31/13		10/31/14		12/31/14
Registrant⁽¹⁾	$	0	$	0	$	0	$	0
Adviser	$	1,800	$	1,800	$	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.

Schedule of 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.

Item 11.

Controls and Procedures

(a)(i) Registrant’s President and Treasurer 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.

(a)(ii) Registrant’s President and Treasurer are aware of no change 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 registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, registrant’s internal control over financial reporting.

Item 12.

Exhibits

(a) The code of ethics pursuant to Item 2 is attached hereto.

(b) Certifications pursuant to Rules 30a-2(a) and 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

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


Date: February 26, 2015		THRIVENT MUTUAL FUNDS



		By:
				/s/ David S. Royal
				David S. Royal
				President

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 26, 2015	By:
		/s/ David S. Royal
		David S. Royal
		President


Date: February 26, 2015	By:
		/s/ Gerard V. Vaillancourt
		Gerard V. Vaillancourt
		Treasurer

Thrivent Mid Cap Stock Fund Class S (TMSIX) N-CSRCertified annual shareholder report (management investment company)