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, 2015

Item 1.

Report to Stockholders

LOGO

TABLEOF CONTENTS


Letter from the President			2

Letter from the Chief Investment Officer			4

Portfolio Perspectives

Thrivent Growth and Income Plus Fund			6
Thrivent Diversified Income Plus Fund			8

Shareholder Expense Example			10

Report of Independent Registered Public Accounting Firm			11

Summary Schedules of Investments

Thrivent Growth and Income Plus Fund			12
Thrivent Diversified Income Plus Fund			18

Statement of Assets and Liabilities			26

Statement of Operations			27

Statement of Changes in Net Assets			28

Notes to Financial Statements			29

Financial Highlights			40

Additional Information			42

Board of Trustees and Officers			47

Dear Shareholder:

It has been a productive year for your Thrivent Mutual Funds.

Before reviewing some of the accomplishments, I’d like to thank all of you who voted in our trustee elections. Our shareholder meeting was held August 14 at our offices in Minneapolis, and a few of you attended in person. It was a delight to speak face-to-face and hear your thoughts about your Funds and Thrivent Financial.

I know it can be an imposition to receive a proxy statement in the mail asking you to vote your shares. I also understand that most of you would prefer not to be called at home by someone asking you to vote. We appreciate it when you take the time to participate in the governance of your Thrivent Mutual Funds. When you vote promptly, you reduce the need for us to do additional soliciting of voters to achieve a legally required quorum, which helps hold down the costs of your Funds.

Beyond all that, your participation in these votes is critical to the management of the Funds. Unlike many other companies, mutual funds aren’t required to elect directors or trustees annually. (Some mutual funds are corporations and have directors. Some, like Thrivent Mutual Funds, are trusts and have trustees. There’s no practical difference from a shareholder’s perspective.) But mutual funds are legally required to have a majority of their trustees elected by shareholders. Although your board can appoint some new trustees as needed—to replace a trustee who is retiring, for example—every so often it must call a shareholder meeting to elect trustees, simply to comply with the law.

Because mailing proxy materials and holding shareholder meetings creates costs for your Funds, and because we’d rather not impose on you more frequently than necessary, we always try to combine trustee elections with other items that require a shareholder vote. At our shareholder meeting in August, shareholders approved changes to the investment advisory fee structure for our flagship Asset Allocation Funds. We’ve heard from you, our shareholders, that you prefer simple, transparent fees, and that’s what these changes are intended to accomplish. They also are expected to result in lower net annual operating expenses for the Asset Allocation Funds, which would benefit all of their shareholders.

In my last president’s letter, I wrote about the 10-year anniversary of the Asset Allocation Funds, which were launched on June 30, 2005. We continue to be proud of these Funds, which we believe offer a simple, all-in-one investment solution for many investors, one that is aligned with each investor’s tolerance for risk.

The performance of the Asset Allocation Funds has been competitive. Lipper, a Thomson Reuters company, is a well-known firm that tracks and compares mutual fund performance. Each of our four Asset Allocation Funds ranked above its Lipper peer group average for the one- and three-year periods ended December 31, 2015. Overall, 86% of our Funds ranked above their respective Lipper peer group averages for the one-year period, and 68% ranked above their respective Lipper peer group averages for the three-year period.

There will be periods, of course, in which our Funds, including the Asset Allocation Funds, underperform relative to their peers. You can be certain, however, that we will always take a long-term view of performance and seek to provide consistently competitive returns over time. I look forward to updating you on our progress.

Many thanks to each of you for your confidence in Thrivent Mutual Funds. Best wishes to you and yours in 2016.

Sincerely,

LOGO

David S. Royal

President

Thrivent Mutual Funds


Performance as of December 31, 2015 Class A (Annualized Total Returns)	1-Year						3-Year						5-Year						10-Year						Expense Ratio
	POP			NAV			POP			NAV			POP			NAV			POP			NAV			NET			GROSS
Thrivent Aggressive Allocation Fund		-6.31	%		-0.86	%		7.90	%		9.97	%		6.18	%		7.38	%		4.81	%		5.41	%		1.26	%*		1.53	%
Thrivent Moderately Aggressive Allocation Fund		-6.46	%		-0.98	%		6.23	%		8.26	%		5.49	%		6.68	%		4.65	%		5.24	%		1.16	%*		1.44	%
Thrivent Moderate Allocation Fund		-6.29	%		-0.87	%		4.40	%		6.39	%		4.58	%		5.77	%		4.46	%		5.05	%		1.08	%*		1.32	%
Thrivent Moderately Conservative Allocation Fund		-6.39	%		-0.95	%		2.35	%		4.29	%		3.25	%		4.42	%		3.91	%		4.50	%		1.04	%*		1.21	%


Lipper Rankings as of December 31, 2015	1-Year	3-Year	5-Year	10-Year
Thrivent Aggressive Allocation Fund - Lipper (Mixed-Asset Target Alloc. Agg. Gro. Funds)	29 (49 of 171)	34 (53 of 156)	49 (60 of 122)	24 (21 of 88)
Thrivent Moderately Aggressive Allocation Fund - Lipper (Mixed-Asset Target Alloc. Growth Funds)	43 (210 of 495)	43 (197 of 461)	56 (227 of 408)	50 (152 of 307)
Thrivent Moderate Allocation Fund - Lipper (Mixed-Asset Target Alloc. Moderate Funds)	27 (151 of 569)	33 (170 of 516)	42 (181 of 438)	40 (128 of 319)
Thrivent Moderately Conservative Allocation Fund - Lipper (Mixed-Asset Target Alloc. Consv. Funds)	32 (112 of 360)	22 (69 of 326)	44 (117 of 269)	36 (66 of 185)

POP=Public Offering Price, which includes 5.5% max sales charge. NAV=Net Asset Value, no sales charge.

*	The Adviser has contractually agreed, for as long as the current fee structure is in place, to waive certain investment advisory fees associated with the Fund. Refer to the expense table in the Fund’s prospectus.

All rankings are based on total return and do not reflect sales charges. The lower the Lipper percentile ranking, the better the fund performance against its peers. Source for ranking is Lipper Inc. After analyzing each fund’s holdings and prospectus objectives, Lipper assigns the fund to a category or peer group called a Lipper classification. Once total return data has been calculated, Lipper ranks the relative performance of all funds in a particular classification against their respective peer group constituents, and then calculates percentile rankings based on those numerical rankings.

Performance data cited represents past performance and should not be viewed as an indication of future results. Investment return and principal value of the investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. Call 800-847-4836 or visit Thrivent- Funds.com for performance results current to the most recent month-end.

Risks: The Asset Allocation Funds invest in other Thrivent Mutual Funds and in directly held equity and debt instruments. Each Fund is subject to its own fees and expenses and the expenses of the other funds in which it invests, and is subject to all of the risks of the other funds in which it invests. The value of each Fund is influenced by factors impacting the overall market, certain asset classes, certain investment styles, and specific issuers. Each Fund may incur losses due to incorrect assessments of investments by its investment adviser. Foreign investments involve addition-al risks, including currency fluctuations, liquidity, political, economic and market instability, and different legal and accounting standards. 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. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave each Fund in a worse position than if it had not used these instruments.

Investing in a mutual fund involves risks, including the possible loss of principal. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the fund, which investors should read and consider carefully before investing. Prospectuses are available from a Thrivent Financial representative or at ThriventFunds.com.

Dear Shareholder:

Financial markets delivered mixed results in 2015, pressured by slowing economic growth in China and plunging oil prices. The investment outlook is generally positive, although many of the issues that weighed on markets in 2015 could temper returns again in 2016.

Economic Review

The U.S. economy continued its slow but persistent recovery in 2015, expanding at a 2.2% average annual pace through the first three quarters of the year. Gains from strong consumer spending and a vibrant housing market were offset in part by sluggish business spending and exports. The job market improved. Employers created more than 2.6 million nonfarm jobs, and the unemployment rate fell to 5.0% from 5.7%.

Inflation and interest rates remained low, although the Federal Reserve, after holding short-term interest rates near 0% for seven years to help the economy, raised them by a quarter of a percentage point in December.

China grew 7% year-over-year in the first two quarters of the year, then 6.9% in the third. That far exceeded growth rates in the developed world—the euro area grew 0.3% in the third quarter, while Japan contracted 0.8%—but it was still the slowest rate of growth for China since the 2008 financial crisis. Investors worried this slowdown could derail other economies; they also blamed it for reducing demand for oil and other commodities that China had been consuming at a prodigious rate when it was growing faster. Crude oil prices fell to about $37 a barrel by year-end from above $100 in 2014.

Market Review

Judging strictly by market averages, U.S. stocks had an unremarkable year. The S&P 500 Index fell 14.97 points, or 0.7%, its first price decline since 2011, but still posted a positive total return of 1.38% after factoring in reinvested dividends. However, these numbers don’t reflect how volatile the stock market became as the year wore on, highlighted by an 11% plunge in the S&P 500 Index in August after China devalued its currency. Energy stocks were among the index’s worst performers, down nearly 24% in price, while consumer discretionary stocks rose 8.4%.

Japan’s Nikkei Stock Average rose 10.63% on a price basis, as Japan’s central bank bought financial assets to prop up the economy. In Europe, the Euro Stoxx 50 Index of blue chip stocks posted a total return of -4.47%, although that loss, reflecting returns to dollar-based investors, was largely due to declines in the value of the euro against the dollar. In euro terms, the index actually earned 6.42%. The MSCI Emerging Markets Index lost -14.92%.

Like stocks, bonds delivered mixed results, with lower-risk and intermediate-term assets generally performing best. The Barclays U.S. Aggregate Bond Index, dominated by U.S. Treasury bonds and other government-backed securities, earned 0.55%, and the Barclays Municipal Bond Index earned 3.3%. The Barclays U.S. Corporate High Yield Bond Index, home to many below-investment-grade energy bonds, lost 4.47%.

Our Outlook

The U.S. economy looks poised to continue growing in the 2% range in 2016. We anticipate growth of about 1% for Japan, 2% for the euro area, 3% for the U.K., and 6% for China.

The Fed likely will continue to nudge short-term interest rates higher, albeit at a modest pace with minimal disruptions to financial markets. Inflation could edge slightly higher if, as expected, oil prices begin to stabilize.

Overall, we anticipate modestly positive returns from financial assets, absent any material worsening in China’s economy or further weakness in oil prices. European stocks have an opportunity to outperform U.S. shares. Both were expensive heading into 2016, but corporate profit margins had more room to grow in Europe. Emerging market stocks are cheaper than stocks in developed economies, but look riskier pending improvements in commodities prices.

Select sectors of the bond market appear promising—despite the prospect of higher short-term interest rates—including investment-grade corporate bonds and municipal bonds. High-yield bonds will likely remain depressed until the oil market shows signs of stabilizing.

If you are concerned about the investment outlook, we encourage you to contact your Thrivent Financial representative. He or she can help keep your portfolio aligned with your goals and tolerance for risk. Meanwhile, thank you for the trust you have placed in our entire team of professionals at Thrivent Asset Management.

Sincerely,

LOGO

Russell W. Swansen

Chief Investment Officer

Thrivent Mutual Funds

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THRIVENT GROWTHAND INCOME PLUS FUND

Stephen D. Lowe, CFA, Darren M. Bagwell, CFA, Mark L. Simenstad, CFA, Noah J. Monson, CFA, Reginald L. Pfeifer, CFA, Portfolio Co-Managers

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

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, REITs, 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. An ETF is subject to additional fees and expenses, tracking error, and the risks of the underlying investments that it holds. The use of derivatives (such as futures and swaps) involves additional risks and transaction costs, which could leave the Fund in a worse position than if it had not used these instruments.

How did the Fund perform during the 12-month period ended December 31, 2015?

Thrivent Growth and Income Plus Fund earned a return of -1.03%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Growth category, of -1.25%. The Fund’s market benchmarks, the MSCI World Index-USD Net Returns, the Barclays U.S. High Yield Loan Index and the Barclays U.S. Mortgage-Backed Securities Index, earned returns of -0.87%, -0.82% and 1.51%, respectively.

What factors affected the Fund’s performance?

The investment climate became increasingly risk-averse as the year wore on amid concerns about slowing economic growth in China, a steep slide in oil prices, and the prospect of higher short-term interest rates in the U.S. The Fund, which allocates about 70% of its assets to equities and 30% to fixed-income securities, generated modestly positive returns before expenses from both groups.

The equity portion of the Fund was invested in three sectors: international equities, domestic equities and real estate investment trusts (REITs). In all three, the Fund outperformed industry benchmarks. International holdings benefited from a focus on low-volatility stocks of companies with consistent earnings, solid free cash flow, and low debt. Domestic stock holdings benefited from strong security selection, with technology and health care stocks posting the largest absolute and relative returns. REITs also benefited from strong security selection, with data centers, multi-family apartments and self-storage REITs among the sector’s best performers.

Fixed-income markets were driven primarily by two factors in 2015: expectations that the Fed would raise short-term interest rates, which it did by a quarter of a percentage point in December; and the slump in oil prices. The Fed’s move constrained returns at the short end of the yield curve, while the slide in oil prices, which was linked to concerns about China’s economic stamina, pressured returns for below-investment-grade credits, particularly among energy issues in the high-yield sector.

By contrast, the Fund’s high-yield holdings generated modestly positive returns (before Fund expenses), largely by virtue of being concentrated in the sector’s higher-rated bonds. Elsewhere, the Fund’s securitized assets outperformed their benchmark due both to favorable security selection and a material allocation to nonagency mortgage-backed securities, which substantially outperformed the agency mortgage-backed securities that dominate the sector’s benchmark.

The Fund underperformed its benchmarks for investment-grade corporate bonds, leveraged loans and emerging-market bonds. Performance in the loan sector lagged due to an overweighted position in poor-performing energy, mining and metals issues. Returns on investment-grade corporate bonds lagged due to being underweighted in the banking industry, which did relatively well, and overweighted in BBB-rated securities, which did not. In emerging markets, the Fund suffered from having little exposure to Ukraine and Russia, both of which performed well after hostilities between those two countries eased.

What is your outlook?

Stocks in most developed economies were expensive as 2015 drew to a close. European shares could outperform U.S. shares in 2016 as corporate profit margins have more room to grow in Europe. Emerging market stocks are cheaper than stocks in developed markets, but still riskier pending improvements in commodities prices. REITs look reasonably attractive, not only because they are generating strong funds from operations but also because they will become their own investment sector in 2016 under the Global Industry Classification Standard, which could broaden their appeal to institutional investors.

While no single sector of the fixed-income markets stands out as dramatically undervalued, the Fund’s broad diversification provides a range of opportunities for profits in some sectors to offset losses in others. For example, floating-rate leveraged loans hold their value better than fixed-rate bonds when interest rates are rising, and returns on securitized assets are driven by different factors than those impacting the high-yield sector. Half the Fund’s fixed-income assets are invested in leveraged bank loans, high-yield bonds and emerging market bonds, all of which will be sensitive to commodities price trends.

Overall, we expect modestly positive returns from financial assets in 2016, with risk greater to the downside than the upside—especially if China’s slowing growth weighs on other economies, or if commodities prices fail to improve.

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 Returns¹

As of December 31, 2015


Class A²	1-Year		5 Years		From Inception 2/29/2008
without sales charge		-1.03%		5.97%		3.27%
with sales charge		-6.44%		4.78%		2.53%

Institutional Class³	1-Year		5 Years		From Inception 2/29/2008
Net Asset Value		-0.77%		6.37%		3.64%

LOGO

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 ThriventFunds.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 (847-4836) or visit ThriventFunds.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. Effective February 1, 2016, Institutional Class shares were renamed Class S shares.

(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.

Effective February 28, 2015, the Russell Developed^® Index was replaced with the MSCI World Index—USD Net Returns. The Adviser made this benchmark change because it believes that this Index is a more appropriate benchmark for the Fund. Thus the Russell Developed^® Index will not be shown in shareholder reports of the Fund for fiscal periods ended December 31, 2016. As you compare performance, please note that the Fund’s performance reflects the maximum 5.5% sales charge, while the Indexes shown 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 MSCI World Index—USD Net Returns is an index that represents large and mid-cap stock performance across developed market countries throughout the world. 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, Stephen D. Lowe, CFA, Darren M. Bagwell, CFA, Noah J. Monsen, CFA, Reginald L. Pfeifer, CFA, Portfolio Co-Managers

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

How did the Fund perform during the 12-month period ended December 31, 2015?

Thrivent Diversified Income Plus Fund earned a return of -0.62%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Conservative category, of -1.56%. The Fund’s market benchmarks, the MSCI World Index-USD Net Returns, the Barclays U.S. High Yield Loan Index and the Barclays U.S. Mortgage-Backed Securities Index, earned returns of -0.87%, -0.82% and 1.51%, respectively.

What factors affected the Fund’s performance?

The investing climate became increasingly risk-averse over the year as investors focused on slowing economic growth in China and plunging oil prices. Investors also were weighing the prospect of higher short-term interest rates, which became a reality in December when the Federal Reserve raised short-term rates a quarter of a percentage point. That pressured bond returns at the short end of the yield curve. Meanwhile, the slide in oil prices, which was linked to concerns about China’s economic stamina, pressured returns for below-investment-grade credits, particularly among energy issues in the high-yield sector.

The Fund allocates about 70% of its assets to fixed-income securities and 30% to equities, and in 2015 generated modestly positive returns, before expenses, from both groups.

The Fund’s high-yield bonds outperformed their benchmark, generating modestly positive returns (before Fund expenses), largely by virtue of being concentrated in higher-rated securities within that sector. The Fund’s securitized assets—mainly mortgage-backed securities—also outperformed their benchmark and generated positive returns. This was due both to favorable security selection and a material allocation to nonagency mortgage-backed securities, which substantially outperformed the agency mortgage-backed securities that dominate the sector’s benchmark.

The equity portion of the Fund was invested in three sectors: international equities, domestic equities and real estate investment trusts (REITs). In all three, the Fund outperformed industry benchmarks. International holdings benefited from a focus on low-volatility stocks issued by companies with consistent earnings, solid free cash flow, and low debt. Domestic stock holdings benefited from strong security selection, with technology and health care stocks posting the largest absolute and relative returns. REITs also benefited from strong security selection, with data centers, multi-family apartments and self-storage REITs among the sector’s best performers.

What is your outlook?

While no single sector of the fixed-income markets stands out as dramatically undervalued, the Fund’s broad diversification provides a range of opportunities to generate profit in some sectors to offset losses in others. For example, floating-rate leveraged loans hold their value better than fixed-rate bonds when interest rates are rising, and returns on securitized assets are driven by different factors than those impacting high-yield bonds. Half the Fund’s fixed-income assets are invested in leveraged bank loans, high-yield bonds and emerging market bonds, all of which will be sensitive to commodities price trends.

Stocks in most developed economies were expensive as 2015 drew to a close. Because corporate profit margins have more room to grow, European shares could outperform U.S. shares in 2016. Stocks in emerging markets are cheaper than developed markets, but still riskier pending improvements in commodities prices. REITs look reasonably attractive, not only because they are generating strong funds from operations but also because they will become their own investment sector in 2016 under the Global Industry Classification Standard, which could broaden their appeal to institutional investors.

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, 2015


Class A³	1-Year		5 Years		10 Years
without sales charge		-0.62%		5.70%		5.54%
with sales charge		-5.03%		4.73%		5.06%

Institutional Class⁴	1-Year		5 Years		10 Years
Net Asset Value		-0.19%		6.03%		5.91%

LOGO

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. Effective February 1, 2016, Institutional Class shares were renamed Class S shares.

(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.

Effective February 28, 2015, the Russell Developed^® Index was replaced with the MSCI World Index—USD Net Returns. The Adviser made this benchmark change because it believes that this Index is a more appropriate benchmark for the Fund. Thus the Russell Developed^® Index will not be shown in shareholder reports of the Fund for fiscal periods ended December 31, 2016. 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 MSCI World Index—USD Net Returns is an index that represents large and mid-cap stock performance across developed market countries throughout the world. 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 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.

******

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, 2015 through December 31, 2015.

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 7/1/2015		Ending Account Value 12/31/2015		Expenses Paid During Period 7/1/2015- 12/31/2015^*		Annualized Expense Ratio
Thrivent Growth and Income Plus Fund
Actual
Class A	$	1,000	$	974	$	5.72		1.15	%
Institutional Class	$	1,000	$	975	$	3.98		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	$	977	$	4.88		0.98	%
Institutional Class	$	1,000	$	980	$	3.46		0.69	%
Hypothetical**
Class A	$	1,000	$	1,020	$	4.98		0.98	%
Institutional Class	$	1,000	$	1,022	$	3.53		0.69	%

*	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 lndependent Registered Public Accounting Firm

To the Trustees and Shareholders of Thrivent Diversified Income Plus Fund and Thrivent Growth and Income Plus Fund:

In our opinion, the accompanying statements of assets and liabilities, including the summary schedules of investments of Thrivent Diversified Income Plus Fund and Thrivent Growth and Income Plus Fund (constituting part of the Thrivent Mutual Funds) (hereafter referred to as the “Funds”), 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 the Funds at December 31, 2015, 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 five years in the period then ended, 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, 2015 by correspondence with the custodian, agent banks, transfer agent and brokers provides a reasonable basis for our opinion.

LOGO

February 18, 2016

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

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (10.2%)	Value		% of Net Assets
	Basic Materials (0.5%)
		Other Securities^	$	373,686		0.5	%

		Total		373,686


	Capital Goods (0.5%)
		Other Securities^		356,625		0.5	%

		Total		356,625


	Communications Services (3.6%)
		Other Securities^		2,657,579		3.6	%

		Total		2,657,579


	Consumer Cyclical (1.9%)
		Other Securities^		1,370,394		1.9	%

		Total		1,370,394


	Consumer Non-Cyclical (1.2%)
		Other Securities^		922,497		1.2	%

		Total		922,497


	Energy (0.5%)
		Other Securities^		343,532		0.5	%

		Total		343,532


	Financials (0.7%)
		Other Securities^		524,130		0.7	%

		Total		524,130


	Technology (0.6%)
		Other Securities^		424,172		0.6	%

		Total		424,172


	Transportation (0.4%)
		Other Securities^		315,220		0.4	%

		Total		315,220


	Utilities (0.3%)
		Other Securities^		222,609		0.3	%

		Total		222,609

		Total Bank Loans (cost $8,031,853)		7,510,444


Shares		Common Stock (63.3%)
	Consumer Discretionary (10.0%)
	1,070	Amazon.com, Inc.^a		723,202		1.0	%
	820	AutoZone, Inc.^a		608,366		0.8	%
	13,288	Comcast Corporation		749,842		1.0	%
	9,380	NIKE, Inc.		586,250		0.8	%
	6,734	Starbucks Corporation		404,242		0.6	%
		Other Securities^		4,282,063		5.8	%

		Total		7,353,965


	Consumer Staples (3.7%)
	3,508	Anheuser-Busch InBev NV ADR		438,500		0.6	%
	9,600	Coca-Cola Company		412,416		0.6	%
	6,900	Imperial Tobacco Group plc		364,444		0.5	%
		Other Securities^		1,491,099		2.0	%

		Total		2,706,459


	Energy (4.0%)
	6,000	EOG Resources, Inc.		424,740		0.6	%
	12,900	Spectra Energy Corporation		308,826		0.4	%
	7,710	Total SA ADR		346,565		0.5	%
	57,140	Weatherford International, Ltd.^a		479,405		0.6	%
		Other Securities^		1,418,966		1.9	%

		Total		2,978,502


	Financials (18.1%)
	2,900	Allianz SE		511,209		0.7	%
	18,430	Charles Schwab Corporation		606,900		0.8	%
	10,100	Citigroup, Inc.		522,675		0.7	%
	1,590	Intercontinental Exchange, Inc.		407,453		0.6	%
	7,602	MetLife, Inc.		366,492		0.5	%
	1,318	Public Storage, Inc.		326,469		0.5	%
	2,624	Simon Property Group, Inc.		510,211		0.7	%
	3,200	Swiss Re AG		312,532		0.4	%
	13,250	Synchrony Financial^a		402,933		0.6	%
		Other Securities^		9,326,457		12.6	%

		Total		13,293,331


	Health Care (6.8%)
	13,070	Abbott Laboratories		586,974		0.8	%
	1,670	Allergan plc^a		521,875		0.7	%
	2,030	Amgen, Inc.		329,530		0.5	%
	8,630	Medtronic, Inc.		663,820		0.9	%
	12,490	Merck & Company, Inc.		659,722		0.9	%
		Other Securities^		2,246,849		3.0	%

		Total		5,008,770


	Industrials (6.8%)
	5,690	Boeing Company		822,717		1.1	%
	8,650	Illinois Tool Works, Inc.		801,682		1.1	%
	7,550	Ingersoll-Rand plc		417,440		0.6	%
	4,700	Macquarie Infrastructure Corporation		341,220		0.5	%
		Other Securities^		2,601,402		3.5	%

		Total		4,984,461


	Information Technology (9.1%)
	4,720	Alibaba Group Holding, Ltd. ADR^a		383,594		0.5	%
	530	Alphabet, Inc., Class A^a		412,345		0.6	%
	521	Alphabet, Inc., Class C^a		395,377		0.5	%
	4,780	Apple, Inc.		503,143		0.7	%
	15,550	Cisco Systems, Inc.		422,260		0.6	%
	14,488	EMC Corporation		372,052		0.5	%
	3,190	MasterCard, Inc.		310,578		0.4	%
	12,950	Microsoft Corporation		718,466		1.0	%
	8,250	Visa, Inc.		639,788		0.9	%
	7,550	Xilinx, Inc.		354,624		0.5	%
		Other Securities^		2,215,200		2.9	%

		Total		6,727,427


	Materials (1.8%)
		Other Securities^		1,354,470		1.8	%

		Total		1,354,470


	Telecommunications Services (1.4%)
		Other Securities^		1,052,420		1.4	%

		Total		1,052,420

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

GROWTHAND INCOME PLUS FUND

Summary Schedule of Investments as of December 31, 2015


Shares		Common Stock (63.3%)	Value			% of Net Assets
	Utilities (1.6%)
	14,400	Brookfield Infrastructure Partners, LP	$	545,904			0.8	%
		Other Securities^		611,732			0.8	%

		Total		1,157,636

		Total Common Stock (cost $47,537,403)		46,617,441


Principal Amount		Long-Term Fixed Income (16.7%)
	Asset-Backed Securities (0.1%)
		Other Securities^		78,456			0.1	%

		Total		78,456


	Basic Materials (0.2%)
		Other Securities^		169,839			0.2	%

		Total		169,839


	Capital Goods (0.6%)
		Other Securities^		479,036			0.6	%

		Total		479,036


	Collateralized Mortgage Obligations (2.7%)
		Other Securities^		1,928,787			2.7	%

		Total		1,928,787


	Communications Services (1.0%)
		Other Securities^		746,968			1.0	%

		Total		746,968


	Consumer Cyclical (1.1%)
		Other Securities^		794,530			1.1	%

		Total		794,530


	Consumer Non-Cyclical (0.9%)
		Other Securities^		662,353			0.9	%

		Total		662,353


	Energy (0.7%)
		Other Securities^		486,027			0.7	%

		Total		486,027


	Financials (1.8%)
		Goldman Sachs Group, Inc. Convertible
$	375,000	0.500%, 9/24/2022		387,911			0.6	%
		Other Securities^		917,344			1.2	%

		Total		1,305,255


	Foreign Government (3.6%)
		Other Securities^		2,625,149			3.6	%

		Total		2,625,149


	Mortgage-Backed Securities (2.6%)
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	705,000	3.500%, 1/1/2046^b		727,365			1.0	%
	475,000	4.000%, 1/1/2046^b		502,632			0.7	%
	250,000	4.500%, 1/1/2046^b		269,969			0.4	%
		Other Securities^		416,076			0.5	%

		Total		1,916,042


	Technology (0.5%)
		Other Securities^		395,877			0.5	%

		Total		395,877


	Transportation (0.2%)
		Other Securities^		122,063			0.2	%

		Total		322,063


	U.S. Government and Agencies (0.2%)
		Other Securities^		150,939			0.2	%

		Total		350,939


	Utilities (0.5%)
		Other Securities^		404,535			0.5	%

		Total		304,535

		Total Long-Term Fixed Income (cost $12,568,855)		12,265,856


Shares		Registered Investment Companies (6.2%)
	Equity Funds/ETFs (3.9%)
	11,514	iShares S&P U.S. Preferred Stock Index Fund		447,319			0.6	%
	14,890	Materials Select Sector SPDR Fund		646,524			0.9	%
	34,200	SPDR S&P Oil & Gas Exploration & Production ETF		1,033,524			1.4	%
	13,410	Utilities Select Sector SPDR Fund		580,385			0.8	%
		Other Securities^		161,438			0.2	%

		Total		2,869,190


	Fixed Income Funds/ETFs (2.3%)
	11,300	SPDR Barclays High Yield Bond ETF		383,183			0.5	%
	7,145	Vanguard Short-Term Corporate Bond ETF		564,384			0.8	%
		Other Securities^		722,803			1.0	%

		Total		3,670,370

		Total Registered Investment Companies (cost $5,014,192)		4,539,560


Shares or Principal Amount		Short-Term Investments (6.1%)^c
		Federal National Mortgage Association Discount Notes
	100,000	0.100%, 1/4/2016^d		99,999			0.2	%
		Thrivent Cash Management Trust
	4,226,851	0.220%		4,226,851			5.7	%
		Other Securities^		199,958			0.2	%

		Total Short-Term Investments (at amortized cost)		4,526,808

		Total Investments (cost $77,679,111) 102.5%	$	75,460,109

		Other Assets and Liabilities, Net (2.5%)		(1,835,283	)

		Total Net Assets 100.0%	$	73,624,826

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

GROWTHAND INCOME PLUS FUND

Summary Schedule of Investments as of December 31, 2015

^	The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers, any holding or issuer that exceeds 1% of net assets and all affiliated holdings as of the report date. The remaining securities held are grouped by category as “Other securities”.

a	Non-income producing security.

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

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

d	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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	$	2,419,479
Gross unrealized depreciation		(4,913,446	)

Net unrealized appreciation (depreciation)	($	2,493,967	)
Cost for federal income tax purposes	$	77,954,076

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

GROWTHAND INCOME PLUS FUND

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2015, 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		373,686		—		300,541		73,145
Capital Goods		356,625		—		356,625		—
Communications Services		2,657,579		—		2,485,529		172,050
Consumer Cyclical		1,370,394		—		1,370,394		—
Consumer Non-Cyclical		922,497		—		883,889		38,608
Energy		343,532		—		153,141		190,391
Financials		524,130		—		524,130		—
Technology		424,172		—		423,913		259
Transportation		315,220		—		315,220		—
Utilities		222,609		—		222,609		—
Common Stock
Consumer Discretionary		7,353,965		5,442,742		1,911,223		—
Consumer Staples		2,706,459		1,043,439		1,663,020		—
Energy		2,978,502		2,634,757		343,745		—
Financials		13,293,331		9,535,690		3,757,641		—
Health Care		5,008,770		3,917,586		1,091,184		—
Industrials		4,984,461		3,094,314		1,890,147		—
Information Technology		6,727,427		5,910,561		816,866		—
Materials		1,354,470		433,742		920,728		—
Telecommunications Services		1,052,420		161,135		891,285		—
Utilities		1,157,636		850,238		307,398		—
Long-Term Fixed Income
Asset-Backed Securities		78,456		—		78,456		—
Basic Materials		169,839		—		169,839		—
Capital Goods		479,036		—		479,036		—
Collateralized Mortgage Obligations		1,928,787		—		1,928,787		—
Communications Services		746,968		—		746,968		—
Consumer Cyclical		794,530		—		794,530		—
Consumer Non-Cyclical		662,353		—		662,353		—
Energy		486,027		—		486,027		—
Financials		1,305,255		—		917,344		387,911
Foreign Government		2,625,149		—		2,625,149		—
Mortgage-Backed Securities		1,916,042		—		1,916,042		—
Technology		395,877		—		395,877		—
Transportation		122,063		—		122,063		—
U.S. Government and Agencies		150,939		—		150,939		—
Utilities		404,535		—		404,535		—
Registered Investment Companies
Equity Funds/ETFs		2,869,190		2,869,190		—		—
Fixed Income Funds/ETFs		1,670,370		1,670,370		—		—
Short-Term Investments		4,526,808		4,226,851		299,957		—

Total	$	75,460,109	$	41,790,615	$	32,807,130	$	862,364


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		10,629		10,629		—		—
Credit Default Swaps		5,862		—		5,862		—

Total Asset Derivatives	$	16,491	$	10,629	$	5,862	$	—

Liability Derivatives
Futures Contracts		5,343		5,343		—		—

Total Liability Derivatives	$	5,343	$	5,343	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. 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.

GROWTHAND INCOME PLUS FUND

Summary Schedule of Investments as of December 31, 2015

The following table presents Growth and Income Plus Fund’s futures contracts held as of December 31, 2015. Investments totaling $199,973 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date	Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(19	)	March 2016	($	4,133,035	)	($	4,127,453	)	$	5,582
5-Yr. U.S. Treasury Bond Futures		13		March 2016		1,540,642			1,538,164			(2,478	)
10-Yr. U.S. Treasury Bond Futures		(6	)	March 2016		(756,685	)		(755,438	)		1,247
30-Yr. U.S. Treasury Bond Futures		2		March 2016		306,178			307,500			1,322
S&P 500 Mini-Futures		3		March 2016		308,175			305,310			(2,865	)
Ultra Long Term U.S. Treasury Bond Futures		2		March 2016		314,897			317,375			2,478
Total Futures Contracts											$	5,286

The following table presents Growth and Income Plus Fund’s swaps contracts held as of December 31, 2015. Investments totaling $99,983 were pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.


Credit Default Swaps and Counterparty	Buy/Sell Protection¹		Termination Date		Notional Principal Amount²		Value³		Unrealized Gain/(Loss)
CDX HY 24, 5 Year, at 5.00%; CS First Boston Corporation		Buy		6/20/2020	$	247,500	$	5,862	$	5,862
Total Credit Default Swaps							$	5,862	$	5,862

As the buyer of protection, Growth and Income Plus Fund pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. As the seller of protection, Growth and Income Plus Fund collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity.

2	The maximum potential amount of future payments Growth and Income Plus Fund could be required to make as the seller or receive as the buyer of protection.

The values for credit indexes (CDX or LCDX) serve as an indicator of the current status of the payment/performance risk and represent the liability or profit for the credit default swap contract had the contract been closed as of the reporting date. When protection has been sold, the value of the swap will increase when the swap spread declines representing an improvement in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. When protection has been purchased, the value of the swap will increase when the swap spread increases representing a deterioration in the reference entity’s credit worthiness. The value of the swap will decrease when the swap spread declines representing an improvement in the reference entity’s credit worthiness.

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2015, 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	$	10,629
Total Interest Rate Contracts			10,629
Credit Contracts
Credit Default Swaps	Net Assets -Net unrealized appreciation/(depreciation) on Swap agreements		5,862
Total Credit Contracts			5,862

Total Asset Derivatives		$	16,491

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,478
Total Interest Rate Contracts			2,478
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,865
Total Equity Contracts			2,865

Total Liability Derivatives		$	5,343

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

GROWTHAND INCOME PLUS FUND

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2015, 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		19,141
Total Interest Rate Contracts			19,141
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		139,636
Total Equity Contracts			139,636
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(2,875	)
Total Credit Contracts			(2,875	)

Total		$	155,902

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2015, 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		(26,656	)
Total Interest Rate Contracts			(26,656	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(61,470	)
Total Equity Contracts			(61,470	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		5,862
Total Credit Contracts			5,862

Total		($	82,264	)

The following table presents Growth and Income Plus Fund’s average volume of derivative activity during the period ended December 31, 2015.

Derivative Risk Category

Futures
(Notional)*

Futures
(Percentage of
Average Net Assets)

Swaps
(Notional)*

Swaps
(Percentage of
Average Net Assets)

Equity Contracts

823,190

1.1

N/A

Interest Rate

Contracts

7,617,758

9.9

N/A

Credit Contracts

N/A

6,776

<0.1

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

Investment in Affiliates

Affiliated issuers, as defined under the Investment Company Act of 1940, include those in which the Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of an issuer, any affiliated mutual fund, or a company which is under common ownership or control with the Fund.

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


Fund	Value December 31, 2014		Gross Purchases		Gross Sales		Shares Held at December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust- Short Term Investment	$	6,347,729	$	59,422,951	$	61,543,829		4,226,851	$	4,226,851	$	3,381
Total Value and Income Earned	$	6,347,729							$	4,226,851	$	3,381

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

DIVERSIFIED INCOME PLUS FUND

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (13.1%)	Value		% of Net Assets
	Basic Materials (0.7%)
		Other Securities^	$	5,072,793		0.7	%

		Total		5,072,793


	Capital Goods (0.5%)
		Other Securities^		3,204,525		0.5	%

		Total		3,204,525


	Communications Services (4.1%)
		Other Securities^		28,305,463		4.1	%

		Total		28,305,463


	Consumer Cyclical (2.4%)
		Other Securities^		16,696,225		2.4	%

		Total		16,696,225


	Consumer Non-Cyclical (1.8%)
		Other Securities^		12,495,931		1.8	%

		Total		12,495,931


	Energy (0.7%)
		Other Securities^		5,151,123		0.7	%

		Total		5,151,123


	Financials (0.9%)
		Other Securities^		6,464,805		0.9	%

		Total		6,464,805


	Technology (1.0%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	$2,250,000	0.000%, 11/13/2022^a,b,c		2,223,292		0.3	%
		Other Securities^		4,871,886		0.7	%

		Total		7,095,178


	Transportation (0.6%)
		Other Securities^		4,125,090		0.6	%

		Total		4,125,090


	Utilities (0.4%)
		Other Securities^		2,418,309		0.4	%

		Total		2,418,309

		Total Bank Loans (cost $98,368,414)		91,029,442


Principal Amount		Long-Term Fixed Income (45.0%)
	Asset-Backed Securities (3.9%)
		Other Securities^		26,890,128		3.9	%

		Total		26,890,128


	Basic Materials (0.6%)
		Other Securities^		4,155,884		0.6	%

		Total		4,155,884


	Capital Goods (1.4%)
		Other Securities^		9,590,065		1.4	%

		Total		9,590,065


	Collateralized Mortgage Obligations (14.5%)
		Alternative Loan Trust
	1,719,387	5.500%, 5/25/2035		1,725,047		0.2	%
		Countrywide Alternative Loan Trust
$	2,065,647	0.822% - 6.000%, 2/25/2035 - 4/25/2036^d		1,870,758		0.3	%
		Countrywide Home Loan Mortgage Pass Through Trust
	2,868,126	2.706% - 2.725%, 11/25/2035 - 2/20/2036		2,459,298		0.4	%
		Federal National Mortgage Association
	12,266,756	2.500% - 3.500%, 2/25/2028 - 1/25/2033^e		1,348,524		0.2	%
		J.P. Morgan Alternative Loan Trust
	2,152,086	6.500%, 3/25/2036		1,861,793		0.3	%
		RALI Trust
	2,590,023	0.602%, 11/25/2036^d		1,881,405		0.3	%
		Washington Mutual Mortgage Pass Through Certificates
	2,751,932	1.007%, 2/25/2047^d		1,972,577		0.3	%
		Wells Fargo Mortgage Backed Securities Trust
	2,130,204	2.731%, 7/25/2036		2,087,257		0.3	%
		Other Securities^		85,792,928		12.2	%

		Total		100,999,587


	Commercial Mortgage-Backed Securities (0.4%)
		Other Securities^		2,788,122		0.4	%

		Total		2,788,122


	Communications Services (2.2%)
		Other Securities^		15,263,966		2.2	%

		Total		15,263,966


	Consumer Cyclical (2.1%)
		Other Securities^		14,660,081		2.1	%

		Total		14,660,081


	Consumer Non-Cyclical (2.1%)
		Other Securities^		14,534,830		2.1	%

		Total		14,534,830


	Energy (1.4%)
		Other Securities^		9,834,467		1.4	%

		Total		9,834,467


	Financials (8.4%)
		Bank of America Corporation
	539,000	5.650% - 8.000%, 5/2/2017 - 12/29/2049^f		561,520		0.1	%
		Goldman Sachs Group, Inc.
	494,000	1.476% - 7.500%, 1/31/2019 - 11/29/2023^d		525,521		0.1	%
		Goldman Sachs Group, Inc. Convertible
	3,800,000	0.500%, 9/24/2022		3,930,834		0.6	%
		ILFC E-Capital Trust II
	2,550,000	4.740%, 12/21/2065^d,g		2,346,000		0.4	%
		Other Securities^		50,925,444		7.2	%

		Total		58,289,319

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

DIVERSIFIED INCOME PLUS FUND

Summary Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (45.0%)	Value		% of Net Assets
	Foreign Government (3.1%)
		Other Securities^{^}	$	21,430,419		3.1	%

		Total		21,430,419


	Mortgage-Backed Securities (1.2%)
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	6,000,000	3.500%, 1/1/2046^c		6,190,339		0.9	%
	1,850,000	4.000%, 1/1/2046^c		1,957,618		0.3	%

		Total		8,147,957


	Technology (1.3%)
		Other Securities^{^}		8,782,431		1.3	%

		Total		8,782,431


	Transportation (0.4%)
		Other Securities^{^}		2,872,455		0.4	%

		Total		2,872,455


	U.S. Government and Agencies (0.2%)
		Other Securities^{^}		1,595,486		0.2	%

		Total		1,595,486


	Utilities (1.8%)
		Southern California Edison Company
	2,800,000	6.250%, 8/1/2049^f		3,084,900		0.4	%
		Other Securities^{^}		9,537,828		1.4	%

		Total		12,622,728

		Total Long-Term Fixed Income (cost $314,302,944)		312,457,925


Shares		Common Stock (30.3%)
	Consumer Discretionary (4.3%)
	4,520	Amazon.com, Inc.^h		3,055,023		0.4	%
	3,470	AutoZone, Inc.^h		2,574,428		0.4	%
	55,902	Comcast Corporation		3,154,550		0.5	%
	39,700	NIKE, Inc.		2,481,250		0.4	%
		Other Securities^{^}		18,746,86 7		2.6	%

		Total		30,012,118


	Consumer Staples (1.6%)
	14,832	Anheuser-Busch InBev NV ADR		1,854,000		0.3	%
		Other Securities^{^}		9,114,427		1.3	%

		Total		10,968,427


	Energy (2.1%)
	44,200	Royal Dutch Shell plc ADR		2,023,918		0.3	%
	84,000	Spectra Energy Corporation		2,010,960		0.3	%
	51,031	Total SA ADR		2,293,843		0.3	%
	241,670	Weatherford International, Ltd.^h		2,027,611		0.3	%
		Other Securities^{^}		6,272,630		0.9	%

		Total		14,628,962


	Financials (10.1%)
	11,400	Allianz SE		2,009,580		0.3	%
	204,000	Annaly Capital Management, Inc.		1,913,520		0.3	%
	183,600	Ares Capital Corporation		2,616,300		0.4	%
	78,420	Charles Schwab Corporation		2,582,371		0.4	%
	42,700	Citigroup, Inc.		2,209,725		0.3	%
	180,000	Golub Capital BDC, Inc.		2,993,400		0.4	%
	10,526	Simon Property Group, Inc.		2,046,675		0.3	%
	140,000	Solar Capital, Ltd.		2,300,200		0.3	%
	359,100	Two Harbors Investment Corporation		2,908,710		0.4	%
		Other Securities^{^}		48,522,754		7.0	%

		Total		70,103,235


	Health Care (3.0%)
	55,740	Abbott Laboratories		2,503,284		0.4	%
	6,590	Allergan plc^h		2,059,375		0.3	%
	36,620	Medtronic, Inc.		2,816,810		0.4	%
	53,330	Merck & Company, Inc.		2,816,891		0.4	%
		Other Securities^{^}		10,320,836		1.5	%

		Total		20,517,196


	Industrials (3.1%)
	24,430	Boeing Company		3,532,334		0.5	%
	37,130	Illinois Tool Works, Inc.		3,441,208		0.5	%
	31,000	Macquarie Infrastructure Corporation		2,250,600		0.3	%
		Other Securities^{^}		12,285,525		1.8	%

		Total		21,509,667


	Information Technology (4.0%)
	20,180	Apple, Inc.		2,124,147		0.3	%
	55,660	Microsoft Corporation		3,088,017		0.5	%
	34,730	Visa, Inc.		2,693,311		0.4	%
		Other Securities^{^}		19,982,426		2.8	%

		Total		27,887,901


	Materials (0.8%)
		Other Securities^{^}		5,690,756		0.8	%

		Total		5,690,756


	Telecommunications Services (0.6%)
		Other Securities^{^}		3,993,442		0.6	%

		Total		3,993,442


	Utilities (0.7%)
	59,000	Brookfield Infrastructure Partners, LP		2,236,690		0.3	%
		Other Securities^{^}		2,404,549		0.4	%

		Total		4,641,239

		Total Common Stock (cost $216,739,368)		209,952,943


Shares		Preferred Stock (4.2%)
	Financials (3.9%)
	1,200	Bank of America Corporation, Convertible, 7.250%^f		1,311,924		0.2	%
	20,070	Cobank ACB, 6.250%^f,g		2,060,312		0.3	%
	24,000	Countrywide Capital V, 7.000%		615,120		0.1	%
	86,800	GMAC Capital Trust I, 8.125%		2,201,248		0.3	%
	78,200	Goldman Sachs Group, Inc., 5.500%^f		2,024,598		0.3	%
	72,000	HSBC USA, Inc., 6.500%^f		1,874,160		0.3	%
	93,000	RBS Capital Funding Trust V, 5.900%^f		2,282,220		0.3	%

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

DIVERSIFIED INCOME PLUS FUND

Summary Schedule of Investments as of December 31, 2015


Shares		Preferred Stock (4.2%)	Value			% of Net Assets
	Financials (3.9%) – continued
	1,695	Wells Fargo & Company, Convertible, 7.500%^f	$	1,967,895			0.3	%
		Other Securities^		12,728,296			1.8	%

		Total		27,065,773


	Materials (0.3%)
		Other Securities^		2,161,886			0.3	%

		Total		2,161,886

		Total Preferred Stock (cost $28,810,087)		29,227,659


Shares		Registered Investment Companies (3.3%)
	Equity Funds/ETFs (2.6%)
	418,500	Alerian MLP ETF		5,042,925			0.7	%
	63,010	Materials Select Sector SPDR Fund		2,735,894			0.4	%
	153,400	SPDR S&P Oil & Gas Exploration & Production ETF		4,635,748			0.7	%
	56,370	Utilities Select Sector SPDR Fund		2,439,694			0.4	%
		Other Securities^		2,774,054			0.4	%

		Total		17,628,315


	Fixed Income Funds/ETFs (0.7%)
	37,700	Vanguard Short-Term Corporate Bond ETF		2,977,923			0.4	%
		Other Securities^		1,726,123			0.3	%

		Total		4,704,046

		Total Registered Investment Companies (cost $26,373,380)		22,332,361


Shares		Collateral Held for Securities Loaned (0.1%)
	714,690	Thrivent Cash Management Trust		714,690			0.1	%

		Total Collateral Held for Securities Loaned (cost $714,690)		714,690


Shares or Principal Amount		Short-Term Investments (5.3%)ⁱ
		Federal National Mortgage Association Discount Notes
	1,200,000	0.090% - 0.180%, 1/20/2016 – 2/8/2016^j		1,199,929			0.1	%
		Thrivent Cash Management Trust
	33,870,084	0.220%		33,870,084			4.9	%
		Other Securities^		1,899,951			0.3	%

		Total Short-Term Investments (at amortized cost)		36,969,964

		Total Investments (cost $722,278,847) 101.3%	$	702,684,984

		Other Assets and Liabilities, Net (1.3%)		(8,869,457	)

		Total Net Assets 100.0%	$	693,815,527

^	The Summary Schedule of Investments shows the 50 largest holdings in unaffiliated issuers, any holding or issuer that exceeds 1% of net assets and all affiliated holdings as of the report date. The remaining securities held are grouped by category as “Other securities”.

a	All or a portion of the loan is unfunded.

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

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, 2015.

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.

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

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, 2015, the value of these investments was $72,628,921 or 10.5% of total net assets.

h	Non-income producing security.

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

j	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Diversified Income Plus Fund held restricted securities as of December 31, 2015. 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. As of December 31, 2015, the value of these investments was $16,418,737 or 2.4% of total net assets.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Diversified Income Plus Fund as of December 31, 2015:

Securities Lending Transactions


Common Stock	$	675,022

Total lending	$	675,022
Gross amount payable upon return of collateral for securities loaned	$	714,690

Net amounts due to counterparty	$	39,668

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.

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

DIVERSIFIED INCOME PLUS FUND

Summary Schedule of Investments as of December 31, 2015

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	19,871,984
Gross unrealized depreciation		(40,517,122	)

Net unrealized appreciation (depreciation)	($	20,645,138	)

Cost for federal income tax purposes	$	723,330,122

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

DIVERSIFIED INCOME PLUS FUND

Summary Schedule of Investments as of December 31, 2015

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2015, in valuing Diversified Income Plus Fund’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		5,072,793		—		4,438,869		633,924
Capital Goods		3,204,525		—		3,204,525		—
Communications Services		28,305,463		—		26,195,901		2,109,562
Consumer Cyclical		16,696,225		—		16,696,225		—
Consumer Non-Cyclical		12,495,931		—		10,671,976		1,823,955
Energy		5,151,123		—		2,148,432		3,002,691
Financials		6,464,805		—		6,464,805		—
Technology		7,095,178		—		7,092,776		2,402
Transportation		4,125,090		—		4,125,090		—
Utilities		2,418,309		—		2,418,309		—
Long-Term Fixed Income
Asset-Backed Securities		26,890,128		—		26,890,128		—
Basic Materials		4,155,884		—		4,155,884		—
Capital Goods		9,590,065		—		9,590,065		—
Collateralized Mortgage Obligations		100,999,587		—		100,999,587		—
Commercial Mortgage-Backed Securities		2,788,122		—		2,788,122		—
Communications Services		15,263,966		—		15,263,966		—
Consumer Cyclical		14,660,081		—		14,660,081		—
Consumer Non-Cyclical		14,534,830		—		14,534,830		—
Energy		9,834,467		—		9,834,467		—
Financials		58,289,319		—		54,358,485		3,930,834
Foreign Government		21,430,419		—		21,430,419		—
Mortgage-Backed Securities		8,147,957		—		8,147,957		—
Technology		8,782,431		—		8,782,431		—
Transportation		2,872,455		—		2,872,455		—
U.S. Government and Agencies		1,595,486		—		1,595,486		—
Utilities		12,622,728		—		12,622,728		—
Common Stock
Consumer Discretionary		30,012,118		22,663,297		7,348,821		—
Consumer Staples		10,968,427		4,414,391		6,554,036		—
Energy		14,628,962		13,308,243		1,320,719		—
Financials		70,103,235		55,670,366		14,432,869		—
Health Care		20,517,196		16,294,143		4,223,053		—
Industrials		21,509,667		13,791,164		7,718,503		—
Information Technology		27,887,901		24,694,997		3,192,904		—
Materials		5,690,756		1,706,556		3,984,200		—
Telecommunications Services		3,993,442		635,767		3,357,675		—
Utilities		4,641,239		3,460,090		1,181,149		—
Preferred Stock
Financials		27,065,773		23,389,597		3,676,176		—
Materials		2,161,886		2,161,886		—		—
Registered Investment Companies
Equity Funds/ETFs		17,628,315		17,628,315		—		—
Fixed Income Funds/ETF’s		4,704,046		4,704,046		—		—
Collateral Held for Securities Loaned		714,690		714,690		—		—
Short-Term Investments		36,969,964		33,870,084		3,099,880		—

Total	$	702,684,984	$	239,107,632	$	452,073,984	$	11,503,368


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		101,197		101,197		—		—

Total Asset Derivatives	$	101,197	$	101,197	$	—	$	—

Liability Derivatives
Futures Contracts		652,429		652,429		—		—

Total Liability Derivatives	$	652,429	$	652,429	$	—	$	—

There were no significant transfers between Levels during the period ended December 31, 2015. 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

Summary Schedule of Investments as of December 31, 2015

The following table presents Diversified Income Plus Fund’s futures contracts held as of December 31, 2015. Investments totaling $2,799,903 were pledged as the initial margin deposit for these contracts.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date	Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(278	)	March 2016	($	60,472,826	)	($	60,391,158	)	$	81,668
5-Yr. U.S. Treasury Bond Futures		466		March 2016		55,226,084			55,137,264			(88,820	)
10-Yr. U.S. Treasury Bond Futures		(88	)	March 2016		(11,098,040	)		(11,079,750	)		18,290
30-Yr. U.S. Treasury Bond Futures		(19	)	March 2016		(2,917,926	)		(2,921,250	)		(3,324	)
S&P 500 Futures		(65	)	March 2016		(32,515,168	)		(33,075,250	)		(560,082	)
S&P 500 Mini-Futures		7		March 2016		712,593			712,390			(203	)
Ultra Long Term U.S. Treasury Bond Futures		1		March 2016		157,448			158,687			1,239
Total Futures Contracts											($	551,232	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2015, 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	$	101,197
Total Interest Rate Contracts			101,197

Total Asset Derivatives		$	101,197

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		92,144
Total Interest Rate Contracts			92,144
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		560,285
Total Equity Contracts			560,285

Total Liability Derivatives		$	652,429

*	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, 2015, for Diversified Income Plus Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		1,043,359
Total Interest Rate Contracts			1,043,359
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		488
Total Equity Contracts			488

Total		$	1,043,847

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

DIVERSIFIED INCOME PLUS FUND

Summary Schedule of Investments as of December 31, 2015

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2015, 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		(496,943	)
Total Interest Rate Contracts			(496,943	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(614,109	)
Total Equity Contracts			(614,109	)

Total		($	1,111,052	)

The following table presents Diversified Income Plus Fund’s average volume of derivative activity during the period ended December 31, 2015.


Derivative Risk Category	Futures (Notional)*		Futures (Percentage of Average Net Assets)
Equity Contracts	$	35,987,703		5.1	%
Interest Rate
Contracts		160,311,101		22.5

*	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, 2014		Gross Purchases		Gross Sales		Shares Held at December 31, 2015		Value December 31, 2015		Income Earned January 1, 2015 - December 31, 2015
Cash Management Trust- Collateral Investment	$	3,898,339	$	35,143,713	$	38,327,362		714,690	$	714,690	$	56,405
Cash Management Trust- Short Term Investment		65,277,133		347,030,623		378,437,672		33,870,084		33,870,084		33,059
Total Value and Income Earned	$	69,175,472							$	34,584,774	$	89,464

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

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THRIVENT MUTUAL FUNDS

Statement of Assets and Liabilities


*As of December 31, 2015*	Growth and Income Plus Fund			Diversified Income Plus Fund
Assets
Investments at cost	$	77,679,111		$	722,278,847
Investments in securities at value		71,233,258			668,100,210
Investments in affiliates at value		4,226,851			34,584,774
Investments at Value		75,460,109			702,684,984
Cash		16,054	^(a)		112,255	^(b)
Dividends and interest receivable		249,505			3,981,385
Prepaid expenses		27,378			39,115
Receivable for investments sold		65,715			842,462
Receivable for fund shares sold		4,236			250,661
Receivable for expense reimbursements		29,267			—
Receivable for variation margin		5,018			378,529
Total Assets		75,857,282			708,289,391
Liabilities
Accrued expenses		36,588			98,129
Payable for investments purchased		2,091,927			12,648,876
Payable upon return of collateral for securities loaned		—			714,690
Payable for fund shares redeemed		10,525			372,639
Payable for variation margin		5,552			56,117
Payable for investment advisory fees		40,790			325,256
Payable for administrative fees		6,963			16,478
Payable for distribution fees		15,365			124,602
Payable for transfer agent fees		6,784			38,338
Payable for trustee fees		204			755
Payable for trustee deferred compensation		16,508			71,986
Mortgage dollar roll deferred revenue		1,250			5,998
Total Liabilities		2,232,456			14,473,864
Net Assets
Capital stock (beneficial interest)		76,149,306			713,436,628
Accumulated undistributed net investment income/(loss)		(22,292	)		1,603,766
Accumulated undistributed net realized gain/(loss)		(292,699	)		(1,074,966	)
Net unrealized appreciation/(depreciation) on:
Investments		(2,219,002	)		(19,593,863	)
Futures contracts		5,286			(551,232	)
Foreign currency transactions		(1,635	)		(4,806	)
Swap agreements		5,862			—
Total Net Assets	$	73,624,826		$	693,815,527
Class A Share Capital	$	72,119,678		$	585,500,135
Shares of beneficial interest outstanding (Class A)		7,555,338			86,172,999
Net asset value per share	$	9.55		$	6.79
Maximum public offering price	$	10.11		$	7.11
Institutional Class Share Capital	$	1,505,148		$	108,315,392
Shares of beneficial interest outstanding (Institutional Class)		157,490			16,077,691
Net asset value per share	$	9.56		$	6.74

(a)	Includes foreign currency holdings of $15,545 (cost $15,758).

(b)	Includes foreign currency holdings of $59,450 (cost $60,122).

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

THRIVENT MUTUAL FUNDS

Statement of Operations


*For the year ended December 31, 2015*	Growth and Income Plus Fund			Diversified Income Plus Fund
Investment Income
Dividends	$	1,552,026		$	9,299,714
Taxable interest		835,437			20,797,172
Income from mortgage dollar rolls		41,657			368,271
Income from securities loaned		—			56,405
Income from affiliated investments		3,381			33,059
Foreign tax withholding		(60,351	)		(233,072	)
Total Investment Income		2,372,150			30,321,549
Expenses
Adviser fees		501,921			3,915,689
Administrative service fees		83,899			198,150
Audit and legal fees		37,982			43,794
Custody fees		93,180			130,024
Distribution expenses Class A		188,510			1,492,582
Insurance expenses		4,712			7,614
Printing and postage expenses Class A		27,807			166,595
Printing and postage expenses Institutional Class		433			16,426
SEC and state registration expenses		33,664			82,815
Transfer agent fees Class A		81,096			450,601
Transfer agent fees Institutional Class		1,078			57,833
Trustees’ fees		6,653			26,664
Other expenses		45,466			55,361
Total Expenses Before Reimbursement		1,106,401			6,644,148
Less:
Reimbursement from adviser		(224,739	)		—
Total Net Expenses		881,662			6,644,148
Net Investment Income/(Loss)		1,490,488			23,677,401
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		1,095,823			3,226,519
Distributions of realized capital gains from affiliated investments		2			13
Futures contracts		158,777			1,043,847
Foreign currency and forward contract transactions		(4,796	)		(19,933	)
Swap agreements		(2,875	)		—
Change in net unrealized appreciation/(depreciation) on:
Investments		(3,469,727	)		(30,630,743	)
Futures contracts		(88,126	)		(1,111,052	)
Foreign currency transactions		(865	)		(2,117	)
Swap agreements		5,862			—
Net Realized and Unrealized Gains/(Losses)		(2,305,925	)		(27,493,466	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(815,437	)	$	(3,816,065	)

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

THRIVENT MUTUAL FUNDS

Statement of Changes in Net Assets


	Growth and Income Plus Fund						Diversified Income Plus Fund
*For the periods ended*	12/31/2015			12/31/2014			12/31/2015			12/31/2014
Operations
Net investment income/(loss)	$	1,490,488		$	1,260,491		$	23,677,401		$	21,600,846
Net realized gains/(losses)		1,246,931			2,483,764			4,250,446			16,071,596
Change in net unrealized appreciation/(depreciation)		(3,552,856	)		(2,717,308	)		(31,743,912	)		(16,079,293	)
Net Change in Net Assets Resulting From Operations		(815,437	)		1,026,947			(3,816,065	)		21,593,149
Distributions to Shareholders
From net investment income Class A		(1,445,573	)		(1,239,236	)		(20,122,834	)		(16,473,470	)
From net investment income Institutional Class		(41,967	)		(45,097	)		(4,220,503	)		(4,015,094	)

Total From Net Investment Income		(1,487,540	)		(1,284,333	)		(24,343,337	)		(20,488,564	)

From net realized gains Class A		(1,330,640	)		(2,558,410	)		(2,769,924	)		(14,073,235	)
From net realized gains Institutional Class		(27,864	)		(59,140	)		(517,423	)		(2,849,616	)

Total From Net Realized Gains		(1,358,504	)		(2,617,550	)		(3,287,347	)		(16,922,851	)

From return of capital Class A		(41,792	)		—			—			—
From return of capital Institutional Class		(954	)		—			—			—

Total From Return of Capital		(42,746	)		—			—			—

Total Distributions to Shareholders		(2,888,790	)		(3,901,883	)		(27,630,684	)		(37,411,415	)
Capital Stock Transactions Class A
Sold		11,176,229			36,115,273			98,370,305			174,763,842
Distributions reinvested		2,701,932			3,645,176			20,547,070			27,843,997
Redeemed		(14,592,625	)		(10,313,535	)		(88,661,786	)		(66,659,322	)

Total Class A Capital Stock Transactions		(714,464	)		29,446,914			30,255,589			135,948,517

Institutional Class
Sold		843,740			733,901			36,529,007			48,466,474
Distributions reinvested		60,437			98,237			4,680,060			6,789,078
Redeemed		(1,085,378	)		(1,310,493	)		(44,105,282	)		(44,040,301	)

Total Institutional Class Capital Stock Transactions		(181,201	)		(478,355	)		(2,896,215	)		11,215,251

Capital Stock Transactions		(895,665	)		28,968,559			27,359,374			147,163,768
Net Increase/(Decrease) in Net Assets		(4,599,892	)		26,093,623			(4,087,375	)		131,345,502
Net Assets, Beginning of Period		78,224,718			52,131,095			697,902,902			566,557,400
Net Assets, End of Period	$	73,624,826		$	78,224,718		$	693,815,527		$	697,902,902
Accumulated Undistributed Net Investment Income/(Loss)	$	(22,292	)	$	(14,049	)	$	1,603,766		$	1,430,593
Capital Stock Share Transactions
Class A shares
Sold		1,106,202			3,457,687			13,863,237			23,828,980
Distributions reinvested		277,376			360,497			2,924,247			3,864,523
Redeemed		(1,448,321	)		(997,017	)		(12,546,117	)		(9,116,870	)

Total Class A shares		(64,743	)		2,821,167			4,241,367			18,576,633

Institutional Class shares
Sold		84,324			70,275			5,202,465			6,683,564
Distributions reinvested		6,149			9,661			671,011			948,339
Redeemed		(108,898	)		(125,980	)		(6,290,858	)		(6,083,130	)

Total Institutional Class shares		(18,425	)		(46,044	)		(417,382	)		1,548,773

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

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2015

(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-one separate series each with its own investment objective and policies. The Trust currently consists of four asset allocation funds, four income plus funds, seven equity funds, five fixed-income funds, and one money market fund.

This shareholder report includes Thrivent Growth and Income Plus Fund and Thrivent Diversified Income Plus Fund (each, a “Fund” and, collectively, the “Funds”), two of the Trust’s twenty-one 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, 2015, 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 21 Funds of the Trust offer Class A and Institutional Class shares. Effective February 1, 2016, Institutional Class shares were renamed Class S shares. Effective February 29, 2016, Class A Shares are closed to new shareholders and are open to current Class A shareholders and others who reside at the same mailing address (“household”). Effective February 29, 2016, the maximum front-end sales charge imposed on Class A Shares of equity funds has been changed from 5.50% to 4.50%. Please refer to the Supplement to Class A Shares Prospectus dated February 12, 2016 for additional information.

(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. 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. Swap agreements are valued at the latest bid quotation of the contract as furnished by an independent pricing service. Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by the pricing service. Investments in open-ended mutual funds are valued at the net asset value at the close of each business day. 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.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2015

In accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the various inputs used to determine the fair value of the Funds’ investments are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities, typically included in this level are U.S. equity securities, futures, options and registered investment company funds. Level 2 includes other significant observable inputs such as quoted prices for similar securities, interest rates, prepayment speeds and credit risk, typically included in this level are fixed income securities, international securities, swaps and forward contracts. Level 3 includes significant unobservable inputs such as the Adviser’s own assumptions and broker evaluations in determining the fair value of investments. 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 currency contracts, disposition of foreign currencies, exchange gains or losses between the trade date and settlement date on securities transactions, and other translation gains or losses on dividends, interest income and foreign withholding taxes. The Funds do not separately report the effect of changes in foreign exchange rates from changes in prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

For federal income tax purposes, the Funds treat the effect of changes in foreign exchange rates arising from actual foreign currency transactions and the changes in foreign exchange rates between the trade date and settlement date as ordinary income.

(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, 2015, open U.S. Federal, Minnesota, Wisconsin and Massachusetts tax years include the tax years ended December 31, 2012 through 2015. Additionally, as of December 31, 2015, the tax year ended December 31, 2011 is open for Wisconsin. The Funds have no examinations in progress and none are expected at this time.

As of December 31, 2015, 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.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2015

Foreign Income Taxes – Funds are subject to foreign income taxes imposed by certain countries in which they invest. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. These amounts are shown as foreign tax withholding on the Statement of Operations. The Funds pay tax on foreign capital gains, where applicable.

(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. However, in certain foreign market where declaration of the dividend follows the ex-dividend date, the dividend will be recorded as soon as the Fund is informed of the declaration 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 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 may invest in derivatives. Derivatives, a category that includes options, futures, swaps and hybrid instruments, are financial instruments whose value is derived from another security, an index or a currency. Each Fund may use derivatives for hedging (attempting to offset a potential loss in one position by establishing an interest in an opposite position). This includes the use of currency-based derivatives to manage the risk of its positions in foreign securities. Each Fund may also use derivatives for replication of a certain asset class or speculation (investing for potential income or capital gain). These contracts may be transacted on an exchange or over-the-counter (OTC).

A derivative may incur a mark to market loss if the value of the derivative decreases due to an unfavorable change in the market rates or values of the underlying derivative. Losses can also occur if the counterparty does not perform under the derivative. A Fund’s risk of loss from the counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. With exchange traded futures and centrally cleared swaps, there is minimal counterparty credit risk to the Funds because the exchange’s clearinghouse, as counterparty to such derivatives, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the derivative; thus, the credit risk is limited to the failure of the clearinghouse. However, credit risk still exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers, potentially resulting in losses to the Funds. Using derivatives to hedge can guard against potential risks, but it also adds to the Funds’ expenses and can eliminate some opportunities for gains. In addition, a derivative used for mitigating exposure or replication may not accurately track the value of the underlying asset. Another risk with derivatives is that some types can amplify a gain or loss, potentially earning or losing substantially more money than the actual cost of the derivative.

In order to define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with 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

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2015

certain derivatives’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy and insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral and margin requirements vary by type of derivative. Margin requirements are established by the broker or 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 and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, non-cash collateral that has been pledged to cover obligations of the Fund has been noted in the Schedule of Investments. To the extent amounts due to 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 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 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 mitigate currency and counterparty exposure to other foreign-currency-denominated investments. These contracts are recorded at value and the related realized and change in unrealized foreign exchange gains and losses are included in the Statement of Operations. In the event that counterparties fail to settle these forward contracts, the Funds could be exposed to foreign currency fluctuations. Foreign currency contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract. A realized gain or loss is recorded at the time a forward contract is closed. These contracts are over-the-counter and the Fund is exposed to counterparty risk equal to the discounted net amount of payments to the Fund.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2015

Swap Agreements – Each of the Funds may enter into swap transactions, which involve swapping one or more investment characteristics of a security or a basket of securities with another party. Such transactions include market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk and may involve commissions or other costs. Swap transactions generally do not involve delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swap transactions is generally limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the counterparty defaulting, the net amount of payments that the Fund is contractually entitled to receive. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. The contracts are valued daily and unrealized appreciation or depreciation is recorded. Swap agreements are valued at 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.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2015

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

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


							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		4,828		—		4,828		4,828		—		—		—
Swap Credit Contracts		190		—		190		—		—		—		190	⁽^*)
Diversified income Pius
Futures Contracts		378,529		—		378,529		56,117		—		—		322,412	^(†)

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

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

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


							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		5,552		—		5,552		4,828		—		724		—
Diversified income Pius
Futures Contracts		56,117		—		56,117		56,117		—		—		—
Securities Lending		714,690		—		714,690		675,022		—		—		39,668	^Ù

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

Ù	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 segregate collateral with the fund custodian—depending on market movements—on their mortgage dollar rolls. The value of the securities that the Funds are required to purchase may decline below the agreed upon repurchase price of those securities.

During the period between the sale and repurchase, the Funds forgo principal and interest paid on the mortgage securities sold. The Funds are compensated from negotiated fees paid by brokers offered as an inducement to the Funds to “roll over” their purchase commitments, thus enhancing the yield. Mortgage dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. 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. Daily market fluctuations could cause the value of loaned securities to be more or less that the value of the collateral received. Any additional collateral is adjusted and settled on the next business day. The Trust

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2015

has the ability to recall the loans at any time and could do so in order to vote proxies or sell the loaned securities. All cash collateral received is invested in Thrivent Cash Management Trust. The Funds receive dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. Amounts earned on investments in Thrivent Cash Management Trust, net of rebates, fees paid to 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 Portfolio 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. Generally, in the event of borrower default, the Portfolio has the right to use the collateral to offset any losses incurred. However, in the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss. Some of these losses may be indemnified by the lending agent.

As of December 31, 2015, the value of securities on loan is as follows:


Fund	Securities on Loan
Diversified Income Plus	$	675,022

(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.

(K) Treasury Inflation Protected Securities — Certain Funds may invest in treasury inflation protected securities (TIPS). These securities are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The coupon interest rate is generally fixed at issuance. Interest is paid based on the principal value, which is adjusted for inflation. Any increase in the principal amount will be included as taxable interest in the Statement of Operations and received in cash upon maturity or sale of the security.

(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, 2015, 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. During the year ended, December 31, 2015, none of the Funds engaged in these types of transactions.

(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. As interest rates increase, the price of the principal only security decreases. Similarly, as interest rates decrease, the price of the principal only security increases. The principal only security represents the payment with the longest maturity, therefore making it the most sensitive to interest rate changes.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2015

(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) Recent Accounting Pronouncements —

Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).

In May 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU No. 2015-07, Fair Value Measurement (Topic 820), Disclosure for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). ASU No. 2015-07 changes the disclosure requirements for investments for which fair value is measured using the net asset value per share practical expedient. The disclosure requirements are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

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

(T) Other — For financial statement purposes, investment security transactions are accounted for on the trade date. Realized gains and losses from investment transactions are determined on a specific cost identification basis, which is the same basis used for federal income tax purposes.

(3) FEES AND COMPENSATION PAID TO AFFILIATES

(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	%

(B) Expense Reimbursements — For the period ended December 31, 2015, 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	%		2/28/2017
Diversified Income Plus		1.00	%		N/A			2/1/2016

*	The Adviser has contractually agreed to limit expenses in Growth and

Income Plus Class A to 1.10% effective 2/1/2016.

(C) Distribution Plan — Through December 31, 2015, Thrivent Investment Management, Inc. (“Thrivent Investment Mgt.”) was the Trust’s distributor. Effective January 1, 2016, Thrivent Distributors, LLC became 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.

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2015

(D) Sales Charges and Other Fees — For the year ended December 31, 2015, Thrivent Investment Mgt. received $1,354,757 of aggregate underwriting concessions from the sales of the Trust’s Class A shares. Sales charges are not an expense of the Trust and are not reflected in the financial statements of any of the Funds.

The Trust has entered into an accounting and administrative services agreement with Thrivent Asset Mgt. pursuant to which Thrivent Asset Mgt. provides certain accounting and administrative personnel and services to the Funds. For the year ended December 31, 2015, Thrivent Asset Mgt. received aggregate fees for accounting and administrative personnel and services of $337,315 from the Funds covered in this shareholder report.

The Trust has entered into an agreement with Thrivent Financial Investor Services, Inc. (“Thrivent Investor Services”) to provide transfer agency and dividend payment services necessary to the Funds on a per-account basis. For the year ended December 31, 2015, Thrivent Investor Services received $606,306 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 Payable for trustee deferred compensation, located in the Statement of Assets and Liabilities, is unsecured.

Those Trustees not participating in the above plan received $18,036 in fees from the Funds covered in this shareholder report for the year ended December 31, 2015. 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	($	11,191	)	($	23,091	)	$	34,282
Diversified Income Plus		839,109			(839,109	)		—

At December 31, 2015, 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	$	1,503,291	$	—

a	Undistributed Ordinary Income includes income derived from Short-Term Capital Gains.

The tax character of distributions paid during the years ended December 31, 2015 and 2014 was as follows:


	Ordinary Income ^a				Long-Term Capital Gain				Return of Capital
Fund	12/31/15		12/31/14		12/31/15		12/31/14		12/31/15		12/31/14
Growth and Income Plus	$	1,487,540	$	2,237,837	$	1,358,504	$	1,664,046	$	42,746	$	—
Diversified Income Plus		24,343,337		26,345,647		3,287,347		11,065,768		—		—

^a	Ordinary income includes income derived from Short-Term Capital Gains.

(5) SECURITY TRANSACTIONS

(A) Purchases and Sales of Investment Securities — For the year ended December 31, 2015, 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	$	112,476	$	112,625
Diversified Income Plus		579,272		529,643

THRIVENT MUTUAL FUNDS

NOTESTO FINANCIAL STATEMENTS

December 31, 2015

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


	In thousands
Fund	Purchases		Sales
Growth and Income Plus	$	22,249	$	22,489
Diversified Income Plus		189,420		207,662

(B) 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.

(C) 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 or affiliated Portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another Fund or Portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is executed at the current market price. During the year ended December 31, 2015, Growth and Income Plus Fund and Diversified Income Plus Fund engaged in purchase transactions that complied with Rule 17a-7 of the 1940 Act in the amounts of $7,677,104 and $30,708,389, respectively.

(7) SHAREHOLDER CONCENTRATION

As of December 31, 2015, 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 through February 18, 2016, and, except as already included in the Notes to Financial Statements, has determined that no additional items require disclosure.

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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
GROWTH AND INCOME PLUS FUND
Class A Shares
Year Ended 12/31/2015	$	10.03	$	0.19	$	(0.29	)	$	(0.10	)	$	(0.19	)	$	(0.18	)
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	)		—
Institutional Class Shares
Year Ended 12/31/2015		10.05		0.26		(0.33	)		(0.07	)		(0.23	)		(0.18	)
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	)		—

DIVERSIFIED INCOME PLUS FUND
Class A Shares
Year Ended 12/31/2015		7.10		0.23		(0.27	)		(0.04	)		(0.24	)		(0.03	)
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	)		—
Institutional Class Shares
Year Ended 12/31/2015		7.04		0.25		(0.26	)		(0.01	)		(0.26	)		(0.03	)
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	)		—

^(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.

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

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
Return of Capital			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


$	(0.01	)	$	(0.38	)	$	9.55		(1.03	)%	$	72.1		1.15	%		1.92	%		1.44	%		1.63	%		181	%
	—			(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	%

	(0.01	)		(0.42	)		9.56		(0.77	)%		1.5		0.80	%		2.26	%		1.13	%		1.93	%		181	%
	—			(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	%



	—			(0.27	)		6.79		(0.62	)%		585.5		0.98	%		3.28	%		0.98	%		3.28	%		108	%
	—			(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	%

	—			(0.29	)		6.74		(0.19	)%		108.3		0.69	%		3.56	%		0.69	%		3.56	%		108	%
	—			(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	%

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 2016.

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		29	%		68	%
Diversified Income Plus		12	%		21	%

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, 2015, 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	$	1,358,504
Diversified Income Plus		3,287,347

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 ThriventFunds. com or www.sec.gov.

Quarterly Schedule of Investments

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 ThriventFunds.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.

Summary Schedule of Investments

The summary schedule of investments is designed to streamline the report and help investors better focus on a fund’s principal holdings. A complete listing of holdings for a fund in which the summary is included in the shareholder report is available free of charge by calling 1-800-847-4836. It is also available at ThriventFunds.com or sec.gov where it is part of form N-CSR.

ADDITIONAL INFORMATION

(unaudited)

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 ten-member Board consists of eight Independent Trustees, including the Chairman.

At its meeting on November 17-18, 2015, the Board voted unanimously to renew the existing Advisory Agreement between the Trust and Thrivent Asset Management, LLC (the “Adviser”) for each series of the Trust other than the Asset Allocation Funds (each, a “Fund”). 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 24 to November 17, 2015 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; brokerage costs; information with respect to services provided to the Funds and fees charged, including effective advisory fees that take into account breakpoints and fee waivers by the Adviser; asset and flow trends for the Funds; the cost of services and profit realized by the Adviser and its affiliates that provide services to the Funds; and information regarding the types of services furnished to the Funds. The Board received information from the Adviser regarding the personnel providing services to the Funds, including investment management, compliance and administrative personnel. The Board also received monthly reports from the Adviser’s investment management staff with respect to the performance of the Funds. In addition to its review of the information presented to the Board during the 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.

Shareholders of the Asset Allocation Funds approved a new Advisory Agreement, including a new investment advisory fee schedule, in August 2015; therefore, the Board was not required to and did not include the Advisory Agreement with respect to the Asset Allocation Funds in its considerations to renew the Funds’ Advisory Agreement.

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.

ADDITIONAL INFORMATION

(unaudited)

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. On several occasions, the Board received presentations from certain Subadvisers regarding their portfolio management services to certain 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.

The Board considered the depth and quality of the Adviser’s oversight of the Subadvisers. 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 policies. 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, 2015, the average ranking of the Funds’ Class A shares against their Lipper categories was 44% (on a scale of 1-99%, with 1% being the best). The Board noted that, for the three-year period ended June 30, 2015, the average ranking of the Funds’ Institutional Class (now known as Class S) against their Lipper categories was 36% (excluding the Money Market Fund) (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 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.

ADDITIONAL INFORMATION

(unaudited)

Advisory Fees and Fund Expenses

The Board reviewed information prepared by MPI comparing each Fund’s advisory fee with the advisory fee of 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. Although the Board conducted its review on a Fund-by-Fund basis, it noted that the average ranking of the Funds’ advisory fees for its Class A shares was 33% and the average ranking of the of the Funds’ advisory fees for its Institutional Class (now known as Class S) was 37% (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. 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 three Funds (each of which is discussed below) had better total net expense ratios than their peer group medians. The Board further noted that the Funds’ Class A shares had an average ranking of 36% while the Funds’ Institutional Class (now known as Class S) had an average ranking of 26% (on a scale of 1-99%, with 1% being the lowest expenses). With respect to the Thrivent Money Market Fund, the Board noted that the Adviser, like many investment advisers in the industry, continued to waive fees in order to maintain a zero yield. With respect to Thrivent Partner Worldwide Allocation Fund and the Thrivent Large Cap Growth Fund, the Board viewed favorably management’s willingness to continue a contractual expense cap with respect to the Class A shares and noted that, although there were no expense caps in place, the net operating expenses for the Institutional Class shares were competitive.

The Board considered that, in response to reforms of the rules that govern money market funds, Thrivent Money Market Fund would change its principal investment strategies to qualify as a “government money market fund” effective February 1, 2016. In connection with this change, the Board approved a decrease to the Fund’s investment advisory fee.

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.

ADDITIONAL INFORMATION

(unaudited)

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, an enhanced reputation as an investment adviser which may help in attracting other clients and investment personnel, 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 the research received by the Adviser generated from commission dollars spent on the Funds’ portfolio trading.

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 21 series of the Trust and also serves as:

•

Director of Thrivent Series Fund, Inc., a registered investment company consisting of 27 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 21 series of the Trust, the 27 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) 2009		Senior Vice President, Chief Investment Officer, Thrivent Financial since 2003.

David S. Royal (1971) 2015		President, Thrivent Mutual Funds, Thrivent Financial since 2015, Vice President and Deputy General Counsel from 2006 to 2015; Interim Investment Company and Investment Chief Compliance Officer from May 2010 until December 2010.

Independent Trustees ^(2)(3)(4)(5)


Name (Year of Birth) Year Elected		Principal Occupation(s) and Directorships of Public Companies and Other Investment Companies During the Past Five Years

Janice B. Case (1952) 2011		Retired. Independent Trustee of North American Electric Reliability Corporation (the electric reliability organization (“ERD”) for North America) 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; CEO of The Nussle Group LLC (consulting firm) since 2009.

Douglas D. Sims (1946) 2006		Retired. 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

David S. Royal (1971) President		Vice President, Thrivent Mutual Funds, Thrivent Financial since 2015, Vice President and Deputy General Counsel from 2006 to 2015.

Russell W. Swansen (1957) Chief Investment Officer		Senior Vice President and Chief Investment Officer, Thrivent Financial since 2003.

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

Michael W. Kremenak (1978) Secretary and Chief Legal Officer		Vice President, Thrivent Financial since 2015; Senior Counsel, Thrivent Financial from 2013 to 2015; Vice President and Assistant General Counsel at Nuveen Investments from 2011 to 2013.

Ted S. Dryden (1965) Chief Compliance Officer		Investment Company and Investment Adviser Chief Compliance Officer, Thrivent Financial since December 2010.

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

Kathleen M. Koelling (1977) Privacy and Identity Theft and Anti-Money Laundering Officer ⁽⁶⁾		Privacy and Identity Theft 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.

Kathryn A. Stelter (1962) Vice President		Director, Mutual Fund Operations, Thrivent Financial since 2014; Director, Mutual Fund Operations at Hartford Funds from 2006 to 2014.

James M. Odland (1955) Assistant Secretary		Vice President, 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 and Mr. Royal are considered interested trustees because of their 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 49 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 and Mr. Royal 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

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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 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 21 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, 2015 and December 31, 2014 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	12/31/14		12/31/15
Audit Fees	$	40,489	$	32,033
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	17,174	$	20,484
All Other Fees⁽³⁾	$	0	$	130,474

Total	$	57,663	$	182,991

⁽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, 2014 and October 31, 2015 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	10/31/14		10/31/15
Audit Fees	$	371,291	$	360,289
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	119,953	$	145,851
All Other Fees⁽³⁾	$	3,600	$	100,325

Total	$	491,244	$	606,465

⁽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 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, 2015 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		10/31/15		12/31/15
Registrant⁽¹⁾	$	0	$	0	$	0	$	0	$	0	$	0
Adviser	$	1,800	$	1,800	$	3,600	$	3,600	$	100,325	$	130,474

(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) The summary schedule of investments for these funds; Growth and Income Plus Fund and Diversified Income Plus Fund, are included as part of the report to shareholders filed under Item 1 of this Form. The schedule of investments for said funds are filed under this Item.

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Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Thrivent Diversified Income Plus Fund and Thrivent Growth and Income Plus Fund:

In our opinion, the accompanying statements of assets and liabilities, including the summary schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedule of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of Thrivent Diversified Income Plus Fund and Thrivent Growth and Income Plus Fund (constituting part of the Thrivent Mutual Funds) (hereafter referred to as the “Funds”) at December 31, 2015, 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 five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights and schedules of investments (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, 2015 by correspondence with the custodian, agent banks, transfer agent and brokers provides a reasonable basis for our opinion.

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February 18, 2016

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, 2015


Principal Amount		Bank Loans (10.2%)^a	Value
	Basic Materials (0.5%)
		Alpha Natural Resources, Inc., Term Loan
	$39,396	3.500%, 5/22/2020	$	16,973
		Fortescue Metals Group, Ltd., Term Loan
	126,144	4.250%, 6/30/2019		93,202
		Ineos US Finance, LLC, Term Loan
	89,278	3.750%, 12/15/2020		85,484
		NewPage Corporation, Term Loan
	87,750	9.500%, 2/11/2021		31,316
		Tronox Pigments BV, Term Loan
	83,361	4.500%, 3/19/2020		73,566
		Wausau Paper Corporation, Term Loan
	73,698	6.500%, 7/30/2020		73,145

		Total		373,686


	Capital Goods (0.5%)
		ADS Waste Holdings, Inc., Term Loan
	86,581	3.750%, 10/9/2019		83,659
		Berry Plastics Group, Inc., Term Loan
	118,708	3.500%, 2/8/2020		116,253
		Rexnord, LLC, Term Loan
	89,930	4.000%, 8/21/2020		86,951
		Silver II Borrower, Term Loan
	82,705	4.000%, 12/13/2019		69,762

		Total		356,625


	Communications Services (3.6%)
		Altice Financing SA, Term Loan
	87,063	5.250%, 2/4/2022		86,600
		Atlantic Broadband Penn, LLC, Term Loan
	144,010	3.250%, 11/30/2019		142,525
		Birch Communication Inc., Term Loan
	87,188	7.750%, 7/17/2020		83,264
		Cengage Learning Acquisitions, Term Loan
	57,719	7.000%, 3/31/2020		56,132
		Charter Communications Operating, LLC, Term Loan
	72,879	3.000%, 7/1/2020		71,436
		Cincinnati Bell, Inc., Term Loan
	89,930	4.000%, 9/10/2020		86,595
		CommScope, Inc., Term Loan
	109,725	3.827%, 12/29/2022^b,c		108,834
		CSC Holdings, LLC, Term Loan
	37,500	5.000%, 10/9/2022		37,395
		Fairpoint Communications, Term Loan
	89,694	7.500%, 2/14/2019		88,932
		Grande Communications Networks, LLC, Term Loan
	89,702	4.500%, 5/29/2020		87,833
		Gray Television, Inc., Term Loan
	151,351	3.750%, 6/13/2021		149,176
		Hargray Communications Group, Inc., Term Loan
	146,597	5.250%, 6/26/2019		145,543
		Integra Telecom Holdings, Inc., Term Loan
	89,708	5.250%, 8/14/2020		86,568
		Intelsat Jackson Holdings SA, Term Loan
	119,444	3.750%, 6/30/2019		112,704
		Level 3 Communications, Inc., Term Loan
	121,000	4.000%, 8/1/2019		120,697
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	105,000	4.500%, 1/7/2022		101,456
		LTS Buyer, LLC, Term Loan
	106,669	4.000%, 4/13/2020		103,629
		MCC Georgia, LLC, Term Loan
	68,950	3.750%, 6/30/2021		68,067
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	76,771	4.750%, 3/22/2019		74,916
		NEP/NCP Holdco, Inc., Term Loan
	89,939	4.250%, 1/22/2020		83,868
		NTelos, Inc., Term Loan
	89,683	5.750%, 11/9/2019		88,786
		Numericable US, LLC, Term Loan
	75,000	4.563%, 7/29/2022^b,c		71,543
		SBA Senior Finance II, LLC, Term Loan
	98,500	3.250%, 3/24/2021		96,284
		TNS, Inc., Term Loan
	39,713	5.000%, 2/14/2020		39,018
		Univision Communications, Inc., Term Loan
	89,665	4.000%, 3/1/2020		87,603
		Virgin Media Investment Holdings, Ltd., Term Loan
	46,459	3.500%, 6/30/2023		45,436
		WideOpenWest Finance, LLC, Term Loan
	78,495	4.500%, 4/1/2019		75,527
		XO Communications, LLC, Term Loan
	98,348	4.250%, 3/20/2021		95,841
		Yankee Cable Acquisition, LLC, Term Loan
	85,667	4.250%, 3/1/2020		84,302
		Zayo Group, LLC, Term Loan
	78,485	3.750%, 5/6/2021		77,069

		Total		2,657,579


	Consumer Cyclical (1.9%)
		Amaya BV, Term Loan
	135,786	5.000%, 8/1/2021		126,960
		Burlington Coat Factory Warehouse Corporation, Term Loan
	117,246	4.250%, 8/13/2021		115,633
		Ceridian HCM Holding, Inc., Term Loan
	44,112	4.500%, 9/15/2020		37,330
		Charter Communications Operating, LLC, Term Loan
	44,850	3.000%, 1/3/2021		43,897
		Dollar Tree, Inc., Term Loan
	62,344	3.500%, 7/6/2022		62,071

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (10.2%)^a	Value
	Consumer Cyclical (1.9%) - continued
		FCA US, LLC, Term Loan
$	58,950	3.250%, 12/31/2018	$	58,331
		Golden Nugget, Inc., Delayed Draw
	10,152	5.500%, 11/21/2019		10,051
		Golden Nugget, Inc., Term Loan
	23,688	5.500%, 11/21/2019		23,451
		Hilton Worldwide Finance, LLC, Term Loan
	79,476	3.500%, 10/26/2020		79,253
		IMG Worldwide, Inc., Term Loan
	83,911	5.250%, 5/6/2021		82,312
		J.C. Penney Corporation, Inc., Term Loan
	89,700	6.000%, 5/22/2018		87,973
		Las Vegas Sands, LLC, Term Loan
	19,600	3.250%, 12/19/2020		19,380
		Marina District Finance Company, Inc., Term Loan
	474	6.500%, 8/15/2018^b,c		473
	37,563	6.500%, 8/15/2018		37,469
		MGM Resorts International, Term Loan
	127,187	3.500%, 12/20/2019		125,279
		Michaels Stores, Inc., Term Loan
	56,772	4.000%, 1/28/2020		56,322
		Mohegan Tribal Gaming Authority, Term Loan
	75,603	5.500%, 6/15/2018		73,794
		Pinnacle Entertainment, Inc., Term Loan
	52,247	3.750%, 8/13/2020		52,035
		Scientific Games International, Inc., Term Loan
	90,160	6.000%, 10/18/2020		82,271
		Seminole Hard Rock Entertainment, Inc., Term Loan
	147,727	3.500%, 5/14/2020		144,403
		Seminole Indian Tribe of Florida, Term Loan
	52,097	3.000%, 4/29/2020		51,706

		Total		1,370,394


	Consumer Non-Cyclical (1.2%)
		Albertson’s, Inc., Term Loan
	140,004	5.500%, 3/21/2019		139,409
		Albertson’s, LLC, Term Loan
	15,000	0.000%, 12/22/2022^b,c		14,895
		Catalina Marketing Corporation, Term Loan
	59,100	4.500%, 4/9/2021		46,985
		CHS/Community Health Systems, Inc., Term Loan
	12,331	3.657%, 12/31/2018		12,141
	11,573	3.750%, 1/27/2021		11,262
	21,294	4.000%, 1/27/2021		20,929
		Endo Luxembourg Finance I Co Sarl, Term Loan
	100,000	3.750%, 9/26/2022		98,542
		JBS USA, LLC, Term Loan
	60,653	3.750%, 5/25/2018		60,273
	39,395	3.750%, 9/18/2020		38,608
	25,000	4.000%, 10/30/2022		24,906
		Libbey Glass, Inc., Term Loan
	123,125	3.750%, 4/9/2021		120,816
		LTF Merger Sub, Inc., Term Loan
	74,625	4.250%, 6/10/2022		72,620
		Ortho-Clinical Diagnostics, Inc., Term Loan
	123,249	4.750%, 6/30/2021		103,991
		Supervalu, Inc., Term Loan
	129,356	4.500%, 3/21/2019		127,443
		Valeant Pharmaceuticals International, Inc., Term Loan
	30,922	4.000%, 4/1/2022^b,c		29,677

		Total		922,497


	Energy (0.5%)
		Arch Coal, Inc., Term Loan
	89,681	6.250%, 5/16/2018		39,485
		Aria Energy Operating, LLC, Term Loan
	44,297	5.000%, 5/27/2022		40,975
		Energy Solutions, LLC, Term Loan
	84,407	6.750%, 5/29/2020		63,305
		Exgen Renewables I, LLC, Term Loan
	34,406	5.250%, 2/6/2021		34,406
		McJunkin Red Man Corporation, Term Loan
	56,508	4.750%, 11/8/2019		51,705
		MEG Energy Corporation, Term Loan
	74,227	3.750%, 3/31/2020		65,097
		Offshore Group Investment, Ltd., Term Loan
	98,585	0.000%, 3/28/2019^d		19,799
		Pacific Drilling SA, Term Loan
	67,275	4.500%, 6/3/2018		28,760

		Total		343,532


	Financials (0.7%)
		Delos Finance Sarl, Term Loan
	100,000	3.500%, 3/6/2021		99,482
		DJO Finance, LLC, Term Loan
	59,850	4.250%, 6/7/2020		58,073
		Harland Clarke Holdings Corporation, Term Loan
	86,250	7.000%, 5/22/2018		83,303
		MPH Acquisition Holdings, LLC, Term Loan
	121,261	3.750%, 3/31/2021		117,826
		TransUnion, LLC, Term Loan
	58,950	3.500%, 4/9/2021		57,157
		WaveDivision Holdings, LLC, Term Loan
	110,218	4.000%, 10/15/2019		108,289

		Total		524,130


	Technology (0.6%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	80,000	0.000%, 11/13/2022^b,c		79,050
		Avago Technologies, Ltd., Term Loan
	85,602	3.750%, 5/6/2021		85,317

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (10.2%)^a	Value
	Technology (0.6%) - continued
		BMC Software, Inc., Term Loan
$	86,965	5.000%, 9/10/2020	$	71,374
		First Data Corporation, Term Loan
	92,000	3.918%, 3/23/2018		90,684
	50,000	3.918%, 9/24/2018		49,250
		Merrill Communications, LLC, Term Loan
	305	6.250%, 6/1/2022		259
		SS&C European Holdings SARL, Term Loan
	42,421	4.007%, 7/8/2022		42,050
	6,243	4.018%, 7/8/2022		6,188

		Total		424,172


	Transportation (0.4%)
		American Airlines, Inc., Term Loan
	90,390	3.250%, 6/27/2020		88,878
		Delta Airlines, Inc., Term Loan
	99,750	3.250%, 8/24/2022		99,447
		OSG Bulk Ships, Inc., Term Loan
	93,575	5.250%, 8/5/2019		89,598
		XPO Logistics, Inc., Term Loan
	37,500	5.500%, 11/1/2021		37,297

		Total		315,220


	Utilities (0.3%)
		Calpine Corporation, Term Loan
	59,248	4.000%, 10/31/2020		57,618
	88,438	3.500%, 5/27/2022		84,149
		Intergen NV, Term Loan
	89,700	5.500%, 6/15/2020		80,842

		Total		222,609

		Total Bank Loans (cost $8,031,853)		7,510,444


Shares		Common Stock (63.3%)
	Consumer Discretionary (10.0%)
	1,500	Aisan Industry Company, Ltd.		15,403
	500	Aisin Seiki Company, Ltd.		21,519
	1,070	Amazon.com, Inc.^e		723,202
	820	AutoZone, Inc.^e		608,366
	200	Bayerische Motoren Werke AG		16,733
	2,200	Berkeley Group Holdings plc		119,600
	4,650	Best Buy Company, Inc.		141,592
	3,320	BorgWarner, Inc.		143,524
	500	Brembo SPA		24,157
	1,200	Bridgestone Corporation		41,162
	2,210	Burlington Stores, Inc.^e		94,809
	3,000	Calsonic Kansei Corporation		26,448
	2,936	Cedar Fair, LP		163,946
	1,500	Cineworld Group plc		12,436
	13,288	Comcast Corporation		749,842
	900	Compass Group plc		15,595
	400	Daimler AG		33,422
	10,000	Debenhams plc		10,782
	1,900	Denso Corporation		90,792
	10,230	Discovery Communications, Inc., Class A^e		272,936
	7,900	EDION Corporation		59,650
	1,100	Electrolux AB		26,540
	1,200	Eutelsat Communications		35,929
	4,660	Ford Motor Company		65,659
	1,580	General Motors Company		53,736
	2,900	GKN plc		13,160
	6,000	Gunze, Ltd.		17,574
	3,300	Hakuhodo Dy Holdings, Inc.		35,705
	1,410	Harman International Industries, Inc.		132,836
	200	Hugo Boss AG		16,502
	5,800	Inchcape plc		66,919
	2,500	Informa plc		22,594
	900	Intertek Group plc		36,816
	1,500	Isuzu Motors, Ltd.		16,159
	19,000	ITV plc		77,356
	4,910	Jarden Corporation^e		280,459
	9,400	Lookers plc		25,612
	7,704	MDC Partners, Inc.		167,331
	400	Mitsuba Corporation		6,184
	9,380	NIKE, Inc.		586,250
	2,800	NOK Corporation		65,410
	100	Paddy Power plc		13,356
	2,000	PanaHome Corporation		15,110
	1,860	Papa John’s International, Inc.		103,918
	5,800	Persimmon plc		173,034
	190	Priceline Group, Inc.^e		242,241
	500	ProSiebenSat.1 Media AG		25,226
	100	Renault SA		10,010
	1,491	Restoration Hardware Holdings, Inc.^e		118,460
	390	Schibsted ASA		12,822
	1,400	Sekisui House, Ltd.		23,539
	1,500	SHOWA Corporation		13,918
	2,100	Sports Direct International plc^e		17,846
	600	Stanley Electric Company, Ltd.		13,163
	4,000	Star Entertainment Group, Ltd.		14,678
	6,734	Starbucks Corporation		404,242
	5,000	Sumitomo Forestry Company, Ltd.		67,466
	2,300	Sumitomo Rubber Industries, Ltd.		29,908
	2,000	Takashimaya Company, Ltd.		18,011
	500	Tamron Company, Ltd.		9,225
	3,510	Target Corporation		254,861
	4,700	Tatts Group, Ltd.		14,922
	22,300	Taylor Wimpey plc		66,663
	4,040	Toll Brothers, Inc.^e		134,532
	5,300	UBM plc		41,077
	400	Valora Holding AG		83,218
	2,000	Wacoal Holdings Corporation		23,917
	3,800	WH Smith plc		98,739
	2,500	Wolters Kluwer NV		83,959
	3,500	WPP plc		80,507
	700	Yokohama Rubber Company, Ltd.		10,750

		Total		7,353,965


	Consumer Staples (3.7%)
	800	AarhusKarlshamn AB		59,263
	3,508	Anheuser-Busch InBev NV ADR		438,500
	2,200	Axfood AB		38,105
	502	Bakkafrost PF		14,789
	200	British American Tobacco plc		11,107
	1,900	Britvic plc		20,357
	500	Carrefour SA		14,430
	9,600	Coca-Cola Company		412,416
	4,000	Coca-Cola HBC AG^e		85,183
	800	Henkel AG & Company KGaA		76,523
	6,900	Imperial Tobacco Group plc		364,444
	4,500	Japan Tobacco, Inc.		165,212
	1,600	Jeronimo Martins SGPS SA		20,820
	1,700	Kao Corporation		87,361
	100	Kerry Group plc		8,274

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Shares		Common Stock (63.3%)	Value
	Consumer Staples (3.7%) - continued
	11,800	Koninklijke Ahold NV	$	248,904
	300	KOSE Corporation		27,738
	1,600	Marks and Spencer Group plc		10,653
	2,500	Nestle SA		185,588
	1,000	Nippon Meat Packers, Inc.		19,600
	2,900	Nisshin Oillio Group, Ltd.		11,814
	2,190	Philip Morris International, Inc.		192,523
	400	Royal Unibrew AS		16,257
	1,000	Suedzucker AG		19,820
	500	Sugi Holdings Company, Ltd.		27,586
	200	Sundrug Company, Ltd.		12,859
	600	Svenska Cellulosa AB SCA		17,388
	2,800	Swedish Match AB		98,945

		Total		2,706,459


	Energy (4.0%)
	400	Azrieli Group, Ltd.		14,901
	28,100	BP plc		146,028
	560	Cimarex Energy Company		50,053
	6,000	EOG Resources, Inc.		424,740
	5,270	EQT Corporation		274,725
	18,000	Kinder Morgan, Inc.		268,560
	900	OMV AG		25,547
	9,490	Parsley Energy, Inc.^e		175,090
	600	Royal Dutch Shell plc		13,684
	6,700	Royal Dutch Shell plc ADR		306,793
	1,545	Royal Dutch Shell plc, Class B		35,212
	12,900	Spectra Energy Corporation		308,826
	4,744	Statoil ASA		66,163
	5,000	TonenGeneral Sekiyu KK		42,210
	7,710	Total SA ADR		346,565
	57,140	Weatherford International, Ltd.^e		479,405

		Total		2,978,502


	Financials (18.1%)
	19,000	Aberdeen Asset Management plc		80,964
	500	Acadia Realty Trust		16,575
	700	AEON Financial Service Company, Ltd.		15,637
	970	Affiliated Managers Group, Inc.^e		154,967
	700	Agree Realty Corporation		23,793
	3,172	Alexandria Real Estate Equities, Inc.		286,622
	2,900	Allianz SE		511,209
	1,300	American Capital Agency Corporation		22,542
	477	American Farmland Company		3,358
	1,642	American Realty Capital Properties, Inc.		13,005
	2,500	Annaly Capital Management, Inc.		23,450
	1,400	Apartment Investment & Management Company		56,042
	8,250	Apollo Investment Corporation		43,065
	3,800	Ares Capital Corporation		54,150
	8,300	Australia & New Zealand Banking Group, Ltd.		167,492
	1,100	AvalonBay Communities, Inc.		202,543
	29,900	Banco Santander SA		147,090
	13,700	Bank Hapoalim, Ltd.		70,719
	3,603	Bank of Queensland, Ltd.		36,346
	24,000	Bank of Yokohama, Ltd.		147,110
	8,400	BinckBank NV		72,395
	2,000	BioMed Realty Trust, Inc.		47,380
	400	Bluerock Residential Growth REIT, Inc.		4,740
	300	Bolsas y Mercados Espanoles SA		10,110
	2,106	Boston Properties, Inc.		268,599
	2,600	British Land Company plc		30,084
	8,358	Brixmor Property Group, Inc.		215,804
	3,210	Camden Property Trust		246,400
	3,602	Capital Shopping Centres Group plc		16,828
	11,200	CapitaMall Trust		15,197
	625	Care Capital Properties, Inc.		19,106
	18,430	Charles Schwab Corporation		606,900
	356	Chesapeake Lodging Trust		8,957
	3,000	Chiba Bank, Ltd.		21,289
	10,100	Citigroup, Inc.		522,675
	3,500	CNP Assurances		47,213
	250	CoreSite Realty Corporation		14,180
	2,300	CubeSmart		70,426
	400	CyrusOne, Inc.		14,980
	1,300	Daiwa House Industry Company, Ltd.		37,370
	10,560	DDR Corporation		177,830
	200	Derwent London plc		10,818
	16,400	DEXUS Property Group		88,956
	950	Digital Realty Trust, Inc.		71,839
	7,866	Direct Line Insurance Group plc		47,150
	5,500	Duke Realty Corporation		115,610
	300	DuPont Fabros Technology, Inc.		9,537
	5,040	Encore Capital Group, Inc.^e		146,563
	700	EPR Properties		40,915
	510	Equinix, Inc.		154,224
	1,000	Equity Lifestyle Properties, Inc.		66,670
	300	Equity One, Inc.		8,145
	3,308	Equity Residential		269,900
	550	Essex Property Trust, Inc.		131,676
	450	Extra Space Storage, Inc.		39,695
	200	Federal Realty Investment Trust		29,220
	8,400	FlexiGroup, Ltd.		18,332
	10,000	Frasers Centrepoint Trust		12,997
	24,000	Fukuoka Financial Group, Inc.		119,007
	4,439	General Growth Properties, Inc.		120,785
	500	GEO Group, Inc.		14,455
	1,400	Hamborner REIT AG		14,627
	1,900	Hammerson plc		16,797
	3,000	Hang Seng Bank, Ltd.		56,860
	1,400	Hannover Rueckversicherung SE		159,866
	2,700	HCP, Inc.		103,248
	2,157	Health Care REIT, Inc.		146,741
	2,100	Healthcare Trust of America, Inc.		56,637
	6,000	Henderson Group plc		27,270
	2,500	Henderson Land Development Company, Ltd.		15,250
	1,300	Highwoods Properties, Inc.		56,680
	6,000	Hokuhoku Financial Group, Inc.		12,231
	1,000	Hospitality Properties Trust		26,150
	9,180	Host Hotels & Resorts, Inc.		140,821
	400	Hudson Pacific Properties, Inc.		11,256
	3,100	Hufvudstaden AB		43,823
	24,000	Hysan Development Company, Ltd.		98,056
	900	IG Group Holdings plc		10,640
	4,300	ING Groep NV		58,179
	1,590	Intercontinental Exchange, Inc.		407,453
	10,614	Intermediate Capital Group plc		97,846
	1,650	Invesco Mortgage Capital, Inc.		20,444
	7,000	Investa Office Fund		20,263
	15,000	Investec plc		105,766
	500	Iron Mountain, Inc.		13,505
	600	Kilroy Realty Corporation		37,968
	4,400	Kimco Realty Corporation		116,424
	267	Lamar Advertising Company		16,015
	700	LaSalle Hotel Properties		17,612
	300	Liberty Property Trust		9,315

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Shares		Common Stock (63.3%)	Value
	Financials (18.1%) - continued
	16,500	Link REIT	$	98,371
	1,175	Macerich Company		94,811
	200	Macquarie Group, Ltd.		11,965
	2,100	Medical Properties Trust, Inc.		24,171
	7,602	MetLife, Inc.		366,492
	800	Mid-America Apartment Communities, Inc.		72,648
	20,500	Mitsubishi UFJ Financial Group, Inc.		126,982
	200	Muenchener Rueckversicherungs-Gesellschaft AG		39,848
	500	National Health Investors, Inc.		30,435
	1,800	National Retail Properties, Inc.		72,090
	52,000	New World Development Company, Ltd.		51,061
	850	NorthStar Realty Finance Corporation		14,476
	4,000	Ogaki Kyoritsu Bank, Ltd.		16,127
	4,200	Old Mutual plc		11,049
	1,000	Omega Healthcare Investors, Inc.		34,980
	500	Outfront Media, Inc.		10,915
	4,024	PacWest Bancorp		173,434
	1,200	Parkway Properties, Inc.		18,756
	1,550	Physicians Realty Trust		26,133
	3,900	Poundland Group plc		11,942
	6,480	Prologis, Inc.		278,122
	1,318	Public Storage, Inc.		326,469
	2,230	Raymond James Financial, Inc.		129,273
	1,000	Realty Income Corporation		51,630
	700	Regency Centers Corporation		47,684
	2,600	Renasant Corporation		89,466
	2,800	Resona Holdings, Inc.		13,597
	400	Retail Opportunity Investments Corporation		7,160
	1,997	RLJ Lodging Trust		43,195
	300	Sampo Oyj		15,235
	2,000	Schroders plc		87,598
	168	Silver Bay Realty Trust Corporation REIT		2,631
	2,624	Simon Property Group, Inc.		510,211
	500	SL Green Realty Corporation		56,490
	3,250	Solar Capital, Ltd.		53,398
	400	Sompo Japan Nipponkoa Holdings, Inc.		13,134
	367	Sovran Self Storage, Inc.		39,383
	5,300	Spirit Realty Captial, Inc.		53,106
	40,800	Stockland		121,114
	595	Store Capital Corporation		13,804
	15,000	Sumitomo Mitsui Trust Holdings, Inc.		56,810
	1,500	Summit Hotel Properties, Inc.		17,925
	150	Sun Communities, Inc.		10,280
	700	Sunstone Hotel Investors, Inc.		8,743
	3,200	Swiss Re AG		312,532
	13,250	Synchrony Financial^e		402,933
	500	Talanx AG		15,377
	1,033	Tanger Factory Outlet Centers, Inc.		33,779
	300	Taubman Centers, Inc.		23,016
	300	Tokio Marine Holdings, Inc.		11,587
	6,100	UBS Group AG		118,337
	2,300	UDR, Inc.		86,411
	9,300	United Overseas Bank, Ltd.		128,217
	1,400	Urban Edge Properties		32,830
	2,500	Ventas, Inc.		141,075
	2,480	Vornado Realty Trust		247,901
	1,600	Wallenstam AB		12,860
	17,900	Wing Tai Holdings, Ltd.		22,111
	600	WP Carey, Inc.		35,400
	4,490	XL Group plc		175,918
	5,880	Zions Bancorporation		160,524

		Total		13,293,331


	Health Care (6.8%)
	13,070	Abbott Laboratories		586,974
	200	Actelion, Ltd.		27,789
	3,670	Akorn, Inc.^e		136,928
	1,670	Allergan plc^e		521,875
	2,030	Amgen, Inc.		329,530
	1,500	Astellas Pharmaceutical, Inc.		21,354
	400	CSL, Ltd.		30,496
	2,200	Essilor International SA		274,201
	200	Fresenius Medical Care AG & Company KGaA		16,807
	200	Gerresheimer AG		15,628
	2,500	Hikma Pharmaceuticals plc		84,749
	4,530	Hologic, Inc.^e		175,266
	1,719	ICON plc^e		133,566
	780	Illumina, Inc.^e		149,717
	900	Kaken Pharmaceutical Company, Ltd.		61,500
	300	Lonza Group AG		48,790
	8,630	Medtronic, Inc.		663,820
	12,490	Merck & Company, Inc.		659,722
	3,660	Mylan NV^e		197,896
	2,200	Novartis AG		189,242
	2,400	Novo Nordisk AS		138,956
	400	Paramount Bed Holdings Company, Ltd.		14,193
	6,012	Pfizer, Inc.		194,067
	500	Recordati SPA		13,045
	1,500	Sanofi		127,833
	700	Suzuken Company, Ltd.		26,601
	1,250	Waters Corporation^e		168,225

		Total		5,008,770


	Industrials (6.8%)
	700	Aalberts Industries NV		24,119
	900	Adecco SA		61,598
	4,730	ADT Corporation		155,995
	1,300	Aida Engineering, Ltd.		13,399
	16,700	Air New Zealand, Ltd.		33,682
	900	Airbus Group NV		60,649
	1,500	Amada Holdings Company, Ltd.		14,314
	400	Andritz AG		19,467
	8,000	Asahi Glass Company, Ltd.		45,831
	500	Atlas Copco Aktiebolag		12,262
	9,400	BAE Systems plc		69,208
	5,690	Boeing Company		822,717
	4,700	Bollore SA		21,900
	4,400	Central Glass Company, Ltd.		20,181
	700	Central Japan Railway Company		124,274
	800	Compagnie de Saint-Gobain		34,668
	500	Croda International plc		22,403
	3,200	CTT-Correios de Portugal SA		30,755
	2,000	Dai Nippon Printing Company, Ltd.		19,777
	1,922	Dart Group plc		16,675
	1,200	Deutsche Post AG		33,550
	700	DSV AS		27,555
	100	East Japan Railway Company		9,417
	300	Elbit Systems, Ltd.		26,411
	3,100	EMCOR Group, Inc.		148,924
	2,000	Ferrovial SA		45,227
	1,337	Galliford Try plc		30,042

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Shares		Common Stock (63.3%)	Value
	Industrials (6.8%) - continued
	300	GEA Group AG	$	12,120
	2,000	Hankyu Hanshin Holdings, Inc.		13,000
	3,100	HNI Corporation		111,786
	200	Hochtief AG		18,550
	200	Hoshizaki Electric Company, Ltd.		12,433
	800	IBIDEN Company, Ltd.		11,469
	8,650	Illinois Tool Works, Inc.		801,682
	1,000	Inaba Denki Sangyo Company, Ltd.		31,951
	7,550	Ingersoll-Rand plc		417,440
	3,200	Intrum Justitia AB		108,889
	12,100	ITOCHU Corporation		143,124
	600	Jardine Matheson Holdings, Ltd.		29,057
	200	Jungheinrich AG		16,495
	1,000	Keisei Electric Railway Company, Ltd.		12,758
	4,400	KITZ Corporation		19,764
	2,900	KONE Oyj		122,790
	1,000	Koninklijke Boskalis Westminster NV		40,792
	4,700	Macquarie Infrastructure Corporation		341,220
	5,530	Masco Corporation		156,499
	6,323	Meggitt plc		34,911
	300	MEITEC Corporation		10,273
	1,700	MIRAIT Holdings Corporation		14,006
	2,000	Mitsuboshi Belting, Ltd.		15,944
	1,900	Nikkon Holdings Company, Ltd.		37,870
	3,000	Nippon Express Company, Ltd.		14,098
	3,200	Nitto Kogyo Corporation		55,948
	1,000	Obayashi Corporation		9,227
	200	Randstad Holding NV		12,454
	6,000	Rentokil Initial plc		14,078
	200	Rieter Holding AG		37,591
	593	Saft Groupe SA		18,074
	6,300	SIG plc		13,313
	1,000	Teleperformance SA		84,088
	200	Thales SA		14,970
	400	TKH Group NV		16,243
	3,000	Toppan Printing Company, Ltd.		27,639
	400	Travis Perkins plc		11,604
	1,100	Tsubakimoto Chain Company		8,470
	200	Vestas Wind Systems AS		13,968
	1,350	WABCO Holdings, Inc.^e		138,051
	600	Yuasa Trading Company, Ltd.		14,822

		Total		4,984,461


	Information Technology (9.1%)
	4,720	Alibaba Group Holding, Ltd. ADR^e		383,594
	530	Alphabet, Inc., Class A^e		412,345
	521	Alphabet, Inc., Class C^e		395,377
	1,200	Alps Electric Company, Ltd.		32,542
	400	AMS AG		13,371
	4,780	Apple, Inc.		503,143
	160	AtoS		13,432
	2,530	Autodesk, Inc.^e		154,153
	1,700	Canon, Inc.		51,425
	300	Cap Gemini SA		27,836
	2,400	Check Point Software Technologies, Ltd.^e		195,312
	15,550	Cisco Systems, Inc.		422,260
	1,400	Dialog Semiconductor plc^e		46,716
	600	DTS Corporation		13,658
	14,488	EMC Corporation		372,052
	1,780	Facebook, Inc.^e		186,295
	6,100	FUJIFILM Holdings NPV		254,568
	2,000	Hitachi Kokusai Electric, Inc.		27,189
	900	Hoya Corporation		36,803
	500	Ingenico Group		63,111
	1,800	IRESS, Ltd.		13,032
	800	IT Holdings Corporation		18,279
	800	ITOCHU Techno-Solutions Corporation		15,940
	5,190	Juniper Networks, Inc.		143,244
	400	Kyocera Corporation		18,576
	3,190	MasterCard, Inc.		310,578
	7,906	MaxLinear, Inc.^e		116,455
	12,950	Microsoft Corporation		718,466
	2,500	NEC Networks & System Integration Corporation		44,212
	800	NS Solutions Corporation		18,229
	2,790	Plantronics, Inc.		132,302
	7,340	Progress Software Corporation^e		176,160
	5,100	QLIK Technologies, Inc.^e		161,466
	900	SAP SE		71,418
	3,700	Shinko Electric Industries Company, Ltd.		23,720
	200	TDK Corporation		12,809
	680	Ultimate Software Group, Inc.^e		132,947
	8,250	Visa, Inc.		639,788
	7,550	Xilinx, Inc.		354,624

		Total		6,727,427


	Materials (1.8%)
	550	Ashland, Inc.		56,485
	100	Aurubis AG		5,064
	4,800	BHP Billiton plc		53,529
	10,700	BHP Billiton, Ltd.		137,704
	5,200	BillerudKorsnas AB		96,234
	4,400	Boral, Ltd.		18,812
	1,200	Buzzi Unicem SPA		21,510
	1,190	Crown Holdings, Inc.^e		60,333
	6,300	Daicel Corporation		93,756
	1,510	Domtar Corporation		55,795
	2,000	DOWA Holdings Company, Ltd.^e		14,380
	300	Evonik Industries AG		9,923
	930	FMC Corporation		36,391
	1,300	Hexpol AB		13,939
	1,800	Hokuetsu Kishu Paper Company, Ltd.		10,607
	700	Holmen AB		21,621
	800	JFE Holdings, Inc.		12,562
	200	LafargeHolcim, Ltd.		10,015
	2,000	Mitsubishi Chemical Holdings Corporation		12,689
	1,500	Mondi plc		29,401
	800	Nippon Paint Holdings Company, Ltd.		19,362
	1,800	Nippon Steel & Sumitomo Metal Corporation		35,608
	1,200	Novozymes AS		57,455
	3,000	Oji Holdings Corporation		12,057
	2,310	Owens-Illinois, Inc.^e		40,240
	1,070	Packaging Corporation of America		67,464
	640	PPG Industries, Inc.		63,245
	800	Rio Tinto plc		23,292
	300	Rio Tinto, Ltd.		9,702
	3,010	Steel Dynamics, Inc.		53,789
	3,000	Sumitomo Seika Chemicals Company, Ltd.		18,253
	2,000	Tosoh Corporation		10,288
	2,800	UPM-Kymmene Oyj		51,983
	2,813	Yara International ASA		120,982

		Total		1,354,470


	Telecommunications Services (1.4%)
	12,655	BT Group plc		87,871

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Shares		Common Stock (63.3%)	Value
	Telecommunications Services (1.4%) - continued
	3,500	Elisa Oyj	$	131,688
	3,100	Freenet AG		104,610
	49,200	KCOM Group plc		83,773
	8,000	Orange SA		133,807
	1,700	Proximus SA		55,320
	5,000	StarHub, Ltd.		13,012
	61,800	Telstra Corporation, Ltd.		251,136
	1,400	Vivendi SA		30,068
	6,060	Zayo Group Holdings, Inc.^e		161,135

		Total		1,052,420


	Utilities (1.6%)
	29,400	A2A SPA		39,809
	14,400	Brookfield Infrastructure Partners, LP		545,904
	3,500	CLP Holdings, Ltd.		29,666
	25,700	Electricidade de Portugal SA		92,606
	8,214	MDU Resources Group, Inc.		150,481
	2,836	NorthWestern Corporation		153,853
	14,200	Redes Energeticas Nacionais SGPS SA		42,899
	2,000	Toho Gas Company, Ltd.		12,917
	6,500	United Utilities Group plc		89,501

		Total		1,157,636

		Total Common Stock (cost $47,537,403)		46,617,441


Principal Amount		Long-Term Fixed Income (16.7%)
	Asset-Backed Securities (0.1%)
		Countrywide Asset-Backed Certificates
	$33,637	5.530%, 4/25/2047		36,642
		Vericrest Opportunity Loan Transferee
	42,460	3.500%, 6/26/2045^f		41,814

		Total		78,456


	Basic Materials (0.2%)
		Albemarle Corporation
	14,000	3.000%, 12/1/2019		13,732
		Anglo American Capital plc
	7,000	1.271%, 4/15/2016^f,g		6,932
		ArcelorMittal SA
	45,000	6.500%, 3/1/2021		36,220
		Dow Chemical Company
	8,000	8.550%, 5/15/2019		9,429
		First Quantum Minerals, Ltd.
	60,000	7.000%, 2/15/2021^f		37,650
		Freeport-McMoRan, Inc.
	7,000	2.300%, 11/14/2017		5,967
	10,000	2.375%, 3/15/2018		7,800
		Glencore Funding, LLC
	10,000	1.377%, 4/16/2018^f,g		8,438
		LyondellBasell Industries NV
	8,000	5.000%, 4/15/2019		8,510
		NOVA Chemicals Corporation
	35,516	5.250%, 8/1/2023^f		35,161

		Total		169,839


	Capital Goods (0.6%)
		Berry Plastics Corporation
	35,000	6.000%, 10/15/2022^f		35,612
		Building Materials Corporation of America
	55,000	6.000%, 10/15/2025^f		56,100
		Cemex SAB de CV
	60,000	5.700%, 1/11/2025^f		50,175
		CNH Industrial Capital, LLC
	65,000	4.375%, 11/6/2020		61,263
		Crown Americas Capital Corporation IV
	45,000	4.500%, 1/15/2023		43,987
		General Electric Company
	16,000	4.200%, 12/15/2049^h		15,920
		L-3 Communications Corporation
	10,000	1.500%, 5/28/2017		9,876
		Lockheed Martin Corporation
	10,000	1.850%, 11/23/2018		9,982
		Martin Marietta Materials, Inc.
	12,000	1.703%, 6/30/2017^g		11,917
		Nortek, Inc.
	23,677	8.500%, 4/15/2021		24,567
		Owens-Brockway Glass Container, Inc.
	60,000	5.000%, 1/15/2022^f		58,650
		Pentair Finance SA
	10,000	3.625%, 9/15/2020		9,990
		Reynolds Group Issuer, Inc.
	23,677	9.875%, 8/15/2019		23,855
		Roper Industries, Inc.
	9,000	2.050%, 10/1/2018		8,942
		United Rentals North America, Inc.
	60,000	5.500%, 7/15/2025		58,200

		Total		479,036


	Collateralized Mortgage Obligations (2.7%)
		Alternative Loan Trust
	125,020	5.500%, 10/25/2035		114,223
		Banc of America Alternative Loan Trust
	59,819	6.000%, 11/25/2035		53,239
		CHL Mortgage Pass-Through Trust
	84,285	4.325%, 1/25/2036		79,067
		Citigroup Mortgage Loan Trust, Inc.
	23,579	2.751%, 3/25/2037		18,614
		CitiMortgage Alternative Loan Trust
	92,731	5.750%, 4/25/2037		79,548
		Countrywide Alternative Loan Trust
	78,761	6.500%, 8/25/2036		59,346
		Countrywide Home Loan Mortgage Pass Through Trust
	139,934	2.706%, 11/25/2035		119,259
		Credit Suisse First Boston Mortgage Securities Corporation
	55,789	5.250%, 10/25/2035		55,452
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	59,076	5.500%, 11/25/2035		56,437
		HomeBanc Mortgage Trust
	44,748	2.229%, 4/25/2037		33,733

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (16.7%)	Value
	Collateralized Mortgage Obligations (2.7%) - continued
		J.P. Morgan Alternative Loan Trust
	$142,909	6.500%, 3/25/2036	$	123,632
		J.P. Morgan Mortgage Trust
	78,775	2.327%, 6/25/2035		78,644
	77,713	2.812%, 6/25/2035		78,514
	66,341	2.872%, 8/25/2035		65,930
	87,056	2.919%, 1/25/2037		76,432
		MortgageIT Trust
	73,266	0.682%, 12/25/2035^g		66,327
		New York Mortgage Trust
	77,263	2.671%, 5/25/2036		69,913
		Residential Accredit Loans, Inc. Trust
	72,293	5.750%, 9/25/2035		65,122
		Residential Funding Mortgage Security I Trust
	62,566	5.750%, 2/25/2036		58,417
	85,104	6.000%, 7/25/2037		77,038
		Sequoia Mortgage Trust
	43,721	2.822%, 9/20/2046		34,979
		Structured Adjustable Rate Mortgage Loan Trust
	91,434	2.877%, 9/25/2035		77,258
		Structured Asset Mortgage Investments, Inc.
	138,021	0.732%, 12/25/2035^g		99,925
		WaMu Mortgage Pass Through Certificates
	131,013	0.997%, 1/25/2047^g		105,664
		Wells Fargo Mortgage Backed Securities Trust
	68,266	2.763%, 3/25/2036		67,797
	62,968	2.731%, 7/25/2036		61,699
	53,113	6.000%, 7/25/2037		52,578

		Total		1,928,787


	Communications Services (1.0%)
		21st Century Fox America, Inc.
	11,000	6.900%, 3/1/2019		12,494
		AMC Networks, Inc.
	13,677	7.750%, 7/15/2021		14,361
	20,000	4.750%, 12/15/2022		20,000
		America Movil SAB de CV
	8,000	5.000%, 10/16/2019		8,641
		American Tower Corporation
	10,000	2.800%, 6/1/2020		9,885
		AT&T, Inc.
	10,000	1.533%, 6/30/2020^g		9,929
		British Sky Broadcasting Group plc
	14,000	2.625%, 9/16/2019^f		13,935
		CC Holdings GS V, LLC
	10,000	2.381%, 12/15/2017		10,011
		CCO Safari II, LLC
	5,000	3.579%, 7/23/2020^f		4,970
	5,000	4.464%, 7/23/2022^f		4,983
		CCOH Safari, LLC
	60,000	5.750%, 2/15/2026^f		60,150
		CenturyLink, Inc.
	30,000	6.450%, 6/15/2021		29,250
		Clear Channel Worldwide Holdings, Inc.
	40,000	6.500%, 11/15/2022		39,000
		Columbus International, Inc.
	50,000	7.375%, 3/30/2021^f		49,500
		Digicel, Ltd.
	53,677	6.000%, 4/15/2021^f		45,223
		DIRECTV Holdings, LLC
	8,000	5.875%, 10/1/2019		8,929
		FairPoint Communications, Inc.
	60,000	8.750%, 8/15/2019^f		59,100
		Frontier Communications Corporation
	40,000	8.875%, 9/15/2020^f		40,500
		Hughes Satellite Systems Corporation
	27,000	6.500%, 6/15/2019		29,092
		Intelsat Jackson Holdings SA
	23,677	7.250%, 10/15/2020		20,717
		Numericable-SFR
	50,000	6.000%, 5/15/2022^f		48,500
		SBA Tower Trust
	12,000	5.101%, 4/17/2017^f		12,149
		Sprint Corporation
	60,000	7.625%, 2/15/2025		43,800
		Telefonica Emisiones SAU
	9,000	3.192%, 4/27/2018		9,175
		T-Mobile USA, Inc.
	25,000	6.633%, 4/28/2021		25,937
		Univision Communications, Inc.
	40,000	5.125%, 5/15/2023^f		38,500
		UPCB Finance V, Ltd.
	36,000	7.250%, 11/15/2021^f		38,250
		Verizon Communications, Inc.
	27,000	2.625%, 2/21/2020		27,094
	12,000	4.500%, 9/15/2020		12,893

		Total		746,968


	Consumer Cyclical (1.1%)
		AMC Entertainment, Inc.
	24,000	5.875%, 2/15/2022		24,360
		Brookfield Residential Properties, Inc.
	25,000	6.125%, 7/1/2022^f		23,125
		Cinemark USA, Inc.
	28,000	4.875%, 6/1/2023		27,300
		Corrections Corporation of America
	40,000	5.000%, 10/15/2022		39,800
		CVS Health Corporation
	60,000	4.750%, 12/1/2022^f		64,291
		Daimler Finance North America, LLC
	7,000	1.875%, 1/11/2018^f		6,972
		ERAC USA Finance, LLC
	12,000	2.350%, 10/15/2019^f		11,829
		Ford Motor Credit Company, LLC
	13,000	5.000%, 5/15/2018		13,655
	14,000	2.597%, 11/4/2019		13,746
		General Motors Financial Company, Inc.
	23,677	3.250%, 5/15/2018		23,796
	21,000	4.375%, 9/25/2021		21,295
		GLP Capital, LP
	50,000	4.875%, 11/1/2020		49,000

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (16.7%)	Value
	Consumer Cyclical (1.1%) - continued
		Hilton Worldwide Finance, LLC
	$45,000	5.625%, 10/15/2021	$	46,631
		Home Depot, Inc.
	5,000	0.882%, 9/15/2017^g		5,007
	10,000	2.625%, 6/1/2022		9,990
		Hyundai Capital America
	9,000	1.450%, 2/6/2017^f		8,958
		Jaguar Land Rover Automotive plc
	20,000	4.250%, 11/15/2019^f		20,150
	30,000	5.625%, 2/1/2023^f		30,300
		KB Home
	22,000	4.750%, 5/15/2019		21,340
		L Brands, Inc.
	30,000	6.625%, 4/1/2021		33,225
		Lennar Corporation
	60,000	4.750%, 11/15/2022		59,490
		Macy’s Retail Holdings, Inc.
	10,000	7.450%, 7/15/2017		10,805
		MGM Resorts International
	60,000	6.000%, 3/15/2023		59,550
		Ralph Lauren Corporation
	10,000	2.625%, 8/18/2020		10,095
		Royal Caribbean Cruises, Ltd.
	48,677	5.250%, 11/15/2022		49,894
		Six Flags Entertainment Corporation
	40,000	5.250%, 1/15/2021^f		40,500
		Toll Brothers Finance Corporation
	16,000	4.000%, 12/31/2018		16,320
		Visa, Inc.
	10,000	2.200%, 12/14/2020		9,981
		West Corporation
	50,000	5.375%, 7/15/2022^f		43,125

		Total		794,530


	Consumer Non-Cyclical (0.9%)
		Actavis Funding SCS
	7,000	1.757%, 3/12/2020^g		7,025
		Amgen, Inc.
	10,000	2.125%, 5/1/2020		9,864
		B&G Foods, Inc.
	45,000	4.625%, 6/1/2021		44,550
		BAT International Finance plc
	10,000	1.022%, 6/15/2018^f,g		9,986
		Becton, Dickinson and Company
	10,000	1.450%, 5/15/2017		9,958
		Boston Scientific Corporation
	5,000	6.000%, 1/15/2020		5,552
		Bunge Limited Finance Corporation
	10,000	3.500%, 11/24/2020		9,944
		Cardinal Health, Inc.
	10,000	1.950%, 6/15/2018		9,974
		Celgene Corporation
	10,000	3.550%, 8/15/2022		10,097
		CHS/Community Health Systems, Inc.
	30,000	7.125%, 7/15/2020		29,888
		Cott Beverages, Inc.
	55,000	5.375%, 7/1/2022		53,900
		CVS Health Corporation
	8,000	2.250%, 12/5/2018		8,039
		EMD Finance, LLC
	6,000	0.876%, 3/17/2017^f,g		5,982
		Envision Healthcare Corporation
	50,000	5.125%, 7/1/2022^f		49,000
		Forest Laboratories, Inc.
	12,000	4.375%, 2/1/2019^f		12,571
		Fresenius Medical Care US Finance, Inc.
	23,677	5.750%, 2/15/2021^f		25,334
		Gilead Sciences, Inc.
	10,000	3.250%, 9/1/2022		10,069
		Grifols Worldwide Operations, Ltd.
	40,000	5.250%, 4/1/2022		40,200
		HCA, Inc.
	23,677	4.750%, 5/1/2023		23,440
		JBS USA, LLC
	60,000	5.750%, 6/15/2025^f		52,200
		Laboratory Corporation of America Holdings
	5,000	2.625%, 2/1/2020		4,936
		Mead Johnson Nutrition Company
	10,000	3.000%, 11/15/2020		9,997
		Merck & Company, Inc.
	5,000	0.716%, 2/10/2020^g		4,969
		Mondelez International, Inc.
	6,000	2.250%, 2/1/2019		5,998
		Mylan NV
	5,000	3.750%, 12/15/2020^f		5,005
		PepsiCo, Inc.
	10,000	1.850%, 4/30/2020		9,885
		Revlon Consumer Products Corporation
	23,677	5.750%, 2/15/2021		22,908
		Reynolds American, Inc.
	10,000	3.250%, 6/12/2020		10,163
		SABMiller plc
	9,000	6.500%, 7/15/2018^f		9,930
		Safeway, Inc.
	3,000	3.400%, 12/1/2016		2,970
		Spectrum Brands Escrow Corporation
	30,000	6.375%, 11/15/2020		31,875
		Tenet Healthcare Corporation
	45,000	8.125%, 4/1/2022		44,888
		TreeHouse Foods, Inc.
	40,000	4.875%, 3/15/2022		38,100
		Valeant Pharmaceuticals International
	23,677	7.250%, 7/15/2022^f		23,144
		Zoetis, Inc.
	10,000	3.450%, 11/13/2020		10,012

		Total		662,353


	Energy (0.7%)
		Anadarko Petroleum Corporation
	9,000	8.700%, 3/15/2019		10,225
		Boardwalk Pipelines, Ltd.
	11,000	5.875%, 11/15/2016		11,107
		Buckeye Partners, LP
	13,000	2.650%, 11/15/2018		12,507

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (16.7%)	Value
	Energy (0.7%) - continued
		Chevron Corporation
	$10,000	0.874%, 11/16/2018^g	$	10,003
		Concho Resources, Inc.
	58,677	6.500%, 1/15/2022		56,330
		Crestwood Midstream Partners, LP
	40,000	6.250%, 4/1/2023^f		27,900
		Enbridge, Inc.
	6,000	0.866%, 6/2/2017^g		5,877
		EQT Corporation
	8,000	8.125%, 6/1/2019		8,641
		Marathon Petroleum Corporation
	10,000	3.400%, 12/15/2020		9,821
		MEG Energy Corporation
	30,000	6.375%, 1/30/2023^f		20,550
		Noble Energy, Inc.
	60,000	5.875%, 6/1/2022		57,078
		Pacific Drilling V, Ltd.
	40,000	7.250%, 12/1/2017^f		20,600
		Petrobras International Finance Company
	60,000	5.750%, 1/20/2020		47,100
		Petroleos Mexicanos
	70,000	5.625%, 1/23/2046^f		53,564
		Pioneer Natural Resources Company
	3,000	3.450%, 1/15/2021		2,770
		Regency Energy Partners, LP
	45,000	5.000%, 10/1/2022		39,864
		Sabine Pass Liquefaction, LLC
	60,000	5.625%, 3/1/2025^f		50,775
		Schlumberger Holdings Corporation
	10,000	3.000%, 12/21/2020^f		9,871
		Shell International Finance BV
	10,000	0.806%, 5/11/2020^g		9,853
		Southwestern Energy Company
	14,000	7.500%, 2/1/2018		11,900
		Sunoco Logistics Partners Operations, LP
	10,000	4.400%, 4/1/2021		9,691

		Total		486,027


	Financials (1.8%)
		Abbey National Treasury Services plc
	14,000	1.013%, 9/29/2017^g		13,883
		ACE INA Holdings, Inc.
	10,000	2.875%, 11/3/2022		9,924
		Air Lease Corporation
	14,000	2.125%, 1/15/2018		13,755
	5,000	2.625%, 9/4/2018		4,942
		Ally Financial, Inc.
	40,000	4.750%, 9/10/2018		40,950
		American Express Credit Corporation
	5,000	1.552%, 9/14/2020^g		5,043
		Aviation Capital Group Corporation
	6,000	3.875%, 9/27/2016^f		6,045
		Bank of America Corporation
	14,000	5.700%, 5/2/2017		14,600
	14,000	1.700%, 8/25/2017		13,960
	24,000	1.656%, 3/22/2018^g		24,077
	20,000	5.650%, 5/1/2018		21,506
	12,000	8.000%, 12/29/2049^h		12,210
		BB&T Corporation
	13,000	2.050%, 6/19/2018		13,074
		Bear Stearns Companies, LLC
	15,000	6.400%, 10/2/2017		16,154
		BNP Paribas SA
	9,000	2.375%, 9/14/2017		9,107
		Caisse Centrale Desjardins du Quebec
	7,000	0.989%, 1/29/2018^f,g		6,986
		CIT Group, Inc.
	25,000	3.875%, 2/19/2019		24,875
		Citigroup, Inc.
	21,000	1.850%, 11/24/2017		20,969
		Credit Agricole SA
	8,000	1.457%, 6/10/2020^f,g		7,983
		CyrusOne, LP
	23,677	6.375%, 11/15/2022		24,387
		DDR Corporation
	6,000	9.625%, 3/15/2016		6,094
		Discover Bank
	3,000	8.700%, 11/18/2019		3,549
		Discover Financial Services
	6,000	6.450%, 6/12/2017		6,339
		Duke Realty, LP
	14,000	8.250%, 8/15/2019		16,561
		Fifth Third Bancorp
	16,000	5.450%, 1/15/2017		16,587
		Goldman Sachs Group, Inc.
	6,000	2.625%, 1/31/2019		6,043
	9,000	7.500%, 2/15/2019		10,298
	5,000	1.476%, 4/23/2020^g		5,007
	10,000	2.012%, 11/29/2023^g		10,089
		Goldman Sachs Group, Inc. Convertible
	375,000	0.500%, 9/24/2022		387,911
		Hartford Financial Services Group, Inc.
	14,000	6.000%, 1/15/2019		15,397
		HCP, Inc.
	9,000	3.750%, 2/1/2019		9,285
		Health Care REIT, Inc.
	8,000	4.700%, 9/15/2017		8,363
		HSBC Holdings plc
	7,000	6.375%, 12/29/2049^h		6,991
		Hutchison Whampoa Finance CI, Ltd.
	15,000	1.625%, 10/31/2017^f		14,868
		Icahn Enterprises, LP
	50,000	6.000%, 8/1/2020		50,420
		ING Capital Funding Trust III
	8,000	4.207%, 12/29/2049^g,h		7,980
		International Lease Finance Corporation
	8,000	2.462%, 6/15/2016^g		7,980
	25,000	5.875%, 4/1/2019		26,500
		Intesa Sanpaolo SPA
	3,000	3.875%, 1/16/2018		3,076
	12,000	3.875%, 1/15/2019		12,356
		J.P. Morgan Chase & Company
	6,000	6.300%, 4/23/2019		6,728
	5,000	2.250%, 1/23/2020		4,919
	12,000	7.900%, 4/29/2049^h		12,216

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (16.7%)	Value
	Financials (1.8%) - continued
		KeyCorp
	$9,000	2.300%, 12/13/2018	$	9,013
		Liberty Mutual Group, Inc.
	3,000	5.000%, 6/1/2021^f		3,209
		Lloyds Bank plc
	7,000	1.038%, 3/16/2018^g		6,963
		MetLife, Inc.
	14,000	1.903%, 12/15/2017		14,082
		Mizuho Corporate Bank, Ltd.
	11,000	1.550%, 10/17/2017^f		10,913
		Morgan Stanley
	12,000	6.625%, 4/1/2018		13,158
	5,000	1.463%, 1/27/2020^g		5,011
	8,000	4.875%, 11/1/2022		8,490
		MPT Operating Partnership, LP
	40,000	5.500%, 5/1/2024		39,800
		Murray Street Investment Trust I
	18,000	4.647%, 3/9/2017		18,545
		National City Corporation
	6,000	6.875%, 5/15/2019		6,778
		New York Life Global Funding
	10,000	1.550%, 11/2/2018^f		9,919
		Nomura Holdings, Inc.
	6,000	2.750%, 3/19/2019		6,032
		Quicken Loans, Inc.
	50,000	5.750%, 5/1/2025^f		47,625
		Realty Income Corporation
	10,000	2.000%, 1/31/2018		10,006
		Regions Bank
	5,000	7.500%, 5/15/2018		5,556
		Reinsurance Group of America, Inc.
	12,000	5.625%, 3/15/2017		12,506
		Royal Bank of Scotland Group plc
	7,000	1.543%, 3/31/2017^g		6,986
		Simon Property Group, LP
	10,000	2.500%, 9/1/2020		10,008
		Societe Generale SA
	9,000	5.750%, 4/20/2016^f		9,115
		State Street Corporation
	10,000	1.264%, 8/18/2020^g		10,001
		Sumitomo Mitsui Banking Corporation
	18,000	1.300%, 1/10/2017		17,956
		Synchrony Financial
	18,000	1.875%, 8/15/2017		17,917
	5,000	1.564%, 2/3/2020^g		4,921
		Toronto-Dominion Bank
	10,000	1.432%, 12/14/2020^g		9,998
		UnitedHealth Group, Inc.
	10,000	3.350%, 7/15/2022		10,228
		USB Realty Corporation
	5,000	1.468%, 12/29/2049^f,g,h		4,500
		Voya Financial, Inc.
	9,000	2.900%, 2/15/2018		9,097
		Wells Fargo & Company
	7,000	1.002%, 1/30/2020^g		6,935

		Total		1,305,255


	Foreign Government (3.6%)
		Brazil Government International Bond
	60,000	5.875%, 1/15/2019		61,200
	70,000	4.875%, 1/22/2021		64,750
	117,000	2.625%, 1/5/2023		88,920
	64,000	5.000%, 1/27/2045		42,720
		Colombia Government International Bond
	40,000	2.625%, 3/15/2023		35,140
	40,000	4.000%, 2/26/2024		38,100
	85,000	5.000%, 6/15/2045		70,975
		Croatia Government International Bond
	55,000	6.625%, 7/14/2020^f		58,935
		Hungary Government International Bond
	68,000	5.750%, 11/22/2023		76,085
	70,000	5.375%, 3/25/2024		76,650
		Indonesia Government International Bond
	60,000	4.875%, 5/5/2021^f		62,149
	65,000	3.375%, 4/15/2023^f		60,401
	60,000	5.875%, 1/15/2024^f		64,279
	60,000	4.125%, 1/15/2025^f		57,500
	115,000	5.125%, 1/15/2045^f		104,000
		Mexico Government International Bond
	50,000	3.625%, 3/15/2022		50,300
	50,000	4.000%, 10/2/2023		50,650
	40,000	3.600%, 1/30/2025		38,980
	20,000	6.050%, 1/11/2040		21,900
	50,000	4.750%, 3/8/2044		45,550
	40,000	5.550%, 1/21/2045		41,000
	70,000	4.600%, 1/23/2046		61,950
		Panama Government International Bond
	32,000	4.000%, 9/22/2024		32,000
	20,000	6.700%, 1/26/2036		23,750
		Peru Government International Bond
	120,000	4.125%, 8/25/2027		117,600
		Philippines Government International Bond
	40,000	7.750%, 1/14/2031		56,199
	50,000	6.375%, 10/23/2034		65,189
		Romania Government International Bond
	42,000	4.375%, 8/22/2023^f		43,720
	20,000	4.875%, 1/22/2024^f		21,486
		Russia Government International Bond
	40,000	3.500%, 1/16/2019^f		39,800
	200,000	5.000%, 4/29/2020^f		206,400
	80,000	4.875%, 9/16/2023^f		81,280
	59,500	7.500%, 3/31/2030^f		71,286
	60,000	5.625%, 4/4/2042^f		56,760
		South Africa Government International Bond
	50,000	5.500%, 3/9/2020		51,317
		Turkey Government International Bond
	60,000	7.500%, 11/7/2019		67,276
	125,000	7.000%, 6/5/2020		139,082
	80,000	5.125%, 3/25/2022		82,100
	40,000	6.250%, 9/26/2022		43,424
	20,000	5.750%, 3/22/2024		21,130

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (16.7%)	Value
	Foreign Government (3.6%) - continued
	$67,000	4.250%, 4/14/2026	$	62,816
	80,000	4.875%, 4/16/2043		70,400

		Total		2,625,149


	Mortgage-Backed Securities (2.6%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	250,000	3.000%, 1/1/2031^c		257,618
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	150,000	4.000%, 1/1/2046^c		158,458
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	705,000	3.500%, 1/1/2046^c		727,365
	475,000	4.000%, 1/1/2046^c		502,632
	250,000	4.500%, 1/1/2046^c		269,969

		Total		1,916,042


	Technology (0.5%)
		Alliance Data Systems Corporation
	25,000	5.375%, 8/1/2022^f		23,812
		Apple, Inc.
	10,000	0.659%, 5/6/2020^g		9,925
		Automatic Data Processing, Inc.
	5,000	2.250%, 9/15/2020		5,019
		Cisco Systems, Inc.
	10,000	0.914%, 3/1/2019^g		9,991
		Denali Borrower, LLC
	46,000	5.625%, 10/15/2020^f		48,185
		Equinix, Inc.
	40,000	5.750%, 1/1/2025		40,900
		Fidelity National Information Services, Inc.
	12,000	1.450%, 6/5/2017		11,838
	10,000	3.625%, 10/15/2020		10,130
		First Data Corporation
	40,000	5.375%, 8/15/2023^f		40,200
		Freescale Semiconductor, Inc.
	30,000	6.000%, 1/15/2022^f		31,425
		Hewlett Packard Enterprise Company
	10,000	3.600%, 10/15/2020^f		10,023
		IMS Health, Inc.
	27,000	6.000%, 11/1/2020^f		27,810
		Intel Corporation
	10,000	3.100%, 7/29/2022		10,197
		Iron Mountain, Inc.
	23,677	6.000%, 8/15/2023		24,506
		Oracle Corporation
	10,000	2.500%, 5/15/2022		9,815
		Sensata Technologies BV
	60,000	4.875%, 10/15/2023^f		58,350
		Texas Instruments, Inc.
	10,000	1.750%, 5/1/2020		9,741
		Tyco Electronics Group SA
	13,000	6.550%, 10/1/2017		14,010

		Total		395,877


	Transportation (0.2%)
		Air Canada Pass Through Trust
	5,000	3.875%, 3/15/2023^f		4,850
		American Airlines Pass Through Trust
	5,207	4.950%, 1/15/2023		5,493
		Avis Budget Car Rental, LLC
	50,000	5.125%, 6/1/2022^f		49,375
		Continental Airlines, Inc.
	17,678	6.250%, 4/11/2020		18,562
		Delta Air Lines, Inc.
	6,988	4.950%, 5/23/2019		7,337
	6,258	4.750%, 5/7/2020		6,602
		J.B. Hunt Transport Services, Inc.
	10,000	3.300%, 8/15/2022		9,904
		Korea Expressway Corporation
	10,000	1.625%, 4/28/2017^f		9,965
		United Airlines 2015-1 Class A Pass Through Trust
	10,000	3.700%, 12/1/2022		9,975

		Total		122,063


	U.S. Government and Agencies (0.2%)
		U.S. Treasury Notes
	90,000	1.875%, 6/30/2020		90,629
	60,000	2.125%, 6/30/2022		60,310

		Total		150,939


	Utilities (0.5%)
		Access Midstream Partners, LP
	40,000	4.875%, 5/15/2023		32,427
		AES Corporation
	23,677	7.375%, 7/1/2021		24,151
		Ameren Corporation
	10,000	2.700%, 11/15/2020		9,962
		Arizona Public Service Company
	5,000	2.200%, 1/15/2020		4,953
		Berkshire Hathaway Energy Company
	14,000	2.400%, 2/1/2020		13,869
		Calpine Corporation
	45,000	5.375%, 1/15/2023		40,387
		DTE Energy Company
	14,000	2.400%, 12/1/2019		13,941
		Dynegy Finance I, Inc.
	60,000	7.375%, 11/1/2022		52,200
		EDP Finance BV
	14,000	4.125%, 1/15/2020^f		14,032
		El Paso Corporation
	7,000	7.000%, 6/15/2017		7,211
		Energy Transfer Equity, LP
	60,000	5.500%, 6/1/2027		45,600
		Eversource Energy
	5,000	1.600%, 1/15/2018		4,947
		Exelon Generation Company, LLC
	6,000	5.200%, 10/1/2019		6,464
	5,000	2.950%, 1/15/2020		4,982
		MPLX LP
	60,000	4.875%, 12/1/2024^f		53,850
		NiSource Finance Corporation
	5,000	6.400%, 3/15/2018		5,448

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (16.7%)	Value
	Utilities (0.5%) - continued
		NRG Energy, Inc.
$	23,677	6.625%, 3/15/2023	$	20,540
		Pacific Gas & Electric Company
	8,000	5.625%, 11/30/2017		8,551
		PG&E Corporation
	6,000	2.400%, 3/1/2019		5,987
		Sempra Energy
	14,000	6.150%, 6/15/2018		15,281
	5,000	2.400%, 3/15/2020		4,900
		Southern California Edison Company
	5,000	2.400%, 2/1/2022		4,903
		Xcel Energy, Inc.
	10,000	1.200%, 6/1/2017		9,949

		Total		404,535

		Total Long-Term Fixed Income (cost $12,568,855)		12,265,856


Shares		Registered Investment Companies (6.2%)
	Equity Funds/ETFs (3.9%)
	2,300	BlackRock Resources & Commodities Strategy Trust		16,353
	2,000	Cohen & Steers REIT and Preferred Income Fund, Inc.		36,880
	1,025	Guggenheim Multi-Asset Income ETF		18,635
	4,775	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		45,649
	310	iShares MSCI EAFE Index Fund		18,212
	11,514	iShares S&P U.S. Preferred Stock Index Fund		447,319
	14,890	Materials Select Sector SPDR Fund		646,524
	2,075	NFJ Dividend Interest & Premium Strategy Fund		25,709
	34,200	SPDR S&P Oil & Gas Exploration & Production ETF		1,033,524
	13,410	Utilities Select Sector SPDR Fund		580,385

		Total		2,869,190


	Fixed Income Funds/ETFs (2.3%)
	10,797	Aberdeen Asia-Pacific Income Fund, Inc.		49,342
	3,250	Doubleline Income Solutions Fund		52,715
	1,625	First Trust High Income Long/Short Fund		22,880
	709	iShares J.P. Morgan USD Emerging Markets Bond ETF		74,998
	10,029	MFS Intermediate Income Trust		45,832
	4,227	PIMCO Dynamic Credit Income Fund		76,213
	17,948	PowerShares Preferred Portfolio		268,323
	11,300	SPDR Barclays High Yield Bond ETF		383,183
	8,317	Templeton Global Income Fund		52,813
	7,145	Vanguard Short-Term Corporate Bond ETF		564,384
	3,796	Western Asset Emerging Markets Debt Fund, Inc.		52,119
	5,878	Western Asset High Income Opportunity Fund, Inc.		27,568

		Total		1,670,370

		Total Registered Investment Companies (cost $5,014,192)		4,539,560


Shares or Principal Amount		Short-Term Investments (6.1%)ⁱ
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.200%, 2/17/2016^j		99,974
		Federal National Mortgage Association Discount Notes
	100,000	0.100%, 1/4/2016^j		99,999
		Thrivent Cash Management Trust
	4,226,851	0.220%		4,226,851
		U.S. Treasury Bills
	100,000	0.175%, 2/4/2016^k		99,984

		Total Short-Term Investments (at amortized cost)		4,526,808

		Total Investments (cost $77,679,111) 102.5%	$	75,460,109

		Other Assets and Liabilities, Net (2.5%)		(1,835,283	)

		Total Net Assets 100.0%	$	73,624,826

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	Defaulted security. Interest is not being accrued.

e	Non-income producing security.

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, 2015.

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	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

k	All or a portion of the security is pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

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

GROWTHAND INCOME PLUS FUND

Schedule of Investments as of December 31, 2015

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

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (13.1%)^a	Value
	Basic Materials (0.7%)
		Alpha Natural Resources, Inc., Term Loan
$	1,149,422	3.500%, 5/22/2020	$	495,205
		Fortescue Metals Group, Ltd., Term Loan
	1,503,265	4.250%, 6/30/2019		1,110,687
		Ineos US Finance, LLC, Term Loan
	1,538,676	3.750%, 12/15/2020		1,473,283
		NewPage Corporation, Term Loan
	1,608,750	9.500%, 2/11/2021		574,131
		PolyOne Corporation, Term Loan
	400,000	3.750%, 11/11/2022		400,000
		Tronox Pigments BV, Term Loan
	436,899	4.500%, 3/19/2020		385,563
		Wausau Paper Corporation, Term Loan
	638,714	6.500%, 7/30/2020		633,924

		Total		5,072,793


	Capital Goods (0.5%)
		ADS Waste Holdings, Inc., Term Loan
	842,750	3.750%, 10/9/2019		814,307
		Berry Plastics Group, Inc., Term Loan
	875,250	3.500%, 2/8/2020		857,150
		Rexnord, LLC, Term Loan
	879,750	4.000%, 8/21/2020		850,613
		Silver II Borrower, Term Loan
	809,075	4.000%, 12/13/2019		682,455

		Total		3,204,525


	Communications Services (4.1%)
		Altice Financing SA, Term Loan
	273,625	5.250%, 2/4/2022		272,172
		Atlantic Broadband Penn, LLC, Term Loan
	854,459	3.250%, 11/30/2019		845,649
		Birch Communication Inc., Term Loan
	1,017,187	7.750%, 7/17/2020		971,414
		Block Communications, Inc., Term Loan
	1,209,688	4.000%, 11/7/2021		1,196,079
		Cengage Learning Acquisitions, Term Loan
	1,077,421	7.000%, 3/31/2020		1,047,792
		Charter Communications Operating, LLC, Term Loan
	433,333	3.000%, 7/1/2020		424,758
		Cincinnati Bell, Inc., Term Loan
	986,669	4.000%, 9/10/2020		950,083
		CommScope, Inc., Term Loan
	917,700	3.827%, 12/29/2022^b,c		910,248
		Fairpoint Communications, Term Loan
	612,350	7.500%, 2/14/2019		607,145
		Grande Communications Networks, LLC, Term Loan
	1,170,028	4.500%, 5/29/2020		1,145,656
		Gray Television, Inc., Term Loan
	1,308,741	3.750%, 6/13/2021		1,289,934
		Hargray Communications Group, Inc., Term Loan
	1,034,732	5.250%, 6/26/2019		1,027,292
		Integra Telecom Holdings, Inc., Term Loan
	1,133,435	5.250%, 8/14/2020		1,093,765
		Intelsat Jackson Holdings SA, Term Loan
	948,775	3.750%, 6/30/2019		895,236
		Level 3 Communications, Inc., Term Loan
	1,450,000	4.000%, 1/15/2020		1,444,040
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	1,025,000	4.500%, 1/7/2022		990,406
		LTS Buyer, LLC, Term Loan
	963,087	4.000%, 4/13/2020		935,639
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	847,852	4.750%, 3/22/2019		827,360
		NEP/NCP Holdco, Inc., Term Loan
	1,167,255	4.250%, 1/22/2020		1,088,465
		NTelos, Inc., Term Loan
	1,149,644	5.750%, 11/9/2019		1,138,148
		Numericable US, LLC, Term Loan
	790,000	4.563%, 7/29/2022^b,c		753,589
	35,000	4.750%, 2/10/2023		33,563
		SBA Senior Finance II, LLC, Term Loan
	1,083,500	3.250%, 3/24/2021		1,059,121
	109,450	3.250%, 6/10/2022		106,611
		TNS, Inc., Term Loan
	644,631	5.000%, 2/14/2020		633,350
		Univision Communications, Inc., Term Loan
	1,545,715	4.000%, 3/1/2020		1,510,164
		Virgin Media Investment Holdings, Ltd., Term Loan
	605,989	3.500%, 6/30/2023		592,639
		WideOpenWest Finance, LLC, Term Loan
	836,747	4.500%, 4/1/2019		805,110
		WMG Acquisition Corporation, Term Loan
	879,750	3.750%, 7/1/2020		830,994
		XO Communications, LLC, Term Loan
	1,080,750	4.250%, 3/20/2021		1,053,191
		Yankee Cable Acquisition, LLC, Term Loan
	822,473	4.250%, 3/1/2020		809,362
		Zayo Group, LLC, Term Loan
	1,035,163	3.750%, 5/6/2021		1,016,488

		Total		28,305,463


	Consumer Cyclical (2.4%)
		Amaya BV, Term Loan
	1,204,796	5.000%, 8/1/2021		1,126,484
		Burlington Coat Factory Warehouse Corporation, Term Loan
	860,432	4.250%, 8/13/2021		848,601
		Ceridian HCM Holding, Inc., Term Loan
	431,531	4.500%, 9/15/2020		365,183

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Bank Loans (13.1%)^a	Value
	Consumer Cyclical (2.4%) - continued
		Charter Communications Operating, LLC, Term Loan
$	877,500	3.000%, 1/3/2021	$	858,853
		Chrysler Group, LLC, Term Loan
	729,008	3.500%, 5/24/2017		725,866
		Dollar Tree, Inc., Term Loan
	659,846	3.500%, 7/6/2022		656,963
		FCA US, LLC, Term Loan
	466,687	3.250%, 12/31/2018		461,787
		Golden Nugget, Inc., Delayed Draw
	148,050	5.500%, 11/21/2019		146,570
		Golden Nugget, Inc., Term Loan
	345,450	5.500%, 11/21/2019		341,996
		Hilton Worldwide Finance, LLC, Term Loan
	870,943	3.500%, 10/26/2020		868,496
		IMG Worldwide, Inc., Term Loan
	1,207,555	5.250%, 5/6/2021		1,184,539
		J.C. Penney Corporation, Inc., Term Loan
	877,500	6.000%, 5/22/2018		860,608
		Las Vegas Sands, LLC, Term Loan
	980,000	3.250%, 12/19/2020		968,975
		Marina District Finance Company, Inc., Term Loan
	665,645	6.500%, 8/15/2018		663,981
		MGM Resorts International, Term Loan
	350,955	3.500%, 12/20/2019		345,690
		Michaels Stores, Inc., Term Loan
	847,526	4.000%, 1/28/2020		840,813
		Mohegan Tribal Gaming Authority, Term Loan
	1,257,373	5.500%, 6/15/2018		1,227,284
		Pinnacle Entertainment, Inc., Term Loan
	360,879	3.750%, 8/13/2020		359,414
		ROC Finance, LLC, Term Loan
	879,750	5.000%, 6/20/2019		816,698
		Scientific Games International, Inc., Term Loan
	882,000	6.000%, 10/18/2020		804,825
	396,000	6.000%, 10/1/2021		359,794
		Seminole Hard Rock Entertainment, Inc., Term Loan
	1,167,781	3.500%, 5/14/2020		1,141,506
		Seminole Indian Tribe of Florida, Term Loan
	726,750	3.000%, 4/29/2020		721,299

		Total		16,696,225


	Consumer Non-Cyclical (1.8%)
		Albertson’s, Inc., Term Loan
	1,229,614	5.500%, 3/21/2019		1,224,389
		Albertson’s, LLC, Term Loan
	420,000	0.000%, 12/22/2022^b,c		417,060
		Catalina Marketing Corporation, Term Loan
	1,117,975	4.500%, 4/9/2021		888,790
		CHS/Community Health Systems, Inc., Term Loan
	214,458	3.657%, 12/31/2018		211,151
	244,515	3.750%, 1/27/2021		237,944
	449,900	4.000%, 1/27/2021		442,189
		Endo Luxembourg Finance I Co Sarl, Term Loan
	630,000	3.750%, 9/26/2022		620,815
		Hanesbrands, Inc., Term Loan
	486,325	3.250%, 4/29/2022		487,337
		HCA, Inc., Term Loan
	1,021,932	3.174%, 3/31/2017		1,020,082
		JBS USA, LLC, Term Loan
	1,466,250	3.750%, 9/18/2020		1,436,925
	130,000	4.000%, 10/30/2022		129,513
		Libbey Glass, Inc., Term Loan
	558,987	3.750%, 4/9/2021		548,506
		LTF Merger Sub, Inc., Term Loan
	791,025	4.250%, 6/10/2022		769,770
		Ortho-Clinical Diagnostics, Inc., Term Loan
	1,267,235	4.750%, 6/30/2021		1,069,229
		Owens-Brockway Glass Container, Inc., Term Loan
	837,900	3.500%, 9/1/2022		833,191
		Sterigenics-Nordion Holdings, LLC, Term Loan
	399,000	4.250%, 5/16/2022		387,030
		Supervalu, Inc., Term Loan
	1,167,000	4.500%, 3/21/2019		1,149,740
		Valeant Pharmaceuticals International, Inc., Term Loan
	648,367	4.000%, 4/1/2022^b,c		622,270

		Total		12,495,931


	Energy (0.7%)
		Arch Coal, Inc., Term Loan
	1,391,251	6.250%, 5/16/2018		612,540
		Aria Energy Operating, LLC, Term Loan
	489,117	5.000%, 5/27/2022		452,433
		Energy Solutions, LLC, Term Loan
	1,219,214	6.750%, 5/29/2020		914,411
		Exgen Renewables I, LLC, Term Loan
	632,207	5.250%, 2/6/2021		632,207
		McJunkin Red Man Corporation, Term Loan
	695,562	4.750%, 11/8/2019		636,440
		MEG Energy Corporation, Term Loan
	1,021,860	0.000%, 3/31/2020		896,171
		Offshore Group Investment, Ltd., Term Loan
	1,317,484	0.000%, 3/28/2019^d		264,590
		Pacific Drilling SA, Term Loan
	877,500	4.500%, 6/3/2018		375,131
		Targa Resources Partners, LP, Term Loan
	379,535	5.750%, 2/27/2022		367,200

		Total		5,151,123


	Financials (0.9%)
		Delos Finance Sarl, Term Loan
	1,120,000	3.500%, 3/6/2021		1,114,198
		DJO Finance, LLC, Term Loan
	548,625	4.250%, 6/7/2020		532,336

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount			Bank Loans (13.1%)^a	Value
	Financials (0.9%) - continued
			Harland Clarke Holdings Corporation, Term Loan
$	843,750		7.000%, 5/22/2018	$	814,919
			MoneyGram International, Inc., Term Loan
	957,765		4.250%, 3/27/2020		872,361
			MPH Acquisition Holdings, LLC, Term Loan
	1,261,122		3.750%, 3/31/2021		1,225,394
			TransUnion, LLC, Term Loan
	1,080,750		3.500%, 4/9/2021		1,047,874
			WaveDivision Holdings, LLC, Term Loan
	873,000		4.000%, 10/15/2019		857,723

			Total		6,464,805


	Technology (1.0%)
			Avago Technologies Cayman Finance, Ltd., Term Loan
	2,250,000		0.000%, 11/13/2022^b,c		2,223,292
			Avago Technologies, Ltd., Term Loan
	129,048		3.750%, 5/6/2021		128,618
			BMC Software, Inc., Term Loan
	850,750		5.000%, 9/10/2020		698,219
			Booz Allen Hamilton, Inc., Term Loan
	372,092		3.750%, 7/31/2019		372,465
			First Data Corporation, Term Loan
	1,600,000		3.918%, 3/23/2018		1,577,104
	220,000		4.168%, 7/8/2022		216,645
			Infor US, Inc., Term Loan
	867,320		3.750%, 6/3/2020		812,392
			Merrill Communications, LLC, Term Loan
	2,825		6.250%, 6/1/2022		2,402
			NXP BV, Term Loan
	660,000		3.750%, 12/7/2020		656,205
			SS&C European Holdings SARL, Term Loan
	358,655		4.007%, 7/8/2022		355,516
	52,782		4.018%, 7/8/2022		52,320

			Total		7,095,178


	Transportation (0.6%)
			American Airlines, Inc., Term Loan
	1,400,062		3.250%, 6/27/2020		1,376,654
			Delta Airlines, Inc., Term Loan
	1,077,300		3.250%, 8/24/2022		1,074,025
			OSG Bulk Ships, Inc., Term Loan
	980,075		5.250%, 8/5/2019		938,422
			XPO Logistics, Inc., Term Loan
	740,000		5.500%, 11/1/2021		735,989

			Total		4,125,090


	Utilities (0.4%)
			Calpine Corporation, Term Loan
	659,013		4.000%, 10/31/2020		640,890
	1,036,860		3.500%, 5/27/2022		986,572
			Intergen NV, Term Loan
	877,500		5.500%, 6/15/2020		790,847
		��
			Total		2,418,309

			Total Bank Loans (cost $98,368,414)		91,029,442


Principal Amount			Long-Term Fixed Income (45.0%)
	Asset-Backed Securities (3.9%)
			Asset Backed Securities Corporation Home Equity Loan Trust
	961,088		0.562%, 7/25/2036^e		839,593
	226,153		0.582%, 11/25/2036^e		204,052
			Bayview Opportunity Master Fund Trust
	350,247		3.623%, 7/28/2019*^f		347,410
	813,602		3.623%, 4/28/2030^g		802,387
	540,501		3.228%, 7/28/2034*^f		539,568
	1,468,452		3.721%, 2/28/2035^*		1,466,882
	1,811,055		3.721%, 7/28/2035^f,g		1,809,596
			Countrywide Asset-Backed Certificates
	525,581		5.530%, 4/25/2047		572,534
			GSAA Home Equity Trust
	1,130,209		0.692%, 7/25/2037^e		975,482
			J.P. Morgan Mortgage Acquisition Trust
	2,114,529		6.472%, 3/25/2047^f		1,597,062
			J.P. Morgan Mortgage Trust
	1,870,048		2.746%, 2/25/2036		1,649,326
			Lehman XS Trust
	2,062,300		5.440%, 8/25/2035^f		1,845,597
			Pretium Mortgage Credit Partners, LLC
	1,221,860		4.125%, 10/27/2030^*		1,210,850
	1,800,000		4.375%, 11/27/2030^*		1,793,931
			Renaissance Home Equity Loan Trust
	576,776		5.746%, 5/25/2036^f		397,355
	1,000,000		6.011%, 5/25/2036^f		695,616
	1,393,716		5.797%, 8/25/2036^f		861,452
			Residential Asset Mortgage Products Trust
	906,947		5.991%, 3/25/2033^h		909,361
			Sunset Mortgage Loan Company, LLC
	1,624,965		4.459%, 9/16/2045*^f		1,618,546
			U.S. Residential Opportunity Fund III Trust
	1,492,888		3.721%, 1/27/2035^*		1,483,189
			Vericrest Opportunity Loan Transferee
	1,459,439		3.375%, 10/25/2058*^f		1,434,058
	1,759,555		3.500%, 6/26/2045^f,g		1,733,859
	1,366,581		3.625%, 7/25/2045^f,g		1,347,160
	765,623		3.500%, 2/25/2055*^f		755,262

			Total		26,890,128


	Basic Materials (0.6%)
			Anglo American Capital plc
	200,000		1.271%, 4/15/2016^e,g		198,043
			ArcelorMittal SA
	1,080,000		6.500%, 3/1/2021		869,281

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (45.0%)	Value
	Basic Materials (0.6%) - continued
		BHP Billiton Finance USA, Ltd.
$	600,000	6.250%, 10/19/2075^g	$	587,250
		Dow Chemical Company
	106,000	8.550%, 5/15/2019		124,937
		First Quantum Minerals, Ltd.
	485,000	6.750%, 2/15/2020^g		312,825
	770,000	7.000%, 2/15/2021^g		483,175
		Freeport-McMoRan, Inc.
	85,000	2.375%, 3/15/2018		66,300
		Glencore Funding, LLC
	95,000	1.377%, 4/16/2018^e,g		80,161
		INEOS Group Holdings SA
	600,000	5.875%, 2/1/2019^g		582,000
		LyondellBasell Industries NV
	110,000	5.000%, 4/15/2019		117,018
		Sappi Papier Holding GmbH
	600,000	6.625%, 4/15/2021^g		606,000
		Yamana Gold, Inc.
	152,000	4.950%, 7/15/2024		128,894

		Total		4,155,884


	Capital Goods (1.4%)
		Berry Plastics Corporation
	655,000	6.000%, 10/15/2022^g		666,463
		Building Materials Corporation of America
	1,100,000	6.000%, 10/15/2025^g		1,122,000
		Cemex SAB de CV
	1,290,000	5.700%, 1/11/2025^g		1,078,763
		CNH Industrial Capital, LLC
	1,100,000	4.375%, 11/6/2020		1,036,750
		Crown Americas Capital Corporation IV
	1,080,000	4.500%, 1/15/2023		1,055,700
		Crown Cork & Seal Company, Inc.
	610,000	7.375%, 12/15/2026		655,750
		General Electric Company
	153,000	4.200%, 12/15/2049ⁱ		152,235
		Ingersoll-Rand Luxembourg Finance SA
	310,000	2.625%, 5/1/2020		305,450
		L-3 Communications Corporation
	205,000	1.500%, 5/28/2017		202,460
		Lockheed Martin Corporation
	90,000	1.850%, 11/23/2018		89,841
		Pentair Finance SA
	95,000	3.625%, 9/15/2020		94,906
		Reynolds Group Issuer, Inc.
	250,000	5.750%, 10/15/2020		254,297
	610,000	6.875%, 2/15/2021		628,300
		Sealed Air Corporation
	800,000	4.875%, 12/1/2022^g		802,000
		Textron, Inc.
	213,000	7.250%, 10/1/2019		242,350
		United Rentals North America, Inc.
	1,240,000	5.500%, 7/15/2025		1,202,800

		Total		9,590,065


	Collateralized Mortgage Obligations (14.5%)
		Alternative Loan Trust
	1,719,387	5.500%, 5/25/2035		1,725,047
	1,497,234	6.000%, 6/25/2036		1,362,487
		American Home Mortgage Assets Trust
	2,695,192	0.612%, 12/25/2046^e		1,720,138
	2,089,675	0.612%, 6/25/2047^e		1,426,924
		American Home Mortgage Investment Trust
	2,137,802	6.250%, 12/25/2036		948,790
		Angel Oak Mortgage Trust
	1,750,000	4.500%, 11/25/2045^*		1,746,924
		Banc of America Alternative Loan Trust
	738,684	0.922%, 4/25/2035^e		572,730
	1,794,558	6.000%, 11/25/2035		1,597,169
	1,206,520	1.222%, 5/25/2046^e		834,750
		Banc of America Funding Corporation
	546,009	4.725%, 5/20/2036		458,860
		BCAP, LLC Trust
	1,936,828	0.602%, 3/25/2037^e		1,641,158
		Bear Stearns Adjustable Rate Mortgage Trust
	849,109	2.660%, 10/25/2035^e		834,833
	402,088	2.702%, 2/25/2036		317,865
		Citicorp Mortgage Securities Trust
	584,632	6.000%, 5/25/2037		602,187
		Citigroup Mortgage Loan Trust, Inc.
	501,154	5.500%, 11/25/2035		479,055
		CitiMortgage Alternative Loan Trust
	1,215,811	5.750%, 4/25/2037		1,042,968
		Countrywide Alternative Loan Trust
	504,287	0.822%, 2/25/2035^e		469,262
	851,267	2.609%, 10/25/2035		748,258
	393,123	5.500%, 2/25/2036		372,489
	316,970	6.000%, 4/25/2036		280,749
	1,116,305	6.500%, 8/25/2036		841,126
	275,508	6.000%, 1/25/2037		253,196
	1,043,730	5.500%, 5/25/2037		885,663
		Countrywide Home Loan Mortgage Pass Through Trust
	2,154,703	2.706%, 11/25/2035		1,836,352
	713,423	2.725%, 2/20/2036		622,946
		Credit Suisse First Boston Mortgage Securities Corporation
	593,596	5.250%, 10/25/2035		590,013
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	151,019	5.500%, 10/25/2021		146,184
	1,409,548	1.899%, 8/25/2035		1,087,790
	549,875	0.622%, 11/25/2035^e		365,462
	945,214	5.500%, 11/25/2035		902,992
	1,235,919	1.027%, 4/25/2047^e		1,053,912
	2,163,030	0.441%, 8/25/2047^e		1,772,051
		Federal Home Loan Mortgage Corporation
	9,199,004	2.500%, 12/15/2022^j		573,098
	2,788,924	2.500%, 5/15/2027^j		224,007
	3,412,826	2.500%, 2/15/2028^j		312,558
	10,397,219	2.500%, 3/15/2028^j		987,386
	5,527,093	3.000%, 4/15/2028^j		542,948
	4,581,813	3.000%, 2/15/2033^j		563,721

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (45.0%)	Value
	Collateralized Mortgage Obligations (14.5%) - continued
		Federal National Mortgage Association
$	4,540,166	2.500%, 2/25/2028^j	$	423,934
	3,440,941	3.000%, 4/25/2028^j		347,491
	4,285,649	3.500%, 1/25/2033^j		577,099
		First Horizon Alternative Mortgage Securities Trust
	1,302,700	2.318%, 3/25/2035		1,152,933
	1,328,768	2.403%, 7/25/2035		1,213,531
	1,357,109	6.000%, 8/25/2036^e		1,103,833
		First Horizon Mortgage Pass-Through Trust
	1,766,789	2.698%, 8/25/2037		1,410,524
		GMAC Mortgage Corporation Loan Trust
	1,967,304	3.149%, 5/25/2035		1,853,720
		Government National Mortgage Association
	4,379,926	4.000%, 1/16/2027^j		448,537
		Greenpoint Mortgage Funding Trust
	999,936	0.622%, 10/25/2045^e		785,391
		HomeBanc Mortgage Trust
	1,073,943	2.229%, 4/25/2037		809,599
		IndyMac IMJA Mortgage Loan Trust
	1,208,027	6.250%, 11/25/2037		1,006,012
		IndyMac INDX Mortgage Loan Trust
	1,929,408	2.843%, 10/25/2035		1,601,813
	1,533,427	1.062%, 7/25/2045^e		1,326,302
		J.P. Morgan Alternative Loan Trust
	2,152,086	6.500%, 3/25/2036		1,861,793
		J.P. Morgan Mortgage Trust
	250,169	6.500%, 1/25/2035		245,220
	1,592,187	2.872%, 8/25/2035		1,582,313
	588,600	2.691%, 10/25/2036		529,617
	1,155,797	0.802%, 1/25/2037^e		708,376
	851,652	2.919%, 1/25/2037		747,723
	763,352	6.250%, 8/25/2037		591,777
		Lehman Mortgage Trust
	883,754	1.172%, 12/25/2035^e		622,998
		Master Asset Securitization Trust
	1,039,750	0.922%, 6/25/2036^e		593,793
		MASTR Alternative Loans Trust
	317,052	6.500%, 7/25/2034		324,483
	903,427	0.872%, 12/25/2035^e		452,268
		Merrill Lynch Alternative Note Asset Trust
	716,792	6.000%, 3/25/2037		531,547
	1,107,493	6.000%, 3/25/2037		997,138
		Morgan Stanley Mortgage Loan Trust
	711,543	2.803%, 11/25/2035		522,884
		MortgageIT Trust
	1,641,156	0.682%, 12/25/2035^e		1,485,731
	1,282,943	0.622%, 4/25/2036^e		966,623
		New Century Alternative Mortgage Loan Trust
	1,579,277	6.167%, 7/25/2036^f		966,619
		New York Mortgage Trust, Inc.
	922	2.671%, 5/25/2036		15
		Oak Hill Advisors Residential Loan Trust
	1,008,279	3.475%, 1/25/2055*^f		1,003,367
		RALI Trust
	1,664,490	6.000%, 4/25/2036		1,420,189
	2,590,023	0.602%, 11/25/2036^e		1,881,405
	512,822	6.000%, 6/25/2037		429,030
	2,265,148	0.612%, 7/25/2037^e		1,797,695
		Residential Accredit Loans, Inc. Trust
	1,115,634	5.750%, 9/25/2035		1,004,973
	1,171,714	6.000%, 1/25/2037		981,983
	2,272,890	5.750%, 4/25/2037		1,834,411
	1,211,635	6.250%, 4/25/2037		1,023,562
		Residential Asset Securitization Trust
	1,781,919	6.236%, 8/25/2022		1,597,445
	769,661	5.500%, 4/25/2035		779,462
	1,209,269	0.802%, 8/25/2037^e		359,324
		Residential Funding Mortgage Security I Trust
	1,178,648	5.750%, 2/25/2036		1,100,483
	1,787,177	6.000%, 7/25/2037		1,617,798
		Sequoia Mortgage Trust
	1,589,845	2.822%, 9/20/2046		1,271,942
		Structured Adjustable Rate Mortgage Loan Trust
	381,885	2.761%, 12/25/2034		373,003
	1,081,851	2.719%, 7/25/2035		925,242
	601,209	2.877%, 9/25/2035		507,996
	942,338	4.725%, 5/25/2036		723,792
		Structured Asset Mortgage Investments, Inc.
	1,918,494	0.732%, 12/25/2035^e		1,388,952
	1,430,966	0.632%, 5/25/2046^e		1,007,860
		Suntrust Alternative Loan Trust
	1,436,784	5.750%, 12/25/2035		1,313,901
		WaMu Mortgage Pass Through Certificates
	961,311	2.176%, 11/25/2036		832,828
	1,946,699	1.825%, 1/25/2037		1,638,623
	170,188	2.397%, 8/25/2046		145,663
	1,260,302	1.177%, 9/25/2046^e		1,008,769
	828,231	1.217%, 9/25/2046^e		688,869
	2,242,504	1.063%, 12/25/2046^e		1,725,934
	1,690,815	0.997%, 1/25/2047^e		1,363,670
	887,777	1.901%, 3/25/2047^e		706,300
		Washington Mutual Mortgage Pass Through Certificates
	946,110	1.022%, 6/25/2035^e		720,731
	1,181,722	6.000%, 11/25/2035		1,078,727
	2,751,932	1.007%, 2/25/2047^e		1,972,577
		Wells Fargo Mortgage Backed Securities Trust
	2,130,204	2.731%, 7/25/2036		2,087,257
	329,053	1.122%, 5/25/2037^e		286,341
	715,743	6.000%, 7/25/2037		708,524
	1,167,179	6.000%, 11/25/2037		1,155,274

		Total		100,999,587


	Commercial Mortgage-Backed Securities (0.4%)
		Greenwich Capital Commercial Funding Corporation
	1,350,000	5.867%, 12/10/2049		1,402,400

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (45.0%)	Value
	Commercial Mortgage-Backed Securities (0.4%) - continued
		Morgan Stanley Capital, Inc.
$	1,350,000	5.406%, 3/15/2044	$	1,385,722

		Total		2,788,122


	Communications Services (2.2%)
		AMC Networks, Inc.
	610,000	4.750%, 12/15/2022		610,000
		American Tower Corporation
	95,000	2.800%, 6/1/2020		93,907
	152,000	3.450%, 9/15/2021		152,745
		AT&T, Inc.
	95,000	1.533%, 6/30/2020^e		94,321
		CC Holdings GS V, LLC
	94,000	2.381%, 12/15/2017		94,103
		CCO Holdings, LLC
	600,000	6.500%, 4/30/2021		624,000
		CCO Safari II, LLC
	47,000	3.579%, 7/23/2020^g		46,718
	47,000	4.464%, 7/23/2022^g		46,836
		CenturyLink, Inc.
	600,000	6.450%, 6/15/2021		585,000
		Clear Channel Worldwide Holdings, Inc.
	850,000	6.500%, 11/15/2022		828,750
		Columbus International, Inc.
	1,400,000	7.375%, 3/30/2021^g		1,386,000
		Digicel, Ltd.
	1,400,000	6.000%, 4/15/2021^g		1,179,500
		DIRECTV Holdings, LLC
	176,000	5.875%, 10/1/2019		196,439
		FairPoint Communications, Inc.
	1,100,000	8.750%, 8/15/2019^g		1,083,500
		Frontier Communications Corporation
	855,000	8.875%, 9/15/2020^g		865,687
		Hughes Satellite Systems Corporation
	774,000	6.500%, 6/15/2019		833,985
		Level 3 Escrow II, Inc.
	600,000	5.375%, 8/15/2022		609,000
		Numericable-SFR
	1,370,000	6.000%, 5/15/2022^g		1,328,900
		SBA Tower Trust
	300,000	3.598%, 4/16/2043^g		298,921
		Sprint Corporation
	1,230,000	7.625%, 2/15/2025		897,900
		Telefonica Emisiones SAU
	211,000	3.192%, 4/27/2018		215,094
		T-Mobile USA, Inc.
	1,230,000	6.125%, 1/15/2022		1,263,825
		Univision Communications, Inc.
	860,000	5.125%, 5/15/2023^g		827,750
		UPCB Finance V, Ltd.
	774,000	7.250%, 11/15/2021^g		822,375
		Verizon Communications, Inc.
	115,000	2.625%, 2/21/2020		115,400
	152,000	4.500%, 9/15/2020		163,310

		Total		15,263,966


	Consumer Cyclical (2.1%)
		AMC Entertainment, Inc.
	600,000	5.875%, 2/15/2022		609,000
		Brookfield Residential Properties, Inc.
	850,000	6.500%, 12/15/2020^g		819,187
		Corrections Corporation of America
	820,000	5.000%, 10/15/2022		815,900
		Ford Motor Credit Company, LLC
	220,000	5.000%, 5/15/2018		231,087
	155,000	2.597%, 11/4/2019		152,185
		General Motors Financial Company, Inc.
	860,000	3.250%, 5/15/2018		864,305
	167,000	4.375%, 9/25/2021		169,347
		GLP Capital, LP
	1,400,000	4.875%, 11/1/2020		1,372,000
		Hilton Worldwide Finance, LLC
	1,080,000	5.625%, 10/15/2021		1,119,150
		Home Depot, Inc.
	95,000	0.882%, 9/15/2017^e		95,140
	95,000	2.625%, 6/1/2022		94,901
		Jaguar Land Rover Automotive plc
	500,000	4.125%, 12/15/2018^g		502,500
	710,000	5.625%, 2/1/2023^g		717,100
		L Brands, Inc.
	860,000	5.625%, 2/15/2022		913,750
		Lennar Corporation
	610,000	12.250%, 6/1/2017		691,587
	250,000	4.125%, 12/1/2018		251,250
		Macy’s Retail Holdings, Inc.
	88,000	7.450%, 7/15/2017		95,082
		MGM Resorts International
	1,255,000	6.000%, 3/15/2023		1,245,587
		Ralph Lauren Corporation
	95,000	2.625%, 8/18/2020		95,905
		Royal Caribbean Cruises, Ltd.
	1,400,000	5.250%, 11/15/2022		1,435,000
		Six Flags Entertainment Corporation
	850,000	5.250%, 1/15/2021^g		860,625
		Toll Brothers Finance Corporation
	208,000	4.000%, 12/31/2018		212,160
		Visa, Inc.
	90,000	2.200%, 12/14/2020		89,833
		West Corporation
	1,400,000	5.375%, 7/15/2022^g		1,207,500

		Total		14,660,081


	Consumer Non-Cyclical (2.1%)
		Amgen, Inc.
	95,000	2.125%, 5/1/2020		93,705
		B&G Foods, Inc.
	500,000	4.625%, 6/1/2021		495,000
		BAT International Finance plc
	95,000	1.022%, 6/15/2018^e,g		94,871
		Becton, Dickinson and Company
	70,000	1.450%, 5/15/2017		69,704
		Boston Scientific Corporation
	50,000	6.000%, 1/15/2020		55,521
		Bunge Limited Finance Corporation
	90,000	3.500%, 11/24/2020		89,499

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (45.0%)	Value
	Consumer Non-Cyclical (2.1%) - continued
		Cardinal Health, Inc.
$	95,000	1.950%, 6/15/2018	$	94,753
		Celgene Corporation
	95,000	3.550%, 8/15/2022		95,924
		Cott Beverages, Inc.
	1,400,000	5.375%, 7/1/2022		1,372,000
		CVS Health Corporation
	106,000	2.250%, 12/5/2018		106,511
		EMD Finance, LLC
	55,000	0.876%, 3/17/2017^e,g		54,831
		Envision Healthcare Corporation
	1,400,000	5.125%, 7/1/2022^g		1,372,000
		Forest Laboratories, Inc.
	153,000	4.375%, 2/1/2019^g		160,279
		Gilead Sciences, Inc.
	95,000	3.250%, 9/1/2022		95,658
		Grifols Worldwide Operations, Ltd.
	950,000	5.250%, 4/1/2022		954,750
		HCA, Inc.
	925,000	3.750%, 3/15/2019		931,938
		JBS USA, LLC
	610,000	5.875%, 7/15/2024^g		552,050
	1,240,000	5.750%, 6/15/2025^g		1,078,800
		Laboratory Corporation of America Holdings
	40,000	2.625%, 2/1/2020		39,490
		Land O’Lakes, Inc.
	1,200,000	8.000%, 12/31/2049^g,i		1,246,500
		Mead Johnson Nutrition Company
	90,000	3.000%, 11/15/2020		89,973
		Medtronic plc
	310,000	4.375%, 3/15/2035		313,361
		Mondelez International, Inc.
	136,000	2.250%, 2/1/2019		135,950
		Mylan NV
	45,000	3.750%, 12/15/2020^g		45,047
		PepsiCo, Inc.
	95,000	1.850%, 4/30/2020		93,910
		Pfizer, Inc.
	870,000	5.200%, 8/12/2020		974,475
		Reynolds American, Inc.
	95,000	3.250%, 6/12/2020		96,549
		SABMiller plc
	75,000	6.500%, 7/15/2018^g		82,748
		Safeway, Inc.
	63,000	3.400%, 12/1/2016		62,370
		Spectrum Brands Escrow Corporation
	790,000	6.375%, 11/15/2020		839,375
		Tenet Healthcare Corporation
	1,080,000	8.125%, 4/1/2022		1,077,300
		TreeHouse Foods, Inc.
	850,000	4.875%, 3/15/2022		809,625
		Tyson Foods, Inc.
	152,000	4.500%, 6/15/2022		161,783
		VPII Escrow Corporation
	610,000	7.500%, 7/15/2021^g		608,475
		Zoetis, Inc.
	90,000	3.450%, 11/13/2020		90,105

		Total		14,534,830


	Energy (1.4%)
		Anadarko Petroleum Corporation
	99,000	8.700%, 3/15/2019		112,479
		Buckeye Partners, LP
	152,000	2.650%, 11/15/2018		146,231
		Chaparral Energy, Inc.
	600,000	7.625%, 11/15/2022		138,000
		Chevron Corporation
	90,000	0.874%, 11/16/2018^e		90,024
		Concho Resources, Inc.
	860,000	5.500%, 10/1/2022		782,600
		Crestwood Midstream Partners, LP
	850,000	6.250%, 4/1/2023^g		592,875
		Enbridge Energy Partners, LP
	1,215,000	8.050%, 10/1/2037		996,300
		Enterprise Products Operating, LLC
	1,390,000	7.034%, 1/15/2068		1,410,850
		EQT Corporation
	105,000	5.150%, 3/1/2018		109,255
	104,000	8.125%, 6/1/2019		112,339
		Kinder Morgan, Inc.
	155,000	5.300%, 12/1/2034		122,146
		Marathon Petroleum Corporation
	90,000	3.400%, 12/15/2020		88,388
		MEG Energy Corporation
	250,000	6.500%, 3/15/2021^g		175,000
	610,000	6.375%, 1/30/2023^g		417,850
		Noble Energy, Inc.
	950,000	5.875%, 6/1/2022		903,735
		Pacific Drilling V, Ltd.
	850,000	7.250%, 12/1/2017^g		437,750
		Petrobras International Finance Company
	470,000	5.750%, 1/20/2020		368,950
		Petroleos Mexicanos
	630,000	5.625%, 1/23/2046^g		482,076
		Pioneer Natural Resources Company
	32,000	3.450%, 1/15/2021		29,547
		Regency Energy Partners, LP
	1,080,000	5.000%, 10/1/2022		956,747
		Sabine Pass Liquefaction, LLC
	1,290,000	5.625%, 3/1/2025^g		1,091,663
		Schlumberger Holdings Corporation
	90,000	3.000%, 12/21/2020^g		88,837
		Shell International Finance BV
	95,000	0.806%, 5/11/2020^e		93,609
		Sunoco Logistics Partners Operations, LP
	90,000	4.400%, 4/1/2021		87,216

		Total		9,834,467


	Financials (8.4%)
		Abbey National Treasury Services plc
	110,000	3.050%, 8/23/2018		112,870
		ACE INA Holdings, Inc.
	90,000	2.875%, 11/3/2022		89,317

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (45.0%)	Value
	Financials (8.4%) - continued
		Aegon NV
$	1,080,000	2.142%, 7/29/2049^e,i	$	810,000
		AIG Life Holdings, Inc.
	1,200,000	7.570%, 12/1/2045*		1,566,000
		Air Lease Corporation
	47,000	2.625%, 9/4/2018		46,458
		Ally Financial, Inc.
	900,000	3.750%, 11/18/2019		887,625
		American Express Company
	1,250,000	6.800%, 9/1/2066		1,259,375
		American Express Credit Corporation
	95,000	1.552%, 9/14/2020^e		95,811
		Aviation Capital Group Corporation
	162,000	3.875%, 9/27/2016^g		163,215
		Banco de Brasil SA
	800,000	9.000%, 12/31/2049^g,i		524,000
		Bank of America Corporation
	272,000	5.700%, 5/2/2017		283,662
	107,000	5.650%, 5/1/2018		115,058
	160,000	8.000%, 12/29/2049ⁱ		162,800
		Bank of New York Mellon Corporation
	720,000	4.500%, 12/31/2049ⁱ		658,800
		Barclays Bank plc
	150,000	5.140%, 10/14/2020		162,780
		BBVA Banco Continental SA
	203,000	2.250%, 7/29/2016^g		203,508
		BBVA International Preferred SA Unipersonal
	1,545,000	5.919%, 12/29/2049ⁱ		1,560,450
		BPCE SA
	625,000	5.150%, 7/21/2024^g		630,253
		Caisse Centrale Desjardins du Quebec
	50,000	0.989%, 1/29/2018^e,g		49,902
		Capital One Financial Corporation
	1,200,000	5.550%, 12/29/2049ⁱ		1,194,000
		CIT Group, Inc.
	850,000	5.000%, 8/15/2022		872,848
		Citigroup, Inc.
	153,000	1.850%, 11/24/2017		152,774
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	975,000	11.000%, 12/29/2049^g,i		1,203,637
		Credit Agricole SA
	70,000	1.457%, 6/10/2020^e,g		69,850
	620,000	6.625%, 9/29/2049^g,i		609,460
		Credit Suisse Group AG
	600,000	7.500%, 12/11/2049^g,i		629,899
	1,240,000	6.250%, 12/29/2049^g,i		1,239,068
		CyrusOne, LP
	860,000	6.375%, 11/15/2022		885,800
		DDR Corporation
	136,000	9.625%, 3/15/2016		138,123
		Discover Bank
	68,000	8.700%, 11/18/2019		80,446
		Discover Financial Services
	150,000	6.450%, 6/12/2017		158,479
		Duke Realty, LP
	155,000	4.375%, 6/15/2022		159,726
		Fifth Third Bancorp
	925,000	4.900%, 12/29/2049ⁱ		836,431
		GE Capital Trust I
	620,000	6.375%, 11/15/2067		644,412
		General Electric Company
	1,421,000	4.100%, 12/15/2049ⁱ		1,417,448
		Goldman Sachs Group, Inc.
	144,000	2.625%, 1/31/2019		145,030
	205,000	7.500%, 2/15/2019		234,574
	50,000	1.476%, 4/23/2020^e		50,074
	95,000	2.012%, 11/29/2023^e		95,843
		Goldman Sachs Group, Inc. Convertible
	3,800,000	0.500%, 9/24/2022		3,930,834
		Hartford Financial Services Group, Inc.
	185,000	6.000%, 1/15/2019		203,458
		HCP, Inc.
	107,000	3.750%, 2/1/2019		110,386
		Health Care REIT, Inc.
	186,000	4.700%, 9/15/2017		194,432
		HSBC Holdings plc
	625,000	5.625%, 12/29/2049ⁱ		625,781
	1,085,000	6.375%, 12/29/2049ⁱ		1,083,644
	620,000	6.375%, 12/29/2049ⁱ		612,250
		Icahn Enterprises, LP
	1,350,000	6.000%, 8/1/2020		1,361,340
		ILFC E-Capital Trust II
	2,550,000	4.740%, 12/21/2065^e,g		2,346,000
		ING Bank NV
	200,000	4.125%, 11/21/2023		203,702
		ING Capital Funding Trust III
	1,420,000	4.207%, 12/29/2049^e,i		1,416,450
		International Lease Finance Corporation
	110,000	2.462%, 6/15/2016^e		109,725
	610,000	5.875%, 8/15/2022		649,650
		Intesa Sanpaolo SPA
	70,000	3.875%, 1/16/2018		71,779
	156,000	3.875%, 1/15/2019		160,622
		J.P. Morgan Chase & Company
	144,000	6.300%, 4/23/2019		161,467
	40,000	2.250%, 1/23/2020		39,351
	128,000	7.900%, 4/29/2049ⁱ		130,304
	1,250,000	6.750%, 8/29/2049ⁱ		1,362,500
		Liberty Mutual Group, Inc.
	975,000	10.750%, 6/15/2058*		1,452,750
	42,000	5.000%, 6/1/2021^g		44,920
		Lincoln National Corporation
	1,120,000	6.050%, 4/20/2067		873,600
		Lloyds Banking Group plc
	1,200,000	6.413%, 1/29/2049^g,i		1,344,000
		MetLife Capital Trust IV
	1,422,000	7.875%, 12/15/2037^g		1,734,840
		MetLife, Inc.
	600,000	6.400%, 12/15/2036		655,500
		Morgan Stanley
	50,000	1.463%, 1/27/2020^e		50,107
	110,000	4.875%, 11/1/2022		116,738
		MPT Operating Partnership, LP
	850,000	5.500%, 5/1/2024		845,750
		Murray Street Investment Trust I
	157,000	4.647%, 3/9/2017		161,757

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (45.0%)	Value
	Financials (8.4%) - continued
		National City Corporation
$	136,000	6.875%, 5/15/2019	$	153,642
		National Westminster Bank plc
	1,860,000	0.688%, 11/29/2049^e,i		1,131,635
		New York Life Global Funding
	90,000	1.550%, 11/2/2018^g		89,267
		Nomura Holdings, Inc.
	141,000	2.750%, 3/19/2019		141,761
		Prudential Financial, Inc.
	620,000	5.875%, 9/15/2042		644,490
	1,225,000	5.625%, 6/15/2043		1,252,563
		Quicken Loans, Inc.
	850,000	5.750%, 5/1/2025^g		809,625
		Realty Income Corporation
	131,000	2.000%, 1/31/2018		131,075
		Regions Bank
	43,000	7.500%, 5/15/2018		47,779
		Reinsurance Group of America, Inc.
	175,000	5.625%, 3/15/2017		182,379
		Royal Bank of Scotland Group plc
	136,000	1.543%, 3/31/2017^e		135,735
	625,000	7.648%, 8/29/2049ⁱ		774,219
	1,020,000	7.500%, 12/29/2049ⁱ		1,062,075
		Simon Property Group, LP
	95,000	2.500%, 9/1/2020		95,073
		Societe Generale SA
	208,000	5.750%, 4/20/2016^g		210,649
	1,240,000	8.250%, 9/29/2049ⁱ		1,314,400
	1,200,000	8.000%, 12/31/2049^g,i		1,222,880
		Standard Chartered plc
	1,240,000	6.500%, 12/29/2049^g,i		1,198,064
		State Street Corporation
	95,000	1.264%, 8/18/2020^e		95,010
		Synchrony Financial
	156,000	1.875%, 8/15/2017		155,285
	35,000	1.564%, 2/3/2020^e		34,447
	156,000	3.750%, 8/15/2021		155,829
		Synovus Financial Corporation
	600,000	5.750%, 12/15/2025		612,000
		Toronto-Dominion Bank
	90,000	1.432%, 12/14/2020^e		89,979
		UnitedHealth Group, Inc.
	95,000	3.350%, 7/15/2022		97,170
		USB Realty Corporation
	1,240,000	1.468%, 12/29/2049^e,g,i		1,116,000
		Voya Financial, Inc.
	204,000	2.900%, 2/15/2018		206,205
		Wells Fargo & Company
	50,000	1.002%, 1/30/2020^e		49,534
	600,000	5.900%, 12/29/2049ⁱ		605,250
	620,000	5.875%, 12/31/2049ⁱ		652,550
		ZFS Finance USA Trust II
	1,553,000	6.450%, 12/15/2065^g		1,569,306

		Total		58,289,319


	Foreign Government (3.1%)
		Brazil Government International Bond
	390,000	5.875%, 1/15/2019		397,800
	505,000	4.875%, 1/22/2021		467,125
	935,000	2.625%, 1/5/2023		710,600
	624,000	5.000%, 1/27/2045		416,520
		Colombia Government International Bond
	300,000	2.625%, 3/15/2023		263,550
	400,000	4.000%, 2/26/2024		381,000
	705,000	5.000%, 6/15/2045		588,675
		Croatia Government International Bond
	560,000	6.625%, 7/14/2020^g		600,068
		Hungary Government International Bond
	640,000	5.750%, 11/22/2023		716,096
	598,000	5.375%, 3/25/2024		654,810
		Indonesia Government International Bond
	450,000	4.875%, 5/5/2021^g		466,118
	460,000	3.375%, 4/15/2023^g		427,451
	390,000	5.875%, 1/15/2024^g		417,813
	350,000	4.125%, 1/15/2025^g		335,419
	312,000	4.750%, 1/8/2026^g		308,151
	1,100,000	5.125%, 1/15/2045^g		994,782
		Mexico Government International Bond
	400,000	3.625%, 3/15/2022		402,400
	444,000	4.000%, 10/2/2023		449,772
	260,000	3.600%, 1/30/2025		253,370
	130,000	6.050%, 1/11/2040		142,350
	400,000	4.750%, 3/8/2044		364,400
	260,000	5.550%, 1/21/2045		266,500
	455,000	4.600%, 1/23/2046		402,675
		Panama Government International Bond
	320,000	4.000%, 9/22/2024		320,000
	435,000	3.750%, 3/16/2025		426,300
	130,000	6.700%, 1/26/2036		154,375
		Peru Government International Bond
	920,000	4.125%, 8/25/2027		901,600
		Philippines Government International Bond
	375,000	7.750%, 1/14/2031		526,864
	390,000	6.375%, 10/23/2034		508,471
		Romania Government International Bond
	314,000	4.375%, 8/22/2023^g		326,858
	150,000	4.875%, 1/22/2024^g		161,145
		Russia Government International Bond
	260,000	3.500%, 1/16/2019^g		258,700
	1,200,000	5.000%, 4/29/2020^g		1,238,400
	800,000	4.875%, 9/16/2023^g		812,800
	386,750	7.500%, 3/31/2030^g		463,360
	390,000	5.625%, 4/4/2042^g		368,940
		South Africa Government International Bond
	400,000	5.500%, 3/9/2020		410,539
	340,000	5.875%, 5/30/2022		355,027
		Turkey Government International Bond
	390,000	7.500%, 11/7/2019		437,295
	1,100,000	7.000%, 6/5/2020		1,223,919
	615,000	5.125%, 3/25/2022		631,144
	260,000	6.250%, 9/26/2022		282,256
	130,000	5.750%, 3/22/2024		137,348
	640,000	4.250%, 4/14/2026		600,033

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Principal Amount		Long-Term Fixed Income (45.0%)	Value
	Foreign Government (3.1%) - continued
$	520,000	4.875%, 4/16/2043	$	457,600

		Total		21,430,419


	Mortgage-Backed Securities (1.2%)
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	6,000,000	3.500%, 1/1/2046^c		6,190,339
	1,850,000	4.000%, 1/1/2046^c		1,957,618

		Total		8,147,957


	Technology (1.3%)
		Alliance Data Systems Corporation
	650,000	5.375%, 8/1/2022^g		619,125
		Amkor Technology, Inc.
	860,000	6.625%, 6/1/2021		853,550
		Apple, Inc.
	95,000	0.659%, 5/6/2020^e		94,284
		Automatic Data Processing, Inc.
	95,000	2.250%, 9/15/2020		95,360
		Cisco Systems, Inc.
	95,000	0.914%, 3/1/2019^e		94,915
		CommScope Technologies Finance, LLC
	905,000	6.000%, 6/15/2025^g		871,062
		Denali Borrower, LLC
	1,370,000	5.625%, 10/15/2020^g		1,435,075
		Equinix, Inc.
	810,000	5.750%, 1/1/2025		828,225
		Fidelity National Information Services, Inc.
	90,000	3.625%, 10/15/2020		91,172
		First Data Corporation
	850,000	5.375%, 8/15/2023^g		854,250
		Freescale Semiconductor, Inc.
	860,000	6.000%, 1/15/2022^g		900,850
		Hewlett Packard Enterprise Company
	90,000	3.600%, 10/15/2020^g		90,207
		IMS Health, Inc.
	490,000	6.000%, 11/1/2020^g		504,700
		Intel Corporation
	95,000	3.100%, 7/29/2022		96,873
		Oracle Corporation
	95,000	2.500%, 5/15/2022		93,244
		Sensata Technologies BV
	1,200,000	4.875%, 10/15/2023^g		1,167,000
		Texas Instruments, Inc.
	95,000	1.750%, 5/1/2020		92,539

		Total		8,782,431


	Transportation (0.4%)
		American Airlines Pass Through Trust
	118,025	4.950%, 1/15/2023		124,516
		Avis Budget Car Rental, LLC
	1,415,000	5.125%, 6/1/2022^g		1,397,312
		Delta Air Lines, Inc.
	90,845	4.950%, 5/23/2019		95,387
	81,353	4.750%, 5/7/2020		85,827
		J.B. Hunt Transport Services, Inc.
	95,000	3.300%, 8/15/2022		94,084
		Korea Expressway Corporation
	200,000	1.625%, 4/28/2017^g		199,304
		United Airlines 2015-1 Class A Pass Through Trust
	90,000	3.700%, 12/1/2022		89,775
		XPO Logistics, Inc.
	850,000	6.500%, 6/15/2022^g		786,250

		Total		2,872,455


	U.S. Government and Agencies (0.2%)
		U.S. Treasury Notes
	1,260,000	1.875%, 6/30/2020		1,268,810
	325,000	2.125%, 6/30/2022		326,676

		Total		1,595,486


	Utilities (1.8%)
		Access Midstream Partners, LP
	610,000	4.875%, 5/15/2023		494,506
		AES Corporation
	610,000	7.375%, 7/1/2021		622,200
		Ameren Corporation
	90,000	2.700%, 11/15/2020		89,657
		Calpine Corporation
	870,000	6.000%, 1/15/2022^g		898,005
	1,080,000	5.375%, 1/15/2023		969,300
		DCP Midstream, LLC
	450,000	5.850%, 5/21/2043^g		344,250
		Dynegy Finance I, Inc.
	1,200,000	7.375%, 11/1/2022		1,044,000
		Electricite de France SA
	1,860,000	5.250%, 12/29/2049^g,i		1,748,400
		Energy Transfer Equity, LP
	1,240,000	5.500%, 6/1/2027		942,400
		Exelon Generation Company, LLC
	144,000	5.200%, 10/1/2019		155,129
		MPLX LP
	1,285,000	4.875%, 12/1/2024^g		1,153,288
		NRG Energy, Inc.
	610,000	6.625%, 3/15/2023		529,175
		Southern California Edison Company
	2,800,000	6.250%, 8/1/2049ⁱ		3,084,900
		TransCanada PipeLines, Ltd.
	600,000	6.350%, 5/15/2067		453,000
		Xcel Energy, Inc.
	95,000	1.200%, 6/1/2017		94,518

		Total		12,622,728

		Total Long-Term Fixed Income (cost $314,302,944)		312,457,925


Shares		Common Stock (30.3%)
	Consumer Discretionary (4.3%)
	5,500	Aisan Industry Company, Ltd.		56,478
	1,600	Aisin Seiki Company, Ltd.		68,861
	4,520	Amazon.com, Inc.^k		3,055,023
	3,470	AutoZone, Inc.^k		2,574,428
	800	Bayerische Motoren Werke AG		66,933
	8,200	Berkeley Group Holdings plc		445,783
	18,410	Best Buy Company, Inc.		560,584
	13,140	BorgWarner, Inc.		568,042

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Shares		Common Stock (30.3%)	Value
	Consumer Discretionary (4.3%) - continued
	1,700	Brembo SPA	$	82,132
	4,700	Bridgestone Corporation		161,217
	8,770	Burlington Stores, Inc.^k		376,233
	8,000	Calsonic Kansei Corporation		70,528
	11,614	Cedar Fair, LP		648,526
	6,000	Cineworld Group plc		49,745
	55,902	Comcast Corporation		3,154,550
	3,200	Compass Group plc		55,451
	200	Continental AG		48,382
	1,600	Daimler AG		133,687
	38,200	Debenhams plc		41,186
	7,400	Denso Corporation		353,613
	43,680	Discovery Communications, Inc., Class A^k		1,165,382
	30,200	EDION Corporation^l		228,028
	3,500	Electrolux AB		84,446
	4,900	Eutelsat Communications		146,709
	19,640	Ford Motor Company		276,728
	6,680	General Motors Company		227,187
	11,200	GKN plc		50,824
	22,000	Gunze, Ltd.		64,439
	12,200	Hakuhodo Dy Holdings, Inc.		131,999
	5,610	Harman International Industries, Inc.		528,518
	700	Hugo Boss AG		57,757
	22,200	Inchcape plc		256,138
	10,000	Informa plc		90,375
	3,500	Intertek Group plc		143,174
	5,900	Isuzu Motors, Ltd.		63,559
	73,400	ITV plc		298,839
	19,440	Jarden Corporation^k		1,110,413
	36,200	Lookers plc		98,633
	30,525	MDC Partners, Inc.		663,003
	1,800	Mitsuba Corporation		27,828
	39,700	NIKE, Inc.		2,481,250
	10,500	NOK Corporation		245,289
	500	Paddy Power plc		66,779
	9,000	PanaHome Corporation		67,993
	7,380	Papa John’s International, Inc.		412,321
	22,400	Persimmon plc		668,271
	830	Priceline Group, Inc.^k		1,058,208
	2,100	ProSiebenSat.1 Media AG		105,948
	400	Renault SA		40,038
	5,919	Restoration Hardware Holdings, Inc.^k		470,265
	1,508	Schibsted ASA		49,578
	5,500	Sekisui House, Ltd.		92,476
	5,700	SHOWA Corporation		52,888
	8,200	Sports Direct International plc^k		69,685
	2,600	Stanley Electric Company, Ltd.		57,038
	15,200	Star Entertainment Group, Ltd.		55,775
	28,726	Starbucks Corporation		1,724,422
	17,800	Sumitomo Forestry Company, Ltd.		240,177
	8,700	Sumitomo Rubber Industries, Ltd.		113,129
	9,000	Takashimaya Company, Ltd.		81,049
	1,900	Tamron Company, Ltd.		35,053
	14,820	Target Corporation		1,076,080
	18,000	Tatts Group, Ltd.		57,148
	85,500	Taylor Wimpey plc		255,592
	15,980	Toll Brothers, Inc.^k		532,134
	20,300	UBM plc		157,334
	1,500	Valora Holding AG		312,067
	8,000	Wacoal Holdings Corporation		95,668
	14,600	WH Smith plc		379,368
	9,900	Wolters Kluwer NV		332,479
	13,100	WPP plc		301,325
	2,600	Yokohama Rubber Company, Ltd.		39,930

		Total		30,012,118


	Consumer Staples (1.6%)
	3,100	AarhusKarlshamn AB		229,645
	14,832	Anheuser-Busch InBev NV ADR		1,854,000
	8,300	Axfood AB		143,758
	1,901	Bakkafrost PF		56,005
	1,000	British American Tobacco plc		55,534
	7,100	Britvic plc		76,071
	2,200	Carrefour SA		63,491
	40,630	Coca-Cola Company		1,745,465
	15,200	Coca-Cola HBC AG^k		323,696
	3,300	Henkel AG & Company KGaA		315,655
	26,600	Imperial Tobacco Group plc		1,404,958
	17,900	Japan Tobacco, Inc.		657,177
	6,400	Jeronimo Martins SGPS SA		83,280
	6,800	Kao Corporation		349,443
	700	Kerry Group plc		57,918
	45,400	Koninklijke Ahold NV		957,648
	1,100	KOSE Corporation		101,707
	6,300	Marks and Spencer Group plc		41,947
	9,400	Nestle SA		697,811
	7,000	Nippon Meat Packers, Inc.		137,199
	9,400	Nisshin Oillio Group, Ltd.		38,292
	9,270	Philip Morris International, Inc.		814,926
	1,800	Royal Unibrew AS		73,155
	3,700	Suedzucker AG		73,336
	2,200	Sugi Holdings Company, Ltd.		121,380
	800	Sundrug Company, Ltd.		51,437
	2,500	Svenska Cellulosa AB SCA		72,450
	10,500	Swedish Match AB		371,043

		Total		10,968,427


	Energy (2.1%)
	1,300	Azrieli Group, Ltd.		48,428
	110,300	BP plc		573,198
	2,220	Cimarex Energy Company		198,424
	25,390	EOG Resources, Inc.		1,797,358
	22,220	EQT Corporation		1,158,329
	74,000	Kinder Morgan, Inc.		1,104,080
	3,800	OMV AG		107,865
	37,600	Parsley Energy, Inc.^k		693,720
	2,300	Royal Dutch Shell plc		52,457
	44,200	Royal Dutch Shell plc ADR		2,023,918
	5,603	Royal Dutch Shell plc, Class B		127,698
	84,000	Spectra Energy Corporation		2,010,960
	18,579	Statoil ASA		259,117
	18,000	TonenGeneral Sekiyu KK		151,956
	51,031	Total SA ADR		2,293,843
	241,670	Weatherford International, Ltd.^k		2,027,611

		Total		14,628,962


	Financials (10.1%)
	74,500	Aberdeen Asset Management plc		317,463
	2,100	Acadia Realty Trust		69,615
	2,900	AEON Financial Service Company, Ltd.		64,782
	3,860	Affiliated Managers Group, Inc.^k		616,674
	2,800	Agree Realty Corporation		95,172
	12,518	Alexandria Real Estate Equities, Inc.		1,131,126
	11,400	Allianz SE		2,009,580
	105,000	American Capital Agency Corporation		1,820,700
	2,134	American Farmland Company		15,023

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Shares		Common Stock (30.3%)	Value
	Financials (10.1%) - continued
	6,578	American Realty Capital Properties, Inc.	$	52,098
	204,000	Annaly Capital Management, Inc.		1,913,520
	5,550	Apartment Investment & Management Company		222,166
	300,000	Apollo Investment Corporation		1,566,000
	183,600	Ares Capital Corporation		2,616,300
	31,500	Australia & New Zealand Banking Group, Ltd.		635,662
	4,300	AvalonBay Communities, Inc.		791,759
	117,300	Banco Santander SA		577,045
	52,400	Bank Hapoalim, Ltd.		270,489
	13,693	Bank of Queensland, Ltd.		138,130
	93,000	Bank of Yokohama, Ltd.		570,053
	31,600	BinckBank NV		272,342
	8,100	BioMed Realty Trust, Inc.		191,889
	1,700	Bluerock Residential Growth REIT, Inc.		20,145
	1,300	Bolsas y Mercados Espanoles SA		43,810
	8,514	Boston Properties, Inc.		1,085,876
	10,100	British Land Company plc		116,866
	33,040	Brixmor Property Group, Inc.		853,093
	12,750	Camden Property Trust		978,690
	14,204	Capital Shopping Centres Group plc		66,360
	42,700	CapitaMall Trust		57,939
	2,475	Care Capital Properties, Inc.		75,661
	78,420	Charles Schwab Corporation		2,582,371
	1,438	Chesapeake Lodging Trust		36,180
	13,000	Chiba Bank, Ltd.		92,251
	42,700	Citigroup, Inc.		2,209,725
	13,500	CNP Assurances		182,107
	950	CoreSite Realty Corporation		53,884
	9,300	CubeSmart		284,766
	2,500	CyrusOne, Inc.		93,625
	4,900	Daiwa House Industry Company, Ltd.		140,857
	42,190	DDR Corporation		710,480
	800	Derwent London plc		43,270
	62,700	DEXUS Property Group		340,095
	3,700	Digital Realty Trust, Inc.		279,794
	29,866	Direct Line Insurance Group plc		179,021
	21,700	Duke Realty Corporation		456,134
	900	DuPont Fabros Technology, Inc.		28,611
	19,980	Encore Capital Group, Inc.^k		581,018
	3,100	EPR Properties		181,195
	2,043	Equinix, Inc.		617,803
	4,100	Equity Lifestyle Properties, Inc.		273,347
	1,200	Equity One, Inc.		32,580
	13,562	Equity Residential		1,106,524
	2,200	Essex Property Trust, Inc.		526,702
	1,950	Extra Space Storage, Inc.		172,009
	800	Federal Realty Investment Trust		116,880
	32,400	FlexiGroup, Ltd.^l		70,711
	38,700	Frasers Centrepoint Trust		50,300
	91,000	Fukuoka Financial Group, Inc.		451,234
	17,627	General Growth Properties, Inc.		479,631
	1,900	GEO Group, Inc.		54,929
	180,000	Golub Capital BDC, Inc.		2,993,400
	5,400	Hamborner REIT AG		56,420
	7,500	Hammerson plc		66,303
	11,500	Hang Seng Bank, Ltd.		217,964
	5,200	Hannover Rueckversicherung SE		593,789
	10,700	HCP, Inc.		409,168
	8,557	Health Care REIT, Inc.		582,133
	8,350	Healthcare Trust of America, Inc.		225,200
	23,300	Henderson Group plc		105,900
	9,000	Henderson Land Development Company, Ltd.		54,900
	5,200	Highwoods Properties, Inc.		226,720
	22,000	Hokuhoku Financial Group, Inc.		44,848
	4,000	Hospitality Properties Trust		104,600
	37,432	Host Hotels & Resorts, Inc.		574,207
	1,550	Hudson Pacific Properties, Inc.		43,617
	11,900	Hufvudstaden AB		168,226
	89,000	Hysan Development Company, Ltd.		363,624
	3,100	IG Group Holdings plc		36,650
	16,900	ING Groep NV		228,659
	6,730	Intercontinental Exchange, Inc.		1,724,630
	40,142	Intermediate Capital Group plc		370,053
	134,000	Invesco Mortgage Capital, Inc.		1,660,260
	26,600	Investa Office Fund		77,001
	56,800	Investec plc		400,499
	2,100	Iron Mountain, Inc.		56,721
	2,300	Kilroy Realty Corporation		145,544
	17,200	Kimco Realty Corporation		455,112
	1,070	Lamar Advertising Company		64,179
	3,000	LaSalle Hotel Properties		75,480
	1,300	Liberty Property Trust		40,365
	63,000	Link REIT		375,599
	4,600	Macerich Company		371,174
	800	Macquarie Group, Ltd.		47,858
	8,650	Medical Properties Trust, Inc.		99,562
	31,988	MetLife, Inc.		1,542,141
	3,400	Mid-America Apartment Communities, Inc.		308,754
	80,400	Mitsubishi UFJ Financial Group, Inc.		498,018
	700	Muenchener Rueckversicherungs-Gesellschaft AG		139,467
	2,000	National Health Investors, Inc.		121,740
	7,700	National Retail Properties, Inc.		308,385
	197,000	New World Development Company, Ltd.^l		193,442
	3,250	NorthStar Realty Finance Corporation		55,347
	14,000	Ogaki Kyoritsu Bank, Ltd.		56,444
	15,800	Old Mutual plc		41,565
	3,950	Omega Healthcare Investors, Inc.		138,171
	2,300	Outfront Media, Inc.		50,209
	15,966	PacWest Bancorp		688,135
	4,700	Parkway Properties, Inc.		73,461
	6,950	Physicians Realty Trust		117,177
	15,300	Poundland Group plc		46,848
	25,910	Prologis, Inc.		1,112,057
	5,412	Public Storage, Inc.		1,340,552
	8,830	Raymond James Financial, Inc.		511,875
	3,900	Realty Income Corporation		201,357
	3,000	Regency Centers Corporation		204,360
	10,600	Renasant Corporation		364,746
	10,600	Resona Holdings, Inc.		51,476
	1,900	Retail Opportunity Investments Corporation		34,010
	7,691	RLJ Lodging Trust		166,356
	1,300	Sampo Oyj		66,017
	7,700	Schroders plc		337,254
	727	Silver Bay Realty Trust Corporation REIT		11,385
	10,526	Simon Property Group, Inc.		2,046,675
	1,800	SL Green Realty Corporation		203,364
	140,000	Solar Capital, Ltd.		2,300,200
	1,600	Sompo Japan Nipponkoa Holdings, Inc.		52,536
	1,580	Sovran Self Storage, Inc.		169,550

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Shares		Common Stock (30.3%)	Value
	Financials (10.1%) - continued
	20,900	Spirit Realty Captial, Inc.	$	209,418
	154,200	Stockland		457,739
	2,731	Store Capital Corporation		63,359
	61,000	Sumitomo Mitsui Trust Holdings, Inc.		231,027
	5,800	Summit Hotel Properties, Inc.		69,310
	750	Sun Communities, Inc.		51,397
	2,800	Sunstone Hotel Investors, Inc.		34,972
	12,100	Swiss Re AG		1,181,762
	56,610	Synchrony Financial^k		1,721,510
	1,800	Talanx AG		55,358
	3,963	Tanger Factory Outlet Centers, Inc.		129,590
	1,100	Taubman Centers, Inc.		84,392
	1,300	Tokio Marine Holdings, Inc.		50,212
	359,100	Two Harbors Investment Corporation		2,908,710
	23,200	UBS Group AG		450,068
	8,900	UDR, Inc.		334,373
	35,400	United Overseas Bank, Ltd.		488,053
	5,570	Urban Edge Properties		130,617
	9,900	Ventas, Inc.		558,657
	9,900	Vornado Realty Trust		989,604
	6,600	Wallenstam AB		53,048
	67,900	Wing Tai Holdings, Ltd.		83,875
	2,300	WP Carey, Inc.		135,700
	17,780	XL Group plc		696,620
	23,310	Zions Bancorporation		636,363

		Total		70,103,235


	Health Care (3.0%)
	55,740	Abbott Laboratories		2,503,284
	800	Actelion, Ltd.		111,155
	14,560	Akorn, Inc.^k		543,234
	6,590	Allergan plc^k		2,059,375
	8,660	Amgen, Inc.		1,405,778
	5,900	Astellas Pharmaceutical, Inc.		83,991
	300	Bayer AG		37,467
	1,300	CSL, Ltd.		99,111
	8,400	Essilor International SA		1,046,948
	700	Fresenius Medical Care AG & Company KGaA		58,825
	700	Gerresheimer AG		54,700
	9,400	Hikma Pharmaceuticals plc		318,657
	17,960	Hologic, Inc.^k		694,872
	6,503	ICON plc^k		505,283
	3,140	Illumina, Inc.^k		602,707
	3,500	Kaken Pharmaceutical Company, Ltd.		239,166
	1,300	Lonza Group AG		211,425
	36,620	Medtronic, Inc.		2,816,810
	53,330	Merck & Company, Inc.		2,816,891
	15,760	Mylan NV^k		852,143
	8,300	Novartis AG		713,960
	9,300	Novo Nordisk AS		538,453
	1,200	Paramount Bed Holdings Company, Ltd.		42,578
	25,638	Pfizer, Inc.		827,595
	2,200	Recordati SPA		57,400
	5,900	Sanofi		502,811
	2,800	Suzuken Company, Ltd.		106,406
	4,950	Waters Corporation^k		666,171

		Total		20,517,196


	Industrials (3.1%)
	2,700	Aalberts Industries NV		93,031
	3,500	Adecco SA		239,550
	18,730	ADT Corporation		617,715
	5,100	Aida Engineering, Ltd.		52,565
	64,400	Air New Zealand, Ltd.		129,886
	3,600	Airbus Group NV		242,596
	5,700	Amada Holdings Company, Ltd.		54,393
	1,600	Andritz AG		77,870
	30,000	Asahi Glass Company, Ltd.		171,866
	1,900	Atlas Copco Aktiebolag		46,597
	36,000	BAE Systems plc		265,052
	24,430	Boeing Company		3,532,334
	18,200	Bollore SA		84,806
	15,200	Central Glass Company, Ltd.		69,716
	2,500	Central Japan Railway Company		443,835
	3,400	Compagnie de Saint-Gobain		147,341
	1,900	Croda International plc		85,130
	12,000	CTT-Correios de Portugal SA		115,331
	8,000	Dai Nippon Printing Company, Ltd.		79,109
	7,506	Dart Group plc		65,120
	5,200	Deutsche Post AG		145,381
	2,800	DSV AS		110,218
	700	East Japan Railway Company		65,916
	1,300	Elbit Systems, Ltd.		114,446
	12,300	EMCOR Group, Inc.		590,892
	8,000	Ferrovial SA		180,907
	200	Flughafen Zuerich AG		150,062
	5,159	Galliford Try plc		115,922
	1,200	GEA Group AG		48,481
	100	Georg Fischer AG		67,890
	9,000	Hankyu Hanshin Holdings, Inc.		58,499
	12,260	HNI Corporation		442,096
	1,000	Hochtief AG		92,748
	900	Hoshizaki Electric Company, Ltd.		55,949
	3,300	IBIDEN Company, Ltd.		47,310
	37,130	Illinois Tool Works, Inc.		3,441,208
	3,600	Inaba Denki Sangyo Company, Ltd.		115,024
	31,660	Ingersoll-Rand plc		1,750,481
	12,200	Intrum Justitia AB		415,138
	45,900	ITOCHU Corporation		542,926
	2,300	Jardine Matheson Holdings, Ltd.		111,383
	900	Jungheinrich AG		74,227
	4,000	Keisei Electric Railway Company, Ltd.		51,033
	16,800	KITZ Corporation		75,463
	11,600	KONE Oyj		491,159
	3,800	Koninklijke Boskalis Westminster NV		155,011
	31,000	Macquarie Infrastructure Corporation		2,250,600
	21,900	Masco Corporation		619,770
	24,401	Meggitt plc		134,725
	1,400	MEITEC Corporation		47,942
	6,600	MIRAIT Holdings Corporation		54,377
	9,000	Mitsuboshi Belting, Ltd.		71,747
	7,200	Nikkon Holdings Company, Ltd.		143,508
	12,000	Nippon Express Company, Ltd.		56,391
	11,900	Nitto Kogyo Corporation		208,057
	6,000	Obayashi Corporation		55,363
	800	Randstad Holding NV		49,817
	22,940	Rentokil Initial plc		53,823
	700	Rieter Holding AG		131,570
	2,319	Saft Groupe SA		70,680
	300	Schindler Holding AG		50,190
	24,600	SIG plc		51,985
	3,800	Teleperformance SA		319,534
	1,100	Thales SA		82,335
	2,100	TKH Group NV		85,276
	12,000	Toppan Printing Company, Ltd.		110,558
	1,700	Travis Perkins plc		49,318
	5,200	Tsubakimoto Chain Company		40,040
	900	Vestas Wind Systems AS		62,855

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Shares		Common Stock (30.3%)	Value
	Industrials (3.1%) - continued
	5,340	WABCO Holdings, Inc.^k	$	546,068
	1,600	Yuasa Trading Company, Ltd.		39,525

		Total		21,509,667


	Information Technology (4.0%)
	20,310	Alibaba Group Holding, Ltd. ADR^k		1,650,594
	2,230	Alphabet, Inc., Class A^k		1,734,962
	2,197	Alphabet, Inc., Class C^k		1,667,259
	4,700	Alps Electric Company, Ltd.		127,455
	1,500	AMS AG		50,143
	20,180	Apple, Inc.		2,124,147
	800	AtoS		67,162
	10,010	Autodesk, Inc.^k		609,909
	6,400	Canon, Inc.		193,600
	1,100	Cap Gemini SA		102,065
	9,200	Check Point Software Technologies, Ltd.^k,l		748,696
	65,780	Cisco Systems, Inc.		1,786,256
	5,700	Dialog Semiconductor plc^k,l		190,202
	2,300	DTS Corporation		52,356
	61,272	EMC Corporation		1,573,465
	7,630	Facebook, Inc.^k		798,556
	23,100	FUJIFILM Holdings NPV		964,021
	5,000	Hitachi Kokusai Electric, Inc.		67,972
	3,600	Hoya Corporation		147,213
	2,200	Ingenico Group		277,688
	6,900	IRESS, Ltd.		49,958
	3,000	IT Holdings Corporation		68,547
	2,700	ITOCHU Techno-Solutions Corporation		53,796
	20,520	Juniper Networks, Inc.		566,352
	1,700	Kyocera Corporation		78,949
	13,170	MasterCard, Inc.		1,282,231
	31,252	MaxLinear, Inc.^k		460,342
	55,660	Microsoft Corporation		3,088,017
	9,300	NEC Networks & System Integration Corporation		164,468
	3,600	NS Solutions Corporation		82,029
	11,010	Plantronics, Inc.		522,094
	29,090	Progress Software Corporation^k		698,160
	20,200	QLIK Technologies, Inc.^k		639,532
	3,400	SAP SE		269,802
	14,300	Shinko Electric Industries Company, Ltd.		91,675
	800	TDK Corporation		51,235
	200	U-Blox AG^k		42,568
	2,700	Ultimate Software Group, Inc.^k		527,877
	34,730	Visa, Inc.		2,693,311
	32,430	Xilinx, Inc.		1,523,237

		Total		27,887,901


	Materials (0.8%)
	1,980	Ashland, Inc.		203,346
	700	Aurubis AG		35,446
	18,800	BHP Billiton plc		209,655
	42,100	BHP Billiton, Ltd.		541,807
	19,700	BillerudKorsnas AB		364,580
	16,500	Boral, Ltd.		70,546
	4,200	Buzzi Unicem SPA		75,287
	4,850	Crown Holdings, Inc.^k		245,895
	24,300	Daicel Corporation		361,630
	6,020	Domtar Corporation		222,439
	9,000	DOWA Holdings Company, Ltd.^k		64,711
	1,400	Evonik Industries AG		46,308
	3,660	FMC Corporation		143,216
	200	Givaudan SA		362,992
	5,000	Hexpol AB		53,611
	7,000	Hokuetsu Kishu Paper Company, Ltd.		41,250
	2,600	Holmen AB		80,307
	3,100	JFE Holdings, Inc.		48,678
	800	LafargeHolcim, Ltd.		40,060
	200	Linde AG		28,892
	7,900	Mitsubishi Chemical Holdings Corporation		50,123
	5,700	Mondi plc		111,725
	3,400	Nippon Paint Holdings Company, Ltd.		82,287
	7,000	Nippon Steel & Sumitomo Metal Corporation		138,477
	4,900	Novozymes AS		234,607
	9,000	Oji Holdings Corporation		36,171
	9,110	Owens-Illinois, Inc.^k		158,696
	4,260	Packaging Corporation of America		268,593
	2,540	PPG Industries, Inc.		251,003
	3,400	Rio Tinto plc		98,993
	1,500	Rio Tinto, Ltd.		48,509
	11,940	Steel Dynamics, Inc.		213,368
	9,000	Sumitomo Seika Chemicals Company, Ltd.		54,758
	9,000	Tosoh Corporation		46,296
	10,400	UPM-Kymmene Oyj		193,080
	10,775	Yara International ASA		463,414

		Total		5,690,756


	Telecommunications Services (0.6%)
	49,126	BT Group plc		341,112
	13,100	Elisa Oyj		492,888
	12,000	Freenet AG		404,940
	180,980	KCOM Group plc		308,157
	30,600	Orange SA		511,810
	5,900	Proximus SA		191,992
	19,100	StarHub, Ltd.		49,706
	233,700	Telstra Corporation, Ltd.		949,684
	5,000	Vivendi SA		107,386
	23,910	Zayo Group Holdings, Inc.^k		635,767

		Total		3,993,442


	Utilities (0.7%)
	113,200	A2A SPA		153,280
	59,000	Brookfield Infrastructure Partners, LP		2,236,690
	13,500	CLP Holdings, Ltd.		114,426
	98,100	Electricidade de Portugal SA		353,490
	32,506	MDU Resources Group, Inc.		595,510
	11,574	NorthWestern Corporation		627,890
	54,900	Redes Energeticas Nacionais SGPS SA		165,856
	9,000	Toho Gas Company, Ltd.		58,124
	24,400	United Utilities Group plc		335,973

		Total		4,641,239

		Total Common Stock (cost $216,739,368)		209,952,943


Shares		Preferred Stock (4.2%)

	Financials (3.9%)
	9,375	Agribank FCB, 6.875%ⁱ		991,114
	63,000	Allstate Corporation, 5.100%		1,555,470
	64,790	Annaly Capital Management, Inc., 7.500%ⁱ		1,500,536

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Shares		Preferred Stock (4.2%)	Value
	Financials (3.9%) - continued
	1,200	Bank of America Corporation, Convertible, 7.250%ⁱ	$	1,311,924
	35,980	Citigroup, Inc., 6.6919%		935,120
	61,780	Citigroup, Inc., 6.875%ⁱ		1,721,191
	20,070	Cobank ACB, 6.250%^g,i		2,060,312
	24,000	Countrywide Capital V, 7.000%		615,120
	6,000	Farm Credit Bank of Texas, 6.750%^g,i		624,750
	86,800	GMAC Capital Trust I, 8.125%		2,201,248
	78,200	Goldman Sachs Group, Inc., 5.500%ⁱ		2,024,598
	72,000	HSBC USA, Inc., 6.500%ⁱ		1,874,160
	47,580	Morgan Stanley, 6.875%ⁱ		1,320,345
	44,100	Morgan Stanley, 7.125%ⁱ		1,261,260
	24,500	PNC Financial Services Group, Inc., 6.125%ⁱ		699,230
	93,000	RBS Capital Funding Trust V, 5.900%ⁱ		2,282,220
	52,000	U.S. Bancorp, 6.500%ⁱ		1,492,400
	24,000	Wells Fargo & Company, 5.850%ⁱ		626,880
	1,695	Wells Fargo & Company, Convertible, 7.500%ⁱ		1,967,895

		Total		27,065,773


	Materials (0.3%)
	31,000	CHS, Inc., 6.750%ⁱ		831,110
	48,800	CHS, Inc., 7.100%ⁱ		1,330,776

		Total		2,161,886

		Total Preferred Stock (cost $28,810,087)		29,227,659


Shares		Registered Investment Companies (3.3%)
	Equity Funds/ETFs (2.6%)
	418,500	Alerian MLP ETF		5,042,925
	186,000	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		1,778,160
	15,730	iShares MSCI EAFE Index Fund		924,137
	63,010	Materials Select Sector SPDR Fund		2,735,894
	153,400	SPDR S&P Oil & Gas Exploration & Production ETF		4,635,748
	56,370	Utilities Select Sector SPDR Fund		2,439,694
	900	Vanguard REIT ETF		71,757

		Total		17,628,315


	Fixed Income Funds/ETFs (0.7%)
	9,100	iShares Intermediate Credit Bond ETF		976,248
	7,089	iShares J.P. Morgan USD Emerging Markets Bond ETF		749,875
	37,700	Vanguard Short-Term Corporate Bond ETF		2,977,923

		Total		4,704,046

		Total Registered Investment Companies (cost $26,373,380)		22,332,361


Shares		Collateral Held for Securities Loaned (0.1%)
	714,690	Thrivent Cash Management Trust		714,690

		Total Collateral Held for Securities Loaned (cost $714,690)		714,690


Shares or Principal Amount		Short-Term Investments (5.3%)^m
		Federal Home Loan Mortgage Corporation Discount Notes
	1,800,000	0.082%, 1/8/2016ⁿ		1,799,971
	100,000	0.210%, 2/4/2016		99,980
		Federal National Mortgage Association Discount Notes
	1,100,000	0.090%, 1/20/2016ⁿ		1,099,948
	100,000	0.180%, 2/8/2016ⁿ		99,981
		Thrivent Cash Management Trust
	33,870,084	0.220%		33,870,084

		Total Short-Term Investments (at amortized cost)		36,969,964

		Total Investments (cost $722,278,847) 101.3%	$	702,684,984

		Other Assets and Liabilities, Net (1.3%)		(8,869,457	)

		Total Net Assets 100.0%	$	693,815,527

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	Defaulted security. Interest is not being accrued.

e	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, 2015.

f	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, 2015.

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

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

j	Denotes interest only security. Interest only securities represent the right to receive monthly interest payments on an underlying pool of mortgages or assets. The principal shown is the outstanding par amount of the pool as of the end of the period.

The actual effective yield of the security is different than the stated coupon rate.

k	Non-income producing security.

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

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

n	All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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 value of all restricted securities held in Diversified Income Plus Fund as of December 31, 2015 was $16,418,737 or 2.4% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of December 31, 2015.

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

DIVERSIFIED INCOME PLUS FUND

Schedule of Investments as of December 31, 2015


Security	Acquisition Date		Cost
AIG Life Holdings, Inc., 12/1/2045		7/19/2012	$	1,258,266
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015		1,746,316
Bayview Opportunity Master Fund Trust, 7/28/2019		7/30/2014		350,247
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		1,467,840
Bayview Opportunity Master Fund Trust, 7/28/2034		3/19/2015		539,150
Liberty Mutual Group, Inc., 6/15/2058		1/12/2009		1,048,739
Oak Hill Advisors Residential Loan Trust, 1/25/2055		3/5/2015		1,008,279
Pretium Mortgage Credit Partners, LLC, 11/27/2030		11/6/2015		1,798,295
Pretium Mortgage Credit Partners, LLC, 10/27/2030		10/6/2015		1,220,792
Sunset Mortgage Loan Company, LLC, 9/16/2045		10/2/2015		1,624,965
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		1,492,888
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		1,457,863
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		764,815


Securities Lending Transactions
Common Stock	$	675,022

Total lending	$	675,022
Gross amount payable upon return of collateral for securities loaned	$	714,690

Net amounts due to counterparty	$	39,668

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

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

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, 2016		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, 2016	By:
		/s/ David S. Royal
		David S. Royal
		President


Date: February 26, 2016	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)