N-CSR 1 primary-document.htm
 
United States
Securities and Exchange Commission
Washington, D.C. 20549
 

Form N-CSR

 
Certified Shareholder Report of Registered Management Investment Companies
 
Investment Company Act file number: 811-05075
 
Thrivent Mutual Funds
(Exact name of registrant as specified in charter)
 
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Address of principal executive offices) (Zip code)
 
John D. Jackson
Secretary and Chief Legal Officer
Thrivent Mutual Funds
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Name and address of agent for service)
 
Registrant’s telephone number, including area code:  (612) 844-7190
Date of fiscal year end: December 31
Date of reporting period:  December 31, 2023

Item 1. Report to Stockholders
 
(a)
          
A copy of the registrant’s report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”), as amended, is provided.
(b)
          
Not applicable.
 
Item 2. Code of Ethics
 
As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.  No waivers were granted to such code of ethics during the period covered by this report.  A copy of this code of ethics is filed as an exhibit to this Form N-CSR.
 
Item 3. Audit Committee Financial Expert
 
Registrant’s Board of Trustees has determined that Robert J. Chersi, an independent trustee, is the Audit Committee Financial Expert.
 
Item 4. Principal Accountant Fees and Services

 

(a) through (d)

 
Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund (each a “Fund” and collectively, the “Funds”) are each a series of Thrivent Mutual Funds, a Massachusetts business trust (the “Trust”). The Trust, as of the date of filing this Form N-CSR, contains a total of 25 series (the “Series”), including the Funds. This Form N-CSR relates to the annual report of each Fund.
 
The following table presents the aggregate fees billed to the Funds for the respective fiscal years ended December 31, 2022 and December 31, 2023 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
12/31/2022
12/31/2023
 
 
 
Audit Fees
$60,400
$49,592
 
 
 
Audit-Related Fees(1)
$0
$0
 
 
 
Tax Fees(2)
$14,022
$14,870
 
 
 
All Other Fees(3)
$4,150
$0
 
 
 
Total
$78,572
$64,462
 
 
 
 
 
 
 
(1) 
Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. 
 
(2)
Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.  These fees include payments for tax return compliance services, excise distribution review services, and other tax related matters. 
 
(3)
All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. The 2022 payment was for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards. These figures are also reported in the response to Item 4(g) below.
 
The following table presents the aggregate fees billed to all Series of the Trust (other than the Funds) with fiscal years ending on October 31 for the fiscal years ended October 31, 2022 and October 31, 2023 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
10/31/2022
10/31/2023
 
 
 
Audit Fees
$639,405
$625,508
 
 
 
Audit-Related Fees(1)
$0
$0
 
 
 
Tax Fees(2)
$161,258
$171,000
 
 
 
All Other Fees(3)
$4,150
$0
 
 
 
Total
$804,813
$796,508
 
 
 
 
 
 
 
(1) 
Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.
 
(2)
Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.  These fees include payments for tax return compliance services, excise distribution review services, and other tax related matters. 
 
(3)
All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. The 2022 payment was for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards.  These figures are also reported in response to Item 4(g) below.
 
 
(e)
  
Registrant’s audit committee charter, adopted in February 2010, provides that the audit committee (comprised of the independent Trustees of registrant) is responsible for pre‑approval of all auditing services performed for the registrant.  The audit committee also is responsible for pre-approval (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or an affiliate of registrant.  In addition, registrant’s audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at the next committee meeting.  Registrant’s audit committee pre-approved all fees described above that PwC billed to registrant. 
 
(f)
   
Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended December 31, 2023 was for work performed by persons other than full-time permanent employees of PwC.
 
(g)  The aggregate non-audit fees billed by PwC to registrant and to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal years set forth below are disclosed in the table below. The disclosed payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards and for fees related to the merger of certain series of Thrivent Mutual Funds and certain series of Thrivent Series Fund, Inc.  These figures are also reported in response to Item 4(d) above.
 
Fiscal Year Ended
10/31/2022
12/31/2022
10/31/2023
12/31/2023
Registrant(1)
$0
$0
$0
$0
Adviser
$4,150
$4,150
$0
$0
 
 
(h)  Registrant’s audit committee has considered the non-audit services provided to the registrant and registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser as described above and determined that these services do not compromise PwC’s independence.
 
Item 5. Audit Committee of Listed Registrants
 
Not applicable.
 
Item 6. Investments
 
(a)
         
Registrant’s Schedule of Investments/Summary Schedule of Investments is included in the report to shareholders filed under Item 1.
 
(b)       Not applicable to this filing.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
 
Not applicable.
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies
 
Not applicable. 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
 
Not applicable.
 
Item 10. Submission of Matters to a Vote of Security Holders
 
There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees implemented after the registrant last provided disclosure in response to this Item.
 
Item 11. Controls and Procedures
 
(a)        Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
 
(b)       There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, registrant’s internal control over financial reporting. 
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
 
Not applicable
 
Item 13. Exhibits
 
 
 
(a)(3)     Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
 
(a)(4)     Change in the registrant’s independent public accountant: Not applicable
 
(b)       
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See EX-99.906CERT 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 27, 2024
                       
Thrivent Mutual Funds
 
                                      
                       
By:   /s/ Michael W. Kremenak
             
                                            
                    
        Michael W. Kremenak
                                                                                            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 27, 2024
                       
By:   /s/ Michael W. Kremenak
             
                                            
                    
        Michael W. Kremenak
                                                                                            President           
(principal executive officer)
 
 
Date: February 27, 2024
                       
By:   /s/ Sarah L. Bergstrom
               
                                                                                               Sarah L. Bergstrom
                                                                                            Treasurer and Principal Accounting Officer
                                                                                            (principal financial officer)
 
Thrivent
Diversified
Income
Plus
Fund
Thrivent
Multidimensional
Income
Fund
Annual
Report
Mutual
Funds
December
31,
2023
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Table
of
Contents
Letter
from
the
President
2
Letter
from
the
Chief
Investment
Officer
4
Portfolio
Perspectives
Thrivent
Diversified
Income
Plus
Fund
6
Thrivent
Multidimensional
Income
Fund
8
Shareholder
Expense
Example
10
Report
of
Independent
Registered
Public
Accounting
Firm
11
Schedule
of
Investments
Thrivent
Diversified
Income
Plus
Fund
12
Thrivent
Multidimensional
Income
Fund
44
Statement
of
Assets
and
Liabilities
60
Statement
of
Operations
61
Statement
of
Changes
in
Net
Assets
62
Notes
to
Financial
Statements
63
Financial
Highlights
78
Additional
Information
80
Board
of
Trustees
and
Officers
84
2
Dear
Shareholder:
2
Recently,
I
often
thought
of
the
expression
“may
you
live
in
interesting
times.”
This
past
year
has
certainly
been
“interesting”
for
the
economy,
the
markets
and
the
world
in
general.
We
at
Thrivent
Mutual
Funds
(the
“Funds”)
have
put
significant
effort
into
analyzing
what
I
refer
to
as
the
three
I’s—inflation,
interest
rates
and
instability—and
how
they
impact
our
Funds
and,
most
importantly,
you
as
a
shareholder.
Over
the
past
couple
of
years,
inflation
rose
well
above
the
U.S.
Federal
Reserve’s
(Fed)
target
of
2%.
I’m
sure
that
you
read
many
headlines
about
inflation,
and
I’m
also
sure
that
you
experienced
the
challenges
that
inflation
presents
for
almost
all
purchases
that
you
made.
Inflation
significantly
impacted
the
price
of
almost
all
goods
and
services
that
all
of
us
regularly
buy
and
created
financial
strains
for
many
hard-working
Americans.
In
an
effort
to
contain
inflation,
the
Fed
significantly
increased
its
target
interest
rates.
That
had
numerous
impacts,
a
few
of
which
I’ll
comment
on
here.
First,
it
contributed
to
a
decrease
in
the
inflation
rate.
While
inflation
remains
above
the
Fed’s
target,
the
rate
decreased
throughout
last
year.
Second,
it
changed
the
performance
and
outlook
for
bonds
and
bond
funds.
In
2022
and
the
first
part
of
2023,
rising
interest
rates
were
a
headwind
for
the
performance
of
bond
funds
because
when
interest
rates
rise,
bond
prices
fall.
However,
rising
interest
rates
also
lead
to
bonds
paying
higher
yields.
As
you’ll
read
in
David’s
letter
in
this
Annual
Report,
interest
rates
probably
already
peaked,
which
could
make
it
a
good
time
to
invest
in
bond
funds.
Third,
higher
interest
rates
make
it
more
expensive
for
consumers
to
borrow
for
many
important
purchases
like
homes
and
cars.
I
know
that
these
increased
borrowing
costs
add
to
the
financial
strains
presented
by
inflation.
In
addition
to
inflation
and
interest
rates,
our
shareholders
ask
many
questions
about
how
geopolitical
risks
could
impact
their
investments
this
year.
The
war
in
Ukraine,
the
war
in
the
Middle
East
and
political
division
in
the
U.S.
are
some
of
the
events
on
all
our
minds.
I
am
fortunate
to
attend
the
weekly
Market
Meeting
at
which
the
portfolio
managers
of
our
Asset
Allocation
Funds—along
with
other
Thrivent
senior
investment
professionals—discuss
economic,
market
and
other
events
and
how
they
impact
the
strategic
allocations
we
make
to
various
asset
classes
in
the
Asset
Allocation
Funds.
I
reviewed
extensive
data
and
listened
to
hours
of
discussion
about
how
inflation,
interest
rates
and
geopolitical
risks
impact
how
we
manage
the
Funds.
As
a
shareholder,
I
find
it
comforting
to
know
that
the
portfolio
managers
of
the
Funds
are
continuously
analyzing
developments
in
the
markets
and
how
they
impact
the
Funds.
Nearly
half
of
our
team
of
more
than
125
investment
professionals
have
at
least
20
years
of
investment
experience,
and
they
have
managed
the
Funds
through
previous
periods
of
inflation,
volatile
interest
rates
and
geopolitical
uncertainty.
For
me,
it
is
assuring
to
know
that
my
Funds
are
being
actively
managed
by
experienced
and
knowledgeable
investment
professionals
through
times
like
these.
We
truly
appreciate
the
trust
you’ve
placed
in
Thrivent
by
investing
in
the
Funds.
If
you
ever
have
questions
about
how
the
Funds
can
help
you
achieve
your
financial
goals,
you
may
find
it
helpful
to
consult
with
your
financial
advisor.
Michael
Kremenak
President
Thrivent Mutual
Funds
4
Dear
Shareholder:
4
In
anticipation
that
interest
rates
peaked
in
2023,
we
believe
uncertainty
in
the
markets
will
lessen
this
year,
supporting
both
stock
and
bond
markets
throughout
the
year.
At
the
time
of
this
writing,
2023
ended
on
a
high
note
despite
several
challenges
from
Treasury
yields,
mortgage
rates
and
two
large
bank
failures.
And
the
U.S.
economy
is
holding
strong
thanks
to
falling
inflation
numbers.
Economic
review
We
believe
the
U.S.
economy
will
survive
the
recent
U.S.
Federal
Reserve
(Fed)
tightening
cycles
without
a
recession
because
the
cause
of
inflation
at
this
time
was
very
different
than
what
we’ve
seen
historically.
We
think
a
recession
will
be
avoided
as
inflation
surged
because
a
global
pandemic
upended
the
global
economy,
provoking
both
historic
fiscal
stimulus
and
a
supply-chain
chaos
that
created
deep
and
sustained
shortages
of
core
goods.
Historically,
inflation
often
spiked
because
the
economy
was
too
strong,
fueled
by
over-investment
or
excess
corporate
or
consumer
borrowing.
This
unusual
cause
of
inflation
makes
it
much
easier
to
subdue.
Interest-rate
markets
have
become
optimistic
enough
that
inflation
will
glide
lower
and
have
started
to
forecast
more
aggressive
Fed
rate
cuts
this
year.
We
expect
inflation
will
continue
to
fall,
allowing
the
Fed
to
credibly
lower
interest
rates
in
the
second
half
of
the
year.
History
shows
that
markets
usually
rally
after
the
Fed
stops
hiking
rates
and
continue
to
rally
after
the
Fed
begins
cutting
rates.
In
addition,
the
Magnificent
Seven
(Alphabet
Inc.,
Amazon.com
Inc.,
Apple
Inc.,
Meta
Platforms,
Inc.,
Microsoft
Corp.,
Nvidia
Corp.,
and
Tesla,
Inc.)
accounted
for
an
impressive
30%
of
the
S&P
500®
Index’s
valuation
at
various
times
over
the
past
year.
We
anticipate
the
strength
of
these
seven
companies
will
widen
to
the
other
493,
especially
with
earnings
growth
recently
turning
positive
on
a
quarterly
basis
for
the
first
time
in
a
year.
However,
because
higher
interest
rates
can
have
a
lagged
effect
even
two
years
after
a
tightening
cycle
begins,
we
believe
it
is
too
early
to
assume
that
tighter
financial
conditions
won’t
continue
to
weigh
on
the
economy
this
year.
Market
review
For
investors
taking
a
long-term
view,
we
expect
the
market
to
generate
positive
returns
in
2024.
While
we
are
optimistic,
markets
never
move
in
a
straight
line.  Economic
data
can
swing
in
the
other
direction,
investor
sentiment
can
change,
and
external
factors
such
as
politics
can
influence
markets.
Should
the
economy
achieve
a
soft
landing,
we
expect
to
see
strong
performance
by
small-cap
stocks,
companies
with
lower
credit
quality,
and
value
stocks,
all
of
which
have
lagged
the
overall
market.
Interestingly,
bonds
are
looking
to
have
a
positive
year
as
well.
Historically,
Treasury
yields
typically
peak
around
the
time
the
Fed
stops
raising
interest
rates,
and
then
fall
as
the
Fed
cuts
rates.
As
we
have
little
doubt
the
Fed
has
stopped
raising
rates,
Treasury
yields
have
likely
already
peaked.
When
they
fall
further,
and
by
how
much,
is
a
more
difficult
question.
In
our
view,
both
short-
and
long-dated
Treasury
bonds
should
end
2024
at
significantly
lower
yields.
Corporate
bonds,
which
offer
a
yield
spread
over
similar-maturity
Treasuries,
provide
both
higher
income
and
the
potential
for
greater
capital
appreciation
should
credit
spreads
tighten
as
yields
fall.
In
the
short
term,
however,
spreads
in
the
investment-grade
market
look
to
be
already
pricing
in
a
more
optimistic
outlook.
But
some
of
this
richness
could
be
explained
by
the
simple
fact
they
have
such
compelling
yields.
After
a
decade
of
paltry
yields,
bond
investors
can
be
forgiven
for
happily
earning
around
6%
a
year,
regardless
of
where
spreads
go.
In
the
sub-investment
grade
universe,
including
high-yield
corporates
and
emerging
market
debt,
yields
are
higher,
but
so
are
the
risks.
Given
slower
economic
growth
and
the
lag
effect
of
tighter
monetary
and
financial
conditions,
we
expect
high-yield
corporate
bond
and
leveraged
loan
default
rates
to
rise
through
2024.
However,
the
sub-investment
grade
universe
is
vast,
and
corporate
bonds
at
the
higher
end
of
its
rating
spectrum
are,
in
our
view,
more
attractive.
For
example,
so-called
fallen
angels—
companies
that
had
investment
grade
ratings
but
slipped
into
the
sub-investment
grade
market—may
offer
a
more
compelling
balance
of
risk
and
return.
Our
outlook
There
are
many
concerns
to
watch
as
we
head
into
2024.
It
is
unlikely,
but
employment
could
take
a
turn
for
the
worse
and
deteriorate
quickly.
Or
inflation
could
reignite.
While
that
would
almost
certainly
be
the
result
of
another
unforeseen
shock
to
the
global
economy,
COVID-19
reminds
us
that
those
too
can
happen
at
any
time.
We
have
a
presidential
election
on
the
horizon
as
well.
While
most
elections
have
a
relatively
modest
impact
on
markets,
there
is
some
risk
that
the
election
itself
could
have
a
destabilizing
effect
that
could
prompt
a
more
significant
market
reaction,
although
that
is
not
our
base
case.
Outside
of
the
U.S.,
political
risk
has
also
been
steadily
rising
in
both
breadth
and
depth.
We
have
two
wars,
in
Ukraine
and
the
Middle
East;
increasing
chances
of
a
conflict
between
the
U.S.
and
Iran;
China
remains
determined
to
integrate
Taiwan;
democracy
looks
to
be
increasingly
under
threat
in
South
America;
and
the
number
of
democracies
in
Africa
is
shrinking.
5
C:\Users\C044398\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Word\903136acl.tiff
We
do
not
believe
any
of
these
economic,
political,
or
policy
risks
are
likely
to
derail
markets
in
2024,
but
the
risks
are
out
there,
and
investors
should
assume
there
will
be
surprises.
Workforce
participation
is
increasing,
and
unemployment
remains
low.
The
consumer
may
have
a
bumpy
ride
ahead,
but
with
the
corporate
and
financial
sectors
largely
already
transitioned
to
a
weaker
outlook,
we
see
few
signs
of
significant
vulnerability
in
the
overall
U.S.
economy.
Barring
the
unforeseen,
interest
rates
have
probably
peaked,
and
the
economy
will
likely
find
a
bottom
in
the
first
half
of
2024
that
avoids
a
recession.
If
this
happens,
it
should
support
both
stock
and
bond
markets
this
year,
allowing
diversified
portfolios
the
best
kind
of
correlation—when
everything
goes
up
together.
As
always,
we
thank
you
for
the
trust
you
have
placed
in
our
entire
team
of
professionals
at
Thrivent.
David
S.
Royal
Chief
Investment
Officer
Thrivent Asset
Management
Thrivent
Diversified
Income
Plus
Fund
6
Quoted
Fund
performance
is
for
Class
A
shares
and
does
not
reflect
a
sales
charge.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Stephen
D.
Lowe,
CFA,
Theron
G.
Whitehorn,
CFA,
and
David
R.
Spangler,
CFA, Portfolio
Co-Managers
The
Fund
seeks
to
maximize
income
while
maintaining
prospects
for
capital
appreciation.
Investment
in
Thrivent
Diversified
Income
Plus
Fund
involves
risks
including
interest
rate,
equity
security,
credit,
allocation,
conflicts
of
interest,
derivatives,
emerging
markets,
foreign
currency,
foreign
securities,
high
yield,
investment
adviser,
issuer,
large
cap, liquidity,
market,
mortgage-
backed
and
other
asset-backed
securities,
other
funds, preferred
securities,
prepayment,
and quantitative
investing.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the
12-month
period
ended
December
31,
2023?
Thrivent
Diversified
Income
Plus
Fund
earned
a
return
of
9.65%,
compared
with
the
average
return
of
its
peer
group,
the
Morningstar
Conservative
Allocation
category,
of
7.98%.
The
Fund’s
market
benchmarks,
the
Morningstar
LSTA
US
Leveraged
Loan
Index,
the
MSCI
World
Index–USD
Net
Returns,
the
Bloomberg
U.S.
Mortgage-Backed
Securities
Index,
and
the
Bloomberg
U.S.
High
Yield
Ba/B
2%
Issuer
Capped
Index,
earned
returns
of
13.32%,
23.79%,
5.05%
and
12.56%,
respectively.
What
factors
affected
the
Fund’s
performance?
Over
the
reporting
period,
the
Fund’s
approximately
4%
underweighting
to
equities
versus
the
Morningstar
peer
group
detracted
from
relative
performance
since
equities
outperformed
fixed
income.
However,
the
Fund’s
overweighting
to
domestic
equity
added
to
results
because
of
stronger
performance
in
domestic
markets.
Within
the
domestic
equity
portfolio,
a
slight
overweighting
in
small-
and
mid-cap
stocks
modestly
detracted
from
performance.
In
aggregate,
stock
selection
among
the
underlying
equity
strategies
was
positive,
with
the
strongest
performance
coming
from
the
large-cap
growth
manager,
followed
by
the
international
and
large-cap
value
managers.
The
small-cap
stock,
multi-cap
core,
and
mid-cap
stock
managers
lagged
their
respective
benchmarks.
In
the
international
equity
portfolio,
stock
selection
contributed
strongly
in
Japan
and
within
the
Health
Care,
Real
Estate,
and
Consumer
Discretionary
sectors
but
detracted
in
Germany
and
the
Consumer
Staples,
Financials,
and
Information
Technology
sectors.
Among
the
various
market
factors,
an
overweighting
to
growth
benefited
domestic
equity
performance,
while
overweighted
exposures
to
value
and
profitability
produced
the
strongest
gains
in
international
equity
markets.
We
continued
to
employ
derivatives
to
rebalance
domestic
and
international
equity
exposures
to
the
Fund’s
tactical
targets
and
to
facilitate
cash
flows.
The
fixed-income
portfolio
outperformed
driven
by
security
selection
in
the
securitized
segment,
particularly
among
agency
and
nonagency
mortgage-backed
securities
(MBS),
collateralized
loan
obligations
(CLOs),
asset-backed
securities
(ABS),
and
commercial
mortgage-backed
securities
(CMBS).
Overall
securitized
exposure
averaged
around
39%
of
the
fixed-income
portfolio,
with
the
majority
invested
in
agency
MBS
(27%
of
fixed
income)
and
the
rest
divided
among
nonagency
MBS
(5%),
CLOs
(4%),
ABS
(2%),
and
CMBS
(1%).
The
Fund
also
benefited
significantly
from
an
underweighting
to
Treasuries,
which
represented
around
5%
of
the
fixed-income
portfolio,
and
an
overweighting
to
emerging
market
(EM)
debt,
which
totaled
around
8%
of
fixed
income.
Corporate
exposure,
which
composed
39%
of
the
fixed-income
portfolio,
contributed
positively
to
performance
because
of
overweighted
exposures
in
high-yield
bonds
(17%)
and
leveraged
loans
(7%).
However,
an
underweighting
in
investment-grade
corporate
bonds
(15%)
and
security
selection
among
high-
yield
corporates
offset
some
of
the
positive
allocation
impact
of
high
yield
and
leveraged
loans.
The
Fund’s
approximately
5%
out-of-
index
allocation
to
convertible
securities
was
modestly
positive,
as
this
equity-sensitive
segment
outperformed.
Interest
rate
and
Treasury
curve
positioning
detracted
from
performance.
Treasury
futures
and
mortgage
options
were
used
to
manage
interest
rate
exposure
and
yield
curve
positioning
during
the
period.
The
Fund
also
used
credit
default
swap
indexes
(CDX)
during
the
year
to
manage
credit
risk
exposure.
What
is
your
outlook?
The
Federal
Reserve’s
(Fed)
dovish
pivot
in
December
and
forecast
of
at
least
three
rate
cuts
in
2024
led
to
renewed
investor
optimism
at
the
end
of
2023.
While
the
Fund
remains
underweighted
in
equities,
we
have
a
bias
to
add
exposure
in
the
event
of
renewed
market
weakness.
The
outsized
gains
of
the
S&P
500’s
largest
stocks
in
2023
make
that
segment
more
vulnerable
in
the
near
term,
while
small-
cap
stocks
are
more
attractive
from
a
valuation
and
technical
perspective.
International
equity
exposure
remains
underweighted—primarily
in
Europe
and
EM—because
globalization
has
likely
peaked,
Europe
is
more
at
risk
of
recession
than
other
regions,
and
international
economies
face
more
demographic
and
structural
headwinds.
Within
fixed
income,
we
anticipate
interest
rate
volatility
will
remain
elevated
given
uncertainty
over
the
economy,
inflation,
and
the
Fed’s
path.
We
expect
the
Fed
to
hold
rates
steady
in
early
2024
but
cut
rates
toward
the
second
half
as
inflation
declines
and
the
economy
slows.
Our
outlook
calls
for
a
soft
to
bumpy
landing
for
the
U.S.
economy
but
not
a
severe
recession.
That
said,
defaults
will
likely
tick
higher
next
year
so
we
continue
to
favor
a
more
neutral
credit
risk
profile,
which
includes
lower
exposure
to
leveraged
loans,
high
yield,
preferred
securities,
and
EM
debt,
balanced
by
increased
allocations
to
Treasuries
and
agency
MBS.
We
have
shifted
interest
rate
positioning
to
a
slightly
longer
duration
and
a
bias
toward
a
steeper
yield
curve
as
the
Fed
is
at
or
near
the
end
of
its
rate
hike
cycle.
7
Portfolio
Composition
(%
of
Portfolio)
Long-Term
Fixed
Income
67.5%
Common
Stock
15.0%
Registered
Investment
Companies
11.7%
Short-Term
Investments
4.6%
Preferred
Stock
1.2%
Bank
Loans
<
0.1%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Mortgage-Backed
Securities
22.5%
Financials
11.0%
U.S.
Affiliated
Registered
Investment
Companies
9.0%
U.S.
Government
&
Agencies
6.2%
Collateralized
Mortgage
Obligations
5.3%
Information
Technology
5.3%
Asset-Backed
Securities
5.2%
Consumer
Discretionary
5.2%
Materials
3.7%
Consumer
Staples
3.7%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
Emerging
Markets
Debt
Fund
7.8%
U.S.
Treasury
Bonds
2.7%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.7%
U.S.
Treasury
Notes
1.4%
Vanguard
Intermediate-Term
Corporate
Bond
ETF
1.3%
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
1.3%
Thrivent
Core
International
Equity
Fund
1.2%
U.S.
Treasury
Bonds
1.1%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.0%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
0.9%
These
securities
represent
20.4%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Major
Market
Sectors,
Portfolio
Composition,
and
Top
10
Holdings
are
subject
to
change.
Average
Annual
Total
Returns
1
As
of
December
31,
2023
Class
A
2
1-Year
5-Year
10-Year
without
sales
charge
9.65%
4.19%
3.59%
with
sales
charge
4.68%
3.23%
3.12%
Class
S
1-Year
5-Year
10-Year
Net
Asset
Value
10.05%
4.46%
3.88%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
contact
a
registered
representative
or
visit
thriventfunds.com.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
perfor-
mance
data
quoted.
Call
800-847-4836
or
visit
thriventfunds.com
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
2
Class
A
performance
with
sales
charge
reflects
the
maximum
sales
charge
of
4.5%.
(a)
Performance
of
other
classes
will
be
greater
or
less
than
the
line
shown
based
on
the
differences
in
loads
and
fees
paid
by
shareholders
invest-
ing
in
the
different
classes.
*
The
MSCI
World
Index
–
USD
Net
Returns
is
an
index
that
represents
large
and
mid-cap
stock
performance
across
developed
market
countries
through-
out
the
world.
The
performance
of
the
Index
reflects
dividends
reinvested
after
the
deduction
of
withholding
taxes.
**
The
Bloomberg
U.S.
Mortgage-Backed
Securities
Index
(MBS)
is
formed
by
grouping
the
universe
of
over
600,000
individual
fixed-rate
U.S.
government
agency
MBS
pools
into
approximately
3,500
generic
types
of
securities.
***
The
Bloomberg
U.S.
High
Yield
Ba/B
2%
Issuer
Capped
Index
covers
the
USD
denominated,
non-investment
grade,
Ba
or
B
rated,
fixed-rate,
taxable
corporate
bond
market.
The
index
limits
issuer
exposures
to
a
maximum
2%,
redistributing
excess
market
value
index-wide
on
a
pro-rata
basis.
****
The
Morningstar
LSTA
US
Leveraged
Loan
Index
is
a
market
value-weighted
index
representing
the
performance
of
the
universe
of
U.S.
dollar-denomi-
nated,
senior
secured,
syndicated
term
loans.
*****
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
housing,
electricity,
food
and
transportation.
Thrivent
Multidimensional
Income
Fund
8
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Stephen
D.
Lowe,
CFA,
Kent
L.
White,
CFA,
and
Theron
G.
Whitehorn,
CFA,
Portfolio Co-Managers
The Fund seeks
a
high
level
of
current
income
and,
secondarily,
growth
of
capital.   
Investment
in
Thrivent
Multidimensional
Income
Fund
involves
risks
including interest
rate,
credit,
high
yield,
closed-end
fund,
conflicts
of
interest,
convertible
securities,
derivatives,
emerging
markets,
ETF,
foreign
securities,
government
securities,
investment
adviser,
issuer,
liquidity,
market,
mortgage-backed
and
other
asset-backed
securities,
other
funds,
preferred
securities,
and
sovereign
debt.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the
12-month
period
ended December
31,
2023?
Thrivent
Multidimensional
Income
Fund
earned
a
return
of
8.51%,
compared
with
the
average
return
of
its
peer
group,
the
Morningstar
Multisector
Bond
category,
of
8.13%.
The
Fund’s
market
benchmarks,
the
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index,
the
S&P
U.S.
Preferred
Stock
Index,
and
the
Bloomberg
Emerging
Markets
USD
Sovereign
Index,
returned
13.45%,
12.02%,
and
10.96%,
respectively.
What
factors
affected
the
Fund’s
performance?
The
Federal
Reserve
(Fed)
and
other
developed
market
central
banks
continued
their
rate-hiking
campaigns
as
inflation
worldwide
remained
stubbornly
high.
The
Fed
increased
the
federal
funds
target
rate
four
additional
times
during
the
period
to
the
5.25%
–
5.50%
range
before
pausing
in
September
but
telegraphing
a
higher-for-longer
rates
narrative
that
rattled
global
markets.
In
the
final
two
months,
however,
inflation
data
continued
to
fall
faster
than
expected,
prompting
an
unexpected
Fed
pivot
to
a
dovish
stance
in
December
with
forecasts
for
at
least
three
quarter-point
rate
cuts
in
2024.
As
a
result,
U.S.
interest
rates,
which
had
risen
significantly
during
much
of
2023,
fell
sharply
in
the
final
two
months
of
the
period,
leading
the
10-year
Treasury
yield
to
end
the
year
exactly
where
it
began
at
3.88%.
Meanwhile,
the
tone
from
other
developed
market
central
banks
such
as
the
European
Central
Bank
and
Bank
of
England
remained
hawkish
at
period
end,
while
many
emerging
markets
(EM)
commenced
rate
cuts
during
the
period.
Volatility
remained
elevated
across
capital
markets
worldwide
as
investors
fretted
over
global
monetary
policy
and
the
impact
of
tighter
lending
conditions
on
the
global
economy.
Despite
the
surprisingly
strong
performance
of
risk
assets
for
the
year,
money
generally
flowed
out
of
the
segments
the
Fund
invests
in
such
as
high-yield
corporate
bonds,
preferred
securities,
and
EM
debt.
The
Fund
outperformed
relative
to
its
Morningstar
peer
group
largely
due
to
its
significant
exposure
to
the
high-yield
corporate
sector.
Despite
bouts
of
volatility,
particularly
during
the
regional
banking
crisis
in
March,
the
high-yield
segment
was
remarkably
resilient
as
the
U.S.
economy
and
job
market
remained
strong
and
consumers
continued
to
spend.
Average
credit
spreads
in
the
high-yield
segment
narrowed
significantly
throughout
the
year
from
470
basis
points
over
Treasuries
to
323
basis
points
by
year-end.
The
Fund
also
benefited
from
overweighted
exposures
to
EM
debt
and
closed-end
funds,
sectors
that
are
highly
sensitive
to
interest
rates
and
the
global
economic
outlook.
Both
segments
experienced
sharp
recoveries
in
2023.
The
EM
debt
segment,
which
had
struggled
as
rates
rose
during
much
of
the
period
because
of
its
longer
duration
and
rate
sensitivity,
advanced
sharply
in
the
final
two
months
of
the
year
as
the
Fed’s
dovish
shift
led
to
a
rates-driven
rally
in
the
segment.
The
Fund
underperformed
the
three
market
benchmarks
because
of
its
23%
average
exposure
to
mortgage-backed
securities
(MBS)
and
Treasury
securities
as
both
segments
underperformed
riskier
asset
classes
for
the
year.
What
is
your
outlook?
Our
growth
outlook
remains
cautiously
optimistic
as
we
anticipate
a
so-called
soft
landing
for
the
economy.
With
the
Fed’s
recent
pivot,
however,
it
appears
policymakers
are
beginning
to
shift
their
focus
away
from
lowering
inflation
and
toward
boosting
economic
growth.
We
expect
the
Fed
to
hold
rates
steady
at
the
beginning
of
2024
but
begin
to
cut
rates
as
the
economy
slows
and
inflation
continues
to
decline.
At
period
end,
the
Fund
was
positioned
with
about
34%
of
its
portfolio
invested
in
alternative
sectors,
including
preferred
securities,
closed-end
funds,
and
convertible
bonds.
We
will
likely
selectively
reduce
overall
exposures
to
these
sectors
as
some
investments
now
offer
less
attractive
risk-adjusted
yields
relative
to
higher-quality
sectors
of
the
fixed-income
market.
Around
29%
of
the
Fund
was
invested
in
high-yield
bonds
and
8%
in
EM
debt.
In
high
yield,
credit
spreads
held
up
remarkably
well
in
2023
and
are
more
likely
to
widen
versus
narrow
further
in
2024
if
interest-rate
volatility
and
economic
uncertainty
prevail.
That
said,
current
yields
in
the
high-yield
sector
offer
attractive
income
opportunities
for
long-term
investors.
In
the
EM
debt
sector,
we
believe
further
declines
in
inflation,
and
the
commencement
of
rate
cuts
will
likely
result
in
a
tailwind
for
performance.
As
such,
the
sector
remains
an
important
diversifier
for
this
portfolio.
By
period
end,
we
had
increased
the
Fund’s
remaining
exposure
in
MBS
and
Treasuries
to
29%.
Both
sectors
are
relatively
more
insulated
from
negative
changes
in
the
credit
outlook
compared
to
other
sectors
of
the
fixed-income
market
and
typically
outperform
during
economic
downturns.
This
exposure
will
likely
be
maintained
until
we
see
more
clarity
on
the
path
of
interest
rates.
9
Major
Market
Sectors
(%
of
Net
Assets)
Financials
18.2%
U.S.
Government
&
Agencies
16.9%
Mortgage-Backed
Securities
11.1%
U.S.
Unaffiliated
Registered
Investment
Companies
9.4%
U.S.
Affiliated
Registered
Investment
Companies
7.9%
Consumer
Cyclical
6.2%
Energy
5.8%
Communications
Services
5.3%
Capital
Goods
4.1%
Consumer
Non-Cyclical
3.9%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
Emerging
Markets
Debt
Fund
7.9%
U.S.
Treasury
Notes
6.6%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
5.8%
U.S.
Treasury
Notes
4.6%
U.S.
Treasury
Notes
2.3%
U.S.
Treasury
Bonds
2.2%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.7%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.7%
Vanguard
Short-Term
Corporate
Bond
ETF
1.4%
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
1.3%
These
securities
represent
35.5%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
Average
Annual
Total
Returns
1
As
of
December
31,
2023
From
Inception
Class
S
1-Year
5-Year
2/28/2017
Net
Asset
Value
8.51%
3.86%
2.69%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
contact
a
registered
representative
or
visit
thriventfunds.com.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
perfor-
mance
data
quoted.
Call
800-847-4836
or
visit
thriventfunds.com
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
Bloomberg
U.S.
Corporate
High
Yield
Bond
Index
is
an
index
which
measures
the
performance
of
fixed-rate
non-investment
grade
bond.
**
***
The
S&P
U.S.
Preferred
Stock
Index
is
designed
to
be
an
investable
benchmark
representing
the
U.S.
preferred
stock
market.
The
Bloomberg
Emerging
Markets
USD
Sovereign
Bond
Index
tracks
fixed
and
floating-rate
US
dollar-denominated
debt
issued
by
emerging
markets
governments.
****
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
housing,
electricity,
food
and
transportation.
10
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,
2023
through
December
31,
2023.
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
7/1/2023
Ending
Account
Value
12/31/2023
Expenses
Paid
During
Period
7/1/2023-
12/31/2023
*
Annualized
Expense
Ratio
Thrivent
Diversified
Income
Plus
Fund
Actual
Class
A
$1,000
$1,046
$4.77
0.93%
Class
S
$1,000
$1,047
$3.50
0.68%
Hypothetical
**
Class
A
$1,000
$1,021
$4.71
0.93%
Class
S
$1,000
$1,022
$3.46
0.68%
Thrivent
Multidimensional
Income
Fund
Actual
Class
S
$1,000
$1,052
$3.88
0.75%
Hypothetical
**
Class
S
$1,000
$1,021
$3.82
0.75%
*
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.
11
To
the
Board
of
Trustees
of
Thrivent
Mutual
Funds
and
Shareholders
of
Thrivent
Diversified
Income
Plus
Fund
and
Thrivent
Multidimensional
Income
Fund
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
Thrivent
Diversified
Income
Plus
Fund
and
Thrivent
Multidimensional
Income
Fund
(two
of
the
funds
constituting
Thrivent
Mutual
Funds,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
December
31,
2023,
the
related
statements
of
operations
for
the
year
ended
December
31,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
December
31,
2023,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2023
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
December
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2023
by
correspondence
with
the
custodian,
agent
banks,
transfer
agent
and
brokers;
when
replies
were
not
received
from
agent
banks
and
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
Minneapolis,
Minnesota
February
16,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Thrivent
Financial
investment
company
complex
since
1987.
PricewaterhouseCoopers
LLP,
45
South
Seventh
Street,
Suite
3400,
Minneapolis,
MN
55402
T:
(612)
596
6000,
www.pwc.com/us
Report
of
Independent
Registered
Public
Accounting
Firm
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
12
Principal
Amount
Bank
Loans
(
<0.1%
)
a
Value
Basic
Materials
(<0.1%)
Spectrum
Group
Buyer,
Inc.,
Term
Loan
$
234,459
11.953%, 
(TSFR6M
+
6.500%),
5/19/2028
b
$
210,778
Total
210,778
Total
Bank
Loans
(cost
$231,022)
210,778
Principal
Amount
Long-Term
Fixed
Income
(
67.2%
)
Value
Asset-Backed
Securities
(5.2%)
510
Asset
Backed
Trust
800,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
c,d
710,844
1,020,426
2.116%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A1
c,d
989,882
775,000
4.090%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A2
c,d
769,088
720
East
CLO
I,
Ltd.
1,700,000
9.666%, 
(TSFR3M
+
4.250%),
1/20/2036,
Ser.
2022-1A,
Class
C
b,c
1,714,430
Affirm
Asset
Securitization
Trust
1,150,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
1A
c
1,131,838
1,500,000
6.610%, 
1/18/2028,
Ser.
2023-A,
Class
A
c
1,508,625
1,250,000
6.820%, 
9/15/2028,
Ser.
2023-B,
Class
A
c
1,268,657
550,000
7.110%, 
11/15/2028,
Ser.
2023-X1,
Class
A
c
551,632
Anchorage
Capital
CLO
21,
Ltd.
1,225,000
8.077%, 
(TSFR3M
+
2.662%),
10/20/2034,
Ser.
2021-21A,
Class
C
b,c
1,220,933
Ares
XL
CLO,
Ltd.
1,200,000
8.456%, 
(TSFR3M
+
3.062%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
b,c
1,190,741
Babson
CLO,
Ltd.
2,900,000
8.577%, 
(TSFR3M
+
3.162%),
7/20/2029,
Ser.
2018-3A,
Class
D
b,c
2,899,846
Barings
CLO,
Ltd.
600,000
8.827%, 
(TSFR3M
+
3.412%),
1/20/2032,
Ser.
2016-2A,
Class
DR2
b,c
600,066
Benefit
Street
Partners
CLO
II,
Ltd.
1,000,000
7.556%, 
(TSFR3M
+
2.162%),
7/15/2029,
Ser.
2013-IIA,
Class
BR2
b,c
1,000,109
Business
Jet
Securities,
LLC
1,057,698
4.455%, 
6/15/2037,
Ser.
2022-1A,
Class
A
c
1,003,081
CarVal
CLO,
Ltd.
1,700,000
9.112%, 
(TSFR3M
+
3.700%),
4/21/2034,
Ser.
2022-1A,
Class
D
b,c
1,701,423
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Asset-Backed
Securities
(5.2%)
-
continued
Cascade
Funding
Mortgage
Trust,
LLC
$
1,292,258
4.250%, 
4/25/2033,
Ser.
2023-HB12,
Class
A
b,c
$
1,252,409
Dewolf
Park
CLO,
Ltd.
1,000,000
8.506%, 
(TSFR3M
+
3.112%),
10/15/2030,
Ser.
2017-1A,
Class
DR
b,c
998,823
Dryden
36
Senior
Loan
Fund
1,025,000
7.706%, 
(TSFR3M
+
2.312%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
b,c
1,021,132
FirstKey
Homes
Trust
1,400,000
1.968%, 
10/19/2037,
Ser.
2020-SFR2,
Class
D
c
1,297,481
Longfellow
Place
CLO,
Ltd.
1,978,950
7.956%, 
(TSFR3M
+
2.562%),
4/15/2029,
Ser.
2013-1A,
Class
CR3
b,c
1,977,991
Madison
Park
Funding
XVIII,
Ltd.
1,725,000
7.574%, 
(TSFR3M
+
2.162%),
10/21/2030,
Ser.
2015-18A,
Class
CRR
b,c
1,712,330
Neuberger
Berman
CLO,
Ltd.
1,650,000
8.656%, 
(TSFR3M
+
3.262%),
10/15/2029,
Ser.
2013-15A,
Class
DR2
b,c
1,635,779
OZLM
VIII,
Ltd.
1,400,000
7.314%, 
(TSFR3M
+
1.912%),
10/17/2029,
Ser.
2014-8A,
Class
A2R3
b,c
1,388,331
Pagaya
AI
Technology
in
Housing
Trust
1,700,000
4.250%, 
8/25/2025,
Ser.
2022-1,
Class
B
c
1,631,641
Preston
Ridge
Partners
Mortgage
Trust,
LLC
425,000
3.474%, 
7/25/2026,
Ser.
2021-6,
Class
A2
c,d
411,438
Pretium
Mortgage
Credit
Partners,
LLC
1,900,000
5.438%, 
1/25/2052,
Ser.
2022-NPL1,
Class
A2
c,d
1,743,106
171,062
5.240%, 
4/25/2052,
Ser.
2022-NPL2,
Class
A1
c,d
167,747
1,250,000
3.844%, 
6/27/2060,
Ser.
2021-NPL2,
Class
A2
c,d
1,126,058
1,300,000
3.721%, 
7/25/2051,
Ser.
2021-NPL3,
Class
A2
c,d
1,161,363
Progress
Residential
Trust
2,350,000
3.600%, 
4/17/2039,
Ser.
2022-SFR3,
Class
B
c
2,193,001
Renaissance
Home
Equity
Loan
Trust
1,429,634
5.797%, 
8/25/2036,
Ser.
2006-2,
Class
AF3
d
562,537
Saxon
Asset
Securities
Trust
567,623
3.008%, 
8/25/2035,
Ser.
2004-2,
Class
MF2
b
470,001
Sculptor
CLO,
Ltd.
950,000
8.077%, 
(TSFR3M
+
2.662%),
1/20/2035,
Ser.
28A,
Class
C
b,c
940,221
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
13
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Asset-Backed
Securities
(5.2%)
-
continued
Silver
Point
CLO
2,
Ltd.
$
1,800,000
8.116%, 
(TSFR3M
+
2.700%),
4/20/2035,
Ser.
2023-2A,
Class
A2
b,c
$
1,808,696
Stanwich
Mortgage
Loan
Company,
LLC
755,981
2.735%, 
10/16/2026,
Ser.
2021-NPB1,
Class
A1
c,d
713,069
Unlock
HEA
Trust
1,520,005
7.000%, 
10/25/2038,
Ser.
2023-1,
Class
A
c
1,416,192
Upstart
Securitization
Trust
382,776
6.770%, 
6/20/2033,
Ser.
2023-2,
Class
A
c
384,518
VCAT
Asset
Securitization,
LLC
350,000
4.826%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A2
c,d
350,296
Vericrest
Opportunity
Loan
Transferee
1,250,000
4.826%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A2
c,d
1,074,416
1,550,000
4.949%, 
2/27/2051,
Ser.
2021-NPL3,
Class
A2
c,d
1,327,138
1,100,000
4.826%, 
4/25/2051,
Ser.
2021-NPL6,
Class
A2
c,d
916,514
325,000
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
c,d
279,072
1,675,000
4.826%, 
5/25/2051,
Ser.
2021-NPL9,
Class
A2
c,d
1,388,068
400,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
c,d
334,450
Whitebox
CLO
III,
Ltd.
1,225,000
7.856%, 
(TSFR3M
+
2.462%),
10/15/2034,
Ser.
2021-3A,
Class
C
b,c
1,214,922
Whitebox
CLO
IV,
Ltd.
1,250,000
8.016%, 
(TSFR3M
+
2.600%),
4/20/2036,
Ser.
2023-4A,
Class
B
b,c
1,253,676
Wind
River
CLO,
Ltd.
950,000
7.677%, 
(TSFR3M
+
2.262%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
b,c
949,948
Total
53,363,559
Basic
Materials
(1.1%)
Anglo
American
Capital
plc
200,000
3.875%, 
3/16/2029
c
187,585
ATI,
Inc.
268,000
7.250%, 
8/15/2030
278,825
ATI,
Inc.,
Convertible
226,000
3.500%, 
6/15/2025
669,299
Axalta
Coating
Systems
Dutch
Holding
B
BV
216,000
7.250%, 
2/15/2031
c
226,526
Cascades,
Inc./Cascades
USA,
Inc.
297,000
5.125%, 
1/15/2026
c
288,833
Chemours
Company
465,000
5.750%, 
11/15/2028
c
442,915
Cleveland-Cliffs,
Inc.
317,000
5.875%, 
6/1/2027
e
315,867
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Basic
Materials
(1.1%)
-
continued
$
210,000
4.625%, 
3/1/2029
c
$
194,075
Consolidated
Energy
Finance
SA
665,000
5.625%, 
10/15/2028
c
563,109
Ecolab,
Inc.
174,000
2.125%, 
2/1/2032
e
148,053
EIDP,
Inc.
160,000
4.500%, 
5/15/2026
159,374
First
Quantum
Minerals,
Ltd.
611,000
6.875%, 
10/15/2027
c
519,255
FMC
Corporation
135,000
5.150%, 
5/18/2026
134,855
Glencore
Funding,
LLC
196,000
4.000%, 
3/27/2027
c
190,330
259,000
6.125%, 
10/6/2028
c
271,331
120,000
6.375%, 
10/6/2030
c
128,833
Hecla
Mining
Company
160,000
7.250%, 
2/15/2028
160,707
Hudbay
Minerals,
Inc.
370,000
4.500%, 
4/1/2026
c
357,892
Illuminate
Buyer,
LLC/Illuminate
Holdings
IV,
Inc.
298,000
9.000%, 
7/1/2028
c
284,948
International
Flavors
&
Fragrances,
Inc.
201,000
1.230%, 
10/1/2025
c
186,054
Mineral
Resources,
Ltd.
74,000
9.250%, 
10/1/2028
c
78,719
Mosaic
Company
198,000
5.375%, 
11/15/2028
202,069
Novelis
Corporation
150,000
3.250%, 
11/15/2026
c
141,210
210,000
4.750%, 
1/30/2030
c
197,494
150,000
3.875%, 
8/15/2031
c
132,185
Nutrien,
Ltd.
273,000
4.000%, 
12/15/2026
266,928
OCI
NV
264,000
4.625%, 
10/15/2025
c
257,145
Olin
Corporation
534,000
5.125%, 
9/15/2027
517,732
Peabody
Energy
Corporation,
Convertible
280,000
3.250%, 
3/1/2028
e
400,400
SCIL
IV,
LLC/SCIL
USA
Holdings,
LLC
450,000
5.375%, 
11/1/2026
c
431,969
SNF
Group
SACA
392,000
3.375%, 
3/15/2030
c
336,833
SunCoke
Energy,
Inc.
435,000
4.875%, 
6/30/2029
c
391,247
Taseko
Mines,
Ltd.
310,000
7.000%, 
2/15/2026
c,e
293,787
Unifrax
Escrow
Issuer
Corporation
358,000
5.250%, 
9/30/2028
c
258,513
United
States
Steel
Corporation
468,000
6.875%, 
3/1/2029
478,792
United
States
Steel
Corporation,
Convertible
257,000
5.000%, 
11/1/2026
933,424
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
14
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Basic
Materials
(1.1%)
-
continued
Westlake
Corporation
$
130,000
3.600%, 
8/15/2026
$
125,569
Total
11,152,682
Capital
Goods
(2.0%)
Advanced
Drainage
Systems,
Inc.
282,000
6.375%, 
6/15/2030
c
284,113
Amcor
Finance
USA,
Inc.
136,000
5.625%, 
5/26/2033
141,400
Amphenol
Corporation
126,000
4.750%, 
3/30/2026
126,169
ARD
Finance
SA
138,000
6.500%, 
6/30/2027
c
64,471
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
240,000
5.250%, 
8/15/2027
c,e
186,448
206,000
5.250%, 
8/15/2027
c,e
160,034
Boeing
Company
326,000
4.875%, 
5/1/2025
324,366
222,000
2.196%, 
2/4/2026
209,765
197,000
3.250%, 
3/1/2028
184,979
293,000
5.150%, 
5/1/2030
298,277
Bombardier,
Inc.
174,000
7.125%, 
6/15/2026
c
173,188
369,000
7.875%, 
4/15/2027
c
369,065
146,000
6.000%, 
2/15/2028
c
142,244
Brand
Industrial
Services,
Inc.
128,000
10.375%, 
8/1/2030
c
135,364
Builders
FirstSource,
Inc.
250,000
5.000%, 
3/1/2030
c
241,412
Canpack
SA/Canpack
US,
LLC
459,000
3.125%, 
11/1/2025
c
434,910
Carrier
Global
Corporation
265,000
2.722%, 
2/15/2030
237,086
Chart
Industries,
Inc.
446,000
7.500%, 
1/1/2030
c
466,180
Chart
Industries,
Inc.,
Convertible
179,000
1.000%, 
11/15/2024
415,960
Clydesdale
Acquisition
Holdings,
Inc.
58,000
6.625%, 
4/15/2029
c
57,047
116,000
8.750%, 
4/15/2030
c,e
108,155
Cornerstone
Building
Brands,
Inc.
298,000
6.125%, 
1/15/2029
c,e
244,360
Covanta
Holding
Corporation
296,000
4.875%, 
12/1/2029
c
258,612
CP
Atlas
Buyer,
Inc.
340,000
7.000%, 
12/1/2028
c
295,980
Crown
Cork
&
Seal
Company,
Inc.
377,000
7.375%, 
12/15/2026
395,850
Emerald
Debt
Merger
Sub,
LLC
407,000
6.625%, 
12/15/2030
c
415,698
Fluor
Corporation,
Convertible
826,000
1.125%, 
8/15/2029
c
898,275
GFL
Environmental,
Inc.
311,000
4.000%, 
8/1/2028
c
287,486
403,000
3.500%, 
9/1/2028
c
372,396
Greenbrier
Companies,
Inc.,
Convertible
356,000
2.875%, 
4/15/2028
349,236
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Capital
Goods
(2.0%)
-
continued
H&E
Equipment
Services,
Inc.
$
669,000
3.875%, 
12/15/2028
c
$
608,332
Herc
Holdings,
Inc.
330,000
5.500%, 
7/15/2027
c
325,815
Howmet
Aerospace,
Inc.
205,000
6.750%, 
1/15/2028
215,837
960,000
3.000%, 
1/15/2029
877,200
Huntington
Ingalls
Industries,
Inc.
196,000
4.200%, 
5/1/2030
186,790
Ingersoll
Rand,
Inc.
68,000
5.700%, 
8/14/2033
71,944
John
Deere
Capital
Corporation
143,000
4.950%, 
7/14/2028
146,604
281,000
2.800%, 
7/18/2029
260,707
141,000
4.700%, 
6/10/2030
143,325
144,000
3.900%, 
6/7/2032
138,659
67,000
5.150%, 
9/8/2033
70,502
Kaman
Corporation,
Convertible
206,000
3.250%, 
5/1/2024
199,820
L3Harris
Technologies,
Inc.
144,000
5.400%, 
1/15/2027
146,988
Mauser
Packaging
Solutions
Holding
Company
212,000
9.250%, 
4/15/2027
c,e
208,090
MIWD
Holdco
II,
LLC
226,000
5.500%, 
2/1/2030
c
200,010
Mueller
Water
Products,
Inc.
249,000
4.000%, 
6/15/2029
c
226,839
Nesco
Holdings
II,
Inc.
445,000
5.500%, 
4/15/2029
c
411,443
New
Enterprise
Stone
and
Lime
Company,
Inc.
509,000
5.250%, 
7/15/2028
c
485,540
Northrop
Grumman
Corporation
63,000
4.700%, 
3/15/2033
63,535
OI
European
Group
BV
473,000
4.750%, 
2/15/2030
c
442,354
Otis
Worldwide
Corporation
230,000
2.056%, 
4/5/2025
221,103
Owens-Brockway
Glass
Container,
Inc.
216,000
6.625%, 
5/13/2027
c
216,027
Pactiv
Evergreen
Group
305,000
4.375%, 
10/15/2028
c
285,143
Parker-Hannifin
Corporation
141,000
4.250%, 
9/15/2027
139,764
Patrick
Industries,
Inc.,
Convertible
205,000
1.750%, 
12/1/2028
232,675
PGT
Innovations,
Inc.
408,000
4.375%, 
10/1/2029
c
406,545
Republic
Services,
Inc.
131,000
3.950%, 
5/15/2028
128,408
131,000
5.000%, 
12/15/2033
133,754
Roller
Bearing
Company
of
America,
Inc.
336,000
4.375%, 
10/15/2029
c
310,944
Rolls-Royce
plc
180,000
5.750%, 
10/15/2027
c
180,309
RTX
Corporation
204,000
5.750%, 
1/15/2029
213,231
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
15
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Capital
Goods
(2.0%)
-
continued
Sealed
Air
Corporation
$
373,000
6.125%, 
2/1/2028
c
$
376,212
Silgan
Holdings,
Inc.
179,000
4.125%, 
2/1/2028
e
170,952
Smyrna
Ready
Mix
Concrete,
LLC
343,000
8.875%, 
11/15/2031
c
360,553
Spirit
AeroSystems,
Inc.
245,000
9.750%, 
11/15/2030
c
263,369
SRM
Escrow
Issuer,
LLC
213,000
6.000%, 
11/1/2028
c
209,715
Summit
Materials,
LLC/Summit
Materials
Finance
Corporation
98,000
7.250%, 
1/15/2031
c
103,263
Textron,
Inc.
196,000
3.650%, 
3/15/2027
188,104
Titan
Acquisition,
Ltd./Titan
Co-
Borrower,
LLC
160,000
7.750%, 
4/15/2026
c
161,008
TransDigm,
Inc.
250,000
6.250%, 
3/15/2026
c
249,568
643,000
5.500%, 
11/15/2027
629,965
416,000
7.125%, 
12/1/2031
c
435,933
Triumph
Group,
Inc.
382,000
9.000%, 
3/15/2028
c
406,198
United
Rentals
North
America,
Inc.
310,000
4.000%, 
7/15/2030
285,540
Veralto
Corporation
139,000
5.350%, 
9/18/2028
c
142,225
Waste
Connections,
Inc.
70,000
3.200%, 
6/1/2032
62,899
Waste
Management,
Inc.
147,000
4.875%, 
2/15/2029
150,439
Waste
Pro
USA,
Inc.
185,000
5.500%, 
2/15/2026
c
178,062
Total
20,550,768
Collateralized
Mortgage
Obligations
(5.3%)
A&D
Mortgage
Trust
1,061,579
6.733%, 
7/25/2068,
Ser.
2023-NQM3,
Class
A1
c,d
1,070,462
Alternative
Loan
Trust
557,030
6.000%, 
8/1/2036,
Ser.
2006-24CB,
Class
A9
317,415
Banc
of
America
Alternative
Loan
Trust
530,137
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
458,983
Banc
of
America
Mortgage
Securities
Trust
415,017
5.502%, 
9/25/2035,
Ser.
2005-H,
Class
3A1
b
377,989
Bear
Stearns
Adjustable
Rate
Mortgage
Trust
90,786
7.670%, 
(CMT
1Y
+
2.300%),
10/25/2035,
Ser.
2005-9,
Class
A1
b
84,893
CAFL
Issuer,
LLC
1,350,000
2.239%, 
3/28/2029,
Ser.
2021-RTL1,
Class
A1
c,d
1,270,348
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Collateralized
Mortgage
Obligations
(5.3%)
-
continued
CHL
Mortgage
Pass-Through
Trust
$
193,256
5.771%, 
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
$
185,920
883,795
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
350,151
CHNGE
Mortgage
Trust
1,383,185
3.757%, 
3/25/2067,
Ser.
2022-2,
Class
A1
b,c
1,300,899
1,469,241
5.000%, 
5/25/2067,
Ser.
2022-3,
Class
A1
b,c
1,448,681
1,553,926
6.525%, 
6/25/2058,
Ser.
2023-2,
Class
A1
c,d
1,544,923
880,198
5.820%, 
6/25/2067,
Ser.
2022-NQM1,
Class
A3
c,d
869,153
1,142,250
7.100%, 
7/25/2058,
Ser.
2023-3,
Class
A1
c,d
1,150,919
990,733
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
c,d
986,920
CIM
Trust
1,514,306
7.100%, 
4/25/2058,
Ser.
2023-I1,
Class
A3
c,d
1,514,576
Citigroup
Mortgage
Loan
Trust,
Inc.
102,422
5.500%, 
8/25/2034,
Ser.
2004-NCM2,
Class
1CB1
90,190
950,443
4.752%, 
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
b
810,435
Countrywide
Alternative
Loan
Trust
458,898
5.000%, 
3/25/2035,
Ser.
2005-3CB,
Class
1A1
372,972
241,010
4.014%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
b
194,793
159,022
5.500%, 
2/25/2036,
Ser.
2005-85CB,
Class
2A2
124,266
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
480,974
4.638%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
b
387,462
Credit
Suisse
Mortgage
Trust
812,451
6.567%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
b,c
803,498
580,334
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
b,c
479,889
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
737,919
5.250%, 
6/25/2035,
Ser.
2005-3,
Class
4A6
657,001
314,241
3.727%, 
8/25/2035,
Ser.
2005-AR1,
Class
2A3
b
274,733
Federal
Home
Loan
Mortgage
Corporation
1,594,222
3.500%, 
8/15/2035,
Ser.
345,
Class
C8
f
164,626
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
2,937,998
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
2,848,862
1,862,179
Zero
Coupon, 
9/25/2053,
Ser.
5334,
Class
BO
1,490,483
6,229,831
1.500%, 
12/25/2050,
Ser.
5107,
Class
IO
f
523,160
144,231
2.500%, 
5/15/2027,
Ser.
4106,
Class
HI
f
2,256
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
16
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Collateralized
Mortgage
Obligations
(5.3%)
-
continued
$
692,056
3.000%, 
5/15/2027,
Ser.
4046,
Class
GI
f
$
19,996
726,384
3.000%, 
7/15/2027,
Ser.
4084,
Class
NI
f
24,725
1,019,292
3.000%, 
7/15/2027,
Ser.
4074,
Class
IO
f
35,755
388,795
2.500%, 
2/15/2028,
Ser.
4162,
Class
AI
f
12,861
770,378
2.500%, 
2/15/2028,
Ser.
4161,
Class
UI
f
25,373
1,250,382
2.500%, 
3/15/2028,
Ser.
4177,
Class
EI
f
44,144
1,360,745
3.500%, 
10/15/2032,
Ser.
4119,
Class
KI
f
126,477
915,272
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
f
73,912
1,358,032
3.000%, 
4/15/2033,
Ser.
4203,
Class
DI
f
66,196
Federal
National
Mortgage
Association
-
REMIC
1,575,736
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
1,538,956
3,179,483
4.000%, 
7/25/2052,
Ser.
2022-37,
Class
PE
3,069,611
1,203,181
3.000%, 
7/25/2027,
Ser.
2012-73,
Class
DI
f
36,274
781,430
3.000%, 
7/25/2027,
Ser.
2012-74,
Class
AI
f
24,090
1,376,338
3.000%, 
8/25/2027,
Ser.
2012-95,
Class
HI
f
32,192
770,519
3.500%, 
9/25/2027,
Ser.
2012-98,
Class
YI
f
26,490
2,319,327
3.000%, 
11/25/2027,
Ser.
2012-121,
Class
BI
f
84,676
1,682,237
3.000%, 
12/25/2027,
Ser.
2012-139,
Class
DI
f
56,313
569,138
2.500%, 
1/25/2028,
Ser.
2012-152,
Class
AI
f
18,260
1,517,645
3.000%, 
1/25/2028,
Ser.
2012-147,
Class
EI
f
45,925
501,576
2.500%, 
2/25/2028,
Ser.
2013-46,
Class
CI
f
12,455
524,239
3.000%, 
2/25/2028,
Ser.
2013-2,
Class
GI
f
19,301
333,252
3.000%, 
4/25/2028,
Ser.
2013-30,
Class
DI
f
12,757
966,640
3.000%, 
11/25/2031,
Ser.
2013-69,
Class
IO
f
23,149
1,243,579
3.000%, 
2/25/2033,
Ser.
2013-1,
Class
YI
f
104,508
1,385,992
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
1,365,268
First
Horizon
Alternative
Mortgage
Securities
Trust
166,611
7.123%, 
3/25/2035,
Ser.
2005-AA2,
Class
1A1
b
160,755
164,721
6.475%, 
7/25/2035,
Ser.
2005-AA5,
Class
2A1
b
149,108
Flagstar
Mortgage
Trust
524,261
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
b,c
449,792
GCAT
Trust
1,150,000
4.250%, 
5/25/2067,
Ser.
2023-NQM4,
Class
A2
b,g
1,041,157
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Collateralized
Mortgage
Obligations
(5.3%)
-
continued
$
747,685
5.730%, 
8/25/2067,
Ser.
2022-NQM4,
Class
A3
c,d
$
736,503
GMAC
Mortgage
Corporation
Loan
Trust
329,020
3.531%, 
5/25/2035,
Ser.
2005-AR2,
Class
4A
b
268,519
Government
National
Mortgage
Association
199,041
4.000%, 
1/16/2027,
Ser.
2012-3,
Class
IO
f
4,803
GS
Mortgage-Backed
Securities
Trust
1,092,870
5.500%, 
10/27/2053,
Ser.
2023-PJ3,
Class
A16
b,c
1,082,540
Home
RE,
Ltd.
1,550,000
9.928%, 
(SOFR30A
+
4.600%),
10/25/2033,
Ser.
2023-1,
Class
M1B
b,c
1,560,578
1,350,000
8.837%, 
(SOFR30A
+
3.500%),
10/25/2034,
Ser.
2022-1,
Class
M1B
b,c
1,376,397
IndyMac
IMJA
Mortgage
Loan
Trust
948,451
6.250%, 
11/25/2037,
Ser.
2007-A3,
Class
A1
422,454
J.P.
Morgan
Mortgage
Trust
762,997
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
b,c
620,855
1,226,589
5.000%, 
10/25/2053,
Ser.
2023-3,
Class
A4A
b,c
1,199,848
79,961
6.500%, 
1/25/2035,
Ser.
2005-S1,
Class
1A2
80,518
401,056
4.658%, 
2/25/2036,
Ser.
2006-A1,
Class
2A2
b
290,662
Merrill
Lynch
Alternative
Note
Asset
Trust
896,192
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
337,700
MortgageIT
Trust
1,792,546
5.930%, 
(TSFR1M
+
0.574%),
6/25/2047,
Ser.
2007-1,
Class
1A1
b
1,469,377
OBX
Trust
408,685
5.700%, 
8/25/2062,
Ser.
2022-NQM7,
Class
A3
c,d
402,810
PRKCM
Trust
1,630,354
7.087%, 
6/25/2058,
Ser.
2023-AFC2,
Class
A3
c
1,638,274
1,375,797
7.627%, 
11/25/2058,
Ser.
2023-AFC4,
Class
A2
c,d
1,415,919
Residential
Accredit
Loans,
Inc.
Trust
455,766
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
387,466
308,641
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
237,741
563,265
6.250%, 
4/25/2037,
Ser.
2007-QS6,
Class
A6
453,391
Residential
Asset
Securitization
Trust
491,870
4.142%, 
1/25/2034,
Ser.
2004-IP1,
Class
A1
b
451,539
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
17
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Collateralized
Mortgage
Obligations
(5.3%)
-
continued
Residential
Funding
Mortgage
Security
I
Trust
$
384,856
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
$
294,292
ROC
Securities
Trust
Series
1,151,057
2.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
b,c
1,134,273
Sequoia
Mortgage
Trust
478,454
3.627%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
b
326,205
Structured
Adjustable
Rate
Mortgage
Loan
Trust
198,811
4.562%, 
7/25/2035,
Ser.
2005-15,
Class
4A1
b
168,186
Triangle
Re,
Ltd.
1,750,000
8.721%, 
(SOFR30A
+
3.400%),
11/25/2033,
Ser.
2023-1,
Class
M1A
b,c
1,752,354
177,892
7.237%, 
(SOFR30A
+
1.900%),
2/25/2034,
Ser.
2021-3,
Class
M1A
b,c
178,041
TVC
Mortgage
Trust
1,500,000
8.250%, 
11/25/2027,
Ser.
2023-RTL1,
Class
A1
c,d
1,509,988
Verus
Securitization
Trust
1,269,653
2.491%, 
11/25/2066,
Ser.
2021-8,
Class
A3
b,c
1,068,383
1,308,886
6.560%, 
12/25/2067,
Ser.
2023-1,
Class
A2
c,d
1,309,580
1,000,000
6.664%, 
12/25/2068,
Ser.
2023-8,
Class
A2
c,d
1,007,032
WaMu
Mortgage
Pass-Through
Certificates
159,450
4.768%, 
5/25/2033,
Ser.
2003-AR4,
Class
A7
b
153,666
Washington
Mutual
Mortgage
Pass-Through
Certificates
320,526
6.000%, 
3/25/2035,
Ser.
2005-1,
Class
2A
263,932
Total
54,461,160
Commercial
Mortgage-Backed
Securities
(0.6%)
BANK5
2023-5YR1
2,000,000
6.411%, 
4/15/2056,
Ser.
2023-5YR1,
Class
AS
b
2,038,810
BBCMS
Mortgage
Trust
1,789,743
0.717%, 
2/15/2055,
Ser.
2022-C14,
Class
XA
b,f
70,716
5,983,935
1.151%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
b,f
458,240
BFLD
Trust
1,250,000
7.176%, 
(TSFR1M
+
1.814%),
10/15/2035,
Ser.
2020-EYP,
Class
B
b,c
627,964
SCOTT
Trust
1,000,000
5.910%, 
3/15/2040,
Ser.
2023-SFS,
Class
A
c
1,004,454
Silver
Hill
Trust
314,492
3.102%, 
11/25/2049,
Ser.
2019-1,
Class
A1
b,c
300,573
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Commercial
Mortgage-Backed
Securities
(0.6%)
-
continued
Velocity
Commercial
Capital
Loan
Trust
$
1,442,301
7.670%, 
11/25/2053,
Ser.
2023-4,
Class
A
b,c
$
1,478,321
Total
5,979,078
Communications
Services
(2.5%)
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
359,000
10.500%, 
2/15/2028
c
192,004
Altice
Financing
SA
289,000
5.750%, 
8/15/2029
c
256,461
Altice
France
SA/France
130,000
8.125%, 
2/1/2027
c
119,838
485,000
5.125%, 
7/15/2029
c
377,339
410,000
5.500%, 
10/15/2029
c
321,491
AMC
Networks,
Inc.
148,000
4.750%, 
8/1/2025
144,124
557,000
4.250%, 
2/15/2029
425,023
American
Tower
Corporation
260,000
4.400%, 
2/15/2026
256,674
135,000
1.450%, 
9/15/2026
122,996
191,000
5.500%, 
3/15/2028
195,221
136,000
5.800%, 
11/15/2028
141,279
196,000
3.800%, 
8/15/2029
186,070
AT&T,
Inc.
407,000
4.300%, 
2/15/2030
398,537
136,000
5.400%, 
2/15/2034
140,260
Bell
Telephone
Company
of
Canada
134,000
5.100%, 
5/11/2033
137,501
Cable
One,
Inc.,
Convertible
396,000
1.125%, 
3/15/2028
299,970
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corporation
125,000
5.500%, 
5/1/2026
c
124,168
620,000
5.125%, 
5/1/2027
c
599,025
255,000
5.000%, 
2/1/2028
c
243,980
214,000
6.375%, 
9/1/2029
c
211,039
16,000
4.750%, 
3/1/2030
c
14,620
695,000
4.500%, 
8/15/2030
c
626,532
291,000
4.250%, 
2/1/2031
c
254,314
375,000
4.750%, 
2/1/2032
c
330,735
360,000
4.250%, 
1/15/2034
c
292,546
CenterPoint
Energy,
Inc.,
Convertible
11,324
3.369%, 
9/15/2029
440,164
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
Corporation
123,000
6.150%, 
11/10/2026
125,746
196,000
5.050%, 
3/30/2029
193,922
Cimpress
plc
270,000
7.000%, 
6/15/2026
263,925
Clear
Channel
Outdoor
Holdings,
Inc.
197,000
7.500%, 
6/1/2029
c,e
163,800
Clear
Channel
Worldwide
Holdings,
Inc.
721,000
5.125%, 
8/15/2027
c,e
688,257
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
18
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Communications
Services
(2.5%)
-
continued
Comcast
Corporation
$
156,000
2.350%, 
1/15/2027
$
146,444
326,000
3.400%, 
4/1/2030
305,137
Connect
Finco
SARL/Connect
US
Finco,
LLC
230,000
6.750%, 
10/1/2026
c
228,622
Crown
Castle,
Inc.
218,000
2.900%, 
3/15/2027
203,863
CSC
Holdings,
LLC
760,000
5.375%, 
2/1/2028
c
671,333
460,000
6.500%, 
2/1/2029
c
405,996
84,000
4.125%, 
12/1/2030
c
63,903
Deutsche
Telekom
International
Finance
BV
368,000
8.750%, 
6/15/2030
443,204
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
676,000
5.875%, 
8/15/2027
c
635,154
DISH
DBS
Corporation
153,000
5.875%, 
11/15/2024
143,478
184,000
5.250%, 
12/1/2026
c
157,642
145,000
7.375%, 
7/1/2028
86,678
50,000
5.750%, 
12/1/2028
c
39,880
234,000
5.125%, 
6/1/2029
120,601
DISH
Network
Corporation
256,000
11.750%, 
11/15/2027
c
267,227
Frontier
Communications
Holdings,
LLC
450,000
5.875%, 
10/15/2027
c
434,746
283,000
6.750%, 
5/1/2029
c,e
253,059
109,000
8.750%, 
5/15/2030
c
112,129
GCI,
LLC
352,000
4.750%, 
10/15/2028
c
322,956
Gray
Escrow
II,
Inc.
581,000
5.375%, 
11/15/2031
c
438,364
Gray
Television,
Inc.
370,000
4.750%, 
10/15/2030
c
278,517
iHeartCommunications,
Inc.
221,000
6.375%, 
5/1/2026
188,420
Iliad
Holding
SASU
544,000
6.500%, 
10/15/2026
c
542,936
Lamar
Media
Corporation
238,000
3.625%, 
1/15/2031
211,463
LCPR
Senior
Secured
Financing
DAC
501,000
6.750%, 
10/15/2027
c
490,709
Level
3
Financing,
Inc.
585,000
4.625%, 
9/15/2027
c
351,000
202,000
4.250%, 
7/1/2028
c
99,990
213,000
10.500%, 
5/15/2030
c,e
206,543
McGraw-Hill
Education,
Inc.
298,000
5.750%, 
8/1/2028
c
287,346
80,000
8.000%, 
8/1/2029
c
74,400
Meta
Platforms,
Inc.
132,000
3.850%, 
8/15/2032
125,551
News
Corporation
427,000
3.875%, 
5/15/2029
c
392,614
NTT
Finance
Corporation
156,000
1.162%, 
4/3/2026
c
143,880
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Communications
Services
(2.5%)
-
continued
Outfront
Media
Capital,
LLC/
Outfront
Media
Capital
Corporation
$
162,000
4.625%, 
3/15/2030
c
$
144,422
Paramount
Global
315,000
6.375%, 
3/30/2062
b
283,500
Playtika
Holding
Corporation
357,000
4.250%, 
3/15/2029
c
311,500
Radiate
Holdco,
LLC/Radiate
Finance,
Inc.
210,000
6.500%, 
9/15/2028
c
102,897
Rogers
Communications,
Inc.
250,000
5.250%, 
3/15/2082
b,c
239,917
Scripps
Escrow
II,
Inc.
165,000
3.875%, 
1/15/2029
c
145,931
Sirius
XM
Radio,
Inc.
495,000
5.000%, 
8/1/2027
c
478,167
275,000
4.000%, 
7/15/2028
c
254,332
Sprint
Capital
Corporation
424,000
6.875%, 
11/15/2028
459,417
208,000
8.750%, 
3/15/2032
256,727
TEGNA,
Inc.
389,000
4.625%, 
3/15/2028
363,353
Telecom
Italia
Capital
SA
136,000
6.000%, 
9/30/2034
129,156
Telecom
Italia
SPA/Milano
186,000
5.303%, 
5/30/2024
c
185,135
Telesat
Canada/Telesat,
LLC
205,000
4.875%, 
6/1/2027
c
121,149
75,000
6.500%, 
10/15/2027
c
35,059
T-Mobile
USA,
Inc.
275,000
3.375%, 
4/15/2029
255,503
United
States
Cellular
Corporation
181,000
6.700%, 
12/15/2033
184,443
Uniti
Group,
Inc.,
Convertible
295,000
7.500%, 
12/1/2027
c
290,132
Uniti
Group,
LP/Uniti
Group
Finance,
Inc./CSL
Capital,
LLC
570,000
4.750%, 
4/15/2028
c
491,280
Univision
Communications,
Inc.
200,000
6.625%, 
6/1/2027
c
199,455
204,000
4.500%, 
5/1/2029
c,e
182,020
Verizon
Communications,
Inc.
260,000
2.100%, 
3/22/2028
235,197
196,000
3.150%, 
3/22/2030
179,146
346,000
2.550%, 
3/21/2031
298,338
311,000
2.355%, 
3/15/2032
258,681
Virgin
Media
Finance
plc
150,000
5.000%, 
7/15/2030
c
132,249
Virgin
Media
Secured
Finance
plc
315,000
5.500%, 
5/15/2029
c
304,366
Vodafone
Group
plc
300,000
7.000%, 
4/4/2079
b
309,301
VZ
Secured
Financing
BV
373,000
5.000%, 
1/15/2032
c
318,438
Walt
Disney
Company
130,000
3.800%, 
3/22/2030
126,198
Warnermedia
Holdings,
Inc.
148,000
3.638%, 
3/15/2025
144,788
348,000
4.054%, 
3/15/2029
330,179
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
19
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Communications
Services
(2.5%)
-
continued
YPSO
Finance
BIS
SA
$
189,000
10.500%, 
5/15/2027
c
$
122,400
Total
25,034,122
Consumer
Cyclical
(3.5%)
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
560,000
4.375%, 
1/15/2028
c
534,845
Adient
Global
Holdings,
Ltd.
240,000
4.875%, 
8/15/2026
c
234,687
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation
195,000
6.625%, 
7/15/2026
c
193,976
379,000
6.000%, 
6/1/2029
c,e
308,996
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation/
Atlas
Luxco
4
SARL
300,000
4.625%, 
6/1/2028
c
272,727
260,000
4.625%, 
6/1/2028
c
237,605
Allison
Transmission,
Inc.
244,000
3.750%, 
1/30/2031
c,e
215,586
Amazon.com,
Inc.
131,000
1.500%, 
6/3/2030
110,953
274,000
4.700%, 
12/1/2032
281,546
American
Axle
&
Manufacturing,
Inc.
581,000
6.500%, 
4/1/2027
e
583,348
American
Honda
Finance
Corporation
201,000
5.650%, 
11/15/2028
210,362
240,000
5.850%, 
10/4/2030
255,815
Arko
Corporation
255,000
5.125%, 
11/15/2029
c
220,640
Ashton
Woods
USA,
LLC/Ashton
Woods
Finance
Company
240,000
4.625%, 
8/1/2029
c
213,421
200,000
4.625%, 
4/1/2030
c
179,158
Best
Buy
Company,
Inc.
131,000
1.950%, 
10/1/2030
108,793
Bloomin'
Brands,
Inc.,
Convertible
87,000
5.000%, 
5/1/2025
219,675
Booking
Holdings,
Inc.,
Convertible
259,000
0.750%, 
5/1/2025
487,904
Boyd
Gaming
Corporation
370,000
4.750%, 
6/15/2031
c
339,595
Boyne
USA,
Inc.
163,000
4.750%, 
5/15/2029
c
153,284
Brookfield
Residential
Properties,
Inc./Brookfield
Residential
US,
LLC
271,000
6.250%, 
9/15/2027
c
262,568
Burlington
Stores,
Inc.,
Convertible
425,000
2.250%, 
4/15/2025
456,875
173,000
1.250%, 
12/15/2027
c
194,712
Caesars
Entertainment,
Inc.
505,000
6.250%, 
7/1/2025
c
506,373
120,000
8.125%, 
7/1/2027
c
123,012
408,000
4.625%, 
10/15/2029
c
368,019
Carnival
Corporation
206,000
7.625%, 
3/1/2026
c,e
209,725
634,000
5.750%, 
3/1/2027
c
618,425
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Consumer
Cyclical
(3.5%)
-
continued
$
174,000
4.000%, 
8/1/2028
c
$
161,774
Cedar
Fair,
LP
339,000
5.250%, 
7/15/2029
e
319,801
Churchill
Downs,
Inc.
245,000
4.750%, 
1/15/2028
c
234,807
179,000
6.750%, 
5/1/2031
c
181,673
Cinemark
USA,
Inc.
501,000
5.875%, 
3/15/2026
c,e
490,359
Clarios
Global,
LP/Clarios
US
Finance
Company,
Inc.
185,000
8.500%, 
5/15/2027
c
185,645
550,000
6.750%, 
5/15/2028
c
561,118
D.R.
Horton,
Inc.
75,000
2.600%, 
10/15/2025
71,909
Daimler
Trucks
Finance
North
America,
LLC
150,000
5.400%, 
9/20/2028
c
152,906
Expedia
Group,
Inc.
229,000
3.250%, 
2/15/2030
209,926
Expedia
Group,
Inc.,
Convertible
587,000
Zero
Coupon, 
2/15/2026
555,009
Ford
Motor
Company
1,041,000
3.250%, 
2/12/2032
865,803
Ford
Motor
Company,
Convertible
849,000
Zero
Coupon, 
3/15/2026
844,755
Ford
Motor
Credit
Company,
LLC
208,000
2.300%, 
2/10/2025
200,028
245,000
4.134%, 
8/4/2025
238,127
600,000
2.700%, 
8/10/2026
555,713
250,000
2.900%, 
2/10/2029
218,952
225,000
7.122%, 
11/7/2033
242,423
Forestar
Group,
Inc.
330,000
3.850%, 
5/15/2026
c
314,350
General
Motors
Financial
Company,
Inc.
311,000
3.950%, 
4/13/2024
309,141
158,000
1.200%, 
10/15/2024
152,474
199,000
2.900%, 
2/26/2025
193,074
149,000
2.750%, 
6/20/2025
143,260
220,000
5.800%, 
6/23/2028
226,064
159,000
5.800%, 
1/7/2029
162,714
270,000
5.700%, 
9/30/2030
b,h
249,342
Genuine
Parts
Company
137,000
6.500%, 
11/1/2028
145,483
Goodyear
Tire
&
Rubber
Company
250,000
5.000%, 
7/15/2029
e
236,207
Hanesbrands,
Inc.
352,000
4.875%, 
5/15/2026
c,e
339,544
Hilton
Domestic
Operating
Company,
Inc.
488,000
4.875%, 
1/15/2030
472,949
174,000
3.625%, 
2/15/2032
c
151,851
Hilton
Grand
Vacations
Borrower
Escrow,
LLC/Hilton
Grand
Vacations
Borrower
Escrow,
Inc.
283,000
5.000%, 
6/1/2029
c
261,080
Home
Depot,
Inc.
214,000
3.250%, 
4/15/2032
197,609
Hyatt
Hotels
Corporation
141,000
5.750%, 
1/30/2027
144,092
Hyundai
Capital
America
85,000
5.500%, 
3/30/2026
c
85,441
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
20
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Consumer
Cyclical
(3.5%)
-
continued
$
196,000
3.000%, 
2/10/2027
c
$
183,167
136,000
6.500%, 
1/16/2029
c
143,574
International
Game
Technology
plc
510,000
5.250%, 
1/15/2029
c
499,391
Jacobs
Entertainment,
Inc.
228,000
6.750%, 
2/15/2029
c
214,320
KB
Home
360,000
4.800%, 
11/15/2029
343,980
Kohl's
Corporation
125,000
4.625%, 
5/1/2031
98,125
L
Brands,
Inc.
575,000
6.625%, 
10/1/2030
c
587,680
130,000
6.875%, 
11/1/2035
131,629
Lennar
Corporation
148,000
4.750%, 
5/30/2025
147,028
Light
&
Wonder
International,
Inc.
377,000
7.250%, 
11/15/2029
c
386,014
Live
Nation
Entertainment,
Inc.,
Convertible
424,000
2.000%, 
2/15/2025
446,006
648,000
3.125%, 
1/15/2029
c
735,869
Lowe's
Companies,
Inc.
330,000
4.500%, 
4/15/2030
328,083
Macy's
Retail
Holdings,
LLC
365,000
5.875%, 
4/1/2029
c,e
350,377
Marriott
International,
Inc./MD
124,000
4.900%, 
4/15/2029
124,806
198,000
4.625%, 
6/15/2030
194,434
Marriott
Vacations
Worldwide
Corporation,
Convertible
382,000
Zero
Coupon, 
1/15/2026
335,396
404,000
3.250%, 
12/15/2027
357,338
Mattamy
Group
Corporation
324,000
5.250%, 
12/15/2027
c
314,993
McDonald's
Corporation
136,000
4.950%, 
8/14/2033
e
139,785
Mercedes-Benz
Finance
North
America,
LLC
191,000
1.450%, 
3/2/2026
c
178,113
150,000
5.200%, 
8/3/2026
c
152,002
Michaels
Companies,
Inc.
277,000
5.250%, 
5/1/2028
c,e
218,992
NCL
Corporation,
Ltd.
162,000
3.625%, 
12/15/2024
c
157,377
146,000
5.875%, 
3/15/2026
c
142,665
264,000
5.875%, 
2/15/2027
c
261,721
Nissan
Motor
Company,
Ltd.
156,000
3.522%, 
9/17/2025
c
150,172
162,000
4.345%, 
9/17/2027
c
154,966
202,000
4.810%, 
9/17/2030
c
188,851
Nordstrom,
Inc.
142,000
4.375%, 
4/1/2030
e
123,522
201,000
4.250%, 
8/1/2031
e
167,228
PENN
Entertainment,
Inc.
370,000
4.125%, 
7/1/2029
c
316,350
PetSmart,
Inc./PetSmart
Finance
Corporation
480,000
4.750%, 
2/15/2028
c
452,536
303,000
7.750%, 
2/15/2029
c
294,764
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Consumer
Cyclical
(3.5%)
-
continued
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
$
545,000
5.750%, 
4/15/2026
c
$
547,953
328,000
6.250%, 
1/15/2028
c,e
326,087
Raising
Cane's
Restaurants,
LLC
146,000
9.375%, 
5/1/2029
c
155,809
Realogy
Group,
LLC/Realogy
Group
Co-Issuer
Corporation
349,000
5.750%, 
1/15/2029
c,e
271,230
Royal
Caribbean
Cruises,
Ltd.
788,000
4.250%, 
7/1/2026
c
761,109
77,000
9.250%, 
1/15/2029
c
82,823
227,000
7.250%, 
1/15/2030
c
237,074
Scientific
Games
Holdings,
LP/
Scientific
Games
US
FinCo,
Inc.
48,000
6.625%, 
3/1/2030
c
45,381
SeaWorld
Parks
and
Entertainment,
Inc.
270,000
5.250%, 
8/15/2029
c,e
252,400
Six
Flags
Theme
Parks,
Inc.
121,000
7.000%, 
7/1/2025
c
121,524
Staples,
Inc.
328,000
7.500%, 
4/15/2026
c
305,180
219,000
10.750%, 
4/15/2027
c
159,571
Station
Casinos,
LLC
304,000
4.625%, 
12/1/2031
c,e
274,109
Tapestry,
Inc.
198,000
7.350%, 
11/27/2028
207,701
Target
Corporation
266,000
2.350%, 
2/15/2030
237,336
Tenneco,
Inc.
268,000
8.000%, 
11/17/2028
c
228,805
Toyota
Motor
Credit
Corporation
136,000
5.550%, 
11/20/2030
143,280
Tractor
Supply
Company
136,000
5.250%, 
5/15/2033
139,511
Tripadvisor,
Inc.
90,000
7.000%, 
7/15/2025
c
90,214
Uber
Technologies,
Inc.
270,000
6.250%, 
1/15/2028
c
270,677
Uber
Technologies,
Inc.,
Convertible
802,000
Zero
Coupon, 
12/15/2025
815,521
249,000
0.875%, 
12/1/2028
c
270,788
Vail
Resorts,
Inc.,
Convertible
601,000
Zero
Coupon, 
1/1/2026
534,514
VICI
Properties,
LP/VICI
Note
Company,
Inc.
486,000
5.750%, 
2/1/2027
c
487,442
Victoria's
Secret
&
Company
148,000
4.625%, 
7/15/2029
c
123,624
Viking
Cruises,
Ltd.
579,000
5.875%, 
9/15/2027
c
558,735
Volkswagen
Group
of
America
Finance,
LLC
74,000
3.350%, 
5/13/2025
c
72,048
Wabash
National
Corporation
409,000
4.500%, 
10/15/2028
c
369,047
Wyndham
Hotels
&
Resorts,
Inc.
195,000
4.375%, 
8/15/2028
c
182,354
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
21
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Consumer
Cyclical
(3.5%)
-
continued
Yum!
Brands,
Inc.
$
421,000
4.750%, 
1/15/2030
c
$
408,084
ZF
North
America
Capital,
Inc.
242,000
7.125%, 
4/14/2030
c
257,922
Total
36,137,135
Consumer
Non-Cyclical
(2.9%)
1375209
B.C.,
Ltd.
119,000
9.000%, 
1/30/2028
c,e
116,037
AdaptHealth,
LLC
216,000
4.625%, 
8/1/2029
c
166,698
Albertsons
Companies,
Inc./
Safeway,
Inc./New
Albertsons,
LP/Albertsons,
LLC
537,000
4.625%, 
1/15/2027
c
522,073
434,000
3.500%, 
3/15/2029
c
394,064
Altria
Group,
Inc.
132,000
6.200%, 
11/1/2028
138,435
Amgen,
Inc.
196,000
5.150%, 
3/2/2028
200,655
332,000
5.250%, 
3/2/2030
341,295
Anheuser-Busch
InBev
Worldwide,
Inc.
286,000
4.000%, 
4/13/2028
282,484
261,000
4.750%, 
1/23/2029
265,056
Archer-Daniels-Midland
Company
133,000
4.500%, 
8/15/2033
133,004
AstraZeneca
Finance,
LLC
306,000
1.750%, 
5/28/2028
273,788
B&G
Foods,
Inc.
179,000
5.250%, 
9/15/2027
e
162,614
317,000
8.000%, 
9/15/2028
c
332,864
BAT
Capital
Corporation
172,000
6.343%, 
8/2/2030
180,583
140,000
7.750%, 
10/19/2032
158,043
Bausch
&
Lomb
Escrow
Corporation
74,000
8.375%, 
10/1/2028
c
78,066
Bausch
Health
Companies,
Inc.
162,000
5.500%, 
11/1/2025
c,e
148,193
445,000
4.875%, 
6/1/2028
c
267,998
94,000
11.000%, 
9/30/2028
c
68,336
Becton,
Dickinson
and
Company
134,000
4.693%, 
2/13/2028
134,570
196,000
2.823%, 
5/20/2030
175,178
BellRing
Brands,
Inc.
250,000
7.000%, 
3/15/2030
c
258,742
BioMarin
Pharmaceutical,
Inc.,
Convertible
594,000
1.250%, 
5/15/2027
e
609,979
Bio-Rad
Laboratories,
Inc.
220,000
3.300%, 
3/15/2027
209,028
Bristol-Myers
Squibb
Company
135,000
5.750%, 
2/1/2031
144,566
67,000
5.900%, 
11/15/2033
72,998
Cargill,
Inc.
289,000
2.125%, 
11/10/2031
c
241,202
Catalent
Pharma
Solutions,
Inc.
270,000
3.125%, 
2/15/2029
c
236,282
Central
Garden
&
Pet
Company
460,000
4.125%, 
10/15/2030
e
418,387
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Consumer
Non-Cyclical
(2.9%)
-
continued
Cheplapharm
Arzneimittel
GmbH
$
60,000
5.500%, 
1/15/2028
c
$
56,730
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
418,000
4.625%, 
11/15/2028
c,e
390,750
CHS/Community
Health
Systems,
Inc.
298,000
5.625%, 
3/15/2027
c
276,882
148,000
8.000%, 
12/15/2027
c
142,831
402,000
6.000%, 
1/15/2029
c
361,852
100,000
5.250%, 
5/15/2030
c
83,635
174,000
4.750%, 
2/15/2031
c
136,787
Cigna
Group
208,000
2.400%, 
3/15/2030
182,124
Constellation
Brands,
Inc.
261,000
3.150%, 
8/1/2029
242,567
87,000
4.900%, 
5/1/2033
87,525
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US,
LLC
496,000
4.750%, 
1/15/2029
c
473,090
97,000
6.625%, 
7/15/2030
c
99,649
CVS
Health
Corporation
120,000
5.000%, 
2/20/2026
120,567
102,000
4.300%, 
3/25/2028
100,271
120,000
5.125%, 
2/21/2030
121,861
136,000
5.300%, 
6/1/2033
139,566
Diageo
Capital
plc
148,000
2.000%, 
4/29/2030
127,820
250,000
5.625%, 
10/5/2033
269,642
Edgewell
Personal
Care
Company
260,000
5.500%, 
6/1/2028
c
255,125
Eli
Lilly
&
Company
265,000
4.700%, 
2/27/2033
271,742
Embecta
Corporation
134,000
6.750%, 
2/15/2030
c
116,580
Encompass
Health
Corporation
544,000
4.500%, 
2/1/2028
520,477
Energizer
Holdings,
Inc.
445,000
4.375%, 
3/31/2029
c
398,313
Envista
Holdings
Corporation,
Convertible
369,000
1.750%, 
8/15/2028
335,790
Fortrea
Holdings,
Inc.
108,000
7.500%, 
7/1/2030
c,e
110,913
General
Mills,
Inc.
53,000
4.950%, 
3/29/2033
53,731
Gilead
Sciences,
Inc.
131,000
5.250%, 
10/15/2033
136,538
Grifols
SA
378,000
4.750%, 
10/15/2028
c,e
342,797
HLF
Financing
SARL,
LLC/
Herbalife
International,
Inc.
588,000
4.875%, 
6/1/2029
c
461,703
Imperial
Brands
Finance
plc
164,000
3.125%, 
7/26/2024
c
161,274
Integer
Holdings
Corporation,
Convertible
552,000
2.125%, 
2/15/2028
c
704,352
Jazz
Investments
I,
Ltd.,
Convertible
568,000
2.000%, 
6/15/2026
e
572,828
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
22
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Consumer
Non-Cyclical
(2.9%)
-
continued
Jazz
Securities
DAC
$
239,000
4.375%, 
1/15/2029
c
$
222,608
JBS
USA
LUX
SA/JBS
USA
Food
Company/JBS
Luxembourg
SARL
127,000
6.750%, 
3/15/2034
c
133,811
JBS
USA
LUX
SA/JBS
USA
Food
Company/JBS
USA
Finance,
Inc.
348,000
2.500%, 
1/15/2027
320,250
165,000
3.625%, 
1/15/2032
141,450
Kenvue,
Inc.
57,000
5.000%, 
3/22/2030
58,832
Keurig
Dr.
Pepper,
Inc.
160,000
3.200%, 
5/1/2030
147,092
Kraft
Heinz
Foods
Company
147,000
3.875%, 
5/15/2027
144,181
134,000
6.750%, 
3/15/2032
150,860
Kroger
Company
130,000
4.500%, 
1/15/2029
129,117
Lamb
Weston
Holdings,
Inc.
259,000
4.125%, 
1/31/2030
c
238,780
Legacy
LifePoint
Health,
LLC
162,000
4.375%, 
2/15/2027
c
149,565
LifePoint
Health,
Inc.
151,000
11.000%, 
10/15/2030
c
159,026
Mattel,
Inc.
430,000
3.375%, 
4/1/2026
c
408,915
McKesson
Corporation
148,000
0.900%, 
12/3/2025
137,215
197,000
1.300%, 
8/15/2026
180,618
Medtronic
Global
Holdings
SCA
127,000
4.500%, 
3/30/2033
127,041
ModivCare
Escrow
Issuer,
Inc.
134,000
5.000%, 
10/1/2029
c,e
109,524
ModivCare,
Inc.
107,000
5.875%, 
11/15/2025
c
105,662
Mozart
Debt
Merger
Sub,
Inc.
362,000
3.875%, 
4/1/2029
c
327,300
283,000
5.250%, 
10/1/2029
c
266,749
Nestle
Holdings,
Inc.
267,000
4.950%, 
3/14/2030
c
275,026
Newell
Brands,
Inc.
334,000
5.200%, 
4/1/2026
329,394
Organon
&
Company/Organon
Foreign
Debt
Co-Issuer
BV
384,000
4.125%, 
4/30/2028
c
353,457
223,000
5.125%, 
4/30/2031
c
190,630
Owens
&
Minor,
Inc.
366,000
6.625%, 
4/1/2030
c,e
349,462
Perrigo
Finance
Unlimited
Company
182,000
4.375%, 
3/15/2026
175,975
207,000
3.150%, 
6/15/2030
188,287
Pfizer
Investment
Enterprises
Pte,
Ltd.
210,000
4.450%, 
5/19/2026
209,406
135,000
4.750%, 
5/19/2033
135,303
Philip
Morris
International,
Inc.
260,000
4.875%, 
2/15/2028
262,778
140,000
5.625%, 
11/17/2029
146,805
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Consumer
Non-Cyclical
(2.9%)
-
continued
$
140,000
5.750%, 
11/17/2032
$
146,925
Post
Holdings,
Inc.
330,000
4.500%, 
9/15/2031
c
295,728
Post
Holdings,
Inc.,
Convertible
374,000
2.500%, 
8/15/2027
377,927
Primo
Water
Holdings,
Inc.
441,000
4.375%, 
4/30/2029
c
406,334
Procter
&
Gamble
Company
130,000
1.200%, 
10/29/2030
107,687
RegionalCare
Hospital
Partners
Holdings,
Inc./LifePoint
Health,
Inc.
162,000
9.750%, 
12/1/2026
c
160,717
Roche
Holdings,
Inc.
140,000
1.930%, 
12/13/2028
c
124,986
200,000
2.076%, 
12/13/2031
c
168,387
Royalty
Pharma
plc
296,000
1.200%, 
9/2/2025
276,175
Scotts
Miracle-Gro
Company
151,000
4.500%, 
10/15/2029
134,165
SEG
Holding,
LLC
540,000
5.625%, 
10/15/2028
c
542,025
Simmons
Foods,
Inc.
380,000
4.625%, 
3/1/2029
c
328,768
Spectrum
Brands,
Inc.
310,000
5.000%, 
10/1/2029
c
295,779
200,000
5.500%, 
7/15/2030
c
194,074
Star
Parent,
Inc.
247,000
9.000%, 
10/1/2030
c
260,302
Sysco
Corporation
131,000
5.950%, 
4/1/2030
139,231
Takeda
Pharmaceutical
Company,
Ltd.
291,000
5.000%, 
11/26/2028
295,325
Teleflex,
Inc.
318,000
4.250%, 
6/1/2028
c
301,396
Tenet
Healthcare
Corporation
1,055,000
5.125%, 
11/1/2027
1,031,316
374,000
6.125%, 
10/1/2028
e
372,942
Teva
Pharmaceutical
Finance
Netherlands
III
BV
292,000
3.150%, 
10/1/2026
270,363
Thermo
Fisher
Scientific,
Inc.
140,000
5.000%, 
12/5/2026
142,102
Topgolf
Callaway
Brands
Corporation,
Convertible
214,000
2.750%, 
5/1/2026
228,552
TreeHouse
Foods,
Inc.
369,000
4.000%, 
9/1/2028
326,637
Unilever
Capital
Corporation
175,000
5.000%, 
12/8/2033
181,520
Utah
Acquisition
Sub,
Inc.
201,000
3.950%, 
6/15/2026
194,245
Viterra
Finance
BV
275,000
3.200%, 
4/21/2031
c
236,986
Winnebago
Industries,
Inc.,
Convertible
292,000
1.500%, 
4/1/2025
365,438
Wyeth,
LLC
326,000
6.500%, 
2/1/2034
367,518
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
23
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Consumer
Non-Cyclical
(2.9%)
-
continued
Zoetis,
Inc.
$
202,000
5.600%, 
11/16/2032
$
216,523
Total
29,352,722
Energy
(2.7%)
Antero
Midstream
Partners,
LP/
Antero
Midstream
Finance
Corporation
254,000
5.375%, 
6/15/2029
c
244,188
Antero
Resources
Corporation
139,000
5.375%, 
3/1/2030
c
133,226
Apache
Corporation
201,000
4.375%, 
10/15/2028
190,325
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
530,000
6.250%, 
4/1/2028
c
522,050
Baytex
Energy
Corporation
269,000
8.500%, 
4/30/2030
c
278,391
Borr
IHC,
Ltd./Borr
Finance,
LLC
270,000
10.375%, 
11/15/2030
c
278,100
BP
Capital
Markets
America,
Inc.
423,000
4.234%, 
11/6/2028
420,413
187,000
4.812%, 
2/13/2033
188,536
BP
Capital
Markets
plc
495,000
4.875%, 
3/22/2030
b,h
470,150
Buckeye
Partners,
LP
385,000
3.950%, 
12/1/2026
363,825
Callon
Petroleum
Company
271,000
7.500%, 
6/15/2030
c,e
273,309
Cheniere
Energy
Partners,
LP
132,000
4.500%, 
10/1/2029
126,254
133,000
3.250%, 
1/31/2032
113,320
208,000
5.950%, 
6/30/2033
c
213,562
Chesapeake
Energy
Corporation
204,000
6.750%, 
4/15/2029
c
205,898
Chord
Energy
Corporation
203,000
6.375%, 
6/1/2026
c
203,000
Civitas
Resources,
Inc.
122,000
8.375%, 
7/1/2028
c
127,361
87,000
8.625%, 
11/1/2030
c
92,283
301,000
8.750%, 
7/1/2031
c
320,429
CNX
Resources
Corporation
155,000
6.000%, 
1/15/2029
c
148,588
CNX
Resources
Corporation,
Convertible
342,000
2.250%, 
5/1/2026
e
553,630
Columbia
Pipelines
Holding
Company,
LLC
143,000
6.055%, 
8/15/2026
c
146,379
271,000
6.042%, 
8/15/2028
c
279,700
Comstock
Resources,
Inc.
80,000
6.750%, 
3/1/2029
c
73,161
252,000
5.875%, 
1/15/2030
c
218,560
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
309,000
5.500%, 
6/15/2031
c
292,810
Crescent
Energy
Finance,
LLC
298,000
9.250%, 
2/15/2028
c
309,196
Diamond
Foreign
Asset
Company/
Diamond
Finance,
LLC
98,000
8.500%, 
10/1/2030
c
100,215
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Energy
(2.7%)
-
continued
Diamondback
Energy,
Inc.
$
338,000
3.125%, 
3/24/2031
$
300,422
DT
Midstream,
Inc.
201,000
4.125%, 
6/15/2029
c
184,917
125,000
4.375%, 
6/15/2031
c
112,754
Enbridge,
Inc.
260,000
7.375%, 
1/15/2083
b
255,672
263,000
7.625%, 
1/15/2083
b
263,399
136,000
5.900%, 
11/15/2026
139,633
66,000
5.700%, 
3/8/2033
68,600
Enerflex,
Ltd.
240,000
9.000%, 
10/15/2027
c
231,517
Energy
Transfer,
LP
290,000
6.500%, 
11/15/2026
b,h
275,581
134,000
4.400%, 
3/15/2027
131,001
196,000
3.750%, 
5/15/2030
182,011
136,000
6.400%, 
12/1/2030
145,411
EnLink
Midstream
Partners,
LP
406,000
4.850%, 
7/15/2026
397,756
Enterprise
Products
Operating,
LLC
130,000
4.150%, 
10/16/2028
128,352
280,000
8.638%, 
(TSFR3M
+
3.248%),
8/16/2077
b
278,254
EQM
Midstream
Partners,
LP
742,000
4.750%, 
1/15/2031
c
690,541
EQT
Corporation,
Convertible
148,000
1.750%, 
5/1/2026
392,851
Ferrellgas,
LP/Ferrellgas
Finance
Corporation
297,000
5.375%, 
4/1/2026
c
290,657
Genesis
Energy
LP/Genesis
Energy
Finance
Corporation
397,000
8.875%, 
4/15/2030
410,498
Harvest
Midstream,
LP
301,000
7.500%, 
9/1/2028
c
299,218
Hess
Midstream
Operations,
LP
241,000
5.625%, 
2/15/2026
c
239,236
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
400,000
5.750%, 
2/1/2029
c
386,278
275,000
6.250%, 
4/15/2032
c
264,525
Howard
Midstream
Energy
Partners,
LLC
412,000
6.750%, 
1/15/2027
c
407,415
ITT
Holdings,
LLC
435,000
6.500%, 
8/1/2029
c
384,818
Laredo
Petroleum,
Inc.
455,000
7.750%, 
7/31/2029
c
435,027
Marathon
Oil
Corporation
130,000
4.400%, 
7/15/2027
126,788
MEG
Energy
Corporation
351,000
5.875%, 
2/1/2029
c
341,046
MPLX,
LP
325,000
1.750%, 
3/1/2026
304,016
65,000
5.000%, 
3/1/2033
63,674
Murphy
Oil
Corporation
180,000
5.875%, 
12/1/2027
179,085
Nabors
Industries,
Ltd.
470,000
7.250%, 
1/15/2026
c
451,769
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
24
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Energy
(2.7%)
-
continued
National
Fuel
Gas
Company
$
295,000
5.500%, 
1/15/2026
$
295,320
New
Fortress
Energy,
Inc.
180,000
6.750%, 
9/15/2025
c
178,564
Noble
Finance
II,
LLC
297,000
8.000%, 
4/15/2030
c
309,044
Northern
Oil
and
Gas,
Inc.
270,000
8.750%, 
6/15/2031
c
281,231
Northern
Oil
and
Gas,
Inc.,
Convertible
373,000
3.625%, 
4/15/2029
439,767
Northriver
Midstream
Finance,
LP
146,000
5.625%, 
2/15/2026
c
141,540
NuStar
Logistics,
LP
218,000
5.750%, 
10/1/2025
216,623
Occidental
Petroleum
Corporation
268,000
8.875%, 
7/15/2030
313,615
ONEOK,
Inc.
194,000
2.200%, 
9/15/2025
184,356
140,000
5.550%, 
11/1/2026
142,464
134,000
5.650%, 
11/1/2028
138,716
Ovintiv,
Inc.
166,000
5.650%, 
5/15/2028
169,377
137,000
6.250%, 
7/15/2033
141,626
PBF
Holding
Company,
LLC/PBF
Finance
Corporation
197,000
6.000%, 
2/15/2028
191,784
Permian
Resources
Operating,
LLC
370,000
7.000%, 
1/15/2032
c
381,719
Permian
Resources
Operating,
LLC,
Convertible
168,000
3.250%, 
4/1/2028
389,239
Pioneer
Natural
Resources
Company
195,000
1.900%, 
8/15/2030
165,557
Pioneer
Natural
Resources
Company,
Convertible
248,000
0.250%, 
5/15/2025
602,640
Plains
All
American
Pipeline,
LP
150,000
9.751%, 
(TSFR3M
+
4.372%),
2/2/2024
b,h
144,937
Plains
All
American
Pipeline,
LP/
PAA
Finance
Corporation
317,000
4.650%, 
10/15/2025
313,570
Precision
Drilling
Corporation
390,000
6.875%, 
1/15/2029
c
376,089
Range
Resources
Corporation
217,000
4.750%, 
2/15/2030
c,e
200,593
Rockcliff
Energy
II,
LLC
287,000
5.500%, 
10/15/2029
c
271,247
Rockies
Express
Pipeline,
LLC
190,000
4.950%, 
7/15/2029
c
181,673
Schlumberger
Holdings
Corporation
81,000
4.300%, 
5/1/2029
c
80,126
SM
Energy
Company
118,000
6.625%, 
1/15/2027
117,332
185,000
6.500%, 
7/15/2028
e
185,085
Southwestern
Energy
Company
227,000
5.375%, 
3/15/2030
221,655
192,000
4.750%, 
2/1/2032
177,641
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Energy
(2.7%)
-
continued
Suncor
Energy,
Inc.
$
131,000
7.150%, 
2/1/2032
$
146,043
Sunoco,
LP/Sunoco
Finance
Corporation
200,000
5.875%, 
3/15/2028
199,734
277,000
4.500%, 
4/30/2030
256,450
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
494,000
5.500%, 
1/15/2028
c
466,834
Targa
Resources
Partners,
LP
359,000
4.875%, 
2/1/2031
348,736
Teine
Energy,
Ltd.
250,000
6.875%, 
4/15/2029
c
234,722
TransCanada
Trust
600,000
5.875%, 
8/15/2076
b
567,167
Transocean,
Inc.
330,000
11.500%, 
1/30/2027
c
344,850
141,550
8.750%, 
2/15/2030
c
147,886
USA
Compression
Partners,
LP/
USA
Compression
Finance
Corporation
387,000
6.875%, 
4/1/2026
385,368
Valaris,
Ltd.
268,000
8.375%, 
4/30/2030
c
274,577
Venture
Global
Calcasieu
Pass,
LLC
374,000
3.875%, 
8/15/2029
c
339,330
170,000
6.250%, 
1/15/2030
c
169,080
220,000
4.125%, 
8/15/2031
c
193,821
Venture
Global
LNG,
Inc.
549,000
8.375%, 
6/1/2031
c
548,716
190,000
9.875%, 
2/1/2032
c
197,911
Weatherford
International,
Ltd.
219,000
8.625%, 
4/30/2030
c
228,649
Williams
Companies,
Inc.
131,000
2.600%, 
3/15/2031
112,008
Total
27,764,593
Financials
(7.9%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
86,000
6.000%, 
8/1/2029
c
78,144
AerCap
Holdings
NV
300,000
5.875%, 
10/10/2079
b
296,219
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
121,000
3.150%, 
2/15/2024
120,520
200,000
6.500%, 
7/15/2025
202,534
150,000
6.100%, 
1/15/2027
153,201
207,000
5.750%, 
6/6/2028
211,852
362,000
3.000%, 
10/29/2028
330,502
Air
Lease
Corporation
152,000
2.300%, 
2/1/2025
146,644
270,000
4.650%, 
6/15/2026
b,h
242,405
162,000
3.125%, 
12/1/2030
141,694
Aircastle,
Ltd.
274,000
5.250%, 
6/15/2026
b,c,h
234,903
163,000
2.850%, 
1/26/2028
c
145,400
Alliant
Holdings
Intermediate,
LLC/
Alliant
Holdings
Co-Issuer,
Inc.
207,000
6.750%, 
10/15/2027
c
206,268
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
25
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Financials
(7.9%)
-
continued
Ally
Financial,
Inc.
$
200,000
5.750%, 
11/20/2025
$
198,754
525,000
4.700%, 
5/15/2026
b,h
393,782
130,000
8.000%, 
11/1/2031
142,415
78,000
6.700%, 
2/14/2033
78,092
American
Express
Company
214,000
3.950%, 
8/1/2025
210,539
255,000
3.550%, 
9/15/2026
b,h
218,611
275,000
6.338%, 
10/30/2026
b
280,377
351,000
2.550%, 
3/4/2027
328,823
American
Homes
4
Rent,
LP
157,000
2.375%, 
7/15/2031
129,508
American
International
Group,
Inc.
271,000
5.125%, 
3/27/2033
275,005
AmWINS
Group,
Inc.
272,000
4.875%, 
6/30/2029
c
248,400
Arbor
Realty
Trust,
Inc.,
Convertible
145,000
7.500%, 
8/1/2025
147,030
Ares
Capital
Corporation
76,000
4.250%, 
3/1/2025
74,294
340,000
2.150%, 
7/15/2026
309,935
Ares
Capital
Corporation,
Convertible
235,000
4.625%, 
3/1/2024
241,903
Assurant,
Inc.
193,000
6.100%, 
2/27/2026
196,069
Australia
&
New
Zealand
Banking
Group,
Ltd.
288,000
2.950%, 
7/22/2030
b,c
273,491
Aviation
Capital
Group,
LLC
131,000
4.875%, 
10/1/2025
c
128,389
Avolon
Holdings
Funding,
Ltd.
301,000
4.250%, 
4/15/2026
c
290,710
BAC
Capital
Trust
XIV
332,000
6.046%, 
(TSFR3M
+
0.662%),
1/18/2024
b,h
268,920
Banco
Santander
Mexico
SA
89,000
5.375%, 
4/17/2025
c
88,856
Banco
Santander
SA
110,000
4.750%, 
11/12/2026
b,h
92,702
200,000
5.294%, 
8/18/2027
200,603
200,000
4.175%, 
3/24/2028
b
192,468
200,000
6.921%, 
8/8/2033
213,133
Bank
of
America
Corporation
325,000
4.200%, 
8/26/2024
321,951
750,000
6.250%, 
9/5/2024
b,h
743,092
160,000
3.458%, 
3/15/2025
b
159,237
320,000
6.100%, 
3/17/2025
b,h
316,963
373,000
1.319%, 
6/19/2026
b
351,042
298,000
1.197%, 
10/24/2026
b
276,710
325,000
6.125%, 
4/27/2027
b,e,h
325,780
196,000
1.734%, 
7/22/2027
b
179,566
278,000
4.376%, 
4/27/2028
b
271,689
392,000
3.593%, 
7/21/2028
b
371,811
214,000
4.948%, 
7/22/2028
b
213,971
230,000
5.819%, 
9/15/2029
b
237,423
523,000
3.974%, 
2/7/2030
b
495,018
454,000
2.687%, 
4/22/2032
b
383,372
204,000
2.572%, 
10/20/2032
b
169,131
290,000
2.972%, 
2/4/2033
b
246,738
141,000
3.846%, 
3/8/2037
b
123,799
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Financials
(7.9%)
-
continued
Bank
of
Montreal
$
256,000
5.266%, 
12/11/2026
$
259,519
195,000
5.203%, 
2/1/2028
198,637
140,000
3.088%, 
1/10/2037
b
112,914
Bank
of
New
York
Mellon
Corporation
132,000
6.317%, 
10/25/2029
b
140,209
214,000
4.596%, 
7/26/2030
b
212,515
134,000
6.474%, 
10/25/2034
b
148,430
Bank
of
Nova
Scotia
208,000
5.250%, 
12/6/2024
207,856
450,000
4.900%, 
6/4/2025
b,h
429,818
132,000
1.050%, 
3/2/2026
121,638
Barclays
plc
179,000
2.852%, 
5/7/2026
b
172,583
200,000
5.501%, 
8/9/2028
b
200,926
193,000
4.972%, 
5/16/2029
b
189,462
200,000
6.224%, 
5/9/2034
b
207,435
136,000
7.119%, 
6/27/2034
b
144,939
Berkshire
Hathaway
Finance
Corporation
421,000
2.875%, 
3/15/2032
379,483
Blackstone
Mortgage
Trust,
Inc.,
Convertible
252,000
5.500%, 
3/15/2027
228,690
Blue
Owl
Capital
Corporation
II
136,000
8.450%, 
11/15/2026
c
140,113
Blue
Owl
Credit
Income
Corporation
214,000
4.700%, 
2/8/2027
202,139
Blue
Owl
Technology
Finance
Corporation
68,000
4.750%, 
12/15/2025
c
64,304
196,000
3.750%, 
6/17/2026
c
179,205
BNP
Paribas
SA
188,000
2.819%, 
11/19/2025
b,c
183,188
200,000
3.132%, 
1/20/2033
b,c
169,946
BPCE
SA
152,000
2.375%, 
1/14/2025
c
146,952
Bread
Financial
Holdings,
Inc.
148,000
9.750%, 
3/15/2029
c
153,428
Bread
Financial
Holdings,
Inc.,
Convertible
183,000
4.250%, 
6/15/2028
c,e
194,218
Brixmor
Operating
Partnership,
LP
262,000
2.250%, 
4/1/2028
232,656
Brookfield
Property
REIT,
Inc./BPR
Cumulus,
LLC/BPR
Nimbus,
LLC/GGSI
Sellco,
LLC
86,000
4.500%, 
4/1/2027
c
77,400
Burford
Capital
Global
Finance,
LLC
300,000
9.250%, 
7/1/2031
c
318,840
Camden
Property
Trust
134,000
5.850%, 
11/3/2026
138,006
Canadian
Imperial
Bank
of
Commerce
214,000
3.945%, 
8/4/2025
210,584
120,000
5.926%, 
10/2/2026
123,454
Capital
One
Financial
Corporation
140,000
3.950%, 
9/1/2026
b,h
112,201
217,000
3.273%, 
3/1/2030
b
193,803
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
26
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Financials
(7.9%)
-
continued
Capital
One
NA
$
228,000
2.280%, 
1/28/2026
b
$
219,878
Castlelake
Aviation
Finance
DAC
131,000
5.000%, 
4/15/2027
c
122,638
Centene
Corporation
544,000
3.000%, 
10/15/2030
471,128
Charles
Schwab
Corporation
537,000
5.375%, 
6/1/2025
b,e,h
529,546
255,000
0.900%, 
3/11/2026
233,760
300,000
4.000%, 
6/1/2026
b,h
264,444
140,000
5.875%, 
8/24/2026
143,590
125,000
5.000%, 
6/1/2027
b,h
112,846
196,000
2.000%, 
3/20/2028
174,359
135,000
6.136%, 
8/24/2034
b
142,300
Citigroup,
Inc.
154,000
5.000%, 
9/12/2024
b,h
149,487
180,000
3.352%, 
4/24/2025
b
178,621
365,000
5.500%, 
9/13/2025
366,662
218,000
1.281%, 
11/3/2025
b
209,745
315,000
4.000%, 
12/10/2025
b,h
289,930
515,000
3.875%, 
2/18/2026
b,h
455,942
205,000
4.150%, 
11/15/2026
b,h
175,938
451,000
1.122%, 
1/28/2027
b
414,379
263,000
1.462%, 
6/9/2027
b
240,682
286,000
3.070%, 
2/24/2028
b
269,491
133,000
7.375%, 
5/15/2028
b,e,h
134,609
271,000
7.625%, 
11/15/2028
b,e,h
276,718
522,000
4.075%, 
4/23/2029
b
502,391
136,000
6.174%, 
5/25/2034
b
140,729
Citizens
Financial
Group,
Inc.
275,000
4.000%, 
10/6/2026
b,h
217,331
CNA
Financial
Corporation
190,000
3.950%, 
5/15/2024
188,609
Coinbase
Global,
Inc.,
Convertible
878,000
0.500%, 
6/1/2026
795,117
Comerica,
Inc.
160,000
5.625%, 
7/1/2025
b,h
150,694
Commonwealth
Bank
of
Australia
156,000
2.688%, 
3/11/2031
c
128,275
Cooperatieve
Rabobank
UA
149,000
1.339%, 
6/24/2026
b,c
140,449
Corebridge
Financial,
Inc.
196,000
6.875%, 
12/15/2052
b
195,335
134,000
6.050%, 
9/15/2033
c
139,553
123,000
5.750%, 
1/15/2034
125,726
Corporate
Office
Properties,
LP
265,000
2.250%, 
3/15/2026
247,071
Corporate
Office
Properties,
LP,
Convertible
168,000
5.250%, 
9/15/2028
c
176,988
Credit
Acceptance
Corporation
345,000
9.250%, 
12/15/2028
c
367,753
Credit
Agricole
SA
270,000
8.125%, 
12/23/2025
b,c,h
274,974
131,000
3.250%, 
1/14/2030
c
115,636
Credit
Suisse
Group
AG
130,000
7.250%, 
9/12/2025
b,c,h,i
14,950
150,000
7.500%, 
12/29/2049
*,b,h,i
17,250
Dai-ichi
Life
Insurance
Company,
Ltd.
388,000
5.100%, 
10/28/2024
b,c,e,h
384,167
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Financials
(7.9%)
-
continued
Deutsche
Bank
AG/New
York,
NY
$
444,000
2.129%, 
11/24/2026
b
$
416,169
250,000
2.311%, 
11/16/2027
b
228,598
190,000
6.819%, 
11/20/2029
b
200,040
214,000
3.742%, 
1/7/2033
b
175,676
Discover
Bank
260,000
5.974%, 
(USISOA05
+
1.730%),
8/9/2028
b
250,429
Discover
Financial
Services
71,000
6.700%, 
11/29/2032
74,375
Drawbridge
Special
Opportunities
Fund,
LP
540,000
3.875%, 
2/15/2026
c
496,745
Elevance
Health,
Inc.
198,000
5.350%, 
10/15/2025
199,384
411,000
2.550%, 
3/15/2031
356,859
Enact
Holdings,
Inc.
219,000
6.500%, 
8/15/2025
c
218,321
Encore
Capital
Group,
Inc.,
Convertible
278,000
4.000%, 
3/15/2029
c
273,830
Extra
Space
Storage,
LP
121,000
5.900%, 
1/15/2031
126,290
135,000
2.400%, 
10/15/2031
111,370
Fifth
Third
Bancorp
320,000
4.500%, 
9/30/2025
b,h
296,819
144,000
4.772%, 
7/28/2030
b
140,635
Fifth
Third
Bank
NA
343,000
3.850%, 
3/15/2026
329,805
First
Horizon
Bank
198,000
5.750%, 
5/1/2030
e
186,679
Five
Corners
Funding
Trust
III
180,000
5.791%, 
2/15/2033
c
191,145
Fortress
Transportation
and
Infrastructure
Investors,
LLC
369,000
6.500%, 
10/1/2025
c
367,819
142,000
9.750%, 
8/1/2027
c
147,680
6,000
5.500%, 
5/1/2028
c
5,770
Freedom
Mortgage
Corporation
122,000
7.625%, 
5/1/2026
c
120,408
98,000
12.000%, 
10/1/2028
c
107,028
FS
KKR
Capital
Corporation
132,000
3.400%, 
1/15/2026
124,908
132,000
2.625%, 
1/15/2027
118,481
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership,
LP
469,000
3.750%, 
12/15/2027
c
391,902
goeasy,
Ltd.
196,000
9.250%, 
12/1/2028
c
209,322
Goldman
Sachs
Group,
Inc.
190,000
5.500%, 
8/10/2024
b,h
187,345
148,000
3.500%, 
4/1/2025
144,634
223,000
4.250%, 
10/21/2025
218,884
222,000
0.855%, 
2/12/2026
b
210,501
195,000
3.650%, 
8/10/2026
b,h
172,920
255,000
4.125%, 
11/10/2026
b,h
227,090
456,000
1.948%, 
10/21/2027
b
417,158
140,000
2.640%, 
2/24/2028
b
129,781
155,000
3.615%, 
3/15/2028
b
148,666
278,000
4.482%, 
8/23/2028
b
273,092
261,000
3.814%, 
4/23/2029
b
247,785
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
27
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Financials
(7.9%)
-
continued
$
131,000
3.800%, 
3/15/2030
$
123,084
131,000
2.615%, 
4/22/2032
b
109,963
132,000
2.383%, 
7/21/2032
b
108,455
Hartford
Financial
Services
Group,
Inc.
130,000
2.800%, 
8/19/2029
118,045
125,000
7.766%, 
(TSFR3M
+
2.387%),
2/12/2047
b,c
107,247
HAT
Holdings
I,
LLC/HAT
Holdings
II,
LLC,
Convertible
30,000
Zero
Coupon, 
5/1/2025
c
30,189
348,000
3.750%, 
8/15/2028
c
405,002
HSBC
Holdings
plc
143,000
3.803%, 
3/11/2025
b
142,413
150,000
6.375%, 
3/30/2025
b,h
148,087
187,000
2.633%, 
11/7/2025
b
182,322
178,000
1.589%, 
5/24/2027
b
163,258
350,000
2.251%, 
11/22/2027
b
321,255
200,000
6.161%, 
3/9/2029
b
206,518
365,000
4.583%, 
6/19/2029
b
353,907
95,000
4.600%, 
12/17/2030
b,h
79,231
159,000
2.804%, 
5/24/2032
b
132,735
HUB
International,
Ltd.
431,000
5.625%, 
12/1/2029
c
411,162
Huntington
Bancshares,
Inc.
415,000
4.450%, 
10/15/2027
b,h
363,950
Icahn
Enterprises,
LP/Icahn
Enterprises
Finance
Corporation
253,000
6.375%, 
12/15/2025
248,377
279,000
5.250%, 
5/15/2027
250,604
ING
Groep
NV
258,000
1.726%, 
4/1/2027
b
238,674
200,000
6.083%, 
9/11/2027
b
204,101
Intercontinental
Exchange,
Inc.
215,000
4.350%, 
6/15/2029
213,688
Invitation
Homes
Operating
Partnership,
LP
227,000
2.000%, 
8/15/2031
180,638
J.P.
Morgan
Chase
&
Company
320,000
8.939%, 
(TSFR3M
+
3.562%),
2/1/2024
b,e,h
322,800
544,000
5.000%, 
8/1/2024
b,h
534,081
210,000
4.600%, 
2/1/2025
b,h
202,507
310,000
1.561%, 
12/10/2025
b
298,468
149,000
2.083%, 
4/22/2026
b
142,720
295,000
3.650%, 
6/1/2026
b,h
269,965
371,000
1.045%, 
11/19/2026
b
343,558
261,000
1.578%, 
4/22/2027
b
240,857
289,000
2.947%, 
2/24/2028
b
271,903
392,000
4.005%, 
4/23/2029
b
377,160
133,000
2.069%, 
6/1/2029
b
117,925
523,000
4.493%, 
3/24/2031
b
509,924
140,000
2.963%, 
1/25/2033
b
119,957
145,000
4.912%, 
7/25/2033
b
143,366
140,000
5.717%, 
9/14/2033
b
144,858
149,000
5.350%, 
6/1/2034
b
151,121
147,000
6.254%, 
10/23/2034
b
159,346
J.P.
Morgan
Chase
Bank
NA
250,000
5.110%, 
12/8/2026
252,243
Jefferies
Finance,
LLC/JFIN
Co-
Issuer
Corporation
120,000
5.000%, 
8/15/2028
c
107,409
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Financials
(7.9%)
-
continued
KeyBank
NA/Cleveland,
OH
$
196,000
3.900%, 
4/13/2029
$
170,799
250,000
5.000%, 
1/26/2033
233,710
Kilroy
Realty,
LP
196,000
4.250%, 
8/15/2029
179,639
Lincoln
National
Corporation
300,000
7.989%, 
(TSFR3M
+
2.619%),
2/20/2024
b
211,308
Lloyds
Banking
Group
plc
440,000
1.627%, 
5/11/2027
b
403,150
M&T
Bank
Corporation
406,000
3.500%, 
9/1/2026
b,h
297,950
Macquarie
Group,
Ltd.
264,000
1.629%, 
9/23/2027
b,c
237,526
Manufacturers
&
Traders
Trust
Company
260,000
4.700%, 
1/27/2028
252,586
Marsh
&
McLennan
Companies,
Inc.
135,000
2.375%, 
12/15/2031
114,995
MetLife,
Inc.
320,000
3.850%, 
9/15/2025
b,h
302,911
205,000
5.875%, 
3/15/2028
b,h
200,928
261,000
6.400%, 
12/15/2036
269,161
Metropolitan
Life
Global
Funding
I
244,000
2.950%, 
4/9/2030
c
216,726
Mid-America
Apartments,
LP
261,000
4.200%, 
6/15/2028
254,957
Mitsubishi
UFJ
Financial
Group,
Inc.
179,000
1.412%, 
7/17/2025
168,912
260,000
1.538%, 
7/20/2027
b
237,567
Mizuho
Financial
Group,
Inc.
343,000
1.554%, 
7/9/2027
b
313,437
278,000
2.564%, 
9/13/2031
226,129
135,000
5.748%, 
7/6/2034
b
139,667
Molina
Healthcare,
Inc.
312,000
4.375%, 
6/15/2028
c
295,083
Morgan
Stanley
160,000
2.720%, 
7/22/2025
b
157,359
268,000
1.164%, 
10/21/2025
b
257,921
104,000
5.000%, 
11/24/2025
103,846
250,000
2.630%, 
2/18/2026
b
241,955
302,000
2.188%, 
4/28/2026
b
290,118
214,000
6.138%, 
10/16/2026
b
217,851
148,000
0.985%, 
12/10/2026
b
136,163
260,000
1.593%, 
5/4/2027
b
239,561
262,000
1.512%, 
7/20/2027
b
239,312
98,000
5.123%, 
2/1/2029
b
98,446
392,000
3.622%, 
4/1/2031
b
361,121
140,000
2.943%, 
1/21/2033
b
119,092
144,000
4.889%, 
7/20/2033
b
140,410
132,000
5.250%, 
4/21/2034
b
131,987
156,000
5.424%, 
7/21/2034
b
158,321
283,000
2.484%, 
9/16/2036
b
224,302
MPT
Operating
Partnership,
LP/
MPT
Finance
Corporation
231,000
5.250%, 
8/1/2026
e
206,500
104,000
4.625%, 
8/1/2029
74,782
Nasdaq,
Inc.
143,000
5.350%, 
6/28/2028
147,282
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
28
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Financials
(7.9%)
-
continued
Nationstar
Mortgage
Holdings,
Inc.
$
289,000
6.000%, 
1/15/2027
c
$
286,833
NatWest
Group
plc
182,000
4.269%, 
3/22/2025
b
181,354
131,000
4.892%, 
5/18/2029
b
128,600
197,000
3.754%, 
11/1/2029
b
192,166
Necessity
Retail
REIT,
Inc./
American
Finance
Operating
Partner,
LP
332,000
4.500%, 
9/30/2028
c
279,571
New
York
Life
Global
Funding
134,000
4.550%, 
1/28/2033
c
132,070
NFP
Corporation
162,000
6.875%, 
8/15/2028
c
164,689
Nippon
Life
Insurance
Company
640,000
5.100%, 
10/16/2044
b,c
633,351
NNN
REIT,
Inc.
131,000
2.500%, 
4/15/2030
112,572
Nomura
Holdings,
Inc.
200,000
2.172%, 
7/14/2028
175,698
Northern
Trust
Corporation
212,000
4.000%, 
5/10/2027
209,131
Office
Properties
Income
Trust
129,000
2.650%, 
6/15/2026
79,952
Omega
Healthcare
Investors,
Inc.
127,000
4.750%, 
1/15/2028
122,083
130,000
3.375%, 
2/1/2031
110,451
OneMain
Finance
Corporation
831,000
6.875%, 
3/15/2025
841,205
93,000
3.875%, 
9/15/2028
82,282
Park
Intermediate
Holdings,
LLC
477,000
4.875%, 
5/15/2029
c
441,528
Pebblebrook
Hotel
Trust,
Convertible
768,000
1.750%, 
12/15/2026
683,981
Pine
Street
Trust
I
130,000
4.572%, 
2/15/2029
c
123,617
PNC
Bank
NA
130,000
2.700%, 
10/22/2029
113,955
PNC
Financial
Services
Group,
Inc.
270,000
5.671%, 
10/28/2025
b
269,862
250,000
3.400%, 
9/15/2026
b,h
199,981
261,000
6.200%, 
9/15/2027
b,h
253,754
145,000
5.582%, 
6/12/2029
b
148,093
266,000
6.250%, 
3/15/2030
b,h
247,957
134,000
6.875%, 
10/20/2034
b
148,758
PRA
Group,
Inc.
242,000
7.375%, 
9/1/2025
c
240,148
199,000
8.375%, 
2/1/2028
c
191,580
Principal
Life
Global
Funding
II
197,000
1.250%, 
8/16/2026
c
178,554
Prologis,
LP
229,000
3.375%, 
12/15/2027
218,624
Provident
Financing
Trust
I
155,000
7.405%, 
3/15/2038
165,158
Prudential
Financial,
Inc.
142,000
5.125%, 
3/1/2052
b
133,453
198,000
6.750%, 
3/1/2053
b
206,299
636,000
5.200%, 
3/15/2044
b
632,820
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Financials
(7.9%)
-
continued
$
160,000
3.700%, 
10/1/2050
b
$
138,711
Public
Storage
Operating
Company
134,000
5.100%, 
8/1/2033
138,717
QBE
Insurance
Group,
Ltd.
140,000
5.875%, 
5/12/2025
b,c,e,h
136,401
Radian
Group,
Inc.
330,000
4.875%, 
3/15/2027
318,980
Realty
Income
Corporation
132,000
4.875%, 
6/1/2026
132,104
196,000
3.950%, 
8/15/2027
190,526
Redwood
Trust,
Inc.,
Convertible
42,000
7.750%, 
6/15/2027
38,509
Regions
Financial
Corporation
129,000
2.250%, 
5/18/2025
122,941
245,000
5.750%, 
6/15/2025
b,h
237,524
Reinsurance
Group
of
America,
Inc.
134,000
6.000%, 
9/15/2033
140,499
RLJ
Lodging
Trust,
LP
150,000
3.750%, 
7/1/2026
c
142,124
334,000
4.000%, 
9/15/2029
c
300,143
Rocket
Mortgage,
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
310,000
3.625%, 
3/1/2029
c
280,577
Royal
Bank
of
Canada
205,000
0.750%, 
10/7/2024
197,893
Santander
Holdings
USA,
Inc.
144,000
2.490%, 
1/6/2028
b
131,829
Santander
UK
Group
Holdings
plc
262,000
1.673%, 
6/14/2027
b
238,176
Service
Properties
Trust
203,000
7.500%, 
9/15/2025
205,256
260,000
5.500%, 
12/15/2027
238,045
135,000
8.625%, 
11/15/2031
c
141,403
Simon
Property
Group,
LP
264,000
2.650%, 
7/15/2030
233,622
134,000
6.250%, 
1/15/2034
145,633
SLM
Corporation
150,000
4.200%, 
10/29/2025
145,500
Societe
Generale
SA
188,000
2.625%, 
10/16/2024
c
183,541
177,000
1.488%, 
12/14/2026
b,c
162,908
Spirit
Realty,
LP
282,000
3.200%, 
1/15/2027
266,795
Standard
Chartered
plc
177,000
0.991%, 
1/12/2025
b,c
176,742
130,000
6.000%, 
7/26/2025
b,c,h
127,541
206,000
2.608%, 
1/12/2028
b,c
188,378
Starwood
Property
Trust,
Inc.,
Convertible
397,000
6.750%, 
7/15/2027
426,577
State
Street
Corporation
144,000
5.272%, 
8/3/2026
146,093
144,000
4.421%, 
5/13/2033
b
140,013
Sumitomo
Life
Insurance
Company
420,000
3.375%, 
4/15/2081
b,c
358,499
Sumitomo
Mitsui
Financial
Group,
Inc.
188,000
2.448%, 
9/27/2024
183,916
206,000
2.174%, 
1/14/2027
190,433
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
29
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Financials
(7.9%)
-
continued
$
200,000
5.716%, 
9/14/2028
$
207,113
196,000
2.142%, 
9/23/2030
162,378
200,000
5.766%, 
1/13/2033
211,344
Sumitomo
Mitsui
Trust
Bank,
Ltd.
149,000
1.050%, 
9/12/2025
c
139,001
Summit
Hotel
Properties,
Inc.,
Convertible
310,000
1.500%, 
2/15/2026
274,815
Synchrony
Financial
160,000
4.250%, 
8/15/2024
158,241
76,000
7.250%, 
2/2/2033
75,395
Synovus
Bank
135,000
5.625%, 
2/15/2028
129,708
Toronto-Dominion
Bank
160,000
8.125%, 
10/31/2082
b
166,526
124,000
5.156%, 
1/10/2028
125,870
209,000
5.523%, 
7/17/2028
215,174
144,000
4.456%, 
6/8/2032
139,917
Truist
Bank
134,000
2.250%, 
3/11/2030
111,063
Truist
Financial
Corporation
282,000
6.047%, 
6/8/2027
b
286,967
132,000
1.887%, 
6/7/2029
b
114,066
490,000
5.100%, 
3/1/2030
b,h
444,040
U.S.
Bancorp
204,000
5.727%, 
10/21/2026
b
205,320
214,000
4.548%, 
7/22/2028
b
210,844
70,000
5.836%, 
6/12/2034
b
72,207
UBS
AG
235,000
5.125%, 
5/15/2024
232,881
UBS
Group
AG
157,000
2.593%, 
9/11/2025
b,c
153,591
255,000
2.193%, 
6/5/2026
b,c
242,501
400,000
4.875%, 
2/12/2027
b,c,h
360,289
200,000
6.327%, 
12/22/2027
b,c
206,129
287,000
3.869%, 
1/12/2029
b,c
270,545
UDR,
Inc.
295,000
3.000%, 
8/15/2031
260,602
United
Wholesale
Mortgage,
LLC
95,000
5.500%, 
11/15/2025
c
94,399
231,000
5.500%, 
4/15/2029
c
218,690
UnitedHealth
Group,
Inc.
276,000
4.200%, 
5/15/2032
270,073
USB
Realty
Corporation
194,000
6.802%, 
(TSFR3M
+
1.409%),
1/15/2027
b,c,h
142,590
Ventas
Realty,
LP
163,000
3.750%, 
5/1/2024
161,849
Ventas
Realty,
LP,
Convertible
474,000
3.750%, 
6/1/2026
c
500,070
Wells
Fargo
&
Company
311,000
2.406%, 
10/30/2025
b
302,530
490,000
3.900%, 
3/15/2026
b,h
452,739
226,000
2.188%, 
4/30/2026
b
216,591
307,000
6.155%, 
(TSFR3M
+
0.762%),
1/15/2027
b
290,485
145,000
3.526%, 
3/24/2028
b
138,333
309,000
3.584%, 
5/22/2028
b
294,343
214,000
4.808%, 
7/25/2028
b
212,432
277,000
7.625%, 
9/15/2028
b,h
290,659
308,000
4.478%, 
4/4/2031
b
297,542
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Financials
(7.9%)
-
continued
$
93,000
5.389%, 
4/24/2034
b
$
93,404
187,000
5.557%, 
7/25/2034
b
190,386
132,000
6.491%, 
10/23/2034
b
143,601
Welltower
OP,
LLC,
Convertible
695,000
2.750%, 
5/15/2028
c
768,392
Westpac
Banking
Corporation
196,000
4.110%, 
7/24/2034
b
179,189
Willis
North
America,
Inc.
261,000
4.500%, 
9/15/2028
254,055
XHR,
LP
150,000
6.375%, 
8/15/2025
c
149,620
243,000
4.875%, 
6/1/2029
c
223,678
Total
81,025,312
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
235,000
2.625%, 
5/5/2031
c
201,507
Total
201,507
Mortgage-Backed
Securities
(22.5%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
735,035
2.000%, 
1/1/2052
603,248
8,264,203
2.500%, 
5/1/2051
7,085,951
5,815,933
3.500%, 
5/1/2052
5,336,334
4,587,464
4.000%, 
5/1/2052
4,379,020
13,935,884
3.500%, 
6/1/2052
12,795,514
6,130,566
5.000%, 
7/1/2053
6,093,774
9,159,621
5.500%, 
7/1/2053
9,258,221
487,793
5.000%, 
8/1/2053
486,319
1,769,812
5.500%, 
9/1/2053
1,800,404
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
4,782,926
2.500%, 
7/1/2030
4,532,915
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
4,958,734
3.500%, 
5/1/2040
4,746,606
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
10,855,274
3.000%, 
1/1/2052
9,684,354
1,008,501
2.000%, 
2/1/2051
828,259
1,591,049
2.000%, 
2/1/2051
1,307,999
4,691,206
2.500%, 
2/1/2051
4,023,987
6,158,222
2.500%, 
2/1/2051
5,247,937
11,379,107
2.000%, 
3/1/2051
9,342,478
6,438,517
4.000%, 
3/1/2051
6,199,294
11,353,682
3.000%, 
3/1/2052
10,064,901
9,079,492
2.000%, 
4/1/2051
7,448,815
6,619,353
3.000%, 
4/1/2051
5,867,940
6,876,853
3.000%, 
5/1/2050
6,146,185
1,856,822
2.000%, 
5/1/2051
1,521,818
4,109,501
3.000%, 
5/1/2051
3,700,284
4,375,524
3.000%, 
6/1/2050
3,963,941
1,768,022
4.000%, 
6/1/2052
1,672,352
3,222,406
5.000%, 
6/1/2053
3,210,048
9,312,066
2.500%, 
7/1/2051
8,011,702
3,996,758
3.500%, 
7/1/2051
3,720,041
5,025,871
4.000%, 
7/1/2052
4,753,927
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
30
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Mortgage-Backed
Securities
(22.5%)
-
continued
$
1,794,853
2.500%, 
8/1/2050
$
1,555,299
7,864,536
3.500%, 
8/1/2050
7,337,432
4,246,493
4.500%, 
8/1/2052
4,136,591
640,068
5.000%, 
8/1/2053
637,613
5,336,499
3.500%, 
9/1/2052
4,921,158
551,805
5.000%, 
9/1/2052
546,621
4,648,308
4.500%, 
9/1/2053
4,507,651
1,145,350
4.500%, 
9/1/2053
1,113,899
7,610,418
4.000%, 
10/1/2052
7,228,313
1,856,275
2.000%, 
11/1/2051
1,519,263
7,566,335
2.000%, 
12/1/2050
6,246,701
17,494,289
4.500%, 
12/1/2052
17,047,977
3,000,000
5.000%, 
2/1/2042
g
2,969,297
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
10,530,450
2.500%, 
3/1/2062
8,700,671
3,661,790
3.500%, 
7/1/2061
3,321,838
3,923,620
4.000%, 
12/1/2061
3,709,462
Total
229,334,354
Technology
(2.2%)
Advanced
Micro
Devices,
Inc.
145,000
3.924%, 
6/1/2032
140,234
Akamai
Technologies,
Inc.,
Convertible
206,000
0.125%, 
5/1/2025
261,620
481,000
0.375%, 
9/1/2027
535,593
344,000
1.125%, 
2/15/2029
c
372,036
Analog
Devices,
Inc.
68,000
2.100%, 
10/1/2031
57,868
Apple,
Inc.
392,000
2.200%, 
9/11/2029
354,460
285,000
1.650%, 
2/8/2031
240,273
AthenaHealth
Group,
Inc.
400,000
6.500%, 
2/15/2030
c,e
362,871
Block,
Inc.,
Convertible
139,000
0.125%, 
3/1/2025
135,789
791,000
0.250%, 
11/1/2027
649,609
Broadcom
Corporation/Broadcom
Cayman
Finance,
Ltd.
196,000
3.875%, 
1/15/2027
191,278
Broadcom,
Inc.
146,000
4.000%, 
4/15/2029
c
140,928
Cloud
Software
Group,
Inc.
335,000
6.500%, 
3/31/2029
c
319,068
119,000
9.000%, 
9/30/2029
c
113,104
CommScope,
Inc.
270,000
7.125%, 
7/1/2028
c
128,250
CSG
Systems
International,
Inc.,
Convertible
414,000
3.875%, 
9/15/2028
c
415,822
Dell
International,
LLC/EMC
Corporation
193,000
5.250%, 
2/1/2028
197,799
100,000
5.300%, 
10/1/2029
102,980
Euronet
Worldwide,
Inc.,
Convertible
150,000
0.750%, 
3/15/2049
140,250
Fiserv,
Inc.
207,000
2.750%, 
7/1/2024
203,903
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Technology
(2.2%)
-
continued
$
309,000
4.200%, 
10/1/2028
$
301,983
65,000
5.600%, 
3/2/2033
67,852
Gartner,
Inc.
245,000
3.625%, 
6/15/2029
c
221,133
415,000
3.750%, 
10/1/2030
c
366,848
Global
Payments,
Inc.
82,000
2.650%, 
2/15/2025
79,457
208,000
4.950%, 
8/15/2027
208,331
131,000
3.200%, 
8/15/2029
118,724
GTCR
W-2
Merger
Sub,
LLC
200,000
7.500%, 
1/15/2031
c
211,344
II-VI,
Inc.
128,000
5.000%, 
12/15/2029
c,e
121,569
Intel
Corporation
265,000
5.125%, 
2/10/2030
274,827
InterDigital,
Inc.,
Convertible
610,000
3.500%, 
6/1/2027
893,284
Iron
Mountain,
Inc.
859,000
4.875%, 
9/15/2027
c
838,221
150,000
4.875%, 
9/15/2029
c
142,063
380,000
4.500%, 
2/15/2031
c
344,097
Jabil,
Inc.
133,000
5.450%, 
2/1/2029
135,888
Lumentum
Holdings,
Inc.,
Convertible
990,000
0.500%, 
6/15/2028
779,031
169,000
1.500%, 
12/15/2029
c
167,986
Marvell
Technology,
Inc.
132,000
2.950%, 
4/15/2031
115,350
Mastercard,
Inc.
146,000
2.000%, 
11/18/2031
123,140
Microchip
Technology,
Inc.,
Convertible
745,000
0.125%, 
11/15/2024
e
813,912
Moody's
Corporation
140,000
4.250%, 
8/8/2032
136,183
NCR
Voyix
Corporation
452,000
5.125%, 
4/15/2029
c
429,672
NVIDIA
Corporation
65,000
2.850%, 
4/1/2030
60,114
NXP
BV/NXP
Funding,
LLC
122,000
4.875%, 
3/1/2024
121,765
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
72,000
2.700%, 
5/1/2025
69,396
131,000
4.300%, 
6/18/2029
127,269
ON
Semiconductor
Corporation,
Convertible
532,000
Zero
Coupon, 
5/1/2027
869,820
99,000
0.500%, 
3/1/2029
c
105,187
Open
Text
Corporation
380,000
3.875%, 
12/1/2029
c
340,797
420,000
4.125%, 
2/15/2030
c
380,131
Oracle
Corporation
140,000
6.150%, 
11/9/2029
150,605
327,000
2.950%, 
4/1/2030
295,133
219,000
6.250%, 
11/9/2032
238,247
PayPal
Holdings,
Inc.
129,000
2.850%, 
10/1/2029
117,994
215,000
2.300%, 
6/1/2030
187,925
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Technology
(2.2%)
-
continued
Progress
Software
Corporation,
Convertible
$
187,000
1.000%, 
4/15/2026
$
197,004
PTC,
Inc.
210,000
3.625%, 
2/15/2025
c
205,296
215,000
4.000%, 
2/15/2028
c
203,753
Rackspace
Technology
Global,
Inc.
365,000
5.375%, 
12/1/2028
c
131,035
RingCentral,
Inc.
261,000
8.500%, 
8/15/2030
c,e
266,872
S&P
Global,
Inc.
144,000
2.900%, 
3/1/2032
128,531
Salesforce.com,
Inc.
374,000
1.950%, 
7/15/2031
319,432
Seagate
HDD
Cayman
161,000
8.500%, 
7/15/2031
c,e
174,734
280,480
9.625%, 
12/1/2032
320,729
Semtech
Corporation,
Convertible
283,000
1.625%, 
11/1/2027
e
241,824
34,000
4.000%, 
11/1/2028
c
43,469
Sensata
Technologies,
Inc.
341,000
3.750%, 
2/15/2031
c
300,329
Shift4
Payments,
LLC/Shift4
Payments
Finance
Sub,
Inc.
140,000
4.625%, 
11/1/2026
c
136,137
SS&C
Technologies,
Inc.
910,000
5.500%, 
9/30/2027
c
897,017
Verint
Systems,
Inc.,
Convertible
398,000
0.250%, 
4/15/2026
e
349,494
Viavi
Solutions,
Inc.
306,000
3.750%, 
10/1/2029
c
267,885
Viavi
Solutions,
Inc.,
Convertible
201,000
1.625%, 
3/15/2026
c
200,397
Vishay
Intertechnology,
Inc.,
Convertible
756,000
2.250%, 
9/15/2030
c
742,392
VMware,
LLC
262,000
1.400%, 
8/15/2026
239,647
192,000
2.200%, 
8/15/2031
159,094
Western
Digital
Corporation,
Convertible
719,000
3.000%, 
11/15/2028
c
879,337
Xilinx,
Inc.
90,000
2.375%, 
6/1/2030
79,594
Ziff
Davis,
Inc.,
Convertible
548,000
1.750%, 
11/1/2026
517,860
Total
22,020,875
Transportation
(0.7%)
Air
Transport
Services
Group,
Inc.,
Convertible
345,000
3.875%, 
8/15/2029
c
306,187
American
Airlines
Group,
Inc.
104,000
3.750%, 
3/1/2025
c,e
101,349
American
Airlines,
Inc.
271,000
8.500%, 
5/15/2029
c
286,176
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
725,834
5.500%, 
4/20/2026
c
720,598
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Transportation
(0.7%)
-
continued
Avis
Budget
Car
Rental,
LLC/Avis
Budget
Finance,
Inc.
$
156,000
5.375%, 
3/1/2029
c
$
144,307
Canadian
Pacific
Railway
Company
267,000
1.750%, 
12/2/2026
246,263
CSX
Corporation
131,000
4.250%, 
3/15/2029
130,865
Delta
Air
Lines,
Inc.
288,000
4.375%, 
4/19/2028
e
278,646
Delta
Air
Lines,
Inc./SkyMiles
IP,
Ltd.
198,422
4.500%, 
10/20/2025
c
195,407
ERAC
USA
Finance,
LLC
211,000
3.850%, 
11/15/2024
c
207,939
Hawaiian
Brand
Intellectual
Property,
Ltd.
343,000
5.750%, 
1/20/2026
c
323,155
Hertz
Corporation
262,000
4.625%, 
12/1/2026
c,e
234,893
152,000
5.000%, 
12/1/2029
c
124,687
Mileage
Plus
Holdings,
LLC
278,600
6.500%, 
6/20/2027
c
279,391
Norfolk
Southern
Corporation
195,000
4.450%, 
3/1/2033
192,461
Penske
Truck
Leasing
Company,
LP/PTL
Finance
Corporation
148,000
1.200%, 
11/15/2025
c
137,217
137,000
5.750%, 
5/24/2026
c
138,085
128,000
1.700%, 
6/15/2026
c
117,661
Rand
Parent,
LLC
312,000
8.500%, 
2/15/2030
c,e
298,374
RXO,
Inc.
359,000
7.500%, 
11/15/2027
c
370,438
Ryder
System,
Inc.
161,000
2.850%, 
3/1/2027
151,350
Southwest
Airlines
Company
133,000
5.125%, 
6/15/2027
133,592
Southwest
Airlines
Company,
Convertible
820,000
1.250%, 
5/1/2025
828,610
Spirit
Loyalty
Cayman,
Ltd.
145,000
8.000%, 
9/20/2025
c
104,279
Union
Pacific
Corporation
131,000
2.150%, 
2/5/2027
122,245
United
Airlines,
Inc.
324,000
4.375%, 
4/15/2026
c
315,707
VistaJet
Malta
Finance
plc/Vista
Management
Holding,
Inc.
81,000
7.875%, 
5/1/2027
c,e
69,667
360,000
6.375%, 
2/1/2030
c,e
251,414
Total
6,810,963
U.S.
Government
&
Agencies
(6.2%)
U.S.
Treasury
Bonds
30,000,000
3.625%, 
5/15/2053
27,735,937
3,600,000
4.000%, 
11/15/2052
3,551,906
9,500,000
4.750%, 
11/15/2053
10,653,359
U.S.
Treasury
Notes
4,100,000
5.000%, 
10/31/2025
4,146,766
14,300,000
4.125%, 
7/31/2028
14,447,469
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
32
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
U.S.
Government
&
Agencies
(6.2%)
-
continued
$
2,414,000
3.375%, 
5/15/2033
$
2,316,686
Total
62,852,123
Utilities
(1.9%)
AEP
Texas,
Inc.
138,000
4.700%, 
5/15/2032
134,767
AES
Corporation
254,000
3.950%, 
7/15/2030
c
234,517
Algonquin
Power
&
Utilities
Corporation
225,000
4.750%, 
1/18/2082
b
190,125
Alliant
Energy
Corporation,
Convertible
346,000
3.875%, 
3/15/2026
c
343,405
Ameren
Corporation
161,000
1.750%, 
3/15/2028
142,234
American
Electric
Power
Company,
Inc.
209,000
2.031%, 
3/15/2024
207,282
130,000
5.200%, 
1/15/2029
131,751
131,000
2.300%, 
3/1/2030
111,846
66,000
5.625%, 
3/1/2033
68,758
American
Water
Capital
Corporation,
Convertible
509,000
3.625%, 
6/15/2026
c
508,236
Arizona
Public
Service
Company
138,000
5.550%, 
8/1/2033
142,589
Atmos
Energy
Corporation
132,000
5.900%, 
11/15/2033
143,212
Calpine
Corporation
298,000
4.500%, 
2/15/2028
c
283,443
CenterPoint
Energy,
Inc.
164,000
2.500%, 
9/1/2024
160,507
198,000
1.450%, 
6/1/2026
182,294
197,000
2.650%, 
6/1/2031
167,966
CenterPoint
Energy,
Inc.,
Convertible
510,000
4.250%, 
8/15/2026
c
512,295
CMS
Energy
Corporation,
Convertible
420,000
3.375%, 
5/1/2028
c
415,380
Constellation
Energy
Generation,
LLC
133,000
5.800%, 
3/1/2033
139,793
Dominion
Energy,
Inc.
163,000
3.071%, 
8/15/2024
160,297
270,000
4.350%, 
1/15/2027
b,h
239,413
161,000
3.375%, 
4/1/2030
148,220
DTE
Energy
Company
209,000
4.220%, 
11/1/2024
206,564
140,000
4.875%, 
6/1/2028
141,214
Duke
Energy
Corporation
240,000
3.250%, 
1/15/2082
b
185,578
150,000
4.875%, 
9/16/2024
b,h
147,688
343,000
2.450%, 
6/1/2030
299,021
139,000
4.500%, 
8/15/2032
134,545
125,000
5.750%, 
9/15/2033
132,227
Duke
Energy
Corporation,
Convertible
918,000
4.125%, 
4/15/2026
c
920,295
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Utilities
(1.9%)
-
continued
Edison
International
$
137,000
7.875%, 
6/15/2054
b
$
138,027
185,000
4.950%, 
4/15/2025
183,697
240,000
5.000%, 
12/15/2026
b,h
223,465
Enel
Finance
International
NV
260,000
1.375%, 
7/12/2026
c
236,821
Entergy
Corporation
149,000
0.900%, 
9/15/2025
138,549
130,000
1.900%, 
6/15/2028
115,139
Evergy,
Inc.
162,000
2.450%, 
9/15/2024
158,319
Eversource
Energy
293,000
4.600%, 
7/1/2027
290,618
134,000
5.125%, 
5/15/2033
134,677
Exelon
Corporation
130,000
4.050%, 
4/15/2030
124,016
Fells
Point
Funding
Trust
266,000
3.046%, 
1/31/2027
c
250,691
FirstEnergy
Corporation,
Convertible
921,000
4.000%, 
5/1/2026
c
912,250
Georgia
Power
Company
82,000
4.950%, 
5/17/2033
82,661
ITC
Holdings
Corporation
140,000
4.950%, 
9/22/2027
c
140,759
Jersey
Central
Power
&
Light
Company
280,000
2.750%, 
3/1/2032
c
236,315
National
Rural
Utilities
Cooperative
Finance
Corporation
247,000
3.450%, 
6/15/2025
241,851
141,000
5.050%, 
9/15/2028
144,659
NextEra
Energy
Capital
Holdings,
Inc.
210,000
3.800%, 
3/15/2082
b
177,875
131,000
6.051%, 
3/1/2025
132,167
206,000
5.749%, 
9/1/2025
207,949
130,000
2.250%, 
6/1/2030
111,206
NextEra
Energy
Operating
Partners,
LP
550,000
3.875%, 
10/15/2026
c
523,666
NextEra
Energy
Partners,
LP,
Convertible
204,000
Zero
Coupon, 
6/15/2024
c
197,268
618,000
Zero
Coupon, 
11/15/2025
c
539,823
NiSource,
Inc.
130,000
2.950%, 
9/1/2029
118,727
NRG
Energy,
Inc.
167,000
2.000%, 
12/2/2025
c
156,571
189,000
10.250%, 
3/15/2028
b,c,h
196,765
120,000
3.375%, 
2/15/2029
c
105,989
185,000
5.250%, 
6/15/2029
c
179,151
NRG
Energy,
Inc.,
Convertible
710,000
2.750%, 
6/1/2048
912,350
Pacific
Gas
and
Electric
Company
270,000
6.950%, 
3/15/2034
296,571
PG&E
Corporation
374,000
5.000%, 
7/1/2028
363,895
PPL
Capital
Funding,
Inc.,
Convertible
533,000
2.875%, 
3/15/2028
c
516,210
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Principal
Amount
Long-Term
Fixed
Income
(67.2%)
Value
Utilities
(1.9%)
-
continued
Public
Service
Enterprise
Group,
Inc.
$
130,000
5.875%, 
10/15/2028
$
136,217
131,000
1.600%, 
8/15/2030
107,161
Sempra
320,000
4.875%, 
10/15/2025
b,h
313,044
Southern
California
Edison
Company
71,000
5.950%, 
11/1/2032
76,277
Southern
Company
140,000
4.475%, 
8/1/2024
138,839
170,000
5.700%, 
10/15/2032
178,464
149,000
4.000%, 
1/15/2051
b
141,676
432,000
3.750%, 
9/15/2051
b
393,337
Southern
Company,
Convertible
922,000
3.875%, 
12/15/2025
c
922,461
TerraForm
Power
Operating,
LLC
480,000
5.000%, 
1/31/2028
c
466,278
Vistra
Operations
Company,
LLC
280,000
5.125%, 
5/13/2025
c
277,277
508,000
5.000%, 
7/31/2027
c
494,589
Xcel
Energy,
Inc.
157,000
4.000%, 
6/15/2028
153,187
213,000
4.600%, 
6/1/2032
207,646
Total
19,430,612
Total
Long-Term
Fixed
Income
(cost
$705,533,280)
685,471,565
Shares
Common
Stock
(
15.0%
)
Value
Communications
Services
(1.0%)
5,569
Alphabet,
Inc.,
Class
A
j
777,934
23,452
Alphabet,
Inc.,
Class
C
j
3,305,090
15,368
Comcast
Corporation
673,887
1,341
Electronic
Arts,
Inc.
183,462
706
Emerald
Holding,
Inc.
j
4,222
1,870
Integral
Ad
Science
Holding
Corporation
j
26,909
396
Liberty
Latin
America,
Ltd.,
Class
A
j
2,895
7,097
Meta
Platforms,
Inc.
j
2,512,054
336
Netflix,
Inc.
j
163,592
2,090
Paramount
Global
30,911
17,902
QuinStreet,
Inc.
j
229,504
35,625
Verizon
Communications,
Inc.
1,343,062
22,239
Warner
Brothers
Discovery,
Inc.
j
253,080
4,897
Windstream
Services,
LLC
j
45,297
5,231
Ziff
Davis,
Inc.
j
351,471
Total
9,903,370
Consumer
Discretionary
(1.7%)
603
Airbnb,
Inc.
j
82,092
23,000
Amazon.com,
Inc.
j
3,494,620
7,723
Aptiv
plc
j
692,908
1,334
Bloomin'
Brands,
Inc.
37,552
365
Booking
Holdings,
Inc.
j
1,294,735
1,743
Boot
Barn
Holdings,
Inc.
j
133,793
3,124
Brunswick
Corporation
302,247
234
Chipotle
Mexican
Grill,
Inc.
j
535,149
4,214
Columbia
Sportswear
Company
335,182
15,175
Cooper-Standard
Holdings,
Inc.
j
296,519
4,415
Crocs,
Inc.
j
412,405
Shares
Common
Stock
(15.0%)
Value
Consumer
Discretionary
(1.7%)
-
continued
3,023
D.R.
Horton,
Inc.
$
459,435
1,196
Domino's
Pizza,
Inc.
493,027
1,745
Expedia
Group,
Inc.
j
264,873
1,476
Grand
Canyon
Education,
Inc.
j
194,891
1,765
Hilton
Worldwide
Holdings,
Inc.
321,389
3,685
Home
Depot,
Inc.
1,277,037
3,280
Lowe's
Companies,
Inc.
729,964
605
Lululemon
Athletica,
Inc.
j
309,330
3,096
McDonald's
Corporation
917,995
957
Meritage
Homes
Corporation
166,709
7,133
Mobileye
Global,
Inc.
j
309,002
126
NVR,
Inc.
j
882,057
2,972
Papa
John's
International,
Inc.
226,556
4,931
SharkNinja,
Inc.
252,319
6,708
Skyline
Champion
Corporation
j
498,136
4,795
Sony
Group
Corporation
ADR
454,039
13,630
Stoneridge,
Inc.
j
266,739
5,714
Tesla,
Inc.
j
1,419,815
36,965
ThredUp,
Inc.
j
83,171
Total
17,143,686
Consumer
Staples
(0.8%)
5,592
Altria
Group,
Inc.
225,581
8,397
BJ's
Wholesale
Club
Holdings,
Inc.
j
559,744
1,148
Casey's
General
Stores,
Inc.
315,402
12,404
Coca-Cola
Company
730,968
648
Constellation
Brands,
Inc.
156,654
30,925
Coty,
Inc.
j
384,088
3,228
John
B.
Sanfilippo
&
Son,
Inc.
332,613
17,968
Kenvue,
Inc.
386,851
2,822
Kimberly-Clark
Corporation
342,901
4,821
Lamb
Weston
Holdings,
Inc.
521,102
4,177
Mondelez
International,
Inc.
302,540
109
PepsiCo,
Inc.
18,513
7,812
Philip
Morris
International,
Inc.
734,953
9,892
Pilgrim's
Pride
Corporation
j
273,613
1,908
Procter
&
Gamble
Company
279,598
6,994
Sysco
Corporation
511,471
8,112
Turning
Point
Brands,
Inc.
213,508
6,232
Tyson
Foods,
Inc.
334,970
5,431
US
Foods
Holding
Corporation
j
246,622
6,190
Walmart,
Inc.
975,853
Total
7,847,545
Energy
(0.7%)
246
Baker
Hughes
Company
8,408
9,665
Chesapeake
Energy
Corporation
743,625
310
Chevron
Corporation
46,240
6,240
ConocoPhillips
724,277
3,455
Coterra
Energy,
Inc.
88,172
17,932
Devon
Energy
Corporation
812,320
18,599
Enterprise
Products
Partners,
LP
490,084
3,606
EOG
Resources,
Inc.
436,146
9,910
Exxon
Mobil
Corporation
990,802
15,576
Halliburton
Company
563,072
2,624
Marathon
Petroleum
Corporation
389,297
3,601
Matador
Resources
Company
204,753
31,512
NOV,
Inc.
639,063
3,438
Pioneer
Natural
Resources
Company
773,137
2,377
Schlumberger
NV
123,699
3,123
Shell
plc
NVDR
205,493
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
Shares
Common
Stock
(15.0%)
Value
Energy
(0.7%)
-
continued
8,195
TechnipFMC
plc
$
165,047
Total
7,403,635
Financials
(2.3%)
1,754
Allstate
Corporation
245,525
26,479
Ally
Financial,
Inc.
924,647
2,758
American
Express
Company
516,684
7,702
American
International
Group,
Inc.
521,811
1,866
Ameriprise
Financial,
Inc.
708,763
6,244
Arch
Capital
Group,
Ltd.
j
463,742
26,216
Bank
of
America
Corporation
882,693
121
Bank
of
Marin
Bancorp
2,664
6,947
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
222,373
10,148
Bank
of
New
York
Mellon
Corporation
528,203
1,728
Berkshire
Hathaway,
Inc.
j
616,309
284
BlackRock,
Inc.
230,551
16,252
Bridgewater
Bancshares,
Inc.
j
219,727
1,918
Brown
&
Brown,
Inc.
136,389
2,648
Capital
One
Financial
Corporation
347,206
5,915
Carlyle
Group,
Inc.
240,681
1,146
Cboe
Global
Markets,
Inc.
204,630
1,585
Central
Pacific
Financial
Corporation
31,193
9,608
Charles
Schwab
Corporation
661,030
3,572
Chubb,
Ltd.
807,272
1,351
Cincinnati
Financial
Corporation
139,774
2,278
Citigroup,
Inc.
117,180
6,464
Comerica,
Inc.
360,756
741
Community
Trust
Bancorp,
Inc.
32,500
2,411
Discover
Financial
Services
270,996
1,323
Ellington
Residential
Mortgage
REIT
8,110
21,548
F.N.B.
Corporation
296,716
709
FactSet
Research
Systems,
Inc.
338,228
234
Financial
Institutions,
Inc.
4,984
132
First
Bancshares,
Inc.
3,872
25
First
Citizens
BancShares,
Inc./NC
35,474
168
First
Mid-Illinois
Bancshares,
Inc.
5,823
1,156
Fiserv,
Inc.
j
153,563
7,048
Glacier
Bancorp,
Inc.
291,223
1,308
Global
Payments,
Inc.
166,116
581
Great
Southern
Bancorp,
Inc.
34,482
1,823
Hanmi
Financial
Corporation
35,366
8,971
Heartland
Financial
USA,
Inc.
337,399
570
Heritage
Financial
Corporation
12,192
617
Hometrust
Bancshares,
Inc.
16,610
1,965
Hope
Bancorp,
Inc.
23,737
3,692
Houlihan
Lokey,
Inc.
442,708
337
Independent
Bank
Corporation/MI
8,769
9,534
Intercontinental
Exchange,
Inc.
1,224,452
9,691
J.P.
Morgan
Chase
&
Company
1,648,439
8,962
KeyCorp
129,053
2,913
Kinsale
Capital
Group,
Inc.
975,593
2,415
M&T
Bank
Corporation
331,048
2,075
Marsh
&
McLennan
Companies,
Inc.
393,150
1,318
Mastercard,
Inc.
562,140
5,734
MetLife,
Inc.
379,189
3,523
MGIC
Investment
Corporation
67,959
1,247
MidWestOne
Financial
Group,
Inc.
33,557
3,206
Morgan
Stanley
298,960
458
MSCI,
Inc.
259,068
5,451
Nasdaq,
Inc.
316,921
Shares
Common
Stock
(15.0%)
Value
Financials
(2.3%)
-
continued
7,038
New
York
Community
Bancorp,
Inc.
$
71,999
3,542
Northern
Trust
Corporation
298,874
4,205
NU
Holdings,
Ltd./Cayman
Islands
j
35,028
6,796
PayPal
Holdings,
Inc.
j
417,342
111
PNC
Financial
Services
Group,
Inc.
17,188
2,856
Prosperity
Bancshares,
Inc.
193,437
9,909
Radian
Group,
Inc.
282,902
6,338
Raymond
James
Financial,
Inc.
706,687
3,570
RLI
Corporation
475,238
284
SEI
Investments
Company
18,048
420
Tradeweb
Markets,
Inc.
38,170
4,193
Triumph
Financial,
Inc.
j
336,195
242
Truist
Financial
Corporation
8,935
144
TrustCo
Bank
Corporation
NY
4,471
540
U.S.
Bancorp
23,371
322
Visa,
Inc.
83,833
6,887
Voya
Financial,
Inc.
502,476
23,896
Wells
Fargo
&
Company
1,176,161
9,536
Western
Alliance
Bancorp
627,373
6,650
Zions
Bancorp
NA
291,736
Total
23,877,664
Health
Care
(1.8%)
5,415
Abbott
Laboratories
596,029
1,769
Agilent
Technologies,
Inc.
245,944
1,875
Align
Technology,
Inc.
j
513,750
1,401
Amgen,
Inc.
403,516
5,296
AstraZeneca
plc
ADR
356,686
14,896
Avantor,
Inc.
j
340,076
1,288
Biogen,
Inc.
j
333,296
3,496
Bio-Techne
Corporation
269,751
6,876
Centene
Corporation
j
510,268
1,415
Charles
River
Laboratories
International,
Inc.
j
334,506
1,236
Cigna
Group
370,120
178
Cooper
Companies,
Inc.
67,362
5,067
CVS
Health
Corporation
400,090
3,147
Danaher
Corporation
728,027
5,021
Edwards
Lifesciences
Corporation
j
382,851
2,603
Elanco
Animal
Health,
Inc.
j
38,785
1,238
Elevance
Health,
Inc.
583,791
256
Eli
Lilly
&
Company
149,228
7,671
Enovis
Corporation
j
429,730
162
Exelixis,
Inc.
j
3,886
6,714
Gilead
Sciences,
Inc.
543,901
8,494
Halozyme
Therapeutics,
Inc.
j
313,938
1,348
HCA
Healthcare,
Inc.
364,877
1,370
Intuitive
Surgical,
Inc.
j
462,183
3,580
Johnson
&
Johnson
561,129
3,080
Laboratory
Corporation
of
America
Holdings
700,053
4,456
Masimo
Corporation
j
522,288
10,998
Medtronic
plc
906,015
9,091
Merck
&
Company,
Inc.
991,101
869
Molina
Healthcare,
Inc.
j
313,978
4,862
Novo
Nordisk
AS
ADR
j
502,974
11,794
Option
Care
Health,
Inc.
j
397,340
10,941
Pfizer,
Inc.
314,991
6,060
Progyny,
Inc.
j
225,311
2,379
QuidelOrtho
Corporation
j
175,332
2,710
Sarepta
Therapeutics,
Inc.
j
261,325
743
Stryker
Corporation
222,499
1,020
Thermo
Fisher
Scientific,
Inc.
541,406
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
Shares
Common
Stock
(15.0%)
Value
Health
Care
(1.8%)
-
continued
1,927
UnitedHealth
Group,
Inc.
$
1,014,508
4,721
Varex
Imaging
Corporation
j
96,781
323
Vertex
Pharmaceuticals,
Inc.
j
131,426
20,318
Viemed
Healthcare,
Inc.
j
159,496
471
Waters
Corporation
j
155,067
3,866
Zimmer
Biomet
Holdings,
Inc.
470,492
4,707
Zoetis,
Inc.
929,021
Total
18,335,124
Industrials
(2.1%)
4,935
Advanced
Drainage
Systems,
Inc.
694,058
211
AECOM
19,503
11,383
Air
Lease
Corporation
477,403
1,966
AMETEK,
Inc.
324,174
403
Armstrong
World
Industries,
Inc.
39,623
2,601
ASGN,
Inc.
j
250,138
1,630
Automatic
Data
Processing,
Inc.
379,741
928
Axon
Enterprise,
Inc.
j
239,730
17,572
Badger
Infrastructure
Solutions,
Ltd.
539,871
910
Carlisle
Companies,
Inc.
284,311
1,248
Caterpillar,
Inc.
368,996
345
Chart
Industries,
Inc.
j
47,034
2,362
Cimpress
plc
j
189,078
34,219
CNH
Industrial
NV
416,787
21,774
CSX
Corporation
754,905
801
Cummins,
Inc.
191,896
1,031
Curtiss-Wright
Corporation
229,697
575
Deere
&
Company
229,925
9,945
Delta
Air
Lines,
Inc.
400,087
8,489
ExlService
Holdings,
Inc.
j
261,886
12,977
Fastenal
Company
840,520
1,814
Ferguson
plc
350,229
7,707
Flowserve
Corporation
317,683
8,387
Fluor
Corporation
j
328,519
2,172
General
Dynamics
Corporation
564,003
1,810
General
Electric
Company
231,010
97
Gorman-Rupp
Company
3,446
43
Graco,
Inc.
3,731
6,293
Greenbrier
Companies,
Inc.
278,025
6,693
Helios
Technologies,
Inc.
303,528
2,522
Honeywell
International,
Inc.
528,889
17,283
Howmet
Aerospace,
Inc.
935,356
24,242
Janus
International
Group,
Inc.
j
316,358
1,962
JB
Hunt
Transport
Services,
Inc.
391,890
2,064
L3Harris
Technologies,
Inc.
434,720
1,548
Lincoln
Electric
Holdings,
Inc.
336,628
3,140
ManpowerGroup,
Inc.
249,536
19,619
Masterbrand,
Inc.
j
291,342
4,614
Maximus,
Inc.
386,930
6,424
Miller
Industries,
Inc.
271,671
1,830
Moog,
Inc.
264,947
778
Northrop
Grumman
Corporation
364,213
1,741
Old
Dominion
Freight
Line,
Inc.
705,680
613
Oshkosh
Corporation
66,455
1,740
Owens
Corning,
Inc.
257,920
1,182
Parker-Hannifin
Corporation
544,547
2,852
Pentair
plc
207,369
2,141
Quanta
Services,
Inc.
462,028
12,518
Schneider
National,
Inc.
318,583
769
Simpson
Manufacturing
Company,
Inc.
152,247
3,954
Tennant
Company
366,496
9,260
Timken
Company
742,189
1,490
Trane
Technologies
plc
363,411
Shares
Common
Stock
(15.0%)
Value
Industrials
(2.1%)
-
continued
11,661
Uber
Technologies,
Inc.
j
$
717,968
5,671
United
Parcel
Service,
Inc.
891,651
1,991
United
Rentals,
Inc.
1,141,679
247
Veralto
Corporation
20,318
Total
21,290,558
Information
Technology
(3.1%)
1,854
Adobe,
Inc.
j
1,106,096
4,291
Advanced
Micro
Devices,
Inc.
j
632,536
2,066
Amphenol
Corporation
204,803
1,120
ANSYS,
Inc.
j
406,426
18,273
Apple,
Inc.
3,518,101
3,991
Applied
Materials,
Inc.
646,821
1,264
Arista
Networks,
Inc.
j
297,685
1,103
Autodesk,
Inc.
j
268,558
283
Broadcom,
Inc.
315,899
2,413
Calix,
Inc.
j
105,424
1,588
CDW
Corporation
360,984
10,776
Ciena
Corporation
j
485,028
23,443
Cisco
Systems,
Inc.
1,184,340
7,573
Cohu,
Inc.
j
268,008
2,147
Crane
NXT
Company
122,100
23,512
Dropbox,
Inc.
j
693,134
2,274
Enphase
Energy,
Inc.
j
300,486
1,710
FormFactor,
Inc.
j
71,324
6,100
Fortinet,
Inc.
j
357,033
16,729
Gilat
Satellite
Networks,
Ltd.
j
102,214
3,540
Guidewire
Software,
Inc.
j
386,002
893
Insight
Enterprises,
Inc.
j
158,231
198
JFrog,
Ltd.
j
6,853
435
KLA
Corporation
252,865
17,946
Knowles
Corporation
j
321,413
161
Lam
Research
Corporation
126,105
1,035
Littelfuse,
Inc.
276,925
16,476
Microsoft
Corporation
6,195,635
592
NetApp,
Inc.
52,191
1,911
NICE,
Ltd.
ADR
e,j
381,264
5,720
NVIDIA
Corporation
2,832,658
3,492
ON
Semiconductor
Corporation
j
291,687
3,964
Plexus
Corporation
j
428,627
11,247
QUALCOMM,
Inc.
1,626,654
1,375
RingCentral,
Inc.
j
46,681
3,837
Salesforce,
Inc.
j
1,009,668
12,998
Samsung
Electronics
Company,
Ltd.
788,938
2,132
Semtech
Corporation
j
46,712
1,333
ServiceNow,
Inc.
j
941,751
1,542
Shopify,
Inc.
j
120,122
1,640
Silicon
Laboratories,
Inc.
j
216,923
4,262
Sprout
Social,
Inc.
j
261,857
2,308
TE
Connectivity,
Ltd.
324,274
2,169
Texas
Instruments,
Inc.
369,728
7,866
Trimble,
Inc.
j
418,471
41,795
TTM
Technologies,
Inc.
j
660,779
751
Tyler
Technologies,
Inc.
j
314,008
755
Universal
Display
Corporation
144,401
5,843
Varonis
Systems,
Inc.
j
264,571
1,478
VeriSign,
Inc.
j
304,409
5,855
Wolfspeed,
Inc.
j
254,751
2,033
Workiva,
Inc.
j
206,410
Total
31,478,564
Materials
(0.6%)
6,173
Alcoa
Corporation
209,882
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
Shares
Common
Stock
(15.0%)
Value
Materials
(0.6%)
-
continued
782
Allegheny
Technologies,
Inc.
j
$
35,558
11,479
Axalta
Coating
Systems,
Ltd.
j
389,942
9,282
Ball
Corporation
533,901
1,927
Berry
Plastics
Group,
Inc.
129,860
2,588
Carpenter
Technology
Corporation
183,230
5,885
CF
Industries
Holdings,
Inc.
467,857
128
Eagle
Materials,
Inc.
25,963
3,629
Eastman
Chemical
Company
325,957
6,403
Ingevity
Corporation
j
302,350
22,078
Ivanhoe
Mines,
Ltd.
j
214,107
649
Linde
plc
266,551
4,324
Nucor
Corporation
752,549
1,955
PPG
Industries,
Inc.
292,370
5,940
Steel
Dynamics,
Inc.
701,514
21,963
Tronox
Holdings
plc
310,996
1,799
United
States
Lime
&
Minerals,
Inc.
414,400
Total
5,556,987
Real
Estate
(0.5%)
5,464
Agree
Realty
Corporation
343,959
3,387
Alexandria
Real
Estate
Equities,
Inc.
429,370
2,180
AvalonBay
Communities,
Inc.
408,140
2,408
CBRE
Group,
Inc.
j
224,161
37,746
Cushman
and
Wakefield
plc
j
407,657
1,548
Equity
Commonwealth
29,722
5,279
Essential
Properties
Realty
Trust,
Inc.
134,931
1,543
Extra
Space
Storage,
Inc.
247,389
19,562
Healthcare
Realty
Trust,
Inc.
337,053
20,433
Host
Hotels
&
Resorts,
Inc.
397,830
18,730
Independence
Realty
Trust,
Inc.
286,569
8,216
Invitation
Homes,
Inc.
280,248
2,752
Kite
Realty
Group
Trust
62,911
12,439
National
Storage
Affiliates
Trust
515,845
502
NNN
REIT,
Inc.
21,636
1,515
Phillips
Edison
and
Company,
Inc.
55,267
3,827
SBA
Communications
Corporation
970,872
1,311
Terreno
Realty
Corporation
82,160
Total
5,235,720
Utilities
(0.4%)
2,444
ALLETE,
Inc.
149,475
7,865
Alliant
Energy
Corporation
403,475
1,838
American
Electric
Power
Company,
Inc.
149,282
13,667
CenterPoint
Energy,
Inc.
390,466
4,378
Constellation
Energy
Corporation
511,744
4,571
Duke
Energy
Corporation
443,570
3,232
Entergy
Corporation
327,046
6,821
Evergy,
Inc.
356,056
27,082
NiSource,
Inc.
719,027
2,097
Northwestern
Energy
Group,
Inc.
106,716
4,338
Portland
General
Electric
Company
188,009
4,959
Public
Service
Enterprise
Group,
Inc.
303,243
2,881
Spire,
Inc.
179,602
Total
4,227,711
Total
Common
Stock
(cost
$108,452,418)
152,300,564
Shares
Registered
Investment
Companies
(
11.7%
)
Value
U.S.
Affiliated  (9.0%)
9,974,151
Thrivent
Core
Emerging
Markets
Debt
Fund
$
79,693,468
1,171,355
Thrivent
Core
International
Equity
Fund
11,854,112
Total
91,547,580
U.S.
Unaffiliated  (2.7%)
90,022
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
243,960
34,150
AllianceBernstein
Global
High
Income
Fund,
Inc.
345,598
43,550
Allspring
Income
Opportunities
Fund
283,946
12,162
BlackRock
Core
Bond
Trust
132,687
35,585
BlackRock
Corporate
High
Yield
Fund,
Inc.
335,567
31,155
BlackRock
Credit
Allocation
Income
Trust
321,520
4,344
BlackRock
Debt
Strategies
Fund,
Inc.
46,872
28,892
BlackRock
Enhanced
Global
Dividend
Trust
286,609
7,900
BlackRock
Enhanced
International
Dividend
Trust
41,633
1,025
BlackRock
Floating
Rate
Income
Strategies
Fund,
Inc.
12,976
6,166
BlackRock
Income
Trust,
Inc.
75,102
11,897
BlackRock
Multi-Sector
Income
Trust
178,455
24,550
Blackstone
Strategic
Credit
2027
Term
Fund
277,906
34,123
Eaton
Vance
Limited
Duration
Income
Fund
326,898
2,410
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
18,605
24,223
First
Trust
High
Income
Long/Short
Fund
292,856
7,731
Invesco
Dynamic
Credit
Opportunities
Fund
k
82,115
47,487
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
e
5,254,911
19,309
iShares
Preferred
and
Income
Securities
ETF
e
602,248
1,559
iShares
Russell
2000
Index
Fund
312,907
66,250
Nuveen
Credit
Strategies
Income
Fund
345,825
18,261
Nuveen
Preferred
Income
Opportunities
Fund
123,444
28,182
PGIM
Global
High
Yield
Fund,
Inc.
320,148
28,708
PGIM
High
Yield
Bond
Fund,
Inc.
353,683
8,227
Pimco
Dynamic
Income
Fund
147,675
14,391
SPDR
Bloomberg
High
Yield
Bond
ETF
e
1,363,259
2,923
SPDR
S&P
Biotech
ETF
e
260,995
2,017
Tri-Continental
Corporation
58,150
160,640
Vanguard
Intermediate-Term
Corporate
Bond
ETF
13,056,819
14,250
Vanguard
Short-Term
Corporate
Bond
ETF
1,102,522
8,800
Virtus
Convertible
&
Income
Fund
29,656
17,103
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
215,498
2,300
Virtus
Equity
&
Convertible
Income
Fund
e
48,093
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
37
Shares
Registered
Investment
Companies
(11.7%)
Value
U.S.
Unaffiliated  (2.7%)-
continued
44,194
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
$
219,644
68,335
Western
Asset
High
Income
Opportunity
Fund,
Inc.
263,773
Total
27,382,555
Total
Registered
Investment
Companies
(cost
$133,123,288)
118,930,135
Shares
Collateral
Held
for
Securities
Loaned
(
2.5%
)
Value
25,760,439
Thrivent
Cash
Management
Trust
25,760,439
Total
Collateral
Held
for
Securities
Loaned
(cost
$25,760,439)
25,760,439
Shares
Preferred
Stock
(
1.2%
)
Value
Communications
Services
(0.1%)
35,275
AT&T,
Inc.,
4.750%
h
695,976
3,800
Paramount
Global,
Convertible,
5.750%
71,060
15,250
Telephone
and
Data
Systems,
Inc.,
6.000%
h
234,240
Total
1,001,276
Energy
(0.1%)
6,975
Energy
Transfer,
LP,
7.600%
b,h
172,980
6,317
Nustar
Logistics,
LP,
12.389%
b
163,484
1,110
UGI
Corporation,
Convertible,
7.250%
65,423
Total
401,887
Financials
(0.8%)
10,000
Aegon
Funding
Corporation
II,
5.100%
217,400
20,000
Allstate
Corporation,
5.100%
h
424,200
15,091
Apollo
Global
Management,
Inc.,
Convertible,
6.750%
850,981
28,275
Bank
of
America
Corporation,
4.250%
h
523,653
839
Bank
of
America
Corporation,
Convertible,
7.250%
h
1,011,230
19,925
Capital
One
Financial
Corporation,
5.000%
h
367,616
9,000
Equitable
Holdings,
Inc.,
5.250%
h
191,880
585
First
Horizon
Bank,
6.518%
*,b,h
360,506
23,000
J.P.
Morgan
Chase
&
Company,
4.200%
h
437,230
16,250
J.P.
Morgan
Chase
&
Company,
4.750%
h
347,750
15,950
KeyCorp,
6.200%
b,h
342,287
13,050
Morgan
Stanley,
4.250%
e,h
248,864
10,400
Morgan
Stanley,
5.850%
b,h
251,888
13,084
Morgan
Stanley,
7.125%
b,h
328,278
14,525
Public
Storage,
4.125%
h
271,327
5,025
Public
Storage,
4.625%
h
107,485
1,275
Public
Storage,
4.700%
h
27,272
3,900
Regions
Financial
Corporation,
5.700%
b,h
83,109
3,500
Synovus
Financial
Corporation,
5.875%
b,h
81,725
13,100
U.S.
Bancorp,
4.000%
e,h
229,512
21,000
Wells
Fargo
&
Company,
4.250%
h
373,380
Shares
Preferred
Stock
(1.2%)
Value
Financials
(0.8%)
-
continued
11,800
Wells
Fargo
&
Company,
4.750%
h
$
235,174
1,023
Wells
Fargo
&
Company,
Convertible,
7.500%
h
1,223,119
Total
8,535,866
Utilities
(0.2%)
10,242
AES
Corporation,
Convertible,
6.875%
779,211
23,000
CMS
Energy
Corporation,
4.200%
h
457,010
19,396
NextEra
Energy,
Inc.,
Convertible,
6.926%
e
739,376
13,600
Southern
Company,
4.950%
305,728
Total
2,281,325
Total
Preferred
Stock
(cost
$14,249,625)
12,220,354
Shares
or
Principal
Amount
Short-Term
Investments
(
4.6%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
900,000
5.260%,
1/10/2024
l,m
898,437
800,000
5.338%,
1/17/2024
l,m
797,800
1,300,000
5.256%,
3/6/2024
l,m
1,287,317
100,000
5.230%,
3/20/2024
l,m
98,823
800,000
5.205%,
4/12/2024
l,m
788,042
Thrivent
Core
Short-Term
Reserve
Fund
4,244,626
5.730%
42,446,262
U.S.
Treasury
Bills
400,000
5.250%,
2/13/2024
l,n
397,537
Total
Short-Term
Investments
(cost
$46,714,662)
46,714,218
Total
Investments
(cost
$1,034,064,734)
102.2%
$1,041,608,053
Other
Assets
and
Liabilities,
Net
(2.2%)
(22,055,361)
Total
Net
Assets
100.0%
$1,019,552,692
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
December
31,
2023.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
December
31,
2023,
the
value
of
these
investments
was
$214,075,580
or
21.0%
of
total
net
assets.
d
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,
2023.
e
All
or
a
portion
of
the
security
is
on
loan.
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
38
,,
f
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.
g
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
h
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
i
Defaulted
security.  Interest
is
not
being
accrued.
j
Non-income
producing
security.
k
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
l
The
interest
rate
shown
reflects
the
yield.
m
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
n
All
or
a
portion
of
the
security
is
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Diversified
Income
Plus
Fund
as
of
December
31,
2023
was
$377,756
or
0.04%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
December
31,
2023.
Security
Acquisition
Date
Cost
Credit
Suisse
Group
AG,
12/29/2049
12/4/2013
$
150,000
First
Horizon
Bank,
6.518%,
3/5/2019
6/21/2017
440,212
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,
2023:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
16,428,037
Common
Stock
8,624,424
Total
lending
$25,052,461
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$25,760,439
Net
amounts
due
to
counterparty
$707,978
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
NVDR
-
Non-Voting
Depository
Receipts
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
SPDR
-
S&P
Depository
Receipts,
which
are
exchange-traded
funds
traded
in
the
U.S.,
Europe,
and
Asia-Pacific
and
managed
by
State
Street
Global
Advisors.
Reference
Rate
Index:
CMT
1Y
-
Constant
Maturity
Treasury
Yield
1
Year
SOFR30A
-
Secured
Overnight
Financing
Rate
30
Year
Average
TSFR1M
-
CME
Term
SOFR
1
Month
TSFR3M
-
CME
Term
SOFR
3
Month
TSFR6M
-
CME
Term
SOFR
6
Month
USISOA05
-
USD
SOFR
Spread-Adjusted
ICE
Swap
Rate
5
Year
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$57,573,161
Gross
unrealized
depreciation
(54,735,115)
Net
unrealized
appreciation
(depreciation)
$2,838,046
Cost
for
federal
income
tax
purposes
$1,039,055,091
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
39
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
December
31,
2023,
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
210,778
–
210,778
–
Long-Term
Fixed
Income
Asset-Backed
Securities
53,363,559
–
53,363,559
–
Basic
Materials
11,152,682
–
11,152,682
–
Capital
Goods
20,550,768
–
20,550,768
–
Collateralized
Mortgage
Obligations
54,461,160
–
54,461,160
–
Commercial
Mortgage-Backed
Securities
5,979,078
–
5,979,078
–
Communications
Services
25,034,122
–
25,034,122
–
Consumer
Cyclical
36,137,135
–
36,137,135
–
Consumer
Non-Cyclical
29,352,722
–
29,352,722
–
Energy
27,764,593
–
27,764,593
–
Financials
81,025,312
–
81,025,312
–
Foreign
Government
201,507
–
201,507
–
Mortgage-Backed
Securities
229,334,354
–
229,334,354
–
Technology
22,020,875
–
22,020,875
–
Transportation
6,810,963
–
6,810,963
–
U.S.
Government
&
Agencies
62,852,123
–
62,852,123
–
Utilities
19,430,612
–
19,430,612
–
Common
Stock
Communications
Services
9,903,370
9,858,073
45,297
–
Consumer
Discretionary
17,143,686
17,143,686
–
–
Consumer
Staples
7,847,545
7,847,545
–
–
Energy
7,403,635
7,403,635
–
–
Financials
23,877,664
23,877,664
–
–
Health
Care
18,335,124
18,335,124
–
–
Industrials
21,290,558
20,750,687
539,871
–
Information
Technology
31,478,564
30,689,626
788,938
–
Materials
5,556,987
5,342,880
214,107
–
Real
Estate
5,235,720
5,235,720
–
–
Utilities
4,227,711
4,227,711
–
–
Registered
Investment
Companies
U.S.
Unaffiliated
27,382,555
27,300,440
–
82,115
Preferred
Stock
Communications
Services
1,001,276
1,001,276
–
–
Energy
401,887
401,887
–
–
Financials
8,535,866
8,175,360
360,506
–
Utilities
2,281,325
2,281,325
–
–
Short-Term
Investments
4,267,956
–
4,267,956
–
Subtotal
Investments
in
Securities
$881,853,772
$189,872,639
$691,899,018
$82,115
Other
Investments  *
Total
U.S.
Affiliated
Registered
Investment
Cos.
91,547,580
Affiliated
Short-Term
Investments
42,446,262
Collateral
Held
for
Securities
Loaned
25,760,439
Subtotal
Other
Investments
$159,754,281
Total
Investments
at
Value
$1,041,608,053
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
40
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
The
following
table
is
a
summary
of
the
inputs
used,
as
of
December
31,
2023,
in
valuing
Diversified
Income
Plus
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
2,883,349
2,883,349
–
–
Total
Asset
Derivatives
$2,883,349
$2,883,349
$–
$–
Liability
Derivatives
Futures
Contracts
2,307,880
2,307,880
–
–
Credit
Default
Swaps
290,385
–
290,385
–
Total
Liability
Derivatives
$2,598,265
$2,307,880
$290,385
$–
The
following
table
presents
Diversified
Income
Plus
Fund's
futures
contracts
held
as
of
December
31,
2023.
Investments
and/or
cash
totaling
$3,870,419
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
CBOT
2-Yr.
U.S.
Treasury
Note
52
March
2024
$
10,589,855
$
117,676
CME
E-mini
S&P
500
Index
157
March
2024
36,450,503
1,386,497
CME
Ultra
Long
Term
U.S.
Treasury
Bond
20
March
2024
2,413,496
258,379
ICE
mini
MSCI
EAFE
Index
200
March
2024
21,632,412
891,588
ICE
US
mini
MSCI
Emerging
Markets
Index
58
March
2024
2,854,616
143,114
Ultra
10-Yr.
U.S.
Treasury
Note
15
March
2024
1,684,139
86,095
Total
Futures
Long
Contracts
$
75,625,021
$
2,883,349
CME
E-mini
Russell
2000
Index
(219)
March
2024
(
$
20,689,513)
(
$
1,732,802)
CME
E-mini
S&P
Mid-Cap
400
Index
(18)
March
2024
(
4,769,207)
(
287,893)
CME
Euro
Foreign
Exchange
Currency
(84)
March
2024
(
11,349,816)
(
278,934)
Eurex
Euro
STOXX
50
Index
(231)
March
2024
(
11,622,842)
(
8,251)
Total
Futures
Short
Contracts
(
$
48,431,378)
($2,307,880)
Total
Futures
Contracts
$
27,193,643
$575,469
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
41
The
following
table
presents
Diversified
Income
Plus
Fund's
swaps
contracts
held
as
of
December
31,
2023.
Investments
totaling
$397,537
were
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
Credit
Default
Swaps
Buy/Sell
Protection
1
Termination
Date
Notional
Principal
Amount
2
Upfront
Payments/
(Receipts)
Value
3
Unrealized
Gain/(Loss)
CDX
HY
41,
5
Year,
at
5.00%,
Quarterly
Buy
12/20/2028
$
5,776,650
$
–
(
$
290,385)
(
$
290,385)
Total
Credit
Default
Swaps
$–
($290,385)
($290,385)
1
As
the
buyer
of
protection,
Diversified
Income
Plus
Fund
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
As
the
seller
of
protection,
Diversified
Income
Plus
Fund
collects
periodic
fees
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
2
The
maximum
potential
amount
of
future
payments
Diversified
Income
Plus
Fund
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
December
31,
2023,
for
Diversified
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
2,421,199
Total
Equity
Contracts
2,421,199
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
462,150
Total
Interest
Rate
Contracts
462,150
Total
Asset
Derivatives
$2,883,349
Liability
Derivatives
Foreign
Exchange
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
278,934
Total
Foreign
Exchange
Contracts
278,934
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
2,028,946
Total
Equity
Contracts
2,028,946
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
290,385
Total
Credit
Contracts
290,385
Total
Liability
Derivatives
$2,598,265
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
42
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
December
31,
2023,
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
Options
Written
Net
realized
gains/(losses)
on
Written
option
contracts
169,015
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(5,530,431)
Total
Interest
Rate
Contracts
(5,361,416)
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
4,947,378
Total
Equity
Contracts
4,947,378
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
348,892
Total
Foreign
Exchange
Contracts
348,892
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
(727,429)
Total
Credit
Contracts
(727,429)
Total
($792,575)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
December
31,
2023,
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
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(278,934)
Total
Foreign
Exchange
Contracts
(278,934)
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
690,475
Total
Equity
Contracts
690,475
Interest
Rate
Contracts
Options
Written
Change
in
net
unrealized
appreciation/(depreciation)
on
Written
option
contracts
(95,970)
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
360,506
Total
Interest
Rate
Contracts
264,536
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
203,797
Total
Credit
Contracts
203,797
Total
$879,874
The
following
table
presents
Diversified
Income
Plus
Fund's
average
volume
of
derivative
activity
during
the
period
ended
December
31,
2023.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$54,228,416
Futures
-
Short
(33,384,875)
Interest
Rate
Contracts
Futures
-
Long
52,509,027
Futures
-
Short
(6,351,336)
Options
Written
(4,739,689)
Foreign
Exchange
Contracts
Futures
-
Short
(7,580,170)
Credit
Contracts
Credit
Default
Swaps
-
Buy
Protection
(137,960)
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
43
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Diversified
Income
Plus
Fund,
is
as
follows:
Fund
Value
12/31/2022
Gross
Purchases
Gross
Sales
Value
12/31/2023
Shares
Held
at
12/31/2023
%
of
Net
Assets
12/31/2023
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$91,053
$4,822
$20,350
$79,693
9,974
7.8%
Core
International
Equity
23,318
405
14,000
11,854
1,171
1.2
Total
U.S.
Affiliated
Registered
Investment
Companies
114,371
91,547
9.0
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.730%
99,203
455,551
512,308
42,446
4,245
4.2
Total
Affiliated
Short-Term
Investments
99,203
42,446
4.2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
19,586
203,551
197,377
25,760
25,760
2.5
Total
Collateral
Held
for
Securities
Loaned
19,586
25,760
2.5
Total
Value
$233,160
$159,753
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2023
-
12/31/2023
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($5,940)
$10,108
$–
$4,823
Core
International
Equity
(366)
2,497
–
405
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.730%
14
(14)
–
3,193
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$8,421
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
192
Total
Affiliated
Income
from
Securities
Loaned,
Net
$192
Total
($6,292)
$12,591
$–
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
44
Principal
Amount
Long-Term
Fixed
Income
(
75.3%
)
Value
Basic
Materials
(2.0%)
ATI,
Inc.
$
33,000
7.250%, 
8/15/2030
$
34,333
ATI,
Inc.,
Convertible
12,000
3.500%, 
6/15/2025
35,538
Cascades,
Inc./Cascades
USA,
Inc.
40,000
5.125%, 
1/15/2026
a
38,900
Chemours
Company
60,000
5.750%, 
11/15/2028
a
57,150
Cleveland-Cliffs,
Inc.
27,000
5.875%, 
6/1/2027
26,904
40,000
4.625%, 
3/1/2029
a
36,967
Consolidated
Energy
Finance
SA
113,000
5.625%, 
10/15/2028
a
95,686
First
Quantum
Minerals,
Ltd.
76,000
6.875%, 
10/15/2027
a
64,588
Hecla
Mining
Company
25,000
7.250%, 
2/15/2028
25,110
Hudbay
Minerals,
Inc.
45,000
4.500%, 
4/1/2026
a
43,527
Illuminate
Buyer,
LLC/Illuminate
Holdings
IV,
Inc.
38,000
9.000%, 
7/1/2028
a
36,336
Methanex
Corporation
59,000
4.250%, 
12/1/2024
58,036
Mineral
Resources,
Ltd.
10,000
9.250%, 
10/1/2028
a
10,638
Novelis
Corporation
35,000
3.250%, 
11/15/2026
a
32,949
20,000
4.750%, 
1/30/2030
a
18,809
15,000
3.875%, 
8/15/2031
a
13,219
Olin
Corporation
41,000
5.125%, 
9/15/2027
39,751
25,000
5.625%, 
8/1/2029
24,602
Peabody
Energy
Corporation,
Convertible
15,000
3.250%, 
3/1/2028
b
21,450
SCIL
IV,
LLC/SCIL
USA
Holdings,
LLC
48,000
5.375%, 
11/1/2026
a
46,077
SNF
Group
SACA
50,000
3.375%, 
3/15/2030
a
42,963
SunCoke
Energy,
Inc.
56,000
4.875%, 
6/30/2029
a
50,367
Taseko
Mines,
Ltd.
42,000
7.000%, 
2/15/2026
a
39,803
Unifrax
Escrow
Issuer
Corporation
44,000
5.250%, 
9/30/2028
a
31,773
United
States
Steel
Corporation
63,000
6.875%, 
3/1/2029
64,453
United
States
Steel
Corporation,
Convertible
14,000
5.000%, 
11/1/2026
50,848
Total
1,040,777
Capital
Goods
(4.1%)
Advanced
Drainage
Systems,
Inc.
35,000
6.375%, 
6/15/2030
a
35,262
AECOM
90,000
5.125%, 
3/15/2027
89,352
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Capital
Goods
(4.1%)
-
continued
Amsted
Industries,
Inc.
$
65,000
5.625%, 
7/1/2027
a
$
64,767
15,000
4.625%, 
5/15/2030
a
13,728
ARD
Finance
SA
20,000
6.500%, 
6/30/2027
a
9,344
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
37,000
5.250%, 
8/15/2027
a
28,744
16,000
5.250%, 
8/15/2027
a
12,430
Bombardier,
Inc.
42,000
7.875%, 
4/15/2027
a
42,007
53,000
6.000%, 
2/15/2028
a
51,637
Brand
Industrial
Services,
Inc.
16,000
10.375%, 
8/1/2030
a
16,920
Builders
FirstSource,
Inc.
25,000
5.000%, 
3/1/2030
a
24,141
Canpack
SA/Canpack
US,
LLC
60,000
3.125%, 
11/1/2025
a
56,851
Chart
Industries,
Inc.
53,000
7.500%, 
1/1/2030
a
55,398
Chart
Industries,
Inc.,
Convertible
10,000
1.000%, 
11/15/2024
23,238
Clean
Harbors,
Inc.
35,000
6.375%, 
2/1/2031
a
35,562
Clydesdale
Acquisition
Holdings,
Inc.
8,000
6.625%, 
4/15/2029
a
7,869
17,000
8.750%, 
4/15/2030
a
15,850
Cornerstone
Building
Brands,
Inc.
43,000
6.125%, 
1/15/2029
a
35,260
Covanta
Holding
Corporation
40,000
4.875%, 
12/1/2029
a
34,948
CP
Atlas
Buyer,
Inc.
40,000
7.000%, 
12/1/2028
a
34,821
Crown
Cork
&
Seal
Company,
Inc.
50,000
7.375%, 
12/15/2026
52,500
Fluor
Corporation,
Convertible
43,000
1.125%, 
8/15/2029
a
46,762
GFL
Environmental,
Inc.
62,000
4.000%, 
8/1/2028
a
57,312
26,000
3.500%, 
9/1/2028
a
24,026
Greenbrier
Companies,
Inc.,
Convertible
19,000
2.875%, 
4/15/2028
18,639
H&E
Equipment
Services,
Inc.
114,000
3.875%, 
12/15/2028
a
103,662
Herc
Holdings,
Inc.
45,000
5.500%, 
7/15/2027
a
44,429
Howmet
Aerospace,
Inc.
130,000
3.000%, 
1/15/2029
118,787
Kaman
Corporation,
Convertible
10,000
3.250%, 
5/1/2024
9,700
Mauser
Packaging
Solutions
Holding
Company
26,000
9.250%, 
4/15/2027
a
25,520
MIWD
Holdco
II,
LLC
24,000
5.500%, 
2/1/2030
a
21,240
Mueller
Water
Products,
Inc.
32,000
4.000%, 
6/15/2029
a
29,152
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
45
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Capital
Goods
(4.1%)
-
continued
Nesco
Holdings
II,
Inc.
$
60,000
5.500%, 
4/15/2029
a
$
55,475
New
Enterprise
Stone
and
Lime
Company,
Inc.
89,000
5.250%, 
7/15/2028
a
84,898
OI
European
Group
BV
60,000
4.750%, 
2/15/2030
a
56,113
Owens-Brockway
Glass
Container,
Inc.
27,000
6.625%, 
5/13/2027
a
27,003
Pactiv
Evergreen
Group
40,000
4.375%, 
10/15/2028
a
37,396
Patrick
Industries,
Inc.,
Convertible
10,000
1.750%, 
12/1/2028
11,350
PGT
Innovations,
Inc.
50,000
4.375%, 
10/1/2029
a
49,822
Rolls-Royce
plc
23,000
5.750%, 
10/15/2027
a
23,040
Sealed
Air
Corporation
44,000
6.125%, 
2/1/2028
a
44,379
Silgan
Holdings,
Inc.
22,000
4.125%, 
2/1/2028
21,011
Smyrna
Ready
Mix
Concrete,
LLC
44,000
8.875%, 
11/15/2031
a
46,252
Spirit
AeroSystems,
Inc.
32,000
9.750%, 
11/15/2030
a
34,399
SRM
Escrow
Issuer,
LLC
27,000
6.000%, 
11/1/2028
a
26,584
Summit
Materials,
LLC/Summit
Materials
Finance
Corporation
12,000
7.250%, 
1/15/2031
a
12,644
Titan
Acquisition,
Ltd./Titan
Co-
Borrower,
LLC
30,000
7.750%, 
4/15/2026
a
30,189
TransDigm,
Inc.
5,000
6.250%, 
3/15/2026
a
4,991
82,000
5.500%, 
11/15/2027
80,338
53,000
7.125%, 
12/1/2031
a
55,539
Triumph
Group,
Inc.
45,000
9.000%, 
3/15/2028
a
47,851
United
Rentals
North
America,
Inc.
70,000
4.875%, 
1/15/2028
68,337
30,000
4.000%, 
7/15/2030
27,633
Waste
Pro
USA,
Inc.
15,000
5.500%, 
2/15/2026
a
14,438
WESCO
Distribution,
Inc.
75,000
7.250%, 
6/15/2028
a
77,087
Total
2,176,627
Collateralized
Mortgage
Obligations
(0.1%)
GMACM
Mortgage
Loan
Trust
12,823
3.637%, 
11/19/2035,
Ser.
2005-AR6,
Class
1A1
c
11,463
Residential
Accredit
Loans,
Inc.
Trust
39,321
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
30,288
Total
41,751
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Communications
Services
(4.7%)
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
$
45,000
10.500%, 
2/15/2028
a
$
24,067
Altice
Financing
SA
37,000
5.750%, 
8/15/2029
a
32,834
Altice
France
SA/France
29,000
5.125%, 
7/15/2029
a
22,563
125,000
5.500%, 
10/15/2029
a
98,016
AMC
Networks,
Inc.
19,000
4.750%, 
8/1/2025
18,502
69,000
4.250%, 
2/15/2029
52,651
Cable
One,
Inc.,
Convertible
22,000
1.125%, 
3/15/2028
16,665
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corporation
32,000
5.500%, 
5/1/2026
a
31,787
10,000
5.125%, 
5/1/2027
a
9,662
89,000
6.375%, 
9/1/2029
a
87,768
30,000
4.750%, 
3/1/2030
a
27,413
23,000
4.250%, 
2/1/2031
a
20,100
128,000
4.750%, 
2/1/2032
a
112,891
55,000
4.250%, 
1/15/2034
a
44,695
CenterPoint
Energy,
Inc.,
Convertible
695
3.369%, 
9/15/2029
27,015
Cimpress
plc
33,000
7.000%, 
6/15/2026
32,258
Clear
Channel
Outdoor
Holdings,
Inc.
25,000
7.500%, 
6/1/2029
a
20,787
Clear
Channel
Worldwide
Holdings,
Inc.
92,000
5.125%, 
8/15/2027
a
87,822
Connect
Finco
SARL/Connect
US
Finco,
LLC
27,000
6.750%, 
10/1/2026
a
26,838
CSC
Holdings,
LLC
110,000
5.375%, 
2/1/2028
a
97,167
41,000
6.500%, 
2/1/2029
a
36,187
11,000
4.125%, 
12/1/2030
a
8,368
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
87,000
5.875%, 
8/15/2027
a
81,743
DISH
DBS
Corporation
20,000
5.875%, 
11/15/2024
18,755
21,000
5.250%, 
12/1/2026
a
17,992
21,000
7.375%, 
7/1/2028
12,553
29,000
5.750%, 
12/1/2028
a
23,130
31,000
5.125%, 
6/1/2029
15,977
DISH
Network
Corporation
12,000
11.750%, 
11/15/2027
a
12,526
Frontier
Communications
Holdings,
LLC
57,000
5.875%, 
10/15/2027
a
55,068
37,000
6.750%, 
5/1/2029
a,b
33,086
16,000
8.750%, 
5/15/2030
a
16,459
GCI,
LLC
45,000
4.750%, 
10/15/2028
a
41,287
Gray
Escrow
II,
Inc.
75,000
5.375%, 
11/15/2031
a
56,587
Gray
Television,
Inc.
50,000
4.750%, 
10/15/2030
a
37,638
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
46
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Communications
Services
(4.7%)
-
continued
iHeartCommunications,
Inc.
$
28,000
6.375%, 
5/1/2026
$
23,872
Iliad
Holding
SASU
73,000
6.500%, 
10/15/2026
a
72,857
LCPR
Senior
Secured
Financing
DAC
63,000
6.750%, 
10/15/2027
a
61,706
Level
3
Financing,
Inc.
50,000
4.625%, 
9/15/2027
a
30,000
49,000
4.250%, 
7/1/2028
a
24,255
28,000
10.500%, 
5/15/2030
a,b
27,151
McGraw-Hill
Education,
Inc.
36,000
5.750%, 
8/1/2028
a
34,713
10,000
8.000%, 
8/1/2029
a
9,300
News
Corporation
51,000
3.875%, 
5/15/2029
a
46,893
Outfront
Media
Capital,
LLC/
Outfront
Media
Capital
Corporation
20,000
4.625%, 
3/15/2030
a
17,830
Paramount
Global
50,000
6.250%, 
2/28/2057
c
43,791
75,000
6.375%, 
3/30/2062
c
67,500
Playtika
Holding
Corporation
50,000
4.250%, 
3/15/2029
a
43,627
Radiate
Holdco,
LLC/Radiate
Finance,
Inc.
35,000
6.500%, 
9/15/2028
a
17,149
Rogers
Communications,
Inc.
80,000
5.250%, 
3/15/2082
a,c
76,773
Sirius
XM
Radio,
Inc.
44,000
5.000%, 
8/1/2027
a
42,504
25,000
4.000%, 
7/15/2028
a
23,121
30,000
4.125%, 
7/1/2030
a
26,732
TEGNA,
Inc.
50,000
4.625%, 
3/15/2028
46,704
Telecom
Italia
Capital
SA
17,000
6.000%, 
9/30/2034
16,145
Telecom
Italia
SPA/Milano
23,000
5.303%, 
5/30/2024
a
22,893
Telesat
Canada/Telesat,
LLC
20,000
4.875%, 
6/1/2027
a
11,819
10,000
6.500%, 
10/15/2027
a
4,675
United
States
Cellular
Corporation
23,000
6.700%, 
12/15/2033
23,437
Uniti
Group,
Inc.,
Convertible
15,000
7.500%, 
12/1/2027
a
14,753
Uniti
Group,
LP/Uniti
Group
Finance,
Inc./CSL
Capital,
LLC
76,000
4.750%, 
4/15/2028
a
65,504
Univision
Communications,
Inc.
25,000
6.625%, 
6/1/2027
a
24,932
25,000
4.500%, 
5/1/2029
a
22,306
Virgin
Media
Finance
plc
19,000
5.000%, 
7/15/2030
a
16,752
Virgin
Media
Secured
Finance
plc
39,000
5.500%, 
5/15/2029
a
37,683
Vodafone
Group
plc
88,000
7.000%, 
4/4/2079
c
90,728
VZ
Secured
Financing
BV
40,000
5.000%, 
1/15/2032
a
34,149
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Communications
Services
(4.7%)
-
continued
YPSO
Finance
BIS
SA
$
25,000
10.500%, 
5/15/2027
a
$
16,191
Total
2,497,302
Consumer
Cyclical
(6.1%)
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
105,000
4.375%, 
1/15/2028
a
100,283
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation
25,000
6.625%, 
7/15/2026
a
24,869
35,000
6.000%, 
6/1/2029
a
28,535
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation/
Atlas
Luxco
4
SARL
50,000
4.625%, 
6/1/2028
a
45,455
30,000
4.625%, 
6/1/2028
a
27,416
American
Axle
&
Manufacturing,
Inc.
74,000
6.500%, 
4/1/2027
74,299
Arko
Corporation
32,000
5.125%, 
11/15/2029
a
27,688
Ashton
Woods
USA,
LLC/Ashton
Woods
Finance
Company
30,000
4.625%, 
8/1/2029
a
26,678
28,000
4.625%, 
4/1/2030
a
25,082
Bloomin'
Brands,
Inc.,
Convertible
2,000
5.000%, 
5/1/2025
5,050
Booking
Holdings,
Inc.,
Convertible
12,000
0.750%, 
5/1/2025
22,606
Boyd
Gaming
Corporation
50,000
4.750%, 
6/15/2031
a
45,891
Boyne
USA,
Inc.
20,000
4.750%, 
5/15/2029
a
18,808
Brookfield
Residential
Properties,
Inc./Brookfield
Residential
US,
LLC
32,000
6.250%, 
9/15/2027
a
31,004
Burlington
Stores,
Inc.,
Convertible
21,000
2.250%, 
4/15/2025
22,575
9,000
1.250%, 
12/15/2027
a
10,129
Caesars
Entertainment,
Inc.
52,000
6.250%, 
7/1/2025
a
52,141
12,000
8.125%, 
7/1/2027
a
12,301
70,000
4.625%, 
10/15/2029
a
63,140
Carnival
Corporation
55,000
7.625%, 
3/1/2026
a
55,994
85,000
5.750%, 
3/1/2027
a
82,912
Cedar
Fair,
LP
43,000
5.250%, 
7/15/2029
40,565
Churchill
Downs,
Inc.
25,000
4.750%, 
1/15/2028
a
23,960
21,000
6.750%, 
5/1/2031
a
21,314
Cinemark
USA,
Inc.
61,000
5.875%, 
3/15/2026
a
59,704
Clarios
Global,
LP/Clarios
US
Finance
Company,
Inc.
15,000
8.500%, 
5/15/2027
a
15,052
Expedia
Group,
Inc.,
Convertible
30,000
Zero
Coupon, 
2/15/2026
28,365
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
47
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Consumer
Cyclical
(6.1%)
-
continued
Ford
Motor
Company
$
88,000
3.250%, 
2/12/2032
$
73,190
Ford
Motor
Company,
Convertible
44,000
Zero
Coupon, 
3/15/2026
43,780
Ford
Motor
Credit
Company,
LLC
119,000
2.300%, 
2/10/2025
114,439
31,000
4.134%, 
8/4/2025
30,130
51,000
2.700%, 
8/10/2026
47,236
Forestar
Group,
Inc.
40,000
3.850%, 
5/15/2026
a
38,103
General
Motors
Financial
Company,
Inc.
50,000
5.700%, 
9/30/2030
c,d
46,175
Goodyear
Tire
&
Rubber
Company
40,000
5.000%, 
7/15/2029
37,793
Hanesbrands,
Inc.
43,000
4.875%, 
5/15/2026
a
41,478
Hilton
Domestic
Operating
Company,
Inc.
23,000
3.625%, 
2/15/2032
a
20,072
Hilton
Grand
Vacations
Borrower
Escrow,
LLC/Hilton
Grand
Vacations
Borrower
Escrow,
Inc.
37,000
5.000%, 
6/1/2029
a
34,134
Hilton
Worldwide
Finance,
LLC
70,000
4.875%, 
4/1/2027
68,955
International
Game
Technology
plc
81,000
5.250%, 
1/15/2029
a
79,315
Jacobs
Entertainment,
Inc.
32,000
6.750%, 
2/15/2029
a
30,080
KB
Home
45,000
4.800%, 
11/15/2029
42,998
L
Brands,
Inc.
80,000
6.625%, 
10/1/2030
a
81,764
10,000
6.875%, 
11/1/2035
10,125
Light
&
Wonder
International,
Inc.
46,000
7.250%, 
11/15/2029
a
47,100
Live
Nation
Entertainment,
Inc.,
Convertible
23,000
2.000%, 
2/15/2025
24,194
32,000
3.125%, 
1/15/2029
a
36,339
Macy's
Retail
Holdings,
LLC
70,000
5.875%, 
4/1/2029
a,b
67,196
Marriott
Vacations
Worldwide
Corporation,
Convertible
21,000
Zero
Coupon, 
1/15/2026
18,438
19,000
3.250%, 
12/15/2027
16,806
Mattamy
Group
Corporation
47,000
5.250%, 
12/15/2027
a
45,693
Michaels
Companies,
Inc.
40,000
5.250%, 
5/1/2028
a,b
31,623
NCL
Corporation,
Ltd.
21,000
3.625%, 
12/15/2024
a
20,401
21,000
5.875%, 
3/15/2026
a
20,520
35,000
5.875%, 
2/15/2027
a
34,698
Nissan
Motor
Company,
Ltd.
18,000
3.522%, 
9/17/2025
a
17,328
19,000
4.345%, 
9/17/2027
a
18,175
24,000
4.810%, 
9/17/2030
a
22,438
PENN
Entertainment,
Inc.
55,000
4.125%, 
7/1/2029
a
47,025
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Consumer
Cyclical
(6.1%)
-
continued
PetSmart,
Inc./PetSmart
Finance
Corporation
$
65,000
4.750%, 
2/15/2028
a
$
61,281
33,000
7.750%, 
2/15/2029
a
32,103
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
62,000
5.750%, 
4/15/2026
a
62,336
44,000
6.250%, 
1/15/2028
a
43,743
Raising
Cane's
Restaurants,
LLC
19,000
9.375%, 
5/1/2029
a
20,277
Realogy
Group,
LLC/Realogy
Group
Co-Issuer
Corporation
45,000
5.750%, 
1/15/2029
a
34,972
Royal
Caribbean
Cruises,
Ltd.
86,000
4.250%, 
7/1/2026
a
83,065
37,000
9.250%, 
1/15/2029
a
39,798
29,000
7.250%, 
1/15/2030
a
30,287
Scientific
Games
Holdings,
LP/
Scientific
Games
US
FinCo,
Inc.
5,000
6.625%, 
3/1/2030
a
4,727
SeaWorld
Parks
and
Entertainment,
Inc.
32,000
5.250%, 
8/15/2029
a
29,914
Six
Flags
Theme
Parks,
Inc.
18,000
7.000%, 
7/1/2025
a
18,078
Staples,
Inc.
47,000
7.500%, 
4/15/2026
a
43,730
32,000
10.750%, 
4/15/2027
a
23,316
Station
Casinos,
LLC
39,000
4.625%, 
12/1/2031
a
35,165
Tenneco,
Inc.
33,000
8.000%, 
11/17/2028
a
28,174
Tripadvisor,
Inc.
12,000
7.000%, 
7/15/2025
a
12,029
Uber
Technologies,
Inc.
35,000
6.250%, 
1/15/2028
a
35,088
Uber
Technologies,
Inc.,
Convertible
40,000
Zero
Coupon, 
12/15/2025
40,674
14,000
0.875%, 
12/1/2028
a
15,225
Vail
Resorts,
Inc.,
Convertible
31,000
Zero
Coupon, 
1/1/2026
27,571
Victoria's
Secret
&
Company
19,000
4.625%, 
7/15/2029
a
15,871
Viking
Cruises,
Ltd.
20,000
5.875%, 
9/15/2027
a
19,300
Wabash
National
Corporation
51,000
4.500%, 
10/15/2028
a
46,018
Wyndham
Hotels
&
Resorts,
Inc.
30,000
4.375%, 
8/15/2028
a
28,055
Yum!
Brands,
Inc.
52,000
4.750%, 
1/15/2030
a
50,405
ZF
North
America
Capital,
Inc.
29,000
7.125%, 
4/14/2030
a
30,908
Total
3,211,667
Consumer
Non-Cyclical
(3.9%)
1375209
B.C.,
Ltd.
15,000
9.000%, 
1/30/2028
a,b
14,626
AdaptHealth,
LLC
27,000
4.625%, 
8/1/2029
a
20,837
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
48
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Consumer
Non-Cyclical
(3.9%)
-
continued
Albertsons
Companies,
Inc./
Safeway,
Inc./New
Albertsons,
LP/Albertsons,
LLC
$
75,000
4.625%, 
1/15/2027
a
$
72,915
45,000
3.500%, 
3/15/2029
a
40,859
B&G
Foods,
Inc.
24,000
5.250%, 
9/15/2027
21,803
41,000
8.000%, 
9/15/2028
a
43,052
Bausch
&
Lomb
Escrow
Corporation
10,000
8.375%, 
10/1/2028
a
10,549
Bausch
Health
Companies,
Inc.
23,000
5.500%, 
11/1/2025
a
21,040
7,000
4.875%, 
6/1/2028
a
4,216
51,000
11.000%, 
9/30/2028
a
37,076
BellRing
Brands,
Inc.
32,000
7.000%, 
3/15/2030
a
33,119
BioMarin
Pharmaceutical,
Inc.,
Convertible
30,000
1.250%, 
5/15/2027
b
30,807
Catalent
Pharma
Solutions,
Inc.
33,000
3.125%, 
2/15/2029
a
28,879
Central
Garden
&
Pet
Company
65,000
4.125%, 
10/15/2030
59,120
Cheplapharm
Arzneimittel
GmbH
10,000
5.500%, 
1/15/2028
a
9,455
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
60,000
4.625%, 
11/15/2028
a
56,089
CHS/Community
Health
Systems,
Inc.
18,000
5.625%, 
3/15/2027
a
16,724
19,000
8.000%, 
12/15/2027
a
18,336
50,000
6.000%, 
1/15/2029
a
45,006
21,000
4.750%, 
2/15/2031
a
16,509
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US,
LLC
64,000
4.750%, 
1/15/2029
a
61,044
10,000
6.625%, 
7/15/2030
a
10,273
Edgewell
Personal
Care
Company
45,000
5.500%, 
6/1/2028
a
44,156
Embecta
Corporation
20,000
6.750%, 
2/15/2030
a
17,400
Encompass
Health
Corporation
68,000
4.500%, 
2/1/2028
65,060
Energizer
Holdings,
Inc.
15,000
4.750%, 
6/15/2028
a
13,867
40,000
4.375%, 
3/31/2029
a
35,803
Envista
Holdings
Corporation,
Convertible
18,000
1.750%, 
8/15/2028
16,380
Fortrea
Holdings,
Inc.
14,000
7.500%, 
7/1/2030
a
14,378
Grifols
SA
47,000
4.750%, 
10/15/2028
a
42,623
HLF
Financing
SARL,
LLC/
Herbalife
International,
Inc.
73,000
4.875%, 
6/1/2029
a
57,320
Integer
Holdings
Corporation,
Convertible
28,000
2.125%, 
2/15/2028
a
35,728
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Consumer
Non-Cyclical
(3.9%)
-
continued
Jazz
Investments
I,
Ltd.,
Convertible
$
30,000
2.000%, 
6/15/2026
$
30,255
Jazz
Securities
DAC
31,000
4.375%, 
1/15/2029
a
28,874
Legacy
LifePoint
Health,
LLC
20,000
4.375%, 
2/15/2027
a
18,465
LifePoint
Health,
Inc.
20,000
11.000%, 
10/15/2030
a
21,063
ModivCare
Escrow
Issuer,
Inc.
17,000
5.000%, 
10/1/2029
a
13,895
ModivCare,
Inc.
13,000
5.875%, 
11/15/2025
a
12,837
Mozart
Debt
Merger
Sub,
Inc.
41,000
3.875%, 
4/1/2029
a
37,070
41,000
5.250%, 
10/1/2029
a
38,646
Organon
&
Company/Organon
Foreign
Debt
Co-Issuer
BV
48,000
4.125%, 
4/30/2028
a
44,182
28,000
5.125%, 
4/30/2031
a
23,936
Owens
&
Minor,
Inc.
45,000
6.625%, 
4/1/2030
a
42,967
Perrigo
Finance
Unlimited
Company
23,000
4.375%, 
3/15/2026
22,239
27,000
3.150%, 
6/15/2030
24,559
Post
Holdings,
Inc.
46,000
4.500%, 
9/15/2031
a
41,223
Post
Holdings,
Inc.,
Convertible
19,000
2.500%, 
8/15/2027
19,199
RegionalCare
Hospital
Partners
Holdings,
Inc./LifePoint
Health,
Inc.
20,000
9.750%, 
12/1/2026
a
19,842
Scotts
Miracle-Gro
Company
19,000
4.500%, 
10/15/2029
16,882
SEG
Holding,
LLC
100,000
5.625%, 
10/15/2028
a
100,375
Simmons
Foods,
Inc.
49,000
4.625%, 
3/1/2029
a
42,394
Spectrum
Brands,
Inc.
45,000
5.000%, 
10/1/2029
a
42,936
10,000
5.500%, 
7/15/2030
a
9,704
Star
Parent,
Inc.
32,000
9.000%, 
10/1/2030
a
33,723
Teleflex,
Inc.
61,000
4.250%, 
6/1/2028
a
57,815
Tenet
Healthcare
Corporation
123,000
5.125%, 
11/1/2027
120,239
62,000
6.125%, 
10/1/2028
61,824
Teva
Pharmaceutical
Finance
Netherlands
III
BV
36,000
3.150%, 
10/1/2026
33,332
Topgolf
Callaway
Brands
Corporation,
Convertible
11,000
2.750%, 
5/1/2026
11,748
TreeHouse
Foods,
Inc.
45,000
4.000%, 
9/1/2028
39,834
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
49
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Consumer
Non-Cyclical
(3.9%)
-
continued
Winnebago
Industries,
Inc.,
Convertible
$
15,000
1.500%, 
4/1/2025
$
18,772
Total
2,043,879
Energy
(5.7%)
Antero
Midstream
Partners,
LP/
Antero
Midstream
Finance
Corporation
33,000
5.375%, 
6/15/2029
a
31,725
Antero
Resources
Corporation
19,000
5.375%, 
3/1/2030
a
18,211
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
65,000
6.250%, 
4/1/2028
a
64,025
Baytex
Energy
Corporation
34,000
8.500%, 
4/30/2030
a
35,187
BP
Capital
Markets
plc
164,000
4.875%, 
3/22/2030
c,d
155,767
Buckeye
Partners,
LP
65,000
3.950%, 
12/1/2026
61,425
Callon
Petroleum
Company
26,000
7.500%, 
6/15/2030
a
26,222
Chesapeake
Energy
Corporation
26,000
6.750%, 
4/15/2029
a
26,242
Chord
Energy
Corporation
26,000
6.375%, 
6/1/2026
a
26,000
Civitas
Resources,
Inc.
15,000
8.375%, 
7/1/2028
a
15,659
11,000
8.625%, 
11/1/2030
a
11,668
41,000
8.750%, 
7/1/2031
a
43,646
CNX
Resources
Corporation
20,000
6.000%, 
1/15/2029
a
19,173
CNX
Resources
Corporation,
Convertible
18,000
2.250%, 
5/1/2026
b
29,138
Comstock
Resources,
Inc.
20,000
6.750%, 
3/1/2029
a
18,290
14,000
5.875%, 
1/15/2030
a
12,142
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
41,000
5.500%, 
6/15/2031
a
38,852
Crescent
Energy
Finance,
LLC
37,000
9.250%, 
2/15/2028
a
38,390
Diamond
Foreign
Asset
Company/
Diamond
Finance,
LLC
13,000
8.500%, 
10/1/2030
a
13,294
DT
Midstream,
Inc.
26,000
4.125%, 
6/15/2029
a
23,920
10,000
4.375%, 
6/15/2031
a
9,020
Enbridge,
Inc.
110,000
7.375%, 
1/15/2083
c
108,169
115,000
7.625%, 
1/15/2083
c
115,175
Enerflex,
Ltd.
32,000
9.000%, 
10/15/2027
a
30,869
Energy
Transfer,
LP
135,000
6.750%, 
5/15/2025
c,d
128,769
EnLink
Midstream
Partners,
LP
52,000
4.850%, 
7/15/2026
50,944
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Energy
(5.7%)
-
continued
Enterprise
Products
Operating,
LLC
$
37,000
8.638%, 
(TSFR3M
+
3.248%),
8/16/2077
c
$
36,769
EQM
Midstream
Partners,
LP
93,000
4.750%, 
1/15/2031
a
86,550
EQT
Corporation,
Convertible
8,000
1.750%, 
5/1/2026
21,235
Ferrellgas,
LP/Ferrellgas
Finance
Corporation
39,000
5.375%, 
4/1/2026
a
38,167
Genesis
Energy
LP/Genesis
Energy
Finance
Corporation
51,000
8.875%, 
4/15/2030
52,734
Harvest
Midstream,
LP
39,000
7.500%, 
9/1/2028
a
38,769
Hess
Midstream
Operations,
LP
31,000
5.625%, 
2/15/2026
a
30,773
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
40,000
5.750%, 
2/1/2029
a
38,628
46,000
6.250%, 
4/15/2032
a
44,248
Howard
Midstream
Energy
Partners,
LLC
54,000
6.750%, 
1/15/2027
a
53,399
ITT
Holdings,
LLC
55,000
6.500%, 
8/1/2029
a
48,655
Laredo
Petroleum,
Inc.
59,000
7.750%, 
7/31/2029
a
56,410
MEG
Energy
Corporation
44,000
5.875%, 
2/1/2029
a
42,752
Murphy
Oil
Corporation
23,000
5.875%, 
12/1/2027
22,883
Nabors
Industries,
Ltd.
85,000
7.250%, 
1/15/2026
a
81,703
Noble
Finance
II,
LLC
36,000
8.000%, 
4/15/2030
a
37,460
Northern
Oil
and
Gas,
Inc.
34,000
8.750%, 
6/15/2031
a
35,414
Northern
Oil
and
Gas,
Inc.,
Convertible
19,000
3.625%, 
4/15/2029
22,401
Northriver
Midstream
Finance,
LP
17,000
5.625%, 
2/15/2026
a
16,481
NuStar
Logistics,
LP
28,000
5.750%, 
10/1/2025
27,823
PBF
Holding
Company,
LLC/PBF
Finance
Corporation
25,000
6.000%, 
2/15/2028
24,338
Permian
Resources
Operating,
LLC
46,000
7.000%, 
1/15/2032
a
47,457
Permian
Resources
Operating,
LLC,
Convertible
9,000
3.250%, 
4/1/2028
20,852
Pioneer
Natural
Resources
Company,
Convertible
7,000
0.250%, 
5/15/2025
17,010
Plains
All
American
Pipeline,
LP
60,000
9.751%, 
(TSFR3M
+
4.372%),
2/2/2024
c,d
57,975
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
50
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Energy
(5.7%)
-
continued
Precision
Drilling
Corporation
$
50,000
6.875%, 
1/15/2029
a
$
48,217
Range
Resources
Corporation
28,000
4.750%, 
2/15/2030
a
25,883
Rockcliff
Energy
II,
LLC
36,000
5.500%, 
10/15/2029
a
34,024
Rockies
Express
Pipeline,
LLC
25,000
4.950%, 
7/15/2029
a
23,904
SM
Energy
Company
18,000
6.625%, 
1/15/2027
17,898
20,000
6.500%, 
7/15/2028
20,009
Southwestern
Energy
Company
27,000
5.375%, 
3/15/2030
26,364
25,000
4.750%, 
2/1/2032
23,130
Sunoco,
LP/Sunoco
Finance
Corporation
10,000
5.875%, 
3/15/2028
9,987
35,000
4.500%, 
4/30/2030
32,403
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
58,000
5.500%, 
1/15/2028
a
54,811
Teine
Energy,
Ltd.
30,000
6.875%, 
4/15/2029
a
28,167
TransCanada
Trust
165,000
5.300%, 
3/15/2077
c
146,637
Transocean,
Inc.
45,000
11.500%, 
1/30/2027
a
47,025
USA
Compression
Partners,
LP/
USA
Compression
Finance
Corporation
55,000
6.875%, 
4/1/2026
54,768
Valaris,
Ltd.
33,000
8.375%, 
4/30/2030
a
33,810
Venture
Global
Calcasieu
Pass,
LLC
80,000
3.875%, 
8/15/2029
a
72,584
25,000
4.125%, 
8/15/2031
a
22,025
Venture
Global
LNG,
Inc.
70,000
8.375%, 
6/1/2031
a
69,964
26,000
9.875%, 
2/1/2032
a
27,083
Weatherford
International,
Ltd.
28,000
8.625%, 
4/30/2030
a
29,234
Total
3,000,735
Financials
(14.1%)
Acrisure,
LLC/Acrisure
Finance,
Inc.
11,000
6.000%, 
8/1/2029
a
9,995
AerCap
Holdings
NV
90,000
5.875%, 
10/10/2079
c
88,866
Air
Lease
Corporation
98,000
4.650%, 
6/15/2026
c,d
87,984
Aircastle,
Ltd.
135,000
5.250%, 
6/15/2026
a,c,d
115,737
Alliant
Holdings
Intermediate,
LLC/
Alliant
Holdings
Co-Issuer,
Inc.
26,000
6.750%, 
10/15/2027
a
25,908
Ally
Financial,
Inc.
226,000
4.700%, 
5/15/2026
c,d
169,514
9,000
6.700%, 
2/14/2033
9,011
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Financials
(14.1%)
-
continued
American
Express
Company
$
110,000
3.550%, 
9/15/2026
c,d
$
94,303
AmWINS
Group,
Inc.
34,000
4.875%, 
6/30/2029
a
31,050
Arbor
Realty
Trust,
Inc.,
Convertible
7,000
7.500%, 
8/1/2025
7,098
Ares
Capital
Corporation,
Convertible
12,000
4.625%, 
3/1/2024
12,352
BAC
Capital
Trust
XIV
90,000
6.046%, 
(TSFR3M
+
0.662%),
1/18/2024
c,d
72,900
Bank
of
America
Corporation
244,000
6.250%, 
9/5/2024
c,d
241,753
110,000
6.100%, 
3/17/2025
c,d
108,956
145,000
6.125%, 
4/27/2027
c,d
145,348
Bank
of
Nova
Scotia
69,000
4.900%, 
6/4/2025
c,d
65,905
Blackstone
Mortgage
Trust,
Inc.,
Convertible
13,000
5.500%, 
3/15/2027
11,797
Bread
Financial
Holdings,
Inc.
19,000
9.750%, 
3/15/2029
a
19,697
Bread
Financial
Holdings,
Inc.,
Convertible
9,000
4.250%, 
6/15/2028
a
9,552
Brookfield
Property
REIT,
Inc./BPR
Cumulus,
LLC/BPR
Nimbus,
LLC/GGSI
Sellco,
LLC
11,000
4.500%, 
4/1/2027
a
9,900
Capital
One
Financial
Corporation
50,000
3.950%, 
9/1/2026
c,d
40,072
Castlelake
Aviation
Finance
DAC
17,000
5.000%, 
4/15/2027
a
15,915
Charles
Schwab
Corporation
191,000
5.375%, 
6/1/2025
b,c,d
188,349
101,000
4.000%, 
6/1/2026
c,d
89,029
15,000
5.000%, 
6/1/2027
c,d
13,542
80,000
4.000%, 
12/1/2030
c,d
63,185
Citigroup,
Inc.
30,000
5.000%, 
9/12/2024
c,d
29,121
85,000
4.000%, 
12/10/2025
c,d
78,235
195,000
3.875%, 
2/18/2026
c,d
172,638
65,000
4.150%, 
11/15/2026
c,d
55,785
56,000
7.375%, 
5/15/2028
c,d
56,677
99,000
7.625%, 
11/15/2028
b,c,d
101,089
Citizens
Financial
Group,
Inc.
110,000
4.000%, 
10/6/2026
c,d
86,932
Coinbase
Global,
Inc.,
Convertible
45,000
0.500%, 
6/1/2026
40,752
Comerica,
Inc.
22,000
5.625%, 
7/1/2025
c,d
20,720
Corebridge
Financial,
Inc.
87,000
6.875%, 
12/15/2052
c
86,705
Corporate
Office
Properties,
LP,
Convertible
8,000
5.250%, 
9/15/2028
a
8,428
Credit
Acceptance
Corporation
44,000
9.250%, 
12/15/2028
a
46,902
Credit
Agricole
SA
44,000
8.125%, 
12/23/2025
a,c,d
44,811
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
51
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Financials
(14.1%)
-
continued
Credit
Suisse
Group
AG
$
55,000
7.250%, 
9/12/2025
a,c,d,e
$
6,325
55,000
7.500%, 
12/29/2049
*,c,d,e
6,325
Dai-ichi
Life
Insurance
Company,
Ltd.
135,000
5.100%, 
10/28/2024
a,b,c,d
133,666
Drawbridge
Special
Opportunities
Fund,
LP
61,000
3.875%, 
2/15/2026
a
56,114
Enact
Holdings,
Inc.
31,000
6.500%, 
8/15/2025
a
30,904
Encore
Capital
Group,
Inc.,
Convertible
14,000
4.000%, 
3/15/2029
a
13,790
Fifth
Third
Bancorp
105,000
4.500%, 
9/30/2025
c,d
97,394
Fortress
Transportation
and
Infrastructure
Investors,
LLC
32,000
6.500%, 
10/1/2025
a
31,898
35,000
9.750%, 
8/1/2027
a
36,400
Freedom
Mortgage
Corporation
16,000
7.625%, 
5/1/2026
a
15,791
13,000
12.000%, 
10/1/2028
a
14,198
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership,
LP
59,000
3.750%, 
12/15/2027
a
49,301
goeasy,
Ltd.
25,000
9.250%, 
12/1/2028
a
26,699
Goldman
Sachs
Group,
Inc.
80,000
5.500%, 
8/10/2024
c,d
78,882
80,000
3.650%, 
8/10/2026
c,d
70,942
130,000
4.125%, 
11/10/2026
c,d
115,772
Hartford
Financial
Services
Group,
Inc.
120,000
7.766%, 
(TSFR3M
+
2.387%),
2/12/2047
a,c
102,957
HAT
Holdings
I,
LLC/HAT
Holdings
II,
LLC,
Convertible
1,000
Zero
Coupon, 
5/1/2025
a
1,006
18,000
3.750%, 
8/15/2028
a
20,948
HSBC
Holdings
plc
46,000
6.375%, 
3/30/2025
c,d
45,413
50,000
4.600%, 
12/17/2030
c,d
41,701
HUB
International,
Ltd.
54,000
5.625%, 
12/1/2029
a
51,514
Huntington
Bancshares,
Inc.
130,000
4.450%, 
10/15/2027
c,d
114,008
Icahn
Enterprises,
LP/Icahn
Enterprises
Finance
Corporation
32,000
6.375%, 
12/15/2025
31,415
35,000
5.250%, 
5/15/2027
31,438
J.P.
Morgan
Chase
&
Company
25,000
8.939%, 
(TSFR3M
+
3.562%),
2/1/2024
c,d
25,219
200,000
5.000%, 
8/1/2024
c,d
196,353
100,000
4.600%, 
2/1/2025
c,d
96,432
100,000
3.650%, 
6/1/2026
c,d
91,513
Jefferies
Finance,
LLC/JFIN
Co-
Issuer
Corporation
16,000
5.000%, 
8/15/2028
a
14,321
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Financials
(14.1%)
-
continued
Lincoln
National
Corporation
$
100,000
7.989%, 
(TSFR3M
+
2.619%),
2/20/2024
c
$
70,436
LPL
Holdings,
Inc.
45,000
4.000%, 
3/15/2029
a
41,644
M&T
Bank
Corporation
129,000
3.500%, 
9/1/2026
c,d
94,669
MetLife,
Inc.
140,000
3.850%, 
9/15/2025
c,d
132,524
85,000
5.875%, 
3/15/2028
c,d
83,312
116,000
6.400%, 
12/15/2036
119,627
Molina
Healthcare,
Inc.
41,000
4.375%, 
6/15/2028
a
38,777
MPT
Operating
Partnership,
LP/
MPT
Finance
Corporation
35,000
4.625%, 
8/1/2029
25,167
Nationstar
Mortgage
Holdings,
Inc.
41,000
6.000%, 
1/15/2027
a
40,692
Necessity
Retail
REIT,
Inc./
American
Finance
Operating
Partner,
LP
50,000
4.500%, 
9/30/2028
a
42,104
NFP
Corporation
20,000
6.875%, 
8/15/2028
a
20,332
Nippon
Life
Insurance
Company
260,000
5.100%, 
10/16/2044
a,c
257,299
OneMain
Finance
Corporation
70,000
6.875%, 
3/15/2025
70,860
54,000
3.875%, 
9/15/2028
47,777
Park
Intermediate
Holdings,
LLC
21,000
4.875%, 
5/15/2029
a
19,438
Pebblebrook
Hotel
Trust,
Convertible
40,000
1.750%, 
12/15/2026
35,624
PNC
Financial
Services
Group,
Inc.
110,000
3.400%, 
9/15/2026
c,d
87,992
116,000
6.200%, 
9/15/2027
c,d
112,780
112,000
6.250%, 
3/15/2030
c,d
104,403
PRA
Group,
Inc.
30,000
7.375%, 
9/1/2025
a
29,770
25,000
8.375%, 
2/1/2028
a
24,068
Provident
Financing
Trust
I
30,000
7.405%, 
3/15/2038
31,966
Prudential
Financial,
Inc.
84,000
6.750%, 
3/1/2053
c
87,521
140,000
5.200%, 
3/15/2044
c
139,300
25,000
3.700%, 
10/1/2050
c
21,674
QBE
Insurance
Group,
Ltd.
44,000
5.875%, 
5/12/2025
a,c,d
42,869
Radian
Group,
Inc.
45,000
4.875%, 
3/15/2027
43,497
Redwood
Trust,
Inc.,
Convertible
2,000
7.750%, 
6/15/2027
1,834
Regions
Financial
Corporation
79,000
5.750%, 
6/15/2025
b,c,d
76,589
RLJ
Lodging
Trust,
LP
20,000
3.750%, 
7/1/2026
a
18,950
38,000
4.000%, 
9/15/2029
a
34,148
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
52
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Financials
(14.1%)
-
continued
Rocket
Mortgage,
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
$
45,000
3.625%, 
3/1/2029
a
$
40,729
Service
Properties
Trust
35,000
7.500%, 
9/15/2025
35,389
20,000
5.500%, 
12/15/2027
18,311
17,000
8.625%, 
11/15/2031
a
17,806
SLM
Corporation
10,000
4.200%, 
10/29/2025
9,700
Standard
Chartered
plc
45,000
6.000%, 
7/26/2025
a,b,c,d
44,149
Starwood
Property
Trust,
Inc.,
Convertible
21,000
6.750%, 
7/15/2027
22,564
Sumitomo
Life
Insurance
Company
175,000
3.375%, 
4/15/2081
a,c
149,375
Summit
Hotel
Properties,
Inc.,
Convertible
16,000
1.500%, 
2/15/2026
14,184
Synchrony
Financial
9,000
7.250%, 
2/2/2033
8,928
Toronto-Dominion
Bank
60,000
8.125%, 
10/31/2082
c
62,447
Truist
Financial
Corporation
175,000
5.100%, 
3/1/2030
c,d
158,586
UBS
Group
AG
100,000
4.875%, 
2/12/2027
a,c,d
90,072
United
Wholesale
Mortgage,
LLC
12,000
5.500%, 
11/15/2025
a
11,924
33,000
5.500%, 
4/15/2029
a
31,241
USB
Realty
Corporation
85,000
6.802%, 
(TSFR3M
+
1.409%),
1/15/2027
a,c,d
62,475
Ventas
Realty,
LP,
Convertible
25,000
3.750%, 
6/1/2026
a
26,375
Wells
Fargo
&
Company
180,000
3.900%, 
3/15/2026
c,d
166,312
100,000
6.155%, 
(TSFR3M
+
0.762%),
1/15/2027
c
94,621
102,000
7.625%, 
9/15/2028
c,d
107,030
Welltower
OP,
LLC,
Convertible
36,000
2.750%, 
5/15/2028
a
39,802
XHR,
LP
20,000
6.375%, 
8/15/2025
a
19,949
23,000
4.875%, 
6/1/2029
a
21,171
Total
7,475,935
Mortgage-Backed
Securities
(11.1%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
15,083
5.000%, 
7/1/2053
14,992
682,099
5.500%, 
7/1/2053
689,442
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
3,069,358
5.000%, 
3/1/2053
3,037,732
918,161
4.500%, 
8/1/2052
894,398
22,992
5.000%, 
9/1/2052
22,776
914,827
4.500%, 
9/1/2053
887,144
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Mortgage-Backed
Securities
(11.1%)
-
continued
$
341,168
4.500%, 
9/1/2053
$
331,800
Total
5,878,284
Technology
(2.6%)
Akamai
Technologies,
Inc.,
Convertible
23,000
0.125%, 
5/1/2025
29,210
10,000
0.375%, 
9/1/2027
11,135
17,000
1.125%, 
2/15/2029
a
18,386
AthenaHealth
Group,
Inc.
56,000
6.500%, 
2/15/2030
a
50,802
Block,
Inc.,
Convertible
7,000
0.125%, 
3/1/2025
6,838
41,000
0.250%, 
11/1/2027
33,671
Cloud
Software
Group,
Inc.
42,000
6.500%, 
3/31/2029
a
40,003
14,000
9.000%, 
9/30/2029
a
13,306
CommScope,
Inc.
70,000
7.125%, 
7/1/2028
a
33,250
CSG
Systems
International,
Inc.,
Convertible
22,000
3.875%, 
9/15/2028
a
22,097
Euronet
Worldwide,
Inc.,
Convertible
8,000
0.750%, 
3/15/2049
7,480
Gartner,
Inc.
45,000
3.625%, 
6/15/2029
a
40,616
50,000
3.750%, 
10/1/2030
a
44,199
II-VI,
Inc.
16,000
5.000%, 
12/15/2029
a
15,196
InterDigital,
Inc.,
Convertible
31,000
3.500%, 
6/1/2027
45,396
Iron
Mountain,
Inc.
20,000
4.875%, 
9/15/2027
a
19,516
50,000
5.000%, 
7/15/2028
a
48,039
45,000
4.875%, 
9/15/2029
a
42,619
13,000
5.250%, 
7/15/2030
a
12,375
50,000
4.500%, 
2/15/2031
a
45,276
Lumentum
Holdings,
Inc.,
Convertible
46,000
0.500%, 
6/15/2028
36,197
12,000
1.500%, 
12/15/2029
a
11,928
Microchip
Technology,
Inc.,
Convertible
38,000
0.125%, 
11/15/2024
b
41,515
ON
Semiconductor
Corporation,
Convertible
28,000
Zero
Coupon, 
5/1/2027
45,780
4,000
0.500%, 
3/1/2029
a
4,250
Open
Text
Corporation
90,000
4.125%, 
2/15/2030
a
81,457
Progress
Software
Corporation,
Convertible
10,000
1.000%, 
4/15/2026
10,535
PTC,
Inc.
10,000
3.625%, 
2/15/2025
a
9,776
40,000
4.000%, 
2/15/2028
a
37,908
Rackspace
Technology
Global,
Inc.
65,000
5.375%, 
12/1/2028
a
23,335
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
53
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Technology
(2.6%)
-
continued
RingCentral,
Inc.
$
32,000
8.500%, 
8/15/2030
a
$
32,720
Seagate
HDD
Cayman
20,000
8.500%, 
7/15/2031
a
21,706
36,050
9.625%, 
12/1/2032
41,223
Semtech
Corporation,
Convertible
14,000
1.625%, 
11/1/2027
b
11,963
2,000
4.000%, 
11/1/2028
a
2,557
Sensata
Technologies,
Inc.
47,000
3.750%, 
2/15/2031
a
41,394
Shift4
Payments,
LLC/Shift4
Payments
Finance
Sub,
Inc.
10,000
4.625%, 
11/1/2026
a
9,724
SS&C
Technologies,
Inc.
141,000
5.500%, 
9/30/2027
a
138,988
Verint
Systems,
Inc.,
Convertible
21,000
0.250%, 
4/15/2026
b
18,441
Viavi
Solutions,
Inc.
38,000
3.750%, 
10/1/2029
a
33,267
Viavi
Solutions,
Inc.,
Convertible
10,000
1.625%, 
3/15/2026
a
9,970
Vishay
Intertechnology,
Inc.,
Convertible
40,000
2.250%, 
9/15/2030
a
39,280
Western
Digital
Corporation,
Convertible
37,000
3.000%, 
11/15/2028
a
45,251
Ziff
Davis,
Inc.,
Convertible
29,000
1.750%, 
11/1/2026
27,405
Total
1,355,980
Transportation
(0.9%)
Air
Transport
Services
Group,
Inc.,
Convertible
18,000
3.875%, 
8/15/2029
a
15,975
American
Airlines
Group,
Inc.
13,000
3.750%, 
3/1/2025
a
12,669
American
Airlines,
Inc.
35,000
8.500%, 
5/15/2029
a
36,960
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
100,833
5.500%, 
4/20/2026
a
100,106
Avis
Budget
Car
Rental,
LLC/Avis
Budget
Finance,
Inc.
20,000
5.375%, 
3/1/2029
a
18,501
Hawaiian
Brand
Intellectual
Property,
Ltd.
45,000
5.750%, 
1/20/2026
a
42,396
Hertz
Corporation
34,000
4.625%, 
12/1/2026
a
30,482
19,000
5.000%, 
12/1/2029
a
15,586
Rand
Parent,
LLC
40,000
8.500%, 
2/15/2030
a
38,253
RXO,
Inc.
48,000
7.500%, 
11/15/2027
a
49,529
Southwest
Airlines
Company,
Convertible
43,000
1.250%, 
5/1/2025
43,451
Spirit
Loyalty
Cayman,
Ltd.
19,000
8.000%, 
9/20/2025
a
13,664
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Transportation
(0.9%)
-
continued
United
Airlines,
Inc.
$
47,000
4.375%, 
4/15/2026
a
$
45,797
VistaJet
Malta
Finance
plc/Vista
Management
Holding,
Inc.
10,000
7.875%, 
5/1/2027
a,b
8,601
50,000
6.375%, 
2/1/2030
a,b
34,919
Total
506,889
U.S.
Government
&
Agencies
(16.9%)
U.S.
Treasury
Bonds
1,200,000
3.875%, 
2/15/2043
1,144,125
U.S.
Treasury
Notes
1,200,000
4.750%, 
7/31/2025
1,205,437
3,750,000
1.250%, 
12/31/2026
3,461,426
2,955,000
1.375%, 
11/15/2031
2,453,343
650,000
4.125%, 
11/15/2032
660,715
Total
8,925,046
Utilities
(3.1%)
Algonquin
Power
&
Utilities
Corporation
65,000
4.750%, 
1/18/2082
c
54,925
Alliant
Energy
Corporation,
Convertible
18,000
3.875%, 
3/15/2026
a
17,865
American
Water
Capital
Corporation,
Convertible
26,000
3.625%, 
6/15/2026
a
25,961
Calpine
Corporation
38,000
4.500%, 
2/15/2028
a
36,144
CenterPoint
Energy,
Inc.,
Convertible
28,000
4.250%, 
8/15/2026
a
28,126
CMS
Energy
Corporation,
Convertible
22,000
3.375%, 
5/1/2028
a
21,758
Dominion
Energy,
Inc.
150,000
4.350%, 
1/15/2027
c,d
133,007
Duke
Energy
Corporation
123,000
3.250%, 
1/15/2082
c
95,109
45,000
4.875%, 
9/16/2024
c,d
44,306
Duke
Energy
Corporation,
Convertible
47,000
4.125%, 
4/15/2026
a
47,117
Edison
International
47,000
7.875%, 
6/15/2054
c
47,352
210,000
5.000%, 
12/15/2026
c,d
195,532
FirstEnergy
Corporation,
Convertible
47,000
4.000%, 
5/1/2026
a
46,553
NextEra
Energy
Capital
Holdings,
Inc.
85,000
3.800%, 
3/15/2082
c
71,997
NextEra
Energy
Operating
Partners,
LP
100,000
3.875%, 
10/15/2026
a
95,212
NextEra
Energy
Partners,
LP,
Convertible
8,000
Zero
Coupon, 
6/15/2024
a
7,736
33,000
Zero
Coupon, 
11/15/2025
a
28,826
NRG
Energy,
Inc.
86,000
10.250%, 
3/15/2028
a,c,d
89,533
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
54
Principal
Amount
Long-Term
Fixed
Income
(75.3%)
Value
Utilities
(3.1%)
-
continued
$
15,000
3.375%, 
2/15/2029
a
$
13,249
20,000
5.250%, 
6/15/2029
a
19,368
NRG
Energy,
Inc.,
Convertible
37,000
2.750%, 
6/1/2048
47,545
PG&E
Corporation
47,000
5.000%, 
7/1/2028
45,730
PPL
Capital
Funding,
Inc.,
Convertible
28,000
2.875%, 
3/15/2028
a
27,118
Sempra
115,000
4.125%, 
4/1/2052
c
98,689
44,000
4.875%, 
10/15/2025
c,d
43,044
Southern
Company
90,000
3.750%, 
9/15/2051
c
81,945
Southern
Company,
Convertible
49,000
3.875%, 
12/15/2025
a
49,025
TerraForm
Power
Operating,
LLC
60,000
5.000%, 
1/31/2028
a
58,285
Vistra
Operations
Company,
LLC
55,000
5.000%, 
7/31/2027
a
53,548
Total
1,624,605
Total
Long-Term
Fixed
Income
(cost
$41,879,682)
39,779,477
Shares
Registered
Investment
Companies
(
17.3%
)
Value
U.S.
Affiliated  (7.9%)
520,158
Thrivent
Core
Emerging
Markets
Debt
Fund
4,156,061
Total
4,156,061
U.S.
Unaffiliated  (9.4%)
64,600
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
175,066
20,725
AllianceBernstein
Global
High
Income
Fund,
Inc.
209,737
32,727
Allspring
Income
Opportunities
Fund
213,380
3,233
Barings
Global
Short
Duration
High
Yield
Fund
43,452
5,938
BlackRock
Core
Bond
Trust
64,784
22,740
BlackRock
Corporate
High
Yield
Fund,
Inc.
214,438
19,578
BlackRock
Credit
Allocation
Income
Trust
202,045
2,100
BlackRock
Debt
Strategies
Fund,
Inc.
22,659
20,273
BlackRock
Enhanced
Global
Dividend
Trust
201,108
5,500
BlackRock
Enhanced
International
Dividend
Trust
28,985
550
BlackRock
Floating
Rate
Income
Strategies
Fund,
Inc.
6,963
3,766
BlackRock
Income
Trust,
Inc.
45,870
7,892
BlackRock
Multi-Sector
Income
Trust
118,380
14,750
Blackstone
Strategic
Credit
2027
Term
Fund
b
166,970
11,498
BNY
Mellon
High
Yield
Strategies
Fund
26,330
Shares
Registered
Investment
Companies
(17.3%)
Value
U.S.
Unaffiliated  (9.4%)-
continued
21,120
Eaton
Vance
Limited
Duration
Income
Fund
$
202,330
1,383
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
10,677
17,996
First
Trust
High
Income
Long/Short
Fund
217,572
523
First
Trust
Senior
Floating
Rate
Income
Fund
II
5,277
5,854
Invesco
Dynamic
Credit
Opportunities
Fund
f
62,171
796
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
b
88,085
3,733
iShares
Preferred
and
Income
Securities
ETF
116,432
9,294
New
America
High
Income
Fund,
Inc.
65,430
42,350
Nuveen
Credit
Strategies
Income
Fund
221,067
4,998
Nuveen
Floating
Rate
Income
Fund/Closed-End
Fund
41,084
4,464
Nuveen
Global
High
Income
Fund
54,461
12,849
Nuveen
Preferred
Income
Opportunities
Fund
86,859
17,725
PGIM
Global
High
Yield
Fund,
Inc.
201,356
16,984
PGIM
High
Yield
Bond
Fund,
Inc.
209,243
6,293
Pimco
Dynamic
Income
Fund
112,959
1,530
Tri-Continental
Corporation
44,110
2,348
Vanguard
Intermediate-Term
Corporate
Bond
ETF
190,845
9,400
Vanguard
Short-Term
Corporate
Bond
ETF
727,278
5,200
Virtus
Convertible
&
Income
Fund
17,524
11,986
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
151,024
1,525
Virtus
Equity
&
Convertible
Income
Fund
b
31,888
1,902
Voya
Asia
Pacific
High
Dividend
Equity
Income
Fund
11,431
29,850
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
148,354
50,693
Western
Asset
High
Income
Opportunity
Fund,
Inc.
195,675
Total
4,953,299
Total
Registered
Investment
Companies
(cost
$10,374,387)
9,109,360
Shares
Preferred
Stock
(
5.2%
)
Value
Communications
Services
(0.6%)
12,075
AT&T,
Inc.,
4.750%
d
238,240
193
Paramount
Global,
Convertible,
5.750%
3,609
6,000
Telephone
and
Data
Systems,
Inc.,
6.000%
d
92,160
Total
334,009
Energy
(0.1%)
525
Energy
Transfer,
LP,
7.600%
c,d
13,020
1,415
Nustar
Logistics,
LP,
12.389%
c
36,620
60
UGI
Corporation,
Convertible,
7.250%
3,536
Total
53,176
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
55
Shares
Preferred
Stock
(5.2%)
Value
Financials
(3.9%)
3,925
Aegon
Funding
Corporation
II,
5.100%
$
85,329
3,500
Allstate
Corporation,
5.100%
d
74,235
4,000
American
International
Group,
Inc.
5.850%
d
99,920
770
Apollo
Global
Management,
Inc.,
Convertible,
6.750%
43,420
9,150
Bank
of
America
Corporation,
4.250%
d
169,458
43
Bank
of
America
Corporation,
Convertible,
7.250%
d
51,827
5,300
Capital
One
Financial
Corporation,
5.000%
d
97,785
3,600
Equitable
Holdings,
Inc.,
5.250%
d
76,752
60
First
Horizon
Bank,
6.518%
*,c,d
36,975
7,200
J.P.
Morgan
Chase
&
Company,
4.200%
d
136,872
5,925
J.P.
Morgan
Chase
&
Company,
4.750%
d
126,795
6,750
KeyCorp,
6.200%
c,d
144,855
5,875
Morgan
Stanley,
4.250%
b,d
112,036
4,000
Morgan
Stanley,
5.850%
c,d
96,880
2,800
Morgan
Stanley,
7.125%
c,d
70,252
2,750
Public
Storage,
3.950%
d
47,712
4,950
Public
Storage,
4.125%
d
92,466
850
Public
Storage,
4.625%
d
18,182
225
Public
Storage,
4.700%
d
4,813
1,450
Regions
Financial
Corporation,
5.700%
c,d
30,900
250
Synovus
Financial
Corporation,
5.875%
c,d
5,838
5,900
U.S.
Bancorp,
4.000%
d
103,368
6,750
Wells
Fargo
&
Company,
4.250%
d
120,015
4,500
Wells
Fargo
&
Company,
4.750%
d
89,685
90
Wells
Fargo
&
Company,
Convertible,
7.500%
d
107,606
Total
2,043,976
Utilities
(0.6%)
522
AES
Corporation,
Convertible,
6.875%
39,714
7,500
CMS
Energy
Corporation,
4.200%
d
149,025
984
NextEra
Energy,
Inc.,
Convertible,
6.926%
b
37,510
4,400
Southern
Company,
4.950%
98,912
Total
325,161
Total
Preferred
Stock
(cost
$3,316,056)
2,756,322
Shares
Collateral
Held
for
Securities
Loaned
(
2.4%
)
Value
1,257,492
Thrivent
Cash
Management
Trust
1,257,492
Total
Collateral
Held
for
Securities
Loaned
(cost
$1,257,492)
1,257,492
Shares
Common
Stock
(
0.3%
)
Value
Communications
Services
(<0.1%)
108
Paramount
Global
1,598
21
Windstream
Services,
LLC
g
194
Total
1,792
Shares
Common
Stock
(0.3%)
Value
Consumer
Discretionary
(0.1%)
254
Bloomin'
Brands,
Inc.
$
7,150
6
Booking
Holdings,
Inc.
g
21,283
Total
28,433
Energy
(<0.1%)
80
Pioneer
Natural
Resources
Company
17,990
Total
17,990
Financials
(0.2%)
1,200
AGNC
Investment
Corporation
11,772
662
Annaly
Capital
Management,
Inc.
12,823
1,200
Apollo
Commercial
Real
Estate
Finance,
Inc.
14,088
1,900
Chimera
Investment
Corporation
9,481
351
New
York
Community
Bancorp,
Inc.
3,591
2,050
Rithm
Capital
Corporation
21,894
Total
73,649
Health
Care
(<0.1%)
240
Varex
Imaging
Corporation
g
4,920
Total
4,920
Industrials
(<0.1%)
9
Chart
Industries,
Inc.
g
1,227
157
Uber
Technologies,
Inc.
g
9,667
Total
10,894
Information
Technology
(<0.1%)
71
RingCentral,
Inc.
g
2,410
111
Semtech
Corporation
g
2,432
Total
4,842
Materials
(<0.1%)
40
Allegheny
Technologies,
Inc.
g
1,819
Total
1,819
Real
Estate
(<0.1%)
144
Kite
Realty
Group
Trust
3,292
Total
3,292
Total
Common
Stock
(cost
$132,864)
147,631
Shares
or
Principal
Amount
Short-Term
Investments
(
1.0%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
46,027
5.730%
460,271
U.S.
Treasury
Bills
100,000
5.337%,
1/18/2024
h,i
99,765
Total
Short-Term
Investments
(cost
$560,016)
560,036
Total
Investments
(cost
$57,520,497)
101.5%
$53,610,318
Other
Assets
and
Liabilities,
Net
(1.5%)
(817,131)
Total
Net
Assets
100.0%
$52,793,187
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
56
a
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
December
31,
2023,
the
value
of
these
investments
was
$14,076,843
or
26.7%
of
total
net
assets.
b
All
or
a
portion
of
the
security
is
on
loan.
c
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
December
31,
2023.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
d
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
e
Defaulted
security.  Interest
is
not
being
accrued.
f
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
g
Non-income
producing
security.
h
The
interest
rate
shown
reflects
the
yield.
i
All
or
a
portion
of
the
security
is
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Multidimensional
Income
Fund
as
of
December
31,
2023
was
$43,300
or
0.08%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
December
31,
2023.
Security
Acquisition
Date
Cost
Credit
Suisse
Group
AG,
12/29/2049
3/8/2017
$
59,376
First
Horizon
Bank,
6.518%,
3/5/2019
6/21/2017
46,020
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Multidimensional
Income
Fund
as
of
December
31,
2023:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
814,285
Common
Stock
404,409
Total
lending
$1,218,694
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$1,257,492
Net
amounts
due
to
counterparty
$38,798
Definitions:
ETF
-
Exchange
Traded
Fund
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
Reference
Rate
Index:
TSFR3M
-
CME
Term
SOFR
3
Month
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$922,756
Gross
unrealized
depreciation
(5,223,831)
Net
unrealized
appreciation
(depreciation)
($4,301,075)
Cost
for
federal
income
tax
purposes
$57,872,850
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
57
i
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
December
31,
2023,
in
valuing
Multidimensional
Income
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Basic
Materials
1,040,777
–
1,040,777
–
Capital
Goods
2,176,627
–
2,176,627
–
Collateralized
Mortgage
Obligations
41,751
–
41,751
–
Communications
Services
2,497,302
–
2,497,302
–
Consumer
Cyclical
3,211,667
–
3,211,667
–
Consumer
Non-Cyclical
2,043,879
–
2,043,879
–
Energy
3,000,735
–
3,000,735
–
Financials
7,475,935
–
7,475,935
–
Mortgage-Backed
Securities
5,878,284
–
5,878,284
–
Technology
1,355,980
–
1,355,980
–
Transportation
506,889
–
506,889
–
U.S.
Government
&
Agencies
8,925,046
–
8,925,046
–
Utilities
1,624,605
–
1,624,605
–
Registered
Investment
Companies
U.S.
Unaffiliated
4,953,299
4,891,128
–
62,171
Preferred
Stock
Communications
Services
334,009
334,009
–
–
Energy
53,176
53,176
–
–
Financials
2,043,976
2,007,001
36,975
–
Utilities
325,161
325,161
–
–
Common
Stock
Communications
Services
1,792
1,598
194
–
Consumer
Discretionary
28,433
28,433
–
–
Energy
17,990
17,990
–
–
Financials
73,649
73,649
–
–
Health
Care
4,920
4,920
–
–
Industrials
10,894
10,894
–
–
Information
Technology
4,842
4,842
–
–
Materials
1,819
1,819
–
–
Real
Estate
3,292
3,292
–
–
Short-Term
Investments
99,765
–
99,765
–
Subtotal
Investments
in
Securities
$47,736,494
$7,757,912
$39,916,411
$62,171
Other
Investments  *
Total
U.S.
Affiliated
Registered
Investment
Cos.
4,156,061
Affiliated
Short-Term
Investments
460,271
Collateral
Held
for
Securities
Loaned
1,257,492
Subtotal
Other
Investments
$5,873,824
Total
Investments
at
Value
$53,610,318
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
The
following
table
is
a
summary
of
the
inputs
used,
as
of
December
31,
2023,
in
valuing
Multidimensional
Income
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Credit
Default
Swaps
38,543
–
38,543
–
Total
Liability
Derivatives
$38,543
$–
$38,543
$–
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
58
The
following
table
presents
Multidimensional
Income
Fund's
swaps
contracts
held
as
of
December
31,
2023.
Investments
totaling
$99,765
were
pledged
as
collateral
under
the
agreement
between
the
counterparty,
the
custodian
and
the
fund
for
open
swap
contracts.
Credit
Default
Swaps
Buy/Sell
Protection
1
Termination
Date
Notional
Principal
Amount
2
Upfront
Payments/
(Receipts)
Value
3
Unrealized
Gain/(Loss)
CDX
HY
41,
5
Year,
at
5.00%,
Quarterly
Buy
12/20/2028
$
1,034,550
$
–
(
$
38,543)
(
$
38,543)
Total
Credit
Default
Swaps
$–
($38,543)
($38,543)
1
As
the
buyer
of
protection,
Multidimensional
Income
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,
Multidimensional
Income
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
Multidimensional
Income
Fund
could
be
required
to
make
as
the
seller
or
receive
as
the
buyer
of
protection.
3
The
values
for
credit
indexes
(CDX
or
LCDX)
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
liability
or
profit
for
the
credit
default
swap
contract
had
the
contract
been
closed
as
of
the
reporting
date.
When
protection
has
been
sold,
the
value
of
the
swap
will
increase
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
When
protection
has
been
purchased,
the
value
of
the
swap
will
increase
when
the
swap
spread
increases
representing
a
deterioration
in
the
reference
entity's
credit
worthiness.
The
value
of
the
swap
will
decrease
when
the
swap
spread
declines
representing
an
improvement
in
the
reference
entity's
credit
worthiness.
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
December
31,
2023,
for
Multidimensional
Income
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
Liability
Derivatives
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
38,543
Total
Credit
Contracts
38,543
Total
Liability
Derivatives
$38,543
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
December
31,
2023,
for
Multidimensional
Income
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
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
(42,258)
Total
Credit
Contracts
(42,258)
Total
($42,258)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
December
31,
2023,
for
Multidimensional
Income
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
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(45,499)
Total
Credit
Contracts
(45,499)
Total
($45,499)
The
following
table
presents
Multidimensional
Income
Fund's
average
volume
of
derivative
activity
during
the
period
ended
December
31,
2023.
Derivative
Risk
Category
Average
Notional
Value
Credit
Contracts
Credit
Default
Swaps
-
Buy
Protection
($24,816)
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
December
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
59
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Multidimensional
Income
Fund,
is
as
follows:
Fund
Value
12/31/2022
Gross
Purchases
Gross
Sales
Value
12/31/2023
Shares
Held
at
12/31/2023
%
of
Net
Assets
12/31/2023
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$4,503
$350
$910
$4,156
520
7.9%
Total
U.S.
Affiliated
Registered
Investment
Companies
4,503
4,156
7.9
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.730%
3,702
30,119
33,361
460
46
0.9
Total
Affiliated
Short-Term
Investments
3,702
460
0.9
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
991
22,716
22,450
1,257
1,257
2.4
Total
Collateral
Held
for
Securities
Loaned
991
1,257
2.4
Total
Value
$9,196
$5,873
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2023
-
12/31/2023
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($293)
$506
$–
$251
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.730%
–
–
–
221
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$472
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
21
Total
Affiliated
Income
from
Securities
Loaned,
Net
$21
Total
($293)
$506
$–
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
60
As
of
December
31,
2023
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$860,342,956
$50,876,472
Investments
in
affiliated
securities
at
cost
$173,721,778
$6,644,025
Investments
in
unaffiliated
securities
at
value
(#)
$881,853,772
$47,736,494
Investments
in
affiliated
securities
at
value
159,754,281
5,873,824
Cash
27,248
—
Foreign
Currency
3
(a)
—
Dividends
and
interest
receivable
6,067,286
493,987
Prepaid
expenses
27,441
2,495
Receivable
for:
Investments
sold
421,834
—
Investments
sold
on
a
delayed-delivery
basis
3,483,340
—
Fund
shares
sold
369,688
71,702
Expense
reimbursements
—
15,167
Variation
margin
on
open
future
contracts
440,830
—
Variation
margin
on
open
swap
contracts
4,962
889
Total
Assets
1,052,450,685
54,194,558
Liabilities
Distributions
payable
211,940
18,371
Accrued
expenses
85,095
17,932
Payable
for:
Investments
purchased
322,086
—
Investments
purchased
on
a
delayed-delivery
basis
4,796,734
—
Return
of
collateral
for
securities
loaned
25,760,439
1,257,492
Fund
shares
redeemed
979,194
74,698
Variation
margin
on
open
future
contracts
148,324
—
Investment
advisory
fees
450,940
24,526
Administrative
fees
14,619
758
Distribution
fees
16,109
—
Transfer
agent
fees
55,800
2,714
Trustee
fees
1,204
303
Trustee
deferred
compensation
55,509
4,577
Contingent
liabilities^
—
—
Total
Liabilities
32,897,993
1,401,371
Net
Assets
Capital
stock
(beneficial
interest)
1,080,141,505
62,771,141
Distributable
earnings/(accumulated
loss)
(60,588,813)
(9,977,954)
Total
Net
Assets
$1,019,552,692
$52,793,187
Class
S
Share
Capital
$549,190,532
$52,793,187
Shares
of
beneficial
interest
outstanding
(Class
S)
80,754,616
6,031,996
Net
asset
value
per
share
$6.80
$8.75
Class
A
Share
Capital
$470,362,160
$—
Shares
of
beneficial
interest
outstanding
(Class
A)
68,331,141
—
Net
asset
value
per
share
$6.88
$—
Maximum
public
offering
price
$7.20
$—
(#)
Includes
securities
on
loan
of
25,052,461
1,218,694
(a)
Foreign
currency
holdings,
cost
$3.
^
Contingent
liabilities
accrual.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Mutual
Funds
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
61
For
the
year
ended
December
31,
2023
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
Investment
Income
Dividends
$4,243,956
$606,929
Taxable
interest
37,628,737
1,899,098
Income
from
mortgage
dollar
rolls
40,157
7,043
Affiliated
income
from
securities
loaned,
net
191,510
20,609
Income
from
affiliated
investments
3,192,621
220,877
Non
cash
income
from
affiliated
investments
5,227,974
250,589
Foreign
tax
withholding
(8,790)
—
Total
Investment
Income
50,516,165
3,005,145
Expenses
Adviser
fees
5,467,059
311,879
Administrative
service
fees
247,789
79,640
Audit
and
legal
fees
44,739
37,617
Custody
fees
83,230
18,941
Distribution
expenses
Class
A
1,204,347
—
Insurance
expenses
7,270
4,016
Printing
and
postage
expenses
Class
S
96,711
20,186
Printing
and
postage
expenses
Class
A
91,048
—
SEC
and
state
registration
expenses
59,230
21,311
Transfer
agent
fees
Class
S
457,754
61,005
Transfer
agent
fees
Class
A
369,045
—
Trustees'
fees
42,087
9,706
Other
expenses
115,690
48,454
Total
Expenses
Before
Reimbursement
8,285,999
612,755
Less:
Reimbursement
from
adviser
—
(191,457)
Total
Net
Expenses
8,285,999
421,298
Net
Investment
Income/(Loss)
42,230,166
2,583,847
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
(9,690,861)
(3,374,284)
Affiliated
investments
(6,292,163)
(292,630)
Written
option
contracts
169,015
—
Futures
contracts
(234,161)
—
Foreign
currency
transactions
(2,266)
—
Swap
agreements
(727,429)
(42,258)
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
57,918,122
5,149,369
Affiliated
investments
12,590,851
505,533
Written
option
contracts
(95,970)
—
Futures
contracts
772,047
—
Foreign
currency
transactions
9,884
—
Swap
agreements
203,797
(45,499)
Net
Realized
and
Unrealized
Gains/(Losses)
54,620,866
1,900,231
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$96,851,032
$4,484,078
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
62
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
For
the
periods
ended
12/31/2023
12/31/2022
12/31/2023
12/31/2022
Operations
Net
investment
income/(loss)
$42,230,166
$34,571,458
$2,583,847
$2,759,046
Net
realized
gains/(losses)
(16,777,865)
(50,759,519)
(3,709,172)
(2,015,827)
Change
in
net
unrealized
appreciation/(depreciation)
71,398,731
(148,335,708)
5,609,403
(10,921,705)
Net
Change
in
Net
Assets
Resulting
From
Operations
96,851,032
(164,523,769)
4,484,078
(10,178,486)
Distributions
to
Shareholders
From
income/realized
gains
Class
S
(24,093,292)
(19,926,427)
(2,635,099)
(2,876,840)
From
income/realized
gains
Class
A
(19,116,719)
(15,871,963)
–
–
Total
from
income/realized
gains
(43,210,011)
(35,798,390)
(2,635,099)
(2,876,840)
From
return
of
capital
Class
S
–
–
(62,428)
(129,715)
Total
From
Return
of
Capital
–
–
(62,428)
(129,715)
Total
Distributions
to
Shareholders
(43,210,011)
(35,798,390)
(2,697,527)
(3,006,555)
Capital
Stock
Transactions
Class
S  
Sold
75,869,998
132,145,376
7,219,967
22,830,611
Distributions
reinvested
23,295,447
19,287,790
2,465,758
2,748,660
Redeemed
(149,704,241)
(152,882,381)
(18,526,713)
(22,778,769)
Total
Class
S
Capital
Stock
Transactions
(50,538,796)
(1,449,215)
(8,840,988)
2,800,502
Class
A  
Sold
16,523,005
31,577,444
–
–
Distributions
reinvested
17,579,693
14,602,426
–
–
Redeemed
(84,206,521)
(80,450,040)
–
–
Total
A
Capital
Stock
Transactions
(50,103,823)
(34,270,170)
–
–
Capital
Stock
Transactions
(100,642,619)
(35,719,385)
(8,840,988)
2,800,502
Net
Increase/(Decrease)
in
Net
Assets
(47,001,598)
(236,041,544)
(7,054,437)
(10,384,539)
Net
Assets,
Beginning
of
Period
1,066,554,290
1,302,595,834
59,847,624
70,232,163
Net
Assets,
End
of
Period
$1,019,552,692
$1,066,554,290
$52,793,187
$59,847,624
Capital
Stock
Share
Transactions
Class
S
shares
Sold
11,511,700
18,789,877
845,268
2,430,177
Distributions
reinvested
3,539,523
2,861,109
288,833
310,118
Redeemed
(22,787,317)
(22,312,145)
(2,176,882)
(2,520,836)
Total
Class
S
share
transactions
(7,736,094)
(661,159)
(1,042,781)
219,459
Class
A
shares
Sold
2,480,928
4,461,703
–
–
Distributions
reinvested
2,638,782
2,141,992
–
–
Redeemed
(12,663,664)
(11,665,008)
–
–
Total
Class
A
share
transactions
(7,543,954)
(5,061,313)
–
–
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
63
(1)
ORGANIZATION
Thrivent
Mutual
Funds
(the
“Trust”)
was
organized
as
a
Massachusetts
Business
Trust
on
March
10,
1987
and
is
registered
as
an
open-end
management
investment
company
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”).
The
Trust
is
divided
into 25
separate
series
(each,
a
"Fund"
and,
collectively,
the
"Funds"),
each
with
its
own
investment
objective
and
policies.
The
Trust
currently
consists
of
four
asset
allocation
Funds, three
income
plus
Funds, ten
equity
Funds, seven
fixed-income
Funds,
and
one
money
market
Fund.
This
shareholder
report
includes Thrivent
Diversified
Income
Plus and Thrivent
Multidimensional
Income, two of
the
Trust’s
25
Funds.
The
other
Funds
of
the
Trust
have
a
fiscal
year-end
of
October
31
and
are
presented
under
a
separate
shareholder
report.
The
Funds
are
each
investment
companies
that
follow
the
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
("FASB")
Accounting
Standards
Codification
Topic
946
-
Financial
Services
-
Investment
Companies.
Share
Classes
— The
Trust
may
issue
an
unlimited number
of
shares
in
one
or
more
series
as
the
Board
may
authorize. 
The
Trust includes
two
classes
of
shares:
Class
A
and
Class
S
shares.
The
classes
of
shares
differ
principally
in
their
respective
distribution
expenses
and
other
class-specific
expenses
and
arrangements.
Class
A
shares
have
an
annual
12b-1
fee
of
0.25%
of
average
net
assets, a
reduced
fee
of
0.125%
or
no
fee. 
For
the
Funds
presented
under
this
shareholder
report,
Class
A
shares
have
an
annual
12b-1
fee
of
0.25%
and a
maximum
front-end
sales
load
of
4.50%.
Class
S
shares
are
offered
at
net
asset
value
and
have
no
annual
12b-1
fees.
The
share
classes
have
identical
rights
to
earnings,
assets
and
voting
privileges,
except
for
class-specific
expenses
and
exclusive
rights
to
vote
on
matters
affecting
only
individual
classes.
Thrivent
High
Income
Municipal
Bond,
Thrivent
Low
Volatility
Equity, Thrivent
Mid
Cap
Growth,
Thrivent
Mid
Cap
Value,
Thrivent
Multidimensional
Income,
and
Thrivent
Small
Cap
Growth offer
only
Class
S
Shares; each
of
the
other 19
Funds
of
the
Trust
offer
Class
A
and
Class
S
shares.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
with
vendors
and
others
that
provide
general
damage
clauses.
The
Trust’s
maximum
exposure
under
these
contracts
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust.
However,
based
on
experience,
the
Trust
expects
the
risk
of
loss
to
be
remote.
(2)
SIGNIFICANT
ACCOUNTING
POLICIES
Valuation
of
Investments 
—
The
Funds
record
their
investments
at
fair
value
using
market
quotations
when
they
are
readily
available
pursuant
to
Rule
2a-5. 
The
Funds'
investments
are
recorded
at
fair
value
determined
in
good
faith
when
market
quotations
are
not
readily
available. 
Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system
are
valued
at
the
last
sale
price
on
the
principal
exchange
as
of
the
close
of
regular
trading
on
such
exchange
or
the
official
closing price
of
the
national
market
system. 
Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time. 
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Trust’s
Board
of
Trustees
(the
“Board”).
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations obtained
from dealers
that
make
markets
in
the
securities.
Exchange-listed
options and
futures
contracts
are
valued
at
the
primary
exchange
settle
price.
Exchange
cleared
swap
agreements
are
valued
at
the
clearinghouse
end
of
day
price. 
Swap
agreements
not
cleared
on
exchanges
will
be
valued at
the
mid-price
from
the
primary
approved
pricing
service. 
Forward
foreign
currency exchange
contracts
are
marked-to-market
based
upon
foreign
currency
exchange
rates
provided
by the
pricing
service. 
Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day.
The
Board
has
chosen
the
Funds'
investment
Adviser
as
the
valuation
designee,
responsible
for
daily
valuation
of
the
Funds'
securities.
The
Adviser
has
formed
a Valuation
Committee
(the
“Committee”)
that
is
responsible
for
overseeing
the
Funds'
valuation
policies in
accordance
with
Valuation
Policies
and
Procedures. 
The
Committee
meets
on
a
monthly
and
on
an
as-needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices,
money
market
pricing,
international
fair
valuation,
and
other
securities
requiring
fair
valuation.
The
Committee
monitors
for
significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Funds.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant
using
fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
determined
to
be
unreliable,
the
securities
will
be
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”), the
various
inputs
used
to
determine
the
fair
value
of
the
Funds’
investments
are
summarized
in
three
broad
levels. Level
1
includes
quoted
prices
in
active
markets
for
identical
securities: typically
included
in
this
level
are
U.S.
equity
securities,
futures, options
and
registered
investment
company
funds.
Level
2
includes
other
significant
observable
inputs
such
as
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk;
typically
included
in
this
level
are
fixed
income
securities,
international
securities,
swaps
and
forward
contracts. 
Level
3
includes
significant
unobservable
inputs
such
as
the
Adviser’s
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
64
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments.
The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
other
investments. 
Investments
measured
using
net
asset
value
per
share
as
a
practical
expedient
for
fair
value
and
that
are
not
publicly
available-for-sale
are
not
categorized
within
the
fair
value
hierarchy.
Valuation
of
International
Securities
—
The
Funds
value
certain
foreign
securities
traded
on
foreign
exchanges
that
close
prior
to
the
close of
the
New
York
Stock
Exchange
using
a
fair
value
pricing
service. 
The
fair
value
pricing
service
uses
a
multi-factor
model
that
may
take
into
account
the
local
close,
relevant
general
and
sector
indices,
currency
fluctuation,
prices
of
other
securities
(including
ADRs,
New
York
registered
shares,
and
ETFs),
and
futures,
as
applicable,
to
determine
price
adjustments
for
each
security
in
order
to
reflect
the
effects
of
post-closing
events. 
The
Board
has
authorized
the
Adviser
to
make
fair
valuation
determinations
pursuant
to
policies
approved
by
the
Board.
Foreign
Currency
Translation 
—
The
accounting
records
of
each
Fund
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
that
are
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
daily
closing
rates
of
exchange.
Foreign
currency
amounts
related
to
the
purchase
or
sale
of
securities
and
income
and
expenses
are
translated
at
the
exchange
rate
on
the
transaction
date.
Net
realized
and
unrealized
currency
gains
and
losses
are
recorded
from
closed currency
contracts,
disposition
of foreign
currencies,
exchange
gains
or
losses
between
the
trade
date
and
settlement
date
on
securities
transactions,
and
other
translation
gains
or
losses
on
dividends,
interest
income
and
foreign
withholding
taxes.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement
of
Operations.
For
federal
income
tax
purposes,
the
Funds
treat
the
effect
of
changes
in
foreign
exchange
rates
arising
from
actual
foreign
currency
transactions
and
the
changes
in
foreign
exchange
rates
between
the
trade
date
and
settlement
date
as
ordinary
income.
Federal
Income
Taxes 
—
No
provision
has
been
made
for
income
taxes
because
each
Fund’s
policy
is
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code
and
distribute
substantially
all
investment
company
taxable
income
and
net
capital
gain
on
a
timely
basis.
It
is
also
the
intention
of
each
Fund
to
distribute
an
amount
sufficient
to
avoid
imposition
of
any
federal
excise
tax.
The
Funds,
accordingly,
anticipate
paying
no
federal
taxes
and
no
federal
tax
provision
was
recorded.
Each
Fund
is
treated
as
a
separate
taxable
entity
for
federal
income
tax
purposes. Funds
may
utilize
earnings
and
profits
distributed
to
shareholders
on
the
redemption
of
shares
as
part
of
the
dividends
paid
deduction.
 GAAP
requires
management
of
the
Funds
(i.e.,
the
Adviser)
to
make
additional
tax
disclosures
with
respect
to
the
tax
effects
of
certain
income
tax
positions,
whether
those
positions
were
taken
on
previously
filed
tax
returns
or
are
expected
to
be
taken
on
future
returns.
These
positions
must
meet
a
“more
likely
than
not”
standard
that,
based
on
the
technical
merits
of
the
position, it
would
have
a
greater
than
50
percent
likelihood
of
being
sustained
upon
examination.
In
evaluating
whether
a
tax
position
has
met
the
more-
likely-than-not
recognition
threshold,
the
Adviser
must
presume
that
the
position
will
be
examined
by
the
appropriate
taxing
authority
that
has
full
knowledge
of
all
relevant
information.
The
Adviser
analyzed
all
open
tax
years,
as
defined
by
the
statute
of
limitations,
for
all
major
jurisdictions.
Open
tax
years
are
those
that
are
open
for
examination
by
taxing
authorities.
Major
jurisdictions
for
the
Funds
include
U.S.
Federal
and
certain
state
jurisdictions
as
well
as
certain
foreign
countries.
The
Funds'
federal
income
tax
returns
are
subject
to
examination
for
a
period
of
three
years
after
the
filing
of
the
return
for
the
tax
period.
State
returns
may
be
subject
to
examination
for
an
additional
year
depending
on
the
jurisdiction. 
The
Funds
have
no
examinations
in
progress
and
none
are
expected
at
this
time.
As
of
December
31,
2023,
the
Adviser
has
reviewed
all
open
tax
years
and
major
jurisdictions
and
concluded
that
there
is
no
effect
to
the
Funds’
tax
liability,
financial
position
or
results
of
operations.
There
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
income
tax
positions
taken
or
expected
to
be
taken
in
future
tax
returns.
The
Funds
are
also
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
12
months.
Foreign
Income
Taxes 
— Funds
are
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
they
invest.
Withholding
taxes
on
foreign
dividends
have
been
provided
for
in
accordance
with
the
applicable
country’s
tax
rules
and
rates.
These
amounts
are
shown
as
foreign tax
withholding
in
the
Statement
of
Operations.
The
Funds
pay
tax
on
foreign
capital
gains,
where
applicable.
Taxes
paid
on
foreign
capital
gains, if
any,
are
included
in
the
net
realized
gains/(losses)
on
investments
on
the
Statement
of
Operations. 
Expenses
and
Income 
—
Estimated
expenses
are
accrued
daily.
The
Funds
are
charged
for
those
expenses
that
are
directly
attributable
to
them.
Expenses
that
are
not
directly
attributable
to
a
Fund
are
allocated
among
all
appropriate
Funds
in
proportion
to
their
respective
net
assets
or number
of
shareholder
accounts,
or
other
reasonable
basis.
Net
investment
income,
expenses
which
are
not
class-specific,
and
realized
and
unrealized
gains
and
losses
are
allocated
directly
to
each
class
based
upon
the
relative
net
asset
value
of
outstanding
shares.
Interest
income
is
recorded daily
on
all
debt
securities,
as
is accretion
of
market
discount
and
original
issue
discount
and
amortization
of
premium.
Paydown
gains
and
losses
on
mortgage-
backed
and
asset-backed
securities
are
recorded
as
components
of
interest
income.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. 
However, certain
dividends
from
foreign
securities
are
recorded
as
soon
as
the
information
is
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
65
available
to
the
Funds. 
Non-cash
income,
if
any,
is
recorded
at
the
fair
market
value
of
the
securities
received.
For
certain
securities,
including
real
estate
investment
trusts,
the Funds
record
distributions
received
in
excess
of
income
as
a
reduction
of
cost
of
investments
and/or
realized
gain.
Such
amounts
are
based
on
estimates
if
actual
amounts
are
not
available.
Actual
amounts
of
income,
realized
gain
and
return
of
capital
may
differ
from
the
estimated
amounts.
The Funds
adjust
the
estimated
amounts
of
the
components
of
distributions
as
adjustments
to
investment
income,
unrealized
appreciation/depreciation
and
realized
gain/loss
on
investments
as
necessary,
once
the
issuers
provide
information
about
the
actual
composition
of
the
distributions.
Distributions
to
Shareholders 
—
Net
investment
income
is
distributed
to
each
shareholder
as
a
dividend. 
Dividends
from
Diversified
Income
Plus
and
Multidimensional
Income
are
declared
and
paid
monthly. It
is
possible
that
such
dividends
may
be
reclassified
as
return
of
capital
or
capital
gains
after
year
end.
Such
determination
cannot
be
made
until
tax
information
is
received
from
the
real
estate
investments
of
the
Fund.
Net
realized
gains
from
securities
transactions,
if
any,
are
paid
at
least
annually
after
the
close
of
the
fiscal
year.
In
addition,
the
funds
may
claim
a
portion
of
the
payment
made
to redeeming
shareholders
as
a
distribution
for
income
tax
purposes. 
Derivative
Financial
Instruments 
—
Each Fund may
invest
in
derivatives,
a
category
that
includes
options,
futures,
swaps,
foreign
currency
forward
contracts and
hybrid
instruments.
Derivatives
are
financial
instruments
whose
value
is
derived
from
another
security,
an
index
or
a
currency.
Each Fund
may
use
derivatives
for
hedging
(attempting
to
offset
a
potential
loss
in
one
position
by
establishing
an
interest
in
an
opposite
position).
This
includes
the
use
of
currency-
based
derivatives
to
manage
the
risk
of
its
positions in
foreign
securities.
Each Fund
may
also
use
derivatives
for
replication
of
a
certain
asset
class
or
speculation
(investing
for
potential
income
or
capital
gain).
These
contracts
may
be
transacted
on
an
exchange
or
over-the-counter
("OTC").
A
derivative
may
incur
a 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
contract.
A
Fund’s
risk
of
loss
from
the
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
such
Fund.
With
exchange
traded
futures
and
centrally
cleared
swaps,
there
is
minimal
counterparty
credit
risk
to
the
Funds
because
the
exchange’s
clearinghouse,
as
counterparty
to
such
derivatives,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
derivative;
thus,
the
credit
risk
is
limited
to
the
failure
of
the
clearinghouse.
However,
credit
risk
still
exists
in
exchange
traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
broker’s
customer
accounts.
While
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
broker
for
all
its
clients,
U.S.
bankruptcy
laws
will
typically
allocate
that
shortfall
on
a
pro-rata
basis
across
all
of
the
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Using
derivatives
to
hedge
can
guard
against
potential
risks,
but
it
also
adds
to
the
Funds'
expenses
and
can
eliminate
some
opportunities
for
gains.
In
addition,
a
derivative
used
for
mitigating
exposure
or
replication
may
not
accurately
track
the
value
of
the
underlying
asset.
Another
risk
with
derivatives
is
that
some
types
can
amplify
a
gain
or
loss,
potentially
earning
or
losing
substantially
more
money
than
the
actual
cost
of
the
derivative.
In
order
to
define
their
contractual
rights
and
to
secure
rights
that
will
help
the
Funds
mitigate
their
counterparty
risk,
the
Funds
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
OTC
derivatives
and
foreign
exchange
contracts
and
typically
includes,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
each
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivatives'
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
a
default
(close-out
netting)
including
the
bankruptcy
or
insolvency
of
the
counterparty.
Note,
however,
that
bankruptcy
and
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
and
margin
requirements
vary
by
type
of
derivative.
Margin
requirements
are
established
by
the
broker
or
clearinghouse
for
exchange
traded
and
centrally
cleared
derivatives
(futures,
options,
and
centrally
cleared
swaps).
Brokers
can
ask
for
margining
in
excess
of
the
minimum requirements in
certain
situations.
Collateral
terms
are
contract
specific
for
OTC
derivatives
(foreign
currency
exchange
contracts,
options
and
swaps).
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark
to
market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
For
financial
reporting
purposes,
non-cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
has
been
noted
in
the
Schedule
of
Investments.
To
the
extent
amounts
due
to a
Fund
from
its
counterparties
are
not
fully
collateralized,
contractually
or
otherwise,
the
Fund
bears
the
risk
of
loss
from
counterparty
nonperformance.
The
Funds
attempt
to
mitigate
counterparty
risk
by
only
entering
into
agreements
with
counterparties
that
they
believe
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Options
—
Each
of
the Funds may
buy
put
and
call
options
and
write
put
and
covered
call
options.
The
Funds
intend
to
use
such
derivative
instruments
as
hedges
to
facilitate
buying
or
selling
securities
or
to
provide
protection
against
adverse
movements
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
66
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.
During
the
year
ended December
31,
2023,
Diversified
Income
Plus
used
options
on
mortgage
backed
securities
to
generate
income
and/or
to
manage
duration
of
the
Fund.
Futures
Contracts 
— Each
of
the Funds
may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
fluctuations.
Gains
or
losses
on
futures
contracts
can
offset
changes
in
the
yield
of
securities.
When
a
futures
contract
is
opened,
cash
or
other
investments
equal
to
the
required
“initial
margin
deposit”
are
held
on
deposit
with
and
pledged
to
the
broker.
Additional
securities
held
by
the
Funds
may
be
earmarked
to
cover
open
futures
contracts. A
futures
contract’s
daily
change
in
value
(“variation
margin”)
is
either
paid
to
or
received
from
the
broker,
and
is
recorded
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
realized
gain
or
loss
is
recorded
equal
to
the
difference
between
the
value
of
the
contract
when
opened
and
the
value
of
the
contract
when
closed.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Exchange-traded
futures
have
no
significant
counterparty
risk
as
the
exchange
guarantees
the
contracts
against
default.
During
the year
ended
December
31,
2023,
Diversified
Income
Plus used
treasury
futures
to
manage
the
duration
and
yield
curve
exposure
of
the
respective
Fund
versus its
benchmark.
During
the year
ended
December
31,
2023,
Diversified
Income
Plus
used
equity
futures
to
manage
exposure
to
the
equities
market.
During
the
year ended December
31,
2023,
Diversified
Income
Plus
used
foreign
exchange
futures
to
hedge
the
currency
risk.
Swap
Agreements
—
Each
of
the
Funds may
enter
into
swap
transactions,
which
involve
swapping
one
or
more
investment
characteristics
of
a
security
or
a
basket
of
securities
with
another
party.
Such
transactions
include
market
risk,
risk
of
default
by
the
other
party
to
the
transaction,
risk
of
imperfect
correlation
and
manager
risk
and
may
involve
commissions
or
other
costs.
Swap
transactions
generally
do
not
involve
delivery
of
securities,
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
swap
transactions
is
generally
limited
to
the
net
amount
of
payments
that
the
Fund
is
contractually
obligated
to
make,
or
in
the
case
of
the
counterparty
defaulting,
the
net
amount
of
payments
that
the
Fund
is
contractually
entitled
to
receive.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
there
is
a
default
by
the
counterparty,
the
Fund
may
have
contractual
remedies
pursuant
to
the
agreements
related
to
the
transaction.
The
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
Swap
agreements
are
valued
at
the
clearinghouse
end
of
day
prices
as
furnished
by
an
independent
pricing
service.
The
pricing
service
takes
into
account
such
factors
as
swap
curves,
default
probabilities,
recent
trades,
recovery
rates
and
other
factors
it
deems
relevant
in
determining
valuations.
Daily
fluctuations
in
the
value
of
the
centrally
cleared
credit
default
contracts
are
recorded
in
variation
margin
in
the
Statement
of
Assets
and
Liabilities
and
recorded
as
unrealized
gain
or
loss.
The
Fund
accrues
for
the
periodic
payment
and
amortizes
upfront
payments,
if
any,
on
swap
agreements
on
a
daily
basis
with
the
net
amount
recorded
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Receipts
and
payments
received
or
made
as
a
result
of
a
credit
event
or
termination
of
the
contract
are
also
recognized
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Collateral,
in
the
form
of
cash
or
securities,
may
be
required
to
be
held
with
the
Fund’s
custodian,
or
a
third
party,
in
connection
with
these
agreements.
Certain
swap
agreements
are
over-the-counter.
In
these
types
of
transactions,
the
Fund
is
exposed
to
counterparty
risk,
which
is
the
discounted
net
amount
of
payments
owed
to
the
Fund.
This
risk
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
swap
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty.
Certain
interest
rate
and
credit
default
index
swaps
must
be
cleared
through
a
clearinghouse
or
central
counterparty.
Credit
Default
Swaps
—
A
credit
default
swap
("CDS") is
a
swap
agreement
between
two
parties
to
exchange
the
credit
risk
of
a
particular
issuer,
basket
of
securities
or
reference
entity.
In
a
CDS
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
CDS
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
67
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
A
buyer
of
a
CDS
is
said
to
buy
protection
whereas
a
seller
of
a
CDS
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
CDSs or
through
credit
default
swap
indices
("CDX
Indices").
CDX
Indices
are
static
pools
of
equally
weighted
CDSs
referencing
corporate
bonds
and/or
loans
designed
to
increase
or
decrease
diversified
credit
exposure
to
these
asset
classes.
Funds
sell
default
protection
and
assume
long-risk
positions
in
individual
credits
or
indices.
Index
positions
are
entered
into
to
gain
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-efficient
and
diversified
structure.
In
the
event
that
a
position
defaults,
by
going
into
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money,
within
any
given
CDX
Index
held,
the
maximum
potential
amount
of
future
payments
required
would
be
equal
to
the
pro-rata
share
of
that
position
within
the
index
based
on
the
notional
amount
of
the
index.
In
the
event
of
a
default
under
a
CDS
contract,
the
maximum
potential
amount
of
future
payments
would
be
the
notional
amount.
Funds
buy
default
protection
in
order
to
reduce
their
overall
credit
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-
efficient
and
diversified
structure.
If
a
default
event
as
specified
in
the
CDS
reference
entity
agreement
occurs,
the
Fund
has
the
option
to
receive
a
cash
payment
in
exchange
for
the
credit
loss
of
the
reference
entity
obligation
as
of
the
date
of
the
credit
event.
A
realized
gain
or
loss
is
recorded
upon
a
default
event
or
the
maturity
or
termination
of
the
CDS
agreement.
For
CDS,
the
default
events
could
be
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money
or
a
restructuring.
A
restructuring
is
a
change
in
the
underlying
obligations
which
could
include
a
reduction
in
interest
or
principal,
maturity
extension
and
subordination
to
other
obligations.
During
the year
ended
December
31,
2023,
Diversified
Income
Plus
and
Multidimensional
Income used
CDX
Indexes
(comprised
of
CDSs)
to
help
manage
credit
risk
exposures
within
the
Fund.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements
in
the
Statement
of
Assets
and
Liabilities.
Mortgage
Dollar
Roll
Transactions 
—
Certain
Funds
enter
into
dollar
roll
transactions
on
securities
issued
or
to
be
issued
by
the
Government
National
Mortgage
Association,
Federal
National
Mortgage
Association
and
Federal
Home
Loan
Mortgage
Corporation,
in
which
the
Funds
sell
mortgage
securities
and
simultaneously
agree
to
repurchase
similar
(same
type
and
coupon)
securities
at
a
later
date
at
an
agreed
upon
price.
The
Funds
must
maintain
liquid
securities
having
a
value
at
least
equal
to
the
repurchase
price
(including
accrued
interest)
for
such
dollar
rolls.
In
addition,
the
Funds
are
required
to segregate
collateral
with the
fund
custodian (depending
on
market
movements)
on
their
mortgage
dollar
rolls. 
The
value
of
the
securities
that
the
Funds
are
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
During
the
period
between
the
sale
and
repurchase,
the
Funds
forgo
principal
and
interest
paid
on
the
mortgage
securities
sold.
The
Funds
are
compensated
from
negotiated
fees
paid
by
brokers
offered
as
an
inducement
to
the
Funds
to
"roll
over"
their
purchase
commitments,
thus
enhancing
the
yield.
Mortgage
dollar
rolls
may
be
renewed
with
a
new
purchase
and
repurchase
price
and
a
cash
settlement
made
on
settlement
date
without
physical
delivery
of
the
securities
subject
to
the
contract. 
These
purchase
and
sale
transactions
may
increase
portfolio
turnover
rate. 
The
fees
received
are
recognized
over
the
roll
period
and
are
included
in
Income
from
mortgage
dollar
rolls
in
the
Statement
of
Operations.
Securities
Lending 
—
The
Trust
has
entered
into
a
Securities
Lending
Agreement
(the
“Agreement”)
with
Goldman
Sachs
Bank
USA
doing
business
as
Goldman
Sachs Agency
Lending ("GSAL"). The
Agreement
authorizes
GSAL
to
lend
securities
to
authorized
borrowers
on
behalf
of
the
Funds.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value
of U.S.
securities
and
105% of
the
market
value
of non-U.S.
securities.
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received. 
Any
additional
collateral
is
adjusted
and
settled
on
the
next
business
day. 
The
Trust
has
the
ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell
the
loaned
securities. 
All
cash
collateral
received
is
invested
in
Thrivent
Cash
Management
Trust.
The
Funds
receive dividends
and
interest
that would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent
Cash
Management
Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
expenses,
are
included
in
affiliated
income
from
securities
loaned,
net on
the
Statement
of
Operations. 
By
investing
any
cash
collateral
it
receives
in
these
transactions,
a
Fund
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, a
Fund
could
lose
money. 
Generally,
in
the
event
of
borrower
default, a Fund
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred. 
However,
in
the
event a
Fund
is
delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss. 
Some
of
these
losses
may
be
indemnified
by
the
lending
agent. 
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. 
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
68
A
Fund
may
dispose
of
a
delayed-delivery
transaction
after
it
is
entered
into,
and
may
sell
when-issued
securities
before
they
are
delivered,
which
may
result
in
a
capital
gain
or
loss.
When
a
Fund
has
sold
a
security
on
a
delayed-delivery
basis,
a
Fund
does
not
participate
in
future
gains
and
losses
with
respect
to
the
security.
Treasury
Inflation
Protected
Securities 
— Certain
Funds
may
invest
in
treasury
inflation
protected
securities
("TIPS").
These
securities
are
fixed
income
securities
whose
principal
value
is
periodically
adjusted
to
the
rate
of
inflation.
The
coupon
interest
rate
is
generally
fixed
at
issuance.
Interest
is
paid
based
on
the
principal
value,
which
is
adjusted
for
inflation.
Any
increase
in
the
principal
amount
will
be
included
as
taxable
interest
in
the
Statement
of
Operations
and
received
in
cash
upon
maturity
or
sale
of
the
security.
Stripped
Securities 
—
Certain
Funds
may
invest
in
interest
only
and
principal
only
stripped
mortgage
or
asset
backed
securities.
These
securities
represent
a
participation
in
securities
that
are
structured
in
classes
with
rights
to
receive
different
portions
of
the
interest
and
principal.
Interest
only
securities
receive
all
the
interest,
and
principal
only
securities
receive
all
the
principal. 
Interest
only
securities
are
particularly
sensitive
to
changes
in
interest
rates
and
therefore
are
subject
to
greater
fluctuation
in
prices
than
typical
interest
bearing
debt
securities.
As
interest
rates
rise,
the
value
of
the
interest
only
security
increases.
Similarly,
as
interest
rates
decrease,
the
value
of
the
interest
only
security
decreases. If
the
underlying
pool
of
mortgages
or
assets
experience
greater
than
anticipated
prepayments
of
principal, a
Fund
may
not
fully
recoup
its
initial
investment
in
an
interest
only
security.
Principal
only
securities
increase
in
value
if
prepayments
are
greater
than
anticipated
and
decline
if
prepayments
are
slower
than
anticipated.
The
market
value
of
these
securities
is
also
highly
sensitive
to
changes
in
interest
rates. 
As
interest
rates
increase,
the
price
of
the
principal
only
security
decreases. 
Similarly,
as
interest
rates
decrease,
the
price
of
the
principal
only
security
increases. 
The
principal
only
security
represents
the
payment
with
the
longest
maturity,
therefore
making
it
the
most
sensitive
to
interest
rate
changes. 
Accounting
Estimates 
—
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Contingent
Liabilities 
—
In
the
event
of
adversary
action
proceedings
where
a
Fund
is
a
defendant,
a
loss
contingency
will
not
be
accrued
as
a
liability
until
the
amount
of
potential
damages
and
the
likelihood
of
loss
can
be
reasonably
estimated. 
For
the year
ended
December
31,
2023,
no
Fund
reported
an
accrual
for contingent
liabilities.
Litigation 
—
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date. 
If
the
Fund
no
longer
owns
the
applicable
securities,
the
proceeds
are
recorded
as
realized
gains. 
Bank Loans
(Leveraged Loans) 
—
Certain
Funds
may
invest
in
bank
loans,
which
are
senior
secured
loans
that
are
made
by
banks
or
other
lending
institutions
to
companies
that
are
typically
rated
below
investment
grade. 
A Fund
may
invest
in
multiple
series
or
tranches
of
a
bank
loan,
with
varying
terms
and
different
associated
risks. 
Transactions
in
bank
loan
securities
may
settle
on
a
delayed
basis,
which
may
result
in
the
proceeds
of
the
sale
to
not
be
readily
available
for
a Fund
to
make
additional
investments. 
Interest
rates
of
bank
loan
securities
typically
reset
periodically,
as
the
rates
are
tied
to
a
reference
index
rate,
plus
a
premium. 
Income
is
recorded
daily
on
bank
loan
securities. 
On
an
ongoing
basis,
a Fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
of
the
bank
loan. 
This
commitment
fee
is
accrued
as
income
over
the
term
of
the
bank
loan. 
A Fund
may
receive
consent
and
amendment
fees
for
accepting
an
amendment
to
the
current
terms
of
a
bank
loan. 
Consent
and
amendment
fees
are
accrued
as
income
when
the
changes
to
the
bank
loan
are
immaterial
and
to
capital
when
the
changes
are
material.
All
or
a
portion
of
these
bank
loan
commitments
may
be
unfunded.
A
Fund
is
obligated
to
fund
these
commitments
at
the
borrower’s
discretion.
Therefore,
the
Fund
must
have
funds
sufficient
to
cover
its
contractual
obligation.
These
unfunded
bank
loan
commitments,
which
are
marked-to-market
daily,
are
presented
in
the
Schedule
of
Investments
and
included
in
Payable
for
investments
purchased
on
a
delayed-delivery
basis
on
the
Statement
of
Assets
and
Liabilities.
As
of
December
31,
2023,
the
Funds
have
the
following
unfunded
bank
loan
commitments:
Line
of
Credit 
— Each
Fund along
with
other
portfolios
managed
by
the
investment
adviser
or
an
affiliate,
participate
in
a
$100
million
($50
million
committed,
$50
million
uncommitted)
credit
facility
(the
"line
of
credit")
issued
by
State
Street
Bank
and
Trust
Company
to
be
utilized
for
temporary
or
emergency
purposes
to
fund
shareholder
redemptions
or
for
other
short-term
liquidity
purposes. 
Interest
is
charged
to
each
participating
Fund based
on
its
borrowings
at
the
higher
of
the
Federal
Funds
Rate
or
the Overnight
Funding
Rate
plus,
in
each
case,
0.10%
plus
a
margin
of 1.25%. 
Each
borrowing
under
the
credit
facility
matures
no
later
than
30
calendar
days
after
the
date
of
the
borrowing. 
Each
participating
Fund
pays
a commitment
fee
in
proportion
to
their
respective
net
assets. 
The
line
of
credit
shall
expire
on
December
17,
2024
unless
extended
Fund/Borrower
Unfunded
Loan
Commitments
Thrivent
Diversified
Income
Plus
Fund
GTCR
W
Merger
Sub,
LLC,
Term
Loan
$779,714
Total
$779,714
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
69
by
mutual
agreement
of
State
Street
Bank
and
Trust
Company
and
the
Funds. 
The
Funds
had
no
borrowings
during
the year
ended
December
31,
2023.
Recent
Accounting
Pronouncements 
—
In June
2022,
the
FASB
issued
Accounting
Standards
Update
No.
2022-03
("ASU
2022-03")
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions
("Topic
820"). 
ASU
2022-
03
clarifies
the
guidance
in
Topic
820,
related
to
the
measurement
of
the
fair
value
of
an
equity
security
subject
to
contractual
sale
restrictions,
where
it
eliminates
the
need
to
apply
a
discount
to
fair
value
of
these
securities,
and
introduces
disclosure
requirements
related
to
such
equity
securities.
The
guidance
is
effective
for
fiscal
years,
and
interim
periods
within
those
fiscal
years,
beginning
after
December
15,
2023,
and
allows
for
early
adoption.
Management
has
elected
to
early
adopt
the
provisions
of
ASU
2022-03
effective
with
the
current
reporting
period.
The
impact
of
the
Funds’
early
adoption
of
these
provisions
was
limited
to
changes
to
our
valuation
policy
with
respect
to
use
of
liquidity
discounts
and
additional
financial
statement
disclosures
in
the
Schedule
of
Investments
for
securities
within
the
scope
of
this
guidance
detailing
primarily
the
nature
and
duration
of
their
contractual
sale
restrictions.
Other 
—
For
financial
statement
purposes,
investment
security
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
and
losses
from
investment
transactions
are
determined
on
a
specific
cost
identification
basis,
which
is
the
same
basis
used
for
federal
income
tax
purposes.
(3)
FEES
AND
COMPENSATION
PAID
TO
AFFILIATES
Investment
Advisory
Fees 
—
The
Trust
has
entered
into
an
Investment
Advisory
Agreement
with
Thrivent
Asset
Mgt.
Under
the
Investment
Advisory
Agreement,
each
of
the
Funds
pays
a
fee
for
investment
advisory
services.
The
fees
are
accrued
daily
and
paid
monthly.
The
annual
rates
of
fees
as
a
percent
of
average
daily
net
assets
under
the
Investment
Advisory
Agreement
were
as
follows: 
Expense
Reimbursements 
— For
the
year
ended December
31,
2023,
contractual
expense
reimbursements
to
limit
expenses
to
the
following
percentages
were
in
effect: 
1
Prior
expense
cap
of
0.71%
on
Class
S
expired
on
2/28/2023.
Expense
reimbursements
are
accrued
daily
and
paid
by
Thrivent
Asset
Mgt.
monthly.
Thrivent
Asset
Mgt.
does
not
recoup
amounts
previously
reimbursed
or
waived
in
prior
fiscal
years,
but
may
recoup
amounts
reimbursed
or
waived
in
prior
months
within
the
same
fiscal
year. 
Acquired
fund
fees
and
expenses
incurred
by
the
Funds
by
investing
in
other
open-ended
funds
are
excluded
from
reimbursements
accrued
by
the
Funds. 
Subject
to
certain
limitations,
each
Fund
may
invest
cash
in
other
Funds,
Thrivent
Cash
Management
Trust,
and
Thrivent
Core Funds.
These
related-party
transactions
are
subject
to
the
same
terms
as
non-related
party
transactions.
To
avoid
duplicate
investment
advisory
fees,
Thrivent
Asset
Mgt.
reimburses
an
amount
equal
to
any
investment
advisory
fees
indirectly
incurred
by
the
Fund
as
a
result
of
its
investment
in
any
other
mutual
fund
for
which
the
Adviser
or
an
affiliate
serves
as
investment
adviser,
other
than
Thrivent
Cash
Management
Trust. 
There
are
no
advisory
fees
for
Thrivent
Core
Funds,
and
therefore
no
reimbursement
is
made
related
to
an
investment
in
this
funds.
Distribution
Plan 
— Thrivent
Distributors,
LLC
is
the
Trust's
distributor. 
The
Trust
has
adopted
a
Distribution
Plan
pursuant
to
Rule
12b-1
under
the
1940
Act. 
Class
A
shares
have
an
annual 12b-1
fee
of 0.25%
of
average
net
assets, a
reduced
fee
of
0.125%
or
no
fee. 
For
the
Funds
presented
under
this
shareholder
report,
Class
A
shares
have
an annual 12b-1
fee of
0.25%.  
Sales
Charges
and
Other
Fees 
—
For
the year
ended
December
31,
2023,
Thrivent
Investment
Management
Inc. and
Thrivent
Distributors,
LLC
received
$20,901
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.
Each
Fund pays
a
fee equal
to
the
sum
of
$70,000
plus
0.017%
of
the
Fund's
average
daily
net
assets
to
Thrivent
Asset
Mgt. 
Effective
January
1,
2024,
the
fee
increased
to
the
sum
of
$80,000
plus
0.017%
of
the
Fund’s
average
daily
net
assets.
These
fees
are
accrued
daily
and paid
monthly. 
For
the year
ended
December
31,
2023,
Thrivent
Asset
Mgt.
received
aggregate
fees
for
accounting
and
administrative
personnel
and
services
of $327,429
from
the
Funds
covered
in
this
shareholder
report.
Fund
(M
-
Millions)
$0
to
$50M
Over
$50
to
$100M
Over  
$100
to
$200M
Over
$200
to
$250M
Over
$250
to
$500M
Over
$500
to
$750M
Over  
$750
to
$1,000M
Over
$1,000
to
$2,000M
Over
$2,000
to
$2,500M
Over
$2,500
to
$5,000M
Over
$5,000M
Diversified
Income
Plus
0.550%
0.550%
0.550%
0.550%
0.550%
0.500%
0.500%
0.475%
0.475%
0.450%
0.425%
Multidimensional
Income
0.550%
0.550%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
Fund
Class
A
Class
S
Expiration
Date
Multidimensional
Income
1
N/A
0.75%
2/28/2024
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
70
The
Trust
has
entered
into
an
agreement
with
Thrivent
Financial
Investor
Services
Inc.
(“Thrivent
Investor
Services”)
to
provide transfer
agency
and
dividend
payment services
necessary
to
the
Funds
on
a
per-account
basis
for
direct-at-fund
accounts,
and
sub
transfer
agency
services
based
on
assets
under
management
for
third
party
intermediary
accounts.
These
fees
are
accrued
daily
and
paid
monthly. 
For
the year
ended
December
31,
2023,
Thrivent
Investor
Services
received
$901,177 from
the
Funds
for
transfer
agent
services
covered
in
this
shareholder
report.  
Each
Trustee
who
is
not
affiliated
with
the
Adviser
receives
an
annual
fee
from
the
Trust
for
services
as
a
Trustee
and
is
eligible
to
participate
in
a
deferred
compensation
plan
with
respect
to
fees
received
from
the
Funds.
Participants
in
the
plan
may
designate
their
deferred
Trustee’s
fees
as
if
invested
in a series
of
Thrivent
Mutual
Funds.  Thrivent
Money
Market
is
not
eligible
for
the
deferred
plan. The
value
of
each
Trustee’s
deferred
compensation
account
will
increase
or
decrease
as
if
invested
in
shares
of
the
designated series.
Their
fees
as
well
as
the
change
in
value
are
included
in
Trustee’s
fees
in
the
Statement
of
Operations.
The
deferred
fees
remain
in
the
appropriate
series
of
Thrivent
Mutual
Funds
until
distribution
in
accordance
with
the
plan.
The Payable
for
trustee
deferred
compensation,
located in
the
Statement
of
Assets
and
Liabilities,
is
unsecured.
Those
Trustees
not
participating
in
the
above
plan
received $38,625
in
fees
from
the
Funds
covered
in
this
shareholder
report
for
the
year
ended
December
31,
2023.
In
addition,
the
Trust
reimbursed
independent
Trustees
for
reasonable
expenses
incurred
in
relation
to
attendance
at Board
meetings
and
industry
conferences.
Certain
officers
and
non-independent
Trustees
of
the
Trust
are
officers
and
directors
of
Thrivent
Asset
Mgt.,
Thrivent
Distributors,
LLC,
and
Thrivent
Investor
Services;
however,
they
receive
no
compensation
from
the
Trust.
Affiliated
employees
and
board
consultants
are
reimbursed
for
reasonable
expenses
incurred
in
relation
to
board
meeting
attendance.
Acquired
Fund
Fees
and Expenses 
—
Some
Funds
invest
in
other
open-ended
funds.
Fees
and
expenses
of
those
underlying
funds
are
not
included
in
those
Funds'
expense
ratios
reported
in
the
Financial
Highlights.
The
Funds
indirectly
bear
their
proportionate
share
of
the
annualized
weighted
average
expense
ratio
of
the
underlying
funds
in
which
they
invest. This
contractual
provision
may
be
terminated
upon
the
mutual
agreement
between
the
independent
Trustees
of
the
Trust
and
the
Adviser. 
Interfund
Lending 
—
The
Funds
may
participate
in
an
interfund
lending
program
(the
"Program")
pursuant
to
an
exemptive
order
issued
by
the
SEC. 
The
Program permits
the
Funds
to borrow
cash
for
temporary
purposes
from Thrivent
Core
Short-Term
Reserve. 
Interest
is
charged
to
each
participating
Fund
based
on
its
borrowings
at
the
average
of
the
repo
rate
and
bank
loan
rate,
each
as
defined
in
the
Program. 
Each
borrowing
made
under
the
Program
matures
no
later
than
seven
calendar
days
after
the
date
of
the
borrowing,
and
each
borrowing
must
be
securitized
by
a
pledge
of
segregated
collateral
with
a
market
value
at
least
equal
to
102%
of
the
outstanding
principal
value
of
the
loan. 
For
the year
ended December
31,
2023,
none
of
the Funds borrowed
cash
through
the
Program. 
(4)
TAX
INFORMATION
Distributions
are
based
on
amounts
calculated
in
accordance
with
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
The
differences
between
book-basis
and
tax-
basis
distributable
earnings
are
primarily
attributable
to
timing
differences
in
recognizing
certain
gains
and
losses
on
investment
transactions, such
as
wash
sales, unrealized
and
realized
activity
related
to
derivatives, amortization
of
callable
bonds,
and
perpetual
debt. At
the
end
of
the
fiscal
year,
reclassifications
between
net
asset
accounts
are
made
for
differences
that
are
permanent
in
nature. 
These
permanent
differences
primarily
relate
to
the
tax
treatment
of swaps
and
sales
of
callable
bonds. 
On
the
Statement
of
Assets
and
Liabilities,
as
a
result
of
permanent
book-to-tax
differences,
reclassification
adjustments
were
made
as
follows
[Increase/(Decrease)]: 
At
December
31,
2023,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows: 
At
December
31,
2023,
the
following
Funds
had
accumulated
capital
loss
carryovers
as
follows: 
To
the
extent
that
these
Funds
realize
net
capital
gains,
taxable
distributions
will
be
reduced
by
any
unused
capital
loss
carryovers
as
permitted
by
the
Internal
Revenue
Code.
Fund
Distributable
earnings/
(accumulated
loss)
Capital
Stock
Diversified
Income
Plus
$1,699
($1,699)
Multidimensional
Income
18,954
(18,954)
Fund
Undistributed
Ordinary
Income
a
Undistributed
Long-Term
Capital
Gain
Diversified
Income
Plus
$3,775,599
$
–
a
Undistributed
Ordinary
Income
includes
income
derived
from
Short-Term
Capital
Gains,
if
any.
Fund
Capital
Loss
Carryover
Diversified
Income
Plus
$
66,974,734
Multidimensional
Income
5,651,834
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
71
The
tax
character
of
distributions
paid
during
the
years
ended December
31,
2023
and 2022
was
as
follows: 
(a)
 Ordinary
income
includes
income
derived
from
short-term
capital
gains,
if
any.
(5)
SECURITY
TRANSACTIONS 
Purchases
and
Sales
of
Investment
Securities 
—
For
the
year
ended
December
31,
2023,
the
cost
of
purchases
and
the
proceeds
from
sales
of
investment
securities,
other
than
U.S.
Government
and
short-term
securities,
were
as
follows:
Purchases
and
Sales
of
U.S.
Government
Securities
were: 
Investments
in
Restricted
Securities 
—
Certain
Funds
may
own
restricted
securities which
were
purchased
in
private
placement
transactions
without
registration
under
the
Securities
Act
of
1933.
Unless
such
securities
subsequently
become
registered,
they
generally
may
be
resold
only
in
privately
negotiated
transactions
with
a
limited
number
of
purchasers.
As
of
December
31,
2023,
the
following
Funds
held
restricted
securities: 
The
Funds
have
no
right
to
require
registration
of
unregistered
securities. 
(6)
SECURITY
TRANSACTIONS
WITH
AFFILIATED
FUNDS
The Funds
are
permitted
to
engage
in
securities
transactions
with
affiliated
funds
or
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,
2023, Diversified
Income
Plus Fund engaged
in sale
transactions
in
the
amount
of
$8,033,900
with
a loss
of
$(75,568),
pursuant
to
Rule
17a-7
of
the
1940
Act. 
These
transaction
amounts were
greater
than 0.045%
of
each fund's
net
assets.
(7)
RELATED
PARTY
TRANSACTIONS
As
of
December
31,
2023, no
related
parties held
shares
in
excess
of
5%
of
the
Funds
covered
in
this
shareholder
report.
Subscription
and
redemption
activity
by
concentrated
accounts
may
have
a
significant
effect
on
the
operation
of
these
Funds.
In
the
case
of
a
large
redemption,
these
Funds
may
be
forced
to
sell
investments
at
inopportune
times,
resulting
in
additional
losses
for
the
Funds.
(8)
SUBSEQUENT
EVENTS
The
Adviser
of
the
Funds
has
evaluated
the
impact
of
subsequent
events
through
the
date
the
financial
statements
were
issued,
and,
except
as
already
included
in
the
Notes
to
Financial
Statements,
has
determined
that
no
additional
items
require
disclosure.
(9) MARKET
RISK
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline. 
The
value
of
a
Fund's
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund's
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
market
sector, or
due
to
impacts
from
domestic
or
global
events,
including the
spread
of
infectious
illness,
public
health
threats,
war,
terrorism,
natural
disasters or
similar
events.
As
of December
31,
2023,
no
Funds
had
portfolio
concentration
greater
than
25%
in
certain
sectors.
(10)
SIGNIFICANT
RISKS
Investing
in
the
Funds
involves
risks. 
The
following
is
an
alphabetical
list
of
significant
risks
in
investing
in
the
Funds. 
The
risks
applicable
to
each
Fund
are
listed
in
the
Portfolio
Perspectives
section
above. 
Allocation
Risk
— The
Fund’s
investment
performance
depends
upon
how
its
assets
are
allocated
across
broad
asset
categories
and
applicable
sub-classes
within
such
categories.
Some
broad
Ordinary
Income
(a)
Return
of
Capital
Fund
12/31/2023
12/31/2022
12/31/2023
12/31/2022
Diversified
Income
Plus
$43,210,011
$35,798,390
$–
$–
Multidimensional
Income
2,635,099
2,876,840
62,428
129,715
In
thousands
Fund
Purchases
Sales/
Paydowns
Diversified
Income
Plus
$287,895
$433,280
Multidimensional
Income
9,660
23,527
In
thousands
Fund
Purchases
Sales/
Paydowns
Diversified
Income
Plus
$519,219
$498,118
Multidimensional
Income
41,274
36,351
Fund
Number
of
Securities
Percent
of
Fund's
Net
Assets
Diversified
Income
Plus
2
0.04%
Multidimensional
Income
2
0.08%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
72
asset
categories
and
sub-classes
may
perform
below
expectations
or
the
securities
markets
generally
over
short
and
extended
periods.
Therefore,
a
principal
risk
of
investing
in
the
Fund
is
that
the
allocation
strategies
used
and
the
allocation
decisions
made
will
not
produce
the
desired
results.
Closed-End
Fund
(“CEF”)
Risk
—
Investments
in
CEFs
are
subject
to
various
risks,
including
reliance
on
management’s
ability
to
meet
a
CEF’s
investment
objective
and
to
manage
a
CEF’s
portfolio;
fluctuation
in
the
market
value
of
a
CEF’s
shares
compared
to
the
changes
in
the
value
of
the
underlying
securities
that
the
CEF
owns
(i.e.,
trading
at
a
discount
or
premium
to
its
net
asset
value);
and
that
CEFs
are
permitted
to
invest
in
a
greater
amount
of
“illiquid”
securities
than
typical
mutual
funds.
The
Fund
is
subject
to
a
pro-rata
share
of
the
management
fees
and
expenses
of
each
CEF
in
addition
to
the
Fund’s
management
fees
and
expenses,
resulting
in
Fund
shareholders
subject
to
higher
expenses
than
if
they
invested
directly
in
CEFs.
Conflicts
of
Interest
Risk
—
An
investment
in
the
Fund
is
subject
to
a
number
of
actual
or
potential
conflicts
of
interest.
For
example,
the
Adviser
or
its
affiliates
may
provide
services
to
the
Fund
for
which
the
Fund
would
compensate
the
Adviser
and/or
such
affiliates.
The
Fund
may
invest
in
other
pooled
investment
vehicles
sponsored,
managed,
or
otherwise
affiliated
with
the
Adviser,
including
other
Funds.
The
Adviser
may
have
an
incentive
(financial
or
otherwise)
to
enter
into
transactions
or
arrangements
on
behalf
of
the
Fund
with
itself
or
its
affiliates
in
circumstances
where
it
might
not
have
done
so
otherwise.
The
Adviser
or
its
affiliates
manage
other
investment
funds
and/
or
accounts
(including
proprietary
accounts)
and
have
other
clients
with
investment
objectives
and
strategies
that
are
similar
to,
or
overlap
with,
the
investment
objective
and
strategy
of
the
Fund,
creating
conflicts
of
interest
in
investment
and
allocation
decisions
regarding
the
allocation
of
investments
that
could
be
appropriate
for
the
Fund
and
other
clients
of
the
Adviser
or
their
affiliates.
Convertible
Securities
Risk
— Convertible
securities
are
subject
to
the
usual
risks
associated
with
debt
securities,
such
as
interest
rate
risk
and
credit
risk.
Convertible
securities
also
react
to
changes
in
the
value
of
the
common
stock
into
which
they
convert,
and
are
thus
subject
to
market
risk.
The
Fund
may
also
be
forced
to
convert
a
convertible
security
at
an
inopportune
time,
which
may
decrease
the
Fund’s
return.
Credit
Risk
—
Credit
risk
is
the
risk
that
an
issuer
of
a
debt
security
to
which
the
Fund
is
exposed
may
no
longer
be
able
or
willing
to
pay
its
debt.
As
a
result
of
such
an
event,
the
debt
security
may
decline
in
price
and
affect
the
value
of
the
Fund.
Cybersecurity
Risk
—
The
Funds
and
their
service
providers
may
be
susceptible
to
operational,
information
security,
privacy,
fraud,
business
disruption,
and
related
risks.
In
general,
cyber
incidents
can
result
from
deliberate
attacks
or
unintentional
events.
Cyber-attacks
include,
but
are
not
limited
to,
gaining
unauthorized
access
to
digital
systems
to
misappropriate
assets
or
sensitive
information,
corrupt
data,
or
otherwise
disrupt
operations.
Cyber
incidents
affecting
the
Adviser,  or
other
service
providers
(including,
but
not
limited
to,
fund
accountants,
custodians,
transfer
agents,
and
financial
intermediaries)
have
the
ability
to
disrupt
and
impact
business
operations,
potentially
resulting
in
financial
losses,
by
interfering
with
the
Funds’
ability
to
calculate
their
NAV,
corrupting
data
or
preventing
parties
from
sharing
information
necessary
for
the
Funds’
operation,
preventing
or
slowing
trades,
stopping
shareholders
from
making
transactions,
potentially
subjecting
the
Funds
or
the
Adviser
to
regulatory
fines
and
penalties,
and
creating
additional
compliance
costs.
Similar
types
of
cybersecurity
risks
are
also
present
for
issuers
or
securities
in
which
the
Funds
may
invest,
which
could
result
in
material
adverse
consequences
for
such
issuers
and
may
cause
the
Funds’
investments
in
such
companies
to
lose
value.
While
the
Funds’
service
providers
have
established
business
continuity
plans
in
the
event
of
such
cyber
incidents,
there
are
inherent
limitations
in
such
plans
and
systems.
Additionally,
the
Funds
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
their
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Funds
or
their
shareholders.
Although
each
Fund
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
operational
risks
that
may
affect
a
Fund
or
to
develop
processes
and
controls
that
completely
eliminate
or
mitigate
the
occurrence
of
such
failures
or
other
disruptions
in
service.
The
value
of
an
investment
in
a
Fund’s
shares
may
be
adversely
affected
by
the
occurrence
of
the
operational
errors
or
failures
or
technological
issues
or
other
similar
events
and
a
Fund
and
its
shareholders
may
bear
costs
tied
to
these
risks.
Derivatives
Risk
—
The
use
of
derivatives
(such
as
futures,
options,
credit
default
swaps,
and
total
return
swaps)
involves
additional
risks
and
transaction
costs
which
could
leave
a
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
Changes
in
the
value
of
the
derivative
may
not
correlate
as
intended
with
the
underlying
asset,
rate
or
index,
and
a
Fund
could
lose
much
more
than
the
original
amount
invested.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
Derivatives
are
also
subject
to
the
risk
that
the
other
party
in
the
transaction
will
not
fulfill
its
contractual
obligations.
Some
derivatives
may
give
rise
to
a
form
of
economic
leverage
and
may
expose
the
Fund
to
greater
risk
and
increase
its
costs.
Such
leverage
may
cause
the
Fund
to
liquidate
portfolio
positions
when
it
may
not
be
advantageous
to
do
so
to
satisfy
its
obligations.
Increases
and
decreases
in
the
value
of
the
Fund’s
portfolio
will
be
magnified
when
the
Fund
uses
leverage.
Futures
contracts,
options
on
futures
contracts,
forward
contracts,
and
options
on
derivatives
can
allow
the
Fund
to
obtain
large
investment
exposures
in
return
for
meeting
relatively
small
margin
requirements.
As
a
result,
investments
in
those
transactions
may
be
highly
leveraged.
The
success
of
a
Fund’s
derivatives
strategies
will
depend
on
the
Adviser’s
ability
to
assess
and
predict
the
impact
of
market
or
economic
developments
on
the
underlying
asset,
index
or
rate
and
the
derivative
itself,
without
the
benefit
of
observing
the
performance
of
the
derivative
under
all
possible
market
conditions.
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
73
Swap
agreements
may
involve
fees,
commissions
or
other
costs
that
may
reduce
a
Fund’s
gains
from
a
swap
agreement
or
may
cause
a
Fund
to
lose
money.
Futures
contracts
are
subject
to
the
risk
that
an
exchange
may
impose
price
fluctuation
limits,
which
may
make
it
difficult
or
impossible
for
a
Fund
to
close
out
a
position
when
desired.
Emerging
Markets
Risk
—
The
risks
and
volatility
of
investing
in
foreign
securities
is
increased
in
connection
with
investments
in
emerging
markets.
The
economic,
political
and
market
structures
of
developing
countries
in
emerging
markets,
in
most
cases,
are
not
as
strong
as
the
structures
in
the
U.S.
or
other
developed
countries
in
terms
of
wealth,
stability,
liquidity
and
transparency.
A
Fund
may
not
achieve
its
investment
objective
and
portfolio
performance
will
likely
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in,
or
with
revenue
exposures
to,
countries
in
the
midst
of,
among
other
things,
hyperinflation,
currency
devaluation,
trade
disagreements,
sudden
political
upheaval
or
interventionist
government
policies,
and
the
risks
of
such
events
are
heightened
within
emerging
market
countries.
Fund
performance
may
also
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in,
or
with
revenue
exposures
to,
countries
with
less
developed
or
unreliable
legal,
tax,
regulatory,
accounting,
recordkeeping
and
corporate
governance
systems
and
standards.
In
particular,
there
may
be
less
publicly
available
and
transparent
information
about
issuers
in
emerging
markets
than
would
be
available
about
issuers
in
more
developed
capital
markets
because
such
issuers
may
not
be
subject
to
accounting,
auditing
and
financial
reporting
standards
and
requirements
comparable
to
those
to
which
U.S.
companies
are
subject.
Emerging
markets
may
also
have
differing
legal
systems,
many
of
which
provide
fewer
security
holder
rights
and
practical
remedies
to
pursue
claims
than
are
available
for
securities
of
companies
in
the
U.S.
or
other
developed
countries,
including
class
actions
or
fraud
claims.
Significant
buying
or
selling
actions
by
a
few
major
investors
may
also
heighten
the
volatility
of
emerging
market
securities.  
Equity
Security
Risk
—
Equity
securities
held
by
the
Fund
may
decline
significantly
in
price,
sometimes
rapidly
or
unpredictably,
over
short
or
extended
periods
of
time,
and
such
declines
may
occur
because
of
declines
in
the
equity
market
as
a
whole,
or
because
of
declines
in
only
a
particular
country,
geographic
region,
company,
industry,
or
sector
of
the
market.
From
time
to
time,
the
Fund
may
invest
a
significant
portion
of
its
assets
in
companies
in
one
particular
country
or
geographic
region
or
one
or
more
related
sectors
or
industries,
which
would
make
the
Fund
more
vulnerable
to
adverse
developments
affecting
such
countries,
geographic
regions,
sectors
or
industries.
Equity
securities
are
generally
more
volatile
than
most
debt
securities.  
ETF Risk 
—
An
ETF
is
subject
to
the
risks
of
the
underlying
investments
that
it
holds.
In
addition,
for
index-based
ETFs,
the
performance
of
an
ETF
may
diverge
from
the
performance
of
such
index
(commonly
known
as
tracking
error).
ETFs
are
subject
to
fees
and
expenses
(like
management
fees
and
operating
expenses)
that
do
not
apply
to
an
index,
and
the
Fund
will
indirectly
bear
its
proportionate
share
of
any
such
fees
and
expenses
paid
by
the
ETFs
in
which
it
invests.
Because
ETFs
trade
on
an
exchange,
there
is
a
risk
that
an
ETF
will
trade
at
a
discount
to
net
asset
value
or
that
investors
will
fail
to
bring
the
trading
price
in
line
with
the
underlying
shares
(known
as
the
arbitrage
mechanism).
There
is
the
possibility
that
an
ETF
may
experience
a
lack
of
liquidity
that
can
result
in
greater
volatility
than
its
underlying
securities.
Foreign
Currency
Risk
—
The
value
of
a
foreign
currency
may
decline
against
the
U.S.
dollar,
which
would
reduce
the
dollar
value
of
securities
denominated
in
that
currency.
The
overall
impact
of
such
a
decline
of
foreign
currency
can
be
significant,
unpredictable,
and
long
lasting,
depending
on
the
currencies
represented,
how
each
one
appreciates
or
depreciates
in
relation
to
the
U.S.
dollar,
and
whether
currency
positions
are
hedged.
Under
normal
conditions,
the
Fund
does
not
engage
in
extensive
foreign
currency
hedging
programs.
Further,
exchange
rate
movements
are
volatile,
and
it
is
not
possible
to
effectively
hedge
the
currency
risks
of
many
developing
countries.
Foreign
Securities
Risk
—
Foreign
securities
generally
carry
more
risk
and
are
more
volatile
than
their
domestic
counterparts,
in
part
because
of
potential
for
higher
political
and
economic
risks,
lack
of
reliable
information
and
fluctuations
in
currency
exchange
rates
where
investments
are
denominated
in
currencies
other
than
the
U.S.
dollar.
Certain
events
in
foreign
markets
may
adversely
affect
foreign
and
domestic
issuers,
including
interruptions
in
the
global
supply
chain,
market
closures,
war,
terrorism,
natural
disasters
and
outbreak
of
infectious
diseases.
The
Fund’s
investment
in
any
country
could
be
subject
to
governmental
actions
such
as
capital
or
currency
controls,
nationalizing
a
company
or
industry,
expropriating
assets,
or
imposing
punitive
taxes
that
would
have
an
adverse
effect
on
security
prices,
and
impair
the
Fund’s
ability
to
repatriate
capital
or
income.
Foreign
securities
may
also
be
more
difficult
to
resell
than
comparable
U.S.
securities
because
the
markets
for
foreign
securities
are
often
less
liquid.
Even
when
a
foreign
security
increases
in
price
in
its
local
currency,
the
appreciation
may
be
diluted
by
adverse
changes
in
exchange
rates
when
the
security’s
value
is
converted
to
U.S.
dollars.
Foreign
withholding
taxes
also
may
apply
and
errors
and
delays
may
occur
in
the
settlement
process
for
foreign
securities.  
Government
Securities
Risk
—
The
Fund
invests
in
securities
issued
or
guaranteed
by
the
U.S.
government
or
its
agencies
and
instrumentalities
(such
as
Federal
Home
Loan
Bank,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
securities).
Securities
issued
or
guaranteed
by
Federal
Home
Loan
Banks,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
are
not
issued
directly
by
the
U.S.
government.
Ginnie
Mae
is
a
wholly
owned
U.S.
corporation
that
is
authorized
to
guarantee,
with
the
full
faith
and
credit
of
the
U.S.
government,
the
timely
payment
of
principal
and
interest
of
its
securities.
By
contrast,
securities
issued
or
guaranteed
by
U.S.
government-
related
organizations
such
as
Federal
Home
Loan
Banks,
Fannie
Mae
and
Freddie
Mac
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
government.
No
assurance
can
be
given
that
the
U.S.
government
would
provide
financial
support
to
its
agencies
and
instrumentalities
if
not
required
to
do
so
by
law.
In
addition,
the
value
of
U.S.
government
securities
may
be
affected
by
changes
in
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
74
the
credit
rating
of
the
U.S.
government,
which
may
be
negatively
impacted
by
rising
levels
of
indebtedness.
It
is
possible
that
issuers
of
U.S.
government
securities
will
not
have
the
funds
to
meet
their
payment
obligations
in
the
future.
High
Yield
Risk
—
High
yield
securities
–
commonly
known
as
“junk
bonds”
–
to
which
the
Fund
is
exposed
are
considered
predominantly
speculative
with
respect
to
the
issuer’s
continuing
ability
to
make
principal
and
interest
payments.
If
the
issuer
of
the
security
is
in
default
with
respect
to
interest
or
principal
payments,
the
value
of
the
Fund
may
be
negatively
affected.
High
yield
securities
generally
have
a
less
liquid
resale
market.
Interest
Rate
Risk
—
Interest
rate
risk
is
the
risk
that
prices
of
debt
securities
decline
in
value
when
interest
rates
rise
for
debt
securities
that
pay
a
fixed
rate
of
interest.
Debt
securities
with
longer
durations
(a
measure
of
price
sensitivity
of
a
bond
or
bond
fund
to
changes
in
interest
rates)
or
maturities
(i.e.,
the
amount
of
time
until
a
bond’s
issuer
must
pay
its
principal
or
face
value)
tend
to
be
more
sensitive
to
changes
in
interest
rates
than
debt
securities
with
shorter
durations
or
maturities.
Changes
in
general
economic
conditions,
inflation,
and
monetary
policies,
such
as
certain
types
of
interest
rate
changes
by
the
Federal
Reserve,
could
affect
interest
rates
and
the
value
of
some
securities.
During
periods
of
low
interest
rates
or
when
inflation
rates
are
high
or
rising,
the
Fund
may
be
subject
to
a
greater
risk
of
rising
interest
rates.
Investment
Adviser
Risk
—
The
Fund
is
actively
managed
and
the
success
of
its
investment
strategy
depends
significantly
on
the
skills
of
the
Adviser
in
assessing
the
potential
of
the
investments
in
which
the
Fund
invests.
The
assessment
of
potential
Fund
investments
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
There
is
also
no
guarantee
that
the
Adviser
will
be
able
to
effectively
implement
the
Fund’s
investment
objective.  
Issuer
Risk
—
Issuer
risk
is
the
possibility
that
factors
specific
to
an
issuer
to
which
the
Fund
is
exposed
will
affect
the
market
prices
of
the
issuer’s
securities
and
therefore
the
value
of
the
Fund.  
Large
Cap
Risk
—
Large-sized
companies
may
be
unable
to
respond
quickly
to
new
competitive
challenges
such
as
changes
in
technology.
They
may
also
not
be
able
to
attain
the
high
growth
rate
of
successful
smaller
companies,
especially
during
extended
periods
of
economic
expansion.
Large
Shareholder
Risk
—
From
time
to
time,
shareholders
of
a
Fund
(which
may
include
institutional
investors,
financial
intermediaries,
or
affiliated
Funds)
may
make
relatively
large
redemptions
or
purchases
of
shares.
These
transactions
may
cause
a
Fund
to
sell
securities
at
disadvantageous
prices
or
invest
additional
cash,
as
the
case
may
be.
While
it
is
impossible
to
predict
the
overall
impact
of
these
transactions
over
time,
there
could
be
adverse
effects
on
a
Fund’s
performance
to
the
extent
that
a
Fund
may
be
required
to
sell
securities
or
invest
cash
at
times
when
it
would
not
otherwise
do
so.
Redemptions
of
a
large
number
of
shares
also
may
increase
transaction
costs
or
have
adverse
tax
consequences
for
shareholders
of
the
Fund
by
requiring
a
sale
of
portfolio
securities.
In
addition,
a
large
redemption
could
result
in
a
Fund's
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund's
expense
ratio.
Leveraged
Loan
Risk
—
Leveraged
loans
(also
known
as
bank
loans)
are
subject
to
the
risks
typically
associated
with
debt
securities.
In
addition,
leveraged
loans,
which
typically
hold
a
senior
position
in
the
capital
structure
of
a
borrower,
are
subject
to
the
risk
that
a
court
could
subordinate
such
loans
to
presently
existing
or
future
indebtedness
or
take
other
action
detrimental
to
the
holders
of
leveraged
loans.
Leveraged
loans
are
also
subject
to
the
risk
that
the
value
of
the
collateral,
if
any,
securing
a
loan
may
decline,
be
insufficient
to
meet
the
obligations
of
the
borrower,
or
be
difficult
to
liquidate.
Some
leveraged
loans
are
not
as
easily
purchased
or
sold
as
publicly-traded
securities
and
others
are
illiquid,
which
may
make
it
more
difficult
for
the
Fund
to
value
them
or
dispose
of
them
at
an
acceptable
price.
Below
investment-grade
leveraged
loans
are
typically
more
credit
sensitive.
Also,
over
time,
the
customary
form
of
new
and/or
restructured
leveraged
loans
have
become
known
as
“covenant
lite”
loans,
which
have
contractual
provisions
that
are
more
favorable
to
borrowers
and
provide
less
protection
for
lenders
such
as
the
Fund.
As
a
result,
the
Fund
could
experience
relatively
greater
difficulty
or
delays
in
enforcing
its
rights
on
its
holdings
of
covenant
lite
loans
than
its
holdings
of
loans
with
financial
maintenance
covenants,
which
may
result
in
losses.
In
the
event
of
fraud
or
misrepresentation,
the
Fund
may
not
be
protected
under
federal
securities
laws
with
respect
to
leveraged
loans
that
may
not
be
in
the
form
of
“securities.”
The
settlement
period
for
some
leveraged
loans
may
be
more
than
seven
days.
Liquidity
Risk
—
Liquidity
is
the
ability
to
sell
a
security
relatively
quickly
for
a
price
that
most
closely
reflects
the
actual
value
of
the
security.
To
the
extent
that
dealers
do
not
maintain
inventories
of
bonds
that
keep
pace
with
the
growth
of
the
bond
markets
over
time,
relatively
low
levels
of
dealer
inventories
could
lead
to
decreased
liquidity
and
increased
volatility
in
the
fixed
income
markets,
particularly
during
periods
of
economic
or
market
stress.
As
a
result
of
this
decreased
liquidity,
the
Fund
may
have
to
accept
a
lower
price
to
sell
a
security,
sell
other
securities
to
raise
cash,
or
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
Market Risk
—
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline.
The
value
of
the
Fund’s
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund’s
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
market
sector,
or
due
to
impacts
from
domestic
or
global
events,
including
regulatory
events,
economic
downturn,
government
shutdowns,
the
spread
of
infectious
illness
such
as
the
outbreak
of
COVID-19,
public
health
crises,
war,
terrorism,
social
unrest,
recessions,
natural
disasters
or
similar
events.  
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
75
Mortgage-Backed
and
Other
Asset-Backed
Securities
Risk
—
The
value
of
mortgage-backed
and
asset-backed
securities
will
be
influenced
by
the
factors
affecting
the
housing
market
and
the
assets
underlying
such
securities.
As
a
result,
during
periods
of
declining
asset
value,
difficult
or
frozen
credit
markets,
swings
in
interest
rates,
or
deteriorating
economic
conditions,
mortgage-
related
and
asset-backed
securities
may
decline
in
value,
face
valuation
difficulties,
become
more
volatile
and/or
become
illiquid.
In
addition,
both
mortgage-backed
and
asset-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
security.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
or
slower
than
the
holder
of
the
asset-backed
or
mortgage-
backed
security
anticipates,
the
price
of
the
security
may
fall,
particularly
if
the
holder
must
reinvest
the
repaid
principal
at
lower
rates
or
must
continue
to
hold
the
security
when
interest
rates
rise.
This
effect
may
cause
the
value
of
the
Fund
to
decline
and
reduce
the
overall
return
of
the
Fund.
Mortgage-backed
securities
are
also
subject
to
extension
risk,
which
is
the
risk
that
when
interest
rates
rise,
certain
mortgage-backed
securities
will
be
paid
in
full
by
the
issuer
more
slowly
than
anticipated.
This
can
cause
the
market
value
of
the
security
to
fall
because
the
market
may
view
its
interest
rate
as
low
for
a
longer-term
investment.
Other
Funds
Risk
—
Because
the
Fund
invests
in
other
funds,
the
performance
of
the
Fund
is
dependent,
in
part,
upon
the
performance
of
other
funds
in
which
the
Fund
may
invest.
As
a
result,
the
Fund
is
subject
to
the
same
risks
as
those
faced
by
the
other
funds.
In
addition,
other
funds
may
be
subject
to
additional
fees
and
expenses
that
will
be
borne
by
the
Fund.  
Portfolio
Turnover
Rate
Risk
—
The
Fund
may
engage
in
active
and
frequent
trading
of
portfolio
securities
in
implementing
its
principal
investment
strategies.
A
high
rate
of
portfolio
turnover
(100%
or
more)
involves
correspondingly
greater
expenses
which
are
borne
by
the
Fund
and
its
shareholders
and
may
also
result
in
short-term
capital
gains
taxable
to
shareholders.  
Preferred
Securities
Risk
—
There
are
certain
additional
risks
associated
with
investing
in
preferred
securities,
including,
but
not
limited
to,
preferred
securities
may
include
provisions
that
permit
the
issuer,
at
its
discretion,
to
defer
or
omit
distributions
for
a
stated
period
without
any
adverse
consequences
to
the
issuer;
preferred
securities
are
generally
subordinated
to
bonds
and
other
debt
instruments
in
a
company’s
capital
structure
in
terms
of
having
priority
to
corporate
income
and
liquidation
payments,
and
therefore
will
be
subject
to
greater
credit
risk
than
more
senior
debt
instruments;
preferred
securities
may
be
substantially
less
liquid
than
many
other
securities,
such
as
common
stocks
or
U.S.
Government
securities;
generally,
traditional
preferred
securities
offer
no
voting
rights
with
respect
to
the
issuing
company
unless
preferred
dividends
have
been
in
arrears
for
a
specified
number
of
periods,
at
which
time
the
preferred
security
holders
may
elect
a
number
of
directors
to
the
issuer’s
board;
and
in
certain
varying
circumstances,
an
issuer
of
preferred
securities
may
redeem
the
securities
prior
to
a
specified
date.
Prepayment
Risk
—
When
interest
rates
fall,
certain
obligations
will
be
paid
off
by
the
obligor
more
quickly
than
originally
anticipated,
and
a
Fund
may
have
to
invest
the
proceeds
in
securities
with
lower
yields.
In
periods
of
falling
interest
rates,
the
rate
of
prepayments
tends
to
increase
(as
does
price
fluctuation)
as
borrowers
are
motivated
to
pay
off
debt
and
refinance
at
new
lower
rates.
During
such
periods,
reinvestment
of
the
prepayment
proceeds
by
the
management
team
will
generally
be
at
lower
rates
of
return
than
the
return
on
the
assets
that
were
prepaid.
Prepayment
generally
reduces
the
yield
to
maturity
and
the
average
life
of
the
security.
Quantitative
Investing
Risk
—
Securities
selected
according
to
a
quantitative
analysis
methodology
can
perform
differently
from
the
market
as
a
whole
based
on
the
model
and
the
factors
used
in
the
analysis,
the
weight
placed
on
each
factor
and
changes
in
the
factor’s
historical
trends.
Such
models
are
based
on
assumptions
relating
to
these
and
other
market
factors,
and
the
models
may
not
take
into
account
certain
factors,
or
perform
as
intended,
and
may
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Among
other
risks,
results
generated
by
such
models
may
be
impaired
by
errors
in
human
judgment,
data
imprecision,
software
or
other
technology
systems
malfunctions,
or
programming
flaws.
Such
models
may
not
perform
as
expected
or
may
underperform
in
periods
of
market
volatility.  
Real
Estate
Investment
Trust
(“REIT”)
Risk
—
REITs
generally
can
be
divided
into
three
types:
equity
REITs,
mortgage
REITs
and
hybrid
REITs
(which
combine
the
characteristics
of
equity
REITs
and
mortgage
REITs).
Equity
REITs
will
be
affected
by
changes
in
the
values
of,
and
income
from,
the
properties
they
own,
while
mortgage
REITs
may
be
affected
by
the
credit
quality
of
the
mortgage
loans
they
hold.
All
REIT
types
may
be
affected
by
changes
in
interest
rates.
The
effect
of
rising
interest
rates
is
generally
more
pronounced
for
high
dividend
paying
stock
than
for
stocks
that
pay
little
or
no
dividends.
This
may
cause
the
value
of
real
estate
securities
to
decline
during
periods
of
rising
interest
rates,
which
would
reduce
the
overall
return
of
the
Fund.
REITs
are
subject
to
additional
risks,
including
the
fact
that
they
are
dependent
on
specialized
management
skills
that
may
affect
the
REITs’
abilities
to
generate
cash
flows
for
operating
purposes
and
for
making
investor
distributions.
REITs
may
have
limited
diversification
and
are
subject
to
the
risks
associated
with
obtaining
financing
for
real
property.
As
with
any
investment,
there
is
a
risk
that
REIT
securities
and
other
real
estate
industry
investments
may
be
overvalued
at
the
time
of
purchase.
In
addition,
a
REIT
can
pass
its
income
through
to
its
investors
without
any
tax
at
the
entity
level
if
it
complies
with
various
requirements
under
the
Internal
Revenue
Code.
There
is
the
risk,
however,
that
a
REIT
held
by
the
Fund
will
fail
to
qualify
for
this
tax-free
pass-through
treatment
of
its
income.
By
investing
in
REITs
indirectly
through
the
Fund,
in
addition
to
bearing
a
proportionate
share
of
the
expenses
of
the
Fund,
you
will
also
indirectly
bear
similar
expenses
of
the
REITs
in
which
the
Fund
invests.
Regulatory
Risk
—
Legal,
tax,
and
regulatory
developments
may
adversely
affect
the
Funds.
Securities
and
futures
markets
are
subject
to
comprehensive
statutes,
regulations,
and
margin
requirements
enforced
by
the
SEC,
other
regulators
and
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
December
31,
2023
76
self-regulatory
organizations,
and
exchanges,
which
are
authorized
to
take
extraordinary
actions
in
the
event
of
market
emergencies.
The
regulatory
environment
for
the
Funds
is
evolving,
and
changes
in
the
regulation
of
investment
funds,
managers,
and
their
trading
activities
and
capital
markets,
or
a
regulator’s
disagreement
with
the
Funds’
interpretation
of
the
application
of
certain
regulations,
may
adversely
affect
the
ability
of
a
Fund
to
pursue
its
investment
strategy,
its
ability
to
obtain
leverage
and
financing,
and
the
value
of
investments
held
by
the
Fund.
Sovereign
Debt
Risk
—
Sovereign
debt
securities
are
issued
or
guaranteed
by
foreign
governmental
entities.
These
investments
are
subject
to
the
risk
that
a
governmental
entity
may
delay
or
refuse
to
pay
interest
or
repay
principal
on
its
sovereign
debt,
due,
for
example,
to
cash
flow
problems,
insufficient
foreign
currency
reserves,
political
considerations,
the
relative
size
of
the
governmental
entity’s
debt
position
in
relation
to
the
economy
or
the
failure
to
put
in
place
economic
reforms
required
by
the
International
Monetary
Fund
or
other
multilateral
agencies.
If
a
governmental
entity
defaults,
it
may
ask
for
more
time
in
which
to
pay
or
for
further
loans.
There
is
no
legal
process
for
collecting
sovereign
debts
that
a
government
does
not
pay
nor
are
there
bankruptcy
proceedings
through
which
all
or
part
of
the
sovereign
debt
that
a
governmental
entity
has
not
repaid
may
be
collected.
Thrivent
Mutual
Funds
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
78
Per
Share
Outstanding
Throughout
Each
Period
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
text
Net
Realized
Gain
on
Investments
Diversified
Income
Plus
Fund
Class
S
Shares
Year
Ended
12/31/2023
$
6.45
$
0.27
$
0.36
$
0.63
$
(0.28)
$
–
Year
Ended
12/31/2022
7.62
0.21
(1.16)
(0.95)
(0.22)
–
Year
Ended
12/31/2021
7.63
0.18
0.32
0.50
(0.18)
(0.33)
Year
Ended
12/31/2020
7.34
0.20
0.30
0.50
(0.21)
–
Year
Ended
12/31/2019
6.73
0.23
0.66
0.89
(0.24)
(0.04)
Class
A
Shares
Year
Ended
12/31/2023
6.53
0.27
0.35
0.62
(0.27)
–
Year
Ended
12/31/2022
7.70
0.20
(1.17)
(0.97)
(0.20)
–
Year
Ended
12/31/2021
7.71
0.16
0.32
0.48
(0.16)
(0.33)
Year
Ended
12/31/2020
7.42
0.19
0.29
0.48
(0.19)
–
Year
Ended
12/31/2019
6.80
0.21
0.67
0.88
(0.22)
(0.04)
Multidimensional
Income
Fund
Class
S
Shares
Year
Ended
12/31/2023
8.46
0.39
0.31
0.70
(0.40)
–
Year
Ended
12/31/2022
10.24
0.37
(1.74)
(1.37)
(0.39)
–
Year
Ended
12/31/2021
10.17
0.36
0.21
0.57
(0.36)
(0.13)
Year
Ended
12/31/2020
10.06
0.43
0.11
0.54
(0.41)
–
Year
Ended
12/31/2019
9.13
0.38
0.99
1.37
(0.40)
–
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
fund
shares.
(b)
Total
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.  Not
annualized
for
periods
less
than
one
year.
(c)
Portfolio
turnover
rate
may
include
mortgage
dollar
roll
purchase
and
sale
transactions
which
may
increase
portfolio
turnover
rates.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.  
*
**
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
79
Ratios/Supplemental
Data
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/
(Loss)
Expenses
Net
Investment
Income/
(Loss)
*
Portfolio
Turnover
Rate
(c)
$
–
$
(0.28)
$
6.80
10.05%
$
549.2
0.68%
4.15%
0.68%
4.15%
80%
–
(0.22)
6.45
(12.55)%
571.1
0.69%
3.07%
0.69%
3.07%
278%
–
(0.51)
7.62
6.55%
679.1
0.68%
2.28%
0.68%
2.28%
268%
–
(0.21)
7.63
7.01%
504.0
0.71%
2.83%
0.71%
2.83%
156%
–
(0.28)
7.34
13.39%
464.2
0.71%
3.18%
0.71%
3.18%
153%
–
(0.27)
6.88
9.65%
470.4
0.93%
3.90%
0.93%
3.90%
80%
–
(0.20)
6.53
(12.64)%
495.4
0.94%
2.82%
0.94%
2.82%
278%
–
(0.49)
7.70
6.22%
623.5
0.93%
2.01%
0.93%
2.01%
268%
–
(0.19)
7.71
6.67%
609.6
0.95%
2.58%
0.95%
2.58%
156%
–
(0.26)
7.42
13.12%
620.6
0.96%
2.96%
0.96%
2.96%
153%
(0.01)
(0.41)
8.75
8.51%
52.8
0.74%
4.56%
1.08%
4.22%
94%
(0.02)
(0.41)
8.46
(13.49)%
59.8
0.73%
4.16%
1.01%
3.89%
59%
(0.01)
(0.50)
10.24
5.72%
70.2
0.85%
3.38%
1.09%
3.14%
44%
(0.02)
(0.43)
10.17
5.74%
37.5
0.85%
4.14%
1.36%
3.63%
61%
(0.04)
(0.44)
10.06
15.18%
20.6
1.00%
3.89%
1.60%
3.29%
113%
80
Additional
Information
(unaudited)
(1)
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
2024.
The
Funds
designate
the
percentage
of
dividends
declared
from
net
investment
income
as
(1)
for
corporations,
dividends
qualifying
for
the
70%
dividends
received,
and
(2)
for
individuals,
as
qualified
dividend
income
under
the
Jobs
and
Growth
Tax
Relief
Reconciliation
Act
of
2003
as
follows:
(2)
Proxy
Voting
The
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
are
attached
to
the
Trust’s
Statement
of
Additional
Information.
You
may
request
a
free
copy
of
the
Statement
of
Additional
Information
by
calling
800-847-
4836,
or
visit
thriventmutualfunds.com/prospectus
to
access
it
online.
In
addition,
you
may
review
a
report
of
how
the
Trust
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
by
visiting
thriventmutualfunds.com
/prospectus
or
SEC.gov
where
it
is
filed
on
Form
N-PX.
(3)
Quarterly
Schedule
of
Portfolio
Holdings
The
Trust
files
its
Schedule
of
Investments
on
Form
N-PORT
with
the
SEC.
Part
F
of
each
Fund’s
N-PORT
filing
for
the
first
and
third
fiscal
quarters
will
include
the
complete
schedule
of
investments.
Trust’s
most
recent
Schedule
of
Investments
can
be
found
at
SEC.gov.
(4)
Board
Approval
of
Advisory
Agreement
Section
15(c)
of
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
a
fund’s
investment
advisory
agreement
be
approved
initially
by
the
fund’s
board
of
trustees.
Section
15(c)
also
requires
that
the
continuation
of
the
agreement,
after
an
initial
term
of
up
to
two
years,
be
annually
reviewed
and
approved
by
the
board.
Any
such
agreement
must
be
approved
by
a
vote
of
a
majority
of
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
(as
defined
in
the
1940
Act)
of
a
party
to
the
agreement
at
a
meeting
of
the
board
called
for
the
purpose
of
voting
on
such
approval.
At
its
meeting
on
November
14-15,
2023
(the
“Meeting”),
the
Board
of
Trustees
(the
“Board”)
of
the
Thrivent
Mutual
Funds
(the
“Trust”),
including
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
as
defined
in
the
1940
Act
(the
“Independent
Trustees”),
considered
and
voted
unanimously
to
renew
the
existing
advisory
agreement
(the
“Advisory
Agreement”),
as
amended,
between
the
Trust
and
Thrivent
Asset
Management,
LLC
(the
“Adviser”)
for
each
series
of
the
Trust
(each,
a
“Fund”).
In
connection
with
its
evaluation
of
the
agreement
with
the
Adviser,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose
and
considered
a
variety
of
factors,
including
the
following:
1.
The
nature,
extent,
and
quality
of
the
services
provided
by
the
Adviser;
2.
The
performance
of
each
Fund;
3.
The
advisory
fee
and
net
operating
expense
ratio
of
each
Fund
compared
to
a
peer
group;
4.
The
cost
of
services
provided
and
profit
realized
by
the
Adviser;
5.
The
extent
to
which
economies
of
scale
may
be
realized
as
the
Funds
grow;
6.
Whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
the
Funds’
shareholders;
Fund
Dividends
Received
Deduction
for
Corporations
Qualified
Dividend
Income
for
Individuals
Diversified
Income
Plus
8%
9%
Multidimensional
Income
13%
14%
81
Additional
Information
(unaudited)
7.
Other
benefits
realized
by
the
Adviser
and
its
affiliates
from
their
relationship
with
the
Trust;
and
8.
Any
other
factors
that
the
Board
deemed
relevant
to
its
consideration.
The
Contracts
Committee
of
the
Board
(consisting
of
all
of
the
Independent
Trustees)
met
on
five
occasions
from
May
16
to
November
14,
2023
to
consider
information
relevant
to
the
annual
contract
renewal
process
furnished
by
the
Adviser
in
advance
of
the
meetings.
The
Board
had
the
opportunity
to
ask
questions
and
request
further
information
in
connection
with
its
consideration.
The
Independent
Trustees
also
retained
the
services
of
Management
Practice
Inc.
(“MPI”)
as
an
independent
consultant
to
assist
in
the
compilation,
organization,
and
evaluation
of
relevant
information.
This
information
included
Fund-by-Fund
statistical
comparisons
of
the
advisory
fees,
other
fees,
net
operating
expenses
and
performance
of
each
of
the
Funds
in
comparison
to
peer
groups
of
comparable
funds;
performance
volatility
based
on
standard
deviation;
overall
Morningstar
ratings
of
the
Funds;
information
with
respect
to
services
provided
to
the
Funds
and
fees
charged,
including
effective
advisory
fees
that
take
into
account
breakpoints
and
fee
waivers
by
the
Adviser;
asset
and
flow
trends
for
the
Funds;
and
estimates
of
the
cost
of
services
and
profit
realized
by
the
Adviser
and
its
affiliates
that
provide
services
to
the
Funds.
The
Board
received
information
from
the
Adviser
regarding
the
personnel
providing
services
to
the
Funds,
including
investment
management,
compliance
and
administrative
personnel.
The
Board
also
received
monthly
reports
from
the
Adviser’s
investment
management
staff
with
respect
to
the
performance
of
the
Funds.
In
addition
to
its
review
of
the
information
presented
to
the
Board
during
the
annual
contract
renewal
process,
the
Board
considered
information
obtained
from
management
throughout
the
course
of
the
year.
The
Board
also
reviewed
information
from
MPI,
including
Fund-by-Fund
analyses
and
independent
assessment
of
information
relating
to
the
Funds
and
the
Advisory
Agreement.
The
Independent
Trustees
were
represented
by
independent
counsel
throughout
the
review
process
and
during
executive
sessions
without
management
present
to
consider
the
reapproval
of
the
Advisory
Agreement
for
the
Funds.
As
noted
above,
the
Independent
Trustees
were
assisted
throughout
the
process
by
an
independent
consultant,
MPI.
Each
Independent
Trustee
relied
on
his
or
her
own
business
judgment
in
determining
the
weight
to
be
given
to
each
factor
considered
in
evaluating
the
materials
that
were
presented
to
them.
The
Contracts
Committee’s
and
Board’s
review
and
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
presented
to
them
and
were
not
the
result
of
any
single
controlling
factor.
In
addition,
each
Trustee
may
have
weighed
individual
factors
differently.
The
key
factors
considered
and
the
conclusions
reached
are
described
below.
Nature,
Extent
and
Quality
of
Services
At
each
of
the
Board’s
regular
quarterly
meetings,
management
presented
information
describing
the
services
furnished
to
the
Funds
by
the
Adviser,
transfer
agent
and
administrator.
During
these
meetings,
management
reported
on
the
investment
management,
portfolio
trading
and
compliance
services
provided
to
the
Funds.
During
the
annual
contract
renewal
process,
the
Board
considered
the
specific
services
provided
under
the
Advisory
Agreement.
The
Board
considered
information
relating
to
the
investment
experience
and
qualifications
of
the
portfolio
managers
of
the
Adviser
overseeing
investments
for
the
Funds.
The
Board
received
reports
and
presentations
at
each
of
its
quarterly
meetings
from
the
Adviser’s
senior
investment
team
about
each
of
the
Funds.
These
reports
and
presentations
gave
the
Board
or
one
of
its
Committees
the
opportunity
to
evaluate
the
abilities
of
the
portfolio
managers
and
other
investment
professionals
and
the
quality
of
services
they
provide
to
the
Funds.
The
Adviser
reviewed
with
the
Board
the
services
provided
by
the
Adviser.
The
Independent
Trustees
also
met,
including
in
executive
session,
with
and
received
periodic
reports
from
the
Trust’s
Chief
Compliance
Officer,
the
Trust’s
independent
accounting
firm,
and
representatives
from
the
internal
audit
department
of
the
Adviser
(Business
Risk
Management).
The
Board
noted
that
the
Chief
Compliance
Officer
met
regularly
between
quarterly
meetings
with
the
Chair
of
the
Ethics
and
Compliance
Committee
and
the
Chairs
of
other
Committees
communicated
with
Adviser
representatives
between
quarterly
meetings.
The
Board
noted
that
investment
management
staff
of
the
Adviser
and
the
Trust’s
Chief
Compliance
Officer
follow
up
on
any
additional
questions
or
concerns
that
arise
during
quarterly
meetings
and
then
report
the
results
of
the
follow
up
to
the
Board
or
one
of
its
Committees.
The
Board
considered
the
adequacy
of
the
Adviser’s
resources
used
to
provide
services
to
the
Trust
pursuant
to
the
Advisory
Agreement.
The
Adviser
reviewed
with
the
Board
the
Adviser’s
process
for
overseeing
the
portfolio
management
teams
of
each
Fund.
In
addition,
the
Adviser
reviewed
with
the
Board
the
Adviser’s
continued
investments
in
technology
and
personnel.
The
Adviser
discussed
with
the
Board
steps
taken
to
continue
to
strengthen
its
compliance
program.
The
Adviser
discussed
with
the
Board
the
operations
of
the
Adviser
and
other
service
providers
to
the
Funds
with
the
hybrid
working
environment
and
responses
to
changes
in
market
conditions.
The
Board
viewed
these
actions
as
a
positive
factor
in
reapproving
the
existing
Advisory
Agreement,
as
they
demonstrated
the
Adviser’s
commitment
to
provide
the
Funds
with
quality
service
and
competitive
investment
performance.
82
Additional
Information
(unaudited)
The
Board
considered
the
adequacy
of
the
Advisory
Organizations’
resources
used
to
provide
services
to
the
Trust
pursuant
to
the
Advisory
Agreement
and
Subadvisory
Agreement.
The
Adviser
reviewed
with
the
Board
the
Adviser’s
process
for
overseeing
the
portfolio
management
teams
of
each
Fund.
In
addition,
the
Adviser
reviewed
with
the
Board
the
Adviser’s
continued
investments
in
technology
and
personnel,
including
hiring
additional
personnel
in
the
portfolio
management,
research,
analysis
and
trading
areas.
The
Adviser
discussed
with
the
Board
steps
taken
to
continue
to
strengthen
its
compliance
program.
The
Adviser
discussed
with
the
Board
the
operations
of
the
Adviser,
the
Subadviser
and
other
service
providers
to
the
Funds
during
the
hybrid
working
environment
and
responses
to
volatile
market
conditions.
The
Board
viewed
these
actions
as
a
positive
factor
in
reapproving
the
existing
Advisory
Agreement,
as
they
demonstrated
the
Adviser’s
commitment
to
provide
the
Funds
with
quality
service
and
competitive
investment
performance.
The
Board
concluded
that,
within
the
context
of
its
full
deliberations,
the
nature,
extent
and
quality
of
the
investment
advisory
services
provided
to
the
Funds
by
the
Adviser
supported
renewal
of
the
Advisory
Agreement.
Performance
of
the
Funds
In
connection
with
each
of
its
regular
quarterly
meetings,
the
Board
received
information
on
the
performance
of
each
Fund,
including
net
performance,
relative
performance
rankings
within
each
Fund’s
Morningstar
peer
universe,
Morningstar
ratings,
comparisons
to
benchmark
index
returns,
and
risk
metrics.
At
each
quarterly
Board
meeting,
members
of
the
Adviser’s
senior
investment
team
reviewed
with
the
Board
information
on
the
economic
and
market
environment
and
risk
management.
The
Board
considered
investment
performance
for
each
Fund,
to
the
extent
applicable,
over
the
one-,three-,
five-,
and
ten-year
periods.
When
evaluating
investment
performance,
the
Board
considered
longer-term
performance
and
the
trend
of
performance,
and
focused
particularly
upon
the
three-year
performance
record.
Although
the
Board
conducted
its
review
on
a
Fund-by-Fund
basis,
it
noted
that
47%
of
the
Class
A
Funds
and
42%
of
Class
S
Funds
ranked
better
than
median
in
their
respective
category
for
the
three-year
period
ended
June
30,
2023.
The
Board
also
considered
risk
metrics,
including
standard
deviations
of
return.
The
Board
concluded
that
the
performance
of
each
individual
Fund
was
either
satisfactory
or
that
the
Adviser
had
taken
appropriate
actions
in
an
effort
to
improve
performance.
Advisory
Fees
and
Fund
Expenses
The
Board
reviewed
information
prepared
by
MPI
comparing
each
Fund’s
advisory
fee
with
the
advisory
fee
of
a
peer
group
selected
by
MPI
based
on
similar
investment
objective
and
size.
The
Board
noted
that
the
majority
of
the
Funds’
advisory
fees
were
near
or
below
the
medians
of
their
peer
groups.
Although
the
Board
conducted
its
review
on
a
Fund-by-Fund
basis,
it
noted
that
the
average
ranking
of
the
Funds’
advisory
fees
for
both
Class
A
and
Class
S
shares
was
36%
(on
a
scale
of
1-99%,
with
1%
being
the
lowest
fee).
The
Board
reviewed
information
prepared
by
MPI
comparing
each
Fund’s
overall
expense
ratio
with
the
expense
ratio
of
its
peer
group.
The
Board
considered
the
fee
waivers
and
expense
limitations
which
are
reviewed
by
the
Board
and
the
Adviser
on
an
annual
basis.
Although
the
Board
conducted
its
review
on
a
Fund-by-Fund
basis,
it
noted
that
the
average
ranking
of
the
Funds’
expense
ratios
for
their
Class
A
shares
was
35%
and
the
average
ranking
of
the
Funds’
expense
ratios
for
their
Class
S
shares
was
27%
(on
a
scale
of
1-99%,
with
1%
being
the
lowest
expenses).
The
Board
reviewed
information
comparing
each
Fund’s
advisory
fee
and
overall
expense
ratio
with
the
fee
and
expense
information
for
the
relevant
Morningstar
peer
universe.
With
respect
to
the
asset
allocation
Funds,
the
Board
reviewed
information
prepared
by
the
Adviser
and
MPI
regarding
changes
in
the
Morningstar
peer
universes,
the
methodology
used
by
MPI
to
select
the
MPI
peer
groups
for
net
expense
ratio
comparison
purposes,
changes
to
methodology
and
the
reasons
for
the
changes,
and
differences
between
the
Thrivent
Funds
and
many
of
the
funds
in
the
peer
groups.
The
Board
considered
this
information
in
its
evaluation
of
the
rankings
of
the
asset
allocation
Funds,
which
were
above
the
peer
group
medians.
On
the
basis
of
its
review,
the
Board
concluded
that
the
advisory
fees
charged
under
the
Advisory
Agreement
were
reasonable.
Cost
of
Services
and
Profitability
The
Board
considered
the
Adviser’s
estimates
of
its
profitability,
which
included
allocations
by
the
Adviser
of
its
costs
in
providing
advisory
services
to
the
Funds.
The
internal
audit
department
of
the
Adviser
(Business
Risk
Management)
conducted
a
review
of
such
allocations,
and
a
department
representative
reported
to
the
Board
the
department’s
views
regarding
the
reasonableness
and
consistency
of
these
allocations.
The
Board
also
received
a
report
from
an
independent
accountant
confirming
certain
calculations.
The
Board
considered
the
profitability
of
the
Adviser
both
overall
and
on
a
Fund-by-Fund
basis.
Based
on
its
review
of
the
data
prepared
by
MPI
and
83
Additional
Information
(unaudited)
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.
Economies
of
Scale
and
Breakpoints
The
Board
considered
information
regarding
the
extent
to
which
economies
of
scale
may
be
realized
as
a
Fund’s
assets
increase
and
whether
the
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
shareholders.
The
Adviser
explained
its
general
goal
with
respect
to
the
employment
of
fee
waivers,
expense
reimbursements
and
breakpoints.
The
Board
considered
information
provided
by
the
Adviser
related
to
advisory
fees,
breakpoints
in
the
advisory
fee
rates
and
fee
waivers
provided
by
the
Adviser.
The
Board
also
considered
management’s
view
that
it
is
difficult
to
generalize
as
to
whether,
or
to
what
extent,
economies
in
the
advisory
function
may
be
realized
as
a
Fund’s
assets
increase.
The
Board
noted
that
expected
economies
of
scale,
where
they
exist,
may
be
shared
through
the
use
of
fee
breakpoints,
fee
waivers
and
expense
limitations
by
the
Adviser,
and/or
a
lower
overall
fee.
Other
Benefits
to
the
Adviser
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,
the
engagement
of
affiliates
as
service
providers
to
the
Funds,
research
received
by
the
Adviser
generated
from
soft
dollar
commissions
for
portfolio
trading,
and
fees
collected
by
affiliates
for
services
provided
to
Fund
shareholders.
The
Board
noted
that
such
benefits
were
difficult
to
quantify
but
were
consistent
with
benefits
received
by
other
fund
advisers.
Based
on
the
factors
discussed
above,
the
Contracts
Committee
unanimously
recommended
approval
of
the
Advisory
Agreement,
and
the
Board,
including
all
of
the
Independent
Trustees
voting
separately,
approved
the
Advisory
Agreement.
84
Board
of
Trustees
and
Officers
The
following
table
provides
information
about
the
Trustees
and
Officers
of
the
Trust.
The
Board
is
responsible
for
the
management
and
supervision
of
the
Funds’
business
affairs
and
for
exercising
all
powers
except
those
reserved
to
the
shareholders.
Each
Trustee
oversees
each
of
25
series
of
the
Trust
and
also
serves
as:
Director
of
Thrivent
Series
Fund,
Inc.,
a
registered
investment
company
consisting
of
32
funds
that
serve
as
underlying
funds
for
variable
contracts
issued
by
Thrivent
Financial
for
Lutherans
(“Thrivent”)
and
separate
accounts
of
insurance
companies
not
affiliated
with
Thrivent.
Trustee
of
Thrivent
Cash
Management
Trust,
a
registered
investment
company
consisting
of
one
fund
that
serves
as
a
cash
collateral
fund
for
a
securities
lending
program
sponsored
by
Thrivent.
Trustee
of
Thrivent
Core
Funds,
a
registered
investment
company
consisting
of
seven
funds
that
are
established
solely
for
investment
by
Thrivent
entities.
Trustee
of
Thrivent
ETF
Trust,
a
registered
investment
company
consisting
of
one
fund
that
is
an
exchange-traded
fund.
The
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
and
is
available,
without
charge,
by
calling
800-847-
4836.
Interested
Trustees
(1)
(2)
(3)
(4)
Name
(Year
of
Birth)
Year
Elected
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Michael
W.
Kremenak
(1978)
2021
Senior
Vice
President
and
Head
of
Mutual
Funds,
Thrivent
since
2020;
Vice
President,
Thrivent
from
2015
to
2020.
Trustee
of
Thrivent
Church
Loan
and
Income
Fund
from
2020
to
2023.
David
S.
Royal
(1971)
2015
Chief
Financial
Officer,
Thrivent
since
2022;
Executive
Vice
President,
Chief
Investment
Officer,
Thrivent
since
2017;
President,
Mutual
Funds
from
2015
to
2023.
Director
of
Thrivent
Trust
Company
and
Advisory
Board
Member
of
Twin
Bridge
Capital
Partners;
Trustee
of
Thrivent
Church
Loan
and
Income
Fund
from
2020
to
2023.
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
Director
and
member
of
the
Audit
Committee
and
Governance
and
Nominating
Committee
at
MN8
Energy
LLC
and
MN8
Energy,
Inc.
since
2023;
Independent
Trustee
of
North
American
Electric
Reliability
Corporation
from
2008
to
2020.
Robert
J.
Chersi
(1961)
2017
Founder
of
Chersi
Services
LLC
(consulting
firm)
since
2014.
Lead
Independent
Director
since
2019
and
Director
and
Audit
Committee
Chair
at
BrightSphere
Investment
Group
plc
since
2016;
Director
and
member
of
the
Audit
and
Risk
Oversight
Committees
of
E*TRADE
Financial
Corporation
and
Director
of
E*TRADE
Bank
from
2019
to
2020.
Arleas
Upton
Kea
(1957)
2022
Deputy
to
the
Chairman
for
External
Affairs,
FDIC
in
2021;
Chief
Operating
Officer
and
Deputy
to
the
Chairman,
FDIC
from
2018
to
2021;
Director,
Administration,
FDIC
from
1999
to
2018.
Board
of
Directors,
Combined
Federal
Campaign
of
the
National
Capital
Area
since
2021;
Board
of
Directors,
University
of
Texas
Alumni
Association
since
2021;
Board
of
Directors,
University
of
Texas
Law
School
Foundation
since
2021.
Paul
R.
Laubscher
(1956)
2009
Portfolio
Manager
for
U.S.
private
real
estate
and
equity
and
global
public
equity
portfolios,
hedge
funds
and
currency
of
IBM
Retirement
Funds
from
1997
to
2022.
Robert
J.
Manilla
(1962)
2022
Vice
President
and
Chief
Investment
Officer,
The
Kresge
Foundation
since
2007.
Board
Member
of
Bedrock
Manufacturing
Company
since
2014;
Board
Member
of
Sustainable
Insight
Capital
Management
LLC
from
2013
to
2022;
Board
Member
of
Venture
Michigan
Fund
from
2016
to
2020;
Board
Member
of
McGowan
Charitable
fund
from
2012
to
2019.
James
A.
Nussle
(1960)
2011
President
and
Chief
Executive
Officer
of
Credit
Union
National
Association
since
September
2014;
Director
of
Portfolio
Recovery
Associates
(PRAA)
since
2010;
CEO
of
The
Nussle
Group
LLC
(consulting
firm)
since
2009.
85
Board
of
Trustees
and
Officers
James
W.
Runcie
(1963)
2022
Co-Founder
and
CEO
of
Partnership
for
Education
Advancement
since
2017.
Board
Member
of
Follett
Higher
Education
since
2022;
Board
Member
of
ECMC
Group
since
2021;
Director
and
Audit
Committee
Chair
of
Class
Acceleration
Corporation
from
2021
to
2022.
Constance
L.
Souders
(1950)
2007
Retired.
86
Board
of
Trustees
and
Officers
Executive
Officers
(2)
(4)
Name
(Year
of
Birth)
Position
Held
With
Trust
Principal
Occupation(s)
During
the
Past
Five
Years
Michael
W.
Kremenak
(1978)
Trustee
and
President
Senior
Vice
President
and
Head
of
Mutual
Funds,
Thrivent
since
2020;
Vice
President,
Thrivent
from
2015
to
2020.
David
S.
Royal
(1971)
Trustee
and
Chief
Investment
Officer
Chief
Financial
Officer,
Thrivent
since
2022;
Executive
Vice
President,
Chief
Investment
Officer,
Thrivent
since
2017;
President,
Mutual
Funds
from
2015
to
2023.
Sarah
L.
Bergstrom
(1977)
Treasurer
and
Principal
Accounting
Officer
Vice
President,
Chief
Accounting
Officer/Treasurer
-
Mutual
Funds,
Thrivent
since
2022;
Head
of
Mutual
Fund
Accounting,
Thrivent
from
2017
to
2022.
Edward
S.
Dryden
(1965)
Chief
Compliance
Officer
Vice
President,
Chief
Compliance
Officer
–
Thrivent
Funds,
Thrivent
since
2018;
Director,
Chief
Compliance
Officer
–
Thrivent
Funds,
Thrivent
from
2010
to
2018.
John
D.
Jackson
(1977)
Secretary
and
Chief
Legal
Officer
Senior
Counsel,
Thrivent
since
2017.
Kathleen
M.
Koelling
(1977)
Privacy
Officer
(6)
Vice
President,
Deputy
General
Counsel,
Thrivent
since
2018;
Privacy
Officer,
Thrivent
since
2011;
Anti-Money
Laundering
Officer,
Thrivent
from
2011
to
2019;
Vice
President,
Managing
Counsel,
Thrivent
from
2016
to
2018.
Sharon
K.
Minta
(1973)
Anti-Money
Laundering
Officer
(6)
Director,
Compliance
and
Anti-Money
Laundering
Officer
of
the
Financial
Crimes
Unit,
Thrivent
since
2019;
Compliance
Manager
of
the
Financial
Crimes
Unit,
Thrivent
from
2014
to
2019.
Troy
A.
Beaver
(1967)
Vice
President
Vice
President,
Mutual
Funds
Marketing
&
Distribution,
Thrivent
since
2015.
Andrew
R.
Kellogg
(1972)
Vice
President
(7)
Director
of
Strategic
Partnerships,
Thrivent
since
2021;
Director,
Client
Relations,
SS&C/DST
Systems,
Inc.
from
2016
to
2021.
Jill
M.
Forte
(1974)
Assistant
Secretary
Senior
Counsel,
Thrivent
since
2017.
Richard
L.
Ramczyk
(1976)
Assistant
Treasurer
(6)
Director,
Fund
Accounting
and
Valuation,
Thrivent
since
2022;
Manager,
Mutual
Fund
Accounting
Operations,
Thrivent
from
2011
to
2022.
Taishiro
A.
Tezuka
(1985)
Assistant
Treasurer
Director,
Fund
Administration,
Thrivent
since
2023;
Director,
Asset
Wealth
Management,
PricewaterhouseCoopers
LLP
from
2020
to
2022;
Senior
Manager,
Asset
Wealth
Management,
PricewaterhouseCoopers
LLP
from
2019
to
2020;
Manager,
Asset
Wealth
Management,
PricewaterhouseCoopers
LLP
from
2016
to
2019.
(1)
“Interested
person”
of
the
Trust
as
defined
in
the
1940
Act
by
virtue
of
a
position
with
Thrivent.
Mr.
Kremenak
and
Mr.
Royal
are
considered
interested
persons
because
of
their
principal
occupations
with
Thrivent.  
(2)
Each
Trustee
generally
serves
an
indefinite
term
until
her
or
his
successor
is
duly
elected
and
qualified.
Officers
serve
at
the
discretion
of
the
Board
until
their
successors
are
duly
appointed
and
qualified.
(3)
Each
Trustee
oversees
66
portfolios.
(4)
The
address
for
each
Trustee
and
Officer
unless
otherwise
noted
is
901
Marquette
Avenue,
Suite
2500,
Minneapolis,
MN
55402-3211.
(5)
The
Trustees,
other
than
Mr.
Kremenak
and
Mr.
Royal,
are
not
“interested
persons”
of
the
Trust
and
are
referred
to
as
“Independent
Trustees.”
(6)
The
address
for
this
Officer
is
4321
North
Ballard
Road,
Appleton,
WI
54913.
(7)
The
address
for
this
Officer
is
600
Portland
Avenue
S.,
Suite
100,
Minneapolis,
MN
55415-4402.
24042AR
R2-24
4321
N.
Ballard
Rd.
Appleton,
WI
54919-0001
Thrivent
Distributors,
LLC,
a
registered
broker-dealer
and
member
of
FINRA
is
the
distributor
for
Thrivent
Mutual
Funds.
Thrivent
Distributors,
LLC,
is
a
subsidiary
of
Thrivent,
the
marketing
name
for
Thrivent
Financial
for
Lutherans.
A
better
way
to
deliver
documents
Go
paperless
Thrivent
Mutual
Funds
annual
and
semiannual
shareholder
reports
are
made
available
on
thriventmutualfunds.
com/prospectus,
and
we
will
notify
you
by
mail
each
time
a
report
is
posted.
You
may
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manage
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delivery
preferences
and
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up
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notifications
of
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by
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If
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are
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and
want
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Thrivent
Mutual
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in
the
future,
you
may
either
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Road,
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WI
54919-0001,
call
us
at
800-847-4836,
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We
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report
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Thrivent
Mutual
Funds
in
the
future,
contact
your
financial
professional.