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, 2022

Item 1. Report to Stockholders

[Insert shareholder report]

Item 2. Code of Ethics

As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.  No waivers were granted to such code of ethics during the period covered by this report.  A copy of this code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

Registrant’s Board of Trustees has determined that Robert J. Chersi, an independent trustee, is the Audit Committee Financial Expert.

Item 4. Principal Accountant Fees and Services

(a) through (d)

Thrivent Diversified Income Plus Fund and Thrivent Multidimensional Income Fund (each a “Fund” and collectively, the “Funds”) are each a series of Thrivent Mutual Funds, a Massachusetts business trust (the “Trust”). The Trust, as of the date of filing this Form N-CSR, contains a total of 25 series (the “Series”), including the Funds. This Form N-CSR relates to the annual report of each Fund.

The following table presents the aggregate fees billed to the Funds for the respective fiscal years ended December 31, 2021 and December 31, 2022 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	12/31/2021	12/31/2022
Audit Fees	$45,419	$60,400
Audit-Related Fees(1)	$0	$0
Tax Fees(2)	$13,612	$14,022
All Other Fees(3)	$3,600	$4,150
Total	$62,631	$78,572

(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 2021 and 2022 payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards. These figures are also reported in the response to Item 4(g) below.

The following table presents the aggregate fees billed to all Series of the Trust (other than the Funds) with fiscal years ending on October 31 for the fiscal years ended October 31, 2021 and October 31, 2022 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	10/31/2021	10/31/2022
Audit Fees	$522,321	$639,405
Audit-Related Fees(1)	$0	$0
Tax Fees(2)	$156,538	$161,258
All Other Fees(3)	$3,600	$4,150
Total	$682,459	$804,813

(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 2021 and 2022 payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards.  These figures are also reported in response to Item 4(g) below.

(e)

Registrant’s audit committee charter, adopted in February 2010, provides that the audit committee (comprised of the independent Trustees of registrant) is responsible for pre‑approval of all auditing services performed for the registrant.  The audit committee also is responsible for pre-approval (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or an affiliate of registrant.  In addition, registrant’s audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at the next committee meeting.  Registrant’s audit committee pre-approved all fees described above that PwC billed to registrant. 

(f)

   

Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended December 31, 2022 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	10/31/2021	12/31/2021	10/31/2022	12/31/2022
Registrant(1)	$0	$0	$0	$0
Adviser	$3,600	$3,600	$4,150	$4,150

(h)  Registrant’s audit committee has considered the non-audit services provided to the registrant and registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser as described above and determined that these services do not compromise PwC’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a)        Registrant’s Schedule of Investments is included in the report to shareholders filed under Item 1.

(b)       Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable. 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees implemented after the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures

(a)        Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)       There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, registrant’s internal control over financial reporting. 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable

Item 13. Exhibits

(a)(1)    

Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: See EX-99.CODE attached hereto.

(a)(2)    

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3)     Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(4)     Change in the registrant’s independent public accountant: Not applicable

(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, 2023                                                Thrivent Mutual Funds

                                                                                       By:   /s/ David S. Royal                                     

                                                                                               David S. Royal

                                                                                            President and Chief Investment Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: February 27, 2023                                                By:   /s/ David S. Royal                                     

                                                                                               David S. Royal

                                                                                            President and Chief Investment Officer

                                                                                            (principal executive officer)

Date: February 27, 2023                                                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,

2022

Manage

your

delivery

preferences

and

sign

up

for

email

notifications

by

enrolling

at

thrivent.com/gopaperless

or,

if

you

purchased

directly

online,

by

enrolling

at

thriventfunds.com.

If

you

purchased

shares

from

a

firm

other

than

Thrivent,

contact

your

financial

professional.

Table

of

Contents

Letter

from

the

President

2

Letter

from

the

Chief

Investment

Officer

3

Portfolio

Perspectives

Thrivent

Diversified

Income

Plus

Fund

4

Thrivent

Multidimensional

Income

Fund

6

Shareholder

Expense

Example

8

Report

of

Independent

Registered

Public

Accounting

Firm

9

Schedule

of

Investments

Thrivent

Diversified

Income

Plus

Fund

10

Thrivent

Multidimensional

Income

Fund

46

Statement

of

Assets

and

Liabilities

62

Statement

of

Operations

63

Statement

of

Changes

in

Net

Assets

64

Notes

to

Financial

Statements

65

Financial

Highlights

80

Additional

Information

82

Board

of

Trustees

and

Officers

87

2

Dear

Shareholder:

2

The

past

year

has

been

a

volatile

one

for

the

economy

and

the

markets.

Stock

and

bond

prices

are

down,

inflation

is

up,

and

the

Federal

Reserve

(Fed)

is

doing

everything

in

its

power

to

slow

the

economy

to

bring

rising

costs

back

under

control.

While

your

portfolio

may

have

suffered

some

losses

during

this

difficult

stretch,

it’s

important

to

remember

that

with

adversity

often

comes

opportunity.

As

famed

investor

Warren

Buffett

once

put

it,

“the

best

chance

to

deploy

capital

is

when

things

are

going

down.”

As

difficult

as

it

is

to

continue

to

invest

during

a

choppy

market

and

a

slowing

economy,

a

quick

history

lesson

may

help

explain

where

experienced

investors

like

Buffett

find

the

courage

to

invest

when

everything

seems

to

be

headed

in

the

wrong

direction.

History

has

shown

that

there

has

typically

been

a

sharp

rebound

in

equity

markets

after

periods

of

decline.

According

to

a

recent

Thrivent

study,

following

the

10

bear

markets

(declines

of

20%

or

more)

since

1950,

the

first

three

months

after

the

bottom

saw

the

S&P

500®

bounce

back

20.9%,

on

average.

By

the

end

of

the

first

full

year,

the

market

had

moved

up,

on

average,

43.4%.

For

a

little

perspective,

the

S&P

500®

hit

its

all-time

high

near

the

end

of

2021,

closing

the

year

at

about

4,766.

Over

the

next

nine

months,

it

fell

about

25%,

ending

September

at

about

3,586.

Three

months

later

it

had

seesawed

its

way

back

up

about

7%

to

about

3,839

by

the

end

of

2022.

Was

that

simply

a

bear

market

rally

or

the

start

of

a

sustained

rebound?

We

can’t

be

sure

of

either,

but

we

do

know

there

will

likely

be

some

continued

volatility

ahead.

The

complicating

factor

is

the

Fed’s

ongoing

fight

with

inflation.

The

better

the

overall

economy

is

doing,

the

more

difficult

it

becomes

for

the

Fed

to

slow

things

down

to

curb

inflation.

So

far,

it’s

been

a

slow

grind,

with

inflation

figures

hovering

stubbornly

above

6%.

But

we

have

seen

progress

in

certain

areas,

like

declining

oil

and

commodity

prices.

Aside

from

inflation,

the

economy

had

been

doing

fine

prior

to

this

year,

with

low

unemployment,

solid

manufacturing

and

business

growth,

robust

corporate

earnings,

a

strong

dollar,

and

a

rising

stock

market.

What’s

not

to

like?

Actually,

there

were

a

couple

of

issues.

Consumers

were

getting

zero

return

on

their

savings

accounts

and

income

investors

were

left

with

few

attractive

options.

Bubbling

up

in

the

background

was

a

resurgence

from

the

pandemic

that

was

driving

a

pent-

up

demand

for

goods

and

services.

Inevitably,

demand

led

to

shortages

of

commodities

and

supplies

across

the

economy,

along

with

paralyzing

delivery

issues.

High

demand,

short

supply—in

an

environment

with

a

zero

percent

Fed

rate

and

an

injection

of

trillions

of

dollars

in

stimulus

money—was

how

the

Fed

found

itself

in

what,

in

hindsight,

might

appear

to

be

a

predictable

spike

in

inflation

that

has

proven

difficult

to

defuse

in

the

midst

of

such

a

robust

economy.

The

Fed

hasn’t

said

how

much

longer

it

may

continue

to

raise

rates,

but

the

expectation

is

that

rate

hikes

will

likely

end

sometime

in

2023.

When

that

happens,

barring

any

other

unforeseen

circumstances,

the

stock

market

may

be

primed

for

a

recovery

–

assuming

stock

prices

haven’t

already

recovered

by

then.

For

all

of

2022,

the

S&P

500®

Index

of

large

cap

stocks

was

down

about

19%,

the

NASDAQ,

a

composite

of

3,300

stocks,

was

down

about

33%,

the

S&P

SmallCap

600

Growth

Index

was

down

about

21%,

and

the

Russell

MidCap®

Growth

Index

was

down

about

19%.

In

terms

of

market

valuation,

at

the

peak

of

the

market

at

the

end

of

2021,

the

12-month

forward

price-to-earnings

ratio

(P/E)

of

the

S&P

500®

was

about

21,

which

is

fairly

high

by

historical

standards.

By

the

close

of

2022,

it

was

down

to

about

16.7,

which

is

closer

to

average

and

about

a

20%

discount

to

the

21

P/E

at

the

end

of

2021.

The

much

more

tangible

market

development,

particularly

for

income

investors,

is

in

the

fixed

income

area

where

interest

rates

are

beginning

to

return

to

normal.

Income

seekers

appear

to

have

one

of

the

best

investment

opportunities

in

years

at

current

interest

rate

levels,

including

double-digit

yields

for

some

high

yield

corporate

bonds.

Money

market

and

bank

savings

accounts

are

beginning

to

pay

interest

after

years

of

zero

returns.

Short-maturity

and

intermediate

Treasury

securities

are

offering

yields

of

about

4

to

4.8%,

while

short

duration

corporate,

mortgage,

and

asset-backed

securities

are

paying

current

yields

of

5.5

to

6%.

Even

if

interest

rates

move

moderately

higher

than

expected,

this

area

of

the

market

may

still

be

able

to

generate

positive

returns

going

forward

unless

the

Fed

moves

more

aggressively

than

expected

in

its

efforts

to

thwart

inflation.

High

yield

bonds,

which

are

considered

riskier

than

short

and

intermediate

bonds,

have

moved

up

to

average

yields

of

above

8%.

The

key

risk

with

this

segment

of

the

market

is

the

potential

for

higher

defaults

if

the

recession

deepens.

While

this

shakeout

in

the

markets

could

be

an

ideal

time

to

fine-

tune

your

portfolio

allocation,

you

may

find

it

helpful

to

consult

with

your

financial

professional

to

be

sure

that

your

adjustments

are

in

sync

with

your

long-term

investment

goals.

As

always,

thank

you

for

the

confidence

you’ve

placed

in

Thrivent’s

team

of

more

than

125

investment

professionals.

David

S.

Royal

President

and

Chief

Investment

Officer

Thrivent Mutual

Funds

3

Dear

Shareholder:

3

The

Federal

Reserve’s

(Fed)

monetary

tightening

policy

aimed

at

curbing

inflation

was

a

disruptive

force

in

both

the

stock

and

bond

markets

throughout

2022,

with

significant

declines

across

both

segments.

The

Fed’s

battle

with

inflation

made

for

slow

movement

across

the

economy

in

2022,

with

the

Consumer

Price

Index

(CPI)

hovering

above

8%

through

most

of

the

year.

However,

the

CPI,

which

is

a

common

gauge

of

inflation,

showed

a

steady

decline

in

the

fourth

quarter,

with

prices

in

December

just

6.5%

over

a

year

ago—the

smallest

12-month

increase

since

the

period

ending

October

2021.

Excluding

food

and

energy,

the

CPI

was

up

just

5.7%

year-over-

year

in

December.

The

S&P

500®

posted

a

total

loss

of

18.11%

for

the

year

(including

dividends),

triggered

by

concerns

over

inflation

and

the

economic

slowdown.

(The

S&P

500®

is

a

market-cap-weighted

index

that

represents

the

average

performance

of

a

group

of

500

large

capitalization

stocks.)

The

Fed

raised

rates

by

4.25%

in

2022,

and

more

hikes

are

expected

in

2023

until

the

Fed

is

convinced

that

inflation

is

under

control.

Personal

consumption

expenditures

(PCE)

have

been

rising

along

with

inflation,

up

5.5%

year-over-year

through

November,

according

to

the

Bureau

of

Economic

Analysis

(BEA).

Wages

have

also

been

increasing,

up

an

average

of

4.6%,

year-over-year

through

the

end

of

December,

according

to

the

Department

of

Labor

(DOL).

On

the

other

hand,

oil

prices

declined

fairly

steadily

after

cresting

in

March

2022

when

West

Texas

Intermediate,

a

grade

of

crude

oil

used

as

a

benchmark

in

oil

pricing,

surged

to

more

than

$123

per

barrel.

The

price

dropped

about

35%

to

$80.26

per

barrel

by

the

end

of

the

year.

That

price

was

still

6.71%

higher

than

the

$75.21

price

per

barrel

the

previous

year-end.

Gasoline

prices

at

the

pump

have

also

come

off

their

peak.

After

surging

to

a

national

average

of

more

than

$5

per

gallon

in

June,

the

average

price

slid

all

the

way

back

to

$3.20

per

gallon

by

the

end

of

2022.

In

fact,

consumers

were

paying

5.10%

less

per

gallon

at

the

end

of

2022

than

they

were

at

the

end

of

2021.

Economic

Review

Despite

the

Fed’s

efforts

to

cool

off

the

economy,

gross

domestic

product

(GDP)

grew

at

an

annualized

rate

of

2.6%

in

the

third

quarter,

according

to

the

BEA.

That

represented

an

improvement

over

the

second

quarter,

when

GDP

dropped

0.6%.

The

third

quarter

turnaround

reflected

higher

exports

and

consumer

spending,

offset

somewhat

by

weakness

in

the

housing

sector.

Employment

growth

remained

strong

throughout

2022.

December

marked

24

consecutive

months

of

job

growth

in

the

U.S.,

according

to

the

Department

of

Labor.

The

unemployment

rate

declined

to

just

3.5%,

matching

a

54-year

low.

Despite

recession

fears,

the

labor

market

could

remain

strong

going

forward,

bolstered

by

the

more

than

10

million

job

openings

currently

in

the

U.S.,

according

to

recent

Fed

employment

figures.

Retail

sales

dropped

in

December

for

the

second

straight

month,

down

1.1%,

tempered

by

the

Fed’s

monetary

tightening

polices.

Year-over-year,

sales

were

still

up

6.0%

in

December,

according

to

the

Department

of

Commerce.

For

all

of

2022,

auto

sales

were

up

1.3%

from

a

year

earlier,

building

material

sales

were

up

2.3%,

and

non-store

retailers

(primarily

online)

were

up

13.7%.

Restaurants

and

bars

continued

to

recover

from

the

pandemic,

with

sales

at

food

and

drinking

establishments

up

12.1%

from

a

year

earlier.

Market

Review

Only

two

of

the

11

sectors

of

the

S&P

500®

were

in

positive

territory

in

2022.

The

Energy

sector

surged

65.72%,

benefiting

from

a

resurgence

in

demand

for

oil,

and

Utilities

was

up

1.57%,

including

an

8.64%

jump

in

the

fourth

quarter.

Otherwise,

the

top

performing

sectors

included

Consumer

Staples,

down

0.62%,

Health

Care,

down

1.95%,

and

Industrials,

down

5.48%.

The

worst

performing

sectors

included

Communication

Services,

down

39.89%,

Consumer

Discretionary

down

37.03%,

Real

Estate,

down

26.13%,

and

Information

Technology,

down

28.19%.

The

tech-heavy

Nasdaq

declined

33.10%

for

the

year,

and

the

MSCI

EAFE

Index,

which

tracks

developed-economy

stocks

in

Europe,

Asia,

and

Australia,

was

down

16.79%

after

rallying

17.0%

in

the

fourth

quarter.

(The

Nasdaq

–

National

Association

of

Securities

Dealers

Automated

Quotations

–

is

an

electronic

stock

exchange

with

more

than

3,300

company

listings.)

Bond

prices

fell

victim

to

Fed

rate

hikes

in

2022,

with

the

Bloomberg

U.S.

Aggregate

Bond

Index

of

investment

grade

bonds

sinking

13.01%

in

2022.

The

yield

on

10-year

U.S.

Treasuries

moved

up

significantly

during

the

year,

from

1.51%

at

the

end

of

2021

to

3.88%

at

the

close

of

2022.

Our

Outlook

Volatility

in

the

stock

and

bond

markets

is

expected

to

continue

as

the

Fed

keeps

turning

the

screws

on

the

economy.

This

may

lead

to

further

weaknesses

across

certain

segments.

For

instance,

with

mortgage

rates

on

the

rise,

the

housing

market

has

seen

a

decline

in

new

mortgage

applications

and

housing

starts

recently.

We

believe

interest

rates

and

bond

yields

will

remain

at

a

higher

level,

but

we

don’t

expect

them

to

surge

significantly

higher.

Also,

longer-term

yields

likely

have

peaked,

reflecting

growing

concerns

over

a

slowing

economy

and

recession

risks.

And

after

years

of

providing

meager

yields,

fixed

income

now

offers

a

meaningful

income

benefit

for

investors

and

once

again

may

provide

ballast

to

a

diversified

portfolio.

In

the

equity

market,

an

uncertain

earnings

environment

is

a

key

reason

to

maintain

a

cautious

stance.

Investors

should

be

prepared

to

position

their

portfolios

for

a

possible

market

recovery.

Market

volatility

is

likely

to

become

increasingly

two-sided

with

the

potential

for

large

downdrafts

but

also

strong

rallies.

As

always,

we

thank

you

for

the

trust

you

have

placed

in

our

entire

team

of

professionals

at

Thrivent.

David

S.

Royal

President

and

Chief

Investment

Officer

Thrivent Mutual

Funds

Thrivent

Diversified

Income

Plus

Fund

4

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.

David

R.

Spangler,

CFA,

Stephen

D.

Lowe,

CFA,

and

Theron

G.

Whitehorn,

CFA, Portfolio

Co-Managers*

The

Fund

seeks

to

maximize

income

while

maintaining

prospects

for

capital

appreciation.

Investment

in

Thrivent

Diversified

Income

Plus

Fund

involves

risks

including

interest

rate,

equity

security,

credit,

allocation,

conflicts

of

interest,

derivatives,

emerging

markets,

foreign

currency,

foreign

securities,

high

yield,

investment

adviser,

issuer,

large

cap,

leveraged

loan,

LIBOR,

liquidity,

market,

mortgage-backed

and

other

asset-backed

securities,

other

funds,

portfolio

turnover

rate,

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.

*Effective

May

31,

2022,

David

R.

Spangler,

CFA,

was

named

as

portfolio

manager

of

the

Fund,

and

Gregory

R.

Anderson,

CFA,

no

longer

serves

as

portfolio

manager

of

the

Fund.

How

did

the

Fund

perform

during

the

12-month

period

ended

December

31,

2022?

Thrivent

Diversified

Income

Plus

Fund

earned

a

return

of

-12.64%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Allocation–15%

to

30%

Equity

Category,

of

-10.84%.

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

-0.60%,

-18.14%,

-11.81%

and

-10.57%,

respectively.

What

factors

affected

the

Fund’s

performance?

For

the

majority

of

the

period,

the

Fund

allocated

approximately

80%

of

its

assets

to

fixed

income

and

20%

to

equities.

The

fixed-income

portfolio

outperformed

primarily

due

to

its

shorter

duration

and

positioning

for

a

flatter

yield

curve,

which

buffered

it

somewhat

from

the

drop

in

bond

prices

as

rates

rose

sharply

across

the

Treasury

yield

curve,

and

particularly

at

the

short

end.

We

used

Treasury

futures

to

help

manage

duration

and

curve.

Security

selection

was

strong

in

the

securitized

segment,

both

in

agency

and

nonagency

mortgage-

backed

securities

(MBS),

in

addition

to

emerging

market

(EM)

debt.

However,

selection

detracted

in

the

leveraged

loan

segment,

as

did

overweightings

in

convertible

and

preferred

securities.

Corporate

exposure

represented

the

largest

weighting

at

38%

of

the

fixed-income

portfolio,

including

approximately

12%

in

leveraged

loans,

16%

in

high-yield

bonds,

and

10%

in

investment-grade

corporate

bonds.

A

short

position

in

the

credit

default

swap

index

(CDX)

was

used

during

the

year

to

hedge

exposure

to

the

high-yield

market

during

periods

of

spread

widening.

Securitized

exposure

averaged

around

37%

of

the

fixed-income

portfolio,

with

about

two-thirds

invested

in

agency

MBS

and

the

rest

divided

among

nonagency

MBS,

collateralized

loan

obligations

(CLOs),

and

very

small

allocations

to

asset-backed

and

commercial

mortgage-backed

securities.

EM

debt

exposure

represented

approximately

10%

of

the

fixed-income

portfolio,

convertible

securities

5%,

Treasuries

3%,

preferred

securities

5%,

and

alternatives

less

than

1%.

The

primary

factor

that

drove

the

Fund’s

underperformance

versus

its

Morningstar

peer

group

was

stock

selection

among

the

underlying

domestic

and

international

equity

funds

in

aggregate.

The

international,

large-cap

growth,

mid-cap

core

and

multi-cap

core

managers

lagged

their

respective

benchmarks,

while

the

small-cap

core

and

large-cap

value

managers

outperformed.

An

overweighting

to

growth

also

detracted

in

both

the

domestic

and

international

equity

portfolios

as

value

materially

outperformed

throughout

2022.

The

Fund’s

3%

to

4%

underweighting

to

equities

versus

the

Morningstar

peers

provided

positive

relative

performance

since

equities

underperformed

fixed

income.

However,

an

overweighting

to

domestic

equity

modestly

detracted

since

the

U.S.

market

underperformed

developed

international

equities

(although

the

segment

outperformed

EM

equities).

An

overweighting

to

small-

and

mid-cap

stocks

contributed,

led

by

mid

caps,

which

outpaced

both

small

and

large

caps.

In

international

equity,

stock

selection

detracted

in

Australia,

the

U.K.,

Health

Care

(mostly

pharmaceuticals),

Real

Estate,

Materials,

and

Consumer

Staples

but

was

favorable

in

Information

Technology.

We

employed

several

derivative

strategies

within

the

equity

portfolios

to

adjust

exposures

and

more

efficiently

manage

cash

inflows

and

outflows.

Also,

more

than

5%

of

the

Fund

was

allocated

to

short-term

investments

not

related

to

derivative

investments,

which

benefited

results

since

cash

and

short-term

investments

outperformed

equity

and

fixed

income.

During

the

period,

equity

exposure

remained

at

a

modest

underweighting.

Within

equity,

we

remain

underweighted

in

international

exposure

relative

to

domestic.

The

domestic

equity

portfolio

ended

with

an

overweighting

in

small-

and

mid-cap

stocks

relative

to

large

cap.

The

international

portfolio

remains

underweighted

in

EM

economies.

In

fixed

income,

we

are

maintaining

a

shorter

duration

and

curve-

flattening

bias

based

on

recession

fears

but

to

a

lesser

degree.

We

have

shifted

the

fixed-income

portfolio

up

in

quality

toward

a

more

neutral

risk

profile,

decreasing

leveraged

loans

while

adding

to

Treasuries

and

investment-grade

and

high-yield

corporates.

Additionally,

we

began

increasing

duration

from

an

underweighted

position

and

plan

to

continue

as

we

expect

longer-term

rates

to

ease. 

What

is

your

outlook?

The

outlook

for

U.S.

and

international

markets

hinges

on

developments

on

the

economic

and

geopolitical

fronts.

We

expect

market

volatility

to

remain

elevated,

since

a

reduction

in

inflation

may

be

more

gradual

than

the

market

anticipates,

and

the

risk

of

global

recession

has

increased.

However,

if

inflation

peaks

and

begins

to

meaningfully

moderate,

we

expect

that

rate

hikes

will

slow,

and

the

dollar’s

strength

may

moderate.

Until

data

suggests

an

end

to

the

tightening

cycle

may

be

nearing,

risks

continue

to

skew

to

the

downside,

and

the

management

teams

remain

cautious.

5

Portfolio

Composition

(%

of

Portfolio)

Long-Term

Fixed

Income

57.9%

Common

Stock

14.0%

Registered

Investment

Companies

11.4%

Short-Term

Investments

9.2%

Bank

Loans

6.2%

Preferred

Stock

1.3%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Mortgage-Backed

Securities

21.3%

Financials

11.4%

Affiliated

Registered

Investment

Companies

10.7%

Consumer

Discretionary

6.3%

Information

Technology

6.1%

Asset-Backed

Securities

5.2%

Consumer

Staples

5.0%

Materials

4.6%

Communications

Services

4.4%

Collateralized

Mortgage

Obligations

4.2%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Core

Emerging

Markets

Debt

Fund

8.5%

Thrivent

Core

International

Equity

Fund

2.2%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1.7%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1.4%

U.S.

Treasury

Bonds

1.3%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1.3%

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1.3%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1.2%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1.0%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1.0%

These

securities

represent

20.9%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

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,

2022

Class

A

2

1-Year

5-Year

10-Year

without

sales

charge

-12.64%

1.64%

3.66%

with

sales

charge

-16.54%

0.71%

3.19%

Class

S

1-Year

5-Year

10-Year

Net

Asset

Value

-12.55%

1.89%

3.94%

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

6

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,

derivatives,

emerging

markets,

ETF,

foreign

securities,

government

securities,

investment

adviser,

issuer,

LIBOR,

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.

*Effective

May

31,

2022,

Gregory

R.

Anderson,

CFA,

no

longer

serves

as

portfolio

manager

of

the

Fund.

How

did

the

Fund

perform

during

the

12-month

period

ended December

31,

2022?

Thrivent

Multidimensional

Income

Fund

earned

a

return

of

-13.49%,

compared

with

the

average

return

of

its

peer

group,

the

Morningstar

Multisector

Bond

Category,

of

-9.85%.

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

-11.19%,

-18.93%

and

-17.43%,

respectively.

What

factors

affected

the

Fund’s

performance?

As

the

period

got

underway,

inflation

began

surging

as

supply

chain

disruptions,

higher

commodity

prices,

shipping

bottlenecks,

and

lack

of

materials

and

workers

all

contributed

to

pricing

pressures.

In

response,

the

Federal

Reserve

(Fed)

kicked

off

an

aggressive

rate

hike

campaign

to

slow

the

economy

and

rein

in

rapidly

rising

prices.

With

inflation

hitting

a

40-year

high

by

summer,

policymakers

ramped

up

their

pace,

including

four

consecutive

75-basis-point

hikes

and

one

more

50-basis-point

increase

in

December.

Over

the

full

year,

the

Fed

increased

the

fed

funds

rate

seven

times

to

end

2022

in

the

4.25%-4.50%

range.

Interest

rates

rose

rapidly

across

the

yield

curve

as

the

market

reacted

to

the

more

aggressive

Fed

pace

than

anticipated.

Short

rates

increased

more

than

long

rates,

which

inverted

the

Treasury

yield

curve

starting

in

the

summer.

Market

volatility

spiked,

pressuring

all

areas

of

the

fixed-income

market

and

risk

assets

worldwide

as

the

risk

of

a

global

recession

increased.

Money

broadly

flowed

out

of

risk

assets,

including

sectors

the

Fund

invests

in

such

as

emerging

market

(EM)

debt,

preferred

securities,

and

corporate

bonds.

Most

of

the

sectors

the

Fund

focuses

on

are

highly

sensitive

to

interest-rate

uncertainty

and

the

global

economic

outlook,

but

particularly

EM

debt,

preferred

securities,

and

closed-end

funds.

The

Fund

underperformed

relative

to

its

Morningstar

peer

group

largely

due

to

its

overweighted

exposures

to

these

three

segments,

which

did

not

perform

well

in

the

quickly

rising

rate

environment.

Preferreds,

which

are

high-yielding

securities

further

down

the

capital

structure,

underperformed

as

rates

went

up

and

spreads

widened.

The

EM

debt

segment,

which

has

longer

duration

and

is

already

very

rate-sensitive,

also

underperformed

due

to

the

strong

U.S.

dollar,

slowing

global

economy,

and

Russia’s

war

on

Ukraine.

The

Fund

also

has

significant

exposure

to

the

high-yield

corporate

sector,

which

was

not

immune

to

rising

rates

over

the

period.

However,

the

segment

held

up

better

than

some

other

areas

of

the

fixed-income

market

due

to

its

shorter

duration,

which

dampens

rate

sensitivity.

That

said,

average

credit

spreads

in

the

high-yield

segment

still

widened

out

over

the

period

from

280

basis

points

over

Treasuries

to

470

basis

points

by

year

end.

High-yield

bond

issuance,

however,

was

much

lower

than

the

previous

two

record-breaking

years,

which

was

a

positive

technical

factor

that

helped

support

that

segment

of

the

market.

What

is

your

outlook?

The

degree

to

which

the

Fed

must

hike

rates

to

bring

down

inflation

remains

the

biggest

issue

impacting

the

economy

and

fixed-income

market.

We

expect

market

volatility

to

remain

elevated

and

for

spreads

to

widen

further

because

we

do

not

believe

markets

have

fully

priced

in

the

increasing

likelihood

of

a

global

recession

in

2023.

However,

we

believe

the

Fed

will

likely

pause

to

reassess

in

the

first

or

second

quarter

of

2023.

At

period

end,

Thrivent

Multidimensional

Income

Fund

was

positioned

with

about

45%

of

its

portfolio

invested

in

alternative

sectors,

including

preferred

securities,

closed-end

funds,

and

convertible

bonds.

Recent

market

volatility

has

left

many

of

these

sectors

with

attractive

valuations

when

compared

to

historical

averages.

About

39%

of

the

Fund

is

invested

in

high-yield

bonds

and

EM

debt.

Average

high-yield

credit

spreads

remain

elevated

but

are

below

their

2022

peak.

We

remain

cautious

because

of

the

risk

that

continued

interest-

rate

volatility

and

economic

uncertainty

could

further

depress

valuations

and

lead

to

spread

widening;

however,

current

yields

in

the

high-

yield

sector

offer

attractive

income

opportunities

for

long-term

investors.

The

difficult

year

in

the

EM

debt

sector

has

created

significant

value,

with

spreads

at

more

than

500

basis

points

over

Treasuries

at

period

end.

We

believe

any

stabilization

in

inflation

expectations

could

result

in

a

tailwind

for

EM

debt

performance.

The

EM

segment

was

highly

correlated

with

the

rest

of

the

fixed-income

market

in

2022,

which

historically

has

not

been

the

case.

Therefore,

the

sector

remains

an

important

diversifier

for

this

portfolio.

The

remaining

15%

of

the

Fund

is

invested

in

mortgage-backed

securities

and

Treasury

securities,

which

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

inflation

and

the

economic

impact

of

higher

rates.

7

Major

Market

Sectors

(%

of

Net

Assets)

Financials

27.0%

U.S.

Government

&

Agencies

10.9%

Unaffiliated

Registered

Investment

Companies

8.8%

Affiliated

Fixed

Income

Holdings

7.5%

Energy

7.5%

Consumer

Cyclical

6.7%

Mortgage-Backed

Securities

5.5%

Communications

Services

5.3%

Consumer

Non-Cyclical

4.6%

Capital

Goods

4.2%

Top

10

Holdings

(%

of

Net

Assets)

Thrivent

Core

Emerging

Markets

Debt

Fund

7.5%

U.S.

Treasury

Notes

6.9%

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

5.2%

U.S.

Treasury

Bonds

4.0%

J.P.

Morgan

Chase

&

Company

0.7%

Bank

of

America

Corporation

0.6%

PGIM

Global

High

Yield

Fund,

Inc.

0.5%

First

Trust

High

Income

Long/Short

Fund

0.5%

Nuveen

Credit

Strategies

Income

Fund

0.5%

BP

Capital

Markets

plc

0.5%

These

securities

represent

26.9%

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,

2022

From

Inception

Class

S

1-Year

5-Year

2/28/2017

Net

Asset

Value

-13.49%

1.04%

1.72%

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

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.

8

Shareholder

Expense

Example

(unaudited)

As

a

shareholder

of

a

Fund,

you

incur,

depending

on

the

Fund

and

share

class,

two

types

of

costs:

(1)

transaction

costs,

including

sales

charges

(loads)

on

purchase

payments;

and

(2)

ongoing

costs,

including

management

fees,

distribution

(12b-1)

fees

and

other

Fund

expenses.

This

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

your

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

from

July

1,

2022

through

December

31,

2022.

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

7/1/2022

Ending

Account

Value

12/31/2022

Expenses

Paid

During

Period

7/1/2022-

12/31/2022

*

Annualized

Expense

Ratio

Thrivent

Diversified

Income

Plus

Fund

Actual

Class

A

$1,000

$996

$4.73

0.94%

Class

S

$1,000

$996

$3.49

0.69%

Hypothetical

**

Class

A

$1,000

$1,020

$4.79

0.94%

Class

S

$1,000

$1,022

$3.53

0.69%

Thrivent

Multidimensional

Income

Fund

Actual

Class

S

$1,000

$1,016

$3.61

0.71%

Hypothetical

**

Class

S

$1,000

$1,022

$3.62

0.71%

*

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.

9

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,

2022,

the

related

statements

of

operations

for

the

year

ended

December

31,

2022,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

(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,

2022,

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,

2022

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2022

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,

2022

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,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Thrivent

Financial

for

Lutherans

investment

company

complex

since

1987.

PricewaterhouseCoopers

LLP,

45

South

Seventh

Street,

Suite

3400,

Minneapolis,

MN

55402

T:

(612)

596

6000,

www.pwc.com/us

Report

of

Independent

Registered

Public

Accounting

Firm

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

10

Principal

Amount

Bank

Loans

(

6.7%

)

a

Value

Basic

Materials

(0.3%)

Asplundh

Tree

Expert,

LLC,

Term

Loan

$

462,000

0.000%, 

(LIBOR

1M

+

1.750%),

9/4/2027

b,c,d

$

461,229

Grinding

Media,

Inc.,

Term

Loan

264,044

8.070%, 

(LIBOR

3M

+

4.000%),

10/12/2028

d,e

244,240

Hyperion

Materials

&

Technologies,

Inc.,

Term

Loan

233,869

9.147%, 

(LIBOR

3M

+

4.500%),

8/30/2028

d

225,538

INEOS

US

Petrochem,

LLC,

Term

Loan

701,597

7.134%, 

(LIBOR

1M

+

2.750%),

1/29/2026

d

688,092

Lummus

Technology

Holdings

V,

LLC,

Term

Loan

241,377

7.884%, 

(LIBOR

1M

+

3.500%),

6/30/2027

d

230,729

Nouryon

USA,

LLC,

Term

Loan

1,047,732

7.165%, 

(LIBOR

3M

+

2.750%),

10/1/2025

d

1,031,492

Spectrum

Group

Buyer,

Inc.,

Term

Loan

240,509

9.440%, 

(TSFR1M

+

6.500%),

5/19/2028

d

226,579

Total

3,107,899

Capital

Goods

(0.6%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

447

6.474%, 

(LIBOR

1M

+

2.250%),

9/24/2026

d

447

Ali

Group

North

America

Corporation,

Term

Loan

386,000

0.000%, 

(TSFR1M

+

2.000%),

7/22/2029

b,c,d

382,210

Berry

Global,

Inc.,

Term

Loan

462,000

0.000%, 

(LIBOR

1M

+

1.750%),

7/1/2026

b,c,d

457,801

Brookfield

WEC

Holdings,

Inc.,

Term

Loan

575,000

0.000%, 

(LIBOR

1M

+

2.750%),

8/1/2025

b,c,d

566,076

BW

Holding,

Inc.,

Term

Loan

248,251

8.549%, 

(LIBOR

1M

+

4.000%),

12/14/2028

b,c,d

217,635

Charter

Next

Generation,

Inc.,

Term

Loan

273,000

0.000%, 

(LIBOR

1M

+

3.750%),

12/1/2027

b,c,d

264,725

Clydesdale

Acquisition

Holdings,

Inc.,

Term

Loan

664,331

8.598%, 

(TSFR1M

+

3.925%),

4/13/2029

b,c,d

631,393

Cornerstone

Building

Brands,

Inc.,

Term

Loan

422,924

7.568%, 

(LIBOR

1M

+

3.250%),

4/12/2028

d

378,064

Foley

Products

Company,

LLC,

Term

Loan

241,392

8.453%, 

(SOFRRATE

+

4.750%),

2/16/2029

d

232,743

Principal

Amount

Bank

Loans

(6.7%)

a

Value

Capital

Goods

(0.6%)

-

continued

Ingersoll-Rand

Services

Company,

Term

Loan

$

385,010

6.173%, 

(LIBOR

1M

+

1.750%),

2/28/2027

d

$

381,403

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

467,681

7.370%, 

(LIBOR

1M

+

3.250%),

4/3/2024

d

456,054

Quikrete

Holdings,

Inc.,

Term

Loan

235,000

0.000%, 

(LIBOR

1M

+

2.625%),

1/31/2027

b,c,d

232,063

528,094

7.384%, 

(LIBOR

1M

+

3.000%),

3/18/2029

d

523,309

Smyrna

Ready

Mix

Concrete,

LLC,

Term

Loan

233,872

8.673%, 

(TSFR1M

+

4.250%),

4/1/2029

d,e

228,610

TK

Elevator

US

Newco,

Inc.,

Term

Loan

394,000

0.000%, 

(LIBOR

6M

+

3.500%),

7/31/2027

b,c,d

378,488

TransDigm,

Inc.,

Term

Loan

913,792

6.980%, 

(LIBOR

3M

+

2.250%),

12/9/2025

b,c,d

901,529

Vertiv

Group

Corporation,

Term

Loan

385,018

7.119%, 

(LIBOR

1M

+

2.750%),

3/2/2027

b,c,d

370,741

Total

6,603,291

Communications

Services

(1.1%)

Altice

France

SA,

Term

Loan

802,000

8.650%, 

(LIBOR

2M

+

4.000%),

8/14/2026

d

744,192

CCI

Buyer,

Inc.,

Term

Loan

310,000

8.580%, 

(LIBOR

3M

+

4.000%),

12/17/2027

b,c,d

295,430

Cengage

Learning,

Inc.,

Term

Loan

256,500

7.814%, 

(LIBOR

3M

+

4.750%),

7/14/2026

d

230,129

Charter

Communications

Operating,

LLC,

Term

Loan

969,000

6.140%, 

(LIBOR

1M

+

1.750%),

2/1/2027

b,c,d

944,949

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

716,652

7.915%, 

(LIBOR

3M

+

3.500%),

8/21/2026

d

651,387

CMG

Media

Corporation,

Term

Loan

731,764

8.230%, 

(LIBOR

3M

+

3.500%),

12/17/2026

d

683,548

Connect

Finco

SARL,

Term

Loan

235,000

0.000%, 

(LIBOR

1M

+

3.500%),

12/12/2026

b,c,d

231,964

Crown

Subsea

Communications

Holding,

Inc.,

Term

Loan

234,459

8.870%, 

(LIBOR

1M

+

4.750%),

4/27/2027

d

228,207

CSC

Holdings,

LLC,

Term

Loan

772,000

6.818%, 

(LIBOR

1M

+

2.500%),

4/15/2027

d

687,080

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

11

Principal

Amount

Bank

Loans

(6.7%)

a

Value

Communications

Services

(1.1%)

-

continued

DIRECTV

Financing,

LLC,

Term

Loan

$

936,777

9.384%, 

(LIBOR

1M

+

5.000%),

8/2/2027

d

$

910,041

iHeartCommunications,

Inc.,

Term

Loan

393,286

7.384%, 

(LIBOR

1M

+

3.000%),

5/1/2026

d

359,735

Level

3

Financing,

Inc.,

Term

Loan

401,000

0.000%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b,c,d

383,456

Lumen

Technologies,

Inc.,

Term

Loan

802,000

0.000%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b,c,d

760,609

NEP

Group,

Inc.,

Term

Loan

256,481

7.634%, 

(LIBOR

1M

+

3.250%),

10/20/2025

d

219,612

Nexstar

Media,

Inc.,

Term

Loan

501,375

6.884%, 

(LIBOR

1M

+

2.500%),

9/18/2026

d

496,738

Playtika

Holding

Corporation,

Term

Loan

310,000

0.000%, 

(LIBOR

1M

+

2.750%),

3/11/2028

b,c,d

295,309

Radiate

Holdco,

LLC,

Term

Loan

257,000

0.000%, 

(LIBOR

1M

+

3.250%),

9/25/2026

b,c,d

207,823

RLG

Holdings,

LLC,

Term

Loan

248,957

8.384%, 

(LIBOR

1M

+

4.000%),

7/8/2028

d

233,813

SBA

Senior

Finance

II,

LLC,

Term

Loan

765,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b,c,d

761,603

Univision

Communications,

Inc.,

Term

Loan

460,196

7.634%, 

(LIBOR

1M

+

3.250%),

1/31/2029

d

445,433

UPC

Financing

Partnership,

Term

Loan

235,000

0.000%, 

(LIBOR

1M

+

3.000%),

1/31/2029

b,c,d

229,125

Virgin

Media

Bristol,

LLC,

Term

Loan

583,000

0.000%, 

(LIBOR

1M

+

2.500%),

1/31/2028

b,c,d

572,383

Zayo

Group

Holdings,

Inc.,

Term

Loan

756,320

7.384%, 

(LIBOR

1M

+

3.000%),

3/9/2027

d

610,509

Ziggo

Financing

Partnership,

Term

Loan

394,000

0.000%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b,c,d

383,535

Total

11,566,610

Consumer

Cyclical

(1.3%)

1011778

B.C.,

LLC,

Term

Loan

958,529

6.165%, 

(LIBOR

3M

+

1.750%),

11/19/2026

d

940,557

Principal

Amount

Bank

Loans

(6.7%)

a

Value

Consumer

Cyclical

(1.3%)

-

continued

AlixPartners,

LLP,

Term

Loan

$

273,000

0.000%, 

(LIBOR

1M

+

2.750%),

2/4/2028

b,c,d

$

270,368

Allied

Universal

Holdco,

LLC,

Term

Loan

961,000

8.173%, 

(LIBOR

1M

+

3.750%),

5/14/2028

b,c,d

911,153

Alterra

Mountain

Company,

Term

Loan

303,000

0.000%, 

(LIBOR

1M

+

3.500%),

8/17/2028

b,c,d

298,646

Amentum

Government

Services

Holdings,

LLC,

Term  Loan

386,000

0.000%, 

(TSFR1M

+

4.000%),

2/15/2029

b,c,d

375,265

Arches

Buyer,

Inc.,

Term

Loan

167,000

7.634%, 

(LIBOR

1M

+

3.250%),

12/6/2027

d

154,128

Caesars

Resort

Collection,

LLC,

Term

Loan

727,000

0.000%, 

(LIBOR

3M

+

2.750%),

12/22/2024

b,c,d

724,695

317,684

7.884%, 

(LIBOR

1M

+

3.500%),

7/20/2025

d

316,601

Carnival

Corporation,

Term

Loan

613,980

7.384%, 

(LIBOR

1M

+

3.000%),

6/30/2025

d

587,008

148,625

7.634%, 

(LIBOR

1M

+

3.250%),

10/18/2028

d

138,741

Clarios

Global,

LP,

Term

Loan

621,000

7.634%, 

(LIBOR

1M

+

3.250%),

4/30/2026

d

607,288

Crocs,

Inc.,

Term

Loan

394,000

0.000%, 

(TSFR1M

+

3.600%),

2/19/2029

b,c,d

385,628

Cushman

&

Wakefield

US

Borrower,

LLC,

Term

Loan

385,010

7.134%, 

(LIBOR

1M

+

2.750%),

8/21/2025

d

375,524

Delta

2

Lux

Sarl,

Term

Loan

568,000

7.573%, 

(TSFR1M

+

3.250%),

1/15/2030

b,c,d

567,290

Fertitta

Entertainment,

LLC/NV,

Term

Loan

235,000

0.000%, 

(TSFR1M

+

4.100%),

1/27/2029

b,c,d

222,987

Go

Daddy

Operating

Company,

LLC,

Term

Loan

378,000

0.000%, 

(TSFR1M

+

3.250%),

11/10/2029

b,c,d

377,002

Great

Outdoors

Group,

LLC,

Term

Loan

535,644

8.134%, 

(LIBOR

1M

+

3.750%),

3/5/2028

d

513,549

Harbor

Freight

Tools

USA,

Inc.,

Term

Loan

477,000

0.000%, 

(LIBOR

1M

+

2.750%),

10/19/2027

b,c,d

453,474

Hilton

Worldwide

Finance,

LLC,

Term

Loan

575,000

6.173%, 

(LIBOR

1M

+

1.750%),

6/21/2026

d

572,711

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

12

Principal

Amount

Bank

Loans

(6.7%)

a

Value

Consumer

Cyclical

(1.3%)

-

continued

IRB

Holding

Corporation,

Term

Loan

$

553,000

0.000%, 

(TSFR1M

+

3.100%),

12/15/2027

b,c,d

$

535,995

PetSmart,

LLC,

Term

Loan

756,320

8.130%, 

(LIBOR

1M

+

3.750%),

2/12/2028

d

738,592

Pilot

Travel

Centers,

LLC,

Term

Loan

651,000

0.000%, 

(TSFR1M

+

2.000%),

8/6/2028

b,c,d

642,700

Prime

Security

Services

Borrower,

LLC,

Term

Loan

770,360

6.505%, 

(LIBOR

3M

+

2.750%),

9/23/2026

b,c,d

762,733

Scientific

Games

Holdings,

LP,

Term

Loan

394,000

0.000%, 

(TSFR1M

+

3.500%),

4/4/2029

b,c,d

375,100

Scientific

Games

International,

Inc.,

Term

Loan

583,000

7.334%, 

(TSFR1M

+

3.100%),

4/14/2029

b,c,d

573,631

Staples,

Inc.,

Term

Loan

211,770

8.940%, 

(LIBOR

3M

+

4.500%),

9/12/2024

d

208,947

378,160

7.782%, 

(LIBOR

3M

+

5.000%),

4/12/2026

d

348,959

Stars

Group

Holdings

BV,

Term

Loan

227,000

6.980%, 

(LIBOR

1M

+

2.250%),

7/21/2026

b,c,d

223,500

UFC

Holdings,

LLC,

Term

Loan

386,000

0.000%, 

(LIBOR

1M

+

2.750%),

4/29/2026

b,c,d

380,426

Total

13,583,198

Consumer

Non-Cyclical

(0.9%)

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

754,424

7.967%, 

(TSFR1M

+

3.750%),

7/30/2028

d

709,475

Alltech,

Inc.,

Term

Loan

233,869

8.384%, 

(LIBOR

1M

+

4.000%),

10/15/2028

d

218,375

Bausch

+

Lomb

Corporation,

Term

Loan

604,481

7.842%, 

(TSFR1M

+

3.350%),

5/10/2027

b,c,d

573,882

Chobani,

LLC,

Term

Loan

241,405

7.884%, 

(LIBOR

1M

+

3.500%),

10/23/2027

d

236,173

DaVita,

Inc.,

Term

Loan

197,000

0.000%, 

(LIBOR

1M

+

1.750%),

8/12/2026

b,c,d

191,657

Elanco

Animal

Health,

Inc.,

Term

Loan

310,000

0.000%, 

(LIBOR

1M

+

1.750%),

8/1/2027

b,c,d

297,163

Froneri

U.S.,

Inc.,

Term

Loan

590,000

0.000%, 

(LIBOR

1M

+

2.250%),

1/31/2027

b,c,d

573,203

Principal

Amount

Bank

Loans

(6.7%)

a

Value

Consumer

Non-Cyclical

(0.9%)

-

continued

Gainwell

Acquisition

Corporation,

Term

Loan

$

1,033,522

8.730%, 

(LIBOR

3M

+

4.000%),

10/1/2027

d

$

967,635

Global

Medical

Response,

Inc.,

Term

Loan

286,670

8.422%, 

(LIBOR

1M

+

4.250%),

10/2/2025

d

199,775

ICON

Luxembourg

SARL,

Term

Loan

728,857

7.000%, 

(LIBOR

3M

+

2.250%),

7/1/2028

d

726,036

Jazz

Financing

Lux

SARL,

Term

Loan

765,000

0.000%, 

(LIBOR

1M

+

3.500%),

5/5/2028

b,c,d

757,228

LifePoint

Health,

Inc.,

Term

Loan

333,000

0.000%, 

(LIBOR

1M

+

3.750%),

11/16/2025

b,c,d

313,187

Medline

Borrower,

LP,

Term

Loan

1,396,482

7.634%, 

(LIBOR

1M

+

3.250%),

10/21/2028

b,c,d

1,325,234

Naked

Juice,

LLC,

Term

Loan

279,298

7.830%, 

(LIBOR

3M

+

3.250%),

1/24/2029

d

249,117

Organon

&

Company,

Term

Loan

765,000

7.750%, 

(LIBOR

3M

+

3.000%),

6/2/2028

d

756,394

Phoenix

Newco,

Inc.,

Term

Loan

318,000

0.000%, 

(LIBOR

1M

+

3.250%),

11/15/2028

b,c,d

305,722

PRA

Health

Sciences,

Inc.,

Term

Loan

181,595

7.000%, 

(LIBOR

3M

+

2.250%),

7/1/2028

d

180,892

Reynolds

Consumer

Products,

LLC,

Term

Loan

462,000

0.000%, 

(LIBOR

1M

+

1.750%),

2/4/2027

b,c,d

457,740

Select

Medical

Corporation,

Term

Loan

386,000

6.890%, 

(LIBOR

1M

+

2.500%),

3/6/2025

d

377,508

WP

CityMD

Bidco,

LLC,

Term

Loan

377,050

7.634%, 

(LIBOR

1M

+

3.250%),

12/23/2028

d

376,138

Total

9,792,534

Energy

(0.1%)

Buckeye

Partners,

LP,

Term

Loan

386,000

0.000%, 

(LIBOR

1M

+

2.250%),

11/1/2026

b,c,d

383,456

CQP

Holdco,

LP,

Term

Loan

769,929

8.480%, 

(LIBOR

3M

+

3.750%),

6/4/2028

d

765,333

GIP

II

Blue

Holding,

LP,

Term

Loan

226,896

9.230%, 

(LIBOR

3M

+

4.500%),

9/29/2028

d

224,579

Total

1,373,368

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

13

Principal

Amount

Bank

Loans

(6.7%)

a

Value

Financials

(0.5%)

Acrisure,

LLC,

Term

Loan

$

363,000

0.000%, 

(LIBOR

1M

+

3.500%),

2/15/2027

b,c,d

$

339,859

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

151,000

0.000%, 

(LIBOR

1M

+

3.250%),

5/10/2025

b,c,d

148,848

AmWINS

Group,

Inc.,

Term

Loan

581,517

6.634%, 

(LIBOR

1M

+

2.250%),

2/19/2028

d

570,434

Asurion,

LLC,

Term

Loan

392,000

7.634%, 

(LIBOR

1M

+

3.250%),

12/23/2026

d

348,637

339,766

7.634%, 

(LIBOR

1M

+

3.250%),

7/31/2027

d

296,659

Deerfield

Dakota

Holding,

LLC,

Term

Loan

158,593

8.073%, 

(LIBOR

1M

+

3.750%),

4/9/2027

d

147,839

Edelman

Financial

Engines

Center,

LLC,

Term

Loan

158,598

7.884%, 

(LIBOR

1M

+

3.500%),

4/7/2028

d

147,615

First

Eagle

Holdings,

Inc.,

Term

Loan

158,580

7.230%, 

(LIBOR

3M

+

2.500%),

2/2/2027

b,c,d

154,378

FleetCor

Technologies

Operating

Company,

LLC,

Term  Loan

310,000

0.000%, 

(LIBOR

1M

+

1.750%),

4/30/2028

b,c,d

306,416

Howden

Group

Holdings,

Ltd.,

Term

Loan

158,595

0.000%, 

(LIBOR

1M

+

3.250%),

11/12/2027

b,c,d

154,205

HUB

International,

Ltd.,

Term

Loan

659,000

0.000%, 

(LIBOR

3M

+

3.000%),

4/25/2025

b,c,d

651,039

Hudson

River

Trading,

LLC,

Term

Loan

167,000

0.000%, 

(TSFR1M

+

3.100%),

3/18/2028

b,c,d

157,636

Jane

Street

Group,

LLC,

Term

Loan

309,211

7.134%, 

(LIBOR

1M

+

2.750%),

1/26/2028

d

299,644

Trans

Union,

LLC,

Term

Loan

575,000

0.000%, 

(LIBOR

1M

+

2.250%),

12/1/2028

b,c,d

568,612

USI,

Inc./NY,

Term

Loan

575,000

0.000%, 

(TSFR1M

+

3.750%),

11/22/2029

b,c,d

568,842

VFH

Parent,

LLC,

Term

Loan

235,000

7.321%, 

(TSFR1M

+

3.100%),

1/13/2029

b,c,d

228,303

Total

5,088,966

Technology

(1.4%)

AthenaHealth

Group,

Inc.,

Delayed

Draw

121,594

7.823%, 

(LIBOR

1M

+

3.500%),

2/15/2029

b,c,d

109,479

Principal

Amount

Bank

Loans

(6.7%)

a

Value

Technology

(1.4%)

-

continued

AthenaHealth

Group,

Inc.,

Term

Loan

$

713,820

7.821%, 

(PRIME

+

3.500%),

2/15/2029

d

$

642,695

Boxer

Parent

Company,

Inc.,

Term

Loan

588,278

8.134%, 

(LIBOR

1M

+

3.750%),

10/2/2025

b,c,d

562,276

Central

Parent,

Inc.,

Term

Loan

689,000

0.000%, 

(TSFR3M

+

4.500%),

7/6/2029

b,c,d

681,951

Coherent

Corporation,

Term

Loan

378,142

7.134%, 

(LIBOR

1M

+

2.750%),

7/1/2029

b,c,d

373,321

CommScope,

Inc.,

Term

Loan

701,565

7.634%, 

(LIBOR

1M

+

3.250%),

4/4/2026

d

659,647

Cornerstone

OnDemand,

Inc.,

Term

Loan

422,935

8.134%, 

(LIBOR

1M

+

3.750%),

10/15/2028

d

376,412

Dcert

Buyer,

Inc.,

Term

Loan

469,000

0.000%, 

(LIBOR

3M

+

4.000%),

10/16/2026

b,c,d

452,416

Dun

&

Bradstreet

Corporation,

Term

Loan

462,000

0.000%, 

(LIBOR

1M

+

3.250%),

2/8/2026

b,c,d

456,969

Entegris,

Inc.,

Term

Loan

379,000

0.000%, 

(TSFR1M

+

3.000%),

7/6/2029

b,c,d

377,579

Gen

Digital,

Inc.,

Term

Loan

500,000

0.000%, 

(TSFR1M

+

2.100%),

9/12/2029

b,c,d

490,730

Genesys

Cloud

Services

Holdings

II,

LLC,

Term

Loan

386,000

0.000%, 

(LIBOR

1M

+

4.000%),

12/1/2027

b,c,d

369,838

Hyland

Software,

Inc.,

Term

Loan

260,320

7.884%, 

(LIBOR

1M

+

3.500%),

7/1/2024

d

256,481

Informatica,

LLC,

Term

Loan

385,030

7.188%, 

(LIBOR

1M

+

2.750%),

10/29/2028

d

376,944

Ingram

Micro,

Inc.,

Term

Loan

386,000

0.000%, 

(LIBOR

1M

+

3.500%),

7/2/2028

b,c,d

379,245

Magenta

Buyer,

LLC,

Term

Loan

416,000

9.170%, 

(LIBOR

1M

+

4.750%),

7/27/2028

b,c,d

354,120

McAfee

Corporation,

Term

Loan

795,000

0.000%, 

(TSFR1M

+

3.850%),

3/1/2029

b,c,d

738,070

Mitchell

International,

Inc.,

Term

Loan

482,784

8.415%, 

(LIBOR

3M

+

3.750%),

10/15/2028

d

443,775

MKS

Instruments,

Inc.,

Term

Loan

694,260

7.171%, 

(TSFR1M

+

2.750%),

8/17/2029

d

684,714

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

14

Principal

Amount

Bank

Loans

(6.7%)

a

Value

Technology

(1.4%)

-

continued

Open

Text

Corporation,

Term

Loan

$

597,000

0.000%, 

(TSFR1M

+

3.600%),

11/16/2029

b,c,d

$

582,523

Peraton

Corporation,

Term

Loan

1,200,888

8.134%, 

(LIBOR

1M

+

3.750%),

2/1/2028

d

1,170,613

Polaris

Newco,

LLC,

Term

Loan

696,000

0.000%, 

(LIBOR

1M

+

4.000%),

6/4/2028

b,c,d

633,611

Proofpoint,

Inc.,

Term

Loan

513,703

7.985%, 

(LIBOR

3M

+

3.250%),

8/31/2028

d

492,867

Rackspace

Technology

Global,

Inc.,

Term

Loan

354,568

7.380%, 

(LIBOR

3M

+

2.750%),

2/9/2028

d

220,314

RealPage,

Inc.,

Term

Loan

394,000

0.000%, 

(LIBOR

1M

+

3.250%),

4/22/2028

b,c,d

373,906

SS&C

Technologies,

Inc.,

Term

Loan

128,367

6.134%, 

(LIBOR

1M

+

1.750%),

4/16/2025

d

125,996

95,180

6.134%, 

(LIBOR

1M

+

1.750%),

4/16/2025

d

93,422

150,880

6.134%, 

(LIBOR

1M

+

1.750%),

4/16/2025

d

148,050

Tempo

Acquisition,

LLC,

Term

Loan

378,000

7.334%, 

(TSFR1M

+

3.000%),

8/31/2028

b,c,d

376,488

TIBCO

Software,

Inc.,

Term

Loan

416,000

0.000%, 

(TSFR3M

+

4.600%),

3/30/2029

b,c,d

370,760

UKG,

Inc.,

Term

Loan

825,000

0.000%, 

(LIBOR

1M

+

3.250%),

5/3/2026

b,c,d

783,750

Verscend

Holding

Corporation,

Term

Loan

566,562

8.384%, 

(LIBOR

1M

+

4.000%),

8/27/2025

d

561,809

Total

14,720,771

Transportation

(0.4%)

AAdvantage

Loyalty

IP,

Ltd.,

Term

Loan

930,274

8.993%, 

(LIBOR

3M

+

4.750%),

4/20/2028

d

925,185

Air

Canada,

Term

Loan

732,068

8.130%, 

(LIBOR

3M

+

3.500%),

8/11/2028

d

722,002

Brown

Group

Holding,

LLC,

Term

Loan

310,000

0.000%, 

(LIBOR

1M

+

2.500%),

6/7/2028

b,c,d

303,843

Genesee

&

Wyoming,

Inc.,

Term

Loan

384,734

6.730%, 

(LIBOR

3M

+

2.000%),

12/30/2026

d

382,233

SkyMiles

IP,

Ltd.,

Term

Loan

817,493

7.993%, 

(LIBOR

3M

+

3.750%),

10/20/2027

b,c,d

832,208

Principal

Amount

Bank

Loans

(6.7%)

a

Value

Transportation

(0.4%)

-

continued

United

Airlines,

Inc.,

Term

Loan

$

1,102,669

8.108%, 

(LIBOR

3M

+

3.750%),

4/21/2028

d

$

1,086,747

XPO,

Inc.,

Term

Loan

386,000

0.000%, 

(LIBOR

1M

+

1.750%),

2/23/2025

b,c,d

383,889

Total

4,636,107

Utilities

(0.1%)

PG&E

Corporation,

Term

Loan

565,905

7.438%, 

(LIBOR

1M

+

3.000%),

6/23/2025

b,c,d

560,778

Total

560,778

Total

Bank

Loans

(cost

$72,478,125)

71,033,522

Principal

Amount

Long-Term

Fixed

Income

(

62.0%

)

Value

Asset-Backed

Securities

(5.2%)

510

Asset

Backed

Trust

800,000

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

f,g

670,278

1,511,950

2.116%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A1

f,g

1,355,414

775,000

4.090%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A2

f,g

650,070

522

Funding

CLO,

Ltd.

1,325,000

6.643%, 

(LIBOR

3M

+

2.400%),

4/20/2030,

Ser.

2019-4A,

Class

CR

d,f

1,265,901

720

East

CLO

I,

Ltd.

1,700,000

8.825%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

d,f

1,686,371

Affirm

Asset

Securitization

Trust

1,150,000

4.300%, 

5/17/2027,

Ser.

2022-A,

Class

1A

f

1,092,767

Amur

Equipment

Finance

Receivables

XI,

LLC

1,125,000

5.300%, 

6/21/2028,

Ser.

2022-2A,

Class

A2

f

1,112,582

Anchorage

Capital

CLO

21,

Ltd.

1,225,000

6.643%, 

(LIBOR

3M

+

2.400%),

10/20/2034,

Ser.

2021-21A,

Class

C

d,f

1,148,762

Ares

XL

CLO,

Ltd.

1,200,000

6.879%, 

(LIBOR

3M

+

2.800%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

d,f

1,094,629

Babson

CLO,

Ltd.

2,900,000

7.143%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

d,f

2,691,786

Bankers

Healthcare

Group

Securitization

Trust

1,025,967

5.280%, 

10/17/2035,

Ser.

2022-C,

Class

A

f

1,017,506

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

15

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Asset-Backed

Securities

(5.2%)

-

continued

Barings

CLO,

Ltd.

$

600,000

7.393%, 

(LIBOR

3M

+

3.150%),

1/20/2032,

Ser.

2016-2A,

Class

DR2

d,f

$

557,640

Benefit

Street

Partners

CLO

II,

Ltd.

1,000,000

5.979%, 

(LIBOR

3M

+

1.900%),

7/15/2029,

Ser.

2013-IIA,

Class

BR2

d,f

965,000

Benefit

Street

Partners

CLO,

Ltd.

700,000

6.229%, 

(LIBOR

3M

+

2.150%),

7/15/2032,

Ser.

2019-17A,

Class

CR

d,f

659,887

Business

Jet

Securities,

LLC

277,961

2.981%, 

11/15/2035,

Ser.

2020-1A,

Class

A

f

253,178

1,234,378

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

f

1,125,809

CarVal

CLO

VIII-C,

Ltd.

1,000,000

7.045%, 

(TSFR3M

+

3.000%),

10/22/2035,

Ser.

2022-2A,

Class

B1

d,f

991,869

CarVal

CLO,

Ltd.

1,700,000

4.880%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

d,f

1,647,841

Dewolf

Park

CLO,

Ltd.

1,000,000

6.929%, 

(LIBOR

3M

+

2.850%),

10/15/2030,

Ser.

2017-1A,

Class

DR

d,f

900,254

Dryden

36

Senior

Loan

Fund

1,025,000

6.129%, 

(LIBOR

3M

+

2.050%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

d,f

979,832

FirstKey

Homes

Trust

1,400,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

f

1,226,244

Galaxy

XIX

CLO,

Ltd.

500,000

6.175%, 

(LIBOR

3M

+

1.850%),

7/24/2030,

Ser.

2015-19A,

Class

BRR

d,f

462,740

Harley

Marine

Financing,

LLC

1,713,945

6.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

f

1,676,139

Invesco

CLO,

Ltd.

250,000

5.975%, 

(LIBOR

3M

+

1.650%),

10/22/2034,

Ser.

2021-3A,

Class

B

d,f

239,236

Longfellow

Place

CLO,

Ltd.

2,000,000

6.379%, 

(LIBOR

3M

+

2.300%),

4/15/2029,

Ser.

2013-1A,

Class

CR3

d,f

1,902,116

Madison

Park

Funding

XXI,

Ltd.

1,200,000

6.279%, 

(LIBOR

3M

+

2.200%),

10/15/2032,

Ser.

2016-21A,

Class

BRR

d,f

1,133,756

Mountain

View

CLO,

Ltd.

500,000

6.429%, 

(LIBOR

3M

+

2.350%),

10/16/2029,

Ser.

2017-1A,

Class

CR

d,f

474,875

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Asset-Backed

Securities

(5.2%)

-

continued

Neuberger

Berman

CLO,

Ltd.

$

1,650,000

7.079%, 

(LIBOR

3M

+

3.000%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

d,f

$

1,503,769

OCP

CLO,

Ltd.

1,350,000

6.079%, 

(LIBOR

3M

+

2.000%),

7/15/2030,

Ser.

2017-13A,

Class

BR

d,f

1,259,499

OZLM

VIII,

Ltd.

1,400,000

5.729%, 

(LIBOR

3M

+

1.650%),

10/17/2029,

Ser.

2014-8A,

Class

A2R3

d,f

1,345,830

Pagaya

AI

Technology

in

Housing

Trust

1,700,000

4.250%, 

8/25/2025,

Ser.

2022-1,

Class

B

f

1,570,829

PPM

CLO

6,

Ltd.

1,500,000

9.075%, 

(TSFR3M

+

4.500%),

1/20/2031,

Ser.

2022-6A,

Class

C

d,f

1,485,827

Pretium

Mortgage

Credit

Partners,

LLC

1,900,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

f,g

1,712,449

1,250,000

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

f,g

982,636

1,300,000

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

f,g

1,054,400

Progress

Residential

Trust

2,350,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

f

2,098,118

Renaissance

Home

Equity

Loan

Trust

1,429,635

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

g

567,595

Saxon

Asset

Securities

Trust

567,623

3.275%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

d

484,633

Sculptor

CLO,

Ltd.

950,000

6.643%, 

(LIBOR

3M

+

2.400%),

1/20/2035,

Ser.

28A,

Class

C

d,f

889,332

Stratus

CLO,

Ltd.

1,450,000

7.675%, 

(TSFR3M

+

3.050%),

10/20/2031,

Ser.

2022-3A,

Class

B

d,f

1,445,620

TCI-Flatiron

CLO,

Ltd.

2,400,000

5.964%, 

(TSFR3M

+

2.100%),

1/17/2032,

Ser.

2016-1A,

Class

CR3

d,f

2,270,618

VCAT

Asset

Securitization,

LLC

350,000

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

f,g

316,516

Vericrest

Opportunity

Loan

Transferee

1,250,000

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

f,g

1,040,167

1,550,000

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

f,g

1,325,488

1,100,000

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

f,g

879,399

325,000

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

f,g

237,049

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Asset-Backed

Securities

(5.2%)

-

continued

$

1,675,000

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

f,g

$

1,438,545

400,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

f,g

363,525

Whitebox

CLO

III,

Ltd.

1,225,000

6.279%, 

(LIBOR

3M

+

2.200%),

10/15/2034,

Ser.

2021-3A,

Class

C

d,f

1,155,149

Wind

River

CLO,

Ltd.

950,000

6.243%, 

(LIBOR

3M

+

2.000%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

d,f

899,517

Total

55,308,992

Basic

Materials

(1.0%)

Alcoa

Nederland

Holding

BV

555,000

5.500%, 

12/15/2027

f

534,832

Anglo

American

Capital

plc

200,000

3.875%, 

3/16/2029

f

179,557

ATI,

Inc.,

Convertible

275,000

3.500%, 

6/15/2025

552,475

Cascades

USA,

Inc.

285,000

5.125%, 

1/15/2026

f

259,282

Chemours

Company

465,000

5.750%, 

11/15/2028

f

417,677

Cleveland-Cliffs,

Inc.

410,000

5.875%, 

6/1/2027

h

391,683

210,000

4.625%, 

3/1/2029

f,h

186,375

Consolidated

Energy

Finance

SA

665,000

5.625%, 

10/15/2028

f

565,035

Ecolab,

Inc.

174,000

2.125%, 

2/1/2032

138,894

EverArc

Escrow

Sarl

352,000

5.000%, 

10/30/2029

f

288,640

First

Quantum

Minerals,

Ltd.

739,000

6.875%, 

10/15/2027

f

693,347

Freeport-McMoRan,

Inc.

413,000

4.625%, 

8/1/2030

384,666

Glencore

Funding,

LLC

196,000

4.000%, 

3/27/2027

f

184,970

Hecla

Mining

Company

160,000

7.250%, 

2/15/2028

157,541

Hudbay

Minerals,

Inc.

370,000

4.500%, 

4/1/2026

f

336,086

Innophos

Holdings,

Inc.

180,000

9.375%, 

2/15/2028

f

175,950

LYB

International

Finance

III,

LLC

180,000

1.250%, 

10/1/2025

160,579

Mercer

International,

Inc.

184,000

5.125%, 

2/1/2029

153,826

Methanex

Corporation

478,000

4.250%, 

12/1/2024

457,702

Mosaic

Company

300,000

4.050%, 

11/15/2027

282,474

Novelis

Corporation

150,000

3.250%, 

11/15/2026

f

134,476

210,000

4.750%, 

1/30/2030

f

186,179

150,000

3.875%, 

8/15/2031

f

122,459

Nutrien,

Ltd.

273,000

4.000%, 

12/15/2026

262,479

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Basic

Materials

(1.0%)

-

continued

OCI

NV

$

264,000

4.625%, 

10/15/2025

f

$

250,158

Olin

Corporation

670,000

5.125%, 

9/15/2027

633,150

SCIL

USA

Holdings,

LLC

450,000

5.375%, 

11/1/2026

f

381,375

Sherwin-Williams

Company

139,000

4.250%, 

8/8/2025

136,574

SPCM

SA

392,000

3.375%, 

3/15/2030

f

315,560

SunCoke

Energy,

Inc.

435,000

4.875%, 

6/30/2029

f

373,399

Taseko

Mines,

Ltd.

310,000

7.000%, 

2/15/2026

f

272,595

Unifrax

Escrow

Issuer

Corporation

358,000

5.250%, 

9/30/2028

f

288,071

United

States

Steel

Corporation

468,000

6.875%, 

3/1/2029

h

454,262

United

States

Steel

Corporation,

Convertible

361,000

5.000%, 

11/1/2026

722,000

Westlake

Corporation

130,000

3.600%, 

8/15/2026

122,149

Total

11,156,477

Capital

Goods

(2.0%)

Advanced

Drainage

Systems,

Inc.

430,000

6.375%, 

6/15/2030

f

417,814

AECOM

605,000

5.125%, 

3/15/2027

582,312

Amsted

Industries,

Inc.

410,000

5.625%, 

7/1/2027

f

388,951

ARD

Finance

SA

138,000

6.500%, 

6/30/2027

f

95,983

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

400,000

5.250%, 

8/15/2027

f

299,097

206,000

5.250%, 

8/15/2027

f

154,035

Boeing

Company

366,000

4.875%, 

5/1/2025

363,198

222,000

2.196%, 

2/4/2026

201,701

197,000

3.250%, 

3/1/2028

176,087

293,000

5.150%, 

5/1/2030

285,862

Bombardier,

Inc.

427,000

7.125%, 

6/15/2026

f

414,281

424,000

7.875%, 

4/15/2027

f,h

411,270

330,000

6.000%, 

2/15/2028

f

305,158

Builders

FirstSource,

Inc.

250,000

5.000%, 

3/1/2030

f

221,520

Canpack

SA/Canpack

US

LLC

500,000

3.125%, 

11/1/2025

f

438,090

Carrier

Global

Corporation

265,000

2.722%, 

2/15/2030

223,102

Chart

Industries,

Inc.

149,000

7.500%, 

1/1/2030

f

149,788

Chart

Industries,

Inc.,

Convertible

286,000

1.000%, 

11/15/2024

f

567,996

Clydesdale

Acquisition

Holdings,

Inc.

58,000

6.625%, 

4/15/2029

f

55,144

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Capital

Goods

(2.0%)

-

continued

$

116,000

8.750%, 

4/15/2030

f

$

99,293

CNH

Industrial

Capital,

LLC

89,000

1.950%, 

7/2/2023

87,482

Cornerstone

Building

Brands,

Inc.

298,000

6.125%, 

1/15/2029

f

209,863

Covert

Mergeco,

Inc.

296,000

4.875%, 

12/1/2029

f

242,504

CP

Atlas

Buyer,

Inc.

340,000

7.000%, 

12/1/2028

f,h

252,506

Crown

Cork

&

Seal

Company,

Inc.

377,000

7.375%, 

12/15/2026

388,125

General

Electric

Company

603,000

8.099%, 

(LIBOR

3M

+

3.330%),

3/15/2023

d,i

592,413

GFL

Environmental,

Inc.

311,000

4.000%, 

8/1/2028

f

265,905

617,000

3.500%, 

9/1/2028

f

542,443

Greenbrier

Companies,

Inc.,

Convertible

326,000

2.875%, 

4/15/2028

287,369

H&E

Equipment

Services,

Inc.

669,000

3.875%, 

12/15/2028

f

569,847

Herc

Holdings,

Inc.

330,000

5.500%, 

7/15/2027

f

307,807

Howmet

Aerospace,

Inc.

227,000

6.875%, 

5/1/2025

232,941

960,000

3.000%, 

1/15/2029

816,000

Huntington

Ingalls

Industries,

Inc.

196,000

4.200%, 

5/1/2030

177,895

Itron,

Inc.,

Convertible

562,000

Zero

Coupon, 

3/15/2026

460,166

JELD-WEN,

Inc.

176,000

4.625%, 

12/15/2025

f

147,365

John

Deere

Capital

Corporation

281,000

2.800%, 

7/18/2029

250,336

144,000

3.900%, 

6/7/2032

134,420

Kaman

Corporation,

Convertible

171,000

3.250%, 

5/1/2024

158,944

KBR,

Inc.,

Convertible

504,000

2.500%, 

11/1/2023

1,062,684

Lockheed

Martin

Corporation

130,000

4.950%, 

10/15/2025

130,939

Mauser

Packaging

Solutions

Holding

Company

310,000

5.500%, 

4/15/2024

f

301,428

470,000

7.250%, 

4/15/2025

f,h

434,617

MIWD

Holdco

II,

LLC

226,000

5.500%, 

2/1/2030

f

179,930

Nesco

Holdings

II,

Inc.

445,000

5.500%, 

4/15/2029

f

389,375

New

Enterprise

Stone

and

Lime

Company,

Inc.

509,000

5.250%, 

7/15/2028

f

451,977

OI

European

Group

BV

503,000

4.750%, 

2/15/2030

f

440,477

Otis

Worldwide

Corporation

230,000

2.056%, 

4/5/2025

215,193

Owens-Brockway

Glass

Container,

Inc.

155,000

5.875%, 

8/15/2023

f

153,897

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Capital

Goods

(2.0%)

-

continued

Pactiv

Evergreen

Group

$

305,000

4.375%, 

10/15/2028

f

$

272,487

Parker-Hannifin

Corporation

129,000

2.700%, 

6/14/2024

124,222

Patrick

Industries,

Inc.,

Convertible

197,000

1.000%, 

2/1/2023

195,148

255,000

1.750%, 

12/1/2028

208,126

PGT

Innovations,

Inc.

408,000

4.375%, 

10/1/2029

f

341,595

Raytheon

Technologies

Corporation

312,000

4.125%, 

11/16/2028

298,618

Republic

Services,

Inc.

131,000

3.950%, 

5/15/2028

124,434

Roller

Bearing

Company

of

America,

Inc.

86,000

4.375%, 

10/15/2029

f

74,364

SRM

Escrow

Issuer,

LLC

580,000

6.000%, 

11/1/2028

f

518,926

Textron,

Inc.

196,000

3.650%, 

3/15/2027

182,716

Titan

Acquisition,

Ltd.

160,000

7.750%, 

4/15/2026

f

144,094

TransDigm,

Inc.

390,000

6.250%, 

3/15/2026

f

384,614

1,289,000

5.500%, 

11/15/2027

1,210,435

United

Rentals

North

America,

Inc.

600,000

4.875%, 

1/15/2028

568,590

310,000

4.000%, 

7/15/2030

264,987

Victors

Merger

Corporation

194,000

6.375%, 

5/15/2029

f

106,700

Waste

Connections,

Inc.

70,000

3.200%, 

6/1/2032

60,049

Waste

Pro

USA,

Inc.

185,000

5.500%, 

2/15/2026

f

163,373

WESCO

Distribution,

Inc.

545,000

7.250%, 

6/15/2028

f

552,071

Total

21,531,079

Collateralized

Mortgage

Obligations

(4.2%)

Alternative

Loan

Trust

577,906

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

334,327

Banc

of

America

Alternative

Loan

Trust

621,853

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

528,530

Banc

of

America

Mortgage

Securities

Trust

441,248

3.870%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

d

393,296

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

102,705

5.230%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

d

94,983

CHL

Mortgage

Pass-Through

Trust

435,809

3.412%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

d

403,386

944,775

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

523,672

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Collateralized

Mortgage

Obligations

(4.2%)

-

continued

CHNGE

Mortgage

Trust

$

1,538,125

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

d,f

$

1,429,140

1,663,014

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

d,f

1,622,031

976,136

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

f,g

942,497

1,222,010

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

f,g

1,206,846

Citigroup

Mortgage

Loan

Trust,

Inc.

1,063,058

3.254%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

d

899,167

Colony

American

Finance,

Ltd.

1,350,000

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

f

1,227,616

Countrywide

Alternative

Loan

Trust

524,796

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

439,614

248,112

3.173%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

d

201,776

176,273

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

138,641

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

501,745

3.445%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

d

391,883

Credit

Suisse

Mortgage

Trust

1,007,076

6.392%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

d,f

979,779

621,861

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

d,f

509,350

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

803,982

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

720,586

352,321

2.565%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

d

309,164

Federal

Home

Loan

Mortgage

Corporation

1,799,020

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

204,438

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

3,222,497

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

3,108,542

6,510,146

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

j

593,938

292,076

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

j

8,036

1,129,911

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

44,480

1,044,660

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

j

46,564

1,563,557

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

j

72,969

531,355

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

j

23,174

1,134,409

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

j

48,552

1,785,729

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

j

80,074

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Collateralized

Mortgage

Obligations

(4.2%)

-

continued

$

1,584,809

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

$

170,545

1,133,343

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

j

107,640

1,922,695

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

113,176

Federal

National

Mortgage

Association

-

REMIC

1,742,544

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

1,701,929

3,539,486

4.000%, 

7/25/2052,

Ser.

2022-37,

Class

PE

3,395,570

1,827,549

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

73,488

1,272,464

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

46,737

2,393,206

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

81,513

1,156,005

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

j

53,046

3,438,078

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

168,914

1,757,405

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

70,404

889,602

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

37,133

2,336,176

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

93,326

788,524

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

j

28,304

769,652

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

j

36,412

488,758

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

j

24,225

1,657,597

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

60,058

1,511,427

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

139,429

1,659,604

4.500%, 

1/25/2046,

Ser.

2022-68,

Class

BA

1,630,562

First

Horizon

Alternative

Mortgage

Securities

Trust

193,667

3.921%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

d

177,286

210,204

3.705%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

d

188,259

Flagstar

Mortgage

Trust

587,147

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

d,f

509,986

GCAT

Trust

827,560

5.730%, 

8/25/2067,

Ser.

2022-NQM4,

Class

A3

f,g

790,844

Genworth

Mortgage

Insurance

Corporation

838,917

5.828%, 

(SOFR30A

+

1.900%),

2/25/2034,

Ser.

2021-3,

Class

M1A

d,f

835,058

GMAC

Mortgage

Corporation

Loan

Trust

314,081

3.169%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

d

270,207

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Collateralized

Mortgage

Obligations

(4.2%)

-

continued

Government

National

Mortgage

Association

$

373,351

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

j

$

13,564

Home

RE,

Ltd.

1,350,000

7.428%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

d,f

1,316,783

IndyMac

IMJA

Mortgage

Loan

Trust

946,157

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

439,319

J.P.

Morgan

Mortgage

Trust

847,076

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

d,f

658,801

88,687

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

87,824

451,111

3.381%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

d

350,421

Merrill

Lynch

Alternative

Note

Asset

Trust

897,482

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

365,991

MortgageIT

Trust

1,914,307

4.849%, 

(LIBOR

1M

+

0.460%),

6/25/2047,

Ser.

2007-1,

Class

1A1

d

1,536,281

Preston

Ridge

Partners

Mortgage

Trust,

LLC

425,000

3.474%, 

7/25/2026,

Ser.

2021-6,

Class

A2

f,g

351,368

Radnor

Re,

Ltd.

2,343,535

7.089%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

d,f

2,343,798

1,250,000

7.678%, 

(SOFR30A

+

3.750%),

9/25/2032,

Ser.

2022-1,

Class

M1A

d,f

1,237,701

Residential

Accredit

Loans,

Inc.

Trust

524,991

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

435,047

336,547

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

254,807

617,685

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

489,897

Residential

Asset

Securitization

Trust

351,295

2.627%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

d

324,636

1,134,584

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

1,063,617

Residential

Funding

Mortgage

Security

I

Trust

412,940

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

313,959

ROC

Securities

Trust

Series

1,400,000

2.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

d,f

1,311,403

Sequoia

Mortgage

Trust

551,971

3.182%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

d

379,252

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Collateralized

Mortgage

Obligations

(4.2%)

-

continued

Starwood

Mortgage

Residential

Trust

$

149,587

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

d,f

$

149,117

Structured

Adjustable

Rate

Mortgage

Loan

Trust

228,946

3.688%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

d

193,635

Toorak

Mortgage

Corporation,

Ltd.

789,870

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

f,g

762,901

Verus

Securitization

Trust

1,382,948

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

d,f

1,149,229

WaMu

Mortgage

Pass-Through

Certificates

216,278

2.422%, 

5/25/2033,

Ser.

2003-AR4,

Class

A7

d

204,177

Washington

Mutual

Mortgage

Pass-Through

Certificates

348,136

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

282,693

Total

44,347,323

Commercial

Mortgage-Backed

Securities

(0.6%)

BANK

2021-BNK36

1,000,000

2.470%, 

9/15/2064,

Ser.

2021-BN36,

Class

A5

815,152

BANK

2021-BNK37

1,325,000

2.618%, 

11/15/2064,

Ser.

2021-BN37,

Class

A5

d

1,090,836

BANK

2022-BNK39

1,700,000

2.928%, 

2/15/2055,

Ser.

2022-BNK39,

Class

A4

1,434,469

BBCMS

Mortgage

Trust

1,809,414

0.740%, 

2/15/2055,

Ser.

2022-C14,

Class

XA

d,j

78,453

5,996,851

1.152%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

d,j

484,364

900,000

2.689%, 

11/15/2054,

Ser.

2021-C12,

Class

A5

744,990

BFLD

Trust

1,250,000

6.018%, 

(LIBOR

1M

+

1.700%),

10/15/2035,

Ser.

2020-EYP,

Class

B

d,f

1,146,339

Silver

Hill

Trust

438,182

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

d,f

412,645

Total

6,207,248

Communications

Services

(2.5%)

Allen

Media,

LLC/Allen

Media

Co-

Issuer,

Inc.

359,000

10.500%, 

2/15/2028

f

136,420

Altice

Financing

SA

180,000

5.750%, 

8/15/2029

f

141,581

Altice

France

SA

130,000

8.125%, 

2/1/2027

f

118,414

485,000

5.125%, 

7/15/2029

f

363,625

410,000

5.500%, 

10/15/2029

f

312,637

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Communications

Services

(2.5%)

-

continued

American

Tower

Corporation

$

125,000

3.375%, 

5/15/2024

$

121,637

260,000

4.400%, 

2/15/2026

253,352

135,000

1.450%, 

9/15/2026

117,793

196,000

3.800%, 

8/15/2029

177,806

AT&T,

Inc.

407,000

4.300%, 

2/15/2030

383,230

Cable

One,

Inc.,

Convertible

655,000

1.125%, 

3/15/2028

486,665

CCO

Holdings,

LLC

325,000

5.500%, 

5/1/2026

f

314,633

620,000

5.125%, 

5/1/2027

f

577,883

255,000

5.000%, 

2/1/2028

f

231,537

214,000

6.375%, 

9/1/2029

f

201,104

16,000

4.750%, 

3/1/2030

f

13,799

695,000

4.500%, 

8/15/2030

f

574,178

588,000

4.750%, 

2/1/2032

f

476,692

360,000

4.250%, 

1/15/2034

f

265,696

Cengage

Learning,

Inc.

311,000

9.500%, 

6/15/2024

f,h

296,616

Charter

Communications

Operating,

LLC

227,000

4.500%, 

2/1/2024

224,319

139,000

4.908%, 

7/23/2025

136,234

196,000

5.050%, 

3/30/2029

184,404

Clear

Channel

Worldwide

Holdings,

Inc.

358,000

5.125%, 

8/15/2027

f

310,207

351,000

7.750%, 

4/15/2028

f,h

256,233

Comcast

Corporation

274,000

5.250%, 

11/7/2025

277,590

156,000

2.350%, 

1/15/2027

141,741

326,000

3.400%, 

4/1/2030

297,260

Consolidated

Communications,

Inc.

355,000

5.000%, 

10/1/2028

f

261,801

134,000

6.500%, 

10/1/2028

f

104,126

Crown

Castle

International

Corporation

218,000

2.900%, 

3/15/2027

198,283

CSC

Holdings,

LLC

760,000

5.375%, 

2/1/2028

f

612,750

460,000

6.500%, 

2/1/2029

f

376,050

349,000

4.125%, 

12/1/2030

f

246,335

Cumulus

Media

New

Holdings,

Inc.

179,000

6.750%, 

7/1/2026

f,h

150,360

Deutsche

Telekom

International

Finance

BV

368,000

8.750%, 

6/15/2030

433,967

DIRECTV

Holdings,

LLC

498,000

5.875%, 

8/15/2027

f

445,541

DISH

DBS

Corporation

153,000

5.875%, 

11/15/2024

142,173

184,000

5.250%, 

12/1/2026

f

154,990

145,000

7.375%, 

7/1/2028

102,587

259,000

5.750%, 

12/1/2028

f

206,714

234,000

5.125%, 

6/1/2029

150,956

Entercom

Media

Corporation

548,000

6.500%, 

5/1/2027

f

103,103

Frontier

Communications

Corporation

178,000

6.750%, 

5/1/2029

f

147,252

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Communications

Services

(2.5%)

-

continued

Frontier

Communications

Holdings,

LLC

$

450,000

5.875%, 

10/15/2027

f

$

417,857

109,000

8.750%, 

5/15/2030

f

110,826

GCI,

LLC

380,000

4.750%, 

10/15/2028

f

319,231

Gray

Escrow

II,

Inc.

800,000

5.375%, 

11/15/2031

f

576,520

Gray

Television,

Inc.

370,000

4.750%, 

10/15/2030

f

267,645

Hughes

Satellite

Systems

Corporation

200,000

6.625%, 

8/1/2026

186,548

iHeartCommunications,

Inc.

385,000

4.750%, 

1/15/2028

f

313,521

Iliad

Holding

SASU

544,000

6.500%, 

10/15/2026

f

504,535

Lamar

Media

Corporation

238,000

3.625%, 

1/15/2031

196,761

LCPR

Senior

Secured

Financing

DAC

297,000

6.750%, 

10/15/2027

f

277,695

Level

3

Financing,

Inc.

660,000

4.625%, 

9/15/2027

f

549,450

455,000

4.250%, 

7/1/2028

f

358,404

Liberty

Interactive,

LLC,

Convertible

374,000

1.750%, 

9/30/2046

f

362,032

Lumen

Technologies,

Inc.

300,000

5.125%, 

12/15/2026

f,h

260,790

Magallanes,

Inc.

148,000

3.638%, 

3/15/2025

f

140,742

348,000

4.054%, 

3/15/2029

f

301,062

145,000

4.279%, 

3/15/2032

f

119,446

Meta

Platforms,

Inc.

137,000

3.500%, 

8/15/2027

127,684

Netflix,

Inc.

290,000

4.875%, 

4/15/2028

280,020

NTT

Finance

Corporation

156,000

1.162%, 

4/3/2026

f

137,959

Omnicom

Group,

Inc.

196,000

4.200%, 

6/1/2030

182,762

Paramount

Global

315,000

6.375%, 

3/30/2062

d

257,515

129,000

4.750%, 

5/15/2025

126,998

Playtika

Holding

Corporation

357,000

4.250%, 

3/15/2029

f

280,227

Radiate

Holdco,

LLC

210,000

6.500%, 

9/15/2028

f

87,993

Rogers

Communications,

Inc.

250,000

5.250%, 

3/15/2082

d,f,h

220,602

Scripps

Escrow

II,

Inc.

165,000

3.875%, 

1/15/2029

f

132,413

205,000

5.375%, 

1/15/2031

f,h

164,309

Scripps

Escrow,

Inc.

250,000

5.875%, 

7/15/2027

f

223,125

Sinclair

Television

Group,

Inc.

681,000

5.500%, 

3/1/2030

f

476,176

Sirius

XM

Radio,

Inc.

495,000

5.000%, 

8/1/2027

f

457,559

275,000

4.000%, 

7/15/2028

f

239,333

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Communications

Services

(2.5%)

-

continued

Sprint

Capital

Corporation

$

667,000

6.875%, 

11/15/2028

$

692,306

795,000

8.750%, 

3/15/2032

946,130

Sprint

Corporation

763,000

7.625%, 

2/15/2025

787,671

Take-Two

Interactive

Software,

Inc.

284,000

3.300%, 

3/28/2024

277,359

TEGNA,

Inc.

697,000

4.625%, 

3/15/2028

661,941

Telesat

Canada

205,000

4.875%, 

6/1/2027

f

92,069

75,000

6.500%, 

10/15/2027

f

21,694

T-Mobile

USA,

Inc.

151,000

3.500%, 

4/15/2025

145,217

60,000

2.875%, 

2/15/2031

49,580

United

States

Cellular

Corporation

330,000

6.700%, 

12/15/2033

291,126

Uniti

Group,

Inc.,

Convertible

101,000

7.500%, 

12/1/2027

f

93,173

Uniti

Group,

LP

570,000

4.750%, 

4/15/2028

f

456,000

Univision

Communications,

Inc.

665,000

6.625%, 

6/1/2027

f

641,599

Verizon

Communications,

Inc.

260,000

2.100%, 

3/22/2028

225,648

196,000

3.150%, 

3/22/2030

172,841

346,000

2.550%, 

3/21/2031

284,536

311,000

2.355%, 

3/15/2032

246,530

Vodafone

Group

plc

300,000

7.000%, 

4/4/2079

d

301,629

VTR

Finance

NV

250,000

6.375%, 

7/15/2028

f

95,074

VZ

Secured

Financing

BV

573,000

5.000%, 

1/15/2032

f

465,632

Walt

Disney

Company

130,000

3.800%, 

3/22/2030

121,163

YPSO

Finance

BIS

SA

189,000

10.500%, 

5/15/2027

f

144,112

Total

27,101,044

Consumer

Cyclical

(3.5%)

1011778

B.C.,

ULC

560,000

4.375%, 

1/15/2028

f

501,427

Allied

Universal

Finance

Corporation

260,000

4.625%, 

6/1/2028

f

210,793

Allied

Universal

Holdco,

LLC

195,000

6.625%, 

7/15/2026

f

178,425

300,000

4.625%, 

6/1/2028

f

247,779

379,000

6.000%, 

6/1/2029

f

275,063

Allison

Transmission,

Inc.

80,000

4.750%, 

10/1/2027

f

74,187

535,000

3.750%, 

1/30/2031

f

440,037

Amazon.com,

Inc.

263,000

1.650%, 

5/12/2028

225,784

131,000

1.500%, 

6/3/2030

105,264

274,000

4.700%, 

12/1/2032

271,212

American

Axle

&

Manufacturing,

Inc.

699,000

6.500%, 

4/1/2027

h

630,486

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Consumer

Cyclical

(3.5%)

-

continued

Arko

Corporation

$

255,000

5.125%, 

11/15/2029

f

$

200,226

Ashton

Woods

USA,

LLC

240,000

4.625%, 

8/1/2029

f

192,175

200,000

4.625%, 

4/1/2030

f

160,522

Best

Buy

Company,

Inc.

131,000

1.950%, 

10/1/2030

103,653

Bloomin'

Brands,

Inc.,

Convertible

87,000

5.000%, 

5/1/2025

157,688

Boyd

Gaming

Corporation

370,000

4.750%, 

6/15/2031

f

321,900

Boyne

USA,

Inc.

285,000

4.750%, 

5/15/2029

f

252,238

Brookfield

Residential

Properties,

Inc.

400,000

6.250%, 

9/15/2027

f

355,240

Burlington

Stores,

Inc.,

Convertible

738,000

2.250%, 

4/15/2025

h

848,700

Caesars

Entertainment,

Inc.

655,000

6.250%, 

7/1/2025

f

636,447

190,000

8.125%, 

7/1/2027

f

186,685

408,000

4.625%, 

10/15/2029

f,h

332,034

Carnival

Corporation

426,000

10.500%, 

2/1/2026

f

428,028

351,000

7.625%, 

3/1/2026

f,h

278,201

634,000

5.750%, 

3/1/2027

f

452,701

174,000

4.000%, 

8/1/2028

f

141,881

Cedar

Fair,

LP

179,000

5.375%, 

4/15/2027

170,945

494,000

5.250%, 

7/15/2029

h

443,636

Churchill

Downs,

Inc.

245,000

4.750%, 

1/15/2028

f

219,243

Cinemark

USA,

Inc.

579,000

5.875%, 

3/15/2026

f,h

482,282

Clarios

Global,

LP

185,000

8.500%, 

5/15/2027

f

180,652

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

279,000

0.625%, 

6/15/2026

238,196

D.R.

Horton,

Inc.

75,000

2.600%, 

10/15/2025

69,827

Daimler

Finance

North

America,

LLC

191,000

1.450%, 

3/2/2026

f

170,847

Dana,

Inc.

395,000

5.625%, 

6/15/2028

h

359,318

Empire

Communities

Corporation

300,000

7.000%, 

12/15/2025

f

271,249

Expedia

Group,

Inc.

224,000

4.625%, 

8/1/2027

214,895

229,000

3.250%, 

2/15/2030

194,260

Expedia

Group,

Inc.,

Convertible

383,000

Zero

Coupon, 

2/15/2026

333,566

Ford

Motor

Company

1,041,000

3.250%, 

2/12/2032

780,689

385,000

6.100%, 

8/19/2032

355,493

Ford

Motor

Company,

Convertible

1,011,000

Zero

Coupon, 

3/15/2026

953,879

Ford

Motor

Credit

Company,

LLC

418,000

2.300%, 

2/10/2025

381,584

920,000

4.134%, 

8/4/2025

861,111

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Consumer

Cyclical

(3.5%)

-

continued

$

814,000

2.700%, 

8/10/2026

$

706,878

250,000

2.900%, 

2/10/2029

199,690

Forestar

Group,

Inc.

330,000

3.850%, 

5/15/2026

f

289,308

FTI

Consulting,

Inc.,

Convertible

500,000

2.000%, 

8/15/2023

786,500

General

Motors

Company

148,000

6.125%, 

10/1/2025

150,621

196,000

6.800%, 

10/1/2027

203,445

General

Motors

Financial

Company,

Inc.

311,000

3.950%, 

4/13/2024

304,872

158,000

1.200%, 

10/15/2024

146,271

199,000

2.900%, 

2/26/2025

188,484

149,000

2.750%, 

6/20/2025

139,479

270,000

5.700%, 

9/30/2030

d,i

228,521

Goodyear

Tire

&

Rubber

Company

250,000

5.000%, 

7/15/2029

h

208,537

185,000

5.250%, 

7/15/2031

151,319

Guitar

Center

Escrow

Issuer

II,

Inc.

122,000

8.500%, 

1/15/2026

f

100,267

Hanesbrands,

Inc.

352,000

4.875%, 

5/15/2026

f

314,537

Hilton

Domestic

Operating

Company,

Inc.

745,000

4.875%, 

1/15/2030

675,126

174,000

3.625%, 

2/15/2032

f

139,339

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

495,000

5.000%, 

6/1/2029

f

425,700

Home

Depot,

Inc.

214,000

3.250%, 

4/15/2032

190,154

Hyundai

Capital

America

105,000

1.800%, 

10/15/2025

f

94,439

196,000

3.000%, 

2/10/2027

f,h

175,894

134,000

2.100%, 

9/15/2028

f

109,979

International

Game

Technology

plc

510,000

5.250%, 

1/15/2029

f

475,248

Jacobs

Entertainment,

Inc.

228,000

6.750%, 

2/15/2029

f

205,800

KB

Home

360,000

4.800%, 

11/15/2029

313,052

Kohl's

Corporation

125,000

3.375%, 

5/1/2031

87,620

L

Brands,

Inc.

719,000

6.625%, 

10/1/2030

f

674,712

130,000

6.875%, 

11/1/2035

115,557

Lennar

Corporation

77,000

5.875%, 

11/15/2024

77,332

148,000

4.750%, 

5/30/2025

147,055

Lowe's

Companies,

Inc.

198,000

4.000%, 

4/15/2025

194,144

330,000

4.500%, 

4/15/2030

316,256

Macy's

Retail

Holdings,

LLC

365,000

5.875%, 

4/1/2029

f,h

323,172

Magic

MergerCo,

Inc.

277,000

5.250%, 

5/1/2028

f

222,855

Marriott

International,

Inc.

139,000

5.000%, 

10/15/2027

137,156

198,000

4.625%, 

6/15/2030

184,757

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Consumer

Cyclical

(3.5%)

-

continued

Marriott

Vacations

Worldwide

Corporation,  Convertible

$

573,000

Zero

Coupon, 

1/15/2026

$

558,675

Mattamy

Group

Corporation

324,000

5.250%, 

12/15/2027

f

287,334

McDonald's

Corporation

177,000

3.800%, 

4/1/2028

169,365

MGM

Resorts

International

844,000

5.750%, 

6/15/2025

820,263

NCL

Corporation,

Ltd.

435,000

3.625%, 

12/15/2024

f,h

371,646

120,000

5.875%, 

3/15/2026

f

94,256

173,000

5.875%, 

2/15/2027

f

149,870

Nissan

Motor

Company,

Ltd.

218,000

3.043%, 

9/15/2023

f

213,590

Nordstrom,

Inc.

201,000

4.250%, 

8/1/2031

143,735

O'Reilly

Automotive,

Inc.

196,000

3.900%, 

6/1/2029

182,471

PENN

Entertainment,

Inc.

370,000

4.125%, 

7/1/2029

f

292,301

PetSmart,

Inc./PetSmart

Finance

Corporation

480,000

4.750%, 

2/15/2028

f

434,643

439,000

7.750%, 

2/15/2029

f

412,306

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

738,000

5.750%, 

4/15/2026

f

710,325

328,000

6.250%, 

1/15/2028

f,h

298,532

Realogy

Group,

LLC

460,000

5.750%, 

1/15/2029

f

347,939

Royal

Caribbean

Cruises,

Ltd.

180,000

11.500%, 

6/1/2025

f

193,050

788,000

4.250%, 

7/1/2026

f

636,978

291,000

9.250%, 

1/15/2029

f,h

299,032

Scientific

Games

International,

Inc.

520,000

7.250%, 

11/15/2029

f

499,200

48,000

6.625%, 

3/1/2030

f

40,546

SeaWorld

Parks

and

Entertainment,

Inc.

168,000

5.250%, 

8/15/2029

f

146,277

Six

Flags

Theme

Parks,

Inc.

121,000

7.000%, 

7/1/2025

f

121,824

Staples,

Inc.

328,000

7.500%, 

4/15/2026

f

282,303

332,000

10.750%, 

4/15/2027

f,h

239,073

Station

Casinos,

LLC

304,000

4.625%, 

12/1/2031

f

243,861

Tapestry,

Inc.

134,000

3.050%, 

3/15/2032

104,293

Target

Corporation

131,000

2.350%, 

2/15/2030

111,198

Toyota

Motor

Credit

Corporation

196,000

1.900%, 

4/6/2028

170,418

164,000

4.450%, 

6/29/2029

160,567

Travel

+

Leisure

Company

302,000

6.625%, 

7/31/2026

f

295,435

Tripadvisor,

Inc.

90,000

7.000%, 

7/15/2025

f

88,923

Uber

Technologies,

Inc.

270,000

6.250%, 

1/15/2028

f,h

259,200

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Consumer

Cyclical

(3.5%)

-

continued

Vail

Resorts,

Inc.,

Convertible

$

684,000

Zero

Coupon, 

1/1/2026

h

$

634,410

VICI

Properties,

LP/VICI

Note

Company,

Inc.

395,000

4.625%, 

6/15/2025

f

378,706

486,000

5.750%, 

2/1/2027

f

473,734

407,000

3.750%, 

2/15/2027

f

369,452

Viking

Cruises,

Ltd.

264,000

5.875%, 

9/15/2027

f

215,203

Volkswagen

Group

of

America

Finance,

LLC

306,000

4.250%, 

11/13/2023

f

303,006

74,000

3.350%, 

5/13/2025

f

70,671

Wabash

National

Corporation

409,000

4.500%, 

10/15/2028

f

348,299

Walmart,

Inc.

279,000

3.950%, 

9/9/2027

275,147

Wyndham

Hotels

&

Resorts,

Inc.

195,000

4.375%, 

8/15/2028

f

174,954

Yum!

Brands,

Inc.

526,000

4.750%, 

1/15/2030

f

482,605

Total

37,400,140

Consumer

Non-Cyclical

(3.0%)

1375209

BC,

Ltd.

297,000

9.000%, 

1/30/2028

f

289,204

Abbott

Laboratories

410,000

1.400%, 

6/30/2030

325,688

AbbVie,

Inc.

690,000

3.600%, 

5/14/2025

668,711

Albertson's

Companies,

Inc.

537,000

4.625%, 

1/15/2027

f

498,803

546,000

3.500%, 

3/15/2029

f

458,088

Altria

Group,

Inc.

130,000

4.800%, 

2/14/2029

124,739

Anheuser-Busch

InBev

Worldwide,

Inc.

286,000

4.000%, 

4/13/2028

272,205

261,000

4.750%, 

1/23/2029

257,631

Aramark

Services,

Inc.

633,000

5.000%, 

2/1/2028

f

590,548

AstraZeneca

Finance,

LLC

306,000

1.750%, 

5/28/2028

262,654

AstraZeneca

plc

259,000

0.700%, 

4/8/2026

227,693

Avantor

Funding,

Inc.

364,000

4.625%, 

7/15/2028

f

330,745

B&G

Foods,

Inc.

179,000

5.250%, 

9/15/2027

137,273

BAT

Capital

Corporation

140,000

7.750%, 

10/19/2032

150,580

BAT

International

Finance

plc

149,000

1.668%, 

3/25/2026

132,022

Bausch

Health

Companies,

Inc.

162,000

5.500%, 

11/1/2025

f,h

137,622

355,000

4.875%, 

6/1/2028

f

225,795

383,000

11.000%, 

9/30/2028

f

298,680

Baxter

International,

Inc.

134,000

2.539%, 

2/1/2032

106,449

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Consumer

Non-Cyclical

(3.0%)

-

continued

Becton,

Dickinson

and

Company

$

196,000

2.823%, 

5/20/2030

$

168,219

BioMarin

Pharmaceutical,

Inc.,

Convertible

742,000

1.250%, 

5/15/2027

h

797,324

Bio-Rad

Laboratories,

Inc.

220,000

3.300%, 

3/15/2027

203,316

Bristol-Myers

Squibb

Company

218,000

2.950%, 

3/15/2032

189,654

Bunge,

Ltd.

Finance

Corporation

300,000

2.750%, 

5/14/2031

246,217

Cargill,

Inc.

289,000

2.125%, 

11/10/2031

f

228,144

Central

Garden

&

Pet

Company

460,000

4.125%, 

10/15/2030

h

377,846

Cheplapharm

Arzneimittel

GmbH

60,000

5.500%, 

1/15/2028

f

50,172

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

418,000

4.625%, 

11/15/2028

f

363,915

Community

Health

Systems,

Inc.

148,000

8.000%, 

12/15/2027

f

133,953

260,000

6.000%, 

1/15/2029

f

217,485

338,000

6.875%, 

4/15/2029

f

173,719

Conagra

Brands,

Inc.

155,000

4.300%, 

5/1/2024

152,866

Constellation

Brands,

Inc.

261,000

3.150%, 

8/1/2029

228,729

Coty,

Inc.

311,000

5.000%, 

4/15/2026

f

294,913

CVS

Health

Corporation

102,000

4.300%, 

3/25/2028

98,659

Diageo

Capital

plc

179,000

1.375%, 

9/29/2025

164,126

148,000

2.000%, 

4/29/2030

121,565

Edgewell

Personal

Care

Company

260,000

5.500%, 

6/1/2028

f

243,160

Embecta

Corporation

134,000

6.750%, 

2/15/2030

f

120,935

Encompass

Health

Corporation

585,000

4.500%, 

2/1/2028

531,414

Energizer

Holdings,

Inc.

445,000

4.375%, 

3/31/2029

f

377,383

Estee

Lauder

Companies,

Inc.

130,000

1.950%, 

3/15/2031

105,136

Gilead

Sciences,

Inc.

196,000

2.950%, 

3/1/2027

182,333

HCA,

Inc.

722,000

5.375%, 

2/1/2025

721,126

268,000

5.875%, 

2/1/2029

267,163

HFC

Prestige

Products,

Inc.

496,000

4.750%, 

1/15/2029

f

448,880

HLF

Financing

SARL,

LLC

689,000

4.875%, 

6/1/2029

f

474,562

Imperial

Brands

Finance

plc

164,000

3.125%, 

7/26/2024

f

156,781

Ionis

Pharmaceuticals,

Inc.,

Convertible

452,000

0.125%, 

12/15/2024

410,461

359,000

Zero

Coupon, 

4/1/2026

331,402

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Consumer

Non-Cyclical

(3.0%)

-

continued

Jazz

Investments

I,

Ltd.,

Convertible

$

746,000

2.000%, 

6/15/2026

$

886,807

Jazz

Securities

DAC

239,000

4.375%, 

1/15/2029

f

212,985

JBS

USA

LUX

SA/JBS

USA

Food

Company/JBS

USA

Finance,

Inc.

348,000

2.500%, 

1/15/2027

f

304,403

165,000

3.625%, 

1/15/2032

f

133,650

Johnson

&

Johnson

385,000

4.375%, 

12/5/2033

378,507

Kraft

Heinz

Foods

Company

350,000

3.875%, 

5/15/2027

334,389

Kroger

Company

130,000

4.500%, 

1/15/2029

125,204

Lamb

Weston

Holdings,

Inc.

259,000

4.125%, 

1/31/2030

f

228,749

Mattel,

Inc.

930,000

3.375%, 

4/1/2026

f

855,046

McKesson

Corporation

148,000

0.900%, 

12/3/2025

131,417

197,000

1.300%, 

8/15/2026

173,248

Mozart

Debt

Merger

Sub,

Inc.

362,000

3.875%, 

4/1/2029

f

291,757

283,000

5.250%, 

10/1/2029

f

224,778

Mylan,

Inc.

96,000

4.200%, 

11/29/2023

95,014

Newell

Brands,

Inc.

334,000

4.450%, 

4/1/2026

314,226

Organon

&

Company

569,000

4.125%, 

4/30/2028

f

503,793

Owens

&

Minor,

Inc.

288,000

6.625%, 

4/1/2030

f

247,507

PepsiCo,

Inc.

285,000

3.600%, 

2/18/2028

272,866

286,000

1.950%, 

10/21/2031

231,106

Performance

Food

Group,

Inc.

343,000

4.250%, 

8/1/2029

f

297,251

Perrigo

Finance

Unlimited

Company

736,000

4.375%, 

3/15/2026

682,706

Philip

Morris

International,

Inc.

140,000

5.625%, 

11/17/2029

142,027

140,000

5.750%, 

11/17/2032

142,720

Pilgrim's

Pride

Corporation

364,000

3.500%, 

3/1/2032

f

284,830

Post

Holdings,

Inc.

341,000

5.750%, 

3/1/2027

f

329,774

212,000

5.625%, 

1/15/2028

f

199,565

151,000

5.500%, 

12/15/2029

f

136,642

330,000

4.500%, 

9/15/2031

f

277,418

Post

Holdings,

Inc.,

Convertible

890,000

2.500%, 

8/15/2027

f

934,678

Primo

Water

Holdings,

Inc.

441,000

4.375%, 

4/30/2029

f

380,844

Procter

&

Gamble

Company

130,000

1.200%, 

10/29/2030

102,000

Roche

Holdings,

Inc.

140,000

1.930%, 

12/13/2028

f

119,642

200,000

2.076%, 

12/13/2031

f

162,713

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Consumer

Non-Cyclical

(3.0%)

-

continued

Royalty

Pharma

plc

$

296,000

1.200%, 

9/2/2025

$

264,903

Scotts

Miracle-Gro

Company

264,000

4.500%, 

10/15/2029

h

213,840

SEG

Holding,

LLC

540,000

5.625%, 

10/15/2028

f

507,600

Simmons

Foods,

Inc.

611,000

4.625%, 

3/1/2029

f

497,386

Spectrum

Brands,

Inc.

310,000

5.000%, 

10/1/2029

f

268,282

200,000

5.500%, 

7/15/2030

f

176,507

Stryker

Corporation

264,000

3.650%, 

3/7/2028

250,790

Syneos

Health,

Inc.

410,000

3.625%, 

1/15/2029

f

326,501

Sysco

Corporation

131,000

5.950%, 

4/1/2030

135,579

Takeda

Pharmaceutical

Company,

Ltd.

291,000

5.000%, 

11/26/2028

288,518

Teleflex,

Inc.

318,000

4.250%, 

6/1/2028

f

290,289

Tenet

Healthcare

Corporation

140,000

4.625%, 

7/15/2024

136,536

289,000

6.250%, 

2/1/2027

f

277,587

1,055,000

5.125%, 

11/1/2027

f

981,403

374,000

6.125%, 

10/1/2028

f

334,850

Teva

Pharmaceutical

Finance

Netherlands

III

BV

862,000

3.150%, 

10/1/2026

753,819

Thermo

Fisher

Scientific,

Inc.

140,000

4.950%, 

11/21/2032

141,974

Topgolf

Callaway

Brands

Corporation,

Convertible

330,000

2.750%, 

5/1/2026

429,206

TreeHouse

Foods,

Inc.

554,000

4.000%, 

9/1/2028

470,900

United

Natural

Foods,

Inc.

241,000

6.750%, 

10/15/2028

f

231,559

Winnebago

Industries,

Inc.,

Convertible

383,000

1.500%, 

4/1/2025

401,671

Zoetis,

Inc.

348,000

3.900%, 

8/20/2028

330,560

Total

31,925,210

Energy

(2.9%)

Antero

Resources

Corporation

375,000

5.375%, 

3/1/2030

f,h

347,666

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

530,000

6.250%, 

4/1/2028

f

484,956

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

115,000

7.625%, 

12/15/2025

f

114,144

232,000

6.625%, 

7/15/2026

f

224,569

BP

Capital

Markets

America,

Inc.

423,000

4.234%, 

11/6/2028

409,828

BP

Capital

Markets

plc

495,000

4.875%, 

3/22/2030

d,i

433,125

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Energy

(2.9%)

-

continued

Buckeye

Partners,

LP

$

385,000

3.950%, 

12/1/2026

$

344,460

Callon

Petroleum

Company

324,000

8.250%, 

7/15/2025

322,380

271,000

7.500%, 

6/15/2030

f

247,965

Canadian

Natural

Resources,

Ltd.

325,000

2.050%, 

7/15/2025

302,359

Cheniere

Corpus

Christi

Holdings,

LLC

268,000

5.875%, 

3/31/2025

269,628

Cheniere

Energy

Partners,

LP

132,000

4.500%, 

10/1/2029

118,697

285,000

3.250%, 

1/31/2032

226,491

Cheniere

Energy,

Inc.

442,000

4.625%, 

10/15/2028

399,509

Chesapeake

Energy

Corporation

604,000

6.750%, 

4/15/2029

f

588,054

CNX

Resources

Corporation

315,000

6.000%, 

1/15/2029

f

289,845

CNX

Resources

Corporation,

Convertible

468,000

2.250%, 

5/1/2026

686,088

Comstock

Resources,

Inc.

80,000

6.750%, 

3/1/2029

f

72,200

310,000

5.875%, 

1/15/2030

f

266,507

Continental

Resources,

Inc.

196,000

4.375%, 

1/15/2028

179,587

145,000

5.750%, 

1/15/2031

f

134,975

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

309,000

5.500%, 

6/15/2031

f

269,915

CrownRock

Finance,

Inc.

403,000

5.625%, 

10/15/2025

f

388,895

Devon

Energy

Corporation

264,000

4.500%, 

1/15/2030

245,782

Diamondback

Energy,

Inc.

65,000

3.125%, 

3/24/2031

53,824

DT

Midstream,

Inc.

375,000

4.125%, 

6/15/2029

f

322,166

125,000

4.375%, 

6/15/2031

f

104,863

Enbridge,

Inc.

525,000

7.375%, 

1/15/2083

d

508,774

263,000

7.625%, 

1/15/2083

d

259,400

130,000

3.700%, 

7/15/2027

121,691

336,000

6.250%, 

3/1/2078

d

305,686

Endeavor

Energy

Resources,

LP

395,000

5.750%, 

1/30/2028

f

378,220

Enerflex,

Ltd.

240,000

9.000%, 

10/15/2027

f

239,339

Energy

Transfer,

LP

108,000

4.200%, 

9/15/2023

107,322

371,000

5.875%, 

1/15/2024

371,933

290,000

6.500%, 

11/15/2026

d,i

249,400

196,000

3.750%, 

5/15/2030

172,810

EnLink

Midstream

Partners,

LP

460,000

4.850%, 

7/15/2026

432,413

Enterprise

Products

Operating,

LLC

130,000

4.150%, 

10/16/2028

123,097

280,000

7.630%, 

(LIBOR

3M

+

2.986%),

8/16/2077

d

253,419

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Energy

(2.9%)

-

continued

EQM

Midstream

Partners,

LP

$

300,000

4.750%, 

1/15/2031

f

$

245,250

EQT

Corporation

139,000

3.900%, 

10/1/2027

128,320

EQT

Corporation,

Convertible

303,000

1.750%, 

5/1/2026

703,566

Equinor

ASA

92,000

2.875%, 

4/6/2025

88,156

Ferrellgas,

LP

282,000

5.375%, 

4/1/2026

f

256,520

Halliburton

Company

130,000

2.920%, 

3/1/2030

111,452

Harvest

Midstream,

LP

654,000

7.500%, 

9/1/2028

f

624,204

Hess

Corporation

92,000

3.500%, 

7/15/2024

89,321

Hess

Midstream

Operations,

LP

325,000

5.625%, 

2/15/2026

f

316,578

202,000

5.500%, 

10/15/2030

f

184,801

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

400,000

5.750%, 

2/1/2029

f

356,027

500,000

6.250%, 

4/15/2032

f

431,458

Holly

Energy

Partners,

LP/Holly

Energy

Finance

Corporation

375,000

6.375%, 

4/15/2027

f

368,434

Howard

Midstream

Energy

Partners,

LLC

412,000

6.750%, 

1/15/2027

f

394,921

ITT

Holdings,

LLC

435,000

6.500%, 

8/1/2029

f

366,331

Laredo

Petroleum,

Inc.

690,000

7.750%, 

7/31/2029

f

621,058

Marathon

Oil

Corporation

130,000

4.400%, 

7/15/2027

124,146

Marathon

Petroleum

Corporation

366,000

4.700%, 

5/1/2025

360,404

MEG

Energy

Corporation

374,000

7.125%, 

2/1/2027

f

381,440

MPLX,

LP

375,000

6.875%, 

2/15/2023

d,i

369,375

325,000

1.750%, 

3/1/2026

289,695

Murphy

Oil

Corporation

450,000

5.875%, 

12/1/2027

433,031

Nabors

Industries,

Ltd.

470,000

7.250%, 

1/15/2026

f

442,928

National

Fuel

Gas

Company

295,000

5.500%, 

1/15/2026

293,481

New

Fortress

Energy,

Inc.

180,000

6.750%, 

9/15/2025

f

170,244

NuStar

Logistics,

LP

480,000

5.750%, 

10/1/2025

461,440

Oasis

Petroleum,

Inc.

310,000

6.375%, 

6/1/2026

f

301,918

Occidental

Petroleum

Corporation

125,000

8.500%, 

7/15/2027

134,601

211,000

6.375%, 

9/1/2028

212,970

260,000

6.450%, 

9/15/2036

265,200

ONEOK,

Inc.

194,000

2.200%, 

9/15/2025

178,239

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Energy

(2.9%)

-

continued

Ovintiv

Exploration,

Inc.

$

183,000

5.375%, 

1/1/2026

$

181,173

Permian

Resources

Operating,

LLC,

Convertible

120,000

3.250%, 

4/1/2028

202,620

Pioneer

Natural

Resources

Company

195,000

1.900%, 

8/15/2030

152,709

Pioneer

Natural

Resources

Company,

Convertible

248,000

0.250%, 

5/15/2025

578,336

Plains

All

American

Pipeline,

LP

150,000

8.716%, 

(LIBOR

3M

+

4.110%),

2/3/2023

d,i

129,000

317,000

4.650%, 

10/15/2025

310,192

Precision

Drilling

Corporation

390,000

6.875%, 

1/15/2029

f

363,093

Range

Resources

Corporation

332,000

4.750%, 

2/15/2030

f,h

292,528

Sabine

Pass

Liquefaction,

LLC

196,000

4.200%, 

3/15/2028

184,234

Schlumberger

Holdings

Corporation

81,000

4.300%, 

5/1/2029

f

76,059

SM

Energy

Company

341,000

6.625%, 

1/15/2027

h

328,458

185,000

6.500%, 

7/15/2028

177,372

Southwestern

Energy

Company

234,000

5.375%, 

2/1/2029

216,932

315,000

5.375%, 

3/15/2030

287,286

192,000

4.750%, 

2/1/2032

164,081

Suburban

Propane

Partners,

LP

381,000

5.875%, 

3/1/2027

362,027

Sunoco,

LP

415,000

5.875%, 

3/15/2028

393,022

277,000

4.500%, 

4/30/2030

240,450

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

640,000

5.500%, 

1/15/2028

f

567,578

Targa

Resources

Partners,

LP

359,000

4.875%, 

2/1/2031

324,159

Teine

Energy,

Ltd.

250,000

6.875%, 

4/15/2029

f

224,375

TransCanada

Trust

600,000

5.875%, 

8/15/2076

d

570,353

Transocean

Proteus,

Ltd.

96,000

6.250%, 

12/1/2024

f,h

94,567

Transocean,

Inc.

330,000

11.500%, 

1/30/2027

f

330,825

USA

Compression

Partners,

LP

387,000

6.875%, 

4/1/2026

371,245

Valero

Energy

Corporation

280,000

2.800%, 

12/1/2031

228,206

Venture

Global

Calcasieu

Pass,

LLC

374,000

3.875%, 

8/15/2029

f

327,250

220,000

4.125%, 

8/15/2031

f

187,439

W&T

Offshore,

Inc.

158,000

9.750%, 

11/1/2023

f

155,202

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Energy

(2.9%)

-

continued

Weatherford

International,

Ltd.

$

409,000

8.625%, 

4/30/2030

f

$

392,766

Western

Midstream

Operating,

LP

640,000

3.950%, 

6/1/2025

605,798

210,000

5.500%, 

8/15/2048

174,294

Williams

Companies,

Inc.

131,000

2.600%, 

3/15/2031

106,012

Total

30,377,132

Financials

(7.9%)

Acrisure,

LLC/Acrisure

Finance,

Inc.

240,000

7.000%, 

11/15/2025

f

220,515

AerCap

Holdings

NV

300,000

5.875%, 

10/10/2079

d

273,135

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

121,000

3.150%, 

2/15/2024

116,966

200,000

6.500%, 

7/15/2025

202,656

362,000

3.000%, 

10/29/2028

303,275

Air

Lease

Corporation

152,000

2.300%, 

2/1/2025

141,516

525,000

4.650%, 

6/15/2026

d,i

438,753

162,000

3.125%, 

12/1/2030

134,249

Aircastle,

Ltd.

274,000

5.250%, 

6/15/2026

d,f,i

210,980

163,000

2.850%, 

1/26/2028

f

133,311

Alliant

Holdings

Intermediate,

LLC

207,000

6.750%, 

10/15/2027

f

186,064

Ally

Financial,

Inc.

578,000

5.750%, 

11/20/2025

559,936

600,000

4.700%, 

5/15/2026

d,i

401,250

130,000

8.000%, 

11/1/2031

134,205

American

Express

Company

214,000

3.950%, 

8/1/2025

209,643

255,000

3.550%, 

9/15/2026

d,i

209,482

217,000

2.550%, 

3/4/2027

197,406

69,000

5.850%, 

11/5/2027

71,831

American

Homes

4

Rent,

LP

157,000

2.375%, 

7/15/2031

121,099

AmWINS

Group,

Inc.

250,000

4.875%, 

6/30/2029

f

212,037

Aon

Corporation/Aon

Global

Holdings

plc

133,000

2.600%, 

12/2/2031

108,556

Ares

Capital

Corporation

76,000

4.250%, 

3/1/2025

72,034

340,000

2.150%, 

7/15/2026

287,868

Ares

Capital

Corporation,

Convertible

197,000

4.625%, 

3/1/2024

208,943

Australia

and

New

Zealand

Banking

Group,

Ltd.

288,000

2.950%, 

7/22/2030

d,f

260,363

Aviation

Capital

Group,

LLC

227,000

5.500%, 

12/15/2024

f

222,967

131,000

4.875%, 

10/1/2025

f

123,444

Avolon

Holdings

Funding,

Ltd.

301,000

4.250%, 

4/15/2026

f

272,872

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Financials

(7.9%)

-

continued

BAC

Capital

Trust

XIV

$

332,000

5.169%, 

(LIBOR

3M

+

0.400%),

1/19/2023

d,i

$

254,086

Banco

Santander

Mexico

SA

89,000

5.375%, 

4/17/2025

f

88,065

Banco

Santander

SA

220,000

4.750%, 

11/12/2026

d,i

178,142

200,000

5.294%, 

8/18/2027

195,271

200,000

4.175%, 

3/24/2028

d

185,503

Bank

of

America

Corporation

445,000

3.550%, 

3/5/2024

d

443,325

325,000

4.200%, 

8/26/2024

319,972

1,100,000

6.250%, 

9/5/2024

d,i

1,056,397

160,000

3.458%, 

3/15/2025

d

155,753

320,000

6.100%, 

3/17/2025

d,i

308,800

373,000

1.319%, 

6/19/2026

d

335,885

298,000

1.197%, 

10/24/2026

d

264,931

380,000

4.375%, 

1/27/2027

d,i

321,834

325,000

6.125%, 

4/27/2027

d,i

318,906

196,000

1.734%, 

7/22/2027

d

171,719

278,000

4.376%, 

4/27/2028

d

265,858

392,000

3.593%, 

7/21/2028

d

360,871

214,000

4.948%, 

7/22/2028

d

209,005

523,000

3.974%, 

2/7/2030

d

475,004

261,000

2.687%, 

4/22/2032

d

208,900

204,000

2.572%, 

10/20/2032

d

159,773

290,000

2.972%, 

2/4/2033

d

233,629

141,000

3.846%, 

3/8/2037

d

116,757

Bank

of

Montreal

209,000

4.700%, 

9/14/2027

h

206,800

140,000

3.088%, 

1/10/2037

d

105,855

Bank

of

New

York

Mellon

Corporation

160,000

4.700%, 

9/20/2025

d,i

153,621

214,000

4.596%, 

7/26/2030

d

206,575

Bank

of

Nova

Scotia

208,000

5.250%, 

12/6/2024

208,384

480,000

4.900%, 

6/4/2025

d,i

460,200

132,000

1.050%, 

3/2/2026

116,717

Barclays

plc

377,000

4.338%, 

5/16/2024

d

374,375

149,000

4.375%, 

9/11/2024

145,544

179,000

2.852%, 

5/7/2026

d

166,331

200,000

4.375%, 

3/15/2028

d,i

152,500

200,000

5.501%, 

8/9/2028

d

193,707

193,000

4.972%, 

5/16/2029

d

181,252

Berkshire

Hathaway

Finance

Corporation

421,000

2.875%, 

3/15/2032

364,707

Blackstone

Mortgage

Trust,

Inc.,

Convertible

219,000

5.500%, 

3/15/2027

187,108

Blackstone

Private

Credit

Fund

209,000

4.000%, 

1/15/2029

172,430

BNP

Paribas

SA

188,000

2.819%, 

11/19/2025

d,f

178,088

350,000

7.750%, 

8/16/2029

d,f,i

345,625

200,000

3.132%, 

1/20/2033

d,f

157,913

Boston

Properties,

LP

131,000

2.550%, 

4/1/2032

99,593

BPCE

SA

152,000

2.375%, 

1/14/2025

f

141,767

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Financials

(7.9%)

-

continued

Brixmor

Operating

Partnership,

LP

$

262,000

2.250%, 

4/1/2028

$

216,214

Brookfield

Property

REIT,

Inc.

122,000

5.750%, 

5/15/2026

f

111,443

Canadian

Imperial

Bank

of

Commerce

214,000

3.945%, 

8/4/2025

h

209,009

146,000

3.600%, 

4/7/2032

128,664

Capital

One

Bank

USA

NA

228,000

2.280%, 

1/28/2026

d

212,940

Capital

One

Financial

Corporation

140,000

3.950%, 

9/1/2026

d,i

109,953

217,000

3.273%, 

3/1/2030

d

185,528

Centene

Corporation

435,000

4.250%, 

12/15/2027

407,970

210,000

4.625%, 

12/15/2029

191,906

1,094,000

3.000%, 

10/15/2030

896,806

Charles

Schwab

Corporation

537,000

5.375%, 

6/1/2025

d,i

525,186

600,000

4.000%, 

6/1/2026

d,i

520,500

125,000

5.000%, 

6/1/2027

d,i

114,125

196,000

2.000%, 

3/20/2028

172,270

141,000

2.900%, 

3/3/2032

119,821

Citigroup,

Inc.

640,000

5.950%, 

4/30/2023

d,i

633,760

374,000

5.000%, 

9/12/2024

d,i

332,865

180,000

3.352%, 

4/24/2025

d

174,542

107,000

5.950%, 

5/15/2025

d,i

96,375

365,000

5.500%, 

9/13/2025

367,234

218,000

1.281%, 

11/3/2025

d

200,873

315,000

4.000%, 

12/10/2025

d,i

274,403

785,000

3.875%, 

2/18/2026

d,i

669,212

250,000

4.150%, 

11/15/2026

d,i

204,107

451,000

1.122%, 

1/28/2027

d

393,040

263,000

1.462%, 

6/9/2027

d

228,128

286,000

3.070%, 

2/24/2028

d

257,837

522,000

4.075%, 

4/23/2029

d

480,326

215,000

4.910%, 

5/24/2033

d

201,333

Citizens

Financial

Group,

Inc.

275,000

4.000%, 

10/6/2026

d,i

220,759

CNA

Financial

Corporation

190,000

3.950%, 

5/15/2024

186,657

Coinbase

Global,

Inc.

120,000

3.625%, 

10/1/2031

f

57,793

Coinbase

Global,

Inc.,

Convertible

716,000

0.500%, 

6/1/2026

404,424

Comerica,

Inc.

160,000

5.625%, 

7/1/2025

d,i

154,384

Commerzbank

AG

270,000

8.125%, 

9/19/2023

f

272,103

Commonwealth

Bank

of

Australia

156,000

2.688%, 

3/11/2031

f

120,195

Cooperatieve

Rabobank

UA

149,000

1.339%, 

6/24/2026

d,f

133,970

Corebridge

Financial,

Inc.

196,000

6.875%, 

12/15/2052

d,f

181,111

214,000

3.850%, 

4/5/2029

f

194,913

Corporate

Office

Properties,

LP

265,000

2.250%, 

3/15/2026

232,331

Credit

Acceptance

Corporation

550,000

5.125%, 

12/31/2024

*

516,879

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Financials

(7.9%)

-

continued

Credit

Agricole

SA

$

270,000

8.125%, 

12/23/2025

d,f,i

$

273,348

200,000

4.750%, 

3/23/2029

d,f,i

160,284

131,000

3.250%, 

1/14/2030

f

107,067

Credit

Suisse

Group

AG

213,000

6.500%, 

8/8/2023

f

205,971

150,000

7.500%, 

12/11/2023

d,f,i

130,500

157,000

2.593%, 

9/11/2025

d,f

138,797

130,000

7.250%, 

9/12/2025

d,f,i

93,452

255,000

2.193%, 

6/5/2026

d,f

217,793

200,000

9.750%, 

6/23/2027

d,f,i

174,213

287,000

3.869%, 

1/12/2029

d,f

230,044

Dai-ichi

Life

Insurance

Company,

Ltd.

638,000

5.100%, 

10/28/2024

d,f,i

621,942

Deutsche

Bank

AG

444,000

2.129%, 

11/24/2026

d

391,700

250,000

2.311%, 

11/16/2027

d

211,971

120,000

4.296%, 

5/24/2028

d

112,893

214,000

3.742%, 

1/7/2033

d

151,978

Discover

Bank

260,000

4.682%, 

8/9/2028

d

249,543

Discover

Financial

Services

71,000

6.700%, 

11/29/2032

72,170

Drawbridge

Special

Opportunities

Fund,

LP

540,000

3.875%, 

2/15/2026

f

486,703

Elevance

Health,

Inc.

198,000

5.350%, 

10/15/2025

200,192

411,000

2.550%, 

3/15/2031

345,292

EPR

Properties

202,000

3.600%, 

11/15/2031

146,349

Fifth

Third

Bancorp

320,000

4.500%, 

9/30/2025

d,i

297,286

144,000

4.772%, 

7/28/2030

d

137,336

Fifth

Third

Bank

NA

129,000

3.850%, 

3/15/2026

122,964

First

Horizon

Bank

198,000

5.750%, 

5/1/2030

191,942

First-Citizens

Bank

&

Trust

Company

297,000

6.125%, 

3/9/2028

h

301,833

FNB

Corporation

305,000

2.200%, 

2/24/2023

303,465

Fortress

Transportation

and

Infrastructure

Investors,

LLC

369,000

6.500%, 

10/1/2025

f

346,935

142,000

9.750%, 

8/1/2027

f

142,355

FS

KKR

Capital

Corporation

132,000

3.400%, 

1/15/2026

117,051

132,000

2.625%, 

1/15/2027

110,198

Genworth

Mortgage

Holdings,

Inc.

219,000

6.500%, 

8/15/2025

f

214,918

Global

Net

Lease,

Inc.

590,000

3.750%, 

12/15/2027

f

487,881

goeasy,

Ltd.

120,000

5.375%, 

12/1/2024

f

115,116

Goldman

Sachs

Group,

Inc.

825,000

5.500%, 

8/10/2024

d,h,i

799,816

199,000

5.700%, 

11/1/2024

201,368

200,000

4.400%, 

2/10/2025

d,h,i

167,105

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Financials

(7.9%)

-

continued

$

148,000

3.500%, 

4/1/2025

$

142,323

223,000

4.250%, 

10/21/2025

217,636

222,000

0.855%, 

2/12/2026

d

200,737

195,000

3.650%, 

8/10/2026

d,i

157,463

255,000

4.125%, 

11/10/2026

d,i

212,263

456,000

1.948%, 

10/21/2027

d

398,720

140,000

2.640%, 

2/24/2028

d

124,654

155,000

3.615%, 

3/15/2028

d

144,377

278,000

4.482%, 

8/23/2028

d

266,439

261,000

3.814%, 

4/23/2029

d

238,404

131,000

3.800%, 

3/15/2030

117,766

131,000

2.615%, 

4/22/2032

d

104,471

132,000

2.383%, 

7/21/2032

d

102,420

Hartford

Financial

Services

Group,

Inc.

130,000

2.800%, 

8/19/2029

111,291

125,000

6.731%, 

(LIBOR

3M

+

2.125%),

2/12/2047

d,f

104,641

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

208,000

Zero

Coupon, 

5/1/2025

f

190,445

HSBC

Holdings

plc

143,000

3.803%, 

3/11/2025

d

139,014

150,000

6.375%, 

3/30/2025

d,i

145,362

187,000

2.633%, 

11/7/2025

d

175,618

178,000

1.589%, 

5/24/2027

d

153,474

350,000

2.251%, 

11/22/2027

d

303,116

365,000

4.583%, 

6/19/2029

d

336,029

470,000

4.600%, 

12/17/2030

d,i

365,652

159,000

2.804%, 

5/24/2032

d

123,015

HUB

International,

Ltd.

156,000

7.000%, 

5/1/2026

f

152,722

262,000

5.625%, 

12/1/2029

f

228,826

Huntington

Bancshares,

Inc.

480,000

4.450%, 

10/15/2027

d,i

429,387

Icahn

Enterprises,

LP

439,000

4.750%, 

9/15/2024

420,892

365,000

6.375%, 

12/15/2025

353,977

300,000

6.250%, 

5/15/2026

288,269

245,000

5.250%, 

5/15/2027

224,322

ING

Groep

NV

258,000

1.726%, 

4/1/2027

d

227,680

Intercontinental

Exchange,

Inc.

215,000

4.350%, 

6/15/2029

207,890

Intesa

Sanpaolo

SPA

120,000

5.017%, 

6/26/2024

f

115,357

Invitation

Homes

Operating

Partnership,

LP

227,000

2.000%, 

8/15/2031

167,752

iStar,

Inc.

465,000

4.250%, 

8/1/2025

455,665

J.P.

Morgan

Chase

&

Company

330,000

5.150%, 

5/1/2023

d,i

322,163

320,000

6.000%, 

8/1/2023

d,h,i

312,992

122,000

1.514%, 

6/1/2024

d

120,011

979,000

5.000%, 

8/1/2024

d,i

895,717

378,000

4.023%, 

12/5/2024

d

372,361

210,000

4.600%, 

2/1/2025

d,i

185,063

310,000

1.561%, 

12/10/2025

d

287,006

149,000

2.083%, 

4/22/2026

d

138,316

295,000

3.650%, 

6/1/2026

d,i

252,594

371,000

1.045%, 

11/19/2026

d

327,235

261,000

1.578%, 

4/22/2027

d

229,331

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Financials

(7.9%)

-

continued

$

289,000

2.947%, 

2/24/2028

d

$

261,429

392,000

4.005%, 

4/23/2029

d

362,653

133,000

2.069%, 

6/1/2029

d

111,080

523,000

4.493%, 

3/24/2031

d

488,459

140,000

2.963%, 

1/25/2033

d

113,946

145,000

4.912%, 

7/25/2033

d

138,058

140,000

5.717%, 

9/14/2033

d

136,647

Jefferies

Finance,

LLC

303,000

5.000%, 

8/15/2028

f

247,166

KeyBank

NA

196,000

3.900%, 

4/13/2029

176,622

Kilroy

Realty,

LP

265,000

4.375%, 

10/1/2025

256,882

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

139,000

6.125%, 

5/15/2023

136,417

Life

Storage,

LP

135,000

2.400%, 

10/15/2031

103,855

Lincoln

National

Corporation

300,000

7.007%, 

(LIBOR

3M

+

2.358%),

2/17/2023

d

231,000

261,000

9.250%, 

12/1/2027

d,i

277,313

130,000

3.800%, 

3/1/2028

119,943

Lloyds

Banking

Group

plc

300,000

3.900%, 

3/12/2024

294,455

120,000

7.500%, 

6/27/2024

d,i

116,304

248,000

4.716%, 

8/11/2026

d

242,652

260,000

1.627%, 

5/11/2027

d

225,042

342,000

3.369%, 

12/14/2046

d

221,775

LPL

Holdings,

Inc.

310,000

4.000%, 

3/15/2029

f

269,731

M&T

Bank

Corporation

240,000

3.500%, 

9/1/2026

d,i

186,002

Macquarie

Group,

Ltd.

264,000

1.629%, 

9/23/2027

d,f

224,873

Marsh

&

McLennan

Companies,

Inc.

135,000

2.375%, 

12/15/2031

109,019

MetLife,

Inc.

320,000

3.850%, 

9/15/2025

d,i

297,200

640,000

5.875%, 

3/15/2028

d,i

608,555

261,000

6.400%, 

12/15/2036

252,413

Mid-America

Apartments,

LP

261,000

4.200%, 

6/15/2028

247,459

Mitsubishi

UFJ

Financial

Group,

Inc.

179,000

1.412%, 

7/17/2025

162,548

200,000

5.063%, 

9/12/2025

d

198,574

260,000

1.538%, 

7/20/2027

d

225,404

196,000

3.741%, 

3/7/2029

180,620

Mizuho

Financial

Group,

Inc.

200,000

1.554%, 

7/9/2027

d

174,229

278,000

2.564%, 

9/13/2031

211,839

Molina

Healthcare,

Inc.

312,000

4.375%, 

6/15/2028

f

284,728

Morgan

Stanley

149,000

0.560%, 

(SOFRRATE

+

0.466%),

11/10/2023

d

148,563

160,000

2.720%, 

7/22/2025

d

152,963

268,000

1.164%, 

10/21/2025

d

246,697

104,000

5.000%, 

11/24/2025

103,687

250,000

2.630%, 

2/18/2026

d

234,747

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Financials

(7.9%)

-

continued

$

302,000

2.188%, 

4/28/2026

d

$

280,638

214,000

6.138%, 

10/16/2026

d

218,566

148,000

0.985%, 

12/10/2026

d

129,680

260,000

1.593%, 

5/4/2027

d

228,081

262,000

1.512%, 

7/20/2027

d

227,360

392,000

3.622%, 

4/1/2031

d

342,217

140,000

2.943%, 

1/21/2033

d

113,257

144,000

4.889%, 

7/20/2033

d

135,291

283,000

2.484%, 

9/16/2036

d

205,212

MPT

Operating

Partnership,

LP

320,000

5.250%, 

8/1/2026

h

291,440

104,000

4.625%, 

8/1/2029

79,309

National

Retail

Properties,

Inc.

131,000

2.500%, 

4/15/2030

106,184

Nationstar

Mortgage

Holdings,

Inc.

289,000

6.000%, 

1/15/2027

f

258,655

NatWest

Group

plc

182,000

4.269%, 

3/22/2025

d

177,974

131,000

4.892%, 

5/18/2029

d

123,947

197,000

3.754%, 

11/1/2029

d

182,717

250,000

4.600%, 

6/28/2031

d,i

178,982

Navient

Corporation

330,000

5.500%, 

1/25/2023

329,436

125,000

5.000%, 

3/15/2027

109,427

Necessity

Retail

REIT,

Inc.

514,000

4.500%, 

9/30/2028

f

377,790

Nippon

Life

Insurance

Company

110,000

2.900%, 

9/16/2051

d,f

87,981

640,000

5.100%, 

10/16/2044

d,f

625,321

480,000

3.400%, 

1/23/2050

d,f

407,126

Nomura

Holdings,

Inc.

200,000

2.172%, 

7/14/2028

165,136

Nordea

Bank

Abp

200,000

5.375%, 

9/22/2027

f

200,923

Northern

Trust

Corporation

212,000

4.000%, 

5/10/2027

207,074

Office

Properties

Income

Trust

119,000

4.250%, 

5/15/2024

112,703

Omega

Healthcare

Investors,

Inc.

127,000

4.750%, 

1/15/2028

117,022

130,000

3.375%, 

2/1/2031

100,208

OneMain

Finance

Corporation

986,000

6.875%, 

3/15/2025

947,226

298,000

7.125%, 

3/15/2026

283,362

Owl

Rock

Capital

Corporation

132,000

4.250%, 

1/15/2026

121,178

Owl

Rock

Core

Income

Corporation

214,000

4.700%, 

2/8/2027

192,966

Owl

Rock

Technology

Finance

Corporation

68,000

4.750%, 

12/15/2025

f

61,573

196,000

3.750%, 

6/17/2026

f

171,412

Park

Intermediate

Holdings,

LLC

300,000

4.875%, 

5/15/2029

f

253,950

Pebblebrook

Hotel

Trust,

Convertible

696,000

1.750%, 

12/15/2026

572,460

PennyMac

Financial

Services,

Inc.

220,000

4.250%, 

2/15/2029

f

171,580

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Financials

(7.9%)

-

continued

Pine

Street

Trust

I

$

130,000

4.572%, 

2/15/2029

f

$

120,219

PNC

Bank

NA

130,000

2.700%, 

10/22/2029

109,694

PNC

Financial

Services

Group,

Inc.

270,000

5.671%, 

10/28/2025

d

272,872

250,000

3.400%, 

9/15/2026

d,i

198,125

261,000

6.200%, 

9/15/2027

d,i

255,062

PRA

Group,

Inc.

215,000

7.375%, 

9/1/2025

f

208,873

Principal

Life

Global

Funding

II

197,000

1.250%, 

8/16/2026

f

170,808

Prologis,

LP

229,000

3.375%, 

12/15/2027

214,098

Provident

Financing

Trust

I

155,000

7.405%, 

3/15/2038

161,200

Prudential

Financial,

Inc.

142,000

5.125%, 

3/1/2052

d

129,220

332,000

5.625%, 

6/15/2043

d

326,190

786,000

5.200%, 

3/15/2044

d

747,211

160,000

3.700%, 

10/1/2050

d

135,022

QBE

Insurance

Group,

Ltd.

320,000

5.875%, 

5/12/2025

d,f,i

301,657

Radian

Group,

Inc.

330,000

4.875%, 

3/15/2027

302,361

Realty

Income

Corporation

132,000

4.875%, 

6/1/2026

131,271

196,000

3.950%, 

8/15/2027

186,857

170,000

5.625%, 

10/13/2032

172,657

Regions

Financial

Corporation

320,000

5.750%, 

6/15/2025

d,h,i

311,914

Reinsurance

Group

of

America,

Inc.

212,000

4.700%, 

9/15/2023

210,987

RLJ

Lodging

Trust,

LP

150,000

3.750%, 

7/1/2026

f

133,588

Rocket

Mortgage

Co-Issuer,

Inc.

310,000

3.625%, 

3/1/2029

f

245,656

Royal

Bank

of

Canada

205,000

0.750%, 

10/7/2024

190,609

283,000

4.240%, 

8/3/2027

275,662

Santander

Holdings

USA,

Inc.

144,000

2.490%, 

1/6/2028

d

123,549

Santander

UK

Group

Holdings

plc

262,000

1.673%, 

6/14/2027

d

222,777

196,000

3.823%, 

11/3/2028

d

175,149

Service

Properties

Trust

181,000

4.650%, 

3/15/2024

172,877

97,000

4.350%, 

10/1/2024

88,180

357,000

7.500%, 

9/15/2025

340,194

260,000

5.500%, 

12/15/2027

223,902

Simon

Property

Group,

LP

264,000

2.650%, 

7/15/2030

219,565

SLM

Corporation

150,000

4.200%, 

10/29/2025

137,243

Societe

Generale

SA

188,000

2.625%, 

10/16/2024

f

177,890

177,000

1.488%, 

12/14/2026

d,f

153,842

Spirit

Realty,

LP

299,000

2.100%, 

3/15/2028

243,787

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Financials

(7.9%)

-

continued

Standard

Chartered

plc

$

177,000

0.991%, 

1/12/2025

d,f

$

167,026

230,000

6.000%, 

7/26/2025

d,f,i

221,248

206,000

2.608%, 

1/12/2028

d,f

178,673

Starwood

Property

Trust,

Inc.,

Convertible

122,000

4.375%, 

4/1/2023

118,264

State

Street

Corporation

96,000

2.354%, 

11/1/2025

d

91,561

144,000

4.421%, 

5/13/2033

d

136,259

Sumitomo

Life

Insurance

Company

600,000

3.375%, 

4/15/2081

d,f

500,543

Sumitomo

Mitsui

Financial

Group,

Inc.

188,000

2.448%, 

9/27/2024

178,704

206,000

2.174%, 

1/14/2027

182,607

196,000

3.544%, 

1/17/2028

180,409

196,000

2.142%, 

9/23/2030

150,797

Sumitomo

Mitsui

Trust

Bank,

Ltd.

149,000

1.050%, 

9/12/2025

f

132,945

Summit

Hotel

Properties,

Inc.,

Convertible

309,000

1.500%, 

2/15/2026

263,886

SVB

Financial

Group

420,000

4.000%, 

5/15/2026

d,i

277,208

291,000

4.250%, 

11/15/2026

d,i

190,910

Synchrony

Financial

160,000

4.250%, 

8/15/2024

156,326

Toronto-Dominion

Bank

280,000

8.125%, 

10/31/2082

d

291,200

144,000

4.456%, 

6/8/2032

137,256

Truist

Bank

134,000

2.250%, 

3/11/2030

108,655

Truist

Financial

Corporation

370,000

4.950%, 

9/1/2025

d,i

353,757

132,000

1.887%, 

6/7/2029

d

110,488

70,000

5.100%, 

3/1/2030

d,i

64,750

U.S.

Bancorp

204,000

5.727%, 

10/21/2026

d

207,776

85,000

3.700%, 

1/15/2027

d,i

69,488

214,000

4.548%, 

7/22/2028

d

208,995

UBS

AG

235,000

5.125%, 

5/15/2024

231,754

UBS

Group

AG

156,000

1.364%, 

1/30/2027

d,f

136,617

400,000

4.875%, 

2/12/2027

d,f,i

339,000

UDR,

Inc.

295,000

3.000%, 

8/15/2031

245,988

United

Wholesale

Mortgage,

LLC

95,000

5.500%, 

11/15/2025

f

85,559

231,000

5.500%, 

4/15/2029

f

183,756

UnitedHealth

Group,

Inc.

278,000

5.250%, 

2/15/2028

284,180

276,000

4.200%, 

5/15/2032

261,997

USB

Realty

Corporation

664,000

5.226%, 

(LIBOR

3M

+

1.147%),

1/15/2027

d,f,i

507,130

USI,

Inc./NY

120,000

6.875%, 

5/1/2025

f

115,601

Ventas

Realty,

LP

163,000

3.750%, 

5/1/2024

159,325

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Financials

(7.9%)

-

continued

Wells

Fargo

&

Company

$

130,000

1.654%, 

6/2/2024

d

$

127,900

311,000

2.406%, 

10/30/2025

d

294,105

490,000

3.900%, 

3/15/2026

d,i

428,880

226,000

2.188%, 

4/30/2026

d

210,329

307,000

4.579%, 

(LIBOR

3M

+

0.500%),

1/15/2027

d

284,884

145,000

3.526%, 

3/24/2028

d

134,270

309,000

3.584%, 

5/22/2028

d

286,905

214,000

4.808%, 

7/25/2028

d

209,013

308,000

4.478%, 

4/4/2031

d

288,721

Welltower,

Inc.

132,000

2.050%, 

1/15/2029

107,209

196,000

2.800%, 

6/1/2031

155,831

Westpac

Banking

Corporation

139,000

5.350%, 

10/18/2024

140,215

196,000

4.110%, 

7/24/2034

d

168,044

Willis

North

America,

Inc.

261,000

4.500%, 

9/15/2028

245,935

XHR,

LP

150,000

6.375%, 

8/15/2025

f

144,219

243,000

4.875%, 

6/1/2029

f

199,048

Total

84,489,179

Foreign

Government

(<0.1%)

NBN

Company,

Ltd.

235,000

2.625%, 

5/5/2031

f

186,431

Total

186,431

Mortgage-Backed

Securities

(21.3%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

8,949,109

2.500%, 

5/1/2051

7,599,806

6,282,906

3.500%, 

5/1/2052

5,714,418

4,906,171

4.000%, 

5/1/2052

4,633,921

14,634,935

3.500%, 

6/1/2052

13,308,672

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

5,963,325

2.500%, 

7/1/2030

5,591,366

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

450,000

5.000%, 

1/1/2038

c

451,965

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

5,455,699

3.500%, 

5/1/2040

5,093,680

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

11,837,446

3.000%, 

1/1/2052

10,407,612

5,085,219

2.500%, 

2/1/2051

4,348,024

6,495,898

2.500%, 

2/1/2051

5,518,263

12,103,860

2.000%, 

3/1/2051

9,884,916

12,206,777

3.000%, 

3/1/2052

10,741,643

9,507,381

2.000%, 

4/1/2051

7,761,232

10,757,480

2.500%, 

4/1/2051

9,139,434

6,986,370

3.000%, 

4/1/2051

6,160,184

7,383,430

3.000%, 

5/1/2050

6,536,030

4,589,919

3.000%, 

5/1/2051

4,084,173

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Mortgage-Backed

Securities

(21.3%)

-

continued

$

4,773,542

3.000%, 

6/1/2050

$

4,278,650

10,175,686

2.500%, 

7/1/2051

8,642,973

4,470,120

3.500%, 

7/1/2051

4,110,918

1,935,509

2.500%, 

8/1/2050

1,668,950

8,643,611

3.500%, 

8/1/2050

7,974,085

17,283,065

2.000%, 

8/1/2051

14,104,109

5,832,325

3.500%, 

9/1/2052

5,324,739

8,260,542

4.000%, 

10/1/2052

7,780,910

18,650,000

4.500%, 

12/1/2052

c,k

18,090,128

13,000,000

5.500%, 

1/1/2041

c

13,032,066

3,350,000

3.500%, 

1/1/2049

c

3,042,814

14,950,000

5.000%, 

1/1/2049

c

14,729,060

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

4,044,973

3.500%, 

7/1/2061

3,710,825

4,304,267

4.000%, 

12/1/2061

4,080,084

Total

227,545,650

Technology

(2.0%)

Advanced

Micro

Devices,

Inc.

145,000

3.924%, 

6/1/2032

134,724

Akamai

Technologies,

Inc.,

Convertible

217,000

0.125%, 

5/1/2025

227,850

716,000

0.375%, 

9/1/2027

689,508

Analog

Devices,

Inc.

68,000

2.100%, 

10/1/2031

54,908

Apple,

Inc.

392,000

2.200%, 

9/11/2029

338,906

285,000

1.650%, 

2/8/2031

229,399

211,000

3.350%, 

8/8/2032

191,541

Black

Knight

InfoServ,

LLC

458,000

3.625%, 

9/1/2028

f

396,399

Block,

Inc.,

Convertible

362,000

0.500%, 

5/15/2023

h

375,213

173,000

0.250%, 

11/1/2027

130,399

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

196,000

3.875%, 

1/15/2027

185,394

Broadcom,

Inc.

146,000

4.000%, 

4/15/2029

f

132,633

CommScope

Technologies

Finance,

LLC

531,000

6.000%, 

6/15/2025

f

483,210

CommScope,

Inc.

270,000

7.125%, 

7/1/2028

f,h

193,015

Dell

International,

LLC

75,000

5.450%, 

6/15/2023

75,047

215,000

6.020%, 

6/15/2026

219,334

100,000

5.300%, 

10/1/2029

97,800

Fiserv,

Inc.

207,000

2.750%, 

7/1/2024

199,967

309,000

4.200%, 

10/1/2028

292,298

Gartner,

Inc.

245,000

3.625%, 

6/15/2029

f

215,286

415,000

3.750%, 

10/1/2030

f

357,716

Global

Payments,

Inc.

82,000

2.650%, 

2/15/2025

77,149

208,000

4.950%, 

8/15/2027

201,761

131,000

3.200%, 

8/15/2029

111,357

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

32

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Technology

(2.0%)

-

continued

InterDigital,

Inc.,

Convertible

$

351,000

3.500%, 

6/1/2027

f

$

331,695

Iron

Mountain,

Inc.

1,075,000

4.875%, 

9/15/2027

f

988,570

150,000

4.875%, 

9/15/2029

f

130,830

380,000

4.500%, 

2/15/2031

f

312,337

Jabil,

Inc.

139,000

4.250%, 

5/15/2027

131,435

Lumentum

Holdings,

Inc.,

Convertible

529,000

0.250%, 

3/15/2024

h

556,244

179,000

0.500%, 

6/15/2028

f

135,485

MACOM

Technology

Solutions

Holdings,

Inc.,

Convertible

618,000

0.250%, 

3/15/2026

611,511

Marvell

Technology,

Inc.

132,000

2.950%, 

4/15/2031

106,173

Mastercard,

Inc.

146,000

2.000%, 

11/18/2031

117,211

Microchip

Technology,

Inc.,

Convertible

221,000

0.125%, 

11/15/2024

h

237,023

205,000

1.625%, 

2/15/2027

406,925

Minerva

Merger

Sub,

Inc.

400,000

6.500%, 

2/15/2030

f

294,773

Moody's

Corporation

140,000

4.250%, 

8/8/2032

130,826

MSCI,

Inc.

360,000

4.000%, 

11/15/2029

f

313,573

NCR

Corporation

879,000

6.125%, 

9/1/2029

f

821,913

NVIDIA

Corporation

65,000

2.850%, 

4/1/2030

56,700

NXP

BV/NXP

Funding,

LLC

122,000

4.875%, 

3/1/2024

121,066

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

72,000

2.700%, 

5/1/2025

67,769

131,000

4.300%, 

6/18/2029

122,131

ON

Semiconductor

Corporation,

Convertible

560,000

Zero

Coupon, 

5/1/2027

742,000

Open

Text

Corporation

420,000

4.125%, 

2/15/2030

f

336,909

Oracle

Corporation

326,000

2.500%, 

4/1/2025

307,378

140,000

6.150%, 

11/9/2029

145,315

327,000

2.950%, 

4/1/2030

278,801

219,000

6.250%, 

11/9/2032

229,210

PayPal

Holdings,

Inc.

138,000

3.900%, 

6/1/2027

132,790

129,000

2.850%, 

10/1/2029

112,365

Progress

Software

Corporation,

Convertible

279,000

1.000%, 

4/15/2026

285,138

PTC,

Inc.

210,000

3.625%, 

2/15/2025

f

200,010

215,000

4.000%, 

2/15/2028

f

193,507

Qorvo,

Inc.

123,000

3.375%, 

4/1/2031

f

98,823

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Technology

(2.0%)

-

continued

Rackspace

Technology

Global,

Inc.

$

365,000

5.375%, 

12/1/2028

f

$

159,089

S&P

Global,

Inc.

144,000

2.900%, 

3/1/2032

f

122,825

Sabre

GLBL,

Inc.,

Convertible

341,000

4.000%, 

4/15/2025

365,518

Salesforce.com,

Inc.

374,000

1.950%, 

7/15/2031

298,177

Seagate

HDD

Cayman

943,980

9.625%, 

12/1/2032

f

1,035,357

Semtech

Corporation,

Convertible

86,000

1.625%, 

11/1/2027

f

87,935

Sensata

Technologies,

Inc.

341,000

3.750%, 

2/15/2031

f

280,520

Shift4

Payments,

LLC

140,000

4.625%, 

11/1/2026

f

132,271

SS&C

Technologies,

Inc.

910,000

5.500%, 

9/30/2027

f

852,120

Teradyne,

Inc.,

Convertible

23,000

1.250%, 

12/15/2023

63,278

Verint

Systems,

Inc.,

Convertible

363,000

0.250%, 

4/15/2026

h

315,810

VeriSign,

Inc.

295,000

4.750%, 

7/15/2027

284,744

Viavi

Solutions,

Inc.

306,000

3.750%, 

10/1/2029

f

257,179

Viavi

Solutions,

Inc.,

Convertible

313,000

1.000%, 

3/1/2024

h

314,252

Vishay

Intertechnology,

Inc.,

Convertible

645,000

2.250%, 

6/15/2025

622,491

VMware,

Inc.

262,000

1.400%, 

8/15/2026

228,403

192,000

2.200%, 

8/15/2031

145,702

Xilinx,

Inc.

90,000

2.375%, 

6/1/2030

75,677

Ziff

Davis,

Inc.,

Convertible

643,000

1.750%, 

11/1/2026

f

641,071

Total

20,949,669

Transportation

(0.8%)

Air

Transport

Services

Group,

Inc.,

Convertible

238,000

1.125%, 

10/15/2024

246,639

Allegiant

Travel

Company

270,000

7.250%, 

8/15/2027

f

256,814

American

Airlines

Group,

Inc.

104,000

3.750%, 

3/1/2025

f

88,088

American

Airlines,

Inc.

757,000

11.750%, 

7/15/2025

f

811,958

871,000

5.500%, 

4/20/2026

f

837,594

Avis

Budget

Car

Rental,

LLC

320,000

5.375%, 

3/1/2029

f,h

273,740

Canadian

Pacific

Railway

Company

267,000

1.750%, 

12/2/2026

237,934

134,000

2.450%, 

12/2/2031

110,980

CSX

Corporation

131,000

4.250%, 

3/15/2029

126,007

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

33

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Transportation

(0.8%)

-

continued

Delta

Air

Lines,

Inc.

$

172,000

7.000%, 

5/1/2025

f

$

175,774

297,635

4.500%, 

10/20/2025

f

290,367

73,000

7.375%, 

1/15/2026

74,587

288,000

4.375%, 

4/19/2028

256,676

ERAC

USA

Finance,

LLC

211,000

3.850%, 

11/15/2024

f

203,869

Hawaiian

Brand

Intellectual

Property,

Ltd.

82,000

5.750%, 

1/20/2026

f

74,210

Hertz

Corporation

262,000

4.625%, 

12/1/2026

f

219,425

314,000

5.000%, 

12/1/2029

f

238,200

JetBlue

Airways

Corporation,

Convertible

594,000

0.500%, 

4/1/2026

433,072

Mileage

Plus

Holdings,

LLC

358,223

6.500%, 

6/20/2027

f

356,146

Penske

Truck

Leasing

Company,

LP

148,000

1.200%, 

11/15/2025

f

130,223

128,000

1.700%, 

6/15/2026

f

111,973

Ryder

System,

Inc.

161,000

2.850%, 

3/1/2027

145,335

Southwest

Airlines

Company

133,000

5.125%, 

6/15/2027

131,320

155,000

2.625%, 

2/10/2030

128,607

Southwest

Airlines

Company,

Convertible

807,000

1.250%, 

5/1/2025

h

969,207

Union

Pacific

Corporation

131,000

2.150%, 

2/5/2027

118,286

United

Airlines,

Inc.

324,000

4.375%, 

4/15/2026

f

300,324

266,000

4.625%, 

4/15/2029

f

231,605

VistaJet

Malta

Finance

plc

355,000

6.375%, 

2/1/2030

f

284,648

XPO

Escrow

Sub,

LLC

359,000

7.500%, 

11/15/2027

f

363,279

Total

8,226,887

U.S.

Government

&

Agencies

(3.8%)

U.S.

Treasury

Bonds

3,600,000

4.000%, 

11/15/2052

3,605,063

1,290,000

1.375%, 

11/15/2031

1,049,939

3,800,000

4.125%, 

11/15/2032

3,877,781

4,330,000

3.250%, 

5/15/2042

3,796,192

15,910,000

3.375%, 

8/15/2042

14,219,563

U.S.

Treasury

Notes

5,550,000

0.500%, 

3/31/2025

5,097,328

6,260,000

0.500%, 

2/28/2026

5,578,002

1,780,000

0.500%, 

4/30/2027

1,532,677

2,410,000

1.125%, 

2/29/2028

2,086,627

Total

40,843,172

Utilities

(1.3%)

AEP

Texas,

Inc.

138,000

4.700%, 

5/15/2032

132,182

AES

Corporation

254,000

3.950%, 

7/15/2030

f

224,028

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Utilities

(1.3%)

-

continued

Algonquin

Power

&

Utilities

Corporation

$

225,000

4.750%, 

1/18/2082

d

$

182,250

Ameren

Corporation

161,000

1.750%, 

3/15/2028

135,968

American

Electric

Power

Company,

Inc.

300,000

3.875%, 

2/15/2062

d

233,732

209,000

2.031%, 

3/15/2024

201,515

131,000

2.300%, 

3/1/2030

107,632

Calpine

Corporation

328,000

4.500%, 

2/15/2028

f

292,569

CenterPoint

Energy,

Inc.

164,000

2.500%, 

9/1/2024

157,438

198,000

1.450%, 

6/1/2026

175,549

197,000

2.650%, 

6/1/2031

162,595

Dominion

Energy,

Inc.

163,000

3.071%, 

8/15/2024

157,063

495,000

4.650%, 

12/15/2024

d,i

433,125

270,000

4.350%, 

1/15/2027

d,i

226,782

161,000

3.375%, 

4/1/2030

141,876

DTE

Energy

Company

209,000

4.220%, 

11/1/2024

205,436

Duke

Energy

Corporation

240,000

3.250%, 

1/15/2082

d

175,297

150,000

4.875%, 

9/16/2024

d,i

136,875

268,000

5.000%, 

12/8/2027

266,482

343,000

2.450%, 

6/1/2030

282,045

139,000

4.500%, 

8/15/2032

130,201

Edison

International

185,000

4.950%, 

4/15/2025

181,929

240,000

5.000%, 

12/15/2026

d,i

200,628

Enel

Finance

International

NV

260,000

1.375%, 

7/12/2026

f

224,058

Entergy

Corporation

149,000

0.900%, 

9/15/2025

132,686

130,000

1.900%, 

6/15/2028

109,902

Evergy,

Inc.

162,000

2.450%, 

9/15/2024

153,797

Eversource

Energy

293,000

4.600%, 

7/1/2027

288,922

Exelon

Corporation

130,000

4.050%, 

4/15/2030

120,692

Fells

Point

Funding

Trust

266,000

3.046%, 

1/31/2027

f

242,084

ITC

Holdings

Corporation

140,000

4.950%, 

9/22/2027

f

138,064

Jersey

Central

Power

&

Light

Company

280,000

2.750%, 

3/1/2032

f

226,110

National

Rural

Utilities

Cooperative

Finance

Corporation

247,000

3.450%, 

6/15/2025

238,256

NextEra

Energy

Capital

Holdings,

Inc.

235,000

3.800%, 

3/15/2082

d

191,489

209,000

4.255%, 

9/1/2024

206,163

130,000

2.250%, 

6/1/2030

106,905

NextEra

Energy

Operating

Partners,

LP

550,000

3.875%, 

10/15/2026

f

503,261

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

34

Principal

Amount

Long-Term

Fixed

Income

(62.0%)

Value

Utilities

(1.3%)

-

continued

NextEra

Energy

Partners,

LP,

Convertible

$

204,000

Zero

Coupon, 

6/15/2024

f

$

191,454

680,000

Zero

Coupon, 

11/15/2025

f

675,920

NiSource,

Inc.

300,000

5.650%, 

6/15/2023

d,i

279,750

130,000

2.950%, 

9/1/2029

112,748

NRG

Energy,

Inc.

167,000

2.000%, 

12/2/2025

f

148,956

580,000

3.375%, 

2/15/2029

f

467,840

185,000

5.250%, 

6/15/2029

f

163,307

NRG

Energy,

Inc.,

Convertible

313,000

2.750%, 

6/1/2048

309,401

PG&E

Corporation

374,000

5.000%, 

7/1/2028

h

341,403

Public

Service

Enterprise

Group,

Inc.

131,000

1.600%, 

8/15/2030

101,572

Sempra

Energy

320,000

4.875%, 

10/15/2025

d,i

295,898

196,000

3.400%, 

2/1/2028

181,908

Southern

California

Edison

Company

71,000

5.950%, 

11/1/2032

75,019

Southern

Company

140,000

4.475%, 

8/1/2024

138,246

170,000

5.700%, 

10/15/2032

173,904

469,000

4.000%, 

1/15/2051

d

426,790

432,000

3.750%, 

9/15/2051

d

348,819

TerraForm

Power

Operating,

LLC

520,000

5.000%, 

1/31/2028

f

467,995

Vistra

Operations

Company,

LLC

280,000

5.125%, 

5/13/2025

f

273,762

500,000

5.000%, 

7/31/2027

f

464,047

Xcel

Energy,

Inc.

157,000

4.000%, 

6/15/2028

150,268

213,000

4.600%, 

6/1/2032

203,422

Total

13,418,015

Total

Long-Term

Fixed

Income

(cost

$714,914,872)

661,013,648

Shares

Common

Stock

(

15.0%

)

Value

Communications

Services

(0.7%)

3,717

Alphabet,

Inc.,

Class

A

l

327,951

26,985

Alphabet,

Inc.,

Class

C

l

2,394,379

11,844

AT&T,

Inc.

218,048

616

Charter

Communications,

Inc.

l

208,886

36,383

Comcast

Corporation

1,272,313

17,126

DISH

Network

Corporation

l

240,449

881

Emerald

Holding,

Inc.

l

3,119

7,654

Meta

Platforms,

Inc.

l

921,082

2,040

Netflix,

Inc.

l

601,555

27,595

QuinStreet,

Inc.

l

395,988

16,514

Verizon

Communications,

Inc.

650,652

6,740

Walt

Disney

Company

l

585,571

25,670

Warner

Bros.

Discovery,

Inc.

l

243,352

4,897

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

e

24,485

Total

8,087,830

Shares

Common

Stock

(15.0%)

Value

Consumer

Discretionary

(1.5%)

25,599

Amazon.com,

Inc.

l

$

2,150,316

5,167

Aptiv

plc

l

481,203

456

Autoliv,

Inc.

34,920

4,642

Bloomin'

Brands,

Inc.

93,397

696

Booking

Holdings,

Inc.

l

1,402,635

230

Boyd

Gaming

Corporation

12,542

7,431

Cedar

Fair,

LP

307,197

538

Chipotle

Mexican

Grill,

Inc.

l

746,470

13,706

Clarus

Corporation

107,455

25,101

Cooper-Standard

Holdings,

Inc.

l

227,415

5,727

D.R.

Horton,

Inc.

510,505

339

Darden

Restaurants,

Inc.

46,894

2,820

Dick's

Sporting

Goods,

Inc.

339,218

23,131

Everi

Holdings,

Inc.

l

331,930

3,386

Expedia

Group,

Inc.

l

296,614

22,955

Ford

Motor

Company

266,967

9,756

General

Motors

Company

328,192

3,020

Grand

Canyon

Education,

Inc.

l

319,093

9,088

Harley-Davidson,

Inc.

378,061

4,391

Home

Depot,

Inc.

1,386,941

4,069

Lowe's

Companies,

Inc.

810,708

1,604

Lululemon

Athletica,

Inc.

l

513,889

1,620

McDonald's

Corporation

426,919

6,504

NIKE,

Inc.

761,033

157

NVR,

Inc.

l

724,175

4,508

Papa

John's

International,

Inc.

371,053

349

Patrick

Industries,

Inc.

21,149

946

RH

l

252,762

6,467

Sleep

Number

Corporation

l

168,013

28,008

Sonos,

Inc.

l

473,335

5,893

Sony

Group

Corporation

ADR

449,518

11,331

Stoneridge,

Inc.

l

244,296

5,945

Tesla,

Inc.

l

732,305

41,263

ThredUp,

Inc.

l

54,054

1,226

Ulta

Beauty,

Inc.

l

575,080

11,261

Zumiez,

Inc.

l

244,814

Total

16,591,068

Consumer

Staples

(0.9%)

5,977

Archer-Daniels-Midland

Company

554,964

2,782

BJ's

Wholesale

Club

Holdings,

Inc.

l

184,057

576

Bunge,

Ltd.

57,468

1,970

Casey's

General

Stores,

Inc.

441,969

1,099

Coca-Cola

Company

69,907

1,689

Costco

Wholesale

Corporation

771,028

19,805

Coty,

Inc.

l

169,531

2,125

e.l.f.

Beauty,

Inc.

l

117,512

1,770

Estee

Lauder

Companies,

Inc.

439,155

5,965

John

B.

Sanfilippo

&

Son,

Inc.

485,074

1,223

Kellogg

Company

87,126

1,115

Kraft

Heinz

Company

45,392

151

Kroger

Company

6,732

11,719

Lamb

Weston

Holdings,

Inc.

1,047,210

492

Lancaster

Colony

Corporation

97,072

134

PepsiCo,

Inc.

24,208

736

Performance

Food

Group

Company

l

42,975

13,789

Philip

Morris

International,

Inc.

1,395,585

28,816

Primo

Water

Corporation

447,801

2,367

Procter

&

Gamble

Company

358,743

4,967

Sysco

Corporation

379,727

9,079

Turning

Point

Brands,

Inc.

196,379

73

Tyson

Foods,

Inc.

4,544

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

35

Shares

Common

Stock

(15.0%)

Value

Consumer

Staples

(0.9%)

-

continued

14,354

Walmart,

Inc.

$

2,035,254

Total

9,459,413

Energy

(0.9%)

15,483

BP

plc

ADR

540,821

647

Chevron

Corporation

116,130

7,489

ConocoPhillips

883,702

22,465

Devon

Energy

Corporation

1,381,822

22,856

Enterprise

Products

Partners,

LP

551,287

379

EOG

Resources,

Inc.

49,088

12,118

Exxon

Mobil

Corporation

1,336,615

14,200

Halliburton

Company

558,770

6,183

Marathon

Petroleum

Corporation

719,639

36,853

NOV,

Inc.

769,859

20,099

Permian

Resources

Corporation

188,931

121

Phillips

66

12,594

5,804

Pioneer

Natural

Resources

Company

1,325,576

189

Schlumberger,

Ltd.

10,104

4,011

Valero

Energy

Corporation

508,835

11,773

Williams

Companies,

Inc.

387,332

Total

9,341,105

Financials

(2.2%)

18,548

Ally

Financial,

Inc.

453,499

3,241

American

Express

Company

478,858

1,253

Ameriprise

Financial,

Inc.

390,147

11,186

Arch

Capital

Group,

Ltd.

l

702,257

348

Banc

of

California,

Inc.

5,544

26,031

Bank

of

America

Corporation

862,147

151

Bank

of

Marin

Bancorp

4,965

7,781

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

231,952

2,422

Berkshire

Hathaway,

Inc.

l

748,156

3,200

BlackRock

TCP

Capital

Corporation

41,408

443

BlackRock,

Inc.

313,923

18,001

Bridgewater

Bancshares,

Inc.

l

319,338

14,623

Byline

Bancorp,

Inc.

335,890

4,033

Capital

One

Financial

Corporation

374,908

8,362

Carlyle

Group,

Inc.

249,522

973

Cboe

Global

Markets,

Inc.

122,082

1,782

Central

Pacific

Financial

Corporation

36,139

11,837

Charles

Schwab

Corporation

985,549

3,627

Chubb,

Ltd.

800,116

11,412

Citigroup,

Inc.

516,165

12,071

Columbia

Banking

System,

Inc.

363,699

5,316

Comerica,

Inc.

355,375

925

Community

Trust

Bancorp,

Inc.

42,485

187

ConnectOne

Bancorp,

Inc.

4,527

2,322

Customers

Bancorp,

Inc.

l

65,805

2,963

Discover

Financial

Services

289,870

1,643

Ellington

Residential

Mortgage

REIT

11,271

2,175

Encore

Capital

Group,

Inc.

l

104,269

8,007

Enterprise

Financial

Services

Corporation

392,023

31,836

Equitable

Holdings,

Inc.

913,693

6,383

Federated

Hermes,

Inc.

231,767

267

Financial

Institutions,

Inc.

6,504

378

First

Foundation,

Inc.

5,417

209

First

Mid-Illinois

Bancshares,

Inc.

6,705

47

Flushing

Financial

Corporation

911

1,252

FS

KKR

Capital

Corporation

21,910

Shares

Common

Stock

(15.0%)

Value

Financials

(2.2%)

-

continued

4,428

Glacier

Bancorp,

Inc.

$

218,832

4,350

Golub

Capital

BDC,

Inc.

57,246

925

Great

Southern

Bancorp,

Inc.

55,028

3,038

Hanmi

Financial

Corporation

75,190

11,520

Heartland

Financial

USA,

Inc.

537,062

765

Hometrust

Bancshares,

Inc.

18,490

13,816

Hope

Bancorp,

Inc.

176,983

4,121

Houlihan

Lokey,

Inc.

359,186

404

Independent

Bank

Corporation

9,664

713

Interactive

Brokers

Group,

Inc.

51,586

3,047

Intercontinental

Exchange,

Inc.

312,592

11,231

J.P.

Morgan

Chase

&

Company

1,506,077

2,901

Kinsale

Capital

Group,

Inc.

758,669

2,339

M&T

Bank

Corporation

339,295

44

Marsh

&

McLennan

Companies,

Inc.

7,281

117

Metropolitan

Bank

Holding

Corporation

l

6,864

2,268

MidWestOne

Financial

Group,

Inc.

72,009

1,543

Moody's

Corporation

429,911

8,480

Morgan

Stanley

720,970

8,175

Nasdaq,

Inc.

501,536

582

NMI

Holdings,

Inc.

l

12,164

1,253

PacWest

Bancorp

28,756

148

Peapack-Gladstone

Financial

Corporation

5,509

52

PennyMac

Financial

Services,

Inc.

2,946

1,529

Popular,

Inc.

101,403

16,212

Radian

Group,

Inc.

309,163

2,115

Raymond

James

Financial,

Inc.

225,988

3,967

RLI

Corporation

520,748

1,820

S&P

Global,

Inc.

609,591

10,443

Seacoast

Banking

Corporation

of

Florida

325,717

1,773

Silvergate

Capital

Corporation

h,l

30,850

5,458

State

Street

Corporation

423,377

26

SVB

Financial

Group

l

5,984

3,092

Synchrony

Financial

101,603

1,051

Synovus

Financial

Corporation

39,465

5,593

Triumph

Financial,

Inc.

l

273,330

10,420

Truist

Financial

Corporation

448,373

456

TrustCo

Bank

Corporation

NY

17,141

18,118

Wells

Fargo

&

Company

748,092

11,667

Western

Alliance

Bancorp

694,886

13,015

Zions

Bancorp

NA

639,817

945

Zurich

Insurance

Group

AG

451,783

Total

23,019,953

Health

Care

(2.4%)

6,866

Abbott

Laboratories

753,818

1,419

Agilent

Technologies,

Inc.

212,353

10,881

Agiliti,

Inc.

l

177,469

2,313

Align

Technology,

Inc.

l

487,812

2,186

Alkermes

plc

l

57,120

584

AmerisourceBergen

Corporation

96,775

1,459

Amgen,

Inc.

383,192

7,667

AstraZeneca

plc

ADR

519,823

12,704

Baxter

International,

Inc.

647,523

189

Becton,

Dickinson

and

Company

48,063

1,622

Biogen,

Inc.

l

449,164

596

BioMarin

Pharmaceutical,

Inc.

l

61,680

4,312

Bio-Techne

Corporation

357,379

271

Bristol-Myers

Squibb

Company

19,498

3,899

Cigna

Holding

Company

1,291,895

752

CRISPR

Therapeutics

AG

l

30,569

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

36

Shares

Common

Stock

(15.0%)

Value

Health

Care

(2.4%)

-

continued

4,087

CVS

Health

Corporation

$

380,868

6,022

Danaher

Corporation

1,598,359

4,552

Edwards

Lifesciences

Corporation

l

339,625

4,970

Elevance

Health,

Inc.

2,549,461

8,515

Enovis

Corporation

l

455,723

10,048

Gilead

Sciences,

Inc.

862,621

4,421

Halozyme

Therapeutics,

Inc.

l

251,555

2,191

HCA

Healthcare,

Inc.

525,752

3,497

Hims

&

Hers

Health,

Inc.

l

22,416

3,898

Hologic,

Inc.

l

291,609

81

IDEXX

Laboratories,

Inc.

l

33,045

124

Illumina,

Inc.

l

25,073

1,314

Insulet

Corporation

l

386,828

2,491

Intuitive

Surgical,

Inc.

l

660,987

6,833

Ionis

Pharmaceuticals,

Inc.

l

258,082

7,628

Johnson

&

Johnson

1,347,486

3,226

Laboratory

Corporation

of

America

Holdings

759,658

6,516

Lantheus

Holdings,

Inc.

l

332,055

19,053

Maravai

LifeSciences

Holdings,

Inc.

l

272,648

1,583

Medpace

Holdings,

Inc.

l

336,245

10,505

Medtronic

plc

816,449

16,933

Merck

&

Company,

Inc.

1,878,716

1,896

Mirati

Therapeutics,

Inc.

l

85,908

2,353

Novo

Nordisk

AS

ADR

318,455

16,914

NuVasive,

Inc.

l

697,533

810

Omnicell,

Inc.

l

40,840

20,010

Pfizer,

Inc.

1,025,312

10,488

Progyny,

Inc.

l

326,701

207

RAPT

Therapeutics,

Inc.

l

4,099

927

Regeneron

Pharmaceuticals,

Inc.

l

668,821

2,445

Sarepta

Therapeutics,

Inc.

l

316,823

320

Stryker

Corporation

78,237

785

Teleflex,

Inc.

195,960

239

UnitedHealth

Group,

Inc.

126,713

33,951

Viemed

Healthcare,

Inc.

l

256,670

1,092

Waters

Corporation

l

374,097

3,886

Zimmer

Biomet

Holdings,

Inc.

495,465

2,670

Zoetis,

Inc.

391,288

2,082

Zymeworks,

Inc.

h,l

16,365

Total

25,398,681

Industrials

(2.0%)

1,348

3M

Company

161,652

4,728

Advanced

Drainage

Systems,

Inc.

387,554

12,704

Air

Lease

Corporation

488,088

3,662

AMETEK,

Inc.

511,655

3,847

ASGN,

Inc.

l

313,454

19,610

Badger

Infrastructure

Solutions,

Ltd.

386,117

9,184

Barnes

Group,

Inc.

375,166

1,118

Carlisle

Companies,

Inc.

263,457

191

Caterpillar,

Inc.

45,756

1,264

Chart

Industries,

Inc.

l

145,651

9,737

Cimpress

plc

l

268,839

1,125

Cintas

Corporation

508,072

40,207

CNH

Industrial

NV

645,724

6,522

Crane

Holdings,

Company

655,135

26,648

CSX

Corporation

825,555

1,892

Curtiss-Wright

Corporation

315,945

390

Deere

&

Company

167,216

12,051

Delta

Air

Lines,

Inc.

l

395,996

15,349

Dun

&

Bradstreet

Holdings,

Inc.

188,179

9,521

Emerson

Electric

Company

914,587

Shares

Common

Stock

(15.0%)

Value

Industrials

(2.0%)

-

continued

4,117

Expeditors

International

of

Washington,

Inc.

$

427,839

8,075

Fastenal

Company

382,109

4,592

Forward

Air

Corporation

481,655

1,868

FTI

Consulting,

Inc.

l

296,638

2,107

General

Dynamics

Corporation

522,768

117

Gorman-Rupp

Company

2,998

7,022

Greenbrier

Companies,

Inc.

235,448

8,193

Helios

Technologies,

Inc.

446,027

13,225

Howmet

Aerospace,

Inc.

521,197

300

Hubbell,

Inc.

70,404

10,386

IAA,

Inc.

l

415,440

988

IDEX

Corporation

225,590

27,074

Janus

International

Group,

Inc.

l

257,744

5,496

Johnson

Controls

International

plc

351,744

1,344

KBR,

Inc.

70,963

1,763

L3Harris

Technologies,

Inc.

367,074

442

Leidos

Holdings,

Inc.

46,494

2,886

Lincoln

Electric

Holdings,

Inc.

416,998

5,413

ManpowerGroup,

Inc.

450,416

2,155

Middleby

Corporation

l

288,554

7,123

Miller

Industries,

Inc.

189,899

1,642

Norfolk

Southern

Corporation

404,622

577

Northrop

Grumman

Corporation

314,817

2,148

Old

Dominion

Freight

Line,

Inc.

609,559

2,906

Parker-Hannifin

Corporation

845,646

4,352

Pentair

plc

195,753

2,914

Planet

Labs

PBC

l

12,676

5,145

Quanta

Services,

Inc.

733,163

8,929

Southwest

Airlines

Company

l

300,639

11,056

Sun

Country

Airlines

Holdings,

Inc.

l

175,348

4,411

Tennant

Company

271,585

7,518

Timken

Company

531,297

18,038

Uber

Technologies,

Inc.

l

446,080

1,527

Union

Pacific

Corporation

316,196

4,053

United

Parcel

Service,

Inc.

704,574

3,236

United

Rentals,

Inc.

l

1,150,139

Total

21,443,891

Information

Technology

(2.7%)

472

Adobe,

Inc.

l

158,842

634

Akamai

Technologies,

Inc.

l

53,446

2,571

Amphenol

Corporation

195,756

1,382

ANSYS,

Inc.

l

333,877

27,319

Apple,

Inc.

3,549,558

3,145

Applied

Materials,

Inc.

306,260

1,999

Autodesk,

Inc.

l

373,553

12,483

BigCommerce

Holdings,

Inc.

l

109,101

2,198

Bill.com

Holdings,

Inc.

l

239,494

7,301

Block,

Inc.

l

458,795

550

Cadence

Design

Systems,

Inc.

l

88,352

12,831

Ciena

Corporation

l

654,124

31,008

Cisco

Systems,

Inc.

1,477,221

8,432

Cohu,

Inc.

l

270,246

3,040

Dolby

Laboratories,

Inc.

214,442

19,607

Dropbox,

Inc.

l

438,805

922

Enphase

Energy,

Inc.

l

244,293

6,134

Fidelity

National

Information

Services,

Inc.

416,192

1,662

Fiserv,

Inc.

l

167,978

25,201

Gilat

Satellite

Networks,

Ltd.

h,l

146,166

205

KLA-Tencor

Corporation

77,291

20,041

Knowles

Corporation

l

329,073

663

Lam

Research

Corporation

278,659

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

37

Shares

Common

Stock

(15.0%)

Value

Information

Technology

(2.7%)

-

continued

1,158

Littelfuse,

Inc.

$

254,992

4,132

Mastercard,

Inc.

1,436,820

5,102

MAXIMUS,

Inc.

374,130

7,122

Microchip

Technology,

Inc.

500,320

20,854

Microsoft

Corporation

5,001,206

3,579

MKS

Instruments,

Inc.

303,249

8,164

National

Instruments

Corporation

301,252

1,904

NICE,

Ltd.

ADR

l

366,139

8,504

NVIDIA

Corporation

1,242,775

8,232

ON

Semiconductor

Corporation

l

513,430

212

Paycom

Software,

Inc.

l

65,786

10,744

PayPal

Holdings,

Inc.

l

765,188

182

PDF

Solutions,

Inc.

l

5,191

549

Plexus

Corporation

l

56,509

10,871

QUALCOMM,

Inc.

1,195,158

1,245

Rambus,

Inc.

l

44,596

4,113

Salesforce,

Inc.

l

545,343

12,757

Samsung

Electronics

Company,

Ltd.

559,946

1,700

ServiceNow,

Inc.

l

660,059

1,279

Skyworks

Solutions,

Inc.

116,555

4,181

Splunk,

Inc.

l

359,942

311

Teledyne

Technologies,

Inc.

l

124,372

1,015

Teradyne,

Inc.

88,660

7,034

Texas

Instruments,

Inc.

1,162,157

6,862

Trimble,

Inc.

l

346,943

3,288

TTEC

Holdings,

Inc.

145,099

50,612

TTM

Technologies,

Inc.

l

763,229

4,675

Wolfspeed,

Inc.

l

322,762

3,629

Workiva,

Inc.

l

304,727

Total

28,508,059

Materials

(0.7%)

3,793

Allegheny

Technologies,

Inc.

l

113,259

2,978

AptarGroup,

Inc.

327,521

4,851

Ashland,

Inc.

521,628

598

Avery

Dennison

Corporation

108,238

14,022

Axalta

Coating

Systems,

Ltd.

l

357,140

10,280

Ball

Corporation

525,719

9,418

Carpenter

Technology

Corporation

347,901

892

Celanese

Corporation

91,198

3,951

CF

Industries

Holdings,

Inc.

336,625

225

Crown

Holdings,

Inc.

18,497

4,969

Eastman

Chemical

Company

404,676

7,123

Ingevity

Corporation

l

501,744

43,295

Ivanhoe

Mines,

Ltd.

l

342,139

905

Linde

plc

295,193

66

LSB

Industries,

Inc.

l

878

4,377

LyondellBasell

Industries

NV

363,422

5,062

Nucor

Corporation

667,222

4,766

PPG

Industries,

Inc.

599,277

7,327

Steel

Dynamics,

Inc.

715,848

2,955

United

States

Lime

&

Minerals,

Inc.

415,946

Total

7,054,071

Real

Estate

(0.4%)

5,398

Agree

Realty

Corporation

382,880

2,952

Alexandria

Real

Estate

Equities,

Inc.

430,018

1,190

AvalonBay

Communities,

Inc.

192,209

2,455

Camden

Property

Trust

274,665

2,959

CBRE

Group,

Inc.

l

227,725

3,256

Digital

Realty

Trust,

Inc.

326,479

762

Equity

Commonwealth

19,027

Shares

Common

Stock

(15.0%)

Value

Real

Estate

(0.4%)

-

continued

25,659

Healthcare

Realty

Trust,

Inc.

$

494,449

25,110

Host

Hotels

&

Resorts,

Inc.

403,016

15,104

Independence

Realty

Trust,

Inc.

254,653

1,638

Kite

Realty

Group

Trust

34,480

944

National

Retail

Properties,

Inc.

43,197

13,472

National

Storage

Affiliates

Trust

486,609

13,295

Pebblebrook

Hotel

Trust

178,020

2,172

Public

Storage,

Inc.

608,573

853

SBA

Communications

Corporation

239,104

Total

4,595,104

Utilities

(0.6%)

8,547

Alliant

Energy

Corporation

471,880

2,303

American

Electric

Power

Company,

Inc.

218,670

1,988

Black

Hills

Corporation

139,836

14,571

CenterPoint

Energy,

Inc.

436,984

4,312

Constellation

Energy

Corporation

371,738

4,473

Duke

Energy

Corporation

460,674

9,820

Entergy

Corporation

1,104,750

1,624

Evergy,

Inc.

102,198

8,151

NextEra

Energy,

Inc.

681,424

21,340

NiSource,

Inc.

585,143

2,368

NorthWestern

Corporation

140,517

1,137

OGE

Energy

Corporation

44,968

4,903

Portland

General

Electric

Company

240,247

6,094

Public

Service

Enterprise

Group,

Inc.

373,379

4,520

Sempra

Energy

698,521

3,265

Spire,

Inc.

224,828

Total

6,295,757

Total

Common

Stock

(cost

$136,304,688)

159,794,932

Shares

Registered

Investment

Companies

(

12.2%

)

Value

Unaffiliated  (1.5%)

90,022

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

236,758

35,850

AllianceBernstein

Global

High

Income

Fund,

Inc.

330,537

42,550

Allspring

Income

Opportunities

Fund

271,895

23,412

BlackRock

Core

Bond

Trust

243,017

38,685

BlackRock

Corporate

High

Yield

Fund,

Inc.

338,107

31,155

BlackRock

Credit

Allocation

Income

Trust

314,665

3,100

BlackRock

Debt

Strategies

Fund,

Inc.

28,520

1,600

BlackRock

Enhanced

Equity

Dividend

Trust

14,416

28,892

BlackRock

Enhanced

Global

Dividend

Trust

276,207

9,700

BlackRock

Enhanced

International

Dividend

Trust

48,694

1,650

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

18,579

6,466

BlackRock

Income

Trust,

Inc.

79,790

18,318

BlackRock

Multi-Sector

Income

Trust

260,299

19,550

Blackstone

Strategic

Credit

Fund

h

206,839

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

38

Shares

Registered

Investment

Companies

(12.2%)

Value

Unaffiliated  (1.5%)-

continued

34,123

Eaton

Vance

Limited

Duration

Income

Fund

$

320,415

3,410

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

25,745

4,005

Energy

Select

Sector

SPDR

Fund

350,317

25,523

First

Trust

High

Income

Long/Short

Fund

292,238

12,169

Invesco

Dynamic

Credit

Opportunities

Fund

e

129,483

20,000

iShares

Preferred

and

Income

Securities

ETF

h

610,600

3,489

Materials

Select

Sector

SPDR

Fund

271,026

69,550

Nuveen

Credit

Strategies

Income

Fund

354,009

8,850

Nuveen

Preferred

Income

Opportunities

Fund

64,428

10,300

Nuveen

Quality

Preferred

Income

Fund

II

70,040

31,532

PGIM

Global

High

Yield

Fund,

Inc.

341,807

28,708

PGIM

High

Yield

Bond

Fund,

Inc.

340,764

11,327

Pimco

Dynamic

Income

Fund

209,323

42,552

SPDR

Bloomberg

High

Yield

Bond

ETF

3,829,680

188,808

SPDR

Bloomberg

Short

Term

High

Yield

Bond

ETF

h

4,576,706

3,119

SPDR

S&P

Biotech

ETF

l

258,877

4,167

Tri-Continental

Corporation

106,800

12,250

Vanguard

Short-Term

Corporate

Bond

ETF

921,078

18,600

Virtus

Convertible

&

Income

Fund

63,240

19,603

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

221,122

3,000

Virtus

Equity

&

Convertible

Income

Fund

54,690

33,594

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

181,744

55,535

Western

Asset

High

Income

Opportunity

Fund,

Inc.

219,363

Total

16,481,818

Affiliated  (10.7%)

12,012,298

Thrivent

Core

Emerging

Markets

Debt

Fund

91,053,217

2,670,985

Thrivent

Core

International

Equity

Fund

23,317,700

Total

114,370,917

Total

Registered

Investment

Companies

(cost

$159,116,794)

130,852,735

Shares

Collateral

Held

for

Securities

Loaned

(

1.8%

)

Value

19,586,070

Thrivent

Cash

Management

Trust

19,586,070

Total

Collateral

Held

for

Securities

Loaned

(cost

$19,586,070)

19,586,070

Shares

Preferred

Stock

(

1.4%

)

Value

Communications

Services

(0.1%)

35,275

AT&T,

Inc.,

4.750%

i

615,196

5,027

Paramount

Global,

Convertible,

5.750%

h

124,519

Shares

Preferred

Stock

(1.4%)

Value

Communications

Services

(0.1%)

-

continued

15,250

Telephone

and

Data

Systems,

Inc.,

6.000%

i

$

199,775

Total

939,490

Consumer

Non-Cyclical

(0.2%)

16,801

Becton,

Dickinson

and

Company,

Convertible,

6.000%

841,394

7,612

Boston

Scientific

Corporation,

Convertible,

5.500%

874,010

5,650

CHS,

Inc.,

6.750%

d,i

135,769

207

Danaher

Corporation,

Convertible,

5.000%

280,806

Total

2,131,979

Energy

(0.1%)

38,460

Crestwood

Equity

Partners,

LP,

9.250%

i

333,063

6,975

Energy

Transfer,

LP,

7.600%

d,i

152,683

6,317

Nustar

Logistics,

LP,

10.813%

d

152,871

1,110

UGI

Corporation,

Convertible,

7.250%

95,932

Total

734,549

Financials

(0.8%)

10,000

Aegon

Funding

Corporation

II,

5.100%

190,600

20,000

Allstate

Corporation,

5.100%

i

396,200

15,000

Bank

of

America

Corporation,

4.250%

i

254,250

664

Bank

of

America

Corporation,

Convertible,

7.250%

i

770,240

19,925

Capital

One

Financial

Corporation,

5.000%

i

358,650

21,500

Equitable

Holdings,

Inc.,

5.250%

i

404,415

585

First

Horizon

Bank,

4.759%

*,d,i

456,300

12,500

First

Republic

Bank,

4.500%

i

215,750

23,000

J.P.

Morgan

Chase

&

Company,

4.200%

i

401,350

16,250

J.P.

Morgan

Chase

&

Company,

4.750%

i

312,975

12,800

J.P.

Morgan

Chase

&

Company,

5.750%

i

299,392

12,675

KKR

&

Company,

Inc.,

Convertible,

6.000%

725,644

13,050

Morgan

Stanley,

4.250%

i

224,199

22,400

Morgan

Stanley,

5.850%

d,i

515,424

13,084

Morgan

Stanley,

7.125%

d,i

329,063

23,525

Public

Storage,

4.125%

i

404,865

5,025

Public

Storage,

4.625%

i

96,028

1,275

Public

Storage,

4.700%

i

24,607

3,900

Regions

Financial

Corporation,

5.700%

d,i

88,842

3,500

Synovus

Financial

Corporation,

5.875%

d,i

76,125

19,200

Truist

Financial

Corporation,

4.750%

h,i

366,528

13,100

U.S.

Bancorp,

4.000%

i

212,744

21,000

Wells

Fargo

&

Company,

4.250%

i

345,870

1,054

Wells

Fargo

&

Company,

Convertible,

7.500%

i

1,248,990

Total

8,719,051

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

39

,,

Shares

Preferred

Stock

(1.4%)

Value

Utilities

(0.2%)

10,002

AES

Corporation,

Convertible,

6.875%

$

1,020,304

5,131

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

264,657

23,000

CMS

Energy

Corporation,

4.200%

i

406,412

2,421

NextEra

Energy,

Inc.,

Convertible,

5.279%

122,745

929

NiSource,

Inc.,

Convertible,

7.750%

95,929

25,600

Southern

Company,

4.950%

502,784

Total

2,412,831

Total

Preferred

Stock

(cost

$17,798,719)

14,937,900

Shares

or

Principal

Amount

Short-Term

Investments

(

9.8%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

4.040%,

1/27/2023

m,n

99,710

1,600,000

4.170%,

2/8/2023

m

1,592,942

2,500,000

4.234%,

2/15/2023

m,n

2,486,834

Thrivent

Core

Short-Term

Reserve

Fund

9,920,266

4.710%

99,202,664

U.S.

Treasury

Bills

300,000

4.090%,

2/9/2023

m,o

298,803

500,000

4.162%,

2/23/2023

m,o

496,991

500,000

4.210%,

3/23/2023

m,p

495,346

Total

Short-Term

Investments

(cost

$104,658,483)

104,673,290

Total

Investments

(cost

$1,224,857,751)

108.9%

$1,161,892,097

Other

Assets

and

Liabilities,

Net

(8.9%)

(95,337,807)

Total

Net

Assets

100.0%

$1,066,554,290

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

All

or

a

portion

of

the

loan

is

unfunded.

c

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

December

31,

2022.

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.  

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

December

31,

2022,

the

value

of

these

investments

was

$195,542,551

or

18.3%

of

total

net

assets.

g

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

December

31,

2022.

h

All

or

a

portion

of

the

security

is

on

loan.

i

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.

j

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

k

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

l

Non-income

producing

security.

m

The

interest

rate

shown

reflects

the

yield.

n

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

o

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.

p

At

December

31,

2022,

$465,625

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

*

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,

2022

was

$973,179

or

0.09%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

December

31,

2022.

Security

Acquisition

Date

Cost

Credit

Acceptance

Corporation,

12/31/2024

5/29/2020

$

538,626

First

Horizon

Bank,

4.759%

6/1/2017

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,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

13,518,095

Common

Stock

5,469,845

Total

lending

$18,987,940

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$19,586,070

Net

amounts

due

to

counterparty

$598,130

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

40

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

FNMA

-

Federal

National

Mortgage

Association

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

LIBOR

6M

-

ICE

Libor

USD

Rate

6

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

SOFRRATE

-

Secured

Overnight

Financing

Rate

TSFR1M

-

CME

Term

SOFR

1

Month

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

$39,080,900

Gross

unrealized

depreciation

(106,625,084)

Net

unrealized

appreciation

(depreciation)

($67,544,184)

Cost

for

federal

income

tax

purposes

$1,228,841,491

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

41

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

December

31,

2022,

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

3,107,899

–

2,863,659

244,240

Capital

Goods

6,603,291

–

6,374,681

228,610

Communications

Services

11,566,610

–

11,566,610

–

Consumer

Cyclical

13,583,198

–

13,583,198

–

Consumer

Non-Cyclical

9,792,534

–

9,792,534

–

Energy

1,373,368

–

1,373,368

–

Financials

5,088,966

–

5,088,966

–

Technology

14,720,771

–

14,720,771

–

Transportation

4,636,107

–

4,636,107

–

Utilities

560,778

–

560,778

–

Long-Term

Fixed

Income

Asset-Backed

Securities

55,308,992

–

55,308,992

–

Basic

Materials

11,156,477

–

11,156,477

–

Capital

Goods

21,531,079

–

21,531,079

–

Collateralized

Mortgage

Obligations

44,347,323

–

44,347,323

–

Commercial

Mortgage-Backed

Securities

6,207,248

–

6,207,248

–

Communications

Services

27,101,044

–

27,101,044

–

Consumer

Cyclical

37,400,140

–

37,400,140

–

Consumer

Non-Cyclical

31,925,210

–

31,925,210

–

Energy

30,377,132

–

30,377,132

–

Financials

84,489,179

–

84,489,179

–

Foreign

Government

186,431

–

186,431

–

Mortgage-Backed

Securities

227,545,650

–

227,545,650

–

Technology

20,949,669

–

20,949,669

–

Transportation

8,226,887

–

8,226,887

–

U.S.

Government

&

Agencies

40,843,172

–

40,843,172

–

Utilities

13,418,015

–

13,418,015

–

Common

Stock

Communications

Services

8,087,830

8,063,345

–

24,485

Consumer

Discretionary

16,591,068

16,591,068

–

–

Consumer

Staples

9,459,413

9,459,413

–

–

Energy

9,341,105

9,341,105

–

–

Financials

23,019,953

22,568,170

451,783

–

Health

Care

25,398,681

25,398,681

–

–

Industrials

21,443,891

21,057,774

386,117

–

Information

Technology

28,508,059

27,948,113

559,946

–

Materials

7,054,071

6,711,932

342,139

–

Real

Estate

4,595,104

4,595,104

–

–

Utilities

6,295,757

6,295,757

–

–

Registered

Investment

Companies

Unaffiliated

16,481,818

16,352,335

–

129,483

Preferred

Stock

Communications

Services

939,490

939,490

–

–

Consumer

Non-Cyclical

2,131,979

1,851,173

280,806

–

Energy

734,549

734,549

–

–

Financials

8,719,051

8,262,751

456,300

–

Utilities

2,412,831

2,412,831

–

–

Short-Term

Investments

5,470,626

–

5,470,626

–

Subtotal

Investments

in

Securities

$928,732,446

$188,583,591

$739,522,037

$626,818

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

114,370,917

Affiliated

Short-Term

Investments

99,202,664

Collateral

Held

for

Securities

Loaned

19,586,070

Subtotal

Other

Investments

$233,159,651

Total

Investments

at

Value

$1,161,892,097

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

42

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

Counterparty:

MSC

-

Morgan

Stanley

&

Company

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,033,990

1,033,990

–

–

Total

Asset

Derivatives

$1,033,990

$1,033,990

$–

$–

Liability

Derivatives

Futures

Contracts

1,230,568

1,230,568

–

–

Call

Options

Written

26,420

–

–

26,420

Credit

Default

Swaps

494,182

–

494,182

–

Total

Liability

Derivatives

$1,751,170

$1,230,568

$494,182

$26,420

The

following

table

presents

Diversified

Income

Plus

Fund's

futures

contracts

held

as

of

December

31,

2022.

Investments

and/or

cash

totaling

$4,231,986

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

10-Yr.

U.S.

Treasury

Note

9

March

2023

$

1,013,092

(

$

2,420)

CBOT

U.S.

Long

Bond

216

March

2023

27,057,974

16,276

CME

E-mini

S&P

500

Index

174

March

2023

34,780,611

(

1,189,911)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

162

March

2023

21,632,600

126,025

Ultra

10-Yr.

U.S.

Treasury

Note

33

March

2023

3,909,043

(

5,762)

Total

Futures

Long

Contracts

$

88,393,320

(

$

1,055,792)

CBOT

2-Yr.

U.S.

Treasury

Note

(125)

March

2023

(

$

25,604,109)

(

$

30,658)

CBOT

5-Yr.

U.S.

Treasury

Note

(119)

March

2023

(

12,841,816)

(

1,817)

CME

E-mini

Russell

2000

Index

(252)

March

2023

(

23,106,966)

793,626

ICE

mini

MSCI

EAFE

Index

(46)

March

2023

(

4,581,682)

98,063

Total

Futures

Short

Contracts

(

$

66,134,573)

$859,214

Total

Futures

Contracts

$

22,258,747

($196,578)

The

following

table

presents

Diversified

Income

Plus

Fund's

options

contracts

held

as

of

December

31,

2022.

Option

_

Description                              

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Principal

Amount

Value

Unrealized

Appreciation/

(Depreciation)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(18.65)

$

98.94

February

2023

(17,945,347)

(

$

26,420)

$

95,970

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Total

Options

Written

Contracts

($26,420)

$95,970

(*)  Security

is

valued

using

significant

unobservable

inputs.

Market

quotations

or

prices

were

not

readily

available

or

were

determined

to

be

unreliable.

Value

was

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

43

The

following

table

presents

Diversified

Income

Plus

Fund's

swaps

contracts

held

as

of

December

31,

2022.

Investments

totaling

$795,794

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

39,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2027

$

11,670,000

$

–

(

$

494,182)

(

$

494,182)

Total

Credit

Default

Swaps

$–

($494,182)

($494,182)

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,

2022,

for

Diversified

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

142,301

Options

Written

Net

Assets

-

Distributable

earnings/(accumulated

loss)

95,970

Total

Interest

Rate

Contracts

238,271

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

891,689

Total

Equity

Contracts

891,689

Total

Asset

Derivatives

$1,129,960

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

1,189,911

Total

Equity

Contracts

1,189,911

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

40,657

Total

Interest

Rate

Contracts

40,657

Credit

Contracts

Credit

Default

Swaps

Net

Assets

-

Distributable

earnings/(accumulated

loss)

494,182

Total

Credit

Contracts

494,182

Total

Liability

Derivatives

$1,724,750

*

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,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

44

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

December

31,

2022,

for

Diversified

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(8,415,990)

Total

Interest

Rate

Contracts

(8,415,990)

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

1,832,129

Total

Equity

Contracts

1,832,129

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

(170,812)

Total

Credit

Contracts

(170,812)

Total

($6,754,673)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

December

31,

2022,

for

Diversified

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(797,085)

Total

Equity

Contracts

(797,085)

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

(169,351)

Total

Interest

Rate

Contracts

(73,381)

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

(494,182)

Total

Credit

Contracts

(494,182)

Total

($1,364,648)

The

following

table

presents

Diversified

Income

Plus

Fund's

average

volume

of

derivative

activity

during

the

period

ended

December

31,

2022.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$29,561,208

Futures

-

Short

(26,997,413)

Interest

Rate

Contracts

Futures

-

Long

51,287,521

Futures

-

Short

(30,757,408)

Options

Written

(896,014)

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

8,640

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

45

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

12/31/2021

Gross

Purchases

Gross

Sales

Value

12/31/2022

Shares

Held

at

12/31/2022

%

of

Net

Assets

12/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$107,986

$6,309

$150

$91,053

12,012

8.5%

Core

International

Equity

39,524

585

9,000

23,318

2,671

2.2

Total

Affiliated

Registered

Investment

Companies

147,510

114,371

10.7

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.710%

337,710

385,158

623,665

99,203

9,920

9.3

Total

Affiliated

Short-Term

Investments

337,710

99,203

9.3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

16,955

412,777

410,146

19,586

19,586

1.8

Total

Collateral

Held

for

Securities

Loaned

16,955

19,586

1.8

Total

Value

$502,175

$233,160

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

12/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($37)

($23,055)

$–

$5,309

Core

International

Equity

(789)

(7,002)

–

585

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.710%

2

(2)

–

3,384

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$9,278

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

395

Total

Affiliated

Income

from

Securities

Loaned,

Net

$395

Total

($824)

($30,059)

$–

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

46

Principal

Amount

Long-Term

Fixed

Income

(

74.2%

)

Value

Basic

Materials

(2.0%)

Alcoa

Nederland

Holding

BV

$

105,000

5.500%, 

12/15/2027

a

$

101,184

ATI,

Inc.,

Convertible

14,000

3.500%, 

6/15/2025

28,126

Cascades

USA,

Inc.

40,000

5.125%, 

1/15/2026

a

36,390

Chemours

Company

60,000

5.750%, 

11/15/2028

a

53,894

Cleveland-Cliffs,

Inc.

50,000

5.875%, 

6/1/2027

47,766

40,000

4.625%, 

3/1/2029

a,b

35,500

Consolidated

Energy

Finance

SA

113,000

5.625%, 

10/15/2028

a

96,014

EverArc

Escrow

Sarl

50,000

5.000%, 

10/30/2029

a

41,000

First

Quantum

Minerals,

Ltd.

104,000

6.875%, 

10/15/2027

a

97,575

Hecla

Mining

Company

25,000

7.250%, 

2/15/2028

24,616

Hudbay

Minerals,

Inc.

45,000

4.500%, 

4/1/2026

a

40,875

Innophos

Holdings,

Inc.

25,000

9.375%, 

2/15/2028

a

24,438

Mercer

International,

Inc.

24,000

5.125%, 

2/1/2029

20,064

Methanex

Corporation

59,000

4.250%, 

12/1/2024

56,495

Novelis

Corporation

35,000

3.250%, 

11/15/2026

a

31,378

20,000

4.750%, 

1/30/2030

a

17,731

15,000

3.875%, 

8/15/2031

a

12,246

OCI

NV

35,000

4.625%, 

10/15/2025

a

33,165

Olin

Corporation

76,000

5.125%, 

9/15/2027

71,820

25,000

5.625%, 

8/1/2029

23,750

SCIL

USA

Holdings,

LLC

48,000

5.375%, 

11/1/2026

a

40,680

SPCM

SA

50,000

3.375%, 

3/15/2030

a

40,250

SunCoke

Energy,

Inc.

56,000

4.875%, 

6/30/2029

a

48,070

Taseko

Mines,

Ltd.

42,000

7.000%, 

2/15/2026

a

36,932

Unifrax

Escrow

Issuer

Corporation

44,000

5.250%, 

9/30/2028

a

35,405

United

States

Steel

Corporation

63,000

6.875%, 

3/1/2029

b

61,151

United

States

Steel

Corporation,

Convertible

19,000

5.000%, 

11/1/2026

38,000

Total

1,194,515

Capital

Goods

(4.2%)

Advanced

Drainage

Systems,

Inc.

54,000

6.375%, 

6/15/2030

a

52,470

AECOM

115,000

5.125%, 

3/15/2027

110,687

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Capital

Goods

(4.2%)

-

continued

Amsted

Industries,

Inc.

$

65,000

5.625%, 

7/1/2027

a

$

61,663

15,000

4.625%, 

5/15/2030

a

12,787

ARD

Finance

SA

20,000

6.500%, 

6/30/2027

a

13,911

Ardagh

Packaging

Finance

plc/

Ardagh

Holdings

USA,

Inc.

50,000

5.250%, 

8/15/2027

a

37,387

37,000

5.250%, 

8/15/2027

a

27,666

Bombardier,

Inc.

46,000

7.125%, 

6/15/2026

a

44,630

48,000

7.875%, 

4/15/2027

a

46,559

70,000

6.000%, 

2/15/2028

a

64,730

Builders

FirstSource,

Inc.

25,000

5.000%, 

3/1/2030

a

22,152

Canpack

SA/Canpack

US

LLC

95,000

3.125%, 

11/1/2025

a

83,237

Chart

Industries,

Inc.

19,000

7.500%, 

1/1/2030

a

19,101

Chart

Industries,

Inc.,

Convertible

6,000

1.000%, 

11/15/2024

a

11,916

Clydesdale

Acquisition

Holdings,

Inc.

8,000

6.625%, 

4/15/2029

a

7,606

17,000

8.750%, 

4/15/2030

a

14,552

Cornerstone

Building

Brands,

Inc.

43,000

6.125%, 

1/15/2029

a

30,282

Covert

Mergeco,

Inc.

40,000

4.875%, 

12/1/2029

a

32,771

CP

Atlas

Buyer,

Inc.

40,000

7.000%, 

12/1/2028

a,b

29,707

Crown

Cork

&

Seal

Company,

Inc.

50,000

7.375%, 

12/15/2026

51,475

General

Electric

Company

220,000

8.099%, 

(LIBOR

3M

+

3.330%),

3/15/2023

c,d

216,137

GFL

Environmental,

Inc.

62,000

4.000%, 

8/1/2028

a

53,010

74,000

3.500%, 

9/1/2028

a

65,058

Greenbrier

Companies,

Inc.,

Convertible

18,000

2.875%, 

4/15/2028

15,867

H&E

Equipment

Services,

Inc.

114,000

3.875%, 

12/15/2028

a

97,104

Herc

Holdings,

Inc.

45,000

5.500%, 

7/15/2027

a

41,974

Howmet

Aerospace,

Inc.

130,000

3.000%, 

1/15/2029

110,500

Itron,

Inc.,

Convertible

29,000

Zero

Coupon, 

3/15/2026

23,745

JELD-WEN,

Inc.

17,000

4.625%, 

12/15/2025

a

14,234

Kaman

Corporation,

Convertible

9,000

3.250%, 

5/1/2024

8,365

KBR,

Inc.,

Convertible

27,000

2.500%, 

11/1/2023

56,929

Mauser

Packaging

Solutions

Holding

Company

30,000

5.500%, 

4/15/2024

a

29,170

70,000

7.250%, 

4/15/2025

a

64,730

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Capital

Goods

(4.2%)

-

continued

MIWD

Holdco

II,

LLC

$

64,000

5.500%, 

2/1/2030

a

$

50,954

Nesco

Holdings

II,

Inc.

60,000

5.500%, 

4/15/2029

a

52,500

New

Enterprise

Stone

and

Lime

Company,

Inc.

89,000

5.250%, 

7/15/2028

a

79,029

OI

European

Group

BV

85,000

4.750%, 

2/15/2030

a

74,435

Owens-Brockway

Glass

Container,

Inc.

20,000

5.875%, 

8/15/2023

a,b

19,858

Pactiv

Evergreen

Group

40,000

4.375%, 

10/15/2028

a

35,736

Patrick

Industries,

Inc.,

Convertible

38,000

1.750%, 

12/1/2028

31,015

PGT

Innovations,

Inc.

50,000

4.375%, 

10/1/2029

a

41,862

SRM

Escrow

Issuer,

LLC

105,000

6.000%, 

11/1/2028

a

93,944

Titan

Acquisition,

Ltd.

30,000

7.750%, 

4/15/2026

a

27,018

TransDigm,

Inc.

25,000

6.250%, 

3/15/2026

a

24,655

205,000

5.500%, 

11/15/2027

192,505

United

Rentals

North

America,

Inc.

70,000

4.875%, 

1/15/2028

66,336

30,000

4.000%, 

7/15/2030

25,644

Victors

Merger

Corporation

30,000

6.375%, 

5/15/2029

a

16,500

Waste

Pro

USA,

Inc.

15,000

5.500%, 

2/15/2026

a

13,247

WESCO

Distribution,

Inc.

100,000

7.250%, 

6/15/2028

a

101,297

Total

2,518,647

Collateralized

Mortgage

Obligations

(0.1%)

GMACM

Mortgage

Loan

Trust

13,727

3.606%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

c

12,403

Residential

Accredit

Loans,

Inc.

Trust

42,876

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

32,462

Total

44,865

Communications

Services

(4.8%)

Allen

Media,

LLC/Allen

Media

Co-

Issuer,

Inc.

45,000

10.500%, 

2/15/2028

a

17,100

Altice

Financing

SA

15,000

5.750%, 

8/15/2029

a

11,798

Altice

France

SA

29,000

5.125%, 

7/15/2029

a

21,743

125,000

5.500%, 

10/15/2029

a

95,316

Cable

One,

Inc.,

Convertible

33,000

1.125%, 

3/15/2028

24,519

CCO

Holdings,

LLC

32,000

5.500%, 

5/1/2026

a

30,979

10,000

5.125%, 

5/1/2027

a

9,321

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Communications

Services

(4.8%)

-

continued

$

89,000

6.375%, 

9/1/2029

a

$

83,637

30,000

4.750%, 

3/1/2030

a

25,872

147,000

4.750%, 

2/1/2032

a

119,173

55,000

4.250%, 

1/15/2034

a

40,592

Cengage

Learning,

Inc.

41,000

9.500%, 

6/15/2024

a,b

39,104

Clear

Channel

Worldwide

Holdings,

Inc.

50,000

5.125%, 

8/15/2027

a

43,325

51,000

7.750%, 

4/15/2028

a

37,230

Consolidated

Communications,

Inc.

50,000

5.000%, 

10/1/2028

a

36,873

17,000

6.500%, 

10/1/2028

a

13,210

CSC

Holdings,

LLC

110,000

5.375%, 

2/1/2028

a

88,687

41,000

6.500%, 

2/1/2029

a

33,518

61,000

4.125%, 

12/1/2030

a

43,056

Cumulus

Media

New

Holdings,

Inc.

24,000

6.750%, 

7/1/2026

a

20,160

DIRECTV

Holdings,

LLC

65,000

5.875%, 

8/15/2027

a

58,153

DISH

DBS

Corporation

20,000

5.875%, 

11/15/2024

18,585

21,000

5.250%, 

12/1/2026

a

17,689

21,000

7.375%, 

7/1/2028

14,858

58,000

5.750%, 

12/1/2028

a

46,291

31,000

5.125%, 

6/1/2029

19,998

Entercom

Media

Corporation

78,000

6.500%, 

5/1/2027

a

14,675

Frontier

Communications

Corporation

24,000

6.750%, 

5/1/2029

a

19,854

Frontier

Communications

Holdings,

LLC

57,000

5.875%, 

10/15/2027

a

52,928

16,000

8.750%, 

5/15/2030

a

16,268

GCI,

LLC

75,000

4.750%, 

10/15/2028

a

63,006

Gray

Escrow

II,

Inc.

140,000

5.375%, 

11/15/2031

a

100,891

Gray

Television,

Inc.

50,000

4.750%, 

10/15/2030

a

36,168

Hughes

Satellite

Systems

Corporation

20,000

6.625%, 

8/1/2026

18,655

iHeartCommunications,

Inc.

45,000

4.750%, 

1/15/2028

a

36,645

Iliad

Holding

SASU

73,000

6.500%, 

10/15/2026

a

67,704

LCPR

Senior

Secured

Financing

DAC

40,000

6.750%, 

10/15/2027

a

37,400

Level

3

Financing,

Inc.

100,000

4.625%, 

9/15/2027

a

83,250

70,000

4.250%, 

7/1/2028

a

55,139

Liberty

Interactive,

LLC,

Convertible

19,000

1.750%, 

9/30/2046

a

18,392

Lumen

Technologies,

Inc.

40,000

5.125%, 

12/15/2026

a

34,772

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

48

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Communications

Services

(4.8%)

-

continued

Netflix,

Inc.

$

40,000

4.875%, 

4/15/2028

$

38,623

Paramount

Global

75,000

6.375%, 

3/30/2062

c

61,313

Playtika

Holding

Corporation

50,000

4.250%, 

3/15/2029

a

39,248

Radiate

Holdco,

LLC

35,000

6.500%, 

9/15/2028

a

14,666

Rogers

Communications,

Inc.

180,000

5.250%, 

3/15/2082

a,c

158,833

Scripps

Escrow

II,

Inc.

50,000

5.375%, 

1/15/2031

a,b

40,075

Scripps

Escrow,

Inc.

35,000

5.875%, 

7/15/2027

a

31,238

Sinclair

Television

Group,

Inc.

105,000

5.500%, 

3/1/2030

a

73,419

Sirius

XM

Radio,

Inc.

85,000

5.000%, 

8/1/2027

a

78,571

25,000

4.000%, 

7/15/2028

a

21,758

30,000

4.125%, 

7/1/2030

a

24,756

Sprint

Capital

Corporation

83,000

6.875%, 

11/15/2028

86,149

56,000

8.750%, 

3/15/2032

66,646

TEGNA,

Inc.

88,000

4.625%, 

3/15/2028

83,574

Telesat

Canada

20,000

4.875%, 

6/1/2027

a

8,982

10,000

6.500%, 

10/15/2027

a

2,893

United

States

Cellular

Corporation

35,000

6.700%, 

12/15/2033

30,877

Uniti

Group,

Inc.,

Convertible

5,000

7.500%, 

12/1/2027

a

4,613

Uniti

Group,

LP

76,000

4.750%, 

4/15/2028

a

60,800

Univision

Communications,

Inc.

95,000

6.625%, 

6/1/2027

a

91,657

Viasat,

Inc.

25,000

6.500%, 

7/15/2028

a

18,756

Vodafone

Group

plc

88,000

7.000%, 

4/4/2079

c

88,478

VTR

Finance

NV

40,000

6.375%, 

7/15/2028

a

15,212

VZ

Secured

Financing

BV

81,000

5.000%, 

1/15/2032

a

65,822

YPSO

Finance

BIS

SA

25,000

10.500%, 

5/15/2027

a

19,062

Total

2,892,555

Consumer

Cyclical

(6.4%)

1011778

B.C.,

ULC

105,000

4.375%, 

1/15/2028

a

94,018

Allied

Universal

Finance

Corporation

30,000

4.625%, 

6/1/2028

a

24,322

Allied

Universal

Holdco,

LLC

25,000

6.625%, 

7/15/2026

a

22,875

85,000

4.625%, 

6/1/2028

a

70,204

35,000

6.000%, 

6/1/2029

a

25,402

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Consumer

Cyclical

(6.4%)

-

continued

Allison

Transmission,

Inc.

$

60,000

4.750%, 

10/1/2027

a

$

55,640

20,000

3.750%, 

1/30/2031

a

16,450

American

Axle

&

Manufacturing,

Inc.

107,000

6.500%, 

4/1/2027

b

96,512

Arko

Corporation

32,000

5.125%, 

11/15/2029

a

25,126

Ashton

Woods

USA,

LLC

30,000

4.625%, 

8/1/2029

a

24,022

10,000

4.625%, 

4/1/2030

a

8,026

Bloomin'

Brands,

Inc.,

Convertible

2,000

5.000%, 

5/1/2025

3,625

Boyd

Gaming

Corporation

50,000

4.750%, 

6/15/2031

a

43,500

Boyne

USA,

Inc.

40,000

4.750%, 

5/15/2029

a

35,402

Brookfield

Residential

Properties,

Inc.

34,000

6.250%, 

9/15/2027

a

30,195

Burlington

Stores,

Inc.,

Convertible

37,000

2.250%, 

4/15/2025

42,550

Caesars

Entertainment,

Inc.

71,000

6.250%, 

7/1/2025

a

68,989

45,000

8.125%, 

7/1/2027

a

44,215

70,000

4.625%, 

10/15/2029

a

56,967

Carnival

Corporation

37,000

10.500%, 

2/1/2026

a

37,176

73,000

7.625%, 

3/1/2026

a

57,859

85,000

5.750%, 

3/1/2027

a

60,693

Cedar

Fair,

LP

24,000

5.375%, 

4/15/2027

22,920

62,000

5.250%, 

7/15/2029

55,679

Churchill

Downs,

Inc.

25,000

4.750%, 

1/15/2028

a

22,372

Cinemark

USA,

Inc.

81,000

5.875%, 

3/15/2026

a

67,470

Clarios

Global,

LP

15,000

8.500%, 

5/15/2027

a

14,647

Cracker

Barrel

Old

Country

Store,

Inc.,

Convertible

13,000

0.625%, 

6/15/2026

11,099

Dana,

Inc.

55,000

5.625%, 

6/15/2028

50,032

Empire

Communities

Corporation

41,000

7.000%, 

12/15/2025

a

37,071

Expedia

Group,

Inc.,

Convertible

14,000

Zero

Coupon, 

2/15/2026

12,193

Ford

Motor

Company

88,000

3.250%, 

2/12/2032

65,995

52,000

6.100%, 

8/19/2032

48,015

Ford

Motor

Company,

Convertible

53,000

Zero

Coupon, 

3/15/2026

50,005

Ford

Motor

Credit

Company,

LLC

139,000

2.300%, 

2/10/2025

126,890

75,000

4.134%, 

8/4/2025

70,199

85,000

2.700%, 

8/10/2026

73,814

Forestar

Group,

Inc.

40,000

3.850%, 

5/15/2026

a

35,068

FTI

Consulting,

Inc.,

Convertible

25,000

2.000%, 

8/15/2023

39,325

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

49

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Consumer

Cyclical

(6.4%)

-

continued

General

Motors

Financial

Company,

Inc.

$

50,000

5.700%, 

9/30/2030

c,d

$

42,319

Goodyear

Tire

&

Rubber

Company

40,000

5.000%, 

7/15/2029

33,366

20,000

5.250%, 

7/15/2031

16,359

Guitar

Center

Escrow

Issuer

II,

Inc.

15,000

8.500%, 

1/15/2026

a

12,328

Hanesbrands,

Inc.

43,000

4.875%, 

5/15/2026

a

38,424

Hilton

Domestic

Operating

Company,

Inc.

30,000

4.875%, 

1/15/2030

27,186

23,000

3.625%, 

2/15/2032

a

18,418

Hilton

Grand

Vacations

Borrower

Escrow,

LLC

90,000

5.000%, 

6/1/2029

a

77,400

Hilton

Worldwide

Finance,

LLC

70,000

4.875%, 

4/1/2027

66,628

International

Game

Technology

plc

81,000

5.250%, 

1/15/2029

a

75,481

Jacobs

Entertainment,

Inc.

32,000

6.750%, 

2/15/2029

a

28,884

KB

Home

45,000

4.800%, 

11/15/2029

39,132

L

Brands,

Inc.

120,000

6.625%, 

10/1/2030

a

112,608

10,000

6.875%, 

11/1/2035

8,889

Macy's

Retail

Holdings,

LLC

70,000

5.875%, 

4/1/2029

a

61,978

Magic

MergerCo,

Inc.

40,000

5.250%, 

5/1/2028

a

32,181

Marriott

Vacations

Worldwide

Corporation,  Convertible

30,000

Zero

Coupon, 

1/15/2026

29,250

Mattamy

Group

Corporation

47,000

5.250%, 

12/15/2027

a

41,681

MGM

Resorts

International

15,000

6.000%, 

3/15/2023

14,947

110,000

5.500%, 

4/15/2027

102,323

NCL

Corporation,

Ltd.

63,000

3.625%, 

12/15/2024

a

53,825

16,000

5.875%, 

3/15/2026

a

12,568

25,000

5.875%, 

2/15/2027

a

21,657

PENN

Entertainment,

Inc.

55,000

4.125%, 

7/1/2029

a

43,450

PetSmart,

Inc./PetSmart

Finance

Corporation

65,000

4.750%, 

2/15/2028

a

58,858

72,000

7.750%, 

2/15/2029

a

67,622

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

101,000

5.750%, 

4/15/2026

a

97,212

44,000

6.250%, 

1/15/2028

a

40,047

Realogy

Group,

LLC

55,000

5.750%, 

1/15/2029

a

41,601

Royal

Caribbean

Cruises,

Ltd.

24,000

11.500%, 

6/1/2025

a

25,740

86,000

4.250%, 

7/1/2026

a

69,518

57,000

9.250%, 

1/15/2029

a

58,573

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Consumer

Cyclical

(6.4%)

-

continued

Scientific

Games

International,

Inc.

$

65,000

7.250%, 

11/15/2029

a

$

62,400

34,000

6.625%, 

3/1/2030

a

28,720

SeaWorld

Parks

and

Entertainment,

Inc.

24,000

5.250%, 

8/15/2029

a

20,897

Six

Flags

Theme

Parks,

Inc.

18,000

7.000%, 

7/1/2025

a

18,123

Staples,

Inc.

47,000

7.500%, 

4/15/2026

a

40,452

49,000

10.750%, 

4/15/2027

a,b

35,285

Station

Casinos,

LLC

39,000

4.625%, 

12/1/2031

a,b

31,285

Travel

+

Leisure

Company

42,000

6.625%, 

7/31/2026

a

41,087

Tripadvisor,

Inc.

12,000

7.000%, 

7/15/2025

a

11,856

Uber

Technologies,

Inc.

35,000

6.250%, 

1/15/2028

a,b

33,600

Vail

Resorts,

Inc.,

Convertible

34,000

Zero

Coupon, 

1/1/2026

31,535

VICI

Properties,

LP/VICI

Note

Company,

Inc.

40,000

4.625%, 

6/15/2025

a

38,350

50,000

4.500%, 

9/1/2026

a

47,054

24,000

3.750%, 

2/15/2027

a

21,786

Wabash

National

Corporation

51,000

4.500%, 

10/15/2028

a

43,431

Wyndham

Hotels

&

Resorts,

Inc.

30,000

4.375%, 

8/15/2028

a

26,916

Yum!

Brands,

Inc.

75,000

4.750%, 

1/15/2030

a

68,812

Total

3,818,604

Consumer

Non-Cyclical

(4.3%)

1375209

BC,

Ltd.

38,000

9.000%, 

1/30/2028

a

37,003

Albertson's

Companies,

Inc.

75,000

4.625%, 

1/15/2027

a

69,665

69,000

3.500%, 

3/15/2029

a

57,890

Aramark

Services,

Inc.

79,000

5.000%, 

2/1/2028

a

73,702

Avantor

Funding,

Inc.

48,000

4.625%, 

7/15/2028

a

43,615

B&G

Foods,

Inc.

24,000

5.250%, 

9/15/2027

18,405

Bausch

Health

Companies,

Inc.

23,000

5.500%, 

11/1/2025

a,b

19,539

68,000

11.000%, 

9/30/2028

a

53,030

BioMarin

Pharmaceutical,

Inc.,

Convertible

37,000

1.250%, 

5/15/2027

b

39,759

Central

Garden

&

Pet

Company

65,000

4.125%, 

10/15/2030

53,391

Cheplapharm

Arzneimittel

GmbH

10,000

5.500%, 

1/15/2028

a

8,362

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

60,000

4.625%, 

11/15/2028

a

52,237

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

50

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Consumer

Non-Cyclical

(4.3%)

-

continued

Community

Health

Systems,

Inc.

$

19,000

8.000%, 

12/15/2027

a

$

17,197

40,000

6.000%, 

1/15/2029

a

33,459

47,000

6.875%, 

4/15/2029

a

24,156

Coty,

Inc.

55,000

5.000%, 

4/15/2026

a

52,155

Edgewell

Personal

Care

Company

45,000

5.500%, 

6/1/2028

a

42,085

Embecta

Corporation

20,000

6.750%, 

2/15/2030

a

18,050

Encompass

Health

Corporation

100,000

4.500%, 

2/1/2028

90,840

Energizer

Holdings,

Inc.

15,000

4.750%, 

6/15/2028

a

12,999

40,000

4.375%, 

3/31/2029

a

33,922

HCA,

Inc.

103,000

5.375%, 

2/1/2025

102,875

HFC

Prestige

Products,

Inc.

64,000

4.750%, 

1/15/2029

a

57,920

HLF

Financing

SARL,

LLC

117,000

4.875%, 

6/1/2029

a

80,586

Ionis

Pharmaceuticals,

Inc.,

Convertible

20,000

0.125%, 

12/15/2024

18,162

18,000

Zero

Coupon, 

4/1/2026

16,616

Jazz

Investments

I,

Ltd.,

Convertible

40,000

2.000%, 

6/15/2026

47,550

Jazz

Securities

DAC

31,000

4.375%, 

1/15/2029

a

27,626

Mattel,

Inc.

85,000

3.375%, 

4/1/2026

a

78,149

Mozart

Debt

Merger

Sub,

Inc.

41,000

3.875%, 

4/1/2029

a

33,044

41,000

5.250%, 

10/1/2029

a

32,565

Organon

&

Company

58,000

4.125%, 

4/30/2028

a

51,353

Owens

&

Minor,

Inc.

42,000

6.625%, 

4/1/2030

a

36,095

Performance

Food

Group,

Inc.

36,000

4.250%, 

8/1/2029

a

31,198

Perrigo

Finance

Unlimited

Company

93,000

4.375%, 

3/15/2026

86,266

Pilgrim's

Pride

Corporation

41,000

3.500%, 

3/1/2032

a

32,083

Post

Holdings,

Inc.

49,000

5.750%, 

3/1/2027

a

47,387

33,000

5.625%, 

1/15/2028

a

31,064

20,000

5.500%, 

12/15/2029

a

18,098

46,000

4.500%, 

9/15/2031

a

38,670

Post

Holdings,

Inc.,

Convertible

46,000

2.500%, 

8/15/2027

a

48,309

Primo

Water

Holdings,

Inc.

8,000

4.375%, 

4/30/2029

a

6,909

Scotts

Miracle-Gro

Company

37,000

4.500%, 

10/15/2029

29,970

SEG

Holding,

LLC

100,000

5.625%, 

10/15/2028

a

94,000

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Consumer

Non-Cyclical

(4.3%)

-

continued

Simmons

Foods,

Inc.

$

88,000

4.625%, 

3/1/2029

a

$

71,637

Spectrum

Brands,

Inc.

45,000

5.000%, 

10/1/2029

a

38,944

10,000

5.500%, 

7/15/2030

a

8,825

Syneos

Health,

Inc.

50,000

3.625%, 

1/15/2029

a

39,817

Teleflex,

Inc.

61,000

4.250%, 

6/1/2028

a

55,685

Tenet

Healthcare

Corporation

12,000

4.625%, 

7/15/2024

11,703

42,000

6.250%, 

2/1/2027

a

40,342

155,000

5.125%, 

11/1/2027

a

144,187

62,000

6.125%, 

10/1/2028

a

55,510

Teva

Pharmaceutical

Finance

Netherlands

III

BV

118,000

3.150%, 

10/1/2026

103,191

Topgolf

Callaway

Brands

Corporation,

Convertible

16,000

2.750%, 

5/1/2026

20,810

TreeHouse

Foods,

Inc.

67,000

4.000%, 

9/1/2028

56,950

United

Natural

Foods,

Inc.

24,000

6.750%, 

10/15/2028

a

23,060

Winnebago

Industries,

Inc.,

Convertible

20,000

1.500%, 

4/1/2025

20,975

Total

2,589,592

Energy

(7.2%)

Antero

Resources

Corporation

45,000

5.375%, 

3/1/2030

a

41,720

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

65,000

6.250%, 

4/1/2028

a

59,476

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

15,000

7.625%, 

12/15/2025

a

14,888

34,000

6.625%, 

7/15/2026

a

32,911

BP

Capital

Markets

plc

314,000

4.875%, 

3/22/2030

c,d

274,750

Buckeye

Partners,

LP

65,000

3.950%, 

12/1/2026

58,155

Callon

Petroleum

Company

45,000

8.250%, 

7/15/2025

44,775

26,000

7.500%, 

6/15/2030

a

23,790

Cheniere

Energy

Partners,

LP

30,000

4.500%, 

10/1/2029

26,977

18,000

3.250%, 

1/31/2032

14,305

Cheniere

Energy,

Inc.

20,000

4.625%, 

10/15/2028

18,077

Chesapeake

Energy

Corporation

87,000

6.750%, 

4/15/2029

a

84,703

CNX

Resources

Corporation

40,000

6.000%, 

1/15/2029

a

36,806

CNX

Resources

Corporation,

Convertible

25,000

2.250%, 

5/1/2026

36,650

Comstock

Resources,

Inc.

20,000

6.750%, 

3/1/2029

a

18,050

30,000

5.875%, 

1/15/2030

a

25,791

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

51

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Energy

(7.2%)

-

continued

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

$

41,000

5.500%, 

6/15/2031

a

$

35,814

CrownRock

Finance,

Inc.

59,000

5.625%, 

10/15/2025

a

56,935

DT

Midstream,

Inc.

80,000

4.125%, 

6/15/2029

a

68,729

10,000

4.375%, 

6/15/2031

a

8,389

Enbridge,

Inc.

250,000

7.375%, 

1/15/2083

c

242,273

115,000

7.625%, 

1/15/2083

c

113,426

52,000

5.750%, 

7/15/2080

c

47,019

Endeavor

Energy

Resources,

LP

45,000

5.750%, 

1/30/2028

a

43,088

Enerflex,

Ltd.

32,000

9.000%, 

10/15/2027

a

31,912

Energy

Transfer,

LP

135,000

6.750%, 

5/15/2025

c,d

116,775

243,000

6.500%, 

11/15/2026

c,d

208,980

EnLink

Midstream

Partners,

LP

65,000

4.850%, 

7/15/2026

61,102

Enterprise

Products

Operating,

LLC

37,000

7.630%, 

(LIBOR

3M

+

2.986%),

8/16/2077

c

33,487

EQM

Midstream

Partners,

LP

41,000

4.750%, 

1/15/2031

a

33,517

EQT

Corporation,

Convertible

21,000

1.750%, 

5/1/2026

48,762

Ferrellgas,

LP

39,000

5.375%, 

4/1/2026

a

35,476

Harvest

Midstream,

LP

92,000

7.500%, 

9/1/2028

a

87,808

Hess

Midstream

Operations,

LP

40,000

5.625%, 

2/15/2026

a

38,963

29,000

5.500%, 

10/15/2030

a

26,531

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

75,000

5.750%, 

2/1/2029

a

66,755

51,000

6.250%, 

4/15/2032

a

44,009

Holly

Energy

Partners,

LP/Holly

Energy

Finance

Corporation

36,000

6.375%, 

4/15/2027

a

35,370

Howard

Midstream

Energy

Partners,

LLC

54,000

6.750%, 

1/15/2027

a

51,761

ITT

Holdings,

LLC

55,000

6.500%, 

8/1/2029

a

46,318

Laredo

Petroleum,

Inc.

110,000

7.750%, 

7/31/2029

a

99,009

MEG

Energy

Corporation

54,000

7.125%, 

2/1/2027

a

55,074

MPLX,

LP

140,000

6.875%, 

2/15/2023

c,d

137,900

Murphy

Oil

Corporation

40,000

5.875%, 

12/1/2027

38,492

Nabors

Industries,

Ltd.

85,000

7.250%, 

1/15/2026

a

80,104

NuStar

Logistics,

LP

50,000

5.750%, 

10/1/2025

48,067

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Energy

(7.2%)

-

continued

Oasis

Petroleum,

Inc.

$

45,000

6.375%, 

6/1/2026

a

$

43,827

Occidental

Petroleum

Corporation

65,000

8.500%, 

7/15/2027

69,992

20,000

6.450%, 

9/15/2036

20,400

Permian

Resources

Operating,

LLC,

Convertible

6,000

3.250%, 

4/1/2028

10,131

Pioneer

Natural

Resources

Company,

Convertible

7,000

0.250%, 

5/15/2025

16,324

Plains

All

American

Pipeline,

LP

60,000

8.716%, 

(LIBOR

3M

+

4.110%),

2/3/2023

c,d

51,600

Precision

Drilling

Corporation

50,000

6.875%, 

1/15/2029

a

46,550

Range

Resources

Corporation

46,000

4.750%, 

2/15/2030

a

40,531

SM

Energy

Company

53,000

6.625%, 

1/15/2027

51,051

20,000

6.500%, 

7/15/2028

19,175

Southwestern

Energy

Company

25,000

5.375%, 

2/1/2029

23,176

55,000

5.375%, 

3/15/2030

50,161

25,000

4.750%, 

2/1/2032

21,365

Suburban

Propane

Partners,

LP

29,000

5.875%, 

3/1/2027

27,556

25,000

5.000%, 

6/1/2031

a

21,250

Sunoco,

LP

40,000

6.000%, 

4/15/2027

39,388

10,000

5.875%, 

3/15/2028

9,470

35,000

4.500%, 

4/30/2030

30,382

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

108,000

5.500%, 

1/15/2028

a

95,779

Teine

Energy,

Ltd.

30,000

6.875%, 

4/15/2029

a

26,925

TransCanada

Trust

100,000

5.600%, 

3/7/2082

c

85,500

135,000

5.625%, 

5/20/2075

c

127,575

165,000

5.300%, 

3/15/2077

c

138,600

Transocean

Proteus,

Ltd.

8,000

6.250%, 

12/1/2024

a

7,881

Transocean,

Inc.

45,000

11.500%, 

1/30/2027

a

45,113

USA

Compression

Partners,

LP

55,000

6.875%, 

4/1/2026

52,761

Venture

Global

Calcasieu

Pass,

LLC

80,000

3.875%, 

8/15/2029

a

70,000

25,000

4.125%, 

8/15/2031

a

21,300

W&T

Offshore,

Inc.

19,000

9.750%, 

11/1/2023

a

18,664

Weatherford

International,

Ltd.

51,000

8.625%, 

4/30/2030

a

48,976

Western

Midstream

Operating,

LP

109,000

3.950%, 

6/1/2025

103,175

10,000

5.500%, 

8/15/2048

8,300

Total

4,296,547

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

52

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Financials

(21.8%)

Acrisure,

LLC/Acrisure

Finance,

Inc.

$

32,000

7.000%, 

11/15/2025

a

$

29,402

AerCap

Holdings

NV

90,000

5.875%, 

10/10/2079

c

81,940

Air

Lease

Corporation

218,000

4.650%, 

6/15/2026

c,d

182,187

Aircastle,

Ltd.

135,000

5.250%, 

6/15/2026

a,c,d

103,950

Alliant

Holdings

Intermediate,

LLC

26,000

6.750%, 

10/15/2027

a

23,370

Ally

Financial,

Inc.

301,000

4.700%, 

5/15/2026

c,d

201,294

85,000

4.700%, 

5/15/2028

c,d

53,231

American

Express

Company

110,000

3.550%, 

9/15/2026

c,d

90,365

AmWINS

Group,

Inc.

30,000

4.875%, 

6/30/2029

a

25,444

Ares

Capital

Corporation,

Convertible

11,000

4.625%, 

3/1/2024

11,667

BAC

Capital

Trust

XIV

90,000

5.169%, 

(LIBOR

3M

+

0.400%),

1/19/2023

c,d

68,879

Banco

Santander

SA

120,000

4.750%, 

11/12/2026

c,d

97,169

Bank

of

America

Corporation

284,000

6.250%, 

9/5/2024

c,d

272,742

110,000

6.100%, 

3/17/2025

c,d

106,150

60,000

6.300%, 

3/10/2026

c,d

59,554

240,000

4.375%, 

1/27/2027

c,d

203,263

350,000

6.125%, 

4/27/2027

b,c,d

343,437

Bank

of

New

York

Mellon

Corporation

142,000

4.700%, 

9/20/2025

c,d

136,338

Bank

of

Nova

Scotia

254,000

4.900%, 

6/4/2025

c,d

243,522

Barclays

plc

75,000

4.375%, 

3/15/2028

c,d

57,187

Blackstone

Mortgage

Trust,

Inc.,

Convertible

11,000

5.500%, 

3/15/2027

9,398

BNP

Paribas

SA

200,000

7.750%, 

8/16/2029

a,c,d

197,500

Brookfield

Property

REIT,

Inc.

13,000

5.750%, 

5/15/2026

a

11,875

Capital

One

Financial

Corporation

50,000

3.950%, 

9/1/2026

c,d

39,269

Centene

Corporation

85,000

4.250%, 

12/15/2027

79,718

63,000

4.625%, 

12/15/2029

57,572

Charles

Schwab

Corporation

191,000

5.375%, 

6/1/2025

c,d

186,798

176,000

4.000%, 

6/1/2026

c,d

152,680

140,000

5.000%, 

6/1/2027

c,d

127,820

160,000

4.000%, 

12/1/2030

c,d

127,592

Citigroup,

Inc.

100,000

5.950%, 

4/30/2023

c,d

99,025

60,000

5.000%, 

9/12/2024

c,d

53,401

200,000

5.950%, 

5/15/2025

c,d

180,140

210,000

4.000%, 

12/10/2025

c,d

182,935

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Financials

(21.8%)

-

continued

$

255,000

3.875%, 

2/18/2026

c,d

$

217,387

140,000

4.150%, 

11/15/2026

c,d

114,300

Citizens

Financial

Group,

Inc.

110,000

4.000%, 

10/6/2026

c,d

88,303

Coinbase

Global,

Inc.

16,000

3.625%, 

10/1/2031

a

7,706

Coinbase

Global,

Inc.,

Convertible

37,000

0.500%, 

6/1/2026

20,899

Comerica,

Inc.

22,000

5.625%, 

7/1/2025

c,d

21,228

Corebridge

Financial,

Inc.

87,000

6.875%, 

12/15/2052

a,c

80,391

Credit

Acceptance

Corporation

65,000

5.125%, 

12/31/2024

*

61,086

Credit

Agricole

SA

52,000

6.875%, 

9/23/2024

a,c,d

49,806

44,000

8.125%, 

12/23/2025

a,c,d

44,546

200,000

4.750%, 

3/23/2029

a,c,d

160,284

Credit

Suisse

Group

AG

55,000

7.500%, 

12/11/2023

a,c,d

47,850

55,000

7.250%, 

9/12/2025

a,c,d

39,537

200,000

9.750%, 

6/23/2027

a,c,d

174,213

Dai-ichi

Life

Insurance

Company,

Ltd.

275,000

5.100%, 

10/28/2024

a,c,d

268,078

Deutsche

Bank

AG

275,000

6.000%, 

10/30/2025

c,d

233,220

16,000

4.296%, 

5/24/2028

c

15,052

Drawbridge

Special

Opportunities

Fund,

LP

100,000

3.875%, 

2/15/2026

a

90,130

Fifth

Third

Bancorp

105,000

4.500%, 

9/30/2025

c,d

97,547

Fortress

Transportation

and

Infrastructure

Investors,

LLC

32,000

6.500%, 

10/1/2025

a

30,087

35,000

9.750%, 

8/1/2027

a

35,087

Genworth

Mortgage

Holdings,

Inc.

31,000

6.500%, 

8/15/2025

a

30,422

Global

Net

Lease,

Inc.

90,000

3.750%, 

12/15/2027

a

74,423

goeasy,

Ltd.

16,000

5.375%, 

12/1/2024

a

15,349

Goldman

Sachs

Group,

Inc.

130,000

5.500%, 

8/10/2024

c,d

126,032

140,000

4.400%, 

2/10/2025

c,d

116,973

145,000

3.650%, 

8/10/2026

c,d

117,088

130,000

4.125%, 

11/10/2026

c,d

108,212

Hartford

Financial

Services

Group,

Inc.

120,000

6.731%, 

(LIBOR

3M

+

2.125%),

2/12/2047

a,c

100,456

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

10,000

Zero

Coupon, 

5/1/2025

a

9,156

HSBC

Holdings

plc

46,000

6.375%, 

3/30/2025

c,d

44,578

110,000

4.600%, 

12/17/2030

c,d

85,578

HUB

International,

Ltd.

22,000

7.000%, 

5/1/2026

a

21,538

34,000

5.625%, 

12/1/2029

a

29,695

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

53

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Financials

(21.8%)

-

continued

Huntington

Bancshares,

Inc.

$

130,000

4.450%, 

10/15/2027

c,d

$

116,292

Icahn

Enterprises,

LP

83,000

4.750%, 

9/15/2024

79,576

40,000

6.375%, 

12/15/2025

38,792

25,000

6.250%, 

5/15/2026

24,022

50,000

5.250%, 

5/15/2027

45,780

Intesa

Sanpaolo

SPA

16,000

5.017%, 

6/26/2024

a

15,381

iStar,

Inc.

85,000

4.250%, 

8/1/2025

83,294

J.P.

Morgan

Chase

&

Company

115,000

5.150%, 

5/1/2023

c,d

112,269

50,000

6.000%, 

8/1/2023

b,c,d

48,905

470,000

5.000%, 

8/1/2024

c,d

430,017

150,000

4.600%, 

2/1/2025

c,d

132,188

100,000

3.650%, 

6/1/2026

c,d

85,625

100,000

5.606%, 

(LIBOR

3M

+

1.000%),

5/15/2047

c

76,557

Jefferies

Finance,

LLC

36,000

5.000%, 

8/15/2028

a

29,366

KKR

Real

Estate

Finance

Trust,

Inc.,

Convertible

6,000

6.125%, 

5/15/2023

5,889

Lincoln

National

Corporation

100,000

7.007%, 

(LIBOR

3M

+

2.358%),

2/17/2023

c

77,000

116,000

9.250%, 

12/1/2027

c,d

123,250

Lloyds

Banking

Group

plc

42,000

7.500%, 

6/27/2024

c,d

40,706

LPL

Holdings,

Inc.

45,000

4.000%, 

3/15/2029

a

39,155

M&T

Bank

Corporation

117,000

3.500%, 

9/1/2026

c,d

90,676

MetLife,

Inc.

140,000

3.850%, 

9/15/2025

c,d

130,025

200,000

5.875%, 

3/15/2028

c,d

190,174

116,000

6.400%, 

12/15/2036

112,184

Molina

Healthcare,

Inc.

41,000

4.375%, 

6/15/2028

a

37,416

MPT

Operating

Partnership,

LP

47,000

4.625%, 

8/1/2029

35,841

Nationstar

Mortgage

Holdings,

Inc.

41,000

6.000%, 

1/15/2027

a

36,695

NatWest

Group

plc

110,000

4.600%, 

6/28/2031

c,d

78,752

Navient

Corporation

45,000

5.500%, 

1/25/2023

44,923

15,000

5.000%, 

3/15/2027

13,131

Necessity

Retail

REIT,

Inc.

73,000

4.500%, 

9/30/2028

a

53,655

Nippon

Life

Insurance

Company

205,000

2.900%, 

9/16/2051

a,c

163,965

260,000

5.100%, 

10/16/2044

a,c

254,037

129,000

3.400%, 

1/23/2050

a,c

109,415

Office

Properties

Income

Trust

16,000

4.250%, 

5/15/2024

15,153

OneMain

Finance

Corporation

80,000

6.875%, 

3/15/2025

76,854

74,000

7.125%, 

3/15/2026

70,365

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Financials

(21.8%)

-

continued

Park

Intermediate

Holdings,

LLC

$

15,000

4.875%, 

5/15/2029

a

$

12,698

Pebblebrook

Hotel

Trust,

Convertible

36,000

1.750%, 

12/15/2026

29,610

PennyMac

Financial

Services,

Inc.

32,000

4.250%, 

2/15/2029

a

24,957

PNC

Financial

Services

Group,

Inc.

110,000

3.400%, 

9/15/2026

c,d

87,175

180,000

6.000%, 

5/15/2027

c,d

169,132

116,000

6.200%, 

9/15/2027

c,d

113,361

PRA

Group,

Inc.

30,000

7.375%, 

9/1/2025

a

29,145

Provident

Financing

Trust

I

30,000

7.405%, 

3/15/2038

31,200

Prudential

Financial,

Inc.

250,000

5.125%, 

3/1/2052

c

227,500

150,000

5.625%, 

6/15/2043

c

147,375

190,000

5.200%, 

3/15/2044

c

180,624

25,000

3.700%, 

10/1/2050

c

21,097

QBE

Insurance

Group,

Ltd.

44,000

5.875%, 

5/12/2025

a,c,d

41,478

Radian

Group,

Inc.

45,000

4.875%, 

3/15/2027

41,231

Regions

Financial

Corporation

104,000

5.750%, 

6/15/2025

c,d

101,372

RLJ

Lodging

Trust,

LP

20,000

3.750%, 

7/1/2026

a

17,812

Rocket

Mortgage

Co-Issuer,

Inc.

45,000

3.625%, 

3/1/2029

a

35,660

Service

Properties

Trust

23,000

4.650%, 

3/15/2024

21,968

12,000

4.350%, 

10/1/2024

10,909

66,000

7.500%, 

9/15/2025

62,893

20,000

5.500%, 

12/15/2027

17,223

SLM

Corporation

10,000

4.200%, 

10/29/2025

9,150

Standard

Chartered

plc

125,000

6.000%, 

7/26/2025

a,c,d

120,243

Starwood

Property

Trust,

Inc.,

Convertible

7,000

4.375%, 

4/1/2023

6,786

Sumitomo

Life

Insurance

Company

225,000

3.375%, 

4/15/2081

a,c

187,704

Summit

Hotel

Properties,

Inc.,

Convertible

17,000

1.500%, 

2/15/2026

14,518

SVB

Financial

Group

150,000

4.000%, 

5/15/2026

c,d

99,003

200,000

4.250%, 

11/15/2026

c,d

131,210

Toronto-Dominion

Bank

200,000

8.125%, 

10/31/2082

c

208,000

Truist

Financial

Corporation

169,000

4.950%, 

9/1/2025

c,d

161,581

110,000

5.100%, 

3/1/2030

c,d

101,750

U.S.

Bancorp

130,000

3.700%, 

1/15/2027

c,d

106,275

UBS

Group

AG

250,000

4.875%, 

2/12/2027

a,c,d

211,875

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

54

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Financials

(21.8%)

-

continued

United

Wholesale

Mortgage,

LLC

$

12,000

5.500%, 

11/15/2025

a

$

10,807

33,000

5.500%, 

4/15/2029

a

26,251

USB

Realty

Corporation

170,000

5.226%, 

(LIBOR

3M

+

1.147%),

1/15/2027

a,c,d

129,838

USI,

Inc./NY

16,000

6.875%, 

5/1/2025

a

15,414

Wells

Fargo

&

Company

215,000

3.900%, 

3/15/2026

c,d

188,182

100,000

4.579%, 

(LIBOR

3M

+

0.500%),

1/15/2027

c

92,796

XHR,

LP

20,000

6.375%, 

8/15/2025

a

19,229

23,000

4.875%, 

6/1/2029

a

18,840

Total

13,074,248

Mortgage-Backed

Securities

(5.5%)

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3,075,000

5.500%, 

1/1/2041

e

3,082,585

200,000

6.000%, 

1/1/2042

e

202,951

Total

3,285,536

Technology

(2.6%)

Akamai

Technologies,

Inc.,

Convertible

22,000

0.125%, 

5/1/2025

23,100

21,000

0.375%, 

9/1/2027

20,223

Black

Knight

InfoServ,

LLC

54,000

3.625%, 

9/1/2028

a

46,737

Block,

Inc.,

Convertible

19,000

0.500%, 

5/15/2023

19,694

9,000

0.250%, 

11/1/2027

6,784

CommScope

Technologies

Finance,

LLC

40,000

6.000%, 

6/15/2025

a

36,400

CommScope,

Inc.

70,000

7.125%, 

7/1/2028

a

50,041

Euronet

Worldwide,

Inc.,

Convertible

8,000

0.750%, 

3/15/2049

7,565

Gartner,

Inc.

45,000

3.625%, 

6/15/2029

a

39,542

80,000

3.750%, 

10/1/2030

a

68,957

InterDigital,

Inc.,

Convertible

18,000

3.500%, 

6/1/2027

a

17,010

Iron

Mountain,

Inc.

50,000

4.875%, 

9/15/2027

a

45,980

50,000

5.000%, 

7/15/2028

a

44,909

45,000

4.875%, 

9/15/2029

a

39,249

45,000

5.250%, 

7/15/2030

a

39,105

50,000

4.500%, 

2/15/2031

a

41,097

Lumentum

Holdings,

Inc.,

Convertible

29,000

0.250%, 

3/15/2024

30,494

7,000

0.500%, 

6/15/2028

a

5,298

MACOM

Technology

Solutions

Holdings,

Inc.,

Convertible

31,000

0.250%, 

3/15/2026

30,675

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Technology

(2.6%)

-

continued

Microchip

Technology,

Inc.,

Convertible

$

6,000

0.125%, 

11/15/2024

$

6,435

14,000

1.625%, 

2/15/2027

27,790

Minerva

Merger

Sub,

Inc.

56,000

6.500%, 

2/15/2030

a

41,268

MSCI,

Inc.

45,000

4.000%, 

11/15/2029

a

39,197

NCR

Corporation

135,000

6.125%, 

9/1/2029

a

126,233

ON

Semiconductor

Corporation,

Convertible

27,000

Zero

Coupon, 

5/1/2027

35,775

Open

Text

Corporation

90,000

4.125%, 

2/15/2030

a

72,195

Progress

Software

Corporation,

Convertible

14,000

1.000%, 

4/15/2026

14,308

PTC,

Inc.

10,000

3.625%, 

2/15/2025

a

9,524

40,000

4.000%, 

2/15/2028

a

36,001

Rackspace

Technology

Global,

Inc.

65,000

5.375%, 

12/1/2028

a

28,331

Sabre

GLBL,

Inc.,

Convertible

18,000

4.000%, 

4/15/2025

19,294

Seagate

HDD

Cayman

146,550

9.625%, 

12/1/2032

a

160,736

Semtech

Corporation,

Convertible

4,000

1.625%, 

11/1/2027

a

4,090

Sensata

Technologies,

Inc.

47,000

3.750%, 

2/15/2031

a

38,664

Shift4

Payments,

LLC

10,000

4.625%, 

11/1/2026

a

9,448

SS&C

Technologies,

Inc.

141,000

5.500%, 

9/30/2027

a

132,032

Teradyne,

Inc.,

Convertible

1,000

1.250%, 

12/15/2023

2,751

Verint

Systems,

Inc.,

Convertible

19,000

0.250%, 

4/15/2026

16,530

Viavi

Solutions,

Inc.

38,000

3.750%, 

10/1/2029

a

31,937

Viavi

Solutions,

Inc.,

Convertible

16,000

1.000%, 

3/1/2024

16,064

Vishay

Intertechnology,

Inc.,

Convertible

33,000

2.250%, 

6/15/2025

31,848

Ziff

Davis,

Inc.,

Convertible

33,000

1.750%, 

11/1/2026

a

32,901

Total

1,546,212

Transportation

(1.2%)

Air

Transport

Services

Group,

Inc.,

Convertible

12,000

1.125%, 

10/15/2024

12,436

Allegiant

Travel

Company

37,000

7.250%, 

8/15/2027

a

35,193

American

Airlines

Group,

Inc.

13,000

3.750%, 

3/1/2025

a

11,011

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

55

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Transportation

(1.2%)

-

continued

American

Airlines,

Inc.

$

111,000

11.750%, 

7/15/2025

a

$

119,059

121,000

5.500%, 

4/20/2026

a

116,359

Avis

Budget

Car

Rental,

LLC

45,000

5.375%, 

3/1/2029

a,b

38,495

Delta

Air

Lines,

Inc.

25,000

7.000%, 

5/1/2025

a

25,549

10,000

7.375%, 

1/15/2026

10,217

Hawaiian

Brand

Intellectual

Property,

Ltd.

22,000

5.750%, 

1/20/2026

a

19,910

Hertz

Corporation

34,000

4.625%, 

12/1/2026

a

28,475

40,000

5.000%, 

12/1/2029

a

30,344

JetBlue

Airways

Corporation,

Convertible

32,000

0.500%, 

4/1/2026

23,330

Southwest

Airlines

Company,

Convertible

43,000

1.250%, 

5/1/2025

51,643

United

Airlines,

Inc.

47,000

4.375%, 

4/15/2026

a

43,566

38,000

4.625%, 

4/15/2029

a

33,086

VistaJet

Malta

Finance

plc

50,000

6.375%, 

2/1/2030

a

40,091

XPO

Escrow

Sub,

LLC

48,000

7.500%, 

11/15/2027

a

48,572

Total

687,336

U.S.

Government

&

Agencies

(10.9%)

U.S.

Treasury

Bonds

2,955,000

1.375%, 

11/15/2031

2,405,093

U.S.

Treasury

Notes

4,600,000

1.250%, 

12/31/2026

4,119,336

Total

6,524,429

Utilities

(3.2%)

Algonquin

Power

&

Utilities

Corporation

175,000

4.750%, 

1/18/2082

c

141,750

American

Electric

Power

Company,

Inc.

250,000

3.875%, 

2/15/2062

c

194,777

Calpine

Corporation

48,000

4.500%, 

2/15/2028

a

42,815

Dominion

Energy,

Inc.

146,000

4.650%, 

12/15/2024

c,d

127,750

150,000

4.350%, 

1/15/2027

c,d

125,990

Duke

Energy

Corporation

123,000

3.250%, 

1/15/2082

c

89,840

45,000

4.875%, 

9/16/2024

c,d

41,062

Edison

International

210,000

5.000%, 

12/15/2026

c,d

175,549

NextEra

Energy

Capital

Holdings,

Inc.

185,000

3.800%, 

3/15/2082

c

150,746

NextEra

Energy

Operating

Partners,

LP

100,000

3.875%, 

10/15/2026

a

91,502

Principal

Amount

Long-Term

Fixed

Income

(74.2%)

Value

Utilities

(3.2%)

-

continued

NextEra

Energy

Partners,

LP,

Convertible

$

8,000

Zero

Coupon, 

6/15/2024

a

$

7,508

39,000

Zero

Coupon, 

11/15/2025

a

38,766

NiSource,

Inc.

70,000

5.650%, 

6/15/2023

c,d

65,275

NRG

Energy,

Inc.

115,000

3.375%, 

2/15/2029

a

92,761

20,000

5.250%, 

6/15/2029

a

17,655

NRG

Energy,

Inc.,

Convertible

16,000

2.750%, 

6/1/2048

15,816

PG&E

Corporation

47,000

5.000%, 

7/1/2028

42,904

Sempra

Energy

115,000

4.125%, 

4/1/2052

c

89,049

44,000

4.875%, 

10/15/2025

c,d

40,686

Southern

Company

110,000

4.000%, 

1/15/2051

c

100,100

90,000

3.750%, 

9/15/2051

c

72,671

TerraForm

Power

Operating,

LLC

100,000

5.000%, 

1/31/2028

a

89,999

Vistra

Operations

Company,

LLC

80,000

5.000%, 

7/31/2027

a

74,247

Total

1,929,218

Total

Long-Term

Fixed

Income

(cost

$50,105,183)

44,402,304

Shares

Registered

Investment

Companies

(

16.3%

)

Value

Unaffiliated  (8.8%)

79,800

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

209,874

26,225

AllianceBernstein

Global

High

Income

Fund,

Inc.

241,794

223

Allspring

Global

Dividend

Opportunities

Fund

975

30,727

Allspring

Income

Opportunities

Fund

196,345

12,883

Barings

Global

Short

Duration

High

Yield

Fund

163,356

19,638

BlackRock

Core

Bond

Trust

203,842

23,740

BlackRock

Corporate

High

Yield

Fund,

Inc.

207,488

23,878

BlackRock

Credit

Allocation

Income

Trust

241,168

1,900

BlackRock

Debt

Strategies

Fund,

Inc.

17,480

1,500

BlackRock

Enhanced

Equity

Dividend

Trust

13,515

20,273

BlackRock

Enhanced

Global

Dividend

Trust

193,810

6,800

BlackRock

Enhanced

International

Dividend

Trust

34,136

1,350

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

15,201

4,966

BlackRock

Income

Trust,

Inc.

61,280

8,718

BlackRock

Multi-Sector

Income

Trust

123,883

14,650

Blackstone

Strategic

Credit

Fund

b

154,997

32,498

BNY

Mellon

High

Yield

Strategies

Fund

70,196

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

56

Shares

Registered

Investment

Companies

(16.3%)

Value

Unaffiliated  (8.8%)-

continued

6,554

Delaware

Ivy

High

Income

Opportunities

Fund

$

71,832

26,020

Eaton

Vance

Limited

Duration

Income

Fund

244,328

1,383

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

10,442

24,846

First

Trust

High

Income

Long/Short

Fund

284,487

13,673

First

Trust

Senior

Floating

Rate

Income

Fund

II

130,304

9,214

Invesco

Dynamic

Credit

Opportunities

Fund

f

98,035

11,994

New

America

High

Income

Fund,

Inc.

79,160

55,800

Nuveen

Credit

Strategies

Income

Fund

284,022

13,964

Nuveen

Global

High

Income

Fund

157,095

8,400

Nuveen

Preferred

Income

Opportunities

Fund

61,152

9,400

Nuveen

Quality

Preferred

Income

Fund

II

63,920

13,279

Nuveen

Short

Duration

Credit

Opportunities

Fund

157,489

28,485

PGIM

Global

High

Yield

Fund,

Inc.

308,777

19,984

PGIM

High

Yield

Bond

Fund,

Inc.

237,210

9,093

Pimco

Dynamic

Income

Fund

168,039

1,438

Pioneer

High

Income

Fund,

Inc.

9,347

4,840

Templeton

Emerging

Markets

Income

Fund

26,572

2,580

Tri-Continental

Corporation

66,125

17,400

Virtus

Convertible

&

Income

Fund

59,160

14,186

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

160,018

2,775

Virtus

Equity

&

Convertible

Income

Fund

50,588

8,102

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

49,665

30,100

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

162,841

47,693

Western

Asset

High

Income

Opportunity

Fund,

Inc.

188,387

Total

5,278,335

Affiliated  (7.5%)

594,006

Thrivent

Core

Emerging

Markets

Debt

Fund

4,502,569

Total

4,502,569

Total

Registered

Investment

Companies

(cost

$12,319,608)

9,780,904

Shares

Preferred

Stock

(

6.8%

)

Value

Communications

Services

(0.5%)

13,375

AT&T,

Inc.,

4.750%

d

233,260

274

Paramount

Global,

Convertible,

5.750%

6,787

6,000

Telephone

and

Data

Systems,

Inc.,

6.000%

d

78,600

Total

318,647

Shares

Preferred

Stock

(6.8%)

Value

Consumer

Cyclical

(0.2%)

5,500

Ford

Motor

Company,

6.000%

$

117,755

Total

117,755

Consumer

Non-Cyclical

(0.3%)

897

Becton,

Dickinson

and

Company,

Convertible,

6.000%

44,922

379

Boston

Scientific

Corporation,

Convertible,

5.500%

43,517

3,200

CHS,

Inc.,

6.750%

c,d

76,896

4

Danaher

Corporation,

Convertible,

5.000%

5,426

Total

170,761

Energy

(0.2%)

10,535

Crestwood

Equity

Partners,

LP,

9.250%

d

91,233

525

Energy

Transfer,

LP,

7.600%

c,d

11,492

1,415

Nustar

Logistics,

LP,

10.813%

c

34,243

60

UGI

Corporation,

Convertible,

7.250%

5,186

Total

142,154

Financials

(4.8%)

3,925

Aegon

Funding

Corporation

II,

5.100%

74,810

8,500

Allstate

Corporation,

5.100%

d

168,385

4,000

American

International

Group,

Inc.

5.850%

d

85,640

8,500

Bank

of

America

Corporation,

4.250%

d

144,075

32

Bank

of

America

Corporation,

Convertible,

7.250%

d

37,120

5,300

Capital

One

Financial

Corporation,

5.000%

d

95,400

2,000

Citigroup

Capital

XIII,

10.785%

c

56,800

8,200

Equitable

Holdings,

Inc.,

5.250%

d

154,242

60

First

Horizon

Bank,

4.759%

*,c,d

46,800

3,000

First

Horizon

Corporation,

6.500%

d

73,050

8,500

First

Republic

Bank,

4.500%

d

146,710

7,200

J.P.

Morgan

Chase

&

Company,

4.200%

d

125,640

6,825

J.P.

Morgan

Chase

&

Company,

4.750%

d

131,449

1,900

J.P.

Morgan

Chase

&

Company,

5.750%

d

44,441

655

KKR

&

Company,

Inc.,

Convertible,

6.000%

37,499

5,875

Morgan

Stanley,

4.250%

b,d

100,932

5,500

Morgan

Stanley,

5.850%

c,d

126,555

5,800

Morgan

Stanley,

7.125%

c,d

145,870

5,500

Public

Storage,

3.950%

d

90,310

5,950

Public

Storage,

4.125%

d

102,399

850

Public

Storage,

4.625%

d

16,244

225

Public

Storage,

4.700%

d

4,343

3,500

Regions

Financial

Corporation,

5.700%

c,d

79,730

250

Synovus

Financial

Corporation,

5.875%

c,d

5,438

5,150

Truist

Financial

Corporation,

4.750%

b,d

98,314

5,900

U.S.

Bancorp,

4.000%

d

95,816

13,500

Wells

Fargo

&

Company,

4.250%

d

222,345

4,500

Wells

Fargo

&

Company,

4.750%

d

82,440

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

57

Shares

Preferred

Stock

(6.8%)

Value

Financials

(4.8%)

-

continued

224

Wells

Fargo

&

Company,

Convertible,

7.500%

d

$

265,440

Total

2,858,237

Utilities

(0.8%)

522

AES

Corporation,

Convertible,

6.875%

53,249

289

American

Electric

Power

Company,

Inc.,

Convertible,

6.125%

14,906

11,500

CMS

Energy

Corporation,

4.200%

d

203,206

181

NextEra

Energy,

Inc.,

Convertible,

5.279%

9,177

46

NiSource,

Inc.,

Convertible,

7.750%

4,750

8,800

Southern

Company,

4.950%

172,832

Total

458,120

Total

Preferred

Stock

(cost

$5,316,432)

4,065,674

Shares

Collateral

Held

for

Securities

Loaned

(

1.7%

)

Value

991,002

Thrivent

Cash

Management

Trust

991,002

Total

Collateral

Held

for

Securities

Loaned

(cost

$991,002)

991,002

Shares

Common

Stock

(

1.1%

)

Value

Communications

Services

(<0.1%)

613

AT&T,

Inc.

11,286

33

Charter

Communications,

Inc.

g

11,190

21

Windstream

Services,

LLC,

Warrants

(Expires

12/31/2049)

f

105

Total

22,581

Consumer

Discretionary

(0.1%)

432

Bloomin'

Brands,

Inc.

8,692

9

Booking

Holdings,

Inc.

g

18,138

150

Dick's

Sporting

Goods,

Inc.

18,043

Total

44,873

Energy

(0.1%)

1,055

Permian

Resources

Corporation

9,917

168

Pioneer

Natural

Resources

Company

38,370

Total

48,287

Financials

(0.4%)

1,466

AG

Mortgage

Investment

Trust,

Inc.

7,784

2,300

AGNC

Investment

Corporation

23,805

1,162

Annaly

Capital

Management,

Inc.

24,495

2,400

Apollo

Commercial

Real

Estate

Finance,

Inc.

25,824

1,900

BlackRock

TCP

Capital

Corporation

24,586

3,800

Chimera

Investment

Corporation

20,900

116

Encore

Capital

Group,

Inc.

g

5,561

1,169

FS

KKR

Capital

Corporation

20,457

2,182

Golub

Capital

BDC,

Inc.

28,715

2,800

Granite

Point

Mortgage

Trust,

Inc.

15,008

Shares

Common

Stock

(1.1%)

Value

Financials

(0.4%)

-

continued

4,050

Rithm

Capital

Corporation

$

33,089

675

Two

Harbors

Investment

Corporation

10,645

Total

240,869

Health

Care

(0.2%)

9

Becton,

Dickinson

and

Company

2,289

41

BioMarin

Pharmaceutical,

Inc.

g

4,243

212

Danaher

Corporation

56,269

131

Elevance

Health,

Inc.

67,199

6

Illumina,

Inc.

g

1,213

Total

131,213

Industrials

(0.1%)

219

Chart

Industries,

Inc.

g

25,235

100

FTI

Consulting,

Inc.

g

15,880

25

KBR,

Inc.

1,320

Total

42,435

Information

Technology

(0.1%)

505

Akamai

Technologies,

Inc.

g

42,571

26

Microchip

Technology,

Inc.

1,826

126

ON

Semiconductor

Corporation

g

7,859

51

Teradyne,

Inc.

4,455

Total

56,711

Materials

(<0.1%)

192

Allegheny

Technologies,

Inc.

g

5,733

Total

5,733

Real

Estate

(<0.1%)

84

Kite

Realty

Group

Trust

1,768

Total

1,768

Utilities

(0.1%)

122

American

Electric

Power

Company,

Inc.

11,584

421

NextEra

Energy,

Inc.

35,196

598

NiSource,

Inc.

16,397

Total

63,177

Total

Common

Stock

(cost

$730,376)

657,647

Shares

or

Principal

Amount

Short-Term

Investments

(

6.3%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

370,220

4.710%

3,702,195

U.S.

Treasury

Bills

100,000

3.995%,

2/23/2023

h,i

99,398

Total

Short-Term

Investments

(cost

$3,801,604)

3,801,593

Total

Investments

(cost

$73,264,205)

106.4%

$63,699,124

Other

Assets

and

Liabilities,

Net

(6.4%)

(3,851,500)

Total

Net

Assets

100.0%

$59,847,624

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

58

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,

2022,

the

value

of

these

investments

was

$16,676,064

or

27.9%

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,

2022.

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

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

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,

2022

was

$107,886

or

0.18%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

December

31,

2022.

Security

Acquisition

Date

Cost

Credit

Acceptance

Corporation,

12/31/2024

5/29/2020

$

64,892

First

Horizon

Bank,

4.759%

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,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

770,410

Common

Stock

186,567

Total

lending

$956,977

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$991,002

Net

amounts

due

to

counterparty

$34,025

Definitions:

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

Reference

Rate

Index:

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$597,741

Gross

unrealized

depreciation

(10,456,071)

Net

unrealized

appreciation

(depreciation)

($9,858,330)

Cost

for

federal

income

tax

purposes

$73,564,410

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

59

i

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

December

31,

2022,

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

1,194,515

–

1,194,515

–

Capital

Goods

2,518,647

–

2,518,647

–

Collateralized

Mortgage

Obligations

44,865

–

44,865

–

Communications

Services

2,892,555

–

2,892,555

–

Consumer

Cyclical

3,818,604

–

3,818,604

–

Consumer

Non-Cyclical

2,589,592

–

2,589,592

–

Energy

4,296,547

–

4,296,547

–

Financials

13,074,248

–

13,074,248

–

Mortgage-Backed

Securities

3,285,536

–

3,285,536

–

Technology

1,546,212

–

1,546,212

–

Transportation

687,336

–

687,336

–

U.S.

Government

&

Agencies

6,524,429

–

6,524,429

–

Utilities

1,929,218

–

1,929,218

–

Registered

Investment

Companies

Unaffiliated

5,278,335

5,180,300

–

98,035

Preferred

Stock

Communications

Services

318,647

318,647

–

–

Consumer

Cyclical

117,755

117,755

–

–

Consumer

Non-Cyclical

170,761

165,335

5,426

–

Energy

142,154

142,154

–

–

Financials

2,858,237

2,811,437

46,800

–

Utilities

458,120

458,120

–

–

Common

Stock

Communications

Services

22,581

22,476

–

105

Consumer

Discretionary

44,873

44,873

–

–

Energy

48,287

48,287

–

–

Financials

240,869

240,869

–

–

Health

Care

131,213

131,213

–

–

Industrials

42,435

42,435

–

–

Information

Technology

56,711

56,711

–

–

Materials

5,733

5,733

–

–

Real

Estate

1,768

1,768

–

–

Utilities

63,177

63,177

–

–

Short-Term

Investments

99,398

–

99,398

–

Subtotal

Investments

in

Securities

$54,503,358

$9,851,290

$44,553,928

$98,140

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

4,502,569

Affiliated

Short-Term

Investments

3,702,195

Collateral

Held

for

Securities

Loaned

991,002

Subtotal

Other

Investments

$9,195,766

Total

Investments

at

Value

$63,699,124

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Credit

Default

Swaps

6,956

–

6,956

–

Total

Asset

Derivatives

$6,956

$–

$6,956

$–

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

60

The

following

table

presents

Multidimensional

Income

Fund's

swaps

contracts

held

as

of

December

31,

2022.

Investments

totaling

$99,398

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

39,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2027

$

1,240,000

$

–

$

6,956

$

6,956

Total

Credit

Default

Swaps

$–

$6,956

$6,956

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,

2022,

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

Asset

Derivatives

Credit

Contracts

Credit

Default

Swaps

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

6,956

Total

Credit

Contracts

6,956

Total

Asset

Derivatives

$6,956

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

December

31,

2022,

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

(3,373)

Total

Credit

Contracts

(3,373)

Total

($3,373)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

December

31,

2022,

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

6,956

Total

Credit

Contracts

6,956

Total

$6,956

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

December

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

61

The

following

table

presents

Multidimensional

Income

Fund's

average

volume

of

derivative

activity

during

the

period

ended

December

31,

2022.

Derivative

Risk

Category

Average

Notional

Value

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

($553)

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

12/31/2021

Gross

Purchases

Gross

Sales

Value

12/31/2022

Shares

Held

at

12/31/2022

%

of

Net

Assets

12/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$6,320

$859

$1,239

$4,503

594

7.5%

Total

Affiliated

Registered

Investment

Companies

6,320

4,503

7.5

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.710%

2,534

36,348

35,180

3,702

370

6.2

Total

Affiliated

Short-Term

Investments

2,534

3,702

6.2

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

5,020

60,301

64,330

991

991

1.7

Total

Collateral

Held

for

Securities

Loaned

5,020

991

1.7

Total

Value

$13,874

$9,196

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2022

-

12/31/2022

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($345)

($1,092)

$–

$309

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

4.710%

0

0

–

59

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$368

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

37

Total

Affiliated

Income

from

Securities

Loaned,

Net

$37

Total

($345)

($1,092)

$–

Thrivent

Mutual

Funds

Statement

of

Assets

and

Liabilities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

62

As

of

December

31,

2022

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$965,139,752

$62,792,705

Investments

in

affiliated

securities

at

cost

$259,717,999

$10,471,500

Investments

in

unaffiliated

securities

at

value

(#)

$928,732,446

$54,503,358

Investments

in

affiliated

securities

at

value

233,159,651

9,195,766

Foreign

Currency

647

(a)

—

Initial

margin

deposit

on

open

future

contracts

52,500

—

Dividends

and

interest

receivable

6,722,761

617,238

Prepaid

expenses

25,834

3,621

Receivable

for:

Investments

sold

240,235

—

Investments

sold

on

a

delayed-delivery

basis

41,439,231

—

Fund

shares

sold

116,897

13,692

Expense

reimbursements

—

16,723

Variation

margin

on

open

future

contracts

154,108

—

Variation

margin

on

open

swap

contracts

4,388

466

Total

Assets

1,210,648,698

64,350,864

Liabilities

Distributions

payable

208,559

20,455

Accrued

expenses

79,478

17,025

Cash

overdraft

327,725

26,988

Payable

for:

Investments

purchased

202,442

7,784

Investments

purchased

on

a

delayed-delivery

basis

121,536,064

3,307,867

Return

of

collateral

for

securities

loaned

19,586,070

991,002

Fund

shares

redeemed

1,169,903

95,950

Variation

margin

on

open

future

contracts

211,603

—

Investment

advisory

fees

504,394

28,655

Administrative

fees

15,706

886

Distribution

fees

107,288

—

Transfer

agent

fees

62,683

3,245

Trustee

fees

1,422

308

Trustee

deferred

compensation

50,641

2,434

Open

options

written,

at

value

26,420

(b)

—

Contingent

liabilities^

—

—

Mortgage

dollar

roll

deferred

revenue

4,010

641

Total

Liabilities

144,094,408

4,503,240

Net

Assets

Capital

stock

(beneficial

interest)

1,180,785,823

71,693,511

Distributable

earnings/(accumulated

loss)

(114,231,533)

(11,845,887)

Total

Net

Assets

$1,066,554,290

$59,847,624

Class

S

Share

Capital

$571,135,065

$59,847,624

Shares

of

beneficial

interest

outstanding

(Class

S)

88,490,710

7,074,777

Net

asset

value

per

share

$6.45

$8.46

Class

A

Share

Capital

$495,419,225

$—

Shares

of

beneficial

interest

outstanding

(Class

A)

75,875,095

—

Net

asset

value

per

share

$6.53

$—

Maximum

public

offering

price

$6.84

$—

(#)

Includes

securities

on

loan

of

18,987,940

956,977

(a)

Foreign

currency

holdings,

cost

$691.

(b)

Open

options

written,

cost

$(122,390).

^

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.

63

For

the

year

ended

December

31,

2022

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

Investment

Income

Dividends

$5,577,204

$870,312

Taxable

interest

24,715,223

1,922,317

Income

from

mortgage

dollar

rolls

4,028,884

13,977

Affiliated

income

from

securities

loaned,

net

394,884

36,897

Income

from

affiliated

investments

3,383,687

59,080

Non

cash

income

33,718

33,733

Non

cash

income

from

affiliated

investments

5,893,966

309,418

Foreign

tax

withholding

(10,496)

—

Total

Investment

Income

44,017,070

3,245,734

Expenses

Adviser

fees

6,352,973

364,783

Administrative

service

fees

269,001

81,275

Audit

and

legal

fees

43,807

37,023

Custody

fees

78,826

15,035

Distribution

expenses

Class

A

1,367,961

—

Insurance

expenses

7,929

4,372

Printing

and

postage

expenses

Class

S

98,559

21,982

Printing

and

postage

expenses

Class

A

91,008

—

SEC

and

state

registration

expenses

103,226

23,336

Transfer

agent

fees

Class

S

489,931

67,701

Transfer

agent

fees

Class

A

404,889

—

Trustees'

fees

35,031

8,709

Other

expenses

102,471

43,325

Total

Expenses

Before

Reimbursement

9,445,612

667,541

Less:

Reimbursement

from

adviser

—

(180,853)

Total

Net

Expenses

9,445,612

486,688

Net

Investment

Income/(Loss)

34,571,458

2,759,046

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(43,180,504)

(1,667,678)

Affiliated

investments

(823,763)

(344,777)

Futures

contracts

(6,583,861)

—

Foreign

currency

transactions

(579)

1

Swap

agreements

(170,812)

(3,373)

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

(116,904,603)

(9,836,310)

Affiliated

investments

(30,059,343)

(1,092,351)

Written

option

contracts

95,970

—

Futures

contracts

(966,436)

—

Foreign

currency

transactions

(7,114)

—

Swap

agreements

(494,182)

6,956

Net

Realized

and

Unrealized

Gains/(Losses)

(199,095,227)

(12,937,532)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$(164,523,769)

$(10,178,486)

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

64

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

For

the

periods

ended

12/31/2022

12/31/2021

12/31/2022

12/31/2021

Operations

Net

investment

income/(loss)

$34,571,458

$25,577,067

$2,759,046

$1,705,218

Net

realized

gains/(losses)

(50,759,519)

54,427,779

(2,015,827)

1,293,430

Change

in

net

unrealized

appreciation/(depreciation)

(148,335,708)

(7,432,212)

(10,921,705)

(487,540)

Net

Change

in

Net

Assets

Resulting

From

Operations

(164,523,769)

72,572,634

(10,178,486)

2,511,108

Distributions

to

Shareholders

From

income/realized

gains

Class

S

(19,926,427)

(41,328,473)

(2,876,840)

(2,690,770)

From

income/realized

gains

Class

A

(15,871,963)

(37,740,548)

–

–

Total

from

income/realized

gains

(35,798,390)

(79,069,021)

(2,876,840)

(2,690,770)

From

return

of

capital

Class

S

–

–

(129,715)

(29,610)

Total

From

Return

of

Capital

–

–

(129,715)

(29,610)

Total

Distributions

to

Shareholders

(35,798,390)

(79,069,021)

(3,006,555)

(2,720,380)

Capital

Stock

Transactions

Class

S  

Sold

132,145,376

270,772,061

22,830,611

39,790,267

Distributions

reinvested

19,287,790

40,386,946

2,748,660

2,517,244

Redeemed

(152,882,381)

(130,001,331)

(22,778,769)

(9,360,602)

Total

Class

S

Capital

Stock

Transactions

(1,449,215)

181,157,676

2,800,502

32,946,909

Class

A  

Sold

31,577,444

62,138,270

–

–

Distributions

reinvested

14,602,426

35,756,720

–

–

Redeemed

(80,450,040)

(83,562,399)

–

–

Total

Class

A

Capital

Stock

Transactions

(34,270,170)

14,332,591

–

–

Capital

Stock

Transactions

(35,719,385)

195,490,267

2,800,502

32,946,909

Net

Increase/(Decrease)

in

Net

Assets

(236,041,544)

188,993,880

(10,384,539)

32,737,637

Net

Assets,

Beginning

of

Period

1,302,595,834

1,113,601,954

70,232,163

37,494,526

Net

Assets,

End

of

Period

$1,066,554,290

$1,302,595,834

$59,847,624

$70,232,163

Capital

Stock

Share

Transactions

Class

S

shares

Sold

18,789,877

34,412,683

2,430,177

3,829,163

Distributions

reinvested

2,861,109

5,262,274

310,118

244,415

Redeemed

(22,312,145)

(16,565,478)

(2,520,836)

(903,287)

Total

Class

S

share

transactions

(661,159)

23,109,479

219,459

3,170,291

Class

A

shares

Sold

4,461,703

7,831,279

–

–

Distributions

reinvested

2,141,992

4,611,330

–

–

Redeemed

(11,665,008)

(10,550,450)

–

–

Total

Class

A

share

transactions

(5,061,313)

1,892,159

–

–

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2022

65

(1)

ORGANIZATION

Thrivent

Mutual

Funds

(the

“Trust”)

was

organized

as

a

Massachusetts

Business

Trust

on

March

10,

1987

and

is

registered

as

an

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”).

The

Trust

is

divided

into 25

separate

series

(each,

a

"Fund"

and,

collectively,

the

"Funds"),

each

with

its

own

investment

objective

and

policies.

The

Trust

currently

consists

of

four

asset

allocation

Funds, three

income

plus

Funds, ten

equity

Funds, seven

fixed-income

Funds,

and

one

money

market

Fund.

This

shareholder

report

includes Thrivent

Diversified

Income

Plus

Fund

and Thrivent

Multidimensional

Income

Fund, two of

the

Trust’s

25

Funds.

The

other

Funds

of

the

Trust

have

a

fiscal

year-end

of

October

31

and

are

presented

under

a

separate

shareholder

report.

The

Funds

are

each

investment

companies

that

follow

the

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

-

Financial

Services

-

Investment

Companies.

Share

Classes

— The

Trust

may

issue

an

unlimited number

of

shares

in

one

or

more

series

as

the

Board

may

authorize. 

The

Trust includes

two

classes

of

shares:

Class

A

and

Class

S

shares.

The

classes

of

shares

differ

principally

in

their

respective

distribution

expenses

and

other

class-specific

expenses

and

arrangements.

Class

A

shares

have

an

annual

12b-1

fee

of

0.25%

of

average

net

assets, a

reduced

fee

of

0.125%

or

no

fee. 

For

the

Funds

presented

under

this

shareholder

report,

Class

A

shares

have

an

annual

12b-1

fee

of

0.25%

and a

maximum

front-end

sales

load

of

4.50%.

Class

S

shares

are

offered

at

net

asset

value

and

have

no

annual

12b-1

fees.

The

share

classes

have

identical

rights

to

earnings,

assets

and

voting

privileges,

except

for

class-specific

expenses

and

exclusive

rights

to

vote

on

matters

affecting

only

individual

classes.

Thrivent

High

Income

Municipal

Bond

Fund,

Thrivent

Low

Volatility

Equity

Fund, Thrivent

Mid

Cap

Growth

Fund,

Thrivent

Mid

Cap

Value

Fund,

Thrivent

Multidimensional

Income

Fund

and

Thrivent

Small

Cap

Growth

Fund offer

only

Class

S

Shares; each

of

the

other 19

Funds

of

the

Trust

offer

Class

A

and

Class

S

shares.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

vendors

and

others

that

provide

general

damage

clauses.

The

Trust’s

maximum

exposure

under

these

contracts

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust.

However,

based

on

experience,

the

Trust

expects

the

risk

of

loss

to

be

remote.

(2)

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

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,

2022

66

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,

2022,

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,

2022

67

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

Fund

and

Multidimensional

Income

Fund

are

declared

and

paid

monthly. It

is

possible

that

such

dividends

may

be

reclassified

as

return

of

capital

or

capital

gains

after

year

end.

Such

determination

cannot

be

made

until

tax

information

is

received

from

the

real

estate

investments

of

the

Fund.

Net

realized

gains

from

securities

transactions,

if

any,

are

paid

at

least

annually

after

the

close

of

the

fiscal

year.

In

addition,

the

funds

may

claim

a

portion

of

the

payment

made

to redeeming

shareholders

as

a

distribution

for

income

tax

purposes. 

Derivative

Financial

Instruments 

—

Each 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.

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,

2022

68

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,

2022,

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,

2022,

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,

2022,

Diversified

Income

Plus

used

equity

futures

to

manage

exposure

to

the

equities

market.

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

is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

credit

default

swap

transaction,

a

buyer

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

buyer

of

a

credit

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2022

69

default

swap

is

said

to

buy

protection

whereas

a

seller

of

a

credit

default

swap

is

said

to

sell

protection.

The

Funds

may

be

either

the

protection

seller

or

the

protection

buyer.

Certain

Funds

enter

into

credit

default

derivative

contracts

directly

through

credit

default

swaps

("CDS")

or

through

credit

default

swap

indices

("CDX

Indices").

CDX

Indices

are

static

pools

of

equally

weighted

credit

default

swaps

referencing

corporate

bonds

and/or

loans

designed

to

increase

or

decrease

diversified

credit

exposure

to

these

asset

classes.

Funds

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any

given

CDX

Index

held,

the

maximum

potential

amount

of

future

payments

required

would

be

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract,

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Funds

buy

default

protection

in

order

to

reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-

efficient

and

diversified

structure.

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Fund

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

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,

2022,

Diversified

Income

Plus

and

Multidimensional

Income

used

CDX

Indexes

(comprised

of

credit

default

swaps)

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.

The

amounts

presented

in

the

table

below

are

offset

first

by

financial

instruments

that

have

the

right

to

offset

under

master

netting

or

similar

arrangements,

then

any

remaining

amount

is

reduced

by

cash

and

non-cash

collateral

received/pledged. 

The

actual

amounts

of

collateral

may

be

greater

than

the

amounts

presented

in

the

table. 

The

following

table

presents

the

gross

and

net

information

about

liabilities

subject

to

master

netting

arrangements,

as

presented

in

the

Statement

of

Assets

and

Liabilities:

The

following

table

presents

the

gross

and

net

information

about

liabilities

subject

to

master

netting

arrangements,

as

presented

in the

Statement

of

Assets

and

Liabilities:

Mortgage

Dollar

Roll

Transactions 

—

Certain

Funds

enter

into

dollar

roll

transactions

on

securities

issued

or

to

be

issued

by

the

Government

National

Mortgage

Association,

Federal

National

Mortgage

Association

and

Federal

Home

Loan

Mortgage

Corporation,

in

which

the

Funds

sell

mortgage

securities

and

simultaneously

agree

to

repurchase

similar

(same

type

and

coupon)

securities

at

a

later

date

at

an

agreed

upon

price.

The

Funds

must

maintain

liquid

securities

having

a

value

at

least

equal

to

the

repurchase

price

(including

accrued

interest)

for

such

dollar

rolls.

In

addition,

the

Funds

are

required

to segregate

collateral

with the

fund

custodian (depending

on

market

movements)

on

their

mortgage

dollar

rolls. 

The

value

of

the

securities

that

the

Funds

are

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities.

During

the

period

between

the

sale

and

repurchase,

the

Funds

forgo

principal

and

interest

paid

on

the

mortgage

securities

sold.

The

Funds

are

compensated

from

negotiated

fees

paid

by

brokers

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Fund

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

Net

Amounts

of

Recognized

Liabilities

Financial

Instruments

Cash

Collateral

Pledged

Non-Cash

Collateral

Pledged

(**)

Net

Amount

Diversified

Income

Plus

Options

Written

26,420

–

26,420

26,420

–

–

–

Securities

Lending

19,586,070

–

19,586,070

18,987,940

–

–

598,130

(^)

Multidimensional

Income

Securities

Lending

991,002

–

991,002

956,977

–

–

34,025

(^)

(**)

Excess

of

collateral

pledged

to

the

counterparty

may

not

be

shown

for

financial

reporting

purposes.

(^)

Net

securities

lending

amounts

represent

the

net

amount

payable

to

the

counterparty

in

the

event

of

a

default.

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2022

70

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. 

As

of

December

31,

2022,

the

value

of

securities

on

loan

is

as

follows:

When-Issued

and

Delayed-Delivery

Transactions 

— Each

Fund

may

purchase

or

sell

securities

on

a

when-issued

or

delayed-

delivery

basis.

These

transactions

involve

a

commitment

by

a

Fund

to

purchase

or

sell

securities

for

a

predetermined

price

or

yield,

with

payment

and

delivery

taking

place

beyond

the

customary

settlement

period.

When

delayed-delivery

purchases

are

outstanding,

a

Fund

will

designate

liquid

assets

in

an

amount

sufficient

to

meet

the

purchase

price.

When

purchasing

a

security

on

a

delayed-delivery

basis,

a

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value. 

A

Fund

may

dispose

of

a

delayed-delivery

transaction

after

it

is

entered

into,

and

may

sell

when-issued

securities

before

they

are

delivered,

which

may

result

in

a

capital

gain

or

loss.

When

a

Fund

has

sold

a

security

on

a

delayed-delivery

basis,

a

Fund

does

not

participate

in

future

gains

and

losses

with

respect

to

the

security.

Treasury

Inflation

Protected

Securities 

— Certain

Funds

may

invest

in

treasury

inflation

protected

securities

("TIPS").

These

securities

are

fixed

income

securities

whose

principal

value

is

periodically

adjusted

to

the

rate

of

inflation.

The

coupon

interest

rate

is

generally

fixed

at

issuance.

Interest

is

paid

based

on

the

principal

value,

which

is

adjusted

for

inflation.

Any

increase

in

the

principal

amount

will

be

included

as

taxable

interest

in

the

Statement

of

Operations

and

received

in

cash

upon

maturity

or

sale

of

the

security.

Stripped

Securities 

—

Certain

Funds

may

invest

in

interest

only

and

principal

only

stripped

mortgage

or

asset

backed

securities.

These

securities

represent

a

participation

in

securities

that

are

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest

only

securities

receive

all

the

interest,

and

principal

only

securities

receive

all

the

principal. 

Interest

only

securities

are

particularly

sensitive

to

changes

in

interest

rates

and

therefore

are

subject

to

greater

fluctuation

in

prices

than

typical

interest

bearing

debt

securities.

As

interest

rates

rise,

the

value

of

the

interest

only

security

increases.

Similarly,

as

interest

rates

decrease,

the

value

of

the

interest

only

security

decreases. If

the

underlying

pool

of

mortgages

or

assets

experience

greater

than

anticipated

prepayments

of

principal, a

Fund

may

not

fully

recoup

its

initial

investment

in

an

interest

only

security.

Principal

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

market

value

of

these

securities

is

also

highly

sensitive

to

changes

in

interest

rates. 

As

interest

rates

increase,

the

price

of

the

principal

only

security

decreases. 

Similarly,

as

interest

rates

decrease,

the

price

of

the

principal

only

security

increases. 

The

principal

only

security

represents

the

payment

with

the

longest

maturity,

therefore

making

it

the

most

sensitive

to

interest

rate

changes. 

Accounting

Estimates 

—

The

preparation

of

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Contingent

Liabilities 

—

In

the

event

of

adversary

action

proceedings

where

a

Fund

is

a

defendant,

a

loss

contingency

will

not

be

accrued

as

a

liability

until

the

amount

of

potential

damages

and

the

likelihood

of

loss

can

be

reasonably

estimated. 

For

the year

ended

December

31,

2022,

no

contingent

liabilities

were

reported.

Litigation 

—

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date. 

If

the

Fund

no

longer

owns

the

applicable

securities,

the

proceeds

are

recorded

as

realized

gains. 

Fund

Securities

on

Loan

Diversified

Income

Plus

$

18,987,940

Multidimensional

Income

956,977

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2022

71

Bank Loans

(Leveraged Loans) 

—

Certain

Funds

may

invest

in

bank

loans,

which

are

senior

secured

loans

that

are

made

by

banks

or

other

lending

institutions

to

companies

that

are

typically

rated

below

investment

grade. 

A Fund

may

invest

in

multiple

series

or

tranches

of

a

bank

loan,

with

varying

terms

and

different

associated

risks. 

Transactions

in

bank

loan

securities

may

settle

on

a

delayed

basis,

which

may

result

in

the

proceeds

of

the

sale

to

not

be

readily

available

for

a Fund

to

make

additional

investments. 

Interest

rates

of

bank

loan

securities

typically

reset

periodically,

as

the

rates

are

tied

to

a

reference

index

rate,

plus

a

premium. 

Income

is

recorded

daily

on

bank

loan

securities. 

On

an

ongoing

basis,

a Fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

of

the

bank

loan. 

This

commitment

fee

is

accrued

as

income

over

the

term

of

the

bank

loan. 

A Fund

may

receive

consent

and

amendment

fees

for

accepting

an

amendment

to

the

current

terms

of

a

bank

loan. 

Consent

and

amendment

fees

are

accrued

as

income

when

the

changes

to

the

bank

loan

are

immaterial

and

to

capital

when

the

changes

are

material.

All

or

a

portion

of

these

bank

loan

commitments

may

be

unfunded.

A

Fund

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

contractual

obligation.

These

unfunded

bank

loan

commitments,

which

are

marked-to-market

daily,

are

presented

in

the

Schedule

of

Investments. 

Line

of

Credit 

— Each

Fund along

with

other

portfolios

managed

by

the

investment

adviser

or

an

affiliate,

participate

in

a

$100

million

($50

million

committed,

$50

million

uncommitted)

credit

facility

(the

"line

of

credit")

issued

by

State

Street

Bank

and

Trust

Company

to

be

utilized

for

temporary

or

emergency

purposes

to

fund

shareholder

redemptions

or

for

other

short-term

liquidity

purposes. 

Interest

is

charged

to

each

participating

Fund based

on

its

borrowings

at

the

higher

of

the

Federal

Funds

Rate

or

the Overnight

Funding

Rate

plus,

in

each

case,

0.10%

plus

a

margin

of 1.25%. 

Each

borrowing

under

the

credit

facility

matures

no

later

than

30

calendar

days

after

the

date

of

the

borrowing. 

Each

participating

Fund

pays

a commitment

fee

in

proportion

to

their

respective

net

assets. 

The

line

of

credit

shall

expire

on

December

19,

2023

unless

extended

by

mutual

agreement

of

State

Street

Bank

and

Trust

Company

and

the

Funds. 

The

Funds

had

no

borrowings

during

the year

ended

December

31,

2022.

Recent

Accounting

Pronouncements 

—

Reference

Rate

Reform

In

March

2020,

the

FASB

issued

Accounting

Standards

Update

("ASU")

No.

2020-04

Reference

Rate

Reform,

which

provides

optional

guidance

to

ease

the

potential

accounting

burden

associated

with

transitioning

from

the

London

Interbank

Offered

Rate

("LIBOR")

and

other

reference

rates

expected

to

be

discontinued.

In

December

2022,

the

FASB

issued ASU

No.

2022-06

as

an

update

to

this

standard

which

was

effective

immediately

upon

release and

can

be

applied

prospectively through December

31,

2024.

At

this

time,

management

is

evaluating

implications

of

these

changes

on

financial

statement

disclosures. 

Management

is

also

currently

actively

working

with

other

financial

institutions

and

counterparties

to

modify

contracts

as

required

by

applicable

regulation

and

within

the

regulatory

deadline.

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,

2022,

contractual

expense

reimbursements

to

limit

expenses

to

the

following

percentages

were

in

effect: 

1

Expense

waiver

changed

from

0.85%

to

0.71%

effective

2/28/2022.

Expense

reimbursements

are

accrued

daily

and

paid

by

Thrivent

Asset

Mgt.

monthly.

Thrivent

Asset

Mgt.

does

not

recoup

amounts

previously

reimbursed

or

waived

in

prior

fiscal

years.

Subject

to

certain

limitations,

each

Fund

may

invest

cash

in

other

Funds,

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

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

$1,500M

Over

$1,500

to

$2,500M

Over

$2,500

to

$5,000M

Over

$5,000M

Diversified

Income

Plus

0.550%

0.550%

0.550%

0.550%

0.550%

0.550%

0.550%

0.500%

0.450%

0.450%

0.450%

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

0.71%

2/28/2023

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2022

72

result

of

its

investment

in

any

other

mutual

fund

for

which

the

Adviser

or

an

affiliate

serves

as

investment

adviser,

other

than

Thrivent

Cash

Management

Trust. 

Distribution

Plan 

— Thrivent

Distributors,

LLC

is

the

Trust's

distributor. 

The

Trust

has

adopted

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act. 

Class

A

shares

have

an

annual 12b-1

fee

of 0.25%

of

average

net

assets, a

reduced

fee

of

0.125%

or

no

fee. 

For

the

Funds

presented

under

this

shareholder

report,

Class

A

shares

have

an annual 12b-1

fee of

0.25%.  

Sales

Charges

and

Other

Fees 

—

For

the year

ended

December

31,

2022,

Thrivent

Investment

Management

Inc. and

Thrivent

Distributors,

LLC

received

$34,681

of

aggregate

underwriting

concessions

from

the

sales

of

the

Trust’s

Class

A

shares.

Sales

charges

are

not

an

expense

of

the

Trust

and

are

not

reflected

in

the

financial

statements

of

any

of

the

Funds.

The

Trust

has

entered

into

an

accounting

and

administrative

services

agreement

with

Thrivent

Asset

Mgt.

pursuant

to

which

Thrivent

Asset

Mgt.

provides

certain

accounting

and

administrative

personnel

and

services

to

the

Funds.

The

Funds pay

an

annual

fixed

fee

on

a

per-fund

basis plus

percentage

of net assets

to

Thrivent

Asset

Mgt. 

These

fees

are

accrued

daily

and paid

monthly. 

For

the year

ended

December

31,

2022,

Thrivent

Asset

Mgt.

received

aggregate

fees

for

accounting

and

administrative

personnel

and

services

of $350,276

from

the

Funds

covered

in

this

shareholder

report.

The

Trust

has

entered

into

an

agreement

with

Thrivent

Financial

Investor

Services

Inc.

(“Thrivent

Investor

Services”)

to

provide transfer

agency

and

dividend

payment services

necessary

to

the

Funds

on

a

per-account

basis

for

direct-at-fund

accounts,

and

sub

transfer

agency

services

based

on

assets

under

management

for

third

party

intermediary

accounts.

These

fees

are

accrued

daily

and

paid

monthly. 

For

the year

ended

December

31,

2022,

Thrivent

Investor

Services

received

$973,082 from

the

Funds

for

transfer

agent

services

covered

in

this

shareholder

report.  

Each

Trustee

who

is

not

affiliated

with

the

Adviser

receives

an

annual

fee

from

the

Trust

for

services

as

a

Trustee

and

is

eligible

to

participate

in

a

deferred

compensation

plan

with

respect

to

fees

received

from

the

Funds.

Participants

in

the

plan

may

designate

their

deferred

Trustee’s

fees

as

if

invested

in a series

of

Thrivent

Mutual

Funds.  Thrivent

Money

Market

Fund

is

not

eligible

for

the

deferred

plan. The

value

of

each

Trustee’s

deferred

compensation

account

will

increase

or

decrease

as

if

invested

in

shares

of

the

designated series.

Their

fees

as

well

as

the

change

in

value

are

included

in

Trustee’s

fees

in

the

Statement

of

Operations.

The

deferred

fees

remain

in

the

appropriate

series

of

Thrivent

Mutual

Funds

until

distribution

in

accordance

with

the

plan.

The Payable

for

trustee

deferred

compensation,

located in

the

Statement

of

Assets

and

Liabilities,

is

unsecured.

Those

Trustees

not

participating

in

the

above

plan

received $40,892

in

fees

from

the

Funds

covered

in

this

shareholder

report

for

the

year

ended

December

31,

2022.

In

addition,

the

Trust

reimbursed

independent

Trustees

for

reasonable

expenses

incurred

in

relation

to

attendance

at Board

meetings

and

industry

conferences.

Certain

officers

and

non-independent

Trustees

of

the

Trust

are

officers

and

directors

of

Thrivent

Asset

Mgt.,

Thrivent

Distributors,

LLC,

and

Thrivent

Investor

Services;

however,

they

receive

no

compensation

from

the

Trust.

Affiliated

employees

and

board

consultants

are

reimbursed

for

reasonable

expenses

incurred

in

relation

to

board

meeting

attendance.

Acquired

Fund

Fees

and Expenses 

—

Some

Funds

invest

in

other

open-ended

funds.

Fees

and

expenses

of

those

underlying

funds

are

not

included

in

those

Funds'

expense

ratios

reported

in

the

Financial

Highlights.

The

Funds

indirectly

bear

their

proportionate

share

of

the

annualized

weighted

average

expense

ratio

of

the

underlying

funds

in

which

they

invest.

There

are

no

advisory fees

for Thrivent Core

Funds,

and

therefore

no

reimbursement

is

made

related

to

investments

in

these

Funds. 

This

contractual

provision

may

be

terminated

upon

the

mutual

agreement

between

the

independent

Trustees

of

the

Trust

and

the

Adviser. 

Interfund

Lending 

—

The

Funds

may

participate

in

an

interfund

lending

program

(the

"Program")

pursuant

to

an

exemptive

order

issued

by

the

SEC. 

The

Program permits

the

Funds

to borrow

cash

for

temporary

purposes

from Thrivent

Core

Short-Term

Reserve

Fund. 

Interest

is

charged

to

each

participating

Fund

based

on

its

borrowings

at

the

average

of

the

repo

rate

and

bank

loan

rate,

each

as

defined

in

the

Program. 

Each

borrowing

made

under

the

Program

matures

no

later

than

seven

calendar

days

after

the

date

of

the

borrowing,

and

each

borrowing

must

be

securitized

by

a

pledge

of

segregated

collateral

with

a

market

value

at

least

equal

to

102%

of

the

outstanding

principal

value

of

the

loan. 

For

the year

ended December

31,

2022,

none

of

the Funds borrowed

cash

through

the

Program. 

(4)

TAX

INFORMATION

Distributions

are

based

on

amounts

calculated

in

accordance

with

applicable

federal

income

tax

regulations,

which

may

differ

from

GAAP.

The

differences

between

book-basis

and

tax-

basis

distributable

earnings

are

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment

transactions, such

as

wash

sales,

unrealized

and

realized

activity

related

to

derivatives,

treatment

of

passive

foreign

investment

companies,

and

amortization

of

callable

bonds. At

the

end

of

the

fiscal

year,

reclassifications

between

net

asset

accounts

are

made

for

differences

that

are

permanent

in

nature. 

These

permanent

differences

primarily

relate

to

the

tax

treatment

of

partnerships

and

sales

of

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)]: 

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2022

73

At

December

31,

2022,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows: 

At

December

31,

2022,

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.

The

tax

character

of

distributions

paid

during

the

years

ended December

31,

2022

and 2021

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,

2022,

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,

2022,

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

purchase

or

sell

securities

from

or

to certain

other

Funds, or

affiliated

portfolios

under specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

a

Fund

from

or

to

another

fund

or

portfolio

that

is

or

could

be

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a-

7

of

the

1940

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

executed

at

the

current

market

price. 

During

the year

ended

December

31,

2022, Diversified

Income

Plus Fund engaged

in purchase

transactions

in

the

amount

of

$2,733,258,

pursuant

to

Rule

17a-7

of

the

1940

Act. 

These

transaction

amounts were

greater

than 0.045%

of

each fund's

net

assets.

Fund

Distributable

earnings/

(accumulated

loss)

Capital

Stock

Diversified

Income

Plus

$1,265

($1,265)

Multidimensional

Income

4,700

(4,700)

Fund

Undistributed

Ordinary

Income

a

Undistributed

Long-Term

Capital

Gain

Diversified

Income

Plus

$4,564,117

$

–

a

Undistributed

Ordinary

Income

includes

income

derived

from

Short-Term

Capital

Gains.

Fund

Capital

Loss

Carryover

Diversified

Income

Plus

$

51,005,553

Multidimensional

Income

1,964,668

Ordinary

Income

(a)

Long-Term

Capital

Gains

Return

of

Capital

Fund

12/31/2022

12/31/2021

12/31/2022

12/31/2021

12/31/2022

12/31/2021

Diversified

Income

Plus

$35,798,390

$39,856,658

$–

$39,212,363

$–

$–

Multidimensional

Income

2,876,840

2,253,281

–

437,489

129,715

29,610

In

thousands

Fund

Purchases

Sales/

Paydowns

Diversified

Income

Plus

$339,023

$365,499

Multidimensional

Income

23,052

23,679

In

thousands

Fund

Purchases

Sales/

Paydowns

Diversified

Income

Plus

$2,780,109

$2,775,868

Multidimensional

Income

19,532

14,207

Fund

Number

of

Securities

Percent

of

Fund's

Net

Assets

Diversified

Income

Plus

2

0.09%

Multidimensional

Income

2

0.18%

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2022

74

(7)

RELATED

PARTY

TRANSACTIONS

As

of

December

31,

2022, 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,

2022,

the

following

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

asset

categories

and

sub-classes

may

perform

below

expectations

or

the

securities

markets

generally

over

short

and

extended

periods.

Therefore,

a

principal

risk

of

investing

in

the

Fund

is

that

the

allocation

strategies

used

and

the

allocation

decisions

made

will

not

produce

the

desired

results.

Closed-End

Fund

(“CEF”)

Risk

—

Investments

in

CEFs

are

subject

to

various

risks,

including

reliance

on

management’s

ability

to

meet

a

CEF’s

investment

objective

and

to

manage

a

CEF’s

portfolio;

fluctuation

in

the

market

value

of

a

CEF’s

shares

compared

to

the

changes

in

the

value

of

the

underlying

securities

that

the

CEF

owns

(i.e.,

trading

at

a

discount

or

premium

to

its

net

asset

value);

and

that

CEFs

are

permitted

to

invest

in

a

greater

amount

of

“illiquid”

securities

than

typical

mutual

funds.

The

Fund

is

subject

to

a

pro-rata

share

of

the

management

fees

and

expenses

of

each

CEF

in

addition

to

the

Fund’s

management

fees

and

expenses,

resulting

in

Fund

shareholders

subject

to

higher

expenses

than

if

they

invested

directly

in

CEFs.

Conflicts

of

Interest

Risk

—

An

investment

in

the

Fund

will

be

subject

to

a

number

of

actual

or

potential

conflicts

of

interest.

For

example,

the

Adviser

or

its

affiliates

may

provide

services

to

the

Fund

for

which

the

Fund

would

compensate

the

Adviser

and/

or

such

affiliates.

The

Fund

may

invest

in

other

pooled

investment

vehicles

sponsored,

managed,

or

otherwise

affiliated

with

the

Adviser,

including

other

Funds.

The

Adviser

may

have

an

incentive

(financial

or

otherwise)

to

enter

into

transactions

or

arrangements

on

behalf

of

the

Fund

with

itself

or

its

affiliates

in

circumstances

where

it

might

not

have

done

so

otherwise.

The

Adviser

or

its

affiliates

manage

other

investment

funds

and/

or

accounts

(including

proprietary

accounts)

and

have

other

clients

with

investment

objectives

and

strategies

that

are

similar

to,

or

overlap

with,

the

investment

objective

and

strategy

of

the

Fund,

creating

conflicts

of

interest

in

investment

and

allocation

decisions

regarding

the

allocation

of

investments

that

could

be

appropriate

for

the

Fund

and

other

clients

of

the

Adviser

or

their

affiliates.

Convertible

Securities

Risk

— Convertible

securities

are

subject

to

the

usual

risks

associated

with

debt

securities,

such

as

interest

rate

risk

and

credit

risk.

Convertible

securities

also

react

to

changes

in

the

value

of

the

common

stock

into

which

they

convert,

and

are

thus

subject

to

market

risk.

The

Fund

may

also

be

forced

to

convert

a

convertible

security

at

an

inopportune

time,

which

may

decrease

the

Fund’s

return.

Credit

Risk

—

Credit

risk

is

the

risk

that

an

issuer

of

a

debt

security

to

which

the

Fund

is

exposed

may

no

longer

be

able

or

willing

to

pay

its

debt.

As

a

result

of

such

an

event,

the

debt

security

may

decline

in

price

and

affect

the

value

of

the

Fund.

Cybersecurity

Risk

—

The

Funds

and

their

service

providers

may

be

susceptible

to

operational,

information

security,

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,

a

Subadviser,

or

other

service

providers

(including,

but

not

limited

to,

fund

accountants,

custodians,

transfer

agents,

and

financial

intermediaries)

have

the

ability

to

disrupt

and

impact

business

operations,

potentially

resulting

in

financial

losses,

by

interfering

with

the

Funds’

ability

to

calculate

their

NAV,

corrupting

data

or

preventing

parties

from

sharing

information

necessary

for

the

Funds’

operation,

preventing

or

slowing

trades,

stopping

shareholders

from

making

transactions,

potentially

subjecting

the

Funds

or

the

Adviser

to

regulatory

fines

and

penalties,

and

creating

additional

compliance

costs.

Similar

types

of

cyber

security

risks

are

also

present

for

issuers

or

securities

in

which

the

Funds

may

invest,

which

could

result

in

material

adverse

consequences

for

such

issuers

and

may

cause

the

Funds’

investments

in

such

companies

Fund

Sector

%

of

Total

Net

Assets

Multidimensional

Income

Financials

27.0%

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2022

75

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.

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

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2022

76

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

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

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2022

77

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,

some

leveraged

loans

are

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.

LIBOR

Risk

—

The

Fund

may

be

exposed

to

financial

instruments

that

are

tied

to

LIBOR

(London

Interbank

Offered

Rate)

to

determine

payment

obligations,

financing

terms

or

investment

value.

Such

financial

instruments

may

include

bank

loans,

derivatives,

floating

rate

securities,

certain

asset

backed

securities,

and

other

assets

or

liabilities

tied

to

LIBOR.

In

2017,

the

head

of

the

U.K.

Financial

Conduct

Authority

announced

a

desire

to

phase

out

the

use

of

LIBOR

by

the

end

of

2021.

As

a

result,

market

participants

have

begun

transitioning

away

from

LIBOR,

but

certain

obstacles

remain

with

regard

to

converting

certain

securities

and

transactions

to

a

new

benchmark

or

benchmarks.

Although

many

LIBOR

rates

were

phased

out

at

the

end

of

2021

as

originally

intended,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

until

June

2023

in

order

to

assist

with

the

transition.

On

December

16,

2022,

the

Federal

Reserve

Board

adopted

a

rule

that

would

replace

LIBOR

in

certain

financial

contracts

using

benchmark

rates

based

on

the

Secured

Overnight

Financing

Rate

(SOFR)

after

June

30,

2023.

Various

financial

industry

groups

have

been

planning

for

the

transition

away

from

LIBOR,

but

there

remains

uncertainty

regarding

potential

effects

of

the

transition

away

from

LIBOR

on

the

Fund

or

its

investments.

Any

additional

regulatory

or

market

changes

that

occur

as

a

result

of

the

transition

away

from

LIBOR

and

the

adoption

of

alternative

reference

rates

may

have

an

adverse

impact

on

the

value

of

the

Fund's

investments,

performance

or

financial

condition,

and

might

lead

to

increased

volatility

and

illiquidity

in

markets

that

currently

rely

on

LIBOR

to

determine

interest

rates.

Liquidity

Risk

—

Liquidity

is

the

ability

to

sell

a

security

relatively

quickly

for

a

price

that

most

closely

reflects

the

actual

value

of

the

security.

To

the

extent

that

dealers

do

not

maintain

inventories

of

bonds

that

keep

pace

with

the

growth

of

the

bond

markets

over

time,

relatively

low

levels

of

dealer

inventories

could

lead

to

decreased

liquidity

and

increased

volatility

in

the

fixed

income

markets,

particularly

during

periods

of

economic

or

market

stress.

As

a

result

of

this

decreased

liquidity,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

Market Risk

—

Over

time,

securities

markets

generally

tend

to

move

in

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline.

The

value

of

the

Fund’s

investments

may

move

with

these

cycles

and,

in

some

instances,

increase

or

decrease

more

than

the

applicable

market(s)

as

measured

by

the

Fund’s

benchmark

index(es).

The

securities

markets

may

also

decline

because

of

factors

that

affect

a

particular

industry

or

market

sector,

or

due

to

impacts

from

domestic

or

global

events,

including

the

spread

of

infectious

illness

such

as

the

outbreak

of

COVID-19,

public

health

crises,

war,

terrorism,

natural

disasters

or

similar

events.

Mortgage-Backed

and

Other

Asset-Backed

Securities

Risk

—

The

value

of

mortgage-backed

and

asset-backed

securities

will

be

influenced

by

the

factors

affecting

the

housing

market

and

the

assets

underlying

such

securities.

As

a

result,

during

periods

of

declining

asset

value,

difficult

or

frozen

credit

markets,

swings

in

interest

rates,

or

deteriorating

economic

conditions,

mortgage-

related

and

asset-backed

securities

may

decline

in

value,

face

valuation

difficulties,

become

more

volatile

and/or

become

illiquid.

In

addition,

both

mortgage-backed

and

asset-backed

securities

are

sensitive

to

changes

in

the

repayment

patterns

of

the

underlying

security.

If

the

principal

payment

on

the

underlying

asset

is

repaid

faster

or

slower

than

the

holder

of

the

asset-backed

or

mortgage-

backed

security

anticipates,

the

price

of

the

security

may

fall,

particularly

if

the

holder

must

reinvest

the

repaid

principal

at

lower

rates

or

must

continue

to

hold

the

security

when

interest

rates

rise.

This

effect

may

cause

the

value

of

the

Fund

to

decline

and

reduce

the

overall

return

of

the

Fund.

Mortgage-backed

securities

are

also

subject

to

extension

risk,

which

is

the

risk

that

when

interest

rates

rise,

certain

mortgage-backed

securities

will

be

paid

in

full

by

the

issuer

more

slowly

than

anticipated.

This

can

cause

the

market

value

of

the

security

to

fall

because

the

market

may

view

its

interest

rate

as

low

for

a

longer-term

investment.

Other

Funds

Risk

—

Because

the

Fund

invests

in

other

funds,

the

performance

of

the

Fund

is

dependent,

in

part,

upon

the

performance

of

other

funds

in

which

the

Fund

may

invest.

As

a

result,

the

Fund

is

subject

to

the

same

risks

as

those

faced

by

the

other

funds.

In

addition,

other

funds

may

be

subject

to

additional

fees

and

expenses

that

will

be

borne

by

the

Fund.

Portfolio

Turnover

Rate

Risk

—

The

Fund

may

engage

in

active

and

frequent

trading

of

portfolio

securities

in

implementing

its

principal

investment

strategies.

A

high

rate

of

portfolio

turnover

(100%

or

more)

involves

correspondingly

greater

expenses

which

are

borne

by

the

Fund

and

its

shareholders

and

may

also

result

in

short-term

capital

gains

taxable

to

shareholders.

Preferred

Securities

Risk

—

There

are

certain

additional

risks

associated

with

investing

in

preferred

securities,

including,

but

not

limited

to,

preferred

securities

may

include

provisions

that

permit

the

issuer,

at

its

discretion,

to

defer

or

omit

distributions

for

a

stated

period

without

any

adverse

consequences

to

the

issuer;

preferred

securities

are

generally

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

in

terms

of

having

priority

to

corporate

income

and

liquidation

payments,

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

December

31,

2022

78

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

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.

80

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

12/31/2022

$

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)

Year

Ended

12/31/2018

7.34

0.25

(0.45)

(0.20)

(0.26)

(0.15)

Class

A

Shares

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)

Year

Ended

12/31/2018

7.41

0.23

(0.45)

(0.22)

(0.24)

(0.15)

Multidimensional

Income

Fund

Class

S

Shares

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)

–

Year

Ended

12/31/2018

10.15

0.41

(0.95)

(0.54)

(0.44)

(0.02)

(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.

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

81

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)

$

–

$

(0.22)

$

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%

–

(0.41)

6.73

(2.88)%

320.1

0.70%

3.46%

0.70%

3.46%

143%

–

(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%

–

(0.39)

6.80

(3.10)%

569.8

0.96%

3.16%

0.96%

3.16%

143%

(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%

(0.02)

(0.48)

9.13

(5.45)%

17.9

1.15%

4.02%

1.62%

3.55%

96%

82

Additional

Information

(unaudited)

Shareholder

Notification

of

Federal

Tax

Information

The

following

information

is

provided

solely

to

satisfy

the

requirements

set

forth

by

the

Internal

Revenue

Code.

Shareholders

will

be

provided

information

regarding

their

distribution

in

February

2023.

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:

Proxy

Voting

The

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

are

attached

to

the

Trust’s

Statement

of

Additional

Information.

You

may

request

a

free

copy

of

the

Statement

of

Additional

Information

by

calling

800-847-

4836,

or

visit

ThriventFunds.com

to

access

it

online.

In

addition,

you

may

review

a

report

of

how

the

Trust

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

by

clicking

on

the

tab

for

each

Fund

and

navigating

to

“Related

Documents”

under

Fund

Details

–

Holdings

at

ThriventFunds.com

or

SEC.gov

where

it

is

filed

on

Form

N-PX.

Quarterly

Schedule

of

Portfolio

Holdings

Through

April

2019,

the

Trust

filed

its

Schedule

of

Investments

on

Form

N-Q

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year.

Since

April

2019,

the

Trust

no

longer

files

Form

N-Q

and

files

Form

N-PORT

with

the

SEC.

Part

F

of

each

Fund’s

N-PORT

filing

for

the

first

and

third

fiscal

quarters

will

include

the

complete

schedule

of

investments,

which

were

previously

filed

on

Form

N-Q.

The

Trust’s

most

recent

Schedule

of

Investments

can

be

found

at

SEC.gov.

Board

Approval

of

Advisory

Agreement

and

Subadvisory

Agreements

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

a

fund’s

investment

advisory

and

subadvisory

agreements

be

approved

initially

by

the

fund’s

board

of

trustees.

Section

15(c)

also

requires

that

the

continuation

of

these

agreements,

after

an

initial

term

of

up

to

two

years,

be

annually

reviewed

and

approved

by

the

board.

Any

such

agreement

must

be

approved

by

a

vote

of

a

majority

of

the

trustees

who

are

not

parties

to

the

agreement

or

“interested

persons”

(as

defined

in

the

1940

Act)

of

a

party

to

the

agreement

at

a

meeting

of

the

board

called

for

the

purpose

of

voting

on

such

approval.

At

its

meeting

on

November

15-16,

2022

(the

“Meeting”),

the

Board

of

Trustees

(the

“Board”)

of

the

Thrivent

Mutual

Funds

(the

“Trust”),

including

the

trustees

who

are

not

parties

to

the

agreement

or

“interested

persons”

as

defined

in

the

1940

Act

(the

“Independent

Trustees”),

considered

and

voted

unanimously

to

renew

the

existing

advisory

agreement

(the

“Advisory

Agreement”),

as

amended,

between

the

Trust

and

Thrivent

Asset

Management,

LLC

(the

“Adviser”)

for

each

series

of

the

Trust

(each,

a

“Fund”).

The

Board,

including

the

Independent

Trustees,

also

unanimously

approved

the

subadvisory

agreement

(the

“Subadvisory

Agreement”)

for

the

Thrivent

International

Allocation

Fund

with

Goldman

Sachs

Asset

Management,

L.P.

(the

“Subadviser”).

The

Adviser

and

Subadviser

are

referred

to,

collectively,

as

the

“Advisory

Organizations.”

In

connection

with

its

evaluation

of

the

agreements

with

the

Advisory

Organizations,

the

Board

reviewed

a

broad

range

of

information

requested

for

this

purpose

and

considered

a

variety

of

factors,

including

the

following:

1.

The

nature,

extent,

and

quality

of

the

services

provided

by

the

Advisory

Organizations;

2.

The

performance

of

each

Fund;

3.

The

advisory

fee

and

net

operating

expense

ratio

of

each

Fund

compared

to

a

peer

group;

Fund

Dividends

Received

Deduction

for

Corporations

Qualified

Dividend

Income

for

Individuals

Diversified

Income

Plus

9%

12%

Multidimensional

Income

18%

18%

83

Additional

Information

(unaudited)

4.

The

cost

of

services

provided

and

profit

realized

by

the

Adviser;

5.

The

extent

to

which

economies

of

scale

may

be

realized

as

the

Funds

grow;

6.

Whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

the

Funds’

shareholders;

7.

Other

benefits

realized

by

the

Advisory

Organizations

and

their

affiliates

from

their

relationship

with

the

Trust;

and

8.

Any

other

factors

that

the

Board

deemed

relevant

to

its

consideration.

The

Contracts

Committee

of

the

Board

(consisting

of

all

of

the

Independent

Trustees)

met

on

five

occasions

from

May

17

to

November

16,

2022

to

consider

information

relevant

to

the

annual

contract

renewal

process

furnished

by

the

Adviser

and

Subadviser

in

advance

of

the

meetings.

The

Board

had

the

opportunity

to

ask

questions

and

request

further

information

in

connection

with

its

consideration.

The

Independent

Trustees

also

retained

the

services

of

Management

Practice

Inc.

(“MPI”)

as

an

independent

consultant

to

assist

in

the

compilation,

organization,

and

evaluation

of

relevant

information.

This

information

included

Fund-by-Fund

statistical

comparisons

of

the

advisory

fees,

other

fees,

net

operating

expenses

and

performance

of

each

of

the

Funds

in

comparison

to

peer

groups

of

comparable

funds;

performance

volatility

based

on

standard

deviation;

information

with

respect

to

services

provided

to

the

Funds

and

fees

charged,

including

effective

advisory

fees

that

take

into

account

breakpoints

and

fee

waivers

by

the

Adviser;

asset

and

flow

trends

for

the

Funds;

and

estimates

of

the

cost

of

services

and

profit

realized

by

the

Adviser

and

its

affiliates

that

provide

services

to

the

Funds.

The

Board

received

information

from

the

Adviser

regarding

the

personnel

providing

services

to

the

Funds,

including

investment

management,

compliance

and

administrative

personnel.

The

Board

also

received

monthly

reports

from

the

Adviser’s

investment

management

staff

with

respect

to

the

performance

of

the

Funds.

In

addition

to

its

review

of

the

information

presented

to

the

Board

during

the

annual

contract

renewal

process,

the

Board

also

considered

information

obtained

from

management

throughout

the

course

of

the

year.

The

Board

also

reviewed

information

from

MPI,

including

Fund-by-Fund

analyses

and

independent

assessment

of

information

relating

to

the

Funds

and

the

Advisory

Agreement

and

Subadvisory

Agreement.

The

Subadviser

provided

information

to

the

Board

in

response

to

requests

for

information

submitted

on

behalf

of

the

Independent

Trustees

to

facilitate

the

Board’s

evaluation

of

the

terms

of

the

Subadvisory

Agreement.

The

Board

also

noted

that

the

Subadviser’s

responses

were

reviewed

by

individuals

representing

various

functional

areas

of,

or

supporting,

the

Adviser.

The

Independent

Trustees

were

represented

by

independent

counsel

throughout

the

review

process

and

during

executive

sessions

without

management

present

to

consider

the

reapproval

of

the

Advisory

Agreement

for

the

Funds

and

Subadvisory

Agreement

for

the

Thrivent

International

Allocation

Fund.

As

noted

above,

the

Independent

Trustees

were

assisted

throughout

the

process

by

an

independent

consultant,

MPI.

Each

Independent

Trustee

relied

on

his

or

her

own

business

judgment

in

determining

the

weight

to

be

given

to

each

factor

considered

in

evaluating

the

materials

that

were

presented

to

them.

The

Contracts

Committee’s

and

Board’s

review

and

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

presented

to

them

and

were

not

the

result

of

any

single

controlling

factor.

In

addition,

each

Trustee

may

have

weighed

individual

factors

differently.

The

key

factors

considered

and

the

conclusions

reached

are

described

below.

Nature,

Extent

and

Quality

of

Services

At

each

of

the

Board’s

regular

quarterly

meetings,

management

presented

information

describing

the

services

furnished

to

the

Funds

by

the

Adviser,

transfer

agent,

administrator

and,

for

the

Thrivent

International

Allocation

Fund,

the

Subadviser.

During

these

meetings,

management

reported

on

the

investment

management,

portfolio

trading

and

compliance

services

provided

to

the

Funds.

During

the

annual

contract

renewal

process,

the

Board

considered

the

specific

services

provided

under

the

Advisory

Agreement

and

Subadvisory

Agreement.

The

Board

considered

information

relating

to

the

investment

experience

and

qualifications

of

the

portfolio

managers

of

the

Adviser

and

Subadviser

overseeing

investments

for

the

Funds.

The

Board

received

reports

and

presentations

at

each

of

its

quarterly

meetings

from

the

Adviser’s

senior

investment

team

about

each

of

the

Funds. 

These

reports

and

presentations

gave

the

Board

the

opportunity

to

evaluate

the

abilities

of

the

portfolio

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

and

Subadviser

and

the

Adviser’s

oversight

of

the

Subadviser. 

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

84

Additional

Information

(unaudited)

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

considered

the

depth

and

quality

of

the

Adviser’s

oversight

of

the

Subadviser.

In

addition,

the

Board

noted

the

broad

functions

that

the

Adviser

performed

in

support

of

the

International

Allocation

Fund

and

its

use

of

the

Subadviser,

including,

among

other

things,

allocation

of

assets

among

various

sleeves,

management

of

portfolio

cash

and

short-term

investments,

expense

management

and

payment

of

fees,

and

investment

performance

and

compliance

monitoring.

The

Board

noted

that

investment

management

staff

of

the

Adviser

and

the

Trust’s

Chief

Compliance

Officer

conduct

oversight

meetings

with

the

Subadviser,

follow

through

with

additional

inquiry

on

any

questions

or

concerns

that

arise

during

the

meeting

and

then

report

the

results

of

the

meeting

to

the

Board

or

one

of

its

committees.

The

Board

also

noted

that,

as

part

of

its

oversight

practice,

the

Adviser

requires

the

Subadviser

to

respond

to

a

variety

of

compliance

checklists

and

certifications

to

ensure

its

ongoing

compliance

with

policies.

The

Board

noted

that

the

Adviser

requires

the

Subadviser

to

complete

an

annual

questionnaire

addressing

a

range

of

compliance

topics.

The

Board

noted

that

the

Adviser

has

dedicated

personnel

responsible

for

daily

monitoring

of

the

Subadviser’s

activities.

The

Board

considered

the

adequacy

of

the

Advisory

Organizations’

resources

used

to

provide

services

to

the

Trust

pursuant

to

the

Advisory

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

considered

and

approved

the

Adviser’s

proposal

to

transition

to

the

Adviser

the

day-to-day

management

of

the

Thrivent

International

Allocation

Fund.

The

Board

considered

that

renewal

of

the

Subadvisory

Agreement

would

facilitate

the

transition

to

the

Adviser

as

of

the

planned

transition

date

of

April

30,

2023.

The

Board

concluded

that,

within

the

context

of

its

full

deliberations,

the

nature,

extent

and

quality

of

the

investment

advisory

services

provided

to

the

Funds

by

the

Adviser

and,

for

the

Thrivent

International

Allocation

Fund,

by

the

Subadviser

supported

renewal

of

the

Advisory

Agreement

and

Subadvisory

Agreement.

Performance

of

the

Funds

In

connection

with

each

of

its

regular

quarterly

meetings,

the

Board

received

information

on

the

performance

of

each

Fund,

including

net

performance,

relative

performance

rankings

within

each

Fund’s

Morningstar

peer

group,

Morningstar

ratings,

comparisons

to

benchmark

index

returns,

and

risk

metrics.

At

each

quarterly

Board

meeting,

members

of

the

Adviser’s

senior

investment

team

reviewed

with

the

Board

information

on

the

economic

and

market

environment

and

risk

management.

The

Board

considered

investment

performance

for

each

Fund,

to

the

extent

applicable,

over

the

one-,

three-,

five-,

and

ten-year

periods.

When

evaluating

investment

performance,

the

Board

considered

longer-term

performance

and

the

trend

of

performance,

and

focused

particularly

upon

the

three-year

performance

record.

Although

the

Board

conducted

its

review

on

a

Fund-by-Fund

basis,

it

noted

that

52%

of

the

Class

A

Funds

and

56%

of

Class

S

Funds

ranked

better

than

median

in

their

respective

category

for

the

three-year

period

ended

June

30,

2022.

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

their

Class

A

shares

was

35%

and

the

average

ranking

of

the

Funds’

advisory

fees

for

their

Class

S

shares

was

36%

(on

a

scale

of

1-99%,

with

1%

being

the

lowest

fee).

85

Additional

Information

(unaudited)

The

Board

reviewed

information

prepared

by

MPI

comparing

each

Fund’s

overall

expense

ratio

with

the

expense

ratio

of

its

peer

group.

The

Board

considered

the

fee

waivers

and

expense

limitations

which

are

reviewed

by

the

Board

and

the

Adviser

on

an

annual

basis.

The

Board

conducted

its

review

on

a

Fund-by-Fund

basis.

The

Board

noted

that

the

average

ranking

of

the

Funds’

expense

ratios

for

their

Class

A

shares

was

36%

and

the

average

ranking

of

the

Funds’

expense

ratios

for

their

Class

S

shares

was

28%

(on

a

scale

of

1-99%,

with

1%

being

the

lowest

expenses).

The

Board

considered

factors

that

contributed

to

the

Funds’

rankings,

including

that

some

Funds

had

lower

levels

of

assets

compared

to

its

peer

group.

The

Board

reviewed

information

comparing

each

Fund’s

advisory

fee

and

overall

expense

ratio

with

the

fee

and

expense

information

for

the

relevant

Morningstar

peer

universe.

The

Board

reviewed

information

relating

to

the

fee

paid

by

the

Adviser

to

the

Subadviser

and

the

difference

between

that

fee

and

the

fee

paid

by

the

Thrivent

International

Allocation

Fund

to

the

Adviser.

The

Board

reviewed

information

regarding

fees

charged

by

the

Subadviser

to

other

funds

and

accounts

with

a

similar

strategy.

On

the

basis

of

its

review,

the

Board

concluded

that

the

advisory

fees

charged

under

the

Advisory

Agreement

and

Subadvisory

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.

The

Board

also

considered

the

expense

reimbursements

and

waivers

in

effect

and

the

estimated

impact

on

Adviser

profitability

of

the

proposal

to

transition

to

the

Adviser

the

day-to-day

management

of

the

Thrivent

International

Allocation

Fund.

Based

on

its

review

of

the

data

prepared

by

MPI

and

expense

and

profit

information

provided

by

the

Adviser,

the

Board

concluded

that

the

profits

earned

by

the

Adviser

from

the

Advisory

Agreement

were

not

excessive

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Funds.

With

respect

to

fees

paid

to

Subadviser

under

the

Subadvisory

Agreement,

the

Board

did

not

consider

profitability

information

with

respect

to

the

Subadviser,

which

is

not

affiliated

with

the

Adviser.

The

Board

considered

that

the

Subadvisory

Agreement

had

been

negotiated

on

an

arm’s-length

basis

between

the

Adviser

and

the

Subadviser,

and

that

the

Subadviser’s

profitability

from

its

relationship

with

the

Thrivent

International

Allocation

Fund

was

not

a

material

factor

in

determining

whether

to

renew

the

Subadvisory

Agreement.

Economies

of

Scale

and

Breakpoints

The

Board

considered

information

regarding

the

extent

to

which

economies

of

scale

may

be

realized

as

a

Fund’s

assets

increase

and

whether

the

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

shareholders.

The

Adviser

explained

its

general

goal

with

respect

to

the

employment

of

fee

waivers,

expense

reimbursements

and

breakpoints.

The

Board

considered

information

provided

by

the

Adviser

related

to

advisory

fees,

breakpoints

in

the

advisory

fee

rates

and

fee

waivers

provided

by

the

Adviser.

The

Board

also

considered

management’s

view

that

it

is

difficult

to

generalize

as

to

whether,

or

to

what

extent,

economies

in

the

advisory

function

may

be

realized

as

a

Fund’s

assets

increase.

The

Board

noted

that

expected

economies

of

scale,

where

they

exist,

may

be

shared

through

the

use

of

fee

breakpoints,

fee

waivers

and

expense

limitations

by

the

Adviser,

and/or

a

lower

overall

fee.

Other

Benefits

to

the

Adviser,

Subadviser

and

their

Affiliates

The

Board

considered

information

regarding

potential

“fall-out”

or

ancillary

benefits

that

the

Adviser

and

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Trust,

both

tangible

and

intangible,

such

as

their

ability

to

leverage

investment

professionals

who

manage

other

portfolios,

an

enhanced

reputation

as

an

investment

adviser

which

may

help

in

attracting

other

clients

and

investment

personnel,

the

engagement

of

affiliates

as

service

providers

to

the

Funds,

and

fees

collected

by

affiliates

for

services

provided

to

Fund

shareholders.

The

Board

noted

that

such

benefits

were

difficult

to

quantify

but

were

consistent

with

benefits

received

by

other

mutual

fund

advisers.

The

Board

also

considered

the

research

received

by

the

Adviser

generated

from

soft

dollar

commissions

for

portfolio

trading.

86

Additional

Information

(unaudited)

In

addition,

the

Board

considered

the

potential

benefits,

other

than

subadvisory

fees,

that

the

Subadviser

and

its

affiliates

may

receive

because

of

their

relationships

with

the

Thrivent

International

Allocation

Fund,

including

the

potential

increased

ability

to

use

affiliated

brokers

or

receive

research

through

soft

dollar

commissions

consistent

with

Trust

policies

and

other

benefits

from

increases

in

assets

under

management.

The

Board

concluded

that

benefits

that

may

accrue

to

the

Subadviser

and

its

affiliates

are

consistent

with

those

expected

for

a

subadviser

to

a

mutual

fund

such

as

the

Thrivent

International

Allocation

Fund.

Based

on

the

factors

discussed

above,

the

Contracts

Committee

unanimously

recommended

approval

of

the

Advisory

Agreement

and

the

Subadvisory

Agreement,

and

the

Board,

including

all

of

the

Independent

Trustees

voting

separately,

approved

the

Advisory

Agreement

and

the

Subadvisory

Agreement.

87

Board

of

Trustees

and

Officers

The

following

table

provides

information

about

the

Trustees

and

Officers

of

the

Trust.

The

Board

is

responsible

for

the

management

and

supervision

of

the

Funds’

business

affairs

and

for

exercising

all

powers

except

those

reserved

to

the

shareholders.

Each

Trustee

overseas

each

of

25

series

of

the

Trust

and

also

serves

as:

Director

of

Thrivent

Series

Fund,

Inc.,

a

registered

investment

company

consisting

of

32

funds

that

serve

as

underlying

funds

for

variable

contracts

issued

by

Thrivent

Financial

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

six

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.

David

Royal

and

Michael

Kremenak

also

serve

as

Trustees

of

Thrivent

Church

Loan

and

Income

Fund,

a

closed-end

registered

investment

company

for

which

the

Adviser

serves

as

investment

adviser.

None

of

the

other

Trustees

serves

on

the

board

of

the

Thrivent

Church

Loan

and

Income

Fund.

The

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

by

calling

800-847-

4836.

Interested

Trustees

(1)

(2)

(3)

(4)

Name

(Year

of

Birth)

Year

Elected

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

S.

Royal

(1971)

2015

Chief

Financial

Officer,

Thrivent

since

2022;

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

since

2017;

President,

Mutual

Funds

since

2015;

Vice

President,

Thrivent

from

2015

to

2017.

Director

of

Thrivent

Trust

Company;

Advisory

Board

Member

of

Twin

Bridge

Capital

Partners.

Michael

W.

Kremenak

(1978)

2021

Senior

Vice

President

and

Head

of

Mutual

Funds,

Thrivent

since

2020;

Vice

President,

Thrivent

from

2015

to

2020.

Independent

Trustees

(2)

(3)

(4)

(5)

Name

(Year

of

Birth)

Year

Elected

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Janice

B.

Case

(1952)

2011

Retired.

Independent

Trustee

of

North

American

Electric

Reliability

Corporation

from

2008

to

2020.

Robert

J.

Chersi

(1961)

2017

Founder

of

Chersi

Services

LLC

(consulting

firm)

since

2014.

Director

and

member

of

the

Audit

and

Risk

Oversight

Committees

of

E*TRADE

Financial

Corporation

and

Director

of

E*TRADE

Bank

from

2019

to

2020;

Lead

Independent

Director

since

2019

and

Director

and

Audit

Committee

Chair

at

BrightSphere

Investment

Group

plc

since

2016.

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.

88

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;

Director

and

Audit

Committee

Chair

of

Class

Acceleration

Corporation

since

2021;

Board

Member

of

ECMC

Group

since

2021.

Constance

L.

Souders

(1950)

2007

Retired.

89

Board

of

Trustees

and

Officers

Executive

Officers

(2)

(4)

Name

(Year

of

Birth)

Position

Held

With

Trust

Principal

Occupation(s)

During

the

Past

Five

Years

David

S.

Royal

(1971)

Trustee,

President

and

Chief

Investment

Officer

Chief

Financial

Officer,

Thrivent

since

2022;

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

since

2017;

President,

Mutual

Funds

since

2015;

Vice

President,

Thrivent

from

2015

to

2017.

Michael

W.

Kremenak

(1978)

Trustee

and

Senior

Vice

President

Senior

Vice

President

and

Head

of

Mutual

Funds,

Thrivent

since

2020;

Vice

President,

Thrivent

from

2015

to

2020.

Sarah

L.

Bergstrom

(1977)

Treasurer

and

Principal

Accounting

Vice

President,

Chief

Accounting

Officer/Treasurer

-

Mutual

Funds,

Thrivent

since

2022;

Head

of

Mutual

Fund

Accounting,

Thrivent

from

2017

to

2022;

Director,

Fund

Accounting

Administration,

Thrivent

from

2007

to

2017.

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;

Associate

General

Counsel,

RBC

Global

Asset

Management

(US)

Inc.

from

2011

to

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.

Monica

L.

Kleve

(1969)

Vice

President

Vice

President,

Investment

Operations,

Thrivent

since

2019;

Director,

Investments

Systems

and

Solutions,

Thrivent

from

2002

to

2019.

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;

Counsel,

Thrivent

from

2015

to

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.

(1)

“Interested

person”

of

the

Trust

as

defined

in

the

1940

Act

by

virtue

of

a

position

with

Thrivent.

Mr.

Royal

and

Mr.

Kremenak

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,

other

than

Mr.

Royal

and

Mr.

Kremenak,

oversees

65

portfolios.

Mr.  Royal

and

Mr.

Kremenak

oversee

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.

Royal

and

Mr.

Kremenak,

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

R2-23

4321

N.

Ballard

Rd.

Appleton,

WI

54919-0001

The

distributor

for

Thrivent

Mutual

Funds

is

Thrivent

Distributors,

LLC,

a

registered

broker-dealer,

member

of

FINRA/SIPC

and

subsidiary

of

Thrivent,

the

marketing

name

for

Thrivent

Financial

for

Lutherans.

A

better

way

to

deliver

documents

Thrivent

Mutual

Funds

annual

and

semi-annual

shareholder

reports

are

made

available

on

thriventmutualfunds.

com/prospectus,

and

we

will

notify

you

by

mail

each

time

a

report

is

posted.

You

may

also

manage

your

delivery

preferences

and

sign

up

for

email

notifications

of

reports

by

enrolling

at

thrivent.com/gopaperless

or,

if

you

purchased

directly

online,

by

enrolling

at

thriventfunds.com.

If

you

purchased

shares

through

Thrivent:

If

you

wish

receive

paper

copies

of

a

shareholder

report

for

Thrivent

Mutual

Funds

in

the

future,

you

may

write

to

us

at

4321

North

Ballard

Road,

Appleton,

WI

54919-0001.

We

will

begin

to

send

paper

copies

of

shareholder

reports

within

30

days

of

when

we

receive

your

request.

Reports

are

also

available

by

visiting

thriventmutualfunds.com/prospectus.

If

you

purchased

shares

from

a

firm

other

than

Thrivent:

For

paperless

delivery

or

to

receive

paper

copies

of

a

shareholder

report

for

Thrivent

Mutual

Funds

in

the

future,

contact

your

financial

professional.

Reports

are

also

available

by

visiting

thriventfunds.com/

prospectus.