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

Form N-CSR

 
Certified Shareholder Report of Registered Management Investment Companies
 
Investment Company Act file number: 811-05075
 
Thrivent Mutual Funds
(Exact name of registrant as specified in charter)
 
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Address of principal executive offices) (Zip code)
 
John D. Jackson, Secretary and Chief Legal Officer
Thrivent Mutual Funds
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Name and address of agent for service)
 
Registrant’s telephone number, including area code:  (612) 844-7190
Date of fiscal year end: December 31
Date of reporting period:  June 30, 2023
 

Item 1. Report to Stockholders
 
(a)        A copy of the registrant’s report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”), as amended, is provided.
 
(b)        A form of the notice transmitted to shareholders in reliance on Rule 30e-3 under the Act is provided.
 
Item 2. Code of Ethics
 
Not applicable to semiannual report
 
Item 3. Audit Committee Financial Expert
 
Not applicable to semiannual report
 
Item 4. Principal Accountant Fees and Services
 
Not applicable to semiannual report
 
Item 5. Audit Committee of Listed Registrants
 
Not applicable
 
Item 6. Investments
 
(a)        Registrant’s Schedules of Investments are 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: Not applicable to this filing.
 
 
(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-99.906 CERT 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:  August 29, 2023                                                  Thrivent Mutual Funds
 
 
 
                                                                                    By: /s/ Michael W. Kremenak                             
Michael W. Kremenak
President
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
 
Date:  August 29, 2023                                                  By: /s/ Michael W. Kremenak                             
Michael W. Kremenak
President
(principal executive officer)
 
 
 
Date:  August 29, 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
Semiannual
Report
Mutual
Funds
June
30,
2023
Go
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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
5
Shareholder
Expense
Example
6
Schedule
of
Investments
Thrivent
Diversified
Income
Plus
Fund
7
Thrivent
Multidimensional
Income
Fund
44
Statement
of
Assets
and
Liabilities
60
Statement
of
Operations
61
Statement
of
Changes
in
Net
Assets
62
Notes
to
Financial
Statements
63
Financial
Highlights
78
Additional
Information
80
2
Dear
Shareholder:
2
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We
are
writing
this
letter
together
to
focus
on
the
leadership
transition
earlier
this
year
between
the
two
of
us
and
how
it
reflects
our
long-standing
approach
to
talent
development
and
succession
planning
at
Thrivent
Mutual
Funds
(the
“Funds”).
In
February,
the
Funds’
Board
of
Trustees
appointed
Mike
as
President
of
the
Funds,
succeeding
David,
who
had
held
that
role
since
2015.
David
will
continue
serving
as
Chief
Investment
Officer
of
the
Funds
and
Thrivent.
In
September
2022,
David
also
assumed
the
role
of
Chief
Financial
Officer
of
Thrivent.
Mike
has
served
various
roles
with
the
Funds
since
2013,
most
recently
as
Senior
Vice
President
and
Trustee
of
the
Funds.
We
have
worked
closely
together
over
the
past
decade
and
will
continue
to
do
so
and
are
aligned
on
what
we
need
to
do
to
continue
to
earn
your
trust
as
a
shareholder.
We
believe
that
attracting,
retaining,
and
developing
talent
is
key
for
the
Funds
to
provide
strong
long-term
performance
to
our
shareholders.
We
take
a
thoughtful
and
deliberate
approach
to
succession
planning.
For
example,
over
the
past
several
years
when
our
Chief
Investment
Officer,
Chief
Investment
Strategist,
and
Head
of
Equities
each
retired,
we
were
able
to
fill
each
role
with
a
long-tenured
Thrivent
investment
professional
who
was
well-
prepared
to
step
into
the
important
leadership
position.
Making
a
seamless
transition
each
time
has
enabled
our
investment
team
to
stay
focused
on
managing
our
Funds
without
the
distractions
of
disruptive
leadership
changes.
In
addition,
some
of
our
most
successful
funds
have
utilized
an
apprenticeship
model
to
develop
the
portfolio
management
team.
We
believe
that
our
ability
to
attract
talented
individuals
to
our
organization,
develop
that
talent
through
strong
teamwork
with
experienced
colleagues,
and
retain
such
talent
is
a
significant
benefit
to
our
shareholders.
This
approach
has
enabled
us
to
build
a
strong
and
experienced
team
that
manages
the
Funds.
More
than
50
percent
of
our
team
of
more
than
125
investment
professionals
have
at
least
two
decades
of
investment
experience.
Of
our
25
Funds,
22
have
a
portfolio
manager
with
at
least
a
decade
of
experience
at
Thrivent.
(And
the
three
Funds
with
less
tenured
managers
have
been
in
existence
for
less
than
10
years).
This
experienced
and
long-tenured
team
is
well-suited
to
managing
the
Funds
through
various
market
conditions.
Thank
you
for
the
trust
you
have
placed
in
our
team
by
investing
in
the
Funds
to
help
you
achieve
your
financial
goals.
If
you
ever
have
questions
about
your
financial
goals,
you
may
find
it
helpful
to
consult
with
your
financial
professional.
David
S.
Royal
Chief
Investment
Officer
Thrivent Asset
Management
Michael
Kremenak
President
Thrivent Mutual
Funds
3
Dear
Shareholder:
3
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After
a
significant
decline
in
2022,
stocks
regained
their
footing
in
the
first
half
of
2023,
despite
the
monetary
tightening
policies
of
the
Federal
Reserve
(Fed).
The
S&P
500®
posted
a
total
return
of
16.89%
(including
dividends)
through
the
first
six
months
of
2023,
with
technology-related
stocks
leading
the
way.
(The
S&P
500
is
a
market-cap-weighted
index
that
represents
the
average
performance
of
a
group
of
500
large
capitalization
stocks.)
The
tech-heavy
Nasdaq
Index
posted
its
best
first
half
of
a
year
since
1983,
rising
31.73%
since
the
close
of
2022.
(The
Nasdaq
–
National
Association
of
Securities
Dealers
Automated
Quotations
–
is
an
electronic
stock
exchange
with
more
than
3,300
company
listings.)
Despite
solid
economic
growth,
and
expectations
for
sustained
inflation,
the
Fed
paused
in
its
path
to
higher
rates
in
June.
In
March,
the
Fed’s
rate
hike
policy
led
to
some
turbulence
in
the
banking
industry.
A
few
regional
banks
were
forced
to
seek
rescue
financing
or
closure
after
facing
heavy
losses
on
their
fixed-income
holdings.
As
interest
rates
rose,
the
banks’
existing
lower-interest
bonds
and
mortgage-backed
security
holdings
continued
to
decline
in
market
value,
triggering
the
crisis.
Since
then,
the
Fed
still
raised
rates
an
additional
0.25%
in
both
March
and
May,
bringing
to
5.25%
the
total
increase
since
it
began
raising
rates
in
early
2022.
While
the
Fed
paused
its
hikes
in
June,
it
indicated
that
there
would
likely
be
more
hikes
ahead.
Economic
Review
Despite
still
high
levels
of
inflation,
rising
interest
rates,
ongoing
geopolitical
instability,
and
domestic
bank
failures,
the
strength
of
economic
activity
has
been
favorable
for
both
the
equity
and
corporate
bond
markets
this
year.
A
strong
labor
market,
bolstering
consumer
confidence
and
consumption,
was
key
throughout
the
first
half.
But
there
were
also
signs
of
weakness.
Only
209,000
new
jobs
were
added
in
June,
according
to
the
Department
of
Labor,
which
trailed
expectations.
It
was
the
weakest
month
for
job
growth
since
December
2020
during
the
pandemic,
when
268,000
jobs
were
lost.
Additionally,
factory
orders
were
weaker
than
expected
in
May
at
0.3%,
the
same
growth
as
in
April,
according
to
the
Commerce
Department.
And
while
consumption
was
steady
through
much
of
the
past
six
months,
when
adjusted
for
inflation,
spending
has
actually
softened.
Meanwhile,
the
personal
savings
rate
has
continued
to
fall,
with
the
latest
data
showing
it
near
4.6%,
which
is
well
below
the
long-term
average
near
9%,
according
to
the
Bureau
of
Economic
Analysis.
On
the
positive
side,
the
Consumer
Price
Index
(CPI),
a
common
gauge
of
inflation,
fell
in
May
to
a
4%
increase
over
the
previous
12
months
–
the
smallest
12-month
increase
since
March
2021,
according
to
the
Bureau
of
Labor
Statistics.
While
Core
CPI
(which
does
not
include
the
more
volatile
food
and
energy
components)
was
higher,
at
5.3%
over
the
past
12
months,
there
were
increasing
signs
that
it
too
may
be
starting
to
slow.
Market
Review
Technology
stocks
led
the
market
rally
through
the
opening
six
months
of
2023,
bolstered
by
enthusiasm
for
artificial
intelligence
(AI).
The
Information
Technology
sector
of
the
S&P
500
was
up
42.77%,
and
Communication
Services
was
up
36.24%,
followed
by
Consumer
Discretionary,
which
rose
33.06%.
No
other
sectors
outperformed
the
S&P
500
over
the
quarter,
although
four
sectors
finished
the
first
half
of
the
year
in
negative
territory,
including
Utilities
(down
5.69%),
Energy
(down
5.52%),
Health
Care
(down
1.48%),
and
Financials
(down
0.53%).
International
stocks
fared
fairly
well
through
June.
The
MSCI
EAFE
Index,
which
tracks
developed-economy
stocks
in
Europe,
Asia,
and
Australia,
was
up
9.66%
through
mid-2023.
In
the
bond
market,
after
ebbing
through
the
early
months
of
2023,
the
yield
on
10-year
U.S.
Treasuries
rebounded
in
the
second
quarter,
ending
June
at
3.81%
–
just
0.07%
below
its
2022
closing
rate.
The
rise
in
bond
yields
has
been
attributed
to
better-than-
expected
economic
growth.
As
interest
rates
rose,
the
Bloomberg
U.S.
Aggregate
Bond
Index,
which
tracks
the
performance
of
U.S.
investment-grade
bonds,
fell
0.84%
in
the
second
quarter,
but
it
was
still
up
2.09%
year-to-date.
Our
Outlook
In
the
equities
market,
we
remain
neutral
in
our
broad
equity
positioning
but
are
more
cautious
heading
into
2024
(given
the
lagged
impact
of
tight
monetary
policy)
and
would
look
to
take
advantage
of
significant
further
strength
to
lighten
exposure.
We
are
more
optimistic
about
the
long-term
outlook
for
the
technology-
related
and
small-cap
sectors.
We
expect
economic
growth
to
slow
near
the
end
of
the
year,
with
recently
diminished
but
still
significant
odds
of
a
recession
in
2024.
We
believe
inflation
has
peaked
but
will
remain
high
enough
in
the
near
term
to
compel
the
Fed
to
remain
hawkish
and
impose
further
rate
hikes.
In
the
bond
market,
we
believe
short-term
bonds
are
still
attractive
for
yield
and
relative
stability.
High-yield
credit
looks
relatively
expensive
but
is
potentially
suitable
for
long-term
investors
looking
for
yield.
Longer-dated
Treasuries
could
see
lower
yields
as
we
get
closer
to
year-end.
We
encourage
investors
to
stay
focused
on
the
longer-term
trends
and
–
absent
clarity
–
wait
patiently
for
clearer
signs
of
the
economy’s
direction
as
we
maneuver
through
this
economic
cycle.
We
would
urge
caution
into
2024
in
the
equities
market
and
would
continue
to
favor
higher
quality
issues
within
fixed-income.
As
always,
we
thank
you
for
the
trust
you
have
placed
in
our
entire
team
of
professionals
at
Thrivent.
David
S.
Royal
Chief
Investment
Officer
Thrivent Asset
Management
4
Thrivent
Diversified
Income
Plus
Fund
Stephen
D.
Lowe,
CFA,
Theron
G.
Whitehorn,
CFA,
and
David
R.
Spangler,
CFA, Portfolio
Co-Managers
The
Fund
seeks
to
maximize
income
while
maintaining
prospects
for
capital
appreciation.
Investment
in
Thrivent
Diversified
Income
Plus
Fund
involves
risks
including
interest
rate,
equity
security,
credit,
allocation,
conflicts
of
interest,
derivatives,
emerging
markets,
foreign
currency,
foreign
securities,
high
yield,
investment
adviser,
issuer,
large
cap,
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.
Portfolio
Composition
(%
of
Portfolio)
Long-Term
Fixed
Income
60.6%
Common
Stock
14.7%
Registered
Investment
Companies
9.3%
Short-Term
Investments
7.6%
Bank
Loans
6.6%
Preferred
Stock
1.2%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
Emerging
Markets
Debt
Fund
7.7%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.6%
U.S.
Treasury
Bonds
1.3%
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
1.2%
Thrivent
Core
International
Equity
Fund
1.0%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.0%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.0%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
0.9%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
0.9%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
0.8%
These
securities
represent
17.4%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Major
Market
Sectors,
Portfolio
Composition,
and
Top
10
Holdings
are
subject
to
change.
Major
Market
Sectors
(%
of
Net
Assets)
Mortgage-Backed
Securities
21.0%
Financials
11.1%
U.S.
Affiliated
Registered
Investment
Companies
8.7%
Consumer
Discretionary
6.8%
Information
Technology
6.7%
Asset-Backed
Securities
5.6%
Materials
5.0%
Consumer
Staples
4.7%
Collateralized
Mortgage
Obligations
4.7%
Communications
Services
4.5%
5
Thrivent
Multidimensional
Income
Fund
Stephen
D.
Lowe,
CFA,
Kent
L.
White,
CFA,
and
Theron
G.
Whitehorn,
CFA,
Portfolio Co-Managers
The Fund seeks
a
high
level
of
current
income
and,
secondarily,
growth
of
capital.   
Investment
in
Thrivent
Multidimensional
Income
Fund
involves
risks
including interest
rate,
credit,
high
yield,
closed-end
fund,
conflicts
of
interest,
convertible
securities,
derivatives,
emerging
markets,
ETF,
foreign
securities,
government
securities,
investment
adviser,
issuer,
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.
Top
10
Holdings
(%
of
Net
Assets)
Thrivent
Core
Emerging
Markets
Debt
Fund
7.5%
U.S.
Treasury
Notes
6.2%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
5.4%
U.S.
Treasury
Bonds
4.3%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
4.2%
U.S.
Treasury
Bonds
2.0%
Vanguard
Short-Term
Corporate
Bond
ETF
1.3%
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
1.2%
U.S.
Treasury
Bonds
1.2%
iShares
Preferred
and
Income
Securities
ETF
0.5%
These
securities
represent
33.8%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
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.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
19.9%
U.S.
Government
&
Agencies
13.7%
Mortgage-Backed
Securities
10.8%
U.S.
Unaffiliated
Registered
Investment
Companies
9.3%
U.S.
Affiliated
Registered
Investment
Companies
7.5%
Consumer
Cyclical
6.6%
Energy
5.9%
Communications
Services
4.8%
Capital
Goods
4.2%
Consumer
Non-Cyclical
4.2%
6
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
January
1,
2023
through
June
30,
2023.
Actual
Expenses
In
the
table
below,
the
first
section,
labeled
“Actual,”
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
section,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
from
the
appropriate
Class
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid.
A
small
account
fee
of
$12
may
be
charged
to
Class
A
shareholder
accounts
if
the
value
falls
to
an
amount
of
$2,000
or
less,
in
the
case
of
a
non-qualified
account,
and
$1,000
or
less,
in
the
case
of
a
qualified
account.
This
fee
is
not
included
in
the
table
below.
If
it
were
and
you
were
assessed
such
a
fee,
the
expenses
you
paid
during
the
period
would
have
been
higher
and
the
ending
account
value
would
have
been
lower.
Hypothetical
Example
for
Comparison
Purposes
In
the
table
below,
the
second
section,
labeled
“Hypothetical,”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
A
small
account
fee
of
$12
may
be
charged
to
Class
A
shareholder
accounts
if
the
value
falls
to
an
amount
of
$2,000
or
less,
in
the
case
of
a
non-qualified
account,
and
$1,000
or
less,
in
the
case
of
a
qualified
account.
This
fee
is
not
included
in
the
table
below.
If
it
were
and
you
were
assessed
such
a
fee,
the
expenses
you
paid
during
the
period
would
have
been
higher
and
the
ending
account
value
would
have
been
lower.
Please
note
that
the
expenses
shown
in
the
table
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
sales
charges
(loads).
Therefore,
the
second
section
of
the
table
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
1/1/2023
Ending
Account
Value
6/30/2023
Expenses
Paid
during
Period
1/1/2023
-
6/30/2023
*
Annualized
Expense
Ratio
Thrivent
Diversified
Income
Plus
Fund
Actual
Class
A
$1,000
$1,049
$4.70
0.93%
Class
S
$1,000
$1,051
$3.45
0.68%
Hypothetical
**
Class
A
$1,000
$1,020
$4.63
0.93%
Class
S
$1,000
$1,021
$3.40
0.68%
Thrivent
Multidimensional
Income
Fund
Actual
Class
S
$1,000
$1,031
$3.71
0.74%
Hypothetical
**
Class
S
$1,000
$1,021
$3.69
0.74%
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
to
reflect
the
one-half
year
period.
**
Assuming
5%
annualized
total
return
before
expenses.
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
7
Principal
Amount
Bank
Loans
(
6.8%
)
a
Value
Basic
Materials
(0.3%)
Asplundh
Tree
Expert,
LLC,
Term
Loan
$
458,464
6.934%, 
(LIBOR
1M
+
1.750%),
9/4/2027
b
$
457,034
Grinding
Media,
Inc.,
Term
Loan
262,707
9.199%, 
(LIBOR
1M
+
4.000%),
10/12/2028
b
254,991
Hyperion
Materials
&
Technologies,
Inc.,
Term
Loan
232,688
9.583%, 
(LIBOR
3M
+
4.250%),
8/30/2028
b
230,216
INEOS
US
Petrochem,
LLC,
Term
Loan
698,036
7.967%, 
(LIBOR
1M
+
2.750%),
1/29/2026
b
695,767
Lummus
Technology
Holdings
V,
LLC,
Term
Loan
240,085
8.717%, 
(LIBOR
1M
+
3.500%),
6/30/2027
b
237,771
Nouryon
USA,
LLC,
Term
Loan
610,672
8.068%, 
(LIBOR
3M
+
2.750%),
10/1/2025
b
609,909
Spectrum
Group
Buyer,
Inc.,
Term
Loan
237,484
11.324%, 
(TSFR1M
+
6.500%),
5/19/2028
b
224,769
Total
2,710,457
Capital
Goods
(0.7%)
Ali
Group
North
America
Corporation,
Term
Loan
359,445
7.198%, 
(TSFR1M
+
2.000%),
7/22/2029
b
359,175
Berry
Global,
Inc.,
Term
Loan
441,857
6.972%, 
(LIBOR
1M
+
1.750%),
7/1/2026
b
441,181
Brookfield
WEC
Holdings,
Inc.,
Term
Loan
570,611
7.943%, 
(LIBOR
1M
+
2.750%),
8/1/2025
b
569,024
BW
Holding,
Inc.,
Term
Loan
247,701
9.414%, 
(LIBOR
1M
+
4.000%),
12/14/2028
b
225,822
Chart
Industries,
Inc.,
Term
Loan
134,483
0.000%, 
(TSFR1M
+
3.850%),
3/17/2030
b,c,d
134,090
Charter
Next
Generation,
Inc.,
Term
Loan
466,995
8.967%, 
(LIBOR
1M
+
3.750%),
12/1/2027
b
462,908
Clydesdale
Acquisition
Holdings,
Inc.,
Term
Loan
660,992
9.378%, 
(TSFR1M
+
4.175%),
4/13/2029
b
649,643
Cornerstone
Building
Brands,
Inc.,
Term
Loan
667,386
8.497%, 
(LIBOR
1M
+
3.250%),
4/12/2028
b
637,774
Emerald
Debt
Merger
Sub,
LLC,
Term
Loan
512,516
8.264%, 
(TSFR1M
+
3.000%),
5/31/2030
b
512,034
Principal
Amount
Bank
Loans
(6.8%)
a
Value
Capital
Goods
(0.7%)
-
continued
Foley
Products
Company,
LLC,
Term
Loan
$
233,249
10.142%, 
(SOFRRATE
+
4.750%),
2/16/2029
b
$
230,333
Ingersoll-Rand
Services
Company,
Term
Loan
383,031
6.953%, 
(LIBOR
1M
+
1.750%),
2/28/2027
b
382,315
Quikrete
Holdings,
Inc.,
Term
Loan
233,188
7.842%, 
(LIBOR
1M
+
2.625%),
1/31/2027
b
232,470
525,433
8.217%, 
(LIBOR
1M
+
3.000%),
3/18/2029
b
525,581
Smyrna
Ready
Mix
Concrete,
LLC,
Term
Loan
494,816
9.453%, 
(TSFR1M
+
4.250%),
4/1/2029
b
494,197
TK
Elevator
U.S.
Newco,
Inc.,
Term
Loan
392,032
8.602%, 
(LIBOR
6M
+
3.500%),
7/31/2027
b
388,163
TransDigm,
Inc.,
Term
Loan
1,105,643
8.492%, 
(TSFR1M
+
3.250%),
8/24/2028
b,c,d
1,104,582
Vertiv
Group
Corporation,
Term
Loan
383,053
7.943%, 
(LIBOR
1M
+
2.750%),
3/2/2027
b
381,257
Total
7,730,549
Communications
Services
(1.0%)
Altice
France
SA/France,
Term
Loan
799,911
10.486%, 
(TSFR1M
+
5.500%),
8/31/2028
b
709,258
CCI
Buyer,
Inc.,
Term
Loan
307,640
9.242%, 
(LIBOR
3M
+
4.000%),
12/17/2027
b
301,551
Cengage
Learning,
Inc.,
Term
Loan
255,201
9.880%, 
(LIBOR
3M
+
4.750%),
7/14/2026
b
249,714
Charter
Communications
Operating,
LLC,
Term
Loan
961,508
6.795%, 
(LIBOR
1M
+
1.750%),
2/1/2027
b
955,094
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
712,949
8.807%, 
(LIBOR
3M
+
3.500%),
8/23/2026
b
679,590
Connect
Finco
SARL,
Term
Loan
233,192
8.700%, 
(LIBOR
1M
+
3.500%),
12/12/2026
b
232,829
Crown
Subsea
Communications
Holding,
Inc.,
Term
Loan
234,460
10.275%, 
(LIBOR
1M
+
5.000%),
4/27/2027
b
233,972
358,920
10.525%, 
(TSFR1M
+
5.000%),
4/27/2027
b
358,697
CSC
Holdings,
LLC,
Term
Loan
372,400
7.693%, 
(LIBOR
1M
+
2.500%),
4/15/2027
b
324,386
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
8
Principal
Amount
Bank
Loans
(6.8%)
a
Value
Communications
Services
(1.0%)
-
continued
DIRECTV
Financing,
LLC,
Term
Loan
$
889,278
10.217%, 
(LIBOR
1M
+
5.000%),
8/2/2027
b
$
868,407
Intelsat
Jackson
Holdings
SA,
Term
Loan
476,847
9.444%, 
(TSFR6M
+
4.250%),
2/1/2029
b
474,462
Level
3
Financing,
Inc.,
Term
Loan
401,000
6.967%, 
(LIBOR
1M
+
1.750%),
3/1/2027
b
372,681
Lumen
Technologies,
Inc.,
Term
Loan
493,314
7.467%, 
(LIBOR
3M
+
2.250%),
3/15/2027
b
378,619
MH
Sub
I,
LLC,
Term
Loan
611,916
9.353%, 
(TSFR1M
+
4.250%),
5/3/2028
b
586,216
NEP
Group,
Inc.,
Term
Loan
255,145
8.467%, 
(LIBOR
1M
+
3.250%),
10/20/2025
b
228,546
Nexstar
Media,
Inc.,
Term
Loan
501,375
7.717%, 
(LIBOR
1M
+
2.500%),
9/18/2026
b
500,478
Playtika
Holding
Corporation,
Term
Loan
307,640
7.943%, 
(LIBOR
1M
+
2.750%),
3/11/2028
b
306,141
Radiate
Holdco,
LLC,
Term
Loan
513,546
8.467%, 
(LIBOR
1M
+
3.250%),
9/25/2026
b
427,101
RLG
Holdings,
LLC,
Term
Loan
247,699
9.467%, 
(LIBOR
1M
+
4.250%),
7/8/2028
b
234,943
SBA
Senior
Finance
II,
LLC,
Term
Loan
759,008
6.950%, 
(LIBOR
1M
+
1.750%),
4/11/2025
b
758,666
UPC
Financing
Partnership,
Term
Loan
235,000
8.118%, 
(LIBOR
1M
+
2.925%),
1/31/2029
b
229,713
Virgin
Media
Bristol,
LLC,
Term
Loan
583,000
7.693%, 
(LIBOR
1M
+
2.500%),
1/31/2028
b
577,316
Zayo
Group
Holdings,
Inc.,
Term
Loan
492,320
8.217%, 
(LIBOR
1M
+
3.000%),
3/9/2027
b
385,324
Ziggo
Financing
Partnership,
Term
Loan
394,000
7.693%, 
(LIBOR
1M
+
2.500%),
4/30/2028
b
387,527
Total
10,761,231
Consumer
Cyclical
(1.3%)
1011778
B.C.,
ULC,
Term
Loan
953,589
6.943%, 
(LIBOR
1M
+
1.750%),
11/19/2026
b
946,036
AlixPartners,
LLP,
Term
Loan
270,921
7.698%, 
(LIBOR
1M
+
2.500%),
2/4/2028
b
270,109
Principal
Amount
Bank
Loans
(6.8%)
a
Value
Consumer
Cyclical
(1.3%)
-
continued
Allied
Universal
Holdco,
LLC,
Term
Loan
$
953,720
8.934%, 
(LIBOR
1M
+
3.750%),
5/14/2028
b
$
925,642
Alterra
Mountain
Company,
Term
Loan
300,705
8.693%, 
(LIBOR
1M
+
3.500%),
8/17/2028
b
299,577
Arches
Buyer,
Inc.,
Term
Loan
166,148
8.434%, 
(LIBOR
1M
+
3.250%),
12/6/2027
b
160,074
Belron
Luxembourg
SARL,
Term
Loan
231,000
7.832%, 
(TSFR1M
+
2.750%),
4/13/2029
b
230,857
Caesars
Entertainment,
Inc.,
Term
Loan
603,487
8.453%, 
(TSFR1M
+
3.250%),
2/6/2030
b
602,938
Carnival
Corporation,
Term
Loan
610,831
8.217%, 
(LIBOR
1M
+
3.000%),
6/30/2025
b
609,494
147,874
8.467%, 
(LIBOR
1M
+
3.250%),
10/18/2028
b
146,395
Cinemark
USA,
Inc.,
Term
Loan
272,851
9.055%, 
(TSFR1M
+
3.750%),
5/24/2030
b
271,061
Clarios
Global,
LP,
Term
Loan
550,725
8.853%, 
(TSFR1M
+
3.750%),
5/4/2030
b
548,831
Crocs,
Inc.,
Term
Loan
235,402
8.863%, 
(TSFR1M
+
3.500%),
2/19/2029
b
235,751
Delta
2
Lux
SARL,
Term
Loan
568,000
8.103%, 
(TSFR1M
+
3.000%),
1/15/2030
b
567,716
Ensemble
RCM,
LLC,
Term
Loan
234,000
0.000%, 
(TSFR1M
+
3.850%),
8/1/2026
b,c,d
233,707
Fertitta
Entertainment,
LLC/NV,
Term
Loan
233,229
9.103%, 
(TSFR1M
+
4.000%),
1/27/2029
b
229,877
First
Brands
Group,
LLC,
Term
Loan
312,595
10.252%, 
(TSFR6M
+
5.000%),
3/30/2027
b
305,368
Go
Daddy
Operating
Company,
LLC,
Term
Loan
376,110
8.103%, 
(TSFR1M
+
3.000%),
11/10/2029
b
376,618
Great
Outdoors
Group,
LLC,
Term
Loan
532,932
8.943%, 
(LIBOR
1M
+
3.750%),
3/5/2028
b
528,269
Harbor
Freight
Tools
USA,
Inc.,
Term
Loan
474,566
7.967%, 
(LIBOR
1M
+
2.750%),
10/19/2027
b
467,514
Hilton
Worldwide
Finance,
LLC,
Term
Loan
575,000
6.939%, 
(LIBOR
1M
+
1.750%),
6/21/2026
b
574,126
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
9
Principal
Amount
Bank
Loans
(6.8%)
a
Value
Consumer
Cyclical
(1.3%)
-
continued
IRB
Holding
Corporation,
Term
Loan
$
550,214
8.203%, 
(TSFR1M
+
3.000%),
12/15/2027
b
$
545,917
Petco
Health
&
Wellness
Company,
Inc.,
Term
Loan
253,552
8.754%, 
(LIBOR
3M
+
3.250%),
3/4/2028
b
251,448
PetSmart,
LLC,
Term
Loan
752,491
8.953%, 
(LIBOR
1M
+
3.750%),
2/12/2028
b
749,985
Pilot
Travel
Centers,
LLC,
Term
Loan
642,780
7.203%, 
(TSFR1M
+
2.000%),
8/6/2028
b
641,173
Prime
Security
Services
Borrower,
LLC,
Term
Loan
766,439
7.943%, 
(LIBOR
1M
+
2.750%),
9/23/2026
b
765,742
Scientific
Games
Holdings,
LP,
Term
Loan
391,045
8.421%, 
(TSFR1M
+
3.500%),
4/4/2029
b
385,864
Scientific
Games
International,
Inc.,
Term
Loan
578,617
8.248%, 
(TSFR1M
+
3.000%),
4/14/2029
b
577,077
Staples,
Inc.,
Term
Loan
210,673
9.799%, 
(LIBOR
3M
+
4.500%),
9/12/2024
b
207,601
376,201
10.299%, 
(LIBOR
3M
+
5.000%),
4/12/2026
b
320,772
Stars
Group
Holdings
BV,
Term
Loan
225,280
7.754%, 
(LIBOR
3M
+
2.250%),
7/21/2026
b
225,084
Uber
Technologies,
Inc.,
Term
Loan
290,759
8.018%, 
(TSFR1M
+
2.750%),
3/3/2030
b
290,526
UFC
Holdings,
LLC,
Term
Loan
375,965
8.050%, 
(LIBOR
3M
+
2.750%),
4/29/2026
b
375,284
Total
13,866,433
Consumer
Non-Cyclical
(0.9%)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
750,633
8.896%, 
(TSFR1M
+
3.750%),
7/30/2028
b
735,996
Alltech,
Inc.,
Term
Loan
232,688
9.215%, 
(LIBOR
1M
+
4.000%),
10/15/2028
b
224,253
Aramark
Services,
Inc.,
Term
Loan
276,596
7.717%, 
(TSFR1M
+
2.500%),
6/13/2030
b
276,250
Bausch
+
Lomb
Corporation,
Term
Loan
601,443
8.592%, 
(TSFR1M
+
3.250%),
5/10/2027
b
582,648
Chobani,
LLC,
Term
Loan
240,170
8.717%, 
(LIBOR
1M
+
3.500%),
10/23/2027
b
238,568
Principal
Amount
Bank
Loans
(6.8%)
a
Value
Consumer
Non-Cyclical
(0.9%)
-
continued
DaVita,
Inc.,
Term
Loan
$
193,081
6.967%, 
(LIBOR
1M
+
1.750%),
8/12/2026
b
$
190,065
Elanco
Animal
Health,
Inc.,
Term
Loan
303,546
7.010%, 
(LIBOR
1M
+
1.750%),
8/1/2027
b
297,760
Froneri
U.S.,
Inc.,
Term
Loan
585,473
7.453%, 
(LIBOR
3M
+
2.250%),
1/31/2027
b
581,521
Gainwell
Acquisition
Corporation,
Term
Loan
873,322
9.342%, 
(LIBOR
3M
+
4.000%),
10/1/2027
b
859,130
ICON
Luxembourg
SARL,
Term
Loan
659,461
7.753%, 
(LIBOR
3M
+
2.250%),
7/1/2028
b
659,086
Jazz
Financing
Lux
SARL,
Term
Loan
758,559
8.693%, 
(LIBOR
1M
+
3.500%),
5/5/2028
b
757,337
LifePoint
Health,
Inc.,
Term
Loan
333,000
9.023%, 
(LIBOR
3M
+
3.750%),
11/16/2025
b
307,749
Medline
Borrower,
LP,
Term
Loan
1,389,447
8.467%, 
(LIBOR
1M
+
3.250%),
10/21/2028
b
1,372,510
Organon
&
Company,
Term
Loan
696,513
8.250%, 
(LIBOR
1M
+
3.000%),
6/2/2028
b
695,426
Packaging
Coordinators
Midco,
Inc.,
Term
Loan
234,799
9.003%, 
(LIBOR
3M
+
3.500%),
11/30/2027
b
231,094
Phoenix
Newco,
Inc.,
Term
Loan
576,401
8.404%, 
(LIBOR
1M
+
3.250%),
11/15/2028
b,c,d
571,213
PRA
Health
Sciences,
Inc.,
Term
Loan
164,305
7.754%, 
(LIBOR
3M
+
2.250%),
7/1/2028
b
164,212
Reynolds
Consumer
Products,
LLC,
Term
Loan
457,942
6.953%, 
(LIBOR
1M
+
1.750%),
2/4/2027
b
457,319
Select
Medical
Corporation,
Term
Loan
386,000
7.703%, 
(LIBOR
1M
+
2.500%),
3/6/2025
b
384,746
Sotera
Health
Holdings,
LLC,
Term
Loan
522,600
8.023%, 
(LIBOR
3M
+
2.750%),
12/11/2026
b
513,784
Total
10,100,667
Energy
(0.2%)
Buckeye
Partners,
LP,
Term
Loan
383,053
7.453%, 
(LIBOR
1M
+
2.250%),
11/1/2026
b
379,981
CQP
Holdco,
LP,
Term
Loan
766,021
8.693%, 
(LIBOR
1M
+
3.500%),
6/4/2028
b
764,106
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
10
Principal
Amount
Bank
Loans
(6.8%)
a
Value
Energy
(0.2%)
-
continued
GIP
II
Blue
Holding,
LP,
Term
Loan
$
182,595
9.717%, 
(LIBOR
3M
+
4.500%),
9/29/2028
b
$
182,857
GIP
III
Stetson
I,
LP,
Term
Loan
215,964
9.453%, 
(LIBOR
1M
+
4.250%),
7/18/2025
b
215,424
Oryx
Midstream
Services
Permian
Basin,
LLC,
Term
Loan
181,064
8.539%, 
(LIBOR
3M
+
3.250%),
10/5/2028
b
180,499
Total
1,722,867
Financials
(0.5%)
Acrisure,
LLC,
Term
Loan
360,208
8.693%, 
(LIBOR
1M
+
3.500%),
2/15/2027
b
349,016
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
149,853
8.647%, 
(TSFR1M
+
3.500%),
11/6/2027
b
148,792
AmWINS
Group,
Inc.,
Term
Loan
578,552
7.443%, 
(LIBOR
1M
+
2.250%),
2/19/2028
b
572,697
Asurion,
LLC,
Term
Loan
390,000
8.788%, 
(LIBOR
3M
+
3.250%),
12/23/2026
b
374,985
338,036
8.788%, 
(LIBOR
3M
+
3.250%),
7/31/2027
b
319,259
Edelman
Financial
Engines
Center,
LLC,
Term
Loan
157,792
8.943%, 
(LIBOR
1M
+
3.750%),
4/7/2028
b
153,592
First
Eagle
Holdings,
Inc.,
Term
Loan
157,741
8.038%, 
(LIBOR
3M
+
2.500%),
2/2/2027
b
154,980
FleetCor
Technologies
Operating
Company,
LLC,
Term  Loan
307,648
6.952%, 
(LIBOR
1M
+
1.750%),
4/30/2028
b
304,956
Focus
Financial
Partners,
LLC,
Term
Loan
268,647
8.353%, 
(TSFR1M
+
3.250%),
6/30/2028
b
266,258
Howden
Group
Holdings,
Ltd.,
Term
Loan
157,786
8.500%, 
(LIBOR
1M
+
3.250%),
11/12/2027
b
156,647
HUB
International,
Ltd.,
Term
Loan
741,000
9.326%, 
(TSFR1M
+
4.250%),
6/20/2030
b,c,d
742,342
Hudson
River
Trading,
LLC,
Term
Loan
165,728
8.217%, 
(TSFR1M
+
3.000%),
3/18/2028
b
160,922
Jane
Street
Group,
LLC,
Term
Loan
307,634
7.967%, 
(LIBOR
1M
+
2.750%),
1/26/2028
b
306,646
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
268,826
8.853%, 
(TSFR1M
+
3.750%),
2/24/2028
b
266,936
Principal
Amount
Bank
Loans
(6.8%)
a
Value
Financials
(0.5%)
-
continued
Trans
Union,
LLC,
Term
Loan
$
494,821
7.467%, 
(LIBOR
1M
+
2.250%),
12/1/2028
b
$
493,223
USI,
Inc./NY,
Term
Loan
570,688
8.992%, 
(TSFR1M
+
3.750%),
11/22/2029
b
569,261
VFH
Parent,
LLC,
Term
Loan
232,650
8.189%, 
(TSFR1M
+
3.000%),
1/13/2029
b
231,415
Total
5,571,927
Technology
(1.4%)
Amentum
Government
Services
Holdings,
LLC,
Term  Loan
383,098
9.147%, 
(TSFR1M
+
4.000%),
2/15/2029
b,e
373,520
AthenaHealth
Group,
Inc.,
Delayed
Draw
91,196
0.000%, 
(TSFR1M
+
3.500%),
2/15/2029
b,c,d
87,662
AthenaHealth
Group,
Inc.,
Term
Loan
740,479
8.589%, 
(PRIME
+
3.500%),
2/15/2029
b
711,785
Boxer
Parent
Company,
Inc.,
Term
Loan
584,833
8.948%, 
(LIBOR
1M
+
3.750%),
10/2/2025
b
579,546
Central
Parent,
Inc.,
Term
Loan
685,555
9.492%, 
(TSFR3M
+
4.250%),
7/6/2029
b
683,183
Cloud
Software
Group,
Inc.,
Term
Loan
414,960
9.842%, 
(TSFR3M
+
4.500%),
3/30/2029
b
387,469
Coherent
Corporation,
Term
Loan
353,828
7.967%, 
(LIBOR
3M
+
2.750%),
7/1/2029
b
352,501
CommScope,
Inc.,
Term
Loan
242,570
8.467%, 
(LIBOR
1M
+
3.250%),
4/4/2026
b
231,897
CoreLogic,
Inc.,
Term
Loan
310,420
8.750%, 
(LIBOR
1M
+
3.500%),
6/2/2028
b
279,844
Cornerstone
OnDemand,
Inc.,
Term
Loan
420,804
9.254%, 
(LIBOR
1M
+
3.750%),
10/15/2028
b
391,613
Dcert
Buyer,
Inc.,
Term
Loan
465,392
9.264%, 
(LIBOR
6M
+
4.000%),
10/16/2026
b
460,594
Dun
&
Bradstreet
Corporation,
Term
Loan
458,375
8.434%, 
(LIBOR
1M
+
3.250%),
2/8/2026
b
458,489
Entegris,
Inc.,
Term
Loan
336,690
7.952%, 
(TSFR1M
+
2.750%),
7/6/2029
b
336,902
Gen
Digital,
Inc.,
Term
Loan
443,299
7.202%, 
(TSFR1M
+
2.000%),
9/12/2029
b
440,808
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
11
Principal
Amount
Bank
Loans
(6.8%)
a
Value
Technology
(1.4%)
-
continued
Genesys
Cloud
Services
Holdings
II,
LLC,
Term
Loan
$
384,036
9.201%, 
(LIBOR
1M
+
4.000%),
12/1/2027
b
$
382,665
Hyland
Software,
Inc.,
Term
Loan
258,961
8.693%, 
(LIBOR
1M
+
3.500%),
7/1/2024
b
256,630
Informatica,
LLC,
Term
Loan
383,090
8.000%, 
(LIBOR
1M
+
2.750%),
10/29/2028
b
381,773
Ingram
Micro,
Inc.,
Term
Loan
285,347
9.038%, 
(LIBOR
3M
+
3.500%),
7/2/2028
b
284,100
Magenta
Buyer,
LLC,
Term
Loan
413,899
10.030%, 
(LIBOR
3M
+
4.750%),
7/27/2028
b
310,250
McAfee
Corporation,
Term
Loan
789,023
9.010%, 
(TSFR1M
+
3.750%),
3/1/2029
b
753,185
Mitchell
International,
Inc.,
Term
Loan
480,352
8.943%, 
(LIBOR
1M
+
3.750%),
10/15/2028
b
468,583
MKS
Instruments,
Inc.,
Term
Loan
690,780
7.939%, 
(TSFR1M
+
2.750%),
8/17/2029
b
690,780
Open
Text
Corporation,
Term
Loan
594,015
8.703%, 
(TSFR1M
+
3.500%),
1/31/2030
b
596,492
Peraton
Corporation,
Term
Loan
1,194,663
8.953%, 
(LIBOR
1M
+
3.750%),
2/1/2028
b
1,171,415
Polaris
Newco,
LLC,
Term
Loan
690,727
9.538%, 
(LIBOR
3M
+
4.000%),
6/4/2028
b
634,316
Proofpoint,
Inc.,
Term
Loan
511,108
8.467%, 
(LIBOR
1M
+
3.250%),
8/31/2028
b
499,608
RealPage,
Inc.,
Term
Loan
391,015
8.198%, 
(LIBOR
1M
+
3.000%),
4/22/2028
b
382,120
SS&C
Technologies,
Inc.,
Term
Loan
114,246
6.967%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
114,114
93,061
6.967%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
92,953
150,057
6.967%, 
(LIBOR
1M
+
1.750%),
4/16/2025
b
149,844
Tempo
Acquisition,
LLC,
Term
Loan
375,144
8.102%, 
(TSFR1M
+
3.000%),
8/31/2028
b
375,144
UKG,
Inc.,
Term
Loan
818,766
8.271%, 
(LIBOR
2M
+
3.250%),
5/3/2026
b
802,644
Verscend
Holding
Corporation,
Term
Loan
563,686
9.217%, 
(LIBOR
1M
+
4.000%),
8/27/2025
b
562,863
Total
14,685,292
Principal
Amount
Bank
Loans
(6.8%)
a
Value
Transportation
(0.4%)
AAdvantage
Loyalty
IP,
Ltd.,
Term
Loan
$
930,274
10.000%, 
(LIBOR
3M
+
4.750%),
4/20/2028
b
$
948,880
Air
Canada,
Term
Loan
728,389
8.839%, 
(LIBOR
3M
+
3.500%),
8/11/2028
b
727,348
Apple
Bidco,
LLC,
Term
Loan
253,457
7.967%, 
(TSFR1M
+
4.000%),
9/23/2028
b
251,013
Brown
Group
Holding,
LLC,
Term
Loan
307,485
7.703%, 
(LIBOR
1M
+
2.500%),
6/7/2028
b
302,488
Genesee
&
Wyoming,
Inc.,
Term
Loan
382,756
7.342%, 
(LIBOR
3M
+
2.000%),
12/30/2026
b
382,159
SkyMiles
IP,
Ltd.,
Term
Loan
735,744
9.060%, 
(LIBOR
3M
+
3.750%),
10/20/2027
b
763,503
United
Airlines,
Inc.,
Term
Loan
873,168
9.292%, 
(LIBOR
3M
+
3.750%),
4/21/2028
b
871,474
Total
4,246,865
Utilities
(0.1%)
PG&E
Corporation,
Term
Loan
563,003
8.217%, 
(LIBOR
1M
+
3.000%),
6/23/2025
b
561,696
Total
561,696
Total
Bank
Loans
(cost
$72,054,627)
71,957,984
Principal
Amount
Long-Term
Fixed
Income
(
62.4%
)
Value
Asset-Backed
Securities
(5.6%)
510
Asset
Backed
Trust
800,000
3.967%, 
5/25/2061,
Ser.
2021-NPL1,
Class
A2
f,g
683,427
1,276,624
2.116%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A1
f,g
1,154,881
775,000
4.090%, 
6/25/2061,
Ser.
2021-NPL2,
Class
A2
f,g
667,273
522
Funding
CLO,
Ltd.
1,325,000
7.650%, 
(LIBOR
3M
+
2.400%),
4/20/2030,
Ser.
2019-4A,
Class
CR
b,f
1,278,536
720
East
CLO
I,
Ltd.
1,700,000
8.825%, 
(TSFR3M
+
4.250%),
1/20/2036,
Ser.
2022-1A,
Class
C
b,f
1,713,265
Affirm
Asset
Securitization
Trust
1,150,000
4.300%, 
5/17/2027,
Ser.
2022-A,
Class
1A
f
1,119,121
1,500,000
6.610%, 
1/18/2028,
Ser.
2023-A,
Class
A
f
1,492,536
Anchorage
Capital
CLO
21,
Ltd.
1,225,000
7.650%, 
(LIBOR
3M
+
2.400%),
10/20/2034,
Ser.
2021-21A,
Class
C
b,f
1,179,469
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
12
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Asset-Backed
Securities
(5.6%)
-
continued
Ares
XL
CLO,
Ltd.
$
1,200,000
8.060%, 
(LIBOR
3M
+
2.800%),
1/15/2029,
Ser.
2016-40A,
Class
CRR
b,f
$
1,135,968
Babson
CLO,
Ltd.
2,900,000
8.150%, 
(LIBOR
3M
+
2.900%),
7/20/2029,
Ser.
2018-3A,
Class
D
b,f
2,802,444
Bankers
Healthcare
Group
Securitization
Trust
763,918
5.280%, 
10/17/2035,
Ser.
2022-C,
Class
A
f
755,277
Barings
CLO,
Ltd.
600,000
8.400%, 
(LIBOR
3M
+
3.150%),
1/20/2032,
Ser.
2016-2A,
Class
DR2
b,f
568,626
Benefit
Street
Partners
CLO
II,
Ltd.
1,000,000
7.160%, 
(LIBOR
3M
+
1.900%),
7/15/2029,
Ser.
2013-IIA,
Class
BR2
b,f
997,196
Business
Jet
Securities,
LLC
174,126
2.981%, 
11/15/2035,
Ser.
2020-1A,
Class
A
f
164,513
1,141,241
4.455%, 
6/15/2037,
Ser.
2022-1A,
Class
A
f
1,089,919
CarVal
CLO
VII-C,
Ltd.
1,250,000
7.433%, 
(TSFR3M
+
2.750%),
1/20/2035,
Ser.
2023-1A,
Class
B1
b,f
1,251,536
CarVal
CLO
VIII-C,
Ltd.
1,000,000
8.071%, 
(TSFR3M
+
3.000%),
10/22/2035,
Ser.
2022-2A,
Class
B1
b,f
1,003,306
CarVal
CLO,
Ltd.
1,700,000
8.756%, 
(TSFR3M
+
3.700%),
4/21/2034,
Ser.
2022-1A,
Class
D
b,f
1,592,883
Dewolf
Park
CLO,
Ltd.
1,000,000
8.110%, 
(LIBOR
3M
+
2.850%),
10/15/2030,
Ser.
2017-1A,
Class
DR
b,f
924,836
Dryden
36
Senior
Loan
Fund
1,025,000
7.298%, 
(TSFR3M
+
2.312%),
4/15/2029,
Ser.
2014-36A,
Class
CR3
b,f
984,312
FirstKey
Homes
Trust
1,400,000
1.968%, 
10/19/2037,
Ser.
2020-SFR2,
Class
D
f
1,252,497
Harley
Marine
Financing,
LLC
1,683,945
6.682%, 
5/15/2043,
Ser.
2018-1A,
Class
A2
f
1,683,309
Invesco
CLO,
Ltd.
250,000
6.923%, 
(LIBOR
3M
+
1.650%),
10/22/2034,
Ser.
2021-3A,
Class
B
b,f
243,098
Invesco
US
CLO,
Ltd.
1,500,000
7.620%, 
(TSFR3M
+
2.750%),
4/22/2035,
Ser.
2023-1A,
Class
B
b,f
1,504,407
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Asset-Backed
Securities
(5.6%)
-
continued
Longfellow
Place
CLO,
Ltd.
$
2,000,000
7.560%, 
(LIBOR
3M
+
2.300%),
4/15/2029,
Ser.
2013-1A,
Class
CR3
b,f
$
1,989,582
Madison
Park
Funding
XVIII,
Ltd.
1,725,000
7.161%, 
(LIBOR
3M
+
1.900%),
10/21/2030,
Ser.
2015-18A,
Class
CRR
b,f
1,646,376
Neuberger
Berman
CLO,
Ltd.
1,650,000
8.260%, 
(LIBOR
3M
+
3.000%),
10/15/2029,
Ser.
2013-15A,
Class
DR2
b,f
1,528,341
OZLM
VIII,
Ltd.
1,400,000
6.910%, 
(LIBOR
3M
+
1.650%),
10/17/2029,
Ser.
2014-8A,
Class
A2R3
b,f
1,364,073
Pagaya
AI
Technology
in
Housing
Trust
1,700,000
4.250%, 
8/25/2025,
Ser.
2022-1,
Class
B
f
1,593,794
PPM
CLO
6,
Ltd.
1,500,000
9.075%, 
(TSFR3M
+
4.500%),
1/20/2031,
Ser.
2022-6A,
Class
C
b,f
1,499,193
Pretium
Mortgage
Credit
Partners,
LLC
1,900,000
5.438%, 
1/25/2052,
Ser.
2022-NPL1,
Class
A2
f,g
1,665,416
1,250,000
3.844%, 
6/27/2060,
Ser.
2021-NPL2,
Class
A2
f,g
1,030,211
1,300,000
3.721%, 
7/25/2051,
Ser.
2021-NPL3,
Class
A2
f,g
1,061,664
Progress
Residential
Trust
2,350,000
3.600%, 
4/17/2039,
Ser.
2022-SFR3,
Class
B
f
2,138,924
Renaissance
Home
Equity
Loan
Trust
1,429,634
5.797%, 
8/25/2036,
Ser.
2006-2,
Class
AF3
g
570,604
Saxon
Asset
Securities
Trust
567,623
3.093%, 
8/25/2035,
Ser.
2004-2,
Class
MF2
b
490,512
Sculptor
CLO,
Ltd.
950,000
7.650%, 
(LIBOR
3M
+
2.400%),
1/20/2035,
Ser.
28A,
Class
C
b,f
895,508
Silver
Point
CLO
2,
Ltd.
1,800,000
7.782%, 
(TSFR3M
+
2.700%),
4/20/2035,
Ser.
2023-2A,
Class
A2
b,f
1,806,694
Stanwich
Mortgage
Loan
Company,
LLC
833,591
2.735%, 
10/16/2026,
Ser.
2021-NPB1,
Class
A1
f,g
753,426
Stratus
CLO,
Ltd.
1,450,000
8.098%, 
(TSFR3M
+
3.050%),
10/20/2031,
Ser.
2022-3A,
Class
B
b,f
1,453,843
Upstart
Securitization
Trust
982,075
6.590%, 
2/20/2033,
Ser.
2023-1,
Class
A
f
978,689
500,000
6.770%, 
6/20/2033,
Ser.
2023-2,
Class
A
d,e,f
499,980
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
13
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Asset-Backed
Securities
(5.6%)
-
continued
VCAT
Asset
Securitization,
LLC
$
350,000
4.826%, 
12/26/2050,
Ser.
2021-NPL1,
Class
A2
f,g
$
317,955
Vericrest
Opportunity
Loan
Transferee
1,250,000
4.826%, 
2/27/2051,
Ser.
2021-NPL2,
Class
A2
f,g
1,117,172
1,550,000
4.949%, 
2/27/2051,
Ser.
2021-NPL3,
Class
A2
f,g
1,383,008
1,100,000
4.826%, 
4/25/2051,
Ser.
2021-NPL6,
Class
A2
f,g
949,986
325,000
4.949%, 
4/25/2051,
Ser.
2021-NPL8,
Class
A2
f,g
274,042
1,675,000
4.826%, 
5/25/2051,
Ser.
2021-NPL9,
Class
A2
f,g
1,501,527
400,000
5.438%, 
12/26/2051,
Ser.
2021-NP12,
Class
A2
f,g
327,718
Whitebox
CLO
III,
Ltd.
1,225,000
7.460%, 
(LIBOR
3M
+
2.200%),
10/15/2034,
Ser.
2021-3A,
Class
C
b,f
1,180,964
Whitebox
CLO
IV,
Ltd.
1,250,000
7.380%, 
(TSFR3M
+
2.600%),
4/20/2036,
Ser.
2023-4A,
Class
B
b,f
1,248,706
Wind
River
CLO,
Ltd.
950,000
7.250%, 
(LIBOR
3M
+
2.000%),
7/20/2030,
Ser.
2013-1A,
Class
BRR
b,f
904,886
Total
59,415,429
Basic
Materials
(1.1%)
Alcoa
Nederland
Holding
BV
424,000
5.500%, 
12/15/2027
f
410,060
Anglo
American
Capital
plc
200,000
3.875%, 
3/16/2029
f
181,750
ATI,
Inc.,
Convertible
248,000
3.500%, 
6/15/2025
717,960
Cascades,
Inc./Cascades
USA,
Inc.
285,000
5.125%, 
1/15/2026
f
272,338
Chemours
Company
465,000
5.750%, 
11/15/2028
f
427,284
Cleveland-Cliffs,
Inc.
410,000
5.875%, 
6/1/2027
h
400,149
210,000
4.625%, 
3/1/2029
f,h
189,135
Consolidated
Energy
Finance
SA
665,000
5.625%, 
10/15/2028
f
565,383
Ecolab,
Inc.
174,000
2.125%, 
2/1/2032
h
142,404
EIDP,
Inc.
160,000
4.500%, 
5/15/2026
157,085
First
Quantum
Minerals,
Ltd.
739,000
6.875%, 
10/15/2027
f
720,894
FMC
Corporation
135,000
5.150%, 
5/18/2026
132,809
Freeport-McMoRan,
Inc.
413,000
4.625%, 
8/1/2030
389,149
Glencore
Funding,
LLC
196,000
4.000%, 
3/27/2027
f
186,807
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Basic
Materials
(1.1%)
-
continued
Hecla
Mining
Company
$
160,000
7.250%, 
2/15/2028
$
158,557
Hudbay
Minerals,
Inc.
370,000
4.500%, 
4/1/2026
f
344,522
Illumina,
Inc.
298,000
9.000%, 
7/1/2028
f
259,665
International
Flavors
&
Fragrances,
Inc.
201,000
1.230%, 
10/1/2025
f
179,188
Methanex
Corporation
478,000
4.250%, 
12/1/2024
465,787
Mosaic
Company
300,000
4.050%, 
11/15/2027
285,653
Novelis
Corporation
150,000
3.250%, 
11/15/2026
f
135,775
210,000
4.750%, 
1/30/2030
f
186,628
150,000
3.875%, 
8/15/2031
f
123,392
Nutrien,
Ltd.
273,000
4.000%, 
12/15/2026
261,922
OCI
NV
264,000
4.625%, 
10/15/2025
f
251,746
Olin
Corporation
625,000
5.125%, 
9/15/2027
596,018
Peabody
Energy
Corporation,
Convertible
242,000
3.250%, 
3/1/2028
h
325,006
SCIL
IV,
LLC/SCIL
USA
Holdings,
LLC
450,000
5.375%, 
11/1/2026
f
410,239
SPCM
SA
392,000
3.375%, 
3/15/2030
f
326,087
SunCoke
Energy,
Inc.
435,000
4.875%, 
6/30/2029
f
365,338
Taseko
Mines,
Ltd.
310,000
7.000%, 
2/15/2026
f
282,547
Unifrax
Escrow
Issuer
Corporation
358,000
5.250%, 
9/30/2028
f
258,451
United
States
Steel
Corporation
468,000
6.875%, 
3/1/2029
462,910
United
States
Steel
Corporation,
Convertible
282,000
5.000%, 
11/1/2026
551,169
Westlake
Corporation
130,000
3.600%, 
8/15/2026
121,996
Total
11,245,803
Capital
Goods
(2.2%)
Advanced
Drainage
Systems,
Inc.
430,000
6.375%, 
6/15/2030
f
425,386
AECOM
605,000
5.125%, 
3/15/2027
585,380
Amcor
Finance
USA,
Inc.
136,000
5.625%, 
5/26/2033
134,347
Amphenol
Corporation
126,000
4.750%, 
3/30/2026
124,493
Amsted
Industries,
Inc.
410,000
5.625%, 
7/1/2027
f
396,548
ARD
Finance
SA
138,000
6.500%, 
6/30/2027
f
111,800
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
14
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Capital
Goods
(2.2%)
-
continued
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
$
400,000
5.250%, 
8/15/2027
f
$
338,833
206,000
5.250%, 
8/15/2027
f,h
174,499
Boeing
Company
366,000
4.875%, 
5/1/2025
360,799
222,000
2.196%, 
2/4/2026
203,753
197,000
3.250%, 
3/1/2028
179,201
293,000
5.150%, 
5/1/2030
290,173
Bombardier,
Inc.
224,000
7.125%, 
6/15/2026
f
222,491
424,000
7.875%, 
4/15/2027
f
422,908
330,000
6.000%, 
2/15/2028
f
311,884
Builders
FirstSource,
Inc.
250,000
5.000%, 
3/1/2030
f
233,754
Canpack
SA/Canpack
US,
LLC
500,000
3.125%, 
11/1/2025
f
457,430
Carrier
Global
Corporation
265,000
2.722%, 
2/15/2030
228,089
Chart
Industries,
Inc.
446,000
7.500%, 
1/1/2030
f
455,034
Chart
Industries,
Inc.,
Convertible
289,000
1.000%, 
11/15/2024
792,293
Clean
Harbors,
Inc.
575,000
6.375%, 
2/1/2031
f
578,599
Clydesdale
Acquisition
Holdings,
Inc.
58,000
6.625%, 
4/15/2029
f
55,315
116,000
8.750%, 
4/15/2030
f
102,396
Cornerstone
Building
Brands,
Inc.
298,000
6.125%, 
1/15/2029
f
235,420
Covanta
Holding
Corporation
296,000
4.875%, 
12/1/2029
f
256,040
CP
Atlas
Buyer,
Inc.
340,000
7.000%, 
12/1/2028
f
266,900
Crown
Cork
&
Seal
Company,
Inc.
377,000
7.375%, 
12/15/2026
389,733
Emerald
Debt
Merger
Sub,
LLC
407,000
6.625%, 
12/15/2030
f
403,439
General
Electric
Company
27,000
8.882%, 
(LIBOR
3M
+
3.330%),
9/15/2023
b,i
27,000
GFL
Environmental,
Inc.
311,000
4.000%, 
8/1/2028
f
278,050
617,000
3.500%, 
9/1/2028
f
549,120
Greenbrier
Companies,
Inc.,
Convertible
515,000
2.875%, 
4/15/2028
507,017
H&E
Equipment
Services,
Inc.
669,000
3.875%, 
12/15/2028
f
579,207
Herc
Holdings,
Inc.
330,000
5.500%, 
7/15/2027
f
316,189
Howmet
Aerospace,
Inc.
227,000
6.875%, 
5/1/2025
230,610
960,000
3.000%, 
1/15/2029
839,050
Huntington
Ingalls
Industries,
Inc.
196,000
4.200%, 
5/1/2030
181,607
JELD-WEN,
Inc.
176,000
4.625%, 
12/15/2025
f
170,500
John
Deere
Capital
Corporation
123,000
4.750%, 
1/20/2028
122,898
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Capital
Goods
(2.2%)
-
continued
$
281,000
2.800%, 
7/18/2029
$
251,802
141,000
4.700%, 
6/10/2030
140,069
144,000
3.900%, 
6/7/2032
135,983
Kaman
Corporation,
Convertible
240,000
3.250%, 
5/1/2024
231,120
KBR,
Inc.,
Convertible
504,000
2.500%, 
11/1/2023
1,289,232
Mauser
Packaging
Solutions
Holding
Company
470,000
9.250%, 
4/15/2027
f
433,811
MIWD
Holdco
II,
LLC
226,000
5.500%, 
2/1/2030
f
186,450
Mueller
Water
Products,
Inc.
249,000
4.000%, 
6/15/2029
f
220,935
Nesco
Holdings
II,
Inc.
445,000
5.500%, 
4/15/2029
f
398,275
New
Enterprise
Stone
and
Lime
Company,
Inc.
509,000
5.250%, 
7/15/2028
f
463,205
Northrop
Grumman
Corporation
63,000
4.700%, 
3/15/2033
61,829
OI
European
Group
BV
473,000
4.750%, 
2/15/2030
f
426,911
Otis
Worldwide
Corporation
230,000
2.056%, 
4/5/2025
216,748
Owens-Brockway
Glass
Container,
Inc.
216,000
6.625%, 
5/13/2027
f
213,878
Pactiv
Evergreen
Group
305,000
4.375%, 
10/15/2028
f
264,089
Parker-Hannifin
Corporation
141,000
4.250%, 
9/15/2027
136,710
Patrick
Industries,
Inc.,
Convertible
318,000
1.750%, 
12/1/2028
308,778
PGT
Innovations,
Inc.
408,000
4.375%, 
10/1/2029
f
380,584
Raytheon
Technologies
Corporation
312,000
4.125%, 
11/16/2028
300,498
Republic
Services,
Inc.
131,000
3.950%, 
5/15/2028
125,575
Roller
Bearing
Company
of
America,
Inc.
336,000
4.375%, 
10/15/2029
f
301,025
Sealed
Air
Corporation
373,000
6.125%, 
2/1/2028
f
370,250
Silgan
Holdings,
Inc.
179,000
4.125%, 
2/1/2028
164,241
SRM
Escrow
Issuer,
LLC
580,000
6.000%, 
11/1/2028
f
546,965
Textron,
Inc.
196,000
3.650%, 
3/15/2027
183,595
Titan
Acquisition,
Ltd./Titan
Co-
Borrower,
LLC
160,000
7.750%, 
4/15/2026
f
145,200
TransDigm,
Inc.
250,000
6.250%, 
3/15/2026
f
248,778
1,441,000
5.500%, 
11/15/2027
1,359,151
Triumph
Group,
Inc.
382,000
9.000%, 
3/15/2028
f
390,037
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
15
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Capital
Goods
(2.2%)
-
continued
United
Rentals
North
America,
Inc.
$
455,000
4.875%, 
1/15/2028
$
432,974
310,000
4.000%, 
7/15/2030
274,547
Waste
Connections,
Inc.
70,000
3.200%, 
6/1/2032
61,007
Waste
Pro
USA,
Inc.
185,000
5.500%, 
2/15/2026
f
171,495
WESCO
Distribution,
Inc.
545,000
7.250%, 
6/15/2028
f
555,931
Total
23,929,863
Collateralized
Mortgage
Obligations
(4.7%)
Alternative
Loan
Trust
568,860
6.000%, 
8/1/2036,
Ser.
2006-24CB,
Class
A9
325,185
Banc
of
America
Alternative
Loan
Trust
596,657
6.000%, 
11/25/2035,
Ser.
2005-10,
Class
3CB1
513,922
Banc
of
America
Mortgage
Securities
Trust
427,782
3.872%, 
9/25/2035,
Ser.
2005-H,
Class
3A1
b
389,913
Bear
Stearns
Adjustable
Rate
Mortgage
Trust
96,632
5.230%, 
(CMT
1Y
+
2.300%),
10/25/2035,
Ser.
2005-9,
Class
A1
b
91,337
CAFL
Issuer,
LLC
1,350,000
2.239%, 
3/28/2029,
Ser.
2021-RTL1,
Class
A1
f
1,230,793
Cascade
Funding
Mortgage
Trust,
LLC
1,752,717
4.250%, 
4/25/2033,
Ser.
2023-HB12,
Class
A
b,f
1,672,844
CHL
Mortgage
Pass-Through
Trust
418,270
4.073%, 
12/20/2035,
Ser.
2005-HYB8,
Class
3A1
b
400,584
944,775
6.000%, 
11/25/2037,
Ser.
2007-18,
Class
1A2
527,108
CHNGE
Mortgage
Trust
1,436,471
3.757%, 
3/25/2067,
Ser.
2022-2,
Class
A1
b,f
1,325,153
1,565,182
5.000%, 
5/25/2067,
Ser.
2022-3,
Class
A1
b,f
1,509,487
1,720,813
6.525%, 
6/25/2058,
Ser.
2023-2,
Class
A1
f,g
1,707,550
925,386
5.820%, 
6/25/2067,
Ser.
2022-NQM1,
Class
A3
f,g
890,268
1,250,000
7.100%, 
7/25/2058,
Ser.
2023-3,
Class
A1
f,g
1,245,412
1,107,110
6.000%, 
10/25/2057,
Ser.
2022-4,
Class
A1
f,g
1,079,662
CIM
Trust
1,618,468
7.100%, 
4/25/2058,
Ser.
2023-I1,
Class
A3
f,g
1,605,363
Citigroup
Mortgage
Loan
Trust,
Inc.
106,393
5.500%, 
8/25/2034,
Ser.
2004-NCM2,
Class
1CB1
94,361
1,017,015
4.223%, 
4/25/2037,
Ser.
2007-AR5,
Class
1A1A
b
880,743
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Collateralized
Mortgage
Obligations
(4.7%)
-
continued
Countrywide
Alternative
Loan
Trust
$
489,695
5.000%, 
3/25/2035,
Ser.
2005-3CB,
Class
1A1
$
415,606
244,591
3.168%, 
10/25/2035,
Ser.
2005-43,
Class
4A1
b
201,491
167,394
5.500%, 
2/25/2036,
Ser.
2005-85CB,
Class
2A2
132,229
Countrywide
Home
Loan
Mortgage
Pass
Through
Trust
491,089
3.504%, 
11/25/2035,
Ser.
2005-22,
Class
2A1
b
387,850
Credit
Suisse
Mortgage
Trust
924,560
6.392%, 
8/25/2067,
Ser.
2022-ATH3,
Class
A3
b,f
902,354
604,325
2.572%, 
11/25/2066,
Ser.
2022-NQM1,
Class
A2
b,f
497,516
Deutsche
Alt-A
Securities,
Inc.,
Mortgage
Loan
Trust
766,266
5.250%, 
6/25/2035,
Ser.
2005-3,
Class
4A6
678,198
325,199
3.104%, 
8/25/2035,
Ser.
2005-AR1,
Class
2A3
b
287,869
Federal
Home
Loan
Mortgage
Corporation
1,698,212
3.500%, 
8/15/2035,
Ser.
345,
Class
C8
j
181,481
Federal
Home
Loan
Mortgage
Corporation
-
REMIC
3,081,731
4.000%, 
1/25/2051,
Ser.
5249,
Class
LA
2,940,262
6,369,359
1.500%, 
12/25/2050,
Ser.
5107,
Class
IO
j
553,759
209,015
2.500%, 
5/15/2027,
Ser.
4106,
Class
HI
j
4,452
904,080
3.000%, 
5/15/2027,
Ser.
4046,
Class
GI
j
30,400
874,454
3.000%, 
7/15/2027,
Ser.
4084,
Class
NI
j
33,940
1,278,131
3.000%, 
7/15/2027,
Ser.
4074,
Class
IO
j
51,526
467,097
2.500%, 
2/15/2028,
Ser.
4162,
Class
AI
j
17,712
964,294
2.500%, 
2/15/2028,
Ser.
4161,
Class
UI
j
36,106
1,529,051
2.500%, 
3/15/2028,
Ser.
4177,
Class
EI
j
60,608
1,480,308
3.500%, 
10/15/2032,
Ser.
4119,
Class
KI
j
146,082
1,009,240
3.000%, 
2/15/2033,
Ser.
4170,
Class
IG
j
87,027
1,645,126
3.000%, 
4/15/2033,
Ser.
4203,
Class
DI
j
87,356
Federal
National
Mortgage
Association
-
REMIC
1,663,754
4.500%, 
6/25/2052,
Ser.
2022-43,
Class
MA
1,604,918
3,374,338
4.000%, 
7/25/2052,
Ser.
2022-37,
Class
PE
3,204,021
1,500,015
3.000%, 
7/25/2027,
Ser.
2012-73,
Class
DI
j
52,054
1,013,196
3.000%, 
7/25/2027,
Ser.
2012-74,
Class
AI
j
36,229
1,861,087
3.000%, 
8/25/2027,
Ser.
2012-95,
Class
HI
j
52,772
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
16
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Collateralized
Mortgage
Obligations
(4.7%)
-
continued
$
976,267
3.500%, 
9/25/2027,
Ser.
2012-98,
Class
YI
j
$
38,774
2,823,902
3.000%, 
11/25/2027,
Ser.
2012-121,
Class
BI
j
119,116
1,426,769
3.000%, 
12/25/2027,
Ser.
2012-139,
Class
DI
j
49,833
716,159
2.500%, 
1/25/2028,
Ser.
2012-152,
Class
AI
j
26,139
1,903,545
3.000%, 
1/25/2028,
Ser.
2012-147,
Class
EI
j
65,960
633,252
2.500%, 
2/25/2028,
Ser.
2013-46,
Class
CI
j
18,967
642,183
3.000%, 
2/25/2028,
Ser.
2013-2,
Class
GI
j
26,632
408,945
3.000%, 
4/25/2028,
Ser.
2013-30,
Class
DI
j
17,786
1,299,850
3.000%, 
11/25/2031,
Ser.
2013-69,
Class
IO
j
38,924
1,373,086
3.000%, 
2/25/2033,
Ser.
2013-1,
Class
YI
j
120,073
1,519,131
4.500%, 
1/25/2046,
Ser.
2022-68,
Class
BA
1,478,084
First
Horizon
Alternative
Mortgage
Securities
Trust
189,805
5.389%, 
3/25/2035,
Ser.
2005-AA2,
Class
1A1
b
176,149
185,508
5.140%, 
7/25/2035,
Ser.
2005-AA5,
Class
2A1
b
167,925
Flagstar
Mortgage
Trust
556,384
2.500%, 
9/25/2041,
Ser.
2021-9INV,
Class
A1
b,f
478,138
GCAT
Trust
794,704
5.730%, 
8/25/2067,
Ser.
2022-NQM4,
Class
A3
f,g
769,635
Genworth
Mortgage
Insurance
Corporation
545,816
6.967%, 
(SOFR30A
+
1.900%),
2/25/2034,
Ser.
2021-3,
Class
M1A
b,f
546,916
GMAC
Mortgage
Corporation
Loan
Trust
286,315
3.539%, 
5/25/2035,
Ser.
2005-AR2,
Class
4A
b
252,050
Government
National
Mortgage
Association
280,017
4.000%, 
1/16/2027,
Ser.
2012-3,
Class
IO
j
8,387
GS
Mortgage-Backed
Securities
Trust
1,131,113
5.500%, 
10/27/2053,
Ser.
2023-PJ3,
Class
A16
b,f
1,111,319
Home
RE,
Ltd.
1,350,000
8.567%, 
(SOFR30A
+
3.500%),
10/25/2034,
Ser.
2022-1,
Class
M1B
b,f
1,368,889
IndyMac
IMJA
Mortgage
Loan
Trust
947,241
6.250%, 
11/25/2037,
Ser.
2007-A3,
Class
A1
445,045
J.P.
Morgan
Mortgage
Trust
812,810
2.774%, 
5/25/2052,
Ser.
2021-LTV2,
Class
A2
b,f
636,237
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Collateralized
Mortgage
Obligations
(4.7%)
-
continued
$
1,293,717
5.000%, 
10/25/2053,
Ser.
2023-3,
Class
A4A
b,f
$
1,253,795
84,934
6.500%, 
1/25/2035,
Ser.
2005-S1,
Class
1A2
84,880
437,595
4.121%, 
2/25/2036,
Ser.
2006-A1,
Class
2A2
b
340,156
Merrill
Lynch
Alternative
Note
Asset
Trust
897,482
6.000%, 
3/25/2037,
Ser.
2007-F1,
Class
2A1
359,178
MortgageIT
Trust
1,834,580
5.610%, 
(LIBOR
1M
+
0.460%),
6/25/2047,
Ser.
2007-1,
Class
1A1
b
1,483,197
Preston
Ridge
Partners
Mortgage
Trust,
LLC
425,000
3.474%, 
7/25/2026,
Ser.
2021-6,
Class
A2
f,g
353,427
PRKCM
Trust
1,793,901
7.087%, 
6/25/2058,
Ser.
2023-AFC2,
Class
A3
f
1,784,625
Radnor
Re,
Ltd.
1,250,000
8.817%, 
(SOFR30A
+
3.750%),
9/25/2032,
Ser.
2022-1,
Class
M1A
b,f
1,263,084
Residential
Accredit
Loans,
Inc.
Trust
474,427
6.000%, 
8/25/2035,
Ser.
2005-QS10,
Class
2A
400,390
316,414
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
243,390
596,036
6.250%, 
4/25/2037,
Ser.
2007-QS6,
Class
A6
480,071
Residential
Asset
Securitization
Trust
511,534
3.435%, 
1/25/2034,
Ser.
2004-IP1,
Class
A1
b
477,440
Residential
Funding
Mortgage
Security
I
Trust
398,444
6.000%, 
7/25/2037,
Ser.
2007-S7,
Class
A20
307,299
ROC
Securities
Trust
Series
1,400,000
2.487%, 
8/25/2026,
Ser.
2021-RTL1,
Class
A1
b,f
1,338,634
Sequoia
Mortgage
Trust
509,575
3.483%, 
9/20/2046,
Ser.
2007-1,
Class
4A1
b
349,557
Structured
Adjustable
Rate
Mortgage
Loan
Trust
212,169
3.763%, 
7/25/2035,
Ser.
2005-15,
Class
4A1
b
181,159
Verus
Securitization
Trust
1,328,634
2.491%, 
11/25/2066,
Ser.
2021-8,
Class
A3
b,f
1,094,785
1,401,039
6.560%, 
12/25/2067,
Ser.
2023-1,
Class
A2
f,g
1,392,352
WaMu
Mortgage
Pass-Through
Certificates
207,508
2.422%, 
5/25/2033,
Ser.
2003-AR4,
Class
A7
b
197,867
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
17
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Collateralized
Mortgage
Obligations
(4.7%)
-
continued
Washington
Mutual
Mortgage
Pass-Through
Certificates
$
340,481
6.000%, 
3/25/2035,
Ser.
2005-1,
Class
2A
$
279,094
Total
49,798,861
Commercial
Mortgage-Backed
Securities
(0.7%)
BANK5
2023-5YR1
2,000,000
6.412%, 
4/15/2056,
Ser.
2023-5YR1,
Class
AS
b
2,002,562
BBCMS
Mortgage
Trust
1,799,649
0.740%, 
2/15/2055,
Ser.
2022-C14,
Class
XA
b,j
74,761
5,990,413
1.152%, 
9/15/2055,
Ser.
2022-C17,
Class
XA
b,j
471,858
BFLD
Trust
1,250,000
6.893%, 
(LIBOR
1M
+
1.700%),
10/15/2035,
Ser.
2020-EYP,
Class
B
b,f
787,711
Federal
Home
Loan
Mortgage
Corporation
Multifamily
Structured
Pass
Through
Certificates
1,000,000
4.200%, 
5/25/2033,
Ser.
K-157,
Class
A2
k
978,811
MSWF
Commercial
Mortgage
Trust
1,325,000
5.752%, 
5/15/2033,
Ser.
2023-1,
Class
A5
1,359,142
SCOTT
Trust
1,000,000
5.910%, 
3/15/2040,
Ser.
2023-SFS,
Class
A
f
992,718
Silver
Hill
Trust
372,041
3.102%, 
11/25/2049,
Ser.
2019-1,
Class
A1
b,f
349,644
Total
7,017,207
Communications
Services
(2.3%)
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
359,000
10.500%, 
2/15/2028
f
184,885
Altice
Financing
SA
180,000
5.750%, 
8/15/2029
f,h
139,439
Altice
France
SA/France
130,000
8.125%, 
2/1/2027
f
112,570
485,000
5.125%, 
7/15/2029
f
344,289
410,000
5.500%, 
10/15/2029
f
293,208
AMC
Networks,
Inc.
180,000
5.000%, 
4/1/2024
177,212
557,000
4.250%, 
2/15/2029
299,425
American
Tower
Corporation
260,000
4.400%, 
2/15/2026
251,958
135,000
1.450%, 
9/15/2026
118,763
191,000
5.500%, 
3/15/2028
189,671
196,000
3.800%, 
8/15/2029
178,808
AT&T,
Inc.
407,000
4.300%, 
2/15/2030
386,334
136,000
5.400%, 
2/15/2034
136,234
Bell
Telephone
Company
of
Canada
134,000
5.100%, 
5/11/2033
132,356
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Communications
Services
(2.3%)
-
continued
Cable
One,
Inc.,
Convertible
$
784,000
1.125%, 
3/15/2028
$
589,960
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corporation
125,000
5.500%, 
5/1/2026
f
121,879
620,000
5.125%, 
5/1/2027
f
577,372
255,000
5.000%, 
2/1/2028
f
232,328
214,000
6.375%, 
9/1/2029
f
201,622
16,000
4.750%, 
3/1/2030
f
13,681
695,000
4.500%, 
8/15/2030
f
578,720
291,000
4.250%, 
2/1/2031
f
235,410
588,000
4.750%, 
2/1/2032
f
479,502
360,000
4.250%, 
1/15/2034
f
272,076
Cengage
Learning,
Inc.
18,000
9.500%, 
6/15/2024
f
18,046
Charter
Communications
Operating,
LLC/Charter
Communications
Operating
Capital
Corporation
139,000
4.908%, 
7/23/2025
136,310
196,000
5.050%, 
3/30/2029
186,899
Clear
Channel
Worldwide
Holdings,
Inc.
358,000
5.125%, 
8/15/2027
f
325,026
Comcast
Corporation
156,000
2.350%, 
1/15/2027
143,234
326,000
3.400%, 
4/1/2030
299,530
Connect
Finco
SARL/Connect
US
Finco,
LLC
230,000
6.750%, 
10/1/2026
f
223,403
Crown
Castle,
Inc.
218,000
2.900%, 
3/15/2027
199,482
137,000
5.100%, 
5/1/2033
134,628
CSC
Holdings,
LLC
760,000
5.375%, 
2/1/2028
f
610,691
460,000
6.500%, 
2/1/2029
f
371,696
349,000
4.125%, 
12/1/2030
f
244,135
Deutsche
Telekom
International
Finance
BV
368,000
8.750%, 
6/15/2030
440,711
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
498,000
5.875%, 
8/15/2027
f
451,006
DISH
DBS
Corporation
153,000
5.875%, 
11/15/2024
133,816
184,000
5.250%, 
12/1/2026
f
147,600
145,000
7.375%, 
7/1/2028
77,575
259,000
5.750%, 
12/1/2028
f
192,640
234,000
5.125%, 
6/1/2029
108,657
DISH
Network
Corporation
256,000
11.750%, 
11/15/2027
f
249,833
Frontier
Communications
Holdings,
LLC
450,000
5.875%, 
10/15/2027
f
412,992
178,000
6.750%, 
5/1/2029
f,h
138,093
109,000
8.750%, 
5/15/2030
f
106,534
GCI,
LLC
380,000
4.750%, 
10/15/2028
f
323,988
Gray
Escrow
II,
Inc.
581,000
5.375%, 
11/15/2031
f
385,080
Gray
Television,
Inc.
370,000
4.750%, 
10/15/2030
f
250,908
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
18
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Communications
Services
(2.3%)
-
continued
Hughes
Satellite
Systems
Corporation
$
200,000
6.625%, 
8/1/2026
$
187,000
Iliad
Holding
SASU
544,000
6.500%, 
10/15/2026
f
513,440
Lamar
Media
Corporation
317,000
3.750%, 
2/15/2028
288,546
238,000
3.625%, 
1/15/2031
200,515
LCPR
Senior
Secured
Financing
DAC
297,000
6.750%, 
10/15/2027
f
278,364
Level
3
Financing,
Inc.
585,000
4.625%, 
9/15/2027
f
407,044
455,000
4.250%, 
7/1/2028
f
292,959
213,000
10.500%, 
5/15/2030
f
216,117
Liberty
Media
Corporation,
Convertible
47,000
2.250%, 
8/15/2027
f
50,478
Meta
Platforms,
Inc.
131,000
4.600%, 
5/15/2028
129,548
135,000
4.800%, 
5/15/2030
135,099
News
Corporation
427,000
3.875%, 
5/15/2029
f
374,823
NTT
Finance
Corporation
156,000
1.162%, 
4/3/2026
f
139,615
Outfront
Media
Capital,
LLC/
Outfront
Media
Capital
Corporation
194,000
6.250%, 
6/15/2025
f
193,076
Paramount
Global
315,000
6.375%, 
3/30/2062
b
262,776
129,000
4.750%, 
5/15/2025
125,927
Playtika
Holding
Corporation
357,000
4.250%, 
3/15/2029
f
316,837
Radiate
Holdco,
LLC/Radiate
Finance,
Inc.
210,000
6.500%, 
9/15/2028
f
122,549
Rogers
Communications,
Inc.
250,000
5.250%, 
3/15/2082
b,f
231,420
Scripps
Escrow
II,
Inc.
165,000
3.875%, 
1/15/2029
f
133,228
Sirius
XM
Radio,
Inc.
495,000
5.000%, 
8/1/2027
f
459,256
275,000
4.000%, 
7/15/2028
f
238,940
Sprint
Capital
Corporation
263,000
6.875%, 
11/15/2028
278,778
208,000
8.750%, 
3/15/2032
251,390
Take-Two
Interactive
Software,
Inc.
11,000
3.300%, 
3/28/2024
10,784
TEGNA,
Inc.
697,000
4.625%, 
3/15/2028
615,103
Telecom
Italia
Capital
SA
136,000
6.000%, 
9/30/2034
109,678
Telecom
Italia
SPA/Milano
186,000
5.303%, 
5/30/2024
f
180,784
Telesat
Canada/Telesat,
LLC
205,000
4.875%, 
6/1/2027
f
123,068
75,000
6.500%, 
10/15/2027
f
30,495
T-Mobile
USA,
Inc.
151,000
3.500%, 
4/15/2025
145,177
275,000
4.950%, 
3/15/2028
270,617
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Communications
Services
(2.3%)
-
continued
United
States
Cellular
Corporation
$
330,000
6.700%, 
12/15/2033
$
283,711
Uniti
Group,
LP/Uniti
Group
Finance,
Inc./CSL
Capital,
LLC
570,000
4.750%, 
4/15/2028
f
473,044
Univision
Communications,
Inc.
665,000
6.625%, 
6/1/2027
f
642,755
Verizon
Communications,
Inc.
260,000
2.100%, 
3/22/2028
228,403
196,000
3.150%, 
3/22/2030
174,163
346,000
2.550%, 
3/21/2031
288,887
311,000
2.355%, 
3/15/2032
250,132
Vodafone
Group
plc
300,000
7.000%, 
4/4/2079
b
307,605
VTR
Finance
NV
250,000
6.375%, 
7/15/2028
f
93,742
VZ
Secured
Financing
BV
373,000
5.000%, 
1/15/2032
f
300,402
Walt
Disney
Company
130,000
3.800%, 
3/22/2030
122,853
Warnermedia
Holdings,
Inc.
148,000
3.638%, 
3/15/2025
142,750
348,000
4.054%, 
3/15/2029
318,114
WMG
Acquisition
Corporation
88,000
3.750%, 
12/1/2029
f
76,073
119,000
3.875%, 
7/15/2030
f
102,651
297,000
3.000%, 
2/15/2031
f
240,267
YPSO
Finance
BIS
SA
189,000
10.500%, 
5/15/2027
f
114,445
Total
24,033,643
Consumer
Cyclical
(3.8%)
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
560,000
4.375%, 
1/15/2028
f
516,977
Adient
Global
Holdings,
Ltd.
240,000
4.875%, 
8/15/2026
f
227,989
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation
195,000
6.625%, 
7/15/2026
f
185,044
379,000
6.000%, 
6/1/2029
f
279,666
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation/
Atlas
Luxco
4
SARL
300,000
4.625%, 
6/1/2028
f
253,941
260,000
4.625%, 
6/1/2028
f
218,725
Allison
Transmission,
Inc.
244,000
3.750%, 
1/30/2031
f
206,124
Amazon.com,
Inc.
131,000
1.500%, 
6/3/2030
107,665
274,000
4.700%, 
12/1/2032
276,252
American
Axle
&
Manufacturing,
Inc.
699,000
6.500%, 
4/1/2027
h
663,008
American
Honda
Finance
Corporation
135,000
4.600%, 
4/17/2030
131,831
Arko
Corporation
255,000
5.125%, 
11/15/2029
f
207,231
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
19
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Consumer
Cyclical
(3.8%)
-
continued
Ashton
Woods
USA,
LLC/Ashton
Woods
Finance
Company
$
240,000
4.625%, 
8/1/2029
f
$
204,535
200,000
4.625%, 
4/1/2030
f
170,720
Best
Buy
Company,
Inc.
131,000
1.950%, 
10/1/2030
105,524
Bloomin'
Brands,
Inc.,
Convertible
87,000
5.000%, 
5/1/2025
208,746
Booking
Holdings,
Inc.,
Convertible
212,000
0.750%, 
5/1/2025
317,746
Boyd
Gaming
Corporation
370,000
4.750%, 
6/15/2031
f
330,541
Boyne
USA,
Inc.
163,000
4.750%, 
5/15/2029
f
146,889
Brookfield
Residential
Properties,
Inc./Brookfield
Residential
US,
LLC
400,000
6.250%, 
9/15/2027
f
367,401
Burlington
Stores,
Inc.,
Convertible
477,000
2.250%, 
4/15/2025
h
493,397
Caesars
Entertainment,
Inc.
655,000
6.250%, 
7/1/2025
f
651,967
120,000
8.125%, 
7/1/2027
f
122,816
408,000
4.625%, 
10/15/2029
f
356,270
Carnival
Corporation
426,000
10.500%, 
2/1/2026
f
447,817
206,000
7.625%, 
3/1/2026
f,h
201,756
634,000
5.750%, 
3/1/2027
f
583,654
174,000
4.000%, 
8/1/2028
f
154,254
Cedar
Fair,
LP
494,000
5.250%, 
7/15/2029
h
449,296
Churchill
Downs,
Inc.
245,000
4.750%, 
1/15/2028
f
227,213
179,000
6.750%, 
5/1/2031
f
176,986
Cinemark
USA,
Inc.
501,000
5.875%, 
3/15/2026
f,h
475,324
Clarios
Global,
LP/Clarios
US
Finance
Company,
Inc.
185,000
8.500%, 
5/15/2027
f,h
185,303
550,000
6.750%, 
5/15/2028
f
548,076
Cracker
Barrel
Old
Country
Store,
Inc.,
Convertible
167,000
0.625%, 
6/15/2026
141,532
D.R.
Horton,
Inc.
75,000
2.600%, 
10/15/2025
70,162
Daimler
Finance
North
America,
LLC
191,000
1.450%, 
3/2/2026
f
173,349
Dana,
Inc.
395,000
5.625%, 
6/15/2028
371,267
Expedia
Group,
Inc.
229,000
3.250%, 
2/15/2030
199,310
Expedia
Group,
Inc.,
Convertible
606,000
Zero
Coupon, 
2/15/2026
529,523
Ford
Motor
Company
1,041,000
3.250%, 
2/12/2032
818,938
385,000
6.100%, 
8/19/2032
373,125
Ford
Motor
Company,
Convertible
1,061,000
Zero
Coupon, 
3/15/2026
1,162,325
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Consumer
Cyclical
(3.8%)
-
continued
Ford
Motor
Credit
Company,
LLC
$
208,000
2.300%, 
2/10/2025
$
194,436
920,000
4.134%, 
8/4/2025
872,529
814,000
2.700%, 
8/10/2026
726,719
250,000
2.900%, 
2/10/2029
206,879
Forestar
Group,
Inc.
330,000
3.850%, 
5/15/2026
f
303,224
General
Motors
Company
196,000
6.800%, 
10/1/2027
203,599
General
Motors
Financial
Company,
Inc.
311,000
3.950%, 
4/13/2024
306,123
158,000
1.200%, 
10/15/2024
148,626
199,000
2.900%, 
2/26/2025
188,818
149,000
2.750%, 
6/20/2025
140,362
220,000
5.800%, 
6/23/2028
219,161
270,000
5.700%, 
9/30/2030
b,i
237,018
Goodyear
Tire
&
Rubber
Company
250,000
5.000%, 
7/15/2029
225,434
185,000
5.250%, 
7/15/2031
160,719
Guitar
Center
Escrow
Issuer
II,
Inc.
122,000
8.500%, 
1/15/2026
f
111,005
Hanesbrands,
Inc.
352,000
4.875%, 
5/15/2026
f
328,605
Hilton
Domestic
Operating
Company,
Inc.
745,000
4.875%, 
1/15/2030
694,653
174,000
3.625%, 
2/15/2032
f
145,070
Hilton
Grand
Vacations
Borrower
Escrow,
LLC/Hilton
Grand
Vacations
Borrower
Escrow,
Inc.
283,000
5.000%, 
6/1/2029
f
251,148
Home
Depot,
Inc.
214,000
3.250%, 
4/15/2032
192,245
Hyatt
Hotels
Corporation
141,000
5.750%, 
1/30/2027
d
140,638
Hyundai
Capital
America
85,000
5.500%, 
3/30/2026
f
84,233
196,000
3.000%, 
2/10/2027
f
178,650
134,000
2.100%, 
9/15/2028
f
112,326
International
Game
Technology
plc
510,000
5.250%, 
1/15/2029
f
483,097
Jacobs
Entertainment,
Inc.
228,000
6.750%, 
2/15/2029
f
204,071
Jaguar
Land
Rover
Automotive
plc
470,000
5.500%, 
7/15/2029
f
401,010
KB
Home
360,000
4.800%, 
11/15/2029
330,192
Kohl's
Corporation
125,000
4.625%, 
5/1/2031
86,972
L
Brands,
Inc.
719,000
6.625%, 
10/1/2030
f
694,114
130,000
6.875%, 
11/1/2035
118,949
Lennar
Corporation
148,000
4.750%, 
5/30/2025
144,606
Live
Nation
Entertainment,
Inc.,
Convertible
515,000
2.000%, 
2/15/2025
546,673
648,000
3.125%, 
1/15/2029
f
714,096
Lowe's
Companies,
Inc.
198,000
4.000%, 
4/15/2025
192,753
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
20
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Consumer
Cyclical
(3.8%)
-
continued
$
330,000
4.500%, 
4/15/2030
$
320,804
Macy's
Retail
Holdings,
LLC
365,000
5.875%, 
4/1/2029
f,h
333,063
Marriott
International,
Inc./MD
124,000
4.900%, 
4/15/2029
120,645
198,000
4.625%, 
6/15/2030
189,581
Marriott
Vacations
Worldwide
Corporation,
Convertible
510,000
Zero
Coupon, 
1/15/2026
472,515
404,000
3.250%, 
12/15/2027
f
382,386
Mattamy
Group
Corporation
324,000
5.250%, 
12/15/2027
f
301,935
Michaels
Companies,
Inc.
277,000
5.250%, 
5/1/2028
f
223,799
NCL
Corporation,
Ltd.
162,000
3.625%, 
12/15/2024
f
155,889
120,000
5.875%, 
3/15/2026
f
112,268
455,000
5.875%, 
2/15/2027
f
442,899
Nissan
Motor
Company,
Ltd.
218,000
3.043%, 
9/15/2023
f
216,458
156,000
3.522%, 
9/17/2025
f
145,129
162,000
4.345%, 
9/17/2027
f
147,340
202,000
4.810%, 
9/17/2030
f
177,182
Nordstrom,
Inc.
142,000
4.375%, 
4/1/2030
h
117,364
201,000
4.250%, 
8/1/2031
156,680
O'Reilly
Automotive,
Inc.
196,000
3.900%, 
6/1/2029
183,906
PENN
Entertainment,
Inc.
370,000
4.125%, 
7/1/2029
f,h
303,659
PetSmart,
Inc./PetSmart
Finance
Corporation
480,000
4.750%, 
2/15/2028
f
443,575
439,000
7.750%, 
2/15/2029
f
436,181
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
738,000
5.750%, 
4/15/2026
f
724,441
328,000
6.250%, 
1/15/2028
f
307,271
Realogy
Group,
LLC/Realogy
Group
Co-Issuer
Corporation
460,000
5.750%, 
1/15/2029
f
344,178
Royal
Caribbean
Cruises,
Ltd.
129,000
11.500%, 
6/1/2025
f
136,869
788,000
4.250%, 
7/1/2026
f
723,345
291,000
9.250%, 
1/15/2029
f
310,035
142,000
7.250%, 
1/15/2030
f
143,824
Scientific
Games
International,
Inc.
520,000
7.250%, 
11/15/2029
f
520,650
48,000
6.625%, 
3/1/2030
f
42,240
SeaWorld
Parks
and
Entertainment,
Inc.
270,000
5.250%, 
8/15/2029
f
241,671
Six
Flags
Theme
Parks,
Inc.
121,000
7.000%, 
7/1/2025
f,h
121,605
Staples,
Inc.
328,000
7.500%, 
4/15/2026
f
270,899
219,000
10.750%, 
4/15/2027
f
127,216
Station
Casinos,
LLC
304,000
4.625%, 
12/1/2031
f
256,120
Tapestry,
Inc.
134,000
3.050%, 
3/15/2032
107,006
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Consumer
Cyclical
(3.8%)
-
continued
Target
Corporation
$
266,000
2.350%, 
2/15/2030
$
230,356
Toyota
Motor
Credit
Corporation
143,000
4.700%, 
1/12/2033
141,569
Tractor
Supply
Company
136,000
5.250%, 
5/15/2033
134,946
Travel
+
Leisure
Company
182,000
6.625%, 
7/31/2026
f
180,617
Tripadvisor,
Inc.
90,000
7.000%, 
7/15/2025
f
90,000
Uber
Technologies,
Inc.
270,000
6.250%, 
1/15/2028
f
268,666
Uber
Technologies,
Inc.,
Convertible
651,000
Zero
Coupon, 
12/15/2025
593,729
Vail
Resorts,
Inc.,
Convertible
684,000
Zero
Coupon, 
1/1/2026
610,898
VICI
Properties,
LP/VICI
Note
Company,
Inc.
395,000
4.625%, 
6/15/2025
f
381,667
486,000
5.750%, 
2/1/2027
f
475,658
407,000
3.750%, 
2/15/2027
f
373,356
Viking
Cruises,
Ltd.
579,000
5.875%, 
9/15/2027
f
532,170
Volkswagen
Group
of
America
Finance,
LLC
306,000
4.250%, 
11/13/2023
f
304,181
74,000
3.350%, 
5/13/2025
f
70,873
Wabash
National
Corporation
409,000
4.500%, 
10/15/2028
f
354,651
Walmart,
Inc.
195,000
4.000%, 
4/15/2030
189,600
Wyndham
Hotels
&
Resorts,
Inc.
195,000
4.375%, 
8/15/2028
f
178,074
Yum!
Brands,
Inc.
526,000
4.750%, 
1/15/2030
f
492,552
ZF
North
America
Capital,
Inc.
242,000
7.125%, 
4/14/2030
f
246,127
Total
39,939,286
Consumer
Non-Cyclical
(3.0%)
1375209
B.C.,
Ltd.
297,000
9.000%, 
1/30/2028
f,h
297,742
Abbott
Laboratories
410,000
1.400%, 
6/30/2030
337,259
AbbVie,
Inc.
440,000
3.600%, 
5/14/2025
425,347
Albertsons
Companies,
Inc./
Safeway,
Inc.
537,000
4.625%, 
1/15/2027
f
508,810
546,000
3.500%, 
3/15/2029
f
472,640
Amgen,
Inc.
196,000
5.150%, 
3/2/2028
195,824
332,000
5.250%, 
3/2/2030
332,662
Anheuser-Busch
InBev
Worldwide,
Inc.
286,000
4.000%, 
4/13/2028
276,562
261,000
4.750%, 
1/23/2029
259,866
Aramark
Services,
Inc.
633,000
5.000%, 
2/1/2028
f
596,628
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
21
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Consumer
Non-Cyclical
(3.0%)
-
continued
Archer-Daniels-Midland
Company
$
133,000
4.500%, 
8/15/2033
$
129,759
AstraZeneca
Finance,
LLC
306,000
1.750%, 
5/28/2028
265,129
Avantor
Funding,
Inc.
364,000
4.625%, 
7/15/2028
f
337,400
B&G
Foods,
Inc.
188,000
5.250%, 
4/1/2025
179,482
179,000
5.250%, 
9/15/2027
155,518
BAT
Capital
Corporation
140,000
7.750%, 
10/19/2032
154,072
BAT
International
Finance
plc
149,000
1.668%, 
3/25/2026
133,961
Bausch
Health
Companies,
Inc.
162,000
5.500%, 
11/1/2025
f,h
143,140
355,000
4.875%, 
6/1/2028
f
211,296
213,000
11.000%, 
9/30/2028
f
151,294
Becton,
Dickinson
and
Company
134,000
4.693%, 
2/13/2028
132,180
196,000
2.823%, 
5/20/2030
171,421
BellRing
Brands,
Inc.
250,000
7.000%, 
3/15/2030
f
251,562
BioMarin
Pharmaceutical,
Inc.,
Convertible
702,000
1.250%, 
5/15/2027
h
705,724
Bio-Rad
Laboratories,
Inc.
220,000
3.300%, 
3/15/2027
204,673
Bristol-Myers
Squibb
Company
218,000
2.950%, 
3/15/2032
192,642
Cargill,
Inc.
289,000
2.125%, 
11/10/2031
f
232,453
Central
Garden
&
Pet
Company
460,000
4.125%, 
10/15/2030
385,340
Cheplapharm
Arzneimittel
GmbH
60,000
5.500%, 
1/15/2028
f
54,300
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
418,000
4.625%, 
11/15/2028
f
380,380
CHS/Community
Health
Systems,
Inc.
148,000
8.000%, 
12/15/2027
f,h
143,271
260,000
6.000%, 
1/15/2029
f
218,725
Cigna
Corporation
208,000
2.400%, 
3/15/2030
176,721
Constellation
Brands,
Inc.
261,000
3.150%, 
8/1/2029
235,256
87,000
4.900%, 
5/1/2033
85,481
Coty,
Inc.
226,000
5.000%, 
4/15/2026
f
216,580
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US,
LLC
496,000
4.750%, 
1/15/2029
f
457,312
CVS
Health
Corporation
120,000
5.000%, 
2/20/2026
119,443
102,000
4.300%, 
3/25/2028
98,371
120,000
5.125%, 
2/21/2030
119,171
136,000
5.300%, 
6/1/2033
135,789
Diageo
Capital
plc
148,000
2.000%, 
4/29/2030
124,721
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Consumer
Non-Cyclical
(3.0%)
-
continued
Edgewell
Personal
Care
Company
$
260,000
5.500%, 
6/1/2028
f
$
245,757
Eli
Lilly
&
Company
265,000
4.700%, 
2/27/2033
268,474
Embecta
Corporation
134,000
6.750%, 
2/15/2030
f
120,086
Encompass
Health
Corporation
585,000
4.500%, 
2/1/2028
544,257
Energizer
Holdings,
Inc.
445,000
4.375%, 
3/31/2029
f
383,456
Fortrea
Holdings,
Inc.
108,000
7.500%, 
7/1/2030
f
110,589
General
Mills,
Inc.
53,000
4.950%, 
3/29/2033
52,527
Gilead
Sciences,
Inc.
196,000
2.950%, 
3/1/2027
184,059
HLF
Financing
SARL,
LLC/
Herbalife
International,
Inc.
689,000
4.875%, 
6/1/2029
f
491,099
Imperial
Brands
Finance
plc
164,000
3.125%, 
7/26/2024
f
158,450
Integer
Holdings
Corporation,
Convertible
736,000
2.125%, 
2/15/2028
f
867,008
Ionis
Pharmaceuticals,
Inc.,
Convertible
452,000
0.125%, 
12/15/2024
420,360
455,000
Zero
Coupon, 
4/1/2026
429,122
353,000
1.750%, 
6/15/2028
f
353,353
Jazz
Investments
I,
Ltd.,
Convertible
682,000
2.000%, 
6/15/2026
693,082
Jazz
Securities
DAC
239,000
4.375%, 
1/15/2029
f
213,233
JBS
USA
LUX
SA/JBS
USA
Food
Company/JBS
USA
Finance,
Inc.
348,000
2.500%, 
1/15/2027
f
304,883
165,000
3.625%, 
1/15/2032
f
133,888
Kenvue,
Inc.
265,000
5.350%, 
3/22/2026
f
267,039
57,000
5.000%, 
3/22/2030
f
57,552
Kraft
Heinz
Foods
Company
147,000
3.875%, 
5/15/2027
141,137
134,000
6.750%, 
3/15/2032
147,193
Kroger
Company
130,000
4.500%, 
1/15/2029
126,981
Lamb
Weston
Holdings,
Inc.
259,000
4.125%, 
1/31/2030
f
231,472
Mattel,
Inc.
930,000
3.375%, 
4/1/2026
f
855,784
McKesson
Corporation
148,000
0.900%, 
12/3/2025
132,629
197,000
1.300%, 
8/15/2026
174,963
Medtronic
Global
Holdings
SCA
127,000
4.500%, 
3/30/2033
124,473
Mozart
Debt
Merger
Sub,
Inc.
362,000
3.875%, 
4/1/2029
f
314,601
283,000
5.250%, 
10/1/2029
f
245,559
Mylan,
Inc.
96,000
4.200%, 
11/29/2023
95,322
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
22
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Consumer
Non-Cyclical
(3.0%)
-
continued
Nestle
Holdings,
Inc.
$
162,000
5.250%, 
3/13/2026
f
$
163,204
267,000
4.950%, 
3/14/2030
f
270,638
Newell
Brands,
Inc.
334,000
4.700%, 
4/1/2026
313,743
Organon
&
Company/Organon
Foreign
Debt
Co-Issuer
BV
384,000
4.125%, 
4/30/2028
f
340,812
Owens
&
Minor,
Inc.
288,000
6.625%, 
4/1/2030
f,h
261,291
Performance
Food
Group,
Inc.
343,000
4.250%, 
8/1/2029
f
305,377
Perrigo
Finance
Unlimited
Company
736,000
4.375%, 
3/15/2026
699,692
Pfizer
Investment
Enterprises
Pte,
Ltd.
210,000
4.450%, 
5/19/2026
207,459
135,000
4.750%, 
5/19/2033
134,491
Philip
Morris
International,
Inc.
395,000
4.875%, 
2/13/2026
392,205
260,000
4.875%, 
2/15/2028
256,027
140,000
5.625%, 
11/17/2029
142,651
140,000
5.750%, 
11/17/2032
143,371
Post
Holdings,
Inc.
212,000
5.625%, 
1/15/2028
f
203,700
151,000
5.500%, 
12/15/2029
f
139,338
330,000
4.500%, 
9/15/2031
f
281,831
Post
Holdings,
Inc.,
Convertible
470,000
2.500%, 
8/15/2027
f
473,854
Primo
Water
Holdings,
Inc.
441,000
4.375%, 
4/30/2029
f
377,871
Procter
&
Gamble
Company
130,000
1.200%, 
10/29/2030
104,816
Roche
Holdings,
Inc.
140,000
1.930%, 
12/13/2028
f
121,567
200,000
2.076%, 
12/13/2031
f
164,776
Royalty
Pharma
plc
296,000
1.200%, 
9/2/2025
266,949
Scotts
Miracle-Gro
Company
264,000
4.500%, 
10/15/2029
h
226,846
SEG
Holding,
LLC
540,000
5.625%, 
10/15/2028
f
510,510
Simmons
Foods,
Inc.
561,000
4.625%, 
3/1/2029
f
449,481
Spectrum
Brands,
Inc.
310,000
5.000%, 
10/1/2029
f
276,698
200,000
5.500%, 
7/15/2030
f
182,500
Stryker
Corporation
264,000
3.650%, 
3/7/2028
251,028
Syneos
Health,
Inc.
410,000
3.625%, 
1/15/2029
f
400,808
Sysco
Corporation
131,000
5.950%, 
4/1/2030
137,134
Takeda
Pharmaceutical
Company,
Ltd.
291,000
5.000%, 
11/26/2028
289,279
Teleflex,
Inc.
318,000
4.250%, 
6/1/2028
f
290,571
Tenet
Healthcare
Corporation
1,055,000
5.125%, 
11/1/2027
1,007,184
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Consumer
Non-Cyclical
(3.0%)
-
continued
$
374,000
6.125%, 
10/1/2028
$
360,050
Teva
Pharmaceutical
Finance
Netherlands
III
BV
862,000
3.150%, 
10/1/2026
772,391
Thermo
Fisher
Scientific,
Inc.
140,000
4.950%, 
11/21/2032
142,524
Topgolf
Callaway
Brands
Corporation,
Convertible
201,000
2.750%, 
5/1/2026
259,491
TreeHouse
Foods,
Inc.
554,000
4.000%, 
9/1/2028
477,232
United
Natural
Foods,
Inc.
241,000
6.750%, 
10/15/2028
f
199,760
Winnebago
Industries,
Inc.,
Convertible
378,000
1.500%, 
4/1/2025
451,710
Wyeth,
LLC
326,000
6.500%, 
2/1/2034
364,425
Zoetis,
Inc.
214,000
3.900%, 
8/20/2028
205,324
Total
32,314,904
Energy
(2.6%)
Antero
Resources
Corporation
139,000
5.375%, 
3/1/2030
f
128,679
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
530,000
6.250%, 
4/1/2028
f
497,596
Baytex
Energy
Corporation
269,000
8.500%, 
4/30/2030
f
262,697
BP
Capital
Markets
America,
Inc.
423,000
4.234%, 
11/6/2028
410,070
187,000
4.812%, 
2/13/2033
184,282
BP
Capital
Markets
plc
495,000
4.875%, 
3/22/2030
b,i
449,955
Buckeye
Partners,
LP
385,000
3.950%, 
12/1/2026
347,563
Callon
Petroleum
Company
324,000
8.250%, 
7/15/2025
321,570
271,000
7.500%, 
6/15/2030
f,h
255,789
Cheniere
Energy
Partners,
LP
132,000
4.500%, 
10/1/2029
121,144
285,000
3.250%, 
1/31/2032
234,455
208,000
5.950%, 
6/30/2033
f
208,605
Cheniere
Energy,
Inc.
442,000
4.625%, 
10/15/2028
412,732
Chesapeake
Energy
Corporation
204,000
6.750%, 
4/15/2029
f
202,416
Chord
Energy
Corporation
203,000
6.375%, 
6/1/2026
f
201,249
Civitas
Resources,
Inc.
122,000
8.375%, 
7/1/2028
f
123,379
122,000
8.750%, 
7/1/2031
f
123,684
CNX
Resources
Corporation
155,000
6.000%, 
1/15/2029
f
143,671
CNX
Resources
Corporation,
Convertible
472,000
2.250%, 
5/1/2026
694,548
Comstock
Resources,
Inc.
80,000
6.750%, 
3/1/2029
f
73,196
310,000
5.875%, 
1/15/2030
f
269,133
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
23
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Energy
(2.6%)
-
continued
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
$
309,000
5.500%, 
6/15/2031
f
$
275,601
Crescent
Energy
Finance,
LLC
135,000
9.250%, 
2/15/2028
f
130,982
CrownRock,
LP/CrownRock
Finance,
Inc.
243,000
5.625%, 
10/15/2025
f
239,404
Diamondback
Energy,
Inc.
338,000
3.125%, 
3/24/2031
289,523
DT
Midstream,
Inc.
375,000
4.125%, 
6/15/2029
f
329,091
125,000
4.375%, 
6/15/2031
f
107,657
Enbridge,
Inc.
260,000
7.375%, 
1/15/2083
b
254,958
263,000
7.625%, 
1/15/2083
b
264,281
130,000
3.700%, 
7/15/2027
122,720
66,000
5.700%, 
3/8/2033
66,906
Enerflex,
Ltd.
240,000
9.000%, 
10/15/2027
f
233,513
Energy
Transfer,
LP
108,000
4.200%, 
9/15/2023
107,598
290,000
6.500%, 
11/15/2026
b,i
263,413
196,000
3.750%, 
5/15/2030
176,852
EnLink
Midstream
Partners,
LP
460,000
4.850%, 
7/15/2026
443,900
EnLink
Midstream,
LLC
179,000
6.500%, 
9/1/2030
f
178,782
Enterprise
Products
Operating,
LLC
130,000
4.150%, 
10/16/2028
124,283
280,000
8.304%, 
(LIBOR
3M
+
2.986%),
8/16/2077
b
275,331
EQM
Midstream
Partners,
LP
742,000
4.750%, 
1/15/2031
f
649,980
EQT
Corporation
139,000
3.900%, 
10/1/2027
128,508
EQT
Corporation,
Convertible
278,000
1.750%, 
5/1/2026
782,154
Ferrellgas,
LP/Ferrellgas
Finance
Corporation
282,000
5.375%, 
4/1/2026
f
262,286
Genesis
Energy
LP/Genesis
Energy
Finance
Corporation
237,000
8.875%, 
4/15/2030
231,548
Harvest
Midstream,
LP
654,000
7.500%, 
9/1/2028
f
648,402
Hess
Midstream
Operations,
LP
325,000
5.625%, 
2/15/2026
f
319,719
202,000
5.500%, 
10/15/2030
f
186,849
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
400,000
5.750%, 
2/1/2029
f
362,195
275,000
6.250%, 
4/15/2032
f
245,128
Holly
Energy
Partners,
LP/Holly
Energy
Finance
Corporation
230,000
6.375%, 
4/15/2027
f
227,199
Howard
Midstream
Energy
Partners,
LLC
412,000
6.750%, 
1/15/2027
f
392,430
ITT
Holdings,
LLC
435,000
6.500%, 
8/1/2029
f
366,479
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Energy
(2.6%)
-
continued
Laredo
Petroleum,
Inc.
$
455,000
7.750%, 
7/31/2029
f
$
375,375
Marathon
Oil
Corporation
130,000
4.400%, 
7/15/2027
123,987
Marathon
Petroleum
Corporation
366,000
4.700%, 
5/1/2025
359,095
MEG
Energy
Corporation
351,000
5.875%, 
2/1/2029
f
330,086
MPLX,
LP
325,000
1.750%, 
3/1/2026
295,010
65,000
5.000%, 
3/1/2033
62,262
Murphy
Oil
Corporation
280,000
5.875%, 
12/1/2027
272,016
Nabors
Industries,
Ltd.
470,000
7.250%, 
1/15/2026
f
438,754
National
Fuel
Gas
Company
295,000
5.500%, 
1/15/2026
290,801
New
Fortress
Energy,
Inc.
180,000
6.750%, 
9/15/2025
f
168,846
Noble
Finance
II,
LLC
297,000
8.000%, 
4/15/2030
f
301,954
Northern
Oil
and
Gas,
Inc.
270,000
8.750%, 
6/15/2031
f
265,275
Northern
Oil
and
Gas,
Inc.,
Convertible
343,000
3.625%, 
4/15/2029
f
382,521
Northriver
Midstream
Finance,
LP
146,000
5.625%, 
2/15/2026
f
136,130
NuStar
Logistics,
LP
480,000
5.750%, 
10/1/2025
467,977
Occidental
Petroleum
Corporation
211,000
6.375%, 
9/1/2028
214,494
ONEOK,
Inc.
194,000
2.200%, 
9/15/2025
179,487
Ovintiv
Exploration,
Inc.
183,000
5.375%, 
1/1/2026
181,758
Ovintiv,
Inc.
100,000
5.650%, 
5/15/2025
99,206
73,000
5.650%, 
5/15/2028
71,552
Permian
Resources
Operating,
LLC,
Convertible
120,000
3.250%, 
4/1/2028
230,277
Phillips
66
Company
195,000
4.950%, 
12/1/2027
193,260
Pioneer
Natural
Resources
Company
195,000
1.900%, 
8/15/2030
158,024
Pioneer
Natural
Resources
Company,
Convertible
248,000
0.250%, 
5/15/2025
545,272
Plains
All
American
Pipeline,
LP
150,000
9.431%, 
(LIBOR
3M
+
4.110%),
8/3/2023
b,i
133,519
Plains
All
American
Pipeline,
LP/
PAA
Finance
Corporation
317,000
4.650%, 
10/15/2025
308,812
Precision
Drilling
Corporation
390,000
6.875%, 
1/15/2029
f
352,372
Range
Resources
Corporation
217,000
4.750%, 
2/15/2030
f
194,486
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
24
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Energy
(2.6%)
-
continued
Rockcliff
Energy
II,
LLC
$
287,000
5.500%, 
10/15/2029
f
$
264,745
Schlumberger
Holdings
Corporation
81,000
4.300%, 
5/1/2029
f
77,132
SM
Energy
Company
341,000
6.625%, 
1/15/2027
331,196
185,000
6.500%, 
7/15/2028
177,600
Southwestern
Energy
Company
315,000
5.375%, 
3/15/2030
293,959
192,000
4.750%, 
2/1/2032
169,217
Suburban
Propane
Partners,
LP/
Suburban
Energy
Finance
Corporation
381,000
5.875%, 
3/1/2027
368,113
Suncor
Energy,
Inc.
131,000
7.150%, 
2/1/2032
141,155
Sunoco,
LP/Sunoco
Finance
Corporation
200,000
5.875%, 
3/15/2028
192,325
277,000
4.500%, 
4/30/2030
242,166
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corporation
494,000
5.500%, 
1/15/2028
f
451,507
Targa
Resources
Partners,
LP
359,000
4.875%, 
2/1/2031
331,766
Teine
Energy,
Ltd.
250,000
6.875%, 
4/15/2029
f
228,235
TransCanada
Trust
600,000
5.875%, 
8/15/2076
b
565,950
Transocean,
Inc.
330,000
11.500%, 
1/30/2027
f
341,962
149,000
8.750%, 
2/15/2030
f
151,235
USA
Compression
Partners,
LP/
USA
Compression
Finance
Corporation
387,000
6.875%, 
4/1/2026
379,103
Venture
Global
Calcasieu
Pass,
LLC
374,000
3.875%, 
8/15/2029
f
326,723
358,000
6.250%, 
1/15/2030
f
355,113
220,000
4.125%, 
8/15/2031
f
189,193
Venture
Global
LNG,
Inc.
549,000
8.375%, 
6/1/2031
f
553,484
Weatherford
International,
Ltd.
409,000
8.625%, 
4/30/2030
f
415,234
Williams
Companies,
Inc.
131,000
2.600%, 
3/15/2031
108,568
Total
28,142,374
Financials
(7.6%)
AerCap
Holdings
NV
300,000
5.875%, 
10/10/2079
b
282,938
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust
121,000
3.150%, 
2/15/2024
118,698
200,000
6.500%, 
7/15/2025
200,989
207,000
5.750%, 
6/6/2028
h
205,288
362,000
3.000%, 
10/29/2028
313,004
Air
Lease
Corporation
152,000
2.300%, 
2/1/2025
142,930
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Financials
(7.6%)
-
continued
$
270,000
4.650%, 
6/15/2026
b,i
$
225,331
162,000
3.125%, 
12/1/2030
134,951
Aircastle,
Ltd.
274,000
5.250%, 
6/15/2026
b,f,i
191,225
163,000
2.850%, 
1/26/2028
f
138,614
Alliant
Holdings
Intermediate,
LLC/
Alliant
Holdings
Co-Issuer,
Inc.
207,000
6.750%, 
10/15/2027
f
194,580
Ally
Financial,
Inc.
200,000
5.750%, 
11/20/2025
h
192,612
525,000
4.700%, 
5/15/2026
b,i
370,125
130,000
8.000%, 
11/1/2031
134,956
78,000
6.700%, 
2/14/2033
69,013
American
Express
Company
214,000
3.950%, 
8/1/2025
207,700
255,000
3.550%, 
9/15/2026
b,i
211,650
217,000
2.550%, 
3/4/2027
197,559
69,000
5.850%, 
11/5/2027
70,652
American
Homes
4
Rent,
LP
157,000
2.375%, 
7/15/2031
124,662
American
International
Group,
Inc.
127,000
5.125%, 
3/27/2033
124,021
AmWINS
Group,
Inc.
272,000
4.875%, 
6/30/2029
f
245,611
Arbor
Realty
Trust,
Inc.,
Convertible
205,000
7.500%, 
8/1/2025
f
203,155
Ares
Capital
Corporation
76,000
4.250%, 
3/1/2025
72,507
340,000
2.150%, 
7/15/2026
294,805
Ares
Capital
Corporation,
Convertible
272,000
4.625%, 
3/1/2024
271,150
Assurant,
Inc.
193,000
6.100%, 
2/27/2026
193,643
Australia
&
New
Zealand
Banking
Group,
Ltd.
288,000
2.950%, 
7/22/2030
b,f
263,828
Aviation
Capital
Group,
LLC
131,000
4.875%, 
10/1/2025
f
124,982
Avolon
Holdings
Funding,
Ltd.
301,000
4.250%, 
4/15/2026
f
280,416
BAC
Capital
Trust
XIV
332,000
5.952%, 
(LIBOR
3M
+
0.400%),
7/19/2023
b,i
255,639
Banco
Santander
Mexico
SA
89,000
5.375%, 
4/17/2025
f
88,049
Banco
Santander
SA
110,000
4.750%, 
11/12/2026
b,i
84,175
200,000
5.294%, 
8/18/2027
196,077
200,000
4.175%, 
3/24/2028
b
187,221
Bank
of
America
Corporation
325,000
4.200%, 
8/26/2024
318,905
1,100,000
6.250%, 
9/5/2024
b,i
1,086,250
160,000
3.458%, 
3/15/2025
b
156,820
320,000
6.100%, 
3/17/2025
b,i
317,280
373,000
1.319%, 
6/19/2026
b
341,675
298,000
1.197%, 
10/24/2026
b
268,139
380,000
4.375%, 
1/27/2027
b,i
324,045
325,000
6.125%, 
4/27/2027
b,i
317,574
196,000
1.734%, 
7/22/2027
b
174,982
278,000
4.376%, 
4/27/2028
b
266,876
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
25
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Financials
(7.6%)
-
continued
$
392,000
3.593%, 
7/21/2028
b
$
364,389
214,000
4.948%, 
7/22/2028
b
210,155
523,000
3.974%, 
2/7/2030
b
484,224
454,000
2.687%, 
4/22/2032
b
376,251
204,000
2.572%, 
10/20/2032
b
166,158
290,000
2.972%, 
2/4/2033
b
241,752
141,000
3.846%, 
3/8/2037
b
120,573
Bank
of
Montreal
195,000
5.203%, 
2/1/2028
194,964
140,000
3.088%, 
1/10/2037
b
109,954
Bank
of
New
York
Mellon
Corporation
160,000
4.700%, 
9/20/2025
b,i
155,400
214,000
4.596%, 
7/26/2030
b
206,390
Bank
of
Nova
Scotia
208,000
5.250%, 
12/6/2024
206,154
450,000
4.900%, 
6/4/2025
b,i
424,831
132,000
1.050%, 
3/2/2026
117,539
Barclays
plc
149,000
4.375%, 
9/11/2024
144,653
179,000
2.852%, 
5/7/2026
b
167,649
200,000
5.501%, 
8/9/2028
b
195,038
193,000
4.972%, 
5/16/2029
b
182,390
200,000
6.224%, 
5/9/2034
b
199,207
Berkshire
Hathaway
Finance
Corporation
421,000
2.875%, 
3/15/2032
370,486
Blackstone
Mortgage
Trust,
Inc.,
Convertible
46,000
5.500%, 
3/15/2027
39,301
Blackstone
Private
Credit
Fund
209,000
4.000%, 
1/15/2029
177,158
BNP
Paribas
SA
188,000
2.819%, 
11/19/2025
b,f
179,256
200,000
3.132%, 
1/20/2033
b,f
164,123
Boston
Properties,
LP
131,000
2.550%, 
4/1/2032
98,720
BPCE
SA
152,000
2.375%, 
1/14/2025
f
142,502
Brixmor
Operating
Partnership,
LP
262,000
2.250%, 
4/1/2028
220,085
Burford
Capital
Global
Finance,
LLC
300,000
9.250%, 
7/1/2031
f
298,155
Canadian
Imperial
Bank
of
Commerce
214,000
3.945%, 
8/4/2025
206,918
Capital
One
Financial
Corporation
140,000
3.950%, 
9/1/2026
b,i
103,950
217,000
3.273%, 
3/1/2030
b
184,250
Capital
One
NA
228,000
2.280%, 
1/28/2026
b
212,743
Centene
Corporation
544,000
3.000%, 
10/15/2030
453,314
Charles
Schwab
Corporation
537,000
5.375%, 
6/1/2025
b,i
513,222
255,000
0.900%, 
3/11/2026
225,261
600,000
4.000%, 
6/1/2026
b,i
487,650
125,000
5.000%, 
6/1/2027
b,i
104,746
196,000
2.000%, 
3/20/2028
168,748
141,000
2.900%, 
3/3/2032
116,075
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Financials
(7.6%)
-
continued
Citigroup,
Inc.
$
285,000
9.341%, 
(LIBOR
3M
+
4.068%),
10/30/2023
b,i
$
285,997
374,000
5.000%, 
9/12/2024
b,i
349,107
180,000
3.352%, 
4/24/2025
b
175,962
365,000
5.500%, 
9/13/2025
362,888
218,000
1.281%, 
11/3/2025
b
204,216
315,000
4.000%, 
12/10/2025
b,i
268,931
515,000
3.875%, 
2/18/2026
b,i
431,312
250,000
4.150%, 
11/15/2026
b,i
201,125
451,000
1.122%, 
1/28/2027
b
402,039
263,000
1.462%, 
6/9/2027
b
233,565
286,000
3.070%, 
2/24/2028
b
263,189
133,000
7.375%, 
5/15/2028
b,i
132,023
522,000
4.075%, 
4/23/2029
b
491,380
136,000
6.174%, 
5/25/2034
b
137,185
Citizens
Financial
Group,
Inc.
275,000
4.000%, 
10/6/2026
b,i
205,900
CNA
Financial
Corporation
190,000
3.950%, 
5/15/2024
186,773
Coinbase
Global,
Inc.,
Convertible
1,418,000
0.500%, 
6/1/2026
1,065,522
Comerica,
Inc.
160,000
5.625%, 
7/1/2025
b,i
132,616
Commerzbank
AG
270,000
8.125%, 
9/19/2023
f
269,000
Commonwealth
Bank
of
Australia
156,000
2.688%, 
3/11/2031
f
122,311
Cooperatieve
Rabobank
UA
149,000
1.339%, 
6/24/2026
b,f
136,252
Corebridge
Financial,
Inc.
196,000
6.875%, 
12/15/2052
b
187,864
214,000
3.850%, 
4/5/2029
192,454
Corporate
Office
Properties,
LP
265,000
2.250%, 
3/15/2026
234,698
Credit
Acceptance
Corporation
550,000
5.125%, 
12/31/2024
f
533,934
Credit
Agricole
SA
270,000
8.125%, 
12/23/2025
b,f,i
270,337
131,000
3.250%, 
1/14/2030
f
111,833
Credit
Suisse
Group
AG
213,000
6.500%, 
8/8/2023
f
211,466
150,000
7.500%, 
12/11/2023
*,b,i,l
5,599
130,000
7.250%, 
9/12/2025
b,f,i,l
4,853
Dai-ichi
Life
Insurance
Company,
Ltd.
638,000
5.100%, 
10/28/2024
b,f,i
620,465
Deutsche
Bank
AG/New
York,
NY
444,000
2.129%, 
11/24/2026
b
395,036
250,000
2.311%, 
11/16/2027
b
214,834
214,000
3.742%, 
1/7/2033
b
156,941
Discover
Bank
260,000
4.682%, 
8/9/2028
b
237,720
Discover
Financial
Services
71,000
6.700%, 
11/29/2032
73,147
Drawbridge
Special
Opportunities
Fund,
LP
540,000
3.875%, 
2/15/2026
f
482,212
Elevance
Health,
Inc.
198,000
5.350%, 
10/15/2025
197,571
411,000
2.550%, 
3/15/2031
345,329
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
26
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Financials
(7.6%)
-
continued
Encore
Capital
Group,
Inc.,
Convertible
$
278,000
4.000%, 
3/15/2029
f
$
269,938
Fifth
Third
Bancorp
320,000
4.500%, 
9/30/2025
b,i
282,209
144,000
4.772%, 
7/28/2030
b,h
134,559
Fifth
Third
Bank
NA
343,000
3.850%, 
3/15/2026
316,527
First
Horizon
Bank
198,000
5.750%, 
5/1/2030
h
171,948
First-Citizens
Bank
&
Trust
Company
297,000
6.125%, 
3/9/2028
292,987
Five
Corners
Funding
Trust
III
180,000
5.791%, 
2/15/2033
f
182,432
Fortress
Transportation
and
Infrastructure
Investors,
LLC
369,000
6.500%, 
10/1/2025
f
363,525
142,000
9.750%, 
8/1/2027
f
146,654
6,000
5.500%, 
5/1/2028
f
5,490
FS
KKR
Capital
Corporation
132,000
3.400%, 
1/15/2026
120,054
132,000
2.625%, 
1/15/2027
112,522
Genworth
Mortgage
Holdings,
Inc.
219,000
6.500%, 
8/15/2025
f
215,130
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership,
LP
860,000
3.750%, 
12/15/2027
f
630,897
Goldman
Sachs
Group,
Inc.
190,000
5.500%, 
8/10/2024
b,h,i
184,999
148,000
3.500%, 
4/1/2025
142,167
223,000
4.250%, 
10/21/2025
214,898
222,000
0.855%, 
2/12/2026
b
204,562
195,000
3.650%, 
8/10/2026
b,i
150,735
255,000
4.125%, 
11/10/2026
b,i
213,170
456,000
1.948%, 
10/21/2027
b
405,625
140,000
2.640%, 
2/24/2028
b
127,028
155,000
3.615%, 
3/15/2028
b
145,432
278,000
4.482%, 
8/23/2028
b
268,775
261,000
3.814%, 
4/23/2029
b
242,282
131,000
3.800%, 
3/15/2030
121,143
131,000
2.615%, 
4/22/2032
b
107,436
132,000
2.383%, 
7/21/2032
b
105,732
Hartford
Financial
Services
Group,
Inc.
130,000
2.800%, 
8/19/2029
111,911
125,000
7.446%, 
(LIBOR
3M
+
2.125%),
2/12/2047
b,f
103,757
HAT
Holdings
I,
LLC/HAT
Holdings
II,
LLC,
Convertible
73,000
Zero
Coupon, 
5/1/2025
f
69,034
HSBC
Holdings
plc
143,000
3.803%, 
3/11/2025
b
140,210
150,000
6.375%, 
3/30/2025
b,i
143,647
187,000
2.633%, 
11/7/2025
b
177,633
178,000
1.589%, 
5/24/2027
b
157,096
350,000
2.251%, 
11/22/2027
b
310,559
200,000
6.161%, 
3/9/2029
b
201,702
365,000
4.583%, 
6/19/2029
b
343,495
470,000
4.600%, 
12/17/2030
b,i
357,787
159,000
2.804%, 
5/24/2032
b
128,601
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Financials
(7.6%)
-
continued
HUB
International,
Ltd.
$
431,000
5.625%, 
12/1/2029
f
$
386,642
Huntington
Bancshares,
Inc.
480,000
4.450%, 
10/15/2027
b,i
389,830
Icahn
Enterprises,
LP/Icahn
Enterprises
Finance
Corporation
218,000
4.750%, 
9/15/2024
208,292
365,000
6.375%, 
12/15/2025
339,305
245,000
5.250%, 
5/15/2027
211,288
ING
Groep
NV
258,000
1.726%, 
4/1/2027
b
229,765
Intercontinental
Exchange,
Inc.
215,000
4.350%, 
6/15/2029
209,598
Invitation
Homes
Operating
Partnership,
LP
227,000
2.000%, 
8/15/2031
173,907
J.P.
Morgan
Chase
&
Company
320,000
6.000%, 
11/1/2023
b,i
320,230
330,000
8.549%, 
(LIBOR
3M
+
3.250%),
11/1/2023
b,h,i
331,237
599,000
5.000%, 
8/1/2024
b,i
585,148
378,000
4.023%, 
12/5/2024
b
374,734
210,000
4.600%, 
2/1/2025
b,i
195,825
310,000
1.561%, 
12/10/2025
b
290,252
149,000
2.083%, 
4/22/2026
b
139,539
295,000
3.650%, 
6/1/2026
b,i
259,644
371,000
1.045%, 
11/19/2026
b
332,315
261,000
1.578%, 
4/22/2027
b
234,434
289,000
2.947%, 
2/24/2028
b
265,350
392,000
4.005%, 
4/23/2029
b
369,050
133,000
2.069%, 
6/1/2029
b
114,065
523,000
4.493%, 
3/24/2031
b
502,743
140,000
2.963%, 
1/25/2033
b
117,938
145,000
4.912%, 
7/25/2033
b
141,690
140,000
5.717%, 
9/14/2033
b
142,029
Jefferies
Finance,
LLC/JFIN
Co-
Issuer
Corporation
120,000
5.000%, 
8/15/2028
f
98,378
KeyBank
NA/Cleveland,
OH
196,000
3.900%, 
4/13/2029
153,374
250,000
5.000%, 
1/26/2033
216,364
Kilroy
Realty,
LP
265,000
4.375%, 
10/1/2025
248,214
Life
Storage,
LP
135,000
2.400%, 
10/15/2031
106,949
Lincoln
National
Corporation
300,000
7.688%, 
(LIBOR
3M
+
2.358%),
8/17/2023
b
198,413
Lloyds
Banking
Group
plc
248,000
4.716%, 
8/11/2026
b
240,951
260,000
1.627%, 
5/11/2027
b
229,975
LPL
Holdings,
Inc.
310,000
4.000%, 
3/15/2029
f
271,969
M&T
Bank
Corporation
506,000
3.500%, 
9/1/2026
b,i
337,505
Macquarie
Airfinance
Holdings,
Ltd.
149,000
8.375%, 
5/1/2028
f
151,077
Macquarie
Group,
Ltd.
264,000
1.629%, 
9/23/2027
b,f
229,517
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
27
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Financials
(7.6%)
-
continued
Manufacturers
&
Traders
Trust
Company
$
260,000
4.700%, 
1/27/2028
$
243,125
Marsh
&
McLennan
Companies,
Inc.
135,000
2.375%, 
12/15/2031
109,996
MetLife,
Inc.
320,000
3.850%, 
9/15/2025
b,i
295,674
205,000
5.875%, 
3/15/2028
b,i
188,536
261,000
6.400%, 
12/15/2036
260,490
Metropolitan
Life
Global
Funding
I
244,000
2.950%, 
4/9/2030
f
210,736
Mid-America
Apartments,
LP
261,000
4.200%, 
6/15/2028
249,086
Mitsubishi
UFJ
Financial
Group,
Inc.
179,000
1.412%, 
7/17/2025
163,888
260,000
1.538%, 
7/20/2027
b
229,467
196,000
3.741%, 
3/7/2029
178,975
200,000
5.406%, 
4/19/2034
b
198,455
Mizuho
Financial
Group,
Inc.
343,000
1.554%, 
7/9/2027
b
302,594
278,000
2.564%, 
9/13/2031
218,703
Molina
Healthcare,
Inc.
312,000
4.375%, 
6/15/2028
f
287,618
Morgan
Stanley
149,000
5.556%, 
(SOFRRATE
+
0.466%),
11/10/2023
b
148,905
160,000
2.720%, 
7/22/2025
b
154,286
268,000
1.164%, 
10/21/2025
b
250,480
104,000
5.000%, 
11/24/2025
102,239
250,000
2.630%, 
2/18/2026
b
237,001
302,000
2.188%, 
4/28/2026
b
283,490
214,000
6.138%, 
10/16/2026
b
216,158
148,000
0.985%, 
12/10/2026
b
131,958
260,000
1.593%, 
5/4/2027
b
232,757
262,000
1.512%, 
7/20/2027
b
232,124
98,000
5.123%, 
2/1/2029
b
96,651
392,000
3.622%, 
4/1/2031
b
353,228
140,000
2.943%, 
1/21/2033
b
116,372
144,000
4.889%, 
7/20/2033
b
138,593
132,000
5.250%, 
4/21/2034
b
130,343
283,000
2.484%, 
9/16/2036
b
214,724
MPT
Operating
Partnership,
LP/
MPT
Finance
Corporation
320,000
5.250%, 
8/1/2026
h
284,500
104,000
4.625%, 
8/1/2029
78,620
Nasdaq,
Inc.
285,000
5.650%, 
6/28/2025
285,823
143,000
5.350%, 
6/28/2028
143,206
National
Retail
Properties,
Inc.
131,000
2.500%, 
4/15/2030
108,827
Nationstar
Mortgage
Holdings,
Inc.
289,000
6.000%, 
1/15/2027
f
268,852
NatWest
Group
plc
182,000
4.269%, 
3/22/2025
b
178,773
131,000
4.892%, 
5/18/2029
b
124,613
197,000
3.754%, 
11/1/2029
b
184,921
250,000
4.600%, 
6/28/2031
b,i
173,125
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Financials
(7.6%)
-
continued
Necessity
Retail
REIT,
Inc./
American
Finance
Operating
Partner,
LP
$
434,000
4.500%, 
9/30/2028
f
$
333,853
New
York
Life
Global
Funding
134,000
4.550%, 
1/28/2033
f
129,078
Nippon
Life
Insurance
Company
640,000
5.100%, 
10/16/2044
b,f
624,125
480,000
3.400%, 
1/23/2050
b,f
419,921
Nomura
Holdings,
Inc.
200,000
2.172%, 
7/14/2028
168,725
Nordea
Bank
Abp
200,000
5.375%, 
9/22/2027
f
197,409
Northern
Trust
Corporation
212,000
4.000%, 
5/10/2027
204,235
Office
Properties
Income
Trust
129,000
2.650%, 
6/15/2026
95,068
Omega
Healthcare
Investors,
Inc.
127,000
4.750%, 
1/15/2028
115,929
130,000
3.375%, 
2/1/2031
103,114
OneMain
Finance
Corporation
831,000
6.875%, 
3/15/2025
822,799
Owl
Rock
Capital
Corporation
132,000
4.250%, 
1/15/2026
122,114
Owl
Rock
Core
Income
Corporation
214,000
4.700%, 
2/8/2027
194,188
Owl
Rock
Technology
Finance
Corporation
68,000
4.750%, 
12/15/2025
f
61,579
196,000
3.750%, 
6/17/2026
f
171,524
Park
Intermediate
Holdings,
LLC
477,000
4.875%, 
5/15/2029
f
411,079
Pebblebrook
Hotel
Trust,
Convertible
902,000
1.750%, 
12/15/2026
761,400
Pine
Street
Trust
I
130,000
4.572%, 
2/15/2029
f
119,094
PNC
Bank
NA
130,000
2.700%, 
10/22/2029
108,632
PNC
Financial
Services
Group,
Inc.
270,000
5.671%, 
10/28/2025
b
267,759
250,000
3.400%, 
9/15/2026
b,i
184,375
261,000
6.200%, 
9/15/2027
b,h,i
243,291
145,000
5.582%, 
6/12/2029
b
144,318
266,000
6.250%, 
3/15/2030
b,i
238,801
PRA
Group,
Inc.
312,000
7.375%, 
9/1/2025
f
296,590
148,000
8.375%, 
2/1/2028
f
134,125
Principal
Life
Global
Funding
II
197,000
1.250%, 
8/16/2026
f
171,715
Prologis,
LP
229,000
3.375%, 
12/15/2027
212,842
Provident
Financing
Trust
I
155,000
7.405%, 
3/15/2038
156,007
Prudential
Financial,
Inc.
142,000
5.125%, 
3/1/2052
b
128,208
198,000
6.750%, 
3/1/2053
b
199,186
786,000
5.200%, 
3/15/2044
b
776,702
160,000
3.700%, 
10/1/2050
b
134,949
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
28
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Financials
(7.6%)
-
continued
QBE
Insurance
Group,
Ltd.
$
320,000
5.875%, 
5/12/2025
b,f,h,i
$
304,546
Radian
Group,
Inc.
330,000
4.875%, 
3/15/2027
311,223
Realty
Income
Corporation
132,000
4.875%, 
6/1/2026
130,543
196,000
3.950%, 
8/15/2027
186,148
170,000
5.625%, 
10/13/2032
171,804
Redwood
Trust,
Inc.,
Convertible
42,000
7.750%, 
6/15/2027
35,332
Regions
Financial
Corporation
129,000
2.250%, 
5/18/2025
119,309
320,000
5.750%, 
6/15/2025
b,h,i
302,896
Reinsurance
Group
of
America,
Inc.
212,000
4.700%, 
9/15/2023
211,476
RHP
Hotel
Properties,
LP/RHP
Finance
Corporation
160,000
7.250%, 
7/15/2028
f
161,637
RLJ
Lodging
Trust,
LP
150,000
3.750%, 
7/1/2026
f
137,625
334,000
4.000%, 
9/15/2029
f
279,720
Rocket
Mortgage,
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
310,000
3.625%, 
3/1/2029
f
260,545
Royal
Bank
of
Canada
205,000
0.750%, 
10/7/2024
192,437
130,000
4.900%, 
1/12/2028
128,300
338,000
5.000%, 
2/1/2033
331,256
Santander
Holdings
USA,
Inc.
144,000
2.490%, 
1/6/2028
b
124,370
132,000
6.499%, 
3/9/2029
b
130,566
Santander
UK
Group
Holdings
plc
262,000
1.673%, 
6/14/2027
b
225,723
Service
Properties
Trust
181,000
4.650%, 
3/15/2024
177,999
97,000
4.350%, 
10/1/2024
93,335
357,000
7.500%, 
9/15/2025
350,573
260,000
5.500%, 
12/15/2027
228,596
Simon
Property
Group,
LP
264,000
2.650%, 
7/15/2030
224,235
SLM
Corporation
150,000
4.200%, 
10/29/2025
139,357
Societe
Generale
SA
188,000
2.625%, 
10/16/2024
f
177,914
177,000
1.488%, 
12/14/2026
b,f
155,754
Spirit
Realty,
LP
299,000
2.100%, 
3/15/2028
250,565
Standard
Chartered
plc
177,000
0.991%, 
1/12/2025
b,f
171,561
130,000
6.000%, 
7/26/2025
b,f,i
123,472
206,000
2.608%, 
1/12/2028
b,f
182,375
State
Street
Corporation
144,000
4.421%, 
5/13/2033
b
136,641
Sumitomo
Life
Insurance
Company
600,000
3.375%, 
4/15/2081
b,f
516,847
Sumitomo
Mitsui
Financial
Group,
Inc.
188,000
2.448%, 
9/27/2024
180,075
206,000
2.174%, 
1/14/2027
184,055
196,000
2.142%, 
9/23/2030
156,920
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Financials
(7.6%)
-
continued
$
200,000
5.766%, 
1/13/2033
$
205,786
Sumitomo
Mitsui
Trust
Bank,
Ltd.
149,000
1.050%, 
9/12/2025
f
134,345
Summit
Hotel
Properties,
Inc.,
Convertible
310,000
1.500%, 
2/15/2026
263,325
Synchrony
Financial
160,000
4.250%, 
8/15/2024
154,261
76,000
7.250%, 
2/2/2033
68,444
Synovus
Bank
135,000
5.625%, 
2/15/2028
121,971
Toronto-Dominion
Bank
160,000
8.125%, 
10/31/2082
b
162,541
124,000
5.156%, 
1/10/2028
123,176
144,000
4.456%, 
6/8/2032
136,647
Truist
Bank
134,000
2.250%, 
3/11/2030
106,464
Truist
Financial
Corporation
282,000
6.047%, 
6/8/2027
b
282,117
132,000
1.887%, 
6/7/2029
b
109,720
145,000
5.100%, 
3/1/2030
b,i
125,425
U.S.
Bancorp
204,000
5.727%, 
10/21/2026
b
203,883
214,000
4.548%, 
7/22/2028
b
204,653
70,000
5.836%, 
6/12/2034
b
70,506
UBS
AG
235,000
5.125%, 
5/15/2024
230,803
UBS
Group
AG
157,000
2.593%, 
9/11/2025
b,f
149,648
255,000
2.193%, 
6/5/2026
b,f
233,827
400,000
4.875%, 
2/12/2027
b,f,i
320,220
287,000
3.869%, 
1/12/2029
b,f
259,447
UDR,
Inc.
295,000
3.000%, 
8/15/2031
249,523
United
Wholesale
Mortgage,
LLC
95,000
5.500%, 
11/15/2025
f
90,393
231,000
5.500%, 
4/15/2029
f
198,083
UnitedHealth
Group,
Inc.
278,000
5.250%, 
2/15/2028
283,428
276,000
4.200%, 
5/15/2032
263,487
USB
Realty
Corporation
664,000
6.407%, 
(LIBOR
3M
+
1.147%),
1/15/2027
b,f,i
473,100
USI,
Inc./NY
120,000
6.875%, 
5/1/2025
f
119,100
Ventas
Realty,
LP
163,000
3.750%, 
5/1/2024
159,867
Ventas
Realty,
LP,
Convertible
285,000
3.750%, 
6/1/2026
f
289,988
Wells
Fargo
&
Company
311,000
2.406%, 
10/30/2025
b
296,136
490,000
3.900%, 
3/15/2026
b,i
431,396
226,000
2.188%, 
4/30/2026
b
211,748
307,000
5.760%, 
(LIBOR
3M
+
0.500%),
1/15/2027
b
287,230
145,000
3.526%, 
3/24/2028
b
135,336
309,000
3.584%, 
5/22/2028
b
287,785
214,000
4.808%, 
7/25/2028
b
209,169
308,000
4.478%, 
4/4/2031
b
292,846
93,000
5.389%, 
4/24/2034
b
92,406
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
29
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Financials
(7.6%)
-
continued
Welltower
OP,
LLC
$
132,000
2.050%, 
1/15/2029
$
109,735
196,000
2.800%, 
6/1/2031
161,973
Welltower
OP,
LLC,
Convertible
749,000
2.750%, 
5/15/2028
f
754,618
Westpac
Banking
Corporation
196,000
4.110%, 
7/24/2034
b
170,440
Willis
North
America,
Inc.
261,000
4.500%, 
9/15/2028
248,910
XHR,
LP
150,000
6.375%, 
8/15/2025
f
147,237
243,000
4.875%, 
6/1/2029
f
208,373
Total
80,420,938
Foreign
Government
(<0.1%)
NBN
Company,
Ltd.
235,000
2.625%, 
5/5/2031
f
197,114
Total
197,114
Mortgage-Backed
Securities
(21.0%)
Federal
Home
Loan
Mortgage
Corporation
Conventional
30-Yr.
Pass
Through
8,619,008
2.500%, 
5/1/2051
7,340,528
6,122,051
3.500%, 
5/1/2052
5,583,936
4,763,822
4.000%, 
5/1/2052
4,500,488
14,446,287
3.500%, 
6/1/2052
13,183,019
Federal
Home
Loan
Mortgage
Corporation
Gold
15-Yr.
Pass
Through
5,360,845
2.500%, 
7/1/2030
4,981,604
Federal
National
Mortgage
Association
Conventional
20-Yr.
Pass
Through
5,192,012
3.500%, 
5/1/2040
4,871,992
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
11,443,666
3.000%, 
1/1/2052
10,117,311
1,620,993
2.000%, 
2/1/2051
1,333,516
1,032,345
2.000%, 
2/1/2051
848,387
4,891,621
2.500%, 
2/1/2051
4,182,968
6,330,054
2.500%, 
2/1/2051
5,398,898
11,753,777
2.000%, 
3/1/2051
9,630,874
11,883,041
3.000%, 
3/1/2052
10,487,333
9,280,226
2.000%, 
4/1/2051
7,614,629
6,790,884
3.000%, 
4/1/2051
5,997,600
7,096,417
3.000%, 
5/1/2050
6,307,831
1,933,869
2.000%, 
5/1/2051
1,583,974
4,384,213
3.000%, 
5/1/2051
3,910,986
4,560,161
3.000%, 
6/1/2050
4,075,175
3,250,000
5.000%, 
6/1/2053
d
3,204,960
9,833,020
2.500%, 
7/1/2051
8,374,801
4,234,881
3.500%, 
7/1/2051
3,906,292
1,871,996
2.500%, 
8/1/2050
1,610,875
8,246,058
3.500%, 
8/1/2050
7,619,172
5,580,192
3.500%, 
9/1/2052
5,108,537
7,904,926
4.000%, 
10/1/2052
7,435,216
1,955,599
2.000%, 
11/1/2051
1,598,003
7,856,990
2.000%, 
12/1/2050
6,462,329
18,118,636
4.500%, 
12/1/2052
17,544,944
6,750,000
5.000%, 
7/1/2041
d
6,613,945
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Mortgage-Backed
Securities
(21.0%)
-
continued
$
9,400,000
5.500%, 
7/1/2042
d
$
9,354,469
7,850,000
4.500%, 
7/1/2048
d
7,547,039
9,500,000
4.000%, 
7/1/2049
d
8,914,785
Federal
National
Mortgage
Association
Conventional
40-Yr.
Pass
Through
10,847,857
2.500%, 
3/1/2062
8,879,619
3,811,367
3.500%, 
7/1/2061
3,450,009
4,101,871
4.000%, 
12/1/2061
3,849,777
Total
223,425,821
Technology
(2.2%)
Advanced
Micro
Devices,
Inc.
145,000
3.924%, 
6/1/2032
137,440
Akamai
Technologies,
Inc.,
Convertible
366,000
0.125%, 
5/1/2025
390,476
779,000
0.375%, 
9/1/2027
752,312
Analog
Devices,
Inc.
68,000
2.100%, 
10/1/2031
56,275
Apple,
Inc.
392,000
2.200%, 
9/11/2029
343,929
285,000
1.650%, 
2/8/2031
236,239
211,000
3.350%, 
8/8/2032
h
196,770
AthenaHealth
Group,
Inc.
400,000
6.500%, 
2/15/2030
f,h
336,656
Black
Knight
InfoServ,
LLC
458,000
3.625%, 
9/1/2028
f
411,522
Block,
Inc.,
Convertible
531,000
0.250%, 
11/1/2027
407,211
Broadcom
Corporation/Broadcom
Cayman
Finance,
Ltd.
196,000
3.875%, 
1/15/2027
186,904
Broadcom,
Inc.
146,000
4.000%, 
4/15/2029
f
134,846
Cloud
Software
Group,
Inc.
335,000
6.500%, 
3/31/2029
f
298,278
119,000
9.000%, 
9/30/2029
f
103,939
CommScope
Technologies,
LLC
725,000
6.000%, 
6/15/2025
f,h
675,750
CommScope,
Inc.
270,000
7.125%, 
7/1/2028
f,h
191,700
Dell
International,
LLC/EMC
Corporation
193,000
5.250%, 
2/1/2028
192,600
100,000
5.300%, 
10/1/2029
99,271
Euronet
Worldwide,
Inc.,
Convertible
693,000
0.750%, 
3/15/2049
h
672,643
Fiserv,
Inc.
207,000
2.750%, 
7/1/2024
200,835
309,000
4.200%, 
10/1/2028
295,961
65,000
5.600%, 
3/2/2033
66,158
Gartner,
Inc.
245,000
3.625%, 
6/15/2029
f
215,679
415,000
3.750%, 
10/1/2030
f
361,431
Global
Payments,
Inc.
82,000
2.650%, 
2/15/2025
77,771
208,000
4.950%, 
8/15/2027
202,662
131,000
3.200%, 
8/15/2029
113,863
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
30
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Technology
(2.2%)
-
continued
Intel
Corporation
$
265,000
5.125%, 
2/10/2030
$
266,625
InterDigital,
Inc.,
Convertible
731,000
3.500%, 
6/1/2027
985,451
Iron
Mountain,
Inc.
1,075,000
4.875%, 
9/15/2027
f
1,015,451
150,000
4.875%, 
9/15/2029
f
134,270
380,000
4.500%, 
2/15/2031
f
326,507
Jabil,
Inc.
133,000
5.450%, 
2/1/2029
131,973
Lumentum
Holdings,
Inc.,
Convertible
529,000
0.250%, 
3/15/2024
560,475
841,000
0.500%, 
6/15/2028
661,324
MACOM
Technology
Solutions
Holdings,
Inc.,
Convertible
387,000
0.250%, 
3/15/2026
390,870
Marvell
Technology,
Inc.
132,000
2.950%, 
4/15/2031
110,651
Mastercard,
Inc.
146,000
2.000%, 
11/18/2031
120,543
Microchip
Technology,
Inc.,
Convertible
388,000
0.125%, 
11/15/2024
438,925
189,000
1.625%, 
2/15/2027
477,943
Moody's
Corporation
140,000
4.250%, 
8/8/2032
132,984
MSCI,
Inc.
360,000
4.000%, 
11/15/2029
f
325,807
NCR
Corporation
452,000
5.125%, 
4/15/2029
f
400,138
418,000
6.125%, 
9/1/2029
f
418,349
NVIDIA
Corporation
65,000
2.850%, 
4/1/2030
58,944
NXP
BV/NXP
Funding,
LLC
122,000
4.875%, 
3/1/2024
121,127
NXP
BV/NXP
Funding,
LLC/NXP
USA,
Inc.
72,000
2.700%, 
5/1/2025
68,238
131,000
4.300%, 
6/18/2029
123,457
ON
Semiconductor
Corporation,
Convertible
725,000
Zero
Coupon, 
5/1/2027
1,331,462
79,000
0.500%, 
3/1/2029
f
89,218
Open
Text
Corporation
380,000
3.875%, 
12/1/2029
f
317,628
420,000
4.125%, 
2/15/2030
f
355,658
Oracle
Corporation
140,000
6.150%, 
11/9/2029
145,819
327,000
2.950%, 
4/1/2030
285,427
219,000
6.250%, 
11/9/2032
232,467
PayPal
Holdings,
Inc.
129,000
2.850%, 
10/1/2029
114,390
215,000
2.300%, 
6/1/2030
182,268
Progress
Software
Corporation,
Convertible
337,000
1.000%, 
4/15/2026
369,015
PTC,
Inc.
210,000
3.625%, 
2/15/2025
f
202,784
215,000
4.000%, 
2/15/2028
f
197,931
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Technology
(2.2%)
-
continued
Rackspace
Technology
Global,
Inc.
$
365,000
5.375%, 
12/1/2028
f
$
113,310
S&P
Global,
Inc.
144,000
2.900%, 
3/1/2032
124,812
Salesforce.com,
Inc.
374,000
1.950%, 
7/15/2031
308,618
Seagate
HDD
Cayman
161,000
8.500%, 
7/15/2031
f
168,839
457,980
9.625%, 
12/1/2032
f
505,353
Semtech
Corporation,
Convertible
188,000
1.625%, 
11/1/2027
f
174,934
Sensata
Technologies,
Inc.
341,000
3.750%, 
2/15/2031
f
291,723
Shift4
Payments,
LLC/Shift4
Payments
Finance
Sub,
Inc.
140,000
4.625%, 
11/1/2026
f
131,288
SS&C
Technologies,
Inc.
910,000
5.500%, 
9/30/2027
f
871,168
Verint
Systems,
Inc.,
Convertible
363,000
0.250%, 
4/15/2026
319,894
Viavi
Solutions,
Inc.
306,000
3.750%, 
10/1/2029
f
260,009
Viavi
Solutions,
Inc.,
Convertible
192,000
1.000%, 
3/1/2024
190,445
257,000
1.625%, 
3/15/2026
f
266,156
Vishay
Intertechnology,
Inc.,
Convertible
707,000
2.250%, 
6/15/2025
h
773,741
VMware,
Inc.
262,000
1.400%, 
8/15/2026
231,357
192,000
2.200%, 
8/15/2031
150,874
Xilinx,
Inc.
90,000
2.375%, 
6/1/2030
77,693
Ziff
Davis,
Inc.,
Convertible
617,000
1.750%, 
11/1/2026
f
575,352
Total
23,988,806
Transportation
(0.9%)
Air
Transport
Services
Group,
Inc.,
Convertible
186,000
1.125%, 
10/15/2024
175,696
Allegiant
Travel
Company
270,000
7.250%, 
8/15/2027
f
269,004
American
Airlines
Group,
Inc.
104,000
3.750%, 
3/1/2025
f
98,671
American
Airlines,
Inc.
632,000
11.750%, 
7/15/2025
f
693,006
215,000
7.250%, 
2/15/2028
f
213,719
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
871,000
5.500%, 
4/20/2026
f
862,891
Avis
Budget
Car
Rental,
LLC/Avis
Budget
Finance,
Inc.
320,000
5.375%, 
3/1/2029
f,h
296,820
Canadian
Pacific
Railway
Company
267,000
1.750%, 
12/2/2026
239,998
CSX
Corporation
131,000
4.250%, 
3/15/2029
126,810
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Transportation
(0.9%)
-
continued
Delta
Air
Lines,
Inc.
$
172,000
7.000%, 
5/1/2025
f
$
175,662
73,000
7.375%, 
1/15/2026
76,101
288,000
4.375%, 
4/19/2028
270,702
Delta
Air
Lines,
Inc./SkyMiles
IP,
Ltd.
248,029
4.500%, 
10/20/2025
f
242,619
ERAC
USA
Finance,
LLC
211,000
3.850%, 
11/15/2024
f
205,500
Hawaiian
Brand
Intellectual
Property,
Ltd.
287,000
5.750%, 
1/20/2026
f
271,656
Hertz
Corporation
262,000
4.625%, 
12/1/2026
f
236,455
314,000
5.000%, 
12/1/2029
f
259,563
JetBlue
Airways
Corporation,
Convertible
594,000
0.500%, 
4/1/2026
487,825
Mileage
Plus
Holdings,
LLC
318,400
6.500%, 
6/20/2027
f
319,195
Norfolk
Southern
Corporation
195,000
4.450%, 
3/1/2033
186,585
Penske
Truck
Leasing
Company,
LP/PTL
Finance
Corporation
148,000
1.200%, 
11/15/2025
f
131,631
137,000
5.750%, 
5/24/2026
f
135,689
128,000
1.700%, 
6/15/2026
f
113,034
Rand
Parent,
LLC
312,000
8.500%, 
2/15/2030
f,h
282,470
Ryder
System,
Inc.
161,000
2.850%, 
3/1/2027
147,084
Southwest
Airlines
Company
133,000
5.125%, 
6/15/2027
131,969
155,000
2.625%, 
2/10/2030
131,743
Southwest
Airlines
Company,
Convertible
877,000
1.250%, 
5/1/2025
h
1,005,481
Union
Pacific
Corporation
131,000
2.150%, 
2/5/2027
119,635
United
Airlines,
Inc.
324,000
4.375%, 
4/15/2026
f
307,834
266,000
4.625%, 
4/15/2029
f
242,371
VistaJet
Malta
Finance
plc/Vista
Management
Holding,
Inc.
360,000
6.375%, 
2/1/2030
f
289,884
XPO
Escrow
Sub,
LLC
359,000
7.500%, 
11/15/2027
f
366,837
Total
9,114,140
U.S.
Government
&
Agencies
(3.1%)
U.S.
Treasury
Bonds
5,000,000
3.625%, 
2/15/2053
4,798,437
3,600,000
4.000%, 
11/15/2052
3,697,875
1,290,000
1.375%, 
11/15/2031
1,063,696
3,800,000
4.125%, 
11/15/2032
3,883,125
1,000,000
3.500%, 
2/15/2033
974,063
706,000
3.375%, 
5/15/2033
680,849
4,330,000
3.250%, 
5/15/2042
3,863,848
15,910,000
3.375%, 
8/15/2042
14,441,432
Total
33,403,325
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Utilities
(1.6%)
AEP
Texas,
Inc.
$
138,000
4.700%, 
5/15/2032
$
132,052
AES
Corporation
254,000
3.950%, 
7/15/2030
f
227,716
Algonquin
Power
&
Utilities
Corporation
225,000
4.750%, 
1/18/2082
b
178,875
Alliant
Energy
Corporation,
Convertible
343,000
3.875%, 
3/15/2026
f
340,599
Ameren
Corporation
161,000
1.750%, 
3/15/2028
137,869
American
Electric
Power
Company,
Inc.
300,000
3.875%, 
2/15/2062
b
238,269
209,000
2.031%, 
3/15/2024
203,254
131,000
2.300%, 
3/1/2030
108,645
66,000
5.625%, 
3/1/2033
67,100
Arizona
Public
Service
Company
138,000
5.550%, 
8/1/2033
138,100
Calpine
Corporation
298,000
4.500%, 
2/15/2028
f
269,789
CenterPoint
Energy,
Inc.
164,000
2.500%, 
9/1/2024
157,441
198,000
1.450%, 
6/1/2026
176,943
197,000
2.650%, 
6/1/2031
164,269
CMS
Energy
Corporation,
Convertible
234,000
3.375%, 
5/1/2028
f
230,139
Constellation
Energy
Generation,
LLC
133,000
5.800%, 
3/1/2033
136,143
Dominion
Energy,
Inc.
163,000
3.071%, 
8/15/2024
157,426
270,000
4.350%, 
1/15/2027
b,i
226,833
161,000
3.375%, 
4/1/2030
144,007
DTE
Energy
Company
209,000
4.220%, 
11/1/2024
204,321
140,000
4.875%, 
6/1/2028
136,938
Duke
Energy
Corporation
240,000
3.250%, 
1/15/2082
b
178,206
150,000
4.875%, 
9/16/2024
b,i
144,060
343,000
2.450%, 
6/1/2030
288,031
139,000
4.500%, 
8/15/2032
131,047
Duke
Energy
Corporation,
Convertible
942,000
4.125%, 
4/15/2026
f
919,863
Edison
International
185,000
4.950%, 
4/15/2025
181,074
240,000
5.000%, 
12/15/2026
b,i
207,336
Enel
Finance
International
NV
260,000
1.375%, 
7/12/2026
f
229,532
Entergy
Corporation
149,000
0.900%, 
9/15/2025
133,817
130,000
1.900%, 
6/15/2028
110,789
Evergy,
Inc.
162,000
2.450%, 
9/15/2024
155,184
Eversource
Energy
293,000
4.600%, 
7/1/2027
285,656
134,000
5.125%, 
5/15/2033
132,057
Exelon
Corporation
130,000
4.050%, 
4/15/2030
121,482
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
32
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Utilities
(1.6%)
-
continued
Fells
Point
Funding
Trust
$
266,000
3.046%, 
1/31/2027
f
$
244,531
FirstEnergy
Corporation,
Convertible
344,000
4.000%, 
5/1/2026
f
342,280
Florida
Power
&
Light
Company
130,000
4.400%, 
5/15/2028
127,558
Georgia
Power
Company
82,000
4.950%, 
5/17/2033
80,942
ITC
Holdings
Corporation
140,000
4.950%, 
9/22/2027
f
137,811
Jersey
Central
Power
&
Light
Company
280,000
2.750%, 
3/1/2032
f
230,949
National
Rural
Utilities
Cooperative
Finance
Corporation
247,000
3.450%, 
6/15/2025
237,609
141,000
5.050%, 
9/15/2028
140,521
NextEra
Energy
Capital
Holdings,
Inc.
235,000
3.800%, 
3/15/2082
b
197,289
131,000
6.051%, 
3/1/2025
131,493
130,000
2.250%, 
6/1/2030
108,124
NextEra
Energy
Operating
Partners,
LP
550,000
3.875%, 
10/15/2026
f
511,129
NextEra
Energy
Partners,
LP,
Convertible
204,000
Zero
Coupon, 
6/15/2024
f,h
191,556
618,000
Zero
Coupon, 
11/15/2025
f
570,105
NiSource,
Inc.
130,000
2.950%, 
9/1/2029
113,832
NRG
Energy,
Inc.
167,000
2.000%, 
12/2/2025
f
149,810
189,000
10.250%, 
3/15/2028
b,f,i
178,221
120,000
3.375%, 
2/15/2029
f
98,145
185,000
5.250%, 
6/15/2029
f
165,433
NRG
Energy,
Inc.,
Convertible
728,000
2.750%, 
6/1/2048
768,404
PG&E
Corporation
374,000
5.000%, 
7/1/2028
343,184
PPL
Capital
Funding,
Inc.,
Convertible
576,000
2.875%, 
3/15/2028
f
550,080
Public
Service
Enterprise
Group,
Inc.
131,000
1.600%, 
8/15/2030
102,608
Sempra
Energy
320,000
4.875%, 
10/15/2025
b,i
297,622
196,000
3.400%, 
2/1/2028
180,398
Southern
California
Edison
Company
71,000
5.950%, 
11/1/2032
74,316
Southern
Company
140,000
4.475%, 
8/1/2024
137,443
170,000
5.700%, 
10/15/2032
175,909
149,000
4.000%, 
1/15/2051
b
137,798
432,000
3.750%, 
9/15/2051
b
367,632
Southern
Company,
Convertible
1,003,000
3.875%, 
12/15/2025
f
1,000,493
TerraForm
Power
Operating,
LLC
520,000
5.000%, 
1/31/2028
f
478,743
Principal
Amount
Long-Term
Fixed
Income
(62.4%)
Value
Utilities
(1.6%)
-
continued
Vistra
Operations
Company,
LLC
$
280,000
5.125%, 
5/13/2025
f
$
272,988
508,000
5.000%, 
7/31/2027
f
475,497
Xcel
Energy,
Inc.
157,000
4.000%, 
6/15/2028
149,393
213,000
4.600%, 
6/1/2032
201,137
Total
16,665,845
Total
Long-Term
Fixed
Income
(cost
$701,947,408)
663,053,359
Shares
Common
Stock
(
15.1%
)
Value
Communications
Services
(1.0%)
6,958
Alphabet,
Inc.,
Class
A
m
832,873
28,673
Alphabet,
Inc.,
Class
C
m
3,468,573
33,229
Comcast
Corporation
1,380,665
31,631
DISH
Network
Corporation
m
208,448
749
EchoStar
Corporation
m
12,988
881
Emerald
Holding,
Inc.
m
3,612
494
Liberty
Latin
America,
Ltd.,
Class
A
m
4,322
7,125
Meta
Platforms,
Inc.
m
2,044,732
1,380
Netflix,
Inc.
m
607,876
28,283
QuinStreet,
Inc.
m
249,739
607
Shutterstock,
Inc.
29,543
14,499
Verizon
Communications,
Inc.
539,218
5,830
Walt
Disney
Company
m
520,502
24,150
Warner
Brothers
Discovery,
Inc.
m
302,841
4,897
Windstream
Services,
LLC
m
46,522
5,963
Ziff
Davis,
Inc.
m
417,768
Total
10,670,222
Consumer
Discretionary
(1.7%)
22,190
Amazon.com,
Inc.
m
2,892,688
5,096
Aptiv
plc
m
520,251
3,927
Bloomin'
Brands,
Inc.
105,597
594
Booking
Holdings,
Inc.
m
1,603,996
1,987
Boot
Barn
Holdings,
Inc.
m
168,279
230
Boyd
Gaming
Corporation
15,955
7,568
Cedar
Fair,
LP
302,493
294
Chipotle
Mexican
Grill,
Inc.
m
628,866
14,169
Clarus
Corporation
129,505
21,106
Cooper-Standard
Holdings,
Inc.
m
300,972
2,596
Crocs,
Inc.
m
291,894
4,606
D.R.
Horton,
Inc.
560,504
2,520
Darden
Restaurants,
Inc.
421,042
1,655
Domino's
Pizza,
Inc.
557,718
17,021
Everi
Holdings,
Inc.
m
246,124
14,117
Ford
Motor
Company
213,590
11,196
General
Motors
Company
431,718
1,682
Grand
Canyon
Education,
Inc.
m
173,599
2,205
Hilton
Worldwide
Holdings,
Inc.
320,938
4,146
Home
Depot,
Inc.
1,287,913
3,562
Lowe's
Companies,
Inc.
803,943
834
Lululemon
Athletica,
Inc.
m
315,669
243
Marriott
International,
Inc./MD
44,637
1,620
McDonald's
Corporation
483,424
1,091
Meritage
Homes
Corporation
155,217
126
NVR,
Inc.
m
800,178
444
O'Reilly
Automotive,
Inc.
m
424,153
186
Oxford
Industries,
Inc.
18,306
3,388
Papa
John's
International,
Inc.
250,136
6,948
Skyline
Champion
Corporation
m
454,747
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Shares
Common
Stock
(15.1%)
Value
Consumer
Discretionary
(1.7%)
-
continued
24,908
Sonos,
Inc.
m
$
406,748
5,207
Sony
Group
Corporation
ADR
468,838
15,540
Stoneridge,
Inc.
m
292,929
5,658
Tesla,
Inc.
m
1,481,095
42,144
ThredUp,
Inc.
m
102,831
99
Travel
+
Leisure
Company
3,994
128
Ulta
Beauty,
Inc.
m
60,236
Total
17,740,723
Consumer
Staples
(0.8%)
6,985
Altria
Group,
Inc.
316,421
6,545
BJ's
Wholesale
Club
Holdings,
Inc.
m
412,400
1,597
Casey's
General
Stores,
Inc.
389,476
1,983
Coca-Cola
Company
119,416
3,690
Colgate-Palmolive
Company
284,278
33,583
Coty,
Inc.
m
412,735
676
Edgewell
Personal
Care
Company
27,926
3,440
Hormel
Foods
Corporation
138,357
3,443
John
B.
Sanfilippo
&
Son,
Inc.
403,761
5,014
Lamb
Weston
Holdings,
Inc.
576,359
5,215
Mondelez
International,
Inc.
380,382
134
PepsiCo,
Inc.
24,819
12,170
Philip
Morris
International,
Inc.
1,188,035
24,251
Primo
Water
Corporation
304,108
2,367
Procter
&
Gamble
Company
359,169
6,488
Sysco
Corporation
481,410
9,298
Turning
Point
Brands,
Inc.
223,245
6,561
Tyson
Foods,
Inc.
334,873
5,687
US
Foods
Holding
Corporation
m
250,228
8,674
Walmart,
Inc.
1,363,379
Total
7,990,777
Energy
(0.7%)
14,643
BP
plc
ADR
516,751
798
Cheniere
Energy,
Inc.
121,583
4,194
Chesapeake
Energy
Corporation
350,954
694
Chevron
Corporation
109,201
6,776
ConocoPhillips
702,061
13,305
Devon
Energy
Corporation
643,164
20,197
Enterprise
Products
Partners,
LP
532,191
8,420
Exxon
Mobil
Corporation
903,045
22,665
Halliburton
Company
747,718
1,082
International
Seaways,
Inc.
41,376
6,130
Marathon
Petroleum
Corporation
714,758
33,873
NOV,
Inc.
543,323
12,512
Permian
Resources
Corporation
137,132
121
Phillips
66
11,541
5,709
Pioneer
Natural
Resources
Company
1,182,791
9,343
TechnipFMC
plc
m
155,281
2,085
Valero
Energy
Corporation
244,570
1,217
Viper
Energy
Partners,
LP
32,652
Total
7,690,092
Financials
(2.2%)
28,656
Ally
Financial,
Inc.
773,999
2,172
American
Express
Company
378,362
6,811
American
International
Group,
Inc.
391,905
1,961
Ameriprise
Financial,
Inc.
651,366
9,068
Arch
Capital
Group,
Ltd.
m
678,740
28,708
Bank
of
America
Corporation
823,633
151
Bank
of
Marin
Bancorp
2,668
7,921
Bank
of
N.T.
Butterfield
&
Son,
Ltd.
216,719
Shares
Common
Stock
(15.1%)
Value
Financials
(2.2%)
-
continued
9,988
Bank
of
New
York
Mellon
Corporation
$
444,666
2,136
Berkshire
Hathaway,
Inc.
m
728,376
2,200
BlackRock
TCP
Capital
Corporation
24,002
293
BlackRock,
Inc.
202,504
4,284
Blackstone
Mortgage
Trust,
Inc.
89,150
18,529
Bridgewater
Bancshares,
Inc.
m
182,511
10,300
Byline
Bancorp,
Inc.
186,327
2,876
Capital
One
Financial
Corporation
314,548
8,362
Carlyle
Group,
Inc.
267,166
935
Cboe
Global
Markets,
Inc.
129,039
2,248
Central
Pacific
Financial
Corporation
35,316
5,043
Charles
Schwab
Corporation
285,837
3,170
Chubb,
Ltd.
610,415
2,836
Citigroup,
Inc.
130,569
183
Citizens
Financial
Group,
Inc.
4,773
12,265
Columbia
Banking
System,
Inc.
248,734
7,019
Comerica,
Inc.
297,325
925
Community
Trust
Bancorp,
Inc.
32,902
448
ConnectOne
Bancorp,
Inc.
7,432
1,329
Customers
Bancorp,
Inc.
m
40,216
635
Dime
Community
Bancshares,
Inc.
11,195
2,618
Discover
Financial
Services
305,913
204
Eagle
Bancorp,
Inc.
4,317
1,643
Ellington
Residential
Mortgage
REIT
11,846
2,175
Encore
Capital
Group,
Inc.
m
105,749
1,287
Enterprise
Financial
Services
Corporation
50,322
6,518
Federated
Hermes,
Inc.
233,670
267
Financial
Institutions,
Inc.
4,203
378
First
Foundation,
Inc.
1,501
209
First
Mid-Illinois
Bancshares,
Inc.
5,045
1,441
Fiserv,
Inc.
m
181,782
952
FS
KKR
Capital
Corporation
18,259
4,519
Glacier
Bancorp,
Inc.
140,857
1,900
Golub
Capital
BDC,
Inc.
25,650
727
Great
Southern
Bancorp,
Inc.
36,881
2,490
Hanmi
Financial
Corporation
37,176
10,323
Heartland
Financial
USA,
Inc.
287,702
379
Heritage
Financial
Corporation
6,128
765
Hometrust
Bancshares,
Inc.
15,981
3,779
Hope
Bancorp,
Inc.
31,819
4,209
Houlihan
Lokey,
Inc.
413,787
404
Independent
Bank
Corporation/MI
6,852
6,246
Intercontinental
Exchange,
Inc.
706,298
11,118
J.P.
Morgan
Chase
&
Company
1,617,002
1,591
Janus
Henderson
Group
plc
43,355
2,972
Kinsale
Capital
Group,
Inc.
1,112,122
2,107
Loews
Corporation
125,114
2,932
M&T
Bank
Corporation
362,864
355
Marsh
&
McLennan
Companies,
Inc.
66,768
3,966
Mastercard,
Inc.
1,559,828
5,551
MetLife,
Inc.
313,798
339
Metropolitan
Bank
Holding
Corporation
m
11,773
4,401
MGIC
Investment
Corporation
69,492
1,559
MidWestOne
Financial
Group,
Inc.
33,316
3,482
Morgan
Stanley
297,363
90
Mr.
Cooper
Group,
Inc.
m
4,558
5,574
Nasdaq,
Inc.
277,864
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
Shares
Common
Stock
(15.1%)
Value
Financials
(2.2%)
-
continued
8,761
New
York
Community
Bancorp,
Inc.
h
$
98,474
582
NMI
Holdings,
Inc.
m
15,027
14,955
PayPal
Holdings,
Inc.
m
997,947
112
PNC
Financial
Services
Group,
Inc.
14,106
624
Popular,
Inc.
37,764
13,143
Radian
Group,
Inc.
332,255
6,523
Raymond
James
Financial,
Inc.
676,892
4,070
RLI
Corporation
555,433
1,211
S&P
Global,
Inc.
485,478
6,461
Seacoast
Banking
Corporation
of
Florida
142,788
1,051
Synovus
Financial
Corporation
31,793
1,016
TPG,
Inc.
29,728
5,725
Triumph
Financial,
Inc.
m
347,622
154
Truist
Financial
Corporation
4,674
323
TrustCo
Bank
Corporation
NY
9,241
237
U.S.
Bancorp
7,830
357
Visa,
Inc.
84,780
7,109
Voya
Financial,
Inc.
509,786
24,749
Wells
Fargo
&
Company
1,056,287
16,157
Western
Alliance
Bancorp
589,246
5,610
Western
Union
Company
65,805
11,222
Zions
Bancorp
NA
301,423
Total
23,111,729
Health
Care
(2.0%)
4,622
Abbott
Laboratories
503,890
2,345
ACADIA
Pharmaceuticals,
Inc.
m
56,163
2,210
Agilent
Technologies,
Inc.
265,752
11,147
Agiliti,
Inc.
m
183,925
1,875
Align
Technology,
Inc.
m
663,075
2,186
Alkermes
plc
m
68,422
584
AmerisourceBergen
Corporation
112,379
791
Amgen,
Inc.
175,618
3,412
AstraZeneca
plc
ADR
244,197
13,289
Avantor,
Inc.
m
272,956
1,206
Azenta,
Inc.
m
56,296
8,276
Baxter
International,
Inc.
377,055
1,399
Biogen,
Inc.
m
398,505
161
Bio-Rad
Laboratories,
Inc.
m
61,038
3,496
Bio-Techne
Corporation
285,378
271
Bristol-Myers
Squibb
Company
17,330
5,419
Centene
Corporation
m
365,512
1,987
Cigna
Group
557,552
3,612
CVS
Health
Corporation
249,698
2,543
Danaher
Corporation
610,320
2,692
Dexcom,
Inc.
m
345,949
5,021
Edwards
Lifesciences
Corporation
m
473,631
1,344
Elevance
Health,
Inc.
597,126
143
Eli
Lilly
&
Company
67,064
303
Enanta
Pharmaceuticals,
Inc.
m
6,484
8,746
Enovis
Corporation
m
560,794
7,291
Gilead
Sciences,
Inc.
561,917
11,022
Halozyme
Therapeutics,
Inc.
m
397,564
1,464
HCA
Healthcare,
Inc.
444,295
2,253
Hologic,
Inc.
m
182,425
1,254
Insulet
Corporation
m
361,578
1,635
Intuitive
Surgical,
Inc.
m
559,072
6,985
Ionis
Pharmaceuticals,
Inc.
m
286,595
7,483
Johnson
&
Johnson
1,238,586
3,082
Laboratory
Corporation
of
America
Holdings
743,779
Shares
Common
Stock
(15.1%)
Value
Health
Care
(2.0%)
-
continued
2,599
Lantheus
Holdings,
Inc.
m
$
218,108
29,553
Maravai
LifeSciences
Holdings,
Inc.
m
367,344
624
Medpace
Holdings,
Inc.
m
149,866
11,912
Medtronic
plc
1,049,447
12,130
Merck
&
Company,
Inc.
1,399,681
192
Moderna,
Inc.
m
23,328
1,094
Molina
Healthcare,
Inc.
m
329,557
1,108
Novo
Nordisk
AS
ADR
179,308
13,591
Pfizer,
Inc.
498,518
6,909
Progyny,
Inc.
m
271,800
1,468
QuidelOrtho
Corporation
m
121,638
7,748
R1
RCM,
Inc.
m
142,951
286
Regeneron
Pharmaceuticals,
Inc.
m
205,502
13,289
Revance
Therapeutics,
Inc.
m
336,345
7,088
Stevanato
Group
SPA
229,509
1,129
Thermo
Fisher
Scientific,
Inc.
589,056
2,274
UnitedHealth
Group,
Inc.
1,092,975
404
Vertex
Pharmaceuticals,
Inc.
m
142,172
17,610
Viatris,
Inc.
175,748
24,749
Viemed
Healthcare,
Inc.
m
242,045
1,092
Waters
Corporation
m
291,062
3,459
Zimmer
Biomet
Holdings,
Inc.
503,630
3,023
Zoetis,
Inc.
520,591
Total
21,432,101
Industrials
(2.1%)
1,348
3M
Company
134,921
506
Acuity
Brands,
Inc.
82,518
4,935
Advanced
Drainage
Systems,
Inc.
561,504
12,978
Air
Lease
Corporation
543,129
8,140
American
Airlines
Group,
Inc.
m
146,032
4,235
AMETEK,
Inc.
685,562
503
Armstrong
World
Industries,
Inc.
36,950
5,722
ASGN,
Inc.
m
432,755
19,991
Badger
Infrastructure
Solutions,
Ltd.
405,932
9,406
Barnes
Group,
Inc.
396,839
762
Builders
FirstSource,
Inc.
m
103,632
988
Carlisle
Companies,
Inc.
253,452
191
Caterpillar,
Inc.
46,996
5,203
Cimpress
plc
m
309,474
1,100
Cintas
Corporation
546,788
27,163
CNH
Industrial
NV
391,147
2,332
Crane
Company
207,828
2,332
Crane
NXT
Company
131,618
26,625
CSX
Corporation
907,912
1,176
Curtiss-Wright
Corporation
215,984
390
Deere
&
Company
158,024
11,741
Delta
Air
Lines,
Inc.
m
558,167
726
Eaton
Corporation
plc
145,999
1,882
Expeditors
International
of
Washington,
Inc.
227,967
11,986
Fastenal
Company
707,054
1,568
Ferguson
plc
246,662
9,563
Fluor
Corporation
m
283,065
7,185
Forward
Air
Corporation
762,400
1,833
FTI
Consulting,
Inc.
m
348,637
1,829
General
Dynamics
Corporation
393,509
474
Gibraltar
Industries,
Inc.
m
29,824
117
Gorman-Rupp
Company
3,373
7,175
Greenbrier
Companies,
Inc.
309,242
8,380
Helios
Technologies,
Inc.
553,834
1,498
Honeywell
International,
Inc.
310,835
10,721
Howmet
Aerospace,
Inc.
531,333
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
Shares
Common
Stock
(15.1%)
Value
Industrials
(2.1%)
-
continued
251
Hubbell,
Inc.
$
83,222
27,639
Janus
International
Group,
Inc.
m
294,632
5,763
Johnson
Controls
International
plc
392,691
650
Kaman
Corporation
15,815
1,558
L3Harris
Technologies,
Inc.
305,010
2,623
Lincoln
Electric
Holdings,
Inc.
521,006
5,512
ManpowerGroup,
Inc.
437,653
5,260
Maximus,
Inc.
444,523
7,324
Miller
Industries,
Inc.
259,782
2,086
Moog,
Inc.
226,185
841
Northrop
Grumman
Corporation
383,328
1,741
Old
Dominion
Freight
Line,
Inc.
643,735
914
Oshkosh
Corporation
79,143
636
Owens
Corning,
Inc.
82,998
2,355
Parker-Hannifin
Corporation
918,544
212
Paycom
Software,
Inc.
68,103
3,562
Pentair
plc
230,105
3,321
Quanta
Services,
Inc.
652,410
5,572
RB
Global,
Inc.
334,320
10,074
Schneider
National,
Inc.
289,325
4,508
Tennant
Company
365,644
7,832
Timken
Company
716,863
659
TriNet
Group,
Inc.
m
62,585
15,657
Uber
Technologies,
Inc.
m
675,913
1,527
Union
Pacific
Corporation
312,455
3,682
United
Parcel
Service,
Inc.
659,999
2,652
United
Rentals,
Inc.
1,181,121
Total
22,748,008
Information
Technology
(3.1%)
2,007
Adobe,
Inc.
m
981,403
3,338
Advanced
Micro
Devices,
Inc.
m
380,232
2,571
Amphenol
Corporation
218,406
1,120
ANSYS,
Inc.
m
369,902
23,080
Apple,
Inc.
4,476,828
3,263
Applied
Materials,
Inc.
471,634
1,995
Autodesk,
Inc.
m
408,197
1,782
BILL
Holdings,
Inc.
m
208,227
68
Broadcom,
Inc.
58,985
470
Cadence
Design
Systems,
Inc.
m
110,224
2,751
Calix,
Inc.
m
137,302
11,341
Ciena
Corporation
m
481,879
31,868
Cisco
Systems,
Inc.
1,648,850
8,635
Cohu,
Inc.
m
358,871
3,665
DocuSign,
Inc.
m
187,245
22,397
Dropbox,
Inc.
m
597,328
1,950
FormFactor,
Inc.
m
66,729
4,725
Fortinet,
Inc.
m
357,163
5,099
Gen
Digital,
Inc.
94,586
19,073
Gilat
Satellite
Networks,
Ltd.
m
118,825
4,036
Guidewire
Software,
Inc.
m
307,059
1,018
Insight
Enterprises,
Inc.
m
148,974
831
InterDigital,
Inc.
80,233
6,735
Juniper
Networks,
Inc.
211,008
205
KLA
Corporation
99,429
20,460
Knowles
Corporation
m
369,508
206
Lam
Research
Corporation
132,429
1,181
Littelfuse,
Inc.
344,037
6,294
Microchip
Technology,
Inc.
563,879
19,434
Microsoft
Corporation
6,618,054
1,911
NICE,
Ltd.
ADR
m
394,622
6,268
NVIDIA
Corporation
2,651,489
4,809
ON
Semiconductor
Corporation
m
454,835
4,519
Plexus
Corporation
m
443,947
11,426
QUALCOMM,
Inc.
1,360,151
Shares
Common
Stock
(15.1%)
Value
Information
Technology
(3.1%)
-
continued
298
Roper
Industries,
Inc.
$
143,278
4,983
Salesforce,
Inc.
m
1,052,709
12,656
Samsung
Electronics
Company,
Ltd.
696,881
1,331
ServiceNow,
Inc.
m
747,982
1,279
Skyworks
Solutions,
Inc.
141,573
4,172
Splunk,
Inc.
m
442,608
4,860
Sprout
Social,
Inc.
m
224,338
6,518
Texas
Instruments,
Inc.
1,173,370
5,563
Trimble,
Inc.
m
294,505
51,624
TTM
Technologies,
Inc.
m
717,574
758
Tyler
Technologies,
Inc.
m
315,684
860
Universal
Display
Corporation
123,952
828
VeriSign,
Inc.
m
187,103
1,492
Western
Digital
Corporation
m
56,592
5,855
Wolfspeed,
Inc.
h,m
325,479
3,696
Workiva,
Inc.
m
375,735
218
Zoom
Video
Communications,
Inc.
m
14,798
Total
32,946,631
Materials
(0.7%)
1,215
Allegheny
Technologies,
Inc.
m
53,739
1,509
AptarGroup,
Inc.
174,833
13,701
Axalta
Coating
Systems,
Ltd.
m
449,530
9,282
Ball
Corporation
540,305
2,197
Berry
Plastics
Group,
Inc.
141,355
4,348
Carpenter
Technology
Corporation
244,053
7,285
CF
Industries
Holdings,
Inc.
505,725
159
Eagle
Materials,
Inc.
29,641
3,941
Eastman
Chemical
Company
329,941
7,300
Ingevity
Corporation
m
424,568
25,171
Ivanhoe
Mines,
Ltd.
m
229,907
905
Linde
plc
344,877
2,589
LyondellBasell
Industries
NV
237,748
4,875
Nucor
Corporation
799,402
4,734
PPG
Industries,
Inc.
702,052
2,321
SSR
Mining,
Inc.
32,912
5,940
Steel
Dynamics,
Inc.
647,044
25,040
Tronox
Holdings
plc
318,258
2,709
United
States
Lime
&
Minerals,
Inc.
565,883
1,199
Vulcan
Materials
Company
270,303
Total
7,042,076
Real
Estate
(0.4%)
5,547
Agree
Realty
Corporation
362,718
2,393
Alexandria
Real
Estate
Equities,
Inc.
271,582
1,052
AvalonBay
Communities,
Inc.
199,112
1,990
Camden
Property
Trust
216,651
2,615
CBRE
Group,
Inc.
m
211,057
43,034
Cushman
and
Wakefield
plc
m
352,018
2,640
Digital
Realty
Trust,
Inc.
300,617
1,705
Equity
Commonwealth
34,543
1,193
Equity
Residential
78,702
203
Extra
Space
Storage,
Inc.
30,217
29,889
Healthcare
Realty
Trust,
Inc.
563,707
22,189
Host
Hotels
&
Resorts,
Inc.
373,441
15,514
Independence
Realty
Trust,
Inc.
282,665
1,638
Kite
Realty
Group
Trust
36,593
268
Mid-America
Apartment
Communities,
Inc.
40,698
12,547
National
Storage
Affiliates
Trust
437,012
944
NNN
REIT,
Inc.
40,394
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
Shares
Common
Stock
(15.1%)
Value
Real
Estate
(0.4%)
-
continued
2,113
Public
Storage,
Inc.
$
616,742
1,428
SBA
Communications
Corporation
330,953
Total
4,779,422
Utilities
(0.4%)
6,929
Alliant
Energy
Corporation
363,634
2,036
Black
Hills
Corporation
122,689
11,812
CenterPoint
Energy,
Inc.
344,320
6,058
Constellation
Energy
Corporation
554,610
3,953
Duke
Energy
Corporation
354,742
7,449
Entergy
Corporation
725,309
3,537
Evergy,
Inc.
206,632
18,547
NiSource,
Inc.
507,261
2,390
NorthWestern
Corporation
135,656
683
OGE
Energy
Corporation
24,527
4,945
Portland
General
Electric
Company
231,574
5,385
Public
Service
Enterprise
Group,
Inc.
337,155
3,429
Sempra
Energy
499,228
3,285
Spire,
Inc.
208,400
Total
4,615,737
Total
Common
Stock
(cost
$123,033,119)
160,767,518
Shares
Registered
Investment
Companies
(
9.6%
)
Value
U.S.
Affiliated  (8.7%)
10,588,227
Thrivent
Core
Emerging
Markets
Debt
Fund
81,211,704
1,131,245
Thrivent
Core
International
Equity
Fund
11,108,830
Total
92,320,534
U.S.
Unaffiliated  (0.9%)
90,022
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
243,059
35,650
AllianceBernstein
Global
High
Income
Fund,
Inc.
355,074
42,550
Allspring
Income
Opportunities
Fund
274,448
15,262
BlackRock
Core
Bond
Trust
162,388
38,685
BlackRock
Corporate
High
Yield
Fund,
Inc.
345,070
31,155
BlackRock
Credit
Allocation
Income
Trust
316,223
8,630
BlackRock
Debt
Strategies
Fund,
Inc.
84,488
28,892
BlackRock
Enhanced
Global
Dividend
Trust
290,942
7,900
BlackRock
Enhanced
International
Dividend
Trust
42,976
2,050
BlackRock
Floating
Rate
Income
Strategies
Fund,
Inc.
25,031
5,466
BlackRock
Income
Trust,
Inc.
66,521
18,318
BlackRock
Multi-Sector
Income
Trust
263,230
24,550
Blackstone
Strategic
Credit
2027
Term
Fund
268,332
34,123
Eaton
Vance
Limited
Duration
Income
Fund
319,391
2,410
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
19,087
Shares
Registered
Investment
Companies
(9.6%)
Value
U.S.
Unaffiliated  (0.9%)-
continued
25,523
First
Trust
High
Income
Long/Short
Fund
$
291,983
9,744
Invesco
Dynamic
Credit
Opportunities
Fund
e,m
102,010
50,000
Invesco
Preferred
ETF
568,500
28,000
iShares
Preferred
and
Income
Securities
ETF
h
866,040
69,550
Nuveen
Credit
Strategies
Income
Fund
351,228
10,350
Nuveen
Preferred
Income
Opportunities
Fund
67,068
15,000
Nuveen
Quality
Preferred
Income
Fund
II
95,700
30,982
PGIM
Global
High
Yield
Fund,
Inc.
339,873
28,708
PGIM
High
Yield
Bond
Fund,
Inc.
356,553
13,027
Pimco
Dynamic
Income
Fund
244,256
3,117
Tri-Continental
Corporation
85,468
6,700
Vanguard
Intermediate-Term
Corporate
Bond
ETF
529,501
26,278
Vanguard
Short-Term
Corporate
Bond
ETF
1,988,193
13,600
Virtus
Convertible
&
Income
Fund
47,328
19,603
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
239,353
4,200
Virtus
Equity
&
Convertible
Income
Fund
88,830
43,294
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
222,531
65,835
Western
Asset
High
Income
Opportunity
Fund,
Inc.
248,856
Total
9,809,531
Total
Registered
Investment
Companies
(cost
$122,839,515)
102,130,065
Shares
Preferred
Stock
(
1.3%
)
Value
Communications
Services
(0.2%)
35,275
AT&T,
Inc.,
4.750%
i
743,597
17,200
CenterPoint
Energy,
Inc.,
Convertible,
3.369%
625,048
7,184
Paramount
Global,
Convertible,
5.750%
162,789
15,250
Telephone
and
Data
Systems,
Inc.,
6.000%
i
209,535
Total
1,740,969
Energy
(<0.1%)
15,460
Crestwood
Equity
Partners,
LP,
9.250%
i
142,232
6,975
Energy
Transfer,
LP,
7.600%
b,i
170,051
6,317
Nustar
Logistics,
LP,
11.994%
b
159,820
1,110
UGI
Corporation,
Convertible,
7.250%
73,726
Total
545,829
Financials
(0.8%)
10,000
Aegon
Funding
Corporation
II,
5.100%
212,100
20,000
Allstate
Corporation,
5.100%
i
440,000
28,275
Bank
of
America
Corporation,
4.250%
i
528,742
840
Bank
of
America
Corporation,
Convertible,
7.250%
i
984,329
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
37
Shares
Preferred
Stock
(1.3%)
Value
Financials
(0.8%)
-
continued
19,925
Capital
One
Financial
Corporation,
5.000%
i
$
387,143
9,000
Equitable
Holdings,
Inc.,
5.250%
i
179,910
585
First
Horizon
Bank,
6.061%
*,b,i
371,288
23,000
J.P.
Morgan
Chase
&
Company,
4.200%
i
443,670
16,250
J.P.
Morgan
Chase
&
Company,
4.750%
i
348,237
15,950
KeyCorp,
6.200%
b,i
304,326
14,776
KKR
&
Company,
Inc.,
Convertible,
6.000%
976,694
13,050
Morgan
Stanley,
4.250%
i
242,730
10,400
Morgan
Stanley,
5.850%
b,i
244,504
13,084
Morgan
Stanley,
7.125%
b,i
328,932
23,525
Public
Storage,
4.125%
i
468,147
5,025
Public
Storage,
4.625%
i
110,701
1,275
Public
Storage,
4.700%
i
28,700
3,900
Regions
Financial
Corporation,
5.700%
b,i
79,755
3,500
Synovus
Financial
Corporation,
5.875%
b,i
72,275
11,200
Truist
Financial
Corporation,
4.750%
i
224,896
13,100
U.S.
Bancorp,
4.000%
i
220,473
21,000
Wells
Fargo
&
Company,
4.250%
i
358,260
919
Wells
Fargo
&
Company,
Convertible,
7.500%
i
1,058,688
Total
8,614,500
Utilities
(0.3%)
10,420
AES
Corporation,
Convertible,
6.875%
850,480
23,000
CMS
Energy
Corporation,
4.200%
i
416,990
14,843
NextEra
Energy,
Inc.,
Convertible,
6.926%
h
672,240
2,799
NiSource,
Inc.,
Convertible,
7.750%
284,798
25,600
Southern
Company,
4.950%
588,032
Total
2,812,540
Total
Preferred
Stock
(cost
$16,090,834)
13,713,838
Shares
Collateral
Held
for
Securities
Loaned
(
1.1%
)
Value
12,335,692
Thrivent
Cash
Management
Trust
12,335,692
Total
Collateral
Held
for
Securities
Loaned
(cost
$12,335,692)
12,335,692
Shares
or
Principal
Amount
Short-Term
Investments
(
7.8%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
100,000
5.160%,
8/16/2023
n,o
99,406
900,000
4.870%,
8/18/2023
n,o
894,407
2,400,000
5.090%,
9/13/2023
n,o
2,376,423
500,000
5.120%,
9/19/2023
n,o
494,681
Federal
National
Mortgage
Association
Discount
Notes
2,500,000
4.860%,
9/18/2023
n,o
2,473,744
Shares
or
Principal
Amount
Short-Term
Investments
(7.8%)
Value
Thrivent
Core
Short-Term
Reserve
Fund
7,591,932
5.460%
$
75,919,321
U.S.
Treasury
Bills
500,000
5.083%,
8/3/2023
n,p
497,798
400,000
5.119%,
8/17/2023
n,q
397,419
Total
Short-Term
Investments
(cost
$83,137,545)
83,153,199
Total
Investments
(cost
$1,131,438,740)
104.1%
$1,107,111,655
Other
Assets
and
Liabilities,
Net
(4.1%)
(44,070,007)
Total
Net
Assets
100.0%
$1,063,041,648
a
The
stated
interest
rate
represents
the
weighted
average
of
all
contracts
within
the
bank
loan
facility.
b
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
June
30,
2023.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
c
All
or
a
portion
of
the
loan
is
unfunded.
d
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
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
June
30,
2023,
the
value
of
these
investments
was
$216,311,936
or
20.3%
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
June
30,
2023.
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
is
insured
or
guaranteed.
l
Defaulted
security.  Interest
is
not
being
accrued.
m
Non-income
producing
security.
n
The
interest
rate
shown
reflects
the
yield.
o
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.
p
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.
q
At
June
30,
2023,
$119,226
of
investments
were
segregated
to
cover
exposure
to
a
counterparty
for
margin
on
open
mortgage-backed
security
transactions.
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
38
*
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
June
30,
2023
was
$376,887
or
0.04%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
June
30,
2023.
Security
Acquisition
Date
Cost
Credit
Suisse
Group
AG,
12/29/2049
12/4/2013
$
150,000
First
Horizon
Bank,
6.061%,
3/5/2019
6/21/2017
440,212
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Diversified
Income
Plus
Fund
as
of
June
30,
2023:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
11,228,062
Common
Stock
755,702
Total
lending
$11,983,764
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$12,335,692
Net
amounts
due
to
counterparty
$351,928
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
CLO
-
Collateralized
Loan
Obligation
ETF
-
Exchange
Traded
Fund
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Ser.
-
Series
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
TSFR6M
-
CME
Term
SOFR
6
Month
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
52,992,147
Gross
unrealized
depreciation
(80,274,492)
Net
unrealized
appreciation
(depreciation)
$
(27,282,345)
Cost
for
federal
income
tax
purposes
$
1,135,390,542
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
39
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
June
30,
2023,
in
valuing
Diversified
Income
Plus
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Bank
Loans
Basic
Materials
2,710,457
–
2,710,457
–
Capital
Goods
7,730,549
–
7,730,549
–
Communications
Services
10,761,231
–
10,761,231
–
Consumer
Cyclical
13,866,433
–
13,866,433
–
Consumer
Non-Cyclical
10,100,667
–
10,100,667
–
Energy
1,722,867
–
1,722,867
–
Financials
5,571,927
–
5,571,927
–
Technology
14,685,292
–
14,311,772
373,520
Transportation
4,246,865
–
4,246,865
–
Utilities
561,696
–
561,696
–
Long-Term
Fixed
Income
Asset-Backed
Securities
59,415,429
–
58,915,449
499,980
Basic
Materials
11,245,803
–
11,245,803
–
Capital
Goods
23,929,863
–
23,929,863
–
Collateralized
Mortgage
Obligations
49,798,861
–
49,798,861
–
Commercial
Mortgage-Backed
Securities
7,017,207
–
7,017,207
–
Communications
Services
24,033,643
–
24,033,643
–
Consumer
Cyclical
39,939,286
–
39,939,286
–
Consumer
Non-Cyclical
32,314,904
–
32,314,904
–
Energy
28,142,374
–
28,142,374
–
Financials
80,420,938
–
80,420,938
–
Foreign
Government
197,114
–
197,114
–
Mortgage-Backed
Securities
223,425,821
–
223,425,821
–
Technology
23,988,806
–
23,988,806
–
Transportation
9,114,140
–
9,114,140
–
U.S.
Government
&
Agencies
33,403,325
–
33,403,325
–
Utilities
16,665,845
–
16,665,845
–
Common
Stock
Communications
Services
10,670,222
10,623,700
46,522
–
Consumer
Discretionary
17,740,723
17,740,723
–
–
Consumer
Staples
7,990,777
7,990,777
–
–
Energy
7,690,092
7,690,092
–
–
Financials
23,111,729
23,111,729
–
–
Health
Care
21,432,101
21,432,101
–
–
Industrials
22,748,008
22,342,076
405,932
–
Information
Technology
32,946,631
32,249,750
696,881
–
Materials
7,042,076
6,812,169
229,907
–
Real
Estate
4,779,422
4,779,422
–
–
Utilities
4,615,737
4,615,737
–
–
Preferred
Stock
Communications
Services
1,740,969
1,115,921
625,048
–
Energy
545,829
545,829
–
–
Financials
8,614,500
8,243,212
371,288
–
Utilities
2,812,540
2,812,540
–
–
Registered
Investment
Companies
U.S.
Unaffiliated
9,809,531
9,707,521
–
102,010
Short-Term
Investments
7,233,878
–
7,233,878
–
Subtotal
Investments
in
Securities
$926,536,108
$181,813,299
$743,747,299
$975,510
Other
Investments  *
Total
U.S.
Affiliated
Registered
Investment
Cos.
92,320,534
Affiliated
Short-Term
Investments
75,919,321
Collateral
Held
for
Securities
Loaned
12,335,692
Subtotal
Other
Investments
$180,575,547
Total
Investments
at
Value
$1,107,111,655
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
40
Reference
Description:
CBOT
-
Chicago
Board
of
Trade
CME
-
Chicago
Mercantile
Exchange
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
S&P
-
Standard
&
Poor's
The
following
table
is
a
summary
of
the
inputs
used,
as
of
June
30,
2023,
in
valuing
Diversified
Income
Plus
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Asset
Derivatives
Futures
Contracts
1,734,021
1,734,021
–
–
Total
Asset
Derivatives
$1,734,021
$1,734,021
$–
$–
Liability
Derivatives
Futures
Contracts
586,627
586,627
–
–
Credit
Default
Swaps
150,852
–
150,852
–
Total
Liability
Derivatives
$737,479
$586,627
$150,852
$–
The
following
table
presents
Diversified
Income
Plus
Fund's
futures
contracts
held
as
of
June
30,
2023.
Investments
and/or
cash
totaling
$6,338,660
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Amount
Value
and
Unrealized
CBOT
10-Yr.
U.S.
Treasury
Note
9
September
2023
$
1,029,681
(
$
19,291)
CBOT
U.S.
Long
Bond
216
September
2023
27,468,050
(
56,300)
CME
E-mini
S&P
500
Index
168
September
2023
36,475,735
1,225,565
CME
E-mini
S&P
Mid-Cap
400
Index
8
September
2023
2,066,362
48,918
CME
Ultra
Long
Term
U.S.
Treasury
Bond
225
September
2023
30,366,869
282,350
ICE
mini
MSCI
EAFE
Index
200
September
2023
21,377,812
177,188
ICE
US
mini
MSCI
Emerging
Markets
Index
58
September
2023
2,924,796
(
30,886)
Ultra
10-Yr.
U.S.
Treasury
Note
33
September
2023
3,956,482
(
48,045)
Total
Futures
Long
Contracts
$
125,665,787
$
1,579,499
CME
E-mini
Russell
2000
Index
(252)
September
2023
(
$
23,959,211)
(
$
27,409)
CME
Euro
Foreign
Exchange
Currency
(80)
September
2023
(
10,832,491)
(
120,508)
Eurex
Euro
STOXX
50
Index
(231)
September
2023
(
10,892,500)
(
284,188)
Total
Futures
Short
Contracts
(
$
45,684,202)
($432,105)
Total
Futures
Contracts
$
79,981,585
$1,147,394
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
41
The
following
table
presents
Diversified
Income
Plus
Fund's
swaps
contracts
held
as
of
June
30,
2023.
Investments
totaling
$497,798
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
40,
5
Year,
at
5.00%,
Quarterly
Buy
6/20/2028
$
5,835,000
$
–
(
$
150,852)
(
$
150,852)
Total
Credit
Default
Swaps
$–
($150,852)
($150,852)
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
June
30,
2023,
for
Diversified
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Asset
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
1,451,671
Total
Equity
Contracts
1,451,671
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
282,350
Total
Interest
Rate
Contracts
282,350
Total
Asset
Derivatives
$1,734,021
Liability
Derivatives
Foreign
Exchange
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
120,508
Total
Foreign
Exchange
Contracts
120,508
Interest
Rate
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
123,636
Total
Interest
Rate
Contracts
123,636
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
342,483
Total
Equity
Contracts
342,483
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
150,852
Total
Credit
Contracts
150,852
Total
Liability
Derivatives
$737,479
*
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
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
42
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
June
30,
2023,
for
Diversified
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Interest
Rate
Contracts
Options
Written
Net
realized
gains/(losses)
on
Written
option
contracts
169,016
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(
761,390)
Total
Interest
Rate
Contracts
(592,374)
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
2,357,276
Total
Equity
Contracts
2,357,276
Foreign
Exchange
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
219,468
Total
Foreign
Exchange
Contracts
219,468
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
(556,190)
Total
Credit
Contracts
(556,190)
Total
$1,428,180
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
June
30,
2023,
for
Diversified
Income
Plus
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Foreign
Exchange
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(120,508)
Total
Foreign
Exchange
Contracts
(120,508)
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
1,407,410
Total
Equity
Contracts
1,407,410
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
57,070
Total
Interest
Rate
Contracts
(38,900)
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
343,330
Total
Credit
Contracts
343,330
Total
$1,591,332
The
following
table
presents
Diversified
Income
Plus
Fund's
average
volume
of
derivative
activity
during
the
period
ended
June
30,
2023.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$45,816,374
Futures
-
Short
(29,620,121)
Interest
Rate
Contracts
Futures
-
Long
62,978,159
Futures
-
Short
(12,807,942)
Options
Written
(9,557,936)
Foreign
Exchange
Contracts
Futures
-
Short
(4,338,039)
Credit
Contracts
Credit
Default
Swaps
-
Buy
Protection
(128,910)
Diversified
Income
Plus
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
43
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Diversified
Income
Plus
Fund,
is
as
follows:
Fund
Value
12/31/2022
Gross
Purchases
Gross
Sales
Value
6/30/2023
Shares
Held
at
6/30/2023
%
of
Net
Assets
6/30/2023
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$91,053
$
2,441
$13,300
$81,212
10,588
7.7%
Core
International
Equity
23,318
–
14,000
11,109
1,131
1.0
Total
U.S.
Affiliated
Registered
Investment
Companies
114,371
92,321
8.7
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.460%
99,203
194,657
217,941
75,919
7,592
7.1
Total
Affiliated
Short-Term
Investments
99,203
75,919
7.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
19,586
112,042
119,292
12,336
12,336
1.1
Total
Collateral
Held
for
Securities
Loaned
19,586
12,336
1.1
Total
Value
$233,160
$180,576
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2023
-
6/30/2023
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($3,806)
$4,824
$–
$2,440
Core
International
Equity
(366)
2,157
–
–
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.460%
2
(2)
–
1,869
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$4,309
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
107
Total
Affiliated
Income
from
Securities
Loaned,
Net
$107
Total
($4,170)
$6,979
$–
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
44
Principal
Amount
Long-Term
Fixed
Income
(
73
.2
%
)
Value
Basic
Materials
(1.8%)
ATI,
Inc.,
Convertible
$
13,000
3.500%, 
6/15/2025
$
37,635
Cascades,
Inc./Cascades
USA,
Inc.
40,000
5.125%, 
1/15/2026
a
38,223
Chemours
Company
60,000
5.750%, 
11/15/2028
a
55,133
Cleveland-Cliffs,
Inc.
50,000
5.875%, 
6/1/2027
48,799
40,000
4.625%, 
3/1/2029
a,b
36,026
Consolidated
Energy
Finance
SA
113,000
5.625%, 
10/15/2028
a
96,073
First
Quantum
Minerals,
Ltd.
104,000
6.875%, 
10/15/2027
a
101,452
Hecla
Mining
Company
25,000
7.250%, 
2/15/2028
24,774
Hudbay
Minerals,
Inc.
45,000
4.500%, 
4/1/2026
a
41,901
Illumina,
Inc.
38,000
9.000%, 
7/1/2028
a
33,112
Methanex
Corporation
59,000
4.250%, 
12/1/2024
57,492
Novelis
Corporation
35,000
3.250%, 
11/15/2026
a
31,681
20,000
4.750%, 
1/30/2030
a
17,774
15,000
3.875%, 
8/15/2031
a
12,339
Olin
Corporation
56,000
5.125%, 
9/15/2027
53,403
25,000
5.625%, 
8/1/2029
24,100
Peabody
Energy
Corporation,
Convertible
12,000
3.250%, 
3/1/2028
16,116
SCIL
IV,
LLC/SCIL
USA
Holdings,
LLC
48,000
5.375%, 
11/1/2026
a
43,759
SPCM
SA
50,000
3.375%, 
3/15/2030
a
41,593
SunCoke
Energy,
Inc.
56,000
4.875%, 
6/30/2029
a
47,032
Taseko
Mines,
Ltd.
42,000
7.000%, 
2/15/2026
a
38,280
Unifrax
Escrow
Issuer
Corporation
44,000
5.250%, 
9/30/2028
a
31,765
United
States
Steel
Corporation
63,000
6.875%, 
3/1/2029
62,315
United
States
Steel
Corporation,
Convertible
14,000
5.000%, 
11/1/2026
27,363
Total
1,018,140
Capital
Goods
(4.2%)
Advanced
Drainage
Systems,
Inc.
54,000
6.375%, 
6/15/2030
a
53,421
AECOM
90,000
5.125%, 
3/15/2027
87,081
Amsted
Industries,
Inc.
65,000
5.625%, 
7/1/2027
a
62,867
15,000
4.625%, 
5/15/2030
a
13,379
ARD
Finance
SA
20,000
6.500%, 
6/30/2027
a
16,203
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Capital
Goods
(4.2%)
-
continued
Ardagh
Packaging
Finance
plc/
Ardagh
Holdings
USA,
Inc.
$
50,000
5.250%, 
8/15/2027
a
$
42,354
37,000
5.250%, 
8/15/2027
a
31,342
Bombardier,
Inc.
48,000
7.875%, 
4/15/2027
a
47,876
70,000
6.000%, 
2/15/2028
a
66,157
Builders
FirstSource,
Inc.
25,000
5.000%, 
3/1/2030
a
23,375
Canpack
SA/Canpack
US,
LLC
95,000
3.125%, 
11/1/2025
a
86,912
Chart
Industries,
Inc.
53,000
7.500%, 
1/1/2030
a
54,073
Chart
Industries,
Inc.,
Convertible
12,000
1.000%, 
11/15/2024
32,898
Clean
Harbors,
Inc.
35,000
6.375%, 
2/1/2031
a
35,219
Clydesdale
Acquisition
Holdings,
Inc.
8,000
6.625%, 
4/15/2029
a
7,630
17,000
8.750%, 
4/15/2030
a
15,006
Cornerstone
Building
Brands,
Inc.
43,000
6.125%, 
1/15/2029
a
33,970
Covanta
Holding
Corporation
40,000
4.875%, 
12/1/2029
a
34,600
CP
Atlas
Buyer,
Inc.
40,000
7.000%, 
12/1/2028
a
31,400
Crown
Cork
&
Seal
Company,
Inc.
50,000
7.375%, 
12/15/2026
51,689
GFL
Environmental,
Inc.
62,000
4.000%, 
8/1/2028
a
55,431
74,000
3.500%, 
9/1/2028
a
65,859
Greenbrier
Companies,
Inc.,
Convertible
25,000
2.875%, 
4/15/2028
24,612
H&E
Equipment
Services,
Inc.
114,000
3.875%, 
12/15/2028
a
98,699
Herc
Holdings,
Inc.
45,000
5.500%, 
7/15/2027
a
43,117
Howmet
Aerospace,
Inc.
130,000
3.000%, 
1/15/2029
113,621
JELD-WEN,
Inc.
17,000
4.625%, 
12/15/2025
a
16,469
Kaman
Corporation,
Convertible
12,000
3.250%, 
5/1/2024
11,556
KBR,
Inc.,
Convertible
27,000
2.500%, 
11/1/2023
69,066
Mauser
Packaging
Solutions
Holding
Company
70,000
9.250%, 
4/15/2027
a
64,610
MIWD
Holdco
II,
LLC
24,000
5.500%, 
2/1/2030
a
19,800
Mueller
Water
Products,
Inc.
32,000
4.000%, 
6/15/2029
a
28,393
Nesco
Holdings
II,
Inc.
60,000
5.500%, 
4/15/2029
a
53,700
New
Enterprise
Stone
and
Lime
Company,
Inc.
89,000
5.250%, 
7/15/2028
a
80,993
OI
European
Group
BV
60,000
4.750%, 
2/15/2030
a
54,154
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
45
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Capital
Goods
(4.2%)
-
continued
Owens-Brockway
Glass
Container,
Inc.
$
27,000
6.625%, 
5/13/2027
a
$
26,735
Pactiv
Evergreen
Group
40,000
4.375%, 
10/15/2028
a
34,635
Patrick
Industries,
Inc.,
Convertible
15,000
1.750%, 
12/1/2028
14,565
PGT
Innovations,
Inc.
50,000
4.375%, 
10/1/2029
a
46,640
Sealed
Air
Corporation
44,000
6.125%, 
2/1/2028
a
43,676
Silgan
Holdings,
Inc.
22,000
4.125%, 
2/1/2028
20,186
SRM
Escrow
Issuer,
LLC
105,000
6.000%, 
11/1/2028
a
99,020
Titan
Acquisition,
Ltd./Titan
Co-
Borrower,
LLC
30,000
7.750%, 
4/15/2026
a
27,225
TransDigm,
Inc.
5,000
6.250%, 
3/15/2026
a
4,976
205,000
5.500%, 
11/15/2027
193,356
Triumph
Group,
Inc.
45,000
9.000%, 
3/15/2028
a
45,947
United
Rentals
North
America,
Inc.
70,000
4.875%, 
1/15/2028
66,611
30,000
4.000%, 
7/15/2030
26,569
Waste
Pro
USA,
Inc.
15,000
5.500%, 
2/15/2026
a
13,905
WESCO
Distribution,
Inc.
75,000
7.250%, 
6/15/2028
a
76,504
Total
2,368,082
Collateralized
Mortgage
Obligations
(0.1%)
GMACM
Mortgage
Loan
Trust
13,613
3.621%, 
11/19/2035,
Ser.
2005-AR6,
Class
1A1
c
12,446
Residential
Accredit
Loans,
Inc.
Trust
40,311
6.000%, 
1/25/2037,
Ser.
2007-QS1,
Class
1A1
31,008
Total
43,454
Communications
Services
(4.1%)
Allen
Media,
LLC/Allen
Media
Co-
Issuer,
Inc.
45,000
10.500%, 
2/15/2028
a
23,175
Altice
Financing
SA
15,000
5.750%, 
8/15/2029
a
11,620
Altice
France
SA/France
29,000
5.125%, 
7/15/2029
a
20,586
125,000
5.500%, 
10/15/2029
a
89,393
AMC
Networks,
Inc.
20,000
5.000%, 
4/1/2024
19,690
69,000
4.250%, 
2/15/2029
37,092
Cable
One,
Inc.,
Convertible
39,000
1.125%, 
3/15/2028
29,347
CCO
Holdings,
LLC/CCO
Holdings
Capital
Corporation
32,000
5.500%, 
5/1/2026
a
31,201
10,000
5.125%, 
5/1/2027
a
9,312
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Communications
Services
(4.1%)
-
continued
$
89,000
6.375%, 
9/1/2029
a
$
83,852
30,000
4.750%, 
3/1/2030
a
25,653
23,000
4.250%, 
2/1/2031
a
18,606
147,000
4.750%, 
2/1/2032
a
119,876
55,000
4.250%, 
1/15/2034
a
41,567
Cengage
Learning,
Inc.
2,000
9.500%, 
6/15/2024
a
2,005
Clear
Channel
Worldwide
Holdings,
Inc.
50,000
5.125%, 
8/15/2027
a
45,395
Connect
Finco
SARL/Connect
US
Finco,
LLC
27,000
6.750%, 
10/1/2026
a
26,226
CSC
Holdings,
LLC
110,000
5.375%, 
2/1/2028
a
88,389
41,000
6.500%, 
2/1/2029
a
33,129
61,000
4.125%, 
12/1/2030
a
42,671
DIRECTV
Financing,
LLC/DIRECTV
Financing
Co-Obligor,
Inc.
65,000
5.875%, 
8/15/2027
a
58,866
DISH
DBS
Corporation
20,000
5.875%, 
11/15/2024
17,492
21,000
5.250%, 
12/1/2026
a
16,846
21,000
7.375%, 
7/1/2028
11,235
58,000
5.750%, 
12/1/2028
a
43,139
31,000
5.125%, 
6/1/2029
14,395
DISH
Network
Corporation
12,000
11.750%, 
11/15/2027
a
11,711
Frontier
Communications
Holdings,
LLC
57,000
5.875%, 
10/15/2027
a
52,312
24,000
6.750%, 
5/1/2029
a
18,619
16,000
8.750%, 
5/15/2030
a
15,638
GCI,
LLC
75,000
4.750%, 
10/15/2028
a
63,945
Gray
Escrow
II,
Inc.
75,000
5.375%, 
11/15/2031
a
49,709
Gray
Television,
Inc.
50,000
4.750%, 
10/15/2030
a
33,907
Hughes
Satellite
Systems
Corporation
20,000
6.625%, 
8/1/2026
18,700
Iliad
Holding
SASU
73,000
6.500%, 
10/15/2026
a
68,899
LCPR
Senior
Secured
Financing
DAC
40,000
6.750%, 
10/15/2027
a
37,490
Level
3
Financing,
Inc.
50,000
4.625%, 
9/15/2027
a
34,790
70,000
4.250%, 
7/1/2028
a
45,071
28,000
10.500%, 
5/15/2030
a
28,410
Liberty
Media
Corporation,
Convertible
2,000
2.250%, 
8/15/2027
a
2,148
News
Corporation
51,000
3.875%, 
5/15/2029
a
44,768
Outfront
Media
Capital,
LLC/
Outfront
Media
Capital
Corporation
22,000
6.250%, 
6/15/2025
a
21,895
Paramount
Global
75,000
6.375%, 
3/30/2062
c
62,566
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
46
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Communications
Services
(4.1%)
-
continued
Playtika
Holding
Corporation
$
50,000
4.250%, 
3/15/2029
a
$
44,375
Radiate
Holdco,
LLC/Radiate
Finance,
Inc.
35,000
6.500%, 
9/15/2028
a
20,425
Rogers
Communications,
Inc.
80,000
5.250%, 
3/15/2082
a,c
74,054
Sirius
XM
Radio,
Inc.
85,000
5.000%, 
8/1/2027
a
78,862
25,000
4.000%, 
7/15/2028
a
21,722
30,000
4.125%, 
7/1/2030
a
24,497
TEGNA,
Inc.
88,000
4.625%, 
3/15/2028
77,660
Telecom
Italia
Capital
SA
17,000
6.000%, 
9/30/2034
13,710
Telecom
Italia
SPA/Milano
23,000
5.303%, 
5/30/2024
a
22,355
Telesat
Canada/Telesat,
LLC
20,000
4.875%, 
6/1/2027
a
12,007
10,000
6.500%, 
10/15/2027
a
4,066
United
States
Cellular
Corporation
35,000
6.700%, 
12/15/2033
b
30,091
Uniti
Group,
LP/Uniti
Group
Finance,
Inc./CSL
Capital,
LLC
76,000
4.750%, 
4/15/2028
a
63,072
Univision
Communications,
Inc.
95,000
6.625%, 
6/1/2027
a
91,822
Vodafone
Group
plc
88,000
7.000%, 
4/4/2079
c
90,231
VTR
Finance
NV
40,000
6.375%, 
7/15/2028
a
14,999
VZ
Secured
Financing
BV
40,000
5.000%, 
1/15/2032
a
32,215
WMG
Acquisition
Corporation
10,000
3.750%, 
12/1/2029
a
8,645
14,000
3.875%, 
7/15/2030
a
12,077
38,000
3.000%, 
2/15/2031
a
30,741
YPSO
Finance
BIS
SA
25,000
10.500%, 
5/15/2027
a
15,138
Total
2,354,100
Consumer
Cyclical
(6.3%)
1011778
B.C.,
ULC/New
Red
Finance,
Inc.
105,000
4.375%, 
1/15/2028
a
96,933
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation
25,000
6.625%, 
7/15/2026
a
23,724
35,000
6.000%, 
6/1/2029
a
25,827
Allied
Universal
Holdco,
LLC/Allied
Universal
Finance
Corporation/
Atlas
Luxco
4
SARL
50,000
4.625%, 
6/1/2028
a
42,323
30,000
4.625%, 
6/1/2028
a
25,237
American
Axle
&
Manufacturing,
Inc.
107,000
6.500%, 
4/1/2027
b
101,490
Arko
Corporation
32,000
5.125%, 
11/15/2029
a
26,005
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Consumer
Cyclical
(6.3%)
-
continued
Ashton
Woods
USA,
LLC/Ashton
Woods
Finance
Company
$
30,000
4.625%, 
8/1/2029
a
$
25,567
28,000
4.625%, 
4/1/2030
a
23,901
Bloomin'
Brands,
Inc.,
Convertible
2,000
5.000%, 
5/1/2025
4,799
Booking
Holdings,
Inc.,
Convertible
10,000
0.750%, 
5/1/2025
14,988
Boyd
Gaming
Corporation
50,000
4.750%, 
6/15/2031
a
44,668
Boyne
USA,
Inc.
20,000
4.750%, 
5/15/2029
a
18,023
Brookfield
Residential
Properties,
Inc./Brookfield
Residential
US,
LLC
34,000
6.250%, 
9/15/2027
a
31,229
Burlington
Stores,
Inc.,
Convertible
24,000
2.250%, 
4/15/2025
b
24,825
Caesars
Entertainment,
Inc.
71,000
6.250%, 
7/1/2025
a
70,671
12,000
8.125%, 
7/1/2027
a
12,282
70,000
4.625%, 
10/15/2029
a
61,125
Carnival
Corporation
37,000
10.500%, 
2/1/2026
a
38,895
55,000
7.625%, 
3/1/2026
a
53,867
85,000
5.750%, 
3/1/2027
a
78,250
Cedar
Fair,
LP
62,000
5.250%, 
7/15/2029
56,389
Churchill
Downs,
Inc.
25,000
4.750%, 
1/15/2028
a
23,185
21,000
6.750%, 
5/1/2031
a
20,764
Cinemark
USA,
Inc.
61,000
5.875%, 
3/15/2026
a
57,874
Clarios
Global,
LP/Clarios
US
Finance
Company,
Inc.
15,000
8.500%, 
5/15/2027
a,b
15,025
Cracker
Barrel
Old
Country
Store,
Inc.,
Convertible
9,000
0.625%, 
6/15/2026
7,627
Dana,
Inc.
55,000
5.625%, 
6/15/2028
51,695
Expedia
Group,
Inc.,
Convertible
30,000
Zero
Coupon, 
2/15/2026
26,214
Ford
Motor
Company
88,000
3.250%, 
2/12/2032
69,228
52,000
6.100%, 
8/19/2032
50,396
Ford
Motor
Company,
Convertible
53,000
Zero
Coupon, 
3/15/2026
58,061
Ford
Motor
Credit
Company,
LLC
119,000
2.300%, 
2/10/2025
111,240
75,000
4.134%, 
8/4/2025
71,130
85,000
2.700%, 
8/10/2026
75,886
Forestar
Group,
Inc.
40,000
3.850%, 
5/15/2026
a
36,754
General
Motors
Financial
Company,
Inc.
50,000
5.700%, 
9/30/2030
c,d
43,892
Goodyear
Tire
&
Rubber
Company
40,000
5.000%, 
7/15/2029
36,069
20,000
5.250%, 
7/15/2031
17,375
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
47
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Consumer
Cyclical
(6.3%)
-
continued
Guitar
Center
Escrow
Issuer
II,
Inc.
$
15,000
8.500%, 
1/15/2026
a,b
$
13,648
Hanesbrands,
Inc.
43,000
4.875%, 
5/15/2026
a
40,142
Hilton
Domestic
Operating
Company,
Inc.
30,000
4.875%, 
1/15/2030
27,973
23,000
3.625%, 
2/15/2032
a
19,176
Hilton
Grand
Vacations
Borrower
Escrow,
LLC/Hilton
Grand
Vacations
Borrower
Escrow,
Inc.
37,000
5.000%, 
6/1/2029
a
32,836
Hilton
Worldwide
Finance,
LLC
70,000
4.875%, 
4/1/2027
67,906
International
Game
Technology
plc
81,000
5.250%, 
1/15/2029
a
76,727
Jacobs
Entertainment,
Inc.
32,000
6.750%, 
2/15/2029
a
28,642
Jaguar
Land
Rover
Automotive
plc
56,000
5.500%, 
7/15/2029
a
47,780
KB
Home
45,000
4.800%, 
11/15/2029
41,274
L
Brands,
Inc.
96,000
6.625%, 
10/1/2030
a
92,677
10,000
6.875%, 
11/1/2035
9,150
Live
Nation
Entertainment,
Inc.,
Convertible
25,000
2.000%, 
2/15/2025
26,537
32,000
3.125%, 
1/15/2029
a
35,264
Macy's
Retail
Holdings,
LLC
70,000
5.875%, 
4/1/2029
a
63,875
Marriott
Vacations
Worldwide
Corporation,
Convertible
27,000
Zero
Coupon, 
1/15/2026
25,016
19,000
3.250%, 
12/15/2027
a
17,984
Mattamy
Group
Corporation
47,000
5.250%, 
12/15/2027
a
43,799
Michaels
Companies,
Inc.
40,000
5.250%, 
5/1/2028
a
32,318
NCL
Corporation,
Ltd.
21,000
3.625%, 
12/15/2024
a
20,208
16,000
5.875%, 
3/15/2026
a
14,969
61,000
5.875%, 
2/15/2027
a
59,378
Nissan
Motor
Company,
Ltd.
18,000
3.522%, 
9/17/2025
a
16,746
19,000
4.345%, 
9/17/2027
a
17,281
24,000
4.810%, 
9/17/2030
a
21,051
PENN
Entertainment,
Inc.
55,000
4.125%, 
7/1/2029
a
45,139
PetSmart,
Inc./PetSmart
Finance
Corporation
65,000
4.750%, 
2/15/2028
a
60,067
72,000
7.750%, 
2/15/2029
a
71,538
Prime
Security
Services
Borrower,
LLC/Prime
Finance,
Inc.
101,000
5.750%, 
4/15/2026
a
99,144
44,000
6.250%, 
1/15/2028
a
41,219
Realogy
Group,
LLC/Realogy
Group
Co-Issuer
Corporation
55,000
5.750%, 
1/15/2029
a
41,152
Royal
Caribbean
Cruises,
Ltd.
17,000
11.500%, 
6/1/2025
a
18,037
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Consumer
Cyclical
(6.3%)
-
continued
$
86,000
4.250%, 
7/1/2026
a
$
78,944
57,000
9.250%, 
1/15/2029
a
60,728
Scientific
Games
International,
Inc.
65,000
7.250%, 
11/15/2029
a
65,081
5,000
6.625%, 
3/1/2030
a
4,400
SeaWorld
Parks
and
Entertainment,
Inc.
32,000
5.250%, 
8/15/2029
a
28,642
Six
Flags
Theme
Parks,
Inc.
18,000
7.000%, 
7/1/2025
a
18,090
Staples,
Inc.
47,000
7.500%, 
4/15/2026
a
38,818
32,000
10.750%, 
4/15/2027
a
18,589
Station
Casinos,
LLC
39,000
4.625%, 
12/1/2031
a,b
32,858
Travel
+
Leisure
Company
24,000
6.625%, 
7/31/2026
a
23,818
Tripadvisor,
Inc.
12,000
7.000%, 
7/15/2025
a
12,000
Uber
Technologies,
Inc.
35,000
6.250%, 
1/15/2028
a
34,827
Uber
Technologies,
Inc.,
Convertible
33,000
Zero
Coupon, 
12/15/2025
30,097
Vail
Resorts,
Inc.,
Convertible
34,000
Zero
Coupon, 
1/1/2026
30,366
Viking
Cruises,
Ltd.
20,000
5.875%, 
9/15/2027
a
18,382
Wabash
National
Corporation
51,000
4.500%, 
10/15/2028
a
44,223
Wyndham
Hotels
&
Resorts,
Inc.
30,000
4.375%, 
8/15/2028
a
27,396
Yum!
Brands,
Inc.
75,000
4.750%, 
1/15/2030
a
70,231
ZF
North
America
Capital,
Inc.
29,000
7.125%, 
4/14/2030
a
29,495
Total
3,609,071
Consumer
Non-Cyclical
(4.2%)
1375209
B.C.,
Ltd.
38,000
9.000%, 
1/30/2028
a
38,095
Albertsons
Companies,
Inc./
Safeway,
Inc.
75,000
4.625%, 
1/15/2027
a
71,063
69,000
3.500%, 
3/15/2029
a
59,729
Aramark
Services,
Inc.
79,000
5.000%, 
2/1/2028
a
74,461
Avantor
Funding,
Inc.
48,000
4.625%, 
7/15/2028
a
44,492
B&G
Foods,
Inc.
24,000
5.250%, 
9/15/2027
20,852
Bausch
Health
Companies,
Inc.
23,000
5.500%, 
11/1/2025
a,b
20,322
68,000
11.000%, 
9/30/2028
a
48,300
BellRing
Brands,
Inc.
32,000
7.000%, 
3/15/2030
a
32,200
BioMarin
Pharmaceutical,
Inc.,
Convertible
35,000
1.250%, 
5/15/2027
b
35,186
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
48
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Consumer
Non-Cyclical
(4.2%)
-
continued
Central
Garden
&
Pet
Company
$
65,000
4.125%, 
10/15/2030
$
54,450
Cheplapharm
Arzneimittel
GmbH
10,000
5.500%, 
1/15/2028
a
9,050
Chobani,
LLC/Chobani
Finance
Corporation,
Inc.
60,000
4.625%, 
11/15/2028
a
54,600
CHS/Community
Health
Systems,
Inc.
19,000
8.000%, 
12/15/2027
a,b
18,393
40,000
6.000%, 
1/15/2029
a
33,650
Coty,
Inc.
25,000
5.000%, 
4/15/2026
a
23,958
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US,
LLC
64,000
4.750%, 
1/15/2029
a
59,008
Edgewell
Personal
Care
Company
45,000
5.500%, 
6/1/2028
a
42,535
Embecta
Corporation
20,000
6.750%, 
2/15/2030
a
17,923
Encompass
Health
Corporation
100,000
4.500%, 
2/1/2028
93,035
Energizer
Holdings,
Inc.
15,000
4.750%, 
6/15/2028
a
13,374
40,000
4.375%, 
3/31/2029
a
34,468
Fortrea
Holdings,
Inc.
14,000
7.500%, 
7/1/2030
a
14,336
HLF
Financing
SARL,
LLC/
Herbalife
International,
Inc.
117,000
4.875%, 
6/1/2029
a
83,394
Integer
Holdings
Corporation,
Convertible
37,000
2.125%, 
2/15/2028
a
43,586
Ionis
Pharmaceuticals,
Inc.,
Convertible
20,000
0.125%, 
12/15/2024
18,600
23,000
Zero
Coupon, 
4/1/2026
21,692
17,000
1.750%, 
6/15/2028
a
17,017
Jazz
Investments
I,
Ltd.,
Convertible
36,000
2.000%, 
6/15/2026
36,585
Jazz
Securities
DAC
31,000
4.375%, 
1/15/2029
a
27,658
Mattel,
Inc.
85,000
3.375%, 
4/1/2026
a
78,217
Mozart
Debt
Merger
Sub,
Inc.
41,000
3.875%, 
4/1/2029
a
35,632
41,000
5.250%, 
10/1/2029
a
35,576
Organon
&
Company/Organon
Foreign
Debt
Co-Issuer
BV
48,000
4.125%, 
4/30/2028
a
42,601
Owens
&
Minor,
Inc.
42,000
6.625%, 
4/1/2030
a
38,105
Performance
Food
Group,
Inc.
36,000
4.250%, 
8/1/2029
a
32,051
Perrigo
Finance
Unlimited
Company
93,000
4.375%, 
3/15/2026
88,412
Post
Holdings,
Inc.
33,000
5.625%, 
1/15/2028
a
31,708
20,000
5.500%, 
12/15/2029
a
18,455
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Consumer
Non-Cyclical
(4.2%)
-
continued
$
46,000
4.500%, 
9/15/2031
a
$
39,286
Post
Holdings,
Inc.,
Convertible
24,000
2.500%, 
8/15/2027
a
24,197
Scotts
Miracle-Gro
Company
37,000
4.500%, 
10/15/2029
31,793
SEG
Holding,
LLC
100,000
5.625%, 
10/15/2028
a
94,539
Simmons
Foods,
Inc.
78,000
4.625%, 
3/1/2029
a
62,495
Spectrum
Brands,
Inc.
45,000
5.000%, 
10/1/2029
a
40,166
10,000
5.500%, 
7/15/2030
a
9,125
Syneos
Health,
Inc.
50,000
3.625%, 
1/15/2029
a
48,879
Teleflex,
Inc.
61,000
4.250%, 
6/1/2028
a
55,738
Tenet
Healthcare
Corporation
123,000
5.125%, 
11/1/2027
117,425
62,000
6.125%, 
10/1/2028
59,687
Teva
Pharmaceutical
Finance
Netherlands
III
BV
118,000
3.150%, 
10/1/2026
105,733
Topgolf
Callaway
Brands
Corporation,
Convertible
10,000
2.750%, 
5/1/2026
12,910
TreeHouse
Foods,
Inc.
67,000
4.000%, 
9/1/2028
57,716
United
Natural
Foods,
Inc.
24,000
6.750%, 
10/15/2028
a
19,893
Winnebago
Industries,
Inc.,
Convertible
19,000
1.500%, 
4/1/2025
22,705
Total
2,365,056
Energy
(5.6%)
Antero
Resources
Corporation
19,000
5.375%, 
3/1/2030
a
17,589
Archrock
Partners,
LP/Archrock
Partners
Finance
Corporation
65,000
6.250%, 
4/1/2028
a
61,026
Baytex
Energy
Corporation
34,000
8.500%, 
4/30/2030
a
33,203
BP
Capital
Markets
plc
164,000
4.875%, 
3/22/2030
c,d
149,076
Buckeye
Partners,
LP
65,000
3.950%, 
12/1/2026
58,679
Callon
Petroleum
Company
45,000
8.250%, 
7/15/2025
44,663
26,000
7.500%, 
6/15/2030
a
24,541
Cheniere
Energy
Partners,
LP
18,000
3.250%, 
1/31/2032
14,808
Cheniere
Energy,
Inc.
20,000
4.625%, 
10/15/2028
18,676
Chesapeake
Energy
Corporation
26,000
6.750%, 
4/15/2029
a
25,798
Chord
Energy
Corporation
26,000
6.375%, 
6/1/2026
a
25,776
Civitas
Resources,
Inc.
15,000
8.375%, 
7/1/2028
a
15,170
15,000
8.750%, 
7/1/2031
a
15,207
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
49
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Energy
(5.6%)
-
continued
CNX
Resources
Corporation
$
20,000
6.000%, 
1/15/2029
a
$
18,538
CNX
Resources
Corporation,
Convertible
23,000
2.250%, 
5/1/2026
33,844
Comstock
Resources,
Inc.
20,000
6.750%, 
3/1/2029
a
18,299
30,000
5.875%, 
1/15/2030
a
26,045
CQP
Holdco,
LP/BIP-V
Chinnok
Holdco,
LLC
41,000
5.500%, 
6/15/2031
a
36,568
Crescent
Energy
Finance,
LLC
17,000
9.250%, 
2/15/2028
a
16,494
CrownRock,
LP/CrownRock
Finance,
Inc.
31,000
5.625%, 
10/15/2025
a
30,541
DT
Midstream,
Inc.
80,000
4.125%, 
6/15/2029
a
70,206
10,000
4.375%, 
6/15/2031
a
8,613
Enbridge,
Inc.
110,000
7.375%, 
1/15/2083
c
107,867
115,000
7.625%, 
1/15/2083
c
115,560
Enerflex,
Ltd.
32,000
9.000%, 
10/15/2027
a
31,135
Energy
Transfer,
LP
135,000
6.750%, 
5/15/2025
c,d
120,152
EnLink
Midstream
Partners,
LP
65,000
4.850%, 
7/15/2026
62,725
EnLink
Midstream,
LLC
22,000
6.500%, 
9/1/2030
a
21,973
Enterprise
Products
Operating,
LLC
37,000
8.304%, 
(LIBOR
3M
+
2.986%),
8/16/2077
c
36,383
EQM
Midstream
Partners,
LP
93,000
4.750%, 
1/15/2031
a
81,467
EQT
Corporation,
Convertible
14,000
1.750%, 
5/1/2026
39,389
Ferrellgas,
LP/Ferrellgas
Finance
Corporation
39,000
5.375%, 
4/1/2026
a
36,274
Genesis
Energy
LP/Genesis
Energy
Finance
Corporation
31,000
8.875%, 
4/15/2030
30,287
Harvest
Midstream,
LP
92,000
7.500%, 
9/1/2028
a
91,213
Hess
Midstream
Operations,
LP
40,000
5.625%, 
2/15/2026
a
39,350
29,000
5.500%, 
10/15/2030
a
26,825
Hilcorp
Energy
I,
LP/Hilcorp
Finance
Company
40,000
5.750%, 
2/1/2029
a
36,220
46,000
6.250%, 
4/15/2032
a
41,003
Holly
Energy
Partners,
LP/Holly
Energy
Finance
Corporation
26,000
6.375%, 
4/15/2027
a
25,683
Howard
Midstream
Energy
Partners,
LLC
54,000
6.750%, 
1/15/2027
a
51,435
ITT
Holdings,
LLC
55,000
6.500%, 
8/1/2029
a
46,336
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Energy
(5.6%)
-
continued
Laredo
Petroleum,
Inc.
$
59,000
7.750%, 
7/31/2029
a
$
48,675
MEG
Energy
Corporation
44,000
5.875%, 
2/1/2029
a
41,378
Murphy
Oil
Corporation
35,000
5.875%, 
12/1/2027
34,002
Nabors
Industries,
Ltd.
85,000
7.250%, 
1/15/2026
a
79,349
Noble
Finance
II,
LLC
36,000
8.000%, 
4/15/2030
a
36,600
Northern
Oil
and
Gas,
Inc.
34,000
8.750%, 
6/15/2031
a
33,405
Northern
Oil
and
Gas,
Inc.,
Convertible
17,000
3.625%, 
4/15/2029
a
18,959
Northriver
Midstream
Finance,
LP
17,000
5.625%, 
2/15/2026
a
15,851
NuStar
Logistics,
LP
50,000
5.750%, 
10/1/2025
48,748
Permian
Resources
Operating,
LLC,
Convertible
6,000
3.250%, 
4/1/2028
11,514
Pioneer
Natural
Resources
Company,
Convertible
7,000
0.250%, 
5/15/2025
15,391
Plains
All
American
Pipeline,
LP
60,000
9.431%, 
(LIBOR
3M
+
4.110%),
8/3/2023
c,d
53,408
Precision
Drilling
Corporation
50,000
6.875%, 
1/15/2029
a
45,176
Range
Resources
Corporation
28,000
4.750%, 
2/15/2030
a
25,095
Rockcliff
Energy
II,
LLC
36,000
5.500%, 
10/15/2029
a
33,208
SM
Energy
Company
53,000
6.625%, 
1/15/2027
51,476
20,000
6.500%, 
7/15/2028
19,200
Southwestern
Energy
Company
55,000
5.375%, 
3/15/2030
51,326
25,000
4.750%, 
2/1/2032
22,033
Suburban
Propane
Partners,
LP/
Suburban
Energy
Finance
Corporation
29,000
5.875%, 
3/1/2027
28,019
25,000
5.000%, 
6/1/2031
a
20,929
Sunoco,
LP/Sunoco
Finance
Corporation
10,000
5.875%, 
3/15/2028
9,616
35,000
4.500%, 
4/30/2030
30,599
Teine
Energy,
Ltd.
30,000
6.875%, 
4/15/2029
a
27,388
TransCanada
Trust
100,000
5.600%, 
3/7/2082
c
84,269
165,000
5.300%, 
3/15/2077
c
146,345
Transocean,
Inc.
45,000
11.500%, 
1/30/2027
a
46,631
USA
Compression
Partners,
LP/
USA
Compression
Finance
Corporation
55,000
6.875%, 
4/1/2026
53,878
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
50
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Energy
(5.6%)
-
continued
Venture
Global
Calcasieu
Pass,
LLC
$
80,000
3.875%, 
8/15/2029
a
$
69,887
21,000
6.250%, 
1/15/2030
a
20,831
25,000
4.125%, 
8/15/2031
a
21,499
Venture
Global
LNG,
Inc.
70,000
8.375%, 
6/1/2031
a
70,572
Weatherford
International,
Ltd.
51,000
8.625%, 
4/30/2030
a
51,777
Total
3,171,671
Financials
(15.6%)
AerCap
Holdings
NV
90,000
5.875%, 
10/10/2079
c
84,881
Air
Lease
Corporation
98,000
4.650%, 
6/15/2026
c,d
81,787
Aircastle,
Ltd.
135,000
5.250%, 
6/15/2026
a,c,d
94,216
Alliant
Holdings
Intermediate,
LLC/
Alliant
Holdings
Co-Issuer,
Inc.
26,000
6.750%, 
10/15/2027
a
24,440
Ally
Financial,
Inc.
226,000
4.700%, 
5/15/2026
c,d
159,330
9,000
6.700%, 
2/14/2033
7,963
American
Express
Company
110,000
3.550%, 
9/15/2026
c,d
91,300
AmWINS
Group,
Inc.
34,000
4.875%, 
6/30/2029
a
30,701
Arbor
Realty
Trust,
Inc.,
Convertible
10,000
7.500%, 
8/1/2025
a
9,910
Ares
Capital
Corporation,
Convertible
13,000
4.625%, 
3/1/2024
12,959
BAC
Capital
Trust
XIV
90,000
5.952%, 
(LIBOR
3M
+
0.400%),
7/19/2023
c,d
69,300
Bank
of
America
Corporation
284,000
6.250%, 
9/5/2024
c,d
280,450
110,000
6.100%, 
3/17/2025
c,d
109,065
60,000
6.300%, 
3/10/2026
c,d
59,835
240,000
4.375%, 
1/27/2027
c,d
204,660
145,000
6.125%, 
4/27/2027
c,d
141,687
Bank
of
New
York
Mellon
Corporation
142,000
4.700%, 
9/20/2025
c,d
137,917
Bank
of
Nova
Scotia
69,000
4.900%, 
6/4/2025
c,d
65,141
Blackstone
Mortgage
Trust,
Inc.,
Convertible
3,000
5.500%, 
3/15/2027
2,563
Capital
One
Financial
Corporation
50,000
3.950%, 
9/1/2026
c,d
37,125
Charles
Schwab
Corporation
191,000
5.375%, 
6/1/2025
c,d
182,543
176,000
4.000%, 
6/1/2026
c,d
143,044
15,000
5.000%, 
6/1/2027
c,d
12,570
160,000
4.000%, 
12/1/2030
c,d
116,760
Citigroup,
Inc.
100,000
9.341%, 
(LIBOR
3M
+
4.068%),
10/30/2023
c,d
100,350
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Financials
(15.6%)
-
continued
$
60,000
5.000%, 
9/12/2024
c,d
$
56,006
210,000
4.000%, 
12/10/2025
c,d
179,287
195,000
3.875%, 
2/18/2026
c,d
163,312
140,000
4.150%, 
11/15/2026
c,d
112,630
56,000
7.375%, 
5/15/2028
c,d
55,589
Citizens
Financial
Group,
Inc.
110,000
4.000%, 
10/6/2026
c,d
82,360
Coinbase
Global,
Inc.,
Convertible
70,000
0.500%, 
6/1/2026
52,600
Comerica,
Inc.
22,000
5.625%, 
7/1/2025
c,d
18,235
Corebridge
Financial,
Inc.
87,000
6.875%, 
12/15/2052
c
83,389
Credit
Acceptance
Corporation
65,000
5.125%, 
12/31/2024
a
63,101
Credit
Agricole
SA
52,000
6.875%, 
9/23/2024
a,c,d
50,149
44,000
8.125%, 
12/23/2025
a,c,d
44,055
Credit
Suisse
Group
AG
55,000
7.500%, 
12/11/2023
*,c,d,e
2,053
55,000
7.250%, 
9/12/2025
a,c,d,e
2,053
Dai-ichi
Life
Insurance
Company,
Ltd.
275,000
5.100%, 
10/28/2024
a,c,d
267,442
Deutsche
Bank
AG/New
York,
NY
135,000
6.000%, 
10/30/2025
c,d
107,717
Drawbridge
Special
Opportunities
Fund,
LP
100,000
3.875%, 
2/15/2026
a
89,298
Encore
Capital
Group,
Inc.,
Convertible
14,000
4.000%, 
3/15/2029
a
13,594
Fifth
Third
Bancorp
105,000
4.500%, 
9/30/2025
c,d
92,600
Fortress
Transportation
and
Infrastructure
Investors,
LLC
32,000
6.500%, 
10/1/2025
a
31,525
35,000
9.750%, 
8/1/2027
a
36,147
Genworth
Mortgage
Holdings,
Inc.
31,000
6.500%, 
8/15/2025
a
30,452
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership,
LP
110,000
3.750%, 
12/15/2027
a
80,696
Goldman
Sachs
Group,
Inc.
80,000
5.500%, 
8/10/2024
c,d
77,894
145,000
3.650%, 
8/10/2026
c,d
112,085
130,000
4.125%, 
11/10/2026
c,d
108,675
Hartford
Financial
Services
Group,
Inc.
120,000
7.446%, 
(LIBOR
3M
+
2.125%),
2/12/2047
a,c
99,607
HAT
Holdings
I,
LLC/HAT
Holdings
II,
LLC,
Convertible
4,000
Zero
Coupon, 
5/1/2025
a
3,783
HSBC
Holdings
plc
46,000
6.375%, 
3/30/2025
c,d
44,052
110,000
4.600%, 
12/17/2030
c,d
83,738
HUB
International,
Ltd.
54,000
5.625%, 
12/1/2029
a
48,442
Huntington
Bancshares,
Inc.
130,000
4.450%, 
10/15/2027
c,d
105,579
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
51
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Financials
(15.6%)
-
continued
Icahn
Enterprises,
LP/Icahn
Enterprises
Finance
Corporation
$
47,000
4.750%, 
9/15/2024
$
44,907
40,000
6.375%, 
12/15/2025
37,184
12,000
5.250%, 
5/15/2027
10,349
J.P.
Morgan
Chase
&
Company
25,000
6.000%, 
11/1/2023
c,d
25,018
115,000
8.549%, 
(LIBOR
3M
+
3.250%),
11/1/2023
b,c,d
115,431
245,000
5.000%, 
8/1/2024
c,d
239,334
150,000
4.600%, 
2/1/2025
c,d
139,875
100,000
3.650%, 
6/1/2026
c,d
88,015
Jefferies
Finance,
LLC/JFIN
Co-
Issuer
Corporation
16,000
5.000%, 
8/15/2028
a
13,117
Lincoln
National
Corporation
100,000
7.688%, 
(LIBOR
3M
+
2.358%),
8/17/2023
c
66,138
LPL
Holdings,
Inc.
45,000
4.000%, 
3/15/2029
a
39,479
M&T
Bank
Corporation
229,000
3.500%, 
9/1/2026
c,d
152,744
Macquarie
Airfinance
Holdings,
Ltd.
18,000
8.375%, 
5/1/2028
a
18,251
MetLife,
Inc.
140,000
3.850%, 
9/15/2025
c,d
129,357
85,000
5.875%, 
3/15/2028
c,d
78,173
116,000
6.400%, 
12/15/2036
115,773
Molina
Healthcare,
Inc.
41,000
4.375%, 
6/15/2028
a
37,796
MPT
Operating
Partnership,
LP/
MPT
Finance
Corporation
47,000
4.625%, 
8/1/2029
35,530
Nationstar
Mortgage
Holdings,
Inc.
41,000
6.000%, 
1/15/2027
a
38,142
NatWest
Group
plc
110,000
4.600%, 
6/28/2031
c,d
76,175
Necessity
Retail
REIT,
Inc./
American
Finance
Operating
Partner,
LP
63,000
4.500%, 
9/30/2028
a
48,463
Nippon
Life
Insurance
Company
260,000
5.100%, 
10/16/2044
a,c
253,551
129,000
3.400%, 
1/23/2050
a,c
112,854
OneMain
Finance
Corporation
70,000
6.875%, 
3/15/2025
69,309
41,000
3.875%, 
9/15/2028
33,518
Park
Intermediate
Holdings,
LLC
21,000
4.875%, 
5/15/2029
a
18,098
Pebblebrook
Hotel
Trust,
Convertible
45,000
1.750%, 
12/15/2026
37,986
PNC
Financial
Services
Group,
Inc.
110,000
3.400%, 
9/15/2026
c,d
81,125
116,000
6.200%, 
9/15/2027
b,c,d
108,129
112,000
6.250%, 
3/15/2030
c,d
100,548
PRA
Group,
Inc.
38,000
7.375%, 
9/1/2025
a
36,123
19,000
8.375%, 
2/1/2028
a
17,219
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Financials
(15.6%)
-
continued
Provident
Financing
Trust
I
$
30,000
7.405%, 
3/15/2038
$
30,195
Prudential
Financial,
Inc.
84,000
6.750%, 
3/1/2053
c
84,503
190,000
5.200%, 
3/15/2044
c
187,752
25,000
3.700%, 
10/1/2050
c
21,086
QBE
Insurance
Group,
Ltd.
44,000
5.875%, 
5/12/2025
a,c,d
41,875
Radian
Group,
Inc.
45,000
4.875%, 
3/15/2027
42,440
Redwood
Trust,
Inc.,
Convertible
2,000
7.750%, 
6/15/2027
1,683
Regions
Financial
Corporation
104,000
5.750%, 
6/15/2025
c,d
98,441
RHP
Hotel
Properties,
LP/RHP
Finance
Corporation
20,000
7.250%, 
7/15/2028
a
20,205
RLJ
Lodging
Trust,
LP
20,000
3.750%, 
7/1/2026
a
18,350
38,000
4.000%, 
9/15/2029
a
31,824
Rocket
Mortgage,
LLC/Rocket
Mortgage
Co-Issuer,
Inc.
45,000
3.625%, 
3/1/2029
a
37,821
Service
Properties
Trust
23,000
4.650%, 
3/15/2024
22,619
12,000
4.350%, 
10/1/2024
11,547
66,000
7.500%, 
9/15/2025
64,812
20,000
5.500%, 
12/15/2027
17,584
SLM
Corporation
10,000
4.200%, 
10/29/2025
9,290
Standard
Chartered
plc
45,000
6.000%, 
7/26/2025
a,c,d
42,740
Sumitomo
Life
Insurance
Company
175,000
3.375%, 
4/15/2081
a,c
150,747
Summit
Hotel
Properties,
Inc.,
Convertible
16,000
1.500%, 
2/15/2026
13,591
Synchrony
Financial
9,000
7.250%, 
2/2/2033
8,105
Toronto-Dominion
Bank
60,000
8.125%, 
10/31/2082
c
60,953
Truist
Financial
Corporation
175,000
5.100%, 
3/1/2030
c,d
151,375
UBS
Group
AG
100,000
4.875%, 
2/12/2027
a,c,d
80,055
United
Wholesale
Mortgage,
LLC
12,000
5.500%, 
11/15/2025
a
11,418
33,000
5.500%, 
4/15/2029
a
28,298
USB
Realty
Corporation
170,000
6.407%, 
(LIBOR
3M
+
1.147%),
1/15/2027
a,c,d
121,125
USI,
Inc./NY
16,000
6.875%, 
5/1/2025
a
15,880
Ventas
Realty,
LP,
Convertible
14,000
3.750%, 
6/1/2026
a
14,245
Wells
Fargo
&
Company
180,000
3.900%, 
3/15/2026
c,d
158,472
100,000
5.760%, 
(LIBOR
3M
+
0.500%),
1/15/2027
c
93,560
Welltower
OP,
LLC,
Convertible
36,000
2.750%, 
5/15/2028
a
36,270
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
52
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Financials
(15.6%)
-
continued
XHR,
LP
$
20,000
6.375%, 
8/15/2025
a
$
19,632
23,000
4.875%, 
6/1/2029
a
19,723
Total
8,844,569
Mortgage-Backed
Securities
(10.8%)
Federal
National
Mortgage
Association
Conventional
30-Yr.
Pass
Through
3,089,901
5.000%, 
3/1/2053
3,028,513
700,000
5.500%, 
7/1/2042
f
696,609
2,500,000
4.500%, 
7/1/2048
f
2,403,516
Total
6,128,638
Technology
(2.7%)
Akamai
Technologies,
Inc.,
Convertible
28,000
0.125%, 
5/1/2025
29,873
26,000
0.375%, 
9/1/2027
25,109
AthenaHealth
Group,
Inc.
56,000
6.500%, 
2/15/2030
a
47,132
Black
Knight
InfoServ,
LLC
54,000
3.625%, 
9/1/2028
a
48,520
Block,
Inc.,
Convertible
26,000
0.250%, 
11/1/2027
19,939
Cloud
Software
Group,
Inc.
42,000
6.500%, 
3/31/2029
a
37,396
14,000
9.000%, 
9/30/2029
a
12,228
CommScope
Technologies,
LLC
62,000
6.000%, 
6/15/2025
a
57,788
CommScope,
Inc.
70,000
7.125%, 
7/1/2028
a,b
49,700
Euronet
Worldwide,
Inc.,
Convertible
34,000
0.750%, 
3/15/2049
33,001
Gartner,
Inc.
45,000
3.625%, 
6/15/2029
a
39,615
50,000
3.750%, 
10/1/2030
a
43,546
InterDigital,
Inc.,
Convertible
36,000
3.500%, 
6/1/2027
48,531
Iron
Mountain,
Inc.
30,000
4.875%, 
9/15/2027
a
28,338
50,000
5.000%, 
7/15/2028
a
46,329
45,000
4.875%, 
9/15/2029
a
40,281
13,000
5.250%, 
7/15/2030
a
11,714
50,000
4.500%, 
2/15/2031
a
42,961
Lumentum
Holdings,
Inc.,
Convertible
29,000
0.250%, 
3/15/2024
30,726
37,000
0.500%, 
6/15/2028
29,095
MACOM
Technology
Solutions
Holdings,
Inc.,
Convertible
19,000
0.250%, 
3/15/2026
19,190
Microchip
Technology,
Inc.,
Convertible
9,000
0.125%, 
11/15/2024
10,181
10,000
1.625%, 
2/15/2027
25,288
MSCI,
Inc.
45,000
4.000%, 
11/15/2029
a
40,726
NCR
Corporation
50,000
6.125%, 
9/1/2029
a,b
50,042
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Technology
(2.7%)
-
continued
ON
Semiconductor
Corporation,
Convertible
$
36,000
Zero
Coupon, 
5/1/2027
$
66,114
4,000
0.500%, 
3/1/2029
a
4,517
Open
Text
Corporation
90,000
4.125%, 
2/15/2030
a
76,212
Progress
Software
Corporation,
Convertible
17,000
1.000%, 
4/15/2026
18,615
PTC,
Inc.
10,000
3.625%, 
2/15/2025
a
9,656
40,000
4.000%, 
2/15/2028
a
36,824
Rackspace
Technology
Global,
Inc.
65,000
5.375%, 
12/1/2028
a
20,178
Seagate
HDD
Cayman
20,000
8.500%, 
7/15/2031
a
20,974
55,550
9.625%, 
12/1/2032
a
61,296
Semtech
Corporation,
Convertible
9,000
1.625%, 
11/1/2027
a
8,375
Sensata
Technologies,
Inc.
47,000
3.750%, 
2/15/2031
a
40,208
Shift4
Payments,
LLC/Shift4
Payments
Finance
Sub,
Inc.
10,000
4.625%, 
11/1/2026
a
9,378
SS&C
Technologies,
Inc.
141,000
5.500%, 
9/30/2027
a
134,983
Verint
Systems,
Inc.,
Convertible
19,000
0.250%, 
4/15/2026
16,744
Viavi
Solutions,
Inc.
38,000
3.750%, 
10/1/2029
a
32,289
Viavi
Solutions,
Inc.,
Convertible
10,000
1.000%, 
3/1/2024
9,919
13,000
1.625%, 
3/15/2026
a
13,463
Vishay
Intertechnology,
Inc.,
Convertible
35,000
2.250%, 
6/15/2025
38,304
Ziff
Davis,
Inc.,
Convertible
31,000
1.750%, 
11/1/2026
a
28,908
Total
1,514,206
Transportation
(1.2%)
Air
Transport
Services
Group,
Inc.,
Convertible
10,000
1.125%, 
10/15/2024
9,446
Allegiant
Travel
Company
37,000
7.250%, 
8/15/2027
a
36,864
American
Airlines
Group,
Inc.
13,000
3.750%, 
3/1/2025
a
12,334
American
Airlines,
Inc.
86,000
11.750%, 
7/15/2025
a
94,301
American
Airlines,
Inc./
AAdvantage
Loyalty
IP,
Ltd.
121,000
5.500%, 
4/20/2026
a
119,873
Avis
Budget
Car
Rental,
LLC/Avis
Budget
Finance,
Inc.
45,000
5.375%, 
3/1/2029
a
41,740
Delta
Air
Lines,
Inc.
10,000
7.375%, 
1/15/2026
10,425
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
53
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Transportation
(1.2%)
-
continued
Hawaiian
Brand
Intellectual
Property,
Ltd.
$
46,000
5.750%, 
1/20/2026
a
$
43,541
Hertz
Corporation
34,000
4.625%, 
12/1/2026
a
30,685
40,000
5.000%, 
12/1/2029
a
33,065
JetBlue
Airways
Corporation,
Convertible
32,000
0.500%, 
4/1/2026
26,280
Rand
Parent,
LLC
40,000
8.500%, 
2/15/2030
a
36,214
Southwest
Airlines
Company,
Convertible
43,000
1.250%, 
5/1/2025
49,300
United
Airlines,
Inc.
47,000
4.375%, 
4/15/2026
a
44,655
38,000
4.625%, 
4/15/2029
a
34,624
VistaJet
Malta
Finance
plc/Vista
Management
Holding,
Inc.
50,000
6.375%, 
2/1/2030
a
40,262
XPO
Escrow
Sub,
LLC
48,000
7.500%, 
11/15/2027
a
49,048
Total
712,657
U.S.
Government
&
Agencies
(13.7%)
U.S.
Treasury
Bonds
2,955,000
1.375%, 
11/15/2031
2,436,605
650,000
4.125%, 
11/15/2032
664,219
1,200,000
3.875%, 
2/15/2043
1,170,000
U.S.
Treasury
Notes
3,890,000
1.250%, 
12/31/2026
3,501,000
Total
7,771,824
Utilities
(2.9%)
Algonquin
Power
&
Utilities
Corporation
65,000
4.750%, 
1/18/2082
c
51,675
Alliant
Energy
Corporation,
Convertible
17,000
3.875%, 
3/15/2026
a
16,881
American
Electric
Power
Company,
Inc.
125,000
3.875%, 
2/15/2062
c
99,279
Calpine
Corporation
38,000
4.500%, 
2/15/2028
a
34,403
CMS
Energy
Corporation,
Convertible
11,000
3.375%, 
5/1/2028
a
10,818
Dominion
Energy,
Inc.
150,000
4.350%, 
1/15/2027
c,d
126,018
Duke
Energy
Corporation
123,000
3.250%, 
1/15/2082
c
91,331
45,000
4.875%, 
9/16/2024
c,d
43,218
Duke
Energy
Corporation,
Convertible
47,000
4.125%, 
4/15/2026
a
45,895
Edison
International
210,000
5.000%, 
12/15/2026
c,d
181,419
FirstEnergy
Corporation,
Convertible
17,000
4.000%, 
5/1/2026
a
16,915
Principal
Amount
Long-Term
Fixed
Income
(73.2%)
Value
Utilities
(2.9%)
-
continued
NextEra
Energy
Capital
Holdings,
Inc.
$
185,000
3.800%, 
3/15/2082
c
$
155,313
NextEra
Energy
Operating
Partners,
LP
100,000
3.875%, 
10/15/2026
a
92,933
NextEra
Energy
Partners,
LP,
Convertible
8,000
Zero
Coupon, 
6/15/2024
a
7,512
33,000
Zero
Coupon, 
11/15/2025
a
30,443
NRG
Energy,
Inc.
86,000
10.250%, 
3/15/2028
a,c,d
81,095
15,000
3.375%, 
2/15/2029
a
12,268
20,000
5.250%, 
6/15/2029
a
17,885
NRG
Energy,
Inc.,
Convertible
36,000
2.750%, 
6/1/2048
37,998
PG&E
Corporation
47,000
5.000%, 
7/1/2028
43,127
PPL
Capital
Funding,
Inc.,
Convertible
28,000
2.875%, 
3/15/2028
a
26,740
Sempra
Energy
115,000
4.125%, 
4/1/2052
c
92,944
44,000
4.875%, 
10/15/2025
c,d
40,923
Southern
Company
90,000
3.750%, 
9/15/2051
c
76,590
Southern
Company,
Convertible
50,000
3.875%, 
12/15/2025
a
49,875
TerraForm
Power
Operating,
LLC
100,000
5.000%, 
1/31/2028
a
92,066
Vistra
Operations
Company,
LLC
55,000
5.000%, 
7/31/2027
a
51,481
Total
1,627,045
Total
Long-Term
Fixed
Income
(cost
$45,530,756)
41,528,513
Shares
Registered
Investment
Companies
(
16
.8
%
)
Value
U.S.
Affiliated  (7.5%)
550,711
Thrivent
Core
Emerging
Markets
Debt
Fund
4,223,951
Total
4,223,951
U.S.
Unaffiliated  (9.3%)
64,600
Aberdeen
Asia-Pacific
Income
Fund,
Inc.
174,420
21,225
AllianceBernstein
Global
High
Income
Fund,
Inc.
211,401
30,727
Allspring
Income
Opportunities
Fund
198,189
5,383
Barings
Global
Short
Duration
High
Yield
Fund
70,194
7,438
BlackRock
Core
Bond
Trust
79,140
23,740
BlackRock
Corporate
High
Yield
Fund,
Inc.
211,761
19,578
BlackRock
Credit
Allocation
Income
Trust
198,717
3,300
BlackRock
Debt
Strategies
Fund,
Inc.
32,307
20,273
BlackRock
Enhanced
Global
Dividend
Trust
204,149
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
54
Shares
Registered
Investment
Companies
(16.8%)
Value
U.S.
Unaffiliated  (9.3%)-
continued
5,500
BlackRock
Enhanced
International
Dividend
Trust
$
29,920
1,000
BlackRock
Floating
Rate
Income
Strategies
Fund,
Inc.
12,210
2,966
BlackRock
Income
Trust,
Inc.
36,096
9,618
BlackRock
Multi-Sector
Income
Trust
138,211
14,750
Blackstone
Strategic
Credit
2027
Term
Fund
b
161,217
26,998
BNY
Mellon
High
Yield
Strategies
Fund
59,936
21,120
Eaton
Vance
Limited
Duration
Income
Fund
197,683
1,383
Eaton
Vance
Tax-Managed
Global
Diversified
Equity
Income
Fund
10,954
18,496
First
Trust
High
Income
Long/Short
Fund
211,594
6,273
First
Trust
Senior
Floating
Rate
Income
Fund
II
62,103
7,377
Invesco
Dynamic
Credit
Opportunities
Fund
g,h
77,234
6,000
Invesco
Preferred
ETF
68,220
10,000
iShares
Preferred
and
Income
Securities
ETF
309,300
11,994
New
America
High
Income
Fund,
Inc.
79,760
43,150
Nuveen
Credit
Strategies
Income
Fund
217,908
9,464
Nuveen
Global
High
Income
Fund
105,713
8,400
Nuveen
Preferred
Income
Opportunities
Fund
54,432
7,600
Nuveen
Quality
Preferred
Income
Fund
II
48,488
10,279
Nuveen
Short
Duration
Credit
Opportunities
Fund
118,722
19,125
PGIM
Global
High
Yield
Fund,
Inc.
209,801
16,984
PGIM
High
Yield
Bond
Fund,
Inc.
210,941
7,593
Pimco
Dynamic
Income
Fund
142,369
238
Pioneer
High
Income
Fund,
Inc.
1,599
2,080
Tri-Continental
Corporation
57,034
9,400
Vanguard
Short-Term
Corporate
Bond
ETF
b
711,204
7,400
Virtus
Convertible
&
Income
Fund
25,752
14,186
Virtus
Dividend,
Interest
&
Premium
Strategy
Fund
173,211
2,775
Virtus
Equity
&
Convertible
Income
Fund
58,691
4,802
Voya
Asia
Pacific
High
Dividend
Equity
Income
Fund
29,484
25,850
Voya
Global
Equity
Dividend
&
Premium
Opportunity
Fund
132,869
47,693
Western
Asset
High
Income
Opportunity
Fund,
Inc.
180,280
Total
5,313,214
Total
Registered
Investment
Companies
(cost
$11,385,168)
9,537,165
Shares
Preferred
Stock
(
6
.0
%
)
Value
Communications
Services
(0.7%)
12,075
AT&T,
Inc.,
4.750%
d
254,541
850
CenterPoint
Energy,
Inc.,
Convertible,
3.369%
30,889
Shares
Preferred
Stock
(6.0%)
Value
Communications
Services
(0.7%)
-
continued
358
Paramount
Global,
Convertible,
5.750%
$
8,112
6,000
Telephone
and
Data
Systems,
Inc.,
6.000%
d
82,440
Total
375,982
Consumer
Cyclical
(0.2%)
5,500
Ford
Motor
Company,
6.000%
133,430
Total
133,430
Energy
(0.2%)
5,285
Crestwood
Equity
Partners,
LP,
9.250%
d
48,622
525
Energy
Transfer,
LP,
7.600%
c,d
12,799
1,415
Nustar
Logistics,
LP,
11.994%
c
35,800
60
UGI
Corporation,
Convertible,
7.250%
3,985
Total
101,206
Financials
(4.1%)
3,925
Aegon
Funding
Corporation
II,
5.100%
83,249
3,500
Allstate
Corporation,
5.100%
d
77,000
4,000
American
International
Group,
Inc.
5.850%
d
96,360
14,150
Bank
of
America
Corporation,
4.250%
b,d
264,605
41
Bank
of
America
Corporation,
Convertible,
7.250%
d
48,045
5,300
Capital
One
Financial
Corporation,
5.000%
d
102,979
3,600
Equitable
Holdings,
Inc.,
5.250%
d
71,964
60
First
Horizon
Bank,
6.061%
*,c,d
38,081
3,000
First
Horizon
Corporation,
6.500%
d
68,070
7,200
J.P.
Morgan
Chase
&
Company,
4.200%
d
138,888
6,825
J.P.
Morgan
Chase
&
Company,
4.750%
d
146,260
6,750
KeyCorp,
6.200%
c,d
128,790
737
KKR
&
Company,
Inc.,
Convertible,
6.000%
48,716
5,875
Morgan
Stanley,
4.250%
d
109,275
4,000
Morgan
Stanley,
5.850%
c,d
94,040
2,800
Morgan
Stanley,
7.125%
c,d
70,392
5,500
Public
Storage,
3.950%
d
101,365
5,950
Public
Storage,
4.125%
d
118,405
850
Public
Storage,
4.625%
d
18,725
225
Public
Storage,
4.700%
d
5,065
1,450
Regions
Financial
Corporation,
5.700%
c,d
29,652
250
Synovus
Financial
Corporation,
5.875%
c,d
5,162
4,150
Truist
Financial
Corporation,
4.750%
d
83,332
5,900
U.S.
Bancorp,
4.000%
d
99,297
6,750
Wells
Fargo
&
Company,
4.250%
d
115,155
4,500
Wells
Fargo
&
Company,
4.750%
d
85,680
89
Wells
Fargo
&
Company,
Convertible,
7.500%
d
102,528
Total
2,351,080
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
55
Shares
Preferred
Stock
(6.0%)
Value
Utilities
(0.8%)
522
AES
Corporation,
Convertible,
6.875%
$
42,606
7,500
CMS
Energy
Corporation,
4.200%
d
135,975
747
NextEra
Energy,
Inc.,
Convertible,
6.926%
b
33,832
114
NiSource,
Inc.,
Convertible,
7.750%
11,599
8,800
Southern
Company,
4.950%
202,136
Total
426,148
Total
Preferred
Stock
(cost
$4,114,418)
3,387,846
Shares
Collateral
Held
for
Securities
Loaned
(
2
.7
%
)
Value
1,557,321
Thrivent
Cash
Management
Trust
1,557,321
Total
Collateral
Held
for
Securities
Loaned
(cost
$1,557,321)
1,557,321
Shares
Common
Stock
(
0
.5
%
)
Value
Communications
Services
(<0.1%)
21
Windstream
Services,
LLC
h
199
Total
199
Consumer
Discretionary
(0.1%)
408
Bloomin'
Brands,
Inc.
10,971
9
Booking
Holdings,
Inc.
h
24,303
Total
35,274
Energy
(0.1%)
597
Permian
Resources
Corporation
6,543
182
Pioneer
Natural
Resources
Company
37,707
Total
44,250
Financials
(0.2%)
1,200
AGNC
Investment
Corporation
12,156
662
Annaly
Capital
Management,
Inc.
13,247
1,200
Apollo
Commercial
Real
Estate
Finance,
Inc.
13,584
1,400
BlackRock
TCP
Capital
Corporation
15,274
213
Blackstone
Mortgage
Trust,
Inc.
4,433
1,900
Chimera
Investment
Corporation
10,963
116
Encore
Capital
Group,
Inc.
h
5,640
669
FS
KKR
Capital
Corporation
12,831
1,082
Golub
Capital
BDC,
Inc.
14,607
436
New
York
Community
Bancorp,
Inc.
4,901
2,050
Rithm
Capital
Corporation
19,167
Total
126,803
Industrials
(0.1%)
38
Chart
Industries,
Inc.
h
6,072
95
FTI
Consulting,
Inc.
h
18,069
33
Kaman
Corporation
803
175
Uber
Technologies,
Inc.
h
7,555
Total
32,499
Information
Technology
(<0.1%)
41
InterDigital,
Inc.
3,958
Shares
Common
Stock
(0.5%)
Value
Information
Technology
(<0.1%)
-
continued
20
Microchip
Technology,
Inc.
$
1,792
74
Western
Digital
Corporation
h
2,807
Total
8,557
Real
Estate
(<0.1%)
84
Kite
Realty
Group
Trust
1,877
Total
1,877
Utilities
(<0.1%)
418
NiSource,
Inc.
11,432
Total
11,432
Total
Common
Stock
(cost
$245,111)
260,891
Shares
or
Principal
Amount
Short-Term
Investments
(
8
.4
%
)
Value
Federal
Home
Loan
Bank
Discount
Notes
300,000
4.800%,
7/19/2023
i
299,356
100,000
4.935%,
7/26/2023
i
99,692
100,000
4.870%,
8/18/2023
i
99,379
Thrivent
Core
Short-Term
Reserve
Fund
406,554
5.460%
4,065,537
U.S.
Treasury
Bills
100,000
4.733%,
7/25/2023
i,j
99,694
100,000
5.083%,
8/3/2023
i,j
99,560
Total
Short-Term
Investments
(cost
$4,763,040)
4,763,218
Total
Investments
(cost
$67,595,814)
107.6%
$
61,034,954
Other
Assets
and
Liabilities,
Net
(7.6%)
(
4,320,990
)
Total
Net
Assets
100.0%
$
56,713,964
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
June
30,
2023,
the
value
of
these
investments
was
$14,692,672
or
25.9%
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
June
30,
2023.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description.  The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.  
d
Denotes
perpetual
securities.
Perpetual
securities
pay
an
indefinite
stream
of
income
and
have
no
contractual
maturity
date.
Date
shown,
if
applicable,
is
next
call
date.
e
Defaulted
security.  Interest
is
not
being
accrued.
f
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
g
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
h
Non-income
producing
security.
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
56
i
The
interest
rate
shown
reflects
the
yield.
j
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
June
30,
2023
was
$40,134
or
0.07%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
June
30,
2023.
Security
Acquisition
Date
Cost
Credit
Suisse
Group
AG,
12/29/2049
3/8/2017
$
59,376
First
Horizon
Bank,
6.061%,
3/5/2019
6/21/2017
46,020
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Multidimensional
Income
Fund
as
of
June
30,
2023:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
603,136
Common
Stock
914,197
Total
lending
$1,517,333
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$1,557,321
Net
amounts
due
to
counterparty
$39,988
Definitions:
ETF
-
Exchange
Traded
Fund
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
$
610,485
Gross
unrealized
depreciation
(
7,492,664
)
Net
unrealized
appreciation
(depreciation)
(
$
6,882,179
)
Cost
for
federal
income
tax
purposes
$
67,885,205
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
57
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
June
30,
2023,
in
valuing
Multidimensional
Income
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Basic
Materials
1,018,140
–
1,018,140
–
Capital
Goods
2,368,082
–
2,368,082
–
Collateralized
Mortgage
Obligations
43,454
–
43,454
–
Communications
Services
2,354,100
–
2,354,100
–
Consumer
Cyclical
3,609,071
–
3,609,071
–
Consumer
Non-Cyclical
2,365,056
–
2,365,056
–
Energy
3,171,671
–
3,171,671
–
Financials
8,844,569
–
8,844,569
–
Mortgage-Backed
Securities
6,128,638
–
6,128,638
–
Technology
1,514,206
–
1,514,206
–
Transportation
712,657
–
712,657
–
U.S.
Government
&
Agencies
7,771,824
–
7,771,824
–
Utilities
1,627,045
–
1,627,045
–
Registered
Investment
Companies
U.S.
Unaffiliated
5,313,214
5,235,980
–
77,234
Preferred
Stock
Communications
Services
375,982
345,093
30,889
–
Consumer
Cyclical
133,430
133,430
–
–
Energy
101,206
101,206
–
–
Financials
2,351,080
2,312,999
38,081
–
Utilities
426,148
426,148
–
–
Common
Stock
Communications
Services
199
–
199
–
Consumer
Discretionary
35,274
35,274
–
–
Energy
44,250
44,250
–
–
Financials
126,803
126,803
–
–
Industrials
32,499
32,499
–
–
Information
Technology
8,557
8,557
–
–
Real
Estate
1,877
1,877
–
–
Utilities
11,432
11,432
–
–
Short-Term
Investments
697,681
–
697,681
–
Subtotal
Investments
in
Securities
$
51,188,145
$
8,815,548
$
42,295,363
$
77,234
Other
Investments  *
Total
U.S.
Affiliated
Registered
Investment
Cos.
4,223,951
Affiliated
Short-Term
Investments
4,065,537
Collateral
Held
for
Securities
Loaned
1,557,321
Subtotal
Other
Investments
$
9,846,809
Total
Investments
at
Value
$
61,034,954
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
The
following
table
is
a
summary
of
the
inputs
used,
as
of
June
30,
2023,
in
valuing
Multidimensional
Income
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Credit
Default
Swaps
31,928
–
31,928
–
Total
Liability
Derivatives
$
31,928
$
–
$
31,928
$
–
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
58
The
following
table
presents
Multidimensional
Income
Fund's
swaps
contracts
held
as
of
June
30,
2023.
Investments
totaling
$199,254
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
40,
5
Year,
at
5.00%,
Quarterly
Buy
6/20/2028
$
1,235,000
$
–
(
$
31,928
)
(
$
31,928
)
Total
Credit
Default
Swaps
$
–
(
$
31,928
)
(
$
31,928
)
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
June
30,
2023,
for
Multidimensional
Income
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Liability
Derivatives
Credit
Contracts
Credit
Default
Swaps
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
31,928
Total
Credit
Contracts
31,928
Total
Liability
Derivatives
$
31,928
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
June
30,
2023,
for
Multidimensional
Income
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Credit
Contracts
Credit
Default
Swaps
Net
realized
gains/(losses)
on
Swap
agreements
(
12,649
)
Total
Credit
Contracts
(
12,649
)
Total
(
$
12,649
)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
June
30,
2023,
for
Multidimensional
Income
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Credit
Contracts
Credit
Default
Swaps
Change
in
net
unrealized
appreciation/(depreciation)
on
Swap
agreements
(
38,884
)
Total
Credit
Contracts
(
38,884
)
Total
(
$
38,884
)
The
following
table
presents
Multidimensional
Income
Fund's
average
volume
of
derivative
activity
during
the
period
ended
June
30,
2023.
Derivative
Risk
Category
Average
Notional
Value
Credit
Contracts
Credit
Default
Swaps
-
Buy
Protection
(
$
22,951
)
Multidimensional
Income
Fund
Schedule
of
Investments
as
of
June
30,
2023
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
59
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.  
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Multidimensional
Income
Fund,
is
as
follows:
Fund
Value
12/31/2022
Gross
Purchases
Gross
Sales
Value
6/30/2023
Shares
Held
at
6/30/2023
%
of
Net
Assets
6/30/2023
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
$
4,503
$
226
$
550
$
4,224
551
7.5%
Total
U.S.
Affiliated
Registered
Investment
Companies
4,503
4,224
7.5
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.460%
3,702
19,784
19,420
4,066
407
7.2
Total
Affiliated
Short-Term
Investments
3,702
4,066
7.2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
991
10,224
9,658
1,557
1,557
2.7
Total
Collateral
Held
for
Securities
Loaned
991
1,557
2.7
Total
Value
$
9,196
$
9,847
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/1/2023
-
6/30/2023
U.S.
Affiliated
Registered
Investment
Companies
Core
Emerging
Markets
Debt
($181)
$226
$
–
$127
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.460%
–
–
–
139
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$266
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
–
–
–
12
Total
Affiliated
Income
from
Securities
Loaned,
Net
$12
Total
($181)
$226
$
–
Thrivent
Mutual
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
60
As
of
June
30,
2023
(unaudited)
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$931,284,086
$56,698,830
Investments
in
affiliated
securities
at
cost
$200,154,654
$10,896,984
Investments
in
unaffiliated
securities
at
value
(#)
$926,536,108
$51,188,145
Investments
in
affiliated
securities
at
value
180,575,547
9,846,809
Cash
—
1,181
Foreign
Currency
3
(a)
—
Dividends
and
interest
receivable
6,800,947
496,723
Prepaid
expenses
33,296
13,686
Receivable
for:
Investments
sold
2,599,992
98,505
Investments
sold
on
a
delayed-delivery
basis
6,655,324
—
Fund
shares
sold
398,311
7,763
Expense
reimbursements
—
16,168
Variation
margin
on
open
future
contracts
1,183,552
—
Total
Assets
1,124,783,080
61,668,980
Liabilities
Distributions
payable
193,918
20,514
Accrued
expenses
70,435
24,842
Cash
overdraft
651,174
—
Payable
for:
Investments
purchased
2,187,216
83,231
Investments
purchased
on
a
delayed-delivery
basis
44,407,509
3,110,063
Return
of
collateral
for
securities
loaned
12,335,692
1,557,321
Fund
shares
redeemed
932,889
117,918
Variation
margin
on
open
future
contracts
249,390
—
Variation
margin
on
open
swap
contracts
39,806
8,425
Investment
advisory
fees
454,373
25,898
Administrative
fees
14,791
800
Distribution
fees
100,207
—
Transfer
agent
fees
53,049
2,464
Trustee
fees
1,294
303
Trustee
deferred
compensation
49,689
3,237
Contingent
liabilities^
—
—
Total
Liabilities
61,741,432
4,955,016
Net
Assets
Capital
stock
(beneficial
interest)
1,146,224,378
68,112,121
Distributable
earnings/(accumulated
loss)
(83,182,730)
(11,398,157)
Total
Net
Assets
$1,063,041,648
$56,713,964
Class
S
Share
Capital
$574,453,404
$56,713,964
Shares
of
beneficial
interest
outstanding
(Class
S)
86,474,970
6,655,789
Net
asset
value
per
share
$6.64
$8.52
Class
A
Share
Capital
$488,588,244
$—
Shares
of
beneficial
interest
outstanding
(Class
A)
72,683,881
—
Net
asset
value
per
share
$6.72
$—
Maximum
public
offering
price
$7.04
$—
(#)
Includes
securities
on
loan
of
11,983,764
1,517,333
(a)
Foreign
currency
holdings,
cost
$3.
^
Contingent
liabilities
accrual.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Mutual
Funds
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
61
For
the
six
months
ended
June
30,
2023
(unaudited)
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
Investment
Income
Dividends
$2,258,652
$324,922
Taxable
interest
18,221,331
937,735
Income
from
mortgage
dollar
rolls
39,415
7,043
Affiliated
income
from
securities
loaned,
net
106,808
11,789
Income
from
affiliated
investments
1,868,655
139,541
Non
cash
income
from
affiliated
investments
2,439,905
126,641
Foreign
tax
withholding
(6,589)
—
Total
Investment
Income
24,928,177
1,547,671
Expenses
Adviser
fees
2,775,339
163,000
Administrative
service
fees
125,454
40,038
Audit
and
legal
fees
22,819
19,199
Custody
fees
39,278
9,857
Distribution
expenses
Class
A
615,110
—
Insurance
expenses
3,982
2,178
Printing
and
postage
expenses
Class
S
53,608
10,436
Printing
and
postage
expenses
Class
A
50,611
—
SEC
and
state
registration
expenses
29,359
11,015
Transfer
agent
fees
Class
S
231,309
31,864
Transfer
agent
fees
Class
A
188,720
—
Trustees'
fees
19,751
4,574
Other
expenses
59,506
25,582
Total
Expenses
Before
Reimbursement
4,214,846
317,743
Less:
Reimbursement
from
adviser
—
(99,461)
Total
Net
Expenses
4,214,846
218,282
Net
Investment
Income/(Loss)
20,713,331
1,329,389
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
(6,063,898)
(2,256,190)
Affiliated
investments
(4,169,529)
(180,819)
Written
option
contracts
169,016
—
Futures
contracts
1,815,354
—
Foreign
currency
transactions
(1,105)
—
Swap
agreements
(556,190)
(12,649)
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
31,659,328
2,778,662
Affiliated
investments
6,979,241
225,559
Written
option
contracts
(95,970)
—
Futures
contracts
1,343,972
—
Foreign
currency
transactions
1,113
—
Swap
agreements
343,330
(38,884)
Net
Realized
and
Unrealized
Gains/(Losses)
31,424,662
515,679
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$52,137,993
$1,845,068
Thrivent
Mutual
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
62
Diversified
Income
Plus
Fund
Multidimensional
Income
Fund
For
the
periods
ended
6/30/2023
(unaudited)
12/31/2022
6/30/2023
(unaudited)
12/31/2022
Operations
Net
investment
income/(loss)
$20,713,331
$34,571,458
$1,329,389
$2,759,046
Net
realized
gains/(losses)
(8,806,352)
(50,759,519)
(2,449,658)
(2,015,827)
Change
in
net
unrealized
appreciation/(depreciation)
40,231,014
(148,335,708)
2,965,337
(10,921,705)
Net
Change
in
Net
Assets
Resulting
From
Operations
52,137,993
(164,523,769)
1,845,068
(10,178,486)
Distributions
to
Shareholders
From
income/realized
gains
Class
S
(11,743,984)
(19,926,427)
(1,397,338)
(2,876,840)
From
income/realized
gains
Class
A
(9,345,206)
(15,871,963)
–
–
Total
from
income/realized
gains
(21,089,190)
(35,798,390)
(1,397,338)
(2,876,840)
From
return
of
capital
Class
S
–
–
–
(129,715)
Total
From
Return
of
Capital
–
–
–
(129,715)
Total
Distributions
to
Shareholders
(21,089,190)
(35,798,390)
(1,397,338)
(3,006,555)
Capital
Stock
Transactions
Class
S  
Sold
40,607,773
132,145,376
3,734,846
22,830,611
Distributions
reinvested
11,372,608
19,287,790
1,280,057
2,748,660
Redeemed
(65,231,206)
(152,882,381)
(8,596,293)
(22,778,769)
Total
Class
S
Capital
Stock
Transactions
(13,250,825)
(1,449,215)
(3,581,390)
2,800,502
Class
A  
Sold
7,667,503
31,577,444
–
–
Distributions
reinvested
8,599,607
14,602,426
–
–
Redeemed
(37,577,730)
(80,450,040)
–
–
Total
Class
A
Capital
Stock
Transactions
(21,310,620)
(34,270,170)
–
–
Capital
Stock
Transactions
(34,561,445)
(35,719,385)
(3,581,390)
2,800,502
Net
Increase/(Decrease)
in
Net
Assets
(3,512,642)
(236,041,544)
(3,133,660)
(10,384,539)
Net
Assets,
Beginning
of
Period
1,066,554,290
1,302,595,834
59,847,624
70,232,163
Net
Assets,
End
of
Period
$1,063,041,648
$1,066,554,290
$56,713,964
$59,847,624
Capital
Stock
Share
Transactions
Class
S
shares
Sold
6,136,542
18,789,877
433,712
2,430,177
Distributions
reinvested
1,719,490
2,861,109
148,736
310,118
Redeemed
(9,871,772)
(22,312,145)
(1,001,436)
(2,520,836)
Total
Class
S
share
transactions
(2,015,740)
(661,159)
(418,988)
219,459
Class
A
shares
Sold
1,145,894
4,461,703
–
–
Distributions
reinvested
1,284,693
2,141,992
–
–
Redeemed
(5,621,801)
(11,665,008)
–
–
Total
Class
A
share
transactions
(3,191,214)
(5,061,313)
–
–
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
63
(1)
ORGANIZATION
Thrivent
Mutual
Funds
(the
“Trust”)
was
organized
as
a
Massachusetts
Business
Trust
on
March
10,
1987
and
is
registered
as
an
open-end
management
investment
company
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”).
The
Trust
is
divided
into 25
separate
series
(each,
a
"Fund"
and,
collectively,
the
"Funds"),
each
with
its
own
investment
objective
and
policies.
The
Trust
currently
consists
of
four
asset
allocation
Funds, three
income
plus
Funds, ten
equity
Funds, seven
fixed-income
Funds,
and
one
money
market
Fund.
This
shareholder
report
includes Thrivent
Diversified
Income
Plus
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,
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
64
international
securities,
swaps
and
forward
contracts. 
Level
3
includes
significant
unobservable
inputs
such
as
the
Adviser’s
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments.
The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
other
investments. 
Investments
measured
using
net
asset
value
per
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
June
30,
2023,
the
Adviser
has
reviewed
all
open
tax
years
and
major
jurisdictions
and
concluded
that
there
is
no
effect
to
the
Funds’
tax
liability,
financial
position
or
results
of
operations.
There
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
income
tax
positions
taken
or
expected
to
be
taken
in
future
tax
returns.
The
Funds
are
also
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
12
months.
Foreign
Income
Taxes 
— Funds
are
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
they
invest.
Withholding
taxes
on
foreign
dividends
have
been
provided
for
in
accordance
with
the
applicable
country’s
tax
rules
and
rates.
These
amounts
are
shown
as
foreign tax
withholding
in
the
Statement
of
Operations.
The
Funds
pay
tax
on
foreign
capital
gains,
where
applicable.
Taxes
paid
on
foreign
capital
gains, if
any,
are
included
in
the
net
realized
gains/(losses)
on
investments
on
the
Statement
of
Operations. 
Expenses
and
Income 
—
Estimated
expenses
are
accrued
daily.
The
Funds
are
charged
for
those
expenses
that
are
directly
attributable
to
them.
Expenses
that
are
not
directly
attributable
to
a
Fund
are
allocated
among
all
appropriate
Funds
in
proportion
to
their
respective
net
assets
or number
of
shareholder
accounts,
or
other
reasonable
basis.
Net
investment
income,
expenses
which
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
65
are
not
class-specific,
and
realized
and
unrealized
gains
and
losses
are
allocated
directly
to
each
class
based
upon
the
relative
net
asset
value
of
outstanding
shares.
Interest
income
is
recorded daily
on
all
debt
securities,
as
is accretion
of
market
discount
and
original
issue
discount
and
amortization
of
premium.
Paydown
gains
and
losses
on
mortgage-
backed
and
asset-backed
securities
are
recorded
as
components
of
interest
income.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. 
However, certain
dividends
from
foreign
securities
are
recorded
as
soon
as
the
information
is
available
to
the
Funds. 
Non-cash
income,
if
any,
is
recorded
at
the
fair
market
value
of
the
securities
received.
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
66
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
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
six
months
ended June
30,
2023,
Diversified
Income
Plus
used
options
on
mortgage
backed
securities
to
generate
income
and/or
to
manage
duration
of
the
Fund.
Futures
Contracts 
— Each
of
the Funds
may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
fluctuations.
Gains
or
losses
on
futures
contracts
can
offset
changes
in
the
yield
of
securities.
When
a
futures
contract
is
opened,
cash
or
other
investments
equal
to
the
required
“initial
margin
deposit”
are
held
on
deposit
with
and
pledged
to
the
broker.
Additional
securities
held
by
the
Funds
may
be
earmarked
to
cover
open
futures
contracts. A
futures
contract’s
daily
change
in
value
(“variation
margin”)
is
either
paid
to
or
received
from
the
broker,
and
is
recorded
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
realized
gain
or
loss
is
recorded
equal
to
the
difference
between
the
value
of
the
contract
when
opened
and
the
value
of
the
contract
when
closed.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Exchange-traded
futures
have
no
significant
counterparty
risk
as
the
exchange
guarantees
the
contracts
against
default.
During
the six
months
ended
June
30,
2023,
Diversified
Income
Plus used
treasury
futures
to
manage
the
duration
and
yield
curve
exposure
of
the
respective
Fund
versus its
benchmark.
During
the six
months
ended
June
30,
2023,
Diversified
Income
Plus
used
equity
futures
to
manage
exposure
to
the
equities
market.
During
the
six
months
ended
June
30,
2023,
Diversified
Income
Plus
used
foreign
exchange
futures
to
hedge
the
currency
risk.
Swap
Agreements
—
Each
of
the
Funds may
enter
into
swap
transactions,
which
involve
swapping
one
or
more
investment
characteristics
of
a
security
or
a
basket
of
securities
with
another
party.
Such
transactions
include
market
risk,
risk
of
default
by
the
other
party
to
the
transaction,
risk
of
imperfect
correlation
and
manager
risk
and
may
involve
commissions
or
other
costs.
Swap
transactions
generally
do
not
involve
delivery
of
securities,
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
swap
transactions
is
generally
limited
to
the
net
amount
of
payments
that
the
Fund
is
contractually
obligated
to
make,
or
in
the
case
of
the
counterparty
defaulting,
the
net
amount
of
payments
that
the
Fund
is
contractually
entitled
to
receive.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
there
is
a
default
by
the
counterparty,
the
Fund
may
have
contractual
remedies
pursuant
to
the
agreements
related
to
the
transaction.
The
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
Swap
agreements
are
valued
at
the
clearinghouse
end
of
day
prices
as
furnished
by
an
independent
pricing
service.
The
pricing
service
takes
into
account
such
factors
as
swap
curves,
default
probabilities,
recent
trades,
recovery
rates
and
other
factors
it
deems
relevant
in
determining
valuations.
Daily
fluctuations
in
the
value
of
the
centrally
cleared
credit
default
contracts
are
recorded
in
variation
margin
in
the
Statement
of
Assets
and
Liabilities
and
recorded
as
unrealized
gain
or
loss.
The
Fund
accrues
for
the
periodic
payment
and
amortizes
upfront
payments,
if
any,
on
swap
agreements
on
a
daily
basis
with
the
net
amount
recorded
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Receipts
and
payments
received
or
made
as
a
result
of
a
credit
event
or
termination
of
the
contract
are
also
recognized
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Collateral,
in
the
form
of
cash
or
securities,
may
be
required
to
be
held
with
the
Fund’s
custodian,
or
a
third
party,
in
connection
with
these
agreements.
Certain
swap
agreements
are
over-the-counter.
In
these
types
of
transactions,
the
Fund
is
exposed
to
counterparty
risk,
which
is
the
discounted
net
amount
of
payments
owed
to
the
Fund.
This
risk
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
swap
increases
in
value
to
the
Fund,
the
Fund
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
67
receives
collateral
from
the
counterparty.
Certain
interest
rate
and
credit
default
index
swaps
must
be
cleared
through
a
clearinghouse
or
central
counterparty.
Credit
Default
Swaps
—
A
credit
default
swap
("CDS")
is
a
swap
agreement
between
two
parties
to
exchange
the
credit
risk
of
a
particular
issuer,
basket
of
securities
or
reference
entity.
In
a
CDS
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
CDS
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
CDS
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
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
six
months
ended
June
30,
2023,
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:
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
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Fund
Gross
Amounts
of
Recognized
Liabilities
Gross
Amounts
Offset
Net
Amounts
of
Recognized
Liabilities
Financial
Instruments
Cash
Collateral
Pledged
Non-Cash
Collateral
Pledged
(**)
Net
Amount
Diversified
Income
Plus
Securities
Lending
12,335,692
–
12,335,692
11,983,764
–
–
351,928
(^)
Multidimensional
Income
Securities
Lending
1,557,321
–
1,557,321
1,517,333
–
–
39,988
(^)
(**)
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
June
30,
2023
(unaudited)
68
custodian (depending
on
market
movements)
on
their
mortgage
dollar
rolls. 
The
value
of
the
securities
that
the
Funds
are
required
to
purchase
may
decline
below
the
agreed
upon
repurchase
price
of
those
securities.
During
the
period
between
the
sale
and
repurchase,
the
Funds
forgo
principal
and
interest
paid
on
the
mortgage
securities
sold.
The
Funds
are
compensated
from
negotiated
fees
paid
by
brokers
offered
as
an
inducement
to
the
Funds
to
"roll
over"
their
purchase
commitments,
thus
enhancing
the
yield.
Mortgage
dollar
rolls
may
be
renewed
with
a
new
purchase
and
repurchase
price
and
a
cash
settlement
made
on
settlement
date
without
physical
delivery
of
the
securities
subject
to
the
contract. 
These
purchase
and
sale
transactions
may
increase
portfolio
turnover
rate. 
The
fees
received
are
recognized
over
the
roll
period
and
are
included
in
Income
from
mortgage
dollar
rolls
in
the
Statement
of
Operations.
Securities
Lending 
—
The
Trust
has
entered
into
a
Securities
Lending
Agreement
(the
“Agreement”)
with
Goldman
Sachs
Bank
USA
doing
business
as
Goldman
Sachs Agency
Lending ("GSAL"). The
Agreement
authorizes
GSAL
to
lend
securities
to
authorized
borrowers
on
behalf
of
the
Funds.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value
of U.S.
securities
and
105% of
the
market
value
of non-U.S.
securities.
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received. 
Any
additional
collateral
is
adjusted
and
settled
on
the
next
business
day. 
The
Trust
has
the
ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell
the
loaned
securities. 
All
cash
collateral
received
is
invested
in
Thrivent
Cash
Management
Trust.
The
Funds
receive dividends
and
interest
that would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent
Cash
Management
Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
expenses,
are
included
in
affiliated
income
from
securities
loaned,
net on
the
Statement
of
Operations. 
By
investing
any
cash
collateral
it
receives
in
these
transactions,
a
Fund
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, a
Fund
could
lose
money. 
Generally,
in
the
event
of
borrower
default, a Fund
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred. 
However,
in
the
event a
Fund
is
delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss. 
Some
of
these
losses
may
be
indemnified
by
the
lending
agent. 
As
of
June
30,
2023,
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
Fund
Securities
on
Loan
Diversified
Income
Plus
$
11,983,764
Multidimensional
Income
1,517,333
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
69
not
be
accrued
as
a
liability
until
the
amount
of
potential
damages
and
the
likelihood
of
loss
can
be
reasonably
estimated. 
For
the six
months
ended
June
30,
2023,
no
Fund
reported
an
accrual
for contingent
liabilities.
Litigation 
—
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date. 
If
the
Fund
no
longer
owns
the
applicable
securities,
the
proceeds
are
recorded
as
realized
gains. 
Bank Loans
(Leveraged Loans) 
—
Certain
Funds
may
invest
in
bank
loans,
which
are
senior
secured
loans
that
are
made
by
banks
or
other
lending
institutions
to
companies
that
are
typically
rated
below
investment
grade. 
A Fund
may
invest
in
multiple
series
or
tranches
of
a
bank
loan,
with
varying
terms
and
different
associated
risks. 
Transactions
in
bank
loan
securities
may
settle
on
a
delayed
basis,
which
may
result
in
the
proceeds
of
the
sale
to
not
be
readily
available
for
a Fund
to
make
additional
investments. 
Interest
rates
of
bank
loan
securities
typically
reset
periodically,
as
the
rates
are
tied
to
a
reference
index
rate,
plus
a
premium. 
Income
is
recorded
daily
on
bank
loan
securities. 
On
an
ongoing
basis,
a Fund
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
of
the
bank
loan. 
This
commitment
fee
is
accrued
as
income
over
the
term
of
the
bank
loan. 
A Fund
may
receive
consent
and
amendment
fees
for
accepting
an
amendment
to
the
current
terms
of
a
bank
loan. 
Consent
and
amendment
fees
are
accrued
as
income
when
the
changes
to
the
bank
loan
are
immaterial
and
to
capital
when
the
changes
are
material.
All
or
a
portion
of
these
bank
loan
commitments
may
be
unfunded.
A
Fund
is
obligated
to
fund
these
commitments
at
the
borrower’s
discretion.
Therefore,
the
Fund
must
have
funds
sufficient
to
cover
its
contractual
obligation.
These
unfunded
bank
loan
commitments,
which
are
marked-to-market
daily,
are
presented
in
the
Schedule
of
Investments. 
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 six
months
ended
June
30,
2023.
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
the
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: 
Fund
(M
-
Millions)
$0
to
$50M
Over
$50
to
$100M
Over  
$100
to
$200M
Over
$200
to
$250M
Over
$250
to
$500M
Over
$500
to
$750M
Over  
$750
to
$1,000M
Over
$1,000
to
$2,000M
Over
$2,000
to
$2,500M
Over
$2,500
to
$5,000M
Over
$5,000M
Diversified
Income
Plus
0.550%
0.550%
0.550%
0.550%
0.550%
0.50
0%
0.50
0%
0.475
%
0.475
%
0.45
0%
0.425
%
Multidimensional
Income
0.550%
0.550%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
0.500%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
70
Expense
Reimbursements 
— For
the
six
months
ended June
30,
2023,
contractual
expense
reimbursements
to
limit
expenses
to
the
following
percentages
were
in
effect: 
1
Prior
expense
cap
of
0.71%
on
Class
S
expired
on
2/28/2023.
Expense
reimbursements
are
accrued
daily
and
paid
by
Thrivent
Asset
Mgt.
monthly.
Thrivent
Asset
Mgt.
does
not
recoup
amounts
previously
reimbursed
or
waived
in
prior
fiscal
years,
but
may
recoup
amounts
reimbursed
or
waived
in
prior
months
within
the
same
fiscal
year.
Acquired
fund
fees
and
expenses
incurred
by
the
Funds
by
investing
in
other
open-ended
funds
are
excluded
from
reimbursements
accrued
by
the
Funds.
Subject
to
certain
limitations,
each
Fund
may
invest
cash
in
other
Funds,
Thrivent
Cash
Management
Trust,
and
Thrivent
Core Funds.
These
related-party
transactions
are
subject
to
the
same
terms
as
non-related
party
transactions.
To
avoid
duplicate
investment
advisory
fees,
Thrivent
Asset
Mgt.
reimburses
an
amount
equal
to
any
investment
advisory
fees
indirectly
incurred
by
the
Fund
as
a
result
of
its
investment
in
any
other
mutual
fund
for
which
the
Adviser
or
an
affiliate
serves
as
investment
adviser,
other
than
Thrivent
Cash
Management
Trust. 
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 six
months
ended
June
30,
2023,
Thrivent
Investment
Management
Inc. and
Thrivent
Distributors,
LLC
received
$10,529
of
aggregate
underwriting
concessions
from
the
sales
of
the
Trust’s
Class
A
shares.
Sales
charges
are
not
an
expense
of
the
Trust
and
are
not
reflected
in
the
financial
statements
of
any
of
the
Funds.
The
Trust
has
entered
into
an
accounting
and
administrative
services
agreement
with
Thrivent
Asset
Mgt.
pursuant
to
which
Thrivent
Asset
Mgt.
provides
certain
accounting
and
administrative
personnel
and
services
to
the
Funds.
Each
Fund pays
a
fee equal
to
the
sum
of
$70,000
plus
0.017%
of
the
Fund's
average
daily
net
assets
to
Thrivent
Asset
Mgt. 
These
fees
are
accrued
daily
and paid
monthly. 
For
the six
months
ended
June
30,
2023,
Thrivent
Asset
Mgt.
received
aggregate
fees
for
accounting
and
administrative
personnel
and
services
of $165,492
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 six
months
ended
June
30,
2023,
Thrivent
Investor
Services
received
$459,597 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 $19,507
in
fees
from
the
Funds
covered
in
this
shareholder
report
for
the
six
months
ended
June
30,
2023.
In
addition,
the
Trust
reimbursed
independent
Trustees
for
reasonable
expenses
incurred
in
relation
to
attendance
at Board
meetings
and
industry
conferences.
Certain
officers
and
non-independent
Trustees
of
the
Trust
are
officers
and
directors
of
Thrivent
Asset
Mgt.,
Thrivent
Distributors,
LLC,
and
Thrivent
Investor
Services;
however,
they
receive
no
compensation
from
the
Trust.
Affiliated
employees
and
board
consultants
are
reimbursed
for
reasonable
expenses
incurred
in
relation
to
board
meeting
attendance.
Acquired
Fund
Fees
and Expenses 
—
Some
Funds
invest
in
other
open-ended
funds.
Fees
and
expenses
of
those
underlying
funds
are
not
included
in
those
Funds'
expense
ratios
reported
in
the
Financial
Highlights.
The
Funds
indirectly
bear
their
proportionate
share
of
the
annualized
weighted
average
expense
ratio
of
the
underlying
funds
in
which
they
invest.
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%
Fund
Class
A
Class
S
Expiration
Date
Multidimensional
Income
1
N/A
0.75%
2/28/2024
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
71
of
the
outstanding
principal
value
of
the
loan. 
For
the six
months
ended June
30,
2023,
none
of
the Funds borrowed
cash
through
the
Program. 
(4)
TAX
INFORMATION
Distributions
are
based
on
amounts
calculated
in
accordance
with
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
differences
are
permanent
in
nature,
GAAP
requires
such
amounts
to
be
reclassified
within
the
capital
accounts
based
on
their
federal
tax-basis
treatment;
temporary
differences
do
not
require
reclassifications.
At
fiscal
year-end,
the
character
and
amount
of
distributions,
on
a
tax
basis
and
components
of
distributable
earnings,
are
finalized.
Therefore,
as
of
June
30,
2023,
the
tax
basis
balance
has
not
yet
been
determined.
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.
(5)
SECURITY
TRANSACTIONS 
Purchases
and
Sales
of
Investment
Securities 
—
For
the
six
months
ended
June
30,
2023,
the
cost
of
purchases
and
the
proceeds
from
sales
of
investment
securities,
other
than
U.S.
Government
and
short-term
securities,
were
as
follows:
Purchases
and
Sales
of
U.S.
Government
Securities
were: 
Investments
in
Restricted
Securities 
—
Certain
Funds
may
own
restricted
securities which
were
purchased
in
private
placement
transactions
without
registration
under
the
Securities
Act
of
1933.
Unless
such
securities
subsequently
become
registered,
they
generally
may
be
resold
only
in
privately
negotiated
transactions
with
a
limited
number
of
purchasers.
As
of
June
30,
2023,
the
following
Funds
held
restricted
securities: 
The
Funds
have
no
right
to
require
registration
of
unregistered
securities. 
(6)
SECURITY
TRANSACTIONS
WITH
AFFILIATED
FUNDS
The Funds
are
permitted
to
engage
in
securities
transactions
with
affiliated
funds
or
portfolios
under specified
conditions
outlined
in
procedures
adopted
by
the
Board.
The
procedures
have
been
designed
to
ensure
that
any
purchase
or
sale
of
securities
by
a
Fund
from
or
to
another
fund
or
portfolio
that
is
or
could
be
considered
an
affiliate
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
advisers),
common
Trustees
and/or
common
officers
complies
with
Rule
17a-7
of
the
1940
Act.
Further,
as
defined
under
the
procedures,
each
transaction
is
executed
at
the
current
market
price. 
During
the six
months
ended
June
30,
2023, Diversified
Income
Plus Fund engaged
in sale
transactions
in
the
amount
of
$4,855,060
with
a
gain
of
$254,418,
pursuant
to
Rule
17a-7
of
the
1940
Act. 
These
transaction
amounts were
greater
than 0.045%
of
each fund's
net
assets.
(7)
RELATED
PARTY
TRANSACTIONS
As
of
June
30,
2023, no
related
parties held
shares
in
excess
of
5%
of
the
Funds
covered
in
this
shareholder
report.
Subscription
and
redemption
activity
by
concentrated
accounts
may
have
a
significant
effect
on
the
operation
of
these
Funds.
In
the
case
of
a
large
redemption,
these
Funds
may
be
forced
to
sell
investments
at
inopportune
times,
resulting
in
additional
losses
for
the
Funds.
(8)
SUBSEQUENT
EVENTS
The
Adviser
of
the
Funds
has
evaluated
the
impact
of
subsequent
events
through
the
date
the
financial
statements
were
issued,
and,
except
as
already
included
in
the
Notes
to
Financial
Statements,
has
determined
that
no
additional
items
require
disclosure.
(9) MARKET
RISK
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline. 
The
value
of
a
Fund's
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund's
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
market
sector, or
due
to
impacts
from
domestic
or
global
events,
including the
spread
of
infectious
illness,
public
health
threats,
war,
terrorism,
natural
disasters or
similar
events.
As
of June
30,
2023,
no
Funds
had
portfolio
concentration
greater
than
25%
in
certain
sectors.
(10)
SIGNIFICANT
RISKS
Investing
in
the
Funds
involves
risks. 
The
following
is
an
alphabetical
list
of
significant
risks
in
investing
in
the
Funds. 
The
Fund
Capital
Loss
Carryover
Diversified
Income
Plus
$
50,980,766
Multidimensional
Income
1,956,528
In
thousands
Fund
Purchases
Sales/
Paydowns
Diversified
Income
Plus
$153,174
$194,615
Multidimensional
Income
5,796
14,588
In
thousands
Fund
Purchases
Sales/
Paydowns
Diversified
Income
Plus
$265,259
$278,402
Multidimensional
Income
26,670
22,524
Fund
Number
of
Securities
Percent
of
Fund's
Net
Assets
Diversified
Income
Plus
2
0.04%
Multidimensional
Income
2
0.07%
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
72
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,
or
other
service
providers
(including,
but
not
limited
to,
fund
accountants,
custodians,
transfer
agents,
and
financial
intermediaries)
have
the
ability
to
disrupt
and
impact
business
operations,
potentially
resulting
in
financial
losses,
by
interfering
with
the
Funds’
ability
to
calculate
their
NAV,
corrupting
data
or
preventing
parties
from
sharing
information
necessary
for
the
Funds’
operation,
preventing
or
slowing
trades,
stopping
shareholders
from
making
transactions,
potentially
subjecting
the
Funds
or
the
Adviser
to
regulatory
fines
and
penalties,
and
creating
additional
compliance
costs.
Similar
types
of
cyber
security
risks
are
also
present
for
issuers
or
securities
in
which
the
Funds
may
invest,
which
could
result
in
material
adverse
consequences
for
such
issuers
and
may
cause
the
Funds’
investments
in
such
companies
to
lose
value.
While
the
Funds’
service
providers
have
established
business
continuity
plans
in
the
event
of
such
cyber
incidents,
there
are
inherent
limitations
in
such
plans
and
systems.
Additionally,
the
Funds
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
their
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Funds
or
their
shareholders.
Although
each
Fund
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
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,
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
73
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
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
74
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
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
75
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,
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
Thrivent
Mutual
Funds
Notes
to
Financial
Statements
June
30,
2023
(unaudited)
76
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.
78
Per
Share
Outstanding
Throughout
Each
Period
*
Income
from
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
text
Net
Realized
Gain
on
Investments
Diversified
Income
Plus
Fund
Class
S
Shares
Period
Ended
6/30/2023
(unaudited)
$
6.45
$
0.13
$
0.20
$
0.33
$
(0.14)
$
–
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
Period
Ended
6/30/2023
(unaudited)
6.53
0.13
0.19
0.32
(0.13)
–
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
Period
Ended
6/30/2023
(unaudited)
8.46
0.19
0.07
0.26
(0.20)
–
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.
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Thrivent
Mutual
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
79
Ratios/Supplemental
Data
Ratio
to
Average
Net
Assets
**
Ratios
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses
**
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/
(Loss)
Expenses
Net
Investment
Income/
(Loss)
*
Portfolio
Turnover
Rate
(c)
$
–
$
(0.14)
$
6.64
5.07%
$
574.5
0.68%
4.01%
0.68%
4.01%
41%
–
(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%
–
(0.13)
6.72
4.87%
488.6
0.93%
3.76%
0.93%
3.76%
41%
–
(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%
–
(0.20)
8.52
3.10%
56.7
0.74%
4.49%
1.07%
4.15%
57%
(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%
80
Additional
Information
(unaudited)
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
The
Trust
files
its
Schedule
of
Investments
on
Form
N-PORT
with
the
SEC.
Part
F
of
each
Fund’s
N-PORT
filing
for
the
first
and
third
fiscal
quarters
will
include
the
complete
schedule
of
investments.
The
Trust’s
most
recent
Schedule
of
Investments
can
be
found
at
SEC.gov.
Liquidity
Risk
Management
Program
Pursuant
to
Rule
22e-4
under
the
1940
Act,
the
Funds
other
than
Thrivent
Money
Market
Fund
have
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Liquidity
Program”)
designed
to
assess
and
manage
each
Fund’s
liquidity
risk
(defined
by
the
U.S.
Securities
and
Exchange
Commission
as
the
risk
that
a
Fund
could
not
meet
shareholder
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund).
The
Board,
including
a
majority
of
the
independent
Trustees,
designated
Thrivent
Asset
Management,
LLC
(“TAM”),
the
Funds’
investment
adviser,
as
the
liquidity
risk
management
program
administrator
(the
“Program
Administrator”).
The
Program
Administrator
has
delegated
oversight
of
the
Liquidity
Program
to
the
Liquidity
Risk
Management
Committee
(the
“LRM
Committee”).
The
LRM
Committee
is
comprised
of
representatives
of
TAM.
The
Liquidity
Program
is
comprised
of
various
components
designed
to
support
the
assessment
and/or
management
of
liquidity
risk,
including:
(1)
the
periodic
assessment
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk
based
on
a
variety
of
factors;
(2)
the
periodic
classification
(no
less
frequently
than
monthly)
of
a
Fund’s
investments
into
one
of
four
liquidity
categories
based
on
the
number
of
days
in
which
the
Fund
reasonably
expects
the
investment
to
be
convertible
to
cash
(or
sold
or
disposed
of,
in
the
case
of
less
liquid
or
illiquid
investments)
under
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
and
taking
into
account
the
affect
of
trading
varying
portions
of
the
investment
in
sizes
that
the
Fund
would
reasonably
anticipate
trading;
(3)
a
15%
limit
on
the
acquisition
of
“illiquid
investments”
(as
defined
under
Rule
22e-4);
(4)
for
any
Fund
that
does
not
invest
primarily
in
“highly
liquid
investments”
(as
defined
under
Rule
22e-4),
the
determination
of
a
minimum
percentage
of
the
Fund’s
assets
that
will
generally
be
invested
in
highly
liquid
investments;
and
(5)
periodic
reporting
to
the
Board.
Among
other
things,
Rule
22e-4
requires
that
a
written
report
(the
“Report”)
be
provided
to
the
Board
on
an
annual
basis
that
addresses
the
operation
of
the
Liquidity
Program
and
assesses
the
adequacy
and
effectiveness
of
its
implementation,
including
the
operation
of
any
Highly
Liquidity
Investment
Minimum
(“HLIM”)
established
for
a
Fund
and
any
material
changes
to
the
Liquidity
Program.
At
a
meeting
of
the
Board
on
February
21-22,
2023,
the
LRM
Committee,
on
behalf
of
the
Program
Administrator,
provided
the
Report
to
the
Board
for
the
period
from
January
1,
2022
through
December
31,
2022
(the
“Reporting
Period”).
The
Report
summarized
the
operation
of
the
Liquidity
Program
and
the
information
and
factors
considered
by
the
LRM
Committee
in
assessing
whether
the
Liquidity
Program
has
been
adequately
and
effectively
implemented
for
each
Fund.
The
Report
discussed,
among
other
things:
(1)
the
framework
used
to
assess,
manage,
and
periodically
review
each
Fund’s
liquidity
risk
during
normal
and
stressed
periods
and
the
results
of
the
annual
assessment;
(2)
the
methodologies
used
to
classify
investments
into
one
of
four
liquidity
categories,
including
a
review
of
LRM
Committee-approved
overrides
of
vendor
classifications;
(3)
whether
any
Fund
invested
more
than
15%
of
its
assets
in
“illiquid
investments”
(as
defined
under
Rule
22e-4);
and
(4)
the
LRM
Committee’s
oversight
of
vendors
used
by
the
Liquidity
Program,
including
assessment
of
the
vendors’
classification
methodologies
used
in
determining
preliminary
liquidity
classifications.
The
Liquidity
Program
was
updated
during
the
Reporting
Period
to
include
liquidity
assessments
applicable
to
exchange-traded
funds.
There
were
no
other
material
changes
to
the
Liquidity
Program
during
the
Reporting
Period.
The
Report
also
noted
that
no
Fund
was
required
to
determine
a
minimum
percentage
of
its
net
assets
that
must
be
invested
in
highly
liquid
investments
(an
“HLIM”
under
the
Liquidity
Program).
The
Report
concluded
that
the
Liquidity
Program
operated
effectively
during
the
Reporting
Period
and
that
the
LRM
Committee
had
no
recommended
material
changes
based
on
its
annual
assessment
of
the
Liquidity
Program.
There
can
be
no
assurance
that
the
Liquidity
Program
will
achieve
its
objectives
under
all
circumstances
in
the
future.
Please
refer
to
the
Funds’
prospectus
for
more
information
regarding
each
Fund’s
exposure
to
liquidity
risk
and
other
risks
to
which
it
may
be
subject.
PRSRT
STD
US
POSTAGE
PAID
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Financial
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paperless
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and
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Road,
Appleton,
WI,
54919-0001,
call
us
at
800-847-4836,
or
log
into
your
account.
We
will
begin
to
send
paper
copies
of
shareholder
reports
within
30
days
of
when
we
receive
your
request.
If
you
purchased
shares
from
a
firm
other
than
Thrivent:
If
you
are
currently
enrolled
in
paperless
delivery
and
want
to
receive
paper
copies
of
a
shareholder
report
for
Thrivent
Mutual
Funds
in
the
future,
contact
your
financial
professional.
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