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

United States
Securities and Exchange Commission
Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number: 811-05075

Thrivent Mutual Funds

(Exact name of registrant as specified in charter)

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)(2)    

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

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

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

(b)

If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See EX-99.906 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

paperless.

Manage

your

delivery

preferences

and

sign

up

for

email

notifications

by

logging

into

your

account.

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

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

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

Thrivent

Financial

4321

N.

Ballard

Rd.

Appleton,

WI

54919-0001

24042SAR

R8-23

The

distributor

for

Thrivent

Mutual

Funds

is

Thrivent

Distributors,

LLC,

a

registered

broker-dealer,

member

of

FINRA

/

SIPC

and

a

subsidiary

of

Thrivent,

the

marketing

name

for

Thrivent

Financial

for

Lutherans.

Go

paperless

Thrivent

Mutual

Funds

annual

and

semi-annual

shareholder

reports

are

made

available

on

thriventmutualfunds.com/prospectus,

and

we

will

notify

you

by

mail

each

time

a

report

is

posted.

You

may

also

manage

your

delivery

preferences

and

sign

up

for

email

notifications

of

reports

by

logging

into

your

account.

If

you

purchased

shares

through

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,

you

may

either

write

to

us

at

4321

North

Ballard

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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