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 28, 2024 

Item 1. Report to Stockholders

(a)           A copy of the registrant’s report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”), as amended, is provided.

(b)           Not applicable.

Thrivent Diversified Income Plus Fund

Class A: AAHYX

Semi-Annual Shareholder Report - June 28, 2024

This semi-annual shareholder report contains important information about the Thrivent Diversified Income Plus Fund (the Fund) for the six months ended June 28, 2024.You can find additional information about the Fund at www.thriventmutualfunds.com/prospectus. You can also request this information by contacting us at 800-847-4836. 

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class	Cost of a $10k Investment	Cost Paid as a % of a $10k Investment
Class A	$46	0.46%

Fund Statistics

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
$977,022,230	1,938	28%	$1,177,469

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Thrivent Core Emerging Markets Debt Fund	7.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.6%
U.S. Treasury Notes	1.6%
Thrivent Core International Equity Fund	1.3%
U.S. Treasury Notes	1.2%
U.S. Treasury Bonds	1.1%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.0%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through	0.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9%

Portfolio Composition (% of Portfolio)

Value	Value
Long-Term Fixed Income	69.7%
Common Stock	14.2%
Registered Investments Companies	10.5%
Short-Term Investments	4.5%
Preferred Stock	1.1%

Major Market Sectors (% of Net Assets)

Mortgage-Backed Securities	21.9%
Financials	11.8%
U.S. Affiliated Registered Investment Companies	9.1%
Asset-Backed Securities	6.4%
Collateralized Mortgage Obligations	6.2%
Information Technology	5.7%
U.S. Government & Agencies	5.2%
Consumer Discretionary	5.1%
Consumer Staples	3.8%
Materials	3.8%

Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.

Thrivent Distributors, LLC, a registered broker-dealer and member of FINRA, is the distributor for Thrivent Mutual Funds. Thrivent Asset Management, LLC, an SEC-registered investment adviser provides asset management services. Both entities are subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans.

Thrivent Diversified Income Plus Fund

Class S: THYFX

Semi-Annual Shareholder Report - June 28, 2024

This semi-annual shareholder report contains important information about the Thrivent Diversified Income Plus Fund (the Fund) for the six months ended June 28, 2024.You can find additional information about the Fund at www.thriventmutualfunds.com/prospectus. You can also request this information by contacting us at 800-847-4836. 

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class	Cost of a $10k Investment	Cost Paid as a % of a $10k Investment
Class S	$34	0.34%

Fund Statistics

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
$977,022,230	1,938	28%	$1,389,981

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Thrivent Core Emerging Markets Debt Fund	7.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.6%
U.S. Treasury Notes	1.6%
Thrivent Core International Equity Fund	1.3%
U.S. Treasury Notes	1.2%
U.S. Treasury Bonds	1.1%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.0%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through	0.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9%

Portfolio Composition (% of Portfolio)

Value	Value
Long-Term Fixed Income	69.7%
Common Stock	14.2%
Registered Investments Companies	10.5%
Short-Term Investments	4.5%
Preferred Stock	1.1%

Major Market Sectors (% of Net Assets)

Mortgage-Backed Securities	21.9%
Financials	11.8%
U.S. Affiliated Registered Investment Companies	9.1%
Asset-Backed Securities	6.4%
Collateralized Mortgage Obligations	6.2%
Information Technology	5.7%
U.S. Government & Agencies	5.2%
Consumer Discretionary	5.1%
Consumer Staples	3.8%
Materials	3.8%

Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.

Thrivent Distributors, LLC, a registered broker-dealer and member of FINRA, is the distributor for Thrivent Mutual Funds. Thrivent Asset Management, LLC, an SEC-registered investment adviser provides asset management services. Both entities are subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans.

Thrivent Multidimensional Income Fund

Class S: TMLDX

Semi-Annual Shareholder Report - June 28, 2024

This semi-annual shareholder report contains important information about the Thrivent Multidimensional Income Fund (the Fund) for the six months ended June 28, 2024.You can find additional information about the Fund at www.thriventmutualfunds.com/prospectus. You can also request this information by contacting us at 800-847-4836. 

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class	Cost of a $10k Investment	Cost Paid as a % of a $10k Investment
Class S	$37	0.37%

Fund Statistics

Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
$49,078,843	749	16%	$139,199

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Thrivent Core Emerging Markets Debt Fund	7.7%
U.S. Treasury Notes	6.3%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	6.0%
U.S. Treasury Notes	4.3%
U.S. Treasury Notes	2.0%
U.S. Treasury Bonds	2.0%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.7%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.7%
Vanguard Short-Term Corporate Bond ETF	1.5%
U.S. Treasury Notes	1.3%

Major Market Sectors (% of Net Assets)

Financials	18.9%
U.S. Government & Agencies	15.9%
U.S. Unaffiliated Registered Investment Companies	10.3%
Mortgage-Backed Securities	10.1%
U.S. Affiliated Registered Investment Companies	7.7%
Consumer Cyclical	6.3%
Energy	5.9%
Communications Services	4.5%
Consumer Non-Cyclical	3.7%
Utilities	3.6%

Bond Quality Ratings

Value	Value
ETFs/Closed-End Funds	9.2
Non-Rated	3.0
D	0.1
C	0.0
CA	0.0
CAA	1.5
B	19.0
BA	23.4
BAA	12.8
A	2.8
AA	0.5
AAA	0.0
U.S. Gov't Guaranteed	27.7

Material Fund Changes

On or about August 16, 2024, the Fund merged into Thrivent Opportunity Income Plus Fund. A copy of Thrivent Opportunity Income Plus Fund's semiannual shareholder report is available upon request.

Portfolio Composition (% of Portfolio)

Value	Value
Long-Term Fixed Income	72.7%
Registered Investments Companies	18.1%
Preferred Stock	5.1%
Short-Term Investments	3.9%
Common Stock	0.2%

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. 

Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.

Thrivent Distributors, LLC, a registered broker-dealer and member of FINRA, is the distributor for Thrivent Mutual Funds. Thrivent Asset Management, LLC, an SEC-registered investment adviser provides asset management services. Both entities are subsidiaries of Thrivent, the marketing name for Thrivent Financial for Lutherans.

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a)        Registrant’s Schedules of Investments are included in the financial statements filed under Item 7 of this Form N-CSR.

(b)           Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

The registrant’s unaudited financial statements and financial highlights as of the end of the period covered by this report are included in this Form N-CSR.

8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

9. Proxy Disclosures for Open-End Management Investment Companies.

Information is included in the financial statements filed under Item 7 of this Form N-CSR.

10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 Information is included in the financial statements filed under Item 7 of this Form N-CSR.

11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15.  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 since the registrant last provided disclosure in response to this Item.

Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. 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 (see Item 2).

(a)(2)     Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed: Not applicable.

(a)(3)     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)(4)     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)(5)     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.

Financial

Statements

and

Additional

Information

June

28,

2024

Thrivent

Mutual

Funds

Go

paperless.

Manage

your

delivery

preferences

and

sign

up

for

email

notifications

by

logging

into

your

account.

Table

of

Contents

Schedule

of

Investments

Thrivent

Diversified

Income

Plus

Fund

2

Thrivent

Multidimensional

Income

Fund

37

Statement

of

Assets

and

Liabilities

54

Statement

of

Operations

55

Statement

of

Changes

in

Net

Assets

56

Notes

to

Financial

Statements

57

Financial

Highlights

70

Change

in

and

Disagreement

with

Accountants

72

Proxy

Disclosures

73

Remuneration

Paid

to

Directors,

Officers,

and

Others

74

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

75

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

2

Principal

Amount

Long-Term

Fixed

Income

(

69.8%

)

Value

Asset-Backed

Securities

(6.4%)

510

Asset

Backed

Trust

$

797,355

3.967%, 

5/25/2061,

Ser.

2021-NPL1,

Class

A2

a,b

$

773,555

855,792

2.116%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A1

a,b

837,674

775,000

4.090%, 

6/25/2061,

Ser.

2021-NPL2,

Class

A2

a,b

753,476

720

East

CLO,

Ltd.

1,700,000

9.575%, 

(TSFR3M

+

4.250%),

1/20/2036,

Ser.

2022-1A,

Class

C

a,c

1,714,059

Affirm

Asset

Securitization

Trust

1,500,000

6.610%, 

1/18/2028,

Ser.

2023-A,

Class

A

a

1,505,545

1,250,000

6.820%, 

9/15/2028,

Ser.

2023-B,

Class

A

a

1,264,892

258,814

7.110%, 

11/15/2028,

Ser.

2023-X1,

Class

A

a

259,640

1,500,000

5.610%, 

2/15/2029,

Ser.

2024-A,

Class

A

a

1,495,315

Anchorage

Capital

CLO

21,

Ltd.

1,225,000

7.986%, 

(TSFR3M

+

2.662%),

10/20/2034,

Ser.

2021-21A,

Class

C

a,c

1,225,371

Ares

XL

CLO,

Ltd.

1,200,000

8.390%, 

(TSFR3M

+

3.062%),

1/15/2029,

Ser.

2016-40A,

Class

CRR

a,c

1,200,138

Barings

CLO,

Ltd.

600,000

8.736%, 

(TSFR3M

+

3.412%),

1/20/2032,

Ser.

2016-2A,

Class

DR2

a,c

602,001

Business

Jet

Securities,

LLC

935,303

4.455%, 

6/15/2037,

Ser.

2022-1A,

Class

A

*

903,233

1,750,175

6.197%, 

5/15/2039,

Ser.

2024-1A,

Class

A

*

1,756,007

CarVal

CLO,

Ltd.

1,700,000

9.025%, 

(TSFR3M

+

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

D

a,c

1,706,171

Cascade

Funding

Mortgage

Trust,

LLC

915,678

4.250%, 

4/25/2033,

Ser.

2023-HB12,

Class

A

a,c

898,089

Dryden

36

Senior

Loan

Fund

1,025,000

7.640%, 

(TSFR3M

+

2.312%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

a,c

1,026,025

FirstKey

Homes

Trust

1,400,000

1.968%, 

10/19/2037,

Ser.

2020-SFR2,

Class

D

a

1,321,550

Hotwire

Funding,

LLC

1,500,000

5.893%, 

6/20/2054,

Ser.

2024-1A,

Class

A2

a

1,518,439

Madison

Park

Funding

XVIII,

Ltd.

1,725,000

7.486%, 

(TSFR3M

+

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

a,c

1,725,811

MetroNet

Infrastructure

Issuer,

LLC

1,500,000

6.230%, 

4/20/2054,

Ser.

2024-1A,

Class

A2

a

1,515,127

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Asset-Backed

Securities

(6.4%)

-

continued

Neuberger

Berman

CLO,

Ltd.

$

1,650,000

8.590%, 

(TSFR3M

+

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,c

$

1,650,919

OZLM

VIII,

Ltd.

1,400,000

7.229%, 

(TSFR3M

+

1.912%),

10/17/2029,

Ser.

2014-8A,

Class

A2R3

a,c

1,400,738

Pagaya

AI

Debt

Grantor

Trust

and

Pagaya

AI

Debt

Trust

1,250,000

6.093%, 

11/15/2031,

Ser.

2024-6,

Class

A

a

1,250,276

Pagaya

AI

Technology

in

Housing

Trust

1,700,000

4.250%, 

8/25/2025,

Ser.

2022-1,

Class

B

a

1,648,853

Preston

Ridge

Partners

Mortgage

Trust,

LLC

425,000

3.474%, 

7/25/2026,

Ser.

2021-6,

Class

A2

a,b

409,916

Pretium

Mortgage

Credit

Partners,

LLC

1,900,000

5.438%, 

1/25/2052,

Ser.

2022-NPL1,

Class

A2

a,b

1,770,994

1,376,699

7.021%, 

2/25/2054,

Ser.

2024-NPL2,

Class

A1

a,b

1,372,863

1,423,274

7.143%, 

3/25/2054,

Ser.

2024-RN1,

Class

A1

a,b

1,420,083

1,539,864

7.520%, 

4/27/2054,

Ser.

2024-NPL3,

Class

A1

a,b

1,545,236

1,253,652

3.844%, 

6/27/2060,

Ser.

2021-NPL2,

Class

A2

*,b

1,148,397

1,300,000

3.721%, 

7/25/2051,

Ser.

2021-NPL3,

Class

A2

a,b

1,200,245

Progress

Residential

Trust

2,350,000

3.600%, 

4/17/2039,

Ser.

2022-SFR3,

Class

B

a

2,219,238

RCO

VII

Mortgage,

LLC

1,316,623

7.021%, 

1/25/2029,

Ser.

2024-1,

Class

A1

a,b

1,312,549

Renaissance

Home

Equity

Loan

Trust

1,429,634

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

b

536,119

Saxon

Asset

Securities

Trust

567,623

3.242%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

c

475,149

Sculptor

CLO,

Ltd.

950,000

7.986%, 

(TSFR3M

+

2.662%),

1/20/2035,

Ser.

28A,

Class

C

a,c

949,960

Silver

Point

CLO

2,

Ltd.

1,800,000

8.025%, 

(TSFR3M

+

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

A2

a,c

1,812,280

Stanwich

Mortgage

Loan

Company,

LLC

640,014

2.735%, 

10/16/2026,

Ser.

2021-NPB1,

Class

A1

a,b

622,356

Stratus

Static

CLO,

Ltd.

1,400,000

7.218%, 

(TSFR3M

+

1.900%),

10/20/2031,

Ser.

2022-3A,

Class

BR

a,c

1,400,438

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

3

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Asset-Backed

Securities

(6.4%)

-

continued

Symphony

CLO

XX,

Ltd.

$

1,050,000

8.337%, 

(TSFR3M

+

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,c,d

$

1,053,150

Unlock

HEA

Trust

1,453,824

7.000%, 

10/25/2038,

Ser.

2023-1,

Class

A

a

1,427,853

1,488,631

7.000%, 

4/25/2039,

Ser.

2024-1,

Class

A

a

1,466,138

Upstart

Securitization

Trust

246,167

6.770%, 

6/20/2033,

Ser.

2023-2,

Class

A

a

246,804

VCAT

Asset

Securitization,

LLC

359,973

4.826%, 

12/26/2050,

Ser.

2021-NPL1,

Class

A2

a,b

365,926

Vericrest

Opportunity

Loan

Transferee

1,280,469

4.826%, 

2/27/2051,

Ser.

2021-NPL2,

Class

A2

a,b

1,183,854

1,588,750

4.949%, 

2/27/2051,

Ser.

2021-NPL3,

Class

A2

a,b

1,476,973

1,117,803

4.826%, 

4/25/2051,

Ser.

2021-NPL6,

Class

A2

a,b

1,001,894

330,394

4.949%, 

4/25/2051,

Ser.

2021-NPL8,

Class

A2

a,b

303,058

1,695,292

4.826%, 

5/25/2051,

Ser.

2021-NPL9,

Class

A2

a,b

1,506,311

400,000

5.438%, 

12/26/2051,

Ser.

2021-NP12,

Class

A2

a,b

349,462

Whitebox

CLO

I,

Ltd.

500,000

7.318%, 

(TSFR3M

+

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,c

500,000

Whitebox

CLO

III,

Ltd.

1,225,000

7.790%, 

(TSFR3M

+

2.462%),

10/15/2034,

Ser.

2021-3A,

Class

C

a,c

1,227,270

Whitebox

CLO

IV,

Ltd.

1,250,000

7.925%, 

(TSFR3M

+

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

B

a,c

1,263,595

Wind

River

CLO,

Ltd.

950,000

7.586%, 

(TSFR3M

+

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,c

950,385

Total

62,471,400

Basic

Materials

(1.1%)

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

96,000

8.625%, 

6/15/2029

a

98,520

ATI,

Inc.

268,000

7.250%, 

8/15/2030

276,645

ATI,

Inc.,

Convertible

210,000

3.500%, 

6/15/2025

751,485

Axalta

Coating

Systems

Dutch

Holding

B

BV

216,000

7.250%, 

2/15/2031

a

224,304

Cascades,

Inc./Cascades

USA,

Inc.

297,000

5.125%, 

1/15/2026

a

292,459

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Basic

Materials

(1.1%)

-

continued

Chemours

Company

$

524,000

5.750%, 

11/15/2028

a

$

483,781

Cleveland-Cliffs,

Inc.

317,000

5.875%, 

6/1/2027

314,778

210,000

4.625%, 

3/1/2029

a

198,725

Consolidated

Energy

Finance

SA

709,000

5.625%, 

10/15/2028

a

602,807

Ecolab,

Inc.

174,000

2.125%, 

2/1/2032

142,797

First

Quantum

Minerals,

Ltd.

149,000

6.875%, 

10/15/2027

a

145,566

FMC

Corporation

135,000

5.150%, 

5/18/2026

134,058

Glencore

Funding,

LLC

136,000

5.893%, 

4/4/2054

a

130,748

196,000

4.000%, 

3/27/2027

a

188,936

259,000

6.125%, 

10/6/2028

a

265,122

Hecla

Mining

Company

160,000

7.250%, 

2/15/2028

160,087

Hudbay

Minerals,

Inc.

370,000

4.500%, 

4/1/2026

a

361,940

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

142,000

9.000%, 

7/1/2028

a

143,124

INEOS

Finance

plc

353,000

7.500%, 

4/15/2029

a

356,640

International

Flavors

&

Fragrances,

Inc.

201,000

1.230%, 

10/1/2025

a

190,106

Mercer

International,

Inc.

143,000

5.125%, 

2/1/2029

e

125,854

Methanex

Corporation

179,000

5.125%, 

10/15/2027

172,659

119,000

5.250%, 

12/15/2029

114,814

Mineral

Resources,

Ltd.

74,000

9.250%, 

10/1/2028

a

77,665

Mosaic

Company

198,000

5.375%, 

11/15/2028

198,708

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

200,000

5.350%, 

3/15/2034

a

199,686

Novelis

Corporation

150,000

3.250%, 

11/15/2026

a

141,151

210,000

4.750%, 

1/30/2030

a

194,818

150,000

3.875%, 

8/15/2031

a

129,867

Nutrien,

Ltd.

273,000

4.000%, 

12/15/2026

264,146

OCI

NV

264,000

4.625%, 

10/15/2025

a

259,405

Olin

Corporation

189,000

5.125%, 

9/15/2027

183,330

Peabody

Energy

Corporation,

Convertible

223,000

3.250%, 

3/1/2028

e

292,465

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

250,000

5.375%, 

11/1/2026

a

241,736

Smurfit

Kappa

Treasury,

ULC

210,000

5.777%, 

4/3/2054

a

208,822

SNF

Group

SACA

392,000

3.375%, 

3/15/2030

a

338,066

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

4

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Basic

Materials

(1.1%)

-

continued

SunCoke

Energy,

Inc.

$

435,000

4.875%, 

6/30/2029

a

$

394,096

Taseko

Mines,

Ltd.

248,000

8.250%, 

5/1/2030

a

253,709

Tronox,

Inc.

124,000

4.625%, 

3/15/2029

a

111,933

United

States

Steel

Corporation

468,000

6.875%, 

3/1/2029

470,262

United

States

Steel

Corporation,

Convertible

242,000

5.000%, 

11/1/2026

688,248

Westlake

Corporation

130,000

3.600%, 

8/15/2026

125,088

Total

10,649,156

Capital

Goods

(2.0%)

AAR

Escrow

Issuer,

LLC

161,000

6.750%, 

3/15/2029

a

164,121

Advanced

Drainage

Systems,

Inc.

282,000

6.375%, 

6/15/2030

a

283,019

Amcor

Finance

USA,

Inc.

136,000

5.625%, 

5/26/2033

137,484

Array

Technologies,

Inc.,

Convertible

294,000

1.000%, 

12/1/2028

237,173

BAE

Systems

plc

200,000

5.500%, 

3/26/2054

a

195,549

Boeing

Company

136,000

6.858%, 

5/1/2054

a

139,559

412,000

5.930%, 

5/1/2060

368,349

326,000

4.875%, 

5/1/2025

322,538

222,000

2.196%, 

2/4/2026

208,652

197,000

3.250%, 

3/1/2028

179,625

293,000

5.150%, 

5/1/2030

281,364

68,000

6.528%, 

5/1/2034

a

69,625

Bombardier,

Inc.

56,000

7.875%, 

4/15/2027

a

56,143

146,000

6.000%, 

2/15/2028

a

144,320

258,000

7.250%, 

7/1/2031

a

264,894

338,000

7.000%, 

6/1/2032

a

342,695

Brand

Industrial

Services,

Inc.

279,000

10.375%, 

8/1/2030

a

301,514

Builders

FirstSource,

Inc.

250,000

5.000%, 

3/1/2030

a

236,491

Camelot

Return

Merger

Sub,

Inc.

120,000

8.750%, 

8/1/2028

a

117,648

Canpack

SA/Canpack

US,

LLC

498,000

3.875%, 

11/15/2029

a

446,436

Carrier

Global

Corporation

265,000

2.722%, 

2/15/2030

234,114

Chart

Industries,

Inc.

446,000

7.500%, 

1/1/2030

a

460,881

Chart

Industries,

Inc.,

Convertible

192,000

1.000%, 

11/15/2024

472,808

Clydesdale

Acquisition

Holdings,

Inc.

58,000

6.625%, 

4/15/2029

a

57,004

Crown

Cork

&

Seal

Company,

Inc.

377,000

7.375%, 

12/15/2026

389,521

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Capital

Goods

(2.0%)

-

continued

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

$

407,000

6.625%, 

12/15/2030

a

$

410,175

EquipmentShare.com,

Inc.

125,000

8.625%, 

5/15/2032

a

129,615

ESAB

Corporation

98,000

6.250%, 

4/15/2029

a

98,588

Fluor

Corporation,

Convertible

523,000

1.125%, 

8/15/2029

a

596,482

Gates

Corporation

73,000

6.875%, 

7/1/2029

a

74,273

GFL

Environmental,

Inc.

311,000

4.000%, 

8/1/2028

a

289,046

403,000

3.500%, 

9/1/2028

a

371,513

Greenbrier

Companies,

Inc.,

Convertible

330,000

2.875%, 

4/15/2028

353,760

H&E

Equipment

Services,

Inc.

669,000

3.875%, 

12/15/2028

a

603,618

Herc

Holdings,

Inc.

203,000

5.500%, 

7/15/2027

a

199,823

194,000

6.625%, 

6/15/2029

a

196,720

Honeywell

International,

Inc.

272,000

5.250%, 

3/1/2054

263,936

Howmet

Aerospace,

Inc.

205,000

6.750%, 

1/15/2028

214,769

Huntington

Ingalls

Industries,

Inc.

196,000

4.200%, 

5/1/2030

184,288

Ingersoll

Rand,

Inc.

226,000

5.176%, 

6/15/2029

225,991

68,000

5.700%, 

8/14/2033

69,517

John

Deere

Capital

Corporation

196,000

4.500%, 

1/16/2029

192,671

141,000

4.700%, 

6/10/2030

139,613

144,000

3.900%, 

6/7/2032

133,316

67,000

5.150%, 

9/8/2033

67,163

L3Harris

Technologies,

Inc.

144,000

5.400%, 

1/15/2027

144,582

Lockheed

Martin

Corporation

187,000

5.200%, 

2/15/2064

176,800

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

74,000

6.750%, 

4/1/2032

a

74,526

MIWD

Holdco

II,

LLC

226,000

5.500%, 

2/1/2030

a,e

208,574

Mueller

Water

Products,

Inc.

249,000

4.000%, 

6/15/2029

a

227,979

Nesco

Holdings

II,

Inc.

445,000

5.500%, 

4/15/2029

a

412,171

New

Enterprise

Stone

and

Lime

Company,

Inc.

509,000

5.250%, 

7/15/2028

a

480,558

Northrop

Grumman

Corporation

275,000

5.200%, 

6/1/2054

257,486

63,000

4.700%, 

3/15/2033

60,779

OI

European

Group

BV

406,000

4.750%, 

2/15/2030

a

371,186

Otis

Worldwide

Corporation

230,000

2.056%, 

4/5/2025

223,799

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

5

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Capital

Goods

(2.0%)

-

continued

Owens-Brockway

Glass

Container,

Inc.

$

216,000

6.625%, 

5/13/2027

a

$

215,560

96,000

7.375%, 

6/1/2032

a

96,111

Pactiv

Evergreen

Group

305,000

4.375%, 

10/15/2028

a

284,603

Parker-Hannifin

Corporation

141,000

4.250%, 

9/15/2027

137,381

Patrick

Industries,

Inc.,

Convertible

178,000

1.750%, 

12/1/2028

215,380

Republic

Services,

Inc.

131,000

3.950%, 

5/15/2028

125,935

131,000

5.000%, 

12/15/2033

128,249

Reworld

Holding

Corporation

296,000

4.875%, 

12/1/2029

a

270,167

Roller

Bearing

Company

of

America,

Inc.

336,000

4.375%, 

10/15/2029

a

309,200

RTX

Corporation

204,000

5.750%, 

1/15/2029

209,460

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

373,000

6.125%, 

2/1/2028

a

372,101

Smyrna

Ready

Mix

Concrete,

LLC

343,000

8.875%, 

11/15/2031

a

363,898

Spirit

AeroSystems,

Inc.

369,000

9.750%, 

11/15/2030

a

407,050

SRM

Escrow

Issuer,

LLC

213,000

6.000%, 

11/1/2028

a

208,094

Summit

Materials,

LLC/Summit

Materials

Finance

Corporation

98,000

7.250%, 

1/15/2031

a

101,494

Textron,

Inc.

196,000

3.650%, 

3/15/2027

187,801

Trane

Technologies

Financing,

Ltd.

151,000

5.100%, 

6/13/2034

150,489

TransDigm,

Inc.

493,000

5.500%, 

11/15/2027

484,096

416,000

7.125%, 

12/1/2031

a

428,637

347,000

6.625%, 

3/1/2032

a

350,491

Trivium

Packaging

Finance

184,000

5.500%, 

8/15/2026

a

180,281

United

Rentals

North

America,

Inc.

310,000

4.000%, 

7/15/2030

280,339

Veralto

Corporation

139,000

5.350%, 

9/18/2028

a

139,581

Waste

Connections,

Inc.

70,000

3.200%, 

6/1/2032

60,824

WESCO

Distribution,

Inc.

124,000

6.375%, 

3/15/2029

a

124,448

87,000

6.625%, 

3/15/2032

a

87,916

Total

19,484,430

Collateralized

Mortgage

Obligations

(6.2%)

A&D

Mortgage

Trust

977,560

6.733%, 

7/25/2068,

Ser.

2023-NQM3,

Class

A1

a,b

982,492

Alternative

Loan

Trust

544,445

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

296,197

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Collateralized

Mortgage

Obligations

(6.2%)

-

continued

Banc

of

America

Alternative

Loan

Trust

$

509,606

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

$

433,789

Banc

of

America

Mortgage

Securities

Trust

293,793

5.239%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

c

268,643

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

83,944

7.670%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

c

76,687

CAFL

Issuer,

LLC

1,209,235

2.239%, 

3/28/2029,

Ser.

2021-RTL1,

Class

A1

a,b

1,178,378

CHL

Mortgage

Pass-Through

Trust

115,490

6.404%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

c

111,265

858,213

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

374,489

CHNGE

Mortgage

Trust

1,296,526

3.757%, 

3/25/2067,

Ser.

2022-2,

Class

A1

a,c

1,214,528

1,213,652

5.000%, 

5/25/2067,

Ser.

2022-3,

Class

A1

a,c

1,183,833

1,277,245

6.525%, 

6/25/2058,

Ser.

2023-2,

Class

A1

a,b

1,266,198

795,844

5.820%, 

6/25/2067,

Ser.

2022-NQM1,

Class

A3

a,b

787,774

910,709

7.100%, 

7/25/2058,

Ser.

2023-3,

Class

A1

a,b

908,690

877,986

6.000%, 

10/25/2057,

Ser.

2022-4,

Class

A1

a,b

866,709

CIM

Trust

1,399,738

7.100%, 

4/25/2058,

Ser.

2023-I1,

Class

A3

a,b

1,392,417

Citigroup

Mortgage

Loan

Trust,

Inc.

98,676

5.500%, 

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

92,742

921,632

5.209%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

c

795,793

COLT

Mortgage

Loan

Trust

1,189,493

6.328%, 

12/25/2068,

Ser.

2024-INV1,

Class

A2

a,b

1,185,754

Countrywide

Alternative

Loan

Trust

434,713

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

347,706

237,534

4.003%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

c

189,968

152,036

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

118,945

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

471,174

4.690%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

c

372,398

Credit

Suisse

Mortgage

Trust

721,633

6.567%, 

8/25/2067,

Ser.

2022-ATH3,

Class

A3

a,c

715,605

559,452

2.572%, 

11/25/2066,

Ser.

2022-NQM1,

Class

A2

a,c

472,221

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

6

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Collateralized

Mortgage

Obligations

(6.2%)

-

continued

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

$

695,119

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

$

609,630

295,583

4.207%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

c

252,972

Federal

Home

Loan

Mortgage

Corporation

1,465,593

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

f

145,394

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

2,788,113

4.000%, 

1/25/2051,

Ser.

5249,

Class

LA

2,662,919

1,729,358

Zero

Coupon, 

9/25/2053,

Ser.

5334,

Class

BO

1,369,327

6,079,458

1.500%, 

12/25/2050,

Ser.

5107,

Class

IO

f

485,329

85,004

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

f

846

510,647

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

f

12,368

585,487

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

f

17,157

809,938

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

f

24,244

306,076

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

f

8,511

632,245

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

f

17,956

1,032,790

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

f

31,787

1,215,387

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

f

105,536

822,884

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

f

61,588

1,125,041

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

f

50,473

Federal

National

Mortgage

Association

-

REMIC

1,478,941

4.500%, 

6/25/2052,

Ser.

2022-43,

Class

MA

1,446,653

932,960

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

f

24,100

598,152

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

f

15,629

960,063

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

f

17,679

602,883

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

f

17,658

1,839,574

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

f

56,927

1,312,140

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

f

37,708

442,942

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

f

12,257

1,173,064

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

f

30,578

353,943

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

f

6,986

432,179

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

f

13,903

276,158

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

f

9,216

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Collateralized

Mortgage

Obligations

(6.2%)

-

continued

$

597,067

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

f

$

9,528

1,134,412

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

f

89,892

1,272,840

4.500%, 

1/25/2046,

Ser.

2022-68,

Class

BA

1,242,424

First

Horizon

Alternative

Mortgage

Securities

Trust

161,776

6.911%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

c

153,904

149,166

6.189%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

c

132,854

Flagstar

Mortgage

Trust

495,903

2.500%, 

9/25/2041,

Ser.

2021-9INV,

Class

A1

a,c

430,971

GCAT

Trust

1,090,020

4.250%, 

5/25/2067,

Ser.

2023-NQM4,

Class

A2

a,c

1,000,028

709,303

5.730%, 

8/25/2067,

Ser.

2022-NQM4,

Class

A3

a,b

703,355

GMAC

Mortgage

Corporation

Loan

Trust

318,788

3.874%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

c

261,602

Government

National

Mortgage

Association

131,812

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

f

2,408

GS

Mortgage-Backed

Securities

Trust

1,044,687

5.500%, 

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,c

1,022,120

Home

RE,

Ltd.

1,550,000

9.935%, 

(SOFR30A

+

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,c

1,622,763

1,350,000

8.835%, 

(SOFR30A

+

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

a,c

1,375,647

HTAP

1,000,000

7.000%, 

4/25/2037,

Ser.

2024-1,

Class

A

a,c

977,916

IndyMac

IMJA

Mortgage

Loan

Trust

949,156

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

410,938

J.P.

Morgan

Mortgage

Trust

733,064

2.774%, 

5/25/2052,

Ser.

2021-LTV2,

Class

A2

a,c

598,225

1,132,477

5.000%, 

10/25/2053,

Ser.

2023-3,

Class

A4A

a,c

1,099,924

74,760

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

74,153

370,984

5.156%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

c

257,029

LHOME

Mortgage

Trust

900,000

7.017%, 

1/25/2029,

Ser.

2024-RTL1,

Class

A1

a,b

902,151

750,000

6.900%, 

5/25/2029,

Ser.

2024-RTL3,

Class

A1

a

750,530

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

7

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Collateralized

Mortgage

Obligations

(6.2%)

-

continued

Merrill

Lynch

Alternative

Note

Asset

Trust

$

895,060

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

$

319,097

MFRA

Trust

1,500,000

7.093%, 

2/25/2029,

Ser.

2024-RTL1,

Class

A1

a,b

1,497,479

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

1,729,602

5.920%, 

(TSFR1M

+

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

c

1,411,587

NYMT

Loan

Trust

1,000,000

7.154%, 

2/25/2029,

Ser.

2024-BPL1,

Class

A1

a,b

1,000,185

1,150,000

6.509%, 

5/25/2039,

Ser.

2024-BPL2,

Class

A1

a,b

1,154,188

Preston

Ridge

Partners

Mortgage

Trust,

LLC

1,238,145

4.000%, 

1/25/2054,

Ser.

2024-RCF1,

Class

A1

a,b

1,186,901

1,000,000

3.500%, 

5/25/2054,

Ser.

2024-RPL2,

Class

A2

a,b

906,285

PRKCM

Trust

1,449,953

7.087%, 

6/25/2058,

Ser.

2023-AFC2,

Class

A3

a

1,446,646

1,279,860

7.627%, 

11/25/2058,

Ser.

2023-AFC4,

Class

A2

a,b

1,303,884

RCKT

Mortgage

Trust

1,092,538

6.147%, 

6/25/2044,

Ser.

2024-CES4,

Class

A1A

a,b

1,099,423

Residential

Accredit

Loans,

Inc.

Trust

406,100

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

343,611

289,900

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

224,280

546,556

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

437,729

Residential

Asset

Securitization

Trust

461,398

4.938%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

c

417,609

Residential

Funding

Mortgage

Security

I

Trust

377,692

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

284,978

ROC

Securities

Trust

Series

887,973

3.487%, 

8/25/2026,

Ser.

2021-RTL1,

Class

A1

a,c

885,121

Saluda

Grade

Alternative

Mortgage

Trust

2,000,000

7.439%, 

7/25/2030,

Ser.

2024-RTL6,

Class

A1

a,c,d

2,000,000

Sequoia

Mortgage

Trust

456,575

3.914%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

c

303,758

Structured

Adjustable

Rate

Mortgage

Loan

Trust

185,913

4.816%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

c

154,187

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Collateralized

Mortgage

Obligations

(6.2%)

-

continued

Toorak

Mortgage

Trust

$

1,500,000

7.333%, 

2/25/2031,

Ser.

2024-1,

Class

A1

a,b

$

1,490,931

Triangle

Re,

Ltd.

1,750,000

8.735%, 

(SOFR30A

+

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,c

1,786,371

TVC

Mortgage

Trust

1,500,000

8.250%, 

11/25/2027,

Ser.

2023-RTL1,

Class

A1

a,b

1,498,496

Verus

Securitization

Trust

1,188,211

2.491%, 

11/25/2066,

Ser.

2021-8,

Class

A3

a,c

1,018,533

1,192,425

6.560%, 

12/25/2067,

Ser.

2023-1,

Class

A2

a,b

1,191,443

WaMu

Mortgage

Pass-Through

Certificates

141,013

6.600%, 

5/25/2033,

Ser.

2003-AR4,

Class

A7

c

134,840

Washington

Mutual

Mortgage

Pass-Through

Certificates

312,778

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

254,882

Total

60,049,358

Commercial

Mortgage-Backed

Securities

(0.6%)

BANK5

2023-5YR1

2,000,000

6.624%, 

4/15/2056,

Ser.

2023-5YR1,

Class

AS

c

2,032,160

BBCMS

Mortgage

Trust

5,977,262

1.325%, 

9/15/2055,

Ser.

2022-C17,

Class

XA

c,f

440,330

Silver

Hill

Trust

218,792

3.102%, 

11/25/2049,

Ser.

2019-1,

Class

A1

a,c

209,920

Velocity

Commercial

Capital

Loan

Trust

813,583

6.550%, 

1/25/2054,

Ser.

2024-1,

Class

A

a,c

815,480

597,252

6.650%, 

6/25/2054,

Ser.

2024-3,

Class

A

a,c

600,483

1,273,999

7.670%, 

11/25/2053,

Ser.

2023-4,

Class

A

a,c

1,309,304

Total

5,407,677

Communications

Services

(2.3%)

AMC

Networks,

Inc.

62,000

10.250%, 

1/15/2029

a

61,082

AMC

Networks,

Inc.,

Convertible

58,000

4.250%, 

2/15/2029

a

55,729

American

Tower

Corporation

260,000

4.400%, 

2/15/2026

255,337

135,000

1.450%, 

9/15/2026

123,875

191,000

5.500%, 

3/15/2028

192,127

136,000

5.800%, 

11/15/2028

138,638

196,000

3.800%, 

8/15/2029

182,180

AT&T,

Inc.

688,000

3.550%, 

9/15/2055

463,843

407,000

4.300%, 

2/15/2030

389,921

136,000

5.400%, 

2/15/2034

136,001

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

8

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Communications

Services

(2.3%)

-

continued

Bell

Telephone

Company

of

Canada

$

290,000

5.550%, 

2/15/2054

$

281,066

134,000

5.100%, 

5/11/2033

131,412

Cable

One,

Inc.,

Convertible

178,000

1.125%, 

3/15/2028

e

132,126

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

495,000

5.125%, 

5/1/2027

a

475,272

255,000

5.000%, 

2/1/2028

a

238,397

214,000

6.375%, 

9/1/2029

a

203,413

16,000

4.750%, 

3/1/2030

a

13,858

695,000

4.500%, 

8/15/2030

a

588,371

291,000

4.250%, 

2/1/2031

a

237,584

375,000

4.750%, 

2/1/2032

a

307,114

360,000

4.250%, 

1/15/2034

a

273,261

CenterPoint

Energy,

Inc.,

Convertible

11,819

3.369%, 

9/15/2029

401,373

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

123,000

6.150%, 

11/10/2026

124,189

196,000

5.050%, 

3/30/2029

188,492

199,000

6.550%, 

6/1/2034

199,066

Cimpress

plc

270,000

7.000%, 

6/15/2026

269,784

Clear

Channel

Outdoor

Holdings,

Inc.

60,000

7.875%, 

4/1/2030

a

60,393

Clear

Channel

Worldwide

Holdings,

Inc.

512,000

5.125%, 

8/15/2027

a

488,952

Comcast

Corporation

408,000

5.650%, 

6/1/2054

407,305

326,000

3.400%, 

4/1/2030

299,690

Connect

Finco

SARL/Connect

US

Finco,

LLC

230,000

6.750%, 

10/1/2026

a

221,985

Crown

Castle,

Inc.

218,000

2.900%, 

3/15/2027

204,605

Deutsche

Telekom

International

Finance

BV

368,000

8.750%, 

6/15/2030

428,985

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

829,000

5.875%, 

8/15/2027

a

779,746

Frontier

Communications

Holdings,

LLC

450,000

5.875%, 

10/15/2027

a

439,339

173,000

8.750%, 

5/15/2030

a

178,267

118,000

8.625%, 

3/15/2031

a

121,555

GCI,

LLC

352,000

4.750%, 

10/15/2028

a

321,298

Gray

Television,

Inc.

206,000

7.000%, 

5/15/2027

a,e

189,665

338,000

10.500%, 

7/15/2029

a

339,818

Iliad

Holding

SASU

263,000

6.500%, 

10/15/2026

a

261,835

313,000

8.500%, 

4/15/2031

a

316,925

Intelsat

Jackson

Holdings

SA

317,000

6.500%, 

3/15/2030

a

294,928

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Communications

Services

(2.3%)

-

continued

Lamar

Media

Corporation

$

238,000

3.625%, 

1/15/2031

$

209,326

LCPR

Senior

Secured

Financing

DAC

501,000

6.750%, 

10/15/2027

a

469,204

Level

3

Financing,

Inc.

119,524

10.500%, 

4/15/2029

a

119,225

119,524

11.000%, 

11/15/2029

a,e

122,309

213,000

10.500%, 

5/15/2030

a

210,958

McGraw-Hill

Education,

Inc.

305,000

5.750%, 

8/1/2028

a

294,110

Meta

Platforms,

Inc.

132,000

3.850%, 

8/15/2032

122,714

News

Corporation

427,000

3.875%, 

5/15/2029

a

393,053

Nexstar

Media,

Inc.

145,000

5.625%, 

7/15/2027

a

137,751

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

162,000

4.625%, 

3/15/2030

a

145,872

Paramount

Global

417,000

6.375%, 

3/30/2062

c

368,277

Playtika

Holding

Corporation

357,000

4.250%, 

3/15/2029

a

313,253

Rogers

Communications,

Inc.

250,000

5.250%, 

3/15/2082

a,c

239,365

204,000

5.000%, 

2/15/2029

201,486

340,000

5.300%, 

2/15/2034

333,627

Scripps

Escrow

II,

Inc.

116,000

3.875%, 

1/15/2029

a

80,792

Sinclair

Television

Group,

Inc.

109,000

4.125%, 

12/1/2030

a,e

73,030

Sirius

XM

Radio,

Inc.

495,000

5.000%, 

8/1/2027

a

473,824

275,000

4.000%, 

7/15/2028

a

248,422

Sprint

Capital

Corporation

424,000

6.875%, 

11/15/2028

449,483

208,000

8.750%, 

3/15/2032

250,185

Take-Two

Interactive

Software,

Inc.

137,000

5.600%, 

6/12/2034

136,657

TEGNA,

Inc.

124,000

4.750%, 

3/15/2026

a

121,212

389,000

4.625%, 

3/15/2028

350,510

Telecom

Italia

Capital

SA

17,000

6.000%, 

9/30/2034

e

15,335

262,000

6.000%, 

9/30/2034

a

247,953

Telenet

Finance

Luxembourg

Notes

SARL

200,000

5.500%, 

3/1/2028

a

189,461

T-Mobile

USA,

Inc.

137,000

5.500%, 

1/15/2055

132,111

275,000

3.375%, 

4/15/2029

253,955

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

375,000

4.750%, 

4/15/2028

a

306,618

Univision

Communications,

Inc.

48,000

8.000%, 

8/15/2028

a

46,811

409,000

4.500%, 

5/1/2029

a

343,752

177,000

7.375%, 

6/30/2030

a

164,640

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

9

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Communications

Services

(2.3%)

-

continued

Urban

One,

Inc.

$

74,000

7.375%, 

2/1/2028

a

$

56,876

Verizon

Communications,

Inc.

160,000

5.500%, 

2/23/2054

156,627

260,000

2.100%, 

3/22/2028

233,826

196,000

3.150%, 

3/22/2030

176,742

311,000

2.355%, 

3/15/2032

254,235

Viasat,

Inc.

197,000

6.500%, 

7/15/2028

a,e

149,134

Virgin

Media

Finance

plc

150,000

5.000%, 

7/15/2030

a

123,682

Virgin

Media

Secured

Finance

plc

315,000

5.500%, 

5/15/2029

a

287,958

Vodafone

Group

plc

88,000

5.125%, 

6/4/2081

c

64,721

227,000

5.750%, 

6/28/2054

219,836

129,000

5.875%, 

6/28/2064

124,073

300,000

7.000%, 

4/4/2079

c

309,119

VZ

Secured

Financing

BV

373,000

5.000%, 

1/15/2032

a

318,046

Walt

Disney

Company

130,000

3.800%, 

3/22/2030

e

123,129

Warnermedia

Holdings,

Inc.

148,000

3.638%, 

3/15/2025

145,705

348,000

4.054%, 

3/15/2029

321,376

Windstream

Escrow,

LLC/

Windstream

Escrow

Finance

Corporation

133,000

7.750%, 

8/15/2028

a

125,292

Ziggo

Bond

Company

BV

145,000

5.125%, 

2/28/2030

a,e

123,201

Ziggo

BV

131,000

4.875%, 

1/15/2030

a

116,460

Total

22,414,121

Consumer

Cyclical

(3.7%)

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

560,000

4.375%, 

1/15/2028

a

528,177

Adient

Global

Holdings,

Ltd.

198,000

8.250%, 

4/15/2031

a,e

206,637

Alimentation

Couche-Tard,

Inc.

225,000

5.617%, 

2/12/2054

a

222,184

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation

7,000

6.625%, 

7/15/2026

a

6,979

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

300,000

4.625%, 

6/1/2028

a

273,625

260,000

4.625%, 

6/1/2028

a

236,870

Allison

Transmission,

Inc.

244,000

3.750%, 

1/30/2031

a

213,923

Amazon.com,

Inc.

131,000

1.500%, 

6/3/2030

109,111

274,000

4.700%, 

12/1/2032

271,554

American

Axle

&

Manufacturing,

Inc.

306,000

6.875%, 

7/1/2028

305,403

345,000

5.000%, 

10/1/2029

e

316,390

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Consumer

Cyclical

(3.7%)

-

continued

American

Honda

Finance

Corporation

$

201,000

5.650%, 

11/15/2028

$

205,967

209,000

4.900%, 

1/10/2034

202,821

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

66,000

7.000%, 

4/15/2030

a

53,968

Arko

Corporation

255,000

5.125%, 

11/15/2029

a

221,985

Asbury

Automotive

Group,

Inc.

209,000

5.000%, 

2/15/2032

a

189,356

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

240,000

4.625%, 

8/1/2029

a

216,229

67,000

4.625%, 

4/1/2030

a

59,882

Aston

Martin

Capital

Holdings,

Ltd.

157,000

10.000%, 

3/31/2029

a

154,694

Beazer

Homes

USA,

Inc.

206,000

7.500%, 

3/15/2031

a

205,570

Best

Buy

Company,

Inc.

131,000

1.950%, 

10/1/2030

108,574

Booking

Holdings,

Inc.,

Convertible

259,000

0.750%, 

5/1/2025

544,706

Boyd

Gaming

Corporation

370,000

4.750%, 

6/15/2031

a

335,333

Boyne

USA,

Inc.

197,000

4.750%, 

5/15/2029

a

183,821

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

271,000

6.250%, 

9/15/2027

a

266,715

Burlington

Stores,

Inc.,

Convertible

298,000

2.250%, 

4/15/2025

350,001

139,000

1.250%, 

12/15/2027

a

181,325

Caesars

Entertainment,

Inc.

120,000

8.125%, 

7/1/2027

a

122,440

804,000

4.625%, 

10/15/2029

a

737,084

148,000

6.500%, 

2/15/2032

a

148,726

Carnival

Corporation

206,000

7.625%, 

3/1/2026

a

208,036

559,000

5.750%, 

3/1/2027

a

552,249

293,000

4.000%, 

8/1/2028

a

275,161

238,000

6.000%, 

5/1/2029

a

235,101

Cedar

Fair,

LP

339,000

5.250%, 

7/15/2029

324,751

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

60,000

5.375%, 

4/15/2027

59,464

Churchill

Downs,

Inc.

245,000

4.750%, 

1/15/2028

a

234,010

179,000

6.750%, 

5/1/2031

a

179,969

Cinemark

USA,

Inc.

364,000

5.875%, 

3/15/2026

a

360,037

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

185,000

8.500%, 

5/15/2027

a

186,044

550,000

6.750%, 

5/15/2028

a

556,629

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

10

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Consumer

Cyclical

(3.7%)

-

continued

Crocs,

Inc.

$

118,000

4.250%, 

3/15/2029

a

$

107,554

Cushman

&

Wakefield

US

Borrower,

LLC

60,000

6.750%, 

5/15/2028

a

59,558

D.R.

Horton,

Inc.

75,000

2.600%, 

10/15/2025

72,264

Daimler

Trucks

Finance

North

America,

LLC

150,000

5.400%, 

9/20/2028

a

151,129

Dana,

Inc.

119,000

5.625%, 

6/15/2028

115,452

179,000

4.500%, 

2/15/2032

153,727

eG

Global

Finance

plc

60,000

12.000%, 

11/30/2028

a

63,881

Expedia

Group,

Inc.

229,000

3.250%, 

2/15/2030

206,416

Expedia

Group,

Inc.,

Convertible

349,000

Zero

Coupon, 

2/15/2026

320,382

Ford

Motor

Company,

Convertible

644,000

Zero

Coupon, 

3/15/2026

650,118

Ford

Motor

Credit

Company,

LLC

225,000

5.850%, 

5/17/2027

224,973

250,000

2.900%, 

2/10/2029

220,426

225,000

7.122%, 

11/7/2033

237,752

Forestar

Group,

Inc.

124,000

3.850%, 

5/15/2026

a

118,644

Gap,

Inc.

86,000

3.625%, 

10/1/2029

a

74,454

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

168,000

7.750%, 

5/31/2032

a

170,255

General

Motors

Financial

Company,

Inc.

158,000

1.200%, 

10/15/2024

155,943

199,000

2.900%, 

2/26/2025

195,257

149,000

2.750%, 

6/20/2025

144,826

220,000

5.800%, 

6/23/2028

222,696

159,000

5.800%, 

1/7/2029

160,415

270,000

5.700%, 

9/30/2030

c,e,g

253,454

97,000

5.750%, 

2/8/2031

97,259

260,000

5.950%, 

4/4/2034

260,222

Genuine

Parts

Company

137,000

6.500%, 

11/1/2028

143,584

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

120,000

3.500%, 

3/1/2029

a

108,367

Goodyear

Tire

&

Rubber

Company

119,000

4.875%, 

3/15/2027

115,028

250,000

5.000%, 

7/15/2029

232,698

Hanesbrands,

Inc.

140,000

4.875%, 

5/15/2026

a

136,962

136,000

9.000%, 

2/15/2031

a,e

142,493

Harley-Davidson

Financial

Services,

Inc.

209,000

5.950%, 

6/11/2029

a

208,557

Hilton

Domestic

Operating

Company,

Inc.

549,000

4.875%, 

1/15/2030

526,916

60,000

4.000%, 

5/1/2031

a

53,706

341,000

3.625%, 

2/15/2032

a

295,095

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Consumer

Cyclical

(3.7%)

-

continued

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

$

427,000

5.000%, 

6/1/2029

a

$

398,156

Home

Depot,

Inc.

129,000

5.300%, 

6/25/2054

125,950

129,000

5.400%, 

6/25/2064

125,722

214,000

3.250%, 

4/15/2032

189,797

Hyundai

Capital

America

85,000

5.500%, 

3/30/2026

a

84,910

196,000

3.000%, 

2/10/2027

a,e

184,905

136,000

6.500%, 

1/16/2029

a

142,017

International

Game

Technology

plc

510,000

5.250%, 

1/15/2029

a

493,476

Jacobs

Entertainment,

Inc.

228,000

6.750%, 

2/15/2029

a

211,459

Jaguar

Land

Rover

Automotive

plc

143,000

5.500%, 

7/15/2029

a

137,058

KB

Home

360,000

4.800%, 

11/15/2029

339,426

L

Brands,

Inc.

575,000

6.625%, 

10/1/2030

a

576,795

130,000

6.875%, 

11/1/2035

131,108

Las

Vegas

Sands

Corporation

140,000

5.900%, 

6/1/2027

140,743

Light

&

Wonder

International,

Inc.

377,000

7.250%, 

11/15/2029

a

385,032

Live

Nation

Entertainment,

Inc.

133,000

4.750%, 

10/15/2027

a

127,457

Live

Nation

Entertainment,

Inc.,

Convertible

264,000

2.000%, 

2/15/2025

e

270,009

553,000

3.125%, 

1/15/2029

e

610,607

Lowe's

Companies,

Inc.

330,000

4.500%, 

4/15/2030

320,242

Macy's

Retail

Holdings,

LLC

365,000

5.875%, 

4/1/2029

a,e

354,230

120,000

6.125%, 

3/15/2032

a

114,595

Marriott

International,

Inc./MD

124,000

4.900%, 

4/15/2029

122,677

198,000

4.625%, 

6/15/2030

192,159

Marriott

Vacations

Worldwide

Corporation,

Convertible

382,000

Zero

Coupon, 

1/15/2026

351,790

467,000

3.250%, 

12/15/2027

424,970

Mattamy

Group

Corporation

324,000

5.250%, 

12/15/2027

a

314,799

McDonald's

Corporation

136,000

4.950%, 

8/14/2033

133,938

Melco

Resorts

Finance,

Ltd.

333,000

5.375%, 

12/4/2029

a

297,542

310,000

7.625%, 

4/17/2032

a

307,415

Meritage

Homes

Corporation,

Convertible

200,000

1.750%, 

5/15/2028

a

198,600

Michaels

Companies,

Inc.

175,000

5.250%, 

5/1/2028

a

139,999

NCL

Corporation,

Ltd.

146,000

5.875%, 

3/15/2026

a

144,339

264,000

5.875%, 

2/15/2027

a

260,551

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

11

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Consumer

Cyclical

(3.7%)

-

continued

Nordstrom,

Inc.

$

142,000

4.375%, 

4/1/2030

$

129,113

201,000

4.250%, 

8/1/2031

178,726

PENN

Entertainment,

Inc.

300,000

4.125%, 

7/1/2029

a,e

257,300

PetSmart,

Inc./PetSmart

Finance

Corporation

480,000

4.750%, 

2/15/2028

a

445,861

303,000

7.750%, 

2/15/2029

a

295,082

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

388,000

5.750%, 

4/15/2026

a

385,052

328,000

6.250%, 

1/15/2028

a

323,219

QVC,

Inc.

76,000

4.375%, 

9/1/2028

e

55,578

Raising

Cane's

Restaurants,

LLC

146,000

9.375%, 

5/1/2029

a

157,685

Rakuten

Group,

Inc.

180,000

11.250%, 

2/15/2027

a

192,241

210,000

9.750%, 

4/15/2029

a

216,457

Royal

Caribbean

Cruises,

Ltd.

788,000

4.250%, 

7/1/2026

a

762,624

77,000

9.250%, 

1/15/2029

a

82,202

106,000

7.250%, 

1/15/2030

a

109,754

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

48,000

6.625%, 

3/1/2030

a

46,791

SeaWorld

Parks

and

Entertainment,

Inc.

289,000

5.250%, 

8/15/2029

a

273,068

Service

Corporation

International/

US

120,000

3.375%, 

8/15/2030

104,436

Six

Flags

Entertainment

Corporation

59,000

7.250%, 

5/15/2031

a

60,069

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

60,000

6.625%, 

5/1/2032

a

60,974

Six

Flags

Theme

Parks,

Inc.

121,000

7.000%, 

7/1/2025

a

121,380

Sonic

Automotive,

Inc.

148,000

4.875%, 

11/15/2031

a

130,311

Staples,

Inc.

241,000

10.750%, 

9/1/2029

a

229,029

Station

Casinos,

LLC

304,000

4.625%, 

12/1/2031

a

270,956

Target

Corporation

266,000

2.350%, 

2/15/2030

233,141

Tenneco,

Inc.

394,000

8.000%, 

11/17/2028

a

358,676

Toyota

Motor

Credit

Corporation

136,000

5.550%, 

11/20/2030

139,704

129,000

4.800%, 

1/5/2034

125,361

Tractor

Supply

Company

136,000

5.250%, 

5/15/2033

134,807

Tripadvisor,

Inc.

90,000

7.000%, 

7/15/2025

a

90,254

Uber

Technologies,

Inc.,

Convertible

369,000

Zero

Coupon, 

12/15/2025

395,568

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Consumer

Cyclical

(3.7%)

-

continued

$

487,000

0.875%, 

12/1/2028

a

$

579,043

Vail

Resorts,

Inc.,

Convertible

543,000

Zero

Coupon, 

1/1/2026

494,130

VICI

Properties,

LP/VICI

Note

Company,

Inc.

486,000

5.750%, 

2/1/2027

a

486,011

Victoria's

Secret

&

Company

285,000

4.625%, 

7/15/2029

a

236,954

Viking

Cruises,

Ltd.

612,000

5.875%, 

9/15/2027

a

605,668

Volkswagen

Group

of

America

Finance,

LLC

74,000

3.350%, 

5/13/2025

a

72,572

Wabash

National

Corporation

409,000

4.500%, 

10/15/2028

a

368,027

Walgreens

Boots

Alliance,

Inc.

209,000

3.200%, 

4/15/2030

e

174,957

88,000

4.800%, 

11/18/2044

e

69,102

WASH

Multifamily

Acquisition,

Inc.

187,000

5.750%, 

4/15/2026

a

182,810

Wyndham

Hotels

&

Resorts,

Inc.

310,000

4.375%, 

8/15/2028

a

288,996

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

289,000

7.125%, 

2/15/2031

a

299,671

Yum!

Brands,

Inc.

421,000

4.750%, 

1/15/2030

a

400,986

ZF

North

America

Capital,

Inc.

242,000

7.125%, 

4/14/2030

a

250,559

Total

35,979,342

Consumer

Non-Cyclical

(3.1%)

1375209

B.C.,

Ltd.

119,000

9.000%, 

1/30/2028

a,e

114,428

AbbVie,

Inc.

340,000

5.500%, 

3/15/2064

335,642

204,000

5.350%, 

3/15/2044

201,641

AdaptHealth,

LLC

523,000

4.625%, 

8/1/2029

a

453,182

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

382,000

4.625%, 

1/15/2027

a

368,981

407,000

3.500%, 

3/15/2029

a

366,114

Altria

Group,

Inc.

132,000

6.200%, 

11/1/2028

136,878

Amgen,

Inc.

196,000

5.150%, 

3/2/2028

195,971

Anheuser-Busch

InBev

Worldwide,

Inc.

261,000

4.750%, 

1/23/2029

259,520

412,000

5.000%, 

6/15/2034

408,826

Archer-Daniels-Midland

Company

133,000

4.500%, 

8/15/2033

126,341

AstraZeneca

Finance,

LLC

306,000

1.750%, 

5/28/2028

271,436

202,000

5.000%, 

2/26/2034

200,881

B&G

Foods,

Inc.

236,000

8.000%, 

9/15/2028

a,h

239,829

BAT

Capital

Corporation

172,000

6.343%, 

8/2/2030

179,315

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

12

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Consumer

Non-Cyclical

(3.1%)

-

continued

$

89,000

5.834%, 

2/20/2031

$

90,255

140,000

7.750%, 

10/19/2032

157,428

Bausch

+

Lomb

Corporation

74,000

8.375%, 

10/1/2028

a

75,758

Bausch

Health

Companies,

Inc.

192,000

5.500%, 

11/1/2025

a

178,854

445,000

4.875%, 

6/1/2028

a,e

333,020

Becton,

Dickinson

and

Company

134,000

4.693%, 

2/13/2028

132,085

196,000

2.823%, 

5/20/2030

173,308

BellRing

Brands,

Inc.

250,000

7.000%, 

3/15/2030

a

256,197

BioMarin

Pharmaceutical,

Inc.,

Convertible

391,000

1.250%, 

5/15/2027

e

373,295

Bio-Rad

Laboratories,

Inc.

220,000

3.300%, 

3/15/2027

208,368

Bristol-Myers

Squibb

Company

272,000

5.550%, 

2/22/2054

268,160

135,000

5.750%, 

2/1/2031

140,161

67,000

5.900%, 

11/15/2033

70,329

Campbell

Soup

Company

442,000

5.400%, 

3/21/2034

439,098

Cargill,

Inc.

289,000

2.125%, 

11/10/2031

a

236,291

Catalent

Pharma

Solutions,

Inc.

149,000

3.125%, 

2/15/2029

a

142,605

Central

Garden

&

Pet

Company

460,000

4.125%, 

10/15/2030

409,965

Charles

River

Laboratories

International,

Inc.

144,000

4.000%, 

3/15/2031

a

128,434

Chefs'

Warehouse,

Inc.,

Convertible

215,000

2.375%, 

12/15/2028

238,513

Cheplapharm

Arzneimittel

GmbH

60,000

5.500%, 

1/15/2028

a

55,506

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

227,000

4.625%, 

11/15/2028

a

214,381

CHS/Community

Health

Systems,

Inc.

298,000

5.625%, 

3/15/2027

a

277,500

148,000

8.000%, 

12/15/2027

a

146,755

402,000

6.000%, 

1/15/2029

a

354,768

100,000

5.250%, 

5/15/2030

a

82,449

174,000

4.750%, 

2/15/2031

a

136,804

169,000

10.875%, 

1/15/2032

a

175,893

Cigna

Group

136,000

5.600%, 

2/15/2054

130,573

181,000

2.400%, 

3/15/2030

156,600

Coca-Cola

Company

136,000

5.300%, 

5/13/2054

134,954

Concentra

Escrow

Issuer

Corporation

37,000

6.875%, 

7/15/2032

a,h

37,487

Constellation

Brands,

Inc.

139,000

4.800%, 

1/15/2029

136,937

261,000

3.150%, 

8/1/2029

236,701

87,000

4.900%, 

5/1/2033

83,994

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Consumer

Non-Cyclical

(3.1%)

-

continued

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

$

496,000

4.750%, 

1/15/2029

a

$

471,412

97,000

6.625%, 

7/15/2030

a

98,435

CVS

Health

Corporation

272,000

6.050%, 

6/1/2054

266,751

120,000

5.000%, 

2/20/2026

119,080

102,000

4.300%, 

3/25/2028

98,493

136,000

5.300%, 

6/1/2033

132,907

408,000

4.780%, 

3/25/2038

364,269

435,000

6.000%, 

6/1/2044

426,270

Diageo

Capital

plc

148,000

2.000%, 

4/29/2030

126,151

250,000

5.625%, 

10/5/2033

259,511

Edgewell

Personal

Care

Company

260,000

5.500%, 

6/1/2028

a

253,681

Eli

Lilly

&

Company

272,000

5.000%, 

2/9/2054

259,755

265,000

4.700%, 

2/27/2033

260,430

Embecta

Corporation

134,000

6.750%, 

2/15/2030

a

116,471

Encompass

Health

Corporation

544,000

4.500%, 

2/1/2028

517,477

Endo

Finance

Holdings,

Inc.

120,000

8.500%, 

4/15/2031

a

123,837

Energizer

Holdings,

Inc.

445,000

4.375%, 

3/31/2029

a

402,568

Envista

Holdings

Corporation,

Convertible

151,000

1.750%, 

8/15/2028

a

128,614

Fortrea

Holdings,

Inc.

108,000

7.500%, 

7/1/2030

a,e

107,307

General

Mills,

Inc.

53,000

4.950%, 

3/29/2033

51,622

Gilead

Sciences,

Inc.

131,000

5.250%, 

10/15/2033

131,957

Grifols

SA

150,000

4.750%, 

10/15/2028

a,e

129,446

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

118,000

7.875%, 

9/1/2025

a,e

115,891

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

221,000

4.875%, 

6/1/2029

a

153,113

Imperial

Brands

Finance

plc

164,000

3.125%, 

7/26/2024

a

163,688

Integer

Holdings

Corporation,

Convertible

418,000

2.125%, 

2/15/2028

596,695

Jazz

Investments

I,

Ltd.,

Convertible

653,000

2.000%, 

6/15/2026

627,207

Jazz

Securities

DAC

239,000

4.375%, 

1/15/2029

a

221,878

JBS

USA

Holding

Lux

SARL/JBS

USA

Food

Company/JBS

Lux

Company

SARL

348,000

2.500%, 

1/15/2027

323,796

165,000

3.625%, 

1/15/2032

142,441

Johnson

&

Johnson

272,000

5.250%, 

6/1/2054

273,159

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

13

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Consumer

Non-Cyclical

(3.1%)

-

continued

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

$

119,000

9.000%, 

2/15/2029

a

$

121,963

Kenvue,

Inc.

57,000

5.000%, 

3/22/2030

57,187

Keurig

Dr

Pepper,

Inc.

160,000

3.200%, 

5/1/2030

144,207

264,000

5.300%, 

3/15/2034

262,700

Kraft

Heinz

Foods

Company

134,000

6.750%, 

3/15/2032

145,848

Kroger

Company

130,000

4.500%, 

1/15/2029

127,522

Legacy

LifePoint

Health,

LLC

162,000

4.375%, 

2/15/2027

a

154,751

LifePoint

Health,

Inc.

234,000

9.875%, 

8/15/2030

a

249,543

151,000

11.000%, 

10/15/2030

a

166,367

Mattel,

Inc.

430,000

3.375%, 

4/1/2026

a

412,799

McKesson

Corporation

197,000

1.300%, 

8/15/2026

181,744

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

271,000

6.250%, 

4/1/2029

a

274,067

Medtronic

Global

Holdings

SCA

127,000

4.500%, 

3/30/2033

122,072

ModivCare,

Inc.

107,000

5.875%, 

11/15/2025

a,e

108,572

Mozart

Debt

Merger

Sub,

Inc.

362,000

3.875%, 

4/1/2029

a

333,369

283,000

5.250%, 

10/1/2029

a

270,074

MPH

Acquisition

Holdings,

LLC

118,000

5.500%, 

9/1/2028

a

89,080

Nestle

Capital

Corporation

150,000

5.100%, 

3/12/2054

a

143,303

Newell

Brands,

Inc.

124,000

6.375%, 

9/15/2027

e

122,282

123,000

6.625%, 

9/15/2029

120,605

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

164,000

4.125%, 

4/30/2028

a

152,306

465,000

5.125%, 

4/30/2031

a

417,687

Owens

&

Minor,

Inc.

366,000

6.625%, 

4/1/2030

a,e

332,732

Performance

Food

Group,

Inc.

179,000

4.250%, 

8/1/2029

a

162,963

Perrigo

Finance

Unlimited

Company

207,000

4.900%, 

6/15/2030

190,299

Philip

Morris

International,

Inc.

260,000

4.875%, 

2/15/2028

257,732

140,000

5.625%, 

11/17/2029

142,991

136,000

5.125%, 

2/13/2031

134,557

140,000

5.750%, 

11/17/2032

142,931

204,000

5.250%, 

2/13/2034

200,138

Post

Holdings,

Inc.

179,000

4.625%, 

4/15/2030

a

164,486

298,000

4.500%, 

9/15/2031

a

267,111

Post

Holdings,

Inc.,

Convertible

441,000

2.500%, 

8/15/2027

484,659

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Consumer

Non-Cyclical

(3.1%)

-

continued

Primo

Water

Holdings,

Inc.

$

441,000

4.375%, 

4/30/2029

a

$

406,278

Procter

&

Gamble

Company

130,000

1.200%, 

10/29/2030

105,874

Roche

Holdings,

Inc.

203,000

5.218%, 

3/8/2054

a

199,661

140,000

1.930%, 

12/13/2028

a

123,573

200,000

2.076%, 

12/13/2031

a

163,242

Royalty

Pharma

plc

296,000

1.200%, 

9/2/2025

281,113

189,000

5.150%, 

9/2/2029

187,403

Scotts

Miracle-Gro

Company

151,000

4.500%, 

10/15/2029

138,023

Simmons

Foods,

Inc.

486,000

4.625%, 

3/1/2029

a

427,369

Spectrum

Brands,

Inc.,

Convertible

160,000

3.375%, 

6/1/2029

a

154,080

Star

Parent,

Inc.

247,000

9.000%, 

10/1/2030

a

259,324

Sysco

Corporation

131,000

5.950%, 

4/1/2030

136,330

Takeda

Pharmaceutical

Company,

Ltd.

200,000

5.650%, 

7/5/2054

h

195,039

291,000

5.000%, 

11/26/2028

288,824

200,000

5.650%, 

7/5/2044

h

196,405

Tenet

Healthcare

Corporation

855,000

5.125%, 

11/1/2027

836,732

374,000

6.125%, 

10/1/2028

372,130

Teva

Pharmaceutical

Finance

Netherlands

III

BV

292,000

3.150%, 

10/1/2026

274,053

Topgolf

Callaway

Brands

Corporation,

Convertible

190,000

2.750%, 

5/1/2026

210,140

Unilever

Capital

Corporation

175,000

5.000%, 

12/8/2033

175,336

Varex

Imaging

Corporation,

Convertible

58,000

4.000%, 

6/1/2025

57,964

Viterra

Finance

BV

275,000

3.200%, 

4/21/2031

a

237,522

Winnebago

Industries,

Inc.,

Convertible

239,000

3.250%, 

1/15/2030

a

222,270

Wyeth,

LLC

326,000

6.500%, 

2/1/2034

358,183

Zoetis,

Inc.

202,000

5.600%, 

11/16/2032

206,600

Total

30,608,838

Energy

(2.9%)

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

254,000

5.375%, 

6/15/2029

a

246,217

Apache

Corporation

201,000

4.375%, 

10/15/2028

190,378

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

14

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Energy

(2.9%)

-

continued

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

$

421,000

6.250%, 

4/1/2028

a

$

416,951

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

247,000

8.250%, 

12/31/2028

a

253,051

121,000

5.875%, 

6/30/2029

a

118,249

Baytex

Energy

Corporation

269,000

8.500%, 

4/30/2030

a

281,320

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

193,000

7.000%, 

7/15/2029

a

196,549

Borr

IHC,

Ltd./Borr

Finance,

LLC

295,646

10.375%, 

11/15/2030

a

309,235

BP

Capital

Markets

America,

Inc.

423,000

4.234%, 

11/6/2028

409,782

187,000

4.812%, 

2/13/2033

181,287

BP

Capital

Markets

plc

242,000

4.875%, 

3/22/2030

c,g

228,148

274,000

6.450%, 

12/1/2033

c,g

281,462

Buckeye

Partners,

LP

170,000

4.500%, 

3/1/2028

a

159,699

237,000

6.875%, 

7/1/2029

a

237,885

California

Resources

Corporation

145,000

8.250%, 

6/15/2029

a

148,023

Cheniere

Energy

Partners,

LP

132,000

4.500%, 

10/1/2029

125,749

133,000

3.250%, 

1/31/2032

113,519

208,000

5.950%, 

6/30/2033

210,900

Cheniere

Energy,

Inc.

118,000

5.650%, 

4/15/2034

a

118,093

Civitas

Resources,

Inc.

193,000

8.375%, 

7/1/2028

a

202,231

87,000

8.625%, 

11/1/2030

a

93,283

301,000

8.750%, 

7/1/2031

a

322,356

CNX

Resources

Corporation

155,000

6.000%, 

1/15/2029

a

151,680

CNX

Resources

Corporation,

Convertible

300,000

2.250%, 

5/1/2026

577,783

Columbia

Pipelines

Holding

Company,

LLC

143,000

6.055%, 

8/15/2026

a

144,139

271,000

6.042%, 

8/15/2028

a

277,155

Comstock

Resources,

Inc.

80,000

6.750%, 

3/1/2029

a

77,530

240,000

6.750%, 

3/1/2029

a

230,742

252,000

5.875%, 

1/15/2030

a

234,491

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

309,000

5.500%, 

6/15/2031

a

292,909

Crescent

Energy

Finance,

LLC

148,000

9.250%, 

2/15/2028

a

156,367

370,000

7.625%, 

4/1/2032

a

377,101

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

269,000

8.625%, 

3/15/2029

a

276,817

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

98,000

8.500%, 

10/1/2030

a

102,867

Diamondback

Energy,

Inc.

322,000

5.750%, 

4/18/2054

312,160

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Energy

(2.9%)

-

continued

DT

Midstream,

Inc.

$

201,000

4.125%, 

6/15/2029

a

$

185,693

Enbridge,

Inc.

260,000

7.375%, 

1/15/2083

c

260,253

263,000

7.625%, 

1/15/2083

c

268,848

204,000

5.950%, 

4/5/2054

202,385

66,000

5.700%, 

3/8/2033

66,519

Enerflex,

Ltd.

240,000

9.000%, 

10/15/2027

a

243,017

Energy

Transfer,

LP

139,000

5.950%, 

5/15/2054

135,354

457,000

8.000%, 

5/15/2054

c

478,018

136,000

6.050%, 

9/1/2054

134,110

290,000

6.500%, 

11/15/2026

c,g

286,042

134,000

4.400%, 

3/15/2027

130,702

83,000

7.125%, 

5/15/2030

c,g

82,215

136,000

6.400%, 

12/1/2030

143,007

106,000

5.600%, 

9/1/2034

105,297

Enterprise

Products

Operating,

LLC

130,000

4.150%, 

10/16/2028

125,673

280,000

8.574%, 

(TSFR3M

+

3.248%),

8/16/2077

c

278,564

EQM

Midstream

Partners,

LP

742,000

4.750%, 

1/15/2031

a

693,803

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

193,000

8.875%, 

4/15/2030

203,021

288,000

7.875%, 

5/15/2032

290,745

Harvest

Midstream

I,

LP

301,000

7.500%, 

9/1/2028

a

305,816

179,000

7.500%, 

5/15/2032

a

181,747

Hess

Midstream

Operations,

LP

269,000

4.250%, 

2/15/2030

a

246,918

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

324,000

5.750%, 

2/1/2029

a

313,524

119,000

6.000%, 

4/15/2030

a

114,948

275,000

6.250%, 

4/15/2032

a

264,462

Howard

Midstream

Energy

Partners,

LLC

193,000

7.375%, 

7/15/2032

a

196,002

ITT

Holdings,

LLC

435,000

6.500%, 

8/1/2029

a

394,113

Kodiak

Gas

Services,

LLC

150,000

7.250%, 

2/15/2029

a

153,761

Laredo

Petroleum,

Inc.

455,000

7.750%, 

7/31/2029

a

458,605

MEG

Energy

Corporation

351,000

5.875%, 

2/1/2029

a

341,424

MPLX,

LP

325,000

1.750%, 

3/1/2026

305,406

65,000

5.000%, 

3/1/2033

62,100

111,000

5.500%, 

6/1/2034

109,313

Nabors

Industries,

Inc.

119,000

7.375%, 

5/15/2027

a

121,046

306,000

9.125%, 

1/31/2030

a

316,996

National

Fuel

Gas

Company

295,000

5.500%, 

1/15/2026

294,056

New

Fortress

Energy,

Inc.

117,000

6.750%, 

9/15/2025

a

113,577

99,000

8.750%, 

3/15/2029

a,e

90,374

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

15

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Energy

(2.9%)

-

continued

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

$

99,000

8.125%, 

2/15/2029

a

$

100,872

148,000

8.375%, 

2/15/2032

a

150,278

Noble

Finance

II,

LLC

120,000

8.000%, 

4/15/2030

a

124,886

Northern

Oil

and

Gas,

Inc.

270,000

8.750%, 

6/15/2031

a

283,307

Northern

Oil

and

Gas,

Inc.,

Convertible

349,000

3.625%, 

4/15/2029

401,699

NuStar

Logistics,

LP

241,000

6.375%, 

10/1/2030

245,064

Occidental

Petroleum

Corporation

268,000

8.875%, 

7/15/2030

308,628

ONEOK,

Inc.

194,000

2.200%, 

9/15/2025

186,269

140,000

5.550%, 

11/1/2026

140,571

134,000

5.650%, 

11/1/2028

136,014

Ovintiv,

Inc.

166,000

5.650%, 

5/15/2028

167,888

137,000

6.250%, 

7/15/2033

141,217

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

197,000

6.000%, 

2/15/2028

192,074

Permian

Resources

Operating,

LLC

186,000

7.000%, 

1/15/2032

a

191,071

Permian

Resources

Operating,

LLC,

Convertible

143,000

3.250%, 

4/1/2028

393,793

Pioneer

Natural

Resources

Company

195,000

1.900%, 

8/15/2030

163,381

Plains

All

American

Pipeline,

LP

150,000

9.694%, 

(TSFR3M

+

4.372%),

8/1/2024

c,g

149,341

Plains

All

American

Pipeline,

LP/

PAA

Finance

Corporation

317,000

4.650%, 

10/15/2025

312,722

Prairie

Acquiror,

LP

199,000

9.000%, 

8/1/2029

a

205,098

Precision

Drilling

Corporation

390,000

6.875%, 

1/15/2029

a

385,807

Range

Resources

Corporation

217,000

4.750%, 

2/15/2030

a,e

203,622

Rockcliff

Energy

II,

LLC

287,000

5.500%, 

10/15/2029

a

268,647

Rockies

Express

Pipeline,

LLC

310,000

4.950%, 

7/15/2029

a

291,832

Saturn

Oil

&

Gas,

Inc.

145,000

9.625%, 

6/15/2029

a

146,355

Schlumberger

Holdings

Corporation

81,000

4.300%, 

5/1/2029

a

78,213

SM

Energy

Company

185,000

6.500%, 

7/15/2028

183,409

Southwestern

Energy

Company

192,000

4.750%, 

2/1/2032

176,626

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Energy

(2.9%)

-

continued

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

$

119,000

5.875%, 

3/1/2027

$

117,759

Suncor

Energy,

Inc.

131,000

7.150%, 

2/1/2032

143,110

Sunoco,

LP

358,000

7.000%, 

5/1/2029

a

366,908

Sunoco,

LP/Sunoco

Finance

Corporation

171,000

5.875%, 

3/15/2028

170,255

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

494,000

5.500%, 

1/15/2028

a

472,629

180,000

7.375%, 

2/15/2029

a

180,880

Talos

Production,

Inc.

127,000

9.000%, 

2/1/2029

a

133,292

Targa

Resources

Partners,

LP

359,000

4.875%, 

2/1/2031

342,577

Teine

Energy,

Ltd.

250,000

6.875%, 

4/15/2029

a

244,639

TotalEnergies

Capital

SA

408,000

5.488%, 

4/5/2054

402,353

TransCanada

Trust

600,000

5.875%, 

8/15/2076

c

587,223

Transocean,

Inc.

134,100

8.750%, 

2/15/2030

a

140,789

UGI

Corporation,

Convertible

105,000

5.000%, 

6/1/2028

a

104,422

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

209,000

7.125%, 

3/15/2029

a

210,590

Valaris,

Ltd.

268,000

8.375%, 

4/30/2030

a

277,445

Venture

Global

Calcasieu

Pass,

LLC

374,000

3.875%, 

8/15/2029

a

340,617

220,000

4.125%, 

8/15/2031

a

197,420

Venture

Global

LNG,

Inc.

445,000

8.125%, 

6/1/2028

a

458,447

549,000

8.375%, 

6/1/2031

a

569,440

312,000

9.875%, 

2/1/2032

a

339,589

Viridien

SA

60,000

8.750%, 

4/1/2027

a

57,188

Williams

Companies,

Inc.

261,000

4.900%, 

3/15/2029

257,455

131,000

2.600%, 

3/15/2031

110,657

Total

28,707,930

Financials

(8.8%)

Acrisure,

LLC/Acrisure

Finance,

Inc.

84,000

4.250%, 

2/15/2029

a

76,305

118,000

7.500%, 

11/6/2030

a

118,082

AerCap

Holdings

NV

300,000

5.875%, 

10/10/2079

c,e

298,568

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

200,000

6.500%, 

7/15/2025

201,529

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Financials

(8.8%)

-

continued

$

150,000

6.100%, 

1/15/2027

$

152,200

207,000

5.750%, 

6/6/2028

209,159

362,000

3.000%, 

10/29/2028

328,975

Agree,

LP

137,000

5.625%, 

6/15/2034

135,594

Air

Lease

Corporation

152,000

2.300%, 

2/1/2025

148,750

270,000

4.650%, 

6/15/2026

c,g

256,289

162,000

3.125%, 

12/1/2030

141,550

Aircastle,

Ltd.

274,000

5.250%, 

6/15/2026

a,c,g

264,175

163,000

2.850%, 

1/26/2028

a

147,479

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

121,000

4.250%, 

10/15/2027

a

113,296

255,000

6.750%, 

4/15/2028

a

255,405

123,000

7.000%, 

1/15/2031

a

124,258

Ally

Financial,

Inc.

200,000

5.750%, 

11/20/2025

e

198,738

390,000

4.700%, 

5/15/2026

c,g

343,196

130,000

8.000%, 

11/1/2031

143,466

188,000

6.700%, 

2/14/2033

e

186,904

American

Express

Company

255,000

3.550%, 

9/15/2026

c,g

237,711

275,000

6.338%, 

10/30/2026

c

277,700

351,000

2.550%, 

3/4/2027

328,059

American

Homes

4

Rent,

LP

157,000

2.375%, 

7/15/2031

127,560

American

International

Group,

Inc.

271,000

5.125%, 

3/27/2033

266,917

AmWINS

Group,

Inc.

99,000

6.375%, 

2/15/2029

a

99,270

293,000

4.875%, 

6/30/2029

a

272,568

Aon

North

America,

Inc.

272,000

5.750%, 

3/1/2054

266,031

Arbor

Realty

Trust,

Inc.,

Convertible

26,000

7.500%, 

8/1/2025

25,967

Ares

Capital

Corporation

76,000

4.250%, 

3/1/2025

75,054

340,000

2.150%, 

7/15/2026

314,229

168,000

5.875%, 

3/1/2029

165,581

Arthur

J.

Gallagher

&

Company

204,000

5.750%, 

7/15/2054

198,096

Assurant,

Inc.

193,000

6.100%, 

2/27/2026

195,132

Australia

&

New

Zealand

Banking

Group,

Ltd.

288,000

2.950%, 

7/22/2030

a,c

278,975

Aviation

Capital

Group,

LLC

131,000

4.875%, 

10/1/2025

a

129,256

Avolon

Holdings

Funding,

Ltd.

301,000

4.250%, 

4/15/2026

a

292,358

278,000

5.750%, 

3/1/2029

a

276,426

Banco

Santander

Mexico

SA

89,000

5.375%, 

4/17/2025

a

88,615

Banco

Santander

SA

110,000

4.750%, 

11/12/2026

c,g

98,318

200,000

5.294%, 

8/18/2027

198,676

200,000

4.175%, 

3/24/2028

c

192,769

200,000

6.921%, 

8/8/2033

208,796

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Financials

(8.8%)

-

continued

Bank

of

America

Corporation

$

325,000

4.200%, 

8/26/2024

$

324,180

750,000

6.250%, 

9/5/2024

c,g

746,889

320,000

6.100%, 

3/17/2025

c,g

319,067

373,000

1.319%, 

6/19/2026

c

357,412

298,000

1.197%, 

10/24/2026

c

281,121

325,000

6.125%, 

4/27/2027

c,e,g

326,749

196,000

1.734%, 

7/22/2027

c

181,677

278,000

4.376%, 

4/27/2028

c

271,339

392,000

3.593%, 

7/21/2028

c

373,099

214,000

4.948%, 

7/22/2028

c

212,280

230,000

5.819%, 

9/15/2029

c

234,815

523,000

3.974%, 

2/7/2030

c

495,293

454,000

2.687%, 

4/22/2032

c

383,685

204,000

2.572%, 

10/20/2032

c

169,086

290,000

2.972%, 

2/4/2033

c

245,420

207,000

5.468%, 

1/23/2035

c

206,791

141,000

3.846%, 

3/8/2037

c

123,568

Bank

of

Montreal

256,000

5.266%, 

12/11/2026

255,611

195,000

5.203%, 

2/1/2028

195,285

140,000

3.088%, 

1/10/2037

c

114,565

Bank

of

New

York

Mellon

Corporation

132,000

6.317%, 

10/25/2029

c

137,967

214,000

4.596%, 

7/26/2030

c

209,132

134,000

6.474%, 

10/25/2034

c

144,519

Bank

of

Nova

Scotia

450,000

4.900%, 

6/4/2025

c,g

441,113

132,000

1.050%, 

3/2/2026

122,902

Barclays

plc

253,000

6.125%, 

12/15/2025

c,g

247,938

179,000

2.852%, 

5/7/2026

c

174,522

200,000

5.501%, 

8/9/2028

c

199,624

193,000

4.972%, 

5/16/2029

c

188,908

200,000

6.224%, 

5/9/2034

c

204,926

136,000

7.119%, 

6/27/2034

c

144,288

Berkshire

Hathaway

Finance

Corporation

421,000

2.875%, 

3/15/2032

368,713

BlackRock

Funding,

Inc.

136,000

5.250%, 

3/14/2054

131,425

Blackstone

Mortgage

Trust,

Inc.,

Convertible

83,000

5.500%, 

3/15/2027

74,285

Blue

Owl

Capital

Corporation

II

136,000

8.450%, 

11/15/2026

a

140,317

Blue

Owl

Credit

Income

Corporation

214,000

4.700%, 

2/8/2027

203,638

Blue

Owl

Technology

Finance

Corporation

68,000

4.750%, 

12/15/2025

a

65,841

196,000

3.750%, 

6/17/2026

a

182,696

Blue

Owl

Technology

Finance

Corporation

II

68,000

6.750%, 

4/4/2029

a

66,524

BNP

Paribas

SA

188,000

2.819%, 

11/19/2025

a,c

185,659

200,000

3.132%, 

1/20/2033

a,c

168,306

BPCE

SA

152,000

2.375%, 

1/14/2025

a

149,002

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Financials

(8.8%)

-

continued

Bread

Financial

Holdings,

Inc.,

Convertible

$

239,000

4.250%, 

6/15/2028

$

318,068

Brixmor

Operating

Partnership,

LP

262,000

2.250%, 

4/1/2028

233,764

Burford

Capital

Global

Finance,

LLC

286,000

9.250%, 

7/1/2031

a

301,012

Camden

Property

Trust

127,000

4.900%, 

1/15/2034

121,508

Canadian

Imperial

Bank

of

Commerce

120,000

5.926%, 

10/2/2026

121,536

Capital

One

Financial

Corporation

140,000

3.950%, 

9/1/2026

c,g

128,836

217,000

3.273%, 

3/1/2030

c

195,875

Capital

One

NA

228,000

2.280%, 

1/28/2026

c

223,304

Castlelake

Aviation

Finance

DAC

193,000

5.000%, 

4/15/2027

a

186,248

Centene

Corporation

544,000

3.000%, 

10/15/2030

465,157

272,000

2.625%, 

8/1/2031

223,371

Charles

Schwab

Corporation

537,000

5.375%, 

6/1/2025

c,g

530,972

255,000

0.900%, 

3/11/2026

236,464

300,000

4.000%, 

6/1/2026

c,g

281,477

140,000

5.875%, 

8/24/2026

141,609

125,000

5.000%, 

6/1/2027

c,g

120,088

196,000

2.000%, 

3/20/2028

175,932

135,000

6.136%, 

8/24/2034

c

140,581

Citibank

NA

250,000

5.570%, 

4/30/2034

253,977

Citigroup,

Inc.

154,000

5.000%, 

9/12/2024

c,g

153,003

365,000

5.500%, 

9/13/2025

364,598

218,000

1.281%, 

11/3/2025

c

214,595

315,000

4.000%, 

12/10/2025

c,g

301,668

415,000

3.875%, 

2/18/2026

c,g

392,759

451,000

1.122%, 

1/28/2027

c

420,625

263,000

1.462%, 

6/9/2027

c

243,756

286,000

3.070%, 

2/24/2028

c

269,909

133,000

7.375%, 

5/15/2028

c,e,g

136,492

271,000

7.625%, 

11/15/2028

c,e,g

282,160

522,000

4.075%, 

4/23/2029

c

500,425

165,000

7.125%, 

8/15/2029

c,g

164,631

136,000

6.174%, 

5/25/2034

c

138,311

Citizens

Financial

Group,

Inc.

275,000

4.000%, 

10/6/2026

c,e,g

246,394

CNA

Financial

Corporation

272,000

5.125%, 

2/15/2034

263,338

Coinbase

Global,

Inc.,

Convertible

349,000

0.500%, 

6/1/2026

358,423

444,000

0.250%, 

4/1/2030

a

427,572

Comerica,

Inc.

160,000

5.625%, 

7/1/2025

c,g

156,381

74,000

5.982%, 

1/30/2030

c

72,915

Commonwealth

Bank

of

Australia

156,000

2.688%, 

3/11/2031

a

129,401

Cooperatieve

Rabobank

UA

149,000

1.339%, 

6/24/2026

a,c

142,723

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Financials

(8.8%)

-

continued

COPT

Defense

Properties,

LP

$

265,000

2.250%, 

3/15/2026

$

250,193

COPT

Defense

Properties,

LP,

Convertible

101,000

5.250%, 

9/15/2028

a

105,242

Corebridge

Financial,

Inc.

196,000

6.875%, 

12/15/2052

c

197,774

134,000

6.050%, 

9/15/2033

a

137,425

123,000

5.750%, 

1/15/2034

123,816

Credit

Acceptance

Corporation

224,000

9.250%, 

12/15/2028

a

236,748

Credit

Agricole

SA

270,000

8.125%, 

12/23/2025

a,c,g

273,969

131,000

3.250%, 

1/14/2030

a

115,265

Credit

Suisse

Group

AG

130,000

7.250%, 

N/A

*,i

14,300

150,000

7.500%, 

N/A

*,i

16,500

Dai-ichi

Life

Insurance

Company,

Ltd.

388,000

5.100%, 

10/28/2024

a,c,g

386,577

Deutsche

Bank

AG/New

York,

NY

444,000

2.129%, 

11/24/2026

c

421,357

250,000

2.311%, 

11/16/2027

c

230,817

190,000

6.819%, 

11/20/2029

c

197,598

214,000

3.742%, 

1/7/2033

c

176,021

Discover

Bank

260,000

5.974%, 

(USISOA05

+

1.730%),

8/9/2028

c

259,672

Discover

Financial

Services

71,000

6.700%, 

11/29/2032

74,088

Diversified

Healthcare

Trust

143,000

Zero

Coupon, 

1/15/2026

a

124,779

Drawbridge

Special

Opportunities

Fund,

LP

412,000

3.875%, 

2/15/2026

a

391,301

Elevance

Health,

Inc.

272,000

5.650%, 

6/15/2054

269,080

198,000

5.350%, 

10/15/2025

197,761

411,000

2.550%, 

3/15/2031

350,379

Encore

Capital

Group,

Inc.,

Convertible

257,000

4.000%, 

3/15/2029

236,954

Equitable

Holdings,

Inc.

34,000

4.572%, 

2/15/2029

a

32,684

Extra

Space

Storage,

LP

121,000

5.900%, 

1/15/2031

123,569

135,000

2.400%, 

10/15/2031

110,915

Fairfax

Financial

Holdings,

Ltd.

204,000

6.350%, 

3/22/2054

a

204,134

Federal

Realty

OP,

LP,

Convertible

177,000

3.250%, 

1/15/2029

a

170,274

Fifth

Third

Bancorp

320,000

4.500%, 

9/30/2025

c,e,g

309,361

144,000

4.772%, 

7/28/2030

c

138,501

Fifth

Third

Bank

NA

343,000

3.850%, 

3/15/2026

332,779

First

Horizon

Bank

198,000

5.750%, 

5/1/2030

e

188,741

FirstCash,

Inc.

294,000

5.625%, 

1/1/2030

a

278,448

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Financials

(8.8%)

-

continued

Five

Corners

Funding

Trust

III

$

180,000

5.791%, 

2/15/2033

a

$

183,032

Fortress

Transportation

and

Infrastructure

Investors,

LLC

123,000

5.500%, 

5/1/2028

a

119,254

223,000

7.000%, 

5/1/2031

a

227,830

169,000

7.000%, 

6/15/2032

a

171,391

Freedom

Mortgage

Corporation

122,000

7.625%, 

5/1/2026

a

121,135

Freedom

Mortgage

Holdings,

LLC

274,000

9.250%, 

2/1/2029

a

273,823

118,000

9.125%, 

5/15/2031

a

114,826

FS

KKR

Capital

Corporation

132,000

3.400%, 

1/15/2026

125,582

132,000

2.625%, 

1/15/2027

119,156

GGAM

Finance,

Ltd.

124,000

8.000%, 

6/15/2028

a

130,602

99,000

6.875%, 

4/15/2029

a

100,732

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

365,000

3.750%, 

12/15/2027

a

319,790

goeasy,

Ltd.

196,000

9.250%, 

12/1/2028

a

208,029

60,000

7.625%, 

7/1/2029

a

61,201

Goldman

Sachs

BDC,

Inc.

122,000

6.375%, 

3/11/2027

122,951

Goldman

Sachs

Group,

Inc.

190,000

5.500%, 

8/10/2024

c,e,g

188,758

148,000

3.500%, 

4/1/2025

145,737

223,000

4.250%, 

10/21/2025

219,092

222,000

0.855%, 

2/12/2026

c

215,306

195,000

3.650%, 

8/10/2026

c,g

181,330

255,000

4.125%, 

11/10/2026

c,g

238,489

456,000

1.948%, 

10/21/2027

c

421,084

140,000

2.640%, 

2/24/2028

c

130,577

155,000

3.615%, 

3/15/2028

c

148,207

278,000

4.482%, 

8/23/2028

c

271,693

261,000

3.814%, 

4/23/2029

c

247,646

131,000

3.800%, 

3/15/2030

122,476

131,000

2.615%, 

4/22/2032

c

110,139

132,000

2.383%, 

7/21/2032

c

108,402

Hartford

Financial

Services

Group,

Inc.

130,000

2.800%, 

8/19/2029

115,440

125,000

7.709%, 

(TSFR3M

+

2.387%),

2/12/2047

a,c

111,258

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

30,000

Zero

Coupon, 

5/1/2025

a

31,467

120,000

3.750%, 

8/15/2028

a

147,540

Health

Care

Service

Corporation

207,000

5.450%, 

6/15/2034

a

204,578

HSBC

Holdings

plc

150,000

6.375%, 

3/30/2025

c,g

149,550

187,000

2.633%, 

11/7/2025

c

184,820

200,000

6.161%, 

3/9/2029

c

204,582

365,000

4.583%, 

6/19/2029

c

352,835

95,000

4.600%, 

12/17/2030

c,g

81,421

159,000

2.804%, 

5/24/2032

c

133,050

HUB

International,

Ltd.

344,000

7.250%, 

6/15/2030

a

352,645

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Financials

(8.8%)

-

continued

Huntington

Bancshares,

Inc./OH

$

415,000

4.450%, 

10/15/2027

c,g

$

377,794

331,000

5.709%, 

2/2/2035

c

325,860

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

190,000

6.250%, 

5/15/2026

188,500

479,000

5.250%, 

5/15/2027

449,600

ING

Groep

NV

258,000

1.726%, 

4/1/2027

c

241,294

200,000

6.083%, 

9/11/2027

c

202,220

Intercontinental

Exchange,

Inc.

215,000

4.350%, 

6/15/2029

207,919

Intesa

Sanpaolo

SPA

150,000

4.198%, 

6/1/2032

a,c

126,908

Invitation

Homes

Operating

Partnership,

LP

227,000

2.000%, 

8/15/2031

180,225

J.P.

Morgan

Chase

&

Company

544,000

5.000%, 

8/1/2024

c,g

542,444

210,000

4.600%, 

2/1/2025

c,g

207,073

310,000

1.561%, 

12/10/2025

c

304,238

295,000

3.650%, 

6/1/2026

c,g

279,029

371,000

1.045%, 

11/19/2026

c

348,544

261,000

1.578%, 

4/22/2027

c

243,567

289,000

2.947%, 

2/24/2028

c

272,205

392,000

4.005%, 

4/23/2029

c

374,815

133,000

2.069%, 

6/1/2029

c

118,311

523,000

4.493%, 

3/24/2031

c

503,768

140,000

2.963%, 

1/25/2033

c

119,365

145,000

4.912%, 

7/25/2033

c

140,829

140,000

5.717%, 

9/14/2033

c

141,938

149,000

5.350%, 

6/1/2034

c

148,340

147,000

6.254%, 

10/23/2034

c

155,910

69,000

5.336%, 

1/23/2035

c

68,588

228,000

5.766%, 

4/22/2035

c

233,930

J.P.

Morgan

Chase

Bank

NA

250,000

5.110%, 

12/8/2026

249,960

Jane

Street

Group/JSG

Finance,

Inc.

191,000

4.500%, 

11/15/2029

a

179,172

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

120,000

5.000%, 

8/15/2028

a

110,696

Jefferson

Capital

Holdings,

LLC

99,000

6.000%, 

8/15/2026

a

97,490

247,000

9.500%, 

2/15/2029

a

254,614

KeyBank

NA/Cleveland,

OH

196,000

3.900%, 

4/13/2029

176,361

250,000

5.000%, 

1/26/2033

230,585

Kilroy

Realty,

LP

196,000

4.250%, 

8/15/2029

177,629

97,000

6.250%, 

1/15/2036

92,056

Kite

Realty

Group,

LP

69,000

5.500%, 

3/1/2034

67,460

Kite

Realty

Group,

LP,

Convertible

13,000

0.750%, 

4/1/2027

a

12,765

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

124,000

4.250%, 

2/1/2027

a

117,443

325,000

4.750%, 

6/15/2029

a

300,221

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Financials

(8.8%)

-

continued

Liberty

Mutual

Group,

Inc.

$

68,000

4.125%, 

12/15/2051

a,c

$

63,682

Lincoln

National

Corporation

300,000

7.948%, 

(TSFR3M

+

2.619%),

8/19/2024

c

244,169

Lloyds

Banking

Group

plc

440,000

1.627%, 

5/11/2027

c

408,738

M&T

Bank

Corporation

406,000

3.500%, 

9/1/2026

c,e,g

338,807

Macquarie

Airfinance

Holdings,

Ltd.

414,000

6.400%, 

3/26/2029

a

421,003

58,000

6.500%, 

3/26/2031

a

59,642

Macquarie

Group,

Ltd.

264,000

1.629%, 

9/23/2027

a,c,e

242,251

Manufacturers

&

Traders

Trust

Company

260,000

4.700%, 

1/27/2028

250,666

Marsh

&

McLennan

Companies,

Inc.

135,000

2.375%, 

12/15/2031

111,935

MetLife,

Inc.

320,000

3.850%, 

9/15/2025

c,g

309,715

205,000

5.875%, 

3/15/2028

c,g

203,728

261,000

6.400%, 

12/15/2036

264,172

Metropolitan

Life

Global

Funding

I

244,000

2.950%, 

4/9/2030

a

217,123

Mid-America

Apartments,

LP

261,000

4.200%, 

6/15/2028

253,011

Mitsubishi

UFJ

Financial

Group,

Inc.

179,000

1.412%, 

7/17/2025

171,508

260,000

1.538%, 

7/20/2027

c

240,597

Mizuho

Financial

Group,

Inc.

343,000

1.554%, 

7/9/2027

c

317,496

278,000

2.564%, 

9/13/2031

226,199

135,000

5.748%, 

7/6/2034

c

137,144

Molina

Healthcare,

Inc.

312,000

4.375%, 

6/15/2028

a

293,666

Morgan

Stanley

160,000

2.720%, 

7/22/2025

c

159,699

268,000

1.164%, 

10/21/2025

c

264,130

104,000

5.000%, 

11/24/2025

103,282

250,000

2.630%, 

2/18/2026

c

245,074

302,000

2.188%, 

4/28/2026

c

293,286

148,000

0.985%, 

12/10/2026

c

138,393

260,000

1.593%, 

5/4/2027

c

242,388

262,000

1.512%, 

7/20/2027

c

242,220

98,000

5.123%, 

2/1/2029

c

97,613

392,000

3.622%, 

4/1/2031

c

359,705

140,000

2.943%, 

1/21/2033

c

118,989

144,000

4.889%, 

7/20/2033

c

138,817

132,000

5.250%, 

4/21/2034

c

129,935

156,000

5.424%, 

7/21/2034

c

155,214

109,000

5.831%, 

4/19/2035

c

111,733

283,000

2.484%, 

9/16/2036

c

223,887

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

258,000

5.250%, 

8/1/2026

e

234,454

104,000

4.625%, 

8/1/2029

e

75,485

Nasdaq,

Inc.

143,000

5.350%, 

6/28/2028

144,298

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Financials

(8.8%)

-

continued

Nationstar

Mortgage

Holdings,

Inc.

$

186,000

5.125%, 

12/15/2030

a

$

170,560

NatWest

Group

plc

131,000

4.892%, 

5/18/2029

c

128,054

197,000

3.754%, 

11/1/2029

c

195,016

350,000

6.475%, 

6/1/2034

c

355,528

Navient

Corporation

72,000

5.000%, 

3/15/2027

68,725

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

78,000

4.500%, 

9/30/2028

a

68,624

New

York

Life

Global

Funding

134,000

4.550%, 

1/28/2033

a

127,418

137,000

5.000%, 

1/9/2034

a

134,676

Nippon

Life

Insurance

Company

675,000

5.950%, 

4/16/2054

a,c

665,541

640,000

5.100%, 

10/16/2044

a,c

637,493

NNN

REIT,

Inc.

131,000

2.500%, 

4/15/2030

112,390

Nomura

Holdings,

Inc.

200,000

2.172%, 

7/14/2028

176,562

227,000

5.783%, 

7/3/2034

h

226,151

Omega

Healthcare

Investors,

Inc.

127,000

4.750%, 

1/15/2028

122,885

130,000

3.375%, 

2/1/2031

111,030

OneMain

Finance

Corporation

460,000

3.500%, 

1/15/2027

430,996

481,000

3.875%, 

9/15/2028

431,276

Panther

Escrow

Issuer,

LLC

346,000

7.125%, 

6/1/2031

a

349,956

Park

Intermediate

Holdings,

LLC

328,000

4.875%, 

5/15/2029

a

307,571

Pebblebrook

Hotel

Trust,

Convertible

578,000

1.750%, 

12/15/2026

510,085

Pine

Street

Trust

III

100,000

6.223%, 

5/15/2054

a

99,904

PNC

Bank

NA

130,000

2.700%, 

10/22/2029

113,392

PNC

Financial

Services

Group,

Inc.

250,000

3.400%, 

9/15/2026

c,g

224,292

196,000

6.200%, 

9/15/2027

c,g

195,237

145,000

5.582%, 

6/12/2029

c

146,586

266,000

6.250%, 

3/15/2030

c,g

259,209

301,000

5.492%, 

5/14/2030

c

302,674

134,000

6.875%, 

10/20/2034

c

146,042

PRA

Group,

Inc.

61,000

7.375%, 

9/1/2025

a

61,070

188,000

8.375%, 

2/1/2028

a

187,384

Prologis

Targeted

US

Logistics

Fund,

LP

196,000

5.250%, 

4/1/2029

a

196,133

Prologis,

LP

165,000

5.250%, 

3/15/2054

155,895

Provident

Financing

Trust

I

155,000

7.405%, 

3/15/2038

164,372

Prudential

Financial,

Inc.

142,000

5.125%, 

3/1/2052

c

132,005

198,000

6.750%, 

3/1/2053

c

202,768

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Financials

(8.8%)

-

continued

$

477,000

6.500%, 

3/15/2054

c

$

481,523

160,000

3.700%, 

10/1/2050

c

139,176

Public

Storage

Operating

Company

134,000

5.100%, 

8/1/2033

132,895

QBE

Insurance

Group,

Ltd.

140,000

5.875%, 

5/12/2025

a,c,g

138,563

Realty

Income

Corporation

132,000

4.875%, 

6/1/2026

130,806

282,000

3.200%, 

1/15/2027

266,815

196,000

3.950%, 

8/15/2027

188,987

Redwood

Trust,

Inc.,

Convertible

42,000

7.750%, 

6/15/2027

40,609

Regency

Centers,

LP

206,000

5.250%, 

1/15/2034

200,629

Regions

Financial

Corporation

129,000

2.250%, 

5/18/2025

125,104

245,000

5.750%, 

6/15/2025

c,g

240,700

Reinsurance

Group

of

America,

Inc.

134,000

6.000%, 

9/15/2033

136,802

226,000

5.750%, 

9/15/2034

225,180

Rexford

Industrial

Realty,

LP,

Convertible

107,000

4.375%, 

3/15/2027

a

104,913

123,000

4.125%, 

3/15/2029

a

119,556

RGA

Global

Funding

130,000

5.500%, 

1/11/2031

a

129,809

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

60,000

4.750%, 

10/15/2027

57,767

236,000

7.250%, 

7/15/2028

a

244,042

RLJ

Lodging

Trust,

LP

108,000

4.000%, 

9/15/2029

a

95,389

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

310,000

3.625%, 

3/1/2029

a

281,209

379,000

3.875%, 

3/1/2031

a

330,292

172,000

4.000%, 

10/15/2033

a

144,943

Santander

Holdings

USA,

Inc.

144,000

2.490%, 

1/6/2028

c

132,703

Santander

UK

Group

Holdings

plc

262,000

1.673%, 

6/14/2027

c

242,202

Service

Properties

Trust

241,000

8.375%, 

6/15/2029

236,904

195,000

8.625%, 

11/15/2031

a

203,251

Simon

Property

Group,

LP

264,000

2.650%, 

7/15/2030

229,962

134,000

6.250%, 

1/15/2034

141,335

SLM

Corporation

150,000

4.200%, 

10/29/2025

145,906

Societe

Generale

SA

188,000

2.625%, 

10/16/2024

a

186,244

177,000

1.488%, 

12/14/2026

a,c

165,468

310,000

8.500%, 

3/25/2034

a,c,g

293,652

Standard

Chartered

plc

130,000

6.000%, 

7/26/2025

a,c,g

128,225

206,000

2.608%, 

1/12/2028

a,c

190,807

200,000

5.688%, 

5/14/2028

a,c

200,030

Starwood

Property

Trust,

Inc.,

Convertible

259,000

6.750%, 

7/15/2027

264,180

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Financials

(8.8%)

-

continued

State

Street

Corporation

$

144,000

5.272%, 

8/3/2026

$

144,274

137,000

6.700%, 

3/15/2029

c,g

137,817

144,000

4.421%, 

5/13/2033

c

136,124

Sumitomo

Life

Insurance

Company

420,000

3.375%, 

4/15/2081

a,c

361,350

Sumitomo

Mitsui

Financial

Group,

Inc.

206,000

2.174%, 

1/14/2027

190,997

200,000

5.716%, 

9/14/2028

203,861

196,000

2.142%, 

9/23/2030

163,431

200,000

5.766%, 

1/13/2033

205,370

Sumitomo

Mitsui

Trust

Bank,

Ltd.

149,000

1.050%, 

9/12/2025

a

141,441

Summit

Hotel

Properties,

Inc.,

Convertible

222,000

1.500%, 

2/15/2026

199,800

Synchrony

Financial

160,000

4.250%, 

8/15/2024

159,615

125,000

7.250%, 

2/2/2033

124,289

Synovus

Bank

135,000

5.625%, 

2/15/2028

130,437

Toronto-Dominion

Bank

160,000

8.125%, 

10/31/2082

c

165,818

124,000

5.156%, 

1/10/2028

123,851

209,000

5.523%, 

7/17/2028

211,597

144,000

4.456%, 

6/8/2032

135,704

Truist

Bank

134,000

2.250%, 

3/11/2030

111,765

Truist

Financial

Corporation

282,000

6.047%, 

6/8/2027

c

283,975

132,000

1.887%, 

6/7/2029

c

115,558

490,000

5.100%, 

3/1/2030

c,g

457,586

201,000

5.711%, 

1/24/2035

c

200,123

U.S.

Bancorp

204,000

5.727%, 

10/21/2026

c

204,348

214,000

4.548%, 

7/22/2028

c

209,194

70,000

5.836%, 

6/12/2034

c

70,973

194,000

5.678%, 

1/23/2035

c

194,744

UBS

Group

AG

157,000

2.593%, 

9/11/2025

a,c

155,957

255,000

2.193%, 

6/5/2026

a,c

246,426

400,000

4.875%, 

2/12/2027

a,c,g

366,329

200,000

6.327%, 

12/22/2027

a,c

203,326

287,000

3.869%, 

1/12/2029

a,c

270,902

200,000

5.699%, 

2/8/2035

a,c

199,796

UDR,

Inc.

295,000

3.000%, 

8/15/2031

254,976

United

Wholesale

Mortgage,

LLC

325,000

5.500%, 

4/15/2029

a

308,770

UnitedHealth

Group,

Inc.

408,000

5.375%, 

4/15/2054

396,349

276,000

4.200%, 

5/15/2032

259,745

USB

Realty

Corporation

194,000

6.737%, 

(TSFR3M

+

1.409%),

1/15/2027

a,c,g

148,898

Ventas

Realty,

LP,

Convertible

315,000

3.750%, 

6/1/2026

330,593

Vornado

Realty,

LP

90,000

3.400%, 

6/1/2031

70,610

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Financials

(8.8%)

-

continued

Wells

Fargo

&

Company

$

311,000

2.406%, 

10/30/2025

c

$

307,467

490,000

3.900%, 

3/15/2026

c,g

468,894

226,000

2.188%, 

4/30/2026

c

219,456

145,000

3.526%, 

3/24/2028

c

138,308

309,000

3.584%, 

5/22/2028

c

294,300

214,000

4.808%, 

7/25/2028

c

211,044

277,000

7.625%, 

9/15/2028

c,e,g

294,979

308,000

4.478%, 

4/4/2031

c

294,878

93,000

5.389%, 

4/24/2034

c

91,937

187,000

5.557%, 

7/25/2034

c

186,862

132,000

6.491%, 

10/23/2034

c

140,719

552,000

5.499%, 

1/23/2035

c

550,064

Welltower

OP,

LLC,

Convertible

358,000

2.750%, 

5/15/2028

a

424,412

Westpac

Banking

Corporation

196,000

4.110%, 

7/24/2034

c

181,100

Willis

North

America,

Inc.

136,000

5.900%, 

3/5/2054

131,790

261,000

4.500%, 

9/15/2028

253,543

XHR,

LP

243,000

4.875%, 

6/1/2029

a

227,739

Total

85,774,304

Foreign

Government

(<0.1%)

NBN

Company,

Ltd.

235,000

2.625%, 

5/5/2031

a

201,671

Total

201,671

Mortgage-Backed

Securities

(21.9%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

713,139

2.000%, 

1/1/2052

564,850

7,959,518

2.500%, 

5/1/2051

6,559,044

5,651,934

3.500%, 

5/1/2052

5,037,172

4,380,179

4.000%, 

5/1/2052

4,048,260

5,993,552

5.000%, 

7/1/2053

5,827,138

8,790,276

5.500%, 

7/1/2053

8,718,800

469,957

5.000%, 

8/1/2053

458,961

1,744,101

5.500%, 

9/1/2053

1,734,042

Federal

Home

Loan

Mortgage

Corporation

Gold

15-Yr.

Pass

Through

4,237,978

2.500%, 

7/1/2030

3,984,925

Federal

National

Mortgage

Association

Conventional

20-Yr.

Pass

Through

4,725,847

3.500%, 

5/1/2040

4,380,251

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

10,440,267

3.000%, 

1/1/2052

8,955,139

973,403

2.000%, 

2/1/2051

771,236

1,540,623

2.000%, 

2/1/2051

1,220,652

4,497,102

2.500%, 

2/1/2051

3,725,184

6,027,879

2.500%, 

2/1/2051

4,939,088

11,051,777

2.000%, 

3/1/2051

8,681,203

6,079,842

4.000%, 

3/1/2051

5,654,626

10,923,548

3.000%, 

3/1/2052

9,323,320

8,829,114

2.000%, 

4/1/2051

6,957,146

6,418,667

3.000%, 

4/1/2051

5,491,218

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Mortgage-Backed

Securities

(21.9%)

-

continued

$

6,753,843

3.000%, 

5/1/2050

$

5,827,397

1,801,727

2.000%, 

5/1/2051

1,420,576

3,900,008

3.000%, 

5/1/2051

3,381,293

4,130,967

3.000%, 

6/1/2050

3,607,323

1,730,397

4.000%, 

6/1/2052

1,586,077

3,153,061

5.000%, 

6/1/2053

3,072,766

8,964,251

2.500%, 

7/1/2051

7,432,552

3,811,488

3.500%, 

7/1/2051

3,416,740

4,807,809

4.000%, 

7/1/2052

4,407,095

1,734,335

2.500%, 

8/1/2050

1,447,536

7,505,197

3.500%, 

8/1/2050

6,744,488

7,095,740

3.500%, 

8/1/2052

6,284,883

4,103,423

4.500%, 

8/1/2052

3,884,114

617,390

5.000%, 

8/1/2053

601,661

5,121,165

3.500%, 

9/1/2052

4,572,305

2,138,032

3.500%, 

9/1/2052

1,908,888

536,865

5.000%, 

9/1/2052

519,986

4,532,301

4.500%, 

9/1/2053

4,281,726

1,240,923

4.500%, 

9/1/2053

1,178,745

7,342,842

4.000%, 

10/1/2052

6,757,322

1,751,063

2.000%, 

11/1/2051

1,382,470

2,784,320

3.500%, 

11/1/2052

2,486,763

7,293,676

2.000%, 

12/1/2050

5,763,539

16,767,071

4.500%, 

12/1/2052

15,938,892

1,050,000

5.000%, 

7/1/2041

h

1,014,727

300,000

6.000%, 

7/1/2041

h

300,832

1,900,000

5.500%, 

7/1/2042

h

1,873,801

1,500,000

4.500%, 

7/1/2048

h

1,414,043

Federal

National

Mortgage

Association

Conventional

40-Yr.

Pass

Through

10,262,305

2.500%, 

3/1/2062

8,066,322

3,425,752

3.500%, 

7/1/2061

2,981,451

3,787,011

4.000%, 

12/1/2061

3,423,167

Total

214,011,735

Technology

(2.5%)

Advanced

Micro

Devices,

Inc.

145,000

3.924%, 

6/1/2032

134,542

Akamai

Technologies,

Inc.,

Convertible

172,000

0.125%, 

5/1/2025

180,247

304,000

0.375%, 

9/1/2027

294,108

276,000

1.125%, 

2/15/2029

a

260,947

Analog

Devices,

Inc.

68,000

2.100%, 

10/1/2031

56,291

Apple,

Inc.

285,000

1.650%, 

2/8/2031

235,674

686,000

3.750%, 

9/12/2047

547,380

Applied

Materials,

Inc.

177,000

4.800%, 

6/15/2029

176,740

Block,

Inc.

413,000

6.500%, 

5/15/2032

a

418,530

Block,

Inc.,

Convertible

139,000

0.125%, 

3/1/2025

133,932

520,000

0.250%, 

11/1/2027

430,040

Boost

Newco

Borrower,

LLC

303,000

7.500%, 

1/15/2031

a

315,924

Broadcom

Corporation/Broadcom

Cayman

Finance,

Ltd.

196,000

3.875%, 

1/15/2027

189,640

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Technology

(2.5%)

-

continued

Broadcom,

Inc.

$

146,000

4.000%, 

4/15/2029

a

$

139,100

Cisco

Systems,

Inc.

272,000

5.350%, 

2/26/2064

264,722

Clarivate

Science

Holdings

Corporation

131,000

3.875%, 

7/1/2028

a

121,670

Cloud

Software

Group,

Inc.

646,000

6.500%, 

3/31/2029

a

620,363

Consensus

Cloud

Solutions,

Inc.

62,000

6.000%, 

10/15/2026

a

60,473

CoreLogic,

Inc.

74,000

4.500%, 

5/1/2028

a

67,147

CSG

Systems

International,

Inc.,

Convertible

330,000

3.875%, 

9/15/2028

a

305,745

Dayforce,

Inc.,

Convertible

33,000

0.250%, 

3/15/2026

30,063

Dell

International,

LLC/EMC

Corporation

100,000

5.300%, 

10/1/2029

100,564

Dell,

Inc.

182,000

6.500%, 

4/15/2038

191,590

Dye

&

Durham,

Ltd.

186,000

8.625%, 

4/15/2029

a

188,682

Euronet

Worldwide,

Inc.,

Convertible

219,000

0.750%, 

3/15/2049

e

212,211

Fiserv,

Inc.

207,000

2.750%, 

7/1/2024

207,000

266,000

5.350%, 

3/15/2031

265,847

65,000

5.600%, 

3/2/2033

65,535

266,000

5.450%, 

3/15/2034

264,334

Gen

Digital,

Inc.

10,000

6.750%, 

9/30/2027

a

10,127

149,000

7.125%, 

9/30/2030

a,e

152,687

Global

Payments,

Inc.

165,000

5.950%, 

8/15/2052

158,944

82,000

2.650%, 

2/15/2025

80,404

208,000

4.950%, 

8/15/2027

205,932

131,000

3.200%, 

8/15/2029

117,692

Global

Payments,

Inc.,

Convertible

539,000

1.500%, 

3/1/2031

a

493,455

IBM

International

Capital

Private,

Ltd.

213,000

5.300%, 

2/5/2054

199,196

II-VI,

Inc.

128,000

5.000%, 

12/15/2029

a

121,136

Intel

Corporation

266,000

5.600%, 

2/21/2054

257,740

265,000

5.125%, 

2/10/2030

266,109

InterDigital,

Inc.,

Convertible

393,000

3.500%, 

6/1/2027

607,596

ION

Trading

Technologies

SARL

237,000

9.500%, 

5/30/2029

a

241,396

Iron

Mountain,

Inc.

859,000

4.875%, 

9/15/2027

a

832,965

150,000

4.875%, 

9/15/2029

a

141,351

380,000

4.500%, 

2/15/2031

a

343,017

Jabil,

Inc.

133,000

5.450%, 

2/1/2029

132,989

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Technology

(2.5%)

-

continued

Marvell

Technology,

Inc.

$

132,000

2.950%, 

4/15/2031

$

113,857

Mastercard,

Inc.

146,000

2.000%, 

11/18/2031

120,002

136,000

4.875%, 

5/9/2034

134,466

Microchip

Technology,

Inc.

84,000

5.050%, 

3/15/2029

83,327

Microchip

Technology,

Inc.,

Convertible

141,000

0.750%, 

6/1/2030

a

142,191

718,000

0.125%, 

11/15/2024

757,577

Micron

Technology,

Inc.

156,000

5.300%, 

1/15/2031

155,648

MKS

Instruments,

Inc.,

Convertible

782,000

1.250%, 

6/1/2030

a

832,585

Moody's

Corporation

140,000

4.250%, 

8/8/2032

131,480

NCR

Atleos

Corporation

99,000

9.500%, 

4/1/2029

a

106,993

NCR

Voyix

Corporation

452,000

5.125%, 

4/15/2029

a

425,674

Neptune

Bidco

US,

Inc.

251,000

9.290%, 

4/15/2029

a

240,903

Newfold

Digital

Holdings

Group,

Inc.

74,000

11.750%, 

10/15/2028

a

76,595

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

72,000

2.700%, 

5/1/2025

70,293

131,000

4.300%, 

6/18/2029

125,708

ON

Semiconductor

Corporation,

Convertible

389,000

Zero

Coupon, 

5/1/2027

543,239

195,000

0.500%, 

3/1/2029

186,810

Open

Text

Corporation

380,000

3.875%, 

12/1/2029

a

340,317

240,000

4.125%, 

2/15/2030

a

216,433

Oracle

Corporation

482,000

6.900%, 

11/9/2052

539,504

140,000

6.150%, 

11/9/2029

146,427

327,000

2.950%, 

4/1/2030

290,816

219,000

6.250%, 

11/9/2032

231,792

PayPal

Holdings,

Inc.

272,000

5.500%, 

6/1/2054

263,419

Pitney

Bowes,

Inc.

62,000

6.875%, 

3/15/2027

a,e

58,563

Progress

Software

Corporation,

Convertible

178,000

1.000%, 

4/15/2026

186,473

58,000

3.500%, 

3/1/2030

a

59,107

PTC,

Inc.

210,000

3.625%, 

2/15/2025

a

207,410

215,000

4.000%, 

2/15/2028

a

202,363

RingCentral,

Inc.

261,000

8.500%, 

8/15/2030

a

272,412

Rocket

Software,

Inc.

148,000

9.000%, 

11/28/2028

a

150,405

S&P

Global,

Inc.

144,000

2.900%, 

3/1/2032

124,434

Salesforce.com,

Inc.

374,000

1.950%, 

7/15/2031

306,909

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Technology

(2.5%)

-

continued

Seagate

HDD

Cayman

$

161,000

8.500%, 

7/15/2031

$

173,401

280,480

9.625%, 

12/1/2032

319,927

Semtech

Corporation,

Convertible

58,000

1.625%, 

11/1/2027

60,987

69,000

4.000%, 

11/1/2028

a

114,409

Sensata

Technologies,

Inc.

69,000

3.750%, 

2/15/2031

a

60,140

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

140,000

4.625%, 

11/1/2026

a

135,556

SK

Hynix,

Inc.

200,000

5.500%, 

1/16/2027

a

199,436

SS&C

Technologies,

Inc.

352,000

5.500%, 

9/30/2027

a

346,616

Texas

Instruments,

Inc.

136,000

5.150%, 

2/8/2054

130,157

UKG,

Inc.

247,000

6.875%, 

2/1/2031

a

250,095

Verint

Systems,

Inc.,

Convertible

360,000

0.250%, 

4/15/2026

331,920

Verisk

Analytics,

Inc.

383,000

5.250%, 

6/5/2034

377,114

Viavi

Solutions,

Inc.

306,000

3.750%, 

10/1/2029

a

258,436

Viavi

Solutions,

Inc.,

Convertible

92,000

1.625%, 

3/15/2026

87,285

Vishay

Intertechnology,

Inc.,

Convertible

630,000

2.250%, 

9/15/2030

a

595,035

VMware,

LLC

262,000

1.400%, 

8/15/2026

241,244

192,000

2.200%, 

8/15/2031

156,009

Western

Digital

Corporation,

Convertible

592,000

3.000%, 

11/15/2028

a

942,464

Xerox

Holdings

Corporation

30,000

5.000%, 

8/15/2025

a

29,430

348,000

5.500%, 

8/15/2028

a

299,749

Xerox

Holdings

Corporation,

Convertible

282,000

3.750%, 

3/15/2030

a

231,063

Xilinx,

Inc.

90,000

2.375%, 

6/1/2030

77,902

Ziff

Davis,

Inc.,

Convertible

392,000

1.750%, 

11/1/2026

364,063

Total

24,468,347

Transportation

(0.6%)

Air

Canada

237,000

3.875%, 

8/15/2026

a

225,432

Air

Transport

Services

Group,

Inc.,

Convertible

348,000

3.875%, 

8/15/2029

a

294,396

American

Airlines

Group,

Inc.

104,000

3.750%, 

3/1/2025

a

102,346

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

662,000

5.500%, 

4/20/2026

a

656,115

119,560

5.750%, 

4/20/2029

a

116,316

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Transportation

(0.6%)

-

continued

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

$

156,000

5.375%, 

3/1/2029

a

$

142,776

Burlington

Northern

Santa

Fe,

LLC

136,000

5.500%, 

3/15/2055

136,247

Canadian

Pacific

Railway

Company

267,000

1.750%, 

12/2/2026

246,323

Delta

Air

Lines,

Inc.

288,000

4.375%, 

4/19/2028

e

277,536

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

148,817

4.500%, 

10/20/2025

a

147,015

ERAC

USA

Finance,

LLC

211,000

3.850%, 

11/15/2024

a

209,438

277,000

5.200%, 

10/30/2034

a

274,318

Hawaiian

Brand

Intellectual

Property,

Ltd.

131,000

5.750%, 

1/20/2026

a

124,641

Mileage

Plus

Holdings,

LLC

238,800

6.500%, 

6/20/2027

a

239,277

Norfolk

Southern

Corporation

195,000

4.450%, 

3/1/2033

183,925

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

148,000

1.200%, 

11/15/2025

a

139,407

137,000

5.750%, 

5/24/2026

a

137,330

128,000

1.700%, 

6/15/2026

a

118,704

Rand

Parent,

LLC

312,000

8.500%, 

2/15/2030

a,e

315,872

RXO,

Inc.

359,000

7.500%, 

11/15/2027

a

367,975

Ryder

System,

Inc.

161,000

2.850%, 

3/1/2027

151,691

Southwest

Airlines

Company

133,000

5.125%, 

6/15/2027

132,315

Southwest

Airlines

Company,

Convertible

476,000

1.250%, 

5/1/2025

476,476

Stena

International

SA

198,000

7.250%, 

1/15/2031

a

202,392

United

Airlines,

Inc.

324,000

4.375%, 

4/15/2026

a

312,986

118,000

4.625%, 

4/15/2029

a

109,895

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

81,000

7.875%, 

5/1/2027

a

71,502

252,000

6.375%, 

2/1/2030

a,e

198,010

Total

6,110,656

U.S.

Government

&

Agencies

(5.2%)

U.S.

Treasury

Bonds

13,100,000

3.625%, 

5/15/2053

11,147,793

7,900,000

4.750%, 

11/15/2053

8,166,625

U.S.

Treasury

Notes

4,100,000

5.000%, 

10/31/2025

4,100,481

15,300,000

4.250%, 

12/31/2025

15,153,574

11,400,000

4.125%, 

7/31/2028

11,279,320

775,000

3.375%, 

5/15/2033

718,237

Total

50,566,030

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Utilities

(2.5%)

AEP

Texas,

Inc.

$

138,000

4.700%, 

5/15/2032

$

129,893

AES

Corporation

165,000

7.600%, 

1/15/2055

c

167,040

254,000

3.950%, 

7/15/2030

a

232,241

Algonquin

Power

&

Utilities

Corporation

225,000

4.750%, 

1/18/2082

c

205,833

Alliant

Energy

Corporation,

Convertible

224,000

3.875%, 

3/15/2026

220,528

Ameren

Corporation

161,000

1.750%, 

3/15/2028

142,075

American

Electric

Power

Company,

Inc.

248,000

6.950%, 

12/15/2054

c

246,708

130,000

5.200%, 

1/15/2029

129,299

131,000

2.300%, 

3/1/2030

111,714

66,000

5.625%, 

3/1/2033

65,757

American

Water

Capital

Corporation

201,000

5.450%, 

3/1/2054

193,802

American

Water

Capital

Corporation,

Convertible

309,000

3.625%, 

6/15/2026

a

303,129

Arizona

Public

Service

Company

138,000

5.550%, 

8/1/2033

136,814

Atmos

Energy

Corporation

132,000

5.900%, 

11/15/2033

137,839

Calpine

Corporation

298,000

4.500%, 

2/15/2028

a

283,126

CenterPoint

Energy,

Inc.

164,000

2.500%, 

9/1/2024

163,026

198,000

1.450%, 

6/1/2026

183,957

197,000

2.650%, 

6/1/2031

165,774

CenterPoint

Energy,

Inc.,

Convertible

330,000

4.250%, 

8/15/2026

a

331,693

CMS

Energy

Corporation,

Convertible

252,000

3.375%, 

5/1/2028

246,582

Consolidated

Edison

Company

of

New

York,

Inc.

408,000

5.700%, 

5/15/2054

407,030

Constellation

Energy

Generation,

LLC

204,000

5.750%, 

3/15/2054

197,701

133,000

5.800%, 

3/1/2033

135,704

Dominion

Energy,

Inc.

217,000

6.875%, 

2/1/2055

c

221,524

217,000

7.000%, 

6/1/2054

c

225,781

163,000

3.071%, 

8/15/2024

162,355

270,000

4.350%, 

1/15/2027

c,g

253,345

161,000

3.375%, 

4/1/2030

145,430

DTE

Energy

Company

209,000

4.220%, 

11/1/2024

207,786

140,000

4.875%, 

6/1/2028

137,801

Duke

Energy

Carolinas,

LLC

420,000

5.400%, 

1/15/2054

402,958

Duke

Energy

Corporation

240,000

3.250%, 

1/15/2082

c

214,968

187,000

5.800%, 

6/15/2054

181,652

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Utilities

(2.5%)

-

continued

$

150,000

4.875%, 

9/16/2024

c,g

$

148,702

343,000

2.450%, 

6/1/2030

294,511

139,000

4.500%, 

8/15/2032

129,972

125,000

5.750%, 

9/15/2033

126,935

Duke

Energy

Corporation,

Convertible

570,000

4.125%, 

4/15/2026

568,326

Duke

Energy

Ohio,

Inc.

136,000

5.550%, 

3/15/2054

130,993

Edison

International

137,000

7.875%, 

6/15/2054

c

141,164

185,000

4.950%, 

4/15/2025

183,650

240,000

5.000%, 

12/15/2026

c,g

228,288

259,000

5.450%, 

6/15/2029

258,849

Enel

Finance

International

NV

260,000

1.375%, 

7/12/2026

a

240,762

226,000

5.125%, 

6/26/2029

a

222,476

Entergy

Corporation

149,000

0.900%, 

9/15/2025

140,981

130,000

1.900%, 

6/15/2028

114,584

Evergy,

Inc.

162,000

2.450%, 

9/15/2024

160,859

Evergy,

Inc.,

Convertible

408,000

4.500%, 

12/15/2027

a

411,264

Eversource

Energy

293,000

4.600%, 

7/1/2027

286,924

Exelon

Corporation

540,000

5.600%, 

3/15/2053

518,802

130,000

4.050%, 

4/15/2030

121,993

Fells

Point

Funding

Trust

266,000

3.046%, 

1/31/2027

a

250,406

FirstEnergy

Corporation,

Convertible

505,000

4.000%, 

5/1/2026

499,445

Georgia

Power

Company

82,000

4.950%, 

5/17/2033

79,951

ITC

Holdings

Corporation

140,000

4.950%, 

9/22/2027

a

138,687

Jersey

Central

Power

&

Light

Company

280,000

2.750%, 

3/1/2032

a

231,387

MidAmerican

Energy

Company

553,000

5.300%, 

2/1/2055

526,309

National

Rural

Utilities

Cooperative

Finance

Corporation

137,000

4.850%, 

2/7/2029

136,179

NextEra

Energy

Capital

Holdings,

Inc.

210,000

3.800%, 

3/15/2082

c

193,580

331,000

6.750%, 

6/15/2054

c

332,898

131,000

6.051%, 

3/1/2025

131,251

206,000

5.749%, 

9/1/2025

206,446

130,000

2.250%, 

6/1/2030

110,835

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

168,000

3.000%, 

3/1/2027

a

191,856

NextEra

Energy

Operating

Partners,

LP

452,000

3.875%, 

10/15/2026

a

429,821

NextEra

Energy

Partners,

LP,

Convertible

763,000

Zero

Coupon, 

11/15/2025

a,e

688,989

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Utilities

(2.5%)

-

continued

$

104,000

2.500%, 

6/15/2026

a,e

$

94,900

NiSource,

Inc.

160,000

6.950%, 

11/30/2054

c

160,736

130,000

2.950%, 

9/1/2029

116,842

Northern

States

Power

Company/

MN

136,000

5.400%, 

3/15/2054

131,033

NRG

Energy,

Inc.

167,000

2.000%, 

12/2/2025

a

158,025

189,000

10.250%, 

3/15/2028

a,c,g

206,711

120,000

3.375%, 

2/15/2029

a

106,747

185,000

5.250%, 

6/15/2029

a

177,552

NRG

Energy,

Inc.,

Convertible

224,000

2.750%, 

6/1/2048

429,520

Oncor

Electric

Delivery

Company,

LLC

178,000

5.550%, 

6/15/2054

a

174,553

Pacific

Gas

and

Electric

Company

136,000

6.750%, 

1/15/2053

141,160

266,000

5.550%, 

5/15/2029

266,598

270,000

6.950%, 

3/15/2034

290,716

PG&E

Corporation

374,000

5.000%, 

7/1/2028

359,841

PG&E

Corporation,

Convertible

839,000

4.250%, 

12/1/2027

a

846,131

Pinnacle

West

Capital

Corporation,

Convertible

112,000

4.750%, 

6/15/2027

a

112,728

PNM

Resources,

Inc.,

Convertible

131,000

5.750%, 

6/1/2054

a

127,922

PPL

Capital

Funding,

Inc.,

Convertible

319,000

2.875%, 

3/15/2028

305,123

Public

Service

Enterprise

Group,

Inc.

130,000

5.875%, 

10/15/2028

132,966

131,000

1.600%, 

8/15/2030

106,231

San

Diego

Gas

&

Electric

Company

136,000

5.550%, 

4/15/2054

132,898

Sempra

320,000

4.875%, 

10/15/2025

c,g

313,861

Southern

California

Edison

Company

272,000

5.450%, 

6/1/2031

273,944

71,000

5.950%, 

11/1/2032

73,370

Southern

Company

140,000

4.475%, 

8/1/2024

139,800

170,000

5.700%, 

10/15/2032

173,390

149,000

4.000%, 

1/15/2051

c

144,461

432,000

3.750%, 

9/15/2051

c

405,648

Southern

Company,

Convertible

667,000

3.875%, 

12/15/2025

681,310

96,000

4.500%, 

6/15/2027

a

97,296

TerraForm

Power

Operating,

LLC

480,000

5.000%, 

1/31/2028

a

458,483

Virginia

Electric

and

Power

Company

184,000

5.350%, 

1/15/2054

173,605

Vistra

Corporation

295,000

7.000%, 

12/15/2026

a,c,g

292,437

Principal

Amount

Long-Term

Fixed

Income

(69.8%)

Value

Utilities

(2.5%)

-

continued

Vistra

Operations

Company,

LLC

$

280,000

5.125%, 

5/13/2025

a

$

278,313

747,000

5.000%, 

7/31/2027

a

722,605

WEC

Energy

Group,

Inc.,

Convertible

217,000

4.375%, 

6/1/2027

a

215,155

147,000

4.375%, 

6/1/2029

a

145,677

Xcel

Energy,

Inc.

157,000

4.000%, 

6/15/2028

149,624

213,000

4.600%, 

6/1/2032

199,167

Total

24,786,019

Total

Long-Term

Fixed

Income

(cost

$705,863,657)

681,691,014

Shares

Common

Stock

(

14.3%

)

Value

Communications

Services

(0.9%)

5,031

Alphabet,

Inc.,

Class

A

916,397

16,205

Alphabet,

Inc.,

Class

C

2,972,321

5,186

Cogent

Communications

Holdings

292,698

14,504

Comcast

Corporation

567,977

51

Electronic

Arts,

Inc.

7,106

613

Emerald

Holding,

Inc.

j

3,488

5,525

Meta

Platforms,

Inc.

2,785,815

526

Netflix,

Inc.

j

354,987

10,797

QuinStreet,

Inc.

j

179,122

42

Tripadvisor,

Inc.

j

748

21,040

Verizon

Communications,

Inc.

867,690

21,474

Warner

Brothers

Discovery,

Inc.

j

159,766

4,897

Windstream

Services,

LLC

j

61,702

Total

9,169,817

Consumer

Discretionary

(1.4%)

15,555

Amazon.com,

Inc.

j

3,006,004

3,754

Aptiv

plc

j

264,357

2,522

Best

Buy

Company,

Inc.

212,579

84

Booking

Holdings,

Inc.

332,766

1,529

Boot

Barn

Holdings,

Inc.

j

197,134

2,676

Brunswick

Corporation

194,733

5,115

Columbia

Sportswear

Company

404,494

14,682

Cooper-Standard

Holdings,

Inc.

j

182,644

2,843

Crocs,

Inc.

j

414,907

1,564

D.R.

Horton,

Inc.

220,415

4,584

eBay,

Inc.

246,253

1,906

Expedia

Group,

Inc.

j

240,137

2,533

Garmin,

Ltd.

412,676

1,272

Grand

Canyon

Education,

Inc.

j

177,966

2,650

Hilton

Worldwide

Holdings,

Inc.

578,230

1,509

Home

Depot,

Inc.

519,458

2,090

Lowe's

Companies,

Inc.

460,761

564

Lululemon

Athletica,

Inc.

j

168,467

1,798

McDonald's

Corporation

458,202

841

Meritage

Homes

Corporation

136,116

14,978

Mobileye

Global,

Inc.

j

420,657

108

NVR,

Inc.

j

819,564

401

O'Reilly

Automotive,

Inc.

j

423,480

82

Ross

Stores,

Inc.

11,916

10,124

Savers

Value

Village,

Inc.

j

123,918

6,587

SharkNinja,

Inc.

495,013

8,091

Skyline

Champion

Corporation

j

548,165

3,197

Sony

Group

Corporation

ADR

271,585

148

Starbucks

Corporation

11,522

11,838

Stoneridge,

Inc.

j

188,934

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

26

Shares

Common

Stock

(14.3%)

Value

Consumer

Discretionary

(1.4%)

-

continued

3,445

Tesla,

Inc.

j

$

681,697

1,638

Texas

Roadhouse,

Inc.

281,261

5,061

Wyndham

Hotels

&

Resorts,

Inc.

374,514

9,094

Yum

China

Holding,

Inc.

280,459

Total

13,760,984

Consumer

Staples

(0.7%)

4,756

Altria

Group,

Inc.

216,636

7,160

BJ's

Wholesale

Club

Holdings,

Inc.

j

628,935

593

Casey's

General

Stores,

Inc.

226,265

4,974

Coca-Cola

Company

316,595

213

Costco

Wholesale

Corporation

181,048

27,197

Coty,

Inc.

j

272,514

1,141

J

&

J

Snack

Foods

Corporation

185,264

3,434

John

B.

Sanfilippo

&

Son,

Inc.

333,682

16,966

Kenvue,

Inc.

308,442

2,771

Keurig

Dr

Pepper,

Inc.

92,551

4,240

Lamb

Weston

Holdings,

Inc.

356,499

1,776

Lancaster

Colony

Corporation

335,611

140

PepsiCo,

Inc.

23,090

7,506

Philip

Morris

International,

Inc.

760,583

8,578

Pilgrim's

Pride

Corporation

j

330,167

852

Procter

&

Gamble

Company

140,512

6,699

Sysco

Corporation

478,242

7,046

Turning

Point

Brands,

Inc.

226,106

4,864

Tyson

Foods,

Inc.

277,929

20,447

Walmart,

Inc.

1,384,466

Total

7,075,137

Energy

(0.7%)

1,104

Archrock,

Inc.

22,323

214

Baker

Hughes

Company

7,526

8,856

Chesapeake

Energy

Corporation

727,875

339

Chevron

Corporation

53,026

5,487

ConocoPhillips

627,603

18,511

Devon

Energy

Corporation

877,421

17,792

Enterprise

Products

Partners,

LP

515,612

3,210

EOG

Resources,

Inc.

404,043

11,685

Exxon

Mobil

Corporation

1,345,177

14,270

Halliburton

Company

482,041

1,906

Marathon

Petroleum

Corporation

330,653

3,160

Matador

Resources

Company

188,336

28,329

NOV,

Inc.

538,534

1,804

Schlumberger

NV

85,113

3,518

Shell

plc

ADR

253,929

7,178

TechnipFMC

plc

187,705

5,023

Williams

Companies,

Inc.

213,478

Total

6,860,395

Financials

(2.2%)

1,543

Allstate

Corporation

246,355

20,708

Ally

Financial,

Inc.

821,486

875

American

Express

Company

202,606

7,371

American

International

Group,

Inc.

547,223

1,252

Ameriprise

Financial,

Inc.

534,842

5,831

Arch

Capital

Group,

Ltd.

j

588,290

22,632

Bank

of

America

Corporation

900,075

105

Bank

of

Marin

Bancorp

1,700

6,034

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

211,914

8,923

Bank

of

New

York

Mellon

Corporation

534,398

1,008

Bank

OZK

41,328

1,046

Berkshire

Hathaway,

Inc.

j

425,513

Shares

Common

Stock

(14.3%)

Value

Financials

(2.2%)

-

continued

163

BlackRock,

Inc.

$

128,333

14,116

Bridgewater

Bancshares,

Inc.

j

163,887

1,028

Brookline

Bancorp,

Inc.

8,584

1,666

Brown

&

Brown,

Inc.

148,957

2,328

Capital

One

Financial

Corporation

322,312

5,201

Carlyle

Group,

Inc.

208,820

819

Cboe

Global

Markets,

Inc.

139,279

1,345

Central

Pacific

Financial

Corporation

28,514

8,449

Charles

Schwab

Corporation

622,607

3,073

Chubb,

Ltd.

783,861

837

Citigroup,

Inc.

53,116

2,039

Columbia

Banking

System,

Inc.

40,556

5,684

Comerica,

Inc.

290,111

644

Community

Trust

Bancorp,

Inc.

28,117

98

Customers

Bancorp,

Inc.

j

4,702

2,897

Discover

Financial

Services

378,957

1,150

Ellington

Credit

Company

7,992

537

Enterprise

Financial

Services

Corporation

21,969

18,412

F.N.B.

Corporation

251,876

403

FactSet

Research

Systems,

Inc.

164,533

208

Financial

Institutions,

Inc.

4,019

817

First

Bancshares,

Inc.

21,226

117

First

Citizens

BancShares,

Inc./NC

196,982

146

First

Mid-Illinois

Bancshares,

Inc.

4,800

1,005

Fiserv,

Inc.

j

149,785

5,603

Glacier

Bancorp,

Inc.

209,104

506

Great

Southern

Bancorp,

Inc.

28,139

1,991

Hanmi

Financial

Corporation

33,289

67

Hartford

Financial

Services

Group,

Inc.

6,736

359

Heartland

Financial

USA,

Inc.

15,957

496

Heritage

Financial

Corporation

8,943

536

Hometrust

Bancshares,

Inc.

16,096

1,607

Hope

Bancorp,

Inc.

17,259

3,206

Houlihan

Lokey,

Inc.

432,361

296

Independent

Bank

Corporation/MI

7,992

8,992

Intercontinental

Exchange,

Inc.

1,230,915

7,547

J.P.

Morgan

Chase

&

Company

1,526,456

6,268

KeyCorp

89,068

2,451

Kinsale

Capital

Group,

Inc.

944,321

683

LPL

Financial

Holdings,

Inc.

190,762

1,937

Marsh

&

McLennan

Companies,

Inc.

408,165

910

Mastercard,

Inc.

401,456

5,524

MetLife,

Inc.

387,730

1,085

MidWestOne

Financial

Group,

Inc.

24,402

292

Moody's

Corporation

122,912

72

MSCI,

Inc.

34,686

8,515

Nasdaq,

Inc.

513,114

4,000

Northern

Trust

Corporation

335,920

2,761

NU

Holdings,

Ltd./Cayman

Islands

j

35,589

2,376

OceanFirst

Financial

Corporation

37,755

291

OFG

Bancorp

10,898

3,616

PayPal

Holdings,

Inc.

j

209,836

74

PNC

Financial

Services

Group,

Inc.

11,505

1,234

Progressive

Corporation

256,314

3,964

Prosperity

Bancshares,

Inc.

242,359

9,254

Radian

Group,

Inc.

287,799

4,146

Raymond

James

Financial,

Inc.

512,487

3,101

RLI

Corporation

436,280

608

SEI

Investments

Company

39,331

3,039

Tradeweb

Markets,

Inc.

322,134

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

27

Shares

Common

Stock

(14.3%)

Value

Financials

(2.2%)

-

continued

4,113

Triumph

Financial,

Inc.

j

$

336,238

125

TrustCo

Bank

Corporation

NY

3,596

237

U.S.

Bancorp

9,409

5,317

Valley

National

Bancorp

37,113

621

Visa,

Inc.

162,994

1,387

Voya

Financial,

Inc.

98,685

191

Webster

Financial

Corporation

8,326

19,599

Wells

Fargo

&

Company

1,163,985

9,019

Western

Alliance

Bancorp

566,574

107

Willis

Towers

Watson

plc

28,049

8,123

Zions

Bancorp

NA

352,294

Total

21,384,958

Health

Care

(1.7%)

3,993

Abbott

Laboratories

414,913

437

AbbVie,

Inc.

74,954

3,664

Agilent

Technologies,

Inc.

474,964

805

Align

Technology,

Inc.

j

194,351

1,683

Amgen,

Inc.

525,853

4,010

AMN

Healthcare

Services,

Inc.

j

205,432

6,680

AstraZeneca

plc

ADR

520,973

13,097

Avantor,

Inc.

j

277,656

872

Biogen,

Inc.

j

202,147

1,749

Boston

Scientific

Corporation

j

134,691

327

Centene

Corporation

j

21,680

1,049

Charles

River

Laboratories

International,

Inc.

j

216,702

332

Chemed

Corporation

180,137

1,282

Cigna

Group

423,791

1,888

Danaher

Corporation

471,717

3,871

Edwards

Lifesciences

Corporation

j

357,564

1,464

Elevance

Health,

Inc.

793,283

985

Eli

Lilly

&

Company

891,799

2,130

Encompass

Health

Corporation

182,733

6,663

Enovis

Corporation

j

301,168

6,778

Gilead

Sciences,

Inc.

465,039

3,392

Haemonetics

Corporation

j

280,620

3,588

Halozyme

Therapeutics,

Inc.

j

187,868

1,073

Humana,

Inc.

400,926

762

Intuitive

Surgical,

Inc.

j

338,976

8,108

Johnson

&

Johnson

1,185,065

2,598

Labcorp

Holdings,

Inc.

528,719

4,493

Masimo

Corporation

j

565,848

4,902

Medtronic

plc

385,836

8,777

Merck

&

Company,

Inc.

1,086,593

538

Molina

Healthcare,

Inc.

j

159,947

1,532

Novo

Nordisk

AS

ADR

218,678

19,755

Option

Care

Health,

Inc.

j

547,214

5,314

Progyny,

Inc.

j

152,034

1,952

Repligen

Corporation

j

246,069

1,791

Sarepta

Therapeutics,

Inc.

j

282,978

6,716

Stevanato

Group

SPA

123,171

818

Stryker

Corporation

278,325

1,246

Thermo

Fisher

Scientific,

Inc.

689,038

371

UnitedHealth

Group,

Inc.

188,935

728

Varex

Imaging

Corporation

j

10,723

876

Vertex

Pharmaceuticals,

Inc.

j

410,599

17,627

Viemed

Healthcare,

Inc.

j

115,457

4,311

Zimmer

Biomet

Holdings,

Inc.

467,873

1,697

Zoetis,

Inc.

294,192

Total

16,477,231

Industrials

(1.9%)

3,917

Advanced

Drainage

Systems,

Inc.

628,248

Shares

Common

Stock

(14.3%)

Value

Industrials

(1.9%)

-

continued

1,808

AECOM

$

159,357

9,886

Air

Lease

Corporation

469,882

2,380

AMETEK,

Inc.

396,770

351

Armstrong

World

Industries,

Inc.

39,747

1,419

Automatic

Data

Processing,

Inc.

338,701

866

Axon

Enterprise,

Inc.

j

254,812

2,107

AZEK

Company,

Inc.

j

88,768

15,262

Badger

Infrastructure

Solutions,

Ltd.

459,517

272

Brady

Corporation

17,958

1,930

BWX

Technologies,

Inc.

183,350

1,367

Caterpillar,

Inc.

455,348

30,088

CNH

Industrial

NV

304,791

25,636

CSX

Corporation

857,524

8,744

Delta

Air

Lines,

Inc.

414,815

7,380

ExlService

Holdings,

Inc.

j

231,437

2,444

Expeditors

International

of

Washington,

Inc.

304,987

14,589

Fastenal

Company

916,773

1,947

Ferguson

plc

377,037

8,314

Flowserve

Corporation

399,903

7,324

Fluor

Corporation

j

318,960

1,699

General

Dynamics

Corporation

492,948

579

Graco,

Inc.

45,903

5,659

Helios

Technologies,

Inc.

270,217

2,417

Honeywell

International,

Inc.

516,126

10,737

Howmet

Aerospace,

Inc.

833,513

3,088

Ingersoll

Rand,

Inc.

280,514

2,082

Jacobs

Solutions,

Inc.

290,876

21,056

Janus

International

Group,

Inc.

j

265,937

1,981

JB

Hunt

Transport

Services,

Inc.

316,960

6,582

Knight-Swift

Transportation

Holdings,

Inc.

328,573

2,831

Korn

Ferry

190,073

1,968

L3Harris

Technologies,

Inc.

441,973

954

Leidos

Holdings,

Inc.

139,170

1,445

Lincoln

Electric

Holdings,

Inc.

272,585

17,060

Masterbrand,

Inc.

j

250,441

4,007

Maximus,

Inc.

343,400

4,265

Miller

Industries,

Inc.

234,660

1,598

Moog,

Inc.

267,345

488

Northrop

Grumman

Corporation

212,744

1,844

Old

Dominion

Freight

Line,

Inc.

325,650

1,369

Owens

Corning,

Inc.

237,823

325

Parker-Hannifin

Corporation

164,388

1,257

Pentair

plc

96,374

1,613

Quanta

Services,

Inc.

409,847

5,159

Robert

Half,

Inc.

330,073

1,237

Rockwell

Automation,

Inc.

340,521

10,885

Schneider

National,

Inc.

262,982

668

Simpson

Manufacturing

Company,

Inc.

112,578

3,434

Tennant

Company

338,043

8,420

Timken

Company

674,695

1,292

Trane

Technologies

plc

424,978

5,102

Uber

Technologies,

Inc.

j

370,813

190

Union

Pacific

Corporation

42,989

4,836

United

Parcel

Service,

Inc.

661,807

1,030

United

Rentals,

Inc.

666,132

Total

19,072,336

Information

Technology

(3.2%)

579

Adobe,

Inc.

j

321,658

3,304

Advanced

Micro

Devices,

Inc.

j

535,942

3,588

Amphenol

Corporation

241,723

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

28

Shares

Common

Stock

(14.3%)

Value

Information

Technology

(3.2%)

-

continued

18,124

Apple,

Inc.

$

3,817,277

2,560

Applied

Materials,

Inc.

604,134

1,368

AppLovin

Corporation

j

113,845

198

Arista

Networks,

Inc.

j

69,395

2,228

ASGN,

Inc.

j

196,443

1,076

Autodesk,

Inc.

j

266,256

495

Broadcom,

Inc.

794,737

1,205

CDW

Corporation

269,727

9,799

Ciena

Corporation

j

472,116

17,834

Cisco

Systems,

Inc.

847,293

6,579

Cohu,

Inc.

j

217,765

2,007

Crane

NXT

Company

123,270

2,440

Datadog,

Inc.

j

316,444

7,076

DocuSign,

Inc.

j

378,566

2,547

Enphase

Energy,

Inc.

j

253,961

1,484

Fabrinet

j

363,268

1,530

FormFactor,

Inc.

j

92,611

3,359

Fortinet,

Inc.

j

202,447

6,406

Gilat

Satellite

Networks,

Ltd.

j

28,635

1,937

GoDaddy,

Inc.

j

270,618

3,084

Guidewire

Software,

Inc.

j

425,253

780

Insight

Enterprises,

Inc.

j

154,721

4,978

International

Business

Machines

Corporation

860,945

5,124

JFrog,

Ltd.

j

192,406

347

KLA

Corporation

286,105

138

Lam

Research

Corporation

146,949

900

Littelfuse,

Inc.

230,031

11,221

Microsoft

Corporation

5,015,226

1,184

MongoDB,

Inc.

j

295,953

119

Motorola

Solutions,

Inc.

45,940

516

NetApp,

Inc.

66,461

38,321

NVIDIA

Corporation

4,734,176

3,261

ON

Semiconductor

Corporation

j

223,541

1,020

Onto

Innovation,

Inc.

j

223,951

3,453

Plexus

Corporation

j

356,280

1,119

Qorvo,

Inc.

j

129,849

7,420

QUALCOMM,

Inc.

1,477,916

109

RingCentral,

Inc.

j

3,074

2,667

Salesforce,

Inc.

685,686

13,381

Samsung

Electronics

Company,

Ltd.

787,523

677

Semtech

Corporation

j

20,229

1,018

ServiceNow,

Inc.

j

800,830

3,570

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

ADR

620,502

10,951

Trimble,

Inc.

j

612,380

35,806

TTM

Technologies,

Inc.

j

695,711

379

Tyler

Technologies,

Inc.

j

190,554

661

Universal

Display

Corporation

138,975

8,913

Varonis

Systems,

Inc.

j

427,557

648

VeriSign,

Inc.

j

115,214

1,767

Workiva,

Inc.

j

128,973

Total

30,891,042

Materials

(0.6%)

2,040

Albemarle

Corporation

194,861

5,365

Alcoa

Corporation

213,420

910

Allegheny

Technologies,

Inc.

j

50,459

5,586

Ball

Corporation

335,272

5,175

CF

Industries

Holdings,

Inc.

383,571

4,175

Corteva,

Inc.

225,199

111

Eagle

Materials,

Inc.

24,138

3,436

Eastman

Chemical

Company

336,625

Shares

Common

Stock

(14.3%)

Value

Materials

(0.6%)

-

continued

980

Ecolab,

Inc.

$

233,240

2,851

Greif,

Inc.

163,847

5,561

Ingevity

Corporation

j

243,071

19,338

Ivanhoe

Mines,

Ltd.

j

249,491

1,424

Linde

plc

624,865

3,495

Nucor

Corporation

552,490

5,548

Steel

Dynamics,

Inc.

718,466

17,130

Tronox

Holdings

plc

268,770

839

United

States

Lime

&

Minerals,

Inc.

305,547

1,254

United

States

Steel

Corporation

47,401

3,087

West

Fraser

Timber

Company,

Ltd.

237,298

Total

5,408,031

Real

Estate

(0.5%)

4,294

Agree

Realty

Corporation

265,970

3,163

Alexandria

Real

Estate

Equities,

Inc.

369,976

1,754

AvalonBay

Communities,

Inc.

362,885

2,273

CBRE

Group,

Inc.

j

202,547

4,007

Crown

Castle,

Inc.

391,484

32,994

Cushman

and

Wakefield

plc

j

343,138

870

EastGroup

Properties,

Inc.

147,987

262

Equinix,

Inc.

198,229

12,276

Essential

Properties

Realty

Trust,

Inc.

340,168

1,440

Extra

Space

Storage,

Inc.

223,791

19,599

Healthcare

Realty

Trust,

Inc.

322,992

619

Kite

Realty

Group

Trust

13,853

10,820

National

Storage

Affiliates

Trust

446,000

1,930

Phillips

Edison

and

Company,

Inc.

63,130

2,307

SBA

Communications

Corporation

452,864

687

STAG

Industrial,

Inc.

24,773

6,758

Terreno

Realty

Corporation

399,939

Total

4,569,726

Utilities

(0.5%)

7,347

Alliant

Energy

Corporation

373,962

548

American

Water

Works

Company,

Inc.

70,780

12,765

CenterPoint

Energy,

Inc.

395,460

2,786

Constellation

Energy

Corporation

557,952

4,716

Duke

Energy

Corporation

472,685

4,016

Entergy

Corporation

429,712

6,754

Evergy,

Inc.

357,759

13,992

NiSource,

Inc.

403,109

1,814

Northwestern

Energy

Group,

Inc.

90,845

256

PNM

Resources,

Inc.

9,462

3,753

Portland

General

Electric

Company

162,280

5,830

Public

Service

Enterprise

Group,

Inc.

429,671

2,468

Spire,

Inc.

149,882

2,626

UGI

Corporation

60,135

3,553

Vistra

Energy

Corporation

305,487

6,819

Xcel

Energy,

Inc.

364,203

Total

4,633,384

Total

Common

Stock

(cost

$96,571,813)

139,303,041

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

29

Shares

Registered

Investment

Companies

(

10.4%

)

Value

U.S.

Affiliated  (9.1%)

9,612,860

Thrivent

Core

Emerging

Markets

Debt

Fund

$

76,806,753

1,171,355

Thrivent

Core

International

Equity

Fund

12,463,217

Total

89,269,970

U.S.

Unaffiliated  (1.3%)

86,285

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

231,244

27,874

AllianceBernstein

Global

High

Income

Fund,

Inc.

292,120

41,273

Allspring

Income

Opportunities

Fund

273,227

6,445

BlackRock

Core

Bond

Trust

68,639

27,406

BlackRock

Corporate

High

Yield

Fund,

Inc.

265,564

32,755

BlackRock

Credit

Allocation

Income

Trust

350,806

2,772

BlackRock

Debt

Strategies

Fund,

Inc.

30,048

7,058

BlackRock

Enhanced

Equity

Dividend

Trust

57,664

31,092

BlackRock

Enhanced

Global

Dividend

Trust

329,886

16,400

BlackRock

Enhanced

International

Dividend

Trust

91,512

1,025

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

13,263

6,166

BlackRock

Income

Trust,

Inc.

73,560

10,342

BlackRock

Multi-Sector

Income

Trust

150,786

24,550

Blackstone

Strategic

Credit

2027

Term

Fund

291,900

32,500

Eaton

Vance

Limited

Duration

Income

Fund

316,550

10,260

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

86,697

23,209

First

Trust

High

Income

Long/Short

Fund

286,399

6,020

Invesco

Dynamic

Credit

Opportunities

Fund

d

62,848

67,385

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

2,444,728

13,731

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

e

1,470,865

56,844

Nuveen

Credit

Strategies

Income

Fund

315,484

17,161

Nuveen

Preferred

Income

Opportunities

Fund

128,193

28,182

PGIM

Global

High

Yield

Fund,

Inc.

334,802

27,750

PGIM

High

Yield

Bond

Fund,

Inc.

357,420

7,150

Pimco

Dynamic

Income

Fund

e

134,492

1,942

SPDR

S&P

Biotech

ETF

e

180,043

2,007

Tri-Continental

Corporation

62,157

28,349

Vanguard

Intermediate-Term

Corporate

Bond

ETF

e

2,265,936

14,250

Vanguard

Short-Term

Corporate

Bond

ETF

e

1,101,169

11,500

Virtus

Convertible

&

Income

Fund

37,605

18,603

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

228,445

2,300

Virtus

Equity

&

Convertible

Income

Fund

e

53,452

Shares

Registered

Investment

Companies

(10.4%)

Value

U.S.

Unaffiliated  (1.3%)-

continued

47,194

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

$

242,577

68,335

Western

Asset

High

Income

Opportunity

Fund,

Inc.

260,356

Total

12,890,437

Total

Registered

Investment

Companies

(cost

$114,774,258)

102,160,407

Shares

Collateral

Held

for

Securities

Loaned

(

1.6%

)

Value

16,159,064

Thrivent

Cash

Management

Trust

16,159,064

Total

Collateral

Held

for

Securities

Loaned

(cost

$16,159,064)

16,159,064

Shares

Preferred

Stock

(

1.1%

)

Value

Basic

Materials

(0.1%)

12,419

Albemarle

Corporation,

Convertible,

7.250%

579,471

Total

579,471

Communications

Services

(0.1%)

35,275

AT&T,

Inc.,

4.750%

g

711,144

15,250

Telephone

and

Data

Systems,

Inc.,

6.000%

g

273,127

Total

984,271

Financials

(0.8%)

10,000

AEGON

Funding

Company,

LLC,

5.100%

207,700

20,000

Allstate

Corporation,

5.100%

g

436,800

8,628

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

566,083

28,275

Bank

of

America

Corporation,

4.250%

g

526,763

774

Bank

of

America

Corporation,

Convertible,

7.250%

g

925,828

19,925

Capital

One

Financial

Corporation,

5.000%

g

396,507

2,750

Citizens

Financial

Group,

Inc.,

7.375%

e,g,j

72,737

9,000

Equitable

Holdings,

Inc.,

5.250%

e,g

195,750

23,000

J.P.

Morgan

Chase

&

Company,

4.200%

g

439,070

16,250

J.P.

Morgan

Chase

&

Company,

4.750%

g

344,175

15,950

KeyCorp,

6.200%

c,g

351,538

13,050

Morgan

Stanley,

4.250%

e,g

249,908

10,400

Morgan

Stanley,

5.850%

c,g

258,336

13,084

Morgan

Stanley,

7.125%

c,g

329,848

14,525

Public

Storage,

4.125%

g

270,165

5,025

Public

Storage,

4.625%

g

102,460

1,275

Public

Storage,

4.700%

g

26,303

3,900

Regions

Financial

Corporation,

5.700%

c,g

89,505

3,500

Synovus

Financial

Corporation,

5.875%

c,g

87,780

13,100

U.S.

Bancorp,

4.000%

g

228,333

21,000

Wells

Fargo

&

Company,

4.250%

g

394,170

11,800

Wells

Fargo

&

Company,

4.750%

g

240,838

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

30

Shares

Preferred

Stock

(1.1%)

Value

Financials

(0.8%)

-

continued

928

Wells

Fargo

&

Company,

Convertible,

7.500%

g

$

1,103,364

Total

7,843,961

Utilities

(0.1%)

23,000

CMS

Energy

Corporation,

4.200%

g

434,700

13,150

NextEra

Energy,

Inc.,

Convertible,

6.926%

e

545,594

13,600

Southern

Company,

4.950%

300,152

Total

1,280,446

Total

Preferred

Stock

(cost

$12,141,700)

10,688,149

Shares

or

Principal

Amount

Short-Term

Investments

(

4.5%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

1,100,000

5.233%,

7/10/2024

k,l

1,098,077

100,000

5.240%,

7/12/2024

k,l

99,796

1,000,000

5.250%,

7/17/2024

k,l

997,232

300,000

5.260%,

7/19/2024

k,l

299,082

400,000

5.240%,

8/14/2024

k,l

397,266

500,000

5.245%,

8/16/2024

k,l

496,437

1,000,000

5.240%,

9/18/2024

k,l

988,156

Thrivent

Core

Short-Term

Reserve

Fund

3,864,821

5.580%

38,648,214

U.S.

Treasury

Bills

300,000

5.246%,

7/18/2024

k,m

299,255

400,000

5.243%,

8/15/2024

k,m

397,379

Total

Short-Term

Investments

(cost

$43,720,592)

43,720,894

Total

Investments

(cost

$989,231,084)

101.7%

$993,722,569

Other

Assets

and

Liabilities,

Net

(1.7%)

(16,700,339)

Total

Net

Assets

100.0%

$977,022,230

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

28,

2024,

the

value

of

these

investments

was

$231,759,581

or

23.7%

of

total

net

assets.

b

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

28,

2024.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

June

28,

2024.

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

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

interest

only

security.  Interest

only

securities

represent

the

right

to

receive

monthly

interest

payments

on

an

underlying

pool

of

mortgages

or

assets.  The

principal

shown

is

the

outstanding

par

amount

of

the

pool

as

of

the

end

of

the

period.

The

actual

effective

yield

of

the

security

is

different

than

the

stated

coupon

rate.

g

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

h

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Non-income

producing

security.

k

The

interest

rate

shown

reflects

the

yield.

l

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.

m

All

or

a

portion

of

the

security

is

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Diversified

Income

Plus

Fund

as

of

June

28,

2024

was

$3,838,437

or

0.39%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

June

28,

2024.

Security

Acquisition

Date

Cost

Business

Jet

Securities,

LLC,

6/15/2037

5/5/2022

$

910,220

Business

Jet

Securities,

LLC,

5/15/2039

4/9/2024

1,750,147

Credit

Suisse

Group

AG 

5/17/2021

144,113

Credit

Suisse

Group

AG 

12/4/2013

150,000

Pretium

Mortgage

Credit

Partners,

LLC,

6/27/2060

6/16/2021

1,253,652

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

28,

2024:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

9,872,384

Common

Stock

5,775,433

Total

lending

$15,647,817

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$16,159,064

Net

amounts

due

to

counterparty

$511,247

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

31

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

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

SOFR30A

-

Secured

Overnight

Financing

Rate

30

Year

Average

TSFR1M

-

CME

Term

SOFR

1

Month

TSFR3M

-

CME

Term

SOFR

3

Month

USISOA05

-

USD

SOFR

Spread-Adjusted

ICE

Swap

Rate

5

Year

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$

49,474,811

Gross

unrealized

depreciation

(49,723,078)

Net

unrealized

appreciation

(depreciation)

$

(248,267)

Cost

for

federal

income

tax

purposes

$

994,193,426

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

32

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

June

28,

2024,

in

valuing

Diversified

Income

Plus

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

62,471,400

–

61,418,250

1,053,150

Basic

Materials

10,649,156

–

10,649,156

–

Capital

Goods

19,484,430

–

19,484,430

–

Collateralized

Mortgage

Obligations

60,049,358

–

58,049,358

2,000,000

Commercial

Mortgage-Backed

Securities

5,407,677

–

5,407,677

–

Communications

Services

22,414,121

–

22,414,121

–

Consumer

Cyclical

35,979,342

–

35,979,342

–

Consumer

Non-Cyclical

30,608,838

–

30,608,838

–

Energy

28,707,930

–

28,707,930

–

Financials

85,774,304

–

85,774,304

–

Foreign

Government

201,671

–

201,671

–

Mortgage-Backed

Securities

214,011,735

–

214,011,735

–

Technology

24,468,347

–

24,468,347

–

Transportation

6,110,656

–

6,110,656

–

U.S.

Government

&

Agencies

50,566,030

–

50,566,030

–

Utilities

24,786,019

–

24,786,019

–

Common

Stock

Communications

Services

9,169,817

9,108,115

61,702

–

Consumer

Discretionary

13,760,984

13,760,984

–

–

Consumer

Staples

7,075,137

7,075,137

–

–

Energy

6,860,395

6,860,395

–

–

Financials

21,384,958

21,384,958

–

–

Health

Care

16,477,231

16,477,231

–

–

Industrials

19,072,336

18,612,819

459,517

–

Information

Technology

30,891,042

30,103,519

787,523

–

Materials

5,408,031

5,158,540

249,491

–

Real

Estate

4,569,726

4,569,726

–

–

Utilities

4,633,384

4,633,384

–

–

Registered

Investment

Companies

U.S.

Unaffiliated

12,890,437

12,827,589

–

62,848

Preferred

Stock

Basic

Materials

579,471

579,471

–

–

Communications

Services

984,271

984,271

–

–

Financials

7,843,961

7,843,961

–

–

Utilities

1,280,446

1,280,446

–

–

Short-Term

Investments

5,072,680

–

5,072,680

–

Subtotal

Investments

in

Securities

$849,645,321

$161,260,546

$685,268,777

$3,115,998

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

89,269,970

Affiliated

Short-Term

Investments

38,648,214

Collateral

Held

for

Securities

Loaned

16,159,064

Subtotal

Other

Investments

$144,077,248

Total

Investments

at

Value

$993,722,569

*

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

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

33

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

28,

2024,

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

392,263

392,263

–

–

Credit

Default

Swaps

43,142

–

43,142

–

Total

Asset

Derivatives

$435,405

$392,263

$43,142

$–

Liability

Derivatives

Futures

Contracts

212,815

66,587

146,228

–

Total

Liability

Derivatives

$212,815

$66,587

$146,228

$–

The

following

table

presents

Diversified

Income

Plus

Fund's

futures

contracts

held

as

of

June

28,

2024.

Investments

and/or

cash

totaling

$4,376,046

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

2-Yr.

U.S.

Treasury

Note

52

September

2024

$

10,587,823

$

31,552

CME

E-mini

S&P

500

Index

237

September

2024

65,210,631

219,143

ICE

mini

MSCI

EAFE

Index

91

September

2024

10,576,189

85,371

ICE

US

mini

MSCI

Emerging

Markets

Index

30

September

2024

1,615,938

16,362

Total

Futures

Long

Contracts

$

87,990,581

$

352,428

CME

E-mini

Russell

2000

Index

(209)

September

2024

(

$

21,525,685)

(

$

53,565)

CME

E-mini

S&P

Mid-Cap

400

Index

(12)

September

2024

(

3,536,698)

(

13,022)

CME

Euro

Foreign

Exchange

Currency

(93)

September

2024

(

12,539,035)

39,835

Eurex

Euro

STOXX

50

Index

(231)

September

2024

(

12,072,342)

(

146,228)

Total

Futures

Short

Contracts

(

$

49,673,760)

($172,980)

Total

Futures

Contracts

$

38,316,821

$179,448

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

34

The

following

table

presents

Diversified

Income

Plus

Fund's

swaps

contracts

held

as

of

June

28,

2024.

Investments

totaling

$696,634

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

42,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2029

$

11,735,000

$

–

$

43,142

$

43,142

Total

Credit

Default

Swaps

$–

$43,142

$43,142

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

28,

2024,

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

Foreign

Exchange

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

39,835

Total

Foreign

Exchange

Contracts

39,835

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

320,876

Total

Equity

Contracts

320,876

Interest

Rate

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

31,552

Total

Interest

Rate

Contracts

31,552

Credit

Contracts

Credit

Default

Swaps

Net

Assets

-

Distributable

earnings/(accumulated

loss)

43,142

Total

Credit

Contracts

43,142

Total

Asset

Derivatives

$435,405

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

212,815

Total

Equity

Contracts

212,815

Total

Liability

Derivatives

$212,815

*

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

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

35

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

June

28,

2024,

for

Diversified

Income

Plus

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Interest

Rate

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

97,779

Total

Interest

Rate

Contracts

97,779

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

5,977,628

Total

Equity

Contracts

5,977,628

Foreign

Exchange

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

127,581

Total

Foreign

Exchange

Contracts

127,581

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

on

Swap

agreements

(680,745)

Total

Credit

Contracts

(680,745)

Total

$5,522,243

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

June

28,

2024,

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

318,769

Total

Foreign

Exchange

Contracts

318,769

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(284,192)

Total

Equity

Contracts

(284,192)

Interest

Rate

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(430,598)

Total

Interest

Rate

Contracts

(430,598)

Credit

Contracts

Credit

Default

Swaps

Change

in

net

unrealized

appreciation/(depreciation)

on

Swap

agreements

333,527

Total

Credit

Contracts

333,527

Total

($62,494)

The

following

table

presents

Diversified

Income

Plus

Fund's

average

volume

of

derivative

activity

during

the

period

ended

June

28,

2024.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$70,776,947

Futures

-

Short

(38,531,903)

Interest

Rate

Contracts

Futures

-

Long

11,659,710

Foreign

Exchange

Contracts

Futures

-

Short

(11,999,858)

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

(696,491)

Diversified

Income

Plus

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

36

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

6/28/2024

Shares

Held

at

6/28/2024

%

of

Net

Assets

6/28/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$79,693

$2,282

$5,200

$76,807

9,613

7.8%

Core

International

Equity

11,854

–

–

12,463

1,171

1.3

Total

U.S.

Affiliated

Registered

Investment

Companies

91,547

89,270

9.1

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.580%

42,446

194,549

198,347

38,648

3,865

4.0

Total

Affiliated

Short-Term

Investments

42,446

38,648

4.0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

25,760

139,472

149,073

16,159

16,159

1.6

Total

Collateral

Held

for

Securities

Loaned

25,760

16,159

1.6

Total

Value

$159,753

$144,077

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

6/28/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($1,224)

$1,256

$–

$2,281

Core

International

Equity

–

609

–

–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.580%

0

(0)

–

930

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$3,211

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

72

Total

Affiliated

Income

from

Securities

Loaned,

Net

$72

Total

($1,224)

$1,865

$–

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

37

Principal

Amount

Long-Term

Fixed

Income

(

72.3%

)

Value

Basic

Materials

(1.8%)

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

$

11,000

8.625%, 

6/15/2029

a

$

11,289

ATI,

Inc.

33,000

7.250%, 

8/15/2030

34,064

ATI,

Inc.,

Convertible

12,000

3.500%, 

6/15/2025

42,942

Cascades,

Inc./Cascades

USA,

Inc.

40,000

5.125%, 

1/15/2026

a,b

39,388

Chemours

Company

60,000

5.750%, 

11/15/2028

a

55,395

Cleveland-Cliffs,

Inc.

27,000

5.875%, 

6/1/2027

26,811

40,000

4.625%, 

3/1/2029

a

37,852

Consolidated

Energy

Finance

SA

83,000

5.625%, 

10/15/2028

a

70,568

First

Quantum

Minerals,

Ltd.

17,000

6.875%, 

10/15/2027

a

16,608

Hecla

Mining

Company

25,000

7.250%, 

2/15/2028

25,013

Hudbay

Minerals,

Inc.

45,000

4.500%, 

4/1/2026

a

44,020

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

17,000

9.000%, 

7/1/2028

a

17,135

INEOS

Finance

plc

42,000

7.500%, 

4/15/2029

a

42,433

Mercer

International,

Inc.

18,000

5.125%, 

2/1/2029

b

15,842

Methanex

Corporation

23,000

4.250%, 

12/1/2024

22,799

21,000

5.125%, 

10/15/2027

20,256

14,000

5.250%, 

12/15/2029

13,508

Mineral

Resources,

Ltd.

10,000

9.250%, 

10/1/2028

a

10,495

Novelis

Corporation

35,000

3.250%, 

11/15/2026

a

32,935

20,000

4.750%, 

1/30/2030

a

18,554

15,000

3.875%, 

8/15/2031

a

12,987

Olin

Corporation

22,000

5.125%, 

9/15/2027

21,340

Peabody

Energy

Corporation,

Convertible

12,000

3.250%, 

3/1/2028

b

15,738

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

31,000

5.375%, 

11/1/2026

a

29,975

SNF

Group

SACA

50,000

3.375%, 

3/15/2030

a

43,121

SunCoke

Energy,

Inc.

56,000

4.875%, 

6/30/2029

a

50,734

Taseko

Mines,

Ltd.

29,000

8.250%, 

5/1/2030

a

29,668

Tronox,

Inc.

15,000

4.625%, 

3/15/2029

a

13,540

United

States

Steel

Corporation

43,000

6.875%, 

3/1/2029

43,208

Total

858,218

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Capital

Goods

(3.2%)

AAR

Escrow

Issuer,

LLC

$

19,000

6.750%, 

3/15/2029

a

$

19,368

Advanced

Drainage

Systems,

Inc.

35,000

6.375%, 

6/15/2030

a

35,126

Amsted

Industries,

Inc.

25,000

5.625%, 

7/1/2027

a

24,586

15,000

4.625%, 

5/15/2030

a

13,763

Array

Technologies,

Inc.,

Convertible

16,000

1.000%, 

12/1/2028

12,907

Bombardier,

Inc.

7,000

7.875%, 

4/15/2027

a

7,018

53,000

6.000%, 

2/15/2028

a

52,390

40,000

7.000%, 

6/1/2032

a

40,556

Brand

Industrial

Services,

Inc.

21,000

10.375%, 

8/1/2030

a

22,695

Builders

FirstSource,

Inc.

25,000

5.000%, 

3/1/2030

a

23,649

Camelot

Return

Merger

Sub,

Inc.

14,000

8.750%, 

8/1/2028

a

13,725

Canpack

SA/Canpack

US,

LLC

62,000

3.875%, 

11/15/2029

a

55,580

Chart

Industries,

Inc.

53,000

7.500%, 

1/1/2030

a

54,768

Chart

Industries,

Inc.,

Convertible

11,000

1.000%, 

11/15/2024

27,088

Clean

Harbors,

Inc.

28,000

6.375%, 

2/1/2031

a

28,073

Clydesdale

Acquisition

Holdings,

Inc.

8,000

6.625%, 

4/15/2029

a

7,863

Crown

Cork

&

Seal

Company,

Inc.

50,000

7.375%, 

12/15/2026

51,661

EquipmentShare.com,

Inc.

15,000

8.625%, 

5/15/2032

a

15,554

ESAB

Corporation

11,000

6.250%, 

4/15/2029

a

11,066

Fluor

Corporation,

Convertible

30,000

1.125%, 

8/15/2029

a

34,215

Gates

Corporation

9,000

6.875%, 

7/1/2029

a

9,157

GFL

Environmental,

Inc.

57,000

4.000%, 

8/1/2028

a

52,976

26,000

3.500%, 

9/1/2028

a

23,969

Greenbrier

Companies,

Inc.,

Convertible

20,000

2.875%, 

4/15/2028

21,440

H&E

Equipment

Services,

Inc.

84,000

3.875%, 

12/15/2028

a

75,791

Herc

Holdings,

Inc.

23,000

6.625%, 

6/15/2029

a

23,322

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

9,000

6.750%, 

4/1/2032

a

9,064

MIWD

Holdco

II,

LLC

24,000

5.500%, 

2/1/2030

a,b

22,149

Mueller

Water

Products,

Inc.

32,000

4.000%, 

6/15/2029

a

29,298

Nesco

Holdings

II,

Inc.

60,000

5.500%, 

4/15/2029

a

55,574

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

38

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Capital

Goods

(3.2%)

-

continued

New

Enterprise

Stone

and

Lime

Company,

Inc.

$

54,000

5.250%, 

7/15/2028

a

$

50,983

OI

European

Group

BV

48,000

4.750%, 

2/15/2030

a

43,884

Owens-Brockway

Glass

Container,

Inc.

27,000

6.625%, 

5/13/2027

a

26,945

11,000

7.375%, 

6/1/2032

a

11,013

Pactiv

Evergreen

Group

40,000

4.375%, 

10/15/2028

a

37,325

Patrick

Industries,

Inc.,

Convertible

10,000

1.750%, 

12/1/2028

12,100

Reworld

Holding

Corporation

40,000

4.875%, 

12/1/2029

a

36,509

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

44,000

6.125%, 

2/1/2028

a

43,894

Smyrna

Ready

Mix

Concrete,

LLC

44,000

8.875%, 

11/15/2031

a

46,681

Spirit

AeroSystems,

Inc.

46,000

9.750%, 

11/15/2030

a

50,743

SRM

Escrow

Issuer,

LLC

27,000

6.000%, 

11/1/2028

a

26,378

Summit

Materials,

LLC/Summit

Materials

Finance

Corporation

12,000

7.250%, 

1/15/2031

a

12,428

TransDigm,

Inc.

52,000

5.500%, 

11/15/2027

51,061

53,000

7.125%, 

12/1/2031

a

54,610

41,000

6.625%, 

3/1/2032

a

41,412

Trivium

Packaging

Finance

15,000

5.500%, 

8/15/2026

a

14,697

United

Rentals

North

America,

Inc.

70,000

4.875%, 

1/15/2028

67,844

30,000

4.000%, 

7/15/2030

27,130

WESCO

Distribution,

Inc.

29,000

7.250%, 

6/15/2028

a

29,520

14,000

6.375%, 

3/15/2029

a

14,051

10,000

6.625%, 

3/15/2032

a

10,105

Total

1,583,704

Collateralized

Mortgage

Obligations

(0.1%)

GMACM

Mortgage

Loan

Trust

12,653

3.651%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

c

10,903

Residential

Accredit

Loans,

Inc.

Trust

36,933

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

28,573

Total

39,476

Communications

Services

(3.8%)

AMC

Networks,

Inc.

8,000

10.250%, 

1/15/2029

a

7,882

AMC

Networks,

Inc.,

Convertible

3,000

4.250%, 

2/15/2029

a

2,882

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

89,000

6.375%, 

9/1/2029

a

84,597

30,000

4.750%, 

3/1/2030

a

25,984

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Communications

Services

(3.8%)

-

continued

$

23,000

4.250%, 

2/1/2031

a

$

18,778

128,000

4.750%, 

2/1/2032

a

104,828

55,000

4.250%, 

1/15/2034

a

41,748

CenterPoint

Energy,

Inc.,

Convertible

622

3.369%, 

9/15/2029

21,123

Cimpress

plc

33,000

7.000%, 

6/15/2026

32,974

Clear

Channel

Outdoor

Holdings,

Inc.

7,000

7.875%, 

4/1/2030

a

7,046

Clear

Channel

Worldwide

Holdings,

Inc.

60,000

5.125%, 

8/15/2027

a

57,299

Connect

Finco

SARL/Connect

US

Finco,

LLC

27,000

6.750%, 

10/1/2026

a

26,059

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

96,000

5.875%, 

8/15/2027

a

90,296

Frontier

Communications

Holdings,

LLC

57,000

5.875%, 

10/15/2027

a

55,650

20,000

8.750%, 

5/15/2030

a

20,609

14,000

8.625%, 

3/15/2031

a

14,422

GCI,

LLC

45,000

4.750%, 

10/15/2028

a

41,075

Gray

Television,

Inc.

24,000

7.000%, 

5/15/2027

a,b

22,097

40,000

10.500%, 

7/15/2029

a

40,215

Iliad

Holding

SASU

26,000

6.500%, 

10/15/2026

a,b

25,885

37,000

8.500%, 

4/15/2031

a

37,464

Intelsat

Jackson

Holdings

SA

37,000

6.500%, 

3/15/2030

a

34,424

LCPR

Senior

Secured

Financing

DAC

63,000

6.750%, 

10/15/2027

a

59,002

Level

3

Financing,

Inc.

13,927

10.500%, 

4/15/2029

a

13,892

13,927

11.000%, 

11/15/2029

a

14,251

28,000

10.500%, 

5/15/2030

a

27,732

McGraw-Hill

Education,

Inc.

36,000

5.750%, 

8/1/2028

a

34,715

News

Corporation

51,000

3.875%, 

5/15/2029

a

46,945

Nexstar

Media,

Inc.

17,000

5.625%, 

7/15/2027

a

16,150

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

20,000

4.625%, 

3/15/2030

a

18,009

Paramount

Global

50,000

6.250%, 

2/28/2057

c

40,770

87,000

6.375%, 

3/30/2062

c

76,835

Playtika

Holding

Corporation

50,000

4.250%, 

3/15/2029

a

43,873

Rogers

Communications,

Inc.

80,000

5.250%, 

3/15/2082

a,c

76,597

Scripps

Escrow

II,

Inc.

14,000

3.875%, 

1/15/2029

a

9,751

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Communications

Services

(3.8%)

-

continued

Sinclair

Television

Group,

Inc.

$

13,000

4.125%, 

12/1/2030

a,b

$

8,710

Sirius

XM

Radio,

Inc.

44,000

5.000%, 

8/1/2027

a

42,118

25,000

4.000%, 

7/15/2028

a

22,584

30,000

4.125%, 

7/1/2030

a

25,623

TEGNA,

Inc.

15,000

4.750%, 

3/15/2026

a

14,663

50,000

4.625%, 

3/15/2028

45,053

Telecom

Italia

Capital

SA

33,000

6.000%, 

9/30/2034

a

31,231

2,000

6.000%, 

9/30/2034

1,804

Uniti

Group,

LP/Uniti

Group

Finance,

Inc./CSL

Capital,

LLC

44,000

4.750%, 

4/15/2028

a

35,976

Univision

Communications,

Inc.

6,000

8.000%, 

8/15/2028

a

5,851

51,000

4.500%, 

5/1/2029

a

42,864

21,000

7.375%, 

6/30/2030

a

19,533

Urban

One,

Inc.

9,000

7.375%, 

2/1/2028

a

6,917

Viasat,

Inc.

23,000

6.500%, 

7/15/2028

a,b

17,412

Virgin

Media

Finance

plc

19,000

5.000%, 

7/15/2030

a

15,666

Virgin

Media

Secured

Finance

plc

39,000

5.500%, 

5/15/2029

a

35,652

Vodafone

Group

plc

10,000

5.125%, 

6/4/2081

c

7,355

88,000

7.000%, 

4/4/2079

c

90,675

VZ

Secured

Financing

BV

40,000

5.000%, 

1/15/2032

a

34,107

Windstream

Escrow,

LLC/

Windstream

Escrow

Finance

Corporation

16,000

7.750%, 

8/15/2028

a

15,073

Ziggo

Bond

Company

BV

18,000

5.125%, 

2/28/2030

a,b

15,294

Ziggo

BV

15,000

4.875%, 

1/15/2030

a

13,335

Total

1,839,355

Consumer

Cyclical

(6.3%)

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

72,000

4.375%, 

1/15/2028

a

67,908

Adient

Global

Holdings,

Ltd.

25,000

8.250%, 

4/15/2031

a,b

26,090

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

50,000

4.625%, 

6/1/2028

a

45,604

30,000

4.625%, 

6/1/2028

a

27,331

Allison

Transmission,

Inc.

25,000

3.750%, 

1/30/2031

a

21,918

American

Axle

&

Manufacturing,

Inc.

36,000

6.875%, 

7/1/2028

35,930

41,000

5.000%, 

10/1/2029

b

37,600

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Consumer

Cyclical

(6.3%)

-

continued

Anywhere

Real

Estate

Group,

LLC/Anywhere

Co-Issuer

Corporation

$

8,000

7.000%, 

4/15/2030

a

$

6,541

Arko

Corporation

32,000

5.125%, 

11/15/2029

a

27,857

Asbury

Automotive

Group,

Inc.

25,000

5.000%, 

2/15/2032

a

22,650

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

30,000

4.625%, 

8/1/2029

a

27,029

6,000

4.625%, 

4/1/2030

a

5,362

Aston

Martin

Capital

Holdings,

Ltd.

18,000

10.000%, 

3/31/2029

a

17,736

Beazer

Homes

USA,

Inc.

24,000

7.500%, 

3/15/2031

a

23,950

Booking

Holdings,

Inc.,

Convertible

12,000

0.750%, 

5/1/2025

25,237

Boyd

Gaming

Corporation

50,000

4.750%, 

6/15/2031

a

45,315

Boyne

USA,

Inc.

23,000

4.750%, 

5/15/2029

a

21,461

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

32,000

6.250%, 

9/15/2027

a

31,494

Burlington

Stores,

Inc.,

Convertible

17,000

2.250%, 

4/15/2025

19,966

8,000

1.250%, 

12/15/2027

a

10,436

Caesars

Entertainment,

Inc.

12,000

8.125%, 

7/1/2027

a

12,244

99,000

4.625%, 

10/15/2029

a

90,760

18,000

6.500%, 

2/15/2032

a

18,088

Carnival

Corporation

55,000

7.625%, 

3/1/2026

a

55,544

60,000

5.750%, 

3/1/2027

a

59,275

34,000

4.000%, 

8/1/2028

a

31,930

28,000

6.000%, 

5/1/2029

a

27,659

Cedar

Fair,

LP

43,000

5.250%, 

7/15/2029

41,193

Cedar

Fair,

LP/Canada's

Wonderland

Company/Magnum

Management

Corporation/

Millennium

Operations,

LLC

7,000

5.375%, 

4/15/2027

6,937

Churchill

Downs,

Inc.

25,000

4.750%, 

1/15/2028

a

23,879

21,000

6.750%, 

5/1/2031

a

21,114

Cinemark

USA,

Inc.

43,000

5.875%, 

3/15/2026

a

42,532

Clarios

Global,

LP/Clarios

US

Finance

Company,

Inc.

22,000

8.500%, 

5/15/2027

a

22,124

Crocs,

Inc.

14,000

4.250%, 

3/15/2029

a

12,761

Cushman

&

Wakefield

US

Borrower,

LLC

7,000

6.750%, 

5/15/2028

a

6,948

Dana,

Inc.

14,000

5.625%, 

6/15/2028

13,583

22,000

4.500%, 

2/15/2032

18,894

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

40

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Consumer

Cyclical

(6.3%)

-

continued

eG

Global

Finance

plc

$

7,000

12.000%, 

11/30/2028

a

$

7,453

Expedia

Group,

Inc.,

Convertible

19,000

Zero

Coupon, 

2/15/2026

17,442

Ford

Motor

Company,

Convertible

36,000

Zero

Coupon, 

3/15/2026

36,342

Forestar

Group,

Inc.

14,000

3.850%, 

5/15/2026

a

13,395

Gap,

Inc.

10,000

3.625%, 

10/1/2029

a

8,657

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

20,000

7.750%, 

5/31/2032

a

20,268

General

Motors

Financial

Company,

Inc.

50,000

5.700%, 

9/30/2030

b,c,d

46,936

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

14,000

3.500%, 

3/1/2029

a

12,643

Goodyear

Tire

&

Rubber

Company

14,000

4.875%, 

3/15/2027

13,533

40,000

5.000%, 

7/15/2029

37,232

Hanesbrands,

Inc.

16,000

4.875%, 

5/15/2026

a

15,653

16,000

9.000%, 

2/15/2031

a

16,764

Hilton

Domestic

Operating

Company,

Inc.

64,000

4.875%, 

1/15/2030

61,426

7,000

4.000%, 

5/1/2031

a

6,266

40,000

3.625%, 

2/15/2032

a

34,615

Hilton

Grand

Vacations

Borrower

Escrow,

LLC/Hilton

Grand

Vacations

Borrower

Escrow,

Inc.

50,000

5.000%, 

6/1/2029

a

46,622

International

Game

Technology

plc

46,000

5.250%, 

1/15/2029

a

44,510

Jacobs

Entertainment,

Inc.

32,000

6.750%, 

2/15/2029

a

29,678

Jaguar

Land

Rover

Automotive

plc

17,000

5.500%, 

7/15/2029

a

16,294

KB

Home

45,000

4.800%, 

11/15/2029

42,428

L

Brands,

Inc.

80,000

6.625%, 

10/1/2030

a

80,250

10,000

6.875%, 

11/1/2035

10,085

Light

&

Wonder

International,

Inc.

46,000

7.250%, 

11/15/2029

a

46,980

Live

Nation

Entertainment,

Inc.

16,000

4.750%, 

10/15/2027

a

15,333

Live

Nation

Entertainment,

Inc.,

Convertible

16,000

2.000%, 

2/15/2025

b

16,364

29,000

3.125%, 

1/15/2029

b

32,021

Macy's

Retail

Holdings,

LLC

40,000

5.875%, 

4/1/2029

a,b

38,820

14,000

6.125%, 

3/15/2032

a

13,369

Marriott

Vacations

Worldwide

Corporation,

Convertible

21,000

Zero

Coupon, 

1/15/2026

19,339

26,000

3.250%, 

12/15/2027

23,660

Mattamy

Group

Corporation

47,000

5.250%, 

12/15/2027

a

45,665

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Consumer

Cyclical

(6.3%)

-

continued

Melco

Resorts

Finance,

Ltd.

$

39,000

5.375%, 

12/4/2029

a

$

34,847

35,000

7.625%, 

4/17/2032

a

34,708

Meritage

Homes

Corporation,

Convertible

11,000

1.750%, 

5/15/2028

a

10,923

Michaels

Companies,

Inc.

21,000

5.250%, 

5/1/2028

a

16,800

NCL

Corporation,

Ltd.

17,000

5.875%, 

3/15/2026

a

16,807

35,000

5.875%, 

2/15/2027

a

34,543

PENN

Entertainment,

Inc.

35,000

4.125%, 

7/1/2029

a,b

30,018

PetSmart,

Inc./PetSmart

Finance

Corporation

65,000

4.750%, 

2/15/2028

a

60,377

33,000

7.750%, 

2/15/2029

a

32,138

Prime

Security

Services

Borrower,

LLC/Prime

Finance,

Inc.

45,000

5.750%, 

4/15/2026

a

44,658

44,000

6.250%, 

1/15/2028

a

43,359

QVC,

Inc.

9,000

4.375%, 

9/1/2028

b

6,582

Raising

Cane's

Restaurants,

LLC

19,000

9.375%, 

5/1/2029

a

20,521

Rakuten

Group,

Inc.

21,000

11.250%, 

2/15/2027

a

22,428

25,000

9.750%, 

4/15/2029

a

25,769

Royal

Caribbean

Cruises,

Ltd.

61,000

4.250%, 

7/1/2026

a

59,036

37,000

9.250%, 

1/15/2029

a

39,500

13,000

7.250%, 

1/15/2030

a

13,460

Scientific

Games

Holdings,

LP/

Scientific

Games

US

FinCo,

Inc.

5,000

6.625%, 

3/1/2030

a

4,874

SeaWorld

Parks

and

Entertainment,

Inc.

34,000

5.250%, 

8/15/2029

a

32,126

Service

Corporation

International/

US

14,000

3.375%, 

8/15/2030

12,184

Six

Flags

Entertainment

Corporation

7,000

7.250%, 

5/15/2031

a

7,127

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc.

7,000

6.625%, 

5/1/2032

a

7,114

Six

Flags

Theme

Parks,

Inc.

18,000

7.000%, 

7/1/2025

a

18,057

Sonic

Automotive,

Inc.

18,000

4.875%, 

11/15/2031

a

15,849

Staples,

Inc.

29,000

10.750%, 

9/1/2029

a

27,559

Station

Casinos,

LLC

39,000

4.625%, 

12/1/2031

a

34,761

Tenneco,

Inc.

47,000

8.000%, 

11/17/2028

a

42,786

Tripadvisor,

Inc.

12,000

7.000%, 

7/15/2025

a

12,034

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

41

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Consumer

Cyclical

(6.3%)

-

continued

Uber

Technologies,

Inc.,

Convertible

$

19,000

Zero

Coupon, 

12/15/2025

$

20,368

27,000

0.875%, 

12/1/2028

a

32,103

Vail

Resorts,

Inc.,

Convertible

31,000

Zero

Coupon, 

1/1/2026

28,210

Victoria's

Secret

&

Company

33,000

4.625%, 

7/15/2029

a

27,437

Viking

Cruises,

Ltd.

72,000

5.875%, 

9/15/2027

a

71,255

Wabash

National

Corporation

51,000

4.500%, 

10/15/2028

a

45,891

Walgreens

Boots

Alliance,

Inc.

24,000

3.200%, 

4/15/2030

b

20,091

10,000

4.800%, 

11/18/2044

b

7,852

WASH

Multifamily

Acquisition,

Inc.

15,000

5.750%, 

4/15/2026

a

14,664

Wyndham

Hotels

&

Resorts,

Inc.

36,000

4.375%, 

8/15/2028

a

33,561

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

15,000

7.125%, 

2/15/2031

a

15,554

Yum!

Brands,

Inc.

52,000

4.750%, 

1/15/2030

a

49,528

ZF

North

America

Capital,

Inc.

29,000

7.125%, 

4/14/2030

a

30,026

Total

3,080,408

Consumer

Non-Cyclical

(3.7%)

1375209

B.C.,

Ltd.

14,000

9.000%, 

1/30/2028

a,b

13,462

AdaptHealth,

LLC

61,000

4.625%, 

8/1/2029

a

52,857

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

45,000

4.625%, 

1/15/2027

a

43,466

45,000

3.500%, 

3/15/2029

a

40,479

B&G

Foods,

Inc.

28,000

8.000%, 

9/15/2028

a,e

28,454

Bausch

+

Lomb

Corporation

10,000

8.375%, 

10/1/2028

a

10,237

Bausch

Health

Companies,

Inc.

23,000

5.500%, 

11/1/2025

a

21,425

52,000

4.875%, 

6/1/2028

a,b

38,915

BellRing

Brands,

Inc.

32,000

7.000%, 

3/15/2030

a

32,793

BioMarin

Pharmaceutical,

Inc.,

Convertible

21,000

1.250%, 

5/15/2027

b

20,049

Catalent

Pharma

Solutions,

Inc.

17,000

3.125%, 

2/15/2029

a

16,270

Central

Garden

&

Pet

Company

65,000

4.125%, 

10/15/2030

b

57,930

Charles

River

Laboratories

International,

Inc.

17,000

4.000%, 

3/15/2031

a

15,162

Chefs'

Warehouse,

Inc.,

Convertible

11,000

2.375%, 

12/15/2028

12,203

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Consumer

Non-Cyclical

(3.7%)

-

continued

Cheplapharm

Arzneimittel

GmbH

$

10,000

5.500%, 

1/15/2028

a

$

9,251

Chobani,

LLC/Chobani

Finance

Corporation,

Inc.

27,000

4.625%, 

11/15/2028

a

25,499

CHS/Community

Health

Systems,

Inc.

18,000

5.625%, 

3/15/2027

a

16,762

19,000

8.000%, 

12/15/2027

a

18,840

50,000

6.000%, 

1/15/2029

a

44,125

25,000

5.250%, 

5/15/2030

a

20,612

21,000

4.750%, 

2/15/2031

a

16,511

20,000

10.875%, 

1/15/2032

a

20,816

Concentra

Escrow

Issuer

Corporation

4,000

6.875%, 

7/15/2032

a,e

4,053

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

64,000

4.750%, 

1/15/2029

a

60,827

10,000

6.625%, 

7/15/2030

a

10,148

Edgewell

Personal

Care

Company

45,000

5.500%, 

6/1/2028

a

43,906

Embecta

Corporation

20,000

6.750%, 

2/15/2030

a

17,384

Encompass

Health

Corporation

68,000

4.500%, 

2/1/2028

64,685

Endo

Finance

Holdings,

Inc.

14,000

8.500%, 

4/15/2031

a

14,448

Energizer

Holdings,

Inc.

15,000

4.750%, 

6/15/2028

a

14,042

40,000

4.375%, 

3/31/2029

a

36,186

Fortrea

Holdings,

Inc.

14,000

7.500%, 

7/1/2030

a,b

13,910

Grifols

SA

17,000

4.750%, 

10/15/2028

a,b

14,671

Herbalife

Nutrition,

Ltd./HLF

Financing,

Inc.

14,000

7.875%, 

9/1/2025

a,b

13,750

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

26,000

4.875%, 

6/1/2029

a,b

18,013

Integer

Holdings

Corporation,

Convertible

23,000

2.125%, 

2/15/2028

32,833

Jazz

Investments

I,

Ltd.,

Convertible

34,000

2.000%, 

6/15/2026

32,657

Jazz

Securities

DAC

31,000

4.375%, 

1/15/2029

a

28,779

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

15,000

9.000%, 

2/15/2029

a

15,373

Legacy

LifePoint

Health,

LLC

20,000

4.375%, 

2/15/2027

a

19,105

LifePoint

Health,

Inc.

28,000

9.875%, 

8/15/2030

a

29,860

20,000

11.000%, 

10/15/2030

a

22,035

Medline

Borrower,

LP/Medline

Co-

Issuer,

Inc.

32,000

6.250%, 

4/1/2029

a

32,362

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

42

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Consumer

Non-Cyclical

(3.7%)

-

continued

ModivCare,

Inc.

$

13,000

5.875%, 

11/15/2025

a,b

$

13,191

Mozart

Debt

Merger

Sub,

Inc.

41,000

3.875%, 

4/1/2029

a

37,757

41,000

5.250%, 

10/1/2029

a

39,127

MPH

Acquisition

Holdings,

LLC

14,000

5.500%, 

9/1/2028

a

10,569

Newell

Brands,

Inc.

14,000

6.375%, 

9/15/2027

b

13,806

14,000

6.625%, 

9/15/2029

13,727

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

20,000

4.125%, 

4/30/2028

a

18,574

55,000

5.125%, 

4/30/2031

a

49,404

Owens

&

Minor,

Inc.

45,000

6.625%, 

4/1/2030

a

40,910

Performance

Food

Group,

Inc.

21,000

4.250%, 

8/1/2029

a

19,119

Perrigo

Finance

Unlimited

Company

27,000

4.900%, 

6/15/2030

24,822

Post

Holdings,

Inc.

21,000

4.625%, 

4/15/2030

a

19,297

37,000

4.500%, 

9/15/2031

a

33,165

Post

Holdings,

Inc.,

Convertible

25,000

2.500%, 

8/15/2027

27,475

Primo

Water

Holdings,

Inc.

40,000

4.375%, 

4/30/2029

a

36,851

Scotts

Miracle-Gro

Company

19,000

4.500%, 

10/15/2029

17,367

Simmons

Foods,

Inc.

57,000

4.625%, 

3/1/2029

a

50,124

Spectrum

Brands,

Inc.,

Convertible

8,000

3.375%, 

6/1/2029

a

7,704

Star

Parent,

Inc.

32,000

9.000%, 

10/1/2030

a

33,597

Tenet

Healthcare

Corporation

83,000

5.125%, 

11/1/2027

81,227

62,000

6.125%, 

10/1/2028

61,690

Teva

Pharmaceutical

Finance

Netherlands

III

BV

36,000

3.150%, 

10/1/2026

33,787

Topgolf

Callaway

Brands

Corporation,

Convertible

11,000

2.750%, 

5/1/2026

12,166

Winnebago

Industries,

Inc.,

Convertible

13,000

3.250%, 

1/15/2030

a

12,090

Total

1,822,691

Energy

(5.9%)

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

33,000

5.375%, 

6/15/2029

a

31,989

Archrock

Partners,

LP/Archrock

Partners

Finance

Corporation

50,000

6.250%, 

4/1/2028

a

49,519

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

29,000

8.250%, 

12/31/2028

a

29,710

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Energy

(5.9%)

-

continued

$

14,000

5.875%, 

6/30/2029

a

$

13,682

Baytex

Energy

Corporation

34,000

8.500%, 

4/30/2030

a

35,557

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

23,000

7.000%, 

7/15/2029

a

23,423

Borr

IHC,

Ltd./Borr

Finance,

LLC

36,102

10.375%, 

11/15/2030

a

37,761

BP

Capital

Markets

plc

93,000

6.450%, 

12/1/2033

c,d

95,533

Buckeye

Partners,

LP

21,000

4.500%, 

3/1/2028

a

19,728

28,000

6.875%, 

7/1/2029

a

28,105

California

Resources

Corporation

17,000

8.250%, 

6/15/2029

a

17,354

Civitas

Resources,

Inc.

19,000

8.375%, 

7/1/2028

a

19,909

11,000

8.625%, 

11/1/2030

a

11,794

41,000

8.750%, 

7/1/2031

a

43,909

CNX

Resources

Corporation

20,000

6.000%, 

1/15/2029

a

19,572

CNX

Resources

Corporation,

Convertible

17,000

2.250%, 

5/1/2026

32,741

Comstock

Resources,

Inc.

28,000

6.750%, 

3/1/2029

a

26,920

20,000

6.750%, 

3/1/2029

a

19,382

14,000

5.875%, 

1/15/2030

a

13,027

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

41,000

5.500%, 

6/15/2031

a

38,865

Crescent

Energy

Finance,

LLC

17,000

9.250%, 

2/15/2028

a

17,961

43,000

7.625%, 

4/1/2032

a

43,825

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

32,000

8.625%, 

3/15/2029

a

32,930

Diamond

Foreign

Asset

Company/

Diamond

Finance,

LLC

13,000

8.500%, 

10/1/2030

a

13,646

DT

Midstream,

Inc.

26,000

4.125%, 

6/15/2029

a

24,020

Enbridge,

Inc.

110,000

7.375%, 

1/15/2083

c

110,107

115,000

7.625%, 

1/15/2083

c

117,557

Enerflex,

Ltd.

32,000

9.000%, 

10/15/2027

a

32,402

Energy

Transfer,

LP

34,000

8.000%, 

5/15/2054

c

35,564

135,000

6.750%, 

5/15/2025

c,d

134,317

Enterprise

Products

Operating,

LLC

37,000

8.574%, 

(TSFR3M

+

3.248%),

8/16/2077

c

36,810

EQM

Midstream

Partners,

LP

93,000

4.750%, 

1/15/2031

a

86,959

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

23,000

8.875%, 

4/15/2030

24,194

34,000

7.875%, 

5/15/2032

34,324

Harvest

Midstream

I,

LP

39,000

7.500%, 

9/1/2028

a

39,624

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

43

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Energy

(5.9%)

-

continued

$

21,000

7.500%, 

5/15/2032

a

$

21,322

Hess

Midstream

Operations,

LP

31,000

4.250%, 

2/15/2030

a

28,455

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

24,000

5.750%, 

2/1/2029

a

23,224

14,000

6.000%, 

4/15/2030

a

13,523

46,000

6.250%, 

4/15/2032

a

44,237

Howard

Midstream

Energy

Partners,

LLC

23,000

7.375%, 

7/15/2032

a

23,358

ITT

Holdings,

LLC

55,000

6.500%, 

8/1/2029

a

49,830

Kodiak

Gas

Services,

LLC

18,000

7.250%, 

2/15/2029

a

18,451

Laredo

Petroleum,

Inc.

59,000

7.750%, 

7/31/2029

a

59,467

MEG

Energy

Corporation

44,000

5.875%, 

2/1/2029

a

42,800

Nabors

Industries,

Inc.

14,000

7.375%, 

5/15/2027

a

14,241

36,000

9.125%, 

1/31/2030

a

37,294

New

Fortress

Energy,

Inc.

12,000

8.750%, 

3/15/2029

a,b

10,954

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

12,000

8.125%, 

2/15/2029

a

12,227

18,000

8.375%, 

2/15/2032

a

18,277

Noble

Finance

II,

LLC

14,000

8.000%, 

4/15/2030

a

14,570

Northern

Oil

and

Gas,

Inc.

34,000

8.750%, 

6/15/2031

a

35,676

Northern

Oil

and

Gas,

Inc.,

Convertible

20,000

3.625%, 

4/15/2029

23,020

NuStar

Logistics,

LP

29,000

6.375%, 

10/1/2030

29,489

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

25,000

6.000%, 

2/15/2028

24,375

Permian

Resources

Operating,

LLC

22,000

7.000%, 

1/15/2032

a

22,600

Permian

Resources

Operating,

LLC,

Convertible

8,000

3.250%, 

4/1/2028

22,030

Plains

All

American

Pipeline,

LP

60,000

9.694%, 

(TSFR3M

+

4.372%),

8/1/2024

c,d

59,737

Prairie

Acquiror,

LP

23,000

9.000%, 

8/1/2029

a

23,705

Precision

Drilling

Corporation

50,000

6.875%, 

1/15/2029

a

49,463

Range

Resources

Corporation

28,000

4.750%, 

2/15/2030

a

26,274

Rockcliff

Energy

II,

LLC

36,000

5.500%, 

10/15/2029

a

33,698

Rockies

Express

Pipeline,

LLC

38,000

4.950%, 

7/15/2029

a

35,773

Saturn

Oil

&

Gas,

Inc.

17,000

9.625%, 

6/15/2029

a

17,159

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Energy

(5.9%)

-

continued

SM

Energy

Company

$

20,000

6.500%, 

7/15/2028

$

19,828

Southwestern

Energy

Company

25,000

4.750%, 

2/1/2032

22,998

Suburban

Propane

Partners,

LP/

Suburban

Energy

Finance

Corporation

14,000

5.875%, 

3/1/2027

13,854

Sunoco,

LP

43,000

7.000%, 

5/1/2029

a

44,070

Sunoco,

LP/Sunoco

Finance

Corporation

10,000

5.875%, 

3/15/2028

9,956

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

58,000

5.500%, 

1/15/2028

a

55,491

21,000

7.375%, 

2/15/2029

a

21,103

Talos

Production,

Inc.

15,000

9.000%, 

2/1/2029

a

15,743

Teine

Energy,

Ltd.

30,000

6.875%, 

4/15/2029

a

29,357

TransCanada

Trust

165,000

5.300%, 

3/15/2077

c

154,728

UGI

Corporation,

Convertible

6,000

5.000%, 

6/1/2028

a

5,967

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

24,000

7.125%, 

3/15/2029

a

24,183

Valaris,

Ltd.

33,000

8.375%, 

4/30/2030

a

34,163

Venture

Global

Calcasieu

Pass,

LLC

50,000

3.875%, 

8/15/2029

a

45,537

25,000

4.125%, 

8/15/2031

a

22,434

Venture

Global

LNG,

Inc.

52,000

8.125%, 

6/1/2028

a

53,571

70,000

8.375%, 

6/1/2031

a

72,606

26,000

9.875%, 

2/1/2032

a

28,299

Viridien

SA

7,000

8.750%, 

4/1/2027

a

6,672

Total

2,908,509

Financials

(14.9%)

Acrisure,

LLC/Acrisure

Finance,

Inc.

10,000

4.250%, 

2/15/2029

a

9,084

14,000

7.500%, 

11/6/2030

a

14,010

AerCap

Holdings

NV

90,000

5.875%, 

10/10/2079

b,c

89,570

Air

Lease

Corporation

98,000

4.650%, 

6/15/2026

c,d

93,023

Aircastle,

Ltd.

60,000

5.250%, 

6/15/2026

a,c,d

57,848

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

14,000

4.250%, 

10/15/2027

a

13,109

30,000

6.750%, 

4/15/2028

a

30,048

14,000

7.000%, 

1/15/2031

a

14,143

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

44

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Financials

(14.9%)

-

continued

Ally

Financial,

Inc.

$

141,000

4.700%, 

5/15/2026

c,d

$

124,079

22,000

6.700%, 

2/14/2033

b

21,872

American

Express

Company

110,000

3.550%, 

9/15/2026

c,d

102,542

AmWINS

Group,

Inc.

12,000

6.375%, 

2/15/2029

a

12,033

36,000

4.875%, 

6/30/2029

a

33,490

Arbor

Realty

Trust,

Inc.,

Convertible

2,000

7.500%, 

8/1/2025

1,997

Bank

of

America

Corporation

244,000

6.250%, 

9/5/2024

c,d

242,988

110,000

6.100%, 

3/17/2025

c,d

109,679

145,000

6.125%, 

4/27/2027

b,c,d

145,780

Bank

of

Nova

Scotia

69,000

4.900%, 

6/4/2025

c,d

67,637

Barclays

plc

59,000

6.125%, 

12/15/2025

c,d

57,820

Blackstone

Mortgage

Trust,

Inc.,

Convertible

4,000

5.500%, 

3/15/2027

3,580

Bread

Financial

Holdings,

Inc.,

Convertible

13,000

4.250%, 

6/15/2028

17,301

Burford

Capital

Global

Finance,

LLC

34,000

9.250%, 

7/1/2031

a

35,785

Capital

One

Financial

Corporation

50,000

3.950%, 

9/1/2026

c,d

46,013

Castlelake

Aviation

Finance

DAC

24,000

5.000%, 

4/15/2027

a

23,160

Charles

Schwab

Corporation

191,000

5.375%, 

6/1/2025

c,d

188,856

101,000

4.000%, 

6/1/2026

c,d

94,764

15,000

5.000%, 

6/1/2027

c,d

14,411

80,000

4.000%, 

12/1/2030

c,d

68,321

Citigroup,

Inc.

30,000

5.000%, 

9/12/2024

c,d

29,806

85,000

4.000%, 

12/10/2025

c,d

81,403

56,000

7.375%, 

5/15/2028

b,c,d

57,470

99,000

7.625%, 

11/15/2028

c,d

103,077

Citizens

Financial

Group,

Inc.

110,000

4.000%, 

10/6/2026

c,d

98,558

Coinbase

Global,

Inc.,

Convertible

18,000

0.500%, 

6/1/2026

18,486

24,000

0.250%, 

4/1/2030

a

23,112

Comerica,

Inc.

22,000

5.625%, 

7/1/2025

c,d

21,502

COPT

Defense

Properties,

LP,

Convertible

6,000

5.250%, 

9/15/2028

a

6,252

Corebridge

Financial,

Inc.

87,000

6.875%, 

12/15/2052

c

87,787

Credit

Acceptance

Corporation

26,000

9.250%, 

12/15/2028

a

27,480

Credit

Agricole

SA

44,000

8.125%, 

12/23/2025

a,c,d

44,647

Credit

Suisse

Group

AG

55,000

7.250%, 

N/A

*,f

6,050

55,000

7.500%, 

N/A

*,f

6,050

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Financials

(14.9%)

-

continued

Dai-ichi

Life

Insurance

Company,

Ltd.

$

135,000

5.100%, 

10/28/2024

a,c,d

$

134,505

Diversified

Healthcare

Trust

17,000

Zero

Coupon, 

1/15/2026

a

14,834

Drawbridge

Special

Opportunities

Fund,

LP

49,000

3.875%, 

2/15/2026

a

46,538

Encore

Capital

Group,

Inc.,

Convertible

14,000

4.000%, 

3/15/2029

12,908

Federal

Realty

OP,

LP,

Convertible

9,000

3.250%, 

1/15/2029

a

8,658

Fifth

Third

Bancorp

105,000

4.500%, 

9/30/2025

c,d

101,509

FirstCash,

Inc.

35,000

5.625%, 

1/1/2030

a

33,149

Fortress

Transportation

and

Infrastructure

Investors,

LLC

15,000

5.500%, 

5/1/2028

a

14,543

26,000

7.000%, 

5/1/2031

a

26,563

20,000

7.000%, 

6/15/2032

a

20,283

Freedom

Mortgage

Corporation

16,000

7.625%, 

5/1/2026

a

15,887

Freedom

Mortgage

Holdings,

LLC

32,000

9.250%, 

2/1/2029

a

31,979

14,000

9.125%, 

5/15/2031

a

13,623

GGAM

Finance,

Ltd.

15,000

8.000%, 

6/15/2028

a

15,799

12,000

6.875%, 

4/15/2029

a

12,210

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

43,000

3.750%, 

12/15/2027

a

37,674

goeasy,

Ltd.

25,000

9.250%, 

12/1/2028

a

26,534

7,000

7.625%, 

7/1/2029

a

7,140

Goldman

Sachs

Group,

Inc.

80,000

5.500%, 

8/10/2024

b,c,d

79,477

80,000

3.650%, 

8/10/2026

c,d

74,392

130,000

4.125%, 

11/10/2026

c,d

121,583

Hartford

Financial

Services

Group,

Inc.

120,000

7.709%, 

(TSFR3M

+

2.387%),

2/12/2047

a,c

106,807

HAT

Holdings

I,

LLC/HAT

Holdings

II,

LLC,

Convertible

1,000

Zero

Coupon, 

5/1/2025

a

1,049

8,000

3.750%, 

8/15/2028

a

9,836

HSBC

Holdings

plc

46,000

6.375%, 

3/30/2025

c,d

45,862

50,000

4.600%, 

12/17/2030

c,d

42,853

HUB

International,

Ltd.

41,000

7.250%, 

6/15/2030

a

42,030

Huntington

Bancshares,

Inc./OH

130,000

4.450%, 

10/15/2027

c,d

118,345

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

20,000

6.250%, 

5/15/2026

19,842

57,000

5.250%, 

5/15/2027

53,501

Intesa

Sanpaolo

SPA

18,000

4.198%, 

6/1/2032

a,c

15,229

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

45

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Financials

(14.9%)

-

continued

J.P.

Morgan

Chase

&

Company

$

145,000

5.000%, 

8/1/2024

c,d

$

144,585

100,000

4.600%, 

2/1/2025

c,d

98,606

100,000

3.650%, 

6/1/2026

c,d

94,586

Jane

Street

Group/JSG

Finance,

Inc.

23,000

4.500%, 

11/15/2029

a

21,576

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

16,000

5.000%, 

8/15/2028

a

14,759

Jefferson

Capital

Holdings,

LLC

12,000

6.000%, 

8/15/2026

a

11,817

30,000

9.500%, 

2/15/2029

a

30,925

Ladder

Capital

Finance

Holdings,

LLLP/Ladder

Capital

Finance

Corporation

15,000

4.250%, 

2/1/2027

a

14,207

40,000

4.750%, 

6/15/2029

a

36,950

Liberty

Mutual

Group,

Inc.

8,000

4.125%, 

12/15/2051

a,c

7,492

Lincoln

National

Corporation

100,000

7.948%, 

(TSFR3M

+

2.619%),

8/19/2024

c

81,390

M&T

Bank

Corporation

129,000

3.500%, 

9/1/2026

b,c,d

107,650

Macquarie

Airfinance

Holdings,

Ltd.

42,000

6.400%, 

3/26/2029

a

42,710

7,000

6.500%, 

3/26/2031

a

7,198

MetLife,

Inc.

140,000

3.850%, 

9/15/2025

c,d

135,500

85,000

5.875%, 

3/15/2028

b,c,d

84,473

116,000

6.400%, 

12/15/2036

117,410

Molina

Healthcare,

Inc.

41,000

4.375%, 

6/15/2028

a

38,591

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

13,000

5.250%, 

8/1/2026

b

11,814

35,000

4.625%, 

8/1/2029

25,403

Nationstar

Mortgage

Holdings,

Inc.

22,000

5.125%, 

12/15/2030

a

20,174

Navient

Corporation

8,000

5.000%, 

3/15/2027

7,636

Necessity

Retail

REIT,

Inc./

American

Finance

Operating

Partner,

LP

9,000

4.500%, 

9/30/2028

a

7,918

Nippon

Life

Insurance

Company

200,000

5.950%, 

4/16/2054

a,c

197,197

260,000

5.100%, 

10/16/2044

a,c

258,982

OneMain

Finance

Corporation

54,000

3.500%, 

1/15/2027

50,595

57,000

3.875%, 

9/15/2028

51,107

Panther

Escrow

Issuer,

LLC

41,000

7.125%, 

6/1/2031

a

41,469

Park

Intermediate

Holdings,

LLC

21,000

4.875%, 

5/15/2029

a

19,692

Pebblebrook

Hotel

Trust,

Convertible

33,000

1.750%, 

12/15/2026

29,122

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Financials

(14.9%)

-

continued

PNC

Financial

Services

Group,

Inc.

$

110,000

3.400%, 

9/15/2026

c,d

$

98,689

66,000

6.200%, 

9/15/2027

c,d

65,743

112,000

6.250%, 

3/15/2030

c,d

109,141

PRA

Group,

Inc.

7,000

7.375%, 

9/1/2025

a

7,008

22,000

8.375%, 

2/1/2028

a

21,928

Provident

Financing

Trust

I

30,000

7.405%, 

3/15/2038

31,814

Prudential

Financial,

Inc.

84,000

6.750%, 

3/1/2053

c

86,023

46,000

6.500%, 

3/15/2054

c

46,436

25,000

3.700%, 

10/1/2050

c

21,746

QBE

Insurance

Group,

Ltd.

44,000

5.875%, 

5/12/2025

a,c,d

43,548

Redwood

Trust,

Inc.,

Convertible

2,000

7.750%, 

6/15/2027

1,934

Regions

Financial

Corporation

79,000

5.750%, 

6/15/2025

c,d

77,614

Rexford

Industrial

Realty,

LP,

Convertible

6,000

4.375%, 

3/15/2027

a

5,883

7,000

4.125%, 

3/15/2029

a

6,804

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

7,000

4.750%, 

10/15/2027

6,739

29,000

7.250%, 

7/15/2028

a

29,988

RLJ

Lodging

Trust,

LP

13,000

4.000%, 

9/15/2029

a

11,482

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

45,000

3.625%, 

3/1/2029

a

40,821

23,000

3.875%, 

3/1/2031

a

20,044

20,000

4.000%, 

10/15/2033

a

16,854

Service

Properties

Trust

29,000

8.375%, 

6/15/2029

28,507

24,000

8.625%, 

11/15/2031

a

25,016

SLM

Corporation

10,000

4.200%, 

10/29/2025

9,727

Standard

Chartered

plc

45,000

6.000%, 

7/26/2025

a,c,d

44,386

Starwood

Property

Trust,

Inc.,

Convertible

14,000

6.750%, 

7/15/2027

14,280

State

Street

Corporation

47,000

6.700%, 

3/15/2029

c,d

47,280

Sumitomo

Life

Insurance

Company

175,000

3.375%, 

4/15/2081

a,c

150,563

Summit

Hotel

Properties,

Inc.,

Convertible

12,000

1.500%, 

2/15/2026

10,800

Synchrony

Financial

15,000

7.250%, 

2/2/2033

14,915

Toronto-Dominion

Bank

60,000

8.125%, 

10/31/2082

c

62,182

Truist

Financial

Corporation

175,000

5.100%, 

3/1/2030

c,d

163,423

UBS

Group

AG

100,000

4.875%, 

2/12/2027

a,c,d

91,582

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

46

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Financials

(14.9%)

-

continued

United

Wholesale

Mortgage,

LLC

$

40,000

5.500%, 

4/15/2029

a

$

38,002

USB

Realty

Corporation

85,000

6.737%, 

(TSFR3M

+

1.409%),

1/15/2027

a,c,d

65,239

Ventas

Realty,

LP,

Convertible

16,000

3.750%, 

6/1/2026

16,792

Vornado

Realty,

LP

11,000

3.400%, 

6/1/2031

8,630

Wells

Fargo

&

Company

180,000

3.900%, 

3/15/2026

c,d

172,247

102,000

7.625%, 

9/15/2028

b,c,d

108,620

Welltower

OP,

LLC,

Convertible

20,000

2.750%, 

5/15/2028

a

23,710

XHR,

LP

23,000

4.875%, 

6/1/2029

a

21,556

Total

7,328,995

Mortgage-Backed

Securities

(10.1%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

14,746

5.000%, 

7/1/2053

14,337

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3,047,125

5.000%, 

3/1/2053

2,946,729

887,227

4.500%, 

8/1/2052

839,808

22,369

5.000%, 

9/1/2052

21,666

891,995

4.500%, 

9/1/2053

842,680

327,791

4.500%, 

9/1/2053

311,367

Total

4,976,587

Technology

(2.7%)

Akamai

Technologies,

Inc.,

Convertible

21,000

0.125%, 

5/1/2025

22,007

17,000

1.125%, 

2/15/2029

a

16,073

Block,

Inc.

49,000

6.500%, 

5/15/2032

a

49,656

Block,

Inc.,

Convertible

7,000

0.125%, 

3/1/2025

6,745

29,000

0.250%, 

11/1/2027

23,983

Boost

Newco

Borrower,

LLC

35,000

7.500%, 

1/15/2031

a

36,493

Clarivate

Science

Holdings

Corporation

15,000

3.875%, 

7/1/2028

a

13,932

Cloud

Software

Group,

Inc.

78,000

6.500%, 

3/31/2029

a

74,905

Consensus

Cloud

Solutions,

Inc.

7,000

6.000%, 

10/15/2026

a

6,828

CoreLogic,

Inc.

9,000

4.500%, 

5/1/2028

a

8,167

CSG

Systems

International,

Inc.,

Convertible

2,000

3.875%, 

9/15/2028

a

1,853

Dayforce,

Inc.,

Convertible

2,000

0.250%, 

3/15/2026

1,822

Dye

&

Durham,

Ltd.

22,000

8.625%, 

4/15/2029

a

22,317

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Technology

(2.7%)

-

continued

Euronet

Worldwide,

Inc.,

Convertible

$

14,000

0.750%, 

3/15/2049

b

$

13,566

Gen

Digital,

Inc.

2,000

6.750%, 

9/30/2027

a

2,025

17,000

7.125%, 

9/30/2030

a,b

17,421

Global

Payments,

Inc.,

Convertible

31,000

1.500%, 

3/1/2031

a

28,380

II-VI,

Inc.

16,000

5.000%, 

12/15/2029

a

15,142

InterDigital,

Inc.,

Convertible

22,000

3.500%, 

6/1/2027

34,013

ION

Trading

Technologies

SARL

28,000

9.500%, 

5/30/2029

a

28,519

Iron

Mountain,

Inc.

20,000

4.875%, 

9/15/2027

a

19,394

50,000

5.000%, 

7/15/2028

a

47,899

45,000

4.875%, 

9/15/2029

a

42,405

13,000

5.250%, 

7/15/2030

a

12,356

50,000

4.500%, 

2/15/2031

a

45,134

Microchip

Technology,

Inc.,

Convertible

7,000

0.750%, 

6/1/2030

a

7,059

40,000

0.125%, 

11/15/2024

42,205

MKS

Instruments,

Inc.,

Convertible

43,000

1.250%, 

6/1/2030

a

45,782

NCR

Atleos

Corporation

12,000

9.500%, 

4/1/2029

a

12,969

Neptune

Bidco

US,

Inc.

29,000

9.290%, 

4/15/2029

a

27,833

Newfold

Digital

Holdings

Group,

Inc.

9,000

11.750%, 

10/15/2028

a

9,316

ON

Semiconductor

Corporation,

Convertible

22,000

Zero

Coupon, 

5/1/2027

30,723

10,000

0.500%, 

3/1/2029

9,580

Open

Text

Corporation

75,000

4.125%, 

2/15/2030

a

67,635

Pitney

Bowes,

Inc.

7,000

6.875%, 

3/15/2027

a,b

6,612

Progress

Software

Corporation,

Convertible

10,000

1.000%, 

4/15/2026

10,476

3,000

3.500%, 

3/1/2030

a

3,057

PTC,

Inc.

10,000

3.625%, 

2/15/2025

a

9,877

40,000

4.000%, 

2/15/2028

a

37,649

RingCentral,

Inc.

32,000

8.500%, 

8/15/2030

a

33,399

Rocket

Software,

Inc.

17,000

9.000%, 

11/28/2028

a

17,276

Seagate

HDD

Cayman

20,000

8.500%, 

7/15/2031

21,540

36,050

9.625%, 

12/1/2032

41,120

Semtech

Corporation,

Convertible

3,000

1.625%, 

11/1/2027

3,154

4,000

4.000%, 

11/1/2028

a

6,632

Sensata

Technologies,

Inc.

8,000

3.750%, 

2/15/2031

a

6,973

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Technology

(2.7%)

-

continued

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

$

10,000

4.625%, 

11/1/2026

a

$

9,683

SS&C

Technologies,

Inc.

41,000

5.500%, 

9/30/2027

a

40,373

UKG,

Inc.

30,000

6.875%, 

2/1/2031

a

30,376

Verint

Systems,

Inc.,

Convertible

20,000

0.250%, 

4/15/2026

18,440

Viavi

Solutions,

Inc.

38,000

3.750%, 

10/1/2029

a

32,093

Viavi

Solutions,

Inc.,

Convertible

5,000

1.625%, 

3/15/2026

4,744

Vishay

Intertechnology,

Inc.,

Convertible

36,000

2.250%, 

9/15/2030

a

34,002

Western

Digital

Corporation,

Convertible

33,000

3.000%, 

11/15/2028

a

52,536

Xerox

Holdings

Corporation

4,000

5.000%, 

8/15/2025

a

3,924

41,000

5.500%, 

8/15/2028

a

35,315

Xerox

Holdings

Corporation,

Convertible

16,000

3.750%, 

3/15/2030

a

13,110

Ziff

Davis,

Inc.,

Convertible

20,000

1.750%, 

11/1/2026

18,575

Total

1,335,073

Transportation

(0.8%)

Air

Canada

28,000

3.875%, 

8/15/2026

a

26,633

Air

Transport

Services

Group,

Inc.,

Convertible

19,000

3.875%, 

8/15/2029

a

16,073

American

Airlines

Group,

Inc.

13,000

3.750%, 

3/1/2025

a

12,793

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

80,667

5.500%, 

4/20/2026

a

79,950

13,979

5.750%, 

4/20/2029

a

13,600

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

20,000

5.375%, 

3/1/2029

a

18,305

Hawaiian

Brand

Intellectual

Property,

Ltd.

16,000

5.750%, 

1/20/2026

a

15,223

Rand

Parent,

LLC

40,000

8.500%, 

2/15/2030

a,b

40,497

RXO,

Inc.

48,000

7.500%, 

11/15/2027

a

49,200

Southwest

Airlines

Company,

Convertible

27,000

1.250%, 

5/1/2025

27,027

Stena

International

SA

25,000

7.250%, 

1/15/2031

a

25,555

United

Airlines,

Inc.

47,000

4.375%, 

4/15/2026

a

45,402

14,000

4.625%, 

4/15/2029

a

13,038

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

10,000

7.875%, 

5/1/2027

a

8,827

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Transportation

(0.8%)

-

continued

$

30,000

6.375%, 

2/1/2030

a,b

$

23,573

Total

415,696

U.S.

Government

&

Agencies

(15.9%)

U.S.

Treasury

Bonds

1,100,000

3.875%, 

2/15/2043

994,297

U.S.

Treasury

Notes

1,000,000

4.750%, 

7/31/2025

996,445

3,350,000

1.250%, 

12/31/2026

3,088,150

2,555,000

1.375%, 

11/15/2031

2,078,333

650,000

4.125%, 

11/15/2032

639,057

Total

7,796,282

Utilities

(3.1%)

Algonquin

Power

&

Utilities

Corporation

65,000

4.750%, 

1/18/2082

c

59,463

Alliant

Energy

Corporation,

Convertible

12,000

3.875%, 

3/15/2026

11,814

American

Water

Capital

Corporation,

Convertible

18,000

3.625%, 

6/15/2026

a

17,658

Calpine

Corporation

38,000

4.500%, 

2/15/2028

a

36,103

CenterPoint

Energy,

Inc.,

Convertible

19,000

4.250%, 

8/15/2026

a

19,097

CMS

Energy

Corporation,

Convertible

14,000

3.375%, 

5/1/2028

13,699

Dominion

Energy,

Inc.

7,000

6.875%, 

2/1/2055

c

7,146

7,000

7.000%, 

6/1/2054

c

7,283

50,000

4.350%, 

1/15/2027

c,d

46,916

Duke

Energy

Corporation

123,000

3.250%, 

1/15/2082

c

110,171

45,000

4.875%, 

9/16/2024

c,d

44,611

Duke

Energy

Corporation,

Convertible

32,000

4.125%, 

4/15/2026

31,906

Edison

International

47,000

7.875%, 

6/15/2054

c

48,428

210,000

5.000%, 

12/15/2026

c,d

199,752

Evergy,

Inc.,

Convertible

23,000

4.500%, 

12/15/2027

a

23,184

FirstEnergy

Corporation,

Convertible

28,000

4.000%, 

5/1/2026

27,692

NextEra

Energy

Capital

Holdings,

Inc.

85,000

3.800%, 

3/15/2082

c

78,354

NextEra

Energy

Capital

Holdings,

Inc.,

Convertible

9,000

3.000%, 

3/1/2027

a

10,278

NextEra

Energy

Operating

Partners,

LP

55,000

3.875%, 

10/15/2026

a

52,301

NextEra

Energy

Partners,

LP,

Convertible

42,000

Zero

Coupon, 

11/15/2025

a,b

37,926

5,000

2.500%, 

6/15/2026

a,b

4,563

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

48

Principal

Amount

Long-Term

Fixed

Income

(72.3%)

Value

Utilities

(3.1%)

-

continued

NRG

Energy,

Inc.

$

86,000

10.250%, 

3/15/2028

a,c,d

$

94,059

15,000

3.375%, 

2/15/2029

a

13,343

20,000

5.250%, 

6/15/2029

a

19,195

NRG

Energy,

Inc.,

Convertible

13,000

2.750%, 

6/1/2048

24,927

PG&E

Corporation

47,000

5.000%, 

7/1/2028

45,221

PG&E

Corporation,

Convertible

46,000

4.250%, 

12/1/2027

a

46,391

Pinnacle

West

Capital

Corporation,

Convertible

6,000

4.750%, 

6/15/2027

a

6,039

PNM

Resources,

Inc.,

Convertible

7,000

5.750%, 

6/1/2054

a

6,836

PPL

Capital

Funding,

Inc.,

Convertible

18,000

2.875%, 

3/15/2028

17,217

Sempra

44,000

4.875%, 

10/15/2025

c,d

43,156

Southern

Company

90,000

3.750%, 

9/15/2051

c

84,510

Southern

Company,

Convertible

37,000

3.875%, 

12/15/2025

37,794

5,000

4.500%, 

6/15/2027

a

5,067

TerraForm

Power

Operating,

LLC

55,000

5.000%, 

1/31/2028

a

52,535

Vistra

Corporation

35,000

7.000%, 

12/15/2026

a,c,d

34,696

Vistra

Operations

Company,

LLC

81,000

5.000%, 

7/31/2027

a

78,355

WEC

Energy

Group,

Inc.,

Convertible

11,000

4.375%, 

6/1/2027

a

10,907

8,000

4.375%, 

6/1/2029

a

7,928

Total

1,516,521

Total

Long-Term

Fixed

Income

(cost

$36,898,406)

35,501,515

Shares

Registered

Investment

Companies

(

18.0%

)

Value

U.S.

Affiliated  (7.7%)

471,547

Thrivent

Core

Emerging

Markets

Debt

Fund

3,767,662

Total

3,767,662

U.S.

Unaffiliated  (10.3%)

55,702

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

149,281

17,491

AllianceBernstein

Global

High

Income

Fund,

Inc.

183,306

26,604

Allspring

Income

Opportunities

Fund

176,119

3,133

Barings

Global

Short

Duration

High

Yield

Fund

45,272

3,848

BlackRock

Core

Bond

Trust

40,981

17,664

BlackRock

Corporate

High

Yield

Fund,

Inc.

171,164

19,628

BlackRock

Credit

Allocation

Income

Trust

210,216

Shares

Registered

Investment

Companies

(18.0%)

Value

U.S.

Unaffiliated  (10.3%)-

continued

1,788

BlackRock

Debt

Strategies

Fund,

Inc.

$

19,382

3,400

BlackRock

Enhanced

Equity

Dividend

Trust

27,778

20,283

BlackRock

Enhanced

Global

Dividend

Trust

215,203

9,050

BlackRock

Enhanced

International

Dividend

Trust

50,499

550

BlackRock

Floating

Rate

Income

Strategies

Fund,

Inc.

7,117

3,766

BlackRock

Income

Trust,

Inc.

44,928

6,482

BlackRock

Multi-Sector

Income

Trust

94,508

14,750

Blackstone

Strategic

Credit

2027

Term

Fund

175,378

10,498

BNY

Mellon

High

Yield

Strategies

Fund

25,300

20,472

Eaton

Vance

Limited

Duration

Income

Fund

199,397

4,833

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

40,839

14,996

First

Trust

High

Income

Long/Short

Fund

185,051

4,558

Invesco

Dynamic

Credit

Opportunities

Fund

g

47,584

9,745

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

353,549

12,077

iShares

Preferred

and

Income

Securities

ETF

381,029

5,109

New

America

High

Income

Fund,

Inc.

37,449

35,575

Nuveen

Credit

Strategies

Income

Fund

197,441

4,998

Nuveen

Floating

Rate

Income

Fund/Closed-End

Fund

43,233

1,964

Nuveen

Global

High

Income

Fund

25,120

11,149

Nuveen

Preferred

Income

Opportunities

Fund

83,283

17,725

PGIM

Global

High

Yield

Fund,

Inc.

210,573

16,289

PGIM

High

Yield

Bond

Fund,

Inc.

209,802

4,614

Pimco

Dynamic

Income

Fund

b

86,789

1,280

Tri-Continental

Corporation

39,641

9,400

Vanguard

Short-Term

Corporate

Bond

ETF

b

726,385

6,000

Virtus

Convertible

&

Income

Fund

19,620

12,086

Virtus

Dividend,

Interest

&

Premium

Strategy

Fund

148,416

1,525

Virtus

Equity

&

Convertible

Income

Fund

b

35,441

1,902

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

12,059

29,950

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

153,943

50,693

Western

Asset

High

Income

Opportunity

Fund,

Inc.

193,140

Total

5,066,216

Total

Registered

Investment

Companies

(cost

$9,745,461)

8,833,878

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

49

Shares

Preferred

Stock

(

5.1%

)

Value

Basic

Materials

(0.1%)

698

Albemarle

Corporation,

Convertible,

7.250%

$

32,569

Total

32,569

Communications

Services

(0.7%)

12,075

AT&T,

Inc.,

4.750%

d

243,432

6,000

Telephone

and

Data

Systems,

Inc.,

6.000%

d

107,460

Total

350,892

Financials

(3.8%)

3,925

AEGON

Funding

Company,

LLC,

5.100%

81,522

3,500

Allstate

Corporation,

5.100%

d

76,440

484

Apollo

Global

Management,

Inc.,

Convertible,

6.750%

31,755

4,650

Bank

of

America

Corporation,

4.250%

d

86,629

40

Bank

of

America

Corporation,

Convertible,

7.250%

d

47,846

5,300

Capital

One

Financial

Corporation,

5.000%

d

105,470

900

Citizens

Financial

Group,

Inc.,

7.375%

b,d,h

23,805

3,600

Equitable

Holdings,

Inc.,

5.250%

b,d

78,300

7,200

J.P.

Morgan

Chase

&

Company,

4.200%

d

137,448

5,925

J.P.

Morgan

Chase

&

Company,

4.750%

d

125,492

6,750

KeyCorp,

6.200%

c,d

148,770

5,875

Morgan

Stanley,

4.250%

b,d

112,506

4,000

Morgan

Stanley,

5.850%

c,d

99,360

2,800

Morgan

Stanley,

7.125%

c,d

70,588

2,750

Public

Storage,

3.950%

d

48,180

4,950

Public

Storage,

4.125%

d

92,070

850

Public

Storage,

4.625%

d

17,332

225

Public

Storage,

4.700%

d

4,642

1,450

Regions

Financial

Corporation,

5.700%

c,d

33,278

250

Synovus

Financial

Corporation,

5.875%

c,d

6,270

5,900

U.S.

Bancorp,

4.000%

d

102,837

6,750

Wells

Fargo

&

Company,

4.250%

d

126,698

4,500

Wells

Fargo

&

Company,

4.750%

d

91,845

90

Wells

Fargo

&

Company,

Convertible,

7.500%

d

107,007

Total

1,856,090

Utilities

(0.5%)

7,500

CMS

Energy

Corporation,

4.200%

d

141,750

744

NextEra

Energy,

Inc.,

Convertible,

6.926%

b

30,868

4,400

Southern

Company,

4.950%

97,108

Total

269,726

Total

Preferred

Stock

(cost

$2,974,518)

2,509,277

Shares

Collateral

Held

for

Securities

Loaned

(

4.9%

)

Value

2,391,619

Thrivent

Cash

Management

Trust

$

2,391,619

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,391,619)

2,391,619

Shares

Common

Stock

(

0.2%

)

Value

Communications

Services

(<0.1%)

5

Tripadvisor,

Inc.

h

89

21

Windstream

Services,

LLC

h

265

Total

354

Consumer

Discretionary

(<0.1%)

1

Booking

Holdings,

Inc.

3,961

Total

3,961

Financials

(0.2%)

1,200

AGNC

Investment

Corporation

11,448

662

Annaly

Capital

Management,

Inc.

12,618

1,200

Apollo

Commercial

Real

Estate

Finance,

Inc.

11,748

633

Chimera

Investment

Corporation

8,102

2,050

Rithm

Capital

Corporation

22,366

Total

66,282

Health

Care

(<0.1%)

122

Varex

Imaging

Corporation

h

1,797

Total

1,797

Information

Technology

(<0.1%)

10

RingCentral,

Inc.

h

282

46

Semtech

Corporation

h

1,374

Total

1,656

Materials

(<0.1%)

49

Allegheny

Technologies,

Inc.

h

2,717

Total

2,717

Total

Common

Stock

(cost

$91,686)

76,767

Shares

or

Principal

Amount

Short-Term

Investments

(

3.8%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

178,466

5.580%

1,784,663

U.S.

Treasury

Bills

100,000

5.243%,

7/11/2024

i,j

99,854

Total

Short-Term

Investments

(cost

$1,884,487)

1,884,517

Total

Investments

(cost

$53,986,177)

104.3%

$51,197,573

Other

Assets

and

Liabilities,

Net

(4.3%)

(2,118,730)

Total

Net

Assets

100.0%

$49,078,843

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

50

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

28,

2024,

the

value

of

these

investments

was

$13,477,175

or

27.5%

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

28,

2024.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

d

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

f

Defaulted

security.  Interest

is

not

being

accrued.

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.

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

28,

2024

was

$12,100

or

0.02%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

June

28,

2024.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG 

3/8/2017

$

59,376

Credit

Suisse

Group

AG 

5/17/2021

60,971

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

28,

2024:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

1,320,229

Common

Stock

998,668

Total

lending

$2,318,897

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,391,619

Net

amounts

due

to

counterparty

$72,722

Definitions:

ETF

-

Exchange

Traded

Fund

plc

-

Public

Limited

Company

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

Reference

Rate

Index:

TSFR3M

-

CME

Term

SOFR

3

Month

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$852,415

Gross

unrealized

depreciation

(3,985,572)

Net

unrealized

appreciation

(depreciation)

($3,133,157)

Cost

for

federal

income

tax

purposes

$54,334,131

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

51

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

June

28,

2024,

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

858,218

–

858,218

–

Capital

Goods

1,583,704

–

1,583,704

–

Collateralized

Mortgage

Obligations

39,476

–

39,476

–

Communications

Services

1,839,355

–

1,839,355

–

Consumer

Cyclical

3,080,408

–

3,080,408

–

Consumer

Non-Cyclical

1,822,691

–

1,822,691

–

Energy

2,908,509

–

2,908,509

–

Financials

7,328,995

–

7,328,995

–

Mortgage-Backed

Securities

4,976,587

–

4,976,587

–

Technology

1,335,073

–

1,335,073

–

Transportation

415,696

–

415,696

–

U.S.

Government

&

Agencies

7,796,282

–

7,796,282

–

Utilities

1,516,521

–

1,516,521

–

Registered

Investment

Companies

U.S.

Unaffiliated

5,066,216

5,018,632

–

47,584

Preferred

Stock

Basic

Materials

32,569

32,569

–

–

Communications

Services

350,892

350,892

–

–

Financials

1,856,090

1,856,090

–

–

Utilities

269,726

269,726

–

–

Common

Stock

Communications

Services

354

89

265

–

Consumer

Discretionary

3,961

3,961

–

–

Financials

66,282

66,282

–

–

Health

Care

1,797

1,797

–

–

Information

Technology

1,656

1,656

–

–

Materials

2,717

2,717

–

–

Short-Term

Investments

99,854

–

99,854

–

Subtotal

Investments

in

Securities

$43,253,629

$7,604,411

$35,601,634

$47,584

Other

Investments  *

Total

U.S.

Affiliated

Registered

Investment

Cos.

3,767,662

Affiliated

Short-Term

Investments

1,784,663

Collateral

Held

for

Securities

Loaned

2,391,619

Subtotal

Other

Investments

$7,943,944

Total

Investments

at

Value

$51,197,573

*

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

28,

2024,

in

valuing

Multidimensional

Income

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Credit

Default

Swaps

3,401

–

3,401

–

Total

Asset

Derivatives

$3,401

$–

$3,401

$–

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

52

The

following

table

presents

Multidimensional

Income

Fund's

swaps

contracts

held

as

of

June

28,

2024.

Investments

totaling

$99,854

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

42,

5

Year,

at

5.00%,

Quarterly

Buy

6/20/2029

$

925,000

$

–

$

3,401

$

3,401

Total

Credit

Default

Swaps

$–

$3,401

$3,401

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

28,

2024,

for

Multidimensional

Income

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Credit

Contracts

Credit

Default

Swaps

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

3,401

Total

Credit

Contracts

3,401

Total

Asset

Derivatives

$3,401

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

June

28,

2024,

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

(74,254)

Total

Credit

Contracts

(74,254)

Total

($74,254)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

June

28,

2024,

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

41,944

Total

Credit

Contracts

41,944

Total

$41,944

The

following

table

presents

Multidimensional

Income

Fund's

average

volume

of

derivative

activity

during

the

period

ended

June

28,

2024.

Derivative

Risk

Category

Average

Notional

Value

Credit

Contracts

Credit

Default

Swaps

-

Buy

Protection

($64,469)

Multidimensional

Income

Fund

Schedule

of

Investments

as

of

June

28,

2024

(unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

53

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

12/31/2023

Gross

Purchases

Gross

Sales

Value

6/28/2024

Shares

Held

at

6/28/2024

%

of

Net

Assets

6/28/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$4,156

$114

$500

$3,768

472

7.7%

Total

U.S.

Affiliated

Registered

Investment

Companies

4,156

3,768

7.7

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.580%

460

14,204

12,879

1,785

178

3.6

Total

Affiliated

Short-Term

Investments

460

1,785

3.6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

1,257

15,188

14,053

2,392

2,392

4.9

Total

Collateral

Held

for

Securities

Loaned

1,257

2,392

4.9

Total

Value

$5,873

$7,945

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2024

-

6/28/2024

U.S.

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

($128)

$126

$–

$113

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

5.580%

0

(0)

–

39

Total

Income/Non

Cash

Income

from

Affiliated

Investments

$152

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

7

Total

Affiliated

Income

from

Securities

Loaned,

Net

$7

Total

($128)

$126

$–

Thrivent

Mutual

Funds

Statement

of

Assets

and

Liabilities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

54

As

of

June

28,

2024

(unaudited)

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$833,051,723

$45,398,117

Investments

in

affiliated

securities

at

cost

$156,179,361

$8,588,060

Investments

in

unaffiliated

securities

at

value

(#)

$849,645,321

$43,253,629

Investments

in

affiliated

securities

at

value

144,077,248

7,943,944

Cash

42,947

1,059

Dividends

and

interest

receivable

6,008,581

430,243

Prepaid

expenses

27,794

12,266

Receivable

for:

Investments

sold

1,433,396

61,764

Investments

sold

on

a

delayed-delivery

basis

5,182,286

—

Fund

shares

sold

360,067

5,995

Expense

reimbursements

—

2,309

Variation

margin

on

open

future

contracts

39,825

—

Variation

margin

on

open

swap

contracts

8,590

677

Total

Assets

1,006,826,055

51,711,886

Liabilities

Distributions

payable

186,612

18,754

Accrued

expenses

74,677

27,996

Foreign

currency

overdraft

154

(a)

—

Payable

for:

Investments

purchased

1,354,744

54,330

Investments

purchased

on

a

delayed-delivery

basis

10,658,848

32,868

Return

of

collateral

for

securities

loaned

16,159,064

2,391,619

Fund

shares

redeemed

824,860

96,713

Variation

margin

on

open

future

contracts

379,617

—

Investment

advisory

fees

42,280

2,229

Administrative

fees

1,368

69

Distribution

fees

9,200

—

Transfer

agent

fees

52,827

2,437

Trustee

fees

1,060

303

Trustee

deferred

compensation

58,418

5,725

Contingent

liabilities*

—

—

Mortgage

dollar

roll

deferred

revenue

96

—

Total

Liabilities

29,803,825

2,633,043

Net

Assets

Capital

stock

(beneficial

interest)

1,029,869,175

59,081,405

Distributable

earnings/(accumulated

loss)

(52,846,945)

(10,002,562)

Total

Net

Assets

$977,022,230

$49,078,843

Class

S

Share

Capital

$530,148,300

$49,078,843

Shares

of

beneficial

interest

outstanding

(Class

S)

77,349,605

5,610,886

Net

asset

value

per

share

$6.85

$8.75

Class

A

Share

Capital

$446,873,930

$—

Shares

of

beneficial

interest

outstanding

(Class

A)

64,397,366

—

Net

asset

value

per

share

$6.94

$—

Maximum

public

offering

price

$7.27

$—

(#)

Includes

securities

on

loan

of

15,647,817

2,318,897

(a)

Foreign

currency

holdings,

cost

$-155.

*

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.

55

For

the

six

months

ended

June

28,

2024

(unaudited)

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

Investment

Income

Dividends

$1,849,873

$239,724

Taxable

interest

17,762,218

954,009

Income

from

mortgage

dollar

rolls

108

—

Affiliated

income

from

securities

loaned,

net

71,589

7,375

Income

from

affiliated

investments

929,996

38,800

Non

cash

income

from

affiliated

investments

2,281,431

113,196

Foreign

tax

withholding

(3,033)

—

Total

Investment

Income

22,892,182

1,353,104

Expenses

Adviser

fees

2,567,450

139,199

Administrative

service

fees

123,127

44,303

Audit

and

legal

fees

23,248

19,974

Custody

fees

37,490

10,192

Distribution

expenses

Class

A

560,664

—

Insurance

expenses

3,178

1,795

Pricing

service

fees

—

17,222

Printing

and

postage

expenses

Class

S

41,756

8,518

Printing

and

postage

expenses

Class

A

39,807

—

SEC

and

state

registration

expenses

30,476

9,261

Transfer

agent

fees

Class

S

215,923

27,756

Transfer

agent

fees

Class

A

170,940

—

Trustees'

fees

23,738

5,541

Other

expenses

60,689

9,180

Total

Expenses

Before

Reimbursement

3,898,486

292,941

Less:

Reimbursement

from

adviser

—

(103,124)

Total

Net

Expenses

3,898,486

189,817

Net

Investment

Income/(Loss)

18,993,696

1,163,287

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

7,126,981

(931,332)

Affiliated

investments

(1,224,425)

(127,680)

Futures

contracts

6,202,988

—

Foreign

currency

transactions

(2,246)

—

Swap

agreements

(680,745)

(74,254)

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

(4,917,218)

995,490

Affiliated

investments

1,865,384

126,085

Futures

contracts

(396,021)

—

Foreign

currency

transactions

29,400

—

Swap

agreements

333,527

41,944

Net

Realized

and

Unrealized

Gains/(Losses)

8,337,625

30,253

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$27,331,321

$1,193,540

Thrivent

Mutual

Funds

Statement

of

Changes

in

Net

Assets

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

56

Diversified

Income

Plus

Fund

Multidimensional

Income

Fund

For

the

periods

ended

6/28/2024

(unaudited)

12/31/2023

6/28/2024

(unaudited)

12/31/2023

Operations

Net

investment

income/(loss)

$18,993,696

$42,230,166

$1,163,287

$2,583,847

Net

realized

gains/(losses)

11,422,553

(16,777,865)

(1,133,266)

(3,709,172)

Change

in

net

unrealized

appreciation/(depreciation)

(3,084,928)

71,398,731

1,163,519

5,609,403

Net

Change

in

Net

Assets

Resulting

From

Operations

27,331,321

96,851,032

1,193,540

4,484,078

Distributions

to

Shareholders

From

income/realized

gains

Class

S

(10,975,074)

(24,093,292)

(1,218,148)

(2,635,099)

From

income/realized

gains

Class

A

(8,614,379)

(19,116,719)

–

–

Total

from

income/realized

gains

(19,589,453)

(43,210,011)

(1,218,148)

(2,635,099)

From

return

of

capital

Class

S

–

–

–

(62,428)

Total

From

Return

of

Capital

–

–

–

(62,428)

Total

Distributions

to

Shareholders

(19,589,453)

(43,210,011)

(1,218,148)

(2,697,527)

Capital

Stock

Transactions

Class

S  

Sold

36,059,585

75,869,998

3,231,633

7,219,967

Distributions

reinvested

10,575,008

23,295,447

1,110,314

2,465,758

Redeemed

(69,827,393)

(149,704,241)

(8,031,683)

(18,526,713)

Total

Class

S

Capital

Stock

Transactions

(23,192,800)

(50,538,796)

(3,689,736)

(8,840,988)

Class

A  

Sold

7,566,275

16,523,005

–

–

Distributions

reinvested

7,901,316

17,579,693

–

–

Redeemed

(42,547,121)

(84,206,521)

–

–

Total

Class

A

Capital

Stock

Transactions

(27,079,530)

(50,103,823)

–

–

Capital

Stock

Transactions

(50,272,330)

(100,642,619)

(3,689,736)

(8,840,988)

Net

Increase/(Decrease)

in

Net

Assets

(42,530,462)

(47,001,598)

(3,714,344)

(7,054,437)

Net

Assets,

Beginning

of

Period

1,019,552,692

1,066,554,290

52,793,187

59,847,624

Net

Assets,

End

of

Period

$977,022,230

$1,019,552,692

$49,078,843

$52,793,187

Capital

Stock

Share

Transactions

Class

S

shares

Sold

5,303,182

11,511,700

369,514

845,268

Distributions

reinvested

1,555,797

3,539,523

127,111

288,833

Redeemed

(10,263,990)

(22,787,317)

(917,735)

(2,176,882)

Total

Class

S

share

transactions

(3,405,011)

(7,736,094)

(421,110)

(1,042,781)

Class

A

shares

Sold

1,099,412

2,480,928

–

–

Distributions

reinvested

1,148,013

2,638,782

–

–

Redeemed

(6,181,200)

(12,663,664)

–

–

Total

Class

A

share

transactions

(3,933,775)

(7,543,954)

–

–

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

28,

2024

(unaudited)

57

(1)

ORGANIZATION

Thrivent

Mutual

Funds

(the

“Trust”)

was

organized

as

a

Massachusetts

Business

Trust

on

March

10,

1987

and

is

registered

as

an

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”).

The

Trust

is

divided

into 25

separate

series

(each,

a

"Fund"

and,

collectively,

the

"Funds"),

each

with

its

own

investment

objective

and

policies.

The

Trust

currently

consists

of

four

asset

allocation

Funds, three

income

plus

Funds, ten

equity

Funds, seven

fixed-income

Funds,

and

one

money

market

Fund.

This

shareholder

report

includes Thrivent

Diversified

Income

Plus and Thrivent

Multidimensional

Income, two of

the

Trust’s

25

Funds.

The

other

Funds

of

the

Trust

have

a

fiscal

year-end

of

October

31

and

are

presented

under

a

separate

shareholder

report.

The

Funds

are

each

investment

companies

that

follow

the

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

-

Financial

Services

-

Investment

Companies.

Share

Classes

— The

Trust

may

issue

an

unlimited number

of

shares

in

one

or

more

series

as

the

Board

may

authorize. 

The

Trust includes

two

classes

of

shares:

Class

A

and

Class

S

shares.

The

classes

of

shares

differ

principally

in

their

respective

distribution

expenses

and

other

class-specific

expenses

and

arrangements.

Class

A

shares

have

an

annual

12b-1

fee

of

0.25%

of

average

net

assets, a

reduced

fee

of

0.125%

or

no

fee. 

For

the

Funds

presented

under

this

shareholder

report,

Class

A

shares

have

an

annual

12b-1

fee

of

0.25%

and a

maximum

front-end

sales

load

of

4.50%.

Class

S

shares

are

offered

at

net

asset

value

and

have

no

annual

12b-1

fees.

The

share

classes

have

identical

rights

to

earnings,

assets

and

voting

privileges,

except

for

class-specific

expenses

and

exclusive

rights

to

vote

on

matters

affecting

only

individual

classes.

Thrivent

High

Income

Municipal

Bond,

Thrivent

Low

Volatility

Equity, Thrivent

Mid

Cap

Growth,

Thrivent

Mid

Cap

Value,

Thrivent

Multidimensional

Income,

and

Thrivent

Small

Cap

Growth offer

only

Class

S

Shares; each

of

the

other 19

Funds

of

the

Trust

offer

Class

A

and

Class

S

shares.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

vendors

and

others

that

provide

general

damage

clauses.

The

Trust’s

maximum

exposure

under

these

contracts

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust.

However,

based

on

experience,

the

Trust

expects

the

risk

of

loss

to

be

remote.

(2)

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—

The

Funds

record

their

investments

at

fair

value

using

market

quotations

when

they

are

readily

available

pursuant

to

Rule

2a-5. 

The

Funds'

investments

are

recorded

at

fair

value

determined

in

good

faith

when

market

quotations

are

not

readily

available. 

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the

last

sale

price

on

the

principal

exchange

as

of

the

close

of

regular

trading

on

such

exchange

or

the

official

closing price

of

the

national

market

system. 

Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time. 

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations obtained

from dealers

that

make

markets

in

the

securities.

Exchange-listed

options and

futures

contracts

are

valued

at

the

primary

exchange

settle

price.

Exchange

cleared

swap

agreements

are

valued

at

the

clearinghouse

end

of

day

price. 

Swap

agreements

not

cleared

on

exchanges

will

be

valued at

the

mid-price

from

the

primary

approved

pricing

service. 

Forward

foreign

currency exchange

contracts

are

marked-to-market

based

upon

foreign

currency

exchange

rates

provided

by the

pricing

service. 

Investments

in

open-ended

mutual

funds

are

valued

at

the

net

asset

value

at

the

close

of

each

business

day.

The

Board

has

chosen

the

Funds'

investment

Adviser

as

the

valuation

designee,

responsible

for

daily

valuation

of

the

Funds'

securities.

The

Adviser

has

formed

a Valuation

Committee

(the

“Committee”)

that

is

responsible

for

overseeing

the

Funds'

valuation

policies in

accordance

with

Valuation

Policies

and

Procedures. 

The

Committee

meets

on

a

monthly

and

on

an

as-needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation.

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Funds.

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments.

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities.

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

(“GAAP”), the

various

inputs

used

to

determine

the

fair

value

of

the

Funds’

investments

are

summarized

in

three

broad

levels. Level

1

includes

quoted

prices

in

active

markets

for

identical

securities: typically

included

in

this

level

are

U.S.

equity

securities,

futures, options

and

registered

investment

company

funds.

Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk;

typically

included

in

this

level

are

fixed

income

securities,

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

28,

2024

(unaudited)

58

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

28,

2024,

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

28,

2024

(unaudited)

59

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

and

Multidimensional

Income

are

declared

and

paid

monthly. It

is

possible

that

such

dividends

may

be

reclassified

as

return

of

capital

or

capital

gains

after

year

end.

Such

determination

cannot

be

made

until

tax

information

is

received

from

the

real

estate

investments

of

the

Fund.

Net

realized

gains

from

securities

transactions,

if

any,

are

paid

at

least

annually

after

the

close

of

the

fiscal

year.

In

addition,

the

funds

may

claim

a

portion

of

the

payment

made

to redeeming

shareholders

as

a

distribution

for

income

tax

purposes. 

Derivative

Financial

Instruments 

—

Each Fund may

invest

in

derivatives,

a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts and

hybrid

instruments.

Derivatives

are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency.

Each Fund

may

use

derivatives

for

hedging

(attempting

to

offset

a

potential

loss

in

one

position

by

establishing

an

interest

in

an

opposite

position).

This

includes

the

use

of

currency-

based

derivatives

to

manage

the

risk

of

its

positions in

foreign

securities.

Each Fund

may

also

use

derivatives

for

replication

of

a

certain

asset

class

or

speculation

(investing

for

potential

income

or

capital

gain).

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

("OTC").

A

derivative

may

incur

a loss

if

the

value

of

the

derivative

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

derivative.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

derivative

contract.

A

Fund’s

risk

of

loss

from

the

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

such

Fund.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

is

minimal

counterparty

credit

risk

to

the

Funds

because

the

exchange’s

clearinghouse,

as

counterparty

to

such

derivatives,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

derivative;

thus,

the

credit

risk

is

limited

to

the

failure

of

the

clearinghouse.

However,

credit

risk

still

exists

in

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

broker’s

customer

accounts.

While

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

on

a

pro-rata

basis

across

all

of

the

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Funds'

expenses

and

can

eliminate

some

opportunities

for

gains.

In

addition,

a

derivative

used

for

mitigating

exposure

or

replication

may

not

accurately

track

the

value

of

the

underlying

asset.

Another

risk

with

derivatives

is

that

some

types

can

amplify

a

gain

or

loss,

potentially

earning

or

losing

substantially

more

money

than

the

actual

cost

of

the

derivative.

In

order

to

define

their

contractual

rights

and

to

secure

rights

that

will

help

the

Funds

mitigate

their

counterparty

risk,

the

Funds

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

each

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivatives'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

and

margin

requirements

vary

by

type

of

derivative.

Margin

requirements

are

established

by

the

broker

or

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum requirements in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options

and

swaps).

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark

to

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

has

been

noted

in

the

Schedule

of

Investments.

To

the

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

28,

2024

(unaudited)

60

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.

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

28,

2024,

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

28,

2024,

Diversified

Income

Plus

used

equity

futures

to

manage

exposure

to

the

equities

market.

During

the

six

months

ended

June

28,

2024,

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

28,

2024

(unaudited)

61

receives

collateral

from

the

counterparty.

Certain

interest

rate

and

credit

default

index

swaps

must

be

cleared

through

a

clearinghouse

or

central

counterparty.

Credit

Default

Swaps

—

A

credit

default

swap

("CDS") is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

CDS

transaction,

a

buyer

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

CDS

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

buyer

of

a

CDS

is

said

to

buy

protection

whereas

a

seller

of

a

CDS

is

said

to

sell

protection.

The

Funds

may

be

either

the

protection

seller

or

the

protection

buyer.

Certain

Funds

enter

into

credit

default

derivative

contracts

directly

through

CDSs or

through

credit

default

swap

indices

("CDX

Indices").

CDX

Indices

are

static

pools

of

equally

weighted

CDSs

referencing

corporate

bonds

and/or

loans

designed

to

increase

or

decrease

diversified

credit

exposure

to

these

asset

classes.

Funds

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any

given

CDX

Index

held,

the

maximum

potential

amount

of

future

payments

required

would

be

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract,

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Funds

buy

default

protection

in

order

to

reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-

efficient

and

diversified

structure.

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Fund

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

of

the

reference

entity

obligation

as

of

the

date

of

the

credit

event.

A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement.

For

CDS,

the

default

events

could

be

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money

or

a

restructuring.

A

restructuring

is

a

change

in

the

underlying

obligations

which

could

include

a

reduction

in

interest

or

principal,

maturity

extension

and

subordination

to

other

obligations.

During

the six

months

ended

June

28,

2024,

Diversified

Income

Plus

and

Multidimensional

Income used

CDX

Indexes

(comprised

of

CDSs)

to

help

manage

credit

risk

exposures

within

the

Fund.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

Mortgage

Dollar

Roll

Transactions 

—

Certain

Funds

enter

into

dollar

roll

transactions

on

securities

issued

or

to

be

issued

by

the

Government

National

Mortgage

Association,

Federal

National

Mortgage

Association

and

Federal

Home

Loan

Mortgage

Corporation,

in

which

the

Funds

sell

mortgage

securities

and

simultaneously

agree

to

repurchase

similar

(same

type

and

coupon)

securities

at

a

later

date

at

an

agreed

upon

price.

The

Funds

must

maintain

liquid

securities

having

a

value

at

least

equal

to

the

repurchase

price

(including

accrued

interest)

for

such

dollar

rolls.

In

addition,

the

Funds

are

required

to segregate

collateral

with the

fund

custodian (depending

on

market

movements)

on

their

mortgage

dollar

rolls. 

The

value

of

the

securities

that

the

Funds

are

required

to

purchase

may

decline

below

the

agreed

upon

repurchase

price

of

those

securities.

During

the

period

between

the

sale

and

repurchase,

the

Funds

forgo

principal

and

interest

paid

on

the

mortgage

securities

sold.

The

Funds

are

compensated

from

negotiated

fees

paid

by

brokers

offered

as

an

inducement

to

the

Funds

to

"roll

over"

their

purchase

commitments,

thus

enhancing

the

yield.

Mortgage

dollar

rolls

may

be

renewed

with

a

new

purchase

and

repurchase

price

and

a

cash

settlement

made

on

settlement

date

without

physical

delivery

of

the

securities

subject

to

the

contract. 

These

purchase

and

sale

transactions

may

increase

portfolio

turnover

rate. 

The

fees

received

are

recognized

over

the

roll

period

and

are

included

in

Income

from

mortgage

dollar

rolls

in

the

Statement

of

Operations.

Securities

Lending 

—

The

Trust

has

entered

into

a

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA

doing

business

as

Goldman

Sachs Agency

Lending ("GSAL"). The

Agreement

authorizes

GSAL

to

lend

securities

to

authorized

borrowers

on

behalf

of

the

Funds.

Pursuant

to

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

to

at

least

102%

of

the

market

value

of U.S.

securities

and

105% of

the

market

value

of non-U.S.

securities.

Daily

market

fluctuations

could

cause

the

value

of

loaned

securities

to

be

more

or

less

than

the

value

of

the

collateral

received. 

Any

additional

collateral

is

adjusted

and

settled

on

the

next

business

day. 

The

Trust

has

the

ability

to

recall

the

loans

at

any

time

and

could

do

so

in

order

to

vote

proxies

or

sell

the

loaned

securities. 

All

cash

collateral

received

is

invested

in

Thrivent

Cash

Management

Trust.

The

Funds

receive dividends

and

interest

that would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral.

Amounts

earned

on

investments

in

Thrivent

Cash

Management

Trust,

net

of

rebates,

fees

paid

to

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

in

affiliated

income

from

securities

loaned,

net on

the

Statement

of

Operations. 

By

investing

any

cash

collateral

it

receives

in

these

transactions,

a

Fund

could

realize

additional

gains

or

losses.

If

the

borrower

fails

to

return

the

securities

or

the

invested

collateral

has

declined

in

value, a

Fund

could

lose

money. 

Generally,

in

the

event

of

borrower

default, a Fund

has

the

right

to

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

28,

2024

(unaudited)

62

use

the

collateral

to

offset

any

losses

incurred. 

However,

in

the

event a

Fund

is

delayed

or

prevented

from

exercising

its

right

to

dispose

of

the

collateral,

there

may

be

a

potential

loss. 

Some

of

these

losses

may

be

indemnified

by

the

lending

agent. 

When-Issued

and

Delayed-Delivery

Transactions 

— Each

Fund

may

purchase

or

sell

securities

on

a

when-issued

or

delayed-

delivery

basis.

These

transactions

involve

a

commitment

by

a

Fund

to

purchase

or

sell

securities

for

a

predetermined

price

or

yield,

with

payment

and

delivery

taking

place

beyond

the

customary

settlement

period.

When

delayed-delivery

purchases

are

outstanding,

a

Fund

will

designate

liquid

assets

in

an

amount

sufficient

to

meet

the

purchase

price.

When

purchasing

a

security

on

a

delayed-delivery

basis,

a

Fund

assumes

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value. 

A

Fund

may

dispose

of

a

delayed-delivery

transaction

after

it

is

entered

into,

and

may

sell

when-issued

securities

before

they

are

delivered,

which

may

result

in

a

capital

gain

or

loss.

When

a

Fund

has

sold

a

security

on

a

delayed-delivery

basis,

a

Fund

does

not

participate

in

future

gains

and

losses

with

respect

to

the

security.

Treasury

Inflation

Protected

Securities 

— Certain

Funds

may

invest

in

treasury

inflation

protected

securities

("TIPS").

These

securities

are

fixed

income

securities

whose

principal

value

is

periodically

adjusted

to

the

rate

of

inflation.

The

coupon

interest

rate

is

generally

fixed

at

issuance.

Interest

is

paid

based

on

the

principal

value,

which

is

adjusted

for

inflation.

Any

increase

in

the

principal

amount

will

be

included

as

taxable

interest

in

the

Statement

of

Operations

and

received

in

cash

upon

maturity

or

sale

of

the

security.

Stripped

Securities 

—

Certain

Funds

may

invest

in

interest

only

and

principal

only

stripped

mortgage

or

asset

backed

securities.

These

securities

represent

a

participation

in

securities

that

are

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest

only

securities

receive

all

the

interest,

and

principal

only

securities

receive

all

the

principal. 

Interest

only

securities

are

particularly

sensitive

to

changes

in

interest

rates

and

therefore

are

subject

to

greater

fluctuation

in

prices

than

typical

interest

bearing

debt

securities.

As

interest

rates

rise,

the

value

of

the

interest

only

security

increases.

Similarly,

as

interest

rates

decrease,

the

value

of

the

interest

only

security

decreases. If

the

underlying

pool

of

mortgages

or

assets

experience

greater

than

anticipated

prepayments

of

principal, a

Fund

may

not

fully

recoup

its

initial

investment

in

an

interest

only

security.

Principal

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

market

value

of

these

securities

is

also

highly

sensitive

to

changes

in

interest

rates. 

As

interest

rates

increase,

the

price

of

the

principal

only

security

decreases. 

Similarly,

as

interest

rates

decrease,

the

price

of

the

principal

only

security

increases. 

The

principal

only

security

represents

the

payment

with

the

longest

maturity,

therefore

making

it

the

most

sensitive

to

interest

rate

changes. 

Accounting

Estimates 

—

The

preparation

of

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Contingent

Liabilities 

—

In

the

event

of

adversary

action

proceedings

where

a

Fund

is

a

defendant,

a

loss

contingency

will

not

be

accrued

as

a

liability

until

the

amount

of

potential

damages

and

the

likelihood

of

loss

can

be

reasonably

estimated. 

For

the six

months ended

June

28,

2024,

no

Fund

reported

an

accrual

for contingent

liabilities.

Litigation 

—

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date. 

If

the

Fund

no

longer

owns

the

applicable

securities,

the

proceeds

are

recorded

as

realized

gains. 

Bank Loans

(Leveraged Loans) 

—

Certain

Funds

may

invest

in

bank

loans,

which

are

senior

secured

loans

that

are

made

by

banks

or

other

lending

institutions

to

companies

that

are

typically

rated

below

investment

grade. 

A Fund

may

invest

in

multiple

series

or

tranches

of

a

bank

loan,

with

varying

terms

and

different

associated

risks. 

Transactions

in

bank

loan

securities

may

settle

on

a

delayed

basis,

which

may

result

in

the

proceeds

of

the

sale

to

not

be

readily

available

for

a Fund

to

make

additional

investments. 

Interest

rates

of

bank

loan

securities

typically

reset

periodically,

as

the

rates

are

tied

to

a

reference

index

rate,

plus

a

premium. 

Income

is

recorded

daily

on

bank

loan

securities. 

On

an

ongoing

basis,

a Fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

of

the

bank

loan. 

This

commitment

fee

is

accrued

as

income

over

the

term

of

the

bank

loan. 

A Fund

may

receive

consent

and

amendment

fees

for

accepting

an

amendment

to

the

current

terms

of

a

bank

loan. 

Consent

and

amendment

fees

are

accrued

as

income

when

the

changes

to

the

bank

loan

are

immaterial

and

to

capital

when

the

changes

are

material.

All

or

a

portion

of

these

bank

loan

commitments

may

be

unfunded.

A

Fund

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

contractual

obligation.

These

unfunded

bank

loan

commitments,

which

are

marked-to-market

daily,

are

presented

in

the

Schedule

of

Investments

and

included

in

Payable

for

investments

purchased

on

a

delayed-delivery

basis

on

the

Statement

of

Assets

and

Liabilities.

As

of

June

28,

2024,

the

Funds

did

not

have

any

unfunded

bank

loan

commitments.

Line

of

Credit 

— Each

Fund along

with

other

portfolios

managed

by

the

investment

adviser

or

an

affiliate,

participate

in

a

$100

million

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

28,

2024

(unaudited)

63

($50

million

committed,

$50

million

uncommitted)

credit

facility

(the

"line

of

credit")

issued

by

State

Street

Bank

and

Trust

Company

to

be

utilized

for

temporary

or

emergency

purposes

to

fund

shareholder

redemptions

or

for

other

short-term

liquidity

purposes. 

Interest

is

charged

to

each

participating

Fund based

on

its

borrowings

at

the

higher

of

the

Federal

Funds

Rate

or

the Overnight

Funding

Rate

plus,

in

each

case,

0.10%

plus

a

margin

of 1.25%. 

Each

borrowing

under

the

credit

facility

matures

no

later

than

30

calendar

days

after

the

date

of

the

borrowing. 

Each

participating

Fund

pays

a commitment

fee

in

proportion

to

their

respective

net

assets. 

The

line

of

credit

shall

expire

on

December

17,

2024

unless

extended

by

mutual

agreement

of

State

Street

Bank

and

Trust

Company

and

the

Funds. 

The

Funds

had

no

borrowings

during

the six

months

ended

June

28,

2024.

Other 

—

For

financial

statement

purposes,

investment

security

transactions

are

accounted

for

on

the

trade

date.

Realized

gains

and

losses

from

investment

transactions

are

determined

on

a

specific

cost

identification

basis,

which

is

the

same

basis

used

for

federal

income

tax

purposes.

(3)

FEES

AND

COMPENSATION

PAID

TO

AFFILIATES

Investment

Advisory

Fees 

—

The

Trust

has

entered

into

an

Investment

Advisory

Agreement

with

Thrivent

Asset

Mgt.

Under

the

Investment

Advisory

Agreement,

each

of

the

Funds

pays

a

fee

for

investment

advisory

services.

The

fees

are

accrued

daily

and

paid

monthly.

The

annual

rates

of

fees

as

a

percent

of

average

daily

net

assets

under

the

Investment

Advisory

Agreement

were

as

follows: 

Expense

Reimbursements 

— For

the

six

months

ended June

28,

2024,

contractual

expense

reimbursements

to

limit

expenses

to

the

following

percentages

were

in

effect: 

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 in

other

Funds,

Thrivent

Cash

Management

Trust,

and

Thrivent

Core Funds.

These

related-party

transactions

are

subject

to

the

same

terms

as

non-related

party

transactions.

To

avoid

duplicate

investment

advisory

fees,

Thrivent

Asset

Mgt.

reimburses

an

amount

equal

to

any

investment

advisory

fees

indirectly

incurred

by

the

Fund

as

a

result

of

its

investment

in

any

other

mutual

fund

for

which

the

Adviser

or

an

affiliate

serves

as

investment

adviser,

other

than

Thrivent

Cash

Management

Trust. 

There

are

no

advisory

fees

for

Thrivent

Core

Funds,

and

therefore

no

reimbursement

is

made

related

to

an

investment

in

this

funds.

Distribution

Plan 

— Thrivent

Distributors,

LLC

is

the

Trust's

distributor. 

The

Trust

has

adopted

a

Distribution

Plan

pursuant

to

Rule

12b-1

under

the

1940

Act. 

Class

A

shares

have

an

annual 12b-1

fee

of 0.25%

of

average

net

assets, a

reduced

fee

of

0.125%

or

no

fee. 

For

the

Funds

presented

under

this

shareholder

report,

Class

A

shares

have

an annual 12b-1

fee of

0.25%.  

Sales

Charges

and

Other

Fees 

—

For

the six

months

ended

June

28,

2024,

Thrivent

Investment

Management

Inc. ("Thrivent

Investment

Mgt.")and

Thrivent

Distributors,

LLC

received

$85,094

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

$80,000

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

28,

2024,

Thrivent

Asset

Mgt.

received

aggregate

fees

for

accounting

and

administrative

personnel

and

services

of $165,993

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

Fund

(M

-

Millions)

$0

to

$50M

Over

$50

to

$100M

Over  

$100

to

$200M

Over

$200

to

$250M

Over

$250

to

$500M

Over

$500

to

$750M

Over  

$750

to

$1,000M

Over

$1,000

to

$2,000M

Over

$2,000

to

$2,500M

Over

$2,500

to

$5,000M

Over

$5,000M

Diversified

Income

Plus

0.550%

0.550%

0.550%

0.550%

0.550%

0.500%

0.500%

0.475%

0.475%

0.450%

0.425%

Multidimensional

Income

0.550%

0.550%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

0.500%

Fund

Class

A

Class

S

Expiration

Date

Multidimensional

Income

N/A

0.75%

2/28/2025

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

28,

2024

(unaudited)

64

and

paid

monthly. 

For

the six

months

ended

June

28,

2024,

Thrivent

Investor

Services

received

$420,227 from

the

Funds

for

transfer

agent

services

covered

in

this

shareholder

report.  

Each

Trustee

who

is

not

affiliated

with

the

Adviser

receives

an

annual

fee

from

the

Trust

for

services

as

a

Trustee

and

is

eligible

to

participate

in

a

deferred

compensation

plan

with

respect

to

fees

received

from

the

Funds.

Participants

in

the

plan

may

designate

their

deferred

Trustee’s

fees

as

if

invested

in a series

of

Thrivent

Mutual

Funds.  Thrivent

Money

Market

is

not

eligible

for

the

deferred

plan. The

value

of

each

Trustee’s

deferred

compensation

account

will

increase

or

decrease

as

if

invested

in

shares

of

a

particular series

of

Thrivent

Mutual

Funds.

Each

participant's 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 $19,686

in

fees

from

the

Funds

covered

in

this

shareholder

report

for

the

six

months

ended

June

28,

2024.

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

Investment

Mgt., Thrivent

Investor

Services

and

Thrivent

Distributors,

LLC;

however,

they

receive

no

compensation

from

the

Trust.

Affiliated

employees

and

board

consultants

are

reimbursed

for

reasonable

expenses

incurred

in

relation

to

board

meeting

attendance.

Acquired

Fund

Fees

and Expenses 

—

Some

Funds

invest

in

other

open-ended

funds.

Fees

and

expenses

of

those

underlying

funds

are

not

included

in

those

Funds'

expense

ratios

reported

in

the

Financial

Highlights.

The

Funds

indirectly

bear

their

proportionate

share

of

the

annualized

weighted

average

expense

ratio

of

the

underlying

funds

in

which

they

invest. This

contractual

provision

may

be

terminated

upon

the

mutual

agreement

between

the

independent

Trustees

of

the

Trust

and

the

Adviser. 

Interfund

Lending 

—

The

Funds

may

participate

in

an

interfund

lending

program

(the

"Program")

pursuant

to

an

exemptive

order

issued

by

the

SEC. 

The

Program permits

the

Funds

to borrow

cash

for

temporary

purposes

from Thrivent

Core

Short-Term

Reserve. 

Interest

is

charged

to

each

participating

Fund

based

on

its

borrowings

at

the

average

of

the

repo

rate

and

bank

loan

rate,

each

as

defined

in

the

Program. 

Each

borrowing

made

under

the

Program

matures

no

later

than

seven

calendar

days

after

the

date

of

the

borrowing,

and

each

borrowing

must

be

securitized

by

a

pledge

of

segregated

collateral

with

a

market

value

at

least

equal

to

102%

of

the

outstanding

principal

value

of

the

loan. 

For

the six

months

ended June

28,

2024,

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

the

amount

of

distributions,

on

a

tax

basis

and

components

of

distributable

earnings,

are

finalized. 

Therefore,

as

of

June

28,

2024,

the

tax

basis

balance

has

not

yet

been

determined.

At

December

31,

2023,

the

following

Funds

had

accumulated

capital

loss

carryovers

as

follows: 

To

the

extent

that

these

Funds

realize

net

capital

gains,

taxable

distributions

will

be

reduced

by

any

unused

capital

loss

carryovers

as

permitted

by

the

Internal

Revenue

Code.

(5)

SECURITY

TRANSACTIONS 

Purchases

and

Sales

of

Investment

Securities 

—

For

the

six

months

ended

June

28,

2024,

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

28,

2024,

the

following

Funds

held

restricted

securities: 

Fund

Capital

Loss

Carryover

Diversified

Income

Plus

$

67,058,704

Multidimensional

Income

5,649,315

In

thousands

Fund

Purchases

Sales/

Paydowns

Diversified

Income

Plus

$187,542

$205,497

Multidimensional

Income

7,933

11,097

In

thousands

Fund

Purchases

Sales/

Paydowns

Diversified

Income

Plus

$80,581

$101,914

Multidimensional

Income

–

1,750

Fund

Number

of

Securities

Percent

of

Fund's

Net

Assets

Diversified

Income

Plus

4

0.39%

Multidimensional

Income

1

0.02

%

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

28,

2024

(unaudited)

65

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

28,

2024, Diversified

Income

Plus Fund engaged

in sale

transactions

in

the

amount

of

$5,397,956

with

a gain

of

$589,378,

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

28,

2024, 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

28,

2024,

no

Funds

had

portfolio

concentration

greater

than

25%

in

certain

sectors.

(10)

SIGNIFICANT

RISKS

Investing

in

the

Funds

involves

risks. 

The

following

is

an

alphabetical

list

of

significant

risks

in

investing

in

the

Funds. 

The

risks

applicable

to

each

Fund

are

listed

in

the

Portfolio

Perspectives

section

above. 

Allocation

Risk

— The

Fund’s

investment

performance

depends

upon

how

its

assets

are

allocated

across

broad

asset

categories

and

applicable

sub-classes

within

such

categories.

Some

broad

asset

categories

and

sub-classes

may

perform

below

expectations

or

the

securities

markets

generally

over

short

and

extended

periods.

Therefore,

a

principal

risk

of

investing

in

the

Fund

is

that

the

allocation

strategies

used

and

the

allocation

decisions

made

will

not

produce

the

desired

results.

Closed-End

Fund

(“CEF”)

Risk

—

Investments

in

CEFs

are

subject

to

various

risks,

including

reliance

on

management’s

ability

to

meet

a

CEF’s

investment

objective

and

to

manage

a

CEF’s

portfolio;

fluctuation

in

the

market

value

of

a

CEF’s

shares

compared

to

the

changes

in

the

value

of

the

underlying

securities

that

the

CEF

owns

(i.e.,

trading

at

a

discount

or

premium

to

its

net

asset

value);

and

that

CEFs

are

permitted

to

invest

in

a

greater

amount

of

“illiquid”

securities

than

typical

mutual

funds.

The

Fund

is

subject

to

a

pro-rata

share

of

the

management

fees

and

expenses

of

each

CEF

in

addition

to

the

Fund’s

management

fees

and

expenses,

resulting

in

Fund

shareholders

subject

to

higher

expenses

than

if

they

invested

directly

in

CEFs.

Conflicts

of

Interest

Risk

—

An

investment

in

the

Fund

is

subject

to

a

number

of

actual

or

potential

conflicts

of

interest.

For

example,

the

Adviser

or

its

affiliates

may

provide

services

to

the

Fund

for

which

the

Fund

would

compensate

the

Adviser

and/or

such

affiliates.

The

Fund

may

invest

in

other

pooled

investment

vehicles

sponsored,

managed,

or

otherwise

affiliated

with

the

Adviser,

including

other

Funds.

The

Adviser

may

have

an

incentive

(financial

or

otherwise)

to

enter

into

transactions

or

arrangements

on

behalf

of

the

Fund

with

itself

or

its

affiliates

in

circumstances

where

it

might

not

have

done

so

otherwise.

The

Adviser

or

its

affiliates

manage

other

investment

funds

and/

or

accounts

(including

proprietary

accounts)

and

have

other

clients

with

investment

objectives

and

strategies

that

are

similar

to,

or

overlap

with,

the

investment

objective

and

strategy

of

the

Fund,

creating

conflicts

of

interest

in

investment

and

allocation

decisions

regarding

the

allocation

of

investments

that

could

be

appropriate

for

the

Fund

and

other

clients

of

the

Adviser

or

their

affiliates.

Convertible

Securities

Risk

— Convertible

securities

are

subject

to

the

usual

risks

associated

with

debt

securities,

such

as

interest

rate

risk

and

credit

risk.

Convertible

securities

also

react

to

changes

in

the

value

of

the

common

stock

into

which

they

convert,

and

are

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

28,

2024

(unaudited)

66

thus

subject

to

market

risk.

The

Fund

may

also

be

forced

to

convert

a

convertible

security

at

an

inopportune

time,

which

may

decrease

the

Fund’s

return.

Credit

Risk

—

Credit

risk

is

the

risk

that

an

issuer

of

a

debt

security

to

which

the

Fund

is

exposed

may

no

longer

be

able

or

willing

to

pay

its

debt.

As

a

result

of

such

an

event,

the

debt

security

may

decline

in

price

and

affect

the

value

of

the

Fund.

Cybersecurity

Risk

—

The

Funds

and

their

service

providers

may

be

susceptible

to

operational,

information

security,

privacy,

fraud,

business

disruption,

and

related

risks.

In

general,

cyber

incidents

can

result

from

deliberate

attacks

or

unintentional

events.

Cyber-attacks

include,

but

are

not

limited

to,

gaining

unauthorized

access

to

digital

systems

to

misappropriate

assets

or

sensitive

information,

corrupt

data,

or

otherwise

disrupt

operations.

Cyber

incidents

affecting

the

Adviser,

or

other

service

providers

(including,

but

not

limited

to,

fund

accountants,

custodians,

transfer

agents,

and

financial

intermediaries)

have

the

ability

to

disrupt

and

impact

business

operations,

potentially

resulting

in

financial

losses,

by

interfering

with

the

Funds’

ability

to

calculate

their

NAV,

corrupting

data

or

preventing

parties

from

sharing

information

necessary

for

the

Funds’

operation,

preventing

or

slowing

trades,

stopping

shareholders

from

making

transactions,

potentially

subjecting

the

Funds

or

the

Adviser

to

regulatory

fines

and

penalties,

and

creating

additional

compliance

costs.

Similar

types

of

cybersecurity

risks

are

also

present

for

issuers

or

securities

in

which

the

Funds

may

invest,

which

could

result

in

material

adverse

consequences

for

such

issuers

and

may

cause

the

Funds’

investments

in

such

companies

to

lose

value.

While

the

Funds’

service

providers

have

established

business

continuity

plans

in

the

event

of

such

cyber

incidents,

there

are

inherent

limitations

in

such

plans

and

systems.

Additionally,

the

Funds

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

their

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Funds

or

their

shareholders.

Although

each

Fund

attempts

to

minimize

such

failures

through

controls

and

oversight,

it

is

not

possible

to

identify

all

of

the

operational

risks

that

may

affect

a

Fund

or

to

develop

processes

and

controls

that

completely

eliminate

or

mitigate

the

occurrence

of

such

failures

or

other

disruptions

in

service.

The

value

of

an

investment

in

a

Fund’s

shares

may

be

adversely

affected

by

the

occurrence

of

the

operational

errors

or

failures

or

technological

issues

or

other

similar

events

and

a

Fund

and

its

shareholders

may

bear

costs

tied

to

these

risks.

Derivatives

Risk

—

The

use

of

derivatives

(such

as

futures,

options,

credit

default

swaps,

and

total

return

swaps)

involves

additional

risks

and

transaction

costs

which

could

leave

a

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Changes

in

the

value

of

the

derivative

may

not

correlate

as

intended

with

the

underlying

asset,

rate

or

index,

and

a

Fund

could

lose

much

more

than

the

original

amount

invested.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

Derivatives

are

also

subject

to

the

risk

that

the

other

party

in

the

transaction

will

not

fulfill

its

contractual

obligations.

Some

derivatives

may

give

rise

to

a

form

of

economic

leverage

and

may

expose

the

Fund

to

greater

risk

and

increase

its

costs.

Such

leverage

may

cause

the

Fund

to

liquidate

portfolio

positions

when

it

may

not

be

advantageous

to

do

so

to

satisfy

its

obligations.

Increases

and

decreases

in

the

value

of

the

Fund’s

portfolio

will

be

magnified

when

the

Fund

uses

leverage.

Futures

contracts,

options

on

futures

contracts,

forward

contracts,

and

options

on

derivatives

can

allow

the

Fund

to

obtain

large

investment

exposures

in

return

for

meeting

relatively

small

margin

requirements.

As

a

result,

investments

in

those

transactions

may

be

highly

leveraged.

The

success

of

a

Fund’s

derivatives

strategies

will

depend

on

the

Adviser’s

ability

to

assess

and

predict

the

impact

of

market

or

economic

developments

on

the

underlying

asset,

index

or

rate

and

the

derivative

itself,

without

the

benefit

of

observing

the

performance

of

the

derivative

under

all

possible

market

conditions.

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

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

28,

2024

(unaudited)

67

developed

countries,

including

class

actions

or

fraud

claims.

Significant

buying

or

selling

actions

by

a

few

major

investors

may

also

heighten

the

volatility

of

emerging

market

securities.

Equity

Security

Risk

—

Equity

securities

held

by

the

Fund

may

decline

significantly

in

price,

sometimes

rapidly

or

unpredictably,

over

short

or

extended

periods

of

time,

and

such

declines

may

occur

because

of

declines

in

the

equity

market

as

a

whole,

or

because

of

declines

in

only

a

particular

country,

geographic

region,

company,

industry,

or

sector

of

the

market.

From

time

to

time,

the

Fund

may

invest

a

significant

portion

of

its

assets

in

companies

in

one

particular

country

or

geographic

region

or

one

or

more

related

sectors

or

industries,

which

would

make

the

Fund

more

vulnerable

to

adverse

developments

affecting

such

countries,

geographic

regions,

sectors

or

industries.

Equity

securities

are

generally

more

volatile

than

most

debt

securities.

ETF Risk 

—

An

ETF

is

subject

to

the

risks

of

the

underlying

investments

that

it

holds.

In

addition,

for

index-based

ETFs,

the

performance

of

an

ETF

may

diverge

from

the

performance

of

such

index

(commonly

known

as

tracking

error).

ETFs

are

subject

to

fees

and

expenses

(like

management

fees

and

operating

expenses)

that

do

not

apply

to

an

index,

and

the

Fund

will

indirectly

bear

its

proportionate

share

of

any

such

fees

and

expenses

paid

by

the

ETFs

in

which

it

invests.

Because

ETFs

trade

on

an

exchange,

there

is

a

risk

that

an

ETF

will

trade

at

a

discount

to

net

asset

value

or

that

investors

will

fail

to

bring

the

trading

price

in

line

with

the

underlying

shares

(known

as

the

arbitrage

mechanism).

There

is

the

possibility

that

an

ETF

may

experience

a

lack

of

liquidity

that

can

result

in

greater

volatility

than

its

underlying

securities.

Foreign

Currency

Risk

—

The

value

of

a

foreign

currency

may

decline

against

the

U.S.

dollar,

which

would

reduce

the

dollar

value

of

securities

denominated

in

that

currency.

The

overall

impact

of

such

a

decline

of

foreign

currency

can

be

significant,

unpredictable,

and

long

lasting,

depending

on

the

currencies

represented,

how

each

one

appreciates

or

depreciates

in

relation

to

the

U.S.

dollar,

and

whether

currency

positions

are

hedged.

Under

normal

conditions,

the

Fund

does

not

engage

in

extensive

foreign

currency

hedging

programs.

Further,

exchange

rate

movements

are

volatile,

and

it

is

not

possible

to

effectively

hedge

the

currency

risks

of

many

developing

countries.

Foreign

Securities

Risk

—

Foreign

securities

generally

carry

more

risk

and

are

more

volatile

than

their

domestic

counterparts,

in

part

because

of

potential

for

higher

political

and

economic

risks,

lack

of

reliable

information

and

fluctuations

in

currency

exchange

rates

where

investments

are

denominated

in

currencies

other

than

the

U.S.

dollar.

Certain

events

in

foreign

markets

may

adversely

affect

foreign

and

domestic

issuers,

including

interruptions

in

the

global

supply

chain,

market

closures,

war,

terrorism,

natural

disasters

and

outbreak

of

infectious

diseases.

The

Fund’s

investment

in

any

country

could

be

subject

to

governmental

actions

such

as

capital

or

currency

controls,

nationalizing

a

company

or

industry,

expropriating

assets,

or

imposing

punitive

taxes

that

would

have

an

adverse

effect

on

security

prices,

and

impair

the

Fund’s

ability

to

repatriate

capital

or

income.

Foreign

securities

may

also

be

more

difficult

to

resell

than

comparable

U.S.

securities

because

the

markets

for

foreign

securities

are

often

less

liquid.

Even

when

a

foreign

security

increases

in

price

in

its

local

currency,

the

appreciation

may

be

diluted

by

adverse

changes

in

exchange

rates

when

the

security’s

value

is

converted

to

U.S.

dollars.

Foreign

withholding

taxes

also

may

apply

and

errors

and

delays

may

occur

in

the

settlement

process

for

foreign

securities.

Government

Securities

Risk

—

The

Fund

invests

in

securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

and

instrumentalities

(such

as

Federal

Home

Loan

Bank,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

securities).

Securities

issued

or

guaranteed

by

Federal

Home

Loan

Banks,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

are

not

issued

directly

by

the

U.S.

government.

Ginnie

Mae

is

a

wholly

owned

U.S.

corporation

that

is

authorized

to

guarantee,

with

the

full

faith

and

credit

of

the

U.S.

government,

the

timely

payment

of

principal

and

interest

of

its

securities.

By

contrast,

securities

issued

or

guaranteed

by

U.S.

government-

related

organizations

such

as

Federal

Home

Loan

Banks,

Fannie

Mae

and

Freddie

Mac

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

would

provide

financial

support

to

its

agencies

and

instrumentalities

if

not

required

to

do

so

by

law.

In

addition,

the

value

of

U.S.

government

securities

may

be

affected

by

changes

in

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

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

28,

2024

(unaudited)

68

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.

Liquidity

Risk

—

Liquidity

is

the

ability

to

sell

a

security

relatively

quickly

for

a

price

that

most

closely

reflects

the

actual

value

of

the

security.

To

the

extent

that

dealers

do

not

maintain

inventories

of

bonds

that

keep

pace

with

the

growth

of

the

bond

markets

over

time,

relatively

low

levels

of

dealer

inventories

could

lead

to

decreased

liquidity

and

increased

volatility

in

the

fixed

income

markets,

particularly

during

periods

of

economic

or

market

stress.

As

a

result

of

this

decreased

liquidity,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

Market Risk

—

Over

time,

securities

markets

generally

tend

to

move

in

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline.

The

value

of

the

Fund’s

investments

may

move

with

these

cycles

and,

in

some

instances,

increase

or

decrease

more

than

the

applicable

market(s)

as

measured

by

the

Fund’s

benchmark

index(es).

The

securities

markets

may

also

decline

because

of

factors

that

affect

a

particular

industry

or

market

sector,

or

due

to

impacts

from

domestic

or

global

events,

including

regulatory

events,

economic

downturn,

government

shutdowns,

the

spread

of

infectious

illness

such

as

the

outbreak

of

COVID-19,

public

health

crises,

war,

terrorism,

social

unrest,

recessions,

natural

disasters

or

similar

events.

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.

Preferred

Securities

Risk

—

There

are

certain

additional

risks

associated

with

investing

in

preferred

securities,

including,

but

not

limited

to,

preferred

securities

may

include

provisions

that

permit

the

issuer,

at

its

discretion,

to

defer

or

omit

distributions

for

a

stated

period

without

any

adverse

consequences

to

the

issuer;

preferred

securities

are

generally

subordinated

to

bonds

and

other

debt

instruments

in

a

company’s

capital

structure

in

terms

of

having

priority

to

corporate

income

and

liquidation

payments,

and

therefore

will

be

subject

to

greater

credit

risk

than

more

senior

debt

instruments;

preferred

securities

may

be

substantially

less

liquid

than

many

other

securities,

such

as

common

stocks

or

U.S.

Government

securities;

generally,

traditional

preferred

securities

offer

no

voting

rights

with

respect

to

the

issuing

company

unless

preferred

dividends

have

been

in

arrears

for

a

specified

number

of

periods,

at

which

time

the

preferred

security

holders

may

elect

a

number

of

directors

to

the

issuer’s

board;

and

in

certain

varying

circumstances,

an

issuer

of

preferred

securities

may

redeem

the

securities

prior

to

a

specified

date.

Prepayment

Risk

—

When

interest

rates

fall,

certain

obligations

will

be

paid

off

by

the

obligor

more

quickly

than

originally

anticipated,

and

a

Fund

may

have

to

invest

the

proceeds

in

securities

with

lower

Thrivent

Mutual

Funds

Notes

to

Financial

Statements

June

28,

2024

(unaudited)

69

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.

70

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

6/28/2024

(unaudited)

$

6.80

$

0.13

$

0.06

$

0.19

$

(0.14)

$

–

Year

Ended

12/31/2023

6.45

0.27

0.36

0.63

(0.28)

–

Year

Ended

12/31/2022

7.62

0.21

(1.16)

(0.95)

(0.22)

–

Year

Ended

12/31/2021

7.63

0.18

0.32

0.50

(0.18)

(0.33)

Year

Ended

12/31/2020

7.34

0.20

0.30

0.50

(0.21)

–

Year

Ended

12/31/2019

6.73

0.23

0.66

0.89

(0.24)

(0.04)

Class

A

Shares

Period

Ended

6/28/2024

(unaudited)

6.88

0.13

0.06

0.19

(0.13)

–

Year

Ended

12/31/2023

6.53

0.27

0.35

0.62

(0.27)

–

Year

Ended

12/31/2022

7.70

0.20

(1.17)

(0.97)

(0.20)

–

Year

Ended

12/31/2021

7.71

0.16

0.32

0.48

(0.16)

(0.33)

Year

Ended

12/31/2020

7.42

0.19

0.29

0.48

(0.19)

–

Year

Ended

12/31/2019

6.80

0.21

0.67

0.88

(0.22)

(0.04)

Multidimensional

Income

Fund

Class

S

Shares

Period

Ended

6/28/2024

(unaudited)

8.75

0.20

0.01

0.21

(0.21)

–

Year

Ended

12/31/2023

8.46

0.39

0.31

0.70

(0.40)

–

Year

Ended

12/31/2022

10.24

0.37

(1.74)

(1.37)

(0.39)

–

Year

Ended

12/31/2021

10.17

0.36

0.21

0.57

(0.36)

(0.13)

Year

Ended

12/31/2020

10.06

0.43

0.11

0.54

(0.41)

–

Year

Ended

12/31/2019

9.13

0.38

0.99

1.37

(0.40)

–

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

fund

shares.

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.  Not

annualized

for

periods

less

than

one

year.

(c)

Portfolio

turnover

rate

may

include

mortgage

dollar

roll

purchase

and

sale

transactions

which

may

increase

portfolio

turnover

rates.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.  

*

**

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Mutual

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

71

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)

$

6.85

2.82%

$

530.1

0.68%

4.00%

0.68%

4.00%

28%

–

(0.28)

6.80

10.05%

549.2

0.68%

4.15%

0.68%

4.15%

80%

–

(0.22)

6.45

(12.55)%

571.1

0.69%

3.07%

0.69%

3.07%

278%

–

(0.51)

7.62

6.55%

679.1

0.68%

2.28%

0.68%

2.28%

268%

–

(0.21)

7.63

7.01%

504.0

0.71%

2.83%

0.71%

2.83%

156%

–

(0.28)

7.34

13.39%

464.2

0.71%

3.18%

0.71%

3.18%

153%

–

(0.13)

6.94

2.81%

446.9

0.93%

3.75%

0.93%

3.75%

28%

–

(0.27)

6.88

9.65%

470.4

0.93%

3.90%

0.93%

3.90%

80%

–

(0.20)

6.53

(12.64)%

495.4

0.94%

2.82%

0.94%

2.82%

278%

–

(0.49)

7.70

6.22%

623.5

0.93%

2.01%

0.93%

2.01%

268%

–

(0.19)

7.71

6.67%

609.6

0.95%

2.58%

0.95%

2.58%

156%

–

(0.26)

7.42

13.12%

620.6

0.96%

2.96%

0.96%

2.96%

153%

–

(0.21)

8.75

2.42%

49.1

0.75%

4.60%

1.16%

4.19%

16%

(0.01)

(0.41)

8.75

8.51%

52.8

0.74%

4.56%

1.08%

4.22%

94%

(0.02)

(0.41)

8.46

(13.49)%

59.8

0.73%

4.16%

1.01%

3.89%

59%

(0.01)

(0.50)

10.24

5.72%

70.2

0.85%

3.38%

1.09%

3.14%

44%

(0.02)

(0.43)

10.17

5.74%

37.5

0.85%

4.14%

1.36%

3.63%

61%

(0.04)

(0.44)

10.06

15.18%

20.6

1.00%

3.89%

1.60%

3.29%

113%

72

Change

in

and

Disagreement

with

Accountants

Not

Applicable

73

Proxy

Disclosures

Supplemental

Proxy

Information

A

special

meeting

of

shareholders

of

Thrivent

Multidimensional

Income

Fund

was

held

on

June

27,

2024

and

adjourned

to

August

1,

2024.

Shareholders

considered

and

approved

an

Agreement

and

Plan

of

Reorganization

providing

for

the

reorganization

of

Thrivent

Multidimensional

Income

Fund

into

Thrivent

Opportunity

Income

Plus

Fund.

The

results

of

the

meeting

were

as

follows:

Shares

Outstanding

(as

of

Record

Date):

5,902,808.66

Total

Shares

Voted:

3,007,079.606

Percentage

of

Shares

Voted:

50.943%

Vote

Total

Shares

Voted

Percentage

of

Shares 

Voted

Percentage

of

Shares

Outstanding

For:

2,810,062.345

93.448%

47.606%

Against:

98,460.744

3.274%

1.668%

Abstain:

98,556.517

3.277%

1.670%

74

Remuneration

Paid

to

Directors,

Officers,

and

Others

The

information

is

disclosed

as

part

of

the

Financial

Statements

included

in

Item

7

of

this

Form

N-CSR.

75

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

Not

Applicable

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 26, 2024                                                                   Thrivent Mutual Funds  

By: /s/ Michael W. Kremenak                        

Michael W. Kremenak 

President  

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

Date:  August 26, 2024                                                                   By: /s/ Michael W. Kremenak                                      

Michael W. Kremenak 

President  

(principal executive officer) 

Date:  August 26, 2024                                                                   By: /s/ Sarah L. Bergstrom                                           

Sarah L. Bergstrom 

Treasurer and Principal Accounting Officer 

(principal financial officer)