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

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number: 811-05075

Thrivent Mutual Funds

(Exact name of registrant as specified in charter)

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Address of principal executive offices) (Zip code)

John D. Jackson, Secretary and Chief Legal Officer

Thrivent Mutual Funds

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 844-7190

Date of fiscal year end: December 31

Date of reporting period: December 31, 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 filed herewith.

(b) Not applicable.

Thrivent Diversified Income Plus Fund

Class A: AAHYX

Annual Shareholder Report - December 31, 2024

This annual shareholder report contains important information about the Thrivent Diversified Income Plus Fund (the Fund) for the 12 months ended December 31, 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 year?

(based on a hypothetical $10,000 investment)

Share Class	Cost of a $10K Investment	Cost Paid as a % of a $10K Investment
Class A	$96	0.93%

How did the Fund perform over the past 12 months?

For the 12 months ended December 31, 2024, Diversified Income Plus Fund (excluding sales charge), earned a return of 6.81%, outperforming the average return of its peer group, the Morningstar Conservative Allocation category which returned 5.41%. The Fund’s broad-based benchmark MSCI All Country World Index - USD Net Returns earned a return of 17.49% over the same period.

The key factors that contributed to the Fund's performance over the past 12 months include:

How did the Fund perform over the past 10 years?

	Class A (including max sales charge) ^{Footnote Reference1}	MSCI All Country World Index - USD Net Returns	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index	Bloomberg U.S. Mortgage-Backed Securities Index	MSCI World Index - USD Net Returns
12/14	9,550	10,000	10,000	10,000	10,000	10,000
12/15	9,491	9,764	10,055	9,728	10,151	9,913
12/16	10,127	10,531	10,321	11,099	10,321	10,657
12/17	11,037	13,056	10,687	11,867	10,577	13,045
12/18	10,694	11,827	10,688	11,644	10,682	11,908
12/19	12,097	14,973	11,620	13,412	11,360	15,203
12/20	12,904	17,406	12,492	14,440	11,800	17,621
12/21	13,707	20,633	12,299	15,111	11,677	21,465
12/22	11,975	16,844	10,699	13,513	10,298	17,571
12/23	13,130	20,584	11,291	15,210	10,817	21,751
12/24	14,025	24,183	11,432	16,239	10,947	25,812

Asset Sector

Top Contributors

Least Contributors

Financials
Information Technology
Foreign Government

U.S. Government & Agencies
Health Care
Materials

Average Annual Total Returns *	1 year	5 year	10 year
Class A (excluding sales charge)^{Footnote Reference1}	6.81%	3.00%	3.92%
Class A (including max sales charge)^{Footnote Reference1}	2.06%	2.06%	3.45%
MSCI All Country World Index - USD Net Returns	17.49%	10.06%	9.23%
Bloomberg U.S. Aggregate Bond Index	1.25%	-0.33%	1.35%
Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index	6.77%	3.90%	4.97%
Bloomberg U.S. Mortgage-Backed Securities Index	1.20%	-0.74%	0.91%
MSCI World Index - USD Net Returns	18.67%	11.17%	9.95%

* Total returns assume reinvestment of all dividends and capital gains. At various times, the Fund's adviser may have waived certain fees and/or reimbursed expenses, without which total returns would have been lower.

¹ The Fund's past performance is not a good predictor of the Fund's future performance. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call 800-847-4836 or visit www.thriventfunds.com/mutual-funds/performance-summary.html for performance results current to the most recent month-end.

Fund Statistics

	Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
	$975,807,380	1,957	50%	$5,213,972

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Thrivent Core Emerging Markets Debt Fund	7.9%
U.S. Treasury Notes	3.0%
U.S. Treasury Notes	1.6%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.6%
U.S. Treasury Notes	1.2%
Thrivent Core International Equity Fund	1.1%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through	0.9%

Portfolio Composition (% of Portfolio)

Value	Value
Long-Term Fixed Income	68.9%
Common Stock	14.8%
Registered Investments Companies	9.9%
Short-Term Investments	4.9%
Preferred Stock	1.5%

Major Market Sectors (% of Net Assets)

Mortgage-Backed Securities	21.0%
Financials	11.5%
U.S. Affiliated Registered Investment Companies	9.0%
U.S. Government & Agencies	7.9%
Asset-Backed Securities	6.4%
Information Technology	5.9%
Collateralized Mortgage Obligations	5.8%
Consumer Discretionary	4.8%
Consumer Staples	3.8%
Energy	3.2%

Material Fund Changes

This is a summary of certain changes of the Fund since December 31, 2023. For more complete information, you may review the Fund's next prospectus which will be available at thriventmutualfunds.com/prospectus or upon request at 800-847-4836.

There were no material changes noted for the Fund that need to be disclosed for the year ended December 31, 2024.

Changes in or Disagreements with Accountants

There were no changes to the Fund's auditor or disagreements with them for the year ended December 31, 2024.

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thriventfunds.com/mutual-funds/fund-literature.html

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

Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

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 A: AAHYX

Annual Shareholder Report - December 31, 2024

Thrivent Diversified Income Plus Fund

Class S: THYFX

Annual Shareholder Report - December 31, 2024

What were the Fund's costs for the last year?

(based on a hypothetical $10,000 investment)

Share Class	Cost of a $10K Investment	Cost Paid as a % of a $10K Investment
Class S	$71	0.68%

How did the Fund perform over the past 12 months?

For the 12 months ended December 31, 2024, Diversified Income Plus Fund, earned a return of 7.01%, outperforming the average return of its peer group, the Morningstar Conservative Allocation category which returned 5.41%. The Fund’s broad-based benchmark MSCI All Country World Index - USD Net Returns earned a return of 17.49% over the same period.

The key factors that contributed to the Fund's performance over the past 12 months include:

How did the Fund perform over the past 10 years?

	Class S^{Footnote Reference1}	MSCI All Country World Index - USD Net Returns	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index	Bloomberg U.S. Mortgage-Backed Securities Index	MSCI World Index - USD Net Returns
12/14	10,000	10,000	10,000	10,000	10,000	10,000
12/15	9,981	9,764	10,055	9,728	10,151	9,913
12/16	10,671	10,531	10,321	11,099	10,321	10,657
12/17	11,653	13,056	10,687	11,867	10,577	13,045
12/18	11,318	11,827	10,688	11,644	10,682	11,908
12/19	12,833	14,973	11,620	13,412	11,360	15,203
12/20	13,733	17,406	12,492	14,440	11,800	17,621
12/21	14,633	20,633	12,299	15,111	11,677	21,465
12/22	12,796	16,844	10,699	13,513	10,298	17,571
12/23	14,081	20,584	11,291	15,210	10,817	21,751
12/24	15,069	24,183	11,432	16,239	10,947	25,812

Asset Sector

Top Contributors

Least Contributors

Financials
Information Technology
Foreign Government

U.S. Government & Agencies
Health Care
Materials

Average Annual Total Returns *	1 year	5 year	10 year
Class S^{Footnote Reference1}	7.01%	3.26%	4.19%
MSCI All Country World Index - USD Net Returns	17.49%	10.06%	9.23%
Bloomberg U.S. Aggregate Bond Index	1.25%	-0.33%	1.35%
Bloomberg U.S. High Yield Ba/B 2% Issuer Capped Index	6.77%	3.90%	4.97%
Bloomberg U.S. Mortgage-Backed Securities Index	1.20%	-0.74%	0.91%
MSCI World Index - USD Net Returns	18.67%	11.17%	9.95%

Fund Statistics

	Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
	$975,807,380	1,957	50%	$5,213,972

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Thrivent Core Emerging Markets Debt Fund	7.9%
U.S. Treasury Notes	3.0%
U.S. Treasury Notes	1.6%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.6%
U.S. Treasury Notes	1.2%
Thrivent Core International Equity Fund	1.1%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.9%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through	0.9%

Portfolio Composition (% of Portfolio)

Value	Value
Long-Term Fixed Income	68.9%
Common Stock	14.8%
Registered Investments Companies	9.9%
Short-Term Investments	4.9%
Preferred Stock	1.5%

Major Market Sectors (% of Net Assets)

Mortgage-Backed Securities	21.0%
Financials	11.5%
U.S. Affiliated Registered Investment Companies	9.0%
U.S. Government & Agencies	7.9%
Asset-Backed Securities	6.4%
Information Technology	5.9%
Collateralized Mortgage Obligations	5.8%
Consumer Discretionary	4.8%
Consumer Staples	3.8%
Energy	3.2%

Material Fund Changes

There were no material changes noted for the Fund that need to be disclosed for the year ended December 31, 2024.

Changes in or Disagreements with Accountants

There were no changes to the Fund's auditor or disagreements with them for the year ended December 31, 2024.

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

Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

Thrivent Diversified Income Plus Fund - Class S: THYFX

Annual Shareholder Report - December 31, 2024

Item 2. Code of Ethics

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments made to or waivers granted under the code of ethics during the period covered by this report. The registrant’s code of ethics is filed herewith pursuant to Item 19(a)(1) of this Form N-CSR.

Item 3. Audit Committee Financial Expert

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

Item 4. Principal Accountant Fees and Services

(a) through (d)

Thrivent Diversified Income Plus Fund a series of Thrivent Mutual Funds, a Massachusetts business trust (the “Trust”). The Trust, as of the date of filing this Form N-CSR, contains a total of 23 series (the “Series”), including the Funds. This Form N-CSR relates to the annual report of each Fund.

The following table presents the aggregate fees billed to the Funds for the respective fiscal years ended December 31, 2023 and December 31, 2024 by the Funds’ independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by PwC during those periods.

Fiscal Years Ended	12/31/2023	12/31/2024

Audit Fees	$49,592	$28,609

Audit-Related Fees⁽¹⁾	$0	$0

Tax Fees⁽²⁾	$14,870	$8,322

All Other Fees⁽³⁾	$0	$0

Total	$64,462	$36,931

⁽¹⁾Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾ Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation. These fees include payments for tax return compliance services, excise distribution review services, and other tax related matters.

⁽³⁾ All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. These figures are also reported in the response to Item 4(g) below.

The following table presents the aggregate fees billed to all Series of the Trust (other than the Funds) with fiscal years ending on October 31 for the fiscal years ended October 31, 2023 and October 31, 2024 by PwC for professional services rendered for the audit of the annual financial statements of the applicable Series and fees billed for other services rendered by PwC during those periods.

Fiscal Years Ended	10/31/2023	10/31/2024

Audit Fees	$625,508	$629,391

Audit-Related Fees⁽¹⁾	$0	$0

Tax Fees⁽²⁾	$171,000	$196,680

All Other Fees⁽³⁾	$0	$0

Total	$796,508	$826,071

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

(f) Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended December 31, 2024 was for work performed by persons other than full-time permanent employees of PwC.

(g) The aggregate non-audit fees billed by PwC to registrant and to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal years set forth below are disclosed in the table below. These figures are also reported in response to Item 4(d) above.

Fiscal Year Ended	10/31/2023	12/31/2023	10/31/2024	12/31/2024
Registrant⁽¹⁾	$0	$0	$0	$0
Adviser	$0	$0	$0	$0

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

Item 5. Audit Committee of Listed Registrants

(a) Not applicable.

(b) 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 audited financial statements and financial highlights as of the end of the period covered by this report are included in this Form N-CSR.

Financial

Statements

and

Additional

Information

December

31,

2024

Thrivent

Mutual

Funds

Table

Contents

Report

Independent

Registered

Public

Accounting

Firm

Schedule

Investments

Thrivent

Diversified

Income

Plus

Fund

Statement

Assets

and

Liabilities

Statement

Operations

Statement

Changes

Net

Assets

Notes

Financial

Statements

Financial

Highlights

Federal

Tax

Information

Change

and

Disagreement

with

Accountants

(Item

Proxy

Disclosures

(Item

Remuneration

Paid

Directors,

Officers,

and

Oth-

ers

(Item

10)

Statement

Regarding

Basis

for

Approval

Invest-

ment

Advisory

Contract

(Item

11)

the

Board

Trustees

Thrivent

Mutual

Funds

and

Shareholders

Thrivent

Diversified

Income

Plus

Fund

Opinion

the

Financial

Statements

have

audited

the

accompanying

statement

assets

and

liabilities,

including

the

schedule

investments,

Thrivent

Diversified

Income

Plus

Fund

(one

the

funds

constituting

Thrivent

Mutual

Funds,

hereafter

collectively

referred

the

"Fund")

December

31,

2024,

the

statement

operations

for

the

year

ended

December

31,

2024,

the

statement

changes

net

assets

for

each

the

two

years

the

period

ended

December

31,

2024,

including

the

notes,

and

the

financial

highlights

for

each

the

five

years

the

period

ended

December

31,

2024

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

the

Fund

December

31,

2024,

the

results

its

operations

for

the

year

then

ended,

the

changes

its

net

assets

for

each

the

two

years

the

period

ended

December

31,

2024

and

the

financial

highlights

for

each

the

five

years

the

period

ended

December

31,

2024

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

the

Fund’s

management.

Our

responsibility

express

opinion

the

Fund’s

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Fund

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

these

financial

statements

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

December

31,

2024

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

performed

other

auditing

procedures.

believe

that

our

audits

provide

reasonable

basis

for

our

opinions.

Minneapolis,

Minnesota

February

18,

2025

have

served

the

auditor

one

investment

companies

the

Thrivent

Financial

investment

company

complex

since

1987.

PricewaterhouseCoopers

LLP,

South

Seventh

Street,

Suite

3400,

Minneapolis,

55402

(612)

596

6000,

www.pwc.com/us

Report

Independent

Registered

Public

Accounting

Firm

Diversified

Income

Plus

Fund

Schedule

Investments

December

31,

2024

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income

68.9%

Value

Asset-Backed

Securities 6.4%

Affirm

Asset

Securitization

Trust

1,250,000

6.820%,

9/15/2028,

Ser.

2023-B,

Class

1,267,514

64,680

7.110%,

11/15/2028,

Ser.

2023-X1,

Class

64,839

1,500,000

5.610%,

2/15/2029,

Ser.

2024-A,

Class

1,510,941

AGL

CLO

13,

Ltd.

1,100,000

6.529%,

(TSFR3M

1.912%),

10/20/2034,

Ser.

2021-13A,

Class

a,b

1,100,516

Anchorage

Capital

CLO

20,

Ltd.

850,000

7.570%,

(TSFR3M

3.200%),

1/20/2035,

Ser.

2021-20A,

Class

a,b

850,000

Anchorage

Capital

CLO

21,

Ltd.

1,225,000

7.279%,

(TSFR3M

2.662%),

10/20/2034,

Ser.

2021-21A,

Class

a,b

1,229,740

Balboa

Bay

Loan

Funding,

Ltd.

625,000

6.331%,

(TSFR3M

1.750%),

10/20/2035,

Ser.

2020-1A,

Class

BRR

a,b

625,041

Ballyrock

CLO,

Ltd.

1,450,000

6.429%,

(TSFR3M

1.812%),

10/20/2031,

Ser.

2020-2A,

Class

A2R

a,b

1,452,781

Business

Jet

Securities,

LLC

814,148

4.455%,

6/15/2037,

Ser.

2022-1A,

Class

789,580

1,635,738

6.197%,

5/15/2039,

Ser.

2024-1A,

Class

1,663,487

CarVal

CLO

IV,

Ltd.

1,250,000

6.629%,

(TSFR3M

2.012%),

7/20/2034,

Ser.

2021-1A,

Class

a,b

1,250,621

CarVal

CLO,

Ltd.

1,700,000

8.317%,

(TSFR3M

3.700%),

4/21/2034,

Ser.

2022-1A,

Class

a,b

1,705,909

Cascade

Funding

Mortgage

Trust,

LLC

724,917

4.250%,

4/25/2033,

Ser.

2023-HB12,

Class

a,b

717,808

Dryden

Senior

Loan

Fund

1,025,000

6.968%,

(TSFR3M

2.312%),

4/15/2029,

Ser.

2014-36A,

Class

CR3

a,b

1,026,170

FirstKey

Homes

Trust

1,400,000

1.968%,

10/19/2037,

Ser.

2020-SFR2,

Class

1,359,569

Hotwire

Funding,

LLC

1,500,000

5.893%,

6/20/2054,

Ser.

2024-1A,

Class

1,515,085

HTAP

964,024

7.000%,

4/25/2037,

Ser.

2024-1,

Class

956,894

HTAP

Issuer

Trust

702,097

6.500%,

4/25/2042,

Ser.

2024-2,

Class

692,049

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Asset-Backed

Securities 6.4%

continued

Huntington

Bank

Auto

Credit-

Linked

Notes

233,491

5.442%,

10/20/2032,

Ser.

2024-2,

Class

233,675

Madison

Park

Funding

XVIII,

Ltd.

1,725,000

6.779%,

(TSFR3M

2.162%),

10/21/2030,

Ser.

2015-18A,

Class

CRR

a,b

1,727,175

MetroNet

Infrastructure

Issuer,

LLC

1,500,000

6.230%,

4/20/2054,

Ser.

2024-1A,

Class

1,530,123

MFA

Trust

732,064

6.330%,

9/25/2054,

Ser.

2024-NPL1,

Class

733,402

Neuberger

Berman

CLO,

Ltd.

1,650,000

7.918%,

(TSFR3M

3.262%),

10/15/2029,

Ser.

2013-15A,

Class

DR2

a,b

1,652,759

Pagaya

Debt

Grantor

Trust

1,150,000

5.092%,

7/15/2032,

Ser.

2024-11,

Class

1,150,671

Pagaya

Debt

Grantor

Trust

and

Pagaya

Debt

Trust

694,956

6.093%,

11/15/2031,

Ser.

2024-6,

Class

701,933

Palmer

Square

Loan

Funding,

Ltd.

250,000

6.150%,

(TSFR3M

1.700%),

1/15/2033,

Ser.

2024-2A,

Class

a,b

250,005

Pretium

Mortgage

Credit

Partners,

LLC

1,900,000

5.438%,

1/25/2052,

Ser.

2022-NPL1,

Class

a,c

1,826,806

1,222,076

7.021%,

2/25/2054,

Ser.

2024-NPL2,

Class

a,c

1,227,173

1,252,641

7.143%,

3/25/2054,

Ser.

2024-RN1,

Class

a,c

1,256,863

1,455,836

7.520%,

4/27/2054,

Ser.

2024-NPL3,

Class

a,c

1,471,056

1,324,375

3.721%,

7/25/2051,

Ser.

2021-NPL3,

Class

a,c

1,300,752

1,462,817

6.996%,

7/25/2054,

Ser.

2024-NPL4,

Class

a,c

1,469,150

Progress

Residential

Trust

2,350,000

3.600%,

4/17/2039,

Ser.

2022-SFR3,

Class

2,262,364

PRPM,

LLC

437,853

6.474%,

7/25/2026,

Ser.

2021-6,

Class

a,c

430,928

RCKT

Mortgage

Trust

1,020,402

6.147%,

6/25/2044,

Ser.

2024-CES4,

Class

A1A

a,c

1,028,218

RCO

VII

Mortgage,

LLC

1,067,321

7.021%,

1/25/2029,

Ser.

2024-1,

Class

a,c

1,070,216

Renaissance

Home

Equity

Loan

Trust

1,429,634

5.797%,

8/25/2036,

Ser.

2006-2,

Class

AF3

518,476

Ltd.

1,250,000

6.356%,

(TSFR3M

1.700%),

7/15/2037,

Ser.

2020-8A,

Class

A2R

a,b

1,256,010

Diversified

Income

Plus

Fund

Schedule

Investments

December

31,

2024

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Asset-Backed

Securities 6.4%

continued

Saxon

Asset

Securities

Trust

567,623

2.546%,

8/25/2035,

Ser.

2004-2,

Class

MF2

488,286

Sculptor

CLO,

Ltd.

950,000

7.279%,

(TSFR3M

2.662%),

1/20/2035,

Ser.

28A,

Class

a,b

951,522

Signal

Peak

CLO

Ltd.

1,100,000

6.295%,

(TSFR3M

1.950%),

4/17/2034,

Ser.

2014-1A,

Class

CR4

a,b

1,100,000

Silver

Point

CLO

Ltd.

1,800,000

7.317%,

(TSFR3M

2.700%),

4/20/2035,

Ser.

2023-2A,

Class

a,b

1,806,764

Stanwich

Mortgage

Loan

Company,

LLC

59,243

6.235%,

10/16/2026,

Ser.

2021-NPB1,

Class

59,373

Symphony

CLO

XX,

Ltd.

1,050,000

7.647%,

(TSFR3M

3.000%),

1/16/2032,

Ser.

2018-20A,

Class

DR2

a,b

1,052,381

TCW

CLO,

Ltd.

1,400,000

6.330%,

(TSFR3M

1.800%),

10/25/2035,

Ser.

2018-1A,

Class

BR3

a,b

1,399,175

Unlock

HEA

Trust

1,382,529

7.000%,

10/25/2038,

Ser.

2023-1,

Class

1,374,855

1,386,991

7.000%,

4/25/2039,

Ser.

2024-1,

Class

1,377,746

647,129

6.500%,

10/25/2039,

Ser.

2024-2,

Class

632,669

Upstart

Securitization

Trust

117,225

6.770%,

6/20/2033,

Ser.

2023-2,

Class

117,661

Vericrest

Opportunity

Loan

Transferee

1,311,680

4.826%,

2/27/2051,

Ser.

2021-NPL2,

Class

a,c

1,306,662

1,628,469

4.949%,

2/27/2051,

Ser.

2021-NPL3,

Class

a,c

1,622,535

1,145,049

4.826%,

4/25/2051,

Ser.

2021-NPL6,

Class

a,c

1,128,518

338,654

4.949%,

4/25/2051,

Ser.

2021-NPL8,

Class

a,c

333,893

1,736,615

4.826%,

5/25/2051,

Ser.

2021-NPL9,

Class

a,c

1,701,380

401,813

5.438%,

12/26/2051,

Ser.

2021-NP12,

Class

a,c

382,383

Whitebox

CLO

Ltd.

500,000

6.635%,

(TSFR3M

2.000%),

7/24/2036,

Ser.

2019-1A,

Class

CRR

a,b

500,893

Whitebox

CLO

IV,

Ltd.

1,250,000

7.217%,

(TSFR3M

2.600%),

4/20/2036,

Ser.

2023-4A,

Class

a,b

1,257,305

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Asset-Backed

Securities 6.4%

continued

Wind

River

CLO,

Ltd.

950,000

6.879%,

(TSFR3M

2.262%),

7/20/2030,

Ser.

2013-1A,

Class

BRR

a,b

950,927

Total

62,421,227

Basic

Materials 0.9%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

167,000

8.625%,

6/15/2029

175,473

ATI,

Inc.

268,000

7.250%,

8/15/2030

275,585

Axalta

Coating

Systems

Dutch

Holding

163,000

7.250%,

2/15/2031

168,678

Cascades,

Inc./Cascades

USA,

Inc.

297,000

5.125%,

1/15/2026

a,d

294,004

Chemours

Company

270,000

5.750%,

11/15/2028

250,813

Cleveland-Cliffs,

Inc.

130,000

5.875%,

6/1/2027

129,263

210,000

4.625%,

3/1/2029

194,991

118,000

4.875%,

3/1/2031

105,333

78,000

7.375%,

5/1/2033

76,612

118,000

6.250%,

10/1/2040

101,799

Consolidated

Energy

Finance

409,000

5.625%,

10/15/2028

333,576

Ecolab,

Inc.

174,000

2.125%,

2/1/2032

144,638

First

Quantum

Minerals,

Ltd.

149,000

6.875%,

10/15/2027

148,293

FMC

Corporation

135,000

5.150%,

5/18/2026

135,146

FMG

Resources

August

2006,

Pty.

Ltd.

118,000

5.875%,

4/15/2030

115,969

Glencore

Funding,

LLC

136,000

5.893%,

4/4/2054

131,940

196,000

4.000%,

3/27/2027

192,178

Hecla

Mining

Company

160,000

7.250%,

2/15/2028

161,003

Hudbay

Minerals,

Inc.

198,000

4.500%,

4/1/2026

195,171

Illuminate

Buyer,

LLC/Illuminate

Holdings

IV,

Inc.

142,000

9.000%,

7/1/2028

143,781

INEOS

Finance

plc

353,000

7.500%,

4/15/2029

361,339

International

Flavors

Fragrances,

Inc.

201,000

1.230%,

10/1/2025

195,391

Magnera

Corporation

179,000

7.250%,

11/15/2031

174,749

Mercer

International,

Inc.

143,000

5.125%,

2/1/2029

123,608

Methanex

Corporation

179,000

5.125%,

10/15/2027

175,187

119,000

5.250%,

12/15/2029

114,675

Diversified

Income

Plus

Fund

Schedule

Investments

December

31,

2024

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Basic

Materials 0.9%

continued

Methanex

Operations,

Inc.

102,000

6.250%,

3/15/2032

100,914

Mineral

Resources,

Ltd.

192,000

9.250%,

10/1/2028

201,441

Mosaic

Company

198,000

5.375%,

11/15/2028

200,172

Newmont

Corporation/Newcrest

Finance,

Pty.

Ltd.

200,000

5.350%,

3/15/2034

198,988

Novelis

Corporation

53,000

3.250%,

11/15/2026

50,483

124,000

4.750%,

1/30/2030

114,455

150,000

3.875%,

8/15/2031

129,149

Nutrien,

Ltd.

273,000

4.000%,

12/15/2026

269,217

Peabody

Energy

Corporation,

Convertible

354,000

3.250%,

3/1/2028

446,394

SCIL

IV,

LLC/SCIL

USA

Holdings,

LLC

250,000

5.375%,

11/1/2026

244,852

Sherwin-Williams

Company

144,000

4.800%,

9/1/2031

142,104

Smurfit

Kappa

Treasury,

ULC

210,000

5.777%,

4/3/2054

207,995

SNF

Group

SACA

392,000

3.375%,

3/15/2030

343,536

SunCoke

Energy,

Inc.

435,000

4.875%,

6/30/2029

396,565

Taseko

Mines,

Ltd.

248,000

8.250%,

5/1/2030

253,145

Tronox,

Inc.

124,000

4.625%,

3/15/2029

111,296

United

States

Steel

Corporation,

Convertible

242,000

5.000%,

11/1/2026

620,972

Westlake

Corporation

130,000

3.600%,

8/15/2026

127,345

Total

8,778,218

Capital

Goods 1.7%

Advanced

Drainage

Systems,

Inc.

242,000

6.375%,

6/15/2030

242,021

AECOM

128,000

5.125%,

3/15/2027

126,771

Array

Technologies,

Inc.,

Convertible

459,000

1.000%,

12/1/2028

333,922

BAE

Systems

plc

200,000

5.500%,

3/26/2054

194,701

Boeing

Company

136,000

6.858%,

5/1/2054

144,547

412,000

5.930%,

5/1/2060

381,227

222,000

2.196%,

2/4/2026

215,294

197,000

3.250%,

3/1/2028

185,105

293,000

5.150%,

5/1/2030

288,893

68,000

6.528%,

5/1/2034

71,237

Bombardier,

Inc.

56,000

7.875%,

4/15/2027

56,085

146,000

6.000%,

2/15/2028

145,408

258,000

7.250%,

7/1/2031

266,069

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Capital

Goods 1.7%

continued

338,000

7.000%,

6/1/2032

a,d

343,834

Builders

FirstSource,

Inc.

250,000

5.000%,

3/1/2030

237,654

Camelot

Return

Merger

Sub,

Inc.

177,000

8.750%,

8/1/2028

169,611

Canpack

SA/Canpack

US,

LLC

366,000

3.875%,

11/15/2029

329,588

Carrier

Global

Corporation

265,000

2.722%,

2/15/2030

237,055

Chart

Industries,

Inc.

296,000

7.500%,

1/1/2030

307,745

Clydesdale

Acquisition

Holdings,

Inc.

58,000

6.625%,

4/15/2029

58,384

Crown

Cork

Seal

Company,

Inc.

142,000

7.375%,

12/15/2026

145,685

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

252,000

6.625%,

12/15/2030

252,336

ESAB

Corporation

98,000

6.250%,

4/15/2029

99,219

Fluor

Corporation,

Convertible

416,000

1.125%,

8/15/2029

522,704

GFL

Environmental,

Inc.

311,000

4.000%,

8/1/2028

294,484

300,000

3.500%,

9/1/2028

282,740

Greenbrier

Companies,

Inc.,

Convertible

249,000

2.875%,

4/15/2028

301,414

H&E

Equipment

Services,

Inc.

386,000

3.875%,

12/15/2028

352,780

Herc

Holdings,

Inc.

76,000

5.500%,

7/15/2027

75,029

194,000

6.625%,

6/15/2029

196,458

Honeywell

International,

Inc.

272,000

5.250%,

3/1/2054

254,723

Howmet

Aerospace,

Inc.

205,000

6.750%,

1/15/2028

214,323

Huntington

Ingalls

Industries,

Inc.

196,000

4.200%,

5/1/2030

185,992

Ingersoll

Rand,

Inc.

226,000

5.176%,

6/15/2029

228,233

68,000

5.700%,

8/14/2033

69,582

John

Bean

Technologies

Corporation,

Convertible

299,000

0.250%,

5/15/2026

296,907

John

Deere

Capital

Corporation

141,000

4.700%,

6/10/2030

140,643

280,000

4.400%,

9/8/2031

271,675

144,000

3.900%,

6/7/2032

133,826

67,000

5.150%,

9/8/2033

67,217

L3Harris

Technologies,

Inc.

144,000

5.400%,

1/15/2027

145,770

Lockheed

Martin

Corporation

187,000

5.200%,

2/15/2064

173,442

Martin

Marietta

Materials,

Inc.

111,000

5.150%,

12/1/2034

108,993

Miter

Brands

Acquisition

Holdco,

Inc./MIWD

Borrower,

LLC

74,000

6.750%,

4/1/2032

74,347

Diversified

Income

Plus

Fund

Schedule

Investments

December

31,

2024

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Capital

Goods 1.7%

continued

MIWD

Holdco

II,

LLC

72,000

5.500%,

2/1/2030

68,009

Mueller

Water

Products,

Inc.

249,000

4.000%,

6/15/2029

230,045

Nesco

Holdings

II,

Inc.

284,000

5.500%,

4/15/2029

263,524

New

Enterprise

Stone

and

Lime

Company,

Inc.

359,000

5.250%,

7/15/2028

346,806

Northrop

Grumman

Corporation

275,000

5.200%,

6/1/2054

255,813

63,000

4.700%,

3/15/2033

61,067

European

Group

251,000

4.750%,

2/15/2030

223,450

Otis

Worldwide

Corporation

230,000

2.056%,

4/5/2025

228,226

Owens-Brockway

Glass

Container,

Inc.

216,000

6.625%,

5/13/2027

215,072

Pactiv

Evergreen

Group

116,000

4.375%,

10/15/2028

115,907

Parker-Hannifin

Corporation

141,000

4.250%,

9/15/2027

139,514

Patrick

Industries,

Inc.,

Convertible

180,000

1.750%,

12/1/2028

244,780

Republic

Services,

Inc.

131,000

3.950%,

5/15/2028

127,546

131,000

5.000%,

12/15/2033

128,866

Resideo

Funding,

Inc.

246,000

6.500%,

7/15/2032

246,307

Reworld

Holding

Corporation

111,000

4.875%,

12/1/2029

102,655

Roller

Bearing

Company

America,

Inc.

336,000

4.375%,

10/15/2029

313,950

RTX

Corporation

204,000

5.750%,

1/15/2029

210,594

575,000

4.500%,

6/1/2042

496,280

Sealed

Air

Corporation/Sealed

Air

Corporation

(US)

188,000

6.125%,

2/1/2028

188,626

Smyrna

Ready

Mix

Concrete,

LLC

343,000

8.875%,

11/15/2031

359,620

Spirit

AeroSystems,

Inc.

103,000

3.850%,

6/15/2026

100,520

60,000

9.750%,

11/15/2030

66,396

SRM

Escrow

Issuer,

LLC

85,000

6.000%,

11/1/2028

82,906

Standard

Industries,

Inc./NY

118,000

4.750%,

1/15/2028

112,926

118,000

3.375%,

1/15/2031

101,174

Textron,

Inc.

196,000

3.650%,

3/15/2027

190,992

Trane

Technologies

Financing,

Ltd.

151,000

5.100%,

6/13/2034

149,296

TransDigm,

Inc.

75,000

6.750%,

8/15/2028

75,654

416,000

7.125%,

12/1/2031

425,969

347,000

6.625%,

3/1/2032

350,132

Trivium

Packaging

Finance

184,000

5.500%,

8/15/2026

181,365

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Capital

Goods 1.7%

continued

United

Rentals

North

America,

Inc.

310,000

4.000%,

7/15/2030

282,200

Veralto

Corporation

139,000

5.350%,

9/18/2028

140,777

Waste

Connections,

Inc.

70,000

3.200%,

6/1/2032

61,266

WESCO

Distribution,

Inc.

124,000

6.375%,

3/15/2029

125,657

87,000

6.625%,

3/15/2032

88,425

Total

16,325,985

Collateralized

Mortgage

Obligations 5.8%

A&D

Mortgage

Trust

353,493

6.498%,

4/25/2069,

Ser.

2024-NQM2,

Class

a,c

356,704

ACRA

Trust

695,840

5.912%,

10/25/2064,

Ser.

2024-NQM1,

Class

a,c

693,483

Alternative

Loan

Trust

532,785

6.000%,

8/1/2036,

Ser.

2006-24CB,

Class

276,284

Banc

America

Alternative

Loan

Trust

495,339

6.000%,

11/25/2035,

Ser.

2005-10,

Class

3CB1

431,072

Banc

America

Mortgage

Securities

Trust

284,509

6.404%,

9/25/2035,

Ser.

2005-H,

Class

3A1

266,681

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

77,480

7.080%,

(CMT

2.300%),

10/25/2035,

Ser.

2005-9,

Class

72,683

CAFL

Issuer,

LLC

666,539

2.239%,

3/28/2029,

Ser.

2021-RTL1,

Class

a,c

661,002

CHL

Mortgage

Pass-Through

Trust

106,822

6.744%,

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

103,081

701,303

6.000%,

11/25/2037,

Ser.

2007-18,

Class

1A2

303,125

CHNGE

Mortgage

Trust

1,185,285

3.757%,

3/25/2067,

Ser.

2022-2,

Class

a,b

1,118,046

1,042,316

5.000%,

5/25/2067,

Ser.

2022-3,

Class

a,b

1,026,840

1,080,868

6.525%,

6/25/2058,

Ser.

2023-2,

Class

a,c

1,088,661

743,462

5.820%,

6/25/2067,

Ser.

2022-NQM1,

Class

a,c

741,081

709,971

7.100%,

7/25/2058,

Ser.

2023-3,

Class

a,c

718,700

776,549

6.000%,

10/25/2057,

Ser.

2022-4,

Class

a,c

773,353

CIM

Trust

1,282,000

7.100%,

4/25/2058,

Ser.

2023-I1,

Class

a,c

1,291,833

Citigroup

Mortgage

Loan

Trust,

Inc.

83,258

5.500%,

8/25/2034,

Ser.

2004-NCM2,

Class

1CB1

80,210

Diversified

Income

Plus

Fund

Schedule

Investments

December

31,

2024

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Collateralized

Mortgage

Obligations 5.8%

continued

840,813

5.251%,

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

743,327

COLT

Mortgage

Loan

Trust

1,129,629

6.328%,

12/25/2068,

Ser.

2024-INV1,

Class

a,c

1,137,708

Countrywide

Alternative

Loan

Trust

414,659

5.000%,

3/25/2035,

Ser.

2005-3CB,

Class

1A1

335,284

219,232

4.160%,

10/25/2035,

Ser.

2005-43,

Class

4A1

176,678

143,860

5.500%,

2/25/2036,

Ser.

2005-85CB,

Class

2A2

113,073

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

437,780

5.190%,

11/25/2035,

Ser.

2005-22,

Class

2A1

358,102

CSMC

Trust

674,074

6.567%,

8/25/2067,

Ser.

2022-ATH3,

Class

a,b

674,136

535,074

2.572%,

11/25/2066,

Ser.

2022-NQM1,

Class

a,b

449,520

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

631,262

5.250%,

6/25/2035,

Ser.

2005-3,

Class

4A6

559,177

290,863

4.250%,

8/25/2035,

Ser.

2005-AR1,

Class

2A3

253,746

Federal

Home

Loan

Mortgage

Corporation

1,354,672

3.500%,

8/15/2035,

Ser.

345,

Class

131,622

Federal

Home

Loan

Mortgage

Corporation

REMIC

2,646,995

4.000%,

1/25/2051,

Ser.

5249,

Class

2,560,258

1,540,299

Zero

Coupon,

9/25/2053,

Ser.

5334,

Class

1,214,315

5,907,190

1.500%,

12/25/2050,

Ser.

5107,

Class

463,386

33,758

2.500%,

5/15/2027,

Ser.

4106,

Class

137

360,743

3.000%,

5/15/2027,

Ser.

4046,

Class

6,975

439,715

3.000%,

7/15/2027,

Ser.

4084,

Class

11,018

582,606

3.000%,

7/15/2027,

Ser.

4074,

Class

14,737

240,554

2.500%,

2/15/2028,

Ser.

4162,

Class

5,586

501,765

2.500%,

2/15/2028,

Ser.

4161,

Class

12,254

804,779

2.500%,

3/15/2028,

Ser.

4177,

Class

21,497

1,088,284

3.500%,

10/15/2032,

Ser.

4119,

Class

90,392

730,689

3.000%,

2/15/2033,

Ser.

4170,

Class

51,746

931,143

3.000%,

4/15/2033,

Ser.

4203,

Class

38,949

Federal

National

Mortgage

Association

REMIC

1,365,893

4.500%,

6/25/2052,

Ser.

2022-43,

Class

1,339,060

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Collateralized

Mortgage

Obligations 5.8%

continued

709,099

3.000%,

7/25/2027,

Ser.

2012-73,

Class

15,548

434,586

3.000%,

7/25/2027,

Ser.

2012-74,

Class

9,195

584,280

3.000%,

8/25/2027,

Ser.

2012-95,

Class

7,566

479,625

3.500%,

9/25/2027,

Ser.

2012-98,

Class

11,747

1,392,099

3.000%,

11/25/2027,

Ser.

2012-121,

Class

35,533

979,391

3.000%,

12/25/2027,

Ser.

2012-139,

Class

23,456

331,538

2.500%,

1/25/2028,

Ser.

2012-152,

Class

7,759

872,440

3.000%,

1/25/2028,

Ser.

2012-147,

Class

19,122

236,311

2.500%,

2/25/2028,

Ser.

2013-46,

Class

3,452

331,551

3.000%,

2/25/2028,

Ser.

2013-2,

Class

9,073

209,775

3.000%,

4/25/2028,

Ser.

2013-30,

Class

6,105

310,325

3.000%,

11/25/2031,

Ser.

2013-69,

Class

2,720

1,017,454

3.000%,

2/25/2033,

Ser.

2013-1,

Class

77,267

First

Horizon

Alternative

Mortgage

Securities

Trust

158,744

7.003%,

3/25/2035,

Ser.

2005-AA2,

Class

1A1

154,606

138,070

5.576%,

7/25/2035,

Ser.

2005-AA5,

Class

2A1

127,400

Flagstar

Mortgage

Trust

468,237

2.500%,

9/25/2041,

Ser.

2021-9INV,

Class

a,b

412,411

GCAT

Trust

1,048,675

4.250%,

5/25/2067,

Ser.

2023-NQM4,

Class

a,b

959,890

324,266

6.000%,

9/25/2054,

Ser.

2024-INV3,

Class

a,b

323,392

GMAC

Mortgage

Corporation

Loan

Trust

311,447

3.863%,

5/25/2035,

Ser.

2005-AR2,

Class

264,521

Government

National

Mortgage

Association

77,413

4.000%,

1/16/2027,

Ser.

2012-3,

Class

1,003

Mortgage-Backed

Securities

Trust

997,633

5.500%,

10/27/2053,

Ser.

2023-PJ3,

Class

A16

a,b

992,611

Home

RE,

Ltd.

1,550,000

9.160%,

(SOFR30A

4.600%),

10/25/2033,

Ser.

2023-1,

Class

M1B

a,b

1,605,912

1,336,987

8.069%,

(SOFR30A

3.500%),

10/25/2034,

Ser.

2022-1,

Class

M1B

a,b

1,345,915

IndyMac

IMJA

Mortgage

Loan

Trust

949,211

6.250%,

11/25/2037,

Ser.

2007-A3,

Class

389,552

Diversified

Income

Plus

Fund

Schedule

Investments

December

31,

2024

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Collateralized

Mortgage

Obligations 5.8%

continued

J.P.

Morgan

Mortgage

Trust

697,394

2.774%,

5/25/2052,

Ser.

2021-LTV2,

Class

a,b

571,979

1,017,534

5.000%,

10/25/2053,

Ser.

2023-3,

Class

A4A

a,b

1,000,518

71,312

6.500%,

1/25/2035,

Ser.

2005-S1,

Class

1A2

72,078

351,492

5.289%,

2/25/2036,

Ser.

2006-A1,

Class

2A2

249,219

LHOME

Mortgage

Trust

900,000

7.017%,

1/25/2029,

Ser.

2024-RTL1,

Class

a,c

909,292

750,000

6.900%,

5/25/2029,

Ser.

2024-RTL3,

Class

a,c

757,513

Merrill

Lynch

Alternative

Note

Asset

Trust

891,555

6.000%,

3/25/2037,

Ser.

2007-F1,

Class

2A1

307,583

MFA

Trust

1,500,000

7.093%,

2/25/2029,

Ser.

2024-RTL1,

Class

a,c

1,509,978

MortgageIT

Securities

Corporation

Mortgage

Loan

Trust

1,622,106

4.913%,

(TSFR1M

0.574%),

6/25/2047,

Ser.

2007-1,

Class

1A1

1,419,654

NYMT

Loan

Trust

1,000,000

7.154%,

2/25/2029,

Ser.

2024-BPL1,

Class

a,c

1,011,098

1,150,000

6.509%,

5/25/2039,

Ser.

2024-BPL2,

Class

a,c

1,159,174

Pretium

Mortgage

Credit

Partners,

LLC

350,000

8.956%,

10/25/2054,

Ser.

2024-NPL7,

Class

a,c

349,909

PRKCM

Trust

1,263,579

7.087%,

6/25/2058,

Ser.

2023-AFC2,

Class

1,269,340

1,148,426

7.627%,

11/25/2058,

Ser.

2023-AFC4,

Class

a,c

1,172,583

PRPM,

LLC

1,122,924

4.000%,

1/25/2054,

Ser.

2024-RCF1,

Class

a,c

1,095,989

1,000,000

3.500%,

5/25/2054,

Ser.

2024-RPL2,

Class

a,c

920,916

798,266

5.689%,

9/25/2029,

Ser.

2024-5,

Class

a,c

795,232

487,339

5.699%,

11/25/2029,

Ser.

2024-6,

Class

a,c

487,388

750,000

8.835%,

12/25/2029,

Ser.

2024-7,

Class

a,c

749,269

Residential

Accredit

Loans,

Inc.

Trust

391,883

6.000%,

8/25/2035,

Ser.

2005-QS10,

Class

337,446

281,137

6.000%,

1/25/2037,

Ser.

2007-QS1,

Class

1A1

216,867

528,491

6.250%,

4/25/2037,

Ser.

2007-QS6,

Class

432,052

Residential

Asset

Securitization

Trust

424,850

4.971%,

1/25/2034,

Ser.

2004-IP1,

Class

399,300

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Collateralized

Mortgage

Obligations 5.8%

continued

Residential

Funding

Mortgage

Security

Trust

361,241

6.000%,

7/25/2037,

Ser.

2007-S7,

Class

A20

283,069

Roc

Mortgage

Trust

408,731

3.487%,

8/25/2026,

Ser.

2021-RTL1,

Class

a,b

408,731

1,250,000

5.589%,

10/25/2039,

Ser.

2024-RTL1,

Class

a,c

1,241,335

Saluda

Grade

Alternative

Mortgage

Trust

2,000,000

7.439%,

7/25/2030,

Ser.

2024-RTL6,

Class

a,c

2,012,137

Sequoia

Mortgage

Trust

424,383

3.972%,

9/20/2046,

Ser.

2007-1,

Class

4A1

284,546

Structured

Adjustable

Rate

Mortgage

Loan

Trust

177,369

5.166%,

7/25/2035,

Ser.

2005-15,

Class

4A1

150,116

Toorak

Mortgage

Trust

1,500,000

7.333%,

2/25/2031,

Ser.

2024-1,

Class

a,c

1,513,890

Triangle

Re,

Ltd.

1,556,223

7.969%,

(SOFR30A

3.400%),

11/25/2033,

Ser.

2023-1,

Class

M1A

a,b

1,579,967

TVC

Mortgage

Trust

1,500,000

8.250%,

11/25/2027,

Ser.

2023-RTL1,

Class

a,c

1,516,395

Verus

Securitization

Trust

1,069,424

2.491%,

11/25/2066,

Ser.

2021-8,

Class

a,b

938,427

1,091,017

6.560%,

12/25/2067,

Ser.

2023-1,

Class

a,c

1,096,657

WaMu

Mortgage

Pass-Through

Certificates

128,325

6.600%,

5/25/2033,

Ser.

2003-AR4,

Class

125,339

Washington

Mutual

Mortgage

Pass-Through

Certificates

304,029

6.000%,

3/25/2035,

Ser.

2005-1,

Class

254,667

Total

56,170,931

Commercial

Mortgage-Backed

Securities 0.5%

BANK

2018-BNK12

1,000,000

4.342%,

5/15/2061,

Ser.

2018-BN12,

Class

966,440

BBCMS

Mortgage

Trust

5,970,388

1.150%,

9/15/2055,

Ser.

2022-C17,

Class

b,e

422,139

ROCK

Trust

1,150,000

5.388%,

11/13/2041,

Ser.

2024-CNTR,

Class

1,146,794

Silver

Hill

Trust

145,886

3.102%,

11/25/2049,

Ser.

2019-1,

Class

a,b

142,497

Velocity

Commercial

Capital

Loan

Trust

707,504

6.550%,

1/25/2054,

Ser.

2024-1,

Class

a,b

710,060

Diversified

Income

Plus

Fund

Schedule

Investments

December

31,

2024

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Commercial

Mortgage-Backed

Securities 0.5%

continued

548,628

6.650%,

6/25/2054,

Ser.

2024-3,

Class

a,b

552,747

1,042,586

7.670%,

11/25/2053,

Ser.

2023-4,

Class

a,b

1,066,400

Total

5,007,077

Communications

Services 2.3%

AMC

Networks,

Inc.

62,000

10.250%,

1/15/2029

65,830

American

Tower

Corporation

260,000

4.400%,

2/15/2026

258,672

135,000

1.450%,

9/15/2026

127,626

191,000

5.500%,

3/15/2028

193,823

136,000

5.800%,

11/15/2028

139,616

196,000

3.800%,

8/15/2029

185,547

191,000

5.000%,

1/31/2030

189,900

AppLovin

Corporation

225,000

5.500%,

12/1/2034

223,323

AT&T,

Inc.

224,000

5.700%,

3/1/2057

214,983

688,000

3.550%,

9/15/2055

462,739

407,000

4.300%,

2/15/2030

394,169

136,000

5.400%,

2/15/2034

136,545

Bell

Telephone

Company

Canada

134,000

5.100%,

5/11/2033

130,217

Cable

One,

Inc.,

Convertible

178,000

1.125%,

3/15/2028

146,405

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

433,000

5.125%,

5/1/2027

425,475

42,000

5.000%,

2/1/2028

40,484

16,000

4.750%,

3/1/2030

14,611

695,000

4.500%,

8/15/2030

623,829

291,000

4.250%,

2/1/2031

253,614

204,000

4.750%,

2/1/2032

179,046

360,000

4.250%,

1/15/2034

292,064

CenterPoint

Energy,

Inc.,

Convertible

9,881

3.369%,

9/15/2029

391,683

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

537,000

4.200%,

3/15/2028

519,101

196,000

5.050%,

3/30/2029

191,784

199,000

6.550%,

6/1/2034

203,559

Clear

Channel

Outdoor

Holdings,

Inc.

266,000

7.875%,

4/1/2030

273,765

Clear

Channel

Worldwide

Holdings,

Inc.

198,000

5.125%,

8/15/2027

190,588

Comcast

Corporation

408,000

5.650%,

6/1/2054

394,403

326,000

3.400%,

4/1/2030

302,494

Crown

Castle,

Inc.

218,000

2.900%,

3/15/2027

209,300

83,000

4.900%,

9/1/2029

82,078

Deluxe

Corporation

73,000

8.125%,

9/15/2029

74,023

Principal

Amount

Long-Term

Fixed

Income 68.9%

Value

Communications

Services 2.3%

continued

Deutsche

Telekom

International

Finance

368,000

8.750%,

6/15/2030

427,561

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

642,000

5.875%,

8/15/2027

625,500

Frontier

Communications

Holdings,

LLC

250,000

5.875%,

10/15/2027

249,207

GCI,

LLC

250,000

4.750%,

10/15/2028

233,482

Gray

Television,

Inc.

78,000

10.500%,

7/15/2029

77,995

Iliad

Holding

SASU

313,000

8.500%,

4/15/2031

332,770

160,000

7.000%,

4/15/2032

160,809

Intelsat

Jackson

Holdings

317,000

6.500%,

3/15/2030

292,392

Lamar

Media

Corporation

238,000

3.625%,

1/15/2031

209,465

LCPR

Senior

Secured

Financing

DAC

501,000

6.750%,

10/15/2027

453,305

Level

Financing,

Inc.

51,000

3.625%,

1/15/2029

a,d

40,545

119,524

10.500%,

4/15/2029

133,198

119,524

11.000%,

11/15/2029

134,455

213,000

10.500%,

5/15/2030

231,957

McGraw-Hill

Education,

Inc.

355,000

5.750%,

8/1/2028

346,609

category

Statement

Assets

and

Liabilities

Location

Fair

Value

Asset

Derivatives

Foreign

Exchange

Contracts

Futures*

Net

Assets

Distributable

earnings/(accumulated

loss)

214,781

Total

Foreign

Exchange

Contracts

214,781

Equity

Contracts

Futures*

Net

Assets

Distributable

earnings/(accumulated

loss)

1,908,143

Total

Equity

Contracts

1,908,143

Interest

Rate

Contracts

Futures*

Net

Assets

Distributable

earnings/(accumulated

loss)

75,903

Total

Interest

Rate

Contracts

75,903

Total

Asset

Derivatives

$2,198,827

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

Distributable

earnings/(accumulated

loss)

2,479,750

Total

Return

Swaps

Net

Assets

Distributable

earnings/(accumulated

loss)

7,294

Total

Equity

Contracts

2,487,044

Credit

Contracts

Credit

Default

Swaps

Net

Assets

Distributable

earnings/(accumulated

loss)

126,767

Total

Credit

Contracts

126,767

Total

Liability

Derivatives

$2,613,811

Includes

cumulative

appreciation/depreciation

futures

contracts

reported

the

Schedule

Investments. Only

current

day's

variation

margin

reported

within

the

Statement

Assets

and

Liabilities.

Diversified

Income

Plus

Fund

Schedule

Investments

December

31,

2024

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

Operations

location,

for

the

period

ended

December

31,

2024,

for

Diversified

Income

Plus

Fund's

investments

financial

derivative

instruments

primary

risk

exposure.

Derivatives

risk

category

Statement

Operations

Location

Realized

Gains/(Losses)

recognized

Income

Interest

Rate

Contracts

Futures

Net

realized

gains/(losses)

Futures

contracts

443,141

Total

Interest

Rate

Contracts

443,141

Equity

Contracts

Futures

Net

realized

gains/(losses)

Futures

contracts

7,811,526

Total

Equity

Contracts

7,811,526

Foreign

Exchange

Contracts

Futures

Net

realized

gains/(losses)

Futures

contracts

477,672

Total

Foreign

Exchange

Contracts

477,672

Credit

Contracts

Credit

Default

Swaps

Net

realized

gains/(losses)

Swap

agreements

(1,035,159)

Total

Credit

Contracts

(1,035,159)

Total

$7,697,180

The

following

table

summarizes

the

change

net

unrealized

appreciation/(depreciation)

and

Statement

Operations

location,

for

the

period

ended

December

31,

2024,

for

Diversified

Income

Plus

Fund's

investments

financial

derivative

instruments

primary

risk

exposure.

Derivatives

risk

category

Statement

Operations

Location

Change

unrealized

appreciation/(depreciation)

recognized

Income

Foreign

Exchange

Contracts

Futures

Change

net

unrealized

appreciation/(depreciation)

Futures

contracts

493,715

Total

Foreign

Exchange

Contracts

493,715

Equity

Contracts

Futures

Change

net

unrealized

appreciation/(depreciation)

Futures

contracts

(963,860)

Total

Return

Swaps

Change

net

unrealized

appreciation/(depreciation)

Swap

agreements

(7,294)

Total

Equity

Contracts

(971,154)

Interest

Rate

Contracts

Futures

Change

net

unrealized

appreciation/(depreciation)

Futures

contracts

(386,247)

Total

Interest

Rate

Contracts

(386,247)

Credit

Contracts

Credit

Default

Swaps

Change

net

unrealized

appreciation/(depreciation)

Swap

agreements

163,618

Total

Credit

Contracts

163,618

Total

($700,068)

The

following

table

presents

Diversified

Income

Plus

Fund's

average

volume

derivative

activity

during

the

period

ended

December

31,

2024.

Derivative

Risk

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts and

hybrid

instruments.

Derivatives

are

financial

instruments

whose

value

derived

from

another

security,

index

currency. The Fund

may

use

derivatives

for

hedging

(attempting

offset

potential

loss

one

position

establishing

interest

opposite

position).

This

includes

the

use

currency-

based

derivatives

manage

the

risk

its

positions in

foreign

securities.

The

Fund

may

also

use

derivatives

for

replication

certain

asset

class

speculation

(investing

for

potential

income

capital

gain).

These

contracts

may

transacted

exchange

over-the-counter

("OTC").

derivative

may

incur

a loss

the

value

the

derivative

decreases

due

unfavorable

change

the

market

rates

values

the

underlying

derivative.

Losses

can

also

occur

the

counterparty

does

not

perform

under

the

derivative

contract.

Fund’s

risk

loss

from

the

counterparty

credit

risk

OTC

derivatives

generally

limited

the

aggregate

unrealized

gain

netted

against

any

collateral

held

such

Fund.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

minimal

counterparty

credit

risk

the

Fund

because

the

exchange’s

clearinghouse,

counterparty

such

derivatives,

guarantees

against

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

the

derivative;

thus,

the

credit

risk

limited

the

failure

the

clearinghouse.

However,

credit

risk

still

exists

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

initial

and

variation

margin

that

held

broker’s

customer

accounts.

While

brokers

are

required

segregate

customer

margin

from

their

own

assets,

the

event

that

broker

becomes

insolvent

goes

into

bankruptcy

and

that

time

there

shortfall

the

aggregate

amount

margin

held

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

pro-rata

basis

across

all

the

broker’s

customers,

potentially

resulting

losses

the

Fund.

Using

derivatives

hedge

can

guard

against

potential

risks,

but

also

adds

the

Fund's

expenses

and

can

eliminate

some

opportunities

for

gains.

addition,

derivative

used

for

mitigating

exposure

replication

may

not

accurately

track

the

value

the

underlying

asset.

Another

risk

with

derivatives

that

some

types

can

amplify

gain

loss,

potentially

earning

losing

substantially

money

than

the

actual

cost

the

derivative.

order

define

their

contractual

rights

and

secure

rights

that

will

help

the

Fund

mitigate its

counterparty

risk,

the

Fund

may

enter

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

similar

agreement

with derivative

contract

counterparties.

ISDA

Master

Agreement

bilateral

agreement

between

Fund

and

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

the

event

default

and/or

termination

event.

Under

ISDA

Master

Agreement, the

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

the

ISDA

Master

Agreement

typically

permit

single

net

payment

the

event

default

(close-out

netting)

including

the

bankruptcy

insolvency

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

the

right

offset

bankruptcy,

insolvency

other

events.

Collateral

and

margin

requirements

vary

type

derivative.

Margin

requirements

are

established

the

broker

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

excess

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

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

netting

the

mark

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

the

value

any

collateral

currently

pledged

the

Fund

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

cover

obligations

the

Fund

has

been

noted

the

Schedule

Investments.

the

extent

amounts

due

to a

Fund

from

its

counterparties

are

not

fully

collateralized,

contractually

otherwise,

the

Fund

bears

the

risk

loss

from

counterparty

nonperformance.

The

Fund

attempts

mitigate

counterparty

risk

only

entering

into

agreements

with

counterparties

that it

believes

has

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Futures

Contracts

— The

Fund

may

use

futures

contracts

manage

the

exposure

interest

rate

and

market

currency

fluctuations.

Gains

losses

futures

contracts

can

offset

changes

the

yield

securities.

When

futures

contract

opened,

cash

other

investments

equal

the

required

“initial

margin

deposit”

are

held

deposit

with

and

pledged

the

broker.

Additional

securities

held

the

Fund

may

earmarked

cover

open

futures

contracts. A

futures

contract’s

daily

change

value

(“variation

margin”)

either

paid

received

from

the

broker,

Thrivent

Mutual

Funds

Notes

Financial

Statements

December

31,

2024

and

recorded

unrealized

gain

loss.

When

the

contract

closed,

realized

gain

loss

recorded

equal

the

difference

between

the

value

the

contract

when

opened

and

the

value

the

contract

when

closed.

Futures

contracts

involve,

varying

degrees,

risk

loss

excess

the

variation

margin

disclosed

the

Statement

Assets

and

Liabilities.

Exchange-traded

futures

have

significant

counterparty

risk

the

exchange

guarantees

the

contracts

against

default.

During

the year

ended

December

31,

2024,

Diversified

Income

Plus used

treasury

futures

manage

the

duration

and

yield

curve

exposure

the

respective

Fund

versus its

benchmark.

During

the year

ended

December

31,

2024,

Diversified

Income

Plus

used

equity

futures

manage

exposure

the

equities

market.

During

the

year

ended

December

31,

2024,

Diversified

Income

Plus

used

foreign

exchange

futures

hedge

the

currency

risk.

Swap

Agreements

—

The

Fund may

enter

into

swap

transactions,

which

involve

swapping

one

investment

characteristics

security

basket

securities

with

another

party.

Such

transactions

include

market

risk,

risk

default

the

other

party

the

transaction,

risk

imperfect

correlation

and

manager

risk

and

may

involve

commissions

other

costs.

Swap

transactions

generally

not

involve

delivery

securities,

other

underlying

assets

principal.

Accordingly,

the

risk

loss

with

respect

swap

transactions

generally

limited

the

net

amount

payments

that

the

Fund

contractually

obligated

make,

the

case

the

counterparty

defaulting,

the

net

amount

payments

that

the

Fund

contractually

entitled

receive.

Risks

loss

may

exceed

amounts

recognized

the

Statement

Assets

and

Liabilities.

there

default

the

counterparty,

the

Fund

may

have

contractual

remedies

pursuant

the

agreements

the

transaction.

The

contracts

are

valued

daily

and

unrealized

appreciation

depreciation

recorded.

Swap

agreements

are

valued

the

clearinghouse

end

day

prices

furnished

independent

pricing

service.

The

pricing

service

takes

into

account

such

factors

swap

curves,

default

probabilities,

recent

trades,

recovery

rates

and

other

factors

deems

relevant

determining

valuations.

Daily

fluctuations

the

value

the

centrally

cleared

credit

default

contracts

are

recorded

variation

margin

the

Statement

Assets

and

Liabilities

and

recorded

unrealized

gain

loss.

The

Fund

accrues

for

the

periodic

payment

and

amortizes

upfront

payments,

any,

swap

agreements

daily

basis

with

the

net

amount

recorded

realized

gains

losses

the

Statement

Operations.

Receipts

and

payments

received

made

result

credit

event

termination

the

contract

are

also

recognized

realized

gains

losses

the

Statement

Operations.

Collateral,

the

form

cash

securities,

may

required

held

with

the

Fund’s

custodian,

third

party,

connection

with

these

agreements.

Certain

swap

agreements

are

over-the-counter.

these

types

transactions,

the

Fund

exposed

counterparty

risk,

which

the

discounted

net

amount

payments

owed

the

Fund.

This

risk

partially

mitigated

the

Fund’s

collateral

posting

requirements.

the

swap

increases

value

the

Fund,

the

Fund

receives

collateral

from

the

counterparty.

Certain

interest

rate

and

credit

default

index

swaps

must

cleared

through

clearinghouse

central

counterparty.

Credit

Default

Swaps

—

credit

default

swap

("CDS") is

swap

agreement

between

two

parties

exchange

the

credit

risk

particular

issuer,

basket

securities

reference

entity.

CDS

transaction,

buyer

pays

periodic

fees

return

for

payment

the

seller

which

contingent

upon

adverse

credit

event

occurring

the

underlying

issuer

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

the

credit

the

underlying

issuer

reference

entity

remains

stable

improves

while

the

swap

outstanding,

but

the

seller

CDS

contract

would

required

pay

the

amount

credit

loss,

determined

specified

the

agreement,

the

buyer

the

event

adverse

credit

event

the

reference

entity.

buyer

CDS

said

buy

protection

whereas

seller

CDS

said

sell

protection.

The

Fund

may

either

the

protection

seller

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

equally

weighted

CDSs

referencing

corporate

bonds

and/or

loans

designed

increase

decrease

diversified

credit

exposure

these

asset

classes.

Funds

sell

default

protection

and

assume

long-risk

positions

individual

credits

indices.

Index

positions

are

entered

into

gain

exposure

the

corporate

bond

and/or

loan

markets

cost-efficient

and

diversified

structure.

the

event

that

position

defaults,

going

into

bankruptcy

and

failing

pay

interest

principal

borrowed

money,

within

any CDX

Indices

held,

the

maximum

potential

amount

future

payments

required

would

equal

the

pro-rata

that

position

within

the

index

based

the

notional

amount

the

index.

the

event

default

under

CDS

contract,

the

maximum

potential

amount

future

payments

would

the

notional

amount.

Funds

buy

default

protection

order

reduce

their

overall

credit

exposure

the

corporate

bond

and/or

loan

markets

cost-

efficient

and

diversified

structure.

default

event

specified

the

CDS

reference

entity

agreement

occurs,

the

Fund

has

the

option

receive

cash

payment

exchange

for

the

credit

loss

the

reference

entity

obligation

the

date

the

credit

event.

realized

gain

loss

recorded

upon

default

event

the

maturity

termination

the

CDS

agreement.

For

CDS,

the

default

events

could

bankruptcy

and

failing

pay

interest

principal

borrowed

money

restructuring.

restructuring

change

the

underlying

obligations

which

could

include

reduction

interest

principal,

maturity

extension

and

subordination

other

obligations.

During

the year

ended

December

31,

2024,

Diversified

Income

Plus

used

CDX

Indices

(comprised

CDSs)

help

manage

credit

risk

exposures

within

the

Fund.

Total Return

Swaps

—

total return

swap

agreement

between

two

parties

exchange

the

total

return

particular

Thrivent

Mutual

Funds

Notes

Financial

Statements

December

31,

2024

reference

asset.

total

return

swap

involves

commitments

pay

interest

exchange

for

market

linked

return

based

notional

amount.

the

extent

that

the

total

return

the

security,

group

securities,

index

underlying

the

transactions

exceeds

fall

short

the

offsetting

interest

obligation,

the

Funds

will

receive

payment

from

make

payment

the

counterparty.

The

Funds

may

take

"long"

"short"

position

with

respect

the

underlying

referenced

asset.

During

the

year

ended December

31,

2024,

Diversified

Income

Plus

used

total return

swaps

achieve

exposure

asset

classes

where

liquid

futures

contracts

not

exist

where

pricing

the

swap

contract

attractive

than

the

futures

contract.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

netting

arrangements

the

Statement

Assets

and

Liabilities.

The

amounts

presented

the

table

below

are

offset

first

financial

instruments

that

have

the

right

offset

under

master

netting

similar

arrangements,

then

any

remaining

amount

reduced

cash

and

non-cash

collateral

received/pledged.

The

actual

amounts

collateral

may

greater

than

the

amounts

presented

the

table.

The

following

table

presents

the

gross

and

net

information

about

liabilities

subject

master

netting

arrangements,

presented

the

Statement

Assets

and

Liabilities:

Mortgage

Dollar

Roll

Transactions

—

Certain

Funds

enter

into

dollar

roll

transactions

securities

issued

the

Government

National

Mortgage

Association,

Federal

National

Mortgage

Association

and

Federal

Home

Loan

Mortgage

Corporation,

which

the

Funds

sell

mortgage

securities

and

simultaneously

agree

repurchase

similar

(same

type

and

coupon)

securities

later

date

agreed

upon

price.

The

Funds

must

maintain

liquid

securities

having

value

least

equal

the

repurchase

price

(including

accrued

interest)

for

such

dollar

rolls.

addition,

the

Funds

are

required

to segregate

collateral

with the

fund

custodian (depending

market

movements)

their

mortgage

dollar

rolls.

The

value

the

securities

that

the

Funds

are

required

purchase

may

decline

below

the

agreed

upon

repurchase

price

those

securities.

During

the

period

between

the

sale

and

repurchase,

the

Funds

forgo

principal

and

interest

paid

the

mortgage

securities

sold.

The

Funds

are

compensated

from

negotiated

fees

paid

brokers

offered

inducement

the

Funds

"roll

over"

their

purchase

commitments,

thus

enhancing

the

yield.

Mortgage

dollar

rolls

may

renewed

with

new

purchase

and

repurchase

price

and

cash

settlement

made

settlement

date

without

physical

delivery

the

securities

subject

the

contract.

These

purchase

and

sale

transactions

may

increase

portfolio

turnover

rate.

The

fees

received

are

recognized

over

the

roll

period

and

are

included

Income

from

mortgage

dollar

rolls

the

Statement

Operations.

Securities

Lending

—

The

Trust

has

entered

into

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA

doing

business

Goldman

Sachs Agency

Lending ("GSAL"). The

Agreement

authorizes

GSAL

lend

securities

authorized

borrowers

behalf

the

Fund.

Pursuant

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

least

102%

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

loaned

securities

less

than

the

value

the

collateral

received.

Any

additional

collateral

adjusted

and

settled

the

business

day.

The

Trust

has

the

ability

recall

the

loans

any

time

and

could

order

vote

proxies

sell

the

loaned

securities.

All

cash

collateral

received

invested

Thrivent

Cash

Management

Trust.

The

Fund

receives dividends

and

interest

that would

have

been

earned

the

securities

loaned

while

simultaneously

seeking

earn

income

the

investment

cash

collateral.

Amounts

earned

investments

Thrivent

Cash

Management

Trust,

net

rebates,

fees

paid

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

affiliated

income

from

securities

loaned,

net on

the

Statement

Operations.

investing

any

cash

collateral

receives

these

transactions, the

Fund

could

realize

additional

gains

losses.

the

borrower

fails

return

the

securities

the

invested

collateral

has

declined

value, the

Fund

could

lose

money.

Generally,

the

event

borrower

default, the Fund

has

the

right

use

the

collateral

offset

any

losses

incurred.

However,

the

event the

Fund

delayed

prevented

from

exercising

its

right

dispose

the

collateral,

there

may

potential

loss.

Some

these

losses

may

indemnified

the

lending

agent.

When-Issued

and

Delayed-Delivery

Transactions

— The

Fund

may

purchase

sell

securities

when-issued

delayed-

delivery

basis.

These

transactions

involve

commitment

by the

Gross

Amounts

Not

Offset

the

Statement

Assets

and

Liabilities

Fund

Gross

Amounts

Recognized

Liabilities

Gross

Amounts

Offset

Net

Amounts

Recognized

Liabilities

Financial

Instruments

Cash

Collateral

Pledged

Non-Cash

Collateral

Pledged

(**)

Net

Amount

Diversified

Income

Plus

Total

Return

swap

7,294

–

7,294

–

7,294

(#)

(**)

Excess

collateral

pledged

the

counterparty

may

not

shown

for

financial

reporting

purposes.

(#)

Net

total

return

swap

amounts

represent

the

net

amount

payable

the

counterparty

the

event

default.

Thrivent

Mutual

Funds

Notes

Financial

Statements

December

31,

2024

Fund

purchase

sell

securities

for

predetermined

price

yield,

with

payment

and

delivery

taking

place

beyond

the

customary

settlement

period.

When

delayed-delivery

purchases

are

outstanding, the

Fund

will

designate

liquid

assets

amount

sufficient

meet

the

purchase

price.

When

purchasing

security

delayed-delivery

basis, the

Fund

assumes

the

rights

and

risks

ownership

the

security,

including

the

risk

price

and

yield

fluctuations,

and

takes

such

fluctuations

into

account

when

determining

its

net

asset

value. The

Fund

may

dispose

delayed-delivery

transaction

after

entered

into,

and

may

sell

when-issued

securities

before

they

are

delivered,

which

may

result

capital

gain

loss.

When the

Fund

has

sold

security

delayed-delivery

basis, the

Fund

does

not

participate

future

gains

and

losses

with

respect

the

security.

Treasury

Inflation

Protected

Securities

— The

Fund

may

invest

treasury

inflation

protected

securities

("TIPS").

These

securities

are

fixed

income

securities

whose

principal

value

periodically

adjusted

the

rate

inflation.

The

coupon

interest

rate

generally

fixed

issuance.

Interest

paid

based

the

principal

value,

which

adjusted

for

inflation.

Any

increase

the

principal

amount

will

included

taxable

interest

the

Statement

Operations

and

received

cash

upon

maturity

sale

the

security.

Stripped

Securities

—

Certain

Funds

may

invest

interest

only

and

principal

only

stripped

mortgage

asset

backed

securities.

These

securities

represent

participation

securities

that

are

structured

classes

with

rights

receive

different

portions

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

changes

interest

rates

and

therefore

are

subject

greater

fluctuation

prices

than

typical

interest

bearing

debt

securities.

interest

rates

rise,

the

value

the

interest

only

security

increases.

Similarly,

interest

rates

decrease,

the

value

the

interest

only

security

decreases. If

the

underlying

pool

mortgages

assets

experience

greater

than

anticipated

prepayments

principal, a

Fund

may

not

fully

recoup

its

initial

investment

interest

only

security.

Principal

only

securities

increase

value

prepayments

are

greater

than

anticipated

and

decline

prepayments

are

slower

than

anticipated.

The

market

value

these

securities

also

highly

sensitive

changes

interest

rates.

interest

rates

increase,

the

price

the

principal

only

security

decreases.

Similarly,

interest

rates

decrease,

the

price

the

principal

only

security

increases.

The

principal

only

security

represents

the

payment

with

the

longest

maturity,

therefore

making

the

most

sensitive

interest

rate

changes.

Accounting

Estimates

—

The

preparation

financial

statements

conformity

with

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Contingent

Liabilities

—

the

event

adversary

action

proceedings

where the

Fund

defendant,

loss

contingency

will

not

accrued

liability

until

the

amount

potential

damages

and

the

likelihood

loss

can

reasonably

estimated.

For

the year

ended

December

31,

2024, the

Fund

did

not

report

accrual

for contingent

liabilities.

Litigation

—

Awards

from

class

action

litigation

are

recorded

reduction

cost

the

Fund

still

owns

the

applicable

securities

the

payment

date.

the

Fund

longer

owns

the

applicable

securities,

the

proceeds

are

recorded

realized

gains.

Bank Loans

(Leveraged Loans)

—

Certain

Funds

may

invest

bank

loans,

which

are

senior

secured

loans

that

are

made

banks

other

lending

institutions

companies

that

are

typically

rated

below

investment

grade.

A Fund

may

invest

multiple

series

tranches

bank

loan,

with

varying

terms

and

different

associated

risks.

Transactions

bank

loan

securities

may

settle

delayed

basis,

which

may

result

the

proceeds

the

sale

not

readily

available

for

a Fund

make

additional

investments.

Interest

rates

bank

loan

securities

typically

reset

periodically,

the

rates

are

tied

reference

index

rate,

plus

premium.

Income

recorded

daily

bank

loan

securities.

ongoing

basis,

a Fund

may

receive

commitment

fee

based

the

undrawn

portion

the

underlying

line

credit

the

bank

loan.

This

commitment

fee

accrued

income

over

the

term

the

bank

loan.

A Fund

may

receive

consent

and

amendment

fees

for

accepting

amendment

the

current

terms

bank

loan.

Consent

and

amendment

fees

are

accrued

income

when

the

changes

the

bank

loan

are

immaterial

and

capital

when

the

changes

are

material.

All

portion

these

bank

loan

commitments

may

unfunded.

Fund

obligated

fund

these

commitments

the

borrower’s

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

cover

its

contractual

obligation.

These

unfunded

bank

loan

commitments,

which

are

marked-to-market

daily,

are

presented

the

Schedule

Investments

and

included

Payable

for

investments

purchased

delayed-delivery

basis

the

Statement

Assets

and

Liabilities.

Line

Credit

— The

Fund, along

with

other

portfolios

managed

the

investment

adviser

affiliate,

participates

$100

million

($50

million

committed,

$50

million

uncommitted)

credit

facility

(the

"line

credit")

issued

State

Street

Bank

and

Trust

Company,

utilized

for

temporary

emergency

purposes

fund

shareholder

redemptions

for

other

short-term

liquidity

purposes.

Interest

charged

each

participating

Fund based

its

borrowings

the

higher

the

Federal

Funds

Effective Rate

the Overnight

Funding

Rate

plus,

each

case,

0.10%

plus

margin

of 1.25%.

Each

borrowing

under

the

line

credit

matures

later

than

calendar

days

after

the

date

the

borrowing.

Each

participating

Fund

pays

a commitment

fee

proportion

their

respective

net

assets.

The

line

credit

shall

expire

December

16,

2025

unless

extended

mutual

agreement

State

Street

Bank

and

Trust

Company

and

the

Funds.

The

Fund

had

borrowings

during

the year

ended

December

31,

2024.

Thrivent

Mutual

Funds

Notes

Financial

Statements

December

31,

2024

Recent

Accounting

Pronouncements

—

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

Improvements

Reportable

Segment

Disclosures

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

("ASU")

2023-07,

Segment

Reporting

(Topic

280)

Improvements

Reportable

Segment

Disclosures

("ASU

2023-

07").

Adoption

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

its

results

operations.

The

intent

ASU

2023-07

enable

investors

better

understand

entity's

overall

performance

and

assess

its

potential

future

cash

flows

through

improved

segment

disclosures.

operating

segment

defined

Topic

280

component

public

entity

that

engages

business

activities

from

which

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

the

public

entity’s

chief

operating

decision

maker

(CODM)

make

decisions

about

resources

allocated

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

The

Principal

Officers

the

Funds,

consisting

the

President

the

Principal

Executive

Officer

and

the

Treasurer as

the

Principal

Financial

and

Accounting

Officer,

jointly

act

the

Funds'

CODMs.

Management

has

determined

that

each

Fund

single

operating

segment

because

the

CODMs

monitor

the

net

increase

decrease

net

assets

resulting

from

operations

each

Fund

whole

and

the

Funds'

long-term

strategic

asset

allocation

pre-determined

accordance

with

the

terms

their

respective

prospectus,

based

defined

investment

strategy

which

executed

the

Funds'

portfolio

managers

team.

investment

companies,

the

Funds

primarily

engage

investing

securities

generate

return

investment

for

shareholders.

The

financial

information

provided

and

reviewed

the

CODM

consistent

with

that

presented

the

Funds' Schedule

Investments,

Statement

Changes

Net

Assets

and

Financial

Highlights.

Fund

net

assets

are

reflected

the

accompanying

Statement

Assets

and

Liabilities

“Total

Net

Assets”

and

significant

fund

expenses

are

listed

the

accompanying

Statement

Operations.

Accounting

Standards

Update

2023-09

- Improvements

Income

Tax

Disclosures

December

2023,

the FASB

issued ASU

2023-09

Improvements

Income

Tax

Disclosures,

which

amends

quantitative

and

qualitative

income

tax

disclosure

requirements

order

increase

disclosure

consistency,

bifurcate

income

tax

information

jurisdiction

and

remove

information

that

longer

beneficial.

The

ASU

effective

for

annual

periods

beginning

after

December

15,

2024,

and

early

adoption

permitted.

this

time,

management

evaluating

the

implications

these

changes

the

financial

statements.

Other

—

For

financial

statement

purposes,

investment

security

transactions

are

accounted

for

the

trade

date.

Realized

gains

and

losses

from

investment

transactions

are

determined

specific

cost

identification

basis,

which

the

same

basis

used

for

federal

income

tax

purposes.

(3)

FEES

AND

COMPENSATION

PAID

AFFILIATES

Investment

Advisory

Fees

—

The

Trust

has

entered

into

Investment

Advisory

Agreement

with

Thrivent

Asset

Mgt.

Under

the

Investment

Advisory

Agreement, the

Fund

pays

fee

for

investment

advisory

services.

The

fees

are

accrued

daily

and

paid

monthly.

The

annual

rates

fees

percent

average

daily

net

assets

under

the

Investment

Advisory

Agreement

were

follows:

Expense

Reimbursements

— Subject

certain

limitations, the

Fund

may

invest in

other

Funds,

Thrivent

Cash

Management

Trust,

and

Thrivent

Core Funds.

These

related-party

transactions

are

subject

the

same

terms

non-related

party

transactions.

avoid

duplicate

investment

advisory

fees,

Thrivent

Asset

Mgt.

reimburses

amount

equal

any

investment

advisory

fees incurred

the

Fund

result

its

investment

any

other

mutual

fund

for

which

the

Adviser

affiliate

serves

investment

adviser,

other

than

Thrivent

Cash

Management

Trust.

There

are

advisory

fees

for

Thrivent

Core

Funds,

and

therefore

reimbursement

made

investment

this

funds.

Distribution

Plan

— Thrivent

Distributors,

LLC

the

Trust's

distributor.

The

Trust

has

adopted

Distribution

Plan

pursuant

Rule

12b-1

under

the

1940

Act.

Class

have

annual 12b-1

fee

of 0.25%

average

net

assets, a

reduced

fee

0.125%

fee.

For

the

Fund

presented

under

this

shareholder

report,

Class

have

an annual 12b-1

fee of

0.25%.

Sales

Charges

and

Other

Fees

—

For

the year

ended

December

31,

2024,

Thrivent

Investment

Management

Inc. ("Thrivent

Investment

Mgt.")

and

Thrivent

Distributors,

LLC

received

$20,653

aggregate

underwriting

concessions

from

the

sales

the

Trust’s

Class

shares.

Sales

charges

are

not

expense

the

Trust

and

are

not

reflected

the

financial

statements

any

the

Funds.

The

Trust

has

entered

into

accounting

and

administrative

services

agreement

with

Thrivent

Asset

Mgt.

pursuant

which

Thrivent

Asset

Mgt.

provides

certain

accounting

and

administrative

personnel

and

services

the

Funds.

Each

Fund pays

fee equal

the

sum

$80,000

plus

0.017%

the

Fund's

average

daily

net

Fund

Millions)

$50M

Over

$50

$100M

Over

$100

$200M

Over

$200

$250M

Over

$250

$500M

Over

$500

$750M

Over

$750

$1,000M

Over

$1,000

$2,000M

Over

$2,000

$2,500M

Over

$2,500

$5,000M

Over

$5,000M

Diversified

Income

Plus

0.550%

0.500%

0.475%

0.450%

0.425%

Thrivent

Mutual

Funds

Notes

Financial

Statements

December

31,

2024

assets

Thrivent

Asset

Mgt.

These

fees

are

accrued

daily

and paid

monthly.

For

the year

ended

December

31,

2024,

Thrivent

Asset

Mgt.

received

aggregate

fees

for

accounting

and

administrative

personnel

and

services

of $248,792

from

the

Fund

covered

this

shareholder

report.

The

Trust

has

entered

into

agreement

with

Thrivent

Financial

Investor

Services

Inc.

(“Thrivent

Investor

Services”)

provide transfer

agency

and

dividend

payment services

necessary

the

Funds

per-account

basis

for

direct-at-fund

accounts,

and

sub

transfer

agency

services

based

assets

under

management

for

third

party

intermediary

accounts.

These

fees

are

accrued

daily

and

paid

monthly.

For

the year

ended

December

31,

2024,

Thrivent

Investor

Services

received

$777,442 for

transfer

agent

services

from

the

Fund

covered

this

shareholder

report.

Each

Trustee

who

not

affiliated

with

the

Adviser

receives

annual

fee

from

the

Trust

for

services

Trustee

and

eligible

participate

deferred

compensation

plan

with

respect

fees

received

from

the

Funds.

Participants

the

plan

may

designate

their

deferred

Trustee’s

fees

invested

in a series

Thrivent

Mutual

Funds. Money

Market

not

eligible

for

the

deferred

plan. The

value

each

Trustee’s

deferred

compensation

account

will

increase

decrease

invested

particular series

Thrivent

Mutual

Funds.

Each

participant's fees

well

the

change

value

are

included

Trustee’s

fees

the

Statement

Operations.

The

deferred

fees

remain

the

appropriate

series

Thrivent

Mutual

Funds

until

distribution

accordance

with

the

plan.

The Payable

for

trustee

deferred

compensation,

located in

the

Statement

Assets

and

Liabilities,

unsecured.

Those

Trustees

not

participating

the

above

plan

received $30,339

fees

from

the

Fund

covered

this

shareholder

report

for

the

year

ended

December

31,

2024.

addition,

the

Trust

reimbursed

independent

Trustees

for

reasonable

expenses

incurred

relation

attendance

at Board

meetings

and

industry

conferences.

Certain

officers

and

non-independent

Trustees

the

Trust

are

officers

and

directors

Thrivent

Asset

Mgt.,

Thrivent

Investment

Mgt., Thrivent

Investor

Services

and

Thrivent

Distributors,

LLC;

however,

they

receive

compensation

from

the

Trust.

Affiliated

employees

and

board

consultants

are

reimbursed

for

reasonable

expenses

incurred

relation

board

meeting

attendance.

Acquired

Fund

Fees

and Expenses

—

Some

Funds

invest

other

open-ended

funds.

Fees

and

expenses

those

underlying

funds

are

not

included

those

Funds'

expense

ratios

reported

the

Financial

Highlights.

The

Funds

indirectly

bear

their

proportionate

the

annualized

weighted

average

expense

ratio

the

underlying

funds

which

they

invest. This

contractual

provision

may

terminated

upon

the

mutual

agreement

between

the

independent

Trustees

the

Trust

and

the

Adviser.

Interfund

Lending

—

The

Fund

may

participate

interfund

lending

program

(the

"Program")

pursuant

exemptive

order

issued

the

SEC.

The

Program permits

the

Fund

to borrow

cash

for

temporary

purposes

from Thrivent

Core

Short-Term

Reserve.

Interest

charged

to the

participating

Fund

based

its

borrowings

the

average

the

repo

rate

and

bank

loan

rate,

each

defined

the

Program.

Each

borrowing

made

under

the

Program

matures

later

than

seven

calendar

days

after

the

date

the

borrowing,

and

each

borrowing

must

securitized

pledge

segregated

collateral

with

market

value

least

equal

102%

the

outstanding

principal

value

the

loan.

For

the year

ended December

31,

2024, the Fund

did

not borrow

cash

through

the

Program.

(4)

TAX

INFORMATION

Distributions

are

based

amounts

calculated

accordance

with

applicable

federal

income

tax

regulations,

which

may

differ

from

GAAP.

The

differences

between

book-basis

and

tax-

basis

distributable

earnings

are

primarily

attributable

timing

differences

recognizing

certain

gains

and

losses

investment

transactions, such

wash

sales. At

the

end

the

fiscal

year,

reclassifications

between

net

asset

accounts

are

made

for

differences

that

are

permanent

nature.

These

permanent

differences

primarily

relate

the

tax

treatment

of swaps

and

sales

callable

bonds.

the

Statement

Assets

and

Liabilities,

result

permanent

book-to-tax

differences,

reclassification

adjustments

were

made

follows

[Increase/(Decrease)]:

December

31,

2024,

the

components

distributable

earnings

tax

basis

were

follows:

December

31,

2024,

the

Fund

had

accumulated

capital

loss

carryovers

follows:

the

extent

that

the

Fund

realizes

net

capital

gains,

taxable

distributions

will

reduced

any

unused

capital

loss

carryovers

permitted

the

Internal

Revenue

Code.

Fund

Distributable

earnings/

(accumulated

loss)

Capital

Stock

Diversified

Income

Plus

$1,626

($1,626)

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gain

Diversified

Income

Plus

$2,765,352

–

Undistributed

Ordinary

Income

includes

income

derived

from

short-term

capital

gains,

any.

Fund

Capital

Loss

Carryover

Diversified

Income

Plus

47,346,784

Thrivent

Mutual

Funds

Notes

Financial

Statements

December

31,

2024

During

the

fiscal

year

2024,

capital

loss

carryovers

utilized

the

Fund

were

follows:

The

tax

character

distributions

paid

during

the

years

ended December

31,

2024

and 2023

was

follows:

(a)

Ordinary

income

includes

income

derived

from

short-term

capital

gains,

any.

(5)

SECURITY

TRANSACTIONS

Purchases

and

Sales

Investment

Securities

—

For

the

year

ended

December

31,

2024,

the

cost

purchases

and

the

proceeds

from

sales

investment

securities,

other

than

U.S.

Government

and

short-term

securities,

were

follows:

Purchases

and

Sales

U.S.

Government

Securities

were:

Investments

Restricted

Securities

—

Certain

Funds

may

own

restricted

securities which

were

purchased

private

placement

transactions

without

registration

under

the

Securities

Act

1933.

Unless

such

securities

subsequently

become

registered,

they

generally

may

resold

only

privately

negotiated

transactions

with

limited

number

purchasers.

December

31,

2024,

the

following

Fund

held

restricted

securities:

The

Fund

has

right

require

registration

unregistered

securities.

(6)

SECURITY

TRANSACTIONS

WITH

AFFILIATED

FUNDS

The Fund

permitted

engage

securities

transactions

with

affiliated

funds

portfolios

under specified

conditions

outlined

procedures

adopted

the

Board.

The

procedures

have

been

designed

ensure

that

any

purchase

sale

securities

Fund

from

another

fund

portfolio

that

could

considered

affiliate

virtue

having

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a-7

the

1940

Act.

Further,

defined

under

the

procedures,

each

transaction

executed

the

current

market

price.

During

the year

ended

December

31,

2024, Diversified

Income

Plus engaged

in sale

transactions

the

amount

$10,170,975

with

a gain

$1,250,220,

pursuant

Rule

17a-7

the

1940

Act.

(7)

PARTY

TRANSACTIONS

December

31,

2024, no

parties held

excess

the

Fund

covered

this

shareholder

report.

Subscription

and

redemption

activity

concentrated

accounts

may

have

significant

effect

the

operation

the

Fund.

the

case

large

redemption,

the

Fund

may

forced

sell

investments

inopportune

times,

resulting

additional

losses

for

the

Fund.

(8)

SUBSEQUENT

EVENTS

The

Adviser

the

Funds

has

evaluated

the

impact

subsequent

events

through

the

date

the

financial

statements

were

issued,

and has

determined

that

additional

items

require

disclosure.

(9) MARKET

RISK

Over

time,

securities

markets

generally

tend

move

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline.

The

value

Fund's

investments

may

move

with

these

cycles

and,

some

instances,

increase

decrease

than

the

applicable

market(s)

measured

the

Fund's

benchmark

index(es).

The

securities

markets

may

also

decline

because

factors

that

affect

particular

industry

market

sector, or

due

impacts

from

domestic

global

events,

including the

spread

infectious

illness,

public

health

threats,

war,

terrorism,

natural

disasters or

similar

events.

of December

31,

2024,

the

Fund

had

portfolio

concentration

greater

than

25%

in any

market

sector.

(10)

SIGNIFICANT

RISKS

Investing

the

Fund

involves

risks.

The

following

alphabetical

list

significant

risks

investing

the

Fund.

Allocation

Risk

— The

Fund’s

investment

performance

depends

upon

how

its

assets

are

allocated

across

broad

asset

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

Form N-CSR

Thrivent Diversified Income Plus Fund

What were the Fund's costs for the last year?

How did the Fund perform over the past 12 months?

How did the Fund perform over the past 10 years?

Asset Sector

Top Contributors

Least Contributors

Fund Statistics

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Portfolio Composition (% of Portfolio)

Major Market Sectors (% of Net Assets)

Material Fund Changes

Changes in or Disagreements with Accountants

Thrivent Diversified Income Plus Fund

What were the Fund's costs for the last year?

How did the Fund perform over the past 12 months?

How did the Fund perform over the past 10 years?

Asset Sector

Top Contributors

Least Contributors

Fund Statistics

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Portfolio Composition (% of Portfolio)

Major Market Sectors (% of Net Assets)

Material Fund Changes

Changes in or Disagreements with Accountants

(a) through (d)