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Thrivent Multidimensional Income Fund —
Class S
TMLDX
TMLDX
Thrivent Multidimensional Income Fund
Class
Risk profile
Conservative Aggressive
Target allocation
5% Core Fixed Inc
40% High Income Fixed
55% Flexible Income
Inception date
2/28/2017
As of
Net asset value
-
Daily NAV change
-
As of N/A
YTD return
0.25%
1-year return
2.66%
As of 10/31/2023
Net annual fund operating expenses
0.94%
As of
Sales charge
None
As of
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Thrivent Multidimensional Income Fund seeks a high level of current income and, secondarily, growth of capital.

This fund seeks to provide a high level of income by investing in a diversified mix of fixed income securities along with other opportunistic investments. The Fund invests primarily in higher-yielding, higher-risk fixed income securities in an attempt to generate income. The Fund is tactically managed, which means the asset mix will change depending on the market environment. The Fund is actively managed and invests in a combination of other funds managed by the Adviser and direct investments in equity and debt instruments.

The Fund may be suitable for investors who:

  • Seek a high level of income
  • Have a medium- to long-term time horizon and a moderate risk tolerance
  • Are able to withstand the volatility of high yielding securities in pursuit of high current income
Fund management

Our seasoned team of more than 125 investment professionals brings their deep expertise to managing each fund so you can feel confident in the choices you’re making. More than 80% have at least 10 years of experience, more than 50% have more than 20 years of investment experience, and more than 85% have earned the Chartered Financial Analyst designation, an advanced degree, or both.

  • Stephen D. Lowe, CFA
    Stephen D. Lowe, CFA
    Chief Investment Strategist
    Managing this fund since 2018

    Mr. Lowe joined Thrivent in 1997. He is the Chief Investment Strategist and has served as the portfolio manager of various Thrivent mutual funds since 2009. He has also been a senior portfolio manager of the high yield portion of Thrivent's general account since 2005. Read more.

  • Kent L. White, CFA
    Kent L. White, CFA
    VP, Fixed Income Mutual Funds
    Managing this fund since 2019

    Mr. White is currently a Senior Portfolio Manager at Thrivent and was previously the Director of Investment Grade Research. He has been with the firm since 1999. Read more.

  • Theron G. Whitehorn, CFA
    Theron G. Whitehorn, CFA
    Senior Portfolio Manager
    Managing this fund since 2021

    Mr. Whitehorn joined Thrivent in 2018 serving as Director of Fixed Income Quantitative Research. Read more.


Performance

Performance data cited represents past performance and should not be viewed as an indication of future results. Investment return and principal value of the investment will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.


Average Annualized Returns

as of 10/31/2023
0.94% Net annual fund operating expenses
1.20% Total annual fund operating expenses
Thrivent Multidimensional Income Fund Bloomberg U.S. Corporate High Yield Bond Index Bloomberg Emerging Markets USD Sovereign Index S&P U.S. Preferred Stock Total Return Index Morningstar Multisector Bond Avg
3M -3.94% -2.06% -6.35% -6.58% -2.54%
YTD 0.25% 4.63% -0.94% 0.59% 1.18%
1Y 2.66% 6.23% 7.08% 1.60% 3.78%
3Y -0.39% 1.19% -5.50% -2.53% -0.75%
5Y 1.56% 3.05% -0.72% 1.26% 1.42%
Since Inception 2/28/2017 1.55% - - - -

The Adviser has contractually agreed, for a period of one year from the date of the most recent prospectus, to waive certain fees and/or reimburse certain expenses associated with the Fund. Refer to the Fees & Expenses table in the Fund’s prospectus. If this waiver had not been in effect, performance would have been lower.

See data by:

Yields

as of 10/31/2023
12 Month Distribution
5.00%
30 Day SEC
6.33%
30 Day SEC Pre-Waiver
5.98%
Monthly Distribution
5.16%

Growth of 10K

as of 10/31/2023
$11,078
Total market value
$2,928
Current value of reinvested dividends and capital gains

Calendar year performance

as of 10/31/2023

Characteristics

Performance data cited represents past performance and should not be viewed as an indication of future results. Investment return and principal value of the investment will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted.


Holdings breakdown

as of 10/31/2023
Total number of holdings
683
Turnover ratio (as of 09/29/2023)
101%

Top 10 Holdings

as of 09/29/2023
34.78%
of all holdings
N/A
N/A
Security name % of total assets Maturity Coupon rate
Thrivent Core Emerging Markets Debt Fund 7.18%
U.S. Treasury Notes 6.58% 12/31/2026 1.25%
Federal National Mortgage Association Conventional 30-Yr. Pass Through 5.49% 03/01/2053 5.00%
U.S. Treasury Notes 4.38% 11/15/2031 1.38%
Federal National Mortgage Association Conventional 30-yr. Pass Through 2.73% 10/01/2053 4.50%
U.S. Treasury Notes 2.25% 07/31/2025 4.75%
U.S. Treasury Bonds 1.97% 02/15/2043 3.88%
Federal National Mortgage Association Conventional 30-Yr. Pass Through 1.60% 09/01/2053 4.50%
Vanguard Short-Term Corporate Bond ETF 1.33%
Federal Home Loan Mortgage Corporation Conventional 30-Yr. Pass Through 1.27% 07/01/2053 5.50%

Fund Diversification

as of 09/29/2023
N/A
N/A
  • High Yield Bonds
    30.15%
  • U.S. Government Bonds
    16.41%
  • Preferred Securities
    15.23%
  • Securitized Debt
    11.30%
  • Closed-End Funds
    6.77%
  • International Government Bonds
    6.06%
  • Investment-Grade Corporates
    5.47%
  • Cash
    4.26%
  • Convertible Bonds
    3.92%
  • Equities, MLPs and Reits
    .40%

Fixed Income characteristics

as of 10/31/2023
98.52%
of fund
Duration Average Life
Thrivent Multidimensional Income Fund 4.22 9.83
Bloomberg U.S. Aggregate Bond Index 5.84 8.48

Credit quality rating distribution

as of 10/31/2023
N/A
N/A
Bond type
% of total
  • High Quality (HQ) Bonds
    47.65%
  • Cash
    3.37%
  • U.S. Government Guaranteed
    28.90%
  • AAA
    .00%
  • AA
    .48%
  • A
    2.10%
  • BBB
    12.80%
Bond type
% of total
  • High Yield (HY) Bonds
    41.80%
  • BB
    21.72%
  • B
    16.64%
  • CCC
    3.24%
  • CC
    .01%
  • C
    .00%
  • D
    .19%
  • Non-Rated (NR) Bonds
    2.73%
  • May be HQ/HY/NR Bonds
    7.82%
  • ETFs/Closed-End Funds
    7.82%

Volatility

as of 10/31/2023
Depending on the fund inception date, some data may not be available.
Standard deviation Average annualized returns
Thrivent Multidimensional Income Fund 8.67 -0.39
Bloomberg U.S. Aggregate Bond Index 6.07 -5.57

Ratings


Morningstar

as of 10/31/2023
Category: Multisector Bond
Morningstar Information
Funds in category
Overall
326
3-Year
326
5-Year
269
10-Year
Doesn't apply due to fund's inception date of 2/28/2017
Risk vs. category
High
326
Return vs. category
Average
326

Morningstar ratings are calculated based on risk-adjusted return.

Fixed income style box
Hi
Med
Low
QUALITY
Limited
Moderate
Extensive
SENSITIVITY

Distributions

as of 10/31/2023
Dividends Month End Nav
November 2022 $0.0342 $8.58
December 2022 $0.0336 $8.46
January 2023 $0.0334 $8.86
February 2023 $0.0318 $8.66
March 2023 $0.0363 $8.55
April 2023 $0.0319 $8.59
May 2023 $0.0347 $8.47
June 2023 $0.0343 $8.52
July 2023 $0.0339 $8.59
August 2023 $0.0339 $8.51
September 2023 $0.0348 $8.33
October 2023 $0.0350 $8.15

Trailing 12-Months; Dividend Schedule: Paid Monthly

Capital gain distribution amounts may change due to reclassifications relating to the fund’s holdings in REIT investments. See Corporate Actions Impacting Cost Basis for information about previous return of capital distributions.


Capital gains - trailing 12 months

as of 10/31/2023
Record date Short term capital gains Long term capital gains Total
- - - -

Expenses, fees, and charges

Management Fees and Other Expenses 1.20%
Distribution/12b-1 Fee None
Total Annual Fund Operating Expenses 1.20%
Less Waiver (0.26%)
Net Annual Fund Operating Expenses 0.94%
Redemption Fee None
Transaction Fee None
Low Balance Fee $10 Semiannually
Front-End Sales Charge None
Back-End Sales Charge None

The Adviser has contractually agreed, for a period of one year from the date of the most recent prospectus, to waive certain fees and/or reimburse certain expenses associated with the Fund. Refer to the Fees & Expenses table in the Fund’s prospectus. If this waiver had not been in effect, performance would have been lower.


Minimum investment

Initial for non-retirement accounts $2,000
Initial for retirement or tax deferred accounts $1,000
Additional Purchases $50
Initial minimums are waived when a recurring investment of $50 or more is set up

Documents

Title Download View
Prospectus & Fund Documents -
Fund Facts -
Fund Commentary -
Sales Profile -
Schedule of Investment -
Annual Proxy Voting -

Due to rounding, some values may not total 100%.

Strategy

The Fund has a long-term target allocation of 5% core fixed income, 40% high-income, and 55% flexible income. The target allocation is subject to change. The portfolio management team actively manages the Fund with overweight and underweight positions in the various sectors based on their views of the market and economy. Securities are analyzed and selected on an ongoing basis. Core fixed income securities include treasury securities and cash. High-Income fixed income securities include high yield and emerging market debt. Flexible income investments may include preferred stocks, closed-end funds, ETFs, and convertible bonds.

Risk

Debt securities are subject to risks such as declining prices during periods of rising interest rates and credit risk, or the risk that an issuer may not pay its debt. High yield securities are subject to increased credit risk as well as liquidity risk. Closed-end funds, ETFs, Business Development Companies, preferred securities, convertible securities, sovereign debt, and mortgage-related and other asset-backed securities are subject to additional risks. The Adviser is also subject to actual or potential conflicts of interest. The use of derivatives such as futures also involves risks. Foreign investments involve additional risks, such as currency fluctuations and political, economic and market instability, which may be magnified for investments in emerging markets. U.S. Government securities may not be fully guaranteed by the U.S Government and issues may not have the funds to meet their payment obligations. The value of U.S. government securities may be affected by changes in credit ratings, which may be negatively impacted by rising national debt. The Adviser's assessment of investments may prove incorrect, resulting in losses or poor performance. The Fund’s value may be affected by factors specific to an issuer within the Fund. London Interbank Offered Rate (LIBOR) is being phased out, which brings uncertainty to instruments tied to it. When bond inventories are low in relation to the market size, there is the potential for decreased liquidity and increased price volatility. Securities markets generally tend to move in cycles with periods when security prices rise and periods when security prices decline. The Fund invests in other funds; therefore, the Fund is dependent upon the performance of the other funds and is subject to the risks, additional fees and expenses of the other funds. These and other risks are described in the prospectus.

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