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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
N/A
Daily NAV change
$N/A
As of N/A
YTD return
-12.34%
1-year return
-12.44%
As of 08/31/2022
Net annual fund operating expenses
0.98%
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 130 investment professionals brings their deep expertise to managing each fund so you can feel confident in the choices you’re making. More than 75% have at least 10 years of experience, more than 45% have more than 20 years of investment experience, and more than 80% 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 08/31/2022
0.98% Net annual fund operating expenses
1.36% Total annual fund operating expenses

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 08/31/2022
12 Month Distribution
4.27%
30 Day SEC
4.91%
30 Day SEC Pre-Waiver
4.64%
Monthly Distribution
4.81%

Growth of 10K

as of 08/31/2022
$11,197
Total market value
$2,477
Current value of reinvested dividends and capital gains

Calendar year performance

as of 08/31/2022

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 08/31/2022
Total number of holdings
733
Turnover ratio (as of 07/29/2022)
46%

Top 10 Holdings

as of 07/29/2022
23.79%
of all holdings
N/A
N/A
Security name % of total assets Maturity Coupon rate
Thrivent Core Emerging Markets Debt Fund 7.92%
U.S. Treasury Notes 6.83% 12/31/2026 1.25%
U.S. Treasury Bonds 3.98% 11/15/2031 1.38%
SPDR Bloomberg High Yield Bond ETF 1.18%
�iShares Preferred and Income Securities ETF 1.15%
J.P. Morgan Chase & Company 0.66% 12/29/2049 5.00%
AllianceBernstein Global High Income Fund, Inc. 0.53%
Bank of America Corporation 0.53% 12/31/2049 6.13%
PGIM Global High Yield Fund, Inc. 0.51%
PGIM High Yield Bond Fund, Inc. 0.50%

Fund Diversification

as of 06/30/2022
N/A
N/A
  • High Yield Bonds
    34.32%
  • Preferred Securities
    25.57%
  • U.S. Government Bonds
    11.05%
  • Closed-End Funds
    10.26%
  • International Government Bonds
    6.66%
  • Investment-Grade Corporates
    5.46%
  • Cash
    3.69%
  • Convertible Bonds
    1.56%
  • Equities, MLPs and Reits
    1.34%
  • Securitized Debt
    .08%

Fixed Income characteristics

as of 08/31/2022
97.42%
of fund
Duration Average Life
Thrivent Multidimensional Income Fund 4.26 11.23
Bloomberg U.S. Aggregate Bond Index 6.30 8.63

Credit quality rating distribution

as of 08/31/2022
N/A
N/A
Bond type
% of total
  • High Quality (HQ) Bonds
    37.94%
  • Cash
    4.85%
  • U.S. Government Guaranteed
    10.98%
  • AAA
    .02%
  • AA
    .62%
  • A
    2.71%
  • BBB
    18.76%
Bond type
% of total
  • High Yield (HY) Bonds
    48.46%
  • BB
    27.95%
  • B
    17.02%
  • CCC
    3.21%
  • CC
    .16%
  • C
    .00%
  • D
    .12%
  • Non-Rated (NR) Bonds
    2.45%
  • May be HQ/HY/NR Bonds
    11.15%
  • ETFs/Closed-End Funds
    11.15%

Volatility

as of 08/31/2022
Depending on the fund inception date, some data may not be available.
Standard deviation Average annualized returns
Thrivent Multidimensional Income Fund 11.65 0.53
Bloomberg U.S. Aggregate Bond Index 4.91 -2.00

Ratings


Morningstar

as of 08/31/2022
Category: Multisector Bond
Morningstar Information
Funds in category
Overall
282
3-Year
282
5-Year
248
10-Year
Doesn't apply due to fund's inception date of 2/28/2017
Risk vs. category
High
282
Return vs. category
Average
282

Morningstar ratings are calculated based on risk-adjusted return.

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

Distributions

as of 08/31/2022
Dividends Month End Nav
September 2021 $0.0295 $10.41
October 2021 $0.0283 $10.40
November 2021 $0.0304 $10.23
December 2021 $0.0197 $10.24
January 2022 $0.0250 $9.92
February 2022 $0.0298 $9.67
March 2022 $0.0340 $9.55
April 2022 $0.0346 $9.11
May 2022 $0.0353 $9.08
June 2022 $0.0373 $8.54
July 2022 $0.0339 $8.95
August 2022 $0.0350 $8.72

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 08/31/2022
Record date Short term capital gains Long term capital gains Total
12/30/2021 $0.0718 $0.0647 $0.1365

Expenses, fees, and charges

Management Fees and Other Expenses 1.36%
Distribution/12b-1 Fee None
Total Annual Fund Operating Expenses 1.36%
Less Waiver (0.38%)
Net Annual Fund Operating Expenses 0.98%
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, BDCs, preferred securities, convertible securities, sovereign debt, and mortgage-related and other asset-backed securities are subject to additional risks. An ETF is subject to additional fees and expenses, tracking error, and the risks of the underlying investments that it holds. Foreign investments involve additional risks, such as currency fluctuations and political, economic and market instability, which may be magnified for investments in emerging markets. The Fund invests in a combination of other funds managed by the Adviser and in direct investments in equity and debt instruments 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. The London Interbank Offered Rate (LIBOR) is being phased out, which brings uncertainty to instruments tied to it. Markets may also be impacted by domestic or global events, including public health threats, terrorism, natural disasters or similar events. 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 Fund’s value is influenced by a number of factors, including the performance of the broader market, and risks specific to the Fund’s asset classes, investment styles, and issuers. The Adviser's assessment of investments and ESG considerations may prove incorrect, resulting in losses or poor performance. The Adviser is also subject to actual or potential conflicts of interest. When bond inventories are low in relation to the market size, there is the potential for decreased liquidity and increased price volatility. The use of derivatives such as futures also involve risks. These and other risks are described in the prospectus.

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