Summary

• Thrivent High Yield Fund outperformed the Bloomberg US Corporate High Yield Bond Index during the first quarter of 2026.
• The Fund increased its cash position during the increased volatility, and this had a positive impact on performance.
• Recently, the Fund took the weakness in technology as an opportunity to bring its exposure up to a neutral weight.
• The Fund has also started to increase exposure to several industries, which were most impacted by an increase in oil prices, while reducing exposure to the financial industry.
• Thrivent High Yield Fund is looking for opportunities to add exposure to industries that have underperformed, believing that the Middle East conflict will deescalate in the near-term.

Executive Summary

• The Middle East conflict, concerns of stress in the private debt market, and fears of AI causing obsolescence of software companies, all came together during the first quarter to increase volatility and lower prices in the

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