UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23149
Thrivent Core Funds
(Exact name of registrant as specified in charter)
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402
(Address of principal executive offices) (Zip code)
John D. Jackson, Assistant Secretary
Thrivent Core Funds
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402
(Name and address of agent for service)
Registrant’s telephone number, including area code: (612) 844-7190
Date of fiscal year end: October 31
Date of reporting period: April 30, 2020
Item 1. Report to Stockholders
[
Insert shareholder report]
Item 2. Code of Ethics
Not applicable to semiannual report
Item 3. Audit Committee Financial Expert
Not applicable to semiannual report
Item 4. Principal Accountant Fees and Services
Not applicable to semiannual report
Item 5. Audit Committee of Listed Registrants
Not applicable
Item 6. Investments
(a)
Registrant’s Schedule of Investments is included in the report to shareholders filed under Item 1.
(b)
Not applicable to this filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable
Item 10. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures
(a) Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable
Item 13. Exhibits
(
a)(1)
Any
code of ethics
, or amendment thereto, that
is
the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable
.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
(a)(4) Change in the registrant’s independent public accountant: Not applicable
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: June 26, 2020 THRIVENT CORE FUNDS
By:
/s/ David S. Royal
David S. Royal
President and Chief Investment Officer
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Date: June 26, 2020 By:
/s/ David S. Royal
David S. Royal
President and Chief Investment Officer
(principal executive officer)
Date: June 26, 2020 By:
/s/ Gerard V. Vaillancourt
Gerard V. Vaillancourt
Treasurer and Principal Accounting Officer
(principal financial officer)
Semiannual
Report
April
30,
2020
Thrivent
Core
Funds
Table
of
Contents
Portfolio
Perspectives
Thrivent
Core
Emerging
Markets
Debt
Fund
2
Thrivent
Core
Emerging
Markets
Equity
Fund
3
Thrivent
Core
International
Equity
Fund
4
Thrivent
Core
Low
Volatility
Equity
Fund
5
Thrivent
Core
Short-Term
Reserve
Fund
6
Shareholder
Expense
Example
7
Schedule
of
Investments
Thrivent
Core
Emerging
Markets
Debt
Fund
8
Thrivent
Core
Emerging
Markets
Equity
Fund
14
Thrivent
Core
International
Equity
Fund
19
Thrivent
Core
Low
Volatility
Equity
Fund
23
Thrivent
Core
Short-Term
Reserve
Fund
26
Statement
of
Assets
and
Liabilities
32
Statement
of
Operations
34
Statement
of
Changes
in
Net
Assets
36
Notes
to
Financial
Statements
38
Financial
Highlights
51
Additional
Information
53
2
Thrivent
Core
Emerging
Markets
Debt
Fund
James
B.
Carlen,
CFA,
Portfolio Manager
The
Fund
seeks
to
maximize
total
return
while
providing
high
current
income
and
capital
appreciation.
The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Core
Emerging
Markets
Debt involves
risks
including
emerging
markets,
sovereign
debt,
foreign
securities,
credit,
interest
rate,
market,
high
yield,
investment
adviser,
issuer,
derivatives,
liquidity,
ETF,
and
non-diversified risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Top
10
Countries
(%
of
Net
Assets)
Turkey
8.5%
Indonesia
8.1%
Qatar
7.5%
Saudi
Arabia
6.4%
Mexico
5.8%
Russian
Federation
5.7%
Colombia
5.2%
Egypt
4.1%
Brazil
3.6%
Dominican
Republic
3.3%
Investments
in
securities
in
these
countries
represent
58.2%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Countries
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
The
Top
10
Countries
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Foreign
Government
86.5%
Energy
6.9%
Unaffiliated
Registered
Investment
Companies
1.6%
Communications
Services
0.8%
Basic
Materials
0.3%
Financials
0.2%
Utilities
0.1%
3
Thrivent
Core
Emerging
Markets
Equity
Fund
Noah
J.
Monsen,
CFA
and
Brian
W.
Bomgren,
CQF,
Portfolio Co-Managers
The
Fund
seeks
long-term
capital
appreciation.
The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Core
Emerging
Markets
Equity involves
risks
including emerging
markets,
regional,
foreign
securities,
quantitative
investing,
equity
security,
market,
foreign
currency,
issuer,
investment
adviser,
ETF,
and
derivatives
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
98.3%
Preferred
Stock
1.0%
Short-Term
Investments
0.7%
Total
100.0%
Top
10
Countries
(%
of
Net
Assets)
China
22.8%
Taiwan
15.1%
Cayman
Islands
13.3%
South
Korea
11.7%
India
9.2%
Brazil
4.6%
Russian
Federation
4.5%
Hong
Kong
3.9%
South
Africa
3.6%
Thailand
2.4%
Investments
in
securities
in
these
countries
represent
91.1%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Countries
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Countries
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
20.7%
Financials
16.9%
Consumer
Discretionary
13.8%
Communications
Services
13.1%
Materials
7.5%
Energy
6.9%
Consumer
Staples
6.7%
Health
Care
4.7%
Industrials
4.7%
Real
Estate
3.7%
4
Thrivent
Core
International
Equity
Fund
Noah
J.
Monsen,
CFA
and
Brian
W.
Bomgren,
CQF,
Portfolio
Co-Managers
The Fund
seeks
long-term
capital
appreciation.
The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Core
International
Equity
involves
risks
including
equity
security,
foreign
securities,
quantitative
investing,
foreign
currency,
market,
issuer,
investment
adviser,
large
cap,
mid
cap,
and
small
cap
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
99.3%
Short-Term
Investments
0.7%
Total
100.0%
Top
10
Countries
(%
of
Net
Assets)
Japan
22.1%
Switzerland
14.9%
Canada
11.9%
United
Kingdom
10.8%
Netherlands
7.4%
France
4.3%
Sweden
4.3%
Australia
3.8%
Germany
3.8%
Denmark
3.5%
Investments
in
securities
in
these
countries
represent
86.8%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Countries
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Countries
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
20.0%
Health
Care
16.7%
Industrials
16.3%
Information
Technology
9.3%
Consumer
Discretionary
6.9%
Real
Estate
6.8%
Consumer
Staples
6.4%
Materials
6.1%
Communications
Services
4.9%
Energy
3.2%
5
Thrivent
Core
Low
Volatility
Equity
Fund
Noah
J.
Monsen,
CFA
and
Brian
W.
Bomgren,
CQF,
Portfolio Co-Managers
The
Fund
seeks
to
provide
long-term
capital
appreciation
with
lower
volatility
relative
to
the
domestic
equity
market.
The
Fund's
investment
objective
may be
changed without
shareholder
approval.
Investment
in
Thrivent
Core
Low
Volatility
Equity
involves
risks
including
equity
security,
quantitative
investing,
market,
issuer,
investment
adviser,
large
cap,
mid
cap,
and
small
cap
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
99.6%
Short-Term
Investments
0.4%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Johnson
&
Johnson
2.4%
NextEra
Energy,
Inc.
2.4%
Microsoft
Corporation
2.3%
PepsiCo,
Inc.
2.2%
Danaher
Corporation
2.2%
Home
Depot,
Inc.
2.2%
Verizon
Communications,
Inc.
2.1%
Procter
&
Gamble
Company
2.1%
Mondelez
International,
Inc.
2.1%
McDonald's
Corporation
2.0%
These
securities
represent
22.0%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Health
Care
16.1%
Consumer
Staples
16.0%
Information
Technology
15.5%
Industrials
11.4%
Financials
10.6%
Real
Estate
8.1%
Utilities
7.9%
Consumer
Discretionary
7.2%
Communications
Services
3.5%
Materials
2.5%
6
Thrivent
Core
Short-Term
Reserve
Fund
William
D.
Stouten,
Portfolio
Manager
The
Fund
seeks
a
high
level
of
current
income
consistent
with
liquidity
and
the
preservation
of
capital.
Investment
in
Thrivent
Core
Short-Term
Reserve
Fund
involves
interest
rate,
LIBOR,
mortgage-backed
and
other
asset-backed
securities,
credit,
financial
sector,
government
securities,
prepayment,
redemption
and
share
ownership,
redemption
and
lending,
large
shareholder,
regulatory,
portfolio
turnover,
cybersecurity,
and
investment
adviser
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Short-Term
Investments
100.0%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
PNC
Bank
NA
1.0%
Citibank
NA
0.9%
New
York
Life
Global
Funding
0.8%
Westlake
Automobile
Receivables
Trust
0.8%
AIG
Global
Funding
0.8%
U.S.
Bank
NA
0.8%
AmeriCredit
Automobile
Receivables
Trust
0.8%
Bank
of
Montreal
0.8%
American
Honda
Finance
Corporation
0.7%
State
of
Tennessee
0.7%
These
securities
represent
8.1%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
50.3%
Energy
9.8%
Consumer
Cyclical
7.7%
Consumer
Non-Cyclical
7.2%
Asset-Backed
Securities
5.5%
Foreign
3.5%
U.S.
Municipals
3.0%
Utilities
2.9%
Capital
Goods
3.0%
U.S.
Government
&
Agencies
2.2%
7
Shareholder
Expense
Example
(unaudited)
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
administrative
fees
and
other
Fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
November
1,
2019
through
April
30,
2020.
Actual
Expenses
In
the
table
below,
the
first
line
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
"Expenses
Paid
during
Period"
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes
In
the
table
below,
the
second
line
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund's
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund's
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
example
that
appears
in
the
shareholder
reports
of
the
other
funds.
Beginning
Account
Value
11/1/2019
Ending
Account
Value
4/30/2020
Expenses
Paid
During
Period 11/1/2019
-
4/30/2020
*
Annualized
Expense
Ratio
Thrivent
Core
Emerging
Markets
Debt
Fund
Actual
$1,000
$938
$0.22
0.05%
Hypothetical
**
$1,000
$1,025
$0.23
0.05%
Thrivent
Core
Emerging
Markets
Equity
Fund
Actual
$1,000
$
852
$2.
35
1.02%
Hypothetical
**
$1,000
$1,0
2
0
$
5
.
12
1.02%
Thrivent
Core
International
Equity
Fund
Actual
$1,000
$845
$0.29
0.06%
Hypothetical
**
$1,000
$1,025
$0.31
0.06%
Thrivent
Core
Low
Volatility
Equity
Fund
Actual
$1,000
$943
$0.20
0.04%
Hypothetical
**
$1,000
$1,025
$0.20
0.04%
Thrivent
Core
Short-Term
Reserve
Fund
Actual
$1,000
$1,009
$0.03
0.01%
Hypothetical
**
$1,000
$1,025
$0.03
0.01%
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/366
to
reflect
the
one-half
year
period.
Core
Emerging
Markets
Equity
Fund
expenses
are
equal
to
the
fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
91/366
to
reflect
the
inception
date
short
period.
**
Assuming
5%
annualized
total
return
before
expenses.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
8
Principal
Amount
Long-Term
Fixed
Income
(
94
.8
%
)
Value
Bahrain
(2.1%)
Bahrain
Government
International
Bond
$
5,000,000
5.875%,
1/26/2021
a
$
4,978,750
4,000,000
6.125%,
8/1/2023
a
4,015,000
2,000,000
7.000%,
10/12/2028
a
1,988,024
2,500,000
6.750%,
9/20/2029
a
2,422,950
3,000,000
7.500%,
9/20/2047
a
2,831,700
1,000,000
7.500%,
9/20/2047
943,900
CBB
International
Sukuk
Programme
SPC
2,000,000
5.625%,
9/30/2031
a
1,795,000
Total
18,975,324
Belarus
(1.1%)
Belarus
Government
International
Bond
2,600,000
6.875%,
2/28/2023
2,539,316
4,000,000
7.625%,
6/29/2027
3,942,000
Republic
of
Belarus
International
Bond
4,000,000
6.200%,
2/28/2030
3,594,800
Total
10,076,116
Brazil
(3.6%)
Brazil
Government
International
Bond
2,900,000
4.750%,
1/14/2050
2,602,750
4,800,000
2.625%,
1/5/2023
4,812,000
1,711,000
6.000%,
4/7/2026
1,877,822
3,000,000
4.625%,
1/13/2028
b
3,100,530
1,000,000
4.500%,
5/30/2029
980,530
2,000,000
8.250%,
1/20/2034
2,435,020
1,505,000
7.125%,
1/20/2037
1,702,546
7,300,000
5.000%,
1/27/2045
6,789,000
2,000,000
5.625%,
2/21/2047
2,005,000
Petrobras
Global
Finance
BV
6,500,000
6.850%,
6/5/2115
6,110,000
Total
32,415,198
Canada
(0.5%)
Canacol
Energy,
Ltd.
4,500,000
7.250%,
5/3/2025
4,275,045
Total
4,275,045
Cayman
Islands
(1.9%)
KSA
Sukuk,
Ltd.
7,000,000
2.894%,
4/20/2022
a
7,140,000
Petrobras
International
Finance
Company
7,000,000
6.750%,
1/27/2041
6,795,600
RAK
Capital
2,000,000
3.094%,
3/31/2025
1,975,432
Rutas
2
and
7
Finance,
Ltd.
1,500,000
Zero
Coupon,
9/30/2036
a
918,750
Total
16,829,782
Colombia
(5.2%)
Colombia
Government
International
Bond
3,870,000
4.375%,
7/12/2021
3,923,251
5,000,000
2.625%,
3/15/2023
4,887,550
13,375,000
3.875%,
4/25/2027
13,207,812
Principal
Amount
Long-Term
Fixed
Income
(
94
.8
%
)
Value
Colombia
(5.2%)
-
continued
$
3,700,000
4.500%,
3/15/2029
$
3,737,037
4,000,000
7.375%,
9/18/2037
4,974,000
3,000,000
6.125%,
1/18/2041
3,352,500
6,605,000
5.625%,
2/26/2044
7,090,467
Ecopetrol
SA
1,000,000
5.375%,
6/26/2026
990,010
3,000,000
6.875%,
4/29/2030
3,093,810
2,000,000
7.375%,
9/18/2043
2,065,600
Total
47,322,037
Croatia
(0.7%)
Croatia
Government
International
Bond
2,000,000
6.625%,
7/14/2020
a
2,010,520
4,500,000
6.375%,
3/24/2021
a
4,635,000
Total
6,645,520
Dominican
Republic
(3.3%)
Dominican
Republic
Government
International
Bond
3,000,000
5.875%,
1/30/2060
a
2,392,500
1,333,333
7.500%,
5/6/2021
a
1,326,680
1,500,000
6.600%,
1/28/2024
a
1,462,500
3,500,000
5.500%,
1/27/2025
a
3,272,500
3,000,000
6.875%,
1/29/2026
a
2,880,000
4,000,000
5.950%,
1/25/2027
a
3,610,000
5,000,000
4.500%,
1/30/2030
a
4,137,500
3,300,000
7.450%,
4/30/2044
a
2,994,750
2,100,000
6.850%,
1/27/2045
1,821,750
1,000,000
6.500%,
2/15/2048
a,b
827,500
5,000,000
6.400%,
6/5/2049
a
4,112,500
Total
28,838,180
Egypt
(4.1%)
Egypt
Government
International
Bond
500,000
8.150%,
11/20/2059
a
435,000
4,000,000
6.125%,
1/31/2022
3,978,400
4,000,000
5.875%,
6/11/2025
3,770,000
3,000,000
7.500%,
1/31/2027
2,914,662
10,800,000
7.600%,
3/1/2029
10,237,450
11,000,000
7.053%,
1/15/2032
a
9,780,012
5,000,000
8.500%,
1/31/2047
4,462,500
3,000,000
7.903%,
2/21/2048
2,583,750
Total
38,161,774
El
Salvador
(1.0%)
El
Salvador
Government
International
Bond
7,000,000
7.125%,
1/20/2050
a
5,285,000
1,800,000
8.625%,
2/28/2029
1,521,000
500,000
8.250%,
4/10/2032
407,500
2,000,000
7.650%,
6/15/2035
1,580,000
Total
8,793,500
Ghana
(1.7%)
Ghana
Government
International
Bond
4,000,000
10.750%,
10/14/2030
4,159,400
6,500,000
8.125%,
3/26/2032
4,940,000
7,000,000
7.875%,
2/11/2035
a
5,260,500
Total
14,359,900
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
9
Principal
Amount
Long-Term
Fixed
Income
(
94
.8
%
)
Value
Guatemala
(0.6%)
Guatemala
Government
International
Bond
$
3,000,000
6.125%,
6/1/2050
a
$
3,130,500
2,000,000
5.375%,
4/24/2032
a
2,065,000
Total
5,195,500
Hungary
(0.1%)
Hungary
Government
International
Bond
1,014,000
6.375%,
3/29/2021
1,052,936
Total
1,052,936
Indonesia
(8.1%)
Indonesia
Government
International
Bond
4,650,000
3.750%,
4/25/2022
a
4,722,633
4,000,000
3.375%,
4/15/2023
a
4,058,050
2,397,000
5.875%,
1/15/2024
a
2,632,937
3,575,000
4.125%,
1/15/2025
a
3,729,052
6,100,000
4.750%,
1/8/2026
a
6,592,094
6,000,000
3.850%,
10/15/2030
6,217,866
5,000,000
8.500%,
10/12/2035
a
7,211,566
2,000,000
6.625%,
2/17/2037
a
2,533,638
2,000,000
7.750%,
1/17/2038
a
2,807,762
3,226,000
6.750%,
1/15/2044
a
4,329,640
3,700,000
5.125%,
1/15/2045
a
4,151,948
4,000,000
5.950%,
1/8/2046
a
4,964,205
1,200,000
5.250%,
1/8/2047
a
1,366,283
1,500,000
4.350%,
1/11/2048
1,546,789
Perusahaan
Listrik
Negara
PT
1,000,000
4.375%,
2/5/2050
920,000
Perusahaan
Penerbit
SBSN
Indonesia
III
3,000,000
3.400%,
3/29/2021
a
3,011,250
1,000,000
3.750%,
3/1/2023
a
1,019,940
2,500,000
4.350%,
9/10/2024
a
2,613,750
1,500,000
4.150%,
3/29/2027
a
1,573,950
PT
Pertamina
4,700,000
4.150%,
2/25/2060
a
3,855,262
2,000,000
3.100%,
8/25/2030
a
1,844,967
Total
71,703,582
Israel
(0.8%)
Israel
Government
International
Bond
3,000,000
3.875%,
7/3/2050
3,318,300
3,000,000
2.750%,
7/3/2030
3,150,000
Total
6,468,300
Ivory
Coast
(1.4%)
Ivory
Coast
Government
International
Bond
7,000,000
6.375%,
3/3/2028
6,273,750
7,500,000
6.125%,
6/15/2033
6,443,400
Total
12,717,150
Kuwait
(0.6%)
Kuwait
Government
International
Bond
5,500,000
2.750%,
3/20/2022
a
5,618,019
Total
5,618,019
Principal
Amount
Long-Term
Fixed
Income
(
94
.8
%
)
Value
Malaysia
(1.2%)
Petronas
Capital,
Ltd.
$
5,000,000
4.550%,
4/21/2050
a
$
5,417,361
5,000,000
3.500%,
4/21/2030
a
5,236,243
Total
10,653,604
Mexico
(5.8%)
Banco
Santander
Mexico
SA
1,000,000
5.375%,
4/17/2025
a
1,026,250
Mexico
Government
International
Bond
7,160,000
4.500%,
1/31/2050
b
6,408,200
5,590,000
5.750%,
10/12/2110
5,303,568
5,781,000
4.150%,
3/28/2027
b
5,781,000
3,885,000
3.750%,
1/11/2028
3,749,025
4,600,000
4.500%,
4/22/2029
4,611,500
6,000,000
5.550%,
1/21/2045
b
6,210,000
5,250,000
4.600%,
1/23/2046
4,757,603
2,000,000
4.600%,
2/10/2048
1,815,000
Petroleos
Mexicanos
10,700,000
6.840%,
1/23/2030
a
8,359,375
3,000,000
5.950%,
1/28/2031
a
2,172,900
5,100,000
6.625%,
6/15/2035
3,595,500
Total
53,789,921
Netherlands
(1.3%)
Braskem
Netherlands
Finance
BV
3,000,000
5.875%,
1/31/2050
a
2,346,000
IHS
Netherlands
Holdco
BV
3,000,000
8.000%,
9/18/2027
a
2,730,000
Petrobras
Global
Finance
BV
6,560,000
5.093%,
1/15/2030
a
5,979,440
Total
11,055,440
Nigeria
(1.5%)
Nigeria
Government
International
Bond
2,000,000
6.375%,
7/12/2023
1,712,256
3,000,000
7.143%,
2/23/2030
2,250,000
1,000,000
8.747%,
1/21/2031
798,566
5,600,000
7.875%,
2/16/2032
4,228,000
3,000,000
7.696%,
2/23/2038
2,205,096
3,000,000
7.625%,
11/28/2047
2,190,000
Total
13,383,918
Oman
(1.8%)
Oman
Government
International
Bond
1,000,000
3.625%,
6/15/2021
a
957,500
3,000,000
4.125%,
1/17/2023
a
2,608,356
2,000,000
5.932%,
10/31/2025
a
1,888,584
5,000,000
4.750%,
6/15/2026
a
3,804,240
4,000,000
5.625%,
1/17/2028
a
3,045,664
6,000,000
6.750%,
1/17/2048
a
4,212,480
Total
16,516,824
Panama
(1.7%)
Panama
Government
International
Bond
2,000,000
4.500%,
4/16/2050
2,240,020
1,000,000
9.375%,
1/16/2023
1,180,000
3,000,000
3.750%,
3/16/2025
3,161,280
2,000,000
3.875%,
3/17/2028
2,155,020
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
10
Principal
Amount
Long-Term
Fixed
Income
(
94
.8
%
)
Value
Panama
(1.7%)
-
continued
$
5,079,000
6.700%,
1/26/2036
$
6,678,936
Total
15,415,256
Paraguay
(1.6%)
Paraguay
Government
International
Bond
9,800,000
5.400%,
3/30/2050
b
10,192,000
4,000,000
4.950%,
4/28/2031
a
4,135,000
Total
14,327,000
Peru
(1.4%)
Peru
Government
International
Bond
2,650,000
5.625%,
11/18/2050
b
3,961,750
1,000,000
7.350%,
7/21/2025
1,251,260
5,000,000
8.750%,
11/21/2033
7,900,050
Total
13,113,060
Philippines
(2.5%)
Philippines
Government
International
Bond
3,000,000
4.200%,
1/21/2024
3,211,733
3,000,000
3.750%,
1/14/2029
3,348,304
5,025,000
7.750%,
1/14/2031
7,367,001
2,625,000
6.375%,
10/23/2034
3,728,593
3,720,000
3.950%,
1/20/2040
b
4,303,241
Total
21,958,872
Poland
(0.5%)
Poland
Government
International
Bond
4,000,000
5.000%,
3/23/2022
4,274,352
Total
4,274,352
Qatar
(7.5%)
Qatar
Government
International
Bond
2,000,000
4.400%,
4/16/2050
a
2,274,120
6,000,000
4.500%,
1/20/2022
a
6,280,680
3,000,000
3.875%,
4/23/2023
a
3,177,816
6,000,000
3.375%,
3/14/2024
a
6,332,556
3,000,000
3.250%,
6/2/2026
a
3,168,750
11,500,000
4.500%,
4/23/2028
a
13,116,900
1,000,000
4.000%,
3/14/2029
a
1,109,580
4,000,000
3.750%,
4/16/2030
a
4,367,040
2,000,000
9.750%,
6/15/2030
a
3,176,316
2,000,000
5.750%,
1/20/2042
a
2,658,964
7,750,000
5.103%,
4/23/2048
a
9,648,750
8,000,000
4.817%,
3/14/2049
a
9,622,272
Total
64,933,744
Russian
Federation
(5.7%)
Russia
Government
International
Bond
2,000,000
4.500%,
4/4/2022
a
2,099,892
7,600,000
4.750%,
5/27/2026
8,417,000
4,000,000
4.250%,
6/23/2027
a
4,330,592
2,000,000
12.750%,
6/24/2028
a
3,370,000
6,000,000
4.375%,
3/21/2029
a
6,622,800
6,400,000
4.375%,
3/21/2029
7,064,320
885,000
7.500%,
3/31/2030
a
1,006,687
2,600,000
5.100%,
3/28/2035
a
3,048,500
5,000,000
5.625%,
4/4/2042
a
6,355,100
Principal
Amount
Long-Term
Fixed
Income
(
94
.8
%
)
Value
Russian
Federation
(5.7%)
-
continued
$
8,000,000
5.250%,
6/23/2047
a
$
9,902,480
Total
52,217,371
Saudi
Arabia
(6.4%)
Saudi
Arabia
Government
International
Bond
3,000,000
5.250%,
1/16/2050
a
3,401,910
2,500,000
2.375%,
10/26/2021
a
2,525,300
3,000,000
2.875%,
3/4/2023
a
3,068,100
6,000,000
4.000%,
4/17/2025
a
6,405,000
11,300,000
3.250%,
10/26/2026
a
11,653,125
6,000,000
3.625%,
3/4/2028
a
6,285,000
6,800,000
4.375%,
4/16/2029
a
7,573,840
5,250,000
4.500%,
10/26/2046
a
5,434,800
4,000,000
4.625%,
10/4/2047
a
4,187,672
6,700,000
5.000%,
4/17/2049
a
7,393,571
Total
57,928,318
South
Africa
(1.7%)
Eskom
Holdings
SOC,
Ltd.
1,500,000
6.350%,
8/10/2028
a
1,340,100
South
Africa
Government
International
Bond
4,125,000
5.875%,
5/30/2022
4,234,312
2,000,000
4.665%,
1/17/2024
1,970,000
1,600,000
4.875%,
4/14/2026
1,487,632
1,500,000
4.850%,
9/27/2027
1,348,620
500,000
5.875%,
6/22/2030
458,750
500,000
6.250%,
3/8/2041
437,956
5,200,000
5.650%,
9/27/2047
4,017,000
Total
15,294,370
Sri
Lanka
(0.8%)
Sri
Lanka
Government
International
Bond
1,500,000
6.250%,
10/4/2020
a
1,305,000
1,500,000
5.750%,
1/18/2022
a
959,995
1,500,000
5.875%,
7/25/2022
a
937,500
1,000,000
5.750%,
4/18/2023
a
595,000
2,000,000
6.350%,
6/28/2024
a
1,197,518
1,500,000
6.200%,
5/11/2027
a
839,977
1,000,000
6.750%,
4/18/2028
a
564,997
2,000,000
7.550%,
3/28/2030
a
1,139,823
Total
7,539,810
Supranational
(0.8%)
African
Export-Import
Bank
3,000,000
3.994%,
9/21/2029
a
2,709,480
Banque
Ouest
Africaine
de
Developpement
4,500,000
4.700%,
10/22/2031
a
4,050,000
Total
6,759,480
Trinidad
and
Tobago
(0.5%)
Telecommunications
Services
of
Trinidad
and
Tobago,
Ltd.
5,000,000
8.875%,
10/18/2029
a
4,412,500
Total
4,412,500
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
11
Principal
Amount
Long-Term
Fixed
Income
(
94
.8
%
)
Value
Turkey
(8.5%)
Hazine
Mustesarligi
Varlik
Kiralama
AS
$
3,000,000
5.800%,
2/21/2022
a
$
2,961,360
Turkey
Government
International
Bond
2,750,000
7.000%,
6/5/2020
2,753,982
2,500,000
5.625%,
3/30/2021
2,512,500
3,000,000
6.250%,
9/26/2022
3,006,318
5,000,000
7.250%,
12/23/2023
5,060,070
8,000,000
5.750%,
3/22/2024
7,709,232
7,042,000
4.875%,
10/9/2026
6,173,482
4,300,000
6.000%,
3/25/2027
3,943,960
1,000,000
5.125%,
2/17/2028
867,300
15,000,000
7.625%,
4/26/2029
14,785,500
7,000,000
5.250%,
3/13/2030
5,810,000
7,439,000
6.875%,
3/17/2036
6,713,697
5,935,000
6.750%,
5/30/2040
5,111,649
6,500,000
6.625%,
2/17/2045
5,443,750
3,000,000
5.750%,
5/11/2047
2,279,208
Total
75,132,008
Ukraine
(1.5%)
Ukraine
Government
International
Bond
1,200,000
7.750%,
9/1/2026
1,106,962
4,200,000
9.750%,
11/1/2028
4,103,484
9,000,000
7.375%,
9/25/2032
7,965,000
Total
13,175,446
United
Arab
Emirates
(2.8%)
Abu
Dhabi
Government
International
Bond
3,000,000
3.875%,
4/16/2050
a
3,195,600
3,000,000
2.500%,
10/11/2022
a
3,060,000
3,000,000
3.125%,
5/3/2026
a
3,180,000
5,500,000
3.125%,
10/11/2027
a
5,850,625
2,500,000
2.500%,
9/30/2029
a
2,540,900
4,000,000
4.125%,
10/11/2047
a
4,494,968
Dubai
Government
International
Bond
2,300,000
5.250%,
1/30/2043
2,223,990
Total
24,546,083
United
Kingdom
(0.9%)
Gazprom
PJSC
5,000,000
3.250%,
2/25/2030
a
4,707,500
NAK
Naftogaz
Ukraine
4,000,000
7.625%,
11/8/2026
a
3,362,945
Total
8,070,445
Uruguay
(1.1%)
Uruguay
Government
International
Bond
4,000,000
4.975%,
4/20/2055
4,510,040
4,000,000
5.100%,
6/18/2050
4,535,040
840,312
4.375%,
1/23/2031
925,402
Total
9,970,482
Principal
Amount
Long-Term
Fixed
Income
(
94
.8
%
)
Value
Vietnam
(0.5%)
Vietnam
Government
International
Bond
$
4,000,000
4.800%,
11/19/2024
$
4,169,798
Total
4,169,798
Total
Long-Term
Fixed
Income
(cost
$887,740,694)
848,085,965
Shares
Registered
Investment
Companies
(
1
.6
%
)
Value
Unaffiliated (1.6%)
140,000
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
14,070,000
Total
14,070,000
Total
Registered
Investment
Companies
(cost
$13,825,424)
14,070,000
Shares
Collateral
Held
for
Securities
Loaned
(
1
.5
%
)
13,226,980
Thrivent
Cash
Management
Trust
13,226,980
Total
Collateral
Held
for
Securities
Loaned
(cost
$13,226,980)
13,226,980
Shares
or
Principal
Amount
Short-Term
Investments
(
2
.5
%
)
Federal
Home
Loan
Bank
Discount
Notes
16,590,000
0.030%,
5/14/2020
c
16,589,461
Thrivent
Core
Short-Term
Reserve
Fund
598,396
1.450%
5,983,962
Total
Short-Term
Investments
(cost
$22,570,298)
22,573,423
Total
Investments
(cost
$937,363,396)
100.4%
$
897,956,368
Other
Assets
and
Liabilities,
Net
(0.4%)
(
3,541,701
)
Total
Net
Assets
100.0%
$
894,414,667
a
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$421,268,376
or
47.1%
of
total
net
assets.
b
All
or
a
portion
of
the
security
is
on
loan.
c
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
12
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
Emerging
Markets
Debt
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
13,005,079
Total
lending
$13,005,079
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$13,226,980
Net
amounts
due
to
counterparty
$221,901
Definitions:
ETF
-
Exchange
Traded
Fund
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
24,590,516
Gross
unrealized
depreciation
(
64,240,985
)
Net
unrealized
appreciation
(depreciation)
$
(
39,650,469
)
Cost
for
federal
income
tax
purposes
$
937,606,837
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Emerging
Markets
Debt
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Basic
Materials
2,346,000
–
2,346,000
–
Communications
Services
7,142,500
–
7,142,500
–
Energy
61,712,138
–
61,712,138
–
Financials
1,945,000
–
1,945,000
–
Foreign
Government
773,600,227
–
773,600,227
–
Utilities
1,340,100
–
1,340,100
–
Registered
Investment
Companies
Unaffiliated
14,070,000
14,070,000
–
–
Short-Term
Investments
16,589,461
–
16,589,461
–
Subtotal
Investments
in
Securities
$
878,745,426
$
14,070,000
$
864,675,426
$
–
Other
Investments *
Total
Affiliated
Short-Term
Investments
5,983,962
Collateral
Held
for
Securities
Loaned
13,226,980
Subtotal
Other
Investments
$
19,210,942
Total
Investments
at
Value
$
897,956,368
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
13
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Emerging
Markets
Debt
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$
15,590
$
130,743
$
140,373
$
5,984
598
0.7%
Total
Affiliated
Short-Term
Investments
15,590
5,984
0.7
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
3,415
49,535
39,723
13,227
13,227
1.5
Total
Collateral
Held
for
Securities
Loaned
3,415
13,227
1.5
Total
Value
$
19,005
$
19,211
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$21
$3
$
0
$167
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$167
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
11
Total
Affiliated
Income
from
Securities
Loaned,
Net
$11
Total
$21
$3
$
0
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
14
Shares
Common
Stock
(
98
.4
%
)
Value
Bermuda
(0.8%)
54,000
Road
King
Infrastructure,
Ltd.
$
83,463
196,000
Shanghai
Industrial
Urban
Development
Group,
Ltd.
19,320
1,254,000
Yuexiu
Transport
Infrastructure,
Ltd.
875,387
Total
978,170
Brazil
(4.6%)
34,700
Ambev
SA
72,554
23,700
Atacadao
SA
87,558
15,000
B3
SA
-
Brasil
Bolsa
Balcao
105,509
137,100
Banco
ABC
Brasil
SA
366,834
41,700
Banco
do
Brasil
SA
217,246
301,700
BR
Malls
Participacoes
SA
557,584
17,800
Braskem
SA
a
69,885
39,800
Cosan
SA
441,555
119,000
EDP
-
Energias
do
Brasil
SA
371,362
19,762
Embraer
SA
ADR
a
125,093
93,100
Gerdau
SA
ADR
200,165
34,600
GOL
Linhas
Aereas
Inteligentes
SA
a
78,707
88,100
Iochpe-Maxion
SA
211,262
95,368
Itau
Unibanco
Holding
SA
ADR
401,499
629,200
Metalurgica
Gerdau
SA
599,359
47,000
Petrobras
Distribuidora
SA
170,527
197,200
Petroleo
Brasileiro
SA
654,928
59,039
Petroleo
Brasileiro
SA
ADR
407,960
3,800
Raia
Drogasil
SA
73,632
141,000
Randon
SA
Implementos
e
Participacoes
224,287
36,600
Rumo
SA
a
132,592
23,700
Tupy
SA
65,374
16,665
Vale
SA
ADR
137,486
Total
5,772,958
Cayman
Islands
(13.3%)
105,500
3SBio,
Inc.
a,b
106,958
12,545
Baidu.com,
Inc.
ADR
a
1,266,167
68,000
Central
China
Real
Estate,
Ltd.
34,661
205,000
China
Aoyuan
Group,
Ltd.
240,861
26,000
China
Mengniu
Dairy
Company,
Ltd.
92,069
316,000
China
Resources
Land,
Ltd.
1,305,777
98,000
China
Shineway
Pharmaceutical
Group,
Ltd.
72,632
210,000
Consun
Pharmaceutical
Group,
Ltd.
107,363
88,000
Fu
Shou
Yuan
International
Group,
Ltd.
79,578
170,000
Goodbaby
International
Holdings,
Ltd.
a
17,402
232,000
IGG,
Inc.
147,507
188,500
Kingboard
Holdings,
Ltd.
459,857
56,000
Longfor
Group
Holdings,
Ltd.
b
284,706
17,100
Meituan
Dianping
a
228,953
3,985
NetEase,
Inc.
ADR
1,374,666
6,275
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
a
801,066
29,621
NIO,
Inc.
ADR
a
101,008
1,898
Pinduoduo,
Inc.
ADR
a
90,041
2,383,000
Shui
On
Land,
Ltd.
422,182
17,400
Sunny
Optical
Technology
(Group)
Company,
Ltd.
242,304
7,021
TAL
Education
Group
ADR
a
380,468
154,500
Tencent
Holdings,
Ltd.
8,121,978
170,000
Tingyi
(Cayman
Islands)
Holding
Corporation
301,767
4,335
Trip.com
Group,
Ltd.
ADR
a
111,670
13,000
Vinda
International
Holdings,
Ltd.
38,919
Shares
Common
Stock
(
98
.4
%
)
Value
Cayman
Islands
(13.3%)
-
continued
33,000
Wisdom
Marine
Lines
Company,
Ltd.
$
27,754
6,000
Wuxi
Biologics
(Cayman),
Inc.
a,b
93,399
212,400
Xiaomi
Corporation
a,b
278,583
6,271
ZTO
Express,
Inc.
ADR
186,625
Total
17,016,921
Chile
(0.5%)
20,821
Banco
Santander
Chile
SA
ADR
350,209
59,429
CAP
SA
a
290,062
Total
640,271
China
(22.8%)
38,900
360
Security
Technology,
Inc.
101,324
43,855
Alibaba
Group
Holding,
Ltd.
ADR
a
8,888,093
17,200
Anhui
Conch
Cement
Company,
Ltd.,
Class
A
144,219
121,500
Anhui
Conch
Cement
Company,
Ltd.,
Class
H
958,074
575
Autohome,
Inc.
ADR
47,236
1,014,000
Bank
of
China,
Ltd.
386,033
1,461,000
Bank
of
Communications
Company,
Ltd.
925,845
66,600
Beijing
SL
Pharmaceutical
Company,
Ltd.
103,792
1,215,000
China
Coal
Energy
Company,
Ltd.
325,057
1,923,000
China
Construction
Bank
Corporation
1,543,522
247,000
China
Everbright
Bank
Company,
Ltd.
104,815
45,000
China
Merchants
Bank
Company,
Ltd.
212,954
27,600
China
National
Accord
Medicines
Corporation,
Ltd.
159,485
354,000
China
National
Building
Material
Company,
Ltd.
442,198
9,330
China
Petroleum
&
Chemical
Corporation
ADR
463,514
218,900
China
Resources
Double-Crane
Pharmaceutical
Company,
Ltd.
392,599
92,200
China
Resources
Sanjiu
Medical
and
Pharmaceutical
Company,
Ltd.
375,882
3,738,000
China
Telecom
Corporation,
Ltd.
1,291,107
774,000
China
Tower
Corporation,
Ltd.
a,b
172,249
27,800
China
Vanke
Company,
Ltd.
Class
A
104,319
188,900
China
Vanke
Company,
Ltd.
Class
H
634,842
219,500
China
Yangtze
Power
Company,
Ltd.
540,685
561,000
CNOOC,
Ltd.
620,254
21,700
CSC
Financial
Company,
Ltd.
105,695
47,600
Foxconn
Industrial
Internet
Company,
Ltd.
98,043
1,700
GigaDevice
Semiconductor
(Beijing),
Inc.
66,058
103,700
Huaan
Securities
Company,
Ltd.
104,776
90,350
Hualan
Biological
Engineering,
Inc.
494,676
1,429,000
Industrial
and
Commercial
Bank
of
China,
Ltd.
958,158
271,300
Inner
Mongolia
Eerduosi
Resources
Company,
Ltd.
285,963
35,041
JD.com,
Inc.
ADR
a
1,510,267
114,000
Jiangxi
Copper
Company,
Ltd.
110,906
4,900
Kweichow
Moutai
Company,
Ltd.
872,905
29,300
Livzon
Pharmaceutical
Group,
Inc.
163,460
252,000
Ping
An
Insurance
Company
of
China,
Ltd.
2,564,418
27,000
Shandong
Gold
Mining
Company,
Ltd.
137,410
208,000
Shandong
Weigao
Group
Medical
Polymer
Company,
Ltd.
315,982
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
15
Shares
Common
Stock
(
98
.4
%
)
Value
China
(22.8%)
-
continued
6,200
Shanghai
Haohai
Biological
Technology
Company,
Ltd.
b
$
30,191
90,000
Shanghai
Pharmaceuticals
Holding
Company,
Ltd.
158,419
50,400
Sinopharm
Group
Company,
Ltd.
135,897
282,000
Tong
Ren
Tang
Technologies
Company,
Ltd.
223,445
22,000
Tsingtao
Brewery
Company,
Ltd.
133,648
16,414
Vipshop
Holdings,
Ltd.
ADR
a
261,475
3,300
Will
Semiconductor,
Ltd.
89,571
41,000
Winning
Health
Technology
Group
Company,
Ltd.
146,413
10,200
Wuliangye
Yibin
Company,
Ltd.
194,056
461,700
Xiamen
C&D,
Inc.
543,534
350,300
Zoomlion
Heavy
Industry
Science
and
Technology
Company,
Ltd.
315,547
30,200
ZTE
Corporation
a
85,124
Total
29,044,135
Colombia
(<0.1%)
2,193
Bancolombia
SA
ADR
57,237
Total
57,237
Czech
Republic
(<0.1%)
50
Philip
Morris
CR
a
28,545
Total
28,545
Egypt
(0.1%)
170,207
EFG
Hermes
Holding
Company
121,793
Total
121,793
Greece
(0.5%)
76,288
Alpha
Bank
AE
a
55,708
7,123
Hellenic
Telecommunications
Organization
SA
94,106
6,146
Motor
Oil
(Hellas)
Diilistiria
Korinthou
AE
91,065
50,442
Mytilineos
SA
376,144
Total
617,023
Hong
Kong
(3.9%)
143,000
China
Mobile,
Ltd.
1,149,586
204,000
China
Resources
Pharmaceutical
Group,
Ltd.
b
128,118
238,000
China
Traditional
Chinese
Medicine
Holdings
Company,
Ltd.
104,461
1,287,000
CITIC,
Ltd.
1,336,683
102,000
CSPC
Pharmaceutical
Group,
Ltd.
201,931
183,000
Far
East
Horizon,
Ltd.
148,145
134,500
Fosun
International,
Ltd.
168,860
315,000
Hang
Lung
Group,
Ltd.
719,481
236,000
MMG,
Ltd.
a
40,841
197,000
Shanghai
Industrial
Holdings,
Ltd.
335,152
2,636,000
Yuexiu
Property
Company,
Ltd.
501,182
Total
4,834,440
India
(9.2%)
23,789
Alembic
Pharmaceuticals,
Ltd.
232,477
66,324
Amara
Raja
Batteries,
Ltd.
499,620
7,850
Asian
Paints,
Ltd.
183,165
14,961
Bajaj
Auto,
Ltd.
520,271
12,440
Bharti
Airtel,
Ltd.
a
84,718
84,654
Coal
India,
Ltd.
165,535
Shares
Common
Stock
(
98
.4
%
)
Value
India
(9.2%)
-
continued
19,377
Divi's
Laboratories,
Ltd.
$
597,492
2,117
Dr.
Lal
PathLabs,
Ltd.
b
44,024
11,498
Dr.
Reddy's
Laboratories,
Ltd.
ADR
588,583
304
Gillette
India,
Ltd.
21,505
55,689
Granules
India,
Ltd.
117,827
11,742
Greaves
Cotton,
Ltd.
a
12,310
179,256
HCL
Technologies,
Ltd.
1,285,606
42,441
Heidelberg
Cement
India,
Ltd.
87,614
9,156
Hindustan
Unilever,
Ltd.
265,117
58,935
Housing
Development
Finance
Corporation
1,490,749
5,883
ICICI
Bank,
Ltd.
ADR
57,418
34,966
Infosys,
Ltd.
ADR
322,736
75,513
Jindal
Saw,
Ltd.
55,402
4,363
Maruti
Suzuki
India,
Ltd.
309,737
10,385
Mindtree,
Ltd.
125,722
6,801
Multi
Commodity
Exchange
of
India,
Ltd.
96,155
1,397
Nestle
India,
Ltd.
331,370
3,058
NIIT
Technologies,
Ltd.
48,587
276,492
Oil
and
Natural
Gas
Corporation,
Ltd.
292,587
7,908
Persistent
Systems,
Ltd.
49,670
18,818
Polycab
India,
Ltd.
179,357
10,119
PVR,
Ltd.
135,597
51,648
Reliance
Industries,
Ltd.
1,004,193
21,156
Syngene
International,
Ltd.
b
89,591
31,008
Tata
Consultancy
Services,
Ltd.
820,854
46,185
Tata
Elxsi,
Ltd.
490,051
93,857
Tech
Mahindra,
Ltd.
675,028
184,635
Wipro,
Ltd.
ADR
607,449
Total
11,888,117
Indonesia
(0.9%)
1,859,900
Astra
International
Tbk
PT
475,700
411,200
Industri
Jamu
Dan
Farmasi
Sido
Muncul
Tbk
PT
34,852
1,041,100
Media
Nusantara
Citra
Tbk
PT
63,491
1,489,000
Mitra
Adiperkasa
Tbk
PT
65,048
1,343,600
PT
PP
(Persero)
Tbk
59,759
17,245
Telekomunikasi
Indonesia
Persero
Tbk
PT
ADR
374,044
1,270,600
Wijaya
Karya
Persero
Tbk
PT
80,351
Total
1,153,245
Malaysia
(0.7%)
8,500
AEON
Credit
Service
(M)
Berhad
17,928
110,300
Berjaya
Sports
Toto
Berhad
59,296
32,900
Kuala
Lumpur
Kepong
Berhad
159,884
209,600
PETRONAS
Chemicals
Group
Berhad
271,314
75,900
Public
Bank
Berhad
288,463
1,192,232
Sapura
Energy
Berhad
23,371
274,000
Serba
Dinamik
Holdings
Berhad
100,519
77,500
Yinson
Holdings
Berhad
93,199
Total
1,013,974
Mexico
(1.8%)
12,302
America
Movil
SAB
de
CV
ADR
148,116
529,000
Corporacion
Inmobiliaria
Vesta,
SAB
de
CV
724,766
4,801
Fomento
Economico
Mexicano
SAB
de
CV
ADR
308,848
146,200
Grupo
Financiero
Banorte
SAB
de
CV
ADR
400,244
13,915
Industrias
Penoles,
SAB
de
CV
106,523
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
16
Shares
Common
Stock
(
98
.4
%
)
Value
Mexico
(1.8%)
-
continued
253,600
Wal-Mart
de
Mexico,
SAB
de
CV
$
612,087
Total
2,300,584
Panama
(<0.1%)
26,744
Avianca
Holdings
SA
ADR
26,744
Total
26,744
Peru
(0.2%)
27,391
Cia
de
Minas
Buenaventura
SA
ADR
205,159
Total
205,159
Philippines
(0.2%)
86,280
Bank
of
the
Philippine
Islands
99,097
22,880
Manila
Electric
Company
114,240
Total
213,337
Poland
(1.3%)
11,610
Alior
Bank
SA
a
42,601
33,849
Asseco
Poland
SA
546,995
30,802
Jastrzebska
Spolka
Weglowa
SA
102,263
18,959
KGHM
Polska
Miedz
SA
a
356,603
117,629
PGE
Polska
Grupa
Energetyczna
SA
a
117,651
28,528
Polski
Koncern
Naftowy
Orlen
SA
433,036
3,789
Santander
Bank
Polska
SA
150,613
Total
1,749,762
Russian
Federation
(4.5%)
91,800
Aeroflot
PJSC
93,314
97,520
Gazprom
OAO
ADR
492,476
19,670
Lukoil
ADR
1,283,227
76,210
M.Video
PJSC
372,215
353,080
Moscow
Exchange
MICEX-RTS
PJSC
570,723
2,018
Novatek
Pao
GDR
280,502
362
PAO
Transneft
664,175
112,253
Rosneft
Oil
Company
PJSC
GDR
503,290
187,730
Sberbank
of
Russia
PJSC
494,713
91,964
Surgutneftegas
ADR
446,025
928,700
Surgutneftegas
PJSC
454,455
Total
5,655,115
Singapore
(<0.1%)
3,080
China
Yuchai
International,
Ltd.
38,038
Total
38,038
South
Africa
(3.6%)
74,391
AECI,
Ltd.
298,210
10,732
AngloGold
Ashanti,
Ltd.
ADR
261,753
133,804
Barloworld,
Ltd.
490,901
128,046
DataTec,
Ltd.
168,543
35,187
Emira
Property
Fund,
Ltd.
12,297
128,964
FirstRand,
Ltd.
281,465
11,655
Gold
Fields,
Ltd.
ADR
85,548
47,174
Impala
Platinum
Holdings,
Ltd.
281,358
191,160
Investec,
Ltd.
398,109
311,579
Momentum
Metropolitan
Holdings
294,172
42,044
Motus
Holdings,
Ltd.
68,481
9,531
Naspers,
Ltd.
1,483,486
80,489
Ninety
One,
Ltd.
a
169,572
138,034
RMB
Holdings,
Ltd.
395,743
Total
4,689,638
Shares
Common
Stock
(
98
.4
%
)
Value
South
Korea
(10.7%)
1,906
AK
Holdings,
Inc.
$
39,495
2,198
Binggrae
Company,
Ltd.
115,811
690
Celltrion,
Inc.
a
119,257
20,968
Cheil
Worldwide,
Inc.
306,024
6,250
DB
HiTek
Company,
Ltd.
137,410
24,110
Dongkuk
Steel
Mill
Corporation,
Ltd.
a
84,256
24,643
Doosan
Heavy
Construction
Corporation,
Ltd.
a
80,052
1,172
Green
Cross
Corporation
143,141
10,384
GS
Holdings
Corporation
326,737
3,603
Hana
Tour
Service,
Inc.
125,784
3,494
Handsome
Corporation
70,496
14,347
Hanwha
Corporation
244,718
17,439
Hanwha
Investment
&
Securities
Corporation,
Ltd.
a
25,476
78,555
Hanwha
Life
Insurance
Corporation,
Ltd.
117,043
382
Hugel,
Inc.
a
119,852
4,354
Hyundai
Department
Store
Company,
Ltd.
259,786
833
Hyundai
Motor
Company
64,385
6,028
Hyundai
Steel
Company
107,214
5,472
Hyundai
Wia
Corporation
148,248
31,491
JB
Financial
Group
Corporation,
Ltd.
125,436
3,469
Kakao
Corporation
524,231
9,416
Kangwon
Land,
Inc.
194,603
2,696
KEPCO
Plant
Service
&
Engineering
Company,
Ltd.
72,040
2,973
Korea
Zinc
Company,
Ltd.
944,921
189
LG
Chem,
Ltd.
58,725
4,504
LG
Electronics,
Inc.
202,703
149
LG
Household
&
Health
Care,
Ltd.
168,966
12,973
LG
International
Corporation
140,715
2,913
LS
Electric
Company,
Ltd.
93,809
2,115
NAVER
Corporation
342,906
736
NCSoft
Corporation
389,969
4,249
POSCO
642,047
10,780
Samsung
Card
Corporation,
Ltd.
265,419
121,443
Samsung
Electronics
Company,
Ltd.
4,993,440
19,218
Samsung
Securities
Corporation,
Ltd.
476,190
3,241
SeAH
Besteel
Corporation
24,771
1,172
Seegene,
Inc.
88,273
4,604
Seojin
System
Company,
Ltd.
99,602
11,105
SK
Hynix,
Inc.
764,219
904
Soulbrain
Company,
Ltd.
54,410
311
Taekwang
Industrial
Corporation,
Ltd.
204,273
63
YoungPoong
Corporation
27,053
Total
13,533,906
Taiwan
(15.1%)
115,000
Capital
Securities
Corporation
37,833
46,000
Cheng
Loong
Corporation
32,730
3,041,000
China
Development
Financial
Holding
Corporation
920,111
314,000
China
Man-Made
Fiber
Corporation
68,226
910,000
CTBC
Financial
Holding
Company,
Ltd.
606,417
120,000
Far
Eastern
Department
Stores,
Ltd.
92,769
30,000
Feng
Hsin
Iron
&
Steel
Company,
Ltd.
52,446
1,144,000
Fubon
Financial
Holding
Company,
Ltd.
1,617,592
651,000
Hon
Hai
Precision
Industry
Company,
Ltd.
1,673,049
26,000
Huaku
Development
Company,
Ltd.
79,106
399,000
IBF
Financial
Holdings
Company,
Ltd.
146,196
40,000
MediaTek,
Inc.
552,338
41,000
Namchow
Holdings
Company,
Ltd.
62,210
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
17
Shares
Common
Stock
(
98
.4
%
)
Value
Taiwan
(15.1%)
-
continued
192,000
Powertech
Technology,
Inc.
$
642,060
59,000
President
Chain
Store
Corporation
610,103
171,000
SerComm
Corporation
427,302
7,000
Shin
Zu
Shing
Company,
Ltd.
30,716
695,000
Shinkong
Synthetic
Fibers
Corporation
255,203
85,000
Sigurd
Microelectronics
Corporation
103,498
47,000
Supreme
Electronics
Company,
Ltd.
52,787
94,000
Syncmold
Enterprise
Corporation
245,608
196,000
Synnex
Technology
International
Corporation
261,580
87,000
Systex
Corporation
236,571
412,000
Taichung
Commercial
Bank
Company,
Ltd.
157,811
58,000
Taiwan
Hon
Chuan
Enterprise
Company,
Ltd.
105,664
636,000
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
6,415,841
173,000
TECO
Electric
&
Machinery
Company,
Ltd.
155,675
91,000
Topco
Scientific
Company,
Ltd.
312,830
135,000
Transcend
Information,
Inc.
318,824
107,000
TXC
Corporation
230,625
766,000
Uni-President
Enterprises
Corporation
1,783,546
22,000
United
Integrated
Services
Company,
Ltd.
138,887
137,000
Wistron
Corporation
128,471
35,000
WT
Microelectronics
Company,
Ltd.
45,050
1,329,000
Yuanta
Financial
Holding
Company,
Ltd.
757,503
Total
19,357,178
Thailand
(2.4%)
72,300
Advanced
Info
Service
Public
Company,
Ltd.
NVDR
440,372
54,200
Airports
of
Thailand
Public
Company,
Ltd.
NVDR
103,378
379,400
Bangkok
Dusit
Medical
Services
Public
Company,
Ltd.
NVDR
241,066
71,100
Berli
Jucker
Public
Company,
Ltd.
NVDR
87,412
492,400
Charoen
Pokphand
Foods
Public
Company,
Ltd.
NVDR
407,886
344,400
CP
ALL
Public
Company,
Ltd.
NVDR
752,832
59,600
Intouch
Holdings
Public
Company,
Ltd.
NVDR
97,660
423,500
Major
Cineplex
Group
Public
Company,
Ltd.
NVDR
189,490
58,800
PTT
Exploration
and
Production
Public
Company,
Ltd.
NVDR
151,776
917,000
Thai
Union
Group
Public
Company,
Ltd.
NVDR
369,939
302,900
Thai
Vegetable
Oil
Public
Company,
Ltd.
NVDR
228,186
Total
3,069,997
Turkey
(0.6%)
449,309
Haci
Omer
Sabanci
Holding
AS
524,969
73,756
Koza
Anadolu
Metal
Madencilik
Isletmeleri
AS
a
121,141
21,612
Sok
Marketler
Ticaret
AS
a
33,903
120,301
Turk
Hava
Yollari
Anonim
Ortakligi
a
184,058
Total
864,071
Shares
Common
Stock
(
98
.4
%
)
Value
United
States
(0.7%)
18,579
Yum
China
Holding,
Inc.
$
900,338
Total
900,338
Total
Common
Stock
(cost
$136,460,017)
125,770,696
Shares
Preferred
Stock
(
1
.0
%
)
South
Korea
(1.0%)
36,370
Samsung
Electronics
Company,
Ltd.
1,260,788
Total
1,260,788
Total
Preferred
Stock
(cost
$1,417,041)
1,260,788
Shares
Short-Term
Investments
(
0
.7
%
)
Thrivent
Core
Short-Term
Reserve
Fund
84,396
1.450%
843,957
Total
Short-Term
Investments
(cost
$843,012)
843,957
Total
Investments
(cost
$138,720,070)
100.1%
$
127,875,441
Other
Assets
and
Liabilities,
Net
(0.1%)
(
71,027
)
Total
Net
Assets
100.0%
$
127,804,414
a
Non-income
producing
security.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$1,227,819
or
1.0%
of
total
net
assets.
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
NVDR
-
Non-Voting
Depository
Receipts
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
2,961,257
Gross
unrealized
depreciation
(
13,805,886
)
Net
unrealized
appreciation
(depreciation)
(
$
10,844,629
)
Cost
for
federal
income
tax
purposes
$
138,720,070
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
18
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Emerging
Markets
Equity
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
16,759,866
1,461,519
15,298,347
–
Consumer
Discretionary
17,611,847
13,231,051
4,380,796
–
Consumer
Staples
8,527,142
308,848
8,218,294
–
Energy
8,762,083
2,090,477
6,671,606
–
Financials
21,568,628
866,363
20,702,265
–
Health
Care
6,005,170
588,583
5,416,587
–
Industrials
5,981,886
189,875
5,792,011
–
Information
Technology
25,192,299
2,304,851
22,887,448
–
Materials
9,597,475
890,111
8,707,364
–
Real
Estate
4,734,602
–
4,734,602
–
Utilities
1,029,698
–
1,029,698
–
Preferred
Stock
Information
Technology
1,260,788
–
1,260,788
–
Subtotal
Investments
in
Securities
$
127,031,484
$
21,931,678
$
105,099,806
$
–
Other
Investments *
Total
Affiliated
Short-Term
Investments
843,957
Subtotal
Other
Investments
$
843,957
Total
Investments
at
Value
$
127,875,441
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Emerging
Markets
Equity
Fund,
is
as
follows:
Fund
Value
1/31/2020
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$
—
$
13,921
$
13,072
$
844
84
0.7%
Total
Affiliated
Short-Term
Investments
—
844
0.7
Total
Value
$
—
$
844
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
1/31/2020
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(6)
$1
$
–
$6
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$6
Total
$(6)
$1
$
–
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
19
Shares
Common
Stock
(
98
.3
%
)
Value
Australia
(3.8%)
58,086
AGL
Energy,
Ltd.
$
637,493
82,330
Carsales.com,
Ltd.
753,136
106,031
Commonwealth
Bank
of
Australia
4,283,270
242,237
Computershare,
Ltd.
1,905,837
75,165
CSL,
Ltd.
14,982,404
1,026,982
FlexiGroup,
Ltd.
599,824
313,659
Gold
Road
Resources,
Ltd.
a
320,292
473,227
GWA
Group,
Ltd.
849,423
44,004
Northern
Star
Resources,
Ltd.
355,335
242,144
Ramelius
Resources,
Ltd.
205,754
500,939
Resolute
Mining,
Ltd.
a
298,454
23,239
Rio
Tinto,
Ltd.
1,309,774
339,110
Sandfire
Resources,
Ltd.
984,188
318,843
Seven
West
Media,
Ltd.
a
17,538
123,443
St
Barbara,
Ltd.
203,180
31,384
Super
Retail
Group,
Ltd.
128,039
Total
27,833,941
Austria
(0.2%)
12,379
OMV
AG
404,199
12,017
Verbund
AG
544,104
Total
948,303
Belgium
(0.5%)
64,515
Anheuser-Busch
InBev
NV
3,004,479
2,860
Cofinimmo
SA
397,605
Total
3,402,084
Bermuda
(0.1%)
274,000
Road
King
Infrastructure,
Ltd.
423,499
Total
423,499
Canada
(11.9%)
79,148
Allied
Properties
REIT
2,533,737
96,657
Bank
of
Montreal
b
4,914,268
209,590
CGI,
Inc.
a
13,366,360
58,309
Choice
Properties
REIT
528,654
597,110
CI
Financial
Corporation
6,344,522
127,864
First
Majestic
Silver
Corporation
a
1,031,862
115,738
Granite
REIT
5,288,219
276,670
IAMGOLD
Corporation
a
971,112
18,163
Kirkland
Lake
Gold,
Ltd.
750,816
108,961
Laurentian
Bank
of
Canada
b
2,433,706
16,211
MAG
Silver
Corporation
a
184,360
435,915
Manulife
Financial
Corporation
5,489,845
35,813
National
Bank
of
Canada
1,444,407
41,719
Northland
Power,
Inc.
895,252
27,483
Onex
Corporation
1,266,791
113,609
Power
Corporation
of
Canada
1,816,830
158,078
Quebecor,
Inc.
3,442,181
43,546
RioCan
REIT
497,418
60,319
Royal
Bank
of
Canada
3,710,705
219,768
Sun
Life
Financial,
Inc.
7,532,692
48,408
TC
Energy
Corporation
2,227,822
381,039
Toronto-Dominion
Bank
15,920,994
42,517
Transcontinental,
Inc.
b
385,171
Total
82,977,724
Denmark
(3.5%)
50,312
Carlsberg
AS
6,347,010
272,412
Novo
Nordisk
AS
17,377,169
Shares
Common
Stock
(
98
.3
%
)
Value
Denmark
(3.5%)
-
continued
13,687
Topdanmark
AS
$
552,508
Total
24,276,687
Finland
(0.7%)
186,103
UPM-Kymmene
Oyj
5,103,929
Total
5,103,929
France
(4.3%)
4,930
Aeroports
de
Paris
SA
481,252
30,180
CNP
Assurances
a
311,360
4,649
Eramet
SA
146,402
5,953
Gaztransport
Et
Technigaz
SA
431,577
20,964
Ipsos
SA
403,672
157,018
Legrand
SA
10,585,676
5,455
LNA
Sante
241,963
6,763
L'Oreal
SA
a
1,966,291
262,363
Natixis
619,383
75,662
Orange
SA
919,224
107,699
Schneider
Electric
SE
a
9,952,763
39,594
Total
SA
1,405,292
35,567
Vinci
SA
2,913,732
Total
30,378,587
Germany
(3.8%)
71,716
Allianz
SE
13,198,050
77,314
Alstria
Office
REIT
AG
1,158,919
21,060
Deutsche
Boerse
AG
3,265,124
209,835
Deutsche
Pfandbriefbank
AG
c
1,542,319
17,242
Dialog
Semiconductor
plc
a
541,485
10,695
Infineon
Technologies
AG
198,831
5,672
SAP
SE
675,579
255,232
TAG
Immobilien
AG
5,590,545
1,483
Wirecard
AG
b
146,755
Total
26,317,607
Hong
Kong
(1.0%)
189,000
AIA
Group,
Ltd.
1,734,598
629,000
Galaxy
Entertainment
Group,
Ltd.
4,045,417
629,000
HKT
Trust
and
HKT,
Ltd.
1,015,031
239,000
Hysan
Development
Company,
Ltd.
797,342
Total
7,592,388
Ireland
(<0.1%)
12,250
Glanbia
plc
130,369
Total
130,369
Israel
(1.4%)
716,743
Bank
Leumi
Le-Israel
BM
3,861,884
1,677,092
Israel
Discount
Bank,
Ltd.
5,441,013
37,358
Mizrahi
Tefahot
Bank,
Ltd.
765,134
Total
10,068,031
Italy
(2.0%)
897,258
Enel
SPA
6,128,702
171,504
Eni
SPA
1,633,811
104,808
Recordati
SPA
4,564,166
4,093,426
Telecom
Italia
SPA
a
1,625,546
Total
13,952,225
Japan
(22.1%)
136,000
Air
Water,
Inc.
1,833,513
13,200
AOKI
Holdings,
Inc.
80,196
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
20
Shares
Common
Stock
(
98
.3
%
)
Value
Japan
(22.1%)
-
continued
19,900
Aoyama
Trading
Company,
Ltd.
$
168,112
39,000
Arcs
Company,
Ltd.
731,757
31,400
Autobacs
Seven
Company,
Ltd.
366,673
18,200
Bridgestone
Corporation
566,517
63,200
Canon,
Inc.
1,329,420
34,700
Chiyoda
Company,
Ltd.
332,410
19,600
Chugai
Pharmaceutical
Company,
Ltd.
2,336,354
389,200
Citizen
Watch
Company,
Ltd.
b
1,373,622
17,800
Daiichi
Sankyo
Company,
Ltd.
1,223,595
62,400
Daito
Trust
Construction
Company,
Ltd.
5,933,332
250,500
Denso
Corporation
8,805,512
8,200
Exedy
Corporation
132,119
57,200
Fuji
Soft,
Inc.
2,013,491
33,900
GS
Yuasa
Corporation
481,742
45,300
Hanwa
Company,
Ltd.
719,639
51,400
Hino
Motors,
Ltd.
305,765
22,800
Hoya
Corporation
2,079,208
110,100
Inaba
Denki
Sangyo
Company,
Ltd.
2,329,243
70,100
Japan
Exchange
Group,
Inc.
1,303,891
4,652
Japan
Hotel
REIT
Investment
Corporation
1,544,019
117,300
Japan
Post
Bank
Company,
Ltd.
1,089,152
19,200
Japan
Post
Holdings
Company,
Ltd.
153,579
967,400
JXTG
Holdings,
Inc.
3,429,782
11,400
Kao
Corporation
879,126
60,900
KDDI
Corporation
1,763,926
33,000
Kewpie
Corporation
655,318
9,900
Keyence
Corporation
3,534,420
140,700
Kinden
Corporation
2,264,017
133,100
Kyoei
Steel,
Ltd.
1,691,322
16,900
KYORIN
Holdings,
Inc.
351,196
16,100
Lintec
Corporation
345,497
7,300
M3,
Inc.
263,486
554,000
Marubeni
Corporation
2,667,976
12,400
Ministop
Company,
Ltd.
171,086
321,300
Mitsubishi
Corporation
6,814,127
238,900
Mitsubishi
UFJ
Financial
Group,
Inc.
965,156
45,600
Mitsuboshi
Belting,
Ltd.
624,366
526,700
Mitsui
&
Company,
Ltd.
7,351,860
14,900
MS
and
AD
Insurance
Group
Holdings,
Inc.
429,270
80,100
NEC
Networks
&
System
Integration
Corporation
3,446,848
147,300
NHK
Spring
Company,
Ltd.
974,653
4,100
Nintendo
Company,
Ltd.
1,692,990
30,900
Nippon
Light
Metal
Holdings
Company,
Ltd.
48,665
477,300
Nippon
Steel
Corporation
4,015,825
76,700
Nissan
Motor
Company,
Ltd.
261,071
149,300
Nitto
Kogyo
Corporation
2,515,211
92,000
NTT
DOCOMO,
Inc.
2,711,352
18,500
Olympus
Corporation
a
293,537
32,600
Onward
Holdings
Company,
Ltd.
101,995
7,800
Oracle
Corporation
Japan
802,995
3,800
Oriental
Land
Company,
Ltd.
480,492
24,000
PLENUS
Company,
Ltd.
393,096
41,700
Rinnai
Corporation
3,158,588
30,000
Ryoyo
Electro
Corporation
673,570
65,000
Sangetsu
Company,
Ltd.
967,400
3,800
Sanwa
Holdings
Corporation
29,487
1,100
Sanyo
Special
Steel
Company,
Ltd.
9,605
41,000
Senshu
Ikeda
Holdings,
Inc.
64,004
33,800
SHIMAMURA
Company,
Ltd.
2,130,968
219,600
SoftBank
Corporation
2,990,508
43,400
SoftBank
Group
Corporation
1,860,239
Shares
Common
Stock
(
98
.3
%
)
Value
Japan
(22.1%)
-
continued
2,679,400
Sojitz
Corporation
$
6,201,039
30,900
Sony
Corporation
1,988,542
72,800
Sugi
Holdings
Company,
Ltd.
4,389,988
342,600
Sumitomo
Chemical
Company,
Ltd.
1,050,823
308,000
Sumitomo
Corporation
3,484,156
771,000
Sumitomo
Electric
Industries,
Ltd.
7,932,396
15,000
Sumitomo
Forestry
Company,
Ltd.
185,312
355,600
Sumitomo
Rubber
Industries,
Ltd.
3,451,646
153,200
Sundrug
Company,
Ltd.
5,245,334
17,500
Taikisha,
Ltd.
509,658
22,300
Taiyo
Holdings
Company,
Ltd.
911,875
9,400
Takara
Standard
Company,
Ltd.
138,533
57,900
Takeda
Pharmaceutical
Company,
Ltd.
2,087,958
90,200
Toagosei
Company,
Ltd.
825,272
41,400
Tokio
Marine
Holdings,
Inc.
1,942,312
8,600
Tokyo
Electron,
Ltd.
1,831,637
47,400
Toppan
Forms
Company,
Ltd.
416,418
876,100
Toray
Industries,
Inc.
4,016,664
57,400
Toyoda
Gosei
Company,
Ltd.
1,069,089
43,700
Tsubakimoto
Chain
Company
1,023,563
8,300
Tsumura
&
Company
229,597
213,400
TV
Asahi
Holdings
Corporation
3,167,845
61,100
Ube
Industries,
Ltd.
1,024,611
26,400
Yuasa
Trading
Company,
Ltd.
710,430
Total
154,892,589
Luxembourg
(0.2%)
95,244
Arcelor
Mittal
1,040,372
Total
1,040,372
Netherlands
(7.4%)
83,719
Aalberts
NV
a
2,357,513
3,564
ASM
International
NV
392,320
32,581
ASML
Holding
NV
9,516,476
105,403
BE
Semiconductor
Industries
NV
a
4,362,208
103,331
Euronext
NV
c
8,675,089
50,945
ForFarmers
BV
339,436
85,342
Koninklijke
DSM
NV
10,459,721
140,791
Koninklijke
Philips
NV
6,137,457
179,054
Signify
NV
c
3,644,903
63,977
Unilever
NV
3,186,024
49,317
Wolters
Kluwer
NV
3,627,450
Total
52,698,597
Norway
(0.7%)
428,306
DnB
ASA
b
5,185,890
30,348
Entra
ASA
b,c
382,106
Total
5,567,996
Singapore
(1.7%)
1,540,464
Ascendas
REIT
3,221,543
197,500
Ascott
Trust
124,243
429,300
DBS
Group
Holdings,
Ltd.
6,044,163
390,700
Mapletree
Commercial
Trust
537,987
83,700
Singapore
Exchange,
Ltd.
570,759
642,600
Wing
Tai
Holdings,
Ltd.
785,620
Total
11,284,315
Spain
(3.0%)
158,299
Amadeus
IT
Holding
SA
7,556,039
37,556
CIA
De
Distribucion
Integral
670,389
163,799
Enagas
SA
3,823,370
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
21
Shares
Common
Stock
(
98
.3
%
)
Value
Spain
(3.0%)
-
continued
91,525
Grifols
SA
$
3,123,477
45,541
Industria
de
Diseno
Textil
SA
1,166,419
713,153
Mediaset
Espana
Comunicacion
SA
a
2,555,449
393,029
Telefonica
SA
1,797,127
Total
20,692,270
Sweden
(4.3%)
274,247
AB
Industrivarden
a
5,611,916
161,122
Assa
Abloy
AB
2,884,396
219,962
Atlas
Copco
AB,
Class
A
7,580,875
86,588
Atlas
Copco
AB,
Class
B
2,678,329
122,863
Castellum
AB
2,154,995
154,474
Granges
AB
1,128,723
236,483
Hexpol
AB
a
1,698,951
20,880
Kungsleden
AB
159,011
11,168
L
E
Lundbergforetagen
AB
a
468,911
78,158
Nobina
AB
c
426,199
115,282
Sandvik
AB
a
1,773,432
220,561
SKF
AB
3,481,252
Total
30,046,990
Switzerland
(14.9%)
57,237
Baloise
Holding
AG
8,563,652
6,007
Geberit
AG
2,686,349
189
Lindt
&
Spruengli
AG
1,472,309
143,852
Nestle
SA
15,235,370
279,706
Novartis
AG
23,869,682
28,499
Pargesa
Holding
SA
2,027,321
79,720
PSP
Swiss
Property
AG
9,260,862
73,489
Roche
Holding
AG
25,449,048
896
Siegfried
Holding
AG
a
408,409
21,741
Sonova
Holding
AG
3,926,723
23,431
Swiss
Life
Holding
AG
8,309,182
31,410
Swiss
Prime
Site
AG
2,990,438
Total
104,199,345
United
Kingdom
(10.8%)
30,076
Anglo
American
plc
534,901
1,230,211
Auto
Trader
Group
plc
c
7,081,681
45,053
Berkeley
Group
Holdings
plc
2,364,959
795,116
GlaxoSmithKline
plc
16,588,099
423,590
Halma
plc
11,136,288
99,484
Hochschild
Mining
plc
173,562
321,794
HSBC
Holdings
plc
1,654,001
466,306
Moneysupermarket.com
Group
plc
1,857,887
183,898
National
Express
Group
plc
632,815
243,527
PageGroup
plc
1,153,270
31,987
Paragon
Banking
Group
plc
133,921
13,450
Reckitt
Benckiser
Group
plc
1,120,376
55,985
Redde
Northgate
plc
126,301
293,241
Redrow
plc
1,703,814
508,208
RELX
plc
11,466,031
53,090
Rightmove
plc
331,940
301,517
Royal
Dutch
Shell
plc,
Class
A
4,964,230
487,231
Royal
Dutch
Shell
plc,
Class
B
7,799,871
24,195
Spirax-Sarco
Engineering
plc
2,647,875
1,102,018
Taylor
Wimpey
plc
2,035,242
278,674
Vodafone
Group
plc
393,116
Total
75,900,180
Total
Common
Stock
(cost
$769,742,929)
689,728,028
Shares
Collateral
Held
for
Securities
Loaned
(
1
.9
%
)
Value
12,972,274
Thrivent
Cash
Management
Trust
$
12,972,274
Total
Collateral
Held
for
Securities
Loaned
(cost
$12,972,274)
12,972,274
Shares
Short-Term
Investments
(
0
.7
%
)
Thrivent
Core
Short-Term
Reserve
Fund
519,949
1.450%
5,199,488
Total
Short-Term
Investments
(cost
$5,187,208)
5,199,488
Total
Investments
(cost
$787,902,411)
100.9%
$
707,899,790
Other
Assets
and
Liabilities,
Net
(0.9%)
(
6,595,498
)
Total
Net
Assets
100.0%
$
701,304,292
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$21,752,297
or
3.1%
of
total
net
assets.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
International
Equity
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Common
Stock
$
12,108,880
Total
lending
$12,108,880
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$12,972,274
Net
amounts
due
to
counterparty
$863,394
Definitions:
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
37,739,255
Gross
unrealized
depreciation
(
122,494,069
)
Net
unrealized
appreciation
(depreciation)
$
(
84,754,814
)
Cost
for
federal
income
tax
purposes
$
792,654,604
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
22
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
International
Equity
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
34,707,770
–
34,707,770
–
Consumer
Discretionary
48,360,719
–
48,360,719
–
Consumer
Staples
44,874,273
–
44,874,273
–
Energy
22,296,584
–
22,296,584
–
Financials
140,241,396
–
140,241,396
–
Health
Care
117,316,863
–
117,316,863
–
Industrials
113,964,100
–
113,964,100
–
Information
Technology
65,509,767
–
65,509,767
–
Materials
42,675,360
2,002,974
40,672,386
–
Real
Estate
47,752,275
–
47,752,275
–
Utilities
12,028,921
–
12,028,921
–
Subtotal
Investments
in
Securities
$
689,728,028
$
2,002,974
$
687,725,054
$
–
Other
Investments *
Total
Affiliated
Short-Term
Investments
5,199,488
Collateral
Held
for
Securities
Loaned
12,972,274
Subtotal
Other
Investments
$
18,171,762
Total
Investments
at
Value
$
707,899,790
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
International
Equity
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$
—
$
52,900
$
47,711
$
5,199
520
0.7%
Total
Affiliated
Short-Term
Investments
—
5,199
0.7
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
16,254
116,176
119,458
12,972
12,972
1.9
Total
Collateral
Held
for
Securities
Loaned
16,254
12,972
1.9
Total
Value
$
16,254
$
18,171
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(2)
$12
0
$
21
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$
21
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
47
Total
Affiliated
Income
from
Securities
Loaned,
Net
$
47
Total
Value
$(2)
$12
$
0
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
23
Shares
Common
Stock
(
99
.5
%
)
Value
Communications
Services
(3.5%)
5,967
Alphabet,
Inc.,
Class
A
a
$
8,035,759
115,494
AT&T,
Inc.
3,519,102
48,531
Cinemark
Holdings,
Inc.
693,023
63,365
Meredith
Corporation
b
939,703
44,202
T-Mobile
US,
Inc.
a
3,880,935
485,431
Verizon
Communications,
Inc.
27,888,011
10,595
Walt
Disney
Company
1,145,849
Total
46,102,382
Consumer
Discretionary
(7.2%)
589
AutoZone,
Inc.
a
600,968
62,968
Eldorado
Resorts,
Inc.
a,b
1,350,034
127,291
Home
Depot,
Inc.
27,982,381
141,879
McDonald's
Corporation
26,610,825
65,656
Norwegian
Cruise
Line
Holdings,
Ltd.
a,b
1,076,758
30,111
O'Reilly
Automotive,
Inc.
a
11,633,084
57,499
Penn
National
Gaming,
Inc.
a,b
1,024,632
18,658
Ross
Stores,
Inc.
1,704,595
32,351
Royal
Caribbean
Cruises,
Ltd.
b
1,513,056
19,671
Six
Flags
Entertainment
Corporation
b
393,617
309,692
TJX
Companies,
Inc.
15,190,393
47,304
Yum!
Brands,
Inc.
4,088,485
Total
93,168,828
Consumer
Staples
(16.0%)
525,814
Coca-Cola
Company
24,129,605
331,458
Colgate-Palmolive
Company
23,291,554
33,927
Costco
Wholesale
Corporation
10,279,881
145,579
Hershey
Company
19,279,027
58,908
Kimberly-Clark
Corporation
8,157,580
19,484
Lamb
Weston
Holdings,
Inc.
1,195,538
15,797
McCormick
&
Company,
Inc.
2,477,602
535,510
Mondelez
International,
Inc.
27,546,634
219,918
PepsiCo,
Inc.
29,092,952
234,070
Procter
&
Gamble
Company
27,589,831
271,623
Sysco
Corporation
15,284,226
168,444
Wal-Mart
Stores,
Inc.
20,474,368
Total
208,798,798
Energy
(0.7%)
95,579
Apache
Corporation
b
1,250,173
39,829
CNX
Resources
Corporation
a
422,187
49,853
Diamondback
Energy,
Inc.
2,170,600
53,276
EQT
Corporation
777,297
56,728
Equitrans
Midstream
Corporation
b
475,381
86,778
Occidental
Petroleum
Corporation
b
1,440,515
323,198
Patterson-UTI
Energy,
Inc.
1,192,601
108,961
Targa
Resources
Corporation
1,412,134
Total
9,140,888
Financials
(10.6%)
7,547
Alleghany
Corporation
4,027,909
197,759
American
Financial
Group,
Inc.
13,099,556
727,170
Annaly
Capital
Management,
Inc.
4,544,813
79,617
Aon
plc
13,747,467
139,095
Arthur
J.
Gallagher
&
Company
10,918,958
120,151
Berkshire
Hathaway,
Inc.
a
22,511,491
9,478
Cboe
Global
Markets,
Inc.
941,924
5,910
Chubb,
Ltd.
638,339
99,847
CME
Group,
Inc.
17,793,734
8,663
Everest
Re
Group,
Ltd.
1,499,825
105,337
Hanover
Insurance
Group,
Inc.
10,573,728
11,400
Markel
Corporation
a
9,870,576
Shares
Common
Stock
(
99
.5
%
)
Value
Financials
(10.6%)
-
continued
270,066
Marsh
&
McLennan
Companies,
Inc.
$
26,285,524
10,484
RenaissanceRe
Holdings,
Ltd.
1,530,769
Total
137,984,613
Health
Care
(16.1%)
193,083
Abbott
Laboratories
17,781,014
68,379
Baxter
International,
Inc.
6,070,688
23,769
Becton,
Dickinson
and
Company
6,002,386
13,067
Chemed
Corporation
5,443,320
177,340
Danaher
Corporation
28,987,997
24,838
Eli
Lilly
and
Company
3,840,948
212,511
Johnson
&
Johnson
31,885,151
247,403
Medtronic
plc
24,153,955
307,830
Merck
&
Company,
Inc.
24,423,232
100,765
Pfizer,
Inc.
3,865,345
95,445
Stryker
Corporation
17,793,811
27,055
Thermo
Fisher
Scientific,
Inc.
9,054,767
60,694
UnitedHealth
Group,
Inc.
17,751,174
98,969
Zoetis,
Inc.
12,797,681
Total
209,851,469
Industrials
(11.4%)
178,079
AMETEK,
Inc.
14,935,486
127,483
Carrier
Global
Corporation
a
2,257,724
71,782
General
Dynamics
Corporation
9,376,165
143,084
Honeywell
International,
Inc.
20,303,620
14,834
IDEX
Corporation
2,278,947
60,983
Lockheed
Martin
Corporation
23,726,046
63,741
Otis
Worldwide
Corporation
a
3,245,054
127,483
Raytheon
Technologies
Corporation
8,262,173
207,920
Republic
Services,
Inc.
16,288,453
20,853
Teledyne
Technologies,
Inc.
a
6,791,196
93,117
Verisk
Analytics,
Inc.
14,231,071
153,598
Waste
Connections,
Inc.
13,195,604
132,128
Waste
Management,
Inc.
13,215,443
Total
148,106,982
Information
Technology
(15.5%)
142,037
Accenture
plc
26,303,832
8,545
Adobe,
Inc.
a
3,021,854
245,933
Amphenol
Corporation
21,706,046
159,417
Automatic
Data
Processing,
Inc.
23,384,880
62,579
Broadridge
Financial
Solutions,
Inc.
7,259,164
36,376
Citrix
Systems,
Inc.
5,274,884
41,563
Intuit,
Inc.
11,214,113
59,823
Jack
Henry
&
Associates,
Inc.
9,784,052
67,419
MasterCard,
Inc.
18,538,202
168,611
Microsoft
Corporation
30,216,777
13,857
Motorola
Solutions,
Inc.
1,992,775
150,674
Oracle
Corporation
7,981,202
218,496
Paychex,
Inc.
14,971,346
105,373
Synopsys,
Inc.
a
16,556,206
215,301
Western
Union
Company
b
4,105,790
Total
202,311,123
Materials
(2.5%)
63,695
Ecolab,
Inc.
b
12,324,983
158,613
Newmont
Mining
Corporation
9,434,301
14,481
Royal
Gold,
Inc.
1,774,357
16,785
Sherwin-Williams
Company
9,002,970
Total
32,536,611
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
24
Shares
Common
Stock
(
99
.5
%
)
Value
Real
Estate
(8.1%)
262,149
AGNC
Investment
Corporation
$
3,255,891
2,135
American
Tower
Corporation
508,130
307,835
Apartment
Investment
&
Management
Company
11,596,144
11,554
AvalonBay
Communities,
Inc.
1,882,724
214,761
Camden
Property
Trust
18,914,001
11,713
Crown
Castle
International
Corporation
1,867,404
354,287
Equity
Residential
23,049,912
55,995
Essex
Property
Trust,
Inc.
13,668,380
24,597
First
Industrial
Realty
Trust,
Inc.
929,029
53,208
Kilroy
Realty
Corporation
3,312,730
156,767
National
Retail
Properties,
Inc.
5,116,875
227,750
Realty
Income
Corporation
12,508,030
245,605
UDR,
Inc.
9,202,819
Total
105,812,069
Utilities
(7.9%)
25,210
ALLETE,
Inc.
1,451,088
93,977
American
Electric
Power
Company,
Inc.
7,810,429
319,098
Consolidated
Edison,
Inc.
25,144,922
225,511
DTE
Energy
Company
23,394,511
146,607
IDACORP,
Inc.
13,455,590
135,377
NextEra
Energy,
Inc.
31,288,332
Total
102,544,872
Total
Common
Stock
(cost
$1,295,711,010)
1,296,358,635
Shares
Collateral
Held
for
Securities
Loaned
(
1
.5
%
)
Value
20,041,355
Thrivent
Cash
Management
Trust
20,041,355
Total
Collateral
Held
for
Securities
Loaned
(cost
$20,041,355)
20,041,355
Shares
Short-Term
Investments
(
0
.4
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
513,268
1.450%
5,132,681
Total
Short-Term
Investments
(cost
$5,125,740)
5,132,681
Total
Investments
(cost
$1,320,878,105)
101.4%
$
1,321,532,671
Other
Assets
and
Liabilities,
Net
(1.4%)
(
18,759,404
)
Total
Net
Assets
100.0%
$
1,302,773,267
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
Low
Volatility
Equity
Fund
as
of
April
30,
2020:
Securities
Lending
Transactions
Common
Stock
$
19,054,925
Total
lending
$19,054,925
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$20,041,355
Net
amounts
due
to
counterparty
$986,430
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
101,886,154
Gross
unrealized
depreciation
(
101,439,292
)
Net
unrealized
appreciation
(depreciation)
$
446,862
Cost
for
federal
income
tax
purposes
$
1,321,085,809
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
25
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Low
Volatility
Equity
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
46,102,382
46,102,382
–
–
Consumer
Discretionary
93,168,828
93,168,828
–
–
Consumer
Staples
208,798,798
208,798,798
–
–
Energy
9,140,888
9,140,888
–
–
Financials
137,984,613
137,984,613
–
–
Health
Care
209,851,469
209,851,469
–
–
Industrials
148,106,982
148,106,982
–
–
Information
Technology
202,311,123
202,311,123
–
–
Materials
32,536,611
32,536,611
–
–
Real
Estate
105,812,069
105,812,069
–
–
Utilities
102,544,872
102,544,872
–
–
Subtotal
Investments
in
Securities
$
1,296,358,635
$
1,296,358,635
$
–
$
–
Other
Investments *
Total
Affiliated
Short-Term
Investments
5,132,681
Collateral
Held
for
Securities
Loaned
20,041,355
Subtotal
Other
Investments
$
25,174,036
Total
Investments
at
Value
$
1,321,532,671
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Low
Volatility
Equity
Fund,
is
as
follows:
Fund
Value
10/31/2019
Gross
Purchases
Gross
Sales
Value
4/30/2020
Shares
Held
at
4/30/2020
%
of
Net
Assets
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$
1,504
$
93,477
$
89,853
$
5,133
513
0.4%
Total
Affiliated
Short-Term
Investments
1,504
5,133
0.4
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
26,924
6,883
20,041
20,041
1.5
Total
Collateral
Held
for
Securities
Loaned
–
20,041
1.5
Total
Value
$
1,504
$
25,174
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2019
-
4/30/2020
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
1.450%
$(2)
$7
$
0
$32
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$32
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
5
Total
Affiliated
Income
from
Securities
Loaned,
Net
$5
Total
$(2)
$7
$
0
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
26
Principal
Amount
Asset-Backed
Securities
(
5.5%
)
a
Value
AmeriCredit
Automobile
Receivables
Trust
$
27,994,098
1.214% ,
3/18/2021,
Ser.
2020-1
$
27,994,280
ARI
Fleet
Lease
Trust
874,937
2.449% ,
6/15/2020,
Ser.
2019-A
b
874,998
11,889,506
1.685% ,
2/16/2021,
Ser.
2020-A
b
11,872,286
Ascentium
Equipment
Receivables,
LLC
3,607,798
2.150% ,
11/10/2020,
Ser.
2019-2A
b
3,606,896
Axis
Equipment
Finance
Receivables
Trust
924,225
2.450% ,
7/20/2020,
Ser.
2019-1A
b
924,277
Carmax
Auto
Owner
Trust
5,184,461
1.968% ,
11/16/2020,
Ser.
2019-4
5,185,721
Carvana
Auto
Receivables
Trust
2,941,700
1.947% ,
12/15/2020,
Ser.
2019-4A
b
2,940,550
CCG
Receivables
Trust
7,037,993
1.974% ,
11/16/2020,
Ser.
2019-2
b
7,035,356
CNH
Equipment
Trust
3,839,616
1.995% ,
11/16/2020,
Ser.
2019-C
3,840,691
Dell
Equipment
Finance
Trust
7,896,831
2.012% ,
10/22/2020,
Ser.
2019-2
b
7,894,035
DLL
Securitization
Trust
6,047,354
2.062% ,
10/20/2020,
Ser.
2019-MT3
b
6,044,798
Drive
Auto
Receivables
Trust
3,069,671
1.743% ,
1/15/2021,
Ser.
2020-1
3,070,443
Enterprise
Fleet
Financing,
LLC
14,766,102
1.973% ,
11/20/2020,
Ser.
2019-3
b
14,758,374
8,041,526
1.690% ,
2/22/2021,
Ser.
2020-1
b
8,035,892
GM
Financial
Leasing
Trust
16,870,402
2.003% ,
2/22/2021,
Ser.
2020-1
16,871,428
Hewlett-Packard
Financial
Services
Company
Equipment
Trust
1,032,944
2.150% ,
10/9/2020,
Ser.
2019-1A
b
1,033,068
Hyundai
Auto
Receivables
Trust
2,211,457
1.907% ,
10/15/2020,
Ser.
2019-B
2,212,192
MMAF
Equipment
Finance,
LLC
2019-B
2,173,627
2.125% ,
10/9/2020,
Ser.
2019-B
b
2,174,207
Santander
Retail
Auto
Lease
Trust
9,935,903
1.657% ,
2/22/2021,
Ser.
2020-A
b
9,935,245
Tesla
Auto
Lease
Trust
4,973,372
2.005% ,
12/18/2020,
Ser.
2019-A
b
4,977,421
Principal
Amount
Asset-Backed
Securities
(
5.5%
)
a
Value
Transportation
Finance
Equipment
Trust
$
3,872,643
2.003% ,
10/23/2020,
Ser.
2019-1
b
$
3,871,727
Volkswagen
Auto
Lease
Trust
3,508,106
2.128% ,
10/20/2020,
Ser.
2019-A
3,508,648
Westlake
Automobile
Receivables
Trust
2,921,382
2.022% ,
11/16/2020,
Ser.
2019-3A
b
2,922,084
29,565,760
1.150% ,
3/15/2021,
Ser.
2020-1A
b
29,530,887
World
Omni
Auto
Receivables
Trust
18,672,903
1.049% ,
3/15/2021,
Ser.
2020-A
18,683,209
Total
199,798,713
Principal
Amount
Basic
Materials
(
0.4%
)
a
Value
EI
du
Pont
de
Nemours
&
Company
15,000,000
1.440% ,
5/28/2020
b
14,996,068
Total
14,996,068
Principal
Amount
Capital
Goods
(
3.0%
)
a
Value
Caterpillar
Financial
Services
Corporation
9,525,000
1.872%
(LIBOR
3M
+
0.180%),
5/15/2020
c
9,524,793
25,000,000
0.800% ,
6/25/2020
d
24,977,406
General
Dynamics
Corporation
10,560,000
2.021%
(LIBOR
3M
+
0.290%),
5/11/2020
c
10,559,362
Honeywell
International,
Inc.
10,000,000
1.000% ,
9/18/2020
b
9,977,675
John
Deere
Capital
Corporation
25,000,000
1.485%
(LIBOR
3M
+
0.290%),
6/22/2020
c
24,986,857
25,000,000
1.731%
(LIBOR
3M
+
0.420%),
7/10/2020
c
24,989,510
Total
105,015,603
Principal
Amount
Communications
Services
(
1.9%
)
a
Value
Rogers
Communications,
Inc.
23,000,000
0.600% ,
5/4/2020
b,d
22,998,061
TWDC
Enterprises
18
Corporation
5,000,000
1.504%
(LIBOR
3M
+
0.190%),
6/5/2020
c
5,002,479
Verizon
Communications,
Inc.
20,175,000
2.233%
(LIBOR
3M
+
0.550%),
5/22/2020
c
20,189,667
10,000,000
1.850% ,
6/17/2020
b
9,981,067
10,000,000
1.850% ,
6/19/2020
b
9,980,319
Total
68,151,593
Principal
Amount
Consumer
Cyclical
(
7.7%
)
a
Value
American
Honda
Finance
Corporation
4,500,000
1.797%
(LIBOR
3M
+
0.090%),
5/13/2020
c
4,498,693
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
27
Principal
Amount
Consumer
Cyclical
(
7.7%
)
a
Value
$
25,000,000
1.863%
(LIBOR
3M
+
0.180%),
5/22/2020
c
$
24,986,433
26,773,000
1.001%
(LIBOR
3M
+
0.260%),
6/16/2020
c
26,757,889
20,974,000
1.405%
(LIBOR
3M
+
0.270%),
7/20/2020
c
20,954,855
12,665,000
1.950% ,
7/20/2020
12,678,805
18,010,000
1.415%
(LIBOR
3M
+
0.280%),
10/19/2020
c
17,931,483
5,000,000
2.043%
(LIBOR
3M
+
0.280%),
11/2/2020
c
4,976,193
5,820,000
1.118%
(LIBOR
3M
+
0.350%),
6/11/2021
c
5,765,693
BMW
US
Capital,
LLC
17,555,000
2.074%
(LIBOR
3M
+
0.370%),
8/14/2020
b,c
17,475,149
10,560,000
1.721%
(LIBOR
3M
+
0.410%),
4/12/2021
b,c
10,379,724
Charta,
LLC
5,000,000
1.680% ,
6/10/2020
b,d
4,998,320
Daimler
Finance
North
America,
LLC
25,000,000
1.740% ,
5/13/2020
b,d
24,992,778
Nissan
Motor
Acceptance
Corporation
10,000,000
1.790% ,
5/1/2020
b,d
9,999,841
10,000,000
1.800% ,
5/5/2020
b,d
9,998,993
Toyota
Motor
Credit
Corporation
25,000,000
0.831%
(LIBOR
3M
+
0.090%),
9/14/2020
c
24,916,334
25,000,000
1.420%
(LIBOR
3M
+
0.100%),
10/5/2020
c,d
24,941,408
Wal-Mart
Stores,
Inc.
6,700,000
3.250% ,
10/25/2020
6,794,870
Walmart,
Inc.
25,000,000
1.235%
(LIBOR
3M
+
0.040%),
6/23/2020
c
24,996,539
Total
278,044,000
Principal
Amount
Consumer
Non-Cyclical
(
7.2%
)
a
Value
Cargill
Global
Funding
plc
25,000,000
1.400% ,
8/5/2020
b
24,971,506
10,000,000
1.400% ,
9/14/2020
b
9,978,803
25,000,000
1.400% ,
10/5/2020
b
24,934,167
Coca-Cola
Company
4,215,000
1.250% ,
7/24/2020
b
4,214,672
5,000,000
1.600% ,
8/13/2020
b
4,998,542
23,250,000
1.250% ,
10/13/2020
b
23,214,943
GlaxoSmithKline,
LLC
15,000,000
1.000% ,
7/27/2020
b,d
14,970,667
Merck
&
Company,
Inc.
15,000,000
1.200% ,
6/15/2020
b
14,983,267
Novartis
Securities
Investment,
Ltd.
10,000,000
1.250% ,
8/4/2020
b,d
9,989,333
15,000,000
1.750% ,
9/28/2020
b,d
14,963,508
Pepsico,
Inc.
15,000,000
2.200% ,
9/30/2020
b
14,942,625
10,000,000
1.880% ,
12/11/2020
b
9,940,625
PepsiCo,
Inc.
10,000,000
2.350% ,
12/14/2020
b
9,939,643
Pfizer,
Inc.
7,300,000
1.660% ,
6/24/2020
b
7,296,877
Procter
&
Gamble
Company
4,340,000
1.900% ,
10/23/2020
4,371,299
Principal
Amount
Consumer
Non-Cyclical
(
7.2%
)
a
Value
Reckitt
Benckiser
Treasury
Services
plc
$
10,000,000
1.730% ,
5/19/2020
b,d
$
9,998,617
25,000,000
1.650% ,
5/28/2020
b,d
24,993,506
Stanley
Black
&
Decker,
Inc.
15,000,000
1.100% ,
6/22/2020
b
14,987,854
15,000,000
1.100% ,
6/26/2020
b
14,986,938
UnitedHealth
Group,
Inc.
1,295,000
0.950% ,
5/18/2020
b
1,294,868
Total
259,972,260
Principal
Amount
Energy
(
9.8%
)
a
Value
BP
Capital
Markets
plc
25,000,000
1.140% ,
5/29/2020
b,d
24,995,005
25,000,000
1.140% ,
6/1/2020
b,d
24,994,156
25,000,000
1.140% ,
6/3/2020
b,d
24,993,460
Chevron
Corporation
24,115,000
2.427% ,
6/24/2020
24,145,559
6,500,000
2.100% ,
6/30/2020
b
6,492,169
5,000,000
2.200% ,
8/21/2020
b
4,987,272
10,000,000
2.200% ,
9/11/2020
b
9,969,106
Exxon
Mobil
Corporation
12,000,000
1.580% ,
6/16/2020
11,990,710
25,000,000
1.590% ,
6/30/2020
24,970,983
23,994,000
1.540% ,
7/22/2020
23,950,464
5,000,000
1.700% ,
7/30/2020
4,989,636
25,000,000
2.100% ,
9/22/2020
24,905,649
25,000,000
2.140% ,
10/5/2020
24,895,215
Shell
International
Finance
BV
25,000,000
2.181%
(LIBOR
3M
+
0.450%),
5/11/2020
c
25,000,651
Suncor
Energy,
Inc.
10,000,000
1.790% ,
5/8/2020
b,d
9,998,222
10,000,000
1.790% ,
5/15/2020
b,d
9,996,667
9,300,000
1.600% ,
5/28/2020
b,d
9,290,141
Total
Capital
Canada,
Ltd.
7,845,000
1.550% ,
5/8/2020
b,d
7,844,400
10,000,000
1.590% ,
5/13/2020
b,d
9,997,425
10,300,000
1.000% ,
5/15/2020
b,d
10,296,309
25,000,000
1.660% ,
8/3/2020
b,d
24,904,538
10,000,000
1.050% ,
8/18/2020
b,d
9,954,258
Total
353,561,995
Principal
Amount
Financials
(
50.3%
)
a
Value
AIG
Global
Funding
29,186,000
1.931%
(LIBOR
3M
+
0.480%),
7/2/2020
b,c
29,211,479
9,020,000
2.150% ,
7/2/2020
b
9,034,703
15,907,000
1.748%
(LIBOR
3M
+
0.650%),
1/22/2021
b,c
15,792,339
AllianceBernstein,
LP
10,000,000
0.600% ,
5/18/2020
b
9,999,230
Alpine
Securitization,
LLC
15,000,000
1.700% ,
6/19/2020
b,d
15,005,774
ANZ
New
Zealand
International,
Ltd.
10,000,000
1.467%
(LIBOR
3M
+
0.080%),
7/7/2020
b,c,d
9,996,467
Atlantic
Asset
Securitization,
LLC.
25,000,000
0.520% ,
5/26/2020
b,d
24,994,475
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
28
Principal
Amount
Financials
(
50.3%
)
a
Value
Australia
and
New
Zealand
Banking
Group,
Ltd.
$
9,850,000
1.771%
(LIBOR
3M
+
0.320%),
7/2/2020
b,c
$
9,866,263
22,300,000
2.193%
(LIBOR
3M
+
0.500%),
8/19/2020
b,c
22,302,063
9,850,000
2.054%
(LIBOR
3M
+
0.320%),
11/9/2020
b,c
9,833,625
Bank
of
America
NA
4,500,000
0.400%
(LIBOR
1M
+
0.360%)
c
4,497,245
7,000,000
1.680%
7,012,285
25,000,000
0.420%
(LIBOR
1M
+
0.130%),
10/6/2020
c
24,971,374
7,990,000
2.033%
(LIBOR
3M
+
0.350%),
5/24/2021
c
7,942,066
Bank
of
Montreal
27,754,000
1.181%
(LIBOR
3M
+
0.440%),
6/15/2020
c
27,755,506
25,000,000
1.801%
(LIBOR
3M
+
0.050%),
2/4/2021
c
24,962,374
Bank
of
Montreal
Chicago
10,000,000
0.410%
(FEDL
1M
+
0.370%),
9/8/2020
c
9,990,296
10,000,000
0.300%
(SOFRRATE
+
0.290%),
3/5/2021
c
9,960,758
Bank
of
New
York
Mellon
Corporation
7,845,000
2.562%
(LIBOR
3M
+
0.870%),
8/17/2020
c
7,853,039
11,075,000
2.600% ,
8/17/2020
11,109,859
Bank
of
Nova
Scotia
10,000,000
0.440%
(FEDL
1M
+
0.400%),
9/16/2020
c
9,990,781
4,835,000
1.575%
(LIBOR
3M
+
0.440%),
4/20/2021
c
4,823,740
Barclays
Bank
plc
10,000,000
1.700% ,
7/6/2020
b,d
9,991,606
Barton
Capital
SA
15,000,000
1.620% ,
6/3/2020
b,d
14,994,900
10,000,000
0.950% ,
6/8/2020
b,d
9,996,100
Branch
Banking
and
Trust
Company
5,270,000
1.800%
(LIBOR
3M
+
0.220%),
6/1/2020
c
5,270,000
CAFCO,
LLC
15,000,000
1.250% ,
7/7/2020
b,d
14,990,735
Capital
One
Financial
Corporation
8,563,000
2.500% ,
5/12/2020
8,564,991
Chariot
Funding,
LLC
15,000,000
1.730% ,
5/21/2020
b
14,998,250
4,090,000
1.600% ,
5/22/2020
b
4,089,473
25,000,000
0.850% ,
6/22/2020
b
24,987,560
25,000,000
1.100% ,
7/15/2020
b
24,980,683
25,000,000
1.000% ,
7/20/2020
b
24,979,131
15,000,000
1.741%
(LIBOR
3M
+
FLAT),
8/6/2020
b,c
14,988,524
Ciesco,
LLC
1,040,000
0.050% ,
5/1/2020
b,d
1,039,996
8,599,000
1.660% ,
5/13/2020
b,d
8,598,534
5,725,000
1.650% ,
6/9/2020
b,d
5,722,665
Citibank
NA
34,000,000
2.083%
(LIBOR
3M
+
0.320%),
5/1/2020
c
34,000,000
25,059,000
1.284%
(LIBOR
3M
+
0.500%),
6/12/2020
c
25,040,149
4,265,000
2.100% ,
6/12/2020
4,265,916
Principal
Amount
Financials
(
50.3%
)
a
Value
$
25,383,000
2.063%
(LIBOR
3M
+
0.350%),
2/12/2021
c
$
25,303,426
Cooperatieve
Centrale
Raiffeisen-
Boerenleenbank
BA
25,000,000
0.758%
(LIBOR
1M
+
0.040%),
9/18/2020
c
24,958,204
5,000,000
2.500% ,
1/19/2021
5,056,446
CRC
Funding,
LLC
7,300,000
1.050% ,
6/11/2020
b,d
7,296,849
Crown
Point
Capital
Company,
LLC
10,000,000
1.090% ,
5/11/2020
b,d
9,998,931
Dealers
Capital
Access
Trust,
LLC
5,000,000
1.250% ,
5/12/2020
4,999,758
18,470,000
0.730% ,
5/13/2020
18,468,999
16,500,000
0.730% ,
6/22/2020
16,491,984
Glaxosmithkline
Finance
plc
20,000,000
1.130% ,
5/28/2020
b,d
19,989,453
25,000,000
1.130% ,
5/29/2020
b,d
24,986,628
6,735,000
1.050% ,
8/5/2020
b,d
6,719,847
Goldman
Sachs
Bank
USA
25,000,000
1.024%
(SOFRRATE
+
0.280%),
2/5/2021
c
24,911,739
ING
Bank
NV
18,050,000
2.662%
(LIBOR
3M
+
0.970%),
8/17/2020
b,c
18,074,237
ING
Funding,
LLC
20,000,000
1.365%
(LIBOR
3M
+
0.170%),
9/23/2020
b,c,d
19,986,038
Jupiter
Securitization
Company,
LLC
10,000,000
1.000% ,
5/11/2020
b,d
9,999,542
15,000,000
0.760%
(LIBOR
3M
+
FLAT),
7/31/2020
b,c,d
15,000,109
La
Fayette
Asset
Securitization,
LLC
2,580,000
1.580% ,
5/19/2020
b,d
2,579,705
10,000,000
1.650% ,
6/5/2020
b,d
9,996,400
LMA
Americas,
LLC
17,900,000
0.984% ,
6/8/2020
b,d
17,892,767
3,600,000
1.050% ,
6/9/2020
b,d
3,598,440
Macquarie
Bank,
Ltd.
10,000,000
1.961%
(LIBOR
3M
+
1.120%),
7/29/2020
b,c
10,009,404
10,000,000
0.720%
(LIBOR
1M
+
0.150%),
2/24/2021
b,c
9,981,966
Manhattan
Asset
Funding
Corporation,
LLC
5,000,000
1.250% ,
5/19/2020
b,d
4,999,570
MetLife
Short
Term
Funding,
LLC
10,000,000
2.020% ,
5/29/2020
b,d
9,996,713
8,300,000
1.150% ,
9/11/2020
b,d
8,286,005
Metropolitan
Life
Global
Funding
I
25,865,000
1.184%
(LIBOR
3M
+
0.400%),
6/12/2020
b,c
25,877,637
3,864,000
2.050% ,
6/12/2020
b
3,868,666
5,000,000
2.500% ,
12/3/2020
b
5,039,424
National
Australia
Bank,
Ltd.
10,000,000
1.175%
(LIBOR
1M
+
0.190%),
5/1/2020
b,c
10,000,304
23,857,000
2.193%
(LIBOR
3M
+
0.510%),
5/22/2020
b,c
23,875,691
National
Bank
of
Canada
6,650,000
1.670% ,
6/4/2020
b
6,648,274
7,180,000
1.344%
(LIBOR
3M
+
0.560%),
6/12/2020
c
7,179,771
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
29
Principal
Amount
Financials
(
50.3%
)
a
Value
$
7,090,000
2.093%
(LIBOR
3M
+
0.330%),
11/2/2020
c
$
7,077,250
Nederlandse
Waterschapsbank
NV
25,000,000
1.590% ,
5/27/2020
b
24,999,194
New
York
Life
Global
Funding
3,000,000
1.950% ,
9/28/2020
b
3,012,220
30,580,000
1.593%
(LIBOR
3M
+
0.160%),
10/1/2020
b,c
30,553,316
Nordea
Bank
Abp
12,448,000
2.083%
(LIBOR
3M
+
0.470%),
5/29/2020
b,c
12,459,759
Old
Line
Funding,
LLC
12,645,000
1.590% ,
5/20/2020
b,d
12,643,440
15,000,000
0.600% ,
10/30/2020
b,d
14,934,982
PNC
Bank
NA
35,000,000
2.053%
(LIBOR
3M
+
0.360%),
5/19/2020
c
35,001,700
5,800,000
2.300% ,
6/1/2020
5,800,000
Pricoa
Short
Term
Funding,
LLC
15,000,000
1.670% ,
6/10/2020
b
14,994,055
Royal
Bank
of
Canada
15,000,000
0.390%
(FEDL
1M
+
0.350%),
7/24/2020
b,c
14,993,257
10,000,000
0.727%
(LIBOR
1M
+
0.240%),
8/26/2020
b,c
10,000,962
15,000,000
1.344%
(LIBOR
3M
+
0.090%),
9/4/2020
c
14,999,492
15,000,000
1.520% ,
9/8/2020
b
14,974,510
10,000,000
1.463%
(LIBOR
3M
+
0.090%),
1/4/2021
b,c
9,992,597
10,000,000
1.781%
(LIBOR
3M
+
0.040%),
2/3/2021
b,c
9,980,511
10,000,000
0.160%
(SOFRRATE
+
0.150%),
2/26/2021
b,c
9,938,215
10,000,000
0.260%
(SOFRRATE
+
0.250%),
3/3/2021
b,c
9,945,680
5,321,000
1.150%
(LIBOR
3M
+
0.390%),
4/30/2021
c
5,315,590
Skandinaviska
Enskilda
Banken
AB
10,000,000
0.918%
(LIBOR
1M
+
0.200%),
7/20/2020
c
10,003,768
20,000,000
1.346%
(LIBOR
3M
+
0.170%),
10/16/2020
c
20,001,801
Societe
Generale
SA
2,200,000
1.600% ,
5/1/2020
b
2,199,994
6,000,000
1.300% ,
6/8/2020
b
5,998,537
Starbird
Funding
Corporation
25,000,000
1.650% ,
6/18/2020
b,d
24,987,001
Sumitomo
Mitsui
Banking
Corporation
20,000,000
1.750% ,
5/19/2020
20,016,678
7,300,000
0.557%
(LIBOR
1M
+
0.070%),
8/25/2020
c
7,295,956
Svenska
Handelsbanken
AB
6,700,000
1.359%
(LIBOR
3M
+
0.360%),
9/8/2020
c
6,697,111
13,900,000
2.363%
(LIBOR
3M
+
0.930%),
10/1/2020
c
13,884,516
12,300,000
2.153%
(LIBOR
3M
+
0.470%),
5/24/2021
c
12,258,256
Svenska
Handelsbanken
NY
10,000,000
1.215%
(LIBOR
1M
+
0.230%),
5/1/2020
c
10,000,315
10,000,000
0.918%
(LIBOR
1M
+
0.200%),
5/19/2020
c
10,003,964
Principal
Amount
Financials
(
50.3%
)
a
Value
$
10,000,000
0.918%
(LIBOR
1M
+
0.200%),
5/20/2020
c
$
10,004,151
Thunder
Bay
Funding,
LLC
3,020,000
1.590% ,
6/3/2020
b,d
3,019,096
21,000,000
1.670% ,
7/27/2020
b,d
20,978,697
15,000,000
1.100% ,
10/21/2020
b,d
14,952,875
Toronto-Dominion
Bank
10,000,000
0.905%
(LIBOR
1M
+
0.280%),
7/23/2020
b,c
10,004,626
15,000,000
1.821%
(LIBOR
3M
+
0.080%),
8/5/2020
c
14,993,567
10,000,000
0.410%
(FEDL
1M
+
0.370%),
9/8/2020
c
9,990,140
10,000,000
1.103%
(LIBOR
3M
+
0.260%),
9/17/2020
c
9,985,589
10,000,000
1.825%
(LIBOR
3M
+
0.050%),
2/1/2021
b,c
9,985,004
5,184,000
2.387%
(LIBOR
3M
+
1.000%),
4/7/2021
c
5,198,227
U.S.
Bank
NA
28,158,000
1.270%
(LIBOR
3M
+
0.250%),
7/24/2020
c
28,138,524
6,000,000
3.050% ,
7/24/2020
6,019,720
6,630,000
2.061%
(LIBOR
3M
+
0.310%),
2/4/2021
c
6,619,763
9,000,000
3.000% ,
2/4/2021
9,115,022
21,888,000
1.311%
(LIBOR
3M
+
0.320%),
4/26/2021
c
21,839,888
10,000,000
1.986%
(LIBOR
3M
+
0.290%),
5/21/2021
c
9,967,026
16,299,000
3.104%
0,
5/21/2021
c
16,306,210
UBS
AG
4,550,000
1.579%
(LIBOR
3M
+
0.580%),
6/8/2020
b,c
4,551,520
Victory
Receivables
Corporation
2,795,000
0.900% ,
5/15/2020
b,d
2,794,825
Wells
Fargo
Bank
NA
10,000,000
0.350%
(FEDL
1M
+
0.310%),
5/19/2020
c
9,999,417
25,000,000
1.034%
(LIBOR
1M
+
0.220%),
7/15/2020
c
24,961,374
10,000,000
1.069%
(LIBOR
1M
+
0.240%),
8/14/2020
c
10,001,164
15,000,000
1.054%
(LIBOR
1M
+
0.260%),
9/16/2020
c
14,981,197
10,000,000
1.361%
(LIBOR
3M
+
0.050%),
10/13/2020
c
9,998,275
10,000,000
1.309%
(LIBOR
3M
+
0.090%),
1/13/2021
c
10,000,002
25,000,000
1.529%
(LIBOR
3M
+
0.310%),
1/15/2021
c
24,950,250
10,000,000
1.960%
(LIBOR
3M
+
0.110%),
2/16/2021
c
10,000,031
Welltower,
Inc.
5,000,000
0.600% ,
5/1/2020
b
4,999,889
Westpac
Banking
Corporation
23,351,000
1.972%
(LIBOR
3M
+
0.280%),
5/15/2020
c
23,363,490
10,000,000
0.890%
(LIBOR
3M
+
0.130%),
10/30/2020
b,c
9,996,567
25,000,000
1.829%
(LIBOR
3M
+
0.150%),
11/25/2020
b,c
24,992,965
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
30
Principal
Amount
Financials
(
50.3%
)
a
Value
Westpac
Banking
Corporation
of
New
York
$
15,000,000
1.513%
(LIBOR
3M
+
0.050%),
6/3/2020
c
$
14,999,992
10,000,000
1.364%
(LIBOR
3M
+
0.050%),
6/5/2020
c
9,999,995
Westpac
Securities
NZ,
Ltd.
25,000,000
0.800%
(LIBOR
3M
+
0.040%),
10/30/2020
b,c,d
24,980,165
Total
1,818,131,751
Principal
Amount
Foreign
(
3.5%
)
a
Value
Caisse
des
Depots
et
Consignations
15,000,000
1.580% ,
5/28/2020
b
14,997,748
15,000,000
0.260% ,
6/2/2020
b
14,997,181
Erste
Abwicklungsanstalt
15,000,000
0.700% ,
7/14/2020
b
14,999,063
Kells
Funding,
LLC
25,000,000
1.660% ,
6/5/2020
b,d
24,994,000
25,000,000
1.650% ,
6/17/2020
b,d
24,991,000
25,000,000
1.350% ,
8/27/2020
b,d
24,968,597
KFW
8,500,000
1.200% ,
7/14/2020
b,d
8,495,573
Total
128,443,162
Principal
Amount
Technology
(
1.8%
)
a
Value
Apple,
Inc.
1,183,000
1.801%
(LIBOR
3M
+
0.070%),
5/11/2020
c
1,183,204
Cisco
Systems
Inc
10,000,000
2.450% ,
6/15/2020
10,020,474
IBM
Credit,
LLC
26,070,000
1.395%
(LIBOR
3M
+
0.260%),
1/20/2021
c
26,035,224
Intel
Corporation
6,212,000
2.450% ,
7/29/2020
6,241,302
International
Business
Machines
Corporation
10,000,000
1.300% ,
6/15/2020
b
9,996,422
8,905,000
2.107%
(LIBOR
3M
+
0.400%),
5/13/2021
c
8,902,972
Total
62,379,598
Principal
Amount
Transportation
(
1.8%
)
a
Value
Canadian
National
Railway
Company
5,000,000
1.600% ,
5/28/2020
b,d
4,999,090
15,000,000
1.200% ,
6/2/2020
b,d
14,996,425
15,000,000
1.200% ,
6/3/2020
b,d
14,996,274
5,000,000
1.000% ,
6/16/2020
b,d
4,998,042
15,000,000
0.800% ,
6/25/2020
b,d
14,993,000
10,000,000
1.680% ,
7/24/2020
b,d
9,990,957
Total
64,973,788
Principal
Amount
U.S.
Government
&
Agencies
(
2.2%
)
a
Value
Federal
Agricultural
Mortgage
Corporation
14,290,000
0.000%
(LIBOR
1M
+
0.010%),
5/20/2021
c,e
14,283,570
Principal
Amount
U.S.
Government
&
Agencies
(
2.2%
)
a
Value
$
10,000,000
0.778%
(LIBOR
1M
+
0.060%),
10/18/2021
c
$
9,997,081
20,500,000
1.570%
(LIBOR
3M
+
(0.010)%),
12/2/2021
c
20,493,557
Federal
Home
Loan
Bank
9,000,000
0.160%
(SOFRRATE
+
0.150%),
9/3/2021
c
8,997,544
Federal
Home
Loan
Mortgage
Corporation
15,000,000
0.160%
(SOFRRATE
+
0.150%),
3/4/2022
c
14,941,326
Federal
National
Mortgage
Association
10,000,000
0.180%
(SOFRRATE
+
0.170%),
3/9/2022
c
9,977,178
Ukraine
Government
International
Bond
1,300,000
1.847% ,
5/29/2020
1,301,396
Total
79,991,652
Principal
Amount
U.S.
Municipals
(
3
.0%
)
a
Value
Los
Angeles
County
Metropolitan
Transportation
Auth.
17,500,000
1.720% ,
5/6/2020
d
17,502,275
Massachusetts
Educational
Financing
Auth.
18,000,000
1.690% ,
5/6/2020
d
18,002,880
6,000,000
1.250% ,
5/12/2020
d
6,000,480
10,000,000
1.200% ,
6/18/2020
d
10,003,300
State
of
California
22,250,000
2.800% ,
4/1/2021
22,594,875
State
of
Connecticut
G.O.
4,200,000
3.750% ,
9/15/2020
4,237,758
State
of
Michigan
4,755,000
3.375% ,
12/1/2020
4,826,563
State
of
Tennessee
26,663,000
1.750% ,
5/13/2020
d
26,670,732
Total
109,838,863
Principal
Amount
Utilities
(
2.9%
)
a
Value
Consolidated
Edison,
Inc.
6,524,000
0.500% ,
5/11/2020
b
6,523,083
Duke
Energy
Corporation
15,425,000
1.740% ,
5/14/2020
b
15,420,201
Emerson
Electric
Company
7,000,000
1.220% ,
5/26/2020
b
6,996,087
8,000,000
2.220% ,
6/1/2020
b
7,993,906
12,310,000
2.220% ,
7/1/2020
b
12,292,976
4,400,000
1.120% ,
7/20/2020
b
4,391,733
5,000,000
0.850% ,
7/27/2020
b
4,989,648
National
Rural
Utilities
Cooperative
Finance
Corporation
10,000,000
0.900% ,
5/15/2020
9,999,458
4,773,000
2.300% ,
11/1/2020
4,800,995
TransCanada
American
Investments,
Ltd.
10,000,000
1.550% ,
5/4/2020
b
9,999,111
7,000,000
1.350% ,
5/29/2020
b
6,992,066
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2020
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
Principal
Amount
Utilities
(
2.9%
)
a
Value
$
15,000,000
1.750% ,
6/9/2020
b
$
14,976,117
Total
105,375,381
Total
Investments
(cost
$3,648,027,112)
101.0%
$3,648,674,427
Other
Assets
and
Liabilities,
Net
(1.0)%
(36,820,838)
Total
Net
Assets
100.0%
$3,611,853,589
a
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2020,
the
value
of
these
investments
was
$1,975,474,119
or
54.7%
of
total
net
assets.
c
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2020.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description. The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
d
Denotes
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution
or
government.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
Definitions:
Auth.
-
Authority
G.O.
-
General
Obligation
Ser.
-
Series
Reference
Rate
Index:
FEDL
1M
-
Federal
Funds
1
Month
Rate
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
SOFRRATE
-
Secured
Overnight
Financing
Rate
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$3,029,876
Gross
unrealized
depreciation
(2,382,561)
Net
unrealized
appreciation
(depreciation)
$647,315
Cost
for
federal
income
tax
purposes
$3,648,027,112
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2020,
in
valuing
Short-Term
Reserve
Fund's
assets
carried
at
fair
value
or
amortized
cost,
which
approximates
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Asset-Backed
Securities
199,798,713
–
199,798,713
–
Basic
Materials
14,996,068
–
14,996,068
–
Capital
Goods
105,015,603
–
105,015,603
–
Communications
Services
68,151,593
–
68,151,593
–
Consumer
Cyclical
278,044,000
–
278,044,000
–
Consumer
Non-Cyclical
259,972,260
–
259,972,260
–
Energy
353,561,995
–
353,561,995
–
Financials
1,818,131,751
–
1,818,131,751
–
Foreign
128,443,162
–
128,443,162
–
Technology
62,379,598
–
62,379,598
–
Transportation
64,973,788
–
64,973,788
–
U.S.
Government
&
Agencies
79,991,652
–
79,991,652
–
U.S.
Municipals
109,838,863
–
109,838,863
–
Utilities
105,375,381
–
105,375,381
–
Total
Investments
at
Value
$3,648,674,427
$–
$3,648,674,427
$–
Thrivent
Core
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
32
As
of
April
30,
2020
(unaudited)
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
International
Equity
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$918,155,938
$137,877,058
$769,742,929
Investments
in
affiliated
securities
at
cost
$19,207,458
$843,012
$18,159,482
Investments
in
unaffiliated
securities
at
value
(#)
878,745,426
127,031,484
689,728,028
Investments
in
affiliated
securities
at
value
19,210,942
843,957
18,171,762
Cash
—
7,129
(a)
511,710
(b)
Dividends
and
interest
receivable
9,733,945
98,145
5,934,846
Prepaid
expenses
6,483
9,951
5,907
Prepaid
trustee
fees
1,038
1,038
1,038
Total
Assets
907,697,834
127,991,704
714,353,291
Liabilities
Accrued
expenses
41,696
183,800
64,793
Payable
for:
Return
of
collateral
for
securities
loaned
13,226,980
—
12,972,274
Administrative
service
fees
11,948
1,701
9,389
Transfer
agent
fees
1,667
1,667
1,667
Director
deferred
compensation
876
122
876
Contingent
liabilities^
—
—
—
Total
Liabilities
13,283,167
187,290
13,048,999
Net
Assets
Capital
stock
(beneficial
interest)
963,319,548
140,000,000
878,844,628
Distributable
earnings/(accumulated
loss)
(68,904,881)
(12,195,586)
(177,540,336)
Total
Net
Assets
$894,414,667
$127,804,414
$701,304,292
Shares
of
beneficial
interest
outstanding
99,315,917
14,994,226
89,160,421
Net
asset
value
per
share
$9.01
$8.52
$7.87
(#)
Includes
securities
on
loan
of
$13,005,079
$—
$12,108,880
(a)
Includes
foreign
currency
holdings
of
$7,129
(cost
$7,109).
(b)
Includes
foreign
currency
holdings
of
$510,034
(cost
$510,026).
^
Contingent
liabilities
accrual. Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Core
Funds
Statement
of
Assets
and
Liabilities
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
33
As
of
April
30,
2020
(unaudited)
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$1,295,711,010
$3,648,027,112
Investments
in
affiliated
securities
at
cost
$25,167,095
$—
Investments
in
unaffiliated
securities
at
value
(#)
1,296,358,635
3,648,674,427
Investments
in
affiliated
securities
at
value
25,174,036
—
Cash
—
22,725,291
Dividends
and
interest
receivable
1,367,806
5,209,466
Prepaid
expenses
7,726
17,558
Prepaid
trustee
fees
1,038
1,038
Total
Assets
1,322,909,241
3,676,627,780
Liabilities
Distributions
payable
—
4,760,373
Accrued
expenses
74,531
47,820
Payable
for:
Investments
purchased
—
45,672,391
Investments
purchased
on
a
delayed
delivery
basis
—
14,290,000
Return
of
collateral
for
securities
loaned
20,041,355
—
Administrative
service
fees
17,556
—
Transfer
agent
fees
1,667
1,667
Director
deferred
compensation
865
1,940
Contingent
liabilities^
—
—
Total
Liabilities
20,135,974
64,774,191
Net
Assets
Capital
stock
(beneficial
interest)
1,268,736,970
3,611,346,443
Distributable
earnings/(accumulated
loss)
34,036,297
507,146
Total
Net
Assets
$1,302,773,267
$3,611,853,589
Shares
of
beneficial
interest
outstanding
120,183,973
361,095,393
Net
asset
value
per
share
$10.84
$10.00
(#)
Includes
securities
on
loan
of
$19,054,925
$—
Thrivent
Core
Funds
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
34
For
the
six
months
ended
April
30,
2020
(unaudited)
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
(a)
International
Equity
Fund
Investment
Income
Dividends
$28,642
$567,115
$12,784,288
Interest
19,870,395
6,900
—
Affiliated
income
from
securities
loaned,
net
10,693
—
47,301
Income
from
affiliated
investments
166,562
6,433
20,820
Foreign
tax
withholding
—
(39,975)
(1,452,992)
Total
Investment
Income
20,076,292
540,473
11,399,417
Expenses
Administrative
service
fees
108,353
21,251
102,345
Amortization
of
offering
costs
—
1,976
—
Audit
and
legal
fees
18,924
11,422
19,428
Custody
fees
17,337
160,238
99,275
Insurance
expenses
3,162
1,000
3,335
Printing
and
postage
expenses
3,090
1,853
3,492
SEC
and
state
registration
expenses
15,085
18,172
(7,975)
Transfer
agent
fees
11,667
5,000
11,667
Directors'
fees
3,525
1,796
3,525
Pricing
service
fees
8,220
3,573
6,927
Other
expenses
6,137
2,370
4,539
Total
Expenses
Before
Reimbursement
195,500
228,651
246,558
Less:
Reimbursement
from
adviser
—
(352)
—
Total
Net
Expenses
195,500
228,299
246,558
Net
Investment
Income/(Loss)
19,880,792
312,174
11,152,859
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
(3,622,886)
(1,544,333)
(35,346,451)
Affiliated
investments
21,216
(5,789)
(2,291)
Distributions
of
realized
capital
gains
from
affiliated
investments
110
—
11
Foreign
currency
transactions
—
(112,713)
(77,941)
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(70,606,846)
(10,845,574)
(105,225,776)
Affiliated
investments
3,484
945
12,280
Foreign
currency
transactions
—
(296)
28,472
Net
Realized
and
Unrealized
Gains/(Losses)
(74,204,922)
(12,507,760)
(140,611,696)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$(54,324,130)
$(12,195,586)
$(129,458,837)
(a)
For
the
period
from
January
31,
2020
(inception)
through
April
30,
2020.
Thrivent
Core
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
35
For
the
six
months
ended
April
30,
2020
(unaudited)
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
Investment
Income
Dividends
$13,294,487
$—
Interest
8,270
45,696,368
Affiliated
income
from
securities
loaned,
net
5,374
—
Income
from
affiliated
investments
32,343
—
Foreign
tax
withholding
(7,273)
—
Total
Investment
Income
13,333,201
45,696,368
Expenses
Administrative
service
fees
138,340
45,000
Audit
and
legal
fees
19,565
26,908
Custody
fees
7,098
31,399
Insurance
expenses
3,567
9,822
Printing
and
postage
expenses
3,226
1,917
SEC
and
state
registration
expenses
52,958
—
Transfer
agent
fees
11,667
11,667
Directors'
fees
3,527
3,382
Pricing
service
fees
510
30,534
Other
expenses
5,688
5,560
Total
Expenses
Before
Reimbursement
246,146
166,189
Less:
Total
Net
Expenses
246,146
166,189
Net
Investment
Income/(Loss)
13,087,055
45,530,179
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
24,699,321
(144,826)
Affiliated
investments
(2,423)
—
Distributions
of
realized
capital
gains
from
affiliated
investments
15
—
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(134,542,995)
(348,524)
Affiliated
investments
6,941
—
Net
Realized
and
Unrealized
Gains/(Losses)
(109,839,141)
(493,350)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$(96,752,086)
$45,036,829
Thrivent
Core
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
36
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
For
the
periods
ended
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
(a)
Operations
Net
investment
income/(loss)
$19,880,792
$35,683,790
$312,174
Net
realized
gains/(losses)
(3,601,560)
(23,864,376)
(1,662,835)
Change
in
net
unrealized
appreciation/(depreciation)
(70,603,362)
87,122,791
(10,844,925)
Net
Change
in
Net
Assets
Resulting
From
Operations
(54,324,130)
98,942,205
(12,195,586)
Distributions
to
Shareholders
From
net
investment
income/net
realized
gains
(19,862,217)
(35,639,665)
–
Total
Distributions
to
Shareholders
(19,862,217)
(35,639,665)
–
Capital
Stock
Transactions
Sold
101,888,681
67,982,283
140,100,000
Distributions
reinvested
19,862,217
35,639,665
–
Redeemed
(2,805,000)
(1,500,000)
(100,000)
Total
Capital
Stock
Transactions
118,945,898
102,121,948
140,000,000
Net
Increase/(Decrease)
in
Net
Assets
44,759,551
165,424,488
127,804,414
Net
Assets,
Beginning
of
Period
849,655,116
684,230,628
–
Net
Assets,
End
of
Period
$894,414,667
$849,655,116
$127,804,414
Capital
Stock
Share
Transactions
Sold
11,107,782
7,131,069
15,004,226
Distributions
reinvested
2,073,686
3,726,079
–
Redeemed
(286,835)
(152,905)
(10,000)
Total
Capital
Stock
Share
Transactions
12,894,633
10,704,243
14,994,226
(a)
For
the
period
from
January
31,
2020
(inception)
through
April
30,
2020.
Thrivent
Core
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
37
International
Equity
Fund
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
4/30/2020
(unaudited)
10/31/2019
$11,152,859
$31,599,993
$13,087,055
$21,010,542
$45,530,179
$133,591,869
(35,426,672)
(55,409,148)
24,696,913
31,695,278
(144,826)
54,362
(105,185,024)
98,344,776
(134,536,054)
116,146,861
(348,524)
1,671,179
(129,458,837)
74,535,621
(96,752,086)
168,852,681
45,036,829
135,317,410
(32,400,474)
(28,842,752)
(53,118,700)
(33,622,761)
(45,567,196)
(133,591,869)
(32,400,474)
(28,842,752)
(53,118,700)
(33,622,761)
(45,567,196)
(133,591,869)
–
90,000,000
370,999,999
16,000,000
6,486,459,698
12,695,297,830
32,400,474
28,842,752
53,118,700
33,622,761
–
–
–
(132,000,000)
–
(30,000,000)
(8,759,019,009)
(11,666,628,886)
32,400,474
(13,157,248)
424,118,699
19,622,761
(2,272,559,311)
1,028,668,944
(129,458,837)
32,535,621
274,247,913
154,852,681
(2,273,089,678)
1,030,394,485
830,763,129
798,227,508
1,028,525,354
873,672,673
5,884,943,267
4,854,548,782
$701,304,292
$830,763,129
$1,302,773,267
$1,028,525,354
$3,611,853,589
$5,884,943,267
–
10,158,014
30,692,023
1,337,793
648,965,380
1,269,529,784
3,333,382
3,393,265
4,460,669
3,337,724
–
–
–
(13,724,455)
–
(2,508,361)
(876,261,029)
(1,166,662,889)
3,333,382
(173,176)
35,152,692
2,167,156
(227,295,649)
102,866,895
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
1) ORGANIZATION
Thrivent
Core
Funds
(the
“Trust”)
was
organized
as
a
Delaware
statutory
trust
on
March
18,
2016,
and
is
registered
as
an
open-end
management
investment
company
under
the
Investment
Company
Act
of
1940.
The
Trust
is
established
solely
for
investment
by
other
Thrivent
entities.
The
Trust
is
divided
into
five separate
series,
each
with
its
own
investment
objective
and
policies
(each,
a
"Fund"
and,
collectively,
the
"Funds").
The
five series
of
the
Trust
are
Thrivent
Core
Emerging
Markets
Debt
Fund
and
Thrivent
Core
Emerging
Markets
Equity
Fund,
which are
non-diversified,
and
Thrivent
Core
International
Equity
Fund,
Thrivent
Core
Low
Volatility
Equity
Fund,
and
Thrivent
Core
Short-Term
Reserve
Fund,
which
are diversified.
Thrivent
Core
Short-
Term
Reserve Fund serves
as
a
cash
sweep
vehicle
for
Thrivent
Mutual
Funds,
Thrivent
Series
Fund,
Inc.,
and
Thrivent
Church
Loan
and
Income
Fund.
The
Funds
are
each an
investment
company
which
follows
the
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
–
Financial
Services
–
Investment
Companies.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
with
vendors
and
others
that
provide
general
damage
clauses.
The
Trust's
maximum
exposure
under
these
contracts
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust.
However,
based
on
experience,
the
Trust
expects
the
risk
of
loss
to
be
remote.
(2)
SIGNIFICANT
ACCOUNTING
POLICIES
Valuation
of
Investments
—Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system
are
valued
at
the
last
sale
price
on
the
principal
exchange
or
the
official
closing
price
of
the
national
market
system.
Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time.
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Trust’s
Board
of
Trustees
(“Board”).
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations
obtained
from
dealers
that
make
markets
in
the
securities.
Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day.
The
Board
has
delegated
responsibility
for
daily
valuation
of
the
Funds'
securities
to
the
investment
adviser,
Thrivent
Asset
Management,
LLC
(the
"Adviser").
The
Adviser
has
formed
a
Valuation
Committee
(“Committee”)
that
is
responsible
for
overseeing
the
Funds'
valuation
policies
in
accordance
with
Valuation
Policies
and
Procedures.
The
Committee
meets
on
a
monthly
and
on
an
as-needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices,
money
market
pricing,
international
fair
valuation,
and
other
securities
requiring
fair
valuation.
The
Committee
monitors
for
significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Funds.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant
using
fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
determined
to
be
unreliable,
the
securities
will
be
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
("GAAP"),
the
various
inputs
used
to
determine
the
fair
value
of
the
Funds'
investments
are
summarized
in
three
broad
levels. Level
1
includes
quoted
prices
in
active
markets
for
identical
securities,
typically
included
in
this
level
are
U.S.
equity
securities,
futures,
options
and
registered
investment
company
funds. Level
2
includes
other
significant
observable
inputs
such
as
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk,
typically
included
in
this
level
are
fixed
income
securities,
international
securities,
swaps
and
forward
contracts. Level
3
includes
significant
unobservable
inputs
such
as
the
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments.
Of
the
Level
3
securities,
those
for
which
market
values
were
not
readily
available
or
were
deemed
unreliable
were
fair
valued
as
determined
in
good
faith
under
procedures
established
by
the
Board. The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
other
investments.
Investments
measured
using
net
asset
value
per
share
as
a
practical
expedient
for
fair
value
and
that
are
not
publicly
available-for-sale
are
not
categorized
within
the
fair
value
hierarchy.
Valuation
of
International
Securities
—
The
Funds
value
certain
foreign
securities
traded
on
foreign
exchanges
that
close
prior
to
the
close of
the
New
York
Stock
Exchange
using
a
fair
value
pricing
service.
The
fair
value
pricing
service
uses
a
multi-factor
model
that
may
take
into
account
the
38
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
39
local
close,
relevant
general
and
sector
indices,
currency
fluctuation,
prices
of
other
securities
(including
ADRs,
New
York
registered
shares,
and
ETFs),
and
futures,
as
applicable,
to
determine
price
adjustments
for
each
security
in
order
to
reflect
the
effects
of
post-closing
events.
The
Board
has
authorized
the
Adviser
to
make
fair
valuation
determinations
pursuant
to
policies
approved
by
the
Board.
Foreign
Currency
Translation
—
The
accounting
records
of
each
Fund
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
that
are
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
daily
closing
rates
of
exchange.
Foreign
currency
amounts
related
to
the
purchase
or
sale
of
securities
and
income
and
expenses
are
translated
at
the
exchange
rate
on
the
transaction
date.
Net
realized
and
unrealized
currency
gains
and
losses
are
recorded
from
closed currency
contracts,
disposition
of foreign
currencies,
exchange
gains
or
losses
between
the
trade
date
and
settlement
date
on
securities
transactions,
and
other
translation
gains
or
losses
on
dividends,
interest
income
and
foreign
withholding
taxes.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement
of
Operations.
For
federal
income
tax
purposes,
the
Funds
treat
the
effect
of
changes
in
foreign
exchange
rates
arising
from
actual
foreign
currency
transactions
and
the
changes
in
foreign
exchange
rates
between
the
trade
date
and
settlement
date
as
ordinary
income.
Federal
Income
Taxes
—
No
provision
has
been
made
for
income
taxes
because
each
Fund’s
policy
is
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code
and
distribute
substantially
all
investment
company
taxable
income
and
net
capital
gain
on
a
timely
basis.
It
is
also
the
intention
of
each
Fund
to
distribute
an
amount
sufficient
to
avoid
imposition
of
any
federal
excise
tax.
The
Funds,
accordingly,
anticipate
paying
no
federal
taxes
and
no
federal
tax
provision
was
recorded.
Each
Fund
is
treated
as
a
separate
taxable
entity
for
federal
income
tax
purposes.
Funds
may
utilize
earnings
and
profits
distributed
to
shareholders
on
the
redemption
of
shares
as
part
of
the
dividends
paid
deduction.
GAAP
requires
management
of
the Funds
(i.e.,
the
Adviser) to
make
additional
tax
disclosures
with
respect
to
the
tax
effects
of
certain
income
tax
positions,
whether
those
positions
were
taken
on
previously
filed
tax
returns
or
are
expected
to
be
taken
on
future
returns.
These
positions
must
meet
a
“more
likely
than
not”
standard
that,
based
on
the
technical
merits
of
the
position,
it
would
have
a
greater
than
50
percent
likelihood
of
being
sustained
upon
examination.
In
evaluating
whether
a
tax
position
has
met
the
more-likely-than-not
recognition
threshold, the Adviser
must
presume
that
the
position
will
be
examined
by
the
appropriate
taxing
authority
that
has
full
knowledge
of
all
relevant
information.
The
Adviser
analyzed
all
open
tax
years,
as
defined
by
the
statute
of
limitations,
for
all
major
jurisdictions.
Open
tax
years
are
those
that
are
open
for
examination
by
taxing
authorities.
Major
jurisdictions
for
the
Funds
include
U.S.
Federal,
Minnesota,
Wisconsin,
and
Massachusetts
as
well
as
certain
foreign
countries.
As
of
April
30,
2020,
open
U.S.
Federal,
Minnesota,
Wisconsin
and
Massachusetts
tax
years
include
tax
years
ended
October
31,
2016
through
2019.
The
Funds
have
no
examinations
in
progress
and
none
are
expected
at
this
time.
As
of
April
30,
2020,
the Adviser
has
reviewed
all
open
tax
years
and
major
jurisdictions
and
concluded
that
there
is
no
effect
to each
Fund's
tax
liability,
financial
position
or
results
of
operations.
There
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
income
tax
positions
taken
or
expected
to
be
taken
in
future
tax
returns.
The Funds
also
are
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
12
months.
Expenses
and
Income
—
Estimated
expenses
are
accrued
daily.
The
Funds
are
charged
for
those
expenses
that
are
directly
attributable
to
them.
Expenses
that
are
not
directly
attributable
to
a
Fund
are
allocated
among
all
appropriate
Funds
in
proportion
to
their
respective
net
assets,
number
of
shareholder
accounts
or
other
reasonable
basis.
Interest
income
is
accrued
daily
on
all
debt
securities,
as
is
accretion
of
market
discount
and
original
issue
discount
and
amortization
of
premium.
Paydown
gains
and
losses
on
mortgage-
and
asset-backed
securities
are
recorded
as
components
of
interest
income.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
However, certain
dividends
from
foreign securities
are
recorded
as
soon
as
the
information
is
available
to
the
Funds.
Non-cash
income,
if
any,
is
recorded
at
the
fair
market
value
of
the
securities
received.
Distributions
to
Shareholders
—
Net
investment
income
is
distributed
to
each
shareholder
as
a
dividend.
Dividends
from
Emerging
Markets
Debt
Fund
are
declared
and
distributed
monthly.
Dividends
from
Emerging
Markets
Equity
Fund,
International
Equity
Fund
and
Low
Volatility
Equity
Fund
are
declared
and
distributed
annually.
Dividends
from
Short-Term
Reserve
Fund
are
declared
daily
and
distributed
monthly.
Net
realized
gains
from
securities
transactions,
if
any,
are
distributed
at
least
annually
after
the
close
of
the
fiscal
year.
Derivative
Financial
Instruments
— Certain
Funds
may
invest
in
derivatives,
a
category
that
includes
options,
futures,
swaps,
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
40
foreign
currency
forward
contracts
and
hybrid
instruments.
Derivatives
are
financial
instruments
whose
value
is
derived
from
another
security,
an
index
or
a
currency.
Each applicable
Fund
may
use
derivatives
for
hedging
(attempting
to
offset
a
potential
loss
in
one
position
by
establishing
an
interest
in
an
opposite
position).
This
includes
the
use
of
currency-based
derivatives to
manage
the
risk
of its
positions
in
foreign
securities.
Each applicable
Fund
may
also
use
derivatives
for
replication
of
a
certain
asset
class
or
speculation
(investing
for
potential
income
or
capital
gain).
These
contracts
may
be
transacted
on
an
exchange
or
over-the-counter
("OTC").
A
derivative
may
incur
a
mark
to
market
loss
if
the
value
of
the
derivative
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
derivative.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
derivative.
A
Fund’s
risk
of
loss
from
the
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
such
Fund.
With
exchange
traded
futures
and
centrally
cleared
swaps,
there
is
minimal
counterparty
credit
risk
to
the
Funds
because
the
exchange’s
clearinghouse,
as
counterparty
to
such
derivatives,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
derivative;
thus,
the
credit
risk
is
limited
to
the
failure
of
the
clearinghouse.
However,
credit
risk
still
exists
in
exchange
traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
broker’s
customer
accounts.
While
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
broker
for
all
its
clients,
U.S.
bankruptcy
laws
will
typically
allocate
that
shortfall
on
a
pro-rata
basis
across
all
the
broker’s
customers,
potentially
resulting
in
losses to
the
Funds.
Using
derivatives
to
hedge
can
guard
against
potential
risks,
but
it
also
adds
to
the
Funds'
expenses
and
can
eliminate
some
opportunities
for
gains.
In
addition,
a
derivative
used
for mitigating
exposure or
replication
may
not
accurately
track
the
value
of
the
underlying
asset.
Another
risk
with
derivatives
is
that
some
types
can
amplify
a
gain
or
loss,
potentially
earning
or
losing
substantially
more
money
than
the
actual
cost
of
the
derivative.
In
order
to
define
their
contractual
rights
and
to
secure
rights
that
will
help
the
Funds
mitigate
their
counterparty
risk,
the
Funds
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
OTC
derivatives
and
foreign
exchange
contracts
and
typically
includes,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/or
termination
event.
Under
an
ISDA
Master
Agreement,
each
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivatives'
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
a
default
(close-out
netting)
including
the
bankruptcy
or
insolvency
of
the
counterparty.
Note,
however,
that
bankruptcy
and
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
and
margin
requirements
vary
by
type
of
derivative.
Margin
requirements
are
established
by
the
broker
or
clearinghouse
for
exchange
traded
and
centrally
cleared
derivatives
(futures,
options,
and
centrally
cleared
swaps).
Brokers
can
ask
for
margining
in
excess
of
the
minimum
requirements in
certain
situations.
Collateral
terms
are
contract
specific
for
OTC
derivatives
(foreign
currency
exchange
contracts,
options,
swaps).
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark
to
market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
For
financial
reporting
purposes,
non-cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
has
been
noted
in
the
Schedule
of
Investments.
To
the
extent
amounts
due
to
the
Fund
from
its
counterparties
are
not
fully
collateralized,
contractually
or
otherwise,
the
Fund
bears
the
risk
of
loss
from
counterparty
nonperformance.
The
Funds
attempt
to
mitigate
counterparty
risk
by
only
entering
into
agreements
with
counterparties
that
they
believe
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Options
— Certain
Funds may
buy
put
and
call
options
and
write
put
and
covered
call
options.
The
Funds
intend
to
use
such
derivative
instruments
as
hedges
to
facilitate
buying
or
selling
securities
or
to
provide
protection
against
adverse
movements
in
security
prices
or
interest
rates.
The
Funds
may
also
enter
into
options
contracts
to
protect
against
adverse
foreign
exchange
rate
fluctuations.
Option
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
A
Fund
will
realize
a
gain
or
loss
upon
expiration
or
closing
of
the
option
transaction.
When
an
option
is
exercised,
the
proceeds
upon
sale
for
a
written
call
option
or
the
cost
of
a
security
for
purchased
put
and
call
options
is
adjusted
by
the
amount
of
premium
received
or
paid.
Buying
put
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security
while
buying
call
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security.
The
risk
associated
with
purchasing
put
and
call
options
is
limited
to
the
premium
paid.
There
is
no
significant
counterparty
risk
on
exchange-traded
options
as
the
exchange
guarantees
the
contract
against
default.
Writing
put
options
tends
to
increase
a
Fund’s
exposure
to
the
underlying
security
while
writing
call
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
41
options
tends
to
decrease
a
Fund’s
exposure
to
the
underlying
security.
The
writer
of
an
option
has
no
control
over
whether
the
underlying
security
may
be
bought
or
sold,
and
therefore
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
underlying
security.
The
counterparty
risk
for
purchased
options
arises
when
a
Fund
has
purchased
an
option,
exercises
that
option,
and
the
counterparty
doesn’t
buy
from
the
Fund
or
sell
to
the
Fund
the
underlying
asset
as
required.
In
the
case
where
a
Fund
has
written
an
option,
the
Fund
doesn’t
have
counterparty
risk.
Counterparty
risk
on
purchased
over-the-
counter
options
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
option
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
Futures
Contracts
— Certain
Funds may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
fluctuations.
Gains
or
losses
on
futures
contracts
can
offset
changes
in
the
yield
of
securities.
When
a
futures
contract
is
opened,
cash
or
other
investments
equal
to
the
required
“initial
margin
deposit”
are
held
on
deposit
with
and
pledged
to
the
broker.
Additional
securities
held
by
the
Funds
may
be
earmarked
to
cover
open
futures
contracts.
The
futures
contract’s
daily
change
in
value
(“variation
margin”)
is
either
paid
to
or
received
from
the
broker,
and
is
recorded
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
realized
gain
or
loss
is
recorded
equal
to
the
difference
between
the
value
of
the
contract
when
opened
and
the
value
of
the
contract
when
closed.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Exchange-traded
futures
have
no
significant
counterparty
risk
as
the
exchange
guarantees
the
contracts
against
default.
Foreign
Currency
Forward
Contracts
—
In
connection
with
purchases
and
sales
of
securities
denominated
in
foreign
currencies, certain
Funds
may
enter
into
foreign
currency
forward contracts.
Additionally,
the
Funds
may
enter
into
such
contracts
to mitigate
currency
and
counterparty
exposure
to other
foreign-currency-denominated
investments.
These
contracts
are
recorded
at
value
and
the realized-
and
change
in
unrealized-
foreign
exchange
gains
and
losses
are
included
in
the
Statement
of
Operations.
In
the
event
that
counterparties
fail
to
settle
these forward
contracts,
the
Funds
could
be
exposed
to
foreign
currency
fluctuations.
Foreign
currency
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded
daily
as
the
difference
between
the
contract
exchange
rate
and
the
closing
forward
rate
applied
to
the
face
amount
of
the
contract.
A
realized
gain
or
loss
is
recorded
at
the
time
a
forward
contract
is
closed.
These
contracts
are
over-the-
counter
and
the
Fund
is
exposed
to
counterparty
risk
equal
to
the
discounted
net
amount
of
payments
to
the
Fund.
Swap
Agreements
— Certain
Funds may enter
into
swap
transactions,
which
involve
swapping
one
or
more
investment
characteristics
of
a
security
or
a
basket
of
securities
with
another
party.
Such
transactions
include
market
risk,
risk
of
default
by
the
other
party
to
the
transaction,
risk
of
imperfect
correlation
and
manager
risk
and
may
involve
commissions
or
other
costs.
Swap
transactions
generally
do
not
involve
delivery
of
securities,
other
underlying
assets
or
principal.
Accordingly,
the
risk
of
loss
with
respect
to
swap
transactions
is
generally
limited
to
the
net
amount
of
payments
that
the
Fund
is
contractually
obligated
to
make,
or
in
the
case
of
the
counterparty
defaulting,
the
net
amount
of
payments
that
the
Fund
is
contractually
entitled
to
receive.
Risks
of
loss
may
exceed
amounts
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
there
is
a
default
by
the
counterparty,
the
Fund
may
have
contractual
remedies
pursuant
to
the
agreements
related
to
the
transaction.
The
contracts
are
valued
daily
and
unrealized
appreciation
or
depreciation
is
recorded.
Swap
agreements
are
valued
at
the
clearinghouse
end
of
day
prices
as
furnished by
an
independent
pricing
service.
The
pricing
service
takes
into
account
such
factors
as
swap
curves,
default
probabilities,
recent
trades,
recovery
rates
and
other
factors
it
deems
relevant
in
determining
valuations.
Daily
fluctuations
in
the
value
of
the
centrally
cleared
credit
default
contracts
are
recorded
in
variation
margin
in
the
Statement
of
Assets
and
Liabilities
and
recorded
as
unrealized
gain
or
loss.
The
Fund
accrues
for
the
periodic
payment
and
amortizes
upfront
payments,
if
any,
on
swap
agreements
on
a
daily
basis
with
the
net
amount
recorded
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Receipts
and
payments
received
or
made
as
a
result
of
a
credit
event
or
termination
of
the
contract
are
also
recognized
as
realized
gains
or
losses
in
the
Statement
of
Operations.
Collateral,
in
the
form
of
cash
or
securities,
may
be
required
to
be
held
with
the
Fund’s
custodian,
or
a
third
party,
in
connection
with
these
agreements.
Certain swap
agreements
are
over-the-counter
and
the
Fund
is
exposed
to
counterparty
risk,
which
is
the
discounted
net
amount
of
payments
owed
to
the
Fund.
This
risk
is
partially
mitigated
by
the
Fund’s
collateral
posting
requirements.
As
the
swap
increases
in
value
to
the
Fund,
the
Fund
receives
collateral
from
the
counterparty. Certain
interest
rate
and
credit
default
index
swaps
must
be
cleared
through
a
clearinghouse
or
central
counterparty.
Credit
Default
Swaps
—
A
credit
default
swap
is
a
swap
agreement
between
two
parties
to
exchange
the
credit
risk
of
a
particular
issuer,
basket
of
securities
or
reference
entity.
In
a
credit
default
swap
transaction,
a
buyer
pays
periodic
fees
in
return
for
payment
by
the
seller
which
is
contingent
upon
an
adverse
credit
event
occurring
in
the
underlying
issuer
or
reference
entity.
The
seller
collects
periodic
fees
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
42
from
the
buyer
and
profits
if
the
credit
of
the
underlying
issuer
or
reference
entity
remains
stable
or
improves
while
the
swap
is
outstanding,
but
the
seller
in
a
credit
default
swap
contract
would
be
required
to
pay
the
amount
of
credit
loss,
determined
as
specified
in
the
agreement,
to
the
buyer
in
the
event
of
an
adverse
credit
event
in
the
reference
entity.
A
buyer
of
a
credit
default
swap
is
said
to
buy
protection
whereas
a
seller
of
a
credit
default
swap
is
said
to
sell
protection.
The
Funds
may
be
either
the
protection
seller
or
the
protection
buyer.
Certain
Funds
enter
into
credit
default
derivative
contracts
directly
through
credit
default
swaps
(CDS)
or
through
credit
default
swap
indices
("CDX
Indices").
CDX
Indices
are
static
pools
of
equally
weighted
credit
default
swaps
referencing
corporate
bonds
and/or
loans
designed
to increase
or
decrease diversified
credit
exposure
to
these
asset
classes.
Funds
sell
default
protection
and
assume
long-risk
positions
in
individual
credits
or
indices.
Index
positions
are
entered
into
to
gain
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-efficient
and
diversified
structure.
In
the
event
that
a
position
defaults,
by
going
into
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money,
within
any
given
CDX
Index
held,
the
maximum
potential
amount
of
future
payments
required
would
be
equal
to
the
pro-rata
share
of
that
position
within
the
index
based
on
the
notional
amount
of
the
index.
In
the
event
of
a
default
under
a
CDS
contract
the
maximum
potential
amount
of
future
payments
would
be
the
notional
amount.
Funds
buy
default
protection
in
order
to
reduce
their
overall
credit
exposure
to
the
corporate
bond
and/or
loan
markets
in
a
cost-efficient
and
diversified
structure.
If
a
default
event
as
specified
in
the
CDS
reference
entity
agreement
occurs,
the
Fund
has
the
option
to
receive
a
cash
payment
in
exchange
for
the
credit
loss
or
the
reference
entity
obligation
as
of
the
date
of
the
credit
event.
A
realized
gain
or
loss
is
recorded
upon
a
default
event
or
the
maturity
or
termination
of
the
CDS
agreement.
For
CDS,
the
default
events
could
be
bankruptcy
and
failing
to
pay
interest
or
principal
on
borrowed
money
or
a
restructuring.
A
restructuring
is
a
change
in
the
underlying
obligations
which
could
include
a
reduction
in
interest
or
principal,
maturity
extension or
subordination
to
other
obligations.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements
in
the
Statement
of
Assets
and
Liabilities.
The
following
table
presents
the
gross
and
net
information
about
liabilities
subject
to
master
netting
arrangements,
as
presented
in the
Statement
of
Assets
and
Liabilities:
Securities
Lending
—
The
Trust
has
entered
into
a
Securities
Lending
Agreement
(the
“Agreement”)
with
Goldman
Sachs
Bank
USA
doing
business
as
Goldman
Sachs Agency
Lending ("GSAL")
pursuant
to
which
GSAL
provides securities
lending
services.
The
Agreement
authorizes
GSAL
to
lend
securities
to
authorized
borrowers
on
behalf
of
the
Funds.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value
of
U.S.
securities
and
105% of
the
market
value
of non-U.S.
securities.
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received.
Any
additional
collateral
is
adjusted
and
settled
on
the
next
business
day.
The
Trust
has
the
ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell
the
loaned
securities.
All
cash
collateral
received
is
invested
in
Thrivent
Cash
Management
Trust.
The
Funds
receive dividends
and
interest
that would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent
Cash
Management
Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Fund
Gross
Amounts
of
Recognized
Liabilities
Gross
Amounts
Offset
Net
Amounts
of
Recognized
Liabilities
Financial
Instruments
Cash
Collateral
Pledged
Non-Cash
Collateral
Pledged
(**)
Net
Amount
Emerging
Markets
Debt
Securities
Lending
13,226,980
–
13,226,980
13,005,079
–
–
221,901
(^)
International
Equity
Securities
Lending
12,972,274
–
12,972,274
12,108,880
–
–
863,394
(^)
Low
Volatility
Equity
Securities
Lending
20,041,355
–
20,041,355
19,054,925
–
–
986,430
(^)
(**)
Excess
of
collateral
pledged
to
the
counterparty
may
not
be
shown
for
financial
reporting
purposes.
(^)
Net
securities
lending
amounts
represent
the
net
amount
payable
to
the
counterparty
in
the
event
of
a
default.
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
43
expenses,
are
included
in
affiliated income
from
securities
loaned,
net on
the
Statement
of
Operations.
By
investing
any
cash
collateral
it
receives
in
these
transactions,
a
Fund
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, a
Fund
could
lose
money.
Generally,
in
the
event
of
borrower
default, a Fund
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred.
However,
in
the
event a
Fund
is
delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss.
Some
of
these
losses
may
be
indemnified
by
the
lending
agent.
As
of
April
30,
2020,
the
value
of
securities
on
loan
is
as
follows:
When-Issued
and
Delayed
Delivery
Transactions
— The
Funds
may
purchase
or
sell
securities
on
a when-issued
or
delayed
delivery
basis.
These
transactions
involve
a
commitment
by the
Funds
to
purchase
or
sell
securities
for
a
predetermined
price
or
yield,
with
payment
and
delivery
taking
place
beyond
the
customary
settlement
period.
When
delayed
delivery
purchases
are
outstanding, the
Funds
will
designate
liquid
assets
in
an
amount
sufficient
to
meet
the
purchase
price.
When
purchasing
a
security
on
a
delayed
delivery
basis, the
Funds
assume
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations,
and
take
such
fluctuations
into
account
when
determining
its
net
asset
value. A
Fund
may
dispose
of
a
delayed
delivery
transaction
after
it
is
entered
into,
and
may
sell
when-issued
securities
before
they
are
delivered,
which
may
result
in
a
capital
gain
or
loss.
When a Fund
has
sold a
security
on
a
delayed
delivery
basis, a
Fund
does
not
participate
in
future
gains
and
losses
with
respect
to
the
security.
Repurchase
Agreements
—
A Fund
may
engage
in
repurchase
agreement
transactions
in
pursuit
of
its
investment
objective.
A
repurchase
agreement
consists
of
a
purchase
and
a
simultaneous
agreement
to
resell
an
investment
for
later
delivery
at
an
agreed
upon
price
and
rate
of
interest.
The Funds
use
a
third-party
custodian
to
maintain
the
collateral.
If
the
original
seller
of
a
security
subject
to
a
repurchase
agreement
fails
to
repurchase
the
security
at
the
agreed
upon
time,
a Fund
could
incur
a
loss
due
to
a
drop
in
the
value
of
the
security
during
the
time
it
takes
the Fund
to
either
sell
the
security
or
take
action
to
enforce
the
original
seller’s
agreement
to
repurchase
the
security.
Also,
if
a
defaulting
original
seller
filed
for
bankruptcy
or
became
insolvent,
disposition
of
such
security
might
be
delayed
by
pending
legal
action.
The Funds
may
only
enter
into
repurchase
agreements
with
banks
and
other
recognized
financial
institutions
such
as
broker/dealers
that
are
found
by
the
Adviser
to
be
creditworthy.
During
the period
ended
April
30,
2020,
the Funds did
not
engage
in
this
type
of
investment.
Loan
Commitments
—
Certain
Funds
may
enter
into
loan
commitments,
which
generally
have
interest
rates
which
are
reset
daily,
monthly,
quarterly
or
semi-annually
by
reference
to
a
base
lending
rate,
plus
a
premium.
These
base
rates
are
primarily
the
London-Interbank
Offered
Rate
(“LIBOR”),
and
secondarily
the
prime
rate
offered
by
one
or
more
major
United
States
banks
(the
“Prime
Rate”)
and
the
certificate
of
deposit
(“CD”)
rate
or
other
base
lending
rates
used
by
commercial
lenders.
Loan
commitments
often
require
prepayments
from
excess
cash
flows
or
allow
the
borrower
to
repay
at
its
election.
The
rate
at
which
the
borrower
repays
cannot
be
predicted
with
accuracy.
Therefore,
the
remaining
maturity
may
be
considerably
less
than
the
stated
maturity
shown
in
the
Schedule
of
Investments.
All
or
a
portion
of
these
loan
commitments
may
be
unfunded.
A
Fund
is
obligated
to
fund
these
commitments
at
the
borrower’s
discretion;
therefore,
the
Fund
must
have
funds
sufficient
to
cover
its
contractual
obligation.
These
unfunded
loan
commitments,
which
are
marked
to
market
daily,
are
presented
in
the
Schedule
of
Investments. During
the
period
ended
April
30,
2020,
none
of
the
Funds
engaged
in
these
types
of
investments.
Loss Contingencies
—
In
the
event
of
adversary
action
proceedings
where
a
Fund
is
a
defendant, a
loss
contingency
will
not
be
accrued
as
a
liability
until
the
amount
of
potential
damages
and
the
likelihood
of
loss
can
be
reasonably
estimated.
Accounting
Estimates
—
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
these
estimates.
Amortization
of
Offering
Costs
— The
offering
costs
referenced
in
the
Statement
of
Operations
for Emerging
Markets Equity
Fund
are
costs
incurred
by
the
Fund
in
order
to
establish
it
for
sale.
These
costs
generally
include any
legal
costs
associated
with
registering
the
Fund.
These
costs
are
amortized
over
a
period
of
12
months
from
inception.
Recent
Accounting
Pronouncements
—
Fair
Value
Measurement
(Topic
820)
In
August
2018,
the
Financial
Accounting
Standards
Board
(FASB)
issued
Accounting
Standards
Update
(ASU)
No.
2018-13
Fair
Value
Measurement
(Topic
820),
which
eliminates,
adds
Fund
Securities
on
Loan
Emerging
Markets
Debt
$
13,005,079
International
Equity
12,108,880
Low
Volatility
Equity
19,054,925
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
44
and
modifies
certain
disclosure
requirements
for
fair
value
measurements.
Under
the
guidance,
entities
are
no
longer
required
to
disclose
the
amount
of
and
reasons
for
transfers
between
Level
1
and
Level
2
of
the
fair
value
hierarchy,
but
public
companies
are
required
to
disclose
(1)
the
changes
in
unrealized
gains
and
losses
for
the
period
included
in
other
comprehensive
income
for
recurring
Level
3
fair
value
measurements
of
instruments
held
at
the
end
of
the
reporting
period
and
(2)
the
range
and
the
weighted
average
used
to
develop
significant
unobservable
inputs
for
Level
3
fair
value
measurements.
The
ASU
No.
2018-13
is
effective
for
annual
periods,
and
interim
periods
within
those
annual
periods,
beginning
on
or
after
December
15,
2019,
with
early
adoption
permitted.
As
such,
management
has
adopted
the
amendments
as
of
the
beginning
of
the
fiscal
period.
Early
adoption
of
this
ASU
did
not
have
an
impact
on
the
Funds'
financial
condition
or
results
of
operations
but
resulted
in
some
modified
financial
statement
disclosures.
Other
—
For
financial
statement
purposes,
investment
security
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
or
losses
on
sales
are
determined
on
a
specific
cost
identification
basis,
which
is
the
same
basis
for
federal
income
tax
purposes.
(3)
FEES
AND
COMPENSATION
PAID
TO
AFFILIATES
Fees
—
The
Trust
has
entered
into
an
administration
and
accounting
services
agreement
with
the
Adviser
pursuant
to
which
the
Adviser
provides
certain
administrative
and
accounting
personnel
and
services.
The
Fund
pays
an
annual
fixed
fee
plus
percentage
of
net
assets
to the
Adviser.
These
fees
are
accrued
daily
and
paid
monthly.
For
the six
months
ended
April
30,
2020,
the
Adviser
received
aggregate
fees
for
administrative
and
accounting
personnel
and
services
of $415,289
from
the
Trust.
The
Trust
has
entered
into
an
agreement
with
Thrivent
Financial
Investor
Services
Inc.
("Thrivent
Investor
Services")
to
provide
transfer
agency
services
necessary
to
the
Trust.
These
fees
are
accrued
daily
and
paid
monthly.
For
the
six
months
ended,
April
30,
2020,
Thrivent
Investor
Services
received
$51,667 for
transfer
agent
services
from
the
Trust.
Each
Trustee
who
is
not
affiliated
with
the
Adviser
receives
an
annual
fee
from
the
Trust
for
services
as
a
Trustee
and
is
eligible
to
participate
in
a
deferred
compensation
plan
with
respect
to
these
fees.
Participants
in
the
plan
may
designate
their
deferred
Trustee’s
fees
as
if
invested
in
a
series
of
the
Thrivent
Mutual
Funds. Thrivent
Money
Market
Fund
is
not
eligible
for
the
deferral
plan.
The
value
of
each
participant's
deferred
compensation
account
will
increase
or
decrease
as
if
it
were
invested
in
shares
of
a
particular
series
of
Thrivent
Mutual
Funds. Each
participant's fees
as
well
as
the
change
in
value
are
included
in
Trustee
fees
in
the
Statement
of
Operations.
The
deferred
fees
remain
in
the
appropriate
Fund
until
distribution
in
accordance
with
the
plan.
The
Payable
for
trustee
deferred
compensation,
located
in
the
Statement
of
Assets
and
Liabilities,
is
unsecured.
Those
trustees
not
participating
in
the
above
plan
received
$15,177 in
fees
from
the
Trust
during
the
six
months
ended
April
30,
2020. In
addition,
the
Trust
reimbursed
unaffiliated
Trustees
for
reasonable
expenses
incurred
in
relation
to
attendance
at
the
meetings
and
industry
conferences.
Certain
officers
and
non-independent
Trustees
of
the
Trust
are
officers
and
directors
of
Thrivent
Asset
Mgt.,
Thrivent
Investor
Services
and
Thrivent
Distributors,
LLC.;
however
they
receive
no
compensation
from
the
Trust.
Affiliated
employees
and
board
consultants
are
reimbursed
for
reasonable
expenses
incurred
in
relation
to
board
meeting
attendance.
Acquired
Fund
Fees
and Expenses
—
The Funds
may
invest
in
other
mutual
funds.
Fees
and
expenses
of
those
underlying
funds
are
not
included
in
the
Funds'
expense
ratio.
The Funds
indirectly
bear
their proportionate
share
of
the
annualized
weighted
average
expense
ratio
for
the
underlying
funds
in
which
it
invests.
Interfund
Lending
—
The
Funds
may
participate
in
an
interfund
lending
program
(the
"Program")
pursuant
to
an
exemptive
order
issued
by
the
SEC.
The
Program
permits the
Funds
to borrow
cash
for
temporary
purposes
from
Thrivent
Core
Short-Term
Reserve
Fund.
Interest
is
charged
to
each
participating
Fund
based
on
its
borrowings
at
the
average
of
the
repo
rate
and
bank
loan
rate,
each
as
defined
in
the
Program.
Each
borrowing
made
under
the
Program
matures
no
later
than
seven
calendar
days
after
the
date
of
the
borrowing,
and
each
borrowing
must
be
securitized
by
a
pledge
of
segregated
collateral
with
a
market
value
at
least
equal
to
102%
of
the
outstanding
principal
value
of
the
loan.
For
the six
months
ended
April
30,
2020,
no
Funds
borrowed
cash
through
the
interfund
lending
program.
(4)
FEDERAL
INCOME
TAX
INFORMATION
Distributions
are
based
on
amounts
calculated
in
accordance
with
the
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
that
these
differences
are
permanent
in
nature,
GAAP
requires
such
amounts
to
be reclassified
within
the
capital
accounts
based
on
their
federal
tax-basis
treatment;
temporary
differences
do
not
require
reclassifications.
At
fiscal
year-end,
the
character
and
amount
of
distributions,
on
a
tax
basis
and
components
of
distributable
earnings,
are
finalized.
Therefore,
as
of
April
30,
2020,
the
tax-basis
balance
has
not
yet
been
determined.
At
October
31,
2019,
the
following
Funds
had
accumulated
net
realized
capital
loss
carryovers
expiring
as
follows:
Fund
Capital
Loss
Carryover
Expiration
Emerging
Markets
Debt
$
25,684,724
Unlimited
International
Equity
66,223,618
Unlimited
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
45
To
the
extent
that
these
Funds
realize
future
net
capital
gains,
taxable
distributions
will
be
reduced
by
any
unused
capital
loss
carryovers
as
permitted
by
the
Internal
Revenue
Code.
(5)
SECURITY
TRANSACTIONS
Purchases
and
Sales
of
Investment
Securities
—
For
the
six
months
ended
April
30,
2020,
the
cost
of
purchases
and
the
proceeds
from
sales
of
investment
securities,
other
than
U.S.
Government
and
short-term
securities,
were
as
follows:
Purchases
and
sales
of
U.S.
Government
securities
were:
(6)
SECURITY
TRANSACTIONS
WITH
AFFILIATED
FUNDS
The
Funds
are
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
Funds,
or
affiliated
portfolios under
specified
conditions
outlined
in
procedures
adopted
by
the
Board.
The
procedures
have
been
designed
to
ensure
that
any
purchase
or
sale
of
securities
by
a
Fund
from
or
to
another
fund
or
portfolio
that
is
or
could
be
considered
an
affiliate
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
advisers),
common
Trustees
and/or
common
officers
complies
with
Rule
17a-7
of
the
1940
Act.
Further,
as
defined
under
the
procedures,
each
transaction
is
executed
at
the
current
market
price.
During the period
ended
April
30,
2020,
no
Funds
engaged
in
these
type
of
transactions.
(7)
RELATED
PARTY
TRANSACTIONS
As
of
April
30,
2020,
related
parties
held
100%
of
the outstanding
shares
of
all
Thrivent
Core
Funds.
Subscription
and
redemption
activity
by
concentrated
accounts
may
have
a
significant
effect
on
the
operation
of
the
Funds.
In
the
case
of
a
large
redemption,
the
Funds
may
be
forced
to
sell
investments
at
inopportune
times,
resulting
in
additional
losses
for
the
Funds.
(8)
SUBSEQUENT
EVENTS
The
Adviser of
the Funds
has
evaluated
the
impact
of
subsequent
events
through the
date
the
financial
statements
were
issued,
and,
except
as
already
included
in
the
Notes
to
Financial
Statements,
has
determined
that
no
additional
items
require
disclosure.
(9) MARKET
RISK
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline.
The
value
of
a
Fund's
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund's
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
due
to
impacts
from
the
spread
of
infectious
illness,
public
health
threats,
or
similar
issues.
As
of April
30,
2020,
the
following
Funds
had
portfolio
concentration
greater
than
25%
in
certain
sectors.
(10)
SIGNIFICANT
RISKS
The
following
risks
are
presented
in
alphabetical
order.
The
amount
of
a
specific
risk
is
dependent
on
each
Portfolio.
Credit
Risk
— Credit
risk
is
the
risk
that
an
issuer
of
a
debt
security
to
which
the
Fund
is
exposed
may
no
longer
be
able
or
willing
to
pay
its
debt.
As
a
result
of
such
an
event,
the
debt
security
may
decline
in
price
and
affect
the
value
of
the
Fund.
Cybersecurity
Risk
—
The
Fund
and
its
service
providers
may
be
susceptible
to
operational,
information
security,
and
related
risks.
In
general,
cyber
incidents
can
result
from
deliberate
attacks
or
unintentional
events.
Cyber-attacks
include,
but
are
not
limited
to,
gaining
unauthorized
access
to
digital
systems
to
misappropriate
assets
or
sensitive
information,
corrupt
data,
or
otherwise
disrupt
operations.
Cyber
incidents
affecting
the
Adviser
or
other
service
providers
(including,
but
not
limited
to,
fund
accountants,
custodians,
and
transfer
agents)
have
the
ability
to
disrupt
and
impact
business
operations,
potentially
resulting
in
financial
losses,
by
interfering
with
the
Fund’s
ability
to
calculate
their
NAV,
corrupting
data
or
preventing
parties
from
sharing
information
necessary
for
the
Fund’s
operation,
preventing
or
slowing
trades,
stopping
shareholders
from
making
transactions,
potentially
subjecting
the
Fund
or
the
Adviser
to
regulatory
fines
and
penalties,
and
creating
additional
compliance
costs.
Similar
types
of
cyber
security
risks
are
also
present
for
issuers
or
securities
in
which
the
Fund
may
invest,
which
could
result
in
material
adverse
consequences
for
such
issuers
and
may
cause
the
Fund’s
investments
in
such
companies
to
lose
value.
While
the
Fund’s
service
providers
have
established
business
continuity
plans
in
the
event
of
such
cyber
incidents,
there
are
inherent
limitations
in
such
plans
and
systems.
Additionally,
the
Fund
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
its
service
providers
or
any
other
third
parties
whose
operations
may
In
thousands
Fund
Purchases
Sales
Emerging
Markets
Debt
$265,868
$150,245
International
Equity
290,298
283,468
Low
Volatility
Equity
757,603
377,691
Short-Term
Reserve
533,441
848,555
In
thousands
Fund
Purchases
Sales
Short-Term
Reserve
$143,813
$445,824
Fund
Sector
%
of
Total
Net
Assets
Core
Emerging
Markets
Debt
Foreign
Government
86.5%
Core
Short-Term
Reserve
Financials
50.3%
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
46
affect
the
Fund
or
its
shareholders.
Although
the
Fund
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
operation
risks
that
may
affect
the
Fund
or
to
develop
processes
and
controls
that
completely
eliminate
or
mitigate
the
occurrence
of
such
failures
or
other
disruptions
in
service.
The
value
of
an
investment
in
the
Fund’s
shares
may
be
adversely
affected
by
the
occurrence
of
the
operational
errors
or
failures
or
technological
issues
or
other
similar
events
and
the
Fund
and
its
shareholders
may
bear
costs
tied
to
these
risks.
Derivatives Risk
— The
use
of
derivatives
(such
as
futures
and
credit
default
swaps)
involves
additional
risks
and
transaction
costs
which
could
leave
the
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
The
use
of
derivatives
can
lead
to
losses
because
of
adverse
movements
in
the
price
or
value
of
the
underlying
asset,
index
or
rate,
which
may
be
magnified
by
certain
features
of
the
contract.
Changes
in
the
value
of
the
derivative
may
not
correlate
as
intended
with
the
underlying
asset,
rate
or
index,
and
the
Fund
could
lose
much
more
than
the
original
amount
invested.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
Derivatives
are
also
subject
to
the
risk
that
the
other
party
in
the
transaction
will
not
fulfill
its
contractual
obligations.
Some
derivatives
may
give
rise
to
a
form
of
economic
leverage,
and
may
expose
the
Fund
to
greater
risk
and
increase
its
costs.
Such
leverage
may
cause
the
Fund
to
liquidate
portfolio
positions
when
it
may
not
be
advantageous
to
do
so
to
satisfy
its
obligations
or
to
meet
any
required
asset
segregation
requirements.
Increases
and
decreases
in
the
value
of
the
Fund’s
portfolio
will
be
magnified
when
the
Fund
uses
leverage.
Futures
contracts,
options
on
futures
contracts,
forward
contracts,
and
options
on
derivatives
can
allow
the
Fund
to
obtain
large
investment
exposures
in
return
for
meeting
relatively
small
margin
requirements.
As
a
result,
investments
in
those
transactions
may
be
highly
leveraged.
The
success
of
a
Fund’s
derivatives
strategies
will
depend
on
the
Adviser’s
ability
to
assess
and
predict
the
impact
of
market
or
economic
developments
on
the
underlying
asset,
index
or
rate
and
the
derivative
itself,
without
the
benefit
of
observing
the
performance
of
the
derivative
under
all
possible
market
conditions.
Swap
agreements
may
involve
fees,
commissions
or
other
costs
that
may
reduce
a
Fund’s
gains
from
a
swap
agreement
or
may
cause
a
Fund
to
lose
money.
Futures
contracts
are
subject
to
the
risk
that
an
exchange
may
impose
price
fluctuation
limits,
which
may
make
it
difficult
or
impossible
for
a
Fund
to
close
out
a
position
when
desired.
Emerging
Markets Risk
— The
economic
and
political
structures
of
developing
countries,
in
most
cases,
do
not
compare
favorably
with
the
U.S.
or
other
developed
countries
in
terms
of
wealth
and
stability,
and
their
financial
markets
often
lack
liquidity.
Fund
performance
will
likely
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in
or
with
revenue
exposures
to
countries
and
corporations
domiciled
in
or
with
revenue
exposures
to
countries
in
the
midst
of,
among
other
things,
hyperinflation,
currency
devaluation,
trade
disagreements,
sudden
political
upheaval,
or
interventionist
government
policies.
Significant
buying
or
selling
actions
by
a
few
major
investors
may
also
heighten
the
volatility
of
emerging
markets.
These
factors
make
investing
in
emerging
market
countries
significantly
riskier
than
in
other
countries,
and
events
in
any
one
country
could
cause
the
Fund’s
share
price
to
decline.
Equity
Security Risk
—
Equity
securities
held
by
the
Fund
may
decline
significantly
in
price,
sometimes
rapidly
or
unpredictably,
over
short
or
extended
periods
of
time,
and
such
declines
may
occur
because
of
declines
in
the
equity
market
as
a
whole,
or
because
of
declines
in
only
a
particular
country,
company,
industry,
or
sector
of
the
market.
From
time
to
time,
the
Fund
may
invest
a
significant
portion
of
its
assets
in
companies
in
one
or
more
related
sectors
or
industries
which
would
make
the
Fund
more
vulnerable
to
adverse
developments
affecting
such
sectors
or
industries.
Equity
securities
are
generally
more
volatile
than
most
debt
securities.
ETF Risk
— An
ETF
is
subject
to
the
risks
of
the
underlying
investments
that
it
holds.
In
addition,
for
index-based
ETFs,
the
performance
of
an
ETF
may
diverge
from
the
performance
of
such
index
(commonly
known
as
tracking
error).
ETFs
are
subject
to
fees
and
expenses
(like
management
fees
and
operating
expenses)
that
do
not
apply
to
an
index,
and
the
Fund
will
indirectly
bear
its
proportionate
share
of
any
such
fees
and
expenses
paid
by
the
ETFs
in
which
it
invests.
Financial
Sector
Risk
—
To
the
extent
that
the
the
financials
sector
continues
to
represent
a
significant
portion
of
the
Fund,
the
Fund
will
be
sensitive
to
changes
in,
and
its
performance
may
depend
to
a
greater
extent
on,
factors
impacting
this
sector.
Performance
of
companies
in
the
financials
sector
may
be
adversely
impacted
by
many
factors,
including,
among
others,
government
regulations,
economic
conditions,
credit
rating
downgrades,
changes
in
interest
rates,
and
decreased
liquidity
in
credit
markets.
The
impact
of
more
stringent
capital
requirements,
recent
or
future
regulation
of
any
individual
financial
company
or
recent
or
future
regulation
of
the
financials
sector
as
a
whole
cannot
be
predicted.
In
recent
years,
cyber
attacks
and
technology
malfunctions
and
failures
have
become
increasingly
frequent
in
this
sector
and
have
caused
significant
losses.
Foreign
Currency Risk
—
The
value
of
a
foreign
currency
may
decline
against
the
U.S.
dollar,
which
would
reduce
the
dollar
value
of
securities
denominated
in
that
currency.
The
overall
impact
of
such
a
decline
of
foreign
currency
can
be
significant,
unpredictable,
and
long
lasting,
depending
on
the
currencies
represented,
how
each
one
appreciates
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
47
or
depreciates
in
relation
to
the
U.S.
dollar,
and
whether
currency
positions
are
hedged.
Under
normal
conditions,
the
Fund
does
not
engage
in
extensive
foreign
currency
hedging
programs.
Further,
exchange
rate
movements
are
volatile,
and
it
is
not
possible
to
effectively
hedge
the
currency
risks
of
many
developing
countries.
Foreign Securities
Risk
— Foreign
securities
generally
carry
more
risk
and
are
more
volatile
than
their
domestic
counterparts,
in
part
because
of
potential
for
higher
political
and
economic
risks,
lack
of
reliable
information
and
fluctuations
in
currency
exchange
rates
where
investments
are
denominated
in
currencies
other
than
the
U.S.
dollar.
The
Fund’s
investment
in
any
country
could
be
subject
to
governmental
actions
such
as
capital
or
currency
controls,
nationalizing
a
company
or
industry,
expropriating
assets,
or
imposing
punitive
taxes
that
would
have
an
adverse
effect
on
security
prices,
and
impair
the
Fund’s
ability
to
repatriate
capital
or
income.
Foreign
securities
may
also
be
more
difficult
to
resell
than
comparable
U.S.
securities
because
the
markets
for
foreign
securities
are
often
less
liquid.
Even
when
a
foreign
security
increases
in
price
in
its
local
currency,
the
appreciation
may
be
diluted
by
adverse
changes
in
exchange
rates
when
the
security’s
value
is
converted
to
U.S.
dollars.
Foreign
withholding
taxes
also
may
apply
and
errors
and
delays
may
occur
in
the
settlement
process
for
foreign
securities.
Government
Securities Risk
— The
Fund
invests
in
securities
issued
or
guaranteed
by
the
U.S.
government
or
its
agencies
and
instrumentalities
(such
as
Federal
Home
Loan
Bank,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
securities).
Securities
issued
or
guaranteed
by
Federal
Home
Loan
Banks,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
are
not
issued
directly
by
the
U.S.
government.
Ginnie
Mae
is
a
wholly
owned
U.S.
corporation
that
is
authorized
to
guarantee,
with
the
full
faith
and
credit
of
the
U.S.
government,
the
timely
payment
of
principal
and
interest
of
its
securities.
By
contrast,
securities
issued
or
guaranteed
by
U.S.
government-related
organizations
such
as
Federal
Home
Loan
Banks,
Fannie
Mae
and
Freddie
Mac
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
government.
No
assurance
can
be
given
that
the
U.S.
government
would
provide
financial
support
to
its
agencies
and
instrumentalities
if
not
required
to
do
so
by
law.
In
addition,
the
value
of
U.S.
Government
securities
may
be
affected
by
changes
in
the
credit
rating
of
the
U.S.
government.
High
Yield Risk
—
High
yield
securities
–
commonly
known
as
“junk
bonds”
–
to
which
the
Fund
is
exposed
are
considered
predominantly
speculative
with
respect
to
the
issuer’s
continuing
ability
to
make
principal
and
interest
payments.
If
the
issuer
of
the
security
is
in
default
with
respect
to
interest
or
principal
payments,
the
value
of
the
Fund
may
be
negatively
affected.
High
yield
securities
generally
have
a
less
liquid
resale
market.
Interest
Rate
Risk
—
Interest
rate
risk
is
the
risk
that
prices
of
debt
securities
decline
in
value
when
interest
rates
rise
for
debt
securities
that
pay
a
fixed
rate
of
interest.
Debt
securities
with
longer
durations
(a
measure
of
price
sensitivity
of
a
bond
or
bond
fund
to
changes
in
interest
rates)
or
maturities
(i.e.,
the
amount
of
time
until
a
bond’s
issuer
must
pay
its
principal
or
face
value)
tend
to
be
more
sensitive
to
changes
in
interest
rates
than
debt
securities
with
shorter
durations
or
maturities.
Changes
by
the
Federal
Reserve
to
monetary
policies
could
affect
interest
rates
and
the
value
of
some
securities.
Investment
Adviser Risk
— The
Fund
is
actively
managed
and
the
success
of
its
investment
strategy
depends
significantly
on
the
skills
of
the
adviser
in
assessing
the
potential
of
the
investments
in
which
the
Fund
invests.
This
assessment
of
investments
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
Issuer
Risk
— Issuer
risk
is
the
possibility
that
factors
specific
to
an
issuer
to
which
the
Fund
is
exposed
will
affect
the
market
prices
of
the
issuer’s
securities
and
therefore
the
value
of
the
Fund.
Large
Cap
Risk
— Large-sized
companies
may
be
unable
to
respond
quickly
to
new
competitive
challenges
such
as
changes
in
technology.
They
may
also
not
be
able
to
attain
the
high
growth
rate
of
successful
smaller
companies,
especially
during
extended
periods
of
economic
expansion.
Large
Shareholder
Risk
—
From
time
to
time,
shareholders
of
a
Fund
(which
may
include
institutional
investors
and
affiliated
Funds)
may
make
relatively
large
redemptions
or
purchases
of
shares.
These
transactions
may
cause
a
Fund
to
sell
securities
at
disadvantageous
prices
or
invest
additional
cash,
as
the
case
may
be.
While
it
is
impossible
to
predict
the
overall
impact
of
these
transactions
over
time,
there
could
be
adverse
effects
on
a
Fund’s
performance
to
the
extent
that
a
Fund
may
be
required
to
sell
securities
or
invest
cash
at
times
when
it
would
not
otherwise
do
so.
Redemptions
of
a
large
number
of
shares
also
may
increase
transaction
costs
or
have
adverse
tax
consequences
for
shareholders
of
the
Fund
by
requiring
a
sale
of
portfolio
securities.
In
addition,
a
large
redemption
could
result
in
a
Fund's
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund's
expense
ratio.
LIBOR
Risk
—
The
elimination
of
LIBOR
may
adversely
affect
the
interest
rates
on,
and
value
of,
certain
Fund
investments
for
which
the
value
is
tied
to
LIBOR.
Such
investments
may
include
bank
loans,
derivatives,
floating
rate
securities,
and
other
assets
or
liabilities
tied
to
LIBOR.
On
July
27,
2017,
the
U.K.
Financial
Conduct
Authority
announced
that
it
intends
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
48
to
stop
compelling
or
inducing
banks
to
submit
LIBOR
rates
after
2021.
However,
it
remains
unclear
if
LIBOR
will
continue
to
exist
in
its
current,
or
a
modified,
form.
Actions
by
regulators
have
resulted
in
the
establishment
of
alternative
reference
rates
to
LIBOR
in
most
major
currencies.
The
U.S.
Federal
Reserve,
based
on
the
recommendations
of
the
New
York
Federal
Reserve’s
Alternative
Reference
Rate
Committee
(comprised
of
major
derivative
market
participants
and
their
regulators),
has
begun
publishing
a
Secured
Overnight
Financing
Rate
(SOFR),
that
is
intended
to
replace
U.S.
dollar
LIBOR.
Proposals
for
alternative
reference
rates
for
other
currencies
have
also
been
announced
or
have
already
begun
publication.
Markets
are
slowly
developing
in
response
to
these
new
rates.
Questions
around
liquidity
impacted
by
these
rates,
and
how
to
appropriately
adjust
these
rates
at
the
time
of
transition,
remain
a
concern
for
the
Fund.
The
effect
of
any
changes
to,
or
discontinuation
of,
LIBOR
on
the
Fund
will
vary
depending,
among
other
things,
on
(1)
existing
fallback
or
termination
provisions
in
individual
contracts
and
(2)
whether,
how,
and
when
industry
participants
develop
and
adopt
new
reference
rates
and
fallbacks
for
both
legacy
and
new
products
and
instruments.
Accordingly,
it
is
difficult
to
predict
the
full
impact
of
the
transition
away
from
LIBOR
on
the
Fund
until
new
reference
rates
and
fallbacks
for
both
legacy
and
new
products,
instruments
and
contracts
are
commercially
accepted.
Liquidity Risk
— Liquidity
is
the
ability
to
sell
a
security
relatively
quickly
for
a
price
that
most
closely
reflects
the
actual
value
of
the
security.
Dealer
inventories
of
bonds
are
at
or
near
historic
lows
in
relation
to
market
size,
which
has
the
potential
to
decrease
liquidity
and
increase
price
volatility
in
the
fixed
income
markets,
particularly
during
periods
of
economic
or
market
stress.
As
a
result
of
this
decreased
liquidity,
the
Fund
may
have
to
accept
a
lower
price
to
sell
a
security,
sell
other
securities
to
raise
cash,
or
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
Mid
Cap
Risk
—
Medium-sized
companies
often
have
greater
price
volatility,
lower
trading
volume,
and
less
liquidity
than
larger,
more-established
companies.
These
companies
tend
to
have
smaller
revenues,
narrower
product
lines,
less
management
depth
and
experience,
smaller
shares
of
their
product
or
service
markets,
fewer
financial
resources,
and
less
competitive
strength
than
larger
companies.
Mortgage-Backed
and
Other
Asset-Backed
Securities Risk
— The
value
of
mortgage-backed
and
asset-backed
securities
will
be
influenced
by
the
factors
affecting
the
housing
market
and
the
assets
underlying
such
securities.
As
a
result,
during
periods
of
declining
asset
value,
difficult
or
frozen
credit
markets,
swings
in
interest
rates,
or
deteriorating
economic
conditions,
mortgage-related
and
asset-backed
securities
may
decline
in
value,
face
valuation
difficulties,
become
more
volatile
and/or
become
illiquid.
In
addition,
both
mortgage-
backed
and
asset-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
security.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
or
slower
than
the
holder
of
the
asset-backed
or
mortgage-
backed
security
anticipates,
the
price
of
the
security
may
fall,
particularly
if
the
holder
must
reinvest
the
repaid
principal
at
lower
rates
or
must
continue
to
hold
the
security
when
interest
rates
rise.
This
effect
may
cause
the
value
of
the
Fund
to
decline
and
reduce
the
overall
return
of
the
Fund.
Non-Diversified Risk
— The
Fund
is
not
“diversified”
within
the
meaning
of
the
1940
Act.
That
means
the
Fund
may
invest
a
greater
percentage
of
its
assets
in
the
securities
of
any
single
issuer
compared
to
other
funds.
A
non-diversified
portfolio
is
generally
more
susceptible
than
a
diversified
portfolio
to
the
risk
that
events
or
developments
affecting
a
particular
issuer
or
industry
will
significantly
affect
the
Fund’s
performance.
Portfolio
Turnover
Rate
Risk
—
The
Fund
may
engage
in
active
and
frequent
trading
of
portfolio
securities
in
implementing
its
principal
investment
strategies.
A
high
rate
of
portfolio
turnover
(100%
or
more)
involves
correspondingly
greater
expenses
which
are
borne
by
the
Fund
and
its
shareholders
and
may
also
result
in
short-term
capital
gains
taxable
to
shareholders.
Prepayment
Risk
—
Mortgage-backed
and
asset-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
securities,
including
the
conversion,
prepayment
or
redemption
of
the
investments.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
than
the
holder
of
the
mortgage-backed
or
asset-backed
security
anticipates,
the
price
of
the
security
may
fall,
especially
if
the
holder
must
reinvest
the
repaid
principal
at
lower
rates.
When
people
start
prepaying
the
principal
on
the
collateral
underlying
a
collateralized
mortgage
obligation
(“CMOs”)
(such
as
mortgages
underlying
a
CMO),
for
example,
some
classes
may
retire
substantially
earlier
than
the
stated
maturity
or
final
distribution
dates.
Quantitative
Investing
Risk
— Quantitative
Investing
Risk
is
the
risk
that
securities
selected
according
to
a
quantitative
analysis
methodology
can
perform
differently
from
the
market
as
a
whole
based
on
the
model
and
the
factors
used
in
the
analysis,
the
weight
placed
on
each
factor
and
changes
in
the
factor’s
historical
trends.
Such
models
are
based
on
assumptions
of
these
and
other
market
factors,
and
the
models
may
not
take
into
account
certain
factors,
or
perform
as
intended,
and
may
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Redemption
and
Lending Risk
— The
Fund
participates
in
an
interfund
lending
program
(the
“Program”)
which
enables
a
participating
fund
to
lend
cash
directly
to
and
borrow
money
from
other
participating
funds
for
temporary
purposes.
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2020
(unaudited)
49
The
other
participants
in
the
Program
are
other
mutual
funds
advised
by
the
Adviser
and
its
affiliates.
Under
the
Program,
all
loans
will
be
made
by
the
Fund.
There
is
risk
that
a
borrowing
fund
could
be
unable
to
repay
a
loan
when
due,
and
a
delay
in
repayment
to
the
Fund
could
result
in
a
lost
opportunity
and
increase
risk
of
the
Fund
experiencing
a
loss
when
meeting
redemption
requests
if
it
is
forced
to
sell
securities
at
unfavorable
prices
in
an
effort
to
generate
sufficient
cash
to
pay
redeeming
shareholders.
Redemption
and
Share
Ownership
Risk
— The
Fund
may
need
to
sell
portfolio
securities
to
meet
redemption
requests.
The
Fund
could
experience
a
loss
when
selling
portfolio
securities
to
meet
redemption
requests
if
there
is
(i)
significant
redemption
activity
by
shareholders,
including,
for
example,
when
a
single
investor
or
few
large
investors
make
a
significant
redemption
of
Fund
shares,
(ii)
a
disruption
in
the
normal
operation
of
the
markets
in
which
the
Fund
buys
and
sells
portfolio
securities
or
(iii)
the
inability
of
the
Fund
to
sell
portfolio
securities
because
such
securities
are
illiquid.
In
such
events,
the
Fund
could
be
forced
to
sell
securities
at
unfavorable
prices
in
an
effort
to
generate
sufficient
cash
to
pay
redeeming
shareholders.
A
majority
of
the
Fund’s
shares
may
be
held
by
other
mutual
funds
advised
by
the
Adviser
and
its
affiliates.
It
also
is
possible
that
some
or
all
of
these
other
mutual
funds
will
decide
to
purchase
or
redeem
shares
of
the
Fund
simultaneously
or
within
a
short
period
of
time
of
one
another
in
order
to
execute
their
asset
allocation
strategies.
Accordingly,
there
is
a
risk
that
the
share
trading
activities
of
these
shareholders
could
disrupt
the
Fund’s
investment
strategies
which
could
have
adverse
consequences
for
the
Fund
and
other
shareholders
(e.g.,
by
requiring
the
Fund
to
sell
investments
at
inopportune
times
or
causing
the
Fund
to
maintain
larger-than-expected
cash
positions
pending
acquisition
of
investments).
Regional
Risk
—
The
Fund
will
generally
have
more
exposure
to
the
specific
regional
or
country
economic
risks
where
it
has
significant
investments.
In
the
event
of
economic
or
political
turmoil
or
a
deterioration
of
diplomatic
relations
in
a
region
or
country
where
a
substantial
portion
of
the
Fund’s
assets
are
invested,
the
Fund
may
experience
substantial
volatility,
illiquidity
or
reduction
in
the
value
of
the
Fund’s
investments.
Regulatory
Risk
—
Legal,
tax,
and
regulatory
developments
may
adversely
affect
the
Fund.
Securities
and
futures
markets
are
subject
to
comprehensive
statutes,
regulations,
and
margin
requirements
enforced
by
the
SEC,
other
regulators
and
self-regulatory
organizations,
and
exchanges
authorized
to
take
extraordinary
actions
in
the
event
of
market
emergencies.
The
regulatory
environment
for
the
Fund
is
evolving,
and
changes
in
the
regulation
of
investment
funds,
managers,
and
their
trading
activities
and
capital
markets,
or
a
regulator’s
disagreement
with
the
Fund’s
interpretation
of
the
application
of
certain
regulations,
may
adversely
affect
the
ability
of
a
Fund
to
pursue
its
investment
strategy,
its
ability
to
obtain
leverage
and
financing,
and
the
value
of
investments
held
by
the
Fund.
Small
Cap Risk
— Smaller,
less
seasoned
companies
often
have
greater
price
volatility,
lower
trading
volume,
and
less
liquidity
than
larger,
more
established
companies.
These
companies
tend
to
have
small
revenues,
narrower
product
lines,
less
management
depth
and
experience,
small
shares
of
their
product
or
service
markets,
fewer
financial
resources,
and
less
competitive
strength
than
larger
companies.
Such
companies
seldom
pay
significant
dividends
that
could
soften
the
impact
of
a
falling
market
on
returns.
Sovereign
Debt Risk
— Sovereign
debt
securities
are
issued
or
guaranteed
by
foreign
governmental
entities.
These
investments
are
subject
to
the
risk
that
a
governmental
entity
may
delay
or
refuse
to
pay
interest
or
repay
principal
on
its
sovereign
debt,
due,
for
example,
to
cash
flow
problems,
insufficient
foreign
currency
reserves,
political
considerations,
the
relative
size
of
the
governmental
entity’s
debt
position
in
relation
to
the
economy
or
the
failure
to
put
in
place
economic
reforms
required
by
the
International
Monetary
Fund
or
other
multilateral
agencies.
If
a
governmental
entity
defaults,
it
may
ask
for
more
time
in
which
to
pay
or
for
further
loans.
There
is
no
legal
process
for
collecting
sovereign
debts
that
a
government
does
not
pay
nor
are
there
bankruptcy
proceedings
through
which
all
or
part
of
the
sovereign
debt
that
a
governmental
entity
has
not
repaid
may
be
collected.
Thrivent
Core
Funds
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
51
FOR
A
SHARE
OUTSTANDING
THROUGHOUT
EACH
PERIOD
*
Income
From
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
EMERGING
MARKETS
DEBT
FUND
Period
Ended
4/30/2020
(unaudited)
$
9.83
$
0.22
$
(0.82)
$
(0.60)
$
(0.22)
$
–
Year
Ended
10/31/2019
9.04
0.44
0.79
1.23
(0.44)
–
Year
Ended
10/31/2018
9.86
0.40
(0.82)
(0.42)
(0.40)
–
Year
Ended
10/31/2017
(c)
10.00
0.05
(0.14)
(0.09)
(0.05)
–
EMERGING
MARKETS
EQUITY
FUND
Year
Ended
4/30/2020
(unaudited)
(d)
10.00
0.02
(1.50)
(1.48)
–
–
INTERNATIONAL
EQUITY
FUND
Period
Ended
4/30/2020
(unaudited)
9.68
0.13
(1.56)
(1.43)
(0.38)
–
Year
Ended
10/31/2019
9.28
0.33
0.37
0.70
(0.30)
–
Year
Ended
10/31/2018
(e)
10.00
0.31
(1.02)
(0.71)
(0.01)
–
LOW
VOLATILITY
EQUITY
FUND
Period
Ended
4/30/2020
(unaudited)
12.10
0.11
(0.75)
(0.64)
(0.24)
(0.38)
Year
Ended
10/31/2019
10.54
0.24
1.72
1.96
(0.17)
(0.23)
Year
Ended
10/31/2018
(f)
10.00
0.13
0.41
0.54
–
–
SHORT-TERM
RESERVE
FUND
Period
Ended
4/30/2020
(unaudited)
10.00
0.09
0.00
0.09
(0.09)
0.00
Year
Ended
10/31/2019
10.00
0.26
0.00
0.26
(0.26)
–
Year
Ended
10/31/2018
10.00
0.20
0.00
0.20
(0.20)
0.00
Year
Ended
10/31/2017
10.00
0.11
0.00
0.11
(0.11)
–
Year
Ended
10/31/2016
(g)
10.00
0.03
0.00
0.03
(0.03)
–
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
portfolio
shares.
(b)
Total
investment
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.
Not
annualized
for
periods
less
than
one
year.
(c)
Since
inception,
September
5,
2017.
(d)
Since
inception,
January
31,
2020.
(e)
Since
inception,
November
14,
2017.
(f)
Since
inception,
February
28,
2018.
(g)
Since
inception,
May
2,
2016.
*
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
**
Computed
on
an
annualized
basis
for
periods
less
than
one
year
Thrivent
Core
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
52
RATIOS/SUPPLEMENTAL
DATA
Ratio
to
Average
Net
Assets**
Ratio
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(0.22)
$
9.01
(6.23)%
$
894.4
0.05%
4.61%
0.05%
4.61%
18%
(0.44)
9.83
13.84%
849.7
0.04%
4.63%
0.04%
4.63%
32%
(0.40)
9.04
(4.35)%
684.2
0.06%
4.38%
0.06%
4.38%
13%
(0.05)
9.86
(0.94)%
421.8
0.21%
3.48%
0.21%
3.48%
0%
–
8.52
(14.80)%
127.8
1.02%
1.40%
1.02%
1.40%
12%
(0.38)
7.87
(15.54)%
701.3
0.06%
2.82%
0.06%
2.82%
36%
(0.30)
9.68
7.99%
830.8
0.06%
3.54%
0.06%
3.54%
89%
(0.01)
9.28
(7.08)%
798.2
0.08%
3.42%
0.08%
3.42%
73%
(0.62)
10.84
(5.71)%
1,302.8
0.04%
2.15%
0.04%
2.15%
31%
(0.40)
12.10
19.42%
1,028.5
0.04%
2.19%
0.04%
2.19%
62%
–
10.54
5.40%
873.7
0.06%
1.88%
0.06%
1.88%
40%
(0.09)
10.00
0.92%
3,611.9
0.01%
1.87%
0.01%
1.87%
48%
(0.26)
10.00
2.59%
5,884.9
0.01%
2.55%
0.01%
2.55%
135%
(0.20)
10.00
2.01%
4,854.5
0.01%
1.99%
0.01%
1.99%
213%
(0.11)
10.00
1.12%
4,988.2
0.01%
1.11%
0.01%
1.11%
143%
(0.03)
10.00
0.32%
4,762.5
0.01%
0.67%
0.01%
0.67%
31%
53
Additional
Information
(unaudited)
Proxy
Voting
The
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
are
attached
to
the
Trust’s
Statement
of
Additional
Information.
You
may
request
a
free
copy
of
the
Statement
of
Additional
Information
by
calling
800-847-4836,
or
visit
ThriventFunds.com
to
access
it
online.
In
addition,
you
may
review
a
report
of
how
the
Trust
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
29
by
clicking
on
the
tab
for
each
Fund
and
navigating
to
“Related
Documents”
under
Fund
Details
–
Holdings
at
ThriventFunds.com
or
SEC.gov
where
it
is
filed
on
Form
N-PX.
Quarterly
Schedule
of
Investments
Through
April
2019,
the
Trust
filed
its
Schedule
of
Investments
on
Form
N-Q
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year.
Beginning
in
April
2019,
the
Trust
no
longer
files
Form
N-Q
and
has
begun
filing
Form
N-PORT
with
the
SEC.
Part
F
of
each
Fund’s
N-PORT
filing
for
the
first
and
third
fiscal
quarters
will
include
the
complete
schedule
of
investments
which
were
previously
filed
on
Form
N-Q.
Thrivent
Money
Market
Fund
is
not
included
as
part
of
Form
N-PORT.
The
Trust’s
most
recent
Schedule
of
Investments
can
be
found
at
ThriventFunds.com
or
SEC.gov.
You
also
may
review
and
copy
the
Forms
N-PORT-EX
and
N-Q
for
the
Trust
at
the
SEC’s
Public
Reference
Room
in
Washington,
DC.
You
may
get
information
about
the
operation
of
the
Public
Reference
Room
by
calling
800-SEC-0330.
Summary
Schedule
of
Investments
The
summary
schedule
of
investments
is
designed
to
streamline
the
report
and
help
investors
better
focus
on
a
fund’s
principal
holdings.
A
complete
listing
of
holdings
for
a
fund
in
which
the
summary
is
included
in
the
shareholder
report
is
available
free
of
charge
by
calling
800-847-4836.
It
is
also
available
at
ThriventFunds.com
or
SEC.gov
where
it
is
part
of
form
N-CSR.
Liquidity
Risk
Management
Program
Pursuant
to
Rule
22e-4
under
the
1940
Act,
the
Funds
other
than
Thrivent
Money
Market
Fund
have
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Liquidity
Program”)
designed
to
assess
and
manage
each
Fund’s
liquidity
risk
(defined
by
the
U.S.
Securities
and
Exchange
Commission
as
the
risk
that
a
Fund
could
not
meet
shareholder
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund).
The
Board,
including
a
majority
of
the
independent
Trustees,
designated
Thrivent
Asset
Management,
LLC
(“TAM”),
the
Funds’
investment
adviser,
as
the
liquidity
risk
management
program
administrator
(the
“Program
Administrator”).
The
Program
Administrator
has
delegated
oversight
of
the
Liquidity
Program
to
the
Liquidity
Risk
Management
Committee
(the
“LRM
Committee”).
The
LRM
Committee
is
comprised
of
representatives
of
TAM.
The
Liquidity
Program
is
comprised
of
various
components
designed
to
support
the
assessment
and/or
management
of
liquidity
risk,
including:
(1)
the
periodic
assessment
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk
based
on
a
variety
of
factors;
(2)
the
periodic
classification
(no
less
frequently
than
monthly)
of
a
Fund’s
investments
into
one
of
four
liquidity
categories
based
on
the
number
of
days
in
which
the
Fund
reasonably
expects
the
investment
to
be
convertible
to
cash
(or
sold
or
disposed
of,
in
the
case
of
less
liquid
or
illiquid
investments)
under
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
and
taking
into
account
the
affect
of
trading
varying
portions
of
the
investment
in
sizes
that
the
Fund
would
reasonably
anticipate
trading;
(3)
a
15%
limit
on
the
acquisition
of
“illiquid
investments”
(as
defined
under
Rule
22e-4);
(4)
for
any
Fund
that
does
not
invest
primarily
in
“highly
liquid
investments”
(as
defined
under
Rule
22e-4),
the
determination
of
a
minimum
percentage
of
the
Fund’s
assets
that
will
generally
be
invested
in
highly
liquid
investments;
and
(5)
periodic
reporting
to
the
Board.
Among
other
things,
Rule
22e-4
requires
that
a
written
report
(the
“Report”)
be
provided
to
the
Board
on
an
annual
basis
that
addresses
the
operation
of
the
Liquidity
Program
and
assesses
the
adequacy
and
effectiveness
of
its
implementation,
including
the
operation
of
any
Highly
Liquidity
Investment
Minimum
(“HLIM”)
established
for
a
Fund
and
any
material
changes
to
the
Liquidity
Program.
At
a
meeting
of
the
Board
on
March
3-4,
2020,
the
LRM
Committee,
on
behalf
of
the
Program
Administrator,
provided
the
Report
to
the
Board
for
the
initial
period
from
December
1,
2018
through
December
31,
2019
(the
“Reporting
Period”).
The
Report
summarized
the
operation
of
the
Liquidity
Program
and
the
information
and
factors
considered
by
the
54
Additional
Information
(unaudited)
LRM
Committee
in
assessing
whether
the
Liquidity
Program
has
been
adequately
and
effectively
implemented
for
each
Fund.
The
Report
discussed,
among
other
things:
(1)
the
framework
used
to
assess,
manage,
and
periodically
review
each
Fund’s
liquidity
risk
and
the
results
of
the
annual
assessment;
(2)
the
methodologies
used
to
classify
investments
into
one
of
four
liquidity
categories,
including
a
review
of
LRM
Committee-approved
overrides
of
vendor
classifications;
(3)
whether
any
Fund
invested
more
than
15%
of
its
assets
in
“illiquid
investments”
(as
defined
under
Rule
22e-4);
and
(4)
the
LRM
Committee’s
oversight
of
vendors
used
by
the
Liquidity
Program,
including
assessment
of
the
vendors’
classification
methodologies
used
in
determining
preliminary
liquidity
classifications.
The
Report
noted
two
material
changes
to
the
Liquidity
Program
during
the
Reporting
Period:
(1)
to
incorporate
SEC
staff
guidance
regarding
extended
foreign
market
holiday
closures,
and
(2)
to
reflect
the
addition
of
a
vendor
for
bank
loan
classification.
The
Report
also
noted
that
no
Fund
was
required
to
determine
a
minimum
percentage
of
its
net
assets
that
must
be
invested
in
highly
liquid
investments
(an
“HLIM”
under
the
Liquidity
Program).
The
Report
concluded
that
the
Liquidity
Program
operated
effectively
during
the
Reporting
Period
and
that
the
LRM
Committee
had
no
recommended
material
changes
based
on
its
annual
assessment
of
the
Liquidity
Program.
There
can
be
no
assurance
that
the
Liquidity
Program
will
achieve
its
objectives
under
all
circumstances
in
the
future.
Please
refer
to
the
Funds’
prospectus
for
more
information
regarding
each
Fund’s
exposure
to
liquidity
risk
and
other
risks
to
which
it
may
be
subject.
Board
Approval
of
Advisory
Agreement
and
Subadvisory
Agreements
and
Amended
Advisory
Agreement
regarding
New
Funds
Section
15(c)
of
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
a
fund’s
investment
advisory
and
subadvisory
agreements
be
approved
initially
by
the
fund’s
board
of
trustees.
Section
15(c)
also
requires
that
the
continuation
of
these
agreements,
after
an
initial
term
of
up
to
two
years,
be
annually
reviewed
and
approved
by
the
board.
Any
such
agreement
must
be
approved
by
a
vote
of
a
majority
of
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
(as
defined
in
the
1940
Act)
of
a
party
to
the
agreement
at
an in-person meeting
of
the
board
called
for
the
purpose
of
voting
on
such
approval.
At
its
meeting
on
November
19-20,
2019
(the
“Meeting”),
the
Board
of
Trustees
(the
“Board”)
of
the
Thrivent
Mutual
Funds
(the
“Trust”),
including
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
as
defined
in
the
1940
Act
(the
“Independent
Trustees”),
considered
and
voted
unanimously
to
renew
the
existing
advisory
agreement
(the
“Advisory
Agreement”),
as
amended,
between
the
Trust
and
Thrivent
Asset
Management,
LLC
(the
“Adviser”)
for
each
series
of
the
Trust
(each,
a
“Fund”).
The
Board,
including
the
Independent
Trustees,
also
unanimously
approved
the
subadvisory
agreement
(the
“Subadvisory
Agreement”)
for
the
Thrivent
International
Allocation
Fund
with
Goldman
Sachs
Asset
Management,
L.P.
(the
“Subadviser”).
At
the
Meeting,
the
Board,
including
the
Independent
Trustees,
also
considered
and
voted
unanimously
to
approve
an
amendment
to
the
Advisory
Agreement
(the
“Amended
Advisory
Agreement”)
between
the
Trust
and
the
Adviser
for
the
addition
of
Thrivent
Mid
Cap
Growth
Fund
and
Thrivent
Mid
Cap
Value
Fund
(each,
a
“New
Fund”)
for
an
initial
term
of
two
years.
The
Adviser
and
Subadviser
are
referred
to,
collectively,
as
the
“Advisory
Organizations.”
In
connection
with
its
evaluation
of
the
agreements
with
the
Advisory
Organizations,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose
and
considered
a
variety
of
factors,
including
the
following:
The
nature,
extent,
and
quality
of
the
services
provided
by
the
Advisory
Organizations;
The
performance
of
each
Fund;
The
advisory
fee
and
net
operating
expense
ratio
of
each
Fund
compared
to
a
peer
group;
The
cost
of
services
provided
and
profit
realized
by
the
Adviser;
The
extent
to
which
economies
of
scale
may
be
realized
as
the
Funds
grow;
Whether
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
the
Funds’
shareholders;
Other
benefits
realized
by
the
Advisory
Organizations
and
their
affiliates
from
their
relationship
with
the
Trust;
and
Any
other
factors
that
the
Board
deemed
relevant
to
its
consideration.
55
Additional
Information
(unaudited)
With
respect
to
the
New
Funds,
the
Board
also
considered
many
of
the
factors
listed
above
to
the
extent
such
factor
was
applicable
in
the
context
of
an
approval
of
the
Amended
Advisory
Agreement
for
the
New
Funds.
Accordingly,
the
Board
considered:
The
nature,
extent
and
quality
of
services
the
Adviser
proposes
to
provide
to
the
New
Funds;
The
Adviser’s
investment
management
personnel
and
their
track
record
managing
accounts
with
a
similar
strategy;
The
proposed
advisory
fee
and
net
operating
expense
ratio
of
the
New
Funds
compared
to
a
peer
group;
The
extent
to
which
economies
of
scale
may
be
realized
as
each
New
Fund
grows;
Any
other
benefits
anticipated
to
be
derived
by
the
Adviser
or
its
affiliates
from
their
relationships
with
the
Trust
with
respect
to
the
New
Funds;
and
Any
other
factors
that
the
Board
deemed
relevant
to
its
consideration.
The
Contracts
Committee
of
the
Board
(consisting
of
all
of
the
Independent
Trustees)
met
on
five
occasions
from
May
21
to
November
19,
2019
to
consider
information
relevant
to
the
renewal
process
furnished
by
the
Adviser
and
Subadviser
in
advance
of
the
meetings.
The
Board
had
the
opportunity
to
ask
questions
and
request
further
information
in
connection
with
its
consideration.
The
Independent
Trustees
also
retained
the
services
of
Management
Practice
Inc.
(“MPI”)
as
an
independent
consultant
to
assist
in
the
compilation,
organization,
and
evaluation
of
relevant
information.
This
information
included
Fund-by-Fund
statistical
comparisons
of
the
advisory
fees,
other
fees,
net
operating
expenses
and
performance
of
each
of
the
Funds
in
comparison
to
peer
groups
of
comparable
funds;
portfolio
turnover
percentages;
3-year
standard
deviation
ratios;
brokerage
costs;
information
with
respect
to
services
provided
to
the
Funds
and
fees
charged,
including
effective
advisory
fees
that
take
into
account
breakpoints
and
fee
waivers
by
the
Adviser;
asset
and
flow
trends
for
the
Funds;
the
cost
of
services
and
profit
realized
by
the
Adviser
and
its
affiliates
that
provide
services
to
the
Funds;
and
information
regarding
the
types
of
services
furnished
to
the
Funds.
The
Board
received
information
from
the
Adviser
regarding
the
personnel
providing
services
to
the
Funds,
including
investment
management,
compliance
and
administrative
personnel.
The
Board
also
received
monthly
reports
from
the
Adviser’s
investment
management
staff
with
respect
to
the
performance
of
the
Funds.
In
addition
to
its
review
of
the
information
presented
to
the
Board
during
the
contract
renewal
process,
the
Board
also
considered
information
obtained
from
management
throughout
the
course
of
the
year.
The
Board
also
reviewed
information
from
MPI,
including
Fund-by-Fund
analyses
and
independent
assessment
of
information
relating
to
the
Funds
and
the
agreements.
The
Board
also
received
information
from
the
Adviser
from
August
20
to
November
19,
2019
with
respect
to
the
New
Funds.
The
Subadviser
provided
information
to
the
Board
in
response
to
requests
for
information
submitted
on
behalf
of
the
Independent
Trustees
to
facilitate
the
Board’s
evaluation
of
the
terms
of
the
Subadvisory
Agreement.
The
Board
also
noted
that
the
Subadvisers’
responses
were
reviewed
by
individuals
representing
various
functional
areas
of
or
supporting
the
Adviser.
The
Independent
Trustees
were
represented
by
independent
counsel
throughout
the
review
process
and
during
executive
sessions
without
management
present
to
consider
the
reapproval
of
the
Advisory
and
Subadvisory
Agreements
for
the
Funds
and
the
approval
of
the
Amended
Advisory
Agreement
for
the
New
Funds.
As
noted
above,
the
Independent
Trustees
were
assisted
throughout
the
process
by
an
independent
consultant,
MPI.
Each
Independent
Trustee
relied
on
his
or
her
own
business
judgment
in
determining
the
weight
to
be
given
to
each
factor
considered
in
evaluating
the
materials
that
were
presented
to
them.
The
Contracts
Committee’s
and
Board’s
review
and
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
presented
to
them
and
were
not
the
result
of
any
single
controlling
factor.
In
addition,
each
Trustee
may
have
weighed
individual
factors
differently.
The
key
factors
considered
and
the
conclusions
reached
are
described
below.
Nature,
Extent
and
Quality
of
Services
At
each
of
the
Board’s
regular
quarterly
meetings,
management
presented
information
describing
the
services
furnished
to
the
Funds
by
the
Adviser,
transfer
agent,
administrator
and,
as
for
the
Thrivent
International
Allocation
Fund,
the
Subadviser.
During
these
meetings,
management
reported
on
the
investment
management,
portfolio
trading
and
compliance
services
56
Additional
Information
(unaudited)
provided
to
the
Funds.
During
the
renewal
process,
the
Board
considered
the
specific
services
provided
under
the
Advisory
and
Subadvisory
Agreements.
The
Board
considered
information
relating
to
the
investment
experience
and
qualifications
of
the
portfolio
managers
of
the
Adviser
and
Subadviser
overseeing
investments
for
the
Funds.
The
Board
also
considered
similar
information
with
respect
to
the
services
to
be
provided
to
the
New
Funds
pursuant
to
the
Amended
Advisory
Agreement.
The
Board
received
reports
and
presentations
at
each
of
its
quarterly
meetings
from
the
Adviser’s
senior
investment
team
about
each
of
the
Funds.
These
reports
and
presentations
gave
the
Board
the
opportunity
to
evaluate
the
abilities
of
the
portfolio
manager
and
other
investment
professionals
and
the
quality
of
services
they
provide
to
the
Funds.
The
Adviser
reviewed
with
the
Board
the
services
provided
by
the
Adviser
and
Subadviser
and
the
Adviser’s
oversight
of
the
Subadviser.
The
Independent
Trustees
also
met
in-person,
including
in
executive
session,
with
and
received
quarterly
reports
from
the
Trust’s
Chief
Compliance
Officer.
The
Board
noted
that
the
Chief
Compliance
Officer
met
regularly
between
quarterly
meetings
with
the
Chair
of
the
Ethics
and
Compliance
Committee.
The
Board
considered
the
depth
and
quality
of
the
Adviser’s
oversight
of
the
Subadviser.
In
addition,
the
Board
noted
the
broad
functions
that
the
Adviser
performed
in
support
of
the
International
Allocation
Fund
and
its
use
of
the
Subadviser,
including,
among
other
things,
allocation
of
assets
among
various
sleeves,
management
of
portfolio
cash
and
short-term
investments,
expense
management
and
payment,
and
investment
performance
and
compliance
monitoring.
The
Board
noted
that
investment
management
staff
of
the
Adviser
and
the
Trust’s
Chief
Compliance
Officer
conduct
in-person
oversight
visits
of
the
Subadviser,
follow
through
with
additional
inquiry
on
any
questions
or
concerns
that
arise
during
the
visit
and
then
report
the
results
of
the
visit
to
the
Board.
The
Board
also
noted
that,
as
part
of
its
oversight
practice,
the
Adviser
requires
the
Subadviser
to
respond
to
a
variety
of
compliance
checklists
and
certifications
to
ensure
its
ongoing
compliance
with
policies.
The
Board
noted
that
the
Adviser
requires
the
Subadviser
to
complete
an
annual
questionnaire
addressing
a
range
of
compliance
topics.
The
Board
noted
that
the
Adviser
has
dedicated
personnel
responsible
for
daily
monitoring
of
the
Subadviser’s
activities.
The
Board
considered
the
adequacy
of
the
Advisory
Organizations’
resources
used
to
provide
services
to
the
Trust
pursuant
to
the
Advisory
and
Subadvisory
Agreements.
The
Adviser
reviewed
with
the
Board
the
Adviser’s
process
for
overseeing
the
portfolio
management
teams
of
each
Fund.
In
addition,
the
Adviser
noted
that
its
investments
in
technology
and
personnel
have
benefitted
the
Funds
and
discussed
continued
investments
in
these
resources,
noting,
in
particular,
additional
personnel
to
enhance
its
research
function.
The
Adviser
also
discussed
how
it
has
continued
to
strengthen
its
compliance
program.
The
Board
viewed
these
actions
as
a
positive
factor
in
reapproving
the
existing
Advisory
Agreement,
as
they
demonstrated
the
Adviser’s
commitment
to
provide
the
Funds
with
quality
service
and
competitive
investment
performance.
The
Board
concluded
that,
within
the
context
of
its
full
deliberations,
the
nature,
extent
and
quality
of
the
investment
advisory
services
provided
to
the
Funds
by
the
Adviser
and,
for
the
Thrivent
International
Allocation
Fund,
by
the
Subadviser
supported
renewal
of
the
Advisory
Agreement
and
Subadvisory
Agreements.
The
Board
also
concluded
that,
within
the
context
of
its
full
deliberations,
the
nature,
extent
and
quality
of
the
investment
advisory
services
to
be
provided
to
the
New
Funds
by
the
Adviser
supported
the
approval
of
the
Amended
Advisory
Agreement.
Performance
of
the
Funds
In
connection
with
each
of
its
regular
quarterly
meetings,
the
Board
received
information
on
the
performance
of
each
Fund,
including
net
performance,
relative
performance
rankings
within
each
Fund’s
Lipper
peer
group,
Morningstar
ratings,
and
performance
as
compared
to
benchmark
index
returns.
At
each
quarterly
Board
meeting,
members
of
the
Adviser’s
senior
investment
team
reviewed
with
the
Board
the
economic
and
market
environment,
risk
management,
and
style
consistency
in
connection
with
management
of
the
Funds.
The
Board
considered
investment
performance
for
each
Fund,
to
the
extent
applicable,
over
the
one-,
two-,
three-,
five-,
and
ten-year
periods.
When
evaluating
investment
performance,
the
Board
considered
longer-term
performance
and
the
trend
of
performance,
and
focused
particularly
upon
the
three-year
performance
record.
The
Board
noted
that
certain
Funds
did
not
fit
well
within
a
Lipper
peer
group
because
of
differences
between
the
principal
investment
strategies
of
these
Funds
and
funds
included
in
their
respective
Lipper
peer
group.
In
such
cases,
the
Adviser
provided
information
regarding
these
Funds’
performance
compared
to
a
customized
benchmark
that
the
Adviser
believed
better
represented
the
investment
strategies
of
such
Funds.
MPI
assisted
the
Independent
Trustees
in
connection
with
the
evaluation
of
peer
groups
and
customized
benchmarks.
Although
the
Board
conducted
its
review
on
a
Fund-by-Fund
basis,
it
noted
that
78%
of
the
Funds
(both
Class
A
and
Class
S)
ranked
better
than
median
in
their
respective
Lipper
peer
group
or
established
custom
peer
group
for
the
three-year
period
ended
June
30,
2019
(with
five
Funds
being
measured
on
the
one-year
period
57
Additional
Information
(unaudited)
because
they
were
new
or
repositioned
Funds).
The
Board
concluded
that
the
performance
of
each
individual
Fund
was
either
satisfactory
or
that
the
Adviser
had
taken
appropriate
actions
in
an
effort
to
improve
performance.
The
New
Funds
had
not
commenced
operations
prior
to
the
Meeting.
Accordingly,
the
New
Funds
did
not
yet
have
an
investment
performance
record.
The
Board
considered
historical
performance
information
with
respect
to
small
and
mid-
cap
equity
funds
or
accounts
managed
by
the
Adviser
and
the
proposed
portfolio
managers.
The
Board
concluded
that
the
historical
performance
records,
viewed
together
with
the
other
relevant
factors
and
information
considered
by
the
Board,
supported
a
decision
to
approve
the
Amended
Advisory
Agreement.
The
Board
also
concluded
that
it
was
appropriate
to
consider
the
New
Funds’
investment
performance
in
connection
with
future
reviews
of
the
Amended
Advisory
Agreement.
Advisory
Fees
and
Fund
Expenses
The
Board
reviewed
information
prepared
by
MPI
comparing
each
Fund’s
advisory
fee
with
the
advisory
fee
of
a
peer
group
selected
by
MPI
based
on
similar
investment
objective
and
size.
The
Board
considered
both
the
contractual
and
effective
advisory
fees
for
each
of
the
Funds.
The
Board
noted
that
the
majority
of
the
Funds’
contractual
advisory
fees
were
near
or
below
the
medians
of
their
peer
groups.
Although
the
Board
conducted
its
review
on
a
Fund-by-Fund
basis,
it
noted
that
the
average
ranking
of
the
Funds’
contractual
advisory
fees
for
its
Class
A
shares
was
28%
and
the
average
ranking
of
the
Funds’
contractual
advisory
fees
for
its
Class
S
shares
was
34%
(on
a
scale
of
1-99%,
with
1%
being
the
lowest
fee).
The
Board
also
reviewed
information
prepared
by
MPI
comparing
each
Fund’s
overall
expense
ratio
with
the
expense
ratio
of
its
peer
group.
The
Board
conducted
its
review
on
a
Fund-by-Fund
basis.
The
Board
noted
that
only
two
Funds
had
total
net
expense
ratios
higher
than
their
peer
group
medians
and
that
those
two
Funds
had
total
net
expense
ratios
for
Class
A
that
were
only
0.01%
higher
than
their
peer
group
medians.
The
Board
viewed
favorably
the
Adviser’s
proposal
to
provide
fee
waivers
and
expense
limitations
for
certain
Funds
and
considered
the
effect
of
the
waivers
in
lowering
the
Funds’
expenses.
The
Board
reviewed
information
relating
to
the
fee
paid
by
the
Adviser
to
the
Subadviser
and
the
difference
between
that
fee
and
the
fee
paid
by
the
Thrivent
International
Allocation
Fund
to
the
Adviser.
On
the
basis
of
its
review,
the
Board
concluded
that
the
advisory
fees
charged
under
the
Advisory
and
Subadvisory
Agreements
were
reasonable.
The
Board
considered
the
proposed
advisory
fees
to
be
paid
under
the
Amended
Advisory
Agreement
and
the
anticipated
net
expense
ratio
and
evaluated
the
reasonableness
of
those
fees
and
expenses
compared
to
peer
group
medians
and
averages.
The
Board
also
considered
the
proposed
breakpoint
schedules
in
the
advisory
fee
rates
of
the
New
Funds.
In
addition,
the
Board
received
and
considered
estimates
of
the
New
Funds’
projected
asset
levels.
Although
the
Board
recognized
that
the
Adviser’s
proposed
advisory
fees
and
anticipated
net
operating
expenses
of
the
New
Funds
and
those
of
identified
peer
funds
are
imprecise,
the
Board
found
that
the
information
supported
its
consideration
and
approval
of
the
proposed
advisory
fees
and
evaluation
of
the
anticipated
net
operating
expenses.
Cost
of
Services
and
Profitability
The
Board
considered
the
Adviser’s
estimates
of
its
profitability,
which
included
allocations
by
the
Adviser
of
its
costs
in
providing
advisory
services
to
the
Funds.
The
internal
audit
department
of
the
Adviser
(Business
Risk
Management)
conducted
a
review
of
such
allocations,
and
a
department
representative
reported
to
the
Board
the
department’s
views
regarding
the
reasonableness
and
consistency
of
these
allocations.
The
Board
considered
the
profitability
of
the
Adviser
both
overall
and
on
a
Fund-by-Fund
basis.
The
Board
also
considered
the
expense
reimbursements
and
waivers
in
effect.
Based
on
its
review
of
the
data
prepared
by
MPI
and
expense
and
profit
information
provided
by
the
Adviser,
the
Board
concluded
that
the
profits
earned
by
the
Adviser
from
the
Advisory
Agreement
were
not
excessive
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Funds.
With
respect
to
fees
paid
to
Subadviser
under
the
Subadvisory
Agreement,
the
Board
did
not
consider
profitability
information
with
respect
to
the
Subadviser,
which
is
not
affiliated
with
the
Adviser.
The
Board
considered
that
the
Subadvisory
Agreement
had
been
negotiated
on
an
arm’s-length
basis
between
the
Adviser
and
the
Subadviser,
and
that
the
Subadviser’s
separate
profitability
from
its
relationship
with
the
Thrivent
International
Allocation
Fund
was
not
a
material
factor
in
determining
whether
to
renew
the
Subadvisory
Agreement.
58
Additional
Information
(unaudited)
With
respect
to
the
New
Funds,
the
Board
considered
that
the
Adviser
would
bear
all
costs
to
launch
the
New
Funds.
The
Board
considered
the
Adviser’s
estimated
profitability
at
various
asset
levels
and
noted
that
it
would
have
opportunity
to
consider
profitability
information
in
connection
with
future
reviews
of
the
Amended
Advisory
Agreement.
Economies
of
Scale
and
Breakpoints
The
Board
considered
information
regarding
the
extent
to
which
economies
of
scale
may
be
realized
as
a
Fund’s
assets
increase
and
whether
the
fee
levels
reflect
these
economies
of
scale
for
the
benefit
of
shareholders.
The
Adviser
explained
its
general
goal
with
respect
to
the
employment
of
fee
waivers,
expense
reimbursements
and
breakpoints.
The
Board
considered
information
provided
by
the
Adviser
related
to
advisory
fees,
breakpoints
in
the
advisory
fee
rates
and
fee
waivers
provided
by
the
Adviser.
The
Board
also
considered
management’s
view
that
it
is
difficult
to
generalize
as
to
whether,
or
to
what
extent,
economies
in
the
advisory
function
may
be
realized
as
a
Fund’s
assets
increase.
The
Board
noted
that
expected
economies
of
scale,
where
they
exist,
may
be
shared
through
the
use
of
fee
breakpoints,
fee
waivers
and
expense
limitations
by
the
Adviser,
and/or
a
lower
overall
fee.
The
New
Funds
had
not
commenced
operations
prior
to
the
Meeting.
As
a
result,
no
specific
information
was
available
concerning
the
asset
growth
and
economies
of
scale.
The
Board
considered
estimated
asset
levels,
corresponding
estimated
fees
and
expenses,
and
the
extent
to
which
economies
of
scale
may
be
shared
as
assets
grow.
The
Board
concluded
that
it
was
appropriate
to
consider
potential
economies
of
scale
in
connection
with
future
reviews
of
the
Amended
Advisory
Agreement,
and
the
Board
was
satisfied
with
the
extent
to
which
economies
of
scale
would
be
shared
for
the
benefit
of
shareholders
based
on
anticipated
asset
levels.
Other
Benefits
to
the
Adviser,
Subadvisers
and
their
Affiliates
The
Board
considered
information
regarding
potential
“fall-out”
or
ancillary
benefits
that
the
Adviser
and
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Trust,
both
tangible
and
intangible,
such
as
their
ability
to
leverage
investment
professionals
who
manage
other
portfolios,
an
enhanced
reputation
as
an
investment
adviser
which
may
help
in
attracting
other
clients
and
investment
personnel,
the
engagement
of
affiliates
as
service
providers
to
the
Funds,
and
fees
collected
by
affiliates
for
services
provided
to
Fund
shareholders.
The
Board
noted
that
such
benefits
were
difficult
to
quantify
but
were
consistent
with
benefits
received
by
other
mutual
fund
advisers.
The
Board
also
considered
the
research
received
by
the
Adviser
generated
from
commission
dollars
spent
on
the
Funds’
portfolio
trading.
In
addition,
the
Board
considered
the
potential
benefits,
other
than
subadvisory
fees,
that
the
Subadviser
and
its
affiliates
may
receive
because
of
their
relationships
with
the
Thrivent
International
Allocation
Fund,
including
the
potential
increased
ability
to
use
affiliated
brokers
or
soft
dollars
consistent
with
Trust
policies
and
other
benefits
from
increases
in
assets
under
management.
The
Board
concluded
that
benefits
that
may
accrue
to
the
Subadviser
and
its
affiliates
are
consistent
with
those
expected
for
a
subadviser
to
a
mutual
fund
such
as
the
Thrivent
International
Allocation
Fund.
Based
on
the
factors
discussed
above,
the
Contracts
Committee
unanimously
recommended
approval
of
the
Advisory
Agreement
and
the
Subadvisory
Agreement,
and
the
Board,
including
all
of
the
Independent
Trustees
voting
separately,
approved
each
of
the
agreements.
The
Board,
including
the
Independent
Trustees
voting
separately,
approved
the
Amended
Advisory
Agreement
with
respect
to
the
New
Funds
for
an
initial
term
of
two
years.
This
report
is
submitted
for
the
information
of
shareholders
of
Thrivent
Core
Funds.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
the
current
prospectus
for
Thrivent
Core
Funds,
which
contains
more
complete
information
about
the
Trust,
including
investment
objectives,
risks,
charges
and
expenses.