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 55402-3211
(Address of principal executive offices) (Zip code)
John D. Jackson, Secretary and Chief Legal Officer
Thrivent Core Funds
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Name and address of agent for service)
Registrant’s telephone number, including area code: (612) 844-7190
Date of fiscal year end: October 31
Date of reporting period: April 29, 2022
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.
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 have materially affected, or are 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)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(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
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See EX-99.906CERT attached hereto.
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 28, 2022 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 28, 2022 By: /s/ David S. Royal
David S. Royal
President and Chief Investment Officer
(principal executive officer)
Date: June 28, 2022 By: /s/ Sarah L. Bergstrom
Sarah L. Bergstrom
Treasurer and Principal Accounting Officer
(principal financial officer)
Semiannual
Report
April
29,
2022
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
Thrivent
Core
Small
Cap
Value
Fund
7
Shareholder
Expense
Example
8
Schedule
of
Investments
Thrivent
Core
Emerging
Markets
Debt
Fund
9
Thrivent
Core
Emerging
Markets
Equity
Fund
16
Thrivent
Core
International
Equity
Fund
25
Thrivent
Core
Low
Volatility
Equity
Fund
32
Thrivent
Core
Short-Term
Reserve
Fund
35
Thrivent
Core
Small
Cap
Value
Fund
42
Statement
of
Assets
and
Liabilities
46
Statement
of
Operations
48
Statement
of
Changes
in
Net
Assets
50
Notes
to
Financial
Statements
52
Financial
Highlights
64
Additional
Information
66
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 Fund
involves
risks
including emerging
markets,
sovereign
debt,
foreign
securities,
credit,
interest
rate,
market,
LIBOR,
high
yield,
investment
adviser,
issuer,
derivatives,
liquidity,
non-diversified,
and
health
crisis 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)
Mexico
6.7%
Indonesia
5.0%
Saudi
Arabia
4.2%
Oman
4.0%
Dominican
Republic
3.8%
Qatar
3.7%
Turkey
3.6%
Egypt
3.5%
South
Africa
3.4%
Chile
3.3%
Investments
in
securities
in
these
countries
represent
41.2%
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
75.9%
Energy
11.2%
Utilities
4.6%
Communications
Services
2.2%
Transportation
0.5%
Financials
0.3%
Basic
Materials
0.2%
Unaffiliated
Registered
Investment
Companies
0.2%
Capital
Goods
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 Fund
involves
risks
including emerging
markets,
China,
foreign
securities,
quantitative
investing,
equity
security,
market,
regional,
foreign
currency,
issuer,
investment
adviser,
technology-oriented
companies,
derivatives,
non-diversified,
and
health
crisis
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
98.8%
Short-Term
Investments
1.2%
Total
100.0%
Top
10
Countries
(%
of
Net
Assets)
Taiwan
16.6%
India
15.3%
China
14.9%
Cayman
Islands
13.1%
South
Korea
10.2%
Brazil
5.6%
Saudi
Arabia
5.5%
South
Africa
3.8%
Indonesia
2.4%
Thailand
2.1%
Investments
in
securities
in
these
countries
represent
89.5%
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
21.1%
Financials
19.1%
Consumer
Discretionary
14.4%
Materials
12.0%
Communications
Services
9.7%
Consumer
Staples
5.3%
Health
Care
4.8%
Industrials
3.7%
Energy
3.3%
Utilities
3.1%
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
Fund
involves
risks
including equity
security,
foreign
securities,
quantitative
investing,
foreign
currency,
market,
regional, issuer,
investment
adviser,
large
cap,
mid
cap,
small
cap,
and
health
crisis
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
99.2%
Preferred
Stock
0.6%
Short-Term
Investments
0.2%
Total
100.0%
Top
10
Countries
(%
of
Net
Assets)
Japan
19.2%
Canada
12.3%
United
Kingdom
12.1%
Switzerland
9.4%
France
8.8%
Australia
7.2%
Netherlands
6.0%
Germany
5.1%
Israel
2.6%
Denmark
2.6%
Investments
in
securities
in
these
countries
represent
85.3%
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
18.9%
Industrials
15.7%
Health
Care
12.4%
Consumer
Discretionary
10.6%
Information
Technology
8.5%
Materials
8.4%
Energy
8.2%
Consumer
Staples
7.9%
Communications
Services
5.3%
Real
Estate
1.8%
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
Fund
involves
risks
including equity
security,
quantitative
investing,
market,
issuer,
investment
adviser,
large
cap,
mid
cap,
small
cap,
and
health
crisis
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
99.9%
Short-Term
Investments
0.1%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Consolidated
Edison,
Inc.
3.2%
Kroger
Company
2.9%
Verizon
Communications,
Inc.
2.9%
Johnson
&
Johnson
2.8%
Microsoft
Corporation
2.5%
Merck
&
Company,
Inc.
2.4%
Accenture
plc
2.4%
Vertex
Pharmaceuticals,
Inc.
2.3%
Sempra
Energy
2.3%
Public
Storage,
Inc.
2.3%
These
securities
represent
26.0%
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)
Information
Technology
22.5%
Health
Care
20.6%
Consumer
Staples
13.6%
Communications
Services
9.6%
Industrials
8.9%
Utilities
8.1%
Consumer
Discretionary
6.0%
Financials
4.4%
Real
Estate
3.0%
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,
regulatory, cybersecurity,
investment
adviser,
and
health
crisis
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)
Caisse
d'Amortissement
de
la
Dette
Sociale
0.8%
TransCanada
American
Investments,
Ltd.
0.6%
BMW
Finance
NV
0.6%
New
York
Life
Global
Funding
0.5%
MetLife
Short
Term
Funding,
LLC
0.5%
Truist
Financial
Corporation
0.5%
Royal
Bank
of
Canada
0.5%
Intel
Corporation
0.5%
Skandinaviska
Enskilda
Banken
AB
0.4%
BPCE
SA
0.4%
These
securities
represent
5.3%
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
48.5%
Utilities
18.0%
Consumer
Cyclical
8.9%
Basic
Materials
5.2%
Foreign
3.3%
Capital
Goods
2.7%
U.S.
Government
&
Agencies
2.2%
U.S.
Municipals
2.1%
Communications
Services
2.0%
Transportation
1.9%
7
Thrivent
Core
Small
Cap
Value
Fund
Matthew
D.
Finn,
CFA,
Portfolio Manager
The
Fund
seeks long-term
capital
appreciation.
The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Core Small
Cap
Value Fund
involves
risks
including small
cap,
value
investing,
equity
security,
market,
issuer,
investment
adviser,
and
health
crisis.
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
95.6%
Short-Term
Investments
4.4%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Helmerich
&
Payne,
Inc.
2.9%
Resources
Connection,
Inc.
2.6%
ManpowerGroup
,
Inc.
2.6%
Zumiez
,
Inc.
2.6%
Berkshire
Hills
Bancorp,
Inc.
2.3%
Synovus
Financial
Corporation
2.3%
Greenbrier
Companies,
Inc.
2.2%
Pebblebrook
Hotel
Trust
2.1%
Magnolia
Oil
&
Gas
Corporation
2.1%
AAR
Corporation
2.1%
These
securities
represent
23.8%
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)
Financials
23.5%
Industrials
20.6%
Consumer
Discretionary
11.4%
Real
Estate
8.4%
Information
Technology
7.2%
Energy
7.0%
Materials
6.5%
Health
Care
5.0%
Consumer
Staples
4.8%
Utilities
2.9%
8
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,
2021
through
April
29,
2022.
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
11/1/2021
Ending
Account
Value
4/29/2022
Expenses
Paid
During
Period 11/1/2021
-
4/29/2022
*
Annualized
Expense
Ratio
Thrivent
Core
Emerging
Markets
Debt
Fund
Actual
$1,000
$859
$0.21
0.05%
Hypothetical
**
$1,000
$1,024
$0.23
0.05%
Thrivent
Core
Emerging
Markets
Equity
Fund
Actual
$1,000
$856
$0.94
0.20%
Hypothetical
**
$1,000
$1,024
$1.02
0.20%
Thrivent
Core
International
Equity
Fund
Actual
$1,000
$867
$0.42
0.09%
Hypothetical
**
$1,000
$1,024
$0.46
0.09%
Thrivent
Core
Low
Volatility
Equity
Fund
Actual
$1,000
$967
$0.17
0.03%
Hypothetical
**
$1,000
$1,024
$0.17
0.03%
Thrivent
Core
Short-Term
Reserve
Fund
Actual
$1,000
$1,002
$0.03
0.01%
Hypothetical
**
$1,000
$1,025
$0.03
0.01%
Thrivent
Core
Small
Cap
Value
Fund
Actual
$1,000
$934
$0.23
0.30%
Hypothetical
**
$1,000
$1,023
$1.50
0.30%
*
Expenses
are
equal
to
the
Portfolio's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
180/365
to
reflect
the
one-half
year
period.
Core
Small
Cap
Value
Fund
expenses
are
equal
to
the
portfolio’s
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
29/365
to
reflect
the
inception
date
short
period.
**
Assuming
5%
annualized
total
return
before
expenses.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
9
Principal
Amount
Long-Term
Fixed
Income
(
95.1%
)
Value
Angola
(2.1%)
Angola
Government
International
Bond
$
14,000,000
8.250%,
5/9/2028
$
13,431,600
3,000,000
8.750%,
4/14/2032
a
2,837,250
2,000,000
9.125%,
11/26/2049
1,762,860
Total
18,031,710
Argentina
(1.1%)
Argentina
Government
International
Bond
1,800,000
0.500%,
7/9/2030
b
565,218
15,700,000
1.125%,
7/9/2035
b
4,479,995
12,700,000
2.500%,
7/9/2041
b
4,246,245
Total
9,291,458
Azerbaijan
(0.2%)
Azerbaijan
Government
International
Bond
1,900,000
3.500%,
9/1/2032
1,678,664
Total
1,678,664
Bahrain
(2.4%)
Bahrain
Government
International
Bond
4,000,000
6.125%,
8/1/2023
a
4,088,904
1,100,000
7.000%,
10/12/2028
a
1,154,450
2,000,000
5.250%,
1/25/2033
1,761,552
3,000,000
5.625%,
5/18/2034
a
2,700,000
6,000,000
7.500%,
9/20/2047
a
5,574,180
1,000,000
7.500%,
9/20/2047
929,030
CBB
International
Sukuk
Programme
SPC
4,000,000
6.250%,
11/14/2024
4,150,120
Total
20,358,236
Belarus
(0.1%)
Belarus
Government
International
Bond
1,000,000
6.875%,
2/28/2023
145,000
5,500,000
6.200%,
2/28/2030
660,000
Total
805,000
Brazil
(2.6%)
Brazil
Government
International
Bond
2,900,000
4.750%,
1/14/2050
2,189,326
4,800,000
2.625%,
1/5/2023
4,802,016
3,000,000
2.875%,
6/6/2025
2,869,260
1,000,000
4.500%,
5/30/2029
947,000
7,000,000
3.875%,
6/12/2030
6,169,870
1,300,000
5.000%,
1/27/2045
1,044,537
2,000,000
5.625%,
2/21/2047
1,709,540
Petrobras
Global
Finance
BV
2,900,000
6.850%,
6/5/2115
2,555,393
Total
22,286,942
Canada
(0.9%)
Canacol
Energy,
Ltd.
3,000,000
5.750%,
11/24/2028
a
2,718,750
Principal
Amount
Long-Term
Fixed
Income
(95.1%)
Value
Canada
(0.9%)
-
continued
Petronas
Energy
Canada,
Ltd.
$
6,000,000
2.112%,
3/23/2028
a
$
5,428,246
Total
8,146,996
Chile
(3.3%)
Chile
Government
International
Bond
1,700,000
3.100%,
1/22/2061
1,174,037
8,500,000
3.500%,
1/25/2050
6,726,390
1,200,000
3.125%,
1/21/2026
1,172,472
4,600,000
3.240%,
2/6/2028
4,396,542
2,000,000
2.450%,
1/31/2031
1,743,900
11,850,000
2.550%,
7/27/2033
9,877,686
2,000,000
3.500%,
1/31/2034
1,811,000
2,000,000
4.340%,
3/7/2042
1,820,700
Total
28,722,727
Colombia
(3.3%)
Colombia
Government
International
Bond
5,000,000
2.625%,
3/15/2023
4,937,000
3,375,000
3.875%,
4/25/2027
3,065,007
2,686,000
3.125%,
4/15/2031
2,091,776
4,000,000
7.375%,
9/18/2037
4,120,740
10,500,000
6.125%,
1/18/2041
9,266,355
4,605,000
5.625%,
2/26/2044
3,682,158
2,000,000
5.000%,
6/15/2045
1,485,000
Total
28,648,036
Costa
Rica
(0.4%)
Costa
Rica
Government
International
Bond
3,900,000
7.000%,
4/4/2044
3,710,533
Total
3,710,533
Dominican
Republic
(3.8%)
Dominican
Republic
Government
International
Bond
1,300,000
6.875%,
1/29/2026
a
1,363,617
4,000,000
5.950%,
1/25/2027
a
4,006,873
3,000,000
5.500%,
2/22/2029
a
2,803,500
4,500,000
4.875%,
9/23/2032
a
3,779,227
2,500,000
7.450%,
4/30/2044
a
2,416,642
4,900,000
6.850%,
1/27/2045
4,407,766
8,300,000
6.500%,
2/15/2048
a
7,137,262
8,000,000
6.400%,
6/5/2049
a
6,779,387
Total
32,694,274
Ecuador
(2.2%)
Ecuador
Government
International
Bond
8,500,000
5.000%,
7/31/2030
b
6,890,962
18,800,000
1.000%,
7/31/2035
b
11,721,988
Total
18,612,950
Egypt
(3.5%)
Egypt
Government
International
Bond
4,000,000
7.500%,
2/16/2061
a
2,667,216
2,000,000
8.875%,
5/29/2050
a
1,470,000
2,000,000
8.750%,
9/30/2051
a
1,464,048
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
10
Principal
Amount
Long-Term
Fixed
Income
(95.1%)
Value
Egypt
(3.5%)
-
continued
$
500,000
8.150%,
11/20/2059
a
$
346,350
1,000,000
5.800%,
9/30/2027
a
817,120
5,800,000
7.600%,
3/1/2029
4,924,200
8,500,000
7.053%,
1/15/2032
a,c
6,542,535
2,500,000
7.625%,
5/29/2032
1,945,630
5,000,000
8.500%,
1/31/2047
3,620,500
9,000,000
7.903%,
2/21/2048
6,148,800
Total
29,946,399
El
Salvador
(0.4%)
El
Salvador
Government
International
Bond
3,300,000
8.625%,
2/28/2029
1,322,378
5,000,000
7.625%,
2/1/2041
1,879,813
Total
3,202,191
Ghana
(1.2%)
Ghana
Government
International
Bond
2,000,000
6.375%,
2/11/2027
1,351,560
1,000,000
7.750%,
4/7/2029
a
632,500
5,000,000
8.625%,
4/7/2034
a
3,007,550
5,000,000
7.875%,
2/11/2035
a
2,937,500
4,000,000
8.875%,
5/7/2042
2,357,360
Total
10,286,470
Guatemala
(1.4%)
Guatemala
Government
International
Bond
1,000,000
6.125%,
6/1/2050
a
954,742
4,590,000
4.500%,
5/3/2026
4,546,395
3,700,000
4.375%,
6/5/2027
3,628,980
2,000,000
5.375%,
4/24/2032
1,988,540
1,000,000
4.650%,
10/7/2041
a
855,486
Total
11,974,143
Honduras
(0.1%)
Honduras
Government
International
Bond
1,000,000
6.250%,
1/19/2027
869,202
Total
869,202
Indonesia
(5.0%)
Indonesia
Government
International
Bond
964,000
3.375%,
4/15/2023
a
967,981
5,000,000
4.125%,
1/15/2025
5,060,845
6,100,000
4.750%,
1/8/2026
a
6,295,020
3,700,000
4.100%,
4/24/2028
3,730,632
1,400,000
6.625%,
2/17/2037
a
1,611,125
2,000,000
7.750%,
1/17/2038
a
2,536,505
726,000
6.750%,
1/15/2044
a
875,113
4,000,000
5.125%,
1/15/2045
a
3,971,895
1,200,000
5.250%,
1/8/2047
a
1,218,598
1,500,000
4.350%,
1/11/2048
1,382,602
Pertamina
Persero
PT
1,500,000
6.450%,
5/30/2044
1,600,247
Perusahaan
Listrik
Negara
PT
1,000,000
4.375%,
2/5/2050
802,500
2,000,000
3.375%,
2/5/2030
1,777,000
6,400,000
5.250%,
10/24/2042
5,781,248
Principal
Amount
Long-Term
Fixed
Income
(95.1%)
Value
Indonesia
(5.0%)
-
continued
Perusahaan
Penerbit
SBSN
Indonesia
III
$
1,500,000
4.150%,
3/29/2027
a
$
1,519,515
PT
Perusahaan
Gas
Negara
(
Persero
)
Tbk
PT
4,000,000
5.125%,
5/16/2024
4,086,350
Total
43,217,176
Ivory
Coast
(1.8%)
Ivory
Coast
Government
International
Bond
16,500,000
6.125%,
6/15/2033
15,143,700
Total
15,143,700
Jersey
(1.3%)
Galaxy
Pipeline
Assets
Bidco
,
Ltd.
4,804,300
2.160%,
3/31/2034
4,224,166
6,500,000
2.625%,
3/31/2036
a
5,434,306
1,965,220
2.940%,
9/30/2040
a
1,641,078
Total
11,299,550
Jordan
(0.7%)
Jordan
Government
International
Bond
6,500,000
5.850%,
7/7/2030
5,776,940
Total
5,776,940
Kazakhstan
(1.2%)
Kazakhstan
Government
International
Bond
4,000,000
6.500%,
7/21/2045
4,517,504
KazMunayGas
National
Company
JSC
5,000,000
3.500%,
4/14/2033
4,137,500
1,700,000
5.750%,
4/19/2047
1,540,540
Total
10,195,544
Kenya
(0.1%)
Kenya
Government
International
Bond
1,500,000
8.000%,
5/22/2032
1,287,615
Total
1,287,615
Lebanon
(0.2%)
Lebanon
Government
International
Bond
10,000,000
6.650%,
4/22/2024
d
1,188,100
3,000,000
6.600%,
11/27/2026
d
356,250
5,000,000
6.850%,
3/23/2027
d
572,500
Total
2,116,850
Luxembourg
(0.3%)
EIG
Pearl
Holdings
SARL
2,500,000
3.545%,
8/31/2036
a
2,214,345
Total
2,214,345
Malaysia
(1.1%)
Petronas
Capital,
Ltd.
3,500,000
4.550%,
4/21/2050
3,548,835
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
11
Principal
Amount
Long-Term
Fixed
Income
(95.1%)
Value
Malaysia
(1.1%)
-
continued
$
6,400,000
3.500%,
4/21/2030
$
6,157,556
Total
9,706,391
Mexico
(6.7%)
America
Movil
SAB
de
CV
4,000,000
5.375%,
4/4/2032
a
3,640,840
Comision
Federal
de
Electricidad
2,000,000
3.875%,
7/26/2033
a
1,605,628
Mexico
Government
International
Bond
4,460,000
4.500%,
1/31/2050
3,671,026
2,000,000
4.400%,
2/12/2052
1,595,100
1,781,000
4.150%,
3/28/2027
1,781,196
885,000
3.750%,
1/11/2028
851,680
2,000,000
3.500%,
2/12/2034
1,690,080
5,800,000
6.050%,
1/11/2040
5,960,718
2,000,000
4.600%,
2/10/2048
1,682,498
Petroleos
Mexicanos
14,300,000
7.690%,
1/23/2050
11,173,591
900,000
6.840%,
1/23/2030
820,170
8,200,000
5.950%,
1/28/2031
6,898,660
3,415,000
6.700%,
2/16/2032
2,942,637
9,100,000
6.625%,
6/15/2035
7,380,100
Total
Play
Telecomunicaciones
SA
de
CV
6,000,000
7.500%,
11/12/2025
a
5,565,000
Total
57,258,924
Mongolia
(0.4%)
Mongolia
Government
International
Bond
3,700,000
5.125%,
4/7/2026
3,459,868
Total
3,459,868
Morocco
(0.2%)
OCP
SA
1,500,000
5.125%,
6/23/2051
1,159,140
900,000
6.875%,
4/25/2044
866,250
Total
2,025,390
Mozambique
(0.6%)
Mozambique
Government
International
Bond
6,300,000
5.000%,
9/15/2031
b
5,440,995
Total
5,440,995
Netherlands
(0.7%)
AES
Andres
BV
3,000,000
5.700%,
5/4/2028
a
2,751,605
IHS
Netherlands
Holdco
BV
3,000,000
8.000%,
9/18/2027
a
3,011,700
Total
5,763,305
Nigeria
(2.3%)
Nigeria
Government
International
Bond
2,000,000
6.375%,
7/12/2023
1,997,360
3,000,000
8.375%,
3/24/2029
a
2,794,980
12,100,000
7.875%,
2/16/2032
10,133,750
1,000,000
7.375%,
9/28/2033
a
800,000
Principal
Amount
Long-Term
Fixed
Income
(95.1%)
Value
Nigeria
(2.3%)
-
continued
$
5,000,000
7.696%,
2/23/2038
$
3,757,100
Total
19,483,190
Oman
(4.0%)
Oman
Government
International
Bond
3,000,000
4.125%,
1/17/2023
a
3,011,370
4,000,000
4.875%,
2/1/2025
4,015,960
5,000,000
4.750%,
6/15/2026
a
4,912,360
4,000,000
5.625%,
1/17/2028
a
4,005,600
8,500,000
7.375%,
10/28/2032
a
9,354,165
9,500,000
6.750%,
1/17/2048
a
8,890,480
Total
34,189,935
Pakistan
(0.9%)
Pakistan
Government
International
Bond
2,000,000
6.000%,
4/8/2026
a
1,630,800
4,500,000
6.875%,
12/5/2027
3,672,504
3,000,000
7.375%,
4/8/2031
a
2,299,620
Total
7,602,924
Panama
(3.2%)
Aeropuerto
Internacional
de
Tocumen
SA
5,000,000
4.000%,
8/11/2041
a
4,353,110
Panama
Bonos
del
Tesoro
8,000,000
3.362%,
6/30/2031
7,344,000
Panama
Government
International
Bond
4,800,000
4.500%,
4/16/2050
4,136,064
1,000,000
9.375%,
1/16/2023
1,036,390
3,000,000
3.750%,
3/16/2025
2,985,120
2,000,000
3.875%,
3/17/2028
1,931,400
5,079,000
6.700%,
1/26/2036
5,688,633
Total
27,474,717
Paraguay
(1.5%)
Paraguay
Government
International
Bond
7,300,000
5.400%,
3/30/2050
6,470,651
4,500,000
4.700%,
3/27/2027
4,470,802
2,000,000
5.600%,
3/13/2048
1,805,605
Total
12,747,058
Peru
(2.7%)
Fondo
Mivivienda
SA
3,000,000
4.625%,
4/12/2027
a
2,962,500
Peru
Government
International
Bond
1,000,000
7.350%,
7/21/2025
1,094,030
11,000,000
2.783%,
1/23/2031
9,530,070
100,000
8.750%,
11/21/2033
132,808
2,000,000
3.000%,
1/15/2034
1,665,520
4,000,000
3.300%,
3/11/2041
3,127,200
Petroleos
del
Peru
SA
1,500,000
4.750%,
6/19/2032
a
1,216,650
4,500,000
5.625%,
6/19/2047
a
3,269,250
Total
22,998,028
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
12
Principal
Amount
Long-Term
Fixed
Income
(95.1%)
Value
Philippines
(1.9%)
Philippines
Government
International
Bond
$
3,000,000
4.200%,
1/21/2024
$
3,045,000
3,000,000
3.750%,
1/14/2029
2,954,643
5,025,000
7.750%,
1/14/2031
6,267,310
1,625,000
6.375%,
10/23/2034
1,896,527
2,420,000
3.950%,
1/20/2040
2,191,098
Total
16,354,578
Qatar
(3.7%)
Qatar
Government
International
Bond
4,800,000
4.400%,
4/16/2050
a
4,860,691
3,000,000
3.875%,
4/23/2023
a
3,034,464
6,000,000
3.375%,
3/14/2024
a
6,025,380
3,000,000
3.250%,
6/2/2026
a
2,978,340
1,000,000
3.750%,
4/16/2030
a
1,010,572
2,000,000
5.750%,
1/20/2042
a
2,365,420
8,000,000
4.817%,
3/14/2049
a
8,590,640
QatarEnergy
3,000,000
3.125%,
7/12/2041
a
2,505,720
Total
31,371,227
Romania
(0.9%)
Romania
Government
International
Bond
3,100,000
4.000%,
2/14/2051
2,352,900
3,000,000
3.000%,
2/14/2031
2,555,826
3,500,000
3.625%,
3/27/2032
a
3,012,485
Total
7,921,211
Russian
Federation
(0.2%)
Russia
Government
International
Bond
3,400,000
4.375%,
3/21/2029
e
748,000
2,600,000
5.100%,
3/28/2035
*,e
572,000
Total
1,320,000
Saudi
Arabia
(4.2%)
Saudi
Arabia
Government
International
Bond
10,600,000
3.750%,
1/21/2055
9,250,768
3,000,000
2.875%,
3/4/2023
a
3,007,302
6,300,000
3.250%,
10/26/2026
a
6,262,578
4,000,000
3.625%,
3/4/2028
a
3,990,640
2,300,000
4.375%,
4/16/2029
a
2,390,758
7,000,000
2.250%,
2/2/2033
a
6,069,798
1,500,000
4.500%,
10/26/2046
1,436,550
Saudi
Arabian
Oil
Company
4,500,000
2.250%,
11/24/2030
a
3,920,625
Total
36,329,019
Senegal
(1.6%)
Senegal
Government
International
Bond
4,500,000
6.250%,
7/30/2024
4,500,000
10,700,000
6.250%,
5/23/2033
9,557,775
Total
14,057,775
Principal
Amount
Long-Term
Fixed
Income
(95.1%)
Value
South
Africa
(3.4%)
Eskom
Holdings
SOC,
Ltd.
$
1,000,000
7.125%,
2/11/2025
$
953,800
4,500,000
6.350%,
8/10/2028
a
4,436,586
2,000,000
8.450%,
8/10/2028
1,921,280
South
Africa
Government
International
Bond
4,125,000
5.875%,
5/30/2022
4,132,755
2,000,000
4.665%,
1/17/2024
2,006,960
2,500,000
5.875%,
9/16/2025
2,577,500
1,500,000
4.850%,
9/27/2027
1,434,750
2,000,000
5.875%,
4/20/2032
1,901,600
3,500,000
6.250%,
3/8/2041
3,176,810
2,000,000
5.375%,
7/24/2044
1,597,400
6,100,000
5.650%,
9/27/2047
4,834,250
Total
28,973,691
Sri
Lanka
(0.5%)
Sri
Lanka
Government
International
Bond
4,000,000
6.825%,
7/18/2026
d
1,713,720
5,000,000
6.200%,
5/11/2027
d
2,109,400
1,000,000
6.750%,
4/18/2028
d
421,590
Total
4,244,710
Trinidad
and
Tobago
(0.8%)
Telecommunications
Services
of
Trinidad
and
Tobago,
Ltd.
6,500,000
8.875%,
10/18/2029
a
6,477,250
Total
6,477,250
Turkey
(3.6%)
Turkey
Government
International
Bond
3,000,000
6.250%,
9/26/2022
c
3,020,736
5,000,000
7.250%,
12/23/2023
c
5,075,000
8,000,000
5.750%,
3/22/2024
7,838,240
4,000,000
6.375%,
10/14/2025
3,830,000
3,500,000
6.500%,
9/20/2033
2,959,250
2,639,000
6.875%,
3/17/2036
2,266,109
5,935,000
6.750%,
5/30/2040
4,912,103
1,800,000
5.750%,
5/11/2047
1,283,076
Total
31,184,514
Ukraine
(0.5%)
State
Agency
of
Roads
of
Ukraine
3,000,000
6.250%,
6/24/2028
a
937,500
Ukraine
Government
International
Bond
2,000,000
7.750%,
9/1/2024
677,080
1,900,000
9.750%,
11/1/2028
627,000
7,500,000
7.375%,
9/25/2032
2,362,500
Total
4,604,080
United
Arab
Emirates
(2.7%)
Abu
Dhabi
Government
International
Bond
2,500,000
3.875%,
4/16/2050
a
2,363,950
3,000,000
3.000%,
9/15/2051
a
2,419,584
3,000,000
2.500%,
10/11/2022
a
3,007,380
3,000,000
3.125%,
5/3/2026
a
2,980,116
8,500,000
2.500%,
9/30/2029
a
7,990,034
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
13
Principal
Amount
Long-Term
Fixed
Income
(95.1%)
Value
United
Arab
Emirates
(2.7%)
-
continued
Finance
Department
Government
of
Sharjah
$
6,000,000
4.000%,
7/28/2050
a
$
4,471,200
Total
23,232,264
United
Kingdom
(0.2%)
Gazprom
PJSC
2,000,000
3.250%,
2/25/2030
*,e
500,000
NAK
Naftogaz
Ukraine
4,000,000
7.625%,
11/8/2026
a
1,199,420
Total
1,699,420
Uruguay
(2.0%)
Uruguay
Government
International
Bond
3,000,000
4.975%,
4/20/2055
3,067,920
2,000,000
5.100%,
6/18/2050
2,083,400
11,840,312
4.375%,
1/23/2031
12,136,557
Total
17,287,877
Uzbekistan
(0.7%)
Uzbekistan
Government
International
Bond
5,000,000
3.900%,
10/19/2031
a
4,069,000
Uzbekneftegaz
JSC
2,000,000
4.750%,
11/16/2028
a
1,638,000
Total
5,707,000
Vietnam
(1.2%)
Vietnam
Government
International
Bond
9,900,000
4.800%,
11/19/2024
10,135,125
Total
10,135,125
Virgin
Islands,
British
(3.1%)
Sinopec
Group
Overseas
Development
2017,
Ltd.
5,000,000
3.625%,
4/12/2027
4,937,288
Sinopec
Group
Overseas
Development
2018,
Ltd.
7,700,000
2.300%,
1/8/2031
6,645,215
State
Grid
Overseas
Investment
2016,
Ltd.
12,500,000
2.875%,
5/18/2026
12,185,045
3,000,000
3.500%,
5/4/2027
2,952,232
Total
26,719,780
Total
Long-Term
Fixed
Income
(cost
$950,322,047)
816,287,897
Shares
Collateral
Held
for
Securities
Loaned
(
1.6%
)
14,031,075
Thrivent
Cash
Management
Trust
14,031,075
Total
Collateral
Held
for
Securities
Loaned
(cost
$14,031,075)
14,031,075
Shares
Registered
Investment
Companies
(
0.2%
)
Value
Unaffiliated (0.2%)
19,000
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
c
$
1,726,720
Total
1,726,720
Total
Registered
Investment
Companies
(cost
$1,814,933)
1,726,720
Shares
Short-Term
Investments
(
3.4%
)
Thrivent
Core
Short-Term
Reserve
Fund
2,878,905
0.830%
28,789,047
Total
Short-Term
Investments
(cost
$28,789,047)
28,789,047
Total
Investments
(cost
$994,957,102)
100.3%
$860,834,739
Other
Assets
and
Liabilities,
Net
(0.3%)
(2,222,818)
Total
Net
Assets
100.0%
$858,611,921
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
29,
2022,
the
value
of
these
investments
was
$270,859,907
or
31.5%
of
total
net
assets.
b
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
29,
2022.
c
All
or
a
portion
of
the
security
is
on
loan.
d
Defaulted
security. Interest
is
not
being
accrued.
e
Pursuant
to
sanctions
related
to
the
Russian
invasion
of
Ukraine
which
restricts
the
ability
of
Russia
to
make
payments
on
its
dollar-denominated
sovereign
debt
and
equity,
subsequent
to
year-end
existing
accruals
on
these
securities
have
been
reserved
and
income
is
currently
not
being
accrued.
*
Denotes
restricted
securities.
Restricted
securities
are
investment
securities
which
cannot
be
offered
for
public
sale
without
first
being
registered
under
the
Securities
Act
of
1933.
The
value
of
all
restricted
securities
held
in
Emerging
Markets
Debt
Fund
as
of
April
29,
2022
was
$1,072,000
or
0.12%
of
total
net
assets.
The
following
table
indicates
the
acquisition
date
and
cost
of
restricted
securities
shown
in
the
schedule
as
of
April
29,
2022.
Security
Acquisition
Date
Cost
Gazprom
PJSC,
2/25/2030
2/18/2020
$
2,000,000
Russia
Government
International
Bond,
3/28/2035
3/21/2019
2,725,704
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
14
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
29,
2022:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
11,728,466
Common
Stock
1,635,840
Total
lending
$13,364,306
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$14,031,075
Net
amounts
due
to
counterparty
$666,769
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
$
4,114,494
Gross
unrealized
depreciation
(138,905,681)
Net
unrealized
appreciation
(depreciation)
$
(134,791,187)
Cost
for
federal
income
tax
purposes
$
995,625,926
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
29,
2022,
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
2,025,390
–
2,025,390
–
Capital
Goods
937,500
–
937,500
–
Communications
Services
18,694,790
–
18,694,790
–
Energy
96,248,288
–
96,248,288
–
Financials
2,962,500
–
2,962,500
–
Foreign
Government
651,813,045
–
651,813,045
–
Transportation
4,353,110
–
4,353,110
–
Utilities
39,253,274
–
39,253,274
–
Registered
Investment
Companies
Unaffiliated
1,726,720
1,726,720
–
–
Subtotal
Investments
in
Securities
$818,014,617
$1,726,720
$816,287,897
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
28,789,047
Collateral
Held
for
Securities
Loaned
14,031,075
Subtotal
Other
Investments
$42,820,122
Total
Investments
at
Value
$860,834,739
*
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
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
15
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
10/31/2021
Gross
Purchases
Gross
Sales
Value
4/29/2022
Shares
Held
at
4/29/2022
%
of
Net
Assets
4/29/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.830%
$15,142
$127,950
$114,303
$28,789
2,879
3.4%
Total
Affiliated
Short-Term
Investments
15,142
28,789
3.4
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
17,238
129,497
132,704
14,031
14,031
1.6
Total
Collateral
Held
for
Securities
Loaned
17,238
14,031
1.6
Total
Value
$32,380
$42,820
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2021
-
4/29/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.830%
$–
$–
$–
$43
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$43
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
7
25
Total
Affiliated
Income
from
Securities
Loaned,
Net
$25
Total
$–
$–
$7
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
16
Shares
Common
Stock
(
98.2%
)
Value
Bermuda
(0.3%)
72,000
China
Water
Affairs
Group,
Ltd.
$
79,051
345,000
Grand
Pharmaceutical
Group,
Ltd.
211,330
98,500
Hopson
Development
Holdings,
Ltd.
189,917
179,000
Road
King
Infrastructure,
Ltd.
146,326
812,200
Shanghai
Industrial
Urban
Development
Group,
Ltd.
70,748
1,054,000
Yuexiu
Transport
Infrastructure,
Ltd.
672,609
Total
1,369,981
Brazil
(5.6%)
61,900
Ambev
SA
182,923
68,900
Americanas
SA
334,609
62,800
Atacadao
SA
261,796
287,300
B3
SA
-
Brasil
Bolsa
Balcao
772,882
222,995
Banco
Bradesco
SA
ADR
802,782
35,500
Banco
do
Brasil
SA
238,392
286,600
BB
Seguridade
Participacoes
SA
1,463,739
192,933
Centrais
Eletricas
Brasileiras
SA
ADR
a
1,599,415
71,919
Companhia
Siderurgica
Nacional
SA
ADR
a
302,779
107,400
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
308,691
65,200
EDP
-
Energias
do
Brasil
SA
280,505
249,300
ENGIE
Brasil
Energia
SA
2,114,836
77,368
Gerdau
SA
ADR
438,677
42,100
Hapvida
Participacoes
e
Investimentos
SA
b
75,447
26,500
Hypera
SA
201,861
217,403
Itau
Unibanco
Holding
SA
ADR
1,041,360
73,500
Itausa
SA
137,219
281,700
JBS
SA
2,159,494
24,800
Klabin
SA
104,789
499,400
Metalurgica
Gerdau
SA
1,153,561
1,900
Natura
&
Company
Holding
SA
7,225
464,200
Petroleo
Brasileiro
SA
2,862,783
214,812
Petroleo
Brasileiro
SA
ADR
2,914,999
13,200
Suzano
SA
133,496
186,900
Telefonica
Brasil
SA
1,984,321
103,184
Telefonica
Brasil
SA
ADR
a
1,093,750
252,664
Vale
SA
ADR
4,267,495
360,800
Vibra
Energia
SA
1,542,027
39,000
WEG
SA
239,019
Total
29,020,872
Cayman
Islands
(13.1%)
148,600
ANTA
Sports
Products,
Ltd.
1,707,785
25,366
Baidu.com,
Inc.
ADR
c
3,149,696
186,000
Bosideng
International
Holdings,
Ltd.
92,771
189,000
Chailease
Holding
Company,
Ltd.
1,501,947
37,000
China
Education
Group
Holdings,
Ltd.
31,533
289,500
China
Hongqiao
Group,
Ltd.
360,205
219,000
China
Medical
System
Holdings,
Ltd.
313,553
298,000
China
Meidong
Auto
Holdings,
Ltd.
980,829
1,020,000
China
Overseas
Property
Holdings,
Ltd.
1,207,381
28,000
China
Resources
Land,
Ltd.
125,054
428,000
China
Yuhua
Education
Corporation,
Ltd.
b
74,483
Shares
Common
Stock
(98.2%)
Value
Cayman
Islands
(13.1%)
-
continued
12,000
Chlitina
Holding,
Ltd.
$
75,234
666,000
Consun
Pharmaceutical
Group,
Ltd.
388,133
71,000
Country
Garden
Services
Holdings
Company,
Ltd.
299,249
793,000
Geely
Automobile
Holdings,
Ltd.
1,226,128
374,000
Greentown
Service
Group
Company,
Ltd.
372,328
96,261
Hello
Group,
Inc.
ADR
512,109
26,637
HUTCHMED
China,
Ltd.
ADR
c
401,952
204,000
IGG,
Inc.
84,023
182,798
JD.com,
Inc.
c
5,699,378
6,683
JOYY,
Inc.
ADR
264,446
13,247
Li
Auto,
Inc.
ADR
c
297,130
186,500
Li
Ning
Company,
Ltd.
1,453,613
377,000
Longfor
Group
Holdings,
Ltd.
b
1,867,125
267,800
Meituan
Dianping
b,c
5,737,992
235,000
NetDragon
Websoft
Holdings,
Ltd.
469,766
39,390
NetEase,
Inc.
ADR
3,755,049
11,430
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
c
143,446
76,272
NIO,
Inc.
ADR
c
1,273,742
3,000
Parade
Technologies,
Ltd.
142,670
44,620
Pinduoduo,
Inc.
ADR
c
1,922,676
5,425,500
Shui
On
Land,
Ltd.
767,812
57,800
Sunny
Optical
Technology
(Group)
Company,
Ltd.
842,371
21,406
TAL
Education
Group
ADR
c
72,566
450,200
Tencent
Holdings,
Ltd.
21,215,623
70,311
Tencent
Music
Entertainment
Group
ADR
c
298,822
3,409
Trip.com
Group,
Ltd.
ADR
c
80,623
2,002,000
Want
Want
China
Holdings,
Ltd.
1,807,139
36,887
Weibo
Corporation
ADR
c
853,565
79,000
Wisdom
Marine
Lines
Company,
Ltd.
243,090
183,500
WuXi
Biologics
(Cayman),
Inc.
b,c
1,354,380
227,000
Xiabuxiabu
Catering
Management
Holdings
Company,
Ltd.
b
99,829
1,541,000
Xiaomi
Corporation
b,c
2,345,923
12,846
XPeng,
Inc.
ADR
c
316,140
420,000
Yadea
Group
Holdings,
Ltd.
b
633,064
222,000
Zhongsheng
Group
Holdings,
Ltd.
1,466,936
Total
68,329,309
Chile
(0.4%)
12,549
Banco
de
Credito
e
Inversiones
SA
388,349
12,993
CAP
SA
161,155
218,911
Cencosud
SA
350,407
15,481
Cia
Cervecerias
Unidas
SA
ADR
206,517
4,473,946
Colbun
SA
319,665
218,384
Embotelladora
Andina
SA
396,941
3,248
Sociedad
Quimica
y
Minera
de
Chile
SA
ADR
239,702
Total
2,062,736
China
(14.9%)
142,366
Aier
Eye
Hospital
Group
Company,
Ltd.
768,381
135,006
Alibaba
Group
Holding,
Ltd.
ADR
c
13,107,733
12,600
Asymchem
Laboratories
(Tianjin)
Company,
Ltd.
506,831
1,095,343
Bank
of
Beijing
Company,
Ltd.
757,214
1,193,600
Bank
of
China,
Ltd.,
Class
A
583,939
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
17
Shares
Common
Stock
(98.2%)
Value
China
(14.9%)
-
continued
8,275,000
Bank
of
China,
Ltd.,
Class
H
$
3,246,966
185,100
Bank
of
Communications
Company,
Ltd.
142,198
132,000
Beijing
North
Star
Company,
Ltd.
17,838
15,682
BYD
Company,
Ltd.,
Class
A
570,681
72,500
BYD
Company,
Ltd.,
Class
H
2,109,875
5,973,000
CGN
Power
Company,
Ltd.
b
1,678,435
28,162
Changzhou
Xingyu
Automotive
Lighting
Systems
543,459
5,854,000
China
Construction
Bank
Corporation
4,170,385
1,109,000
China
Galaxy
Securities
Company,
Ltd.
603,211
348,920
China
Life
Insurance
Company,
Ltd.
507,041
155,300
China
Merchants
Bank
Company,
Ltd.,
Class
A
936,078
373,000
China
Merchants
Bank
Company,
Ltd.,
Class
H
2,248,164
57,300
China
National
Nuclear
Power
Company,
Ltd.
61,423
75,500
China
Northern
Rare
Earth
High-
Tech
Co.,
Ltd.
358,555
21,600
China
Pacific
Insurance
(Group)
Company,
Ltd.
47,887
2,079
China
Petroleum
&
Chemical
Corporation
ADR
101,247
214,000
China
Railway
Group,
Ltd.
149,878
71,500
China
Shenhua
Energy
Company,
Ltd.,
Class
H
228,432
256,900
CITIC
Securities
Company,
Ltd.,
Class
A
759,711
291,000
CITIC
Securities
Company,
Ltd.,
Class
H
639,366
14,700
Contemporary
Amperex
Technology
Company,
Ltd.
898,671
301,500
COSCO
SHIPPING
Holdings
Company,
Ltd.,
Class
H
c
469,062
72,960
East
Money
Information
Company,
Ltd.
248,785
77,000
Flat
Glass
Group
Company,
Ltd.
275,338
89,832
Fuyao
Glass
Industry
Group
Company,
Ltd.,
Class
A
480,700
122,400
Fuyao
Glass
Industry
Group
Company,
Ltd.,
Class
H
b
500,089
45,000
Ganfeng
Lithium
Company,
Ltd.
b
538,615
439,400
GF
Securities
Company,
Ltd.,
Class
H
549,186
187,100
Goertek,
Inc.
984,446
261,500
Great
Wall
Motor
Company,
Ltd.,
Class
A
973,511
591,000
Great
Wall
Motor
Company,
Ltd.,
Class
H
827,652
184,000
Guangzhou
Automobile
Group
Company,
Ltd.
156,013
496,033
Guangzhou
Baiyunshan
Pharmaceutical
Holdings,
Ltd.
2,180,087
3,500
Haier
Smart
Home
Company,
Ltd.,
Class
A
13,617
286,000
Haier
Smart
Home
Company,
Ltd.,
Class
H
1,010,380
195,500
Haitong
Securities
Company,
Ltd.,
Class
A
266,377
1,022,800
Haitong
Securities
Company,
Ltd.,
Class
H
714,297
Shares
Common
Stock
(98.2%)
Value
China
(14.9%)
-
continued
357,700
Huatai
Securities
Company,
Ltd.,
Class
A
$
717,388
252,800
Huatai
Securities
Company,
Ltd.,
Class
H
b
347,456
16,800
HUAYU
Automotive
Systems
Company,
Ltd.
49,553
168,606
Iflytek
Company,
Ltd.
936,180
2,522,000
Industrial
and
Commercial
Bank
of
China,
Ltd.,
Class
H
1,520,279
266,116
Inner
Mongolia
Yili
Industrial
Group
Company,
Ltd.
1,546,738
10,200
Jiangsu
Yangnong
Chemical
Company,
Ltd.
202,044
285,000
Jiangxi
Copper
Company,
Ltd.
445,804
12,700
Kweichow
Moutai
Company,
Ltd.
3,516,347
1,750,000
Lenovo
Group,
Ltd.
1,699,256
117,400
LONGi
Green
Energy
Technology
Company,
Ltd.
1,190,786
224,970
Luxshare
Precision
Industry
Company,
Ltd.
1,043,298
60,500
Midea
Group
Company,
Ltd.
519,267
279,280
NARI
Technology
Company,
Ltd.
1,342,743
19,300
Ningbo
Tuopu
Group
Co.,
Ltd.
150,857
2,874,000
People's
Insurance
Company
(Group)
of
China,
Ltd.
915,523
144,000
Perfect
World
Company,
Ltd.
320,557
31,856
PetroChina
Company,
Ltd.
ADR
a
1,510,612
402,500
Ping
An
Insurance
(Group)
Company
of
China,
Ltd.,
Class
H
2,544,089
99,000
Postal
Savings
Bank
of
China
Company,
Ltd.
b
75,060
189,158
Shandong
Linglong
Tyre
Company,
Ltd.
506,646
1,696,700
Shandong
Nanshan
Aluminum
Company,
Ltd.
827,255
73,000
Shanghai
Baosight
Software
Company,
Ltd.
523,041
73,500
Shanghai
Fosun
Pharmaceutical
(Group)
Company,
Ltd.
314,443
173,388
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Company,
Ltd.
277,604
51,600
Shanghai
Yuyuan
Tourist
Mart
(Group)
Company,
Ltd.
70,156
1,078,400
Shenwan
Hongyuan
Group
Company,
Ltd.
664,776
98,000
Shenzhen
Inovance
Technology
Company,
Ltd.
849,369
1,161,200
Shenzhen
Overseas
Chinese
Town
Company,
Ltd.
1,060,797
348,900
Sinotrans,
Ltd.
198,044
625,000
Tong
Ren
Tang
Technologies
Company,
Ltd.
475,666
22,306
Vipshop
Holdings,
Ltd.
ADR
c
170,864
50,500
Weichai
Power
Company,
Ltd.,
Class
A
84,842
1,512,100
Wuchan
Zhongda
Group
Company,
Ltd.
1,127,120
21,600
Wuhu
Sanqi
Interactive
Entertainment
Network
Technology
Group
Company,
Ltd.
78,225
66,800
Wuliangye
Yibin
Company,
Ltd.
1,632,524
18,300
WuXi
AppTec
Company,
Ltd.,
Class
H
b
248,913
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
18
Shares
Common
Stock
(98.2%)
Value
China
(14.9%)
-
continued
46,000
Yunnan
Baiyao
Group
Company,
Ltd.
$
530,059
27,600
Zhangzhou
Pientzehuang
Pharmaceutical
Company,
Ltd.
1,271,850
225,700
Zhejiang
Century
Huatong
Group
Company,
Ltd.
c
162,012
174,000
Zijin
Mining
Group
Company,
Ltd.
253,363
Total
77,853,160
Colombia
(0.2%)
8,687
Bancolombia
SA
85,202
5,055
Bancolombia
SA
ADR
195,982
62,324
Ecopetrol
SA
ADR
a
1,011,519
Total
1,292,703
Cyprus
(<0.1%)
71,245
Ros
Agro
plc
GDR
d
0
Total
0
Czech
Republic
(0.8%)
53,227
CEZ
AS
2,281,607
52,792
Komercni
Banka
AS
1,733,686
285
Philip
Morris
CR
c
215,024
Total
4,230,317
Egypt
(0.2%)
382,095
Commercial
International
Bank
Egypt
SAE
GDR
857,803
Total
857,803
Greece
(0.6%)
848,975
Eurobank
Ergasias
Services
and
Holdings
SA
c
877,456
6,247
GEK
Terna
Holding
Real
Estate
Construction
SA
c
64,094
51,078
Hellenic
Telecommnications
Organization
SA
982,644
27,439
JUMBO
SA
444,729
10,507
Motor
Oil
(Hellas)
Diilistiria
Korinthou
AE
166,223
38,564
Mytilineos
SA
714,124
Total
3,249,270
Hong
Kong
(0.5%)
406,000
China
Everbright
Environment
Group,
Ltd.
238,311
1,761,440
CSPC
Pharmaceutical
Group,
Ltd.
1,800,802
647,000
Far
East
Horizon,
Ltd.
527,744
96,000
Hang
Lung
Group,
Ltd.
187,439
3,000
Shanghai
Industrial
Holdings,
Ltd.
4,419
Total
2,758,715
Hungary
(<0.1%)
1,398
OTP
Bank
Nyrt
c
41,702
Total
41,702
India
(15.3%)
384,556
Ambuja
Cements,
Ltd.
1,860,697
132,598
Asian
Paints,
Ltd.
5,589,296
8,665
Bajaj
Finance,
Ltd.
746,940
11,587
Bajaj
Finserv,
Ltd.
2,233,142
Shares
Common
Stock
(98.2%)
Value
India
(15.3%)
-
continued
97,892
Britannia
Industries,
Ltd.
$
4,177,818
9,041
Central
Depository
Services
(India),
Ltd.
161,496
325,009
Cipla,
Ltd.
4,148,123
192,757
Coal
India,
Ltd.
457,082
12,348
Cyient,
Ltd.
141,772
69,946
Dabur
India,
Ltd.
506,366
2,380
Divi's
Laboratories,
Ltd.
139,320
59,978
ICICI
Bank,
Ltd.
ADR
1,141,981
372,199
Indian
Energy
Exchange,
Ltd.
b
1,031,876
498,349
Indian
Oil
Corporation,
Ltd.
812,992
439,028
Infosys,
Ltd.
ADR
8,723,486
203,030
Jubilant
FoodWorks,
Ltd.
1,433,752
173,827
Kotak
Mahindra
Bank,
Ltd.
4,031,073
26,452
Larsen
&
Toubro
Infotech,
Ltd.
b
1,655,837
42,157
Larsen
&
Toubro,
Ltd.
926,508
8,024
Mindtree,
Ltd.
367,174
2,226
Page
Industries,
Ltd.
1,319,972
16,924
Persistent
Systems,
Ltd.
948,541
5,500
Pidilite
Industries,
Ltd.
173,854
1,693,513
Power
Grid
Corporation
of
India,
Ltd.
5,018,484
491,584
Reliance
Industries,
Ltd.
17,811,296
23,875
SBI
Life
Insurance
Company,
Ltd.
b
342,909
26,212
Schaeffler
India,
Ltd.
787,054
83,968
Tata
Consultancy
Services,
Ltd.
3,869,946
35,336
Tata
Elxsi,
Ltd.
3,539,156
140,860
Tech
Mahindra,
Ltd.
2,300,544
94,393
Titan
Company,
Ltd.
3,011,946
2,410
Ultra
Tech
Cement,
Ltd.
207,557
Total
79,617,990
Indonesia
(2.4%)
3,070,700
Astra
International
Tbk
PT
1,603,340
12,262,800
Bank
Central
Asia
Tbk
PT
6,877,856
2,717,600
Bank
Mandiri
Persero
Tbk
PT
1,668,702
73,400
Telekomunikasi
Indonesia
Persero
Tbk
PT
ADR
2,335,588
Total
12,485,486
Kuwait
(1.3%)
45,532
Boubyan
Bank
KSCP
146,221
268,737
Gulf
Bank
KSCP
298,602
85,222
HumanSoft
Holding
Company
KSCP
934,834
575,560
Kuwait
Finance
House
KSCP
1,847,536
371,726
Kuwait
International
Bank
KSCP
293,943
14,869
Kuwait
International
Bank
KSCP,
Bonus
Shares
c,d
11,640
266,020
Mobile
Telecommunications
Company
KSCP
591,502
378,120
National
Bank
of
Kuwait
KSC
1,295,947
1,326,214
National
Industries
Group
Holding
1,359,899
Total
6,780,124
Luxembourg
(0.1%)
91,026
Allegro.eu
SA
b,c
468,191
Total
468,191
Malaysia
(1.3%)
29,100
AEON
Credit
Service
(M)
Berhad
106,280
61,200
Alliance
Bank
Malaysia
Berhad
52,965
442,300
Hong
Leong
Bank
Berhad
2,122,724
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
19
Shares
Common
Stock
(98.2%)
Value
Malaysia
(1.3%)
-
continued
597,700
Mah
Sing
Group
Berhad
$
93,791
172,700
Malayan
Banking
Berhad
359,185
1,430,500
PETRONAS
Chemicals
Group
Berhad
3,358,151
121,300
Press
Metal
Aluminium
Holdings
Berhad
166,293
373,232
Sports
Toto
BHD
165,009
185,100
TIME
dotCom
Berhad
189,203
Total
6,613,601
Mexico
(2.0%)
83,747
America
Movil
SAB
de
CV
ADR
1,627,204
238,400
Arca
Continental
SAB
de
CV
1,514,876
366,100
Banco
del
Bajio
SA
b
900,606
6,578
Fomento
Economico
Mexicano
SAB
de
CV
ADR
491,640
254,500
Gentera,
SAB
de
CV
c
198,546
77,700
Grupo
Financiero
Banorte
SAB
de
CV
ADR
512,124
353,000
Grupo
Mexico,
SAB
de
CV
1,653,555
357,600
Megacable
Holdings
SAB
de
CV
1,016,382
127,885
Promotora
y
Operadora
de
Infraestructura,
SAB
de
CV
936,836
184,100
Qualitas
Controladora
SAB
de
CV
992,380
152,900
Wal-Mart
de
Mexico,
SAB
de
CV
541,948
Total
10,386,097
Philippines
(<0.1%)
2,035
Globe
Telecom,
Inc.
88,472
41,910
International
Container
Terminal
Services,
Inc.
172,082
Total
260,554
Poland
(0.5%)
101,552
Asseco
Poland
SA
1,786,096
1,789
Bank
Handlowy
w
Warszawie
SA
24,103
346,491
Bank
Millennium
SA
c
392,530
91,598
Cyfrowy
Polsat
SA
500,565
7,083
Jastrzebska
Spolka
Weglowa
SA
c
107,294
450
mBank
SA
c
30,119
Total
2,840,707
Russian
Federation
(<0.1%)
647,134
Gazprom
PJSC
ADR
d
65
23,359
Lukoil
ADR
d
2
23,091
Mechel
PJSC
ADR
a,c,d
2
56,865
MMC
Norilsk
Nickel
PJSC
ADR
d
6
1,696
Novatek
PJSC
GDR
d,e
0
652
PAO
Transneft
d
0
5,230
Polyus
PJSC
GDR
d
1
1,260,120
Sberbank
of
Russia
PJSC
d
2
67,230
Sovcomflot
OAO
d
0
2,930,700
Surgutneftegas
PJSC
d
4
257,974
Surgutneftegas
PJSC
ADR
d
26
Total
108
Saudi
Arabia
(5.5%)
166,684
Al
Rajhi
Bank
7,808,500
89,805
Arriyadh
Development
Company
726,411
24,913
Bank
Albilad
c
341,399
14,503
Banque
Saudi
Fransi
208,382
7,831
Dr.
Sulaiman
Al
Habib
Medical
Services
Group
Company
415,648
Shares
Common
Stock
(98.2%)
Value
Saudi
Arabia
(5.5%)
-
continued
23,657
Eastern
Province
Cement
Company
$
303,998
24,730
Jarir
Marketing
Company
1,262,854
6,203
Mouwasat
Medical
Services
Company
396,274
296,426
National
Commercial
Bank
6,213,039
49,312
National
Industrialization
Company
c
265,779
3,695
Qassim
Cement
Company
79,204
425,718
Riyad
Bank
4,613,546
67,346
Saudi
Arabian
Mining
Company
c
2,452,516
46,248
Saudi
Basic
Industries
Corporation
1,602,108
7,381
Saudi
Research
and
Marketing
Group
c
515,469
41,945
Saudi
Telecom
Company
1,289,832
Total
28,494,959
Singapore
(<0.1%)
10,312
China
Yuchai
International,
Ltd.
108,998
Total
108,998
South
Africa
(3.8%)
198,852
AECI,
Ltd.
1,282,197
9,873
African
Rainbow
Minerals,
Ltd.
163,726
8,468
Anglo
American
Platinum,
Ltd.
940,866
33,291
AngloGold
Ashanti,
Ltd.
ADR
679,802
16,903
Aspen
Pharmacare
Holdings,
Ltd.
182,093
73,194
Barloworld,
Ltd.
531,418
448
Capitec
Bank
Holdings,
Ltd.
62,536
18,010
Clicks
Group,
Ltd.
354,464
202,651
DataTec,
Ltd.
502,902
450,347
FirstRand,
Ltd.
1,939,501
74,964
Gold
Fields,
Ltd.
ADR
1,006,767
23,567
Impala
Platinum
Holdings,
Ltd.
304,849
101,696
Investec,
Ltd.
619,674
13,399
Kumba
Iron
Ore,
Ltd.
444,827
112,046
Massmart
Holdings,
Ltd.
c
296,566
564,173
Momentum
Metropolitan
Holdings
599,460
68,071
Motus
Holdings,
Ltd.
490,301
202,187
MTN
Group,
Ltd.
2,144,394
10,574
Naspers,
Ltd.
1,066,451
201,824
Ninety
One,
Ltd.
647,294
152,386
Pepkor
Holdings,
Ltd.
b
206,687
137,266
Resilient
REIT,
Ltd.
503,779
314,372
Sanlam,
Ltd.
1,302,300
58,146
Sasol,
Ltd.
c
1,424,398
67,216
Shoprite
Holdings,
Ltd.
970,870
63,221
Sibanye
Stillwater,
Ltd.
218,723
28,706
Spar
Group,
Ltd.
300,775
48,960
Standard
Bank
Group
518,854
34,479
Super
Group,
Ltd.
58,475
Total
19,764,949
South
Korea
(10.2%)
303
Celltrion
Pharm,
Inc.
c
22,022
14,542
Cheil
Worldwide,
Inc.
290,328
15,417
Chong
Kun
Dang
Pharmaceutical
Corporation
1,204,581
1,844
Chongkundang
Holdings
Corporation
101,252
3,586
DB
HiTek
Company,
Ltd.
188,079
5,652
DongKook
Pharmaceutical
Company,
Ltd.
100,288
26,657
Green
Cross
Holdings
Corporation
463,431
14,072
GS
Holdings
Corporation
486,098
11,513
Huons
Global
Company,
Ltd.
257,209
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
20
Shares
Common
Stock
(98.2%)
Value
South
Korea
(10.2%)
-
continued
940
Hyundai
Glovis
Company,
Ltd.
$
154,009
100,673
JB
Financial
Group
Corporation,
Ltd.
712,098
31,481
JYP
Entertainment
Corporation
1,460,469
2,140
Kakao
Corporation
149,487
184,191
Kangwon
Land,
Inc.
c
3,870,687
1,680
KCC
Corporation
447,911
69,001
Kia
Corporation
4,525,795
3,474
Korea
Zinc
Company,
Ltd.
1,586,014
5,106
Korean
Reinsurance
Company
39,068
58,149
KT&G
Corporation
3,818,578
20,182
Lotte
Shopping
Company,
Ltd.
1,495,006
18,421
LS
Electric
Company,
Ltd.
691,848
24,559
LX
Semicon
Company,
Ltd.
2,533,970
11,435
Meritz
Financial
Group,
Inc.
342,540
262,594
Meritz
Securities
Company,
Ltd.
1,357,535
16,537
NHN
Corporation
c
456,464
26,421
NKMAX
Company,
Ltd.
c
434,433
6,312
Osstem
Implant
Company,
Ltd.
565,366
12,079
Pearl
Abyss
Corporation
c
643,263
27,907
PharmaResearch
Company,
Ltd.
2,036,886
14,362
PI
Advanced
Materials
Company,
Ltd.
541,239
5,033
Samsung
Biologics
Company,
Ltd.
b,c
3,319,711
294,346
Samsung
Electronics
Company,
Ltd.
15,686,751
3,916
Samsung
Securities
Corporation,
Ltd.
122,304
6,103
Seegene,
Inc.
193,523
2,963
SK
Hynix,
Inc.
259,642
9,614
SM
Entertainment
Company,
Ltd.
512,599
21,405
S-Oil
Corporation
1,751,312
209
Taekwang
Industrial
Corporation,
Ltd.
168,086
Total
52,989,882
Taiwan
(16.6%)
1,553,000
Capital
Securities
Corporation
819,437
93,000
Charoen
Pokphand
Enterprise
(Taiwan)
Company,
Ltd.
255,295
25,000
Chicony
Power
Technology
Company,
Ltd.
58,959
173,000
China
Steel
Chemical
Corporation
666,287
76,000
CTCI
Corporation
119,655
54,000
Eclat
Textile
Company,
Ltd.
886,060
484,000
Feng
Hsin
Iron
&
Steel
Company,
Ltd.
1,362,759
452,000
First
Financial
Holding
Company,
Ltd.
424,483
507,000
Formosa
Plastics
Corporation
1,802,408
1,838,076
Fubon
Financial
Holding
Company,
Ltd.
4,615,257
221,000
Holtek
Semiconductor,
Inc.
686,239
56,000
Hotai
Motor
Company,
Ltd.
1,092,056
44,000
International
Games
System
Company,
Ltd.
1,080,292
699,000
King
Yuan
Electronics
Company,
Ltd.
946,538
8,000
Lotes
Company,
Ltd.
195,648
165,415
Makalot
Industrial
Company,
Ltd.
1,017,563
7,000
MediaTek,
Inc.
192,976
19,000
Momo.com,
Inc.
501,547
3,537,000
Nan
Ya
Plastics
Corporation
10,333,637
Shares
Common
Stock
(98.2%)
Value
Taiwan
(16.6%)
-
continued
272,000
Novatek
Microelectronics
Corporation
$
3,598,171
336,000
Realtek
Semiconductor
Corporation
4,559,357
419,000
Sigurd
Microelectronics
Corporation
794,059
39,000
Simplo
Technology
Company,
Ltd.
383,249
7,000
Sinbon
Electronics
Company,
Ltd.
61,485
182,000
Systex
Corporation
497,562
85,000
Taiwan
Cogeneration
Corporation
110,061
2,221,000
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
40,161,586
445,000
Topco
Scientific
Company,
Ltd.
2,505,414
79,000
TSRC
Corporation
85,439
57,000
United
Integrated
Services
Company,
Ltd.
344,721
1,669,000
United
Microelectronics
Corporation
2,651,355
196,000
Vanguard
International
Semiconductor
Corporation
689,634
68,000
Voltronic
Power
Technology
Corporation
2,975,060
Total
86,474,249
Thailand
(2.1%)
124,700
Advanced
Info
Service
Public
Company,
Ltd.
NVDR
779,638
3,405,200
AP
(Thailand)
Public
Company,
Ltd.
NVDR
1,168,080
1,694,900
BTS
Group
Holdings
Public
Company,
Ltd.
NVDR
443,162
210,300
Com7
Public
Company,
Ltd.
NVDR
254,067
258,100
Com7
Public
Company,
Ltd.
NVDR,
Bonus
Shares
c,d
311,815
10,900
Electricity
Generating
Public
Company,
Ltd.
NVDR
52,737
208,400
Kiatnakin
Phatra
Bank
Public
Company,
Ltd.
NVDR
436,384
14,808,000
Land
and
Houses
Public
Company,
Ltd.
NVDR
4,115,397
60,600
PTT
Exploration
and
Production
Public
Company,
Ltd.
NVDR
265,150
90,100
Thanachart
Capital
Public
Company,
Ltd.
NVDR
105,300
1,050,500
TISCO
Financial
Group
Public
Company,
Ltd.
2,771,042
Total
10,702,772
Turkey
(0.5%)
3,789,702
Dogan
Sirketler
Grubu
Holding
AS
880,169
8,678,738
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
AS
1,550,491
164,989
Eregli
Demir
ve
Celik
Fabrikalari
TAS
372,908
Total
2,803,568
United
States
(<0.1%)
5,573
Yum
China
Holding,
Inc.
232,951
Total
232,951
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
21
Shares
Common
Stock
(98.2%)
Value
Virgin
Islands,
British
(<0.1%)
17,004
VK
Company,
Ltd.
GDR
c,d
$
0
Total
0
Total
Common
Stock
(cost
$542,500,427)
512,091,754
Shares
Collateral
Held
for
Securities
Loaned
(
0.6%
)
3,206,754
Thrivent
Cash
Management
Trust
3,206,754
Total
Collateral
Held
for
Securities
Loaned
(cost
$3,206,754)
3,206,754
Shares
Short-Term
Investments
(
1.3%
)
Thrivent
Core
Short-Term
Reserve
Fund
636,709
0.830%
6,367,088
Total
Short-Term
Investments
(cost
$6,367,088)
6,367,088
Total
Investments
(cost
$552,074,269)
100.1%
$521,665,596
Other
Assets
and
Liabilities,
Net
(0.1%)
(282,081)
Total
Net
Assets
100.0%
$521,383,515
a
All
or
a
portion
of
the
security
is
on
loan.
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
29,
2022,
the
value
of
these
investments
was
$23,502,628
or
4.5%
of
total
net
assets.
c
Non-income
producing
security.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
e
Pursuant
to
sanctions
related
to
the
Russian
invasion
of
Ukraine
which
restricts
the
ability
of
Russia
to
make
payments
on
its
dollar-denominated
sovereign
debt
and
equity,
subsequent
to
year-end
existing
accruals
on
these
securities
have
been
reserved
and
income
is
currently
not
being
accrued.
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
Equity
Fund
as
of
April
29,
2022:
Securities
Lending
Transactions
Common
Stock
$
3,037,255
Total
lending
$3,037,255
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$3,206,754
Net
amounts
due
to
counterparty
$169,499
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
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,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$56,469,567
Gross
unrealized
depreciation
(92,183,595)
Net
unrealized
appreciation
(depreciation)
($35,714,028)
Cost
for
federal
income
tax
purposes
$557,268,553
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
22
The
following
table
is
a
reconciliation
of
assets
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
for
Emerging
Markets
Equity as
discussed
in
the
Notes
to
Financial
Statements.
*
Located
on
the
Statement
of
Operations,
Change
in
net
unrealized
appreciation/(depreciation)
on
investments.
^
Located
on
the
Statement
of
Operations,
Net
realized
gains/(losses)
on
investments.
#
Transferred
from
Level
2
to
Level
3
because
of
a
lack
of
observable
market
data,
resulting
from
a
decrease
in
market
activity
for
the
securities.
@
Transferred
from
Level
3
to
Level
2
because
observable
market
data
became
available
for
the
securities.
The
reporting
entity's Level
3
securities'
fair
value
is
calculated
by
a
vendor
using
the
established
policies
and
procedures
of
the
reporting
entity.
Inputs
used
in
valuation
include
the
liquidity spread
of
the
issuer.
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
A
significant
increase
or
decrease
in
the
inputs
in
isolation
would
have
resulted
in
a
significantly
lower
or
higher
fair
value
measurement.
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
29,
2022,
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^
50,590,817
7,799,592
42,791,225
0
Consumer
Discretionary
75,060,566
17,617,871
57,130,880
311,815
Consumer
Staples^
27,425,440
1,000,936
26,424,504
0
Energy^
17,089,920
5,538,377
11,551,446
97
Financials
99,672,881
3,182,105
96,479,134
11,642
Health
Care
25,023,848
401,952
24,621,896
–
Industrials
19,162,926
348,700
18,814,226
–
Information
Technology
110,036,278
12,478,535
97,557,743
–
Materials
62,629,401
6,392,741
56,236,651
9
Real
Estate
9,379,990
–
9,379,990
–
Utilities
16,019,687
1,599,415
14,420,272
–
Subtotal
Investments
in
Securities
$512,091,754
$56,360,224
$455,407,967
$323,563
Other
Investments *
Total
Affiliated
Short-Term
Investments
6,367,088
Collateral
Held
for
Securities
Loaned
3,206,754
Subtotal
Other
Investments
$9,573,842
Total
Investments
at
Value
$521,665,596
*
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.
^
Level
3
securities
in
this
section
are
fair
valued
at
<$1.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
111,071
111,071
–
–
Total
Liability
Derivatives
$111,071
$111,071
$–
$–
Investments
in
Securities
Beginning
Value
10/31/2021
Realized
Gain/
(Loss)^
Change
in
Unrealized
Appreciation/
(Depreciation)
*
Purchases
Sales
Transfers
Into
Leve
l
3 #
Transfers
Out
of
Level
3 @
Ending
Value
4/29/2022
Common
Stock
Communication
Services
$-
$-
($285,695)
$285,695
$-
$-
$-
$0
Consumer
Discretionary
-
-
311,815
-
-
-
-
311,815
Consumer
Staples
-
(36,702)
(1,135,568)
663,040
(148,667)
657,897
-
0
Energy
-
(52,652)
(13,550,596)
2,773,107
(1,661,421)
12,491,659
-
97
Financials
23,745
(275,425)
(6.459,997)
853,675
(815,929)
6,709,318
(23,745)
11,642
M
aterials
-
(138,918)
(2,164,847)
779,065
(458,950)
1,983,659
9
Total
$23,745
($503,697)
($23,284,888)
$5,354,582
($3,084,967)
$21,842,533
($23,745)
$323,563
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
23
Reference
Description:
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
The
following
table
presents
Emerging
Markets
Equity
Fund's
futures
contracts
held
as
of
April
29,
2022.
Investments
and/or
cash
totaling
$1,774,652
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
ICE
US
mini
MSCI
Emerging
Markets
Index
505
June
2022
$
26,810,421
(
$
111,071)
Total
Futures
Long
Contracts
$
26,810,421
(
$
111,071)
Total
Futures
Contracts
$
26,810,421
($111,071)
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
29,
2022,
for
Emerging
Markets
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
111,071
Total
Equity
Contracts
111,071
Total
Liability
Derivatives
$111,071
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments. Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
29,
2022,
for
Emerging
Markets
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(4,574,876)
Total
Equity
Contracts
(4,574,876)
Total
($4,574,876)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
29,
2022,
for
Emerging
Markets
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
219,012
Total
Equity
Contracts
219,012
Total
$219,012
The
following
table
presents
Emerging
Markets
Equity
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
29,
2022.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$23,561,918
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
24
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
Equity
Fund,
is
as
follows:
Fund
Value
10/31/2021
Gross
Purchases
Gross
Sales
Value
4/29/2022
Shares
Held
at
4/29/2022
%
of
Net
Assets
4/29/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.830%
$850
$94,250
$88,733
$6,367
637
1.3%
Total
Affiliated
Short-Term
Investments
850
6,367
1.3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
3,102
26,627
26,522
3,207
3,207
0.6
Total
Collateral
Held
for
Securities
Loaned
3,102
3,207
0.6
Total
Value
$3,952
$9,574
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2021
-
4/29/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.830%
$–
$–
$–
$10
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$10
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
1
19
Total
Affiliated
Income
from
Securities
Loaned,
Net
$19
Total
$–
$–
$1
International
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
25
Shares
Common
Stock
(
98.1%
)
Value
Australia
(7.2%)
18,665
ARB
Corporation,
Ltd.
$
517,345
181,373
Aristocrat
Leisure,
Ltd.
4,208,272
22,461
ASX,
Ltd.
1,357,983
258,368
Aurizon
Holdings,
Ltd.
729,660
33,089
BHP
Group,
Ltd.
1,105,682
67,982
Carsales.com,
Ltd.
1,003,623
7,631
Commonwealth
Bank
of
Australia
554,647
81,096
Computershare,
Ltd.
1,429,726
70,202
CSL,
Ltd.
13,398,050
61,472
DEXUS
Property
Group
480,623
2,437
Domino's
Pizza
Enterprises,
Ltd.
127,750
129,461
Fortescue
Metals
Group,
Ltd.
1,956,551
241,626
GWA
Group,
Ltd.
385,951
222,919
Humm
Group,
Ltd.
a
129,065
20,997
IDP
Education,
Ltd.
389,523
16,684
Ingenia
Communities
Group
54,925
12,966
JB
Hi-Fi,
Ltd.
480,213
136,037
Metcash,
Ltd.
456,672
7,827
Origin
Energy,
Ltd.
37,438
14,105
Premier
Investments,
Ltd.
249,940
11,845
REA
Group,
Ltd.
1,061,168
36,445
Rio
Tinto,
Ltd.
2,882,937
85,564
Sandfire
Resources,
Ltd.
339,129
74,937
SEEK,
Ltd.
1,468,418
588,502
Tabcorp
Holdings,
Ltd.
2,250,558
Total
37,055,849
Austria
(0.4%)
44,479
OMV
AG
2,273,667
Total
2,273,667
Belgium
(0.9%)
29,406
Groupe
Bruxelles
Lambert
SA
2,774,771
18,147
KBC
Groep
NV
1,234,577
4,362
Solvay
SA
410,191
4,830
Telenet
Group
Holding
NV
143,946
Total
4,563,485
Bermuda
(0.2%)
30,000
CK
Infrastructure
Holdings,
Ltd.
201,702
18,222
Golden
Ocean
Group,
Ltd.
226,848
5,000
Jardine
Matheson
Holdings,
Ltd.
265,650
122,000
Road
King
Infrastructure,
Ltd.
99,731
Total
793,931
Canada
(12.3%)
34,428
Alimentation
Couche-Tard,
Inc.
1,532,664
6,479
Bank
of
Montreal
686,961
17,721
Bank
of
Nova
Scotia
1,122,176
79,792
BCE,
Inc.
4,242,240
48,797
Canadian
Imperial
Bank
of
Commerce
5,394,582
88,337
Canadian
National
Railway
Company
10,388,786
26,005
Canadian
Pacific
Railway,
Ltd.
1,902,222
9,192
Canadian
Utilities,
Ltd.
276,336
18,611
Canadian
Western
Bank
469,531
3,383
Canopy
Growth
Corporation
a,b
19,514
96,071
CGI,
Inc.
b
7,660,852
73,201
CI
Financial
Corporation
954,436
27,940
Dollarama,
Inc.
1,553,322
8,013
Dream
Industrial
Real
Estate
Investment
Trust
93,313
Shares
Common
Stock
(98.1%)
Value
Canada
(12.3%)
-
continued
9,168
Enbridge,
Inc.
$
400,076
5,573
Home
Capital
Group,
Inc.
138,994
83,705
Laurentian
Bank
of
Canada
2,545,716
166,348
Manulife
Financial
Corporation
3,252,763
2,640
National
Bank
of
Canada
184,378
14,221
Rogers
Communications,
Inc.
774,675
4,075
Royal
Bank
of
Canada
411,576
1,449
Shopify,
Inc.
b
618,462
45,867
Sun
Life
Financial,
Inc.
2,281,835
51,636
Suncor
Energy,
Inc.
1,856,187
175,255
TC
Energy
Corporation
9,269,900
4,732
TELUS
Corporation
118,387
10,596
Thomson
Reuters
Corporation
1,059,394
721
TMX
Group,
Ltd.
73,405
1,162
Toromont
Industries,
Ltd.
102,293
50,853
Toronto-Dominion
Bank
3,673,102
Total
63,058,078
Denmark
(2.6%)
350
A.P.
Moller
-
Maersk
AS,
Class
B
1,012,979
5,580
ALK-Abello
AS
b
121,721
17,830
Carlsberg
AS
2,265,002
19,426
DSV
AS
3,184,927
46,642
Novo
Nordisk
AS
5,327,742
9,268
Royal
Unibrew
AS
798,820
1,618
Topdanmark
AS
91,052
11,826
Tryg
AS
281,188
Total
13,083,431
Finland
(0.6%)
20,547
KONE
Oyj
987,855
19,523
Sampo
Oyj
947,989
49,268
Stora
Enso
Oyj
969,572
4,427
UPM-Kymmene
Oyj
153,140
Total
3,058,556
France
(8.8%)
35,101
Air
Liquide
SA
6,072,782
1,059
Amundi
SA
c
63,678
3,101
Cie
Generale
des
Etablissements
Michelin
384,091
90,264
Engie
SA
1,065,161
1,737
Eramet
SA
b
231,511
898
Hermes
International
1,107,288
12,051
Ipsos
SA
580,149
83,727
Legrand
SA
7,486,682
2,289
LNA
Sante
84,517
15,104
L'Oreal
SA
5,494,999
7,097
LVMH
Moet
Hennessy
Louis
Vuitton
SE
4,592,730
40,802
Sanofi
4,312,575
55,790
Schneider
Electric
SE
8,004,159
114,494
TotalEnergies
SE
5,622,009
Total
45,102,331
Germany
(4.5%)
12,020
Allianz
SE
2,712,129
3,129
Aurubis
AG
355,579
3,020
Bayer
AG
b
198,931
13,834
Bayerische
Motoren
Werke
AG
1,129,767
417
CTS
Eventim
AG
&
Company
KGAA
b
28,621
397,092
Deutsche
Bank
AG
b
3,970,665
International
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
26
Shares
Common
Stock
(98.1%)
Value
Germany
(4.5%)
-
continued
8,317
Deutsche
Boerse
AG
$
1,447,948
39,798
Deutsche
Pfandbriefbank
AG
c
500,884
48,844
Deutsche
Post
AG
2,086,742
10,133
Evonik
Industries
AG
265,043
18,004
Merck
KGaA
3,340,243
32,517
Porsche
Automobil
Holding
SE
2,682,006
143
Sartorius
Aktiengesellschaft
53,615
4,037
Scout24
SE
c
255,334
2,036
Siemens
AG
250,337
1,796
Stroeer
SE
107,449
6,782
Symrise
AG
807,021
126,161
TAG
Immobilien
AG
2,521,389
3,464
Uniper
SE
89,041
996
Volkswagen
AG
215,995
Total
23,018,739
Hong
Kong
(0.5%)
227,000
CK
Hutchison
Holdings,
Ltd.
1,593,070
29,000
Galaxy
Entertainment
Group,
Ltd.
165,479
31,000
Hysan
Development
Company,
Ltd.
91,455
55,500
Link
REIT
479,397
Total
2,329,401
Israel
(2.6%)
308,591
Bank
Hapoalim,
Ltd.
2,861,012
475,913
Bank
Leumi
Le-Israel
BM
4,994,587
16,043
Check
Point
Software
Technologies,
Ltd.
b
2,026,071
4,953
Harel
Insurance
Investments
&
Financial
Services,
Ltd.
60,708
53,105
ICL
Group,
Ltd.
575,887
103
Israel
Corporation,
Ltd.
b
57,872
73,130
Mizrahi
Tefahot
Bank,
Ltd.
2,705,054
1,310
Nova,
Ltd.
b
125,622
4,179
Phoenix
Holdings,
Ltd.
52,574
8,846
Shufersal,
Ltd.
74,427
Total
13,533,814
Italy
(1.9%)
37,951
Azimut
Holding
SPA
805,545
432,879
Enel
SPA
2,814,973
30,389
Finecobank
Banca
Fineco
SPA
422,449
16,739
Iren
SPA
43,269
100,431
Italgas
SPA
650,260
61,138
Mediobanca
SPA
612,779
93,157
Pirelli
&
C.
SPA
c
461,688
25,744
Poste
Italiane
SPA
c
252,270
75,240
Recordati
SPA
3,625,701
Total
9,688,934
Japan
(19.2%)
26
Activia
Properties,
Inc.
83,084
15,900
Advantest
Corporation
1,085,145
15,000
Air
Water,
Inc.
199,094
16,000
Arcs
Company,
Ltd.
253,304
202,100
Astellas
Pharma,
Inc.
3,077,117
24,600
BANDAI
NAMCO
Holdings,
Inc.
1,665,492
900
BayCurrent
Consulting,
Inc.
295,081
20,500
Chiyoda
Company,
Ltd.
110,997
62,300
Chugai
Pharmaceutical
Company,
Ltd.
1,866,830
57,900
COMSYS
Holdings
Corporation
1,202,131
1,700
Daifuku
Company,
Ltd.
104,531
Shares
Common
Stock
(98.1%)
Value
Japan
(19.2%)
-
continued
16,500
Daikin
Industries,
Ltd.
$
2,521,492
4,700
EXEO
Group,
Inc.
78,245
3,500
FANUC
Corporation
536,298
22,100
Fuji
Soft,
Inc.
1,177,870
8,900
Hanwa
Company,
Ltd.
217,548
2,700
Hikari
Tsushin,
Inc.
316,152
80,500
Honda
Motor
Company,
Ltd.
2,117,436
6,400
Hoya
Corporation
635,150
6,000
Hulic
Company,
Ltd.
50,660
19,800
Iida
Group
Holdings
Company,
Ltd.
314,912
43,300
Inaba
Denki
Sangyo
Company,
Ltd.
849,218
24,900
ITOCHU
Techno-Solutions
Corporation
583,054
3,100
Izumi
Company,
Ltd.
67,374
288,600
Japan
Post
Holdings
Company,
Ltd.
2,023,623
74,700
Japan
Tobacco,
Inc.
1,270,781
63,800
JFE
Holdings,
Inc.
780,194
15,500
Kamigumi
Company,
Ltd.
263,173
47,400
Kao
Corporation
1,899,720
2,800
KDDI
Corporation
92,721
181
Kenedix
Retail
REIT
Corporation
381,048
10,000
Keyence
Corporation
4,020,042
52,300
Kinden
Corporation
619,731
3,300
Komatsu,
Ltd.
74,271
6,600
KOMEDA
Holdings
Company,
Ltd.
113,698
43,500
Kyoei
Steel,
Ltd.
446,309
20,400
Kyushu
Electric
Power
Company,
Inc.
128,039
4,100
Lintec
Corporation
76,373
17,700
M3,
Inc.
565,231
19,500
McDonald's
Holdings
Company
(Japan),
Ltd.
773,621
7,800
Ministop
Company,
Ltd.
83,998
63,700
Mitsubishi
Corporation
2,138,761
130,400
Mitsubishi
Electric
Corporation
1,365,848
30,400
Mitsubishi
Gas
Chemical
Company,
Inc.
443,930
439,300
Mitsubishi
HC
Capital,
Inc.
1,976,618
18,800
Mitsuboshi
Belting,
Ltd.
287,971
2,200
Mitsui
&
Company,
Ltd.
53,275
5,800
Mitsui
O.S.K.
Lines,
Ltd.
135,784
25,900
Murata
Manufacturing
Company,
Ltd.
1,543,834
12,100
NEC
Networks
&
System
Integration
Corporation
171,811
5,400
Net
One
Systems
Company,
Ltd.
128,859
15,100
NHK
Spring
Company,
Ltd.
97,530
27,800
Nidec
Corporation
1,797,245
8,300
Nintendo
Company,
Ltd.
3,788,043
3,900
Nippon
Gas
Company,
Ltd.
55,342
50,900
Nippon
Steel
Corporation
808,220
29,300
Nippon
Telegraph
and
Telephone
Corporation
863,452
3,200
Nippon
Yusen
Kabushiki
Kaisha
230,861
500
Nissan
Chemical
Corporation
26,411
60,800
Nissan
Motor
Company,
Ltd.
b
243,416
15,800
Nitori
Holdings
Company,
Ltd.
1,625,494
23,300
Nitto
Kogyo
Corporation
274,339
47,900
Ono
Pharmaceutical
Company,
Ltd.
1,230,578
26,200
Oracle
Corporation
Japan
1,683,648
5,800
Oriental
Land
Company,
Ltd.
877,367
80,500
ORIX
Corporation
1,468,237
44,500
Pan
Pacific
International
Holdings
Company
681,445
International
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
27
Shares
Common
Stock
(98.1%)
Value
Japan
(19.2%)
-
continued
10,400
Penta-Ocean
Construction
Company,
Ltd.
$
50,887
13,800
PLENUS
Company,
Ltd.
202,707
12,900
Recruit
Holdings
Company,
Ltd.
468,033
144,600
Renesas
Electronics
Corporation
b
1,544,034
237,400
Resona
Holdings,
Inc.
1,032,317
11,100
Ryoyo
Electro
Corporation
174,164
28,600
Sangetsu
Company,
Ltd.
342,630
7,300
Sawai
Group
Holdings
Company,
Ltd.
244,876
47,700
Secom
Company,
Ltd.
3,355,909
22,600
Shin-Etsu
Chemical
Company,
Ltd.
3,106,020
26,200
Shionogi
&
Company,
Ltd.
1,457,399
1,400
SMC
Corporation
677,908
59,800
SoftBank
Corporation
695,944
63,500
SoftBank
Group
Corporation
2,611,771
56,400
Sony
Group
Corporation
4,867,381
4,200
Sumco
Corporation
60,487
141,300
Sumitomo
Corporation
2,235,881
101,300
Sumitomo
Mitsui
Financial
Group,
Inc.
3,060,673
67,900
Sumitomo
Mitsui
Trust
Holdings,
Inc.
2,107,448
2,200
Sundrug
Company,
Ltd.
51,221
3,800
Taikisha,
Ltd.
93,767
18,600
Taiyo
Holdings
Company,
Ltd.
443,744
4,300
Takara
Standard
Company,
Ltd.
42,960
12,900
Takeda
Pharmaceutical
Company,
Ltd.
374,314
15,000
Terumo
Corporation
446,477
42,500
Toagosei
Company,
Ltd.
349,109
2,100
Tokyo
Century
Corporation
64,684
7,400
Tokyo
Electron,
Ltd.
3,122,405
3,700
Tokyotokeiba
Company,
Ltd.
125,905
280,800
Toyota
Motor
Corporation
4,811,146
19,900
Tsubakimoto
Chain
Company
454,408
3,800
TSURUHA
Holdings,
Inc.
194,210
62,700
TV
Asahi
Holdings
Corporation
716,183
10,500
Yuasa
Trading
Company,
Ltd.
234,271
454,600
Z
Holdings
Corporation
1,784,686
Total
98,625,066
Jersey
(<0.1%)
40,499
Breedon
Group
plc
40,062
Total
40,062
Luxembourg
(0.7%)
55,428
ArcelorMittal
SA
1,616,157
301,209
B&M
European
Value
Retail
SA
1,845,535
Total
3,461,692
Marshall
Islands
(<0.1%)
13,429
Atlas
Corporation
a
165,982
Total
165,982
Netherlands
(6.0%)
28,665
Aalberts
NV
1,392,901
75,088
Airbus
SE
8,220,046
2,389
AMG
Advanced
Metallurgical
Group
NV
93,415
14,530
ASML
Holding
NV
8,246,354
27,845
Euronext
NV
c
2,231,006
11,341
Ferrari
NV
2,387,907
Shares
Common
Stock
(98.1%)
Value
Netherlands
(6.0%)
-
continued
29,715
ForFarmers
BV
$
91,164
25,862
Koninklijke
DSM
NV
4,347,661
38,804
QIAGEN
NV
b
1,789,531
883
RHI
Magnesita
NV
26,270
16,694
Stellantis
NV
224,128
41,316
Unilever
plc
1,917,648
Total
30,968,031
New
Zealand
(0.1%)
69,121
Contact
Energy,
Ltd.
363,134
2,851
Fisher
&
Paykel
Healthcare
Corporation,
Ltd.
39,179
3,201
Spark
New
Zealand,
Ltd.
10,124
Total
412,437
Norway
(2.4%)
279,121
DNB
Bank
ASA
a
5,408,616
145,772
Equinor
ASA
4,927,033
11,642
Mowi
ASA
328,852
180,781
Norsk
Hydro
ASA
1,518,113
2,287
Yara
International
ASA
116,290
Total
12,298,904
Portugal
(0.4%)
154,793
Galp
Energia
SGPS
SA
1,884,091
Total
1,884,091
Singapore
(1.5%)
299,800
DBS
Group
Holdings,
Ltd.
7,273,338
32,000
Oversea-Chinese
Banking
Corporation,
Ltd.
284,115
52,959
Wing
Tai
Holdings,
Ltd.
66,469
Total
7,623,922
Spain
(1.6%)
776,568
Banco
Santander
SA
a
2,269,410
180,295
CaixaBank
SA
581,975
12,000
CIA
De
Distribucion
Integral
221,106
49,008
Industria
de
Diseno
Textil
SA
a
1,027,566
3,651
Laboratorios
Farmaceuticos
ROVI,
SA
249,295
146,515
Mediaset
Espana
Comunicacion
SA
b
655,652
616,621
Telefonica
SA
2,999,648
Total
8,004,652
Sweden
(2.2%)
11,564
AB
Industrivarden,
Class
A
296,299
79,690
AB
Industrivarden,
Class
C
2,006,553
77,516
Assa
Abloy
AB
1,958,996
38,508
Atlas
Copco
AB,
Class
A
1,745,832
14,317
Atlas
Copco
AB,
Class
B
566,635
4,862
Boliden
AB
210,822
2,917
Getinge
AB
84,382
112,614
Granges
AB
924,885
116,096
Hexpol
AB
a
996,820
8,729
Holmen
AB
504,525
5,269
Indutrade
AB
124,284
35,634
Investor
AB,
Class
B
685,702
2,765
L
E
Lundbergforetagen
AB
129,309
8,174
Sandvik
AB
154,720
92,497
SSAB
AB,
Class
B
a
543,940
International
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
28
Shares
Common
Stock
(98.1%)
Value
Sweden
(2.2%)
-
continued
7,065
Svolder
AB
$
41,396
724
Swedbank
AB
11,453
7,533
Thule
Group
AB
c
261,298
Total
11,247,851
Switzerland
(9.4%)
14,267
Baloise
Holding
AG
2,481,616
281
Comet
Holding
AG
60,745
11,069
Compagnie
Financiere
Richemont
SA
1,286,115
4,999
Ferguson
plc
627,121
524
Geberit
AG
298,823
554,604
Glencore
Xstrata
plc
3,417,287
103
Lindt
&
Spruengli
AG
1,155,144
93,581
Nestle
SA
12,080,754
136,539
Novartis
AG
12,065,858
25,610
PSP
Swiss
Property
AG
3,227,678
2,990
Roche
Holding
AG,
Participation
Certificates
1,108,734
13,748
Sika
AG
4,199,440
4,150
Sonova
Holding
AG
1,496,599
4,736
Swiss
Life
Holding
AG
2,769,213
6,479
Tecan
Group
AG
1,947,054
733
Vontobel
Holding
AG
53,609
Total
48,275,790
United
Kingdom
(12.1%)
37,371
AstraZeneca
plc
4,986,834
538,456
Auto
Trader
Group
plc
c
4,249,584
39,410
Avacta
Group
plc
a,b
60,508
1,211,527
Barclays
plc
2,226,960
54,027
Barratt
Developments
plc
330,540
7,079
Bellway
plc
215,006
712,261
BP
plc
3,438,652
92,416
British
American
Tobacco
plc
3,873,372
10,458
Croda
International
plc
1,015,750
12,674
Dechra
Pharmaceuticals
plc
574,327
128,606
Diageo
plc
6,416,006
41,754
Evraz
plc
d
5
14,489
Greggs
plc
422,730
197,796
Halma
plc
6,071,457
37,830
Howden
Joinery
Group
plc
358,156
756,866
HSBC
Holdings
plc
4,729,754
48,418
InterContinental
Hotels
Group
plc
3,090,993
142,201
Moneysupermarket.com
Group
plc
311,514
95,748
Natwest
Group
plc
256,872
2,325
Next
plc
174,144
89,797
PageGroup
plc
549,457
20,174
Paragon
Banking
Group
plc
124,761
33,181
Redde
Northgate
plc
164,143
125,595
RELX
plc
3,741,537
3,764
Rightmove
plc
28,934
9,233
Rio
Tinto
plc
652,369
425,350
Shell
plc
11,418,905
9,729
Spirax-Sarco
Engineering
plc
1,468,063
164,140
Standard
Chartered
plc
1,122,114
Total
62,073,447
Total
Common
Stock
(cost
$476,227,226)
502,642,143
Shares
Collateral
Held
for
Securities
Loaned
(
2.0%
)
Value
10,124,530
Thrivent
Cash
Management
Trust
$
10,124,530
Total
Collateral
Held
for
Securities
Loaned
(cost
$10,124,530)
10,124,530
Shares
Preferred
Stock
(
0.6%
)
Germany
(0.6%)
1,016
Bayerische
Motoren
Werke
AG
74,847
18,270
Volkswagen
AG
2,829,417
Total
2,904,264
Total
Preferred
Stock
(cost
$3,944,164)
2,904,264
Shares
Short-Term
Investments
(
0.2%
)
Thrivent
Core
Short-Term
Reserve
Fund
122,114
0.830%
1,221,138
Total
Short-Term
Investments
(cost
$1,221,138)
1,221,138
Total
Investments
(cost
$491,517,058)
100.9%
$516,892,075
Other
Assets
and
Liabilities,
Net
(0.9%)
(4,379,636)
Total
Net
Assets
100.0%
$512,512,439
a
All
or
a
portion
of
the
security
is
on
loan.
b
Non-income
producing
security.
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
29,
2022,
the
value
of
these
investments
was
$8,275,742
or
1.6%
of
total
net
assets.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
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
29,
2022:
Securities
Lending
Transactions
Common
Stock
$
9,479,345
Total
lending
$9,479,345
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$10,124,530
Net
amounts
due
to
counterparty
$645,185
Definitions:
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
International
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
29
Reference
Description:
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
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
$
41,608,069
Gross
unrealized
depreciation
(34,115,737)
Net
unrealized
appreciation
(depreciation)
$
7,492,332
Cost
for
federal
income
tax
purposes
$
508,977,170
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
29,
2022,
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
27,377,565
–
27,377,565
–
Consumer
Discretionary
51,426,532
–
51,426,532
–
Consumer
Staples
40,681,002
–
40,681,002
–
Energy
41,833,560
–
41,833,560
–
Financials
96,740,680
–
96,740,680
–
Health
Care
63,539,350
–
63,539,350
–
Industrials
80,409,008
165,982
80,243,026
–
Information
Technology
43,463,522
2,644,533
40,818,989
–
Materials
42,966,427
–
42,966,422
5
Real
Estate
9,222,842
–
9,222,842
–
Utilities
4,981,655
–
4,981,655
–
Preferred
Stock
Consumer
Discretionary
2,904,264
–
2,904,264
–
Subtotal
Investments
in
Securities
$505,546,407
$2,810,515
$502,735,887
$5
Other
Investments *
Total
Affiliated
Short-Term
Investments
1,221,138
Collateral
Held
for
Securities
Loaned
10,124,530
Subtotal
Other
Investments
$11,345,668
Total
Investments
at
Value
$516,892,075
*
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.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
422,573
422,573
–
–
Total
Liability
Derivatives
$422,573
$422,573
$–
$–
The
following
table
presents
International
Equity
Fund's
futures
contracts
held
as
of
April
29,
2022.
Investments
and/or
cash
totaling
$363,246
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
ICE
mini
MSCI
EAFE
Index
54
June
2022
$
5,813,393
(
$
422,573)
Total
Futures
Long
Contracts
$
5,813,393
(
$
422,573)
Total
Futures
Contracts
$
5,813,393
($422,573)
International
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
30
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
29,
2022,
for
International
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
422,573
Total
Equity
Contracts
422,573
Total
Liability
Derivatives
$422,573
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments. Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
29,
2022,
for
International
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(993,528)
Total
Equity
Contracts
(993,528)
Total
($993,528)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
29,
2022,
for
International
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(190,886)
Total
Equity
Contracts
(190,886)
Total
($190,886)
The
following
table
presents
International
Equity
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
29,
2022.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$9,630,220
International
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Portfolio'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
Portfolio.
The
Portfolio
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
Portfolio.
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:
Portfolio
Value
10/31/2021
Gross
Purchases
Gross
Sales
Value
4/29/2022
Shares
Held
at
4/29/2022
%
of
Net
Assets
4/29/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.830%
$1,383
$22,313
$22,475
$1,221
122
0.2%
Total
Affiliated
Short-Term
Investments
1,383
1,221
0.2
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
9,020
66,754
65,649
10,125
10,125
2.0
Total
Collateral
Held
for
Securities
Loaned
9,020
10,125
2.0
Total
Value
$10,403
$11,346
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2021
-
4/29/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.830%
$–
$–
$
–
$2
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
1
52
Total
Affiliated
Income
from
Securities
Loaned,
Net
$52
Total
Value
$–
$–
$
1
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
32
Shares
Common
Stock
(
99.8%
)
Value
Communications
Services
(9.6%)
121,379
Activision
Blizzard,
Inc.
$
9,176,252
4,837
Alphabet,
Inc.,
Class
C
a
11,121,859
337,304
AT&T,
Inc.
6,361,553
12,475
Charter
Communications,
Inc.
a
5,345,413
295,013
Comcast
Corporation
11,729,717
82,453
Electronic
Arts,
Inc.
9,733,577
5,098
RingCentral,
Inc.
a
432,565
22,407
Take-Two
Interactive
Software,
Inc.
a
2,677,861
16,473
T-Mobile
US,
Inc.
a
2,028,485
641,078
Verizon
Communications,
Inc.
29,681,911
76,042
Walt
Disney
Company
a
8,488,569
135,964
Warner
Bros.
Discovery,
Inc.
a
2,467,747
Total
99,245,509
Consumer
Discretionary
(6.0%)
24,583
Dollar
General
Corporation
5,839,200
27,149
Home
Depot,
Inc.
8,155,560
67,462
McDonald's
Corporation
16,808,832
10,032
Netflix,
Inc.
a
1,909,691
57,692
NIKE,
Inc.
7,194,192
3,612
O'Reilly
Automotive,
Inc.
a
2,190,859
82,007
Target
Corporation
18,750,900
8,481
TJX
Companies,
Inc.
519,716
Total
61,368,950
Consumer
Staples
(13.6%)
85,522
Church
&
Dwight
Company,
Inc.
8,343,526
166,763
Coca-Cola
Company
10,774,557
56,921
Colgate-Palmolive
Company
4,385,763
22,679
Costco
Wholesale
Corporation
12,058,878
12,314
Estee
Lauder
Companies,
Inc.
3,251,635
90,371
General
Mills,
Inc.
6,391,941
18,322
Hershey
Company
4,136,558
5,041
Kellogg
Company
345,309
551,189
Kroger
Company
29,742,158
3,079
McCormick
&
Company,
Inc.
309,655
238,261
Mondelez
International,
Inc.
15,363,069
43,608
Monster
Beverage
Corporation
a
3,736,333
76,401
PepsiCo,
Inc.
13,118,816
100,653
Procter
&
Gamble
Company
16,159,839
80,285
Sprouts
Farmers
Markets,
Inc.
a
2,392,493
62,737
Walmart,
Inc.
9,598,134
Total
140,108,664
Energy
(0.6%)
20,851
Cheniere
Energy,
Inc.
2,831,774
42,567
ProPetro
Holding
Corporation
a
601,898
24,759
Valero
Energy
Corporation
2,760,133
Total
6,193,805
Financials
(4.4%)
24,433
Aon
plc
7,036,460
41,064
Arthur
J.
Gallagher
&
Company
6,918,873
15,162
Berkshire
Hathaway,
Inc.
a
4,894,748
7,433
BlackRock,
Inc.
4,643,246
3,204
Cboe
Global
Markets,
Inc.
361,988
18,299
FactSet
Research
Systems,
Inc.
7,383,463
3,778
Financial
Institutions,
Inc.
105,180
5,412
Hanmi
Financial
Corporation
125,288
8,333
Intercontinental
Exchange,
Inc.
965,045
407
MarketAxess
Holdings,
Inc.
107,289
432
Midland
States
Bancorp,
Inc.
11,388
Shares
Common
Stock
(99.8%)
Value
Financials
(4.4%)
-
continued
22,794
Moody's
Corporation
$
7,213,845
77,896
New
York
Community
Bancorp,
Inc.
719,759
37,558
RenaissanceRe
Holdings,
Ltd.
5,390,324
Total
45,876,896
Health
Care
(20.6%)
165,549
Abbott
Laboratories
18,789,811
66,336
Agilent
Technologies,
Inc.
7,911,895
29,787
Amgen,
Inc.
6,946,031
203,154
Baxter
International,
Inc.
14,436,123
70,581
Becton,
Dickinson
and
Company
17,446,917
3,841
Bio-Rad
Laboratories,
Inc.
a
1,966,822
11,545
Blueprint
Medicines
Corporation
a
673,651
25,061
Catalent,
Inc.
a
2,269,524
19,389
Danaher
Corporation
4,869,160
38,436
Eli
Lilly
and
Company
11,228,309
14,116
Embecta
Corporation
a
429,550
159,751
Gilead
Sciences,
Inc.
9,479,624
48,948
Hologic,
Inc.
a
3,523,767
157,192
Johnson
&
Johnson
28,366,868
10,240
Masimo
Corporation
a
1,156,813
283,097
Merck
&
Company,
Inc.
25,107,873
5,802
Pfizer,
Inc.
284,704
15,933
Regeneron
Pharmaceuticals,
Inc.
a
10,501,600
7,668
Repligen
Corporation
a
1,205,716
8,867
Seagen,
Inc.
a
1,161,666
6,507
Thermo
Fisher
Scientific,
Inc.
3,597,850
19,293
UnitedHealth
Group,
Inc.
9,811,455
87,580
Vertex
Pharmaceuticals,
Inc.
a
23,928,608
3,979
Waters
Corporation
a
1,205,717
37,557
Zoetis,
Inc.
6,656,978
Total
212,957,032
Industrials
(8.9%)
14,329
3M
Company
2,066,528
46,594
AMETEK,
Inc.
5,882,958
13,121
Cintas
Corporation
5,212,448
30,643
IDEX
Corporation
5,816,654
9,907
JB
Hunt
Transport
Services,
Inc.
1,692,611
11,530
L3Harris
Technologies,
Inc.
2,677,958
34,173
Landstar
System,
Inc.
5,293,398
32,753
Linde
plc
10,217,626
4,317
Masco
Corporation
227,463
1,937
Norfolk
Southern
Corporation
499,514
38,833
Republic
Services,
Inc.
5,214,107
41,012
Union
Pacific
Corporation
9,608,701
7,660
United
Parcel
Service,
Inc.
1,378,647
70,719
Verisk
Analytics,
Inc.
14,430,212
21,241
Waste
Connections,
Inc.
2,930,621
110,330
Waste
Management,
Inc.
18,142,665
Total
91,292,111
Information
Technology
(22.5%)
82,076
Accenture
plc
24,652,347
39,435
Adobe,
Inc.
a
15,614,288
7,519
Amphenol
Corporation
537,608
47,362
Analog
Devices,
Inc.
7,311,746
32,481
Apple,
Inc.
5,120,630
16,345
Autodesk,
Inc.
a
3,093,782
30,847
Automatic
Data
Processing,
Inc.
6,730,198
23,673
Black
Knight,
Inc.
a
1,557,447
40,298
Booz
Allen
Hamilton
Holding
Corporation
3,289,526
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Shares
Common
Stock
(99.8%)
Value
Information
Technology
(22.5%)
-
continued
54,170
Cadence
Design
Systems,
Inc.
a
$
8,171,544
371,223
Cisco
Systems,
Inc.
18,182,502
24,340
Fidelity
National
Information
Services,
Inc.
2,413,311
5,766
Global
Payments,
Inc.
789,827
67,625
Intel
Corporation
2,947,774
2,872
Intuit,
Inc.
1,202,650
92,542
Jack
Henry
&
Associates,
Inc.
17,544,112
106,311
Keysight
Technologies,
Inc.
a
14,912,244
11,960
Mastercard,
Inc.
4,346,025
12,556
Microchip
Technology,
Inc.
818,651
93,890
Microsoft
Corporation
26,056,353
13,220
Motorola
Solutions,
Inc.
2,824,982
22,319
Oracle
Corporation
1,638,215
50,388
Paychex,
Inc.
6,385,671
15,856
Salesforce,
Inc.
a
2,789,705
9,903
ServiceNow,
Inc.
a
4,734,624
26,651
Skyworks
Solutions,
Inc.
3,019,558
4,013
Synopsys,
Inc.
a
1,150,888
91,303
Texas
Instruments,
Inc.
15,544,336
23,539
Tyler
Technologies,
Inc.
a
9,291,079
18,177
VeriSign,
Inc.
a
3,248,048
77,599
Visa,
Inc.
16,538,675
Total
232,458,346
Materials
(2.5%)
44,795
Air
Products
and
Chemicals,
Inc.
10,485,166
122,140
Newmont
Corporation
8,897,899
36,275
Royal
Gold,
Inc.
4,733,162
4,278
Sherwin-Williams
Company
1,176,279
Total
25,292,506
Real
Estate
(3.0%)
20,524
AGNC
Investment
Corporation
225,354
541
Extra
Space
Storage,
Inc.
102,790
129,961
National
Storage
Affiliates
Trust
7,355,793
62,019
Public
Storage,
Inc.
23,040,058
Total
30,723,995
Utilities
(8.1%)
363,600
Consolidated
Edison,
Inc.
33,720,264
71,251
Entergy
Corporation
8,468,181
43,587
NextEra
Energy,
Inc.
3,095,549
522,200
NiSource,
Inc.
15,206,464
146,063
Sempra
Energy
23,568,726
Total
84,059,184
Total
Common
Stock
(cost
$901,085,914)
1,029,576,998
Shares
Short-Term
Investments
(
0.1%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
122,137
0.830%
1,221,369
Total
Short-Term
Investments
(cost
$1,221,369)
1,221,369
Total
Investments
(cost
$902,307,283)
99.9%
$1,030,798,367
Other
Assets
and
Liabilities,
Net
0.1%
1,158,944
Total
Net
Assets
100.0%
$1,031,957,311
a
Non-income
producing
security.
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
$172,313,383
Gross
unrealized
depreciation
(48,587,426)
Net
unrealized
appreciation
(depreciation)
$123,725,957
Cost
for
federal
income
tax
purposes
$907,072,410
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
29,
2022,
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
99,245,509
99,245,509
–
–
Consumer
Discretionary
61,368,950
61,368,950
–
–
Consumer
Staples
140,108,664
140,108,664
–
–
Energy
6,193,805
6,193,805
–
–
Financials
45,876,896
45,876,896
–
–
Health
Care
212,957,032
212,957,032
–
–
Industrials
91,292,111
91,292,111
–
–
Information
Technology
232,458,346
232,458,346
–
–
Materials
25,292,506
25,292,506
–
–
Real
Estate
30,723,995
30,723,995
–
–
Utilities
84,059,184
84,059,184
–
–
Subtotal
Investments
in
Securities
$1,029,576,998
$1,029,576,998
$–
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
1,221,369
Subtotal
Other
Investments
$1,221,369
Total
Investments
at
Value
$1,030,798,367
*
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
10/31/2021
Gross
Purchases
Gross
Sales
Value
4/29/2022
Shares
Held
at
4/29/2022
%
of
Net
Assets
4/29/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.830%
$1,211
$
11,555
$11,545
$1,221
122
0.1%
Total
Affiliated
Short-Term
Investments
1,211
1,221
0.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
1,260
1,260
–
–
–
Total
Collateral
Held
for
Securities
Loaned
–
–
–
Total
Value
$1,211
$1,221
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2021
-
4/29/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.830%
$–
$–
$–
$2
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$2
Cash
Management
Trust-
Collateral
Investment
–
–
–
0
Total
Affiliated
Income
from
Securities
Loaned,
Net
$0
Total
$–
$–
$–
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
Principal
Amount
Asset-Backed
Securities
(
1.6%
)
a
Value
AXIS
Equipment
Finance
Receivables
X,
LLC
$
5,419,426
0.335% ,1/20/2023,
Ser.
2022-1A
b
$
5,413,855
Dell
Equipment
Finance
Trust
2,488,193
0.182% ,9/22/2022,
Ser.
2021-2
b
2,485,967
DLLMT,
LLC
5,161,510
0.229% ,10/20/2022,
Ser.
2021-1A
b
5,156,015
Enterprise
Fleet
Financing,
LLC
12,198,969
1.485% ,4/20/2023,
Ser.
2022-1
b
12,190,577
Exeter
Automobile
Receivables
Trust
20,050,000
1.042% ,5/12/2023,
Ser.
2022-2A
20,051,786
GM
Financial
Automobile
Leasing
Trust
13,143,156
0.571% ,2/21/2023,
Ser.
2022-1
13,125,213
NMEF
Funding
2022-A,
LLC
12,231,750
0.968% ,3/15/2023,
Ser.
2022-A
b
12,205,377
OSCAR
US
Funding
Trust
XIV,
LLC
15,077,100
0.446% ,3/10/2023,
Ser.
2022-1A
b
15,061,764
Pawnee
Equipment
Receivables
7,574,748
0.302% ,10/17/2022,
Ser.
2021-1
b
7,563,423
World
Omni
Auto
Receivables
Trust
12,860,648
0.396% ,2/15/2023,
Ser.
2022-A
12,842,366
Total
106,096,343
Principal
Amount
Basic
Materials
(
5.2%
)
a
Value
BASF
SE
25,000,000
0.780% ,5/2/2022
b
24,999,252
25,000,000
1.080% ,6/6/2022
b
24,980,710
25,000,000
1.200% ,6/24/2022
b
24,962,005
25,000,000
1.200% ,6/28/2022
b
24,956,250
25,000,000
1.250% ,6/29/2022
b
24,955,097
Ecolab,
Inc.
13,000,000
0.900% ,5/19/2022
b
12,994,128
EI
du
Pont
de
Nemours
&
Company
25,000,000
0.750% ,5/2/2022
b
24,998,702
5,000,000
0.750% ,5/3/2022
b
4,999,646
25,000,000
0.900% ,5/31/2022
b
24,977,489
5,000,000
0.900% ,6/1/2022
b
4,995,325
Nutrien,
Ltd.
20,000,000
0.950% ,5/5/2022
b
19,997,847
20,000,000
1.150% ,5/13/2022
b
19,994,190
20,000,000
1.100% ,5/17/2022
b
19,991,840
25,000,000
1.150% ,5/19/2022
b
24,988,153
20,000,000
1.100% ,6/1/2022
b
19,980,567
10,000,000
1.200% ,6/22/2022
b
9,982,360
Sherwin-Williams
Company
25,000,000
0.900% ,5/16/2022
b
24,990,992
Total
337,744,553
Principal
Amount
Capital
Goods
(
2.7%
)
a
Value
Amcor
Finance
USA,
Inc.
$
10,110,000
0.950% ,6/1/2022
b,c
$
10,100,547
Amcor
Flexibles
North
America,
Inc.
5,905,000
0.950% ,5/3/2022
b,c
5,904,608
25,000,000
0.900% ,5/6/2022
b,c
24,996,889
20,000,000
0.950% ,5/20/2022
b,c
19,990,060
Caterpillar
Financial
Services
Corporation
23,000,000
1.130%
(LIBOR
3M
+
0.735%),5/13/2022
d
23,001,867
5,149,000
1.173%
(LIBOR
3M
+
0.590%),6/6/2022
d
5,150,057
Honeywell
International,
Inc.
6,272,000
0.483% ,8/19/2022
6,252,987
John
Deere
Capital
Corporation
5,000,000
1.293%
(LIBOR
3M
+
0.490%),6/13/2022
d
5,000,079
25,355,000
1.090%
(LIBOR
3M
+
0.480%),9/8/2022
d
25,377,600
12,471,000
1.133%
(LIBOR
3M
+
0.550%),6/7/2023
d
12,516,606
15,000,000
0.216%
(SOFRRATE
+
0.120%),7/10/2023
d
14,946,960
Waste
Management,
Inc.
25,000,000
0.900% ,5/12/2022
b,c
24,993,726
Total
178,231,986
Principal
Amount
Communications
Services
(
2.0%
)
a
Value
AT&T,
Inc.
25,000,000
3.000% ,6/30/2022
25,000,000
Verizon
Communications,
Inc.
25,000,000
0.850% ,5/17/2022
b
24,990,300
25,000,000
0.900% ,6/1/2022
b
24,976,625
25,000,000
0.900% ,6/2/2022
b
24,975,751
25,000,000
0.950% ,6/14/2022
b
24,964,638
Total
124,907,314
Principal
Amount
Consumer
Cyclical
(
8.9%
)
a
Value
American
Honda
Finance
Corporation
25,000,000
1.160% ,6/6/2022
c
24,971,843
25,000,000
1.120% ,6/9/2022
c
24,969,221
BMW
Finance
NV
34,500,000
1.185%
(LIBOR
3M
+
0.790%),8/12/2022
b,d
34,558,165
Charta,
LLC
10,000,000
0.290% ,5/3/2022
b,c
9,999,586
15,000,000
0.300% ,5/5/2022
b,c
14,998,990
25,000,000
0.290% ,5/9/2022
b,c
24,996,611
25,000,000
1.000% ,7/5/2022
b,c
24,951,565
25,000,000
1.010% ,7/6/2022
b,c
24,950,464
Hyundai
Capital
America
12,000,000
0.750% ,5/9/2022
b,c
11,997,703
25,000,000
1.040% ,5/31/2022
b,c
24,977,489
25,000,000
1.040% ,6/1/2022
b,c
24,976,625
25,000,000
1.190% ,6/28/2022
b,c
24,950,000
23,000,000
1.100% ,6/29/2022
b,c
22,952,961
Nationwide
Building
Society
4,955,000
2.000% ,1/27/2023
b
4,929,712
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
Principal
Amount
Consumer
Cyclical
(8.9%)
a
Value
Toyota
Credit
Canada,
Inc.
$
25,000,000
0.500% ,6/10/2022
c
$
24,972,758
Toyota
Finance
Australia,
Ltd.
25,000,000
1.400% ,8/19/2022
c
24,889,089
Toyota
Financial
Services
de
Puerto
Rico,
Inc.
25,000,000
0.300% ,5/3/2022
24,998,836
25,000,000
1.130% ,7/19/2022
24,935,763
25,000,000
1.200% ,8/15/2022
24,898,600
Toyota
Motor
Credit
Corporation
7,900,000
0.869%
(LIBOR
3M
+
0.400%),5/17/2022
d
7,900,230
21,092,000
1.090%
(LIBOR
3M
+
0.480%),9/8/2022
d
21,111,035
5,947,000
1.379%
(LIBOR
3M
+
0.390%),1/11/2023
d
5,951,232
VW
Credit,
Inc.
14,200,000
0.950% ,5/2/2022
b,c
14,199,334
25,000,000
0.920% ,5/16/2022
b,c
24,991,063
25,000,000
1.250% ,6/13/2022
b,c
24,965,625
20,000,000
1.200% ,6/15/2022
b,c
19,970,938
25,000,000
1.340% ,6/17/2022
b,c
24,961,651
Total
567,927,089
Principal
Amount
Consumer
Non-Cyclical
(
1.9%
)
a
Value
AstraZeneca
plc
6,000,000
2.375% ,6/12/2022
6,005,122
Avery
Dennison
Corporation
10,000,000
1.050% ,5/24/2022
b
9,993,771
Bristol-Myers
Squibb
Company
23,779,000
0.839%
(LIBOR
3M
+
0.380%),5/16/2022
d
23,779,104
Danaher
Corporation
3,335,000
0.550% ,5/2/2022
b,c
3,334,855
GlaxoSmithKline
Capital
plc
7,130,000
2.875% ,6/1/2022
7,130,000
PepsiCo,
Inc.
20,000,000
0.674%
(LIBOR
3M
+
0.365%),5/2/2022
d
20,000,000
Philip
Morris
International,
Inc.
25,000,000
1.000% ,7/20/2022
b
24,945,048
12,213,000
2.375% ,8/17/2022
12,234,216
Thermo
Fisher
Scientific,
Inc.
10,000,000
1.250% ,6/1/2022
b
9,990,650
Total
117,412,766
Principal
Amount
Energy
(
1.1%
)
a
Value
Chevron
Corporation
8,525,000
1.277%
(LIBOR
3M
+
0.900%),5/11/2023
d
8,585,942
Chevron
USA,
Inc.
20,380,000
0.505%
(LIBOR
3M
+
0.110%),8/12/2022
d
20,378,572
Exxon
Mobil
Corporation
4,565,000
1.902% ,8/16/2022
4,568,415
Suncor
Energy,
Inc.
25,000,000
0.950% ,5/9/2022
b,c
24,995,430
15,000,000
0.950% ,5/11/2022
b,c
14,996,585
Total
73,524,944
Principal
Amount
Financials
(
48.5%
)
a
Value
Alexandria
Real
Estate
Equities,
Inc.
$
10,000,000
0.850% ,5/4/2022
b,c
$
9,999,349
Australia
&
New
Zealand
Banking
Group,
Ltd.
25,000,000
1.190%
(LIBOR
3M
+
0.710%),5/19/2022
b,d
25,004,243
25,000,000
0.400% ,5/31/2022
b
24,983,978
5,570,000
1.000% ,7/18/2022
b
5,555,926
10,000,000
0.560%
(SOFRRATE
+
0.280%),9/2/2022
b,d
10,001,604
10,000,000
0.430%
(SOFRRATE
+
0.150%),9/6/2022
b,d
9,993,361
10,901,000
0.970%
(LIBOR
3M
+
0.490%),11/21/2022
b,d
10,907,495
Bank
of
Montreal
Chicago
15,000,000
0.633%
(LIBOR
3M
+
0.050%),6/6/2022
d
14,996,078
15,000,000
0.780%
(SOFRRATE
+
0.500%),5/5/2023
d
15,002,451
Bank
of
New
York
Mellon
Corporation
4,741,000
1.950% ,8/23/2022
4,740,537
6,765,000
2.661%
0,5/16/2023
d
6,764,876
Bank
of
Nova
Scotia
10,000,000
1.548%
(LIBOR
3M
+
0.620%),9/19/2022
d
10,010,583
25,000,000
0.820%
(SOFRRATE
+
0.540%),10/24/2022
b,d
25,021,220
Bank
of
Nova
Scotia/Houston
25,000,000
0.460%
(SOFRRATE
+
0.180%),5/11/2022
d
25,001,106
25,000,000
0.500%
(SOFRRATE
+
0.220%),6/3/2022
d
25,000,898
15,000,000
0.440%
(SOFRRATE
+
0.160%),7/18/2022
d
14,995,437
15,000,000
0.850%
(SOFRRATE
+
0.570%),10/21/2022
d
15,014,919
Barclays
Bank
plc
25,000,000
1.050% ,6/29/2022
b,c
24,958,105
Barton
Capital
SA
13,310,000
0.850% ,5/23/2022
b,c
13,303,771
25,000,000
1.060% ,6/14/2022
b,c
24,971,633
25,000,000
1.030% ,6/22/2022
b,c
24,964,300
25,000,000
1.060% ,6/24/2022
b,c
24,962,355
5,000,000
1.000% ,6/28/2022
b,c
4,991,667
25,000,000
1.020% ,6/30/2022
b,c
24,956,126
BPCE
SA
27,541,000
1.403%
(LIBOR
3M
+
0.880%),5/31/2022
d
27,540,909
CAFCO,
LLC
15,000,000
1.010% ,7/11/2022
b,c
14,966,511
Canadian
Imperial
Bank
of
Commerce
26,175,000
1.605%
(LIBOR
3M
+
0.720%),6/16/2022
d
26,185,123
Canadian
Imperial
Bank
of
Commerce/New
York
NY
15,000,000
0.430%
(FEDL
1M
+
0.100%),7/26/2022
d
14,993,715
10,000,000
0.440%
(SOFRRATE
+
0.160%),9/7/2022
d
9,995,748
25,000,000
0.530%
(SOFRRATE
+
0.250%),12/23/2022
d
24,973,787
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
37
Principal
Amount
Financials
(48.5%)
a
Value
Chariot
Funding,
LLC
$
15,000,000
1.250% ,7/22/2022
b
$
14,958,560
Charles
Schwab
Corporation
17,750,000
0.350% ,6/16/2022
b
17,729,931
25,000,000
0.450%
(SOFRRATE
+
0.170%),8/9/2022
b,d
24,988,254
25,000,000
0.700% ,8/9/2022
b
24,908,483
Ciesco,
LLC
19,760,000
0.400% ,6/3/2022
b,c
19,744,497
4,500,000
0.450% ,6/15/2022
b,c
4,494,742
Commonwealth
Bank
of
Australia
8,969,000
1.628%
(LIBOR
3M
+
0.680%),9/18/2022
b,d
8,983,056
10,000,000
1.569%
(LIBOR
3M
+
0.580%),10/10/2022
b,d
10,013,149
Cooperatieve
Rabobank
UA/NY
4,500,000
0.190% ,5/9/2022
4,499,676
5,750,000
1.469%
(LIBOR
3M
+
0.480%),1/10/2023
d
5,753,087
10,000,000
2.750% ,1/10/2023
10,036,992
CRC
Funding,
LLC
25,000,000
0.290% ,5/4/2022
b,c
24,998,649
25,000,000
1.010% ,7/11/2022
b,c
24,943,678
Credit
Agricole
Corporate
and
Investment
Bank
15,000,000
0.430%
(SOFRRATE
+
0.150%),7/15/2022
d
15,001,827
Credit
Suisse
NY
25,000,000
0.460%
(SOFRINDX
+
0.180%),5/9/2022
d
24,999,725
Dealers
Capital
Access
Trust,
LLC
25,000,000
0.320% ,5/2/2022
24,999,196
Equifax,
Inc.
20,000,000
0.900% ,5/4/2022
b
19,998,358
Erste
Abwicklungsanstalt
22,700,000
0.650% ,6/1/2022
b
22,684,435
15,000,000
0.590% ,6/13/2022
b
14,984,625
25,000,000
0.710% ,7/11/2022
b
24,948,798
25,000,000
1.050% ,7/20/2022
b
24,938,557
Fairway
Finance
Company,
LLC
10,000,000
0.600% ,6/13/2022
b,c
9,988,750
12,000,000
1.200% ,7/25/2022
b,c
11,963,692
Fifth
Third
Bancorp
5,545,000
2.600% ,6/15/2022
5,547,726
FMS
Wertmanagement
15,000,000
0.895% ,7/6/2022
b
14,969,825
Goldman
Sachs
Bank
USA
6,000,000
0.180% ,5/13/2022
5,999,027
15,000,000
0.318%
(SOFRRATE
+
0.170%),7/26/2022
d
14,995,276
25,000,000
0.209%
(SOFRRATE
+
0.160%),9/8/2022
d
24,980,776
25,000,000
5.390%
(SOFRRATE
+
0.250%),11/25/2022
d
24,975,276
25,000,000
0.568%
(SOFRRATE
+
0.280%),2/3/2023
d
24,965,691
25,000,000
0.558%
(SOFRRATE
+
0.300%),2/17/2023
d
24,966,220
Goldman
Sachs
International
25,000,000
0.870% ,6/22/2022
b
24,966,100
Gotham
Funding
Corporation
15,000,000
0.530% ,5/9/2022
b,c
14,997,967
20,000,000
1.050% ,7/12/2022
b,c
19,951,283
Principal
Amount
Financials
(48.5%)
a
Value
Healthpeak
Properties,
Inc.
$
21,500,000
1.050% ,5/10/2022
b
$
21,495,401
7,000,000
1.050% ,5/11/2022
b
6,998,339
25,000,000
1.110% ,5/17/2022
b
24,989,925
25,000,000
1.020% ,5/18/2022
b
24,989,114
ING
Funding,
LLC
25,000,000
0.900% ,6/7/2022
b,c
24,978,496
15,000,000
1.080% ,7/22/2022
c
14,957,020
Intercontinental
Exchange,
Inc.
13,000,000
1.000% ,5/2/2022
b
12,999,345
14,000,000
0.970% ,5/9/2022
b
13,997,242
10,000,000
0.950% ,5/10/2022
b
9,997,786
KfW
23,850,000
0.550% ,5/16/2022
b,c
23,844,740
25,000,000
0.520% ,5/26/2022
b,c
24,989,369
25,000,000
0.760% ,6/24/2022
b,c
24,967,061
25,000,000
1.025% ,7/18/2022
b,c
24,938,611
25,000,000
0.900% ,7/22/2022
b,c
24,933,150
La
Fayette
Asset
Securitization,
LLC
11,950,000
0.810% ,6/2/2022
b,c
11,940,982
Lime
Funding,
LLC
7,700,000
0.700% ,5/19/2022
b
7,697,189
Lloyds
Banking
Group
plc
25,000,000
0.845% ,6/10/2022
b
24,976,317
LMA
Americas,
LLC
15,105,000
0.310% ,5/5/2022
b,c
15,103,985
10,000,000
1.180% ,7/5/2022
b,c
9,980,998
Macquarie
Bank,
Ltd.
25,000,000
0.305% ,5/2/2022
b
24,999,154
15,000,000
0.390% ,5/11/2022
b
14,997,070
15,000,000
1.060% ,6/29/2022
b
14,973,236
Marsh
&
McLennan
Companies,
Inc.
550,000
0.620% ,5/3/2022
b
549,965
14,255,000
0.750% ,5/6/2022
b
14,253,281
21,000,000
0.900% ,5/16/2022
b
20,992,493
Met
Tower
Global
Funding
5,875,000
0.672%
(SOFRRATE
+
0.550%),1/17/2023
b,d
5,880,030
MetLife
Short
Term
Funding,
LLC
25,000,000
0.510% ,5/27/2022
b
24,986,817
25,650,000
0.750% ,6/21/2022
b
25,619,752
32,000,000
0.675% ,6/27/2022
b
31,957,153
Metropolitan
Life
Global
Funding
I
13,238,000
3.000% ,1/10/2023
b
13,285,168
9,800,000
0.686%
(SOFRRATE
+
0.570%),1/13/2023
b,d
9,808,918
Mitsubishi
UFJ
Trust
&
Banking
Corporation
15,000,000
0.950% ,6/27/2022
b
14,974,237
25,000,000
0.950% ,6/28/2022
24,994,973
Mizuho
Bank,
Ltd.
25,000,000
0.860% ,6/16/2022
b
24,970,800
MUFG
Bank
Ltd/New
York
NY
25,000,000
0.600%
(SOFRRATE
+
0.320%),7/8/2022
d
25,004,848
National
Australia
Bank,
Ltd.
10,000,000
1.200%
(LIBOR
3M
+
0.720%),5/22/2022
b,d
10,000,000
10,000,000
0.410%
(SOFRRATE
+
0.130%),8/31/2022
b,d
9,992,773
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
38
Principal
Amount
Financials
(48.5%)
a
Value
$
21,620,000
1.213%
(LIBOR
3M
+
0.410%),12/13/2022
b,d
$
21,643,143
Nederlandse
Waterschapsbank
NV
25,000,000
0.725% ,6/9/2022
b
24,971,870
New
York
Life
Global
Funding
20,801,000
1.223%
(LIBOR
3M
+
0.520%),6/10/2022
b,d
20,800,615
32,350,000
1.451%
(LIBOR
3M
+
0.440%),7/12/2022
b,d
32,357,245
8,363,000
2.250% ,7/12/2022
b
8,374,916
25,000,000
1.269%
(LIBOR
3M
+
0.280%),1/10/2023
b,d
24,994,051
4,530,000
0.384%
(SOFRRATE
+
0.220%),2/2/2023
b,d
4,524,723
Nieuw
Amsterdam
Receivables
Corporation
25,000,000
0.850% ,6/22/2022
b,c
24,962,050
Nordea
Bank
Abp/New
York
NY
25,000,000
0.440%
(SOFRRATE
+
0.160%),8/15/2022
d
24,989,361
25,000,000
0.510%
(LIBOR
3M
+
0.030%),8/19/2022
d
24,998,753
15,000,000
0.790%
(SOFRRATE
+
0.510%),11/23/2022
d
15,007,176
Old
Line
Funding,
LLC
25,000,000
1.150% ,7/29/2022
b,c
24,920,059
25,000,000
0.460%
(SOFRRATE
+
0.180%),8/29/2022
b,c,d
24,990,692
25,000,000
0.480%
(SOFRRATE
+
0.200%),9/2/2022
b,c,d
24,988,162
25,000,000
0.660%
(SOFRRATE
+
0.380%),10/24/2022
b,c,d
25,000,002
PNC
Bank
NA
8,445,000
1.725%
(LIBOR
3M
+
0.500%),7/27/2022
d
8,447,761
Pricoa
Short
Term
Funding,
LLC
25,000,000
0.270% ,5/16/2022
b
24,992,763
25,000,000
0.710% ,7/11/2022
b
24,944,591
25,000,000
1.450% ,8/23/2022
b
24,893,828
Realty
Income
Corporation
25,000,000
0.950% ,5/2/2022
24,998,827
20,000,000
0.800% ,5/5/2022
19,997,980
15,155,000
0.950% ,5/20/2022
15,147,645
Royal
Bank
of
Canada
15,000,000
0.511%
(LIBOR
3M
+
0.030%),5/20/2022
b,d
14,997,620
15,000,000
0.613%
(LIBOR
3M
+
0.030%),6/7/2022
d
14,995,574
25,000,000
0.530% ,6/16/2022
b
24,970,733
10,000,000
0.367%
(LIBOR
3M
+
0.050%),8/1/2022
b,d
10,002,570
25,000,000
0.460%
(SOFRRATE
+
0.180%),8/22/2022
b,d
24,989,070
25,000,000
0.530%
(SOFRRATE
+
0.250%),1/11/2023
d
24,966,909
30,190,000
1.404%
(LIBOR
3M
+
0.360%),1/17/2023
d
30,177,794
Skandinaviska
Enskilda
Banken
AB
19,150,000
0.900% ,6/28/2022
b
19,120,318
4,000,000
0.750% ,7/5/2022
b
3,992,645
28,469,000
1.448%
(LIBOR
3M
+
0.645%),12/12/2022
b,d
28,549,761
Sumitomo
Mitsui
Banking
10,000,000
1.060% ,7/21/2022
b
9,969,544
Principal
Amount
Financials
(48.5%)
a
Value
Sumitomo
Mitsui
Banking
Corp/
New
York
$
15,000,000
0.680%
(SOFRRATE
+
0.400%),10/26/2022
d
$
14,999,999
Sumitomo
Mitsui
Trust
Bank,
Ltd.
25,000,000
0.830% ,6/15/2022
b
24,971,017
Svenska
Handelsbanken
AB
6,572,000
1.250% ,8/12/2022
b
6,548,135
Svenska
Handelsbanken/New
York
NY
25,000,000
0.396%
(LIBOR
3M
+
0.030%),5/10/2022
d
24,998,436
5,200,000
1.166%
(LIBOR
3M
+
0.030%),7/22/2022
d
5,200,382
25,000,000
0.480%
(SOFRRATE
+
0.200%),8/23/2022
d
24,989,138
15,000,000
1.084%
(LIBOR
3M
+
0.040%),10/19/2022
d
14,996,679
25,000,000
0.630%
(SOFRRATE
+
0.350%),10/20/2022
d
24,996,619
15,000,000
0.520%
(SOFRRATE
+
0.240%),2/15/2023
d
14,978,410
Swedbank
AB/New
York
15,000,000
0.518%
(LIBOR
3M
+
0.030%),8/18/2022
d
14,998,650
15,000,000
0.833%
(LIBOR
3M
+
0.030%),9/13/2022
d
14,997,669
Thunder
Bay
Funding,
LLC
25,000,000
1.200% ,7/25/2022
b,c
24,926,171
25,000,000
1.270% ,8/26/2022
b,c
24,883,892
Toronto-Dominion
Bank
15,000,000
0.480%
(SOFRRATE
+
0.210%),6/3/2022
b,d
15,000,389
10,000,000
0.440%
(FEDL
1M
+
0.110%),8/12/2022
d
9,995,234
19,861,000
1.053%
(LIBOR
3M
+
0.530%),12/1/2022
d
19,885,239
Toronto-Dominion
Holdings
USA,
Inc.
15,000,000
0.500% ,6/9/2022
b
14,986,060
15,000,000
0.500% ,6/14/2022
b
14,983,421
15,000,000
0.520%
0,2/9/2023
d
14,977,322
15,000,000
0.780%
0,5/15/2023
d
14,999,989
Truist
Financial
Corporation
31,191,000
3.050% ,6/20/2022
31,214,415
UDR,
Inc.
5,000,000
0.900% ,5/2/2022
b,c
4,999,765
25,000,000
0.950% ,5/23/2022
b,c
24,985,200
25,000,000
0.980% ,5/24/2022
b,c
24,984,254
US
Bank
NA/Cincinnati
OH
5,000,000
1.043%
(LIBOR
3M
+
0.400%),12/9/2022
d
5,001,201
Victory
Receivables
Corporation
25,000,000
0.990% ,6/21/2022
b,c
24,962,827
25,000,000
0.990% ,6/22/2022
b,c
24,961,750
25,000,000
1.100% ,6/29/2022
b,c
24,953,911
Welltower,
Inc.
6,000,000
0.770% ,5/2/2022
b
5,999,718
15,000,000
0.937% ,5/16/2022
b
14,994,638
Westpac
Banking
Corporation
20,000,000
1.676%
(LIBOR
3M
+
0.710%),6/28/2022
d
20,011,648
7,135,000
2.500% ,6/28/2022
7,149,853
25,000,000
0.380% ,7/6/2022
b,c
24,951,172
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
39
Principal
Amount
Financials
(48.5%)
a
Value
$
13,900,000
1.330% ,8/8/2022
b,c
$
13,850,668
10,000,000
0.580%
(SOFRRATE
+
0.300%),9/1/2022
b,d
10,000,694
10,000,000
1.559%
(LIBOR
3M
+
0.570%),1/11/2023
d
10,026,115
26,046,000
1.411%
(LIBOR
3M
+
0.390%),1/13/2023
d
26,062,345
15,000,000
0.500%
(SOFRRATE
+
0.220%),1/27/2023
b,d
14,977,203
Westpac
Banking
Corporation/NY
10,000,000
0.410%
(SOFRRATE
+
0.130%),9/1/2022
d
9,994,798
15,000,000
0.470%
(SOFRRATE
+
0.190%),1/12/2023
d
14,975,772
Total
3,125,698,982
Principal
Amount
Foreign
(
3.3%
)
a
Value
Caisse
d'Amortissement
de
la
Dette
Sociale
25,000,000
0.320% ,5/9/2022
b
24,996,569
25,000,000
0.350% ,5/10/2022
b
24,996,066
50,000,000
0.620% ,5/23/2022
b
49,976,567
11,008,000
0.300% ,5/27/2022
b
11,001,596
25,000,000
0.780% ,6/13/2022
b
24,973,125
25,000,000
1.020% ,6/29/2022
b
24,959,672
25,000,000
1.125% ,7/21/2022
b
24,929,911
Caisse
des
Depots
et
Consignations
25,000,000
0.825% ,6/29/2022
b
24,957,088
Total
210,790,594
Principal
Amount
Technology
(
1.2%
)
a
Value
Apple,
Inc.
22,320,000
0.727%
(LIBOR
3M
+
0.350%),5/11/2022
d
22,319,999
Intel
Corporation
30,000,000
0.727%
(LIBOR
3M
+
0.350%),5/11/2022
d
30,001,146
QUALCOMM,
Inc.
25,170,000
1.969%
(LIBOR
3M
+
0.730%),1/30/2023
d
25,238,376
Total
77,559,521
Principal
Amount
Transportation
(
1.9%
)
a
Value
Canadian
Pacific
Railway
Company
20,000,000
0.800% ,5/3/2022
b
19,998,718
Ryder
System,
Inc.
25,000,000
0.850% ,5/4/2022
24,997,948
20,000,000
1.000% ,5/20/2022
19,990,293
10,000,000
1.000% ,5/23/2022
9,994,080
Union
Pacific
Corporation
20,000,000
0.900% ,5/6/2022
b
19,997,939
15,000,000
0.900% ,5/11/2022
b
14,996,820
15,000,000
0.900% ,5/12/2022
b
14,996,436
Total
124,972,234
Principal
Amount
U.S.
Government
&
Agencies
(
2.2%
)
a
Value
Federal
Farm
Credit
Bank
$
8,225,000
0.605%
(LIBOR
1M
+
0.080%),7/13/2022
d
$
8,226,397
16,200,000
0.509%
(LIBOR
1M
+
0.080%),9/6/2022
d
16,206,267
Federal
National
Mortgage
Association
25,000,000
0.470%
(SOFRRATE
+
0.190%),5/27/2022
d
25,003,588
U.S.
International
Development
Finance
Corporation
11,096,154
0.410%
(T-BILL
3M
+
FLAT),5/6/2022
d
11,096,154
21,200,000
0.830% ,12/14/2022
21,074,084
3,700,000
1.090% ,4/23/2023
3,709,514
3,777,777
0.400% ,5/15/2026
3,777,777
7,615,800
0.420%
(T-BILL
3M
+
FLAT),9/2/2031
d
7,615,800
12,713,676
0.350%
(T-BILL
3M
+
FLAT),3/15/2032
d
12,713,675
13,034,188
0.350%
(T-BILL
3M
+
FLAT),6/15/2032
d
13,034,188
U.S.
Treasury
Bills
25,000,000
0.190% ,6/30/2022
24,971,412
Total
147,428,856
Principal
Amount
U.S.
Municipals
(
2.1%
)
a
Value
Austin,
TX
7,872,000
0.270% ,5/2/2022
c
7,871,877
6,500,000
0.700% ,6/7/2022
c
6,500,136
California
State
25,000,000
0.400% ,5/3/2022
c
25,000,082
23,000,000
0.970% ,7/5/2022
c
22,997,028
Harris
County,
TX
6,900,000
0.450% ,5/3/2022
c
6,900,023
5,500,000
0.450% ,5/3/2022
c
5,500,018
Long
Island
Power
Auth.
10,750,000
0.280% ,5/24/2022
c
10,745,815
Massachusetts
Educational
Financing
Auth.
13,000,000
0.720% ,5/5/2022
c
13,000,173
19,500,000
0.770% ,6/1/2022
c
19,500,168
12,000,000
0.770% ,6/2/2022
c
12,000,107
Total
130,015,427
Principal
Amount
Utilities
(
18.0%
)
a
Value
Ameren
Corporation
15,000,000
0.840% ,5/3/2022
14,999,038
25,000,000
0.850% ,5/6/2022
24,996,986
25,000,000
1.060% ,6/2/2022
24,975,752
American
Electric
Power
Company,
Inc.
25,000,000
1.240% ,5/9/2022
b
24,995,431
25,000,000
1.350% ,5/16/2022
b
24,991,063
25,000,000
1.350% ,5/17/2022
b
24,990,300
Dominion
Energy,
Inc.
25,000,000
0.910% ,5/12/2022
b
24,993,726
11,750,000
0.940% ,5/13/2022
b
11,746,765
Duke
Energy
Corporation
25,000,000
0.800% ,5/2/2022
b
24,998,869
25,000,000
0.800% ,5/3/2022
b
24,998,453
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
40
Principal
Amount
Utilities
(18.0%)
a
Value
$
25,000,000
0.800% ,5/4/2022
b
$
24,998,017
25,000,000
0.780% ,5/5/2022
b
24,997,558
Enbridge
US,
Inc.
25,000,000
1.090% ,5/2/2022
b,c
24,998,419
25,000,000
1.150% ,5/11/2022
b,c
24,992,942
25,000,000
0.972% ,5/12/2022
b,c
24,992,281
25,000,000
1.150% ,6/1/2022
24,973,531
25,000,000
1.100% ,6/3/2022
b,c
24,971,684
Entergy
Corporation
10,000,000
0.900% ,5/11/2022
b
9,997,743
5,300,000
0.950% ,5/19/2022
b
5,297,541
Eversource
Energy
25,000,000
0.950% ,5/4/2022
b
24,998,288
25,000,000
0.950% ,5/5/2022
b
24,997,871
25,000,000
0.900% ,5/11/2022
b
24,994,700
25,000,000
0.900% ,5/12/2022
b
24,994,060
Florida
Power
&
Light
Company
25,905,000
0.299%
(SOFRINDX
+
0.250%),5/10/2023
d
25,829,793
ITC
Holdings
Corporation
25,000,000
1.250% ,5/20/2022
b
24,987,867
25,000,000
1.450% ,6/23/2022
b
24,955,427
24,000,000
1.450% ,6/27/2022
b
23,953,075
Magellan
Midstream
Partners,
LP
20,000,000
0.950% ,5/11/2022
b
19,995,447
25,000,000
0.950% ,5/16/2022
b
24,991,063
20,000,000
0.950% ,5/20/2022
b
19,990,293
PPL
Capital
Funding,
Inc.
25,000,000
1.000% ,5/5/2022
b,c
24,997,475
Public
Service
Enterprise
Group,
Inc.
10,000,000
0.950% ,5/11/2022
b
9,997,723
10,000,000
0.950% ,5/12/2022
b
9,997,490
25,000,000
0.950% ,5/20/2022
b
24,987,867
Sempra
Energy
25,000,000
1.100% ,6/6/2022
b
24,971,790
Southern
Company
9,600,000
0.900% ,5/16/2022
b
9,596,568
25,000,000
0.900% ,5/18/2022
b
24,989,511
25,000,000
0.900% ,5/20/2022
b
24,987,867
Southern
Company
Gas
Capital
Corporation
25,000,000
0.820% ,5/9/2022
b,c
24,995,132
TransCanada
American
Investments,
Ltd.
15,000,000
0.950% ,5/16/2022
b
14,994,638
15,000,000
1.100% ,5/17/2022
b
14,994,180
25,000,000
1.280% ,6/2/2022
b
24,975,752
38,860,000
1.300% ,6/17/2022
b
38,800,390
11,500,000
1.390% ,6/21/2022
b
11,480,479
Virginia
Electric
&
Power
Company
25,000,000
0.850% ,5/10/2022
24,995,302
25,000,000
0.850% ,5/11/2022
24,994,700
25,000,000
0.920% ,5/16/2022
24,991,465
WEC
Energy
Group,
Inc.
17,502,000
0.800% ,5/3/2022
b
17,500,878
21,675,000
0.930% ,5/5/2022
b
21,672,811
25,000,000
0.950% ,5/16/2022
b
24,991,063
Xcel
Energy,
Inc.
15,000,000
0.750% ,5/6/2022
b
14,998,192
25,000,000
0.900% ,5/11/2022
b
24,994,308
Principal
Amount
Utilities
(18.0%)
a
Value
$
15,000,000
0.850% ,5/12/2022
b
$
14,996,235
Total
1,160,495,799
Total
Investments
(cost
$6,484,664,023)
100.6%
$6,482,806,408
Other
Assets
and
Liabilities,
Net
(0.6)%
(41,159,559)
Total
Net
Assets
100.0%
$6,441,646,849
a
The
interest
rate
shown
reflects
the
yield.
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
29,
2022,
the
value
of
these
investments
was
$4,376,420,552
or
67.9%
of
total
net
assets.
c
Denotes
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution
or
government.
d
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
29,
2022.
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.
Definitions:
Auth.
-
Authority
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
SOFRINDX
-
Secured
Overnight
Financing
Rate
Compounded
Index
SOFRRATE
-
Secured
Overnight
Financing
Rate
T-BILL
3M
-
U.
S.
Treasury
Bill
Rate
3
Month
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
$280,452
Gross
unrealized
depreciation
(2,138,067)
Net
unrealized
appreciation
(depreciation)
($1,857,615)
Cost
for
federal
income
tax
purposes
$6,484,664,023
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
41
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
29,
2022,
in
valuing
Short-Term
Reserve
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Asset-Backed
Securities
106,096,343
–
106,096,343
–
Basic
Materials
337,744,553
–
337,744,553
–
Capital
Goods
178,231,986
–
178,231,986
–
Communications
Services
124,907,314
–
124,907,314
–
Consumer
Cyclical
567,927,089
–
567,927,089
–
Consumer
Non-Cyclical
117,412,766
–
117,412,766
–
Energy
73,524,944
–
73,524,944
–
Financials
3,125,698,982
–
3,125,698,982
–
Foreign
210,790,594
–
210,790,594
–
Technology
77,559,521
–
77,559,521
–
Transportation
124,972,234
–
124,972,234
–
U.S.
Government
&
Agencies
147,428,856
–
147,428,856
–
U.S.
Municipals
130,015,427
–
130,015,427
–
Utilities
1,160,495,799
–
1,160,495,799
–
Total
Investments
at
Value
$6,482,806,408
$–
$6,482,806,408
$–
Small
Cap
Value
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
42
Shares
Common
Stock
(
97.7%
)
Value
Communications
Services
(0.4%)
43,154
Imax
Corporation
a
$
682,696
Total
682,696
Consumer
Discretionary
(11.4%)
57,992
Cedar
Fair,
LP
a
3,099,093
38,929
Everi
Holdings,
Inc.
a
675,807
25,249
Grand
Canyon
Education,
Inc.
a
2,423,147
11,466
Lear
Corporation
1,466,960
7,776
Papa
John's
International,
Inc.
708,005
32,279
Sleep
Number
Corporation
a
1,309,236
66,019
Tapestry,
Inc.
2,173,345
9,758
Texas
Roadhouse,
Inc.
803,376
9,662
Wyndham
Hotels
&
Resorts,
Inc.
849,870
106,961
Zumiez,
Inc.
a
3,917,981
Total
17,426,820
Consumer
Staples
(4.8%)
8,246
Casey's
General
Stores,
Inc.
1,659,920
47,526
Hain
Celestial
Group,
Inc.
a
1,594,022
36,056
Lamb
Weston
Holdings,
Inc.
2,383,301
114,742
Primo
Water
Corporation
1,679,823
Total
7,317,066
Energy
(7.0%)
95,426
Helmerich
&
Payne,
Inc.
4,392,459
138,264
Magnolia
Oil
&
Gas
Corporation
3,213,255
61,733
Matador
Resources
Company
3,013,805
Total
10,619,519
Financials
(23.5%)
36,589
Air
Lease
Corporation
1,473,805
55,868
Banner
Corporation
3,000,112
141,071
Berkshire
Hills
Bancorp,
Inc.
3,490,097
75,990
Columbia
Banking
System,
Inc.
2,133,799
114,643
Eastern
Bankshares,
Inc.
2,196,560
52,914
Equitable
Holdings,
Inc.
1,525,511
72,001
Federated
Hermes,
Inc.
2,050,588
215,784
First
Commonwealth
Financial
Corporation
2,908,768
13,943
Houlihan
Lokey,
Inc.
1,161,312
22,961
Independent
Bank
Group,
Inc.
1,556,756
199,649
Old
National
Bancorp
3,026,679
22,165
RLI
Corporation
2,544,099
27,431
Selective
Insurance
Group,
Inc.
2,259,217
83,842
Synovus
Financial
Corporation
3,482,797
35,173
Wintrust
Financial
Corporation
3,071,306
Total
35,881,406
Health
Care
(5.0%)
24,953
Acadia
Healthcare
Company,
Inc.
a
1,693,809
20,502
Halozyme
Therapeutics,
Inc.
a
818,030
22,057
Ionis
Pharmaceuticals,
Inc.
a
810,815
43,268
NuVasive,
Inc.
a
2,225,706
15,904
Progyny,
Inc.
a
611,509
20,186
Syneos
Health,
Inc.
a
1,475,395
Total
7,635,264
Industrials
(20.6%)
67,453
AAR
Corporation
a
3,168,942
20,992
Altra
Industrial
Motion
Corporation
818,688
40,689
Barnes
Group,
Inc.
1,366,337
15,118
Crane
Company
1,454,805
Shares
Common
Stock
(97.7%)
Value
Industrials
(20.6%)
-
continued
10,891
Curtiss-Wright
Corporation
$
1,556,433
93,255
Dun
&
Bradstreet
Holdings,
Inc.
a
1,472,496
12,533
Forward
Air
Corporation
1,215,325
79,343
Greenbrier
Companies,
Inc.
3,388,739
45,288
Kirby
Corporation
a
2,952,777
43,928
ManpowerGroup,
Inc.
3,962,306
8,428
RBC
Bearings,
Inc.
a
1,418,854
233,146
Resources
Connection,
Inc.
4,007,780
16,052
Rush
Enterprises,
Inc.
816,726
52,659
Summit
Materials,
Inc.
a
1,463,920
31,215
Sun
Country
Airlines
Holdings,
Inc.
a
858,725
12,549
WESCO
International,
Inc.
a
1,546,790
Total
31,469,643
Information
Technology
(7.2%)
26,976
Ciena
Corporation
a
1,488,266
75,973
Knowles
Corporation
a
1,407,020
3,274
Littelfuse,
Inc.
750,564
60,433
National
Instruments
Corporation
2,184,049
40,689
NCR
Corporation
a
1,425,336
29,717
TTEC
Holdings,
Inc.
2,193,412
110,289
TTM
Technologies,
Inc.
a
1,538,531
Total
10,987,178
Materials
(6.5%)
20,878
AptarGroup,
Inc.
2,397,421
16,604
Ashland
Global
Holdings,
Inc.
1,742,922
14,100
Berry
Plastics
Group,
Inc.
a
794,535
48,674
Carpenter
Technology
Corporation
1,858,373
26,037
Compass
Minerals
International,
Inc.
1,539,568
25,494
Ingevity
Corporation
a
1,527,091
Total
9,859,910
Real
Estate
(8.4%)
18,460
Agree
Realty
Corporation
1,253,803
119,591
Cushman
and
Wakefield
plc
a
2,140,679
44,610
Healthcare
Realty
Trust,
Inc.
1,208,039
35,747
Highwoods
Properties,
Inc.
1,459,907
30,914
Independence
Realty
Trust,
Inc.
842,716
26,053
National
Storage
Affiliates
Trust
1,474,600
133,600
Pebblebrook
Hotel
Trust
3,262,512
35,669
Phillips
Edison
and
Company,
Inc.
1,207,752
Total
12,850,008
Utilities
(2.9%)
20,253
NorthWestern
Corporation
1,148,143
44,450
Portland
General
Electric
Company
2,103,818
17,084
Spire,
Inc.
1,242,861
Total
4,494,822
Total
Common
Stock
(cost
$156,478,539)
149,224,332
Small
Cap
Value
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
43
Shares
Short-Term
Investments
(
4.5%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
688,593
0.830%
$
6,885,928
Total
Short-Term
Investments
(cost
$6,885,928)
6,885,928
Total
Investments
(cost
$163,364,467)
102.2%
$156,110,260
Other
Assets
and
Liabilities,
Net
(2.2%)
(3,304,878)
Total
Net
Assets
100.0%
$152,805,382
a
Non-income
producing
security.
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
$293,010
Gross
unrealized
depreciation
(7,547,217)
Net
unrealized
appreciation
(depreciation)
($7,254,207)
Cost
for
federal
income
tax
purposes
$163,364,467
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
29,
2022,
in
valuing
Small
Cap
Value
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
682,696
682,696
–
–
Consumer
Discretionary
17,426,820
17,426,820
–
–
Consumer
Staples
7,317,066
7,317,066
–
–
Energy
10,619,519
10,619,519
–
–
Financials
35,881,406
35,881,406
–
–
Health
Care
7,635,264
7,635,264
–
–
Industrials
31,469,643
31,469,643
–
–
Information
Technology
10,987,178
10,987,178
–
–
Materials
9,859,910
9,859,910
–
–
Real
Estate
12,850,008
12,850,008
–
–
Utilities
4,494,822
4,494,822
–
–
Subtotal
Investments
in
Securities
$149,224,332
$149,224,332
$–
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
6,885,928
Subtotal
Other
Investments
$6,885,928
Total
Investments
at
Value
$156,110,260
*
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.
Small
Cap
Value
Fund
Schedule
of
Investments
as
of
April
29,
2022
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
44
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
Small
Cap
Value
Fund,
is
as
follows:
Fund
Value
3/31/2022
Gross
Purchases
Gross
Sales
Value
4/29/2022
Shares
Held
at
4/29/2022
%
of
Net
Assets
4/29/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.830%
$—
$16,129
$9,243
$6,886
689
4.5%
Total
Affiliated
Short-Term
Investments
—
6,886
4.5
Total
Value
$—
$6,886
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
3/31/2022
-
4/29/2022
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.830%
$–
$–
$–
$2
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$2
Total
$–
$–
$–
Thrivent
Core
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
46
As
of
April
29,
2022
(unaudited)
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
International
Equity
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$
952,136,980
$
542,500,427
$
480,171,390
Investments
in
affiliated
securities
at
cost
$
42,820,122
$
9,573,842
$
11,345,668
Investments
in
unaffiliated
securities
at
value
(#)
818,014,617
512,091,754
505,546,407
Investments
in
affiliated
securities
at
value
42,820,122
9,573,842
11,345,668
Cash
82,250
1,871
227,449
Foreign
currency
—
375,401
(a)
1,011,461
(b)
Initial
margin
deposit
on
open
futures
contracts
—
1,774,652
363,246
Dividends
and
interest
receivable
11,772,343
1,553,889
4,299,188
Prepaid
expenses
541
461
461
Prepaid
trustee
fees
1,120
1,120
1,120
Receivable
for:
Variation
margin
on
open
future
contracts
—
108,575
—
Total
Assets
872,690,993
525,481,565
522,795,000
Liabilities
Accrued
expenses
34,774
226,125
77,167
Payable
for:
Return
of
collateral
for
securities
loaned
14,031,075
3,206,754
10,124,530
Foreign
capital
gain
tax
liability
—
657,359
—
Variation
margin
on
open
future
contracts
—
—
72,360
Administrative
service
fees
11,982
7,292
7,263
Director
deferred
compensation
1,241
520
1,241
Contingent
liabilities^
—
—
—
Total
Liabilities
14,079,072
4,098,050
10,282,561
Net
Assets
Capital
stock
(beneficial
interest)
1,030,638,653
562,170,990
501,359,079
Distributable
earnings/(accumulated
loss)
(
172,026,732
)
(
40,787,475
)
11,153,360
Total
Net
Assets
$
858,611,921
$
521,383,515
$
512,512,439
Shares
of
beneficial
interest
outstanding
105,767,257
56,446,687
54,451,985
Net
asset
value
per
share
$8.12
$9.24
$9.41
(#)
Includes
securities
on
loan
of
$
13,364,306
$
3,037,255
$
9,479,345
(a)
Foreign
currency
holdings,
(cost
$379,834).
(b)
Foreign
currency
holdings,
(cost
$1,026,239).
^
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.
47
As
of
April
29,
2022
(unaudited)
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
Small
Cap
Value
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$
901,085,914
$
6,484,664,023
$
156,478,539
Investments
in
affiliated
securities
at
cost
$
1,221,369
$
—
$
6,885,928
Investments
in
unaffiliated
securities
at
value
(#)
1,029,576,998
6,482,806,408
149,224,332
Investments
in
affiliated
securities
at
value
1,221,369
—
6,885,928
Cash
—
50,033,747
15,815,266
Dividends
and
interest
receivable
1,196,236
2,908,715
26,136
Prepaid
expenses
583
1,943
4,434
Prepaid
trustee
fees
1,120
1,120
1,120
Receivable
for:
Investments
sold
—
—
1,693,103
Expense
reimbursements
—
—
501
Total
Assets
1,031,996,306
6,535,751,933
173,650,820
Liabilities
Distributions
payable
—
4,173,277
—
Accrued
expenses
23,093
50,653
3,430
Payable
for:
Investments
purchased
—
89,878,917
20,841,177
Administrative
service
fees
14,670
—
831
Director
deferred
compensation
1,232
2,237
—
Contingent
liabilities^
—
—
—
Total
Liabilities
38,995
94,105,084
20,845,438
Net
Assets
Capital
stock
(beneficial
interest)
823,614,960
6,444,673,498
159,999,400
Distributable
earnings/(accumulated
loss)
208,342,351
(
3,026,649
)
(
7,194,018
)
Total
Net
Assets
$
1,031,957,311
$
6,441,646,849
$
152,805,382
Shares
of
beneficial
interest
outstanding
83,390,661
644,271,787
16,353,849
Net
asset
value
per
share
$12.37
$10.00
$9.34
(#)
Includes
securities
on
loan
of
$
—
$
—
$
—
^
Contingent
liabilities
accrual. Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Core
Funds
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
48
For
the
six
months
ended
April
29,
2022
(unaudited)
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
International
Equity
Fund
Investment
Income
Dividends
$
112,483
$
7,840,336
$
8,448,653
Interest
24,257,606
501
217
Affiliated
income
from
securities
loaned,
net
24,830
18,932
51,989
Income
from
affiliated
investments
42,610
9,613
2,017
Foreign
tax
withholding
—
(
833,720
)
(
1,000,892
)
Total
Investment
Income
24,437,529
7,035,662
7,501,984
Expenses
Administrative
service
fees
118,031
82,393
86,559
Audit
and
legal
fees
19,962
42,509
30,220
Custody
fees
50,873
388,130
114,739
Insurance
expenses
3,536
2,884
3,011
Printing
and
postage
expenses
2,888
4,323
3,828
SEC
and
state
registration
expenses
—
1,081
—
Transfer
agent
fees
6,250
6,250
6,250
Directors'
fees
3,893
3,902
3,893
Pricing
service
fees
12,454
23,003
20,722
Other
expenses
7,394
15,636
10,151
Total
Expenses
Before
Reimbursement
225,281
570,111
279,373
Less:
Total
Net
Expenses
225,281
570,111
279,373
Net
Investment
Income/(Loss)
24,212,248
6,465,551
7,222,611
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
(
22,329,252
)
(
4,473,792
)
(a)
28,421,348
Distributions
of
realized
capital
gains
from
affiliated
investments
6,585
806
1,437
Futures
contracts
—
(
4,574,876
)
(
993,528
)
Foreign
currency
transactions
—
(
436,263
)
(
315,463
)
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(
147,031,233
)
(
84,334,633
)
(
116,931,100
)
Futures
contracts
—
219,012
(
190,886
)
Foreign
currency
transactions
—
(
36,601
)
(
236,562
)
Foreign
capital
gain
tax
liability
—
777,877
—
Net
Realized
and
Unrealized
Gains/(Losses)
(
169,353,900
)
(
92,858,470
)
(
90,244,754
)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$
(
145,141,652
)
$
(
86,392,919
)
$
(
83,022,143
)
(a)
Includes
foreign
capital
gain
taxes
paid
of $566,379.
Thrivent
Core
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
49
For
the
six
months
ended
April
29,
2022
(unaudited)
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
Small
Cap
Value
Fund
(a)
Investment
Income
Dividends
$9,331,264
$—
$24,450
Interest
—
11,813,543
1,321
Affiliated
income
from
securities
loaned,
net
9
—
—
Income
from
affiliated
investments
2,345
—
1,686
Total
Investment
Income
9,333,618
11,813,543
27,457
Expenses
Administrative
service
fees
126,212
45,000
6,664
Amortization
of
offering
costs
—
—
369
Audit
and
legal
fees
20,468
28,626
4,817
Custody
fees
13,170
41,479
917
Insurance
expenses
3,479
11,289
377
Printing
and
postage
expenses
3,165
3,400
251
SEC
and
state
registration
expenses
812
1,214
—
Transfer
agent
fees
6,250
6,250
417
Directors'
fees
3,894
3,882
648
Pricing
service
fees
589
31,204
105
Other
expenses
6,967
6,789
594
Total
Expenses
Before
Reimbursement
185,006
179,133
15,159
Less:
Reimbursement
from
adviser
—
—
(501)
Total
Net
Expenses
185,006
179,133
14,658
Net
Investment
Income/(Loss)
9,148,612
11,634,410
12,799
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
76,879,105
(186,954)
47,390
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(119,483,138)
(1,769,051)
(7,254,207)
Foreign
currency
transactions
(1,528)
—
—
Net
Realized
and
Unrealized
Gains/(Losses)
(42,605,561)
(1,956,005)
(7,206,817)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$(33,456,949)
$9,678,405
$(7,194,018)
(a)
For
the
period
from
March
31,
2022
(commencement
date
of
operations
)
through
April
29,
2022.
Thrivent
Core
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
50
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
For
the
periods
ended
4/29/2022
(unaudited)
10/31/2021
4/29/2022
(unaudited)
10/31/2021
Operations
Net
investment
income/(loss)
$24,212,248
$47,974,402
$6,465,551
$13,265,387
Net
realized
gains/(losses)
(22,322,667)
21,993,129
(9,484,125)
38,640,217
Change
in
net
unrealized
appreciation/(depreciation)
(147,031,233)
(36,220,304)
(83,374,345)
26,430,498
Net
Change
in
Net
Assets
Resulting
From
Operations
(145,141,652)
33,747,227
(86,392,919)
78,336,102
Distributions
to
Shareholders
From
net
investment
income/net
realized
gains
(24,520,721)
(47,899,803)
(49,869,819)
(4,409,076)
Total
Distributions
to
Shareholders
(24,520,721)
(47,899,803)
(49,869,819)
(4,409,076)
Capital
Stock
Transactions
Sold
9,046,411
107,389,510
104,000,000
40,000,000
Distributions
reinvested
24,520,721
47,899,803
49,869,819
4,409,076
In-kind
contributions
–
–
–
–
Redeemed
(133,400,000)
(11,225,000)
(47,000,000)
(46,000,000)
Total
Capital
Stock
Transactions
(99,832,868)
144,064,313
106,869,819
(1,590,924)
Net
Increase/(Decrease)
in
Net
Assets
(269,495,241)
129,911,737
(29,392,919)
72,336,102
Net
Assets,
Beginning
of
Period
1,128,107,162
998,195,425
550,776,434
478,440,332
Net
Assets,
End
of
Period
$858,611,921
$1,128,107,162
$521,383,515
$550,776,434
Capital
Stock
Share
Transactions
Sold
952,420
10,845,208
9,212,412
3,683,241
Distributions
reinvested
2,735,802
4,816,445
4,589,026
373,967
In-kind
contributions
–
–
–
–
Redeemed
(14,135,440)
(1,149,895)
(3,919,933)
(3,674,748)
Total
Capital
Stock
Share
Transactions
(10,447,218)
14,511,758
9,881,505
382,460
(a)
For
the
period
from
March
31,
2022
(commencement
date
of
operations)
through
April
29,
2022.
Thrivent
Core
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
51
International
Equity
Fund
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
Small
Cap
Value
Fund
4/29/2022
(unaudited)
10/31/2021
4/29/2022
(unaudited)
10/31/2021
4/29/2022
(unaudited)
10/31/2021
4/29/2022
(unaudited)
(a)
$7,222,611
$17,644,265
$9,148,612
$21,663,270
$11,634,410
$9,785,688
$12,799
27,113,794
95,318,989
76,879,105
166,274,816
(186,954)
(542,325)
47,390
(117,358,548)
153,742,953
(119,484,666)
145,736,165
(1,769,051)
(647,261)
(7,254,207)
(83,022,143)
266,706,207
(33,456,949)
333,674,251
9,678,405
8,596,102
(7,194,018)
(27,365,817)
(19,950,771)
(172,294,759)
(32,373,378)
(11,634,410)
(9,785,688)
–
(27,365,817)
(19,950,771)
(172,294,759)
(32,373,378)
(11,634,410)
(9,785,688)
–
4,000,000
–
–
–
10,975,185,781
18,212,557,460
160,100,000
27,365,817
19,950,771
172,294,759
32,373,378
–
–
–
–
235,994,120
–
–
–
–
–
(201,451,148)
(448,700,000)
(92,000,000)
(572,000,000)
(11,069,762,194)
(16,395,605,721)
(100,600)
(170,085,331)
(192,755,109)
80,294,759
(539,626,622)
(94,576,413)
1,816,951,739
159,999,400
(280,473,291)
54,000,327
(125,456,949)
(238,325,749)
(96,532,418)
1,815,762,153
152,805,382
792,985,730
738,985,403
1,157,414,260
1,395,740,009
6,538,179,267
4,722,417,114
–
$512,512,439
$792,985,730
$1,031,957,311
$1,157,414,260
$6,441,646,849
$6,538,179,267
$152,805,382
345,126
–
–
–
1,097,518,578
1,821,255,746
16,363,849
2,517,554
2,025,459
13,127,212
2,583,208
–
–
–
–
25,243,607
–
–
–
–
–
(18,111,054)
(45,041,990)
(6,980,273)
(45,523,459)
(1,106,976,219)
(1,639,560,572)
(10,000)
(15,248,374)
(17,772,924)
6,146,939
(42,940,251)
(9,457,641)
181,695,174
16,353,849
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
29,
2022
(unaudited)
52
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
authorized
to
issue
an
unlimited
number
of
shares
of
beneficial
interest
with
a
par
value
(if
any)
as
the
Trust's
Board
of
Trustees
may
determine
from
time
to
time.
The
Trust
is
divided
into six separate
series,
each
with
its
own
investment
objective
and
policies
(each,
a
"Fund"
and,
collectively,
the
"Funds").
The six 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, Thrivent
Core
Short-Term
Reserve
Fund
and
Thrivent
Core
Small
Cap
Value
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.
Thrivent
Core
Small
Cap
Value
Fund
was
incepted
on February
28,
2022
and
commenced
operations
on
March
31,
2022.
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
as
of
the
close
or
regular
trading
on
such
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
(the
“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.
Exchange-listed
options
and
future
contracts
are
valued
at
the
primary
exchange
settle
price.
Exchange
cleared
swap
agreements
are
valued
at
the
clearinghouse
end
of
day
price.
Swap
agreements
not
cleared
on
exchanges
will
be
valued
at
the
mid-price
from
the
primary
approved
pricing
service.
Forward
foreign
currency
exchange
contracts
are
marked-to-market
based
upon
foreign
currency
exchange
rates
provided
by
the
pricing
service. 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
(the
“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
Adviser’s
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments. 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
local
close,
relevant
general
and
sector
indices,
currency
fluctuation,
prices
of
other
securities
(including
ADRs,
New
York
registered
shares,
and
ETFs),
and
futures,
as
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
29,
2022
(unaudited)
53
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 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,
and
certain
state
jurisdictions
as
well
as
certain
foreign
countries.
The Funds'
federal
income
tax
returns
are
subject
to
examination
for
a
period
of
three
years
after
the
filing
of
the
return
for
the
tax
period.
State
returns
may
be
subject
to
examination
for
an
additional
year
depending
on
the
jurisdiction.
The Funds
have
no
examinations
in
progress
and
none
are
expected
at
this
time.
As
of
April
29,
2022,
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.
Foreign
Income
Taxes
—
Funds
are
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
they
invest.
Withholding
taxes
on
foreign
dividends
have
been
provided
for
in
accordance
with
the
applicable
country’s
tax
rules
and
rates.
These
amounts
are
shown
as
foreign
tax
withholding
on
the
Statement
of
Operations.
The
Funds
pay
tax
on
foreign
capital
gains,
where
applicable.
Taxes
paid
on
foreign
capital
gains,
if
any,
are
included
in
the
net
realized
gains/(losses)
on
investments
on
the
Statement
of
Operations.
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
recorded
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-
backed
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.
In
addition,
the
Funds
may
claim
a
portion
of
the
payment
to
redeeming
shareholders
as
a
distribution
for
income
tax
purposes.
Derivative
Financial
Instruments
— Certain
Funds
may
invest
in
derivatives,
a
category
that
includes
options,
futures,
swaps,
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
29,
2022
(unaudited)
54
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.
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.
During
the six
months ended April
29,
2022,
Core
Emerging
Markets
Equity
and
Core
International
Equity used
equity
futures
to
manage
exposure
to
the
equities
market.
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
amounts
presented
in
the
table
below
are
offset
first
by
financial
instruments
that
have
the
right
to
offset
under
master
netting
or
similar
arrangements,
then
any
remaining
amount
is
reduced
by
cash
and
non-cash
collateral
received/pledged.
The
actual
amounts
of
collateral
may
be
greater
than
the
amounts
presented
in
the
table.
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
29,
2022
(unaudited)
55
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").
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
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
29,
2022,
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.
Contingent
Liabilities
—
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.
For
the six
months
ended
April
29,
2022,
no
contingent
liabilities
were
reported.
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 Small Cap
Value Fund
are
costs
incurred
by
the
Fund
in
order
to
establish
it
for
sale.
These
costs
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
14,031,075
–
14,031,075
13,364,306
–
–
666,769
(^)
Emerging
Markets
Equity
Securities
Lending
3,206,754
–
3,206,754
3,037,255
–
–
169,499
(^)
International
Equity
Securities
Lending
10,124,530
–
10,124,530
9,479,345
–
–
645,185
(^)
(**)
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.
Fund
Securities
on
Loan
Emerging
Markets
Debt
$
13,364,306
Emerging
Markets
Equity
3,037,255
International
Equity
9,479,345
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
29,
2022
(unaudited)
56
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
—
Reference
Rate
Reform
In
March
2020,
the
FASB
issued
Accounting
Standards
Update
("ASU")
No.
2020-04
Reference
Rate
Reform,
which
provides
optional
guidance
to
ease
the
potential
accounting
burden
associated
with
transitioning from
the
London
Interbank
Offered
Rate
("LIBOR")
and
other
reference
rates
expected
to
be
discontinued.
The
ASU
No.
2020-04
was
effective
immediately
upon
release
of
the
standard
on
March
12,
2020
and
can
be
applied
prospectively through December
31,
2022.
At
this
time,
management
is
evaluating
implications
of
these
changes
on
financial
statement
disclosures.
Management
is
also
currently
actively
working
with
other
financial
institutions
and
counterparties
to
modify
contracts
as
required
by
applicable
regulation
and
within
the
regulatory
deadline.
In-kind Contributions
— During November
2020, the
Thrivent
Core
International
Equity
Fund received an
in-kind
contribution
which
consisted
of
$235,994,120
in
securities.
As
a
result
of
the
in-kind
contribution,
Thrivent
Core
International
Equity
Fund issued
shares
at
the
net
asset
value
per
share
on
the
date
of
contribution. The
in-kind
amounts
and
shares issued
are
included
in
the
Capital
Stock
Transactions
of
the
Statement
of
Changes
in
Net
Assets
for
Thrivent
Core
International
Equity
Fund.
These
in-kind
transactions
were
conducted
at
market
value.
The
transactions
were
as
follows:
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
29,
2022,
the
Adviser
received
aggregate
fees
for
administrative
and
accounting
personnel
and
services
of $464,860
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
29,
2022,
Thrivent
Investor
Services
received
$31,667 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
$21,805 in
fees
from
the
Trust
during
the
six
months
ended
April
29,
2022. 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
Contributing
Fund/Portfolio
Contribution
Date
Shares
Issued
Net
Asset
Value
per
Share
In-kind
Amount
Balanced
Income Plus
Fund
11/17/2020
4,246,615
9.52
$40,427,772
Balanced
Income
Plus
Portfolio
11/20/2020
5,303,097
9.52
$50,485,480
Diversified
Income
Plus
Fund
11/13/2020
6,932,812
9.33
$64,683,133
Diversified
Income
Plus
Portfolio
11/10/2020
5,386,122
9.27
$49,929,355
Moderate
Allocation
Portfolio
11/6/2020
2,269,577
9.09
$20,630,460
Moderately
Aggressive
Allocation
Fund
11/5/2020
1,105,384
8.90
$9,837,920
Totals
25,243,607
$235,994,120
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
29,
2022
(unaudited)
57
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
29,
2022,
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
29,
2022,
the
tax-basis
balance
has
not
yet
been
determined.
At
October
31,
2021,
the
following
Funds
had
accumulated
net
realized
capital
loss
carryovers as
follows:
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
29,
2022,
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 six
months
ended April
29,
2022,
no
Funds
engaged
in
these
types
of
transactions.
(7)
RELATED
PARTY
TRANSACTIONS
As
of
April
29,
2022,
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
market
sector, or
due
to
impacts
from
domestic
or
global
events,
including the
spread
of
infectious
illness,
public
health
threats,
war,
terrorism,
natural
disasters or
similar
events.
As
of April
29,
2022,
the
following
Funds
had
portfolio
concentration
greater
than
25%
in
certain
sectors.
Fund
Capital
Loss
Carryover
Emerging
Markets
Debt
$
14,654,812
International
Equity
28,800,469
Short-Term
Reserve
1,000,558
In
thousands
Fund
Purchases
Sales/
Paydowns
Emerging
Markets
Debt
$115,304
$226,658
Emerging
Markets
Equity
283,537
228,404
International
Equity
246,490
438,442
Low
Volatility
Equity
393,875
476,621
Short-Term
Reserve
439,626
452,130
Small
Cap
Value
158,952
2,521
In
thousands
Fund
Purchases
Sales/
Paydowns
Short-Term
Reserve
$3,756
$721,994
Fund
Sector
%
of
Total
Net
Assets
Emerging
Markets
Debt
Foreign
Government
75.9%
Short-Term
Reserve
Financials
48.5%
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
29,
2022
(unaudited)
58
(10)
SIGNIFICANT
RISKS
Investing
in
the
Funds
involves
risks.
The
following
is
an
alphabetical
list
of
significant
risks
in
investing
in
the
Funds.
The
risks
applicable
to
each
Fund
are
listed
in
the
Portfolio
Perspectives
section
above.
China Risk
—
There
are
special
risks
associated
with
investments
in
China,
Hong
Kong
and
Taiwan
(including
Chinese
issuers
listed
on
Chinese
and
U.S.
securities
exchanges),
such
as
risks
relating
to
liquidity
constraints,
expropriation,
nationalization,
confiscatory
taxation
and
exchange
control
regulations
or
currency
blockage.
Rapid
fluctuations
in
currency
exchange
rates,
inflation
and/or
interest
rates
may
negatively
affect
the
economy
and
securities
markets
of
China.
In
addition,
there
may
be
significant
obstacles
to
obtaining
information
necessary
to
conduct
investigations
into
or
pursue
litigation
against
companies
located
in
or
operating
substantially
in
China,
and
shareholders
may
have
limited
legal
remedies
with
respect
to
such
investments.
A
reduction
in
spending
on
Chinese
products
and
services,
the
institution
of
additional
tariffs
or
other
trade
barriers
(or
the
threat
thereof),
including
as
a
result
of
trade
tensions
between
China
and
the
United
States,
or
a
downturn
in
any
of
the
economies
of
China’s
key
trading
partners
may
have
an
adverse
impact
on
the
Chinese
economy
and
negatively
impact
the
Fund’s
performance.
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
Funds
and
their
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
Funds’
ability
to
calculate
their
NAV,
corrupting
data
or
preventing
parties
from
sharing
information
necessary
for
the
Funds’
operation,
preventing
or
slowing
trades,
stopping
shareholders
from
making
transactions,
potentially
subjecting
the
Funds
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
Funds
may
invest,
which
could
result
in
material
adverse
consequences
for
such
issuers
and
may
cause
the
Funds’
investments
in
such
companies
to
lose
value.
While
the
Funds’
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
Funds
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
its
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Funds
or
their
shareholders.
Although
each
Fund
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
operation
risks
that
may
affect
a
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
a
Fund’s
shares
may
be
adversely
affected
by
the
occurrence
of
the
operational
errors
or
failures
or
technological
issues
or
other
similar
events
and
a
Fund
and
its
shareholders
may
bear
costs
tied
to
these
risks.
Derivatives
Risk
—
The
use
of
derivatives
(such
as
futures,
options,
credit
default
swaps,
and
total
return
swaps)
involves
additional
risks
and
transaction
costs
which
could
leave
a
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
Changes
in
the
value
of
the
derivative
may
not
correlate
as
intended
with
the
underlying
asset,
rate
or
index,
and
a
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
risks
and
volatility
of
investing
in
foreign
securities
is
increased
in
connection
with
investments
in
emerging
markets.
The
economic,
political
and
market
structures
of
developing
countries
in
emerging
markets,
in
most
cases,
are
not
as
strong
as
the
structures
in
the
U.S.
or
other
developed
countries
in
terms
of
wealth,
stability,
liquidity
and
transparency.
A
Fund
may
not
achieve
its
investment
objective
and
portfolio
performance
will
likely
be
negatively
affected
by
portfolio
exposure
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
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
29,
2022
(unaudited)
59
interventionist
government
policies,
and
the
risks
of
such
events
are
heightened
within
emerging
market
countries.
Fund
performance
may
also
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in,
or
with
revenue
exposures
to,
countries
with
less
developed
or
unreliable
legal,
tax,
regulatory,
accounting,
recordkeeping
and
corporate
governance
systems
and
standards.
In
particular,
there
may
be
less
publicly
available
and
transparent
information
about
issuers
in
emerging
markets
than
would
be
available
about
issuers
in
more
developed
capital
markets
because
such
issuers
may
not
be
subject
to
accounting,
auditing
and
financial
reporting
standards
and
requirements
comparable
to
those
to
which
U.S.
companies
are
subject.
Emerging
markets
may
also
have
differing
legal
systems,
many
of
which
provide
fewer
security
holder
rights
and
practical
remedies
to
pursue
claims
than
are
available
for
securities
of
companies
in
the
U.S.
or
other
developed
countries,
including
class
actions
or
fraud
claims.
Significant
buying
or
selling
actions
by
a
few
major
investors
may
also
heighten
the
volatility
of
emerging
market
securities.
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,
geographic
region,
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
particular
country
or
geographic
region
or
one
or
more
related
sectors
or
industries
which
would
make
the
Fund
more
vulnerable
to
adverse
developments
affecting
such
countries,
geographic
regions,
sectors
or
industries.
Equity
securities
are
generally
more
volatile
than
most
debt
securities.
Financial
Sector
Risk
—
To
the
extent
that
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
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.
Certain
events
in
foreign
markets
may
adversely
affect
foreign
and
domestic
issuers,
including
interruptions
in
the
global
supply
chain,
market
closures,
war,
terrorism,
natural
disasters
and
outbreak
of
infectious
diseases.
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,
which
may
be
negatively
impacted
by
rising
levels
of
indebtedness.
It
is
possible
that
issuers
of
U.S.
government
securities
will
not
have
the
funds
to
meet
their
payment
obligations
in
the
future.
Health
Crisis
Risk
—
The
global
pandemic
outbreak
of
COVID-19
has
resulted
in
substantial
market
volatility
and
global
business
disruption.
The
ongoing
COVID-19
outbreak
and
future
pandemics
could
affect
the
global
economy
and
markets
in
ways
that
cannot
be
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
29,
2022
(unaudited)
60
foreseen
and
may
exacerbate
other
types
of
risks.
The
full
impact
of
the
COVID-19
pandemic
cannot
accurately
be
predicted
and
may
negatively
impact
the
value
of
the
Fund’s
investments.
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.
During
periods
of
low
interest
rates,
the
Fund
may
be
subject
to
a
greater
risk
or
rising
interest
rates.
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.
The
Fund’s
incorporation
of
ESG
considerations
in
the
investment
process
may
exclude
securities
of
certain
issuers
for
non-investment
reasons
and
therefore
the
Fund
may
forgo
some
market
opportunities
available
to
funds
that
do
not
screen
for
ESG
attributes.
The
assessment
of
potential
Fund
investments
and
ESG
considerations
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
There
is
also
no
guarantee
that
the
Adviser
will
be
able
to
effectively
implement
the
Fund’s
investment
objective.
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
Fund
may
be
exposed
to
financial
instruments
that
are
tied
to
LIBOR
(London
Interbank
Offered
Rate)
to
determine
payment
obligations,
financing
terms
or
investment
value.
Such
financial
instruments
may
include
bank
loans,
derivatives,
floating
rate
securities,
certain
asset
backed
securities,
and
other
assets
or
liabilities
tied
to
LIBOR.
In
2017,
the
head
of
the
U.K.
Financial
Conduct
Authority
announced
a
desire
to
phase
out
the
use
of
LIBOR
by
the
end
of
2021.
As
a
result,
market
participants
have
begun
transitioning
away
from
LIBOR,
but
certain
obstacles
remain
with
regard
to
converting
certain
securities
and
transactions
to
a
new
benchmark
or
benchmarks.
Although
many
LIBOR
rates
were
phased
out
at
the
end
of
2021
as
originally
intended,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
until
June
2023
in
order
to
assist
with
the
transition.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate,
and
any
potential
effects
of
the
transition
away
from
LIBOR
on
the
Fund
or
its
investments
are
not
known.
Any
additional
regulatory
or
market
changes
that
occur
as
a
result
of
the
transition
away
from
LIBOR
and
the
adoption
of
alternative
reference
rates
may
have
an
adverse
impact
on
the
value
of
the
Fund's
investments,
performance
or
financial
condition,
and
might
lead
to
increased
volatility
and
illiquidity
in
markets
that
currently
rely
on
LIBOR
to
determine
interest
rates.
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.
To
the
extent
that
dealers
do
not
maintain
inventories
of
bonds
that
keep
pace
with
the
growth
of
the
bond
markets
over
time,
relatively
low
levels
of
dealer
inventories
could
lead
to
decreased
liquidity
and
increased
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.
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
the
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
market
sector,
or
due
to
impacts
from
domestic
or
global
events,
including
the
spread
of
infectious
illness,
public
health
threats,
war,
terrorism,
natural
disasters
or
similar
events.
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
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
29,
2022
(unaudited)
61
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.
Mortgage-backed
securities
are
also
subject
to
extension
risk,
which
is
the
risk
that
when
interest
rates
rise,
certain
mortgage-backed
securities
will
be
paid
in
full
by
the
issuer
more
slowly
than
anticipated.
This
can
cause
the
market
value
of
the
security
to
fall
because
the
market
may
view
its
interest
rate
as
low
for
a
longer-term
investment.
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
—
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.
Among
other
risks,
results
generated
by
such
models
may
be
impaired
by
errors
in
human
judgment,
data
imprecision,
software
or
other
technology
systems
malfunctions,
or
programming
flaws.
Such
models
may
not
perform
as
expected
or
may
underperform
in
periods
of
market
volatility.
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.
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
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
29,
2022
(unaudited)
62
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.
Technology-Oriented
Companies
Risk
—
Common
stocks
of
companies
that
rely
extensively
on
technology,
science
or
communications
in
their
product
development
or
operations
may
be
more
volatile
than
the
overall
stock
market
and
may
or
may
not
move
in
tandem
with
the
overall
stock
market.
Technology,
science
and
communications
are
rapidly
changing
fields,
and
stocks
of
these
companies,
especially
of
smaller
or
unseasoned
companies,
may
be
subject
to
more
abrupt
or
erratic
market
movements
than
the
stock
market
in
general.
There
are
significant
competitive
pressures
among
technology-oriented
companies
and
the
products
or
operations
of
such
companies
may
become
obsolete
quickly.
In
addition,
these
companies
may
have
limited
product
lines,
markets
or
financial
resources
and
the
management
of
such
companies
may
be
more
dependent
upon
one
or
a
few
key
people.
Value
Investing
Risk
—
Value
style
investing
includes
the
risk
that
stocks
of
undervalued
companies
may
not
rise
as
quickly
as
anticipated
if
the
market
doesn’t
recognize
their
intrinsic
value
or
if
value
stocks
are
out
of
favor.
Thrivent
Core
Funds
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
64
Per
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
4/29/2022
(unaudited)
$
9.71
$
0.23
$
(1.59)
$
(1.36)
$
(0.23)
$
–
Year
Ended
10/31/2021
9.81
0.43
(0.10)
0.33
(0.43)
–
Year
Ended
10/31/2020
9.83
0.45
(0.02)
0.43
(0.45)
–
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
Period
Ended
4/29/2022
(unaudited)
11.83
0.08
(1.64)
(1.56)
(0.24)
(0.79)
Year
Ended
10/31/2021
10.36
0.28
1.28
1.56
(0.09)
–
Year
Ended
10/31/2020
(d)
10.00
0.08
0.28
0.36
–
–
INTERNATIONAL
EQUITY
FUND
Period
Ended
4/29/2022
(unaudited)
11.38
0.24
(1.68)
(1.44)
(0.53)
–
Year
Ended
10/31/2021
8.45
0.24
2.92
3.16
(0.23)
–
Year
Ended
10/31/2020
9.68
0.22
(1.07)
(0.85)
(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
4/29/2022
(unaudited)
14.98
0.10
(0.49)
(0.39)
(0.18)
(2.04)
Year
Ended
10/31/2021
11.61
0.26
3.39
3.65
(0.23)
(0.05)
Year
Ended
10/31/2020
12.10
0.23
(0.10)
0.13
(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
4/29/2022
(unaudited)
10.00
0.02
0.00
0.02
(0.02)
–
Year
Ended
10/31/2021
10.00
0.02
0.00
0.02
(0.02)
–
Year
Ended
10/31/2020
10.00
0.12
0.00
0.12
(0.12)
(
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)
–
SMALL
CAP
VALUE
FUND
Year
Ended
4/29/2022
(unaudited)
(g)
10.00
0.00
(0.66)
(0.66)
–
–
(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
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
commencement
date
of
operations,
February
3,
2020.
(e)
Since
inception,
November
14,
2017.
(f)
Since
inception,
February
28,
2018.
(g)
Since
commencement
date
of
operations,
March
31,
2022.
*
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.
65
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
$
(0.23)
$
8.12
(14.21)%
$
858.6
0.05%
4.96%
0.05%
4.96%
12%
(0.43)
9.71
3.38%
1,128.1
0.04%
4.35%
0.04%
4.35%
55%
(0.45)
9.81
4.49%
998.2
0.04%
4.61%
0.04%
4.61%
36%
(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%
(1.03)
9.24
(14.40)%
521.4
0.20%
2.32%
0.20%
2.32%
41%
(0.09)
11.83
15.05%
550.8
0.19%
2.27%
0.19%
2.27%
93%
–
10.36
3.60%
478.4
0.34%
2.35%
0.34%
2.35%
59%
(0.53)
9.41
(13.30)%
512.5
0.09%
2.38%
0.09%
2.38%
40%
(0.23)
11.38
37.77%
793.0
0.08%
2.19%
0.08%
2.19%
102%
(0.38)
8.45
(9.32)%
739.0
0.06%
2.50%
0.06%
2.50%
71%
(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%
(2.22)
12.37
(3.29)%
1,032.0
0.03%
1.71%
0.03%
1.71%
36%
(0.28)
14.98
31.84%
1,157.4
0.03%
1.78%
0.03%
1.78%
80%
(0.62)
11.61
0.98%
1,395.7
0.04%
2.02%
0.04%
2.02%
71%
(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%
(0.02)
10.00
0.17%
6,441.6
0.01%
0.34%
0.01%
0.34%
47%
(0.02)
10.00
0.17%
6,538.2
0.01%
0.17%
0.01%
0.17%
91%
(0.12)
10.00
1.23%
4,722.4
0.01%
1.26%
0.01%
1.26%
162%
(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%
–
9.34
(6.60)%
152.8
0.30%
0.26%
0.31%
0.25%
3%
66
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.
The
Trust
files
a
report
of
how
it
voted
proxies
related
to
portfolio
securities
on
Form
N-PX
with
the
SEC.
You
may
request
a
free
copy
of
the
Statement
of
Additional
Information
or
the
report
of
how
the
Trust
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
by
calling
800-847-4836.
You
may
also
review
the
Statement
of
Additional
Information
or
the
report
of
how
the
Trust
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
at
SEC.gov.
Quarterly
Schedule
of
Portfolio
Holdings
The
Trust
files
its
Schedule
of
Investments
on
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.
The
Trust’s
most
recent
Schedule
of
Investments
can
be
found
at
SEC.gov.
Liquidity
Risk
Management
Program
Pursuant
to
Rule
22e-4
under
the
1940
Act,
the
Funds
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
February
22-23,
2022,
the
LRM
Committee,
on
behalf
of
the
Program
Administrator,
provided
the
Report
to
the
Board
for
the
period
from
January
1,
2021
through
December
31,
2021
(the
“Reporting
Period”).
The
Report
summarized
the
operation
of
the
Liquidity
Program
and
the
information
and
factors
considered
by
the
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
during
normal
and
stressed
periods
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
were
no
material
changes
to
the
Liquidity
Program
during
the
Reporting
Period.
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).
There
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.
67
Additional
Information
(unaudited)
Board
Approval
of
Advisory
Agreement
Section
15(c)
of
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
a
fund’s
investment
advisory
agreement
be
approved
initially
by
the
fund’s
board
of
trustees.
Section
15(c)
also
requires
that
the
continuation
of
such
an
agreement,
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
a
meeting
of
the
board
called
for
the
purpose
of
voting
on
such
approval.
At
its
meeting
on
November
8-10,
2021,
(the
“Meeting”),
the
Board
of
Trustees
(the
“Board”)
of
the
Thrivent
Core
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
Trust
was
designed
to
provide
shareholders
of
other
Thrivent
funds
with
certain
benefits,
including
a
reduction
of
operational
complexities
associated
with
investing
in
various
asset
classes.
The
series
of
the
Trust
are
only
available
to
other
funds
and
accounts
managed
by
the
Adviser
or
its
affiliates.
In
connection
with
its
evaluation
of
the
agreement
with
the
Adviser,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose
and
considered
a
variety
of
factors,
including
the
purpose
of
the
Trust
and
the
Funds
in
relation
to
other
Thrivent
funds,
as
well
as
the
following:
1.
The
nature,
extent,
and
quality
of
the
services
provided
by
the
Adviser;
2.
The
performance
of
each
Fund;
3.
The
net
operating
expense
ratio
of
each
Fund
compared
to
a
peer
group;
4.
The
cost
of
services
provided
and
profit
realized
by
the
Adviser;
5.
Other
benefits
realized
by
the
Adviser
and
its
affiliates
from
their
relationship
with
the
Trust;
and
6.
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
17
to
November
9,
2021
to
consider
information
relevant
to
the
annual
contract
renewal
process
furnished
by
the
Adviser
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
non-advisory
fees
and
net
operating
expenses
of
each
of
the
Funds
in
comparison
to
peer
groups
of
comparable
funds;
performance
in
comparison
to
benchmarks;
information
with
respect
to
services
provided
to
the
Funds
and
fees
charged;
asset
and
flow
trends
for
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
annual
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
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
Agreement
for
the
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
68
Additional
Information
(unaudited)
At
each
of
the
Board’s
regular
quarterly
meetings,
management
presented
information
describing
the
services
furnished
to
the
Funds
by
the
Adviser,
transfer
agent
and
administrator.
During
these
meetings,
management
reported
on
the
investment
management,
portfolio
trading
and
compliance
services
provided
to
the
Funds.
During
the
annual
contract
renewal
process,
the
Board
considered
the
specific
services
provided
under
the
Advisory
Agreement.
The
Board
considered
information
relating
to
the
investment
experience
and
qualifications
of
the
Adviser’s
portfolio
managers
overseeing
investments
for
the
Funds.
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
Independent
Trustees
also
met,
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
adequacy
of
the
Adviser’s
resources
used
to
provide
services
to
the
Trust
pursuant
to
the
Advisory
Agreement.
The
Adviser
reviewed
with
the
Board
the
Adviser’s
process
for
overseeing
the
portfolio
management
teams
of
each
Fund.
In
addition,
the
Adviser
reviewed
with
the
Board
the
Adviser’s
continued
investments
in
technology
and
personnel,
including
hiring
additional
personnel
in
the
research,
analysis
and
trading
areas.
The
Adviser
discussed
with
the
Board
steps
taken
to
continue
to
strengthen
its
compliance
program.
The
Adviser
discussed
with
the
Board
the
operations
of
the
Adviser
and
other
service
providers
to
the
Funds
during
the
COVID-19
pandemic,
including
effectiveness
during
the
continuation
of
the
remote
working
environment
and
responses
to
volatile
market
conditions.
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
supported
renewal
of
the
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.
The
Board
received
information
on
net
performance,
relative
performance
rankings
within
each
Fund’s
Lipper
peer
group
(except
for
Thrivent
Core
Short-Term
Reserve
Fund)
and
comparisons
to
benchmark
index
returns.
At
each
quarterly
Board
meeting,
members
of
the
Adviser’s
senior
investment
team
reviewed
with
the
Board
information
on
the
economic
and
market
environment
and
risk
management.
The
Board
considered
investment
performance
for
each
Fund.
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
only
the
Thrivent
Core
Short-Term
Reserve
Fund
had
a
five-year
performance
history
and
noted
that
the
Fund’s
performance
was
in
line
with
or
higher
than
its
benchmark
index,
the
Bloomberg
Barclays
Short-Term
Government/Corporate
Index
3-6
Months,
for
the
three-
and
five-year
periods
and
lower
than
the
benchmark
index
for
the
one-year
period.
The
Board
noted
that
three
of
the
other
four
Funds
benchmarked
against
Lipper
categories
have
been
ranked
in
the
4th
quartile
for
either
the
one-
or
three-year
performance
periods.
The
Board
noted
the
relatively
short
operational
history
of
the
Funds
and
considered
whether
each
Fund
has
operated
within
its
investment
objective.
Advisory
Fees
and
Fund
Expenses
The
Board
noted
that
the
Adviser
does
not
charge
an
advisory
fee
to
the
Funds.
The
Board
reviewed
information
provided
by
the
Adviser
regarding
custodial,
administrative,
transfer
agent
and
other
non-advisory
fees
and
expenses.
Because
the
Adviser
does
not
charge
an
advisory
fee
to
the
Funds,
the
Board
did
not
consider
whether
economies
of
scale
would
be
realized
as
the
Funds
grow
and
whether
fee
levels
reflect
economies
of
scale
for
the
benefit
of
Fund
shareholders.
The
Board
did
consider
those
factors
for
other
Thrivent
funds
with
advisory
fees.
On
the
basis
of
its
review,
the
Board
concluded
that
continuing
to
not
charge
an
advisory
fee
to
the
Funds
for
investment
management
services
was
reasonable.
Cost
of
Services
and
Profitability
The
Board
considered
the
profitability
of
the
Adviser
both
overall
and
on
a
fund-by-fund
basis.
The
Board
considered
the
level
of
the
Adviser’s
profits
with
respect
to
all
the
Thrivent
funds,
including
the
Funds.
The
Board
considered
that
the
Adviser
makes
no
profit
under
the
Advisory
Agreement
and
concluded
that
the
Adviser’s
profitability
on
other
fees
was
not
excessive
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Funds.
69
Additional
Information
(unaudited)
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,
and
the
engagement
of
affiliates
as
service
providers
to
the
Funds.
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
soft
dollar
commissions
for
portfolio
trading.
Based
on
the
factors
discussed
above,
the
Contracts
Committee
unanimously
recommended
approval
of
the
Advisory
Agreement,
and
the
Board,
including
all
of
the
Independent
Trustees
voting
separately,
approved
the
Advisory
Agreement.
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.