United States
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: October 31, 2023
Item 1. Report to Stockholders
(a) A copy of the registrant’s report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “Act”), as amended, is provided.
(b) Not applicable.
Item 2. Code of Ethics
As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. No waivers were granted to such code of ethics during the period covered by this report. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
Registrant’s Board of Trustees has determined that Robert J. Chersi, an independent trustee, is the Audit Committee Financial Expert.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees
The aggregate fees billed by registrant’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for each of the last two fiscal years for professional services rendered in connection with the audit of registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $127,530 for the year ended October 31, 2022 and $156,500 for the year ended October 31, 2023.
(b)
Audit-Related Fees
The aggregate fees PwC billed to registrant for each of the last two fiscal years for assurance and other services that are reasonably related to the performance of registrant’s audit and are not reported under Item 4(a) were $0 for the year ended October 31, 2022 and $0 for the year ended October 31, 2023. The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for assurance and other services directly related to the operations and financial reporting of registrant were $0 for the year ended October 31, 2022 and $0 for the year ended October 31, 2023.
(c)
Tax Fees
The aggregate tax fees PwC billed to registrant for each of the last two fiscal years for tax compliance, tax advice and tax planning services were $40,015 for the year ended October 31, 2022 and $49,990 for the year ended October 31, 2023. These fees include payments for tax return compliance services, excise distribution review services and other tax related matters. The aggregate tax fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for services directly related to the operations and financial reporting of registrant were $0 for the year ended October 31, 2022 and $0 for the year ended October 31, 2023.
(d)
All Other Fees
The aggregate fees PwC billed to registrant for each of the last two fiscal years for products and services provided, other than the services reported in paragraphs (a) through (c) of this item, were $0 for the years ended October 31, 2022 and October 31, 2023. The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for products and services provided, other than the services reported in paragraphs (a) through (c) of this item, were $4,150 for the year ended October 31, 2022 and $0 for the year ended October 31, 2023. The 2022 payments were for access to a PwC-sponsored online library and disclosure checklist that provides interpretive guidance regarding U.S. and foreign accounting standards. These figures are also reported in response to item 4(g) below.
(e)
Registrant’s audit committee charter provides that the audit committee (comprised of the independent Trustees of registrant) is responsible for pre-approval of all auditing services performed for the registrant. The audit committee also is responsible for pre-approval (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or an affiliate of registrant. In addition, registrant’s audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at the next committee meeting. Registrant’s audit committee pre-approved all fees described above that PwC billed to registrant.
(f)
Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended October 31, 2023 were for work performed by persons other than full-time permanent employees of PwC.
(g)
The aggregate non-audit fees billed by PwC to registrant and to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal years ending October 31, 2022 and October 31, 2023 were $4,150 and $0 respectively. These figures are also reported in response to item 4(d) above.
(h)
Registrant’s audit committee has considered the non-audit services provided to the registrant and registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser as described above and determined that these services do not compromise PwC’s independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a)
Registrant’s Schedule of Investments is included in the report to shareholders filed under Item 1.
(b)
Not applicable to this filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures
(a)
Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b)
There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that 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: See EX-99.CODE attached hereto.
(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: December 28, 2023
Thrivent Core Funds
By: /s/ Michael W. Kremenak
Michael W. Kremenak
President
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: December 28, 2023
By: /s/ Michael W. Kremenak
Michael W. Kremenak
President
(principal executive officer)
Date: December 28, 2023
By: /s/ Sarah L. Bergstrom
Sarah L. Bergstrom
Treasurer and Principal Accounting Officer
(principal financial officer)
Annual
Report
October
31,
2023
Thrivent
Core
Funds
Table
of
Contents
Portfolio
Perspectives
Thrivent
Core
Emerging
Markets
Debt
Fund
2
Thrivent
Core
Emerging
Markets
Equity
Fund
4
Thrivent
Core
International
Equity
Fund
6
Thrivent
Core
Low
Volatility
Equity
Fund
8
Thrivent
Core
Mid
Cap
Value
Fund
10
Thrivent
Core
Short-Term
Reserve
Fund
12
Thrivent
Core
Small
Cap
Value
Fund
14
Shareholder
Expense
Example
16
Report
of
Independent
Registered
Public
Accounting
Firm
17
Schedule
of
Investments
Thrivent
Core
Emerging
Markets
Debt
Fund
19
Thrivent
Core
Emerging
Markets
Equity
Fund
26
Thrivent
Core
International
Equity
Fund
35
Thrivent
Core
Low
Volatility
Equity
Fund
43
Thrivent
Core
Mid
Cap
Value
Fund
47
Thrivent
Core
Short-Term
Reserve
Fund
49
Thrivent
Core
Small
Cap
Value
Fund
54
Statement
of
Assets
and
Liabilities
56
Statement
of
Operations
58
Statement
of
Changes
in
Net
Assets
60
Notes
to
Financial
Statements
63
Financial
Highlights
74
Additional
Information
76
Board
of
Trustees
and
Officers
77
Thrivent
Core
Emerging
Markets
Debt
Fund
2
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
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, derivatives,
high
yield,
interest
rate,
investment
adviser,
issuer,
liquidity,
market,
and
non-diversified risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the
12-month
period
ended
October
31,
2023?
Thrivent
Core
Emerging
Markets
Debt
Fund
earned
a
return
of
9.08%,
compared
with
its
market
benchmark,
the
JP
Morgan
EMBI
Global
Diversified
Index,
which
earned
a
return
of
8.36%.
What
factors
affected
the
Fund’s
performance?
During
the
period,
the
emerging
market
(EM)
debt
sector
enjoyed
a
healthy
rebound
from
2022’s
dramatic
sell
off,
driven
by
spread
compression
that
offset
the
continued
headwind
of
higher
U.S.
Treasury
yields
and
six
additional
rate
hikes
by
the
U.S.
Federal
Reserve
(Fed).
Spreads
in
the
EM
debt
sector
tightened
back
in
by
106
basis
points
to
end
the
period
at
436
basis
points
over
Treasuries.
Much
of
the
EM
debt
sector’s
favorable
performance
resulted
from
various
factors
including
signs
of
improvement
from
idiosyncratic
distressed
stories
like
El
Salvador
and
Ukraine;
progress
in
economic
reforms
from
countries
that
have
lagged
such
as
Mozambique,
Nigeria,
and
Brazil;
and
the
anticipation
of
better-than-expected
recoveries
from
defaulted
countries,
including
Ghana,
Zambia,
and
Sri
Lanka.
Most
of
the
larger,
investment-grade-rated
EM
countries
underperformed
because
of
interest
rate
headwinds.
During
the
period,
the
Fund
outperformed
its
benchmark
mainly
because
of
its
overweighted
positions
in
the
Dominican
Republic,
Mozambique,
El
Salvador,
Nigeria,
and
Ivory
Coast,
along
with
its
corresponding
underweightings
in
rate-sensitive
countries
such
as
the
Philippines,
Poland,
China,
and
Indonesia.
However,
the
Fund’s
underweighted
positions
in
distressed
countries
that
experienced
speculative
rallies,
including
Sri
Lanka
and
Zambia,
detracted
from
performance.
What
is
your
outlook?
Going
forward,
elevated
and
volatile
U.S.
Treasury
rates
are
creating
a
challenging
global
backdrop.
However,
we
see
indications
that
the
Fed’s
longer-than-expected
rate
hiking
cycle
is
at
an
end,
which
should
help
stabilize
Treasury
yields
and
support
riskier
asset
classes
like
EM
debt.
However,
EM
countries
face
other
challenges
including
a
large
overhang
of
sovereign
debt
and
less
accessible
international
capital
markets.
Our
current
outlook
for
EM
debt
is
neutral
in
part
because
spreads
versus
Treasuries
are
very
close
to
their
one-
and
two-
year
averages.
We
believe
outside
risks
will
be
the
largest
drivers
of
near-term
returns
in
the
sector,
while
debt
sustainability
will
be
a
more
important
medium-term
performance
issue.
A
key
question
for
the
EM
segment
will
be
how
the
various
economies
adjust
to
the
new
normal
of
higher
rates
and
less
accessible
international
capital
markets.
The
International
Monetary
Fund
(IMF)
and
other
international
financial
institutions
will
remain
important
for
EM
funding.
However,
the
emphasis
is
shifting
toward
larger
adjustments
as
concessional
IMF
and
World
Bank
lending
still
results
in
more
debt
for
these
countries.
The
depth
of
domestic
capital
markets
and
the
ability
to
attract
foreign
equity
investment
will
be
important
differentiators
among
EM
countries.
We
will
continue
to
carefully
monitor
the
EM
landscape
to
see
which
countries
are
forced
to
restructure
their
debt
and
which
will
find
the
political
will
and
a
plausible
path
to
undertake
macroeconomic
adjustment.
3
Major
Market
Sectors
(%
of
Net
Assets)
Foreign
Government
83.3%
Energy
9.9%
Utilities
2.1%
Communications
Services
1.2%
Transportation
0.2%
Financials
0.2%
Top
10
Countries
(%
of
Net
Assets)
Mexico
6.2%
Indonesia
5.1%
Dominican
Republic
4.5%
Saudi
Arabia
3.8%
Turkey
3.5%
Oman
3.5%
Virgin
Islands,
British
3.4%
Qatar
3.2%
Chile
2.9%
Peru
2.8%
Investments
in
securities
in
these
countries
represent
38.9%
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”).
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Major
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Bond
Quality
Rat-
ings
Distributions
exclude
collateral
held
for
securities
loaned.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Countries
are
subject
to
change.
Average
Annual
Total
Returns
1
As
of
October
31,
2023
1-Year
5-Year
From
Inception
9/5/2017
9.08%
0.68%
-0.33%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
JP
Morgan
EMBI
Global
Diversified
Index
is
an
unmanaged,
market-capitalization
weighted,
total-return
index
tracking
the
traded
market
for
U.S.
–
dollar
–
denominated
Brady
bonds,
Eurobonds,
traded
loans,
and
local
market
debt
instruments
issued
by
sovereign
and
quasi-sovereign
entities.
**
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
hous-
ing,
electricity,
food
and
transportation.
Thrivent
Core
Emerging
Markets
Equity
Fund
4
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
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, derivatives,
equity
security,
foreign
currency,
investment
adviser,
issuer,
market,
non-diversified,
quantitative
investing,
regional, and
technology-oriented
companies risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the 12-month
period ended October
31,
2023?
Thrivent
Core
Emerging
Markets
Equity
Fund
earned
a
return
of
12.81%,
compared
with
the
return
of
its
market
benchmark,
the
MSCI
Emerging
Markets
Index
(USD
Net
Returns),
of
10.80%.
What
factors
affected
the
Fund’s
performance?
Emerging
market
(EM)
stocks
recovered
somewhat
from
last
year’s
sharp
sell
off,
although
the
segment
stumbled
as
the
period
progressed
and
China’s
economic
recovery
took
center
stage.
Chinese
consumer
demand
has
been
slow
to
recover
from
post-Covid
lockdowns,
despite
the
complete
removal
of
restrictions
on
activity.
This
has
led
to
lackluster
economic
growth
and
underperformance
of
Chinese
stocks
compared
to
other
Asian
markets.
Chinese
stocks
have
also
been
hampered
by
risks
in
the
country’s
property
sector,
with
highly
leveraged
developers
facing
the
danger
of
default
due
to
the
overbuilding
of
residential
properties
financed
by
high
levels
of
debt.
In
addition,
the
U.S.
and
other
Western
countries
have
recently
focused
on
both
restricting
China’s
access
to
sensitive
technologies
and
building
supply
chains
that
are
less
reliant
on
Chinese
suppliers,
resulting
in
another
headwind
to
China's
stock
market.
Meanwhile,
Asian
markets
outside
of
China
and
emerging
European
markets
benefited
from
this
near-shoring
dynamic,
as
Western
nations
sought
to
increase
economic
ties
with
countries
that
are
closer
both
geographically
and
politically.
On
a
regional
basis,
emerging
European
stock
markets
performed
best
as
energy
supplies
in
these
countries
remained
resilient
despite
cuts
in
Russian
supplies,
followed
by
Asian
ex-
China
markets.
By
contrast,
rising
political
instability
in
much
of
Latin
America
caused
investors
to
retreat, which
held
back
stock
market
returns
in
that
region.
In
Middle
Eastern
markets,
oil
prices
were
close
to
unchanged
year
over
year;
however,
producers
were
forced
to
cut
their
oil
output
to
maintain
prices,
which
led
to
some
significant
volatility
and
lower
overall
returns
in
that
region.
Most
of
the
Fund’s
outperformance
versus
its
MSCI
benchmark
was
generated
in
Asia,
where
security
selection
was
broadly
strong
across
the
region
except
for
in
South
Korea.
From
a
factor
perspective,
the
team
added
value
through
its
exposures
to
momentum
and
profitability,
especially
across
Asia,
which
also
benefited
the
Fund’s
relative
results.
In
terms
of
sectors,
stock
selection
was
also
strong,
most
notably
in
Communication
Services,
but
detracted
from
the
Energy
sector.
The
Fund’s
country
allocations
are
generally
kept
close
to
the
benchmark’s
allocations
and
therefore
had
little
impact
on
performance
during
the
period.
The
Fund
uses
equity
index
futures
to
maintain
consistent
market
exposure.
The
use
of
these
derivatives
contributed
to
the
Fund’s
returns
because
they
increased
market
exposure
during
a
period
of
positive
returns.
What
is
your
outlook?
As
always,
the
outlook
for
EM
stocks
hinges
on
developments
on
both
the
geopolitical
and
economic
fronts.
Although
China
has
been
a
significant
drag
on
EM
stock
market
performance
for
the
past
two
years,
the
country
has
recently
exhibited
signs
that
its
market
may
be
starting
to
come
back.
We
are
cautiously
optimistic
that
Chinese
economic
growth
will
begin
to
accelerate
and
that
the
market
may
have
found
its
bottom.
However,
China’s
property
market
remains
a
significant
overhang
to
the
market.
We
will
watch
for
any
Chinese
government
intervention
in
the
form
of
supporting
the
property
sector
or
bank
lending
to
developers,
which
could
significantly
impact
stocks.
Although
it
is
typically
easy
to
identify
a
variety
of
risks
across
EM
countries,
EM
stock
markets
are
often
able
to
climb
the
“wall
of
worry.”
Going
forward,
factor
exposures
should
continue
to
drive
the
investment
process
for
this
Fund
as
we
continue
to
seek
out
EM
equities
from
profitable
companies.
In
Asia,
valuations
look
compelling
for
risk
factors,
while
low
volatility
looks
expensive.
Outside
of
Asia,
value
looks
less
attractive,
while
price
momentum
and
earnings
momentum
have
attractive
valuations.
The
Fund’s
sector
and
country
weightings
will
continue
to
be
driven
by
the
companies
we
own
based
on
the
factors
we
are
emphasizing.
5
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
98.1%
Short-Term
Investments
1.2%
Preferred
Stock
0.7%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
22.6%
Financials
19.6%
Consumer
Discretionary
14.8%
Materials
9.8%
Communications
Services
9.3%
Industrials
6.3%
Health
Care
4.5%
Energy
4.4%
Consumer
Staples
3.4%
Real
Estate
2.4%
Top
10
Countries
(%
of
Net
Assets)
India
17.2%
Taiwan
15.5%
Cayman
Islands
15.0%
China
13.0%
South
Korea
11.0%
Brazil
5.9%
Saudi
Arabia
3.7%
Indonesia
2.3%
South
Africa
2.3%
Mexico
2.1%
Investments
in
securities
in
these
countries
represent
88.0%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Countries
are
subject
to
change.
Average
Annual
Total
Returns
1
As
of
October
31,
2023
1-Year
From
Inception
1/31/2020
12.81%
-2.04%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
MSCI
Emerging
Markets
Index-USD
Net
Returns
is
a
modified
capitalization-weighted
index
of
selected
emerging
economies
from
around
the
world.
The
performance
of
the
Index
reflects
dividends
reinvested
after
the
deduction
of
withholding
taxes.
**
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
hous-
ing,
electricity,
food
and
transportation.
Thrivent
Core
International
Equity
Fund
6
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
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, investment
adviser,
issuer,
large
cap,
market,
mid
cap,
regional,
and
small
cap risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the
12-month
period
ended
October
31,
2023?
Thrivent
Core
International
Equity
Fund
earned
a
return
of
13.09%,
compared
with
the
return
of
its
market
benchmark,
the
MSCI
World
Ex-
USA
Index
(net),
of
12.56%.
What
factors
affected
the
Fund’s
performance?
The
European
Central
Bank
followed
the
U.S.
Federal
Reserve’s
footsteps
by
increasing
short-term
rates
from
2.0%
to
4.5%
over
the
course
of
the
period.
Economic
growth
and
stock
markets
in
Europe
were
relatively
weak,
however,
and
Europe
appears
to
be
in
more
immediate
danger
of
potentially
falling
into
recession
in
the
coming
year.
Corporate
earnings
growth
has
also
been
slower
than
in
the
U.S.,
with
expectations
for
around
0%
growth
in
2024.
As
a
result,
markets
anticipate
that
rates
in
Europe
have
already
peaked
and
are
likely
to
fall
in
the
coming
year
to
support
growth
as
inflation
has
abated.
The
faster
pace
of
rate
increases
in
Europe
also
helped
support
a
rise
in
both
the
euro
and
the
British
pound
relative
to
the
U.S.
dollar,
which
provided
a
boost
to
returns
for
U.S.-based
investors
in
European
equities.
In
Japan,
decades
of
deflation
have
been
the
biggest
concern
of
the
central
bank,
so
a
return
to
a
positive
inflation
rate
has
been
a
welcome
sign
for
the
economy
and
market.
Interest
rates
have
begun
to
rise,
albeit
at
a
much
slower
pace
than
in
the
U.S.
or
Europe,
with
the
yield
on
the
10-year
Japanese
government
bond
reaching
its
highest
level
in
10
years.
As
a
result,
the
Japanese
yen
weakened
against
other
major
currencies,
hitting
its
lowest
level
versus
the
U.S.
dollar
since
the
early
1990s.
This
has
left
the
yen
near
levels
where
the
Japanese
government
has
previously
intervened
to
support
its
value,
which
has
historically
been
a
headwind
for
foreign
investors
in
Japanese
equities.
In
July,
the
Bank
of
Japan
announced
a
loosening
of
the
country’s
yield
curve
control
(YCC)
policy,
which
may
be
the
first
step
in
an
eventual
elimination
of
the
program.
Over
the
period,
financial
stocks
led
the
Japanese
stock
market
as
investors
anticipated
that
the
potential
for
even
higher
rates
would
support
the
profitability
of
lenders.
Our
team
uses
a
quantitative
approach
to
select
securities
that
focus
on
emphasizing
certain
factors
in
the
markets
that
we
believe
will
outperform.
During
the
period,
stock
selection
was
the
primary
driver
of
the
Fund’s
outperformance
versus
its
MSCI
benchmark,
both
by
country
and
sector.
Selection
contributed
strongly
in
Japan,
as
well
as
across
the
Health
Care,
Real
Estate,
and
Consumer
Discretionary
sectors.
However,
security
selection
was
more
challenging
in
Germany,
in
particular,
as
well
as
in
the
Consumer
Staples,
Financials,
and
Information
Technology
sectors.
From
a
factor
perspective,
the
team
added
value
through
its
overweighted
exposures
to
value
and
profitability.
The
team
continued
to
employ
derivatives
to
balance
the
Fund’s
equity
exposure,
which
positively
impacted
performance
during
the
reporting
period.
What
is
your
outlook?
In
developed
markets,
we
are
cautious
of
recession
risk
in
Europe,
where
slow
economic
growth
and
earnings
growth
are
not
expected
to
improve
materially
in
2024.
In
Japan,
the
end
of
years
of
deflation
and
a
return
to
positive
inflation
rates
and
interest
rates
could
be
a
favorable
catalyst
for
the
country’s
markets.
However,
we
are
conscious
of
the
risk
for
currency
intervention
to
support
the
yen,
which
is
at
historically
weak
levels.
In
evaluating
the
environment
for
quantitative
factor
investing,
we
use
valuation
to
inform
our
expectations
for
factor
returns.
In
Europe,
most
factors
are
moderately
valued.
We
believe
the
value
factor
still
looks
modestly
attractive,
while
growth
is
somewhat
expensive
compared
to
historical
norms.
In
Japan,
high-quality
factors
currently
display
attractive
valuations,
while
value
and
yield
factors
appear
expensive
compared
to
historical
norms
following
strong
returns
recently.
Going
forward,
factor
exposures
should
continue
to
drive
the
investment
process
for
this
Fund.
Our
focus
remains
on
finding
international
equities
from
profitable
companies
with
attractive
valuations,
positive
price
momentum,
low
volatility,
and
high
earnings
quality.
The
Fund’s
industry
and
country
weightings
will
continue
to
be
driven
by
the
companies
we
own
based
on
the
factors
we
are
emphasizing.
7
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
99.8%
Short-Term
Investments
0.2%
Preferred
Stock
<
0.1%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Financials
18.4%
Industrials
14.9%
Health
Care
14.0%
Consumer
Discretionary
11.6%
Information
Technology
9.5%
Materials
8.1%
Energy
7.0%
Consumer
Staples
6.8%
Communications
Services
4.1%
Utilities
3.2%
Top
10
Countries
(%
of
Net
Assets)
Japan
20.4%
United
Kingdom
12.3%
Canada
10.2%
France
7.9%
Switzerland
7.3%
Germany
6.2%
Australia
6.2%
Netherlands
5.8%
Denmark
4.1%
Spain
3.6%
Investments
in
securities
in
these
countries
represent
84.0%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Countries
are
subject
to
change.
Average
Annual
Total
Returns
1
As
of
October
31,
2023
1-Year
5-Year
From
Inception
11/14/2017
13.09%
3.06%
1.30%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
MSCI
World
Ex-USA
Index
(Net)
is
an
index
which
captures
large
and
mid
cap
representation
across
22
of
23
Developed
Markets
countries,
ex-
cluding
the
United
States.
**
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
hous-
ing,
electricity,
food
and
transportation.
Thrivent
Core
Low
Volatility
Equity
Fund
8
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
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,
and small
cap
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the
12-month
period
ended
October
31,
2023?
Thrivent
Core
Low
Volatility
Equity
Fund
earned
a
return
of
1.07%,
compared
with
the
return
of
its
market
benchmark,
the
MSCI
USA
Minimum
Volatility
Index
(USD),
of
2.24%.
What
factors
affected
the
Fund’s
performance?
Ongoing
efforts
by
the
Federal
Reserve
(Fed)
to
lower
inflation
heavily
impacted
U.S.
markets
during
the
period.
The
Fed
increased
short-
term
rates
by
225
basis
points
before
pausing
in
September,
bringing
the
federal
funds
target
rate
to
5.25%
-
5.50%.
At
the
same
time,
longer-term
interest
rates
also
rose
with
the
10-year
Treasury
increasing
78
basis
points
to
end
the
period
at
4.88%.
However,
the
Treasury
yield
curve
remained
inverted
with
shorter
maturities
yielding
more
than
longer
maturities,
which
has
historically
signaled
a
coming
recession.
As
a
result
of
Fed
actions,
inflation
receded
from
its
mid-2022
highs
but
remained
above
the
central
bank’s
long-term
2%
target
level.
While
investors
widely
feared
the
rapid
rise
in
interest
rates
would
induce
a
U.S.
recession,
economic
growth
remained
positive
during
the
period
and
even
showed
signs
of
accelerating.
Corporate
earnings
growth,
which
is
more
directly
correlated
to
stock
market
returns
than
economic
growth
data,
briefly
turned
negative
in
the
early
part
of
2023;
however,
companies
were
largely
able
to
respond
to
sales
slowdowns
with
cost
reductions
that
returned
earnings
growth
to
positive.
The
market
now
anticipates
this
favorable
earnings
growth
trend
will
continue
into
2024,
leading
to
a
declining
probability
of
recession.
U.S.
market
returns
during
the
period
were
heavily
concentrated
in
the
largest
growth
stocks,
while
the
average
stock
significantly
underperformed
the
market
capitalization-weighted
indexes.
At
the
other
end
of
the
performance
spectrum,
high
dividend-paying
sectors
such
as
Real
Estate
and
Utilities
had
the
lowest
returns
in
the
face
of
rising
long-term
interest
rates,
particularly
in
the
final
three
months
of
the
period.
These
factors
led
to
more
modest
returns
for
low-volatility
investing
versus
the
overall
market
because
the
segment
has
less
exposure
to
the
high-growth
stocks
that
led
the
U.S.
markets,
along
with
more
exposure
to
rate-sensitive
sectors
that
experienced
the
greatest
headwinds
from
the
macroeconomic
environment.
The
top-performing
quantitative
factors
during
the
period
included
growth,
large
capitalization
size,
and
price
momentum
(stocks
that
have
recently
performed
well),
while
low
volatility
and
dividend
yield
were
among
the
weakest
quantitative
factors.
Our
team
uses
a
quantitative
approach
to
select
a
broadly
diversified
portfolio
of
securities
for
the
Fund
with
a
focus
on
emphasizing
certain
factors
in
the
markets
that
we
believe
will
outperform.
The
Fund
underperformed
its
benchmark
mainly
because
of
notably
weak
stock
selection
in
the
Health
Care
and
Information
Technology
sectors.
Performance
was
also
hindered
by
the
Fund’s
emphasis
on
dividend-yielding
stocks,
combined
with
an
underweighting
to
the
price
momentum
factor.
What
is
your
outlook?
U.S.
interest
rates
are
likely
at
or
near
their
peak
levels
for
this
cycle
and
are
anticipated
to
fall
later
in
2024.
Stock
markets
have
already
rallied
recently
based
on
policy
commentary
and
economic
data
suggesting
an
end
to
rate
increases.
If
inflation
remains
in
check
and
central
banks
can
achieve
the
elusive
"soft
landing"
by
defeating
inflation
without
causing
an
economic
recession,
then
we
would
expect
a
more
sustained
rally
in
risky
assets,
and
factors
such
as
high
leverage
and
high
volatility
to
perform
well.
However,
if
rate
cuts
are
needed
to
stimulate
growth
and
fight
a
recession,
we
would
expect
higher-quality
and
low-volatility
stocks
to
outperform
instead.
The
current
environment
appears
to
favor
the
soft-landing
scenario.
In
evaluating
the
environment
for
quantitative
factor
investing,
we
use
valuation
to
inform
our
expectations
for
factor
returns.
Although
our
portfolio
typically
favors
higher
quality,
we
are
trying
to
balance
that
framework
with
the
chance
of
a
more
pronounced
risk
rally.
Most
factors
in
the
U.S.
are
at
moderate
valuations,
with
conditions
more
favorable
for
value,
large
size,
and
low
volatility;
however,
growth
looks
expensive
after
a
recent
run
of
outperformance.
Our
long-term
expectation
is
for
low-volatility
stocks
to
produce
returns
similar
to
the
market
over
a
full
market
cycle,
but
with
lower
overall
volatility.
We
will
continue
to
focus
on
finding
profitable
companies
with
low
volatility,
attractive
valuations,
positive
price
momentum,
and
high-quality
earnings.
Industry
weightings
will
continue
to
be
driven
by
the
companies
we
own
based
on
the
factors
we
are
emphasizing.
9
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
99.8%
Short-Term
Investments
0.2%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Health
Care
21.0%
Information
Technology
19.8%
Financials
13.6%
Consumer
Staples
13.3%
Industrials
11.4%
Utilities
7.0%
Communications
Services
6.0%
Consumer
Discretionary
5.3%
Energy
1.9%
Materials
0.3%
Top
10
Holdings
(%
of
Net
Assets)
Cisco
Systems,
Inc.
2.7%
Verizon
Communications,
Inc.
2.5%
McDonald's
Corporation
2.1%
Merck
&
Company,
Inc.
2.1%
Marsh
&
McLennan
Companies,
Inc.
2.1%
Vertex
Pharmaceuticals,
Inc.
2.1%
Mondelez
International,
Inc.
2.0%
Duke
Energy
Corporation
1.9%
Roper
Industries,
Inc.
1.9%
Microsoft
Corporation
1.9%
These
securities
represent
21.3%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Average
Annual
Total
Returns
1
As
of
October
31,
2023
1-Year
5-Year
From
Inception
2/28/2018
1.07%
8.72%
8.65%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
MSCI
USA
Minimum
Volatility
Index
(USD)
is
an
index
which
aims
to
reflect
the
performance
characteristics
of
a
minimum
variance
strategy
applied
to
the
large
and
mid
cap
USA
equity
universe.
**
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
hous-
ing,
electricity,
food
and
transportation.
Thrivent
Core
Mid
Cap
Value
Fund
10
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Graham
Wong,
CFA,
and
Nicholas
E.
Griffith,
MD,
MBA,
CFA,
Portfolio Co-Managers
The
Fund
seeks long-term
capital
growth. The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Core Mid
Cap
Value Fund
involves
risks
including mid
cap,
value
investing,
equity
security, investment
adviser, issuer,
and
market
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the since-inception
period ended
October
31,
2023?
Thrivent
Core
Mid
Cap
Value
Fund
earned
a
return
of
-7.70%,
compared
with
its
market
benchmark,
the
Russell
Midcap®
Value
Index,
which
earned
a
return
of
-8.66%
since
the
Fund’s
inception
on
February
28,
2023.
What
factors
affected
the
Fund’s
performance?
The
Fund
outperformed
the
Russell
Midcap®
Value
Index
over
the
eight
months
since
inception
because
of
positive
stock
selection
and
sector
allocation.
Performance
was
positive
in
eight
out
of
11
sectors,
led
by
Health
Care,
Utilities,
and
Information
Technology,
while
performance
in
the
Industrials
sector
was
weak.
In
Health
Care,
medical
distributor
Cardinal
Health
outperformed
as
the
company
posted
strong
results
in
both
business
segments.
The
company’s
pharmaceutical
segment
benefited
from
robust
sales
of
Covid
vaccines
and
other
specialty
drugs,
while
the
medical
segment
benefited
from
pricing
actions
and
lower
freight
costs.
In
Utilities,
Constellation
Energy,
the
largest
owner
of
nuclear
generation
assets
in
the
United
States,
drove
the
outperformance.
The
company
is
benefiting
from
higher
power
prices
at
its
nuclear
utilities
because
of
the
closure
of
carbon-based
plants
and
from
the
future
consolidation
of
nuclear
assets.
In
Information
Technology,
Jabil,
an
electronic
manufacturing
services
company,
was
a
top
contributor.
The
company
represents
a
good
example
of
our
investment
process.
Jabil
was
underappreciated
by
the
market
but
is
on
a
path
to
operational
improvement
driven
by
a
better
business
mix.
As
the
company
exited
its
lower-margin
iPhone
manufacturing
business
and
replaced
it
with
higher-margin
businesses
like
health
care,
market
sentiment
improved,
driving
the
stock
higher.
Conversely,
stock
selection
detracted
in
Industrials.
Barnes
Group,
an
industrial
machinery
company,
underperformed
as
the
implementation
of
a
turnaround
plan
for
its
Industrials
segment
has
been
more
challenging
than
expected.
Sensata
Technologies,
an
electronic
components
company,
was
hurt
by
cyclical
weakness
in
its
Industrial
end
market
as
well
as
share
gains
by
Chinese
electric
vehicle
makers,
whose
cars
carry
fewer
of
Sensata’s
products.
We
have
spoken
to
both
management
teams
and
continue
to
monitor
developments
closely.
What
is
your
outlook?
Over
the
past
year,
the
aggressive
Federal
Reserve
(Fed)
rate
hikes
have
led
to
a
decline
in
corporate
profits,
particularly
for
smaller
businesses.
Higher
interest
rates
have
also
hurt
the
housing
market
due
to
higher
mortgage
rates,
and
the
banking
sector
because
of
higher
funding
costs.
Despite
this,
the
U.S.
economy
has
remained
generally
resilient
as
a
healthy
labor
market
has
helped
maintain
consumer
spending.
Going
forward,
higher
unemployment
could
weaken
the
U.S.
economy.
On
the
other
hand,
investor
sentiment
could
stay
positive
if
the
labor
market
holds
up
and
the
Fed
becomes
more
dovish,
leading
to
a
soft
landing
for
the
economy.
The
Core
Mid
Cap
Value
Fund’s
process
is
based
on
bottom-up
stock
selection
rather
than
top-down
macroeconomic
predictions.
Regardless
of
the
economic
environment,
we
continue
to
seek
out
companies
with
a
plausible
path
to
operational
improvement
or
those
that
are
undervalued
relative
to
their
profitability
profile.
11
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
98.0%
Short-Term
Investments
2.0%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Financials
18.4%
Industrials
16.8%
Consumer
Discretionary
10.3%
Energy
8.9%
Information
Technology
7.8%
Materials
7.4%
Health
Care
7.4%
Consumer
Staples
7.2%
Utilities
5.7%
Real
Estate
5.4%
Top
10
Holdings
(%
of
Net
Assets)
General
Dynamics
Corporation
2.5%
Flowserve
Corporation
2.4%
Allstate
Corporation
2.4%
JB
Hunt
Transport
Services,
Inc.
2.1%
Laboratory
Corporation
of
America
Holdings
2.1%
Celanese
Corporation
2.0%
US
Foods
Holding
Corporation
2.0%
Sensata
Technologies
Holding
plc
1.9%
Carlyle
Group,
Inc.
1.8%
Berry
Plastics
Group,
Inc.
1.8%
These
securities
represent
21.0%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Average
Annual
Total
Returns
1
As
of
October
31,
2023
From
Inception
2/28/2023
-7.70%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
Russell
Midcap®
Value
Index
is
an
index
composed
of
mid-capitalization
U.S.
equities
that
exhibit
value
characteristics.
**
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
hous-
ing,
electricity,
food
and
transportation.
Thrivent
Core
Short-Term
Reserve
Fund
12
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
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,
mortgage-backed
and
other
asset-backed
securities,
credit,
cybersecurity, financial
sector,
government
securities,
investment
adviser,
portfolio
turnover
rate,
prepayment,
redemption
and
lending, redemption
and
share
ownership,
and
regulatory risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Thrivent
Core
Short-Term
Reserve
Fund's
primary
role
is
to
serve
as
a
cash
sweep
vehicle
for
Thrivent
Mutual
Funds
and
Thrivent
Series
Fund,
Inc.
To
help
meet
this
objective,
the
Fund
is
invested
in
investment-grade
fixed-income
securities;
however,
its
overall
weighted
average
maturity
is
limited
to
180
days
or
less
to
help
us
manage
the
fluctuation
in
the
Fund’s
underlying
share
price.
Investments
consist
of
U.S.
dollar-denominated
debt
securities
such
as
obligations
of
federal,
state,
and
local
governments,
their
agencies
and
instrumentalities;
mortgage-backed
and
asset-backed
securities;
corporate
debt
securities;
time
deposits;
commercial
paper;
repurchase
agreements;
and
other
securities
that
have
debt-like
characteristics.
The
Fund
may
also
invest
in
other
investment
companies
that
have
exposure
to
fixed-income
securities.
How
did
the
Fund
perform
during
the
12-month
period
ended
October
31,
2023?
The
Thrivent
Core
Short-Term
Reserve
Fund
earned
a
return
of
5.27%.
Its
30-day
SEC
yield
rose
throughout
the
period
to
end
at
5.66%,
primarily
because
of
increases
in
the
federal
funds
rate.
What
factors
affected
the
Fund's
performance?
The
Federal
Reserve
(Fed)
continued
its
rate-hiking
campaign
as
inflation
remained
stubbornly
high
amid
surprisingly
strong
U.S.
employment
and
economic
growth.
The
Fed
hiked
six
additional
times
during
the
period
before
pausing
in
September,
bringing
the
federal
funds
target
rate
to
5.25%
-
5.50%.
Interest
rates
rose
across
the
Treasury
yield
curve
and
the
curve
remained
inverted
with
shorter
maturities
yielding
more
than
longer
maturities,
which
has
historically
signaled
a
coming
recession.
The
three-month
Treasury
bill
rate
increased
to
5.59%
by
period
end,
while
the
yield
on
the
10-year
Treasury
ended
at
4.88%.
Although
inflation
cooled
significantly
from
its
mid-2022
peak,
it
remained
above
the
Fed’s
long-term
2%
target.
As
a
result,
the
Fed
telegraphed
a
higher-for-longer
rates
narrative
that
rattled
financial
markets
in
the
final
weeks
of
the
period.
Volatility
remained
elevated
as
investors
digested
Fed
comments
and
pushed
out
expectations
for
rate
cuts
further
in
2024.
Attractive
yield
levels,
combined
with
ongoing
uncertainty
surrounding
the
economy
and
inflation,
led
investors
to
pour
record
amounts
into
money
market
funds
during
the
period.
As
a
result,
the
financial
system
remained
flooded
with
more
excess
cash
than
the
available
supply
of
short-term
securities,
which
continued
to
put
downward
pressure
on
the
rates
of
available
government
securities.
Following
the
end
of
the
debt
ceiling
debate
in
early
June,
the
U.S.
Treasury
also
offered
a
deluge
of
new
Treasury
bill
issuance
to
refill
its
coffers.
We
continued
to
emphasize
floating-rate
securities,
which
adjust
periodically
to
changing
interest
rates
and
comprised
more
than
28%
of
the
portfolio.
We
increased
the
Fund’s
exposures
in
commercial
paper
to
approximately
68%
and
U.S.
government
obligations
to
approximately
12%
over
the
period.
On
the
other
hand,
we
lowered
the
Fund’s
exposure
to
corporate
bonds
to
around
14%,
certificates
of
deposit
(CDs)
to
around
6%,
and
asset-backed
securities
to
less
than
1%.
The
Fund’s
weighted
average
maturity
(WAM)
increased
slightly
from
18
days
at
the
beginning
of
the
fiscal
year
to
28
days
by
the
period's
end.
We
typically
target
an
average
WAM
of
less
than
65
days
because
it
reduces
the
price
sensitivity
of
the
Fund’s
portfolio
to
changes
in
interest
rates
and
aids
with
liquidity.
The
Fund’s
weighted
average
life
(WAL)
also
increased
slightly
from
72
days
to
79
days.
At
the
end
of
October
2023,
the
Fund’s
net
assets
totaled
approximately
$4.17
billion.
What
is
your
outlook?
While
the
U.S.
economy
has
slowed,
it
has
not
yet
felt
the
full
impact
of
higher
interest
rates
and
tighter
lending
standards.
At
the
same
time,
the
Fed
has
reiterated
that
its
primary
focus
is
to
bring
inflation
back
in
line
with
its
target;
therefore,
we
don’t
believe
a
pivot
to
rate
cuts
will
happen
anytime
soon.
We
will
continue
to
monitor
inflation,
economic
growth,
Fed
moves,
and
other
developments
that
could
affect
the
market.
Because
the
primary
purpose
of
the
Fund
is
to
provide
liquidity
to
Thrivent
Mutual
Funds
and
Thrivent
Series
Fund,
Inc.,
we
will
continue
to
manage
its
portfolio
conservatively
to
preserve
liquidity
and
minimize
net
asset
value
(NAV)
volatility.
13
Portfolio
Composition
(%
of
Portfolio)
Short-Term
Investments
100.0%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Financials
36.5%
Utilities
17.4%
Consumer
Cyclical
14.2%
U.S.
Government
&
Agencies
12.9%
Capital
Goods
4.1%
Basic
Materials
3.6%
Foreign
2.7%
Transportation
2.5%
Consumer
Non-Cyclical
2.5%
Energy
1.8%
Top
10
Holdings
(%
of
Net
Assets)
U.S.
Treasury
Notes
1.1%
Federal
Home
Loan
Bank
1.1%
Federal
Farm
Credit
Bank
1.1%
Federal
Agricultural
Mortgage
Corporation
1.0%
Enterprise
Products
Operating,
LLC
1.0%
Sempra
0.9%
Dealers
Capital
Access
Trust,
LLC
0.8%
Royal
Bank
of
Canada
0.7%
Public
Service
Enterprise
Group,
Inc.
0.7%
Toronto-Dominion
Bank
0.7%
These
securities
represent
9.1%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Average
Annual
Total
Returns
1
As
of
October
31,
2023
1-Year
5-Year
From
Inception
5/2/2016
5.27%
2.09%
1.85%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
Bloomberg
Short-term
Government/Corporate
Index
–
3-6
months
is
an
index
which
measures
the
performance
of
USD
denominated,
fixed
rate,
investment
grade
bonds
that
are
in
the
government
or
corporate
sector
and
have
a
remaining
maturity
of
3-6
months.
**
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
hous-
ing,
electricity,
food
and
transportation.
Thrivent
Core
Small
Cap
Value
Fund
14
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Christopher
J.
Parker,
CFA,
and
Charmaine
Chan,
PhD,
CFA,
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 Small
Cap
Value Fund
involves
risks
including small
cap,
value
investing,
equity
security, investment
adviser, issuer,
and
market
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the 12-month
period ended
October
31,
2023?
Thrivent
Core
Small
Cap
Value
Fund
earned
a
return
of
-7.97%,
compared
with
its
market
benchmarks,
the
Russell
2000®
Value
Index,
and
the
S&P
SmallCap
600
Value
Index,
which
earned
returns
of
-9.93%
and
-9.68%,
respectively.
What
factors
affected
the
Fund’s
performance?
During
the
reporting
period,
the
Fund
outperformed
both
the
Russell
2000®
Value
Index
and
the
S&P
Small
Cap
600
Value
Index
mainly
because
of
favorable
sector
allocations,
which
were
somewhat
offset
by
adverse
stock
selection.
Versus
the
Russell
2000®
Value
Index,
allocation
decisions
contributed
positively
to
performance
in
nine
of
11
sectors,
led
by
the
Fund’s
underweighted
positions
in
Financials,
Health
Care,
Utilities,
and
Real
Estate.
Overweighted
allocations
in
Industrials,
Materials,
and
Consumer
Discretionary
were
also
noteworthy
positive
contributors
to
the
Fund’s
relative
performance.
An
underweighted
position
in
Energy
was
the
most
notable
detractor
from
a
sector
allocation
point
of
view.
Security
selection
benefited
relative
performance
in
five
of
11
sectors,
led
by
Information
Technology,
where
the
Fund
experienced
favorable
results
from
Celestica
and
National
Instruments.
Selection
in
Consumer
Staples
also
contributed
to
performance
with
noteworthy
positive
impacts
from
Casey’s
General
Stores
and
Lamb
Weston
Holdings.
In
the
Materials
sector,
the
Fund
saw
strong
results
from
its
holdings
in
Carpenter
Technology,
Summit
Materials,
and
AptarGroup.
Additionally,
selection
was
positive
in
the
Health
Care
and
Financials
sectors.
Security
selection
negatively
impacted
returns
in
five
sectors
led
by
Consumer
Discretionary,
where
positions
in
Everi
Holdings,
Cedar
Fair,
and
Zumiez
detracted.
In
Real
Estate,
the
Fund’s
holdings
in
Cushman
&
Wakefield
underperformed.
Also,
selection
in
Industrials
was
a
headwind
to
relative
performance
due
to
positions
in
Barnes
Group
and
Resources
Connection.
In
addition,
security
selection
detracted
in
the
Energy
and
Utilities
sectors.
What
is
your
outlook?
Financial
markets
continue
to
search
for
clarity
regarding
the
end
of
the
Federal
Reserve’s
18-month-long
rate
hiking
campaign.
Investors
question
if
the
rate
hikes
have
been
sufficient
to
slow
inflation
to
the
Federal
Reserve's
target
and
if
the
cumulative
impact
will
drive
the
U.S.
economy
into
some
level
of
recession.
The
ever-changing
views
surrounding
these
issues
have
driven
notable
moves
in
equity
markets
over
the
past
several
months.
While
these
shorter-term
issues
are
important
and
play
a
role
in
portfolio
construction,
our
investment
process
is
focused
on
finding
opportunities
to
purchase
companies
with
sound
or
improving
long-term
fundamentals.
We
look
for
companies
that
can
be
acquired
at
substantial
discounts
to
our
estimate
of
intrinsic
value
and
are
capable
of
driving
growth
through
operating
income
expansion
and
cash
flows.
Our
view
of
intrinsic
value
is
based
on
the
long-term
cash
generation
capabilities
of
the
business,
which
is
typically
only
modestly
influenced
by
short-term
shifts
in
profitability.
While
overall
growth
in
corporate
profits
may
be
somewhat
limited
in
the
near
term,
we
believe
the
current
environment
continues
to
present
opportunities
to
uncover
attractive
long-term
investments
for
our
investors.
At
period
end,
the
Fund’s
most
significant
overweighted
allocations
included
the
Industrials,
Information
Technology,
and
Materials
sectors,
while
its
most
meaningful
underweighted
sectors
included
Real
Estate,
Financials,
and
Energy.
15
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
97.2%
Short-Term
Investments
2.8%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Industrials
21.0%
Financials
20.6%
Consumer
Discretionary
12.3%
Information
Technology
8.6%
Materials
8.0%
Energy
6.6%
Health
Care
6.4%
Real
Estate
5.1%
Consumer
Staples
4.9%
Utilities
2.4%
Top
10
Holdings
(%
of
Net
Assets)
AAR
Corporation
2.2%
Grand
Canyon
Education,
Inc.
2.2%
TechnipFMC
plc
2.2%
Voya
Financial,
Inc.
2.2%
Casey's
General
Stores,
Inc.
2.0%
NOV,
Inc.
2.0%
Schneider
National,
Inc.
2.0%
Summit
Materials,
Inc.
2.0%
RLI
Corporation
1.9%
Kirby
Corporation
1.9%
These
securities
represent
20.6%
of
the
total
net
assets
of
the
Fund.
Portfolio
Composition
excludes
derivatives
and
collateral
held
for
securities
loaned.
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments,
derivatives,
and
collateral
held
for
securities
loaned.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Holdings
are
subject
to
change.
Average
Annual
Total
Returns
1
As
of
October
31,
2023
1-Year
From
Commencement
3/31/2022
-7.97%
-8.97%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
Russell
2000®
Value
Index
measures
the
performance
of
those
Russell
2000
companies
with
lower
price-to-book
ratios
and
lower
forecasted
growth
values.
**
The
S&P
SmallCap
600
Value
Index
is
a
market
capitalization
weighted
index.
All
the
stocks
in
the
underlying
parent
index
are
allocated
into
value
or
growth.
Stocks
that
do
not
have
pure
value
or
pure
growth
characteristics
have
their
market
caps
distributed
between
the
value
&
growth
indices.
The
product
is
not
sponsored,
endorsed
or
promoted
by
Standard
&
Poor’s,
and
Standard
&
Poor’s
makes
no
representation
regarding
the
advisability
of
investing
in
the
product.
***
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
housing,
electricity,
food
and
transportation.
16
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
a
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
May
1,
2023
through
October
31,
2023.
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
5/1/2023
Ending
Account
Value
10/31/2023
Expenses
Paid
During
Period 5/1/2023
-
10/31/2023
*
Annualized
Expense
Ratio
Thrivent
Core
Emerging
Markets
Debt
Fund
Actual
$1,000
$987
$0.24
0.05%
Hypothetical
**
$1,000
$1,025
$0.25
0.05%
Thrivent
Core
Emerging
Markets
Equity
Fund
Actual
$1,000
$961
$0.96
0.19%
Hypothetical
**
$1,000
$1,024
$0.99
0.19%
Thrivent
Core
International
Equity
Fund
Actual
$1,000
$943
$0.46
0.09%
Hypothetical
**
$1,000
$1,025
$0.48
0.09%
Thrivent
Core
Low
Volatility
Equity
Fund
Actual
$1,000
$959
$0.19
0.04%
Hypothetical
**
$1,000
$1,025
$0.20
0.04%
Thrivent
Core
Mid
Cap
Value
Fund
Actual
$1,000
$962
$0.24
0.05%
Hypothetical
**
$1,000
$1,025
$0.25
0.05%
Thrivent
Core
Short-Term
Reserve
Fund
Actual
$1,000
$1,028
$0.03
0.01%
Hypothetical
**
$1,000
$1,025
$0.03
0.01%
Thrivent
Core
Small
Cap
Value
Fund
Actual
$1,000
$955
$0.23
0.05%
Hypothetical
**
$1,000
$1,025
$0.24
0.05%
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
186/365
to
reflect
the
one-half
year
period.
**
Assuming
5%
annualized
total
return
before
expenses.
17
To
the
Board
of
Trustees
of
Thrivent
Core
Funds
and
Shareholders
of
each
of
the
seven
funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(constituting
Thrivent
Core
Funds,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2023,
the
related
statements
of
operations
and
statements
of
changes
in
net
assets
for
each
of
the
periods
indicated
in
the
table
below,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
October
31,
2023,
the
results
of
each
of
their
operations
and
the
changes
in
each
of
their
net
assets
for
each
of
the
periods
indicated
in
the
table
below
and
each
of
the
financial
highlights
for
each
of
the
periods
indicated
therein
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
Thrivent
Core
Emerging
Markets
Debt
Fund
(1)
Thrivent
Core
Low
Volatility
Equity
Fund
(1)
Thrivent
Core
Emerging
Markets
Equity
Fund
(1)
Thrivent
Core
Short-Term
Reserve
Fund
(1)
Thrivent
Core
International
Equity
Fund
(1)
Thrivent
Core
Small
Cap
Value
Fund
(2)
Thrivent
Core
Mid
Cap
Value
Fund
(3)
(1)
Statement
of
operations
for
the
year
ended
October
31,
2023
and
the
statement
of
changes
in
net
assets
for
the
years
ended
October
31,
2023
and
2022
(2)
Statement
of
operations
for
the
year
ended
October
31,
2023
and
the
statement
of
changes
in
net
assets
for
the
year
ended
October
31,
2023
and
for
the
period
March
31,
2022
(commencement
of
operations)
through
October
31,
2022
(3)
Statement
of
operations
and
statement
of
changes
in
net
assets
for
the
period
February
28,
2023
(commencement
of
operations)
through
October
31,
2023
PricewaterhouseCoopers
LLP,
45
South
Seventh
Street,
Suite
3400,
Minneapolis,
MN
55402
T:
(612)
596
6000,
www.pwc.com/us
Report
of
Independent
Registered
Public
Accounting
Firm
18
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
Minneapolis,
Minnesota
December
18,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Thrivent
Financial
investment
company
complex
since
1987.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
19
Principal
Amount
Long-Term
Fixed
Income
(
96.9%
)
Value
Angola
(2.5%)
Angola
Government
International
Bond
$
1,000,000
9.500%,
11/12/2025
$
959,904
13,000,000
8.250%,
5/9/2028
10,985,000
6,000,000
8.750%,
4/14/2032
a
4,662,696
2,000,000
9.125%,
11/26/2049
1,400,000
Total
18,007,600
Argentina
(1.2%)
Argentina
Government
International
Bond
1,800,000
0.750%,
7/9/2030
b
497,449
15,700,000
3.625%,
7/9/2035
b
3,852,136
15,700,000
3.500%,
7/9/2041
b
4,094,984
Total
8,444,569
Azerbaijan
(0.6%)
Azerbaijan
Government
International
Bond
5,900,000
3.500%,
9/1/2032
4,602,354
Total
4,602,354
Bahrain
(2.1%)
Bahrain
Government
International
Bond
1,000,000
4.250%,
1/25/2028
896,212
1,000,000
5.250%,
1/25/2033
817,028
3,000,000
5.625%,
5/18/2034
a
2,456,250
1,000,000
7.750%,
4/18/2035
a
958,876
6,000,000
7.500%,
9/20/2047
a
5,008,800
1,000,000
7.500%,
9/20/2047
834,800
CBB
International
Sukuk
Programme
SPC
4,000,000
6.250%,
11/14/2024
3,955,920
Total
14,927,886
Brazil
(2.6%)
Brazil
Government
International
Bond
5,800,000
4.750%,
1/14/2050
3,871,475
3,000,000
2.875%,
6/6/2025
2,849,391
1,000,000
4.500%,
5/30/2029
920,411
7,000,000
3.875%,
6/12/2030
c
6,013,854
4,300,000
5.000%,
1/27/2045
3,079,064
2,000,000
5.625%,
2/21/2047
1,530,558
Total
18,264,753
Canada
(1.0%)
Canacol
Energy,
Ltd.
3,000,000
5.750%,
11/24/2028
a
2,163,000
Petronas
Energy
Canada,
Ltd.
6,000,000
2.112%,
3/23/2028
a
5,195,434
Total
7,358,434
Chile
(2.9%)
Chile
Government
International
Bond
1,700,000
3.100%,
1/22/2061
912,437
8,500,000
3.500%,
1/25/2050
c
5,361,474
1,200,000
3.125%,
1/21/2026
1,139,726
2,600,000
3.240%,
2/6/2028
2,365,808
Principal
Amount
Long-Term
Fixed
Income
(96.9%)
Value
Chile
(2.9%)
-
continued
$
10,850,000
2.550%,
7/27/2033
c
$
8,122,466
2,000,000
3.500%,
1/31/2034
1,606,015
2,000,000
4.340%,
3/7/2042
c
1,546,573
Total
21,054,499
Colombia
(2.8%)
Colombia
Government
International
Bond
3,375,000
3.875%,
4/25/2027
3,071,971
786,000
3.125%,
4/15/2031
581,077
1,000,000
7.500%,
2/2/2034
935,188
1,500,000
7.375%,
9/18/2037
1,350,157
10,500,000
6.125%,
1/18/2041
8,011,148
3,000,000
4.125%,
2/22/2042
1,781,141
1,605,000
5.625%,
2/26/2044
1,121,629
3,000,000
5.000%,
6/15/2045
1,919,143
Ecopetrol
SA
1,000,000
8.875%,
1/13/2033
960,402
Total
19,731,856
Costa
Rica
(1.0%)
Costa
Rica
Government
International
Bond
3,000,000
6.550%,
4/3/2034
a
2,853,115
4,900,000
7.000%,
4/4/2044
4,487,314
Total
7,340,429
Dominican
Republic
(4.5%)
Dominican
Republic
Government
International
Bond
1,300,000
6.875%,
1/29/2026
a
1,294,977
1,000,000
5.950%,
1/25/2027
a
962,122
3,000,000
5.500%,
2/22/2029
a
2,730,152
4,500,000
4.875%,
9/23/2032
a
3,636,382
300,000,000
11.250%,
9/15/2035
a,d
5,203,273
2,500,000
7.450%,
4/30/2044
a
2,249,186
3,900,000
6.850%,
1/27/2045
3,245,405
8,300,000
6.500%,
2/15/2048
a
6,596,955
8,000,000
6.400%,
6/5/2049
a
6,267,117
Total
32,185,569
Ecuador
(1.0%)
Ecuador
Government
International
Bond
2,500,000
6.000%,
7/31/2030
b
1,264,805
14,800,000
3.500%,
7/31/2035
b
5,599,531
Total
6,864,336
Egypt
(1.9%)
Egypt
Government
International
Bond
2,500,000
7.500%,
2/16/2061
a
1,231,550
2,000,000
8.875%,
5/29/2050
a
1,059,040
2,000,000
8.750%,
9/30/2051
a
1,055,000
500,000
8.150%,
11/20/2059
a
255,550
3,300,000
7.600%,
3/1/2029
2,048,383
3,500,000
7.053%,
1/15/2032
a
1,971,270
3,000,000
8.500%,
1/31/2047
1,552,800
9,000,000
7.903%,
2/21/2048
4,557,204
Total
13,730,797
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
20
Principal
Amount
Long-Term
Fixed
Income
(96.9%)
Value
El
Salvador
(0.8%)
El
Salvador
Government
International
Bond
$
3,300,000
8.625%,
2/28/2029
c
$
2,690,833
4,500,000
7.625%,
2/1/2041
3,001,052
Total
5,691,885
Gabon
(0.3%)
Gabon
Government
International
Bond
662,000
6.950%,
6/16/2025
576,583
2,000,000
6.625%,
2/6/2031
1,411,608
Total
1,988,191
Ghana
(1.1%)
Ghana
Government
International
Bond
2,000,000
6.375%,
2/11/2027
e
844,680
3,000,000
7.750%,
4/7/2029
a,e
1,268,040
3,556,000
8.625%,
4/7/2034
a,e
1,498,356
1,444,000
8.625%,
4/7/2034
e
608,444
4,000,000
7.875%,
2/11/2035
a,e
1,705,840
4,000,000
8.875%,
5/7/2042
e
1,652,840
Total
7,578,200
Guatemala
(1.7%)
Guatemala
Government
International
Bond
1,000,000
6.125%,
6/1/2050
a
795,624
4,590,000
4.500%,
5/3/2026
4,328,152
3,700,000
4.375%,
6/5/2027
3,390,128
3,000,000
5.375%,
4/24/2032
2,663,086
1,000,000
4.650%,
10/7/2041
a
690,739
Total
11,867,729
Honduras
(0.1%)
Honduras
Government
International
Bond
1,000,000
6.250%,
1/19/2027
c
931,710
Total
931,710
Hungary
(1.1%)
Hungary
Government
International
Bond
3,000,000
5.250%,
6/16/2029
a
2,826,000
3,000,000
6.250%,
9/22/2032
a
2,883,066
Magyar
Export-Import
Bank
Zrt
2,500,000
6.125%,
12/4/2027
a
2,445,265
Total
8,154,331
Indonesia
(5.1%)
Indonesia
Government
International
Bond
2,000,000
4.125%,
1/15/2025
1,963,976
6,100,000
4.750%,
1/8/2026
a
5,977,933
3,700,000
4.100%,
4/24/2028
3,473,089
3,400,000
6.625%,
2/17/2037
a
3,518,334
2,000,000
7.750%,
1/17/2038
a
2,279,777
726,000
6.750%,
1/15/2044
a
759,642
4,000,000
5.125%,
1/15/2045
a
3,463,966
1,200,000
5.250%,
1/8/2047
a
1,046,717
1,500,000
4.350%,
1/11/2048
1,141,573
Principal
Amount
Long-Term
Fixed
Income
(96.9%)
Value
Indonesia
(5.1%)
-
continued
Pertamina
Persero
PT
$
1,500,000
6.450%,
5/30/2044
$
1,381,952
Perusahaan
Listrik
Negara
PT
1,000,000
4.375%,
2/5/2050
649,097
2,000,000
3.375%,
2/5/2030
1,680,000
2,400,000
5.250%,
10/24/2042
1,878,451
Perusahaan
Penerbit
SBSN
Indonesia
III
1,500,000
4.150%,
3/29/2027
a
1,428,318
1,500,000
4.400%,
6/6/2027
a
1,436,184
PT
Perusahaan
Gas
Negara
(Persero)
Tbk
PT
4,000,000
5.125%,
5/16/2024
3,976,920
Total
36,055,929
Ivory
Coast
(1.8%)
Ivory
Coast
Government
International
Bond
16,000,000
6.125%,
6/15/2033
c
13,102,400
Total
13,102,400
Jersey
(1.4%)
Galaxy
Pipeline
Assets
Bidco,
Ltd.
4,247,200
2.160%,
3/31/2034
3,438,372
6,500,000
2.625%,
3/31/2036
a
4,896,809
1,866,240
2.940%,
9/30/2040
a
1,377,058
Total
9,712,239
Jordan
(0.9%)
Jordan
Government
International
Bond
2,500,000
7.500%,
1/13/2029
a
2,322,035
4,500,000
5.850%,
7/7/2030
3,797,820
Total
6,119,855
Kazakhstan
(0.8%)
Kazakhstan
Government
International
Bond
4,000,000
6.500%,
7/21/2045
3,920,000
KazMunayGas
National
Company
JSC
1,000,000
3.500%,
4/14/2033
727,500
1,700,000
5.750%,
4/19/2047
1,259,734
Total
5,907,234
Kenya
(0.7%)
Kenya
Government
International
Bond
4,000,000
6.875%,
6/24/2024
3,819,280
1,500,000
8.000%,
5/22/2032
1,172,910
Total
4,992,190
Lebanon
(0.1%)
Lebanon
Government
International
Bond
10,000,000
6.650%,
4/22/2024
e
620,400
3,000,000
6.600%,
11/27/2026
e
180,540
5,000,000
6.850%,
3/23/2027
e
301,860
Total
1,102,800
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
21
Principal
Amount
Long-Term
Fixed
Income
(96.9%)
Value
Luxembourg
(0.6%)
EIG
Pearl
Holdings
SARL
$
3,500,000
3.545%,
8/31/2036
a
$
2,730,000
Greensaif
Pipelines
Bidco
SARL
2,000,000
6.129%,
2/23/2038
a
1,857,502
Total
4,587,502
Malaysia
(1.2%)
Petronas
Capital,
Ltd.
3,500,000
4.550%,
4/21/2050
2,718,187
6,400,000
3.500%,
4/21/2030
5,598,471
Total
8,316,658
Mexico
(6.2%)
America
Movil
SAB
de
CV
3,000,000
5.375%,
4/4/2032
a
2,525,201
Comision
Federal
de
Electricidad
1,000,000
3.875%,
7/26/2033
a
724,851
Mexico
Government
International
Bond
7,240,000
6.338%,
5/4/2053
6,329,368
781,000
4.150%,
3/28/2027
748,642
885,000
3.750%,
1/11/2028
815,677
2,000,000
5.400%,
2/9/2028
1,961,808
2,000,000
3.500%,
2/12/2034
1,527,159
5,800,000
6.050%,
1/11/2040
5,205,507
2,000,000
4.600%,
2/10/2048
1,400,524
Petroleos
Mexicanos
14,300,000
7.690%,
1/23/2050
8,831,378
1,000,000
8.750%,
6/2/2029
884,354
900,000
6.840%,
1/23/2030
700,874
8,200,000
5.950%,
1/28/2031
5,867,100
1,915,000
6.700%,
2/16/2032
1,411,960
7,600,000
6.625%,
6/15/2035
5,012,815
Total
43,947,218
Mongolia
(0.2%)
Mongolia
Government
International
Bond
1,700,000
5.125%,
4/7/2026
1,581,806
Total
1,581,806
Morocco
(0.4%)
Morocco
Government
International
Bond
3,000,000
4.000%,
12/15/2050
1,776,000
OCP
SA
1,500,000
5.125%,
6/23/2051
959,640
Total
2,735,640
Mozambique
(1.2%)
Mozambique
Government
International
Bond
10,861,000
9.000%,
9/15/2031
8,362,970
Total
8,362,970
Principal
Amount
Long-Term
Fixed
Income
(96.9%)
Value
Namibia
(0.3%)
Namibia
Government
International
Bond
$
2,000,000
5.250%,
10/29/2025
$
1,895,320
Total
1,895,320
Netherlands
(1.3%)
AES
Andres
BV
2,000,000
5.700%,
5/4/2028
a
1,753,957
IHS
Netherlands
Holdco
BV
3,000,000
8.000%,
9/18/2027
a
2,445,000
Majapahit
Holding
BV
2,000,000
7.875%,
6/29/2037
2,120,000
Petrobras
Global
Finance
BV
3,000,000
6.500%,
7/3/2033
2,793,486
Total
9,112,443
Nigeria
(2.3%)
Nigeria
Government
International
Bond
15,100,000
7.875%,
2/16/2032
12,083,775
1,000,000
7.375%,
9/28/2033
a
750,720
5,000,000
7.696%,
2/23/2038
3,556,250
Total
16,390,745
Oman
(3.5%)
Oman
Government
International
Bond
4,000,000
4.875%,
2/1/2025
3,918,000
5,000,000
4.750%,
6/15/2026
a
4,794,700
4,000,000
5.625%,
1/17/2028
a
3,865,760
4,500,000
7.375%,
10/28/2032
a
4,667,787
8,500,000
6.750%,
1/17/2048
a,c
7,596,450
Total
24,842,697
Pakistan
(0.7%)
Pakistan
Government
International
Bond
2,000,000
6.000%,
4/8/2026
a
1,090,000
4,500,000
6.875%,
12/5/2027
2,375,100
3,000,000
7.375%,
4/8/2031
a
1,470,000
Total
4,935,100
Panama
(2.4%)
Aeropuerto
Internacional
de
Tocumen
SA
2,000,000
4.000%,
8/11/2041
a
1,427,500
Panama
Bonos
del
Tesoro
7,000,000
3.362%,
6/30/2031
5,371,590
Panama
Government
International
Bond
4,800,000
4.500%,
4/16/2050
3,004,250
3,000,000
3.750%,
3/16/2025
2,888,664
5,079,000
6.700%,
1/26/2036
4,753,982
Total
17,445,986
Paraguay
(1.6%)
Paraguay
Government
International
Bond
4,800,000
5.400%,
3/30/2050
3,587,230
3,500,000
4.700%,
3/27/2027
3,331,779
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
22
Principal
Amount
Long-Term
Fixed
Income
(96.9%)
Value
Paraguay
(1.6%)
-
continued
$
2,000,000
5.850%,
8/21/2033
a
$
1,843,575
1,000,000
6.100%,
8/11/2044
836,955
2,000,000
5.600%,
3/13/2048
c
1,540,961
Total
11,140,500
Peru
(2.8%)
Fondo
Mivivienda
SA
2,000,000
4.625%,
4/12/2027
a,c
1,883,627
Peru
Government
International
Bond
11,000,000
2.783%,
1/23/2031
8,805,958
1,100,000
8.750%,
11/21/2033
1,282,175
2,000,000
3.000%,
1/15/2034
1,512,693
6,000,000
3.300%,
3/11/2041
3,968,061
Petroleos
del
Peru
SA
4,500,000
5.625%,
6/19/2047
a
2,462,312
Total
19,914,826
Philippines
(2.1%)
Philippines
Government
International
Bond
3,000,000
4.200%,
1/21/2024
2,987,610
3,000,000
3.750%,
1/14/2029
2,749,500
5,025,000
7.750%,
1/14/2031
5,593,277
1,625,000
6.375%,
10/23/2034
1,665,095
2,420,000
3.950%,
1/20/2040
1,835,519
Total
14,831,001
Poland
(0.6%)
Bank
Gospodarstwa
Krajowego
1,500,000
5.375%,
5/22/2033
a
1,393,125
Republic
of
Poland
Government
International
Bond
3,000,000
4.875%,
10/4/2033
2,777,292
Total
4,170,417
Qatar
(3.2%)
Qatar
Government
International
Bond
4,800,000
4.400%,
4/16/2050
a
3,698,928
6,000,000
3.375%,
3/14/2024
a
5,941,152
3,000,000
3.250%,
6/2/2026
a
2,844,970
1,000,000
3.750%,
4/16/2030
a
912,500
1,000,000
5.750%,
1/20/2042
a
961,200
8,000,000
4.817%,
3/14/2049
a
6,539,440
QatarEnergy
3,000,000
3.125%,
7/12/2041
a
1,970,100
Total
22,868,290
Romania
(2.7%)
Romania
Government
International
Bond
4,100,000
4.000%,
2/14/2051
2,514,350
2,000,000
3.000%,
2/27/2027
1,807,228
6,000,000
5.250%,
11/25/2027
a
5,790,144
1,000,000
6.625%,
2/17/2028
a
1,000,000
4,000,000
3.000%,
2/14/2031
3,165,080
3,500,000
3.625%,
3/27/2032
a
2,770,250
2,000,000
7.125%,
1/17/2033
a
1,988,904
Total
19,035,956
Principal
Amount
Long-Term
Fixed
Income
(96.9%)
Value
Saudi
Arabia
(3.8%)
Saudi
Arabia
Government
International
Bond
$
10,600,000
3.750%,
1/21/2055
$
6,702,380
6,300,000
3.250%,
10/26/2026
a
5,893,650
4,000,000
3.625%,
3/4/2028
a
3,695,920
2,300,000
4.375%,
4/16/2029
a
2,158,375
5,000,000
2.250%,
2/2/2033
a
3,753,500
1,500,000
4.500%,
10/26/2046
1,123,410
Saudi
Arabian
Oil
Company
4,500,000
2.250%,
11/24/2030
a
3,532,356
Total
26,859,591
Senegal
(0.9%)
Senegal
Government
International
Bond
1,500,000
6.250%,
7/30/2024
1,470,255
5,700,000
6.250%,
5/23/2033
4,490,118
1,000,000
6.750%,
3/13/2048
661,876
Total
6,622,249
Serbia
(0.6%)
Serbia
Government
International
Bond
1,000,000
6.250%,
5/26/2028
a
972,600
3,500,000
6.500%,
9/26/2033
a
3,299,016
Total
4,271,616
South
Africa
(2.2%)
Eskom
Holdings
SOC,
Ltd.
1,000,000
7.125%,
2/11/2025
980,000
6,000,000
6.350%,
8/10/2028
a
5,422,800
2,000,000
8.450%,
8/10/2028
1,892,848
South
Africa
Government
International
Bond
3,500,000
6.250%,
3/8/2041
2,615,816
2,000,000
5.375%,
7/24/2044
1,314,280
5,100,000
5.650%,
9/27/2047
3,311,124
Total
15,536,868
Sri
Lanka
(1.0%)
Sri
Lanka
Government
International
Bond
6,000,000
6.825%,
7/18/2026
e
3,089,658
5,000,000
6.200%,
5/11/2027
e
2,485,999
1,000,000
6.750%,
4/18/2028
e
496,864
2,000,000
7.550%,
3/28/2030
e
994,270
Total
7,066,791
Trinidad
and
Tobago
(0.8%)
Heritage
Petroleum
Company,
Ltd.
2,000,000
9.000%,
8/12/2029
a
2,076,000
Telecommunications
Services
of
Trinidad
and
Tobago,
Ltd.
4,300,000
8.875%,
10/18/2029
a
3,612,000
Total
5,688,000
Turkey
(3.5%)
Turkiye
Government
International
Bond
2,000,000
5.750%,
3/22/2024
1,990,000
4,000,000
6.375%,
10/14/2025
3,889,120
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
23
Principal
Amount
Long-Term
Fixed
Income
(96.9%)
Value
Turkey
(3.5%)
-
continued
$
5,600,000
6.125%,
10/24/2028
$
5,064,528
4,800,000
6.500%,
9/20/2033
c
4,019,712
2,639,000
6.875%,
3/17/2036
2,179,075
4,435,000
6.750%,
5/30/2040
3,422,250
2,000,000
6.000%,
1/14/2041
1,422,600
1,000,000
4.875%,
4/16/2043
607,580
1,800,000
5.750%,
5/11/2047
1,172,088
Turkiye
Ihracat
Kredi
Bankasi
AS
1,500,000
9.375%,
1/31/2026
a,c
1,520,790
Total
25,287,743
Ukraine
(0.7%)
State
Agency
of
Roads
of
Ukraine
3,000,000
6.250%,
6/24/2028
a,e
765,120
Ukraine
Government
International
Bond
2,000,000
7.750%,
9/1/2026
e
562,500
3,000,000
7.750%,
9/1/2028
e
841,152
1,900,000
9.750%,
11/1/2030
e
545,300
2,000,000
6.876%,
5/21/2031
e
496,000
7,500,000
7.375%,
9/25/2034
e
1,876,890
Total
5,086,962
United
Arab
Emirates
(2.8%)
Abu
Dhabi
Government
International
Bond
2,500,000
3.875%,
4/16/2050
a
1,765,565
3,000,000
3.000%,
9/15/2051
a
1,770,948
3,000,000
3.125%,
5/3/2026
a
2,832,708
8,500,000
2.500%,
9/30/2029
a,c
7,306,600
Finance
Department
Government
of
Sharjah
6,000,000
4.000%,
7/28/2050
a
3,399,000
UAE
Government
International
Bond
3,000,000
4.050%,
7/7/2032
a
2,730,960
Total
19,805,781
United
Kingdom
(0.3%)
NAK
Naftogaz
Ukraine
4,000,000
7.625%,
11/8/2026
a
1,938,000
Total
1,938,000
Uruguay
(2.2%)
Uruguay
Government
International
Bond
3,000,000
4.975%,
4/20/2055
2,510,364
2,000,000
5.100%,
6/18/2050
1,729,156
11,840,312
4.375%,
1/23/2031
11,184,427
Total
15,423,947
Uzbekistan
(0.7%)
Uzbekistan
Government
International
Bond
1,000,000
3.700%,
11/25/2030
760,424
4,000,000
3.900%,
10/19/2031
a
2,999,808
Uzbekneftegaz
JSC
2,000,000
4.750%,
11/16/2028
a
1,570,176
Total
5,330,408
Principal
Amount
Long-Term
Fixed
Income
(96.9%)
Value
Vietnam
(0.7%)
Vietnam
Government
International
Bond
$
5,400,000
4.800%,
11/19/2024
$
5,293,080
Total
5,293,080
Virgin
Islands,
British
(3.4%)
Sinopec
Group
Overseas
Development
2017,
Ltd.
5,000,000
3.625%,
4/12/2027
4,715,672
Sinopec
Group
Overseas
Development
2018,
Ltd.
6,200,000
2.300%,
1/8/2031
5,042,166
State
Grid
Overseas
Investment
2016,
Ltd.
12,500,000
2.875%,
5/18/2026
11,718,579
3,000,000
3.500%,
5/4/2027
2,811,315
Total
24,287,732
Total
Long-Term
Fixed
Income
(cost
$870,206,806)
690,331,618
Shares
Collateral
Held
for
Securities
Loaned
(
3.3%
)
23,592,892
Thrivent
Cash
Management
Trust
23,592,892
Total
Collateral
Held
for
Securities
Loaned
(cost
$23,592,892)
23,592,892
Shares
Short-Term
Investments
(
1.6%
)
Thrivent
Core
Short-Term
Reserve
Fund
1,128,784
5.690%
11,287,844
Total
Short-Term
Investments
(cost
$11,287,844)
11,287,844
Total
Investments
(cost
$905,087,542)
101.8%
$725,212,354
Other
Assets
and
Liabilities,
Net
(1.8%)
(12,638,760
)
Total
Net
Assets
100.0%
$712,573,594
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
October
31,
2023,
the
value
of
these
investments
was
$243,145,995
or
34.1%
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
October
31,
2023.
c
All
or
a
portion
of
the
security
is
on
loan.
d
Principal
amount
is
displayed
in
Dominican
Republic
Pesos.
e
Defaulted
security. Interest
is
not
being
accrued.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
24
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
October
31,
2023:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
22,271,678
Total
lending
$22,271,678
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$23,592,892
Net
amounts
due
to
counterparty
$1,321,214
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
$1,018,099
Gross
unrealized
depreciation
(167,068,692)
Net
unrealized
appreciation
(depreciation)
($166,050,593)
Cost
for
federal
income
tax
purposes
$891,262,947
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2023,
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
Communications
Services
8,582,201
–
8,582,201
–
Energy
69,514,992
–
69,514,992
–
Financials
1,393,125
–
1,393,125
–
Foreign
Government
595,156,647
–
595,156,647
–
Transportation
1,427,500
–
1,427,500
–
Utilities
14,257,153
–
14,257,153
–
Subtotal
Investments
in
Securities
$690,331,618
$–
$690,331,618
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
11,287,844
Collateral
Held
for
Securities
Loaned
23,592,892
Subtotal
Other
Investments
$34,880,736
Total
Investments
at
Value
$725,212,354
*
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
the
table
above
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
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
25
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
10/31/2022
Gross
Purchases
Gross
Sales
Value
10/31/2023
Shares
Held
at
10/31/2023
%
of
Net
Assets
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$19,291
$152,596
$160,599
$11,288
1,129
1.6%
Total
Affiliated
Short-Term
Investments
19,291
11,288
1.6
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
13,503
145,176
135,086
23,593
23,593
3.3
Total
Collateral
Held
for
Securities
Loaned
13,503
23,593
3.3
Total
Value
$32,794
$
34,881
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2022
-
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$–
$–
$–
$936
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$936
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
94
Total
Affiliated
Income
from
Securities
Loaned,
Net
$94
Total
$–
$–
$–
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
26
Shares
Common
Stock
(
97.9%
)
Value
Belgium
(<0.1%)
3,303
Titan
Cement
International
SA
$
61,860
Total
61,860
Bermuda
(<0.1%)
179,000
Road
King
Infrastructure,
Ltd.
a
34,756
812,200
Shanghai
Industrial
Urban
Development
Group,
Ltd.
35,825
Total
70,581
Brazil
(5.9%)
36,400
Alupar
Investimento
SA
202,946
82,200
Ambev
SA
209,342
215,000
B3
SA
-
Brasil
Bolsa
Balcao
475,480
183,755
Banco
Bradesco
SA
ADR
512,676
3,900
Banco
BTG
Pactual
SA
22,990
175,400
Banco
do
Brasil
SA
1,682,768
193,390
Companhia
Energetica
de
Minas
Gerais
ADR
438,995
275,900
CPFL
Energia
SA
1,833,770
72,400
ENGIE
Brasil
Energia
SA
566,506
211,304
Gerdau
SA
ADR
917,059
5,458,600
Grupo
Casas
Bahia
SA
a
487,206
101,600
Hypera
SA
611,404
280,900
Iochpe-Maxion
SA
627,348
239,968
Itau
Unibanco
Holding
SA
ADR
1,274,230
557,900
Itausa
SA
957,175
94,719
Jalles
Machado
SA
154,428
15,400
Localiza
Rent
a
Car
SA
155,749
112
Localiza
Rent
a
Car
SA,
Rights
a
122
192,800
Metalurgica
Gerdau
SA
395,409
493,000
Petroleo
Brasileiro
SA
3,396,021
201,966
Petroleo
Brasileiro
SA
ADR
3,029,490
133,600
Randon
SA
Implementos
e
Participacoes
288,306
229,900
Telefonica
Brasil
SA
2,059,262
7,483
Telefonica
Brasil
SA
ADR
66,673
670,800
TIM
SA/Brazil
2,021,015
144,100
Usinas
Siderurgicas
de
Minas
Gerais
SA
Usiminas
188,923
238,707
Vale
SA
ADR
3,272,673
126,800
Vibra
Energia
SA
498,473
11,200
WEG
SA
73,152
Total
26,419,591
Cayman
Islands
(15.0%)
1,210,204
Alibaba
Group
Holding,
Ltd.
a
12,459,146
600
ANTA
Sports
Products,
Ltd.
6,786
33,938
Baidu.com,
Inc.
ADR
a
3,563,490
193,000
China
Feihe,
Ltd.
b
119,925
146,000
China
Meidong
Auto
Holdings,
Ltd.
78,298
359,000
China
Mengniu
Dairy
Company,
Ltd.
1,172,184
400,000
China
Resources
Cement
Holdings,
Ltd.
102,851
570,400
Chow
Tai
Fook
Jewellery
Group,
Ltd.
805,476
666,000
Consun
Pharmaceutical
Group,
Ltd.
391,729
261,000
Geely
Automobile
Holdings,
Ltd.
296,320
477,000
Haidilao
International
Holding,
Ltd.
b
1,194,316
177,003
Hello
Group,
Inc.
ADR
1,253,181
57,879
Huazhu
Group,
Ltd.
ADR
a
2,179,723
67,498
JD.com,
Inc.
858,113
17,696
JOYY,
Inc.
ADR
688,728
Shares
Common
Stock
(97.9%)
Value
Cayman
Islands
(15.0%)
-
continued
111,813
KE
Holdings,
Inc.
ADR
$
1,644,769
50,000
Kingboard
Holdings,
Ltd.
121,764
53,700
Kuaishou
Technology
a,b
345,820
342,221
Lufax
Holding,
Ltd.
ADR
326,753
354,120
Meituan
a,b
5,019,656
16,246
MINISO
Group
Holding,
Ltd.
ADR
411,186
91,500
NetDragon
Websoft
Holdings,
Ltd.
162,579
8,358
NetEase,
Inc.
ADR
893,638
40,273
PDD
Holdings,
Inc.
ADR
a
4,084,488
518,000
Seazen
Group,
Ltd.
a
84,066
4,912,000
Shui
On
Land,
Ltd.
433,008
806,000
Sino
Biopharmaceutical,
Ltd.
313,114
168,400
Sunny
Optical
Technology
(Group)
Company,
Ltd.
1,410,844
29,813
TAL
Education
Group
ADR
a
261,460
501,400
Tencent
Holdings,
Ltd.
18,556,190
273,080
Tencent
Music
Entertainment
Group
ADR
a
1,982,561
695,200
Tongcheng
Travel
Holdings,
Ltd.
a
1,328,145
1,097,000
Topsports
International
Holdings,
Ltd.
b
922,514
45,602
Trip.com
Group,
Ltd.
ADR
a
1,550,468
32,000
Want
Want
China
Holdings,
Ltd.
19,883
925,600
Xiaomi
Corporation
a,b
1,659,623
251,000
Zhongsheng
Group
Holdings,
Ltd.
579,633
Total
67,282,428
Chile
(0.5%)
2,633
Banco
de
Chile
ADR
53,924
415,049
Cencosud
SA
672,426
4,473,946
Colbun
SA
649,547
125,416
Embotelladora
Andina
SA
255,036
64,304
Empresas
CMPC
SA
114,957
201,081
S.A.C.I.
Falabella
a
409,618
Total
2,155,508
China
(13.0%)
2,694,000
Agricultural
Bank
of
China,
Ltd.
1,322,026
2,631,500
Aluminum
Corporation
of
China,
Ltd.,
Class
A
2,229,960
3,330,000
Aluminum
Corporation
of
China,
Ltd.,
Class
H
1,781,318
117,000
Anhui
Conch
Cement
Company,
Ltd.,
Class
H
291,177
7,417,800
Bank
of
China,
Ltd.,
Class
A
3,953,911
3,022,700
Bank
of
Communications
Company,
Ltd.
2,325,842
2,998,113
Baoshan
Iron
&
Steel
Company,
Ltd.
2,564,669
132,000
Beijing
North
Star
Company,
Ltd.
a
13,335
2,788,300
BOE
Technology
Group
Company,
Ltd.
1,494,503
12,500
BYD
Company,
Ltd.,
Class
H
380,126
5,246,000
CGN
Power
Company,
Ltd.
b
1,260,654
2,434,000
China
Cinda
Asset
Management
Company,
Ltd.
236,690
231,000
China
Construction
Bank
Corporation
130,644
535,100
China
Merchants
Securities
Company,
Ltd.
1,034,410
69,300
China
Merchants
Shekou
Industrial
Zone
Holdings
Company,
Ltd.
104,530
194,000
China
National
Building
Material
Company,
Ltd.
92,343
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
27
Shares
Common
Stock
(97.9%)
Value
China
(13.0%)
-
continued
3,987,000
China
Petroleum
&
Chemical
Corporation,
Class
H
$
2,039,103
1,603,000
China
Railway
Group,
Ltd.
756,559
53,200
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Company,
Ltd.
313,612
328,500
China
State
Construction
Engineering
Corporation,
Ltd.
232,489
8,000
China
Tourism
Group
Duty
Free
Corporation,
Ltd.
b
90,346
56,135
CITIC
Securities
Company,
Ltd.,
Class
A
166,628
2,640,000
CMOC
Group,
Ltd.
1,574,526
3,920,000
CRRC
Corporation,
Ltd.
1,633,166
605,700
Focus
Media
Information
Technology
Company,
Ltd.
572,549
1,088,400
Foxconn
Industrial
Internet
Company,
Ltd.
2,192,943
101,600
Fuyao
Glass
Industry
Group
Company,
Ltd.,
Class
H
b
463,204
334,200
GF
Securities
Company,
Ltd.,
Class
H
435,116
388,800
Gree
Electric
Appliances,
Inc.
of
Zhuhai
1,803,285
5,496,860
Greenland
Holdings
Corporation,
Ltd.
a
1,915,620
324,533
Guangzhou
Baiyunshan
Pharmaceutical
Holdings,
Ltd.
1,322,181
1,085,100
Guotai
Junan
Securities
Company,
Ltd.
2,191,577
39,000
Huatai
Securities
Company,
Ltd.
b
51,059
298,600
Jiangxi
Copper
Company,
Ltd.,
Class
A
748,384
1,502,000
Jiangxi
Copper
Company,
Ltd.,
Class
H
2,123,763
1,062,724
Jointown
Pharmaceutical
Group
Company,
Ltd.
1,033,956
4,113,000
People's
Insurance
Company
(Group)
of
China,
Ltd.
1,357,123
796,300
PetroChina
Company,
Ltd.,
Class
A
775,660
2,284,000
PetroChina
Company,
Ltd.,
Class
H
1,490,803
424,500
Ping
An
Insurance
(Group)
Company
of
China,
Ltd.
2,153,266
951,600
Seazen
Holdings
Company,
Ltd.
a
1,545,255
19,000
Shanghai
Pharmaceuticals
Holding
Company,
Ltd.,
Class
A
46,813
182,100
Shanghai
Pharmaceuticals
Holding
Company,
Ltd.,
Class
H
264,919
1,999,500
Shenwan
Hongyuan
Group
Company,
Ltd.
1,199,657
1,721,000
Shenzhen
Overseas
Chinese
Town
Company,
Ltd.
a
850,498
169,100
Shenzhou
International
Group
Holdings,
Ltd.
1,660,980
38,700
Sichuan
Kelun
Pharmaceutical
Company,
Ltd.
145,359
562,000
Tong
Ren
Tang
Technologies
Company,
Ltd.
428,600
76,000
Tsingtao
Brewery
Company,
Ltd.
576,348
136,201
Vipshop
Holdings,
Ltd.
ADR
a
1,942,226
534,400
Wanda
Film
Holding
Company,
Ltd.
a
912,620
70,144
Xinjiang
Daqo
New
Energy
Company,
Ltd.
342,540
Shares
Common
Stock
(97.9%)
Value
China
(13.0%)
-
continued
225,499
Yunnan
Baiyao
Group
Company,
Ltd.
$
1,566,810
Total
58,135,681
Colombia
(<0.1%)
8,687
Bancolombia
SA
61,944
Total
61,944
Cyprus
(<0.1%)
71,245
Ros
Agro
plc
GDR
a,c
0
Total
0
Czech
Republic
(0.4%)
50,849
Komercni
Banka
AS
1,490,311
285
Philip
Morris
CR
196,150
Total
1,686,461
Egypt
(<0.1%)
198,167
Commercial
International
Bank
Egypt
SAE
GDR
225,514
Total
225,514
Greece
(0.2%)
9,507
Mytilineos
SA
351,877
100,826
National
Bank
of
Greece
SA
a
577,466
Total
929,343
Hong
Kong
(0.6%)
334,000
China
Resources
Beer
(Holdings)
Company,
Ltd.
1,767,417
367,000
CITIC,
Ltd.
311,928
313,440
CSPC
Pharmaceutical
Group,
Ltd.
273,780
141,000
Far
East
Horizon,
Ltd.
99,213
203,500
Genertec
Universal
Medical
Group
Company,
Ltd.
b
103,335
96,000
Yuexiu
Property
Company,
Ltd.
99,855
Total
2,655,528
Hungary
(0.5%)
125,090
MOL
Hungarian
Oil
&
Gas
plc
995,322
39,226
OTP
Bank
Nyrt
1,459,993
Total
2,455,315
India
(17.2%)
3,195
ABB
India,
Ltd.
157,579
6,670
Alembic
Pharmaceuticals,
Ltd.
57,141
19,519
Amara
Raja
Energy
&
Mobility,
Ltd.
143,723
77,584
Asian
Paints,
Ltd.
2,794,671
90,998
Bajaj
Auto,
Ltd.
5,804,840
87,013
Bajaj
Finserv,
Ltd.
1,640,690
208,710
Bharat
Petroleum
Corporation,
Ltd.
874,945
879,744
Brightcom
Group,
Ltd.
a
176,987
257,213
Cipla,
Ltd.
3,707,758
143,919
Coal
India,
Ltd.
543,256
35,717
Coromandel
International,
Ltd.
447,547
6,116
CRISIL,
Ltd.
300,993
53,553
Cummins
India,
Ltd.
1,078,686
19,626
Dr.
Reddy's
Laboratories,
Ltd.
ADR
1,278,241
25,490
Gujarat
State
Petronet,
Ltd.
81,914
225,845
HCL
Technologies,
Ltd.
3,464,107
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
28
Shares
Common
Stock
(97.9%)
Value
India
(17.2%)
-
continued
71,383
HDFC
Asset
Management
Company,
Ltd.
b
$
2,344,733
263,062
HDFC
Life
Insurance
Company,
Ltd.
b
1,954,201
25,372
Hero
MotoCorp,
Ltd.
941,540
54,172
Hindustan
Petroleum
Corporation,
Ltd.
a
161,167
7,377
ICICI
Securities,
Ltd.
b
56,626
1,434,791
Indian
Oil
Corporation,
Ltd.
1,545,611
10,035
Indraprastha
Gas,
Ltd.
46,097
272,255
Infosys,
Ltd.
ADR
4,470,427
186,013
ITC,
Ltd.
957,510
23,926
Jindal
Saw,
Ltd.
127,304
265,487
Jio
Financial
Services,
Ltd.
a
698,325
25,441
JK
Tyre
&
Industries,
Ltd.
92,966
166,310
Kotak
Mahindra
Bank,
Ltd.
3,476,682
189,215
Larsen
&
Toubro,
Ltd.
6,658,647
17,456
LTIMindtree,
Ltd.
b
1,062,037
6,768
Mphasis,
Ltd.
172,789
924
MRF,
Ltd.
1,202,224
2,312
Nestle
India,
Ltd.
673,229
17,721
Nippon
Life
India
Asset
Management,
Ltd.
b
83,356
592,201
Oil
&
Natural
Gas
Corporation,
Ltd.
1,325,100
12,928
Persistent
Systems,
Ltd.
957,564
65,214
PI
Industries,
Ltd.
2,663,447
60,878
Pidilite
Industries,
Ltd.
1,797,423
22,486
Polycab
India,
Ltd.
1,328,810
52,845
Power
Finance
Corporation,
Ltd.
156,500
498,058
REC,
Ltd.
1,721,540
63,468
Reliance
Industries,
Ltd.
1,745,230
157,692
Samvardhana
Motherson
International,
Ltd.
174,159
86,270
SBI
Life
Insurance
Company,
Ltd.
b
1,416,920
23,850
Schaeffler
India,
Ltd.
807,043
36,828
Siemens,
Ltd.
1,473,519
6,629
Solar
Industries
India,
Ltd.
437,904
7,956
Supreme
Industries,
Ltd.
413,686
169,064
Tata
Consultancy
Services,
Ltd.
6,844,318
158,058
Tata
Motors,
Ltd.
1,193,814
55,918
Tech
Mahindra,
Ltd.
762,058
5,618
Thermax,
Ltd.
191,207
8,630
Torrent
Power,
Ltd.
75,388
22,633
UltraTech
Cement,
Ltd.
2,290,551
Total
77,054,730
Indonesia
(2.3%)
3,437,600
Astra
International
Tbk
PT
1,250,529
10,874,500
Bank
Central
Asia
Tbk
PT
5,990,987
4,150,100
Bank
Mandiri
Persero
Tbk
PT
1,482,632
5,555,900
Bank
Rakyat
Indonesia
Persero
Tbk
PT
1,737,240
Total
10,461,388
Kuwait
(0.8%)
35,340
Boubyan
Petrochemicals
Company
KSCP
69,982
102,117
HumanSoft
Holding
Company
KSCC
1,003,185
48,173
Kuwait
Finance
House
KSCP
106,577
312,911
Mobile
Telecommunications
Company
KSCP
486,787
697,822
National
Bank
of
Kuwait
KSC
1,978,155
Shares
Common
Stock
(97.9%)
Value
Kuwait
(0.8%)
-
continued
312,622
National
Industries
Group
Holding
$
179,947
Total
3,824,633
Luxembourg
(0.2%)
43,906
Reinet
Investments
SCA
912,302
Total
912,302
Malaysia
(1.0%)
29,100
AEON
Credit
Service
(M)
Bhd
69,383
659,700
Hong
Leong
Bank
Bhd
2,686,167
117,300
IOI
Corporation
Bhd
96,783
25,200
Kuala
Lumpur
Kepong
Bhd
116,327
597,700
Mah
Sing
Group
Bhd
102,975
38,200
MISC
Bhd
58,128
31,400
Petronas
Dagangan
Bhd
150,657
206,500
QL
Resources
Bhd
239,678
376,342
Sports
Toto
Bhd
114,534
92,600
Ta
Ann
Holdings
Bhd
65,108
367,800
Tenaga
Nasional
Bhd
764,240
Total
4,463,980
Mexico
(2.1%)
16,486
America
Movil
SAB
de
CV
ADR
273,667
135,500
Arca
Continental
SAB
de
CV
1,215,885
289,479
Cemex
SAB
de
CV
ADR
a
1,728,190
30,371
Coca-Cola
Femsa
SAB
de
CV
ADR
2,308,803
2,566
Fomento
Economico
Mexicano
SAB
de
CV
ADR
291,010
101,200
Grupo
Financiero
Banorte
SAB
de
CV
ADR
819,805
373,700
Grupo
Mexico
SAB
de
CV
1,551,884
575,200
Megacable
Holdings
SAB
de
CV
1,127,812
55,100
Wal-Mart
de
Mexico
SAB
de
CV
197,430
Total
9,514,486
Netherlands
(<0.1%)
27,784
NEPI
Rockcastle
NV
150,060
Total
150,060
Philippines
(0.5%)
72,090
Aboitiz
Equity
Ventures,
Inc.
58,201
48,280
Jollibee
Foods
Corporation
174,522
133,320
SM
Investments
Corporation
1,884,251
Total
2,116,974
Poland
(1.4%)
47,620
Asseco
Poland
SA
871,913
18,813
Bank
Polska
Kasa
Opieki
SA
571,674
1,239
Budimex
SA
138,698
51,414
Orlen
SA
813,057
100,863
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
a
1,044,816
219,197
Powszechny
Zaklad
Ubezpieczen
SA
2,480,407
3,689
Santander
Bank
Polska
SA
a
400,651
Total
6,321,216
Qatar
(0.3%)
226,203
Commercial
Bank
PSQC
318,461
161,643
Doha
Bank
QPSC
67,305
125,973
Gulf
International
Services
QSC
94,998
69,334
Gulf
Warehousing
Company
56,522
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
29
Shares
Common
Stock
(97.9%)
Value
Qatar
(0.3%)
-
continued
662,878
Masraf
Al
Rayan
QSC
$
382,325
95,258
Ooredoo
QPSC
258,748
19,736
Qatar
Electricity
&
Water
Company
QSC
89,671
145,214
Qatar
Gas
Transport
Company,
Ltd.
140,388
Total
1,408,418
Russian
Federation
(<0.1%)
647,134
Gazprom
PJSC
ADR
a,c
65
23,359
LUKOIL
PJSC
c,d
0
23,091
Mechel
PJSC
ADR
a,c,e
2
56,865
MMC
Norilsk
Nickel
PJSC
ADR
a,c
6
1,696
Novatek
PJSC
GDR
a,c
0
2,615
Polyus
PJSC
a,c
0
1,260,120
Sberbank
of
Russia
PJSC
c,d
1
67,230
Sovcomflot
OAO
c,d
0
2,930,700
Surgutneftegas
PJSC
c,d
3
257,974
Surgutneftegas
PJSC
ADR
a,c
26
Total
103
Saudi
Arabia
(3.7%)
5,352
Al
Masane
Al
Kobra
Mining
Company
75,204
202,501
Al
Rajhi
Bank
3,624,882
234,789
Alinma
Bank
2,060,656
7,963
Almarai
Company
JSC
118,651
17,854
Arab
National
Bank
113,075
19,641
Dr.
Sulaiman
Al
Habib
Medical
Services
Group
Company
1,319,257
13,164
Eastern
Province
Cement
Company
129,675
92,185
Fawaz
Abdulaziz
Al
Hokair
&
Company
a
477,248
382,996
Jarir
Marketing
Company
1,478,244
93,160
Riyad
Bank
659,292
20,541
SABIC
Agri-Nutrients
Company
733,377
38,043
Saudi
Arabian
Oil
Company
b
337,988
9,241
Saudi
Aramco
Base
Oil
Company
318,217
16,787
Saudi
Basic
Industries
Corporation
344,960
76,807
Saudi
Electricity
Company
364,660
222,026
Saudi
National
Bank
1,986,722
32,418
Saudi
Public
Transport
Company
a
140,300
190,395
Saudi
Telecom
Company
1,950,429
26,367
Savola
Group
255,827
Total
16,488,664
South
Africa
(2.3%)
136,976
Absa
Group,
Ltd.
1,249,856
229,764
AECI,
Ltd.
1,361,839
118,272
Aspen
Pharmacare
Holdings,
Ltd.
1,074,300
21,255
Barloworld,
Ltd.
89,399
30,182
Coronation
Fund
Managers,
Ltd.
48,923
219,945
DataTec,
Ltd.
415,993
195,540
FirstRand,
Ltd.
644,636
45,688
Kumba
Iron
Ore,
Ltd.
1,210,551
260,243
Momentum
Metropolitan
Holdings
292,813
2,597
MTN
Group,
Ltd.
12,677
9,901
Naspers,
Ltd.
a
1,545,555
67,728
Sasol,
Ltd.
856,064
122,026
Standard
Bank
Group
1,197,442
34,479
Super
Group,
Ltd.
58,792
76,107
Vukile
Property
Fund,
Ltd.
50,759
Total
10,109,599
Shares
Common
Stock
(97.9%)
Value
South
Korea
(10.3%)
7,601
AfreecaTV
Company,
Ltd.
$
378,481
2,847
Caregen
Company,
Ltd.
56,755
1,306
Chong
Kun
Dang
Pharmaceutical
Corporation
91,768
1,844
Chongkundang
Holdings
Corporation
70,317
6,334
CJ
Corporation
395,092
14,178
Doosan
Bobcat,
Inc.
407,348
22,819
Green
Cross
Holdings
Corporation
229,128
78,509
GS
Holdings
Corporation
2,292,610
5,038
Hanmi
Pharm
Company,
Ltd.
1,053,378
39,117
Hanon
Systems
199,603
16,275
Hanwha
Corporation
268,084
8,873
Huons
Global
Company,
Ltd.
132,070
3,151
HYBE
Company,
Ltd.
a
513,183
9,044
Hyundai
Motor
Company
1,139,401
3,053
Hyundai
Motor
Company
226,814
2,276
Hyundai
Motor
Company
168,075
44,333
Kakao
Corporation
1,249,562
43,681
Kia
Corporation
2,495,559
1,269
Korea
Zinc
Company,
Ltd.
441,001
1,064
Krafton,
Inc.
a
129,523
1,161
LG
Chem,
Ltd.
380,509
26,982
Lotte
Shopping
Company,
Ltd.
1,442,960
10,889
NAVER
Corporation
1,522,317
1,875
NCSoft
Corporation
323,938
176,349
NH
Investment
&
Securities
Company,
Ltd.
1,265,203
370
NongShim
Company,
Ltd.
121,691
16,201
PharmaResearch
Company,
Ltd.
1,398,879
7,768
POSCO
Holdings,
Inc.
2,377,980
4,590
Samsung
Biologics
Company,
Ltd.
a,b
2,412,994
23,193
Samsung
C&T
Corporation
1,833,772
317,212
Samsung
Electronics
Company,
Ltd.
15,789,189
802
Samsung
SDI
Company,
Ltd.
253,941
64,634
Samsung
Securities
Corporation,
Ltd.
1,693,176
32,842
SD
Biosensor,
Inc.
234,666
14,915
Seoul
Semiconductor
Company,
Ltd.
111,606
2,414
SGC
Energy
Company,
Ltd.
48,254
687
SK
Biopharmaceuticals
Company,
Ltd.
a
38,446
29,649
SK
Hynix,
Inc.
2,574,782
9,941
Yuhan
Corporation
423,767
Total
46,185,822
Taiwan
(15.5%)
78,532
ASE
Technology
Holding
Company,
Ltd.
ADR
585,063
464,000
Asia
Cement
Corporation
572,982
52,000
Asustek
Computer,
Inc.
545,227
1,407,000
Capital
Securities
Corporation
620,160
457,000
Cathay
Financial
Holding
Company,
Ltd.
620,172
1,472,000
Cheng
Shin
Rubber
Industry
Company,
Ltd.
2,011,552
25,000
Chicony
Power
Technology
Company,
Ltd.
86,554
67,000
China
Steel
Chemical
Corporation
246,393
524,000
China
Steel
Corporation
390,932
820,000
Chipbond
Technology
Corporation
1,722,423
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
30
Shares
Common
Stock
(97.9%)
Value
Taiwan
(15.5%)
-
continued
6,201
Chunghwa
Telecom
Company,
Ltd.
ADR
$
220,942
159,000
Delta
Electronics,
Inc.
1,432,891
181,000
Elan
Microelectronics
Corporation
806,861
232,000
Everlight
Electronics
Company,
Ltd.
317,872
484,000
Feng
Hsin
Steel
Company,
Ltd.
939,718
79,000
Getac
Holdings
Corporation
177,151
27,000
Global
Mixed
Mode
Technology,
Inc.
207,804
13,000
Grape
King
Bio,
Ltd.
59,417
6,380
Hotai
Motor
Company,
Ltd.
119,045
117,000
MediaTek,
Inc.
3,053,625
295,000
Micro-Star
International
Company,
Ltd.
1,510,203
1,292,000
Nan
Ya
Plastics
Corporation
2,472,013
281,000
Novatek
Microelectronics
Corporation
3,957,344
772,000
Pou
Chen
Corporation
688,132
189,000
Powertech
Technology,
Inc.
614,030
58,000
President
Chain
Store
Corporation
461,352
510,000
Quanta
Computer,
Inc.
3,011,196
165,000
Radiant
Opto-Electronics
Corporation
632,442
289,000
Realtek
Semiconductor
Corporation
3,601,770
153,000
Sigurd
Microelectronics
Corporation
280,926
37,740
SinoPac
Financial
Holdings
Company,
Ltd.
20,814
112,000
Systex
Corporation
346,939
651,874
Taichung
Commercial
Bank
Company,
Ltd.
295,891
1,840,650
Taiwan
Cooperative
Financial
Holding
Company,
Ltd.
1,429,388
41,000
Taiwan
Fertilizer
Company,
Ltd.
75,123
1,749,000
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
28,565,576
349,164
Topco
Scientific
Company,
Ltd.
1,824,352
25,000
TTY
Biopharm
Company,
Ltd.
64,685
883,000
Uni-President
Enterprises
Corporation
1,852,489
139,000
USI
Corporation
82,734
4,053,879
Yuanta
Financial
Holding
Company,
Ltd.
3,045,749
Total
69,569,932
Thailand
(0.5%)
245,100
Bangchak
Corporation
pcl
NVDR
281,493
2,494,100
Krung
Thai
Bank
pcl
NVDR
1,304,076
2,869,200
Land
and
Houses
pcl
NVDR
602,720
Total
2,188,289
Turkey
(0.9%)
125,910
BIM
Birlesik
Magazalar
AS
1,209,337
267,218
KOC
Holding
AS
1,292,555
185,197
Turk
Hava
Yollari
Anonim
Ortakligi
a
1,421,059
Total
3,922,951
United
Arab
Emirates
(1.9%)
67,267
Abu
Dhabi
Commercial
Bank
PJSC
147,061
81,983
Abu
Dhabi
Islamic
Bank
PJSC
229,900
1,282,023
Deyaar
Development
PJSC
a
205,508
1,297,196
Dubai
Islamic
Bank
PJSC
1,907,125
1,606,155
Emaar
Properties
PJSC
2,926,067
Shares
Common
Stock
(97.9%)
Value
United
Arab
Emirates
(1.9%)
-
continued
257,404
Emirates
Central
Cooling
Systems
Corporation
$
125,443
615,989
Emirates
NBD
Bank
PJSC
2,842,639
Total
8,383,743
United
States
(0.9%)
74,353
Yum
China
Holding,
Inc.
3,907,994
Total
3,907,994
Virgin
Islands,
British
(<0.1%)
17,004
VK
IPJSC
GDR
a,c
0
Total
0
Total
Common
Stock
(cost
$475,987,884)
439,125,038
Shares
Preferred
Stock
(
0.7%
)
Brazil
(<0.1%)
109,200
Companhia
de
Saneamento
do
Parana
94,434
Total
94,434
Russian
Federation
(<0.1%)
652
Transneft
PJSC
c,d
0
Total
0
South
Korea
(0.7%)
80,032
Samsung
Electronics
Company,
Ltd.
3,195,255
Total
3,195,255
Total
Preferred
Stock
(cost
$5,067,487)
3,289,689
Shares
Collateral
Held
for
Securities
Loaned
(
<0.1%
)
4,000
Thrivent
Cash
Management
Trust
4,000
Total
Collateral
Held
for
Securities
Loaned
(cost
$4,000)
4,000
Shares
or
Principal
Amount
Short-Term
Investments
(
1.2%
)
Federal
Home
Loan
Bank
Discount
Notes
600,000
5.305%,
1/16/2024
f,g
593,476
100,000
5.330%,
1/17/2024
f,g
98,899
Thrivent
Core
Short-Term
Reserve
Fund
476,142
5.690%
4,761,416
Total
Short-Term
Investments
(cost
$5,453,556)
5,453,791
Total
Investments
(cost
$486,512,927)
99.8%
$447,872,518
Other
Assets
and
Liabilities,
Net
0.2%
729,641
Total
Net
Assets
100.0%
$448,602,159
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
a
Non-income
producing
security.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
October
31,
2023,
the
value
of
these
investments
was
$20,899,307
or
4.7%
of
total
net
assets.
c
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
d
Pursuant
to
sanctions
related
to
the
Russian
invasion
of
Ukraine
which
restricts
the
ability
of
Russia
and
its
allied
nations
to
make
payments
on
its
dollar-denominated
sovereign
debt
and
equity,
existing
accruals
on
these
securities
have
been
reserved
and
income
is
currently
not
being
accrued.
e
All
or
a
portion
of
the
security
is
on
loan.
f
The
interest
rate
shown
reflects
the
yield.
g
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
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
October
31,
2023:
Securities
Lending
Transactions
Common
Stock
$
0
Total
lending
$0
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$4,000
Net
amounts
due
to
counterparty
$4,000
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
Bhd
-
Borhad
-
suffix
used
in
Malaysia
to
identify
a
Public
Limited
Company
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
pcl
-
Public
Company
Limited
plc
-
Public
Limited
Company
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
$31,916,013
Gross
unrealized
depreciation
(81,444,350)
Net
unrealized
appreciation
(depreciation)
($49,528,337)
Cost
for
federal
income
tax
purposes
$496,851,457
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
32
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2023,
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^
41,703,359
8,942,880
32,760,479
0
Consumer
Discretionary
66,431,950
14,337,545
52,094,405
–
Consumer
Staples^
15,383,666
2,599,813
12,783,853
0
Energy^
19,740,383
3,029,490
16,710,799
94
Financials
88,080,826
2,167,583
85,913,242
1
Health
Care
20,355,827
1,278,241
19,077,586
–
Industrials
28,122,959
–
28,122,959
–
Information
Technology
98,166,636
5,055,490
93,111,146
–
Materials^
43,791,741
5,917,922
37,873,811
8
Real
Estate
10,799,606
1,644,769
9,154,837
–
Utilities
6,548,085
438,995
6,109,090
–
Preferred
Stock
Energy^
–
–
–
0
Information
Technology
3,195,255
–
3,195,255
–
Utilities
94,434
–
94,434
–
Short-Term
Investments
692,375
–
692,375
–
Subtotal
Investments
in
Securities
$443,107,102
$45,412,728
$397,694,271
$103
Other
Investments *
Total
Affiliated
Short-Term
Investments
4,761,416
Collateral
Held
for
Securities
Loaned
4,000
Subtotal
Other
Investments
$4,765,416
Total
Investments
at
Value
$447,872,518
*
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
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
^
Level
3
security
in
this
section
is
fair
valued
at
<$1.
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2023,
in
valuing
Emerging
Markets
Equity
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
549,398
549,398
–
–
Total
Liability
Derivatives
$549,398
$549,398
$–
$–
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Reference
Description:
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
The
following
table
presents
Emerging
Markets
Equity
Fund's
futures
contracts
held
as
of
October
31,
2023.
Investments
and/or
cash
totaling
$692,375
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
270
December
2023
$
12,958,598
(
$
549,398)
Total
Futures
Long
Contracts
$
12,958,598
(
$
549,398)
Total
Futures
Contracts
$
12,958,598
($549,398)
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
October
31,
2023,
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)
$
549,398
Total
Equity
Contracts
549,398
Total
Liability
Derivatives
$549,398
*
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
October
31,
2023,
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
1,061,143
Total
Equity
Contracts
1,061,143
Total
$1,061,143
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
October
31,
2023,
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
317,939
Total
Equity
Contracts
317,939
Total
$317,939
The
following
table
presents
Emerging
Markets
Equity
Fund's
average
volume
of
derivative
activity
during
the
period
ended
October
31,
2023.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$12,815,320
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
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
10/31/2022
Gross
Purchases
Gross
Sales
Value
10/31/2023
Shares
Held
at
10/31/2023
%
of
Net
Assets
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$4,055
$112,763
$112,057
$4,761
476
1.1%
Total
Affiliated
Short-Term
Investments
4,055
4,761
1.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
1,649
32,548
34,193
4
4
<0.1
Total
Collateral
Held
for
Securities
Loaned
1,649
4
<0.1
Total
Value
$5,704
$4,765
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2022
-
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$–
$–
$–
$229
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$229
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
38
Total
Affiliated
Income
from
Securities
Loaned,
Net
$38
Total
$–
$–
$–
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
Shares
Common
Stock
(
98.9%
)
Value
Australia
(6.2%)
3,710
Ansell,
Ltd.
$
50,125
142,698
Aristocrat
Leisure,
Ltd.
3,507,525
150,477
Aurizon
Holdings,
Ltd.
327,755
64,419
Australia
and
New
Zealand
Banking
Group,
Ltd.
1,015,820
174,467
BHP
Group,
Ltd.
4,938,711
213,584
BlueScope
Steel,
Ltd.
2,560,325
104,801
Brambles,
Ltd.
874,642
20,490
CAR
Group,
Ltd.
361,182
27,702
Coles
Group,
Ltd.
268,867
30,311
Computershare,
Ltd.
478,366
38,631
CSL,
Ltd.
5,709,346
19,058
Fortescue
Metals
Group,
Ltd.
271,115
12,902
GrainCorp,
Ltd.
57,022
57,576
Independence
Group
NL
348,643
14,970
IRESS,
Ltd.
47,735
20,564
JB
Hi-Fi,
Ltd.
591,110
597,097
Lottery
Corporation,
Ltd.
1,723,559
46,127
Nine
Entertainment
Company
Holdings,
Ltd.
54,356
6,461
Premier
Investments,
Ltd.
93,686
78,264
Qantas
Airways,
Ltd.
a
245,193
310
REA
Group,
Ltd.
28,459
23,005
Rio
Tinto,
Ltd.
1,718,426
24,884
SEEK,
Ltd.
328,286
2,243
Sonic
Healthcare,
Ltd.
41,072
46,274
South32,
Ltd.
98,998
3,858
Technology
One,
Ltd.
35,778
40,488
Ventia
Services
Group
Pty,
Ltd.
70,764
34,594
Wesfarmers,
Ltd.
1,113,019
Total
26,959,885
Austria
(0.4%)
6,505
BAWAG
Group
AG
b
289,735
25,911
OMV
AG
1,136,410
4,268
Verbund
AG
370,833
Total
1,796,978
Belgium
(0.9%)
23,514
Groupe
Bruxelles
Lambert
SA
1,719,828
15,986
Solvay
SA
1,689,971
5,149
UCB
SA
376,598
Total
3,786,397
Bermuda
(0.2%)
18,600
Jardine
Matheson
Holdings,
Ltd.
752,370
Total
752,370
Canada
(10.2%)
7,033
Agnico
Eagle
Mines,
Ltd.
329,855
89,014
Air
Canada
a
1,073,881
26,479
ATCO,
Ltd.
678,802
15,678
Bank
of
Montreal
1,184,711
35,696
Bank
of
Nova
Scotia
1,445,344
68,106
Barrick
Gold
Corporation
1,087,830
10,339
Boralex,
Inc.
192,428
4,711
BRP,
Inc.
318,415
33,931
Canadian
Imperial
Bank
of
Commerce
1,196,730
48,016
Canadian
National
Railway
Company
5,080,503
75,560
Canadian
Utilities,
Ltd.
1,598,652
11,945
Canadian
Western
Bank
236,704
Shares
Common
Stock
(98.9%)
Value
Canada
(10.2%)
-
continued
25,525
Capital
Power
Corporation
$
653,241
20,487
CGI,
Inc.
a
1,977,862
6,593
Cogeco
Communications,
Inc.
259,679
1,354
Descartes
Systems
Group,
Inc.
a
97,863
14,836
Dream
Industrial
REIT
125,278
1,302
Emera,
Inc.
42,644
19,189
Enbridge,
Inc.
614,933
9,967
Finning
International,
Inc.
267,080
1,969
First
Quantum
Minerals,
Ltd.
22,817
42,376
Fortis,
Inc.
1,682,511
3,005
Franco-Nevada
Corporation
365,258
4,052
George
Weston,
Ltd.
439,518
1,848
Granite
REIT
84,154
1,998
Intact
Financial
Corporation
280,721
9,038
InterRent
REIT
76,645
10,241
Laurentian
Bank
of
Canada
187,576
10,950
Loblaw
Companies,
Ltd.
895,583
151,983
Manulife
Financial
Corporation
2,645,661
28,773
Metro,
Inc./CN
1,461,525
4,464
National
Bank
of
Canada
277,545
101,289
Power
Corporation
of
Canada
2,440,285
14,875
Rogers
Communications,
Inc.
551,128
33,812
Royal
Bank
of
Canada
2,700,571
14,450
Russel
Metals,
Inc.
360,013
31,890
Shopify,
Inc.
a
1,504,889
6,276
Sun
Life
Financial,
Inc.
286,657
34,516
Superior
Plus
Corporation
231,973
48,940
TC
Energy
Corporation
1,685,505
3,341
Teck
Resources,
Ltd.
118,071
17,943
Toromont
Industries,
Ltd.
1,350,820
44,232
Toronto-Dominion
Bank
2,470,677
50,794
Tourmaline
Oil
Corporation
2,685,938
45,521
TransAlta
Corporation
333,181
6,368
Tricon
Residential,
Inc.
42,201
9,961
West
Fraser
Timber
Company,
Ltd.
672,255
5,009
Wheaton
Precious
Metals
Corporation
211,630
Total
44,527,743
Cayman
Islands
(<0.1%)
9,000
ASMPT,
Ltd.
76,226
Total
76,226
Denmark
(4.1%)
421
A.P.
Moller
-
Maersk
AS,
Class
B
701,483
16,375
Carlsberg
AS
1,951,461
1,094
Dampskibsselskabet
Norden
AS
62,157
15,574
Danske
Bank
AS
365,346
4,061
Demant
AS
a
154,966
20,436
DSV
AS
3,053,975
3,749
Jyske
Bank
AS
a
264,209
106,063
Novo
Nordisk
AS
10,232,559
7,329
Pandora
AS
831,259
443
Rockwool
International
AS
98,578
Total
17,715,993
Finland
(0.1%)
1,075
Cargotec
Oyj
42,433
14,611
Kesko
Oyj
247,094
1,518
Orion
Oyj
60,394
Total
349,921
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
Shares
Common
Stock
(98.9%)
Value
France
(7.9%)
3,437
Air
Liquide
SA
$
588,938
1,921
Arkema
SA
180,003
1,925
AXA
SA
57,039
1,290
BioMerieux
123,856
16,520
Carrefour
SA
289,620
49,492
Compagnie
de
Saint-Gobain
SA
2,694,056
101,256
Credit
Agricole
SA
1,222,655
41,103
Dassault
Systemes
SE
1,693,171
26,454
Eiffage
SA
2,400,716
25,090
Engie
SA
399,054
832
Hermes
International
SCA
1,552,368
383
Ipsen
SA
45,268
9,356
Ipsos
SA
454,678
34,466
Legrand
SA
2,971,452
4,795
LVMH
Moet
Hennessy
Louis
Vuitton
SE
3,432,888
19,358
Publicis
Groupe
SA
1,473,983
78,544
Sanofi
SA
7,132,285
4,097
Schneider
Electric
SE
630,353
84,332
Societe
Generale
SA
1,895,090
736
Sopra
Group
SA
132,139
11,622
Thales
SA
1,715,148
9,795
TotalEnergies
SE
654,869
34,060
Veolia
Environnement
SA
933,258
2,065
Verallia
SA
b
67,146
16,928
Vinci
SA
1,871,804
1,256
Wendel
SA
94,084
Total
34,705,921
Germany
(6.2%)
7,311
Allianz
SE
1,712,548
6,639
BASF
SE
306,770
33,473
Bayer
AG
1,446,321
16,804
Bayerische
Motoren
Werke
AG
1,562,846
14,375
Daimler
Truck
Holding
AG
451,666
130,120
Deutsche
Bank
AG
1,431,913
10,179
Deutsche
Boerse
AG
1,675,428
49,039
Deutsche
Post
AG
1,914,654
50,373
Deutsche
Telekom
AG
1,093,279
119,524
E.ON
SE
1,422,112
43,105
Fresenius
SE
&
Company
KGaA
1,108,802
13,938
Heidelberg
Materials
AG
1,011,806
63,202
Infineon
Technologies
AG
1,846,145
6,506
LEG
Immobilien
AG
a
406,701
9,080
Mercedes-Benz
Group
AG
534,215
8,627
Merck
KGaA
1,303,009
1,612
Muenchener
Rueckversicherungs-
Gesellschaft
AG
646,908
22,990
SAP
SE
3,083,703
9,951
Scout24
SE
b
612,187
27,203
Siemens
AG
3,609,808
8,754
TAG
Immobilien
AG
a
95,716
2,417
Vonovia
SE
55,644
Total
27,332,181
Hong
Kong
(1.8%)
243,000
BOC
Hong
Kong
(Holdings),
Ltd.
642,623
203,000
CK
Hutchison
Holdings,
Ltd.
1,027,644
108,000
Hang
Lung
Properties,
Ltd.
141,961
44,000
Henderson
Land
Development
Company,
Ltd.
115,124
158,900
Hong
Kong
Exchanges
&
Clearing,
Ltd.
5,558,744
27,000
Hysan
Development
Company,
Ltd.
49,701
Shares
Common
Stock
(98.9%)
Value
Hong
Kong
(1.8%)
-
continued
58,000
Swire
Pacific,
Ltd.
$
370,495
Total
7,906,292
Ireland
(<0.1%)
1,276
Flutter
Entertainment
plc
a
200,405
Total
200,405
Israel
(0.7%)
1,858
Azrieli
Group,
Ltd.
80,000
30,294
Bank
Hapoalim
BM
216,692
94,358
Bank
Leumi
Le-Israel
BM
607,752
6,599
Check
Point
Software
Technologies,
Ltd.
a
885,916
206
First
International
Bank
of
Israel,
Ltd.
7,012
168
Israel
Corporation,
Ltd.
a
36,263
11,892
Mizrahi
Tefahot
Bank,
Ltd.
368,077
3,649
NICE,
Ltd.
a
559,376
17,745
Plus500,
Ltd.
304,327
Total
3,065,415
Italy
(3.5%)
57,362
A2A
SPA
107,668
3,876
ACEA
SPA
46,671
18,617
Azimut
Holding
SPA
392,277
2,621
Banca
IFIS
SPA
44,824
84,305
Banca
Mediolanum
SPA
688,398
13,487
Banca
Popolare
di
Sondrio
SPA
73,588
776
Buzzi
SpA
20,548
540,038
Enel
SPA
3,427,936
64,304
Hera SPA
180,893
1,364,931
Intesa
Sanpaolo
SPA
3,556,726
47,505
Iren
SpA
95,197
246,797
Italgas
SPA
1,254,175
24,264
Moncler
SPA
1,260,204
81,246
Recordati
SPA
3,757,985
972
Reply
SPA
91,716
64,713
Unipol
Gruppo
SpA
350,588
Total
15,349,394
Japan
(20.4%)
45,200
Advantest
Corporation
1,164,290
10,300
AGC,
Inc.
350,397
7,000
Ain
Holdings,
Inc.
197,920
13,600
Arcs
Company,
Ltd.
259,875
97,700
Asahi
Kasei
Corporation
600,639
112,900
Astellas
Pharma,
Inc.
1,428,171
23,000
Benesse
Holdings,
Inc.
271,938
106,100
Canon,
Inc.
2,508,278
7,600
Chiyoda
Company,
Ltd.
41,958
5,800
Dai
Nippon
Printing
Company,
Ltd.
151,306
16,200
Daiichi
Sankyo
Company,
Ltd.
417,704
7,100
Daikin
Industries,
Ltd.
1,023,670
3,200
Daito
Trust
Construction
Company,
Ltd.
343,252
51,900
Daiwa
House
Industry
Company,
Ltd.
1,427,545
4,800
Denso
Corporation
70,878
642,000
Eneos
Holdings,
Inc.
2,378,878
8,100
FANUC
Corporation
201,013
1,100
Fast
Retailing
Company,
Ltd.
243,536
Ferrotec
Holdings
Corporation
86,128
8,500
Fuji
Soft,
Inc.
305,875
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
37
Shares
Common
Stock
(98.9%)
Value
Japan
(20.4%)
-
continued
18,300
FUJIFILM
Holdings
NPV
$
1,000,970
13,700
Fujitsu,
Ltd.
1,774,801
16,300
Heiwa
Corporation
230,732
13,300
Hitachi,
Ltd.
843,042
152,300
Honda
Motor
Company,
Ltd.
1,560,888
8,300
Hoya
Corporation
799,030
42,400
Inaba
Denki
Sangyo
Company,
Ltd.
884,163
8,500
ITOCHU
Corporation
306,179
4,700
JAFCO
Group
Company,
Ltd.
50,623
12,300
Japan
Post
Bank
Company,
Ltd.
114,011
53,600
Japan
Post
Holdings
Company,
Ltd.
474,424
85,300
Japan
Tobacco,
Inc.
1,985,688
81,800
JFE
Holdings,
Inc.
1,139,709
14,800
Kajima
Corporation
244,605
39,800
Kawasaki
Kisen
Kaisha,
Ltd.
1,364,742
106,400
KDDI
Corporation
3,182,929
5,100
Keyence
Corporation
1,974,305
23,900
Kinden
Corporation
362,024
1,800
Komatsu,
Ltd.
41,358
400
Kumagai
Gumi
Company,
Ltd.
10,024
2,700
Kyocera
Corporation
133,087
42,300
Kyoei
Steel,
Ltd.
536,593
300
Kyowa
Hakko
Kirin
Company,
Ltd.
4,705
3,800
Lintec
Corporation
62,811
2,100
Management
Solutions
Company,
Ltd.
36,555
14,300
MEITEC
Group
Holdings,
Inc.
251,681
23,200
Mitsubishi
Corporation
1,081,481
51,300
Mitsubishi
Electric
Corporation
588,232
235,400
Mitsubishi
HC
Capital,
Inc.
1,551,811
253,100
Mitsubishi
UFJ
Financial
Group,
Inc.
2,123,293
13,300
Mitsui
&
Company,
Ltd.
483,378
3,300
Mitsui
O.S.K.
Lines,
Ltd.
85,197
151,600
Mizuho
Financial
Group,
Inc.
2,573,924
60,100
Murata
Manufacturing
Company,
Ltd.
1,029,476
19,900
Nidec
Corporation
729,953
105,500
Nihon
M&A
Center
Holdings,
Inc.
481,850
30,500
Nikon
Corporation
289,580
62,000
Nintendo
Company,
Ltd.
2,561,496
4,700
Nippon
Express
Holdings,
Inc.
241,558
18,200
Nippon
Steel
Corporation
392,553
46,800
Nippon
Television
Holdings,
Inc.
455,296
202,100
Nissan
Motor
Company,
Ltd.
777,678
13,500
Nitori
Holdings
Company,
Ltd.
1,461,980
20,100
Nitto
Kogyo
Corporation
459,420
82,500
Nomura
Holdings,
Inc.
318,731
4,300
Nomura
Research
Institute,
Ltd.
112,875
4,800
NSD
Company,
Ltd.
83,515
117,800
NTT
Data
Group
Corporation
1,452,464
5,800
Olympus
Corporation
77,461
4,400
Ono
Pharmaceutical
Company,
Ltd.
75,986
80,100
Oriental
Land
Company,
Ltd.
2,590,864
37,000
ORIX
Corporation
672,895
11,300
Otsuka
Holdings
Company,
Ltd.
380,199
53,800
Recruit
Holdings
Company,
Ltd.
1,542,592
27,600
Renesas
Electronics
Corporation
a
362,543
74,500
Rohm
Company,
Ltd.
1,193,637
2,800
Sangetsu
Company,
Ltd.
52,620
30,500
Secom
Company,
Ltd.
2,118,373
16,500
Seino
Holdings
Company,
Ltd.
240,008
33,800
Sekisui
House,
Ltd.
661,897
28,000
Shin-Etsu
Chemical
Company,
Ltd.
837,295
Shares
Common
Stock
(98.9%)
Value
Japan
(20.4%)
-
continued
2,600
SMC
Corporation
$
1,200,584
57,600
SoftBank
Group
Corporation
2,358,954
7,000
Sojitz
Corporation
145,358
38,400
Sompo
Holdings,
Inc.
1,663,487
26,800
Sony
Group
Corporation
2,228,122
12,800
Sumitomo
Corporation
251,618
18,200
Sumitomo
Mitsui
Financial
Group,
Inc.
877,385
39,800
Sumitomo
Mitsui
Trust
Holdings,
Inc.
1,492,373
3,300
Taikisha,
Ltd.
96,029
16,200
Taiyo
Holdings
Company,
Ltd.
264,205
4,200
Takara
Standard
Company,
Ltd.
50,985
122,900
Takeda
Pharmaceutical
Company,
Ltd.
3,336,090
19,600
Terumo
Corporation
536,220
21,000
TIS,
Inc.
449,712
36,900
Toagosei
Company,
Ltd.
338,540
9,400
Tokio
Marine
Holdings,
Inc.
210,299
9,200
Tokyo
Electron,
Ltd.
1,215,667
30,200
TOPPAN
Holdings,
Inc.
696,529
373,900
Toyota
Motor
Corporation
6,540,913
17,600
Tsubakimoto
Chain
Company
444,897
55,100
TV
Asahi
Holdings
Corporation
593,979
12,500
UBE
Corporation
192,485
15,100
Yakult
Honsha
Company,
Ltd.
355,831
9,600
Yuasa
Trading
Company,
Ltd.
262,577
37,700
ZOZO,
Inc.
716,856
Total
89,504,736
Jersey
(0.6%)
5,943
Experian
plc
180,304
246,750
Glencore
plc
1,306,994
475,312
Man
Group
plc
1,270,814
Total
2,758,112
Luxembourg
(1.0%)
29,686
ArcelorMittal
SA
656,870
157,653
B&M
European
Value
Retail
SA
1,014,931
92,138
Tenaris
SA
ADR
2,885,762
Total
4,557,563
Netherlands
(5.8%)
2,610
Aalberts
NV
81,490
1,757
ASM
International
NV
725,079
14,045
ASML
Holding
NV
8,442,738
16,486
Euronext
NV
b
1,149,711
3,681
EXOR
NV
315,937
5,604
ForFarmers
NV
13,757
2,041
IMCD
NV
245,728
160,149
Koninklijke
Ahold
Delhaize
NV
4,742,300
14,244
Koninklijke
Vopak
NV
480,267
201,456
MFE-MediaForEurope
NV
365,443
27,309
QIAGEN
NV
a
1,017,755
176,480
Stellantis
NV
3,297,061
62,770
STMicroelectronics
NV
2,392,800
41,653
Unilever
plc
1,970,368
530
Wolters
Kluwer
NV
68,002
Total
25,308,436
New
Zealand
(0.1%)
50,557
Contact
Energy,
Ltd.
229,451
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
38
Shares
Common
Stock
(98.9%)
Value
New
Zealand
(0.1%)
-
continued
1,672
Xero,
Ltd.
a
$
114,310
Total
343,761
Norway
(1.5%)
122,875
DNB
Bank
ASA
2,216,894
72,077
Equinor
ASA
2,416,253
14,757
Norsk
Hydro
ASA
84,155
58,574
Yara
International
ASA
1,916,654
Total
6,633,956
Portugal
(0.2%)
36,776
EDP
-
Energias
de
Portugal
SA
154,551
38,550
Galp
Energia
SGPS
SA
580,362
Total
734,913
Singapore
(1.6%)
33,500
CapitaLand
Integrated
Commercial
Trust
43,055
256,300
ComfortDelGro
Corporation,
Ltd.
247,551
173,700
DBS
Group
Holdings,
Ltd.
4,172,853
68,900
Singapore
Exchange,
Ltd.
477,040
19,900
Singapore
Technologies
Engineering,
Ltd.
54,631
93,900
United
Overseas
Bank,
Ltd.
1,852,149
Total
6,847,279
Spain
(3.6%)
95,153
Acerinox
SA
927,060
3,155
Aena
SME
SA
b
457,793
33,601
Amadeus
IT
Holding
SA
1,917,704
405,813
Banco
Bilbao
Vizcaya
Argentaria
SA
3,192,627
585,779
Banco
Santander
SA
c
2,154,458
46,331
Cia
de
Distribucion
Integral
Logista
Holdings
SA
1,137,667
65,751
Industria
de
Diseno
Textil
SA
c
2,269,592
1,298
Laboratorios
Farmaceuticos
ROVI
SA
69,416
242,123
Repsol
SA
3,545,202
925
Vidrala
SA
68,751
Total
15,740,270
Sweden
(2.3%)
35,341
AB
Industrivarden,
Class
A
914,463
35,210
AB
Industrivarden,
Class
C
908,041
125,436
Assa
Abloy
AB
2,673,678
12,670
Atlas
Copco
AB,
Class
A
164,064
106,632
Granges
AB
1,026,626
44,549
Hexagon
AB
363,058
55,164
Hexpol
AB
489,583
401
Indutrade
AB
7,107
51,735
Investor
AB,
Class
B
949,705
29
L
E
Lundbergforetagen
AB
1,184
6,450
Nyfosa
AB
31,213
26,763
SKF
AB
433,894
197,971
SSAB
AB,
Class
A
1,185,948
81,941
SSAB
AB,
Class
B
475,385
7,065
Svolder
AB
31,633
7,230
Swedbank
AB
118,741
8,347
Volvo
AB,
Class
B
165,398
Total
9,939,721
Shares
Common
Stock
(98.9%)
Value
Switzerland
(7.3%)
43,494
ABB,
Ltd.
$
1,461,299
2,939
Alcon,
Inc.
210,362
5,519
Coca-Cola
HBC
AG
143,283
8,047
Compagnie
Financiere
Richemont
SA
949,349
1,428
Galenica
AG
b
107,884
56,872
Holcim
AG
3,516,269
65
Lindt
&
Spruengli
AG
719,629
60,854
Nestle
SA
6,562,421
111,325
Novartis
AG
10,422,198
1,163
Partners
Group
Holding
AG
1,231,458
14,516
PSP
Swiss
Property
AG
1,786,038
6,443
Roche
Holding
AG,
Participation
Certificates
1,660,423
21,796
Sandoz
Group
AG
a
566,675
6,938
Schindler
Holding
AG,
Participation
Certificates
1,403,715
101
Siegfried
Holding
AG
80,095
121
Sika
AG
28,956
1,960
Swiss
Prime
Site
AG
182,178
1,631
Tecan
Group
AG
469,403
4,956
Temenos
AG
357,058
689
Vontobel
Holding
AG
40,305
Total
31,898,998
United
Kingdom
(12.3%)
49,656
AstraZeneca
plc
6,217,121
343,393
Auto
Trader
Group
plc
b
2,597,513
326,908
Barclays
plc
524,703
2,857
Bellway
plc
72,707
4,386
Berkeley
Group
Holdings
plc
215,601
484,708
BP
plc
2,959,639
8,337
Bunzl
plc
297,433
18,939
Burberry
Group
plc
390,334
11,875
Coca-Cola
European
Partners
plc
694,806
57,088
Compass
Group
plc
1,439,269
83,815
Diageo
plc
3,169,552
10,355
Domino's
Pizza
Group
plc
43,207
41,754
Evraz
plc
a,d
5
90,051
GSK
plc
1,605,320
100,843
Halma
plc
2,267,797
1,856
Hikma
Pharmaceuticals
plc
43,003
17,840
Howden
Joinery
Group
plc
138,547
760,181
HSBC
Holdings
plc
5,488,834
90,974
IG
Group
Holdings
plc
706,741
127,987
Imperial
Brands
plc
2,726,662
38,931
InterContinental
Hotels
Group
plc
2,758,752
7,205
Lancashire
Holdings,
Ltd.
49,742
11,358
Mondi
plc
183,721
107,088
Moneysupermarket.com
Group
plc
337,937
19,756
Next
plc
1,656,393
18,668
PageGroup
plc
85,550
9,477
Paragon
Banking
Group
plc
51,098
22,523
Pets
at
Home
Group
plc
76,871
29,037
Redde
Northgate
plc
118,585
127,023
RELX
plc
4,436,626
53,763
Rightmove
plc
310,032
40,270
Rio
Tinto
plc
2,569,249
262,279
Shell
plc
8,452,432
3,201
Spectris
plc
120,956
285
Spirax-Sarco
Engineering
plc
28,447
27,704
Standard
Chartered
plc
212,416
192,297
Tesco
plc
631,035
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
39
Shares
Common
Stock
(98.9%)
Value
United
Kingdom
(12.3%)
-
continued
6,193
Whitbread
plc
$
251,115
Total
53,929,751
Total
Common
Stock
(cost
$414,935,141)
432,722,617
Shares
Collateral
Held
for
Securities
Loaned
(
1.0%
)
4,528,160
Thrivent
Cash
Management
Trust
4,528,160
Total
Collateral
Held
for
Securities
Loaned
(cost
$4,528,160)
4,528,160
Shares
Preferred
Stock
(
<0.1%
)
Germany
(<0.1%)
1,857
Bayerische
Motoren
Werke
AG
157,900
Total
157,900
Total
Preferred
Stock
(cost
$130,546)
157,900
Shares
or
Principal
Amount
Short-Term
Investments
(
0.2%
)
Federal
Home
Loan
Bank
Discount
Notes
200,000
5.277%,
11/15/2023
e,f
199,601
100,000
5.315%,
12/13/2023
e,f
99,399
Thrivent
Core
Short-Term
Reserve
Fund
61,636
5.690%
616,357
Total
Short-Term
Investments
(cost
$915,326)
915,357
Total
Investments
(cost
$420,509,173)
100.1%
$438,324,034
Other
Assets
and
Liabilities,
Net
(0.1%)
(562,844)
Total
Net
Assets
100.0%
$437,761,190
a
Non-income
producing
security.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
October
31,
2023,
the
value
of
these
investments
was
$5,281,969
or
1.2%
of
total
net
assets.
c
All
or
a
portion
of
the
security
is
on
loan.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
e
The
interest
rate
shown
reflects
the
yield.
f
All
or
a
portion
of
the
security
is
held
on
deposit
with
the
counterparty
and
pledged
as
the
initial
margin
deposit
for
open
futures
contracts.
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
October
31,
2023:
Securities
Lending
Transactions
Common
Stock
$
4,200,326
Total
lending
$4,200,326
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$4,528,160
Net
amounts
due
to
counterparty
$327,834
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
33,816,161
Gross
unrealized
depreciation
(24,547,719)
Net
unrealized
appreciation
(depreciation)
$
9,268,442
Cost
for
federal
income
tax
purposes
$
428,857,858
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
40
Reference
Description:
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2023,
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
17,980,796
–
17,980,796
–
Consumer
Discretionary
50,814,825
–
50,814,825
–
Consumer
Staples
29,783,817
694,806
29,089,011
–
Energy
30,476,450
2,885,762
27,590,688
–
Financials
80,710,216
–
80,710,216
–
Health
Care
61,067,807
–
61,067,807
–
Industrials
65,286,201
–
65,286,201
–
Information
Technology
41,663,938
2,390,805
39,273,133
–
Materials
35,446,435
694,959
34,751,471
5
Real
Estate
5,456,901
–
5,456,901
–
Utilities
14,035,231
–
14,035,231
–
Preferred
Stock
Consumer
Discretionary
157,900
–
157,900
–
Short-Term
Investments
299,000
–
299,000
–
Subtotal
Investments
in
Securities
$433,179,517
$6,666,332
$426,513,180
$5
Other
Investments *
Total
Affiliated
Short-Term
Investments
616,357
Collateral
Held
for
Securities
Loaned
4,528,160
Subtotal
Other
Investments
$5,144,517
Total
Investments
at
Value
$438,324,034
*
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
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2023,
in
valuing
International
Equity
Fund's
other
financial
instrument
assets
carried
at
fair
value.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
197,734
197,734
–
–
Total
Liability
Derivatives
$197,734
$197,734
$–
$–
The
following
table
presents
International
Equity
Fund's
futures
contracts
held
as
of
October
31,
2023.
Investments
and/or
cash
totaling
$299,000
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Amount
Value
and
Unrealized
ICE
mini
MSCI
EAFE
Index
49
December
2023
$
5,034,279
(
$
197,734)
Total
Futures
Long
Contracts
$
5,034,279
(
$
197,734)
Total
Futures
Contracts
$
5,034,279
($197,734)
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
41
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
October
31,
2023,
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)
$
197,734
Total
Equity
Contracts
197,734
Total
Liability
Derivatives
$197,734
*
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
October
31,
2023,
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
334,702
Total
Equity
Contracts
334,702
Total
$334,702
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
October
31,
2023,
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
133,329
Total
Equity
Contracts
133,329
Total
$133,329
The
following
table
presents
International
Equity
Fund's
average
volume
of
derivative
activity
during
the
period
ended
October
31,
2023.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$5,946,952
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
42
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
International
Equity
Fund,
is
as
follows:
Fund
Value
10/31/2022
Gross
Purchases
Gross
Sales
Value
10/31/2023
Shares
Held
at
10/31/2023
%
of
Net
Assets
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$1,206
$79,631
$80,221
$616
62
0.1%
Total
Affiliated
Short-Term
Investments
1,206
616
0.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
3,639
53,162
52,273
4,528
4,528
1.0
Total
Collateral
Held
for
Securities
Loaned
3,639
4,528
1.0
Total
Value
$4,845
$5,144
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2022
-
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$–
$–
$–
$86
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$86
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
98
Total
Affiliated
Income
from
Securities
Loaned,
Net
$98
Total
$–
$–
$–
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
43
Shares
Common
Stock
(
99.6%
)
Value
Communications
Services
(6.0%)
8,341
Alphabet,
Inc.,
Class
A
a
$
1,034,951
12,494
Alphabet,
Inc.,
Class
C
a
1,565,498
162,998
Comcast
Corporation
6,730,188
37,734
Electronic
Arts,
Inc.
4,671,092
17,970
T-Mobile
US,
Inc.
a
2,585,164
344,908
Verizon
Communications,
Inc.
12,116,618
Total
28,703,511
Consumer
Discretionary
(5.3%)
22,691
Home
Depot,
Inc.
6,459,901
38,716
McDonald's
Corporation
10,150,174
8,108
O'Reilly
Automotive,
Inc.
a
7,544,007
3,403
Ulta
Beauty,
Inc.
a
1,297,598
Total
25,451,680
Consumer
Staples
(13.3%)
144,968
Altria
Group,
Inc.
5,823,365
1,287
Church
&
Dwight
Company,
Inc.
117,040
121,237
Coca-Cola
Company
6,848,678
107,389
Colgate-Palmolive
Company
8,067,062
36,203
Hershey
Company
6,782,632
12,420
Hormel
Foods
Corporation
404,271
6,995
Kellanova
353,038
73,653
Keurig
Dr.
Pepper,
Inc.
2,233,895
55,464
Kimberly-Clark
Corporation
6,635,713
34,104
Kraft
Heinz
Company
1,072,912
145,623
Mondelez
International,
Inc.
9,641,699
35,558
PepsiCo,
Inc.
5,805,910
4,202
Philip
Morris
International,
Inc.
374,650
40,200
Procter
&
Gamble
Company
6,031,206
18,586
Walmart,
Inc.
3,037,138
25,953
WK
Kellogg
Company
a
260,049
Total
63,489,258
Energy
(1.9%)
46,759
Cheniere
Energy,
Inc.
7,781,633
11,669
Exxon
Mobil
Corporation
1,235,163
Total
9,016,796
Financials
(13.6%)
3,187
Arthur
J.
Gallagher
&
Company
750,507
22,830
Berkshire
Hathaway,
Inc.
a
7,792,564
12,172
Brown
&
Brown,
Inc.
844,980
25,756
Cboe
Global
Markets,
Inc.
4,221,151
4,573
Central
Pacific
Financial
Corporation
72,162
27,083
Chubb,
Ltd.
5,812,553
25,202
Cincinnati
Financial
Corporation
2,511,883
37,579
CME
Group,
Inc.
8,021,613
2,444
Eagle
Bancorp,
Inc.
47,609
463
Employers
Holdings,
Inc.
17,594
1,758
Financial
Institutions,
Inc.
27,847
103,930
First
Horizon
Corporation
1,117,248
28,098
Fiserv,
Inc.
a
3,196,148
21,208
Hanmi
Financial
Corporation
311,333
66,495
Hartford
Financial
Services
Group,
Inc.
4,884,058
19,441
Intercontinental
Exchange,
Inc.
2,088,741
22,133
Loews
Corporation
1,416,733
53,418
Marsh
&
McLennan
Companies,
Inc.
10,130,724
16,606
Mastercard,
Inc.
6,249,668
6,132
Progressive
Corporation
969,408
Shares
Common
Stock
(99.6%)
Value
Financials
(13.6%)
-
continued
1,863
Visa,
Inc.
$
437,991
62,112
W.R.
Berkley
Corporation
4,187,591
Total
65,110,106
Health
Care
(21.0%)
67,233
Abbott
Laboratories
6,356,880
37,826
AbbVie,
Inc.
5,340,275
24,385
Amgen,
Inc.
6,235,244
59,144
Baxter
International,
Inc.
1,918,040
11,766
Biogen,
Inc.
a
2,794,896
12,355
Boston
Scientific
Corporation
a
632,452
136,760
Bristol-Myers
Squibb
Company
7,047,243
60,674
Centene
Corporation
a
4,185,292
14,982
CVS
Health
Corporation
1,033,908
5,852
Danaher
Corporation
1,123,701
13,102
Eli
Lilly
&
Company
7,257,591
46,195
Exelixis,
Inc.
a
951,155
84,418
Gilead
Sciences,
Inc.
6,630,190
22,781
Hologic,
Inc.
a
1,507,419
58,571
Johnson
&
Johnson
8,688,422
71,369
Medtronic
plc
5,035,797
98,828
Merck
&
Company,
Inc.
10,149,635
94,259
Pfizer,
Inc.
2,880,555
2,521
Regeneron
Pharmaceuticals,
Inc.
a
1,966,103
2,369
Thermo
Fisher
Scientific,
Inc.
1,053,660
11,735
UnitedHealth
Group,
Inc.
6,284,797
27,643
Vertex
Pharmaceuticals,
Inc.
a
10,009,807
5,633
Waters
Corporation
a
1,343,639
Total
100,426,701
Industrials
(11.4%)
35,214
Automatic
Data
Processing,
Inc.
7,684,399
55,217
Copart,
Inc.
a
2,403,044
91,288
CSX
Corporation
2,724,947
17,216
Cummins,
Inc.
3,723,821
990
Expeditors
International
of
Washington,
Inc.
108,157
10,565
Ferguson
plc
1,586,863
97,553
Howmet
Aerospace,
Inc.
4,302,087
8,591
IDEX
Corporation
1,644,403
14,578
Lockheed
Martin
Corporation
6,627,742
14,602
MSC
Industrial
Direct
Company,
Inc.
1,383,540
36,217
Paychex,
Inc.
4,021,898
61,170
Pentair
plc
3,555,200
31,814
Republic
Services,
Inc.
4,724,061
1,950
Veralto
Corporation
a
134,550
18,371
Waste
Connections,
Inc.
2,379,045
46,158
Waste
Management,
Inc.
7,585,144
Total
54,588,901
Information
Technology
(19.8%)
8,266
Accenture
plc
2,455,746
6,199
Adobe,
Inc.
a
3,298,240
43,610
Amphenol
Corporation
3,512,786
31,787
Apple,
Inc.
5,428,266
4,305
Cadence
Design
Systems,
Inc.
a
1,032,554
245,496
Cisco
Systems,
Inc.
12,797,707
20,414
International
Business
Machines
Corporation
2,952,681
164,833
Juniper
Networks,
Inc.
4,437,304
16,187
Keysight
Technologies,
Inc.
a
1,975,623
26,292
Microsoft
Corporation
8,889,588
18,307
Motorola
Solutions,
Inc.
5,097,767
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
44
Shares
Common
Stock
(99.6%)
Value
Information
Technology
(19.8%)
-
continued
28,462
Oracle
Corporation
$
2,942,971
3,903
QUALCOMM,
Inc.
425,388
18,400
Roper
Industries,
Inc.
8,989,688
18,875
Salesforce,
Inc.
a
3,790,666
35,540
TE
Connectivity,
Ltd.
4,188,389
58,197
Texas
Instruments,
Inc.
8,264,556
34,065
VeriSign,
Inc.
a
6,801,418
49,822
VMware,
Inc.
a,b
7,256,574
Total
94,537,912
Materials
(0.3%)
10,006
AptarGroup,
Inc.
1,223,434
Total
1,223,434
Real
Estate
(<0.1%)
652
Public
Storage
155,639
Total
155,639
Utilities
(7.0%)
47,319
Alliant
Energy
Corporation
2,308,694
81,198
American
Electric
Power
Company,
Inc.
6,133,697
11,269
American
Water
Works
Company,
Inc.
1,325,798
664
Consolidated
Edison,
Inc.
58,293
6,624
Dominion
Energy,
Inc.
267,080
102,602
Duke
Energy
Corporation
9,120,292
81,116
Evergy,
Inc.
3,986,040
163,827
NiSource,
Inc.
4,121,887
6,621
Northwestern
Energy
Group,
Inc.
317,874
46,110
OGE
Energy
Corporation
1,576,962
104,724
Portland
General
Electric
Company
4,191,054
4,632
Southern
Company
311,734
Total
33,719,405
Total
Common
Stock
(cost
$426,288,469)
476,423,343
Shares
Collateral
Held
for
Securities
Loaned
(
1.1%
)
Value
5,181,350
Thrivent
Cash
Management
Trust
5,181,350
Total
Collateral
Held
for
Securities
Loaned
(cost
$5,181,350)
5,181,350
Shares
Short-Term
Investments
(
0.2%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
111,077
5.690%
1,110,765
Total
Short-Term
Investments
(cost
$1,110,765)
1,110,765
Total
Investments
(cost
$432,580,584)
100.9%
$482,715,458
Other
Assets
and
Liabilities,
Net
(0.9%)
(
4,479,448)
Total
Net
Assets
100.0%
$478,236,010
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
Low
Volatility
Equity
Fund
as
of
October
31,
2023:
Securities
Lending
Transactions
Common
Stock
$
5,039,490
Total
lending
$5,039,490
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$5,181,350
Net
amounts
due
to
counterparty
$141,860
Definitions:
plc
-
Public
Limited
Company
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
$
65,346,439
Gross
unrealized
depreciation
(17,927,876)
Net
unrealized
appreciation
(depreciation)
$
47,418,563
Cost
for
federal
income
tax
purposes
$
435,296,895
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
45
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2023,
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
28,703,511
28,703,511
–
–
Consumer
Discretionary
25,451,680
25,451,680
–
–
Consumer
Staples
63,489,258
63,489,258
–
–
Energy
9,016,796
9,016,796
–
–
Financials
65,110,106
65,110,106
–
–
Health
Care
100,426,701
100,426,701
–
–
Industrials
54,588,901
54,588,901
–
–
Information
Technology
94,537,912
94,537,912
–
–
Materials
1,223,434
1,223,434
–
–
Real
Estate
155,639
155,639
–
–
Utilities
33,719,405
33,719,405
–
–
Subtotal
Investments
in
Securities
$476,423,343
$476,423,343
$–
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
1,110,765
Collateral
Held
for
Securities
Loaned
5,181,350
Subtotal
Other
Investments
$6,292,115
Total
Investments
at
Value
$482,715,458
*
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
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
October
31,
2023,
for
Low
Volatility
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
(2,145,327)
Total
Equity
Contracts
(2,145,327)
Total
($2,145,327)
The
following
table
presents
Low
Volatility
Equity
Fund's
average
volume
of
derivative
activity
during
the
period
ended
October
31,
2023.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$954,030
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
46
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
10/31/2022
Gross
Purchases
Gross
Sales
Value
10/31/2023
Shares
Held
at
10/31/2023
%
of
Net
Assets
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$1,086
$28,562
$28,537
$1,111
111
0.2%
Total
Affiliated
Short-Term
Investments
1,086
1,111
0.2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
20,683
15,502
5,181
5,181
1.1
Total
Collateral
Held
for
Securities
Loaned
–
5,181
1.1
Total
Value
$1,086
$6,292
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2022
-
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$–
$–
$–
$116
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$116
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
–
2
Total
Affiliated
Income
from
Securities
Loaned,
Net
$2
Total
$–
$–
$–
Mid
Cap
Value
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
47
Shares
Common
Stock
(
97.9%
)
Value
Communications
Services
(2.6%)
375,093
Imax
Corporation
a
$
6,830,444
482,427
Warner
Brothers
Discovery,
Inc.
a
4,795,324
Total
11,625,768
Consumer
Discretionary
(10.3%)
40,611
Aptiv
plc
a
3,541,279
102,637
Cedar
Fair,
LP
3,643,613
180,013
Cheesecake
Factory,
Inc.
5,593,004
59,445
D.R.
Horton,
Inc.
6,206,058
157,534
eBay,
Inc.
6,180,059
60,079
Lear
Corporation
7,795,851
120,973
PUMA
SE
6,855,313
171,623
Six
Flags
Entertainment
Corporation
a
3,415,298
119,773
Tapestry,
Inc.
3,300,944
Total
46,531,419
Consumer
Staples
(7.2%)
64,192
Dollar
Tree,
Inc.
a
7,131,089
66,877
Lamb
Weston
Holdings,
Inc.
6,005,555
67,536
Reckitt
Benckiser
Group
plc
4,518,631
90,258
Sysco
Corporation
6,001,255
225,800
US
Foods
Holding
Corporation
a
8,792,652
Total
32,449,182
Energy
(8.9%)
53,101
Chesapeake
Energy
Corporation
4,570,934
165,633
Coterra
Energy,
Inc.
4,554,907
240,076
Enterprise
Products
Partners,
LP
6,251,579
130,151
Helmerich
&
Payne,
Inc.
5,150,075
39,650
Marathon
Petroleum
Corporation
5,997,063
130,556
Noble
Corporation
plc
6,095,660
31,561
Pioneer
Natural
Resources
Company
7,543,079
Total
40,163,297
Financials
(18.4%)
84,099
Allstate
Corporation
10,775,605
73,877
Capital
One
Financial
Corporation
7,483,001
303,510
Carlyle
Group,
Inc.
8,358,665
36,614
Cboe
Global
Markets,
Inc.
6,000,668
114,038
Comerica,
Inc.
4,493,097
261,564
Equitable
Holdings,
Inc.
6,949,756
59,729
M&T
Bank
Corporation
6,734,445
33,049
Raymond
James
Financial,
Inc.
3,154,197
39,883
Selective
Insurance
Group,
Inc.
4,152,219
110,232
Synovus
Financial
Corporation
2,873,748
139,944
Texas
Capital
Bancshares,
Inc.
a
7,705,317
115,068
Voya
Financial,
Inc.
7,683,090
94,659
Wintrust
Financial
Corporation
7,070,081
Total
83,433,889
Health
Care
(7.4%)
315,276
Avantor,
Inc.
a
5,495,261
197,265
Baxter
International,
Inc.
6,397,304
62,568
Cardinal
Health,
Inc.
5,693,688
47,437
Laboratory
Corporation
of
America
Holdings
9,474,592
52,269
Universal
Health
Services,
Inc.
6,580,144
Total
33,640,989
Shares
Common
Stock
(97.9%)
Value
Industrials
(16.8%)
51,056
AGCO
Corporation
$
5,854,081
259,481
Barnes
Group,
Inc.
5,394,610
55,973
Booz
Allen
Hamilton
Holding
Corporation
6,712,842
22,589
Carlisle
Companies,
Inc.
5,739,639
296,983
Flowserve
Corporation
10,905,216
46,508
General
Dynamics
Corporation
11,222,845
114,232
Hexcel
Corporation
7,073,245
55,330
JB
Hunt
Transport
Services,
Inc.
9,509,567
264,630
Sensata
Technologies
Holding
plc
8,436,404
236,063
Southwest
Airlines
Company
5,247,681
Total
76,096,130
Information
Technology
(7.8%)
92,196
CommVault
Systems,
Inc.
a
6,025,009
44,566
Jabil,
Inc.
5,472,705
244,948
Knowles
Corporation
a
3,181,874
96,130
MKS
Instruments,
Inc.
6,311,896
35,953
ON
Semiconductor
Corporation
a
2,252,096
48,860
PTC,
Inc.
a
6,860,921
126,573
Western
Digital
Corporation
a
5,081,906
Total
35,186,407
Materials
(7.4%)
182,431
Alcoa
Corporation
4,677,531
176,396
Axalta
Coating
Systems,
Ltd.
a
4,626,867
143,399
Berry
Plastics
Group,
Inc.
7,886,945
80,087
Celanese
Corporation
9,170,762
91,439
CF
Industries
Holdings,
Inc.
7,295,004
Total
33,657,109
Real
Estate
(5.4%)
27,308
AvalonBay
Communities,
Inc.
4,526,028
43,618
CBRE
Group,
Inc.
a
3,024,472
394,226
Healthcare
Realty
Trust,
Inc.
5,657,143
422,853
Host
Hotels
&
Resorts,
Inc.
6,545,765
42,589
Simon
Property
Group,
Inc.
4,680,105
Total
24,433,513
Utilities
(5.7%)
104,607
Alliant
Energy
Corporation
5,103,776
64,521
Constellation
Energy
Corporation
7,285,711
60,871
DTE
Energy
Company
5,866,747
308,515
NiSource,
Inc.
7,762,237
Total
26,018,471
Total
Common
Stock
(cost
$457,624,587)
443,236,174
Shares
Short-Term
Investments
(
2.0%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
913,099
5.690%
9,130,993
Total
Short-Term
Investments
(cost
$9,130,993)
9,130,993
Total
Investments
(cost
$466,755,580)
99.9%
$452,367,167
Other
Assets
and
Liabilities,
Net
0.1%
433,747
Total
Net
Assets
100.0%
$452,800,914
Mid
Cap
Value
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
48
a
Non-income
producing
security.
Definitions:
plc
-
Public
Limited
Company
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
$
22,059,732
Gross
unrealized
depreciation
(37,491,634)
Net
unrealized
appreciation
(depreciation)
$
(15,431,902)
Cost
for
federal
income
tax
purposes
$
467,799,069
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2023,
in
valuing
Mid
Cap
Value
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
11,625,768
11,625,768
–
–
Consumer
Discretionary
46,531,419
39,676,106
6,855,313
–
Consumer
Staples
32,449,182
27,930,551
4,518,631
–
Energy
40,163,297
40,163,297
–
–
Financials
83,433,889
83,433,889
–
–
Health
Care
33,640,989
33,640,989
–
–
Industrials
76,096,130
76,096,130
–
–
Information
Technology
35,186,407
35,186,407
–
–
Materials
33,657,109
33,657,109
–
–
Real
Estate
24,433,513
24,433,513
–
–
Utilities
26,018,471
26,018,471
–
–
Subtotal
Investments
in
Securities
$443,236,174
$431,862,230
$11,373,944
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
9,130,993
Subtotal
Other
Investments
$9,130,993
Total
Investments
at
Value
$452,367,167
*
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
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Mid
Cap
Value
Fund,
is
as
follows:
Fund
Value
2/28/2023
Gross
Purchases
Gross
Sales
Value
10/31/2023
Shares
Held
at
10/31/2023
%
of
Net
Assets
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$–
$139,599
$130,468
$9,131
913
2.0%
Total
Affiliated
Short-Term
Investments
–
9,131
2.0
Total
Value
$–
$9,131
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
2/28/2023
-
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$–
$–
$–
$228
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$228
Total
$–
$–
$–
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
49
Principal
Amount
Asset-Backed
Securities
(
0.1%
)
a
Value
Dext
ABS,
LLC
$
3,315,372
5.680% ,4/15/2024,
Ser.
2023-1
b
$
3,313,432
Enterprise
Fleet
Financing,
LLC
1,607,913
5.330% ,3/20/2024,
Ser.
2023-1
b
1,607,455
Total
4,920,887
Principal
Amount
Basic
Materials
(
3.6%
)
a
Value
BASF
SE
21,855,000
5.500% ,11/6/2023
b
21,835,372
25,000,000
5.570% ,12/28/2023
b
24,776,485
EIDP,
Inc.
25,000,000
5.510% ,11/6/2023
b
24,977,131
3,498,000
5.570% ,11/24/2023
b
3,485,131
25,000,000
5.620% ,12/5/2023
b
24,864,699
Nutrien
,
Ltd.
15,000,000
5.610% ,11/1/2023
b
14,997,724
8,000,000
5.650% ,11/9/2023
b
7,989,039
15,000,000
5.670% ,11/27/2023
b
14,937,289
25,000,000
5.660% ,11/28/2023
b
24,891,509
Total
162,754,379
Principal
Amount
Capital
Goods
(
4.1%
)
a
Value
Amcor
Finance
USA,
Inc.
20,000,000
5.550% ,11/3/2023
b,c
19,990,959
25,000,000
5.580% ,11/17/2023
b,c
24,935,231
5,000,000
5.580% ,11/20/2023
b,c
4,984,713
Amcor
Flexibles
North
America,
Inc.
25,000,000
5.570% ,11/15/2023
b,c
24,941,542
25,000,000
5.580% ,11/16/2023
b,c
24,937,587
Caterpillar
Financial
Services
Corporation
6,500,000
5.793%
(SOFRRATE
+
0.450%),11/13/2023
d
6,500,579
John
Deere
Capital
Corporation
15,000,000
5.460% ,1/24/2024
b
14,809,045
17,083,000
5.560%
(SOFRRATE
+
0.200%),10/11/2024
d
17,083,830
RTX
Corporation
25,000,000
5.570% ,11/20/2023
b
24,923,641
Siemens
Financieringsmaatschappij
NV
25,000,000
5.782%
(SOFRRATE
+
0.430%),3/11/2024
b,d
25,007,750
Total
188,114,877
Principal
Amount
Consumer
Cyclical
(
14.2%
)
a
Value
American
Honda
Finance
Corporation
25,000,000
5.600% ,11/21/2023
c
24,920,185
25,000,000
5.600% ,11/27/2023
c
24,896,169
5,000,000
5.630% ,12/11/2023
c
4,968,157
25,000,000
5.650% ,12/15/2023
c
24,825,000
25,000,000
5.650% ,12/19/2023
c
24,809,081
17,515,000
5.730% ,1/22/2024
c
17,285,699
BMW
US
Capital,
LLC
7,500,000
5.888%
(SOFRINDX
+
0.530%),4/1/2024
b,d
7,504,329
Principal
Amount
Consumer
Cyclical
(14.2%)
a
Value
Charta,
LLC
$
15,000,000
5.560% ,2/9/2024
b,c
$
14,766,662
10,000,000
5.570% ,2/13/2024
b,c
9,838,125
25,000,000
5.570% ,2/28/2024
b,c
24,535,833
Daimler
Finance
North
America,
LLC
10,000,000
0.750% ,3/1/2024
b
9,830,155
Daimler
Truck
Finance
North
America,
LLC
6,354,000
1.125% ,12/14/2023
b
6,319,324
ERAC
USA
Finance,
LLC
20,000,000
5.550% ,11/7/2023
b,c
19,978,883
25,000,000
5.550% ,11/10/2023
b,c
24,962,174
25,000,000
5.560% ,11/13/2023
b,c
24,950,674
25,000,000
b,c
24,896,069
25,000,000
5.550% ,11/29/2023
b,c
24,888,142
Hyundai
Capital
America
21,000,000
5.530% ,11/7/2023
b,c
20,977,950
14,700,000
5.500% ,11/8/2023
b,c
14,682,329
25,000,000
5.580% ,11/28/2023
b,c
24,892,109
25,000,000
5.550% ,12/1/2023
b,c
24,880,263
19,000,000
5.580% ,12/6/2023
b,c
18,894,132
Toyota
Credit
de
Puerto
Rico
Corporation
10,000,000
5.520% ,11/10/2023
9,985,240
10,000,000
5.630% ,2/12/2024
9,841,111
Toyota
Finance
Australia,
Ltd.
10,000,000
5.570% ,1/23/2024
c
9,872,647
25,000,000
5.610% ,2/23/2024
c
24,562,494
25,000,000
5.670% ,3/15/2024
c
24,481,941
Toyota
Motor
Credit
Corporation
10,000,000
6.060%
(SOFRRATE
+
0.750%),12/11/2023
d
10,004,468
20,000,000
5.830%
(SOFRRATE
+
0.520%),8/22/2024
d
20,011,000
6,909,000
5.600%
(SOFRRATE
+
0.290%),9/13/2024
d
6,899,473
Volkswagen
Group
of
America
Finance,
LLC
26,858,000
4.250% ,11/13/2023
b
26,842,063
15,000,000
5.650% ,11/30/2023
b,c
14,928,500
VW
Credit,
Inc.
25,000,000
5.640% ,11/21/2023
b,c
24,919,661
25,000,000
5.640% ,11/27/2023
b,c
24,896,069
25,000,000
5.720% ,1/16/2024
b,c
24,697,365
Total
650,443,476
Principal
Amount
Consumer
Non-Cyclical
(
2.5%
)
a
Value
Abbott
Laboratories
7,465,000
3.400% ,11/30/2023
7,451,088
AbbVie,
Inc.
6,223,000
3.750% ,11/14/2023
6,218,458
City
of
Hope
25,000,000
5.500% ,12/5/2023
c
24,864,577
Diageo
Capital
plc
25,000,000
5.550% ,11/7/2023
b,c
24,973,604
7,000,000
5.550% ,11/8/2023
b,c
6,991,545
7,000,000
5.550% ,11/13/2023
b,c
6,986,189
Stanley
Black
&
Decker,
Inc.
10,000,000
5.600% ,11/1/2023
b
9,998,486
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
50
Principal
Amount
Consumer
Non-Cyclical
(2.5%)
a
Value
$
25,000,000
5.600% ,11/2/2023
b
$
24,992,426
Total
112,476,373
Principal
Amount
Energy
(
1.8%
)
a
Value
BP
Capital
Markets
plc
25,000,000
5.490% ,12/1/2023
b,c
24,882,989
17,750,000
5.490% ,12/4/2023
b,c
15,000,000
5.550% ,12/11/2023
b,c
14,906,235
Kinder
Morgan,
Inc.
4,440,000
5.625% ,11/15/2023
b
4,438,420
Schlumberger
Investment
SA
5,358,000
3.650% ,12/1/2023
5,347,877
Shell
International
Finance
BV
15,706,000
6.031%
(TSFR3M
+
0.662%),11/13/2023
d
15,708,066
Total
82,942,202
Principal
Amount
Financials
(
36.5%
)
a
Value
Alexandria
Real
Estate
Equities,
Inc.
10,000,000
5.530% ,11/6/2023
b,c
9,990,855
25,000,000
5.560% ,11/13/2023
b,c
24,950,370
American
Express
Company
5,200,000
5.571%
(SOFRINDX
+
0.230%),11/3/2023
d
5,199,983
ANZ
New
Zealand
International,
Ltd./London
25,000,000
5.429% ,11/24/2023
b,c
24,910,844
AON
Corporation
5,000,000
5.590% ,11/29/2023
b,c
4,977,870
Bank
of
America
NA
11,750,000
5.670%
0,11/20/2023
d
11,751,560
Bank
of
Montreal
2,798,000
0.450% ,12/8/2023
2,782,616
5,888,000
5.570%
(SOFRINDX
+
0.350%),12/8/2023
d
5,887,494
Bank
of
New
York
Mellon
Corporation
10,668,000
0.500% ,4/26/2024
10,394,549
4,105,000
5.624%
(SOFRRATE
+
0.260%),4/26/2024
d
4,098,810
Barclays
Bank
plc
25,000,000
5.550% ,12/22/2023
b,c
24,802,713
25,000,000
5.660% ,2/2/2024
b,c
24,638,544
Barton
Capital
SA
25,000,000
5.510% ,12/6/2023
b,c
24,864,550
BNP
Paribas
SA
8,940,000
3.800% ,1/10/2024
b
8,897,526
Canadian
Imperial
Bank
of
Commerce
3,305,000
0.500% ,12/14/2023
3,284,276
Chariot
Funding,
LLC
12,000,000
5.550% ,12/11/2023
b
11,926,259
Charles
Schwab
Corporation
25,000,000
5.650% ,12/11/2023
b
24,846,478
7,221,000
5.854%
(SOFRINDX
+
0.500%),3/18/2024
d
7,211,683
Citibank
NA
25,000,000
5.660%
(SOFRRATE
+
0.350%),2/20/2024
d
25,003,638
Principal
Amount
Financials
(36.5%)
a
Value
$
15,000,000
5.960%
(SOFRRATE
+
0.650%),6/17/2024
d
$
15,020,252
25,000,000
5.910%
(SOFRRATE
+
0.600%),10/28/2024
d
24,997,838
Cooperatieve
Rabobank
UA/NY
23,916,000
5.660%
(SOFRINDX
+
0.300%),1/12/2024
d
23,914,326
CRC
Funding,
LLC
16,890,000
5.600% ,2/20/2024
b,c
16,596,825
25,000,000
5.580% ,2/28/2024
b,c
24,534,167
Credit
Agricole
SA
8,763,000
3.875% ,4/15/2024
b
8,679,684
Dealers
Capital
Access
Trust,
LLC
20,000,000
5.510% ,12/18/2023
19,855,040
35,000,000
5.517% ,12/19/2023
34,740,940
Goldman
Sachs
Group,
Inc.
19,248,000
7.266%
(TSFR3M
+
1.862%),11/29/2023
d
19,263,795
25,000,000
1.217% ,12/6/2023
24,890,820
Goldman
Sachs
International
25,000,000
5.530% ,12/27/2023
b
24,784,508
25,000,000
5.530% ,12/29/2023
b
24,776,783
GTA
Funding,
LLC
25,000,000
5.580% ,1/30/2024
b
24,649,818
HSBC
Bank
plc
10,000,000
5.730%
(SOFRRATE
+
0.420%),1/26/2024
b,d
10,004,130
HSBC
Bank
USA
NA/New
York,
NY
5,000,000
5.480% ,11/17/2023
5,000,035
ING
US
Funding,
LLC
15,000,000
5.780%
(SOFRRATE
+
0.470%),2/9/2024
b,c,d
15,009,859
Intercontinental
Exchange,
Inc.
12,600,000
5.530% ,11/1/2023
b
12,598,099
25,000,000
5.510% ,11/6/2023
b
24,977,285
10,000,000
5.530% ,11/15/2023
b
9,977,138
Jupiter
Securitization
Company,
LLC
25,000,000
5.500% ,12/21/2023
b,c
24,808,077
Lloyds
Bank
plc
15,250,000
5.490% ,11/17/2023
15,211,492
Macquarie
Bank,
Ltd.
15,000,000
5.515% ,11/1/2023
b
14,997,765
MetLife
Short
Term
Funding,
LLC
10,000,000
5.600%
(SOFRRATE
+
0.290%),2/20/2024
b,c,d
10,000,343
Metropolitan
Life
Global
Funding
I
17,588,000
0.400% ,1/7/2024
b
17,410,664
Mid-America
Apartments,
LP
25,000,000
5.560% ,11/3/2023
b
24,988,699
Mizuho
Bank,
Ltd./New
York,
NY
10,000,000
5.770%
(SOFRRATE
+
0.460%),11/2/2023
d
10,000,186
10,000,000
5.740%
(SOFRRATE
+
0.430%),2/2/2024
d
10,005,875
15,000,000
5.720%
(SOFRRATE
+
0.410%),2/12/2024
d
15,007,701
National
Australia
Bank,
Ltd.
25,000,000
5.610% ,3/4/2024
b
24,516,493
National
Bank
of
Canada
20,945,000
5.585% ,2/26/2024
b
20,564,008
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
51
Principal
Amount
Financials
(36.5%)
a
Value
New
York
Life
Global
Funding
$
13,379,000
2.900% ,1/17/2024
b
$
13,297,507
11,804,000
5.674%
(SOFRRATE
+
0.310%),4/26/2024
b,d
11,804,377
New
York
Life
Short
Term
Funding,
LLC
15,000,000
5.430% ,11/15/2023
b
14,966,600
Nordea
Bank
Abp
10,000,000
5.690%
(SOFRRATE
+
0.380%),12/20/2023
b,d
10,003,198
Old
Line
Funding,
LLC
25,000,000
5.530% ,11/28/2023
b,c
24,895,830
25,000,000
5.690%
(SOFRRATE
+
0.380%),2/26/2024
b,c,d
25,003,446
25,000,000
5.660%
(SOFRRATE
+
0.350%),4/4/2024
b,c,d
25,000,195
Pacific
Life
Short
Term
Funding,
LLC
20,000,000
5.400% ,11/3/2023
b
19,991,152
4,700,000
5.500% ,2/1/2024
b
4,633,051
PNC
Financial
Services
Group,
Inc.
17,716,000
3.500% ,1/23/2024
17,614,743
Pricoa
Short
Term
Funding,
LLC
25,000,000
5.580% ,1/16/2024
b
24,706,919
25,000,000
5.910%
(SOFRRATE
+
0.600%),10/7/2024
b,d
24,998,263
Protective
Life
Corporation
25,000,000
5.600% ,11/8/2023
b
24,968,990
25,000,000
5.540% ,11/9/2023
b
24,965,103
Protective
Life
Global
Funding
11,000,000
0.473% ,1/12/2024
b
10,883,626
6,300,000
6.402%
(SOFRRATE
+
1.050%),12/11/2024
b,d
6,317,010
Realty
Income
Corporation
25,000,000
5.460% ,11/1/2023
24,996,235
25,000,000
5.600% ,11/2/2023
24,992,468
25,000,000
5.530% ,11/8/2023
24,969,802
Royal
Bank
of
Canada
5,000,000
0.425% ,1/19/2024
4,938,303
32,910,000
5.662%
(SOFRINDX
+
0.300%),1/19/2024
d
32,894,167
Standard
Chartered
Bank/New
York
9,698,000
5.640% ,2/21/2024
b
9,531,141
Sumitomo
Mitsui
Banking
Corporation
6,000,000
5.630% ,2/1/2024
b
5,913,194
Sumitomo
Mitsui
Banking
Corporation/New
York
15,000,000
5.760%
(SOFRRATE
+
0.450%),1/3/2024
d
15,006,787
15,000,000
5.740%
(SOFRRATE
+
0.430%),2/5/2024
d
15,006,746
Suncorp-
Metway
,
Ltd.
2,130,000
5.600% ,1/9/2024
b
2,106,130
5,900,000
5.730% ,4/29/2024
b
5,722,014
Svenska
Handelsbanken
AB
16,770,000
3.900% ,11/20/2023
16,750,592
Swedbank
AB
10,000,000
5.500% ,11/1/2023
9,998,536
10,600,000
0.850% ,3/18/2024
b
10,401,461
Thunder
Bay
Funding,
LLC
25,000,000
5.500% ,11/28/2023
b,c
24,896,024
Principal
Amount
Financials
(36.5%)
a
Value
$
25,000,000
5.770%
(SOFRRATE
+
0.460%),1/11/2024
b,c,d
$
25,004,782
Toronto-Dominion
Bank
4,800,000
0.550% ,3/4/2024
4,714,590
31,572,000
5.665%
(SOFRRATE
+
0.355%),3/4/2024
d
31,564,142
6,076,000
5.660%
(SOFRRATE
+
0.350%),9/10/2024
d
6,062,027
Toronto-Dominion
Bank/New
York
15,000,000
5.840%
0,4/1/2024
d
15,010,846
Truist
Bank
19,055,000
5.510%
(SOFRRATE
+
0.200%),1/17/2024
d
19,024,311
Truist
Financial
Corporation
3,805,000
3.750% ,12/6/2023
3,793,665
UBS
AG/London
24,095,000
5.670%
(SOFRRATE
+
0.360%),2/9/2024
b,d
24,084,601
UDR,
Inc.
5,535,000
5.540% ,11/1/2023
b,c
5,534,166
20,000,000
5.580% ,11/9/2023
b,c
19,972,794
25,000,000
5.550% ,11/16/2023
b,c
24,939,104
Victory
Receivables
Corporation
25,000,000
5.610% ,2/12/2024
b,c
24,598,541
Wells
Fargo
Bank
NA
15,000,000
5.780%
(SOFRRATE
+
0.470%),11/6/2023
d
15,000,874
25,000,000
5.940%
(SOFRRATE
+
0.630%),4/5/2024
d
25,031,687
10,000,000
5.910%
(SOFRRATE
+
0.600%),9/12/2024
d
10,006,064
15,000,000
5.940%
(SOFRRATE
+
0.630%),9/16/2024
d
15,012,258
10,000,000
5.870%
(SOFRRATE
+
0.560%),10/25/2024
d
9,999,269
Westpac
Banking
Corporation
15,000,000
5.780%
(SOFRRATE
+
0.460%),11/10/2023
b,d
15,001,422
5,000,000
3.150% ,1/16/2024
b
4,970,404
24,299,000
6.436%
(TSFR3M
+
1.032%),2/26/2024
d
24,345,813
Westpac
Securities
NZ,
Ltd./
London
23,193,000
5.650% ,4/15/2024
b,c
22,578,049
Total
1,670,626,282
Principal
Amount
Foreign
(
2.7%
)
a
Value
Caisse
d'Amortissement
de
la
Dette
Sociale
25,000,000
5.520% ,1/29/2024
b
24,655,000
25,000,000
5.540% ,2/6/2024
b
24,623,353
25,000,000
5.570% ,2/13/2024
b
24,595,531
25,000,000
5.560% ,2/20/2024
b
24,568,712
25,000,000
5.560% ,2/23/2024
b
24,557,224
Total
122,999,820
Principal
Amount
Technology
(
1.6%
)
a
Value
Oracle
Corporation
25,000,000
5.555% ,11/17/2023
b
24,935,278
25,000,000
5.520% ,11/20/2023
b
24,923,642
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
52
Principal
Amount
Technology
(1.6%)
a
Value
$
25,000,000
5.570% ,11/28/2023
b
$
24,892,891
Total
74,751,811
Principal
Amount
Transportation
(
2.5%
)
a
Value
Canadian
National
Railway
Company
22,740,000
5.460% ,11/2/2023
b,c
22,733,196
25,000,000
5.460% ,11/3/2023
b,c
24,988,774
Canadian
Pacific
Railway
Company
15,000,000
5.500% ,11/8/2023
b
14,981,881
Ryder
System,
Inc.
25,000,000
5.520% ,11/3/2023
24,988,700
25,000,000
5.570% ,11/22/2023
24,915,748
Total
112,608,299
Principal
Amount
U.S.
Government
&
Agencies
(
12.9%
)
a
Value
Federal
Agricultural
Mortgage
Corporation
45,000,000
5.510%
(SOFRRATE
+
0.200%),8/7/2025
d
45,017,939
Federal
Farm
Credit
Bank
25,000,000
5.410%
(SOFRRATE
+
0.100%),9/19/2024
d
24,999,427
11,000,000
5.460%
(SOFRRATE
+
0.150%),1/3/2025
d
11,002,862
15,000,000
5.430%
(FEDL
1M
+
0.100%),1/24/2025
d
14,999,291
50,000,000
5.480%
(FEDL
1M
+
0.150%),2/3/2025
d
49,996,748
5,000,000
5.470%
(SOFRRATE
+
0.160%),4/10/2025
d
5,001,180
5,000,000
5.470%
(SOFRRATE
+
0.160%),5/15/2025
d
5,000,902
Federal
Home
Loan
Bank
50,000,000
5.370%
(SOFRRATE
+
0.060%),11/28/2023
d
50,002,038
10,000,000
5.400%
(SOFRRATE
+
0.090%),12/1/2023
d
10,000,742
25,000,000
5.330%
(SOFRRATE
+
0.020%),12/5/2023
d
24,999,600
3,330,000
5.380%
(SOFRRATE
+
0.070%),12/14/2023
d
3,330,032
20,000,000
5.345%
(SOFRRATE
+
0.035%),2/16/2024
d
20,007,687
20,000,000
5.350%
(SOFRRATE
+
0.040%),2/16/2024
d
19,999,731
25,000,000
5.390%
(SOFRRATE
+
0.080%),2/26/2024
d
24,999,767
25,000,000
5.355%
(SOFRRATE
+
0.045%),3/4/2024
d
24,999,787
23,000,000
5.430%
(SOFRRATE
+
0.120%),3/14/2024
d
23,005,536
25,000,000
5.400% ,3/27/2024
24,955,003
25,000,000
5.365%
(SOFRRATE
+
0.055%),5/15/2024
d
24,999,401
20,000,000
5.375%
(SOFRRATE
+
0.065%),5/24/2024
d
20,008,686
25,000,000
5.430%
(SOFRRATE
+
0.120%),5/28/2024
d
25,002,029
25,000,000
5.370%
(SOFRRATE
+
0.060%),6/24/2024
d
25,017,499
Principal
Amount
U.S.
Government
&
Agencies
(12.9%)
a
Value
$
22,000,000
5.375%
(SOFRRATE
+
0.065%),7/23/2024
d
$
22,018,380
U.S.
International
Development
Finance
Corporation
6,699,600
5.570%
(T-BILL
3M
+
FLAT),11/7/2023
d
6,699,600
8,433,077
5.570%
(T-BILL
3M
+
FLAT),11/7/2023
d
8,433,077
2,444,442
5.570%
(T-BILL
3M
+
FLAT),11/7/2023
d
2,444,442
10,790,598
5.580%
(T-BILL
3M
+
FLAT),11/7/2023
d
10,790,598
11,111,110
5.580%
(T-BILL
3M
+
FLAT),11/7/2023
d
11,111,110
U.S.
Treasury
Notes
50,000,000
5.419%
(USBMMY
3M
+
0.037%),7/31/2024
d
50,013,280
Total
588,856,374
Principal
Amount
U.S.
Municipals
(
0.9%
)
a
Value
City
of
Austin,
TX
17,500,000
5.490% ,12/6/2023
c
17,496,171
Long
Island
Power
Auth.
25,000,000
5.530% ,11/30/2023
c
24,995,272
Total
42,491,443
Principal
Amount
Utilities
(
17.4%
)
a
Value
Ameren
Corporation
25,000,000
5.530% ,11/2/2023
24,992,468
7,000,000
5.540% ,11/3/2023
6,996,836
16,500,000
5.550% ,11/6/2023
16,485,071
15,000,000
5.550% ,11/10/2023
14,977,305
25,000,000
5.600% ,11/20/2023
24,923,565
American
Electric
Power
Company,
Inc.
11,790,000
0.750% ,11/1/2023
11,790,000
20,000,000
5.530% ,11/10/2023
b
19,969,739
25,000,000
5.570% ,11/15/2023
b
24,942,969
26,200,000
5.570% ,11/27/2023
b
26,091,080
25,000,000
5.610% ,12/15/2023
b
24,825,312
Consolidated
Edison,
Inc.
10,008,000
0.650% ,12/1/2023
9,966,909
DTE
Energy
Company
11,230,000
5.530% ,11/1/2023
b,c
11,228,309
25,000,000
5.550% ,11/14/2023
b,c
24,946,825
18,045,000
5.550% ,11/16/2023
b,c
18,001,045
Duke
Energy
Corporation
5,000,000
5.500% ,11/7/2023
b
4,994,721
Enterprise
Products
Operating,
LLC
44,165,000
5.400% ,11/1/2023
b,c
44,158,349
Eversource
Energy
25,000,000
5.550% ,11/9/2023
b
24,965,728
25,000,000
5.526% ,11/10/2023
b
24,961,908
Florida
Power
&
Light
Company
5,000,000
5.740%
(SOFRINDX
+
0.380%),1/12/2024
d
5,000,064
National
Rural
Utilities
Cooperative
Finance
Corporation
10,000,000
3.400% ,11/15/2023
9,991,020
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
53
Principal
Amount
Utilities
(17.4%)
a
Value
NextEra
Energy
Capital
Holdings,
Inc.
$
25,000,000
5.520% ,11/6/2023
b,c
$
24,977,512
25,000,000
5.550% ,11/7/2023
b,c
24,973,750
25,000,000
5.550% ,11/8/2023
b,c
24,969,948
25,000,000
5.630% ,12/6/2023
b,c
24,860,700
25,840,000
5.665% ,12/12/2023
b,c
25,671,661
NiSource,
Inc.
25,000,000
5.540% ,11/2/2023
b
24,992,468
25,000,000
5.540% ,11/6/2023
b
24,977,381
5,000,000
5.540% ,11/7/2023
b
4,994,721
9,000,000
5.540% ,11/8/2023
b
8,989,129
25,000,000
5.580% ,11/9/2023
b
24,965,992
15,000,000
5.560% ,11/13/2023
b
14,970,405
PacifiCorp
28,000,000
5.450% ,11/1/2023
27,995,783
11,510,000
3.600% ,4/1/2024
11,400,925
Public
Service
Enterprise
Group,
Inc.
32,030,000
0.841% ,11/8/2023
32,001,201
Sempra
42,750,000
5.510% ,11/2/2023
b
42,737,121
25,000,000
5.550% ,11/6/2023
b
24,977,381
13,200,000
5.540% ,11/7/2023
b
13,186,063
13,500,000
5.540% ,11/16/2023
b
13,467,056
TransCanada
PipeLines
,
Ltd.
23,700,000
5.560% ,11/9/2023
b
23,667,761
Union
Electric
Company
4,810,000
5.430% ,11/1/2023
4,809,276
Total
797,795,457
Total
Investments
(cost
$4,611,884,592)
100.8%
$4,611,781,680
Other
Assets
and
Liabilities,
Net
(0.8)%
(38,602,789)
Total
Net
Assets
100.0%
$4,573,178,891
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
October
31,
2023,
the
value
of
these
investments
was
$2,748,405,018
or
60.1%
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
October
31,
2023.
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
plc
-
Public
Limited
Company
Ser.
-
Series
Reference
Rate
Index:
FEDL
1M
-
Federal
Funds
1
Month
Rate
SOFRINDX
-
Secured
Overnight
Financing
Rate
Compounded
Index
SOFRRATE
-
Secured
Overnight
Financing
Rate
T-BILL
3M
-
U.
S.
Treasury
Bill
Rate
3
Month
TSFR3M
-
CME
Term
SOFR
3
Month
USBMMY
3M
-
U.
S.
Treasury
Bill
Rate
3
Month
Money
Market
Yield
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
$
411,459
Gross
unrealized
depreciation
(514,371)
Net
unrealized
appreciation
(depreciation)
$
(102,912)
Cost
for
federal
income
tax
purposes
$
4,611,884,592
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2023,
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
4,920,887
–
4,920,887
–
Basic
Materials
162,754,379
–
162,754,379
–
Capital
Goods
188,114,877
–
188,114,877
–
Consumer
Cyclical
650,443,476
–
650,443,476
–
Consumer
Non-Cyclical
112,476,373
–
112,476,373
–
Energy
82,942,202
–
82,942,202
–
Financials
1,670,626,282
–
1,670,626,282
–
Foreign
122,999,820
–
122,999,820
–
Technology
74,751,811
–
74,751,811
–
Transportation
112,608,299
–
112,608,299
–
U.S.
Government
&
Agencies
588,856,374
–
588,856,374
–
U.S.
Municipals
42,491,443
–
42,491,443
–
Utilities
797,795,457
–
797,795,457
–
Total
Investments
at
Value
$4,611,781,680
$–
$4,611,781,680
$–
Small
Cap
Value
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
54
Shares
Common
Stock
(
97.1%
)
Value
Communications
Services
(1.2%)
92,351
Ziff
Davis,
Inc.
a
$
5,583,541
Total
5,583,541
Consumer
Discretionary
(12.3%)
202,325
Cedar
Fair,
LP
7,182,538
262,081
Cheesecake
Factory,
Inc.
8,142,857
621,224
Everi
Holdings,
Inc.
a
6,703,007
85,935
Grand
Canyon
Education,
Inc.
a
10,168,689
60,386
Lear
Corporation
7,835,687
78,150
Meritage
Homes
Corporation
8,910,663
204,165
Tapestry,
Inc.
5,626,787
32,881
Wyndham
Hotels
&
Resorts,
Inc.
2,380,584
Total
56,950,812
Consumer
Staples
(4.9%)
34,584
Casey's
General
Stores,
Inc.
9,403,735
255,487
Pilgrim's
Pride
Corporation
a
6,514,919
519,282
Primo
Water
Corporation
6,781,823
Total
22,700,477
Energy
(6.6%)
74,077
Helmerich
&
Payne,
Inc.
2,931,227
366,616
Magnolia
Oil
&
Gas
Corporation
8,230,529
464,799
NOV,
Inc.
9,277,388
468,815
TechnipFMC
plc
10,088,899
Total
30,528,043
Financials
(20.6%)
244,067
Ally
Financial,
Inc.
5,903,981
149,974
Banner
Corporation
6,330,403
354,947
Cadence
Bank
7,517,777
183,627
Essent
Group,
Ltd.
8,674,539
54,975
Evercore,
Inc.
7,156,646
665,341
F.N.B.
Corporation
7,112,495
613,150
First
Commonwealth
Financial
Corporation
7,468,167
47,455
Houlihan
Lokey,
Inc.
4,770,177
509,774
Old
National
Bancorp
6,983,904
67,199
RLI
Corporation
8,953,595
150,088
Voya
Financial,
Inc.
10,021,376
182,628
Western
Alliance
Bancorp
7,506,011
96,548
Wintrust
Financial
Corporation
7,211,170
Total
95,610,241
Health
Care
(6.4%)
115,052
Enovis
Corporation
a
5,280,887
220,933
Envista
Holdings
Corporation
a
5,141,111
183,889
Globus
Medical,
Inc.
a
8,405,566
123,422
Progyny,
Inc.
a
3,808,803
112,845
QuidelOrtho
Corporation
a
6,892,572
Total
29,528,939
Industrials
(21.0%)
177,175
AAR
Corporation
a
10,517,108
253,181
Air
Lease
Corporation
8,767,658
263,966
Barnes
Group,
Inc.
5,487,853
37,065
Curtiss-Wright
Corporation
7,368,893
317,393
Dun
&
Bradstreet
Holdings,
Inc.
2,780,363
251,647
Fluor
Corporation
a
8,377,329
117,389
Greenbrier
Companies,
Inc.
4,060,485
22,128
Herc
Holdings,
Inc.
2,363,049
119,550
Kirby
Corporation
a
8,930,385
Shares
Common
Stock
(97.1%)
Value
Industrials
(21.0%)
-
continued
66,255
ManpowerGroup,
Inc.
$
4,635,862
208,978
Masterbrand,
Inc.
a
2,321,746
67,179
Moog,
Inc.
7,796,123
365,735
Schneider
National,
Inc.
9,264,068
110,170
Timken
Company
7,614,950
146,174
V2X,
Inc.
a
7,465,106
Total
97,750,978
Information
Technology
(8.6%)
319,183
Celestica,
Inc.
7,452,923
109,997
Ciena
Corporation
a
4,641,873
69,847
FormFactor,
Inc.
a
2,366,416
328,471
Knowles
Corporation
a
4,266,838
107,934
MKS
Instruments,
Inc.
7,086,947
78,299
Plexus
Corporation
a
7,698,358
581,042
TTM
Technologies,
Inc.
a
6,676,173
Total
40,189,528
Materials
(8.0%)
106,390
Berry
Plastics
Group,
Inc.
5,851,450
95,394
Carpenter
Technology
Corporation
5,983,112
92,171
Greif,
Inc.
5,852,858
136,630
Ingevity
Corporation
a
5,503,456
281,003
Summit
Materials,
Inc.
a
9,244,999
441,650
Tronox
Holdings
plc
4,721,239
Total
37,157,114
Real
Estate
(5.1%)
93,444
Agree
Realty
Corporation
5,227,257
890,075
Cushman
and
Wakefield
plc
a
6,559,853
392,531
Independence
Realty
Trust,
Inc.
4,863,459
345,163
Plymouth
Industrial
REIT,
Inc.
6,882,550
Total
23,533,119
Utilities
(2.4%)
107,869
Black
Hills
Corporation
5,215,466
104,632
Spire,
Inc.
5,820,678
Total
11,036,144
Total
Common
Stock
(cost
$478,326,586)
450,568,936
Shares
Short-Term
Investments
(
2.8%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
1,303,422
5.690%
13,034,216
Total
Short-Term
Investments
(cost
$13,034,216)
13,034,216
Total
Investments
(cost
$491,360,802)
99.9%
$463,603,152
Other
Assets
and
Liabilities,
Net
0.1%
683,200
Total
Net
Assets
100.0%
$464,286,352
a
Non-income
producing
security.
Definitions:
plc
-
Public
Limited
Company
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Small
Cap
Value
Fund
Schedule
of
Investments
as
of
October
31,
2023
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
55
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
$
34,907,011
Gross
unrealized
depreciation
(64,496,950)
Net
unrealized
appreciation
(depreciation)
$
(29,589,939)
Cost
for
federal
income
tax
purposes
$
493,193,091
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2023,
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
5,583,541
5,583,541
–
–
Consumer
Discretionary
56,950,812
56,950,812
–
–
Consumer
Staples
22,700,477
22,700,477
–
–
Energy
30,528,043
30,528,043
–
–
Financials
95,610,241
95,610,241
–
–
Health
Care
29,528,939
29,528,939
–
–
Industrials
97,750,978
97,750,978
–
–
Information
Technology
40,189,528
40,189,528
–
–
Materials
37,157,114
37,157,114
–
–
Real
Estate
23,533,119
23,533,119
–
–
Utilities
11,036,144
11,036,144
–
–
Subtotal
Investments
in
Securities
$450,568,936
$450,568,936
$–
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
13,034,216
Subtotal
Other
Investments
$13,034,216
Total
Investments
at
Value
$463,603,152
*
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
the
table
above
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Small
Cap
Value
Fund,
is
as
follows:
Fund
Value
10/31/2022
Gross
Purchases
Gross
Sales
Value
10/31/2023
Shares
Held
at
10/31/2023
%
of
Net
Assets
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$17,148
$134,017
$138,131
$13,034
1,303
2.8%
Total
Affiliated
Short-Term
Investments
17,148
13,034
2.8
Total
Value
$17,148
$13,034
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2022
-
10/31/2023
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
5.690%
$–
$–
$–
$601
Total
Income/Non
Cash
Income
from
Affiliated
Investments
$601
Total
$–
$–
$–
Thrivent
Core
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
56
As
of
October
31,
2023
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
International
Equity
Fund
Low
Volatility
Equity
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$870,206,806
$481,747,511
$415,364,656
$426,288,469
Investments
in
affiliated
securities
at
cost
$34,880,736
$4,765,416
$5,144,517
$6,292,115
Investments
in
unaffiliated
securities
at
value
(#)
690,331,618
443,107,102
433,179,517
476,423,343
Investments
in
affiliated
securities
at
value
34,880,736
4,765,416
5,144,517
6,292,115
Foreign
currency
—
1,979,726
(a)
30,411
(b)
—
Dividends
and
interest
receivable
10,985,217
839,920
3,557,090
721,260
Prepaid
expenses
3,350
2,845
2,865
3,667
Prepaid
trustee
fees
1,319
1,319
1,319
1,319
Receivable
for:
Investments
sold
—
1,971,151
13,146,408
—
Variation
margin
on
open
future
contracts
—
—
14,730
—
Total
Assets
736,202,240
452,667,479
455,076,857
483,441,704
Liabilities
Accrued
expenses
21,060
141,189
58,652
9,267
Cash
overdraft
—
—
—
3,529
Payable
for:
Investments
purchased
—
2,993,380
12,717,856
—
Return
of
collateral
for
securities
loaned
23,592,892
4,000
4,528,160
5,181,350
Foreign
capital
gain
tax
liability
—
832,749
—
—
Variation
margin
on
open
future
contracts
—
83,525
—
—
Administrative
service
fees
10,310
6,666
6,615
7,171
Director
deferred
compensation
4,384
3,811
4,384
4,377
Contingent
liabilities^
—
—
—
—
Total
Liabilities
23,628,646
4,065,320
17,315,667
5,205,694
Net
Assets
Capital
stock
(beneficial
interest)
970,328,903
555,820,854
441,857,885
390,031,203
Distributable
earnings/(accumulated
loss)
(257,755,309)
(107,218,695)
(4,096,695)
88,204,807
Total
Net
Assets
$712,573,594
$448,602,159
$437,761,190
$478,236,010
Shares
of
beneficial
interest
outstanding
97,971,735
55,530,517
47,991,492
43,235,356
Net
asset
value
per
share
$7.27
$8.08
$9.12
$11.06
(#)
Includes
securities
on
loan
of
$22,271,678
$0
$4,200,326
$5,039,490
(a)
Foreign
currency
holdings,
cost
$1,968,522.
(b)
Foreign
currency
holdings,
cost
$32,068.
^
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.
57
As
of
October
31,
2023
Mid
Cap
Value
Fund
Short-Term
Reserve
Fund
Small
Cap
Value
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$457,624,587
$4,611,884,592
$478,326,586
Investments
in
affiliated
securities
at
cost
$9,130,993
$—
$13,034,216
Investments
in
unaffiliated
securities
at
value
(#)
443,236,174
4,611,781,680
450,568,936
Investments
in
affiliated
securities
at
value
9,130,993
—
13,034,216
Cash
—
12,186
—
Dividends
and
interest
receivable
445,395
10,232,860
183,621
Prepaid
expenses
3,783
9,504
2,897
Prepaid
trustee
fees
1,319
1,319
1,319
Receivable
for:
Investments
sold
—
—
1,660,580
Total
Assets
452,817,664
4,622,037,549
465,451,569
Liabilities
Distributions
payable
—
21,218,061
—
Accrued
expenses
8,210
19,237
7,979
Payable
for:
Investments
purchased
—
27,616,193
1,146,791
Administrative
service
fees
7,054
—
7,076
Director
deferred
compensation
1,486
5,167
3,371
Contingent
liabilities^
—
—
—
Total
Liabilities
16,750
48,858,658
1,165,217
Net
Assets
Capital
stock
(beneficial
interest)
461,332,903
4,574,463,061
507,508,489
Distributable
earnings/(accumulated
loss)
(8,531,989)
(1,284,170)
(43,222,137)
Total
Net
Assets
$452,800,914
$4,573,178,891
$464,286,352
Shares
of
beneficial
interest
outstanding
49,063,258
457,250,743
54,575,497
Net
asset
value
per
share
$9.23
$10.00
$8.51
(#)
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.
58
For
the
year
ended
October
31,
2023
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
International
Equity
Fund
Low
Volatility
Equity
Fund
Investment
Income
Dividends
$140,858
$16,363,064
$18,350,469
$20,000,654
Interest
45,086,512
33,107
28,285
—
Affiliated
income
from
securities
loaned,
net
93,629
37,675
98,009
1,706
Income
from
affiliated
investments
935,863
228,616
86,383
115,532
Foreign
tax
withholding
(19,890)
(1,887,721)
(2,086,994)
(5,231)
Total
Investment
Income
46,236,972
14,774,741
16,476,152
20,112,661
Expenses
Administrative
service
fees
201,786
150,652
152,230
232,877
Audit
and
legal
fees
39,092
64,546
59,750
41,321
Custody
fees
48,484
598,696
138,236
28,890
Insurance
expenses
6,548
5,549
5,551
7,119
Printing
and
postage
expenses
7,002
9,429
9,555
7,682
Transfer
agent
fees
5,000
5,000
5,000
5,000
Directors'
fees
9,697
9,634
9,697
9,696
Pricing
service
fees
34,023
42,261
44,915
1,256
Other
expenses
15,793
24,680
21,262
14,729
Total
Expenses
Before
Reimbursement
367,425
910,447
446,196
348,570
Less:
Total
Net
Expenses
367,425
910,447
446,196
348,570
Net
Investment
Income/(Loss)
45,869,547
13,864,294
16,029,956
19,764,091
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
(20,030,877)
(24,622,357)
(a)
3,798,812
46,627,677
Futures
contracts
—
1,061,143
334,702
(2,145,327)
Foreign
currency
transactions
22,799
(738,659)
(187,183)
—
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
44,962,471
62,408,186
36,907,894
(37,990,082)
Futures
contracts
—
317,939
133,329
—
Foreign
currency
transactions
(5)
1,050
124,434
—
Foreign
capital
gain
tax
liability
—
(363,826)
—
—
Net
Realized
and
Unrealized
Gains/(Losses)
24,954,388
38,063,476
41,111,988
6,492,268
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$70,823,935
$51,927,770
$57,141,944
$26,256,359
(a)
Includes
foreign
capital
gain
taxes
paid
of $409,281.
Thrivent
Core
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
59
For
the
year
ended
October
31,
2023
Mid
Cap
Value
Fund
(a)
Short-Term
Reserve
Fund
Small
Cap
Value
Fund
Investment
Income
Dividends
$5,793,696
$—
$9,752,246
Interest
119,066
228,256,516
—
Income
from
affiliated
investments
228,371
—
600,516
Foreign
tax
withholding
—
—
(30,315)
Total
Investment
Income
6,141,133
228,256,517
10,322,447
Expenses
Administrative
service
fees
92,621
90,000
161,874
Amortization
of
offering
costs
1,937
—
1,844
Audit
and
legal
fees
31,293
59,973
38,164
Custody
fees
7,054
51,560
8,508
Insurance
expenses
3,153
20,883
5,190
Printing
and
postage
expenses
4,156
7,057
6,910
Transfer
agent
fees
3,333
5,000
5,000
Directors'
fees
6,308
9,773
9,562
Pricing
service
fees
613
44,812
818
Other
expenses
6,599
14,610
14,714
Total
Expenses
Before
Reimbursement
157,067
303,668
252,584
Less:
Reimbursement
from
adviser
(431)
—
—
Total
Net
Expenses
156,636
303,668
252,584
Net
Investment
Income/(Loss)
5,984,497
227,952,849
10,069,863
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
150,349
115,542
(14,829,215)
Net
increase
from
payments
by
affiliates
—
9,122*
—
Foreign
currency
transactions
(5,219)
—
—
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(14,388,413)
1,712,883
(37,535,474)
Net
Realized
and
Unrealized
Gains/(Losses)
(14,243,283)
1,837,547
(52,364,689)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$(8,258,786)
$229,790,396
$(42,294,826)
(a)
For
the
period
from
February
28,
2023
(inception)
through
October
31,
2023.
*
Net
increase
from
payment
from
affiliate. Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Core
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
60
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
For
the
periods
ended
10/31/2023
10/31/2022
10/31/2023
10/31/2022
Operations
Net
investment
income/(loss)
$45,869,547
$47,883,078
$13,864,294
$16,924,435
Net
realized
gains/(losses)
(20,008,078)
(41,229,466)
(24,299,873)
(50,472,601)
Change
in
net
unrealized
appreciation/(depreciation)
44,962,466
(237,746,526)
62,363,349
(154,553,879)
Net
Change
in
Net
Assets
Resulting
From
Operations
70,823,935
(231,092,914)
51,927,770
(188,102,045)
Distributions
to
Shareholders
From
net
investment
income/net
realized
gains
(46,609,607)
(48,512,364)
(16,649,785)
(49,869,819)
Total
Distributions
to
Shareholders
(46,609,607)
(48,512,364)
(16,649,785)
(49,869,819)
Capital
Stock
Transactions
Sold
150,000
9,046,411
–
104,000,000
Distributions
reinvested
46,609,607
48,512,364
16,649,785
49,869,819
Redeemed
(103,611,000)
(160,850,000)
(7,000,000)
(63,000,000)
Total
Capital
Stock
Transactions
(56,851,393)
(103,291,225)
9,649,785
90,869,819
Net
Increase/(Decrease)
in
Net
Assets
(32,637,065)
(382,896,503)
44,927,770
(147,102,045)
Net
Assets,
Beginning
of
Period
745,210,659
1,128,107,162
403,674,389
550,776,434
Net
Assets,
End
of
Period
$712,573,594
$745,210,659
$448,602,159
$403,674,389
Capital
Stock
Share
Transactions
Sold
18,885
952,421
–
9,212,412
Distributions
reinvested
6,143,082
5,936,635
2,032,941
4,589,026
Redeemed
(13,518,782)
(17,774,981)
(868,487)
(6,000,557)
Total
Capital
Stock
Share
Transactions
(7,356,815)
(10,885,925)
1,164,454
7,800,881
(a)
For
the
period
from
February
28,
2023
(inception)
through
October
31,
2023.
Thrivent
Core
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
61
International
Equity
Fund
Low
Volatility
Equity
Fund
Mid
Cap
Value
Fund
10/31/2023
10/31/2022
10/31/2023
10/31/2022
10/31/2023
(a)
$16,029,956
$14,064,146
$19,764,091
$19,934,037
$5,984,497
3,946,331
3,955,375
44,482,350
82,480,620
145,130
37,165,657
(161,734,857)
(37,990,082)
(159,849,266)
(14,388,413)
57,141,944
(143,715,336)
26,256,359
(57,434,609)
(8,258,786)
(11,698,806)
(27,365,817)
(100,878,461)
(172,294,759)
–
(11,698,806)
(27,365,817)
(100,878,461)
(172,294,759)
–
22,000,000
4,000,000
–
–
500,160,000
11,698,806
27,365,817
100,878,461
172,294,759
–
(72,000,000)
(222,651,148)
(556,000,000)
(92,000,000)
(39,100,300)
(38,301,194)
(191,285,331)
(455,121,539)
80,294,759
461,059,700
7,141,944
(362,366,484)
(529,743,641)
(149,434,609)
452,800,914
430,619,246
792,985,730
1,007,979,651
1,157,414,260
–
$437,761,190
$430,619,246
$478,236,010
$1,007,979,651
$452,800,914
2,308,499
345,126
–
–
53,131,531
1,329,410
2,517,554
8,745,025
13,127,212
–
(7,692,046)
(20,517,410)
(48,900,330)
(6,980,273)
(4,068,273)
(4,054,137)
(17,654,730)
(40,155,305)
6,146,939
49,063,258
Thrivent
Core
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
62
Short-Term
Reserve
Fund
Small
Cap
Value
Fund
For
the
periods
ended
10/31/2023
10/31/2022
10/31/2023
10/31/2022
(a)
Operations
Net
investment
income/(loss)
$227,952,849
$68,025,403
$10,069,863
$3,625,267
Net
realized
gains/(losses)
124,664
(323,842)
(14,829,215)
(7,821,313)
Change
in
net
unrealized
appreciation/(depreciation)
1,712,883
(1,727,231)
(37,535,474)
9,777,824
Net
Change
in
Net
Assets
Resulting
From
Operations
229,790,396
65,974,330
(42,294,826)
5,581,778
Distributions
to
Shareholders
From
net
investment
income/net
realized
gains
(227,952,849)
(68,025,403)
(6,546,525)
–
Total
Distributions
to
Shareholders
(227,952,849)
(68,025,403)
(6,546,525)
–
Capital
Stock
Transactions
Sold
14,590,457,649
17,293,208,588
–
540,100,000
Distributions
reinvested
–
–
6,546,525
–
Redeemed
(14,245,900,003)
(19,602,553,084)
(39,000,000)
(100,600)
Total
Capital
Stock
Transactions
344,557,646
(2,309,344,496)
(32,453,475)
539,999,400
Net
Increase/(Decrease)
in
Net
Assets
346,395,193
(2,311,395,569)
(81,294,826)
545,581,178
Net
Assets,
Beginning
of
Period
4,226,783,698
6,538,179,267
545,581,178
–
Net
Assets,
End
of
Period
$4,573,178,891
$4,226,783,698
$464,286,352
$545,581,178
Capital
Stock
Share
Transactions
Sold
1,459,045,765
1,729,320,858
–
58,267,886
Distributions
reinvested
–
–
713,907
–
Redeemed
(1,424,590,000)
(1,960,255,308)
(4,396,296)
(10,000)
Total
Capital
Stock
Share
Transactions
34,455,765
(230,934,450)
(3,682,389)
58,257,886
(a)
For
the
period
from
March
31,
2022
(commencement
date
of
operations)
through
October
31,
2022.
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2023
63
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 seven
separate
series,
each
with
its
own
investment
objective
and
policies
(each,
a
"Fund"
and,
collectively,
the
"Funds").
The seven series
of
the
Trust
are
Thrivent
Core
Emerging
Markets
Debt
and
Thrivent
Core
Emerging
Markets
Equity,
which are
non-
diversified,
and Thrivent
Core
International
Equity,
Thrivent
Core
Low
Volatility
Equity, Thrivent
Core
Mid
Cap
Value,
Thrivent
Core
Short-Term
Reserve
and
Thrivent
Core
Small
Cap
Value,
which
are diversified.
Thrivent
Core
Short-Term
Reserve serves
as
a
cash
sweep
vehicle
for
Thrivent
Mutual
Funds
and Thrivent
Series
Fund,
Inc.
Thrivent
Core Mid
Cap
Value
was
incepted
on February
28,
2023.
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
— The
Funds
record
their
investments
at
fair
value
using
market
quotations
when
they
are
readily
available
pursuant
to
Rule
2a-5.
The
Funds'
investments
are
recorded
at
fair
value
when
market
quotations
are
not
readily
available.
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
chosen
the
Funds'
investment
adviser,
Thrivent
Asset
Management,
LLC
(the
"Adviser")
as
the
valuation
designee,
responsible
for
daily
valuation
of
the
Funds'
securities.
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
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2023
64
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
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
October
31,
2023,
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 are
declared
and
distributed
monthly.
Dividends
from
Emerging
Markets
Equity,
International
Equity, Low
Volatility
Equity,
Mid
Cap
Value, and Small Cap
Value are
declared
and
distributed
annually.
Dividends
from
Short-Term
Reserve
are
declared
daily
and
distributed
monthly.
Net
realized
gains
from
securities
transactions,
if
any,
are
paid
at
least
annually
after
the
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2023
65
close
of
the
fiscal
year.
In
addition,
the
Funds
may
claim
a
portion
of
the
payment
made
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,
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 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
contract.
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 year ended October
31,
2023,
Core
Emerging
Markets
Equity, Core
International
Equity,
and
Core
Low
Volatility
Equity used
equity
futures
to
manage
exposure
to
the
equities
market.
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2023
66
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.
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.
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 year
ended
October
31,
2023,
no
Fund
reported
an
accrual
for contingent
liabilities.
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 Mid
Cap
Value and
Small Cap
Value are
costs
incurred
by
the
Fund
in
order
to
establish
it
for
sale.
These
costs
generally
include any
legal
costs
associated
with
registering
the
Fund.
These
costs
are
amortized
over
a
period
of
12
months
from
inception.
Recent
Accounting
Pronouncements
—
In
June
2022,
the
Financial
Accounting
Standards
Board
(“FASB”)
issued
Accounting
Standards
Update
No.
2022-03
(“ASU
2022-03”),
“Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions”
(“Topic
820”).
ASU
2022-03
clarifies
the
guidance
in
Topic
820,
related
to
the
measurement
of
the
fair
value
of
an
equity
security
subject
to
contractual
sale
restrictions,
where
it
eliminates
the
need
to
apply
a
discount
to
fair
value
of
these
securities,
and
introduces
disclosure
requirements
related
to
such
equity
securities.
The
guidance
is
effective
for
fiscal
years,
and
interim
periods
within
those
fiscal
years,
beginning
after
December
15,
2023,
and
allows
for
early
adoption.
Management
is
currently
evaluating
the
implications,
if
any,
of
the
additional
requirements
and
its
impact
on
the
Fund’s
financial
statements.
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 year
ended
October
31,
2023,
the
Adviser
received
aggregate
fees
for
administrative
and
accounting
personnel
and
services
of $1,082,040
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
year
ended,
October
31,
2023,
Thrivent
Investor
Services
received
$33,333 for
transfer
agent
services
from
the
Trust.
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2023
67
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
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
$50,698 in
fees
from
the
Trust
during
the
year
ended
October
31,
2023. In
addition,
the
Trust
reimbursed
unaffiliated
Trustees
for
reasonable
expenses
incurred
in
relation
to
attendance
at
the
meetings
and
industry
conferences.
Certain
officers
and
non-independent
Trustees
of
the
Trust
are
officers
and
directors
of
Thrivent
Asset
Mgt.,
Thrivent
Investor
Services
and
Thrivent
Distributors,
LLC.;
however
they
receive
no
compensation
from
the
Trust.
Affiliated
employees
and
board
consultants
are
reimbursed
for
reasonable
expenses
incurred
in
relation
to
board
meeting
attendance.
Acquired
Fund
Fees
and Expenses
—
The Funds
may
invest
in
other
mutual
funds.
Fees
and
expenses
of
those
underlying
funds
are
not
included
in
the
Funds'
expense
ratio.
The Funds
indirectly
bear
their proportionate
share
of
the
annualized
weighted
average
expense
ratio
for
the
underlying
funds
in
which
it
invests.
Interfund
Lending
—
The
Funds
may
participate
in
an
interfund
lending
program
(the
"Program")
pursuant
to
an
exemptive
order
issued
by
the
SEC.
The
Program
permits the
Funds
to borrow
cash
for
temporary
purposes
from
Thrivent
Core
Short-Term
Reserve.
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 year
ended
October
31,
2023,
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.
The
differences
between
book-basis
and
tax-basis
distributable
earnings
are
primarily
attributable
to
timing
differences
in
recognizing
certain
gains
and
losses
on
investment transactions,
such
as
wash
sales,
spinoffs,
modifications
of
debt
instruments, unrealized
and
realized
activity
related
to
derivatives, and
treatment
of
partnerships
and
passive foreign
investments
companies.
At
the
end
of
the
fiscal
year,
reclassifications
between
net
asset
accounts
are
made
for
differences
that
are
permanent
in
nature.
These
permanent
differences
primarily
relate
to
the
tax
treatment
of partnerships,
passive
foreign
investment
companies and
utilization
of
earnings
and
profits
distributed
to
shareholders
on
redemption
of
shares.
On
the Statement
of
Assets
and
Liabilities,
as
a
result
of
permanent
book-to-tax
differences,
reclassification
adjustments
were
made
as
follows
[Increase/(Decrease)]:
At
October
31,
2023,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2023,
the
following
Funds
had
accumulated
net capital
loss
carryovers
as
follows:
To
the
extent
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.
During
the
fiscal
year
2023,
capital
loss
carryovers
utilized
by
the
Funds
were
as
follows:
Portfolio
Distributable
earnings/
(accumulated
loss)
Capital
Stock
Low
Volatility
Equity
$(20,419,640)
$20,419,640
Mid
Cap
Value
(273,203)
273,203
Small
Cap
Value
34,854
(34,854)
Fund
Undistributed
Ordinary
Income
a
Undistributed
Long-Term
Capital
Gain
Emerging
Markets
Debt
$27,576
$
–
Emerging
Markets
Equity
15,047,840
–
International
Equity
15,810,661
–
Low
Volatility
Equity
10,114,065
30,676,557
Mid
Cap
Value
7,402,003
–
Short-Term
Reserve
43,987
–
Small
Cap
Value
6,549,610
–
(a)
Undistributed
Ordinary
Income
includes
income
derived
from
short-
term
capital
gains,
if
any.
Fund
Capital
Loss
Carryover
Emerging
Markets
Debt
$
90,414,792
Emerging
Markets
Equity
71,911,660
International
Equity
28,956,038
Short-Term
Reserve
1,209,076
Small
Cap
Value
19,902,961
Fund
Capital
Loss
Carryover
Short-Term
Reserve
115,542
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2023
68
The
tax
character
of
distributions
paid
during
the
years
ended October
31,
2023
and 2022
was
as
follows:
(a)
Ordinary
income
includes
income
derived
from
short-term
capital
gains,
if
any.
(5)
SECURITY
TRANSACTIONS
Purchases
and
Sales
of
Investment
Securities
—
For
the
year
ended
October
31,
2023,
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
engage
in
securities
transactions
with affiliated
funds
or
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 year
ended October
31,
2023,
no
Funds
engaged
in
these
types
of
transactions.
(7)
RELATED
PARTY
TRANSACTIONS
As
of
October
31,
2023,
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)
PAYMENTS
BY
AFFILIATES
During
the
year
ended October
31,
2023,
the
Adviser
reimbursed Short-Term
Reserve Fund
for
a
trade
error.
The
amount
of
this
reimbursement
is
reflected
in
the
Net
increase
from
payments
by
affiliates
on
the
Statement
of
Operations.
(9)
SUBSEQUENT
EVENTS
Effective December
8,
2023,
Core
Low
Volatility
Equity had
a
net
redemption
of
$246,000,000
equal
to
20,829,805.25
shares,
or 48.2%
of
outstanding
shares at October
31,
2023.
The
Adviser of
the Funds
has
evaluated
the
impact
of
subsequent
events
through
December
18,
2023, 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.
(10) 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 October
31,
2023,
the
following
Funds
had
portfolio
concentration
greater
than
25%
in
certain
sectors.
(11)
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.
Ordinary
Income
(a)
Long-Term
Capital
Gain
Fund
10/31/2023
10/31/2022
10/31/2023
10/31/2022
Emerging
Markets
Debt
$46,609,607
$48,512,364
$–
$–
Emerging
Markets
Equity
16,649,785
29,916,516
–
19,953,303
International
Equity
11,698,806
27,365,817
–
–
Low
Volatility
Equity
20,355,798
45,631,768
80,522,663
126,662,991
Short-Term
Reserve
227,952,849
68,025,403
–
–
Small
Cap
Value
6,546,525
–
–
–
In
thousands
Fund
Purchases
Sales/
Paydowns
Emerging
Markets
Debt
$115,022
$163,487
Emerging
Markets
Equity
379,030
370,546
International
Equity
408,866
440,996
Low
Volatility
Equity
812,752
1,350,937
Mid
Cap
Value
604,481
147,007
Short-Term
Reserve
246,586
465,146
Small
Cap
Value
289,611
314,890
In
thousands
Fund
Purchases
Sales/
Paydowns
Short-Term
Reserve
$253,997
$34,662
Fund
Sector
%
of
Total
Net
Assets
Emerging
Markets
Debt
Foreign
Government
83.3%
Short-Term
Reserve
Financials
36.5%
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2023
69
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,
privacy,
fraud,
business
disruption,
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
cybersecurity
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
operational
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
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
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2023
70
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.
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
in
general
economic
conditions,
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2023
71
inflation,
and
monetary
policies,
such
as
certain
types
of
interest
rate
changes
by
the
Federal
Reserve,
could
affect
interest
rates
and
the
value
of
some
securities.
During
periods
of
low
interest
rates
or
when
inflation
rates
are
high
or
rising,
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
assessment
of
potential
Fund
investments
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.
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
regulatory
events,
economic
downturn,
government
shutdowns,
the
spread
of
infectious
illness
such
as
the
outbreak
of
COVID-19,
public
health
crises,
war,
terrorism,
social
unrest,
recessions,
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
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.
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
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2023
72
(“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
relating
to
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
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,
which
are
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
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2023
73
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.
74
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
Year
Ended
10/31/2023
$
7.08
$
0.45
$
0.20
$
0.65
$
(0.46)
$
–
Year
Ended
10/31/2022
9.71
0.45
(2.62)
(2.17)
(0.46)
–
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)
–
EMERGING
MARKETS
EQUITY
FUND
Year
Ended
10/31/2023
7.43
0.25
0.71
0.96
(0.31)
–
Year
Ended
10/31/2022
11.83
0.27
(3.64)
(3.37)
(0.24)
(0.79)
Year
Ended
10/31/2021
10.36
0.28
1.28
1.56
(0.09)
–
Year
Ended
10/31/2020
(c)
10.00
0.08
0.28
0.36
–
–
INTERNATIONAL
EQUITY
FUND
Year
Ended
10/31/2023
8.27
0.33
0.74
1.07
(0.22)
–
Year
Ended
10/31/2022
11.38
0.37
(2.95)
(2.58)
(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)
–
LOW
VOLATILITY
EQUITY
FUND
Year
Ended
10/31/2023
(d)
12.09
0.24
(0.08)
0.16
(0.22)
(0.97)
Year
Ended
10/31/2022
14.98
0.23
(0.90)
(0.67)
(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)
MID
CAP
VALUE
FUND
Year
Ended
10/31/2023
(e)
10.00
0.12
(0.89)
(0.77)
–
–
SHORT-TERM
RESERVE
FUND
Year
Ended
10/31/2023
10.00
0.51
0.00
0.51
(0.51)
–
Year
Ended
10/31/2022
10.00
0.13
0.00
0.13
(0.13)
–
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)
–
SMALL
CAP
VALUE
FUND
Year
Ended
10/31/2023
9.36
0.18
(0.92)
(0.74)
(0.11)
–
Year
Ended
10/31/2022
(f)
10.00
0.06
(0.70)
(0.64)
–
–
(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)
(d)
Since
commencement
date
of
operations,
February
3,
2020.
Per
share
amounts
have
been
calculated
using
the
average
shares
method.
(e)
Since
commencement
date
of
operations
,
February
28,
2023.
(f)
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.
75
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
$
(0.46)
$
7.27
9.08%
$
712.6
0.05%
5.92%
0.05%
5.92%
16%
(0.46)
7.08
(22.88)%
745.2
0.04%
5.35%
0.04%
5.35%
20%
(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%
(0.31)
8.08
12.81%
448.6
0.19%
2.92%
0.19%
2.92%
80%
(1.03)
7.43
(31.16)%
403.7
0.19%
3.24%
0.19%
3.24%
82%
(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%
(0.22)
9.12
13.09%
437.8
0.09%
3.31%
0.09%
3.31%
86%
(0.53)
8.27
(23.81)%
430.6
0.09%
2.61%
0.09%
2.61%
81%
(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%
(1.19)
11.06
1.07%
478.2
0.04%
2.06%
0.04%
2.06%
87%
(2.22)
12.09
(5.48)%
1,008.0
0.03%
1.91%
0.03%
1.91%
79%
(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%
–
9.23
(7.70)%
452.8
0.06%
2.21%
0.06%
2.21%
39%
(0.51)
10.00
5.27%
4,573.2
0.01%
5.14%
0.01%
5.14%
101%
(0.13)
10.00
1.28%
4,226.8
0.01%
1.11%
0.01%
1.11%
85%
(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%
(0.11)
8.51
(7.97)%
464.3
0.05%
1.86%
0.05%
1.86%
55%
–
9.36
(6.40)%
545.6
0.06%
1.55%
0.06%
1.55%
19%
76
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
relating
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
also
may
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.
SHAREHOLDER
NOTIFICATION
OF
FEDERAL
TAX
INFORMATION
Pursuant
to
IRC
852(b)(3)
of
the
Internal
Revenue
Code,
Core
Low
Volatility
Equity
hereby
designates
$94,399,344
as
long-term
capital
gains
distributed
during
the
year
ended
October
31,
2023,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
year.
The
following
information
is
provided
solely
to
satisfy
the
requirements
set
forth
by
the
Internal
Revenue
Code.
Shareholders
will
be
provided
information
regarding
their
distributions
in
January
2024.
The
Funds
designate
the
following
percentages
of
dividends
declared
from
net
investment
income
as
dividends
qualifying
for
the
70%
dividends
received
deduction
for
corporations
or
as
qualified
dividend
income
for
individuals
under
the
Jobs
and
Growth
Tax
Relief
Reconciliation
Act
of
2003
for
the
tax
period
ending
October
31,
2023:
Fund
Dividends
Received
Deduction
for
Corporations
Qualified
Dividend
Income
for
Individuals
Emerging
Markets
Equity
0%
62%
International
Equity
0%
98%
Low
Volatility
Equity
9
2
%
94%
Mid
Cap
Value
61%
62%
Small
Cap
Value
85%
88%
77
Board
of
Trustees
and
Officers
The
following
table
provides
information
about
the
Trustees
and
Officers
of
the
Trust.
The
Board
is
responsible
for
the
management
and
supervision
of
the
Funds’
business
affairs
and
for
exercising
all
powers
except
those
reserved
to
the
shareholders.
Each
Trustee
oversees
each
of
seven
series
of
the
Trust
and
also
serves
as:
Trustee
of
Thrivent
Mutual
Funds,
a
registered
investment
company
consisting
of
25
series
that
offer
Class
A
and
Class
S
shares.
Director
of
Thrivent
Series
Fund,
Inc.,
a
registered
investment
company
consisting
of
32
funds
that
serve
as
underlying
funds
for
variable
contracts
issued
by
Thrivent
Financial
for
Lutherans
(“Thrivent”)
and
separate
accounts
of
insurance
companies
not
affiliated
with
Thrivent.
Trustee
of
Thrivent
Cash
Management
Trust,
a
registered
investment
company
consisting
of
one
fund
that
serves
as
a
cash
collateral
fund
for
a
securities
lending
program
sponsored
by
Thrivent.
Trustee
of
Thrivent
ETF
Trust,
a
registered
investment
company
consisting
of
one
fund
that
is
an
exchange-traded
fund.
The
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
and
is
available,
without
charge,
by
calling
800-847-
4836.
Interested
Trustees
(1)
(2)
(3)
(4)
Name
(Year
of
Birth)
Year
Elected
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Michael
W.
Kremenak
(1978)
2021
Senior
Vice
President
and
Head
of
Mutual
Funds,
Thrivent
since
2020;
Vice
President,
Thrivent
from
2015
to
2020.
Trustee
of
Thrivent
Church
Loan
and
Income
Fund
from
2020
to
2023.
David
S.
Royal
(1971)
2016
Chief
Financial
Officer,
Thrivent
since
2022;
Executive
Vice
President,
Chief
Investment
Officer,
Thrivent
since
2017;
President,
Mutual
Funds
from
2015
to
2023.
Director
of
Thrivent
Trust
Company
and
Advisory
Board
Member
of
Twin
Bridge
Capital
Partners;
Trustee
of
Thrivent
Church
Loan
and
Income
Fund
from
2020
to
2023.
Independent
Trustees
(2)
(3)
(4)
(5)
Name
(Year
of
Birth)
Year
Elected
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Janice
B.
Case
(1952)
2016
Retired.
Independent
Director
and
member
of
the
Audit
Committee
and
Governance
and
Nominating
Committee
at
MN8
Energy
LLC
and
MN8
Energy,
Inc.
since
2023;
Independent
Trustee
of
North
American
Electric
Reliability
Corporation
from
2008
to
2020.
Robert
J.
Chersi
(1961)
2017
Founder
of
Chersi
Services
LLC
(consulting
firm)
since
2014.
Lead
Independent
Director
since
2019
and
Director
and
Audit
Committee
Chair
at
BrightSphere
Investment
Group
plc
since
2016;
Director
and
member
of
the
Audit
and
Risk
Oversight
Committees
of
E*TRADE
Financial
Corporation
and
Director
of
E*TRADE
Bank
from
2019
to
2020.
Arleas
Upton
Kea
(1957)
2022
Deputy
to
the
Chairman
for
External
Affairs,
FDIC
in
2021;
Chief
Operating
Officer
and
Deputy
to
the
Chairman,
FDIC
from
2018
to
2021;
Director,
Administration,
FDIC
from
1999
to
2018.
Board
of
Directors,
Combined
Federal
Campaign
of
the
National
Capital
Area
since
2021;
Board
of
Directors,
University
of
Texas
Alumni
Association
since
2021;
Board
of
Directors,
University
of
Texas
Law
School
Foundation
since
2021.
Paul
R.
Laubscher
(1956)
2016
Portfolio
Manager
for
U.S.
private
real
estate
and
equity
and
global
public
equity
portfolios,
hedge
funds
and
currency
of
IBM
Retirement
Funds
from
1997
to
2022.
Robert
J.
Manilla
(1962)
2022
Vice
President
and
Chief
Investment
Officer,
The
Kresge
Foundation
since
2007.
Board
Member
of
Bedrock
Manufacturing
Company
since
2014;
Board
Member
of
Sustainable
Insight
Capital
Management
LLC
from
2013
to
2022;
Board
Member
of
Venture
Michigan
Fund
from
2016
to
2020;
Board
Member
of
McGowan
Charitable
fund
from
2012
to
2019.
James
A.
Nussle
(1960)
2016
President
and
Chief
Executive
Officer
of
Credit
Union
National
Association
since
September
2014;
Director
of
Portfolio
Recovery
Associates
(PRAA)
since
2010;
CEO
of
The
Nussle
Group
LLC
(consulting
firm)
since
2009.
78
Board
of
Trustees
and
Officers
James
W.
Runcie
(1963)
2022
Co-Founder
and
CEO
of
Partnership
for
Education
Advancement
since
2017.
Board
Member
of
Follett
Higher
Education
since
2022;
Board
Member
of
ECMC
Group
since
2021;
Director
and
Audit
Committee
Chair
of
Class
Acceleration
Corporation
from
2021
to
2022.
Constance
L.
Souders
(1950)
2016
Retired.
79
Board
of
Trustees
and
Officers
Executive
Officers
(2)
(4)
Name
(Year
of
Birth)
Position
Held
With
Trust
Principal
Occupation(s)
During
the
Past
Five
Years
Michael
W.
Kremenak
(1978)
Trustee
and
President
Senior
Vice
President
and
Head
of
Mutual
Funds,
Thrivent
since
2020;
Vice
President,
Thrivent
from
2015
to
2020.
David
S.
Royal
(1971)
Trustee
and
Chief
Investment
Officer
Chief
Financial
Officer,
Thrivent
since
2022;
Executive
Vice
President,
Chief
Investment
Officer,
Thrivent
since
2017;
President,
Mutual
Funds
from
2015
to
2023.
Sarah
L.
Bergstrom
(1977)
Treasurer
and
Principal
Accounting
Officer
Vice
President,
Chief
Accounting
Officer/Treasurer
-
Mutual
Funds,
Thrivent
since
2022;
Head
of
Mutual
Fund
Accounting,
Thrivent
from
2017
to
2022.
Edward
S.
Dryden
(1965)
Chief
Compliance
Officer
Vice
President,
Chief
Compliance
Officer
–
Thrivent
Funds,
Thrivent
since
2018;
Director,
Chief
Compliance
Officer
–
Thrivent
Funds,
Thrivent
from
2010
to
2018.
John
D.
Jackson
(1977)
Secretary
and
Chief
Legal
Officer
Senior
Counsel,
Thrivent
since
2017.
Kathleen
M.
Koelling
(1977)
Privacy
Officer
(6)
Vice
President,
Deputy
General
Counsel,
Thrivent
since
2018;
Privacy
Officer,
Thrivent
since
2011;
Anti-Money
Laundering
Officer,
Thrivent
from
2011
to
2019;
Vice
President,
Managing
Counsel,
Thrivent
from
2016
to
2018.
Sharon
K.
Minta
(1973)
Anti-Money
Laundering
Officer
(6)
Director,
Compliance
and
Anti-Money
Laundering
Officer
of
the
Financial
Crimes
Unit,
Thrivent
since
2019;
Compliance
Manager
of
the
Financial
Crimes
Unit,
Thrivent
from
2014
to
2019.
Troy
A.
Beaver
(1967)
Vice
President
Vice
President,
Mutual
Funds
Marketing
&
Distribution,
Thrivent
since
2015.
Andrew
R.
Kellogg
(1972)
Vice
President
(7)
Director
of
Strategic
Partnerships,
Thrivent
since
2021;
Director,
Client
Relations,
SS&C/DST
Systems,
Inc.
from
2016
to
2021.
Jill
M.
Forte
(1974)
Assistant
Secretary
Senior
Counsel,
Thrivent
since
2017.
Richard
L.
Ramczyk
(1976)
Assistant
Treasurer
(6)
Director,
Fund
Accounting
and
Valuation,
Thrivent
since
2022;
Manager,
Mutual
Fund
Accounting
Operations,
Thrivent
from
2011
to
2022.
Taishiro
A.
Tezuka
(1985)
Assistant
Treasurer
Director,
Fund
Administration,
Thrivent
since
2023;
Director,
Asset
Wealth
Management,
PricewaterhouseCoopers
LLP
from
2020
to
2022;
Senior
Manager,
Asset
Wealth
Management,
PricewaterhouseCoopers
LLP
from
2019
to
2020;
Manager,
Asset
Wealth
Management,
PricewaterhouseCoopers
LLP
from
2016
to
2019.
(1)
“Interested
person”
of
the
Trust
as
defined
in
the
1940
Act
by
virtue
of
a
position
with
Thrivent.
Mr.
Kremenak
and
Mr.
Royal
are
considered
interested
persons
because
of
their
principal
occupations
with
Thrivent.
(2)
Each
Trustee
generally
serves
an
indefinite
term
until
her
or
his
successor
is
duly
elected
and
qualified.
Officers
serve
at
the
discretion
of
the
Board
until
their
successors
are
duly
appointed
and
qualified.
(3)
Each
Trustee
oversees
66
portfolios.
(4)
The
address
for
each
Trustee
and
Officer
unless
otherwise
noted
is
901
Marquette
Avenue,
Suite
2500,
Minneapolis,
MN
55402-3211.
(5)
The
Trustees,
other
than
Mr.
Kremenak
and
Mr.
Royal,
are
not
“interested
persons”
of
the
Trust
and
are
referred
to
as
“Independent
Trustees.”
(6)
The
address
for
this
Officer
is
4321
North
Ballard
Road,
Appleton,
WI
54913.
(7)
The
address
for
this
Officer
is
600
Portland
Avenue
S.,
Suite
100,
Minneapolis,
MN
55415-4402.
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.