Exhibit (d)(5)

AMENDMENT NO. 4

TO INVESTMENT ADVISORY AGREEMENT

(Thrivent Core Funds)

Thrivent Core Funds (“TCF”) and Thrivent Asset Management, LLC (“TAM”) hereby agree that, with respect to the Investment Advisory Agreement dated May 2, 2016, as amended, between TCF and TAM (the “Agreement”), effective January 31, 2020, the “Thrivent Core Emerging Markets Equity Fund” shall be deemed a “Fund” under the terms of the Agreement. A revised Exhibit A is attached hereto.

THRIVENT CORE FUNDS
By:	/s/ David S. Royal
David S. Royal
President and Chief Investment Officer
THRIVENT ASSET MANAGEMENT, LLC
By:	/s/ Gerard V. Vaillancourt
Gerard V. Vaillancourt
Vice President, Chief Financial Officer and Treasurer

EXHIBIT A

TO

THRIVENT CORE FUNDS INVESTMENT ADVISORY AGREEMENT

Dated January 31, 2020

1. Thrivent Core Short-Term Reserve Fund (effective May 2, 2016)

2. Thrivent Core Emerging Markets Debt Fund (effective September 5, 2017)

3. Thrivent Core International Equity Fund (effective November 10, 2017)

4. Thrivent Core Low Volatility Equity Fund (effective February 28, 2018)

5. Thrivent Core Emerging Markets Equity Fund (effective January 31, 2020)