N-CSR

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, Assistant Secretary

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, 2020

Item 1. Report to Stockholders

[Insert shareholder report]

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 $79,900 for the year ended October 31, 2019 and $101,450 for the year ended October 31, 2020. 

(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, 2019 and $0 for the year ended October 31, 2020.  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 $29,000 for the year ended October 31, 2019 and $0 for the year ended October 31, 2020.  The 2019 payments were for Thrivent Municipal Bond Fund amortization review.

(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 $25,770 for the year ended October 31, 2019 and $26,448 for the year ended October 31, 2020.  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, 2019 and $0 for the year ended October 31, 2020.

(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, 2019 and October 31, 2020.  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 $14,220 for the year ended October 31, 2019 and $3,600 for the year ended October 31, 2020.  The 2019 and 2020 payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards. In addition, for fiscal year ended October 31, 2019 there were fees related to the merger of certain series of Thrivent Mutual Funds and/or certain series of Thrivent Series Fund, Inc.  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, 2020 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, 2019 and October 31, 2020 were $14,220 and $3,600 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 30, 2020                                              Thrivent Core Funds

                                                                                       By:   /s/ David S. Royal                                     

                                                                                               David S. Royal

                                                                                            President and Chief Investment Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: December 30, 2020                                              By:   /s/ David S. Royal                                     

                                                                                               David S. Royal

                                                                                            President and Chief Investment Officer

                                                                                            (principal executive officer)

Date: December 30, 2020                                              By:   /s/ Gerard V. Vaillancourt                          

                                                                                               Gerard V. Vaillancourt

                                                                                            Treasurer and Principal Accounting Officer

                                                                                            (principal financial officer)

Annual

Report

October

31,

2020

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

Short-Term

Reserve

Fund

10

Shareholder

Expense

Example

12

Report

of

Independent

Registered

Public

Accounting

Firm

13

Schedule

of

Investments

Thrivent

Core

Emerging

Markets

Debt

Fund

15

Thrivent

Core

Emerging

Markets

Equity

Fund

20

Thrivent

Core

International

Equity

Fund

28

Thrivent

Core

Low

Volatility

Equity

Fund

35

Thrivent

Core

Short-Term

Reserve

Fund

39

Statement

of

Assets

and

Liabilities

46

Statement

of

Operations

48

Statement

of

Changes

in

Net

Assets

50

Notes

to

Financial

Statements

52

Financial

Highlights

64

Additional

Information

66

Board

of

Trustees

and

Officers

67

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 involves

risks

including emerging

markets,

sovereign

debt,

foreign

securities,

credit,

interest

rate,

market,

LIBOR,

high

yield,

investment

adviser,

issuer,

derivatives,

liquidity,

ETF,

non-diversified,

and

health

crisis risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.  

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2020?

Thrivent

Core

Emerging

Markets

Debt

Fund

earned

a

return

of

4.49%,

compared

with

the

return

of

its

market

benchmark,

the

Bloomberg

Barclays

EM

USD

Aggregate

Index,

of

3.38%.

What

factors

affected

the

Fund’s

performance?

Despite

suffering

from

a

historically

sharp

recession

caused

by

a

global

pandemic,

emerging

market

(EM)

debt

as

a

sector

and

the

Fund

specifically

generated

solid

absolute

and

relative

returns

during

the

reporting

period.

Continuing

a

recent

pattern,

the

global

backdrop

was

the

primary

source

of

uncertainty

for

EM

debt.

In

particular,

the

pandemic

generated

questions

about

the

effectiveness

and

durability

of

developed

market

(DM)

monetary

and

fiscal

stimulus

to

act

as

a

bridge

until

a

vaccine

is

widely

available.

Although

global

output

staged

a

significant,

albeit

partial,

recovery

from

the

year’s

earlier

collapse

in

the

second

half

of

the

period,

the

strength

of

that

recovery

remained

in

question

as

COVID-19

outbreaks

were

accelerating

again

at

period

end.

After

four

months

of

rangebound

trading

for

EM

debt,

the

rest

of

the

reporting

period

was

overshadowed

by

the

impact

of

the

pandemic

and

questions

about

the

timing

for

returning

to

normalcy.

While

DM

stimulus

helped

support

global

output,

EM

countries

had

less

ability

to

stimulate

their

economies

because

of

already

constrained

budgets,

although

they

were

able

to

follow

the

U.S.

Federal

Reserve

and

ease

monetary

policy.

Country-specific

policies

toward

the

pandemic

and

the

severity

of

outbreaks

varied

widely.

Although

EM

countries

benefit

from

their

generally

younger

populations,

their

health

care

systems

are

less

robust.

One

important

development

for

EM

economies

was

the

International

Monetary

Fund’s

decision

to

initiate

a

new

low-conditionality

credit

line

called

the

Rapid

Financing

Instrument,

along

with

more

active

lending

by

the

World

Bank

and

other

multilateral

agencies.

This

helped

bridge

the

spike

in

2020

funding

needs

for

many

EM

countries,

but

left

unanswered

the

question

about

what

happens

in

2021

and

beyond.

The

G-20

and

World

Bank

have

implemented

an

effort

to

suspend

debt

service

in

2020,

but

so

far

it

has

focused

on

relief

from

public

sector

bilateral

debt,

with

no

consensus

and

little

appetite

to

broadly

tackle

the

issue

of

commercial

debt

(e.g.,

global

bonds

like

those

held

in

the

Fund).

However,

the

issue

of

too

much

sovereign

debt

and

questions

about

funding

for

more

large

deficits

in

2021

has

not

gone

away.

Many

of

the

weaker

EM

countries

came

into

the

pandemic

with

already-compromised

balance

sheets.

The

strength

of

balance

sheets

is

varied

as

is

the

impact

from

the

pandemic

with

tourism-focused

economies

most

impacted.

Argentina

and

Ecuador

just

implemented

yet

another

restructuring,

and

Zambia

is

coming

up

next.

Sri

Lanka

is

similarly

at

risk

of

running

out

of

funding

in

2021.

The

strength

of

growth

in

2021

and

the

timing

of vaccines

will

be

key

for

determining

how

isolated

EM

debt

distress

is

over

the

next

few

years.

The

return

profiles

of

the

Fund

and

the

EM

debt

sector

were

quite

volatile

during

the

period.

After

a

steady

first

four

months,

the

sector

collapsed

in

February

due

to

the

pandemic,

only

to

recover

in

the

following

four

months

and

then

trade

in

a

tight

range

for

the

remainder

of

the

period.

With

the

10-year

Treasury

yield

falling

about

100

basis

points

during

the

period,

duration

(interest-rate

sensitivity)

and

beta

(volatility)

played

outsized

roles

in

returns

within

the

EM

debt

sector

and

the

Fund.

Also,

the

price

of

Brent

crude

oil

dropped

by

approximately

35%

during

the

period

due

to

oversupply

and

falling

demand,

which

disproportionately

hurt

the

Fund's

benchmark

because

of

its

greater

exposure

to

oil

producers.

The

Fund

outperformed

its

benchmark

mainly

due

to

overweightings

in

Paraguay,

the

Dominican

Republic, Colombia,

Ivory

Coast

and

an

underweighting

to

Sri

Lanka.

Detractors

included

overweighted

positions

in

oil

quasi-sovereigns

such

as

Pemex

and

Petrobras

and

underweightings

to

low-risk,

longer-duration

countries

that

directly

benefited

from

lower

Treasury

yields,

including

the

Arab

Gulf

countries,

the

Philippines

and

Uruguay.

What

is

your

outlook?

Following

the

mid-year

recovery,

valuations

for

EM

debt

looked

roughly

fair

by

period

end.

The

upside

scenario

for

EM

economies

includes

better

visibility

regarding

vaccine

timing

and

greater

confidence

in

an

accelerating

economic

recovery;

however,

some

of

this

anticipated

good

news

is

already

priced

into

EM

debt

spreads.

The

Fed

will

likely

continue

to

be

a

backstop

for

the

U.S.

fixed-income

market,

which

provides

some

support

for

EM

debt

as

well.

EM

fundamentals

are

mixed

with

some

important

issuers

facing

the

need

to

address

long-

delayed

structural

issues,

such

as

Brazil

and

Mexico,

to

regain

control

of

their

sovereign

debt

and

accelerate

growth.

Issuers

like

Turkey

and

South

Africa

seem

on

the

path

to

further

volatility

and

deterioration,

while

others

are

at

risk

of

joining

the

list

of

defaulters

if

global

growth

does

not

accelerate

and

they

do

not

implement

delayed

fiscal

adjustment.

We

will

continue

to

carefully

monitor

exposures

to

sectors

that

will

recover

more

gradually

from

the

pandemic,

such

as

tourism

and

other

cross-border

services.

U.S.

interest

rates

are

less

likely

to

be

a

major

tailwind

in

the

coming

year

and

may

reverse

somewhat

if

global

growth

momentum

accelerates.

Nonetheless,

we

see

some

stable-to-improving

country

stories

where

the

Fund

remains

overweighted

such

as

the

Dominican

Republic

and

Paraguay.

Global

DM

monetary

policy

looks

set

to

remain

neutral

to

easy

and

external

policy

factors

could

play

a

somewhat

constructive

role

for

all

risk

assets

in

the

coming

year.

On

a

valuation

basis,

we

believe

EM

debt

looks

less

stretched

versus

other

risk

sectors.

3

Major

Market

Sectors

(%

of

Net

Assets)

Foreign

Government

85.8%

Energy

6.5%

Unaffiliated

Registered

Investment

Companies

1.0%

Communications

Services

0.6%

Utilities

0.6%

Capital

Goods

0.4%

Consumer

Cyclical

0.3%

Financials

0.1%

Top

10

Countries

(%

of

Net

Assets)

Saudi

Arabia

9.0%

Indonesia

8.5%

Qatar

7.8%

Mexico

6.7%

Turkey

6.3%

Egypt

5.3%

Colombia

5.3%

Russian

Federation

5.2%

Dominican

Republic

4.9%

United

Arab

Emirates

4.8%

Investments

in

securities

in

these

countries

represent

63.8%

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.

Quoted

Bond

Quality

Ratings

Distributions,

Major

Market

Sectors

and

Top

10

Countries

are

subject

to

change.

The

lists

of

Major

Market

Sectors

and

Top

10

Countries

exclude

short-term

investments

and

collateral

held

for

securities

loaned.

Bond

Quality

Ratings

Distributions

exclude

collateral

held

for

securities

loaned.

Average

Annual

Total

Returns

1

As

of

October

31,

2020

1-Year

From

Inception

9/5/2017

4.49%

3.86%

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

Barclays

EM

USD

Aggregate

Index

is

a

hard

currency

Emerging

Markets

debt

benchmark

that

includes

USD

denominated

debt

from

sovereign,

quasi-sovereign,

and

corporate

EM

issuers.

**

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 involves

risks

including emerging

markets,

regional,

foreign

securities,

quantitative

investing,

equity

security,

market,

foreign

currency,

issuer,

investment

adviser,

ETF,

derivatives,

and

health

crisis

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

How

did

the

Fund

perform

during

the

since-inception

period

of

January

31,

2020

to

October

31,

2020?

Thrivent

Core

Emerging

Markets

Equity

Fund

earned

a

return

of

3.60%,

compared

with

the

return

of

its

market

benchmark,

the

MSCI

Emerging

Markets

Index

(USD

Net

Returns),

of

5.81%.

What

factors

affected

the

Fund’s

performance?

The

impact

of

the

global

pandemic

and

subsequent

response

by

governments

dominated

the

investment

landscape

over

the

past

year.

The

year

began

well

with

equity

markets

up

and

economic

growth

continuing

before

the

COVID-19

coronavirus

emerged

in

early

2020.

The

ensuing

shutdowns

resulted

in

a

massive

economic

and

financial

crisis

that

was

exacerbated

by

a

plunge

in

oil

prices,

thrusting

much

of

the

world

into

an

unexpected

and

deep

recession.

Risk

assets

sold

off

sharply

with

the

Fund’s

benchmark

index

falling

more

than

30%

from

its

peak

in

February

to

its

low

point

in

March.

Global

central

banks

quickly

reacted

with

unprecedented

monetary

and

fiscal

policy

responses

to

address

the

severely

strained

market

liquidity

and

financial

dislocation.

Risk

assets

responded

strongly

across

the

globe,

with

international

equities

recovering

their

losses

in

the

second

half

of

the

period

to

finish

with

a

small

gain

overall.

Stock

returns

across

emerging

market

(EM)

countries

varied

widely,

largely

reflecting

the

severity

of

economic

damage

caused

by

the

pandemic

and

the

effectiveness

of

fiscal,

monetary

and

public

health

responses.

The

hardest-hit

countries,

such

as

Brazil,

faced

the

largest

declines

in

their

stock

markets

and

remain

well

below

their

levels

from

the

beginning

of

the

period.

Meanwhile,

countries

that

were

able

to

effectively

limit

the

spread

of

the

virus,

including

China,

Taiwan

and

South

Korea,

had

smaller

declines

and

more

robust

recoveries,

finishing

the

period

with

robust

gains.

The

market

also

saw

a

huge

performance

disparity

between

businesses

that

were

hurt

by

the

pandemic

and

those

that

benefited

from

changes

in

how

people

work,

shop

and

interact.

Energy

stocks

suffered

the

largest

losses

after

pandemic-related

reductions

in

everything

from

daily

commuting

to

global

travel

caused

oil

demand

to

drop

while

supplies

were

increasing.

Financial

stocks,

Utilities

and

Real

Estate

companies

also

finished

the

period

with

significant

losses.

In

contrast,

Information

Technology

stocks

performed

very

well

as

people

increasingly

looked

to

technology

in

place

of

in-person

interactions

for

work,

school

and

socializing.

Many

retail

stocks

also

performed

well,

especially

companies

with

a

large

online

presence,

as

well

as

shares

of

companies

in

the

Health

Care

sector.

Among

the

quantitative

factors

we

use

to

select

securities,

the

Fund

was

hurt

by

its

exposure

to

value

factors

because

high-priced

stocks

continued

to

outperform

low-priced

stocks.

The

Fund

was

also

hindered

somewhat

by

the

outperformance

of

large-cap

stocks

over

smaller

stocks.

The

Fund’s

stock

selection

in

India

contributed

positively

to

returns,

while

stock

selection

in

China

was

the

largest

detractor.

The

Fund

benefited

from

its

sector

allocations,

primarily

its

underweighting

in

the

Financial

sector.

What

is

your

outlook?

Much

like

the

past

year,

we

expect

developments

in

the

pandemic

to

be

the

single

largest

factor

affecting

global

markets

in

the

coming

year.

Global

central

banks

have

responded

to

the

pandemic

with

record

monetary

support,

and

many

governments

have

also

provided

substantial

fiscal

stimulus.

Combined

with

more

recent

positive,

albeit

somewhat

early,

results

for

several

vaccines,

we

believe

it

may

be

time

to

begin

rotating

to

more

cyclical

areas

of

the

market.

The

recent

behavior

of

quantitative

factors

has

begun

to

hint

at

a

rotation

into

value

stocks

after

a

long

run

of

outperformance

in

growth

stocks.

The

prospect

of

an

end

to

the

pandemic

and

associated

economic

weakness

could

provide

the

catalyst

for

this

rotation;

however,

it

is

likely

that

a

sustained

rise

in

interest

rates

would

be

needed

to

confirm

a

prolonged

period

of

value

stock

outperformance.

Going

forward,

factor

exposures

will

continue

to

drive

the

investment

process

for

this

Fund.

We

continue

to

focus

on

finding

EM

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.

5

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

93.0%

Short-Term

Investments

6.0%

Preferred

Stock

1.0%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Information

Technology

25.2%

Consumer

Discretionary

20.3%

Financials

12.6%

Communications

Services

12.4%

Materials

8.1%

Industrials

5.4%

Consumer

Staples

5.0%

Energy

4.2%

Health

Care

3.5%

Real

Estate

2.3%

Top

10

Countries

(%

of

Net

Assets)

China

24.4%

Cayman

Islands

16.4%

Taiwan

15.3%

South

Korea

12.0%

India

8.6%

Brazil

4.3%

South

Africa

3.6%

Russian

Federation

3.1%

Saudi

Arabia

2.5%

Mexico

1.4%

Investments

in

securities

in

these

countries

represent

91.6%

of

the

total

net

assets

of

the

Fund.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Countries

are

subject

to

change.

The

lists

of

Major

Market

Sectors

and

Top

10

Countries

exclude

short-term

investments

and

collateral

held

for

securities

loaned.

The

Portfolio

Composition

chart

excludes

collateral

held

for

securities

loaned.

Average

Annual

Total

Returns

1

As

of

October

31,

2020

From

Inception

1/31/2020

3.60%

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

involves

risks

including equity

security,

foreign

securities,

quantitative

investing,

foreign

currency,

market,

issuer,

investment

adviser,

large

cap,

mid

cap,

small

cap,

and

health

crisis

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.  

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2020?

Thrivent

Core

International

Equity

Fund

earned

a

return

of

-9.32%,

compared

with

the

return

of

its

market

benchmark,

the

MSCI

World

Ex-

USA

Index

(net),

of

-6.79%.

What

factors

affected

the

Fund’s

performance?

The

year

began

well

with

equity

markets

up

and

economic

growth

continuing

before

the

COVID-19

pandemic

emerged

in

early

2020.

The

ensuing

shutdowns

resulted

in

a

massive

economic

and

financial

crisis

that

was

exacerbated

by

a

plunge

in

oil

prices,

thrusting

much

of

the

world

into

an

unexpected

and

deep

recession.

Risk

assets

sold

off

sharply

around

the

world

with

the

Fund’s

index

falling

by

35%

from

mid-January

through

March.

Near

the

end

of

March,

the

Federal

Reserve

(Fed)

and

global

central

banks

quickly

reacted

with

unprecedented

monetary

and

fiscal

policy

responses

to

address

the

severely

strained

market

liquidity

and

financial

dislocation.

The

Fed

cut

the

federal

funds

target

rate

to

0%-0.25%,

Treasury

rates

fell

sharply,

and

the

yield

curve

re-steepened

as

short-term

rates

dropped

more

than

long

term.

Risk

assets

responded

strongly

across

the

globe

with

international

equities

recovering

much

of

their

losses

in

the

second

half

of

the

period.

By

period

end,

growth

and

employment

figures

were

rebounding

more

quickly

than

expected

after

lockdowns

ended

and

economic

activity

resumed.

However,

the

recovery

remained

in

question

with

COVID-19

cases

accelerating

in

the

midst

of

quarantine

fatigue

and

colder

weather.

Over

the

period,

performance

among

countries

was

quite

divergent

and

directly

correlated

to

the

severity

of

the

economic

impact

from

the

pandemic.

For

example,

Italy

and

Spain

were

particularly

hard

hit

and

posted

equity

market

returns

deeply

in

negative

territory

for

the

fiscal

year,

while

New

Zealand

was

able

to

limit

the

impact

and

advance

more

than

23%.

The

market

also

saw

a

huge

performance

disparity

between

businesses

that

were

hurt

by

the

pandemic

such

as

travel

and

hospitality-related

areas

and

those

that

benefited

like

food

retailers

and

anything

related

to

work-from-home

technologies.

Across

the

globe,

growth-oriented

stocks

continued

to

outperform

by

a

wide

margin,

advancing

by

approximately

6%

within

the

index

versus

a

-18%

return

for

value

stocks

over

the

period.

Concerns

about

global

growth

prospects

and

the

low

interest

rate

environment,

including

record

amounts

of

negative

yielding

bonds

in

Europe

and

Asia,

made

growth

companies

more

attractive

as

investors

looked

for

future

rather

than

current

earnings.

The

Technology

and

Health

Care

sectors

led

the

market

recovery,

while

Energy,

Real

Estate

and

Financials

lagged

over

the

period.

Price

momentum,

which

involves

buying

past

winners

and

selling

past

losers,

was

a

very

strong

strategy

globally

during

the

period,

even

in

Japan

where

that

factor

has

historically

not

worked.

Our

team

uses

a

quantitative

approach

to

select

securities

that

focuses

on

emphasizing

certain

factors

in

the

markets

that

we

believe

will

outperform.

During

the

period,

several

factors

detracted

from

the

Fund’s

performance

versus

the

benchmark.

The

portfolio’s

material

overweighting

toward

smaller-cap

stocks

detracted

significantly

because

large-cap

stocks

outperformed

by

a

wide

margin.

The

Fund

was

also

hurt

by

its

exposure

to

low-volatility

stocks,

which

did

not

provide

the

downside

protection

we

would

typically

expect

during

a

market

drawdown.

We

believe

these

stocks

were

negatively

impacted

by

the

market’s

overall

illiquidity

during

the

most

intense

selling

days.

Safer-

haven

assets

such

as low-volatility

and

stable

stocks,

Treasury

securities

and

gold

were

under

more

pressure

because

they

were

easier

to

sell.

In

addition,

stock

selection

detracted

in

Japan,

particularly

in

the

Industrials

sector.

The

Fund

also

did

not

own

heavily

shorted

stocks

that

subsequently

outperformed

after

hedge

funds

reduced

leverage,

forcing

them

to

buy

back

many

short

positions.

However,

we

employed

derivatives

to

rebalance

equity

exposures

to

the

Fund’s

tactical

targets,

which

positively

impacted

results,

particularly

during

volatile

market

conditions.

What

is

your

outlook?

Our

outlook

is

fairly

constructive

since

the

global

economy

is

recovering

and

we

saw

encouraging

news

about

effective

COVID-19

vaccines

shortly

after

the

period

ended.

The

coming

year

will

likely

continue

to

be

dominated

by

pandemic

news

with

volatility

remaining

elevated

until

cases

decline,

restrictions

are

lifted

and effective

vaccines are

in

use.

Reduction

of

political

uncertainty

surrounding

the

U.S.

presidential

and

Senate

elections

should

also

help

to

reduce

volatility

going

forward

and

provide

more

clarity

about

the

timing

of

additional

U.S.

relief

packages.

So

far,

markets

have

reacted

positively

to

the

likelihood

of

a

divided

U.S.

government.

After

a

long

period

of

growth

outperformance,

we

see

potential

signs

of

a

rotation

into

more

cyclical

areas

including

small-cap

stocks

and

value.

Going

forward,

factor

exposures

will

continue

to

drive

the

investment

process

for

this

Fund.

Our

portfolio

remains

materially

overweighted

in

the

small-cap

segment.

We

continue

to

focus

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

99.7%

Short-Term

Investments

0.3%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Industrials

18.5%

Financials

15.7%

Health

Care

14.2%

Consumer

Discretionary

10.0%

Materials

9.8%

Information

Technology

9.0%

Consumer

Staples

6.3%

Communications

Services

5.8%

Real

Estate

4.9%

Energy

4.4%

Top

10

Countries

(%

of

Net

Assets)

Japan

23.5%

Switzerland

14.2%

United

Kingdom

10.2%

Canada

9.7%

Netherlands

7.5%

France

7.4%

Germany

5.4%

Sweden

4.8%

Australia

4.3%

Denmark

3.0%

Investments

in

securities

in

these

countries

represent

90.0%

of

the

total

net

assets

of

the

Fund.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Countries

are

subject

to

change.

The

lists

of

Major

Market

Sectors

and

Top

10

Countries

exclude

short-term

investments

and

collateral

held

for

securities

loaned.

The

Portfolio

Composition

chart

excludes

collateral

held

for

securities

loaned.

Average

Annual

Total

Returns

1

As

of

October

31,

2020

1-Year

From

Inception

11/14/2017

-9.32%

-3.13%

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

involves

risks

including equity

security,

quantitative

investing,

market,

issuer,

investment

adviser,

large

cap,

mid

cap,

small

cap,

and

health

crisis

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.  

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2020?

Thrivent

Core

Low

Volatility

Equity

Fund

earned

a

return

of

0.98%,

compared

with

the

return

of

its

market

benchmark,

the

MSCI

USA

Minimum

Volatility

Index

(USD),

of

-2.04%.

What

factors

affected

the

Fund’s

performance?

The

year

began

well

with

equity

markets

up

and

economic

growth

continuing

before

the

COVID-19

pandemic

emerged

in

early

2020.

The

ensuing

shutdowns

resulted

in

a

massive

economic

and

financial

crisis

that

was

exacerbated

by

a

plunge

in

oil

prices,

thrusting

much

of

the

world

into

an

unexpected

and

deep

recession.

Risk

assets

sold

off

sharply

around

the

world

with

the

U.S.

stock

market

falling

by

34%

from

its

peak

through

March

23,

as

measured

by

the

S&P

500

Index.

Near

the

end

of

March,

the

Federal

Reserve

(Fed)

and

global

central

banks

quickly

reacted

with

unprecedented

monetary

and

fiscal

policy

responses

to

address

the

severely

strained

market

liquidity

and

financial

dislocation.

The

Fed

cut

the

federal

funds

target

rate

to

0%-0.25%,

Treasury

rates

fell

sharply,

and

the

yield

curve

re-steepened

as

short-term

rates

dropped

more

than

long

term.

Risk

assets

responded

strongly

across

the

globe,

and

U.S.

equities

recovered

their

losses

in

the

second

half

of

the

period.

By

period

end,

growth

and

employment

figures

were

rebounding

more

quickly

than

expected

after

lockdowns

ended

and

economic

activity

resumed.

However,

the

trajectory

of

the

recovery

remained

in

question

with

COVID-19

cases

accelerating

in

the

midst

of

quarantine

fatigue

and

colder

weather.

Over

the

period,

the

stock

market

saw

a

huge

performance

disparity

between

businesses

that

were

hurt

by

the

pandemic

such

as

travel

and

hospitality-related

areas

(airlines,

hotels

and

cruise

lines)

and

those

that

benefited

like

food

retailers,

online

retailers

and

anything

related

to

work-from-home

technologies.

The

U.S.

market

was

led

by

the

Information

Technology

sector

and

concentrated

in

mega-cap

tech

stocks

like

Apple,

Alphabet,

Amazon

and

Facebook,

with

the

NYSE

FANG+

Index

gaining

97%.

Consumer

Discretionary

stocks

also

performed

very

well

over

the

period.

On

the

other

hand,

the

sudden

reduction

in

demand

due

to

lockdowns

caused

oil

prices

to

crash

and

even

go

negative

for

one

day,

leading

to

dramatic

underperformance

for

the

Energy

sector.

Financials

also

lagged

significantly

over

the

period.

More

broadly

speaking,

growth-oriented

stocks

continued

to

outperform

by

a

wide

margin,

advancing

by

approximately

24%

in

the

S&P

500

versus

a

-7%

return

for

value

stocks

over

the

period.

Concerns

about

global

growth

prospects

and

the

low

interest

rate

environment,

including

record

amounts

of

negative

yielding

bonds

in

Europe

and

Asia,

made

growth

companies

more

attractive

as

investors

looked

for

future

rather

than

current

earnings.

Among

other

quantitative

factors,

valuation

and

current

profitability

measures

performed

poorly,

while

the

expected

future

earnings

factor

performed

very

well.

Price

momentum,

which

involves

buying

past

winners

and

selling

past

losers,

was

also

a

very

strong

strategy

during

the

period.

The

Fund

outperformed

its

benchmark

during

the

period

primarily

through

security

selection,

particularly

in

the

Information

Technology

and

Health

Care

sectors,

while

Materials

and

Real

Estate

detracted.

We

continued

to

use

a

quantitative

approach

to

select

securities

that

focuses

on

emphasizing

certain

factors

in

the

market

that

we

believe

will

outperform.

Sector

allocation

also

helped

mainly

because

of

the

Fund’s

underweighting

in

Energy,

although

an

underweighted

position

in

gold

mining

stocks

hurt

somewhat.

On

the

other

hand,

low

volatility

as

a

strategy

underperformed

the

broad

market

as

measured

by

the

S&P

500

over

the

period.

Low

volatility

did

not

provide

the

downside

protection

we

would

typically

expect

during

a

market

drawdown

and

also

did

not

recover

as

quickly

because

the

segment

was

less

exposed

to

the

mega-cap

technology

stocks

that

drove

the

U.S.

market

higher.

We

believe

low-volatility

stocks

were

negatively

impacted

by

the

market’s

overall

illiquidity

during

the

most

intense

selling

days.

Safer-haven

assets,

such

as

low-volatility

and

stable

stocks,

Treasury

securities

and

gold

were

under

more

pressure

because

they

were

easier

to

sell.

What

is

your

outlook?

Our

outlook

is

fairly

constructive

since

the

U.S.

economy

is

recovering

and

we

saw

encouraging

news

about

effective

COVID-19

vaccines

shortly

after

the

period

ended.

The

coming

year

will

likely

continue

to

be

dominated

by

pandemic

news

with

volatility

remaining

elevated

until

cases

decline,

restrictions

are

lifted

and

an

effective

vaccine

is

in

use.

Reduction

of

political

uncertainty

surrounding

the

U.S.

presidential

and

Senate

elections

should

also

help

to

reduce

volatility

going

forward

and

provide

more

clarity

about

the

timing

of

additional

U.S.

relief

packages.

So

far,

markets

have

reacted

positively

to

the

likelihood

of

a

divided

U.S.

government.

After

a

long

period

of

growth

outperformance,

we

see

potential

signs

of

a

rotation

into

more

cyclical

areas,

including

value-oriented

stocks.

A

sustained

increase

in

interest

rates

would

also

be

supportive

of

value

stock

outperformance.

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

99.9%

Short-Term

Investments

0.1%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Information

Technology

20.5%

Health

Care

18.3%

Consumer

Staples

13.8%

Industrials

13.1%

Financials

9.4%

Consumer

Discretionary

7.3%

Utilities

6.7%

Communications

Services

3.9%

Real

Estate

3.9%

Materials

2.6%

Top

10

Holdings

(%

of

Net

Assets)

Microsoft

Corporation

2.4%

NextEra

Energy,

Inc.

2.4%

Accenture

plc

2.2%

McDonald's

Corporation

2.2%

Johnson

&

Johnson

2.1%

PepsiCo,

Inc.

2.0%

Home

Depot,

Inc.

1.7%

Procter

&

Gamble

Company

1.7%

Merck

&

Company,

Inc.

1.6%

Waste

Management,

Inc.

1.6%

These

securities

represent

19.9%

of

the

total

net

assets

of

the

Fund.

Quoted

Portfolio

Composition,

Major

Market

Sectors

and

Top

10

Holdings

are

subject

to

change.

The

lists

of

Major

Market

Sectors

and

Top

10

holdings

exclude

short-term

investments

and

collateral

held

for

securities

loaned.

The

Portfolio

Composition

chart

excludes

collateral

held

for

securities

loaned.

Average

Annual

Total

Returns

1

As

of

October

31,

2020

1-Year

From

Inception

2/28/2018

0.98%

9.39%

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

Short-Term

Reserve

Fund

10

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,

LIBOR,

mortgage-backed

and

other

asset-backed

securities,

credit,

financial

sector,

government

securities,

prepayment,

redemption

and

share

ownership,

redemption

and

lending,

large

shareholder,

regulatory,

portfolio

turnover

rate,

cybersecurity,

investment

adviser,

and

health

crisis

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

Thrivent

Core

Short-Term

Reserve

Fund

(the

“Fund”)

seeks

a

high

level

of

current

income

consistent

with

liquidity

and

the

preservation

of

capital.

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.

The

Fund’s

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;

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.

The

Fund

primarily

serves

as

a

cash

sweep

vehicle

for

Thrivent

Mutual

Funds

and

Thrivent

Series

Fund.

In

response

to

the

massive

economic

and

financial

crisis

brought

on

by

the

COVID-19

pandemic,

the

Federal

Reserve

(Fed)

cut

interest

rates

twice

in

less

than

two

weeks

during

March,

bringing

the

federal

funds

target

rate

to

0%-0.25%.

The

Fed

also

immediately

unleashed

a

number

of

programs

to

address

the

severely

strained

market

liquidity

and

financial

dislocation.

These

programs

included

unlimited

asset

purchases

in

the

Treasury

and

agency

mortgage-backed

securities

market;

various

facilities

to

support

the

flow

of

credit

to

dealers,

corporations,

municipalities

and

consumers;

and

the

Money

Market

Mutual

Fund

Liquidity

Facility

(MMLF)

to

assist

prime

money

market

funds

in

meeting

demands

for

redemptions.

The

Fed’s

quick

response

boosted

investors’

confidence

in

the

liquidity

of

short-term

assets

and

provided

stability

for

various

segments

of

the

market.

Rates

fell

sharply

across

the

Treasury

yield

curve,

but

particularly

for

shorter

maturities,

and

the

curve

re-steepened

after

beginning

the

period

inverted

at

the

short

end.

For

the

12-month

period

ended

October

31,

2020,

the

Fund

earned

a

return

of

1.23%.

During

the

reporting

period,

the

Fund

benefited

from

its

lower

exposure

to

government

securities

and

high

exposure

to

Tier

II

commercial

paper.

Also,

the

Fund

was

aided

by

its

larger

percentage

of

floating-rate

securities,

which

adjust

periodically

to

changing

interest

rates.

The

Fund’s

30-day

yield

at

period

end

was

0.28%,

which

was

significantly

higher

than

the

0.13%

yield

of

60-day

commercial

paper

(source:

Bloomberg,

U.S.

Commercial

Paper

Placed

Top

60-Day

Discount).

Because

of

the

dramatic

collapse

in

credit

spreads

and

yields

during

the

period,

we

were

not

able

to

pick

up

much

additional

yield

by

increasing

credit

exposure

or

extending

duration.

Therefore,

we

have

significantly

lowered

the

Fund’s

allocation

to

commercial

paper,

increased

its

exposure

to

government

securities

and

shortened

its

weighted

average

maturity

(WAM).

At

period

end,

approximately

37%

of

the

Fund’s

portfolio

was

invested

in

commercial

paper,

compared

to

more

than

60%

one

year

ago.

The

remainder

of

the

portfolio

was

invested

in

approximately

30%

U.S.

government

obligations,

17%

corporate

bonds,

6%

certificates

of

deposit

(CDs),

5%

municipal

securities

and

4%

asset-backed

securities.

The

Fund’s

WAM

fell

from

68

days

at

the

beginning

of

the

fiscal

year

to

43

days

by

period

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

net

assets

totalled

approximately

$4.7

billion

and

its

weighted

average

life

(WAL)

was

161

days

at

the

end

of

October

2020.

Because

the

primary

purpose

of

the

Fund

is

to

provide

liquidity

to

the

Thrivent

Mutual

Funds

and

Thrivent

Series

Fund,

we

will

continue

to

manage

its

portfolio

even

more

conservatively

to

preserve

liquidity

and

minimize

net

asset

value

(NAV)

volatility.

11

Portfolio

Composition

(%

of

Portfolio)

Short-Term

Investments

100.0%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Financials

40.0%

U.S.

Government

&

Agencies

31.9%

U.S.

Municipals

5.8%

Consumer

Cyclical

4.9%

Utilities

3.5%

Consumer

Non-Cyclical

3.3%

Asset-Backed

Securities

3.1%

Energy

2.1%

Basic

Materials

1.9%

Technology

1.5%

Top

10

Holdings

(%

of

Net

Assets)

Federal

Farm

Credit

Bank

4.3%

Federal

Farm

Credit

Bank

2.1%

Federal

Farm

Credit

Bank

2.1%

Federal

Home

Loan

Bank

1.9%

Federal

Farm

Credit

Bank

1.7%

Federal

Agricultural

Mortgage

Corporation

1.4%

Federal

Farm

Credit

Bank

1.0%

BP

Capital

Markets

plc

1.0%

Federal

Home

Loan

Bank

0.9%

Toronto-Dominion

Bank

0.9%

These

securities

represent

17.3%

of

the

total

net

assets

of

the

Fund.

Quoted

Major

Market

Sectors,

Portfolio

Composition

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2020

1-Year

From

Inception

5/2/2016

1.23%

1.61%

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

Barclays

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.

12

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,

2020

through

October

31,

2020.

Actual

Expenses

In

the

table

below,

the

first

line

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

entitled

"Expenses

Paid

during

Period"

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes

In

the

table

below,

the

second

line

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund's

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund's

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

example

that

appears

in

the

shareholder

reports

of

the

other

funds.

Beginning

Account

Value

5/1/2020

Ending

Account

Value

10/31/2020

Expenses

Paid

During

Period  5/1/2020

-

10/31/2020

*

Annualized

Expense

Ratio

Thrivent

Core

Emerging

Markets

Debt

Fund

Actual

$1,000

$1,114

$0.22

0.04%

Hypothetical**

$1,000

$1,025

$0.21

0.04%

Thrivent

Core

Emerging

Markets

Equity

Fund

Actual

$1,000

$1,216

$1.30

0.23%

Hypothetical**

$1,000

$1,024

$1.19

0.23%

Thrivent

Core

International

Equity

Fund

Actual

$1,000

$1,074

$0.31

0.06%

Hypothetical**

$1,000

$1,025

$0.30

0.06%

Thrivent

Core

Low

Volatility

Equity

Fund

Actual

$1,000

$1,071

$0.17

0.03%

Hypothetical**

$1,000

$1,025

$0.17

0.03%

Thrivent

Core

Short-Term

Reserve

Fund

Actual

$1,000

$1,003

$0.03

0.01%

Hypothetical**

$1,000

$1,025

$0.03

0.01%

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

to

reflect

the

one-half

year

period.

**

Assuming

5%

annualized

total

return

before

expenses.

Report

of

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP,

45

South

Seventh

Street,

Suite

3400,

Minneapolis,

MN

55402

T:

(612)

596

6000,

F:

(612)

373

7160,

www.pwc.com/us

13

To

the

Board

of

Trustees

of

Thrivent

Core

Funds

and

Shareholders

of

each

of

the

five

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,

2020,

the

related

statements

of

operations

for

each

of

the

periods

indicated

in

the

table

below,

the

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,

2020,

the

results

of

each

of

their

operations

for

each

of

the

periods

indicated

in

the

table

below,

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

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,

2020

by

correspondence

with

the

custodian,

agent

banks,

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

Thrivent

Core

Emerging

Markets

Debt

Fund

(1)

Thrivent

Core

Low

Volatility

Equity

Fund

(1)

Thrivent

Core

Emerging

Markets

Equity

Fund

(2)

Thrivent

Core

Short-Term

Reserve

Fund

(1)

Thrivent

Core

International

Equity

Fund

(1)

Statement

of

operations

for

the

year

ended

October

31,

2020

and

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2020

Statement

of

operations

and

statement

of

changes

in

net

assets

for

the

period

February

3,

2020

(commencement

of

operations)

through

October

31,

2020

Report

of

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP,

45

South

Seventh

Street,

Suite

3400,

Minneapolis,

MN

55402

T:

(612)

596

6000,

F:

(612)

373

7160,

www.pwc.com/us

14

for

our

opinions.

December

18,

2020

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Thrivent

Financial

for

Lutherans

investment

company

complex

since

1987.

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

15

Principal

Amount

Long-Term

Fixed

Income

(

94.3%

)

Value

Bahrain

(1.8%)

Bahrain

Government

International

Bond

$

5,000,000

5.875%, 

1/26/2021

a

$

5,025,000

4,000,000

6.125%, 

8/1/2023

a

4,259,018

2,000,000

7.000%, 

10/12/2028

a

2,204,940

2,500,000

6.750%, 

9/20/2029

a

2,702,173

3,000,000

7.500%, 

9/20/2047

a

3,165,453

1,000,000

7.500%, 

9/20/2047

1,055,151

Total

18,411,735

Brazil

(3.7%)

Brazil

Government

International

Bond

2,900,000

4.750%, 

1/14/2050

2,837,650

4,800,000

2.625%, 

1/5/2023

4,944,000

3,000,000

2.875%, 

6/6/2025

3,034,530

1,000,000

4.500%, 

5/30/2029

1,070,360

3,000,000

3.875%, 

6/12/2030

3,037,500

2,000,000

8.250%, 

1/20/2034

2,710,000

1,505,000

7.125%, 

1/20/2037

1,890,656

7,300,000

5.000%, 

1/27/2045

7,486,223

2,000,000

5.625%, 

2/21/2047

2,192,000

Petrobras

Global

Finance

BV

6,500,000

6.850%, 

6/5/2115

6,995,235

Total

36,198,154

Canada

(0.5%)

Canacol

Energy,

Ltd.

4,500,000

7.250%, 

5/3/2025

4,612,500

Total

4,612,500

Cayman

Islands

(0.7%)

Petrobras

International

Finance

Company

5,000,000

6.750%, 

1/27/2041

5,562,550

Rutas

2

and

7

Finance,

Ltd.

1,500,000

Zero

Coupon, 

9/30/2036

a

1,042,500

Total

6,605,050

Colombia

(5.3%)

Colombia

Government

International

Bond

3,870,000

4.375%, 

7/12/2021

3,961,990

5,000,000

2.625%, 

3/15/2023

5,125,000

13,375,000

3.875%, 

4/25/2027

14,461,719

3,700,000

4.500%, 

3/15/2029

4,153,250

2,000,000

3.125%, 

4/15/2031

2,051,000

4,000,000

7.375%, 

9/18/2037

5,625,000

3,000,000

6.125%, 

1/18/2041

3,853,500

4,605,000

5.625%, 

2/26/2044

5,687,175

Ecopetrol

SA

1,000,000

5.375%, 

6/26/2026

1,101,260

3,000,000

6.875%, 

4/29/2030

3,612,000

2,000,000

7.375%, 

9/18/2043

2,502,520

Total

52,134,414

Dominican

Republic

(4.9%)

Dominican

Republic

Government

International

Bond

5,000,000

5.875%, 

1/30/2060

a

4,775,000

666,667

7.500%, 

5/6/2021

a

683,333

Principal

Amount

Long-Term

Fixed

Income

(94.3%)

Value

Dominican

Republic

(4.9%)

-

continued

$

1,500,000

6.600%, 

1/28/2024

a

$

1,640,265

3,500,000

5.500%, 

1/27/2025

a

3,739,750

3,000,000

6.875%, 

1/29/2026

a

3,386,250

4,000,000

5.950%, 

1/25/2027

a

4,360,000

3,000,000

6.000%, 

7/19/2028

3,300,000

5,000,000

4.500%, 

1/30/2030

a

5,037,500

4,000,000

4.875%, 

9/23/2032

a

4,060,000

3,300,000

7.450%, 

4/30/2044

a

3,766,950

4,900,000

6.850%, 

1/27/2045

5,249,370

1,000,000

6.500%, 

2/15/2048

a

1,027,500

8,000,000

6.400%, 

6/5/2049

a

8,120,800

Total

49,146,718

Egypt

(5.3%)

Egypt

Government

International

Bond

2,000,000

8.875%, 

5/29/2050

a

2,018,600

500,000

8.150%, 

11/20/2059

a

472,512

4,000,000

6.125%, 

1/31/2022

4,115,200

3,800,000

5.750%, 

5/29/2024

a

3,891,382

4,000,000

5.875%, 

6/11/2025

4,096,000

3,000,000

7.500%, 

1/31/2027

3,179,280

10,800,000

7.600%, 

3/1/2029

11,224,440

11,000,000

7.053%, 

1/15/2032

a

10,732,788

5,000,000

7.625%, 

5/29/2032

5,058,000

5,000,000

8.500%, 

1/31/2047

4,964,590

3,000,000

7.903%, 

2/21/2048

2,839,350

Total

52,592,142

Ghana

(1.4%)

Ghana

Government

International

Bond

2,000,000

10.750%, 

10/14/2030

2,448,856

6,300,000

8.125%, 

3/26/2032

5,787,356

7,000,000

7.875%, 

2/11/2035

a

6,203,750

Total

14,439,962

Guatemala

(0.6%)

Guatemala

Government

International

Bond

3,000,000

6.125%, 

6/1/2050

a,b

3,696,000

2,000,000

5.375%, 

4/24/2032

a

2,370,000

Total

6,066,000

Honduras

(0.2%)

Honduras

Government

International

Bond

2,000,000

5.625%, 

6/24/2030

a

2,205,000

Total

2,205,000

Hungary

(0.1%)

Hungary

Government

International

Bond

1,014,000

6.375%, 

3/29/2021

1,037,880

Total

1,037,880

Indonesia

(8.5%)

Indonesia

Government

International

Bond

4,650,000

3.750%, 

4/25/2022

a

4,833,675

4,000,000

3.375%, 

4/15/2023

a

4,224,735

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

16

Principal

Amount

Long-Term

Fixed

Income

(94.3%)

Value

Indonesia

(8.5%)

-

continued

$

2,397,000

5.875%, 

1/15/2024

a

$

2,748,113

6,100,000

4.750%, 

1/8/2026

a

7,052,881

6,000,000

3.850%, 

10/15/2030

6,836,933

5,000,000

8.500%, 

10/12/2035

a

7,999,410

2,000,000

6.625%, 

2/17/2037

a

2,786,528

2,000,000

7.750%, 

1/17/2038

a

3,080,407

726,000

6.750%, 

1/15/2044

a

1,089,026

3,700,000

5.125%, 

1/15/2045

a

4,640,218

4,000,000

5.950%, 

1/8/2046

a

5,633,195

1,200,000

5.250%, 

1/8/2047

a

1,559,466

1,500,000

4.350%, 

1/11/2048

1,733,723

Pertamina

Persero

PT

3,000,000

6.450%, 

5/30/2044

3,900,000

Perusahaan

Listrik

Negara

PT

1,000,000

4.375%, 

2/5/2050

1,032,500

Perusahaan

Penerbit

SBSN

Indonesia

III

3,000,000

3.400%, 

3/29/2021

a

3,025,200

1,000,000

3.750%, 

3/1/2023

a

1,062,210

2,500,000

4.350%, 

9/10/2024

a

2,780,800

1,500,000

4.150%, 

3/29/2027

a

1,680,225

PT

Pertamina

8,700,000

4.150%, 

2/25/2060

a

8,591,475

2,000,000

3.100%, 

8/25/2030

a

2,067,275

PT

Perusahaan

Gas

Negara

(

Persero

)

Tbk

PT

4,000,000

5.125%, 

5/16/2024

4,380,000

Total

82,737,995

Israel

(0.3%)

Israel

Government

International

Bond

3,000,000

3.875%, 

7/3/2050

3,472,500

Total

3,472,500

Ivory

Coast

(1.5%)

Ivory

Coast

Government

International

Bond

7,000,000

6.375%, 

3/3/2028

7,338,870

7,500,000

6.125%, 

6/15/2033

7,563,420

Total

14,902,290

Jersey

(0.4%)

Galaxy

Pipeline

Assets

Bidco

,

Ltd.

4,000,000

2.625%, 

3/31/2036

a,c

3,990,376

Total

3,990,376

Malaysia

(0.2%)

Petronas

Capital,

Ltd.

2,000,000

4.550%, 

4/21/2050

a

2,517,038

Total

2,517,038

Mauritius

(0.3%)

HTA

Group,

Ltd.

3,000,000

7.000%, 

12/18/2025

a

3,134,400

Total

3,134,400

Principal

Amount

Long-Term

Fixed

Income

(94.3%)

Value

Mexico

(6.7%)

Mexico

Government

International

Bond

$

7,160,000

4.500%, 

1/31/2050

$

7,723,850

5,590,000

5.750%, 

10/12/2110

6,498,375

5,781,000

4.150%, 

3/28/2027

6,438,589

3,885,000

3.750%, 

1/11/2028

4,203,492

7,600,000

4.500%, 

4/22/2029

8,580,400

6,000,000

5.550%, 

1/21/2045

b

7,320,000

5,250,000

4.600%, 

1/23/2046

5,699,558

2,000,000

4.600%, 

2/10/2048

2,159,000

Petroleos

Mexicanos

3,000,000

7.690%, 

1/23/2050

2,492,790

10,700,000

6.840%, 

1/23/2030

9,548,680

3,000,000

5.950%, 

1/28/2031

2,511,000

5,100,000

6.625%, 

6/15/2035

4,200,156

Total

67,375,890

Netherlands

(0.6%)

IHS

Netherlands

Holdco

BV

3,000,000

8.000%, 

9/18/2027

a

3,045,000

Petrobras

Global

Finance

BV

3,000,000

5.600%, 

1/3/2031

3,233,550

Total

6,278,550

Nigeria

(1.4%)

Nigeria

Government

International

Bond

2,000,000

6.375%, 

7/12/2023

2,077,740

1,000,000

8.747%, 

1/21/2031

1,037,860

5,600,000

7.875%, 

2/16/2032

5,425,840

3,000,000

7.696%, 

2/23/2038

2,756,700

3,000,000

7.625%, 

11/28/2047

2,730,180

Total

14,028,320

Oman

(2.9%)

Oman

Government

International

Bond

1,000,000

3.625%, 

6/15/2021

a

991,662

3,000,000

4.125%, 

1/17/2023

a

2,943,612

2,000,000

5.932%, 

10/31/2025

a

2,105,972

5,000,000

4.750%, 

6/15/2026

a

4,570,300

4,000,000

5.625%, 

1/17/2028

a

3,649,760

5,000,000

7.375%, 

10/28/2032

a

4,781,250

10,500,000

6.750%, 

1/17/2048

a

8,575,224

Total

27,617,780

Panama

(1.5%)

Panama

Government

International

Bond

2,000,000

4.500%, 

4/16/2050

b

2,467,500

1,000,000

9.375%, 

1/16/2023

1,167,500

3,000,000

3.750%, 

3/16/2025

3,276,000

2,000,000

3.875%, 

3/17/2028

2,267,500

5,079,000

6.700%, 

1/26/2036

7,339,155

Total

16,517,655

Paraguay

(1.4%)

Paraguay

Government

International

Bond

9,800,000

5.400%, 

3/30/2050

11,907,000

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Long-Term

Fixed

Income

(94.3%)

Value

Paraguay

(1.4%)

-

continued

$

2,000,000

4.950%, 

4/28/2031

a

$

2,330,000

Total

14,237,000

Peru

(1.3%)

Peru

Government

International

Bond

2,650,000

5.625%, 

11/18/2050

4,212,175

1,000,000

7.350%, 

7/21/2025

1,277,500

5,000,000

8.750%, 

11/21/2033

8,437,500

Total

13,927,175

Philippines

(2.2%)

Philippines

Government

International

Bond

3,000,000

4.200%, 

1/21/2024

3,328,245

3,000,000

3.750%, 

1/14/2029

3,472,590

5,025,000

7.750%, 

1/14/2031

7,608,914

2,625,000

6.375%, 

10/23/2034

3,800,872

3,720,000

3.950%, 

1/20/2040

4,372,424

Total

22,583,045

Qatar

(7.8%)

Qatar

Government

International

Bond

8,200,000

4.400%, 

4/16/2050

a

10,438,108

6,000,000

4.500%, 

1/20/2022

a

6,270,000

3,000,000

3.875%, 

4/23/2023

a

3,217,500

6,000,000

3.375%, 

3/14/2024

a

6,465,480

3,000,000

3.250%, 

6/2/2026

a

3,311,400

11,500,000

4.500%, 

4/23/2028

a

13,771,618

1,000,000

4.000%, 

3/14/2029

a

1,171,234

6,000,000

3.750%, 

4/16/2030

a

6,965,952

2,000,000

9.750%, 

6/15/2030

a

3,362,180

2,000,000

5.750%, 

1/20/2042

a

2,934,760

7,750,000

5.103%, 

4/23/2048

a

10,684,460

8,000,000

4.817%, 

3/14/2049

a

10,653,200

Total

79,245,892

Russian

Federation

(5.2%)

Russia

Government

International

Bond

2,000,000

4.500%, 

4/4/2022

a

2,093,000

7,600,000

4.750%, 

5/27/2026

8,683,000

4,000,000

4.250%, 

6/23/2027

a

4,491,552

2,000,000

12.750%, 

6/24/2028

a

3,411,604

6,400,000

4.375%, 

3/21/2029

7,307,610

6,000,000

4.375%, 

3/21/2029

a

6,850,884

765,000

7.500%, 

3/31/2030

a

879,949

2,600,000

5.100%, 

3/28/2035

a

3,159,000

5,000,000

5.625%, 

4/4/2042

a

6,568,570

6,000,000

5.250%, 

6/23/2047

a

7,871,688

Total

51,316,857

Saudi

Arabia

(9.0%)

Saudi

Arabia

Government

International

Bond

3,000,000

5.250%, 

1/16/2050

a

3,966,936

11,000,000

3.750%, 

1/21/2055

11,743,644

2,500,000

2.375%, 

10/26/2021

a

2,537,200

3,000,000

2.875%, 

3/4/2023

a

3,131,742

6,000,000

4.000%, 

4/17/2025

a

6,657,000

11,300,000

3.250%, 

10/26/2026

a

12,312,480

Principal

Amount

Long-Term

Fixed

Income

(94.3%)

Value

Saudi

Arabia

(9.0%)

-

continued

$

6,000,000

3.625%, 

3/4/2028

a

$

6,655,680

6,800,000

4.375%, 

4/16/2029

a

7,995,372

13,000,000

3.250%, 

10/22/2030

a

14,170,000

5,250,000

4.500%, 

10/26/2046

a

6,219,412

4,000,000

4.625%, 

10/4/2047

a

4,835,360

6,700,000

5.000%, 

4/17/2049

a

8,550,232

Total

88,775,058

South

Africa

(1.7%)

Eskom

Holdings

SOC,

Ltd.

1,500,000

6.350%, 

8/10/2028

a

1,548,840

South

Africa

Government

International

Bond

4,125,000

5.875%, 

5/30/2022

4,366,444

2,000,000

4.665%, 

1/17/2024

2,082,440

1,500,000

4.850%, 

9/27/2027

1,524,405

500,000

5.875%, 

6/22/2030

528,070

500,000

6.250%, 

3/8/2041

492,540

5,200,000

5.650%, 

9/27/2047

4,691,752

Total

15,234,491

Supranational

(0.8%)

African

Export-Import

Bank

3,000,000

3.994%, 

9/21/2029

a

3,090,000

Banque

Ouest

Africaine

de

Developpement

4,500,000

4.700%, 

10/22/2031

a

4,725,000

Total

7,815,000

Trinidad

and

Tobago

(0.3%)

Telecommunications

Services

of

Trinidad

and

Tobago,

Ltd.

3,000,000

8.875%, 

10/18/2029

a

2,973,750

Total

2,973,750

Turkey

(6.3%)

Hazine

Mustesarligi

Varlik

Kiralama

AS

3,000,000

5.800%, 

2/21/2022

a

2,992,620

Turkey

Government

International

Bond

2,500,000

5.625%, 

3/30/2021

b

2,506,250

3,000,000

6.250%, 

9/26/2022

3,006,660

5,000,000

7.250%, 

12/23/2023

5,102,450

8,000,000

5.750%, 

3/22/2024

7,777,760

6,000,000

6.375%, 

10/14/2025

5,865,000

7,042,000

4.875%, 

10/9/2026

6,353,152

1,000,000

5.125%, 

2/17/2028

888,120

8,000,000

7.625%, 

4/26/2029

8,053,280

7,000,000

5.250%, 

3/13/2030

6,090,000

1,439,000

6.875%, 

3/17/2036

1,320,282

5,935,000

6.750%, 

5/30/2040

5,245,056

6,500,000

6.625%, 

2/17/2045

5,574,400

3,000,000

5.750%, 

5/11/2047

2,321,760

Total

63,096,790

Ukraine

(1.8%)

Ukraine

Government

International

Bond

2,000,000

7.750%, 

9/1/2026

2,021,000

2,700,000

9.750%, 

11/1/2028

2,940,300

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income

(94.3%)

Value

Ukraine

(1.8%)

-

continued

$

13,500,000

7.375%, 

9/25/2032

$

12,930,840

Total

17,892,140

United

Arab

Emirates

(4.8%)

Abu

Dhabi

Government

International

Bond

9,500,000

3.875%, 

4/16/2050

a

11,277,450

3,000,000

2.500%, 

10/11/2022

a

3,104,202

3,000,000

3.125%, 

5/3/2026

a

3,299,820

5,500,000

3.125%, 

10/11/2027

a

6,112,920

7,500,000

2.500%, 

9/30/2029

a

7,977,375

4,000,000

4.125%, 

10/11/2047

a

4,917,200

Dubai

Government

International

Bond

2,300,000

5.250%, 

1/30/2043

2,620,027

Finance

Department

Government

of

Sharjah

7,000,000

4.000%, 

7/28/2050

a

6,965,280

Tabreed

Sukuk

,

Ltd.

2,000,000

5.500%, 

10/31/2025

2,318,220

Total

48,592,494

United

Kingdom

(0.9%)

Gazprom

PJSC

5,000,000

3.250%, 

2/25/2030

a

4,985,000

NAK

Naftogaz

Ukraine

4,000,000

7.625%, 

11/8/2026

a

3,737,037

Total

8,722,037

Uruguay

(1.6%)

Uruguay

Government

International

Bond

4,000,000

4.975%, 

4/20/2055

5,290,000

4,000,000

5.100%, 

6/18/2050

b

5,344,040

4,840,312

4.375%, 

1/23/2031

5,838,626

Total

16,472,666

Vietnam

(0.4%)

Vietnam

Government

International

Bond

4,000,000

4.800%, 

11/19/2024

4,459,656

Total

4,459,656

Total

Long-Term

Fixed

Income

(cost

$893,339,838)

941,366,400

Shares

Registered

Investment

Companies

(

1.0%

)

Value

Unaffiliated  (1.0%)

88,000

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

9,681,760

Total

9,681,760

Total

Registered

Investment

Companies

(cost

$8,571,297)

9,681,760

Shares

Collateral

Held

for

Securities

Loaned

(

0.7%

)

Value

6,981,155

Thrivent

Cash

Management

Trust

$

6,981,155

Total

Collateral

Held

for

Securities

Loaned

(cost

$6,981,155)

6,981,155

Shares

Short-Term

Investments

(

3.2%

)

Thrivent

Core

Short-Term

Reserve

Fund

3,255,156

0.290%

32,551,560

Total

Short-Term

Investments

(cost

$32,559,411)

32,551,560

Total

Investments

(cost

$941,451,701)

99.2%

$990,580,875

Other

Assets

and

Liabilities,

Net

0.8%

7,614,550

Total

Net

Assets

100.0%

$998,195,425

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,

2020,

the

value

of

these

investments

was

$457,385,944

or

45.8%

of

total

net

assets.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

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,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

6,752,173

Total

lending

$6,752,173

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$6,981,155

Net

amounts

due

to

counterparty

$228,982

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

$65,162,728

Gross

unrealized

depreciation

(16,730,140)

Net

unrealized

appreciation

(depreciation)

$48,432,588

Cost

for

federal

income

tax

purposes

$942,148,287

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

19

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2020,

in

valuing

Emerging

Markets

Debt

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Capital

Goods

3,990,376

–

3,990,376

–

Communications

Services

6,018,750

–

6,018,750

–

Consumer

Cyclical

3,134,400

–

3,134,400

–

Energy

64,954,286

–

64,954,286

–

Financials

1,042,500

–

1,042,500

–

Foreign

Government

856,297,248

–

856,297,248

–

Utilities

5,928,840

–

5,928,840

–

Registered

Investment

Companies

Unaffiliated

9,681,760

9,681,760

–

–

Subtotal

Investments

in

Securities

$951,048,160

$9,681,760

$941,366,400

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

32,551,560

Collateral

Held

for

Securities

Loaned

6,981,155

Subtotal

Other

Investments

$39,532,715

Total

Investments

at

Value

$990,580,875

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Emerging

Markets

Debt

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

10/31/2020

Shares

Held

at

10/31/2020

%

of

Net

Assets

10/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.290%

$15,590

$252,192

$235,230

$32,552

3,255

3.3%

Total

Affiliated

Short-Term

Investments

15,590

32,552

3.3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

3,415

117,831

114,265

6,981

6,981

0.7

Total

Collateral

Held

for

Securities

Loaned

3,415

6,981

0.7

Total

Value

$19,005

$39,533

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

10/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.290%

$8

$(8)

$0

$216

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$216

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

20

Total

Affiliated

Income

from

Securities

Loaned,

Net

$20

Total

$8

$(8)

$0

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

20

Shares

Common

Stock

(

98.8%

)

Value

Argentina

(<0.1%)

18,572

Telecom

Argentina

SA

ADR

a

$

119,047

Total

119,047

Bermuda

(0.3%)

149,000

Road

King

Infrastructure,

Ltd.

177,210

670,200

Shanghai

Industrial

Urban

Development

Group,

Ltd.

62,478

2,122,000

Yuexiu

Transport

Infrastructure,

Ltd.

1,181,875

Total

1,421,563

Brazil

(4.2%)

146,900

Ambev

SA

312,850

157,800

Atacadao

SA

503,270

10,500

B2W

-

Companhia

Digital

a

137,134

155,200

B3

SA

-

Brasil

Bolsa

Balcao

1,374,308

223,600

Banco

ABC

Brasil

SA

473,079

249,652

Banco

Bradesco

SA

ADR

873,782

6,100

Banco

BTG

Pactual

SA

77,043

94,200

Banco

do

Brasil

SA

488,406

107,380

Banco

Santander

Brasil

SA

ADR

594,885

55,200

BB

Seguridade

Participacoes

SA

227,998

41,300

BRF

SA

a

121,209

31,300

Camil

Alimentos

SA

65,677

64,800

CCR

SA

125,694

15,900

Cia

Brasileira

de

Distribuicao

171,665

79,200

Companhia

Hering

218,637

89,870

Companhia

Siderurgica

Nacional

SA

ADR

320,836

27,400

Cosan

Logistica

SA

a

78,027

37,900

Cosan

SA

427,089

258,800

EDP

-

Energias

do

Brasil

SA

767,206

32,400

Enauta

Participacoes

SA

53,812

137,254

Gerdau

SA

ADR

522,938

52,400

Grendene

SA

73,331

6,800

Hapvida

Participacoes

e

Investimentos

SA

b

76,474

14,600

Hypera

SA

70,965

48,500

Iochpe-Maxion

SA

112,080

313,945

Itau

Unibanco

Holding

SA

ADR

1,284,035

701,500

Itausa

SA

1,111,309

110,300

JBS

SA

372,155

64,200

Klabin

SA

264,612

32,000

Localiza

Rent

a

Car

SA

338,797

23,500

Lojas

Americanas

SA

94,443

9,200

M.

Dias

Branco

SA

51,676

133,000

Magazine

Luiza

SA

568,581

214,800

Metalurgica

Gerdau

SA

363,494

8,500

Natura

&

Company

Holding

SA

68,276

25,100

Notre

Dame

Intermedica

Participacoes

SA

286,610

71,600

Petrobras

Distribuidora

SA

238,461

498,100

Petroleo

Brasileiro

SA

1,642,407

85,593

Petroleo

Brasileiro

SA

ADR

567,482

225,100

Raia

Drogasil

SA

947,013

227,200

Rumo

SA

a

719,460

50,000

Suzano

SA

a

431,252

34,000

Tegma

Gestao

Logistica

SA

124,079

76,824

Telefonica

Brasil

SA

ADR

565,425

13,913

TIM

SA

ADR

143,304

38,700

Tupy

SA

a

126,123

101,536

Vale

SA

ADR

1,073,235

73,600

WEG

SA

973,560

Total

20,624,184

Shares

Common

Stock

(98.8%)

Value

Cayman

Islands

(16.4%)

325,000

3SBio,

Inc.

a,b

$

303,126

39,472

Baidu.com,

Inc.

ADR

a

5,251,750

122,000

Bizlink

Holding,

Inc.

938,152

112,000

China

Kepei

Education

Group,

Ltd.

77,256

72,000

China

Meidong

Auto

Holdings,

Ltd.

294,838

79,000

China

Mengniu

Dairy

Company,

Ltd.

372,431

922,000

China

Resources

Land,

Ltd.

3,770,671

192,500

China

Resources

Medical

Holdings

Company,

Ltd.

114,599

796,000

Chinasoft

International,

Ltd.

577,847

564,000

Consun

Pharmaceutical

Group,

Ltd.

222,598

34,800

ENN

Energy

Holdings,

Ltd.

440,433

688,000

Fu

Shou

Yuan

International

Group,

Ltd.

708,685

253,000

Goodbaby

International

Holdings,

Ltd.

a

32,209

1,659,000

IGG,

Inc.

1,795,851

451,000

Kingboard

Holdings,

Ltd.

1,527,560

207,000

Li

Ning

Company,

Ltd.

1,078,872

474,000

Longfor

Group

Holdings,

Ltd.

b

2,597,099

183,500

Meituan

Dianping

a

6,840,731

75,000

NetDragon

Websoft

Holdings,

Ltd.

161,348

64,460

NetEase

,

Inc.

ADR

5,594,483

19,284

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

a

3,092,768

176,500

Shimao

Property

Holdings,

Ltd.

625,218

5,114

Shimao

Services

Holdings,

Ltd.

a,b

10,950

5,392,000

Shui

On

Land,

Ltd.

710,977

14,909

TAL

Education

Group

ADR

a

990,852

444,900

Tencent

Holdings,

Ltd.

33,992,875

520,000

Tingyi

(Cayman

Islands)

Holding

Corporation

951,559

43,000

Wuxi

Biologics

(Cayman),

Inc.

a,b

1,207,600

615,500

Xiabuxiabu

Catering

Management

Holdings

Company,

Ltd.

b

1,053,530

36,000

Xiaomi

Corporation

a,b

102,385

422,500

Zhongsheng

Group

Holdings,

Ltd.

3,012,528

Total

78,451,781

Chile

(0.8%)

16,943

Banco

de

Chile

ADR

c

266,852

6,838

Banco

de

Credito

e

Inversiones

SA

214,077

26,623

Banco

Santander

Chile

SA

ADR

369,527

38,806

CAP

SA

320,163

37,020

Cia

Cervecerias

Unidas

SA

ADR

398,335

2,319,974

Colbun

SA

350,111

141,743

Embotelladora

Andina

SA

295,107

139,012

Empresas

CMPC

SA

289,079

8,871

Empresas

Copec

SA

67,641

21,044

Enel

Americas

SA

ADR

136,786

26,445

Enel

Chile

SA

ADR

88,062

184,737

SMU

SA

24,045

9,116

Sociedad

Quimica

y

Minera

de

Chile

SA

ADR

337,383

Total

3,157,168

China

(24.4%)

176,600

Aisino

Corporation

410,290

145,813

Alibaba

Group

Holding,

Ltd.

ADR

a

44,427,763

45,900

Anhui

Conch

Cement

Company,

Ltd.,

Class

A

349,532

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

21

Shares

Common

Stock

(98.8%)

Value

China

(24.4%)

-

continued

373,500

Anhui

Conch

Cement

Company,

Ltd.,

Class

H

$

2,336,426

4,188,000

Bank

of

China,

Ltd.

1,322,827

3,042,000

Bank

of

Communications

Company,

Ltd.

1,496,612

122,000

Beijing

North

Star

Company,

Ltd.

24,452

205,800

Beijing

SL

Pharmaceutical

Company,

Ltd.

342,873

131,500

By-health

Company,

Ltd.

508,644

2,195,000

China

Cinda

Asset

Management

Company,

Ltd.

411,774

1,190,000

China

Coal

Energy

Company,

Ltd.

290,684

4,929,000

China

Construction

Bank

Corporation

3,396,640

315,600

China

International

Capital

Corporation,

Ltd.

a,b

737,427

23,000

China

Merchants

Bank

Company,

Ltd.

119,805

1,078,000

China

National

Building

Material

Company,

Ltd.

1,240,845

2,174,000

China

Oilfield

Services,

Ltd.

1,312,839

32,123

China

Petroleum

&

Chemical

Corporation

ADR

1,263,398

100,000

China

Resources

Sanjiu

Medical

and

Pharmaceutical

Company,

Ltd.

404,954

7,220,000

China

Telecom

Corporation,

Ltd.

2,266,427

491,200

China

Vanke

Company,

Ltd.

Class

H

1,524,668

358,200

China

Yangtze

Power

Company,

Ltd.

1,016,181

3,447,000

CNOOC,

Ltd.

3,153,853

866,200

GF

Securities

Company,

Ltd.

1,120,076

338,500

Great

Wall

Motor

Company,

Ltd.

548,055

73,951

Guangdong

Haid

Group

Company,

Ltd.

681,070

297,800

Hangzhou

Hikvision

Digital

Technology

Company,

Ltd.

2,001,781

166,319

Henan

Shuanghui

Investment

&

Development

Company,

Ltd.

1,243,284

229,050

Hualan

Biological

Engineering,

Inc.

1,754,521

6,654,000

Industrial

and

Commercial

Bank

of

China,

Ltd.

3,778,571

531,400

Inner

Mongolia

Eerduosi

Resources

Company,

Ltd.

677,666

87,548

JD.com,

Inc.

ADR

a

7,136,913

352,000

Jiangxi

Copper

Company,

Ltd.

420,354

14,600

Kweichow

Moutai

Company,

Ltd.

3,647,768

81,300

Livzon

Pharmaceutical

Group,

Inc.

588,597

1,533,800

Metallurgical

Corporation

of

China,

Ltd.

594,557

32,000

Midea

Group

Company,

Ltd.

373,447

309,000

Ping

An

Insurance

Company

of

China,

Ltd.

3,194,959

3,294,000

Postal

Savings

Bank

of

China

Company,

Ltd.

b

1,616,575

143,182

S.

F.

Holding

Company,

Ltd.

1,773,568

183,900

Shandong

Sun

Paper

Industry

Joint

Stock

Company,

Ltd.

a

382,773

240,000

Shandong

Weigao

Group

Medical

Polymer

Company,

Ltd.

465,453

21,300

Shanghai

Haohai

Biological

Technology

Company,

Ltd.

b

131,303

234,800

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.

364,481

Shares

Common

Stock

(98.8%)

Value

China

(24.4%)

-

continued

117,700

Shenzhou

International

Group

Holdings,

Ltd.

$

2,047,907

1,047,600

Sinopharm

Group

Company,

Ltd.

2,406,802

871,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

511,442

190,000

Tsingtao

Brewery

Company,

Ltd.

1,574,373

127,400

Winning

Health

Technology

Group

Company,

Ltd.

339,039

94,300

Wuliangye

Yibin

Company,

Ltd.

3,447,835

19,978

WuXi

AppTec

Company,

Ltd.

337,486

1,449,900

Xiamen

C&D,

Inc.

1,816,004

25,460

Zhejiang

Dingli

Machinery

Company,

Ltd.

346,915

1,908,000

Zijin

Mining

Group

Company,

Ltd.

1,390,957

Total

115,073,446

Colombia

(<0.1%)

6,239

Bancolombia

SA

ADR

159,032

23,149

Interconexion

Electrica

SA

123,211

Total

282,243

Czech

Republic

(0.3%)

37,234

CEZ

AS

704,712

19,096

Komercni

Banka

AS

a

387,766

63,847

Moneta

Money

Bank

AS

b

144,939

238

Philip

Morris

CR

138,120

Total

1,375,537

Egypt

(0.3%)

229,751

Commercial

International

Bank

Egypt

SAE

GDR

886,238

841,855

EFG

Hermes

Holding

Company

a

664,793

Total

1,551,031

Greece

(0.5%)

3,647

Athens

Water

Supply

and

Sewerage

Company

SA

28,246

62,438

Hellenic

Telecommunications

Organization

SA

828,032

22,931

Motor

Oil

(Hellas)

Diilistiria

Korinthou

AE

214,399

112,343

Mytilineos

SA

1,232,594

12,598

OPAP

SA

101,918

935

Piraeus

Port

Authority

SA

18,485

3,071

Sarantis

SA

30,223

7,128

Terna

Energy

SA

94,970

Total

2,548,867

Hong

Kong

(1.5%)

3,078,000

CITIC,

Ltd.

2,200,580

571,440

CSPC

Pharmaceutical

Group,

Ltd.

606,827

406,000

Far

East

Horizon,

Ltd.

400,454

550,000

Hang

Lung

Group,

Ltd.

1,220,896

600,000

Shanghai

Industrial

Holdings,

Ltd.

801,706

494,000

Sino-Ocean

Group

Holding,

Ltd.

94,487

6,024,000

Yuexiu

Property

Company,

Ltd.

1,169,567

Total

6,494,517

Hungary

(0.1%)

9,961

Magyar

Telekom

Telecommunications

plc

10,979

4,125

OTP

Bank

Nyrt

a

128,678

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

22

Shares

Common

Stock

(98.8%)

Value

Hungary

(0.1%)

-

continued

29,067

Richter

Gedeon

Nyrt

$

593,475

Total

733,132

India

(8.6%)

233,170

Amara

Raja

Batteries,

Ltd.

2,408,284

293,999

Ambuja

Cements,

Ltd.

1,029,288

5,155

APL

Apollo

Tubes,

Ltd.

a

218,700

23,762

Asian

Paints,

Ltd.

708,746

64,614

Bajaj

Auto,

Ltd.

2,517,082

112,442

Cipla

,

Ltd.

1,144,109

5,884

Dr.

Lal

PathLabs

,

Ltd.

b

182,253

3,311

Endurance

Technologies,

Ltd.

b

47,215

114,215

Glenmark

Pharmaceuticals,

Ltd.

731,303

93,820

Granules

India,

Ltd.

485,486

29,655

Greaves

Cotton,

Ltd.

a

27,893

438,358

HCL

Technologies,

Ltd.

4,987,466

117,554

Heidelberg

Cement

India,

Ltd.

292,573

62,988

Hero

Motocorp

,

Ltd.

2,376,386

10,724

Hindustan

Unilever,

Ltd.

299,847

21,599

Housing

Development

Finance

Corporation

560,348

349,291

Infosys,

Ltd.

ADR

4,984,382

52,860

InterGlobe

Aviation,

Ltd.

a,b

932,955

209,941

Jindal

Saw,

Ltd.

170,855

10,687

Kalpataru

Power

Transmission,

Ltd.

35,999

62,330

Mindtree

,

Ltd.

1,119,389

20,988

Multi

Commodity

Exchange

of

India,

Ltd.

481,652

413,465

Oil

and

Natural

Gas

Corporation,

Ltd.

361,994

21,871

Persistent

Systems,

Ltd.

342,183

62,201

PNB

Housing

Finance,

Ltd.

a,b

295,962

121,095

Reliance

Industries,

Ltd.

3,357,333

94,137

Tata

Consultancy

Services,

Ltd.

3,392,742

132,991

Tata

Elxsi

,

Ltd.

2,758,551

270,622

Tech

Mahindra,

Ltd.

2,979,827

514,892

Wipro,

Ltd.

ADR

2,492,077

Total

41,722,880

Indonesia

(0.4%)

2,436,000

Astra

International

Tbk

PT

889,562

1,423,100

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

77,491

3,768,700

Mitra

Adiperkasa

Tbk

PT

a

166,003

52,561

Telekomunikasi

Indonesia

Persero

Tbk

PT

ADR

898,268

Total

2,031,324

Jersey

(0.1%)

24,325

Polymetal

International

plc

513,097

Total

513,097

Luxembourg

(<0.1%)

9,126

Reinet

Investments

SCA

144,586

Total

144,586

Malaysia

(0.6%)

23,900

AEON

Credit

Service

(M)

Berhad

52,468

309,732

Berjaya

Sports

Toto

Berhad

140,977

124,100

Bursa

Malaysia

Berhad

240,599

105,000

Hartalega

Holdings

Berhad

455,473

220,200

PETRONAS

Chemicals

Group

Berhad

310,266

Shares

Common

Stock

(98.8%)

Value

Malaysia

(0.6%)

-

continued

106,700

PETRONAS

Gas

Berhad

$

404,772

1,237,700

Serba

Dinamik

Holdings

Berhad

456,256

47,200

TIME

dotCom

Berhad

146,253

589,200

V.S.

Industry

Berhad

332,242

211,500

Yinson

Holdings

Berhad

233,092

Total

2,772,398

Mexico

(1.4%)

160,700

Alfa

SAB

de

CV

107,429

45,462

America

Movil

SAB

de

CV

ADR

541,907

73,500

Becle

,

SAB

de

CV

155,133

5,590

Coca-Cola

FEMSA

SAB

de

CV

ADR

211,805

214,520

Corporacion

Inmobiliaria

Vesta

,

SAB

de

CV

346,586

6,638

Fomento

Economico

Mexicano

SAB

de

CV

ADR

356,925

9,435

Gruma

,

SAB

de

CV

100,700

10,135

Grupo

Aeroportuario

del

Sureste

,

SAB

de

CV

a

117,579

44,300

Grupo

Bimbo

SAB

de

CV

85,628

281,300

Grupo

Financiero

Banorte

SAB

de

CV

ADR

a

1,254,554

85,200

Grupo

Financiero

Inbursa

,

SAB

de

CV

a

63,142

228,700

Grupo

Mexico,

SAB

de

CV

652,089

21,180

Industrias

Penoles

,

SAB

de

CV

338,297

62,000

Kimberly-Clark

de

Mexico,

SA

de

CV

92,599

31,900

Megacable

Holdings

SAB

de

CV

101,062

1,050,000

Wal-Mart

de

Mexico,

SAB

de

CV

2,542,394

Total

7,067,829

Panama

(<0.1%)

82,874

Avianca

Holdings

SA

ADR

a,d

31,078

Total

31,078

Peru

(0.2%)

81,005

Cia

de

Minas

Buenaventura

SA

ADR

993,931

Total

993,931

Philippines

(0.4%)

10,940

Globe

Telecom,

Inc.

458,034

139,630

Jollibee

Foods

Corporation

489,703

63,950

Manila

Electric

Company

396,103

495,840

Puregold

Price

Club,

Inc.

422,587

Total

1,766,427

Poland

(0.8%)

111,239

Asseco

Poland

SA

1,802,878

1,642

Bank

Handlowy

w

Warszawie

SA

a

11,471

14,378

Bank

Pekao

SA

a

153,868

5,375

CD

Projekt

SA

a

456,399

44,028

Cyfrowy

Polsat

SA

274,818

54,086

Jastrzebska

Spolka

Weglowa

SA

a

208,320

3,080

KGHM

Polska

Miedz

SA

a

92,160

53,466

Polski

Koncern

Naftowy

Orlen

SA

515,314

75,423

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

a

361,819

7,325

Santander

Bank

Polska

SA

a

228,014

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

23

Shares

Common

Stock

(98.8%)

Value

Poland

(0.8%)

-

continued

451

TEN

Square

Games

SA

$

72,110

Total

4,177,171

Russian

Federation

(3.1%)

130,070

Aeroflot

PJSC

a

93,269

188,865

Gazprom

PJSC

ADR

723,553

23,908

Lukoil

ADR

1,223,209

82,200

M.Video

PJSC

703,917

29,392

Magnit

OJSC

GDR

405,679

19,767

Mechel

PJSC

ADR

a

26,290

3,242

MMC

Norilsk

Nickel

PJSC

ADR

77,271

63,743

Mobile

TeleSystems

PJSC

ADR

498,470

312,650

Moscow

Exchange

MICEX-RTS

PJSC

528,045

3,503

Novatek

PJSC

GDR

422,368

5,741

Novolipetsk

Steel

OJSC

GDR

133,355

779

PAO

Transneft

1,296,824

262,660

PJSC

Rostelecom

306,959

808

Polyus

PJSC

GDR

79,474

317,309

Rosneft

Oil

Company

PJSC

GDR

1,385,033

1,588,750

Sberbank

of

Russia

PJSC

4,026,620

57,807

Severstal

PJSC

791,742

3,007,600

Surgutneftegas

PJSC

1,373,481

219,544

Surgutneftegas

PJSC

ADR

901,747

1,854,000

Unipro

PJSC

60,398

Total

15,057,704

Saudi

Arabia

(2.5%)

25,408

Advanced

Petrochemical

Company

391,785

18,663

Al

Rajhi

Bank

327,447

27,822

Arab

National

Bank

140,487

51,437

Arabian

Cement

Company

421,750

109,567

Arriyadh

Development

Company

490,237

33,829

Banque

Saudi

Fransi

267,298

30,596

Dur

Hospitality

Company

209,623

48,059

Eastern

Province

Cement

Company

444,244

22,855

Jarir

Marketing

Company

1,055,512

7,610

Leejam

Sports

Company

JSC

125,606

171,264

National

Commercial

Bank

1,778,174

71,505

National

Industrialization

Company

a

215,469

35,112

National

Medical

Care

Company

487,897

10,827

Qassim

Cement

Company

198,580

190,676

Riyad

Bank

913,987

49,492

Sahara

International

Petrochemical

Company

a

192,270

10,611

Saudi

Arabian

Mining

Company

a

105,832

103,439

Saudi

Arabian

Oil

Company

b

928,014

125,243

Saudi

British

Bank

792,817

55,416

Saudi

Industrial

Investment

Group

Company

299,617

46,999

Seera

Holding

Group

a

209,189

9,336

Southern

Province

Cement

Company

167,039

14,810

United

Electronics

Company

303,285

54,888

United

International

Transportation

Company

495,869

Total

10,962,028

Singapore

(<0.1%)

8,560

China

Yuchai

International,

Ltd.

149,201

Total

149,201

Shares

Common

Stock

(98.8%)

Value

South

Africa

(3.6%)

199,935

AECI,

Ltd.

$

937,033

12,241

African

Rainbow

Minerals,

Ltd.

172,178

7,489

Anglo

American

Platinum,

Ltd.

495,884

11,736

AngloGold

Ashanti,

Ltd.

ADR

271,571

20,663

Aspen

Pharmacare

Holdings,

Ltd.

a

134,558

27,405

AVI,

Ltd.

123,858

136,181

Barloworld,

Ltd.

478,466

2,818

Capitec

Bank

Holdings,

Ltd.

a

198,048

13,320

Clicks

Group,

Ltd.

193,124

187,318

DataTec

,

Ltd.

a

253,345

32,620

Drdgold

,

Ltd.

36,080

98,980

FirstRand,

Ltd.

229,765

7,869

Gold

Fields,

Ltd.

ADR

86,008

34,666

Impala

Platinum

Holdings,

Ltd.

308,539

169,919

Investec,

Ltd.

312,869

18,503

Kumba

Iron

Ore,

Ltd.

549,343

596,955

Momentum

Metropolitan

Holdings

476,867

46,457

Motus

Holdings,

Ltd.

a

119,603

81,885

MTN

Group,

Ltd.

292,371

48,600

MultiChoice

Group,

Ltd.

400,798

38,918

Naspers,

Ltd.

a

7,597,866

272,187

Ninety

One,

Ltd.

a

715,183

45,981

Pick

n

Pay

Stores,

Ltd.

144,777

30,837

Sasol,

Ltd.

a

161,038

35,098

Shoprite

Holdings,

Ltd.

278,023

216,890

Sibanye

Stillwater,

Ltd.

639,548

27,736

Spar

Group,

Ltd.

294,254

69,688

Standard

Bank

Group

455,682

22,371

Tiger

Brands,

Ltd.

276,982

51,268

Vodacom

Group

386,355

Total

17,020,016

South

Korea

(11.1%)

6,087

Binggrae

Company,

Ltd.

299,211

56,821

Cheil

Worldwide,

Inc.

1,051,555

8,782

Chong

Kun

Dang

Pharmaceutical

Corporation

1,187,269

924

Daishin

Securities

Company,

Ltd.

8,140

9,177

Daou

Technology,

Inc.

152,390

18,287

DongKook

Pharmaceutical

Company,

Ltd.

391,245

70,009

Hancom

,

Inc.

a

1,063,996

7,861

Hansol

Chemical

Company,

Ltd.

980,713

9,454

Hansol

Paper

Company,

Ltd.

114,074

14,614

Hanwha

Corporation

311,661

48,645

Hanwha

Investment

&

Securities

Corporation,

Ltd.

a

74,535

848,901

Hanwha

Life

Insurance

Corporation,

Ltd.

1,157,346

4,449

Hyundai

Department

Store

Company,

Ltd.

233,665

2,217

Hyundai

Motor

Company

324,516

18,594

Hyundai

Steel

Company

478,025

71,006

JB

Financial

Group

Corporation,

Ltd.

320,796

19,804

KEPCO

Plant

Service

&

Engineering

Company,

Ltd.

481,208

68,115

Kia

Motors

Corporation

3,054,901

6,531

Korea

Zinc

Company,

Ltd.

2,208,832

3,958

LG

Chem

,

Ltd.

2,158,223

13,735

LG

Electronics,

Inc.

1,021,053

677

LG

Household

&

Health

Care,

Ltd.

897,621

38,038

LG

International

Corporation

521,525

21,454

LS

Electric

Company,

Ltd.

942,043

4,726

NCSoft

Corporation

3,247,160

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

24

Shares

Common

Stock

(98.8%)

Value

South

Korea

(11.1%)

-

continued

44,094

Poongsan

Corporation

$

959,132

12,178

POSCO

2,248,110

14,439

Samsung

Card

Corporation,

Ltd.

374,729

14,698

Samsung

Electro-Mechanics

Company,

Ltd.

1,746,976

372,971

Samsung

Electronics

Company,

Ltd.

18,747,622

66,693

Samsung

Securities

Corporation,

Ltd.

1,899,773

24,621

Sillicon

Works

Company,

Ltd.

992,784

3,656

SK

Holdings

Company,

Ltd.

595,374

27,123

SK

Hynix,

Inc.

1,924,184

972

Soulbrain

Company,

Ltd.

a

186,228

953

Taekwang

Industrial

Corporation,

Ltd.

599,924

4,243

Taeyoung

Engineering

&

Construction

37,592

4,083

Ty

Holdings

Company,

Ltd.

a

73,226

Total

53,067,357

Taiwan

(15.3%)

184,000

Accton

Technology

Corporation

1,336,813

462,000

Capital

Securities

Corporation

176,294

129,000

Cheng

Loong

Corporation

153,267

9,023,000

China

Development

Financial

Holding

Corporation

2,647,887

520,000

Chipbond

Technology

Corporation

1,139,130

439,000

Compeq

Manufacturing

Company,

Ltd.

670,032

2,775,000

CTBC

Financial

Holding

Company,

Ltd.

1,752,441

579,000

Delta

Electronics,

Inc.

3,852,331

83,000

Feng

Hsin

Iron

&

Steel

Company,

Ltd.

165,555

2,697,000

Fubon

Financial

Holding

Company,

Ltd.

3,842,027

78,000

Greatek

Electronics,

Inc.

135,901

909,000

Hon

Hai

Precision

Industry

Company,

Ltd.

2,465,326

224,000

Huaku

Development

Company,

Ltd.

679,172

1,253,006

IBF

Financial

Holdings

Company,

Ltd.

515,430

14,000

Lotes

Company,

Ltd.

214,039

235,000

Makalot

Industrial

Company,

Ltd.

1,557,738

45,000

MediaTek

,

Inc.

1,069,662

198,000

Merry

Electronics

Company,

Ltd.

977,371

116,000

Namchow

Holdings

Company,

Ltd.

173,896

144,000

Nantex

Industry

Company,

Ltd.

389,052

77,000

Novatek

Microelectronics

Corporation

719,575

88,000

Realtek

Semiconductor

Corporation

1,096,255

566,000

SerComm

Corporation

1,454,331

1,783,000

Shinkong

Synthetic

Fibers

Corporation

722,771

1,257,000

Sigurd

Microelectronics

Corporation

1,661,090

283,000

Sinbon

Electronics

Company,

Ltd.

1,907,710

169,000

Sitronix

Technology

Corporation

745,330

474,000

Sunonwealth

Electric

Machine

Industry

Company,

Ltd.

971,225

260,000

Syncmold

Enterprise

Corporation

780,074

265,000

Systex

Corporation

751,564

2,060,064

Taichung

Commercial

Bank

Company,

Ltd.

781,861

Shares

Common

Stock

(98.8%)

Value

Taiwan

(15.3%)

-

continued

1,969,000

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

$

29,790,330

443,000

Topco

Scientific

Company,

Ltd.

1,776,096

183,000

Transcend

Information,

Inc.

408,066

741,000

TXC

Corporation

1,998,525

2,993,000

United

Microelectronics

Corporation

3,216,729

483,000

YFY,

Inc.

328,135

Total

73,023,031

Thailand

(0.7%)

102,600

Advanced

Info

Service

Public

Company,

Ltd.

NVDR

567,521

582,500

Com7

Public

Company,

Ltd.

NVDR

763,113

40,400

Hana

Microelectronics

Public

Company,

Ltd.

NVDR

58,282

541,600

Intouch

Holdings

Public

Company,

Ltd.

NVDR

928,969

515,200

Major

Cineplex

Group

Public

Company,

Ltd.

NVDR

213,075

619,000

Ratchthani

Leasing

Public

Company,

Ltd.

NVDR

69,066

997,400

Thai

Vegetable

Oil

Public

Company,

Ltd.

NVDR

1,087,294

Total

3,687,320

Turkey

(0.3%)

60,657

Eregli

Demir

ve

Celik

Fabrikalari

TAS

69,364

394,828

Haci

Omer

Sabanci

Holding

AS

388,470

18,603

Koza

Altin

Isletmeleri

AS

a

164,379

97,396

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

a

140,175

26,612

Migros

Ticaret

AS

a

118,967

274,939

TAV

Havalimanlari

Holding

AS

452,718

12,720

Turkcell

Iletisim

Hizmetleri

AS

ADR

56,095

219,726

Turkiye

Is

Bankasi

AS

a

134,291

2,167,444

Turkiye

Sinai

Kalkinma

Bankasi

AS

a

659,584

24,926

Vestel

Elektronik

Sanayi

ve

Ticaret

AS

a

49,358

Total

2,233,401

United

States

(0.9%)

78,665

Yum

China

Holding,

Inc.

4,187,338

Total

4,187,338

Total

Common

Stock

(cost

$446,409,934)

472,440,633

Shares

Preferred

Stock

(

1.0%

)

Brazil

(0.1%)

53,900

Bradespar

SA

437,742

Total

437,742

South

Korea

(0.9%)

98,367

Samsung

Electronics

Company,

Ltd.

4,375,847

Total

4,375,847

Total

Preferred

Stock

(cost

$4,467,142)

4,813,589

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

25

Shares

Collateral

Held

for

Securities

Loaned

(

<0.1%

)

Value

214,500

Thrivent

Cash

Management

Trust

$

214,500

Total

Collateral

Held

for

Securities

Loaned

(cost

$214,500)

214,500

Shares

or

Principal

Amount

Short-Term

Investments

(

6.4%

)

Federal

Agricultural

Mortgage

Corporation

Discount

Notes

7,665,000

0.010%,

 11/2/2020

e

7,665,000

Thrivent

Core

Short-Term

Reserve

Fund

2,301,727

0.290%

23,017,267

Total

Short-Term

Investments

(cost

$30,682,265)

30,682,267

Total

Investments

(cost

$481,773,841)

106.2%

$508,150,989

Other

Assets

and

Liabilities,

Net

(6.2%)

(29,710,657)

Total

Net

Assets

100.0%

$478,440,332

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,

2020,

the

value

of

these

investments

was

$10,367,807

or

2.2%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

on

loan.

d

In

bankruptcy.  Interest

is

not

being

accrued.

e

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

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,

2020:

Securities

Lending

Transactions

Common

Stock

$

207,900

Total

lending

$207,900

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$214,500

Net

amounts

due

to

counterparty

$6,600

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

GDR

-

Global

Depository

Receipts,

which

are

certificates

for

shares

of

an

underlying

foreign

security’s

shares

held

by

an

issuing

depository

bank

from

more

than

one

country.

NVDR

-

Non-Voting

Depository

Receipts

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$

35,945,050

Gross

unrealized

depreciation

(16,616,705)

Net

unrealized

appreciation

(depreciation)

$

19,328,345

Cost

for

federal

income

tax

purposes

$

488,822,644

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

26

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2020,

in

valuing

Emerging

Markets

Equity

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

59,480,257

7,175,998

52,304,259

–

Consumer

Discretionary

97,182,318

59,835,634

37,346,684

–

Consumer

Staples

23,687,816

1,287,901

22,399,915

–

Energy

20,265,580

1,830,880

18,434,700

–

Financials

59,979,596

3,548,113

56,431,483

–

Health

Care

16,897,849

–

16,897,849

–

Industrials

25,559,782

517,662

25,042,120

–

Information

Technology

116,055,315

13,159,004

102,896,311

–

Materials

38,735,843

2,973,973

35,761,870

–

Real

Estate

10,874,023

–

10,874,023

–

Utilities

3,722,254

136,786

3,585,468

–

Preferred

Stock

Financials

437,742

–

437,742

–

Information

Technology

4,375,847

–

4,375,847

–

Short-Term

Investments

7,665,000

–

7,665,000

–

Subtotal

Investments

in

Securities

$484,919,222

$90,465,951

$394,453,271

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

23,017,267

Collateral

Held

for

Securities

Loaned

214,500

Subtotal

Other

Investments

$23,231,767

Total

Investments

at

Value

$508,150,989

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Emerging

Markets

Equity

Fund,

is

as

follows:

Fund

Value

2/3/2020

Gross

Purchases

Gross

Sales

Value

10/31/2020

Shares

Held

at

10/31/2020

%

of

Net

Assets

10/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.290%

$—

$141,232

$118,226

$23,017

2,302

4.8%

Total

Affiliated

Short-Term

Investments

—

23,017

4.8

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

661

446

215

215

<0.1

Total

Collateral

Held

for

Securities

Loaned

–

215

<0.1

Total

Value

$—

$23,232

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

27

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

2/3/2020

-

10/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.290%

$11

$–

$–

$11

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$11

Cash

Management

Trust-

Collateral

Investment  

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

$11

$–

$–

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

28

Shares

Common

Stock

(

99.2%

)

Value

Australia

(4.3%)

23,433

ARB

Corporation,

Ltd.

$

507,582

49,949

Aristocrat

Leisure,

Ltd.

1,005,808

13,246

ASX,

Ltd.

741,704

100,616

BHP

Group,

Ltd.

2,411,924

206,480

Carsales.com,

Ltd.

3,016,622

37,382

Collins

Foods,

Ltd.

253,727

26,085

Commonwealth

Bank

of

Australia

1,266,465

241,785

Computershare,

Ltd.

2,066,269

23,523

Corporate

Travel

Management,

Ltd.

241,401

51,176

CSL,

Ltd.

10,360,939

4,537

Domino's

Pizza

Enterprises,

Ltd.

270,231

421,334

FlexiGroup

,

Ltd.

278,695

487,936

GWA

Group,

Ltd.

904,273

18,869

Premier

Investments,

Ltd.

282,999

82,652

Ramelius

Resources,

Ltd.

112,841

10,487

REA

Group,

Ltd.

872,118

39,882

Rio

Tinto,

Ltd.

2,594,474

321,064

Sandfire

Resources,

Ltd.

999,109

69,971

Santos,

Ltd.

232,610

125,635

SEEK,

Ltd.

a

1,901,554

327,907

Seven

West

Media,

Ltd.

b

37,992

105,362

Silver

Lake

Resources,

Ltd.

b

157,782

32,370

Super

Retail

Group,

Ltd.

254,754

202

Technology

One,

Ltd.

1,275

123,200

Transurban

Group

1,166,663

50,258

Waypoint

REIT,

Ltd.

94,703

104,398

Woodside

Petroleum,

Ltd.

1,287,668

Total

33,322,182

Austria

(0.2%)

7,796

BAWAG

Group

AG

b,c

286,309

57,469

OMV

AG

1,328,471

Total

1,614,780

Belgium

(0.1%)

2,950

Cofinimmo

SA

400,924

4,481

Groupe

Bruxelles

Lambert

SA

367,478

Total

768,402

Bermuda

(0.1%)

283,000

Road

King

Infrastructure,

Ltd.

336,581

Total

336,581

Canada

(9.7%)

52,007

Air

Canada

b

574,993

37,124

Barrick

Gold

Corporation

992,537

75,678

Canadian

National

Railway

Company

7,517,814

11,344

Canadian

Natural

Resources,

Ltd.

180,509

1,964

Canadian

Pacific

Railway,

Ltd.

586,915

154,370

CGI,

Inc.

b

9,578,749

81,417

Choice

Properties

REIT

735,155

464,477

CI

Financial

Corporation

5,414,192

69,085

Crescent

Point

Energy

Corporation

86,078

113,275

Dollarama

,

Inc.

3,900,816

49,245

First

Quantum

Minerals,

Ltd.

565,894

3,482

FirstService

Corporation

466,906

59,185

Gibson

Energy,

Inc.

871,583

16,208

Granite

REIT

908,758

3,261

IAMGOLD

Corporation

b

11,968

2,518

Intact

Financial

Corporation

260,097

42,847

Kirkland

Lake

Gold,

Ltd.

1,952,123

84,198

Laurentian

Bank

of

Canada

d

1,656,406

Shares

Common

Stock

(99.2%)

Value

Canada

(9.7%)

-

continued

4,139

Lightspeed

POS,

Inc.

b

$

132,406

3,218

MTY

Food

Group,

Inc.

91,639

9,374

National

Bank

of

Canada

449,879

10,341

Northland

Power,

Inc.

334,455

14,804

Onex

Corporation

640,029

163,251

Quebecor,

Inc.

3,787,502

31,194

Restaurant

Brands

International,

Inc.

1,622,088

104,170

Royal

Bank

of

Canada

7,284,003

213,975

Sun

Life

Financial,

Inc.

8,513,709

58,782

Suncor

Energy,

Inc.

663,134

53,717

TC

Energy

Corporation

2,114,328

26,019

TFI

International,

Inc.

1,158,483

7,962

Thomson

Reuters

Corporation

619,008

8,379

TMX

Group,

Ltd.

814,190

136,040

Toronto-Dominion

Bank

6,001,975

43,892

Transcontinental,

Inc.

d

519,865

43,109

Vermilion

Energy,

Inc.

106,454

Total

71,114,640

Denmark

(3.0%)

1,347

A.P.

Moller

-

Maersk

AS,

Class

B

2,158,749

49,106

Carlsberg

AS

6,217,845

1,416

Christian

Hansen

Holding

AS

142,888

181,512

Novo

Nordisk

AS

11,574,232

9,958

Novozymes

AS

598,886

4,659

Royal

Unibrew

AS

454,295

11,298

Topdanmark

AS

442,423

Total

21,589,318

France

(7.4%)

49,316

Air

Liquide

SA

7,211,864

65,778

BNP

Paribas

SA

b

2,293,985

9,001

Capgemini

SA

1,039,323

872,175

CGG

SA

b

491,516

3,406

Cie

Generale

des

Etablissements

Michelin

367,850

151,233

Credit

Agricole

SA

b

1,196,331

10,679

Elior

Participations

SCA

c

40,247

4,795

Eramet

SA

b,d

127,345

6,156

Gaztransport

Et

Technigaz

SA

590,092

3,368

Hermes

International

3,135,936

21,674

Ipsos

SA

532,715

153,913

Legrand

SA

11,379,054

5,637

LNA

Sante

290,875

7,603

L'Oreal

SA

2,457,171

811

LVMH

Moet

Hennessy

Louis

Vuitton

SE

380,153

17,585

Renault

SA

b

435,505

33,699

Sanofi

3,042,787

108,122

Schneider

Electric

SE

13,137,482

174,466

Total

SE

5,285,730

Total

53,435,961

Germany

(5.4%)

70,355

Allianz

SE

12,393,316

105,615

Alstria

Office

REIT

AG

1,344,435

22,681

Daimler

AG

1,172,343

28,328

Deutsche

Boerse

AG

4,174,218

112,743

Deutsche

Pfandbriefbank

AG

b,c

688,986

21,886

Deutsche

Post

AG

970,378

189,983

Deutsche

Telekom

AG

2,887,494

13,217

Dialog

Semiconductor

plc

b

503,882

3,893

LEG

Immobilien

AG

526,148

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

29

Shares

Common

Stock

(99.2%)

Value

Germany

(5.4%)

-

continued

8,537

SAP

SE

$

910,764

40,179

Symrise

AG

4,954,473

248,593

TAG

Immobilien

AG

7,325,918

5,630

Wacker

Chemie

AG

543,136

Total

38,395,491

Hong

Kong

(1.1%)

223,000

AIA

Group,

Ltd.

2,122,330

612,000

Galaxy

Entertainment

Group,

Ltd.

4,044,438

649,000

HKT

Trust

and

HKT,

Ltd.

839,331

137,000

Hysan

Development

Company,

Ltd.

436,769

Total

7,442,868

Ireland

(<0.1%)

12,647

Glanbia

plc

120,293

Total

120,293

Isle

of

Man

(0.2%)

136,919

GVC

Holdings

plc

b

1,715,195

Total

1,715,195

Israel

(0.1%)

38,519

Mizrahi

Tefahot

Bank,

Ltd.

751,129

Total

751,129

Italy

(1.2%)

17,703

Buzzi

Unicem

SPA

383,052

65,502

Enel

SPA

520,772

371,447

Eni

SPA

2,601,995

102,127

Recordati

SPA

5,294,717

Total

8,800,536

Japan

(23.5%)

23,600

ABC-MART,

Inc.

1,197,097

13,100

Advantest

Corporation

758,791

125,500

Air

Water,

Inc.

1,793,120

13,600

AOKI

Holdings,

Inc.

59,116

38,200

Arcs

Company,

Ltd.

845,653

23,000

Asahi

Group

Holdings,

Ltd.

711,784

76,500

Astellas

Pharmaceutical,

Inc.

1,049,040

27,700

Autobacs

Seven

Company,

Ltd.

354,601

1,400

Azbil

Corporation

56,816

18,000

Bridgestone

Corporation

586,710

62,600

Canon,

Inc.

1,089,628

35,800

Chiyoda

Company,

Ltd.

315,011

81,800

Chugai

Pharmaceutical

Company,

Ltd.

3,157,480

308,400

Citizen

Watch

Company,

Ltd.

b,d

817,047

8,000

Computer

Engineering

&

Consulting,

Ltd.

114,133

88,100

Daiichi

Sankyo

Company,

Ltd.

2,325,281

5,800

Daikin

Industries,

Ltd.

1,085,373

24,000

Daito

Trust

Construction

Company,

Ltd.

2,183,164

121,800

Denso

Corporation

5,675,465

1,400

Doutor

Nichires

Holdings

Company,

Ltd.

19,653

10,000

DTS

Corporation

194,490

4,800

Eisai

Company,

Ltd.

373,217

519,000

Eneos

Holdings,

Inc.

1,751,255

2,200

FANUC

Corporation

464,695

1,700

Fast

Retailing

Company,

Ltd.

1,185,821

Shares

Common

Stock

(99.2%)

Value

Japan

(23.5%)

-

continued

28

Frontier

Real

Estate

Investment

Corporation

$

93,741

56,800

Fuji

Soft,

Inc.

3,037,980

1,800

Fujitsu,

Ltd.

212,966

50

Fukuoka

REIT

Corporation

60,613

20,100

GS

Yuasa

Corporation

350,838

35

Hankyu

REIT,

Inc.

38,674

31,100

Hanwa

Company,

Ltd.

602,957

29,500

Hitachi,

Ltd.

994,277

24,800

Hoya

Corporation

2,798,852

112,900

Inaba

Denki

Sangyo

Company,

Ltd.

2,717,893

680

Invesco

Office

J-

Reit

,

Inc.

84,359

10,300

ITOCHU

Techno-Solutions

Corporation

349,452

19,100

Izumi

Company,

Ltd.

647,753

317

Japan

Hotel

REIT

Investment

Corporation

153,511

10,400

Japan

Material

Company,

Ltd.

134,387

129,300

Japan

Post

Bank

Company,

Ltd.

1,031,262

19,800

Japan

Post

Holdings

Company,

Ltd.

135,857

59

Japan

Prime

Realty

Investment

Corporation

159,451

210,200

Japan

Tobacco,

Inc.

3,957,473

67,000

Kamigumi

Company,

Ltd.

1,198,690

900

Kanematsu

Electronics,

Ltd.

36,382

13,100

Kao

Corporation

932,703

61,000

KDDI

Corporation

1,650,355

32,800

Kewpie

Corporation

671,283

11,200

Keyence

Corporation

5,082,812

121,900

Kinden

Corporation

1,911,375

122,200

Kyoei

Steel,

Ltd.

1,538,546

16,400

KYORIN

Holdings,

Inc.

296,583

9,600

Lasertec

Corporation

831,560

15,900

Lintec

Corporation

352,469

27,000

M3,

Inc.

1,823,465

452,000

Marubeni

Corporation

2,359,987

14,200

Medipal

Holdings

Corporation

253,128

12,800

Ministop

Company,

Ltd.

160,090

229,500

Mitsubishi

Corporation

5,120,461

208,100

Mitsubishi

Electric

Corporation

2,680,096

236,600

Mitsubishi

UFJ

Financial

Group,

Inc.

932,655

44,700

Mitsuboshi

Belting,

Ltd.

699,764

357,400

Mitsui

&

Company,

Ltd.

5,598,133

3,800

MonotaRO

Company,

Ltd.

210,185

226

Mori

Trust

Sogo

REIT,

Inc.

269,935

15,400

MS

and

AD

Insurance

Group

Holdings,

Inc.

421,425

8,600

Murata

Manufacturing

Company,

Ltd.

603,106

157,400

NEC

Networks

&

System

Integration

Corporation

2,729,379

14,100

NEXON

Company,

Ltd.

392,980

128,500

NHK

Spring

Company,

Ltd.

776,991

13,900

Nidec

Corporation

1,403,929

2,000

Nihon

M&A

Center,

Inc.

117,443

31,600

Nihon

Unisys,

Ltd.

931,456

3,700

Nikkon

Holdings

Company,

Ltd.

70,813

5,500

Nintendo

Company,

Ltd.

2,973,788

1,800

Nippon

Steel

Trading

Corporation

51,307

53,400

Nippon

Telegraph

&

Telephone

Corporation

1,123,314

5,000

Nishimatsu

Construction

Company,

Ltd.

97,125

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

30

Shares

Common

Stock

(99.2%)

Value

Japan

(23.5%)

-

continued

106,600

Nissan

Motor

Company,

Ltd.

b

$

377,421

165,400

Nitto

Kogyo

Corporation

3,055,403

800

Noevir

Holdings

Company,

Ltd.

35,717

214

Nomura

Real

Estate

Master

Fund,

Inc.

255,549

8,300

NS

Solutions

Corporation

243,062

14,100

NSD

Company,

Ltd.

247,662

4,500

NTT

Data

Corporation

50,788

2,200

OBIC

Company,

Ltd.

389,495

35,300

Olympus

Corporation

675,786

22,300

Onward

Holdings

Company,

Ltd.

43,668

9,800

Oracle

Corporation

Japan

979,413

6,100

Oriental

Land

Company,

Ltd.

853,866

161,200

ORIX

Corporation

1,885,272

8,700

Otsuka

Corporation

399,779

23,700

PLENUS

Company,

Ltd.

387,261

4,900

Rakus

Company,

Ltd.

96,293

38,100

Recruit

Holdings

Company,

Ltd.

1,449,731

12,400

Renesas

Electronics

Corporation

b

102,358

38,200

Rinnai

Corporation

3,764,093

27,000

Ryoyo

Electro

Corporation

744,764

65,100

Sangetsu

Company,

Ltd.

938,205

3,500

Sankyo

Company,

Ltd.

89,205

3,900

Sanwa

Holdings

Corporation

44,487

18,400

Sawai

Pharmaceutical

Company,

Ltd.

886,873

78,300

Sekisui

House,

Ltd.

1,300,822

42,300

Senshu

Ikeda

Holdings,

Inc.

64,637

49,900

Seven

&

I

Holdings

Company,

Ltd.

1,516,695

9,400

SHIMAMURA

Company,

Ltd.

1,002,141

6,800

Shin-Etsu

Chemical

Company,

Ltd.

908,255

6,700

Shiseido

Company,

Ltd.

414,777

400

SMC

Corporation

212,762

418,200

SoftBank

Corporation

4,866,791

72,000

SoftBank

Group

Corporation

4,689,634

1,296,000

Sojitz

Corporation

2,851,754

40,700

Sony

Corporation

3,393,016

45,900

Sugi

Holdings

Company,

Ltd.

3,031,013

339,100

Sumitomo

Chemical

Company,

Ltd.

1,109,258

308,900

Sumitomo

Corporation

3,379,544

532,600

Sumitomo

Electric

Industries,

Ltd.

5,879,946

89,500

Sumitomo

Mitsui

Financial

Group,

Inc.

2,477,530

256,500

Sumitomo

Rubber

Industries,

Ltd.

2,256,231

43,600

Sundrug

Company,

Ltd.

1,618,947

2,900

Sysmex

Corporation

272,393

10,800

Taikisha,

Ltd.

281,262

4,100

Taisei

Corporation

127,583

20,700

Taiyo

Holdings

Company,

Ltd.

1,083,702

9,700

Takara

Standard

Company,

Ltd.

127,213

88,500

Takeda

Pharmaceutical

Company,

Ltd.

2,734,881

17,600

Terumo

Corporation

647,750

30,100

TIS,

Inc.

575,667

89,300

Toagosei

Company,

Ltd.

945,471

1,100

Toho

Holdings

Company,

Ltd.

20,343

41,500

Tokio

Marine

Holdings,

Inc.

1,854,831

14,100

Tokyo

Electron,

Ltd.

3,784,593

44,700

Toppan

Forms

Company,

Ltd.

428,884

498,100

Toray

Industries,

Inc.

2,253,855

11,700

Toyoda

Gosei

Company,

Ltd.

297,355

24,100

Toyota

Motor

Corporation

1,582,090

41,200

Tsubakimoto

Chain

Company

914,837

8,600

Tsumura

&

Company

252,422

217,400

TV

Asahi

Holdings

Corporation

3,284,568

Shares

Common

Stock

(99.2%)

Value

Japan

(23.5%)

-

continued

60,500

Ube

Industries,

Ltd.

$

1,038,660

7,900

Unicharm

Corporation

365,540

249

United

Urban

Investment

Corporation

265,850

26,000

Yuasa

Trading

Company,

Ltd.

740,710

90,300

Z

Holdings

Corporation

629,667

Total

175,510,481

Jersey

(0.6%)

121,898

Experian

plc

4,465,615

Total

4,465,615

Luxembourg

(0.6%)

460,711

B&M

European

Value

Retail

SA

2,891,393

36,709

Subsea

7

SA

b

243,801

174,580

Tenaris

SA

ADR

1,668,985

Total

4,804,179

Netherlands

(7.5%)

83,549

Aalberts

NV

2,802,985

84,524

ABN

AMRO

Group

NV

b,c

694,300

3,296

Akzo

Nobel

NV

317,035

3,674

ASM

International

NV

524,759

31,408

ASML

Holding

NV

11,363,473

25,145

BE

Semiconductor

Industries

NV

1,013,182

83,389

Euronext

NV

c

8,682,563

52,644

ForFarmers

BV

308,397

6,626

IMCD

NV

766,897

82,966

Koninklijke

DSM

NV

13,268,498

112,567

Koninklijke

Philips

NV

b

5,213,723

42,005

NN

Group

NV

1,461,808

34,954

SBM

Offshore

NV

564,861

77,325

Signify

NV

b,c

2,744,668

28,022

Unilever

NV

1,579,700

49,218

Wolters

Kluwer

NV

3,985,003

Total

55,291,852

Norway

(1.6%)

416,311

DnB

ASA

b

5,622,192

31,301

Entra

ASA

c

409,198

205,049

Equinor

ASA

2,616,367

14,154

Europris

ASA

c

73,570

55,160

Orkla

ASA

520,700

49,560

Yara

International

ASA

1,734,376

Total

10,976,403

Singapore

(1.5%)

1,526,708

Ascendas

REIT

3,221,540

417,000

DBS

Group

Holdings,

Ltd.

6,211,573

403,100

Mapletree

Commercial

Trust

508,259

86,300

Singapore

Exchange,

Ltd.

547,345

662,600

Wing

Tai

Holdings,

Ltd.

868,400

Total

11,357,117

Spain

(1.8%)

1,105,559

Banco

Bilbao

Vizcaya

Argentaria

SA

3,189,697

1,665,152

Banco

de

Sabadell

SA

509,550

207,638

Banco

Santander

SA

b

415,806

38,773

CIA

De

Distribucion

Integral

654,620

150,893

Enagas

SA

3,256,829

111,498

Industria

de

Diseno

Textil

SA

d

2,752,802

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

31

Shares

Common

Stock

(99.2%)

Value

Spain

(1.8%)

-

continued

764,851

Mediaset

Espana

Comunicacion

SA

b

$

2,557,053

Total

13,336,357

Supranational

(0.1%)

20,684

Unibail-Rodamco-Westfield

d

837,304

Total

837,304

Sweden

(4.8%)

197,365

AB

Industrivarden

b

5,039,540

206,158

Assa

Abloy

AB

4,418,475

190,289

Atlas

Copco

AB,

Class

A

8,399,584

57,831

Atlas

Copco

AB,

Class

B

2,215,840

92,213

Castellum

AB

1,919,936

76,032

Dometic

Group

AB

b,c

821,866

159,267

Granges

AB

b,d

1,436,613

236,072

Hexpol

AB

b

2,079,175

21,567

Holmen

AB

816,730

253,952

Husqvarna

AB

2,618,653

21,534

Kungsleden

AB

182,733

13,311

L

E

Lundbergforetagen

AB

b

598,275

1,046

Lifco

AB

76,569

80,692

Nobina

AB

b,c

442,486

65,341

Pandox

AB

b

652,334

25,232

Sandvik

AB

b

449,763

60,762

Scandic

Hotels

Group

AB

c,d

154,139

55,567

SKF

AB

1,137,511

35,320

Thule

Group

AB

b,c

1,155,619

Total

34,615,841

Switzerland

(14.2%)

45,144

Baloise

Holding

AG

6,173,685

2,015

EMS-CHEMIE

Holding

AG

1,772,351

9,774

Geberit

AG

5,563,064

789

Givaudan

SA

3,217,495

322

Lindt

&

Spruengli

AG

2,552,968

152,097

Nestle

SA

17,107,556

254,181

Novartis

AG

19,806,441

29,135

Pargesa

Holding

SA

2,141,385

66,365

PSP

Swiss

Property

AG

8,025,254

61,023

Roche

Holding

AG

19,608,614

24,457

Sika

AG

6,016,543

20,440

Sonova

Holding

AG

b

4,851,803

18,562

Swiss

Life

Holding

AG

6,244,047

4,772

Tecan

Group

AG

2,264,451

Total

105,345,657

United

Kingdom

(10.2%)

1,199,710

Auto

Trader

Group

plc

c

9,019,968

42,816

Berkeley

Group

Holdings

plc

2,251,202

24,021

British

American

Tobacco

plc

761,358

52,063

Bunzl

plc

1,618,452

27,541

Carnival

plc

311,354

59,012

Centamin

plc

94,906

47,299

Croda

International

plc

3,696,862

17,800

Domino's

Pizza

Group

plc

76,425

58,829

easyJet

plc

385,770

798,243

GlaxoSmithKline

plc

13,329,505

390,528

Halma

plc

11,984,411

184,264

Hochschild

Mining

plc

b

525,628

237,632

HSBC

Holdings

plc

b

995,823

18,543

InterContinental

Hotels

Group

plc

b

942,177

29,318

Jet2

plc

323,004

Shares

Common

Stock

(99.2%)

Value

United

Kingdom

(10.2%)

-

continued

238,325

John

Wood

Group

plc

b

$

654,227

481,002

Moneysupermarket.com

Group

plc

1,519,221

100,976

National

Express

Group

plc

195,886

251,180

PageGroup

plc

b

1,163,663

33,028

Paragon

Banking

Group

plc

126,733

57,860

Redde

Northgate

plc

133,105

150,932

Redrow

plc

b

813,771

484,358

RELX

plc

9,584,469

54,803

Rightmove

plc

b

438,600

37,468

Rio

Tinto

plc

2,119,251

292,498

Royal

Dutch

Shell

plc,

Class

A

3,679,490

472,485

Royal

Dutch

Shell

plc,

Class

B

5,697,878

25,986

Spirax-Sarco

Engineering

plc

3,798,998

38,290

St.

James's

Place

plc

446,258

525,125

Tullow

Oil

plc

b,d

137,764

Total

76,826,159

Total

Common

Stock

(cost

$744,005,035)

732,774,341

Shares

Collateral

Held

for

Securities

Loaned

(

1.1%

)

8,557,141

Thrivent

Cash

Management

Trust

8,557,141

Total

Collateral

Held

for

Securities

Loaned

(cost

$8,557,141)

8,557,141

Shares

or

Principal

Amount

Short-Term

Investments

(

0.3%

)

Federal

Home

Loan

Bank

Discount

Notes

1,000,000

0.095%,

 1/6/2021

e,f

999,820

Thrivent

Core

Short-Term

Reserve

Fund

106,069

0.290%

1,060,692

Total

Short-Term

Investments

(cost

$2,060,518)

2,060,512

Total

Investments

(cost

$754,622,694)

100.6%

$743,391,994

Other

Assets

and

Liabilities,

Net

(0.6%)

(4,406,591)

Total

Net

Assets

100.0%

$738,985,403

a

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

b

Non-income

producing

security.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2020,

the

value

of

these

investments

was

$25,213,919

or

3.4%

of

total

net

assets.

d

All

or

a

portion

of

the

security

is

on

loan.

e

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

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.

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

32

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,

2020:

Securities

Lending

Transactions

Common

Stock

$

6,978,860

Total

lending

$6,978,860

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$8,557,141

Net

amounts

due

to

counterparty

$1,578,281

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

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

$

68,117,740

Gross

unrealized

depreciation

(88,702,030)

Net

unrealized

appreciation

(depreciation)

$

(20,584,290)

Cost

for

federal

income

tax

purposes

$

763,455,237

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2020,

in

valuing

International

Equity

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

43,168,326

–

43,168,326

–

Consumer

Discretionary

73,824,364

1,622,088

72,202,276

–

Consumer

Staples

46,382,205

–

46,382,205

–

Energy

32,854,796

1,668,985

31,185,811

–

Financials

115,941,898

–

115,941,898

–

Health

Care

105,269,575

–

105,269,575

–

Industrials

136,563,201

–

134,661,647

1,901,554

Information

Technology

66,376,386

–

66,376,386

–

Materials

72,380,264

11,968

72,368,296

–

Real

Estate

35,901,270

–

35,901,270

–

Utilities

4,112,056

–

4,112,056

–

Short-Term

Investments

999,820

–

999,820

–

Subtotal

Investments

in

Securities

$733,774,161

$3,303,041

$728,569,566

$1,901,554

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,060,692

Collateral

Held

for

Securities

Loaned

8,557,141

Subtotal

Other

Investments

$9,617,833

Total

Investments

at

Value

$743,391,994

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

521,047

521,047

–

–

Total

Liability

Derivatives

$521,047

$521,047

$–

$–

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

33

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

The

following

table

presents

International

Equity

Fund's

futures

contracts

held

as

of

October

31,

2020.

Investments

and/or

cash

totaling

$999,820

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

ICE

mini

MSCI

EAFE

Index

91

December

2020

$

8,637,792

(

$

521,047)

Total

Futures

Long

Contracts

$

8,637,792

(

$

521,047)

Total

Futures

Contracts

$

8,637,792

($521,047)

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2020,

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)

$

521,047

Total

Equity

Contracts

521,047

Total

Liability

Derivatives

$521,047

*

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,

2020,

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

41,319

Total

Equity

Contracts

41,319

Total

$41,319

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2020,

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

ap-

preciation/(depreciation)

recognized

in

Income

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(521,047)

Total

Equity

Contracts

(521,047)

Total

($521,047)

The

following

table

presents

International

Equity

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2020.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$722,411

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

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

International

Equity

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

10/31/2020

Shares

Held

at

10/31/2020

%

of

Net

Assets

10/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.290%

$—

$103,732

$102,686

$1,061

106

0.1%

Total

Affiliated

Short-Term

Investments

—

1,061

0.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

16,254

193,522

201,219

8,557

8,557

1.1

Total

Collateral

Held

for

Securities

Loaned

16,254

8,557

1.1

Total

Value

$16,254

$9,618

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

10/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.290%

$15

$–

$

0

$27

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$27

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

101

Total

Affiliated

Income

from

Securities

Loaned,

Net

$101

Total

$15

$–

$0

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

35

Shares

Common

Stock

(

99.8%

)

Value

Communications

Services

(3.9%)

4,720

Alphabet,

Inc.,

Class

A

a

$

7,628,039

92,195

AT&T,

Inc.

2,491,109

118,314

Comcast

Corporation

4,997,583

123,054

T-Mobile

US,

Inc.

a

13,483,027

383,601

Verizon

Communications,

Inc.

21,861,421

30,861

Walt

Disney

Company

3,741,896

Total

54,203,075

Consumer

Discretionary

(7.3%)

1,028

Amazon.com,

Inc.

a

3,121,162

8,070

AutoZone,

Inc.

a

9,110,869

25,315

Dollar

General

Corporation

5,283,494

11,578

Domino's

Pizza,

Inc.

4,380,189

27,563

Garmin,

Ltd.

2,867,103

90,221

Home

Depot,

Inc.

24,062,843

144,470

McDonald's

Corporation

30,772,110

12,871

NIKE,

Inc.

1,545,550

1,420

NVR,

Inc.

a

5,613,388

20,402

O'Reilly

Automotive,

Inc.

a

8,907,513

45,241

TJX

Companies,

Inc.

2,298,243

35,844

Yum!

Brands,

Inc.

3,345,320

Total

101,307,784

Consumer

Staples

(13.8%)

115,039

Altria

Group,

Inc.

4,150,607

21,070

Church

&

Dwight

Company,

Inc.

1,862,377

41,919

Clorox

Company

b

8,687,713

221,367

Coca-Cola

Company

10,638,898

209,426

Colgate-Palmolive

Company

16,521,617

44,576

Costco

Wholesale

Corporation

15,941,269

16,064

General

Mills,

Inc.

949,704

121,524

Hershey

Company

16,704,689

149,070

Hormel

Foods

Corporation

7,258,218

53,492

Kellogg

Company

3,364,112

30,415

Kimberly-Clark

Corporation

4,032,725

45,398

McCormick

&

Company,

Inc.

8,194,793

412,322

Mondelez

International,

Inc.

21,902,545

70,427

Monster

Beverage

Corporation

a

5,392,595

213,653

PepsiCo,

Inc.

28,477,808

22,502

Philip

Morris

International,

Inc.

1,598,092

174,185

Procter

&

Gamble

Company

23,880,764

96,152

Wal-Mart

Stores,

Inc.

13,341,090

Total

192,899,616

Energy

(0.3%)

41,025

Core

Laboratories

NV

592,811

118,677

Devon

Energy

Corporation

1,059,786

61,165

Diamondback

Energy,

Inc.

1,587,843

24,724

EOG

Resources,

Inc.

846,550

Total

4,086,990

Financials

(9.4%)

5,482

Alleghany

Corporation

2,998,270

74,495

Aon

plc

13,707,825

164,986

Arthur

J.

Gallagher

&

Company

17,110,698

39,992

Berkshire

Hathaway,

Inc.

a

8,074,385

2,844

BlackRock,

Inc.

1,704,153

21,256

Cboe

Global

Markets,

Inc.

1,727,900

68,727

Chubb,

Ltd.

8,928,324

40,194

CME

Group,

Inc.

6,058,040

27,423

Everest

Re

Group,

Ltd.

5,404,525

7,893

FactSet

Research

Systems,

Inc.

2,419,204

27,647

First

Midwest

Bancorp,

Inc.

346,970

Shares

Common

Stock

(99.8%)

Value

Financials

(9.4%)

-

continued

103,087

Fulton

Financial

Corporation

$

1,132,926

94,077

Hanover

Insurance

Group,

Inc.

8,999,406

23,796

Hartford

Financial

Services

Group,

Inc.

916,622

26,474

Intercontinental

Exchange,

Inc.

2,499,145

9,170

Markel

Corporation

a

8,553,776

203,630

Marsh

&

McLennan

Companies,

Inc.

21,067,560

3,718

Moody's

Corporation

977,462

8,732

MSCI,

Inc.

3,054,803

75,182

Progressive

Corporation

6,909,226

8,311

RenaissanceRe

Holdings,

Ltd.

1,344,055

43,510

T.

Rowe

Price

Group,

Inc.

5,510,977

9,437

Towne

Bank

171,565

19,064

W.R.

Berkley

Corporation

1,146,128

Total

130,763,945

Health

Care

(18.3%)

118,888

Abbott

Laboratories

12,496,318

14,364

AbbVie,

Inc.

1,222,376

36,836

Amgen,

Inc.

7,991,202

68,379

Baxter

International,

Inc.

5,304,159

35,610

Becton,

Dickinson

and

Company

8,230,539

309

Bio-Rad

Laboratories,

Inc.

a

181,204

2,872

Bio-

Techne

Corporation

724,922

13,067

Chemed

Corporation

6,250,208

7,245

Cooper

Companies,

Inc.

2,311,517

95,602

Danaher

Corporation

21,944,483

137,649

Eli

Lilly

and

Company

17,957,689

248,208

Gilead

Sciences,

Inc.

14,433,295

2,458

IQVIA

Holding,

Inc.

a

378,507

218,179

Johnson

&

Johnson

29,914,523

166,644

Medtronic

plc

16,759,387

295,330

Merck

&

Company,

Inc.

22,211,769

167

Mettler

-Toledo

International,

Inc.

a

166,651

140,525

Pfizer,

Inc.

4,985,827

31,220

Regeneron

Pharmaceuticals,

Inc.

a

16,969,943

56,122

Stryker

Corporation

11,337,205

22,858

Thermo

Fisher

Scientific,

Inc.

10,814,577

60,694

UnitedHealth

Group,

Inc.

18,520,167

43,975

Vertex

Pharmaceuticals,

Inc.

a

9,162,631

98,969

Zoetis,

Inc.

15,691,535

Total

255,960,634

Industrials

(13.1%)

58,728

A.O.

Smith

Corporation

3,035,650

100,918

AMETEK,

Inc.

9,910,148

98,332

C.H.

Robinson

Worldwide,

Inc.

8,695,499

21,297

Cintas

Corporation

6,698,971

14,006

Expeditors

International

of

Washington,

Inc.

1,237,710

71,782

General

Dynamics

Corporation

9,427,130

55,251

Honeywell

International,

Inc.

9,113,652

37,314

IDEX

Corporation

6,357,932

39,430

Illinois

Tool

Works,

Inc.

7,723,548

10,916

L3Harris

Technologies,

Inc.

1,758,677

73,450

Landstar

System,

Inc.

9,159,215

24,856

Lennox

International,

Inc.

6,752,381

19,810

Linde

Public

Limited

Company

4,364,935

53,212

Lockheed

Martin

Corporation

18,631,118

3,011

Nordson

Corporation

582,418

149,422

Republic

Services,

Inc.

13,174,538

13,362

Rockwell

Automation,

Inc.

3,168,397

34,651

Union

Pacific

Corporation

6,139,811

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

36

Shares

Common

Stock

(99.8%)

Value

Industrials

(13.1%)

-

continued

93,117

Verisk

Analytics,

Inc.

$

16,572,033

166,979

Waste

Connections,

Inc.

16,584,354

204,949

Waste

Management,

Inc.

22,116,047

7,842

Watsco

,

Inc.

1,757,706

Total

182,961,870

Information

Technology

(20.5%)

142,037

Accenture

plc

30,809,246

27,868

Adobe,

Inc.

a

12,459,783

186,071

Amphenol

Corporation

20,996,252

7,684

Apple,

Inc.

836,480

1,371

Arista

Networks,

Inc.

a

286,402

37,573

Black

Knight,

Inc.

a

3,304,545

62,579

Broadridge

Financial

Solutions,

Inc.

8,610,870

28,924

Cisco

Systems,

Inc.

1,038,372

95,444

Citrix

Systems,

Inc.

10,810,942

33,528

Fidelity

National

Information

Services,

Inc.

4,177,254

13,146

Fiserv,

Inc.

a

1,255,049

36,927

Intuit,

Inc.

11,620,188

82,842

Jack

Henry

&

Associates,

Inc.

12,281,326

46,544

Keysight

Technologies,

Inc.

a

4,881,069

67,419

MasterCard,

Inc.

19,459,820

168,611

Microsoft

Corporation

34,138,670

81,110

Motorola

Solutions,

Inc.

12,820,247

251,822

Oracle

Corporation

14,129,732

218,496

Paychex,

Inc.

17,971,296

57,686

Synopsys,

Inc.

a

12,336,728

61,911

Texas

Instruments,

Inc.

8,951,711

41,521

Tyler

Technologies,

Inc.

a

15,959,842

20,783

VeriSign,

Inc.

a

3,963,318

119,110

Visa,

Inc.

21,643,478

84,563

Western

Union

Company

1,643,905

Total

286,386,525

Materials

(2.6%)

7,369

Air

Products

and

Chemicals,

Inc.

2,035,612

12,508

AptarGroup,

Inc.

1,427,038

63,695

Ecolab,

Inc.

11,693,765

199,009

Newmont

Mining

Corporation

12,505,726

13,049

Sherwin-Williams

Company

8,977,451

Total

36,639,592

Real

Estate

(3.9%)

46,603

Agree

Realty

Corporation

2,892,648

15,186

American

Tower

Corporation

3,487,465

50,388

Camden

Property

Trust

4,647,789

12,983

Crown

Castle

International

Corporation

2,027,945

5,470

EastGroup

Properties,

Inc.

727,948

21,163

Essential

Properties

Realty

Trust,

Inc.

349,613

20,057

Essex

Property

Trust,

Inc.

4,103,462

13,068

Extra

Space

Storage,

Inc.

1,515,235

157,239

First

Industrial

Realty

Trust,

Inc.

6,259,684

47,278

Industrial

Logistics

Properties

Trust

906,792

88,243

Invitation

Homes,

Inc.

2,405,504

213,012

Iron

Mountain,

Inc.

5,551,093

53,208

Kilroy

Realty

Corporation

2,505,033

7,002

Public

Storage,

Inc.

1,603,948

102,608

Realty

Income

Corporation

5,936,899

24,475

Rexford

Industrial

Realty,

Inc.

1,137,108

33,087

Service

Properties

Trust

238,557

Shares

Common

Stock

(99.8%)

Value

Real

Estate

(3.9%)

-

continued

34,806

Spirit

Realty

Capital,

Inc.

$

1,045,920

5,311

Sun

Communities,

Inc.

730,953

141,831

UDR,

Inc.

4,430,800

20,760

WP

Carey,

Inc.

1,299,784

Total

53,804,180

Utilities

(6.7%)

36,605

ALLETE,

Inc.

1,888,086

55,588

American

Electric

Power

Company,

Inc.

4,999,029

12,124

American

Water

Works

Company,

Inc.

1,824,783

143,628

Consolidated

Edison,

Inc.

11,273,362

96,637

DTE

Energy

Company

11,926,938

28,708

Duke

Energy

Corporation

2,644,294

108,977

IDACORP,

Inc.

9,560,552

462,936

NextEra

Energy,

Inc.

33,891,545

47,012

Southern

Company

2,700,839

50,176

WEC

Energy

Group,

Inc.

5,045,197

115,799

Xcel

Energy,

Inc.

8,109,404

Total

93,864,029

Total

Common

Stock

(cost

$1,290,642,260)

1,392,878,240

Shares

Collateral

Held

for

Securities

Loaned

(

0.3%

)

Value

4,196,100

Thrivent

Cash

Management

Trust

4,196,100

Total

Collateral

Held

for

Securities

Loaned

(cost

$4,196,100)

4,196,100

Shares

Short-Term

Investments

(

0.1%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

159,910

0.290%

1,599,096

Total

Short-Term

Investments

(cost

$1,597,019)

1,599,096

Total

Investments

(cost

$1,296,435,379)

100.2%

$1,398,673,436

Other

Assets

and

Liabilities,

Net

(0.2%)

(2,933,427)

Total

Net

Assets

100.0%

$1,395,740,009

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,

2020:

Securities

Lending

Transactions

Common

Stock

$

4,082,825

Total

lending

$4,082,825

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$4,196,100

Net

amounts

due

to

counterparty

$113,275

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

37

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

$

159,883,099

Gross

unrealized

depreciation

(59,219,716)

Net

unrealized

appreciation

(depreciation)

$

100,663,383

Cost

for

federal

income

tax

purposes

$

1,298,010,053

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2020,

in

valuing

Low

Volatility

Equity

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

54,203,075

54,203,075

–

–

Consumer

Discretionary

101,307,784

101,307,784

–

–

Consumer

Staples

192,899,616

192,899,616

–

–

Energy

4,086,990

4,086,990

–

–

Financials

130,763,945

130,763,945

–

–

Health

Care

255,960,634

255,960,634

–

–

Industrials

182,961,870

182,961,870

–

–

Information

Technology

286,386,525

286,386,525

–

–

Materials

36,639,592

36,639,592

–

–

Real

Estate

53,804,180

53,804,180

–

–

Utilities

93,864,029

93,864,029

–

–

Subtotal

Investments

in

Securities

$1,392,878,240

$1,392,878,240

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,599,096

Collateral

Held

for

Securities

Loaned

4,196,100

Subtotal

Other

Investments

$5,795,196

Total

Investments

at

Value

$1,398,673,436

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Low

Volatility

Equity

Fund,

is

as

follows:

Fund

Value

10/31/2019

Gross

Purchases

Gross

Sales

Value

10/31/2020

Shares

Held

at

10/31/2020

%

of

Net

Assets

10/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.290%

$1,504

$107,886

$107,799

$1,599

160

0.1%

Total

Affiliated

Short-Term

Investments

1,504

1,599

0.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

36,708

32,512

4,196

4,196

0.3

Total

Collateral

Held

for

Securities

Loaned

–

4,196

0.3

Total

Value

$1,504

$5,795

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

38

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2019

-

10/31/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.290%

$6

$2

$0

$38

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$38

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

9

Total

Affiliated

Income

from

Securities

Loaned,

Net

$9

Total

$6

$2

$0

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Asset-Backed

Securities

(

3.1%

)

a

Value

AmeriCredit

Automobile

Receivables

Trust

$

5,108,693

0.261% ,

7/19/2021,

Ser.

2020-2

$

5,108,799

ARI

Fleet

Lease

Trust

1,959,856

1.685% ,

2/16/2021,

Ser.

2020-A

b

1,961,254

BCC

Funding

XVII,

LLC

16,000,000

0.310% ,

10/20/2021,

Ser.

2020-1

b

16,001,730

CarMax

Auto

Owner

Trust

12,057,712

0.277% ,

7/15/2021,

Ser.

2020-3

12,058,542

CCG

Receivables

Trust

8,463,870

0.255% ,

8/16/2021,

Ser.

2020-1

b

8,463,916

Dell

Equipment

Finance

Trust

21,575,283

0.315% ,

9/22/2021,

Ser.

2020-2

b

21,579,507

Enterprise

Fleet

Financing,

LLC

709,206

1.690% ,

2/22/2021,

Ser.

2020-1

b

709,672

HPEFS

Equipment

Trust

10,389,185

0.428% ,

7/20/2021,

Ser.

2020-2A

b

10,391,713

Kubota

Credit

Owner

Trust

4,369,301

0.269% ,

8/16/2021,

Ser.

2020-2A

b

4,369,642

Santander

Consumer

Auto

Receivables

Trust

10,618,421

0.209% ,

9/15/2021,

Ser.

2020-BA

b

10,618,363

Santander

Drive

Auto

Receivables

Trust

1,195,093

0.241% ,

7/15/2021,

Ser.

2020-2

1,195,103

21,622,635

0.282% ,

10/15/2021,

Ser.

2020-3

21,622,092

SCF

Equipment

Leasing,

LLC

7,245,780

0.386% ,

8/20/2021,

Ser.

2020-1A

b

7,245,976

World

Omni

Select

Auto

Trust

23,319,289

0.206% ,

9/15/2021,

Ser.

2020-A

23,318,576

Total

144,644,885

Principal

Amount

Basic

Materials

(

1.9%

)

a

Value

BASF

SE

25,000,000

0.190% ,

12/22/2020

b

24,994,185

25,000,000

0.200% ,

12/28/2020

b

24,993,444

EI

du

Pont

de

Nemours

&

Company

7,000,000

0.180% ,

12/1/2020

b

6,998,737

14,500,000

0.190% ,

12/21/2020

b

14,496,356

Nutrien

,

Ltd.

20,000,000

0.150% ,

11/12/2020

b

19,998,447

Total

91,481,169

Principal

Amount

Capital

Goods

(

0.9%

)

a

Value

John

Deere

Canada,

ULC

20,000,000

0.130% ,

11/23/2020

b,c

19,998,720

Principal

Amount

Capital

Goods

(0.9%)

a

Value

John

Deere

Capital

Corporation

$

3,850,000

0.648%

(LIBOR

3M

+

0.400%),

6/7/2021

d

$

3,858,462

14,185,000

0.510%

(LIBOR

3M

+

0.260%),

9/10/2021

d

14,215,933

Waste

Management,

Inc.

3,500,000

0.250% ,

1/6/2021

b,c

3,498,578

Total

41,571,693

Principal

Amount

Consumer

Cyclical

(

4.9%

)

a

Value

American

Honda

Finance

Corporation

30,000,000

0.531%

(LIBOR

3M

+

0.280%),

11/2/2020

d

30,000,000

5,820,000

0.600%

(LIBOR

3M

+

0.350%),

6/11/2021

d

5,831,349

BMW

US

Capital,

LLC

10,560,000

0.631%

(LIBOR

3M

+

0.410%),

4/12/2021

b,d

10,573,918

Hyundai

Capital

America

9,810,000

0.180% ,

11/30/2020

b,c

9,806,697

21,800,000

0.310% ,

1/6/2021

b,c

21,782,911

McDonald's

Corporation

4,000,000

2.750% ,

12/9/2020

4,007,154

Tesla

Auto

Lease

Trust

4,038,634

0.215% ,

8/20/2021,

Ser.

2020-A

b

4,038,576

Toyota

Credit

Canada,

Inc.

25,000,000

0.170% ,

12/22/2020

c

24,991,903

25,000,000

0.200% ,

1/12/2021

c

24,988,951

Toyota

Finance

Australia,

Ltd.

25,000,000

0.260% ,

2/5/2021

c

24,988,567

Toyota

Financial

Services

de

Puerto

Rico,

Inc.

15,070,000

0.220% ,

11/30/2020

15,068,560

25,000,000

0.150% ,

12/21/2020

24,995,486

Toyota

Motor

Credit

Corporation

11,708,000

0.449%

(LIBOR

3M

+

0.200%),

3/12/2021

d

11,717,004

5,680,000

0.379%

(LIBOR

3M

+

0.125%),

8/13/2021

d

5,684,144

Walmart,

Inc.

11,997,000

0.453%

(LIBOR

3M

+

0.230%),

6/23/2021

d

12,016,384

Total

230,491,604

Principal

Amount

Consumer

Non-Cyclical

(

3.3%

)

a

Value

Coca-Cola

Company

25,000,000

0.110% ,

12/8/2020

b

24,997,210

GlaxoSmithKline

Capital

plc

13,410,000

0.615%

(LIBOR

3M

+

0.350%),

5/14/2021

d

13,435,304

Kimberly-Clark

Corporation

19,625,000

0.100% ,

11/17/2020

b

19,624,078

Merck

&

Company,

Inc.

11,100,000

3.875% ,

1/15/2021

11,123,512

PepsiCo,

Inc.

10,000,000

1.880% ,

12/11/2020

b

9,999,230

10,000,000

2.350% ,

12/14/2020

b

9,999,188

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

40

Principal

Amount

Consumer

Non-Cyclical

(3.3%)

a

Value

$

10,410,000

0.764%

(LIBOR

3M

+

0.530%),

10/6/2021

d

$

10,459,644

Pfizer,

Inc.

21,940,000

0.130% ,

11/25/2020

b

21,938,605

UnitedHealth

Group,

Inc.

10,000,000

0.120% ,

11/6/2020

b

9,999,728

25,000,000

0.150% ,

11/9/2020

b

24,999,028

Total

156,575,527

Principal

Amount

Energy

(

2.1%

)

a

Value

BP

Capital

Markets

plc

47,325,000

0.506%

(LIBOR

3M

+

0.250%),

11/24/2020

d

47,334,938

Total

Capital

Canada,

Ltd.

25,000,000

0.180% ,

1/20/2021

b,c

24,991,743

25,000,000

0.180% ,

1/27/2021

b,c

24,990,791

Total

97,317,472

Principal

Amount

Financials

(

40.0%

)

a

Value

AIG

Global

Funding

15,907,000

0.866%

(LIBOR

3M

+

0.650%),

1/22/2021

b,d

15,927,501

4,000,000

0.685%

(LIBOR

3M

+

0.460%),

6/25/2021

b,d

4,010,309

ANZ

New

Zealand

International,

Ltd.

9,270,000

2.750% ,

1/22/2021

b

9,319,588

7,000,000

1.232%

(LIBOR

3M

+

1.010%),

7/28/2021

b,d

7,048,513

Australia

&

New

Zealand

Banking

Group,

Ltd.

9,850,000

0.563%

(LIBOR

3M

+

0.320%),

11/9/2020

b,d

9,850,532

4,800,000

1.126%

(LIBOR

3M

+

0.870%),

11/23/2021

b,d

4,840,607

Bank

of

Montreal

10,000,000

0.150% ,

11/2/2020

10,000,055

25,000,000

0.190% ,

1/21/2021

25,000,403

10,000,000

0.616%

(LIBOR

3M

+

0.400%),

1/22/2021

d

10,008,031

25,000,000

0.299%

(LIBOR

3M

+

0.050%),

2/4/2021

d

25,004,421

10,000,000

0.380%

(SOFRRATE

+

0.290%),

3/5/2021

d

10,006,993

5,000,000

1.041%

(LIBOR

3M

+

0.790%),

8/27/2021

d

5,032,111

Bank

of

Nova

Scotia

13,640,000

0.635%

(LIBOR

3M

+

0.420%),

1/25/2021

d

13,650,974

4,835,000

0.658%

(LIBOR

3M

+

0.440%),

4/20/2021

d

4,843,845

Barclays

Bank

plc

15,000,000

0.220% ,

12/10/2020

b,c

14,997,250

16,968,000

0.684%

(LIBOR

3M

+

0.460%),

1/11/2021

d

16,975,186

Barton

Capital

SA

15,000,000

0.130% ,

11/4/2020

b,c

14,999,750

24,800,000

0.150% ,

11/16/2020

b,c

24,798,384

25,000,000

0.200% ,

1/20/2021

b,c

24,989,921

Principal

Amount

Financials

(40.0%)

a

Value

BNP

Paribas

SA

$

7,205,000

0.632%

(LIBOR

3M

+

0.390%),

8/7/2021

b,d

$

7,225,459

CAFCO,

LLC

25,000,000

0.170% ,

1/21/2021

b,c

24,992,219

Canadian

Imperial

Bank

of

Commerce

8,500,000

0.254%

(LIBOR

3M

+

0.020%),

7/1/2021

d

8,500,566

15,000,000

0.358%

(LIBOR

3M

+

0.140%),

7/19/2021

d

15,013,905

34,400,000

0.409%

(LIBOR

3M

+

0.160%),

8/6/2021

d

34,436,478

Chariot

Funding,

LLC

25,000,000

0.250% ,

11/12/2020

b

24,999,124

35,000,000

0.140% ,

12/14/2020

b

34,994,969

25,000,000

0.140% ,

12/17/2020

b

24,996,133

25,000,000

0.250% ,

2/3/2021

b

24,990,000

Ciesco

,

LLC

25,000,000

0.200% ,

11/12/2020

b,c

24,998,853

30,000,000

0.160% ,

11/19/2020

b,c

29,997,500

Citibank

NA

25,383,000

0.607%

(LIBOR

3M

+

0.350%),

2/12/2021

d

25,399,753

12,900,000

2.850% ,

2/12/2021

12,966,021

10,000,000

0.779%

(LIBOR

3M

+

0.570%),

7/23/2021

d

10,028,368

Commonwealth

Bank

of

Australia

5,250,000

1.078%

(LIBOR

3M

+

0.830%),

9/6/2021

b,d

5,284,630

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

5,000,000

2.500% ,

1/19/2021

5,023,718

Dealers

Capital

Access

Trust,

LLC

15,000,000

0.200% ,

11/10/2020

14,999,450

4,500,000

0.190% ,

11/18/2020

4,499,703

Erste

Abwicklungsanstalt

25,000,000

0.140% ,

11/30/2020

b

24,998,062

25,000,000

0.140% ,

12/29/2020

b

24,995,833

25,000,000

0.150% ,

12/30/2020

b

24,995,721

FMS

Wertmanagement

15,000,000

0.150% ,

11/6/2020

b

14,999,796

25,000,000

0.130% ,

11/24/2020

b

24,998,559

1,700,000

0.180% ,

1/21/2021

b

1,699,549

1,800,000

0.180% ,

2/2/2021

b

1,799,401

Goldman

Sachs

Bank

USA

25,000,000

0.367%

(SOFRRATE

+

0.280%),

2/5/2021

d

25,013,393

GTA

Funding,

LLC

10,600,000

0.160% ,

11/19/2020

b

10,599,117

ING

Bank

NV

2,000,000

1.160%

(LIBOR

3M

+

0.880%),

8/15/2021

b,d

2,013,022

Jupiter

Securitization

Company,

LLC

25,000,000

0.140% ,

11/17/2020

b,c

24,998,225

KFW

25,000,000

0.140% ,

11/18/2020

b,c

24,998,641

25,000,000

0.145% ,

12/16/2020

b,c

24,995,659

Lime

Funding,

LLC

15,000,000

0.200% ,

12/2/2020

b

14,997,841

Lloyds

Banking

Group

plc

14,860,000

6.375% ,

1/21/2021

15,053,621

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

41

Principal

Amount

Financials

(40.0%)

a

Value

$

10,000,000

0.732%

(LIBOR

3M

+

0.490%),

5/7/2021

d

$

10,020,830

25,000,000

0.343%

(LIBOR

3M

+

0.090%),

5/20/2021

d

25,005,465

15,000,000

0.350%

(LIBOR

3M

+

0.100%),

9/15/2021

d

14,997,404

LMA

Americas,

LLC

15,000,000

0.310%

(LIBOR

1M

+

0.170%),

12/4/2020

b,d

15,002,335

Macquarie

Bank,

Ltd.

10,000,000

0.180% ,

12/7/2020

b

9,998,068

10,000,000

0.190% ,

12/15/2020

b

9,997,649

4,100,000

2.850% ,

1/15/2021

b

4,120,967

10,000,000

0.299%

(LIBOR

1M

+

0.150%),

2/24/2021

b,d

10,002,767

MassMutual

Global

Funding

12,850,000

2.450% ,

11/23/2020

b

12,867,392

Metropolitan

Life

Global

Funding

I

13,985,000

2.500% ,

12/3/2020

b

14,011,930

7,623,000

0.460%

(LIBOR

3M

+

0.230%),

1/8/2021

b,d

7,626,306

6,270,000

2.400% ,

1/8/2021

b

6,294,766

25,000,000

0.580%

(SOFRRATE

+

0.500%),

5/28/2021

b,d

25,049,456

Mid-America

Apartment

Communities,

Inc.

25,000,000

0.170% ,

11/3/2020

b

24,999,583

15,000,000

0.190% ,

11/13/2020

b

14,999,026

Mitsubishi

UFJ

Trust

&

Banking

Corporation

10,000,000

0.240% ,

2/5/2021

10,002,094

Mizuho

Corporate

Bank

7,725,000

1.730% ,

1/22/2021

7,752,700

National

Australia

Bank,

Ltd.

5,500,000

0.959%

(LIBOR

3M

+

0.710%),

11/4/2021

b,d

5,533,305

Nationwide

Building

Society

5,000,000

0.150% ,

11/9/2020

b

4,999,806

15,000,000

0.180% ,

11/12/2020

b

14,999,242

25,000,000

0.160% ,

12/2/2020

b

24,996,860

10,000,000

0.160% ,

12/8/2020

b

9,998,364

Natixis

NY

3,994,000

1.930% ,

11/13/2020

3,996,835

Nederlandse

Waterschapsbank

NV

25,000,000

0.170% ,

11/24/2020

b

24,997,934

5,100,000

0.150% ,

12/29/2020

b

5,098,895

12,200,000

0.145% ,

12/31/2020

b

12,197,248

New

York

Life

Global

Funding

11,796,000

0.569%

(LIBOR

3M

+

0.320%),

8/6/2021

b,d

11,819,681

Nordea

Bank

Abp

15,000,000

0.268%

(LIBOR

3M

+

0.050%),

10/20/2021

d

14,999,999

Old

Line

Funding,

LLC

25,000,000

0.180%

(LIBOR

1M

+

0.040%),

1/5/2021

b,c,d

25,000,000

25,000,000

0.197%

(LIBOR

3M

+

(0.040)%),

3/17/2021

b,c,d

24,998,139

Pacific

Life

7,100,000

0.130% ,

11/30/2020

b

7,099,199

PNC

Bank

NA

12,700,000

0.466%

(LIBOR

3M

+

0.250%),

1/22/2021

d

12,705,537

Principal

Amount

Financials

(40.0%)

a

Value

Pricoa

Global

Funding

I

$

3,825,000

2.550% ,

11/24/2020

b

$

3,828,926

Royal

Bank

of

Canada

1,900,000

1.250% ,

12/9/2020

1,902,447

10,000,000

0.324%

(LIBOR

3M

+

0.090%),

1/4/2021

b,d

10,001,893

13,460,000

0.615%

(LIBOR

3M

+

0.400%),

1/25/2021

d

13,472,176

10,000,000

0.291% ,

2/3/2021

b

10,001,533

10,000,000

0.240%

(SOFRRATE

+

0.150%),

2/26/2021

b,d

10,001,979

10,000,000

0.340%

(SOFRRATE

+

0.250%),

3/3/2021

b,d

10,005,505

18,237,000

0.604%

(LIBOR

3M

+

0.390%),

4/30/2021

d

18,269,097

15,000,000

0.354%

(LIBOR

3M

+

0.140%),

7/30/2021

d

15,014,500

15,000,000

0.280%

(LIBOR

3M

+

0.050%),

10/8/2021

d

14,999,999

15,000,000

0.282%

(LIBOR

3M

+

0.060%),

10/28/2021

d

14,995,558

Simon

Property

Group,

LP

10,200,000

0.150% ,

11/30/2020

b

10,199,034

Skandinaviska

Enskilda

Banken

AB

16,104,000

0.710%

(LIBOR

3M

+

0.430%),

5/17/2021

b,d

16,138,324

Starbird

Funding

Corporation

10,000,000

0.150% ,

11/9/2020

b,c

9,999,725

Sumitomo

Mitsui

Banking

Corporation

15,000,000

0.281%

(LIBOR

1M

+

0.130%),

11/20/2020

d

15,001,193

Sumitomo

Mitsui

Trust

Bank,

Ltd.

4,800,000

0.170% ,

11/12/2020

b

4,799,823

Sumitomo

Trust

Banking

6,000,000

0.140% ,

11/6/2020

b

5,999,883

Svenska

Handelsbanken

AB

22,300,000

0.726%

(LIBOR

3M

+

0.470%),

5/24/2021

d

22,358,510

15,000,000

0.268%

(LIBOR

3M

+

0.050%),

10/19/2021

b,d

15,000,000

Svenska

Handelsbanken

NY

15,000,000

0.347%

(LIBOR

3M

+

0.110%),

6/16/2021

d

15,010,210

Toronto-Dominion

Bank

12,000,000

0.455%

(LIBOR

3M

+

0.240%),

1/25/2021

d

12,006,276

10,000,000

0.301%

(LIBOR

3M

+

0.050%),

2/1/2021

b,d

10,000,750

40,000,000

2.250% ,

3/15/2021

b

40,298,000

20,958,000

0.516%

(LIBOR

3M

+

0.270%),

3/17/2021

d

20,979,544

5,184,000

1.220%

(LIBOR

3M

+

1.000%),

4/7/2021

d

5,206,430

10,000,000

0.360%

(LIBOR

3M

+

0.110%),

6/10/2021

d

10,007,227

10,000,000

0.355%

(LIBOR

3M

+

0.130%),

7/1/2021

b,d

10,008,658

12,830,000

0.358%

(LIBOR

3M

+

0.140%),

7/19/2021

d

12,842,809

11,000,000

0.514%

(LIBOR

3M

+

0.300%),

7/30/2021

d

11,018,844

10,000,000

0.300%

(LIBOR

3M

+

0.070%),

10/8/2021

d

9,999,999

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

42

Principal

Amount

Financials

(40.0%)

a

Value

U.S.

Bank

NA

$

6,630,000

0.559%

(LIBOR

3M

+

0.310%),

2/4/2021

d

$

6,633,396

9,000,000

3.000% ,

2/4/2021

9,042,905

30,288,000

0.535%

(LIBOR

3M

+

0.320%),

4/26/2021

d

30,321,741

UBS

Group

AG

11,800,000

2.450% ,

12/1/2020

b

11,800,615

10,000,000

0.304%

(LIBOR

3M

+

0.080%),

10/12/2021

b,d

10,000,000

Ventas

Realty,

LP

30,000,000

0.130% ,

11/2/2020

b,c

29,999,625

Wells

Fargo

&

Company

6,319,000

2.550% ,

12/7/2020

6,333,155

Wells

Fargo

Bank

NA

10,000,000

0.314%

(LIBOR

3M

+

0.090%),

1/13/2021

d

10,001,774

25,000,000

0.547%

(LIBOR

3M

+

0.310%),

1/15/2021

d

25,013,903

22,324,000

2.600% ,

1/15/2021

22,429,816

10,000,000

0.390%

(LIBOR

3M

+

0.110%),

2/16/2021

d

10,002,573

8,502,000

0.726%

(LIBOR

3M

+

0.510%),

10/22/2021

d

8,535,945

Westpac

Banking

Corporation

25,000,000

0.400%

(LIBOR

3M

+

0.150%),

11/25/2020

b,d

25,002,748

9,300,000

0.360%

(SOFRRATE

+

0.270%),

3/5/2021

d

9,305,854

25,000,000

0.230%

(LIBOR

1M

+

0.090%),

5/5/2021

b,c,d

25,011,063

Total

1,890,801,410

Principal

Amount

Technology

(

1.5%

)

a

Value

IBM

Credit,

LLC

15,000,000

0.726%

(LIBOR

3M

+

0.470%),

11/30/2020

d

15,004,827

26,070,000

0.478%

(LIBOR

3M

+

0.260%),

1/20/2021

d

26,084,002

19,975,000

0.409%

(LIBOR

3M

+

0.160%),

2/5/2021

d

19,981,433

International

Business

Machines

Corporation

8,905,000

0.654%

(LIBOR

3M

+

0.400%),

5/13/2021

d

8,921,893

Total

69,992,155

Principal

Amount

Transportation

(

1.3%

)

a

Value

Canadian

Pacific

Railway

Company

25,000,000

0.160% ,

11/17/2020

b

24,997,787

Union

Pacific

Corporation

17,100,000

0.220% ,

11/30/2020

b

17,097,644

20,000,000

0.200% ,

12/1/2020

b

19,997,138

Total

62,092,569

Principal

Amount

U.S.

Government

&

Agencies

(

31.9%

)

a

Value

Federal

Agricultural

Mortgage

Corporation

14,290,000

0.161%

(LIBOR

1M

+

0.010%),

5/20/2021

d

14,288,429

Principal

Amount

U.S.

Government

&

Agencies

(31.9%)

a

Value

$

14,490,000

0.152%

(LIBOR

1M

+

FLAT),

7/28/2021

d

$

14,487,860

10,000,000

0.207%

(LIBOR

1M

+

0.060%),

10/18/2021

d

9,998,080

21,500,000

0.146%

(LIBOR

1M

+

FLAT),

11/22/2021

d

21,495,453

20,500,000

0.231%

(LIBOR

3M

+

(0.010)%),

12/2/2021

d

20,495,593

5,000,000

0.314%

(LIBOR

3M

+

0.080%),

1/3/2022

d

5,006,597

64,000,000

0.176%

(LIBOR

1M

+

0.030%),

1/21/2022

d

63,984,464

Federal

Farm

Credit

Bank

2,140,000

0.309%

(LIBOR

1M

+

0.160%),

1/25/2021

d

2,140,860

48,320,000

0.157%

(LIBOR

1M

+

0.010%),

3/12/2021

d

48,323,896

14,410,000

0.176%

(SOFRRATE

+

0.090%),

7/15/2021

d

14,415,094

20,000,000

0.129%

(LIBOR

3M

+

(0.120)%),

8/6/2021

d

19,996,957

100,000,000

0.134%

(LIBOR

1M

+

(0.015)%),

9/1/2021

d

99,988,834

20,000,000

0.300%

(LIBOR

1M

+

0.160%),

10/4/2021

d

20,029,396

15,000,000

0.267%

(LIBOR

1M

+

0.120%),

10/18/2021

d

15,017,088

35,000,000

0.161%

(LIBOR

1M

+

0.010%),

10/20/2021

d

35,002,871

25,000,000

0.270%

(LIBOR

1M

+

0.130%),

11/5/2021

d

25,036,225

80,000,000

0.123%

(LIBOR

3M

+

(0.120)%),

11/10/2021

d

79,965,620

98,920,000

0.136%

(LIBOR

1M

+

(0.020)%),

11/16/2021

d

98,894,981

200,000,000

0.138%

(LIBOR

1M

+

(0.010)%),

12/2/2021

d

199,969,282

25,000,000

0.175%

(LIBOR

1M

+

0.030%),

12/29/2021

d

24,997,262

8,225,000

0.225%

(LIBOR

1M

+

0.080%),

7/13/2022

d

8,209,635

Federal

Home

Loan

Bank

19,390,000

0.105%

(SOFRRATE

+

0.020%),

12/11/2020

d

19,390,085

29,640,000

0.107%

(LIBOR

1M

+

(0.040)%),

12/18/2020

d

29,639,614

20,000,000

0.115%

(SOFRRATE

+

0.030%),

12/30/2020

d

20,000,398

11,900,000

0.116%

(SOFRRATE

+

0.030%),

1/4/2021

d

11,899,627

15,000,000

0.114%

(SOFRRATE

+

0.030%),

1/15/2021

d

14,999,385

15,000,000

0.113%

(SOFRRATE

+

0.030%),

1/21/2021

d

14,999,342

10,000,000

0.096%

(LIBOR

1M

+

(0.050)%),

2/16/2021

d

9,999,320

39,670,000

0.096%

(LIBOR

1M

+

(0.050)%),

2/22/2021

d

39,667,220

10,000,000

0.139%

(LIBOR

1M

+

(0.010)%),

3/26/2021

d

10,000,055

25,000,000

0.111%

(LIBOR

3M

+

(0.110)%),

4/13/2021

d

25,000,407

19,640,000

0.099%

(LIBOR

3M

+

(0.125)%),

4/14/2021

d

19,639,017

44,045,000

0.121%

(LIBOR

1M

+

(0.030)%),

4/20/2021

d

44,042,191

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

43

Principal

Amount

U.S.

Government

&

Agencies

(31.9%)

a

Value

$

33,000,000

0.120%

(LIBOR

1M

+

(0.020)%),

5/3/2021

d

$

32,996,683

13,600,000

0.130%

(LIBOR

1M

+

(0.010)%),

5/3/2021

d

13,601,482

25,000,000

0.139%

(LIBOR

1M

+

(0.010)%),

5/24/2021

d

24,997,196

4,610,000

0.138%

(LIBOR

1M

+

(0.010)%),

6/2/2021

d

4,609,462

10,000,000

0.190%

(SOFRRATE

+

0.100%),

7/9/2021

d

10,004,283

11,325,000

0.157%

(SOFRRATE

+

0.075%),

7/23/2021

d

11,326,270

9,000,000

0.237%

(SOFRRATE

+

0.150%),

9/3/2021

d

9,007,792

25,000,000

0.151%

(LIBOR

1M

+

FLAT),

10/20/2021

d

24,994,217

89,400,000

0.133%

(LIBOR

1M

+

(0.015)%),

12/23/2021

d

89,379,605

Federal

Home

Loan

Bank

Discount

Notes

10,000,000

0.090% ,

11/27/2020

9,999,445

Federal

Home

Loan

Mortgage

Corporation

15,000,000

0.240%

(SOFRRATE

+

0.150%),

3/4/2022

d

15,013,260

Federal

National

Mortgage

Association

24,000,000

0.240%

(SOFRRATE

+

0.150%),

12/10/2021

d

24,024,364

10,000,000

0.260%

(SOFRRATE

+

0.170%),

3/9/2022

d

10,013,930

25,000,000

0.280%

(SOFRRATE

+

0.190%),

5/27/2022

d

25,071,900

Harris

County

TX

5,845,000

0.130% ,

11/5/2020

c

5,845,000

6,720,000

0.150% ,

11/5/2020

c

6,720,000

U.S.

International

Development

Finance

Corporation

11,540,000

0.150%

(T-BILL

3M

+

FLAT),

11/6/2020

d

11,540,000

U.S.

Treasury

Bills

25,000,000

0.094% ,

11/27/2020

24,998,524

25,000,000

0.085% ,

12/8/2020

24,997,750

25,000,000

0.080% ,

12/22/2020

24,996,875

Total

1,505,159,176

Principal

Amount

U.S.

Municipals

(

5.8%

)

a

Value

Chesterfield

County,

VA

Economic

Development

Auth.

Rev.

Refg

.

(Bon

Secours

Health

System)

8,000,000

5.000% ,

11/1/2020

8,000,000

Los

Angeles

County

Metropolitan

Transportation

Auth.

17,500,000

0.200% ,

11/4/2020

c

17,500,175

Massachusetts

Educational

Financing

Auth.

20,000,000

0.180% ,

11/3/2020

c

20,000,000

20,000,000

0.180% ,

11/4/2020

c

20,000,200

15,095,000

0.190% ,

12/3/2020

c

15,095,000

South

Carolina

Association

of

Governmental

Organizations

25,000,000

4.000% ,

4/15/2021

25,420,000

State

of

California

14,850,000

0.170% ,

11/10/2020

c

14,850,148

Principal

Amount

U.S.

Municipals

(5.8%)

a

Value

$

15,660,000

0.180% ,

12/3/2020

c

$

15,659,217

10,320,000

0.170% ,

1/11/2021

c

10,319,381

22,250,000

2.800% ,

4/1/2021

22,486,740

State

of

Connecticut

G.O.

25,000,000

2.670% ,

1/15/2021

25,110,250

State

of

Michigan

4,755,000

3.375% ,

12/1/2020

4,766,792

State

of

Tennessee

9,200,000

0.400% ,

11/18/2020

c

9,200,460

25,263,000

0.350% ,

12/29/2020

c

25,260,979

State

of

Wisconsin

25,000,000

0.190% ,

11/4/2020

25,000,250

17,574,000

0.190% ,

11/5/2020

17,574,176

Total

276,243,768

Principal

Amount

Utilities

(

3.5%

)

a

Value

American

Electric

Power

Company,

Inc.

5,000,000

0.160% ,

11/16/2020

b

4,999,587

Duke

Energy

Corporation

8,870,000

0.140% ,

11/19/2020

b

8,869,103

ITC

Holdings

Corporation

25,000,000

0.190% ,

11/18/2020

b

24,997,638

21,000,000

0.170% ,

11/30/2020

b

20,996,546

Magellan

Midstream

Partners,

LP

7,700,000

0.150% ,

11/13/2020

b

7,699,500

National

Rural

Utilities

Cooperative

Finance

Corporation

5,000,000

0.595%

(LIBOR

3M

+

0.375%),

6/30/2021

d

5,011,850

San

Francisco

City

&

County

Public

Utilities  Commission

Wastewater

Revenue

25,000,000

0.190% ,

1/20/2021

c

25,000,000

TransCanada

American

Investments,

Ltd.

15,000,000

0.250% ,

12/10/2020

b

14,996,635

25,500,000

0.210% ,

12/15/2020

b

25,493,451

Virginia

Electric

&

Power

Company

11,500,000

0.180% ,

11/16/2020

11,499,223

14,223,000

0.170% ,

12/11/2020

14,220,279

Total

163,783,812

Total

Investments

(cost

$4,729,596,543)

100.2%

$4,730,155,240

Other

Assets

and

Liabilities,

Net

(0.2)%

(7,738,126)

Total

Net

Assets

100.0%

$4,722,417,114

a

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2020,

the

value

of

these

investments

was

$1,733,364,642

or

36.7%

of

total

net

assets.

c

Denotes

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution

or

government.

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

October

31,

2020

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

44

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

Definitions:

Auth.

-

Authority

G.O.

-

General

Obligation

Refg

.

-

Refunding

Rev.

-

Revenue

Ser.

-

Series

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFRRATE

-

Secured

Overnight

Financing

Rate

T-BILL

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$

904,678

Gross

unrealized

depreciation

(345,981)

Net

unrealized

appreciation

(depreciation)

$

558,697

Cost

for

federal

income

tax

purposes

$

4,729,596,543

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2020,

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

144,644,885

–

144,644,885

–

Basic

Materials

91,481,169

–

91,481,169

–

Capital

Goods

41,571,693

–

41,571,693

–

Consumer

Cyclical

230,491,604

–

230,491,604

–

Consumer

Non-Cyclical

156,575,527

–

156,575,527

–

Energy

97,317,472

–

97,317,472

–

Financials

1,890,801,410

–

1,890,801,410

–

Technology

69,992,155

–

69,992,155

–

Transportation

62,092,569

–

62,092,569

–

U.S.

Government

&

Agencies

1,505,159,176

–

1,505,159,176

–

U.S.

Municipals

276,243,768

–

276,243,768

–

Utilities

163,783,812

–

163,783,812

–

Total

Investments

at

Value

$4,730,155,240

$–

$4,730,155,240

$–

Thrivent

Core

Funds

Statement

of

Assets

and

Liabilities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

46

As

of

October

31,

2020

Emerging

Markets

Debt

Fund

Emerging

Markets

Equity

Fund

International

Equity

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$901,911,135

$458,542,074

$745,004,861

Investments

in

affiliated

securities

at

cost

$39,540,566

$23,231,767

$9,617,833

Investments

in

unaffiliated

securities

at

value

(#)

951,048,160

484,919,222

733,774,161

Investments

in

affiliated

securities

at

value

39,532,715

23,231,767

9,617,833

Cash

38,979

7,963,863

(a)

—

Dividends

and

interest

receivable

10,172,473

480,330

4,312,986

Prepaid

expenses

2,843

3,702

2,582

Prepaid

trustee

fees

988

989

989

Receivable

for:

Investments

sold

8,438,707

2,906,864

220,455

Total

Assets

1,009,234,865

519,506,737

747,929,006

Liabilities

Accrued

expenses

42,618

197,701

49,142

Cash

overdraft

—

—

278,776

(b

)

Payable

for:

Investments

purchased

—

40,050,392

—

Investments

purchased

on

a

delayed-delivery

basis

4,000,000

—

—

Return

of

collateral

for

securities

loaned

6,981,155

214,500

8,557,141

Foreign

capital

gain

tax

liability

—

597,270

—

Variation

margin

on

open

future

contracts

—

—

46,410

Administrative

service

fees

14,466

6,158

10,933

Director

deferred

compensation

1,201

384

1,201

Contingent

liabilities^

—

—

—

Total

Liabilities

11,039,440

41,066,405

8,943,603

Net

Assets

Capital

stock

(beneficial

interest)

986,407,208

456,394,071

864,199,519

Distributable

earnings/(accumulated

loss)

11,788,217

22,046,261

(125,214,116)

Total

Net

Assets

$998,195,425

$478,440,332

$738,985,403

Shares

of

beneficial

interest

outstanding

101,702,717

46,182,722

87,473,283

Net

asset

value

per

share

$9.81

$10.36

$8.45

(#)

Includes

securities

on

loan

of

$6,752,173

$207,900

$6,978,860

(a)

Includes

foreign

currency

holdings

of

$8,095,747

(cost

$8,092,220).

(b)

Includes

foreign

currency

holdings

of

$-213,554

(cost

$-213,554).

^

Contingent

liabilities

accrual.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.

Thrivent

Core

Funds

Statement

of

Assets

and

Liabilities

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

47

As

of

October

31,

2020

Low

Volatility

Equity

Fund

Short-Term

Reserve

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$1,290,642,260

$4,729,596,543

Investments

in

affiliated

securities

at

cost

$5,793,119

$—

Investments

in

unaffiliated

securities

at

value

(#)

1,392,878,240

4,730,155,240

Investments

in

affiliated

securities

at

value

5,795,196

—

Cash

—

57,145

Dividends

and

interest

receivable

1,374,989

3,342,608

Prepaid

expenses

3,408

7,874

Prepaid

trustee

fees

989

989

Receivable

for:

Total

Assets

1,400,052,822

4,733,563,856

Liabilities

Distributions

payable

—

1,120,876

Accrued

expenses

88,401

23,621

Cash

overdraft

6,068

—

Payable

for:

Investments

purchased

—

9,999,867

Return

of

collateral

for

securities

loaned

4,196,100

—

Administrative

service

fees

21,054

—

Director

deferred

compensation

1,190

2,378

Contingent

liabilities^

—

—

Total

Liabilities

4,312,813

11,146,742

Net

Assets

Capital

stock

(beneficial

interest)

1,268,946,823

4,722,298,172

Distributable

earnings/(accumulated

loss)

126,793,186

118,942

Total

Net

Assets

$1,395,740,009

$4,722,417,114

Shares

of

beneficial

interest

outstanding

120,183,973

472,034,254

Net

asset

value

per

share

$11.61

$10.00

(#)

Includes

securities

on

loan

of

$4,082,825

$—

^

Contingent

liabilities

accrual.  Additional

information

can

be

found

in

the

accompanying

Notes

to

Financial

Statements.

Thrivent

Core

Funds

Statement

of

Operations

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

48

For

the

year

ended

October

31,

2020

Emerging

Markets

Debt

Fund

Emerging

Markets

Equity

Fund

(a)

International

Equity

Fund

Investment

Income

Dividends

$299,819

$4,900,603

$22,034,984

Interest

42,582,686

4,292

92

Affiliated

income

from

securities

loaned,

net

20,383

113

101,287

Income

from

affiliated

investments

215,576

11,396

27,238

Foreign

tax

withholding

—

(617,707)

(2,411,480)

Total

Investment

Income

43,118,464

4,298,697

19,752,121

Expenses

Administrative

service

fees

227,522

79,528

201,363

Amortization

of

offering

costs

—

5,929

—

Audit

and

legal

fees

35,556

57,397

36,565

Custody

fees

39,135

273,964

176,556

Insurance

expenses

6,608

3,104

6,468

Printing

and

postage

expenses

5,913

5,988

7,005

SEC

and

state

registration

expenses

25,975

78,614

(12,181)

Transfer

agent

fees

21,667

15,000

21,667

Directors'

fees

6,961

5,170

6,962

Pricing

service

fees

18,183

17,045

17,353

Other

expenses

11,686

6,550

9,918

Total

Expenses

Before

Reimbursement

399,206

548,289

471,676

Less:

Reimbursement

from

adviser

—

(352)

—

Total

Net

Expenses

399,206

547,937

471,676

Net

Investment

Income/(Loss)

42,719,258

3,750,760

19,280,445

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(11,481,179)

(7,129,882)

(b)

(59,613,671)

Affiliated

investments

8,118

11,392

14,999

Distributions

of

realized

capital

gains

from

affiliated

investments

110

—

11

Futures

contracts

—

—

41,319

Foreign

currency

transactions

—

(344,072)

(19,263)

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

17,940,691

26,377,148

(36,441,575)

Affiliated

investments

(7,851)

—

—

Futures

contracts

—

—

(521,047)

Foreign

currency

transactions

—

(27,744)

126,165

Foreign

capital

gain

tax

liability

—

(597,270)

—

Net

Realized

and

Unrealized

Gains/(Losses)

6,459,889

18,289,572

(96,413,062)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$49,179,147

$22,040,332

$(77,132,617)

(a)

For

the

period

from

February

3,

2020

(commencement

date

of

operations)

through

October

31,

2020.

(b)

Includes

foreign

capital

gain

taxes

paid

of $88,406.

Thrivent

Core

Funds

Statement

of

Operations

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

49

For

the

year

ended

October

31,

2020

Low

Volatility

Equity

Fund

Short-Term

Reserve

Fund

Investment

Income

Dividends

$26,911,650

$—

Interest

8,270

57,977,479

Affiliated

income

from

securities

loaned,

net

8,704

—

Income

from

affiliated

investments

38,341

—

Foreign

tax

withholding

(15,859)

—

Total

Investment

Income

26,951,106

57,977,479

Expenses

Administrative

service

fees

292,704

90,000

Audit

and

legal

fees

36,839

51,391

Custody

fees

14,587

54,811

Insurance

expenses

7,691

19,305

Printing

and

postage

expenses

6,211

4,389

SEC

and

state

registration

expenses

77,979

—

Transfer

agent

fees

21,667

21,667

Directors'

fees

6,963

6,944

Pricing

service

fees

1,033

49,267

Other

expenses

10,739

10,590

Total

Expenses

Before

Reimbursement

476,413

308,364

Less:

Total

Net

Expenses

476,413

308,364

Net

Investment

Income/(Loss)

26,474,693

57,669,115

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

2,686,633

(444,411)

Affiliated

investments

5,878

—

Distributions

of

realized

capital

gains

from

affiliated

investments

15

—

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

(32,954,640)

(437,142)

Affiliated

investments

2,077

—

Net

Realized

and

Unrealized

Gains/(Losses)

(30,260,037)

(881,553)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$(3,785,344)

$56,787,562

Thrivent

Core

Funds

Statement

of

Changes

in

Net

Assets

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

50

Emerging

Markets

Debt

Fund

Emerging

Markets

Equity

Fund

For

the

periods

ended

10/31/2020

10/31/2019

10/31/2020

(a)

Operations

Net

investment

income/(loss)

$42,719,258

$35,683,790

$3,750,760

Net

realized

gains/(losses)

(11,472,951)

(23,864,376)

(7,462,562)

Change

in

net

unrealized

appreciation/(depreciation)

17,932,840

87,122,791

25,752,134

Net

Change

in

Net

Assets

Resulting

From

Operations

49,179,147

98,942,205

22,040,332

Distributions

to

Shareholders

From

net

investment

income/net

realized

gains

(42,753,567)

(35,639,665)

–

Total

Distributions

to

Shareholders

(42,753,567)

(35,639,665)

–

Capital

Stock

Transactions

Sold

111,666,162

67,982,283

456,500,000

Distributions

reinvested

42,753,567

35,639,665

–

In-kind

contributions

–

–

–

Redeemed

(12,305,000)

(1,500,000)

(100,000)

Total

Capital

Stock

Transactions

142,114,729

102,121,948

456,400,000

Net

Increase/(Decrease)

in

Net

Assets

148,540,309

165,424,488

478,440,332

Net

Assets,

Beginning

of

Period

849,655,116

684,230,628

–

Net

Assets,

End

of

Period

$998,195,425

$849,655,116

$478,440,332

Capital

Stock

Share

Transactions

Sold

12,102,251

7,131,069

46,192,722

Distributions

reinvested

4,409,413

3,726,079

–

In-kind

contributions

–

–

–

Redeemed

(1,230,231)

(152,905)

(10,000)

Total

Capital

Stock

Share

Transactions

15,281,433

10,704,243

46,182,722

(a)

For

the

period

from

February

3,

2020

(commencement

date

of

operations)

through

October

31,

2020.

Thrivent

Core

Funds

Statement

of

Changes

in

Net

Assets

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

51

International

Equity

Fund

Low

Volatility

Equity

Fund

Short-Term

Reserve

Fund

10/31/2020

10/31/2019

10/31/2020

10/31/2019

10/31/2020

10/31/2019

$19,280,445

$31,599,993

$26,474,693

$21,010,542

$57,669,115

$133,591,869

(59,576,605)

(55,409,148)

2,692,526

31,695,278

(444,411)

54,362

(36,836,457)

98,344,776

(32,952,563)

116,146,861

(437,142)

1,671,179

(77,132,617)

74,535,621

(3,785,344)

168,852,681

56,787,562

135,317,410

(32,400,474)

(28,842,752)

(53,118,700)

(33,622,761)

(57,706,133)

(133,591,869)

(32,400,474)

(28,842,752)

(53,118,700)

(33,622,761)

(57,706,133)

(133,591,869)

–

90,000,000

370,999,999

16,000,000

14,403,645,119

12,695,297,830

32,400,474

28,842,752

53,118,700

33,622,761

–

–

24,354,891

–

–

–

–

–

(39,000,000)

(132,000,000)

–

(30,000,000)

(15,565,252,701)

(11,666,628,886)

17,755,365

(13,157,248)

424,118,699

19,622,761

(1,161,607,582)

1,028,668,944

(91,777,726)

32,535,621

367,214,655

154,852,681

(1,162,526,153)

1,030,394,485

830,763,129

798,227,508

1,028,525,354

873,672,673

5,884,943,267

4,854,548,782

$738,985,403

$830,763,129

$1,395,740,009

$1,028,525,354

$4,722,417,114

$5,884,943,267

–

10,158,014

30,692,023

1,337,793

1,440,079,447

1,269,529,784

3,333,382

3,393,265

4,460,669

3,337,724

–

–

2,735,585

–

–

–

–

–

(4,422,723)

(13,724,455)

–

(2,508,361)

(1,556,436,235)

(1,166,662,889)

1,646,244

(173,176)

35,152,692

2,167,156

(116,356,788)

102,866,895

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

52

1) ORGANIZATION

Thrivent

Core

Funds

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

March

18,

2016,

and

is

registered

as

an

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940.

The

Trust

is

established

solely

for

investment

by

other

Thrivent

entities. 

The

Trust

is

divided

into

five separate

series,

each

with

its

own

investment

objective

and

policies

(each,

a

"Fund"

and,

collectively,

the

"Funds"). 

The

five series

of

the

Trust

are

Thrivent

Core

Emerging

Markets

Debt

Fund,

which is

non-diversified,

and

Thrivent

Core

Emerging

Markets

Equity

Fund,

Thrivent

Core

International

Equity

Fund,

Thrivent

Core

Low

Volatility

Equity

Fund,

and

Thrivent

Core

Short-Term

Reserve

Fund,

which

are diversified. 

Thrivent

Core

Short-Term

Reserve Fund serves

as

a

cash

sweep

vehicle

for

Thrivent

Mutual

Funds,

Thrivent

Series

Fund,

Inc.,

and

Thrivent

Church

Loan

and

Income

Fund.

Thrivent

Core

Emerging

Markets

Equity

Fund

was

incepted

on

January

31,

2020

and

commenced

operations

on

February

3,

2020.

The

Funds

are

each an

investment

company

which

follows

the

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

–

Financial

Services

–

Investment

Companies.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

vendors

and

others

that

provide

general

damage

clauses.

The

Trust's

maximum

exposure

under

these

contracts

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust.

However,

based

on

experience,

the

Trust

expects

the

risk

of

loss

to

be

remote.

(2)

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

—Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the

last

sale

price

on

the

principal

exchange

as

of

the

close

or

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system.

Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time.

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Trust’s

Board

of

Trustees

(“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations

obtained

from

dealers

that

make

markets

in

the

securities.

Exchange-listed

options

and

future

contracts

are

valued

at

the

primary

exchange

settle

price.

Exchange

cleared

swap

agreements

are

valued

at

the

clearinghouse

end

of

day

price.

Swap

agreements

not

cleared

on

exchanges

will

be

valued

at

the

mid-price

from

the

primary

approved

pricing

service.

Forward

foreign

currency

exchange

contracts

are

marked-to-market

based

upon

foreign

currency

exchange

rates

provided

by

the

pricing

service. Investments

in

open-ended

mutual

funds

are

valued

at

the

net

asset

value

at

the

close

of

each

business

day.

  The

Board

has

delegated

responsibility

for

daily

valuation

of

the

Funds'

securities

to

the

investment

adviser,

Thrivent

Asset

Management,

LLC

(the

"Adviser").

The

Adviser

has

formed

a

Valuation

Committee

(“Committee”)

that

is

responsible

for

overseeing

the

Funds'

valuation

policies

in

accordance

with

Valuation

Policies

and

Procedures.

The

Committee

meets

on

a

monthly

and

on

an

as-needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation. 

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Funds.

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments.

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities.

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP"),

the

various

inputs

used

to

determine

the

fair

value

of

the

Funds'

investments

are

summarized

in

three

broad

levels.  Level

1

includes

quoted

prices

in

active

markets

for

identical

securities,

typically

included

in

this

level

are

U.S.

equity

securities,

futures,

options

and

registered

investment

company

funds.  Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk,

typically

included

in

this

level

are

fixed

income

securities,

international

securities,

swaps

and

forward

contracts.  Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments. The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available-for-sale

are

not

categorized

within

the

fair

value

hierarchy.

Valuation

of

International

Securities

—

The

Funds

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

security

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

53

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Currency

Translation 

—

The

accounting

records

of

each

Fund

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

daily

closing

rates

of

exchange.

Foreign

currency

amounts

related

to

the

purchase

or

sale

of

securities

and

income

and

expenses

are

translated

at

the

exchange

rate

on

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

or

losses

between

the

trade

date

and

settlement

date

on

securities

transactions,

and

other

translation

gains

or

losses

on

dividends,

interest

income

and

foreign

withholding

taxes.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement

of

Operations.

For

federal

income

tax

purposes,

the

Funds

treat

the

effect

of

changes

in

foreign

exchange

rates

arising

from

actual

foreign

currency

transactions

and

the

changes

in

foreign

exchange

rates

between

the

trade

date

and

settlement

date

as

ordinary

income.

Federal

Income

Taxes 

—

No

provision

has

been

made

for

income

taxes

because

each

Fund’s

policy

is

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code

and

distribute

substantially

all

investment

company

taxable

income

and

net

capital

gain

on

a

timely

basis.

It

is

also

the

intention

of

each

Fund

to

distribute

an

amount

sufficient

to

avoid

imposition

of

any

federal

excise

tax.

The

Funds,

accordingly,

anticipate

paying

no

federal

taxes

and

no

federal

tax

provision

was

recorded.

Each

Fund

is

treated

as

a

separate

taxable

entity

for

federal

income

tax

purposes.

Funds

may

utilize

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares

as

part

of

the

dividends

paid

deduction.

GAAP

requires

management

of

the Funds

(i.e.,

the

Adviser) to

make

additional

tax

disclosures

with

respect

to

the

tax

effects

of

certain

income

tax

positions,

whether

those

positions

were

taken

on

previously

filed

tax

returns

or

are

expected

to

be

taken

on

future

returns.

These

positions

must

meet

a

“more

likely

than

not”

standard

that,

based

on

the

technical

merits

of

the

position,

it

would

have

a

greater

than

50

percent

likelihood

of

being

sustained

upon

examination.

In

evaluating

whether

a

tax

position

has

met

the

more-

likely-than-not

recognition

threshold, the Adviser

must

presume

that

the

position

will

be

examined

by

the

appropriate

taxing

authority

that

has

full

knowledge

of

all

relevant

information.

The

Adviser

analyzed

all

open

tax

years,

as

defined

by

the

statute

of

limitations,

for

all

major

jurisdictions. 

Open

tax

years

are

those

that

are

open

for

examination

by

taxing

authorities. 

Major

jurisdictions

for

the

Funds

include

U.S.

Federal,

Minnesota,

Wisconsin,

and

Delaware

as

well

as

certain

foreign

countries. 

As

of

October

31,

2020,

open

U.S.

Federal,

Minnesota,

Wisconsin

and

Delaware

tax

years

include

tax

years

ended

October

31,

2017

through

2020. 

Additionally,

as

of

October

31,

2020,

the

tax

year

ended

October

31,

2016

is

open

for

Wisconsin. 

The

Funds

have

no

examinations

in

progress

and

none

are

expected

at

this

time. 

As

of

October

31,

2020,

the Adviser

has

reviewed

all

open

tax

years

and

major

jurisdictions

and

concluded

that

there

is

no

effect

to each

Fund's

tax

liability,

financial

position

or

results

of

operations.

There

is

no

tax

liability

resulting

from

unrecognized

tax

benefits

related

to

uncertain

income

tax

positions

taken

or

expected

to

be

taken

in

future

tax

returns.

The Funds

also

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

12

months.

Foreign

Income

Taxes

—

Funds

are

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

they

invest.

Withholding

taxes

on

foreign

dividends

have

been

provided

for

in

accordance

with

the

applicable

country’s

tax

rules

and

rates.

These

amounts

are

shown

as

foreign

tax

withholding

on

the

Statement

of

Operations.

The

Funds

pay

tax

on

foreign

capital

gains,

where

applicable.

Taxes

paid

on

foreign

capital

gains,

if

any,

are

included

in

the

net

realized

gains/(losses)

on

investments

on

the

Statement

of

Operations.

Expenses

and

Income 

—

Estimated

expenses

are

accrued

daily. 

The

Funds

are

charged

for

those

expenses

that

are

directly

attributable

to

them. 

Expenses

that

are

not

directly

attributable

to

a

Fund

are

allocated

among

all

appropriate

Funds

in

proportion

to

their

respective

net

assets,

number

of

shareholder

accounts

or

other

reasonable

basis. 

Interest

income

is

recorded

daily

on

all

debt

securities,

as

is

accretion

of

market

discount

and

original

issue

discount

and

amortization

of

premium.

Paydown

gains

and

losses

on

mortgage-

backed

and

asset-backed

securities

are

recorded

as

components

of

interest

income. 

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. 

However, certain

dividends

from

foreign securities

are

recorded

as

soon

as

the

information

is

available

to

the

Funds. 

Non-cash

income,

if

any,

is

recorded

at

the

fair

market

value

of

the

securities

received.

Distributions

to

Shareholders 

—

Net

investment

income

is

distributed

to

each

shareholder

as

a

dividend.

Dividends

from

Emerging

Markets

Debt

Fund

are

declared

and

distributed

monthly.

Dividends

from

Emerging

Markets

Equity

Fund,

International

Equity

Fund

and

Low

Volatility

Equity

Fund

are

declared

and

distributed

annually. 

Dividends

from

Short-Term

Reserve

Fund

are

declared

daily

and

distributed

monthly. 

Net

realized

gains

from

securities

transactions,

if

any,

are

distributed

at

least

annually

after

the

close

of

the

fiscal

year. 

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

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

54

use

derivatives

for

hedging

(attempting

to

offset

a

potential

loss

in

one

position

by

establishing

an

interest

in

an

opposite

position).

This

includes

the

use

of

currency-based

derivatives to

manage

the

risk

of its

positions

in

foreign

securities.

Each applicable

Fund

may

also

use

derivatives

for

replication

of

a

certain

asset

class

or

speculation

(investing

for

potential

income

or

capital

gain).

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

("OTC").

A

derivative

may

incur

a

mark

to

market

loss

if

the

value

of

the

derivative

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

derivative.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

derivative.

A

Fund’s

risk

of

loss

from

the

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

such

Fund.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

is

minimal

counterparty

credit

risk

to

the

Funds

because

the

exchange’s

clearinghouse,

as

counterparty

to

such

derivatives,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

derivative;

thus,

the

credit

risk

is

limited

to

the

failure

of

the

clearinghouse.

However,

credit

risk

still

exists

in

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

broker’s

customer

accounts.

While

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

on

a

pro-

rata

basis

across

all

the

broker’s

customers,

potentially

resulting

in

losses to

the

Funds.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Funds'

expenses

and

can

eliminate

some

opportunities

for

gains.

In

addition,

a

derivative

used

for mitigating

exposure or

replication

may

not

accurately

track

the

value

of

the

underlying

asset.

Another

risk

with

derivatives

is

that

some

types

can

amplify

a

gain

or

loss,

potentially

earning

or

losing

substantially

more

money

than

the

actual

cost

of

the

derivative.

 In

order

to

define

their

contractual

rights

and

to

secure

rights

that

will

help

the

Funds

mitigate

their

counterparty

risk,

the

Funds

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/

or

termination

event.

Under

an

ISDA

Master

Agreement,

each

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivatives'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

and

margin

requirements

vary

by

type

of

derivative.

Margin

requirements

are

established

by

the

broker

or

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum

requirements in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options,

swaps).

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark

to

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

has

been

noted

in

the

Schedule

of

Investments.

To

the

extent

amounts

due

to

the

Fund

from

its

counterparties

are

not

fully

collateralized,

contractually

or

otherwise,

the

Fund

bears

the

risk

of

loss

from

counterparty

nonperformance.

The

Funds

attempt

to

mitigate

counterparty

risk

by

only

entering

into

agreements

with

counterparties

that

they

believe

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Options 

— Certain

Funds may

buy

put

and

call

options

and

write

put

and

covered

call

options.

The

Funds

intend

to

use

such

derivative

instruments

as

hedges

to

facilitate

buying

or

selling

securities

or

to

provide

protection

against

adverse

movements

in

security

prices

or

interest

rates.

The

Funds

may

also

enter

into

options

contracts

to

protect

against

adverse

foreign

exchange

rate

fluctuations.

Option

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

A

Fund

will

realize

a

gain

or

loss

upon

expiration

or

closing

of

the

option

transaction.

When

an

option

is

exercised,

the

proceeds

upon

sale

for

a

written

call

option

or

the

cost

of

a

security

for

purchased

put

and

call

options

is

adjusted

by

the

amount

of

premium

received

or

paid.

Buying

put

options

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

security

while

buying

call

options

tends

to

increase

a

Fund’s

exposure

to

the

underlying

security.

The

risk

associated

with

purchasing

put

and

call

options

is

limited

to

the

premium

paid.

There

is

no

significant

counterparty

risk

on

exchange-traded

options

as

the

exchange

guarantees

the

contract

against

default.

Writing

put

options

tends

to

increase

a

Fund’s

exposure

to

the

underlying

security

while

writing

call

options

tends

to

decrease

a

Fund’s

exposure

to

the

underlying

security.

The

writer

of

an

option

has

no

control

over

whether

the

underlying

security

may

be

bought

or

sold,

and

therefore

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

underlying

security.

The

counterparty

risk

for

purchased

options

arises

when

a

Fund

has

purchased

an

option,

exercises

that

option,

and

the

counterparty

doesn’t

buy

from

the

Fund

or

sell

to

the

Fund

the

underlying

asset

as

required.

In

the

case

where

a

Fund

has

written

an

option,

the

Fund

doesn’t

have

counterparty

risk.

Counterparty

risk

on

purchased

over-the-counter

options

is

partially

mitigated

by

the

Fund’s

collateral

posting

requirements.

As

the

option

increases

in

value

to

the

Fund,

the

Fund

receives

collateral

from

the

counterparty.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

55

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,

2020,

Core

International

Equity

Fund

used

equity

futures

to

manage

exposure

to

the

equities

market.

Foreign

Currency

Forward

Contracts 

—

In

connection

with

purchases

and

sales

of

securities

denominated

in

foreign

currencies, certain

Funds

may

enter

into

foreign

currency

forward contracts.

Additionally,

the

Funds

may

enter

into

such

contracts

to mitigate

currency

and

counterparty

exposure

to other

foreign-currency-denominated

investments.

These

contracts

are

recorded

at

value

and

the realized-

and

change

in

unrealized-

foreign

exchange

gains

and

losses

are

included

in

the

Statement

of

Operations.

In

the

event

that

counterparties

fail

to

settle

these forward

contracts,

the

Funds

could

be

exposed

to

foreign

currency

fluctuations.

Foreign

currency

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded

daily

as

the

difference

between

the

contract

exchange

rate

and

the

closing

forward

rate

applied

to

the

face

amount

of

the

contract.

A

realized

gain

or

loss

is

recorded

at

the

time

a

forward

contract

is

closed.

These

contracts

are

over-the-counter

and

the

Fund

is

exposed

to

counterparty

risk

equal

to

the

discounted

net

amount

of

payments

to

the

Fund.

Swap

Agreements 

— Certain

Funds may enter

into

swap

transactions,

which

involve

swapping

one

or

more

investment

characteristics

of

a

security

or

a

basket

of

securities

with

another

party.

Such

transactions

include

market

risk,

risk

of

default

by

the

other

party

to

the

transaction,

risk

of

imperfect

correlation

and

manager

risk

and

may

involve

commissions

or

other

costs.

Swap

transactions

generally

do

not

involve

delivery

of

securities,

other

underlying

assets

or

principal.

Accordingly,

the

risk

of

loss

with

respect

to

swap

transactions

is

generally

limited

to

the

net

amount

of

payments

that

the

Fund

is

contractually

obligated

to

make,

or

in

the

case

of

the

counterparty

defaulting,

the

net

amount

of

payments

that

the

Fund

is

contractually

entitled

to

receive.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

there

is

a

default

by

the

counterparty,

the

Fund

may

have

contractual

remedies

pursuant

to

the

agreements

related

to

the

transaction.

The

contracts

are

valued

daily

and

unrealized

appreciation

or

depreciation

is

recorded.

Swap

agreements

are

valued

at

the

clearinghouse

end

of

day

prices

as

furnished by

an

independent

pricing

service.

The

pricing

service

takes

into

account

such

factors

as

swap

curves,

default

probabilities,

recent

trades,

recovery

rates

and

other

factors

it

deems

relevant

in

determining

valuations.

Daily

fluctuations

in

the

value

of

the

centrally

cleared

credit

default

contracts

are

recorded

in

variation

margin

in

the

Statement

of

Assets

and

Liabilities

and

recorded

as

unrealized

gain

or

loss.

The

Fund

accrues

for

the

periodic

payment

and

amortizes

upfront

payments,

if

any,

on

swap

agreements

on

a

daily

basis

with

the

net

amount

recorded

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Receipts

and

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

the

contract

are

also

recognized

as

realized

gains

or

losses

in

the

Statement

of

Operations.

Collateral,

in

the

form

of

cash

or

securities,

may

be

required

to

be

held

with

the

Fund’s

custodian,

or

a

third

party,

in

connection

with

these

agreements.

Certain swap

agreements

are

over-the-counter

and

the

Fund

is

exposed

to

counterparty

risk,

which

is

the

discounted

net

amount

of

payments

owed

to

the

Fund.

This

risk

is

partially

mitigated

by

the

Fund’s

collateral

posting

requirements.

As

the

swap

increases

in

value

to

the

Fund,

the

Fund

receives

collateral

from

the

counterparty.  Certain

interest

rate

and

credit

default

index

swaps

must

be

cleared

through

a

clearinghouse

or

central

counterparty.

Credit

Default

Swaps 

—

A

credit

default

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

credit

risk

of

a

particular

issuer,

basket

of

securities

or

reference

entity.

In

a

credit

default

swap

transaction,

a

buyer

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

The

seller

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

A

buyer

of

a

credit

default

swap

is

said

to

buy

protection

whereas

a

seller

of

a

credit

default

swap

is

said

to

sell

protection.

The

Funds

may

be

either

the

protection

seller

or

the

protection

buyer.

Certain

Funds

enter

into

credit

default

derivative

contracts

directly

through

credit

default

swaps

(CDS)

or

through

credit

default

swap

indices

("CDX

Indices").

CDX

Indices

are

static

pools

of

equally

weighted

credit

default

swaps

referencing

corporate

bonds

and/or

loans

designed

to increase

or

decrease diversified

credit

exposure

to

these

asset

classes.

Funds

sell

default

protection

and

assume

long-risk

positions

in

individual

credits

or

indices.

Index

positions

are

entered

into

to

gain

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure.

In

the

event

that

a

position

defaults,

by

going

into

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money,

within

any

given

CDX

Index

held,

the

maximum

potential

amount

of

future

payments

required

would

be

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

56

equal

to

the

pro-rata

share

of

that

position

within

the

index

based

on

the

notional

amount

of

the

index.

In

the

event

of

a

default

under

a

CDS

contract

the

maximum

potential

amount

of

future

payments

would

be

the

notional

amount.

Funds

buy

default

protection

in

order

to

reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-

efficient

and

diversified

structure.

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Fund

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

or

the

reference

entity

obligation

as

of

the

date

of

the

credit

event.

A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement.

For

CDS,

the

default

events

could

be

bankruptcy

and

failing

to

pay

interest

or

principal

on

borrowed

money

or

a

restructuring.

A

restructuring

is

a

change

in

the

underlying

obligations

which

could

include

a

reduction

in

interest

or

principal,

maturity

extension or

subordination

to

other

obligations.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

The

amounts

presented

in

the

table

below

are

offset

first

by

financial

instruments

that

have

the

right

to

offset

under

master

netting

or

similar

arrangements,

then

any

remaining

amount

is

reduced

by

cash

and

non-cash

collateral

received/pledged.

The

actual

amounts

of

collateral

may

be

greater

than

the

amounts

presented

in

the

table.

  The

following

table

presents

the

gross

and

net

information

about

liabilities

subject

to

master

netting

arrangements,

as

presented

in the

Statement

of

Assets

and

Liabilities.

Securities

Lending 

—

The

Trust

has

entered

into

a

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA,

doing

business

as

Goldman

Sachs Agency

Lending ("GSAL").

The

Agreement

authorizes

GSAL

to

lend

securities

to

authorized

borrowers

on

behalf

of

the

Funds.

Pursuant

to

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

to

at

least

102%

of

the

market

value

of

U.S.

securities

and

105% of

the

market

value

of non-U.S.

securities.

Daily

market

fluctuations

could

cause

the

value

of

loaned

securities

to

be

more

or

less

than

the

value

of

the

collateral

received. 

Any

additional

collateral

is

adjusted

and

settled

on

the

next

business

day. 

The

Trust

has

the

ability

to

recall

the

loans

at

any

time

and

could

do

so

in

order

to

vote

proxies

or

sell

the

loaned

securities. 

All

cash

collateral

received

is

invested

in

Thrivent

Cash

Management

Trust.

The

Funds

receive dividends

and

interest

that would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral.

Amounts

earned

on

investments

in

Thrivent

Cash

Management

Trust,

net

of

rebates,

fees

paid

to

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

in

affiliated income

from

securities

loaned,

net on

the

Statement

of

Operations. 

By

investing

any

cash

collateral

it

receives

in

these

transactions,

a

Fund

could

realize

additional

gains

or

losses.

If

the

borrower

fails

to

return

the

securities

or

the

invested

collateral

has

declined

in

value, a

Fund

could

lose

money. 

Generally,

in

the

event

of

borrower

default, a Fund

has

the

right

to

use

the

collateral

to

offset

any

losses

incurred. 

However,

in

the

event a

Fund

is

delayed

or

prevented

from

exercising

its

right

to

dispose

of

the

collateral,

there

may

be

a

potential

loss. 

Some

of

these

losses

may

be

indemnified

by

the

lending

agent. 

As

of

October

31,

2020,

the

value

of

securities

on

loan

is

as

follows:

When-Issued

and

Delayed-Delivery

Transactions

—  The

Funds

may

purchase

or

sell

securities

on

a when-issued

or

delayed-delivery

basis.

These

transactions

involve

a

commitment

by the

Funds

to

purchase

or

sell

securities

for

a

predetermined

Gross

Amounts

Not

Offset

in

the

Statement

of

Assets

and

Liabilities

Fund

Gross

Amounts

of

Recognized

Liabilities

Gross

Amounts

Offset

Net

Amounts

of

Recognized

Liabilities

Financial

Instruments

Cash

Collateral

Pledged

Non-Cash

Collateral

Pledged

(**)

Net

Amount

Emerging

Markets

Debt

Securities

Lending

6,981,155

–

6,981,155

6,752,173

–

–

228,982

(^)

Emerging

Markets

Equity

Securities

Lending

214,500

–

214,500

207,900

–

–

6,600

(^)

International

Equity

Securities

Lending

8,557,141

–

8,557,141

6,978,860

–

–

1,578,281

(^)

Low

Volatility

Equity

Securities

Lending

4,196,100

–

4,196,100

4,082,825

–

–

113,275

(^)

(**)

Excess

of

collateral

pledged

to

the

counterparty

may

not

be

shown

for

financial

reporting

purposes.

(^)

Net

securities

lending

amounts

represent

the

net

amount

payable

to

the

counterparty

in

the

event

of

a

default.

Fund

Securities

on

Loan

Emerging

Markets

Debt

$

6,752,173

Emerging

Markets

Equity

207,900

International

Equity

6,978,860

Low

Volatility

Equity

4,082,825

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

57

price

or

yield,

with

payment

and

delivery

taking

place

beyond

the

customary

settlement

period.

When

delayed-delivery

purchases

are

outstanding, the

Funds

will

designate

liquid

assets

in

an

amount

sufficient

to

meet

the

purchase

price.

When

purchasing

a

security

on

a

delayed-delivery

basis, the

Funds

assume

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

take

such

fluctuations

into

account

when

determining

its

net

asset

value. A

Fund

may

dispose

of

a

delayed-

delivery

transaction

after

it

is

entered

into,

and

may

sell

when-issued

securities

before

they

are

delivered,

which

may

result

in

a

capital

gain

or

loss.

When a Fund

has

sold a

security

on

a

delayed-delivery

basis, a

Fund

does

not

participate

in

future

gains

and

losses

with

respect

to

the

security.

Repurchase

Agreements 

—

A Fund

may

engage

in

repurchase

agreement

transactions

in

pursuit

of

its

investment

objective.

A

repurchase

agreement

consists

of

a

purchase

and

a

simultaneous

agreement

to

resell

an

investment

for

later

delivery

at

an

agreed

upon

price

and

rate

of

interest.

The Funds

use

a

third-party

custodian

to

maintain

the

collateral.

If

the

original

seller

of

a

security

subject

to

a

repurchase

agreement

fails

to

repurchase

the

security

at

the

agreed

upon

time,

a Fund

could

incur

a

loss

due

to

a

drop

in

the

value

of

the

security

during

the

time

it

takes

the Fund

to

either

sell

the

security

or

take

action

to

enforce

the

original

seller’s

agreement

to

repurchase

the

security.

Also,

if

a

defaulting

original

seller

filed

for

bankruptcy

or

became

insolvent,

disposition

of

such

security

might

be

delayed

by

pending

legal

action.

The Funds

may

only

enter

into

repurchase

agreements

with

banks

and

other

recognized

financial

institutions

such

as

broker/dealers

that

are

found

by

the

Adviser

to

be

creditworthy.

During

the year

ended

October

31,

2020,

the Funds did

not

engage

in

this

type

of

investment. 

Loan

Commitments 

—

Certain

Funds

may

enter

into

loan

commitments,

which

generally

have

interest

rates

which

are

reset

daily,

monthly,

quarterly

or

semi-annually

by

reference

to

a

base

lending

rate,

plus

a

premium.

These

base

rates

are

primarily

the

London-Interbank

Offered

Rate

(“LIBOR”),

and

secondarily

the

prime

rate

offered

by

one

or

more

major

United

States

banks

(the

“Prime

Rate”)

and

the

certificate

of

deposit

(“CD”)

rate

or

other

base

lending

rates

used

by

commercial

lenders.

Loan

commitments

often

require

prepayments

from

excess

cash

flows

or

allow

the

borrower

to

repay

at

its

election.

The

rate

at

which

the

borrower

repays

cannot

be

predicted

with

accuracy.

Therefore,

the

remaining

maturity

may

be

considerably

less

than

the

stated

maturity

shown

in

the

Schedule

of

Investments.

All

or

a

portion

of

these

loan

commitments

may

be

unfunded.

A

Fund

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion;

therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

contractual

obligation.

These

unfunded

loan

commitments,

which

are

marked

to

market

daily,

are

presented

in

the

Schedule

of

Investments. During

the

year

ended

October

31,

2020,

none

of

the

Funds

engaged

in

these

types

of

investments.

Loss Contingencies

— 

In

the

event

of

adversary

action

proceedings

where

a

Fund

is

a

defendant, a

loss

contingency

will

not

be

accrued

as

a

liability

until

the

amount

of

potential

damages

and

the

likelihood

of

loss

can

be

reasonably

estimated.

Accounting

Estimates 

—

The

preparation

of

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

these

estimates.

Amortization

of

Offering

Costs 

— The

offering

costs

referenced

in

the

Statement

of

Operations

for Emerging

Markets Equity

Fund

are

costs

incurred

by

the

Fund

in

order

to

establish

it

for

sale. 

These

costs

generally

include any

legal

costs

associated

with

registering

the

Fund. 

These

costs

are

amortized

over

a

period

of

12

months

from

inception.

Recent

Accounting

Pronouncements 

—

Reference

Rate

Reform

In

March

2020,

the

Financial

Accounting

Standards

Board

(FASB)

issued

Accounting

Standards

Update

(ASU)

No.

2020-04 Reference

Rate

Reform,

which

provides

optional

guidance

to

ease

the

potential

accounting

burden

associated

with

transitioning

away

from

the

London

Interbank

Offered

Rate

(LIBOR) and

other

reference

rates

expected

to

be

discontinued. 

The

ASU

No.

2020-04 was

effective

immediately

upon

release

of

the

standard

on

March

12,

2020

and

can

be

applied

prospectively

through

to December

31,

2022. 

At

this

time,

management

is

evaluating

implications

of

these

changes

on

the

financial

statements. 

In-kind Contributions

—  During

October

2020, the

Thrivent

Core

International

Equity

Fund received an

in-kind

contribution

which

consisted

of

$24,354,891

in

securities. 

As

a

result

of

the

in-kind

contribution,

Thrivent

Core

International

Equity

Fund issued

shares

at

the

net

asset

value

per

share

on

the

date

of

contribution.  The

in-kind

amounts

and

shares issued

are

included

in

the

Capital

Stock

Transactions

of

the

Statement

of

Changes

in

Net

Assets

for

Thrivent

Core

International

Equity

Fund.

These

in-kind

transactions

were

conducted

at

market

value.

The

transactions

were

as

follows:

Contributing

Fund/Portfolio

Contribution

Date

Shares

Issued

Net

Asset

Value

per

Share

In-kind

Amount

Aggressive

Allocation

Fund

10/27/2020

974,723

8.80

$8,577,562

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

58

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,

2020,

the

Adviser

received

aggregate

fees

for

administrative

and

accounting

personnel

and

services

of $891,116

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,

2020,

Thrivent

Investor

Services

received

$101,667 for

transfer

agent

services

from

the

Trust.

Each

Trustee

who

is

not

affiliated

with

the

Adviser

receives

an

annual

fee

from

the

Trust

for

services

as

a

Trustee

and

is

eligible

to

participate

in

a

deferred

compensation

plan

with

respect

to

these

fees.

Participants

in

the

plan

may

designate

their

deferred

Trustee’s

fees

as

if

invested

in

a

series

of

the

Thrivent

Mutual

Funds. Thrivent

Money

Market

Fund

is

not

eligible

for

the

deferral

plan. 

The

value

of

each

participant's

deferred

compensation

account

will

increase

or

decrease

as

if

it

were

invested

in

shares

of

a

particular

series

of

Thrivent

Mutual

Funds. Each

participant's fees

as

well

as

the

change

in

value

are

included

in

Trustee

fees

in

the

Statement

of

Operations.

The

deferred

fees

remain

in

the

appropriate

Fund

until

distribution

in

accordance

with

the

plan.

The

Payable

for

trustee

deferred

compensation,

located

in

the

Statement

of

Assets

and

Liabilities,

is

unsecured. 

Those

trustees

not

participating

in

the

above

plan

received

$30,784 in

fees

from

the

Trust

during

the

year

ended

October

31,

2020. In

addition,

the

Trust

reimbursed

unaffiliated

Trustees

for

reasonable

expenses

incurred

in

relation

to

attendance

at

the

meetings

and

industry

conferences.

Certain

officers

and

non-independent

Trustees

of

the

Trust

are

officers

and

directors

of

Thrivent

Asset

Mgt.,

Thrivent

Investor

Services

and

Thrivent

Distributors,

LLC.;

however

they

receive

no

compensation

from

the

Trust.

Affiliated

employees

and

board

consultants

are

reimbursed

for

reasonable

expenses

incurred

in

relation

to

board

meeting

attendance.

Acquired

Fund

Fees

and Expenses 

—

The Funds

may

invest

in

other

mutual

funds.

Fees

and

expenses

of

those

underlying

funds

are

not

included

in

the

Funds'

expense

ratio.

The Funds

indirectly

bear

their proportionate

share

of

the

annualized

weighted

average

expense

ratio

for

the

underlying

funds

in

which

it

invests. 

Interfund

Lending 

—

The

Funds

may

participate

in

an

interfund

lending

program

(the

"Program")

pursuant

to

an

exemptive

order

issued

by

the

SEC. 

The

Program

permits the

Funds

to borrow

cash

for

temporary

purposes

from

Thrivent

Core

Short-Term

Reserve

Fund. 

Interest

is

charged

to

each

participating

Fund

based

on

its

borrowings

at

the

average

of

the

repo

rate

and

bank

loan

rate,

each

as

defined

in

the

Program. 

Each

borrowing

made

under

the

Program

matures

no

later

than

seven

calendar

days

after

the

date

of

the

borrowing,

and

each

borrowing

must

be

securitized

by

a

pledge

of

segregated

collateral

with

a

market

value

at

least

equal

to

102%

of

the

outstanding

principal

value

of

the

loan. 

For

the year

ended

October

31,

2020,

no

Funds

borrowed

cash

through

the

interfund

lending

program. 

(4)

FEDERAL

INCOME

TAX

INFORMATION

Distributions

are

based

on

amounts

calculated

in

accordance

with

the

applicable

federal

income

tax

regulations,

which

may

differ

from

GAAP.

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

and

treatment

of

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

organizational

fees.

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,

2020,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

(a)

Undistributed

Ordinary

Income

includes

income

derived

from

Short-Term

Capital

Gains.

Moderate

Allocation

Fund 

10/26/2020

1,760,862

8.96

$15,777,329

Totals

2,735,585

$24,354,891

Portfolio

Distributable

earnings/

(accumulated

loss)

Capital

Stock

Emerging

Markets

Debt

$81,171

$(81,171)

Emerging

Markets

Equity

5,929

(5,929)

Low

Volatility

Equity

(209,853)

209,853

Fund

Undistributed

Ordinary

Income

a

Undistributed

Long-Term

Capital

Gain

Emerging

Markets

Equity

$4,195,406

$

–

International

Equity

17,737,778

–

Low

Volatility

Equity

22,017,554

4,113,439

Short-Term

Reserve

22,746

–

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

59

   At

October

31,

2020,

the

following

Funds

had

accumulated

net

realized

capital

loss

carryovers

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended October

31,

2020

and 2019

was

as

follows: 

Ordinary

Income

(a)

Long-Term

Capital

Gain

(a)

 Ordinary

income

includes

income

derived

from

short-term

capital

gains.

(5)

SECURITY

TRANSACTIONS 

Purchases

and

Sales

of

Investment

Securities 

—

For

the

year

ended

October

31,

2020,

the

cost

of

purchases

and

the

proceeds

from

sales

of

investment

securities,

other

than

U.S.

Government

and

short-term

securities,

were

as

follows:

Purchases

and

sales

of

U.S.

Government

securities

were:

(6)

SECURITY

TRANSACTIONS

WITH

AFFILIATED

FUNDS

The

Funds

are

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

Funds,

or

affiliated

portfolios under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

a

Fund

from

or

to

another

fund

or

portfolio

that

is

or

could

be

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a-7

of

the

1940

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

executed

at

the

current

market

price. 

During the year

ended October

31,

2020,

no

Funds

engaged

in

these

type

of

transactions. 

(7)

RELATED

PARTY

TRANSACTIONS

As

of

October

31,

2020,

related

parties

held

100%

of

the outstanding

shares

of

all

Thrivent

Core

Funds.

Subscription

and

redemption

activity

by

concentrated

accounts

may

have

a

significant

effect

on

the

operation

of

the

Funds.

In

the

case

of

a

large

redemption,

the

Funds

may

be

forced

to

sell

investments

at

inopportune

times,

resulting

in

additional

losses

for

the

Funds. 

(8)

SUBSEQUENT

EVENTS

The

Adviser of

the Funds

has

evaluated

the

impact

of

subsequent

events

through the

date

the

financial

statements

were

issued,

and,

except

as

already

included

in

the

Notes

to

Financial

Statements,

has

determined

that

no

additional

items

require

disclosure.

(9) MARKET

RISK

Over

time,

securities

markets

generally

tend

to

move

in

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline. 

The

value

of

a

Fund's

investments

may

move

with

these

cycles

and,

in

some

instances,

increase

or

decrease

more

than

the

applicable

market(s)

as

measured

by

the

Fund's

benchmark

index(es).

The

securities

markets

may

also

decline

because

of

factors

that

affect

a

particular

industry

or

due

to

impacts

from

the

spread

of

infectious

illness,

public

health

threats,

or

similar

issues.

As

of October

31,

2020,

the

following

Funds

had

portfolio

concentration

greater

than

25%

in

certain

sectors.

(10)

SIGNIFICANT

RISKS

The

following

risks

are

presented

in

alphabetical

order.

The

significance

of

each

risk

varies

by

Fund.

Fund

Capital

Loss

Carryover

Emerging

Markets

Debt

$

36,643,103

Emerging

Markets

Equity

842,601

International

Equity

122,448,053

Short-Term

Reserve

444,720

Fund

10/31/2020

10/31/2019

10/31/2020

10/31/2019

Emerging

Markets

Debt

$42,672,396

$

35,639,665

$–

$–

International

Equity

32,400,474

28,842,752

–

–

Low

Volatility

Equity

31,63

6

,978

33,567,673

21,481,722

55,088

Short-Term

Reserve

57,706,133

133,591,869

–

–

In

thousands

Fund

Purchases

Sales

Emerging

Markets

Debt

$445,712

$320,584

Emerging

Markets

Equity

585,416

127,486

International

Equity

541,351

560,347

Low

Volatility

Equity

1,310,501

913,631

Short-Term

Reserve

1,015,050

1,727,645

In

thousands

Fund

Purchases

Sales

Short-Term

Reserve

$1,060,404

$454,049

Fund

Sector

%

of

Total

Net

Assets

Core

Emerging

Markets

Debt

Foreign

Government

85.8%

Core

Emerging

Markets

Equity

Information

Technology

25.2%

Core

Short-Term

Reserve

Financials

40.0%

Core

Short-Term

Reserve

U.S.

Govt.

&

Agencies

   31.9%

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

60

Credit

Risk 

—

Credit

risk

is

the

risk

that

an

issuer

of

a

debt

security

to

which

the

Fund

is

exposed

may

no

longer

be

able

or

willing

to

pay

its

debt.

As

a

result

of

such

an

event,

the

debt

security

may

decline

in

price

and

affect

the

value

of

the

Fund.

Cybersecurity

Risk

—

The

Funds

and

their

service

providers

may

be

susceptible

to

operational,

information

security,

and

related

risks.

In

general,

cyber

incidents

can

result

from

deliberate

attacks

or

unintentional

events.

Cyber-attacks

include,

but

are

not

limited

to,

gaining

unauthorized

access

to

digital

systems

to

misappropriate

assets

or

sensitive

information,

corrupt

data,

or

otherwise

disrupt

operations.

Cyber

incidents

affecting

the

Adviser

or

other

service

providers

(including,

but

not

limited

to,

fund

accountants,

custodians,

and

transfer

agents)

have

the

ability

to

disrupt

and

impact

business

operations,

potentially

resulting

in

financial

losses,

by

interfering

with

the

Funds’

ability

to

calculate

their

NAV,

corrupting

data

or

preventing

parties

from

sharing

information

necessary

for

the

Funds’

operation,

preventing

or

slowing

trades,

stopping

shareholders

from

making

transactions,

potentially

subjecting

the

Funds

or

the

Adviser

to

regulatory

fines

and

penalties,

and

creating

additional

compliance

costs.

Similar

types

of

cyber

security

risks

are

also

present

for

issuers

or

securities

in

which

the

Funds

may

invest,

which

could

result

in

material

adverse

consequences

for

such

issuers

and

may

cause

the

Funds’

investments

in

such

companies

to

lose

value.

While

the

Funds’

service

providers

have

established

business

continuity

plans

in

the

event

of

such

cyber

incidents,

there

are

inherent

limitations

in

such

plans

and

systems.

Additionally,

the

Funds

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

its

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Funds

or

their

shareholders.

Although

each

Fund

attempts

to

minimize

such

failures

through

controls

and

oversight,

it

is

not

possible

to

identify

all

of

the

operation

risks

that

may

affect

a

Fund

or

to

develop

processes

and

controls

that

completely

eliminate

or

mitigate

the

occurrence

of

such

failures

or

other

disruptions

in

service.

The

value

of

an

investment

in

a

Fund’s

shares

may

be

adversely

affected

by

the

occurrence

of

the

operational

errors

or

failures

or

technological

issues

or

other

similar

events

and

a

Fund

and

its

shareholders

may

bear

costs

tied

to

these

risks.

Derivatives

Risk 

—

The

use

of

derivatives

(such

as

futures,

options,

credit

default

swaps,

and

total

return

swaps)

involves

additional

risks

and

transaction

costs

which

could

leave

a

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Changes

in

the

value

of

the

derivative

may

not

correlate

as

intended

with

the

underlying

asset,

rate

or

index,

and

a

Fund

could

lose

much

more

than

the

original

amount

invested.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

Derivatives

are

also

subject

to

the

risk

that

the

other

party

in

the

transaction

will

not

fulfill

its

contractual

obligations.

Some

derivatives

may

give

rise

to

a

form

of

economic

leverage,

and

may

expose

the

Fund

to

greater

risk

and

increase

its

costs.

Such

leverage

may

cause

the

Fund

to

liquidate

portfolio

positions

when

it

may

not

be

advantageous

to

do

so

to

satisfy

its

obligations

or

to

meet

any

required

asset

segregation

requirements.

Increases

and

decreases

in

the

value

of

the

Fund’s

portfolio

will

be

magnified

when

the

Fund

uses

leverage.

Futures

contracts,

options

on

futures

contracts,

forward

contracts,

and

options

on

derivatives

can

allow

the

Fund

to

obtain

large

investment

exposures

in

return

for

meeting

relatively

small

margin

requirements.

As

a

result,

investments

in

those

transactions

may

be

highly

leveraged.

The

success

of

a

Fund’s

derivatives

strategies

will

depend

on

the

Adviser’s

ability

to

assess

and

predict

the

impact

of

market

or

economic

developments

on

the

underlying

asset,

index

or

rate

and

the

derivative

itself,

without

the

benefit

of

observing

the

performance

of

the

derivative

under

all

possible

market

conditions.

Swap

agreements

may

involve

fees,

commissions

or

other

costs

that

may

reduce

a

Fund’s

gains

from

a

swap

agreement

or

may

cause

a

Fund

to

lose

money.

Futures

contracts

are

subject

to

the

risk

that

an

exchange

may

impose

price

fluctuation

limits,

which

may

make

it

difficult

or

impossible

for

a

Fund

to

close

out

a

position

when

desired.

Emerging

Markets

Risk 

—

The

economic

and

political

structures

of

developing

countries

in

emerging

markets,

in

most

cases,

do

not

compare

favorably

with

the

U.S.

or

other

developed

countries

in

terms

of

wealth

and

stability,

and

their

financial

markets

often

lack

liquidity.

Fund

performance

will

likely

be

negatively

affected

by

portfolio

exposure

to

countries

and

corporations

domiciled

in

or

with

revenue

exposures

to

countries

in

the

midst

of,

among

other

things,

hyperinflation,

currency

devaluation,

trade

disagreements,

sudden

political

upheaval,

or

interventionist

government

policies.

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

legal,

tax,

regulatory,

and

accounting

systems.

Significant

buying

or

selling

actions

by

a

few

major

investors

may

also

heighten

the

volatility

of

emerging

markets.

These

factors

make

investing

in

emerging

market

countries

significantly

riskier

than

in

other

countries,

and

events

in

any

one

country

could

cause

the

Fund’s

share

price

to

decline.

Equity

Security

Risk 

—

Equity

securities

held

by

the

Fund

may

decline

significantly

in

price,

sometimes

rapidly

or

unpredictably,

over

short

or

extended

periods

of

time,

and

such

declines

may

occur

because

of

declines

in

the

equity

market

as

a

whole,

or

because

of

declines

in

only

a

particular

country,

company,

industry,

or

sector

of

the

market.

From

time

to

time,

the

Fund

may

invest

a

significant

portion

of

its

assets

in

companies

in

one

or

more

related

sectors

or

industries

which

would

make

the

Fund

more

vulnerable

to

adverse

developments

affecting

such

sectors

or

industries.

Equity

securities

are

generally

more

volatile

than

most

debt

securities.

ETF

Risk 

—

An

ETF

is

subject

to

the

risks

of

the

underlying

investments

that

it

holds.

In

addition,

for

index-based

ETFs,

the

performance

of

an

ETF

may

diverge

from

the

performance

of

such

index

(commonly

known

as

tracking

error).

ETFs

are

subject

to

fees

and

expenses

(like

management

fees

and

operating

expenses)

that

do

not

apply

to

an

index,

and

the

Fund

will

indirectly

bear

its

proportionate

share

of

any

such

fees

and

expenses

paid

by

the

ETFs

in

which

it

invests.

Because

ETFs

trade

on

an

exchange,

there

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

61

is

a

risk

that

an

ETF

will

trade

at

a

discount

to

net

asset

value

or

that

investors

will

fail

to

bring

the

trading

price

in

line

with

the

underlying

shares

(known

as

the

arbitrage

mechanism).

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,

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.

Health

Crisis

Risk 

—

The

global

pandemic

outbreak

of

the

novel

coronavirus

known

as

COVID-19

has

resulted

in

substantial

market

volatility

and

global

business

disruption.

The

duration

and

full

effects

of

the

outbreak

are

uncertain

and

may

result

in

trading

suspensions

and

market

closures,

limit

liquidity

and

the

ability

of

the

Fund

to

process

shareholder

redemptions,

and

negatively

impact

Fund

performance.

The

COVID-19

outbreak

and

future

pandemics

could

affect

the

global

economy

in

ways

that

cannot

be

foreseen

and

may

exacerbate

other

types

of

risks,

negatively

impacting

the

value

of

the

Fund.

High

Yield

Risk 

—

High

yield

securities

–

commonly

known

as

“junk

bonds”

–

to

which

the

Fund

is

exposed

are

considered

predominantly

speculative

with

respect

to

the

issuer’s

continuing

ability

to

make

principal

and

interest

payments.

If

the

issuer

of

the

security

is

in

default

with

respect

to

interest

or

principal

payments,

the

value

of

the

Fund

may

be

negatively

affected.

High

yield

securities

generally

have

a

less

liquid

resale

market.

Interest

Rate

Risk 

—

Interest

rate

risk

is

the

risk

that

prices

of

debt

securities

decline

in

value

when

interest

rates

rise

for

debt

securities

that

pay

a

fixed

rate

of

interest.

Debt

securities

with

longer

durations

(a

measure

of

price

sensitivity

of

a

bond

or

bond

fund

to

changes

in

interest

rates)

or

maturities

(i.e.,

the

amount

of

time

until

a

bond’s

issuer

must

pay

its

principal

or

face

value)

tend

to

be

more

sensitive

to

changes

in

interest

rates

than

debt

securities

with

shorter

durations

or

maturities.

Changes

by

the

Federal

Reserve

to

monetary

policies

could

affect

interest

rates

and

the

value

of

some

securities.

In

addition,

the

phase

out

of

LIBOR

(the

offered

rate

for

short-term

Eurodollar

deposits

between

major

international

banks)

by

the

end

of

2021

could

lead

to

increased

volatility

and

illiquidity

in

certain

markets

that

currently

rely

on

LIBOR

to

determine

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.

This

assessment

of

investments

may

prove

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

62

incorrect,

resulting

in

losses

or

poor

performance,

even

in

rising

markets.

There

is

also

no

guarantee

that

the

Adviser

will

be

able

to

effectively

implement

the

Fund’s

investment

objective.

Issuer

Risk 

—

Issuer

risk

is

the

possibility

that

factors

specific

to

an

issuer

to

which

the

Fund

is

exposed

will

affect

the

market

prices

of

the

issuer’s

securities

and

therefore

the

value

of

the

Fund.

Large

Cap

Risk 

—

Large-sized

companies

may

be

unable

to

respond

quickly

to

new

competitive

challenges

such

as

changes

in

technology.

They

may

also

not

be

able

to

attain

the

high

growth

rate

of

successful

smaller

companies,

especially

during

extended

periods

of

economic

expansion.

Large

Shareholder

Risk 

—

From

time

to

time,

shareholders

of

a

Fund

(which

may

include

institutional

investors

and

affiliated

Funds)

may

make

relatively

large

redemptions

or

purchases

of

shares.

These

transactions

may

cause

a

Fund

to

sell

securities

at

disadvantageous

prices

or

invest

additional

cash,

as

the

case

may

be.

While

it

is

impossible

to

predict

the

overall

impact

of

these

transactions

over

time,

there

could

be

adverse

effects

on

a

Fund’s

performance

to

the

extent

that

a

Fund

may

be

required

to

sell

securities

or

invest

cash

at

times

when

it

would

not

otherwise

do

so.

Redemptions

of

a

large

number

of

shares

also

may

increase

transaction

costs

or

have

adverse

tax

consequences

for

shareholders

of

the

Fund

by

requiring

a

sale

of

portfolio

securities.

In

addition,

a

large

redemption

could

result

in

a

Fund's

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund's

expense

ratio.

LIBOR

Risk 

—

The

Fund

may

be

exposed

to

financial

instruments

that

are

tied

to

LIBOR

(London

Interbank

Offered

Rate)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

Such

financial

instruments

may

include

bank

loans,

derivatives,

floating

rate

securities,

certain

asset

backed

securities,

and

other

assets

or

liabilities

tied

to

LIBOR.

In

2017,

the

head

of

the

U.K.

Financial

Conduct

Authority

announced

a

desire

to

phase

out

the

use

of

LIBOR

by

the

end

of

2021,

and

it

is

expected

that

LIBOR

will

cease

to

be

published

after

that

time.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate,

and

any

potential

effects

of

the

transition

away

from

LIBOR

on

the

Fund

or

its

investments

are

not

known.

Liquidity

Risk 

—

Liquidity

is

the

ability

to

sell

a

security

relatively

quickly

for

a

price

that

most

closely

reflects

the

actual

value

of

the

security.

Dealer

inventories

of

bonds

are

at

or

near

historic

lows

in

relation

to

market

size,

which

has

the

potential

to

decrease

liquidity

and

increase

price

volatility

in

the

fixed

income

markets,

particularly

during

periods

of

economic

or

market

stress.

As

a

result

of

this

decreased

liquidity,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

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

due

to

impacts

from

the

spread

of

infectious

illness,

public

health

threats

or

similar

issues.

Mid

Cap

Risk 

—

Medium-sized

companies

often

have

greater

price

volatility,

lower

trading

volume,

and

less

liquidity

than

larger,

more-established

companies.

These

companies

tend

to

have

smaller

revenues,

narrower

product

lines,

less

management

depth

and

experience,

smaller

shares

of

their

product

or

service

markets,

fewer

financial

resources,

and

less

competitive

strength

than

larger

companies.

Mortgage-Backed

and

Other

Asset-Backed

Securities

Risk 

—

The

value

of

mortgage-backed

and

asset-backed

securities

will

be

influenced

by

the

factors

affecting

the

housing

market

and

the

assets

underlying

such

securities.

As

a

result,

during

periods

of

declining

asset

value,

difficult

or

frozen

credit

markets,

swings

in

interest

rates,

or

deteriorating

economic

conditions,

mortgage-

related

and

asset-backed

securities

may

decline

in

value,

face

valuation

difficulties,

become

more

volatile

and/or

become

illiquid.

In

addition,

both

mortgage-backed

and

asset-backed

securities

are

sensitive

to

changes

in

the

repayment

patterns

of

the

underlying

security.

If

the

principal

payment

on

the

underlying

asset

is

repaid

faster

or

slower

than

the

holder

of

the

asset-backed

or

mortgage-

backed

security

anticipates,

the

price

of

the

security

may

fall,

particularly

if

the

holder

must

reinvest

the

repaid

principal

at

lower

rates

or

must

continue

to

hold

the

security

when

interest

rates

rise.

This

effect

may

cause

the

value

of

the

Fund

to

decline

and

reduce

the

overall

return

of

the

Fund.

Non-Diversified

Risk 

—

The

Fund

is

not

“diversified”

within

the

meaning

of

the

1940

Act.

That

means

the

Fund

may

invest

a

greater

percentage

of

its

assets

in

the

securities

of

any

single

issuer

compared

to

other

funds.

A

non-diversified

portfolio

is

generally

more

susceptible

than

a

diversified

portfolio

to

the

risk

that

events

or

developments

affecting

a

particular

issuer

or

industry

will

significantly

affect

the

Fund’s

performance.

Portfolio

Turnover

Rate

Risk 

—

The

Fund

may

engage

in

active

and

frequent

trading

of

portfolio

securities

in

implementing

its

principal

investment

strategies.

A

high

rate

of

portfolio

turnover

(100%

or

more)

involves

correspondingly

greater

expenses

which

are

borne

by

the

Fund

and

its

shareholders

and

may

also

result

in

short-term

capital

gains

taxable

to

shareholders.

Prepayment

Risk 

—

Mortgage-backed

and

asset-backed

securities

are

sensitive

to

changes

in

the

repayment

patterns

of

the

underlying

securities,

including

the

conversion,

prepayment

or

redemption

of

the

investments.

If

the

principal

payment

on

the

underlying

asset

is

repaid

faster

than

the

holder

of

the

mortgage-

backed

or

asset-backed

security

anticipates,

the

price

of

the

security

may

fall,

especially

if

the

holder

must

reinvest

the

repaid

principal

at

lower

rates.

When

people

start

prepaying

the

principal

on

the

collateral

underlying

a

collateralized

mortgage

obligation

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2020

63

(“CMOs”)

(such

as

mortgages

underlying

a

CMO),

for

example,

some

classes

may

retire

substantially

earlier

than

the

stated

maturity

or

final

distribution

dates.

Quantitative

Investing

Risk 

—

Quantitative

Investing

Risk

is

the

risk

that

securities

selected

according

to

a

quantitative

analysis

methodology

can

perform

differently

from

the

market

as

a

whole

based

on

the

model

and

the

factors

used

in

the

analysis,

the

weight

placed

on

each

factor

and

changes

in

the

factor’s

historical

trends.

Such

models

are

based

on

assumptions

of

these

and

other

market

factors,

and

the

models

may

not

take

into

account

certain

factors,

or

perform

as

intended,

and

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Redemption

and

Lending

Risk 

—

The

Fund

participates

in

an

interfund

lending

program

(the

“Program”)

which

enables

a

participating

fund

to

lend

cash

directly

to

and

borrow

money

from

other

participating

funds

for

temporary

purposes.

The

other

participants

in

the

Program

are

other

mutual

funds

advised

by

the

Adviser

and

its

affiliates.

Under

the

Program,

all

loans

will

be

made

by

the

Fund.

There

is

risk

that

a

borrowing

fund

could

be

unable

to

repay

a

loan

when

due,

and

a

delay

in

repayment

to

the

Fund

could

result

in

a

lost

opportunity

and

increase

risk

of

the

Fund

experiencing

a

loss

when

meeting

redemption

requests

if

it

is

forced

to

sell

securities

at

unfavorable

prices

in

an

effort

to

generate

sufficient

cash

to

pay

redeeming

shareholders.

Redemption

and

Share

Ownership

Risk 

—

The

Fund

may

need

to

sell

portfolio

securities

to

meet

redemption

requests.

The

Fund

could

experience

a

loss

when

selling

portfolio

securities

to

meet

redemption

requests

if

there

is

(i)

significant

redemption

activity

by

shareholders,

including,

for

example,

when

a

single

investor

or

few

large

investors

make

a

significant

redemption

of

Fund

shares,

(ii)

a

disruption

in

the

normal

operation

of

the

markets

in

which

the

Fund

buys

and

sells

portfolio

securities

or

(iii)

the

inability

of

the

Fund

to

sell

portfolio

securities

because

such

securities

are

illiquid.

In

such

events,

the

Fund

could

be

forced

to

sell

securities

at

unfavorable

prices

in

an

effort

to

generate

sufficient

cash

to

pay

redeeming

shareholders.

A

majority

of

the

Fund’s

shares

may

be

held

by

other

mutual

funds

advised

by

the

Adviser

and

its

affiliates.

It

also

is

possible

that

some

or

all

of

these

other

mutual

funds

will

decide

to

purchase

or

redeem

shares

of

the

Fund

simultaneously

or

within

a

short

period

of

time

of

one

another

in

order

to

execute

their

asset

allocation

strategies.

Accordingly,

there

is

a

risk

that

the

share

trading

activities

of

these

shareholders

could

disrupt

the

Fund’s

investment

strategies

which

could

have

adverse

consequences

for

the

Fund

and

other

shareholders

(e.g.,

by

requiring

the

Fund

to

sell

investments

at

inopportune

times

or

causing

the

Fund

to

maintain

larger-than-expected

cash

positions

pending

acquisition

of

investments).

Regional

Risk 

—

The

Fund

will

generally

have

more

exposure

to

the

specific

regional

or

country

economic

risks

where

it

has

significant

investments.

In

the

event

of

economic

or

political

turmoil

or

a

deterioration

of

diplomatic

relations

in

a

region

or

country

where

a

substantial

portion

of

the

Fund’s

assets

are

invested,

the

Fund

may

experience

substantial

volatility,

illiquidity

or

reduction

in

the

value

of

the

Fund’s

investments.

Regulatory

Risk 

—

Legal,

tax,

and

regulatory

developments

may

adversely

affect

the

Fund.

Securities

and

futures

markets

are

subject

to

comprehensive

statutes,

regulations,

and

margin

requirements

enforced

by

the

SEC,

other

regulators

and

self-regulatory

organizations,

and

exchanges

authorized

to

take

extraordinary

actions

in

the

event

of

market

emergencies.

The

regulatory

environment

for

the

Fund

is

evolving,

and

changes

in

the

regulation

of

investment

funds,

managers,

and

their

trading

activities

and

capital

markets,

or

a

regulator’s

disagreement

with

the

Fund’s

interpretation

of

the

application

of

certain

regulations,

may

adversely

affect

the

ability

of

a

Fund

to

pursue

its

investment

strategy,

its

ability

to

obtain

leverage

and

financing,

and

the

value

of

investments

held

by

the

Fund.

Small

Cap

Risk 

—

Smaller,

less

seasoned

companies

often

have

greater

price

volatility,

lower

trading

volume,

and

less

liquidity

than

larger,

more

established

companies.

These

companies

tend

to

have

small

revenues,

narrower

product

lines,

less

management

depth

and

experience,

small

shares

of

their

product

or

service

markets,

fewer

financial

resources,

and

less

competitive

strength

than

larger

companies.

Such

companies

seldom

pay

significant

dividends

that

could

soften

the

impact

of

a

falling

market

on

returns.

Sovereign

Debt

Risk 

—

Sovereign

debt

securities

are

issued

or

guaranteed

by

foreign

governmental

entities.

These

investments

are

subject

to

the

risk

that

a

governmental

entity

may

delay

or

refuse

to

pay

interest

or

repay

principal

on

its

sovereign

debt,

due,

for

example,

to

cash

flow

problems,

insufficient

foreign

currency

reserves,

political

considerations,

the

relative

size

of

the

governmental

entity’s

debt

position

in

relation

to

the

economy

or

the

failure

to

put

in

place

economic

reforms

required

by

the

International

Monetary

Fund

or

other

multilateral

agencies.

If

a

governmental

entity

defaults,

it

may

ask

for

more

time

in

which

to

pay

or

for

further

loans.

There

is

no

legal

process

for

collecting

sovereign

debts

that

a

government

does

not

pay

nor

are

there

bankruptcy

proceedings

through

which

all

or

part

of

the

sovereign

debt

that

a

governmental

entity

has

not

repaid

may

be

collected.

Thrivent

Core

Funds

Financial

Highlights

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

64

For

A

Share

Outstanding

Throughout

Each

Period

*

Income

From

Investment

Operations

Less

Distributions

From

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income/(Loss)

Net

Realized

and

Unrealized

Gain/(Loss)

on

Investments

(a)

Total

from

Investment

Operations

Net

Investment

Income

Net

Realized

Gain

on

Investments

EMERGING

MARKETS

DEBT

FUND

Year

Ended

10/31/2020

$

9.83

$

0.45

$

(0.02)

$

0.43

$

(0.45)

$

–

Year

Ended

10/31/2019

9.04

0.44

0.79

1.23

(0.44)

–

Year

Ended

10/31/2018

9.86

0.40

(0.82)

(0.42)

(0.40)

–

Year

Ended

10/31/2017

(c)

10.00

0.05

(0.14)

(0.09)

(0.05)

–

EMERGING

MARKETS

EQUITY

FUND

Year

Ended

10/31/2020

(d)

10.00

0.08

0.28

0.36

–

–

INTERNATIONAL

EQUITY

FUND

Year

Ended

10/31/2020

9.68

0.22

(1.07)

(0.85)

(0.38)

–

Year

Ended

10/31/2019

9.28

0.33

0.37

0.70

(0.30)

–

Year

Ended

10/31/2018

(e)

10.00

0.31

(1.02)

(0.71)

(0.01)

–

LOW

VOLATILITY

EQUITY

FUND

Year

Ended

10/31/2020

12.10

0.23

(0.10)

0.13

(0.24)

(0.38)

Year

Ended

10/31/2019

10.54

0.24

1.72

1.96

(0.17)

(0.23)

Year

Ended

10/31/2018

(f)

10.00

0.13

0.41

0.54

–

–

SHORT-TERM

RESERVE

FUND

Year

Ended

10/31/2020

10.00

0.12

0.00

0.12

(0.12)

0.00

Year

Ended

10/31/2019

10.00

0.26

0.00

0.26

(0.26)

–

Year

Ended

10/31/2018

10.00

0.20

0.00

0.20

(0.20)

0.00

Year

Ended

10/31/2017

10.00

0.11

0.00

0.11

(0.11)

–

Year

Ended

10/31/2016

(g)

10.00

0.03

0.00

0.03

(0.03)

–

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

portfolio

shares.  

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.

Not

annualized

for

periods

less

than

one

year.

(c)

Since

inception,

September

5,

2017.

(d)

Since

commencement

date

of

operations,

February

3,

2020.

(e)

Since

inception,

November

14,

2017.

(f)

Since

inception,

February

28,

2018.

(g)

Since

inception,

May

2,

2016.

*

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

**

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Core

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

65

Ratios/Supplemental

Data

Ratio

to

Average

Net

Assets**

Ratio

to

Average

Net

Assets

Before

Expenses

Waived,

Credited

or

Acquired

Fund

Fees

and

Expenses**

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

(b)

Net

Assets,

End

of

Period

(in

millions)

Expenses

Net

Investment

Income/

(Loss)

Expenses

Net

Investment

Income/(Loss)

*

**

Portfolio

Turnover

Rate

$

(0.45)

$

9.81

4.49%

$

998.2

0.04%

4.61%

0.04%

4.61%

36%

(0.44)

9.83

13.84%

849.7

0.04%

4.63%

0.04%

4.63%

32%

(0.40)

9.04

(4.35)%

684.2

0.06%

4.38%

0.06%

4.38%

13%

(0.05)

9.86

(0.94)%

421.8

0.21%

3.48%

0.21%

3.48%

0%

–

10.36

3.60%

478.4

0.34%

2.35%

0.34%

2.35%

59%

(0.38)

8.45

(9.32)%

739.0

0.06%

2.50%

0.06%

2.50%

71%

(0.30)

9.68

7.99%

830.8

0.06%

3.54%

0.06%

3.54%

89%

(0.01)

9.28

(7.08)%

798.2

0.08%

3.42%

0.08%

3.42%

73%

(0.62)

11.61

0.98%

1,395.7

0.04%

2.02%

0.04%

2.02%

71%

(0.40)

12.10

19.42%

1,028.5

0.04%

2.19%

0.04%

2.19%

62%

–

10.54

5.40%

873.7

0.06%

1.88%

0.06%

1.88%

40%

(0.12)

10.00

1.23%

4,722.4

0.01%

1.26%

0.01%

1.26%

162%

(0.26)

10.00

2.59%

5,884.9

0.01%

2.55%

0.01%

2.55%

135%

(0.20)

10.00

2.01%

4,854.5

0.01%

1.99%

0.01%

1.99%

213%

(0.11)

10.00

1.12%

4,988.2

0.01%

1.11%

0.01%

1.11%

143%

(0.03)

10.00

0.32%

4,762.5

0.01%

0.67%

0.01%

0.67%

31%

66

Additional

Information

(Unaudited)

PROXY

VOTING

The

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

are

attached

to

the

Trust’s

Statement

of

Additional

Information.

The

Trust

files

a

report

of

how

it

voted

proxies

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

29

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

29

at

SEC.gov.

QUARTERLY

SCHEDULE

OF

PORTFOLIO

HOLDINGS

Through

April

2019,

the

Trust

filed

its

Schedule

of

Investments

on

Form

N-Q

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year.

Beginning

in

April

2019,

the

Trust

will

no

longer

file

Form

N-Q

and

will

begin

filing

Form

N-PORT

with

the

SEC.

Part

F

of

each

Fund’s

N-PORT

filing

for

the

first

and

third

fiscal

quarters

will

include

the

complete

schedule

of

investments,

which

were

previously

filed

on

Form

N-Q.

Thrivent

Money

Market

Fund

is

not

included

as

part

of

Form

N-PORT.

The

Trust’s

most

recent

Schedule

of

Investments

can

be

found

at

ThriventFunds.com

or

SEC.gov.

You

also

may

review

and

copy

the

Forms

N-PORT-EX

and

N-Q

for

the

Trust

at

the

SEC’s

Public

Reference

Room

in

Washington,

DC.

You

may

get

information

about

the

operation

of

the

Public

Reference

Room

by

calling

800-SEC-0330.

SHAREHOLDER

NOTIFICATION

OF

FEDERAL

TAX

INFORMATION

Pursuant

to

IRC

852(b)(3)

of

the

Internal

Revenue

Code,

Core

Low

Volatility

Equity

Fund

hereby

designates

$21,481,722

as

long-term

capital

gains

distributed

during

the

year

ended

October

31,

2020,

or

if

subsequently

determined

to

be

different,

the

net

capital

gain

of

such

year.

Core

Low

Volatility

Equity

Fund

designates

60%

of

dividends

declared

from

net

investment

income

as

dividends

qualifying

for

the

70%

dividends

received

deduction

for

corporations

and

62%

as

qualified

dividend

income

for

individuals

under

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003

for

the

tax

period

ending

October

31,

2020.

Core

International

Equity

Fund

designates

88%

of

dividends

declared

from

net

investment

income

as

qualified

dividend

income

for

individuals

under

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003

for

the

tax

period

ending

October

31,

2020.

67

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

five

series

of

the

Trust

and

also

serves

as:

Trustee

of

Thrivent

Mutual

Funds,

a

registered

investment

company

consisting

of

25

funds

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

and

separate

accounts

of

insurance

companies

not

affiliated

with

Thrivent

Financial.

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

Financial.

David

Royal

also

serves

as

Trustee

of

Thrivent

Church

Loan

and

Income

Fund,

a

closed-end

registered

investment

company

for

which

the

Adviser

serves

as

investment

adviser.

None

of

the

other

Trustees

serves

on

the

board

of

Thrivent

Church

Loan

and

Income

Fund.

The

Trust,

Thrivent

Mutual

Funds,

Thrivent

Series

Fund,

Inc.,

Thrivent

Cash

Management

Trust,

and

Thrivent

Church

Loan

and

Income

Fund

are

referred

to

herein

as

the

“Fund

Complex.”

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

David

S.

Royal

(1971)

2016

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

Financial

since

2017;

VP,

President,

Mutual

Funds,

Thrivent

Financial

from  2015

to

2017;

Vice

President

and

Deputy

General

Counsel,

Thrivent

Financial

from

2006

to

2015.

Currently,

Director

of

Thrivent

Trust

Company

and

Advisory

Board

Member

of

Twin

Bridge

Capital

Partners;

Director

of

Children's

Cancer

Research

Fund

until

2019;

Director

of

Fairview

Hospital

Foundation

until

2017.

Russell

W.

Swansen

(1957)

2016

Retired;

Senior

Vice

President

and

Chief

Investment

Officer,

Thrivent

Financial

from

2003

to

2017.

Currently,

Advisory

Board

member

of

Twin

Bridge

Capital

Partners,

a

registered

investment

advisory

firm,

since

2005;

Director

of

Children’s

Cancer

Research

Fund

until

2017.

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

Trustee

of

North

American

Electric

Reliability

Corporation

(the

electric

reliability

organization

("ERO")

for

North

America)

since

2008.

Robert

J.

Chersi

(1961)

2017

Founder

of

Chersi

Services

LLC

(consulting

firm)

since

2014.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;

Lead

Independent

Director

since

2019

and

Director

and

Audit

Committee

Chair

at

BrightSphere

Investment

Group

plc

since

2016.  

Marc

S.

Joseph

(1960)

2016

Managing

Director

of

Granite

Ridge

LLP

(consulting

and

advisory

firm)

since

2009;

Managing

Director

of

Triangle

Crest

(private

investing

and

consulting

firm)

since

2004.

Paul

R.

Laubscher

(1956)

2016

Portfolio

Manager

for

U.S.

private

real

estate

and

private

equity

portfolios

of

IBM

Retirement

Funds.

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.

Advisory

Board

member

of

AVISTA

Capital

Partners

(private

equity

firm)

from

2010

to

2015.

68

Board

of

Trustees

and

Officers

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

Verne

O.

Sedlacek

(1954)

2017

Chief

Executive

Officer

of

E&F

Advisors

LLC

(consulting)

since

2015;

President

&

Chief

Executive

Officer

of

the

Commonfund

from

2003

to

2015.

Chairman

of

the

Board

of

Directors

of

AGB

Institutional

Strategies

from

2016

to

2019.

Constance

L.

Souders

(1950)

2016

Retired.

69

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

David

S.

Royal

(1971)

Trustee,

President

and

Chief

Investment

Officer

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

Financial

since

2017;

VP,

President,

Mutual

Funds,

Thrivent

Financial

from

2015

to

2017;

Vice

President

and

Deputy

General

Counsel,

Thrivent

Financial

from

2006

to

2015.

Gerard

V.

Vaillancourt

(1967)

Treasurer

and

Principal

Accounting

Officer

Vice

President

and

Mutual

Funds

Chief

Financial

Officer,

Thrivent

Financial

since

2017;

Vice

President,

Mutual

Fund

Accounting,

Thrivent

Financial

from

2006

to

2017.

Michael

W.

Kremenak

(1978)

Secretary

and

Chief

Legal

Officer

Vice

President,

Thrivent

Financial

since

2015;

Senior

Counsel,

Thrivent

Financial

from

2013

to

2015.

Edward

S.

Dryden

(1965)

Chief

Compliance

Officer

Vice

President,

Chief

Compliance

Officer

-

Thrivent

Funds,

Thrivent

Financial

since

2018;

Director,

Chief

Compliance

Officer

-

Thrivent

Funds,

Thrivent

Financial

from

2010

to

2018.

Kathleen

M.

Koelling

(1977)

Privacy

Officer

(6)

Vice

President,

Deputy

General

Counsel,

Thrivent

Financial

since

2018;

Vice

President,

Managing

Counsel,

Thrivent

Financial

from

2016

to

2018;

Privacy

Officer,

Thrivent

Financial

since

2011;

Anti-Money

Laundering

Officer,

Thrivent

Financial

from

2011

to

2019;

Senior

Counsel,

Thrivent

Financial

from

2002

to

2016.

Sharon

K.

Minta

(1973)

Anti-Money

Laundering

Officer

(6)

Director,

Compliance,

Anti-Money

Laundering

Officer

and

Manager

of

Identity

Theft

and

Customer

Fraud/Special

Investigations

Unit,

Thrivent

Financial

since

2019;

Compliance

Manager,

Anti-Money

Laundering,

Customer

Fraud/Special

Investigations

Unit

and

Identity

Theft

programs,

Thrivent

Financial

from

2014

to

2019.

Troy

A.

Beaver

(1967)

Vice

President

Vice

President,

Mutual

Funds

Marketing

&

Distribution,

Thrivent

Financial

since

2015;

Vice

President,

Marketing,

American

Century

Investments

from

2006

to

2015.

Monica

L.

Kleve

(1969)

Vice

President

Vice

President,

Investment

Operations,

Thrivent

Financial

since

2019;

Director,

Investments

Systems

and

Solutions,

Thrivent

Financial

from

2002

to

2019.

Kathryn

A.

Stelter

(1962)

Vice

President

Vice

President,

Mutual

Funds

Chief

Operations

Officer,

Thrivent

Financial

since

2017;

Director,

Mutual

Fund

Operations,

Thrivent

Financial

from

2014

to

2017.

Jill

M.

Forte

(1974)

Assistant

Secretary

Senior

Counsel,

Thrivent

Financial

since

2017;

Counsel,

Thrivent

Financial

from

2015

to

2017;

Associate

Counsel,

Ameriprise

Financial,

Inc.

from

2013

to

2015.

John

D.

Jackson

(1977)

Assistant

Secretary

Senior

Counsel,

Thrivent

Financial

since

2017;

Associate

General

Counsel,

RBC

Global

Asset

Management

(US)

Inc.

from

2011

to

2017.

Sarah

L.

Bergstrom

(1977)

Assistant

Treasurer

Head

of

Mutual

Fund

Accounting,

Thrivent

Financial

since

2017;

Director,

Fund

Accounting

Administration,

Thrivent

Financial

from

2007

to

2017.

(1)

“Interested

person”

of

the

Trust

as

defined

in

the

1940

Act

by

virtue

of

a

position

with

Thrivent

Financial.

Mr.

Royal

is

considered

an

interested

person

because

of

his

principal

occupation

with

Thrivent

Financial.

Mr.

Swansen

is

considered

an

interested

person

because

of

his

past

occupation

with

Thrivent

Financial.

(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,

other

than

Mr.

Royal,

oversees

63

portfolios.

Mr.

Royal

oversees

64

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.

Royal

and

Mr.

Swansen

,

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.

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.

EX-99.CODE ETH

CODE OF ETHICS

(Sarbanes-Oxley Act of 2002, Section 406)

for

PRINCIPAL EXECUTIVE OFFICER

PRINCIPAL FINANCIAL OFFICER

AND

PRINCIPAL ACCOUNTING OFFICER

OF

THRIVENT MUTUAL FUNDS

THRIVENT CASH MANAGEMENT TRUST

THRIVENT SERIES FUND, INC.

THRIVENT CORE FUNDS

AND

THRIVENT CHURCH LOAN AND INCOME FUND

November 14, 2018

I.          CODE OF ETHICS

It is the policy of the Thrivent Mutual Funds, Thrivent Cash Management Trust, Thrivent Series Fund, Inc., Thrivent Core Funds and Thrivent Church Loan and Income Fund (collectively, the "Funds") that the President, as chief executive officer, and the Treasurer, as chief financial officer and chief accounting officer (or persons performing similar functions), of each Fund adhere to and advocate the following principles governing their professional and ethical conduct in the fulfillment of their responsibilities:

A.

Act with honesty and integrity, and ethically handle actual or apparent conflicts between his or her personal, private interests and the interests of the Funds, including receiving improper personal benefits as a result of his or her position.

B.

Take such actions as are necessary as to ensure that periodic reports filed with the Securities and Exchange Commission and other public communications contain information which provides full, fair, accurate, timely and understandable disclosure.  Such actions shall include adoption and maintenance of adequate disclosure controls and procedures.

C.

Comply with laws of federal, state, and local governments applicable to the Funds, and the rules and regulations of private and public regulatory agencies having jurisdiction over the Funds.

D.

Act in good faith, responsibly, with due care and diligence, without misrepresenting or omitting material facts or allowing independent judgment to be compromised.

E.

Respect the confidentiality of information acquired in the course of the performance of his or her responsibilities except when authorized or otherwise legally obligated to disclose such information.  Do not use confidential information acquired in the course of the performance of his or her responsibilities for personal advantage.

F.

Proactively promote ethical behavior among subordinates and peers.

G.

Use Fund assets and resources employed or entrusted in a responsible manner.

H.

Do not use Fund information, assets, opportunities or one's position with the Funds for personal gain.  Do not compete directly or indirectly with the Funds.

I.

Promptly report any violation of this Code to the Chief Compliance Officer.

J.

Comply in all respects with (a) the Funds' Code of Ethics; (b) Thrivent Financial for Lutheran's Code of Conduct, and (c) Thrivent Financial for Lutherans’ and Thrivent Asset Management, LLC’s Policy on Insider Trading.

K.

Acknowledge and certify compliance with the foregoing annually and file a copy of such certification with the Audit Committee of each Fund's Board of Directors/Trustees (“Fund Board”).

II.        ADMINISTRATION OF CODE

A.        Chief Compliance Officer.

The Independent Directors of each Fund Board shall appoint a Chief Compliance Officer, who shall have overall responsibility for ensuring this Code is adhered to.  In such capacity, the Chief Compliance Officer shall report to each Fund Board's Audit Committee.  The Chief Compliance Officer shall be a person who has sufficient status within Thrivent Financial for Lutherans to engender respect for the Code and the authority adequately to deal with the persons subject to the Code regardless of their stature in the company.

B.        Amendments

Any material amendment to this Code shall be disclosed in accordance with the requirements of Rule 30b2-1(a) under the Investment Company Act of 1940, as amended (the "1940 Act"), and form N-CSR.  Form N-CSR does not require disclosure of technical, administrative or other non-substantive amendments.

C.        Waivers

A waiver of a provision of this Code must be requested whenever there is a reasonable likelihood that a contemplated action will violate the Code.  Requests for waivers must be in writing and submitted to the Chief Compliance Officer, who shall make a recommendation to the Audit Committee for final determination.  Any waiver or implicit waiver shall be disclosed in accordance with the requirements of Rule 30b2-1(a) under the 1940 Act and Form N-CSR.

As used herein, "waiver" means any approval by the Audit Committee of a material departure from a provision of this Code.  "Implicit waiver" means failure by the Chief Compliance Officer or the Audit Committee to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer (as defined by Rule 3b-7 under the Securities Exchange Act of 1934, as amended) of the Funds.

D.        Violations

Upon learning of a violation or potential violation of this Code, the Chief Compliance Officer shall prepare a written report to Audit Committee providing full details and recommendations for further action.

The Audit Committee will, in consultation with the Chief Compliance Officer and/or such legal counsel as the Audit Committee deems appropriate, make the final determination of whether a violation has occurred and the action, if any, to be taken in response thereto.  The Audit Committee may take into account the qualitative and quantitative materiality of the violation from the perspective of either the determent to the Fund or the benefit to the violating officer, the policy behind the provision violated and such other facts and circumstances as it deems advisable under all of the facts and circumstances.

Any material violation shall be reported in accordance with the requirements of Rule 30b2-1 of the 1940 Act and Form N-CSR.

E.         Regulatory Filing

A copy of this Code of Ethics shall be filed as an exhibit to each Fund's annual report on Form N-CSR.

F.         Records

The Chief Compliance Officer or Chief Legal Officer shall retain copies of all records required by Form N-CSR and/or rules and regulations promulgated under the 1940 Act.

EX-99.CERT

Certification

I, David S. Royal, certify that:

1.   I have reviewed this report on Form N-CSR of Thrivent Core Funds;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   The registrant’s other certifying officer(s) and I have disclosed to registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 30, 2020                                             

                                                                                    /s/ David S. Royal                                             

 David S. Royal

 President and Chief Investment Officer

 (principal executive officer)

Certification

I, Gerard V. Vaillancourt, certify that:

1.   I have reviewed this report on Form N-CSR of Thrivent Core Funds;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.   The registrant’s other certifying officer(s) and I have disclosed to registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 30, 2020                     

                                                                                    /s/ Gerard V. Vaillancourt                                  

Gerard V. Vaillancourt

Treasurer and Principal Accounting Officer

(principal financial officer)

EX-99.906 CERT

Certification Under Section 906 of Sarbanes-Oxley Act of 2002

Name of Registrant: Thrivent Core Funds

In connection with the Report on Form N-CSR for the above-named issuer, the undersigned hereby certify, to the best of their knowledge, that:

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

Date: December 30, 2020                                             

                                                                                    /s/ David S. Royal                                             

David S. Royal

President and Chief Investment Officer

(principal executive officer)

Date: December 30, 2020                                                         

                                                                                    /s/ Gerard V. Vaillancourt                                  

Ger

ard V. Vaillancourt

Treasurer and Principal Accounting Officer

(principal financial officer)