0001669626-21-000004.txt : 20210629 0001669626-21-000004.hdr.sgml : 20210629 20210629080754 ACCESSION NUMBER: 0001669626-21-000004 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20210430 FILED AS OF DATE: 20210629 DATE AS OF CHANGE: 20210629 EFFECTIVENESS DATE: 20210629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Thrivent Core Funds CENTRAL INDEX KEY: 0001669626 IRS NUMBER: 810984919 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-23149 FILM NUMBER: 211055775 BUSINESS ADDRESS: STREET 1: 901 MARQUETTE AVENUE, SUITE 2500 CITY: MINNEAPOLIS STATE: MN ZIP: 55402-3211 BUSINESS PHONE: (612) 844-7190 MAIL ADDRESS: STREET 1: 901 MARQUETTE AVENUE, SUITE 2500 CITY: MINNEAPOLIS STATE: MN ZIP: 55402-3211 0001669626 S000054592 Thrivent Core Short-Term Reserve Fund C000171473 Thrivent Core Short-Term Reserve Fund 0001669626 S000058778 Thrivent Core Emerging Markets Debt Fund C000192839 Thrivent Core Emerging Markets Debt Fund 0001669626 S000059619 Thrivent Core International Equity Fund C000195231 Thrivent Core International Equity Fund 0001669626 S000061354 Thrivent Core Low Volatility Equity Fund C000198634 Thrivent Core Low Volatility Equity Fund 0001669626 S000067016 Thrivent Core Emerging Markets Equity Fund C000215652 Thrivent Core Emerging Markets Equity Fund N-CSRS 1 primary-document.htm
United States
Securities and Exchange Commission
Washington, D.C. 20549
 

Form N-CSR

 
Certified Shareholder Report of Registered Management Investment Companies
 
Investment Company Act file number: 811-23149
 
Thrivent Core Funds
(Exact name of registrant as specified in charter)
 
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Address of principal executive offices) (Zip code)
 
John D. Jackson, Secretary and Chief Legal Officer
Thrivent Core Funds
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Name and address of agent for service)
 
Registrant’s telephone number, including area code: (612) 844-7190
Date of fiscal year end: October 31
Date of reporting period: April 30, 2021
 

Item 1. Report to Stockholders
 
[Insert shareholder report]
 
Item 2. Code of Ethics
 
Not applicable to semiannual report
 
Item 3. Audit Committee Financial Expert
 
Not applicable to semiannual report
 
Item 4. Principal Accountant Fees and Services
 
Not applicable to semiannual report
 
Item 5. Audit Committee of Listed Registrants
 
Not applicable.
 
Item 6. Investments
 
(a)
          
Registrant’s Schedule of Investments is included in the report to shareholders filed under
Item 1.
 
(b)
          
Not applicable to this filing.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
 
Not applicable.
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies
 
Not applicable.
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated  Purchasers
 
Not applicable.
 
Item 10.  Submission of Matters to a Vote of Security Holders
 
There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees implemented after the registrant last provided disclosure in response to this Item.
 
Item 11. Controls and Procedures
 
(a)        Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
 
(b)        There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, registrant’s internal control over financial reporting. 
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment  Companies
 
Not applicable
 
Item 13. Exhibits
 
(a)(1)    
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable
 
 
(a)(3)     Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
 
(a)(4)     Change in the registrant’s independent public accountant: Not applicable
 
(b)        If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See EX-99.906CERT attached hereto.
 
 

Signatures


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Date: June 29, 2021                                                       Thrivent Core Funds
 
                                                                                       By:   /s/ David S. Royal                                     
                                                                                               David S. Royal
                                                                                            President and Chief Investment Officer
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
Date: June 29, 2021                                                       By:   /s/ David S. Royal                                     
                                                                                               David S. Royal
                                                                                            President and Chief Investment Officer
                                                                                            (principal executive officer)
 
 
Date: June 29, 2021                                                       By:   /s/ Gerard V. Vaillancourt                          
                                                                                               Gerard V. Vaillancourt
                                                                                            Treasurer and Principal Accounting Officer
                                                                                            (principal financial officer)
Semiannual
Report
April
30,
2021
Thrivent
Core
Funds
Table
of
Contents
Portfolio
Perspectives
Thrivent
Core
Emerging
Markets
Debt
Fund
2
Thrivent
Core
Emerging
Markets
Equity
Fund
3
Thrivent
Core
International
Equity
Fund
4
Thrivent
Core
Low
Volatility
Equity
Fund
5
Thrivent
Core
Short-Term
Reserve
Fund
6
Shareholder
Expense
Example
7
Schedule
of
Investments
Thrivent
Core
Emerging
Markets
Debt
Fund
8
Thrivent
Core
Emerging
Markets
Equity
Fund
14
Thrivent
Core
International
Equity
Fund
22
Thrivent
Core
Low
Volatility
Equity
Fund
30
Thrivent
Core
Short-Term
Reserve
Fund
33
Statement
of
Assets
and
Liabilities
40
Statement
of
Operations
42
Statement
of
Changes
in
Net
Assets
44
Notes
to
Financial
Statements
46
Financial
Highlights
58
Additional
Information
60
2
Thrivent
Core
Emerging
Markets
Debt
Fund
James
B.
Carlen,
CFA,
Portfolio Manager
The
Fund
seeks
to
maximize
total
return
while
providing
high
current
income
and
capital
appreciation.
The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Core
Emerging
Markets
Debt involves
risks
including emerging
markets,
sovereign
debt,
foreign
securities,
credit,
interest
rate,
market,
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.  
Top
10
Countries
(%
of
Net
Assets)
Mexico
5.7%
Indonesia
5.4%
Egypt
4.7%
Saudi
Arabia
4.5%
Qatar
4.1%
Dominican
Republic
4.1%
Turkey
3.8%
Oman
3.5%
United
Arab
Emirates
2.9%
Russian
Federation
2.9%
Investments
in
securities
in
these
countries
represent
41.6%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Countries
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
The
Top
10
Countries
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Foreign
Government
82.4%
Energy
9.5%
Communications
Services
1.1%
Utilities
1.1%
Unaffiliated
Registered
Investment
Companies
0.9%
Capital
Goods
0.6%
Basic
Materials
0.4%
Financials
0.1%
3
Thrivent
Core
Emerging
Markets
Equity
Fund
Noah
J.
Monsen,
CFA
and
Brian
W.
Bomgren,
CQF,
Portfolio Co-Managers
The
Fund
seeks
long-term
capital
appreciation.
The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Core
Emerging
Markets
Equity involves
risks
including emerging
markets,
foreign
securities,
quantitative
investing,
equity
security,
market,
regional,
foreign
currency,
issuer,
investment
adviser,
technology-oriented
companies,
ETF,
derivatives,
non-diversified,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
97.4%
Preferred
Stock
1.5%
Short-Term
Investments
1.1%
Total
100.0%
Top
10
Countries
(%
of
Net
Assets)
China
19.6%
Cayman
Islands
15.7%
Taiwan
14.9%
South
Korea
14.3%
India
10.0%
Brazil
4.6%
South
Africa
3.7%
Russian
Federation
3.3%
Saudi
Arabia
3.2%
Mexico
1.5%
Investments
in
securities
in
these
countries
represent
90.8%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Countries
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Countries
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
25.0%
Consumer
Discretionary
17.4%
Financials
15.0%
Communications
Services
11.0%
Materials
9.4%
Industrials
5.2%
Health
Care
4.3%
Energy
4.2%
Consumer
Staples
4.0%
Real
Estate
1.9%
4
Thrivent
Core
International
Equity
Fund
Noah
J.
Monsen,
CFA
and
Brian
W.
Bomgren,
CQF,
Portfolio
Co-Managers
The Fund
seeks
long-term
capital
appreciation.
The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Core
International
Equity
involves
risks
including equity
security,
foreign
securities,
quantitative
investing,
foreign
currency,
market,
regional, issuer,
investment
adviser,
large
cap,
mid
cap,
small
cap,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.  
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
99.4%
Preferred
Stock
0.4%
Short-Term
Investments
0.2%
Total
100.0%
Top
10
Countries
(%
of
Net
Assets)
Japan
21.4%
Canada
10.6%
Switzerland
9.9%
United
Kingdom
9.7%
France
7.5%
Australia
7.2%
Germany
6.5%
Netherlands
6.2%
Sweden
4.7%
Denmark
3.4%
Investments
in
securities
in
these
countries
represent
87.1%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Countries
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Countries
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
19.6%
Industrials
15.6%
Consumer
Discretionary
11.2%
Information
Technology
10.8%
Health
Care
10.3%
Consumer
Staples
8.8%
Materials
7.2%
Communications
Services
5.3%
Energy
5.2%
Real
Estate
3.4%
5
Thrivent
Core
Low
Volatility
Equity
Fund
Noah
J.
Monsen,
CFA
and
Brian
W.
Bomgren,
CQF,
Portfolio Co-Managers
The
Fund
seeks
to
provide
long-term
capital
appreciation
with
lower
volatility
relative
to
the
domestic
equity
market.
The
Fund's
investment
objective
may be
changed without
shareholder
approval.
Investment
in
Thrivent
Core
Low
Volatility
Equity
involves
risks
including equity
security,
quantitative
investing,
market,
issuer,
investment
adviser,
large
cap,
mid
cap,
small
cap,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.  
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
99.9%
Short-Term
Investments
0.1%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Accenture
plc
2.5%
Microsoft
Corporation
2.5%
Johnson
&
Johnson
2.1%
McDonald's
Corporation
2.0%
Verizon
Communications,
Inc.
2.0%
Public
Storage,
Inc.
1.9%
Medtronic
plc
1.9%
PepsiCo,
Inc.
1.9%
Visa,
Inc.
1.7%
Waste
Management,
Inc.
1.6%
These
securities
represent
20.1%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
20.3%
Health
Care
19.8%
Consumer
Staples
13.6%
Financials
10.7%
Industrials
10.1%
Communications
Services
7.7%
Utilities
6.0%
Consumer
Discretionary
5.1%
Real
Estate
4.7%
Materials
1.8%
6
Thrivent
Core
Short-Term
Reserve
Fund
William
D.
Stouten,
Portfolio
Manager
The
Fund
seeks
a
high
level
of
current
income
consistent
with
liquidity
and
the
preservation
of
capital.
Investment
in
Thrivent
Core
Short-Term
Reserve
Fund
involves
interest
rate,
LIBOR,
mortgage-backed
and
other
asset-backed
securities,
credit,
financial
sector,
government
securities,
prepayment,
redemption
and
share
ownership,
redemption
and
lending,
regulatory,
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.
Portfolio
Composition
(%
of
Portfolio)
Short-Term
Investments
100.0%
Total
100.0%
Top
10
Holdings
(%
of
Net
Assets)
Federal
Farm
Credit
Bank
3.2%
Federal
Home
Loan
Bank
1.6%
Federal
Farm
Credit
Bank
1.6%
Federal
Farm
Credit
Bank
1.6%
Federal
Agricultural
Mortgage
Corporation
1.6%
Federal
Home
Loan
Bank
1.4%
Federal
Home
Loan
Bank
1.4%
Federal
Farm
Credit
Bank
1.3%
Federal
Home
Loan
Bank
1.3%
Federal
Home
Loan
Bank
1.2%
These
securities
represent
16.2%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
Top
10
Holdings
chart
does
not
include
derivatives.
Major
Market
Sectors
(%
of
Net
Assets)
Financials
39.8%
U.S.
Government
&
Agencies
28.4%
Utilities
9.5%
Consumer
Cyclical
6.1%
Energy
3.7%
Asset-Backed
Securities
2.5%
Basic
Materials
2.4%
U.S.
Municipals
2.1%
Foreign
2.0%
Capital
Goods
1.8%
7
Shareholder
Expense
Example
(unaudited)
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
administrative
fees
and
other
Fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
November
1,
2020
through
April
30,
2021.
Actual
Expenses
In
the
table
below,
the
first
line
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
"Expenses
Paid
during
Period"
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes
In
the
table
below,
the
second
line
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund's
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund's
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
example
that
appears
in
the
shareholder
reports
of
the
other
funds.
Beginning
Account
Value
11/1/2020
Ending
Account
Value
4/30/2021
Expenses
Paid
During
Period  11/1/2020
-
4/30/2021
*
Annualized
Expense
Ratio
Thrivent
Core
Emerging
Markets
Debt
Fund
Actual
$1,000
$1,026
$0.18
0.04%
Hypothetical
**
$1,000
$1,025
$0.18
0.04%
Thrivent
Core
Emerging
Markets
Equity
Fund
Actual
$1,000
$1,216
$1.14
0.21%
Hypothetical
**
$1,000
$1,024
$1.04
0.21%
Thrivent
Core
International
Equity
Fund
Actual
$1,000
$1,271
$0.61
0.11%
Hypothetical
**
$1,000
$1,024
$0.54
0.11%
Thrivent
Core
Low
Volatility
Equity
Fund
Actual
$1,000
$1,192
$0.16
0.03%
Hypothetical
**
$1,000
$1,025
$0.15
0.03%
Thrivent
Core
Short-Term
Reserve
Fund
Actual
$1,000
$1,001
$0.03
0.01%
Hypothetical
**
$1,000
$1,025
$0.03
0.01%
*
Expenses
are
equal
to
the
Portfolio's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
to
reflect
the
one-half
year
period.
**
Assuming
5%
annualized
total
return
before
expenses.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
8
Principal
Amount
Long-Term
Fixed
Income
(
95.2%
)
Value
Angola
(1.4%)
Angola
Government
International
Bond
$
4,000,000
9.500%, 
11/12/2025
$
4,384,400
11,000,000
8.250%, 
5/9/2028
11,275,000
Total
15,659,400
Argentina
(1.1%)
Argentina
Government
International
Bond
9,800,000
0.125%, 
7/9/2030
a
3,552,500
16,000,000
0.125%, 
7/9/2035
a
5,040,160
11,500,000
0.125%, 
7/9/2041
a
4,111,250
Total
12,703,910
Azerbaijan
(0.3%)
Azerbaijan
Government
International
Bond
3,900,000
3.500%, 
9/1/2032
3,932,526
Total
3,932,526
Bahrain
(1.6%)
Bahrain
Government
International
Bond
4,000,000
6.125%, 
8/1/2023
b
4,315,040
2,000,000
7.000%, 
10/12/2028
b
2,243,560
2,500,000
6.750%, 
9/20/2029
b
2,748,500
3,000,000
7.500%, 
9/20/2047
b
3,164,940
1,000,000
7.500%, 
9/20/2047
1,054,980
CBB
International
Sukuk
Programme
SPC
4,000,000
6.250%, 
11/14/2024
4,390,000
Total
17,917,020
Belarus
(0.5%)
Belarus
Government
International
Bond
2,500,000
6.875%, 
2/28/2023
2,551,805
3,100,000
6.200%, 
2/28/2030
2,951,386
Total
5,503,191
Brazil
(2.4%)
Brazil
Government
International
Bond
2,900,000
4.750%, 
1/14/2050
2,721,650
4,800,000
2.625%, 
1/5/2023
4,965,888
3,000,000
2.875%, 
6/6/2025
3,072,780
1,000,000
4.500%, 
5/30/2029
1,052,940
3,000,000
3.875%, 
6/12/2030
2,977,980
4,300,000
5.000%, 
1/27/2045
4,234,253
2,000,000
5.625%, 
2/21/2047
2,108,740
Petrobras
Global
Finance
BV
4,900,000
6.850%, 
6/5/2115
c
5,178,540
Total
26,312,771
Canada
(1.0%)
Canacol
Energy,
Ltd.
4,500,000
7.250%, 
5/3/2025
4,725,000
Principal
Amount
Long-Term
Fixed
Income
(95.2%)
Value
Canada
(1.0%)
-
continued
Petronas
Energy
Canada,
Ltd.
$
6,000,000
2.112%, 
3/23/2028
b
$
5,967,968
Total
10,692,968
Cayman
Islands
(0.1%)
Rutas
2
and
7
Finance,
Ltd.
1,500,000
Zero
Coupon, 
9/30/2036
b
1,063,125
Total
1,063,125
Chile
(2.4%)
Chile
Government
International
Bond
6,000,000
3.500%, 
1/25/2050
6,206,700
4,000,000
3.125%, 
1/21/2026
4,325,000
4,600,000
3.240%, 
2/6/2028
4,991,000
6,000,000
2.450%, 
1/31/2031
6,105,000
Corporacion
Nacional
del
Cobre
de
Chile
4,600,000
3.750%, 
1/15/2031
4,957,742
Total
26,585,442
Colombia
(2.5%)
Colombia
Government
International
Bond
5,000,000
2.625%, 
3/15/2023
5,133,300
3,375,000
3.875%, 
4/25/2027
3,604,635
3,700,000
4.500%, 
3/15/2029
4,028,375
1,486,000
3.125%, 
4/15/2031
1,455,373
4,000,000
7.375%, 
9/18/2037
5,306,560
3,000,000
6.125%, 
1/18/2041
3,598,470
4,605,000
5.625%, 
2/26/2044
5,221,748
Total
28,348,461
Costa
Rica
(0.9%)
Costa
Rica
Government
International
Bond
2,500,000
4.375%, 
4/30/2025
2,537,500
3,000,000
6.125%, 
2/19/2031
3,127,500
4,500,000
7.000%, 
4/4/2044
4,612,500
Total
10,277,500
Dominican
Republic
(4.1%)
Dominican
Republic
Government
International
Bond
5,000,000
5.875%, 
1/30/2060
b
4,987,500
3,000,000
6.875%, 
1/29/2026
b
3,502,500
4,000,000
5.950%, 
1/25/2027
b
4,540,000
5,000,000
4.500%, 
1/30/2030
b
5,187,500
5,500,000
4.875%, 
9/23/2032
b
5,755,750
2,000,000
5.300%, 
1/21/2041
b
2,033,000
3,300,000
7.450%, 
4/30/2044
b
3,984,750
4,900,000
6.850%, 
1/27/2045
5,573,750
1,000,000
6.500%, 
2/15/2048
b
1,100,000
8,000,000
6.400%, 
6/5/2049
b
8,720,000
Total
45,384,750
Ecuador
(1.6%)
Ecuador
Government
International
Bond
4,000,000
0.500%, 
7/31/2030
a
3,340,000
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
9
Principal
Amount
Long-Term
Fixed
Income
(95.2%)
Value
Ecuador
(1.6%)
-
continued
$
21,000,000
0.500%, 
7/31/2035
a
$
14,280,000
Total
17,620,000
Egypt
(4.7%)
Egypt
Government
International
Bond
4,000,000
7.500%, 
2/16/2061
b
3,705,000
2,000,000
8.875%, 
5/29/2050
b
2,101,716
500,000
8.150%, 
11/20/2059
b
493,750
4,000,000
6.125%, 
1/31/2022
4,100,000
7,800,000
7.600%, 
3/1/2029
8,454,810
4,000,000
5.875%, 
2/16/2031
b
3,855,120
11,000,000
7.053%, 
1/15/2032
b
11,253,000
5,000,000
7.625%, 
5/29/2032
5,308,500
2,000,000
6.875%, 
4/30/2040
1,946,960
5,000,000
8.500%, 
1/31/2047
5,153,800
6,000,000
7.903%, 
2/21/2048
5,892,720
Total
52,265,376
El
Salvador
(0.9%)
El
Salvador
Government
International
Bond
4,700,000
8.625%, 
2/28/2029
5,259,300
5,000,000
7.625%, 
2/1/2041
5,126,500
Total
10,385,800
Ghana
(2.1%)
Ghana
Government
International
Bond
5,000,000
7.750%, 
4/7/2029
b
5,108,750
2,000,000
10.750%, 
10/14/2030
2,524,400
3,300,000
8.125%, 
3/26/2032
3,322,018
5,000,000
8.625%, 
4/7/2034
b
5,156,300
7,000,000
7.875%, 
2/11/2035
b
6,884,920
Total
22,996,388
Guatemala
(1.3%)
Guatemala
Government
International
Bond
1,000,000
6.125%, 
6/1/2050
b
1,200,000
4,590,000
4.500%, 
5/3/2026
5,037,525
3,700,000
4.375%, 
6/5/2027
4,023,750
3,700,000
5.375%, 
4/24/2032
b
4,264,250
Total
14,525,525
Honduras
(0.2%)
Honduras
Government
International
Bond
2,000,000
5.625%, 
6/24/2030
b
2,100,000
Total
2,100,000
Indonesia
(5.4%)
Indonesia
Government
International
Bond
4,650,000
3.750%, 
4/25/2022
b
4,789,593
4,000,000
3.375%, 
4/15/2023
b
4,205,960
2,397,000
5.875%, 
1/15/2024
b
2,714,291
5,000,000
4.125%, 
1/15/2025
5,497,813
6,100,000
4.750%, 
1/8/2026
b
6,949,829
2,000,000
6.625%, 
2/17/2037
b
2,687,513
2,000,000
7.750%, 
1/17/2038
b
2,968,255
Principal
Amount
Long-Term
Fixed
Income
(95.2%)
Value
Indonesia
(5.4%)
-
continued
$
726,000
6.750%, 
1/15/2044
b
$
1,043,785
3,700,000
5.125%, 
1/15/2045
b
4,452,785
1,200,000
5.250%, 
1/8/2047
b
1,476,264
1,500,000
4.350%, 
1/11/2048
1,652,974
Pertamina
Persero
PT
1,500,000
6.450%, 
5/30/2044
1,914,883
Perusahaan
Listrik
Negara
PT
1,000,000
4.375%, 
2/5/2050
1,012,200
2,000,000
3.375%, 
2/5/2030
2,020,000
6,300,000
5.250%, 
10/24/2042
6,994,071
Perusahaan
Penerbit
SBSN
Indonesia
III
1,000,000
3.750%, 
3/1/2023
b,c
1,052,450
2,500,000
4.350%, 
9/10/2024
b
2,762,925
1,500,000
4.150%, 
3/29/2027
b
1,669,185
PT
Perusahaan
Gas
Negara
(Persero)
Tbk
PT
4,000,000
5.125%, 
5/16/2024
4,399,911
Total
60,264,687
Israel
(0.1%)
Israel
Government
International
Bond
800,000
3.875%, 
7/3/2050
891,600
Total
891,600
Ivory
Coast
(1.6%)
Ivory
Coast
Government
International
Bond
16,500,000
6.125%, 
6/15/2033
17,471,685
Total
17,471,685
Jersey
(0.7%)
Galaxy
Pipeline
Assets
Bidco,
Ltd.
6,500,000
2.625%, 
3/31/2036
b
6,297,170
2,000,000
2.940%, 
9/30/2040
b
1,955,278
Total
8,252,448
Kazakhstan
(1.2%)
Kazakhstan
Government
International
Bond
4,700,000
6.500%, 
7/21/2045
6,791,500
KazMunayGas
National
Company
JSC
5,000,000
3.500%, 
4/14/2033
5,175,900
1,700,000
5.750%, 
4/19/2047
2,041,734
Total
14,009,134
Kenya
(0.3%)
Kenya
Government
International
Bond
3,000,000
8.000%, 
5/22/2032
3,284,892
Total
3,284,892
Malaysia
(1.1%)
Petronas
Capital,
Ltd.
5,000,000
4.550%, 
4/21/2050
5,906,404
6,400,000
3.500%, 
4/21/2030
6,901,504
Total
12,807,908
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
10
Principal
Amount
Long-Term
Fixed
Income
(95.2%)
Value
Mexico
(5.7%)
Comision
Federal
de
Electricidad
$
3,000,000
4.677%, 
2/9/2051
b
$
2,788,500
Mexico
Government
International
Bond
4,560,000
4.500%, 
1/31/2050
4,648,783
5,781,000
4.150%, 
3/28/2027
6,474,720
3,885,000
3.750%, 
1/11/2028
4,207,028
4,000,000
6.050%, 
1/11/2040
4,883,920
2,000,000
4.600%, 
2/10/2048
2,060,060
Petroleos
Mexicanos
8,300,000
7.690%, 
1/23/2050
7,988,750
4,000,000
4.250%, 
1/15/2025
c
4,049,200
5,700,000
6.840%, 
1/23/2030
5,856,750
8,200,000
5.950%, 
1/28/2031
7,916,280
7,100,000
6.625%, 
6/15/2035
6,861,440
Total
Play
Telecomunicaciones
SA
de
CV
6,000,000
7.500%, 
11/12/2025
b,c
6,000,000
Total
63,735,431
Mongolia
(0.3%)
Mongolia
Government
International
Bond
3,700,000
5.125%, 
4/7/2026
3,964,284
Total
3,964,284
Morocco
(0.7%)
Morocco
Government
International
Bond
8,000,000
2.375%, 
12/15/2027
b
7,780,800
Total
7,780,800
Netherlands
(0.6%)
AES
Andres
BV
3,000,000
5.700%, 
5/4/2028
b
3,037,560
IHS
Netherlands
Holdco
BV
3,000,000
8.000%, 
9/18/2027
b
3,255,000
Total
6,292,560
Nigeria
(2.1%)
Nigeria
Government
International
Bond
2,000,000
6.375%, 
7/12/2023
2,145,000
2,800,000
7.143%, 
2/23/2030
2,965,200
12,600,000
7.875%, 
2/16/2032
13,564,908
5,000,000
7.696%, 
2/23/2038
5,130,500
Total
23,805,608
Oman
(3.5%)
Oman
Government
International
Bond
1,000,000
3.625%, 
6/15/2021
b
1,001,342
3,000,000
4.125%, 
1/17/2023
b
3,089,010
2,000,000
5.932%, 
10/31/2025
b
2,209,120
5,000,000
4.750%, 
6/15/2026
b
5,187,500
4,000,000
5.625%, 
1/17/2028
b
4,200,442
9,500,000
7.375%, 
10/28/2032
b
10,841,970
7,500,000
6.750%, 
1/17/2048
b
7,477,500
Principal
Amount
Long-Term
Fixed
Income
(95.2%)
Value
Oman
(3.5%)
-
continued
OQ
SAOC
$
4,500,000
5.125%, 
5/6/2028
b,d
$
4,556,250
Total
38,563,134
Pakistan
(0.9%)
Pakistan
Government
International
Bond
3,000,000
6.000%, 
4/8/2026
b
3,082,080
4,000,000
6.875%, 
12/5/2027
4,180,000
3,000,000
7.375%, 
4/8/2031
b
3,150,000
Total
10,412,080
Panama
(2.6%)
Panama
Bonos
del
Tesoro
4,000,000
4.950%, 
5/24/2024
4,458,861
Panama
Government
International
Bond
4,800,000
4.500%, 
4/16/2050
5,305,104
1,000,000
9.375%, 
1/16/2023
1,140,000
3,000,000
3.750%, 
3/16/2025
3,262,500
7,000,000
3.875%, 
3/17/2028
7,700,000
5,079,000
6.700%, 
1/26/2036
6,810,990
Total
28,677,455
Paraguay
(1.7%)
Paraguay
Government
International
Bond
7,800,000
5.400%, 
3/30/2050
8,786,778
4,500,000
4.700%, 
3/27/2027
5,004,000
4,500,000
4.950%, 
4/28/2031
5,055,795
Total
18,846,573
Peru
(2.7%)
Peru
Government
International
Bond
3,700,000
3.550%, 
3/10/2051
3,650,420
1,000,000
7.350%, 
7/21/2025
1,226,250
7,000,000
2.783%, 
1/23/2031
7,000,000
5,000,000
8.750%, 
11/21/2033
7,718,750
5,000,000
3.300%, 
3/11/2041
4,892,450
Petroleos
del
Peru
SA
5,000,000
5.625%, 
6/19/2047
b
5,150,000
Total
29,637,870
Philippines
(1.9%)
Philippines
Government
International
Bond
3,000,000
4.200%, 
1/21/2024
3,289,140
3,000,000
3.750%, 
1/14/2029
3,364,380
5,025,000
7.750%, 
1/14/2031
7,360,101
2,625,000
6.375%, 
10/23/2034
3,660,616
3,720,000
3.950%, 
1/20/2040
4,059,596
Total
21,733,833
Qatar
(4.1%)
Qatar
Government
International
Bond
5,700,000
4.400%, 
4/16/2050
b
6,626,934
6,000,000
4.500%, 
1/20/2022
b
6,179,400
3,000,000
3.875%, 
4/23/2023
b
3,195,000
6,000,000
3.375%, 
3/14/2024
b
6,442,200
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
11
Principal
Amount
Long-Term
Fixed
Income
(95.2%)
Value
Qatar
(4.1%)
-
continued
$
3,000,000
3.250%, 
6/2/2026
b
$
3,270,300
1,000,000
4.000%, 
3/14/2029
b
1,136,000
6,000,000
3.750%, 
4/16/2030
b
6,718,200
2,000,000
5.750%, 
1/20/2042
b
2,716,600
8,000,000
4.817%, 
3/14/2049
b
9,821,280
Total
46,105,914
Romania
(1.3%)
Romania
Government
International
Bond
3,100,000
4.000%, 
2/14/2051
3,080,253
7,200,000
4.875%, 
1/22/2024
7,987,032
3,000,000
3.000%, 
2/14/2031
3,049,740
Total
14,117,025
Russian
Federation
(2.9%)
Russia
Government
International
Bond
2,000,000
4.500%, 
4/4/2022
b
2,063,220
7,600,000
4.750%, 
5/27/2026
8,573,864
4,000,000
4.250%, 
6/23/2027
b
4,427,024
2,000,000
12.750%, 
6/24/2028
b
3,330,048
2,400,000
4.375%, 
3/21/2029
2,686,344
675,000
7.500%, 
3/31/2030
b
779,476
2,600,000
5.100%, 
3/28/2035
b
3,059,446
6,000,000
5.250%, 
6/23/2047
b
7,380,000
Total
32,299,422
Saudi
Arabia
(4.5%)
Saudi
Arabia
Government
International
Bond
13,000,000
3.750%, 
1/21/2055
12,875,330
2,500,000
2.375%, 
10/26/2021
b
2,522,800
3,000,000
2.875%, 
3/4/2023
b
3,119,700
8,300,000
3.250%, 
10/26/2026
b
8,920,359
6,000,000
3.625%, 
3/4/2028
b
6,566,568
3,800,000
4.375%, 
4/16/2029
b
4,343,925
7,000,000
2.250%, 
2/2/2033
b
6,598,900
Saudi
Arabian
Oil
Company
1,500,000
1.625%, 
11/24/2025
b
1,519,603
3,500,000
2.250%, 
11/24/2030
b
3,384,418
Total
49,851,603
Senegal
(0.9%)
Senegal
Government
International
Bond
4,500,000
6.250%, 
7/30/2024
4,879,458
4,700,000
6.250%, 
5/23/2033
4,923,250
Total
9,802,708
South
Africa
(2.5%)
Eskom
Holdings
SOC,
Ltd.
4,500,000
6.350%, 
8/10/2028
b
4,882,500
South
Africa
Government
International
Bond
4,125,000
5.875%, 
5/30/2022
4,342,503
2,000,000
4.665%, 
1/17/2024
2,135,000
1,500,000
4.850%, 
9/27/2027
1,580,295
4,500,000
5.875%, 
6/22/2030
c
4,962,150
4,500,000
6.250%, 
3/8/2041
4,723,200
Principal
Amount
Long-Term
Fixed
Income
(95.2%)
Value
South
Africa
(2.5%)
-
continued
$
5,200,000
5.650%, 
9/27/2047
$
4,998,604
Total
27,624,252
Supranational
(0.4%)
Africa
Finance
Corporation
5,000,000
2.875%, 
4/28/2028
b
4,962,500
Total
4,962,500
Trinidad
and
Tobago
(0.3%)
Telecommunications
Services
of
Trinidad
and
Tobago,
Ltd.
3,000,000
8.875%, 
10/18/2029
b
3,145,230
Total
3,145,230
Turkey
(3.8%)
Hazine
Mustesarligi
Varlik
Kiralama
AS
3,000,000
5.800%, 
2/21/2022
b
3,040,188
Turkey
Government
International
Bond
3,000,000
6.250%, 
9/26/2022
c
3,090,000
5,000,000
7.250%, 
12/23/2023
5,292,500
8,000,000
5.750%, 
3/22/2024
8,128,800
6,000,000
6.375%, 
10/14/2025
6,150,000
4,000,000
4.750%, 
1/26/2026
3,847,264
1,000,000
5.125%, 
2/17/2028
939,900
4,139,000
6.875%, 
3/17/2036
4,054,150
5,935,000
6.750%, 
5/30/2040
5,650,595
3,000,000
5.750%, 
5/11/2047
2,468,004
Total
42,661,401
Ukraine
(1.8%)
Ukraine
Government
International
Bond
2,000,000
7.750%, 
9/1/2024
2,145,000
4,900,000
9.750%, 
11/1/2028
5,663,244
2,500,000
6.876%, 
5/21/2029
b
2,501,000
9,500,000
7.375%, 
9/25/2032
9,595,000
Total
19,904,244
United
Arab
Emirates
(2.9%)
Abu
Dhabi
Government
International
Bond
7,200,000
3.875%, 
4/16/2050
b
7,974,864
3,000,000
2.500%, 
10/11/2022
b
3,090,600
3,000,000
3.125%, 
5/3/2026
b
3,261,330
11,500,000
2.500%, 
9/30/2029
b
11,865,700
Finance
Department
Government
of
Sharjah
7,000,000
4.000%, 
7/28/2050
b
6,115,620
Total
32,308,114
United
Kingdom
(0.8%)
Gazprom
PJSC
5,000,000
3.250%, 
2/25/2030
b
4,944,000
NAK
Naftogaz
Ukraine
4,000,000
7.625%, 
11/8/2026
b
3,990,436
Total
8,934,436
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
12
Principal
Amount
Long-Term
Fixed
Income
(95.2%)
Value
Uruguay
(2.5%)
Uruguay
Government
International
Bond
$
4,000,000
4.975%, 
4/20/2055
$
4,962,960
4,000,000
5.100%, 
6/18/2050
5,014,720
15,240,312
4.375%, 
1/23/2031
17,719,149
Total
27,696,829
Vietnam
(1.5%)
Vietnam
Government
International
Bond
14,600,000
4.800%, 
11/19/2024
16,297,250
Total
16,297,250
Virgin
Islands,
British
(2.8%)
Sinopec
Group
Overseas
Development
2017,
Ltd.
5,000,000
3.625%, 
4/12/2027
5,438,346
Sinopec
Group
Overseas
Development
2018,
Ltd.
9,700,000
2.300%, 
1/8/2031
9,385,117
State
Grid
Overseas
Investment
2016,
Ltd.
12,500,000
2.875%, 
5/18/2026
13,210,972
3,000,000
3.500%, 
5/4/2027
3,298,399
Total
31,332,834
Total
Long-Term
Fixed
Income
(cost
$1,029,788,591)
1,061,749,897
Shares
Collateral
Held
for
Securities
Loaned
(
1.1%
)
12,079,778
Thrivent
Cash
Management
Trust
12,079,778
Total
Collateral
Held
for
Securities
Loaned
(cost
$12,079,778)
12,079,778
Shares
Registered
Investment
Companies
(
0.9%
)
Value
Unaffiliated  (0.9%)
88,000
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
9,780,320
Total
9,780,320
Total
Registered
Investment
Companies
(cost
$8,571,298)
9,780,320
Shares
Short-Term
Investments
(
3.5%
)
Thrivent
Core
Short-Term
Reserve
Fund
3,887,404
0.180%
38,874,042
Total
Short-Term
Investments
(cost
$38,874,042)
38,874,042
Total
Investments
(cost
$1,089,313,709)
100.7%
$1,122,484,037
Other
Assets
and
Liabilities,
Net
(0.7%)
(7,394,179)
Total
Net
Assets
100.0%
$1,115,089,858
a
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
April
30,
2021.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2021,
the
value
of
these
investments
was
$387,164,665
or
34.7%
of
total
net
assets.
c
All
or
a
portion
of
the
security
is
on
loan.
d
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
April
30,
2021:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
11,612,810
Total
lending
$11,612,810
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$12,079,778
Net
amounts
due
to
counterparty
$466,968
Definitions:
ETF
-
Exchange
Traded
Fund
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
43,241,965
Gross
unrealized
depreciation
(10,768,223)
Net
unrealized
appreciation
(depreciation)
$
32,473,742
Cost
for
federal
income
tax
purposes
$
1,090,010,295
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
13
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2021,
in
valuing
Emerging
Markets
Debt
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Basic
Materials
4,957,742
4,957,742
Capital
Goods
6,297,170
6,297,170
Communications
Services
12,400,230
12,400,230
Energy
105,903,780
105,903,780
Financials
1,063,125
1,063,125
Foreign
Government
918,807,879
918,807,879
Utilities
12,319,971
12,319,971
Registered
Investment
Companies
Unaffiliated
9,780,320
9,780,320
Subtotal
Investments
in
Securities
$1,071,530,217
$9,780,320
$1,061,749,897
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
38,874,042
Collateral
Held
for
Securities
Loaned
12,079,778
Subtotal
Other
Investments
$50,953,820
Total
Investments
at
Value
$1,122,484,037
*
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
10/31/2020
Gross
Purchases
Gross
Sales
Value
4/30/2021
Shares
Held
at
4/30/2021
%
of
Net
Assets
4/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.180%
$32,552
$186,370
$180,048
$38,874
3,887
3.5%
Total
Affiliated
Short-Term
Investments
32,552
38,874
3.5
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
6,981
96,693
91,594
12,080
12,080
1.1
Total
Collateral
Held
for
Securities
Loaned
6,981
12,080
1.1
Total
Value
$39,533
$50,954
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
4/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.180%
$(8)
$8
$–
$40
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$40
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
0
8
Total
Affiliated
Income
from
Securities
Loaned,
Net
$8
Total
$(8)
$8
$0
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
14
Shares
Common
Stock
(
97.4%
)
Value
Argentina
(<0.1%)
20,118
Telecom
Argentina
SA
ADR
a
$
93,146
Total
93,146
Bermuda
(0.4%)
962,000
Luye
Pharma
Group,
Ltd.
b
582,224
221,000
Nine
Dragons
Paper
(Holdings),
Ltd.
302,831
162,000
Road
King
Infrastructure,
Ltd.
215,273
730,200
Shanghai
Industrial
Urban
Development
Group,
Ltd.
75,069
1,974,000
Yuexiu
Transport
Infrastructure,
Ltd.
1,212,513
Total
2,387,910
Brazil
(4.5%)
143,300
Ambev
SA
395,179
94,900
Atacadao
SA
379,457
20,200
Azul
SA
c
143,578
101,600
B3
SA
-
Brasil
Bolsa
Balcao
964,181
125,300
Banco
ABC
Brasil
SA
341,619
332,094
Banco
Bradesco
SA
ADR
1,444,609
126,400
Banco
do
Brasil
SA
686,444
4,100
Banco
Inter
SA
177,366
37,746
Banco
Santander
Brasil
SA
ADR
a
269,507
59,700
BB
Seguridade
Participacoes
SA
245,084
35,500
BRF
SA
c
136,261
70,100
CCR
SA
156,020
64,794
Centrais
Eletricas
Brasileiras
SA
ADR
a
455,502
17,200
Cia
Brasileira
de
Distribuicao
128,841
35,560
Companhia
Siderurgica
Nacional
SA
ADR
320,751
168,800
EDP
-
Energias
do
Brasil
SA
583,585
30,000
Enauta
Participacoes
SA
c
83,615
90,400
ENGIE
Brasil
Energia
SA
679,824
121,644
Gerdau
SA
ADR
746,894
311,441
Itau
Unibanco
Holding
SA
ADR
1,557,205
681,600
Itausa
SA
1,263,558
170,000
JBS
SA
945,131
62,400
Klabin
SA
c
320,268
10,800
Localiza
Rent
a
Car
SA
127,106
28,400
Locaweb
Servicos
de
Internet
SA
b
152,664
22,200
Lojas
Americanas
SA
85,006
208,500
Magazine
Luiza
SA
769,585
156,400
Metalurgica
Gerdau
SA
427,562
39,200
Natura
&
Company
Holding
SA
c
349,636
10,200
Petro
Rio
SA
c
171,250
146,700
Petrobras
Distribuidora
SA
604,943
361,900
Petroleo
Brasileiro
SA
1,577,635
121,175
Petroleo
Brasileiro
SA
ADR
1,027,564
221,400
Raia
Drogasil
SA
1,075,199
17,200
Sendas
Distribuidora
SA
254,388
45,800
Smiles
Fidelidade
SA
180,939
39,400
Suzano
SA
c
500,112
100,500
Telefonica
Brasil
SA
796,481
75,097
Telefonica
Brasil
SA
ADR
595,519
146,700
TIM
SA
328,128
15,048
TIM
SA
ADR
168,688
75,300
Usinas
Siderurgicas
de
Minas
Gerais
SA
Usiminas
311,345
178,119
Vale
SA
ADR
3,583,754
144,400
WEG
SA
923,226
Total
26,435,209
Shares
Common
Stock
(97.4%)
Value
Cayman
Islands
(15.7%)
816,000
3SBio,
Inc.
b,c
$
771,385
102,000
ANTA
Sports
Products,
Ltd.
1,819,518
27,541
Baidu.com,
Inc.
ADR
c
5,792,699
279,000
Bizlink
Holding,
Inc.
2,582,026
278,000
China
Medical
System
Holdings,
Ltd.
642,106
154,000
China
Meidong
Auto
Holdings,
Ltd.
767,939
920,000
China
Resources
Land,
Ltd.
4,307,506
154,500
China
Resources
Medical
Holdings
Company,
Ltd.
134,086
612,000
Consun
Pharmaceutical
Group,
Ltd.
360,267
167,900
ENN
Energy
Holdings,
Ltd.
2,865,143
457,000
Geely
Automobile
Holdings,
Ltd.
1,190,344
276,000
Goodbaby
International
Holdings,
Ltd.
c
65,987
1,672,000
IGG,
Inc.
2,818,334
10,603
JOYY,
Inc.
ADR
1,007,921
180,500
Kingboard
Holdings,
Ltd.
1,065,936
30,000
LifeTech
Scientific
Corporation
c
16,175
331,500
Longfor
Group
Holdings,
Ltd.
b
2,059,102
186,600
Meituan
Dianping
b,c
7,141,988
66,771
NetEase
,
Inc.
ADR
7,482,358
191,608
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
c
2,923,938
33,746
NIO,
Inc.
ADR
c
1,344,441
7,400
Noah
Holdings,
Ltd.
ADR
c
325,970
8,960
Pinduoduo
,
Inc.
ADR
c
1,200,013
72,418
Qudian
,
Inc.
ADR
a,c
148,457
4,911,500
Shui
On
Land,
Ltd.
808,136
398,200
Tencent
Holdings,
Ltd.
31,765,226
512,000
Tingyi
(Cayman
Islands)
Holding
Corporation
919,957
531,000
Want
Want
China
Holdings,
Ltd.
383,765
42,500
Wuxi
Biologics
(Cayman),
Inc.
b,c
596,606
906,500
Xiabuxiabu
Catering
Management
Holdings
Company,
Ltd.
b
1,412,523
223,000
Yihai
International
Holding,
Ltd.
2,169,118
556,000
Zhongsheng
Group
Holdings,
Ltd.
4,205,553
Total
91,094,523
Chile
(0.7%)
18,336
Banco
de
Chile
ADR
a
399,358
10,885
Banco
de
Credito
e
Inversiones
SA
505,479
18,508
Banco
Santander
Chile
SA
ADR
411,618
11,766
CAP
SA
209,749
197,722
Cencosud
SA
410,478
36,383
Cia
Cervecerias
Unidas
SA
ADR
a
666,900
2,766,375
Colbun
SA
474,861
115,369
Embotelladora
Andina
SA
275,140
121,678
Empresas
CMPC
SA
338,123
9,623
Empresas
Copec
SA
103,632
28,775
Enel
Chile
SA
ADR
100,425
202,009
SMU
SA
29,003
Total
3,924,766
China
(19.6%)
3,265,000
Agricultural
Bank
of
China,
Ltd.
1,264,924
45,057
Aier
Eye
Hospital
Group
Company,
Ltd.
516,465
135,791
Alibaba
Group
Holding,
Ltd.
ADR
c
31,360,931
350,500
Anhui
Conch
Cement
Company,
Ltd.,
Class
H
2,092,014
34,533
Autohome
,
Inc.
ADR
3,202,245
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
15
Shares
Common
Stock
(97.4%)
Value
China
(19.6%)
-
continued
779,000
Bank
of
China,
Ltd.
$
309,067
36,400
Bank
of
Hangzhou
Company,
Ltd.
92,961
789,500
Bank
of
Jiangsu
Company,
Ltd.
861,504
132,000
Beijing
North
Star
Company,
Ltd.
24,256
46,082
BYD
Company,
Ltd.,
Class
A
1,130,855
100,000
BYD
Company,
Ltd.,
Class
H
2,079,453
2,167,000
China
Cinda
Asset
Management
Company,
Ltd.
425,957
4,051,000
China
Construction
Bank
Corporation
3,197,623
342,400
China
International
Capital
Corporation,
Ltd.
b,c
857,176
28,600
China
International
Travel
Service
Corporation,
Ltd.
1,372,474
73,500
China
Merchants
Bank
Company,
Ltd.
590,382
278,200
China
Pacific
Insurance
(Group)
Company,
Ltd.
1,001,317
40,259
China
Petroleum
&
Chemical
Corporation
ADR
1,980,340
99,000
China
Resources
Sanjiu
Medical
and
Pharmaceutical
Company,
Ltd.
381,900
130,156
China
Shenhua
Energy
Company,
Ltd.,
Class
A
385,472
1,334,500
China
Shenhua
Energy
Company,
Ltd.,
Class
H
2,779,621
491,000
China
Vanke
Company,
Ltd.,
Class
H
1,716,981
1,031,000
GF
Securities
Company,
Ltd.
1,489,989
469,700
GF
Securities
Company,
Ltd.
1,075,055
422,400
Haitong
Securities
Company,
Ltd.
377,744
657,682
Henan
Shuanghui
Investment
&
Development
Company,
Ltd.
3,714,070
389,361
Huadong
Medicine
Company,
Ltd.
3,151,653
3,285,100
Industrial
and
Commercial
Bank
of
China,
Ltd.,
Class
A
2,602,228
4,078,000
Industrial
and
Commercial
Bank
of
China,
Ltd.,
Class
H
2,646,182
792,681
Industrial
Bank
Company,
Ltd.
2,657,941
71,816
JD.com,
Inc.
ADR
c
5,555,686
149,100
Jiangsu
Hengrui
Medicine
Company,
Ltd.
1,931,352
327,000
Jiangxi
Copper
Company,
Ltd.
793,744
115,400
Kingfa
Science
&
Technology
Company,
Ltd.
404,390
14,600
Kweichow
Moutai
Company,
Ltd.
4,510,546
62,000
Lenovo
Group,
Ltd.
84,714
24,700
Lepu
Medical
Technology
(Beijing)
Company,
Ltd.
122,183
67,000
Luxshare
Precision
Industry
Company,
Ltd.
380,748
1,559,500
Metallurgical
Corporation
of
China,
Ltd.
739,967
373,400
Oceanwide
Holdings
Company,
Ltd.
158,314
82,200
Offcn
Education
Technology
Company,
Ltd.
322,721
200,000
Perfect
World
Company,
Ltd.
656,469
3,962
PetroChina
Company,
Ltd.
ADR
a
142,751
86,900
Ping
An
Insurance
(Group)
Company
of
China,
Ltd.,
Class
A
971,094
539,000
Ping
An
Insurance
(Group)
Company
of
China,
Ltd.,
Class
H
5,876,326
2,267,000
Postal
Savings
Bank
of
China
Company,
Ltd.
b
1,470,302
Shares
Common
Stock
(97.4%)
Value
China
(19.6%)
-
continued
400,182
S.
F.
Holding
Company,
Ltd.
$
3,958,609
198,800
Shandong
Sun
Paper
Industry
Joint
Stock
Company,
Ltd.
490,779
23,000
Shanghai
Haohai
Biological
Technology
Company,
Ltd.
b
211,700
55,700
Shenzhou
International
Group
Holdings,
Ltd.
1,225,344
88,500
Suning.Com
Company,
Ltd.
90,927
870,000
Tong
Ren
Tang
Technologies
Company,
Ltd.
687,495
6,000
Tsingtao
Brewery
Company,
Ltd.
54,340
121,750
Vipshop
Holdings,
Ltd.
ADR
c
3,746,248
80,900
Wuhu
Sanqi
Interactive
Entertainment
Network
Technology
Group
Company,
Ltd.
275,519
21,678
WuXi
AppTec
Company,
Ltd.
529,470
252,800
YiChang
HEC
ChangJiang
Pharmaceutical
Company,
Ltd.
b
234,301
39,000
Yunnan
Baiyao
Group
Company,
Ltd.
646,428
1,906,000
Zijin
Mining
Group
Company,
Ltd.
2,662,993
Total
114,274,240
Colombia
(0.1%)
22,138
Bancolombia
SA
ADR
662,590
25,052
Interconexion
Electrica
SA
142,704
Total
805,294
Cyprus
(<0.1%)
4,912
Ros
Agro
plc
GDR
58,549
2,460
TCS
Group
Holding
plc
GDR
142,187
Total
200,736
Czech
Republic
(0.5%)
45,398
CEZ
AS
1,264,402
26,994
Komercni
Banka
AS
c
817,127
98,890
Moneta
Money
Bank
AS
b
367,259
259
Philip
Morris
CR
175,327
Total
2,624,115
Egypt
(0.3%)
227,297
Commercial
International
Bank
Egypt
SAE
GDR
c
830,771
805,684
EFG
Hermes
Holding
Company
c
721,900
Total
1,552,671
Greece
(0.4%)
46,424
Hellenic
Telecommnications
Organization
SA
787,244
81,214
Mytilineos
SA
1,508,907
3,346
Sarantis
SA
35,883
Total
2,332,034
Hong
Kong
(0.7%)
575,440
CSPC
Pharmaceutical
Group,
Ltd.
710,288
399,000
Far
East
Horizon,
Ltd.
457,160
481,000
Hang
Lung
Group,
Ltd.
1,261,807
456,000
Shanghai
Industrial
Holdings,
Ltd.
704,418
5,256,000
Yuexiu
Property
Company,
Ltd.
1,215,101
Total
4,348,774
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
16
Shares
Common
Stock
(97.4%)
Value
Hungary
(0.2%)
9,317
OTP
Bank
Nyrt
c
$
418,844
16,063
Richter
Gedeon
Nyrt
459,411
Total
878,255
India
(10.0%)
34,025
ACC,
Ltd.
863,123
82,564
Adani
Ports
and
Special
Economic
Zone,
Ltd.
c
812,018
180,636
Aditya
Birla
Capital,
Ltd.
c
278,704
257,070
Amara
Raja
Batteries,
Ltd.
2,808,340
384,802
Ambuja
Cements,
Ltd.
1,602,136
30,456
APL
Apollo
Tubes,
Ltd.
c
534,840
16,855
Apollo
Hospitals
Enterprise,
Ltd.
726,224
30,997
Aurobindo
Pharma,
Ltd.
410,062
82,232
Bajaj
Auto,
Ltd.
c
4,250,217
1,120
Blue
Dart
Express,
Ltd.
c
79,143
293,613
Cipla
,
Ltd.
c
3,604,776
6,942
Colgate-Palmolive
(India),
Ltd.
138,733
36,857
Cummins
India,
Ltd.
416,048
35,919
Cyient
,
Ltd.
356,852
5,366
Dixon
Technologies,
Ltd.
c
303,812
6,404
Dr.
Lal
PathLabs
,
Ltd.
b
253,146
7,117
Endurance
Technologies,
Ltd.
b,c
123,805
105,333
Exide
Industries,
Ltd.
252,499
167,238
Glenmark
Pharmaceuticals,
Ltd.
1,300,435
35,635
Graphite
India,
Ltd.
c
351,399
20,136
Gujarat
Gas,
Ltd.
144,024
334,893
HCL
Technologies,
Ltd.
4,057,714
127,341
Heidelberg
Cement
India,
Ltd.
406,903
62,943
Hero
Motocorp
,
Ltd.
2,393,480
21,342
Housing
Development
Finance
Corporation
695,009
401,226
Infosys,
Ltd.
ADR
7,254,166
228,509
Jindal
Saw,
Ltd.
263,182
6,065
JK
Cement,
Ltd.
c
229,469
85,190
JSW
Steel,
Ltd.
823,072
19,327
Jubilant
FoodWorks
,
Ltd.
c
752,920
656
Jubilant
Pharmova
,
Ltd.
c
7,047
11,609
Kalpataru
Power
Transmission,
Ltd.
57,643
5,154
L&T
Technology
Services,
Ltd.
b
189,574
38,541
Laurus
Labs,
Ltd.
b
235,174
20,261
Mahanagar
Gas,
Ltd.
307,289
28,127
Marico,
Ltd.
156,087
284,631
Motherson
Sumi
Systems,
Ltd.
c
823,327
2,021,991
Oil
and
Natural
Gas
Corporation,
Ltd.
2,937,760
21,911
Persistent
Systems,
Ltd.
601,704
63,102
Piramal
Enterprises,
Ltd.
1,428,338
76,119
PNB
Housing
Finance,
Ltd.
b,c
381,980
24,141
Polycab
India,
Ltd.
c
477,232
727,586
Power
Grid
Corporation
of
India,
Ltd.
2,158,745
16,754
Prestige
Estates
Projects,
Ltd.
c
61,358
80,156
Reliance
Industries,
Ltd.
2,153,489
7,480
Supreme
Industries,
Ltd.
206,816
70,244
Tata
Consultancy
Services,
Ltd.
2,874,636
54,909
Tata
Elxsi
,
Ltd.
2,576,243
27,404
Tech
Mahindra,
Ltd.
354,617
513,752
Wipro,
Ltd.
ADR
3,678,464
Total
58,153,774
Indonesia
(0.3%)
4,114,900
Mitra
Adiperkasa
Tbk
PT
c
227,825
Shares
Common
Stock
(97.4%)
Value
Indonesia
(0.3%)
-
continued
190,500
PT
Charoen
Pokphand
Indonesia
Tbk
$
92,877
458,700
PT
Japfa
Comfeed
Indonesia
Tbk
66,881
57,310
Telekomunikasi
Indonesia
Persero
Tbk
PT
ADR
1,264,259
Total
1,651,842
Luxembourg
(0.1%)
26,789
Allegro.eu
SA
b,c
410,715
Total
410,715
Malaysia
(0.4%)
26,100
AEON
Credit
Service
(M)
Berhad
78,949
337,132
Berjaya
Sports
Toto
Berhad
167,891
174,400
Bursa
Malaysia
Berhad
358,862
552,600
Mah
Sing
Group
Berhad
138,638
839,500
Public
Bank
Berhad
849,933
71,700
TIME
dotCom
Berhad
242,849
721,400
V.S.
Industry
Berhad
488,516
229,300
Yinson
Holdings
Berhad
291,959
Total
2,617,597
Mexico
(1.5%)
78,996
America
Movil
SAB
de
CV
ADR
1,101,204
2,586
Coca-Cola
FEMSA
SAB
de
CV
ADR
121,464
115,520
Corporacion
Inmobiliaria
Vesta
,
SAB
de
CV
226,170
93,200
Fibra
Uno
Administracion
SA
de
CV
115,022
6,537
Fomento
Economico
Mexicano
SAB
de
CV
ADR
506,618
10,970
Grupo
Aeroportuario
del
Sureste
,
SAB
de
CV
c
185,770
267,800
Grupo
Financiero
Banorte
SAB
de
CV
ADR
1,520,578
92,700
Grupo
Financiero
Inbursa
,
SAB
de
CV
c
86,490
299,600
Grupo
Mexico,
SAB
de
CV
1,358,901
10,380
Industrias
Penoles
,
SAB
de
CV
c
133,346
136,100
Megacable
Holdings
SAB
de
CV
498,324
20,000
Regional
SA
c
102,039
867,100
Wal-Mart
de
Mexico,
SAB
de
CV
2,843,533
Total
8,799,459
Netherlands
(0.1%)
12,621
Yandex
NV
c
831,012
Total
831,012
Peru
(0.1%)
31,315
Cia
de
Minas
Buenaventura
SA
ADR
c
304,382
Total
304,382
Philippines
(0.3%)
9,180
Globe
Telecom,
Inc.
349,469
115,330
Jollibee
Foods
Corporation
421,559
62,230
Manila
Electric
Company
352,572
452,240
Puregold
Price
Club,
Inc.
350,215
Total
1,473,815
Poland
(0.8%)
98,296
Asseco
Poland
SA
1,823,776
1,789
Bank
Handlowy
w
Warszawie
SA
c
19,146
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
17
Shares
Common
Stock
(97.4%)
Value
Poland
(0.8%)
-
continued
20,840
Bank
Pekao
SA
c
$
439,643
10,471
CCC
Spolka
Akcyjna
c
283,087
9,730
CD
Projekt
SA
c
445,445
33,654
Cyfrowy
Polsat
SA
261,976
15,029
Jastrzebska
Spolka
Weglowa
SA
c
119,758
651
KGHM
Polska
Miedz
SA
c
33,318
783
Mercator
Medical
Spolka
Akcyjna
50,194
112,957
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
c
1,050,196
Total
4,526,539
Russian
Federation
(3.3%)
327,460
Alrosa
PJSC
473,038
406,500
Gazprom
PJSC
ADR
2,464,911
24,752
Lukoil
ADR
1,894,451
49,365
M.Video
PJSC
446,880
21,535
Mechel
PJSC
ADR
c
41,347
27,349
MMC
Norilsk
Nickel
PJSC
ADR
927,419
3,538
Novatek
PJSC
GDR
637,139
6,227
Novolipetsk
Steel
OJSC
GDR
218,757
690
PAO
Transneft
1,299,869
88,870
PJSC
Rostelecom
122,612
218,720
Rosneft
Oil
Company
PJSC
GDR
1,508,739
1,406,110
Sberbank
of
Russia
PJSC
5,555,168
56,815
Severstal
PJSC
1,339,548
2,279,100
Surgutneftegas
PJSC
1,298,284
215,774
Surgutneftegas
PJSC
ADR
965,964
Total
19,194,126
Saudi
Arabia
(3.2%)
2,484
Abdullah
Al
Othaim
Markets
Company
89,111
135,322
Al
Rajhi
Bank
3,562,925
30,111
Arab
National
Bank
182,417
68,303
Arabian
Cement
Company
767,685
99,759
Arriyadh
Development
Company
600,650
24,831
Aseer
Trading,
Tourism
and
Manufacturing
Company
c
159,837
18,293
Bank
AlJazira
c
93,007
36,617
Banque
Saudi
Fransi
380,474
46,144
Eastern
Province
Cement
Company
597,379
29,511
Jarir
Marketing
Company
1,565,967
26,344
Najran
Cement
Company
170,700
180,898
National
Commercial
Bank
c
2,739,856
7,603
National
Medical
Care
Company
116,596
15,465
Qassim
Cement
Company
348,459
252,077
Riyad
Bank
1,791,332
42,754
Saudi
Arabian
Oil
Company
b
403,576
66,999
Saudi
Basic
Industries
Corporation
2,208,089
44,670
Saudi
British
Bank
c
366,274
37,916
Saudi
Industrial
Investment
Group
Company
357,485
19,581
Saudi
Industrial
Services
Company
c
246,357
22,483
Saudi
Telecom
Company
760,203
20,307
Southern
Province
Cement
Company
456,477
39,206
United
International
Transportation
Company
446,925
41,285
Yanbu
Cement
Company
472,275
Total
18,884,056
Shares
Common
Stock
(97.4%)
Value
Singapore
(<0.1%)
9,317
China
Yuchai
International,
Ltd.
$
148,793
Total
148,793
South
Africa
(3.7%)
195,983
AECI,
Ltd.
1,373,552
20,883
African
Rainbow
Minerals,
Ltd.
389,815
7,320
Anglo
American
Platinum,
Ltd.
999,624
15,096
AngloGold
Ashanti,
Ltd.
ADR
310,676
104,875
Barloworld,
Ltd.
c
691,694
3,060
Capitec
Bank
Holdings,
Ltd.
c
313,628
14,456
Clicks
Group,
Ltd.
241,423
184,187
DataTec
,
Ltd.
c
361,960
7,537
Exxaro
Resources,
Ltd.
79,255
191,248
FirstRand,
Ltd.
672,733
37,637
Gold
Fields,
Ltd.
ADR
353,035
10,616
Harmony
Gold
Mining
Company,
Ltd.
ADR
48,196
55,173
Impala
Platinum
Holdings,
Ltd.
1,030,965
64,426
Investec,
Ltd.
244,950
18,186
Kumba
Iron
Ore,
Ltd.
824,138
450,039
Momentum
Metropolitan
Holdings
600,155
50,423
Motus
Holdings,
Ltd.
317,054
30,672
Mr
Price
Group,
Ltd.
383,703
144,787
MTN
Group,
Ltd.
c
916,026
32,917
Naspers,
Ltd.
7,491,251
259,560
Ninety
One,
Ltd.
862,486
15,003
Northam
Platinum,
Ltd.
c
258,001
86,789
Old
Mutual,
Ltd.
75,545
33,204
Pick
n
Pay
Stores,
Ltd.
123,887
39,059
Sasol,
Ltd.
c
657,090
37,984
Shoprite
Holdings,
Ltd.
378,701
192,887
Sibanye
Stillwater,
Ltd.
897,387
10,358
Spar
Group,
Ltd.
130,751
68,492
Standard
Bank
Group
557,026
66,447
Telkom
SA
SOC,
Ltd.
179,651
Total
21,764,358
South
Korea
(12.9%)
5,032
Binggrae
Company,
Ltd.
280,021
44,974
Cheil
Worldwide,
Inc.
885,696
20,143
Chong
Kun
Dang
Pharmaceutical
Corporation
2,506,392
17,665
Daou
Technology,
Inc.
420,959
6,684
DB
HiTek
Company,
Ltd.
330,084
34,144
DongKook
Pharmaceutical
Company,
Ltd.
868,342
24,485
Green
Cross
Holdings
Corporation
802,214
2,240
Hankook
Tire
&
Technology
Company,
Ltd.
96,654
9,343
Hansol
Chemical
Company,
Ltd.
2,067,915
1,452
Hanwha
Aerospace
Company,
Ltd.
50,153
213,253
Hanwha
Life
Insurance
Corporation,
Ltd.
670,529
719
Hugel
,
Inc.
c
119,079
3,109
Hyundai
Glovis
Company,
Ltd.
534,716
17,419
Hyundai
Green
Food
Company,
Ltd.
152,032
1,143
Hyundai
Home
Shopping
Network
Corporation
80,828
2,256
Hyundai
Motor
Company
428,983
2,451
IS
Dongseo
Company,
Ltd.
146,840
63,977
JB
Financial
Group
Corporation,
Ltd.
419,741
35,967
Kia
Corporation
2,494,758
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
18
Shares
Common
Stock
(97.4%)
Value
South
Korea
(12.9%)
-
continued
1,976
Korea
Electric
Terminal
Company,
Ltd.
$
131,577
5,305
Korea
Investment
Holdings
Company,
Ltd.
532,558
55
Korea
Petrochemical
Industrial
Company,
Ltd.
15,468
1,911
Korea
Zinc
Company,
Ltd.
764,432
4,757
LG
Chem
,
Ltd.
3,971,087
2,493
LG
Electronics,
Inc.
350,247
26,278
LG
International
Corporation
725,629
1,433
Lotte
Shopping
Company,
Ltd.
159,281
21,212
LS
Electric
Company,
Ltd.
1,081,487
24,880
Meritz
Fire
&
Marine
Insurance
Company,
Ltd.
445,981
3,601
NAVER
Corporation
1,159,601
5,138
NCSoft
Corporation
3,822,043
7,874
Poongsan
Corporation
264,647
16,038
POSCO
5,241,455
145
S-1
Corporation
10,624
8,149
Samsung
Electro-Mechanics
Company,
Ltd.
1,302,295
370,071
Samsung
Electronics
Company,
Ltd.
26,972,802
115
Samsung
SDI
Company,
Ltd.
67,123
75,634
Samsung
Securities
Corporation,
Ltd.
2,890,118
3,137
Sebang
Global
Battery
Company,
Ltd.
242,733
20,022
Sillicon
Works
Company,
Ltd.
1,712,475
8,848
SK
Holdings
Company,
Ltd.
2,186,691
61,037
SK
Hynix,
Inc.
6,963,183
959
Taekwang
Industrial
Corporation,
Ltd.
897,524
1,112
UNID
Company,
Ltd.
85,563
Total
75,352,560
Taiwan
(14.9%)
1,248,000
Capital
Securities
Corporation
859,674
9,867,000
China
Development
Financial
Holding
Corporation
4,596,292
357,000
Chipbond
Technology
Corporation
985,141
1,909,000
CTBC
Financial
Holding
Company,
Ltd.
1,553,624
595,000
Delta
Electronics,
Inc.
6,374,187
115,000
Feng
Hsin
Iron
&
Steel
Company,
Ltd.
362,963
1,492,000
Fubon
Financial
Holding
Company,
Ltd.
3,418,817
224,000
Giga-Byte
Technology
Company,
Ltd.
979,780
101,000
Greatek
Electronics,
Inc.
264,453
27,000
Holtek
Semiconductor,
Inc.
98,011
56,000
Hon
Hai
Precision
Industry
Company,
Ltd.
230,219
185,000
Huaku
Development
Company,
Ltd.
626,663
1,423,006
IBF
Financial
Holdings
Company,
Ltd.
901,278
1,577,000
King
Yuan
Electronics
Company,
Ltd.
2,781,577
288,415
Makalot
Industrial
Company,
Ltd.
2,529,685
6,000
MediaTek
,
Inc.
251,536
126,000
Namchow
Holdings
Company,
Ltd.
261,889
89,000
Nantex
Industry
Company,
Ltd.
435,792
35,000
Novatek
Microelectronics
Corporation
772,196
Shares
Common
Stock
(97.4%)
Value
Taiwan
(14.9%)
-
continued
60,000
Phison
Electronics
Corporation
$
1,284,228
108,000
President
Securities
Corporation
115,303
177,000
SerComm
Corporation
467,923
135,000
Shinkong
Synthetic
Fibers
Corporation
116,764
925,000
Sigurd
Microelectronics
Corporation
1,800,898
23,000
Simplo
Technology
Company,
Ltd.
306,261
158,000
Sinbon
Electronics
Company,
Ltd.
1,463,884
80,000
Sitronix
Technology
Corporation
891,695
64,000
Sunonwealth
Electric
Machine
Industry
Company,
Ltd.
120,829
192,000
Syncmold
Enterprise
Corporation
616,430
213,000
Systex
Corporation
697,573
2,128,062
Taichung
Commercial
Bank
Company,
Ltd.
910,405
28,000
Taiwan
Hon
Chuan
Enterprise
Company,
Ltd.
78,696
95,000
Taiwan
Paiho
,
Ltd.
327,979
1,985,000
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
41,803,354
492,000
Topco
Scientific
Company,
Ltd.
2,396,737
34,000
Transcend
Information,
Inc.
97,861
53,000
Tripod
Technology
Corporation
263,228
1,033,000
Tung
Ho
Steel
Enterprise
Corporation
2,188,456
689,000
United
Microelectronics
Corporation
1,374,218
19,000
Universal
Vision
Biotechnology
Company,
Ltd.
209,435
329,000
USI
Corporation
485,752
116,000
Wah
Lee
Industrial
Corporation
341,600
Total
86,643,286
Thailand
(1.2%)
101,400
Advanced
Info
Service
Public
Company,
Ltd.
NVDR
556,420
25,600
AEON
Thana
Sinsap
(Thailand)
Public
Company,
Ltd.
NVDR
182,271
1,061,500
AP
(Thailand)
Public
Company,
Ltd.
NVDR
293,002
222,800
Bangkok
Bank
Public
Company,
Ltd.
NVDR
867,900
345,100
Com7
Public
Company,
Ltd.
NVDR
815,469
517,500
Eastern
Polymer
Group
Public
Company,
Ltd.
NVDR
199,169
533,500
Intouch
Holdings
Public
Company,
Ltd.
NVDR
1,091,223
451,400
Kasikornbank
pcl
NVDR
1,910,646
672,500
Ratchthani
Leasing
Public
Company,
Ltd.
NVDR
94,518
804,400
Thai
Vegetable
Oil
Public
Company,
Ltd.
NVDR
916,224
Total
6,926,842
Turkey
(0.4%)
128,197
Anadolu
Efes
Biracilik
ve
Malt
Sanayii
AS
361,112
9,460
Ford
Otomotiv
Sanayi
AS
200,884
142,297
Haci
Omer
Sabanci
Holding
AS
139,390
188,383
Is
Yatirim
Menkul
Degerler
AS
349,517
6,574
Koza
Altin
Isletmeleri
AS
c
89,284
105,404
Koza
Anadolu
Metal
Madencilik
Isletmeleri
AS
c
174,970
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
19
Shares
Common
Stock
(97.4%)
Value
Turkey
(0.4%)
-
continued
6,782
Otokar
Otomotiv
ve
Savunma
Sanayi
AS
$
283,445
149,905
TAV
Havalimanlari
Holding
AS
c
390,312
13,798
Turkcell
Iletisim
Hizmetleri
AS
ADR
62,505
261,987
Turkiye
Garanti
Bankasi
AS
228,362
27,120
Vestel
Elektronik
Sanayi
ve
Ticaret
AS
c
94,345
Total
2,374,126
United
States
(1.1%)
97,858
Yum
China
Holding,
Inc.
6,157,225
Total
6,157,225
Total
Common
Stock
(cost
$463,395,578)
567,166,180
Shares
Preferred
Stock
(
1.5%
)
Brazil
(0.1%)
52,900
Bradespar
SA
692,212
Total
692,212
South
Korea
(1.4%)
3,730
LG
Chem
,
Ltd.
1,487,797
99,360
Samsung
Electronics
Company,
Ltd.
6,523,422
Total
8,011,219
Total
Preferred
Stock
(cost
$6,151,611)
8,703,431
Shares
Collateral
Held
for
Securities
Loaned
(
0.3%
)
1,576,607
Thrivent
Cash
Management
Trust
1,576,607
Total
Collateral
Held
for
Securities
Loaned
(cost
$1,576,607)
1,576,607
Shares
Short-Term
Investments
(
1.1%
)
Thrivent
Core
Short-Term
Reserve
Fund
638,487
0.180%
6,384,871
Total
Short-Term
Investments
(cost
$6,384,871)
6,384,871
Total
Investments
(cost
$477,508,667)
100.3%
$583,831,089
Other
Assets
and
Liabilities,
Net
(0.3%)
(1,771,612)
Total
Net
Assets
100.0%
$582,059,477
a
All
or
a
portion
of
the
security
is
on
loan.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2021,
the
value
of
these
investments
was
$17,855,200
or
3.1%
of
total
net
assets.
c
Non-income
producing
security.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
Emerging
Markets
Equity
Fund
as
of
April
30,
2021:
Securities
Lending
Transactions
Common
Stock
$
1,502,849
Total
lending
$1,502,849
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$1,576,607
Net
amounts
due
to
counterparty
$73,758
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
NVDR
-
Non-Voting
Depository
Receipts
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$110,346,532
Gross
unrealized
depreciation
(11,263,110)
Net
unrealized
appreciation
(depreciation)
$99,083,422
Cost
for
federal
income
tax
purposes
$484,747,667
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
20
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2021,
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
64,062,354
12,023,927
52,038,427
Consumer
Discretionary
101,527,725
52,288,482
49,239,243
Consumer
Staples
23,078,728
1,615,733
21,462,995
Energy
24,236,604
3,150,655
21,085,949
Financials
86,972,421
5,219,314
81,753,107
Health
Care
24,969,810
24,969,810
Industrials
30,035,066
148,793
29,886,273
Information
Technology
139,187,149
18,515,413
120,671,736
Materials
52,939,970
5,388,284
47,551,686
Real
Estate
11,080,274
11,080,274
Utilities
9,076,079
455,502
8,620,577
Preferred
Stock
Financials
692,212
692,212
Information
Technology
6,523,422
6,523,422
Materials
1,487,797
1,487,797
Subtotal
Investments
in
Securities
$575,869,611
$98,806,103
$477,063,508
$–
Other
Investments  *
Total
Affiliated
Short-Term
Investments
6,384,871
Collateral
Held
for
Securities
Loaned
1,576,607
Subtotal
Other
Investments
$7,961,478
Total
Investments
at
Value
$583,831,089
*
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
10/31/2020
Gross
Purchases
Gross
Sales
Value
4/30/2021
Shares
Held
at
4/30/2021
%
of
Net
Assets
4/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.180%
$23,017
$72,070
$88,702
$6,385
638
1.1%
Total
Affiliated
Short-Term
Investments
23,017
6,385
1.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
215
16,609
15,247
1,577
1,577
0.3
Total
Collateral
Held
for
Securities
Loaned
215
1,577
0.3
Total
Value
$23,232
$7,962
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
21
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
4/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.180%
$–
$–
$–
$3
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
0
10
Total
Affiliated
Income
from
Securities
Loaned,
Net
$10
Total
$–
$–
$0
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
22
Shares
Common
Stock
(
98.9%
)
Value
Australia
(7.2%)
6,930
Appen
,
Ltd.
$
83,430
26,998
ARB
Corporation,
Ltd.
810,004
104,750
Aristocrat
Leisure,
Ltd.
2,987,715
21,660
ASX,
Ltd.
1,217,051
52,827
Australia
and
New
Zealand
Banking
Group,
Ltd.
1,165,591
80,509
BHP
Group,
Ltd.
2,930,198
17,918
Breville
Group,
Ltd.
358,836
148,088
Carsales.com,
Ltd.
2,262,294
113,522
Commonwealth
Bank
of
Australia
7,771,335
160,997
Computershare,
Ltd.
1,750,471
24,337
Corporate
Travel
Management,
Ltd.
a
344,901
8,107
Credit
Corporation
Group,
Ltd.
180,396
42,209
CSL,
Ltd.
8,817,232
14,191
Domino's
Pizza
Enterprises,
Ltd.
1,165,396
326,941
GWA
Group,
Ltd.
752,737
32,385
Healius
,
Ltd.
102,992
312,804
Humm
Group,
Ltd.
a
214,419
36,438
Ingenia
Communities
Group
148,415
59,764
National
Australia
Bank,
Ltd.
1,223,023
30,627
Origin
Energy,
Ltd.
97,932
161,561
Pilbara
Minerals,
Ltd.
a
140,655
20,295
Pointsbet
Holdings,
Ltd.
a
211,619
11,996
Premier
Investments,
Ltd.
242,924
23,506
REA
Group,
Ltd.
2,859,855
12,389
Redbubble,
Ltd.
a
38,974
31,913
Rio
Tinto,
Ltd.
2,966,154
190,135
Sandfire
Resources,
Ltd.
973,060
120,281
SEEK,
Ltd.
a
2,866,557
9,475
Sonic
Healthcare,
Ltd.
261,889
263,426
Tabcorp
Holdings,
Ltd.
1,004,406
12,238
Technology
One,
Ltd.
89,282
76,735
Transurban
Group
836,740
12,437
Washington
H.
Soul
Pattinson
and
Company,
Ltd.
289,686
5,299
Wesfarmers,
Ltd.
220,894
145,140
Westpac
Banking
Corporation
2,796,949
3,294
Wisetech
Global,
Ltd.
79,283
78,642
Woodside
Petroleum,
Ltd.
1,371,572
42,765
Woolworths,
Ltd.
1,297,023
9,630
WorleyParsons
,
Ltd.
79,909
50,373
Zip
Company,
Ltd.
a
309,554
Total
53,321,353
Austria
(0.2%)
26,875
OMV
AG
1,321,140
Total
1,321,140
Belgium
(0.9%)
47,739
Anheuser-Busch
InBev
NV
3,381,489
23,227
Groupe
Bruxelles
Lambert
SA
2,539,961
6,120
KBC
Groep
NV
474,844
Total
6,396,294
Bermuda
(<0.1%)
2,200
Jardine
Matheson
Holdings,
Ltd.
147,928
170,000
Road
King
Infrastructure,
Ltd.
225,903
Total
373,831
Canada
(10.6%)
57,105
Aurora
Cannabis,
Inc.
a,b
508,725
35,347
Ballard
Power
Systems,
Inc.
a
771,845
Shares
Common
Stock
(98.9%)
Value
Canada
(10.6%)
-
continued
40,390
BCE,
Inc.
$
1,909,172
81,354
BlackBerry,
Ltd.
a
718,356
18,341
Canadian
Apartment
Properties
REIT
815,321
65,310
Canadian
National
Railway
Company
7,031,259
26,668
Canadian
Natural
Resources,
Ltd.
809,489
11,676
Canadian
Pacific
Railway,
Ltd.
4,357,400
5,118
Canadian
Western
Bank
140,738
30,583
Canopy
Growth
Corporation
a
824,819
113,185
CGI,
Inc.
a
10,014,131
11,369
Choice
Properties
REIT
128,938
279,457
CI
Financial
Corporation
4,492,593
83,691
Dollarama
,
Inc.
3,900,110
26,999
First
Quantum
Minerals,
Ltd.
622,285
1,977
FirstService
Corporation
321,139
306
Intact
Financial
Corporation
40,674
3,472
Kinaxis
,
Inc.
a
447,830
94,827
Laurentian
Bank
of
Canada
b
3,281,895
11,698
Lithium
Americas
Corporation
a
165,218
35,470
Manulife
Financial
Corporation
774,531
13,593
Onex
Corporation
910,034
3,596
Open
Text
Corporation
169,334
63,666
Quebecor,
Inc.
1,711,883
24,374
Restaurant
Brands
International,
Inc.
1,672,300
95,879
Royal
Bank
of
Canada
9,150,686
6,812
Shopify,
Inc.
a
8,055,258
41,624
Sun
Life
Financial,
Inc.
2,245,525
46,281
Suncor
Energy,
Inc.
989,893
18,037
TC
Energy
Corporation
892,348
29,098
TELUS
Corporation
603,669
52,483
Thomson
Reuters
Corporation
4,867,215
2,852
TMX
Group,
Ltd.
314,285
79,594
Toronto-Dominion
Bank
5,471,824
Total
79,130,722
Cayman
Islands
(0.1%)
86,100
Budweiser
Brewing
Company
APAC,
Ltd.
c
271,310
75,000
SITC
International
Holdings
Company,
Ltd.
285,782
Total
557,092
Denmark
(3.4%)
595
A.P.
Moller
-
Maersk
AS,
Class
B
1,480,139
38,802
Carlsberg
AS
6,807,427
14,774
Danske
Bank
AS
280,820
3,791
DSV
AS
844,598
1,557
Jyske
Bank
AS
a
75,831
157,316
Novo
Nordisk
AS
11,604,805
22,195
Orsted
AS
c
3,226,374
10,703
Royal
Unibrew
AS
1,307,381
755
Topdanmark
AS
36,712
Total
25,664,087
Finland
(0.7%)
16,203
KONE
Oyj
1,272,631
63,213
Neste
Oil
Oyj
3,822,557
Total
5,095,188
France
(7.5%)
32,134
Air
Liquide
SA
5,411,467
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
23
Shares
Common
Stock
(98.9%)
Value
France
(7.5%)
-
continued
76,202
BNP
Paribas
SA
a
$
4,885,923
9,133
CNP
Assurances
159,744
36,163
Credit
Agricole
SA
559,380
109,869
Electricite
de
France
1,603,124
2,764
Gaztransport
Et
Technigaz
SA
235,927
2,825
Hermes
International
3,545,705
16,501
Ipsos
SA
686,709
100,801
Legrand
SA
9,816,272
3,102
LNA
Sante
180,602
14,326
L'Oreal
SA
5,866,100
4,125
LVMH
Moet
Hennessy
Louis
Vuitton
SE
3,107,585
101,662
Natixis
a
496,418
2,001
Rubis
SCA
93,933
102
Sartorius
Stedim
Biotech
46,847
79,254
Schneider
Electric
SE
12,645,501
26,507
Societe
Generale
754,053
137,863
Total
SE
6,093,270
2,685
Valneva
SE
a
45,182
Total
56,233,742
Germany
(6.2%)
56,805
Allianz
SE
14,747,606
68,048
Alstria
Office
REIT
AG
1,218,391
216
Bechtle
AG
43,984
2,907
CompuGroup
Medical
SE
and
Company
KGaA
266,051
22,280
Daimler
AG
1,982,901
921
Delivery
Hero
AG
a,c
146,109
22,302
Deutsche
Boerse
AG
3,843,217
44,697
Deutsche
Pfandbriefbank
AG
a,c
514,488
148,255
Deutsche
Telekom
AG
2,853,189
14,410
Deutsche
Wohnen
AG
779,565
2,945
Encavis
AG
56,558
2,058
Gerresheimer
AG
221,353
20,054
K+S
AG
222,511
9,438
LEG
Immobilien
AG
1,313,165
14,675
Merck
KGaA
2,578,181
10,853
SAP
SE
1,519,652
932
Sartorius
Aktiengesellschaft
525,856
204
Sixt
SE
28,302
2,440
Stroeer
SE
207,945
39,595
Symrise
AG
5,113,125
195,017
TAG
Immobilien
AG
6,031,141
81,478
TUI
AG
a,b
486,798
2,548
Volkswagen
AG
808,924
1,288
Vonovia
SE
84,628
1,288
Vonovia
SE,
DRIP
a,d
0
5,401
Wacker
Chemie
AG
814,580
Total
46,408,220
Hong
Kong
(1.2%)
351,000
AIA
Group,
Ltd.
4,455,094
434,000
Galaxy
Entertainment
Group,
Ltd.
a
3,809,707
62,000
Hysan
Development
Company,
Ltd.
233,403
89,600
Man
Wah
Holdings,
Ltd.
187,581
Total
8,685,785
Ireland
(0.1%)
98,037
AIB
Group
plc
a
286,413
18,914
Bank
of
Ireland
Group
plc
a
110,833
Shares
Common
Stock
(98.9%)
Value
Ireland
(0.1%)
-
continued
11,975
Glanbia
plc
$
176,167
Total
573,413
Isle
of
Man
(0.3%)
90,298
Entain
plc
a
2,110,855
Total
2,110,855
Israel
(0.3%)
3,228
Delek
Group,
Ltd.
a
140,946
3,404
Fiverr
International,
Ltd.
a
708,270
3,803
Kornit
Digital,
Ltd.
a
371,781
37,154
Mizrahi
Tefahot
Bank,
Ltd.
a
1,044,281
9,638
Nano-X
Imaging,
Ltd.
a,b
323,355
Total
2,588,633
Italy
(2.4%)
134,254
A2A
SPA
262,599
25,411
Amplifon
SPA
a
1,072,482
16,468
Azimut
Holding
SPA
394,007
91,315
BPER
Banca
208,063
662,435
Enel
SPA
6,577,566
142,854
Eni
SPA
1,701,527
4,145
Interpump
Group
SPA
220,639
181,946
Mediobanca
SPA
a
2,055,000
85,573
Recordati
SPA
4,714,973
1,059,677
Telecom
Italia
SPA
580,992
Total
17,787,848
Japan
(21.4%)
16,800
ABC-MART,
Inc.
900,152
8,800
Advantest
Corporation
831,908
55,600
Air
Water,
Inc.
919,665
22,200
Arcs
Company,
Ltd.
477,739
27,900
Asahi
Group
Holdings,
Ltd.
1,166,585
279,100
Astellas
Pharmaceutical,
Inc.
4,200,753
11,500
Bandai
Namco
Holdings,
Inc.
843,882
49,200
Canon,
Inc.
b
1,169,984
29,100
Chiyoda
Company,
Ltd.
233,284
95,600
Chugai
Pharmaceutical
Company,
Ltd.
3,588,337
28,200
Dai
Nippon
Printing
Company,
Ltd.
558,788
25,500
Daiichi
Sankyo
Company,
Ltd.
651,281
8,800
Daikin
Industries,
Ltd.
1,775,090
14
Daiwa
Office
Investment
Corporation
101,167
90,400
Denso
Corporation
5,844,631
18,200
DIP
Corporation
502,452
4,400
Fast
Retailing
Company,
Ltd.
3,609,900
33,100
Fuji
Soft,
Inc.
1,658,057
13,300
Hanwa
Company,
Ltd.
395,209
6,000
Hikari
Tsushin,
Inc.
1,206,960
20,300
Hoya
Corporation
2,307,406
51
Hulic
REIT,
Inc.
81,398
63,000
Inaba
Denki
Sangyo
Company,
Ltd.
1,473,318
26,600
ITOCHU
Techno-Solutions
Corporation
920,410
9,800
Izumi
Company,
Ltd.
390,155
84
Japan
Hotel
REIT
Investment
Corporation
48,103
284,200
Japan
Post
Bank
Company,
Ltd.
2,598,854
18,800
Japan
Post
Holdings
Company,
Ltd.
157,985
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
24
Shares
Common
Stock
(98.9%)
Value
Japan
(21.4%)
-
continued
128
Japan
Rental
Housing
Investments,
Inc.
$
131,361
580
Japan
Retail
Fund
Investment
Corporation
571,568
238,100
Japan
Tobacco,
Inc.
4,466,439
60,100
Kamigumi
Company,
Ltd.
1,170,990
59,200
Kao
Corporation
3,806,181
135,200
KDDI
Corporation
4,087,023
148
Kenedix
Retail
REIT
Corporation
379,082
11,500
Kewpie
Corporation
272,226
13,500
Keyence
Corporation
6,480,717
76,500
Kinden
Corporation
1,302,447
10,700
Kobe
Bussan
Company,
Ltd.
285,842
8,900
KOMEDA
Holdings
Company,
Ltd.
165,803
59,200
Kyoei
Steel,
Ltd.
828,327
6,300
Lintec
Corporation
137,088
44,200
M3,
Inc.
3,053,332
157,700
Marubeni
Corporation
1,313,520
17,100
Marui
Group
Company,
Ltd.
321,381
12,200
Ministop
Company,
Ltd.
159,066
11,100
MISUMI
Group,
Inc.
313,505
154,100
Mitsubishi
Corporation
4,260,976
121,300
Mitsubishi
Electric
Corporation
1,869,033
328,300
Mitsubishi
HC
Capital,
Inc.
1,886,781
448,000
Mitsubishi
UFJ
Financial
Group,
Inc.
2,383,404
25,600
Mitsuboshi
Belting,
Ltd.
392,019
235,500
Mitsui
&
Company,
Ltd.
4,969,908
248
Mori
Hills
REIT
Investment
Corporation
359,739
12,200
MS
and
AD
Insurance
Group
Holdings,
Inc.
346,122
6,800
Murata
Manufacturing
Company,
Ltd.
540,650
67,700
NEC
Networks
&
System
Integration
Corporation
1,164,621
79,600
NHK
Spring
Company,
Ltd.
587,876
35,500
Nidec
Corporation
4,099,148
11,200
Nihon
Unisys,
Ltd.
354,775
121
Nippon
Building
Fund,
Inc.
794,122
36
Nippon
REIT
Investment
Corporation
139,692
202,300
Nippon
Telegraph
&
Telephone
Corporation
5,100,567
1,600
Nissan
Chemical
Industries,
Ltd.
82,260
486,400
Nissan
Motor
Company,
Ltd.
a
2,441,703
1,700
Nitori
Holdings
Company,
Ltd.
304,479
37,400
Nitto
Kogyo
Corporation
657,903
2,700
OBIC
Company,
Ltd.
520,360
18,700
Oracle
Corporation
Japan
1,753,220
173,600
ORIX
Corporation
2,802,575
19,100
PLENUS
Company,
Ltd.
353,774
64,000
Recruit
Holdings
Company,
Ltd.
2,885,600
19,900
Rinnai
Corporation
1,998,248
700
Rohm
Company,
Ltd.
69,099
15,500
Ryoyo
Electro
Corporation
382,741
39,100
Sangetsu
Company,
Ltd.
551,454
3,400
Sankyu,
Inc.
145,147
11,900
Sawai
Group
Holdings
Company,
Ltd.
572,733
13,800
Secom
Company,
Ltd.
1,150,015
38,300
Sekisui
House,
Ltd.
775,676
48,700
Seven
&
I
Holdings
Company,
Ltd.
2,102,677
20,200
Shin-Etsu
Chemical
Company,
Ltd.
3,409,804
Shares
Common
Stock
(98.9%)
Value
Japan
(21.4%)
-
continued
4,100
SHO-BOND
Holdings
Company,
Ltd.
$
171,156
192,800
SoftBank
Corporation
2,485,265
39,600
SoftBank
Group
Corporation
3,568,381
375,400
Sojitz
Corporation
1,121,374
23,600
Sony
Group
Corporation
2,359,503
10,100
Sugi
Holdings
Company,
Ltd.
775,723
184,700
Sumitomo
Corporation
2,509,887
323,900
Sumitomo
Electric
Industries,
Ltd.
4,819,600
115,300
Sumitomo
Mitsui
Financial
Group,
Inc.
4,050,341
24,100
Sundrug
Company,
Ltd.
821,286
1,700
Sysmex
Corporation
169,802
5,700
Taikisha,
Ltd.
153,686
12,800
Taisei
Corporation
472,938
12,600
Taiyo
Holdings
Company,
Ltd.
610,052
4,300
Takara
Standard
Company,
Ltd.
60,599
64,800
Takeda
Pharmaceutical
Company,
Ltd.
2,164,353
13,900
Terumo
Corporation
525,590
57,900
Toagosei
Company,
Ltd.
648,395
30,200
Tokio
Marine
Holdings,
Inc.
1,448,298
10,000
Tokyo
Electron,
Ltd.
4,541,879
29,800
Toppan
Forms
Company,
Ltd.
314,615
24,900
Toyota
Motor
Corporation
1,863,122
2,000
Trend
Micro,
Inc.
95,198
26,800
Tsubakimoto
Chain
Company
718,587
90,500
TV
Asahi
Holdings
Corporation
1,658,631
6,900
Ube
Industries,
Ltd.
139,522
24,100
USS
Company,
Ltd.
437,315
17,800
Yuasa
Trading
Company,
Ltd.
484,261
Total
159,257,611
Jersey
(0.3%)
67,192
Experian
plc
2,590,346
Total
2,590,346
Luxembourg
(0.8%)
319,298
B&M
European
Value
Retail
SA
2,495,927
5,301
Eurofins
Scientific
SE
a
525,022
135,292
Tenaris
SA
ADR
2,892,543
Total
5,913,492
Netherlands
(6.2%)
51,787
Aalberts
NV
2,797,852
27,311
ABN
AMRO
Group
NV
a,c
352,645
18,704
AerCap
Holdings
NV
a
1,089,508
25,122
ASML
Holding
NV
16,307,819
4,167
Basic-Fit
NV
a,c
187,582
58,671
Euronext
NV
b,c
5,901,331
58,671
Euronext
NV
Rights
a
687,741
17,529
Ferrari
NV
3,755,027
41,411
ForFarmers
BV
275,818
1,579
IMCD
NV
229,350
165,483
ING
Groep
NV
2,114,054
48,507
Koninklijke
DSM
NV
8,697,352
20,440
Signify
NV
c
1,160,775
44,288
Unilever
NV
2,586,666
Total
46,143,520
New
Zealand
(0.6%)
116,385
Contact
Energy,
Ltd.
628,178
119,840
Meridian
Energy,
Ltd.
456,836
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
25
Shares
Common
Stock
(98.9%)
Value
New
Zealand
(0.6%)
-
continued
4,371
Spark
New
Zealand,
Ltd.
$
13,759
28,860
Xero
,
Ltd.
a
3,143,888
Total
4,242,661
Norway
(1.3%)
328,587
DnB
ASA
7,046,958
132,170
Equinor
ASA
2,668,879
2,410
Orkla
ASA
24,565
6,388
Yara
International
ASA
333,212
Total
10,073,614
Singapore
(1.4%)
913,844
Ascendas
REIT
2,129,549
328,900
DBS
Group
Holdings,
Ltd.
7,371,000
58,000
Singapore
Exchange,
Ltd.
454,354
73,700
Singapore
Press
Holdings,
Ltd.
101,759
72,959
Wing
Tai
Holdings,
Ltd.
105,265
Total
10,161,927
Spain
(1.4%)
367,159
Banco
Bilbao
Vizcaya
Argentaria
SA
2,055,947
289,456
Banco
de
Sabadell
SA
a
183,262
427,161
Banco
Santander
SA
1,647,805
20,915
CIA
De
Distribucion
Integral
434,814
3,461
Enagas
SA
75,348
3,518
Endesa
SA
92,530
38,580
Iberdrola
SA
521,371
83,828
Industria
de
Diseno
Textil
SA
2,982,672
221,046
Mediaset
Espana
Comunicacion
SA
a
1,407,013
6,763
Merlin
Properties
Socimi
SA
74,748
156,654
Telefonica
SA
725,988
Total
10,201,498
Supranational
(0.1%)
6,583
Unibail-Rodamco-Westfield
a
542,124
Total
542,124
Sweden
(4.7%)
142,228
AB
Industrivarden
,
Class
C
5,130,192
54,538
Assa
Abloy
AB
b
1,554,856
154,181
Atlas
Copco
AB,
Class
A
b
9,349,545
45,798
Atlas
Copco
AB,
Class
B
b
2,376,411
10,303
Boliden
AB
400,761
54,585
Castellum
AB
1,329,259
1,278
Cellink
AB
a
73,283
47,894
Dometic
Group
AB
c
753,716
8,614
Evolution
Gaming
Group
AB
c
1,700,479
6,497
Fabege
AB
96,865
178,829
Granges
AB
a
2,396,897
192,034
Hexpol
AB
b
2,354,414
10,469
Holmen
AB
493,949
201,109
Husqvarna
AB
2,800,553
2,456
Intrum
AB
84,465
13,288
Kinnevik
AB
733,386
8,430
L
E
Lundbergforetagen
AB
481,317
51,240
Nobina
AB
a,c
452,926
628,956
SAS
AB
a,b
145,248
2,075
Sinch
AB
a,c
324,046
5,748
Swedish
Orphan
Biovitrum
AB
a
97,808
Shares
Common
Stock
(98.9%)
Value
Sweden
(4.7%)
-
continued
37,500
Thule
Group
AB
b,c
$
1,700,916
Total
34,831,292
Switzerland
(9.9%)
210
Bachem
Holding
AG
106,612
31,293
Baloise
Holding
AG
a
5,291,447
184
Bucher
Industries
AG
96,566
1
Chocoladefabriken
Lindt
and
Spruengli
AG
a
98,868
659
EMS-CHEMIE
Holding
AG
615,316
1,483
Geberit
AG
975,827
2,573
Kuehne
&
Nagel
International
AG
769,314
10,135
LafargeHolcim
,
Ltd.
625,408
284
Lindt
&
Spruengli
AG
a
2,633,977
3,867
Lonza
Group
AG
2,458,308
33,615
Meyer
Burger
Technology
AG
a
15,667
119,517
Nestle
SA
14,262,048
185,028
Novartis
AG
15,789,622
2,905
Partners
Group
Holding
AG
4,138,077
38,714
PSP
Swiss
Property
AG
4,777,166
4,124
Roche
Holding
AG
1,345,067
170
Siegfried
Holding
AG
156,343
21,532
Sika
AG
6,430,802
17,725
Sonova
Holding
AG
a
5,248,375
6,365
Swiss
Life
Holding
AG
3,101,229
8,260
Tecan
Group
AG
4,024,981
1,669
Temenos
AG
245,376
566
VAT
Group
AG
c
161,629
1,006
Vontobel
Holding
AG
75,714
Total
73,443,739
United
Kingdom
(9.7%)
12,767
888
Holdings
Public
Company,
Ltd.
75,217
12,311
Aston
Martin
Lagonda
Global
Holdings
plc
a,c
329,789
749,302
Auto
Trader
Group
plc
a,c
5,898,926
53,592
Avacta
Group
plc
a
196,874
32,145
Barratt
Developments
plc
342,737
903,442
BP
plc
3,782,108
100,986
British
American
Tobacco
plc
3,746,903
170,294
BT
Group
plc
a
388,430
22,112
Carnival
plc
a
516,901
17,685
Centamin
plc
26,224
131,125
Centrica
plc
a
102,636
360,331
Cineworld
Group
plc
a,b
481,666
5,705
Coca-Cola
European
Partners
plc
324,158
24,325
Croda
International
plc
2,272,431
13,844
Dechra
Pharmaceuticals
plc
771,268
146,514
Diageo
plc
6,577,191
71,729
easyJet
plc
a
1,025,495
5,482
Genus
plc
385,009
275,273
Halma
plc
9,836,177
157,001
Hammerson
plc
86,471
48,678
Howden
Joinery
Group
plc
543,804
215,363
HSBC
Holdings
plc
1,344,659
29,641
InterContinental
Hotels
Group
plc
a
2,106,371
46,648
Intermediate
Capital
Group
plc
1,408,290
11,216
ITM
Power
plc
a
80,554
93,008
ITV
plc
a
155,449
7,468
Jet2
plc
a
153,828
94,033
John
Wood
Group
plc
a
365,576
25,684
LondonMetric
Property
plc
80,027
63,047
Marks
and
Spencer
Group
plc
a
137,540
93,306
Melrose
Industries
plc
210,049
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
26
Shares
Common
Stock
(98.9%)
Value
United
Kingdom
(9.7%)
-
continued
194,282
Moneysupermarket.com
Group
plc
$
732,666
11,872
Network
International
Holdings
plc
a,c
68,891
3,044
Next
plc
a
328,039
169,550
PageGroup
plc
a
1,311,842
31,372
Paragon
Banking
Group
plc
203,806
17,510
Playtech
plc
112,495
44,913
Redde
Northgate
plc
225,902
299,446
RELX
plc
7,769,237
26,909
Rio
Tinto
plc
2,253,814
376,766
Rolls-Royce
Holdings
plc
a
545,256
231,577
Royal
Dutch
Shell
plc,
Class
A
4,357,397
373,032
Royal
Dutch
Shell
plc,
Class
B
6,674,882
5,554
Spectris
plc
249,484
13,966
Spirax-Sarco
Engineering
plc
2,279,577
18,077
SSP
Group
plc
a
79,985
31,333
St.
James's
Place
plc
589,320
15,316
Tate
&
Lyle
plc
169,434
246,395
Tritax
Big
Box
REIT
plc
647,480
127,463
Tullow
Oil
plc
a
95,116
81,889
Virgin
Money
UK
plc
a
222,302
Total
72,669,683
Total
Common
Stock
(cost
$605,757,887)
736,319,710
Shares
Collateral
Held
for
Securities
Loaned
(
3.2%
)
23,773,426
Thrivent
Cash
Management
Trust
23,773,426
Total
Collateral
Held
for
Securities
Loaned
(cost
$23,773,426)
23,773,426
Shares
Preferred
Stock
(
0.3%
)
Germany
(0.3%)
9,816
Volkswagen
AG
2,555,702
Total
2,555,702
Total
Preferred
Stock
(cost
$2,532,117)
2,555,702
Shares
or
Principal
Amount
Short-Term
Investments
(
0.2%
)
Federal
Home
Loan
Bank
Discount
Notes
100,000
0.008%,
 6/23/2021
e,f
100,000
300,000
0.015%,
 7/14/2021
e,f
299,994
800,000
0.020%,
 7/15/2021
e
799,984
100,000
0.010%,
 7/28/2021
e,f
99,997
Thrivent
Core
Short-Term
Reserve
Fund
27,680
0.180%
276,796
Total
Short-Term
Investments
(cost
$1,576,750)
1,576,771
Total
Investments
(cost
$633,640,180)
102.6%
$764,225,609
Other
Assets
and
Liabilities,
Net
(2.6%)
(19,352,955)
Total
Net
Assets
100.0%
$744,872,654
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2021,
the
value
of
these
investments
was
$23,151,932
or
3.1%
of
total
net
assets.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
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.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
International
Equity
Fund
as
of
April
30,
2021:
Securities
Lending
Transactions
Common
Stock
$
22,087,397
Total
lending
$22,087,397
Gross
amount
payable
upon
return
of              
collateral
for
securities
loaned
$23,773,426
Net
amounts
due
to
counterparty
$1,686,029
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
DRIP
-
Dividend
Reinvestment
Plan
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
$
130,164,792
Gross
unrealized
depreciation
(8,468,328)
Net
unrealized
appreciation
(depreciation)
$
121,696,464
Cost
for
federal
income
tax
purposes
$
642,472,723
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
27
Reference
Description:
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2021,
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
39,571,450
708,270
38,863,180
Consumer
Discretionary
81,030,038
1,672,300
79,357,738
Consumer
Staples
65,694,727
324,158
65,370,569
Energy
38,682,697
2,892,543
35,790,154
Financials
145,931,531
145,931,531
Health
Care
76,493,890
323,355
76,170,535
Industrials
115,956,513
1,461,289
114,495,224
Information
Technology
80,323,271
8,773,614
71,549,657
Materials
53,264,296
53,264,296
Real
Estate^
25,593,690
25,593,690
0
Utilities
13,777,607
13,777,607
Preferred
Stock
Consumer
Discretionary
2,555,702
2,555,702
Short-Term
Investments
1,299,975
1,299,975
Subtotal
Investments
in
Securities
$740,175,387
$16,155,529
$724,019,858
$0
Other
Investments  *
Total
Affiliated
Short-Term
Investments
276,796
Collateral
Held
for
Securities
Loaned
23,773,426
Subtotal
Other
Investments
$24,050,222
Total
Investments
at
Value
$764,225,609
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient).  According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy.  The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.  
^
Level
3
security
in
this
section
is
fair
valued
at
<$1.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
56,422
56,422
Total
Liability
Derivatives
$56,422
$56,422
$–
$–
The
following
table
presents
International
Equity
Fund's
futures
contracts
held
as
of
April
30,
2021.
Investments
and/or
cash
totaling
$499,992
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
45
June
2021
$
5,135,347
(
$
56,422)
Total
Futures
Long
Contracts
$
5,135,347
(
$
56,422)
Total
Futures
Contracts
$
5,135,347
($56,422)
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
28
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
April
30,
2021,
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)
$
56,422
Total
Equity
Contracts
56,422
Total
Liability
Derivatives
$56,422
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.  Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2021,
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
3,171,689
Total
Equity
Contracts
3,171,689
Total
$3,171,689
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
April
30,
2021,
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
464,625
Total
Equity
Contracts
464,625
Total
$464,625
The
following
table
presents
International
Equity
Fund's
average
volume
of
derivative
activity
during
the
period
ended
April
30,
2021.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$15,674,467
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Portfolio's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Portfolio.
The
Portfolio
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
for
the
Portfolio.
Thrivent
Cash
Management
Trust
is
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
International
Equity
Fund,
is
as
follows:
Portfolio
Value
10/31/2020
Gross
Purchases
Gross
Sales
Value
4/30/2021
Shares
Held
at
4/30/2021
%
of
Net
Assets
4/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.180%
$1,061
$46,042
$46,826
$277
28
<0.1
Total
Affiliated
Short-Term
Investments
1,061
277
<0.1
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
8,557
84,133
68,917
23,773
23,773
3.2%
Total
Collateral
Held
for
Securities
Loaned
8,557
23,773
3.2
Total
Value
$9,618
$24,050
International
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
29
Portfolio
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
4/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.180%
$–
$–
$1
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
1
62
Total
Affiliated
Income
from
Securities
Loaned,
Net
$62
Total
Value
$–
$–
$1
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
30
Shares
Common
Stock
(
99
.8
%
)
Value
Communications
Services
(7.7%)
2,731
Alphabet,
Inc.,
Class
A
a
$
6,427,408
33,177
AMC
Networks,
Inc.
a
1,668,140
507,911
AT&T,
Inc.
15,953,485
13,979
Cogent
Communications
Holdings
1,055,554
134,075
Comcast
Corporation
7,528,311
34,874
Electronic
Arts,
Inc.
4,954,898
47,473
Match
Group,
Inc.
a
7,388,223
19,276
Take-Two
Interactive
Software,
Inc.
a
3,380,625
41,547
Telephone
&
Data
Systems,
Inc.
954,750
44,366
T-Mobile
US,
Inc.
a
5,862,080
351,351
Verizon
Communications,
Inc.
20,304,574
23,175
Walt
Disney
Company
a
4,311,013
16,703
WideOpenWest,
Inc.
a
235,011
Total
80,024,072
Consumer
Discretionary
(5.1%)
4,004
AutoZone,
Inc.
a
5,862,337
15,221
Dollar
General
Corporation
3,268,710
11,563
Domino's
Pizza,
Inc.
4,883,517
30,691
Home
Depot,
Inc.
9,933,756
14,190
Lakeland
Industries,
Inc.
a
400,300
12,372
Madison
Square
Garden
Sports
Corporation
a
2,286,840
90,625
McDonald's
Corporation
21,394,750
2,762
Mercadolibre,
Inc.
a
4,339,047
190
NVR,
Inc.
a
953,439
Total
53,322,696
Consumer
Staples
(13.6%)
72,163
Altria
Group,
Inc.
3,445,783
13,217
Church
&
Dwight
Company,
Inc.
1,133,226
37,394
Clorox
Company
6,824,405
121,482
Coca-Cola
Company
6,557,598
131,372
Colgate-Palmolive
Company
10,601,721
22,680
Costco
Wholesale
Corporation
8,439,001
76,231
Hershey
Company
12,524,753
83,793
Hormel
Foods
Corporation
3,871,237
33,555
Kellogg
Company
2,094,503
87,220
Kimberly-Clark
Corporation
11,628,170
175,641
Kroger
Company
6,417,922
3,342
McCormick
&
Company,
Inc.
301,983
258,647
Mondelez
International,
Inc.
15,728,324
44,178
Monster
Beverage
Corporation
a
4,287,475
134,023
PepsiCo,
Inc.
19,320,756
75,775
Philip
Morris
International,
Inc.
7,198,625
109,265
Procter
&
Gamble
Company
14,578,136
55,004
Wal-Mart
Stores,
Inc.
7,695,610
Total
142,649,228
Energy
(<0.1%)
16,986
CONSOL
Energy,
Inc.
a
149,137
Total
149,137
Financials
(10.7%)
437
Alleghany
Corporation
a
296,710
1,367
American
National
Group,
Inc.
154,949
44,393
Aon
plc
11,162,176
102,058
Arthur
J.
Gallagher
&
Company
14,793,307
18,636
Assured
Guaranty,
Ltd.
947,641
42,930
Berkshire
Hathaway,
Inc.
a
11,803,603
13,334
Cboe
Global
Markets,
Inc.
1,391,670
40,379
Chubb,
Ltd.
6,928,633
Shares
Common
Stock
(99.8%)
Value
Financials
(10.7%)
-
continued
1,537
Citigroup,
Inc.
$
109,496
59,589
CME
Group,
Inc.
12,036,382
15,143
FactSet
Research
Systems,
Inc.
5,091,379
89,695
Flagstar
Bancorp,
Inc.
4,174,405
42,629
Hanover
Insurance
Group,
Inc.
5,896,017
10,694
HomeStreet,
Inc.
436,743
16,607
Intercontinental
Exchange,
Inc.
1,954,810
51,947
Lincoln
National
Corporation
3,331,361
4,970
Markel
Corporation
a
5,846,807
84,535
Marsh
&
McLennan
Companies,
Inc.
11,471,400
190,827
New
York
Community
Bancorp,
Inc.
2,282,291
54,069
New
York
Mortgage
Trust,
Inc.
248,177
28,997
Progressive
Corporation
2,921,158
13,771
RenaissanceRe
Holdings,
Ltd.
2,324,683
6,060
T.
Rowe
Price
Group,
Inc.
1,085,952
72,863
Umpqua
Holdings
Corporation
1,358,166
96,788
Unum
Group
2,735,229
687
White
Mountains
Insurance
Group,
Ltd.
800,650
Total
111,583,795
Health
Care
(19.8%)
99,848
Abbott
Laboratories
11,989,748
9,010
AbbVie,
Inc.
1,004,615
62,333
Agilent
Technologies,
Inc.
8,330,182
41,748
Amgen,
Inc.
10,004,491
42,894
Baxter
International,
Inc.
3,675,587
27,461
Becton,
Dickinson
and
Company
6,832,571
3,025
Chemed
Corporation
1,441,745
4,545
Cooper
Companies,
Inc.
1,867,495
25,281
Danaher
Corporation
6,419,857
7,785
Dexcom,
Inc.
a
3,005,789
86,346
Eli
Lilly
and
Company
15,781,459
232,802
Gilead
Sciences,
Inc.
14,775,943
136,862
Johnson
&
Johnson
22,271,553
153,528
Medtronic
plc
20,099,886
195,828
Merck
&
Company,
Inc.
14,589,186
88,150
Pfizer,
Inc.
3,406,998
41,149
Premier,
Inc.
1,454,617
4,678
Reata
Pharmaceuticals,
Inc.
a
474,349
31,713
Regeneron
Pharmaceuticals,
Inc.
a
15,263,467
35,205
Stryker
Corporation
9,245,889
10,978
Thermo
Fisher
Scientific,
Inc.
5,162,185
38,073
UnitedHealth
Group,
Inc.
15,183,512
30,752
Vertex
Pharmaceuticals,
Inc.
a
6,710,086
311,026
Viatris,
Inc.
a
4,136,646
25,005
Zoetis,
Inc.
4,326,615
Total
207,454,471
Industrials
(10.1%)
9,417
A.O.
Smith
Corporation
638,002
38,114
AMETEK,
Inc.
5,142,722
8,786
Expeditors
International
of
Washington,
Inc.
965,230
11,459
Honeywell
International,
Inc.
2,555,815
5,395
IDEX
Corporation
1,209,559
16,566
Illinois
Tool
Works,
Inc.
3,817,800
108,869
Johnson
Controls
International
plc
6,786,893
21,856
L3Harris
Technologies,
Inc.
4,572,931
37,097
Landstar
System,
Inc.
6,391,071
1,022
Lennox
International,
Inc.
342,718
12,427
Linde
Public
Limited
Company
3,552,134
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
Shares
Common
Stock
(99.8%)
Value
Industrials
(10.1%)
-
continued
35,212
Lockheed
Martin
Corporation
$
13,400,279
11,570
Northrop
Grumman
Corporation
4,100,871
93,731
Republic
Services,
Inc.
9,963,605
13,405
Trane
Technologies
plc
2,330,191
58,412
Verisk
Analytics,
Inc.
10,993,138
104,745
Waste
Connections,
Inc.
12,476,177
119,770
Waste
Management,
Inc.
16,524,667
Total
105,763,803
Information
Technology
(20.3%)
89,099
Accenture
plc
25,836,037
17,067
Adobe,
Inc.
a
8,675,839
3,338
Ambarella,
Inc.
a
325,422
8,162
Amphenol
Corporation
549,629
21,776
Apple,
Inc.
2,862,673
7,159
Automatic
Data
Processing,
Inc.
1,338,661
6,205
Belden,
Inc.
268,552
1,950
Black
Knight,
Inc.
a
141,219
27,352
Broadridge
Financial
Solutions,
Inc.
4,338,848
18,144
Cisco
Systems,
Inc.
923,711
59,871
Citrix
Systems,
Inc.
7,415,023
21,032
Fidelity
National
Information
Services,
Inc.
3,215,793
8,246
Fiserv,
Inc.
a
990,510
6,586
FleetCor
Technologies,
Inc.
a
1,894,924
23,164
Intuit,
Inc.
9,547,274
89,513
Jack
Henry
&
Associates,
Inc.
14,575,402
59,230
Keysight
Technologies,
Inc.
a
8,549,850
11,645
Mastercard,
Inc.
4,449,089
101,923
Microsoft
Corporation
25,702,942
74,518
Motorola
Solutions,
Inc.
14,031,739
105,285
Oracle
Corporation
7,979,550
137,061
Paychex,
Inc.
13,362,077
1,074
Silicon
Laboratories,
Inc.
a
151,380
27,201
Synopsys,
Inc.
a
6,720,279
62,417
Texas
Instruments,
Inc.
11,266,893
33,175
Tyler
Technologies,
Inc.
a
14,094,731
18,370
Varonis
Systems,
Inc.
a
972,692
13,037
VeriSign,
Inc.
a
2,852,104
19,793
VirnetX
Holding
Corporation
92,235
74,717
Visa,
Inc.
17,450,903
7,257
Zoom
Video
Communications,
Inc.
a
2,319,119
Total
212,895,100
Materials
(1.8%)
4,623
Air
Products
and
Chemicals,
Inc.
1,333,643
8,415
Ecolab,
Inc.
1,885,970
6,911
Martin
Marietta
Materials,
Inc.
2,440,412
124,837
Newmont
Mining
Corporation
7,791,077
40,969
Royal
Gold,
Inc.
4,582,793
4,644
Sherwin-Williams
Company
1,271,852
Total
19,305,747
Real
Estate
(4.7%)
3,602
American
Tower
Corporation
917,682
44,584
Camden
Property
Trust
5,371,480
3,431
EastGroup
Properties,
Inc.
544,362
1,266
Essex
Property
Trust,
Inc.
367,798
78,370
Extra
Space
Storage,
Inc.
11,652,835
95,512
First
Industrial
Realty
Trust,
Inc.
4,753,632
9,039
Gladstone
Land
Corporation
189,729
33,752
Healthcare
Trust
of
America,
Inc.
991,296
Shares
Common
Stock
(99.8%)
Value
Real
Estate
(4.7%)
-
continued
11,377
Life
Storage,
Inc.
$
1,092,875
28,104
National
Storage
Affiliates
Trust
1,277,046
71,663
Public
Storage,
Inc.
20,148,769
24,601
Rexford
Industrial
Realty,
Inc.
1,366,586
Total
48,674,090
Utilities
(6.0%)
28,631
Ameren
Corporation
2,429,054
69,809
American
Electric
Power
Company,
Inc.
6,192,756
8,288
American
States
Water
Company
656,327
26,571
Atmos
Energy
Corporation
2,752,490
172,018
Consolidated
Edison,
Inc.
13,315,913
6,837
Dominion
Energy,
Inc.
546,276
35,891
DTE
Energy
Company
5,025,458
18,008
Duke
Energy
Corporation
1,813,226
1,418
Entergy
Corporation
154,973
197,991
FirstEnergy
Corporation
7,507,819
23,849
IDACORP,
Inc.
2,444,046
89,691
NextEra
Energy,
Inc.
6,951,949
10,761
NorthWestern
Corporation
732,071
35,647
Southern
Company
2,358,762
69,864
WEC
Energy
Group,
Inc.
6,788,685
36,143
Xcel
Energy,
Inc.
2,576,996
Total
62,246,801
Total
Common
Stock
(cost
$835,847,753)
1,044,068,940
Shares
Short-Term
Investments
(
0
.1
%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
124,837
0.180%
1,248,367
Total
Short-Term
Investments
(cost
$1,248,367)
1,248,367
Total
Investments
(cost
$837,096,120)
99.9%
$
1,045,317,307
Other
Assets
and
Liabilities,
Net
0.1%
986,263
Total
Net
Assets
100.0%
$
1,046,303,570
a
Non-income
producing
security.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
215,324,921
Gross
unrealized
depreciation
(
8,628,632
)
Net
unrealized
appreciation
(depreciation)
$
206,696,289
Cost
for
federal
income
tax
purposes
$
838,621,018
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
32
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2021,
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
80,024,072
80,024,072
Consumer
Discretionary
53,322,696
53,322,696
Consumer
Staples
142,649,228
142,649,228
Energy
149,137
149,137
Financials
111,583,795
111,583,795
Health
Care
207,454,471
207,454,471
Industrials
105,763,803
105,763,803
Information
Technology
212,895,100
212,895,100
Materials
19,305,747
19,305,747
Real
Estate
48,674,090
48,674,090
Utilities
62,246,801
62,246,801
Subtotal
Investments
in
Securities
$
1,044,068,940
$
1,044,068,940
$
$
Other
Investments  *
Total
Affiliated
Short-Term
Investments
1,248,367
Subtotal
Other
Investments
$
1,248,367
Total
Investments
at
Value
$
1,045,317,307
*
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
10/31/2020
Gross
Purchases
Gross
Sales
Value
4/30/2021
Shares
Held
at
4/30/2021
%
of
Net
Assets
4/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.180%
$
1,599
$
16,448
$
16,799
$
1,248
125
0.1%
Total
Affiliated
Short-Term
Investments
1,599
1,248
0.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
4,196
15,965
20,161
Total
Collateral
Held
for
Securities
Loaned
4,196
Total
Value
$
5,795
$
1,248
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
4/30/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.180%
$2
$(2)
$
$2
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment  
0
9
Total
Affiliated
Income
from
Securities
Loaned,
Net
$9
Total
$2
$(2)
$
0
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Principal
Amount
Asset-Backed
Securities
(
2.5%
)
a
Value
AmeriCredit
Automobile
Receivables
Trust
$
11,694,352
0.160% ,
3/18/2022,
Ser.
2021-1
$
11,694,132
Amur
Equipment
Finance
Receivables
IX,
LLC
10,600,000
0.220% ,
4/20/2022,
Ser.
2021-1A
b
10,600,430
BCC
Funding
XVII,
LLC
5,846,946
0.310% ,
10/20/2021,
Ser.
2020-1
b
5,847,614
Carvana
Auto
Receivables
Trust
16,771,879
0.160% ,
2/10/2022,
Ser.
2021-P1
16,770,983
Dell
Equipment
Finance
Trust
3,637,466
0.315% ,
9/22/2021,
Ser.
2020-2
b
3,637,811
Drive
Auto
Receivables
Trust
25,000,000
0.124% ,
4/15/2022,
Ser.
2021-1
24,999,990
MMAF
Equipment
Finance,
LLC
8,000,000
0.182% ,
5/13/2022,
Ser.
2021-A
b,c
8,000,278
NMEF
Funding,
LLC
12,703,022
0.341% ,
3/15/2022,
Ser.
2021-A
b
12,703,689
Oscar
US
Funding
XII,
LLC
8,242,260
0.222% ,
3/10/2022,
Ser.
2021-1A
b
8,241,537
Santander
Drive
Auto
Receivables
Trust
9,282,577
0.158% ,
2/15/2022,
Ser.
2021-1
9,282,467
SCF
Equipment
Leasing,
LLC
14,697,700
0.234% ,
3/11/2022,
Ser.
2021-1A
b
14,697,944
Tesla
Auto
Lease
Trust
17,352,486
0.157% ,
4/20/2022,
Ser.
2021-A
b
17,351,457
Westlake
Automobile
Receivables
Trust
14,584,121
0.157% ,
3/15/2022,
Ser.
2021-1A
b
14,583,655
Total
158,411,987
Principal
Amount
Basic
Materials
(
2.4%
)
a
Value
BASF
SE
25,000,000
0.180% ,
5/20/2021
b
24,998,639
21,000,000
0.180% ,
5/25/2021
b
20,998,411
25,000,000
0.180% ,
5/28/2021
b
24,997,744
8,000,000
0.110% ,
6/21/2021
b
7,998,417
25,000,000
0.190% ,
6/28/2021
b
24,993,936
EI
du
Pont
de
Nemours
and
Company
15,000,000
0.210% ,
5/17/2021
b
14,998,845
25,000,000
0.170% ,
6/7/2021
b
24,994,907
6,655,000
0.200% ,
7/19/2021
b
6,651,303
Total
150,632,202
Principal
Amount
Capital
Goods
(
1.8%
)
a
Value
Amcor
Finance
USA,
Inc.
$
15,000,000
0.180% ,
5/11/2021
b,d
$
14,999,289
AMCOR
Flexibles
NA,
Inc.
12,000,000
0.160% ,
5/24/2021
b,d
11,998,624
Amphenol
Corporation
10,000,000
0.170% ,
5/25/2021
b
9,998,799
20,000,000
0.180% ,
6/7/2021
b
19,995,926
Caterpillar
Financial
Services
Corporation
4,800,000
2.650% ,
5/17/2021
4,804,378
General
Dynamics
Corporation
12,460,000
0.583%
(LIBOR
3M
+
0.380%),
5/11/2021
e
12,460,924
8,825,000
0.100% ,
6/16/2021
b
8,823,652
John
Deere
Capital
Corporation
11,350,000
0.576%
(LIBOR
3M
+
0.400%),
6/7/2021
e
11,354,367
14,185,000
0.443%
(LIBOR
3M
+
0.260%),
9/10/2021
e
14,196,541
Waste
Management,
Inc.
5,100,000
0.190% ,
7/1/2021
b,d
5,097,962
Total
113,730,462
Principal
Amount
Consumer
Cyclical
(
6.1%
)
a
Value
American
Honda
Finance
Corporation
25,000,000
0.230% ,
5/25/2021
d
24,996,875
9,820,000
0.527%
(LIBOR
3M
+
0.350%),
6/11/2021
e
9,824,019
28,750,000
0.210% ,
6/28/2021
d
28,740,105
5,000,000
0.220% ,
7/6/2021
d
4,998,027
20,000,000
0.220% ,
7/7/2021
d
19,991,953
25,000,000
0.230% ,
7/8/2021
d
24,989,794
BMW
US
Capital
LLC
10,900,000
0.698%
(LIBOR
3M
+
0.500%),
8/13/2021
b,e
10,915,059
Charta,
LLC
15,000,000
0.130% ,
6/16/2021
b,d
14,997,631
10,000,000
0.130% ,
6/18/2021
b,d
9,998,326
Home
Depot,
Inc.
20,000,000
0.501%
(LIBOR
3M
+
0.310%),
3/1/2022
e
20,046,400
Hyundai
Capital
America
25,000,000
0.220% ,
6/23/2021
b,d
24,992,875
15,000,000
0.220% ,
6/24/2021
b,d
14,995,600
25,000,000
0.200% ,
7/7/2021
b,d
24,990,320
McDonald's
Corporation
25,000,000
3.625% ,
5/20/2021
25,038,637
Toyota
Finance
Australia,
Ltd.
25,000,000
0.110% ,
5/19/2021
d
24,998,245
25,000,000
0.150% ,
6/22/2021
d
24,993,706
15,000,000
0.200% ,
9/7/2021
d
14,987,704
Toyota
Motor
Credit
Corporation
10,000,000
2.750% ,
5/17/2021
10,009,127
5,680,000
0.319%
(LIBOR
3M
+
0.125%),
8/13/2021
e
5,681,294
4,000,000
0.490%
(LIBOR
3M
+
0.290%),
10/7/2021
e
4,004,193
VW
Credit,
Inc.
10,000,000
0.210% ,
5/20/2021
b,d
9,999,072
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
Principal
Amount
Consumer
Cyclical
(6.1%)
a
Value
Walmart,
Inc.
$
28,014,000
0.427%
(LIBOR
3M
+
0.230%),
6/23/2021
e
$
28,024,859
Total
382,213,821
Principal
Amount
Consumer
Non-Cyclical
(
1.6%
)
a
Value
GlaxoSmithKline
Capital
plc
13,410,000
0.544%
(LIBOR
3M
+
0.350%),
5/14/2021
e
13,411,274
Novartis
Finance
Corporation
7,300,000
0.080% ,
6/23/2021
b,d
7,299,365
PepsiCo,
Inc.
10,410,000
0.724%
(LIBOR
3M
+
0.530%),
10/6/2021
e
10,434,395
10,000,000
0.567%
(LIBOR
3M
+
0.365%),
5/2/2022
e
10,030,114
Reckitt
Benckiser
Treasury
Services
plc
25,000,000
0.200% ,
5/11/2021
b,d
24,998,739
25,000,000
0.200% ,
5/14/2021
b,d
24,998,357
13,250,000
0.200% ,
5/17/2021
b,d
13,248,930
Total
104,421,174
Principal
Amount
Energy
(
3.7%
)
a
Value
Chevron
Corporation
7,397,000
1.144%
(LIBOR
3M
+
0.950%),
5/16/2021
e
7,399,458
3,776,000
0.724%
(LIBOR
3M
+
0.530%),
11/15/2021
e
3,784,586
Eaton
Capital
Unlimited
25,000,000
0.100% ,
5/6/2021
b,d
24,999,375
Exxon
Mobil
Corporation
25,000,000
0.120% ,
5/24/2021
24,999,167
25,000,000
0.120% ,
5/25/2021
24,999,132
Shell
International
Finance
BV
2,750,000
1.875% ,
5/10/2021
2,750,775
Suncor
Energy,
Inc.
15,200,000
0.230% ,
5/4/2021
b,d
15,199,747
20,000,000
0.190% ,
5/7/2021
b,d
19,999,417
15,000,000
0.200% ,
6/1/2021
b,d
14,997,560
15,000,000
0.210% ,
6/7/2021
b,d
14,996,944
Total
Capital
Canada,
Ltd.
25,000,000
0.130% ,
5/25/2021
b,d
24,999,010
25,000,000
0.130% ,
6/16/2021
b,d
24,997,487
25,000,000
0.135% ,
7/7/2021
b,d
24,995,608
Total
Capital
International
SA
5,000,000
2.218% ,
7/12/2021
5,010,586
Total
234,128,852
Principal
Amount
Financials
(
39.8%
)
a
Value
AIG
Global
Funding
9,934,000
0.661%
(LIBOR
3M
+
0.460%),
6/25/2021
b,e
9,940,812
9,600,000
3.350% ,
6/25/2021
b
9,642,483
Alpine
Securitization,
LLC
13,000,000
0.130% ,
6/10/2021
b,d
12,997,557
Principal
Amount
Financials
(39.8%)
a
Value
ANZ
New
Zealand
International,
Ltd.
$
7,000,000
1.194%
(LIBOR
3M
+
1.010%),
7/28/2021
b,e
$
7,015,718
10,610,000
2.125% ,
7/28/2021
b
10,657,459
25,000,000
0.186%
(LIBOR
3M
+
FLAT),
10/21/2021
b,d,e
25,000,000
Atlantic
Asset
Securitization,
LLC
25,000,000
0.080% ,
5/5/2021
b,d
24,999,733
5,250,000
0.080% ,
5/20/2021
b,d
5,249,659
15,300,000
0.085% ,
5/21/2021
b,d
15,298,929
10,189,000
0.100% ,
5/26/2021
b,d
10,188,117
17,775,000
0.090% ,
6/2/2021
b,d
17,772,980
Australia
&
New
Zealand
Banking
Group,
Ltd.
5,500,000
2.300% ,
6/1/2021
5,509,128
9,050,000
1.045%
(LIBOR
3M
+
0.870%),
11/23/2021
b,e
9,092,233
15,000,000
0.215%
(LIBOR
3M
+
0.030%),
3/9/2022
b,e
15,000,000
Bank
of
America
Corporation
14,200,000
5.000% ,
5/13/2021
14,217,029
Bank
of
Montreal
5,000,000
0.980%
(LIBOR
3M
+
0.790%),
8/27/2021
e
5,012,357
Bank
of
Montreal
Chicago
10,000,000
0.223%
(LIBOR
3M
+
0.020%),
2/11/2022
e
10,000,000
10,000,000
0.240%
(LIBOR
3M
+
0.050%),
3/16/2022
e
10,001,736
Bank
of
Nova
Scotia
4,400,000
1.184%
(LIBOR
3M
+
1.000%),
3/14/2022
e
4,417,033
Barclays
Bank
plc
25,000,000
0.120% ,
6/2/2021
b,d,f
24,997,333
25,000,000
0.140% ,
6/25/2021
b
24,993,155
Barton
Capital
SA
10,000,000
0.120% ,
5/7/2021
b,d
9,999,844
16,100,000
0.100% ,
5/19/2021
b,d
16,099,040
5,000,000
0.100% ,
5/26/2021
b,d
4,999,567
BNP
Paribas
SA
7,205,000
0.583%
(LIBOR
3M
+
0.390%),
8/7/2021
b,e
7,211,219
Canadian
Imperial
Bank
of
Commerce
9,000,000
0.222%
(LIBOR
3M
+
0.020%),
7/1/2021
e
9,000,579
15,000,000
0.330%
(LIBOR
3M
+
0.140%),
7/19/2021
e
15,004,431
34,400,000
0.353%
(LIBOR
3M
+
0.160%),
8/6/2021
e
34,414,059
6,180,000
0.284%
(LIBOR
3M
+
0.100%),
12/13/2021
e
6,183,411
10,000,000
0.300%
(LIBOR
3M
+
0.110%),
1/18/2022
e
10,006,419
Capital
One
Financial
Corporation
5,308,000
4.750% ,
7/15/2021
5,355,347
Chariot
Funding,
LLC
5,000,000
0.130% ,
5/21/2021
b
4,999,650
15,000,000
0.130% ,
5/25/2021
b
14,998,750
25,000,000
0.130% ,
6/4/2021
b
24,996,913
10,000,000
0.130% ,
6/7/2021
b
9,998,617
25,000,000
0.140% ,
6/16/2021
b
24,995,398
13,000,000
0.140% ,
6/21/2021
b
12,997,277
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
Principal
Amount
Financials
(39.8%)
a
Value
$
25,000,000
0.140% ,
6/22/2021
b
$
24,994,663
Ciesco,
LLC
7,320,000
0.130% ,
6/17/2021
b,d
7,318,614
Citibank
NA
23,910,000
0.743%
(LIBOR
3M
+
0.570%),
7/23/2021
e
23,926,349
24,570,000
0.782%
(LIBOR
3M
+
0.600%),
5/20/2022
e
24,689,311
47,991,000
2.844%
0,
5/20/2022
e
48,047,327
Commonwealth
Bank
of
Australia
5,250,000
1.006%
(LIBOR
3M
+
0.830%),
9/6/2021
b,e
5,264,768
Cooperatieve
Rabobank
13,379,000
1.018%
(LIBOR
3M
+
0.830%),
1/10/2022
e
13,455,491
CRC
Funding,
LLC
25,000,000
0.120% ,
6/1/2021
b,d
24,997,267
Credit
Suisse
AG
25,000,000
0.140% ,
6/17/2021
24,994,867
25,000,000
0.140% ,
6/28/2021
24,993,854
Erste
Abwicklungsanstalt
25,000,000
0.120% ,
6/7/2021
b
24,997,678
10,000,000
0.125% ,
6/11/2021
b
9,998,927
FMS
Wertmanagement
50,000,000
0.105% ,
5/19/2021
b
49,998,601
25,000,000
0.120% ,
5/20/2021
b
24,999,264
25,000,000
0.120% ,
5/21/2021
b
24,999,212
25,000,000
0.140% ,
5/26/2021
b
24,998,971
10,000,000
0.110% ,
6/28/2021
b
9,998,230
Goldman
Sachs
Group,
Inc.
13,000,000
5.250% ,
7/27/2021
13,149,890
Gotham
Funding
Corporation
10,000,000
0.120% ,
7/15/2021
b,d
9,996,622
Healthpeak
Properties,
Inc.
5,000,000
0.170% 
b
4,999,937
20,000,000
0.195% 
b
19,999,583
HSBC
Holdings
plc
20,082,000
1.848%
(LIBOR
3M
+
1.660%),
5/25/2021
e
20,101,686
ING
Bank
NV
2,000,000
1.074%
(LIBOR
3M
+
0.880%),
8/15/2021
b,e
2,004,820
ING
Funding,
LLC
25,000,000
0.140% ,
6/28/2021
d
24,995,534
JP
Morgan
Securities,
LLC
25,000,000
0.120% ,
5/3/2021
24,999,875
JPMorgan
Chase
&
Company
9,150,000
4.625% ,
5/10/2021
9,156,709
Lime
Funding,
LLC
20,008,000
0.160% ,
6/23/2021
b
20,003,018
Lloyds
Banking
Group
plc
10,000,000
0.683%
(LIBOR
3M
+
0.490%),
5/7/2021
e
10,000,464
25,000,000
0.272%
(LIBOR
3M
+
0.090%),
5/20/2021
e
25,000,665
15,000,000
0.284%
(LIBOR
3M
+
0.100%),
9/15/2021
e
15,002,747
LMA
Americas,
LLC
25,000,000
0.070% ,
5/28/2021
b,d
24,997,667
Macquarie
Bank,
Ltd.
11,000,000
0.150% ,
5/11/2021
b
10,999,748
25,000,000
0.150% ,
5/26/2021
b
24,998,248
Principal
Amount
Financials
(39.8%)
a
Value
$
25,000,000
0.150% ,
7/13/2021
b
$
24,992,343
Manhattan
Asset
Funding
Corporation,
LLC
5,380,000
0.110% ,
5/17/2021
b,d
5,379,728
15,000,000
0.100% ,
5/25/2021
b,d
14,998,750
Marsh
&
McLennan
Companies,
Inc.
10,000,000
0.210% ,
5/3/2021
b
9,999,875
25,000,000
0.200% ,
5/4/2021
b
24,999,583
15,000,000
0.180% ,
5/13/2021
b
14,999,150
MetLife
Short
Term
Funding,
LLC
10,000,000
0.080% ,
6/16/2021
b,d
9,998,943
Metropolitan
Life
Global
Funding
I
25,000,000
0.510%
(SOFRRATE
+
0.500%),
5/28/2021
b,e
25,006,000
Mid-America
Apartments,
LP
10,000,000
0.160% ,
5/5/2021
b
9,999,792
15,000,000
0.160% ,
5/6/2021
b
14,999,625
21,000,000
0.150% ,
5/12/2021
b
20,998,908
Mitsubishi
UFJ
Financial
Group,
Inc.
8,100,000
0.826%
(LIBOR
3M
+
0.650%),
7/26/2021
e
8,110,795
Mizuho
Securities
USA
LLC
10,000,000
0.245%
(LIBOR
3M
+
0.050%),
8/10/2021
b,e
10,000,000
National
Australia
Bank,
Ltd.
10,000,000
0.223%
(LIBOR
1M
+
0.110%),
8/31/2021
b,e
10,003,032
5,500,000
0.902%
(LIBOR
3M
+
0.710%),
11/4/2021
b,e
5,518,605
15,000,000
0.255%
(LIBOR
3M
+
0.060%),
11/5/2021
b,e
15,004,522
National
Bank
of
Canada
25,000,000
0.140% ,
6/23/2021
b
24,996,100
15,000,000
0.140% ,
7/1/2021
b
14,997,132
Nationwide
Building
Society
25,000,000
0.090% ,
5/6/2021
b
24,999,708
10,000,000
0.090% ,
5/7/2021
b
9,999,864
25,000,000
0.095% ,
5/10/2021
b
24,999,382
25,000,000
0.100% ,
5/11/2021
b
24,999,274
25,000,000
0.110% ,
5/13/2021
b
24,999,025
15,000,000
0.110% ,
5/20/2021
b
14,998,833
Nederlandse
Waterschapsbank
NV
25,000,000
0.060% ,
5/10/2021
b
24,999,458
New
York
Life
Global
Funding
16,796,000
0.513%
(LIBOR
3M
+
0.320%),
8/6/2021
b,e
16,810,466
15,390,000
0.466%
(LIBOR
3M
+
0.280%),
1/21/2022
b,e
15,415,390
6,550,000
0.703%
(LIBOR
3M
+
0.520%),
6/10/2022
b,e
6,583,006
10,550,000
0.628%
(LIBOR
3M
+
0.440%),
7/12/2022
b,e
10,598,769
Nieuw
Amsterdam
Receivables
Corporation
25,000,000
0.100% ,
5/6/2021
b,d
24,999,754
25,000,000
0.110% ,
6/1/2021
b,d
24,997,689
25,000,000
0.120% ,
6/3/2021
b,d
24,997,450
8,590,000
0.115% ,
6/7/2021
b,d
8,588,948
Nordea
Bank
Abp
6,750,000
2.250% ,
5/27/2021
b
6,759,006
15,000,000
0.238%
(LIBOR
3M
+
0.050%),
10/20/2021
e
15,004,868
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
Principal
Amount
Financials
(39.8%)
a
Value
Old
Line
Funding,
LLC
$
17,800,000
0.130% ,
6/24/2021
b,d
$
17,796,274
25,000,000
0.186%
(LIBOR
3M
+
0.010%),
7/26/2021
b,d,e
25,000,000
25,000,000
0.196%
(LIBOR
3M
+
FLAT),
8/9/2021
b,d,e
25,000,000
Pacific
Life
Short
Term
Funding,
LLC
5,000,000
0.130% ,
6/22/2021
b
4,999,080
Realty
Income
Corporation
25,000,000
0.210% ,
5/12/2021
24,998,283
Royal
Bank
of
Canada
15,000,000
0.326%
(LIBOR
3M
+
0.140%),
7/30/2021
e
15,005,798
25,000,000
0.204%
(LIBOR
3M
+
0.020%),
9/13/2021
e
25,001,832
15,000,000
0.247%
(LIBOR
3M
+
0.050%),
10/8/2021
e
15,003,227
15,000,000
0.244%
(LIBOR
3M
+
0.060%),
10/28/2021
e
15,004,372
10,000,000
0.275%
(LIBOR
3M
+
0.090%),
12/7/2021
e
10,004,177
15,000,000
0.273%
(LIBOR
3M
+
0.090%),
12/10/2021
e
15,006,323
15,000,000
0.212%
(LIBOR
3M
+
0.020%),
2/17/2022
e
14,997,644
15,000,000
0.234%
(LIBOR
3M
+
0.050%),
3/11/2022
e
15,001,281
Skandinaviska
Enskilda
Banken
AB
20,514,000
0.622%
(LIBOR
3M
+
0.430%),
5/17/2021
b,e
20,517,042
9,363,000
3.250% ,
5/17/2021
b
9,373,018
15,000,000
0.150% ,
6/16/2021
b
14,998,100
8,000,000
0.254%
(LIBOR
3M
+
0.070%),
12/3/2021
e
8,002,798
Societe
Generale
SA
1,800,000
0.110% ,
5/3/2021
b
1,799,991
Svenska
Handelsbanken
AB
35,750,000
0.646%
(LIBOR
3M
+
0.470%),
5/24/2021
e
35,759,454
10,272,000
3.350% ,
5/24/2021
10,290,181
15,000,000
0.240%
(LIBOR
3M
+
0.050%),
10/19/2021
b,e
15,002,765
Svenska
Handelsbanken
NY
15,000,000
0.300%
(LIBOR
3M
+
0.110%),
6/16/2021
e
15,002,686
10,000,000
0.255%
(LIBOR
3M
+
0.060%),
11/5/2021
e
10,002,010
15,000,000
0.205%
(LIBOR
3M
+
0.010%),
2/8/2022
e
14,997,702
Thunder
Bay
Funding,
LLC
25,000,000
0.195%
(LIBOR
3M
+
FLAT),
8/16/2021
b,d,e
25,000,000
25,000,000
0.186%
(LIBOR
3M
+
FLAT),
10/22/2021
b,d,e
25,000,000
Toronto-Dominion
Bank
10,000,000
0.332%
(LIBOR
3M
+
0.130%),
7/1/2021
b,e
10,002,415
11,000,000
0.486%
(LIBOR
3M
+
0.300%),
7/30/2021
e
11,006,307
Toronto-Dominion
Bank
NY
10,000,000
0.293%
(LIBOR
3M
+
0.110%),
6/10/2021
e
10,001,541
Principal
Amount
Financials
(39.8%)
a
Value
$
12,830,000
0.330%
(LIBOR
3M
+
0.140%),
7/19/2021
e
$
12,834,061
10,000,000
0.267%
(LIBOR
3M
+
0.070%),
10/8/2021
e
10,001,066
15,000,000
0.221%
(LIBOR
3M
+
0.020%),
2/14/2022
e
14,998,835
Truist
Bank
5,000,000
0.782%
(LIBOR
3M
+
0.590%),
5/17/2022
e
5,024,899
U.S.
Bank
NA
32,592,000
0.366%
(LIBOR
3M
+
0.180%),
1/21/2022
e
32,618,400
UBS
AG
London
15,000,000
0.234%
(LIBOR
3M
+
0.050%),
9/15/2021
b,e
15,001,099
10,000,000
0.237%
(LIBOR
3M
+
0.050%),
9/21/2021
b,e
10,000,266
UBS
Group
AG
10,000,000
0.268%
(LIBOR
3M
+
0.080%),
10/12/2021
b,e
10,001,765
UDR,
Inc.
15,000,000
0.200% ,
5/10/2021
b,d
14,999,358
US
Bank
NA
10,000,000
0.615%
(LIBOR
3M
+
0.440%),
5/23/2022
e
10,040,516
Ventas
Realty,
LP
15,000,000
0.150% ,
5/4/2021
b,d
14,999,750
15,000,000
0.180% ,
5/5/2021
b,d
14,999,688
10,000,000
0.160% ,
5/7/2021
b,d
9,999,708
Victory
Receivables
Corporation
6,626,000
0.110% ,
5/13/2021
b,d
6,625,821
25,000,000
0.090% ,
5/18/2021
b,d
24,998,938
Wells
Fargo
Bank
NA
16,002,000
0.694%
(LIBOR
3M
+
0.510%),
10/22/2021
e
16,034,061
19,050,000
0.810%
(LIBOR
3M
+
0.620%),
5/27/2022
e
19,057,520
24,900,000
2.897%
0,
5/27/2022
e
24,942,396
Westpac
Banking
Corporation
25,000,000
0.201%
(LIBOR
1M
+
0.090%),
5/5/2021
b,d,e
25,000,320
25,000,000
0.236%
(LIBOR
3M
+
0.050%),
7/30/2021
b,d,e
25,004,227
15,000,000
0.201%
(LIBOR
3M
+
0.010%),
2/4/2022
b,e
14,997,736
Total
2,497,853,083
Principal
Amount
Foreign
(
2.0%
)
a
Value
Caisse
d'Amortissement
de
la
Dette
Sociale
15,550,000
0.145% ,
7/16/2021
b
15,545,477
Caisse
des
Depots
et
Consignations
25,000,000
0.120% ,
5/17/2021
b
24,999,173
10,000,000
0.140% ,
6/3/2021
b
9,999,216
KFW
23,000,000
0.100% ,
5/3/2021
b,d
22,999,904
25,000,000
0.135% ,
5/4/2021
b,d
24,999,861
25,000,000
0.125% ,
5/12/2021
b,d
24,999,533
Total
123,543,164
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
37
Principal
Amount
Technology
(
0.7%
)
a
Value
Intel
Corporation
$
30,000,000
0.553%
(LIBOR
3M
+
0.350%),
5/11/2022
e
$
30,077,400
International
Business
Machines
Corporation
17,890,000
0.594%
(LIBOR
3M
+
0.400%),
5/13/2021
e
17,891,888
Total
47,969,288
Principal
Amount
Transportation
(
0.3%
)
a
Value
Canadian
National
Railway
Company
10,000,000
0.090% ,
5/6/2021
b,d
9,999,900
Union
Pacific
Corporation
10,000,000
0.180% ,
5/6/2021
b
9,999,817
Total
19,999,717
Principal
Amount
U.S.
Government
&
Agencies
(
28.4%
)
a
Value
Federal
Agricultural
Mortgage
Corporation
14,290,000
0.126%
(LIBOR
1M
+
0.010%),
5/20/2021
e
14,290,511
14,490,000
0.111%
(LIBOR
1M
+
FLAT),
7/28/2021
e
14,491,427
30,270,000
0.068%
(LIBOR
3M
+
(0.130)%),
8/13/2021
e
30,269,199
6,340,000
0.094%
(LIBOR
3M
+
(0.100)%),
10/6/2021
e
6,340,398
10,000,000
0.175%
(LIBOR
1M
+
0.060%),
10/18/2021
e
10,004,305
21,500,000
0.108%
(LIBOR
1M
+
FLAT),
11/22/2021
e
21,497,612
9,000,000
0.115%
(LIBOR
1M
+
FLAT),
12/1/2021
e
8,998,956
20,500,000
0.178%
(LIBOR
3M
+
(0.010)%),
12/2/2021
e
20,510,054
44,000,000
0.086%
(LIBOR
1M
+
(0.025)%),
12/10/2021
e
43,994,698
2,885,000
0.067%
(LIBOR
3M
+
(0.120)%),
12/22/2021
e
2,884,564
5,000,000
0.274%
(LIBOR
3M
+
0.080%),
1/3/2022
e
5,005,736
64,000,000
0.144%
(LIBOR
1M
+
0.030%),
1/21/2022
e
64,001,261
98,585,000
0.076%
(LIBOR
3M
+
(0.100)%),
1/25/2022
e
98,570,493
65,745,000
0.089%
(LIBOR
3M
+
(0.100)%),
2/18/2022
e
65,736,527
22,885,000
0.088%
(LIBOR
3M
+
(0.100)%),
2/25/2022
e
22,881,969
Federal
Farm
Credit
Bank
8,505,000
0.101%
(LIBOR
1M
+
(0.010)%),
6/2/2021
e
8,505,348
14,410,000
0.100%
(SOFRRATE
+
0.090%),
7/15/2021
e
14,411,636
20,000,000
0.073%
(LIBOR
3M
+
(0.120)%),
8/6/2021
e
20,000,064
100,000,000
0.100%
(LIBOR
1M
+
(0.015)%),
9/1/2021
e
100,007,737
20,000,000
0.271%
(LIBOR
1M
+
0.160%),
10/4/2021
e
20,017,138
15,000,000
0.235%
(LIBOR
1M
+
0.120%),
10/18/2021
e
15,010,582
Principal
Amount
U.S.
Government
&
Agencies
(28.4%)
a
Value
$
35,000,000
0.126%
(LIBOR
1M
+
0.010%),
10/20/2021
e
$
35,007,104
5,290,000
0.081%
(LIBOR
3M
+
(0.100)%),
10/27/2021
e
5,290,343
25,000,000
0.241%
(LIBOR
1M
+
0.130%),
11/5/2021
e
25,022,144
80,000,000
0.075%
(LIBOR
3M
+
(0.120)%),
11/10/2021
e
79,992,594
98,920,000
0.096%
(LIBOR
1M
+
(0.020)%),
11/16/2021
e
98,907,998
200,000,000
0.101%
(LIBOR
1M
+
(0.010)%),
12/2/2021
e
199,983,452
25,000,000
0.140%
(LIBOR
1M
+
0.030%),
12/29/2021
e
25,013,517
10,305,000
0.355%
(LIBOR
1M
+
0.240%),
1/18/2022
e
10,324,944
8,225,000
0.191%
(LIBOR
1M
+
0.080%),
7/13/2022
e
8,229,196
16,200,000
0.191%
(LIBOR
1M
+
0.080%),
9/6/2022
e
16,212,341
Federal
Home
Loan
Bank
33,000,000
0.091%
(LIBOR
1M
+
(0.020)%),
5/3/2021
e
33,000,000
25,000,000
0.096%
(LIBOR
1M
+
(0.010)%),
5/24/2021
e
25,000,870
78,975,000
0.048%
(LIBOR
3M
+
(0.140)%),
6/2/2021
e
78,973,029
4,610,000
0.101%
(LIBOR
1M
+
(0.010)%),
6/2/2021
e
4,610,223
10,000,000
0.110%
(SOFRRATE
+
0.100%),
7/9/2021
e
10,001,675
11,325,000
0.085%
(SOFRRATE
+
0.075%),
7/23/2021
e
11,326,170
101,480,000
0.087%
(LIBOR
3M
+
(0.105)%),
8/4/2021
e
101,487,173
85,620,000
0.096%
(LIBOR
3M
+
(0.080)%),
8/24/2021
e
85,634,895
9,000,000
0.160%
(SOFRRATE
+
0.150%),
9/3/2021
e
9,003,832
75,240,000
0.089%
(LIBOR
3M
+
(0.095)%),
9/13/2021
e
75,251,879
25,000,000
0.116%
(LIBOR
1M
+
FLAT),
10/20/2021
e
25,004,902
19,840,000
0.284%
(LIBOR
3M
+
0.100%),
10/28/2021
e
19,862,469
5,775,000
0.076%
(LIBOR
3M
+
(0.120)%),
11/3/2021
e
5,774,947
7,670,000
0.095%
(LIBOR
1M
+
(0.020)%),
12/17/2021
e
7,670,550
89,400,000
0.095%
(LIBOR
1M
+
(0.015)%),
12/23/2021
e
89,409,488
Federal
Home
Loan
Mortgage
Corporation
15,000,000
0.160%
(SOFRRATE
+
0.150%),
3/4/2022
e
15,015,838
Federal
National
Mortgage
Association
24,000,000
0.160%
(SOFRRATE
+
0.150%),
12/10/2021
e
24,017,629
10,000,000
0.180%
(SOFRRATE
+
0.170%),
3/9/2022
e
10,012,128
25,000,000
0.200%
(SOFRRATE
+
0.190%),
5/27/2022
e
25,043,093
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
38
Principal
Amount
U.S.
Government
&
Agencies
(28.4%)
a
Value
U.S.
International
Development
Finance
Corporation
$
11,540,000
0.100%
(T-BILL
3M
+
FLAT),
5/7/2021
e
$
11,540,000
Total
1,779,054,638
Principal
Amount
U.S.
Municipals
(
2.1%
)
a
Value
California
State
10,320,000
0.130% ,
5/26/2021
d
10,319,926
City
of
Austin,
TX
12,775,000
0.120% ,
6/2/2021
d
12,775,000
Long
Island
Power
Auth.
20,000,000
0.100% ,
5/25/2021
d
19,999,862
25,000,000
0.090% ,
6/2/2021
d
25,000,000
10,000,000
0.110% ,
6/8/2021
d
10,000,000
Massachusetts
Educational
Financing
Auth.
6,000,000
0.180% ,
5/4/2021
d
6,000,060
Wisconsin
State
25,000,000
0.130% ,
5/18/2021
24,999,877
20,910,000
0.130% ,
5/19/2021
20,910,109
Total
130,004,834
Principal
Amount
Utilities
(
9.5%
)
a
Value
American
Electric
Power
Company,
Inc.
10,000,000
0.170% ,
5/3/2021
b
9,999,875
8,500,000
0.170% ,
5/5/2021
b
8,499,823
15,000,000
0.150% ,
5/6/2021
b
14,999,625
20,476,000
0.210% ,
6/15/2021
b
20,470,584
Centerpoint
Energy,
Inc.
10,000,000
0.200% ,
5/3/2021
b
9,999,892
10,000,000
0.210% ,
5/5/2021
b
9,999,819
10,000,000
0.150% ,
5/12/2021
b
9,999,567
6,890,000
0.150% ,
5/17/2021
b
6,889,558
Consolidated
Edison,
Inc.
25,000,000
0.130% ,
5/3/2021
b
24,999,771
10,000,000
0.110% ,
5/4/2021
b
9,999,878
10,000,000
0.120% ,
5/10/2021
b
9,999,683
17,000,000
0.120% ,
5/17/2021
b
16,998,908
Dominion
Energy,
Inc.
25,000,000
0.190% ,
5/21/2021
b
24,997,550
Duke
Energy
Corporation
10,000,000
0.140% ,
5/3/2021
b
9,999,884
15,000,000
0.140% ,
5/11/2021
b
14,999,290
5,000,000
0.170% ,
5/19/2021
b
4,999,565
10,000,000
0.170% ,
5/24/2021
b
9,998,853
17,000,000
0.200% ,
6/17/2021
b
16,995,240
Florida
Power
&
Light
Company
2,000,000
0.050% ,
5/3/2021
1,999,982
ITC
Holdings
Corporation
25,000,000
0.210% ,
6/1/2021
b
24,995,933
25,000,000
0.230% ,
6/2/2021
b
24,995,761
25,000,000
0.210% ,
6/21/2021
b
24,992,164
5,000,000
0.210% ,
6/22/2021
b
4,998,395
8,000,000
0.210% ,
7/6/2021
b
7,996,501
National
Rural
Utilities
Cooperative
Finance
Corporation
5,000,000
0.574%
(LIBOR
3M
+
0.375%),
6/30/2021
e
5,002,876
Principal
Amount
Utilities
(9.5%)
a
Value
Nextera
Energy
Capital
Holdings
$
19,000,000
0.190% ,
5/20/2021
b,d
$
18,998,237
25,000,000
0.190% ,
5/21/2021
b,d
24,997,550
6,000,000
0.180% ,
5/27/2021
b,d
5,999,208
25,000,000
0.180% ,
6/4/2021
b,d
24,995,431
PPL
Capital
Funding,
Inc.
11,000,000
0.140% ,
5/6/2021
b,d
10,999,725
13,605,000
0.130% ,
5/7/2021
b,d
13,604,603
PPL
Electric
Utilities
Corporation
16,189,000
0.100% ,
5/3/2021
b
16,188,798
20,000,000
0.160% ,
5/26/2021
b
19,997,472
Public
Service
Enterprise
Group,
Inc.
25,000,000
0.180% ,
5/12/2021
b
24,998,700
Sempra
Global
15,000,000
0.150% ,
5/6/2021
b,d
14,999,625
TransCanada
American
Investments,
Ltd.
25,000,000
0.210% ,
5/4/2021
b
24,999,583
15,000,000
0.220% ,
5/6/2021
b
14,999,625
15,000,000
0.210% ,
5/7/2021
b
14,999,562
20,000,000
0.220% ,
5/20/2021
b
19,998,144
Xcel
Energy,
Inc.
10,000,000
0.160% ,
5/4/2021
b
9,999,833
Total
590,605,073
Total
Investments
(cost
$6,332,558,602)
100.9%
$6,332,568,295
Other
Assets
and
Liabilities,
Net
(0.9)%
(56,855,715)
Total
Net
Assets
100.0%
$6,275,712,580
a
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
April
30,
2021,
the
value
of
these
investments
was
$3,023,439,139
or
48.2%
of
total
net
assets.
c
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
d
Denotes
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution
or
government.
e
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
April
30,
2021.
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.  
f
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
Definitions:
Auth.
-
Authority
Ser.
-
Series
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
April
30,
2021
(unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
39
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,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$464,716
Gross
unrealized
depreciation
(455,023)
Net
unrealized
appreciation
(depreciation)
$9,693
Cost
for
federal
income
tax
purposes
$6,332,558,602
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
April
30,
2021,
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
158,411,987
158,411,987
Basic
Materials
150,632,202
150,632,202
Capital
Goods
113,730,462
113,730,462
Consumer
Cyclical
382,213,821
382,213,821
Consumer
Non-Cyclical
104,421,174
104,421,174
Energy
234,128,852
234,128,852
Financials
2,497,853,083
2,472,855,750
24,997,333
Foreign
123,543,164
123,543,164
Technology
47,969,288
47,969,288
Transportation
19,999,717
19,999,717
U.S.
Government
&
Agencies
1,779,054,638
1,779,054,638
U.S.
Municipals
130,004,834
130,004,834
Utilities
590,605,073
590,605,073
Total
Investments
at
Value
$6,332,568,295
$–
$6,307,570,962
$24,997,333
Thrivent
Core
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
40
As
of
April
30,
2021
(unaudited)
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
International
Equity
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$1,038,359,889
$469,547,189
$609,589,958
Investments
in
affiliated
securities
at
cost
$50,953,820
$7,961,478
$24,050,222
Investments
in
unaffiliated
securities
at
value
(#)
1,071,530,217
575,869,611
740,175,387
Investments
in
affiliated
securities
at
value
50,953,820
7,961,478
24,050,222
Cash
171,662
(a)
131,876
(b)
Dividends
and
interest
receivable
12,095,013
920,222
4,440,531
Prepaid
expenses
6,589
5,331
5,610
Prepaid
trustee
fees
989
989
989
Receivable
for:
Investments
sold
3,244,000
145,677
Total
Assets
1,137,830,628
584,929,293
768,950,292
Liabilities
Accrued
expenses
31,210
196,529
138,178
Cash
overdraft
2,113,063
Payable
for:
Investments
purchased
4,000,000
86,652
Investments
purchased
on
a
delayed-delivery
basis
4,500,000
Return
of
collateral
for
securities
loaned
12,079,778
1,576,607
23,773,426
Foreign
capital
gain
tax
liability
1,087,919
Variation
margin
on
open
future
contracts
67,725
Administrative
service
fees
15,456
8,283
10,394
Director
deferred
compensation
1,263
478
1,263
Contingent
liabilities^
Total
Liabilities
22,740,770
2,869,816
24,077,638
Net
Assets
Capital
stock
(beneficial
interest)
1,100,051,284
454,803,147
685,144,410
Distributable
earnings/(accumulated
loss)
15,038,574
127,256,330
59,728,244
Total
Net
Assets
$1,115,089,858
$
582,059,477
$744,872,654
Shares
of
beneficial
interest
outstanding
113,159,686
46,565,182
70,914,898
Net
asset
value
per
share
$9.85
$12.50
$10.50
(#)
Includes
securities
on
loan
of
$11,612,810
$1,502,849
$22,087,397
(a)
Includes
foreign
currency
holdings
of
$179,210
(cost
$178,464).
(b)
Includes
foreign
currency
holdings
of
$131,876
(cost
$131,686).
^
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.
41
As
of
April
30,
2021
(unaudited)
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$835,847,753
$6,332,558,602
Investments
in
affiliated
securities
at
cost
$1,248,367
$—
Investments
in
unaffiliated
securities
at
value
(#)
1,044,068,940
6,332,568,295
Investments
in
affiliated
securities
at
value
1,248,367
Cash
38,502
Dividends
and
interest
receivable
1,049,346
3,937,605
Prepaid
expenses
6,370
20,561
Prepaid
trustee
fees
989
989
Total
Assets
1,046,374,012
6,336,565,952
Liabilities
Distributions
payable
931,218
Accrued
expenses
54,744
39,524
Payable
for:
Investments
purchased
51,880,301
Investments
purchased
on
a
delayed-delivery
basis
8,000,000
Administrative
service
fees
14,445
Director
deferred
compensation
1,253
2,329
Contingent
liabilities^
Total
Liabilities
70,442
60,853,372
Net
Assets
Capital
stock
(beneficial
interest)
728,364,666
6,276,286,486
Distributable
earnings/(accumulated
loss)
317,938,904
(573,906)
Total
Net
Assets
$1,046,303,570
$6,275,712,580
Shares
of
beneficial
interest
outstanding
77,174,830
627,433,085
Net
asset
value
per
share
$13.56
$10.00
(#)
Includes
securities
on
loan
of
$—
$—
^
Contingent
liabilities
accrual.  Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Core
Funds
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
42
For
the
six
months
ended
April
30,
2021
(unaudited)
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
International
Equity
Fund
Investment
Income
Dividends
$197,729
$5,105,702
$9,611,546
Interest
22,751,010
1,034
690
Affiliated
income
from
securities
loaned,
net
8,252
9,897
61,815
Income
from
affiliated
investments
39,579
3,324
1,483
Foreign
tax
withholding
(705,341)
(1,078,010)
Total
Investment
Income
22,996,570
4,414,616
8,597,524
Expenses
Administrative
service
fees
124,662
85,469
104,901
Amortization
of
offering
costs
1,976
Audit
and
legal
fees
17,279
30,501
17,197
Custody
fees
24,861
467,959
272,195
Insurance
expenses
3,442
2,211
3,092
Printing
and
postage
expenses
3,720
4,266
4,264
SEC
and
state
registration
expenses
(10,338)
(28,821)
1,937
Transfer
agent
fees
10,000
10,000
10,000
Directors'
fees
3,532
3,477
3,532
Pricing
service
fees
9,651
20,856
17,837
Other
expenses
6,050
15,999
8,008
Total
Expenses
Before
Reimbursement
192,859
613,893
442,963
Total
Net
Expenses
192,859
613,893
442,963
Net
Investment
Income/(Loss)
22,803,711
3,800,723
8,154,561
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
19,198,086
26,786,118
(a)
51,427,027
Affiliated
investments
(7,851)
Distributions
of
realized
capital
gains
from
affiliated
investments
317
92
978
Futures
contracts
3,171,689
Foreign
currency
transactions
(462,548)
(177,785)
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(15,966,697)
79,945,274
141,816,129
Affiliated
investments
7,851
Futures
contracts
464,625
Foreign
currency
transactions
40,135
35,907
Foreign
capital
gain
tax
liability
(490,649)
Net
Realized
and
Unrealized
Gains/(Losses)
3,231,706
105,818,422
196,738,570
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$26,035,417
$109,619,145
$204,893,131
(a)
Includes
foreign
capital
gain
taxes
paid
of  $1,073,521.
Thrivent
Core
Funds
Statement
of
Operations
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
43
For
the
six
months
ended
April
30,
2021
(unaudited)
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
Investment
Income
Dividends
$12,374,061
$—
Interest
5,651,783
Affiliated
income
from
securities
loaned,
net
8,902
Income
from
affiliated
investments
1,773
Foreign
tax
withholding
(8,356)
Total
Investment
Income
12,376,380
5,651,783
Expenses
Administrative
service
fees
147,813
45,000
Audit
and
legal
fees
18,363
23,368
Custody
fees
39,832
29,669
Insurance
expenses
3,987
9,744
Printing
and
postage
expenses
3,909
3,236
SEC
and
state
registration
expenses
(33,800)
Transfer
agent
fees
10,000
10,000
Directors'
fees
3,531
3,654
Pricing
service
fees
670
21,494
Other
expenses
5,595
5,463
Total
Expenses
Before
Reimbursement
199,900
151,628
Total
Net
Expenses
199,900
151,628
Net
Investment
Income/(Loss)
12,176,480
5,500,155
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
104,401,508
(143,844)
Affiliated
investments
2,077
Distributions
of
realized
capital
gains
from
affiliated
investments
366
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
105,985,207
(549,004)
Affiliated
investments
(2,077)
Net
Realized
and
Unrealized
Gains/(Losses)
210,387,081
(692,848)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$222,563,561
$4,807,307
Thrivent
Core
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
44
Emerging
Markets
Debt
Fund
For
the
periods
ended
4/30/2021
(unaudited)
10/31/2020
Operations
Net
investment
income/(loss)
$22,803,711
$42,719,258
Net
realized
gains/(losses)
19,190,552
(11,472,951)
Change
in
net
unrealized
appreciation/(depreciation)
(15,958,846)
17,932,840
Net
Change
in
Net
Assets
Resulting
From
Operations
26,035,417
49,179,147
Distributions
to
Shareholders
From
net
investment
income/net
realized
gains
(22,785,060)
(42,753,567)
Total
Distributions
to
Shareholders
(22,785,060)
(42,753,567)
Capital
Stock
Transactions
Sold
92,659,016
111,666,162
Distributions
reinvested
22,785,060
42,753,567
In-kind
contributions
Redeemed
(1,800,000)
(12,305,000)
Total
Capital
Stock
Transactions
113,644,076
142,114,729
Net
Increase/(Decrease)
in
Net
Assets
116,894,433
148,540,309
Net
Assets,
Beginning
of
Period
998,195,425
849,655,116
Net
Assets,
End
of
Period
$1,115,089,858
$998,195,425
Capital
Stock
Share
Transactions
Sold
9,361,952
12,102,251
Distributions
reinvested
2,275,217
4,409,413
In-kind
contributions
Redeemed
(180,200)
(1,230,231)
Total
Capital
Stock
Share
Transactions
11,456,969
15,281,433
(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.
45
Emerging
Markets
Equity
Fund
International
Equity
Fund
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
4/30/2021
(unaudited)
10/31/2020
(a)
4/30/2021
(unaudited)
10/31/2020
4/30/2021
(unaudited)
10/31/2020
4/30/2021
(unaudited)
10/31/2020
$3,800,723
$3,750,760
$8,154,561
$19,280,445
$12,176,480
$26,474,693
$5,500,155
$57,669,115
26,323,662
(7,462,562)
54,421,909
(59,576,605)
104,403,951
2,692,526
(143,844)
(444,411)
79,494,760
25,752,134
142,316,661
(36,836,457)
105,983,130
(32,952,563)
(549,004)
(437,142)
109,619,145
22,040,332
204,893,131
(77,132,617)
222,563,561
(3,785,344)
4,807,307
56,787,562
(4,409,076)
(19,950,771)
(32,400,474)
(31,417,843)
(53,118,700)
(5,500,155)
(57,706,133)
(4,409,076)
(19,950,771)
(32,400,474)
(31,417,843)
(53,118,700)
(5,500,155)
(57,706,133)
40,000,000
456,500,000
370,999,999
10,536,709,040
14,403,645,119
4,409,076
19,950,771
32,400,474
31,417,843
53,118,700
235,994,120
24,354,891
(46,000,000)
(100,000)
(435,000,000)
(39,000,000)
(572,000,000)
(8,982,720,726)
(15,565,252,701)
(1,590,924)
456,400,000
(179,055,109)
17,755,365
(540,582,157)
424,118,699
1,553,988,314
(1,161,607,582)
103,619,145
478,440,332
5,887,251
(91,777,726)
(349,436,439)
367,214,655
1,553,295,466
(1,162,526,153)
478,440,332
738,985,403
830,763,129
1,395,740,009
1,028,525,354
4,722,417,114
5,884,943,267
$582,059,477
$478,440,332
$744,872,654
$738,985,403
$1,046,303,570
$1,395,740,009
$6,275,712,580
$4,722,417,114
3,683,241
46,192,722
30,692,023
1,053,670,904
1,440,079,447
373,967
2,025,459
3,333,382
2,514,316
4,460,669
25,243,607
2,735,585
(3,674,748)
(10,000)
(43,827,451)
(4,422,723)
(45,523,459)
(898,272,073)
(1,556,436,235)
382,460
46,182,722
(16,558,385)
1,646,244
(43,009,143)
35,152,692
155,398,831
(116,356,788)
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2021
(unaudited)
46
1) ORGANIZATION
Thrivent
Core
Funds
(the
“Trust”)
was
organized
as
a
Delaware
statutory
trust
on
March
18,
2016,
and
is
registered
as
an
open-end
management
investment
company
under
the
Investment
Company
Act
of
1940.
The
Trust
is
established
solely
for
investment
by
other
Thrivent
entities. 
The
Trust
is
divided
into
five separate
series,
each
with
its
own
investment
objective
and
policies
(each,
a
"Fund"
and,
collectively,
the
"Funds"). 
The
five series
of
the
Trust
are
Thrivent
Core
Emerging
Markets
Debt
Fund
and
Thrivent
Core
Emerging
Markets
Equity
Fund,
which are
non-diversified,
and Thrivent
Core
International
Equity
Fund,
Thrivent
Core
Low
Volatility
Equity
Fund,
and
Thrivent
Core
Short-Term
Reserve
Fund,
which
are diversified. 
Thrivent
Core
Short-Term
Reserve Fund serves
as
a
cash
sweep
vehicle
for
Thrivent
Mutual
Funds,
Thrivent
Series
Fund,
Inc.,
and
Thrivent
Church
Loan
and
Income
Fund.
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
April
30,
2021
(unaudited)
47
in
order
to
reflect
the
effects
of
post-closing
events. 
The
Board
has
authorized
the
Adviser
to
make
fair
valuation
determinations
pursuant
to
policies
approved
by
the
Board.
Foreign
Currency
Translation 
The
accounting
records
of
each
Fund
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
that
are
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
daily
closing
rates
of
exchange.
Foreign
currency
amounts
related
to
the
purchase
or
sale
of
securities
and
income
and
expenses
are
translated
at
the
exchange
rate
on
the
transaction
date.
Net
realized
and
unrealized
currency
gains
and
losses
are
recorded
from
closed currency
contracts,
disposition
of foreign
currencies,
exchange
gains
or
losses
between
the
trade
date
and
settlement
date
on
securities
transactions,
and
other
translation
gains
or
losses
on
dividends,
interest
income
and
foreign
withholding
taxes.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement
of
Operations.
For
federal
income
tax
purposes,
the
Funds
treat
the
effect
of
changes
in
foreign
exchange
rates
arising
from
actual
foreign
currency
transactions
and
the
changes
in
foreign
exchange
rates
between
the
trade
date
and
settlement
date
as
ordinary
income.
Federal
Income
Taxes 
No
provision
has
been
made
for
income
taxes
because
each
Fund’s
policy
is
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code
and
distribute
substantially
all
investment
company
taxable
income
and
net
capital
gain
on
a
timely
basis.
It
is
also
the
intention
of
each
Fund
to
distribute
an
amount
sufficient
to
avoid
imposition
of
any
federal
excise
tax.
The
Funds,
accordingly,
anticipate
paying
no
federal
taxes
and
no
federal
tax
provision
was
recorded.
Each
Fund
is
treated
as
a
separate
taxable
entity
for
federal
income
tax
purposes.
Funds
may
utilize
earnings
and
profits
distributed
to
shareholders
on
the
redemption
of
shares
as
part
of
the
dividends
paid
deduction.
GAAP
requires
management
of
the Funds
(i.e.,
the
Adviser) to
make
additional
tax
disclosures
with
respect
to
the
tax
effects
of
certain
income
tax
positions,
whether
those
positions
were
taken
on
previously
filed
tax
returns
or
are
expected
to
be
taken
on
future
returns.
These
positions
must
meet
a
“more
likely
than
not”
standard
that,
based
on
the
technical
merits
of
the
position,
it
would
have
a
greater
than
50
percent
likelihood
of
being
sustained
upon
examination.
In
evaluating
whether
a
tax
position
has
met
the
more-
likely-than-not
recognition
threshold, the Adviser
must
presume
that
the
position
will
be
examined
by
the
appropriate
taxing
authority
that
has
full
knowledge
of
all
relevant
information.
The
Adviser
analyzed
all
open
tax
years,
as
defined
by
the
statute
of
limitations,
for
all
major
jurisdictions.
Open
tax
years
are
those
that
are
open
for
examination
by
taxing
authorities.
Major
jurisdictions
for
the Funds
include
U.S.
Federal,
and
certain
state
jurisdictions
as
well
as
certain
foreign
countries.
The Funds'
federal
income
tax
returns
are
subject
to
examination
for
a
period
of
three
years
after
the
filing
of
the
return
for
the
tax
period.
State
returns
may
be
subject
to
examination
for
an
additional
year
depending
on
the
jurisdiction.
The Funds
have
no
examinations
in
progress
and
none
are
expected
at
this
time. 
As
of
April
30,
2021,
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
April
30,
2021
(unaudited)
48
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
April
30,
2021
(unaudited)
49
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 period
ended April
30,
2021,
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
equal
to
the
pro-rata
share
of
that
position
within
the
index
based
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2021
(unaudited)
50
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
tables
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
tables.
  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.
The
following
table
presents
the
gross
and
net
information
about
liabilities
subject
to
master
netting
arrangements,
as
presented
in the
Statement
of
Assets
and
Liabilities:
Securities
Lending 
The
Trust
has
entered
into
a
Securities
Lending
Agreement
(the
“Agreement”)
with
Goldman
Sachs
Bank
USA,
doing
business
as
Goldman
Sachs Agency
Lending ("GSAL").
The
Agreement
authorizes
GSAL
to
lend
securities
to
authorized
borrowers
on
behalf
of
the
Funds.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value
of
U.S.
securities
and
105% of
the
market
value
of non-U.S.
securities.
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received. 
Any
additional
collateral
is
adjusted
and
settled
on
the
next
business
day. 
The
Trust
has
the
ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell
the
loaned
securities. 
All
cash
collateral
received
is
invested
in
Thrivent
Cash
Management
Trust.
The
Funds
receive dividends
and
interest
that would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent
Cash
Management
Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
expenses,
are
included
in
affiliated income
from
securities
loaned,
net on
the
Statement
of
Operations. 
By
investing
any
cash
collateral
it
receives
in
these
transactions,
a
Fund
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, a
Fund
could
lose
money. 
Generally,
in
the
event
of
borrower
default, a Fund
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred. 
However,
in
the
event a
Fund
is
delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss. 
Some
of
these
losses
may
be
indemnified
by
the
lending
agent. 
As
of
April
30,
2021,
the
value
of
securities
on
loan
is
as
follows:
When-Issued
and
Delayed-Delivery
Transactions
—  The
Funds
may
purchase
or
sell
securities
on
a when-issued
or
delayed-delivery
basis.
These
transactions
involve
a
commitment
by the
Funds
to
purchase
or
sell
securities
for
a
predetermined
price
or
yield,
with
payment
and
delivery
taking
place
beyond
the
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
12,079,778
12,079,778
11,612,810
466,968
(^)
Emerging
Markets
Equity
Securities
Lending
1,576,607
1,576,607
1,502,849
73,758
(^)
International
Equity
Securities
Lending
23,773,426
23,773,426
22,087,397
1,686,029
(^)
(**)
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
$
11,612,810
Emerging
Markets
Equity
1,502,849
International
Equity
22,087,397
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2021
(unaudited)
51
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 six
months
ended
April
30,
2021,
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
six
months
ended
April
30,
2021,
none
of
the
Funds
engaged
in
these
types
of
investments.
Contingent
Liabilities
— 
In
the
event
of
adversary
action
proceedings
where
a
Fund
is
a
defendant, a
loss
contingency
will
not
be
accrued
as
a
liability
until
the
amount
of
potential
damages
and
the
likelihood
of
loss
can
be
reasonably
estimated. 
For
the
period
ended
April
30,
2021,
no
contingent
liabilities
were
reported.
Accounting
Estimates 
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
these
estimates.
Amortization
of
Offering
Costs 
— The
offering
costs
referenced
in
the
Statement
of
Operations
for 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
FASB
issued
Accounting
Standards
Update
("ASU")
No.
2020-04
Reference
Rate
Reform,
which
provides
optional
guidance
to
ease
the
potential
accounting
burden
associated
with
transitioning from
the
London
Interbank
Offered
Rate
("LIBOR")
and
other
reference
rates
expected
to
be
discontinued.
The
ASU
No.
2020-04
was
effective
immediately
upon
release
of
the
standard
on
March
12,
2020
and
can
be
applied
prospectively through December
31,
2022.
At
this
time,
management
is
evaluating
implications
of
these
changes
on
financial
statement
disclosures.
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2021
(unaudited)
52
In-kind Contributions
—  During November
2020, the
Thrivent
Core
International
Equity
Fund received an
in-kind
contribution
which
consisted
of
$235,994,120
in
securities. 
As
a
result
of
the
in-kind
contribution,
Thrivent
Core
International
Equity
Fund issued
shares
at
the
net
asset
value
per
share
on
the
date
of
contribution.  The
in-kind
amounts
and
shares issued
are
included
in
the
Capital
Stock
Transactions
of
the
Statement
of
Changes
in
Net
Assets
for
Thrivent
Core
International
Equity
Fund.
These
in-kind
transactions
were
conducted
at
market
value.
The
transactions
were
as
follows:
Other 
For
financial
statement
purposes,
investment
security
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
or
losses
on
sales
are
determined
on
a
specific
cost
identification
basis,
which
is
the
same
basis
for
federal
income
tax
purposes.
(3)
FEES
AND
COMPENSATION
PAID
TO
AFFILIATES
Fees 
The
Trust
has
entered
into
an
administration
and
accounting
services
agreement
with
the
Adviser
pursuant
to
which
the
Adviser
provides
certain
administrative
and
accounting
personnel
and
services.
The
Fund
pays
an
annual
fixed
fee
plus
percentage
of
net
assets
to the
Adviser.
These
fees
are
accrued
daily
and
paid
monthly.
For
the six
months
ended
April
30,
2021,
the
Adviser
received
aggregate
fees
for
administrative
and
accounting
personnel
and
services
of $507,845
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,
April
30,
2021,
Thrivent
Investor
Services
received
$50,000 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
$16,915 in
fees
from
the
Trust
during
the
six
months
ended
April
30,
2021. In
addition,
the
Trust
reimbursed
unaffiliated
Trustees
for
reasonable
expenses
incurred
in
relation
to
attendance
at
the
meetings
and
industry
conferences.
Certain
officers
and
non-independent
Trustees
of
the
Trust
are
officers
and
directors
of
Thrivent
Asset
Mgt.,
Thrivent
Investor
Services
and
Thrivent
Distributors,
LLC,
however
they
receive
no
compensation
from
the
Trust.
Affiliated
employees
and
board
consultants
are
reimbursed
for
reasonable
expenses
incurred
in
relation
to
board
meeting
attendance.
Acquired
Fund
Fees
and Expenses 
The Funds
may
invest
in
other
mutual
funds.
Fees
and
expenses
of
those
underlying
funds
are
not
included
in
the
Funds'
expense
ratio.
The Funds
indirectly
bear
their proportionate
share
of
the
annualized
weighted
average
expense
ratio
for
the
underlying
funds
in
which
it
invests. 
Interfund
Lending 
The
Funds
may
participate
in
an
interfund
lending
program
(the
"Program")
pursuant
to
an
exemptive
order
issued
by
the
SEC. 
The
Program
permits the
Funds
to borrow
cash
for
temporary
purposes
from
Thrivent
Core
Short-Term
Reserve
Fund. 
Interest
is
charged
to
each
participating
Fund
based
on
its
borrowings
at
the
average
of
the
repo
rate
and
bank
loan
rate,
each
as
defined
in
the
Program. 
Each
borrowing
made
under
the
Program
matures
no
later
than
seven
calendar
days
after
the
date
of
the
borrowing,
and
each
borrowing
must
be
securitized
by
a
pledge
of
segregated
collateral
with
a
market
value
at
least
equal
to
102%
of
the
outstanding
principal
value
of
the
loan. 
For
the six
months
ended
April
30,
2021,
no
Funds
borrowed
cash
through
the
interfund
lending
program. 
(4)
FEDERAL
INCOME
TAX
INFORMATION
Distributions
are
based
on
amounts
calculated
in
accordance
with
the
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
that
these
differences
are
permanent
in
nature,
GAAP
requires
such
amounts
to
be reclassified
within
the
capital
accounts
based
on
their
federal
tax-basis
treatment;
temporary
differences
do
not
require
reclassifications. 
At
fiscal
year-
end,
the
character
and
amount
of
distributions,
on
a
tax
basis
and
Contributing
Fund/Portfolio
Contribution
Date
Shares
Issued
Net
Asset
Value
per
Share
In-kind
Amount
Balanced
Income Plus
Fund
11/17/2020
4,246,615
9.52
$40,427,772
Balanced
Income
Plus
Portfolio
11/20/2020
5,303,097
9.52
$50,485,480
Diversified
Income
Plus
Fund
11/13/2020 
6,932,812 
 9.33
$64,683,133 
Diversified
Income
Plus
Portfolio
 11/10/2020
5,386,122 
9.27 
$49,929,355 
Moderate
Allocation
Portfolio
 11/6/2020
2,269,577 
 9.09
 $20,630,460
Moderately
Aggressive
Allocation
Fund
11/5/2020
1,105,384 
8.90 
 $9,837,920
Totals
25,243,607
$235,994,120
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2021
(unaudited)
53
components
of
distributable
earnings,
are
finalized. 
Therefore,
as
of
April
30,
2021,
the
tax-basis
balance
has
not
yet
been
determined.
At
October
31,
2020,
the
following
Funds
had
accumulated
net
realized
capital
loss
carryovers as
follows: 
To
the
extent
that
these
Funds
realize
future
net
capital
gains,
taxable
distributions
will
be
reduced
by
any
unused
capital
loss
carryovers
as
permitted
by
the
Internal
Revenue
Code. 
(5)
SECURITY
TRANSACTIONS 
Purchases
and
Sales
of
Investment
Securities 
For
the
six
months
ended
April
30,
2021,
the
cost
of
purchases
and
the
proceeds
from
sales
of
investment
securities,
other
than
U.S.
Government
and
short-term
securities,
were
as
follows:
Purchases
and
sales
of
U.S.
Government
securities
were:
(6)
SECURITY
TRANSACTIONS
WITH
AFFILIATED
FUNDS
The
Funds
are
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
Funds,
or
affiliated
portfolios under
specified
conditions
outlined
in
procedures
adopted
by
the
Board.
The
procedures
have
been
designed
to
ensure
that
any
purchase
or
sale
of
securities
by
a
Fund
from
or
to
another
fund
or
portfolio
that
is
or
could
be
considered
an
affiliate
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
advisers),
common
Trustees
and/or
common
officers
complies
with
Rule
17a-7
of
the
1940
Act.
Further,
as
defined
under
the
procedures,
each
transaction
is
executed
at
the
current
market
price. 
During the six
months
ended April
30,
2021,
no
Funds
engaged
in
these
types
of
transactions. 
(7)
RELATED
PARTY
TRANSACTIONS
As
of
April
30,
2021,
related
parties
held
100%
of
the outstanding
shares
of
all
Thrivent
Core
Funds.
Subscription
and
redemption
activity
by
concentrated
accounts
may
have
a
significant
effect
on
the
operation
of
the
Funds.
In
the
case
of
a
large
redemption,
the
Funds
may
be
forced
to
sell
investments
at
inopportune
times,
resulting
in
additional
losses
for
the
Funds. 
(8)
SUBSEQUENT
EVENTS
The
Adviser of
the Funds
has
evaluated
the
impact
of
subsequent
events
through the
date
the
financial
statements
were
issued,
and,
except
as
already
included
in
the
Notes
to
Financial
Statements,
has
determined
that
no
additional
items
require
disclosure.
(9) MARKET
RISK
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline. 
The
value
of
a
Fund's
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund's
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
due
to
impacts
from
the
spread
of
infectious
illness,
public
health
threats,
or
similar
issues.
As
of April
30,
2021,
the
following
Funds
had
portfolio
concentration
greater
than
25%
in
certain
sectors.
(10)
SIGNIFICANT
RISKS
Investing
in
the
Funds
involves
risks.
The
following
is
an
alphabetical
list
of
significant
risks
in
investing
in
the
Funds.
The
risks
applicable
to
each
Fund
are
listed
in
the
Portfolio
Perspectives
section
above.
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
Fund
Capital
Loss
Carryover
Emerging
Markets
Debt
$
36,643,103
Emerging
Markets
Equity
652,404
International
Equity
122,356,486
Short-Term
Reserve
444,720
In
thousands
Fund
Purchases
Sales
Emerging
Markets
Debt
$533,548
$415,474
Emerging
Markets
Equity
267,205
276,387
International
Equity
485,776
908,470
Low
Volatility
Equity
511,978
1,071,174
Short-Term
Reserve
557,249
445,432
In
thousands
Fund
Purchases
Sales
Short-Term
Reserve
$57,760
$0
Fund
Sector
%
of
Total
Net
Assets
Emerging
Markets
Debt
Foreign
Government
82.4%
Emerging
Markets
Equity
Information
Technology
25.0%
Short-Term
Reserve
Financials
39.8%
Short-Term
Reserve
U.S.
Govt.
&
Agencies
   28.4%
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2021
(unaudited)
54
present
for
issuers
or
securities
in
which
the
Funds
may
invest,
which
could
result
in
material
adverse
consequences
for
such
issuers
and
may
cause
the
Funds’
investments
in
such
companies
to
lose
value.
While
the
Funds’
service
providers
have
established
business
continuity
plans
in
the
event
of
such
cyber
incidents,
there
are
inherent
limitations
in
such
plans
and
systems.
Additionally,
the
Funds
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
its
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Funds
or
their
shareholders.
Although
each
Fund
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
operation
risks
that
may
affect
a
Fund
or
to
develop
processes
and
controls
that
completely
eliminate
or
mitigate
the
occurrence
of
such
failures
or
other
disruptions
in
service.
The
value
of
an
investment
in
a
Fund’s
shares
may
be
adversely
affected
by
the
occurrence
of
the
operational
errors
or
failures
or
technological
issues
or
other
similar
events
and
a
Fund
and
its
shareholders
may
bear
costs
tied
to
these
risks.
Derivatives
Risk 
The
use
of
derivatives
(such
as
futures,
options,
credit
default
swaps,
and
total
return
swaps)
involves
additional
risks
and
transaction
costs
which
could
leave
a
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
Changes
in
the
value
of
the
derivative
may
not
correlate
as
intended
with
the
underlying
asset,
rate
or
index,
and
a
Fund
could
lose
much
more
than
the
original
amount
invested.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
Derivatives
are
also
subject
to
the
risk
that
the
other
party
in
the
transaction
will
not
fulfill
its
contractual
obligations.
Some
derivatives
may
give
rise
to
a
form
of
economic
leverage,
and
may
expose
the
Fund
to
greater
risk
and
increase
its
costs.
Such
leverage
may
cause
the
Fund
to
liquidate
portfolio
positions
when
it
may
not
be
advantageous
to
do
so
to
satisfy
its
obligations
or
to
meet
any
required
asset
segregation
requirements.
Increases
and
decreases
in
the
value
of
the
Fund’s
portfolio
will
be
magnified
when
the
Fund
uses
leverage.
Futures
contracts,
options
on
futures
contracts,
forward
contracts,
and
options
on
derivatives
can
allow
the
Fund
to
obtain
large
investment
exposures
in
return
for
meeting
relatively
small
margin
requirements.
As
a
result,
investments
in
those
transactions
may
be
highly
leveraged.
The
success
of
a
Fund’s
derivatives
strategies
will
depend
on
the
Adviser’s
ability
to
assess
and
predict
the
impact
of
market
or
economic
developments
on
the
underlying
asset,
index
or
rate
and
the
derivative
itself,
without
the
benefit
of
observing
the
performance
of
the
derivative
under
all
possible
market
conditions.
Swap
agreements
may
involve
fees,
commissions
or
other
costs
that
may
reduce
a
Fund’s
gains
from
a
swap
agreement
or
may
cause
a
Fund
to
lose
money.
Futures
contracts
are
subject
to
the
risk
that
an
exchange
may
impose
price
fluctuation
limits,
which
may
make
it
difficult
or
impossible
for
a
Fund
to
close
out
a
position
when
desired.
Emerging
Markets
Risk 
The
risks
and
volatility
of
investing
in
foreign
securities
is
increased
in
connection
with
investments
in
emerging
markets.
The
economic,
political
and
market
structures
of
developing
countries
in
emerging
markets,
in
most
cases,
are
not
as
strong
and
the
structures
in
the
U.S.
or
other
developed
countries
in
terms
of
wealth,
stability,
liquidity
and
transparency.
A
Fund
may
not
achieve
its
investment
objective
and
portfolio
performance
will
likely
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in,
or
with
revenue
exposures
to,
countries
in
the
midst
of,
among
other
things,
hyperinflation,
currency
devaluation,
trade
disagreements,
sudden
political
upheaval
or
interventionist
government
policies,
and
the
risks
of
such
events
are
heightened
within
emerging
market
countries.
Fund
performance
may
also
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in,
or
with
revenue
exposures
to,
countries
with
less
developed
or
unreliable
legal,
tax,
regulatory,
accounting,
recordkeeping
and
corporate
governance
systems
and
standards.
In
particular,
there
may
be
less
publicly
available
and
transparent
information
about
issuers
in
emerging
markets
than
would
be
available
about
issuers
in
more
developed
capital
markets
because
such
issuers
may
not
be
subject
to
accounting,
auditing
and
financial
reporting
standards
and
requirements
comparable
to
those
to
which
U.S.
companies
are
subject.
Emerging
markets
may
also
have
differing
legal
systems,
many
of
which
provide
fewer
security
holder
rights
and
practical
remedies
to
pursue
claims
than
are
available
for
securities
of
companies
in
the
U.S.
or
other
developed
countries,
including
class
actions
or
fraud
claims.
Significant
buying
or
selling
actions
by
a
few
major
investors
may
also
heighten
the
volatility
of
emerging
market
securities.
Equity
Security
Risk 
Equity
securities
held
by
the
Fund
may
decline
significantly
in
price,
sometimes
rapidly
or
unpredictably,
over
short
or
extended
periods
of
time,
and
such
declines
may
occur
because
of
declines
in
the
equity
market
as
a
whole,
or
because
of
declines
in
only
a
particular
country,
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
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
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2021
(unaudited)
55
by
many
factors,
including,
among
others,
government
regulations,
economic
conditions,
credit
rating
downgrades,
changes
in
interest
rates,
and
decreased
liquidity
in
credit
markets.
The
impact
of
more
stringent
capital
requirements,
recent
or
future
regulation
of
any
individual
financial
company
or
recent
or
future
regulation
of
the
financials
sector
as
a
whole
cannot
be
predicted.
In
recent
years,
cyber
attacks
and
technology
malfunctions
and
failures
have
become
increasingly
frequent
in
this
sector
and
have
caused
significant
losses.
Foreign
Currency
Risk 
The
value
of
a
foreign
currency
may
decline
against
the
U.S.
dollar,
which
would
reduce
the
dollar
value
of
securities
denominated
in
that
currency.
The
overall
impact
of
such
a
decline
of
foreign
currency
can
be
significant,
unpredictable,
and
long
lasting,
depending
on
the
currencies
represented,
how
each
one
appreciates
or
depreciates
in
relation
to
the
U.S.
dollar,
and
whether
currency
positions
are
hedged.
Under
normal
conditions,
the
Fund
does
not
engage
in
extensive
foreign
currency
hedging
programs.
Further,
exchange
rate
movements
are
volatile,
and
it
is
not
possible
to
effectively
hedge
the
currency
risks
of
many
developing
countries.
Foreign
Securities
Risk 
Foreign
securities
generally
carry
more
risk
and
are
more
volatile
than
their
domestic
counterparts,
in
part
because
of
potential
for
higher
political
and
economic
risks,
lack
of
reliable
information
and
fluctuations
in
currency
exchange
rates
where
investments
are
denominated
in
currencies
other
than
the
U.S.
dollar.
Certain
events
in
foreign
markets
may
adversely
affect
foreign
and
domestic
issuers,
including
interruptions
in
the
global
supply
chain,
market
closures,
war,
terrorism,
natural
disasters
and
outbreak
of
infectious
diseases.
The
Fund’s
investment
in
any
country
could
be
subject
to
governmental
actions
such
as
capital
or
currency
controls,
nationalizing
a
company
or
industry,
expropriating
assets,
or
imposing
punitive
taxes
that
would
have
an
adverse
effect
on
security
prices,
and
impair
the
Fund’s
ability
to
repatriate
capital
or
income.
Foreign
securities
may
also
be
more
difficult
to
resell
than
comparable
U.S.
securities
because
the
markets
for
foreign
securities
are
often
less
liquid.
Even
when
a
foreign
security
increases
in
price
in
its
local
currency,
the
appreciation
may
be
diluted
by
adverse
changes
in
exchange
rates
when
the
security’s
value
is
converted
to
U.S.
dollars.
Foreign
withholding
taxes
also
may
apply
and
errors
and
delays
may
occur
in
the
settlement
process
for
foreign
securities.
Government
Securities
Risk 
The
Fund
invests
in
securities
issued
or
guaranteed
by
the
U.S.
government
or
its
agencies
and
instrumentalities
(such
as
Federal
Home
Loan
Bank,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
securities).
Securities
issued
or
guaranteed
by
Federal
Home
Loan
Banks,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
are
not
issued
directly
by
the
U.S.
government.
Ginnie
Mae
is
a
wholly
owned
U.S.
corporation
that
is
authorized
to
guarantee,
with
the
full
faith
and
credit
of
the
U.S.
government,
the
timely
payment
of
principal
and
interest
of
its
securities.
By
contrast,
securities
issued
or
guaranteed
by
U.S.
government-
related
organizations
such
as
Federal
Home
Loan
Banks,
Fannie
Mae
and
Freddie
Mac
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
government.
No
assurance
can
be
given
that
the
U.S.
government
would
provide
financial
support
to
its
agencies
and
instrumentalities
if
not
required
to
do
so
by
law.
In
addition,
the
value
of
U.S.
Government
securities
may
be
affected
by
changes
in
the
credit
rating
of
the
U.S.
government.
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
COVID-19
outbreak
and
future
pandemics
could
affect
the
global
economy
and
markets
in
ways
that
cannot
be
foreseen
and
may
exacerbate
other
types
of
risks,
negatively
impacting
the
value
of
Fund
investments.
High
Yield
Risk 
High
yield
securities
commonly
known
as
“junk
bonds”
to
which
the
Fund
is
exposed
are
considered
predominantly
speculative
with
respect
to
the
issuer’s
continuing
ability
to
make
principal
and
interest
payments.
If
the
issuer
of
the
security
is
in
default
with
respect
to
interest
or
principal
payments,
the
value
of
the
Fund
may
be
negatively
affected.
High
yield
securities
generally
have
a
less
liquid
resale
market.
Interest
Rate
Risk 
Interest
rate
risk
is
the
risk
that
prices
of
debt
securities
decline
in
value
when
interest
rates
rise
for
debt
securities
that
pay
a
fixed
rate
of
interest.
Debt
securities
with
longer
durations
(a
measure
of
price
sensitivity
of
a
bond
or
bond
fund
to
changes
in
interest
rates)
or
maturities
(i.e.,
the
amount
of
time
until
a
bond’s
issuer
must
pay
its
principal
or
face
value)
tend
to
be
more
sensitive
to
changes
in
interest
rates
than
debt
securities
with
shorter
durations
or
maturities.
Changes
by
the
Federal
Reserve
to
monetary
policies
could
affect
interest
rates
and
the
value
of
some
securities.
Investment
Adviser
Risk 
The
Fund
is
actively
managed
and
the
success
of
its
investment
strategy
depends
significantly
on
the
skills
of
the
Adviser
in
assessing
the
potential
of
the
investments
in
which
the
Fund
invests.
This
assessment
of
investments
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
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
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2021
(unaudited)
56
the
extent
that
a
Fund
may
be
required
to
sell
securities
or
invest
cash
at
times
when
it
would
not
otherwise
do
so.
Redemptions
of
a
large
number
of
shares
also
may
increase
transaction
costs
or
have
adverse
tax
consequences
for
shareholders
of
the
Fund
by
requiring
a
sale
of
portfolio
securities.
In
addition,
a
large
redemption
could
result
in
a
Fund's
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund's
expense
ratio.
LIBOR
Risk 
The
Fund
may
be
exposed
to
financial
instruments
that
are
tied
to
LIBOR
(London
Interbank
Offered
Rate)
to
determine
payment
obligations,
financing
terms
or
investment
value.
Such
financial
instruments
may
include
bank
loans,
derivatives,
floating
rate
securities,
certain
asset
backed
securities,
and
other
assets
or
liabilities
tied
to
LIBOR.
In
2017,
the
head
of
the
U.K.
Financial
Conduct
Authority
announced
a
desire
to
phase
out
the
use
of
LIBOR
by
the
end
of
2021.
On
November
30,
2020,
the
administrator
of
LIBOR
announced
its
intention
to
delay
the
phase
out
of
the
majority
of
the
U.S.
dollar
LIBOR
publications
until
June
30,
2023,
with
the
remainder
of
LIBOR
publications
to
discontinue
at
the
end
of
2021.
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
market
sector,
or
due
to
impacts
from
domestic
or
global
events,
including
the
spread
of
infectious
illness,
public
health
threats,
war,
terrorism,
natural
disasters
or
similar
events.
Mid
Cap
Risk 
Medium-sized
companies
often
have
greater
price
volatility,
lower
trading
volume,
and
less
liquidity
than
larger,
more-established
companies.
These
companies
tend
to
have
smaller
revenues,
narrower
product
lines,
less
management
depth
and
experience,
smaller
shares
of
their
product
or
service
markets,
fewer
financial
resources,
and
less
competitive
strength
than
larger
companies.
Mortgage-Backed
and
Other
Asset-Backed
Securities
Risk 
The
value
of
mortgage-backed
and
asset-backed
securities
will
be
influenced
by
the
factors
affecting
the
housing
market
and
the
assets
underlying
such
securities.
As
a
result,
during
periods
of
declining
asset
value,
difficult
or
frozen
credit
markets,
swings
in
interest
rates,
or
deteriorating
economic
conditions,
mortgage-
related
and
asset-backed
securities
may
decline
in
value,
face
valuation
difficulties,
become
more
volatile
and/or
become
illiquid.
In
addition,
both
mortgage-backed
and
asset-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
security.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
or
slower
than
the
holder
of
the
asset-backed
or
mortgage-
backed
security
anticipates,
the
price
of
the
security
may
fall,
particularly
if
the
holder
must
reinvest
the
repaid
principal
at
lower
rates
or
must
continue
to
hold
the
security
when
interest
rates
rise.
This
effect
may
cause
the
value
of
the
Fund
to
decline
and
reduce
the
overall
return
of
the
Fund.
Non-Diversified
Risk 
The
Fund
is
not
“diversified”
within
the
meaning
of
the
1940
Act.
That
means
the
Fund
may
invest
a
greater
percentage
of
its
assets
in
the
securities
of
any
single
issuer
compared
to
other
funds.
A
non-diversified
portfolio
is
generally
more
susceptible
than
a
diversified
portfolio
to
the
risk
that
events
or
developments
affecting
a
particular
issuer
or
industry
will
significantly
affect
the
Fund’s
performance.
Portfolio
Turnover
Rate
Risk 
The
Fund
may
engage
in
active
and
frequent
trading
of
portfolio
securities
in
implementing
its
principal
investment
strategies.
A
high
rate
of
portfolio
turnover
(100%
or
more)
involves
correspondingly
greater
expenses
which
are
borne
by
the
Fund
and
its
shareholders
and
may
also
result
in
short-term
capital
gains
taxable
to
shareholders.
Prepayment
Risk 
Mortgage-backed
and
asset-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
securities,
including
the
conversion,
prepayment
or
redemption
of
the
investments.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
than
the
holder
of
the
mortgage-
backed
or
asset-backed
security
anticipates,
the
price
of
the
security
may
fall,
especially
if
the
holder
must
reinvest
the
repaid
principal
at
lower
rates.
When
people
start
prepaying
the
principal
on
the
collateral
underlying
a
collateralized
mortgage
obligation
(“CMOs”)
(such
as
mortgages
underlying
a
CMO),
for
example,
some
classes
may
retire
substantially
earlier
than
the
stated
maturity
or
final
distribution
dates.
Quantitative
Investing
Risk 
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
Thrivent
Core
Funds
Notes
to
Financial
Statements
April
30,
2021
(unaudited)
57
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.
Technology-Oriented
Companies
Risk
—  Common
stocks
of
companies
that
rely
extensively
on
technology,
science
or
communications
in
their
product
development
or
operations
may
be
more
volatile
than
the
overall
stock
market
and
may
or
may
not
move
in
tandem
with
the
overall
stock
market.
Technology,
science
and
communications
are
rapidly
changing
fields,
and
stocks
of
these
companies,
especially
of
smaller
or
unseasoned
companies,
may
be
subject
to
more
abrupt
or
erratic
market
movements
than
the
stock
market
in
general.
There
are
significant
competitive
pressures
among
technology-oriented
companies
and
the
products
or
operations
of
such
companies
may
become
obsolete
quickly.
In
addition,
these
companies
may
have
limited
product
lines,
markets
or
financial
resources
and
the
management
of
such
companies
may
be
more
dependent
upon
one
or
a
few
key
people.  
Thrivent
Core
Funds
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
58
Per
Share
Outstanding
Throughout
Each
Period
*
Income
From
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
EMERGING
MARKETS
DEBT
FUND
Period
Ended
4/30/2021
(unaudited)
$
9.81
$
0.22
$
0.04
$
0.26
$
(0.22)
$
Year
Ended
10/31/2020
9.83
0.45
(0.02)
0.43
(0.45)
Year
Ended
10/31/2019
9.04
0.44
0.79
1.23
(0.44)
Year
Ended
10/31/2018
9.86
0.40
(0.82)
(0.42)
(0.40)
Year
Ended
10/31/2017
(c)
10.00
0.05
(0.14)
(0.09)
(0.05)
EMERGING
MARKETS
EQUITY
FUND
Period
Ended
4/30/2021
(unaudited)
10.36
0.07
2.16
2.23
(0.09)
Year
Ended
10/31/2020
(d)
10.00
0.08
0.28
0.36
INTERNATIONAL
EQUITY
FUND
Period
Ended
4/30/2021
(unaudited)
8.45
0.10
2.18
2.28
(0.23)
Year
Ended
10/31/2020
9.68
0.22
(1.07)
(0.85)
(0.38)
Year
Ended
10/31/2019
9.28
0.33
0.37
0.70
(0.30)
Year
Ended
10/31/2018
(e)
10.00
0.31
(1.02)
(0.71)
(0.01)
LOW
VOLATILITY
EQUITY
FUND
Period
Ended
4/30/2021
(unaudited)
11.61
0.13
2.08
2.21
(0.23)
(0.03)
Year
Ended
10/31/2020
12.10
0.23
(0.10)
0.13
(0.24)
(0.38)
Year
Ended
10/31/2019
10.54
0.24
1.72
1.96
(0.17)
(0.23)
Year
Ended
10/31/2018
(f)
10.00
0.13
0.41
0.54
SHORT-TERM
RESERVE
FUND
Period
Ended
4/30/2021
(unaudited)
10.00
0.01
0.00
0.01
(0.01)
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.
59
Ratios/Supplemental
Data
Ratio
to
Average
Net
Assets**
Ratio
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/
(Loss)
Expenses
Net
Investment
Income/(Loss)
*
*
Portfolio
Turnover
Rate
$
(0.22)
$
9.85
2.58%
$
1,115.1
0.04%
4.32%
0.04%
4.32%
41%
(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%
(0.09)
12.50
21.56%
582.1
0.21%
1.28%
0.21%
1.28%
46%
10.36
3.60%
478.4
0.34%
2.35%
0.34%
2.35%
59%
(0.23)
10.50
27.12%
744.9
0.11%
1.98%
0.11%
1.98%
61%
(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%
(0.26)
13.56
19.24%
1,046.3
0.03%
1.83%
0.03%
1.83%
40%
(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%
(0.01)
10.00
0.10%
6,275.7
0.01%
0.20%
0.01%
0.20%
28%
(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%
60
Additional
Information
(unaudited)
Proxy
Voting
The
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
are
attached
to
the
Trust’s
Statement
of
Additional
Information.
You
may
request
a
free
copy
of
the
Statement
of
Additional
Information
by
calling
800-847-4836,
or
visit
ThriventFunds.com
to
access
it
online.
In
addition,
you
may
review
a
report
of
how
the
Trust
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
29
by
clicking
on
the
tab
for
each
Fund
and
navigating
to
“Related
Documents”
under
Fund
Details
Holdings
at
ThriventFunds.com
or
SEC.gov
where
it
is
filed
on
Form
N-PX.
Quarterly
Schedule
of
Investments
Through
April
2019,
the
Trust
filed
its
Schedule
of
Investments
on
Form
N-Q
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year.
Beginning
in
April
2019,
the
Trust
no
longer
files
Form
N-Q
and
has
begun
filing
Form
N-PORT
with
the
SEC.
Part
F
of
each
Fund’s
N-PORT
filing
for
the
first
and
third
fiscal
quarters
will
include
the
complete
schedule
of
investments
which
were
previously
filed
on
Form
N-Q.
Thrivent
Money
Market
Fund
is
not
included
as
part
of
Form
N-PORT.
The
Trust’s
most
recent
Schedule
of
Investments
can
be
found
at
ThriventFunds.com
or
SEC.gov.
You
also
may
review
and
copy
the
Forms
N-PORT-EX
and
N-Q
for
the
Trust
at
the
SEC’s
Public
Reference
Room
in
Washington,
DC.
You
may
get
information
about
the
operation
of
the
Public
Reference
Room
by
calling
800-SEC-0330.
Liquidity
Risk
Management
Program
Pursuant
to
Rule
22e-4
under
the
1940
Act,
the
Funds
have
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Liquidity
Program”)
designed
to
assess
and
manage
each
Fund’s
liquidity
risk
(defined
by
the
U.S.
Securities
and
Exchange
Commission
as
the
risk
that
a
Fund
could
not
meet
shareholder
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
Fund).
The
Board,
including
a
majority
of
the
independent
Trustees,
designated
Thrivent
Asset
Management,
LLC
(“TAM”),
the
Funds’
investment
adviser,
as
the
liquidity
risk
management
program
administrator
(the
“Program
Administrator”).
The
Program
Administrator
has
delegated
oversight
of
the
Liquidity
Program
to
the
Liquidity
Risk
Management
Committee
(the
“LRM
Committee”).
The
LRM
Committee
is
comprised
of
representatives
of
TAM.
The
Liquidity
Program
is
comprised
of
various
components
designed
to
support
the
assessment
and/or
management
of
liquidity
risk,
including:
(1)
the
periodic
assessment
(no
less
frequently
than
annually)
of
each
Fund’s
liquidity
risk
based
on
a
variety
of
factors;
(2)
the
periodic
classification
(no
less
frequently
than
monthly)
of
a
Fund’s
investments
into
one
of
four
liquidity
categories
based
on
the
number
of
days
in
which
the
Fund
reasonably
expects
the
investment
to
be
convertible
to
cash
(or
sold
or
disposed
of,
in
the
case
of
less
liquid
or
illiquid
investments)
under
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
and
taking
into
account
the
affect
of
trading
varying
portions
of
the
investment
in
sizes
that
the
Fund
would
reasonably
anticipate
trading;
(3)
a
15%
limit
on
the
acquisition
of
“illiquid
investments”
(as
defined
under
Rule
22e-4);
(4)
for
any
Fund
that
does
not
invest
primarily
in
“highly
liquid
investments”
(as
defined
under
Rule
22e-4),
the
determination
of
a
minimum
percentage
of
the
Fund’s
assets
that
will
generally
be
invested
in
highly
liquid
investments;
and
(5)
periodic
reporting
to
the
Board.
Among
other
things,
Rule
22e-4
requires
that
a
written
report
(the
“Report”)
be
provided
to
the
Board
on
an
annual
basis
that
addresses
the
operation
of
the
Liquidity
Program
and
assesses
the
adequacy
and
effectiveness
of
its
implementation,
including
the
operation
of
any
Highly
Liquidity
Investment
Minimum
(“HLIM”)
established
for
a
Fund
and
any
material
changes
to
the
Liquidity
Program.
At
a
meeting
of
the
Board
on
February
21-23,
2021,
the
LRM
Committee,
on
behalf
of
the
Program
Administrator,
provided
the
Report
to
the
Board
for
the
period
from
December
1,
2019
through
December
31,
2020
(the
“Reporting
Period”).
The
Report
summarized
the
operation
of
the
Liquidity
Program
and
the
information
and
factors
considered
by
the
LRM
Committee
in
assessing
whether
the
Liquidity
Program
has
been
adequately
and
effectively
implemented
for
each
Fund.
The
Report
discussed,
among
other
things:
(1)
the
framework
used
to
assess,
manage,
and
periodically
review
each
Fund’s
liquidity
risk
during
normal
and
stressed
periods
(e.g.,
the
COVID-19
pandemic)
and
the
results
of
the
annual
assessment;
(2)
the
methodologies
used
to
classify
investments
into
one
of
four
liquidity
categories,
including
a
review
of
LRM
Committee-approved
overrides
of
vendor
classifications;
(3)
whether
any
Fund
invested
more
than
15%
of
its
assets
in
“illiquid
investments”
(as
defined
under
Rule
22e-4);
and
(4)
the
LRM
Committee’s
oversight
of
vendors
used
by
the
Liquidity
Program,
including
assessment
of
the
vendors’
classification
methodologies
used
in
determining
preliminary
liquidity
classifications.
The
were
no
material
changes
to
the
Liquidity
Program
during
the
Reporting
Period.
The
Report
also
noted
that
no
Fund
was
required
to
determine
a
minimum
percentage
of
its
net
assets
that
must
be
invested
in
highly
liquid
investments
(an
“HLIM”
under
the
Liquidity
Program).
There
Report
concluded
that
the
Liquidity
Program
operated
effectively
during
the
Reporting
Period
and
that
the
LRM
Committee
had
no
recommended
material
changes
based
on
its
annual
assessment
of
the
Liquidity
Program.
61
Additional
Information
(unaudited)
There
can
be
no
assurance
that
the
Liquidity
Program
will
achieve
its
objectives
under
all
circumstances
in
the
future.
Please
refer
to
the
Funds’
prospectus
for
more
information
regarding
each
Fund’s
exposure
to
liquidity
risk
and
other
risks
to
which
it
may
be
subject.
Board
Approval
of
Advisory
Agreement
Section
15(c)
of
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
a
fund’s
investment
advisory
agreement
be
approved
initially
by
the
fund’s
board
of
trustees.
Section
15(c)
also
requires
that
the
continuation
of
such
an
agreement,
after
an
initial
term
of
up
to
two
years,
be
annually
reviewed
and
approved
by
the
board.
Any
such
agreement
must
be
approved
by
a
vote
of
a
majority
of
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
(as
defined
in
the
1940
Act)
of
a
party
to
the
agreement
at
a
meeting
of
the
board
called
for
the
purpose
of
voting
on
such
approval.
At
its
meeting
on
November
16-18,
2020,
(the
“Meeting”),
the
Board
of
Trustees
(the
“Board”)
of
the
Thrivent
Core
Funds
(the
“Trust”),
including
the
trustees
who
are
not
parties
to
the
agreement
or
“interested
persons”
as
defined
in
the
1940
Act
(the
“Independent
Trustees”),
considered
and
voted
unanimously
to
renew
the
existing
advisory
agreement
(the
“Advisory
Agreement”),
as
amended,
between
the
Trust
and
Thrivent
Asset
Management,
LLC
(the
“Adviser”)
for
each
series
of
the
Trust
(each,
a
“Fund”).
The
Trust
was
designed
to
provide
shareholders
of
other
Thrivent
funds
with
certain
benefits,
including
a
reduction
of
operational
complexities
associated
with
investing
in
various
asset
classes.
The
series
of
the
Trust
are
only
available
to
other
funds
and
accounts
managed
by
the
Adviser
or
its
affiliates.
In
connection
with
its
evaluation
of
the
agreement
with
the
Adviser,
the
Board
reviewed
a
broad
range
of
information
requested
for
this
purpose
and
considered
a
variety
of
factors,
including
the
purpose
of
the
Trust
and
the
Funds
in
relation
to
other
Thrivent
funds,
as
well
as
the
following:
1.
The
nature,
extent,
and
quality
of
the
services
provided
by
the
Adviser;
2.
The
performance
of
each
Fund;
3.
The
net
operating
expense
ratio
of
each
Fund
compared
to
a
peer
group;
4.
The
cost
of
services
provided
and
profit
realized
by
the
Adviser;
5.
Other
benefits
realized
by
the
Adviser
and
its
affiliates
from
their
relationship
with
the
Trust;
and
6.
Any
other
factors
that
the
Board
deemed
relevant
to
its
consideration.
The
Contracts
Committee
of
the
Board
(consisting
of
all
of
the
Independent
Trustees)
met
on
five
occasions
from
May
19
to
November
18,
2020
to
consider
information
relevant
to
the
annual
contract
renewal
process
furnished
by
the
Adviser
in
advance
of
the
meetings.
The
Board
had
the
opportunity
to
ask
questions
and
request
further
information
in
connection
with
its
consideration.
The
Independent
Trustees
also
retained
the
services
of
Management
Practice
Inc.
(“MPI”)
as
an
independent
consultant
to
assist
in
the
compilation,
organization,
and
evaluation
of
relevant
information.
This
information
included
Fund-by-Fund
statistical
comparisons
of
the
non-advisory
fees
and
net
operating
expenses
of
each
of
the
Funds
in
comparison
to
peer
groups
of
comparable
funds;
3-year
performance
for
Thrivent
Core
Short-Term
Reserve
Fund
and
1-year
performance
information
for
the
other
Funds
of
the
Trust
that
had
not
yet
achieved
3
years
of
performance;
information
with
respect
to
services
provided
to
the
Funds
and
fees
charged;
asset
and
flow
trends
for
the
Funds;
and
information
regarding
the
types
of
services
furnished
to
the
Funds.
The
Board
received
information
from
the
Adviser
regarding
the
personnel
providing
services
to
the
Funds,
including
investment
management,
compliance
and
administrative
personnel.
The
Board
also
received
monthly
reports
from
the
Adviser’s
investment
management
staff
with
respect
to
the
performance
of
the
Funds.
In
addition
to
its
review
of
the
information
presented
to
the
Board
during
the
annual
contract
renewal
process,
the
Board
also
considered
information
obtained
from
management
throughout
the
course
of
the
year.
The
Board
also
reviewed
information
from
MPI,
including
Fund-by-Fund
analyses
and
independent
assessment
of
information
relating
to
the
Funds
and
the
agreements.
The
Independent
Trustees
were
represented
by
independent
counsel
throughout
the
review
process
and
during
executive
sessions
without
management
present
to
consider
the
reapproval
of
the
Advisory
Agreement
for
the
Funds.
As
noted
above,
the
Independent
Trustees
were
assisted
throughout
the
process
by
an
independent
consultant,
MPI.
Each
Independent
Trustee
relied
on
his
or
her
own
business
judgment
in
determining
the
weight
to
be
given
to
each
factor
considered
in
evaluating
the
materials
that
were
presented
to
them.
The
Contracts
Committee’s
and
Board’s
review
and
conclusions
were
based
on
a
comprehensive
consideration
of
all
information
62
Additional
Information
(unaudited)
presented
to
them
and
were
not
the
result
of
any
single
controlling
factor.
In
addition,
each
Trustee
may
have
weighed
individual
factors
differently.
The
key
factors
considered
and
the
conclusions
reached
are
described
below.
Nature,
Extent
and
Quality
of
Services
At
each
of
the
Board’s
regular
quarterly
meetings,
management
presented
information
describing
the
services
furnished
to
the
Funds
by
the
Adviser,
transfer
agent
and
administrator.
During
these
meetings,
management
reported
on
the
investment
management,
portfolio
trading
and
compliance
services
provided
to
the
Funds.
During
the
annual
contract
renewal
process,
the
Board
considered
the
specific
services
provided
under
the
Advisory
Agreement.
The
Board
considered
information
relating
to
the
investment
experience
and
qualifications
of
the
Adviser’s
portfolio
managers
overseeing
investments
for
the
Funds.
The
Board
received
reports
and
presentations
at
each
of
its
quarterly
meetings
from
the
Adviser’s
senior
investment
team
about
each
of
the
Funds.
These
reports
and
presentations
gave
the
Board
the
opportunity
to
evaluate
the
abilities
of
the
portfolio
manager
and
other
investment
professionals
and
the
quality
of
services
they
provide
to
the
Funds.
The
Independent
Trustees
also
met,
including
in
executive
session,
with
and
received
quarterly
reports
from
the
Trust’s
Chief
Compliance
Officer.
The
Board
noted
that
the
Chief
Compliance
Officer
met
regularly
between
quarterly
meetings
with
the
Chair
of
the
Ethics
and
Compliance
Committee.
The
Board
considered
the
adequacy
of
the
Adviser’s
resources
used
to
provide
services
to
the
Trust
pursuant
to
the
Advisory
Agreement.
The
Adviser
reviewed
with
the
Board
the
Adviser’s
process
for
overseeing
the
portfolio
management
teams
of
each
Fund.
In
addition,
the
Adviser
reviewed
with
the
Board
the
Adviser’s
continued
investments
in
technology
and
personnel,
including
hiring
additional
personnel
in
the
research,
analysis
and
trading
areas.
The
Adviser
discussed
with
the
Board
steps
taken
to
continue
to
strengthen
its
compliance
program.
The
Adviser
discussed
with
the
Board
the
operations
of
the
Adviser
and
other
service
providers
to
the
Funds
during
the
COVID-19
pandemic,
including
the
successful
shift
to
a
remote
working
environment
and
responses
to
volatile
market
conditions.
The
Board
viewed
these
actions
as
a
positive
factor
in
reapproving
the
existing
Advisory
Agreement,
as
they
demonstrated
the
Adviser’s
commitment
to
provide
the
Funds
with
quality
service
and
competitive
investment
performance.
The
Board
concluded
that,
within
the
context
of
its
full
deliberations,
the
nature,
extent
and
quality
of
the
investment
advisory
services
provided
to
the
Funds
by
the
Adviser
supported
renewal
of
the
Advisory
Agreement.
Performance
of
the
Funds
In
connection
with
each
of
its
regular
quarterly
meetings,
the
Board
received
information
on
the
performance
of
each
Fund.
For
Thrivent
Core
Short-Term
Reserve
Fund,
the
Board
received
information
on
yields,
comparisons
to
benchmark
index
yields,
and
portfolio
characteristics.
For
the
other
Funds,
the
Board
received
information
on
net
performance,
relative
performance
rankings
within
each
Fund’s
Lipper
peer
group
and
comparisons
to
benchmark
index
returns.
At
each
quarterly
Board
meeting,
members
of
the
Adviser’s
senior
investment
team
reviewed
with
the
Board
information
on
the
economic
and
market
environment
and
risk
management.
The
Board
considered
investment
performance
for
each
Fund.
When
evaluating
investment
performance,
the
Board
considered
longer-
term
performance
and
the
trend
of
performance,
and
focused
particularly
upon
the
three-year
performance
record.
The
Board
noted
that
only
the
Thrivent
Core
Short-Term
Reserve
Fund
had
a
three-year
performance
history
and
noted
that
the
Fund’s
performance
was
in
line
with
or
higher
than
its
benchmark
index,
the
Bloomberg
Barclays
Short-Term
Government/Corporate
Index
3-6
Months,
for
the
one-
and
three-year
periods.
The
Board
noted
the
other
Funds’
short
operational
history
and
considered
whether
each
Fund
has
operated
within
its
investment
objective.
Advisory
Fees
and
Fund
Expenses
The
Board
noted
that
the
Adviser
does
not
charge
an
advisory
fee
to
the
Funds.
The
Board
reviewed
information
provided
by
the
Adviser
regarding
custodial,
administrative,
transfer
agent
and
other
non-advisory
fees
and
expenses.
Because
the
Adviser
does
not
charge
an
advisory
fee
to
the
Funds,
the
Board
did
not
consider
whether
economies
of
scale
would
be
realized
as
the
Funds
grow
and
whether
fee
levels
reflect
economies
of
scale
for
the
benefit
of
Fund
shareholders.
The
Board
did
consider
those
factors
for
other
Thrivent
funds
with
advisory
fees.
On
the
basis
of
its
review,
the
Board
concluded
that
continuing
to
not
charge
an
advisory
fee
to
the
Funds
for
investment
management
services
was
reasonable.
Cost
of
Services
and
Profitability
63
Additional
Information
(unaudited)
The
Board
considered
the
profitability
of
the
Adviser
both
overall
and
on
a
fund-by-fund
basis.
The
Board
considered
the
level
of
the
Adviser’s
profits
with
respect
to
all
the
Thrivent
funds,
including
the
Funds.
The
Board
considered
that
the
Adviser
makes
no
profit
under
the
Advisory
Agreement
and
concluded
that
the
Adviser’s
profitability
on
other
fees
was
not
excessive
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Funds.
Other
Benefits
to
the
Adviser,
Subadvisers
and
their
Affiliates
The
Board
considered
information
regarding
potential
“fall-out”
or
ancillary
benefits
that
the
Adviser
and
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Trust,
both
tangible
and
intangible,
such
as
their
ability
to
leverage
investment
professionals
who
manage
other
portfolios,
an
enhanced
reputation
as
an
investment
adviser
which
may
help
in
attracting
other
clients
and
investment
personnel,
and
the
engagement
of
affiliates
as
service
providers
to
the
Funds.
The
Board
noted
that
such
benefits
were
difficult
to
quantify
but
were
consistent
with
benefits
received
by
other
mutual
fund
advisers.
The
Board
also
considered
the
research
received
by
the
Adviser
generated
from
soft
dollar
commissions
for
portfolio
trading.
Based
on
the
factors
discussed
above,
the
Contracts
Committee
unanimously
recommended
approval
of
the
Advisory
Agreement,
and
the
Board,
including
all
of
the
Independent
Trustees
voting
separately,
approved
the
Advisory
Agreement.
This
report
is
submitted
for
the
information
of
shareholders
of
Thrivent
Core
Funds.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
the
current
prospectus
for
Thrivent
Core
Funds,
which
contains
more
complete
information
about
the
Trust,
including
investment
objectives,
risks,
charges
and
expenses.
EX-99.CERT 3 ex99_cert.htm
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: June 29, 2021                                          
                                                                                    /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 Corel 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: June 29, 2021                  
                                                                                    /s/ Gerard V. Vaillancourt                                  
Gerard V. Vaillancourt
Treasurer and Principal Accounting Officer
(principal financial officer)
EX-99.906 CERT 4 ex99_906cert.htm

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: June 29, 2021                                          
                                                                                    /s/ David S. Royal                                             
David S. Royal
President and Chief Investment Officer
(principal executive officer)
 
 
Date: June 29, 2021                                                      
                                                                                    /s/ Gerard V. Vaillancourt                                  
Ger
ard V. Vaillancourt
Treasurer and Principal Accounting Officer
(principal financial officer)