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
(Exact name of registrant as specified
in charter)
901 Marquette
Avenue, Suite 2500
Minneapolis,
Minnesota 55402-3211
(Address of
principal executive offices) (Zip code)
John D. Jackson, Assistant Secretary
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Name and address of agent for service)
Registrant’s telephone number, including
area code: (612) 844-7190
Date of fiscal year end: October 31
Date of reporting period: October 31, 2020
Item 1. Report
to Stockholders
[Insert
shareholder report]
As of the end
of the period covered by this report, registrant has adopted a code of ethics
(as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal
Executive Officer, Principal Financial Officer and Principal Accounting
Officer. No waivers were granted to such code of ethics during the period
covered by this report. A copy of this code of ethics is filed as an exhibit
to this Form N-CSR.
Item 3. Audit
Committee Financial Expert
Registrant’s
Board of Trustees has determined that Robert J. Chersi, an independent trustee,
is the Audit Committee Financial Expert.
Item 4. Principal
Accountant Fees and Services
(a) Audit Fees
The aggregate fees billed by
registrant’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”),
for each of the last two fiscal years for professional services rendered in
connection with the audit of registrant’s annual financial statements or
services that are normally provided by the accountant in connection with statutory
and regulatory filings or engagements were $79,900 for the year ended October 31,
2019 and $101,450 for the year ended October 31, 2020.
The aggregate fees PwC
billed to registrant for each of the last two fiscal years for assurance and
other services that are reasonably related to the performance of registrant’s
audit and are not reported under Item 4(a) were $0 for the year ended October 31,
2019 and $0 for the year ended October 31, 2020. The aggregate fees PwC billed
to registrant’s investment adviser and any entity controlling, controlled by,
or under common control with registrant’s investment adviser for assurance and
other services directly related to the operations and financial reporting of
registrant were $29,000 for the year ended October 31, 2019 and $0 for the year
ended October 31, 2020. The 2019 payments were for Thrivent Municipal Bond
Fund amortization review.
The aggregate tax fees PwC billed
to registrant for each of the last two fiscal years for tax compliance, tax
advice and tax planning services were $25,770 for the year ended October 31, 2019
and $26,448 for the year ended October 31, 2020. These fees include payments
for tax return compliance services, excise distribution review services and
other tax related matters. The aggregate tax fees PwC billed to registrant’s
investment adviser and any entity controlling, controlled by, or under common
control with registrant’s investment adviser for services directly related to
the operations and financial reporting of registrant were $0 for the year ended
October 31, 2019 and $0 for the year ended October 31, 2020.
The aggregate fees PwC
billed to registrant for each of the last two fiscal years for products and
services provided, other than the services reported in paragraphs (a) through
(c) of this item, were $0 for the years ended October 31, 2019 and October 31, 2020.
The aggregate fees PwC billed to registrant’s investment adviser and any entity
controlling, controlled by, or under common control with registrant’s
investment adviser for products and services provided, other than the services
reported in paragraphs (a) through (c) of this item, were $14,220 for the year
ended October 31, 2019 and $3,600 for the year ended October 31, 2020. The 2019
and 2020 payments were for access to a PwC-sponsored online library that provides
interpretive guidance regarding U.S. and foreign accounting standards. In addition,
for fiscal year ended October 31, 2019 there were fees related to the merger of
certain series of Thrivent Mutual Funds and/or certain series of Thrivent
Series Fund, Inc. These figures are also reported in response to item 4(g)
below.
(e) Registrant’s audit committee
charter provides that the audit committee (comprised of the independent
Trustees of registrant) is responsible for pre-approval of all auditing
services performed for the registrant. The audit committee also is responsible
for pre-approval (subject to the de minimis exceptions for non-audit services
described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of
all non-auditing services performed for the registrant or an affiliate of
registrant. In addition, registrant’s audit committee charter permits a designated
member of the audit committee to pre-approve, between meetings, one or more
audit or non-audit service projects, subject to an expense limit and
notification to the audit committee at the next committee meeting. Registrant’s
audit committee pre-approved all fees described above that PwC billed to
registrant.
(f) Less than 50% of the hours
billed by PwC for auditing services to registrant for the fiscal year ended October
31, 2020 were for work performed by persons other than full-time permanent employees
of PwC.
(g) The aggregate non-audit fees
billed by PwC to registrant and to registrant’s investment adviser and any
entity controlling, controlled by, or under common control with registrant’s investment
adviser for the fiscal years ending October 31, 2019 and October 31, 2020 were $14,220
and $3,600 respectively. These figures are also reported in response to item
4(d) above.
(h) Registrant’s audit committee
has considered the non-audit services provided to the registrant and registrant’s
investment adviser and any entity controlling, controlled by, or under common
control with registrant’s investment adviser as described above and determined
that these services do not compromise PwC’s independence.
Item 5. Audit
Committee of Listed Registrants
Registrant’s Schedule
of Investments is included in the report to shareholders filed under
Item 1.
Not applicable to this
filing.
Item 7. Disclosure of Proxy Voting Policies
and Procedures for Closed-End Management Investment Companies
Item 8. Portfolio
Managers of Closed-End Management Investment Companies
Item 9. Purchases
of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers
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
(a)(1)
Any
code of ethics, or amendment thereto, that is the subject of the disclosure
required by Item 2, to the extent that the registrant intends to satisfy the
Item 2 requirements through filing of an exhibit: See EX-99.CODE attached
hereto.
(a)(2) A
separate certification for each principal executive officer and principal financial
officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17
CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached
hereto.
(a)(3) Any written
solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR
270.23c-1) sent or given during the period covered by the report by or on
behalf of the registrant to 10 or more persons: Not applicable.
(a)(4) Change in the
registrant’s independent public accountant: Not applicable
(b) If
the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide
the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification
furnished pursuant to this paragraph will not be deemed "filed" for
purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject
to the liability of that section. Such certification will not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933 or
the Exchange Act, except to the extent that the registrant specifically
incorporates it by reference: See EX-99.906CERT attached hereto.
Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Date: December
30, 2020 Thrivent Core Funds
President and Chief Investment Officer
Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, this
report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.
Date: December
30, 2020 By: /s/ David S.
Royal
President and Chief Investment Officer
(principal executive officer)
Date: December
30, 2020 By: /s/ Gerard V.
Vaillancourt
Treasurer and Principal Accounting Officer
(principal financial officer)