United States

Securities and Exchange Commission

Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management Investment Companies

Investment Company Act file number: 811-23149

Thrivent Core Funds

(Exact name of registrant as specified in charter)

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Address of principal executive offices) (Zip code)

John D. Jackson, Secretary and Chief Legal Officer

Thrivent Core Funds

901 Marquette Avenue, Suite 2500

Minneapolis, Minnesota 55402-3211

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 844-7190

Date of fiscal year end: October 31

Date of reporting period: October 31, 2022

Item 1. Report to Stockholders

[Insert shareholder report]

Item 2. Code of Ethics

As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. No waivers were granted to such code of ethics during the period covered by this report. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

Registrant’s Board of Trustees has determined that Robert J. Chersi, an independent trustee, is the Audit Committee Financial Expert.

Item 4. Principal Accountant Fees and Services

(a)

       

Audit Fees

            The aggregate fees billed by registrant’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for each of the last two fiscal years for professional services rendered in connection with the audit of registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $104,500 for the year ended October 31, 2021 and $127,530 for the year ended October 31, 2022. 

(b)

        

Audit-Related Fees

            The aggregate fees PwC billed to registrant for each of the last two fiscal years for assurance and other services that are reasonably related to the performance of registrant’s audit and are not reported under Item 4(a) were $0 for the year ended October 31, 2021 and $0 for the year ended October 31, 2022.  The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for assurance and other services directly related to the operations and financial reporting of registrant were $0 for the year ended October 31, 2021 and $0 for the year ended October 31, 2022.

(c)

          

Tax Fees

            The aggregate tax fees PwC billed to registrant for each of the last two fiscal years for tax compliance, tax advice and tax planning services were $31,920 for the year ended October 31, 2021 and $40,015 for the year ended October 31, 2022.  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, 2021 and $0 for the year ended October 31, 2022.

(d)

        

All Other Fees

            The aggregate fees PwC billed to registrant for each of the last two fiscal years for products and services provided, other than the services reported in paragraphs (a) through (c) of this item, were $0 for the years ended October 31, 2021 and October 31, 2022.  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 $3,600 for the year ended October 31, 2021 and $4,150 for the year ended October 31, 2022.  The 2021 and 2022 payments were for access to a PwC-sponsored online library and disclosure checklist that provides interpretive guidance regarding U.S. and foreign accounting standards.  These figures are also reported in response to item 4(g) below.

(e)

        

Registrant’s audit committee charter provides that the audit committee (comprised of the independent Trustees of registrant) is responsible for pre-approval of all auditing services performed for the registrant. The audit committee also is responsible for pre-approval (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or an affiliate of registrant. In addition, registrant’s audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at the next committee meeting. Registrant’s audit committee pre-approved all fees described above that PwC billed to registrant.   

(f)

           

Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended October 31, 2022 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, 2021 and October 31, 2022 were $3,600 and $4,150 respectively.  These figures are also reported in response to item 4(d) above.

(h)

          

Registrant’s audit committee has considered the non-audit services provided to the registrant and registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser as described above and determined that these services do not compromise PwC’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a)

Registrant’s Schedule of Investments is included in the report to shareholders filed under Item 1.

(b)

Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated  Purchasers

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees implemented after the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures

(a)

        

Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b)

        

There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, registrant’s internal control over financial reporting. 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment  Companies

Not applicable

Item 13. Exhibits

(a)(1)

     

Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: See EX-99.CODE attached hereto.

(a)(2)

     

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3)

     

Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(4)

     

Change in the registrant’s independent public accountant: Not applicable

(b)

          

If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See EX-99.906CERT attached hereto.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: December 29, 2022

                      

Thrivent Core Funds

                       

By:   /s/ David S. Royal

                  

                    

        David S. Royal

                                                                                            President and Chief Investment Officer

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

Date: December 29, 2022

                      

By:   /s/ David S. Royal

                  

                    

        David S. Royal

                                                                                            President and Chief Investment Officer

                                                                                (principal executive officer)

Date: December 29, 2022

                      

By:   /s/ Sarah L. Bergstrom  

                      

        Sarah L. Bergstrom  

                                                                                            Treasurer and Principal Accounting Officer

                                                                                (principal financial officer)

Annual

Report

October

31,

2022

Thrivent

Core

Funds

Table

of

Contents

Portfolio

Perspectives

Thrivent

Core

Emerging

Markets

Debt

Fund

2

Thrivent

Core

Emerging

Markets

Equity

Fund

4

Thrivent

Core

International

Equity

Fund

6

Thrivent

Core

Low

Volatility

Equity

Fund

8

Thrivent

Core

Short-Term

Reserve

Fund

10

Thrivent

Core

Small

Cap

Value

Fund

12

Shareholder

Expense

Example

14

Report

of

Independent

Registered

Public

Accounting

Firm

15

Schedule

of

Investments

Thrivent

Core

Emerging

Markets

Debt

Fund

17

Thrivent

Core

Emerging

Markets

Equity

Fund

23

Thrivent

Core

International

Equity

Fund

32

Thrivent

Core

Low

Volatility

Equity

Fund

40

Thrivent

Core

Short-Term

Reserve

Fund

43

Thrivent

Small

Cap

Value

Fund

48

Statement

of

Assets

and

Liabilities

50

Statement

of

Operations

52

Statement

of

Changes

in

Net

Assets

54

Notes

to

Financial

Statements

56

Financial

Highlights

68

Additional

Information

70

Board

of

Trustees

and

Officers

71

Thrivent

Core

Emerging

Markets

Debt

Fund

2

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

James

B.

Carlen,

CFA,

Portfolio Manager

The

Fund

seeks

to

maximize

total

return

while

providing

high

current

income

and

capital

appreciation.

The

Fund's

investment

objective

may

be

changed

without

shareholder

approval.

Investment

in

Thrivent

Core

Emerging

Markets

Debt Fund

involves

risks

including emerging

markets,

sovereign

debt,

foreign

securities,

credit,

interest

rate,

market,

LIBOR,

high

yield,

investment

adviser,

issuer,

derivatives,

liquidity, non-diversified,

and

health

crisis risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.  

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2022?

Thrivent

Core

Emerging

Markets

Debt

Fund

earned

a

return

of

-22.88%,

compared

with

its

market

benchmark,

the

JP

Morgan

EMBI

Global

Diversified

Index,

which

earned

a

return

of

-24.19%.

What

factors

affected

the

Fund’s

performance?

During

the

period,

the

emerging

market

(EM)

debt

sector

experienced

its

largest

drawdown

in

25

years,

exceeding

the

2008

sell

off

spurred

by

the

Great

Financial

Crisis.

The

sell

off

was

caused

by

residual

dislocations

and

macro

policy

responses

surrounding

the

Covid

pandemic

and

exacerbated

by

Russia’s

invasion

of

Ukraine

in

February.

The

war

added

to

inflationary

pressures

that

were

already

building

because

of

pandemic-related

supply

chain

challenges,

since

Russia

and

Ukraine

are

large

worldwide

producers

of

both

energy

and

grain.

The

U.S.

Federal

Reserve

(Fed)

finally

began

reacting

to

the

stubbornly

high

inflation

with

its

first

25-basis-point

rate

increase

in

March

and

then

shifted

to

a

more

aggressive

pace

after

inflation

hit

a

40-year

high

by

summer.

The

Fed

continued

to

hike

rates

through

the

period

end

and

beyond,

including

four

consecutive

75-basis-point

hikes

in

June,

August,

September,

and

October

(after

period

end),

and

is

expected

to

continue

into

the

first

quarter

of

2023.

In

response,

U.S.

Treasury

rates

rose

sharply

and

represented

an

important

headwind

for

the

EM

debt

sector.

The

10-year

U.S.

Treasury

bond

yield

increased

by

259

basis

points

to

end

the

period

at

4.05%

(source:

Bloomberg).

Spreads

in

the

sector

widened

by

184

basis

points

versus

Treasuries

during

the

year,

further

weighing

on

performance.

Because

EM

debt

is

a

longer-duration

asset

class,

the

combination

of

much

higher

yields

and

wider

spreads

led

to

the

sector’s

dramatic

sell

off.

During

the

period,

the

Fund

outperformed

its

benchmark

mainly

due

to

underweightings

in

Russia,

Ukraine,

Sri

Lanka,

Panama,

and

Zambia.

Several

overweighted

positions

also

contributed

to

outperformance,

including

Angola,

Vietnam,

Oman,

Indonesia,

Guatemala,

and

Senegal.

Conversely,

overweighted

positions

in

Petróleos

Mexicanos

(Pemex)

and

Egypt,

along

with

underweightings

in

China,

Bahrain,

and

Brazil,

detracted

from

performance.

What

is

your

outlook?

Continuing

a

well-worn

pattern,

the

global

backdrop

will

remain

a

key

source

of

uncertainty

for

EM

debt.

The

potential

for

a

Fed

pause

in

the

first

quarter

of

2023

is

cause

for

some

hope

among

all

risk

asset

classes,

including

EM

debt.

The

dramatic

sell

off

in

the

sector

has

already

discounted

a

lot

of

bad

news;

however,

the

most

important

inputs

will

be

inflation

definitively

beginning

to

decelerate,

while

waiting

to

see

if

a

meaningful

U.S.

recession

can

be

avoided.

High

U.S.

Treasury

rates

and

outflows

out

of

the

EM

debt

sector

mean

that

investors

will

remain

selective

in

their

willingness

to

buy

new

EM

debt

bond

issues,

making

the

international

bond

markets

a

less

reliable

source

of

capital

for

many

EM

debt

issuers.

This

will

increase

the

already

considerable

pressure

to

undertake

macroeconomic

adjustment

and

reduce

debt

overhangs.

These

countries

may

also

be

buffeted

by

lingering

impacts

from

the

pandemic

and

lower

global

growth,

although

higher

commodity

prices

are

a

net

positive

for

the

EM

segment.

A

key

question

for

the

EM

segment

is

how

the

various

economies

will

adjust

to

this

new

normal.

We

do

not

yet

know

which

countries

can

effectively

begin

the

process

of

fiscal

adjustment

and

accelerate

growth

to

make

their

debt

loads

manageable

and

which

ones

may

need

to

undertake

some

version

of

debt

restructuring.

The

International

Monetary

Fund

(IMF)

and

other

international

financial

institutions

will

remain

important

for

EM

funding;

however,

the

emphasis

is

shifting

toward

larger

adjustments

and

more

non-IMF

resources

to

provide

bridge

financing.

The

depth

of

domestic

capital

markets

and

ability

to

attract

foreign

equity

investment

will

be

an

important

differentiator

among

EM

countries.

The

difficult

year

has

created

significant

value

in

the

EM

debt

sector,

with

spreads

at

more

than

500

basis

points

over

Treasuries

at

period

end.

We

believe

any

stabilization

in

inflation

expectations

could

result

in

a

tailwind

for

EM

debt

performance.

We

will

continue

to

carefully

monitor

the

EM

landscape

to

see

which

countries

are

forced

to

restructure

their

debt.

As

of

this

writing,

that

list

includes

Zambia,

Sri

Lanka,

and

Lebanon,

and

is

growing.

Going

forward,

a

key

challenge

for

the

Fund

will

be

to

avoid

getting

caught

up

in

any

debt

restructuring

process

in

2023

and

beyond.

3

Major

Market

Sectors

(%

of

Net

Assets)

Foreign

Government

81.2%

Energy

9.3%

Utilities

2.5%

Communications

Services

1.8%

Unaffiliated

Registered

Investment

Companies

0.5%

Transportation

0.5%

Top

10

Countries

(%

of

Net

Assets)

Mexico

6.7%

Indonesia

5.7%

Saudi

Arabia

4.5%

Oman

4.0%

Dominican

Republic

3.9%

Qatar

3.8%

Turkey

3.5%

Virgin

Islands,

British

3.4%

Colombia

3.4%

Peru

3.3%

Investments

in

securities

in

these

countries

represent

42.2%

of

the

total

net

assets

of

the

Fund.

Bond

quality

ratings

are

obtained

from

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

and

Standard

&

Poor’s

Ratings

Services

(“S&P”).

If

Moody’s

and

S&P

have

assigned

different

ratings

to

a

security,

the

lowest

rating

for

the

security

is

used.

Ratings

from

S&P,

when

used,

are

converted

into

their

equivalent

Moody’s

ratings.

Not

rated

may

include

cash.

Investments

in

derivatives

and

short-term

investments

are

not

reflected

in

the

table.

Major

Market

Sectors

and

Top

10

Countries

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Bond

Quality

Rat-

ings

Distributions

exclude

collateral

held

for

securities

loaned.

Quoted

Bond

Quality

Ratings

Distributions,

Major

Market

Sectors

and

Top

10

Countries

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2022

1-Year

5-Year

From

Inception

9/5/2017

-22.88%

-1.93%

-2.06%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

visit

SEC.gov.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

Call

800-847-4836

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

JP

Morgan

EMBI

Global

Diversified

Index

is

an

unmanaged,

market-capitalization

weighted,

total-return

index

tracking

the

traded

market

for

U.S.

–

dollar

–

denominated

Brady

bonds,

Eurobonds,

traded

loans,

and

local

market

debt

instruments

issued

by

sovereign

and

quasi-sovereign

entities.

**

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Core

Emerging

Markets

Equity

Fund

4

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Noah

J.

Monsen,

CFA

and

Brian

W.

Bomgren,

CQF,

Portfolio Co-Managers

The

Fund

seeks

long-term

capital

appreciation.

The

Fund's

investment

objective

may

be

changed

without

shareholder

approval.

Investment

in

Thrivent

Core

Emerging

Markets

Equity Fund

involves

risks

including emerging

markets,

China,

foreign

securities,

quantitative

investing,

equity

security,

market,

regional,

foreign

currency,

issuer,

investment

adviser,

technology-oriented

companies, 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.

How

did

the

Fund

perform

during

the 12-month

period ended October

31,

2022?

Thrivent

Core

Emerging

Markets

Equity

Fund

earned

a

return

of

-31.16%,

compared

with

the

return

of

its

market

benchmark,

the

MSCI

Emerging

Markets

Index

(USD

Net

Returns),

of

-31.03%.

What

factors

affected

the

Fund’s

performance?

The

reporting

period

was

a

challenging

one

for

emerging

market

(EM)

stocks,

as

geopolitical

situations

and

surging

inflation

weighed

broadly

on

the

segment.

In

the

first

few

months

of

the

period,

saber

rattling

by

Russia

prior

to

its

shocking

invasion

of

Ukraine

led

Russian

stocks

to

underperform

the

broader

EM

market.

In

February,

hopes

were

dashed

that

Russia

would

pull

back

from

its

threats

after

the

country

waged

war

on

Ukraine

and

its

stock

markets

fell

precipitously.

Moscow’s

stock

exchange

was

closed

for

trading,

while

depository

receipts

in

the

U.S.

and

London

traded

to

distressed

levels

and

were

eventually

halted.

As

Western

countries

levied

sanctions

against

Russia,

its

government

responded

in

part

by

restricting

investors’

ability

to

trade

Russian

stocks.

As

of

the

writing

of

this

letter,

Russian

securities

still

cannot

be

traded,

and

major

index

providers

have

removed

them

from

indexes,

including

the

MSCI

Emerging

Markets

Index

and

the

MSCI

All

Country

World

Index.

Outside

of

Russia

and

Ukraine,

the

war

has

also

had

huge

impacts

globally,

particularly

in

Europe.

Inflation

spiked

throughout

Europe

through

both

energy

and

food

prices,

as

Russia

and

Ukraine

are

large

producers

of

both,

exacerbating

inflationary

pressures

that

were

already

building

because

of

pandemic-related

supply

chain

challenges.

China’s

economy

and

stock

market

underperformed

in

part

because

the

country

has

persisted

with

its

zero-Covid

policies

that

call

for

severe

lockdowns

to

control

regional

outbreaks

of

the

disease.

These

lockdowns

have

been

a

drag

on

China’s

economy,

as

they

have

impacted

industrial

centers,

reduced

production,

and

continued

to

disrupt

global

supply

chains.

The

situation

has

also

continued

to

fuel

inflation

in

the

U.S.

and

other

Western

countries

that

depend

on

goods

manufactured

in

China.

In

addition,

political

tensions

have

escalated

in

the

region,

as

Chinese

leadership

has

been

more

vocal

about

its

claim

on

Taiwan

as

part

of

its

territory

under

the

One

China

Principle.

Meanwhile,

the

U.S.

has

voiced

willingness

to

defend

Taiwan

in

the

event

of

Chinese

military

action.

As

a

result,

Taiwan’s

stock

market

has

underperformed

other

EM

countries

over

the

past

six

months,

partly

due

to

the

risk

the

market

perceives

from

this

situation.

Taiwan

is

also

experiencing

slowing

demand

in

the

Information

Technology

sector,

where

the

country

is

a

global

leader.

Security

selection

in

Russia

and

India

was

primarily

responsible

for

the

Fund’s

slight

shortfall

versus

the

benchmark

during

the

period.

On

the

other

hand,

selection

added

modestly

overall

in

China

and

Korea.

Although

country

allocations

are

generally

kept

close

to

the

benchmark’s

allocations,

the

Fund

experienced

some

added

value

from

a

small

overweighting

to

Turkey,

which

was

one

of

the

top-

performing

countries

during

the

period.

From

a

factor

perspective,

an

overweighting

to

low-volatility

stocks

also

benefited

the

Fund’s

results.

The

Fund

uses

equity

index

futures

to

manage

cash

flows

and

maintain

consistent

market

exposure.

Use

of

these

derivatives

reduced

the

Fund’s

returns,

because

they

increased

market

exposure

during

a

period

of

negative

returns.

What

is

your

outlook?

The

outlook

for

EM

stocks

hinges

on

developments

on

both

the

geopolitical

and

economic

fronts.

Over

the

past

year,

inflation

has

increased

globally,

causing

many

developed

market

(DM)

central

banks

to

raise

interest

rates,

while

EM

central

banks

were

generally

ahead

of

the

curve

in

terms

of

rate

increases.

The

U.S.

Federal

Reserve

has

been

among

the

most

aggressive

at

hiking

rates,

which

has

contributed

to

a

stronger

U.S.

dollar

versus

EM

and

DM

currencies

and

has

reduced

returns

for

U.S.

investors

in

international

stocks.

If

inflation

peaks

and

begins

to

meaningfully

moderate,

we

anticipate

that

interest

rate

hikes

will

slow

and

the

strength

of

the

dollar

may

moderate,

providing

a

more

favorable

environment

for

EM

stocks.

Also,

policy

decisions

and

geopolitical

developments

in

China

will

be

a

key

driver

of

EM

sentiment

and

returns.

The

loosening

of

China’s

zero-Covid

policy

would

help

to

relieve

some

continuing

supply

chain

issues

that

are

fueling

inflation

globally.

A

reduction

in

tensions

surrounding

China

and

Taiwan

would

also

likely

relieve

some

of

the

risk

aversion

that

has

weighed

on

EM

stocks.

In

addition,

any

move

toward

a

resolution

of

the

war

in

Ukraine

could

provide

support

to

EM

stocks.

In

this

scenario,

we

would

expect

factors

that

generally

benefit

from

rising

interest

rates,

such

as

value

factors,

to

continue

to

produce

positive

returns

as

rates

continue

to

rise,

but

their

returns

would

likely

be

less

extreme

than

in

the

recent

past.

Negative

performance

from

growth

and

momentum

factors,

which

often

outperform

in

a

falling

rate

environment,

should

also

moderate.

We

would

expect

low

volatility

to

continue

to

perform

well

relative

to

the

market

as

well.

Going

forward,

factor

exposures

should

continue

to

drive

the

investment

process

for

this

Fund

as

we

continue

to

seek

out

EM

equities

from

profitable

companies.

In

Asia,

we

tend

to

place

more

emphasis

on

the

positive

price

momentum

and

attractive

valuation

factors

in

the

Fund’s

holdings,

while

in

the

rest

of

the

world,

the

attractive

valuation

and

high-quality

earnings

factors

tend

to

be

the

biggest

drivers.

Industry

and

country

weightings

will

continue

to

be

driven

by

the

companies

we

own

based

on

the

factors

we

are

emphasizing.

5

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

99.0%

Short-Term

Investments

1.0%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Financials

20.8%

Information

Technology

18.7%

Consumer

Discretionary

13.9%

Materials

11.1%

Communications

Services

7.6%

Health

Care

6.0%

Energy

6.0%

Industrials

5.8%

Consumer

Staples

3.5%

Utilities

2.7%

Top

10

Countries

(%

of

Net

Assets)

India

16.3%

China

15.0%

Taiwan

13.4%

Cayman

Islands

11.4%

South

Korea

9.6%

Brazil

8.6%

Saudi

Arabia

5.9%

Indonesia

3.2%

South

Africa

2.2%

Malaysia

2.1%

Investments

in

securities

in

these

countries

represent

87.7%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Countries

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Countries

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2022

1-Year

From

Inception

1/31/2020

-31.16%

-6.94%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

visit

SEC.gov.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

Call

800-847-4836

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

The

MSCI

Emerging

Markets

Index-USD

Net

Returns

is

a

modified

capitalization-weighted

index

of

selected

emerging

economies

from

around

the

world.

The

performance

of

the

Index

reflects

dividends

reinvested

after

the

deduction

of

withholding

taxes.

**

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Core

International

Equity

Fund

6

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Noah

J.

Monsen,

CFA

and

Brian

W.

Bomgren,

CQF,

Portfolio

Co-Managers

The Fund

seeks

long-term

capital

appreciation.

The

Fund's

investment

objective

may

be

changed

without

shareholder

approval.

Investment

in

Thrivent

Core

International

Equity

Fund

involves

risks

including equity

security,

foreign

securities,

quantitative

investing,

foreign

currency,

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.  

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2022?

Thrivent

Core

International

Equity

Fund

earned

a

return

of

-23.81%,

compared

with

the

return

of

its

market

benchmark,

the

MSCI

World

Ex-

USA

Index

(net),

of

-22.04%.

What

factors

affected

the

Fund’s

performance?

As

the

period

got

underway,

inflation

began

to

heat

up

across

the

globe

due

to

a

confluence

of

events.

Covid

reopenings

ignited

a

surge

in

demand

while

supply

chains

were

still

somewhat

disrupted

by

the

pandemic-related

shutdowns.

Some

of

the

disruption

was

related

to

China’s

zero-Covid

policies

that

hampered

the

country’s

ability

to

produce

goods.

Russia’s

shocking

invasion

of

Ukraine

in

February

also

caused

inflation

to

spike

in

Europe

through

both

energy

and

food

prices.

The

situation

increased

concerns

about

a

deeper

European

recession

as

the

threat

to

the

region’s

energy

supplies

this

winter

could

negatively

impact

economic

growth.

The

Federal

Reserve

(Fed)

began

aggressively

hiking

the

federal

funds

rate

to

slow

the

U.S.

economy

and

rein

in

rapidly

rising

prices

while

other

central

banks

took

a

more

measured

approach,

which

helped

fuel

U.S.

dollar

strength.

Weak

currencies

also

contributed

to

the

inflationary

pressures

as

the

euro,

yen

and

British

pound

all

hit

near-record

lows

versus

the

U.S.

dollar.

Market

volatility

spiked

and

equities

sold

off

worldwide

as

the

risk

of

a

global

recession

increased.

During

this

challenging

market

backdrop,

the

cyclical

Energy

sector

was

by

far

the

best

index

performer,

as

prices

for

energy

rose

significantly

and

supply

remained

constrained

by

the

Ukraine

conflict

and

policy

decisions

by

the

OPEC+

nations.

High

growth

stocks

suffered

the

most

due

to

their

sensitivity

to

interest

rates,

leading

Information

Technology

stocks

to

underperform.

The

more

defensive

Consumer

Staples,

Utilities,

and

Health

Care

sectors

also

held

up

better

than

the

broader

market.

In

terms

of

countries,

energy

and

commodity

producers

saw

the

best

returns,

including

Norway,

Canada,

and

Australia.

Hong

Kong

produced

the

worst

returns,

as

it

was

negatively

influenced

by

the

low

returns

in

China’s

markets.

Our

team

uses

a

quantitative

approach

to

select

securities

that

focuses

on

emphasizing

certain

factors

in

the

markets

that

we

believe

will

outperform.

During

the

period,

stock

selection

was

the

primary

driver

of

the

Fund’s

underperformance

versus

its

benchmark,

both

by

country

and

sector.

Selection

detracted

in

Australia

and

the

U.K.,

as

well

as

across

most

sectors

but

particularly

Health

Care

(mostly

in

the

pharmaceutical

industry),

Real

Estate,

Materials,

and

Consumer

Staples.

However,

selection

was

favorable

in

the

Information

Technology

sector.

The

Fund

also

experienced

positive

results

overall

from

country

and

sector

allocations,

as

well

as

style

factors.

Country

allocation

was

a

positive

contributor

over

the

fiscal

year

mainly

due

to

the

Fund’s

underweighting

in

Hong

Kong,

which

was

weighed

down

by

China’s

market

sell

off.

In

terms

of

sector

allocations,

the

Fund’s

overweighted

position

in

Energy

helped

since

it

was

the

best

performer

and

only

sector

with

a

positive

return

in

the

index

over

the

period.

Regarding

style

factors,

the

Fund’s

emphasis

on

low-volatility

stocks

aided

results

both

in

terms

of

absolute

returns

and

relative

to

the

benchmark;

however,

an

underweighting

to

value

stocks

detracted.

The

team

continued

to

employ

derivatives

to

balance

equity

exposure,

which

negatively

impacted

results.

What

is

your

outlook?

The

outlook

for

international

stocks

hinges

on

developments

on

both

the

geopolitical

and

economic

fronts.

Over

the

past

year,

inflation

has

increased

globally,

causing

many

central

banks

to

raise

interest

rates.

However,

the

Fed

has

been

among

the

most

aggressive

at

hiking

rates,

which

has

contributed

to

a

stronger

U.S.

dollar

versus

other

currencies

and

has

reduced

returns

for

U.S.

investors

in

foreign

stocks.

If

inflation

peaks

and

begins

to

meaningfully

moderate,

we

anticipate

that

interest

rate

hikes

will

slow

and

the

strength

of

the

dollar

may

moderate,

providing

a

more

favorable

environment

for

international

stocks.

Any

move

toward

a

resolution

of

the

war

in

Ukraine

could

provide

support

to

stocks

as

well.

In

this

scenario,

we

would

expect

factors

that

generally

benefit

from

rising

interest

rates,

such

as

value

factors,

to

continue

to

produce

positive

returns

as

rates

continue

to

rise,

but

their

returns

would

likely

be

less

extreme

than

in

the

recent

past.

Negative

performance

from

growth

and

momentum

factors,

which

often

outperform

in

a

falling

rate

environment,

should

also

moderate.

We

would

expect

low

volatility

to

continue performing

well

relative

to

the

market.

Going

forward,

factor

exposures

should

continue

to

drive

the

investment

process

for

this

Fund.

Our

focus

remains

on

finding

international

equities

from

profitable

companies

with

attractive

valuations,

positive

price

momentum,

low

volatility,

and

high

earnings

quality.

Industry

and

country

weightings

will

continue

to

be

driven

by

the

companies

we

own

based

on

the

factors

we

are

emphasizing.

7

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

98.4%

Preferred

Stock

1.3%

Short-Term

Investments

0.3%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Financials

17.2%

Health

Care

14.6%

Industrials

14.4%

Consumer

Discretionary

11.9%

Energy

9.5%

Information

Technology

9.3%

Materials

7.7%

Consumer

Staples

7.2%

Communications

Services

4.3%

Utilities

1.5%

Top

10

Countries

(%

of

Net

Assets)

Japan

19.1%

Canada

12.4%

United

Kingdom

12.3%

Switzerland

10.0%

France

7.9%

Germany

7.5%

Australia

7.1%

Netherlands

3.9%

Denmark

2.8%

Israel

2.8%

Investments

in

securities

in

these

countries

represent

85.8%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Countries

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Countries

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2022

1-Year

From

Inception

11/14/2017

-23.81%

-0.92%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

visit

SEC.gov.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

Call

800-847-4836

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

The

MSCI

World

Ex-USA

Index

(Net)

is

an

index

which

captures

large

and

mid

cap

representation

across

22

of

23

Developed

Markets

countries,

ex-

cluding

the

United

States

**

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Core

Low

Volatility

Equity

Fund

8

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Noah

J.

Monsen,

CFA

and

Brian

W.

Bomgren,

CQF,

Portfolio Co-Managers

The

Fund

seeks

to

provide

long-term

capital

appreciation

with

lower

volatility

relative

to

the

domestic

equity

market.

The

Fund's

investment

objective

may be

changed without

shareholder

approval.

Investment

in

Thrivent

Core

Low

Volatility

Equity

Fund

involves

risks

including equity

security,

quantitative

investing,

market,

issuer,

investment

adviser,

large

cap,

mid

cap,

small

cap,

and

health

crisis

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.  

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2022?

Thrivent

Core

Low

Volatility

Equity

Fund

earned

a

return

of

-5.48%,

compared

with

the

return

of

its

market

benchmark,

the

MSCI

USA

Minimum

Volatility

Index

(USD),

of

-7.14%.

What

factors

affected

the

Fund’s

performance?

As

the

period

got

underway,

U.S.

economic

growth

was

picking

up

steam

again

and

inflation

began

to

heat

up

due

to

a

confluence

of

events.

Covid

reopenings

ignited

a

surge

in

demand

while

supply

chains

were

still

disrupted

by

the

pandemic-related

shutdowns.

Also,

record

fiscal

stimulus

and

accommodative

monetary

policy

meant

U.S.

consumers’

finances

were

healthy

enough

to

support

spending.

Russia’s

shocking

invasion

of

Ukraine

in

February

added

to

energy

price

inflation,

which

was

felt

more

acutely

in

Europe,

but

also

contributed

to

high

U.S.

gasoline

prices.

Additionally,

China’s

zero-Covid

policies

slowed

that

country’s

ability

to

respond

to

increasing

worldwide

demand.

The

U.S.

Federal

Reserve

(Fed)

turned

increasingly

more

hawkish,

and

by

March

it

began

hiking

the

federal

funds

rate

to

slow

the

economy

and

rein

in

rapidly

rising

prices.

By

summer,

however,

inflation

had

reached

a

40-year

high,

causing

Fed

policymakers

to

ramp

up

their

pace

of

rate

hikes

and

interest

rates

to

rise

rapidly.

Market

volatility

spiked

and

equities

sold

off

as

rising

rates

increased

the

risk

of

recession

and

cast

doubt

on

corporate

earnings

estimates

for

the

coming

year.

During

this

challenging

market

backdrop,

high

growth

stocks

suffered

the

most

due

to

their

sensitivity

to

interest

rates,

leading

the

Communication

Services

and

Information

Technology

sectors

to

underperform

in

the

index.

The

cyclical

Energy

sector

was

by

far

the

best

index

performer,

benefiting

from

rising

oil

and

gasoline

prices.

The

more

defensive

Consumer

Staples,

Utilities,

and

Health

Care

sectors

also

held

up

better

than

the

broader

market.

In

a

volatile

year

with

negative

returns,

low

volatility

as

a

strategy

offered

downside

protection,

as

intended,

and

outperformed

traditional

market

indexes.

Our

team

uses

a

quantitative

approach

to

select

a

broadly

diversified

portfolio

of

securities

for

the

Fund

with

a

focus

on

emphasizing

certain

factors

in

the

markets

that

we

believe

will

outperform.

Sector

allocation

was

a

positive

contributor

over

the

fiscal

year,

particularly

the

Fund’s

overweightings

in

Consumer

Staples,

the

second

best-performing

sector,

and

Energy,

which

was

not

only

the

top-performing

sector

but

is

also

the

smallest

weight

in

the

benchmark.

Stock

selection

also

helped

drive

the

Fund’s

outperformance

versus

its

benchmark,

particularly

in

the

Utilities

and

Health

Care

sectors.

However,

selection

in

the

Financial

and

Information

Technology

sectors

detracted.

In

addition,

style

factors

contributed

positively

to

the

Fund’s

results

overall

led

by

an

emphasis

on

low

volatility,

which

helped

both

in

terms

of

absolute

returns

and

relative

to

the

benchmark.

An

overweighting

to

the

long-term

reversal

factor

(the

tendency

of

stocks

that

have

underperformed

in

the

past

three-to-five

years

to

outperform,

and

vice

versa)

also

aided

performance.

However,

the

Fund’s

emphasis

on

price

momentum,

which

are

stocks

that

have

recently

performed

well,

was

a

negative.

What

is

your

outlook?

The

Fed

has

clearly

indicated

that

its

primary

focus

is

to

lower

inflation,

despite

the

negative

impact

on

U.S.

economic

growth.

Therefore,

the

degree

to

which

policymakers

hike

rates

to

bring

down

inflation

remains

the

biggest

issue

impacting

the

economy

and

financial

markets.

We

believe

the

efforts

to

reduce

inflation

are

beginning

to

have

an

impact,

and

inflation

is

starting

to

moderate.

If

the

Fed

is

able

to

slow

its

pace

of

rate

increases,

that

would

reduce

headwinds

for

the

stock

market.

It

would

also

increase

the

probability

that

policymakers

have

engineered

a

“soft

landing”

for

the

U.S.

economy

by

bringing

down

inflation

without

too

much

damage

to

economic

growth.

In

addition,

any

reduction

in

geopolitical

tensions

could

also

provide

support

to

stocks,

including

a

de-escalation

of

the

conflict

between

China

and

Taiwan

and

a

move

toward

resolution

of

the

war

in

Ukraine.

In

this

scenario,

we

would

expect

factors

that

generally

benefit

from

rising

interest

rates,

such

as

value

factors,

to

continue

to

produce

positive

returns

as

rates

continue

to

rise,

but

their

returns

would

likely

be

less

extreme

than

in

the

recent

past.

Negative

performance

from

growth

and

momentum

factors,

which

often

outperform

in

a

falling

rate

environment,

should

also

moderate.

We

would

expect

low

volatility

to

continue

to

perform

well

relative

to

the

market.

Our

long-term

expectation

is

for

low-volatility

stocks

to

produce

returns

similar

to

the

market

over

a

full

market

cycle,

but

with

lower

overall

volatility.

We

will

continue

to

focus

on

finding

profitable

companies

with

low

volatility,

attractive

valuations,

positive

price

momentum,

and

high-quality

earnings.

Industry

weightings

will

continue

to

be

driven

by

the

companies

we

own

based

on

the

factors

we

are

emphasizing.

9

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

99.9%

Short-Term

Investments

0.1%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Health

Care

20.0%

Information

Technology

19.0%

Consumer

Staples

15.0%

Industrials

12.6%

Communications

Services

9.0%

Utilities

7.2%

Financials

5.6%

Consumer

Discretionary

4.9%

Real

Estate

2.6%

Materials

2.0%

Top

10

Holdings

(%

of

Net

Assets)

Merck

&

Company,

Inc.

4.2%

Johnson

&

Johnson

3.9%

Consolidated

Edison,

Inc.

3.1%

Waste

Management,

Inc.

2.7%

Kroger

Company

2.6%

Vertex

Pharmaceuticals,

Inc.

2.4%

Verizon

Communications,

Inc.

2.4%

Costco

Wholesale

Corporation

2.3%

Public

Storage,

Inc.

2.2%

Mastercard,

Inc.

2.0%

These

securities

represent

27.8%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2022

1-Year

From

Inception

2/28/2018

-5.48%

10.34%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

visit

SEC.gov.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

Call

800-847-4836

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

The

MSCI

USA

Minimum

Volatility

Index

(USD)

is

an

index

which

aims

to

reflect

the

performance

characteristics

of

a

minimum

variance

strategy

applied

to

the

large

and

mid

cap

USA

equity

universe.

**

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Core

Short-Term

Reserve

Fund

10

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

William

D.

Stouten,

Portfolio

Manager

The

Fund

seeks

a

high

level

of

current

income

consistent

with

liquidity

and

the

preservation

of

capital.

Investment

in

Thrivent

Core

Short-Term

Reserve

Fund

involves

interest

rate,

LIBOR,

mortgage-backed

and

other

asset-backed

securities,

credit,

financial

sector,

government

securities,

prepayment,

redemption

and

share

ownership,

redemption

and

lending,

regulatory, cybersecurity,

investment

adviser,

and

health

crisis

risks.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.

Thrivent

Core

Short-Term

Reserve

Fund's

primary

role

is

to

serve

as

a

cash

sweep

vehicle

for

Thrivent

Mutual

Funds

and

Thrivent

Series

Fund,

Inc.

To

help

meet

this

objective,

the

Fund

is

invested

in

investment-grade

fixed-income

securities;

however,

its

overall

weighted

average

maturity

is

limited

to

180

days

or

less

to

help

us

manage

the

fluctuation

in

the

Fund’s

underlying

share

price.

Investments

consist

of

U.S.

dollar-denominated

debt

securities

such

as:

obligations

of

federal,

state

and

local

governments,

their

agencies

and

instrumentalities;

mortgage-backed

and

asset-backed

securities;

corporate

debt

securities;

time

deposits;

commercial

paper;

repurchase

agreements;

and

other

securities

that

have

debt-like

characteristics.

The

Fund

may

also

invest

in

other

investment

companies

that

have

exposure

to

fixed-income

securities.

How

did

the

Fund

perform

during

the

12-month

period

ended

October

31,

2022?

The

Thrivent

Core

Short-Term

Reserve

Fund

earned

a

return

of

1.28%.

Its

30-day

yield

at

period

end

was

3.44%.

What

factors

affected

the

Fund's

performance?

As

the

period

got

underway,

U.S.

economic

growth

was

picking

up

again

as

the

tailwinds

from

accommodative

monetary

policy

and

record

fiscal

stimulus

continued

to

work

their

way

through

the

system

while

the

impact

from

Covid

appeared

to

dissipate.

Inflation

surged

well

beyond

the

Federal

Reserve’s

(Fed’s)

long-term

target

as

supply

chain

disruptions,

higher

commodity

prices,

shipping

bottlenecks,

and

lack

of

materials

and

workers

all

contributed

to

pricing

pressures.

In

response,

the

Fed

began

tapering

monthly

purchases

in

November

and

turned

increasingly

more

hawkish

regarding

its

outlook,

as

inflation

no

longer

appeared

transitory.

In

March,

policymakers

hiked

the

federal

funds

rate

for

the

first

time

in

three-and-a-half

years

by

25

basis

points,

followed

by

another

50-basis-point

increase

in

May.

With

inflation

hitting

a

40-year

high

by

summer,

the

Fed

shifted

to

an

even

more

aggressive

monetary

policy

stance

than

previously

telegraphed,

hiking

rates

by

75

basis

points

in

June,

August

and

September.

The

increases

took

the

federal

funds

rate

from

the

0.00-

0.25%

range

at

the

beginning

of

the

fiscal

year

to

the

3.00%-3.25%

range

by

the

end.

As

a

result,

interest

rates

rose

sharply

across

the

Treasury

yield

curve

throughout

the

period,

but

particularly

at

the

short

end,

causing

the

yield

curve

to

flatten.

The

three-month

Treasury

bill

rate

rose

from

0.05%

to

4.10%

by

period

end

(source:

Bloomberg).

Volatility

also

spiked

across

U.S.

capital

markets

as

investors

realized

that

the

Fed

would

have

to

slow

the

economy

even

more

than

expected

to

rein

in

runaway

inflation,

raising

fears

of

a

recession.

The

uncertain

inflation

and

economic

outlook

caused

the

financial

system

to

be

flooded

by

even

more

excess

cash

versus

the

available

supply

of

short-term

securities,

as

investors

shifted

money

out

of

equities,

fixed-income

securities,

and

banks

and

into

money

market

funds.

This

increased

demand

in

the

face

of

limited

supply

put

downward

pressure

on

the

rates

of

available

government

securities.

We

continued

to

favor

floating-rate

securities,

which

adjust

periodically

to

changing

interest

rates

and

comprised

more

than

40%

of

the

portfolio.

We

also

increased

the

Fund’s

exposures

in

commercial

paper

to

approximately

61%,

corporate

bonds

to

around

17%,

and

certificates

of

deposit

(CDs)

to

around

12%.

We

lowered

the

Fund’s

exposure

to

U.S.

government

obligations

to

approximately

10%,

as

well

as

the

combined

exposure

in

municipal

and

asset-backed

securities

to

around

1%.

The

Fund’s

weighted

average

maturity

(WAM)

fell

significantly

from

41

days

at

the

beginning

of

the

fiscal

year

to

18

days

by

period

end.

We

typically

target

an

average

WAM

of

less

than

65

days

because

it

reduces

the

price

sensitivity

of

the

Fund’s

portfolio

to

changes

in

interest

rates

and

aids

with

liquidity.

The

Fund’s

weighted

average

life

(WAL)

also

declined

from

82

to

72

days.

At

the

end

of

October

2022,

the

Fund’s

net

assets

totaled

approximately

$4.23

billion.

What

is

your

outlook?

The

degree

to

which

the

Fed

will

hike

rates

to

bring

down

inflation

remains

the

biggest

issue

impacting

the

U.S.

economy

and

short-term

markets.

The

Fed

has

clearly

indicated

that

its

primary

focus

is

to

lower

inflation,

despite

the

negative

impact

on

U.S.

economic

growth.

However,

we

believe

a

reduction

in

inflationary

pressures

may

be

more

difficult

and

gradual

than

the

market

currently

anticipates.

Our

outlook

calls

for

continued

increases

in

the

fed

funds

rate,

which

is

in

line

with

the

market’s

view,

and

a

recession

in

2023.

As

of

this

writing,

we

do

not

believe

the

Fed

is

likely

to

pivot

to

rate

cuts

anytime

soon.

Because

the

primary

purpose

of

the

Fund

is

to

provide

liquidity

to

Thrivent

Mutual

Funds

and

Thrivent

Series

Fund,

Inc.,

we

will

continue

to

manage

its

portfolio

conservatively

to

preserve

liquidity

and

minimize

net

asset

value

(NAV)

volatility.

11

Portfolio

Composition

(%

of

Portfolio)

Short-Term

Investments

100.0%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Financials

43.3%

Utilities

18.0%

U.S.

Government

&

Agencies

9.5%

Capital

Goods

9.3%

Consumer

Cyclical

5.3%

Consumer

Non-Cyclical

4.7%

Energy

3.6%

Basic

Materials

3.2%

Communications

Services

1.8%

Technology

1.7%

Top

10

Holdings

(%

of

Net

Assets)

Federal

Home

Loan

Bank

1.2%

Federal

Home

Loan

Bank

1.2%

Welltower,

Inc.

1.2%

U.S.

Treasury

Notes

1.2%

Australia

&

New

Zealand

Banking

Group,

Ltd.

0.8%

Chevron

Corporation

0.7%

Royal

Bank

of

Canada

0.7%

Federal

Home

Loan

Bank

0.7%

Skandinaviska

Enskilda

Banken

AB

0.7%

Westpac

Banking

Corporation

0.6%

These

securities

represent

9.0%

of

the

total

net

assets

of

the

Fund.

Quoted

Major

Market

Sectors,

Portfolio

Composition

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2022

1-Year

5-Year

From

Inception

5/2/2016

1.28%

1.45%

1.34%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

visit

SEC.gov.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

Call

800-847-4836

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

The

Bloomberg

Short-term

Government/Corporate

Index

–

3-6

months

is

an

index

which

measures

the

performance

of

USD

denominated,

fixed

rate,

investment

grade

bonds

that

are

in

the

government

or

corporate

sector

and

have

a

remaining

maturity

of

3-6

months.

**

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

hous-

ing,

electricity,

food

and

transportation.

Thrivent

Core

Small

Cap

Value

Fund

12

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Matthew

D.

Finn,

CFA,

Portfolio Manager

The

Fund

seeks long-term

capital

appreciation. The

Fund's

investment

objective

may

be

changed

without

shareholder

approval.

Investment

in

Thrivent

Core Small

Cap

Value Fund

involves

risks

including small

cap,

value

investing,

equity

security,

market,

issuer,

investment

adviser,

and

health

crisis.

A

detailed

description

of

each

risk

can

be

found

in

the

significant

risks

section

of

the

accompanying

notes

to

financial

statements.  

How

did

the

Fund

perform

during

the period ended

October

31,

2022?

Thrivent

Core Small

Cap

Value Fund

earned

a

return

of

-6.40%,

compared

with

the

return

of

its

market

benchmarks,

the Russell

2000®

Value

Index

and

the

S&P

SmallCap

600

Value

Index,

which

earned

returns

of -9.01%

and

-6.94%,

respectively,

since

the

Fund’s

inception

on

March

31,

2022.

What

factors

affected

the

Fund’s

performance?

During

the

period

since

inception,

the

Fund

outperformed

both

the

Russell

2000®

Value

Index

and

the

S&P

Small

Cap

600

Value

Index.

The

Fund’s

outperformance

versus

the

Russell

benchmark

resulted

from

a

combination

of

positive

stock

selection

and

sector

allocations.

Security

selection

benefited

the

Fund’s

results

in

eight

of

the

11

sectors,

with

all

areas

except

for

Information

Technology,

Real

Estate,

and

Utilities

contributing

to

returns

relative

to

the

benchmark.

Selection

was

particularly

favorable

in

the

Financials,

Health

Care,

Energy,

and

Industrials

sectors.

Within

Financials,

positions

in

Banner,

Old

National

Bancorp,

and

insurance

company

RLI

contributed

the

most.

In

the

Health

Care

sector,

the

Fund

benefited

from

positions

in

Acadia

Healthcare,

Halozyme

Therapeutics,

and

Ionis

Pharmaceuticals

during

the

period.

Within

Energy,

positions

in

Helmerich

&

Payne,

Matador

Resources,

and

NOV

drove

positive

security

selection.

Stock

selection

in

the

Industrials

sector

was

aided

by

holdings

in

Resources

Connections,

Curtiss-Wright,

and

RBC

Bearings.

On

the

other

hand,

negative

stock

selection

in

Real

Estate

resulted

from

the

Fund’s

positions

in

Pebblebrook

Hotel

Trust,

Cushman

&

Wakefield,

and

Highwoods

Properties

Trust.

Within

Information

Technology,

the

Fund

saw

weak

results

from

TTEC

Holdings.

Five

of

the

Fund’s

11

sector

allocations

also

contributed

favorably

versus

the

Russell

2000®

Value.

In

particular,

the

Fund

benefited

from

its

underweighted

positioning

in

Communication

Services

and

Real

Estate

relative

to

the

benchmark,

and

its

overweighted

positioning

in

Energy

throughout

the

period.

Conversely,

the

Fund’s

underweighted

positioning

in

Financials

and

overweighted

positioning

in

Consumer

Discretionary

and

Materials

negatively

impacted

relative

performance.

At

period

end,

the

Fund’s

largest

sector

overweightings

relative

to

the

Russell

benchmark

were

Industrials,

Materials,

Energy,

and

Consumer

Staples

and

largest

underweightings

were

Financials,

Real

Estate,

and

Health

Care.

What

is

your

outlook?

The

Fund

seeks

to

invest

in

sound-to-improving

companies

that

offer

attractive

growth

in

operating

income

and

cash

flow,

while

also

trading

at

a

discount

to

our

estimate

of

the

intrinsic

value

of

the

business.

Compared

to

share

prices,

which

can

swing

widely

over

time

due

to

excessive

investor

fear

or

optimism,

the

underlying

intrinsic

value

of

quality

businesses

tends

to

be

far

more

stable

over

time

and

compounds

with

growth

in

operating

income

and

cash

flows.

We

believe

a

company’s

intrinsic

value

is

determined

by

the

present

value

of

its

future

cash

flows;

therefore,

even

one

or

two

years

of

significant

oscillation

in

cash

flows

has

a

limited

impact

on

this

figure.

The

typical

investor

can

often

be

much

more

shortsighted

and

will

buy

and

sell

entirely

based

on

shorter-term

fluctuations

in

corporate

earnings.

We

are

currently

seeing

extreme

levels

of

this

phenomenon

as

investors

attempt

to

ascertain

the

economic

impact

of

substantially

tighter

monetary

policy

on

the

economy.

We

believe

one

of

our

team’s

key

competitive

advantages

is

the

ability

to

look

beyond

near-term

disruptions

and

focus

on

finding

businesses

that

fit

our

criteria

that

are

trading

at

substantial

discounts.

Therefore,

we

believe

the

current

environment

offers

many

attractive

investment

opportunities

for

the

Fund.

13

Portfolio

Composition

(%

of

Portfolio)

Common

Stock

96.9%

Short-Term

Investments

3.1%

Total

100.0%

Major

Market

Sectors

(%

of

Net

Assets)

Financials

24.7%

Industrials

18.8%

Consumer

Discretionary

10.3%

Energy

9.0%

Information

Technology

7.0%

Materials

6.9%

Health

Care

6.1%

Real

Estate

6.0%

Consumer

Staples

4.8%

Utilities

2.8%

Top

10

Holdings

(%

of

Net

Assets)

Helmerich

&

Payne,

Inc.

3.1%

Resources

Connection,

Inc.

2.8%

Banner

Corporation

2.8%

Berkshire

Hills

Bancorp,

Inc.

2.7%

Old

National

Bancorp

2.6%

NOV,

Inc.

2.4%

RLI

Corporation

2.4%

ManpowerGroup,

Inc.

2.3%

Everi

Holdings,

Inc.

2.2%

Wintrust

Financial

Corporation

2.2%

These

securities

represent

25.5%

of

the

total

net

assets

of

the

Fund.

Portfolio

Composition

excludes

derivatives

and

collateral

held

for

securities

loaned.

Market

Sectors

and

Top

10

Holdings

exclude

short-term

investments,

derivatives,

and

collateral

held

for

securities

loaned.

Quoted

Portfolio

Composition,

Major

Market

Sectors,

and

Top

10

Holdings

are

subject

to

change.

Average

Annual

Total

Returns

1

As

of

October

31,

2022

From

Commencement

3/31/2022

-6.40%

Past

performance

is

not

an

indication

of

future

results.

The

prospectus

contains

more

complete

information

on

the

investment

objectives,

risks,

charges

and

expenses

of

the

investment

company,

which

investors

should

read

and

consider

carefully

before

investing.

To

obtain

a

prospectus,

visit

SEC.gov.

Total

investment

return

and

principal

value

of

your

investment

will

fluctuate,

and

your

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

data

quoted.

Call

800-847-4836

for

performance

results

current

to

the

most

recent

month-end.

Average

annual

total

returns

represent

past

performance

and

reflect

changes

in

share

prices,

the

reinvestment

of

all

dividends

and

capital

gains,

and

the

effects

of

compounding.

Periods

of

less

than

one

year

are

not

annualized.

At

various

times,

the

Fund's

adviser

may

have

waived

its

management

fee

and/or

reimbursed

Fund

expenses,

without

which

the

Fund's

total

returns

would

have

been

lower.

The

returns

shown

do

not

reflect

taxes

a

shareholder

would

pay

on

distributions

or

redemptions.

Unless

otherwise

noted,

the

Index

results

shown

do

not

reflect

deductions

for

fees,

expenses,

or

taxes.

Index

results

shown

reflect

reinvestment

of

dividends.

It

is

not

possible

to

invest

directly

in

an

Index.

1

*

The

Russell

2000®

Value

Index

measures

the

performance

of

those

Russell

2000

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

**

The

S&P

SmallCap

600

Value

Index

is

a

market

capitalization

weighted

index.

All

the

stocks

in

the

underlying

parent

index

are

allocated

into

value

or

growth.

Stocks

that

do

not

have

pure

value

or

pure

growth

characteristics

have

their

market

caps

distributed

between

the

value

&

growth

indices.

The

product

is

not

sponsored,

endorsed

or

promoted

by

Standard

&

Poor’s,

and

Standard

&

Poor’s

makes

no

representation

regarding

the

advisability

of

investing

in

the

product.

***

The

Consumer

Price

Index

is

an

inflationary

indicator

that

measures

the

change

in

the

cost

of

a

fixed

basket

of

products

and

services,

including

housing,

electricity,

food

and

transportation.

14

Shareholder

Expense

Example

(unaudited)

As

a

shareholder

of

a

Fund,

you

incur

ongoing

costs,

including

administrative

fees

and

other

Fund

expenses.

This

Example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

a

Fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

Example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

from

May

1,

2022

through

October

31,

2022.

Actual

Expenses

In

the

table

below,

the

first

line

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

entitled

"Expenses

Paid

during

Period"

to

estimate

the

expenses

you

paid

on

your

account

during

the

period.

Hypothetical

Example

for

Comparison

Purposes

In

the

table

below,

the

second

line

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

the

Fund's

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund's

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

example

that

appears

in

the

shareholder

reports

of

the

other

funds.

Beginning

Account

Value

5/1/2022

Ending

Account

Value

10/31/2022

Expenses

Paid

During

Period  5/1/2022

-

10/31/2022

*

Annualized

Expense

Ratio

Thrivent

Core

Emerging

Markets

Debt

Fund

Actual

$1,000

$899

$0.21

0.04%

Hypothetical

**

$1,000

$1,025

$0.22

0.04%

Thrivent

Core

Emerging

Markets

Equity

Fund

Actual

$1,000

$804

$0.81

0.18%

Hypothetical

**

$1,000

$1,024

$0.91

0.18%

Thrivent

Core

International

Equity

Fund

Actual

$1,000

$879

$0.44

0.09%

Hypothetical

**

$1,000

$1,025

$0.48

0.09%

Thrivent

Core

Low

Volatility

Equity

Fund

Actual

$1,000

$977

$0.17

0.03%

Hypothetical

**

$1,000

$1,025

$0.17

0.03%

Thrivent

Core

Short-Term

Reserve

Fund

Actual

$1,000

$1,011

$0.03

0.01%

Hypothetical

**

$1,000

$1,025

$0.03

0.01%

Thrivent

Core

Small

Cap

Value

Fund

Actual

$1,000

$1,002

$0.30

0.06%

Hypothetical

**

$1,000

$1,025

$0.30

0.06%

*

Expenses

are

equal

to

the

Fund's

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

to

reflect

the

one-half

year

period.

**

Assuming

5%

annualized

total

return

before

expenses.

15

To

the

Board

of

Trustees

of

Thrivent

Core

Funds

and

Shareholders

of

each

of

the

six

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(constituting

Thrivent

Core

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2022,

the

related

statements

of

operations

and

statements

of

changes

in

net

assets

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

October

31,

2022,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

periods

indicated

in

the

table

below

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

Thrivent

Core

Emerging

Markets

Debt

Fund

(1)

Thrivent

Core

Low

Volatility

Equity

Fund

(1)

Thrivent

Core

Emerging

Markets

Equity

Fund

(1)

Thrivent

Core

Short-Term

Reserve

Fund

(1)

Thrivent

Core

International

Equity

Fund

(1)

Thrivent

Core

Small

Cap

Value

Fund

(2)

(1)

Statement

of

operations

for

the

year

ended

October

31,

2022

and

the

statement

of

changes

in

net

assets

for

the

years

ended

October

31,

2022

and

2021

(2)

Statement

of

operations

and

statement

of

changes

in

net

assets

for

the

period

March

31,

2022

(commencement

of

operations)

through

October

31,

2022

PricewaterhouseCoopers

LLP,

45

South

Seventh

Street,

Suite

3400,

Minneapolis,

MN

55402

T:

(612)

596

6000,

www.pwc.com/us

Report

of

Independent

Registered

Public

Accounting

Firm

16

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodian,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

Minneapolis,

Minnesota

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Thrivent

Financial

for

Lutherans

investment

company

complex

since

1987.

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Long-Term

Fixed

Income

(

95.3%

)

Value

Angola

(2.9%)

Angola

Government

International

Bond

$

2,000,000

9.500%, 

11/12/2025

$

1,948,360

14,000,000

8.250%, 

5/9/2028

11,774,000

2,000,000

8.000%, 

11/26/2029

1,623,400

6,000,000

8.750%, 

4/14/2032

a

4,833,000

2,000,000

9.125%, 

11/26/2049

1,504,000

Total

21,682,760

Argentina

(0.9%)

Argentina

Government

International

Bond

1,800,000

0.500%, 

7/9/2030

b

379,397

15,700,000

1.500%, 

7/9/2035

b

3,116,011

12,700,000

3.500%, 

7/9/2041

b

3,025,210

Total

6,520,618

Azerbaijan

(0.6%)

Azerbaijan

Government

International

Bond

5,900,000

3.500%, 

9/1/2032

4,733,924

Total

4,733,924

Bahrain

(2.5%)

Bahrain

Government

International

Bond

4,000,000

6.125%, 

8/1/2023

a

4,004,064

1,100,000

7.000%, 

10/12/2028

a

1,053,730

2,000,000

5.250%, 

1/25/2033

1,560,480

3,000,000

5.625%, 

5/18/2034

a

2,347,740

6,000,000

7.500%, 

9/20/2047

a

4,787,640

1,000,000

7.500%, 

9/20/2047

797,940

CBB

International

Sukuk

Programme

SPC

4,000,000

6.250%, 

11/14/2024

4,015,552

Total

18,567,146

Brazil

(2.8%)

Brazil

Government

International

Bond

5,800,000

4.750%, 

1/14/2050

3,874,595

4,800,000

2.625%, 

1/5/2023

4,778,208

3,000,000

2.875%, 

6/6/2025

2,812,112

1,000,000

4.500%, 

5/30/2029

897,555

7,000,000

3.875%, 

6/12/2030

c

5,893,286

1,300,000

5.000%, 

1/27/2045

933,148

2,000,000

5.625%, 

2/21/2047

1,516,847

Total

20,705,751

Canada

(1.0%)

Canacol

Energy,

Ltd.

3,000,000

5.750%, 

11/24/2028

a

2,255,608

Petronas

Energy

Canada,

Ltd.

6,000,000

2.112%, 

3/23/2028

a,c

5,147,429

Total

7,403,037

Chile

(2.9%)

Chile

Government

International

Bond

1,700,000

3.100%, 

1/22/2061

950,429

8,500,000

3.500%, 

1/25/2050

5,582,443

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

Chile

(2.9%)

-

continued

$

1,200,000

3.125%, 

1/21/2026

$

1,117,555

2,600,000

3.240%, 

2/6/2028

2,333,045

11,850,000

2.550%, 

7/27/2033

8,811,397

2,000,000

3.500%, 

1/31/2034

1,613,112

2,000,000

4.340%, 

3/7/2042

1,538,018

Total

21,945,999

Colombia

(3.4%)

Colombia

Government

International

Bond

5,000,000

2.625%, 

3/15/2023

4,911,881

3,375,000

3.875%, 

4/25/2027

2,811,532

786,000

3.125%, 

4/15/2031

536,744

4,000,000

7.375%, 

9/18/2037

3,360,638

10,500,000

6.125%, 

1/18/2041

7,465,380

3,000,000

4.125%, 

2/22/2042

1,686,141

4,605,000

5.625%, 

2/26/2044

2,982,090

2,000,000

5.000%, 

6/15/2045

1,211,200

Total

24,965,606

Costa

Rica

(0.7%)

Costa

Rica

Government

International

Bond

5,900,000

7.000%, 

4/4/2044

5,009,564

Total

5,009,564

Dominican

Republic

(3.9%)

Dominican

Republic

Government

International

Bond

1,300,000

6.875%, 

1/29/2026

a

1,274,187

4,000,000

5.950%, 

1/25/2027

a

3,735,984

3,000,000

5.500%, 

2/22/2029

a

2,619,403

4,500,000

4.875%, 

9/23/2032

a

3,467,274

2,500,000

7.450%, 

4/30/2044

a

2,094,338

4,900,000

6.850%, 

1/27/2045

3,777,728

8,300,000

6.500%, 

2/15/2048

a

6,056,870

8,000,000

6.400%, 

6/5/2049

a

5,752,436

Total

28,778,220

Ecuador

(1.4%)

Ecuador

Government

International

Bond

6,500,000

5.500%, 

7/31/2030

b

3,447,864

18,800,000

2.500%, 

7/31/2035

b

6,868,113

Total

10,315,977

Egypt

(2.5%)

Egypt

Government

International

Bond

2,500,000

7.500%, 

2/16/2061

a

1,391,250

2,000,000

8.875%, 

5/29/2050

a

1,185,152

2,000,000

8.750%, 

9/30/2051

a

1,188,800

500,000

8.150%, 

11/20/2059

a

286,944

1,000,000

5.800%, 

9/30/2027

a

727,300

4,300,000

7.600%, 

3/1/2029

3,079,574

3,500,000

7.053%, 

1/15/2032

a

2,217,754

2,500,000

7.625%, 

5/29/2032

1,601,315

3,000,000

8.500%, 

1/31/2047

1,768,560

9,000,000

7.903%, 

2/21/2048

5,078,592

Total

18,525,241

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

El

Salvador

(0.4%)

El

Salvador

Government

International

Bond

$

3,300,000

8.625%, 

2/28/2029

$

1,320,005

5,000,000

7.625%, 

2/1/2041

1,714,656

Total

3,034,661

Gabon

(0.4%)

Gabon

Government

International

Bond

3,000,000

6.950%, 

6/16/2025

2,702,580

Total

2,702,580

Ghana

(0.7%)

Ghana

Government

International

Bond

2,000,000

6.375%, 

2/11/2027

605,000

3,000,000

7.750%, 

4/7/2029

a

863,850

5,000,000

8.625%, 

4/7/2034

a

1,437,500

5,000,000

7.875%, 

2/11/2035

a

1,400,400

4,000,000

8.875%, 

5/7/2042

1,090,000

Total

5,396,750

Guatemala

(1.7%)

Guatemala

Government

International

Bond

1,000,000

6.125%, 

6/1/2050

a

858,082

4,590,000

4.500%, 

5/3/2026

4,339,891

3,700,000

4.375%, 

6/5/2027

3,410,873

4,000,000

5.375%, 

4/24/2032

c

3,684,000

1,000,000

4.650%, 

10/7/2041

a

735,032

Total

13,027,878

Honduras

(0.1%)

Honduras

Government

International

Bond

1,000,000

6.250%, 

1/19/2027

786,453

Total

786,453

Hungary

(0.4%)

Hungary

Government

International

Bond

3,000,000

5.250%, 

6/16/2029

a

2,758,200

Total

2,758,200

Indonesia

(5.7%)

Indonesia

Government

International

Bond

964,000

3.375%, 

4/15/2023

a

957,734

5,000,000

4.125%, 

1/15/2025

4,889,999

6,100,000

4.750%, 

1/8/2026

a

5,970,793

3,700,000

4.100%, 

4/24/2028

3,479,188

3,400,000

6.625%, 

2/17/2037

a

3,505,400

2,000,000

7.750%, 

1/17/2038

a

2,210,000

726,000

6.750%, 

1/15/2044

a

749,340

4,000,000

5.125%, 

1/15/2045

a

3,512,909

1,200,000

5.250%, 

1/8/2047

a

1,071,571

1,500,000

4.350%, 

1/11/2048

1,168,023

Pertamina

Persero

PT

1,500,000

6.450%, 

5/30/2044

1,346,157

Perusahaan

Listrik

Negara

PT

1,000,000

4.375%, 

2/5/2050

617,624

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

Indonesia

(5.7%)

-

continued

$

2,000,000

3.375%, 

2/5/2030

$

1,584,000

6,400,000

5.250%, 

10/24/2042

4,652,448

Perusahaan

Penerbit

SBSN

Indonesia

III

1,500,000

4.150%, 

3/29/2027

a

1,424,835

1,500,000

4.400%, 

6/6/2027

a

1,431,036

PT

Perusahaan

Gas

Negara

(Persero)

Tbk

PT

4,000,000

5.125%, 

5/16/2024

3,905,614

Total

42,476,671

Ivory

Coast

(1.7%)

Ivory

Coast

Government

International

Bond

16,500,000

6.125%, 

6/15/2033

12,870,000

Total

12,870,000

Jersey

(1.4%)

Galaxy

Pipeline

Assets

Bidco,

Ltd.

4,623,300

2.160%, 

3/31/2034

3,764,288

6,500,000

2.625%, 

3/31/2036

a

4,936,598

1,933,060

2.940%, 

9/30/2040

a

1,448,757

Total

10,149,643

Jordan

(1.0%)

Jordan

Government

International

Bond

2,000,000

7.750%, 

1/15/2028

a

1,931,400

6,500,000

5.850%, 

7/7/2030

5,379,010

Total

7,310,410

Kazakhstan

(1.1%)

Kazakhstan

Government

International

Bond

4,000,000

6.500%, 

7/21/2045

3,540,000

KazMunayGas

National

Company

JSC

5,000,000

3.500%, 

4/14/2033

3,353,400

1,700,000

5.750%, 

4/19/2047

1,168,634

Total

8,062,034

Kenya

(0.1%)

Kenya

Government

International

Bond

1,500,000

8.000%, 

5/22/2032

1,044,375

Total

1,044,375

Lebanon

(0.1%)

Lebanon

Government

International

Bond

10,000,000

6.650%, 

4/22/2024

d

590,614

3,000,000

6.600%, 

11/27/2026

d

176,779

5,000,000

6.850%, 

3/23/2027

d

295,000

Total

1,062,393

Luxembourg

(0.3%)

EIG

Pearl

Holdings

SARL

2,500,000

3.545%, 

8/31/2036

a

1,918,750

Total

1,918,750

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

Malaysia

(1.1%)

Petronas

Capital,

Ltd.

$

3,500,000

4.550%, 

4/21/2050

$

2,869,662

6,400,000

3.500%, 

4/21/2030

5,685,412

Total

8,555,074

Mexico

(6.7%)

America

Movil

SAB

de

CV

4,000,000

5.375%, 

4/4/2032

a

3,386,000

Comision

Federal

de

Electricidad

2,000,000

3.875%, 

7/26/2033

a

1,425,000

Mexico

Government

International

Bond

4,460,000

4.500%, 

1/31/2050

3,162,391

2,000,000

4.400%, 

2/12/2052

1,364,643

1,781,000

4.150%, 

3/28/2027

1,699,186

885,000

3.750%, 

1/11/2028

809,398

2,000,000

3.500%, 

2/12/2034

1,525,910

5,800,000

6.050%, 

1/11/2040

5,334,155

2,000,000

4.600%, 

2/10/2048

1,438,527

Petroleos

Mexicanos

14,300,000

7.690%, 

1/23/2050

9,316,031

3,000,000

8.750%, 

6/2/2029

2,672,982

900,000

6.840%, 

1/23/2030

718,317

8,200,000

5.950%, 

1/28/2031

5,909,573

3,415,000

6.700%, 

2/16/2032

2,582,594

9,100,000

6.625%, 

6/15/2035

6,319,950

Total

Play

Telecomunicaciones

SA

de

CV

3,024,000

7.500%, 

11/12/2025

a

2,555,268

Total

50,219,925

Mongolia

(0.4%)

Mongolia

Government

International

Bond

3,700,000

5.125%, 

4/7/2026

2,830,717

Total

2,830,717

Morocco

(0.2%)

OCP

SA

1,500,000

5.125%, 

6/23/2051

918,090

900,000

6.875%, 

4/25/2044

708,637

Total

1,626,727

Mozambique

(0.6%)

Mozambique

Government

International

Bond

6,300,000

5.000%, 

9/15/2031

b

4,244,625

Total

4,244,625

Netherlands

(0.6%)

AES

Andres

BV

3,000,000

5.700%, 

5/4/2028

a

2,412,229

IHS

Netherlands

Holdco

BV

3,000,000

8.000%, 

9/18/2027

a

2,315,640

Total

4,727,869

Nigeria

(1.5%)

Nigeria

Government

International

Bond

12,100,000

7.875%, 

2/16/2032

7,774,250

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

Nigeria

(1.5%)

-

continued

$

1,000,000

7.375%, 

9/28/2033

a

$

602,500

5,000,000

7.696%, 

2/23/2038

2,925,000

Total

11,301,750

Oman

(4.0%)

Oman

Government

International

Bond

3,000,000

4.125%, 

1/17/2023

a

2,983,020

4,000,000

4.875%, 

2/1/2025

3,885,960

5,000,000

4.750%, 

6/15/2026

a,c

4,726,060

4,000,000

5.625%, 

1/17/2028

a

3,810,440

6,500,000

7.375%, 

10/28/2032

a,c

6,642,974

9,500,000

6.750%, 

1/17/2048

a

7,968,125

Total

30,016,579

Pakistan

(0.4%)

Pakistan

Government

International

Bond

2,000,000

6.000%, 

4/8/2026

a

650,000

4,500,000

6.875%, 

12/5/2027

1,397,700

3,000,000

7.375%, 

4/8/2031

a

930,000

Total

2,977,700

Panama

(3.0%)

Aeropuerto

Internacional

de

Tocumen

SA

5,000,000

4.000%, 

8/11/2041

a

3,533,985

Panama

Bonos

del

Tesoro

8,000,000

3.362%, 

6/30/2031

6,559,360

Panama

Government

International

Bond

4,800,000

4.500%, 

4/16/2050

3,256,231

1,000,000

9.375%, 

1/16/2023

1,006,900

3,000,000

3.750%, 

3/16/2025

2,863,638

5,079,000

6.700%, 

1/26/2036

4,934,593

Total

22,154,707

Paraguay

(1.4%)

Paraguay

Government

International

Bond

7,300,000

5.400%, 

3/30/2050

5,597,050

3,500,000

4.700%, 

3/27/2027

3,344,814

2,000,000

5.600%, 

3/13/2048

1,558,548

Total

10,500,412

Peru

(3.3%)

Fondo

Mivivienda

SA

3,000,000

4.625%, 

4/12/2027

a

2,772,878

Peru

Government

International

Bond

1,000,000

7.350%, 

7/21/2025

1,040,577

11,000,000

2.783%, 

1/23/2031

8,675,036

2,100,000

8.750%, 

11/21/2033

2,481,223

2,000,000

3.000%, 

1/15/2034

1,492,688

6,000,000

3.300%, 

3/11/2041

4,035,101

Petroleos

del

Peru

SA

1,500,000

4.750%, 

6/19/2032

a

1,104,394

4,500,000

5.625%, 

6/19/2047

a

2,886,435

Total

24,488,332

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

Philippines

(2.0%)

Philippines

Government

International

Bond

$

3,000,000

4.200%, 

1/21/2024

$

2,942,983

3,000,000

3.750%, 

1/14/2029

2,762,660

5,025,000

7.750%, 

1/14/2031

5,682,756

1,625,000

6.375%, 

10/23/2034

1,676,983

2,420,000

3.950%, 

1/20/2040

1,869,450

Total

14,934,832

Qatar

(3.8%)

Qatar

Government

International

Bond

4,800,000

4.400%, 

4/16/2050

a

4,032,000

3,000,000

3.875%, 

4/23/2023

a

2,988,072

6,000,000

3.375%, 

3/14/2024

a

5,883,984

3,000,000

3.250%, 

6/2/2026

a

2,834,748

1,000,000

3.750%, 

4/16/2030

a

928,750

2,000,000

5.750%, 

1/20/2042

a

2,039,120

8,000,000

4.817%, 

3/14/2049

a

7,120,384

QatarEnergy

3,000,000

3.125%, 

7/12/2041

a

2,126,400

Total

27,953,458

Romania

(1.6%)

Romania

Government

International

Bond

3,100,000

4.000%, 

2/14/2051

1,810,549

6,000,000

5.250%, 

11/25/2027

a

5,503,392

3,000,000

3.000%, 

2/14/2031

2,215,920

3,500,000

3.625%, 

3/27/2032

a

2,578,030

Total

12,107,891

Saudi

Arabia

(4.5%)

Saudi

Arabia

Government

International

Bond

10,600,000

3.750%, 

1/21/2055

7,380,250

3,000,000

2.875%, 

3/4/2023

a

2,984,880

6,300,000

3.250%, 

10/26/2026

a

5,912,550

4,000,000

3.625%, 

3/4/2028

a

3,716,320

2,300,000

4.375%, 

4/16/2029

a

2,195,120

7,000,000

2.250%, 

2/2/2033

a

5,372,500

1,500,000

4.500%, 

10/26/2046

1,193,400

Saudi

Arabian

Oil

Company

4,500,000

2.250%, 

11/24/2030

a

3,548,853

Saudi

Government

International

Bond

1,000,000

5.500%, 

10/25/2032

a

1,012,500

Total

33,316,373

Senegal

(1.4%)

Senegal

Government

International

Bond

4,500,000

6.250%, 

7/30/2024

4,178,520

8,700,000

6.250%, 

5/23/2033

6,512,681

Total

10,691,201

South

Africa

(2.9%)

Eskom

Holdings

SOC,

Ltd.

2,000,000

6.750%, 

8/6/2023

1,953,400

1,000,000

7.125%, 

2/11/2025

933,800

6,000,000

6.350%, 

8/10/2028

a

5,381,520

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

South

Africa

(2.9%)

-

continued

$

2,000,000

8.450%, 

8/10/2028

$

1,751,016

South

Africa

Government

International

Bond

2,000,000

4.665%, 

1/17/2024

1,965,000

2,000,000

5.875%, 

4/20/2032

1,708,640

3,500,000

6.250%, 

3/8/2041

2,660,000

2,000,000

5.375%, 

7/24/2044

1,333,860

6,100,000

5.650%, 

9/27/2047

4,056,500

Total

21,743,736

Sri

Lanka

(0.4%)

Sri

Lanka

Government

International

Bond

4,000,000

6.825%, 

7/18/2026

d

900,235

5,000,000

6.200%, 

5/11/2027

d

1,101,686

1,000,000

6.750%, 

4/18/2028

d

220,315

2,000,000

7.550%, 

3/28/2030

d

441,740

Total

2,663,976

Trinidad

and

Tobago

(1.0%)

Heritage

Petroleum

Company,

Ltd.

2,000,000

9.000%, 

8/12/2029

a,c

2,104,000

Telecommunications

Services

of

Trinidad

and

Tobago,

Ltd.

6,500,000

8.875%, 

10/18/2029

a

5,525,263

Total

7,629,263

Turkey

(3.5%)

Turkey

Government

International

Bond

8,000,000

5.750%, 

3/22/2024

c

7,864,000

4,000,000

6.375%, 

10/14/2025

3,710,000

4,000,000

6.125%, 

10/24/2028

3,329,840

3,500,000

6.500%, 

9/20/2033

2,630,250

2,639,000

6.875%, 

3/17/2036

1,977,688

5,935,000

6.750%, 

5/30/2040

4,258,362

2,000,000

6.000%, 

1/14/2041

1,288,160

1,800,000

5.750%, 

5/11/2047

1,106,107

Total

26,164,407

Ukraine

(0.4%)

State

Agency

of

Roads

of

Ukraine

3,000,000

6.250%, 

6/24/2028

a,d

420,072

Ukraine

Government

International

Bond

2,000,000

7.750%, 

9/1/2026

d

324,000

3,000,000

7.750%, 

9/1/2028

d

480,000

1,900,000

9.750%, 

11/1/2030

d

340,518

2,000,000

6.876%, 

5/21/2031

d

283,000

7,500,000

7.375%, 

9/25/2034

d

1,162,500

Total

3,010,090

United

Arab

Emirates

(2.7%)

Abu

Dhabi

Government

International

Bond

2,500,000

3.875%, 

4/16/2050

a

1,934,100

3,000,000

3.000%, 

9/15/2051

a

1,937,460

3,000,000

3.125%, 

5/3/2026

a

2,841,240

8,500,000

2.500%, 

9/30/2029

a

7,362,955

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income

(95.3%)

Value

United

Arab

Emirates

(2.7%)

-

continued

Finance

Department

Government

of

Sharjah

$

6,000,000

4.000%, 

7/28/2050

a

$

3,460,200

UAE

International

Government

Bond

3,000,000

4.050%, 

7/7/2032

a

2,787,000

Total

20,322,955

United

Kingdom

(0.1%)

NAK

Naftogaz

Ukraine

4,000,000

7.625%, 

11/8/2026

a

640,000

Total

640,000

Uruguay

(2.1%)

Uruguay

Government

International

Bond

3,000,000

4.975%, 

4/20/2055

2,599,398

2,000,000

5.100%, 

6/18/2050

1,786,439

11,840,312

4.375%, 

1/23/2031

c

11,265,190

Total

15,651,027

Uzbekistan

(0.7%)

Uzbekistan

Government

International

Bond

5,000,000

3.900%, 

10/19/2031

a

3,554,450

Uzbekneftegaz

JSC

2,000,000

4.750%, 

11/16/2028

a

1,508,020

Total

5,062,470

Vietnam

(1.0%)

Vietnam

Government

International

Bond

7,900,000

4.800%, 

11/19/2024

7,603,750

Total

7,603,750

Virgin

Islands,

British

(3.4%)

Sinopec

Group

Overseas

Development

2017,

Ltd.

5,000,000

3.625%, 

4/12/2027

4,713,006

Sinopec

Group

Overseas

Development

2018,

Ltd.

7,700,000

2.300%, 

1/8/2031

6,183,811

State

Grid

Overseas

Investment

2016,

Ltd.

12,500,000

2.875%, 

5/18/2026

11,670,625

3,000,000

3.500%, 

5/4/2027

2,821,959

Total

25,389,401

Total

Long-Term

Fixed

Income

(cost

$934,641,314)

710,283,888

Shares

Collateral

Held

for

Securities

Loaned

(

1.8%

)

13,502,839

Thrivent

Cash

Management

Trust

13,502,839

Total

Collateral

Held

for

Securities

Loaned

(cost

$13,502,839)

13,502,839

Shares

Registered

Investment

Companies

(

0.5%

)

Value

Unaffiliated  (0.5%)

49,000

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

$

3,866,100

Total

3,866,100

Total

Registered

Investment

Companies

(cost

$4,346,333)

3,866,100

Shares

Short-Term

Investments

(

2.6%

)

Thrivent

Core

Short-Term

Reserve

Fund

1,929,080

3.610%

19,290,803

Total

Short-Term

Investments

(cost

$19,290,803)

19,290,803

Total

Investments

(cost

$971,781,289)

100.2%

$746,943,630

Other

Assets

and

Liabilities,

Net

(0.2%)

(1,732,971)

Total

Net

Assets

100.0%

$745,210,659

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2022,

the

value

of

these

investments

was

$246,487,921

or

33.1%

of

total

net

assets.

b

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

October

31,

2022.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Defaulted

security.  Interest

is

not

being

accrued.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

Emerging

Markets

Debt

Fund

as

of

October

31,

2022:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

13,095,445

Total

lending

$13,095,445

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$13,502,839

Net

amounts

due

to

counterparty

$407,394

Definitions:

ETF

-

Exchange

Traded

Fund

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

$499,828

Gross

unrealized

depreciation

(214,028,570)

Net

unrealized

appreciation

(depreciation)

($213,528,742)

Cost

for

federal

income

tax

purposes

$960,472,372

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

22

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2022,

in

valuing

Emerging

Markets

Debt

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Communications

Services

13,782,171

–

13,782,171

–

Energy

68,428,925

–

68,428,925

–

Foreign

Government

605,252,770

–

605,252,770

–

Transportation

3,533,985

–

3,533,985

–

Utilities

19,286,037

–

19,286,037

–

Registered

Investment

Companies

Unaffiliated

3,866,100

3,866,100

–

–

Subtotal

Investments

in

Securities

$714,149,988

$3,866,100

$710,283,888

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

19,290,803

Collateral

Held

for

Securities

Loaned

13,502,839

Subtotal

Other

Investments

$32,793,642

Total

Investments

at

Value

$746,943,630

*

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

10/31/2021

Gross

Purchases

Gross

Sales

Value

10/31/2022

Shares

Held

at

10/31/2022

%

of

Net

Assets

10/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.610%

$15,142

$183,090

$178,941

$19,291

1,929

2.6%

Total

Affiliated

Short-Term

Investments

15,142

19,291

2.6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

17,238

222,173

225,908

13,503

13,503

1.8

Total

Collateral

Held

for

Securities

Loaned

17,238

13,503

1.8

Total

Value

$32,380

$32,794

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2021

-

10/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.610%

$–

$–

$–

$255

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$255

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

7

82

Total

Affiliated

Income

from

Securities

Loaned,

Net

$82

Total

$–

$–

$7

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

23

Shares

Common

Stock

(

98.5%

)

Value

Bermuda

(0.3%)

345,000

Grand

Pharmaceutical

Group,

Ltd.

$

147,624

33,500

Orient

Overseas

International,

Ltd.

489,540

179,000

Road

King

Infrastructure,

Ltd.

51,095

812,200

Shanghai

Industrial

Urban

Development

Group,

Ltd.

46,007

844,000

Yuexiu

Transport

Infrastructure,

Ltd.

330,357

Total

1,064,623

Brazil

(8.6%)

17,300

Alupar

Investimento

SA

94,513

140,600

Ambev

SA

435,777

144,300

Americanas

SA

433,556

62,800

Atacadao

SA

236,830

287,300

B3

SA

-

Brasil

Bolsa

Balcao

834,285

49,128

Banco

Bradesco

SA

ADR

a

186,195

297,500

Banco

BTG

Pactual

SA

1,667,336

21,700

Banco

do

Brasil

SA

155,729

366,500

BB

Seguridade

Participacoes

SA

2,104,422

276,674

Centrais

Eletricas

Brasileiras

SA

ADR

a

2,647,770

686,700

Cielo

SA

790,991

486,394

Companhia

Siderurgica

Nacional

SA

ADR

1,172,209

28,800

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

103,815

218,900

EDP

-

Energias

do

Brasil

SA

977,645

265,500

ENGIE

Brasil

Energia

SA

2,064,172

87,368

Gerdau

SA

ADR

435,093

42,100

Hapvida

Participacoes

e

Investimentos

SA

b

63,653

290,300

Hypera

SA

2,867,313

132,542

Itau

Unibanco

Holding

SA

ADR

771,395

31,500

Itausa

SA

65,433

34,200

Localiza

Rent

a

Car

SA

466,373

476,000

Metalurgica

Gerdau

SA

1,035,764

259,400

Minerva

SA

689,992

448,200

Petroleo

Brasileiro

SA

2,585,686

240,409

Petroleo

Brasileiro

SA

ADR

3,082,043

102,700

Sao

Martinho

SA

536,414

186,400

Telefonica

Brasil

SA

1,495,025

112,037

Telefonica

Brasil

SA

ADR

a

895,176

347,799

Vale

SA

ADR

a

4,500,519

343,900

Vibra

Energia

SA

1,217,681

Total

34,612,805

Cayman

Islands

(11.4%)

68,800

ANTA

Sports

Products,

Ltd.

604,863

30,778

Baidu.com,

Inc.

ADR

c

2,356,671

529,300

Chailease

Holding

Company,

Ltd.

2,441,496

1,168,000

China

Hongqiao

Group,

Ltd.

826,651

760,000

China

Overseas

Property

Holdings,

Ltd.

478,320

28,000

China

Resources

Land,

Ltd.

87,606

17,886

China

Resources

Microelectronics,

Ltd.

124,370

428,000

China

Yuhua

Education

Corporation,

Ltd.

b,c

46,906

12,000

Chlitina

Holding,

Ltd.

54,842

666,000

Consun

Pharmaceutical

Group,

Ltd.

249,460

11,030

Daqo

New

Energy

Corporation

ADR

c

485,209

716,000

Geely

Automobile

Holdings,

Ltd.

770,546

Shares

Common

Stock

(98.5%)

Value

Cayman

Islands

(11.4%)

-

continued

59,000

Greentown

China

Holdings,

Ltd.

$

56,290

1,414,000

Greentown

Service

Group

Company,

Ltd.

578,539

236,000

Haidilao

International

Holding,

Ltd.

b,c

350,420

23,267

Hello

Group,

Inc.

ADR

109,355

35,693

Huazhu

Group,

Ltd.

ADR

966,566

170,398

JD.com,

Inc.

3,103,036

6,822

JOYY,

Inc.

ADR

172,119

40,282

KE

Holdings,

Inc.

ADR

c

410,071

44,000

Kingboard

Holdings,

Ltd.

108,621

56,800

Kuaishou

Technology

b,c

234,576

752,500

KWG

Group

Holdings,

Ltd.

c

72,821

34,414

Li

Auto,

Inc.

ADR

c

468,719

42,000

Li

Ning

Company,

Ltd.

217,263

377,000

Longfor

Group

Holdings,

Ltd.

b

480,368

276,500

Meituan

Dianping

b,c

4,426,916

209,000

NetDragon

Websoft

Holdings,

Ltd.

350,938

37,524

NetEase,

Inc.

ADR

2,087,085

62,924

NIO,

Inc.

ADR

c

608,475

45,032

Pinduoduo,

Inc.

ADR

c

2,469,105

5,425,500

Shui

On

Land,

Ltd.

497,577

78,500

Sunny

Optical

Technology

(Group)

Company,

Ltd.

680,281

29,246

TAL

Education

Group

ADR

c

137,749

467,200

Tencent

Holdings,

Ltd.

12,276,518

124,383

Tencent

Music

Entertainment

Group

ADR

c

449,023

62,188

Trip.com

Group,

Ltd.

ADR

c

1,407,314

983,000

Want

Want

China

Holdings,

Ltd.

645,718

17,483

Weibo

Corporation

ADR

c

197,908

322,500

WuXi

Biologics

(Cayman),

Inc.

b,c

1,451,135

200,400

Xiaomi

Corporation

b,c

225,064

266,000

Yadea

Group

Holdings,

Ltd.

b

406,151

471,000

Zhen

Ding

Technology

Holding,

Ltd.

1,543,617

58,500

Zhongsheng

Group

Holdings,

Ltd.

222,026

Total

45,938,304

Chile

(0.7%)

13,592

Banco

de

Credito

e

Inversiones

SA

378,732

12,993

CAP

SA

69,457

218,911

Cencosud

SA

294,665

4,473,946

Colbun

SA

439,618

218,384

Embotelladora

Andina

SA

381,912

72,401

Empresas

Copec

SA

498,942

6,451

Sociedad

Quimica

y

Minera

de

Chile

SA

ADR

604,329

Total

2,667,655

China

(15.0%)

126,600

Aier

Eye

Hospital

Group

Company,

Ltd.

429,626

139,737

Alibaba

Group

Holding,

Ltd.

ADR

c

8,884,478

94,960

Amlogic

(Shanghai)

Company,

Ltd.

c

746,680

1,823

Autohome,

Inc.

ADR

47,617

6,773,200

Bank

of

China,

Ltd.,

Class

A

2,794,620

8,807,000

Bank

of

China,

Ltd.,

Class

H

2,836,536

1,410,600

Bank

of

Communications

Company,

Ltd.

860,742

2,759,613

Baoshan

Iron

&

Steel

Company,

Ltd.

1,822,239

2,161,100

BBMG

Corporation

691,188

132,000

Beijing

North

Star

Company,

Ltd.

12,444

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

24

Shares

Common

Stock

(98.5%)

Value

China

(15.0%)

-

continued

15,682

BYD

Company,

Ltd.,

Class

A

$

530,981

101,500

BYD

Company,

Ltd.,

Class

H

2,273,919

5,690,000

CGN

Power

Company,

Ltd.

b

1,152,611

1,162

Changzhou

Xingyu

Automotive

Lighting

Systems

19,520

4,575,000

China

Cinda

Asset

Management

Company,

Ltd.

424,978

208,000

China

Coal

Energy

Company,

Ltd.

152,964

4,418,000

China

Construction

Bank

Corporation

2,344,582

1,721,000

China

Galaxy

Securities

Company,

Ltd.

644,440

5,200

China

International

Travel

Service

Corporation,

Ltd.

114,262

310,920

China

Life

Insurance

Company,

Ltd.

339,045

76,500

China

Merchants

Shekou

Industrial

Zone

Holdings

Company,

Ltd.

137,914

57,300

China

National

Nuclear

Power

Company,

Ltd.

47,426

11,030

China

Petroleum

&

Chemical

Corporation

ADR

441,200

4,752,000

China

Railway

Group,

Ltd.

2,066,242

90,500

China

Railway

Group,

Ltd.

61,942

462,500

China

Shenhua

Energy

Company,

Ltd.,

Class

H

1,214,923

328,500

China

State

Construction

Engineering

Corporation,

Ltd.

213,612

53,700

China

Vanke

Company,

Ltd.,

Class

H

68,915

341,408

China

Yangtze

Power

Company,

Ltd.

950,108

256,900

CITIC

Securities

Company,

Ltd.,

Class

A

606,340

199,500

CITIC

Securities

Company,

Ltd.,

Class

H

298,084

1,927,300

Daqin

Railway

Company,

Ltd.

1,692,689

109,260

East

Money

Information

Company,

Ltd.

234,220

115,432

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

A

528,953

390,400

Fuyao

Glass

Industry

Group

Company,

Ltd.,

Class

H

b

1,399,079

381,000

GF

Securities

Company,

Ltd.,

Class

H

387,633

18,800

Great

Wall

Motor

Company,

Ltd.,

Class

A

75,152

129,000

Great

Wall

Motor

Company,

Ltd.,

Class

H

140,920

1,922,360

Greenland

Holdings

Corporation,

Ltd.

c

692,162

184,000

Guangzhou

Automobile

Group

Company,

Ltd.

112,130

555,333

Guangzhou

Baiyunshan

Pharmaceutical

Holdings,

Ltd.

2,051,222

113,200

Guangzhou

Shiyuan

Electronic

Technology

Company

Ltd.

1,009,346

202,000

Guotai

Junan

Securities

Company,

Ltd.

366,834

149,600

Haier

Smart

Home

Company,

Ltd.,

Class

H

374,447

1,022,800

Haitong

Securities

Company,

Ltd.,

Class

H

499,974

7,900

Hangzhou

Lion

Electronics

Company,

Ltd.

46,488

Shares

Common

Stock

(98.5%)

Value

China

(15.0%)

-

continued

252,800

Huatai

Securities

Company,

Ltd.,

Class

H

b

$

247,556

992,100

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

A

564,731

1,420,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

616,515

10,200

Jiangsu

Yangnong

Chemical

Company,

Ltd.

129,170

208,000

Jiangxi

Copper

Company,

Ltd.

227,294

2,417,300

Jinke

Property

Group

Company,

Ltd.

c

588,624

12,100

Kweichow

Moutai

Company,

Ltd.

2,242,783

1,544,000

Lenovo

Group,

Ltd.

1,233,977

186,860

LONGi

Green

Energy

Technology

Company,

Ltd.

1,234,055

214,270

Luxshare

Precision

Industry

Company,

Ltd.

833,679

20,300

Ningbo

Tuopu

Group

Company,

Ltd.

180,380

80,800

Nongfu

Spring

Company,

Ltd.

b

405,849

2,874,000

People's

Insurance

Company

(Group)

of

China,

Ltd.

794,258

30,347

PetroChina

Company,

Ltd.

ADR

d

1,160,855

383,500

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

1,535,300

103,600

Shanghai

Baosight

Software

Company,

Ltd.

603,231

26,400

Shanghai

International

Airport

Company,

Ltd.

c

193,178

47,648

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Company,

Ltd.

59,589

19,000

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.

45,839

786,098

Shanghai

Yuyuan

Tourist

Mart

(Group)

Company,

Ltd.

676,242

1,078,400

Shenwan

Hongyuan

Group

Company,

Ltd.

575,318

18,900

Shenzhen

Inovance

Technology

Company,

Ltd.

173,159

1,238,700

Shenzhen

Overseas

Chinese

Town

Company,

Ltd.

715,372

8,200

Shenzhen

S.C

New

Energy

Technology

Corporation

153,016

14,000

Shenzhen

Sunlord

Electronics

Company,

Ltd.

41,127

69,300

Shenzhou

International

Group

Holdings,

Ltd.

481,150

625,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

320,726

44,000

Tsingtao

Brewery

Company,

Ltd.

308,048

104,700

Wens

Foodstuff

Group

Company,

Ltd.

257,333

46,300

Wus

Printed

Circuit

(Kunshan)

Company,

Ltd.

69,017

20,100

Xiamen

Faratronic

Company,

Ltd.

486,603

445,900

Zhejiang

Century

Huatong

Group

Company,

Ltd.

c

226,272

5,500

Zhejiang

Jingsheng

Electrical

Company,

Ltd.

53,833

111,960

Zhejiang

NHU

Company,

Ltd.

274,793

Total

60,550,299

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

25

Shares

Common

Stock

(98.5%)

Value

Colombia

(<0.1%)

8,687

Bancolombia

SA

$

62,091

Total

62,091

Cyprus

(<0.1%)

71,245

Ros

Agro

plc

GDR

c,d

0

Total

0

Czech

Republic

(0.5%)

23,850

CEZ

AS

779,978

32,312

Komercni

Banka

AS

925,425

285

Philip

Morris

CR

190,738

Total

1,896,141

Egypt

(0.2%)

574,828

Commercial

International

Bank

Egypt

SAE

GDR

729,492

Total

729,492

Greece

(0.7%)

6,247

GEK

Terna

Holding

Real

Estate

Construction

SA

59,468

40,350

Hellenic

Telecommnications

Organization

SA

633,679

27,439

JUMBO

SA

389,732

10,507

Motor

Oil

(Hellas)

Diilistiria

Korinthou

AE

180,584

38,564

Mytilineos

SA

646,650

316,353

National

Bank

of

Greece

SA

c

1,146,235

Total

3,056,348

Hong

Kong

(0.6%)

678,000

China

Merchants

Holdings

International

Company,

Ltd.

794,885

52,000

China

Resources

Beer

(Holdings)

Company,

Ltd.

245,365

779,440

CSPC

Pharmaceutical

Group,

Ltd.

800,611

578,000

Far

East

Horizon,

Ltd.

446,349

Total

2,287,210

Hungary

(<0.1%)

9,023

OTP

Bank

Nyrt

196,844

Total

196,844

India

(16.3%)

292,916

Adani

Ports

and

Special

Economic

Zone,

Ltd.

2,916,623

157,714

Asian

Paints,

Ltd.

5,936,840

22,915

Bajaj

Finance,

Ltd.

1,980,773

83,730

Bajaj

Finserv,

Ltd.

1,708,591

38,835

Britannia

Industries,

Ltd.

1,768,281

314,982

Cipla,

Ltd.

4,444,068

107,565

Coal

India,

Ltd.

319,314

48,415

Coromandel

International,

Ltd.

562,829

7,557

CRISIL,

Ltd.

274,070

16,203

Cummins

India,

Ltd.

263,835

12,103

Hindustan

Unilever,

Ltd.

373,421

195,791

Indian

Oil

Corporation,

Ltd.

161,477

421,651

Infosys,

Ltd.

ADR

7,897,523

325,465

ITC,

Ltd.

1,372,269

79,676

Kotak

Mahindra

Bank,

Ltd.

1,834,549

5,410

Larsen

&

Toubro

Infotech,

Ltd.

b

309,929

40,160

Larsen

&

Toubro,

Ltd.

983,242

Shares

Common

Stock

(98.5%)

Value

India

(16.3%)

-

continued

2,464

Maruti

Suzuki

India,

Ltd.

$

284,075

20,341

Mindtree,

Ltd.

836,512

1,794

Mphasis,

Ltd.

42,890

3,845

Page

Industries,

Ltd.

2,313,116

26,521

Persistent

Systems,

Ltd.

1,183,392

3,166

Phoenix

Mills,

Ltd.

54,633

33,973

PI

Industries,

Ltd.

1,330,827

45,459

Pidilite

Industries,

Ltd.

1,421,581

237,766

Power

Grid

Corporation

of

India,

Ltd.

656,014

360,771

Reliance

Industries,

Ltd.

11,132,232

92,974

SBI

Cards

and

Payment

Services,

Ltd.

929,051

51,747

SBI

Life

Insurance

Company,

Ltd.

b

792,986

27,748

Schaeffler

India,

Ltd.

923,941

25,425

Siemens,

Ltd.

899,525

870

SKF

India,

Ltd.

46,274

21,290

SRF,

Ltd.

658,914

28,739

Sun

Pharmaceutical

Industries,

Ltd.

353,109

99,985

Tata

Consultancy

Services,

Ltd.

3,858,628

44,870

Tata

Elxsi,

Ltd.

3,792,687

60,645

Tech

Mahindra,

Ltd.

779,949

7,394

Thermax,

Ltd.

194,052

1,416

Titan

Company,

Ltd.

47,249

12,395

Trent,

Ltd.

228,941

Total

65,868,212

Indonesia

(3.2%)

4,386,800

Astra

International

Tbk

PT

1,874,614

11,567,400

Bank

Central

Asia

Tbk

PT

6,538,791

3,451,400

Bank

Mandiri

Persero

Tbk

PT

2,331,606

6,144,800

Bank

Rakyat

Indonesia

Persero

Tbk

PT

1,833,198

14,715

Telekomunikasi

Indonesia

Persero

Tbk

PT

ADR

409,371

Total

12,987,580

Kuwait

(1.9%)

326,637

Boubyan

Bank

KSCP

868,594

268,737

Gulf

Bank

KSCP

297,429

119,894

HumanSoft

Holding

Company

KSCP

1,301,420

778,215

Kuwait

Finance

House

KSCP

2,035,282

386,595

Kuwait

International

Bank

KSCP

235,790

266,020

Mobile

Telecommunications

Company

KSCP

514,183

520,331

National

Bank

of

Kuwait

KSC

1,810,814

894,891

National

Industries

Group

Holding

676,025

Total

7,739,537

Luxembourg

(0.2%)

156,949

Allegro.eu

SA

b,c

761,227

Total

761,227

Malaysia

(2.1%)

29,100

AEON

Credit

Service

(M)

Berhad

79,926

61,200

Alliance

Bank

Malaysia

Berhad

47,880

841,500

Hong

Leong

Bank

Berhad

3,772,051

36,100

Kuala

Lumpur

Kepong

Berhad

165,279

597,700

Mah

Sing

Group

Berhad

64,623

693,300

Malayan

Banking

Berhad

1,259,417

58,300

MISC

Berhad

89,215

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

26

Shares

Common

Stock

(98.5%)

Value

Malaysia

(2.1%)

-

continued

1,283,100

PETRONAS

Chemicals

Group

Berhad

$

2,365,557

229,100

Public

Bank

Berhad

216,660

57,200

QL

Resources

Berhad

61,942

376,342

Sports

Toto

BHD

144,432

92,600

Ta

Ann

Holdings

Berhad

77,362

Total

8,344,344

Mexico

(1.4%)

73,939

America

Movil

SAB

de

CV

ADR

1,390,793

160,000

Arca

Continental

SAB

de

CV

1,307,101

14,200

Grupo

Financiero

Banorte

SAB

de

CV

ADR

115,597

406,200

Grupo

Mexico,

SAB

de

CV

1,463,206

17,900

Grupo

Televisa

SAB

ADR

93,975

513,200

Megacable

Holdings

SAB

de

CV

1,068,983

7,090

Promotora

y

Operadora

de

Infraestructura,

SAB

de

CV

53,333

77,576

Sitios

Latinoamerica

SAB

de

CV,

Bonus

Shares

c,d

21,834

54,800

Wal-Mart

de

Mexico,

SAB

de

CV

211,699

Total

5,726,521

Poland

(0.9%)

91,972

Asseco

Poland

SA

1,323,289

85,135

Bank

Millennium

SA

c

77,551

131,075

Cyfrowy

Polsat

SA

490,756

83,092

Jastrzebska

Spolka

Weglowa

SA

c

720,624

74,800

Polski

Koncern

Naftowy

Orlen

SA

858,968

Total

3,471,188

Russian

Federation

(<0.1%)

647,134

Gazprom

PJSC

ADR

c,d

65

23,359

LUKOIL

PJSC

d

0

23,091

Mechel

PJSC

ADR

a,c,d

2

56,865

MMC

Norilsk

Nickel

PJSC

ADR

d

6

1,696

Novatek

PJSC

GDR

c,d,e

0

652

PAO

Transneft

d

0

2,615

Polyus

PJSC

c,d

0

1,260,120

Sberbank

of

Russia

PJSC

c,d

2

67,230

Sovcomflot

OAO

c,d

0

2,930,700

Surgutneftegas

PJSC

d

5

257,974

Surgutneftegas

PJSC

ADR

c,d

26

Total

106

Saudi

Arabia

(5.9%)

240,052

Al

Rajhi

Bank

c

5,443,388

319,038

Alinma

Bank

3,182,713

24,913

Bank

Albilad

c

336,435

7,831

Dr.

Sulaiman

Al

Habib

Medical

Services

Group

Company

472,389

13,164

Eastern

Province

Cement

Company

154,992

23,570

Jarir

Marketing

Company

1,028,091

6,203

Mouwasat

Medical

Services

Company

361,096

308,236

National

Commercial

Bank

4,871,742

340,305

Riyad

Bank

3,252,431

116,454

Saudi

Arabian

Mining

Company

c

2,592,059

51,007

Saudi

Arabian

Oil

Company

b

473,371

15,767

Saudi

Basic

Industries

Corporation

370,217

1,221

Saudi

Research

and

Marketing

Group

c

65,406

Shares

Common

Stock

(98.5%)

Value

Saudi

Arabia

(5.9%)

-

continued

99,945

Saudi

Telecom

Company

$

1,073,789

Total

23,678,119

Singapore

(<0.1%)

10,312

China

Yuchai

International,

Ltd.

73,525

Total

73,525

South

Africa

(2.2%)

50,963

Absa

Group,

Ltd.

553,419

198,852

AECI,

Ltd.

999,199

34,596

African

Rainbow

Minerals,

Ltd.

487,164

21,181

Barloworld,

Ltd.

118,712

208,767

DataTec,

Ltd.

469,440

65,967

Exxaro

Resources,

Ltd.

735,085

35,196

FirstRand,

Ltd.

123,045

90,749

Gold

Fields,

Ltd.

ADR

a

715,102

60,340

Investec,

Ltd.

296,793

20,854

Kumba

Iron

Ore,

Ltd.

392,316

43,144

Massmart

Holdings,

Ltd.

c

143,687

1,074,148

Momentum

Metropolitan

Holdings

1,003,351

21,539

Motus

Holdings,

Ltd.

136,138

10,078

Naspers,

Ltd.

1,038,859

15,170

Ninety

One,

Ltd.

35,677

55,420

Sasol,

Ltd.

931,614

63,221

Sibanye

Stillwater,

Ltd.

148,078

39,155

Standard

Bank

Group

365,521

34,479

Super

Group,

Ltd.

48,803

Total

8,742,003

South

Korea

(9.6%)

309

Caregen

Company,

Ltd.

20,618

14,440

Cheil

Worldwide,

Inc.

247,434

2,120

Chong

Kun

Dang

Pharmaceutical

Corporation

124,875

1,844

Chongkundang

Holdings

Corporation

67,933

4,935

DB

HiTek

Company,

Ltd.

152,758

5,652

DongKook

Pharmaceutical

Company,

Ltd.

62,215

22,154

Green

Cross

Holdings

Corporation

269,250

152,946

GS

Holdings

Corporation

4,933,361

8,873

Huons

Global

Company,

Ltd.

110,026

4,902

Hyundai

Department

Store

Company,

Ltd.

185,922

940

Hyundai

Glovis

Company,

Ltd.

114,574

8,488

Hyundai

Green

Food

Company,

Ltd.

38,749

3,617

Hyundai

Motor

Company

416,817

20,828

Innox

Advanced

Materials

Company,

Ltd.

398,601

3,423

JW

Pharmaceutical

Corporation

44,933

50,824

JYP

Entertainment

Corporation

1,975,759

160,948

Kangwon

Land,

Inc.

c

2,595,024

41,532

Kia

Corporation

1,930,025

3,329

Korea

Zinc

Company,

Ltd.

1,492,898

3,201

KT&G

Corporation

214,984

58,625

Lotte

Shopping

Company,

Ltd.

3,589,387

10,906

LS

Corporation

508,160

184,511

Meritz

Securities

Company,

Ltd.

478,450

28,966

PharmaResearch

Company,

Ltd.

1,248,106

9,678

Samsung

Biologics

Company,

Ltd.

b,c

5,947,493

240,973

Samsung

Electronics

Company,

Ltd.

10,029,261

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

27

Shares

Common

Stock

(98.5%)

Value

South

Korea

(9.6%)

-

continued

9,614

SM

Entertainment

Company,

Ltd.

$

478,873

15,563

S-Oil

Corporation

943,656

209

Taekwang

Industrial

Corporation,

Ltd.

103,076

30,241

Woori

Financial

Group,

Inc.

249,549

Total

38,972,767

Taiwan

(13.4%)

766,000

Asia

Cement

Corporation

885,714

1,553,000

Capital

Securities

Corporation

481,099

137,500

Charoen

Pokphand

Enterprise

(Taiwan)

Company,

Ltd.

322,837

284,000

Cheng

Shin

Rubber

Industry

Company,

Ltd.

284,139

25,000

Chicony

Power

Technology

Company,

Ltd.

54,166

134,000

China

Steel

Chemical

Corporation

427,517

157,000

CTCI

Corporation

228,309

9,000

Eclat

Textile

Company,

Ltd.

118,104

14,000

ELAN

Microelectronics

Corporation

35,145

365,000

Far

Eastern

New

Century

Corporation

363,798

484,000

Feng

Hsin

Steel

Company,

Ltd.

844,043

461,040

First

Financial

Holding

Company,

Ltd.

353,665

341,000

Formosa

Plastics

Corporation

878,556

42,000

Fusheng

Precision

Company,

Ltd.

236,192

388,000

Goldsun

Building

Materials

Company,

Ltd.

272,254

46,000

Hotai

Motor

Company,

Ltd.

832,252

634,000

Hua

Nan

Financial

Holdings

Company,

Ltd.

413,603

134,000

International

Games

System

Company,

Ltd.

1,458,926

40,000

King

Slide

Works

Company,

Ltd.

519,019

8,000

Largan

Precision

Company,

Ltd.

457,696

43,000

Lien

Hwa

Industrial

Holdings

Corporation

62,002

41,000

Lotes

Company,

Ltd.

983,956

3,188,000

Nan

Ya

Plastics

Corporation

6,754,866

118,000

Novatek

Microelectronics

Corporation

879,188

236,000

Radiant

Opto-Electronics

Corporation

719,061

210,000

Sanyang

Motor

Company,

Ltd.

236,258

28,000

Simplo

Technology

Company,

Ltd.

222,482

17,000

Sinbon

Electronics

Company,

Ltd.

132,015

182,000

Systex

Corporation

373,610

281,000

Taichung

Commercial

Bank

Company,

Ltd.

109,288

180,000

TaiDoc

Technology

Corporation

948,661

47,000

Taiwan

Cogeneration

Corporation

42,644

226,000

Taiwan

Fertilizer

Company,

Ltd.

366,414

2,164,000

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

26,016,061

43,000

Tong

Yang

Industry

Company,

Ltd.

60,171

399,000

Topco

Scientific

Company,

Ltd.

1,846,376

138,000

TTY

Biopharm

Company,

Ltd.

320,547

18,000

United

Integrated

Services

Company,

Ltd.

80,782

986,000

United

Microelectronics

Corporation

1,185,627

62,000

Voltronic

Power

Technology

Corporation

2,513,738

Shares

Common

Stock

(98.5%)

Value

Taiwan

(13.4%)

-

continued

1,316,950

Yuanta

Financial

Holding

Company,

Ltd.

$

804,140

21,000

Yulon

Finance

Corporation

88,722

Total

54,213,643

Thailand

(1.9%)

3,405,200

AP

(Thailand)

Public

Company,

Ltd.

NVDR

877,214

140,300

Bumrungrad

Hospital

Public

Company,

Ltd.

836,331

35,100

Delta

Electronics

Public

Company,

Ltd.

NVDR

536,699

324,700

Energy

Absolute

Public,

Ltd.

Company

NVDR

826,600

1,772,300

Krung

Thai

Bank

Public

Company,

Ltd.

NVDR

816,660

14,509,000

Land

and

Houses

Public

Company,

Ltd.

NVDR

3,506,608

60,600

PTT

Exploration

and

Production

Public

Company,

Ltd.

NVDR

289,745

Total

7,689,857

Turkey

(1.3%)

131,718

BIM

Birlesik

Magazalar

AS

948,354

3,152,825

Dogan

Sirketler

Grubu

Holding

AS

1,008,571

3,594,512

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

a

852,244

880,578

Haci

Omer

Sabanci

Holding

AS

1,585,841

33,032

TAV

Havalimanlari

Holding

AS

c

139,128

1,708,941

Turkiye

Is

Bankasi

AS

856,091

Total

5,390,229

United

States

(0.2%)

16,711

Yum

China

Holding,

Inc.

691,000

Total

691,000

Virgin

Islands,

British

(<0.1%)

17,004

VK

Company,

Ltd.

GDR

c,d

0

Total

0

Total

Common

Stock

(cost

$498,460,265)

397,411,670

Shares

Collateral

Held

for

Securities

Loaned

(

0.4%

)

1,648,950

Thrivent

Cash

Management

Trust

1,648,950

Total

Collateral

Held

for

Securities

Loaned

(cost

$1,648,950)

1,648,950

Shares

Short-Term

Investments

(

1.0%

)

Thrivent

Core

Short-Term

Reserve

Fund

405,511

3.610%

4,055,114

Total

Short-Term

Investments

(cost

$4,055,114)

4,055,114

Total

Investments

(cost

$504,164,329)

99.9%

$403,115,734

Other

Assets

and

Liabilities,

Net

0.1%

558,655

Total

Net

Assets

100.0%

$403,674,389

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

28

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

October

31,

2022,

the

value

of

these

investments

was

$19,175,290

or

4.8%

of

total

net

assets.

c

Non-income

producing

security.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

Pursuant

to

sanctions

related

to

the

Russian

invasion

of

Ukraine

which

restricts

the

ability

of

Russia

and

its

allied

nations

to

make

payments

on

its

dollar-denominated

sovereign

debt

and

equity,

existing

accruals

on

these

securities

have

been

reserved

and

income

is

currently

not

being

accrued.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

Emerging

Markets

Equity

Fund

as

of

October

31,

2022:

Securities

Lending

Transactions

Common

Stock

$

1,593,910

Total

lending

$1,593,910

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$1,648,950

Net

amounts

due

to

counterparty

$55,040

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

$24,445,441

Gross

unrealized

depreciation

(135,771,871)

Net

unrealized

appreciation

(depreciation)

($111,326,430)

Cost

for

federal

income

tax

purposes

$513,574,827

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

29

The

following

table

is

a

reconciliation

of

assets

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

for

Emerging

Markets

Equity as

discussed

in

the

Notes

to

Financial

Statements.

*

Located

on

the

Statement

of

Operations,

Change

in

net

unrealized

appreciation/(depreciation)

on

investments.

^

Located

on

the

Statement

of

Operations,

Net

realized

gains/(losses)

on

investments.

#

Transferred

from

Level

2

to

Level

3

because

of

a

lack

of

observable

market

data,

resulting

from

a

decrease

in

market

activity

for

the

securities.

@

Transferred

from

Level

3

to

Level

2

because

observable

market

data

became

available

for

the

securities.

The

reporting

entity's Level

3

securities'

fair

value

is

calculated

by

a

vendor

using

the

established

policies

and

procedures

of

the

reporting

entity.

Inputs

used

in

valuation

include

the

liquidity spread

of

the

issuer.

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

A

significant

increase

or

decrease

in

the

inputs

in

isolation

would

have

resulted

in

a

significantly

lower

or

higher

fair

value

measurement.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2022,

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^

30,800,210

7,799,722

23,000,488

0

Consumer

Discretionary

56,248,651

15,633,406

40,615,245

–

Consumer

Staples^

13,916,871

–

13,916,871

0

Energy^

24,231,141

3,523,243

19,546,947

1,160,951

Financials

83,825,396

957,590

82,867,804

2

Health

Care

24,333,652

–

24,333,652

–

Industrials

23,384,247

73,525

23,288,888

21,834

Information

Technology

75,450,999

8,382,732

67,068,267

–

Materials^

44,867,740

7,427,252

37,440,480

8

Real

Estate

9,673,664

410,071

9,263,593

–

Utilities

10,679,099

2,647,770

8,031,329

–

Subtotal

Investments

in

Securities

$397,411,670

$46,855,311

$349,373,564

$1,182,795

Other

Investments  *

Total

Affiliated

Short-Term

Investments

4,055,114

Collateral

Held

for

Securities

Loaned

1,648,950

Subtotal

Other

Investments

$5,704,064

Total

Investments

at

Value

$403,115,734

*

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

867,337

867,337

–

–

Total

Liability

Derivatives

$867,337

$867,337

$–

$–

Investments

in

Securities 

Beginning

Value

10/31/2021

Realized

Gain/

(Loss)^ 

Change

in

Unrealized

Appreciation/

(Depreciation)

* 

Purchases 

Sales 

Transfers

Into

Level

3 #

Transfers

Out

of

Level

3 @

Ending

Value 

10/31/2022

Common

Stock

   Communication

Services

$- 

 $-

 ($285,695)

 $285,695

 $-

 $-

 $-

 $0

Consumer

Staples

-

(36,702)

(1,135,568) 

663,040 

(148,667) 

657,8

97 

-

0 

Energy

-

(31,651)

(11,284,606)

2,650,265

(640,413)

10,467,356

-

1,160,951

   Financials

23,745

(275,425)

(6.471,637)

853,675

(815,929)

6,709,318

(23,745)

2

Industrials

-

- 

(29,330)

51,164

-

-

-

21,834

M

aterials

- 

(138,918) 

(1,767,004) 

381,221

(458,950) 

1,983,659 

8 

Total 

$23,745

($482,696) 

($20,973,840)

$4,885,060

($2,063,959)

$19,818,230

($23,745)

$1,182,795

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

30

Reference

Description:

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

The

following

table

presents

Emerging

Markets

Equity

Fund's

futures

contracts

held

as

of

October

31,

2022.

Investments

and/or

cash

totaling

$1,796,763

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

ICE

US

mini

MSCI

Emerging

Markets

Index

444

December

2022

$

19,817,257

(

$

867,337)

Total

Futures

Long

Contracts

$

19,817,257

(

$

867,337)

Total

Futures

Contracts

$

19,817,257

($867,337)

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2022,

for

Emerging

Markets

Equity

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure

as

discussed

under

item

(2)

Significant

Accounting

Policies

of

the

Notes

to

Financial

Statements.

Derivatives

by

risk

category

Statement

of

Assets

and

Liabilities

Location

Fair

Value

Liability

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

867,337

Total

Equity

Contracts

867,337

Total

Liability

Derivatives

$867,337

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2022,

for

Emerging

Markets

Equity

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Realized

Gains/(Losses)

recognized

in

Income

Equity

Contracts

Futures

Net

realized

gains/(losses)

on

Futures

contracts

(8,743,873)

Total

Equity

Contracts

(8,743,873)

Total

($8,743,873)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2022,

for

Emerging

Markets

Equity

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(537,254)

Total

Equity

Contracts

(537,254)

Total

($537,254)

The

following

table

presents

Emerging

Markets

Equity

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2022.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$23,583,310

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

31

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

10/31/2021

Gross

Purchases

Gross

Sales

Value

10/31/2022

Shares

Held

at

10/31/2022

%

of

Net

Assets

10/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.610%

$850

$180,699

$177,494

$4,055

406

1.0%

Total

Affiliated

Short-Term

Investments

850

4,055

1.0

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

3,102

47,606

49,059

1,649

1,649

0.4

Total

Collateral

Held

for

Securities

Loaned

3,102

1,649

0.4

Total

Value

$3,952

$5,704

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2021

-

10/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.610%

$–

$–

$–

$68

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$68

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

1

68

Total

Affiliated

Income

from

Securities

Loaned,

Net

$68

Total

$–

$–

$1

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

32

Shares

Common

Stock

(

97.2%

)

Value

Australia

(7.1%)

2,093

ARB

Corporation,

Ltd.

$

38,861

172,791

Aristocrat

Leisure,

Ltd.

4,101,374

21,398

ASX,

Ltd.

927,146

507,302

Aurizon

Holdings,

Ltd.

1,175,608

84,028

BHP

Group,

Ltd.

2,018,376

45,798

Brambles,

Ltd.

342,879

66,676

Carsales.com,

Ltd.

863,712

146,196

Coles

Group,

Ltd.

1,528,581

40,640

Commonwealth

Bank

of

Australia

2,724,790

159,442

Computershare,

Ltd.

2,581,062

33,993

CSL,

Ltd.

6,085,292

27,456

Deterra

Royalties,

Ltd.

72,043

230,193

GWA

Group,

Ltd.

298,858

2,297

Harvey

Norman

Holdings,

Ltd.

6,111

212,371

Humm

Group,

Ltd.

a

65,110

44,239

JB

Hi-Fi,

Ltd.

1,212,682

597,347

Lottery

Corporation,

Ltd.

b

1,638,748

107,524

Metcash,

Ltd.

282,266

7,945

Orica,

Ltd.

70,673

5,686

Premier

Investments,

Ltd.

91,058

10,469

REA

Group,

Ltd.

811,412

38,043

Rio

Tinto,

Ltd.

2,158,933

78,123

SEEK,

Ltd.

1,075,435

267,105

Tabcorp

Holdings,

Ltd.

164,906

16,368

Technology

One,

Ltd.

125,920

Total

30,461,836

Austria

(0.4%)

32,880

OMV

AG

1,513,907

5,793

Voestalpine

AG

125,768

1,987

Wienerberger

AG

45,420

Total

1,685,095

Belgium

(0.6%)

821

D'ieteren

Group

136,638

24,662

Groupe

Bruxelles

Lambert

SA

1,818,240

4,156

Solvay

SA

375,041

8,401

Telenet

Group

Holding

NV

128,084

Total

2,458,003

Bermuda

(0.2%)

104,500

CK

Infrastructure

Holdings,

Ltd.

496,451

7,800

Jardine

Matheson

Holdings,

Ltd.

358,956

116,000

Road

King

Infrastructure,

Ltd.

33,112

Total

888,519

Canada

(12.4%)

34,979

Alimentation

Couche-Tard,

Inc.

1,566,205

2,831

ATCO,

Ltd.

87,901

6,238

Bank

of

Montreal

a

574,600

3,788

Bank

of

Nova

Scotia

183,095

26,766

Barrick

Gold

Corporation

402,566

185,712

Canadian

Imperial

Bank

of

Commerce

8,433,957

57,664

Canadian

National

Railway

Company

6,831,555

52,347

Canadian

Natural

Resources,

Ltd.

3,139,629

2,540

Canadian

Pacific

Railway,

Ltd.

189,351

657

Canadian

Tire

Corporation,

Ltd.

73,635

56,998

Canadian

Western

Bank

991,561

62,035

CGI,

Inc.

b

4,997,042

3,118

CI

Financial

Corporation

31,218

3,846

Dollarama,

Inc.

228,527

Shares

Common

Stock

(97.2%)

Value

Canada

(12.4%)

-

continued

4,762

Empire

Company,

Ltd.

$

122,340

5,969

Enbridge,

Inc.

232,564

1,080

Fairfax

Financial

Holdings,

Ltd.

530,420

39,863

Fortis,

Inc.

1,555,194

6,841

H&R

REIT

56,291

6,242

Home

Capital

Group,

Inc.

120,684

9,860

InterRent

Real

Estate

Investment

Trust

83,014

80,822

Laurentian

Bank

of

Canada

1,803,493

84,344

Manulife

Financial

Corporation

1,397,943

34,855

Northland

Power,

Inc.

1,014,168

2,733

Nutrien,

Ltd.

230,938

32,421

Rogers

Communications,

Inc.

1,349,576

109,420

Shopify,

Inc.

b

3,745,447

24,344

Suncor

Energy,

Inc.

837,347

192,773

TC

Energy

Corporation

8,467,381

2,817

TFI

International,

Inc.

256,422

31,385

Thomson

Reuters

Corporation

3,337,889

5,649

Toromont

Industries,

Ltd.

434,140

4,113

Toronto-Dominion

Bank

263,231

Total

53,569,324

Cayman

Islands

(0.1%)

38,000

Chow

Tai

Fook

Jewellery

Group,

Ltd.

65,059

16,000

SITC

International

Holdings

Company,

Ltd.

26,204

342,000

WH

Group,

Ltd.

c

172,714

Total

263,977

Denmark

(2.8%)

1,296

A.P.

Moller

-

Maersk

AS,

Class

B

2,707,568

5,316

ALK-Abello

AS

b

87,894

28,228

DSV

AS

3,814,401

50,271

Novo

Nordisk

AS

5,466,029

2,512

Topdanmark

AS

115,937

Total

12,191,829

Finland

(0.6%)

4,187

KONE

Oyj

171,440

6,255

Neste

Oil

Oyj

274,147

75,083

Nokia

Oyj

333,663

992

Orion

Oyj

45,650

5,594

Sampo

Oyj

255,801

111,279

Stora

Enso

Oyj

1,450,946

4,218

UPM-Kymmene

Oyj

141,798

Total

2,673,445

France

(7.9%)

35,958

Air

Liquide

SA

4,703,800

1,407

bioMerieux

124,489

18,177

Compagnie

de

Saint-Gobain

743,093

23,775

Dassault

Systemes

SE

796,909

8,227

Eiffage

SA

743,900

61,656

Engie

SA

801,119

17,628

Groupe

Eurotunnel

SA

278,954

2,362

Hermes

International

3,057,338

11,481

Ipsos

SA

555,763

81,135

Legrand

SA

6,185,212

2,181

LNA

Sante

63,584

4,379

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,763,126

51,784

Sanofi

4,456,419

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

33

Shares

Common

Stock

(97.2%)

Value

France

(7.9%)

-

continued

313

Sopra

Group

SA

$

41,429

20,630

Thales

SA

2,623,722

110,918

TotalEnergies

SE

6,050,949

Total

33,989,806

Germany

(6.2%)

57,352

BASF

SE

2,573,422

140,209

Bayer

AG

7,372,338

23,226

Bayerische

Motoren

Werke

AG

1,823,053

33,794

Deutsche

Boerse

AG

5,495,571

14,825

Deutsche

Pfandbriefbank

AG

c

110,418

24,328

Evonik

Industries

AG

448,164

1,916

Mercedes-Benz

Group

AG

110,901

22,050

Merck

KGaA

3,593,380

77,911

Porsche

Automobil

Holding

SE

4,353,065

2,687

Scout24

SE

c

137,695

1,711

Stroeer

SE

69,756

67,754

TAG

Immobilien

AG

424,330

949

Volkswagen

AG

162,215

Total

26,674,308

Hong

Kong

(0.6%)

345,000

CK

Hutchison

Holdings,

Ltd.

1,717,353

20,800

Hong

Kong

Exchanges

&

Clearing,

Ltd.

552,107

30,000

Hysan

Development

Company,

Ltd.

65,388

65,300

Link

REIT

385,963

86,000

PCCW,

Ltd.

32,856

Total

2,753,667

Israel

(2.8%)

297,180

Bank

Hapoalim,

Ltd.

2,864,595

421,360

Bank

Leumi

Le-Israel

BM

4,019,666

17,744

Check

Point

Software

Technologies,

Ltd.

b

2,293,057

70,945

Mizrahi

Tefahot

Bank,

Ltd.

2,681,833

694

Nova,

Ltd.

b

50,791

7,569

Plus500,

Ltd.

156,677

Total

12,066,619

Italy

(1.5%)

40,261

Azimut

Holding

SPA

648,285

472

Banca

Farmafactoring

SPA

c

3,330

3,115

Buzzi

Unicem

SPA

51,699

16,689

Davide

Campari-Milano

NV

149,873

275,311

Enel

SPA

1,229,910

75,571

Italgas

SPA

389,361

139,982

Leonardo

SPA

1,124,628

68,514

Recordati

SPA

2,574,174

180,009

Saras

SPA

b

217,559

Total

6,388,819

Japan

(19.1%)

12,100

Advantest

Corporation

636,963

15,300

Arcs

Company,

Ltd.

203,938

23,100

Asahi

Group

Holdings,

Ltd.

646,355

166,800

Astellas

Pharma,

Inc.

2,301,537

11,000

BayCurrent

Consulting,

Inc.

308,629

19,600

Chiyoda

Company,

Ltd.

96,687

29,600

COMSYS

Holdings

Corporation

484,933

14,700

Daiichi

Sankyo

Company,

Ltd.

470,558

20,500

Daikin

Industries,

Ltd.

3,070,637

Shares

Common

Stock

(97.2%)

Value

Japan

(19.1%)

-

continued

10,600

Daiwa

House

Industry

Company,

Ltd.

$

213,562

215,700

Eneos

Holdings,

Inc.

711,520

6,000

eREX

Company,

Ltd.

101,540

4,500

EXEO

Group,

Inc.

65,932

4,600

FANUC

Corporation

601,918

300

Fast

Retailing

Company,

Ltd.

167,142

4,200

Fuji

Corporation

55,458

8,400

Fuji

Soft,

Inc.

456,979

16,200

FUJIFILM

Holdings

NPV

741,148

14,000

Fujitsu,

Ltd.

1,610,819

3,500

Hanwa

Company,

Ltd.

84,644

5,600

Hitachi,

Ltd.

254,093

118,900

Honda

Motor

Company,

Ltd.

2,711,214

22,700

Hoya

Corporation

2,110,224

5,700

Hulic

Company,

Ltd.

41,407

44,300

Iida

Group

Holdings

Company,

Ltd.

615,122

41,300

Inaba

Denki

Sangyo

Company,

Ltd.

770,940

37,500

Inpex

Corporation

378,465

43,400

ITOCHU

Techno-Solutions

Corporation

1,006,175

3,000

Izumi

Company,

Ltd.

60,519

2,900

Japan

Exchange

Group,

Inc.

38,111

4,300

Japan

Petroleum

Exploration

Company,

Ltd.

111,727

34,500

Japan

Post

Bank

Company,

Ltd.

229,878

157,800

Japan

Post

Holdings

Company,

Ltd.

1,061,139

66,600

Japan

Tobacco,

Inc.

1,115,379

3,200

Kao

Corporation

119,526

29,300

Kawasaki

Kisen

Kaisha,

Ltd.

444,282

12,000

KDDI

Corporation

354,684

115

Kenedix

Retail

REIT

Corporation

206,732

11,800

Keyence

Corporation

4,449,371

49,900

Kinden

Corporation

507,750

3,100

KOMEDA

Holdings

Company,

Ltd.

51,774

41,500

Kyoei

Steel,

Ltd.

366,442

5,000

Kyushu

Railway

Company

104,569

7,000

Link

and

Motivation,

Inc.

42,259

3,900

Lintec

Corporation

58,514

10,300

M3,

Inc.

306,942

54,000

Marubeni

Corporation

472,712

27,900

McDonald's

Holdings

Company

(Japan),

Ltd.

968,612

7,400

Ministop

Company,

Ltd.

70,286

42,700

Mitsubishi

Corporation

1,156,695

280,700

Mitsubishi

Electric

Corporation

2,469,771

500

Mitsubishi

Gas

Chemical

Company,

Inc.

6,353

483,500

Mitsubishi

HC

Capital,

Inc.

2,074,727

11,200

Mitsubishi

Heavy

Industries,

Ltd.

385,774

282,400

Mitsubishi

UFJ

Financial

Group,

Inc.

1,334,016

18,000

Mitsuboshi

Belting,

Ltd.

382,900

7,400

Mitsui

O.S.K.

Lines,

Ltd.

146,484

25,700

Murata

Manufacturing

Company,

Ltd.

1,216,624

4,200

NEC

Networks

&

System

Integration

Corporation

45,007

14,400

Nidec

Corporation

791,770

17,800

Nihon

M&A

Center

Holdings,

Inc.

200,852

82,100

Nintendo

Company,

Ltd.

3,333,186

40,100

Nippon

Steel

Corporation

550,113

19,800

Nippon

Telegraph

and

Telephone

Corporation

546,098

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

34

Shares

Common

Stock

(97.2%)

Value

Japan

(19.1%)

-

continued

9,600

Nippon

Yusen

Kabushiki

Kaisha

$

173,899

4,300

Nishimatsu

Construction

Company,

Ltd.

104,692

11,400

Nitori

Holdings

Company,

Ltd.

1,033,035

22,200

Nitto

Kogyo

Corporation

367,416

5,600

Ono

Pharmaceutical

Company,

Ltd.

131,788

12,900

Oracle

Corporation

Japan

687,203

13,300

Oriental

Land

Company,

Ltd.

1,781,238

62,300

ORIX

Corporation

915,044

28,500

Penta-Ocean

Construction

Company,

Ltd.

141,736

13,200

PLENUS

Company,

Ltd.

233,831

9,300

Recruit

Holdings

Company,

Ltd.

286,172

129,200

Resona

Holdings,

Inc.

486,949

10,600

Ryoyo

Electro

Corporation

163,462

27,300

Sangetsu

Company,

Ltd.

289,069

33,900

Secom

Company,

Ltd.

1,931,300

15,600

Seven

&

I

Holdings

Company,

Ltd.

582,323

22,400

Shin-Etsu

Chemical

Company,

Ltd.

2,328,031

13,100

Shionogi

&

Company,

Ltd.

608,328

1,900

SMC

Corporation

762,664

78,500

SoftBank

Group

Corporation

3,369,708

21,100

Sony

Group

Corporation

1,422,871

12,200

Sumco

Corporation

154,633

101,400

Sumitomo

Corporation

1,289,176

52,500

Sumitomo

Mitsui

Financial

Group,

Inc.

1,474,282

54,200

Sumitomo

Mitsui

Trust

Holdings,

Inc.

1,559,281

900

Sysmex

Corporation

48,441

3,600

Taikisha,

Ltd.

84,938

17,800

Taiyo

Holdings

Company,

Ltd.

313,929

4,300

Takara

Standard

Company,

Ltd.

36,924

120,400

Takeda

Pharmaceutical

Company,

Ltd.

3,179,644

8,700

Terumo

Corporation

264,036

40,600

Toagosei

Company,

Ltd.

311,940

4,500

Toho

Titanium

Company,

Ltd.

67,814

10,100

Tokyo

Electron,

Ltd.

2,657,276

3,500

Tokyotokeiba

Company,

Ltd.

97,444

2,200

Toyo

Suisan

Kaisha,

Ltd.

82,538

231,500

Toyota

Motor

Corporation

3,211,973

19,000

Tsubakimoto

Chain

Company

406,785

59,900

TV

Asahi

Holdings

Corporation

561,076

2,100

West

Holdings

Corporation

62,756

3,400

Yakult

Honsha

Company,

Ltd.

188,356

10,000

Yuasa

Trading

Company,

Ltd.

248,904

226,900

Z

Holdings

Corporation

585,574

45,700

ZOZO,

Inc.

969,672

Total

82,358,268

Jersey

(0.3%)

529,555

Man

Group

plc

1,317,328

Total

1,317,328

Luxembourg

(0.2%)

525

Aperam

SA

13,708

218,518

B&M

European

Value

Retail

SA

807,554

30,850

SES

SA

218,818

Total

1,040,080

Netherlands

(3.9%)

21,776

Aalberts

NV

755,446

12,141

ASML

Holding

NV

5,695,186

Shares

Common

Stock

(97.2%)

Value

Netherlands

(3.9%)

-

continued

5,890

ASR

Nederland

NV

$

259,354

25,739

Euronext

NV

c

1,633,625

10,804

Ferrari

NV

2,129,884

28,309

ForFarmers

BV

76,738

3,694

Heineken

NV

308,576

1,379

IMCD

NV

178,849

676

Koninklijke

DSM

NV

79,518

36,968

QIAGEN

NV

b

1,596,395

883

RHI

Magnesita

NV

18,769

148,562

Stellantis

NV

2,004,335

50,112

Unilever

plc

2,287,225

Total

17,023,900

New

Zealand

(0.1%)

56,594

Contact

Energy,

Ltd.

248,244

Total

248,244

Norway

(2.7%)

268,433

DNB

Bank

ASA

4,747,743

87,685

Equinor

ASA

3,194,691

26,397

Mowi

ASA

393,996

1,855

SalMar

ASA

62,887

68,148

Yara

International

ASA

3,041,544

Total

11,440,861

Portugal

(0.3%)

6,281

Altri

SGPS

SA

34,952

107,448

Galp

Energia

SGPS

SA

1,090,930

283

Greenvolt

-

Energias

Renovaveis,

S.A.

b

2,174

12,500

Navigator

Company

SA

47,623

Total

1,175,679

Singapore

(1.5%)

11,700

ComfortDelGro

Corporation,

Ltd.

10,503

227,000

DBS

Group

Holdings,

Ltd.

5,488,024

187,800

Genting

Singapore,

Ltd.

106,797

91,800

Keppel

Corporation,

Ltd.

451,841

19,500

Singapore

Exchange,

Ltd.

115,959

105,200

Singapore

Technologies

Engineering,

Ltd.

245,257

50,459

Wing

Tai

Holdings,

Ltd.

54,251

Total

6,472,632

Spain

(1.5%)

78,017

Acerinox

SA

683,745

410,529

Banco

Santander

SA

a

1,064,697

171,764

CaixaBank

SA

569,577

35,404

CIA

De

Distribucion

Integral

732,207

28,023

Endesa

SA

468,210

97,597

Industria

de

Diseno

Textil

SA

a

2,215,276

933

Laboratorios

Farmaceuticos

ROVI,

SA

42,435

139,582

Mediaset

Espana

Comunicacion

SA

b

434,121

30,181

Repsol

SA

410,597

Total

6,620,865

Sweden

(2.1%)

40,098

AB

Industrivarden,

Class

A

908,135

65,745

AB

Industrivarden,

Class

C

1,476,332

70,896

Assa

Abloy

AB

1,431,538

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

35

Shares

Common

Stock

(97.2%)

Value

Sweden

(2.1%)

-

continued

4,788

Atlas

Copco

AB,

Class

B

$

46,305

858

Evolution

Gaming

Group

AB

c

80,037

107,285

Granges

AB

725,001

84,904

Hexpol

AB

838,014

8,316

Holmen

AB

301,791

6,587

Indutrade

AB

115,325

19,150

Investor

AB,

Class

B

312,540

4,203

L

E

Lundbergforetagen

AB

165,882

10,308

Saab

AB

364,223

194,758

SSAB

AB,

Class

A

936,799

81,907

SSAB

AB,

Class

B

380,575

41,600

Svenska

Cellulosa

AB

SCA

490,788

7,065

Svolder

AB

36,642

13,162

Trelleborg

AB

289,815

Total

8,899,742

Switzerland

(10.0%)

14,913

Baloise

Holding

AG

2,037,446

11,424

Clariant

AG

183,593

6,098

Compagnie

Financiere

Richemont

SA

595,979

7,722

Galenica

AG

c

554,811

129

Givaudan

SA

385,316

482,823

Glencore

Xstrata

plc

2,768,065

56

Helvetia

Holding

AG

5,561

918

Lonza

Group

AG

472,572

91,666

Nestle

SA

9,978,651

172,772

Novartis

AG

13,975,659

7,910

OC

Oerlikon

Corporation

AG

51,092

232

Partners

Group

Holding

AG

208,239

21,827

PSP

Swiss

Property

AG

2,331,775

338

Roche

Holding

AG,

Bearer

Shares

137,191

6,579

Roche

Holding

AG,

Participation

Certificates

2,182,900

11,889

Sika

AG

2,680,682

4,289

Sonova

Holding

AG

1,013,764

3,718

Swiss

Life

Holding

AG

1,800,339

267

Swiss

Prime

Site

AG

21,545

4,112

Tecan

Group

AG

1,508,419

698

Vontobel

Holding

AG

39,277

Total

42,932,876

United

Kingdom

(12.3%)

14,714

AstraZeneca

plc

1,726,429

551,887

Auto

Trader

Group

plc

c

3,303,481

37,545

Avacta

Group

plc

a,b

54,251

308

Avacta

Group

plc,

Rights

a,b,d

110

365,992

Barclays

plc

621,914

678,558

BP

plc

3,754,203

90,246

British

American

Tobacco

plc

3,564,135

25,689

Bunzl

plc

837,091

539

Coca-Cola

European

Partners

plc

25,360

15,490

Compass

Group

plc

326,248

6,415

Croda

International

plc

496,969

8,095

Dechra

Pharmaceuticals

plc

243,355

120,937

Diageo

plc

4,976,871

41,754

Evraz

plc

d

5

3,708

Greggs

plc

85,957

226,496

Halma

plc

5,492,380

754,512

HSBC

Holdings

plc

3,872,203

102,135

Imperial

Brands

plc

2,487,921

70,185

Informa

plc

447,214

52,703

InterContinental

Hotels

Group

plc

2,831,777

7,346

London

Stock

Exchange

Group

plc

636,768

Shares

Common

Stock

(97.2%)

Value

United

Kingdom

(12.3%)

-

continued

135,472

Moneysupermarket.com

Group

plc

$

284,966

11,382

Next

plc

642,853

58,003

PageGroup

plc

279,770

19,219

Paragon

Banking

Group

plc

94,030

31,611

Redde

Northgate

plc

120,718

119,652

RELX

plc

3,213,918

3,764

Rightmove

plc

21,196

3,803

Rio

Tinto

plc

198,751

9,331

Serco

Group

plc

17,452

380,557

Shell

plc

10,542,060

6,230

Spirax-Sarco

Engineering

plc

767,747

156,373

Standard

Chartered

plc

934,290

27,355

Tesco

plc

67,564

Total

52,969,957

Total

Common

Stock

(cost

$436,119,513)

418,565,679

Shares

Preferred

Stock

(

1.3%

)

Germany

(1.3%)

2,985

Bayerische

Motoren

Werke

AG

220,126

43,137

Volkswagen

AG

5,521,596

Total

5,741,722

Total

Preferred

Stock

(cost

$7,280,921)

5,741,722

Shares

Collateral

Held

for

Securities

Loaned

(

0.9%

)

3,638,761

Thrivent

Cash

Management

Trust

3,638,761

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,638,761)

3,638,761

Shares

Short-Term

Investments

(

0.3%

)

Thrivent

Core

Short-Term

Reserve

Fund

120,610

3.610%

1,206,100

Total

Short-Term

Investments

(cost

$1,206,100)

1,206,100

Total

Investments

(cost

$448,245,295)

99.7%

$429,152,262

Other

Assets

and

Liabilities,

Net

0.3%

1,466,984

Total

Net

Assets

100.0%

$430,619,246

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2022,

the

value

of

these

investments

was

$5,996,111

or

1.4%

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.

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

36

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

International

Equity

Fund

as

of

October

31,

2022:

Securities

Lending

Transactions

Common

Stock

$

3,370,785

Total

lending

$3,370,785

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,638,761

Net

amounts

due

to

counterparty

$267,976

Definitions:

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

$

27,534,439

Gross

unrealized

depreciation

(58,672,885)

Net

unrealized

appreciation

(depreciation)

$

(31,138,446)

Cost

for

federal

income

tax

purposes

$

459,959,645

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

37

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2022,

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

18,484,411

–

18,484,411

–

Consumer

Discretionary

45,564,197

–

45,564,197

–

Consumer

Staples

31,060,604

25,360

31,035,244

–

Energy

40,927,676

–

40,927,676

–

Financials

74,289,040

–

74,289,040

–

Health

Care

62,799,038

–

62,798,928

110

Industrials

61,908,838

–

61,908,838

–

Information

Technology

39,978,546

6,038,504

33,940,042

–

Materials

33,178,931

230,938

32,947,988

5

Real

Estate

3,917,370

–

3,917,370

–

Utilities

6,457,028

–

6,457,028

–

Preferred

Stock

Consumer

Discretionary

5,741,722

–

5,741,722

–

Subtotal

Investments

in

Securities

$424,307,401

$6,294,802

$418,012,484

$115

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,206,100

Collateral

Held

for

Securities

Loaned

3,638,761

Subtotal

Other

Investments

$4,844,861

Total

Investments

at

Value

$429,152,262

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

in

the

fair

value

hierarchy.  The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.  

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

331,063

331,063

–

–

Total

Liability

Derivatives

$331,063

$331,063

$–

$–

The

following

table

presents

International

Equity

Fund's

futures

contracts

held

as

of

October

31,

2022.

Investments

and/or

cash

totaling

$506,968

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Amount

Value

and

Unrealized

ICE

mini

MSCI

EAFE

Index

69

December

2022

$

6,388,918

(

$

331,063)

Total

Futures

Long

Contracts

$

6,388,918

(

$

331,063)

Total

Futures

Contracts

$

6,388,918

($331,063)

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

38

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

October

31,

2022,

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)

$

331,063

Total

Equity

Contracts

331,063

Total

Liability

Derivatives

$331,063

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2022,

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

(2,321,302)

Total

Equity

Contracts

(2,321,302)

Total

($2,321,302)

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

October

31,

2022,

for

International

Equity

Fund's

investments

in

financial

derivative

instruments

by

primary

risk

exposure.

Derivatives

by

risk

category

Statement

of

Operations

Location

Change

in

unrealized

appreciation/(depreciation)

recognized

in

Income

Equity

Contracts

Futures

Change

in

net

unrealized

appreciation/(depreciation)

on

Futures

contracts

(99,376)

Total

Equity

Contracts

(99,376)

Total

($99,376)

The

following

table

presents

International

Equity

Fund's

average

volume

of

derivative

activity

during

the

period

ended

October

31,

2022.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$8,721,304

International

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

39

Investment

in

Affiliates

Affiliated

issuers,

as

defined

under

the

Investment

Company

Act

of

1940,

include

those

in

which

the

Fund's

holdings

of

an

issuer

represent

5%

or

more

of

the

outstanding

voting

securities

of

an

issuer,

any

affiliated

mutual

fund,

or

a

company

which

is

under

common

ownership

or

control

with

the

Fund.

The

Fund

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.  

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Equity

Fund,

is

as

follows:

Fund

Value

10/31/2021

Gross

Purchases

Gross

Sales

Value

10/31/2022

Shares

Held

at

10/31/2022

%

of

Net

Assets

10/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.610%

$1,383

$44,760

$44,937

$1,206

121

0.3%

Total

Affiliated

Short-Term

Investments

1,383

1,206

0.3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

9,020

112,959

118,340

3,639

3,639

0.9

Total

Collateral

Held

for

Securities

Loaned

9,020

3,639

0.9

Total

Value

$10,403

$4,845

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2021

-

10/31/2022

Affiliated

Registered

Investment

Companies

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.610%

$–

$–

$–

$15

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$15

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

1

93

Total

Affiliated

Income

from

Securities

Loaned,

Net

$93

Total

$–

$–

$1

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

40

Shares

Common

Stock

(

99.8%

)

Value

Communications

Services

(9.0%)

122,942

Activision

Blizzard,

Inc.

$

8,950,178

46,055

Alphabet,

Inc.,

Class

C

a

4,359,566

22,109

Charter

Communications,

Inc.

a

8,127,711

527,946

Comcast

Corporation

16,757,006

81,077

Electronic

Arts,

Inc.

10,212,459

76,115

T-Mobile

US,

Inc.

a

11,535,989

641,078

Verizon

Communications,

Inc.

23,957,085

65,258

Walt

Disney

Company

a

6,952,587

Total

90,852,581

Consumer

Discretionary

(4.9%)

48,808

Dollar

General

Corporation

12,448,481

18,764

Home

Depot,

Inc.

5,556,583

67,462

McDonald's

Corporation

18,394,189

24,020

Murphy

USA,

Inc.

7,554,530

12,683

Ulta

Beauty,

Inc.

a

5,318,870

Total

49,272,653

Consumer

Staples

(15.0%)

48,484

Church

&

Dwight

Company,

Inc.

3,594,119

166,763

Coca-Cola

Company

9,980,766

56,921

Colgate-Palmolive

Company

4,203,047

45,448

Costco

Wholesale

Corporation

22,792,172

90,371

General

Mills,

Inc.

7,372,466

18,322

Hershey

Company

4,374,744

218,381

Kellogg

Company

16,776,028

80,989

Kraft

Heinz

Company

3,115,647

551,189

Kroger

Company

26,065,728

12,279

Lancaster

Colony

Corporation

2,213,658

238,261

Mondelez

International,

Inc.

14,648,286

76,401

PepsiCo,

Inc.

13,872,894

100,653

Procter

&

Gamble

Company

13,554,939

62,737

Walmart,

Inc.

8,929,357

Total

151,493,851

Energy

(1.9%)

10,718

Comstock

Resources,

Inc.

a

201,284

55,744

EQT

Corporation

2,332,329

313,463

Kinder

Morgan,

Inc.

5,679,949

347,927

Williams

Companies,

Inc.

11,387,651

Total

19,601,213

Financials

(5.6%)

122,183

Annaly

Capital

Management,

Inc.

2,266,495

24,433

Aon

plc

6,877,645

45,811

Arthur

J.

Gallagher

&

Company

8,570,322

30,227

Banc

of

California,

Inc.

504,186

32,803

Berkshire

Hathaway,

Inc.

a

9,679,837

6,462

BlackRock,

Inc.

4,173,871

38,094

Carlyle

Group,

Inc.

1,077,298

43,276

Cboe

Global

Markets,

Inc.

5,387,862

5,484

Citigroup,

Inc.

251,496

18,299

FactSet

Research

Systems,

Inc.

7,786,042

3,778

Financial

Institutions,

Inc.

90,030

407

MarketAxess

Holdings,

Inc.

99,324

2,407

Marsh

&

McLennan

Companies,

Inc.

388,707

22,106

Moody's

Corporation

5,855,216

2,601

Progressive

Corporation

333,968

31,830

T.

Rowe

Price

Group,

Inc.

3,379,073

Total

56,721,372

Shares

Common

Stock

(99.8%)

Value

Health

Care

(20.0%)

149,190

Abbott

Laboratories

$

14,760,859

166,369

Allogene

Therapeutics,

Inc.

a

1,713,601

29,787

Amgen,

Inc.

8,052,915

20,264

AMN

Healthcare

Services,

Inc.

a

2,543,132

25,282

Biogen,

Inc.

a

7,165,930

2,866

Bio-Rad

Laboratories,

Inc.

a

1,008,001

125,121

Dynavax

Technologies

Corporation

a

1,432,635

26,571

Eli

Lilly

and

Company

9,621,093

161,146

Gilead

Sciences,

Inc.

12,643,515

48,948

Hologic

,

Inc.

a

3,318,674

227,540

Johnson

&

Johnson

39,585,134

417,078

Merck

&

Company,

Inc.

42,208,294

25,211

Mirati

Therapeutics,

Inc.

a

1,697,205

10,798

Regeneron

Pharmaceuticals,

Inc.

a

8,085,002

94,155

SpringWorks

Therapeutics,

Inc.

a

2,260,662

2,764

Thermo

Fisher

Scientific,

Inc.

1,420,613

65,370

Twist

Bioscience

Corporation

a

2,146,097

19,293

UnitedHealth

Group,

Inc.

10,710,509

79,061

Vertex

Pharmaceuticals,

Inc.

a

24,667,032

21,719

Waters

Corporation

a

6,497,673

Total

201,538,576

Industrials

(12.6%)

118,160

3M

Company

14,863,346

60,747

Alaska

Air

Group,

Inc.

a

2,700,812

75,043

Booz

Allen

Hamilton

Holding

Corporation

8,168,430

13,121

Cintas

Corporation

5,609,884

219,557

CSX

Corporation

6,380,326

69,201

Expeditors

International

of

Washington,

Inc.

6,771,318

30,643

IDEX

Corporation

6,812,245

9,227

L3Harris

Technologies,

Inc.

2,274,179

2,765

Old

Dominion

Freight

Line,

Inc.

759,269

175,641

Pentair

plc

7,543,781

51,601

Republic

Services,

Inc.

6,843,325

41,012

Union

Pacific

Corporation

8,085,106

40,202

United

Parcel

Service,

Inc.

6,744,689

70,719

Verisk

Analytics,

Inc.

12,929,555

21,241

Waste

Connections,

Inc.

2,801,900

174,789

Waste

Management,

Inc.

27,681,334

Total

126,969,499

Information

Technology

(19.0%)

40,089

Adobe,

Inc.

a

12,768,346

49,887

Adtran

Holdings,

Inc.

1,120,462

80,360

Apple,

Inc.

12,322,402

152,015

Arista

Networks,

Inc.

a

18,372,533

8,929

Aspen

Technology,

Inc.

a

2,155,907

7,448

Autodesk,

Inc.

a

1,596,106

46,525

Automatic

Data

Processing,

Inc.

11,245,092

12,876

Cadence

Design

Systems,

Inc.

a

1,949,298

371,223

Cisco

Systems,

Inc.

16,864,661

27,426

Fortinet,

Inc.

a

1,567,670

31,902

Jack

Henry

&

Associates,

Inc.

6,350,412

110,653

Keysight

Technologies,

Inc.

a

19,270,220

3,354

Lam

Research

Corporation

1,357,632

62,175

Mastercard

,

Inc.

20,404,592

13,427

Microsoft

Corporation

3,116,810

9,551

Motorola

Solutions,

Inc.

2,384,980

50,388

Paychex,

Inc.

5,961,404

13,489

QUALCOMM,

Inc.

1,587,116

1,580

Salesforce,

Inc.

a

256,892

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

41

Shares

Common

Stock

(99.8%)

Value

Information

Technology

(19.0%)

-

continued

16,406

Silicon

Laboratories,

Inc.

a

$

1,885,378

26,651

Skyworks

Solutions,

Inc.

2,292,253

95,475

Splunk

,

Inc.

a

7,934,927

116,482

Texas

Instruments,

Inc.

18,710,504

5,917

Tyler

Technologies,

Inc.

a

1,913,144

18,177

VeriSign,

Inc.

a

3,643,761

69,940

Visa,

Inc.

14,488,770

Total

191,521,272

Materials

(2.0%)

24,094

Celanese

Corporation

2,315,915

6,949

CF

Industries

Holdings,

Inc.

738,401

37,460

LyondellBasell

Industries

NV

2,863,817

306,490

Newmont

Corporation

12,970,657

8,201

Royal

Gold,

Inc.

778,767

Total

19,667,557

Real

Estate

(2.6%)

83,775

National

Storage

Affiliates

Trust

3,573,842

72,256

Public

Storage,

Inc.

22,381,296

Total

25,955,138

Utilities

(7.2%)

358,592

Consolidated

Edison,

Inc.

31,541,752

71,251

Entergy

Corporation

7,633,832

110,391

Evergy

,

Inc.

6,748,202

633,797

NiSource,

Inc.

16,282,245

11,210

NorthWestern

Corporation

592,224

61,212

OGE

Energy

Corporation

2,242,196

48,673

Sempra

Energy

7,346,703

Total

72,387,154

Total

Common

Stock

(cost

$917,855,910)

1,005,980,866

Shares

Short-Term

Investments

(

0.1%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

108,616

3.610%

1,086,160

Total

Short-Term

Investments

(cost

$1,086,160)

1,086,160

Total

Investments

(cost

$918,942,070)

99.9%

$1,007,067,026

Other

Assets

and

Liabilities,

Net

0.1%

912,625

Total

Net

Assets

100.0%

$1,007,979,651

a

Non-income

producing

security.

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

$

137,176,624

Gross

unrealized

depreciation

(52,243,567)

Net

unrealized

appreciation

(depreciation)

$

84,933,057

Cost

for

federal

income

tax

purposes

$

922,133,969

Low

Volatility

Equity

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

42

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2022,

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

90,852,581

90,852,581

–

–

Consumer

Discretionary

49,272,653

49,272,653

–

–

Consumer

Staples

151,493,851

151,493,851

–

–

Energy

19,601,213

19,601,213

–

–

Financials

56,721,372

56,721,372

–

–

Health

Care

201,538,576

201,538,576

–

–

Industrials

126,969,499

126,969,499

–

–

Information

Technology

191,521,272

191,521,272

–

–

Materials

19,667,557

19,667,557

–

–

Real

Estate

25,955,138

25,955,138

–

–

Utilities

72,387,154

72,387,154

–

–

Subtotal

Investments

in

Securities

$1,005,980,866

$1,005,980,866

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,086,160

Subtotal

Other

Investments

$1,086,160

Total

Investments

at

Value

$1,007,067,026

*

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

10/31/2021

Gross

Purchases

Gross

Sales

Value

10/31/2022

Shares

Held

at

10/31/2022

%

of

Net

Assets

10/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.610%

$1,211

$23,928

$24,053

$1,086

109

0.1%

Total

Affiliated

Short-Term

Investments

1,211

1,086

0.1

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

27,062

27,062

–

–

–

Total

Collateral

Held

for

Securities

Loaned

–

–

–

Total

Value

$1,211

$1,086

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2021

-

10/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.610%

$–

$–

$–

$17

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$17

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment  

–

–

–

56

Total

Affiliated

Income

from

Securities

Loaned,

Net

$56

Total

$–

$–

$–

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

43

Principal

Amount

Asset-Backed

Securities

(

0.1%

)

a

Value

Enterprise

Fleet

Financing,

LLC

$

2,474,387

1.485% ,4/20/2023,

Ser.

2022-1

b

$

2,468,874

NMEF

Funding,

LLC

2,618,191

0.968% ,3/15/2023,

Ser.

2022-A

b

2,611,200

Total

5,080,074

Principal

Amount

Basic

Materials

(

3.2%

)

a

Value

BASF

SE

25,000,000

4.200% ,12/5/2022

b

24,907,833

EI

du

Pont

de

Nemours

&

Company

1,500,000

3.950% ,12/12/2022

b

1,492,710

25,000,000

4.050% ,12/20/2022

b

24,853,820

19,250,000

4.200% ,12/22/2022

b

19,132,605

International

Paper

Company

25,000,000

3.630% ,11/1/2022

b

24,997,662

Nutrien,

Ltd.

8,750,000

3.900% ,11/9/2022

b

8,741,622

6,665,000

4.250% ,11/16/2022

b

6,653,447

25,000,000

4.250% ,11/23/2022

b

24,936,590

Total

135,716,289

Principal

Amount

Capital

Goods

(

9.3%

)

a

Value

Amcor

Finance

USA,

Inc.

10,000,000

3.600% ,11/1/2022

b,c

9,999,065

17,205,000

4.120% ,11/16/2022

b,c

17,175,423

Amcor

Flexibles

North

America,

Inc.

10,000,000

3.650% ,11/3/2022

b,c

9,997,032

13,695,000

4.240% ,11/18/2022

b,c

13,668,295

23,000,000

4.240% ,11/22/2022

b,c

22,944,621

12,620,000

4.550% ,12/2/2022

b,c

12,574,781

Amphenol

Corporation

25,000,000

3.620% ,11/2/2022

b

24,995,314

25,000,000

3.950% ,11/4/2022

b

24,990,253

Caterpillar

Financial

Services

Corporation

19,000,000

2.978%

(SOFRRATE

+

0.150%),11/17/2022

d

18,994,289

19,809,000

3.415%

(LIBOR

3M

+

0.510%),5/15/2023

d

19,826,998

Eaton

Capital

Unlimited

25,000,000

3.700% ,11/4/2022

b,c

24,990,003

25,000,000

3.920% ,11/7/2022

b,c

24,981,673

John

Deere

Canada,

ULC

15,000,000

4.180% ,1/13/2023

b,c

14,874,786

John

Deere

Capital

Corporation

12,471,000

3.695%

(LIBOR

3M

+

0.550%),6/7/2023

d

12,474,528

19,450,000

3.679%

(SOFRRATE

+

0.120%),7/10/2023

d

19,360,853

Parker-Hannifin

Corporation

20,500,000

4.420% ,12/29/2022

b

20,349,148

25,000,000

4.750% ,1/10/2023

b

24,774,772

Raytheon

Technologies

Corporation

25,000,000

4.050% ,11/8/2022

b

24,978,994

Waste

Management,

Inc.

25,000,000

4.000% ,11/7/2022

b,c

24,981,674

Principal

Amount

Capital

Goods

(9.3%)

a

Value

$

25,000,000

4.100% ,11/14/2022

b,c

$

24,962,667

Total

391,895,169

Principal

Amount

Communications

Services

(

1.8%

)

a

Value

AT&T,

Inc.

25,000,000

3.700% ,11/4/2022

b

24,990,003

Verizon

Communications,

Inc.

25,000,000

3.500% ,11/8/2022

b

24,978,994

25,000,000

3.600% ,11/14/2022

b

24,962,608

Total

74,931,605

Principal

Amount

Consumer

Cyclical

(

5.3%

)

a

Value

Charta,

LLC

25,000,000

3.010% ,11/14/2022

b,c

24,965,175

25,000,000

3.070% ,12/2/2022

b,c

24,915,844

25,000,000

3.950% ,1/17/2023

b,c

24,761,883

Toyota

Financial

Services

de

Puerto

Rico,

Inc.

25,000,000

2.970% ,11/7/2022

24,984,542

15,650,000

4.000% ,12/9/2022

15,587,541

Toyota

Motor

Credit

Corporation

7,944,000

2.700% ,1/11/2023

7,916,653

18,437,000

4.299%

(LIBOR

3M

+

0.390%),1/11/2023

d

18,418,752

Volkswagen

Group

of

America

Finance,

LLC

24,905,000

0.750% ,11/23/2022

b

24,834,771

VW

Credit,

Inc.

25,000,000

3.950% ,11/8/2022

b,c

24,978,994

20,000,000

3.790% ,11/9/2022

b,c

19,981,040

Wal-Mart

Stores,

Inc.

13,900,000

3.080% ,11/2/2022

b

13,897,581

Total

225,242,776

Principal

Amount

Consumer

Non-Cyclical

(

4.7%

)

a

Value

AbbVie,

Inc.

7,300,000

2.300% ,11/21/2022

7,290,173

6,359,000

3.634%

(LIBOR

3M

+

0.650%),11/21/2022

d

6,354,485

Diageo

Capital

plc

25,000,000

3.850% ,11/8/2022

b,c

24,978,995

25,000,000

3.850% ,11/9/2022

b,c

24,976,300

General

Mills,

Inc.

25,000,000

4.300% ,11/21/2022

b

24,942,804

Medtronic

Global

Holdings

SCA

20,600,000

4.250% ,11/17/2022

b,c

20,564,211

Nestle

Finance

International,

Ltd.

25,000,000

3.580% ,11/29/2022

b,c

24,927,299

Philip

Morris

International

Inc.

14,500,000

2.500% ,11/2/2022

14,500,000

Reckitt

Benckiser

Treasury

Services

plc

25,000,000

3.300% ,11/28/2022

b,c

24,924,322

Roche

Holdings,

Inc.

25,000,000

3.550%

(SOFRRATE

+

0.330%),9/11/2023

b,d

24,952,795

Total

198,411,384

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

44

Principal

Amount

Energy

(

3.6%

)

a

Value

Baker

Hughes,

Inc.

$

25,000,000

4.300% ,12/30/2022

b

$

24,830,417

BP

Capital

Markets

plc

20,000,000

2.500% ,11/6/2022

19,994,196

25,000,000

4.010% ,11/29/2022

b,c

24,921,640

Chevron

Corporation

31,525,000

3.821%

(LIBOR

3M

+

0.900%),5/11/2023

d

31,543,053

Chevron

USA,

Inc.

25,000,000

3.121%

(LIBOR

3M

+

0.200%),8/11/2023

d

24,938,472

Schlumberger

Holdings

Corporation

25,000,000

3.740% ,11/30/2022

b,c

24,923,333

Total

151,151,111

Principal

Amount

Financials

(

43.3%

)

a

Value

ANZ

New

Zealand

International,

Ltd.

of

London

10,000,000

1.900% ,2/13/2023

b

9,911,843

Australia

&

New

Zealand

Banking

Group,

Ltd.

15,000,000

3.440%

(SOFRRATE

+

0.390%),11/7/2022

b,d

15,000,868

31,855,000

3.474%

(LIBOR

3M

+

0.490%),11/21/2022

b,d

31,843,795

20,000,000

3.450%

(SOFRRATE

+

0.400%),12/1/2022

b,d

20,003,867

25,000,000

3.420%

(SOFRRATE

+

0.370%),4/28/2023

b,d

24,971,936

Bank

of

Montreal

Chicago

15,000,000

3.550%

(SOFRRATE

+

0.500%),5/5/2023

d

14,982,980

Bank

of

Nova

Scotia

25,000,000

3.570%

(SOFRRATE

+

0.520%),1/30/2023

b,d

25,002,443

25,000,000

3.600%

(SOFRRATE

+

0.550%),5/22/2023

b,d

24,982,039

Bank

of

Nova

Scotia/Houston

25,000,000

3.570%

(SOFRRATE

+

0.520%),3/14/2023

d

24,998,372

Barclays

Bank

plc

3,000,000

3.080% ,11/29/2022

b,c

2,990,921

Barton

Capital

SA

18,000,000

3.250% ,12/7/2022

b,c

17,929,034

BPCE

SA

7,500,000

3.180% ,12/1/2022

b

7,475,930

Canadian

Imperial

Bank

of

Commerce/New

York

NY

25,000,000

3.300%

(SOFRRATE

+

0.250%),12/23/2022

d

24,996,892

Chariot

Funding,

LLC

25,000,000

3.440%

(SOFRRATE

+

0.400%),11/10/2022

b,d

25,002,142

25,000,000

3.150% ,11/14/2022

b

24,965,175

25,000,000

3.310%

(SOFRRATE

+

0.270%),1/11/2023

b,d

24,990,198

25,000,000

3.590%

(SOFRRATE

+

0.550%),2/1/2023

b,d

25,001,790

Charles

Schwab

Corporation

25,000,000

3.320%

(SOFRRATE

+

0.280%),11/22/2022

b,d

25,002,079

Principal

Amount

Financials

(43.3%)

a

Value

Ciesco,

LLC

$

25,000,000

2.955% ,12/20/2022

b,c

$

24,863,090

Citibank

NA

25,000,000

3.490%

(SOFRRATE

+

0.450%),5/25/2023

d

24,946,989

Citigroup

Global

Markets

25,000,000

3.690%

(SOFRRATE

+

0.650%),9/21/2023

b,d

24,955,652

Cooperatieve

Rabobank

UA/NY

10,000,000

2.750% ,1/10/2023

9,960,404

12,258,000

4.389%

(LIBOR

3M

+

0.480%),1/10/2023

d

12,252,292

CRC

Funding,

LLC

25,000,000

2.900% ,11/2/2022

b,c

24,995,654

Dealers

Capital

Access

Trust,

LLC

25,000,000

3.940% ,12/23/2022

24,854,912

Equifax,

Inc.

25,000,000

4.020% ,11/14/2022

b

24,962,608

25,000,000

4.050% ,11/15/2022

b

24,959,823

Goldman

Sachs

Bank

USA/New

York,

NY

25,000,000

3.744%

(SOFRRATE

+

0.250%),11/25/2022

d

25,001,811

25,000,000

3.314%

(SOFRRATE

+

0.280%),2/3/2023

d

24,983,721

25,000,000

3.697%

(SOFRRATE

+

0.300%),2/17/2023

d

24,981,004

Goldman

Sachs

International

10,770,000

3.690% ,12/19/2022

b

10,712,859

25,000,000

3.810% ,12/30/2022

b

24,833,750

Healthpeak

Properties,

Inc.

3,000,000

3.500% ,11/29/2022

b

2,990,239

Jupiter

Securitization

Company,

LLC

25,000,000

3.490%

(SOFRRATE

+

0.450%),4/6/2023

b,c,d

24,983,867

KfW

25,000,000

3.240% ,11/15/2022

b,c

24,968,750

25,000,000

3.305% ,11/21/2022

b,c

24,955,521

25,000,000

3.460% ,12/16/2022

b,c

24,890,207

Macquarie

Bank,

Ltd.

12,034,000

0.441% ,12/16/2022

b

11,974,796

Met

Tower

Global

Funding

5,875,000

4.190%

(SOFRRATE

+

0.550%),1/17/2023

b,d

5,873,502

MetLife

Short

Term

Funding,

LLC

25,000,000

3.250% ,11/28/2022

b

24,928,483

Metropolitan

Life

Global

Funding

I

18,238,000

3.000% ,1/10/2023

b

18,167,551

9,800,000

4.196%

(SOFRRATE

+

0.570%),1/13/2023

b,d

9,802,509

Mizuho

Bank,

Ltd.

25,000,000

4.600%

(SOFRRATE

+

0.800%),4/27/2023

d

24,999,236

MUFG

Bank,

Ltd.

15,000,000

3.580%

(SOFRRATE

+

0.540%),3/17/2023

d

14,994,687

National

Australia

Bank,

Ltd.

21,620,000

3.655%

(LIBOR

3M

+

0.410%),12/13/2022

b,d

21,598,060

25,000,000

3.450%

(SOFRRATE

+

0.400%),2/24/2023

b,d

24,991,083

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

45

Principal

Amount

Financials

(43.3%)

a

Value

Nationwide

Building

Society

$

19,955,000

2.000% ,1/27/2023

b

$

19,799,936

New

York

Life

Global

Funding

25,000,000

4.189%

(LIBOR

3M

+

0.280%),1/10/2023

b,d

24,969,290

20,225,000

2.816%

(SOFRRATE

+

0.220%),2/2/2023

b,d

20,217,757

5,000,000

4.052%

(SOFRINDX

+

0.360%),10/21/2023

b,d

4,991,350

Nordea

Bank

Abp/New

York

NY

15,000,000

3.450%

(SOFRRATE

+

0.400%),11/18/2022

d

15,002,030

15,000,000

3.550%

(SOFRRATE

+

0.510%),11/23/2022

d

15,003,491

25,000,000

3.630%

(SOFRRATE

+

0.580%),8/31/2023

d

24,961,698

Old

Line

Funding,

LLC

25,000,000

2.590% ,11/17/2022

b,c

24,957,417

25,000,000

3.640%

(SOFRRATE

+

0.600%),1/31/2023

b,c,d

25,003,388

25,000,000

3.630%

(SOFRRATE

+

0.590%),2/7/2023

b,c,d

25,000,061

25,000,000

3.470%

(SOFRRATE

+

0.430%),2/22/2023

b,c,d

24,994,597

Pacific

Life

Short

Term

Funding,

LLC

7,800,000

2.750% ,11/1/2022

b

7,799,343

6,150,000

2.700% ,11/2/2022

b

6,148,938

6,300,000

3.000% ,12/23/2022

b

6,263,373

Private

Export

Funding

Corporation

16,411,000

2.050% ,11/15/2022

16,398,964

Prudential

Funding,

LLC

10,000,000

3.400% ,11/15/2022

c

9,985,221

Royal

Bank

of

Canada

25,000,000

3.300%

(SOFRRATE

+

0.250%),1/11/2023

d

24,989,005

30,190,000

4.439%

(LIBOR

3M

+

0.360%),1/17/2023

d

30,154,990

10,000,000

3.800%

(SOFRRATE

+

0.750%),7/27/2023

b,d

10,000,035

7,000,000

4.408%

(LIBOR

3M

+

0.660%),10/5/2023

d

6,991,922

Skandinaviska

Enskilda

Banken

AB

10,250,000

2.880% ,12/5/2022

b

10,213,198

28,469,000

3.881%

(LIBOR

3M

+

0.645%),12/12/2022

b,d

28,450,107

14,000,000

3.402%

(LIBOR

3M

+

0.320%),9/1/2023

b,d

13,937,537

Sumitomo

Mitsui

Banking

Corporation/New

York

25,000,000

3.450%

(SOFRRATE

+

0.400%),3/22/2023

d

24,978,347

15,000,000

3.480%

(SOFRRATE

+

0.430%),3/28/2023

d

14,987,460

Sumitomo

Mitsui

Trust

Bank,

Ltd.

25,000,000

2.920% ,11/15/2022

24,993,489

Svenska

Handelsbanken/New

York

NY

25,000,000

3.520%

(SOFRRATE

+

0.480%),1/27/2023

d

24,997,893

15,000,000

3.280%

(SOFRRATE

+

0.240%),2/15/2023

d

14,986,811

10,000,000

3.770%

(SOFRRATE

+

0.730%),8/3/2023

d

9,996,820

Principal

Amount

Financials

(43.3%)

a

Value

Swedbank

AB/New

York

$

15,000,000

3.440%

(SOFRRATE

+

0.390%),11/3/2022

d

$

15,000,407

15,000,000

3.510%

(SOFRRATE

+

0.460%),12/23/2022

d

15,002,285

Thunder

Bay

Funding,

LLC

25,000,000

4.039%

(TSFR1M

+

0.370%),11/28/2022

b,c,d

25,000,000

Toronto-Dominion

Bank

24,861,000

3.612%

(LIBOR

3M

+

0.530%),12/1/2022

d

24,849,043

15,000,000

3.808%

(SOFRRATE

+

0.240%),1/6/2023

d

14,990,972

15,000,000

3.540%

(SOFRRATE

+

0.500%),3/6/2023

b,d

14,995,608

5,169,000

4.867%

(LIBOR

3M

+

0.640%),7/19/2023

d

5,167,435

Toronto-Dominion

Holdings

USA,

Inc.

15,000,000

3.280%

(SOFRRATE

+

0.250%),2/9/2023

d

14,990,738

15,000,000

3.530%

(FEDL

1M

+

0.450%),5/15/2023

d

14,984,596

15,000,000

3.690%

(SOFRRATE

+

0.650%),7/3/2023

d

14,989,459

Truist

Bank

11,000,000

3.933%

(SOFRRATE

+

0.730%),3/9/2023

d

10,997,064

US

Bank

NA/Cincinnati

OH

15,000,000

3.594%

(LIBOR

3M

+

0.400%),12/9/2022

d

14,987,543

Victory

Receivables

Corporation

25,000,000

3.600% ,12/15/2022

b,c

24,876,562

25,000,000

4.010% ,1/17/2023

b,c

24,756,575

Welltower,

Inc.

50,000,000

3.600% ,11/1/2022

b

49,995,240

25,000,000

3.835% ,11/3/2022

b

24,992,623

Westpac

Banking

Corporation

10,000,000

4.479%

(LIBOR

3M

+

0.570%),1/11/2023

d

9,993,652

26,046,000

4.331%

(LIBOR

3M

+

0.390%),1/13/2023

d

26,019,527

15,000,000

3.270%

(SOFRRATE

+

0.220%),1/27/2023

b,d

14,989,268

5,000,000

3.625%

(LIBOR

3M

+

0.720%),5/15/2023

d

5,001,581

Westpac

Banking

Corporation/NY

15,000,000

3.240%

(SOFRRATE

+

0.190%),1/12/2023

d

14,991,524

Total

1,830,181,534

Principal

Amount

Technology

(

1.7%

)

a

Value

QUALCOMM,

Inc.

25,000,000

3.260% ,11/30/2022

b

24,922,292

25,170,000

5.145%

(LIBOR

3M

+

0.730%),1/30/2023

d

25,182,679

Visa,

Inc.

20,000,000

2.800% ,12/14/2022

19,966,601

Total

70,071,572

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

46

Principal

Amount

Transportation

(

0.3%

)

a

Value

Canadian

Pacific

Railway

Company

$

10,600,000

3.650% ,11/3/2022

b

$

10,596,907

Total

10,596,907

Principal

Amount

U.S.

Government

&

Agencies

(

9.5%

)

a

Value

Federal

Home

Loan

Bank

50,000,000

3.060%

(SOFRRATE

+

0.010%),12/27/2022

d

50,000,567

15,000,000

3.060%

(SOFRRATE

+

0.010%),12/29/2022

d

15,000,470

10,000,000

3.070%

(SOFRRATE

+

0.020%),1/3/2023

d

10,001,597

20,000,000

3.065%

(SOFRRATE

+

0.015%),1/26/2023

d

20,000,290

15,000,000

3.075%

(SOFRRATE

+

0.025%),1/27/2023

d

15,001,859

30,000,000

3.075%

(SOFRRATE

+

0.025%),2/6/2023

d

30,003,836

10,000,000

3.080%

(SOFRRATE

+

0.030%),2/28/2023

d

10,000,304

25,000,000

3.080%

(SOFRRATE

+

0.030%),3/21/2023

d

25,000,374

15,000,000

3.090%

(SOFRRATE

+

0.040%),3/27/2023

d

15,000,721

50,000,000

3.105%

(SOFRRATE

+

0.055%),4/3/2023

d

50,005,496

20,000,000

3.100%

(SOFRRATE

+

0.050%),6/27/2023

d

20,006,393

20,000,000

3.100%

(SOFRRATE

+

0.050%),6/27/2023

d

20,006,393

3,330,000

3.120%

(SOFRRATE

+

0.070%),12/14/2023

d

3,330,174

U.S.

International

Development

Finance

Corporation

10,208,462

3.380%

(T-BILL

3M

+

FLAT),11/7/2022

d

10,208,462

21,200,000

0.830% ,12/14/2022

21,228,064

3,700,000

0.950% ,4/23/2023

3,714,607

3,333,331

3.480%

(T-BILL

3M

+

FLAT),5/15/2026

d

3,333,330

7,327,800

3.530%

(T-BILL

3M

+

FLAT),9/2/2031

d

7,327,800

12,072,649

3.450%

(T-BILL

3M

+

FLAT),3/15/2032

d

12,072,649

12,393,162

3.450%

(T-BILL

3M

+

FLAT),6/15/2032

d

12,393,162

U.S.

Treasury

Notes

50,000,000

4.078%

(USBMMY

3M

+

0.037%),7/31/2024

d

49,947,114

Total

403,583,662

Principal

Amount

U.S.

Municipals

(

0.4%

)

a

Value

Austin,

TX

8,100,000

3.430% ,12/1/2022

c

8,099,239

Los

Angeles

County

Metropolitan

Transportation

Auth.

10,000,000

3.460% ,12/7/2022

c

9,999,919

Total

18,099,158

Principal

Amount

Utilities

(

18.0%

)

a

Value

Ameren

Corporation

$

25,000,000

3.550% ,11/1/2022

$

24,997,662

25,000,000

3.550% ,11/2/2022

24,995,231

Ameren

Illinois

Company

25,000,000

4.200% ,11/22/2022

24,939,913

American

Electric

Power

Company,

Inc.

25,000,000

4.050% ,11/15/2022

b

24,959,823

25,000,000

4.050% ,11/16/2022

b

24,957,022

American

Water

Capital

Corporation

10,000,000

3.800% ,11/8/2022

b,c

9,992,042

Centerpoint

Energy,

Inc.

15,600,000

4.300% ,11/28/2022

b

15,551,491

Consolidated

Edison,

Inc.

25,000,000

4.180% ,11/14/2022

b

24,962,608

25,000,000

4.120% ,11/15/2022

b

24,959,823

Dominion

Energy

South

Carolina,

Inc.

10,000,000

3.780% ,11/2/2022

9,998,079

Dominion

Energy,

Inc.

6,600,000

4.150% ,11/8/2022

b

6,594,455

DTE

Energy

Company

25,000,000

4.110% ,11/9/2022

b,c

24,976,300

25,000,000

4.220% ,11/14/2022

b,c

24,962,608

25,000,000

4.210% ,11/16/2022

b,c

24,957,022

25,000,000

4.270% ,11/17/2022

b,c

24,954,206

Duke

Energy

Corporation

25,000,000

3.490% ,11/1/2022

b

24,997,676

25,000,000

4.120% ,11/7/2022

b

24,981,771

25,000,000

4.120% ,11/8/2022

b

24,979,095

Enbridge

US,

Inc.

10,000,000

4.150% ,11/10/2022

b,c

9,988,950

25,000,000

4.300% ,11/21/2022

b,c

24,940,558

Entergy

Corporation

6,700,000

3.600% ,11/16/2022

b

6,688,714

Exelon

Corporation

25,000,000

3.550% ,11/1/2022

b

24,997,662

15,000,000

4.000% ,11/7/2022

b

14,989,004

Florida

Power

&

Light

Company

25,905,000

2.961%

(SOFRINDX

+

0.250%),5/10/2023

d

25,816,075

National

Rural

Utilities

Cooperative

Finance

25,000,000

4.060% ,11/22/2022

24,944,496

Nextera

Energy

Capital

Holdings

25,000,000

4.120% ,11/14/2022

b,c

24,962,647

25,000,000

4.300% ,12/2/2022

b,c

24,910,289

NiSource,

Inc.

5,000,000

3.550% ,11/3/2022

b

4,998,541

10,000,000

3.850% ,11/8/2022

b

9,991,598

25,000,000

3.900% ,11/14/2022

b

24,962,608

25,000,000

4.000% ,11/15/2022

b

24,959,823

10,000,000

4.200% ,11/22/2022

b

9,975,965

PPL

Capital

Funding,

Inc.

4,490,000

3.450% ,11/1/2022

b,c

4,489,580

12,000,000

3.800% ,11/8/2022

b,c

11,989,917

PPL

Electric

Utilities

Corporation

25,000,000

3.891%

(LIBOR

3M

+

0.250%),9/28/2023

d

24,922,735

Southern

Company

Gas

Capital

Corporation

10,000,000

4.200% ,11/14/2022

b,c

9,984,853

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Utilities

(18.0%)

a

Value

TransCanada

American

Investments,

Ltd.

$

10,000,000

3.200% ,11/7/2022

b

$

9,992,669

10,000,000

3.950% ,12/19/2022

b

9,943,133

Virginia

Electric

&

Power

Company

25,000,000

3.850% ,11/16/2022

24,959,245

Xcel

Energy,

Inc.

16,050,000

3.850% ,11/4/2022

b

16,043,635

Total

761,169,524

Total

Investments

(cost

$4,277,946,560)

101.2%

$4,276,130,765

Other

Assets

and

Liabilities,

Net

(1.2)%

(49,347,067)

Total

Net

Assets

100.0%

$4,226,783,698

a

The

interest

rate

shown

reflects

the

yield.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

October

31,

2022,

the

value

of

these

investments

was

$2,669,193,427

or

63.1%

of

total

net

assets.

c

Denotes

investments

that

benefit

from

credit

enhancement

or

liquidity

support

provided

by

a

third

party

bank,

institution

or

government.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

October

31,

2022.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

Definitions:

Auth.

-

Authority

Ser.

-

Series

Reference

Rate

Index:

FEDL

1M

-

Federal

Funds

1

Month

Rate

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFRINDX

-

Secured

Overnight

Financing

Rate

Compounded

Index

SOFRRATE

-

Secured

Overnight

Financing

Rate

T-BILL

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

TSFR1M

-

CME

Term

SOFR

1

Month

USBMMY

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

Money    

Market

Yield

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$

152,462

Gross

unrealized

depreciation

(1,968,257)

Net

unrealized

appreciation

(depreciation)

$

(1,815,795)

Cost

for

federal

income

tax

purposes

$

4,277,946,560

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2022,

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

5,080,074

–

5,080,074

–

Basic

Materials

135,716,289

–

135,716,289

–

Capital

Goods

391,895,169

–

391,895,169

–

Communications

Services

74,931,605

–

74,931,605

–

Consumer

Cyclical

225,242,776

–

225,242,776

–

Consumer

Non-Cyclical

198,411,384

–

198,411,384

–

Energy

151,151,111

–

151,151,111

–

Financials

1,830,181,534

–

1,830,181,534

–

Technology

70,071,572

–

70,071,572

–

Transportation

10,596,907

–

10,596,907

–

U.S.

Government

&

Agencies

403,583,662

–

403,583,662

–

U.S.

Municipals

18,099,158

–

18,099,158

–

Utilities

761,169,524

–

761,169,524

–

Total

Investments

at

Value

$4,276,130,765

$–

$4,276,130,765

$–

Small

Cap

Value

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

48

Shares

Common

Stock

(

96.8%

)

Value

Communications

Services

(0.4%)

155,634

Imax

Corporation

a

$

1,981,221

Total

1,981,221

Consumer

Discretionary

(10.3%)

252,962

Cedar

Fair,

LP

10,422,034

631,482

Everi

Holdings,

Inc.

a

11,985,528

91,056

Grand

Canyon

Education,

Inc.

a

9,162,965

41,353

Lear

Corporation

5,736,075

66,241

Papa

John's

International,

Inc.

4,811,084

238,088

Tapestry,

Inc.

7,542,628

34,841

Wyndham

Hotels

&

Resorts,

Inc.

2,645,477

170,297

Zumiez,

Inc.

a

3,819,762

Total

56,125,553

Consumer

Staples

(4.8%)

29,740

Casey's

General

Stores,

Inc.

6,920,795

226,029

Hain

Celestial

Group,

Inc.

a

4,229,003

103,409

Lamb

Weston

Holdings,

Inc.

8,915,924

413,803

Primo

Water

Corporation

6,037,386

Total

26,103,108

Energy

(9.0%)

344,145

Helmerich

&

Payne,

Inc.

17,038,619

337,345

Magnolia

Oil

&

Gas

Corporation

8,663,019

151,800

Matador

Resources

Company

10,087,110

587,012

NOV,

Inc.

13,149,069

Total

48,937,817

Financials

(24.7%)

201,481

Banner

Corporation

15,060,705

508,757

Berkshire

Hills

Bancorp,

Inc.

14,881,142

284,709

Cadence

Bank

7,872,204

274,051

Columbia

Banking

System,

Inc.

9,172,487

413,445

Eastern

Bankshares,

Inc.

7,925,741

190,829

Equitable

Holdings,

Inc.

5,843,184

259,661

Federated

Hermes,

Inc.

9,023,220

778,200

First

Commonwealth

Financial

Corporation

11,159,388

50,283

Houlihan

Lokey,

Inc.

4,491,277

720,009

Old

National

Bancorp

14,083,376

100,314

RLI

Corporation

13,047,842

259,866

Synovus

Financial

Corporation

10,355,660

126,849

Wintrust

Financial

Corporation

11,875,603

Total

134,791,829

Health

Care

(6.1%)

89,990

Acadia

Healthcare

Company,

Inc.

a

7,316,187

183,429

Envista

Holdings

Corporation

a

6,054,991

73,941

Halozyme

Therapeutics,

Inc.

a

3,535,119

79,544

Ionis

Pharmaceuticals,

Inc.

a

3,515,845

156,041

NuVasive,

Inc.

a

6,886,089

57,354

Progyny,

Inc.

a

2,550,533

72,797

Syneos

Health,

Inc.

a

3,667,513

Total

33,526,277

Industrials

(18.8%)

243,263

AAR

Corporation

a

10,781,416

131,956

Air

Lease

Corporation

4,656,727

146,736

Barnes

Group,

Inc.

5,190,052

54,519

Crane

Holdings,

Company

5,470,437

39,274

Curtiss-Wright

Corporation

6,591,355

336,310

Dun

&

Bradstreet

Holdings,

Inc.

4,321,584

Shares

Common

Stock

(96.8%)

Value

Industrials

(18.8%)

-

continued

45,197

Forward

Air

Corporation

$

4,785,006

286,139

Greenbrier

Companies,

Inc.

10,103,568

153,502

IAA,

Inc.

a

5,822,331

163,326

Kirby

Corporation

a

11,391,989

158,421

ManpowerGroup,

Inc.

12,410,701

828,046

Resources

Connection,

Inc.

15,128,400

45,254

WESCO

International,

Inc.

a

6,234,644

Total

102,888,210

Information

Technology

(7.0%)

97,285

Ciena

Corporation

a

4,659,952

273,984

Knowles

Corporation

a

3,767,280

11,809

Littelfuse,

Inc.

2,600,932

217,947

National

Instruments

Corporation

8,321,216

83,412

Plexus

Corporation

a

8,207,741

107,169

TTEC

Holdings,

Inc.

4,765,805

397,742

TTM

Technologies,

Inc.

a

6,089,430

Total

38,412,356

Materials

(6.9%)

75,295

AptarGroup,

Inc.

7,465,499

59,879

Ashland,

Inc.

6,282,505

50,855

Berry

Plastics

Group,

Inc.

a

2,406,459

175,535

Carpenter

Technology

Corporation

6,565,009

93,902

Compass

Minerals

International,

Inc.

3,712,885

91,938

Ingevity

Corporation

a

6,184,669

189,907

Summit

Materials,

Inc.

a

5,004,049

Total

37,621,075

Real

Estate

(6.0%)

99,014

Agree

Realty

Corporation

6,802,262

431,290

Cushman

and

Wakefield

plc

a

4,981,399

160,881

Healthcare

Realty

Trust,

Inc.

3,270,711

415,926

Independence

Realty

Trust,

Inc.

6,970,920

93,958

National

Storage

Affiliates

Trust

4,008,248

410,272

Pebblebrook

Hotel

Trust

6,580,763

Total

32,614,303

Utilities

(2.8%)

114,298

Black

Hills

Corporation

7,471,660

110,867

Spire,

Inc.

7,739,626

Total

15,211,286

Total

Common

Stock

(cost

$518,435,211)

528,213,035

Shares

Short-Term

Investments

(

3.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

1,714,825

3.610%

17,148,252

Total

Short-Term

Investments

(cost

$17,148,252)

17,148,252

Total

Investments

(cost

$535,583,463)

100.0%

$545,361,287

Other

Assets

and

Liabilities,

Net

<0.1%

219,891

Total

Net

Assets

100.0%

$545,581,178

a

Non-income

producing

security.

Small

Cap

Value

Fund

Schedule

of

Investments

as

of

October

31,

2022

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

49

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$

35,966,303

Gross

unrealized

depreciation

(28,602,000)

Net

unrealized

appreciation

(depreciation)

$

7,364,303

Cost

for

federal

income

tax

purposes

$

537,996,984

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

October

31,

2022,

in

valuing

Small

Cap

Value

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

1,981,221

1,981,221

–

–

Consumer

Discretionary

56,125,553

56,125,553

–

–

Consumer

Staples

26,103,108

26,103,108

–

–

Energy

48,937,817

48,937,817

–

–

Financials

134,791,829

134,791,829

–

–

Health

Care

33,526,277

33,526,277

–

–

Industrials

102,888,210

102,888,210

–

–

Information

Technology

38,412,356

38,412,356

–

–

Materials

37,621,075

37,621,075

–

–

Real

Estate

32,614,303

32,614,303

–

–

Utilities

15,211,286

15,211,286

–

–

Subtotal

Investments

in

Securities

$528,213,035

$528,213,035

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

17,148,252

Subtotal

Other

Investments

$17,148,252

Total

Investments

at

Value

$545,361,287

*

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

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Fund.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities. 

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Value

Fund,

is

as

follows:

Fund

Value

3/31/2022

Gross

Purchases

Gross

Sales

Value

10/31/2022

Shares

Held

at

10/31/2022

%

of

Net

Assets

10/31/2022

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.610%

$—

$246,537

$229,389

$17,148

1,715

3.2%

Total

Affiliated

Short-Term

Investments

—

17,148

3.2

Total

Value

$—

$17,148

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

3/31/2022

-

10/31/2022

Affiliated

Registered

Investment

Companies

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

3.610%

$–

$–

$–

$158

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$158

Total

$–

$–

$–

Thrivent

Core

Funds

Statement

of

Assets

and

Liabilities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

50

As

of

October

31,

2022

Emerging

Markets

Debt

Fund

Emerging

Markets

Equity

Fund

International

Equity

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$938,987,647

$498,460,265

$443,400,434

Investments

in

affiliated

securities

at

cost

$32,793,642

$5,704,064

$4,844,861

Investments

in

unaffiliated

securities

at

value

(#)

714,149,988

397,411,670

424,307,401

Investments

in

affiliated

securities

at

value

32,793,642

5,704,064

4,844,861

Cash

47,810

26,615

—

Foreign

currency

1,295

(a)

462,292

(b)

789,822

(c)

Initial

margin

deposit

on

open

futures

contracts

—

1,796,763

506,968

Dividends

and

interest

receivable

11,747,941

595,815

3,041,902

Prepaid

expenses

4,172

3,534

3,521

Prepaid

trustee

fees

1,263

1,263

1,263

Receivable

for:

Investments

sold

—

—

3,844,418

Total

Assets

758,746,111

406,002,016

437,340,156

Liabilities

Accrued

expenses

19,744

144,254

61,807

Payable

for:

Investments

purchased

—

—

2,954,433

Return

of

collateral

for

securities

loaned

13,502,839

1,648,950

3,638,761

Foreign

capital

gain

tax

liability

—

468,923

—

Variation

margin

on

open

future

contracts

—

57,720

57,717

Administrative

service

fees

10,671

6,189

5,994

Director

deferred

compensation

2,198

1,591

2,198

Contingent

liabilities^

—

—

—

Total

Liabilities

13,535,452

2,327,627

6,720,910

Net

Assets

Capital

stock

(beneficial

interest)

1,027,180,296

546,171,069

480,159,079

Distributable

earnings/(accumulated

loss)

(281,969,637)

(142,496,680)

(49,539,833)

Total

Net

Assets

$745,210,659

$403,674,389

$430,619,246

Shares

of

beneficial

interest

outstanding

105,328,550

54,366,063

52,045,629

Net

asset

value

per

share

$7.08

$7.43

$8.27

(#)

Includes

securities

on

loan

of

$13,095,445

$1,593,910

$3,370,785

(a)

Foreign

currency

holdings,

(cost

$1,291).

(b)

Foreign

currency

holdings,

(cost

$458,144).

(c)

Foreign

currency

holdings,

(cost

$779,868).

^

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.

51

As

of

October

31,

2022

Low

Volatility

Equity

Fund

Short-Term

Reserve

Fund

Small

Cap

Value

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$917,855,910

$4,277,946,560

$518,435,211

Investments

in

affiliated

securities

at

cost

$1,086,160

$—

$17,148,252

Investments

in

unaffiliated

securities

at

value

(#)

1,005,980,866

4,276,130,765

528,213,035

Investments

in

affiliated

securities

at

value

1,086,160

—

17,148,252

Cash

—

410,842

—

Dividends

and

interest

receivable

1,208,340

7,096,947

241,757

Prepaid

expenses

4,517

14,117

4,982

Prepaid

trustee

fees

1,263

1,263

1,263

Receivable

for:

Investments

sold

30,059,046

—

—

Total

Assets

1,038,340,192

4,283,653,934

545,609,289

Liabilities

Distributions

payable

—

11,752,542

—

Accrued

expenses

13,316

27,116

19,568

Payable

for:

Investments

purchased

30,331,264

45,087,541

—

Administrative

service

fees

13,771

—

7,365

Director

deferred

compensation

2,190

3,037

1,178

Contingent

liabilities^

—

—

—

Total

Liabilities

30,360,541

56,870,236

28,111

Net

Assets

Capital

stock

(beneficial

interest)

824,733,102

4,229,905,415

539,996,818

Distributable

earnings/(accumulated

loss)

183,246,549

(3,121,717)

5,584,360

Total

Net

Assets

$1,007,979,651

$4,226,783,698

$545,581,178

Shares

of

beneficial

interest

outstanding

83,390,661

422,794,978

58,257,886

Net

asset

value

per

share

$12.09

$10.00

$9.36

(#)

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.

52

For

the

year

ended

October

31,

2022

Emerging

Markets

Debt

Fund

Emerging

Markets

Equity

Fund

International

Equity

Fund

Investment

Income

Dividends

$163,278

$19,837,157

$16,242,465

Interest

47,784,214

5,032

4,926

Affiliated

income

from

securities

loaned,

net

82,269

67,620

93,363

Income

from

affiliated

investments

254,766

67,773

15,422

Foreign

tax

withholding

—

(2,049,463)

(1,794,825)

Total

Investment

Income

48,284,527

17,928,119

14,561,351

Expenses

Administrative

service

fees

222,029

158,812

161,501

Audit

and

legal

fees

39,399

73,751

67,513

Custody

fees

67,910

665,877

176,187

Insurance

expenses

7,061

5,873

5,991

Printing

and

postage

expenses

7,010

9,710

8,786

Transfer

agent

fees

8,750

8,750

8,750

Directors'

fees

8,214

8,336

8,214

Pricing

service

fees

27,283

45,128

41,768

Other

expenses

13,793

27,447

18,495

Total

Expenses

Before

Reimbursement

401,449

1,003,684

497,205

Total

Net

Expenses

401,449

1,003,684

497,205

Net

Investment

Income/(Loss)

47,883,078

16,924,435

14,064,146

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(41,236,020)

(40,772,895)

(a)

7,011,901

Distributions

of

realized

capital

gains

from

affiliated

investments

6,585

807

1,437

Futures

contracts

—

(8,743,873)

(2,321,302)

Foreign

currency

transactions

(31)

(956,640)

(736,661)

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

(237,746,529)

(154,974,555)

(161,399,150)

Futures

contracts

—

(537,254)

(99,376)

Foreign

currency

transactions

3

(8,023)

(236,331)

Foreign

capital

gain

tax

liability

—

965,953

—

Net

Realized

and

Unrealized

Gains/(Losses)

(278,975,992)

(205,026,480)

(157,779,482)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$(231,092,914)

$(188,102,045)

$(143,715,336)

(a)

Includes

foreign

capital

gain

taxes

paid

of  $809,622.

Thrivent

Core

Funds

Statement

of

Operations

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

53

For

the

year

ended

October

31,

2022

Low

Volatility

Equity

Fund

Short-Term

Reserve

Fund

Small

Cap

Value

Fund

(a)

Investment

Income

Dividends

$20,215,316

$—

$3,614,322

Interest

—

68,378,771

11,074

Affiliated

income

from

securities

loaned,

net

56,181

—

—

Income

from

affiliated

investments

17,374

—

158,213

Foreign

tax

withholding

(2,994)

—

(9,290)

Total

Investment

Income

20,285,877

68,378,771

3,774,319

Expenses

Administrative

service

fees

247,311

90,000

80,549

Amortization

of

offering

costs

—

—

2,582

Audit

and

legal

fees

40,432

55,837

32,591

Custody

fees

18,297

87,260

13,773

Insurance

expenses

7,293

23,329

2,999

Printing

and

postage

expenses

7,467

7,491

3,660

Transfer

agent

fees

8,750

8,750

2,917

Directors'

fees

8,215

8,059

5,189

Pricing

service

fees

1,188

59,999

564

Other

expenses

12,887

12,643

4,729

Total

Expenses

Before

Reimbursement

351,840

353,368

149,553

Less:

Reimbursement

from

adviser

—

—

(501)

Total

Net

Expenses

351,840

353,368

149,052

Net

Investment

Income/(Loss)

19,934,037

68,025,403

3,625,267

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

82,480,620

(323,842)

(7,821,313)

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

(159,849,266)

(1,727,231)

9,777,824

Net

Realized

and

Unrealized

Gains/(Losses)

(77,368,646)

(2,051,073)

1,956,511

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$(57,434,609)

$65,974,330

$5,581,778

(a)

For

the

period

from

March

31,

2022

(commencement

date

of

operations

)

through

October

31,

2022.

Thrivent

Core

Funds

Statement

of

Changes

in

Net

Assets

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

54

Emerging

Markets

Debt

Fund

Emerging

Markets

Equity

Fund

For

the

periods

ended

10/31/2022

10/31/2021

10/31/2022

10/31/2021

Operations

Net

investment

income/(loss)

$47,883,078

$47,974,402

$16,924,435

$13,265,387

Net

realized

gains/(losses)

(41,229,466)

21,993,129

(50,472,601)

38,640,217

Change

in

net

unrealized

appreciation/(depreciation)

(237,746,526)

(36,220,304)

(154,553,879)

26,430,498

Net

Change

in

Net

Assets

Resulting

From

Operations

(231,092,914)

33,747,227

(188,102,045)

78,336,102

Distributions

to

Shareholders

From

net

investment

income/net

realized

gains

(48,512,364)

(47,899,803)

(49,869,819)

(4,409,076)

Total

Distributions

to

Shareholders

(48,512,364)

(47,899,803)

(49,869,819)

(4,409,076)

Capital

Stock

Transactions

Sold

9,046,411

107,389,510

104,000,000

40,000,000

Distributions

reinvested

48,512,364

47,899,803

49,869,819

4,409,076

In-kind

contributions

–

–

–

–

Redeemed

(160,850,000)

(11,225,000)

(63,000,000)

(46,000,000)

Total

Capital

Stock

Transactions

(103,291,225)

144,064,313

90,869,819

(1,590,924)

Net

Increase/(Decrease)

in

Net

Assets

(382,896,503)

129,911,737

(147,102,045)

72,336,102

Net

Assets,

Beginning

of

Period

1,128,107,162

998,195,425

550,776,434

478,440,332

Net

Assets,

End

of

Period

$745,210,659

$1,128,107,162

$403,674,389

$550,776,434

Capital

Stock

Share

Transactions

Sold

952,421

10,845,208

9,212,412

3,683,241

Distributions

reinvested

5,936,635

4,816,445

4,589,026

373,967

In-kind

contributions

–

–

–

–

Redeemed

(17,774,981)

(1,149,895)

(6,000,557)

(3,674,748)

Total

Capital

Stock

Share

Transactions

(10,885,925)

14,511,758

7,800,881

382,460

(a)

For

the

period

from

March

31,

2022

(commencement

date

of

operations)

through

October

31,

2022.

Thrivent

Core

Funds

Statement

of

Changes

in

Net

Assets

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

55

International

Equity

Fund

Low

Volatility

Equity

Fund

Short-Term

Reserve

Fund

Small

Cap

Value

Fund

10/31/2022

10/31/2021

10/31/2022

10/31/2021

10/31/2022

10/31/2021

10/31/2022

(a)

$14,064,146

$17,644,265

$19,934,037

$21,663,270

$68,025,403

$9,785,688

$3,625,267

3,955,375

95,318,989

82,480,620

166,274,816

(323,842)

(542,325)

(7,821,313)

(161,734,857)

153,742,953

(159,849,266)

145,736,165

(1,727,231)

(647,261)

9,777,824

(143,715,336)

266,706,207

(57,434,609)

333,674,251

65,974,330

8,596,102

5,581,778

(27,365,817)

(19,950,771)

(172,294,759)

(32,373,378)

(68,025,403)

(9,785,688)

–

(27,365,817)

(19,950,771)

(172,294,759)

(32,373,378)

(68,025,403)

(9,785,688)

–

4,000,000

–

–

–

17,293,208,588

18,212,557,460

540,100,000

27,365,817

19,950,771

172,294,759

32,373,378

–

–

–

–

235,994,120

–

–

–

–

–

(222,651,148)

(448,700,000)

(92,000,000)

(572,000,000)

(19,602,553,084)

(16,395,605,721)

(100,600)

(191,285,331)

(192,755,109)

80,294,759

(539,626,622)

(2,309,344,496)

1,816,951,739

539,999,400

(362,366,484)

54,000,327

(149,434,609)

(238,325,749)

(2,311,395,569)

1,815,762,153

545,581,178

792,985,730

738,985,403

1,157,414,260

1,395,740,009

6,538,179,267

4,722,417,114

–

$430,619,246

$792,985,730

$1,007,979,651

$1,157,414,260

$4,226,783,698

$6,538,179,267

$545,581,178

345,126

–

–

–

1,729,320,858

1,821,255,746

58,267,886

2,517,554

2,025,459

13,127,212

2,583,208

–

–

–

–

25,243,607

–

–

–

–

–

(20,517,410)

(45,041,990)

(6,980,273)

(45,523,459)

(1,960,255,308)

(1,639,560,572)

(10,000)

(17,654,730)

(17,772,924)

6,146,939

(42,940,251)

(230,934,450)

181,695,174

58,257,886

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2022

56

1) ORGANIZATION

Thrivent

Core

Funds

(the

“Trust”)

was

organized

as

a

Delaware

statutory

trust

on

March

18,

2016,

and

is

registered

as

an

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940.

The

Trust

is

established

solely

for

investment

by

other

Thrivent

entities. 

The

Trust

is

authorized

to

issue

an

unlimited

number

of

shares

of

beneficial

interest

with

a

par

value

(if

any)

as

the

Trust's

Board

of

Trustees

may

determine

from

time

to

time. 

The

Trust

is

divided

into six separate

series,

each

with

its

own

investment

objective

and

policies

(each,

a

"Fund"

and,

collectively,

the

"Funds"). 

The six 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, Thrivent

Core

Short-Term

Reserve

Fund

and

Thrivent

Core

Small

Cap

Value

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

Small

Cap

Value

Fund

was

incepted

on February

28,

2022

and

commenced

operations

on

March

31,

2022.

The

Funds

are

each an

investment

company

which

follows

the

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

Topic

946

–

Financial

Services

–

Investment

Companies.

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

with

vendors

and

others

that

provide

general

damage

clauses.

The

Trust's

maximum

exposure

under

these

contracts

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust.

However,

based

on

experience,

the

Trust

expects

the

risk

of

loss

to

be

remote.

(2)

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments 

— The

Funds

record

their

investments

at

fair

value

using

market

quotations

when

they

are

readily

available

pursuant

to

Rule

2a-5. 

The

Funds'

investments

are

recorded

at

fair

value

when

market

quotations

are

not

readily

available. 

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the

last

sale

price

on

the

principal

exchange

as

of

the

close

or

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system.

Over-the-counter

securities

and

listed

securities

for

which

no

price

is

readily

available

are

valued

at

the

current

bid

price

considered

best

to

represent

the

value

at

that

time.

Security

prices

are

based

on

quotes

that

are

obtained

from

an

independent

pricing

service

approved

by

the

Trust’s

Board

of

Trustees

(the

“Board”).

The

pricing

service,

in

determining

values

of

fixed-income

securities,

takes

into

consideration

such

factors

as

current

quotations

by

broker/dealers,

coupon,

maturity,

quality,

type

of

issue,

trading

characteristics,

and

other

yield

and

risk

factors

it

deems

relevant

in

determining

valuations.

Securities

which

cannot

be

valued

by

the

approved

pricing

service

are

valued

using

valuations

obtained

from

dealers

that

make

markets

in

the

securities.

Exchange-listed

options

and

future

contracts

are

valued

at

the

primary

exchange

settle

price.

Exchange

cleared

swap

agreements

are

valued

at

the

clearinghouse

end

of

day

price.

Swap

agreements

not

cleared

on

exchanges

will

be

valued

at

the

mid-price

from

the

primary

approved

pricing

service.

Forward

foreign

currency

exchange

contracts

are

marked-to-market

based

upon

foreign

currency

exchange

rates

provided

by

the

pricing

service. Investments

in

open-ended

mutual

funds

are

valued

at

the

net

asset

value

at

the

close

of

each

business

day.

  The

Board

has

chosen

the

Funds'

investment

adviser,

Thrivent

Asset

Management,

LLC

(the

"Adviser")

as

the

valuation

designee,

responsible

for

daily

valuation

of

the

Funds'

securities.

The

Adviser

has

formed

a

Valuation

Committee

(the

“Committee”)

that

is

responsible

for

overseeing

the

Funds'

valuation

policies

in

accordance

with

Valuation

Policies

and

Procedures.

The

Committee

meets

on

a

monthly

and

on

an

as-needed

basis

to

review

price

challenges,

price

overrides,

stale

prices,

shadow

prices,

manual

prices,

money

market

pricing,

international

fair

valuation,

and

other

securities

requiring

fair

valuation. 

The

Committee

monitors

for

significant

events

occurring

prior

to

the

close

of

trading

on

the

New

York

Stock

Exchange

that

could

have

a

material

impact

on

the

value

of

any

securities

that

are

held

by

the

Funds.

Examples

of

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments.

If

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

in

determining

the

fair

value

of

such

securities.

If

market

quotations

or

prices

are

not

readily

available

or

determined

to

be

unreliable,

the

securities

will

be

valued

at

fair

value

as

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP"),

the

various

inputs

used

to

determine

the

fair

value

of

the

Funds'

investments

are

summarized

in

three

broad

levels.  Level

1

includes

quoted

prices

in

active

markets

for

identical

securities,

typically

included

in

this

level

are

U.S.

equity

securities,

futures,

options

and

registered

investment

company

funds.  Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk,

typically

included

in

this

level

are

fixed

income

securities,

international

securities,

swaps

and

forward

contracts.  Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments. The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments. 

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available-for-sale

are

not

categorized

within

the

fair

value

hierarchy.

Valuation

of

International

Securities

—

The

Funds

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2022

57

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

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Currency

Translation 

—

The

accounting

records

of

each

Fund

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

daily

closing

rates

of

exchange.

Foreign

currency

amounts

related

to

the

purchase

or

sale

of

securities

and

income

and

expenses

are

translated

at

the

exchange

rate

on

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

or

losses

between

the

trade

date

and

settlement

date

on

securities

transactions,

and

other

translation

gains

or

losses

on

dividends,

interest

income

and

foreign

withholding

taxes.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement

of

Operations.

For

federal

income

tax

purposes,

the

Funds

treat

the

effect

of

changes

in

foreign

exchange

rates

arising

from

actual

foreign

currency

transactions

and

the

changes

in

foreign

exchange

rates

between

the

trade

date

and

settlement

date

as

ordinary

income.

Federal

Income

Taxes 

—

No

provision

has

been

made

for

income

taxes

because

each

Fund’s

policy

is

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code

and

distribute

substantially

all

investment

company

taxable

income

and

net

capital

gain

on

a

timely

basis.

It

is

also

the

intention

of

each

Fund

to

distribute

an

amount

sufficient

to

avoid

imposition

of

any

federal

excise

tax.

The

Funds,

accordingly,

anticipate

paying

no

federal

taxes

and

no

federal

tax

provision

was

recorded.

Each

Fund

is

treated

as

a

separate

taxable

entity

for

federal

income

tax

purposes.

Funds

may

utilize

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares

as

part

of

the

dividends

paid

deduction.

GAAP

requires

management

of

the Funds

(i.e.,

the

Adviser) to

make

additional

tax

disclosures

with

respect

to

the

tax

effects

of

certain

income

tax

positions,

whether

those

positions

were

taken

on

previously

filed

tax

returns

or

are

expected

to

be

taken

on

future

returns.

These

positions

must

meet

a

“more

likely

than

not”

standard

that,

based

on

the

technical

merits

of

the

position,

it

would

have

a

greater

than

50

percent

likelihood

of

being

sustained

upon

examination.

In

evaluating

whether

a

tax

position

has

met

the

more-

likely-than-not

recognition

threshold, the Adviser

must

presume

that

the

position

will

be

examined

by

the

appropriate

taxing

authority

that

has

full

knowledge

of

all

relevant

information.

The

Adviser

analyzed

all

open

tax

years,

as

defined

by

the

statute

of

limitations,

for

all

major

jurisdictions.

Open

tax

years

are

those

that

are

open

for

examination

by

taxing

authorities.

Major

jurisdictions

for

the Funds

include

U.S.

Federal,

and

certain

state

jurisdictions

as

well

as

certain

foreign

countries.

The Funds'

federal

income

tax

returns

are

subject

to

examination

for

a

period

of

three

years

after

the

filing

of

the

return

for

the

tax

period.

State

returns

may

be

subject

to

examination

for

an

additional

year

depending

on

the

jurisdiction.

The Funds

have

no

examinations

in

progress

and

none

are

expected

at

this

time. 

As

of

October

31,

2022,

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, Low

Volatility

Equity

Fund

and Small Cap

Value 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

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2022

58

the

close

of

the

fiscal

year. 

In

addition,

the

Funds

may

claim

a

portion

of

the

payment

made

to

redeeming

shareholders

as

a

distribution

for

income

tax

purposes. 

Derivative

Financial

Instruments 

— Certain

Funds

may

invest

in

derivatives,

a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts

and

hybrid

instruments.

Derivatives

are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency.

Each applicable

Fund

may

use

derivatives

for

hedging

(attempting

to

offset

a

potential

loss

in

one

position

by

establishing

an

interest

in

an

opposite

position).

This

includes

the

use

of

currency-based

derivatives to

manage

the

risk

of its

positions

in

foreign

securities.

Each applicable

Fund

may

also

use

derivatives

for

replication

of

a

certain

asset

class

or

speculation

(investing

for

potential

income

or

capital

gain).

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

("OTC").

A

derivative

may

incur

a loss

if

the

value

of

the

derivative

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

derivative.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

derivative.

A

Fund’s

risk

of

loss

from

the

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

such

Fund.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

is

minimal

counterparty

credit

risk

to

the

Funds

because

the

exchange’s

clearinghouse,

as

counterparty

to

such

derivatives,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

derivative;

thus,

the

credit

risk

is

limited

to

the

failure

of

the

clearinghouse.

However,

credit

risk

still

exists

in

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

broker’s

customer

accounts.

While

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

on

a

pro-

rata

basis

across

all

the

broker’s

customers,

potentially

resulting

in

losses to

the

Funds.

Using

derivatives

to

hedge

can

guard

against

potential

risks,

but

it

also

adds

to

the

Funds'

expenses

and

can

eliminate

some

opportunities

for

gains.

In

addition,

a

derivative

used

for mitigating

exposure or

replication

may

not

accurately

track

the

value

of

the

underlying

asset.

Another

risk

with

derivatives

is

that

some

types

can

amplify

a

gain

or

loss,

potentially

earning

or

losing

substantially

more

money

than

the

actual

cost

of

the

derivative.

 In

order

to

define

their

contractual

rights

and

to

secure

rights

that

will

help

the

Funds

mitigate

their

counterparty

risk,

the

Funds

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/

or

termination

event.

Under

an

ISDA

Master

Agreement,

each

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivatives'

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

a

default

(close-out

netting)

including

the

bankruptcy

or

insolvency

of

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

and

margin

requirements

vary

by

type

of

derivative.

Margin

requirements

are

established

by

the

broker

or

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum

requirements in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options,

swaps).

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark

to

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

has

been

noted

in

the

Schedule

of

Investments.

To

the

extent

amounts

due

to

the

Fund

from

its

counterparties

are

not

fully

collateralized,

contractually

or

otherwise,

the

Fund

bears

the

risk

of

loss

from

counterparty

nonperformance.

The

Funds

attempt

to

mitigate

counterparty

risk

by

only

entering

into

agreements

with

counterparties

that

they

believe

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Futures

Contracts 

— Certain

Funds may

use

futures

contracts

to

manage

the

exposure

to

interest

rate

and

market

or

currency

fluctuations.

Gains

or

losses

on

futures

contracts

can

offset

changes

in

the

yield

of

securities.

When

a

futures

contract

is

opened,

cash

or

other

investments

equal

to

the

required

“initial

margin

deposit”

are

held

on

deposit

with

and

pledged

to

the

broker.

Additional

securities

held

by

the

Funds

may

be

earmarked

to

cover

open

futures

contracts.

The

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the year ended October

31,

2022,

Core

Emerging

Markets

Equity

and

Core

International

Equity used

equity

futures

to

manage

exposure

to

the

equities

market.

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2022

59

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements

in

the

Statement

of

Assets

and

Liabilities.

The

amounts

presented

in

the

table

below

are

offset

first

by

financial

instruments

that

have

the

right

to

offset

under

master

netting

or

similar

arrangements,

then

any

remaining

amount

is

reduced

by

cash

and

non-cash

collateral

received/pledged.

The

actual

amounts

of

collateral

may

be

greater

than

the

amounts

presented

in

the

table.

The

following

table

presents

the

gross

and

net

information

about

liabilities

subject

to

master

netting

arrangements,

as

presented

in the

Statement

of

Assets

and

Liabilities:

Securities

Lending 

—

The

Trust

has

entered

into

a

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA,

doing

business

as

Goldman

Sachs Agency

Lending ("GSAL").

The

Agreement

authorizes

GSAL

to

lend

securities

to

authorized

borrowers

on

behalf

of

the

Funds.

Pursuant

to

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

to

at

least

102%

of

the

market

value

of

U.S.

securities

and

105% of

the

market

value

of non-U.S.

securities.

Daily

market

fluctuations

could

cause

the

value

of

loaned

securities

to

be

more

or

less

than

the

value

of

the

collateral

received. 

Any

additional

collateral

is

adjusted

and

settled

on

the

next

business

day. 

The

Trust

has

the

ability

to

recall

the

loans

at

any

time

and

could

do

so

in

order

to

vote

proxies

or

sell

the

loaned

securities. 

All

cash

collateral

received

is

invested

in

Thrivent

Cash

Management

Trust.

The

Funds

receive dividends

and

interest

that would

have

been

earned

on

the

securities

loaned

while

simultaneously

seeking

to

earn

income

on

the

investment

of

cash

collateral.

Amounts

earned

on

investments

in

Thrivent

Cash

Management

Trust,

net

of

rebates,

fees

paid

to

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

in

affiliated income

from

securities

loaned,

net on

the

Statement

of

Operations. 

By

investing

any

cash

collateral

it

receives

in

these

transactions,

a

Fund

could

realize

additional

gains

or

losses.

If

the

borrower

fails

to

return

the

securities

or

the

invested

collateral

has

declined

in

value, a

Fund

could

lose

money. 

Generally,

in

the

event

of

borrower

default, a Fund

has

the

right

to

use

the

collateral

to

offset

any

losses

incurred. 

However,

in

the

event a

Fund

is

delayed

or

prevented

from

exercising

its

right

to

dispose

of

the

collateral,

there

may

be

a

potential

loss. 

Some

of

these

losses

may

be

indemnified

by

the

lending

agent. 

As

of

October

31,

2022,

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

customary

settlement

period.

When

delayed-delivery

purchases

are

outstanding, the

Funds

will

designate

liquid

assets

in

an

amount

sufficient

to

meet

the

purchase

price.

When

purchasing

a

security

on

a

delayed-delivery

basis, the

Funds

assume

the

rights

and

risks

of

ownership

of

the

security,

including

the

risk

of

price

and

yield

fluctuations,

and

take

such

fluctuations

into

account

when

determining

its

net

asset

value. A

Fund

may

dispose

of

a

delayed-

delivery

transaction

after

it

is

entered

into,

and

may

sell

when-issued

securities

before

they

are

delivered,

which

may

result

in

a

capital

gain

or

loss.

When a Fund

has

sold a

security

on

a

delayed-delivery

basis, a

Fund

does

not

participate

in

future

gains

and

losses

with

respect

to

the

security.

Contingent

Liabilities

— 

In

the

event

of

adversary

action

proceedings

where

a

Fund

is

a

defendant, a

loss

contingency

will

not

be

accrued

as

a

liability

until

the

amount

of

potential

damages

and

the

likelihood

of

loss

can

be

reasonably

estimated. 

For

the year

ended

October

31,

2022,

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

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

13,502,839

–

13,502,839

13,095,445

–

–

407,394

(^)

Emerging

Markets

Equity

Securities

Lending

1,648,950

–

1,648,950

1,593,910

–

–

55,040

(^)

International

Equity

Securities

Lending

3,638,761

–

3,638,761

3,370,785

–

–

267,976

(^)

(**)

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

$

13,095,445

Emerging

Markets

Equity

1,593,910

International

Equity

3,370,785

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2022

60

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 Small Cap

Value 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

the

financial

statement

disclosures. 

Management

is

also

currently

actively

working

with

other

financial

institutions

and

counterparties

to

modify

contracts

as

required

by

applicable

regulation

and

within

the

regulatory

deadline.

Other 

—

For

financial

statement

purposes,

investment

security

transactions

are

accounted

for

on

the

trade

date.

Realized

gains

or

losses

on

sales

are

determined

on

a

specific

cost

identification

basis,

which

is

the

same

basis

for

federal

income

tax

purposes.

(3)

FEES

AND

COMPENSATION

PAID

TO

AFFILIATES

Fees 

—

The

Trust

has

entered

into

an

administration

and

accounting

services

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

provides

certain

administrative

and

accounting

personnel

and

services.

The

Fund

pays

an

annual

fixed

fee

plus

percentage

of

net

assets

to the

Adviser.

These

fees

are

accrued

daily

and

paid

monthly.

For

the year

ended

October

31,

2022,

the

Adviser

received

aggregate

fees

for

administrative

and

accounting

personnel

and

services

of $960,202

from

the

Trust.

The

Trust

has

entered

into

an

agreement

with

Thrivent

Financial

Investor

Services

Inc.

("Thrivent

Investor

Services")

to

provide

transfer

agency

services

necessary

to

the

Trust. 

These

fees

are

accrued

daily

and

paid

monthly. 

For

the

year

ended,

October

31,

2022,

Thrivent

Investor

Services

received

$46,667 for

transfer

agent

services

from

the

Trust.

Each

Trustee

who

is

not

affiliated

with

the

Adviser

receives

an

annual

fee

from

the

Trust

for

services

as

a

Trustee

and

is

eligible

to

participate

in

a

deferred

compensation

plan

with

respect

to

these

fees.

Participants

in

the

plan

may

designate

their

deferred

Trustee’s

fees

as

if

invested

in

a

series

of

the

Thrivent

Mutual

Funds. Thrivent

Money

Market

Fund

is

not

eligible

for

the

deferral

plan. 

The

value

of

each

participant's

deferred

compensation

account

will

increase

or

decrease

as

if

it

were

invested

in

shares

of

a

particular

series

of

Thrivent

Mutual

Funds. Each

participant's fees

as

well

as

the

change

in

value

are

included

in

Trustee

fees

in

the

Statement

of

Operations.

The

deferred

fees

remain

in

the

appropriate

Fund

until

distribution

in

accordance

with

the

plan.

The

Payable

for

trustee

deferred

compensation,

located

in

the

Statement

of

Assets

and

Liabilities,

is

unsecured. 

Those

trustees

not

participating

in

the

above

plan

received

$42,844 in

fees

from

the

Trust

during

the

year

ended

October

31,

2022. In

addition,

the

Trust

reimbursed

unaffiliated

Trustees

for

reasonable

expenses

incurred

in

relation

to

attendance

at

the

meetings

and

industry

conferences.

Certain

officers

and

non-independent

Trustees

of

the

Trust

are

officers

and

directors

of

Thrivent

Asset

Mgt.,

Thrivent

Investor

Services

and

Thrivent

Distributors,

LLC.;

however

they

receive

no

compensation

from

the

Trust.

Affiliated

employees

and

board

consultants

are

reimbursed

for

reasonable

expenses

incurred

in

relation

to

board

meeting

attendance.

Acquired

Fund

Fees

and Expenses 

—

The Funds

may

invest

in

other

mutual

funds.

Fees

and

expenses

of

those

underlying

funds

are

not

included

in

the

Funds'

expense

ratio.

The Funds

indirectly

bear

their proportionate

share

of

the

annualized

weighted

average

expense

ratio

for

the

underlying

funds

in

which

it

invests. 

Interfund

Lending 

—

The

Funds

may

participate

in

an

interfund

lending

program

(the

"Program")

pursuant

to

an

exemptive

order

issued

by

the

SEC. 

The

Program

permits the

Funds

to borrow

cash

for

temporary

purposes

from

Thrivent

Core

Short-Term

Reserve

Fund. 

Interest

is

charged

to

each

participating

Fund

based

on

its

borrowings

at

the

average

of

the

repo

rate

and

bank

loan

rate,

each

as

defined

in

the

Program. 

Each

borrowing

made

under

the

Program

matures

no

later

than

seven

calendar

days

after

the

date

of

the

borrowing,

and

each

borrowing

must

be

securitized

by

a

pledge

of

segregated

collateral

with

a

market

value

at

least

equal

to

102%

of

the

outstanding

principal

value

of

the

loan. 

For

the year

ended

October

31,

2022,

no

Funds

borrowed

cash

through

the

interfund

lending

program. 

(4)

FEDERAL

INCOME

TAX

INFORMATION

Distributions

are

based

on

amounts

calculated

in

accordance

with

the

applicable

federal

income

tax

regulations,

which

may

differ

from

GAAP.

The

differences

between

book-basis

and

tax-basis

distributable

earnings

are

primarily

attributable

to

timing

differences

in

recognizing

certain

gains

and

losses

on

investment transactions,

such

as

wash

sales,

modifications

of

debt

instruments and

treatment

of

passive foreign

investments

companies. 

At

the

end

of

the

fiscal

year,

reclassifications

between

net

asset

accounts

are

made

for

differences

that

are

permanent

in

nature. 

These

permanent

differences

primarily

relate

to

the

tax

treatment

of passive

foreign

investment

companies and

utilization

of

earnings

and

profits

distributed

to

shareholders

on

redemption

of

shares.

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2022

61

On

the Statement

of

Assets

and

Liabilities,

as

a

result

of

permanent

book-to-tax

differences,

reclassification

adjustments

were

made

as

follows

[Increase/(Decrease)]:

At

October

31,

2022,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

 (a)

 Undistributed

Ordinary

Income

includes

income

derived

from

short-term

capital

gains.

   At

October

31,

2022,

the

following

Funds

had

accumulated

net capital

loss

carryovers

as

follows:

To

the

extent

these

Funds

realize

future

net

capital

gains,

taxable

distributions

will

be

reduced

by

any

unused

capital

loss

carryovers

as

permitted

by

the

Internal

Revenue

Code.

During

the

fiscal

year

2022,

capital

loss

carryovers

utilized

by

the

Funds

were

as

follows: 

The

tax

character

of

distributions

paid

during

the

years

ended October

31,

2022

and 2021

was

as

follows: 

(a)

 Ordinary

income

includes

income

derived

from

short-term

capital

gains,

if

any.

(5)

SECURITY

TRANSACTIONS        

(5)

SECURITY

TRANSACTIONS 

Purchases

and

Sales

of

Investment

Securities 

—

For

the

year

ended

October

31,

2022,

the

cost

of

purchases

and

the

proceeds

from

sales

of

investment

securities,

other

than

U.S.

Government

and

short-term

securities,

were

as

follows:

Purchases

and

sales

of

U.S.

Government

securities

were:

(6)

SECURITY

TRANSACTIONS

WITH

AFFILIATED

FUNDS

The

Funds

are

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

Funds,

or

affiliated

portfolios under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

a

Fund

from

or

to

another

fund

or

portfolio

that

is

or

could

be

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a-7

of

the

1940

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

executed

at

the

current

market

price. 

During the year

ended October

31,

2022,

no

Funds

engaged

in

these

types

of

transactions. 

Portfolio

Distributable

earnings/

(accumulated

loss)

Capital

Stock

Emerging

Markets

Equity

$(79)

$79

Low

Volatility

Equity

(1,118,142)

1,118,142

Small

Cap

Value

2,582

(2,582)

Fund

Undistributed

Ordinary

Income

a

Undistributed

Long-Term

Capital

Gain

Emerging

Markets

Debt

$6,556

$

–

Emerging

Markets

Equity

15,011,287

–

International

Equity

9,986,453

–

Low

Volatility

Equity

17,793,021

80,522,663

Short-Term

Reserve

34,201

–

Small

Cap

Value

3,553,138

–

Fund

Capital

Loss

Carryover

Emerging

Markets

Debt

$

67,868,237

Emerging

Markets

Equity

45,727,360

International

Equity

28,124,941

Short-Term

Reserve

1,324,618

Small

Cap

Value

5,331,903

Fund

Capital

Loss

Carryover

International

Equity

1,975,389

Short-Term

Reserve

29,447

Ordinary

Income

(a)

Long-Term

Capital

Gain

Fund

10/31/2022

10/31/2021

10/31/2022

10/31/2021

Emerging

Markets

Debt

$48,512,364

$47,899,803

$–

$–

Emerging

Markets

Equity

29,916,516

4,409,076

19,953,303

–

International

Equity

27,365,817

19,950,771

–

–

Low

Volatility

Equity

45,631,768

27,304,328

126,662,991

5,069,050

Short-Term

Reserve

68,025,403

9,785,688

–

–

In

thousands

Fund

Purchases

Sales/

Paydowns

Emerging

Markets

Debt

$173,884

$280,840

Emerging

Markets

Equity

464,815

416,992

International

Equity

434,619

641,576

Low

Volatility

Equity

820,088

891,665

Short-Term

Reserve

599,447

853,373

Small

Cap

Value

598,350

72,093

In

thousands

Fund

Purchases

Sales/

Paydowns

Short-Term

Reserve

$57,042

$774,321

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2022

62

(7)

RELATED

PARTY

TRANSACTIONS

As

of

October

31,

2022,

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

market

sector, or

due

to

impacts

from

domestic

or

global

events,

including the

spread

of

infectious

illness,

public

health

threats,

war,

terrorism,

natural

disasters or

similar

events.

As

of October

31,

2022,

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.

China Risk

—

There

are

special

risks

associated

with

investments

in

China,

Hong

Kong

and

Taiwan

(including

Chinese

issuers

listed

on

Chinese

and

U.S.

securities

exchanges),

such

as

risks

relating

to

liquidity

constraints,

expropriation,

nationalization,

confiscatory

taxation

and

exchange

control

regulations

or

currency

blockage.

Rapid

fluctuations

in

currency

exchange

rates,

inflation

and/or

interest

rates

may

negatively

affect

the

economy

and

securities

markets

of

China.

In

addition,

there

may

be

significant

obstacles

to

obtaining

information

necessary

to

conduct

investigations

into

or

pursue

litigation

against

companies

located

in

or

operating

substantially

in

China,

and

shareholders

may

have

limited

legal

remedies

with

respect

to

such

investments.

A

reduction

in

spending

on

Chinese

products

and

services,

the

institution

of

additional

tariffs

or

other

trade

barriers

(or

the

threat

thereof),

including

as

a

result

of

trade

tensions

between

China

and

the

United

States,

or

a

downturn

in

any

of

the

economies

of

China’s

key

trading

partners

may

have

an

adverse

impact

on

the

Chinese

economy

and

negatively

impact

the

Fund’s

performance.

Credit

Risk 

—

Credit

risk

is

the

risk

that

an

issuer

of

a

debt

security

to

which

the

Fund

is

exposed

may

no

longer

be

able

or

willing

to

pay

its

debt.

As

a

result

of

such

an

event,

the

debt

security

may

decline

in

price

and

affect

the

value

of

the

Fund.

Cybersecurity

Risk

—

The

Funds

and

their

service

providers

may

be

susceptible

to

operational,

information

security,

and

related

risks.

In

general,

cyber

incidents

can

result

from

deliberate

attacks

or

unintentional

events.

Cyber-attacks

include,

but

are

not

limited

to,

gaining

unauthorized

access

to

digital

systems

to

misappropriate

assets

or

sensitive

information,

corrupt

data,

or

otherwise

disrupt

operations.

Cyber

incidents

affecting

the

Adviser

or

other

service

providers

(including,

but

not

limited

to,

fund

accountants,

custodians,

and

transfer

agents)

have

the

ability

to

disrupt

and

impact

business

operations,

potentially

resulting

in

financial

losses,

by

interfering

with

the

Funds’

ability

to

calculate

their

NAV,

corrupting

data

or

preventing

parties

from

sharing

information

necessary

for

the

Funds’

operation,

preventing

or

slowing

trades,

stopping

shareholders

from

making

transactions,

potentially

subjecting

the

Funds

or

the

Adviser

to

regulatory

fines

and

penalties,

and

creating

additional

compliance

costs.

Similar

types

of

cyber

security

risks

are

also

present

for

issuers

or

securities

in

which

the

Funds

may

invest,

which

could

result

in

material

adverse

consequences

for

such

issuers

and

may

cause

the

Funds’

investments

in

such

companies

to

lose

value.

While

the

Funds’

service

providers

have

established

business

continuity

plans

in

the

event

of

such

cyber

incidents,

there

are

inherent

limitations

in

such

plans

and

systems.

Additionally,

the

Funds

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

its

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Funds

or

their

shareholders.

Although

each

Fund

attempts

to

minimize

such

failures

through

controls

and

oversight,

it

is

not

possible

to

identify

all

of

the

operational

risks

that

may

affect

a

Fund

or

to

develop

processes

and

controls

that

completely

eliminate

or

mitigate

the

occurrence

of

such

failures

or

other

disruptions

in

service.

The

value

of

an

investment

in

a

Fund’s

shares

may

be

adversely

affected

by

the

occurrence

of

the

operational

errors

or

failures

or

technological

issues

or

other

similar

events

and

a

Fund

and

its

shareholders

may

bear

costs

tied

to

these

risks.

Derivatives

Risk 

—

The

use

of

derivatives

(such

as

futures,

options,

credit

default

swaps,

and

total

return

swaps)

involves

additional

risks

and

transaction

costs

which

could

leave

a

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Changes

in

the

value

of

the

derivative

may

not

correlate

as

intended

with

the

underlying

asset,

rate

or

index,

and

a

Fund

could

lose

much

more

than

the

original

amount

invested.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

Derivatives

are

also

subject

to

the

risk

that

the

other

party

in

the

transaction

will

not

fulfill

its

contractual

obligations.

Some

derivatives

may

give

rise

to

a

form

of

economic

leverage,

and

may

expose

the

Fund

to

greater

risk

and

increase

its

costs.

Such

leverage

may

cause

the

Fund

to

liquidate

portfolio

Fund

Sector

%

of

Total

Net

Assets

Emerging

Markets

Debt

Foreign

Government

81.2%

Short-Term

Reserve

Financials

43.3%

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2022

63

positions

when

it

may

not

be

advantageous

to

do

so

to

satisfy

its

obligations

or

to

meet

any

required

asset

segregation

requirements.

Increases

and

decreases

in

the

value

of

the

Fund’s

portfolio

will

be

magnified

when

the

Fund

uses

leverage.

Futures

contracts,

options

on

futures

contracts,

forward

contracts,

and

options

on

derivatives

can

allow

the

Fund

to

obtain

large

investment

exposures

in

return

for

meeting

relatively

small

margin

requirements.

As

a

result,

investments

in

those

transactions

may

be

highly

leveraged.

The

success

of

a

Fund’s

derivatives

strategies

will

depend

on

the

Adviser’s

ability

to

assess

and

predict

the

impact

of

market

or

economic

developments

on

the

underlying

asset,

index

or

rate

and

the

derivative

itself,

without

the

benefit

of

observing

the

performance

of

the

derivative

under

all

possible

market

conditions.

Swap

agreements

may

involve

fees,

commissions

or

other

costs

that

may

reduce

a

Fund’s

gains

from

a

swap

agreement

or

may

cause

a

Fund

to

lose

money.

Futures

contracts

are

subject

to

the

risk

that

an

exchange

may

impose

price

fluctuation

limits,

which

may

make

it

difficult

or

impossible

for

a

Fund

to

close

out

a

position

when

desired.

Emerging

Markets

Risk 

—

The

risks

and

volatility

of

investing

in

foreign

securities

is

increased

in

connection

with

investments

in

emerging

markets.

The

economic,

political

and

market

structures

of

developing

countries

in

emerging

markets,

in

most

cases,

are

not

as

strong

as

the

structures

in

the

U.S.

or

other

developed

countries

in

terms

of

wealth,

stability,

liquidity

and

transparency.

A

Fund

may

not

achieve

its

investment

objective

and

portfolio

performance

will

likely

be

negatively

affected

by

portfolio

exposure

to

countries

and

corporations

domiciled

in,

or

with

revenue

exposures

to,

countries

in

the

midst

of,

among

other

things,

hyperinflation,

currency

devaluation,

trade

disagreements,

sudden

political

upheaval

or

interventionist

government

policies,

and

the

risks

of

such

events

are

heightened

within

emerging

market

countries.

Fund

performance

may

also

be

negatively

affected

by

portfolio

exposure

to

countries

and

corporations

domiciled

in,

or

with

revenue

exposures

to,

countries

with

less

developed

or

unreliable

legal,

tax,

regulatory,

accounting,

recordkeeping

and

corporate

governance

systems

and

standards.

In

particular,

there

may

be

less

publicly

available

and

transparent

information

about

issuers

in

emerging

markets

than

would

be

available

about

issuers

in

more

developed

capital

markets

because

such

issuers

may

not

be

subject

to

accounting,

auditing

and

financial

reporting

standards

and

requirements

comparable

to

those

to

which

U.S.

companies

are

subject.

Emerging

markets

may

also

have

differing

legal

systems,

many

of

which

provide

fewer

security

holder

rights

and

practical

remedies

to

pursue

claims

than

are

available

for

securities

of

companies

in

the

U.S.

or

other

developed

countries,

including

class

actions

or

fraud

claims.

Significant

buying

or

selling

actions

by

a

few

major

investors

may

also

heighten

the

volatility

of

emerging

market

securities.

Equity

Security

Risk 

—

Equity

securities

held

by

the

Fund

may

decline

significantly

in

price,

sometimes

rapidly

or

unpredictably,

over

short

or

extended

periods

of

time,

and

such

declines

may

occur

because

of

declines

in

the

equity

market

as

a

whole,

or

because

of

declines

in

only

a

particular

country,

geographic

region,

company,

industry,

or

sector

of

the

market.

From

time

to

time,

the

Fund

may

invest

a

significant

portion

of

its

assets

in

companies

in

one

particular

country

or

geographic

region

or

one

or

more

related

sectors

or

industries

which

would

make

the

Fund

more

vulnerable

to

adverse

developments

affecting

such

countries,

geographic

regions,

sectors

or

industries.

Equity

securities

are

generally

more

volatile

than

most

debt

securities.

Financial

Sector

Risk 

—

To

the

extent

that

the

financials

sector

continues

to

represent

a

significant

portion

of

the

Fund,

the

Fund

will

be

sensitive

to

changes

in,

and

its

performance

may

depend

to

a

greater

extent

on,

factors

impacting

this

sector.

Performance

of

companies

in

the

financials

sector

may

be

adversely

impacted

by

many

factors,

including,

among

others,

government

regulations,

economic

conditions,

credit

rating

downgrades,

changes

in

interest

rates,

and

decreased

liquidity

in

credit

markets.

The

impact

of

more

stringent

capital

requirements,

recent

or

future

regulation

of

any

individual

financial

company

or

recent

or

future

regulation

of

the

financials

sector

as

a

whole

cannot

be

predicted.

In

recent

years,

cyber

attacks

and

technology

malfunctions

and

failures

have

become

increasingly

frequent

in

this

sector

and

have

caused

significant

losses.

Foreign

Currency

Risk 

—

The

value

of

a

foreign

currency

may

decline

against

the

U.S.

dollar,

which

would

reduce

the

dollar

value

of

securities

denominated

in

that

currency.

The

overall

impact

of

such

a

decline

of

foreign

currency

can

be

significant,

unpredictable,

and

long

lasting,

depending

on

the

currencies

represented,

how

each

one

appreciates

or

depreciates

in

relation

to

the

U.S.

dollar,

and

whether

currency

positions

are

hedged.

Under

normal

conditions,

the

Fund

does

not

engage

in

extensive

foreign

currency

hedging

programs.

Further,

exchange

rate

movements

are

volatile,

and

it

is

not

possible

to

effectively

hedge

the

currency

risks

of

many

developing

countries.

Foreign

Securities

Risk —

Foreign

securities

generally

carry

more

risk

and

are

more

volatile

than

their

domestic

counterparts,

in

part

because

of

potential

for

higher

political

and

economic

risks,

lack

of

reliable

information

and

fluctuations

in

currency

exchange

rates

where

investments

are

denominated

in

currencies

other

than

the

U.S.

dollar.

Certain

events

in

foreign

markets

may

adversely

affect

foreign

and

domestic

issuers,

including

interruptions

in

the

global

supply

chain,

market

closures,

war,

terrorism,

natural

disasters

and

outbreak

of

infectious

diseases.

The

Fund’s

investment

in

any

country

could

be

subject

to

governmental

actions

such

as

capital

or

currency

controls,

nationalizing

a

company

or

industry,

expropriating

assets,

or

imposing

punitive

taxes

that

would

have

an

adverse

effect

on

security

prices,

and

impair

the

Fund’s

ability

to

repatriate

capital

or

income.

Foreign

securities

may

also

be

more

difficult

to

resell

than

comparable

U.S.

securities

because

the

markets

for

foreign

securities

are

often

less

liquid.

Even

when

a

foreign

security

increases

in

price

in

its

local

currency,

the

appreciation

may

be

diluted

by

adverse

changes

in

exchange

rates

when

the

security’s

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2022

64

value

is

converted

to

U.S.

dollars.

Foreign

withholding

taxes

also

may

apply

and

errors

and

delays

may

occur

in

the

settlement

process

for

foreign

securities.

Government

Securities

Risk 

—

The

Fund

invests

in

securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

and

instrumentalities

(such

as

Federal

Home

Loan

Bank,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

securities).

Securities

issued

or

guaranteed

by

Federal

Home

Loan

Banks,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

are

not

issued

directly

by

the

U.S.

government.

Ginnie

Mae

is

a

wholly

owned

U.S.

corporation

that

is

authorized

to

guarantee,

with

the

full

faith

and

credit

of

the

U.S.

government,

the

timely

payment

of

principal

and

interest

of

its

securities.

By

contrast,

securities

issued

or

guaranteed

by

U.S.

government-

related

organizations

such

as

Federal

Home

Loan

Banks,

Fannie

Mae

and

Freddie

Mac

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

would

provide

financial

support

to

its

agencies

and

instrumentalities

if

not

required

to

do

so

by

law.

In

addition,

the

value

of

U.S.

government

securities

may

be

affected

by

changes

in

the

credit

rating

of

the

U.S.

government,

which

may

be

negatively

impacted

by

rising

levels

of

indebtedness.

It

is

possible

that

issuers

of

U.S.

government

securities

will

not

have

the

funds

to

meet

their

payment

obligations

in

the

future.

Health

Crisis

Risk 

—

The

global

pandemic

outbreak

of

COVID-19

has

resulted

in

substantial

market

volatility

and

global

business

disruption.

The

ongoing

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.

The

full

impact

of

the

COVID-19

pandemic

and

future

pandemics

cannot

accurately

be

predicted

and

may

negatively

impact

the

value

of

the

Fund’s

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.

During

periods

of

low

interest

rates,

the

Fund

may

be

subject

to

a

greater

risk

or

rising

interest

rates.

Investment

Adviser

Risk 

—

The

Fund

is

actively

managed

and

the

success

of

its

investment

strategy

depends

significantly

on

the

skills

of

the

Adviser

in

assessing

the

potential

of

the

investments

in

which

the

Fund

invests.

The

Fund’s

incorporation

of

ESG

considerations

in

the

investment

process

may

exclude

securities

of

certain

issuers

for

non-investment

reasons

and

therefore

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

do

not

screen

for

ESG

attributes.

The

assessment

of

potential

Fund

investments

and

ESG

considerations

may

prove

incorrect,

resulting

in

losses

or

poor

performance,

even

in

rising

markets.

There

is

also

no

guarantee

that

the

Adviser

will

be

able

to

effectively

implement

the

Fund’s

investment

objective.

Issuer

Risk 

—

Issuer

risk

is

the

possibility

that

factors

specific

to

an

issuer

to

which

the

Fund

is

exposed

will

affect

the

market

prices

of

the

issuer’s

securities

and

therefore

the

value

of

the

Fund.

Large

Cap

Risk 

—

Large-sized

companies

may

be

unable

to

respond

quickly

to

new

competitive

challenges

such

as

changes

in

technology.

They

may

also

not

be

able

to

attain

the

high

growth

rate

of

successful

smaller

companies,

especially

during

extended

periods

of

economic

expansion.

Large

Shareholder

Risk 

—

From

time

to

time,

shareholders

of

a

Fund

(which

may

include

institutional

investors

and

affiliated

Funds)

may

make

relatively

large

redemptions

or

purchases

of

shares.

These

transactions

may

cause

a

Fund

to

sell

securities

at

disadvantageous

prices

or

invest

additional

cash,

as

the

case

may

be.

While

it

is

impossible

to

predict

the

overall

impact

of

these

transactions

over

time,

there

could

be

adverse

effects

on

a

Fund’s

performance

to

the

extent

that

a

Fund

may

be

required

to

sell

securities

or

invest

cash

at

times

when

it

would

not

otherwise

do

so.

Redemptions

of

a

large

number

of

shares

also

may

increase

transaction

costs

or

have

adverse

tax

consequences

for

shareholders

of

the

Fund

by

requiring

a

sale

of

portfolio

securities.

In

addition,

a

large

redemption

could

result

in

a

Fund's

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund's

expense

ratio.

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.

As

a

result,

market

participants

have

begun

transitioning

away

from

LIBOR,

but

certain

obstacles

remain

with

regard

to

converting

certain

securities

and

transactions

to

a

new

benchmark

or

benchmarks.

Although

many

LIBOR

rates

were

phased

out

at

the

end

of

2021

as

originally

intended,

a

selection

of

widely

used

USD

LIBOR

rates

will

continue

to

be

published

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2022

65

until

June

2023

in

order

to

assist

with

the

transition.

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.

Any

additional

regulatory

or

market

changes

that

occur

as

a

result

of

the

transition

away

from

LIBOR

and

the

adoption

of

alternative

reference

rates

may

have

an

adverse

impact

on

the

value

of

the

Fund's

investments,

performance

or

financial

condition,

and

might

lead

to

increased

volatility

and

illiquidity

in

markets

that

currently

rely

on

LIBOR

to

determine

interest

rates.

Liquidity

Risk 

—

Liquidity

is

the

ability

to

sell

a

security

relatively

quickly

for

a

price

that

most

closely

reflects

the

actual

value

of

the

security.

To

the

extent

that

dealers

do

not

maintain

inventories

of

bonds

that

keep

pace

with

the

growth

of

the

bond

markets

over

time,

relatively

low

levels

of

dealer

inventories

could

lead

to

decreased

liquidity

and

increased

volatility

in

the

fixed

income

markets,

particularly

during

periods

of

economic

or

market

stress.

As

a

result

of

this

decreased

liquidity,

the

Fund

may

have

to

accept

a

lower

price

to

sell

a

security,

sell

other

securities

to

raise

cash,

or

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

Market

Risk 

—

Over

time,

securities

markets

generally

tend

to

move

in

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline.

The

value

of

the

Fund’s

investments

may

move

with

these

cycles

and,

in

some

instances,

increase

or

decrease

more

than

the

applicable

market(s)

as

measured

by

the

Fund’s

benchmark

index(es).

The

securities

markets

may

also

decline

because

of

factors

that

affect

a

particular

industry

or

market

sector,

or

due

to

impacts

from

domestic

or

global

events,

including

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.

Mortgage-backed

securities

are

also

subject

to

extension

risk,

which

is

the

risk

that

when

interest

rates

rise,

certain

mortgage-backed

securities

will

be

paid

in

full

by

the

issuer

more

slowly

than

anticipated.

This

can

cause

the

market

value

of

the

security

to

fall

because

the

market

may

view

its

interest

rate

as

low

for

a

longer-term

investment.

Non-Diversified

Risk 

—

The

Fund

is

not

“diversified”

within

the

meaning

of

the

1940

Act.

That

means

the

Fund

may

invest

a

greater

percentage

of

its

assets

in

the

securities

of

any

single

issuer

compared

to

other

funds.

A

non-diversified

portfolio

is

generally

more

susceptible

than

a

diversified

portfolio

to

the

risk

that

events

or

developments

affecting

a

particular

issuer

or

industry

will

significantly

affect

the

Fund’s

performance.

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.

Among

other

risks,

results

generated

by

such

models

may

be

impaired

by

errors

in

human

judgment,

data

imprecision,

software

or

other

technology

systems

malfunctions,

or

programming

flaws.

Such

models

may

not

perform

as

expected

or

may

underperform

in

periods

of

market

volatility.

Redemption

and

Lending

Risk 

—

The

Fund

participates

in

an

interfund

lending

program

(the

“Program”)

which

enables

a

participating

fund

to

lend

cash

directly

to

and

borrow

money

from

other

participating

funds

for

temporary

purposes.

The

other

participants

in

the

Program

are

other

mutual

funds

advised

by

the

Adviser

and

its

affiliates.

Under

the

Program,

all

loans

will

be

Thrivent

Core

Funds

Notes

to

Financial

Statements

October

31,

2022

66

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.

Value

Investing

Risk

—

Value

style

investing

includes

the

risk

that

stocks

of

undervalued

companies

may

not

rise

as

quickly

as

anticipated

if

the

market

doesn’t

recognize

their

intrinsic

value

or

if

value

stocks

are

out

of

favor.  

Thrivent

Core

Funds

Financial

Highlights

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

68

Per

Share

Outstanding

Throughout

Each

Period

*

Income

From

Investment

Operations

Less

Distributions

From

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income/(Loss)

Net

Realized

and

Unrealized

Gain/(Loss)

on

Investments

(a)

Total

from

Investment

Operations

Net

Investment

Income

Net

Realized

Gain

on

Investments

EMERGING

MARKETS

DEBT

FUND

Year

Ended

10/31/2022

$

9.71

$

0.45

$

(2.62)

$

(2.17)

$

(0.46)

$

–

Year

Ended

10/31/2021

9.81

0.43

(0.10)

0.33

(0.43)

–

Year

Ended

10/31/2020

9.83

0.45

(0.02)

0.43

(0.45)

–

Year

Ended

10/31/2019

9.04

0.44

0.79

1.23

(0.44)

–

Year

Ended

10/31/2018

9.86

0.40

(0.82)

(0.42)

(0.40)

–

EMERGING

MARKETS

EQUITY

FUND

Year

Ended

10/31/2022

11.83

0.27

(3.64)

(3.37)

(0.24)

(0.79)

Year

Ended

10/31/2021

10.36

0.28

1.28

1.56

(0.09)

–

Year

Ended

10/31/2020

(c)

10.00

0.08

0.28

0.36

–

–

INTERNATIONAL

EQUITY

FUND

Year

Ended

10/31/2022

11.38

0.37

(2.95)

(2.58)

(0.53)

–

Year

Ended

10/31/2021

8.45

0.24

2.92

3.16

(0.23)

–

Year

Ended

10/31/2020

9.68

0.22

(1.07)

(0.85)

(0.38)

–

Year

Ended

10/31/2019

9.28

0.33

0.37

0.70

(0.30)

–

Year

Ended

10/31/2018

(d)

10.00

0.31

(1.02)

(0.71)

(0.01)

–

LOW

VOLATILITY

EQUITY

FUND

Year

Ended

10/31/2022

14.98

0.23

(0.90)

(0.67)

(0.18)

(2.04)

Year

Ended

10/31/2021

11.61

0.26

3.39

3.65

(0.23)

(0.05)

Year

Ended

10/31/2020

12.10

0.23

(0.10)

0.13

(0.24)

(0.38)

Year

Ended

10/31/2019

10.54

0.24

1.72

1.96

(0.17)

(0.23)

Year

Ended

10/31/2018

(e)

10.00

0.13

0.41

0.54

–

–

SHORT-TERM

RESERVE

FUND

Year

Ended

10/31/2022

10.00

0.13

0.00

0.13

(0.13)

–

Year

Ended

10/31/2021

10.00

0.02

0.00

0.02

(0.02)

–

Year

Ended

10/31/2020

10.00

0.12

0.00

0.12

(0.12)

0.00

Year

Ended

10/31/2019

10.00

0.26

0.00

0.26

(0.26)

–

Year

Ended

10/31/2018

10.00

0.20

0.00

0.20

(0.20)

0.00

SMALL

CAP

VALUE

FUND

Year

Ended

10/31/2022

(f

)

10.00

0.06

(0.70)

(0.64)

–

–

(a)

The

amount

shown

may

not

correlate

with

the

change

in

aggregate

gains

and

losses

of

portfolio

securities

due

to

the

timing

of

sales

and

redemptions

of

portfolio

shares.  

(b)

Total

return

assumes

dividend

reinvestment

and

does

not

reflect

any

deduction

for

applicable

sales

charges.

Not

annualized

for

periods

less

than

one

year.

(c)

Since

commencement

date

of

operations,

February

3,

2020.

(d)

Since

inception,

November

14,

2017.

(e)

Since

inception,

February

28,

2018.

(f)

Since

commencement

date

of

operations,

March

31,

2022.

*

All

per

share

amounts

have

been

rounded

to

the

nearest

cent.

**

Computed

on

an

annualized

basis

for

periods

less

than

one

year.

Thrivent

Core

Funds

Financial

Highlights

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

69

Ratios/Supplemental

Data

Ratio

to

Average

Net

Assets**

Ratio

to

Average

Net

Assets

Before

Expenses

Waived,

Credited

or

Acquired

Fund

Fees

and

Expenses**

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

(b)

Net

Assets,

End

of

Period

(in

millions)

Expenses

Net

Investment

Income/

(Loss)

Expenses

Net

Investment

Income/(Loss)

*

**

Portfolio

Turnover

Rate

$

(0.46)

$

7.08

(22.88)%

$

745.2

0.04%

5.35%

0.04%

5.35%

20%

(0.43)

9.71

3.38%

1,128.1

0.04%

4.35%

0.04%

4.35%

55%

(0.45)

9.81

4.49%

998.2

0.04%

4.61%

0.04%

4.61%

36%

(0.44)

9.83

13.84%

849.7

0.04%

4.63%

0.04%

4.63%

32%

(0.40)

9.04

(4.35)%

684.2

0.06%

4.38%

0.06%

4.38%

13%

(1.03)

7.43

(31.16)%

403.7

0.19%

3.24%

0.19%

3.24%

82%

(0.09)

11.83

15.05%

550.8

0.19%

2.27%

0.19%

2.27%

93%

–

10.36

3.60%

478.4

0.34%

2.35%

0.34%

2.35%

59%

(0.53)

8.27

(23.81)%

430.6

0.09%

2.61%

0.09%

2.61%

81%

(0.23)

11.38

37.77%

793.0

0.08%

2.19%

0.08%

2.19%

102%

(0.38)

8.45

(9.32)%

739.0

0.06%

2.50%

0.06%

2.50%

71%

(0.30)

9.68

7.99%

830.8

0.06%

3.54%

0.06%

3.54%

89%

(0.01)

9.28

(7.08)%

798.2

0.08%

3.42%

0.08%

3.42%

73%

(2.22)

12.09

(5.48)%

1,008.0

0.03%

1.91%

0.03%

1.91%

79%

(0.28)

14.98

31.84%

1,157.4

0.03%

1.78%

0.03%

1.78%

80%

(0.62)

11.61

0.98%

1,395.7

0.04%

2.02%

0.04%

2.02%

71%

(0.40)

12.10

19.42%

1,028.5

0.04%

2.19%

0.04%

2.19%

62%

–

10.54

5.40%

873.7

0.06%

1.88%

0.06%

1.88%

40%

(0.13)

10.00

1.28%

4,226.8

0.01%

1.11%

0.01%

1.11%

85%

(0.02)

10.00

0.17%

6,538.2

0.01%

0.17%

0.01%

0.17%

91%

(0.12)

10.00

1.23%

4,722.4

0.01%

1.26%

0.01%

1.26%

162%

(0.26)

10.00

2.59%

5,884.9

0.01%

2.55%

0.01%

2.55%

135%

(0.20)

10.00

2.01%

4,854.5

0.01%

1.99%

0.01%

1.99%

213%

–

9.36

(6.40)%

545.6

0.06%

1.55%

0.06%

1.55%

19%

70

Additional

Information

(Unaudited)

PROXY

VOTING

The

policies

and

procedures

that

the

Trust

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

are

attached

to

the

Trust’s

Statement

of

Additional

Information.

The

Trust

files

a

report

of

how

it

voted

proxies

relating

to

portfolio

securities

on

Form

N-PX

with

the

SEC.

You

may

request

a

free

copy

of

the

Statement

of

Additional

Information

or

the

report

of

how

the

Trust

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

by

calling

800-847-4836.

You

also

may

review

the

Statement

of

Additional

Information

or

the

report

of

how

the

Trust

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

at

SEC.gov.

QUARTERLY

SCHEDULE

OF

PORTFOLIO

HOLDINGS

The

Trust

files

its

Schedule

of

Investments

on

Form

N-PORT

with

the

SEC.

Part

F

of

each

Fund’s

N-PORT

filing

for

the

first

and

third

fiscal

quarters

will

include

the

complete

schedule

of

investments.

The

Trust’s

most

recent

Schedule

of

Investments

can

be

found

at

SEC.gov.

SHAREHOLDER

NOTIFICATION

OF

FEDERAL

TAX

INFORMATION

Pursuant

to

IRC

852(b)(3)

of

the

Internal

Revenue

Code,

Core

Emerging

Markets

Equity

and

Core

Low

Volatility

Equity

Fund

hereby

designate

$19,953,303

and

$127,162,991

respectively,

as

long-term

capital

gains

distributed

during

the

year

ended

October

31,

2022,

or

if

subsequently

determined

to

be

different,

the

net

capital

gain

of

such

year.

Core

Emerging

Markets

Equity

Fund

designates

36%

of

dividends

declared

from

net

investment

income

as

qualified

dividend

income

for

individuals

under

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003

for

the

tax

period

ending

October

31,

2022.

Core

Low

Volatility

Equity

Fund

designates

38%

of

dividends

declared

from

net

investment

income

as

dividends

qualifying

for

the

70%

dividends

received

deduction

for

corporations

and

40%

as

qualified

dividend

income

for

individuals

under

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003

for

the

tax

period

ending

October

31,

2022.

Core

International

Equity

Fund

designates

63%

of

dividends

declared

from

net

investment

income

as

qualified

dividend

income

for

individuals

under

the

Jobs

and

Growth

Tax

Relief

Reconciliation

Act

of

2003

for

the

tax

period

ending

October

31,

2022.

71

Board

of

Trustees

and

Officers

The

following

table

provides

information

about

the

Trustees

and

Officers

of

the

Trust.

The

Board

is

responsible

for

the

management

and

supervision

of

the

Funds’

business

affairs

and

for

exercising

all

powers

except

those

reserved

to

the

shareholders.

Each

Trustee

oversees

each

of

six

series

of

the

Trust

and

also

serves

as:

Trustee

of

Thrivent

Mutual

Funds,

a

registered

investment

company

consisting

of

25

funds

that

offer

Class

A

and

Class

S

shares.

Director

of

Thrivent

Series

Fund,

Inc.,

a

registered

investment

company

consisting

of

32

funds

that

serve

as

underlying

funds

for

variable

contracts

issued

by

Thrivent

Financial

and

separate

accounts

of

insurance

companies

not

affiliated

with

Thrivent

Financial.

Trustee

of

Thrivent

ETF

Trust,

a

registered

investment

company

consisting

of

one

fund.

Trustee

of

Thrivent

Cash

Management

Trust,

a

registered

investment

company

consisting

of

one

fund

that

serves

as

a

cash

collateral

fund

for

a

securities

lending

program

sponsored

by

Thrivent

Financial.

David

Royal

and

Michael

Kremenak

also

serve

as

Trustees

of

Thrivent

Church

Loan

and

Income

Fund,

a

closed-end

registered

investment

company

for

which

the

Adviser

serves

as

investment

adviser.

None

of

the

other

Trustees

serves

on

the

board

of

Thrivent

Church

Loan

and

Income

Fund.

The

Statement

of

Additional

Information

includes

additional

information

about

the

Trustees

and

is

available,

without

charge,

by

calling

800-847-

4836.

Interested

Trustees

(1)

(2)

(3)

(4)

Name

(Year

of

Birth)

Year

Elected

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

S.

Royal

(1971)

2016

Chief

Financial

Officer,

Thrivent

Financial

since

2022;

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

Financial

since

2017;

President,

Mutual

Funds

since

2015;

Vice

President,

Thrivent

Financial

from

2015

to

2017.

Advisory

Board

Member

of

Twin

Bridge

Capital

Partners.

Michael

W.

Kremenak

(1978)

2021

Senior

Vice

President

and

Head

of

Mutual

Funds,

Thrivent

Financial

since

2020;

Vice

President,

Thrivent

Financial

from

2015

to

2020.

None.

Independent

Trustees

(2)

(3)

(4)

(5)

Name

(Year

of

Birth)

Year

Elected

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Janice

B.

Case

(1952)

2016

Retired.

Independent

Trustee

of

North

American

Electric

Reliability

Corporation

from

2008

to

2020.

Robert

J.

Chersi

(1961)

2017

Founder

of

Chersi

Services

LLC

(consulting

firm)

since

2014.

Director

and

member

of

the

Audit

and

Risk

Oversight

Committees

of

E*TRADE

Financial

Corporation

and

Director

of

E*TRADE

Bank

from

2019

to

2020;

Lead

Independent

Director

since

2019

and

Director

and

Audit

Committee

Chair

at

BrightSphere

Investment

Group

plc

since

2016.

Arleas

Upton

Kea

(1957)

2022

Deputy

to

the

Chairman

for

External

Affairs,

FDIC

since

2021;

Chief

Operating

Officer

and

Deputy

to

the

Chairman,

FDIC

from

2018

to

2021;

Director,

Administration,

FDIC

from

1999

to

2018.

Board

of

Directors,

Combined

Federal

Campaign

of

the

National

Capital

Area

since

2021;

Board

of

Directors,

University

of

Texas

Alumni

Association

since

2021;

Board

of

Directors,

University

of

Texas

Law

School

Foundation

since

2021.

Paul

R.

Laubscher

(1956)

2016

Portfolio

Manager

for

U.S.

private

real

estate

and

equity

and

global

public

equity

portfolios,

hedge

funds

and

currency

of

IBM

Retirement

Funds

from

1997

to

2022.

None.  

Robert

J.

Manilla

(1962)

2022

Vice

President

and

Chief

Investment

Officer,

The

Kresge

Foundation

since

2007.

Board

Member

of

Bedrock

Manufacturing

Company

since

2014;

Board

Member

of

Sustainable

Insight

Capital

Management

LLC

from

2013

to

2022;

Board

Member

of

Venture

Michigan

Fund

from

2016

to

2020;

Board

Member

of

McGowan

Charitable

fund

from

2012

to

2019.

James

A.

Nussle

(1960)

2016

President

and

Chief

Executive

Officer

of

Credit

Union

National

Association

since

September

2014;

Director

of

Portfolio

Recovery

Associates

(PRAA)

since

2010;

CEO

of

The

Nussle

Group

LLC

(consulting

firm)

since

2009.

None.

72

Board

of

Trustees

and

Officers

James

W.

Runcie

(1963)

2022

Co-Founder

and

CEO

of

Partnership

for

Education

Advancement

since

2017.

Board

Member

of

Follett

Higher

Education

since

2022;

Director

and

Audit

Committee

Chair

of

Class

Acceleration

Corporation

since

2021;

Board

Member

of

ECMC

Group

since

2021.

Constance

L.

Souders

(1950)

2016

Retired.

None.

73

Board

of

Trustees

and

Officers

Executive

Officers

(2)

(4)

Name

(Year

of

Birth)

Position

Held

With

Trust

Principal

Occupation(s)

During

the

Past

Five

Years

David

S.

Royal

(1971)

Trustee,

President

and

Chief

Investment

Officer

Chief

Financial

Officer,

Thrivent

Financial

since

2022;

Executive

Vice

President,

Chief

Investment

Officer,

Thrivent

Financial

since

2017;

President,

Mutual

Funds

since

2015;

Vice

President,

Thrivent

Financial

from

2015

to

2017.

Michael

W.

Kremenak

(1978)

Trustee

and

Senior

Vice

President

Senior

Vice

President

and

Head

of

Mutual

Funds,

Thrivent

Financial

since

2020;

Vice

President,

Thrivent

Financial

from

2015

to

2020.

Sarah

L.

Bergstrom

(1977)

Treasurer

and

Principal

Accounting

Vice

President,

Chief

Accounting

Officer/Treasurer

-

Mutual

Funds,

Thrivent

Financial

since

2022;

Head

of

Mutual

Fund

Accounting,

Thrivent

Financial

from

2017

to

2022;

Director,

Fund

Accounting

Administration,

Thrivent

Financial

from

2007

to

2017.

Edward

S.

Dryden

(1965)

Chief

Compliance

Officer

Vice

President,

Chief

Compliance

Officer

–

Thrivent

Funds,

Thrivent

Financial

since

2018;

Director,

Chief

Compliance

Officer

–

Thrivent

Funds,

Thrivent

Financial

from

2010

to

2018.

John

D.

Jackson

(1977)

Secretary

and

Chief

Legal

Officer

Senior

Counsel,

Thrivent

Financial

since

2017;

Associate

General

Counsel,

RBC

Global

Asset

Management

(US)

Inc.

from

2011

to

2017.

Kathleen

M.

Koelling

(1977)

Privacy

Officer

(6)

Vice

President,

Deputy

General

Counsel,

Thrivent

Financial

since

2018;

Privacy

Officer,

Thrivent

Financial

since

2011;

Anti-Money

Laundering

Officer,

Thrivent

Financial

from

2011

to

2019;

Vice

President,

Managing

Counsel,

Thrivent

Financial

from

2016

to

2018.

Sharon

K.

Minta

(1973)

Anti-Money

Laundering

Officer

(6)

Director,

Compliance

and

Anti-Money

Laundering

Officer

of

the

Financial

Crimes

Unit,

Thrivent

Financial

since

2019;

Compliance

Manager

of

the

Financial

Crimes

Unit,

Thrivent

Financial

from

2014

to

2019.

Troy

A.

Beaver

(1967)

Vice

President

Vice

President,

Mutual

Funds

Marketing

&

Distribution,

Thrivent

Financial

since

2015.

Monica

L.

Kleve

(1969)

Vice

President

Vice

President,

Investment

Operations,

Thrivent

Financial

since

2019;

Director,

Investments

Systems

and

Solutions,

Thrivent

Financial

from

2002

to

2019.

Andrew

R.

Kellogg

(1972)

Vice

President

(7)

Director

of

Strategic

Partnerships,

Thrivent

Financial

since

2021;

Director,

Client

Relations,

SS&C/DST

Systems,

Inc.

from

2016

to

2021.

Jill

M.

Forte

(1974)

Assistant

Secretary

Senior

Counsel,

Thrivent

Financial

since

2017;

Counsel,

Thrivent

Financial

from

2015

to

2017.

Richard

L.

Ramczyk

(1976)

Assistant

Treasurer

(6)

Director,

Fund

Accounting

and

Valuation,

Thrivent

Financial

since

2022;

Manager,

Mutual

Fund

Accounting

Operations,

Thrivent

Financial

from

2011

to

2022.

(1)

“Interested

person”

of

the

Trust

as

defined

in

the

1940

Act

by

virtue

of

a

position

with

Thrivent

Financial.

Mr.

Royal

and

Mr.

Kremenak

are

considered

interested

persons

because

of

their

principal

occupations

with

Thrivent

Financial.

(2)

Each

Trustee

generally

serves

an

indefinite

term

until

her

or

his

successor

is

duly

elected

and

qualified.

Officers

serve

at

the

discretion

of

the

Board

until

their

successors

are

duly

appointed

and

qualified.

(3)

Each

Trustee,

other

than

Mr.

Royal

and

Mr.

Kremenak

,

oversees

65

portfolios.

Mr.  Royal

and

Mr.

Kremenak

oversee

66

portfolios.

(4)

The

address

for

each

Trustee

and

Officer

unless

otherwise

noted

is

901

Marquette

Avenue,

Suite

2500,

Minneapolis,

MN

55402-3211.

(5)

The

Trustees,

other

than

Mr.

Royal

and

Mr.

Kremenak

,

are

not

“interested

persons”

of

the

Trust

and

are

referred

to

as

“Independent

Trustees.”

(6)

The

address

for

this

Officer

is

4321

North

Ballard

Road,

Appleton,

WI

54913.

(7)

The

address

for

this

Officer

is

600

Portland

Avenue

S.,

Suite

100,

Minneapolis,

MN

55415-4402.

This

report

is

submitted

for

the

information

of

shareholders

of

Thrivent

Core

Funds.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

the

current

prospectus

for

Thrivent

Core

Funds,

which

contains

more

complete

information

about

the

Trust,

including

investment

objectives,

risks,

charges

and

expenses.