Thrivent Core Emerging Markets Debt Fund

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Thrivent Core Emerging Markets Debt Fund (the Fund) for the six months ended April 30, 2026.You can find additional information about the Fund at www.thriventcorefunds.com/prospectus. You can also request this information by contacting us at 800-847-4836.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Type	Cost of a $10K Investment	Cost Paid as a % of a $10K Investment
Fund	$3	0.05%^{Footnote Reference**}

Footnote	Description
Footnote**	Computed on an annualized basis for periods less than one year.

Fund Statistics

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
$639,981,206	252	6%	N/A

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Table Summary
State Grid Overseas Investment 2016, Ltd.	1.9%
Petroleos Mexicanos	1.6%
Argentina Government International Bond	1.6%
Ecuador Government International Bond	1.5%
Argentina Government International Bond	1.3%
Uruguay Government International Bond	1.3%
Colombia Government International Bond	1.3%
Abu Dhabi Government International Bond	1.3%
Nigeria Government International Bond	1.2%
Oman Government International Bond	1.2%

Major Market Sectors (% of Net Assets)

Table Summary
Foreign Government	92.8%
Energy	2.0%
Communications Services	0.3%
Utilities	0.1%

Country Weightings (% of Net Assets)

Table Summary
Mexico	4.9%
Saudi Arabia	4.2%
Virgin Islands, British	3.5%
Romania	3.4%
Indonesia	3.2%
Turkey	3.2%
Argentina	3.1%
Chile	3.0%
South Africa	3.0%
Dominican Republic	3.0%
Other Countries	60.7%

Portfolio Composition (% of Portfolio)

Holdings Allocation by Asset Type Pie Chart

Table Summary
Value	Value
Long-Term Fixed Income	96.2%
Short-Term Investments	3.8%

Material Fund Changes

This is a summary of certain changes of the Fund since October 31, 2025. For more complete information, you may review the Fund's next prospectus which will be available at thriventmutualfunds.com/prospectus or upon request at 800-847-4836.

There were no material changes noted for the Fund that need to be disclosed for the year ended April 30, 2026.

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.thriventcorefunds.com/prospectus

Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.

Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

Thrivent Core Emerging Markets Equity Fund

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Thrivent Core Emerging Markets Equity Fund (the Fund) for the six months ended April 30, 2026.You can find additional information about the Fund at www.thriventcorefunds.com/prospectus. You can also request this information by contacting us at 800-847-4836.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Type	Cost of a $10K Investment	Cost Paid as a % of a $10K Investment
Fund	$10	0.17%^{Footnote Reference**}

Footnote	Description
Footnote**	Computed on an annualized basis for periods less than one year.

Fund Statistics

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
$834,774,904	462	33%	N/A

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Table Summary
Taiwan Semiconductor Manufacturing Company, Ltd.	14.7%
Samsung Electronics Company, Ltd.	6.5%
SK Hynix, Inc.	4.5%
Tencent Holdings, Ltd.	3.4%
Alibaba Group Holding, Ltd.	2.0%
Delta Electronics, Inc.	1.3%
Samsung Electronics Company, Ltd.	1.2%
Hon Hai Precision Industry Company, Ltd.	1.0%
CTBC Financial Holding Company, Ltd.	0.9%
China Construction Bank Corporation, Class H	0.9%

Major Market Sectors (% of Net Assets)

Table Summary
Information Technology	36.2%
Financials	22.3%
Materials	8.4%
Communications Services	6.7%
Energy	6.3%
Consumer Discretionary	6.2%
Industrials	6.0%
Health Care	2.4%
Utilities	1.9%
Real Estate	1.5%

Country Weightings (% of Net Assets)

Table Summary
Taiwan	24.7%
South Korea	18.6%
China	12.1%
India	10.5%
Cayman Islands	9.0%
Brazil	5.1%
Thailand	3.1%
Saudi Arabia	2.4%
South Africa	2.3%
United Arab Emirates	1.7%
Other Countries	9.4%

Portfolio Composition (% of Portfolio)

Table Summary
Value	Value
Common Stock	97.2%
Preferred Stock	2.6%
Short-Term Investments	0.2%

Material Fund Changes

There were no material changes noted for the Fund that need to be disclosed for the year ended April 30, 2026.

Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.

Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

Thrivent Core High Yield Bond Fund

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Thrivent Core High Yield Bond Fund (the Fund) for the six months ended April 30, 2026.You can find additional information about the Fund at www.thriventcorefunds.com/prospectus. You can also request this information by contacting us at 800-847-4836.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Type	Cost of a $10K Investment	Cost Paid as a % of a $10K Investment
Fund	$1	0.10%^{Footnote Reference**}

Footnote	Description
Footnote**	Computed on an annualized basis for periods less than one year.

Fund Statistics

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
$914,933,478	683	27%	N/A

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Table Summary
Cloud Software Group, Inc.	0.6%
OneMain Finance Corporation	0.4%
Discovery Global Holdings, Inc.	0.4%
Quikrete Holdings, Inc.	0.4%
Prime Healthcare Services, Inc.	0.4%
Venture Global LNG, Inc.	0.4%
Algonquin Power & Utilities Corporation	0.4%
Marriott Ownership Resorts, Inc.	0.4%
CCO Holdings, LLC/CCO Holdings Capital Corporation	0.4%
Cloud Software Group, Inc.	0.4%

Portfolio Composition (% of Portfolio)

Table Summary
Value	Value
Long-Term Fixed Income	97.9%
Short-Term Investments	2.0%
Bank Loans	0.1%

Major Market Sectors (% of Net Assets)

Table Summary
Consumer Cyclical	18.3%
Financials	12.9%
Energy	11.6%
Communications Services	11.4%
Consumer Non-Cyclical	11.1%
Capital Goods	11.0%
Technology	9.8%
Basic Materials	5.7%
Utilities	3.5%
Transportation	2.2%

Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.

Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

Thrivent Core International Equity Fund

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Thrivent Core International Equity Fund (the Fund) for the six months ended April 30, 2026.You can find additional information about the Fund at www.thriventcorefunds.com/prospectus. You can also request this information by contacting us at 800-847-4836. This report describes changes to the Fund that occurred during the period.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Type	Cost of a $10K Investment	Cost Paid as a % of a $10K Investment
Fund	$4	0.07%^{Footnote Reference**}

Footnote	Description
Footnote**	Computed on an annualized basis for periods less than one year.

Fund Statistics

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
$807,699,564	312	31%	N/A

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Table Summary
ASML Holding NV	3.0%
Novartis AG	2.4%
ABB, Ltd.	2.0%
Allianz SE	2.0%
Shell plc	1.9%
BHP Group, Ltd.	1.8%
Roche Holding AG	1.6%
UniCredit SPA	1.5%
GSK plc	1.5%
BNP Paribas SA	1.5%

Major Market Sectors (% of Net Assets)

Table Summary
Financials	28.0%
Industrials	20.8%
Health Care	10.1%
Information Technology	9.2%
Materials	6.1%
Consumer Discretionary	5.8%
Consumer Staples	5.2%
Energy	4.6%
Utilities	3.7%
Communications Services	3.4%

Country Weightings (% of Net Assets)

Table Summary
Japan	22.8%
United Kingdom	14.0%
Switzerland	9.7%
France	8.0%
Netherlands	8.0%
Australia	6.9%
Germany	6.6%
Italy	5.2%
Spain	4.8%
Sweden	3.3%
Other Countries	9.4%

Portfolio Composition (% of Portfolio)

Table Summary
Value	Value
Common Stock	99.6%
Short-Term Investments	0.4%

Material Fund Changes

This is a summary of certain changes of the Fund since October 31, 2025. For more complete information, you may review the Fund's next prospectus which will be available at thriventcorefunds.com/prospectus or upon request at 800-847-4836.

On February 24, 2026, the Fund’s Board of Trustees approved the conversion of the Fund into Thrivent International Large Cap ETF, a newly organized exchange traded fund that is a series of Thrivent ETF Trust. Shareholders approved the conversion at a special meeting held on May 14, 2026. The conversion was completed on June 12, 2026 as a tax-free reorganization for federal income tax purposes with no gain or loss recognized by the funds or their shareholders. Upon completion of the conversion, the Fund moved to a new management fee structure.

Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.

Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

Thrivent Core Investment Grade Corporate Bond Fund

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Thrivent Core Investment Grade Corporate Bond Fund (the Fund) for the six months ended April 30, 2026.You can find additional information about the Fund at www.thriventcorefunds.com/prospectus. You can also request this information by contacting us at 800-847-4836.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Type	Cost of a $10K Investment	Cost Paid as a % of a $10K Investment
Fund	$1	0.08%^{Footnote Reference**}

Footnote	Description
Footnote**	Computed on an annualized basis for periods less than one year.

Fund Statistics

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
$1,346,340,798	774	19%	N/A

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Table Summary
U.S. Treasury Bonds	0.7%
Deutsche Telekom International Finance BV	0.5%
Goldman Sachs Group, Inc.	0.5%
AbbVie, Inc.	0.4%
Ally Financial, Inc.	0.4%
BAT Capital Corporation	0.4%
Cigna Group	0.4%
Alphabet, Inc.	0.4%
Sprint Capital Corporation	0.4%
American International Group, Inc.	0.4%

Portfolio Composition (% of Portfolio)

Table Summary
Value	Value
Long-Term Fixed Income	100.0%
Short-Term Investments<	0.1%

Major Market Sectors (% of Net Assets)

Table Summary
Financials	40.7%
Consumer Non-Cyclical	12.9%
Technology	9.2%
Utilities	8.8%
Communications Services	7.3%
Consumer Cyclical	5.6%
Energy	5.5%
Capital Goods	3.8%
Transportation	2.3%
U.S. Government & Agencies	1.1%

Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.

Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

Thrivent Core Short-Term Reserve Fund

Semi-Annual Shareholder Report - April 30, 2026

This semi-annual shareholder report contains important information about the Thrivent Core Short-Term Reserve Fund (the Fund) for the six months ended April 30, 2026.You can find additional information about the Fund at www.thriventcorefunds.com/prospectus. You can also request this information by contacting us at 800-847-4836.

What were the Fund's costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Type	Cost of a $10K Investment	Cost Paid as a % of a $10K Investment
Fund	$0	0.01%^{Footnote Reference**}

Footnote	Description
Footnote**	Computed on an annualized basis for periods less than one year.

Fund Statistics

Table Summary
Total Net Assets	# of Portfolio Holdings	Portfolio Turnover Rate	Advisory Fees Paid
$3,038,573,643	193	41%	N/A

What did the Fund invest in?

Top Ten Holdings (% of Net Assets)

Table Summary
Caisse des Depots et Consignations	1.0%
Svenska Handelsbanken AB	0.8%
Toronto-Dominion Bank/NY	0.8%
Citigroup Global Markets, Inc.	0.8%
Royal Bank of Canada	0.8%
Citigroup Global Markets, Inc.	0.8%
Citigroup Global Markets, Inc.	0.8%
National Australia Bank, Ltd.	0.8%
Falcon Asset Funding, LLC	0.8%
Royal Bank of Canada	0.8%

Portfolio Composition (% of Portfolio)

Table Summary
Value	Value
Short-Term Investments	100.0%

Major Market Sectors (% of Net Assets)

Table Summary
Financials	57.3%
U.S. Government & Agencies	9.5%
Utilities	6.6%
Capital Goods	6.3%
Consumer Non-Cyclical	4.5%
Consumer Cyclical	4.2%
Foreign Government	3.1%
Transportation	3.0%
Technology	2.6%
Energy	2.0%

Certain additional fund information is available on the Fund's website, including the Fund's prospectus, financial information, holdings, and proxy voting information.

Important data provider notices and terms available at www.thriventfunds.com/privacy-and-security/index-provider-notices.html

Financial

Statements

and

Additional

Information

April

30,

2026

Thrivent

Core

Funds

Table

of

Contents

Schedule

of

Investments

Thrivent

Core

Emerging

Markets

Debt

Fund

2

Thrivent

Core

Emerging

Markets

Equity

Fund

9

Thrivent

Core

High

Yield

Bond

Fund

19

Thrivent

Core

International

Equity

Fund

31

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

38

Thrivent

Core

Short-Term

Reserve

Fund

51

Statement

of

Assets

and

Liabilities

56

Statement

of

Operations

58

Statement

of

Changes

in

Net

Assets

60

Notes

to

Financial

Statements

62

Financial

Highlights

76

Changes

in

and

Disagreements

with

Accountants

(Item

8)

78

Proxy

Disclosures

(Item

9)

79

Remuneration

Paid

to

Directors,

Officers,

and

Oth-

ers

(Item

10)

80

Statement

Regarding

Basis

for

Approval

of

Invest-

ment

Advisory

Contract

(Item

11)

81

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

2

Principal

Amount

Long-Term

Fixed

Income

95.2%

Value

Angola  2.1%

Angola

Government

International

Bond

$

4,917,000

8.250%,

5/9/2028

$

5,038,837

3,300,000

8.750%,

4/14/2032

a

3,440,300

3,000,000

9.875%,

3/31/2037

a,b

3,189,141

2,000,000

9.125%,

11/26/2049

1,907,579

Total

13,575,857

Argentina  3.1%

Argentina

Government

International

Bond

1,296,000

0.750%,

7/9/2030

c

1,114,625

13,700,000

4.125%,

7/9/2035

c

10,206,500

12,700,000

3.500%,

7/9/2041

c

8,750,300

Total

20,071,425

Azerbaijan  0.3%

Azerbaijan

Government

International

Bond

1,900,000

3.500%,

9/1/2032

1,783,620

Total

1,783,620

Bahrain  1.6%

Bahrain

Government

International

Bond

3,000,000

6.250%,

1/25/2051

2,551,782

2,000,000

5.625%,

5/18/2034

a

1,834,470

2,000,000

6.625%,

10/6/2037

a

1,896,811

1,000,000

7.100%,

2/3/2038

a

976,180

3,000,000

7.500%,

9/20/2047

a,b

2,922,458

Total

10,181,701

Brazil  2.3%

Brazil

Government

International

Bond

1,735,000

7.250%,

1/12/2056

1,741,766

5,800,000

4.750%,

1/14/2050

4,294,900

1,000,000

3.875%,

6/12/2030

958,000

1,000,000

5.500%,

11/6/2030

1,017,800

2,000,000

6.000%,

10/20/2033

2,017,600

1,000,000

6.625%,

3/15/2035

1,034,300

1,000,000

6.250%,

5/22/2036

994,500

3,300,000

5.000%,

1/27/2045

2,646,105

Total

14,704,971

Canada  0.9%

Petronas

Energy

Canada,

Ltd.

6,000,000

2.112%,

3/23/2028

a,b

5,760,427

Total

5,760,427

Cayman

Islands  0.2%

Oryx

Funding,

Ltd.

1,000,000

5.800%,

2/3/2031

1,025,299

Total

1,025,299

Chile  3.0%

Chile

Government

International

Bond

1,200,000

3.100%,

1/22/2061

737,520

8,500,000

3.500%,

1/25/2050

6,120,850

Principal

Amount

Long-Term

Fixed

Income  95.2%

Value

Chile  3.0%  -

continued

$

2,600,000

3.240%,

2/6/2028

$

2,548,390

7,850,000

2.550%,

7/27/2033

6,755,317

1,000,000

4.340%,

3/7/2042

881,700

Corporacion

Nacional

del

Cobre

de

Chile

2,000,000

6.440%,

1/26/2036

a

2,132,924

Total

19,176,701

Colombia  2.2%

Colombia

Government

International

Bond

1,375,000

3.875%,

4/25/2027

1,361,938

1,000,000

6.125%,

1/21/2031

997,700

1,500,000

6.500%,

1/21/2033

1,494,750

1,000,000

7.750%,

11/7/2036

b

1,053,500

9,100,000

6.125%,

1/18/2041

8,208,200

Ecopetrol

SA

1,000,000

8.375%,

1/19/2036

1,036,174

Total

14,152,262

Congo,

Democratic

Republic

Of  0.2%

DRC

Government

International

Bond

1,000,000

8.750%,

4/16/2032

a,b

1,019,348

Total

1,019,348

Congo,

Republic

Of  0.2%

Congo

(Brazzaville)

Government

International

Bond

1,000,000

9.500%,

2/17/2035

963,555

Total

963,555

Costa

Rica  1.2%

Costa

Rica

Government

International

Bond

1,000,000

7.300%,

11/13/2054

a

1,125,000

6,300,000

7.000%,

4/4/2044

6,877,080

Total

8,002,080

Dominican

Republic  3.0%

Dominican

Republic

Government

International

Bond

1,000,000

5.950%,

1/25/2027

a

1,006,550

3,000,000

5.500%,

2/22/2029

a

2,998,650

3,500,000

4.875%,

9/23/2032

a

3,298,575

1,000,000

5.750%,

3/17/2034

a

974,700

1,900,000

6.850%,

1/27/2045

1,904,180

6,300,000

6.500%,

2/15/2048

a,b

6,092,415

3,000,000

6.400%,

6/5/2049

a,b

2,865,450

Total

19,140,520

Ecuador  2.0%

Ecuador

Government

International

Bond

1,211,352

6.900%,

7/31/2030

1,210,746

10,551,640

6.900%,

7/31/2035

9,733,888

1,500,000

9.250%,

1/29/2039

a

1,552,500

Total

12,497,134

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

3

Principal

Amount

Long-Term

Fixed

Income  95.2%

Value

Egypt  2.1%

Egypt

Government

International

Bond

$

500,000

7.500%,

2/16/2061

a

$

397,720

1,000,000

8.750%,

9/30/2051

a,b

922,581

1,000,000

7.053%,

1/15/2032

a

982,214

1,000,000

7.300%,

9/30/2033

966,737

3,000,000

8.500%,

1/31/2047

2,727,535

8,500,000

7.903%,

2/21/2048

7,326,095

Total

13,322,882

El

Salvador  0.9%

El

Salvador

Government

International

Bond

1,300,000

8.625%,

2/28/2029

1,381,757

4,100,000

7.625%,

2/1/2041

4,084,830

Total

5,466,587

Gabon  0.4%

Gabon

Government

International

Bond

3,000,000

6.625%,

2/6/2031

2,527,088

Total

2,527,088

Ghana  2.1%

Ghana

Government

International

Bond

68,448

Zero

Coupon,

7/3/2026

a

67,742

48,000

Zero

Coupon,

7/3/2026

47,505

1,270,500

5.000%,

7/3/2029

c

1,242,406

3,999,233

5.000%,

7/3/2029

a,c

3,910,800

245,889

Zero

Coupon,

1/3/2030

216,571

3,388,000

5.000%,

7/3/2035

c

3,105,184

4,977,488

5.000%,

7/3/2035

a,b,c

4,561,989

Total

13,152,197

Guatemala  2.7%

Guatemala

Government

International

Bond

1,500,000

6.125%,

6/1/2050

a

1,499,100

4,590,000

4.500%,

5/3/2026

4,590,000

2,200,000

4.375%,

6/5/2027

b

2,190,452

5,000,000

5.375%,

4/24/2032

b

5,054,000

2,200,000

6.550%,

2/6/2037

a

2,345,200

2,000,000

4.650%,

10/7/2041

a

1,746,600

Total

17,425,352

Honduras  0.3%

Honduras

Government

International

Bond

1,000,000

6.250%,

1/19/2027

b

1,005,000

700,000

8.625%,

11/27/2034

802,599

Total

1,807,599

Hungary  2.5%

Hungary

Government

International

Bond

2,200,000

3.125%,

9/21/2051

1,373,736

3,000,000

5.250%,

6/16/2029

a

3,047,646

1,500,000

2.125%,

9/22/2031

1,303,143

3,000,000

6.250%,

9/22/2032

a

3,196,705

1,500,000

6.000%,

9/26/2035

a

1,559,794

Principal

Amount

Long-Term

Fixed

Income  95.2%

Value

Hungary  2.5%  -

continued

$

2,500,000

7.625%,

3/29/2041

$

2,932,169

Magyar

Export-Import

Bank

Zrt

2,500,000

6.125%,

12/4/2027

a

2,551,143

Total

15,964,336

Indonesia  3.2%

Indonesia

Government

International

Bond

3,700,000

4.100%,

4/24/2028

3,695,401

3,400,000

6.625%,

2/17/2037

a

3,756,731

1,000,000

7.750%,

1/17/2038

a

1,204,608

726,000

6.750%,

1/15/2044

a

807,571

2,700,000

5.125%,

1/15/2045

a

2,549,750

1,200,000

5.250%,

1/8/2047

a

1,143,149

1,500,000

4.350%,

1/11/2048

1,231,757

Pertamina

Persero

PT

500,000

6.450%,

5/30/2044

513,555

Perusahaan

Listrik

Negara

(Persero)

PT

1,000,000

4.375%,

2/5/2050

747,419

2,400,000

5.250%,

10/24/2042

2,143,038

Perusahaan

Penerbit

SBSN

Indonesia

III

1,500,000

4.150%,

3/29/2027

a

1,498,125

1,500,000

4.400%,

6/6/2027

a

1,503,750

Total

20,794,854

Ivory

Coast  1.9%

Ivory

Coast

Government

International

Bond

7,000,000

6.125%,

6/15/2033

6,828,026

2,000,000

8.075%,

4/1/2036

a

2,120,506

3,000,000

8.250%,

1/30/2037

a,b

3,213,011

Total

12,161,543

Jersey  1.3%

Galaxy

Pipeline

Assets

Bidco,

Ltd.

3,299,350

2.160%,

3/31/2034

2,952,572

4,500,000

2.625%,

3/31/2036

a

3,902,617

2,122,275

2.940%,

9/30/2040

a

1,749,342

Total

8,604,531

Jordan  0.8%

Jordan

Government

International

Bond

2,500,000

7.500%,

1/13/2029

a

2,594,349

2,500,000

5.850%,

7/7/2030

2,486,874

Total

5,081,223

Kazakhstan  1.1%

Kazakhstan

Government

International

Bond

3,000,000

6.500%,

7/21/2045

3,259,944

KazMunayGas

National

Company

JSC

2,200,000

5.750%,

4/19/2047

2,096,632

QazaqGaz

NC

JSC

2,000,000

5.625%,

5/8/2036

a,d

1,959,916

Total

7,316,492

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

4

Principal

Amount

Long-Term

Fixed

Income  95.2%

Value

Kenya  0.6%

Kenya

Government

International

Bond

$

1,006,000

8.000%,

5/22/2032

$

988,825

1,000,000

7.875%,

2/26/2034

a

934,431

2,000,000

8.800%,

10/9/2038

a

1,902,775

Total

3,826,031

Lebanon  0.4%

Lebanon

Government

International

Bond

8,000,000

6.650%,

4/22/2024

e

2,020,800

2,000,000

6.850%,

3/23/2027

e

505,356

Total

2,526,156

Luxembourg  0.6%

Greensaif

Pipelines

Bidco

SARL

2,000,000

5.853%,

2/23/2036

a

2,041,553

2,000,000

6.129%,

2/23/2038

a

2,071,072

Total

4,112,625

Malaysia  2.1%

Petronas

Capital,

Ltd.

6,500,000

4.550%,

4/21/2050

5,644,445

6,400,000

3.500%,

4/21/2030

6,200,769

1,500,000

5.340%,

4/3/2035

a

1,548,489

Total

13,393,703

Mexico  4.9%

Mexico

Government

International

Bond

7,240,000

6.338%,

5/4/2053

6,816,460

885,000

3.750%,

1/11/2028

873,230

2,047,000

5.850%,

7/2/2032

2,079,445

2,000,000

5.375%,

3/22/2033

1,961,100

1,000,000

3.500%,

2/12/2034

855,000

2,000,000

6.000%,

5/7/2036

2,005,500

1,000,000

6.125%,

2/9/2038

986,350

1,800,000

6.050%,

1/11/2040

1,763,010

1,000,000

4.600%,

2/10/2048

761,000

Petroleos

Mexicanos

11,300,000

7.690%,

1/23/2050

10,334,530

1,700,000

5.950%,

1/28/2031

1,663,161

1,600,000

6.625%,

6/15/2035

1,544,159

Total

31,642,945

Montenegro  0.2%

Montenegro

Government

International

Bond

1,000,000

7.250%,

3/12/2031

a

1,052,550

Total

1,052,550

Morocco  0.5%

Morocco

Government

International

Bond

3,000,000

4.000%,

12/15/2050

2,134,302

OCP

SA

1,500,000

5.125%,

6/23/2051

1,199,307

Total

3,333,609

Principal

Amount

Long-Term

Fixed

Income  95.2%

Value

Mozambique  0.1%

Mozambique

Government

International

Bond

$

1,000,000

9.000%,

9/15/2031

$

819,768

Total

819,768

Netherlands  0.5%

AES

Andres

BV

1,000,000

5.700%,

5/4/2028

a

980,100

Petrobras

Global

Finance

BV

2,000,000

5.125%,

9/10/2030

1,982,100

Total

2,962,200

Nigeria  2.3%

Nigeria

Government

International

Bond

7,100,000

7.875%,

2/16/2032

7,484,291

2,000,000

7.375%,

9/28/2033

a,b

2,045,021

3,000,000

7.696%,

2/23/2038

3,069,631

2,000,000

9.130%,

1/13/2046

a

2,205,835

Total

14,804,778

Oman  2.3%

Oman

Government

International

Bond

4,000,000

4.750%,

6/15/2026

a

4,000,451

3,000,000

5.625%,

1/17/2028

a,b

3,045,654

6,800,000

6.750%,

1/17/2048

a

7,416,945

Total

14,463,050

Pakistan  0.7%

Pakistan

Government

International

Bond

3,500,000

6.875%,

12/5/2027

3,512,866

1,000,000

7.375%,

4/8/2031

a

962,354

Total

4,475,220

Panama  2.1%

Aeropuerto

Internacional

de

Tocumen

SA

2,000,000

4.000%,

8/11/2041

a

1,703,840

Panama

Bonos

del

Tesoro

1,000,000

3.362%,

6/30/2031

914,650

Panama

Government

International

Bond

4,800,000

4.500%,

4/16/2050

3,849,600

3,279,000

6.700%,

1/26/2036

3,565,912

2,000,000

8.000%,

3/1/2038

2,369,500

1,500,000

4.500%,

5/15/2047

1,236,900

Total

13,640,402

Paraguay  1.3%

Paraguay

Government

International

Bond

750,000

6.650%,

3/4/2055

a

791,062

4,800,000

5.400%,

3/30/2050

b

4,326,240

1,000,000

5.850%,

8/21/2033

a

1,036,500

1,000,000

6.100%,

8/11/2044

1,006,000

1,000,000

5.600%,

3/13/2048

932,500

Total

8,092,302

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

5

Principal

Amount

Long-Term

Fixed

Income  95.2%

Value

Peru  2.7%

Corporacion

Financiera

de

Desarrollo

SA

$

1,000,000

5.500%,

5/6/2030

a

$

1,020,900

Peru

Government

International

Bond

7,000,000

2.783%,

1/23/2031

6,427,400

2,000,000

3.000%,

1/15/2034

1,726,000

8,500,000

3.300%,

3/11/2041

6,519,500

Petroleos

del

Peru

SA

1,800,000

5.625%,

6/19/2047

a

1,268,910

Total

16,962,710

Philippines  2.0%

Philippines

Government

International

Bond

3,000,000

3.750%,

1/14/2029

2,963,774

5,025,000

7.750%,

1/14/2031

5,692,347

625,000

6.375%,

10/23/2034

679,846

1,500,000

4.750%,

3/5/2035

b

1,458,894

2,420,000

3.950%,

1/20/2040

2,057,746

Total

12,852,607

Poland  1.2%

Bank

Gospodarstwa

Krajowego

1,500,000

5.375%,

5/22/2033

a

1,529,558

Poland

Government

International

Bond

3,000,000

5.500%,

4/4/2053

2,800,488

3,000,000

4.875%,

10/4/2033

2,999,064

500,000

5.375%,

2/12/2035

509,495

Total

7,838,605

Qatar  0.7%

Qatar

Government

International

Bond

3,000,000

3.250%,

6/2/2026

a

2,996,989

QatarEnergy

2,000,000

3.125%,

7/12/2041

a

1,500,360

Total

4,497,349

Romania  3.4%

Romania

Government

International

Bond

4,100,000

4.000%,

2/14/2051

2,707,317

2,000,000

3.000%,

2/27/2027

1,967,067

6,000,000

5.250%,

11/25/2027

a

6,021,466

3,500,000

3.000%,

2/14/2031

3,130,712

2,000,000

7.125%,

1/17/2033

a

2,118,659

2,500,000

6.375%,

1/30/2034

a

2,525,418

1,000,000

5.750%,

3/24/2035

a

961,375

2,000,000

7.500%,

2/10/2037

a

2,133,015

Total

21,565,029

Saudi

Arabia  4.2%

Saudi

Arabia

Government

International

Bond

10,100,000

3.750%,

1/21/2055

6,960,640

6,300,000

3.250%,

10/26/2026

a

6,273,128

1,000,000

5.125%,

1/13/2028

a

1,009,793

4,000,000

3.625%,

3/4/2028

a

3,930,086

1,300,000

4.375%,

4/16/2029

a

1,291,371

Principal

Amount

Long-Term

Fixed

Income  95.2%

Value

Saudi

Arabia  4.2%  -

continued

$

500,000

2.250%,

2/2/2033

a

$

424,058

1,000,000

4.875%,

1/12/2036

a,b

982,853

1,500,000

4.500%,

10/26/2046

1,234,803

Saudi

Arabian

Oil

Company

4,500,000

2.250%,

11/24/2030

a

4,026,780

1,000,000

5.000%,

2/2/2036

a

983,057

Total

27,116,569

Senegal  0.2%

Senegal

Government

International

Bond

1,700,000

6.250%,

5/23/2033

955,512

1,000,000

6.750%,

3/13/2048

537,364

Total

1,492,876

Serbia  0.5%

Serbia

Government

International

Bond

2,000,000

6.250%,

5/26/2028

a,b

2,052,222

1,000,000

6.500%,

9/26/2033

a

1,063,596

Total

3,115,818

South

Africa  3.0%

Eskom

Holdings

SOC,

Ltd.

5,000,000

6.350%,

8/10/2028

a

5,084,508

3,000,000

8.450%,

8/10/2028

3,157,711

South

Africa

Government

International

Bond

2,000,000

7.100%,

11/19/2036

a

2,089,134

2,500,000

6.250%,

3/8/2041

2,304,206

2,000,000

5.375%,

7/24/2044

1,617,761

6,100,000

5.650%,

9/27/2047

4,920,651

Total

19,173,971

Sri

Lanka  0.8%

Sri

Lanka

Government

International

Bond

853,846

4.000%,

4/15/2028

a

814,790

1,638,280

3.350%,

3/15/2033

a,c

1,461,672

946,400

3.600%,

6/15/2035

a,c

728,577

1,142,640

3.600%,

5/15/2036

a,c

1,072,928

1,286,240

3.600%,

2/15/2038

a,c

1,210,265

Total

5,288,232

Suriname  0.3%

Suriname

Government

International

Bond

1,000,000

7.700%,

11/6/2030

a

1,039,500

1,000,000

8.500%,

11/6/2035

a,b

1,084,200

Total

2,123,700

Trinidad

and

Tobago  0.5%

Port

of

Spain

Waterfront

Development

933,333

7.875%,

2/19/2040

a

960,960

Telecommunications

Services

of

Trinidad

and

Tobago,

Ltd.

2,000,000

8.875%,

10/18/2029

a

2,034,000

Total

2,994,960

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

6

Principal

Amount

Long-Term

Fixed

Income  95.2%

Value

Turkey  3.2%

TC

Ziraat

Bankasi

AS

$

1,000,000

7.250%,

2/4/2030

a

$

1,019,642

Turkiye

Government

International

Bond

3,600,000

6.125%,

10/24/2028

3,639,044

3,000,000

7.125%,

2/12/2032

3,057,036

3,800,000

6.500%,

9/20/2033

b

3,696,746

3,435,000

6.750%,

5/30/2040

3,212,097

2,000,000

6.000%,

1/14/2041

1,717,474

1,000,000

4.875%,

4/16/2043

725,813

1,800,000

5.750%,

5/11/2047

1,395,886

Turkiye

Ihracat

Kredi

Bankasi

AS

2,000,000

6.125%,

5/2/2029

a

1,995,458

Total

20,459,196

Ukraine  1.2%

Ukraine

Government

International

Bond

74,612

Zero

Coupon,

2/1/2030

a,c

47,229

375,226

Zero

Coupon,

2/1/2030

c

237,515

1,402,166

Zero

Coupon,

2/1/2034

c

663,162

278,813

Zero

Coupon,

2/1/2034

a,c

131,866

2,132,932

4.500%,

2/1/2034

c

1,308,005

409,769

4.500%,

2/1/2034

a,c

251,288

1,184,929

Zero

Coupon,

2/1/2035

c

602,892

235,617

Zero

Coupon,

2/1/2035

a,c

119,882

3,310,025

4.500%,

2/1/2035

c

1,998,546

546,358

4.500%,

2/1/2035

a,c

329,883

2,426,201

4.500%,

2/1/2036

c

1,437,000

409,769

4.500%,

2/1/2036

a,c

242,700

Total

7,369,968

United

Arab

Emirates  2.3%

Abu

Dhabi

Government

International

Bond

1,000,000

3.000%,

9/15/2051

a,b

638,075

2,000,000

3.125%,

5/3/2026

a

1,997,801

8,500,000

2.500%,

9/30/2029

a

7,982,036

Emirate

of

Sharjah

Government

International

Bond

4,800,000

4.000%,

7/28/2050

a

3,053,473

United

Arab

Emirates

Government

International

Bond

1,000,000

4.951%,

7/7/2052

904,621

Total

14,576,006

United

Kingdom  0.1%

NAK

Naftogaz

Ukraine

via

Kondor

Finance

plc

1,167,560

7.625%,PIK

0.000%,

11/8/2028

a,f

903,180

Total

903,180

Uruguay  1.9%

Uruguay

Government

International

Bond

2,500,000

4.975%,

4/20/2055

2,243,250

2,000,000

5.100%,

6/18/2050

1,855,900

8,340,312

4.375%,

1/23/2031

8,359,495

Total

12,458,645

Principal

Amount

Long-Term

Fixed

Income  95.2%

Value

Uzbekistan  1.2%

Uzbekistan

Government

International

Bond

$

1,000,000

7.850%,

10/12/2028

a

$

1,059,567

1,000,000

3.700%,

11/25/2030

933,473

3,000,000

3.900%,

10/19/2031

a

2,788,004

1,000,000

6.947%,

5/25/2032

a,b

1,078,556

Uzbekneftegaz

JSC

2,000,000

4.750%,

11/16/2028

a

1,944,501

Total

7,804,101

Venezuela  1.9%

Petroleos

de

Venezuela

SA

3,000,000

12.750%,

2/17/2022

e

1,536,000

10,500,000

6.000%,

11/15/2026

e

4,147,500

Venezuela

Government

International

Bond

2,800,000

12.750%,

8/23/2022

e

1,587,600

7,000,000

9.000%,

5/7/2023

e

3,500,000

2,500,000

11.750%,

10/21/2026

e

1,421,250

Total

12,192,350

Virgin

Islands,

British  3.5%

Sinopec

Group

Overseas

Development

2017,

Ltd.

3,000,000

3.625%,

4/12/2027

2,986,084

Sinopec

Group

Overseas

Development

2018,

Ltd.

4,200,000

2.300%,

1/8/2031

3,866,663

State

Grid

Overseas

Investment

2016,

Ltd.

12,500,000

2.875%,

5/18/2026

12,491,579

3,000,000

3.500%,

5/4/2027

2,982,532

Total

22,326,858

Zambia  0.2%

Zambia

Government

International

Bond

891,783

0.500%,

12/31/2053

607,544

885,675

5.750%,

6/30/2033

c

871,447

Total

1,478,991

Total

Long-Term

Fixed

Income

(cost

$610,584,845)

609,416,644

Shares

Collateral

Held

for

Securities

Loaned

2.7%

17,147,605

Thrivent

Cash

Management

Trust

17,147,605

Total

Collateral

Held

for

Securities

Loaned

(cost

$17,147,605)

17,147,605

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

7

Shares

or

Principal

Amount

Short-Term

Investments

3.8%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

24,335,191

3.596%

g

$

24,335,192

Total

Short-Term

Investments

(cost

$24,335,192)

24,335,192

Total

Investments

(cost

$652,067,642)

101.7%

$650,899,441

Other

Assets

and

Liabilities,

Net

(1.7%)

(10,918,235)

Total

Net

Assets

100.0%

$639,981,206

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

April

30,

2026,

the

value

of

these

investments

was

$218,894,459

or

34.2%

of

total

net

assets.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

step

coupon

securities.

Step

coupon

securities

pay

an

initial

coupon

rate

for

the

first

period

and

then

different

coupon

rates

for

following

periods.

The

rate

shown

is

as

of

April

30,

2026.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

e

Defaulted

security.  Interest

is

not

being

accrued.

f

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

April

30,

2026.

g

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

Emerging

Markets

Debt

Fund

as

of

April

30,

2026:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

16,596,771

Total

lending

$16,596,771

Gross

amount

payable

upon

return

of

collateral

for

securities

loaned

$17,147,605

Net

amounts

due

to

counterparty

$550,834

Definitions:

PIK

-

Payment-In-Kind

plc

-

Public

Limited

Company

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

$

35,270,504

Gross

unrealized

depreciation

(36,398,018)

Net

unrealized

appreciation

(depreciation)

$

(1,127,514)

Cost

for

federal

income

tax

purposes

$

652,026,955

Emerging

Markets

Debt

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

8

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

April

30,

2026,

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

2,034,000

–

2,034,000

–

Energy

12,717,156

–

12,717,156

–

Foreign

Government

593,685,388

–

593,685,388

–

Utilities

980,100

–

980,100

–

Short-Term

Investments

24,335,192

24,335,192

–

–

Subtotal

Investments

in

Securities

$633,751,836

$24,335,192

$609,416,644

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

17,147,605

Subtotal

Other

Investments

$17,147,605

Total

Investments

at

Value

$650,899,441

*

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

the

table

above

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

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Emerging

Markets

Debt

Fund,

is

as

follows:

Fund

Value

10/31/2025

Gross

Purchases

Gross

Sales

Value

4/30/2026

Shares

Held

at

4/30/2026

%

of

Net

Assets

4/30/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$7,423

$84,536

$74,811

$17,148

17,148

2.7%

Total

Collateral

Held

for

Securities

Loaned

7,423

17,148

2.7

Total

Value

$7,423

$17,148

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2025

-

4/30/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$–

$37

Total

Affiliated

Income

from

Securities

Loaned,

Net

$37

Total

$–

$–

$–

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

9

Shares

Common

Stock

96.4%

Value

Bermuda  0.5%

6,430

Credicorp,

Ltd.

$

2,084,413

195,000

Nine

Dragons

Paper

Holdings,

Ltd.

a

158,363

90,000

Orient

Overseas

International,

Ltd.

1,571,229

Total

3,814,005

Brazil  3.8%

92,400

Allos

SA

570,619

167,900

Alupar

Investimento

SA

1,173,516

274,000

Ambev

SA

807,314

40,929

Axia

Energia

SA

ADR

b

513,659

98,500

Banco

ABC

Brasil

SA

499,283

444,258

Banco

Bradesco

SA

ADR

1,723,721

258,800

Banco

do

Brasil

SA

1,162,348

649,300

Banco

do

Estado

do

Rio

Grande

do

Sul

SA

2,045,535

2,394,590

Cogna

Educacao

SA

1,344,352

28,651

Companhia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

ADR

a

963,533

50,600

Companhia

de

Saneamento

de

Minas

Gerais

COPASA

MG

553,639

171,821

Companhia

Energetica

de

Minas

Gerais

ADR

432,989

6,622

Companhia

Paranaense

de

Energia

-

COPEL

ADR

85,225

45,800

CPFL

Energia

SA

454,874

147,546

Cury

Construtora

e

Incorporadora

SA

890,317

134,600

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

635,788

340,700

Direcional

Engenharia

SA

885,498

27,600

EcoRodovias

Infraestrutura

e

Logistica

SA

48,826

563,870

Itau

Unibanco

Holding

SA

ADR

4,905,669

313,200

JHSF

Participacoes

SA

789,989

57,300

M.

Dias

Branco

SA

273,089

698,088

Metalurgica

Gerdau

SA

1,402,718

203,242

Petroleo

Brasileiro

SA

-

Petrobras

ADR

b

4,477,421

132,000

TIM

SA/Brazil

687,483

18,600

Transmissora

Alianca

de

Energia

Eletrica

SA

159,789

256,598

Vale

SA

ADR

4,197,943

Total

31,685,137

Canada  0.1%

46,900

China

Gold

International

Resources

Corporation,

Ltd.

1,007,429

Total

1,007,429

Cayman

Islands  9.0%

208,500

3SBio,

Inc.

c

623,652

1,018,304

Alibaba

Group

Holding,

Ltd.

16,782,682

960,000

China

Hongqiao

Group,

Ltd.

4,063,728

200,500

China

Resources

Land,

Ltd.

842,407

1,527,000

Consun

Pharmaceutical

Group,

Ltd.

3,164,177

197,000

Geely

Automobile

Holdings,

Ltd.

575,972

28,729

Hello

Group,

Inc.

ADR

179,269

77,000

Hengan

International

Group

Company,

Ltd.

263,984

32,136

Huazhu

Group,

Ltd.

ADR

1,659,503

17,057

JOYY,

Inc.

ADR

1,006,192

691,500

Kingboard

Holdings,

Ltd.

3,919,938

Shares

Common

Stock  96.4%

Value

Cayman

Islands  9.0%  -

continued

95,500

Kingboard

Laminates

Holdings,

Ltd.

$

426,327

366,500

Li

Ning

Company,

Ltd.

954,172

22,220

Meituan

a,c

239,069

218,500

NetDragon

Websoft

Holdings,

Ltd.

241,609

37,108

NetEase,

Inc.

ADR

4,360,561

79,589

NU

Holdings,

Ltd./Cayman

Islands

a

1,152,449

25,476

PDD

Holdings,

Inc.

ADR

a

2,544,543

4,912,000

Shui

On

Land,

Ltd.

333,605

457,600

Tencent

Holdings,

Ltd.

27,791,085

296,000

WuXi

Biologics

(Cayman),

Inc.

a,c

1,264,733

355,000

Xiaomi

Corporation

a,c

1,332,032

54,650

ZTO

Express

Cayman,

Inc.

1,384,768

Total

75,106,457

Chile  0.4%

348,642

Aguas

Andinas

SA

131,927

18,578

Banco

de

Chile

ADR

703,549

12,769

Banco

de

Credito

e

Inversiones

SA

862,799

26,581

Banco

Santander

Chile

SA

ADR

850,060

2,738,885

Colbun

SA

407,876

8,122,564

Latam

Airlines

Group

SA

193,177

Total

3,149,388

China  12.1%

996,000

Agricultural

Bank

of

China,

Ltd.,

Class

H

776,978

229,800

Aluminum

Corporation

of

China,

Ltd.,

Class

A

396,638

1,096,000

Aluminum

Corporation

of

China,

Ltd.,

Class

H

1,605,155

76,000

Angel

Yeast

Company,

Ltd.

418,166

80,900

Anhui

Conch

Cement

Company,

Ltd.,

Class

A

250,147

100,000

Anhui

Expressway

Company,

Ltd.

202,763

3,848,500

BAIC

Motor

Corporation,

Ltd.

a,c

686,393

4,325,000

Bank

of

China,

Ltd.,

Class

H

2,808,481

855,000

Bank

of

Communications

Company,

Ltd.,

Class

H

782,056

93,900

Bank

of

Ningbo

Company,

Ltd.

456,195

570,364

Baoshan

Iron

&

Steel

Company,

Ltd.

527,707

678,400

BOE

Technology

Group

Company,

Ltd.

406,461

5,900

BYD

Company,

Ltd.,

Class

H

a

78,483

27,200

Chaozhou

Three-Circle

Group

Company,

Ltd.

345,175

482,200

China

CITIC

Bank

Corporation,

Ltd.,

Class

A

593,431

2,449,000

China

CITIC

Bank

Corporation,

Ltd.,

Class

H

2,568,266

1,454,000

China

Coal

Energy

Company,

Ltd.

2,720,199

6,416,000

China

Construction

Bank

Corporation,

Class

H

7,242,381

107,900

China

International

Capital

Corporation,

Ltd.,

Class

A

543,405

1,208,000

China

International

Capital

Corporation,

Ltd.,

Class

H

c

3,153,717

179,599

China

Life

Insurance

Company,

Ltd.,

Class

A

966,923

1,202,000

China

Life

Insurance

Company,

Ltd.,

Class

H

4,434,243

180,300

China

Merchants

Shekou

Industrial

Zone

Holdings

Company,

Ltd.

229,542

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

10

Shares

Common

Stock  96.4%

Value

China  12.1%  -

continued

1,255,500

China

Minsheng

Banking

Corporation,

Ltd.

$

572,951

135,100

China

Pacific

Insurance

(Group)

Company,

Ltd.,

Class

A

739,313

992,200

China

Pacific

Insurance

(Group)

Company,

Ltd.,

Class

H

4,331,318

568,300

China

Petroleum

&

Chemical

Corporation,

Class

A

448,815

877,000

China

Railway

Group,

Ltd.

425,153

152,500

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Company,

Ltd.

578,209

165,000

China

Shenhua

Energy

Company,

Ltd.,

Class

H

1,024,959

117,500

CITIC

Pacific

Special

Steel

Group

Company,

Ltd.

262,933

164,990

CITIC

Securities

Company,

Ltd.,

Class

A

659,686

449,500

CITIC

Securities

Company,

Ltd.,

Class

H

1,595,920

202,800

CMOC

Group,

Ltd.,

Class

A

559,348

966,000

CMOC

Group,

Ltd.,

Class

H

2,208,753

17,700

Contemporary

Amperex

Technology

Company,

Ltd.

1,136,186

252,800

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

A

523,565

1,206,500

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

H

2,218,142

19,700

CSC

Financial

Company,

Ltd.

66,596

522,700

Datang

International

Power

Generation

Company,

Ltd.

319,253

34,200

Gree

Electric

Appliances,

Inc.

of

Zhuhai

200,759

184,600

Guotai

Haitong

Securities

Company,

Ltd.

436,933

198,700

Hangzhou

First

Applied

Material

Company,

Ltd.

547,085

208,000

Harbin

Electric

Company,

Ltd.

621,034

165,100

Hengli

Petrochemical

Company,

Ltd.

536,440

241,600

Huaneng

Power

International,

Inc.,

Class

A

247,439

1,550,000

Huaneng

Power

International,

Inc.,

Class

H

1,236,834

379,680

HUAYU

Automotive

Systems

Company,

Ltd.

1,036,756

6,280,000

Industrial

and

Commercial

Bank

of

China,

Ltd.,

Class

H

5,657,968

468,300

Industrial

Securities

Company,

Ltd.

417,151

322,400

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Company,

Ltd.

264,569

2,400

Kweichow

Moutai

Company,

Ltd.

486,343

292,000

Lenovo

Group,

Ltd.

439,087

48,600

Midea

Group

Company,

Ltd.

577,940

95,200

New

China

Life

Insurance

Company,

Ltd.,

Class

A

901,743

408,000

New

China

Life

Insurance

Company,

Ltd.,

Class

H

2,679,435

1,227,000

People's

Insurance

Company

(Group)

of

China,

Ltd.,

Class

H

839,534

414,300

PetroChina

Company,

Ltd.,

Class

A

741,380

3,192,000

PetroChina

Company,

Ltd.,

Class

H

4,923,705

83,100

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

A

724,507

669,500

Ping

An

Insurance

(Group)

Company

of

China,

Ltd.,

Class

H

5,441,765

Shares

Common

Stock  96.4%

Value

China  12.1%  -

continued

261,800

SAIC

Motor

Corporation,

Ltd.

$

530,142

230,100

Sanan

Optoelectronics

Company,

Ltd.

461,509

124,800

Sany

Heavy

Industry

Company,

Ltd.

372,801

113,000

Satellite

Chemical

Company,

Ltd.

489,460

5,500

SDIC

Capital

Company,

Ltd.

5,416

80,500

Shandong

Gold

Mining

Company,

Ltd.

408,438

654,900

Shandong

Nanshan

Aluminum

Company,

Ltd.

518,429

387,100

Shanghai

Electric

Group

Company,

Ltd.

460,035

32,400

Shanghai

Fosun

Pharmaceutical

Group

Company,

Ltd.

118,426

142,900

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.,

Class

A

357,760

313,500

Shenergy

Company,

Ltd.

415,636

290,300

Sichuan

Road

and

Bridge

Group

Company,

Ltd.

348,318

638,900

Sinolink

Securities

Company,

Ltd.

842,791

113,600

Sinopharm

Group

Company,

Ltd.

270,227

44,400

Spring

Airlines

Company,

Ltd.

307,163

180,000

Tianshan

Aluminum

Group

Company,

Ltd.

442,601

562,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

276,449

33,200

TongFu

Microelectronics

Company,

Ltd.

252,208

11,853

Vipshop

Holdings,

Ltd.

ADR

170,565

51,600

Wanhua

Chemical

Group

Company,

Ltd.

678,442

147,100

Wuhan

Guide

Infrared

Company,

Ltd.

a

320,606

43,700

WuXi

AppTec

Company,

Ltd.,

Class

A

708,009

242,300

WuXi

AppTec

Company,

Ltd.,

Class

H

c

4,256,706

268,200

XCMG

Construction

Machinery

Company,

Ltd.

391,807

157,000

Xinhua

Winshare

Publishing

and

Media

Company,

Ltd.

207,796

374,000

Yankuang

Energy

Group

Company,

Ltd.

784,712

73,200

Zhejiang

Chint

Electrics

Company,

Ltd.

351,859

384,500

Zhejiang

Dahua

Technology

Company,

Ltd.

1,045,938

187,700

Zhejiang

Longsheng

Group

Company,

Ltd.

361,305

100,565

Zhejiang

NHU

Company,

Ltd.

513,374

65,803

Zhuzhou

CRRC

Times

Electric

Company,

Ltd.

468,239

127,200

Zijin

Mining

Group

Company,

Ltd.,

Class

A

626,373

822,000

Zijin

Mining

Group

Company,

Ltd.,

Class

H

3,817,370

248,300

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.,

Class

A

289,947

Total

100,693,269

Colombia  0.3%

41,449

Grupo

Cibest

SA

859,398

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

11

Shares

Common

Stock  96.4%

Value

Colombia  0.3%  -

continued

22,472

Grupo

Cibest

SA

ADR

$

1,532,366

Total

2,391,764

Cyprus  <0.1%

71,245

Ros

Agro

plc

GDR

a,d

0

Total

0

Czech

Republic  0.3%

25,611

Komercni

Banka

AS

1,363,320

92,722

Moneta

Money

Bank

AS

c

816,230

285

Philip

Morris

CR

260,624

Total

2,440,174

Egypt  <0.1%

143,799

Commercial

International

Bank

Egypt

SAE

GDR

360,500

Total

360,500

Greece  0.6%

17,365

Aegean

Airlines

SA

227,699

34,885

Alpha

Bank

SA

140,002

383,947

Eurobank

SA

1,670,580

28,877

HELLENiQ

ENERGY

Holdings

SA

333,324

11,750

Motor

Oil

(Hellas)

Corinth

Refineries

SA

524,036

117,301

National

Bank

of

Greece

SA

1,859,014

73,469

Piraeus

Bank

SA

695,538

Total

5,450,193

Hong

Kong  1.2%

829,000

China

Nonferrous

Mining

Corporation,

Ltd.

1,441,385

505,000

China

Overseas

Grand

Oceans

Group,

Ltd.

183,632

792,000

China

Taiping

Insurance

Holdings

Company,

Ltd.

2,264,248

1,268,000

CITIC,

Ltd.

2,107,233

254,000

CSPC

Pharmaceutical

Group,

Ltd.

276,752

1,547,000

Genertec

Universal

Medical

Group

Company,

Ltd.

c

1,148,527

1,234,000

Guangdong

Investment,

Ltd.

1,288,748

217,000

Weichai

Power

Company,

Ltd.,

Class

H

1,078,683

Total

9,789,208

Hungary  0.6%

146,427

MOL

Hungarian

Oil

&

Gas

plc

1,951,777

25,433

OTP

Bank

Nyrt

3,411,301

Total

5,363,078

India  10.5%

46,490

Aditya

Birla

Sun

Life

Asset

Management

Company,

Ltd.

499,708

3,524

AIA

Engineering,

Ltd.

147,278

5,203

Anand

Rathi

Wealth,

Ltd.

198,145

15,772

Asian

Paints,

Ltd.

409,259

21,038

Avanti

Feeds,

Ltd.

309,667

97,088

Axis

Bank,

Ltd.

1,302,200

717,602

Bharat

Petroleum

Corporation,

Ltd.

2,284,972

283,046

Bharti

Airtel,

Ltd.

5,658,069

27,464

Britannia

Industries,

Ltd.

1,656,861

140,321

Canara

Bank

200,272

Shares

Common

Stock  96.4%

Value

India  10.5%  -

continued

24,268

Ceat,

Ltd.

$

886,527

241,686

Chambal

Fertilisers

and

Chemicals,

Ltd.

1,115,439

45,943

Cipla,

Ltd.

636,696

6,705

Coromandel

International,

Ltd.

140,679

31,866

Cummins

India,

Ltd.

1,775,392

25,000

Eicher

Motors,

Ltd.

1,881,122

88,069

Federal

Bank,

Ltd.

267,779

73,454

Great

Eastern

Shipping

Company,

Ltd.

1,226,752

25,574

HCL

Technologies,

Ltd.

325,274

24,814

HDFC

Asset

Management

Company,

Ltd.

a,c

711,992

734,881

HDFC

Bank,

Ltd.

a

6,010,646

38,444

Hero

MotoCorp,

Ltd.

2,077,395

414,913

Hindalco

Industries,

Ltd.

4,558,479

242,454

Hindustan

Petroleum

Corporation,

Ltd.

961,057

108,899

ICICI

Bank,

Ltd.

ADR

2,895,624

1,046,749

Indian

Oil

Corporation,

Ltd.

1,575,796

166,618

Infosys,

Ltd.

ADR

b

2,076,060

35,098

JB

Chemicals

&

Pharmaceuticals,

Ltd.

756,712

189,238

JSW

Steel,

Ltd.

2,533,454

28,082

Kajaria

Ceramics,

Ltd.

353,066

48,952

Larsen

&

Toubro,

Ltd.

2,079,473

13,351

LTM,

Ltd.

c

605,394

86,889

Lupin,

Ltd.

2,123,838

40,191

Mahindra

&

Mahindra,

Ltd.

1,318,154

17,756

Maruti

Suzuki

India,

Ltd.

2,505,031

1,225

MRF,

Ltd.

1,680,226

550,297

National

Aluminium

Company,

Ltd.

2,328,376

26,202

Nava,

Ltd.

183,423

62,055

NLC

India,

Ltd.

208,134

623,166

NMDC,

Ltd.

596,473

498,673

NTPC,

Ltd.

2,105,639

1,181,274

Oil

&

Natural

Gas

Corporation,

Ltd.

3,744,792

3,262

Persistent

Systems,

Ltd.

166,667

18,935

Polycab

India,

Ltd.

1,626,280

462,918

Reliance

Industries,

Ltd.

7,020,799

586,824

Samvardhana

Motherson

International,

Ltd.

754,733

48,862

SBI

Life

Insurance

Company,

Ltd.

c

938,429

71,773

Shipping

Corporation

of

India,

Ltd.

231,228

189,171

State

Bank

of

India

2,139,714

16,655

Sun

Pharmaceutical

Industries,

Ltd.

319,040

53,113

Tata

Consultancy

Services,

Ltd.

1,393,808

1,893,910

Tata

Steel,

Ltd.

4,235,082

48,348

Tech

Mahindra,

Ltd.

755,754

9,559

TVS

Motor

Company,

Ltd.

353,988

292,199

Vedanta

Aluminium

Metal,

Ltd.

a,d

1,198,579

292,199

Vedanta

Iron

and

Steel,

Ltd.

a,d

45,992

292,199

Vedanta

Oil

and

Gas,

Ltd.

a,d

136,741

292,199

Vedanta

Power,

Ltd.

a,d

67,956

292,199

Vedanta,

Ltd.

839,131

78,855

Wipro,

Ltd.

ADR

b

160,864

Total

87,296,110

Indonesia  0.3%

4,119,900

Aneka

Tambang

Tbk

894,078

1,450,600

Astra

International

Tbk

PT

502,545

1,176,300

Bank

Mandiri

Persero

Tbk

PT

299,311

2,249,300

Medco

Energi

Internasional

Tbk

PT

228,077

3,176,200

Perusahaan

Gas

Negara

(Persero)

Tbk

PT

357,318

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

12

Shares

Common

Stock  96.4%

Value

Indonesia  0.3%  -

continued

2,034,000

PT

Telkom

Indonesia

(Persero)

Tbk

$

332,728

Total

2,614,057

Kuwait  0.4%

804,085

Agility

Public

Warehousing

Company

KSCC

377,266

743,548

Kuwait

Finance

House

KSCP

a

1,910,254

240,352

Mobile

Telecommunications

Company

KSCP

445,530

145,272

National

Bank

of

Kuwait

KSCP

a

406,289

Total

3,139,339

Malaysia  0.9%

358,400

Malayan

Banking

Bhd

1,000,878

79,300

Malayan

Cement

Bhd

138,773

1,316,900

Public

Bank

Bhd

1,552,871

949,000

SD

Guthrie

Bhd

1,481,506

811,700

Sime

Darby

Bhd

442,401

683,000

Sunway

Construction

Group

Bhd

1,178,031

553,200

Telekom

Malaysia

Bhd

1,043,189

51,300

United

Plantations

Bhd

409,986

Total

7,247,635

Mexico  1.2%

69,195

America

Movil

SAB

de

CV

ADR

1,840,587

63,186

Cemex

SAB

de

CV

ADR

777,188

254,000

Fibra

Uno

Administracion

SA

de

CV

435,778

161,400

Grupo

Financiero

Banorte

SAB

de

CV

ADR

1,758,921

241,300

Grupo

Mexico

SAB

de

CV

2,645,273

36,300

Industrias

Penoles

SAB

de

CV

a

1,841,131

149,100

Megacable

Holdings

SAB

de

CV

524,327

27,400

Regional

SAB

de

CV

230,042

Total

10,053,247

Netherlands  <0.1%

13,898

NEPI

Rockcastle

NV

117,642

Total

117,642

Panama  <0.1%

3,503

Intercorp

Financial

Services,

Inc.

156,164

Total

156,164

Philippines  0.2%

174,720

International

Container

Terminal

Services,

Inc.

2,017,913

Total

2,017,913

Poland  0.8%

28,842

Bank

Polska

Kasa

Opieki

SA

1,805,465

5,049

Erste

Bank

Polska

SA

860,387

72,519

Orlen

SA

2,665,260

52,043

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

1,363,298

56,703

Tauron

Polska

Energia

SA

148,077

Total

6,842,487

Qatar  0.4%

672,889

Baladna

a

238,977

378,839

Commercial

Bank

PSQC

447,927

687,761

Doha

Bank

QPSC

510,012

Shares

Common

Stock  96.4%

Value

Qatar  0.4%  -

continued

48,315

Qatar

Islamic

Bank

QPSC

$

294,853

391,457

Qatar

National

Bank

QPSC

1,865,361

Total

3,357,130

Russian

Federation  <0.1%

647,134

Gazprom

PJSC

ADR

a,d

65

56,865

GMK

Norilskiy

Nickel

PAO

ADR

a,d

6

23,359

LUKOIL

PJSC

a,d,e

0

23,091

Mechel

PJSC

ADR

a,b,d

2

1,696

Novatek

PJSC

GDR

a,d

0

26,150

Polyus

PJSC

a,d,e

0

1,260,120

Sberbank

of

Russia

PJSC

a,d,e

1

67,230

Sovcomflot

PJSC

a,d,e

0

257,974

Surgutneftegas

PAO

ADR

a,d

26

Total

100

Saudi

Arabia  2.4%

13,139

Al

Babtain

Power

&

Telecommunication

Company

233,811

210,963

Al

Rajhi

Bank

3,867,782

23,138

Alinma

Bank

a

150,329

177,405

Arab

National

Bank

1,021,351

143,892

Arabian

Centres

Company

c

674,620

209,187

Banque

Saudi

Fransi

1,078,878

158,790

Riyad

Bank

a

878,521

7,969

SABIC

Agri-Nutrients

Company

309,875

23,287

Saudi

Arabian

Mining

Company

a

408,376

573,024

Saudi

Arabian

Oil

Company

c

4,250,243

227,556

Saudi

Awwal

Bank

2,069,903

23,037

Saudi

Basic

Industries

Corporation

376,484

196,712

Saudi

Energy

Company

932,953

36,225

Saudi

Investment

Bank

127,978

322,153

Saudi

National

Bank

3,373,995

333

Saudi

Telecom

Company

3,870

17,595

Theeb

Rent

A

Car

Company

134,866

Total

19,893,835

South

Africa  2.3%

124,157

Absa

Group,

Ltd.

b

1,740,819

221,379

AECI,

Ltd.

1,468,551

19,743

African

Rainbow

Minerals,

Ltd.

f

264,350

30,182

Coronation

Fund

Managers,

Ltd.

80,435

240,855

DataTec,

Ltd.

1,034,849

47,940

Exxaro

Resources,

Ltd.

f

632,897

152,494

FirstRand,

Ltd.

808,536

69,110

Gold

Fields,

Ltd.

ADR

2,935,793

689,168

Growthpoint

Properties,

Ltd.

b

676,446

27,003

Impala

Platinum

Holdings,

Ltd.

378,502

97,439

Momentum

Group,

Ltd.

221,406

48,879

MTN

Group,

Ltd.

613,280

18,061

Naspers,

Ltd.

978,002

23,250

Nedbank

Group,

Ltd.

371,220

194,814

Old

Mutual,

Ltd.

159,278

635,660

Redefine

Properties,

Ltd.

241,556

19,220

Sasol,

Ltd.

a,f

267,149

410,120

Sibanye

Stillwater,

Ltd.

b

1,226,086

172,756

Standard

Bank

Group,

Ltd.

3,329,246

13,629

Valterra

Platinum,

Ltd.

1,097,721

728,369

Vukile

Property

Fund,

Ltd.

1,043,838

Total

19,569,960

South

Korea  17.4%

55,837

BNK

Financial

Group,

Inc.

708,975

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

13

Shares

Common

Stock  96.4%

Value

South

Korea  17.4%  -

continued

4,240

Celltrion,

Inc.

$

577,542

4,082

CJ

Corporation

621,597

1,946

DB

HiTek

Company,

Ltd.

210,715

22,819

GC

Corporation

215,946

42,105

GS

Holdings

Corporation

2,338,525

42,873

Hana

Financial

Group,

Inc.

3,724,873

21,728

Hanwha

Corporation

1,975,230

6,369

HD

Hyundai

Company,

Ltd.

1,352,239

5,178

HD

Korea

Shipbuilding

&

Offshore

Engineering

Company,

Ltd.

1,621,375

2,591

Hyosung

Corporation

403,904

7,104

Hyundai

Department

Store

Company,

Ltd.

525,354

7,232

Hyundai

Motor

Company

2,621,309

95,731

iM

Financial

Group

Company,

Ltd.

1,238,865

11,806

Kakao

Corporation

380,071

24,630

KB

Financial

Group,

Inc.

2,697,113

20,460

Kia

Corporation

2,110,281

17,006

Korean

Reinsurance

Company

142,118

4,462

LG

Chem,

Ltd.

1,208,502

24,034

LG

Corporation

1,622,023

71,080

LG

Uplus

Corporation

762,172

16,777

LX

International

Corporation

608,010

23,420

Mirae

Asset

Securities

Company,

Ltd.

a

1,040,269

4,753

Misto

Holdings

Corporation

130,745

13,063

NAVER

Corporation

1,876,399

4,235

POSCO

Holdings,

Inc.

1,335,724

1,588

Samsung

Biologics

Company,

Ltd.

a,c

1,583,299

13,532

Samsung

C&T

Corporation

2,764,649

1,647

Samsung

Electro-Mechanics

Company,

Ltd.

944,859

359,863

Samsung

Electronics

Company,

Ltd.

54,190,938

25,698

SD

Biosensor,

Inc.

146,543

50,746

Shinhan

Financial

Group

Company,

Ltd.

3,446,097

6,872

Shinsegae,

Inc.

1,899,217

42,376

SK

Hynix,

Inc.

37,789,590

9,598

SK

Square

Company,

Ltd.

a

5,586,045

10,582

SK,

Inc.

3,080,371

1,257

Tokai

Carbon

Korea

Company,

Ltd.

253,644

65,950

Woori

Financial

Group,

Inc.

1,503,934

2,228

Youngone

Holdings

Company,

Ltd.

314,908

Total

145,553,970

Switzerland  <0.1%

11,600

BeOne

Medicines,

Ltd.

a

263,310

Total

263,310

Taiwan  24.7%

57,000

Accton

Technology

Corporation

4,174,486

21,000

Arcadyan

Technology

Corporation

106,334

79,609

ASE

Technology

Holding

Company,

Ltd.

ADR

b

2,500,519

14,000

Asia

Vital

Components

Company,

Ltd.

1,281,746

1,000

ASPEED

Technology,

Inc.

537,573

1,751,000

Cathay

Financial

Holding

Company,

Ltd.

4,274,391

21,000

Chroma

ATE,

Inc.

1,434,937

47,556

Chunghwa

Telecom

Company,

Ltd.

ADR

2,061,077

Shares

Common

Stock  96.4%

Value

Taiwan  24.7%  -

continued

88,000

Compeq

Manufacturing

Company,

Ltd.

$

686,219

4,469,000

CTBC

Financial

Holding

Company,

Ltd.

7,391,830

153,000

Delta

Electronics,

Inc.

10,729,196

12,000

Elite

Material

Company,

Ltd.

1,788,056

264,000

Far

EasTone

Telecommunications

Company,

Ltd.

787,345

472,000

Feng

Hsin

Steel

Company,

Ltd.

907,220

506,000

First

Financial

Holding

Company,

Ltd.

a

462,162

569,000

Fubon

Financial

Holding

Company,

Ltd.

a

1,621,701

1,133,000

Hon

Hai

Precision

Industry

Company,

Ltd.

8,004,667

2,000

Hon

Precision,

Inc.

313,876

579,000

Hua

Nan

Financial

Holdings

Company,

Ltd.

a

585,679

463,000

KGI

Financial

Holding

Company,

Ltd.

a

315,557

38,000

L&K

Engineering

Company,

Ltd.

819,682

22,000

Lite-On

Technology

Corporation

117,961

19,000

Marketech

International

Corporation

232,131

64,000

MediaTek,

Inc.

5,342,825

530,000

Nan

Ya

Plastics

Corporation

1,521,304

242,000

Quanta

Computer,

Inc.

2,412,952

96,000

Simplo

Technology

Company,

Ltd.

1,089,808

1,739,000

SinoPac

Financial

Holdings

Company,

Ltd.

a

1,703,980

1,105,000

Synnex

Technology

International

Corporation

2,896,696

1,762,000

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

122,321,333

21,000

Taiwan

Surface

Mounting

Technology

Corporation

112,549

212,164

Topco

Scientific

Company,

Ltd.

2,754,060

64,000

Tripod

Technology

Corporation

922,063

514,000

Tung

Ho

Steel

Enterprise

Corporation

1,057,703

18,000

Unimicron

Technology

Corporation

511,260

17,000

United

Integrated

Services

Company,

Ltd.

518,640

796,000

United

Microelectronics

Corporation

1,999,438

470,000

Wah

Lee

Industrial

Corporation

1,983,511

1,000

WinWay

Technology

Company,

Ltd.

336,248

5,000

Wiwynn

Corporation

750,703

1,033,000

WPG

Holdings,

Ltd.

3,310,041

119,000

WT

Microelectronics

Company,

Ltd.

773,193

136,000

Yageo

Corporation

1,386,614

39,000

Yankey

Engineering

Company,

Ltd.

785,788

259,000

Yuanta

Financial

Holding

Company,

Ltd.

a

429,102

Total

206,054,156

Thailand  3.1%

394,700

Advanced

Info

Service

PCL

NVDR

4,122,415

731,200

Central

Pattana

PCL

NVDR

1,398,150

149,600

Delta

Electronics

Thailand

PCL

NVDR

1,465,489

494,000

Kasikornbank

PCL

NVDR

2,939,980

1,480,900

Kiatnakin

Phatra

Bank

PCL

NVDR

3,592,899

3,606,900

Krung

Thai

Bank

PCL

NVDR

3,651,436

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

14

Shares

Common

Stock  96.4%

Value

Thailand  3.1%  -

continued

432,100

PTT

Exploration

and

Production

PCL

NVDR

$

2,051,548

1,018,200

PTT

PCL

NVDR

1,101,052

537,800

SCB

X

PCL

NVDR

2,163,247

221,700

Thai

Oil

PCL

NVDR

327,839

600,100

Thanachart

Capital

PCL

NVDR

1,031,350

329,000

TISCO

Financial

Group

PCL

NVDR

d

1,105,303

18,912,500

TMBThanachart

Bank

PCL

NVDR

1,313,222

Total

26,263,930

Turkey  0.4%

1,470,124

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

AS

a

618,458

1,059,197

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

483,154

313,575

Enerjisa

Enerji

AS

c

852,212

59,485

Migros

Ticaret

AS

845,819

186,560

Sok

Marketler

Ticaret

AS

a

210,476

71,552

Turkiye

Petrol

Rafinerileri

AS

430,156

Total

3,440,275

United

Arab

Emirates  1.7%

130,789

Abu

Dhabi

Commercial

Bank

PJSC

491,380

39,244

Abu

Dhabi

Islamic

Bank

PJSC

234,342

203,752

Abu

Dhabi

National

Oil

Company

for

Distribution

PJSC

203,580

47,751

ADNOC

Gas

plc

43,811

90,450

Aldar

Properties

PJSC

190,226

1,690,406

Deyaar

Development

PJSC

377,374

542,521

Dubai

Islamic

Bank

PJSC

1,054,586

416,611

Emaar

Development

PJSC

1,653,695

832,187

Emaar

Properties

PJSC

2,679,642

345,318

Emirates

NBD

Bank

PJSC

2,726,368

197,054

Emirates

Telecommunications

Group

Company

PJSC

997,851

607,917

First

Abu

Dhabi

Bank

PJSC

2,906,270

305,483

Sharjah

Islamic

Bank

246,176

101,827

Sharjah

Islamic

Bank,

Rights

a

11,117

Total

13,816,418

United

Kingdom  0.5%

42,367

AngloGold

Ashanti

plc

f

3,937,132

Total

3,937,132

United

States  0.3%

3,232

Southern

Copper

Corporation

a

554,902

32,713

Yum

China

Holding,

Inc.

1,584,945

Total

2,139,847

Virgin

Islands,

British  <0.1%

17,004

VK

IPJSC

GDR

a,d

0

Total

0

Total

Common

Stock

(cost

$543,586,189)

805,025,259

Shares

Preferred

Stock

2.5%

Brazil  1.3%

10,757

Axia

Energia

SA,

Class

C

ADR

a

129,623

137,300

Bradespar

SA

639,391

586,600

Companhia

de

Saneamento

do

Parana

938,219

Shares

Preferred

Stock  2.5%

Value

Brazil  1.3%  -

continued

232,100

Companhia

de

Saneamento

do

Parana,

Units

$

1,925,964

610,296

Itausa

SA

1,714,370

539,700

Petroleo

Brasileiro

SA

5,380,870

Total

10,728,437

Russian

Federation  <0.1%

2,930,700

Surgutneftegas

PAO

a,d,e

4

65,200

Transneft

PJSC

a,d,e

0

Total

4

South

Korea  1.2%

99,040

Samsung

Electronics

Company,

Ltd.

10,689,776

Total

10,689,776

Total

Preferred

Stock

(cost

$15,902,069)

21,418,217

Shares

Collateral

Held

for

Securities

Loaned

1.5%

12,360,642

Thrivent

Cash

Management

Trust

12,360,642

Total

Collateral

Held

for

Securities

Loaned

(cost

$12,360,642)

12,360,642

Shares

or

Principal

Amount

Short-Term

Investments

0.2%

Federal

Home

Loan

Bank

Discount

Notes

300,000

3.610%,

6/5/2026

g,h

298,920

400,000

3.610%,

6/10/2026

g,h

398,360

100,000

3.590%,

6/22/2026

g,h

99,470

100,000

3.630%,

7/15/2026

g,h

99,241

100,000

3.590%,

7/22/2026

g,h

99,171

Federal

National

Mortgage

Association

Discount

Notes

400,000

3.595%,

6/1/2026

g,h

398,720

Total

Short-Term

Investments

(cost

$1,394,012)

1,393,882

Total

Investments

(cost

$573,242,912)

100.6%

$840,198,000

Other

Assets

and

Liabilities,

Net

(0.6%)

(5,423,096)

Total

Net

Assets

100.0%

$834,774,904

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

15

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

April

30,

2026,

the

value

of

these

investments

was

$23,137,248

or

2.8%

of

total

net

assets.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

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.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

g

The

interest

rate

shown

reflects

the

yield.

h

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

Emerging

Markets

Equity

Fund

as

of

April

30,

2026:

Securities

Lending

Transactions

Common

Stock

$

12,013,948

Total

lending

$12,013,948

Gross

amount

payable

upon

return

of

collateral

for

securities

loaned

$12,360,642

Net

amounts

due

to

counterparty

$346,694

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Bhd

-

Berhad

-

suffix

used

in

Malaysia

to

identify

a

Public

Limited

Company

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

PCL

-

Public

Company

Limited

plc

-

Public

Limited

Company

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

$

282,921,600

Gross

unrealized

depreciation

(29,217,576)

Net

unrealized

appreciation

(depreciation)

$

253,704,024

Cost

for

federal

income

tax

purposes

$

588,643,323

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

16

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

April

30,

2026,

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

@

55,922,905

9,447,686

46,475,219

0

Consumer

Discretionary

51,618,451

5,959,556

45,658,895

–

Consumer

Staples

@

8,281,270

–

8,281,270

0

Energy

@

47,827,709

4,477,421

43,350,197

91

Financials

184,861,968

16,004,015

167,752,649

1,105,304

Health

Care

19,666,553

–

19,666,553

–

Industrials

50,206,707

–

48,757,439

1,449,268

Information

Technology

291,681,266

4,737,443

286,943,823

–

Materials

@

69,047,245

8,465,826

60,581,411

8

Real

Estate

12,921,915

–

12,921,915

–

Utilities

12,989,270

1,995,406

10,993,864

–

Preferred

Stock

Energy

@

5,380,874

–

5,380,870

4

Financials

1,714,370

–

1,714,370

–

Information

Technology

10,689,776

–

10,689,776

–

Materials

639,391

–

639,391

–

Utilities

2,993,806

129,623

2,864,183

–

Short-Term

Investments

1,393,882

–

1,393,882

–

Subtotal

Investments

in

Securities

$827,837,358

$51,216,976

$774,065,707

$2,554,675

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

12,360,642

Subtotal

Other

Investments

$12,360,642

Total

Investments

at

Value

$840,198,000

*

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

the

table

above

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.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

April

30,

2026,

in

valuing

Emerging

Markets

Equity

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

2,149,347

2,149,347

–

–

Total

Asset

Derivatives

$2,149,347

$2,149,347

$–

$–

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

17

Reference

Description:

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

The

following

table

presents

Emerging

Markets

Equity

Fund's

futures

contracts

held

as

of

April

30,

2026.

Investments

and/or

cash

totaling

$1,393,882

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

353

June

2026

$

26,694,283

$

2,149,347

Total

Futures

Long

Contracts

$

26,694,283

$

2,149,347

Total

Futures

Contracts

$

26,694,283

$2,149,347

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

April

30,

2026,

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

Asset

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

2,149,347

Total

Equity

Contracts

2,149,347

Total

Asset

Derivatives

$2,149,347

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

April

30,

2026,

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

3,329,436

Total

Equity

Contracts

3,329,436

Total

$3,329,436

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

April

30,

2026,

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

1,766,327

Total

Equity

Contracts

1,766,327

Total

1,766,327

The

following

table

presents

Emerging

Markets

Equity

Fund's

average

volume

of

derivative

activity

during

the

period

ended

April

30,

2026.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$19,900,930

Emerging

Markets

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

18

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

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Emerging

Markets

Equity

Fund,

is

as

follows:

Fund

Value

10/31/2025

Gross

Purchases

Gross

Sales

Value

4/30/2026

Shares

Held

at

4/30/2026

%

of

Net

Assets

4/30/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$6,260

$21,329

$15,228

$12,361

12,361

1.5%

Total

Collateral

Held

for

Securities

Loaned

6,260

12,361

1.5

Total

Value

$6,260

$12,361

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2025

-

4/30/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$–

$162

Total

Affiliated

Income

from

Securities

Loaned,

Net

$162

Total

$–

$–

$–

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Bank

Loans

0.1%

a

Value

Communications

Services  0.1%

Cable

One,

Inc.,

Term

Loan

$

1,000,000

0.000%,

(TSFR1M

+

2.000%),

5/3/2028

b,c,d

$

944,380

Total

944,380

Total

Bank

Loans

(cost

$948,571)

944,380

Principal

Amount

Long-Term

Fixed

Income

97.3%

Value

Basic

Materials  5.7%

Alliance

Resource

Operating

Partners,

LP/Alliance

Resource

Finance

Corporation

1,557,000

8.625%,

6/15/2029

e

1,626,202

Alumina,

Pty.

Ltd.

1,611,000

6.125%,

3/15/2030

e

1,646,703

Avient

Corporation

811,000

6.250%,

11/1/2031

e

822,778

Axalta

Coating

Systems

Dutch

Holding

B

BV

1,312,000

7.250%,

2/15/2031

e

1,362,367

Carpenter

Technology

Corporation

719,000

5.625%,

3/1/2034

e

719,433

Cascades,

Inc./Cascades

USA,

Inc.

2,161,000

6.750%,

7/15/2030

e

2,182,394

Celanese

US

Holdings,

LLC

622,000

6.850%,

11/15/2028

650,571

722,000

6.500%,

4/15/2030

f

738,551

716,000

6.629%,

7/15/2032

758,804

1,538,000

6.750%,

4/15/2033

f

1,584,114

Cerdia

Finanz

GmbH

1,471,000

9.375%,

10/3/2031

e

1,408,483

Chemours

Company

2,871,000

4.625%,

11/15/2029

e,f

2,753,828

958,000

7.875%,

3/15/2034

e

979,669

Cleveland-Cliffs,

Inc.

1,885,000

4.625%,

3/1/2029

e

1,816,807

953,000

6.875%,

11/1/2029

e

971,140

1,524,000

4.875%,

3/1/2031

e

1,404,529

722,000

7.375%,

5/1/2033

e

729,674

965,000

6.250%,

10/1/2040

782,847

Commercial

Metals

Company

1,916,000

6.000%,

12/15/2035

e

1,914,105

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

1,428,000

6.125%,

6/15/2028

e

1,427,036

First

Quantum

Minerals,

Ltd.

958,000

7.250%,

2/15/2034

e

984,935

1,200,000

6.375%,

2/15/2036

e

1,179,681

FMC

Corporation

956,000

4.500%,

10/1/2049

597,208

Fortescue

Treasury,

Pty.

Ltd.

400,000

4.500%,

9/15/2027

e

396,880

485,000

5.875%,

4/15/2030

e

494,865

500,000

6.125%,

4/15/2032

e

516,739

INEOS

Finance

plc

2,459,000

7.500%,

4/15/2029

e,f

2,428,518

Magnera

Corporation

1,381,000

7.250%,

11/15/2031

e,f

1,293,010

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Basic

Materials  5.7%

-

continued

Methanex

Corporation

$

964,000

5.250%,

12/15/2029

f

$

958,100

435,000

5.650%,

12/1/2044

395,531

Methanex

US

Operations,

Inc.

963,000

6.250%,

3/15/2032

e,f

990,971

Mineral

Resources,

Ltd.

1,060,000

9.250%,

10/1/2028

e

1,100,164

476,000

8.500%,

5/1/2030

e,f

490,303

863,000

7.000%,

4/1/2031

e

895,766

479,000

6.000%,

5/1/2032

e

475,286

479,000

6.250%,

5/1/2034

e

472,978

Novelis

Corporation

963,000

4.750%,

1/30/2030

e

922,537

865,000

3.875%,

8/15/2031

e

786,311

Olin

Corporation

961,000

6.625%,

4/1/2033

e

952,012

Olympus

Water

US

Holding

Corporation

1,679,000

7.250%,

2/15/2033

e

1,641,126

Qnity

Electronics,

Inc.

2,400,000

5.750%,

8/15/2032

e

2,423,090

Solstice

Advanced

Materials,

Inc.

960,000

5.625%,

9/30/2033

e

954,886

SunCoke

Energy,

Inc.

1,558,000

4.875%,

6/30/2029

e

1,436,377

Taseko

Mines,

Ltd.

1,743,000

8.250%,

5/1/2030

e

1,824,653

WR

Grace

Holdings,

LLC

1,420,000

6.625%,

8/15/2032

e

1,409,457

Total

52,301,419

Capital

Goods  11.0%

Advanced

Drainage

Systems,

Inc.

1,571,000

6.375%,

6/15/2030

e

1,593,558

AECOM

1,921,000

6.000%,

8/1/2033

e

1,936,681

Albion

Financing

1

SARL/Aggreko

Holdings,

Inc.

961,000

7.000%,

5/21/2030

e

992,713

Amsted

Industries,

Inc.

170,000

4.625%,

5/15/2030

e

164,818

1,580,000

6.375%,

3/15/2033

e

1,607,353

Ardagh

Group

SA

500,000

5.500%,PIK

6.500%,

12/1/2030

e,f,g

448,700

Ardagh

Metal

Packaging

Finance

USA,

LLC/Ardagh

Metal

Packaging

Finance

plc

601,000

6.250%,

1/30/2031

e

605,090

ATI,

Inc.

1,444,000

7.250%,

8/15/2030

1,503,893

Axon

Enterprise,

Inc.

765,000

6.125%,

3/15/2030

e

782,225

765,000

6.250%,

3/15/2033

e

785,013

Ball

Corporation

600,000

3.125%,

9/15/2031

544,028

Bombardier,

Inc.

1,061,000

7.250%,

7/1/2031

e

1,116,373

2,505,000

7.000%,

6/1/2032

e

2,614,829

481,000

6.750%,

6/15/2033

e

501,540

575,000

7.450%,

5/1/2034

e

632,403

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Capital

Goods  11.0%

-

continued

Brundage-Bone

Concrete

Pumping

Holdings,

Inc.

$

1,415,000

7.500%,

2/1/2032

e

$

1,438,063

Builders

FirstSource,

Inc.

1,955,000

5.000%,

3/1/2030

e

1,913,185

479,000

4.250%,

2/1/2032

e

444,338

300,000

6.375%,

3/1/2034

e

298,511

961,000

6.750%,

5/15/2035

e

970,494

CANPACK

Group,

Inc./CANPACK

SA

1,250,000

6.000%,

5/15/2031

e

1,250,584

CANPACK

SA/CANPACK

US,

LLC

1,288,000

3.875%,

11/15/2029

e

1,218,512

Chart

Industries,

Inc.

1,086,000

7.500%,

1/1/2030

e

1,127,410

Clean

Harbors,

Inc.

720,000

6.375%,

2/1/2031

e

732,771

Clydesdale

Acquisition

Holdings,

Inc.

417,000

6.625%,

4/15/2029

e

410,441

475,000

6.875%,

1/15/2030

e

464,409

425,000

8.750%,

4/15/2030

e

385,614

962,000

6.750%,

4/15/2032

e

905,066

Columbus

McKinnon

Corporation/

NY

1,916,000

7.125%,

2/1/2033

e,f

1,926,931

EMRLD

Borrower,

LP/Emerald

Co-

Issuer,

Inc.

2,770,000

6.625%,

12/15/2030

e

2,835,868

EquipmentShare.com,

Inc.

1,437,000

9.000%,

5/15/2028

e

1,489,801

809,000

8.625%,

5/15/2032

e

857,997

ESAB

Corporation

753,000

6.250%,

4/15/2029

e

762,946

476,000

5.625%,

4/1/2031

e

480,383

GFL

Environmental

Holdings

US,

Inc.

1,915,000

5.500%,

2/1/2034

e

1,883,745

GFL

Environmental,

Inc.

2,348,000

4.000%,

8/1/2028

e

2,294,692

Herc

Holdings,

Inc.

1,577,000

6.625%,

6/15/2029

e

1,615,872

859,000

7.000%,

6/15/2030

e

893,680

240,000

5.750%,

3/15/2031

e

240,576

1,357,000

7.250%,

6/15/2033

e,f

1,421,090

240,000

6.000%,

3/15/2034

e

237,964

Installed

Building

Products,

Inc.

383,000

5.625%,

2/1/2034

e

381,100

Mauser

Packaging

Solutions

Holding

Company

1,291,000

7.875%,

4/15/2030

e

1,305,414

Mueller

Water

Products,

Inc.

1,383,000

4.000%,

6/15/2029

e

1,339,567

Nesco

Holdings

II,

Inc.

644,000

5.500%,

4/15/2029

e

640,788

New

Enterprise

Stone

and

Lime

Company,

Inc.

2,142,000

5.250%,

7/15/2028

e

2,123,458

OI

European

Group

BV

2,322,000

4.750%,

2/15/2030

e

2,155,896

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Capital

Goods  11.0%

-

continued

Owens-Brockway

Glass

Container,

Inc.

$

1,283,000

6.625%,

5/13/2027

e

$

1,284,310

588,000

7.375%,

6/1/2032

e,f

555,554

Quikrete

Holdings,

Inc.

3,833,000

6.375%,

3/1/2032

e

3,893,477

QXO

Building

Products,

Inc.

1,443,000

6.750%,

4/30/2032

e

1,471,918

Resideo

Funding,

Inc.

1,569,000

6.500%,

7/15/2032

e

1,583,429

Reworld

Holding

Corporation

1,602,000

4.875%,

12/1/2029

e

1,531,119

Roller

Bearing

Company

of

America,

Inc.

827,000

4.375%,

10/15/2029

e

808,627

Sensata

Technologies

BV

1,391,000

4.000%,

4/15/2029

e

1,350,861

Sensata

Technologies,

Inc.

500,000

4.375%,

2/15/2030

e

484,781

561,000

3.750%,

2/15/2031

e

521,103

282,000

6.625%,

7/15/2032

e

290,962

Smyrna

Ready

Mix

Concrete,

LLC

2,857,000

8.875%,

11/15/2031

e

2,991,456

SRM

Escrow

Issuer,

LLC

745,000

6.000%,

11/1/2028

e

744,391

Standard

Building

Solutions,

Inc.

461,000

6.500%,

8/15/2032

e

465,555

2,162,000

6.250%,

8/1/2033

e

2,160,614

959,000

5.875%,

3/15/2034

e

934,907

Standard

Industries,

Inc./NY

964,000

4.750%,

1/15/2028

e

958,455

964,000

3.375%,

1/15/2031

e

875,004

Sword

Purchaser,

LLC

979,000

8.250%,

4/15/2033

e

1,001,672

979,000

10.500%,

4/15/2034

e

996,157

Synergy

Infrastructure

Holdings,

LLC

719,000

7.875%,

12/1/2030

e

754,881

TopBuild

Corporation

476,000

4.125%,

2/15/2032

e

475,834

TransDigm,

Inc.

1,450,000

6.750%,

8/15/2028

e

1,469,587

3,375,000

7.125%,

12/1/2031

e

3,497,411

2,780,000

6.625%,

3/1/2032

e

2,856,987

2,128,000

6.000%,

1/15/2033

e

2,148,343

240,000

6.250%,

1/31/2034

e

245,425

1,438,000

6.750%,

1/31/2034

e

1,477,252

1,197,000

6.125%,

7/31/2034

e

1,198,317

United

Rentals

North

America,

Inc.

1,667,000

4.875%,

1/15/2028

1,664,054

2,525,000

4.000%,

7/15/2030

2,420,825

1,439,000

5.375%,

11/15/2033

e

1,422,858

Waste

Pro

USA,

Inc.

840,000

7.000%,

2/1/2033

e

855,713

WESCO

Distribution,

Inc.

993,000

6.375%,

3/15/2029

e

1,012,547

239,000

5.250%,

4/15/2031

e

238,851

696,000

6.625%,

3/15/2032

e

720,823

743,000

6.375%,

3/15/2033

e

767,440

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

21

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Capital

Goods  11.0%

-

continued

$

479,000

5.500%,

4/15/2034

e

$

477,768

Total

100,885,651

Communications

Services  11.3%

AMC

Global

Media,

Inc.

2,161,000

10.500%,

7/15/2032

e

2,227,708

Cable

One,

Inc.

376,000

4.000%,

11/15/2030

e,f

262,184

CCO

Holdings,

LLC/CCO

Holdings

Capital

Corporation

498,000

5.000%,

2/1/2028

e

492,155

680,000

5.375%,

6/1/2029

e

669,025

774,000

6.375%,

9/1/2029

e

775,347

3,743,000

4.750%,

3/1/2030

e

3,548,100

970,000

4.500%,

8/15/2030

e

904,782

1,806,000

4.250%,

2/1/2031

e

1,640,322

2,673,000

4.750%,

2/1/2032

e,f

2,393,484

1,077,000

7.000%,

2/1/2033

e

1,061,635

500,000

4.500%,

6/1/2033

e,f

429,553

2,135,000

4.250%,

1/15/2034

e,f

1,790,743

1,436,000

7.375%,

2/1/2036

e,f

1,407,796

Clear

Channel

Outdoor

Holdings,

Inc.

1,147,000

7.875%,

4/1/2030

e

1,194,197

Deluxe

Corporation

1,868,000

8.125%,

9/15/2029

e

1,948,008

DIRECTV

Financing,

LLC

1,440,000

8.875%,

2/1/2030

e

1,466,600

481,000

8.875%,

2/1/2030

e

488,991

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

2,661,000

5.875%,

8/15/2027

e

2,662,974

1,338,000

10.000%,

2/15/2031

e

1,392,176

Discovery

Global

Holdings,

Inc.

960,000

5.141%,

3/15/2052

628,800

4,080,000

4.054%,

3/15/2029

3,970,778

1,530,000

4.279%,

3/15/2032

1,385,767

3,775,000

5.050%,

3/15/2042

2,693,576

FiberCop

SPA

2,891,000

6.000%,

9/30/2034

e

2,772,339

Getty

Images,

Inc.

1,636,000

10.500%,

11/15/2030

e

1,450,481

Gray

Media,

Inc.

962,000

7.250%,

8/15/2033

e

979,555

Iliad

Holding

SAS

1,302,000

8.500%,

4/15/2031

e

1,381,300

953,000

7.000%,

4/15/2032

e

967,537

Level

3

Financing,

Inc.

482,000

3.625%,

1/15/2029

e,f

457,900

2,162,000

6.875%,

6/30/2033

e

2,231,253

2,161,000

7.000%,

3/31/2034

e

2,241,447

1,437,000

8.500%,

1/15/2036

e

1,539,043

McGraw-Hill

Education,

Inc.

2,543,000

5.750%,

8/1/2028

e

2,523,708

479,000

8.000%,

8/1/2029

e

479,166

Nexstar

Media,

Inc.

1,445,000

4.750%,

11/1/2028

e

1,423,702

2,879,000

6.500%,

9/15/2033

e

2,901,157

2,155,000

7.250%,

4/15/2034

e

2,168,762

Oak-Eagle

Acquireco,

Inc.

2,238,000

7.250%,

7/1/2033

e

2,306,071

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Communications

Services  11.3%

-

continued

$

1,758,000

8.750%,

7/1/2034

e

$

1,829,422

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

1,453,000

4.625%,

3/15/2030

e

1,413,791

Paramount

Global

569,000

4.950%,

5/19/2050

357,358

948,000

4.200%,

6/1/2029

913,327

948,000

4.950%,

1/15/2031

894,256

1,427,000

6.875%,

4/30/2036

1,327,470

1,571,000

5.850%,

9/1/2043

1,153,220

Playtika

Holding

Corporation

958,000

4.250%,

3/15/2029

e

825,212

Rogers

Communications,

Inc.

722,000

7.000%,

4/15/2055

d

736,938

Scripps

Escrow

II,

Inc.

1,435,000

3.875%,

1/15/2029

e,f

1,359,717

Sinclair

Television

Group,

Inc.

709,000

8.125%,

2/15/2033

e

734,219

Sirius

XM

Radio,

LLC

1,010,000

4.000%,

7/15/2028

e

980,818

500,000

4.125%,

7/1/2030

e,f

465,245

1,500,000

3.875%,

9/1/2031

e,f

1,357,879

958,000

5.875%,

4/15/2032

e

941,994

Snap,

Inc.

960,000

6.875%,

3/15/2034

e

929,157

Telenet

Finance

Luxembourg

Notes

SARL

2,000,000

5.500%,

3/1/2028

e

1,976,862

TELUS

Corporation

1,911,000

6.625%,

10/15/2055

d

1,932,348

Uniti

Group,

LP/Uniti

Fiber

Holdings,

Inc./CSL

Capital,

LLC

958,000

6.000%,

1/15/2030

e,f

925,668

Uniti

Services,

LLC

1,200,000

7.500%,

10/15/2033

e

1,263,427

Univision

Communications,

Inc.

1,487,000

4.500%,

5/1/2029

e

1,418,763

1,446,000

7.375%,

6/30/2030

e

1,444,624

1,142,000

8.500%,

7/31/2031

e

1,159,016

1,197,000

8.875%,

4/15/2033

e

1,203,524

Viasat,

Inc.

963,000

5.625%,

4/15/2027

e

960,684

Virgin

Media

Finance

plc

1,195,000

5.000%,

7/15/2030

e

1,007,297

Virgin

Media

O2

Vendor

Financing

Notes

VI

DAC

1,309,000

8.500%,

3/15/2033

e

1,174,892

Virgin

Media

Secured

Finance

plc

2,547,000

5.500%,

5/15/2029

e

2,457,512

VMED

O2

UK

Financing

I

plc

963,000

7.750%,

4/15/2032

e

936,195

Vodafone

Group

plc

760,000

4.125%,

6/4/2081

d

707,971

1,446,000

5.125%,

6/4/2081

d

1,138,660

VZ

Secured

Financing

BV

2,439,000

5.000%,

1/15/2032

e

2,137,227

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

1,260,000

8.250%,

10/1/2031

e

1,332,699

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

22

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Communications

Services  11.3%

-

continued

Zegona

Finance

plc

$

1,220,000

8.625%,

7/15/2029

e

$

1,276,211

Ziggo

BV

1,915,000

4.875%,

1/15/2030

e

1,801,396

Total

103,733,121

Consumer

Cyclical  18.3%

1011778

B.C.,

ULC/New

Red

Finance,

Inc.

475,000

3.875%,

1/15/2028

e

466,162

1,092,000

4.375%,

1/15/2028

e

1,078,232

962,000

6.125%,

6/15/2029

e

978,969

1,784,000

5.625%,

9/15/2029

e

1,800,008

Adient

Global

Holdings,

Ltd.

629,000

8.250%,

4/15/2031

e,f

656,133

963,000

7.500%,

2/15/2033

e,f

985,095

ADT

Security

Corporation

942,000

4.125%,

8/1/2029

e

905,933

1,692,000

4.875%,

7/15/2032

e

1,611,407

Advance

Auto

Parts,

Inc.

1,440,000

7.000%,

8/1/2030

e

1,485,469

862,000

7.375%,

8/1/2033

e,f

889,437

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

4

SARL

2,249,000

4.625%,

6/1/2028

e

2,217,046

1,065,000

4.625%,

6/1/2028

e

1,049,075

Allison

Transmission,

Inc.

731,000

3.750%,

1/30/2031

e

686,856

American

Axle

&

Manufacturing,

Inc.

2,368,000

5.000%,

10/1/2029

f

2,300,965

960,000

6.375%,

10/15/2032

e

958,284

960,000

7.750%,

10/15/2033

e

937,275

Asbury

Automotive

Group,

Inc.

1,377,000

5.000%,

2/15/2032

e

1,320,447

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

1,604,000

4.625%,

8/1/2029

e

1,535,297

Bath

&

Body

Works,

Inc.

471,000

6.950%,

3/1/2033

457,721

BCPE

Flavor

Debt

Merger

Sub,

LLC/BCPE

Flavor

Issuer,

Inc.

1,409,000

9.500%,

7/1/2032

e

1,228,950

Beach

Acquisition

Bidco,

LLC

1,362,880

0.000%,PIK

10.750%,

7/15/2033

e,g

1,499,180

Belron

UK

Finance

plc

1,946,000

5.750%,

10/15/2029

e

1,965,541

Bloomin'

Brands,

Inc./OSI

Restaurant

Partners,

LLC

2,143,000

5.125%,

4/15/2029

e,f

1,931,242

Boyd

Gaming

Corporation

1,550,000

4.750%,

6/15/2031

e

1,493,853

Brightstar

Lottery

plc

2,608,000

5.250%,

1/15/2029

e

2,596,774

Brightstar

Lottery

plc/Brightstar

Global

Solutions

Corporation

959,000

5.750%,

1/15/2033

e

940,289

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Consumer

Cyclical  18.3%

-

continued

Brookfield

Residential

Properties,

Inc./Brookfield

Residential

US,

LLC

$

1,434,000

4.875%,

2/15/2030

e

$

1,344,420

Caesars

Entertainment,

Inc.

1,033,000

4.625%,

10/15/2029

e

997,033

2,378,000

7.000%,

2/15/2030

e

2,414,154

191,000

6.500%,

2/15/2032

e

185,586

961,000

6.000%,

10/15/2032

e,f

861,280

Carnival

Corporation

960,000

5.125%,

5/1/2029

e

957,123

3,110,000

5.750%,

8/1/2032

e

3,125,637

946,000

6.125%,

2/15/2033

e,f

959,868

Carvana

Company

957,000

9.000%,PIK

0.000%,

6/1/2030

e,g

995,523

2,572,400

9.000%,PIK

0.000%,

6/1/2031

e,f,g

2,845,709

Churchill

Downs,

Inc.

717,000

4.750%,

1/15/2028

e

710,750

848,000

6.750%,

5/1/2031

e

867,349

Cushman

&

Wakefield

US

Borrower,

LLC

482,000

6.750%,

5/15/2028

e

482,040

Cyprium

Corporation/Cyprium

Holdings

Luxembourg

SARL

712,000

6.125%,

4/15/2031

e

716,916

712,000

6.375%,

4/15/2034

e

711,096

Dana,

Inc.

770,000

4.500%,

2/15/2032

f

727,271

Dream

Finders

Homes,

Inc.

1,440,000

6.875%,

9/15/2030

e

1,412,151

eG

Global

Finance

plc

482,000

12.000%,

11/30/2028

e

514,168

Flutter

Treasury

DAC

625,000

5.875%,

6/4/2031

e

622,662

Forestar

Group,

Inc.

1,434,000

6.500%,

3/15/2033

e

1,442,680

FORVIA

SE

1,433,000

8.000%,

6/15/2030

e

1,507,278

964,000

6.750%,

9/15/2033

e,f

966,745

Gap,

Inc.

695,000

3.625%,

10/1/2029

e

655,716

576,000

3.875%,

10/1/2031

e

526,994

Garrett

Motion

Holdings,

Inc./

Garrett

LX

I

SARL

1,628,000

7.750%,

5/31/2032

e

1,699,736

Genting

New

York,

LLC/GENNY

Capital,

Inc.

1,350,000

7.250%,

10/1/2029

e

1,370,917

Global

Auto

Holdings,

Ltd./AAG

FH

UK,

Ltd.

701,000

8.375%,

1/15/2029

e

665,712

962,000

11.500%,

8/15/2029

e

976,892

1,283,000

8.750%,

1/15/2032

e

1,180,251

Goodyear

Tire

&

Rubber

Company

949,000

5.000%,

7/15/2029

910,343

1,601,000

5.250%,

4/30/2031

f

1,459,014

Hilton

Domestic

Operating

Company,

Inc.

2,760,000

4.875%,

1/15/2030

2,739,761

482,000

4.000%,

5/1/2031

e

456,464

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

23

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Consumer

Cyclical  18.3%

-

continued

$

1,971,000

3.625%,

2/15/2032

e

$

1,804,418

961,000

5.750%,

9/15/2033

e

967,453

IHO

Verwaltungs

GmbH

1,000,000

7.375%,PIK

8.125%,

5/15/2033

e,g

1,017,179

Jacobs

Entertainment,

Inc.

2,141,000

6.750%,

2/15/2029

e

2,098,180

K

Hovnanian

Enterprises,

Inc.

720,000

8.000%,

4/1/2031

e

726,012

KB

Home

2,235,000

4.800%,

11/15/2029

2,195,836

L

Brands,

Inc.

2,024,000

6.625%,

10/1/2030

e

2,051,199

1,393,000

6.875%,

11/1/2035

1,374,136

Life

Time,

Inc.

1,351,000

6.000%,

11/15/2031

e

1,371,431

Light

&

Wonder

International,

Inc.

850,000

7.250%,

11/15/2029

e

869,366

Lindblad

Expeditions,

LLC

1,917,000

7.000%,

9/15/2030

e

1,969,300

Lithia

Motors,

Inc.

962,000

4.625%,

12/15/2027

e

957,455

Live

Nation

Entertainment,

Inc.

1,073,000

4.750%,

10/15/2027

e

1,069,793

Macy's

Retail

Holdings,

LLC

480,000

7.375%,

8/1/2033

e

499,977

559,000

4.500%,

12/15/2034

487,825

1,916,000

6.375%,

3/15/2037

1,758,124

Marriott

Ownership

Resorts,

Inc.

3,840,000

6.500%,

10/1/2033

e

3,692,332

Match

Group

Holdings

II,

LLC

1,723,000

4.125%,

8/1/2030

e

1,618,192

958,000

6.125%,

9/15/2033

e

946,549

Mattamy

Group

Corporation

1,199,000

6.000%,

12/15/2033

e

1,151,119

Melco

Resorts

Finance,

Ltd.

1,922,000

5.375%,

12/4/2029

e

1,877,155

2,597,000

7.625%,

4/17/2032

e

2,678,347

1,442,000

6.500%,

9/24/2033

e

1,426,491

MGM

Resorts

International

500,000

4.625%,

9/1/2026

499,768

1,275,000

6.125%,

9/15/2029

1,291,729

Michaels

Companies,

Inc.

2,402,000

8.500%,

3/15/2033

e,f

2,372,095

Millrose

Properties,

Inc.

1,200,000

6.375%,

8/1/2030

e

1,215,317

942,000

6.250%,

9/15/2032

e

946,127

Muvico,

LLC

966,179

9.000%,PIK

6.000%,

2/19/2029

e,f,g

1,007,648

NCL

Corporation,

Ltd.

1,026,000

5.875%,

1/15/2031

e

998,627

2,874,000

6.750%,

2/1/2032

e

2,859,899

1,200,000

6.250%,

9/15/2033

e

1,161,397

Nissan

Motor

Acceptance

Company,

LLC

2,399,000

5.625%,

9/29/2028

e

2,385,642

2,399,000

6.125%,

9/30/2030

e

2,362,739

Nissan

Motor

Company,

Ltd.

2,008,000

4.810%,

9/17/2030

e

1,875,310

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Consumer

Cyclical  18.3%

-

continued

Penn

Entertainment,

Inc.

$

950,000

6.750%,

4/1/2031

e

$

942,158

Petco

Health

and

Wellness

Company,

Inc.

479,000

8.250%,

2/1/2031

e,f

483,731

PetSmart,

LLC/PetSmart

Finance

Corporation

2,527,000

7.500%,

9/15/2032

e

2,558,837

Phinia,

Inc.

1,296,000

6.625%,

10/15/2032

e

1,327,791

Rakuten

Group,

Inc.

946,000

11.250%,

2/15/2027

e

983,571

1,936,000

9.750%,

4/15/2029

e

2,123,814

1,810,000

8.125%,

12/15/2029

d,e,h

1,848,954

Raven

Acquisition

Holdings,

LLC

629,000

6.875%,

11/15/2031

e

622,648

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

958,000

4.625%,

4/16/2029

e

856,342

Risewell

Homes,

Inc.

961,000

8.500%,

11/1/2030

e

981,876

S&S

Holdings,

LLC

1,569,000

8.375%,

10/1/2031

e

1,443,674

Service

Corporation

International/

US

964,000

3.375%,

8/15/2030

896,684

475,000

4.000%,

5/15/2031

448,789

1,143,000

5.750%,

10/15/2032

1,153,078

Six

Flags

Entertainment

Corporation/Six

Flags

Theme

Parks,

Inc./Canada's

Wonderland

Company

482,000

6.625%,

5/1/2032

e,f

490,574

Staples,

Inc.

1,571,000

10.750%,

9/1/2029

e

1,501,640

Station

Casinos,

LLC

915,000

4.625%,

12/1/2031

e,f

861,245

Taylor

Morrison

Communities,

Inc.

719,000

5.750%,

11/15/2032

e

726,680

Tenneco,

Inc.

1,982,000

8.000%,

11/17/2028

e

2,005,550

TKC

Holdings,

Inc.

958,000

8.500%,

8/15/2030

e

980,602

Victoria's

Secret

&

Company

582,000

4.625%,

7/15/2029

e

560,687

Victra

Holdings,

LLC/Victra

Finance

Corporation

1,051,000

8.750%,

9/15/2029

e,f

1,100,481

Viking

Cruises,

Ltd.

3,514,000

5.875%,

10/15/2033

e

3,522,929

Wayfair,

LLC

575,000

7.250%,

10/31/2029

e

589,244

335,000

7.750%,

9/15/2030

e

347,591

960,000

6.750%,

11/15/2032

e

970,567

Wyndham

Hotels

&

Resorts,

Inc.

479,000

5.625%,

3/1/2033

e

473,999

Wynn

Macau,

Ltd.

1,880,000

6.750%,

2/15/2034

e

1,884,078

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

600,000

5.125%,

10/1/2029

e

596,019

2,045,000

7.125%,

2/15/2031

e

2,164,432

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

24

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Consumer

Cyclical  18.3%

-

continued

Yum!

Brands,

Inc.

$

2,697,000

4.750%,

1/15/2030

e

$

2,670,762

ZF

North

America

Capital,

Inc.

1,293,000

7.125%,

4/14/2030

e

1,296,441

963,000

6.750%,

4/23/2030

e

956,647

1,439,000

6.875%,

4/23/2032

e

1,408,153

Total

167,349,314

Consumer

Non-Cyclical  11.0%

1261229

B.C.,

Ltd.

1,917,000

10.000%,

4/15/2032

e

1,979,835

Acadia

Healthcare

Company,

Inc.

947,000

5.000%,

4/15/2029

e

926,664

AdaptHealth,

LLC

2,847,000

4.625%,

8/1/2029

e

2,756,852

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

2,826,000

3.500%,

3/15/2029

e

2,694,985

480,000

5.500%,

3/31/2031

e

477,334

718,000

5.625%,

3/31/2032

e

708,319

285,000

6.250%,

3/15/2033

e

287,529

1,143,000

5.750%,

3/31/2034

e

1,112,730

Amneal

Pharmaceuticals,

LLC

480,000

6.875%,

8/1/2032

e

498,498

Bausch

+

Lomb

Corporation

592,000

8.375%,

10/1/2028

e

611,240

BellRing

Brands,

Inc.

788,000

7.000%,

3/15/2030

e,f

800,210

BioMarin

Pharmaceutical,

Inc.

1,198,000

5.500%,

2/15/2034

e

1,189,576

Champ

Acquisition

Corporation

768,000

8.375%,

12/1/2031

e

809,072

CHS/Community

Health

Systems,

Inc.

1,207,000

6.000%,

1/15/2029

e

1,197,441

421,000

4.750%,

2/15/2031

e,f

393,924

1,101,000

10.875%,

1/15/2032

e

1,182,462

1,921,000

9.750%,

1/15/2034

e

1,981,339

Concentra

Health

Services,

Inc.

836,000

6.875%,

7/15/2032

e

866,339

CVS

Health

Corporation

1,247,000

7.000%,

3/10/2055

d

1,293,784

2,314,000

6.750%,

12/10/2054

d

2,397,364

DaVita,

Inc.

1,110,000

3.750%,

2/15/2031

e

1,029,734

1,742,000

6.875%,

9/1/2032

e,f

1,798,077

961,000

6.750%,

7/15/2033

e

990,858

Edgewell

Personal

Care

Company

1,904,000

5.500%,

6/1/2028

e

1,900,096

Embecta

Corporation

1,912,000

6.750%,

2/15/2030

e,f

1,788,491

Encompass

Health

Corporation

1,439,000

4.500%,

2/1/2028

1,427,843

Endo

Finance

Holdings,

LP

1,725,000

8.500%,

4/15/2031

e

1,828,586

Energizer

Holdings,

Inc.

2,073,000

6.000%,

9/15/2033

e,f

1,982,416

Genmab

AS/Genmab

Finance,

LLC

2,397,000

6.250%,

12/15/2032

e

2,459,921

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Consumer

Non-Cyclical  11.0%

-

continued

Grifols

SA

$

859,000

4.750%,

10/15/2028

e

$

846,961

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

1,537,000

4.875%,

6/1/2029

e

1,445,254

958,000

7.750%,

5/1/2033

e

978,497

HNI

Corporation

958,000

5.125%,

1/18/2029

e

946,140

Industrial

F&B

Investments

III,

Inc.

1,078,000

7.750%,

2/11/2033

e

1,089,326

Insulet

Corporation

577,000

6.500%,

4/1/2033

e

589,000

IQVIA,

Inc.

1,922,000

6.250%,

6/1/2032

e

1,957,357

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

1,625,000

9.000%,

2/15/2029

e

1,698,635

718,000

7.125%,

4/30/2033

e

726,901

Lamb

Weston

Holdings,

Inc.

700,000

4.125%,

1/31/2030

e

670,622

977,000

4.375%,

1/31/2032

e

920,187

LifePoint

Health,

Inc.

973,000

9.875%,

8/15/2030

e

1,031,571

473,000

10.000%,

6/1/2032

e,f

484,116

958,000

7.000%,

5/1/2034

e

934,114

Medline

Borrower,

LP

1,795,000

5.250%,

10/1/2029

e

1,786,403

Newell

Brands,

Inc.

997,000

6.375%,

9/15/2027

1,003,871

1,470,000

6.625%,

9/15/2029

f

1,468,990

1,092,000

6.375%,

5/15/2030

1,069,511

376,000

6.625%,

5/15/2032

f

365,015

959,000

7.500%,

4/1/2046

827,423

Organon

&

Company/Organon

Foreign

Debt

Co-Issuer

BV

956,000

4.125%,

4/30/2028

e

943,559

2,715,000

5.125%,

4/30/2031

e

2,697,752

Performance

Food

Group,

Inc.

1,946,000

4.250%,

8/1/2029

e

1,886,655

750,000

6.125%,

9/15/2032

e

760,253

958,000

5.625%,

3/1/2034

e

938,037

Perrigo

Finance

Unlimited

Company

1,656,000

4.900%,

6/15/2030

1,570,673

1,583,000

6.125%,

9/30/2032

1,489,552

Post

Holdings,

Inc.

1,085,000

4.625%,

4/15/2030

e

1,054,115

2,591,000

4.500%,

9/15/2031

e

2,435,899

1,461,000

6.250%,

10/15/2034

e

1,442,244

1,439,000

6.500%,

3/15/2036

e

1,429,540

Prime

Healthcare

Services,

Inc.

3,696,000

9.375%,

9/1/2029

e

3,832,657

Radiology

Partners,

Inc.

941,000

8.500%,

7/15/2032

e

935,617

Simmons

Foods,

Inc.

1,708,000

4.625%,

3/1/2029

e

1,647,927

Sotera

Health

Holdings,

LLC

963,000

7.375%,

6/1/2031

e

1,000,982

Spectrum

Brands,

Inc.

134,000

3.875%,

3/15/2031

e

117,226

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

25

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Consumer

Non-Cyclical  11.0%

-

continued

Star

Parent,

Inc.

$

2,000,000

9.000%,

10/1/2030

e

$

2,095,108

Surgery

Center

Holdings,

Inc.

958,000

7.250%,

4/15/2032

e,f

955,442

TEAM

Services

Holding,

Inc.

1,435,000

9.000%,

2/15/2033

e,f

1,435,617

Tenet

Healthcare

Corporation

2,864,000

5.125%,

11/1/2027

2,861,424

2,620,000

4.375%,

1/15/2030

2,538,214

1,985,000

6.750%,

5/15/2031

2,039,719

1,439,000

5.500%,

11/15/2032

e

1,435,330

Teva

Pharmaceutical

Finance

Company,

LLC

500,000

6.150%,

2/1/2036

523,839

US

Acute

Care

Solutions,

LLC

2,186,000

9.750%,

5/15/2029

e

2,065,851

Whirlpool

Corporation

766,000

6.500%,

6/15/2033

733,646

Total

101,078,291

Energy  11.6%

Aethon

United

BR,

LP/Aethon

United

Finance

Corporation

326,000

7.500%,

10/1/2029

e

340,571

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

1,623,000

5.375%,

6/15/2029

e

1,621,354

Archrock

Services,

LP/Archrock

Partners

Finance

Corporation

1,437,000

6.000%,

2/1/2034

e

1,446,363

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

984,000

5.875%,

6/30/2029

e

985,257

961,000

6.625%,

7/15/2033

e

987,329

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

1,574,000

7.000%,

7/15/2029

e

1,630,231

Buckeye

Partners,

LP

946,000

4.500%,

3/1/2028

e

937,284

965,000

6.875%,

7/1/2029

e

996,369

233,000

6.750%,

2/1/2030

e

241,035

California

Resources

Corporation

723,000

8.250%,

6/15/2029

e

753,901

475,000

7.000%,

1/15/2034

e,f

484,705

Caturus

Energy,

LLC

479,000

7.125%,

5/15/2031

e

480,321

CNX

Resources

Corporation

958,000

5.875%,

3/1/2034

e

950,322

Comstock

Resources,

Inc.

1,299,000

6.750%,

3/1/2029

e

1,294,628

2,460,000

5.875%,

1/15/2030

e

2,382,862

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

1,685,000

5.500%,

6/15/2031

e

1,664,463

Crescent

Energy

Finance,

LLC

1,375,000

7.750%,

7/31/2029

e

1,383,594

1,260,000

7.625%,

4/1/2032

e

1,297,393

1,901,000

7.875%,

4/15/2032

e

1,970,776

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

1,781,000

8.625%,

3/15/2029

e

1,858,213

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Energy  11.6%

-

continued

$

961,000

7.375%,

6/30/2033

e

$

991,794

Energy

Transfer,

LP

2,400,000

6.500%,

2/15/2056

d

2,406,468

Excelerate

Energy,

LP

694,000

8.000%,

5/15/2030

e

735,979

Genesis

Energy

LP/Genesis

Energy

Finance

Corporation

1,989,000

7.875%,

5/15/2032

2,085,234

718,000

6.750%,

3/15/2034

723,183

Harvest

Midstream

I,

LP

2,107,000

7.500%,

9/1/2028

e

2,120,883

Hess

Midstream

Operations,

LP

1,853,000

4.250%,

2/15/2030

e

1,797,145

Hilcorp

Energy

I,

LP/Hilcorp

Finance

Company

2,300,000

5.750%,

2/1/2029

e

2,298,569

964,000

6.000%,

4/15/2030

e

960,182

1,283,000

6.250%,

4/15/2032

e

1,274,588

Howard

Midstream

Energy

Partners,

LLC

1,016,000

7.375%,

7/15/2032

e

1,059,442

1,440,000

6.625%,

1/15/2034

e

1,464,903

ITT

Holdings,

LLC

2,682,000

6.500%,

8/1/2029

e

2,643,888

Kodiak

Gas

Services,

LLC

960,000

6.500%,

10/1/2033

e

981,986

480,000

6.750%,

10/1/2035

e

498,593

Moss

Creek

Resources

Holdings,

Inc.

265,000

8.250%,

9/1/2031

e

268,275

Nabors

Industries,

Inc.

2,111,000

9.125%,

1/31/2030

e

2,217,029

1,439,000

7.625%,

11/15/2032

e

1,501,493

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

797,000

8.125%,

2/15/2029

e

826,153

1,959,000

8.375%,

2/15/2032

e

2,056,147

Noble

Finance

II,

LLC

1,489,000

8.000%,

4/15/2030

e

1,548,658

Northern

Oil

and

Gas,

Inc.

1,405,000

8.750%,

6/15/2031

e,f

1,467,143

PBF

Holding

Company,

LLC/PBF

Finance

Corporation

1,573,000

6.000%,

2/15/2028

1,571,634

1,239,000

7.875%,

9/15/2030

e,f

1,270,108

Prairie

Acquiror,

LP

1,280,000

9.000%,

8/1/2029

e

1,336,668

Precision

Drilling

Corporation

1,184,000

6.875%,

1/15/2029

e

1,194,689

Rockies

Express

Pipeline,

LLC

1,899,000

4.950%,

7/15/2029

e

1,873,015

Saturn

Oil

&

Gas,

Inc.

535,000

9.625%,

6/15/2029

e,f

561,015

SESI,

LLC

960,000

7.875%,

9/30/2030

e

991,337

SM

Energy

Company

1,195,000

6.500%,

7/15/2028

1,198,487

2,651,000

8.750%,

7/1/2031

e,f

2,781,069

675,000

7.000%,

8/1/2032

e,f

692,900

1,395,000

6.625%,

4/15/2034

e

1,414,286

Sunoco,

LP

1,992,000

7.000%,

5/1/2029

e

2,057,043

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

26

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Energy  11.6%

-

continued

$

1,920,000

5.875%,

3/15/2034

e

$

1,913,110

Sunoco,

LP/Sunoco

Finance

Corporation

1,385,000

5.875%,

3/15/2028

1,386,691

Tallgrass

Energy

Partners

LP/

Tallgrass

Energy

Finance

Corporation

1,025,000

5.500%,

1/15/2028

e

1,022,532

1,446,000

7.375%,

2/15/2029

e

1,489,715

2,400,000

6.750%,

3/15/2034

e

2,452,286

Talos

Production,

Inc.

538,000

9.000%,

2/1/2029

e

561,256

TGNR

Intermediate

Holdings,

LLC

1,562,000

5.500%,

10/15/2029

e

1,540,745

Transocean

International,

Ltd.

960,000

8.250%,

5/15/2029

e

996,745

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

1,316,000

7.125%,

3/15/2029

e

1,359,999

1,440,000

6.250%,

10/1/2033

e

1,453,120

Valaris,

Ltd.

1,063,000

8.375%,

4/30/2030

e

1,108,463

Venture

Global

LNG,

Inc.

3,279,000

8.125%,

6/1/2028

e

3,355,142

2,013,000

9.000%,

9/30/2029

d,e,h

1,990,943

667,000

7.000%,

1/15/2030

e

686,095

3,615,000

8.375%,

6/1/2031

e

3,769,122

1,849,000

9.875%,

2/1/2032

e,f

1,983,709

Venture

Global

Plaquemines

LNG,

LLC

718,000

6.125%,

12/15/2030

e

740,458

1,345,000

6.500%,

1/15/2034

e

1,408,889

718,000

6.500%,

6/15/2034

e

751,339

962,000

7.750%,

5/1/2035

e

1,081,975

2,396,000

6.750%,

1/15/2036

e

2,547,044

Total

106,176,335

Financials  12.9%

Acrisure,

LLC/Acrisure

Finance,

Inc.

475,000

4.250%,

2/15/2029

e

453,680

482,000

7.500%,

11/6/2030

e

489,482

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

964,000

4.250%,

10/15/2027

e

949,096

1,191,000

6.750%,

4/15/2028

e

1,204,627

1,372,000

7.000%,

1/15/2031

e

1,400,254

Ally

Financial,

Inc.

1,136,000

6.700%,

2/14/2033

f

1,172,864

AmWINS

Group,

Inc.

796,000

6.375%,

2/15/2029

e

805,275

388,000

4.875%,

6/30/2029

e

375,235

Asurion,

LLC/Asurion

Co-Issuer,

Inc.

1,916,000

8.000%,

12/31/2032

e

2,001,433

958,000

8.375%,

2/1/2034

e

945,170

Azorra

Finance,

Ltd.

2,394,000

6.250%,

2/15/2034

e

2,300,252

Burford

Capital

Global

Finance,

LLC

1,693,000

9.250%,

7/1/2031

e

1,576,606

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Financials  12.9%

-

continued

$

961,000

7.500%,

7/15/2033

e,f

$

789,803

1,149,000

8.500%,

1/15/2034

e

970,905

Centene

Corporation

3,352,000

4.625%,

12/15/2029

3,267,859

2,155,000

3.375%,

2/15/2030

2,002,508

3,352,000

3.000%,

10/15/2030

3,013,676

Citigroup,

Inc.

955,000

6.875%,

12/29/2049

d

969,613

Constellation

Insurance,

Inc.

1,158,000

6.800%,

1/24/2030

e

1,156,845

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

2,866,000

5.950%,

9/17/2030

e

2,715,479

Encore

Capital

Group,

Inc.

753,000

8.500%,

5/15/2030

e

804,170

992,000

6.625%,

4/15/2031

e,f

1,008,194

FirstCash,

Inc.

1,885,000

5.625%,

1/1/2030

e

1,875,925

1,197,000

6.125%,

5/1/2034

e

1,194,156

Freedom

Mortgage

Holdings,

LLC

1,549,000

9.250%,

2/1/2029

e

1,604,810

959,000

6.875%,

5/1/2031

e

925,038

964,000

9.125%,

5/15/2031

e

998,477

918,000

8.375%,

4/1/2032

e

930,719

960,000

7.875%,

4/1/2033

e

935,915

FTAI

Aviation

Investors,

LLC

1,010,000

5.500%,

5/1/2028

e

1,009,583

1,307,000

7.000%,

5/1/2031

e

1,352,643

1,127,000

7.000%,

6/15/2032

e

1,163,331

GGAM

Finance,

Ltd.

996,000

8.000%,

6/15/2028

e

1,037,425

12,000

6.875%,

4/15/2029

e

12,260

2,401,000

5.875%,

3/15/2030

e

2,418,695

Global

Aircraft

Leasing

Company,

Ltd.

2,345,000

8.750%,

9/1/2027

e

2,378,559

Global

Net

Lease,

Inc.

631,000

4.500%,

9/30/2028

e

615,898

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

LP

734,000

3.750%,

12/15/2027

e

717,453

goeasy,

Ltd.

1,191,000

9.250%,

12/1/2028

e

1,126,259

482,000

7.625%,

7/1/2029

e,f

431,953

1,920,000

6.875%,

2/15/2031

e,f

1,594,950

Howard

Hughes

Corporation

316,000

4.125%,

2/1/2029

e

304,261

717,000

5.875%,

3/1/2032

e

701,508

HSBC

Holdings

plc

764,000

6.875%,

9/11/2029

d,h

782,717

HUB

International,

Ltd.

1,490,000

7.250%,

6/15/2030

e

1,541,362

Icahn

Enterprises,

LP/Icahn

Enterprises

Finance

Corporation

3,131,000

5.250%,

5/15/2027

3,100,964

Jane

Street

Group/JSG

Finance,

Inc.

1,559,000

4.500%,

11/15/2029

e

1,514,125

579,000

7.125%,

4/30/2031

e

600,290

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Financials  12.9%

-

continued

$

966,000

6.125%,

11/1/2032

e

$

971,079

2,420,000

6.750%,

5/1/2033

e

2,486,093

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

850,000

5.000%,

8/15/2028

e

815,438

1,847,000

6.625%,

10/15/2031

e

1,802,208

Jefferson

Capital

Holdings,

LLC

798,000

6.000%,

8/15/2026

e

794,010

1,028,000

9.500%,

2/15/2029

e

1,081,714

473,000

8.250%,

5/15/2030

e

495,026

Liberty

Mutual

Group,

Inc.

543,000

4.125%,

12/15/2051

d,e

537,064

Molina

Healthcare,

Inc.

645,000

4.375%,

6/15/2028

e

635,911

958,000

6.250%,

1/15/2033

e

956,992

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

1,527,000

8.500%,

2/15/2032

e

1,586,399

Navient

Corporation

578,000

5.000%,

3/15/2027

574,280

316,000

5.500%,

3/15/2029

303,716

OneMain

Finance

Corporation

901,000

3.500%,

1/15/2027

889,395

998,000

3.875%,

9/15/2028

965,054

962,000

6.750%,

3/15/2032

961,722

4,085,000

7.125%,

9/15/2032

4,142,424

Osaic

Holdings,

Inc.

868,000

6.750%,

8/1/2032

e

881,622

Panther

Escrow

Issuer,

LLC

479,000

7.125%,

6/1/2031

e

481,243

Park

Intermediate

Holdings,

LLC/

PK

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

2,286,000

4.875%,

5/15/2029

e

2,223,689

PennyMac

Financial

Services,

Inc.

480,000

7.125%,

11/15/2030

e

486,312

1,443,000

6.875%,

5/15/2032

e

1,427,162

661,000

6.875%,

2/15/2033

e

649,997

480,000

6.750%,

2/15/2034

e

464,560

Phoenix

Aviation

Capital,

Ltd.

1,538,000

9.250%,

7/15/2030

e

1,569,618

PRA

Group,

Inc.

1,520,000

8.375%,

2/1/2028

e

1,544,010

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

965,000

4.500%,

2/15/2029

e

948,672

239,000

5.750%,

3/15/2034

e

237,568

Rithm

Capital

Corporation

480,000

8.000%,

4/1/2029

e

482,208

1,672,000

8.000%,

7/15/2030

e

1,673,216

RLJ

Lodging

Trust,

LP

886,000

4.000%,

9/15/2029

e

837,179

Rocket

Companies,

Inc.

506,000

6.500%,

8/1/2029

e

515,457

933,000

6.125%,

8/1/2030

e

946,841

481,000

7.125%,

2/1/2032

e

497,174

1,442,000

6.375%,

8/1/2033

e

1,459,585

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

1,062,000

3.625%,

3/1/2029

e

1,019,274

1,800,000

3.875%,

3/1/2031

e

1,671,118

624,000

4.000%,

10/15/2033

e

562,207

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Financials  12.9%

-

continued

Ryan

Specialty,

LLC

$

481,000

4.375%,

2/1/2030

e

$

466,782

1,471,000

5.875%,

8/1/2032

e

1,470,774

SLM

Corporation

470,000

6.500%,

1/31/2030

474,510

Societe

Generale

SA

963,000

10.000%,

11/14/2028

d,e,h

1,052,545

Starwood

Property

Trust,

Inc.

720,000

4.375%,

1/15/2027

e,f

717,183

1,440,000

5.250%,

10/15/2028

e

1,433,116

952,000

6.500%,

10/15/2030

e

979,137

480,000

5.750%,

1/15/2031

e

479,530

Stonebriar

ABF

Issuer,

LLC

767,000

8.125%,

12/15/2030

e

805,688

Stonex

Escrow

Issuer,

LLC

2,143,000

6.875%,

7/15/2032

e

2,215,744

Sumisho

Air

Lease

Corporation

713,000

4.650%,

6/15/2026

d,h

709,720

Synchrony

Financial

1,011,000

7.250%,

2/2/2033

1,048,072

United

Wholesale

Mortgage,

LLC

2,151,000

5.500%,

4/15/2029

e

2,052,387

Vornado

Realty,

LP

479,000

5.750%,

2/1/2033

479,812

XHR,

LP

961,000

4.875%,

6/1/2029

e

943,229

482,000

6.625%,

5/15/2030

e

493,185

Total

117,640,953

Technology  9.8%

Amentum

Holdings,

Inc.

1,518,000

7.250%,

8/1/2032

e

1,571,297

APLD

ComputeCo

2,

LLC

1,891,000

6.750%,

3/15/2031

e

1,872,194

APLD

ComputeCo,

LLC

2,586,000

9.250%,

12/15/2030

e

2,779,652

Black

Pearl

Compute,

LLC

1,434,000

6.125%,

2/15/2031

e

1,454,919

Block,

Inc.

960,000

5.625%,

8/15/2030

e

960,969

712,000

3.500%,

6/1/2031

646,585

3,056,000

6.500%,

5/15/2032

3,114,228

960,000

6.000%,

8/15/2033

e

958,147

CACI

International,

Inc.

638,000

6.375%,

6/15/2033

e

652,708

Cipher

Compute,

LLC

1,522,000

7.125%,

11/15/2030

e

1,577,567

Clarivate

Science

Holdings

Corporation

1,771,000

3.875%,

7/1/2028

e

1,710,451

Cloud

Software

Group,

Inc.

5,818,000

6.500%,

3/31/2029

e

5,664,731

3,591,000

9.000%,

9/30/2029

e

3,525,950

Coherent

Corporation

965,000

5.000%,

12/15/2029

e

954,565

Core

Scientific

Finance

I,

LLC

1,197,000

7.750%,

5/15/2031

c,e

1,194,013

CoreWeave,

Inc.

1,289,000

9.250%,

6/1/2030

e,f

1,305,252

1,440,000

9.000%,

2/1/2031

e,f

1,430,870

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Technology  9.8%

-

continued

$

1,436,000

9.750%,

10/1/2031

e

$

1,444,315

Diebold

Nixdorf,

Inc.

972,000

7.750%,

3/31/2030

e

1,021,052

Edged

Compute,

LLC

958,000

7.500%,

4/30/2031

e

939,333

Fair

Isaac

Corporation

1,682,000

6.000%,

5/15/2033

e

1,658,829

950,000

6.250%,

9/15/2034

e

935,130

Flash

Compute,

LLC

1,530,000

7.250%,

12/31/2030

e

1,560,707

Gen

Digital,

Inc.

2,136,000

7.125%,

9/30/2030

e

2,166,212

481,000

6.250%,

4/1/2033

e

468,732

GoDaddy

Operating

Company,

LLC/GD

Finance

Company,

Inc.

964,000

3.500%,

3/1/2029

e,f

900,856

ION

Platform

Finance

US,

Inc.

1,853,000

7.875%,

9/30/2032

e

1,440,015

ION

Platform

Finance

US,

Inc./ION

Platform

Finance

SARL

1,439,000

9.500%,

5/30/2029

e

1,345,577

Iron

Mountain,

Inc.

995,000

4.875%,

9/15/2027

e

992,777

765,000

5.000%,

7/15/2028

e

762,499

2,130,000

4.875%,

9/15/2029

e

2,100,579

1,593,000

5.250%,

7/15/2030

e

1,576,515

2,663,000

4.500%,

2/15/2031

e

2,559,077

Kioxia

Holdings

Corporation

1,522,000

6.625%,

7/24/2033

e

1,591,040

Meridian

Arc

Holdco,

LLC

1,916,000

6.250%,

4/30/2031

e

1,915,564

NCR

Atleos

Corporation

797,000

9.500%,

4/1/2029

e

847,894

NCR

Voyix

Corporation

1,147,000

5.000%,

10/1/2028

e

1,123,194

902,000

5.125%,

4/15/2029

e

875,742

Neptune

Bidco

US,

Inc.

2,705,000

9.290%,

4/15/2029

e

2,735,700

719,000

10.375%,

5/15/2031

e

741,987

1,341,000

9.500%,

2/15/2033

e

1,342,064

Open

Text

Corporation

2,201,000

3.875%,

12/1/2029

e

1,983,736

Open

Text

Holdings,

Inc.

2,601,000

4.125%,

2/15/2030

e

2,341,508

Pitney

Bowes,

Inc.

497,000

6.875%,

3/15/2027

e,f

496,735

PR

RNO

Property

Owner

1,

LLC

2,634,000

6.500%,

5/1/2031

e

2,610,857

RingCentral,

Inc.

1,797,000

8.500%,

8/15/2030

e

1,887,254

Rocket

Software,

Inc.

1,192,000

9.000%,

11/28/2028

e

1,186,101

Sabre

GLBL,

Inc.

1,722,000

11.125%,

7/15/2030

e

1,480,920

Seagate

Data

Storage

Technology,

Private

Ltd.

1,450,395

9.625%,

12/1/2032

e

1,613,016

574,000

5.750%,

12/1/2034

e

583,869

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

2,059,000

6.750%,

8/15/2032

e

2,054,931

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Technology  9.8%

-

continued

SS&C

Technologies,

Inc.

$

1,191,000

6.500%,

6/1/2032

e

$

1,205,093

SV

RNO

Property

Owner

1,

LLC

2,763,000

5.875%,

3/1/2031

e

2,710,914

UKG,

Inc.

2,069,000

6.875%,

2/1/2031

e

2,013,785

Viavi

Solutions,

Inc.

1,123,000

3.750%,

10/1/2029

e

1,069,836

WULF

Compute,

LLC

959,000

7.750%,

10/15/2030

e

1,007,904

Xerox

Corporation

948,000

10.250%,

10/15/2030

e,f

791,580

Total

89,457,527

Transportation  2.2%

American

Airlines,

Inc./

AAdvantage

Loyalty

IP,

Ltd.

2,077,024

5.750%,

4/20/2029

e

2,078,435

Avianca

Midco

2

plc

548,807

9.000%,

12/1/2028

e

532,343

1,354,000

9.625%,

2/14/2030

e

1,276,145

1,000,000

9.500%,

1/28/2031

e

930,000

Avis

Budget

Car

Rental,

LLC/Avis

Budget

Finance,

Inc.

1,247,000

5.375%,

3/1/2029

e,f

1,211,667

DCLI

Bidco,

LLC

1,577,000

7.750%,

11/15/2029

e

1,620,066

OneSky

Flight,

LLC

2,006,000

8.875%,

12/15/2029

e

2,118,625

Rand

Parent,

LLC

2,376,000

8.500%,

2/15/2030

e

2,468,068

RXO,

Inc.

1,197,000

6.375%,

5/15/2031

e

1,185,324

Star

Leasing

Company,

LLC

713,000

7.625%,

2/15/2030

e

689,952

Stena

International

SA

1,593,000

7.250%,

1/15/2031

e

1,619,711

Stonepeak

Nile

Parent,

LLC

472,000

7.250%,

3/15/2032

e

493,860

United

Airlines

Holdings,

Inc.

718,000

4.875%,

3/1/2029

707,274

1,437,000

5.375%,

3/1/2031

1,416,327

VistaJet

Malta

Finance

plc/Vista

Management

Holding,

Inc.

1,187,000

9.500%,

6/1/2028

e,f

1,199,911

782,000

6.375%,

2/1/2030

e,f

732,315

Total

20,280,023

Utilities  3.5%

AES

Corporation

1,439,000

7.600%,

1/15/2055

d

1,465,954

479,000

6.950%,

7/15/2055

d

467,288

Algonquin

Power

&

Utilities

Corporation

3,772,000

4.750%,

1/18/2082

d

3,724,199

Alpha

Generation,

LLC

687,000

6.750%,

10/15/2032

e

703,629

Dominion

Energy,

Inc.

482,000

6.875%,

2/1/2055

d

499,410

482,000

7.000%,

6/1/2054

d

513,951

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income  97.3%

Value

Utilities  3.5%

-

continued

Duke

Energy

Corporation

$

474,000

6.450%,

9/1/2054

d

$

495,212

Emera

US

Finance,

LLC

479,000

6.850%,

10/1/2056

d

480,433

Hawaiian

Electric

Company,

Inc.

480,000

6.000%,

10/1/2033

e

481,602

Long

Ridge

Energy,

LLC

2,158,000

8.750%,

2/15/2032

e

2,306,494

NRG

Energy,

Inc.

3,494,000

5.750%,

1/15/2034

e

3,468,188

1,916,000

5.875%,

5/15/2034

e

1,909,107

1,155,000

6.250%,

11/1/2034

e

1,168,433

1,916,000

6.125%,

5/15/2036

e

1,908,760

PacifiCorp

958,000

7.125%,

8/15/2056

d

954,874

PG&E

Corporation

958,000

7.375%,

3/15/2055

d

985,358

742,000

5.000%,

7/1/2028

738,369

Talen

Energy

Supply,

LLC

480,000

6.250%,

2/1/2034

e

476,418

480,000

6.500%,

2/1/2036

e

481,818

TerraForm

Power

Operating,

LLC

3,293,000

5.000%,

1/31/2028

e

3,260,879

Topaz

Solar

Farms,

LLC

935,196

4.875%,

9/30/2039

e

827,704

TransAlta

Corporation

1,424,000

5.875%,

2/1/2034

1,420,438

Vistra

Corporation

965,000

8.000%,

10/15/2026

d,e,h

973,480

1,859,000

7.000%,

12/15/2026

d,e,h

1,864,430

Total

31,576,428

Total

Long-Term

Fixed

Income

(cost

$888,121,846)

890,479,062

Shares

Collateral

Held

for

Securities

Loaned

5.4%

Value

48,876,508

Thrivent

Cash

Management

Trust

48,876,508

Total

Collateral

Held

for

Securities

Loaned

(cost

$48,876,508)

48,876,508

Shares

or

Principal

Amount

Short-Term

Investments

1.9%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

17,767,866

3.596%

i

17,767,866

Total

Short-Term

Investments

(cost

$17,767,866)

17,767,866

Total

Investments

(cost

$955,714,791)

104.7%

$958,067,816

Other

Assets

and

Liabilities,

Net

(4.7%)

(43,134,338)

Total

Net

Assets

100.0%

$914,933,478

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

All

or

a

portion

of

the

loan

is

unfunded.

c

Denotes

investments

purchased

on

a

when-issued

or

delayed-delivery

basis.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

April

30,

2026.

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.

e

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

April

30,

2026,

the

value

of

these

investments

was

$767,867,652

or

83.9%

of

total

net

assets.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

April

30,

2026.

h

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

i

The

interest

rate

shown

reflects

the

yield.

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

High

Yield

Bond

Fund

as

of

April

30,

2026:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

47,196,169

Total

lending

$47,196,169

Gross

amount

payable

upon

return

of

collateral

for

securities

loaned

$48,876,508

Net

amounts

due

to

counterparty

$1,680,339

Definitions:

DAC

-

Designated

Activity

Company

PIK

-

Payment-In-Kind

plc

-

Public

Limited

Company

Reference

Rate

Index:

TSFR1M

-

CME

Term

SOFR

1

Month

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives,

if

any),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$19,746,372

Gross

unrealized

depreciation

(13,258,434)

Net

unrealized

appreciation

(depreciation)

$6,487,938

Cost

for

federal

income

tax

purposes

$951,579,878

High

Yield

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

30

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

April

30,

2026,

in

valuing

High

Yield

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Communications

Services

944,380

–

944,380

–

Long-Term

Fixed

Income

Basic

Materials

52,301,419

–

52,301,419

–

Capital

Goods

100,885,651

–

100,885,651

–

Communications

Services

103,733,121

–

103,733,121

–

Consumer

Cyclical

167,349,314

–

167,349,314

–

Consumer

Non-Cyclical

101,078,291

–

101,078,291

–

Energy

106,176,335

–

106,176,335

–

Financials

117,640,953

–

117,640,953

–

Technology

89,457,527

–

89,457,527

–

Transportation

20,280,023

–

20,280,023

–

Utilities

31,576,428

–

31,576,428

–

Short-Term

Investments

17,767,866

17,767,866

–

–

Subtotal

Investments

in

Securities

$909,191,308

$17,767,866

$891,423,442

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

48,876,508

Subtotal

Other

Investments

$48,876,508

Total

Investments

at

Value

$958,067,816

*

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

the

table

above

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

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

High

Yield

Bond

Fund,

is

as

follows:

Fund

Value

2/27/2026

Gross

Purchases

Gross

Sales

Value

4/30/2026

Shares

Held

at

4/30/2026

%

of

Net

Assets

4/30/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$68,603

$19,726

$48,877

48,877

5.4%

Total

Collateral

Held

for

Securities

Loaned

–

48,877

5.4

Total

Value

$

–

$48,877

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

2/27/2026

-

4/30/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$–

$32

Total

Affiliated

Income

from

Securities

Loaned,

Net

$32

Total

$–

$–

$–

International

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

31

Shares

Common

Stock

98.7%

Value

Australia  6.9%

83,802

ANZ

Group

Holdings,

Ltd.

$

2,225,901

317,905

Aurizon

Holdings,

Ltd.

960,394

369,391

BHP

Group,

Ltd.

14,620,203

194,092

Brambles,

Ltd.

3,162,227

54,491

Commonwealth

Bank

of

Australia

6,863,482

290,302

DEXUS

Property

Group

1,309,593

658,247

GPT

Group

2,270,185

3,157

JB

Hi-Fi,

Ltd.

176,308

84,665

National

Australia

Bank,

Ltd.

2,449,158

198,788

Orica,

Ltd.

3,032,007

223,661

QBE

Insurance

Group,

Ltd.

3,622,821

94,772

Regis

Resources,

Ltd.

485,946

57,874

Rio

Tinto,

Ltd.

7,088,940

1,186,589

Telstra

Corporation,

Ltd.

4,557,108

49,787

Vault

Minerals,

Ltd.

166,102

40,159

Ventia

Services

Group,

Pty.

Ltd.

154,599

95,353

Westpac

Banking

Corporation

2,667,650

Total

55,812,624

Austria  <0.1%

6,388

Voestalpine

AG

330,280

Total

330,280

Belgium  1.4%

7,921

Ackermans

&

van

Haaren

NV

2,612,457

15,136

Ageas

SA

NV

1,186,132

86,031

Anheuser-Busch

InBev

SA/NV

6,500,665

5,004

UCB

SA

a

1,362,550

Total

11,661,804

Bermuda  0.3%

28,984

Hiscox,

Ltd.

609,888

23,700

Jardine

Matheson

Holdings,

Ltd.

1,615,683

Total

2,225,571

Cayman

Islands  0.5%

3,032,000

WH

Group,

Ltd.

b

3,685,240

Total

3,685,240

Denmark  0.6%

5,140

ALK-Abello

AS

192,522

35,880

ISS

AS

1,316,244

84,178

Novo

Nordisk

AS

3,580,592

Total

5,089,358

Finland  0.5%

36,578

Fortum

Oyj

921,515

21,753

Konecranes

Oyj

a

714,436

73,781

Nordea

Bank

Abp

1,387,448

45,473

Sampo

Oyj

472,523

17,428

Wartsila

Corporation

731,930

Total

4,227,852

France  8.0%

21,384

Air

Liquide

SA

4,600,578

228,055

AXA

SA

10,993,494

112,155

BNP

Paribas

SA

11,778,727

17,557

Bouygues

SA

1,038,320

220,822

Credit

Agricole

SA

4,313,135

69,785

Engie

SA

2,300,301

785

EssilorLuxottica

SA

166,161

5,820

Ipsen

SA

1,143,063

Shares

Common

Stock  98.7%

Value

France  8.0%  -

continued

9,356

Ipsos

SA

$

396,787

41,703

Legrand

SA

7,471,685

5,284

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,822,772

26,166

Safran

SA

8,402,265

7,882

Sanofi

SA

737,572

30,261

Societe

Generale

SA

2,436,020

37,232

TotalEnergies

SE

3,461,603

14,217

Vinci

SA

2,149,936

Total

64,212,419

Germany  6.6%

34,826

Allianz

SE

15,906,218

8,497

Deutsche

Bank

AG

263,994

5,313

Deutsche

Boerse

AG

1,630,023

80,410

Deutsche

Telekom

AG

2,597,303

138,191

DHL

Group

8,182,903

2,815

Fraport

AG

Frankfurt

Airport

Services

Worldwide

a

230,980

37,626

Fresenius

SE

&

Company

KGaA

1,822,219

18,005

GEA

Group

AG

1,231,216

22,079

Heidelberg

Materials

AG

4,871,599

2,882

HOCHTIEF

AG

1,550,029

796

KION

Group

AG

41,545

11,442

Mercedes-Benz

Group

AG

666,958

7,794

Muenchener

Rueckversicherungs-

Gesellschaft

AG

4,662,169

40,790

SAP

SE

6,848,386

5,509

Siemens

AG

1,637,066

6,344

Siemens

Energy

AG

1,344,437

Total

53,487,045

Hong

Kong  1.3%

141,500

CK

Asset

Holdings,

Ltd.

891,345

961,500

CK

Hutchison

Holdings,

Ltd.

8,028,707

111,000

Sun

Hung

Kai

Properties,

Ltd.

1,943,286

Total

10,863,338

Ireland  0.2%

38,835

Bank

of

Ireland

Group

plc

764,951

34,029

Ryanair

Holdings

plc

892,828

Total

1,657,779

Israel  1.0%

74,459

Bank

Hapoalim

BM

1,997,738

29,199

Bank

Leumi

Le-Israel

BM

739,162

397,573

Bezeq

Israel

Telecommunication

Corporation,

Ltd.

1,081,566

1,021

Big

Shopping

Centers,

Ltd.

269,349

8,492

Check

Point

Software

Technologies,

Ltd.

a

955,095

553

Delek

Group,

Ltd.

190,058

28,268

Energix-Renewable

Energies,

Ltd.

209,935

4,740

First

International

Bank

of

Israel,

Ltd.

396,452

8,428

Global-e

Online,

Ltd.

a

264,386

13,202

Harel

Insurance

Investments

&

Financial

Services,

Ltd.

817,494

88,929

Mivne

Real

Estate

(KD),

Ltd.

428,606

13,976

Plus500,

Ltd.

848,952

Total

8,198,793

International

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

32

Shares

Common

Stock  98.7%

Value

Italy  5.2%

11,513

ACEA

SPA

$

301,864

7,092

Buzzi

SPA

388,315

945,784

Enel

SPA

11,042,722

74,885

Eni

SPA

2,117,486

133,489

Generali

5,981,927

322,648

Italgas

SPA

3,897,543

45,732

Lottomatica

Group

SPA

1,344,607

48,825

Pirelli

&

C.

SPA

b

335,830

160,324

UniCredit

SPA

12,390,261

163,943

Unipol

Assicurazioni

SPA

4,283,619

Total

42,084,174

Japan  22.8%

50,200

Advantest

Corporation

9,373,272

46,500

Aeon

Company,

Ltd.

448,501

4,000

Ain

Holdings,

Inc.

144,282

8,900

Aisin

Corporation

141,131

114,400

Amada

Company,

Ltd.

1,934,455

13,600

Arcs

Company,

Ltd.

295,359

7,100

Asics

Corporation

201,623

18,000

Astellas

Pharma,

Inc.

255,091

17,300

Bandai

Namco

Holdings,

Inc.

397,127

1,900

BayCurrent,

Inc.

61,188

8,700

BIPROGY,

Inc.

250,210

93,000

Bridgestone

Corporation

a

1,932,638

38,900

Brother

Industries,

Ltd.

738,719

60,100

Canon,

Inc.

1,546,166

30,500

Chiyoda

Corporation

a,c

197,874

38,400

Chugai

Pharmaceutical

Company,

Ltd.

2,047,849

43,800

Cosmo

Energy

Holdings

Company,

Ltd.

1,119,713

76,500

Dai

Nippon

Printing

Company,

Ltd.

1,448,997

407,000

Daiichi

Life

Group,

Inc.

3,726,365

305,000

Daiwa

Securities

Group,

Inc.

2,870,924

24,100

Denso

Corporation

287,948

110,500

Eneos

Holdings,

Inc.

928,033

5,700

Fast

Retailing

Company,

Ltd.

2,683,248

44,200

FUJIFILM

Holdings

NPV

813,441

54,300

Fujitsu,

Ltd.

1,089,875

14,300

Hachijuni

Nagano

Bank,

Ltd.

193,741

14,300

Haseko

Corporation

246,947

20,100

Heiwa

Corporation

232,304

135,100

Hitachi,

Ltd.

4,295,957

368,700

Honda

Motor

Company,

Ltd.

2,991,795

25,900

Hoya

Corporation

4,836,665

104,000

Inaba

Denki

Sangyo

Company,

Ltd.

1,754,463

40,100

Inpex

Corporation

1,045,414

40,100

Isuzu

Motors,

Ltd.

552,518

281,200

ITOCHU

Corporation

3,484,942

182,900

Japan

Exchange

Group,

Inc.

2,178,655

102,500

Japan

Post

Holdings

Company,

Ltd.

1,188,699

15,200

Japan

Tobacco,

Inc.

566,272

29,000

JTEKT

Corporation

354,188

114,400

JX

Advanced

Metals

Corporation

3,549,185

31,900

Kajima

Corporation

1,246,782

273,100

KDDI

Corporation

4,469,156

5,100

Keyence

Corporation

2,339,196

13,100

Kioxia

Holdings

Corporation

a

3,169,659

17,600

Komatsu,

Ltd.

753,597

42,800

Kyocera

Corporation

743,692

46,500

Kyoei

Steel,

Ltd.

564,719

2,400

Lasertec

Corporation

663,308

10,100

Macnica

Holdings,

Inc.

170,610

Shares

Common

Stock  98.7%

Value

Japan  22.8%  -

continued

24,900

Marubeni

Corporation

$

969,135

14,300

MEITEC

Group

Holdings,

Inc.

286,397

210,700

Mitsubishi

Chemical

Group

Corporation

1,235,217

49,100

Mitsubishi

Corporation

1,572,508

35,300

Mitsubishi

Electric

Corporation

1,416,624

191,500

Mitsubishi

Heavy

Industries,

Ltd.

5,715,489

381,800

Mitsubishi

UFJ

Financial

Group,

Inc.

6,858,212

58,000

Mitsui

&

Company,

Ltd.

2,177,664

59,800

Mizuho

Financial

Group,

Inc.

2,571,562

52,600

MS

and

AD

Insurance

Group

Holdings,

Inc.

1,352,561

62,500

NEC

Corporation

1,662,501

37,300

Nippon

Express

Holdings,

Inc.

979,656

26,000

Nippon

Shokubai

Company,

Ltd.

357,941

69,700

Nippon

Yusen

Kabushiki

Kaisha

2,504,927

3,600

Nishimatsu

Construction

Company,

Ltd.

132,405

12,900

Niterra

Company,

Ltd.

697,316

95,700

Nitto

Denko

Corporation

1,820,240

20,100

Nitto

Kogyo

Corporation

581,413

181,400

Nomura

Holdings,

Inc.

1,452,984

8,100

Nomura

Research

Institute,

Ltd.

218,617

7,800

NSD

Company,

Ltd.

133,898

23,900

NSK,

Ltd.

194,124

2,921,600

NTT,

Inc.

2,845,818

8,100

Obayashi

Corporation

190,437

88,600

Ono

Pharmaceutical

Company,

Ltd.

1,310,408

69,900

ORIX

Corporation

2,352,589

422,600

Persol

Holdings

Company,

Ltd.

629,006

111,900

Rakuten

Group,

Inc.

a

544,821

99,300

Recruit

Holdings

Company,

Ltd.

4,600,069

12,600

SCREEN

Holdings

Company,

Ltd.

a

835,393

94,400

Seiko

Epson

Corporation

1,269,750

71,300

Sekisui

House,

Ltd.

1,552,485

73,100

Shimizu

Corporation

1,412,299

14,200

Shin-Etsu

Chemical

Company,

Ltd.

653,799

1,173,800

SoftBank

Corporation

1,652,088

119,100

SoftBank

Group

Corporation

4,068,316

62,400

Sojitz

Corporation

2,337,175

114,800

Sompo

Holdings,

Inc.

4,272,330

1,870,700

Sony

Financial

Group,

Inc.

1,678,330

304,000

Sony

Group

Corporation

6,090,741

35,900

Subaru

Corporation

534,738

42,200

Sumitomo

Corporation

1,569,089

42,300

Sumitomo

Electric

Industries,

Ltd.

2,784,789

78,400

Sumitomo

Mitsui

Financial

Group,

Inc.

2,768,230

10,500

Taisei

Corporation

1,138,628

80,400

Takeda

Pharmaceutical

Company,

Ltd.

2,687,997

14,900

TIS,

Inc.

324,746

36,900

Toagosei

Company,

Ltd.

400,721

142,500

Tokio

Marine

Holdings,

Inc.

6,526,040

23,000

Tokyo

Electron,

Ltd.

6,777,705

31,600

TOPPAN

Holdings,

Inc.

939,265

20,300

Tosoh

Corporation

312,818

219,400

Toyota

Motor

Corporation

4,211,475

10,600

Toyota

Tsusho

Corporation

416,112

57,900

Tsubakimoto

Chain

Company

867,956

67,000

TV

Asahi

Holdings

Corporation

1,386,426

9,600

YUASA

Company,

Ltd.

366,360

Total

183,726,833

International

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

33

Shares

Common

Stock  98.7%

Value

Jersey  0.1%

89,979

Man

Group

plc

$

310,909

147,151

TP

ICAP

Group

plc

633,144

Total

944,053

Netherlands  8.0%

33,552

AerCap

Holdings

NV

4,771,430

613

Airbus

SE

126,376

4,442

ASM

International

NV

4,345,519

16,738

ASML

Holding

NV

24,195,632

1,350

Euronext

NV

b

225,979

98,260

Ferrovial

NV

6,747,687

8,080

Heineken

Holding

NV

574,175

152,686

Koninklijke

(Royal)

KPN

NV

816,499

226,907

Koninklijke

Ahold

Delhaize

NV

10,657,737

12,674

Koninklijke

Vopak

NV

634,320

23,527

NN

Group

NV

2,059,415

117,095

Prosus

NV

5,668,940

78,784

SBM

Offshore

NV

3,370,502

78,784

SBM

Offshore

NV,

DRIP

a,d

9

Total

64,194,220

Norway  0.3%

18,135

DNB

Bank

ASA

549,188

36,901

Storebrand

ASA

713,332

19,949

Yara

International

ASA

1,161,370

Total

2,423,890

Portugal  1.1%

120,909

Banco

Comercial

Portugues

SA

129,238

1,472,841

EDP

SA

8,033,319

20,727

Galp

Energia

SGPS

SA

484,805

Total

8,647,362

Singapore  2.1%

584,800

CapitaLand

Integrated

Commercial

Trust

1,089,200

117,200

Singapore

Airport

Terminal

Services,

Ltd.

305,037

316,300

Singapore

Exchange,

Ltd.

5,408,334

350,000

Singapore

Technologies

Engineering,

Ltd.

2,966,067

456,300

United

Overseas

Land,

Ltd.

3,817,277

1,007,900

Yangzijiang

Shipbuilding

Holdings,

Ltd.

3,437,407

Total

17,023,322

Spain  4.8%

11,880

ACS

Actividades

de

Construccion

y

Servicios

SA

a

1,712,327

114,254

Aena

SME

SA

b,c

3,120,587

243,809

Banco

Bilbao

Vizcaya

Argentaria

SA

5,383,907

1,680,425

Banco

de

Sabadell

SA

6,515,031

845,847

Banco

Santander

SA

c

10,321,338

31,658

Iberdrola

SA

742,200

76,175

Logista

Integral

SA

2,976,029

154,568

Mapfre

SA

756,664

80,923

Merlin

Properties

Socimi

SA

1,415,122

67,345

Naturgy

Energy

Group

SA

2,116,683

138,089

Repsol

SA

3,709,245

Shares

Common

Stock  98.7%

Value

Spain  4.8%  -

continued

971

Vidrala

SA

$

87,595

Total

38,856,728

Sweden  3.3%

46,945

AB

Industrivarden,

Class

A

2,493,990

136,056

Assa

Abloy

AB

5,236,485

22,313

Epiroc

AB,

Class

A

644,163

17,699

Fabege

AB

148,704

39,096

Hexpol

AB

a

318,222

199,297

Investor

AB,

Class

B

8,088,584

152,910

Sandvik

AB

6,432,487

26,554

SSAB

AB,

Class

A

238,991

202,468

Telefonaktiebolaget

LM

Ericsson

2,415,241

110,539

Telia

Company

AB

577,792

Total

26,594,659

Switzerland  9.7%

161,520

ABB,

Ltd.

16,336,091

2,543

Accelleron

Industries

AG

272,457

1,701

Allreal

Holding

AG

464,528

6,792

Avolta

AG

375,350

2,209

Flughafen

Zurich

AG

627,260

27,721

Galderma

Group

AG

5,815,684

8,510

Galenica

AG

b

906,709

1,238

Huber+Suhner

AG

359,551

312

Mobimo

Holding

AG

148,942

43,504

Nestle

SA

4,404,329

133,106

Novartis

AG

19,671,692

31,131

Roche

Holding

AG

12,685,883

6,649

Schindler

Holding

AG,

Participation

Certificates

2,324,614

187,677

UBS

Group

AG

8,305,045

7,889

Zurich

Insurance

Group

AG

5,500,371

Total

78,198,506

United

Kingdom  14.0%

51,298

AstraZeneca

plc

9,732,363

60,792

BAE

Systems

plc

1,690,839

239,310

Balfour

Beatty

plc

2,659,165

1,402,208

Barclays

plc

8,242,052

3,137

Berkeley

Group

Holdings

plc

a

136,583

597,928

BP

plc

4,733,092

9,321

British

American

Tobacco

plc

548,958

26,704

British

Land

Company

plc

141,303

31,075

Compass

Group

plc

878,087

2,270

Cranswick

plc

166,491

37,864

Diploma

plc

3,583,420

16,847

Endeavour

Mining

plc

1,016,829

41,754

Evraz

plc

a,d

6

4,912

Games

Workshop

Group

plc

1,302,792

459,034

GSK

plc

12,034,693

112,442

Haleon

plc

519,242

57,803

Halma

plc

3,478,446

32,554

Howden

Joinery

Group

plc

343,454

281,780

HSBC

Holdings

plc

5,184,695

60,759

IG

Group

Holdings

plc

1,242,645

5,514

IMI

plc

210,017

170,706

Imperial

Brands

plc

6,485,567

291,388

Kingfisher

plc

1,145,825

3,828,031

Lloyds

TSB

Group

plc

5,203,448

59,098

MONY

Group

plc

142,982

8,188

Morgan

Sindall

Group

plc

521,882

495,448

NatWest

Group

plc

3,951,626

28,686

Next

plc

5,062,742

International

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

34

Shares

Common

Stock  98.7%

Value

United

Kingdom  14.0%  -

continued

7,344

Paragon

Banking

Group

plc

$

74,800

217,095

Primary

Health

Properties

plc

276,200

8,614

Reckitt

Benckiser

Group

plc

548,096

18,954

Rio

Tinto

plc

1,909,358

28,849

Rotork

plc

121,223

342,755

Shell

plc

15,583,951

23,936

Smith

&

Nephew

plc

370,381

13,528

Smiths

Group

plc

467,063

137,607

Standard

Chartered

plc

3,504,133

1,019,044

Tesco

plc

6,684,404

1,800,643

Vodafone

Group

plc

2,865,083

29,037

Zigup

plc

158,641

Total

112,922,577

Total

Common

Stock

(cost

$604,616,004)

797,068,427

Shares

Collateral

Held

for

Securities

Loaned

1.5%

12,606,265

Thrivent

Cash

Management

Trust

12,606,265

Total

Collateral

Held

for

Securities

Loaned

(cost

$12,606,265)

12,606,265

Shares

or

Principal

Amount

Short-Term

Investments

0.4%

Federal

Home

Loan

Bank

Discount

Notes

200,000

3.610%,

6/5/2026

e,f

199,280

200,000

3.610%,

6/10/2026

e,f

199,180

500,000

3.620%,

6/17/2026

e,f

497,600

300,000

3.590%,

6/22/2026

e,f

298,410

100,000

3.620%,

7/6/2026

e,f

99,331

200,000

3.610%,

7/8/2026

e,f

198,622

Federal

National

Mortgage

Association

Discount

Notes

500,000

3.595%,

6/1/2026

e,f

498,400

State

Street

Institutional

U.S.

Government

Money

Market

Fund

1,173,366

3.596%

e

1,173,365

Total

Short-Term

Investments

(cost

$3,164,368)

3,164,188

Total

Investments

(cost

$620,386,637)

100.6%

$812,838,880

Other

Assets

and

Liabilities,

Net

(0.6%)

(5,139,316)

Total

Net

Assets

100.0%

$807,699,564

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

April

30,

2026,

the

value

of

these

investments

was

$8,274,345

or

1.0%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

on

loan.

d

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

e

The

interest

rate

shown

reflects

the

yield.

f

All

or

a

portion

of

the

security

is

held

on

deposit

with

the

counterparty

and

pledged

as

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

of

securities

loaned

with

continuous

maturity,

by

type,

offset

by

the

gross

payable

upon

return

of

collateral

for

securities

loaned

by

Thrivent

Core

International

Equity

Fund

as

of

April

30,

2026:

Securities

Lending

Transactions

Common

Stock

$

12,043,716

Total

lending

$12,043,716

Gross

amount

payable

upon

return

of

collateral

for

securities

loaned

$12,606,265

Net

amounts

due

to

counterparty

$562,549

Definitions:

DRIP

-

Dividend

Reinvestment

Plan

plc

-

Public

Limited

Company

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

$

191,559,124

Gross

unrealized

depreciation

(8,806,193)

Net

unrealized

appreciation

(depreciation)

$

182,752,931

Cost

for

federal

income

tax

purposes

$

631,609,229

International

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

35

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

April

30,

2026,

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

27,456,924

–

27,456,924

–

Consumer

Discretionary

46,619,012

264,386

46,354,626

–

Consumer

Staples

41,710,076

–

41,710,076

–

Energy

37,378,231

–

37,378,222

9

Financials

226,478,429

–

226,478,429

–

Health

Care

81,879,336

–

81,879,336

–

Industrials

167,796,639

4,771,430

163,025,209

–

Information

Technology

74,359,077

955,095

73,403,982

–

Materials

49,210,981

–

49,210,975

6

Real

Estate

14,613,640

–

14,613,640

–

Utilities

29,566,082

–

29,566,082

–

Short-Term

Investments

3,164,188

1,173,365

1,990,823

–

Subtotal

Investments

in

Securities

$800,232,615

$7,164,276

$793,068,324

$15

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

12,606,265

Subtotal

Other

Investments

$12,606,265

Total

Investments

at

Value

$812,838,880

*

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

the

table

above

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Statement

of

Assets

and

Liabilities.

The

following

table

is

a

summary

of

the

inputs

used,

as

of

April

30,

2026,

in

valuing

International

Equity

Fund's

other

financial

instrument

assets

carried

at

fair

value.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,523,280

1,523,280

–

–

Total

Asset

Derivatives

$1,523,280

$1,523,280

$–

$–

The

following

table

presents

International

Equity

Fund's

futures

contracts

held

as

of

April

30,

2026.

Investments

and/or

cash

totaling

$1,990,823

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

254

June

2026

$

37,162,190

$

1,523,280

Total

Futures

Long

Contracts

$

37,162,190

$

1,523,280

Total

Futures

Contracts

$

37,162,190

$1,523,280

International

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

36

The

following

table

summarizes

the

fair

value

and

Statement

of

Assets

and

Liabilities

location,

as

of

April

30,

2026,

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

Asset

Derivatives

Equity

Contracts

Futures*

Net

Assets

-

Distributable

earnings/(accumulated

loss)

$

1,523,280

Total

Equity

Contracts

1,523,280

Total

Asset

Derivatives

$1,523,280

*

Includes

cumulative

appreciation/depreciation

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.  Only

current

day's

variation

margin

is

reported

within

the

Statement

of

Assets

and

Liabilities.

The

following

table

summarizes

the

net

realized

gains/(losses)

and

Statement

of

Operations

location,

for

the

period

ended

April

30,

2026,

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

1,855,627

Total

Equity

Contracts

1,855,627

Total

$1,855,627

The

following

table

summarizes

the

change

in

net

unrealized

appreciation/(depreciation)

and

Statement

of

Operations

location,

for

the

period

ended

April

30,

2026,

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

1,302,790

Total

Equity

Contracts

1,302,790

Total

1,302,790

The

following

table

presents

International

Equity

Fund's

average

volume

of

derivative

activity

during

the

period

ended

April

30,

2026.

Derivative

Risk

Category

Average

Notional

Value

Equity

Contracts

Futures

-

Long

$31,880,500

International

Equity

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

37

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

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Equity

Fund,

is

as

follows:

Fund

Value

10/31/2025

Gross

Purchases

Gross

Sales

Value

4/30/2026

Shares

Held

at

4/30/2026

%

of

Net

Assets

4/30/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$18,244

$62,741

$68,379

$12,606

12,606

1.5%

Total

Collateral

Held

for

Securities

Loaned

18,244

12,606

1.5

Total

Value

$18,244

$12,606

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

11/1/2025

-

4/30/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$–

$23

Total

Affiliated

Income

from

Securities

Loaned,

Net

$23

Total

$–

$–

$–

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

38

Principal

Amount

Long-Term

Fixed

Income

99.0%

Value

Basic

Materials  1.1%

Anglo

American

Capital

plc

$

1,800,000

5.250%,

3/19/2036

a

$

1,771,081

Eastman

Chemical

Company

2,781,000

4.500%,

2/20/2031

2,731,351

Glencore

Funding,

LLC

678,000

4.000%,

3/27/2027

a

676,637

LYB

International

Finance

III,

LLC

3,750,000

3.375%,

10/1/2040

2,756,377

Smurfit

Kappa

Treasury,

ULC

2,650,000

5.777%,

4/3/2054

2,559,877

SNF

Group

SACA

1,550,000

5.626%,

3/31/2031

a

1,568,846

Vale

Overseas,

Ltd.

2,800,000

3.750%,

7/8/2030

2,682,649

Total

14,746,818

Capital

Goods  3.8%

Amphenol

Corporation

3,290,000

5.300%,

11/15/2055

3,081,674

Amrize

Finance

US,

LLC

1,857,000

5.400%,

4/7/2035

b

1,892,833

BAE

Systems

plc

1,050,000

5.500%,

3/26/2054

a

1,027,546

1,500,000

5.250%,

3/26/2031

a

1,535,899

Boeing

Company

500,000

6.858%,

5/1/2054

b

555,419

2,350,000

5.930%,

5/1/2060

2,275,279

1,250,000

5.040%,

5/1/2027

1,256,913

300,000

6.259%,

5/1/2027

305,058

1,125,000

5.150%,

5/1/2030

1,143,194

1,325,000

6.388%,

5/1/2031

1,415,101

250,000

6.528%,

5/1/2034

273,405

1,866,000

3.300%,

3/1/2035

b

1,597,611

2,304,000

5.705%,

5/1/2040

2,326,316

Carrier

Global

Corporation

900,000

2.722%,

2/15/2030

842,192

Deere

&

Company

500,000

5.700%,

1/19/2055

509,357

GE

Vernova,

Inc.

469,000

5.500%,

2/4/2056

449,915

Honeywell

Aerospace,

Inc.

2,300,000

4.600%,

3/16/2033

a

2,270,885

1,877,000

5.622%,

3/16/2046

a

1,846,081

Howmet

Aerospace,

Inc.

931,000

4.550%,

11/15/2032

915,549

1,868,000

4.750%,

4/15/2036

1,814,587

John

Deere

Capital

Corporation

3,625,000

4.200%,

3/10/2031

3,587,602

50,000

5.150%,

9/8/2033

51,576

Lockheed

Martin

Corporation

1,000,000

5.200%,

2/15/2064

904,836

942,000

6.150%,

9/1/2036

1,024,435

Martin

Marietta

Materials,

Inc.

1,410,000

5.150%,

12/1/2034

1,419,270

Northrop

Grumman

Corporation

1,000,000

5.200%,

6/1/2054

b

917,278

250,000

4.700%,

3/15/2033

248,644

3,800,000

3.850%,

4/15/2045

2,982,761

Republic

Services,

Inc.

250,000

5.000%,

12/15/2033

254,258

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Capital

Goods  3.8%

-

continued

RTX

Corporation

$

595,000

6.400%,

3/15/2054

$

641,083

4,710,000

4.500%,

6/1/2042

4,174,510

Spirit

AeroSystems,

Inc.

4,499,000

4.600%,

6/15/2028

4,497,001

Textron,

Inc.

350,000

3.650%,

3/15/2027

348,027

Trane

Technologies

Financing,

Ltd.

1,866,000

5.100%,

6/13/2034

1,891,314

Waste

Connections,

Inc.

250,000

3.200%,

6/1/2032

231,047

1,175,000

4.800%,

7/15/2036

1,150,197

Total

51,658,653

Communications

Services  7.3%

American

Tower

Corporation

350,000

1.450%,

9/15/2026

346,258

250,000

5.500%,

3/15/2028

254,484

1,000,000

5.800%,

11/15/2028

1,030,165

690,000

3.800%,

8/15/2029

b

674,611

2,079,000

5.000%,

1/31/2030

2,106,017

AppLovin

Corporation

4,685,000

5.375%,

12/1/2031

4,731,445

AT&T,

Inc.

2,805,000

5.700%,

3/1/2057

2,625,934

1,500,000

6.050%,

8/15/2056

1,459,408

3,398,000

3.500%,

9/15/2053

2,200,592

2,500,000

3.550%,

9/15/2055

1,609,796

2,850,000

6.200%,

10/30/2056

2,823,241

2,250,000

4.750%,

4/30/2033

2,220,585

3,430,000

4.900%,

8/15/2037

3,280,037

Bell

Telephone

Company

of

Canada

200,000

5.100%,

5/11/2033

200,574

Charter

Communications

Operating,

LLC/Charter

Communications

Operating

Capital

Corporation

750,000

6.700%,

12/1/2055

b

706,678

750,000

6.550%,

6/1/2034

775,626

1,810,000

5.850%,

12/1/2035

1,766,021

4,685,000

3.500%,

6/1/2041

3,249,856

Comcast

Corporation

2,306,000

5.350%,

5/15/2053

2,023,794

1,000,000

6.050%,

5/15/2055

b

982,682

1,500,000

5.650%,

6/1/2054

b

1,370,134

225,000

3.400%,

4/1/2030

215,999

3,266,000

4.750%,

3/1/2044

2,778,459

Crown

Castle,

Inc.

600,000

2.900%,

3/15/2027

591,790

2,308,000

4.900%,

9/1/2029

2,318,819

2,800,000

5.800%,

3/1/2034

2,879,498

Deutsche

Telekom

International

Finance

BV

6,168,000

8.750%,

6/15/2030

7,068,959

Meta

Platforms,

Inc.

1,403,000

5.600%,

5/15/2053

1,289,881

2,800,000

6.300%,

5/15/2056

2,804,313

2,741,000

5.400%,

8/15/2054

2,436,158

1,000,000

5.550%,

8/15/2064

882,730

1,000,000

5.625%,

11/15/2055

918,214

2,826,000

5.500%,

11/15/2045

2,625,686

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Communications

Services  7.3%

-

continued

Netflix,

Inc.

$

500,000

4.875%,

6/15/2030

a

$

506,625

Omnicom

Group,

Inc.

500,000

4.200%,

6/1/2030

490,927

Orange

SA

4,665,000

4.250%,

1/13/2031

a

4,575,253

SoftBank

Corporation

2,800,000

5.332%,

7/9/2035

a,b

2,770,957

Sprint

Capital

Corporation

600,000

6.875%,

11/15/2028

633,512

4,419,000

8.750%,

3/15/2032

5,258,299

Take-Two

Interactive

Software,

Inc.

1,859,000

5.600%,

6/12/2034

b

1,900,101

T-Mobile

USA,

Inc.

500,000

5.500%,

1/15/2055

457,609

1,000,000

5.250%,

6/15/2055

882,790

3,933,000

3.600%,

11/15/2060

2,530,696

500,000

5.125%,

5/15/2032

505,984

2,808,000

4.950%,

11/15/2035

2,743,118

Verizon

Communications,

Inc.

1,367,000

5.875%,

11/30/2055

1,321,096

1,833,000

6.000%,

11/30/2065

1,767,770

338,000

4.780%,

2/15/2035

327,971

900,000

5.250%,

4/2/2035

899,826

2,310,000

5.000%,

1/15/2036

2,255,992

1,090,000

5.401%,

7/2/2037

1,086,819

Walt

Disney

Company

4,686,000

4.625%,

3/14/2036

b

4,560,325

Total

98,724,114

Consumer

Cyclical  5.6%

American

Honda

Finance

Corporation

750,000

4.900%,

1/10/2034

734,376

2,820,000

5.100%,

1/8/2036

2,759,977

Best

Buy

Company,

Inc.

250,000

1.950%,

10/1/2030

223,612

Block

Financial,

LLC

3,751,000

5.375%,

9/15/2032

3,661,631

CBRE

Services,

Inc.

2,334,000

4.900%,

1/15/2033

2,307,128

Expedia

Group,

Inc.

232,000

5.400%,

2/15/2035

230,347

Ford

Motor

Credit

Company,

LLC

3,684,000

2.900%,

2/10/2029

3,460,103

General

Motors

Company

2,343,000

5.350%,

4/15/2028

2,375,442

General

Motors

Financial

Company,

Inc.

899,000

5.400%,

5/8/2027

908,180

750,000

5.800%,

6/23/2028

768,153

3,745,000

4.900%,

10/6/2029

3,769,292

2,757,000

5.450%,

7/15/2030

2,824,475

350,000

5.750%,

2/8/2031

361,967

1,159,000

5.625%,

4/4/2032

1,188,905

1,000,000

5.950%,

4/4/2034

1,034,953

1,609,000

5.450%,

1/8/2036

b

1,597,402

GLP

Capital,

LP

3,646,000

5.750%,

6/1/2028

3,693,668

Home

Depot,

Inc.

500,000

5.300%,

6/25/2054

466,895

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Consumer

Cyclical  5.6%

-

continued

$

500,000

5.400%,

6/25/2064

$

469,325

1,509,000

4.250%,

4/1/2046

1,248,583

Hyundai

Capital

America

3,525,000

1.800%,

1/10/2028

a

3,366,685

500,000

6.500%,

1/16/2029

a

522,222

Hyundai

Capital

Services,

Inc.

200,000

5.125%,

2/5/2027

a

201,163

Las

Vegas

Sands

Corporation

942,000

5.900%,

6/1/2027

951,805

3,252,000

5.625%,

6/15/2028

3,299,625

Lennar

Corporation

2,801,000

5.200%,

7/30/2030

2,838,645

Lowe's

Companies,

Inc.

1,872,000

5.625%,

4/15/2053

1,772,826

175,000

4.500%,

4/15/2030

175,440

3,370,000

2.625%,

4/1/2031

b

3,079,478

Marriott

International,

Inc./MD

200,000

4.900%,

4/15/2029

202,379

1,681,000

5.100%,

4/15/2032

1,706,839

McDonald's

Corporation

250,000

4.950%,

8/14/2033

254,210

2,676,000

4.450%,

3/1/2047

2,238,872

Meritage

Homes

Corporation

2,809,000

5.650%,

3/15/2035

b

2,832,828

Stellantis

Finance

US,

Inc.

800,000

6.450%,

3/18/2035

a

798,867

Stellantis

Financial

Services

US

Corporation

1,300,000

5.400%,

9/15/2030

a

1,284,434

Toyota

Motor

Credit

Corporation

3,272,000

4.800%,

1/11/2036

3,213,200

Uber

Technologies,

Inc.

2,810,000

4.800%,

9/15/2034

2,753,825

2,827,000

4.800%,

9/15/2035

2,753,359

VICI

Properties,

LP/VICI

Note

Company,

Inc.

2,683,000

5.750%,

2/1/2027

a

2,696,463

1,354,000

4.125%,

8/15/2030

a

1,300,424

Walmart,

Inc.

2,825,000

4.450%,

4/30/2033

2,812,005

Total

75,140,008

Consumer

Non-Cyclical  12.9%

Abbott

Laboratories

2,350,000

5.500%,

3/15/2056

2,272,102

3,988,000

4.300%,

3/15/2033

3,895,568

1,750,000

4.750%,

11/30/2036

1,712,447

175,000

6.000%,

4/1/2039

187,764

AbbVie,

Inc.

900,000

5.400%,

3/15/2054

854,144

1,250,000

5.500%,

3/15/2064

1,185,289

1,410,000

4.125%,

3/15/2031

1,387,622

3,685,000

4.400%,

3/15/2033

3,617,345

6,023,000

4.500%,

5/14/2035

5,820,307

2,800,000

5.350%,

3/15/2044

2,716,413

Altria

Group,

Inc.

500,000

6.200%,

11/1/2028

520,561

1,847,000

6.875%,

11/1/2033

2,050,214

Amgen,

Inc.

1,000,000

5.650%,

2/19/2056

960,093

2,806,000

5.600%,

3/2/2043

2,767,415

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

40

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Consumer

Non-Cyclical  12.9%

-

continued

Anheuser-Busch

Companies,

LLC/Anheuser-Busch

InBev

Worldwide,

Inc.

$

3,702,000

4.700%,

2/1/2036

$

3,617,047

Anheuser-Busch

InBev

Worldwide,

Inc.

3,835,000

5.450%,

1/23/2039

3,902,355

2,304,000

5.550%,

1/23/2049

2,248,937

AstraZeneca

Finance,

LLC

3,742,000

4.300%,

3/2/2033

3,658,961

1,404,000

4.600%,

3/2/2036

1,367,961

BAT

Capital

Corporation

200,000

6.343%,

8/2/2030

213,217

500,000

7.750%,

10/19/2032

573,693

5,158,000

7.079%,

8/2/2043

5,697,441

Becton,

Dickinson

and

Company

265,000

3.794%,

5/20/2050

188,474

500,000

4.693%,

2/13/2028

501,893

750,000

2.823%,

5/20/2030

701,609

Bio-Rad

Laboratories,

Inc.

250,000

3.300%,

3/15/2027

247,801

Bristol-Myers

Squibb

Company

500,000

5.750%,

2/1/2031

527,208

126,000

5.900%,

11/15/2033

134,980

3,680,000

3.550%,

3/15/2042

2,911,491

Bunge,

Ltd.

Finance

Corporation

3,320,000

3.200%,

4/21/2031

3,099,492

945,000

4.650%,

9/17/2034

914,294

Cargill,

Inc.

1,108,000

5.375%,

10/23/2055

a

1,037,931

500,000

2.125%,

11/10/2031

a

440,236

Cencora,

Inc.

2,809,000

4.250%,

11/15/2030

2,761,190

3,749,000

4.600%,

2/13/2033

3,687,470

600,000

5.150%,

2/15/2035

602,291

Cigna

Group

500,000

5.600%,

2/15/2054

473,692

255,000

2.400%,

3/15/2030

236,117

4,000,000

4.875%,

9/15/2032

4,006,493

5,604,000

5.250%,

1/15/2036

5,621,695

Conagra

Brands,

Inc.

1,250,000

1.375%,

11/1/2027

1,191,336

3,300,000

5.750%,

8/1/2035

b

3,319,408

Constellation

Brands,

Inc.

500,000

4.800%,

1/15/2029

503,140

400,000

3.150%,

8/1/2029

383,316

690,000

2.875%,

5/1/2030

646,517

300,000

4.900%,

5/1/2033

297,017

Coty,

Inc./HFC

Prestige

Products,

Inc./HFC

Prestige

International

US,

LLC

1,154,000

5.600%,

1/15/2031

a

1,122,665

CVS

Health

Corporation

1,000,000

6.050%,

6/1/2054

975,453

192,000

4.300%,

3/25/2028

191,258

1,837,000

5.450%,

9/15/2035

1,854,322

3,336,000

4.780%,

3/25/2038

3,091,456

4,140,000

6.000%,

6/1/2044

4,085,441

1,798,000

5.125%,

7/20/2045

1,588,791

Eli

Lilly

&

Company

1,000,000

5.000%,

2/9/2054

906,330

1,393,000

5.500%,

2/12/2055

b

1,355,992

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Consumer

Non-Cyclical  12.9%

-

continued

$

1,397,000

4.950%,

2/27/2063

$

1,220,168

General

Mills,

Inc.

948,000

4.950%,

3/29/2033

940,032

Gilead

Sciences,

Inc.

200,000

5.250%,

10/15/2033

207,004

Hasbro,

Inc.

693,000

4.650%,

3/12/2031

687,387

HCA,

Inc.

500,000

5.950%,

9/15/2054

480,039

2,830,000

5.250%,

3/1/2030

2,882,015

3,276,000

3.500%,

9/1/2030

3,114,858

2,807,000

4.600%,

11/15/2032

2,737,498

1,358,000

5.450%,

9/15/2034

1,374,641

1,000,000

5.750%,

3/1/2035

1,029,512

Illumina,

Inc.

750,000

4.650%,

9/9/2026

750,439

Imperial

Brands

Finance

plc

2,725,000

3.875%,

7/26/2029

a

2,669,541

JBS

NV/JBS

USA

Foods

Group

Holdings,

Inc./JBS

USA

Food

Company

Holdings

2,811,000

6.375%,

4/15/2066

2,706,453

2,750,000

5.950%,

4/20/2035

2,846,973

JBS

NV/JBS

USA

Foods

Group

Holdings.

Inc./JBS

USA

Food

Company

Holdings

600,000

3.625%,

1/15/2032

554,857

Kimberly-Clark

Corporation

2,750,000

3.900%,

5/4/2047

2,144,458

Kraft

Heinz

Foods

Company

500,000

6.750%,

3/15/2032

540,860

1,850,000

5.000%,

6/4/2042

1,635,329

1,830,000

4.375%,

6/1/2046

1,434,108

Mars,

Inc.

2,710,000

5.650%,

5/1/2045

a

2,666,576

Medtronic

Global

Holdings

SCA

200,000

4.500%,

3/30/2033

197,812

Merck

&

Company,

Inc.

3,722,000

5.550%,

12/4/2055

3,586,596

Novartis

Capital

Corporation

2,828,000

4.700%,

9/18/2054

2,456,790

Pfizer

Investment

Enterprises,

Private

Ltd.

2,000,000

5.300%,

5/19/2053

1,852,790

1,833,000

5.110%,

5/19/2043

1,725,935

Philip

Morris

International,

Inc.

150,000

4.875%,

2/15/2028

151,438

250,000

5.625%,

11/17/2029

259,259

853,000

5.500%,

9/7/2030

885,899

250,000

5.750%,

11/17/2032

263,126

2,804,000

5.375%,

2/15/2033

2,883,905

750,000

5.250%,

2/13/2034

764,208

Roche

Holdings,

Inc.

750,000

5.218%,

3/8/2054

a

712,688

725,000

2.076%,

12/13/2031

a

638,616

1,800,000

4.666%,

12/2/2035

a

1,768,229

Royalty

Pharma

plc

2,349,000

5.150%,

9/2/2029

2,389,374

1,871,000

5.200%,

9/25/2035

1,853,869

Stryker

Corporation

2,325,000

5.200%,

2/10/2035

2,355,244

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

41

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Consumer

Non-Cyclical  12.9%

-

continued

Sysco

Corporation

$

2,800,000

6.600%,

4/1/2040

$

2,997,905

Takeda

Pharmaceutical

Company,

Ltd.

1,300,000

5.650%,

7/5/2054

1,247,151

1,000,000

5.000%,

11/26/2028

1,013,209

2,784,000

5.650%,

7/5/2044

2,730,402

Takeda

US

Financing,

Inc.

200,000

5.200%,

7/7/2035

200,275

Thermo

Fisher

Scientific,

Inc.

1,856,000

4.902%,

2/12/2036

1,837,338

Tyson

Foods,

Inc.

1,627,000

4.950%,

2/20/2036

1,586,285

Unilever

Capital

Corporation

275,000

5.000%,

12/8/2033

281,211

Wyeth,

LLC

2,343,000

6.500%,

2/1/2034

2,588,043

Zoetis,

Inc.

350,000

5.600%,

11/16/2032

366,033

Total

173,050,073

Energy  5.5%

Baker

Hughes

Holdings,

LLC/

Baker

Hughes

Co-Obligor,

Inc.

2,800,000

5.000%,

6/15/2036

2,755,561

Boardwalk

Pipelines,

LP

3,766,000

5.375%,

2/15/2036

3,735,691

BP

Capital

Markets

America,

Inc.

4,853,000

2.939%,

6/4/2051

3,056,010

750,000

4.812%,

2/13/2033

752,153

250,000

5.227%,

11/17/2034

254,868

Cheniere

Energy

Partners,

LP

500,000

3.250%,

1/31/2032

457,624

750,000

5.950%,

6/30/2033

787,126

Cheniere

Energy,

Inc.

952,000

5.650%,

4/15/2034

980,727

Columbia

Pipelines

Holding

Company,

LLC

500,000

6.055%,

8/15/2026

a

501,673

750,000

6.042%,

8/15/2028

a

773,990

Columbia

Pipelines

Operating

Company,

LLC

465,000

5.927%,

8/15/2030

a

486,018

Continental

Resources,

Inc.

3,273,000

2.268%,

11/15/2026

a

3,236,335

Diamondback

Energy,

Inc.

3,773,000

5.750%,

4/18/2054

3,620,188

Eastern

Energy

Gas

Holdings,

LLC

3,734,000

5.800%,

1/15/2035

3,879,568

Enbridge,

Inc.

750,000

5.950%,

4/5/2054

749,143

250,000

5.700%,

3/8/2033

258,900

Energy

Transfer,

LP

500,000

5.950%,

5/15/2054

472,059

500,000

6.050%,

9/1/2054

477,040

795,000

4.000%,

10/1/2027

b

790,432

2,000,000

5.150%,

2/1/2043

1,783,707

3,565,000

6.000%,

6/15/2048

3,417,683

Exxon

Mobil

Corporation

2,625,000

3.452%,

4/15/2051

1,868,548

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Energy  5.5%

-

continued

MPLX,

LP

$

2,784,000

4.800%,

2/15/2031

$

2,787,132

2,745,000

4.950%,

9/1/2032

2,745,492

949,000

5.000%,

3/1/2033

944,255

500,000

5.500%,

6/1/2034

506,112

2,328,000

5.300%,

4/1/2036

2,286,517

Occidental

Petroleum

Corporation

1,000,000

8.875%,

7/15/2030

1,138,808

ONEOK,

Inc.

2,379,000

5.700%,

11/1/2054

2,169,544

500,000

5.650%,

11/1/2028

512,961

2,338,000

4.750%,

10/15/2031

2,323,662

989,000

5.600%,

4/1/2044

915,033

Ovintiv,

Inc.

2,775,000

7.200%,

11/1/2031

3,056,740

Santos

Finance,

Ltd.

1,394,000

5.750%,

11/13/2035

a

1,410,394

Schlumberger

Holdings

Corporation

65,000

4.300%,

5/1/2029

a

64,823

South

Bow

USA

Infrastructure

Holdings,

LLC

1,556,000

5.026%,

10/1/2029

1,565,942

912,000

5.584%,

10/1/2034

908,783

TotalEnergies

Capital

SA

1,500,000

5.488%,

4/5/2054

1,442,171

100,000

5.275%,

9/10/2054

93,516

TotalEnergies

Capital

USA,

LLC

1,250,000

4.569%,

1/13/2033

1,236,112

TransCanada

PipeLines,

Ltd.

1,270,000

6.375%,

10/17/2056

c

1,279,746

Var

Energi

ASA

1,300,000

5.875%,

5/22/2030

a

1,342,696

Western

Midstream

Operating,

LP

515,000

6.350%,

1/15/2029

536,070

2,783,000

4.800%,

3/1/2031

2,764,492

935,000

6.150%,

4/1/2033

980,764

Williams

Companies,

Inc.

1,000,000

4.900%,

3/15/2029

1,010,889

3,310,000

7.500%,

1/15/2031

3,697,251

500,000

2.600%,

3/15/2031

453,932

1,179,000

5.600%,

3/15/2035

1,207,365

Total

74,476,246

Financials  40.8%

200

Park

Funding

Trust

1,117,000

5.740%,

2/15/2055

a

1,078,212

AerCap

Ireland

Capital

DAC/

AerCap

Global

Aviation

Trust

600,000

5.750%,

6/6/2028

614,172

3,289,000

5.375%,

12/15/2031

3,356,675

2,075,000

4.750%,

1/15/2033

2,028,944

Agree,

LP

1,866,000

5.625%,

6/15/2034

1,911,806

Aircastle,

Ltd.

550,000

2.850%,

1/26/2028

a

533,434

Ally

Financial,

Inc.

5,171,000

8.000%,

11/1/2031

5,775,855

American

Express

Company

750,000

5.043%,

7/26/2028

c

756,144

250,000

5.085%,

1/30/2031

c

254,425

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

42

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  40.8%

-

continued

$

2,793,000

5.412%,

2/8/2041

c

$

2,779,698

American

Homes

4

Rent,

LP

1,470,000

4.950%,

6/15/2030

1,478,877

American

International

Group,

Inc.

4,728,000

5.125%,

3/27/2033

4,781,800

Americold

Realty

Operating

Partnership,

LP

2,804,000

5.600%,

5/15/2032

2,794,658

Ameriprise

Financial,

Inc.

3,730,000

5.200%,

4/15/2035

b

3,744,361

ANZ

Bank

New

Zealand,

Ltd.

1,800,000

5.548%,

8/11/2032

a,c

1,817,018

Aon

Global,

Ltd.

1,374,000

4.600%,

6/14/2044

b

1,178,371

Aon

North

America,

Inc.

2,366,000

5.750%,

3/1/2054

2,276,108

Apollo

Debt

Solutions

BDC

417,000

5.200%,

12/8/2028

a

412,562

2,797,000

5.700%,

1/23/2031

a

2,749,326

2,816,000

6.700%,

7/29/2031

2,876,450

Ares

Capital

Corporation

2,198,000

5.875%,

3/1/2029

2,219,022

Ares

Strategic

Income

Fund

4,499,000

5.450%,

9/9/2028

a

4,465,839

Arthur

J.

Gallagher

&

Company

460,000

6.750%,

2/15/2054

495,833

1,428,000

5.750%,

7/15/2054

1,362,594

Atlas

Warehouse

Lending

Company,

LP

2,750,000

4.950%,

11/15/2030

a

2,704,128

Aviation

Capital

Group,

LLC

1,356,000

5.125%,

4/10/2030

a

1,365,052

3,738,000

4.875%,

1/28/2033

a

3,619,692

Avolon

Holdings

Funding,

Ltd.

1,200,000

4.950%,

1/15/2028

a

1,204,292

3,275,000

5.750%,

3/1/2029

a

3,349,975

3,749,000

5.375%,

5/30/2030

a

3,797,330

1,853,000

4.700%,

1/30/2031

a

1,820,202

Banco

Santander

Mexico

SA

200,000

5.621%,

12/10/2029

a

205,650

Banco

Santander

SA

3,800,000

4.175%,

3/24/2028

c

3,787,610

400,000

6.921%,

8/8/2033

433,538

Bank

of

America

Corporation

1,454,000

3.824%,

1/20/2028

c

1,448,391

1,000,000

4.376%,

4/27/2028

c

999,685

250,000

4.948%,

7/22/2028

c

251,484

1,634,000

5.202%,

4/25/2029

c

1,655,862

1,340,000

2.087%,

6/14/2029

c

1,275,287

1,000,000

5.819%,

9/15/2029

c

1,028,952

2,575,000

3.974%,

2/7/2030

c

2,537,123

1,250,000

5.162%,

1/24/2031

c

1,273,257

3,975,000

2.496%,

2/13/2031

c

3,680,978

4,700,000

1.922%,

10/24/2031

c

4,167,015

1,750,000

2.687%,

4/22/2032

c

1,587,949

750,000

2.572%,

10/20/2032

c

668,164

3,812,000

2.972%,

2/4/2033

c

3,453,956

3,121,000

4.571%,

4/27/2033

c

3,071,342

2,767,000

5.872%,

9/15/2034

c

2,902,026

4,741,000

5.425%,

8/15/2035

c

4,757,110

4,250,000

3.846%,

3/8/2037

c

3,947,858

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  40.8%

-

continued

Bank

of

Montreal

$

500,000

3.088%,

1/10/2037

c

$

447,736

Bank

of

New

York

Mellon

Corporation

800,000

6.317%,

10/25/2029

c

835,784

100,000

4.596%,

7/26/2030

c

100,423

175,000

6.474%,

10/25/2034

c

191,147

Bank

of

Nova

Scotia

485,000

4.850%,

2/1/2030

490,602

2,322,000

4.813%,

2/2/2034

c

2,296,279

Barclays

plc

700,000

5.501%,

8/9/2028

c

707,569

3,440,000

4.972%,

5/16/2029

c

3,461,386

3,715,000

4.942%,

9/10/2030

c

3,733,663

2,800,000

5.746%,

8/9/2033

c

2,885,514

665,000

6.224%,

5/9/2034

c

702,196

500,000

7.119%,

6/27/2034

c

545,189

1,800,000

5.860%,

8/11/2046

c

1,783,096

Belrose

Funding

Trust

II

750,000

6.792%,

5/15/2055

a

757,030

Berkshire

Hathaway

Finance

Corporation

2,744,000

2.850%,

10/15/2050

1,726,243

BlackRock

Funding,

Inc.

1,407,000

5.250%,

3/14/2054

1,316,785

Blackstone

Private

Credit

Fund

2,800,000

5.600%,

11/22/2029

2,765,424

2,820,000

5.050%,

9/10/2030

2,702,259

Blackstone

Reg

Finance

Company,

LLC

1,155,000

4.950%,

2/15/2036

1,122,490

Blue

Owl

Credit

Income

Corporation

3,093,000

4.700%,

2/8/2027

3,075,547

Blue

Owl

Technology

Finance

Corporation

500,000

6.100%,

3/15/2028

b

497,934

2,090,000

6.750%,

4/4/2029

b

2,094,663

2,806,000

6.125%,

1/23/2031

b

2,701,709

BNP

Paribas

SA

2,725,000

5.283%,

11/19/2030

a,c

2,772,409

Brixmor

Operating

Partnership,

LP

400,000

2.250%,

4/1/2028

384,130

Brookfield

Asset

Management,

Ltd.

471,000

6.077%,

9/15/2055

465,522

Brookfield

Finance,

Inc.

1,864,000

5.813%,

3/3/2055

1,782,824

Brown

&

Brown,

Inc.

931,000

5.550%,

6/23/2035

927,969

Camden

Property

Trust

2,575,000

3.150%,

7/1/2029

2,472,663

Capital

One

Financial

Corporation

250,000

3.273%,

3/1/2030

c

241,057

1,612,000

4.722%,

1/30/2032

c

1,592,871

250,000

6.700%,

11/29/2032

272,608

Charles

Schwab

Corporation

2,363,000

6.136%,

8/24/2034

c

2,522,266

3,766,000

4.914%,

11/14/2036

c

3,675,058

Chubb

INA

Holdings,

LLC

1,250,000

4.350%,

11/3/2045

b

1,062,264

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

43

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  40.8%

-

continued

Citadel

Finance,

LLC

$

1,000,000

5.900%,

2/10/2030

a

$

1,008,401

Citadel,

LP

2,327,000

6.375%,

1/23/2032

a

2,435,947

Citibank

NA

500,000

5.570%,

4/30/2034

520,361

Citigroup,

Inc.

1,300,000

1.462%,

6/9/2027

c

1,295,778

950,000

3.070%,

2/24/2028

c

939,223

4,052,000

3.668%,

7/24/2028

c

4,014,498

2,164,000

3.520%,

10/27/2028

c

2,134,333

2,000,000

4.075%,

4/23/2029

c

1,984,991

4,244,000

4.952%,

5/7/2031

c

4,273,392

3,981,000

4.910%,

5/24/2033

c

3,971,047

2,833,000

6.174%,

5/25/2034

c

2,951,382

3,051,000

6.020%,

1/24/2036

c

3,132,195

1,262,000

5.174%,

9/11/2036

c

1,250,225

CNA

Financial

Corporation

2,360,000

5.125%,

2/15/2034

2,340,487

Commonwealth

Bank

of

Australia

600,000

2.688%,

3/11/2031

a

543,208

COPT

Defense

Properties,

LP

1,835,000

4.500%,

10/15/2030

1,814,056

Corebridge

Financial,

Inc.

1,400,000

6.375%,

9/15/2054

c

1,392,091

500,000

5.750%,

1/15/2034

b

514,687

Cousins

Properties,

LP

912,000

5.375%,

2/15/2032

922,154

2,805,000

4.875%,

3/1/2033

2,714,513

Credit

Agricole

SA

1,500,000

5.230%,

1/9/2029

a,c

1,515,138

500,000

3.250%,

1/14/2030

a

471,062

2,750,000

4.818%,

9/25/2033

a,c

2,697,267

3,235,000

5.261%,

1/12/2037

a,c

3,168,892

Credit

Suisse

Group

AG

2,800,000

7.250%,

N/A

*,d

672,000

Deutsche

Bank

AG/New

York,

NY

2,327,000

5.297%,

5/9/2031

c

2,352,416

1,600,000

4.950%,

8/4/2031

c

1,594,983

3,750,000

3.729%,

1/14/2032

c

3,484,748

750,000

3.742%,

1/7/2033

c

684,549

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

3,741,000

5.950%,

9/17/2030

a

3,544,524

Elevance

Health,

Inc.

1,000,000

4.625%,

5/15/2042

881,235

EPR

Properties

500,000

4.950%,

4/15/2028

500,095

3,749,000

4.750%,

11/15/2030

3,684,261

ERP

Operating,

LP

2,790,000

4.950%,

6/15/2032

2,814,639

Essential

Properties,

LP

1,388,000

5.400%,

12/1/2035

1,372,340

F&G

Global

Funding

2,044,000

4.650%,

9/8/2028

a

2,017,824

Fifth

Third

Bancorp

500,000

4.772%,

7/28/2030

c

499,942

Fifth

Third

Financial

Corporation

930,000

5.982%,

1/30/2030

c

959,059

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  40.8%

-

continued

First

Citizens

BancShares,

Inc./NC

$

4,000,000

5.600%,

9/5/2035

c

$

3,910,875

Franklin

BSP

Capital

Corporation

2,817,000

6.000%,

10/2/2030

a

2,700,597

FS

KKR

Capital

Corporation

500,000

2.625%,

1/15/2027

488,566

Goldman

Sachs

BDC,

Inc.

1,637,000

6.375%,

3/11/2027

1,655,482

3,741,000

5.650%,

9/9/2030

b

3,681,441

Goldman

Sachs

Group,

Inc.

500,000

2.640%,

2/24/2028

c

492,680

400,000

3.615%,

3/15/2028

c

397,192

1,000,000

4.482%,

8/23/2028

c

1,000,370

1,000,000

3.814%,

4/23/2029

c

985,713

2,770,000

6.484%,

10/24/2029

c

2,891,910

2,033,000

5.218%,

4/23/2031

c

2,066,083

935,000

1.992%,

1/27/2032

c

822,680

500,000

2.615%,

4/22/2032

c

450,001

500,000

2.383%,

7/21/2032

c

442,740

6,936,000

3.102%,

2/24/2033

c

6,279,716

1,000,000

5.330%,

7/23/2035

c

1,003,746

500,000

5.016%,

10/23/2035

c

491,938

1,868,000

4.939%,

10/21/2036

c

1,812,013

2,805,000

5.387%,

2/2/2041

c

2,730,270

1,637,000

5.541%,

1/21/2047

c

1,565,376

Goldman

Sachs

Private

Credit

Corporation

904,000

5.050%,

2/23/2028

a

893,189

1,068,000

5.875%,

5/6/2028

a,b

1,068,875

1,628,000

5.375%,

1/31/2029

a

1,606,547

Golub

Capital

Private

Credit

Fund

923,000

5.600%,

4/15/2031

a

891,073

Hartford

Insurance

Group,

Inc.

500,000

2.800%,

8/19/2029

473,717

Healthcare

Realty

Holdings,

LP

4,693,000

2.000%,

3/15/2031

b

4,100,836

Highwoods

Realty,

LP

1,390,000

5.350%,

1/15/2033

1,376,800

HPS

Corporate

Lending

Fund

1,337,000

5.150%,

4/2/2029

a

1,309,120

HSBC

Holdings

plc

400,000

6.161%,

3/9/2029

c

411,198

1,400,000

4.583%,

6/19/2029

c

1,399,692

2,782,000

5.130%,

3/3/2031

c

2,816,957

600,000

2.804%,

5/24/2032

c

543,136

3,755,000

5.741%,

9/10/2036

c

3,770,877

Huntington

Bancshares,

Inc./OH

2,811,000

6.141%,

11/18/2039

c

2,864,141

JPMorgan

Chase

&

Company

1,000,000

2.947%,

2/24/2028

c

988,242

1,500,000

4.005%,

4/23/2029

c

1,487,945

500,000

2.069%,

6/1/2029

c

476,375

2,725,000

4.203%,

7/23/2029

c

2,708,035

2,000,000

4.493%,

3/24/2031

c

1,992,822

2,850,000

2.522%,

4/22/2031

c

2,635,106

1,617,000

4.347%,

1/22/2032

b,c

1,592,246

3,490,000

1.953%,

2/4/2032

c

3,079,425

500,000

2.963%,

1/25/2033

c

453,877

3,747,000

4.586%,

4/26/2033

c

3,698,290

3,309,000

4.912%,

7/25/2033

c

3,318,650

500,000

5.717%,

9/14/2033

c

518,823

500,000

5.350%,

6/1/2034

c

510,356

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

44

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  40.8%

-

continued

$

500,000

6.254%,

10/23/2034

c

$

536,267

250,000

5.336%,

1/23/2035

c

253,401

2,798,000

5.766%,

4/22/2035

c

2,916,731

1,861,000

5.502%,

1/24/2036

c

1,905,737

3,747,000

4.810%,

10/22/2036

c

3,639,872

3,736,000

5.193%,

2/5/2037

c

3,675,323

2,823,000

5.534%,

11/29/2045

c

2,781,541

KeyBank

NA

750,000

3.900%,

4/13/2029

733,466

Kilroy

Realty,

LP

1,226,000

4.250%,

8/15/2029

1,188,738

2,810,000

5.875%,

10/15/2035

2,731,740

Lincoln

National

Corporation

3,660,000

2.330%,

8/15/2030

3,290,882

Lloyds

Banking

Group

plc

2,800,000

5.871%,

3/6/2029

c

2,867,762

2,800,000

4.425%,

11/4/2031

c

2,756,646

800,000

6.068%,

6/13/2036

c

819,460

LPL

Holdings,

Inc.

3,663,000

4.900%,

4/3/2028

3,672,798

Macquarie

AirFinance

Holdings,

Ltd.

666,000

6.400%,

3/26/2029

a

688,497

1,865,000

5.150%,

3/17/2030

a

1,857,767

Macquarie

Bank,

Ltd.

3,755,000

5.642%,

8/13/2036

a,c

3,751,952

Macquarie

Group,

Ltd.

400,000

1.629%,

9/23/2027

a,c

395,515

Marsh

&

McLennan

Companies,

Inc.

700,000

5.450%,

3/15/2053

658,270

500,000

2.375%,

12/15/2031

445,257

Massachusetts

Mutual

Life

Insurance

Company

3,750,000

3.200%,

12/1/2061

a

2,219,529

Mid-America

Apartments,

LP

500,000

4.200%,

6/15/2028

498,755

Mizuho

Financial

Group,

Inc.

1,300,000

5.098%,

5/13/2031

c

1,319,100

1,025,000

2.564%,

9/13/2031

b

904,692

500,000

5.748%,

7/6/2034

c

520,576

Morgan

Stanley

1,845,000

5.516%,

11/19/2055

c

1,755,652

250,000

1.593%,

5/4/2027

c

249,939

450,000

1.512%,

7/20/2027

c

447,265

350,000

5.123%,

2/1/2029

c

353,589

1,868,000

5.164%,

4/20/2029

c

1,889,240

2,600,000

3.622%,

4/1/2031

c

2,499,065

500,000

2.943%,

1/21/2033

c

451,057

500,000

4.889%,

7/20/2033

c

498,998

2,368,000

5.250%,

4/21/2034

c

2,391,711

500,000

5.424%,

7/21/2034

c

509,587

1,852,000

5.831%,

4/19/2035

c

1,926,908

1,394,000

5.587%,

1/18/2036

c

1,429,021

1,000,000

2.484%,

9/16/2036

c

865,664

3,279,000

5.297%,

4/20/2037

c

3,282,900

3,500,000

5.314%,

1/18/2041

c

3,406,268

Nasdaq,

Inc.

2,360,000

3.250%,

4/28/2050

1,581,913

Nationwide

Building

Society

1,300,000

5.537%,

7/14/2036

a,c

1,310,740

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  40.8%

-

continued

NatWest

Group

plc

$

500,000

4.892%,

5/18/2029

c

$

503,247

1,875,000

4.445%,

5/8/2030

c

1,864,680

4,047,000

6.475%,

6/1/2034

c

4,193,053

New

York

Life

Global

Funding

500,000

5.000%,

1/9/2034

a

500,466

Nippon

Life

Insurance

Company

3,750,000

5.046%,

4/2/2033

a

3,757,678

Nomura

Holdings,

Inc.

750,000

2.172%,

7/14/2028

712,311

2,970,000

5.783%,

7/3/2034

3,062,994

Northwestern

Mutual

Life

Insurance

Company

500,000

6.170%,

5/29/2055

a

515,418

Omega

Healthcare

Investors,

Inc.

2,993,000

3.625%,

10/1/2029

2,883,934

2,569,000

5.200%,

7/1/2030

2,588,562

Omnis

Funding

Trust

1,594,000

6.722%,

5/15/2055

a

1,634,886

Pinnacle

Bank/Nashville,

TN

3,500,000

5.625%,

2/15/2028

3,526,081

PNC

Bank

NA

500,000

2.700%,

10/22/2029

470,539

PNC

Financial

Services

Group,

Inc.

918,000

6.615%,

10/20/2027

c

927,549

500,000

5.582%,

6/12/2029

c

512,066

500,000

6.875%,

10/20/2034

c

552,998

2,257,000

5.423%,

1/25/2041

c

2,213,477

Prologis

Targeted

US

Logistics

Fund,

LP

2,597,000

5.250%,

4/1/2029

a

2,647,621

1,399,000

5.250%,

1/15/2035

a,b

1,400,932

Prologis,

LP

1,845,000

5.250%,

3/15/2054

1,716,820

Protective

Life

Corporation

3,733,000

4.700%,

1/15/2031

a

3,699,454

Prudential

Financial,

Inc.

3,562,000

5.125%,

3/1/2052

c

3,471,652

1,250,000

6.500%,

3/15/2054

b,c

1,287,130

Regency

Centers,

LP

2,120,000

5.250%,

1/15/2034

2,145,081

Reinsurance

Group

of

America,

Inc.

500,000

6.000%,

9/15/2033

520,849

750,000

5.750%,

9/15/2034

767,030

RGA

Global

Funding

1,395,000

5.500%,

1/11/2031

a

1,437,611

Santander

Holdings

USA,

Inc.

500,000

2.490%,

1/6/2028

c

492,856

933,000

6.499%,

3/9/2029

c

962,062

2,739,000

5.473%,

3/20/2029

c

2,778,904

800,000

6.174%,

1/9/2030

c

825,645

Simon

Property

Group,

LP

500,000

6.250%,

1/15/2034

538,810

Sixth

Street

Lending

Partners

1,870,000

6.125%,

7/15/2030

1,878,628

Societe

Generale

SA

3,286,000

5.249%,

5/22/2029

a,c

3,319,776

2,800,000

5.439%,

10/3/2036

a,c

2,753,692

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

45

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  40.8%

-

continued

Standard

Chartered

plc

$

725,000

2.608%,

1/12/2028

a,c

$

715,446

2,300,000

5.545%,

1/21/2029

a,c

2,334,493

State

Street

Corporation

1,250,000

4.530%,

2/20/2029

c

1,254,867

1,650,000

4.558%,

4/23/2032

c

1,642,052

200,000

4.421%,

5/13/2033

c

196,158

Sumisho

Air

Lease

Corporation

550,000

3.125%,

12/1/2030

508,233

3,739,000

4.850%,

3/24/2031

a

3,706,228

Sumitomo

Mitsui

Financial

Group,

Inc.

350,000

5.716%,

9/14/2028

359,691

2,400,000

1.710%,

1/12/2031

2,099,728

300,000

5.766%,

1/13/2033

313,319

3,760,000

5.334%,

3/3/2041

c

3,667,057

Synchrony

Financial

3,754,000

4.947%,

2/25/2032

c

3,667,583

Toronto-Dominion

Bank

1,392,000

5.146%,

9/10/2034

c

1,399,458

1,128,000

4.928%,

10/15/2035

1,104,619

TPG

Operating

Group

II,

LP

2,820,000

4.875%,

5/15/2031

2,780,207

Travelers

Companies,

Inc.

914,000

5.050%,

7/24/2035

915,502

Truist

Bank

500,000

2.250%,

3/11/2030

456,306

Truist

Financial

Corporation

2,866,000

6.047%,

6/8/2027

c

2,870,318

1,336,000

5.125%,

12/15/2027

c,e

1,323,027

450,000

1.887%,

6/7/2029

c

426,506

2,292,000

4.597%,

1/27/2032

c

2,269,260

1,000,000

5.153%,

8/5/2032

c

1,013,116

2,332,000

5.122%,

1/26/2034

c

2,330,782

1,860,000

5.711%,

1/24/2035

c

1,914,120

U.S.

Bancorp

750,000

4.548%,

7/22/2028

c

751,183

2,798,000

5.775%,

6/12/2029

c

2,871,375

948,000

5.836%,

6/12/2034

c

990,113

1,945,000

5.678%,

1/23/2035

c

2,010,019

UBS

Group

AG

1,000,000

3.869%,

1/12/2029

a,c

988,817

2,329,000

3.091%,

5/14/2032

a,c

2,140,409

2,275,000

5.699%,

2/8/2035

a,c

2,341,633

1,800,000

5.379%,

9/6/2045

a,c

1,710,481

UnitedHealth

Group,

Inc.

1,500,000

5.375%,

4/15/2054

1,384,066

Unum

Group

2,097,000

5.250%,

12/15/2035

2,061,801

Wells

Fargo

&

Company

3,630,000

4.900%,

1/24/2028

c

3,642,894

2,311,000

3.526%,

3/24/2028

c

2,293,438

1,828,000

5.707%,

4/22/2028

c

1,849,892

1,075,000

3.584%,

5/22/2028

c

1,065,836

750,000

4.808%,

7/25/2028

c

753,108

1,861,000

5.574%,

7/25/2029

c

1,901,995

1,625,000

4.478%,

4/4/2031

c

1,613,296

1,891,000

5.389%,

4/24/2034

c

1,925,054

500,000

5.557%,

7/25/2034

c

513,705

500,000

6.491%,

10/23/2034

c

541,832

2,000,000

5.499%,

1/23/2035

c

2,039,403

500,000

5.605%,

4/23/2036

c

512,779

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Financials  40.8%

-

continued

$

3,149,000

4.960%,

1/23/2037

c

$

3,067,960

3,600,000

4.900%,

11/17/2045

3,119,987

Western

Alliance

Bank

1,400,000

6.537%,

11/15/2035

c

1,383,928

Westpac

Banking

Corporation

750,000

4.110%,

7/24/2034

c

732,994

Willis

North

America,

Inc.

500,000

5.900%,

3/5/2054

488,132

Wynnton

Funding

Trust

II

1,379,000

5.991%,

8/15/2055

a

1,358,246

Zions

Bancorp

NA

2,750,000

4.704%,

8/18/2028

c

2,748,823

1,750,000

4.483%,

2/9/2029

c

1,740,424

Total

548,528,065

Foreign

Government  0.6%

Corporacion

Nacional

del

Cobre

de

Chile

2,800,000

5.529%,

1/30/2037

a

2,780,120

Eagle

Funding

Luxco

SARL

1,550,000

5.500%,

8/17/2030

a

1,561,935

Mexico

Government

International

Bond

2,800,000

5.625%,

9/22/2035

2,739,800

NBN

Company,

Ltd.

650,000

4.150%,

9/16/2030

a

641,263

Saudi

Arabian

Oil

Company

800,000

4.375%,

2/2/2031

a

785,011

Total

8,508,129

Technology  9.2%

Accenture

Capital,

Inc.

2,794,000

4.500%,

10/4/2034

2,691,823

Advanced

Micro

Devices,

Inc.

1,873,000

4.393%,

6/1/2052

1,555,691

Alphabet,

Inc.

1,377,000

5.250%,

5/15/2055

1,280,944

5,369,000

4.400%,

2/15/2033

5,286,274

1,783,000

4.700%,

11/15/2035

1,750,335

1,155,000

4.800%,

2/15/2036

1,143,263

Analog

Devices,

Inc.

75,000

2.100%,

10/1/2031

66,287

Apple,

Inc.

1,050,000

2.650%,

2/8/2051

638,440

4,100,000

3.750%,

9/12/2047

3,182,170

Broadcom,

Inc.

3,818,000

4.900%,

7/15/2032

3,854,500

995,000

3.469%,

4/15/2034

897,976

500,000

4.800%,

10/15/2034

493,363

3,750,000

3.137%,

11/15/2035

a

3,196,226

3,750,000

3.187%,

11/15/2036

a

3,146,649

1,890,000

4.926%,

5/15/2037

a

1,841,360

1,872,000

4.900%,

2/15/2038

1,809,031

Cisco

Systems,

Inc.

899,000

5.300%,

2/26/2054

843,873

1,000,000

5.350%,

2/26/2064

919,208

Dell,

Inc.

2,354,000

6.500%,

4/15/2038

2,535,454

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

46

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Technology  9.2%

-

continued

Equinix

Europe

2

Financing

Corporation,

LLC

$

3,760,000

4.700%,

3/15/2033

$

3,682,919

Fiserv,

Inc.

1,890,000

2.650%,

6/1/2030

1,729,094

2,835,000

5.350%,

3/15/2031

2,870,048

1,883,000

5.600%,

3/2/2033

1,909,386

1,000,000

5.450%,

3/15/2034

993,404

2,821,000

5.150%,

8/12/2034

2,748,948

Foundry

JV

Holdco,

LLC

1,800,000

5.900%,

1/25/2030

a

1,867,446

1,300,000

5.900%,

1/25/2033

a

1,352,563

1,800,000

6.400%,

1/25/2038

a

1,922,570

Global

Payments,

Inc.

750,000

4.950%,

8/15/2027

752,139

500,000

5.300%,

8/15/2029

503,097

Hewlett

Packard

Enterprise

Company

1,250,000

4.400%,

9/25/2027

1,248,879

2,343,000

4.850%,

10/15/2031

2,329,664

2,820,000

6.350%,

10/15/2045

2,842,810

HUT

8

DC,

LLC

1,200,000

6.192%,

11/15/2042

a

1,209,932

IBM

International

Capital,

Private

Ltd.

750,000

5.300%,

2/5/2054

666,074

Intel

Corporation

1,600,000

6.125%,

5/15/2056

1,588,112

2,871,000

4.900%,

7/29/2045

2,476,769

International

Business

Machines

Corporation

2,816,000

5.800%,

2/3/2056

2,669,241

2,792,000

4.600%,

2/3/2033

2,743,185

Jabil,

Inc.

500,000

5.450%,

2/1/2029

508,882

KLA

Corporation

2,811,000

3.300%,

3/1/2050

1,927,149

Marvell

Technology,

Inc.

500,000

2.950%,

4/15/2031

460,926

460,000

5.950%,

9/15/2033

485,932

3,050,000

5.300%,

4/15/2036

3,051,672

Mastercard,

Inc.

500,000

4.875%,

5/9/2034

503,588

1,050,000

3.950%,

2/26/2048

831,445

Moody's

Corporation

500,000

4.250%,

8/8/2032

488,350

NXP

BV/NXP

Funding,

LLC

1,405,000

5.550%,

12/1/2028

1,437,064

NXP

BV/NXP

Funding,

LLC/NXP

USA,

Inc.

1,880,000

4.300%,

6/18/2029

1,864,765

1,870,000

3.250%,

5/11/2041

1,407,511

Oracle

Corporation

1,367,000

6.700%,

2/4/2056

1,259,830

1,000,000

5.375%,

9/27/2054

769,750

3,621,000

6.900%,

11/9/2052

3,426,984

550,000

6.150%,

11/9/2029

566,728

1,979,000

5.250%,

2/3/2032

1,950,635

2,110,000

4.800%,

9/26/2032

2,006,325

902,000

4.700%,

9/27/2034

823,747

3,650,000

5.700%,

2/4/2036

3,505,271

4,408,000

5.875%,

9/26/2045

3,796,540

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Technology  9.2%

-

continued

Paychex,

Inc.

$

921,000

5.600%,

4/15/2035

b

$

922,467

PayPal

Holdings,

Inc.

2,611,000

5.500%,

6/1/2054

2,372,478

Roper

Technologies,

Inc.

2,320,000

1.750%,

2/15/2031

2,011,469

S&P

Global,

Inc.

883,000

4.800%,

12/4/2035

a

863,788

Salesforce,

Inc.

3,722,000

5.550%,

3/15/2036

3,711,719

Synopsys,

Inc.

2,333,000

5.700%,

4/1/2055

2,240,558

Texas

Instruments,

Inc.

500,000

5.150%,

2/8/2054

b

468,019

Verisk

Analytics,

Inc.

1,245,000

4.450%,

3/15/2031

1,227,873

1,392,000

5.250%,

3/15/2035

1,379,965

VMware,

LLC

1,500,000

4.700%,

5/15/2030

1,508,521

550,000

2.200%,

8/15/2031

486,810

Total

123,505,908

Transportation  2.3%

Burlington

Northern

Santa

Fe,

LLC

500,000

5.500%,

3/15/2055

481,758

1,000,000

5.550%,

3/15/2056

967,429

2,340,000

2.875%,

6/15/2052

1,441,821

390,000

5.750%,

5/1/2040

406,905

1,861,000

4.450%,

3/15/2043

1,626,088

Canadian

Pacific

Railway

Company

1,873,000

4.700%,

5/1/2048

1,623,838

Delta

Air

Lines,

Inc.

1,000,000

4.375%,

4/19/2028

994,200

2,783,000

5.250%,

7/10/2030

2,804,721

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

3,308,334

4.750%,

10/20/2028

a

3,310,947

ERAC

USA

Finance,

LLC

1,871,000

5.400%,

5/1/2053

a,b

1,767,955

FedEx

Freight

Holding

Company,

Inc.

2,797,000

4.950%,

3/15/2033

a

2,747,252

Norfolk

Southern

Corporation

750,000

4.450%,

3/1/2033

738,456

2,325,000

5.100%,

5/1/2035

2,341,780

Penske

Truck

Leasing

Company,

LP/PTL

Finance

Corporation

500,000

1.700%,

6/15/2026

a

498,407

Ryder

System,

Inc.

500,000

2.850%,

3/1/2027

494,147

1,851,000

4.850%,

6/15/2030

b

1,869,206

Southwest

Airlines

Company

500,000

5.125%,

6/15/2027

502,214

Union

Pacific

Corporation

3,746,000

2.973%,

9/16/2062

2,162,492

500,000

5.600%,

12/1/2054

489,268

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Transportation  2.3%

-

continued

United

Airlines,

Inc.

$

3,751,000

4.625%,

4/15/2029

a

$

3,702,706

Total

30,971,590

U.S.

Government

&

Agencies  1.1%

U.S.

Treasury

Bonds

8,150,000

1.375%,

8/15/2050

3,937,150

10,500,000

4.500%,

11/15/2054

9,685,840

1,615,000

3.375%,

5/15/2044

1,307,835

Total

14,930,825

Utilities  8.8%

AEP

Texas,

Inc.

1,379,000

5.850%,

10/15/2055

1,325,869

AES

Corporation

4,613,000

3.950%,

7/15/2030

a

4,422,201

Ameren

Corporation

250,000

1.750%,

3/15/2028

238,074

American

Electric

Power

Company,

Inc.

1,380,000

6.050%,

3/15/2056

c

1,375,609

500,000

2.300%,

3/1/2030

459,642

American

Water

Capital

Corporation

1,403,000

5.700%,

9/1/2055

1,372,168

Arizona

Public

Service

Company

500,000

5.550%,

8/1/2033

513,969

Atmos

Energy

Corporation

1,000,000

5.450%,

1/15/2056

953,728

889,000

5.000%,

12/15/2054

792,150

Berkshire

Hathaway

Energy

Company

3,088,000

4.500%,

2/1/2045

2,636,958

CenterPoint

Energy,

Inc.

250,000

1.450%,

6/1/2026

249,398

Commonwealth

Edison

Company

2,800,000

3.700%,

3/1/2045

2,144,771

Consolidated

Edison

Company

of

New

York,

Inc.

1,377,000

4.500%,

12/1/2045

1,161,381

Constellation

Energy

Generation,

LLC

921,000

5.875%,

1/15/2066

884,768

750,000

5.750%,

3/15/2054

732,656

500,000

5.800%,

3/1/2033

524,280

926,000

6.125%,

1/15/2034

990,455

Consumers

Energy

Company

3,035,000

4.350%,

4/15/2049

2,476,193

Dominion

Energy,

Inc.

550,000

3.375%,

4/1/2030

525,506

DTE

Electric

Company

2,415,000

3.700%,

3/15/2045

1,841,434

1,000,000

3.700%,

6/1/2046

751,846

DTE

Energy

Company

500,000

4.875%,

6/1/2028

503,965

Duke

Energy

Carolinas,

LLC

1,500,000

5.400%,

1/15/2054

1,412,444

2,290,000

3.700%,

12/1/2047

1,693,248

Duke

Energy

Corporation

750,000

5.800%,

6/15/2054

717,524

500,000

5.750%,

9/15/2033

522,896

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Utilities  8.8%

-

continued

$

2,759,000

5.450%,

6/15/2034

$

2,818,831

Duke

Energy

Indiana,

LLC

2,500,000

3.750%,

5/15/2046

1,893,447

Duke

Energy

Ohio,

Inc.

500,000

5.550%,

3/15/2054

476,136

Enel

Finance

International

NV

2,800,000

5.125%,

6/26/2029

a

2,840,785

Entergy

Corporation

50,000

1.900%,

6/15/2028

47,477

Entergy

Louisiana,

LLC

1,360,000

5.800%,

3/15/2055

1,336,382

Eversource

Energy

500,000

4.600%,

7/1/2027

500,516

Exelon

Corporation

2,000,000

5.600%,

3/15/2053

1,886,583

1,340,000

4.700%,

4/15/2050

1,114,205

500,000

4.050%,

4/15/2030

489,805

3,059,000

4.450%,

4/15/2046

2,512,661

Fells

Point

Funding

Trust

1,000,000

3.046%,

1/31/2027

a

990,551

FirstEnergy

Corporation

2,339,000

4.850%,

7/15/2047

2,010,329

Georgia

Power

Company

899,000

5.250%,

3/15/2034

916,040

Indiana

Michigan

Power

Company

1,187,000

5.600%,

3/15/2056

1,146,634

ITC

Holdings

Corporation

500,000

4.950%,

9/22/2027

a

502,444

1,860,000

5.300%,

7/1/2043

1,702,881

Jersey

Central

Power

&

Light

Company

2,600,000

2.750%,

3/1/2032

a

2,336,169

MidAmerican

Energy

Company

2,000,000

5.300%,

2/1/2055

1,855,617

2,123,000

5.850%,

9/15/2054

2,122,768

NextEra

Energy

Capital

Holdings,

Inc.

2,800,000

5.900%,

3/15/2055

2,743,535

500,000

2.250%,

6/1/2030

456,202

1,378,000

5.300%,

3/15/2032

1,413,674

NiSource,

Inc.

1,000,000

5.850%,

4/1/2055

972,474

1,163,000

5.750%,

7/15/2056

b,c

1,163,212

500,000

2.950%,

9/1/2029

475,786

2,925,000

5.650%,

2/1/2045

2,828,929

Northern

States

Power

Company/

MN

500,000

5.400%,

3/15/2054

473,883

NRG

Energy,

Inc.

2,800,000

4.955%,

4/30/2031

a

2,780,776

Oncor

Electric

Delivery

Company,

LLC

750,000

5.550%,

6/15/2054

711,691

Pacific

Gas

and

Electric

Company

500,000

6.750%,

1/15/2053

522,073

2,839,000

5.550%,

5/15/2029

2,903,138

1,639,000

4.550%,

7/1/2030

1,620,542

896,000

5.800%,

5/15/2034

918,871

PPL

Capital

Funding,

Inc.

2,795,000

5.250%,

9/1/2034

2,821,991

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

48

Principal

Amount

Long-Term

Fixed

Income  99.0%

Value

Utilities  8.8%

-

continued

PPL

Electric

Utilities

Corporation

$

1,695,000

3.950%,

6/1/2047

$

1,316,821

Public

Service

Company

of

Colorado

2,311,000

4.500%,

6/1/2052

1,875,019

Public

Service

Enterprise

Group,

Inc.

1,050,000

4.900%,

3/15/2030

1,060,260

RWE

Finance

US,

LLC

600,000

5.875%,

9/18/2055

a

571,256

San

Diego

Gas

&

Electric

Company

500,000

5.550%,

4/15/2054

474,434

1,250,000

4.150%,

5/15/2048

974,836

Sempra

1,711,000

5.250%,

3/15/2036

1,690,222

Southern

California

Edison

Company

1,000,000

5.450%,

6/1/2031

1,023,504

715,000

5.450%,

3/1/2035

713,848

Southern

Company

2,250,000

5.113%,

8/1/2027

2,268,728

850,000

5.700%,

10/15/2032

888,486

3,767,000

4.850%,

3/15/2035

3,665,481

500,000

3.750%,

9/15/2051

c

497,936

Southern

Company

Gas

Capital

Corporation

1,850,000

4.400%,

5/30/2047

1,506,182

Southwestern

Electric

Power

Company

1,773,000

3.900%,

4/1/2045

1,336,688

Union

Electric

Company

1,796,000

3.900%,

9/15/2042

1,454,171

Virginia

Electric

and

Power

Company

1,410,000

5.350%,

1/15/2054

1,298,946

2,500,000

4.600%,

12/1/2048

2,076,179

Vistra

Operations

Company,

LLC

3,739,000

5.250%,

10/15/2035

a

3,627,828

2,800,000

5.550%,

4/30/2036

a

2,773,060

Xcel

Energy,

Inc.

2,138,000

4.600%,

6/1/2032

2,104,606

1,415,000

5.600%,

4/15/2035

1,441,083

Total

118,169,745

Total

Long-Term

Fixed

Income

(cost

$1,341,568,431)

1,332,410,174

Shares

Collateral

Held

for

Securities

Loaned

2.1%

Value

28,765,054

Thrivent

Cash

Management

Trust

28,765,054

Total

Collateral

Held

for

Securities

Loaned

(cost

$28,765,054)

28,765,054

Shares

or

Principal

Amount

Short-Term

Investments

<

0

.1%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

244,471

3.596%

f

$

244,471

Total

Short-Term

Investments

(cost

$244,471)

244,471

Total

Investments

(cost

$1,370,577,956)

101.1%

$1,361,419,699

Other

Assets

and

Liabilities,

Net

(1.1%)

(15,078,901)

Total

Net

Assets

100.0%

$1,346,340,798

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

April

30,

2026,

the

value

of

these

investments

was

$207,344,781

or

15.4%

of

total

net

assets.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

April

30,

2026.

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.

d

Defaulted

security.  Interest

is

not

being

accrued.

e

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

f

The

interest

rate

shown

reflects

the

yield.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Investment

Grade

Bond

Fund

as

of

April

30,

2026

was

$672,000

or

0.05%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

April

30,

2026.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

AG

3/5/2026

$

2,800,000

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

Investment

Grade

Corporate

Bond

Fund

as

of

April

30,

2026:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

27,793,453

Total

lending

$27,793,453

Gross

amount

payable

upon

return

of

collateral

for

securities

loaned

$28,765,054

Net

amounts

due

to

counterparty

$971,601

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

49

Definitions:

DAC

-

Designated

Activity

Company

plc

-

Public

Limited

Company

S&P

-

Standard

&

Poor's

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

$

44,047,782

Gross

unrealized

depreciation

(

89,417,216

)

Net

unrealized

appreciation

(depreciation)

$

(

45,369,434

)

Cost

for

federal

income

tax

purposes

$

1,406,789,133

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

April

30,

2026,

in

valuing

Investment

Grade

Bond

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Basic

Materials

14,746,818

–

14,746,818

–

Capital

Goods

51,658,653

–

51,658,653

–

Communications

Services

98,724,114

–

98,724,114

–

Consumer

Cyclical

75,140,008

–

75,140,008

–

Consumer

Non-Cyclical

173,050,073

–

173,050,073

–

Energy

74,476,246

–

74,476,246

–

Financials

548,528,065

–

548,528,065

–

Foreign

Government

8,508,129

–

8,508,129

–

Technology

123,505,908

–

123,505,908

–

Transportation

30,971,590

–

30,971,590

–

U.S.

Government

&

Agencies

14,930,825

–

14,930,825

–

Utilities

118,169,745

–

118,169,745

–

Short-Term

Investments

244,471

244,471

–

–

Subtotal

Investments

in

Securities

$1,332,654,645

$244,471

$1,332,410,174

$–

Other

Investments  *

Total

Collateral

Held

for

Securities

Loaned

28,765,054

Subtotal

Other

Investments

$28,765,054

Total

Investments

at

Value

$1,361,419,699

*

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

the

table

above

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

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

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

is

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Investment

Grade

Bond

Fund,

is

as

follows:

Fund

Value

2/27/2026

Gross

Purchases

Gross

Sales

Value

4/30/2026

Shares

Held

at

4/30/2026

%

of

Net

Assets

4/30/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$41,657

$12,892

$28,765

28,765

2.1%

Total

Collateral

Held

for

Securities

Loaned

–

28,765

2.1

Total

Value

$

–

$28,765

Investment

Grade

Corporate

Bond

Fund

Schedule

of

Investments

as

of

April

30,

2026

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

50

Fund

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

2/27/2026

-

4/30/2026

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

$–

$–

$–

$31

Total

Affiliated

Income

from

Securities

Loaned,

Net

$31

Total

$–

$–

$–

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

April

30,

2026

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

51

Principal

Amount

Basic

Materials

1.6%

a

Value

BASF

SE

$

25,000,000

3.850% ,6/1/2026

b

$

24,911,230

Mosaic

Company

25,000,000

4.020% ,5/7/2026

b

24,980,555

Total

49,891,785

Principal

Amount

Capital

Goods

6.3%

a

Value

DCAT

LLC

25,000,000

3.770% ,5/18/2026

24,953,017

Dealers

Capital

Access

Trust,

LLC

20,000,000

3.830% ,6/11/2026

19,911,194

Eaton

Capital

ULC

15,000,000

4.080% ,5/1/2026

b,c

14,998,359

15,000,000

4.010% ,5/6/2026

b,c

14,990,069

Emerson

Electric

Company

6,690,000

3.660% ,5/8/2026

b

6,684,586

12,225,000

3.660% ,5/15/2026

b

12,206,387

Owens

Corning

25,000,000

4.000% ,5/4/2026

b

24,988,865

Republic

Services,

Inc.

14,370,000

3.920% ,5/7/2026

b

14,358,879

24,200,000

3.927% ,5/12/2026

b

24,167,930

Salisbury

Receivables

Company,

LLC

10,000,000

3.750% ,6/4/2026

b,c

9,963,007

25,000,000

3.910% ,6/12/2026

b,c

24,886,140

Total

192,108,433

Principal

Amount

Consumer

Cyclical

4.2%

a

Value

BMW

US

Capital,

LLC

5,600,000

4.431%

(SOFRINDX

+

0.780%),3/19/2027

b,d

5,615,252

Darden

Restaurants,

Inc.

22,515,000

4.010% ,5/1/2026

22,512,528

Mercedes-Benz

Finance

North

America,

LLC

6,800,000

4.278%

(SOFRRATE

+

0.630%),7/31/2026

b,d

6,807,392

PACCAR

Financial

Corporation

2,750,000

1.100% ,5/11/2026

2,747,780

Toyota

Credit

de

Puerto

Rico

Corporation

25,000,000

3.790% ,8/3/2026

24,741,830

15,000,000

3.830% ,8/31/2026

14,796,999

15,000,000

3.970% ,10/5/2026

14,738,992

Toyota

Motor

Credit

Corporation

16,653,000

4.436%

(SOFRRATE

+

0.770%),8/7/2026

d

16,676,080

Volkswagen

Group

of

America

Finance,

LLC

19,790,000

3.940% ,5/8/2026

b,c

19,772,783

Total

128,409,636

Principal

Amount

Consumer

Non-Cyclical

4.5%

a

Value

Becton

Dickinson

&

Compay

11,700,000

4.000% ,5/22/2026

b

11,671,117

City

of

Hope

25,000,000

3.750% ,5/5/2026

c

24,985,660

Principal

Amount

Consumer

Non-Cyclical  4.5%

a

Value

Johnson

&

Johnson

$

11,000,000

3.700% ,5/4/2026

b

$

10,995,593

21,000,000

3.680% ,8/20/2026

b

20,762,188

Proctor

&

Gamble

Company

15,000,000

3.750% ,7/28/2026

b

14,865,005

Roche

Holdings,

Inc.

2,850,000

2.625% ,5/15/2026

b

2,848,237

Sanofi

SA

20,000,000

3.760% ,6/11/2026

b

19,914,040

15,000,000

3.840% ,9/9/2026

b

14,797,710

15,000,000

3.810% ,10/22/2026

b

14,730,330

Total

135,569,880

Principal

Amount

Energy

2.0%

a

Value

ONEOK,

Inc.

10,000,000

4.000% ,5/1/2026

b,c

9,998,902

15,000,000

4.150% ,5/7/2026

b,c

14,988,422

12,000,000

4.110% ,5/8/2026

b,c

11,989,380

Total

Capital

SA

25,000,000

3.730% ,8/31/2026

b,c

24,671,060

Total

61,647,764

Principal

Amount

Financials

57.3%

a

Value

Alexandria

Real

Estate

Equities,

Inc.

22,775,000

4.010% ,5/1/2026

b,c

22,772,538

AllianceBernstein

,

LP

25,000,000

3.810% ,5/13/2026

b

24,966,455

ANZ

New

Zealand

International,

Ltd./London

6,950,000

3.705% ,5/22/2026

b,c

6,934,162

Australia

&

New

Zealand

Banking

Group,

Ltd.

25,000,000

3.900% ,7/23/2026

b

24,778,450

15,000,000

3.930% ,9/24/2026

b

15,000,486

AvalonBay

Communities,

Inc.

21,150,000

4.050% ,5/12/2026

b

21,121,972

Bank

of

America

NA

2,000,000

4.684%

(SOFRRATE

+

1.020%),8/18/2026

d

2,003,064

Bank

of

New

Zealand

9,000,000

3.735% ,7/27/2026

b

8,916,414

15,000,000

3.840% ,10/27/2026

b

14,712,750

Barclays

Bank

plc

15,000,000

3.920% ,6/29/2026

b,c

14,904,367

Barton

Capital

SA

6,700,000

3.950% ,8/28/2026

b,c

6,613,347

Bay

Square

Funding,

LLC

15,000,000

3.840% ,6/23/2026

b

14,913,960

Cabot

Trail

Funding,

LLC

12,895,000

3.770% ,6/29/2026

b

12,812,687

Canadian

Imperial

Bank

of

Commerce/New

York,

NY

10,000,000

3.960%

(SOFRRATE

+

0.330%),7/23/2026

d

10,004,756

Chariot

Funding,

LLC

25,000,000

3.890%

(SOFRRATE

+

0.260%),8/26/2026

b,d

24,996,463

12,500,000

3.890%

(SOFRRATE

+

0.250%),8/26/2026

b,d

12,497,815

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

April

30,

2026

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

52

Principal

Amount

Financials  57.3%

a

Value

$

15,000,000

3.980%

(SOFRRATE

+

0.340%),10/26/2026

b,d

$

15,000,196

Charta,

LLC

20,000,000

3.720% ,5/21/2026

b,c

19,955,784

Citibank

NA

9,487,000

4.373%

(SOFRRATE

+

0.708%),8/6/2026

d

9,491,317

Citigroup

Global

Markets

Holdings,

Inc./United

States

15,000,000

3.860% ,10/1/2026

b

14,752,402

15,000,000

3.950% ,4/28/2027

b

14,408,676

Citigroup

Global

Markets,

Inc.

25,000,000

3.970%

(SOFRRATE

+

0.340%),6/17/2026

b,d

25,007,492

25,000,000

3.910%

(SOFRRATE

+

0.280%),7/1/2026

b,d

25,005,467

25,000,000

3.930%

(SOFRRATE

+

0.300%),8/28/2026

b,d

25,005,745

Commonwealth

Bank

of

Australia

10,000,000

4.173%

(SOFRRATE

+

0.520%),6/15/2026

b,d

10,004,280

Cooperatieve

Rabobank

UA/NY

6,500,000

4.278%

(SOFRINDX

+

0.620%),8/28/2026

d

6,507,813

10,190,000

4.550%

(SOFRINDX

+

0.900%),10/5/2026

d

10,214,558

25,000,000

3.950%

(SOFRRATE

+

0.320%),11/25/2026

d

25,001,505

Credit

Agricole

Corporate

and

Investment

Bank/New

York

15,000,000

3.960% ,11/3/2026

15,000,201

Falcon

Asset

Funding,

LLC

25,000,000

3.990%

(SOFRRATE

+

0.350%),9/8/2026

b,d

25,003,201

Goldman

Sachs

Bank

USA/New

York,

NY

25,000,000

3.820% ,7/27/2026

24,997,252

20,140,000

5.414%

0,5/21/2027

d

20,150,292

Gotham

Funding

Corporation

25,000,000

3.950% ,6/16/2026

b,c

24,875,417

GTA

Funding,

LLC

25,000,000

3.870% ,5/6/2026

b

24,984,465

Healthpeak

OP,

LLC

21,000,000

4.100% ,5/13/2026

b,c

20,969,449

HSBC

USA,

Inc.

9,250,000

4.160%

(SOFRRATE

+

0.530%),5/15/2026

b,d

9,249,978

ING

US

Funding,

LLC

10,000,000

3.840%

(SOFRRATE

+

0.200%),5/1/2026

b,c,d

10,000,033

J.P.

Morgan

Chase

&

Company

5,000,000

2.950% ,10/1/2026

4,977,061

Jupiter

Securitization

Company,

LLC

15,000,000

3.840% ,7/27/2026

b,c

14,859,225

Liberty

Street

Funding,

LLC

25,000,000

3.740% ,6/17/2026

b,c

24,872,800

Lime

Funding,

LLC

15,410,000

4.010% ,5/18/2026

b

15,381,233

15,000,000

3.830% ,5/27/2026

b

14,957,437

Lloyds

Bank

plc

23,000,000

3.720% ,6/15/2026

22,888,832

25,000,000

3.720% ,6/22/2026

24,860,090

Principal

Amount

Financials  57.3%

a

Value

Macquarie

Bank,

Ltd.

$

15,000,000

3.780% ,9/4/2026

b

$

14,792,973

25,000,000

3.900% ,9/16/2026

b

24,621,965

25,000,000

3.930% ,10/28/2026

b

24,511,007

15,000,000

3.900% ,11/24/2026

b

14,994,156

MetLife

Short

Term

Funding,

LLC

10,000,000

3.830% ,9/16/2026

b

9,851,103

20,000,000

3.850% ,9/17/2026

b

19,700,036

Mid-America

Apartments,

LP

25,000,000

4.070% ,5/5/2026

b

24,986,230

15,000,000

3.990% ,5/11/2026

b

14,981,775

7,000,000

4.100% ,5/14/2026

b

6,989,182

Mizuho

Markets

Cayman,

LP

10,000,000

4.173%

(SOFRRATE

+

0.520%),10/9/2026

b,d

10,005,900

Morgan

Stanley

Bank

NA

3,500,000

5.882% ,10/30/2026

3,526,029

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

10,000

3.569% ,5/1/2026

10,000

MUFG

Bank

Ltd./New

York

NY

17,000,000

3.980%

(SOFRRATE

+

0.350%),9/10/2026

d

17,005,770

National

Australia

Bank,

Ltd.

25,000,000

3.970% ,10/26/2026

b

25,003,955

Nationwide

Building

Society

4,800,000

3.730% ,5/18/2026

b

4,791,003

15,000,000

3.725% ,5/19/2026

b

14,970,301

20,000,000

3.805% ,7/17/2026

b

19,833,080

Natixis

SA/New

York,

NY

25,000,000

3.840% ,7/8/2026

24,817,680

New

York

Life

Global

Funding

18,170,000

4.134%

(SOFRRATE

+

0.480%),6/9/2026

b,d

18,175,088

19,400,000

4.239%

(SOFRRATE

+

0.580%),8/28/2026

b,d

19,415,225

4,867,000

4.077%

(SOFRRATE

+

0.410%),2/5/2027

b,d

4,865,539

New

York

Life

Short

Term

Funding,

LLC

10,000,000

3.800% ,5/13/2026

b

9,986,582

15,000,000

3.850% ,7/30/2026

b

14,855,512

Nordea

Bank

Abp

10,000,000

3.890% ,8/4/2026

b

10,003,042

Nordea

Bank

Abp

/New

York,

NY

15,000,000

3.930%

(SOFRRATE

+

0.300%),10/2/2026

d

15,003,501

15,000,000

3.980%

(SOFRRATE

+

0.350%),1/8/2027

d

15,005,718

Old

Line

Funding,

LLC

25,000,000

3.740% ,5/18/2026

b,c

24,948,000

7,500,000

3.890% ,9/28/2026

b,c

7,377,934

Pacific

Life

Global

Funding

II

14,222,000

4.276%

(SOFRRATE

+

0.620%),6/4/2026

b,d

14,226,835

18,479,000

4.698%

(SOFRINDX

+

1.050%),7/28/2026

b,d

18,522,008

14,200,000

4.147%

(SOFRRATE

+

0.480%),2/4/2027

b,d

14,216,094

Pricoa

Global

Funding

I

16,205,000

1.200% ,9/1/2026

b

16,050,410

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

April

30,

2026

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

53

Principal

Amount

Financials  57.3%

a

Value

Pricoa

Short

Term

Funding,

LLC

$

15,000,000

3.930%

(SOFRRATE

+

0.300%),10/2/2026

b,d

$

15,000,390

Royal

Bank

of

Canada

23,080,000

4.129%

(SOFRINDX

+

0.460%),8/3/2026

d

23,088,916

25,000,000

3.900% ,8/10/2026

b

25,006,748

25,000,000

3.980% ,11/12/2026

b

25,001,678

22,170,000

4.599%

(SOFRINDX

+

0.950%),1/19/2027

d

22,264,223

4,677,000

4.359%

(SOFRINDX

+

0.710%),1/21/2027

d

4,689,579

Royal

Bank

of

Canada,

New

York

15,000,000

3.875% ,3/12/2027

b

14,489,174

Skandinaviska

Enskilda

Banken

AB

15,000,000

3.940% ,9/23/2026

b

15,004,244

Societe

Generale

SA

10,000,000

3.870% ,7/9/2026

b

9,926,017

10,000,000

3.850% ,7/13/2026

b

9,921,795

Starbird

Funding

Corporation

25,000,000

3.860% ,6/3/2026

b,c

24,910,183

State

Street

Institutional

U.S.

Government

Money

Market

Fund

9,727

3.596% ,5/1/2026

9,727

Sumitomo

Mitsui

Banking

Corporation/New

York

15,000,000

3.840%

(SOFRRATE

+

0.210%),9/8/2026

d

15,000,405

Sumitomo

Mitsui

Trust

NY

25,000,000

3.770% ,6/8/2026

24,999,078

Svenska

Handelsbanken

AB

25,270,000

4.903%

(SOFRRATE

+

1.250%),6/15/2026

b,d

25,299,874

15,000,000

3.940% ,9/23/2026

b

15,004,358

17,000,000

3.970%

(SOFRRATE

+

0.340%),12/8/2026

d

17,001,630

Swedbank

AB

13,000,000

3.940% ,11/9/2026

b

13,003,813

Thunder

Bay

Funding,

LLC

25,000,000

3.900% ,9/24/2026

b,c

24,606,060

11,000,000

3.850% ,10/1/2026

b,c

10,818,193

25,000,000

3.970%

(SOFRRATE

+

0.340%),10/15/2026

b,c,d

25,000,460

Toronto-Dominion

Bank

25,000,000

3.750% ,5/26/2026

b

24,932,325

7,811,000

4.730%

(SOFRRATE

+

1.080%),7/17/2026

d

7,825,075

15,000,000

3.970% ,8/21/2026

b

15,006,920

Toronto-Dominion

Bank/NY

25,000,000

4.030%

(SOFRRATE

+

0.400%),12/31/2026

d

25,013,403

UnitedHealth

Group,

Inc.

10,000,000

4.151%

(SOFRRATE

+

0.500%),7/15/2026

d

10,005,468

UnitedHealth

Group,

Inc.

United

States

6,885,000

1.150% ,5/15/2026

6,877,346

Wells

Fargo

Bank

NA

1,482,000

4.726%

(SOFRRATE

+

1.060%),8/7/2026

d

1,484,149

15,000,000

3.980%

(SOFRRATE

+

0.350%),1/8/2027

d

15,003,786

Principal

Amount

Financials  57.3%

a

Value

$

25,000,000

3.900%

(SOFRRATE

+

0.270%),2/10/2027

d

$

24,979,535

Westpac

Banking

Corporation

4,010,000

2.700% ,8/19/2026

3,994,387

15,000,000

3.930% ,9/18/2026

b

15,005,391

15,000,000

3.930% ,9/28/2026

b

15,004,115

Total

1,739,553,965

Principal

Amount

Foreign

Government

3.1%

a

Value

Caisse

des

Depots

et

Consignations

25,000,000

3.715% ,5/29/2026

b

24,924,532

29,300,000

3.747% ,6/12/2026

b

29,168,153

25,000,000

3.700% ,6/17/2026

b

24,874,200

15,000,000

3.700% ,6/18/2026

b

14,922,921

Total

93,889,806

Principal

Amount

Technology

2.6%

a

Value

Cisco

Systems,

Inc.

15,000,000

3.770% ,10/5/2026

b

14,755,582

Equifax,

Inc.

25,000,000

4.000% ,5/4/2026

b

24,988,995

Fidelity

National

Information

Services,

Inc.

25,000,000

4.070% ,5/5/2026

b

24,986,230

ServiceNow

,

Inc.

15,000,000

3.830% ,7/1/2026

b

14,902,109

Total

79,632,916

Principal

Amount

Transportation

3.0%

a

Value

Canadian

National

Railway

Company

25,000,000

3.910% ,5/5/2026

b,c

24,986,930

Ryder

System,

Inc.

15,000,000

4.000% ,5/6/2026

14,990,082

15,000,000

4.010% ,5/11/2026

14,981,716

15,000,000

4.010% ,5/14/2026

14,976,647

20,000,000

4.030% ,5/15/2026

19,966,598

Total

89,901,973

Principal

Amount

U.S.

Government

&

Agencies

9.5%

a

Value

Federal

Agricultural

Mortgage

Corporation

10,000,000

3.750%

(SOFRRATE

+

0.120%),5/12/2027

d

9,999,543

Federal

Farm

Credit

Bank

10,000,000

3.725%

(FEDL

1M

+

0.085%),5/7/2026

d

10,000,039

10,000,000

3.750%

(SOFRRATE

+

0.120%),7/10/2026

d

10,001,994

20,000,000

3.660%

(SOFRRATE

+

0.030%),12/8/2026

d

19,999,513

20,000,000

3.710%

(SOFRRATE

+

0.080%),12/22/2026

d

20,000,713

12,400,000

3.760%

(SOFRRATE

+

0.130%),4/23/2027

d

12,408,330

20,000,000

3.725%

(SOFRRATE

+

0.095%),4/29/2027

d

20,009,719

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

April

30,

2026

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

54

Principal

Amount

U.S.

Government

&

Agencies  9.5%

a

Value

$

10,000,000

3.750%

(SOFRRATE

+

0.120%),5/28/2027

d

$

9,999,235

10,000,000

3.745%

(SOFRRATE

+

0.115%),7/30/2027

d

10,005,953

5,000,000

3.745%

(SOFRRATE

+

0.115%),8/27/2027

d

5,003,157

Federal

Home

Loan

Bank

5,000,000

3.745%

(SOFRRATE

+

0.115%),7/16/2026

d

5,000,735

5,000,000

3.690%

(SOFRRATE

+

0.060%),1/29/2027

d

4,999,759

20,000,000

3.725%

(SOFRRATE

+

0.095%),2/25/2027

d

20,008,425

15,000,000

3.730%

(SOFRRATE

+

0.100%),3/18/2027

d

14,999,789

15,000,000

3.810%

(SOFRRATE

+

0.180%),10/14/2027

d

14,998,648

20,000,000

3.800%

(SOFRRATE

+

0.170%),11/5/2027

d

20,005,937

10,000,000

3.760%

(SOFRRATE

+

0.130%),12/8/2027

d

10,002,192

Federal

Home

Loan

Mortgage

Corporation

15,000,000

3.755%

(SOFRRATE

+

0.125%),8/25/2027

d

15,004,563

20,000,000

3.760%

(SOFRRATE

+

0.130%),9/2/2027

d

19,997,621

7,500,000

3.770%

(SOFRRATE

+

0.140%),10/6/2027

d

7,507,475

Federal

National

Mortgage

Association

6,000,000

3.750%

(SOFRRATE

+

0.120%),7/29/2026

d

6,000,988

U.S.

International

Development

Finance

Corporation

4,901,400

3.820%

(T-BILL

3M

+

FLAT),5/7/2026

d

4,901,400

7,585,470

3.820%

(T-BILL

3M

+

FLAT),5/7/2026

d

7,585,470

7,905,983

3.820%

(T-BILL

3M

+

FLAT),5/7/2026

d

7,905,983

3,994,619

3.820%

(T-BILL

3M

+

FLAT),5/7/2026

d

3,994,619

Total

290,341,800

Principal

Amount

Utilities

6.6%

a

Value

Constellation

Energy

Generation,

LLC

20,000,000

3.880% ,5/4/2026

b

19,990,142

Florida

Power

&

Light

Company

4,542,000

4.450% ,5/15/2026

4,542,425

15,000,000

3.800% ,6/10/2026

14,933,637

NiSource,

Inc.

22,100,000

3.930% ,5/8/2026

b

22,080,479

25,000,000

4.000% ,5/18/2026

b

24,949,718

Southern

California

Gas

Company

12,570,000

2.600% ,6/15/2026

12,556,532

Southern

Company

20,780,000

3.950% ,5/4/2026

b

20,770,853

24,015,000

3.950% ,5/6/2026

b

23,999,121

Virginia

Electric

and

Power

Company

19,180,000

3.980% ,5/11/2026

19,157,552

14,500,000

4.040% ,5/19/2026

14,470,527

Principal

Amount

Utilities  6.6%

a

Value

WEC

Energy

Group,

Inc.

$

21,000,000

4.030% ,5/7/2026

b

$

20,983,790

Total

198,434,776

Total

Investments

(cost

$3,059,446,542)

100.7%

$3,059,382,734

Other

Assets

and

Liabilities,

Net

(0.7)%

(20,809,091)

Total

Net

Assets

100.0%

$3,038,573,643

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

April

30,

2026,

the

value

of

these

investments

was

$2,018,698,992

or

66.4%

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

April

30,

2026.

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:

plc

-

Public

Limited

Company

Reference

Rate

Index:

FEDL

1M

-

Federal

Funds

1

Month

Rate

SOFRINDX

-

Secured

Overnight

Financing

Rate

Compounded

Index

SOFRRATE

-

Secured

Overnight

Financing

Rate

T-BILL

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

of

investments

of

the

portfolio

as

a

whole

(including

derivatives),

based

on

cost

for

federal

income

tax

purposes,

were

as

follows:

Gross

unrealized

appreciation

$

256,020

Gross

unrealized

depreciation

(319,828)

Net

unrealized

appreciation

(depreciation)

$

(63,808)

Cost

for

federal

income

tax

purposes

$

3,059,446,542

Short-Term

Reserve

Fund

Schedule

of

Investments

as

of

April

30,

2026

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

schedule.

55

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

April

30,

2026,

in

valuing

Short-Term

Reserve

Fund's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Basic

Materials

49,891,785

–

49,891,785

–

Capital

Goods

192,108,433

–

192,108,433

–

Consumer

Cyclical

128,409,636

–

128,409,636

–

Consumer

Non-Cyclical

135,569,880

–

135,569,880

–

Energy

61,647,764

–

61,647,764

–

Financials

1,739,553,965

19,727

1,739,534,238

–

Foreign

Government

93,889,806

–

93,889,806

–

Technology

79,632,916

–

79,632,916

–

Transportation

89,901,973

–

89,901,973

–

U.S.

Government

&

Agencies

290,341,800

–

290,341,800

–

Utilities

198,434,776

–

198,434,776

–

Total

Investments

at

Value

$3,059,382,734

$19,727

$3,059,363,007

$–

Thrivent

Core

Funds

Statement

of

Assets

and

Liabilities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

56

As

of

April

30,

2026

(unaudited)

Emerging

Markets

Debt

Fund

Emerging

Markets

Equity

Fund

High

Yield

Bond

Fund

International

Equity

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$634,920,037

$560,882,270

$906,838,283

$607,780,372

Investments

in

affiliated

securities

at

cost

$17,147,605

$12,360,642

$48,876,508

$12,606,265

Investments

in

unaffiliated

securities

at

value

(#)

633,751,836

827,837,358

909,191,308

800,232,615

Investments

in

affiliated

securities

at

value

17,147,605

12,360,642

48,876,508

12,606,265

Foreign

currency

—

10,902,706

(a)

—

16,685

(b

)

Dividends

and

interest

receivable

8,232,397

1,949,176

13,758,208

6,762,799

Prepaid

expenses

390

370

357

388

Prepaid

trustee

fees

1,466

1,465

1,465

1,465

Receivable

for:

Investments

sold

—

12,103,829

—

—

Variation

margin

on

open

future

contracts

—

547,150

—

896,620

Total

Assets

659,133,694

865,702,696

971,827,846

820,516,837

Liabilities

Accrued

expenses

31,478

301,578

55,166

72,966

Cash

overdraft

—

1,884,328

—

126,801

Payable

for:

Investments

purchased

—

15,310,808

5,823,453

—

Investments

purchased

on

a

delayed-delivery

basis

1,962,600

—

2,136,594

—

Return

of

collateral

for

securities

loaned

17,147,605

12,360,642

48,876,508

12,606,265

Foreign

capital

gain

tax

liability

—

1,059,463

—

—

Administrative

service

fees

1,793

2,333

2,549

2,230

Director

deferred

compensation

9,012

8,640

98

9,011

Total

Liabilities

19,152,488

30,927,792

56,894,368

12,817,273

Net

Assets

Capital

stock

(beneficial

interest)

755,184,618

597,919,787

912,952,354

580,695,285

Distributable

earnings/(accumulated

loss)

(115,203,412)

236,855,117

1,981,124

227,004,279

Total

Net

Assets

$639,981,206

$834,774,904

$914,933,478

$807,699,564

Shares

of

beneficial

interest

outstanding

72,301,536

59,688,542

46,096,317

60,560,467

Net

asset

value

per

share

$8.85

$13.99

$19.85

$13.34

(#)

Includes

securities

on

loan

of

$16,596,771

$12,013,948

$47,196,169

$12,043,716

(a)

Includes

foreign

currency

holdings,

cost

$10,901,500.

(b)

Includes

foreign

currency

holdings,

cost

$15,878.

Thrivent

Core

Funds

Statement

of

Assets

and

Liabilities

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

57

As

of

April

30,

2026

(unaudited)

Investment

Grade

Corporate

Bond

Fund

Short-Term

Reserve

Fund

Assets

Investments

in

unaffiliated

securities

at

cost

$1,341,812,902

$3,059,446,542

Investments

in

affiliated

securities

at

cost

$28,765,054

$—

Investments

in

unaffiliated

securities

at

value

(#)

1,332,654,645

3,059,382,734

Investments

in

affiliated

securities

at

value

28,765,054

—

Dividends

and

interest

receivable

16,558,009

5,791,884

Prepaid

expenses

399

910

Prepaid

trustee

fees

1,465

1,465

Receivable

for:

Fund

shares

sold

—

2,340,000

Total

Assets

1,377,979,572

3,067,516,993

Liabilities

Distributions

payable

—

10,176,548

Accrued

expenses

73,689

47,290

Payable

for:

Investments

purchased

2,796,164

—

Return

of

collateral

for

securities

loaned

28,765,054

—

Fund

shares

redeemed

—

18,710,000

Administrative

service

fees

3,769

—

Director

deferred

compensation

98

9,512

Total

Liabilities

31,638,774

28,943,350

Net

Assets

Capital

stock

(beneficial

interest)

1,355,553,749

3,039,348,835

Distributable

earnings/(accumulated

loss)

(9,212,951)

(775,192)

Total

Net

Assets

$1,346,340,798

$3,038,573,643

Shares

of

beneficial

interest

outstanding

68,566,799

303,716,832

Net

asset

value

per

share

$19.64

$10.00

(#)

Includes

securities

on

loan

of

$27,793,453

$—

Thrivent

Core

Funds

Statement

of

Operations

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

58

For

the

six

months

ended

April

30,

2026

(unaudited)

Emerging

Markets

Debt

Fund

Emerging

Markets

Equity

Fund

High

Yield

Bond

Fund

(a)

International

Equity

Fund

Investment

Income

Dividends

$336,799

$9,036,820

$90,921

$11,521,840

Interest

18,290,632

6,668

6,916,773

25,413

Affiliated

income

from

securities

loaned,

net

37,330

162,492

32,110

23,126

Foreign

tax

withholding

—

(988,260)

—

(990,142)

Total

Investment

Income

18,664,761

8,217,720

7,039,804

10,580,237

Expenses

Administrative

service

fees

95,447

103,507

30,503

104,347

Audit

and

legal

fees

20,571

33,716

8,902

20,438

Custody

fees

11,423

436,954

3,000

75,971

Insurance

expenses

2,383

2,264

668

2,368

Printing

and

postage

expenses

3,626

3,626

2,269

3,661

SEC

and

state

registration

expenses

—

1,036

41,240

2,800

Transfer

agent

fees

2,500

2,500

780

2,500

Directors'

fees

5,483

5,476

1,777

5,482

Pricing

service

fees

12,522

27,181

9,921

20,449

Other

expenses

7,630

13,778

1,928

9,814

Total

Expenses

Before

Reimbursement

161,585

630,038

100,988

247,830

Total

Net

Expenses

161,585

630,038

100,988

247,830

Net

Investment

Income/(Loss)

18,503,176

7,587,682

6,938,816

10,332,407

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(2,582,152)

20,458,400

(b)

(84,781)

33,248,249

Futures

contracts

—

3,329,436

—

1,855,627

Foreign

currency

transactions

—

(326,346)

—

12,168

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

5,921,972

96,535,200

2,353,025

47,384,740

Futures

contracts

—

1,766,327

—

1,302,790

Foreign

currency

transactions

—

(24,351)

—

107,697

Foreign

capital

gain

tax

liability

—

460,558

—

—

Net

Realized

and

Unrealized

Gains/(Losses)

3,339,820

122,199,224

2,268,244

83,911,271

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$21,842,996

$129,786,906

$9,207,060

$94,243,678

(a)

For

the

period

from

March

4,

2026

(commencement)

through

April

30,

2026.

(b)

Includes

foreign

capital

gain

taxes

paid

of  $268,661.

Thrivent

Core

Funds

Statement

of

Operations

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

59

For

the

six

months

ended

April

30,

2026

(unaudited)

Investment

Grade

Corporate

Bond

Fund

(a)

Short-Term

Reserve

Fund

Investment

Income

Dividends

$18,962

$33,639

Interest

7,954,277

68,905,849

Affiliated

income

from

securities

loaned,

net

31,454

—

Total

Investment

Income

8,004,693

68,939,488

Expenses

Administrative

service

fees

38,890

50,000

Audit

and

legal

fees

8,918

30,891

Custody

fees

3,000

13,831

Insurance

expenses

747

5,532

Printing

and

postage

expenses

2,269

3,717

SEC

and

state

registration

expenses

61,335

—

Transfer

agent

fees

780

2,500

Directors'

fees

1,777

5,491

Pricing

service

fees

7,340

24,280

Other

expenses

1,928

7,542

Total

Expenses

Before

Reimbursement

126,984

143,784

Total

Net

Expenses

126,984

143,784

Net

Investment

Income/(Loss)

7,877,709

68,795,704

Realized

and

Unrealized

Gains/(Losses)

Net

realized

gains/(losses)

on:

Investments

(108,028)

111,866

Change

in

net

unrealized

appreciation/(depreciation)

on:

Investments

(9,158,257)

(426,530)

Net

Realized

and

Unrealized

Gains/(Losses)

(9,266,285)

(314,664)

Net

Increase/(Decrease)

in

Net

Assets

Resulting

From

Operations

$(1,388,576)

$68,481,040

(a)

For

the

period

from

March

4,

2026

(commencement)

through

April

30,

2026.

Thrivent

Core

Funds

Statement

of

Changes

in

Net

Assets

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

60

Emerging

Markets

Debt

Fund

Emerging

Markets

Equity

Fund

For

the

periods

ended

4/30/2026

(unaudited)

10/31/2025

4/30/2026

(unaudited)

10/31/2025

Operations

Net

investment

income/(loss)

$18,503,176

$42,259,119

$7,587,682

$16,855,797

Net

realized

gains/(losses)

(2,582,152)

(7,281,535)

23,461,490

32,767,311

Change

in

net

unrealized

appreciation/(depreciation)

5,921,972

55,502,351

98,737,734

106,193,261

Net

Change

in

Net

Assets

Resulting

From

Operations

21,842,996

90,479,935

129,786,906

155,816,369

Distributions

to

Shareholders

From

net

investment

income/net

realized

gains

(18,726,239)

(42,513,877)

(22,843,649)

(17,108,457)

Total

Distributions

to

Shareholders

(18,726,239)

(42,513,877)

(22,843,649)

(17,108,457)

Capital

Stock

Transactions

Sold

180,001

6,377,986

–

–

Distributions

reinvested

18,726,239

42,513,877

22,843,649

17,108,457

In-kind

contributions

–

–

–

–

Redeemed

(85,888,000)

(126,586,000)

–

(14,000,000)

Total

Capital

Stock

Transactions

(66,981,760)

(77,694,137)

22,843,649

3,108,457

Net

Increase/(Decrease)

in

Net

Assets

(63,865,003)

(29,728,079)

129,786,906

141,816,369

Net

Assets,

Beginning

of

Period

703,846,209

733,574,288

704,987,998

563,171,629

Net

Assets,

End

of

Period

$639,981,206

$703,846,209

$834,774,904

$704,987,998

Capital

Stock

Share

Transactions

Sold

20,211

774,497

–

–

Distributions

reinvested

2,121,624

5,100,305

1,910,004

1,839,619

In-kind

contributions

–

–

–

–

Redeemed

(9,690,200)

(15,239,155)

–

(1,443,299)

Total

Capital

Stock

Share

Transactions

(7,548,365)

(9,364,353)

1,910,004

396,320

(a)

For

the

period

from

March

4,

2026

(commencement)

through

April

30,

2026.

Thrivent

Core

Funds

Statement

of

Changes

in

Net

Assets

–

continued

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

61

High

Yield

Bond

Fund

International

Equity

Fund

Investment

Grade

Corporate

Bond

Fund

Short-Term

Reserve

Fund

4/30/2026

(unaudited)

(a)

4/30/2026

(unaudited)

10/31/2025

4/30/2026

(unaudited)

(a)

4/30/2026

(unaudited)

10/31/2025

$6,938,816

$10,332,407

$19,387,186

$7,877,709

$68,795,704

$187,999,933

(84,781)

35,116,044

40,730,522

(108,028)

111,866

138,768

2,353,025

48,795,227

71,544,648

(9,158,257)

(426,530)

(84,087)

9,207,060

94,243,678

131,662,356

(1,388,576)

68,481,040

188,054,614

(7,225,936)

(61,748,739)

(19,402,585)

(7,824,375)

(68,795,703)

(187,999,933)

(7,225,936)

(61,748,739)

(19,402,585)

(7,824,375)

(68,795,703)

(187,999,933)

705,100

5,300,000

27,070,000

543,378

1,340,038,200

5,590,467,829

7,225,936

61,748,739

19,402,585

7,824,722

–

–

909,886,417

–

–

1,354,809,026

–

–

(4,865,099)

(5,300,000)

(27,070,000)

(7,623,377)

(2,143,927,291)

(7,316,681,924)

912,952,354

61,748,739

19,402,585

1,355,553,749

(803,889,091)

(1,726,214,095)

914,933,478

94,243,678

131,662,356

1,346,340,798

(804,203,754)

(1,726,159,414)

–

713,455,886

581,793,530

–

3,842,777,397

5,568,936,811

$914,933,478

$807,699,564

$713,455,886

$1,346,340,798

$3,038,573,643

$3,842,777,397

35,433

400,302

2,532,304

27,329

133,934,221

559,046,782

365,319

4,972,721

1,896,636

398,670

–

–

45,940,152

–

–

68,526,471

–

–

(244,587)

(400,302)

(2,532,304)

(385,671)

(214,345,618)

(731,668,192)

46,096,317

4,972,721

1,896,636

68,566,799

(80,411,397)

(172,621,410)

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

62

(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 five

separate

series,

each

with

its

own

investment

objective

and

policies

(each,

a

"Fund"

and,

collectively,

the

"Funds"). The six series

of

the

Trust

are

Core

Emerging

Markets

Debt,

Core

Emerging

Markets

Equity,

Core

High

Yield

Bond,

Core

International

Equity, Core

Investment

Grade

Corporate

Bond,

and

Core

Short-Term

Reserve,

which

are all

diversified. Core

Short-

Term

Reserve serves

as

a

cash

sweep

vehicle

for

Thrivent

Mutual

Funds

and Thrivent

Series

Fund,

Inc.

Core

High

Yield

Bond

and

Core

Investment

Grade

Corporate

Bond

were

incepted

on

February

27,

2026

and

commenced

operations

on

March

4,

2026.

The

Funds

are

each investment

companies which

follow

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.

Proposed

Reorganization

— On

February

23,

2026,

the

Board

of

Trustees

approved

the

conversion

of Core

International

Equity

Fund

(the

“Target

Fund”)

to

a

newly-organized

exchange-traded

fund

that

is

a

series

of

Thrivent

ETF

Trust

("the

Conversion”).

The

newly

created

exchange-traded

fund

will

be

the

Thrivent

International

Large

Cap

ETF

("Acquiring

Fund").

The

Conversion

provides

for

shareholders

of

the

Target

Fund

to

receive

ETF

shares

equal

in

value

to

the

number

of

shares

of

the

Target

Fund

they

own

on

the

day

the

reorganization

is

effective.

The

Acquiring

Fund

will

be

the

accounting

survivor

after

the

reorganization

and

as

such,

its

performance

and

financial

history

prior

to

the

reorganization

will

be

that

of

the

Target

Fund.

For

reporting

on

the

Acquiring

Fund

post

the

Conversion,

historical

share

transactions

and

per

share

information

for

the

Target

Fund

will

be

retroactively

adjusted

to

reflect

the

change

in

capital

structure

due

to

the

reorganization.

The

reorganization requires

shareholder

approval

and

is

expected

to

become

effective

on

June

12,

2026.

The

reorganization

will

qualify

as

a

tax-free

reorganization

for

federal

income

tax

purposes

with

no

gain

or

loss

to

be

recognized

by

the

Funds

or

their

shareholders.

(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

or

fair

valued

pursuant

to

our

valuation

procedures if

net

asset

value

at

the

close

of

business

day

is

not

readily

available .

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

using

an

appropriate

methodology as

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

63

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

In

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP"),

the

various

inputs

used

to

determine

the

fair

value

of

the

Funds'

investments

are

summarized

in

three

broad

levels.  Level

1

includes

quoted

prices

in

active

markets

for

identical

securities;

typically

included

in

this

level

are

U.S.

equity

securities,

futures,

options

and

registered

investment

company

funds.  Level

2

includes

other

significant

observable

inputs

such

as

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk;

typically

included

in

this

level

are

fixed

income

securities,

international

securities,

swaps

and

forward

contracts.  Level

3

includes

significant

unobservable

inputs

such

as

the

Adviser’s

own

assumptions

and

broker

evaluations

in

determining

the

fair

value

of

investments. The

valuation

levels

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

securities

or

other

investments.

Investments

measured

using

net

asset

value

per

share

as

a

practical

expedient

for

fair

value

and

that

are

not

publicly

available-for-sale

are

not

categorized

within

the

fair

value

hierarchy.

Valuation

of

International

Securities

—

The

Funds

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service.

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

security

in

order

to

reflect

the

effects

of

post-closing

events.

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Currency

Translation

—

The

accounting

records

of

each

Fund

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

daily

closing

rates

of

exchange.

Foreign

currency

amounts

related

to

the

purchase

or

sale

of

securities

and

income

and

expenses

are

translated

at

the

exchange

rate

on

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

or

losses

between

the

trade

date

and

settlement

date

on

securities

transactions,

and

other

translation

gains

or

losses

on

dividends,

interest

income

and

foreign

withholding

taxes.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement

of

Operations.

For

federal

income

tax

purposes,

the

Funds

treat

the

effect

of

changes

in

foreign

exchange

rates

arising

from

actual

foreign

currency

transactions

and

the

changes

in

foreign

exchange

rates

between

the

trade

date

and

settlement

date

as

ordinary

income.

Federal

Income

Taxes

—

No

provision

has

been

made

for

income

taxes

because

each

Fund’s

policy

is

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code

and

distribute

substantially

all

investment

company

taxable

income

and

net

capital

gain

on

a

timely

basis.

It

is

also

the

intention

of

each

Fund

to

distribute

an

amount

sufficient

to

avoid

imposition

of

any

federal

excise

tax.

The

Funds,

accordingly,

anticipate

paying

no

federal

taxes

and

no

federal

tax

provision

was

recorded.

Each

Fund

is

treated

as

a

separate

taxable

entity

for

federal

income

tax

purposes.

Funds

may

utilize

earnings

and

profits

distributed

to

shareholders

on

the

redemption

of

shares

as

part

of

the

dividends

paid

deduction.

GAAP

requires

management

of

the Funds

(i.e.,

the

Adviser) to

make

additional

tax

disclosures

with

respect

to

the

tax

effects

of

certain

income

tax

positions,

whether

those

positions

were

taken

on

previously

filed

tax

returns

or

are

expected

to

be

taken

on

future

returns.

These

positions

must

meet

a

“more

likely

than

not”

standard

that,

based

on

the

technical

merits

of

the

position,

it

would

have

a

greater

than

50

percent

likelihood

of

being

sustained

upon

examination.

In

evaluating

whether

a

tax

position

has

met

the

more-

likely-than-not

recognition

threshold, the Adviser

must

presume

that

the

position

will

be

examined

by

the

appropriate

taxing

authority

that

has

full

knowledge

of

all

relevant

information.

The

Adviser

analyzed

all

open

tax

years,

as

defined

by

the

statute

of

limitations,

for

all

major

jurisdictions.

Open

tax

years

are

those

that

are

open

for

examination

by

taxing

authorities.

Major

jurisdictions

for

the Funds

include

U.S.

Federal,

and

certain

state

jurisdictions

as

well

as

certain

foreign

countries.

The Funds'

federal

income

tax

returns

are

subject

to

examination

for

a

period

of

three

years

after

the

filing

of

the

return

for

the

tax

period.

State

returns

may

be

subject

to

examination

for

an

additional

year

depending

on

the

jurisdiction.

The Funds

have

no

examinations

in

progress

and

none

are

expected

at

this

time.

As

of

April

30,

2026,

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.

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

64

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

Core

Emerging

Markets

Debt are

declared

and

distributed

monthly.

Dividends

from

Core

Emerging

Markets

Equity,

Core

International

Equity, and Core

Small Cap

Value are

declared

and

distributed

annually.

Dividends

from

Core

Short-Term

Reserve

are

declared

daily

and

distributed

monthly.

Net

realized

gains

from

securities

transactions,

if

any,

are

paid

at

least

annually

after

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.

Derivatives

— 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

contract.

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

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

65

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 six

months

ended April

30,

2026,

Core

Emerging

Markets

Equity

and Core

International

Equity used

equity

futures

to

manage

exposure

to

the

equities

market.

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.

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.

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 the

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 six

months

ended

April

30,

2026, the

Funds

did

not

report

an

accrual

for contingent

liabilities.

Accounting

Estimates

—

The

preparation

of

financial

statements

in

conformity

with

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

these

estimates.

Litigation

—

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date.

If

the

Fund

no

longer

owns

the

applicable

securities,

the

proceeds

are

recorded

as

realized

gains.

Bank Loans

(Leveraged Loans)

—

Certain

Funds

may

invest

in

bank

loans,

which

are

senior

secured

loans

that

are

made

by

banks

or

other

lending

institutions

to

companies

that

are

typically

rated

below

investment

grade.

A Fund

may

invest

in

multiple

series

or

tranches

of

a

bank

loan,

with

varying

terms

and

different

associated

risks.

Transactions

in

bank

loan

securities

may

settle

on

a

delayed

basis,

which

may

result

in

the

proceeds

of

the

sale

to

not

be

readily

available

for

a Fund

to

make

additional

investments.

Interest

rates

of

bank

loan

securities

typically

reset

periodically,

as

the

rates

are

tied

to

a

reference

index

rate,

plus

a

premium.

Income

is

recorded

daily

on

bank

loan

securities.

On

an

ongoing

basis,

a Fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

of

the

bank

loan.

This

commitment

fee

is

accrued

as

income

over

the

term

of

the

bank

loan.

A Fund

may

receive

consent

and

amendment

fees

for

accepting

an

amendment

to

the

current

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

66

terms

of

a

bank

loan.

Consent

and

amendment

fees

are

accrued

as

income

when

the

changes

to

the

bank

loan

are

immaterial

and

to

capital

when

the

changes

are

material.

All

or

a

portion

of

these

bank

loan

commitments

may

be

unfunded.

A

Fund

is

obligated

to

fund

these

commitments

at

the

borrower’s

discretion.

Therefore,

the

Fund

must

have

funds

sufficient

to

cover

its

contractual

obligation.

These

unfunded

bank

loan

commitments,

which

are

marked-to-market

daily,

are

presented

in

the

Schedule

of

Investments

and

included

in

Payable

for

investments

purchased

on

a

delayed-delivery

basis

on

the

Statement

of

Assets

and

Liabilities.

As

of

April

30,

2026,

the

Funds

have

the

following

unfunded

bank

loan

commitments:

In-kind Contributions

—  During March

and

April

of

2026, the

Thrivent

Core

High

Yield

Bond

Fund received an

in-kind

contribution

which

consisted

of

$909,886,417

in

securities.

As

a

result

of

the

in-kind

contribution,

Thrivent

Core

High

Yield

Bond

Fund issued

shares

at

the

net

asset

value

per

share

on

the

date

of

contribution.  The

in-kind

amounts

and

shares issued

are

included

in

the

Capital

Stock

Transactions

of

the

Statement

of

Changes

in

Net

Assets

for

Thrivent

Core

High

Yield

Bond

Fund.

These

in-kind

transactions

were

conducted

at

market

value.

The

transactions

were

as

follows:

Fund/Borrower

Unfunded

Loan

Commitments

Thrivent

Core

High

Yield

Bond

Fund

Cable

One,

Inc.,

Term

Loan

$948,571

Total

$948,571

Contributing

Fund/Portfolio

Contribution

Date

Shares

Issued

Net

Asset

Value

per

Share

In-kind

Amount

Conservative

Allocation Fund

3/16/2026

3,962,904

$19.73

$78,204,750

Conservative

Allocation Portfolio

3/18/2026

2,541,277

$19.74

50,165,546

Dynamic

Allocation

Fund

3/25/2026

1,273,500

$19.69

25,071,529

Dynamic

Allocation

Portfolio

3/30/2026

1,081,718

$19.52

21,115,794

Moderate

Allocation

Fund

3/10/2026

4,322,574

$19.92

86,084,064

Moderate

Allocation

Portfolio

4/2/2026

8,849,243

$19.72

174,479,630

Moderately

Aggressive

Allocation

Fund

3/17/2026

2,450,947

$19.78

48,468,699

Moderately

Aggressive

Allocation

Portfolio

3/11/2026

3,677,254

$19.87

73,058,950

Moderately Conservative

Allocation

Fund

3/23/2026

2,202,631

$19.67

43,321,122

Moderately

Conservative

Allocation

Portfolio

3/4/2026

6,028,723

$20.00

120,574,458

Multisector

Bond

Fund

3/9/2026

7,955,412

$19.87

158,043,014

Multisector

Bond

Portfolio

3/24/2026

1,593,969

$19.64

31,298,861

Totals

45,940,152

$909,886,417

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

67

In-kind

Contributions

(Continued)

—

During

March

and

April

of

2026,

the

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

received

an

in-kind

contribution

which

consisted

of

$1,354,809,026

in

securities.

As

a

result

of

the

in-kind

contribution,

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

issued

shares

at

the

net

asset

value

per

share

on

the

date

of

contribution.

The

in-kind

amounts

and

shares

issued

are

included

in

the

Capital

Stock

Transactions

of

the

Statement

of

Changes

in

Net

Assets

for

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund.

These

in-kind

transactions

were

conducted

at

market

value.

The

transactions

were

as

follows:

Other

—

For

financial

statement

purposes,

investment

security

transactions

are

accounted

for

on

the

trade

date.

Realized

gains

or

losses

on

sales

are

determined

on

a

specific

cost

identification

basis,

which

is

the

same

basis

for

federal

income

tax

purposes.

(3)

FEES

AND

COMPENSATION

PAID

TO

AFFILIATES

Fees

—

The

Trust

has

entered

into

an

administration

and

accounting

services

agreement

with

the

Adviser

pursuant

to

which

the

Adviser

provides

certain

administrative

and

accounting

personnel

and

services.

The

Fund

pays

an

annual fee plus

a

percentage

of

the

Fund's

average

daily

net

assets

to the

Adviser.

These

fees

are

accrued

daily

and

paid

monthly.

For

the six

months

ended

April

30,

2026,

the

Adviser

received

aggregate

fees

for

administrative

and

accounting

personnel

and

services

of $410,020

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

six

months

ended

April

30,

2026,

Thrivent

Investor

Services

received

$11,559 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

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

$25,599 in

fees

from

the

Trust

during

the

six

months

ended

April

30,

2026. 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

Contributing

Fund/Portfolio

Contribution

Date

Shares

Issued

Net

Asset

Value

per

Share

In-kind

Amount

Conservative

Allocation Fund

3/16/2026

5,249,990

$19.65

103,155,477

Conservative

Allocation Portfolio

3/18/2026

3,344,845

$19.65

65,736,577

Dynamic

Allocation

Fund

3/25/2026

1,671,545

$19.63

32,815,261

Dynamic

Allocation

Portfolio

3/30/2026

1,426,046

$19.54

27,864,946

Moderate

Allocation

Fund

3/10/2026

7,440,370

$19.87

147,855,781

Moderate

Allocation

Portfolio

4/2/2026

15,320,559

$19.68

301,562,214

Moderately

Aggressive

Allocation

Fund

3/17/2026

4,215,722

$19.71

83,089,346

Moderately

Aggressive

Allocation

Portfolio

3/11/2026

6,352,725

$19.73

125,352,614

Moderately Conservative

Allocation

Fund

3/23/2026

3,801,791

$19.59

74,466,450

Moderately

Conservative

Allocation

Portfolio

3/4/2026

10,538,376

$20.00

210,767,518

Multisector

Bond

Fund

3/9/2026

7,630,938

$19.94

152,161,662

Multisector

Bond

Portfolio

3/24/2026

1,533,564

$19.55

29,981,180

Totals

68,526,471

$1,354,809,026

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

68

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.

Interest

is

charged

to

each

participating

Fund

based

on

its

borrowings

at

the

average

of

the

repo

rate

and

bank

loan

rate,

each

as

defined

in

the

Program.

Each

borrowing

made

under

the

Program

matures

no

later

than

seven

calendar

days

after

the

date

of

the

borrowing,

and

each

borrowing

must

be

securitized

by

a

pledge

of

segregated

collateral

with

a

market

value

at

least

equal

to

102%

of

the

outstanding

principal

value

of

the

loan.

For

the six

months

ended

April

30,

2026,

no

Funds

borrowed

cash

through

the

interfund

lending

program.

(4)

SEGMENT

REPORTING

In

accordance

with

FASB

Accounting

Standards

Update 2023-

07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07"),

management

evaluates

the

Funds’

business

activities

to

determine

the

segment

reporting

needed

for

the

Funds.

The

intent

of

ASU

2023-07

is

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows

through

improved

segment

disclosures.

An

operating

segment

is

defined

in

Topic

280

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity’s

chief

operating

decision

maker

(CODM)

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

The

Principal

Officers

of

the

Funds,

consisting

of

the

President

as

the

Principal

Executive

Officer

and

the

Treasurer

as

the

Principal

Financial

and

Accounting

Officer,

jointly

act

as

the

Funds'

CODMs.

Management

has

determined

that

each

Fund

is

a

single

operating

segment

because

the

CODMs

monitor

the

net

increase

or

decrease

in

net

assets

resulting

from

operations

of

each

Fund

as

a

whole

and

the

Funds'

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

their

respective

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Funds'

portfolio

managers

as

a

team.

As

investment

companies,

the

Funds

primarily

engage

in

investing

in

securities

to

generate

a

return

on

investment

for

shareholders.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

in

the

Funds'

Schedule

of

Investments,

Statement

of

Changes

in

Net

Assets

and

Financial

Highlights.

Fund

net

assets

are

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

as

“Total

Net

Assets”

and

significant

fund

expenses

are

listed

on

the

accompanying

Statement

of

Operations.

(5)

FEDERAL

INCOME

TAX

INFORMATION

Distributions

are

based

on

amounts

calculated

in

accordance

with

the

applicable

federal

income

tax

regulations,

which may

differ

from

GAAP.

To

the

extent

that

these

differences

are

permanent

in

nature,

GAAP

requires

such

amounts

to

be

reclassified

within

the

capital

accounts

based

on

their

federal

tax-basis

treatment;

temporary

differences do

not

require

reclassifications.

At

fiscal

year-end,

the

character

and

the

amount

of

distributions,

on

a

tax

basis

and

components

of

distributable

earnings,

are

finalized.

Therefore,

as

of

April

30,

2026,

the

tax

basis

balance

has

not

yet

been

determined.

At

October

31,

2025,

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.

(6)

SECURITY

TRANSACTIONS

Purchases

and

Sales

of

Investment

Securities

—

For

the

six

months

ended

April

30,

2026,

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:

Investments

in

Restricted

Securities

—

Certain

Funds

may

own

restricted

securities which

were

purchased

in

private

placement

transactions

without

registration

under

the

Securities

Act

of

1933.

Unless

such

securities

subsequently

become

registered,

they

Fund

Capital

Loss

Carryover

Emerging

Markets

Debt

$

111,371,418

Emerging

Markets

Equity

44,461,439

Short-Term

Reserve

916,114

In

thousands

Fund

Purchases

Sales/

Paydowns

Emerging

Markets

Debt

$39,098

$112,163

High

Yield

Bond

69,478

61,661

International

Equity

246,973

235,959

Investment

Grade

Corporate

Bond

52,819

60,477

Short-Term

Reserve

189,978

144,470

In

thousands

Fund

Purchases

Sales/

Paydowns

Investment

Grade

Corporate

Bond

$18,028

$2,892

Short-Term

Reserve

60,000

88,567

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

69

generally

may

be

resold

only

in

privately

negotiated

transactions

with

a

limited

number

of

purchasers.

As

of

April

30,

2026,

the

following

Funds

held

restricted

securities:

The

Funds

have

no

right

to

require

registration

of

unregistered

securities.

(7)

SECURITY

TRANSACTIONS

WITH

AFFILIATED

FUNDS

The

Funds

are

permitted

to

engage

in

securities

transactions

with affiliated

funds

or

portfolios under

specified

conditions

outlined

in

procedures

adopted

by

the

Board.

The

procedures

have

been

designed

to

ensure

that

any

purchase

or

sale

of

securities

by

a

Fund

from

or

to

another

fund

or

portfolio

that

is

or

could

be

considered

an

affiliate

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a-7

of

the

1940

Act.

Further,

as

defined

under

the

procedures,

each

transaction

is

executed

at

the

current

market

price.

During the six

months

ended April

30,

2026,

no

Funds

engaged

in

these

types

of

transactions.

(8)

RELATED

PARTY

TRANSACTIONS

As

of

April

30,

2026,

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.

(9)

SUBSEQUENT

EVENTS

The

Adviser

of

the

Funds

has

evaluated

the

impact

of

subsequent

events

through

the

date

the

financial

statements

were

issued,

and

has

determined

that

no

additional

items

require

disclosure.

(10) 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 April

30,

2026,

the

following

Funds

had

portfolio

concentration

greater

than

25%

in

certain

sectors:

(11) PRINCIPAL

RISKS

Investing

in

the

Funds

involves

risks.

The

following

is

an

alphabetical

list

of principal

risks associated with investing

in

the

Funds.

Refer

to

the

prospectus

for

risks

specific

to

each

Fund.

Artificial

Intelligence

Risk

—

The

development

and

use

of

artificial

intelligence

(“AI”)

technologies,

including

generative

AI,

are

expanding

rapidly

and

may

be

employed

by

issuers

in

which

the

Funds

invest,

as

well

as

by

service

providers

that

support

the

operations

of

the

Funds.

AI

technologies

rely

on

complex

algorithms

and

large

data

sets,

which

may

produce

incomplete,

inaccurate,

or

biased

outcomes

and

lead

to

errors

in

decision

making,

reputational

damage,

legal

or

operational

challenges,

and

investment

losses

affecting

the

Funds.

The

broader

use

of

AI

may

also

heighten

market

risks,

including

manipulation,

fraud,

and

cyberattacks.

To

the

extent

a

Fund

invests

in

companies

that

develop,

implement,

or

are

otherwise

involved

in

AI

technologies,

the

Fund

may

be

impacted

by

risks

affecting

such

companies.

These

risks

may

include

small

or

limited

markets

for

such

securities,

changes

in

business

cycles,

impediments

to

technological

progress,

rapid

obsolescence,

and

government

regulation.

Securities

of

such

companies,

especially

smaller,

start-up

companies,

tend

to

be

more

volatile

than

securities

of

larger,

more

established

companies.

Rapid

changes

to

AI

technologies

could

have

a

material

adverse

effect

on

such

company’s

operating

results.

These

companies

are

generally

heavily

dependent

on

intellectual

property

rights

and

may

be

adversely

affected

by

loss

or

impairment

of

those

rights.

There

can

be

no

assurance

that

the

steps

taken

by

companies

to

protect

their

proprietary

intellectual

property

rights

in

AI

technologies

will

be

sufficient

to

prevent

the

misappropriation

of

their

technology

or

that

competitors

will

not

independently

develop

similar

technologies.

Such

companies

may

engage

in

significant

amounts

of

spending

on

research

and

development,

and

there

is

no

guarantee

that

the

products

or

services

produced

by

these

companies

will

be

successful.

AI

technology

could

face

increased

regulatory

scrutiny

in

the

future,

which

may

limit

the

development

of

AI

technologies

and

impede

the

growth

of

companies

that

develop

or

use

such

technologies.

The

use

of

AI

technologies

and

applicable

laws

and

regulations

continues

to

evolve.

It

is

not

possible

to

predict

the

full

extent,

impact,

or

risks

of

such

use.

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

Fund

Number

of

Securities

Percent

of

Fund's

Net

Assets

Investment

Grade

Corporate

Bond

1

0.05%

Fund

Sector

%

of

Total

Net

Assets

Emerging

Markets

Debt

Foreign

Government

92.8%

Emerging

Markets

Equity

Information

Technology

36.2%

International

Equity

Financials

        28.0%

Investment

Grade

Corporate

Bond

Financials

40.7%

Short-Term

Reserve

Financials

57.3%

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

70

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.

Convertible

Securities Risk

—

Convertible

securities

are

subject

to

the

usual

risks

associated

with

debt

securities,

such

as

interest

rate

risk

and

credit

risk.

Convertible

securities

also

react

to

changes

in

the

value

of

the

common

stock

into

which

they

convert,

and

are

thus

subject

to

market

risk.

The

Fund

may

also

be

forced

to

convert

a

convertible

security

at

an

inopportune

time,

which

may

decrease

the

Fund’s

return.

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,

privacy,

fraud,

business

disruption,

and

related

risks.

In

general,

cyber

incidents

can

result

from

deliberate

attacks

or

unintentional

events.

Increased

geopolitical

tensions

may

increase

the

risk,

scale,

and

sophistication

of

cyber-attacks.

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

a

Fund’s

ability

to

calculate

its

NAV,

corrupting

data

or

preventing

parties

from

sharing

information

necessary

for

a

Fund’s

operation,

preventing

or

slowing

trades,

stopping

shareholders

from

making

transactions,

potentially

subjecting

a

Fund

or

the

Adviser

to

regulatory

fines

and

penalties,

and

creating

additional

compliance

costs.

Similar

types

of

cybersecurity

risks

are

also

present

for

issuers

or

securities

in

which

a

Fund

may

invest,

which

could

result

in

material

adverse

consequences

for

such

issuers

and

may

cause

a

Fund’s

investments

in

such

companies

to

lose

value.

While

a

Fund’s

service

providers

have

established

business

continuity

and

incident

response

plans

in

the

event

of

such

cyber

incidents,

there

are

inherent

limitations

in

such

plans

and

systems.

Additionally,

a

Fund

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

their

service

providers

or

any

other

third

parties

whose

operations

may

affect

a

Fund

or

its

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

a

Fund

to

greater

risk

and

increase

its

costs.

Such

leverage

may

cause

a

Fund

to

liquidate

portfolio

positions

when

it

may

not

be

advantageous

to

do

so

to

satisfy

its

obligations.

Increases

and

decreases

in

the

value

of

a

Fund’s

portfolio

will

be

magnified

when

a

Fund

uses

leverage.

Futures

contracts,

options

on

futures

contracts,

forward

contracts,

and

options

on

derivatives

can

allow

a

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.

The

use

of

derivatives

involves

the

risks

associated

with

the

securities

or

other

assets

underlying

those

derivatives,

including

the

risk

of

changes

in

the

value

of

the

underlying

assets

between

the

date

that

a

Fund

enters

into

the

derivatives

transaction

and

the

date

that

a

Fund

closes

out

that

transaction.

When

a

Fund

enters

into

a

futures

contract,

for

example,

it

commits

to

purchasing

or

selling

a

particular

security

at

a

future

date

at

a

specified

price.

Changes

in

the

value

of

the

underlying

security

between

the

time

that

a

Fund

enters

into

the

futures

contract

and

the

time

the

Fund

has

to

purchase

or

sell

the

security

may

cause

the

Fund

to

have

to

purchase

the

security

at

a

price

which

is

greater

than,

or

to

sell

the

security

at

a

price

which

is

lower

than,

the

security’s

then-current

market

value.

When

a

Fund

enters

into

an

interest

rate

swap,

it

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

71

agrees

with

another

party

to

exchange

their

respective

interest

rate

exposures

on

a

similar

principal

amount

(e.g.,

exchanging

fixed

rate

interest

payments

on

a

specific

principal

amount

for

floating

rate

interest

payments

on

that

same

principal

amount,

or

vice

versa).

If

interest

rates

change

in

a

manner

or

to

a

degree

not

anticipated

by

a

Fund,

the

Fund

could

end

up

receiving

less

interest

on

its

investment

than

if

the

Fund

had

not

entered

into

the

swap

agreement.

When

a

Fund

enters

into

a

credit

default

swap,

it

agrees

with

another

party

to

transfer

the

credit

exposure

of

one

or

more

underlying

debt

obligations.

The

purchaser

of

the

credit

default

swap

agrees

to

pay

the

seller

a

fixed

premium

for

a

specific

term,

in

exchange

for

which

the

seller

agrees

to

make

a

contingent

payment

to

the

buyer

in

the

event

the

issuer

of

the

underlying

debt

obligations

defaults

or

upon

the

occurrence

of

another

credit

event

specified

in

the

swap

agreement.

If

the

specified

credit

event

does

not

occur

during

the

term

of

the

credit

default

swap,

the

swap’s

purchaser

will

have

paid

the

fixed

premiums

and

received

no

return

on

the

swap

agreement.

Conversely,

if

the

specified

credit

event

does

occur

during

the

swap’s

term,

the

swap’s

seller

may

have

to

make

a

payment

to

the

purchaser

which

exceeds

the

value

of

the

premiums

that

were

received

by

the

seller.

The

use

of

derivatives

may

also

involve

risks

which

differ

from,

or

are

potentially

greater

than,

the

risks

associated

with

investing

directly

in

the

underlying

reference

asset.

For

example,

the

use

by

a

Fund

of

privately

negotiated,

over-the-counter

(“OTC”)

derivatives

contracts,

including

interest

rates

swaps

and

credit

default

swaps,

exposes

the

Fund

to

the

risk

that

the

counterparty

to

the

OTC

derivatives

contract

will

be

unable

or

unwilling

to

make

timely

payments

under

the

contract

or

otherwise

honor

its

obligations.

There

can

be

no

assurance

that

a

counterparty

will

meet

its

obligations,

especially

during

periods

of

adverse

market

conditions.

The

market

for

certain

types

of

derivative

instruments

may

also

be

less

liquid

than

the

market

for

the

underlying

reference

asset,

making

it

difficult

for

a

Fund

to

value

its

derivative

investments

or

sell

those

investments

at

an

acceptable

price.

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.

The

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,

auditing,

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.

Risks

of

investing

in

emerging

market

countries

may

also

include

additional

transaction

costs,

delays

in

settlement

procedures,

and

unexpected

market

closures.

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

generally

do

not

move

in

the

same

direction

at

the

same

time

and

are

generally

more

volatile

than

most

debt

securities.

Financial

Sector

Risk

—

To

the

extent

that

the

financials

sector

represents

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. 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,

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

72

lack

of

reliable

information

and

fluctuations

in

currency

exchange

rates

where

investments

are

denominated

in

currencies

other

than

the

U.S.

dollar.

Certain

events

in

foreign

markets

may

adversely

affect

foreign

and

domestic

issuers,

including

interruptions

in

the

global

supply

chain,

market

closures,

war,

terrorism,

natural

disasters

and

outbreak

of

infectious

diseases.

The

Fund’s

investment

in

any

country

could

be

subject

to

governmental

actions

such

as

capital

or

currency

controls,

nationalizing

a

company

or

industry,

expropriating

assets,

or

imposing

punitive

taxes

that

would

have

an

adverse

effect

on

security

prices,

and

impair

the

Fund’s

ability

to

repatriate

capital

or

income.

Foreign

securities

may

also

be

more

difficult

to

resell

than

comparable

U.S.

securities

because

the

markets

for

foreign

securities

are

often

less

liquid.

Even

when

a

foreign

security

increases

in

price

in

its

local

currency,

the

appreciation

may

be

diluted

by

adverse

changes

in

exchange

rates

when

the

security’s

value

is

converted

to

U.S.

dollars.

Foreign

withholding

taxes

also

may

apply

and

errors

and

delays

may

occur

in

the

settlement

process

for

foreign

securities.

Government

Securities

Risk

—

The

Fund

invests

in

securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

and

instrumentalities

(such

as

Federal

Home

Loan

Bank,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

securities).

Securities

issued

or

guaranteed

by

Federal

Home

Loan

Banks,

Ginnie

Mae,

Fannie

Mae

or

Freddie

Mac

are

not

issued

directly

by

the

U.S.

government.

Ginnie

Mae

is

a

wholly

owned

U.S.

corporation

that

is

authorized

to

guarantee,

with

the

full

faith

and

credit

of

the

U.S.

government,

the

timely

payment

of

principal

and

interest

of

its

securities.

By

contrast,

securities

issued

or

guaranteed

by

U.S.

government-

related

organizations

such

as

Federal

Home

Loan

Banks,

Fannie

Mae

and

Freddie

Mac

are

not

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

No

assurance

can

be

given

that

the

U.S.

government

would

provide

financial

support

to

its

agencies

and

instrumentalities

if

not

required

to

do

so

by

law.

In

addition,

the

value

of

U.S.

government

securities

may

be

affected

by

changes

in

the

credit

rating

of

the

U.S.

government,

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.

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

and

may

be

more

difficult

to

value

than

higher

rated

fixed

income

securities

of

a

similar

maturity.

High-yield

securities

also

tend

to

be

more

volatile

than

investment-grade

securities.

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

in

general

economic

conditions,

inflation,

and

monetary

policies,

such

as

certain

types

of

interest

rate

changes

by

the

Federal

Reserve,

could

affect

interest

rates

and

the

value

of

some

securities.

During

periods

of

low

interest

rates

or

when

inflation

rates

are

high

or

rising,

the

Fund

may

be

subject

to

a

greater

risk

of

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

assessment

of

potential

Fund

investments

may

prove

incorrect,

resulting

in

losses

or

poor

performance,

even

in

rising

markets.

Poor

investments

by

the

Adviser

may

cause

the

Fund

to

underperform

relative

to

its

benchmark

or

similar

funds. 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,

financial

intermediaries,

investment

models

constructed

by

the

Adviser

or

its

affiliates,

or

affiliated

funds

or

accounts)

may

make

or

result

in

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 a

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.

Leveraged

Loan Risk

— Leveraged

loans

(also

known

as

bank

loans)

are

subject

to

the

risks

typically

associated

with

debt

securities.

In

addition,

leveraged

loans,

which

typically

hold

a

senior

position

in

the

capital

structure

of

a

borrower,

are

subject

to

the

risk

that

a

court

could

subordinate

such

loans

to

presently

existing

or

future

indebtedness

or

take

other

action

detrimental

to

the

holders

of

leveraged

loans.

Leveraged

loans

are

also

subject

to

the

risk

that

the

value

of

the

collateral,

if

any,

securing

a

loan

may

decline,

be

insufficient

to

meet

the

obligations

of

the

borrower,

or

be

difficult

to

liquidate.

Some

leveraged

loans

are

not

as

easily

purchased

or

sold

as

publicly-traded

securities

and

others

are

illiquid,

which

may

Thrivent

Core

Funds

Notes

to

Financial

Statements

April

30,

2026

73

make

it

more

difficult

for

the

Fund

to

value

them

or

dispose

of

them

at

an

acceptable

price.

Below

investment-grade

leveraged

loans

are

typically

more

credit

sensitive.

Also,

over

time,

the

customary

form

of

new

and/or

restructured

leveraged

loans

have

become

known

as

“covenant

lite”

loans,

which

have

contractual

provisions

that

are

more

favorable

to

borrowers

and

provide

less

protection

for

lenders

such

as

the

Fund.

As

a

result,

the

Fund

could

experience

relatively

greater

difficulty

or

delays

in

enforcing

its

rights

on

its

holdings

of

covenant

lite

loans

than

its

holdings

of

loans

with

financial

maintenance

covenants,

which

may

result

in

losses.

In

the

event

of

fraud

or

misrepresentation,

the

Fund

may

not

be

protected

under

federal

securities

laws

with

respect

to

leveraged

loans

that

may

not

be

in

the

form

of

“securities.”

The

settlement

period

for

some

leveraged

loans

may

be

more

than

seven

days.

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

regulatory

events,

economic

downturn,

government

shutdowns,

the

spread

of

infectious

illness

such

as

the

outbreak

of

COVID-19,

public

health

crises,

war,

terrorism,

social

unrest,

recessions,

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

are

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

are

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.

New

and

Smaller

Sized

Fund

Risk

— The

Fund

is

new

and

has

a

limited

operating

history

for

investors

to

evaluate

and

may

not

be

successful

in

implementing

its

investment

strategies.

The

Fund

may

fail

to

attract

sufficient

assets

to

achieve

or

maintain

economies

of

scale,

which

could

result

in

the

Fund

being

liquidated

at

any

time

without

shareholder

approval

and

at

a

time

that

may

not

be

favorable

for

all

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

relating

to

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

April

30,

2026

74

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 a

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,

which

are

authorized

to

take

extraordinary

actions

in

the

event

of

market

emergencies.

The

regulatory

environment

for

the

Funds

is

evolving,

and

changes

in

the

regulation

of

investment

funds,

managers,

and

their

trading

activities

and

capital

markets,

or

a

regulator’s

disagreement

with a

Fund’s

interpretation

of

the

application

of

certain

regulations,

may

adversely

affect

the

ability

of the

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

be

vulnerable

to

changes

in

government

regulation

or

scrutiny

and

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.

Valuation

Risk

—

The

price

that

a

Fund

receives

upon

the

sale

(or

other

disposition)

of

an

investment

may

differ

from

the

Fund's

valuation

of

the

investment,

particularly

for

investments

that

trade

in

lower

volumes,

during

periods

of

market

turmoil

or

volatility,

or

investments

that

are

valued

using

a

fair

valuation

methodology

or

based

on

a

price

provided

by

an

independent

pricing

service.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

to

it

by

the

Fund,

and

the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

such

investment.

Thrivent

Core

Funds

Financial

Highlights

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

76

Per

Share

Outstanding

Throughout

Each

Period

*

Income

From

Investment

Operations

Less

Distributions

From

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income/(Loss)

Net

Realized

and

Unrealized

Gain/(Loss)

on

Investments

(a)

Total

from

Investment

Operations

Net

Investment

Income

Net

Realized

Gain

on

Investments

EMERGING

MARKETS

DEBT

FUND

Period

Ended

4/30/2026

(unaudited)

$

8.81

$

0.25

$

0.04

$

0.29

$

(0.25)

$

–

Year

Ended

10/31/2025

8.22

0.51

0.59

1.10

(0.51)

–

Year

Ended

10/31/2024

7.27

0.50

0.93

1.43

(0.48)

–

Year

Ended

10/31/2023

7.08

0.45

0.20

0.65

(0.46)

–

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)

–

EMERGING

MARKETS

EQUITY

FUND

Period

Ended

4/30/2026

(unaudited)

12.20

0.13

2.06

2.19

(0.40)

–

Year

Ended

10/31/2025

9.81

0.30

2.40

2.70

(0.31)

–

Year

Ended

10/31/2024

8.08

0.27

1.75

2.02

(0.29)

–

Year

Ended

10/31/2023

7.43

0.25

0.71

0.96

(0.31)

–

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)

–

HIGH

YIELD

BOND

FUND

Period

Ended

4/30/2026

(unaudited)

(c)

20.00

0.20

(0.15)

0.05

(0.20)

–

INTERNATIONAL

EQUITY

FUND

Period

Ended

4/30/2026

(unaudited)

12.83

0.16

1.44

1.60

(0.42)

(0.67)

Year

Ended

10/31/2025

10.84

0.35

2.00

2.35

(0.36)

–

Year

Ended

10/31/2024

9.12

0.30

1.78

2.08

(0.36)

–

Year

Ended

10/31/2023

8.27

0.33

0.74

1.07

(0.22)

–

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)

–

INVESTMENT

GRADE

CORPORATE

BOND

FUND

Period

Ended

4/30/2026

(unaudited)

(c)

20.00

0.15

(0.36)

(0.21)

(0.15)

–

SHORT-TERM

RESERVE

FUND

Period

Ended

4/30/2026

(unaudited)

10.00

0.20

0.00

0.20

(0.20)

–

Year

Ended

10/31/2025

10.00

0.46

0.00

0.46

(0.46)

–

Year

Ended

10/31/2024

10.00

0.56

0.00

0.56

(0.56)

–

Year

Ended

10/31/2023

10.00

0.51

0.00

0.51

(0.51)

–

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)

–

(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,

March

4,

2026.

*

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.

77

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

$

(0.25)

$

8.85

3.37%

$

640.0

0.05%

5.67%

0.05%

5.67%

6%

(0.51)

8.81

13.90%

703.8

0.05%

6.03%

0.05%

6.03%

14%

(0.48)

8.22

20.04%

733.6

0.05%

6.16%

0.05%

6.16%

11%

(0.46)

7.27

9.08%

712.6

0.05%

5.92%

0.05%

5.92%

16%

(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%

(0.40)

13.99

18.46%

834.8

0.17%

2.03%

0.17%

2.03%

33%

(0.31)

12.20

28.45%

705.0

0.17%

2.86%

0.17%

2.86%

77%

(0.29)

9.81

25.46%

563.2

0.19%

2.93%

0.19%

2.93%

76%

(0.31)

8.08

12.81%

448.6

0.19%

2.92%

0.19%

2.92%

80%

(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%

(0.20)

19.85

0.27%

914.9

0.10%

6.54%

0.10%

6.54%

27%

(1.09)

13.34

13.28%

807.7

0.07%

2.73%

0.07%

2.73%

31%

(0.36)

12.83

22.54%

713.5

0.08%

3.03%

0.08%

3.03%

84%

(0.36)

10.84

23.07%

581.8

0.08%

2.88%

0.08%

2.88%

87%

(0.22)

9.12

13.09%

437.8

0.09%

3.31%

0.09%

3.31%

86%

(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%

(0.15)

19.64

(1.05)%

1,346.3

0.08%

5.07%

0.08%

5.07%

19%

(0.20)

10.00

1.99%

3,038.6

0.01%

4.03%

0.01%

4.03%

41%

(0.46)

10.00

4.75%

3,842.8

0.01%

4.64%

0.01%

4.64%

89%

(0.56)

10.00

5.73%

5,568.9

0.01%

5.58%

0.01%

5.58%

64%

(0.51)

10.00

5.27%

4,573.2

0.01%

5.14%

0.01%

5.14%

101%

(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%

78

Changes

in

and

Disagreements

with

Accountants

None

during

the

reporting

period.

79

Proxy

Disclosures

A

special

meeting

of

shareholders

of

Thrivent

Core

International

Equity

Fund

was

held

on

May

14,

2026.

Shareholders

considered

and

approved

an

Agreement

and

Plan

of

Reorganization

providing

for

the

reorganization

of

Thrivent

Core

International

Equity

Fund

into

Thrivent

International

Large

Cap

ETF,

a

newly

created

series

of

Thrivent

ETF

Trust.

The

results

of

the

meeting

were

as

follows:

Shares

Outstanding

(as

of

Record

Date):

60,560,446.995

Total

Shares

Voted:

60,560,446.995

Percentage

of

Shares

Voted:

100%

Vote

Total

Shares

Voted

Percentage

of

Shares

Voted

Percentage

of

Shares

Outstanding

For:

55,335,797.144

91.37%

91.37%

Against:

0

0.00%

0.00%

Abstain:

5,224,669.851

8.63%

8.63%

80

Remuneration

Paid

to

Directors,

Officers,

and

Others

The

information

is

disclosed

in

the

Statement

of

Operations

and

as

part

of

the

Fees

and

Compensation

Paid

to

Affiliates

section

of

the

Notes

to

Financial

Statements

included

in

Item

7

of

this

Form

N-CSR.

81

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

Board

Approval

of

Advisory

Agreement

The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

the

investment

advisory

agreement

(“Advisory

Agreement”)

for

the

Thrivent

Core

High

Yield

Bond

Fund

and

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

(each,

a

“Fund”

and

together,

the

“Funds”),

a

series

of

the

Thrivent

Core

Funds

(the

“Trust”),

be

approved

by

the

Board

of

Trustees

(the

“Board”),

including

a

majority

of the

Trustees

who

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act

(the

“Independent

Trustees”).

At

its

meeting

on

November

18,

2025,

the

Board

voted

unanimously

to

approve

the

Advisory

Agreement

between

the

Trust

and

Thrivent

Asset Management,

LLC

(the

“Adviser”)

with

respect

to

the

Funds.

In

connection

with

its

evaluation

of

the

agreement

with

the

Adviser,

the

Board reviewed

a

broad

range

of

information

requested

for

this

purpose

and

considered

a

variety

of

factors,

including

the

purpose

of

the

Trust

and

the objective

of

each

Fund,

as

well

as

the

following:

1.

The

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser;

2.

The

Adviser’s

performance

history

and

how

that

might

translate

to

the

performance

of

a

Fund;

3.

The

fees

and

other

expense

charged

to

each

Fund;

4.

The

cost

of

services

provided

and

any

profit

realized

by

the

Adviser;

5.

Other

benefits

realized

by

the

Adviser

and

its

affiliates

from

their

relationship

with

the

Funds;

and

6.

Any

other

factors

that

the

Board

deemed

relevant

to

its

consideration.

In

connection

with

the

approval

of

the

Advisory

Agreement,

the

Board

(consisting

of

all

of

the

Independent

Trustees)

met

on

August

19

and

November

18,

2025

to

consider

information

relevant

to

the

Trustees’

consideration.

The

Independent

Trustees

were

represented

by

independent

counsel

throughout

the

process

and

during

executive

sessions

without management

present

to

consider

whether

to

approve

the

Advisory

Agreement.

Each

Independent

Trustee

relied

on

his

or

her

own

business

judgment

in

determining

the

weight

to

be

given

to

each

factor

considered

in

evaluating

the

materials

that

were

presented

to

them.

The

Board’s

review

and conclusions

were

based

on

a

comprehensive

consideration

of

all

information

presented

to

them

and

were

not

the

result

of

any

single

controlling factor.

In

addition,

each

Trustee

may

have

weighed

individual

factors

differently.

The

key

factors

considered

and

the

conclusions

reached

are

described

below.

Nature,

Extent

and

Quality

of

Services

At

the

meetings,

the

Adviser

presented

information

describing

the

services

to

be

furnished

to

the

Funds

by

the

Adviser.

The

Board

received information

at

the

meetings

from

the

Adviser

regarding

the

rationale

for

the

proposed

Funds.

The Board

received

information

about

the

characteristics

of

each

proposed

Fund,

including

its

investment

objective,

investment

philosophy

and process,

proposed

benchmark

and

expected

Morningstar

category.

The

Board

received

information

about

the

qualifications

and

experience

of the

proposed

portfolio

managers.

82

(Unaudited)

These

presentations

gave

the

Board

the

opportunity

to

evaluate

the

abilities

of

the

portfolio

managers

and

other

investment

professionals

and

the

quality

of

services

expected

to

be

provided

to

the

Funds.

The

Independent

Trustees

also

met,

including

in

executive

session,

with

and

received

periodic

reports

regarding other

Thrivent

funds

from

the

Trust’s

Chief

Compliance

Officer,

the

Trust’s

independent

accounting

firm,

and

representatives

from

the

internal audit

department

of

the

Adviser

(Business

Risk

Management)

that

served

to

inform

the

Board

about

the

types

of

compliance

services

and programs

that

would

be

applied

to

the

Funds.

The

Board

noted

that

the

Chief

Compliance

Officer

met

regularly

between

quarterly

meetings

with the

Chair

of

the

Ethics

and

Compliance

Committee

and

that

the

Chairs

of

other

Committees

communicated

with

Adviser

representatives

between quarterly

meetings.

The

Board

noted

that

investment

management

staff

of

the

Adviser

and

the

Trust’s

Chief

Compliance

Officer

follow

up

as

needed

on

additional

questions

or

concerns

that

arise

during

quarterly

meetings.

The

Board

considered

the

adequacy

of

the

Adviser’s

resources

to

be

used

in

providing

services

to

the

Funds.

The

Adviser

reviewed

its

process for

overseeing

its

portfolio

management

teams

for

all

Thrivent

funds.

In

addition,

the

Adviser

noted

that

its

investments

in

technology

and

personnel

have

benefitted

other

Thrivent

funds

and

discussed continued

investments

in

these

resources,

which,

in

particular,

would

benefit

the

Funds.

The

Board

viewed

these

actions

as

a

positive

factor

in approving

the

Advisory

Agreement

as

they

demonstrated

the

Adviser’s

commitment

to

provide

the

Funds

with

quality

service

and

competitive

investment

performance.

The

Board

concluded

that,

within

the

context

of

its

full

deliberations,

the

nature,

extent

and

quality

of

the

investment

advisory

services

to

be provided

to

the

Funds

by

the

Adviser

supported

approval

of

the

Advisory

Agreement.

Investment

Performance

Because

the

Funds

had

not

yet

commenced

operation,

the

Board

could

not

consider

the

performance

of

either

Fund.

The

Board

considered

the Adviser’s

record

in

managing

fixed

income

securities

for

other

funds

and

noted

that

it

would

have

opportunity

to

review

performance information

for

the

Funds

in

connection

with

future

quarterly

performance

reports

and

annual

reviews

of

the

Advisory

Agreement.

Advisory

Fees

and

Fund

Expenses

The

Board

noted

that

the

Adviser

proposed

that

no

advisory

fee

be

charged

to

the

Funds,

consistent

with

other

funds

of

the

Trust,

because

shares

of

the

Funds

will

be

sold

only

to

other

Thrivent

funds

and

accounts.

The

Board

reviewed

information

provided

by

the

Adviser

regarding

custodial,

administrative,

transfer

agent

and

other

non-

advisory

fees

and

expenses.

The

Board

considered

the

fees

to

be

reasonable.

Because

the

Adviser

does

not

charge

an

advisory

fee

to

the

Funds,

the

Board

did

not

consider

whether

economies

of

scale

would

be

realized

as

the

Funds

grow

and

whether

fee

levels

reflect

economies

of

scale

for

the

benefit

of

Fund

shareholders.

Cost

of

Services

and

Profitability

The

Board

considered

that

the

Adviser

will

make

no

profit

under

the

Advisory

Agreement.

The

Board

noted

that

it would

have

opportunity

to

review

profitability

information

regarding

the

Funds

and

the

Thrivent

funds

investing

83

(Unaudited)

in

the

Funds

in

connection

with

future

annual

reviews

of

the

Advisory Agreement.

Other

Benefits

to

the

Adviser

and

its

Affiliates

The

Board

considered

information

regarding

potential

“fall-out”

or

ancillary

benefits

that

the

Adviser

and

its

affiliates

may

receive

as

a

result

of their

relationship

with

the

Funds,

both

tangible

and

intangible,

such

as

their

ability

to

leverage

investment

professionals

who

manage

other portfolios,

an

enhanced

reputation

as

an

investment

adviser

which

may

help

in

attracting

other

clients

and

investment

personnel,

relationships

with

issuers

or

other

market

participants,

and

the engagement

of

affiliates

as

service

providers

to

the

Trust.

The

Board

noted

that

such

benefits

were

difficult

to

quantify

but

were

consistent

with benefits

received

by

other

fund

advisers.

Based

on

the

factors

discussed

above,

the

Board,

including

all

of

the

Independent

Trustees

voting

separately,

approved

the

Advisory

Agreement

for

an

initial

two-year

period.

84

(Unaudited)

Board

Approval

of

Advisory

Agreement

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

a

fund’s

investment

advisory

agreement

be

approved

initially

by

the

fund’s

board

of

trustees.

Section

15(c)

also

requires

that

the

continuation

of

the

agreement,

after

an

initial

term

of

up

to

two

years,

be

annually

reviewed

and

approved

by

the

board.

Any

such

agreement

must

be

approved

by

a

vote

of

a

majority

of

the

trustees

who

are

not

parties

to

the

agreement

or

“interested

persons”

(as

defined

in

the

1940

Act)

of

a

party

to

the

agreement

at

a

meeting

of

the

board

called

for

the

purpose

of

voting

on

such

approval.

At

its

meeting

on

November

18,

2025

(the

“Meeting”),

the

Board

of

Trustees

(the

“Board”)

of

the

Thrivent

Core

Funds

(the

“Trust”),

including

the

trustees

who

are

not

parties

to

the

agreement

or

“interested

persons”

as

defined

in

the

1940

Act

(the

“Independent

Trustees”),

considered

and

voted

unanimously

to

renew

the

existing

advisory

agreement,

as

amended

(the

“Advisory

Agreement”)

between

the

Trust

and

Thrivent

Asset

Management,

LLC

(the

“Adviser”)

for

each

series

of

the

Trust

(each,

a

“Fund”).

The

Trust

was

designed

to

provide

shareholders

of

other

Thrivent

funds

with

certain

benefits,

including

a

reduction

of

operational

complexities

associated

with

investing

in

various

asset

classes.

The

series

of

the

Trust

are

only

available

to

other

funds

and

accounts

managed

by

the

Adviser

or

its

affiliates.

In

advance

of

the

Meeting,

the

Adviser

provided

information

to

the

Board

in

response

to

requests

for

information

by

independent

legal

counsel

on

behalf

of

the

Independent

Trustees

to

facilitate

the

Board’s

evaluation

of

the

Advisory

Agreement.

In

connection

with

its

evaluation

of

the

Advisory

Agreement,

the

Board

reviewed

a

broad

range

of

information

requested

for

this

purpose

and

considered

a

variety

of

factors,

including

the

purpose

of

the

Trust

and

the

Funds

in

relation

to

other

Thrivent

funds,

as

well

as

the

following:

1.

The

nature,

extent,

and

quality

of

the

services

provided

by

the

Adviser;

2.

The

performance

of

each

Fund;

3.

The

net

operating

expense

ratio

of

each

Fund

compared

to

a

peer

group;

4.

The

cost

of

services

provided

and

any

profit

realized

by

the

Adviser;

5.

Other

benefits

realized

by

the

Adviser

and

its

affiliates

from

their

relationship

with

the

Trust;

and

6.

Any

other

factors

that

the

Board

deemed

relevant

to

its

consideration.

The

Contracts

Committee

of

the

Board

(consisting

of

all

of

the

Independent

Trustees)

met

six

times

in

2025

–

February

25,

May

20,

July

10,

August

19,

October

9

and

November

18

–

to

consider

information

relevant

to

the

annual

contract

renewal

process

furnished

by

the

Adviser

in

advance

of

the

meetings.

During

the

annual

contract

renewal

process,

the

Independent

Trustees

requested,

and

the

Adviser

furnished,

supplemental

information

for

the

Board’s

consideration.

The

Independent

Trustees

also

retained

the

services

of

Management

Practice

LLC

(“MPI”)

as

an

independent

consultant

to

assist

in

the

compilation,

organization,

and

evaluation

of

relevant

information.

This

information

included

Fund-by-Fund

statistical

comparisons

of

the

non-advisory

fees

and

net

operating

expenses

of

each

of

the

Funds

in

comparison

to

peer

groups

of

comparable

funds;

performance

in

comparison

to

benchmarks;

information

with

respect

to

services

provided

to

the

Funds

and

fees

charged;

asset

and

flow

trends

for

the

Funds;

and

information

regarding

the

types

of

services

furnished

to

the

Funds.

85

(Unaudited)

The

Board

received

information

from

the

Adviser

regarding

the

personnel

providing

services

to

the

Funds,

including

investment

management,

compliance

and

administrative

personnel.

The

Board

also

received

monthly

reports

from

the

Adviser’s

investment

management

staff

with

respect

to

the

performance

of

the

Funds.

In

addition

to

its

review

of

the

information

presented

to

the

Board

during

the

annual

contract

renewal

process,

the

Board

considered

information

obtained

from

the

Adviser

throughout

the

course

of

the

year.

The

Board

also

reviewed

information

from

MPI,

including

Fund-by-Fund

analyses

and

an

independent

assessment

of

information

relating

to

the

Funds

and

the

Advisory

Agreement.

The

Independent

Trustees

were

represented

by

independent

counsel

throughout

the

review

process

and

during

executive

sessions

without

the

Adviser

present

to

consider

the

reapproval

of

the

Advisory

Agreement

for

the

Funds.

Each

Independent

Trustee

relied

on

his

or

her

own

business

judgment

in

determining

the

weight

to

be

given

to

each

factor

considered

in

evaluating

the

materials

that

were

presented

to

them.

The

Contracts

Committee’s

and

Board’s

review

and

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

presented

to

them

and

were

not

the

result

of

any

single

controlling

factor.

In

addition,

each

Trustee

may

have

weighed

individual

factors

differently.

The

key

factors

considered

and

the

conclusions

reached

are

described

below.

Nature,

Extent

and

Quality

of

Services

At

each

of

the

Board’s

regular

quarterly

meetings,

the

Adviser

presented

information

describing

the

services

furnished

to

the

Funds

by

the

Adviser,

transfer

agent

and

administrator.

During

these

meetings,

the

Adviser

reported

on

the

investment

management,

portfolio

trading

and

compliance

services

provided

to

the

Funds.

The

Board

considered

information

relating

to

the

investment

experience

and

qualifications

of

the

portfolio

managers

of

the

Adviser

overseeing

investments

for

the

Funds.

During

the

annual

contract

renewal

process,

the

Board

considered

the

specific

services

provided

under

the

Advisory

Agreement.

The

Board

received

reports

and

presentations

about

the

Funds

at

each

of

its

quarterly

meetings

from

the

Adviser’s

representatives.

These

reports

and

presentations

gave

the

Board

or

one

of

its

Committees

the

opportunity

to

evaluate

the

abilities

of

the

portfolio

managers

and

other

investment

professionals

and

the

quality

of

services

they

provide

to

the

Funds.

The

Adviser

reviewed

with

the

Board

the

services

provided

by

the

Adviser.

The

Independent

Trustees

also

met,

including

in

executive

session,

with

and

received

periodic

reports

from

the

Trust’s

Chief

Compliance

Officer,

the

Trust’s

independent

accounting

firm,

and

representatives

from

the

internal

audit

department

of

the

Adviser

(Business

Risk

Management).

The

Board

noted

that

the

Chief

Compliance

Officer

met

regularly

between

quarterly

meetings

with

the

Chair

of

the

Ethics

and

Compliance

Committee

and

that

the

Chairs

of

other

Committees

communicated

with

Adviser

representatives

between

quarterly

meetings.

The

Board

noted

that

investment

management

staff

of

the

Adviser

and

the

Trust’s

Chief

Compliance

Officer

follow

up

as

needed

on

additional

questions

or

concerns

that

arise

during

quarterly

meetings.

The

Board

considered

the

adequacy

of

the

Adviser’s

resources

used

to

provide

services

to

the

Trust

pursuant

to

the

Advisory

Agreement.

The

Adviser

reviewed

with

the

Board

the

Adviser’s

process

for

overseeing

the

portfolio

management

team

of

each

Fund.

In

addition,

the

Adviser

reviewed

with

the

Board

the

Adviser’s

continued

investments

in

technology,

personnel,

compliance,

and

operations,

and

the

Adviser’s

oversight

of

other

service

86

(Unaudited)

providers

to

the

Funds.

The

Board

viewed

these

actions

as

a

positive

factor

in

reapproving

the

existing

Advisory

Agreement,

as

they

demonstrated

the

Adviser’s

commitment

to

provide

the

Funds

with

quality

service

and

competitive

investment

performance.

The

Board

concluded

that,

within

the

context

of

its

full

deliberations,

the

nature,

extent

and

quality

of

the

investment

advisory

services

provided

to

the

Funds

by

the

Adviser

supported

renewal

of

the

Advisory

Agreement.

Investment

Performance

In

connection

with

each

of

its

regular

quarterly

meetings,

the

Board

received

information

on

the

performance

of

each

Fund,

including

net

performance,

comparisons

to

benchmark

index

returns,

relative

performance

rankings

within

each

Fund’s

Morningstar

peer

universe,

Morningstar

ratings,

and

risk

metrics.

At

each

quarterly

Board

meeting,

members

of

the

Adviser’s

senior

investment

team

reviewed

with

the

Board

information

on

the

economic

and

market

environment

and

risk

management.

The

Board

considered

investment

performance

for

each

Fund.

When

evaluating

investment

performance,

the

Board

focused

on

comparisons

to

benchmark

index

returns,

noting

that

the

Funds

are

designed

to

provide

specific

asset

class

exposure

to

other

Thrivent

funds

and

accounts

investing

in

the

Funds.

The

Board

also

noted

that

the

Funds

have

operated

within

their

investment

objectives,

that

Funds

are

not

sold

directly

to

the

public

and

that

the

Adviser

was

adequately

addressing

any

performance

concerns.

Advisory

Fees

and

Fund

Expenses

The

Board

noted

that

the

Adviser

does

not

charge

an

advisory

fee

to

the

Funds.

The

Board

reviewed

information

provided

by

the

Adviser

regarding

custodial,

administrative,

transfer

agent

and

other

non-advisory

fees

and

expenses.

The

Board

noted

that

each

Fund’s

net

expense

ratio

was

lower

than

the

medians

of

its

MPI

peer

group

and

its

Morningstar

peer

universe.

The

Board

considered

the

non-advisory

fees

to

be

reasonable.

Because

the

Adviser

does

not

charge

an

advisory

fee

to

the

Funds,

the

Board

did

not

consider

whether

economies

of

scale

would

be

realized

as

the

Funds

grow

and

whether

fee

levels

reflect

economies

of

scale

for

the

benefit

of

Fund

shareholders.

On

the

basis

of

its

review,

the

Board

concluded

that

continuing

to

not

charge

an

advisory

fee

to

the

Funds

for

investment

management

services

was

reasonable.

Cost

of

Services

and

Profitability

The

Board

considered

the

profitability

of

the

Adviser

both

overall

and

on

a

Fund-by-Fund

basis.

The

Board

considered

the

level

of

the

Adviser’s

profits

with

respect

to

all

the

Thrivent

funds,

including

the

Funds.

The

Board

considered

that

the

Adviser

makes

no

profit

under

the

Advisory

Agreement

and

concluded

that

the

Adviser’s

profitability

on

other

fees

was

not

excessive

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Funds.

87

(Unaudited)

Other

Benefits

to

the

Adviser

and

its

Affiliates

The

Board

considered

information

regarding

“fall-out”

or

ancillary

benefits

that

the

Adviser

and

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Trust,

both

tangible

and

intangible.

Such

benefits

may

include

the

ability

to

leverage

investment

professionals

who

manage

other

portfolios,

an

enhanced

reputation

as

an

investment

adviser

which

may

help

in

attracting

other

clients

and

investment

personnel,

relationships

with

issuers

or

other

market

participants,

the

engagement

of

affiliates

as

service

providers

to

the

Trust,

and

research

received

by

the

Adviser

generated

from

soft

dollar

commissions

for

portfolio

trading.

The

Board

noted

that

such

benefits

were

difficult

to

quantify

but

were

consistent

with

benefits

received

by

other

fund

advisers.

Based

on

the

factors

discussed

above,

the

Contracts

Committee

unanimously

recommended

approval

of

the

Advisory

Agreement,

and

the

Board,

including

all

of

the

Independent

Trustees

voting

separately,

approved

the

Advisory

Agreement.