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

Emerging

Markets

Debt

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

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

1,114,625

13,700,000

4.125%,

7/9/2035

10,206,500

12,700,000

3.500%,

7/9/2041

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

1,834,470

2,000,000

6.625%,

10/6/2037

1,896,811

1,000,000

7.100%,

2/3/2038

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

Chile

2,000,000

6.440%,

1/26/2036

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

1,053,500

9,100,000

6.125%,

1/18/2041

8,208,200

Ecopetrol

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

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

1,006,550

3,000,000

5.500%,

2/22/2029

2,998,650

3,500,000

4.875%,

9/23/2032

3,298,575

1,000,000

5.750%,

3/17/2034

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

1,552,500

Total

12,497,134

Emerging

Markets

Debt

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 95.2%

Value

Egypt 2.1%

Egypt

Government

International

Bond

500,000

7.500%,

2/16/2061

397,720

1,000,000

8.750%,

9/30/2051

a,b

922,581

1,000,000

7.053%,

1/15/2032

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

Salvador 0.9%

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

67,742

48,000

Zero

Coupon,

7/3/2026

47,505

1,270,500

5.000%,

7/3/2029

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

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

1,499,100

4,590,000

4.500%,

5/3/2026

4,590,000

2,200,000

4.375%,

6/5/2027

2,190,452

5,000,000

5.375%,

4/24/2032

5,054,000

2,200,000

6.550%,

2/6/2037

2,345,200

2,000,000

4.650%,

10/7/2041

1,746,600

Total

17,425,352

Honduras 0.3%

Honduras

Government

International

Bond

1,000,000

6.250%,

1/19/2027

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

3,047,646

1,500,000

2.125%,

9/22/2031

1,303,143

3,000,000

6.250%,

9/22/2032

3,196,705

1,500,000

6.000%,

9/26/2035

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

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

3,756,731

1,000,000

7.750%,

1/17/2038

1,204,608

726,000

6.750%,

1/15/2044

807,571

2,700,000

5.125%,

1/15/2045

2,549,750

1,200,000

5.250%,

1/8/2047

1,143,149

1,500,000

4.350%,

1/11/2048

1,231,757

Pertamina

Persero

500,000

6.450%,

5/30/2044

513,555

Perusahaan

Listrik

Negara

(Persero)

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

1,498,125

1,500,000

4.400%,

6/6/2027

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

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

3,902,617

2,122,275

2.940%,

9/30/2040

1,749,342

Total

8,604,531

Jordan 0.8%

Jordan

Government

International

Bond

2,500,000

7.500%,

1/13/2029

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

JSC

2,000,000

5.625%,

5/8/2036

a,d

1,959,916

Total

7,316,492

Emerging

Markets

Debt

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 95.2%

Value

Peru 2.7%

Corporacion

Financiera

Desarrollo

1,000,000

5.500%,

5/6/2030

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

1,800,000

5.625%,

6/19/2047

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

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

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

2,996,989

QatarEnergy

2,000,000

3.125%,

7/12/2041

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

6,021,466

3,500,000

3.000%,

2/14/2031

3,130,712

2,000,000

7.125%,

1/17/2033

2,118,659

2,500,000

6.375%,

1/30/2034

2,525,418

1,000,000

5.750%,

3/24/2035

961,375

2,000,000

7.500%,

2/10/2037

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

6,273,128

1,000,000

5.125%,

1/13/2028

1,009,793

4,000,000

3.625%,

3/4/2028

3,930,086

1,300,000

4.375%,

4/16/2029

1,291,371

Principal

Amount

Long-Term

Fixed

Income 95.2%

Value

Saudi

Arabia 4.2% -

continued

500,000

2.250%,

2/2/2033

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

4,026,780

1,000,000

5.000%,

2/2/2036

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

1,063,596

Total

3,115,818

South

Africa 3.0%

Eskom

Holdings

SOC,

Ltd.

5,000,000

6.350%,

8/10/2028

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

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

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

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

Spain

Waterfront

Development

933,333

7.875%,

2/19/2040

960,960

Telecommunications

Services

Trinidad

and

Tobago,

Ltd.

2,000,000

8.875%,

10/18/2029

2,034,000

Total

2,994,960

Emerging

Markets

Debt

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 95.2%

Value

Turkey 3.2%

Ziraat

Bankasi

1,000,000

7.250%,

2/4/2030

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

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

2,000,000

6.125%,

5/2/2029

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

237,515

1,402,166

Zero

Coupon,

2/1/2034

663,162

278,813

Zero

Coupon,

2/1/2034

a,c

131,866

2,132,932

4.500%,

2/1/2034

1,308,005

409,769

4.500%,

2/1/2034

a,c

251,288

1,184,929

Zero

Coupon,

2/1/2035

602,892

235,617

Zero

Coupon,

2/1/2035

a,c

119,882

3,310,025

4.500%,

2/1/2035

1,998,546

546,358

4.500%,

2/1/2035

a,c

329,883

2,426,201

4.500%,

2/1/2036

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

1,997,801

8,500,000

2.500%,

9/30/2029

7,982,036

Emirate

Sharjah

Government

International

Bond

4,800,000

4.000%,

7/28/2050

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

1,059,567

1,000,000

3.700%,

11/25/2030

933,473

3,000,000

3.900%,

10/19/2031

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

1,944,501

Total

7,804,101

Venezuela 1.9%

Petroleos

Venezuela

3,000,000

12.750%,

2/17/2022

1,536,000

10,500,000

6.000%,

11/15/2026

4,147,500

Venezuela

Government

International

Bond

2,800,000

12.750%,

8/23/2022

1,587,600

7,000,000

9.000%,

5/7/2023

3,500,000

2,500,000

11.750%,

10/21/2026

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

871,447

Total

1,478,991

Total

Long-Term

Fixed

Income

(cost

$610,584,845)

609,416,644

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

Equity

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Common

Stock

96.4%

Value

Bermuda 0.5%

6,430

Credicorp,

Ltd.

2,084,413

195,000

Nine

Dragons

Paper

Holdings,

Ltd.

158,363

90,000

Orient

Overseas

International,

Ltd.

1,571,229

Total

3,814,005

Brazil 3.8%

92,400

Allos

570,619

167,900

Alupar

Investimento

1,173,516

274,000

Ambev

807,314

40,929

Axia

Energia

ADR

513,659

98,500

Banco

ABC

Brasil

499,283

444,258

Banco

Bradesco

ADR

1,723,721

258,800

Banco

Brasil

1,162,348

649,300

Banco

Estado

Rio

Grande

Sul

2,045,535

2,394,590

Cogna

Educacao

1,344,352

28,651

Companhia

Saneamento

Basico

Estado

Sao

Paulo

ADR

963,533

50,600

Companhia

Saneamento

Minas

Gerais

COPASA

553,639

171,821

Companhia

Energetica

Minas

Gerais

ADR

432,989

6,622

Companhia

Paranaense

Energia

COPEL

ADR

85,225

45,800

CPFL

Energia

454,874

147,546

Cury

Construtora

Incorporadora

890,317

134,600

Cyrela

Brazil

Realty

Empreendimentos

Participacoes

635,788

340,700

Direcional

Engenharia

885,498

27,600

EcoRodovias

Infraestrutura

Logistica

48,826

563,870

Itau

Unibanco

Holding

ADR

4,905,669

313,200

JHSF

Participacoes

789,989

57,300

Dias

Branco

273,089

698,088

Metalurgica

Gerdau

1,402,718

203,242

Petroleo

Brasileiro

Petrobras

ADR

4,477,421

132,000

TIM

SA/Brazil

687,483

18,600

Transmissora

Alianca

Energia

Eletrica

159,789

256,598

Vale

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.

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

Common

Stock 96.4%

Value

Cayman

Islands 9.0% -

continued

95,500

Kingboard

Laminates

Holdings,

Ltd.

426,327

366,500

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

Holdings,

Ltd./Cayman

Islands

1,152,449

25,476

PDD

Holdings,

Inc.

ADR

2,544,543

4,912,000

Shui

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

131,927

18,578

Banco

Chile

ADR

703,549

12,769

Banco

Credito

Inversiones

862,799

26,581

Banco

Santander

Chile

ADR

850,060

2,738,885

Colbun

407,876

8,122,564

Latam

Airlines

Group

193,177

Total

3,149,388

China 12.1%

996,000

Agricultural

Bank

China,

Ltd.,

Class

776,978

229,800

Aluminum

Corporation

China,

Ltd.,

Class

396,638

1,096,000

Aluminum

Corporation

China,

Ltd.,

Class

1,605,155

76,000

Angel

Yeast

Company,

Ltd.

418,166

80,900

Anhui

Conch

Cement

Company,

Ltd.,

Class

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

China,

Ltd.,

Class

2,808,481

855,000

Bank

Communications

Company,

Ltd.,

Class

782,056

93,900

Bank

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

78,483

27,200

Chaozhou

Three-Circle

Group

Company,

Ltd.

345,175

482,200

China

CITIC

Bank

Corporation,

Ltd.,

Class

593,431

2,449,000

China

CITIC

Bank

Corporation,

Ltd.,

Class

2,568,266

1,454,000

China

Coal

Energy

Company,

Ltd.

2,720,199

6,416,000

China

Construction

Bank

Corporation,

Class

7,242,381

107,900

China

International

Capital

Corporation,

Ltd.,

Class

543,405

1,208,000

China

International

Capital

Corporation,

Ltd.,

Class

3,153,717

179,599

China

Life

Insurance

Company,

Ltd.,

Class

966,923

1,202,000

China

Life

Insurance

Company,

Ltd.,

Class

4,434,243

180,300

China

Merchants

Shekou

Industrial

Zone

Holdings

Company,

Ltd.

229,542

Emerging

Markets

Equity

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

739,313

992,200

China

Pacific

Insurance

(Group)

Company,

Ltd.,

Class

4,331,318

568,300

China

Petroleum

Chemical

Corporation,

Class

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

1,024,959

117,500

CITIC

Pacific

Special

Steel

Group

Company,

Ltd.

262,933

164,990

CITIC

Securities

Company,

Ltd.,

Class

659,686

449,500

CITIC

Securities

Company,

Ltd.,

Class

1,595,920

202,800

CMOC

Group,

Ltd.,

Class

559,348

966,000

CMOC

Group,

Ltd.,

Class

2,208,753

17,700

Contemporary

Amperex

Technology

Company,

Ltd.

1,136,186

252,800

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

523,565

1,206,500

COSCO

SHIPPING

Holdings

Company,

Ltd.,

Class

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.

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

247,439

1,550,000

Huaneng

Power

International,

Inc.,

Class

1,236,834

379,680

HUAYU

Automotive

Systems

Company,

Ltd.

1,036,756

6,280,000

Industrial

and

Commercial

Bank

China,

Ltd.,

Class

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

901,743

408,000

New

China

Life

Insurance

Company,

Ltd.,

Class

2,679,435

1,227,000

People's

Insurance

Company

(Group)

China,

Ltd.,

Class

839,534

414,300

PetroChina

Company,

Ltd.,

Class

741,380

3,192,000

PetroChina

Company,

Ltd.,

Class

4,923,705

83,100

Ping

Insurance

(Group)

Company

China,

Ltd.,

Class

724,507

669,500

Ping

Insurance

(Group)

Company

China,

Ltd.,

Class

5,441,765

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

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.

320,606

43,700

WuXi

AppTec

Company,

Ltd.,

Class

708,009

242,300

WuXi

AppTec

Company,

Ltd.,

Class

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

626,373

822,000

Zijin

Mining

Group

Company,

Ltd.,

Class

3,817,370

248,300

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.,

Class

289,947

Total

100,693,269

Colombia 0.3%

41,449

Grupo

Cibest

859,398

Emerging

Markets

Equity

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Common

Stock 96.4%

Value

Colombia 0.3% -

continued

22,472

Grupo

Cibest

ADR

1,532,366

Total

2,391,764

Cyprus <0.1%

71,245

Ros

Agro

plc

GDR

a,d

Total

Czech

Republic 0.3%

25,611

Komercni

Banka

1,363,320

92,722

Moneta

Money

Bank

816,230

285

Philip

Morris

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

227,699

34,885

Alpha

Bank

140,002

383,947

Eurobank

1,670,580

28,877

HELLENiQ

ENERGY

Holdings

333,324

11,750

Motor

Oil

(Hellas)

Corinth

Refineries

524,036

117,301

National

Bank

Greece

1,859,014

73,469

Piraeus

Bank

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.

1,148,527

1,234,000

Guangdong

Investment,

Ltd.

1,288,748

217,000

Weichai

Power

Company,

Ltd.,

Class

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

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.

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

2,076,060

35,098

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.

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.

938,429

71,773

Shipping

Corporation

India,

Ltd.

231,228

189,171

State

Bank

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

160,864

Total

87,296,110

Indonesia 0.3%

4,119,900

Aneka

Tambang

Tbk

894,078

1,450,600

Astra

International

Tbk

502,545

1,176,300

Bank

Mandiri

Persero

Tbk

299,311

2,249,300

Medco

Energi

Internasional

Tbk

228,077

3,176,200

Perusahaan

Gas

Negara

(Persero)

Tbk

357,318

Emerging

Markets

Equity

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Common

Stock 96.4%

Value

Indonesia 0.3% -

continued

2,034,000

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

1,910,254

240,352

Mobile

Telecommunications

Company

KSCP

445,530

145,272

National

Bank

Kuwait

KSCP

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

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

ADR

1,840,587

63,186

Cemex

SAB

ADR

777,188

254,000

Fibra

Uno

Administracion

435,778

161,400

Grupo

Financiero

Banorte

SAB

ADR

1,758,921

241,300

Grupo

Mexico

SAB

2,645,273

36,300

Industrias

Penoles

SAB

1,841,131

149,100

Megacable

Holdings

SAB

524,327

27,400

Regional

SAB

230,042

Total

10,053,247

Netherlands <0.1%

13,898

NEPI

Rockcastle

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

1,805,465

5,049

Erste

Bank

Polska

860,387

72,519

Orlen

2,665,260

52,043

Powszechna

Kasa

Oszczednosci

Bank

Polski

1,363,298

56,703

Tauron

Polska

Energia

148,077

Total

6,842,487

Qatar 0.4%

672,889

Baladna

238,977

378,839

Commercial

Bank

PSQC

447,927

687,761

Doha

Bank

QPSC

510,012

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

56,865

GMK

Norilskiy

Nickel

PAO

ADR

a,d

23,359

LUKOIL

PJSC

a,d,e

23,091

Mechel

PJSC

ADR

a,b,d

1,696

Novatek

PJSC

GDR

a,d

26,150

Polyus

PJSC

a,d,e

1,260,120

Sberbank

Russia

PJSC

a,d,e

67,230

Sovcomflot

PJSC

a,d,e

257,974

Surgutneftegas

PAO

ADR

a,d

Total

100

Saudi

Arabia 2.4%

13,139

Babtain

Power

Telecommunication

Company

233,811

210,963

Rajhi

Bank

3,867,782

23,138

Alinma

Bank

150,329

177,405

Arab

National

Bank

1,021,351

143,892

Arabian

Centres

Company

674,620

209,187

Banque

Saudi

Fransi

1,078,878

158,790

Riyad

Bank

878,521

7,969

SABIC

Agri-Nutrients

Company

309,875

23,287

Saudi

Arabian

Mining

Company

408,376

573,024

Saudi

Arabian

Oil

Company

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

Car

Company

134,866

Total

19,893,835

South

Africa 2.3%

124,157

Absa

Group,

Ltd.

1,740,819

221,379

AECI,

Ltd.

1,468,551

19,743

African

Rainbow

Minerals,

Ltd.

264,350

30,182

Coronation

Fund

Managers,

Ltd.

80,435

240,855

DataTec,

Ltd.

1,034,849

47,940

Exxaro

Resources,

Ltd.

632,897

152,494

FirstRand,

Ltd.

808,536

69,110

Gold

Fields,

Ltd.

ADR

2,935,793

689,168

Growthpoint

Properties,

Ltd.

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.

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

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Common

Stock 96.4%

Value

South

Korea 17.4% -

continued

4,240

Celltrion,

Inc.

577,542

4,082

Corporation

621,597

1,946

HiTek

Company,

Ltd.

210,715

22,819

Corporation

215,946

42,105

Holdings

Corporation

2,338,525

42,873

Hana

Financial

Group,

Inc.

3,724,873

21,728

Hanwha

Corporation

1,975,230

6,369

Hyundai

Company,

Ltd.

1,352,239

5,178

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

Financial

Group

Company,

Ltd.

1,238,865

11,806

Kakao

Corporation

380,071

24,630

Financial

Group,

Inc.

2,697,113

20,460

Kia

Corporation

2,110,281

17,006

Korean

Reinsurance

Company

142,118

4,462

Chem,

Ltd.

1,208,502

24,034

Corporation

1,622,023

71,080

Uplus

Corporation

762,172

16,777

International

Corporation

608,010

23,420

Mirae

Asset

Securities

Company,

Ltd.

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

Biosensor,

Inc.

146,543

50,746

Shinhan

Financial

Group

Company,

Ltd.

3,446,097

6,872

Shinsegae,

Inc.

1,899,217

42,376

Hynix,

Inc.

37,789,590

9,598

Square

Company,

Ltd.

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.

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

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

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.

462,162

569,000

Fubon

Financial

Holding

Company,

Ltd.

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.

585,679

463,000

KGI

Financial

Holding

Company,

Ltd.

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

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.

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

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

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.

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

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

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

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

Malt

Sanayii

618,458

1,059,197

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

483,154

313,575

Enerjisa

Enerji

852,212

59,485

Migros

Ticaret

845,819

186,560

Sok

Marketler

Ticaret

210,476

71,552

Turkiye

Petrol

Rafinerileri

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

11,117

Total

13,816,418

United

Kingdom 0.5%

42,367

AngloGold

Ashanti

plc

3,937,132

Total

3,937,132

United

States 0.3%

3,232

Southern

Copper

Corporation

554,902

32,713

Yum

China

Holding,

Inc.

1,584,945

Total

2,139,847

Virgin

Islands,

British <0.1%

17,004

IPJSC

GDR

a,d

Total

Common

Stock

(cost

$543,586,189)

805,025,259

Preferred

Stock

2.5%

Brazil 1.3%

10,757

Axia

Energia

SA,

Class

ADR

129,623

137,300

Bradespar

639,391

586,600

Companhia

Saneamento

Parana

938,219

Preferred

Stock 2.5%

Value

Brazil 1.3% -

continued

232,100

Companhia

Saneamento

Parana,

Units

1,925,964

610,296

Itausa

1,714,370

539,700

Petroleo

Brasileiro

5,380,870

Total

10,728,437

Russian

Federation <0.1%

2,930,700

Surgutneftegas

PAO

a,d,e

65,200

Transneft

PJSC

a,d,e

Total

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

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

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

High

Yield

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Bank

Loans

0.1%

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

1,626,202

Alumina,

Pty.

Ltd.

1,611,000

6.125%,

3/15/2030

1,646,703

Avient

Corporation

811,000

6.250%,

11/1/2031

822,778

Axalta

Coating

Systems

Dutch

Holding

1,312,000

7.250%,

2/15/2031

1,362,367

Carpenter

Technology

Corporation

719,000

5.625%,

3/1/2034

719,433

Cascades,

Inc./Cascades

USA,

Inc.

2,161,000

6.750%,

7/15/2030

2,182,394

Celanese

Holdings,

LLC

622,000

6.850%,

11/15/2028

650,571

722,000

6.500%,

4/15/2030

738,551

716,000

6.629%,

7/15/2032

758,804

1,538,000

6.750%,

4/15/2033

1,584,114

Cerdia

Finanz

GmbH

1,471,000

9.375%,

10/3/2031

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

979,669

Cleveland-Cliffs,

Inc.

1,885,000

4.625%,

3/1/2029

1,816,807

953,000

6.875%,

11/1/2029

971,140

1,524,000

4.875%,

3/1/2031

1,404,529

722,000

7.375%,

5/1/2033

729,674

965,000

6.250%,

10/1/2040

782,847

Commercial

Metals

Company

1,916,000

6.000%,

12/15/2035

1,914,105

CVR

Partners,

LP/CVR

Nitrogen

Finance

Corporation

1,428,000

6.125%,

6/15/2028

1,427,036

First

Quantum

Minerals,

Ltd.

958,000

7.250%,

2/15/2034

984,935

1,200,000

6.375%,

2/15/2036

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

396,880

485,000

5.875%,

4/15/2030

494,865

500,000

6.125%,

4/15/2032

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

958,100

435,000

5.650%,

12/1/2044

395,531

Methanex

Operations,

Inc.

963,000

6.250%,

3/15/2032

e,f

990,971

Mineral

Resources,

Ltd.

1,060,000

9.250%,

10/1/2028

1,100,164

476,000

8.500%,

5/1/2030

e,f

490,303

863,000

7.000%,

4/1/2031

895,766

479,000

6.000%,

5/1/2032

475,286

479,000

6.250%,

5/1/2034

472,978

Novelis

Corporation

963,000

4.750%,

1/30/2030

922,537

865,000

3.875%,

8/15/2031

786,311

Olin

Corporation

961,000

6.625%,

4/1/2033

952,012

Olympus

Water

Holding

Corporation

1,679,000

7.250%,

2/15/2033

1,641,126

Qnity

Electronics,

Inc.

2,400,000

5.750%,

8/15/2032

2,423,090

Solstice

Advanced

Materials,

Inc.

960,000

5.625%,

9/30/2033

954,886

SunCoke

Energy,

Inc.

1,558,000

4.875%,

6/30/2029

1,436,377

Taseko

Mines,

Ltd.

1,743,000

8.250%,

5/1/2030

1,824,653

Grace

Holdings,

LLC

1,420,000

6.625%,

8/15/2032

1,409,457

Total

52,301,419

Capital

Goods 11.0%

Advanced

Drainage

Systems,

Inc.

1,571,000

6.375%,

6/15/2030

1,593,558

AECOM

1,921,000

6.000%,

8/1/2033

1,936,681

Albion

Financing

SARL/Aggreko

Holdings,

Inc.

961,000

7.000%,

5/21/2030

992,713

Amsted

Industries,

Inc.

170,000

4.625%,

5/15/2030

164,818

1,580,000

6.375%,

3/15/2033

1,607,353

Ardagh

Group

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

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

782,225

765,000

6.250%,

3/15/2033

785,013

Ball

Corporation

600,000

3.125%,

9/15/2031

544,028

Bombardier,

Inc.

1,061,000

7.250%,

7/1/2031

1,116,373

2,505,000

7.000%,

6/1/2032

2,614,829

481,000

6.750%,

6/15/2033

501,540

575,000

7.450%,

5/1/2034

632,403

High

Yield

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

1,438,063

Builders

FirstSource,

Inc.

1,955,000

5.000%,

3/1/2030

1,913,185

479,000

4.250%,

2/1/2032

444,338

300,000

6.375%,

3/1/2034

298,511

961,000

6.750%,

5/15/2035

970,494

CANPACK

Group,

Inc./CANPACK

1,250,000

6.000%,

5/15/2031

1,250,584

CANPACK

SA/CANPACK

US,

LLC

1,288,000

3.875%,

11/15/2029

1,218,512

Chart

Industries,

Inc.

1,086,000

7.500%,

1/1/2030

1,127,410

Clean

Harbors,

Inc.

720,000

6.375%,

2/1/2031

732,771

Clydesdale

Acquisition

Holdings,

Inc.

417,000

6.625%,

4/15/2029

410,441

475,000

6.875%,

1/15/2030

464,409

425,000

8.750%,

4/15/2030

385,614

962,000

6.750%,

4/15/2032

905,066

Columbus

McKinnon

Corporation/

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

2,835,868

EquipmentShare.com,

Inc.

1,437,000

9.000%,

5/15/2028

1,489,801

809,000

8.625%,

5/15/2032

857,997

ESAB

Corporation

753,000

6.250%,

4/15/2029

762,946

476,000

5.625%,

4/1/2031

480,383

GFL

Environmental

Holdings

US,

Inc.

1,915,000

5.500%,

2/1/2034

1,883,745

GFL

Environmental,

Inc.

2,348,000

4.000%,

8/1/2028

2,294,692

Herc

Holdings,

Inc.

1,577,000

6.625%,

6/15/2029

1,615,872

859,000

7.000%,

6/15/2030

893,680

240,000

5.750%,

3/15/2031

240,576

1,357,000

7.250%,

6/15/2033

e,f

1,421,090

240,000

6.000%,

3/15/2034

237,964

Installed

Building

Products,

Inc.

383,000

5.625%,

2/1/2034

381,100

Mauser

Packaging

Solutions

Holding

Company

1,291,000

7.875%,

4/15/2030

1,305,414

Mueller

Water

Products,

Inc.

1,383,000

4.000%,

6/15/2029

1,339,567

Nesco

Holdings

II,

Inc.

644,000

5.500%,

4/15/2029

640,788

New

Enterprise

Stone

and

Lime

Company,

Inc.

2,142,000

5.250%,

7/15/2028

2,123,458

European

Group

2,322,000

4.750%,

2/15/2030

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

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

3,893,477

QXO

Building

Products,

Inc.

1,443,000

6.750%,

4/30/2032

1,471,918

Resideo

Funding,

Inc.

1,569,000

6.500%,

7/15/2032

1,583,429

Reworld

Holding

Corporation

1,602,000

4.875%,

12/1/2029

1,531,119

Roller

Bearing

Company

America,

Inc.

827,000

4.375%,

10/15/2029

808,627

Sensata

Technologies

1,391,000

4.000%,

4/15/2029

1,350,861

Sensata

Technologies,

Inc.

500,000

4.375%,

2/15/2030

484,781

561,000

3.750%,

2/15/2031

521,103

282,000

6.625%,

7/15/2032

290,962

Smyrna

Ready

Mix

Concrete,

LLC

2,857,000

8.875%,

11/15/2031

2,991,456

SRM

Escrow

Issuer,

LLC

745,000

6.000%,

11/1/2028

744,391

Standard

Building

Solutions,

Inc.

461,000

6.500%,

8/15/2032

465,555

2,162,000

6.250%,

8/1/2033

2,160,614

959,000

5.875%,

3/15/2034

934,907

Standard

Industries,

Inc./NY

964,000

4.750%,

1/15/2028

958,455

964,000

3.375%,

1/15/2031

875,004

Sword

Purchaser,

LLC

979,000

8.250%,

4/15/2033

1,001,672

979,000

10.500%,

4/15/2034

996,157

Synergy

Infrastructure

Holdings,

LLC

719,000

7.875%,

12/1/2030

754,881

TopBuild

Corporation

476,000

4.125%,

2/15/2032

475,834

TransDigm,

Inc.

1,450,000

6.750%,

8/15/2028

1,469,587

3,375,000

7.125%,

12/1/2031

3,497,411

2,780,000

6.625%,

3/1/2032

2,856,987

2,128,000

6.000%,

1/15/2033

2,148,343

240,000

6.250%,

1/31/2034

245,425

1,438,000

6.750%,

1/31/2034

1,477,252

1,197,000

6.125%,

7/31/2034

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

1,422,858

Waste

Pro

USA,

Inc.

840,000

7.000%,

2/1/2033

855,713

WESCO

Distribution,

Inc.

993,000

6.375%,

3/15/2029

1,012,547

239,000

5.250%,

4/15/2031

238,851

696,000

6.625%,

3/15/2032

720,823

743,000

6.375%,

3/15/2033

767,440

High

Yield

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 97.3%

Value

Capital

Goods 11.0%

continued

479,000

5.500%,

4/15/2034

477,768

Total

100,885,651

Communications

Services 11.3%

AMC

Global

Media,

Inc.

2,161,000

10.500%,

7/15/2032

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

492,155

680,000

5.375%,

6/1/2029

669,025

774,000

6.375%,

9/1/2029

775,347

3,743,000

4.750%,

3/1/2030

3,548,100

970,000

4.500%,

8/15/2030

904,782

1,806,000

4.250%,

2/1/2031

1,640,322

2,673,000

4.750%,

2/1/2032

e,f

2,393,484

1,077,000

7.000%,

2/1/2033

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

1,194,197

Deluxe

Corporation

1,868,000

8.125%,

9/15/2029

1,948,008

DIRECTV

Financing,

LLC

1,440,000

8.875%,

2/1/2030

1,466,600

481,000

8.875%,

2/1/2030

488,991

DIRECTV

Financing,

LLC/DIRECTV

Financing

Co-Obligor,

Inc.

2,661,000

5.875%,

8/15/2027

2,662,974

1,338,000

10.000%,

2/15/2031

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

2,772,339

Getty

Images,

Inc.

1,636,000

10.500%,

11/15/2030

1,450,481

Gray

Media,

Inc.

962,000

7.250%,

8/15/2033

979,555

Iliad

Holding

SAS

1,302,000

8.500%,

4/15/2031

1,381,300

953,000

7.000%,

4/15/2032

967,537

Level

Financing,

Inc.

482,000

3.625%,

1/15/2029

e,f

457,900

2,162,000

6.875%,

6/30/2033

2,231,253

2,161,000

7.000%,

3/31/2034

2,241,447

1,437,000

8.500%,

1/15/2036

1,539,043

McGraw-Hill

Education,

Inc.

2,543,000

5.750%,

8/1/2028

2,523,708

479,000

8.000%,

8/1/2029

479,166

Nexstar

Media,

Inc.

1,445,000

4.750%,

11/1/2028

1,423,702

2,879,000

6.500%,

9/15/2033

2,901,157

2,155,000

7.250%,

4/15/2034

2,168,762

Oak-Eagle

Acquireco,

Inc.

2,238,000

7.250%,

7/1/2033

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

1,829,422

Outfront

Media

Capital,

LLC/

Outfront

Media

Capital

Corporation

1,453,000

4.625%,

3/15/2030

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

825,212

Rogers

Communications,

Inc.

722,000

7.000%,

4/15/2055

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

734,219

Sirius

Radio,

LLC

1,010,000

4.000%,

7/15/2028

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

941,994

Snap,

Inc.

960,000

6.875%,

3/15/2034

929,157

Telenet

Finance

Luxembourg

Notes

SARL

2,000,000

5.500%,

3/1/2028

1,976,862

TELUS

Corporation

1,911,000

6.625%,

10/15/2055

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

1,263,427

Univision

Communications,

Inc.

1,487,000

4.500%,

5/1/2029

1,418,763

1,446,000

7.375%,

6/30/2030

1,444,624

1,142,000

8.500%,

7/31/2031

1,159,016

1,197,000

8.875%,

4/15/2033

1,203,524

Viasat,

Inc.

963,000

5.625%,

4/15/2027

960,684

Virgin

Media

Finance

plc

1,195,000

5.000%,

7/15/2030

1,007,297

Virgin

Media

Vendor

Financing

Notes

DAC

1,309,000

8.500%,

3/15/2033

1,174,892

Virgin

Media

Secured

Finance

plc

2,547,000

5.500%,

5/15/2029

2,457,512

VMED

Financing

plc

963,000

7.750%,

4/15/2032

936,195

Vodafone

Group

plc

760,000

4.125%,

6/4/2081

707,971

1,446,000

5.125%,

6/4/2081

1,138,660

Secured

Financing

2,439,000

5.000%,

1/15/2032

2,137,227

Windstream

Services,

LLC/

Windstream

Escrow

Finance

Corporation

1,260,000

8.250%,

10/1/2031

1,332,699

High

Yield

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

1,276,211

Ziggo

1,915,000

4.875%,

1/15/2030

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

466,162

1,092,000

4.375%,

1/15/2028

1,078,232

962,000

6.125%,

6/15/2029

978,969

1,784,000

5.625%,

9/15/2029

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

905,933

1,692,000

4.875%,

7/15/2032

1,611,407

Advance

Auto

Parts,

Inc.

1,440,000

7.000%,

8/1/2030

1,485,469

862,000

7.375%,

8/1/2033

e,f

889,437

Allied

Universal

Holdco,

LLC/Allied

Universal

Finance

Corporation/

Atlas

Luxco

SARL

2,249,000

4.625%,

6/1/2028

2,217,046

1,065,000

4.625%,

6/1/2028

1,049,075

Allison

Transmission,

Inc.

731,000

3.750%,

1/30/2031

686,856

American

Axle

Manufacturing,

Inc.

2,368,000

5.000%,

10/1/2029

2,300,965

960,000

6.375%,

10/15/2032

958,284

960,000

7.750%,

10/15/2033

937,275

Asbury

Automotive

Group,

Inc.

1,377,000

5.000%,

2/15/2032

1,320,447

Ashton

Woods

USA,

LLC/Ashton

Woods

Finance

Company

1,604,000

4.625%,

8/1/2029

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

1,228,950

Beach

Acquisition

Bidco,

LLC

1,362,880

0.000%,PIK

10.750%,

7/15/2033

e,g

1,499,180

Belron

Finance

plc

1,946,000

5.750%,

10/15/2029

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

1,493,853

Brightstar

Lottery

plc

2,608,000

5.250%,

1/15/2029

2,596,774

Brightstar

Lottery

plc/Brightstar

Global

Solutions

Corporation

959,000

5.750%,

1/15/2033

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

1,344,420

Caesars

Entertainment,

Inc.

1,033,000

4.625%,

10/15/2029

997,033

2,378,000

7.000%,

2/15/2030

2,414,154

191,000

6.500%,

2/15/2032

185,586

961,000

6.000%,

10/15/2032

e,f

861,280

Carnival

Corporation

960,000

5.125%,

5/1/2029

957,123

3,110,000

5.750%,

8/1/2032

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

710,750

848,000

6.750%,

5/1/2031

867,349

Cushman

Wakefield

Borrower,

LLC

482,000

6.750%,

5/15/2028

482,040

Cyprium

Corporation/Cyprium

Holdings

Luxembourg

SARL

712,000

6.125%,

4/15/2031

716,916

712,000

6.375%,

4/15/2034

711,096

Dana,

Inc.

770,000

4.500%,

2/15/2032

727,271

Dream

Finders

Homes,

Inc.

1,440,000

6.875%,

9/15/2030

1,412,151

Global

Finance

plc

482,000

12.000%,

11/30/2028

514,168

Flutter

Treasury

DAC

625,000

5.875%,

6/4/2031

622,662

Forestar

Group,

Inc.

1,434,000

6.500%,

3/15/2033

1,442,680

FORVIA

1,433,000

8.000%,

6/15/2030

1,507,278

964,000

6.750%,

9/15/2033

e,f

966,745

Gap,

Inc.

695,000

3.625%,

10/1/2029

655,716

576,000

3.875%,

10/1/2031

526,994

Garrett

Motion

Holdings,

Inc./

Garrett

SARL

1,628,000

7.750%,

5/31/2032

1,699,736

Genting

New

York,

LLC/GENNY

Capital,

Inc.

1,350,000

7.250%,

10/1/2029

1,370,917

Global

Auto

Holdings,

Ltd./AAG

UK,

Ltd.

701,000

8.375%,

1/15/2029

665,712

962,000

11.500%,

8/15/2029

976,892

1,283,000

8.750%,

1/15/2032

1,180,251

Goodyear

Tire

Rubber

Company

949,000

5.000%,

7/15/2029

910,343

1,601,000

5.250%,

4/30/2031

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

456,464

High

Yield

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 97.3%

Value

Consumer

Cyclical 18.3%

continued

1,971,000

3.625%,

2/15/2032

1,804,418

961,000

5.750%,

9/15/2033

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

2,098,180

Hovnanian

Enterprises,

Inc.

720,000

8.000%,

4/1/2031

726,012

Home

2,235,000

4.800%,

11/15/2029

2,195,836

Brands,

Inc.

2,024,000

6.625%,

10/1/2030

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

1,371,431

Light

Wonder

International,

Inc.

850,000

7.250%,

11/15/2029

869,366

Lindblad

Expeditions,

LLC

1,917,000

7.000%,

9/15/2030

1,969,300

Lithia

Motors,

Inc.

962,000

4.625%,

12/15/2027

957,455

Live

Nation

Entertainment,

Inc.

1,073,000

4.750%,

10/15/2027

1,069,793

Macy's

Retail

Holdings,

LLC

480,000

7.375%,

8/1/2033

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

3,692,332

Match

Group

Holdings

II,

LLC

1,723,000

4.125%,

8/1/2030

1,618,192

958,000

6.125%,

9/15/2033

946,549

Mattamy

Group

Corporation

1,199,000

6.000%,

12/15/2033

1,151,119

Melco

Resorts

Finance,

Ltd.

1,922,000

5.375%,

12/4/2029

1,877,155

2,597,000

7.625%,

4/17/2032

2,678,347

1,442,000

6.500%,

9/24/2033

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

1,215,317

942,000

6.250%,

9/15/2032

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

998,627

2,874,000

6.750%,

2/1/2032

2,859,899

1,200,000

6.250%,

9/15/2033

1,161,397

Nissan

Motor

Acceptance

Company,

LLC

2,399,000

5.625%,

9/29/2028

2,385,642

2,399,000

6.125%,

9/30/2030

2,362,739

Nissan

Motor

Company,

Ltd.

2,008,000

4.810%,

9/17/2030

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

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

2,558,837

Phinia,

Inc.

1,296,000

6.625%,

10/15/2032

1,327,791

Rakuten

Group,

Inc.

946,000

11.250%,

2/15/2027

983,571

1,936,000

9.750%,

4/15/2029

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

622,648

Resorts

World

Las

Vegas,

LLC/

RWLV

Capital,

Inc.

958,000

4.625%,

4/16/2029

856,342

Risewell

Homes,

Inc.

961,000

8.500%,

11/1/2030

981,876

S&S

Holdings,

LLC

1,569,000

8.375%,

10/1/2031

1,443,674

Service

Corporation

International/

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

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

726,680

Tenneco,

Inc.

1,982,000

8.000%,

11/17/2028

2,005,550

TKC

Holdings,

Inc.

958,000

8.500%,

8/15/2030

980,602

Victoria's

Secret

Company

582,000

4.625%,

7/15/2029

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

3,522,929

Wayfair,

LLC

575,000

7.250%,

10/31/2029

589,244

335,000

7.750%,

9/15/2030

347,591

960,000

6.750%,

11/15/2032

970,567

Wyndham

Hotels

Resorts,

Inc.

479,000

5.625%,

3/1/2033

473,999

Wynn

Macau,

Ltd.

1,880,000

6.750%,

2/15/2034

1,884,078

Wynn

Resorts

Finance,

LLC/Wynn

Resorts

Capital

Corporation

600,000

5.125%,

10/1/2029

596,019

2,045,000

7.125%,

2/15/2031

2,164,432

High

Yield

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

2,670,762

North

America

Capital,

Inc.

1,293,000

7.125%,

4/14/2030

1,296,441

963,000

6.750%,

4/23/2030

956,647

1,439,000

6.875%,

4/23/2032

1,408,153

Total

167,349,314

Consumer

Non-Cyclical 11.0%

1261229

B.C.,

Ltd.

1,917,000

10.000%,

4/15/2032

1,979,835

Acadia

Healthcare

Company,

Inc.

947,000

5.000%,

4/15/2029

926,664

AdaptHealth,

LLC

2,847,000

4.625%,

8/1/2029

2,756,852

Albertsons

Companies,

Inc./

Safeway,

Inc./New

Albertsons,

LP/Albertsons,

LLC

2,826,000

3.500%,

3/15/2029

2,694,985

480,000

5.500%,

3/31/2031

477,334

718,000

5.625%,

3/31/2032

708,319

285,000

6.250%,

3/15/2033

287,529

1,143,000

5.750%,

3/31/2034

1,112,730

Amneal

Pharmaceuticals,

LLC

480,000

6.875%,

8/1/2032

498,498

Bausch

Lomb

Corporation

592,000

8.375%,

10/1/2028

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

1,189,576

Champ

Acquisition

Corporation

768,000

8.375%,

12/1/2031

809,072

CHS/Community

Health

Systems,

Inc.

1,207,000

6.000%,

1/15/2029

1,197,441

421,000

4.750%,

2/15/2031

e,f

393,924

1,101,000

10.875%,

1/15/2032

1,182,462

1,921,000

9.750%,

1/15/2034

1,981,339

Concentra

Health

Services,

Inc.

836,000

6.875%,

7/15/2032

866,339

CVS

Health

Corporation

1,247,000

7.000%,

3/10/2055

1,293,784

2,314,000

6.750%,

12/10/2054

2,397,364

DaVita,

Inc.

1,110,000

3.750%,

2/15/2031

1,029,734

1,742,000

6.875%,

9/1/2032

e,f

1,798,077

961,000

6.750%,

7/15/2033

990,858

Edgewell

Personal

Care

Company

1,904,000

5.500%,

6/1/2028

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,

1,725,000

8.500%,

4/15/2031

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

2,459,921

Principal

Amount

Long-Term

Fixed

Income 97.3%

Value

Consumer

Non-Cyclical 11.0%

continued

Grifols

859,000

4.750%,

10/15/2028

846,961

HLF

Financing

SARL,

LLC/

Herbalife

International,

Inc.

1,537,000

4.875%,

6/1/2029

1,445,254

958,000

7.750%,

5/1/2033

978,497

HNI

Corporation

958,000

5.125%,

1/18/2029

946,140

Industrial

F&B

Investments

III,

Inc.

1,078,000

7.750%,

2/11/2033

1,089,326

Insulet

Corporation

577,000

6.500%,

4/1/2033

589,000

IQVIA,

Inc.

1,922,000

6.250%,

6/1/2032

1,957,357

KeHE

Distributors,

LLC/KeHE

Finance

Corporation/NextWave

Distribution,

Inc.

1,625,000

9.000%,

2/15/2029

1,698,635

718,000

7.125%,

4/30/2033

726,901

Lamb

Weston

Holdings,

Inc.

700,000

4.125%,

1/31/2030

670,622

977,000

4.375%,

1/31/2032

920,187

LifePoint

Health,

Inc.

973,000

9.875%,

8/15/2030

1,031,571

473,000

10.000%,

6/1/2032

e,f

484,116

958,000

7.000%,

5/1/2034

934,114

Medline

Borrower,

1,795,000

5.250%,

10/1/2029

1,786,403

Newell

Brands,

Inc.

997,000

6.375%,

9/15/2027

1,003,871

1,470,000

6.625%,

9/15/2029

1,468,990

1,092,000

6.375%,

5/15/2030

1,069,511

376,000

6.625%,

5/15/2032

365,015

959,000

7.500%,

4/1/2046

827,423

Organon

Company/Organon

Foreign

Debt

Co-Issuer

956,000

4.125%,

4/30/2028

943,559

2,715,000

5.125%,

4/30/2031

2,697,752

Performance

Food

Group,

Inc.

1,946,000

4.250%,

8/1/2029

1,886,655

750,000

6.125%,

9/15/2032

760,253

958,000

5.625%,

3/1/2034

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

1,054,115

2,591,000

4.500%,

9/15/2031

2,435,899

1,461,000

6.250%,

10/15/2034

1,442,244

1,439,000

6.500%,

3/15/2036

1,429,540

Prime

Healthcare

Services,

Inc.

3,696,000

9.375%,

9/1/2029

3,832,657

Radiology

Partners,

Inc.

941,000

8.500%,

7/15/2032

935,617

Simmons

Foods,

Inc.

1,708,000

4.625%,

3/1/2029

1,647,927

Sotera

Health

Holdings,

LLC

963,000

7.375%,

6/1/2031

1,000,982

Spectrum

Brands,

Inc.

134,000

3.875%,

3/15/2031

117,226

High

Yield

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

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

1,435,330

Teva

Pharmaceutical

Finance

Company,

LLC

500,000

6.150%,

2/1/2036

523,839

Acute

Care

Solutions,

LLC

2,186,000

9.750%,

5/15/2029

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

340,571

Antero

Midstream

Partners,

LP/

Antero

Midstream

Finance

Corporation

1,623,000

5.375%,

6/15/2029

1,621,354

Archrock

Services,

LP/Archrock

Partners

Finance

Corporation

1,437,000

6.000%,

2/1/2034

1,446,363

Ascent

Resources

Utica

Holdings,

LLC/ARU

Finance

Corporation

984,000

5.875%,

6/30/2029

985,257

961,000

6.625%,

7/15/2033

987,329

Blue

Racer

Midstream,

LLC/Blue

Racer

Finance

Corporation

1,574,000

7.000%,

7/15/2029

1,630,231

Buckeye

Partners,

946,000

4.500%,

3/1/2028

937,284

965,000

6.875%,

7/1/2029

996,369

233,000

6.750%,

2/1/2030

241,035

California

Resources

Corporation

723,000

8.250%,

6/15/2029

753,901

475,000

7.000%,

1/15/2034

e,f

484,705

Caturus

Energy,

LLC

479,000

7.125%,

5/15/2031

480,321

CNX

Resources

Corporation

958,000

5.875%,

3/1/2034

950,322

Comstock

Resources,

Inc.

1,299,000

6.750%,

3/1/2029

1,294,628

2,460,000

5.875%,

1/15/2030

2,382,862

CQP

Holdco,

LP/BIP-V

Chinnok

Holdco,

LLC

1,685,000

5.500%,

6/15/2031

1,664,463

Crescent

Energy

Finance,

LLC

1,375,000

7.750%,

7/31/2029

1,383,594

1,260,000

7.625%,

4/1/2032

1,297,393

1,901,000

7.875%,

4/15/2032

1,970,776

Delek

Logistics

Partners,

LP/Delek

Logistics

Finance

Corporation

1,781,000

8.625%,

3/15/2029

1,858,213

Principal

Amount

Long-Term

Fixed

Income 97.3%

Value

Energy 11.6%

continued

961,000

7.375%,

6/30/2033

991,794

Energy

Transfer,

2,400,000

6.500%,

2/15/2056

2,406,468

Excelerate

Energy,

694,000

8.000%,

5/15/2030

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

2,107,000

7.500%,

9/1/2028

2,120,883

Hess

Midstream

Operations,

1,853,000

4.250%,

2/15/2030

1,797,145

Hilcorp

Energy

LP/Hilcorp

Finance

Company

2,300,000

5.750%,

2/1/2029

2,298,569

964,000

6.000%,

4/15/2030

960,182

1,283,000

6.250%,

4/15/2032

1,274,588

Howard

Midstream

Energy

Partners,

LLC

1,016,000

7.375%,

7/15/2032

1,059,442

1,440,000

6.625%,

1/15/2034

1,464,903

ITT

Holdings,

LLC

2,682,000

6.500%,

8/1/2029

2,643,888

Kodiak

Gas

Services,

LLC

960,000

6.500%,

10/1/2033

981,986

480,000

6.750%,

10/1/2035

498,593

Moss

Creek

Resources

Holdings,

Inc.

265,000

8.250%,

9/1/2031

268,275

Nabors

Industries,

Inc.

2,111,000

9.125%,

1/31/2030

2,217,029

1,439,000

7.625%,

11/15/2032

1,501,493

NGL

Energy

Operating,

LLC/NGL

Energy

Finance

Corporation

797,000

8.125%,

2/15/2029

826,153

1,959,000

8.375%,

2/15/2032

2,056,147

Noble

Finance

II,

LLC

1,489,000

8.000%,

4/15/2030

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,

1,280,000

9.000%,

8/1/2029

1,336,668

Precision

Drilling

Corporation

1,184,000

6.875%,

1/15/2029

1,194,689

Rockies

Express

Pipeline,

LLC

1,899,000

4.950%,

7/15/2029

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

991,337

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

1,414,286

Sunoco,

1,992,000

7.000%,

5/1/2029

2,057,043

High

Yield

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 97.3%

Value

Energy 11.6%

continued

1,920,000

5.875%,

3/15/2034

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

1,022,532

1,446,000

7.375%,

2/15/2029

1,489,715

2,400,000

6.750%,

3/15/2034

2,452,286

Talos

Production,

Inc.

538,000

9.000%,

2/1/2029

561,256

TGNR

Intermediate

Holdings,

LLC

1,562,000

5.500%,

10/15/2029

1,540,745

Transocean

International,

Ltd.

960,000

8.250%,

5/15/2029

996,745

USA

Compression

Partners,

LP/

USA

Compression

Finance

Corporation

1,316,000

7.125%,

3/15/2029

1,359,999

1,440,000

6.250%,

10/1/2033

1,453,120

Valaris,

Ltd.

1,063,000

8.375%,

4/30/2030

1,108,463

Venture

Global

LNG,

Inc.

3,279,000

8.125%,

6/1/2028

3,355,142

2,013,000

9.000%,

9/30/2029

d,e,h

1,990,943

667,000

7.000%,

1/15/2030

686,095

3,615,000

8.375%,

6/1/2031

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

740,458

1,345,000

6.500%,

1/15/2034

1,408,889

718,000

6.500%,

6/15/2034

751,339

962,000

7.750%,

5/1/2035

1,081,975

2,396,000

6.750%,

1/15/2036

2,547,044

Total

106,176,335

Financials 12.9%

Acrisure,

LLC/Acrisure

Finance,

Inc.

475,000

4.250%,

2/15/2029

453,680

482,000

7.500%,

11/6/2030

489,482

Alliant

Holdings

Intermediate,

LLC/

Alliant

Holdings

Co-Issuer,

Inc.

964,000

4.250%,

10/15/2027

949,096

1,191,000

6.750%,

4/15/2028

1,204,627

1,372,000

7.000%,

1/15/2031

1,400,254

Ally

Financial,

Inc.

1,136,000

6.700%,

2/14/2033

1,172,864

AmWINS

Group,

Inc.

796,000

6.375%,

2/15/2029

805,275

388,000

4.875%,

6/30/2029

375,235

Asurion,

LLC/Asurion

Co-Issuer,

Inc.

1,916,000

8.000%,

12/31/2032

2,001,433

958,000

8.375%,

2/1/2034

945,170

Azorra

Finance,

Ltd.

2,394,000

6.250%,

2/15/2034

2,300,252

Burford

Capital

Global

Finance,

LLC

1,693,000

9.250%,

7/1/2031

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

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

969,613

Constellation

Insurance,

Inc.

1,158,000

6.800%,

1/24/2030

1,156,845

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

2,866,000

5.950%,

9/17/2030

2,715,479

Encore

Capital

Group,

Inc.

753,000

8.500%,

5/15/2030

804,170

992,000

6.625%,

4/15/2031

e,f

1,008,194

FirstCash,

Inc.

1,885,000

5.625%,

1/1/2030

1,875,925

1,197,000

6.125%,

5/1/2034

1,194,156

Freedom

Mortgage

Holdings,

LLC

1,549,000

9.250%,

2/1/2029

1,604,810

959,000

6.875%,

5/1/2031

925,038

964,000

9.125%,

5/15/2031

998,477

918,000

8.375%,

4/1/2032

930,719

960,000

7.875%,

4/1/2033

935,915

FTAI

Aviation

Investors,

LLC

1,010,000

5.500%,

5/1/2028

1,009,583

1,307,000

7.000%,

5/1/2031

1,352,643

1,127,000

7.000%,

6/15/2032

1,163,331

GGAM

Finance,

Ltd.

996,000

8.000%,

6/15/2028

1,037,425

12,000

6.875%,

4/15/2029

12,260

2,401,000

5.875%,

3/15/2030

2,418,695

Global

Aircraft

Leasing

Company,

Ltd.

2,345,000

8.750%,

9/1/2027

2,378,559

Global

Net

Lease,

Inc.

631,000

4.500%,

9/30/2028

615,898

Global

Net

Lease,

Inc./Global

Net

Lease

Operating

Partnership,

734,000

3.750%,

12/15/2027

717,453

goeasy,

Ltd.

1,191,000

9.250%,

12/1/2028

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

304,261

717,000

5.875%,

3/1/2032

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

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

1,514,125

579,000

7.125%,

4/30/2031

600,290

High

Yield

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 97.3%

Value

Financials 12.9%

continued

966,000

6.125%,

11/1/2032

971,079

2,420,000

6.750%,

5/1/2033

2,486,093

Jefferies

Finance,

LLC/JFIN

Co-

Issuer

Corporation

850,000

5.000%,

8/15/2028

815,438

1,847,000

6.625%,

10/15/2031

1,802,208

Jefferson

Capital

Holdings,

LLC

798,000

6.000%,

8/15/2026

794,010

1,028,000

9.500%,

2/15/2029

1,081,714

473,000

8.250%,

5/15/2030

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

635,911

958,000

6.250%,

1/15/2033

956,992

MPT

Operating

Partnership,

LP/

MPT

Finance

Corporation

1,527,000

8.500%,

2/15/2032

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

881,622

Panther

Escrow

Issuer,

LLC

479,000

7.125%,

6/1/2031

481,243

Park

Intermediate

Holdings,

LLC/

Domestic

Property,

LLC/PK

Finance

Co-Issuer,

Inc.

2,286,000

4.875%,

5/15/2029

2,223,689

PennyMac

Financial

Services,

Inc.

480,000

7.125%,

11/15/2030

486,312

1,443,000

6.875%,

5/15/2032

1,427,162

661,000

6.875%,

2/15/2033

649,997

480,000

6.750%,

2/15/2034

464,560

Phoenix

Aviation

Capital,

Ltd.

1,538,000

9.250%,

7/15/2030

1,569,618

PRA

Group,

Inc.

1,520,000

8.375%,

2/1/2028

1,544,010

RHP

Hotel

Properties,

LP/RHP

Finance

Corporation

965,000

4.500%,

2/15/2029

948,672

239,000

5.750%,

3/15/2034

237,568

Rithm

Capital

Corporation

480,000

8.000%,

4/1/2029

482,208

1,672,000

8.000%,

7/15/2030

1,673,216

RLJ

Lodging

Trust,

886,000

4.000%,

9/15/2029

837,179

Rocket

Companies,

Inc.

506,000

6.500%,

8/1/2029

515,457

933,000

6.125%,

8/1/2030

946,841

481,000

7.125%,

2/1/2032

497,174

1,442,000

6.375%,

8/1/2033

1,459,585

Rocket

Mortgage,

LLC/Rocket

Mortgage

Co-Issuer,

Inc.

1,062,000

3.625%,

3/1/2029

1,019,274

1,800,000

3.875%,

3/1/2031

1,671,118

624,000

4.000%,

10/15/2033

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

466,782

1,471,000

5.875%,

8/1/2032

1,470,774

SLM

Corporation

470,000

6.500%,

1/31/2030

474,510

Societe

Generale

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

1,433,116

952,000

6.500%,

10/15/2030

979,137

480,000

5.750%,

1/15/2031

479,530

Stonebriar

ABF

Issuer,

LLC

767,000

8.125%,

12/15/2030

805,688

Stonex

Escrow

Issuer,

LLC

2,143,000

6.875%,

7/15/2032

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

2,052,387

Vornado

Realty,

479,000

5.750%,

2/1/2033

479,812

XHR,

961,000

4.875%,

6/1/2029

943,229

482,000

6.625%,

5/15/2030

493,185

Total

117,640,953

Technology 9.8%

Amentum

Holdings,

Inc.

1,518,000

7.250%,

8/1/2032

1,571,297

APLD

ComputeCo

LLC

1,891,000

6.750%,

3/15/2031

1,872,194

APLD

ComputeCo,

LLC

2,586,000

9.250%,

12/15/2030

2,779,652

Black

Pearl

Compute,

LLC

1,434,000

6.125%,

2/15/2031

1,454,919

Block,

Inc.

960,000

5.625%,

8/15/2030

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

958,147

CACI

International,

Inc.

638,000

6.375%,

6/15/2033

652,708

Cipher

Compute,

LLC

1,522,000

7.125%,

11/15/2030

1,577,567

Clarivate

Science

Holdings

Corporation

1,771,000

3.875%,

7/1/2028

1,710,451

Cloud

Software

Group,

Inc.

5,818,000

6.500%,

3/31/2029

5,664,731

3,591,000

9.000%,

9/30/2029

3,525,950

Coherent

Corporation

965,000

5.000%,

12/15/2029

954,565

Core

Scientific

Finance

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

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 97.3%

Value

Technology 9.8%

continued

1,436,000

9.750%,

10/1/2031

1,444,315

Diebold

Nixdorf,

Inc.

972,000

7.750%,

3/31/2030

1,021,052

Edged

Compute,

LLC

958,000

7.500%,

4/30/2031

939,333

Fair

Isaac

Corporation

1,682,000

6.000%,

5/15/2033

1,658,829

950,000

6.250%,

9/15/2034

935,130

Flash

Compute,

LLC

1,530,000

7.250%,

12/31/2030

1,560,707

Gen

Digital,

Inc.

2,136,000

7.125%,

9/30/2030

2,166,212

481,000

6.250%,

4/1/2033

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

1,440,015

ION

Platform

Finance

US,

Inc./ION

Platform

Finance

SARL

1,439,000

9.500%,

5/30/2029

1,345,577

Iron

Mountain,

Inc.

995,000

4.875%,

9/15/2027

992,777

765,000

5.000%,

7/15/2028

762,499

2,130,000

4.875%,

9/15/2029

2,100,579

1,593,000

5.250%,

7/15/2030

1,576,515

2,663,000

4.500%,

2/15/2031

2,559,077

Kioxia

Holdings

Corporation

1,522,000

6.625%,

7/24/2033

1,591,040

Meridian

Arc

Holdco,

LLC

1,916,000

6.250%,

4/30/2031

1,915,564

NCR

Atleos

Corporation

797,000

9.500%,

4/1/2029

847,894

NCR

Voyix

Corporation

1,147,000

5.000%,

10/1/2028

1,123,194

902,000

5.125%,

4/15/2029

875,742

Neptune

Bidco

US,

Inc.

2,705,000

9.290%,

4/15/2029

2,735,700

719,000

10.375%,

5/15/2031

741,987

1,341,000

9.500%,

2/15/2033

1,342,064

Open

Text

Corporation

2,201,000

3.875%,

12/1/2029

1,983,736

Open

Text

Holdings,

Inc.

2,601,000

4.125%,

2/15/2030

2,341,508

Pitney

Bowes,

Inc.

497,000

6.875%,

3/15/2027

e,f

496,735

RNO

Property

Owner

LLC

2,634,000

6.500%,

5/1/2031

2,610,857

RingCentral,

Inc.

1,797,000

8.500%,

8/15/2030

1,887,254

Rocket

Software,

Inc.

1,192,000

9.000%,

11/28/2028

1,186,101

Sabre

GLBL,

Inc.

1,722,000

11.125%,

7/15/2030

1,480,920

Seagate

Data

Storage

Technology,

Private

Ltd.

1,450,395

9.625%,

12/1/2032

1,613,016

574,000

5.750%,

12/1/2034

583,869

Shift4

Payments,

LLC/Shift4

Payments

Finance

Sub,

Inc.

2,059,000

6.750%,

8/15/2032

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

1,205,093

RNO

Property

Owner

LLC

2,763,000

5.875%,

3/1/2031

2,710,914

UKG,

Inc.

2,069,000

6.875%,

2/1/2031

2,013,785

Viavi

Solutions,

Inc.

1,123,000

3.750%,

10/1/2029

1,069,836

WULF

Compute,

LLC

959,000

7.750%,

10/15/2030

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

2,078,435

Avianca

Midco

plc

548,807

9.000%,

12/1/2028

532,343

1,354,000

9.625%,

2/14/2030

1,276,145

1,000,000

9.500%,

1/28/2031

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

1,620,066

OneSky

Flight,

LLC

2,006,000

8.875%,

12/15/2029

2,118,625

Rand

Parent,

LLC

2,376,000

8.500%,

2/15/2030

2,468,068

RXO,

Inc.

1,197,000

6.375%,

5/15/2031

1,185,324

Star

Leasing

Company,

LLC

713,000

7.625%,

2/15/2030

689,952

Stena

International

1,593,000

7.250%,

1/15/2031

1,619,711

Stonepeak

Nile

Parent,

LLC

472,000

7.250%,

3/15/2032

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

1,465,954

479,000

6.950%,

7/15/2055

467,288

Algonquin

Power

Utilities

Corporation

3,772,000

4.750%,

1/18/2082

3,724,199

Alpha

Generation,

LLC

687,000

6.750%,

10/15/2032

703,629

Dominion

Energy,

Inc.

482,000

6.875%,

2/1/2055

499,410

482,000

7.000%,

6/1/2054

513,951

High

Yield

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 97.3%

Value

Utilities 3.5%

continued

Duke

Energy

Corporation

474,000

6.450%,

9/1/2054

495,212

Emera

Finance,

LLC

479,000

6.850%,

10/1/2056

480,433

Hawaiian

Electric

Company,

Inc.

480,000

6.000%,

10/1/2033

481,602

Long

Ridge

Energy,

LLC

2,158,000

8.750%,

2/15/2032

2,306,494

NRG

Energy,

Inc.

3,494,000

5.750%,

1/15/2034

3,468,188

1,916,000

5.875%,

5/15/2034

1,909,107

1,155,000

6.250%,

11/1/2034

1,168,433

1,916,000

6.125%,

5/15/2036

1,908,760

PacifiCorp

958,000

7.125%,

8/15/2056

954,874

PG&E

Corporation

958,000

7.375%,

3/15/2055

985,358

742,000

5.000%,

7/1/2028

738,369

Talen

Energy

Supply,

LLC

480,000

6.250%,

2/1/2034

476,418

480,000

6.500%,

2/1/2036

481,818

TerraForm

Power

Operating,

LLC

3,293,000

5.000%,

1/31/2028

3,260,879

Topaz

Solar

Farms,

LLC

935,196

4.875%,

9/30/2039

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

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

Principal

Amount

Short-Term

Investments

1.9%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

17,767,866

3.596%

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

The

stated

interest

rate

represents

the

weighted

average

all

contracts

within

the

bank

loan

facility.

All

portion

the

loan

unfunded.

Denotes

investments

purchased

when-issued

delayed-delivery

basis.

Denotes

variable

rate

securities.

The

rate

shown

April

30,

2026.

The

rates

certain

variable

rate

securities

are

based

published

reference

rate

and

spread;

these

may

vary

security

and

the

reference

rate

and

spread

are

indicated

their

description. The

rates

other

variable

rate

securities

are

determined

the

issuer

agent

and

are

based

current

market

conditions. These

securities

not

indicate

reference

rate

and

spread

their

description.

Denotes

securities

sold

under

Rule

144A

the

Securities

Act

1933,

which

exempts

them

from

registration.

These

securities

may

resold

other

dealers

the

program

other

qualified

institutional

buyers.

April

30,

2026,

the

value

these

investments

was

$767,867,652

83.9%

total

net

assets.

All

portion

the

security

loan.

Denotes

payment-in-kind

security. The

security

may

pay

interest

dividend

payment

with

additional

fixed

income

equity

securities

lieu

of,

addition

cash

payment. The

cash

rate

and/or

payment-in-kind

rate

shown

are

April

30,

2026.

Denotes

perpetual

securities.

Perpetual

securities

pay

indefinite

stream

income

and

have

contractual

maturity

date.

Date

shown,

applicable,

call

date.

The

interest

rate

shown

reflects

the

yield.

The

following

table

presents

the

total

amount

securities

loaned

with

continuous

maturity,

type,

offset

the

gross

payable

upon

return

collateral

for

securities

loaned

Thrivent

Core

High

Yield

Bond

Fund

April

30,

2026:

Securities

Lending

Transactions

Long-Term

Fixed

Income

47,196,169

Total

lending

$47,196,169

Gross

amount

payable

upon

return

collateral

for

securities

loaned

$48,876,508

Net

amounts

due

counterparty

$1,680,339

Definitions:

DAC

Designated

Activity

Company

PIK

Payment-In-Kind

plc

Public

Limited

Company

Reference

Rate

Index:

TSFR1M

CME

Term

SOFR

Month

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

investments

the

portfolio

whole

(including

derivatives,

any),

based

cost

for

federal

income

tax

purposes,

were

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

International

Equity

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

Australia

6,863,482

290,302

DEXUS

Property

Group

1,309,593

658,247

GPT

Group

2,270,185

3,157

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

330,280

Total

330,280

Belgium 1.4%

7,921

Ackermans

van

Haaren

2,612,457

15,136

Ageas

1,186,132

86,031

Anheuser-Busch

InBev

SA/NV

6,500,665

5,004

UCB

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

Group,

Ltd.

3,685,240

Total

3,685,240

Denmark 0.6%

5,140

ALK-Abello

192,522

35,880

ISS

1,316,244

84,178

Novo

Nordisk

3,580,592

Total

5,089,358

Finland 0.5%

36,578

Fortum

Oyj

921,515

21,753

Konecranes

Oyj

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

4,600,578

228,055

AXA

10,993,494

112,155

BNP

Paribas

11,778,727

17,557

Bouygues

1,038,320

220,822

Credit

Agricole

4,313,135

69,785

Engie

2,300,301

785

EssilorLuxottica

166,161

5,820

Ipsen

1,143,063

Common

Stock 98.7%

Value

France 8.0% -

continued

9,356

Ipsos

396,787

41,703

Legrand

7,471,685

5,284

LVMH

Moet

Hennessy

Louis

Vuitton

2,822,772

26,166

Safran

8,402,265

7,882

Sanofi

737,572

30,261

Societe

Generale

2,436,020

37,232

TotalEnergies

3,461,603

14,217

Vinci

2,149,936

Total

64,212,419

Germany 6.6%

34,826

Allianz

15,906,218

8,497

Deutsche

Bank

263,994

5,313

Deutsche

Boerse

1,630,023

80,410

Deutsche

Telekom

2,597,303

138,191

DHL

Group

8,182,903

2,815

Fraport

Frankfurt

Airport

Services

Worldwide

230,980

37,626

Fresenius

Company

KGaA

1,822,219

18,005

GEA

Group

1,231,216

22,079

Heidelberg

Materials

4,871,599

2,882

HOCHTIEF

1,550,029

796

KION

Group

41,545

11,442

Mercedes-Benz

Group

666,958

7,794

Muenchener

Rueckversicherungs-

Gesellschaft

4,662,169

40,790

SAP

6,848,386

5,509

Siemens

1,637,066

6,344

Siemens

Energy

1,344,437

Total

53,487,045

Hong

Kong 1.3%

141,500

Asset

Holdings,

Ltd.

891,345

961,500

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

Ireland

Group

plc

764,951

34,029

Ryanair

Holdings

plc

892,828

Total

1,657,779

Israel 1.0%

74,459

Bank

Hapoalim

1,997,738

29,199

Bank

Leumi

Le-Israel

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.

955,095

553

Delek

Group,

Ltd.

190,058

28,268

Energix-Renewable

Energies,

Ltd.

209,935

4,740

First

International

Bank

Israel,

Ltd.

396,452

8,428

Global-e

Online,

Ltd.

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

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

SPA

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

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

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

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

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

and

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.

544,821

99,300

Recruit

Holdings

Company,

Ltd.

4,600,069

12,600

SCREEN

Holdings

Company,

Ltd.

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

Asahi

Holdings

Corporation

1,386,426

9,600

YUASA

Company,

Ltd.

366,360

Total

183,726,833

International

Equity

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Common

Stock 98.7%

Value

Jersey 0.1%

89,979

Man

Group

plc

310,909

147,151

ICAP

Group

plc

633,144

Total

944,053

Netherlands 8.0%

33,552

AerCap

Holdings

4,771,430

613

Airbus

126,376

4,442

ASM

International

4,345,519

16,738

ASML

Holding

24,195,632

1,350

Euronext

225,979

98,260

Ferrovial

6,747,687

8,080

Heineken

Holding

574,175

152,686

Koninklijke

(Royal)

KPN

816,499

226,907

Koninklijke

Ahold

Delhaize

10,657,737

12,674

Koninklijke

Vopak

634,320

23,527

Group

2,059,415

117,095

Prosus

5,668,940

78,784

SBM

Offshore

3,370,502

78,784

SBM

Offshore

NV,

DRIP

a,d

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

129,238

1,472,841

EDP

8,033,319

20,727

Galp

Energia

SGPS

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

Construccion

Servicios

1,712,327

114,254

Aena

SME

b,c

3,120,587

243,809

Banco

Bilbao

Vizcaya

Argentaria

5,383,907

1,680,425

Banco

Sabadell

6,515,031

845,847

Banco

Santander

10,321,338

31,658

Iberdrola

742,200

76,175

Logista

Integral

2,976,029

154,568

Mapfre

756,664

80,923

Merlin

Properties

Socimi

1,415,122

67,345

Naturgy

Energy

Group

2,116,683

138,089

Repsol

3,709,245

Common

Stock 98.7%

Value

Spain 4.8% -

continued

971

Vidrala

87,595

Total

38,856,728

Sweden 3.3%

46,945

Industrivarden,

Class

2,493,990

136,056

Assa

Abloy

5,236,485

22,313

Epiroc

AB,

Class

644,163

17,699

Fabege

148,704

39,096

Hexpol

318,222

199,297

Investor

AB,

Class

8,088,584

152,910

Sandvik

6,432,487

26,554

SSAB

AB,

Class

238,991

202,468

Telefonaktiebolaget

Ericsson

2,415,241

110,539

Telia

Company

577,792

Total

26,594,659

Switzerland 9.7%

161,520

ABB,

Ltd.

16,336,091

2,543

Accelleron

Industries

272,457

1,701

Allreal

Holding

464,528

6,792

Avolta

375,350

2,209

Flughafen

Zurich

627,260

27,721

Galderma

Group

5,815,684

8,510

Galenica

906,709

1,238

Huber+Suhner

359,551

312

Mobimo

Holding

148,942

43,504

Nestle

4,404,329

133,106

Novartis

19,671,692

31,131

Roche

Holding

12,685,883

6,649

Schindler

Holding

AG,

Participation

Certificates

2,324,614

187,677

UBS

Group

8,305,045

7,889

Zurich

Insurance

Group

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

136,583

597,928

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

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

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

plc

5,062,742

International

Equity

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

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

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%

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

Non-income

producing

security.

Denotes

securities

sold

under

Rule

144A

the

Securities

Act

1933,

which

exempts

them

from

registration.

These

securities

may

resold

other

dealers

the

program

other

qualified

institutional

buyers.

April

30,

2026,

the

value

these

investments

was

$8,274,345

1.0%

total

net

assets.

All

portion

the

security

loan.

Security

valued

using

significant

unobservable

inputs.

Further

information

valuation

can

found

the

Notes

Financial

Statements.

The

interest

rate

shown

reflects

the

yield.

All

portion

the

security

held

deposit

with

the

counterparty

and

pledged

the

initial

margin

deposit

for

open

futures

contracts.

The

following

table

presents

the

total

amount

securities

loaned

with

continuous

maturity,

type,

offset

the

gross

payable

upon

return

collateral

for

securities

loaned

Thrivent

Core

International

Equity

Fund

April

30,

2026:

Securities

Lending

Transactions

Common

Stock

12,043,716

Total

lending

$12,043,716

Gross

amount

payable

upon

return

collateral

for

securities

loaned

$12,606,265

Net

amounts

due

counterparty

$562,549

Definitions:

DRIP

Dividend

Reinvestment

Plan

plc

Public

Limited

Company

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

investments

the

portfolio

whole

(including

derivatives),

based

cost

for

federal

income

tax

purposes,

were

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

Investment

Grade

Corporate

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

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

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

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

1,892,833

BAE

Systems

plc

1,050,000

5.500%,

3/26/2054

1,027,546

1,500,000

5.250%,

3/26/2031

1,535,899

Boeing

Company

500,000

6.858%,

5/1/2054

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

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

Vernova,

Inc.

469,000

5.500%,

2/4/2056

449,915

Honeywell

Aerospace,

Inc.

2,300,000

4.600%,

3/16/2033

2,270,885

1,877,000

5.622%,

3/16/2046

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

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

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

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

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

982,682

1,500,000

5.650%,

6/1/2054

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

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

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 99.0%

Value

Communications

Services 7.3%

continued

Netflix,

Inc.

500,000

4.875%,

6/15/2030

506,625

Omnicom

Group,

Inc.

500,000

4.200%,

6/1/2030

490,927

Orange

4,665,000

4.250%,

1/13/2031

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

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

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

1,597,402

GLP

Capital,

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

3,366,685

500,000

6.500%,

1/16/2029

522,222

Hyundai

Capital

Services,

Inc.

200,000

5.125%,

2/5/2027

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

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

2,832,828

Stellantis

Finance

US,

Inc.

800,000

6.450%,

3/18/2035

798,867

Stellantis

Financial

Services

Corporation

1,300,000

5.400%,

9/15/2030

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

2,696,463

1,354,000

4.125%,

8/15/2030

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

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

1,037,931

500,000

2.125%,

11/10/2031

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

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

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

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

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

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

712,688

725,000

2.076%,

12/13/2031

638,616

1,800,000

4.666%,

12/2/2035

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

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

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,

3,766,000

5.375%,

2/15/2036

3,735,691

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,

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

501,673

750,000

6.042%,

8/15/2028

773,990

Columbia

Pipelines

Operating

Company,

LLC

465,000

5.927%,

8/15/2030

486,018

Continental

Resources,

Inc.

3,273,000

2.268%,

11/15/2026

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,

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

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,

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

1,410,394

Schlumberger

Holdings

Corporation

65,000

4.300%,

5/1/2029

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

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

1,279,746

Var

Energi

ASA

1,300,000

5.875%,

5/22/2030

1,342,696

Western

Midstream

Operating,

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

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,

1,866,000

5.625%,

6/15/2034

1,911,806

Aircastle,

Ltd.

550,000

2.850%,

1/26/2028

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

756,144

250,000

5.085%,

1/30/2031

254,425

Investment

Grade

Corporate

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 99.0%

Value

Financials 40.8%

continued

2,793,000

5.412%,

2/8/2041

2,779,698

American

Homes

Rent,

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,

2,804,000

5.600%,

5/15/2032

2,794,658

Ameriprise

Financial,

Inc.

3,730,000

5.200%,

4/15/2035

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

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

412,562

2,797,000

5.700%,

1/23/2031

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

4,465,839

Arthur

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,

2,750,000

4.950%,

11/15/2030

2,704,128

Aviation

Capital

Group,

LLC

1,356,000

5.125%,

4/10/2030

1,365,052

3,738,000

4.875%,

1/28/2033

3,619,692

Avolon

Holdings

Funding,

Ltd.

1,200,000

4.950%,

1/15/2028

1,204,292

3,275,000

5.750%,

3/1/2029

3,349,975

3,749,000

5.375%,

5/30/2030

3,797,330

1,853,000

4.700%,

1/30/2031

1,820,202

Banco

Santander

Mexico

200,000

5.621%,

12/10/2029

205,650

Banco

Santander

3,800,000

4.175%,

3/24/2028

3,787,610

400,000

6.921%,

8/8/2033

433,538

Bank

America

Corporation

1,454,000

3.824%,

1/20/2028

1,448,391

1,000,000

4.376%,

4/27/2028

999,685

250,000

4.948%,

7/22/2028

251,484

1,634,000

5.202%,

4/25/2029

1,655,862

1,340,000

2.087%,

6/14/2029

1,275,287

1,000,000

5.819%,

9/15/2029

1,028,952

2,575,000

3.974%,

2/7/2030

2,537,123

1,250,000

5.162%,

1/24/2031

1,273,257

3,975,000

2.496%,

2/13/2031

3,680,978

4,700,000

1.922%,

10/24/2031

4,167,015

1,750,000

2.687%,

4/22/2032

1,587,949

750,000

2.572%,

10/20/2032

668,164

3,812,000

2.972%,

2/4/2033

3,453,956

3,121,000

4.571%,

4/27/2033

3,071,342

2,767,000

5.872%,

9/15/2034

2,902,026

4,741,000

5.425%,

8/15/2035

4,757,110

4,250,000

3.846%,

3/8/2037

3,947,858

Principal

Amount

Long-Term

Fixed

Income 99.0%

Value

Financials 40.8%

continued

Bank

Montreal

500,000

3.088%,

1/10/2037

447,736

Bank

New

York

Mellon

Corporation

800,000

6.317%,

10/25/2029

835,784

100,000

4.596%,

7/26/2030

100,423

175,000

6.474%,

10/25/2034

191,147

Bank

Nova

Scotia

485,000

4.850%,

2/1/2030

490,602

2,322,000

4.813%,

2/2/2034

2,296,279

Barclays

plc

700,000

5.501%,

8/9/2028

707,569

3,440,000

4.972%,

5/16/2029

3,461,386

3,715,000

4.942%,

9/10/2030

3,733,663

2,800,000

5.746%,

8/9/2033

2,885,514

665,000

6.224%,

5/9/2034

702,196

500,000

7.119%,

6/27/2034

545,189

1,800,000

5.860%,

8/11/2046

1,783,096

Belrose

Funding

Trust

750,000

6.792%,

5/15/2055

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

497,934

2,090,000

6.750%,

4/4/2029

2,094,663

2,806,000

6.125%,

1/23/2031

2,701,709

BNP

Paribas

2,725,000

5.283%,

11/19/2030

a,c

2,772,409

Brixmor

Operating

Partnership,

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

241,057

1,612,000

4.722%,

1/30/2032

1,592,871

250,000

6.700%,

11/29/2032

272,608

Charles

Schwab

Corporation

2,363,000

6.136%,

8/24/2034

2,522,266

3,766,000

4.914%,

11/14/2036

3,675,058

Chubb

INA

Holdings,

LLC

1,250,000

4.350%,

11/3/2045

1,062,264

Investment

Grade

Corporate

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 99.0%

Value

Financials 40.8%

continued

Citadel

Finance,

LLC

1,000,000

5.900%,

2/10/2030

1,008,401

Citadel,

2,327,000

6.375%,

1/23/2032

2,435,947

Citibank

500,000

5.570%,

4/30/2034

520,361

Citigroup,

Inc.

1,300,000

1.462%,

6/9/2027

1,295,778

950,000

3.070%,

2/24/2028

939,223

4,052,000

3.668%,

7/24/2028

4,014,498

2,164,000

3.520%,

10/27/2028

2,134,333

2,000,000

4.075%,

4/23/2029

1,984,991

4,244,000

4.952%,

5/7/2031

4,273,392

3,981,000

4.910%,

5/24/2033

3,971,047

2,833,000

6.174%,

5/25/2034

2,951,382

3,051,000

6.020%,

1/24/2036

3,132,195

1,262,000

5.174%,

9/11/2036

1,250,225

CNA

Financial

Corporation

2,360,000

5.125%,

2/15/2034

2,340,487

Commonwealth

Bank

Australia

600,000

2.688%,

3/11/2031

543,208

COPT

Defense

Properties,

1,835,000

4.500%,

10/15/2030

1,814,056

Corebridge

Financial,

Inc.

1,400,000

6.375%,

9/15/2054

1,392,091

500,000

5.750%,

1/15/2034

514,687

Cousins

Properties,

912,000

5.375%,

2/15/2032

922,154

2,805,000

4.875%,

3/1/2033

2,714,513

Credit

Agricole

1,500,000

5.230%,

1/9/2029

a,c

1,515,138

500,000

3.250%,

1/14/2030

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

2,800,000

7.250%,

N/A

*,d

672,000

Deutsche

Bank

AG/New

York,

2,327,000

5.297%,

5/9/2031

2,352,416

1,600,000

4.950%,

8/4/2031

1,594,983

3,750,000

3.729%,

1/14/2032

3,484,748

750,000

3.742%,

1/7/2033

684,549

Drawbridge

Special

Opportunities

Fund,

LP/Drawbridge

Special

Opportunities

Finance

Corporation

3,741,000

5.950%,

9/17/2030

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,

2,790,000

4.950%,

6/15/2032

2,814,639

Essential

Properties,

1,388,000

5.400%,

12/1/2035

1,372,340

F&G

Global

Funding

2,044,000

4.650%,

9/8/2028

2,017,824

Fifth

Third

Bancorp

500,000

4.772%,

7/28/2030

499,942

Fifth

Third

Financial

Corporation

930,000

5.982%,

1/30/2030

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

3,910,875

Franklin

BSP

Capital

Corporation

2,817,000

6.000%,

10/2/2030

2,700,597

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

3,681,441

Goldman

Sachs

Group,

Inc.

500,000

2.640%,

2/24/2028

492,680

400,000

3.615%,

3/15/2028

397,192

1,000,000

4.482%,

8/23/2028

1,000,370

1,000,000

3.814%,

4/23/2029

985,713

2,770,000

6.484%,

10/24/2029

2,891,910

2,033,000

5.218%,

4/23/2031

2,066,083

935,000

1.992%,

1/27/2032

822,680

500,000

2.615%,

4/22/2032

450,001

500,000

2.383%,

7/21/2032

442,740

6,936,000

3.102%,

2/24/2033

6,279,716

1,000,000

5.330%,

7/23/2035

1,003,746

500,000

5.016%,

10/23/2035

491,938

1,868,000

4.939%,

10/21/2036

1,812,013

2,805,000

5.387%,

2/2/2041

2,730,270

1,637,000

5.541%,

1/21/2047

1,565,376

Goldman

Sachs

Private

Credit

Corporation

904,000

5.050%,

2/23/2028

893,189

1,068,000

5.875%,

5/6/2028

a,b

1,068,875

1,628,000

5.375%,

1/31/2029

1,606,547

Golub

Capital

Private

Credit

Fund

923,000

5.600%,

4/15/2031

891,073

Hartford

Insurance

Group,

Inc.

500,000

2.800%,

8/19/2029

473,717

Healthcare

Realty

Holdings,

4,693,000

2.000%,

3/15/2031

4,100,836

Highwoods

Realty,

1,390,000

5.350%,

1/15/2033

1,376,800

HPS

Corporate

Lending

Fund

1,337,000

5.150%,

4/2/2029

1,309,120

HSBC

Holdings

plc

400,000

6.161%,

3/9/2029

411,198

1,400,000

4.583%,

6/19/2029

1,399,692

2,782,000

5.130%,

3/3/2031

2,816,957

600,000

2.804%,

5/24/2032

543,136

3,755,000

5.741%,

9/10/2036

3,770,877

Huntington

Bancshares,

Inc./OH

2,811,000

6.141%,

11/18/2039

2,864,141

JPMorgan

Chase

Company

1,000,000

2.947%,

2/24/2028

988,242

1,500,000

4.005%,

4/23/2029

1,487,945

500,000

2.069%,

6/1/2029

476,375

2,725,000

4.203%,

7/23/2029

2,708,035

2,000,000

4.493%,

3/24/2031

1,992,822

2,850,000

2.522%,

4/22/2031

2,635,106

1,617,000

4.347%,

1/22/2032

b,c

1,592,246

3,490,000

1.953%,

2/4/2032

3,079,425

500,000

2.963%,

1/25/2033

453,877

3,747,000

4.586%,

4/26/2033

3,698,290

3,309,000

4.912%,

7/25/2033

3,318,650

500,000

5.717%,

9/14/2033

518,823

500,000

5.350%,

6/1/2034

510,356

Investment

Grade

Corporate

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 99.0%

Value

Financials 40.8%

continued

500,000

6.254%,

10/23/2034

536,267

250,000

5.336%,

1/23/2035

253,401

2,798,000

5.766%,

4/22/2035

2,916,731

1,861,000

5.502%,

1/24/2036

1,905,737

3,747,000

4.810%,

10/22/2036

3,639,872

3,736,000

5.193%,

2/5/2037

3,675,323

2,823,000

5.534%,

11/29/2045

2,781,541

KeyBank

750,000

3.900%,

4/13/2029

733,466

Kilroy

Realty,

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

2,867,762

2,800,000

4.425%,

11/4/2031

2,756,646

800,000

6.068%,

6/13/2036

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

688,497

1,865,000

5.150%,

3/17/2030

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

2,219,529

Mid-America

Apartments,

500,000

4.200%,

6/15/2028

498,755

Mizuho

Financial

Group,

Inc.

1,300,000

5.098%,

5/13/2031

1,319,100

1,025,000

2.564%,

9/13/2031

904,692

500,000

5.748%,

7/6/2034

520,576

Morgan

Stanley

1,845,000

5.516%,

11/19/2055

1,755,652

250,000

1.593%,

5/4/2027

249,939

450,000

1.512%,

7/20/2027

447,265

350,000

5.123%,

2/1/2029

353,589

1,868,000

5.164%,

4/20/2029

1,889,240

2,600,000

3.622%,

4/1/2031

2,499,065

500,000

2.943%,

1/21/2033

451,057

500,000

4.889%,

7/20/2033

498,998

2,368,000

5.250%,

4/21/2034

2,391,711

500,000

5.424%,

7/21/2034

509,587

1,852,000

5.831%,

4/19/2035

1,926,908

1,394,000

5.587%,

1/18/2036

1,429,021

1,000,000

2.484%,

9/16/2036

865,664

3,279,000

5.297%,

4/20/2037

3,282,900

3,500,000

5.314%,

1/18/2041

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

503,247

1,875,000

4.445%,

5/8/2030

1,864,680

4,047,000

6.475%,

6/1/2034

4,193,053

New

York

Life

Global

Funding

500,000

5.000%,

1/9/2034

500,466

Nippon

Life

Insurance

Company

3,750,000

5.046%,

4/2/2033

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

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

1,634,886

Pinnacle

Bank/Nashville,

3,500,000

5.625%,

2/15/2028

3,526,081

PNC

Bank

500,000

2.700%,

10/22/2029

470,539

PNC

Financial

Services

Group,

Inc.

918,000

6.615%,

10/20/2027

927,549

500,000

5.582%,

6/12/2029

512,066

500,000

6.875%,

10/20/2034

552,998

2,257,000

5.423%,

1/25/2041

2,213,477

Prologis

Targeted

Logistics

Fund,

2,597,000

5.250%,

4/1/2029

2,647,621

1,399,000

5.250%,

1/15/2035

a,b

1,400,932

Prologis,

1,845,000

5.250%,

3/15/2054

1,716,820

Protective

Life

Corporation

3,733,000

4.700%,

1/15/2031

3,699,454

Prudential

Financial,

Inc.

3,562,000

5.125%,

3/1/2052

3,471,652

1,250,000

6.500%,

3/15/2054

b,c

1,287,130

Regency

Centers,

2,120,000

5.250%,

1/15/2034

2,145,081

Reinsurance

Group

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

1,437,611

Santander

Holdings

USA,

Inc.

500,000

2.490%,

1/6/2028

492,856

933,000

6.499%,

3/9/2029

962,062

2,739,000

5.473%,

3/20/2029

2,778,904

800,000

6.174%,

1/9/2030

825,645

Simon

Property

Group,

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

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

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

1,254,867

1,650,000

4.558%,

4/23/2032

1,642,052

200,000

4.421%,

5/13/2033

196,158

Sumisho

Air

Lease

Corporation

550,000

3.125%,

12/1/2030

508,233

3,739,000

4.850%,

3/24/2031

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

3,667,057

Synchrony

Financial

3,754,000

4.947%,

2/25/2032

3,667,583

Toronto-Dominion

Bank

1,392,000

5.146%,

9/10/2034

1,399,458

1,128,000

4.928%,

10/15/2035

1,104,619

TPG

Operating

Group

II,

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

2,870,318

1,336,000

5.125%,

12/15/2027

c,e

1,323,027

450,000

1.887%,

6/7/2029

426,506

2,292,000

4.597%,

1/27/2032

2,269,260

1,000,000

5.153%,

8/5/2032

1,013,116

2,332,000

5.122%,

1/26/2034

2,330,782

1,860,000

5.711%,

1/24/2035

1,914,120

U.S.

Bancorp

750,000

4.548%,

7/22/2028

751,183

2,798,000

5.775%,

6/12/2029

2,871,375

948,000

5.836%,

6/12/2034

990,113

1,945,000

5.678%,

1/23/2035

2,010,019

UBS

Group

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

3,642,894

2,311,000

3.526%,

3/24/2028

2,293,438

1,828,000

5.707%,

4/22/2028

1,849,892

1,075,000

3.584%,

5/22/2028

1,065,836

750,000

4.808%,

7/25/2028

753,108

1,861,000

5.574%,

7/25/2029

1,901,995

1,625,000

4.478%,

4/4/2031

1,613,296

1,891,000

5.389%,

4/24/2034

1,925,054

500,000

5.557%,

7/25/2034

513,705

500,000

6.491%,

10/23/2034

541,832

2,000,000

5.499%,

1/23/2035

2,039,403

500,000

5.605%,

4/23/2036

512,779

Principal

Amount

Long-Term

Fixed

Income 99.0%

Value

Financials 40.8%

continued

3,149,000

4.960%,

1/23/2037

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

1,383,928

Westpac

Banking

Corporation

750,000

4.110%,

7/24/2034

732,994

Willis

North

America,

Inc.

500,000

5.900%,

3/5/2054

488,132

Wynnton

Funding

Trust

1,379,000

5.991%,

8/15/2055

1,358,246

Zions

Bancorp

2,750,000

4.704%,

8/18/2028

2,748,823

1,750,000

4.483%,

2/9/2029

1,740,424

Total

548,528,065

Foreign

Government 0.6%

Corporacion

Nacional

del

Cobre

Chile

2,800,000

5.529%,

1/30/2037

2,780,120

Eagle

Funding

Luxco

SARL

1,550,000

5.500%,

8/17/2030

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

641,263

Saudi

Arabian

Oil

Company

800,000

4.375%,

2/2/2031

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

3,196,226

3,750,000

3.187%,

11/15/2036

3,146,649

1,890,000

4.926%,

5/15/2037

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

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 99.0%

Value

Technology 9.2%

continued

Equinix

Europe

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

Holdco,

LLC

1,800,000

5.900%,

1/25/2030

1,867,446

1,300,000

5.900%,

1/25/2033

1,352,563

1,800,000

6.400%,

1/25/2038

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

DC,

LLC

1,200,000

6.192%,

11/15/2042

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

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

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

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

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

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

498,407

Ryder

System,

Inc.

500,000

2.850%,

3/1/2027

494,147

1,851,000

4.850%,

6/15/2030

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

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Long-Term

Fixed

Income 99.0%

Value

Transportation 2.3%

continued

United

Airlines,

Inc.

3,751,000

4.625%,

4/15/2029

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

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

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

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

2,800,000

5.125%,

6/26/2029

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

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

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

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/

500,000

5.400%,

3/15/2054

473,883

NRG

Energy,

Inc.

2,800,000

4.955%,

4/30/2031

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

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

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

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

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

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

3,627,828

2,800,000

5.550%,

4/30/2036

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

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

Principal

Amount

Short-Term

Investments

.1%

Value

State

Street

Institutional

U.S.

Government

Money

Market

Fund

244,471

3.596%

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

Denotes

securities

sold

under

Rule

144A

the

Securities

Act

1933,

which

exempts

them

from

registration.

These

securities

may

resold

other

dealers

the

program

other

qualified

institutional

buyers.

April

30,

2026,

the

value

these

investments

was

$207,344,781

15.4%

total

net

assets.

All

portion

the

security

loan.

Denotes

variable

rate

securities.

The

rate

shown

April

30,

2026.

The

rates

certain

variable

rate

securities

are

based

published

reference

rate

and

spread;

these

may

vary

security

and

the

reference

rate

and

spread

are

indicated

their

description. The

rates

other

variable

rate

securities

are

determined

the

issuer

agent

and

are

based

current

market

conditions. These

securities

not

indicate

reference

rate

and

spread

their

description.

Defaulted

security. Interest

not

being

accrued.

Denotes

perpetual

securities.

Perpetual

securities

pay

indefinite

stream

income

and

have

contractual

maturity

date.

Date

shown,

applicable,

call

date.

The

interest

rate

shown

reflects

the

yield.

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

1933.

The

value

all

restricted

securities

held

Investment

Grade

Bond

Fund

April

30,

2026

was

$672,000

0.05%

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

restricted

securities

shown

the

schedule

April

30,

2026.

Security

Acquisition

Date

Cost

Credit

Suisse

Group

3/5/2026

2,800,000

The

following

table

presents

the

total

amount

securities

loaned

with

continuous

maturity,

type,

offset

the

gross

payable

upon

return

collateral

for

securities

loaned

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

April

30,

2026:

Securities

Lending

Transactions

Long-Term

Fixed

Income

27,793,453

Total

lending

$27,793,453

Gross

amount

payable

upon

return

collateral

for

securities

loaned

$28,765,054

Net

amounts

due

counterparty

$971,601

Investment

Grade

Corporate

Bond

Fund

Schedule

Investments

April

30,

2026

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Definitions:

DAC

Designated

Activity

Company

plc

Public

Limited

Company

S&P

Standard

Poor's

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

investments

the

portfolio

whole

(including

derivatives),

based

cost

for

federal

income

tax

purposes,

were

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

summary

the

inputs

used,

April

30,

2026,

valuing

Investment

Grade

Bond

Fund's

assets

carried

fair

value.

Investments

Securities

Total

Level

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

–

Subtotal

Investments

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

Value

$1,361,419,699

Certain

investments

are

measured

fair

value

using

net

asset

value

per

that

not

publicly

available

(practical

expedient). According

disclosure

requirements

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

classified

the

fair

value

hierarchy. The

fair

value

amounts

presented

the

table

above

are

intended

permit

reconciliation

the

fair

value

hierarchy

the

amounts

presented

the

Statement

Assets

and

Liabilities.

Investment

Affiliates

Affiliated

issuers,

defined

under

the

Investment

Company

Act

1940,

include

those

which

the

Fund's

holdings

issuer

represent

the

outstanding

voting

securities

issuer,

any

affiliated

fund,

company

which

under

common

ownership

control

with

the

Fund.

The

Fund

owns

Thrivent

Cash

Management

Trust

for

the

purpose

investing

collateral

received

from

securities

lending.

Thrivent

Cash

Management

Trust

established

solely

for

investment

Thrivent

entities.

summary

transactions

(in

thousands;

values

shown

zero

are

less

than

$500)

for

the

fiscal

year

date,

Investment

Grade

Bond

Fund,

follows:

Fund

Value

2/27/2026

Gross

Purchases

Gross

Sales

Value

4/30/2026

Held

4/30/2026

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

Short-Term

Reserve

Fund

Schedule

Investments

April

30,

2026

(Unaudited)

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Basic

Materials

1.6%

Value

BASF

25,000,000

3.850% ,6/1/2026

24,911,230

Mosaic

Company

25,000,000

4.020% ,5/7/2026

24,980,555

Total

49,891,785

Principal

Amount

Capital

Goods

6.3%

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

6,684,586

12,225,000

3.660% ,5/15/2026

12,206,387

Owens

Corning

25,000,000

4.000% ,5/4/2026

24,988,865

Republic

Services,

Inc.

14,370,000

3.920% ,5/7/2026

14,358,879

24,200,000

3.927% ,5/12/2026

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%

Value

BMW

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

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

16,676,080

Volkswagen

Group

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%

Value

Becton

Dickinson

Compay

11,700,000

4.000% ,5/22/2026

11,671,117

City

Hope

25,000,000

3.750% ,5/5/2026

24,985,660

Principal

Amount

Consumer

Non-Cyclical 4.5%

Value

Johnson

11,000,000

3.700% ,5/4/2026

10,995,593

21,000,000

3.680% ,8/20/2026

20,762,188

Proctor

Gamble

Company

15,000,000

3.750% ,7/28/2026

14,865,005

Roche

Holdings,

Inc.

2,850,000

2.625% ,5/15/2026

2,848,237

Sanofi

20,000,000

3.760% ,6/11/2026

19,914,040

15,000,000

3.840% ,9/9/2026

14,797,710

15,000,000

3.810% ,10/22/2026

14,730,330

Total

135,569,880

Principal

Amount

Energy

2.0%

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

25,000,000

3.730% ,8/31/2026

b,c

24,671,060

Total

61,647,764

Principal

Amount

Financials

57.3%

Value

Alexandria

Real

Estate

Equities,

Inc.

22,775,000

4.010% ,5/1/2026

b,c

22,772,538

AllianceBernstein

25,000,000

3.810% ,5/13/2026

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

24,778,450

15,000,000

3.930% ,9/24/2026

15,000,486

AvalonBay

Communities,

Inc.

21,150,000

4.050% ,5/12/2026

21,121,972

Bank

America

2,000,000

4.684%

(SOFRRATE

1.020%),8/18/2026

2,003,064

Bank

New

Zealand

9,000,000

3.735% ,7/27/2026

8,916,414

15,000,000

3.840% ,10/27/2026

14,712,750

Barclays

Bank

plc

15,000,000

3.920% ,6/29/2026

b,c

14,904,367

Barton

Capital

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

14,913,960

Cabot

Trail

Funding,

LLC

12,895,000

3.770% ,6/29/2026

12,812,687

Canadian

Imperial

Bank

Commerce/New

York,

10,000,000

3.960%

(SOFRRATE

0.330%),7/23/2026

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

Investments

April

30,

2026

(Unaudited)

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Financials 57.3%

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

9,487,000

4.373%

(SOFRRATE

0.708%),8/6/2026

9,491,317

Citigroup

Global

Markets

Holdings,

Inc./United

States

15,000,000

3.860% ,10/1/2026

14,752,402

15,000,000

3.950% ,4/28/2027

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

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

6,507,813

10,190,000

4.550%

(SOFRINDX

0.900%),10/5/2026

10,214,558

25,000,000

3.950%

(SOFRRATE

0.320%),11/25/2026

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,

25,000,000

3.820% ,7/27/2026

24,997,252

20,140,000

5.414%

0,5/21/2027

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

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

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

15,381,233

15,000,000

3.830% ,5/27/2026

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%

Value

Macquarie

Bank,

Ltd.

15,000,000

3.780% ,9/4/2026

14,792,973

25,000,000

3.900% ,9/16/2026

24,621,965

25,000,000

3.930% ,10/28/2026

24,511,007

15,000,000

3.900% ,11/24/2026

14,994,156

MetLife

Short

Term

Funding,

LLC

10,000,000

3.830% ,9/16/2026

9,851,103

20,000,000

3.850% ,9/17/2026

19,700,036

Mid-America

Apartments,

25,000,000

4.070% ,5/5/2026

24,986,230

15,000,000

3.990% ,5/11/2026

14,981,775

7,000,000

4.100% ,5/14/2026

6,989,182

Mizuho

Markets

Cayman,

10,000,000

4.173%

(SOFRRATE

0.520%),10/9/2026

b,d

10,005,900

Morgan

Stanley

Bank

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

17,000,000

3.980%

(SOFRRATE

0.350%),9/10/2026

17,005,770

National

Australia

Bank,

Ltd.

25,000,000

3.970% ,10/26/2026

25,003,955

Nationwide

Building

Society

4,800,000

3.730% ,5/18/2026

4,791,003

15,000,000

3.725% ,5/19/2026

14,970,301

20,000,000

3.805% ,7/17/2026

19,833,080

Natixis

SA/New

York,

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

9,986,582

15,000,000

3.850% ,7/30/2026

14,855,512

Nordea

Bank

Abp

10,000,000

3.890% ,8/4/2026

10,003,042

Nordea

Bank

Abp

/New

York,

15,000,000

3.930%

(SOFRRATE

0.300%),10/2/2026

15,003,501

15,000,000

3.980%

(SOFRRATE

0.350%),1/8/2027

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

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

16,205,000

1.200% ,9/1/2026

16,050,410

Short-Term

Reserve

Fund

Schedule

Investments

April

30,

2026

(Unaudited)

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

Financials 57.3%

Value

Pricoa

Short

Term

Funding,

LLC

15,000,000

3.930%

(SOFRRATE

0.300%),10/2/2026

b,d

15,000,390

Royal

Bank

Canada

23,080,000

4.129%

(SOFRINDX

0.460%),8/3/2026

23,088,916

25,000,000

3.900% ,8/10/2026

25,006,748

25,000,000

3.980% ,11/12/2026

25,001,678

22,170,000

4.599%

(SOFRINDX

0.950%),1/19/2027

22,264,223

4,677,000

4.359%

(SOFRINDX

0.710%),1/21/2027

4,689,579

Royal

Bank

Canada,

New

York

15,000,000

3.875% ,3/12/2027

14,489,174

Skandinaviska

Enskilda

Banken

15,000,000

3.940% ,9/23/2026

15,004,244

Societe

Generale

10,000,000

3.870% ,7/9/2026

9,926,017

10,000,000

3.850% ,7/13/2026

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

15,000,405

Sumitomo

Mitsui

Trust

25,000,000

3.770% ,6/8/2026

24,999,078

Svenska

Handelsbanken

25,270,000

4.903%

(SOFRRATE

1.250%),6/15/2026

b,d

25,299,874

15,000,000

3.940% ,9/23/2026

15,004,358

17,000,000

3.970%

(SOFRRATE

0.340%),12/8/2026

17,001,630

Swedbank

13,000,000

3.940% ,11/9/2026

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

24,932,325

7,811,000

4.730%

(SOFRRATE

1.080%),7/17/2026

7,825,075

15,000,000

3.970% ,8/21/2026

15,006,920

Toronto-Dominion

Bank/NY

25,000,000

4.030%

(SOFRRATE

0.400%),12/31/2026

25,013,403

UnitedHealth

Group,

Inc.

10,000,000

4.151%

(SOFRRATE

0.500%),7/15/2026

10,005,468

UnitedHealth

Group,

Inc.

United

States

6,885,000

1.150% ,5/15/2026

6,877,346

Wells

Fargo

Bank

1,482,000

4.726%

(SOFRRATE

1.060%),8/7/2026

1,484,149

15,000,000

3.980%

(SOFRRATE

0.350%),1/8/2027

15,003,786

Principal

Amount

Financials 57.3%

Value

25,000,000

3.900%

(SOFRRATE

0.270%),2/10/2027

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

15,005,391

15,000,000

3.930% ,9/28/2026

15,004,115

Total

1,739,553,965

Principal

Amount

Foreign

Government

3.1%

Value

Caisse

des

Depots

Consignations

25,000,000

3.715% ,5/29/2026

24,924,532

29,300,000

3.747% ,6/12/2026

29,168,153

25,000,000

3.700% ,6/17/2026

24,874,200

15,000,000

3.700% ,6/18/2026

14,922,921

Total

93,889,806

Principal

Amount

Technology

2.6%

Value

Cisco

Systems,

Inc.

15,000,000

3.770% ,10/5/2026

14,755,582

Equifax,

Inc.

25,000,000

4.000% ,5/4/2026

24,988,995

Fidelity

National

Information

Services,

Inc.

25,000,000

4.070% ,5/5/2026

24,986,230

ServiceNow

Inc.

15,000,000

3.830% ,7/1/2026

14,902,109

Total

79,632,916

Principal

Amount

Transportation

3.0%

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%

Value

Federal

Agricultural

Mortgage

Corporation

10,000,000

3.750%

(SOFRRATE

0.120%),5/12/2027

9,999,543

Federal

Farm

Credit

Bank

10,000,000

3.725%

(FEDL

0.085%),5/7/2026

10,000,039

10,000,000

3.750%

(SOFRRATE

0.120%),7/10/2026

10,001,994

20,000,000

3.660%

(SOFRRATE

0.030%),12/8/2026

19,999,513

20,000,000

3.710%

(SOFRRATE

0.080%),12/22/2026

20,000,713

12,400,000

3.760%

(SOFRRATE

0.130%),4/23/2027

12,408,330

20,000,000

3.725%

(SOFRRATE

0.095%),4/29/2027

20,009,719

Short-Term

Reserve

Fund

Schedule

Investments

April

30,

2026

(Unaudited)

The

accompanying

Notes

Financial

Statements

are

integral

part

this

schedule.

Principal

Amount

U.S.

Government

Agencies 9.5%

Value

10,000,000

3.750%

(SOFRRATE

0.120%),5/28/2027

9,999,235

10,000,000

3.745%

(SOFRRATE

0.115%),7/30/2027

10,005,953

5,000,000

3.745%

(SOFRRATE

0.115%),8/27/2027

5,003,157

Federal

Home

Loan

Bank

5,000,000

3.745%

(SOFRRATE

0.115%),7/16/2026

5,000,735

5,000,000

3.690%

(SOFRRATE

0.060%),1/29/2027

4,999,759

20,000,000

3.725%

(SOFRRATE

0.095%),2/25/2027

20,008,425

15,000,000

3.730%

(SOFRRATE

0.100%),3/18/2027

14,999,789

15,000,000

3.810%

(SOFRRATE

0.180%),10/14/2027

14,998,648

20,000,000

3.800%

(SOFRRATE

0.170%),11/5/2027

20,005,937

10,000,000

3.760%

(SOFRRATE

0.130%),12/8/2027

10,002,192

Federal

Home

Loan

Mortgage

Corporation

15,000,000

3.755%

(SOFRRATE

0.125%),8/25/2027

15,004,563

20,000,000

3.760%

(SOFRRATE

0.130%),9/2/2027

19,997,621

7,500,000

3.770%

(SOFRRATE

0.140%),10/6/2027

7,507,475

Federal

National

Mortgage

Association

6,000,000

3.750%

(SOFRRATE

0.120%),7/29/2026

6,000,988

U.S.

International

Development

Finance

Corporation

4,901,400

3.820%

(T-BILL

FLAT),5/7/2026

4,901,400

7,585,470

3.820%

(T-BILL

FLAT),5/7/2026

7,585,470

7,905,983

3.820%

(T-BILL

FLAT),5/7/2026

7,905,983

3,994,619

3.820%

(T-BILL

FLAT),5/7/2026

3,994,619

Total

290,341,800

Principal

Amount

Utilities

6.6%

Value

Constellation

Energy

Generation,

LLC

20,000,000

3.880% ,5/4/2026

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

22,080,479

25,000,000

4.000% ,5/18/2026

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

20,770,853

24,015,000

3.950% ,5/6/2026

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%

Value

WEC

Energy

Group,

Inc.

21,000,000

4.030% ,5/7/2026

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

The

interest

rate

shown

reflects

the

yield.

Denotes

securities

sold

under

Rule

144A

the

Securities

Act

1933,

which

exempts

them

from

registration.

These

securities

may

resold

other

dealers

the

program

other

qualified

institutional

buyers.

April

30,

2026,

the

value

these

investments

was

$2,018,698,992

66.4%

total

net

assets.

Denotes

investments

that

benefit

from

credit

enhancement

liquidity

support

provided

third

party

bank,

institution

government.

Denotes

variable

rate

securities.

The

rate

shown

April

30,

2026.

The

rates

certain

variable

rate

securities

are

based

published

reference

rate

and

spread;

these

may

vary

security

and

the

reference

rate

and

spread

are

indicated

their

description. The

rates

other

variable

rate

securities

are

determined

the

issuer

agent

and

are

based

current

market

conditions. These

securities

not

indicate

reference

rate

and

spread

their

description.

Definitions:

plc

Public

Limited

Company

Reference

Rate

Index:

FEDL

Federal

Funds

Month

Rate

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

SOFRRATE

Secured

Overnight

Financing

Rate

T-BILL

Treasury

Bill

Rate

Month

Unrealized

Appreciation

(Depreciation)

Gross

unrealized

appreciation

and

depreciation

investments

the

portfolio

whole

(including

derivatives),

based

cost

for

federal

income

tax

purposes,

were

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

Thrivent

Core

Funds

Notes

Financial

Statements

April

30,

2026

(1) ORGANIZATION

Thrivent

Core

Funds

(the

“Trust”)

was

organized

Delaware

statutory

trust

March

18,

2016,

and

registered

open-end

management

investment

company

under

the

Investment

Company

Act

1940.

The

Trust

established

solely

for

investment

other

Thrivent

entities. The

Trust

authorized

issue

unlimited

number

beneficial

interest

with

par

value

(if

any)

the

Trust's

Board

Trustees

may

determine

from

time

time.

The

Trust

divided

into five

separate

series,

each

with

its

own

investment

objective

and

policies

(each,

"Fund"

and,

collectively,

the

"Funds"). The six series

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

cash

sweep

vehicle

for

Thrivent

Mutual

Funds

and Thrivent

Series

Fund,

Inc.

Core

High

Yield

Bond

and

Core

Investment

Grade

Corporate

Bond

were

incepted

February

27,

2026

and

commenced

operations

March

2026.

The

Funds

are

each investment

companies which

the

accounting

and

reporting

guidance

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

the

performance

their

duties

the

Trust.

addition,

the

normal

course

business,

the

Trust

enters

into

contracts

with

vendors

and

others

that

provide

general

damage

clauses.

The

Trust's

maximum

exposure

under

these

contracts

unknown,

this

would

involve

future

claims

that

may

made

against

the

Trust.

However,

based

experience,

the

Trust

expects

the

risk

loss

remote.

Proposed

Reorganization

— On

February

23,

2026,

the

Board

Trustees

approved

the

conversion

of Core

International

Equity

Fund

(the

“Target

Fund”)

newly-organized

exchange-traded

fund

that

series

Thrivent

ETF

Trust

("the

Conversion”).

The

newly

created

exchange-traded

fund

will

the

Thrivent

International

Large

Cap

ETF

("Acquiring

Fund").

The

Conversion

provides

for

shareholders

the

Target

Fund

receive

ETF

equal

value

the

number

the

Target

Fund

they

own

the

day

the

reorganization

effective.

The

Acquiring

Fund

will

the

accounting

survivor

after

the

reorganization

and

such,

its

performance

and

financial

history

prior

the

reorganization

will

that

the

Target

Fund.

For

reporting

the

Acquiring

Fund

post

the

Conversion,

historical

transactions

and

per

information

for

the

Target

Fund

will

retroactively

adjusted

reflect

the

change

capital

structure

due

the

reorganization.

The

reorganization requires

shareholder

approval

and

expected

become

effective

June

12,

2026.

The

reorganization

will

qualify

tax-free

reorganization

for

federal

income

tax

purposes

with

gain

loss

recognized

the

Funds

their

shareholders.

(2)

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

Investments

— The

Funds

record

their

investments

fair

value

using

market

quotations

when

they

are

readily

available

pursuant

Rule

2a-5.

The

Funds'

investments

are

recorded

fair

value

when

market

quotations

are

not

readily

available.

Securities

traded

U.S.

foreign

securities

exchanges

included

national

market

system

are

valued

the

last

sale

price

the

principal

exchange

the

regular

trading

such

exchange

the

official

closing

price

the

national

market

system.

Over-the-counter

securities

and

listed

securities

for

which

price

readily

available

are

valued

the

current

bid

price

considered

best

represent

the

value

that

time.

Security

prices

are

based

quotes

that

are

obtained

from

independent

pricing

service

approved

the

Trust’s

Board

Trustees

(the

“Board”).

The

pricing

service,

determining

values

fixed-income

securities,

takes

into

consideration

such

factors

current

quotations

broker/dealers,

coupon,

maturity,

quality,

type

issue,

trading

characteristics,

and

other

yield

and

risk

factors

deems

relevant

determining

valuations.

Securities

which

cannot

valued

the

approved

pricing

service

are

valued

using

valuations

obtained

from

dealers

that

make

markets

the

securities.

Exchange-listed

options

and

future

contracts

are

valued

the

primary

exchange

settle

price.

Exchange

cleared

swap

agreements

are

valued

the

clearinghouse

end

day

price.

Swap

agreements

not

cleared

exchanges

will

valued

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

the

pricing

service. Investments

open-ended

mutual

funds

are

valued

the

net

asset

value

the

each

business

day

fair

valued

pursuant

our

valuation

procedures if

net

asset

value

the

business

day

not

readily

available .

The

Board

has

chosen

the

Funds'

investment

adviser,

Thrivent

Asset

Management,

LLC

(the

"Adviser")

the

valuation

designee,

responsible

for

daily

valuation

the

Funds'

securities.

The

Adviser

has

formed

Valuation

Committee

(the

“Committee”)

that

responsible

for

overseeing

the

Funds'

valuation

policies

accordance

with

Valuation

Policies

and

Procedures.

The

Committee

meets

monthly

and

as-needed

basis

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

the

trading

the

New

York

Stock

Exchange

that

could

have

material

impact

the

value

any

securities

that

are

held

the

Funds.

Examples

such

events

include

trading

halts,

national

news/events,

and

issuer-specific

developments.

the

Committee

decides

that

such

events

warrant

using

fair

value

estimates,

the

Committee

will

take

such

events

into

consideration

determining

the

fair

value

such

securities.

market

quotations

prices

are

not

readily

available

determined

unreliable,

the

securities

will

valued

fair

value

using

appropriate

methodology as

Thrivent

Core

Funds

Notes

Financial

Statements

April

30,

2026

determined

good

faith

pursuant

procedures

adopted

the

Board.

accordance

with

U.S.

Generally

Accepted

Accounting

Principles

("GAAP"),

the

various

inputs

used

determine

the

fair

value

the

Funds'

investments

are

summarized

three

broad

levels. Level

includes

quoted

prices

active

markets

for

identical

securities;

typically

included

this

level

are

U.S.

equity

securities,

futures,

options

and

registered

investment

company

funds. Level

includes

other

significant

observable

inputs

such

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk;

typically

included

this

level

are

fixed

income

securities,

international

securities,

swaps

and

forward

contracts. Level

includes

significant

unobservable

inputs

such

the

Adviser’s

own

assumptions

and

broker

evaluations

determining

the

fair

value

investments. The

valuation

levels

are

not

necessarily

indication

the

risk

associated

with

investing

these

securities

other

investments.

Investments

measured

using

net

asset

value

per

practical

expedient

for

fair

value

and

that

are

not

publicly

available-for-sale

are

not

categorized

within

the

fair

value

hierarchy.

Valuation

International

Securities

—

The

Funds

value

certain

foreign

securities

traded

foreign

exchanges

that

prior

the

close of

the

New

York

Stock

Exchange

using

fair

value

pricing

service.

The

fair

value

pricing

service

uses

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

applicable,

determine

price

adjustments

for

each

security

order

reflect

the

effects

post-closing

events.

The

Board

has

authorized

the

Adviser

make

fair

valuation

determinations

pursuant

policies

approved

the

Board.

Foreign

Currency

Translation

—

The

accounting

records

each

Fund

are

maintained

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

foreign

currencies

are

translated

into

U.S.

dollars

the

daily

closing

rates

exchange.

Foreign

currency

amounts

the

purchase

sale

securities

and

income

and

expenses

are

translated

the

exchange

rate

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

losses

between

the

trade

date

and

settlement

date

securities

transactions,

and

other

translation

gains

losses

dividends,

interest

income

and

foreign

withholding

taxes.

The

Funds

not

separately

report

the

effect

changes

foreign

exchange

rates

from

changes

in prices

securities

held.

Such

changes

are

included

net

realized

and

unrealized

gain

loss

from

investments

the

Statement

Operations.

For

federal

income

tax

purposes,

the

Funds

treat

the

effect

changes

foreign

exchange

rates

arising

from

actual

foreign

currency

transactions

and

the

changes

foreign

exchange

rates

between

the

trade

date

and

settlement

date

ordinary

income.

Federal

Income

Taxes

—

provision

has

been

made

for

income

taxes

because

each

Fund’s

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code

and

distribute

substantially

all

investment

company

taxable

income

and

net

capital

gain

timely

basis.

also

the

intention

each

Fund

distribute

amount

sufficient

avoid

imposition

any

federal

excise

tax.

The

Funds,

accordingly,

anticipate

paying

federal

taxes

and

federal

tax

provision

was

recorded.

Each

Fund

treated

separate

taxable

entity

for

federal

income

tax

purposes.

Funds

may

utilize

earnings

and

profits

distributed

shareholders

the

redemption

part

the

dividends

paid

deduction.

GAAP

requires

management

the Funds

(i.e.,

the

Adviser) to

make

additional

tax

disclosures

with

respect

the

tax

effects

certain

income

tax

positions,

whether

those

positions

were

taken

previously

filed

tax

returns

are

expected

taken

future

returns.

These

positions

must

meet

“more

likely

than

not”

standard

that,

based

the

technical

merits

the

position,

would

have

greater

than

percent

likelihood

being

sustained

upon

examination.

evaluating

whether

tax

position

has

met

the

more-

likely-than-not

recognition

threshold, the Adviser

must

presume

that

the

position

will

examined

the

appropriate

taxing

authority

that

has

full

knowledge

all

relevant

information.

The

Adviser

analyzed

all

open

tax

years,

defined

the

statute

limitations,

for

all

major

jurisdictions.

Open

tax

years

are

those

that

are

open

for

examination

taxing

authorities.

Major

jurisdictions

for

the Funds

include

U.S.

Federal,

and

certain

state

jurisdictions

well

certain

foreign

countries.

The Funds'

federal

income

tax

returns

are

subject

examination

for

period

three

years

after

the

filing

the

return

for

the

tax

period.

State

returns

may

subject

examination

for

additional

year

depending

the

jurisdiction.

The Funds

have

examinations

progress

and

none

are

expected

this

time.

April

30,

2026,

the Adviser

has

reviewed

all

open

tax

years

and

major

jurisdictions

and

concluded

that

there

effect

to each

Fund's

tax

liability,

financial

position

results

operations.

There

tax

liability

resulting

from

unrecognized

tax

benefits

uncertain

income

tax

positions

taken

expected

taken

future

tax

returns.

The Funds

also

are

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

unrecognized

tax

benefits

will

significantly

change

the

months.

Foreign

Income

Taxes

—

Funds

are

subject

foreign

income

taxes

imposed

certain

countries

which

they

invest.

Withholding

taxes

foreign

dividends

have

been

provided

for

accordance

with

the

applicable

country’s

tax

rules

and

rates.

These

amounts

are

shown

foreign

tax

withholding

the

Statement

Operations.

Thrivent

Core

Funds

Notes

Financial

Statements

April

30,

2026

The

Funds

pay

tax

foreign

capital

gains,

where

applicable.

Taxes

paid

foreign

capital

gains,

any,

are

included

the

net

realized

gains/(losses)

investments

the

Statement

Operations.

Expenses

and

Income

—

Estimated

expenses

are

accrued

daily.

The

Funds

are

charged

for

those

expenses

that

are

directly

attributable

them.

Expenses

that

are

not

directly

attributable

Fund

are

allocated

among

all

appropriate

Funds

proportion

their

respective

net

assets,

number

shareholder

accounts

other

reasonable

basis.

Interest

income

recorded

daily

all

debt

securities,

accretion

market

discount

and

original

issue

discount

and

amortization

premium.

Paydown

gains

and

losses

mortgage-

backed

and

asset-backed

securities

are

recorded

components

interest

income.

Dividend

income

and

capital

gain

distributions

are

recorded

the

ex-dividend

date.

However, certain

dividends

from

foreign securities

are

recorded

soon

the

information

available

the

Funds.

Non-cash

income,

any,

recorded

the

fair

market

value

the

securities

received.

Distributions

Shareholders

—

Net

investment

income

distributed

each

shareholder

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,

any,

are

paid

least

annually

after

the

fiscal

year.

addition,

the

Funds

may

claim

portion

the

payment

made

redeeming

shareholders

distribution

for

income

tax

purposes.

Derivatives

— Certain

Funds

may

invest

derivatives,

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts

and

hybrid

instruments.

Derivatives

are

financial

instruments

whose

value

derived

from

another

security,

index

currency.

Each applicable

Fund

may

use

derivatives

for

hedging

(attempting

offset

potential

loss

one

position

establishing

interest

opposite

position).

This

includes

the

use

currency-based

derivatives to

manage

the

risk

of its

positions

foreign

securities.

Each applicable

Fund

may

also

use

derivatives

for

replication

certain

asset

class

speculation

(investing

for

potential

income

capital

gain).

These

contracts

may

transacted

exchange

over-the-counter

("OTC").

derivative

may

incur

a loss

the

value

the

derivative

decreases

due

unfavorable

change

the

market

rates

values

the

underlying

derivative.

Losses

can

also

occur

the

counterparty

does

not

perform

under

the

derivative

contract.

Fund’s

risk

loss

from

the

counterparty

credit

risk

OTC

derivatives

generally

limited

the

aggregate

unrealized

gain

netted

against

any

collateral

held

such

Fund.

With

exchange

traded

futures

and

centrally

cleared

swaps,

there

minimal

counterparty

credit

risk

the

Funds

because

the

exchange’s

clearinghouse,

counterparty

such

derivatives,

guarantees

against

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

the

derivative;

thus,

the

credit

risk

limited

the

failure

the

clearinghouse.

However,

credit

risk

still

exists

exchange

traded

futures

and

centrally

cleared

swaps

with

respect

initial

and

variation

margin

that

held

broker’s

customer

accounts.

While

brokers

are

required

segregate

customer

margin

from

their

own

assets,

the

event

that

broker

becomes

insolvent

goes

into

bankruptcy

and

that

time

there

shortfall

the

aggregate

amount

margin

held

the

broker

for

all

its

clients,

U.S.

bankruptcy

laws

will

typically

allocate

that

shortfall

pro-

rata

basis

across

all

the

broker’s

customers,

potentially

resulting

losses to

the

Funds.

Using

derivatives

hedge

can

guard

against

potential

risks,

but

also

adds

the

Funds'

expenses

and

can

eliminate

some

opportunities

for

gains.

addition,

derivative

used

for mitigating

exposure or

replication

may

not

accurately

track

the

value

the

underlying

asset.

Another

risk

with

derivatives

that

some

types

can

amplify

gain

loss,

potentially

earning

losing

substantially

money

than

the

actual

cost

the

derivative.

order

define

their

contractual

rights

and

secure

rights

that

will

help

the

Funds

mitigate

their

counterparty

risk,

the

Funds

may

enter

into

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

similar

agreement

with

its

derivative

contract

counterparties.

ISDA

Master

Agreement

bilateral

agreement

between

Fund

and

counterparty

that

governs

OTC

derivatives

and

foreign

exchange

contracts

and

typically

includes,

among

other

things,

collateral

posting

terms

and

netting

provisions

the

event

default

and/

termination

event.

Under

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

the

ISDA

Master

Agreement

typically

permit

single

net

payment

the

event

default

(close-out

netting)

including

the

bankruptcy

insolvency

the

counterparty.

Note,

however,

that

bankruptcy

and

insolvency

laws

particular

jurisdiction

may

impose

restrictions

prohibitions

against

the

right

offset

bankruptcy,

insolvency

other

events.

Collateral

and

margin

requirements

vary

type

derivative.

Margin

requirements

are

established

the

broker

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

excess

the

minimum

requirements in

certain

situations.

Collateral

terms

are

contract

specific

for

OTC

derivatives

(foreign

currency

exchange

contracts,

options,

swaps).

For

derivatives

traded

under

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

netting

the

mark

market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

the

value

any

collateral

currently

pledged

the

Fund

and

the

counterparty.

For

financial

reporting

purposes,

non-cash

collateral

that

has

been

pledged

cover

obligations

the

Fund

has

been

noted

the

Schedule

Investments.

the

extent

amounts

due

the

Fund

from

its

counterparties

are

not

fully

collateralized,

contractually

otherwise,

the

Fund

bears

the

risk

loss

from

counterparty

nonperformance.

The

Funds

attempt

mitigate

counterparty

risk

only

entering

into

agreements

with

Thrivent

Core

Funds

Notes

Financial

Statements

April

30,

2026

counterparties

that

they

believe

have

the

financial

resources

honor

their

obligations

and

monitoring

the

financial

stability

those

counterparties.

Futures

Contracts

— Certain

Funds may

use

futures

contracts

manage

the

exposure

interest

rate

and

market

currency

fluctuations.

Gains

losses

futures

contracts

can

offset

changes

the

yield

securities.

When

futures

contract

opened,

cash

other

investments

equal

the

required

“initial

margin

deposit”

are

held

deposit

with

and

pledged

the

broker.

Additional

securities

held

the

Funds

may

earmarked

cover

open

futures

contracts.

The

futures

contract’s

daily

change

value

(“variation

margin”)

either

paid

received

from

the

broker,

and

recorded

unrealized

gain

loss.

When

the

contract

closed,

realized

gain

loss

recorded

equal

the

difference

between

the

value

the

contract

when

opened

and

the

value

the

contract

when

closed.

Futures

contracts

involve,

varying

degrees,

risk

loss

excess

the

variation

margin

disclosed

the

Statement

Assets

and

Liabilities.

Exchange-traded

futures

have

significant

counterparty

risk

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

manage

exposure

the

equities

market.

For

financial

reporting

purposes,

the

Funds

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

netting

arrangements

the

Statement

Assets

and

Liabilities.

Securities

Lending

—

The

Trust

has

entered

into

Securities

Lending

Agreement

(the

“Agreement”)

with

Goldman

Sachs

Bank

USA,

doing

business

Goldman

Sachs Agency

Lending ("GSAL").

The

Agreement

authorizes

GSAL

lend

securities

authorized

borrowers

behalf

the

Funds.

Pursuant

the

Agreement, loaned

securities

are

typically

initially

collateralized equal

least

102%

the

market

value

U.S.

securities

and

105% of

the

market

value

of non-U.S.

securities.

Daily

market

fluctuations

could

cause

the

value

loaned

securities

less

than

the

value

the

collateral

received.

Any

additional

collateral

adjusted

and

settled

the

business

day.

The

Trust

has

the

ability

recall

the

loans

any

time

and

could

order

vote

proxies

sell

the

loaned

securities.

All

cash

collateral

received

invested

Thrivent

Cash

Management

Trust.

The

Funds

receive dividends

and

interest

that would

have

been

earned

the

securities

loaned

while

simultaneously

seeking

earn

income

the

investment

cash

collateral.

Amounts

earned

investments

Thrivent

Cash

Management

Trust,

net

rebates,

fees

paid

GSAL

for

services

provided

and

any

other

securities

lending

expenses,

are

included

affiliated income

from

securities

loaned,

net on

the

Statement

Operations.

investing

any

cash

collateral

receives

these

transactions,

Fund

could

realize

additional

gains

losses.

the

borrower

fails

return

the

securities

the

invested

collateral

has

declined

value, a

Fund

could

lose

money.

Generally,

the

event

borrower

default, a Fund

has

the

right

use

the

collateral

offset

any

losses

incurred.

However,

the

event a

Fund

delayed

prevented

from

exercising

its

right

dispose

the

collateral,

there

may

potential

loss.

Some

these

losses

may

indemnified

the

lending

agent.

When-Issued

and

Delayed-Delivery

Transactions

— The

Funds

may

purchase

sell

securities

a when-issued

delayed-delivery

basis.

These

transactions

involve

commitment

by the

Funds

purchase

sell

securities

for

predetermined

price

yield,

with

payment

and

delivery

taking

place

beyond

the

customary

settlement

period.

When

delayed-delivery

purchases

are

outstanding, the

Funds

will

designate

liquid

assets

amount

sufficient

meet

the

purchase

price.

When

purchasing

security

delayed-delivery

basis, the

Funds

assume

the

rights

and

risks

ownership

the

security,

including

the

risk

price

and

yield

fluctuations,

and

take

such

fluctuations

into

account

when

determining

its

net

asset

value. A

Fund

may

dispose

delayed-

delivery

transaction

after

entered

into,

and

may

sell

when-issued

securities

before

they

are

delivered,

which

may

result

capital

gain

loss.

When a Fund

has

sold a

security

delayed-delivery

basis, a

Fund

does

not

participate

future

gains

and

losses

with

respect

the

security.

Contingent

Liabilities

—

the

event

adversary

action

proceedings

where the

Fund

defendant,

loss

contingency

will

not

accrued

liability

until

the

amount

potential

damages

and

the

likelihood

loss

can

reasonably

estimated.

For

the six

months

ended

April

30,

2026, the

Funds

did

not

report

accrual

for contingent

liabilities.

Accounting

Estimates

—

The

preparation

financial

statements

conformity

with

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

these

estimates.

Litigation

—

Awards

from

class

action

litigation

are

recorded

reduction

cost

the

Fund

still

owns

the

applicable

securities

the

payment

date.

the

Fund

longer

owns

the

applicable

securities,

the

proceeds

are

recorded

realized

gains.

Bank Loans

(Leveraged Loans)

—

Certain

Funds

may

invest

bank

loans,

which

are

senior

secured

loans

that

are

made

banks

other

lending

institutions

companies

that

are

typically

rated

below

investment

grade.

A Fund

may

invest

multiple

series

tranches

bank

loan,

with

varying

terms

and

different

associated

risks.

Transactions

bank

loan

securities

may

settle

delayed

basis,

which

may

result

the

proceeds

the

sale

not

readily

available

for

a Fund

make

additional

investments.

Interest

rates

bank

loan

securities

typically

reset

periodically,

the

rates

are

tied

reference

index

rate,

plus

premium.

Income

recorded

daily

bank

loan

securities.

ongoing

basis,

a Fund

may

receive

commitment

fee

based

the

undrawn

portion

the

underlying

line

credit

the

bank

loan.

This

commitment

fee

accrued

income

over

the

term

the

bank

loan.

A Fund

may

receive

consent

and

amendment

fees

for

accepting

amendment

the

current

Thrivent

Core

Funds

Notes

Financial

Statements

April

30,

2026

In-kind

Contributions

(Continued)

—

During

March

and

April

2026,

the

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

received

in-kind

contribution

which

consisted

$1,354,809,026

securities.

result

the

in-kind

contribution,

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund

issued

the

net

asset

value

per

the

date

contribution.

The

in-kind

amounts

and

issued

are

included

the

Capital

Stock

Transactions

the

Statement

Changes

Net

Assets

for

Thrivent

Core

Investment

Grade

Corporate

Bond

Fund.

These

in-kind

transactions

were

conducted

market

value.

The

transactions

were

follows:

Other

—

For

financial

statement

purposes,

investment

security

transactions

are

accounted

for

the

trade

date.

Realized

gains

losses

sales

are

determined

specific

cost

identification

basis,

which

the

same

basis

for

federal

income

tax

purposes.

(3)

FEES

AND

COMPENSATION

PAID

AFFILIATES

Fees

—

The

Trust

has

entered

into

administration

and

accounting

services

agreement

with

the

Adviser

pursuant

which

the

Adviser

provides

certain

administrative

and

accounting

personnel

and

services.

The

Fund

pays

annual fee plus

percentage

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

agreement

with

Thrivent

Financial

Investor

Services

Inc.

("Thrivent

Investor

Services")

provide

transfer

agency

services

necessary

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

not

affiliated

with

the

Adviser

receives

annual

fee

from

the

Trust

for

services

Trustee

and

eligible

participate

deferred

compensation

plan

with

respect

these

fees.

Participants

the

plan

may

designate

their

deferred

Trustee’s

fees

invested

series

the

Thrivent

Mutual

Funds. Thrivent

Money

Market

not

eligible

for

the

deferral

plan.

The

value

each

participant's

deferred

compensation

account

will

increase

decrease

were

invested

particular

series

Thrivent

Mutual

Funds. Each

participant's fees

well

the

change

value

are

included

Trustee

fees

the

Statement

Operations.

The

deferred

fees

remain

the

appropriate

Fund

until

distribution

accordance

with

the

plan.

The

Payable

for

trustee

deferred

compensation,

located

the

Statement

Assets

and

Liabilities,

unsecured.

Those

trustees

not

participating

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

relation

attendance

the

meetings

and

industry

conferences.

Certain

officers

and

non-independent

Trustees

the

Trust

are

officers

and

directors

Thrivent

Asset

Mgt.,

Thrivent

Investor

Services

and

Thrivent

Distributors,

LLC.;

however

they

receive

compensation

from

the

Trust.

Affiliated

employees

and

board

consultants

are

reimbursed

for

reasonable

expenses

incurred

relation

board

meeting

attendance.

Acquired

Fund

Fees

and Expenses

—

The Funds

may

invest

other

mutual

funds.

Fees

and

expenses

those

underlying

funds

Contributing

Fund/Portfolio

Contribution

Date

Issued

Net

Asset

Value

per

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

Financial

Statements

April

30,

2026

are

not

included

the

Funds'

expense

ratio.

The Funds

indirectly

bear

their proportionate

the

annualized

weighted

average

expense

ratio

for

the

underlying

funds

which

invests.

Interfund

Lending

—

The

Funds

may

participate

interfund

lending

program

(the

"Program")

pursuant

exemptive

order

issued

the

SEC.

The

Program

permits the

Funds

to borrow

cash

for

temporary

purposes

from

Thrivent

Core

Short-Term

Reserve.

Interest

charged

each

participating

Fund

based

its

borrowings

the

average

the

repo

rate

and

bank

loan

rate,

each

defined

the

Program.

Each

borrowing

made

under

the

Program

matures

later

than

seven

calendar

days

after

the

date

the

borrowing,

and

each

borrowing

must

securitized

pledge

segregated

collateral

with

market

value

least

equal

102%

the

outstanding

principal

value

the

loan.

For

the six

months

ended

April

30,

2026,

Funds

borrowed

cash

through

the

interfund

lending

program.

(4)

SEGMENT

REPORTING

accordance

with

FASB

Accounting

Standards

Update 2023-

07,

Segment

Reporting

(Topic

280)

Improvements

Reportable

Segment

Disclosures

("ASU

2023-07"),

management

evaluates

the

Funds’

business

activities

determine

the

segment

reporting

needed

for

the

Funds.

The

intent

ASU

2023-07

enable

investors

better

understand

entity's

overall

performance

and

assess

its

potential

future

cash

flows

through

improved

segment

disclosures.

operating

segment

defined

Topic

280

component

public

entity

that

engages

business

activities

from

which

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

the

public

entity’s

chief

operating

decision

maker

(CODM)

make

decisions

about

resources

allocated

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

The

Principal

Officers

the

Funds,

consisting

the

President

the

Principal

Executive

Officer

and

the

Treasurer

the

Principal

Financial

and

Accounting

Officer,

jointly

act

the

Funds'

CODMs.

Management

has

determined

that

each

Fund

single

operating

segment

because

the

CODMs

monitor

the

net

increase

decrease

net

assets

resulting

from

operations

each

Fund

whole

and

the

Funds'

long-term

strategic

asset

allocation

pre-determined

accordance

with

the

terms

their

respective

prospectus,

based

defined

investment

strategy

which

executed

the

Funds'

portfolio

managers

team.

investment

companies,

the

Funds

primarily

engage

investing

securities

generate

return

investment

for

shareholders.

The

financial

information

provided

and

reviewed

the

CODM

consistent

with

that

presented

the

Funds'

Schedule

Investments,

Statement

Changes

Net

Assets

and

Financial

Highlights.

Fund

net

assets

are

reflected

the

accompanying

Statement

Assets

and

Liabilities

“Total

Net

Assets”

and

significant

fund

expenses

are

listed

the

accompanying

Statement

Operations.

(5)

FEDERAL

INCOME

TAX

INFORMATION

Distributions

are

based

amounts

calculated

accordance

with

the

applicable

federal

income

tax

regulations,

which may

differ

from

GAAP.

the

extent

that

these

differences

are

permanent

nature,

GAAP

requires

such

amounts

reclassified

within

the

capital

accounts

based

their

federal

tax-basis

treatment;

temporary

differences do

not

require

reclassifications.

fiscal

year-end,

the

character

and

the

amount

distributions,

tax

basis

and

components

distributable

earnings,

are

finalized.

Therefore,

April

30,

2026,

the

tax

basis

balance

has

not

yet

been

determined.

October

31,

2025,

the

following

Funds

had

accumulated

net capital

loss

carryovers

follows:

the

extent

these

Funds

realize

future

net

capital

gains,

taxable

distributions

will

reduced

any

unused

capital

loss

carryovers

permitted

the

Internal

Revenue

Code.

(6)

SECURITY

TRANSACTIONS

Purchases

and

Sales

Investment

Securities

—

For

the

six

months

ended

April

30,

2026,

the

cost

purchases

and

the

proceeds

from

sales

investment

securities,

other

than

U.S.

Government

and

short-term

securities,

were

follows:

Purchases

and

sales

U.S.

Government

securities

were:

Investments

Restricted

Securities

—

Certain

Funds

may

own

restricted

securities which

were

purchased

private

placement

transactions

without

registration

under

the

Securities

Act

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

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

thousands

Fund

Purchases

Sales/

Paydowns

Investment

Grade

Corporate

Bond

$18,028

$2,892

Short-Term

Reserve

60,000

88,567

Thrivent

Core

Funds

Notes

Financial

Statements

April

30,

2026

generally

may

resold

only

privately

negotiated

transactions

with

limited

number

purchasers.

April

30,

2026,

the

following

Funds

held

restricted

securities:

The

Funds

have

right

require

registration

unregistered

securities.

(7)

SECURITY

TRANSACTIONS

WITH

AFFILIATED

FUNDS

The

Funds

are

permitted

engage

securities

transactions

with affiliated

funds

portfolios under

specified

conditions

outlined

procedures

adopted

the

Board.

The

procedures

have

been

designed

ensure

that

any

purchase

sale

securities

Fund

from

another

fund

portfolio

that

could

considered

affiliate

virtue

having

common

investment

adviser

(or

affiliated

investment

advisers),

common

Trustees

and/or

common

officers

complies

with

Rule

17a-7

the

1940

Act.

Further,

defined

under

the

procedures,

each

transaction

executed

the

current

market

price.

During the six

months

ended April

30,

2026,

Funds

engaged

these

types

transactions.

(8)

PARTY

TRANSACTIONS

April

30,

2026,

parties

held

100%

the outstanding

all

Thrivent

Core

Funds.

Subscription

and

redemption

activity

concentrated

accounts

may

have

significant

effect

the

operation

the

Funds.

the

case

large

redemption,

the

Funds

may

forced

sell

investments

inopportune

times,

resulting

additional

losses

for

the

Funds.

(9)

SUBSEQUENT

EVENTS

The

Adviser

the

Funds

has

evaluated

the

impact

subsequent

events

through

the

date

the

financial

statements

were

issued,

and

has

determined

that

additional

items

require

disclosure.

(10) MARKET

RISK

Over

time,

securities

markets

generally

tend

move

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline.

The

value

Fund's

investments

may

move

with

these

cycles

and,

some

instances,

increase

decrease

than

the

applicable

market(s)

measured

the

Fund's

benchmark

index(es).

The

securities

markets

may

also

decline

because

factors

that

affect

particular

industry

market

sector, or

due

impacts

from

domestic

global

events,

including the

spread

infectious

illness,

public

health

threats,

war,

terrorism,

natural

disasters or

similar

events.

of April

30,

2026,

the

following

Funds

had

portfolio

concentration

greater

than

25%

certain

sectors:

(11) PRINCIPAL

RISKS

Investing

the

Funds

involves

risks.

The

following

alphabetical

list

of principal

risks associated with investing

the

Funds.

Refer

the

prospectus

for

risks

specific

each

Fund.

Artificial

Intelligence

Risk

—

The

development

and

use

artificial

intelligence

(“AI”)

technologies,

including

generative

AI,

are

expanding

rapidly

and

may

employed

issuers

which

the

Funds

invest,

well

service

providers

that

support

the

operations

the

Funds.

technologies

rely

complex

algorithms

and

large

data

sets,

which

may

produce

incomplete,

inaccurate,

biased

outcomes

and

lead

errors

decision

making,

reputational

damage,

legal

operational

challenges,

and

investment

losses

affecting

the

Funds.

The

broader

use

may

also

heighten

market

risks,

including

manipulation,

fraud,

and

cyberattacks.

the

extent

Fund

invests

companies

that

develop,

implement,

are

otherwise

involved

technologies,

the

Fund

may

impacted

risks

affecting

such

companies.

These

risks

may

include

small

limited

markets

for

such

securities,

changes

business

cycles,

impediments

technological

progress,

rapid

obsolescence,

and

government

regulation.

Securities

such

companies,

especially

smaller,

start-up

companies,

tend

volatile

than

securities

larger,

established

companies.

Rapid

changes

technologies

could

have

material

adverse

effect

such

company’s

operating

results.

These

companies

are

generally

heavily

dependent

intellectual

property

rights

and

may

adversely

affected

loss

impairment

those

rights.

There

can

assurance

that

the

steps

taken

companies

protect

their

proprietary

intellectual

property

rights

technologies

will

sufficient

prevent

the

misappropriation

their

technology

that

competitors

will

not

independently

develop

similar

technologies.

Such

companies

may

engage

significant

amounts

spending

research

and

development,

and

there

guarantee

that

the

products

services

produced

these

companies

will

successful.

technology

could

face

increased

regulatory

scrutiny

the

future,

which

may

limit

the

development

technologies

and

impede

the

growth

companies

that

develop

use

such

technologies.

The

use

technologies

and

applicable

laws

and

regulations

continues

evolve.

not

possible

predict

the

full

extent,

impact,

risks

such

use.

China Risk

—

There

are

special

risks

associated

with

investments

China,

Hong

Kong

and

Taiwan

(including

Chinese

issuers

listed

Chinese

and

U.S.

securities

exchanges),

such

risks

relating

Fund

Number

Securities

Percent

Fund's

Net

Assets

Investment

Grade

Corporate

Bond

0.05%

Fund

Sector

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

Financial

Statements

April

30,

2026

liquidity

constraints,

expropriation,

nationalization,

confiscatory

taxation

and

exchange

control

regulations

currency

blockage.

Rapid

fluctuations

currency

exchange

rates,

inflation

and/or

interest

rates

may

negatively

affect

the

economy

and

securities

markets

China.

addition,

there

may

significant

obstacles

obtaining

information

necessary

conduct

investigations

into

pursue

litigation

against

companies

located

operating

substantially

China,

and

shareholders

may

have

limited

legal

remedies

with

respect

such

investments.

reduction

spending

Chinese

products

and

services,

the

institution

additional

tariffs

other

trade

barriers

(or

the

threat

thereof),

including

result

trade

tensions

between

China

and

the

United

States,

downturn

any

the

economies

China’s

key

trading

partners

may

have

adverse

impact

the

Chinese

economy

and

negatively

impact

the

Fund’s

performance.

Convertible

Securities Risk

—

Convertible

securities

are

subject

the

usual

risks

associated

with

debt

securities,

such

interest

rate

risk

and

credit

risk.

Convertible

securities

also

react

changes

the

value

the

common

stock

into

which

they

convert,

and

are

thus

subject

market

risk.

The

Fund

may

also

forced

convert

convertible

security

inopportune

time,

which

may

decrease

the

Fund’s

return.

Credit

Risk

—

Credit

risk

the

risk

that

issuer

debt

security

which

the

Fund

exposed

may

longer

able

willing

pay

its

debt.

result

such

event,

the

debt

security

may

decline

price

and

affect

the

value

the

Fund.

Cybersecurity

Risk

—

The

Funds

and

their

service

providers

may

susceptible

operational,

information

security,

privacy,

fraud,

business

disruption,

and

risks.

general,

cyber

incidents

can

result

from

deliberate

attacks

unintentional

events.

Increased

geopolitical

tensions

may

increase

the

risk,

scale,

and

sophistication

cyber-attacks.

Cyber-attacks

include,

but

are

not

limited

to,

gaining

unauthorized

access

digital

systems

misappropriate

assets

sensitive

information,

corrupt

data,

otherwise

disrupt

operations.

Cyber

incidents

affecting

the

Adviser

other

service

providers

(including,

but

not

limited

to,

fund

accountants,

custodians,

and

transfer

agents)

have

the

ability

disrupt

and

impact

business

operations,

potentially

resulting

financial

losses,

interfering

with

Fund’s

ability

calculate

its

NAV,

corrupting

data

preventing

parties

from

sharing

information

necessary

for

Fund’s

operation,

preventing

slowing

trades,

stopping

shareholders

from

making

transactions,

potentially

subjecting

Fund

the

Adviser

regulatory

fines

and

penalties,

and

creating

additional

compliance

costs.

Similar

types

cybersecurity

risks

are

also

present

for

issuers

securities

which

Fund

may

invest,

which

could

result

material

adverse

consequences

for

such

issuers

and

may

cause

Fund’s

investments

such

companies

lose

value.

While

Fund’s

service

providers

have

established

business

continuity

and

incident

response

plans

the

event

such

cyber

incidents,

there

are

inherent

limitations

such

plans

and

systems.

Additionally,

Fund

cannot

control

the

cybersecurity

plans

and

systems

put

place

their

service

providers

any

other

third

parties

whose

operations

may

affect

Fund

its

shareholders.

Although

each

Fund

attempts

minimize

such

failures

through

controls

and

oversight,

not

possible

identify

all

the

operational

risks

that

may

affect

Fund

develop

processes

and

controls

that

completely

eliminate

mitigate

the

occurrence

such

failures

other

disruptions

service.

The

value

investment

Fund’s

may

adversely

affected

the

occurrence

the

operational

errors

failures

technological

issues

other

similar

events

and

Fund

and

its

shareholders

may

bear

costs

tied

these

risks.

Derivatives

Risk

—

The

use

derivatives

(such

futures,

options,

credit

default

swaps,

and

total

return

swaps)

involves

additional

risks

and

transaction

costs

which

could

leave

Fund

worse

position

than

had

not

used

these

instruments.

Changes

the

value

the

derivative

may

not

correlate

intended

with

the

underlying

asset,

rate

index,

and

Fund

could

lose

much

than

the

original

amount

invested.

Derivatives

can

highly

volatile,

illiquid

and

difficult

value.

Derivatives

are

also

subject

the

risk

that

the

other

party

the

transaction

will

not

fulfill

its

contractual

obligations.

Some

derivatives

may

give

rise

form

economic

leverage,

and

may

expose

Fund

greater

risk

and

increase

its

costs.

Such

leverage

may

cause

Fund

liquidate

portfolio

positions

when

may

not

advantageous

satisfy

its

obligations.

Increases

and

decreases

the

value

Fund’s

portfolio

will

magnified

when

Fund

uses

leverage.

Futures

contracts,

options

futures

contracts,

forward

contracts,

and

options

derivatives

can

allow

Fund

obtain

large

investment

exposures

return

for

meeting

relatively

small

margin

requirements.

result,

investments

those

transactions

may

highly

leveraged.

The

success

Fund’s

derivatives

strategies

will

depend

the

Adviser’s

ability

assess

and

predict

the

impact

market

economic

developments

the

underlying

asset,

index

rate

and

the

derivative

itself,

without

the

benefit

observing

the

performance

the

derivative

under

all

possible

market

conditions.

Swap

agreements

may

involve

fees,

commissions

other

costs

that

may

reduce

Fund’s

gains

from

swap

agreement

may

cause

Fund

lose

money.

Futures

contracts

are

subject

the

risk

that

exchange

may

impose

price

fluctuation

limits,

which

may

make

difficult

impossible

for

Fund

out

position

when

desired.

The

use

derivatives

involves

the

risks

associated

with

the

securities

other

assets

underlying

those

derivatives,

including

the

risk

changes

the

value

the

underlying

assets

between

the

date

that

Fund

enters

into

the

derivatives

transaction

and

the

date

that

Fund

closes

out

that

transaction.

When

Fund

enters

into

futures

contract,

for

example,

commits

purchasing

selling

particular

security

future

date

specified

price.

Changes

the

value

the

underlying

security

between

the

time

that

Fund

enters

into

the

futures

contract

and

the

time

the

Fund

has

purchase

sell

the

security

may

cause

the

Fund

have

purchase

the

security

price

which

greater

than,

sell

the

security

price

which

lower

than,

the

security’s

then-current

market

value.

When

Fund

enters

into

interest

rate

swap,

Thrivent

Core

Funds

Notes

Financial

Statements

April

30,

2026

agrees

with

another

party

exchange

their

respective

interest

rate

exposures

similar

principal

amount

(e.g.,

exchanging

fixed

rate

interest

payments

specific

principal

amount

for

floating

rate

interest

payments

that

same

principal

amount,

vice

versa).

interest

rates

change

manner

degree

not

anticipated

Fund,

the

Fund

could

end

receiving

less

interest

its

investment

than

the

Fund

had

not

entered

into

the

swap

agreement.

When

Fund

enters

into

credit

default

swap,

agrees

with

another

party

transfer

the

credit

exposure

one

underlying

debt

obligations.

The

purchaser

the

credit

default

swap

agrees

pay

the

seller

fixed

premium

for

specific

term,

exchange

for

which

the

seller

agrees

make

contingent

payment

the

buyer

the

event

the

issuer

the

underlying

debt

obligations

defaults

upon

the

occurrence

another

credit

event

specified

the

swap

agreement.

the

specified

credit

event

does

not

occur

during

the

term

the

credit

default

swap,

the

swap’s

purchaser

will

have

paid

the

fixed

premiums

and

received

return

the

swap

agreement.

Conversely,

the

specified

credit

event

does

occur

during

the

swap’s

term,

the

swap’s

seller

may

have

make

payment

the

purchaser

which

exceeds

the

value

the

premiums

that

were

received

the

seller.

The

use

derivatives

may

also

involve

risks

which

differ

from,

are

potentially

greater

than,

the

risks

associated

with

investing

directly

the

underlying

reference

asset.

For

example,

the

use

Fund

privately

negotiated,

over-the-counter

(“OTC”)

derivatives

contracts,

including

interest

rates

swaps

and

credit

default

swaps,

exposes

the

Fund

the

risk

that

the

counterparty

the

OTC

derivatives

contract

will

unable

unwilling

make

timely

payments

under

the

contract

otherwise

honor

its

obligations.

There

can

assurance

that

counterparty

will

meet

its

obligations,

especially

during

periods

adverse

market

conditions.

The

market

for

certain

types

derivative

instruments

may

also

less

liquid

than

the

market

for

the

underlying

reference

asset,

making

difficult

for

Fund

value

its

derivative

investments

sell

those

investments

acceptable

price.

Emerging

Markets

Risk

—

The

risks

and

volatility

investing

foreign

securities

increased

connection

with

investments

emerging

markets.

The

economic,

political

and

market

structures

developing

countries

emerging

markets,

most

cases,

are

not

strong

the

structures

the

U.S.

other

developed

countries

terms

wealth,

stability,

liquidity

and

transparency.

The

Fund

may

not

achieve

its

investment

objective

and

portfolio

performance

will

likely

negatively

affected

portfolio

exposure

countries

and

corporations

domiciled

in,

with

revenue

exposures

to,

countries

the

midst

of,

among

other

things,

hyperinflation,

currency

devaluation,

trade

disagreements,

sudden

political

upheaval

interventionist

government

policies,

and

the

risks

such

events

are

heightened

within

emerging

market

countries.

Fund

performance

may

also

negatively

affected

portfolio

exposure

countries

and

corporations

domiciled

in,

with

revenue

exposures

to,

countries

with

less

developed

unreliable

legal,

tax,

regulatory,

auditing,

accounting,

recordkeeping

and

corporate

governance

systems

and

standards.

particular,

there

may

less

publicly

available

and

transparent

information

about

issuers

emerging

markets

than

would

available

about

issuers

developed

capital

markets

because

such

issuers

may

not

subject

accounting,

auditing

and

financial

reporting

standards

and

requirements

comparable

those

which

U.S.

companies

are

subject.

Emerging

markets

may

also

have

differing

legal

systems,

many

which

provide

fewer

security

holder

rights

and

practical

remedies

pursue

claims

than

are

available

for

securities

companies

the

U.S.

other

developed

countries,

including

class

actions

fraud

claims.

Significant

buying

selling

actions

few

major

investors

may

also

heighten

the

volatility

emerging

market

securities.

Risks

investing

emerging

market

countries

may

also

include

additional

transaction

costs,

delays

settlement

procedures,

and

unexpected

market

closures.

Equity

Security

Risk

—

Equity

securities

held

the

Fund

may

decline

significantly

price,

sometimes

rapidly

unpredictably,

over

short

extended

periods

time,

and

such

declines

may

occur

because

declines

the

equity

market

whole,

because

declines

only

particular

country,

geographic

region,

company,

industry,

sector

the

market.

From

time

time,

the

Fund

may

invest

significant

portion

its

assets

companies

one

particular

country

geographic

region

one

sectors

industries

which

would

make

the

Fund

vulnerable

adverse

developments

affecting

such

countries,

geographic

regions,

sectors

industries.

Equity

securities

generally

not

move

the

same

direction

the

same

time

and

are

generally

volatile

than

most

debt

securities.

Financial

Sector

Risk

—

the

extent

that

the

financials

sector

represents

significant

portion

the

Fund,

the

Fund

will

sensitive

changes

in,

and

its

performance

may

depend

greater

extent

on,

factors

impacting

this

sector.

Performance

companies

the

financials

sector

may

adversely

impacted

many

factors,

including,

among

others,

government

regulations,

economic

conditions,

credit

rating

downgrades,

changes

interest

rates,

and

decreased

liquidity

credit

markets.

The

impact

stringent

capital

requirements,

recent

future

regulation

any

individual

financial

company

recent

future

regulation

the

financials

sector

whole

cannot

predicted.

recent

years,

cyber-attacks

and

technology

malfunctions

and

failures

have

become

increasingly

frequent

this

sector

and

have

caused

significant

losses.

Foreign

Currency

Risk

—

The

value

foreign

currency

may

decline

against

the

U.S.

dollar,

which

would

reduce

the

dollar

value

securities

denominated

that

currency.

The

overall

impact

such

decline

foreign

currency

can

significant,

unpredictable,

and

long

lasting,

depending

the

currencies

represented,

how

each

one

appreciates

depreciates

relation

the

U.S.

dollar,

and

whether

currency

positions

are

hedged. Further,

exchange

rate

movements

are

volatile,

and

not

possible

effectively

hedge

the

currency

risks

many

developing

countries.

Foreign

Securities Risk

—

Foreign

securities

generally

carry

risk

and

are

volatile

than

their

domestic

counterparts,

part

because

potential

for

higher

political

and

economic

risks,

Thrivent

Core

Funds

Notes

Financial

Statements

April

30,

2026

lack

reliable

information

and

fluctuations

currency

exchange

rates

where

investments

are

denominated

currencies

other

than

the

U.S.

dollar.

Certain

events

foreign

markets

may

adversely

affect

foreign

and

domestic

issuers,

including

interruptions

the

global

supply

chain,

market

closures,

war,

terrorism,

natural

disasters

and

outbreak

infectious

diseases.

The

Fund’s

investment

any

country

could

subject

governmental

actions

such

capital

currency

controls,

nationalizing

company

industry,

expropriating

assets,

imposing

punitive

taxes

that

would

have

adverse

effect

security

prices,

and

impair

the

Fund’s

ability

repatriate

capital

income.

Foreign

securities

may

also

difficult

resell

than

comparable

U.S.

securities

because

the

markets

for

foreign

securities

are

often

less

liquid.

Even

when

foreign

security

increases

price

its

local

currency,

the

appreciation

may

diluted

adverse

changes

exchange

rates

when

the

security’s

value

converted

U.S.

dollars.

Foreign

withholding

taxes

also

may

apply

and

errors

and

delays

may

occur

the

settlement

process

for

foreign

securities.

Government

Securities

Risk

—

The

Fund

invests

securities

issued

guaranteed

the

U.S.

government

its

agencies

and

instrumentalities

(such

Federal

Home

Loan

Bank,

Ginnie

Mae,

Fannie

Mae

Freddie

Mac

securities).

Securities

issued

guaranteed

Federal

Home

Loan

Banks,

Ginnie

Mae,

Fannie

Mae

Freddie

Mac

are

not

issued

directly

the

U.S.

government.

Ginnie

Mae

wholly

owned

U.S.

corporation

that

authorized

guarantee,

with

the

full

faith

and

credit

the

U.S.

government,

the

timely

payment

principal

and

interest

its

securities.

contrast,

securities

issued

guaranteed

U.S.

government-

organizations

such

Federal

Home

Loan

Banks,

Fannie

Mae

and

Freddie

Mac

are

not

backed

the

full

faith

and

credit

the

U.S.

government.

assurance

can

given

that

the

U.S.

government

would

provide

financial

support

its

agencies

and

instrumentalities

not

required

law.

addition,

the

value

U.S.

government

securities

may

affected

changes

the

credit

rating

the

U.S.

government,

which

may

negatively

impacted

rising

levels

indebtedness.

possible

that

issuers

U.S.

government

securities

will

not

have

the

funds

meet

their

payment

obligations

the

future.

High-Yield

Risk

—

High-yield

securities

–

commonly

known

“junk

bonds”

–

which

the

Fund

exposed

are

considered

predominantly

speculative

with

respect

the

issuer’s

continuing

ability

make

principal

and

interest

payments.

the

issuer

the

security

default

with

respect

interest

principal

payments,

the

value

the

Fund

may

negatively

affected.

High-yield

securities

generally

have

less

liquid

resale

market

and

may

difficult

value

than

higher

rated

fixed

income

securities

similar

maturity.

High-yield

securities

also

tend

volatile

than

investment-grade

securities.

Interest

Rate

Risk

—

Interest

rate

risk

the

risk

that

prices

debt

securities

decline

value

when

interest

rates

rise

for

debt

securities

that

pay

fixed

rate

interest.

Debt

securities

with

longer

durations

measure

price

sensitivity

bond

fund

changes

interest

rates)

maturities

(i.e.,

the

amount

time

until

bond’s

issuer

must

pay

its

principal

face

value)

tend

sensitive

changes

interest

rates

than

debt

securities

with

shorter

durations

maturities.

Changes

general

economic

conditions,

inflation,

and

monetary

policies,

such

certain

types

interest

rate

changes

the

Federal

Reserve,

could

affect

interest

rates

and

the

value

some

securities.

During

periods

low

interest

rates

when

inflation

rates

are

high

rising,

the

Fund

may

subject

greater

risk

rising

interest

rates.

Investment

Adviser

Risk

—

The

Fund

actively

managed

and

the

success

its

investment

strategy

depends

significantly

the

skills

the

Adviser

assessing

the

potential

the

investments

which

the

Fund

invests.

The

assessment

potential

Fund

investments

may

prove

incorrect,

resulting

losses

poor

performance,

even

rising

markets.

Poor

investments

the

Adviser

may

cause

the

Fund

underperform

relative

its

benchmark

similar

funds. There

also

guarantee

that

the

Adviser

will

able

effectively

implement

the

Fund’s

investment

objective.

Issuer

Risk

—

Issuer

risk

the

possibility

that

factors

specific

issuer

which

the

Fund

exposed

will

affect

the

market

prices

the

issuer’s

securities

and

therefore

the

value

the

Fund.

Large

Cap

Risk

—

Large-sized

companies

may

unable

respond

quickly

new

competitive

challenges

such

changes

technology.

They

may

also

not

able

attain

the

high

growth

rate

successful

smaller

companies,

especially

during

extended

periods

economic

expansion.

Large

Shareholder

Risk

—

From

time

time,

shareholders

Fund

(which

may

include

institutional

investors,

financial

intermediaries,

investment

models

constructed

the

Adviser

its

affiliates,

affiliated

funds

accounts)

may

make

result

relatively

large

redemptions

purchases

shares.

These

transactions

may

cause

Fund

sell

securities

disadvantageous

prices

invest

additional

cash,

the

case

may

be.

While

impossible

predict

the

overall

impact

these

transactions

over

time,

there

could

adverse

effects

Fund’s

performance

the

extent

that

Fund

may

required

sell

securities

invest

cash

times

when

would

not

otherwise

so.

Redemptions

large

number

also

may

increase

transaction

costs

have

adverse

tax

consequences

for

shareholders

of a

Fund

requiring

sale

portfolio

securities.

addition,

large

redemption

could

result

Fund's

current

expenses

being

allocated

over

smaller

asset

base,

leading

increase

the

Fund's

expense

ratio.

Leveraged

Loan Risk

— Leveraged

loans

(also

known

bank

loans)

are

subject

the

risks

typically

associated

with

debt

securities.

addition,

leveraged

loans,

which

typically

hold

senior

position

the

capital

structure

borrower,

are

subject

the

risk

that

court

could

subordinate

such

loans

presently

existing

future

indebtedness

take

other

action

detrimental

the

holders

leveraged

loans.

Leveraged

loans

are

also

subject

the

risk

that

the

value

the

collateral,

any,

securing

loan

may

decline,

insufficient

meet

the

obligations

the

borrower,

difficult

liquidate.

Some

leveraged

loans

are

not

easily

purchased

sold

publicly-traded

securities

and

others

are

illiquid,

which

may

Thrivent

Core

Funds

Notes

Financial

Statements

April

30,

2026

make

difficult

for

the

Fund

value

them

dispose

them

acceptable

price.

Below

investment-grade

leveraged

loans

are

typically

credit

sensitive.

Also,

over

time,

the

customary

form

new

and/or

restructured

leveraged

loans

have

become

known

“covenant

lite”

loans,

which

have

contractual

provisions

that

are

favorable

borrowers

and

provide

less

protection

for

lenders

such

the

Fund.

result,

the

Fund

could

experience

relatively

greater

difficulty

delays

enforcing

its

rights

its

holdings

covenant

lite

loans

than

its

holdings

loans

with

financial

maintenance

covenants,

which

may

result

losses.

the

event

fraud

misrepresentation,

the

Fund

may

not

protected

under

federal

securities

laws

with

respect

leveraged

loans

that

may

not

the

form

“securities.”

The

settlement

period

for

some

leveraged

loans

may

than

seven

days.

Liquidity

Risk

—

Liquidity

the

ability

sell

security

relatively

quickly

for

price

that

most

closely

reflects

the

actual

value

the

security.

the

extent

that

dealers

not

maintain

inventories

bonds

that

keep

pace

with

the

growth

the

bond

markets

over

time,

relatively

low

levels

dealer

inventories

could

lead

decreased

liquidity

and

increased

volatility

the

fixed

income

markets,

particularly

during

periods

economic

market

stress.

result

this

decreased

liquidity,

the

Fund

may

have

lower

price

sell

security,

sell

other

securities

raise

cash,

give

investment

opportunity,

any

which

could

have

negative

effect

performance.

Market

Risk

—

Over

time,

securities

markets

generally

tend

move

cycles

with

periods

when

security

prices

rise

and

periods

when

security

prices

decline.

The

value

the

Fund’s

investments

may

move

with

these

cycles

and,

some

instances,

increase

decrease

than

the

applicable

market(s)

measured

the

Fund’s

benchmark

index(es).

The

securities

markets

may

also

decline

because

factors

that

affect

particular

industry

market

sector,

due

impacts

from

domestic

global

events,

including

regulatory

events,

economic

downturn,

government

shutdowns,

the

spread

infectious

illness

such

the

outbreak

COVID-19,

public

health

crises,

war,

terrorism,

social

unrest,

recessions,

natural

disasters

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

have

smaller

revenues,

narrower

product

lines,

less

management

depth

and

experience,

smaller

their

product

service

markets,

fewer

financial

resources,

and

less

competitive

strength

than

larger

companies.

Mortgage-Backed

and

Other

Asset-Backed

Securities

Risk

—

The

value

mortgage-backed

and

asset-backed

securities

are

influenced

the

factors

affecting

the

housing

market

and

the

assets

underlying

such

securities.

result,

during

periods

declining

asset

value,

difficult

frozen

credit

markets,

swings

interest

rates,

deteriorating

economic

conditions,

mortgage-

and

asset-backed

securities

may

decline

value,

face

valuation

difficulties,

become

volatile

and/or

become

illiquid.

addition,

both

mortgage-backed

and

asset-backed

securities

are

sensitive

changes

the

repayment

patterns

the

underlying

security.

the

principal

payment

the

underlying

asset

repaid

faster

slower

than

the

holder

the

asset-backed

mortgage-

backed

security

anticipates,

the

price

the

security

may

fall,

particularly

the

holder

must

reinvest

the

repaid

principal

lower

rates

must

continue

hold

the

security

when

interest

rates

rise.

This

effect

may

cause

the

value

the

Fund

decline

and

reduce

the

overall

return

the

Fund.

Mortgage-backed

securities

are

also

subject

extension

risk,

which

the

risk

that

when

interest

rates

rise,

certain

mortgage-backed

securities

are

paid

full

the

issuer

slowly

than

anticipated.

This

can

cause

the

market

value

the

security

fall

because

the

market

may

view

its

interest

rate

low

for

longer-term

investment.

New

and

Smaller

Sized

Fund

Risk

— The

Fund

new

and

has

limited

operating

history

for

investors

evaluate

and

may

not

successful

implementing

its

investment

strategies.

The

Fund

may

fail

attract

sufficient

assets

achieve

maintain

economies

scale,

which

could

result

the

Fund

being

liquidated

any

time

without

shareholder

approval

and

time

that

may

not

favorable

for

all

shareholders.

Prepayment

Risk

— Mortgage-backed

and

asset-backed

securities

are

sensitive

changes

the

repayment

patterns

the

underlying

securities,

including

the

conversion,

prepayment

redemption

the

investments.

the

principal

payment

the

underlying

asset

repaid

faster

than

the

holder

the

mortgage-

backed

asset-backed

security

anticipates,

the

price

the

security

may

fall,

especially

the

holder

must

reinvest

the

repaid

principal

lower

rates.

When

people

start

prepaying

the

principal

the

collateral

underlying

collateralized

mortgage

obligation

(“CMOs”)

(such

mortgages

underlying

CMO),

for

example,

some

classes

may

retire

substantially

earlier

than

the

stated

maturity

final

distribution

dates.

Quantitative

Investing

Risk

— Securities

selected

according

quantitative

analysis

methodology

can

perform

differently

from

the

market

whole

based

the

model

and

the

factors

used

the

analysis,

the

weight

placed

each

factor

and

changes

the

factor’s

historical

trends.

Such

models

are

based

assumptions

relating

these

and

other

market

factors,

and

the

models

may

not

take

into

account

certain

factors,

perform

intended,

and

may

result

decline

the

value

the

Fund’s

portfolio.

Among

other

risks,

results

generated

such

models

may

impaired

errors

human

judgment,

data

imprecision,

software

other

technology

systems

malfunctions,

programming

flaws.

Such

models

may

not

perform

expected

may

underperform

periods

market

volatility.

Redemption

and

Lending

Risk

—

The

Fund

participates

interfund

lending

program

(the

“Program”)

which

enables

participating

fund

lend

cash

directly

and

borrow

money

from

other

participating

funds

for

temporary

purposes.

The

other

participants

the

Program

are

other

mutual

funds

advised

the

Adviser

and

its

affiliates.

Under

the

Program,

all

loans

will

Thrivent

Core

Funds

Notes

Financial

Statements

April

30,

2026

made

the

Fund.

There

risk

that

borrowing

fund

could

unable

repay

loan

when

due,

and

delay

repayment

the

Fund

could

result

lost

opportunity

and

increase

risk

the

Fund

experiencing

loss

when

meeting

redemption

requests

forced

sell

securities

unfavorable

prices

effort

generate

sufficient

cash

pay

redeeming

shareholders.

Redemption

and

Ownership

Risk

—

The

Fund

may

need

sell

portfolio

securities

meet

redemption

requests.

The

Fund

could

experience

loss

when

selling

portfolio

securities

meet

redemption

requests

there

(i)

significant

redemption

activity

shareholders,

including,

for

example,

when

single

investor

few

large

investors

make

significant

redemption

Fund

shares,

(ii)

disruption

the

normal

operation

the

markets

which

the

Fund

buys

and

sells

portfolio

securities

(iii)

the

inability

the

Fund

sell

portfolio

securities

because

such

securities

are

illiquid.

such

events,

the

Fund

could

forced

sell

securities

unfavorable

prices

effort

generate

sufficient

cash

pay

redeeming

shareholders.

majority

the

Fund’s

may

held

other

mutual

funds

advised

the

Adviser

and

its

affiliates.

also

possible

that

some

all

these

other

mutual

funds

will

decide

purchase

redeem

the

Fund

simultaneously

within

short

period

time

one

another

order

execute

their

asset

allocation

strategies.

Accordingly,

there

risk

that

the

trading

activities

these

shareholders

could

disrupt

the

Fund’s

investment

strategies

which

could

have

adverse

consequences

for

the

Fund

and

other

shareholders

(e.g.,

requiring

the

Fund

sell

investments

inopportune

times

causing

the

Fund

maintain

larger-than-expected

cash

positions

pending

acquisition

investments).

Regional

Risk

—

The

Fund

will

generally

have

exposure

the

specific

regional

country

economic

risks

where

has

significant

investments.

the

event

economic

political

turmoil

deterioration

diplomatic

relations

region

country

where

substantial

portion

the

Fund’s

assets

are

invested,

the

Fund

may

experience

substantial

volatility,

illiquidity

reduction

the

value

the

Fund’s

investments.

Regulatory

Risk

—

Legal,

tax,

and

regulatory

developments

may

adversely

affect a

Fund.

Securities

and

futures

markets

are

subject

comprehensive

statutes,

regulations,

and

margin

requirements

enforced

the

SEC,

other

regulators

and

self-regulatory

organizations,

and

exchanges,

which

are

authorized

take

extraordinary

actions

the

event

market

emergencies.

The

regulatory

environment

for

the

Funds

evolving,

and

changes

the

regulation

investment

funds,

managers,

and

their

trading

activities

and

capital

markets,

regulator’s

disagreement

with a

Fund’s

interpretation

the

application

certain

regulations,

may

adversely

affect

the

ability

of the

Fund

pursue

its

investment

strategy,

its

ability

obtain

leverage

and

financing,

and

the

value

investments

held

the

Fund.

Small

Cap

Risk

—

Smaller,

less

seasoned

companies

often

have

greater

price

volatility,

lower

trading

volume,

and

less

liquidity

than

larger,

established

companies.

These

companies

tend

have

small

revenues,

narrower

product

lines,

less

management

depth

and

experience,

small

their

product

service

markets,

fewer

financial

resources,

and

less

competitive

strength

than

larger

companies.

Such

companies

seldom

pay

significant

dividends

that

could

soften

the

impact

falling

market

returns.

Sovereign

Debt

Risk

—

Sovereign

debt

securities

are

issued

guaranteed

foreign

governmental

entities.

These

investments

are

subject

the

risk

that

governmental

entity

may

delay

refuse

pay

interest

repay

principal

its

sovereign

debt,

due,

for

example,

cash

flow

problems,

insufficient

foreign

currency

reserves,

political

considerations,

the

relative

size

the

governmental

entity’s

debt

position

relation

the

economy

the

failure

put

place

economic

reforms

required

the

International

Monetary

Fund

other

multilateral

agencies.

governmental

entity

defaults,

may

ask

for

time

which

pay

for

further

loans.

There

legal

process

for

collecting

sovereign

debts

that

government

does

not

pay

nor

are

there

bankruptcy

proceedings

through

which

all

part

the

sovereign

debt

that

governmental

entity

has

not

repaid

may

collected.

Technology-Oriented

Companies

Risk

—

Common

stocks

companies

that

rely

extensively

technology,

science

communications

their

product

development

operations

may

volatile

than

the

overall

stock

market

and

may

not

move

tandem

with

the

overall

stock

market.

Technology,

science

and

communications

are

rapidly

changing

fields,

and

stocks

these

companies,

especially

smaller

unseasoned

companies,

may

subject

abrupt

erratic

market

movements

than

the

stock

market

general.

There

are

significant

competitive

pressures

among

technology-oriented

companies

and

the

products

operations

such

companies

may

become

obsolete

quickly.

addition,

these

companies

may

vulnerable

changes

government

regulation

scrutiny

and

have

limited

product

lines,

markets

financial

resources

and

the

management

such

companies

may

dependent

upon

one

few

key

people.

Valuation

Risk

—

The

price

that

Fund

receives

upon

the

sale

(or

other

disposition)

investment

may

differ

from

the

Fund's

valuation

the

investment,

particularly

for

investments

that

trade

lower

volumes,

during

periods

market

turmoil

volatility,

investments

that

are

valued

using

fair

valuation

methodology

based

price

provided

independent

pricing

service.

result,

the

price

received

upon

the

sale

investment

may

less

than

the

value

ascribed

the

Fund,

and

the

Fund

could

realize

greater

than

expected

loss

lesser

than

expected

gain

upon

the

sale

such

investment.

(Unaudited)

These

presentations

gave

the

Board

the

opportunity

evaluate

the

abilities

the

portfolio

managers

and

other

investment

professionals

and

the

quality

services

expected

provided

the

Funds.

The

Independent

Trustees

also

met,

including

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

the

Adviser

(Business

Risk

Management)

that

served

inform

the

Board

about

the

types

compliance

services

and programs

that

would

applied

the

Funds.

The

Board

noted

that

the

Chief

Compliance

Officer

met

regularly

between

quarterly

meetings

with the

Chair

the

Ethics

and

Compliance

Committee

and

that

the

Chairs

other

Committees

communicated

with

Adviser

representatives

between quarterly

meetings.

The

Board

noted

that

investment

management

staff

the

Adviser

and

the

Trust’s

Chief

Compliance

Officer

needed

additional

questions

concerns

that

arise

during

quarterly

meetings.

The

Board

considered

the

adequacy

the

Adviser’s

resources

used

providing

services

the

Funds.

The

Adviser

reviewed

its

process for

overseeing

its

portfolio

management

teams

for

all

Thrivent

funds.

addition,

the

Adviser

noted

that

its

investments

technology

and

personnel

have

benefitted

other

Thrivent

funds

and

discussed continued

investments

these

resources,

which,

particular,

would

benefit

the

Funds.

The

Board

viewed

these

actions

positive

factor

in approving

the

Advisory

Agreement

they

demonstrated

the

Adviser’s

commitment

provide

the

Funds

with

quality

service

and

competitive

investment

performance.

The

Board

concluded

that,

within

the

context

its

full

deliberations,

the

nature,

extent

and

quality

the

investment

advisory

services

be provided

the

Funds

the

Adviser

supported

approval

the

Advisory

Agreement.

Investment

Performance

Because

the

Funds

had

not

yet

commenced

operation,

the

Board

could

not

consider

the

performance

either

Fund.

The

Board

considered

the Adviser’s

record

managing

fixed

income

securities

for

other

funds

and

noted

that

would

have

opportunity

review

performance information

for

the

Funds

connection

with

future

quarterly

performance

reports

and

annual

reviews

the

Advisory

Agreement.

Advisory

Fees

and

Fund

Expenses

The

Board

noted

that

the

Adviser

proposed

that

advisory

fee

charged

the

Funds,

consistent

with

other

funds

the

Trust,

because

the

Funds

will

sold

only

other

Thrivent

funds

and

accounts.

The

Board

reviewed

information

provided

the

Adviser

regarding

custodial,

administrative,

transfer

agent

and

other

non-

advisory

fees

and

expenses.

The

Board

considered

the

fees

reasonable.

Because

the

Adviser

does

not

charge

advisory

fee

the

Funds,

the

Board

did

not

consider

whether

economies

scale

would

realized

the

Funds

grow

and

whether

fee

levels

reflect

economies

scale

for

the

benefit

Fund

shareholders.

Cost

Services

and

Profitability

The

Board

considered

that

the

Adviser

will

make

profit

under

the

Advisory

Agreement.

The

Board

noted

that

it would

have

opportunity

review

profitability

information

regarding

the

Funds

and

the

Thrivent

funds

investing

(Unaudited)

Board

Approval

Advisory

Agreement

Section

15(c)

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”),

requires

that

fund’s

investment

advisory

agreement

approved

initially

the

fund’s

board

trustees.

Section

15(c)

also

requires

that

the

continuation

the

agreement,

after

initial

term

two

years,

annually

reviewed

and

approved

the

board.

Any

such

agreement

must

approved

vote

majority

the

trustees

who

are

not

parties

the

agreement

“interested

persons”

(as

defined

the

1940

Act)

party

the

agreement

meeting

the

board

called

for

the

purpose

voting

such

approval.

its

meeting

November

18,

2025

(the

“Meeting”),

the

Board

Trustees

(the

“Board”)

the

Thrivent

Core

Funds

(the

“Trust”),

including

the

trustees

who

are

not

parties

the

agreement

“interested

persons”

defined

the

1940

Act

(the

“Independent

Trustees”),

considered

and

voted

unanimously

renew

the

existing

advisory

agreement,

amended

(the

“Advisory

Agreement”)

between

the

Trust

and

Thrivent

Asset

Management,

LLC

(the

“Adviser”)

for

each

series

the

Trust

(each,

“Fund”).

The

Trust

was

designed

provide

shareholders

other

Thrivent

funds

with

certain

benefits,

including

reduction

operational

complexities

associated

with

investing

various

asset

classes.

The

series

the

Trust

are

only

available

other

funds

and

accounts

managed

the

Adviser

its

affiliates.

advance

the

Meeting,

the

Adviser

provided

information

the

Board

response

requests

for

information

independent

legal

counsel

behalf

the

Independent

Trustees

facilitate

the

Board’s

evaluation

the

Advisory

Agreement.

connection

with

its

evaluation

the

Advisory

Agreement,

the

Board

reviewed

broad

range

information

requested

for

this

purpose

and

considered

variety

factors,

including

the

purpose

the

Trust

and

the

Funds

relation

other

Thrivent

funds,

well

the

following:

The

nature,

extent,

and

quality

the

services

provided

the

Adviser;

The

performance

each

Fund;

The

net

operating

expense

ratio

each

Fund

compared

peer

group;

The

cost

services

provided

and

any

profit

realized

the

Adviser;

Other

benefits

realized

the

Adviser

and

its

affiliates

from

their

relationship

with

the

Trust;

and

Any

other

factors

that

the

Board

deemed

relevant

its

consideration.

The

Contracts

Committee

the

Board

(consisting

all

the

Independent

Trustees)

met

six

times

2025

–

February

25,

May

20,

July

10,

August

19,

October

and

November

–

consider

information

relevant

the

annual

contract

renewal

process

furnished

the

Adviser

advance

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

Management

Practice

LLC

(“MPI”)

independent

consultant

assist

the

compilation,

organization,

and

evaluation

relevant

information.

This

information

included

Fund-by-Fund

statistical

comparisons

the

non-advisory

fees

and

net

operating

expenses

each

the

Funds

comparison

peer

groups

comparable

funds;

performance

comparison

benchmarks;

information

with

respect

services

provided

the

Funds

and

fees

charged;

asset

and

flow

trends

for

the

Funds;

and

information

regarding

the

types

services

furnished

the

Funds.

(Unaudited)

The

Board

received

information

from

the

Adviser

regarding

the

personnel

providing

services

the

Funds,

including

investment

management,

compliance

and

administrative

personnel.

The

Board

also

received

monthly

reports

from

the

Adviser’s

investment

management

staff

with

respect

the

performance

the

Funds.

addition

its

review

the

information

presented

the

Board

during

the

annual

contract

renewal

process,

the

Board

considered

information

obtained

from

the

Adviser

throughout

the

course

the

year.

The

Board

also

reviewed

information

from

MPI,

including

Fund-by-Fund

analyses

and

independent

assessment

information

relating

the

Funds

and

the

Advisory

Agreement.

The

Independent

Trustees

were

represented

independent

counsel

throughout

the

review

process

and

during

executive

sessions

without

the

Adviser

present

consider

the

reapproval

the

Advisory

Agreement

for

the

Funds.

Each

Independent

Trustee

relied

his

her

own

business

judgment

determining

the

weight

given

each

factor

considered

evaluating

the

materials

that

were

presented

them.

The

Contracts

Committee’s

and

Board’s

review

and

conclusions

were

based

comprehensive

consideration

all

information

presented

them

and

were

not

the

result

any

single

controlling

factor.

addition,

each

Trustee

may

have

weighed

individual

factors

differently.

The

key

factors

considered

and

the

conclusions

reached

are

described

below.

Nature,

Extent

and

Quality

Services

each

the

Board’s

regular

quarterly

meetings,

the

Adviser

presented

information

describing

the

services

furnished

the

Funds

the

Adviser,

transfer

agent

and

administrator.

During

these

meetings,

the

Adviser

reported

the

investment

management,

portfolio

trading

and

compliance

services

provided

the

Funds.

The

Board

considered

information

relating

the

investment

experience

and

qualifications

the

portfolio

managers

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

each

its

quarterly

meetings

from

the

Adviser’s

representatives.

These

reports

and

presentations

gave

the

Board

one

its

Committees

the

opportunity

evaluate

the

abilities

the

portfolio

managers

and

other

investment

professionals

and

the

quality

services

they

provide

the

Funds.

The

Adviser

reviewed

with

the

Board

the

services

provided

the

Adviser.

The

Independent

Trustees

also

met,

including

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

the

Adviser

(Business

Risk

Management).

The

Board

noted

that

the

Chief

Compliance

Officer

met

regularly

between

quarterly

meetings

with

the

Chair

the

Ethics

and

Compliance

Committee

and

that

the

Chairs

other

Committees

communicated

with

Adviser

representatives

between

quarterly

meetings.

The

Board

noted

that

investment

management

staff

the

Adviser

and

the

Trust’s

Chief

Compliance

Officer

needed

additional

questions

concerns

that

arise

during

quarterly

meetings.

The

Board

considered

the

adequacy

the

Adviser’s

resources

used

provide

services

the

Trust

pursuant

the

Advisory

Agreement.

The

Adviser

reviewed

with

the

Board

the

Adviser’s

process

for

overseeing

the

portfolio

management

team

each

Fund.

addition,

the

Adviser

reviewed

with

the

Board

the

Adviser’s

continued

investments

technology,

personnel,

compliance,

and

operations,

and

the

Adviser’s

oversight

other

service

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

None during the reporting period.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Information is included in the financial statements filed under Item 7 of this Form N-CSR.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

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.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Information is included in the financial statements filed under Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders

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

Item 16. Controls and Procedures

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to semi-annual report.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed: Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT filed herewith.

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(5) Change in the registrant’s independent public accountant: Not applicable.

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

Signatures

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

Date: June 26, 2026 Thrivent Core Funds

By: /s/ Michael W. Kremenak

Michael W. Kremenak

President

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

Date: June 26, 2026 By: /s/ Michael W. Kremenak

Michael W. Kremenak

President

(principal executive officer)

Date: June 26, 2026 By: /s/ Sarah L. Bergstrom

Sarah L. Bergstrom

Treasurer and Principal Accounting Officer

(principal financial officer)